Cover Page
Cover Page | 3 Months Ended |
Mar. 31, 2020shares | |
Entity Information [Line Items] | |
Document Type | 10-Q |
Document Quarterly Report | true |
Document Period End Date | Mar. 31, 2020 |
Document Transition Report | false |
Entity File Number | 1-9924 |
Entity Registrant Name | Citigroup Inc |
Entity Incorporation, State or Country Code | DE |
Entity Tax Identification Number | 52-1568099 |
Entity Address, Address Line One | 388 Greenwich Street, |
Entity Address, City or Town | New York |
Entity Address, State or Province | NY |
Entity Address, Postal Zip Code | 10013 |
City Area Code | 212 |
Local Phone Number | 559-1000 |
Entity Current Reporting Status | Yes |
Entity Interactive Data Current | Yes |
Entity Filer Category | Large Accelerated Filer |
Entity Small Business | false |
Entity Emerging Growth Company | false |
Entity Shell Company | false |
Entity Common Stock, Shares Outstanding | 2,081,808,009 |
Entity Central Index Key | 0000831001 |
Amendment Flag | false |
Current Fiscal Year End Date | --03-31 |
Document Fiscal Year Focus | 2020 |
Document Fiscal Period Focus | Q1 |
Common Stock, par value $.01 per share | |
Entity Information [Line Items] | |
Title of 12(b) Security | Common Stock, par value $.01 per share |
Trading Symbol | C |
Security Exchange Name | NYSE |
Depositary Shares, each representing 1/1,000th interest in a share of 7.125% Fixed/Floating Rate Noncumulative Preferred Stock, Series J | |
Entity Information [Line Items] | |
Title of 12(b) Security | Dep Shs, represent 1/1,000th interest in a share of 7.125% Fix/Float Rate Noncum Pref Stk, Ser J |
Trading Symbol | C Pr J |
Security Exchange Name | NYSE |
Depositary Shares, each representing 1/1,000th interest in a share of 6.875% Fixed/Floating Rate Noncumulative Preferred Stock, Series K | |
Entity Information [Line Items] | |
Title of 12(b) Security | Dep Shs, represent 1/1,000th interest in a share of 6.875% Fix/Float Rate Noncum Pref Stk, Ser K |
Trading Symbol | C Pr K |
Security Exchange Name | NYSE |
Depositary Shares, each representing 1/1,000th interest in a share of 6.300% Noncumulative Preferred Stock, Series S | |
Entity Information [Line Items] | |
Title of 12(b) Security | Depositary Shares, represent 1/1,000th interest in a share of 6.300% Noncum Pref Stock, Ser S |
Trading Symbol | C Pr S |
Security Exchange Name | NYSE |
7.625% Trust Preferred Securities of Citigroup Capital III (and registrant’s guaranty with respect thereto) | |
Entity Information [Line Items] | |
Title of 12(b) Security | 7.625% TRUPs of Cap III (and registrant’s guaranty) |
Trading Symbol | C/36Y |
Security Exchange Name | NYSE |
7.875% Fixed Rate / Floating Rate Trust Preferred Securities (TruPS®) of Citigroup Capital XIII (and registrant’s guaranty with respect thereto) | |
Entity Information [Line Items] | |
Title of 12(b) Security | 7.875% FXD / FRN TruPS of Cap XIII (and registrant’s guaranty) |
Trading Symbol | C N |
Security Exchange Name | NYSE |
6.829% Fixed Rate / Floating Rate Enhanced Trust Preferred Securities (Enhanced TruPS®) of Citigroup Capital XVIII (and registrant’s guaranty with respect thereto) | |
Entity Information [Line Items] | |
Title of 12(b) Security | 6.829% FXD / FRN Enhanced TruPS of Cap XVIII (and registrant’s guaranty) |
Trading Symbol | C/67BP |
Security Exchange Name | NYSE |
C-Tracks Exchange-Traded Notes Based on the Performance of the Miller/Howard MLP Fundamental Index Due September 28, 2023 | |
Entity Information [Line Items] | |
Title of 12(b) Security | C-Tracks ETN Miller/Howard MLP Fundamental Index due Sept 2023 |
Trading Symbol | MLPC |
Security Exchange Name | NYSEArca |
C-Tracks Exchange-Traded Notes Miller/Howard Strategic Dividend Reinvestor Due September 16, 2024 | |
Entity Information [Line Items] | |
Title of 12(b) Security | C-Tracks ETN Miller/Howard Strategic Dividend Reinvestor due Sept 2024 |
Trading Symbol | DIVC |
Security Exchange Name | NYSEArca |
C-Tracks Exchange-Traded Notes on the Miller/Howard MLP Fundamental Index, Series B, Due July 13, 2026 of Citigroup Global Markets Holdings Inc. (“CGMHI”) (and registrant’s guaranty with respect thereto) | |
Entity Information [Line Items] | |
Title of 12(b) Security | C-Tracks ETN Miller/Howard Fund, Ser B, due July 2026 of CGMHI (and registrant’s guaranty) |
Trading Symbol | MLPE |
Security Exchange Name | NYSEArca |
Exchange-Traded Notes Based on the Performance of the VelocityShares® Daily 4X Long USD vs. JPY Index due December 15, 2032 of CGMHI (and registrant’s guaranty with respect thereto) | |
Entity Information [Line Items] | |
Title of 12(b) Security | ETN VelocityShares Daily 4X Long USD vs JPY Ind due Dec 2032 of CGMHI (and registrant’s guaranty) |
Trading Symbol | DJPY |
Security Exchange Name | NYSEArca |
Exchange-Traded Notes Based on the Performance of the VelocityShares® Daily 4X Long USD vs. GBP Index due December 15, 2032 of CGMHI (and registrant’s guaranty with respect thereto) | |
Entity Information [Line Items] | |
Title of 12(b) Security | ETN VelocityShares Daily 4X Long USD vs GBP Ind due Dec 2032 of CGMHI (and registrant’s guaranty) |
Trading Symbol | DGBP |
Security Exchange Name | NYSEArca |
Exchange-Traded Notes Based on the Performance of the VelocityShares® Daily 4X Long USD vs. EUR Index due December 15, 2032 of CGMHI (and registrant’s guaranty with respect thereto) | |
Entity Information [Line Items] | |
Title of 12(b) Security | ETN VelocityShares Daily 4X Long USD vs EUR Ind due Dec 2032 of CGMHI (and registrant’s guaranty) |
Trading Symbol | DEUR |
Security Exchange Name | NYSEArca |
Exchange-Traded Notes Based on the Performance of the VelocityShares® Daily 4X Long USD vs. CHF Index due December 15, 2032 of CGMHI (and registrant’s guaranty with respect thereto) | |
Entity Information [Line Items] | |
Title of 12(b) Security | ETN VelocityShares Daily 4X Long USD vs CHF Ind due Dec 2032 of CGMHI (and registrant’s guaranty) |
Trading Symbol | DCHF |
Security Exchange Name | NYSEArca |
Exchange-Traded Notes Based on the Performance of the VelocityShares® Daily 4X Long USD vs. AUD Index due December 15, 2032 of CGMHI (and registrant’s guaranty with respect thereto) | |
Entity Information [Line Items] | |
Title of 12(b) Security | ETN VelocityShares Daily 4X Long USD vs AUD Ind due Dec 2032 of CGMHI (and registrant’s guaranty) |
Trading Symbol | DAUD |
Security Exchange Name | NYSEArca |
Exchange-Traded Notes Based on the Performance of the VelocityShares® Daily 4X Long JPY vs. USD Index due December 15, 2032 of CGMHI (and registrant’s guaranty with respect thereto) | |
Entity Information [Line Items] | |
Title of 12(b) Security | ETN VelocityShares Daily 4X Long JPY vs USD Ind due Dec 2032 of CGMHI (and registrant’s guaranty) |
Trading Symbol | UJPY |
Security Exchange Name | NYSEArca |
Exchange-Traded Notes Based on the Performance of the VelocityShares® Daily 4X Long EUR vs. USD Index due December 15, 2032 of CGMHI (and registrant’s guaranty with respect thereto) | |
Entity Information [Line Items] | |
Title of 12(b) Security | ETN VelocityShares Daily 4X Long EUR vs USD Ind due Dec 2032 of CGMHI (and registrant’s guaranty) |
Trading Symbol | UEUR |
Security Exchange Name | NYSEArca |
Exchange-Traded Notes Based on the Performance of the VelocityShares® Daily 4X Long GBP vs. USD Index due December 15, 2032 of CGMHI (and registrant’s guaranty with respect thereto) | |
Entity Information [Line Items] | |
Title of 12(b) Security | ETN VelocityShares Daily 4X Long GBP vs USD Ind due Dec 2032 of CGMHI (and registrant’s guaranty) |
Trading Symbol | UGBP |
Security Exchange Name | NYSEArca |
Exchange-Traded Notes Based on the Performance of the VelocityShares® Daily 4X Long CHF vs. USD Index due December 15, 2032 of CGMHI (and registrant’s guaranty with respect thereto) | |
Entity Information [Line Items] | |
Title of 12(b) Security | ETN VelocityShares Daily 4X Long CHF vs USD Ind due Dec 2032 of CGMHI (and registrant’s guaranty) |
Trading Symbol | UCHF |
Security Exchange Name | NYSEArca |
Exchange-Traded Notes Based on the Performance of the VelocityShares® Daily 4X Long AUD vs. USD Index due December 15, 2032 of CGMHI (and registrant’s guaranty with respect thereto) | |
Entity Information [Line Items] | |
Title of 12(b) Security | ETN VelocityShares Daily 4X Long AUD vs USD Ind due Dec 2032 of CGMHI (and registrant’s guaranty) |
Trading Symbol | UAUD |
Security Exchange Name | NYSEArca |
VelocityShares® Long LIBOR ETNs due August 16, 2032 of CGMHI (and registrant’s guaranty with respect thereto) | |
Entity Information [Line Items] | |
Title of 12(b) Security | VelocityShares Long LIBOR ETNs due Aug 2032 of CGMHI (and registrant’s guaranty) |
Trading Symbol | ULBR |
Security Exchange Name | NYSEArca |
VelocityShares® Short LIBOR ETNs due August 16, 2032 of CGMHI (and registrant’s guaranty with respect thereto) | |
Entity Information [Line Items] | |
Title of 12(b) Security | VelocityShares Short LIBOR ETNs due Aug 2032 of CGMHI (and registrant’s guaranty) |
Trading Symbol | DLBR |
Security Exchange Name | NYSEArca |
Medium-Term Senior Notes, Series N, Callable Step-Up Coupon Notes Due March 31, 2036 of CGMHI (and registrant’s guaranty with respect thereto) | |
Entity Information [Line Items] | |
Title of 12(b) Security | MTN, Series N, Callable Step-Up Coupon Notes due Mar 2036 of CGMHI (and registrant’s guaranty) |
Trading Symbol | C/36A |
Security Exchange Name | NYSE |
Medium-Term Senior Notes, Series G, Callable Fixed Rate Notes Due January 13, 2027 | |
Entity Information [Line Items] | |
Title of 12(b) Security | MTN, Series G, Callable Fixed Rate Notes due Jan 2027 |
Trading Symbol | C27C |
Security Exchange Name | NYSE |
CONSOLIDATED STATEMENT OF INCOM
CONSOLIDATED STATEMENT OF INCOME (UNAUDITED) - USD ($) shares in Millions, $ in Millions | 3 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | ||
Revenues | |||
Interest revenue | $ 17,139 | $ 19,076 | |
Interest expense | 5,647 | 7,317 | |
Net interest revenue | 11,492 | 11,759 | |
Commissions and fees | 3,021 | 2,926 | |
Principal transactions | 5,261 | 2,804 | |
Administration and other fiduciary fees | 854 | 839 | |
Realized gains on sales of investments, net | 432 | 130 | |
Impairment losses on investments | |||
Gross impairment losses | (55) | (8) | |
Net impairment losses recognized in earnings | (55) | (8) | |
Other revenue (loss) | (274) | 126 | |
Total non-interest revenues | 9,239 | 6,817 | |
Total revenues, net of interest expense | 20,731 | 18,576 | |
Provisions for credit losses and for benefits and claims | |||
Provision for credit losses on loans | 6,444 | 1,944 | |
Provision for credit losses on held-to-maturity (HTM) debt securities | 6 | 0 | |
Provision for credit losses on other assets | (4) | 0 | |
Policyholder benefits and claims | 24 | 12 | |
Provision for credit losses on unfunded lending commitments | 557 | 24 | |
Total provisions for credit losses and for benefits and claims | 7,027 | 1,980 | |
Operating expenses | |||
Compensation and benefits | 5,654 | 5,658 | |
Premises and equipment | 565 | 564 | |
Technology/communication | 1,723 | 1,720 | |
Advertising and marketing | 328 | 359 | |
Other operating | 2,324 | 2,283 | |
Total operating expenses | 10,594 | 10,584 | |
Income (loss) from continuing operations before income taxes | 3,110 | 6,012 | |
Provision for income taxes | 576 | 1,275 | |
Income from continuing operations | 2,534 | 4,737 | |
Discontinued operations | |||
Loss from discontinued operations | (18) | (2) | |
Benefit for income taxes | 0 | 0 | |
Loss from discontinued operations, net of taxes | (18) | (2) | |
Net income before attribution of noncontrolling interests | 2,516 | 4,735 | |
Noncontrolling interests | (6) | 25 | |
Citigroup’s net income | $ 2,522 | $ 4,710 | |
Basic earnings per share | |||
Income from continuing operations (in dollars per share) | [1] | $ 1.06 | $ 1.88 |
Income from discontinued operations, net of taxes (in dollars per share) | [1] | (0.01) | 0 |
Net income (in dollars per share) | [1] | $ 1.05 | $ 1.88 |
Weighted average common shares outstanding (in shares) | 2,097.9 | 2,340.4 | |
Diluted earnings per share | |||
Income from continuing operations (in dollars per share) | [1] | $ 1.06 | $ 1.87 |
Income (loss) from discontinued operations, net of taxes (in dollars per share) | [1] | (0.01) | 0 |
Net income (in dollars per share) | [1] | $ 1.05 | $ 1.87 |
Adjusted weighted average common shares outstanding (in shares) | 2,113.7 | 2,342.4 | |
[1] | Due to rounding, earnings per share on continuing operations and discontinued operations may not sum to earnings per share on net income. |
CONSOLIDATED STATEMENT OF COMPR
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (UNAUDITED) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | ||
Statement of Comprehensive Income [Abstract] | |||
Citigroup’s net income | $ 2,522 | $ 4,710 | |
Add: Citigroup’s other comprehensive income(1) | |||
Net change in unrealized gains and losses on debt securities, net of taxes | [1] | 3,128 | 1,135 |
Net change in debt valuation adjustment (DVA), net of taxes | [2] | 3,140 | (571) |
Net change in cash flow hedges, net of taxes | 1,897 | 286 | |
Benefit plans liability adjustment, net of taxes | (286) | (64) | |
Net change in foreign currency translation adjustment, net of taxes and hedges | (4,109) | 58 | |
Net change in excluded component of fair value hedges, net of taxes | 27 | 18 | |
Citigroup’s total other comprehensive income | 3,797 | 862 | |
Citigroup’s total comprehensive income | 6,319 | 5,572 | |
Add: Other comprehensive income (loss) attributable to noncontrolling interests | (51) | (13) | |
Add: Net income attributable to noncontrolling interests | (6) | 25 | |
Total comprehensive income | $ 6,262 | $ 5,584 | |
[1] | See Note 17 to the Consolidated Financial Statements. | ||
[2] | See Note 20 to the Consolidated Financial Statements. |
CONSOLIDATED BALANCE SHEET
CONSOLIDATED BALANCE SHEET - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
Assets | ||
Cash and due from banks (including segregated cash and other deposits) | $ 23,755 | $ 23,967 |
Deposits with banks, net of allowance | 262,165 | 169,952 |
Securities borrowed and purchased under agreements to resell (including $155,637 and $153,193 as of March 31, 2020 and December 31, 2019, respectively, at fair value), net of allowance | 262,536 | 251,322 |
Brokerage receivables, net of allowance | 68,555 | 39,857 |
Trading account assets (including $190,227 and $120,236 pledged to creditors at March 31, 2020 and December 31, 2019, respectively) | 365,000 | 276,140 |
Investments: | ||
Available-for-sale debt securities (including $8,989 and $8,721 pledged to creditors as of March 31, 2020 and December 31, 2019, respectively) | 308,219 | 280,265 |
Held-to-maturity debt securities (including $1,119 and $1,923 pledged to creditors as of March 31, 2020 and December 31, 2019, respectively), net of allowance | 82,315 | 80,775 |
Equity securities (including $1,213 and $1,162 at fair value as of March 31, 20120 and December 31, 2019, respectively) | 8,349 | 7,523 |
Total investments | 398,883 | 368,563 |
Loans: | ||
Loans, net of unearned income | 721,020 | 699,483 |
Allowance for credit losses on loans (ACLL) | (20,841) | (12,783) |
Total loans, net | 700,179 | 686,700 |
Goodwill | 21,264 | 22,126 |
Intangible assets (including MSRs of $367 and $495 as of March 31, 2020 and December 31, 2019, at fair value) | 4,560 | 4,822 |
Other assets (including $14,663 and $12,830 as of March 31, 2020 and December 31, 2019, respectively, at fair value), net of allowance | 112,873 | 107,709 |
Total assets | 2,219,770 | 1,951,158 |
Liabilities | ||
Non-interest-bearing deposits in U.S. offices | 113,371 | 98,811 |
Interest-bearing deposits in U.S. offices (including $1,090 and $1,624 as of March 31, 2020 and December 31, 2019, respectively, at fair value) | 462,327 | 401,418 |
Non-interest-bearing deposits in offices outside the U.S. | 85,439 | 85,692 |
Interest-bearing deposits in offices outside the U.S. (including $1,557 and $695 as of March 31, 2020 and December 31, 2019, respectively, at fair value) | 523,774 | 484,669 |
Total deposits | 1,184,911 | 1,070,590 |
Securities loaned and sold under agreements to repurchase (including $62,734 and $40,651 as of March 31, 2020 and December 31, 2019, respectively, at fair value) | 222,324 | 166,339 |
Brokerage payables | 74,368 | 48,601 |
Trading account liabilities | 163,995 | 119,894 |
Short-term borrowings (including $8,364 and $4,946 as of March 31, 2020 and December 31, 2019, respectively, at fair value) | 54,951 | 45,049 |
Long-term debt (including $52,914 and $55,783 as of March 31, 2020 and December 31, 2019, respectively, at fair value) | 266,098 | 248,760 |
Other liabilities (including $4,339 and $6,343 as of March 31, 2020 and December 31, 2019, respectively, at fair value), including allowance | 60,141 | 57,979 |
Total liabilities | 2,026,788 | 1,757,212 |
Stockholders’ equity | ||
Preferred stock ($1.00 par value; authorized shares: 30 million), issued shares: as of March 31, 2019— 719,200 and as of December 31, 2018—738,400, at aggregate liquidation value | 17,980 | 17,980 |
Common stock ($0.01 par value; authorized shares: 6 billion), issued shares: as of March 31, 2019—3,099,601,505 and as of December 31, 2018—3,099,567,177 | 31 | 31 |
Additional paid-in capital | 107,550 | 107,840 |
Retained earnings | 163,438 | 165,369 |
Treasury stock, at cost: March 31, 2019—787,133,784 shares and December 31, 2018—731,099,833 shares | (64,147) | (61,660) |
Accumulated other comprehensive income (loss) (AOCI) | (32,521) | (36,318) |
Total Citigroup stockholders’ equity | 192,331 | 193,242 |
Noncontrolling interest | 651 | 704 |
Total equity | 192,982 | 193,946 |
Total liabilities and equity | 2,219,770 | 1,951,158 |
Consolidated VIEs | ||
Assets | ||
Cash and due from banks (including segregated cash and other deposits) | 110 | 108 |
Trading account assets (including $190,227 and $120,236 pledged to creditors at March 31, 2020 and December 31, 2019, respectively) | 6,278 | 6,719 |
Investments: | ||
Total investments | 987 | 1,295 |
Loans: | ||
Loans, net of unearned income | 62,418 | 63,152 |
Allowance for credit losses on loans (ACLL) | (3,729) | (1,841) |
Total loans, net | 58,689 | 61,311 |
Other assets (including $14,663 and $12,830 as of March 31, 2020 and December 31, 2019, respectively, at fair value), net of allowance | 70 | 73 |
Total assets | 66,134 | 69,506 |
Liabilities | ||
Short-term borrowings (including $8,364 and $4,946 as of March 31, 2020 and December 31, 2019, respectively, at fair value) | 11,397 | 10,031 |
Long-term debt (including $52,914 and $55,783 as of March 31, 2020 and December 31, 2019, respectively, at fair value) | 25,393 | 25,582 |
Other liabilities (including $4,339 and $6,343 as of March 31, 2020 and December 31, 2019, respectively, at fair value), including allowance | 926 | 917 |
Total liabilities | 37,716 | 36,530 |
Consumer | ||
Loans: | ||
Loans, net of unearned income | 288,430 | 309,548 |
Allowance for credit losses on loans (ACLL) | (17,390) | (9,897) |
Consumer | Consolidated VIEs | ||
Loans: | ||
Loans, net of unearned income | 42,573 | 46,977 |
Corporate | ||
Loans: | ||
Loans, net of unearned income | 432,590 | 389,935 |
Allowance for credit losses on loans (ACLL) | (3,451) | (2,886) |
Corporate | Consolidated VIEs | ||
Loans: | ||
Loans, net of unearned income | $ 19,845 | $ 16,175 |
CONSOLIDATED BALANCE SHEET (Par
CONSOLIDATED BALANCE SHEET (Parenthetical) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
Securities borrowed or purchased under agreements to resell, at fair value | $ 262,536 | $ 251,322 |
Trading account assets, pledged to creditors | 190,227 | 120,236 |
Available-for-sale securities, pledged to creditors | 8,989 | 8,721 |
Held-to-maturity securities, pledged to creditors | 1,119 | 1,923 |
Equity securities, at fair value | 1,213 | 1,162 |
Loans, net of unearned income | 721,020 | 699,483 |
Mortgage servicing rights | 367 | 495 |
Other assets, at fair value | 112,873 | 107,709 |
Interest-bearing deposits in U.S. offices | 462,327 | 401,418 |
Interest-bearing deposits in offices outside the U.S. | 523,774 | 484,669 |
Securities loaned or sold under agreements to repurchase, at fair value | 222,324 | 166,339 |
Short-term borrowings, at fair value | 54,951 | 45,049 |
Long-term debt, at fair value | 266,098 | 248,760 |
Other liabilities | $ 60,141 | $ 57,979 |
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) | 719,200 | 719,200 |
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) | 3,099,632,709 | 3,099,602,856 |
Treasury stock (in shares) | 1,017,824,700 | 985,479,501 |
Consumer | ||
Loans, net of unearned income | $ 288,430 | $ 309,548 |
Corporate | ||
Loans, net of unearned income | 432,590 | 389,935 |
Fair value | ||
Securities borrowed or purchased under agreements to resell, at fair value | 155,637 | 153,193 |
Other assets, at fair value | 14,663 | 12,830 |
Interest-bearing deposits in U.S. offices | 1,090 | 1,624 |
Interest-bearing deposits in offices outside the U.S. | 1,557 | 695 |
Securities loaned or sold under agreements to repurchase, at fair value | 62,734 | 40,651 |
Short-term borrowings, at fair value | 8,364 | 4,946 |
Long-term debt, at fair value | 52,914 | 55,783 |
Other liabilities | 4,339 | 6,343 |
Fair value | Consumer | ||
Loans, net of unearned income | 18 | 18 |
Fair value | Corporate | ||
Loans, net of unearned income | $ 3,981 | $ 4,067 |
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, 2018 | $ 18,460 | $ 107,953 | $ 151,347 | $ (44,370) | $ (37,170) | $ 854 | |||||
Increase (Decrease) in Stockholders' Equity | |||||||||||
Issuance of new preferred stock | 0 | ||||||||||
Adjustment to opening balance, net of taxes at Dec. 31, 2018 | [1] | 151 | |||||||||
Adjusted balance, beginning of period at Dec. 31, 2018 | 151,498 | ||||||||||
Increase (Decrease) in Stockholders' Equity | |||||||||||
Redemption of preferred stock | (480) | ||||||||||
Employee benefit plans | (382) | 564 | [2] | ||||||||
Preferred stock issuance costs | 0 | ||||||||||
Common dividends | [3] | (1,075) | |||||||||
Preferred dividends | $ (262) | (262) | |||||||||
Other | 11 | (12) | 0 | ||||||||
Treasury stock acquired | [4] | (4,055) | |||||||||
Citigroup's total other comprehensive income (loss) | 862 | (13) | |||||||||
Transactions between Citigroup and the noncontrolling-interest shareholders | (99) | ||||||||||
Net income before attribution of noncontrolling interests | 4,735 | 4,710 | 25 | ||||||||
Distributions paid to noncontrolling-interest shareholders | (4) | ||||||||||
Net change in noncontrolling interests | (91) | ||||||||||
Balance, end of period at Mar. 31, 2019 | 197,015 | $ 196,252 | 17,980 | $ 178,272 | 107,582 | 154,859 | (47,861) | (36,308) | 763 | ||
Balance, beginning of period at Dec. 31, 2019 | 193,946 | 17,980 | 107,871 | 165,369 | (61,660) | (36,318) | 704 | ||||
Increase (Decrease) in Stockholders' Equity | |||||||||||
Issuance of new preferred stock | 1,500 | ||||||||||
Adjustment to opening balance, net of taxes at Dec. 31, 2019 | [1] | (3,076) | |||||||||
Adjusted balance, beginning of period at Dec. 31, 2019 | 162,293 | ||||||||||
Increase (Decrease) in Stockholders' Equity | |||||||||||
Redemption of preferred stock | (1,500) | ||||||||||
Employee benefit plans | (292) | 438 | [2] | ||||||||
Preferred stock issuance costs | 2 | ||||||||||
Common dividends | [3] | (1,081) | |||||||||
Preferred dividends | (291) | (291) | |||||||||
Other | 0 | (5) | 10 | ||||||||
Treasury stock acquired | [4] | (2,925) | |||||||||
Citigroup's total other comprehensive income (loss) | 3,797 | (51) | |||||||||
Transactions between Citigroup and the noncontrolling-interest shareholders | (6) | ||||||||||
Net income before attribution of noncontrolling interests | 2,516 | 2,522 | (6) | ||||||||
Distributions paid to noncontrolling-interest shareholders | 0 | ||||||||||
Net change in noncontrolling interests | (53) | ||||||||||
Balance, end of period at Mar. 31, 2020 | $ 192,982 | $ 192,331 | $ 17,980 | $ 174,351 | $ 107,581 | $ 163,438 | $ (64,147) | $ (32,521) | $ 651 | ||
[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] | Common dividends declared were $0.51 per share in the first quarter of 2020 and $0.45 per share in the first quarter of 2019. | ||||||||||
[4] | 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 | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Statement of Stockholders' Equity [Abstract] | ||
Common dividends declared (in dollars per share) | $ 0.51 | $ 0.45 |
CONSOLIDATED STATEMENT OF CASH
CONSOLIDATED STATEMENT OF CASH FLOWS (UNAUDITED) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | ||
Cash flows from operating activities of continuing operations | |||
Net income before attribution of noncontrolling interests | $ 2,516 | $ 4,735 | |
Noncontrolling interests | (6) | 25 | |
Citigroup’s net income | 2,522 | 4,710 | |
Loss from discontinued operations, net of taxes | (18) | (2) | |
Income from continuing operations—excluding noncontrolling interests | 2,540 | 4,712 | |
Adjustments to reconcile net income to net cash provided by (used in) operating activities of continuing operations | |||
Depreciation and amortization | 927 | 931 | |
Provisions for credit losses on loans and unfunded lending commitments | 7,001 | 1,944 | |
Realized gains from sales of investments | (432) | (130) | |
Impairment losses on investments | 55 | 8 | |
Change in trading account assets | (88,875) | (30,427) | |
Change in trading account liabilities | 44,101 | (7,913) | |
Change in brokerage receivables net of brokerage payables | (2,931) | (10,965) | |
Change in loans HFS | (1,393) | 1,439 | |
Change in other assets | (3,010) | (2,961) | |
Change in other liabilities | 1,605 | 2,585 | |
Other, net | 14,879 | 3,161 | |
Total adjustments | (28,073) | (42,328) | |
Net cash used in operating activities of continuing operations | (25,533) | (37,616) | |
Cash flows from investing activities of continuing operations | |||
Change in securities borrowed and purchased under agreements to resell | (11,214) | 6,189 | |
Change in loans | (26,743) | (892) | |
Proceeds from sales and securitizations of loans | 596 | 2,062 | |
Purchases of investments | (108,658) | (69,673) | |
Proceeds from sales of investments | 44,399 | 31,436 | |
Proceeds from maturities of investments | 29,203 | 47,363 | |
Capital expenditures on premises and equipment and capitalized software | (460) | (518) | |
Proceeds from sales of premises and equipment, subsidiaries and affiliates and repossessed assets | 2 | 38 | |
Other, net | 18 | 38 | |
Net cash provided by (used in) investing activities of continuing operations | (72,857) | 16,043 | |
Cash flows from financing activities of continuing operations | |||
Dividends paid | (1,365) | (1,320) | |
Issuance of preferred stock | 1,500 | 0 | |
Redemption of preferred stock | (1,500) | (480) | |
Treasury stock acquired | (2,925) | (4,055) | |
Stock tendered for payment of withholding taxes | (406) | (358) | |
Change in securities loaned and sold under agreements to repurchase | 55,985 | 12,604 | |
Issuance of long-term debt | 28,927 | 15,552 | |
Payments and redemptions of long-term debt | (13,081) | (6,568) | |
Change in deposits | 114,321 | 17,186 | |
Change in short-term borrowings | 9,902 | 6,976 | |
Net cash provided by (used in) financing activities of continuing operations | 191,358 | 39,537 | |
Effect of exchange rate changes on cash and due from banks | (967) | (176) | |
Change in cash and due from banks and deposits with banks | 92,001 | 17,788 | |
Cash, due from banks and deposits with banks at beginning of period | 193,919 | 188,105 | |
Cash, due from banks and deposits with banks at end of period | 285,920 | 205,893 | |
Cash and due from banks and deposits with banks at end of period | 285,920 | 188,105 | |
Supplemental disclosure of cash flow information for continuing operations | |||
Cash paid during the period for income taxes | 1,441 | 1,325 | |
Cash paid during the period for interest | 5,424 | 6,931 | |
Non-cash investing activities | |||
Transfers to loans HFS (Other assets) from loans | [1] | $ 224 | $ 2,000 |
[1] | Operating and finance lease right-of-use assets and lease liabilities represent non-cash investing and financing activities, respectively, and are not included in the non-cash investing activities presented here. See Note 22 to the Consolidated Financial Statements for more information and balances as of March 31, 2020. |
BASIS OF PRESENTATION AND ACCOU
BASIS OF PRESENTATION AND ACCOUNTING CHANGES | 3 Months Ended |
Mar. 31, 2020 | |
Accounting Policies [Abstract] | |
BASIS OF PRESENTATION AND ACCOUNTING CHANGES | BASIS OF PRESENTATION, UPDATED ACCOUNTING POLICIES AND ACCOUNTING CHANGES Basis of Presentation The accompanying unaudited Consolidated Financial Statements as of March 31, 2020 and for the three-month periods ended March 31, 2020 and 2019 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, 2019 (2019 Annual Report on Form 10-K). Certain financial information that is normally included in annual financial statements prepared in accordance with U.S. generally accepted accounting principles (GAAP), but is not required for interim reporting purposes, has been condensed or omitted. Management must make estimates and assumptions that affect the Consolidated Financial Statements and the related footnote disclosures. While management uses its best judgment, actual results could differ from those estimates. As noted above, the Notes to these 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. UPDATED ACCOUNTING POLICIES The accounting policies below have been updated from those disclosed in Citi’s 2019 Annual Report on Form 10-K as a result of accounting standards adoptions during the first quarter of 2020. See Note 1 to the Consolidated Financial Statements in Citigroup’s 2019 Annual Report on Form 10-K for a summary of all of Citigroup’s significant accounting policies. Allowances for Credit Losses (ACL) Commencing January 1, 2020, Citi adopted Accounting Standards Update (ASC) 326, Financial Instruments — Credit Losses , using the methodologies described below. For information about Citi’s accounting for loan losses prior to January 1, 2020, see Note 1 in Citigroup’s 2019 Annual Report on Form 10-K. The Current Expected Credit Losses (CECL) methodology is based on relevant information about past events, including historical experience, current conditions and reasonable and supportable (R&S) forecasts that affect the collectability of the reported financial asset balances. If the asset’s life extends beyond the R&S forecast period, then historical experience is considered over the remaining life of the assets in the allowance for credit losses. The resulting allowance for credit losses is adjusted in each subsequent reporting period through Provisions for credit losses in the Consolidated Statement of Income to reflect changes in history, current conditions and forecasts as well as changes in asset positions and portfolios. ASC 326 defines the allowance for credit losses (ACL) as a valuation account that is deducted from the amortized cost of a financial asset to present the net amount that management expects to collect on the financial asset over its expected life. All financial assets carried at amortized cost are in the scope of ASC 326, while assets measured at fair value are excluded. See Note 13 to the Consolidated Financial Statements for a discussion of impairment on available-for-sale (AFS) securities. Increases and decreases to the allowances are recorded in Provisions for credit losses . The CECL methodology utilizes a lifetime expected credit loss (ECL) measurement objective for the recognition of credit losses for held-for-investment (HFI) loans, held-to-maturity (HTM) debt securities, receivables and other financial assets measured at amortized cost at the time the financial asset is originated or acquired. Within the life of a loan or other financial asset, the methodology generally results in the earlier recognition of the provision for credit losses and the related ACL than prior U.S. GAAP. Estimation of ECLs requires Citi to make assumptions regarding the likelihood and severity of credit loss events and their impact on expected cash flows, which drive the probability of default (PD), loss given default (LGD) and exposure at default (EAD) models and, where Citi discounts the ECL, using discounting techniques for certain products. Where the asset’s life extends beyond the R&S forecast period, Citi considers historical experience over the remaining life of the assets in estimating the ACL. The following are the main factors and interpretations that Citi considers when estimating the ACL under the CECL methodology: • CECL reserves are estimated over the contractual term of the financial asset, which is generally adjusted for expected prepayments. Expected extensions are generally not considered unless the option to extend the loan cannot be canceled unilaterally by Citi. Modifications are also not considered, unless Citi has a reasonable expectation that it will execute a troubled debt restructuring (TDR). • Credit enhancements that are not freestanding (such as those that are included in the original terms of the contract or those executed in conjunction with the lending transaction) are considered loss mitigants for purposes of CECL reserve estimation. • For unconditionally cancelable accounts such as credit cards, reserves are based on the expected life of the balance as of the evaluation date (assuming no further charges) and do not include any undrawn commitments that are unconditionally cancelable. Reserves are included for undrawn commitments for accounts that are not unconditionally cancelable (such as letters of credit and corporate loan commitments, HELOCs, undrawn mortgage loan commitments and financial guarantees). • CECL models are designed to be economically sensitive. They utilize the macroeconomic forecasts provided by Citi’s economic forecasting team (EFT) that are approved by senior management. Analysis is performed and documented to determine the necessary qualitative management adjustment (QMA) to capture forward-looking macroeconomic expectations. • The portion of the forecast that reflects the EFT’s R&S period indicates the maximum length of time its models can produce a R&S macroeconomic forecast, after which mean reversion is used for the remaining life of the loan to estimate expected credit losses. For the loss forecast, businesses may consume a portion or all of the macroeconomic forecast as determined to be appropriate and justifiable. For losses occurring beyond the consumption period of the macroeconomic forecast, historical loss experience is used. • The ACL incorporates provisions for accrued interest on products that are not subject to a non-accrual and timely write-off policy (e.g., cards and Ready Credit, etc.). • The reserves for TDRs are calculated using the discounted cash flow method and consider appropriate macroeconomic forecast data for the exposure type. For TDR loans that are collateral dependent, the ACL is based on the fair value of the collateral. • Citi uses the most recent available information to inform its macroeconomic forecasts, allowing sufficient time for analysis of the results and corresponding approvals. • Reserves are calculated at an appropriately granular level and on a pooled basis where financial assets share risk characteristics. At a minimum, reserves are calculated at a portfolio level (product and country). Where a financial asset does not share risk characteristics with any of the pools, it is evaluated for credit losses individually. Quantitative and Qualitative Components of the ACL The loss likelihood and severity models use both internal and external information and are sensitive to forecasts of different macroeconomic conditions. For the quantitative component, Citi uses a single forward-looking macroeconomic forecast, complemented by the qualitative component that reflects economic uncertainty due to a different possible scenario for estimating the ACL. Estimates of these ECLs are based upon (i) Citigroup’s internal system of credit risk ratings; (ii) historical default and loss data, including comprehensive internal history and rating agency information regarding default rates and internal data on the severity of losses in the event of default; and (iii) a R&S forecast of future macroeconomic conditions. ECL is determined primarily by utilizing models for the borrowers’ PD, LGD and EAD. Adjustments may be made to this data, including (i) statistically calculated estimates to cover the historical fluctuation of the default rates over the credit cycle, the historical variability of loss severity among defaulted loans and the degree to which there are large obligor concentrations in the global portfolio, and (ii) adjustments made for specifically known items, such as current environmental factors and credit trends. Any adjustments needed to the modeled expected losses in the quantitative calculations are addressed through a qualitative adjustment. The qualitative adjustment considers, among other things: the uncertainty of forward-looking scenarios based on the likelihood and severity of a possible recession; the uncertainty of economic conditions; certain portfolio characteristics and concentrations; collateral coverage; model limitations; idiosyncratic events; and other relevant criteria under banking supervisory guidance for loan loss reserves. The qualitative adjustment also reflects the estimated impact of the COVID-19 pandemic on the economic forecasts and the impact on credit loss estimates. The total ACL is composed of the quantitative and qualitative components. Consumer Loans For consumer loans, most portfolios including North America cards, mortgages and personal installment loans (PILs) are covered by the PD, LGD and EAD loss forecasting models. Some smaller international portfolios are covered by econometric models where the gross credit loss (GCL) rate is forecasted. The modeling of all retail products is performed by examining risk drivers for a given portfolio; these drivers relate to exposures with similar credit risk characteristics and consider past events, current conditions and R&S forecasts. Under the PD x LGD x EAD approach, GCLs and recoveries are captured on an undiscounted basis. Citi incorporates expected recoveries on loans into its reserve estimate, including expected recoveries on assets previously written off. The R&S forecast period for consumer loans is 13 quarters and reverts to historical loss experience thereafter. CECL defines the exposure’s expected life as the remaining contractual maturity including any expected prepayments. Subsequent changes to the contractual terms that are the result of a re-underwriting are not included in the loan’s expected CECL life. Citi does not establish reserves for the uncollectible accrued interest on non-revolving consumer products, such as mortgages and installment loans, which are subject to a non-accrual and timely write-off policy. As such, only the principal balance is subject to the CECL reserve methodology and interest does not attract a further reserve. FAS 91-deferred origination costs or fees related to new account originations are amortized within a 12-month period, and an ACL is provided for components in the scope of the ASC. Separate valuation allowances are determined for impaired smaller-balance homogeneous loans whose terms have been modified in a TDR. Long-term modification programs, and short-term (less than 12 months) modifications that provide concessions (such as interest rate reductions) to borrowers in financial difficulty, are reported as TDRs. In addition, loan modifications that involve a trial period are reported as TDRs at the start of the trial period. The ACL for TDRs is determined using a discounted cash flow (DCF) approach. When a DCF approach is used, the initial allowance for ECLs is calculated as the expected contractual cash flows discounted at the loan’s original effective interest rate. DCF techniques are applied only for consumer loans classified as TDR loan exposures. For cards, Citi uses the payment rate approach, which leverages payment rate curves, to determine the payments that should be applied to liquidate the end-of-period balance (CECL balance) in the estimation of EAD. The payment rate approach uses customer payment behavior (payment rate) to establish the portion of the CECL balance that will be paid each month. These payment rates are defined as the percentage of principal payments received in the respective month divided by the prior month’s billed principal balance. The liquidation (CECL payment) amount for each forecast period is determined by multiplying the CECL balance by that period’s forecasted payment rate. The cumulative sum of these payments less the CECL balance produces the balance liquidation curve. Citi does not apply a non-accrual policy to credit card receivables; rather, they are subject to full charge-off at 180 days past due. As such, the entire customer balance up until write-off, including accrued interest and fees, will be subject to the CECL reserve methodology. Corporate Loans and HTM Securities Citi records allowances for credit losses on all financial assets carried at amortized cost that are in the scope of CECL, including corporate loans classified as HFI and HTM debt securities. Discounting techniques are applied for corporate loans classified as HFI and HTM securities and non-accrual/TDR loan exposures. All cash flows are discounted to the reporting date under the LGD models. The ACLs include Citi’s estimate of all credit losses expected to be incurred over the estimated full contractual life of the financial asset. The contractual life of the financial asset does not include expected extensions, renewals or modifications, except for instances where the Company reasonably expects to extend the tenor of the financial asset pursuant to a future TDR. The decrease in credit losses under CECL at the date of adoption on January 1, 2020, compared with the prior incurred loss methodology, is largely due to more precise contractual maturities that result in shorter remaining tenors, the incorporation of recoveries and use of more specific historical loss data based on an increase in portfolio segmentation across industries and geographies. The R&S forecast period for wholesale portfolios is nine quarters. After the R&S period, the models revert to historical averages over a three-quarter transition period. The R&S and reversion periods were determined primarily based on historical analysis of losses for various portfolio segments. The Company primarily bases its allowances for ECLs on models that assess the likelihood and severity of credit events and their impact on cash flows under R&S forecasted economic scenarios. Allowances consider the probability of the borrower’s default, the loss the Company would incur upon default and the borrower’s exposure at default. Such models discount the present value of all future cash flows, discounted using the asset’s EIR. Citi applies a more simplified approach based on historical loss rates to certain exposures recorded in Other assets and certain loan exposures in the private bank. The Company considers the risk of nonpayment to be zero for U.S. Treasuries and U.S. government-sponsored agency guaranteed mortgage-backed securities (MBS), and as such, Citi does not have an ACL for these securities. For all other HTM debt securities, ECLs are estimated using PD models and discounting techniques, which incorporate assumptions regarding the likelihood and severity of credit losses. For structured securities, specific models use relevant assumptions for the underlying collateral type. A discounting approach is applied to HTM direct obligations of a single issuer, similar to that used for corporate HFI loans. Other Financial Assets with Zero Expected Credit Losses For certain financial assets, zero expected credit losses will be recognized where the expectation of nonpayment of the amortized cost basis is zero, based on there being no history of loss and the nature of the receivables. Secured Financing Transactions Most of Citi’s reverse repurchase agreements, securities borrowing arrangements and margin loans require that the borrower continually adjust the amount of the collateral securing Citi’s interest, primarily resulting from changes in the fair value of such collateral. In such arrangements, ACLs are recorded based only on the amount by which the asset’s amortized cost basis exceeds the fair value of the collateral. No ACLs are recorded where the fair value of the collateral is equal to or exceeds the asset’s amortized cost basis, as Citi does not expect to incur credit losses on such well-collateralized exposures. For certain margin loans presented in Loans on the Consolidated Balance Sheet, credit losses are estimated using the same approach as corporate loans. Accrued Interest CECL permits entities to make an accounting policy election not to reserve for interest, if the entity has a policy in place that will result in timely reversal or write-off of interest. However, when a non-accrual or timely charge-off policy is not applied, an ACL is recognized on accrued interest. For HTM debt securities, Citi established a non-accrual policy that results in timely write-off of accrued interest. For corporate loans, where a timely charge-off policy is used, Citi has elected to recognize an ACL on accrued interest receivable. The LGD models for corporate loans include an adjustment for estimated accrued interest. Reasonably Expected TDRs For corporate loans, the reasonable expectation of TDR concept requires that the contractual life over which ECLs are estimated be extended when a TDR that results in a tenor extension is reasonably expected. Reasonably expected TDRs are included in the life of the asset. A discounting technique or collateral-dependent practical expedient is used for non-accrual and TDR loan exposures that do not share risk characteristics with other loans and are individually assessed. Purchased Credit Deteriorated (PCD) Assets ASC 326 requires entities that have acquired financial assets (such as loans and HTM securities) with an intent to hold, to evaluate whether those assets have experienced a more-than-insignificant deterioration in credit quality since origination. These assets are subject to specialized accounting at initial recognition under CECL. Subsequent measurement of PCD assets will remain consistent with other purchased or originated assets, i.e., non-PCD assets. CECL introduces the notion of PCD assets, which replaces purchased credit impaired (PCI) accounting under legacy U.S. GAAP. CECL requires the estimation of credit losses to be performed on a pool basis unless a PCD asset does not share characteristics with any pool. If certain PCD assets do not meet the conditions for aggregation, those PCD assets should be accounted for separately. This determination must be made at the date the PCD asset is purchased. In estimating ECLs from day 2 onward, pools can potentially be reassembled based upon similar risk characteristics. When PCD assets are pooled, Citi will determine the amount of the initial ACL at the pool level. The amount of the initial ACL for a PCD asset represents the portion of the total discount at acquisition that relates to credit and is recognized as a “gross-up” of the purchase price to arrive at the PCD asset’s (or pool’s) amortized cost. Any difference between the unpaid principal balance and the amortized cost is considered to be related to non-credit factors and results in a discount or premium, which is amortized to interest income over the life of the individual asset (or pool). Direct expenses incurred related to the acquisition of PCD assets and other assets and liabilities in a business combination must be expensed as incurred. Subsequent accounting for acquired PCD assets is the same as the accounting for originated assets; changes in the allowance are recorded in Provisions for credit losses . Consumer Citi does not purchase whole portfolios of PCD assets in its retail businesses. However, there may be a small portion of a purchased portfolio that is identified as PCD at the purchase date. Interest income recognition does not vary between PCD and non-PCD assets. A consumer financial asset is considered to be more-than-insignificantly credit deteriorated if it is more than 30 days past due at the purchase date. Corporate Citi generally classifies wholesale loans and debt securities classified HTM or AFS as PCD when both of the following criteria are met: (i) the purchase price discount is at least 10% of par and (ii) the purchase date is more than 90 days after the origination or issuance date. Citi classifies HTM beneficial interests rated AA- and lower obtained at origination from certain securitization transactions as PCD when there is a significant difference (i.e., 10% or greater) between contractual cash flows, adjusted for prepayments, and expected cash flows at the date of recognition. Reserve Estimates and Policies Management provides reserves for an estimate of lifetime ECLs in the funded loan portfolio on the Consolidated Balance Sheet in the form of an ACL. These reserves are established in accordance with Citigroup’s credit reserve policies, as approved by the Audit Committee of the Citigroup Board of Directors. Citi’s Chief Risk Officer and Chief Financial Officer review the adequacy of the credit loss reserves each quarter with representatives from the risk management and finance staffs for each applicable business area. Applicable business areas include those having classifiably managed portfolios, where internal credit risk ratings are assigned (primarily ICG ) and delinquency managed portfolios (primarily GCB ) or modified consumer loans, where concessions were granted due to the borrowers’ financial difficulties. The aforementioned representatives for these business areas present recommended reserve balances for their funded and unfunded lending portfolios along with supporting quantitative and qualitative data discussed below: Estimated credit losses for non-performing, non-homogeneous exposures within a business line’s classifiably managed portfolio and impaired smaller-balance homogeneous loans whose terms have been modified due to the borrowers’ financial difficulties, where it was determined that a concession was granted to the borrower. Consideration may be given to the following, as appropriate, when determining this estimate: (i) the present value of expected future cash flows discounted at the loan’s original effective rate, (ii) the borrower’s overall financial condition, resources and payment record and (iii) the prospects for support from financially responsible guarantors or the realizable value of any collateral. In the determination of the ACL for TDRs, management considers a combination of historical re-default rates, the current economic environment and the nature of the modification program when forecasting expected cash flows. When impairment is measured based on the present value of expected future cash flows, the entire change in present value is recorded in Provisions for credit losses . Estimated credit losses in the delinquency-managed portfolios for performing exposures. In addition, representatives from each of the risk management and finance staffs who cover business areas with delinquency-managed portfolios containing smaller-balance homogeneous loans present their recommended reserve balances based on leading credit indicators, including loan delinquencies and changes in portfolio size as well as economic trends, including current and future housing prices, unemployment, length of time in foreclosure, costs to sell and GDP. This methodology is applied separately for each product within each geographic region in which these portfolios exist. This evaluation process is subject to numerous estimates and judgments. The frequency of default, risk ratings, loss recovery rates, size and diversity of individual large credits and ability of borrowers with foreign currency obligations to obtain the foreign currency necessary for orderly debt servicing, among other things, are all taken into account during this review. Changes in these estimates could have a direct impact on the credit costs in any period and could result in a change in the allowance. Allowance for Unfunded Lending Commitments Credit loss reserves are recognized on all off-balance sheet commitments that are not unconditionally cancelable. Corporate loan EAD models include an incremental usage factor (or credit conversion factor) to estimate ECLs on amounts undrawn at the reporting date. Off-balance sheet commitments include unfunded exposures, revolving facilities, securities underwriting commitments, letters of credit, HELOCs and financial guarantees. This reserve is classified on the Consolidated Balance Sheet in Other liabilities . Changes to the allowance for unfunded lending commitments are recorded in Provision for credit losses on unfunded lending commitments . ACCOUNTING CHANGES Accounting for Financial Instruments — Credit Losses Overview In June 2016, the Financial Accounting Standards Board (FASB) issued ASU No. 2016-13, Financial Instruments — Credit Losses (Topic 326). The ASU introduces a new credit loss methodology, the Current Expected Credit Losses (CECL) methodology, which requires earlier recognition of credit losses while also providing additional transparency about credit risk. Citi adopted the ASU as of January 1, 2020, which, as discussed below, resulted in an increase in Citi’s Allowance for credit losses and a decrease to opening Retained earnings , net of deferred income taxes, at January 1, 2020. The CECL methodology utilizes a lifetime “expected credit loss” measurement objective for the recognition of credit losses for loans, held-to-maturity debt securities, receivables and other financial assets measured at amortized cost at the time the financial asset is originated or acquired. The allowance for credit losses is adjusted each period for changes in expected lifetime credit losses. The CECL methodology represents a significant change from prior U.S. GAAP and replaced the prior multiple existing impairment methods, which generally required that a loss be incurred before it was recognized. Within the life cycle of a loan or other financial asset, the methodology generally results in the earlier recognition of the provision for credit losses and the related allowance for credit losses than prior U.S. GAAP. For available-for-sale debt securities where fair value is less than cost that Citi intends to hold or more-likely-than-not will not be required to sell, credit-related impairment, if any, is recognized through an allowance for credit losses and adjusted each period for changes in credit risk. January 1, 2020 CECL Transition (Day 1) Impact The CECL methodology’s impact on expected credit losses, among other things, reflects Citi’s view of the current state of the economy, forecasted macroeconomic conditions and Citi’s portfolios. At the January 1, 2020 date of adoption, based on forecasts of macroeconomic conditions and exposures at that time, the aggregate impact to Citi was an approximate $4.1 billion , or an approximate 29% , pretax increase in the Allowance for credit losses , along with a $3.1 billion after-tax decrease in Retained earnings and a deferred tax asset increase of $1.0 billion . This transition impact reflects (i) a $4.9 billion build to the Allowance for credit losses for Citi’s consumer exposures, primarily driven by the impact on credit card receivables of longer estimated tenors under the CECL lifetime expected credit loss methodology (loss coverage of approximately 23 months ) compared to shorter estimated tenors under the probable loss methodology under prior U.S. GAAP (loss coverage of approximately 14 months ), net of recoveries; and (ii) a release of $0.8 billion of reserves primarily related to Citi’s corporate net loan loss exposures, largely due to more precise contractual maturities that result in shorter remaining tenors, incorporation of recoveries and use of more specific historical loss data based on an increase in portfolio segmentation across industries and geographies. Under the CECL methodology, the Allowance for credit losses consists of quantitative and qualitative components. Citi’s quantitative component of the Allowance for credit losses is model based and utilizes a single forward-looking macroeconomic forecast, complemented by the qualitative component described below, in estimating expected credit losses and discounts inputs for the corporate classifiably managed portfolios. Reasonable and supportable forecast periods vary by product. For example, Citi’s consumer models use a 13-quarter reasonable and supportable period and revert to historical loss experience thereafter, while its corporate loan models use a nine-quarter reasonable and supportable period followed by a three-quarter graduated transition to historical loss experience. Citi’s qualitative component of the Allowance for credit losses considers (i) the uncertainty of forward-looking scenarios based on the likelihood and severity of a possible recession as another possible scenario; (ii) certain portfolio characteristics, such as portfolio concentration and collateral coverage; and (iii) model limitations as well as idiosyncratic events. Subsequent Measurement of Goodwill In January 2017, the FASB issued ASU No. 2017-04, Intangibles — Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment . The ASU simplifies the subsequent measurement of goodwill impairment by eliminating the requirement to calculate the implied fair value of goodwill (i.e., previously referred to as step 2 of the goodwill impairment test) to measure a goodwill impairment charge. Under the ASU, the impairment test is the comparison of the fair value of a reporting unit with its carrying amount, with the impairment charge being the deficit in fair value, but not exceeding the total amount of goodwill allocated to that reporting unit. The simplified one-step impairment test applies to all reporting units (including those with zero or negative carrying amounts). The ASU was adopted by Citi as of January 1, 2020 with prospective application and did not impact the first quarter of 2020 results. The future impact of the ASU will depend upon the performance of Citi’s reporting units and the market conditions impacting the fair value of each reporting unit going forward. FUTURE APPLICATION OF ACCOUNTING STANDARDS Reference Rate Reform In March 2020, the FASB issued ASU No. 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting , which provides optional guidance to ease the potential burden in accounting for (or recognizing the effects of) reference rate reform on financial reporting. Specifically, the guidance permits an entity, when certain criteria are met, to consider amendments to contracts made to comply with reference rate reform to meet the definition of a modification under U.S. GAAP. It further allows hedge accounting to be maintained and a one-time transfer or sale of qualifying held-to-maturity securities. The expedients and exceptions provided by the amendments are permitted to be adopted any time through December 31, 2022 and do not apply to contract modifications made and hedging relationships entered into or evaluated after December 31, 2022, except for certain optional expedients elected for certain hedging relationships existing as of December 31, 2022. Citi plans to adopt the optional expedients in 2020 and does not expect a material impact. |
DISCONTINUED OPERATIONS AND SIG
DISCONTINUED OPERATIONS AND SIGNIFICANT DISPOSALS | 3 Months Ended |
Mar. 31, 2020 | |
Discontinued Operations and Disposal Groups [Abstract] | |
DISCONTINUED OPERATIONS AND SIGNIFICANT DISPOSALS | DISCONTINUED OPERATIONS AND SIGNIFICANT DISPOSALS The Company’s Discontinued operations consisted of residual activities related to the sale of the Egg Banking business in 2011. All Discontinued operations results are recorded within Corporate/Other . The following summarizes financial information for all Discontinued operations : Three Months Ended March 31, In millions of dollars 2020 2019 Total revenues, net of interest expense $ — $ — Loss from discontinued operations $ (18 ) $ (2 ) Benefit for income taxes — — Loss from discontinued operations, net of taxes $ (18 ) $ (2 ) Cash flows from Discontinued operations were not material for the periods presented and there were no significant disposals during these periods. For a description of the Company’s significant disposal transactions in prior periods and financial impact, see Note 2 to the Consolidated Financial Statements in Citi’s 2019 Annual Report on Form 10-K. |
BUSINESS SEGMENTS
BUSINESS SEGMENTS | 3 Months Ended |
Mar. 31, 2020 | |
Segment Reporting [Abstract] | |
BUSINESS SEGMENTS | BUSINESS SEGMENTS Citigroup’s activities are conducted through the following business segments: Global Consumer Banking ( 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 loan portfolios, discontinued operations and other legacy assets. For additional information regarding Citigroup’s business segments, see Note 3 to the Consolidated Financial Statements in Citi’s 2019 Annual Report on Form 10-K. The following table presents certain information regarding the Company’s continuing operations by segment: Three Months Ended March 31, Revenues, (1) Provision (benefits) Income (loss) from (2) Identifiable assets In millions of dollars, except identifiable assets in billions 2020 2019 2020 2019 2020 2019 March 31, December 31, 2019 Global Consumer Banking $ 8,174 $ 8,090 $ (270 ) $ 381 $ (755 ) $ 1,320 $ 403 $ 407 Institutional Clients Group 12,484 10,018 1,044 955 3,626 3,412 1,723 1,447 Corporate/Other 73 468 (198 ) (61 ) (337 ) 5 94 97 Total $ 20,731 $ 18,576 $ 576 $ 1,275 $ 2,534 $ 4,737 $ 2,220 $ 1,951 (1) Includes total revenues, net of interest expense (excluding Corporate/Other ), in North America of $10.2 billion and $8.3 billion ; in EMEA of $3.5 billion and $3.2 billion ; in Latin America of $2.6 billion and $2.5 billion ; and in Asia of $4.4 billion and $4.1 billion for the three months ended March 31, 2020 and 2019 , 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 $4.8 billion and $2.0 billion ; in the ICG results of $2,004 million and $32 million ; and in the Corporate/Other results of $192 million and $(25) million for the three months ended March 31, 2020 and 2019 , respectively. |
INTEREST REVENUE AND EXPENSE
INTEREST REVENUE AND EXPENSE | 3 Months Ended |
Mar. 31, 2020 | |
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 March 31, In millions of dollars 2020 2019 Interest revenue Loan interest, including fees $ 11,250 $ 11,969 Deposits with banks 527 607 Securities borrowed and purchased under agreements to resell 1,208 1,783 Investments, including dividends 2,281 2,548 Trading account assets (1) 1,590 1,686 Other interest 283 483 Total interest revenue $ 17,139 $ 19,076 Interest expense Deposits (2) $ 2,614 $ 3,027 Securities loaned and sold under agreements to repurchase 1,085 1,589 Trading account liabilities (1) 239 327 Short-term borrowings 384 652 Long-term debt 1,325 1,722 Total interest expense $ 5,647 $ 7,317 Net interest revenue $ 11,492 $ 11,759 Provision for credit losses on loans 6,444 1,944 Net interest revenue after provision for credit losses on loans $ 5,048 $ 9,815 (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 $225 million and $193 million for the three months ended March 31, 2020 and 2019 , respectively. |
COMMISSIONS AND FEES; ADMINISTR
COMMISSIONS AND FEES; ADMINISTRATION AND OTHER FIDUCIARY FEES | 3 Months Ended |
Mar. 31, 2020 | |
Banking and Thrift [Abstract] | |
COMMISSIONS AND FEES; ADMINISTRATION AND OTHER FIDUCIARY FEES | COMMISSIONS AND FEES; ADMINISTRATION AND OTHER FIDUCIARY FEES For additional information on Citi’s commissions and fees, and administration and other fiduciary fees, see Note 5 to the Consolidated Financial Statements in Citi’s 2019 Annual Report on Form 10-K. The following tables present Commissions and fees revenue: Three Months Ended March 31, 2020 In millions of dollars ICG GCB Corporate/Other Total Investment banking $ 1,040 $ — $ — $ 1,040 Brokerage commissions 577 249 — 826 Credit- and bank-card income Interchange fees 261 1,917 — 2,178 Card-related loan fees 11 166 — 177 Card rewards and partner payments (149 ) (2,093 ) — (2,242 ) Deposit-related fees (1) 233 115 — 348 Transactional service fees 227 24 — 251 Corporate finance (2) 146 — — 146 Insurance distribution revenue 4 125 — 129 Insurance premiums — 43 — 43 Loan servicing 20 11 8 39 Other 30 56 — 86 Total commissions and fees (3) $ 2,400 $ 613 $ 8 $ 3,021 Three Months Ended March 31, 2019 In millions of dollars ICG GCB Corporate/Other Total Investment banking $ 914 $ — $ — $ 914 Brokerage commissions 471 186 — 657 Credit- and bank-card income Interchange fees 279 1,983 — 2,262 Card-related loan fees 13 160 — 173 Card rewards and partner payments (153 ) (2,061 ) — (2,214 ) Deposit-related fees (1) 262 122 — 384 Transactional service fees 201 30 — 231 Corporate finance (2) 179 — — 179 Insurance distribution revenue 4 132 — 136 Insurance premiums — 47 — 47 Loan servicing 50 22 6 78 Other 17 62 1 79 Total commissions and fees (3) $ 2,236 $ 683 $ 7 $ 2,926 (1) Includes overdraft fees of $31 million and $31 million for the three months ended March 31, 2020 and 2019 , 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) Commissions and fees includes $(1,802) million and $(1,703) million not accounted for under ASC 606, Revenue from Contracts with Customers , for the three months ended March 31, 2020 and 2019 , 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 revenue: Three Months Ended March 31, 2020 In millions of dollars ICG GCB Corporate/Other Total Custody fees $ 366 $ 8 $ 15 $ 389 Fiduciary fees 172 156 — 328 Guarantee fees 134 2 1 137 Total administration and other fiduciary fees (1) $ 672 $ 166 $ 16 $ 854 Three Months Ended March 31, 2019 In millions of dollars ICG GCB Corporate/Other Total Custody fees $ 364 $ 3 $ 16 $ 383 Fiduciary fees 152 146 12 310 Guarantee fees 142 2 2 146 Total administration and other fiduciary fees (1) $ 658 $ 151 $ 30 $ 839 (1) Administration and other fiduciary fees includes $136 million and $146 million for the three months ended March 31, 2020 and 2019, respectively, that are not accounted for under ASC 606, Revenue from Contracts with Customers. These amounts include guarantee fees. |
PRINCIPAL TRANSACTIONS
PRINCIPAL TRANSACTIONS | 3 Months Ended |
Mar. 31, 2020 | |
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) and FVA (funding valuation adjustments) on over-the-counter derivatives, and gains (losses) on certain economic hedges on loans in ICG . 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 March 31, In millions of dollars 2020 2019 Interest rate risks (1) $ 1,977 $ 1,718 Foreign exchange risks (2) 995 473 Equity risks (3) 819 456 Commodity and other risks (4) 327 119 Credit products and risks (5) 1,143 38 Total $ 5,261 $ 2,804 (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 | 3 Months Ended |
Mar. 31, 2020 | |
Share-based Payment Arrangement [Abstract] | |
INCENTIVE PLANS | INCENTIVE PLANS For additional information on Citi’s incentive plans, see Note 7 to the Consolidated Financial Statements in Citi’s 2019 Annual Report on Form 10-K. |
RETIREMENT BENEFITS
RETIREMENT BENEFITS | 3 Months Ended |
Mar. 31, 2020 | |
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 2019 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 March 31, Pension plans Postretirement benefit plans U.S. plans Non-U.S. plans U.S. plans Non-U.S. plans In millions of dollars 2020 2019 2020 2019 2020 2019 2020 2019 Benefits earned during the period $ — $ — $ 37 $ 36 $ — $ — $ 2 $ 2 Interest cost on benefit obligation 106 130 64 75 5 7 24 26 Expected return on plan assets (208 ) (203 ) (65 ) (68 ) (5 ) (5 ) (20 ) (21 ) Amortization of unrecognized: Prior service cost (benefit) 1 1 (1 ) (1 ) — — (2 ) (2 ) Net actuarial loss 56 44 17 15 — — 5 5 Total net (benefit) expense $ (45 ) $ (28 ) $ 52 $ 57 $ — $ 2 $ 9 $ 10 Funded Status and Accumulated Other Comprehensive Income (AOCI) The following table summarizes the funded status and amounts recognized on the Consolidated Balance Sheet for the Company’s Significant Plans: Three Months Ended March 31, 2020 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 $ 13,453 $ 8,105 $ 692 $ 1,384 Plans measured annually (26 ) (2,068 ) — (323 ) Projected benefit obligation at beginning of year—Significant Plans $ 13,427 $ 6,037 $ 692 $ 1,061 Benefits earned during the period 21 — 1 Interest cost on benefit obligation 106 55 5 21 Actuarial loss (gain) 65 (419 ) (13 ) (63 ) Benefits paid, net of participants’ contributions and government subsidy (249 ) (69 ) (5 ) (12 ) Foreign exchange impact and other — (522 ) — (202 ) Projected benefit obligation at period end—Significant Plans $ 13,349 $ 5,103 $ 679 $ 806 Change in plan assets Plan assets at fair value at beginning of year $ 12,717 $ 7,556 $ 345 $ 1,127 Plans measured annually — (1,349 ) — (9 ) Plan assets at fair value at beginning of year—Significant Plans $ 12,717 $ 6,207 $ 345 $ 1,118 Actual return on plan assets (628 ) (156 ) (11 ) (45 ) Company contributions, net of reimbursements 13 16 (8 ) — Benefits paid, net of participants’ contributions and government subsidy (249 ) (69 ) (5 ) (12 ) Foreign exchange impact and other — (511 ) — (213 ) Plan assets at fair value at period end—Significant Plans $ 11,853 $ 5,487 $ 321 $ 848 Funded status of the Significant Plans Qualified plans (1) $ (818 ) $ 384 $ (358 ) $ 42 Nonqualified plans (678 ) — — — Funded status of the plans at period end—Significant Plans $ (1,496 ) $ 384 $ (358 ) $ 42 Net amount recognized at period end Benefit asset $ — $ 1,001 $ — $ 42 Benefit liability (1,496 ) (617 ) (358 ) — Net amount recognized on the balance sheet—Significant Plans $ (1,496 ) $ 384 $ (358 ) $ 42 Amounts recognized in AOCI at period end Prior service benefit $ — $ 8 $ — $ 54 Net actuarial (loss) gain (7,932 ) (780 ) 22 (289 ) Net amount recognized in equity (pretax)—Significant Plans $ (7,932 ) $ (772 ) $ 22 $ (235 ) Accumulated benefit obligation at period end—Significant Plans $ 13,344 $ 4,827 $ 679 $ 806 (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, 2020 and no minimum required funding is expected for 2020 . 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 For Year Ended Beginning of period balance, net of tax (1)(2) $ (6,809 ) $ (6,257 ) Actuarial assumptions changes and plan experience 430 (2,300 ) Net asset gain (loss) due to difference between actual and expected returns (1,128 ) 1,427 Net amortization 76 274 Prior service cost — (7 ) Curtailment/settlement gain (3) — 1 Foreign exchange impact and other 204 (66 ) Change in deferred taxes, net 132 119 Change, net of tax $ (286 ) $ (552 ) End of period balance, net of tax (1)(2) $ (7,095 ) $ (6,809 ) (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) 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 Mar. 31, 2020 Dec. 31, 2019 U.S. plans Qualified pension 3.25 % 3.10 % Nonqualified pension 3.25 3.10 Postretirement 3.15 3.00 Non-U.S. plans Pension (1) 0.20-8.95 -0.05-9.00 Weighted average 4.21 4.05 Postretirement 9.10 9.20 (1) Due to substantial downward movement in yields, there were negative discount rates for plans with relatively short duration in major markets such as Switzerland. 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 Mar. 31, 2020 Dec. 31, 2019 Mar. 31, 2019 U.S. plans Qualified pension 3.20 % 3.25 % 3.85 % Nonqualified pension 3.25 3.25 3.90 Postretirement 3.20 3.15 3.80 Non-U.S. plans Pension 0.45-9.45 0.20-8.95 0.45-10.30 Weighted average 4.38 4.21 4.74 Postretirement 9.75 9.10 10.30 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 March 31, 2020 In millions of dollars One-percentage-point increase One-percentage-point decrease Pension U.S. plans $ 7 $ (12 ) Non-U.S. plans (2 ) 5 Postretirement U.S. plans 1 (1 ) Non-U.S. plans (2 ) 2 Contributions For the U.S. pension plans, there were no required minimum cash contributions during the first three months of 2020 . The Company made discretionary contributions of $425 million and $220 million to the U.S. qualified defined benefit plan and Mexico—Banco Nacional Healthcare Postretirement Plan, respectively, during the second quarter of 2019. The following table summarizes the Company’s actual contributions for the three months ended March 31, 2020 and 2019 , as well as expected Company contributions for the remainder of 2020 and the actual contributions made in 2019 : Pension plans Postretirement plans U.S. plans (1) Non-U.S. plans U.S. plans Non-U.S. plans In millions of dollars 2020 2019 2020 2019 2020 2019 2020 2019 Company contributions (2) for the three months ended March 31 $ 14 $ 14 $ 37 $ 34 $ — $ — $ 2 $ 3 Company contributions made during the remainder of the year — 467 — 116 — 4 — 222 Company contributions expected to be made during the remainder of the year 43 — 116 — — — 6 — (1) The U.S. 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 March 31, In millions of dollars 2020 2019 U.S. plans $ 101 $ 99 Non-U.S. plans 76 68 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 March 31, In millions of dollars 2020 2019 Service-related expense Amortization of unrecognized: Net actuarial loss — 1 Total service-related expense $ — $ 1 Non-service-related expense $ 5 $ 4 Total net expense $ 5 $ 5 |
EARNINGS PER SHARE
EARNINGS PER SHARE | 3 Months Ended |
Mar. 31, 2020 | |
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 March 31, In millions of dollars, except per share amounts 2020 2019 Earnings per common share Income from continuing operations before attribution of noncontrolling interests $ 2,534 $ 4,737 Less: Noncontrolling interests from continuing operations (6 ) 25 Net income from continuing operations (for EPS purposes) $ 2,540 $ 4,712 Loss from discontinued operations, net of taxes (18 ) (2 ) Citigroup’s net income $ 2,522 $ 4,710 Less: Preferred dividends (1) 291 262 Net income available to common shareholders $ 2,231 $ 4,448 Less: Dividends and undistributed earnings allocated to employee restricted and deferred shares with rights to dividends, applicable to basic EPS 21 59 Net income allocated to common shareholders for basic EPS $ 2,210 $ 4,389 Weighted-average common shares outstanding applicable to basic EPS (in millions) 2,097.9 2,340.4 Basic earnings per share (2) Income from continuing operations $ 1.06 $ 1.88 Discontinued operations (0.01 ) — Net income per share—basic $ 1.05 $ 1.88 Diluted earnings per share Net income allocated to common shareholders for basic EPS $ 2,210 $ 4,389 Add back: Dividends allocated to employee restricted and deferred shares with rights to dividends that are forfeitable 7 — Net income allocated to common shareholders for diluted EPS $ 2,217 $ 4,389 Weighted-average common shares outstanding applicable to basic EPS (in millions) 2,097.9 2,340.4 Effect of dilutive securities Options (3) 0.1 0.1 Other employee plans 15.7 1.9 Adjusted weighted-average common shares outstanding applicable to diluted EPS (in millions) (4) 2,113.7 2,342.4 Diluted earnings per share (2) Income from continuing operations $ 1.06 $ 1.87 Discontinued operations (0.01 ) — Net income per share—diluted $ 1.05 $ 1.87 (1) On April 21, 2020, Citi declared preferred dividends of approximately $253 million for the second quarter of 2020. As of May 4, 2020, Citi estimates it will distribute preferred dividends of approximately $284 million and $253 million in the third and fourth quarters of 2020, respectively, subject to such dividends being declared by the Citi Board of Directors. During the first quarter of 2020, in March, Citi redeemed all of its 1.5 million Series O preferred shares for $1.5 billion ; in January, Citi also issued 1.5 million of Series V preferred shares for $1.5 billion . (2) Due to rounding, earnings per share on continuing operations and discontinued operations may not sum to earnings per share on net income. (3) During the first quarter of 2020 and 2019, no significant options to purchase shares of common stock were outstanding. (4) Due to rounding, weighted-average common shares outstanding applicable to basic EPS and the effect of dilutive securities may not sum to weighted-average common shares outstanding applicable to diluted EPS. |
SECURITIES BORROWED, LOANED AND
SECURITIES BORROWED, LOANED AND SUBJECT TO REPURCHASE AGREEMENTS | 3 Months Ended |
Mar. 31, 2020 | |
Federal Funds Purchased and Securities Sold under Agreements to Repurchase [Abstract] | |
SECURITIES BORROWED, LOANED AND SUBJECT TO REPURCHASE AGREEMENTS | 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 2019 Annual Report on Form 10-K. Securities borrowed and purchased under agreements to resell , at their respective carrying values, consisted of the following: In millions of dollars March 31, December 31, 2019 Securities purchased under agreements to resell $ 178,930 $ 169,874 Deposits paid for securities borrowed 83,606 81,448 Total (1) $ 262,536 $ 251,322 Securities loaned and sold under agreements to repurchase , at their respective carrying values, consisted of the following: In millions of dollars March 31, December 31, 2019 Securities sold under agreements to repurchase $ 213,525 $ 155,164 Deposits received for securities loaned 8,799 11,175 Total (1) $ 222,324 $ 166,339 (1) The above tables do not include securities-for-securities lending transactions of $9.2 billion and $6.3 billion at March 31, 2020 and December 31, 2019, 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 amounts 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 has occurred and a legal opinion supporting enforceability of the offsetting rights has been obtained. Remaining exposures continue to be secured by financial collateral, but the Company may not have sought or been able to obtain a legal opinion evidencing enforceability of the offsetting right. As of March 31, 2020 In millions of dollars Gross amounts Gross amounts (1) Net amounts of Amounts (2) Net (3) Securities purchased under agreements to resell $ 304,427 $ 125,497 $ 178,930 $ 142,194 $ 36,736 Deposits paid for securities borrowed 87,669 4,063 83,606 27,015 56,591 Total $ 392,096 $ 129,560 $ 262,536 $ 169,209 $ 93,327 In millions of dollars Gross amounts Gross amounts (1) Net amounts of Amounts (2) Net (3) Securities sold under agreements to repurchase $ 339,022 $ 125,497 $ 213,525 $ 125,995 $ 87,530 Deposits received for securities loaned 12,862 4,063 8,799 3,109 5,690 Total $ 351,884 $ 129,560 $ 222,324 $ 129,104 $ 93,220 As of December 31, 2019 In millions of dollars Gross amounts Gross amounts (1) Net amounts of Amounts (2) Net (3) Securities purchased under agreements to resell $ 281,274 $ 111,400 $ 169,874 $ 134,150 $ 35,724 Deposits paid for securities borrowed 90,047 8,599 81,448 27,067 54,381 Total $ 371,321 $ 119,999 $ 251,322 $ 161,217 $ 90,105 In millions of dollars Gross amounts Gross amounts (1) Net amounts of Amounts (2) Net (3) Securities sold under agreements to repurchase $ 266,564 $ 111,400 $ 155,164 $ 91,034 $ 64,130 Deposits received for securities loaned 19,774 8,599 11,175 3,138 8,037 Total $ 286,338 $ 119,999 $ 166,339 $ 94,172 $ 72,167 (1) Includes financial instruments subject to enforceable master netting agreements that are permitted to be offset under ASC 210-20-45. (2) 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. (3) 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 amounts of liabilities associated with repurchase agreements and securities lending agreements by remaining contractual maturity: As of March 31, 2020 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 $ 173,961 $ 66,488 $ 54,421 $ 44,153 $ 339,022 Deposits received for securities loaned 9,189 529 1,712 1,432 12,862 Total $ 183,150 $ 67,017 $ 56,133 $ 45,585 $ 351,884 As of December 31, 2019 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 $ 108,534 $ 82,749 $ 35,108 $ 40,173 $ 266,564 Deposits received for securities loaned 15,758 208 1,789 2,019 19,774 Total $ 124,292 $ 82,957 $ 36,897 $ 42,192 $ 286,338 The following tables present the gross amounts of liabilities associated with repurchase agreements and securities lending agreements by class of underlying collateral: As of March 31, 2020 In millions of dollars Repurchase agreements Securities lending agreements Total U.S. Treasury and federal agency securities $ 142,676 $ 1 $ 142,677 State and municipal securities 3,280 1 3,281 Foreign government securities 110,459 280 110,739 Corporate bonds 18,177 327 18,504 Equity securities 8,034 12,135 20,169 Mortgage-backed securities 38,102 — 38,102 Asset-backed securities 4,792 — 4,792 Other 13,502 118 13,620 Total $ 339,022 $ 12,862 $ 351,884 As of December 31, 2019 In millions of dollars Repurchase agreements Securities lending agreements Total U.S. Treasury and federal agency securities $ 100,781 $ 27 $ 100,808 State and municipal securities 1,938 5 1,943 Foreign government securities 95,880 272 96,152 Corporate bonds 18,761 249 19,010 Equity securities 12,010 19,069 31,079 Mortgage-backed securities 28,458 — 28,458 Asset-backed securities 4,873 — 4,873 Other 3,863 152 4,015 Total $ 266,564 $ 19,774 $ 286,338 |
BROKERAGE RECEIVABLES AND BROKE
BROKERAGE RECEIVABLES AND BROKERAGE PAYABLES | 3 Months Ended |
Mar. 31, 2020 | |
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 2019 Annual Report on Form 10-K. Brokerage receivables and Brokerage payables consisted of the following: In millions of dollars March 31, December 31, 2019 Receivables from customers $ 22,390 $ 15,912 Receivables from brokers, dealers and clearing organizations 46,165 23,945 Total brokerage receivables (1) $ 68,555 $ 39,857 Payables to customers $ 51,506 $ 37,613 Payables to brokers, dealers and clearing organizations 22,862 10,988 Total brokerage payables (1) $ 74,368 $ 48,601 (1) |
INVESTMENTS
INVESTMENTS | 3 Months Ended |
Mar. 31, 2020 | |
Investments, Debt and Equity Securities [Abstract] | |
INVESTMENTS | INVESTMENTS For additional information regarding Citi’s investment portfolios, including evaluating investments for impairment, see Note 13 to the Consolidated Financial Statements in Citi’s 2019 Annual Report on Form 10-K. The following table presents Citi’s investments by category: In millions of dollars March 31, December 31, Debt securities available-for-sale (AFS) $ 308,219 $ 280,265 Debt securities held-to-maturity (HTM) (1) 82,315 80,775 Marketable equity securities carried at fair value (2) 682 458 Non-marketable equity securities carried at fair value (2) 532 704 Non-marketable equity securities measured using the measurement alternative (3) 741 700 Non-marketable equity securities carried at cost (4) 6,394 5,661 Total investments $ 398,883 $ 368,563 (1) Carried at adjusted amortized cost basis, net of any allowance for credit losses. (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. See ”Recognition and Measurement of Impairment” below. (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 March 31, In millions of dollars 2020 2019 Taxable interest $ 2,179 $ 2,372 Interest exempt from U.S. federal income tax 76 127 Dividend income 26 49 Total interest and dividend income $ 2,281 $ 2,548 The following table presents realized gains and losses on the sales of investments, which exclude impairment losses: Three Months Ended March 31, In millions of dollars 2020 2019 Gross realized investment gains $ 464 $ 168 Gross realized investment losses (32 ) (38 ) Net realized gains on sale of investments $ 432 $ 130 Debt Securities Available-for-Sale The amortized cost and fair value of AFS debt securities were as follows: March 31, 2020 December 31, 2019 In millions of dollars Amortized cost Gross unrealized gains Gross unrealized losses Fair value Amortized cost Gross unrealized gains Gross unrealized losses Fair value Debt securities AFS Mortgage-backed securities (1) U.S. government-sponsored agency guaranteed $ 42,559 $ 1,271 $ 277 $ 43,553 $ 34,963 $ 547 $ 280 $ 35,230 Non-U.S. residential 752 3 3 752 789 3 — 792 Commercial 69 — 1 68 75 — — 75 Total mortgage-backed securities $ 43,380 $ 1,274 $ 281 $ 44,373 $ 35,827 $ 550 $ 280 $ 36,097 U.S. Treasury and federal agency securities U.S. Treasury $ 118,298 $ 2,863 $ 2 $ 121,159 $ 106,429 $ 50 $ 380 $ 106,099 Agency obligations 4,080 30 7 4,103 5,336 3 20 5,319 Total U.S. Treasury and federal agency securities $ 122,378 $ 2,893 $ 9 $ 125,262 $ 111,765 $ 53 $ 400 $ 111,418 State and municipal $ 5,677 $ 224 $ 436 $ 5,465 $ 5,024 $ 43 $ 89 $ 4,978 Foreign government 116,703 983 319 117,367 110,958 586 241 111,303 Corporate 11,243 116 162 11,197 11,266 52 101 11,217 Asset-backed securities (1) 479 1 14 466 524 — 2 522 Other debt securities 4,086 3 — 4,089 4,729 1 — 4,730 Allowance for AFS securities at the end of the period $ — $ — $ — $ — Total debt securities AFS $ 303,946 $ 5,494 $ 1,221 $ 308,219 $ 280,093 $ 1,285 $ 1,113 $ 280,265 (1) The Company invests in mortgage- 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- and asset-backed securitizations in which the Company has other involvement, see Note 18 to the Consolidated Financial Statements. The following table shows the fair value of AFS debt 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 March 31, 2020 Debt securities AFS Mortgage-backed securities U.S. government-sponsored agency guaranteed $ 7,937 $ 225 $ 858 $ 52 $ 8,795 $ 277 Non-U.S. residential 360 3 — — 360 3 Commercial 38 — 8 1 46 1 Total mortgage-backed securities $ 8,335 $ 228 $ 866 $ 53 $ 9,201 $ 281 U.S. Treasury and federal agency securities U.S. Treasury $ 3,062 $ 2 $ — $ — $ 3,062 $ 2 Agency obligations — — 249 7 249 7 Total U.S. Treasury and federal agency securities $ 3,062 $ 2 $ 249 $ 7 $ 3,311 $ 9 State and municipal $ 968 $ 415 $ 236 $ 21 $ 1,204 $ 436 Foreign government 26,966 235 2,963 84 29,929 319 Corporate 2,540 155 61 7 2,601 162 Asset-backed securities 136 6 148 8 284 14 Other debt securities 118 — — — 118 — Total debt securities AFS $ 42,125 $ 1,041 $ 4,523 $ 180 $ 46,648 $ 1,221 December 31, 2019 Debt securities AFS Mortgage-backed securities U.S. government-sponsored agency guaranteed $ 9,780 $ 242 $ 1,877 $ 38 $ 11,657 $ 280 Non-U.S. residential 208 — 1 — 209 — Commercial 16 — 27 — 43 — Total mortgage-backed securities $ 10,004 $ 242 $ 1,905 $ 38 $ 11,909 $ 280 U.S. Treasury and federal agency securities U.S. Treasury $ 45,484 $ 248 $ 26,907 $ 132 $ 72,391 $ 380 Agency obligations 781 2 3,897 18 4,678 20 Total U.S. Treasury and federal agency securities $ 46,265 $ 250 $ 30,804 $ 150 $ 77,069 $ 400 State and municipal $ 362 $ 62 $ 266 $ 27 $ 628 $ 89 Foreign government 35,485 149 8,170 92 43,655 241 Corporate 2,916 98 123 3 3,039 101 Asset-backed securities 112 1 166 1 278 2 Other debt securities 1,307 — — — 1,307 — Total debt securities AFS $ 96,451 $ 802 $ 41,434 $ 311 $ 137,885 $ 1,113 The following table presents the amortized cost and fair value of AFS debt securities by contractual maturity dates: March 31, 2020 December 31, 2019 In millions of dollars Amortized cost Fair value Amortized cost Fair value Mortgage-backed securities (1) Due within 1 year $ 629 $ 640 $ 20 $ 20 After 1 but within 5 years 584 585 573 574 After 5 but within 10 years 1,009 1,067 594 626 After 10 years (2) 41,158 42,081 34,640 34,877 Total $ 43,380 $ 44,373 $ 35,827 $ 36,097 U.S. Treasury and federal agency securities Due within 1 year $ 27,233 $ 27,403 $ 40,757 $ 40,688 After 1 but within 5 years 88,605 91,130 70,128 69,850 After 5 but within 10 years 6,515 6,697 854 851 After 10 years (2) 25 32 26 29 Total $ 122,378 $ 125,262 $ 111,765 $ 111,418 State and municipal Due within 1 year $ 937 $ 937 $ 932 $ 932 After 1 but within 5 years 601 608 714 723 After 5 but within 10 years 291 312 195 215 After 10 years (2) 3,848 3,608 3,183 3,108 Total $ 5,677 $ 5,465 $ 5,024 $ 4,978 Foreign government Due within 1 year $ 46,369 $ 46,491 $ 42,611 $ 42,666 After 1 but within 5 years 59,050 59,561 58,820 59,071 After 5 but within 10 years 9,481 9,505 8,192 8,198 After 10 years (2) 1,803 1,810 1,335 1,368 Total $ 116,703 $ 117,367 $ 110,958 $ 111,303 All other (3) Due within 1 year $ 5,836 $ 5,846 $ 7,306 $ 7,311 After 1 but within 5 years 8,894 8,908 8,279 8,275 After 5 but within 10 years 921 891 818 797 After 10 years (2) 157 107 116 86 Total $ 15,808 $ 15,752 $ 16,519 $ 16,469 Total debt securities AFS $ 303,946 $ 308,219 $ 280,093 $ 280,265 (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. There were no purchased credit-deteriorated AFS debt securities held by the Company as of March 31, 2020. Debt Securities Held-to-Maturity The carrying value and fair value of debt securities HTM were as follows: In millions of dollars Amortized cost Gross unrealized gains Gross unrealized losses Fair value March 31, 2020 Debt securities HTM Mortgage-backed securities (1) U.S. government-sponsored agency guaranteed $ 48,270 $ 2,010 $ 16 $ 50,264 Non-U.S. residential 1,112 — 12 1,100 Commercial 654 1 — 655 Total mortgage-backed securities $ 50,036 $ 2,011 $ 28 $ 52,019 State and municipal $ 9,269 $ 516 $ 25 $ 9,760 Foreign government 1,553 40 — 1,593 Asset-backed securities (1) 21,533 4 1,251 20,286 Allowance for HTM securities at the end of the period $ (76 ) $ — $ — $ (76 ) Total debt securities HTM, net $ 82,315 $ 2,571 $ 1,304 $ 83,582 December 31, 2019 Debt securities HTM Mortgage-backed securities (1) U.S. government-sponsored agency guaranteed $ 46,637 $ 1,047 $ 21 $ 47,663 Non-U.S. residential 1,039 5 — 1,044 Commercial 582 1 — 583 Total mortgage-backed securities $ 48,258 $ 1,053 $ 21 $ 49,290 State and municipal $ 9,104 $ 455 $ 28 $ 9,531 Foreign government 1,934 37 1 1,970 Asset-backed securities (1) 21,479 12 59 21,432 Total debt securities HTM $ 80,775 $ 1,557 $ 109 $ 82,223 (1) The Company invests in mortgage- 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- and asset-backed securitizations in which the Company has other involvement, see Note 18 to the Consolidated Financial Statements. The table below shows the fair value of debt securities HTM that have been in an unrecognized loss position at December 31, 2019: Less than 12 months 12 months or longer Total In millions of dollars Fair Gross Fair Gross Fair Gross December 31, 2019 Debt securities held-to-maturity Mortgage-backed securities $ 3,590 $ 10 $ 1,116 $ 11 $ 4,706 $ 21 State and municipal 34 1 1,125 27 1,159 28 Foreign government 1,970 1 — — 1,970 1 Asset-backed securities 7,972 11 765 48 8,737 59 Total debt securities held-to-maturity $ 13,566 $ 23 $ 3,006 $ 86 $ 16,572 $ 109 Note: Excluded from the gross unrecognized losses presented in the table above is $(582) million of net unrealized losses recorded in AOCI as of December 31, 2019 , 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 December 31, 2019 . The following table presents the carrying value and fair value of HTM debt securities by contractual maturity dates: March 31, 2020 December 31, 2019 In millions of dollars Amortized cost Fair value Amortized cost Fair value Mortgage-backed securities Due within 1 year $ 14 $ 14 $ 17 $ 17 After 1 but within 5 years 474 486 458 463 After 5 but within 10 years 1,604 1,757 1,662 1,729 After 10 years (1) 47,944 49,762 46,121 47,081 Total $ 50,036 $ 52,019 $ 48,258 $ 49,290 State and municipal Due within 1 year $ 52 $ 50 $ 2 $ 26 After 1 but within 5 years 89 90 123 160 After 5 but within 10 years 577 604 597 590 After 10 years (1) 8,551 9,016 8,382 8,755 Total $ 9,269 $ 9,760 $ 9,104 $ 9,531 Foreign government Due within 1 year $ 521 $ 522 $ 650 $ 652 After 1 but within 5 years 1,032 1,071 1,284 1,318 After 5 but within 10 years — — — — After 10 years (1) — — — — Total $ 1,553 $ 1,593 $ 1,934 $ 1,970 All other (2) Due within 1 year $ — $ — $ — $ — After 1 but within 5 years — — — — After 5 but within 10 years 7,092 6,753 8,545 8,543 After 10 years (1) 14,441 13,457 12,934 12,889 Total $ 21,533 $ 20,210 $ 21,479 $ 21,432 Total debt securities HTM $ 82,391 $ 83,582 $ 80,775 $ 82,223 (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. HTM Debt Securities Delinquency and Non-Accrual Details Citi did not have any HTM securities that were delinquent or on non-accrual status at March 31, 2020. There were no purchased credit-deteriorated HTM debt securities held by the Company as of March 31, 2020. Evaluating Investments for Impairment AFS Debt Securities Overview—AFS Debt Securities The Company conducts periodic reviews of all AFS debt securities with unrealized losses to evaluate whether the impairment resulted from expected credit losses or from other factors and to evaluate the Company’s intent to sell such securities. An AFS debt security is impaired when the current fair value of an individual AFS debt security is less than its amortized cost basis. The Company recognizes the entire difference between amortized cost basis and fair value in earnings for impaired AFS debt securities that Citi has an intent to sell or for which Citi believes it will more-likely-than-not be required to sell prior to recovery of the amortized cost basis. However, for those AFS debt 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 by recording an allowance for credit losses. Any remaining fair value decline for such securities is recorded in AOCI . The Company does not consider the length of time that the fair value of a security is below its amortized cost when determining if a credit loss exists. For AFS debt securities, credit losses exist where Citi does not expect to receive contractual principal and interest cash flows sufficient to recover the entire amortized cost basis of a security. The allowance for credit losses is limited to the amount by which the AFS debt security’s amortized cost basis exceeds its fair value. The allowance is increased or decreased if credit conditions subsequently worsen or improve. Reversals of credit losses are recognized in earnings. The Company’s review for impairment of AFS debt securities generally entails: • identification and evaluation of impaired investments; • consideration of evidential matter, including an evaluation of factors or triggers that could cause individual positions to qualify as credit impaired and those that would not support credit impairment; and • documentation of the results of these analyses, as required under business policies. The sections below describe the Company’s process for identifying expected credit impairments for debt security types that have the most significant unrealized losses as of March 31, 2020. Mortgage-Backed Securities Citi records no allowances for credit losses on U.S. government-agency-guaranteed mortgage-backed securities, because the Company expects to incur no credit losses in the event of default due to a history of incurring no credit losses and due to the nature of the counterparties. State and Municipal Securities The process for estimating credit losses in Citigroup’s AFS state and municipal bonds is primarily based on a credit analysis that incorporates third-party credit ratings. Citi 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 Aa2/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 AFS state and municipal bonds with unrealized losses that Citi plans to sell, or would be more-likely-than-not required to sell, the full impairment is recognized in earnings. For AFS state and municipal bonds where Citi has no intent to sell and it is more-likely-than-not that the Company will not be required to sell, Citi records an allowance for expected credit losses for the amount it expects not to collect, capped at the difference between the bond’s amortized cost basis and fair value. Equity Method Investments Management assesses equity method investments that have fair values that are less than their respective carrying values for other-than-temporary impairment (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 more-likely-than-not 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 more-likely-than-not 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. Recognition and Measurement of Impairment The following tables present total impairment on Investments recognized in earnings: Three Months Ended Three Months Ended In millions of dollars AFS Other Total AFS HTM Other assets Total Impairment losses related to debt securities that the Company does not intend to sell nor will likely be required to sell: Total impairment 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 more-likely-than-not be required to sell or will be subject to an issuer call deemed probable of exercise 52 — 52 3 — — 3 Total impairment losses recognized in earnings $ 52 $ — $ 52 $ 3 $ — $ — $ 3 The following are three-month rollforwards of the credit-related impairments recognized in earnings for AFS debt securities held that the Company does not intend to sell nor will likely be required to sell: Cumulative credit losses recognized in earnings on debt securities still held In millions of dollars December 31, 2019 balance Credit Credit Changes due to March 31, 2020 balance AFS debt securities Mortgage-backed securities $ 1 $ — $ — $ — $ 1 State and municipal 4 — — — 4 Corporate 4 — — — 4 All other debt securities 1 — — — 1 Total credit losses recognized for AFS debt securities $ 10 $ — $ — $ — $ 10 Cumulative OTTI credit losses recognized in earnings on debt securities still held In millions of dollars December 31, 2018 balance Credit Credit Changes due to March 31, 2019 balance AFS debt securities Mortgage-backed securities $ 1 $ — $ — $ — $ 1 State and municipal — — — — — Corporate 4 — — — 4 All other debt securities — — — — — Total OTTI credit losses recognized for AFS debt securities $ 5 $ — $ — $ — $ 5 HTM debt securities Mortgage-backed securities $ — $ — $ — $ — $ — State and municipal — — — — — Total OTTI credit losses recognized for HTM debt securities $ — $ — $ — $ — $ — Non-Marketable Equity Securities Not Carried at Fair Value 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. 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 that impairment exists, the investment is written down to fair value, with the full difference between the fair value of the investment and its carrying amount recognized in earnings. Below is the carrying value of non-marketable equity securities measured using the measurement alternative at March 31, 2020 and December 31, 2019: In millions of dollars March 31, 2020 December 31, 2019 Measurement alternative: Carrying value $ 741 $ 700 Below are amounts recognized in earnings and life-to-date amounts for non-marketable equity securities measured using the measurement alternative: Three Months Ended March 31, In millions of dollars 2020 2019 Measurement alternative (1) : Impairment losses $ 3 $ 5 Downward changes for observable prices — — Upward changes for observable prices 25 66 (1) See Note 20 to the Consolidated Financial Statements for additional information on these nonrecurring fair value measurements. Life-to-date amounts on securities still held In millions of dollars March 31, 2020 Measurement alternative: Impairment losses $ 19 Downward changes for observable prices 34 Upward changes for observable prices 367 A similar impairment analysis is performed for non-marketable equity securities carried at cost. For the three months ended March 31, 2020 and 2019, there was no impairment loss recognized in earnings for non-marketable equity securities carried at cost. Investments in Alternative Investment Funds That Calculate Net Asset Value The Company holds investments in certain alternative investment funds that calculate net asset value (NAV), or its equivalent, including private equity funds, funds of funds and real estate funds, as provided by third-party asset managers. Investments in such funds are generally classified as non-marketable equity securities carried at fair value. The fair values of these investments are estimated using the NAV of the Company’s ownership interest in the funds. Some of these investments are in “covered funds” for purposes of the Volcker Rule, which prohibits certain proprietary investment activities and limits the ownership of, and relationships with, covered funds. On April 21, 2017, Citi’s request for extension of the permitted holding period under the Volcker Rule for certain of its investments in illiquid funds was approved, allowing the Company to hold such investments until the earlier of five years from the July 21, 2017 expiration date of the general conformance period or the date such investments mature or are otherwise conformed with the Volcker Rule. Fair value Unfunded Redemption frequency (if currently eligible) monthly, quarterly, annually Redemption notice period In millions of dollars March 31, December 31, 2019 March 31, December 31, 2019 Hedge funds $ — $ — $ — $ — Generally quarterly 10–95 days Private equity funds (1)(2) 123 134 62 62 — — Real estate funds (2)(3) 9 10 18 18 — — Mutual/collective investment funds 20 26 — — — — Total $ 152 $ 170 $ 80 $ 80 — — (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
LOANS | 3 Months Ended |
Mar. 31, 2020 | |
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 1 to the Consolidated Financial Statements and Notes 1 and 14 to the Consolidated Financial Statements in Citi’s 2019 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, delinquencies and non-accrual details: Amortized Cost Basis by Consumer Loan Delinquency and Non-Accrual Status at March 31, 2020 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 Non-accrual loans for which there are no loan loss reserves Non-accrual loans for which there are loan loss reserves Total non-accrual 90 days past due and accruing In North America offices (5) Residential first mortgages (6) $ 46,227 $ 390 $ 230 $ 413 $ 47,260 $ 142 $ 358 $ 500 $ 274 Home equity loans (7)(8) 8,608 127 201 — 8,936 28 379 407 — Credit cards 133,794 1,673 1,849 — 137,316 — — — 1,849 Personal, small business and other 3,631 33 11 — 3,675 — 19 19 — Total $ 192,260 $ 2,223 $ 2,291 $ 413 $ 197,187 $ 170 $ 756 $ 926 $ 2,123 In offices outside North America (5) Residential first mortgages (6) $ 35,033 $ 218 $ 149 $ — $ 35,400 $ — $ 375 $ 375 $ — Credit cards 21,073 403 325 — 21,801 — 243 243 236 Personal, small business and other 33,645 278 119 — 34,042 7 148 155 — Total $ 89,751 $ 899 $ 593 $ — $ 91,243 $ 7 $ 766 $ 773 $ 236 Total Citigroup (9) $ 282,011 $ 3,122 $ 2,884 $ 413 $ 288,430 $ 177 $ 1,522 $ 1,699 $ 2,359 (1) Loans less than 30 days past due are presented as current. (2) Includes $18 million of residential first mortgages recorded at fair value. (3) Excludes loans guaranteed by U.S. government-sponsored agencies. (4) Consists of residential first mortgages that are guaranteed by U.S. government-sponsored agencies that are 30–89 days past due of $0.1 billion and 90 days or more past due of $0.3 billion . (5) North America includes the U.S., Canada and Puerto Rico. Mexico is included in offices outside North America. (6) Includes approximately $0.1 billion of residential first mortgage loans in process of foreclosure. (7) Includes approximately $0.1 billion of home equity loans in process of foreclosure. (8) Fixed-rate home equity loans and loans extended under home equity lines of credit, which are typically in junior lien positions. (9) Consumer loans are net of unearned income of $771 million . Unearned income on consumer loans primarily represents unamortized origination fees and costs, premiums and discounts. Interest Income Recognized for Non-Accrual Consumer Loans During the Quarter Ended March 31, 2020 In millions of dollars Interest income In North America offices (1) Residential first mortgages $ 3 Home equity loans 2 Credit cards — Personal, small business and other — Total $ 5 In offices outside North America (1) Residential first mortgages $ — Credit cards — Personal, small business and other — Total $ — Total Citigroup $ 5 (1) North America includes the U.S., Canada and Puerto Rico. Mexico is included in offices outside North America. Amortized Cost Basis by Consumer Loan Delinquency and Non-Accrual Status at December 31, 2019 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 (5) Residential first mortgages (6) $ 45,942 $ 411 $ 221 $ 434 $ 47,008 $ 479 $ 288 Home equity loans (7)(8) 8,860 174 189 — 9,223 405 — Credit cards 145,477 1,759 1,927 — 149,163 — 1,927 Personal, small business and other 3,641 44 14 — 3,699 21 — Total $ 203,920 $ 2,388 $ 2,351 $ 434 $ 209,093 $ 905 $ 2,215 In offices outside North America (5) Residential first mortgages (6) $ 37,316 $ 210 $ 160 $ — $ 37,686 $ 421 $ — Credit cards 25,111 426 372 — 25,909 310 242 Personal, small business and other 36,456 272 132 — 36,860 180 — Total $ 98,883 $ 908 $ 664 $ — $ 100,455 $ 911 $ 242 Total Citigroup (9) $ 302,803 $ 3,296 $ 3,015 $ 434 $ 309,548 $ 1,816 $ 2,457 (1) Loans less than 30 days past due are presented as current. (2) Includes $18 million of residential first mortgages recorded at fair value. (3) Excludes loans guaranteed by U.S. government-sponsored agencies. (4) Consists of residential first mortgages that are guaranteed by U.S. government-sponsored agencies that are 30–89 days past due of $0.1 billion and 90 days or more past due of $0.3 billion . (5) North America includes the U.S., Canada and Puerto Rico. Mexico is included in offices outside North America. (6) Includes approximately $0.1 billion of residential first mortgage loans in process of foreclosure. (7) Includes approximately $0.1 billion of home equity loans in process of foreclosure. (8) Fixed-rate home equity loans and loans extended under home equity lines of credit, which are typically in junior lien positions. (9) Consumer loans are net of unearned income of $783 million . Unearned income on consumer loans primarily represents unamortized origination fees and costs, premiums and discounts. During the three months ended March 31, 2020 and 2019, the Company sold and/or reclassified to HFS $0.0 billion and $1.9 billion , respectively, of consumer loans. Consumer Credit Scores (FICO) The following tables provide details on the Fair Isaac Corporation (FICO) scores for Citi’s U.S. consumer loan portfolio based on end-of-period receivables by year of origination. 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)(3) March 31, 2020 In millions of dollars Less than 680 to 760 Greater Residential first mortgages 2020 $ 33 $ 699 $ 1,337 2019 229 3,054 6,166 2018 314 1,010 1,754 2017 366 1,165 2,326 2016 417 1,823 4,814 Prior 2,247 5,425 12,131 Total residential first mortgages $ 3,606 $ 13,176 $ 28,528 Credit cards $ 32,912 $ 56,763 $ 44,486 Credit cards and line-of-credit arrangements converted to term loans — — — Home equity loans (pre-reset) 342 1,189 1,622 Home equity loans (post-reset) 1,491 2,130 1,869 Total home equity loans $ 1,833 $ 3,319 $ 3,491 Installment and other 2020 $ 28 $ 53 $ 48 2019 133 189 150 2018 122 173 105 2017 38 64 51 2016 20 30 20 Prior 197 360 513 Personal, small business and other $ 538 $ 869 $ 887 Total $ 38,889 $ 74,127 $ 77,392 FICO Score Distribution in U.S. Portfolio FICO score distribution in U.S. portfolio (1)(2)(3) December 31, 2019 In millions of dollars Less than 680 680 to 760 Greater than 760 Residential first mortgages $ 3,602 $ 13,178 $ 28,235 Credit cards 33,290 59,536 52,935 Home equity loans 1,881 3,475 3,630 Personal, small business and other 564 907 1,473 Total $ 39,337 $ 77,096 $ 86,273 (1) The FICO bands in the tables are consistent with general industry peer presentations. (2) Excludes loans guaranteed by U.S. government-sponsored agencies, loans subject to long-term standby commitments (LTSC) with U.S. government-sponsored agencies and loans recorded at fair value. (3) 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 by year of origination. 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) March 31, 2020 In millions of dollars Less than or equal to 80% > 80% but less than or equal to 100% Greater than 100% Residential first mortgages 2020 $ 1,706 $ 363 $ — 2019 7,825 1,624 5 2018 2,310 736 39 2017 3,307 547 10 2016 6,851 208 5 Prior 19,646 179 26 Total residential first mortgages $ 41,645 $ 3,657 $ 85 Home equity loans (pre-reset) $ 3,034 $ 86 $ 13 Home equity loans (post-reset) 4,561 698 210 Total home equity loans $ 7,595 $ 784 $ 223 Total $ 49,240 $ 4,441 $ 308 LTV distribution in U.S. portfolio (1)(2) December 31, 2019 In millions of dollars Less than or equal to 80% > 80% but less than or equal to 100% Greater than 100% Residential first mortgages $ 41,705 $ 3,302 $ 98 Home equity loans 7,934 819 235 Total $ 49,639 $ 4,121 $ 333 (1) Excludes loans guaranteed by U.S. government-sponsored agencies, loans subject to LTSCs with U.S. government-sponsored agencies 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 Balance at March 31, 2020 2020 2019 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) Mortgage and real estate Residential first mortgages $ 1,584 $ 1,775 $ 111 $ 1,799 $ 14 $ 17 Home equity loans 572 800 21 612 3 2 Credit cards 1,913 1,928 823 1,903 26 26 Installment and other Personal, small business and other 410 442 129 599 15 8 Total $ 4,479 $ 4,945 $ 1,084 $ 4,913 $ 58 $ 53 (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) $220 million of residential first mortgages and $176 million of home equity loans do not have a specific allowance. (3) Included in the Allowance for loan losses . (4) Average carrying value represents the average recorded investment ending balance for the last four quarters and does not include the related specific allowance. (5) Includes amounts recognized on both an accrual and cash basis. Balance at December 31, 2019 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 $ 1,666 $ 1,838 $ 161 $ 1,925 Home equity loans 592 824 123 637 Credit cards 1,931 2,288 771 1,890 Installment and other Personal, small business and other 419 455 135 683 Total $ 4,608 $ 5,405 $ 1,190 $ 5,135 (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) $405 million of residential first mortgages and $212 million of home equity loans do not have a specific allowance. (3) Included in the Allowance for credit losses on loans . (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 March 31, 2020 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 277 $ 44 $ — $ — $ — — % Home equity loans 82 8 — — — 2 Credit cards 67,282 305 — — — 17 Personal, small business and other 433 4 — — — 6 Total (6) 68,074 $ 361 $ — $ — $ — International Residential first mortgages 536 $ 14 $ — $ — $ — 5 % Credit cards 19,315 73 — — 3 16 Personal, small business and other 7,654 52 — — 2 11 Total (6) 27,505 $ 139 $ — $ — $ 5 Consumer Troubled Debt Restructurings For the Three Months Ended March 31, 2019 In millions of dollars, except number of loans modified Number of loans modified Post- modification recorded investment (1)(7) Deferred principal (3) Contingent principal forgiveness (4) Principal forgiveness (5) Average interest rate reduction North America Residential first mortgages 493 $ 74 $ — $ — $ — — % Home equity loans 206 21 1 — — 2 Credit cards 72,247 305 — — — 18 Personal, small business and other 356 3 — — — 5 Total ( 6) 73,302 $ 403 $ 1 $ — $ — International Residential first mortgages 725 $ 20 $ — $ — $ — — % Credit cards 18,493 75 — — 3 16 Personal, small business and other 7,644 51 — — 2 9 Total (6) 26,862 $ 146 $ — $ — $ 5 (1) Post-modification balances include past-due amounts that are capitalized at the modification date. (2) Post-modification balances in North America include $4 million of residential first mortgages and $1 million of home equity loans to borrowers who have gone through Chapter 7 bankruptcy in the three months ended March 31, 2020 . These amounts include $3 million of residential first mortgages and $1 million of home equity loans that were newly classified as TDRs in the three months ended March 31, 2020 , 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) The above tables reflect activity for restructured loans that were considered TDRs as of the end of the reporting period. (7) Post-modification balances in North America include $7 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 March 31, 2019 . These amounts include $4 million of residential first mortgages and $2 million of home equity loans that were newly classified as TDRs in the three months ended March 31, 2019 , based on previously received OCC guidance. 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 March 31, In millions of dollars 2020 2019 North America Residential first mortgages $ 14 $ 23 Home equity loans 2 3 Credit cards 90 70 Personal, small business and other 1 1 Total $ 107 $ 97 International Residential first mortgages $ 6 $ 3 Credit cards 33 38 Personal, small business and other 17 18 Total $ 56 $ 59 Purchased Credit Deteriorated Assets Three Months Ended March 31, 2020 In millions of dollars Credit cards Mortgages (1) Installment and other Purchase price $ 4 $ 9 $ — Allowance for credit losses at acquisition date 4 — — Discount or premium attributable to non-credit factors — — — Par value (amortized cost basis) $ 8 $ 9 $ — (1) Includes loans sold to agencies that were bought back at par due to repurchase agreements. Corporate Loans Corporate loans represent loans and leases managed by ICG . The following table presents information by corporate loan type: In millions of dollars March 31, December 31, In North America offices (1) Commercial and industrial $ 81,231 $ 55,929 Financial institutions 60,653 53,922 Mortgage and real estate (2) 55,428 53,371 Installment and other 30,591 31,238 Lease financing 988 1,290 Total $ 228,891 $ 195,750 In offices outside North America (1) Commercial and industrial $ 121,703 $ 112,668 Financial institutions 37,003 40,211 Mortgage and real estate (2) 9,639 9,780 Installment and other 31,728 27,303 Lease financing 72 95 Governments and official institutions 3,554 4,128 Total $ 203,699 $ 194,185 Corporate loans, net of unearned income (3) $ 432,590 $ 389,935 (1) North America includes the U.S., Canada and Puerto Rico. Mexico is included in offices outside North America. The classification between offices in North America and outside North America is based on the domicile of the booking unit. The difference between the domicile of the booking unit and the domicile of the managing unit is not material. (2) Loans secured primarily by real estate. (3) Corporate loans are net of unearned income of ($791) million and ($814) million at March 31, 2020 and December 31, 2019 , respectively. Unearned income on corporate loans primarily represents interest received in advance, but not yet earned, on loans originated on a discounted basis. The Company sold and/or reclassified to held-for-sale $0.2 billion and $0.5 billion of corporate loans during the three months ended March 31, 2020 and 2019, respectively. The Company did not have significant purchases of corporate loans classified as held-for-investment for the three months ended March 31, 2020 or 2019 . Corporate Loan Delinquencies and Non-Accrual Details at March 31, 2020 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 $ 1,166 $ 163 $ 1,329 $ 1,814 $ 197,154 $ 200,297 Financial institutions 1,178 51 1,229 29 94,748 96,006 Mortgage and real estate 591 24 615 204 64,398 65,217 Lease financing 28 8 36 41 983 1,060 Other 167 20 187 396 65,446 66,029 Loans at fair value 3,981 Total $ 3,130 $ 266 $ 3,396 $ 2,484 $ 422,729 $ 432,590 Corporate Loan Delinquencies and Non-Accrual Details at December 31, 2019 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 $ 676 $ 93 $ 769 $ 1,828 $ 164,249 $ 166,846 Financial institutions 791 3 794 50 91,008 91,852 Mortgage and real estate 534 4 538 188 62,425 63,151 Lease financing 58 9 67 41 1,277 1,385 Other 190 22 212 81 62,341 62,634 Loans at fair value 4,067 Total $ 2,249 $ 131 $ 2,380 $ 2,188 $ 381,300 $ 389,935 (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 or more 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 and/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) Term loans by year of origination Revolving line of credit arrangements (2) Totals as of In millions of dollars 2020 2019 2018 2017 2016 Prior March 31, December 31, Investment grade (3) Commercial and industrial (4) $ 31,204 $ 14,056 $ 8,343 $ 6,340 $ 2,838 $ 11,737 $ 51,963 $ 126,481 $ 110,797 Financial institutions (4) 14,705 7,338 4,327 1,897 1,777 6,563 47,013 83,620 80,533 Mortgage and real estate 2,717 7,406 6,391 3,904 1,809 3,164 1,668 27,059 27,571 Other (5) 8,587 5,600 5,347 1,449 782 7,626 29,708 59,099 58,155 Total investment grade $ 57,213 $ 34,400 $ 24,408 $ 13,590 $ 7,206 $ 29,090 $ 130,352 $ 296,259 $ 277,056 Non-investment grade (3) Accrual Commercial and industrial (4) $ 14,634 $ 9,193 $ 5,929 $ 3,488 $ 1,400 $ 6,277 $ 30,827 $ 71,748 $ 54,220 Financial institutions (4) 4,233 3,494 580 213 67 1,305 2,466 12,358 11,269 Mortgage and real estate 258 813 1,405 845 375 490 1,292 5,478 3,811 Other (5) 1,130 1,181 771 165 175 1,199 2,933 7,554 5,734 Non-accrual Commercial and industrial (4) 11 81 68 155 79 431 989 1,814 1,828 Financial institutions — — 4 — — 24 1 29 50 Mortgage and real estate 2 — 2 9 5 68 118 204 188 Other (5) — — 2 36 — 59 340 437 122 Total non-investment grade $ 20,268 $ 14,762 $ 8,761 $ 4,911 $ 2,101 $ 9,853 $ 38,966 $ 99,622 $ 77,222 Non-rated private bank loans managed on a delinquency basis (3)(6) $ 2,032 $ 7,782 $ 3,971 $ 4,200 $ 4,831 $ 9,912 $ — $ 32,728 $ 31,590 Loans at fair value (7) 3,981 4,067 Corporate loans, net of unearned income $ 79,513 $ 56,944 $ 37,140 $ 22,701 $ 14,138 $ 48,855 $ 169,318 $ 432,590 $ 389,935 (1) Recorded investment in a loan includes net deferred loan fees and costs, unamortized premium or discount, less any direct write-downs. (2) There were no revolving line of credit arrangements that converted to term loans during the quarter. (3) Held-for-investment loans are accounted for on an amortized cost basis. (4) Includes certain short-term loans with less than one year in tenor. (5) Other includes installment and other, lease financing and loans to government and official institutions. (6) Non-rated private bank loans mainly include mortgage and real estate loans to private banking clients. (7) Loans at fair value include loans to commercial and industrial, financial institutions, mortgage and real estate and other. 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: March 31, 2020 Three Months Ended Three Months Ended In millions of dollars Recorded investment (1) Unpaid principal balance Related specific allowance Average carrying value (2) Interest income recognized Interest income recognized Non-accrual corporate loans Commercial and industrial $ 1,814 $ 2,374 $ 263 $ 1,629 $ 2 $ 14 Financial institutions 29 113 — 38 — — Mortgage and real estate 204 401 10 192 — — Lease financing 41 41 — 21 — — Other 396 462 10 168 13 — Total non-accrual corporate loans $ 2,484 $ 3,391 $ 283 $ 2,048 $ 15 $ 14 December 31, 2019 In millions of dollars Recorded investment (1) Unpaid principal balance Related specific allowance Average carrying value (2) Non-accrual corporate loans Commercial and industrial $ 1,828 $ 1,942 $ 283 $ 1,449 Financial institutions 50 120 2 63 Mortgage and real estate 188 362 10 192 Lease financing 41 41 — 8 Other 81 202 4 76 Total non-accrual corporate loans $ 2,188 $ 2,667 $ 299 $ 1,788 March 31, 2020 December 31, 2019 In millions of dollars Recorded investment (1) Related specific allowance Recorded investment (1) Related specific allowance Non-accrual corporate loans with specific allowances Commercial and industrial $ 1,060 $ 263 $ 714 $ 283 Financial institutions — — 40 2 Mortgage and real estate 45 10 48 10 Lease financing — — — — Other 14 10 7 4 Total non-accrual corporate loans with specific allowance $ 1,119 $ 283 $ 809 $ 299 Non-accrual corporate loans without specific allowance Commercial and industrial $ 754 $ 1,114 Financial institutions 29 10 Mortgage and real estate 159 140 Lease financing 41 41 Other 382 74 Total non-accrual corporate loans without specific allowance $ 1,365 N/A $ 1,379 N/A (1) Recorded investment in a loan includes net deferred loan fees and costs, unamortized premium or discount, less any direct write-downs. (2) Average carrying value represents the average recorded investment balance and does not include related specific allowance. N/A Not applicable Corporate Troubled Debt Restructurings For the three months ended March 31, 2020 : 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 $ 94 $ — $ — $ 94 Mortgage and real estate 4 — — 4 Total $ 98 $ — $ — $ 98 For the three months ended March 31, 2019 : 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 $ 93 $ — $ — $ 93 Mortgage and real estate 4 — — 4 Total $ 97 $ — $ — $ 97 (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 March 31, 2020 TDR loans in payment default during the three months ended March 31, 2020 TDR balances at March 31, 2019 TDR loans in payment default during the three months ended March 31, 2019 Commercial and industrial $ 685 $ — $ 636 $ — Financial institutions — — 13 — Mortgage and real estate 77 — 112 — Other 15 — 4 — Total (1) $ 777 $ — $ 765 $ — (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 | 3 Months Ended |
Mar. 31, 2020 | |
Loans and Leases Receivable Disclosure [Abstract] | |
ALLOWANCE FOR CREDIT LOSSES | ALLOWANCE FOR CREDIT LOSSES Three Months Ended March 31, In millions of dollars 2020 2019 Allowance for credit losses on loans (ACLL) at beginning of period $ 12,783 $ 12,315 Adjustment to opening balance for CECL adoption (1) 4,201 — Adjusted ACLL at beginning of period $ 16,984 $ 12,315 Gross credit losses on loans $ (2,479 ) $ (2,345 ) Gross recoveries on loans (2) 371 397 Net credit losses on loans (NCLs) $ (2,108 ) $ (1,948 ) NCLs $ 2,108 $ 1,948 Net reserve builds (releases) for loans 4,112 67 Net specific reserve builds (releases) for loans 224 (71 ) Total provision for credit losses on loans (PCLL) $ 6,444 $ 1,944 Initial allowance for credit losses on newly purchased credit deteriorated assets during the period 4 — Other, net (see table below) (483 ) 18 ACLL at end of period $ 20,841 $ 12,329 Allowance for credit losses on unfunded lending commitments (ACLUC) at beginning of period (3) $ 1,456 $ 1,367 Adjustment to opening balance for CECL adoption (1) (194 ) — Provision (release) for credit losses on unfunded lending commitments 557 24 Other, net (6 ) — ACLUC at end of period (3) $ 1,813 $ 1,391 Total allowance for credit losses on loans, leases and unfunded lending commitments $ 22,654 $ 13,720 Other, net details Three Months Ended March 31, Sales or transfers of various consumer loan portfolios to HFS $ (3 ) $ — FX translation (4) (483 ) 26 Other 3 (8 ) Other, net $ (483 ) $ 18 (1) See Note 1 to the Consolidated Financial Statements for further discussion on the impact of Citi’s adoption of CECL. (2) Recoveries have been reduced by certain collection costs that are incurred only if collection efforts are successful. (3) Represents additional credit loss reserves for unfunded lending commitments and letters of credit recorded in Other liabilities on the Consolidated Balance Sheet. (4) Primarily related to consumer. The corporate allowance is predominantly sourced in U.S. dollars. Allowance for Credit Losses and End-of-Period Loans Three Months Ended March 31, 2020 March 31, 2019 In millions of dollars Corporate Consumer Total Corporate Consumer Total Allowance for credit losses on loans at beginning of period $ 2,886 $ 9,897 $ 12,783 $ 2,811 $ 9,504 $ 12,315 Adjustment to opening balance for CECL adoption (721 ) 4,922 4,201 — — — Charge-offs (138 ) (2,341 ) (2,479 ) (100 ) (2,245 ) (2,345 ) Recoveries 11 360 371 21 376 397 Replenishment of net charge-offs 127 1,981 2,108 79 1,869 1,948 Net reserve builds (releases) 1,268 2,844 4,112 4 63 67 Net specific reserve builds (releases) 48 176 224 (79 ) 8 (71 ) Initial allowance for credit losses on purchased credit deteriorated assets — 4 4 — — — Other (30 ) (453 ) (483 ) (5 ) 23 18 Ending balance $ 3,451 $ 17,390 $ 20,841 $ 2,731 $ 9,598 $ 12,329 March 31, 2020 December 31, 2019 In millions of dollars Corporate Consumer Total Corporate Consumer Total Allowance for credit losses on loans Collectively evaluated $ 3,168 $ 16,296 $ 19,464 $ 2,587 $ 8,706 $ 11,293 Individually evaluated 283 1,084 1,367 299 1,190 1,489 Purchased credit deteriorated — 10 10 — 1 1 Total allowance for credit losses on loans $ 3,451 $ 17,390 $ 20,841 $ 2,886 $ 9,897 $ 12,783 Loans, net of unearned income Collectively evaluated $ 426,125 $ 283,804 $ 709,929 $ 383,828 $ 304,510 $ 688,338 Individually evaluated 2,484 4,479 6,963 2,040 4,892 6,932 Purchased credit deteriorated — 129 129 — 128 128 Held at fair value 3,981 18 3,999 4,067 18 4,085 Total loans, net of unearned income $ 432,590 $ 288,430 $ 721,020 $ 389,935 $ 309,548 $ 699,483 Allowance for Credit Losses on AFS and HTM Debt Securities Citi did no t have an allowance for credit losses on AFS debt securities at March 31, 2020. Allowance for Credit Losses on HTM Debt Securities Three Months Ended March 31, 2020 In millions of dollars U.S. Treasury and federal agency State and municipal Foreign government Asset-backed Total HTM Allowance for credit losses on HTM debt securities at beginning of period $ — $ — $ — $ — $ — Adjustment to opening balance for CECL adoption — 61 4 5 70 Gross credit losses — — — — — Gross recoveries — — — — — Net credit losses $ — $ — $ — $ — $ — Net credit losses $ — $ — $ — $ — $ — Net reserve builds (releases) — 5 — 1 6 Net specific reserve builds (releases) — — — — — Total provision for credit losses on HTM debt securities $ — $ 5 $ — $ 1 $ 6 Other, net $ — $ — $ — $ — $ — Initial allowance for credit losses on newly purchased credit deteriorated assets during the period — — — — — Allowance for credit losses on HTM debt securities at end of period $ — $ 66 $ 4 $ 6 $ 76 Allowance for Credit Losses on Other Assets Three Months Ended March 31, 2020 In millions of dollars Cash and due from banks Deposits with banks Securities borrowed and purchased under agreements to resell Brokerage receivables All other assets Total Allowance for credit losses at beginning of period $ — $ — $ — $ — $ — $ — Adjustment to opening balance for CECL adoption 6 14 2 1 3 26 Gross credit losses — — — — — — Gross recoveries — — — — — — Net credit losses (NCLs) $ — $ — $ — $ — $ — $ — NCLs $ — $ — $ — $ — $ — $ — Net reserve builds (releases) (6 ) (6 ) 3 (1 ) 6 (4 ) Total provision for credit losses $ (6 ) $ (6 ) $ 3 $ (1 ) $ 6 $ (4 ) Other, net $ — $ — $ — $ — $ 32 $ 32 Allowance for credit losses on Other assets at end of period $ — $ 8 $ 5 $ — $ 41 $ 54 |
GOODWILL AND INTANGIBLE ASSETS
GOODWILL AND INTANGIBLE ASSETS | 3 Months Ended |
Mar. 31, 2020 | |
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 Total Balance at December 31, 2019 $ 12,102 $ 10,024 $ 22,126 Foreign currency translation (265 ) (597 ) (862 ) Balance at March 31, 2020 $ 11,837 $ 9,427 $ 21,264 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. During the three months ended March 31, 2020, Citi qualitatively assessed the current environment, including the estimated impact of the COVID-19 pandemic on macroeconomic variables and economic forecasts and how those might impact the fair value of reporting units. After consideration of the items above, the first quarter 2020 results, as well as the results of the 2019 impairment test which resulted in excess of reporting unit fair values over book values between approximately 33% to 134% , Citi determined it was not more-likely-than-not that the fair value of any reporting unit was below its book value as of March 31, 2020. For additional information regarding Citi’s goodwill impairment testing process, see Notes 1 and 16 to the Consolidated Financial Statements in Citi’s 2019 Annual Report on Form 10-K. Refer to Note 1 for Citi’s adoption of a new accounting standard regarding the subsequent measurement of goodwill. Intangible Assets The components of intangible assets were as follows: March 31, 2020 December 31, 2019 In millions of dollars Gross carrying amount Accumulated amortization Net carrying amount Gross carrying amount Accumulated amortization Net carrying amount Purchased credit card relationships $ 5,634 $ 4,060 $ 1,574 $ 5,676 $ 4,059 $ 1,617 Credit card contract-related intangibles (1) 3,417 1,138 2,279 5,393 3,069 2,324 Core deposit intangibles 42 42 — 434 433 1 Other customer relationships 424 281 143 424 275 149 Present value of future profits 27 24 3 34 31 3 Indefinite-lived intangible assets 191 — 191 228 — 228 Other 60 57 3 82 77 5 Intangible assets (excluding MSRs) $ 9,795 $ 5,602 $ 4,193 $ 12,271 $ 7,944 $ 4,327 Mortgage servicing rights (MSRs) (2) 367 — 367 495 — 495 Total intangible assets $ 10,162 $ 5,602 $ 4,560 $ 12,766 $ 7,944 $ 4,822 (1) Primarily reflects contract-related intangibles associated with the American Airlines, The Home Depot, Costco and AT&T credit card program agreements, which represented 96% of the aggregate net carrying amount as of March 31, 2020 and December 31, 2019 . (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 Impairments FX translation and other March 31, Purchased credit card relationships (1) $ 1,617 $ 11 $ (50 ) $ — $ (4 ) $ 1,574 Credit card contract-related intangibles (2) 2,324 9 (50 ) — (4 ) 2,279 Core deposit intangibles 1 — — — (1 ) — Other customer relationships 149 — (6 ) — — 143 Present value of future profits 3 — — — — 3 Indefinite-lived intangible assets 228 — — — (37 ) 191 Other 5 — (2 ) — — 3 Intangible assets (excluding MSRs) $ 4,327 $ 20 $ (108 ) $ — $ (46 ) $ 4,193 Mortgage servicing rights (MSRs) (3) 495 367 Total intangible assets $ 4,822 $ 4,560 (1) Reflects intangibles for the value of cardholder relationships, which are discrete from partner contract-related intangibles and include credit card accounts primarily in the Costco and Macy’s portfolios. (2) Primarily reflects contract-related intangibles associated with the American Airlines, The Home Depot, Costco and AT&T credit card program agreements, which represented 96% of the aggregate net carrying amount at March 31, 2020 and December 31, 2019 . (3) For additional information on Citi’s MSRs, including the rollforward for the three months ended March 31, 2020 , see Note 18 to the Consolidated Financial Statements. |
DEBT
DEBT | 3 Months Ended |
Mar. 31, 2020 | |
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 2019 Annual Report on Form 10-K. Short-Term Borrowings In millions of dollars March 31, December 31, Commercial paper Bank (1) $ 12,157 $ 10,155 Broker-dealer and other (2) 6,016 6,321 Total commercial paper $ 18,173 $ 16,476 Other borrowings (3) 36,778 28,573 Total $ 54,951 $ 45,049 (1) Represents Citibank entities as well as other bank entities. (2) Represents broker-dealer and other non-bank subsidiaries that are consolidated into Citigroup Inc., the parent holding company. (3) Includes borrowings from Federal Home Loan Banks and other market participants. At March 31, 2020 and December 31, 2019 , collateralized short-term advances from the Federal Home Loan Banks were $23.4 billion and $17.6 billion , respectively. Additionally, the increase in Other borrowings as of March 31, 2020 is partially due to Citi’s borrowings under certain U.S. government-sponsored liquidity programs. While these borrowings helped support the functioning of markets, they were not significant to Citi’s overall liquidity profile. Long-Term Debt In millions of dollars March 31, December 31, 2019 Citigroup Inc. (1) $ 156,461 $ 150,477 Bank (2) 62,444 53,340 Broker-dealer and other (3) 47,193 44,943 Total $ 266,098 $ 248,760 (1) Represents the parent holding company. (2) Represents Citibank entities as well as other bank entities. At March 31, 2020 and December 31, 2019 , collateralized long-term advances from the Federal Home Loan Banks were $16.0 billion and $5.5 billion , respectively. (3) Represents broker-dealer and other non-bank subsidiaries that are consolidated into Citigroup Inc., the parent holding company. Certain Citigroup consolidated hedging activities are also included in this line. Long-term debt outstanding includes trust preferred securities with a balance sheet carrying value of $1.7 billion at both March 31, 2020 and December 31, 2019 . The following table summarizes Citi’s outstanding trust preferred securities at March 31, 2020 : 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 securities and 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 99,901 124 3 mo LIBOR + 88.75 bps 50 124 Jun. 28, 2067 Jun. 28, 2017 Total obligated $ 2,564 $ 2,570 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. This differs from Citi’s balance sheet carrying value due primarily to unamortized discount and issuance costs. (2) |
CHANGES IN ACCUMULATED OTHER CO
CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (AOCI) | 3 Months Ended |
Mar. 31, 2020 | |
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 March 31, 2020 In millions of dollars Net Debt valuation adjustment (DVA) (1) Cash flow hedges (2) Benefit plans (3) Foreign (4) Excluded component of fair value hedges (5) Accumulated Balance, December 31, 2019 $ (265 ) $ (944 ) $ 123 $ (6,809 ) $ (28,391 ) $ (32 ) $ (36,318 ) Other comprehensive income before 3,456 3,116 1,898 (344 ) (4,109 ) 27 4,044 Increase (decrease) due to amounts (328 ) 24 (1 ) 58 — — (247 ) Change, net of taxes $ 3,128 $ 3,140 $ 1,897 $ (286 ) $ (4,109 ) $ 27 $ 3,797 Balance at March 31, 2020 $ 2,863 $ 2,196 $ 2,020 $ (7,095 ) $ (32,500 ) $ (5 ) $ (32,521 ) Three Months Ended March 31, 2019 In millions of dollars Net Debt valuation adjustment (DVA) (1) Cash flow hedges (2) Benefit plans (3) Foreign (4) Excluded component of fair value hedges (5) Accumulated Balance, December 31, 2018 $ (2,250 ) $ 192 $ (728 ) $ (6,257 ) $ (28,070 ) $ (57 ) $ (37,170 ) Other comprehensive income before 1,226 (575 ) 186 (110 ) 58 18 803 Increase (decrease) due to amounts (91 ) 4 100 46 — — 59 Change, net of taxes $ 1,135 $ (571 ) $ 286 $ (64 ) $ 58 $ 18 $ 862 Balance at March 31, 2019 $ (1,115 ) $ (379 ) $ (442 ) $ (6,321 ) $ (28,012 ) $ (39 ) $ (36,308 ) (1) Changes in DVA are reflected as a component of AOCI , pursuant to the adoption of the provisions of ASU 2016-01 relating to the presentation of DVA on fair value options liabilities. See Note 1 to the Consolidated Financial Statements in Citi’s 2019 Annual Report on Form 10-K. (2) Primarily driven by Citigroup’s pay fixed/receive floating interest rate swap programs that hedge the floating rates on liabilities. (3) 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. (4) Primarily reflects the movements in (by order of impact) the Mexican peso, Brazilian real, Australian dollar, South Korean won and Chilean peso against the U.S. dollar and changes in related tax effects and hedges for the three months ended March 31, 2020 . Primarily reflects the movements in (by order of impact) the Mexican peso, Chilean peso, Chinese yuan and Russian ruble against the U.S. dollar and changes in related tax effects and hedges for the three months ended March 31, 2019. 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. The pretax and after-tax changes in each component of Accumulated other comprehensive income (loss) were as follows: Three Months Ended March 31, 2020 In millions of dollars Pretax Tax effect After-tax Balance, December 31, 2019 $ (42,772 ) $ 6,454 $ (36,318 ) Change in net unrealized gains (losses) on debt securities 4,121 (993 ) 3,128 Debt valuation adjustment (DVA) 4,188 (1,048 ) 3,140 Cash flow hedges 2,484 (587 ) 1,897 Benefit plans (418 ) 132 (286 ) Foreign currency translation adjustment (4,055 ) (54 ) (4,109 ) Excluded component of fair value hedges 33 (6 ) 27 Change $ 6,353 $ (2,556 ) $ 3,797 Balance at March 31, 2020 $ (36,419 ) $ 3,898 $ (32,521 ) Three Months Ended March 31, 2019 In millions of dollars Pretax Tax effect (1) After-tax Balance, December 31, 2018 $ (44,082 ) $ 6,912 $ (37,170 ) Change in net unrealized gains (losses) on debt securities 1,500 (365 ) 1,135 Debt valuation adjustment (DVA) (725 ) 154 (571 ) Cash flow hedges 378 (92 ) 286 Benefit plans (68 ) 4 (64 ) Foreign currency translation adjustment 69 (11 ) 58 Excluded component of fair value hedges 24 (6 ) 18 Change $ 1,178 $ (316 ) $ 862 Balance, March 31, 2019 $ (42,904 ) $ 6,596 $ (36,308 ) (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 2019 Annual Report on Form 10-K. 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 March 31, In millions of dollars 2020 2019 Realized (gains) losses on sales of investments $ (432 ) $ (130 ) Gross impairment losses — 3 Subtotal, pretax $ (432 ) $ (127 ) Tax effect 104 36 Net realized (gains) losses on investments after-tax (1) $ (328 ) $ (91 ) Realized DVA (gains) losses on fair value option liabilities, pretax $ 32 $ 5 Tax effect (8 ) (1 ) Net realized debt valuation adjustment, after-tax $ 24 $ 4 Interest rate contracts $ (3 ) $ 130 Foreign exchange contracts 1 2 Subtotal, pretax $ (2 ) $ 132 Tax effect 1 (32 ) Amortization of cash flow hedges, after-tax (2) $ (1 ) $ 100 Amortization of unrecognized: Prior service cost (benefit) $ (3 ) $ (4 ) Net actuarial loss 79 65 Curtailment/settlement impact (3) — — Subtotal, pretax $ 76 $ 61 Tax effect (18 ) (15 ) Amortization of benefit plans, after-tax (3) $ 58 $ 46 Excluded component of fair value hedges, pretax $ — $ — Tax effect — — Excluded component of fair value hedges, after-tax $ — $ — Foreign currency translation adjustment $ — $ — Tax effect — — Foreign currency translation adjustment $ — $ — Total amounts reclassified out of AOCI , pretax $ (326 ) $ 71 Total tax effect 79 (12 ) Total amounts reclassified out of AOCI , after-tax $ (247 ) $ 59 (1) The pretax amount is reclassified to Realized gains (losses) on sales of investments, net and Gross impairment losses in the Consolidated Statement of Income. See Note 12 to the Consolidated Financial Statements for additional details. (2) See Note 19 to the Consolidated Financial Statements for additional details. (3) See Note 8 to the Consolidated Financial Statements for additional details. |
SECURITIZATIONS AND VARIABLE IN
SECURITIZATIONS AND VARIABLE INTEREST ENTITIES | 3 Months Ended |
Mar. 31, 2020 | |
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 2019 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 March 31, 2020 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 $ 37,612 $ 37,612 $ — $ — $ — $ — $ — $ — Mortgage securitizations (4) U.S. agency-sponsored 109,728 — 109,728 2,000 — — 65 2,065 Non-agency-sponsored 37,140 941 36,199 1,054 — — 1 1,055 Citi-administered asset-backed commercial paper conduits 19,386 19,386 — — — — — — Collateralized loan obligations (CLOs) 17,453 — 17,453 3,918 — — — 3,918 Asset-based financing 207,817 5,569 202,248 24,935 1,154 9,863 — 35,952 Municipal securities tender option bond trusts (TOBs) 6,129 1,134 4,995 4 — 3,125 — 3,129 Municipal investments 20,383 — 20,383 2,662 4,221 3,030 — 9,913 Client intermediation 1,430 1,371 59 4 — — — 4 Investment funds 539 121 418 1 — 16 — 17 Other 62 2 60 — — 60 — 60 Total $ 457,679 $ 66,136 $ 391,543 $ 34,578 $ 5,375 $ 16,094 $ 66 $ 56,113 As of December 31, 2019 Maximum exposure to loss in significant unconsolidated VIEs (1) Funded exposures (2) Unfunded exposures In millions of dollars Total involvement with SPE assets Consolidated VIE/SPE assets Significant unconsolidated VIE assets (3) Debt investments Equity investments Funding commitments Guarantees and derivatives Total Credit card securitizations $ 43,534 $ 43,534 $ — $ — $ — $ — $ — $ — Mortgage securitizations (4) U.S. agency-sponsored 117,374 — 117,374 2,671 — — 72 2,743 Non-agency-sponsored 39,608 1,187 38,421 876 — — 1 877 Citi-administered asset-backed commercial paper conduits 15,622 15,622 — — — — — — Collateralized loan obligations (CLOs) 17,395 — 17,395 4,199 — — — 4,199 Asset-based financing 196,728 6,139 190,589 23,756 1,151 9,524 — 34,431 Municipal securities tender option bond trusts (TOBs) 6,950 1,458 5,492 4 — 3,544 — 3,548 Municipal investments 20,312 — 20,312 2,636 4,274 3,034 — 9,944 Client intermediation 1,455 1,391 64 4 — — — 4 Investment funds 827 174 653 5 — 16 1 22 Other 352 1 351 169 — 39 — 208 Total $ 460,157 $ 69,506 $ 390,651 $ 34,320 $ 5,425 $ 16,157 $ 74 $ 55,976 (1) The definition of maximum exposure to loss is included in the text that follows this table. (2) Included on Citigroup’s March 31, 2020 and December 31, 2019 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 third-party sponsored private equity funds to which the Company provides secured credit facilities. The Company has no decision-making power and does not consolidate these funds, some of which may meet the definition of a VIE. The Company’s maximum exposure to loss is generally limited to a loan or lending-related commitment (for more information on these positions, see Notes 14 and 26 to the Consolidated Financial Statements); • 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- and asset-backed securities held by the Company, which are classified as Trading account assets or Investments , in which the Company has no other involvement with the related securitization entity deemed to be significant (for more information on these positions, see Notes 12 and 20 to the Consolidated Financial Statements); • certain representations and warranties exposures in legacy ICG -sponsored mortgage- and asset-backed securitizations in which the Company has no variable interest or continuing involvement as servicer. The outstanding balance of mortgage loans securitized during 2005 to 2008 in which the Company has no variable interest or continuing involvement as servicer was approximately $6 billion and $6 billion at March 31, 2020 and December 31, 2019 , respectively; • certain representations and warranties exposures in Citigroup residential mortgage securitizations, in which 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: March 31, 2020 December 31, 2019 In millions of dollars Liquidity facilities Loan/equity commitments Liquidity facilities Loan/equity commitments Asset-based financing $ — $ 9,863 $ — $ 9,524 Municipal securities tender option bond trusts (TOBs) 3,125 — 3,544 — Municipal investments — 3,030 — 3,034 Investment funds — 16 — 16 Other — 60 — 39 Total funding commitments $ 3,125 $ 12,969 $ 3,544 $ 12,613 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 March 31, 2020 December 31, 2019 Cash $ — $ — Trading account assets 2.0 2.6 Investments 9.7 9.9 Total loans, net of allowance 27.8 26.7 Other 0.5 0.5 Total assets $ 40.0 $ 39.7 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 March 31, 2020 December 31, 2019 Ownership interests in principal amount of trust credit card receivables Sold to investors via trust-issued securities $ 19.7 $ 19.7 Retained by Citigroup as trust-issued securities 5.4 6.2 Retained by Citigroup via non-certificated interests 14.6 17.8 Total $ 39.7 $ 43.7 The following table summarizes selected cash flow information related to Citigroup’s credit card securitizations: Three Months Ended March 31, In billions of dollars 2020 2019 Proceeds from new securitizations $ — $ — Pay down of maturing notes — (2.5 ) Master Trust Liabilities (at Par Value) The weighted average maturity of the third-party term notes issued by the Master Trust was 2.8 years as of March 31, 2020 and 3.1 years as of December 31, 2019 . In billions of dollars Mar. 31, 2020 Dec. 31, 2019 Term notes issued to third parties $ 18.2 $ 18.2 Term notes retained by Citigroup affiliates 3.5 4.3 Total Master Trust liabilities $ 21.7 $ 22.5 Omni Trust Liabilities (at Par Value) The weighted average maturity of the third-party term notes issued by the Omni Trust was 1.4 years as of March 31, 2020 and 1.6 years as of December 31, 2019 . In billions of dollars Mar. 31, 2020 Dec. 31, 2019 Term notes issued to third parties $ 1.5 $ 1.5 Term notes retained by Citigroup affiliates 1.9 1.9 Total Omni Trust liabilities $ 3.4 $ 3.4 Mortgage Securitizations The following tables summarize selected cash flow information and retained interests related to Citigroup mortgage securitizations: Three Months Ended March 31, 2020 2019 In billions of dollars U.S. agency- Non-agency- (1) U.S. agency- Non-agency- Principal securitized $ 2.0 $ 1.6 $ 1.0 $ 2.7 Proceeds from new securitizations 2.1 2.5 1.0 2.7 Note: Excludes re-securitization transactions. (1) The principal securitized and proceeds from new securitizations in 2020 include $0.2 billion related to personal loan securitizations. Gains recognized on the securitization of U.S. agency-sponsored mortgages were $3 million for the three months ended March 31, 2020 . For the three months ended March 31, 2020 , gains recognized on the securitization of non-agency sponsored mortgages were $39 million . There were no gains recognized on the securitization of U.S. agency-sponsored mortgages for the three months ended March 31, 2019 . Gains recognized on the securitization of non-agency sponsored mortgages were $17 million for the three months ended March 31, 2019 . March 31, 2020 December 31, 2019 Non-agency-sponsored mortgages (1) Non-agency-sponsored mortgages (1) In millions of dollars U.S. agency- Senior (3) Subordinated U.S. agency- Senior Subordinated Carrying value of retained interests (2) $ 349 $ 902 $ 101 $ 491 $ 748 $ 102 (1) Disclosure of non-agency-sponsored mortgages as senior and subordinated interests is indicative of the interests’ position in the capital structure of the securitization. (2) Retained interests consist of Level 2 and Level 3 assets depending on the observability of significant inputs. See Note 20 to the Consolidated Financial Statements for more information about fair value measurements. (3) Senior interests in non-agency-sponsored mortgages include $127 million related to personal loan securitizations at March 31, 2020 . 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 March 31, 2020 Non-agency-sponsored mortgages (1) U.S. agency- sponsored mortgages Senior interests Subordinated interests Weighted average discount rate 8.5 % 1.3 % — % Weighted average constant prepayment rate 25.7 % — % — % Weighted average anticipated net credit losses (2) NM 1.6 % — % Weighted average life 5.2 years 4.2 years NM Three Months Ended March 31, 2019 Non-agency-sponsored mortgages (1) U.S. agency- Senior Subordinated Weighted average discount rate 6.6 % 3.6 % 7.1 % Weighted average constant prepayment rate 14.1 % 6.0 % 6.0 % Weighted average anticipated net credit losses (2) NM 5.0 % 3.5 % Weighted average life 6.1 years 7.6 years 19.4 years (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. Key assumptions used in measuring the fair value of retained interests in securitizations of mortgage receivables at period end were as follows: March 31, 2020 Non-agency-sponsored mortgages (1) U.S. agency- Senior Subordinated Weighted average discount rate 6.2 % 8.9 % 4.4 % Weighted average constant prepayment rate 20.6 % 2.7 % 5.1 % Weighted average anticipated net credit losses (2) NM 1.1 % 1.4 % Weighted average life 4.6 years 6.8 years NM December 31, 2019 Non-agency-sponsored mortgages (1) U.S. agency- Senior Subordinated Weighted average discount rate 9.3 % 3.6 % 4.6 % Weighted average constant prepayment rate 12.9 % 10.5 % 7.6 % Weighted average anticipated net credit losses (2) NM 3.9 % 2.8 % Weighted average life 6.6 years 3.0 years 11.4 years (1) Disclosure of non-agency-sponsored mortgages as senior and subordinated interests is indicative of the interests’ position in the capital structure of the securitization. (2) Anticipated net credit losses represent estimated loss severity associated with defaulted mortgage loans underlying the mortgage securitizations disclosed above. Anticipated net credit losses, in this instance, do not represent total credit losses incurred to date, nor do they represent credit losses expected on retained interests in mortgage securitizations. NM Anticipated net credit losses are not meaningful due to U.S. agency guarantees. The sensitivity of the fair value to adverse changes of 10% and 20% in each of the key assumptions, are presented in the tables below. The negative effect of each change is calculated independently, holding all other assumptions constant. Because the key assumptions may not be independent, the net effect of simultaneous adverse changes in the key assumptions may be less than the sum of the individual effects shown below. March 31, 2020 Non-agency-sponsored mortgages In millions of dollars U.S. agency- sponsored mortgages Senior interests Subordinated interests Discount rate Adverse change of 10% $ (9 ) $ (1 ) $ (1 ) Adverse change of 20% (17 ) (1 ) (2 ) Constant prepayment rate Adverse change of 10% (23 ) — — Adverse change of 20% (43 ) — — Anticipated net credit losses Adverse change of 10% NM — — Adverse change of 20% NM — (1 ) December 31, 2019 Non-agency-sponsored mortgages In millions of dollars U.S. agency- Senior Subordinated Discount rate Adverse change of 10% $ (18 ) $ — $ (1 ) Adverse change of 20% (35 ) (1 ) (1 ) Constant prepayment rate Adverse change of 10% (18 ) — — Adverse change of 20% (35 ) — — Anticipated net credit losses Adverse change of 10% NM — — Adverse change of 20% NM — — NM Anticipated net credit losses are not meaningful due to U.S. agency guarantees. The following table includes information about loan delinquencies and liquidation losses for assets held in non-consolidated, non-agency-sponsored securitization entities: Liquidation losses Securitized assets 90 days past due Three Months Ended March 31, In billions of dollars, except liquidation losses in millions Mar. 31, 2020 Dec. 31, 2019 Mar. 31, 2020 Dec. 31, 2019 2020 2019 Securitized assets Residential mortgages (1) $ 11.8 $ 11.7 $ 0.3 $ 0.4 $ 11 $ 11 Commercial and other 20.5 22.3 — — — — Total $ 32.3 $ 34.0 $ 0.3 $ 0.4 $ 11 $ 11 (1) Securitized assets include $0.3 billion of personal loan securitizations as of March 31, 2020 . Mortgage Servicing Rights (MSRs) The fair value of Citi’s capitalized MSRs was $367 million and $551 million at March 31, 2020 and 2019 , respectively. The MSRs correspond to principal loan balances of $59 billion and $61 billion as of March 31, 2020 and 2019 , respectively. The following table summarizes the changes in capitalized MSRs: Three Months Ended March 31, In millions of dollars 2020 2019 Balance, beginning of year $ 495 $ 584 Originations 32 12 Changes in fair value of MSRs due to changes in inputs and assumptions (143 ) (27 ) Other changes (1) (17 ) (18 ) Sales of MSRs — — Balance, as of March 31 $ 367 $ 551 (1) Represents changes due to customer payments and passage of time. The fair value of the MSRs is primarily affected by changes in prepayments of mortgages that result from shifts in mortgage interest rates. Specifically, higher interest rates tend to lead to declining prepayments, which causes the fair value of the MSRs to increase. In managing this risk, Citigroup economically hedges a significant portion of the value of its MSRs through the use of interest rate derivative contracts, forward purchase and sale commitments of mortgage-backed securities and purchased securities, all classified as Trading account assets . The Company receives fees during the course of servicing previously securitized mortgages. The amounts of these fees were as follows: Three Months Ended March 31, In millions of dollars 2020 2019 Servicing fees $ 39 $ 41 Late fees 2 2 Ancillary fees — 1 Total MSR fees $ 41 $ 44 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 months ended March 31, 2020 and 2019 . These securities are backed by either residential or commercial mortgages and are often structured on behalf of clients. As of March 31, 2020 and December 31, 2019 , Citi held no retained interests in private label re-securitization transactions structured by Citi. The Company also re-securitizes U.S. government-agency guaranteed mortgage-backed (agency) securities. During the three months ended March 31, 2020 , Citi transferred agency securities with a fair value of approximately $7.4 billion to re-securitization entities compared to approximately $7.6 billion for the three months ended March 31, 2019 . As of March 31, 2020 , the fair value of Citi-retained interests in agency re-securitization transactions structured by Citi totaled approximately $1.6 billion (including $631.0 million related to re-securitization transactions executed in 2020 ) compared to $2.2 billion as of December 31, 2019 (including $1.3 billion related to re-securitization transactions executed in 2019 ), which is recorded in Trading account assets . The original fair values of agency re-securitization transactions in which Citi holds a retained interest as of March 31, 2020 and December 31, 2019 were approximately $65.8 billion and $73.5 billion , respectively. As of March 31, 2020 and December 31, 2019 , the Company did not consolidate any private label or agency re-securitization entities. Citi-Administered Asset-Backed Commercial Paper Conduits At March 31, 2020 and December 31, 2019 , the commercial paper conduits administered by Citi had approximately $19.4 billion and $15.6 billion of purchased assets outstanding, respectively, and had incremental funding commitments with clients of approximately $14.2 billion and $16.3 billion , respectively. Substantially all of the funding of the conduits is in the form of short-term commercial paper. At March 31, 2020 and December 31, 2019 , the weighted average remaining lives of the commercial paper issued by the conduits were approximately 43 and 49 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 $1.8 billion and $1.4 billion as of March 31, 2020 and December 31, 2019 , respectively. The net result across multi-seller conduits administered by the Company is that, in the event that 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 March 31, 2020 and December 31, 2019 , the Company owned $7.6 billion and $5.5 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 (CLOs) There were no new securitizations during the three months ended March 31, 2020 and 2019 . The following table summarizes selected retained interests related to Citigroup CLOs: In millions of dollars Mar. 31, 2020 Dec. 31, 2019 Carrying value of retained interests $ 1,060 $ 1,404 All of Citi’s retained interests were held-to-maturity securities as of March 31, 2020 and December 31, 2019 . 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. March 31, 2020 In millions of dollars Total unconsolidated VIE assets Maximum exposure to unconsolidated VIEs Type Commercial and other real estate $ 28,469 $ 6,980 Corporate loans 10,502 7,808 Other (including investment funds, airlines and shipping) 163,277 21,164 Total $ 202,248 $ 35,952 December 31, 2019 In millions of dollars Total unconsolidated VIE assets Maximum exposure to unconsolidated VIEs Type Commercial and other real estate $ 31,377 $ 7,489 Corporate loans 7,088 5,802 Other (including investment funds, airlines and shipping) 152,124 21,140 Total $ 190,589 $ 34,431 Municipal Securities Tender Option Bond (TOB) Trusts At March 31, 2020 and December 31, 2019 , none of the municipal bonds owned by non-customer TOB trusts were subject to a credit guarantee provided by the Company. At March 31, 2020 and December 31, 2019 , liquidity agreements provided with respect to customer TOB trusts totaled $3.1 billion and $3.5 billion , respectively, of which $1.5 billion and $1.6 billion , respectively, were offset by reimbursement agreements. For the remaining exposure related to TOB transactions, where the residual owned by the customer was at least 25% of the bond value at the inception of the transaction, no reimbursement agreement was executed. The Company also provides other liquidity agreements or letters of credit to customer-sponsored municipal investment funds, which are not variable interest entities, and municipality-related issuers that totaled $6.3 billion and $7.0 billion as of March 31, 2020 and December 31, 2019 , respectively. These liquidity agreements and letters of credit are offset by reimbursement agreements with various term-out provisions. |
DERIVATIVES
DERIVATIVES | 3 Months Ended |
Mar. 31, 2020 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
DERIVATIVES | DERIVATIVES 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 2019 Annual Report on Form 10-K. Information pertaining to Citigroup’s derivatives 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. 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 March 31, December 31, March 31, December 31, Interest rate contracts Swaps $ 311,333 $ 318,089 $ 18,935,609 $ 17,063,272 Futures and forwards — — 4,691,885 3,636,658 Written options — — 1,791,782 2,114,511 Purchased options — — 1,605,080 1,857,770 Total interest rate contracts $ 311,333 $ 318,089 $ 27,024,356 $ 24,672,211 Foreign exchange contracts Swaps $ 65,358 $ 63,104 $ 6,414,190 $ 6,063,853 Futures, forwards and spot 38,597 38,275 4,806,697 3,979,188 Written options 116 80 1,209,072 908,061 Purchased options 45 80 1,233,661 959,149 Total foreign exchange contracts $ 104,116 $ 101,539 $ 13,663,620 $ 11,910,251 Equity contracts Swaps $ — $ — $ 168,224 $ 197,893 Futures and forwards — — 60,692 66,705 Written options — — 534,464 560,571 Purchased options — — 399,929 422,393 Total equity contracts $ — $ — $ 1,163,309 $ 1,247,562 Commodity and other contracts Swaps $ — $ — $ 74,616 $ 69,445 Futures and forwards 894 1,195 141,378 137,192 Written options — — 91,874 91,587 Purchased options — — 89,609 86,631 Total commodity and other contracts $ 894 $ 1,195 $ 397,477 $ 384,855 Credit derivatives (1) Protection sold $ — $ — $ 624,063 $ 603,387 Protection purchased — — 695,218 703,926 Total credit derivatives $ — $ — $ 1,319,281 $ 1,307,313 Total derivative notionals $ 416,343 $ 420,823 $ 43,568,043 $ 39,522,192 (1) Credit derivatives are arrangements designed to allow one party (protection purchaser) 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 March 31, 2020 and December 31, 2019 . 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 also record a related collateral payable or receivable. As a result, the tables reflect a reduction of approximately $300 billion and $180 billion as of March 31, 2020 and December 31, 2019 , respectively, of derivative assets and derivative liabilities that previously would have been reported on a gross basis, but are now legally 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 has occurred and a legal opinion supporting enforceability of the netting and collateral rights has been obtained. Derivative Mark-to-Market (MTM) Receivables/Payables In millions of dollars at March 31, 2020 Derivatives classified in (1)(2) Derivatives instruments designated as ASC 815 hedges Assets Liabilities Over-the-counter $ 1,860 $ 259 Cleared 422 262 Interest rate contracts $ 2,282 $ 521 Over-the-counter $ 2,410 $ 1,778 Cleared — 50 Foreign exchange contracts $ 2,410 $ 1,828 Total derivatives instruments designated as ASC 815 hedges $ 4,692 $ 2,349 Derivatives instruments not designated as ASC 815 hedges Over-the-counter $ 245,048 $ 224,637 Cleared 11,055 10,607 Exchange traded 117 144 Interest rate contracts $ 256,220 $ 235,388 Over-the-counter $ 198,530 $ 201,720 Cleared 1,649 1,832 Exchange traded 11 13 Foreign exchange contracts $ 200,190 $ 203,565 Over-the-counter $ 27,103 $ 28,388 Cleared 1 32 Exchange traded 30,565 32,910 Equity contracts $ 57,669 $ 61,330 Over-the-counter $ 21,059 $ 24,669 Exchange traded 2,005 1,941 Commodity and other contracts $ 23,064 $ 26,610 Over-the-counter $ 15,606 $ 14,127 Cleared 875 1,046 Credit derivatives $ 16,481 $ 15,173 Total derivatives instruments not designated as ASC 815 hedges $ 553,624 $ 542,066 Total derivatives $ 558,316 $ 544,415 Cash collateral paid/received (3) $ 28,991 $ 17,023 Less: Netting agreements (4) (424,832 ) (424,832 ) Less: Netting cash collateral received/paid (5) (65,236 ) (58,787 ) Net receivables/payables included on the Consolidated Balance Sheet (6) $ 97,239 $ 77,819 Additional amounts subject to an enforceable master netting agreement, but not offset on the Consolidated Balance Sheet Less: Cash collateral received/paid $ (1,897 ) $ (245 ) Less: Non-cash collateral received/paid (11,852 ) (16,896 ) Total net receivables/payables (6) $ 83,490 $ 60,678 (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 $87,778 million and $82,259 million of gross cash collateral paid and received, respectively. Of the gross cash collateral paid, $58,787 million was used to offset trading derivative liabilities. Of the gross cash collateral received, $65,236 million was used to offset trading derivative assets. (4) Represents the netting of balances with the same counterparty under enforceable netting agreements. Approximately $404 billion , $2 billion and $19 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 counterparties under enforceable credit support agreements. Substantially all netting of cash collateral received and paid is against OTC derivative assets and liabilities, respectively. (6) The net receivables/payables include approximately $8 billion of derivative asset and $6 billion of derivative liability fair values not subject to enforceable master netting agreements, respectively. In millions of dollars at December 31, 2019 Derivatives classified in (1)(2) Derivatives instruments designated as ASC 815 hedges Assets Liabilities Over-the-counter $ 1,682 $ 143 Cleared 41 111 Interest rate contracts $ 1,723 $ 254 Over-the-counter $ 1,304 $ 908 Cleared — 2 Foreign exchange contracts $ 1,304 $ 910 Total derivatives instruments designated as ASC 815 hedges $ 3,027 $ 1,164 Derivatives instruments not designated as ASC 815 hedges Over-the-counter $ 189,892 $ 169,749 Cleared 5,896 7,472 Exchange traded 157 180 Interest rate contracts $ 195,945 $ 177,401 Over-the-counter $ 105,401 $ 108,807 Cleared 862 1,015 Exchange traded 3 — Foreign exchange contracts $ 106,266 $ 109,822 Over-the-counter $ 21,311 $ 22,411 Exchange traded 7,160 8,075 Equity contracts $ 28,471 $ 30,486 Over-the-counter $ 13,582 $ 16,773 Exchange traded 630 542 Commodity and other contracts $ 14,212 $ 17,315 Over-the-counter $ 8,896 $ 8,975 Cleared 1,513 1,763 Credit derivatives $ 10,409 $ 10,738 Total derivatives instruments not designated as ASC 815 hedges $ 355,303 $ 345,762 Total derivatives $ 358,330 $ 346,926 Cash collateral paid/received (3) $ 17,926 $ 14,391 Less: Netting agreements (4) (274,970 ) (274,970 ) Less: Netting cash collateral received/paid (5) (44,353 ) (38,919 ) Net receivables/payables included on the Consolidated Balance Sheet (6) $ 56,933 $ 47,428 Additional amounts subject to an enforceable master netting agreement, but not offset on the Consolidated Balance Sheet Less: Cash collateral received/paid $ (861 ) $ (128 ) Less: Non-cash collateral received/paid (13,143 ) (7,308 ) Total net receivables/payables (6) $ 42,929 $ 39,992 (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 $56,845 million and $58,744 million of gross cash collateral paid and received, respectively. Of the gross cash collateral paid, $38,919 million was used to offset trading derivative liabilities. Of the gross cash collateral received, $44,353 million was used to offset trading derivative assets. (4) Represents the netting of balances with the same counterparty under enforceable netting agreements. Approximately $262 billion , $6 billion and $7 billion of the netting against trading account asset/liability balances is attributable to each of the OTC, cleared and exchange-traded derivatives, respectively. (5) Represents the netting of cash collateral paid and received by counterparties under enforceable credit support agreements. Substantially all netting of cash collateral received and paid is against OTC derivative assets and liabilities, respectively. (6) The net receivables/payables include approximately $7 billion of derivative asset and $6 billion of derivative liability fair values not subject to enforceable master netting agreements, respectively. For the three months ended March 31, 2020 and 2019 , amounts recognized in Principal transactions in the Consolidated Statement of Income include certain derivatives not designated in a qualifying hedging relationship. 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. See Note 6 to the Consolidated Financial Statements for further information. 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 that such amounts are also recorded in Other revenue . Gains (losses) included in Three Months Ended March 31, In millions of dollars 2020 2019 Interest rate contracts $ 155 $ 27 Foreign exchange 24 (58 ) Total $ 179 $ (31 ) 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 are presented within Interest revenue or Interest expense based on whether the hedged item is an asset or a liability. In the first quarter of 2019, Citigroup executed a last-of-layer hedge, which permits an entity to hedge the interest rate risk of a stated portion of a closed portfolio of prepayable financial assets that are expected to remain outstanding for the designated tenor of the hedge. In accordance with ASC 815, an entity may exclude prepayment risk when measuring the change in fair value of the hedged item attributable to interest rate risk under the last-of-layer approach. Similar to other fair value hedges, where the hedged item is an asset, the fair value of the hedged item attributable to interest rate risk will be presented in Interest revenue along with the change in the fair value of the hedging instrument. As of March 31, 2020, there were no active designations of last-of-layer hedges. 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. The hedging instrument is generally 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 is generally reflected directly in earnings over the life of the hedge. Citi also 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 inventories. 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 it is generally reflected directly in earnings over the life of the hedge. Citi also excludes changes in forward rates from the assessment of hedge effectiveness and records it in Other comprehensive income. The following table summarizes the gains (losses) on the Company’s fair value hedges: Gains (losses) on fair value hedges (1) Three Months Ended March 31, 2020 2019 In millions of dollars Other revenue Net interest revenue Other revenue Net interest revenue Gain (loss) on the hedging derivatives included in assessment of the effectiveness of fair value hedges Interest rate hedges $ — $ 6,847 $ — $ 963 Foreign exchange hedges (1,911 ) — 168 — Commodity hedges 290 — 70 — Total gain (loss) on the hedging derivatives included in assessment of the effectiveness of fair value hedges $ (1,621 ) $ 6,847 $ 238 $ 963 Gain (loss) on the hedged item in designated and qualifying fair value hedges Interest rate hedges $ — $ (6,815 ) $ — $ (879 ) Foreign exchange hedges 1,911 — (168 ) — Commodity hedges (290 ) — (70 ) — Total gain (loss) on the hedged item in designated and qualifying fair value hedges $ 1,621 $ (6,815 ) $ (238 ) $ (879 ) Net gain (loss) on the hedging derivatives excluded from assessment of the effectiveness of fair value hedges Interest rate hedges $ — $ (5 ) $ — $ — Foreign exchange hedges (2) (58 ) — (3 ) — Commodity hedges (25 ) — 18 — Total net gain (loss) on the hedging derivatives excluded from assessment of the effectiveness of fair value hedges $ (83 ) $ (5 ) $ 15 $ — (1) Gain (loss) amounts for interest rate risk hedges are included in Interest income/Interest expense . The accrued interest income on fair value hedges is recorded in Net interest revenue and is excluded from this table. (2) Amounts relate to the premium associated with forward contracts (differential between spot and contractual forward rates) that are excluded from the assessment of hedge effectiveness and are generally reflected directly in earnings. Amounts related to cross-currency basis, which are recognized in AOCI , are not reflected in the table above. The amount of cross-currency basis that was included in AOCI was $33 million and $24 million for the three months ended March 31, 2020 and 2019, respectively. 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 changes in the hedged risk. This cumulative hedge basis adjustment becomes part of the carrying value of 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 March 31, 2020 and December 31, 2019, along with the cumulative hedge basis adjustments included in the carrying value of those hedged assets and liabilities, that would reverse through earnings in future periods. In millions of dollars Balance sheet line item in which hedged item is recorded Carrying amount of hedged asset/ liability Cumulative fair value hedging adjustment increasing (decreasing) the carrying amount Active De-designated As of March 31, 2020 Debt securities (1)(3) $ 94,548 $ (130 ) $ 617 Long-term debt 167,336 8,586 3,719 As of December 31, 2019 Debt securities (2)(3) $ 94,659 $ (114 ) $ 743 Long-term 157,387 2,334 3,445 (1) These amounts include a cumulative basis adjustment of $134 million for de-designated hedges as of March 31, 2020 related to certain prepayable financial assets previously designated as the hedged item in a fair value hedge using the last-of-layer approach. There are no active hedges under the last-of-layer approach as of March 31, 2020. (2) These amounts include a cumulative basis adjustment of $(8) million for active hedges and $157 million for de-designated hedges as of December 31, 2019 related to certain prepayable financial assets designated as the hedged item in a fair value hedge using the last-of-layer approach. The Company designated approximately $605 million as the hedged amount (from a closed portfolio of prepayable financial assets with a carrying value of $20 billion as of December 31, 2019) in a last-of-layer hedging relationship, which commenced in the first quarter of 2019. (3) Carrying amount represents the amortized cost. Cash Flow Hedges Citigroup hedges the variability of forecasted cash flows due to changes in contractually specified interest rates associated with floating-rate assets/liabilities and other forecasted transactions. 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. For cash flow hedges, the entire change in the fair value of the hedging derivative is recognized in AOCI and then reclassified to earnings in the same period that the forecasted hedged cash flows impact earnings. The net gain (loss) associated with cash flow hedges expected to be reclassified from AOCI within 12 months of March 31, 2020 is approximately $803 million . The maximum length of time over which forecasted cash flows are hedged is 10 years. The pretax change in AOCI from cash flow hedges is presented below. The after-tax impact of cash flow hedges on AOCI is shown in Note 17 to the Consolidated Financial Statements. Three Months Ended March 31, In millions of dollars 2020 2019 Amount of gain (loss) recognized in AOCI on derivatives Interest rate contracts $ 2,497 $ 254 Foreign exchange contracts (11 ) (8 ) Total gain (loss) recognized in AOCI $ 2,486 $ 246 Amount of gain (loss) reclassified from AOCI to earnings (1) Other revenue Net interest revenue Other revenue Net interest revenue Interest rate contracts $ — $ 3 $ — $ (130 ) Foreign exchange contracts (1 ) — (2 ) — Total gain (loss) reclassified from AOCI into earnings $ (1 ) $ 3 $ (2 ) $ (130 ) Net pretax change in cash flow hedges included within AOCI $ 2,484 $ 378 (1) All amounts reclassified into earnings for interest rate contracts are included in Interest income/Interest expense (Net interest revenue) . For all other hedges, the amounts reclassified to earnings are included primarily in Other revenue and Net interest revenue in the Consolidated Statement of Income. Net Investment Hedges The pretax gain (loss) recorded in Foreign currency translation adjustment within AOCI , related to net investment hedges, was $2,160 million and $(164) million for the three months ended March 31, 2020 and 2019, 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 March 31, 2020 Receivable (1) Payable (2) Protection Protection By industry of counterparty Banks $ 5,665 $ 5,633 $ 162,933 $ 167,923 Broker-dealers 3,400 2,947 63,281 63,382 Non-financial 140 82 4,223 1,825 Insurance and other financial institutions 7,276 6,511 464,781 390,933 Total by industry of counterparty $ 16,481 $ 15,173 $ 695,218 $ 624,063 By instrument Credit default swaps and options $ 14,555 $ 13,459 $ 679,118 $ 618,108 Total return swaps and other 1,926 1,714 16,100 5,955 Total by instrument $ 16,481 $ 15,173 $ 695,218 $ 624,063 By rating of reference entity Investment grade $ 5,708 $ 5,243 $ 542,640 $ 481,482 Non-investment grade 10,773 9,930 152,578 142,581 Total by rating of reference entity $ 16,481 $ 15,173 $ 695,218 $ 624,063 By maturity Within 1 year $ 2,913 $ 2,752 $ 170,955 $ 148,981 From 1 to 5 years 9,195 8,467 429,874 391,944 After 5 years 4,373 3,954 94,389 83,138 Total by maturity $ 16,481 $ 15,173 $ 695,218 $ 624,063 (1) The fair value amount receivable is composed of $13,355 million under protection purchased and $3,126 million under protection sold. (2) The fair value amount payable is composed of $4,088 million under protection purchased and $11,805 million under protection sold. Fair values Notionals In millions of dollars at December 31, 2019 Receivable (1) Payable (2) Protection Protection By industry of counterparty Banks $ 4,017 $ 4,102 $ 172,461 $ 169,546 Broker-dealers 1,724 1,528 54,843 53,846 Non-financial 92 76 2,601 1,968 Insurance and other financial institutions 4,576 5,032 474,021 378,027 Total by industry of counterparty $ 10,409 $ 10,738 $ 703,926 $ 603,387 By instrument Credit default swaps and options $ 9,759 $ 9,791 $ 685,643 $ 593,850 Total return swaps and other 650 947 18,283 9,537 Total by instrument $ 10,409 $ 10,738 $ 703,926 $ 603,387 By rating of reference entity Investment grade $ 4,579 $ 4,578 $ 560,806 $ 470,778 Non-investment grade 5,830 6,160 143,120 132,609 Total by rating of reference entity $ 10,409 $ 10,738 $ 703,926 $ 603,387 By maturity Within 1 year $ 1,806 $ 2,181 $ 231,135 $ 176,188 From 1 to 5 years 7,275 7,265 414,237 379,915 After 5 years 1,328 1,292 58,554 47,284 Total by maturity $ 10,409 $ 10,738 $ 703,926 $ 603,387 (1) The fair value amount receivable is composed of $3,415 million under protection purchased and $6,994 under protection sold. (2) The fair value amount payable is composed of $7,793 million under protection purchased and $2,945 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 March 31, 2020 and December 31, 2019 was $34 billion and $30 billion , respectively. The Company posted $29 billion and $28 billion as collateral for this exposure in the normal course of business as of March 31, 2020 and December 31, 2019, 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 March 31, 2020, the Company could be required to post an additional $1.0 billion as either collateral or settlement of the derivative transactions. In addition, 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 $1.2 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 $2.4 billion and $5.8 billion as of March 31, 2020 and December 31, 2019, respectively. At March 31, 2020 , the fair value of these previously derecognized assets was $2.4 billion . The fair value of the total return swaps as of March 31, 2020 was $56 million recorded as gross derivative assets and $115 million recorded as gross derivative liabilities. At December 31, 2019, the fair value of these previously derecognized assets was $5.9 billion , and the fair value of the total return swaps was $117 million recorded as gross derivative assets and $43 million recorded as gross derivative liabilities. The balances for the total return swaps are on a gross basis, before the application of counterparty and cash collateral netting, and are included primarily as equity derivatives in the tabular disclosures in this Note. |
FAIR VALUE MEASUREMENT
FAIR VALUE MEASUREMENT | 3 Months Ended |
Mar. 31, 2020 | |
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 2019 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 March 31, 2020 and December 31, 2019 : Credit and funding valuation adjustments contra-liability (contra-asset) In millions of dollars March 31, December 31, Counterparty CVA $ (1,513 ) $ (705 ) Asset FVA (1,479 ) (530 ) Citigroup (own-credit) CVA 835 341 Liability FVA 409 72 Total CVA—derivative instruments $ (1,748 ) $ (822 ) The table below summarizes pretax gains (losses) related to changes in CVA on derivative instruments, net of hedges, FVA on derivatives and debt valuation adjustments (DVA) on Citi’s own fair value option (FVO) liabilities for the periods indicated: Credit/funding/debt valuation adjustments gain (loss) Three Months Ended March 31, In millions of dollars 2020 2019 Counterparty CVA $ (283 ) $ 74 Asset FVA (1,053 ) 20 Own-credit CVA 533 (92 ) Liability FVA 337 (48 ) Total CVA—derivative instruments $ (466 ) $ (46 ) DVA related to own FVO liabilities (1) $ 4,188 $ (725 ) Total CVA and DVA $ 3,722 $ (771 ) (1) See Notes 1 and 17 to the Consolidated Financial Statements in Citi’s 2019 Annual Report on Form 10-K. Fair Value Hierarchy ASC 820-10 specifies a hierarchy of inputs based on whether the inputs are observable or unobservable. Observable inputs are developed using market data and reflect market participant assumptions, while unobservable inputs reflect the Company’s market assumptions. These two types of inputs have created the following fair value hierarchy: • Level 1: Quoted prices for identical instruments in active markets. • Level 2: Quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active and model-derived valuations in which all significant inputs and significant value drivers are observable in active markets. • Level 3: Valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable . As required under the fair value hierarchy, the Company considers relevant and observable market inputs in its valuations where possible. The frequency of transactions, the size of the bid-ask spread and the amount of adjustment necessary when comparing similar transactions are all factors in determining the relevance of observed prices in those markets. The following tables present for each of the fair value hierarchy levels the Company’s assets and liabilities that are measured at fair value on a recurring basis at March 31, 2020 and December 31, 2019 . 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 March 31, 2020 Level 1 Level 2 Level 3 Gross Netting (1) Net Assets Securities borrowed and purchased under agreements to resell $ — $ 270,056 $ 300 $ 270,356 $ (114,719 ) $ 155,637 Trading non-derivative assets Trading mortgage-backed securities U.S. government-sponsored agency guaranteed — 46,727 85 46,812 — 46,812 Residential — 712 304 1,016 — 1,016 Commercial — 2,464 44 2,508 — 2,508 Total trading mortgage-backed securities $ — $ 49,903 $ 433 $ 50,336 $ — $ 50,336 U.S. Treasury and federal agency securities $ 56,087 $ 7,810 $ — $ 63,897 $ — $ 63,897 State and municipal — 3,131 92 3,223 — 3,223 Foreign government 61,440 18,003 39 79,482 — 79,482 Corporate 1,240 17,618 412 19,270 — 19,270 Equity securities 27,678 8,356 143 36,177 — 36,177 Asset-backed securities — 1,898 1,561 3,459 — 3,459 Other trading assets (2) 75 11,203 639 11,917 — 11,917 Total trading non-derivative assets $ 146,520 $ 117,922 $ 3,319 $ 267,761 $ — $ 267,761 Trading derivatives Interest rate contracts $ 163 $ 254,826 $ 3,513 $ 258,502 Foreign exchange contracts 1 201,879 720 202,600 Equity contracts 65 57,008 596 57,669 Commodity contracts — 21,827 1,237 23,064 Credit derivatives — 14,872 1,609 16,481 Total trading derivatives $ 229 $ 550,412 $ 7,675 $ 558,316 Cash collateral paid (3) $ 28,991 Netting agreements $ (424,832 ) Netting of cash collateral received (65,236 ) Total trading derivatives $ 229 $ 550,412 $ 7,675 $ 587,307 $ (490,068 ) $ 97,239 Investments Mortgage-backed securities U.S. government-sponsored agency guaranteed $ — $ 43,506 $ 47 $ 43,553 $ — $ 43,553 Residential — 752 — 752 — 752 Commercial — 68 — 68 — 68 Total investment mortgage-backed securities $ — $ 44,326 $ 47 $ 44,373 $ — $ 44,373 U.S. Treasury and federal agency securities $ 121,159 $ 4,103 $ — $ 125,262 $ — $ 125,262 State and municipal — 4,778 687 5,465 — 5,465 Foreign government 75,363 41,779 225 117,367 — 117,367 Corporate 6,696 4,263 238 11,197 — 11,197 Marketable equity securities 329 353 — 682 — 682 Asset-backed securities — 450 16 466 — 466 Other debt securities — 4,089 — 4,089 — 4,089 Non-marketable equity securities (4) — 26 354 380 — 380 Total investments $ 203,547 $ 104,167 $ 1,567 $ 309,281 $ — $ 309,281 Table continues on the next page. In millions of dollars at March 31, 2020 Level 1 Level 2 Level 3 Gross Netting (1) Net Loans $ — $ 3,462 $ 537 $ 3,999 $ — $ 3,999 Mortgage servicing rights — — 367 367 — 367 Non-trading derivatives and other financial assets measured on a recurring basis $ 3,512 $ 11,151 $ — $ 14,663 $ — $ 14,663 Total assets $ 353,808 $ 1,057,170 $ 13,765 $ 1,453,734 $ (604,787 ) $ 848,947 Total as a percentage of gross assets (5) 24.8 % 74.2 % 1.0 % Liabilities Interest-bearing deposits $ — $ 2,156 $ 491 $ 2,647 $ — $ 2,647 Securities loaned and sold under agreements to repurchase — 171,238 730 171,968 (109,234 ) 62,734 Trading account liabilities Securities sold, not yet purchased 73,734 11,029 1,334 86,097 — 86,097 Other trading liabilities — 79 — 79 — 79 Total trading liabilities $ 73,734 $ 11,108 $ 1,334 $ 86,176 $ — $ 86,176 Trading derivatives Interest rate contracts $ 144 $ 234,007 $ 1,758 $ 235,909 Foreign exchange contracts — 204,675 718 205,393 Equity contracts 37 58,861 2,432 61,330 Commodity contracts — 24,831 1,779 26,610 Credit derivatives — 14,380 793 15,173 Total trading derivatives $ 181 $ 536,754 $ 7,480 $ 544,415 Cash collateral received (6) $ 17,023 Netting agreements $ (424,832 ) Netting of cash collateral paid (58,787 ) Total trading derivatives $ 181 $ 536,754 $ 7,480 $ 561,438 $ (483,619 ) $ 77,819 Short-term borrowings $ — $ 8,312 $ 52 $ 8,364 $ — $ 8,364 Long-term debt — 34,779 18,135 52,914 — 52,914 Total non-trading derivatives and other financial liabilities measured on a recurring basis $ 4,222 $ 117 $ — $ 4,339 $ — $ 4,339 Total liabilities $ 78,137 $ 764,464 $ 28,222 $ 887,846 $ (592,853 ) $ 294,993 Total as a percentage of gross liabilities (5) 9.0 % 87.8 % 3.2 % (1) Represents netting of (i) the amounts due under securities purchased under agreements to resell and the amounts owed under securities sold under agreements to repurchase and (ii) derivative exposures covered by a qualifying master netting agreement and cash collateral offsetting. (2) 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. (3) Reflects the net amount of $87,778 million gross cash collateral paid, of which $58,787 million was used to offset trading derivative liabilities. (4) Amounts exclude $0.2 billion of investments measured at 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). (5) Because the amount of the cash collateral paid/received has not been allocated to the Level 1, 2 and 3 subtotals, these percentages are calculated based on total assets and liabilities measured at fair value on a recurring basis, excluding the cash collateral paid/received on derivatives. (6) Reflects the net amount $82,259 million of gross cash collateral received, of which $65,236 million was used to offset trading derivative assets. Fair Value Levels In millions of dollars at December 31, 2019 Level 1 Level 2 Level 3 Gross Netting (1) Net Assets Securities borrowed and purchased under agreements to resell $ — $ 254,253 $ 303 $ 254,556 $ (101,363 ) $ 153,193 Trading non-derivative assets Trading mortgage-backed securities U.S. government-sponsored agency guaranteed — 27,661 10 27,671 — 27,671 Residential — 573 123 696 — 696 Commercial — 1,632 61 1,693 — 1,693 Total trading mortgage-backed securities $ — $ 29,866 $ 194 $ 30,060 $ — $ 30,060 U.S. Treasury and federal agency securities $ 26,159 $ 3,736 $ — $ 29,895 $ — $ 29,895 State and municipal — 2,573 64 2,637 — 2,637 Foreign government 50,948 20,326 52 71,326 — 71,326 Corporate 1,332 17,246 313 18,891 — 18,891 Equity securities 41,663 9,878 100 51,641 — 51,641 Asset-backed securities — 1,539 1,177 2,716 — 2,716 Other trading assets (2) 74 11,412 555 12,041 — 12,041 Total trading non-derivative assets $ 120,176 $ 96,576 $ 2,455 $ 219,207 $ — $ 219,207 Trading derivatives Interest rate contracts $ 7 $ 196,493 $ 1,168 $ 197,668 Foreign exchange contracts 1 107,022 547 107,570 Equity contracts 83 28,148 240 28,471 Commodity contracts — 13,498 714 14,212 Credit derivatives — 9,960 449 10,409 Total trading derivatives $ 91 $ 355,121 $ 3,118 $ 358,330 Cash collateral paid (3) $ 17,926 Netting agreements $ (274,970 ) Netting of cash collateral received (44,353 ) Total trading derivatives $ 91 $ 355,121 $ 3,118 $ 376,256 $ (319,323 ) $ 56,933 Investments Mortgage-backed securities U.S. government-sponsored agency guaranteed $ — $ 35,198 $ 32 $ 35,230 $ — $ 35,230 Residential — 793 — 793 — 793 Commercial — 74 — 74 — 74 Total investment mortgage-backed securities $ — $ 36,065 $ 32 $ 36,097 $ — $ 36,097 U.S. Treasury and federal agency securities $ 106,103 $ 5,315 $ — $ 111,418 $ — $ 111,418 State and municipal — 4,355 623 4,978 — 4,978 Foreign government 69,957 41,196 96 111,249 — 111,249 Corporate 5,150 6,076 45 11,271 — 11,271 Marketable equity securities 87 371 — 458 — 458 Asset-backed securities — 500 22 522 — 522 Other debt securities — 4,730 — 4,730 — 4,730 Non-marketable equity securities (4) — 93 441 534 — 534 Total investments $ 181,297 $ 98,701 $ 1,259 $ 281,257 $ — $ 281,257 Table continues on the next page. In millions of dollars at December 31, 2019 Level 1 Level 2 Level 3 Gross Netting (2) Net Loans $ — $ 3,683 $ 402 $ 4,085 $ — $ 4,085 Mortgage servicing rights — — 495 495 — 495 Non-trading derivatives and other financial assets measured on a recurring basis $ 5,628 $ 7,201 $ 1 $ 12,830 $ — $ 12,830 Total assets $ 307,192 $ 815,535 $ 8,033 $ 1,148,686 $ (420,686 ) $ 728,000 Total as a percentage of gross assets (5) 27.2 % 72.1 % 0.7 % Liabilities Interest-bearing deposits $ — $ 2,104 $ 215 $ 2,319 $ — $ 2,319 Securities loaned and sold under agreements to repurchase — 111,567 757 112,324 (71,673 ) 40,651 Trading account liabilities Securities sold, not yet purchased 60,429 11,965 48 72,442 — 72,442 Other trading liabilities — 24 — 24 — 24 Total trading liabilities $ 60,429 $ 11,989 $ 48 $ 72,466 $ — $ 72,466 Trading account derivatives Interest rate contracts $ 8 $ 176,480 $ 1,167 $ 177,655 Foreign exchange contracts — 110,180 552 110,732 Equity contracts 144 28,506 1,836 30,486 Commodity contracts — 16,542 773 17,315 Credit derivatives — 10,233 505 10,738 Total trading derivatives $ 152 $ 341,941 $ 4,833 $ 346,926 Cash collateral received (6) $ 14,391 Netting agreements $ (274,970 ) Netting of cash collateral paid (38,919 ) Total trading derivatives $ 152 $ 341,941 $ 4,833 $ 361,317 $ (313,889 ) $ 47,428 Short-term borrowings $ — $ 4,933 $ 13 $ 4,946 $ — $ 4,946 Long-term debt — 38,614 17,169 55,783 — 55,783 Non-trading derivatives and other financial liabilities measured on a recurring basis $ 6,280 $ 63 $ — $ 6,343 $ — $ 6,343 Total liabilities $ 66,861 $ 511,211 $ 23,035 $ 615,498 $ (385,562 ) $ 229,936 Total as a percentage of gross liabilities (5) 11.1 % 85.0 % 3.8 % (1) Represents netting of (i) the amounts due under securities purchased under agreements to resell and the amounts owed under securities sold under agreements to repurchase and (ii) derivative exposures covered by a qualifying master netting agreement and cash collateral offsetting. (2) 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. (3) Reflects the net amount of $56,845 million of gross cash collateral paid, of which $38,919 million was used to offset trading derivative liabilities. (4) 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). (5) Because the amount of the cash collateral paid/received has not been allocated to the Level 1, 2 and 3 subtotals, these percentages are calculated based on total assets and liabilities measured at fair value on a recurring basis, excluding the cash collateral paid/received on derivatives. (6) Reflects the net amount of $58,744 million of gross cash collateral received, of which $44,353 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 months ended March 31, 2020 and 2019 . 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 Dec. 31, 2019 Principal Other (1)(2) into out of Purchases Issuances Sales Settlements Mar, 31 2020 Assets Securities borrowed and purchased under agreements to resell $ 303 $ (20 ) $ — $ — $ — $ 66 $ — $ — $ (49 ) $ 300 $ 3 Trading non-derivative assets Trading mortgage- backed securities U.S. government-sponsored agency guaranteed 10 (75 ) — 12 (3 ) 141 — — — 85 4 Residential 123 (8 ) — 60 (4 ) 178 — (45 ) — 304 (11 ) Commercial 61 — — 3 (3 ) 27 — (44 ) — 44 (1 ) Total trading mortgage- backed securities $ 194 $ (83 ) $ — $ 75 $ (10 ) $ 346 $ — $ (89 ) $ — $ 433 $ (8 ) U.S. Treasury and federal agency securities $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — State and municipal 64 2 — 10 (2 ) 21 — (3 ) — 92 — Foreign government 52 (85 ) — — — 86 — (14 ) — 39 70 Corporate 313 302 — 22 8 215 — (448 ) — 412 246 Marketable equity securities 100 — — 28 (3 ) 32 — (14 ) — 143 1 Asset-backed securities 1,177 (169 ) — 239 (4 ) 468 — (150 ) — 1,561 (307 ) Other trading assets 555 193 — 28 (137 ) 105 8 (103 ) (10 ) 639 195 Total trading non- derivative assets $ 2,455 $ 160 $ — $ 402 $ (148 ) $ 1,273 $ 8 $ (821 ) $ (10 ) $ 3,319 $ 197 Trading derivatives, net (4) Interest rate contracts $ 1 $ 351 $ — $ 1,383 $ (22 ) $ 1 $ 56 $ 13 $ (28 ) $ 1,755 $ 314 Foreign exchange contracts (5 ) (15 ) — (25 ) 9 44 — (8 ) 2 2 19 Equity contracts (1,596 ) (210 ) — (287 ) 224 3 — (1 ) 31 (1,836 ) (223 ) Commodity contracts (59 ) (459 ) — 38 (56 ) 46 — (34 ) (18 ) (542 ) (441 ) Credit derivatives (56 ) 946 — 154 (286 ) — — — 58 816 946 Total trading derivatives, net (4) $ (1,715 ) $ 613 $ — $ 1,263 $ (131 ) $ 94 $ 56 $ (30 ) $ 45 $ 195 $ 615 Table continues on the next page. Net realized/unrealized Transfers Unrealized (3) In millions of dollars Dec. 31, 2019 Principal Other (1)(2) into out of Purchases Issuances Sales Settlements Mar. 31, 2020 Investments Mortgage-backed securities U.S. government-sponsored agency guaranteed $ 32 $ — $ 14 $ — $ 1 $ — $ — $ — $ — $ 47 $ 34 Residential — — — — — — — — — — — Commercial — — — — — — — — — — — Total investment mortgage-backed securities $ 32 $ — $ 14 $ — $ 1 $ — $ — $ — $ — $ 47 $ 34 U.S. Treasury and federal agency securities $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — State and municipal 623 — (31 ) 138 — — — (43 ) — 687 (9 ) Foreign government 96 — (2 ) 27 — 147 — (43 ) — 225 (16 ) Corporate 45 — (8 ) 49 — 152 — — — 238 — Marketable equity securities — — — — — — — — — — — Asset-backed securities 22 — 5 — — — — (11 ) — 16 — Other debt securities — — — — — — — — — — — Non-marketable equity securities 441 — (74 ) — — — — (3 ) (10 ) 354 (76 ) Total investments $ 1,259 $ — $ (96 ) $ 214 $ 1 $ 299 $ — $ (100 ) $ (10 ) $ 1,567 $ (67 ) Loans $ 402 $ — $ (79 ) $ 217 $ (1 ) $ — $ — $ — $ (2 ) $ 537 $ (127 ) Mortgage servicing rights 495 — (143 ) — — — 32 — (17 ) 367 (133 ) Other financial assets measured on a recurring basis 1 — — — — — — (1 ) — — — Liabilities Interest-bearing deposits $ 215 $ — $ (6 ) $ 278 $ — $ — $ — $ — $ (8 ) $ 491 $ — Securities loaned and sold under agreements to repurchase 757 27 — — — — — — — 730 (33 ) Trading account liabilities Securities sold, not yet purchased 48 (101 ) — 1,208 (10 ) — 9 — (22 ) 1,334 (240 ) Other trading liabilities — — — — — — — — — — — Short-term borrowings 13 10 — 11 — — 38 — — 52 10 Long-term debt 17,169 1,951 — 2,051 (1,491 ) — 3,340 — (983 ) 18,135 1,167 Other financial liabilities measured on a recurring basis — — — — — — 2 — (2 ) — — (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 in the Consolidated Statement of Income. (2) Unrealized gains (losses) on MSRs are recorded in Other revenue in 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 March 31, 2020 . (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, 2018 Principal Other (1)(2) into out of Purchases Issuances Sales Settlements Mar. 31, 2019 Assets Securities borrowed and purchased under agreements to resell $ 115 $ (4 ) $ — $ (4 ) $ 3 $ 45 $ — $ — $ (89 ) $ 66 $ (2 ) Trading non-derivative assets Trading mortgage- backed securities U.S. government-sponsored agency guaranteed 156 — — — (25 ) 48 — (25 ) — 154 3 Residential 268 1 — 5 (31 ) 69 — (184 ) — 128 10 Commercial 77 2 — 2 (1 ) 24 — (35 ) — 69 1 Total trading mortgage- backed securities $ 501 $ 3 $ — $ 7 $ (57 ) $ 141 $ — $ (244 ) $ — $ 351 $ 14 U.S. Treasury and federal agency securities $ 1 $ — $ — $ — $ — $ — $ — $ — $ (1 ) $ — $ — State and municipal 200 (1 ) — — (19 ) 1 — (3 ) — 178 — Foreign government 31 (1 ) — 9 — 3 — (3 ) — 39 1 Corporate 360 90 — 21 (26 ) 69 (33 ) (103 ) — 378 (35 ) Marketable equity securities 153 (10 ) — 1 (11 ) 9 — (15 ) — 127 14 Asset-backed securities 1,484 (26 ) — 7 (32 ) 221 — (225 ) — 1,429 38 Other trading assets 818 5 — 13 (32 ) 340 4 (102 ) (4 ) 1,042 (20 ) Total trading non- derivative assets $ 3,548 $ 60 $ — $ 58 $ (177 ) $ 784 $ (29 ) $ (695 ) $ (5 ) $ 3,544 $ 12 Trading derivatives, net (4) Interest rate contracts $ (154 ) $ (51 ) $ — $ (15 ) $ 27 $ 6 $ 12 $ — $ 59 $ (116 ) $ (60 ) Foreign exchange contracts (6 ) 60 — (15 ) 15 3 — (4 ) (7 ) 46 28 Equity contracts (784 ) (294 ) — (154 ) 9 (1 ) (59 ) 2 (64 ) (1,345 ) (222 ) Commodity contracts (18 ) 280 — (3 ) 10 54 — (34 ) 15 304 300 Credit derivatives 61 (319 ) — (18 ) 232 — — — 78 34 (320 ) Total trading derivatives, net (4) $ (901 ) $ (324 ) $ — $ (205 ) $ 293 $ 62 $ (47 ) $ (36 ) $ 81 $ (1,077 ) $ (274 ) Investments Mortgage-backed securities U.S. government-sponsored agency guaranteed $ 32 $ — $ — $ — $ — $ — $ — $ — $ — $ 32 $ (2 ) Residential — — — — — — — — — — — Commercial — — — — — — — — — — — Total investment mortgage-backed securities $ 32 $ — $ — $ — $ — $ — $ — $ — $ — $ 32 $ (2 ) U.S. Treasury and federal agency securities $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — State and municipal 708 — 52 3 — 185 — (38 ) — 910 44 Foreign government 68 — (4 ) — — 39 — (32 ) — 71 (1 ) Corporate 156 — — — (94 ) — — (2 ) — 60 — Marketable equity securities — — — — — — — — — — — Asset-backed securities 187 — (2 ) 94 — 550 — (23 ) — 806 (4 ) Other debt securities — — — — — — — — — — — Non-marketable equity securities 586 — 22 — — 4 — (86 ) (21 ) 505 (11 ) Total investments $ 1,737 $ — $ 68 $ 97 $ (94 ) $ 778 $ — $ (181 ) $ (21 ) $ 2,384 $ 26 Net realized/unrealized Transfers Unrealized (3) In millions of dollars Dec. 31, 2018 Principal Other (1)(2) into out of Purchases Issuances Sales Settlements Mar. 31, 2019 Loans $ 277 $ — $ 45 $ 125 $ (70 ) $ 6 $ — $ (10 ) $ — $ 373 $ 45 Mortgage servicing rights 584 — (27 ) — — — 12 — (18 ) 551 (25 ) Other financial assets measured on a recurring basis — — 16 — — — (2 ) (4 ) (10 ) — 12 Liabilities Interest-bearing deposits $ 495 $ — $ (10 ) $ 1 $ (4 ) $ — $ 674 $ — $ (129 ) $ 1,047 $ (157 ) Securities loaned and sold under agreements to repurchase 983 4 — (1 ) 4 — — 1 58 1,041 (2 ) Trading account liabilities Securities sold, not yet purchased 586 124 — 1 (441 ) — — — (7 ) 15 13 Other trading liabilities — — — — — — — — — — — Short-term borrowings 37 23 — 9 (6 ) — 153 — — 170 18 Long-term debt 12,570 (407 ) — 877 (1,601 ) — 5,950 (3 ) (4,466 ) 13,734 (1,001 ) Other financial liabilities measured on a recurring basis — — — — — — — — — — — (1) Changes in fair value of available-for-sale debt securities are recorded in AOCI , unless related to other-than-temporary impairment, while gains and losses from sales are recorded in Realized gains (losses) from sales of investments in the Consolidated Statement of Income. (2) Unrealized gains (losses) on MSRs are recorded in Other revenue in 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 March 31, 2019. (4) Total Level 3 trading 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, 2019 to March 31, 2020 : • Transfers of Interest rate contracts of $1.4 billion from Level 2 to Level 3 due to interest rate option volatility becoming an unobservable and/or significant input relative to the overall valuation of inflation and other interest rate derivatives. • Transfers of Securities sold, not purchased of $1.2 billion from Level 2 to Level 3, mainly related to a structured debt product where unobservable credit spreads widened, causing the value of the embedded credit derivative feature to become significant relative to the total value of the instrument. • Transfers of Long-term debt of $2.1 billion from Level 2 to Level 3, resulting from interest rate option volatility inputs becoming unobservable and/or significant relative to the overall valuation of certain structured long-term debt products. In other instances, market changes have resulted in unobservable volatility becoming an insignificant input to the overall valuation of the instrument (e.g., when an option becomes deep-in or deep-out of the money). This has resulted in $1.5 billion of certain structured long-term debt products being transferred from Level 3 to Level 2. The following were the significant Level 3 transfers for the period December 31, 2018 to March 31, 2019: • Transfers of Long-term debt of $0.9 billion from Level 2 to Level 3, and of $1.6 billion from Level 3 to Level 2, mainly related to structured debt, reflecting changes in the significance of unobservable inputs as well as certain underlying market inputs becoming less or more observable. Valuation Techniques and Inputs for Level 3 Fair Value Measurements The following tables present the valuation techniques covering the majority of Level 3 inventory and the most significant unobservable inputs used in Level 3 fair value measurements. Differences between this table and amounts presented in the Level 3 Fair Value Rollforward table represent individually immaterial items that have been measured using a variety of valuation techniques other than those listed. As of March 31, 2020 Fair value (1) (in millions) Methodology Input Low (2)(3) High (2)(3) Weighted average (4) Assets Securities borrowed and purchased under agreements to resell $ 300 Model-based Credit spread 15 bps 15 bps 15 bps Interest rate 0.15 % 1.87 % 1.51 % Mortgage-backed securities $ 328 Price-based Price $ 43 $ 121 $ 90 115 Yield analysis Yield 1.30 % 12.44 % 4.81 % State and municipal, foreign government, corporate and other debt securities $ 1,334 Price-based Price $ 34 $ 1,014 $ 88 672 Model-based Credit spread 35 bps 295 bps 210 bps Marketable equity securities (5) $ 93 Price-based Price $ — $ 28,483 $ 1,051 50 Model-based WAL 1.24 years 1.24 years 1.24 years Recovery (in millions) $ 5,450 $ 5,450 $ 5,450 Asset-backed securities $ 958 Price-based Price $ 1 $ 100 $ 52 610 Yield analysis Yield 3.72 % 25.26 % 11.37 % Non-marketable equities $ 240 Comparables analysis Price $ 3 $ 1,513 $ 805 88 Price-based Appraised value (in thousands) $ 571 $ 25,002 $ 10,799 Revenue multiple 1.80x 20.50x 5.34x PE ratio 9.60x 23.80x 15.48x Discount to price — % 10.00 % 57.00 % Price to book ratio 0.60x 1.60x 0.96x Derivatives—gross (6) Interest rate contracts (gross) $ 5,028 Model-based Inflation volatility 0.22 % 2.93 % 0.81 % IR normal volatility 0.25 % 1.15 % 0.58 % Foreign exchange contracts (gross) $ 1,438 Model-based FX volatility 7.85 % 27.91 % 12.62 % Credit spread 60 bps 661 bps 283 bps IR normal volatility 0.22 % 1.15 % 0.60 % IR-FX correlation 40.00 % 60.00 % 50.00 % IR-IR correlation (51.00 )% 40.00 % 32.65 % Interest rate 0.78 % 58.26 % 13.77 % Equity contracts (gross) (7) $ 3,011 Model-based Forward price 61.52 % 107.02 % 92.93 % Equity volatility 4.89 % 61.94 % 28.54 % Commodity and other contracts (gross) $ 3,015 Model-based Forward price 33.94 % 583.93 % 116.44 % Commodity correlation (41.42 )% 90.86 % 55.61 % As of March 31, 2020 Fair value (1) (in millions) Methodology Input Low (2)(3) High (2)(3) Weighted average (4) Commodity volatility 0.65 % 138.96 % 29.38 % Credit derivatives (gross) $ 1,985 Model-based Credit correlation 25.00 % 90.00 % 44.94 % 417 Price-based Credit spread 17 bps 710 bps 170 bps Recovery rate 1.00 % 65.00 % 36.93 % Upfront points 2.50 % 108.63 % 65.28 % Loans and leases $ 495 Model-based Equity volatility 24.01 % 177.87 % 66.18 % Credit spread 34 bps 576 bps 189 bps Mortgage servicing rights $ 290 Cash flow Yield 2.45 % 12.00 % 6.56 % 77 Model-based WAL 2.94 years 5.97 years 4.6 years Liabilities Interest-bearing deposits $ 491 Model-based IR normal volatility 0.35 % 1.15 % 0.59 % Securities loaned and sold under agreement to repurchase $ 730 Model-based Interest rate 0.15 % 1.84 % 1.01 % Trading account liabilities Securities sold, not yet purchased $ 1,165 Model-based Credit spread 505 bps 1,100 bps 747 bps 155 Price-based Price $ — $ 7,038 $ 107 Short-term borrowings and long-term debt $ 18,260 Model-based IR normal volatility 0.22 % 1.15 % 0.56 % Forward price 33.94 % 583.93 % 92.99 % As of December 31, 2019 Fair value (1) (in millions) Methodology Input Low (2)(3) High (2)(3) Weighted average (4) Assets Securities borrowed and purchased under agreements to resell $ 303 Model-based Credit spread 15 bps 15 bps 15 bps Interest rate 1.59 % 3.67 % 2.72 % Mortgage-backed securities $ 196 Price-based Price $ 36 $ 505 $ 97 22 Model-based State and municipal, foreign government, corporate and other debt securities $ 880 Model-based Price $ — $ 1,238 $ 90 677 Price-based Credit spread 35 bps 295 bps 209 bps Marketable equity securities (5) $ 70 Price-based Price $ — $ 38,500 $ 2,979 30 Model-based WAL 1.48 years 1.48 years 1.48 years Recovery (in millions) $ 5,450 $ 5,450 $ 5,450 Asset-backed securities $ 812 Price-based Price $ 4 $ 103 $ 60 368 Yield analysis Yield 0.61 % 23.38 % 8.88 % Non-marketable equities $ 316 Comparables analysis EBITDA multiples 7.00x 17.95x 10.34x 97 Price-based Appraised value (in thousands) $ 397 $ 33,246 $ 8,446 Price $ 3 $ 2,019 $ 1,020 PE ratio 14.70x 28.70x 20.54x Price to book ratio 1.50x 3.00x 1.88x Discount to price — % 10.00 % 2.32 % Derivatives—gross (6) Interest rate contracts (gross) $ 2,196 Model-based Inflation volatility 0.21 % 2.74 % 0.79 % Mean reversion 1.00 % 20.00 % 10.50 % IR normal volatility 0.09 % 0.66 % 0.53 % As of December 31, 2019 Fair value (1) (in millions) Methodology Input Low (2)(3) High (2)(3) Weighted average (4) Foreign exchange contracts (gross) $ 1,099 Model-based FX volatility 1.27 % 12.16 % 9.17 % IR normal volatility 0.27 % 0.66 % 0.58 % FX rate 37.39 % 586.84 % 80.64 % Interest rate 2.72 % 56.14 % 13.11 % IR-IR correlation (51.00 )% 40.00 % 32.00 % IR-FX correlation 40.00 % 60.00 % 50.00 % Equity contracts (gross) (7) $ 2,076 Model-based Equity volatility 3.16 % 52.80 % 28.43 % Forward price 62.60 % 112.69 % 98.46 % WAL 1.48 years 1.48 years 1.48 years Recovery (in millions) $ 5,450 $ 5,450 $ 5,450 Commodity and other contracts (gross) $ 1,487 Model-based Forward price 37.62 % 362.57 % 119.32 % Commodity volatility 5.25 % 93.63 % 23.55 % Commodity correlation (39.65 )% 87.81 % 41.80 % Credit derivatives (gross) $ 613 Model-based Credit spread 8 bps 283 bps 80 bps 341 Price-based Upfront points 2.59 % 99.94 % 59.41 % Price $ 12 $ 100 $ 87 Credit 25.00 % 87.00 % 48.57 % Recovery rate 20.00 % 65.00 % 48.00 % Loans and leases $ 378 Model-based Credit spread 9 bps 52 bps 48 bps Equity volatility 32.00 % 32.00 % 32.00 % Mortgage servicing rights $ 418 Cash flow Yield 1.78 % 12.00 % 9.49 % 77 Model-based WAL 4.07 years 8.13 years 6.61 years Liabilities Interest-bearing deposits $ 215 Model-based Mean reversion 1.00 % 20.00 % 10.50 % Forward price 97.59 % 111.06 % 102.96 % Securities loaned and sold under agreements to repurchase $ 757 Model-based Interest rate 1.59 % 2.38 % 1.95 % Trading account liabilities Securities sold, not yet purchased $ 46 Price-based Price $ — $ 866 $ 96 Short-term borrowings and long-term debt $ 17,182 Model-based Mean reversion 1.00 % 20.00 % 10.50 % IR normal volatility 0.09 % 0.66 % 0.46 % Forward price 37.62 % 362.57 % 97.52 % Equity-IR Correlation 15.00 % 44.00 % 32.66 % (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 non-trading account derivatives—assets and liabilities—are presented on a gross absolute value basis. (7) Includes hybrid products. Items Measured at Fair Value on a Nonrecurring Basis Certain assets and liabilities are measured at fair value on a nonrecurring basis and, therefore, are not included in the tables above. These include assets measured at cost that have bee |
FAIR VALUE ELECTIONS
FAIR VALUE ELECTIONS | 3 Months Ended |
Mar. 31, 2020 | |
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 otherwise be revoked once an election is made. The changes in fair value are recorded in current earnings, other than DVA, which is 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 (MSRs). 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 March 31, In millions of dollars 2020 2019 Assets Securities borrowed and purchased under agreements to resell $ 92 $ 29 Trading account assets (834 ) 167 Investments — — Loans Certain corporate loans (863 ) (133 ) Certain consumer loans 1 — Total loans $ (862 ) $ (133 ) Other assets MSRs $ (143 ) $ (27 ) Certain mortgage loans HFS (1) 62 16 Total other assets $ (81 ) $ (11 ) Total assets $ (1,685 ) $ 52 Liabilities Interest-bearing deposits $ 112 $ (91 ) Securities loaned and sold under agreements to repurchase (288 ) 35 Trading account liabilities (61 ) 11 Short-term borrowings (2) 1,256 (175 ) Long-term debt (2) 7,365 (2,681 ) Total liabilities $ 8,384 $ (2,901 ) (1) Includes gains (losses) associated with interest rate lock commitments for those loans that have been originated and elected under the fair value option. (2) Includes DVA that is included in AOCI . See Notes 17 and 20 to the Consolidated Financial Statements. 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. 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 . Among other variables, the fair value of liabilities for which the fair value option has been elected (other than non-recourse debt and similar liabilities) is impacted by the narrowing or widening of the Company’s credit spreads. The estimated changes in the fair value of these non-derivative liabilities due to such changes in the Company’s own credit spread (or instrument-specific credit risk) were a gain of $4,188 million and a loss of $725 million for the three months ended March 31, 2020 and 2019 , 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 Uncollateralized 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 uncollateralized short-term borrowings held primarily by broker-dealer entities in the United States, the 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: March 31, 2020 December 31, 2019 In millions of dollars Trading assets Loans Trading assets Loans Carrying amount reported on the Consolidated Balance Sheet $ 9,228 $ 3,999 $ 8,320 $ 4,086 Aggregate unpaid principal balance in excess of (less than) fair value 1,012 593 410 315 Balance of non-accrual loans or loans more than 90 days past due — 1 — 1 Aggregate unpaid principal balance in excess of (less than) fair value for non-accrual loans or loans more than 90 days past due — — — — In addition to the amounts reported above, $ 1,068 million and $1,062 million of unfunded commitments related to certain credit products selected for fair value accounting were outstanding as of March 31, 2020 and December 31, 2019 , 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 three months ended March 31, 2020 and 2019 due to instrument-specific credit risk totaled to a loss of $ (83) million and a gain of $18 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 $0.2 billion at March 31, 2020 and December 31, 2019 , 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 March 31, 2020 , there were approximately $ 10.5 billion and $ 8.1 billion of notional amounts of such forward purchase and forward sale derivative contracts outstanding, respectively. Certain Investments in Private Equity and Real Estate Ventures Citigroup invests in private equity and real estate ventures for the purpose of earning investment returns and for capital appreciation. The Company has elected the fair value option for certain of these ventures, because such investments are considered similar to many private equity or hedge fund activities in Citi’s investment companies, which are reported at fair value. The fair value option brings consistency in the accounting and evaluation of these investments. All investments (debt and equity) in such private equity and real estate entities are accounted for at fair value. These investments are classified as Investments on Citigroup’s Consolidated Balance Sheet. Changes in the fair values of these investments are classified in Other revenue in the Company’s Consolidated Statement of Income. Certain Mortgage Loans Held-for-Sale (HFS) Citigroup has elected the fair value option for certain purchased and originated prime fixed-rate and conforming adjustable-rate first mortgage loans HFS. These loans are intended for sale or securitization and are hedged with derivative instruments. The Company has elected the fair value option to mitigate accounting mismatches in cases where hedge accounting is complex and to achieve operational simplifications. The following table provides information about certain mortgage loans HFS carried at fair value: In millions of dollars March 31, December 31, 2019 Carrying amount reported on the Consolidated Balance Sheet $ 1,109 $ 1,254 Aggregate fair value in excess of (less than) unpaid principal balance 54 (31 ) Balance of non-accrual loans or loans more than 90 days past due — 1 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 three months ended March 31, 2020 and 2019 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 March 31, 2020 December 31, 2019 Interest rate linked $ 22.0 $ 22.9 Foreign exchange linked 0.7 0.9 Equity linked 18.9 21.7 Commodity linked 1.7 1.8 Credit linked 2.2 2.4 Total $ 45.5 $ 49.7 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 are 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. 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 are 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 March 31, 2020 December 31, 2019 Carrying amount reported on the Consolidated Balance Sheet $ 52,914 $ 55,783 Aggregate unpaid principal balance in excess of (less than) fair value 2,130 (2,967 ) The following table provides information about short-term borrowings carried at fair value: In millions of dollars March 31, 2020 December 31, 2019 Carrying amount reported on the Consolidated Balance Sheet $ 8,364 $ 4,946 Aggregate unpaid principal balance in excess of (less than) fair value 666 1,411 |
GUARANTEES, LEASES AND COMMITME
GUARANTEES, LEASES AND COMMITMENTS | 3 Months Ended |
Mar. 31, 2020 | |
Guarantees, Leases And Commitments [Abstract] | |
GUARANTEES, LEASES AND COMMITMENTS | GUARANTEES, LEASES AND COMMITMENTS Citi provides a variety of guarantees and indemnifications to its customers to enhance their credit standing and enable them to complete a wide variety of business transactions. For certain contracts meeting the definition of a guarantee, the guarantor must recognize, at inception, a liability for the fair value of the obligation undertaken in issuing the guarantee. In addition, the guarantor must disclose the maximum potential amount of future payments that the guarantor could be required to make under the guarantee, if there were a total default by the guaranteed parties. The determination of the maximum potential future payments is based on the notional amount of the guarantees without consideration of possible recoveries under recourse provisions or from collateral held or pledged. As such, Citi believes such amounts bear no relationship to the anticipated losses, if any, on these guarantees. For additional information regarding Citi’s guarantees and indemnifications included in the tables below, as well as its other guarantees and indemnifications excluded from the tables below, see Note 26 to the Consolidated Financial Statements in Citi’s 2019 Annual Report on Form 10-K. The following tables present information about Citi’s guarantees at March 31, 2020 and December 31, 2019 : Maximum potential amount of future payments In billions of dollars at March 31, 2020 Expire within 1 year Expire after 1 year Total amount outstanding Carrying value (in millions of dollars) Financial standby letters of credit $ 29.3 $ 57.3 $ 86.6 $ 147 Performance guarantees 6.5 5.6 12.1 23 Derivative instruments considered to be guarantees 22.3 51.7 74.0 2,660 Loans sold with recourse — 1.2 1.2 7 Securities lending indemnifications (1) 107.8 — 107.8 — Credit card merchant processing (1)(2) 84.2 — 84.2 — Credit card arrangements with partners 0.2 0.4 0.6 7 Custody indemnifications and other — 28.6 28.6 40 Total $ 250.3 $ 144.8 $ 395.1 $ 2,884 Maximum potential amount of future payments In billions of dollars at December 31, 2019 Expire within Expire after Total amount Carrying value ( in millions of dollars) Financial standby letters of credit $ 31.9 $ 62.4 $ 94.3 $ 140 Performance guarantees 6.9 5.5 12.4 21 Derivative instruments considered to be guarantees 35.2 60.8 96.0 474 Loans sold with recourse — 1.2 1.2 7 Securities lending indemnifications (1) 87.8 — 87.8 — Credit card merchant processing (1)(2) 91.6 — 91.6 — Credit card arrangements with partners 0.2 0.4 0.6 23 Custody indemnifications and other — 33.7 33.7 41 Total $ 253.6 $ 164.0 $ 417.6 $ 706 (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 March 31, 2020 and December 31, 2019 , this maximum potential exposure was estimated to be $ 84 billion and $ 92 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 agencies and, to a lesser extent, private investors. The repurchase reserve was approximately $32 million and $37 million at March 31, 2020 and December 31, 2019 , 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 that such origination targets are not met, the guarantees serve to compensate the partner for certain payments that otherwise would have been generated in connection with such originations. Other Guarantees and Indemnifications Credit Card Protection Programs Citi, through its credit card businesses, provides various cardholder protection programs on several of its card products, including programs that provide insurance coverage for rental cars, coverage for certain losses associated with purchased products, price protection for certain purchases and protection for lost luggage. These guarantees are not included in the table, since the total outstanding amount of the guarantees and Citi’s maximum exposure to loss cannot be quantified. The protection is limited to certain types of purchases and losses, and it is not possible to quantify the purchases that would qualify for these benefits at any given time. Citi assesses the probability and amount of its potential liability related to these programs based on the extent and nature of its historical loss experience. At March 31, 2020 and December 31, 2019 , the actual and estimated losses incurred and the carrying value of Citi’s obligations related to these programs were immaterial. Value-Transfer Networks (Including Exchanges and Clearing Houses) (VTNs) 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 certain narrow cases, to the full pro rata share. The maximum exposure is difficult to estimate as this would require an assessment of claims that have not yet occurred; however, Citi believes the risk of loss is remote given historical experience with the VTNs. Accordingly, Citi’s participation in VTNs is not reported in the guarantees tables above, and there are no amounts reflected on the Consolidated Balance Sheet as of March 31, 2020 or December 31, 2019 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 GE’s 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 was approximately $8.6 billion as of March 31, 2020 and December 31, 2019 . 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 its insolvency or the failure of UFLIC to perform under its reinsurance contract or GE to perform under the capital maintenance agreement, 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 March 31, 2020 and December 31, 2019 related to this indemnification. However, if both events become reasonably possible (meaning more than remote but less than probable), Citi will be required to estimate and disclose a reasonably possible loss or range of loss to the extent that such an estimate could be made. In addition, if both events become probable, Citi will be required to accrue for such liability in accordance with applicable accounting principles. Citi continues to closely monitor its potential exposure under this indemnification obligation, given GE’s 2018 LTC and other charges and the September 2019 AM Best credit ratings downgrade for the Genworth subsidiaries. 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 $18.1 billion and $13.3 billion as of March 31, 2020 and December 31, 2019 , respectively. Variation margin due from clients to the respective CCP, or from the CCP to clients, reflects changes in the value of the client’s derivative contracts for each trading day. As a clearing member, Citi is exposed to the risk of non-performance by clients (e.g., failure of a client to post variation margin to the CCP for negative changes in the value of the client’s derivative contracts). In the event of non-performance by a client, Citi would move to close out the client’s positions. The CCP would typically utilize initial margin posted by the client and held by the CCP, with any remaining shortfalls required to be paid by Citi as clearing member. Citi generally holds incremental cash or securities margin posted by the client, which would typically be expected to be sufficient to mitigate Citi’s credit risk in the event the client fails to perform. As required by ASC 860-30-25-5, securities collateral posted by clients is not recognized on Citi’s Consolidated Balance Sheet. Carrying Value—Guarantees and Indemnifications At March 31, 2020 and December 31, 2019 , the total carrying amounts of the liabilities related to the guarantees and indemnifications included in the tables above amounted to approximately $2.9 billion and $0.7 billion , respectively. The carrying value of financial and performance guarantees is included in Other liabilities . For loans sold with recourse, the carrying value of the liability is included in Other liabilities . Collateral Cash collateral available to Citi to reimburse losses realized under these guarantees and indemnifications amounted to $46.2 billion and $46.7 billion at March 31, 2020 and December 31, 2019 , respectively. Securities and other marketable assets held as collateral amounted to $80.1 billion and $58.6 billion at March 31, 2020 and December 31, 2019 , respectively. The majority of collateral is held to reimburse losses realized under securities lending indemnifications. In addition, letters of credit in favor of Citi held as collateral amounted to $3.6 billion and $4.4 billion at March 31, 2020 and December 31, 2019 , 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 on 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 March 31, 2020 Investment grade Non-investment grade Not rated Total Financial standby letters of credit $ 59.8 $ 13.8 $ 13.0 $ 86.6 Performance guarantees 9.3 2.3 0.5 12.1 Derivative instruments deemed to be guarantees — — 74.0 74.0 Loans sold with recourse — — 1.2 1.2 Securities lending indemnifications — — 107.8 107.8 Credit card merchant processing — — 84.2 84.2 Credit card arrangements with partners — — 0.6 0.6 Custody indemnifications and other 16.3 12.3 — 28.6 Total $ 85.4 $ 28.4 $ 281.3 $ 395.1 Maximum potential amount of future payments In billions of dollars at December 31, 2019 Investment grade Non-investment grade Not rated Total Financial standby letters of credit $ 66.4 $ 12.5 $ 15.4 $ 94.3 Performance guarantees 9.7 2.3 0.4 12.4 Derivative instruments deemed to be guarantees — — 96.0 96.0 Loans sold with recourse — — 1.2 1.2 Securities lending indemnifications — — 87.8 87.8 Credit card merchant processing — — 91.6 91.6 Credit card arrangements with partners — — 0.6 0.6 Custody indemnifications and other 21.3 12.4 — 33.7 Total $ 97.4 $ 27.2 $ 293.0 $ 417.6 Leases The Company’s operating leases, where Citi is a lessee, include real estate, such as office space and branches, and various types of equipment. These leases have a weighted-average remaining lease term of approximately six years as of March 31, 2020 . The operating lease ROU asset and lease liability were $2.9 billion and $3.2 billion , respectively, as of March 31, 2020 , compared to an operating lease ROU asset of $3.1 billion and lease liability of $3.3 billion as of December 31, 2019. The Company recognizes fixed lease costs on a straight-line basis throughout the lease term in the Consolidated Statement of Income. In addition, variable lease costs are recognized in the period in which the obligation for those payments is incurred. Credit Commitments and Lines of Credit The table below summarizes Citigroup’s credit commitments: In millions of dollars U.S. Outside of U.S. March 31, December 31, 2019 Commercial and similar letters of credit $ 717 $ 3,899 $ 4,616 $ 4,533 One- to four-family residential mortgages 2,862 1,887 4,749 3,721 Revolving open-end loans secured by one- to four-family residential properties 9,220 1,199 10,419 10,799 Commercial real estate, construction and land development 8,801 2,589 11,390 12,981 Credit card lines 621,188 95,362 716,550 708,023 Commercial and other consumer loan commitments 183,973 101,712 285,685 324,359 Other commitments and contingencies 1,825 1,460 3,285 1,948 Total $ 828,586 $ 208,108 $ 1,036,694 $ 1,066,364 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 March 31, 2020 and December 31, 2019, Citigroup had approximately $67.8 billion and $34.0 billion of unsettled reverse repurchase and securities borrowing agreements, and approximately $59.6 billion and $38.7 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 March 31, December 31, 2019 Cash and due from banks $ 2,978 $ 3,758 Deposits with banks, net of allowance 10,723 26,493 Total $ 13,701 $ 30,251 |
CONTINGENCIES
CONTINGENCIES | 3 Months Ended |
Mar. 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
CONTINGENCIES | CONTINGENCIES The following information supplements and amends, as applicable, the disclosure in Note 27 to the Consolidated Financial Statements in Citi’s 2019 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, regulatory, and tax matters disclosed herein or in Note 27 to the Consolidated Financial Statements in Citi’s 2019 Annual Report on Form 10-K, when Citigroup believes it is probable that a loss has been incurred and the amount of the loss can be reasonably estimated. Once established, accruals are adjusted from time to time, as appropriate, in light of additional information. The amount of loss ultimately incurred in relation to those matters may be substantially higher or lower than the amounts accrued for those matters. If Citigroup has not accrued for a matter because the matter does not meet the criteria for accrual (as set forth above), or Citigroup believes an exposure to loss exists in excess of the amount accrued for a particular matter, in each case assuming a material loss is reasonably possible, Citigroup discloses the matter. In addition, for such matters, Citigroup discloses an estimate of the aggregate reasonably possible loss or range of loss in excess of the amounts accrued for those matters as to which an estimate can be made. At March 31, 2020, Citigroup’s estimate of the reasonably possible unaccrued loss for these matters was materially unchanged from the estimate of approximately $1.3 billion in the aggregate as of December 31, 2019. 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, regulatory, tax, or other matters 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, regulators, or tax authorities 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 any litigation, regulatory, and tax matters disclosed herein, see Note 27 to the Consolidated Financial Statements in Citi’s 2019 Annual Report on Form 10-K. Foreign Exchange Matters Regulatory Actions : As previously reported, in May 2015, Citigroup pled guilty to a violation of federal antitrust law, and in January 2017, the United States District Court for the District of Connecticut sentenced Citicorp to a three-year term of probation, which ended in January 2020. Additional information concerning this action is publicly available in court filings under the docket number 3:15-cr-78 (D. Conn.). Interbank Offered Rates-Related Litigation and Other Matters Antitrust and Other Litigation : On March 2, 2020, in IN RE LIBOR-BASED FINANCIAL INSTRUMENTS ANTITRUST LITIGATION, the court granted preliminary approval of a settlement among Citigroup, Citibank, Citigroup Global Markets Inc. (CGMI), and a class of purchasers of exchange-traded Eurodollar futures and options. Additional information concerning these actions is publicly available in court filings under the docket numbers 11 MD 2262 (S.D.N.Y.) (Buchwald, J.) and 17-1569 (2d Cir.). On March 26, 2020, in IN RE ICE LIBOR ANTITRUST LITIGATION, the court granted Citigroup and the other defendants’ motion to dismiss the action for failure to state a claim. Additional information concerning this action is publicly available in court filings under the docket number 19 Civ. 439 (S.D.N.Y.) (Daniels, J.). Interest Rate and Credit Default Swap Matters Antitrust and Other Litigation : On April 3, 2020, in TERA GROUP, INC., ET AL. v. CITIGROUP INC., ET AL., defendants filed a motion to dismiss plaintiffs’ amended complaint. Additional information concerning this action is publicly available in court filings under the docket number 17-CV-4302 (S.D.N.Y.) (Sullivan, J.). Sovereign Securities Matters Antitrust and Other Litigation : On March 25, 2020, in IN RE SSA BONDS ANTITRUST LITIGATION, the court granted defendants’ motion to dismiss the second amended consolidated class action complaint related to the supranational, subsovereign, and agency (SSA) bond market with prejudice. On February 19, 2020, in MANCINELLI, ET AL. v. BANK OF AMERICA, ET AL., the court granted plaintiffs’ motion to dismiss the action. Additional information concerning this action is publicly available in court filings under the docket number CV-17-586082-00CP (Ont. S.C.J.). On February 3, 2020, in IN RE GSE BONDS ANTITRUST LITIGATION, the court granted preliminary approval of a settlement with CGMI and 11 other defendants. Additional information relating to this action is publicly available in court filings under the docket number 19 Civ. 1704 (S.D.N.Y.) (Rakoff, J.). On February 21, 2020, in IN RE MEXICAN GOVERNMENT BONDS ANTITRUST LITIGATION, Citibanamex and other defendants moved to dismiss the amended complaint. Additional information concerning this action is publicly available in court filings under the docket number 18-cv-2830 (S.D.N.Y.) (Oetken, J.). On April 1, 2020, the Louisiana Asset Management Pool filed an action against CGMI and other defendants, captioned LOUISIANA ASSET MANAGEMENT POOL v. BANK OF AMERICA CORPORATION, ET AL., in the United States District Court for the Eastern District of Louisiana. Plaintiff alleges that defendants conspired to manipulate the market for bonds issued by U.S. government-sponsored agencies. Plaintiff asserts claims against defendants for violations of the Sherman Act and Louisiana state law, and seeks treble damages, injunctive relief, and state law remedies. Additional information concerning this action is publicly available in court filings under the docket number 20 Civ. 1095 (E.D. La.) (Guidry, J.). Transaction Tax Matters Citigroup and Citibank are engaged in litigation or examinations with non-U.S. tax authorities, including in India and Germany, concerning the payment of transaction taxes and other non-income tax matters. Settlement Payments Payments required in settlement agreements described above have been made or are covered by existing litigation or other accruals. |
CONDENSED CONSOLIDATING FINANCI
CONDENSED CONSOLIDATING FINANCIAL STATEMENTS | 3 Months Ended |
Mar. 31, 2020 | |
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 months ended March 31, 2020 and 2019 , Condensed Consolidating Balance Sheet as of March 31, 2020 and December 31, 2019 and Condensed Consolidating Statement of Cash Flows for the three months ended March 31, 2020 and 2019 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 March 31, 2020 In millions of dollars Citigroup parent company CGMHI Other Citigroup subsidiaries and eliminations Consolidating adjustments Citigroup consolidated Revenues Dividends from subsidiaries $ 105 $ — $ — $ (105 ) $ — Interest revenue — 1,903 15,236 — 17,139 Interest revenue—intercompany 1,144 341 (1,485 ) — — Interest expense 1,143 1,141 3,363 — 5,647 Interest expense—intercompany 248 782 (1,030 ) — — Net interest revenue $ (247 ) $ 321 $ 11,418 $ — $ 11,492 Commissions and fees $ — $ 1,550 $ 1,471 $ — $ 3,021 Commissions and fees—intercompany (19 ) 164 (145 ) — — Principal transactions (672 ) 6,254 (321 ) — 5,261 Principal transactions—intercompany 502 (4,391 ) 3,889 — — Other income 80 49 828 — 957 Other income—intercompany (70 ) 13 57 — — Total non-interest revenues $ (179 ) $ 3,639 $ 5,779 $ — $ 9,239 Total revenues, net of interest expense $ (321 ) $ 3,960 $ 17,197 $ (105 ) $ 20,731 Provisions for credit losses and for benefits and claims $ — $ (1 ) $ 7,028 $ — $ 7,027 Operating expenses Compensation and benefits $ 28 $ 1,296 $ 4,330 $ — $ 5,654 Compensation and benefits—intercompany 74 — (74 ) — — Other operating 23 598 4,319 — 4,940 Other operating—intercompany 4 482 (486 ) — — Total operating expenses $ 129 $ 2,376 $ 8,089 $ — $ 10,594 Equity in undistributed income of subsidiaries $ 2,368 $ — $ — $ (2,368 ) $ — Income (loss) from continuing operations before income taxes $ 1,918 $ 1,585 $ 2,080 $ (2,473 ) $ 3,110 Provision (benefit) for income taxes (604 ) 337 843 — 576 Income (loss) from continuing operations $ 2,522 $ 1,248 $ 1,237 $ (2,473 ) $ 2,534 Income (loss) from discontinued operations, net of taxes — — (18 ) — (18 ) Net income before attribution of noncontrolling interests $ 2,522 $ 1,248 $ 1,219 $ (2,473 ) $ 2,516 Noncontrolling interests — — (6 ) — (6 ) Net income (loss) $ 2,522 $ 1,248 $ 1,225 $ (2,473 ) $ 2,522 Comprehensive income Add: Other comprehensive income (loss) $ 3,797 $ 1,757 $ 1,179 $ (2,936 ) $ 3,797 Total Citigroup comprehensive income (loss) $ 6,319 $ 3,005 $ 2,404 $ (5,409 ) $ 6,319 Add: Other comprehensive income attributable to noncontrolling interests $ — $ — $ (51 ) $ — $ (51 ) Add: Net income attributable to noncontrolling interests — — (6 ) — (6 ) Total comprehensive income (loss) $ 6,319 $ 3,005 $ 2,347 $ (5,409 ) $ 6,262 Condensed Consolidating Statements of Income and Comprehensive Income Three Months Ended March 31, 2019 In millions of dollars Citigroup parent company CGMHI Other Citigroup subsidiaries and eliminations Consolidating adjustments Citigroup consolidated Revenues Dividends from subsidiaries $ 9,167 $ — $ — $ (9,167 ) $ — Interest revenue — 2,572 16,504 — 19,076 Interest revenue—intercompany 1,325 503 (1,828 ) — — Interest expense 1,271 1,824 4,222 — 7,317 Interest expense—intercompany 312 1,075 (1,387 ) — — Net interest revenue $ (258 ) $ 176 $ 11,841 $ — $ 11,759 Commissions and fees $ — $ 1,307 $ 1,619 $ — $ 2,926 Commissions and fees—intercompany (1 ) 121 (120 ) — — Principal transactions (825 ) (1,034 ) 4,663 — 2,804 Principal transactions—intercompany 447 2,036 (2,483 ) — — Other income 319 99 669 — 1,087 Other income—intercompany (34 ) 42 (8 ) — — Total non-interest revenues $ (94 ) $ 2,571 $ 4,340 $ — $ 6,817 Total revenues, net of interest expense $ 8,815 $ 2,747 $ 16,181 $ (9,167 ) $ 18,576 Provisions for credit losses and for benefits and claims $ — $ — $ 1,980 $ — $ 1,980 Operating expenses Compensation and benefits $ 33 $ 1,284 $ 4,341 $ — $ 5,658 Compensation and benefits—intercompany 26 — (26 ) — — Other operating 5 553 4,368 — 4,926 Other operating—intercompany 5 582 (587 ) — — Total operating expenses $ 69 $ 2,419 $ 8,096 $ — $ 10,584 Equity in undistributed income of subsidiaries $ (4,203 ) $ — $ — $ 4,203 $ — Income (loss) from continuing operations before income taxes $ 4,543 $ 328 $ 6,105 $ (4,964 ) $ 6,012 Provision (benefit) for income taxes (167 ) — 140 1,302 — 1,275 Income (loss) from continuing operations $ 4,710 $ 188 $ 4,803 $ (4,964 ) $ 4,737 Income (loss) from discontinued operations, net of taxes — — (2 ) — (2 ) Net income (loss) before attribution of noncontrolling interests $ 4,710 $ 188 $ 4,801 $ (4,964 ) $ 4,735 Noncontrolling interests — — 25 — 25 Net income (loss) $ 4,710 $ 188 $ 4,776 $ (4,964 ) $ 4,710 Comprehensive income Add: Other comprehensive income (loss) $ 862 $ (289 ) $ 999 $ (710 ) $ 862 Total Citigroup comprehensive income (loss) $ 5,572 $ (101 ) $ 5,775 $ (5,674 ) $ 5,572 Add: Other comprehensive income attributable to noncontrolling interests $ — $ — — $ (13 ) $ — $ (13 ) Add: Net income attributable to noncontrolling interests — — — 25 — 25 Total comprehensive income (loss) $ 5,572 $ (101 ) $ 5,787 $ (5,674 ) $ 5,584 Condensed Consolidating Balance Sheet March 31, 2020 In millions of dollars Citigroup parent company CGMHI Other Citigroup subsidiaries and eliminations Consolidating adjustments Citigroup consolidated Assets Cash and due from banks $ — $ 616 $ 23,139 $ — $ 23,755 Cash and due from banks—intercompany 15 3,909 (3,924 ) — — Deposits with banks, net of allowance — 6,581 255,584 — 262,165 Deposits with banks—intercompany 3,000 8,392 (11,392 ) — — Securities borrowed and purchased under resale agreements — 200,718 61,818 — 262,536 Securities borrowed and purchased under resale agreements—intercompany — 24,686 (24,686 ) — — Trading account assets 329 212,464 152,207 — 365,000 Trading account assets—intercompany 167 6,045 (6,212 ) — — Investments, net of allowance 1 508 398,374 — 398,883 Loans, net of unearned income — 1,722 719,298 — 721,020 Loans, net of unearned income—intercompany — — — — — Allowance for credit losses on loans (ACLL) — — (20,841 ) — (20,841 ) Total loans, net $ — $ 1,722 $ 698,457 $ — $ 700,179 Advances to subsidiaries $ 142,560 $ — $ (142,560 ) $ — $ — Investments in subsidiaries 204,662 — — (204,662 ) — Other assets, net of allowance (1) 12,152 84,877 110,223 — 207,252 Other assets—intercompany 3,451 50,312 (53,763 ) — — Total assets $ 366,337 $ 600,830 $ 1,457,265 $ (204,662 ) $ 2,219,770 Liabilities and equity Deposits $ — $ — $ 1,184,911 $ — $ 1,184,911 Deposits—intercompany — — — — — Securities loaned and sold under repurchase agreements — 201,631 20,693 — 222,324 Securities loaned and sold under repurchase agreements—intercompany — 29,764 (29,764 ) — — Trading account liabilities — 104,146 59,849 — 163,995 Trading account liabilities—intercompany 445 5,421 (5,866 ) — — Short-term borrowings 28 13,997 40,926 — 54,951 Short-term borrowings—intercompany — 25,563 (25,563 ) — — Long-term debt 156,461 37,118 72,519 — 266,098 Long-term debt—intercompany — 65,945 (65,945 ) — — Advances from subsidiaries 13,996 — (13,996 ) — — Other liabilities, including allowance 3,001 71,096 60,412 — 134,509 Other liabilities—intercompany 75 10,464 (10,539 ) — — Stockholders’ equity 192,331 35,685 169,628 (204,662 ) 192,982 Total liabilities and equity $ 366,337 $ 600,830 $ 1,457,265 $ (204,662 ) $ 2,219,770 (1) Other assets for Citigroup parent company at March 31, 2020 included $43.3 billion of placements to Citibank and its branches, of which $38.1 billion had a remaining term of less than 30 days. Condensed Consolidating Balance Sheet December 31, 2019 In millions of dollars Citigroup parent company CGMHI Other Citigroup subsidiaries and eliminations Consolidating adjustments Citigroup consolidated Assets Cash and due from banks $ — $ 586 $ 23,381 $ — $ 23,967 Cash and due from banks—intercompany 21 5,095 (5,116 ) — — Deposits with banks — 4,050 165,902 — 169,952 Deposits with banks—intercompany 3,000 6,710 (9,710 ) — — Securities borrowed and purchased under resale agreements — 195,537 55,785 — 251,322 Securities borrowed and purchased under resale agreements—intercompany — 21,446 (21,446 ) — — Trading account assets 286 152,115 123,739 — 276,140 Trading account assets—intercompany 426 5,858 (6,284 ) — — Investments, net of allowance 1 541 368,021 — 368,563 Loans, net of unearned income — 2,497 696,986 — 699,483 Loans, net of unearned income—intercompany — — — — — Allowance for credit losses on loans (ACLL) — — (12,783 ) — (12,783 ) Total loans, net $ — $ 2,497 $ 684,203 $ — $ 686,700 Advances to subsidiaries $ 144,587 $ — $ (144,587 ) $ — $ — Investments in subsidiaries 202,116 — — (202,116 ) — Other assets, net of allowance (1) 12,377 54,784 107,353 — 174,514 Other assets—intercompany 2,799 45,588 (48,387 ) — — Total assets $ 365,613 $ 494,807 $ 1,292,854 $ (202,116 ) $ 1,951,158 Liabilities and equity Deposits $ — $ — $ 1,070,590 $ — $ 1,070,590 Deposits—intercompany — — — — — Securities loaned and sold under repurchase agreements — 145,473 20,866 — 166,339 Securities loaned and sold under repurchase agreements—intercompany — 36,581 (36,581 ) — — Trading account liabilities 1 80,100 39,793 — 119,894 Trading account liabilities—intercompany 379 5,109 (5,488 ) — — Short-term borrowings 66 11,096 33,887 — 45,049 Short-term borrowings—intercompany — 17,129 (17,129 ) — — Long-term debt 150,477 39,578 58,705 — 248,760 Long-term debt—intercompany — 66,791 (66,791 ) — — Advances from subsidiaries 20,503 — (20,503 ) — — Other liabilities, including allowance 937 51,777 53,866 — 106,580 Other liabilities—intercompany 8 8,414 (8,422 ) — — Stockholders’ equity 193,242 32,759 170,061 (202,116 ) 193,946 Total liabilities and equity $ 365,613 $ 494,807 $ 1,292,854 $ (202,116 ) $ 1,951,158 (1) Other assets for Citigroup parent company at December 31, 2019 included $35.1 billion of placements to Citibank and its branches, of which $24.9 billion had a remaining term of less than 30 days. Condensed Consolidating Statement of Cash Flows Three Months Ended March 31, 2020 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 $ 4,334 $ (38,869 ) $ 9,002 $ — $ (25,533 ) Cash flows from investing activities of continuing operations Purchases of investments $ — $ — $ (108,658 ) $ — $ (108,658 ) Proceeds from sales of investments — — 44,399 — 44,399 Proceeds from maturities of investments — — 29,203 — 29,203 Change in loans — — (26,743 ) — (26,743 ) Proceeds from sales and securitizations of loans — — 596 — 596 Change in securities borrowed and purchased under agreements to resell — (8,421 ) (2,793 ) — (11,214 ) Changes in investments and advances—intercompany 1,121 (9,442 ) 8,321 — — Other investing activities — — (440 ) — (440 ) Net cash provided by (used in) investing activities of continuing operations $ 1,121 $ (17,863 ) $ (56,115 ) $ — $ (72,857 ) Cash flows from financing activities of continuing operations Dividends paid $ (1,365 ) $ — $ — $ — $ (1,365 ) Issuance of preferred stock 1,500 — — — 1,500 Redemption of preferred stock (1,500 ) — — — (1,500 ) Treasury stock acquired (2,925 ) — — — (2,925 ) Proceeds (repayments) from issuance of long-term debt, net 5,742 72 10,032 — 15,846 Proceeds (repayments) from issuance of long-term debt—intercompany, net 554 (554 ) — — Change in deposits — — 114,321 — 114,321 Change in securities loaned and sold under agreements to repurchase — 49,341 6,644 — 55,985 Change in short-term borrowings — 2,901 7,001 — 9,902 Net change in short-term borrowings and other advances—intercompany (6,507 ) 7,040 (533 ) — — Capital contributions from (to) parent — — — — — — Other financing activities (406 ) (119 ) 119 — (406 ) Net cash provided by (used in) financing activities of continuing operations $ (5,461 ) $ 59,789 $ 137,030 $ — $ 191,358 Effect of exchange rate changes on cash and due from banks $ — $ — $ (967 ) $ — $ (967 ) Change in cash and due from banks and deposits with banks $ (6 ) $ 3,057 $ 88,950 $ — $ 92,001 Cash and due from banks and deposits with banks at beginning of period 3,021 16,441 174,457 — 193,919 Cash and due from banks and deposits with banks at end of period $ 3,015 $ 19,498 $ 263,407 $ — $ 285,920 Cash and due from banks $ 15 $ 4,525 $ 19,215 $ — $ 23,755 Deposits with banks, net of allowance 3,000 14,973 244,192 — 262,165 Cash and due from banks and deposits with banks at end of period $ 3,015 $ 19,498 $ 263,407 $ — $ 285,920 Supplemental disclosure of cash flow information for continuing operations Cash paid during the period for income taxes $ 16 $ 78 $ 1,347 $ — $ 1,441 Cash paid during the period for interest 998 1,983 2,443 — 5,424 Non-cash investing activities Transfers to loans HFS from loans $ — $ — $ 224 $ — $ 224 Condensed Consolidating Statement of Cash Flows Three Months Ended March 31, 2019 In millions of dollars Citigroup parent company CGMHI Other Citigroup subsidiaries and eliminations Consolidating adjustments Citigroup consolidated Net cash provided by (used in) operating activities of continuing operations $ 10,950 $ (30,786 ) $ (17,780 ) $ — $ (37,616 ) Cash flows from investing activities of continuing operations Purchases of investments $ — $ — $ (69,673 ) $ — $ (69,673 ) Proceeds from sales of investments — — 31,436 — 31,436 Proceeds from maturities of investments — — 47,363 — 47,363 Change in loans — — (892 ) — (892 ) Proceeds from sales and securitizations of loans — — 2,062 — 2,062 Proceeds from significant disposals — — — — — Change in securities borrowed and purchased under agreements to resell — 6,748 (559 ) — 6,189 Changes in investments and advances—intercompany (106 ) (6,636 ) 6,742 — — Other investing activities — (17 ) (425 ) — (442 ) Net cash provided by (used in) investing activities of continuing operations $ (106 ) $ 95 $ 16,054 $ — $ 16,043 Cash flows from financing activities of continuing operations Dividends paid $ (1,320 ) $ — $ — $ — $ (1,320 ) Redemption of preferred stock (480 ) — — — (480 ) Treasury stock acquired (4,055 ) — — — (4,055 ) Proceeds (repayments) from issuance of long-term debt, net 5,199 5,576 (1,791 ) — 8,984 Proceeds (repayments) from issuance of long-term debt—intercompany, net — (1,295 ) 1,295 — — Change in deposits — — 17,186 — 17,186 Change in securities loaned and sold under agreements to repurchase — 15,217 (2,613 ) — 12,604 Change in short-term borrowings — 2,829 4,147 — 6,976 Net change in short-term borrowings and other advances—intercompany (9,838 ) 9,125 713 — — Other financing activities (358 ) — — — (358 ) Net cash provided by (used in) financing activities of continuing operations $ (10,852 ) $ 31,452 $ 18,937 $ — $ 39,537 Effect of exchange rate changes on cash and due from banks $ — $ — $ (176 ) $ — $ (176 ) Change in cash and due from banks and deposits with banks $ (8 ) $ 761 $ 17,035 $ — $ 17,788 Cash and due from banks and deposits with banks at beginning of period 3,020 15,677 169,408 — 188,105 Cash and due from banks and deposits with banks at end of period $ 3,012 $ 16,438 $ 186,443 $ — $ 205,893 Cash and due from banks $ 12 — $ 4,916 $ 19,520 $ — $ 24,448 Deposits with banks, net of allowance 3,000 11,522 166,923 — 181,445 Cash and due from banks and deposits with banks at end of period $ 3,012 $ 16,438 $ 186,443 $ — $ 205,893 Supplemental disclosure of cash flow information for continuing operations Cash paid (received) during the period for income taxes $ 306 $ 57 $ 962 $ — $ 1,325 Cash paid during the period for interest 956 2,694 3,281 — 6,931 Non-cash investing activities Transfers to loans HFS from loans $ — $ — $ 2,000 $ — $ 2,000 |
BASIS OF PRESENTATION AND ACC_2
BASIS OF PRESENTATION AND ACCOUNTING CHANGES (Policies) | 3 Months Ended |
Mar. 31, 2020 | |
Accounting Policies [Abstract] | |
Updated Accounting Policies, Accounting Changes and Future Application of Accounting Standards | UPDATED ACCOUNTING POLICIES The accounting policies below have been updated from those disclosed in Citi’s 2019 Annual Report on Form 10-K as a result of accounting standards adoptions during the first quarter of 2020. See Note 1 to the Consolidated Financial Statements in Citigroup’s 2019 Annual Report on Form 10-K for a summary of all of Citigroup’s significant accounting policies. Allowances for Credit Losses (ACL) Commencing January 1, 2020, Citi adopted Accounting Standards Update (ASC) 326, Financial Instruments — Credit Losses , using the methodologies described below. For information about Citi’s accounting for loan losses prior to January 1, 2020, see Note 1 in Citigroup’s 2019 Annual Report on Form 10-K. The Current Expected Credit Losses (CECL) methodology is based on relevant information about past events, including historical experience, current conditions and reasonable and supportable (R&S) forecasts that affect the collectability of the reported financial asset balances. If the asset’s life extends beyond the R&S forecast period, then historical experience is considered over the remaining life of the assets in the allowance for credit losses. The resulting allowance for credit losses is adjusted in each subsequent reporting period through Provisions for credit losses in the Consolidated Statement of Income to reflect changes in history, current conditions and forecasts as well as changes in asset positions and portfolios. ASC 326 defines the allowance for credit losses (ACL) as a valuation account that is deducted from the amortized cost of a financial asset to present the net amount that management expects to collect on the financial asset over its expected life. All financial assets carried at amortized cost are in the scope of ASC 326, while assets measured at fair value are excluded. See Note 13 to the Consolidated Financial Statements for a discussion of impairment on available-for-sale (AFS) securities. Increases and decreases to the allowances are recorded in Provisions for credit losses . The CECL methodology utilizes a lifetime expected credit loss (ECL) measurement objective for the recognition of credit losses for held-for-investment (HFI) loans, held-to-maturity (HTM) debt securities, receivables and other financial assets measured at amortized cost at the time the financial asset is originated or acquired. Within the life of a loan or other financial asset, the methodology generally results in the earlier recognition of the provision for credit losses and the related ACL than prior U.S. GAAP. Estimation of ECLs requires Citi to make assumptions regarding the likelihood and severity of credit loss events and their impact on expected cash flows, which drive the probability of default (PD), loss given default (LGD) and exposure at default (EAD) models and, where Citi discounts the ECL, using discounting techniques for certain products. Where the asset’s life extends beyond the R&S forecast period, Citi considers historical experience over the remaining life of the assets in estimating the ACL. The following are the main factors and interpretations that Citi considers when estimating the ACL under the CECL methodology: • CECL reserves are estimated over the contractual term of the financial asset, which is generally adjusted for expected prepayments. Expected extensions are generally not considered unless the option to extend the loan cannot be canceled unilaterally by Citi. Modifications are also not considered, unless Citi has a reasonable expectation that it will execute a troubled debt restructuring (TDR). • Credit enhancements that are not freestanding (such as those that are included in the original terms of the contract or those executed in conjunction with the lending transaction) are considered loss mitigants for purposes of CECL reserve estimation. • For unconditionally cancelable accounts such as credit cards, reserves are based on the expected life of the balance as of the evaluation date (assuming no further charges) and do not include any undrawn commitments that are unconditionally cancelable. Reserves are included for undrawn commitments for accounts that are not unconditionally cancelable (such as letters of credit and corporate loan commitments, HELOCs, undrawn mortgage loan commitments and financial guarantees). • CECL models are designed to be economically sensitive. They utilize the macroeconomic forecasts provided by Citi’s economic forecasting team (EFT) that are approved by senior management. Analysis is performed and documented to determine the necessary qualitative management adjustment (QMA) to capture forward-looking macroeconomic expectations. • The portion of the forecast that reflects the EFT’s R&S period indicates the maximum length of time its models can produce a R&S macroeconomic forecast, after which mean reversion is used for the remaining life of the loan to estimate expected credit losses. For the loss forecast, businesses may consume a portion or all of the macroeconomic forecast as determined to be appropriate and justifiable. For losses occurring beyond the consumption period of the macroeconomic forecast, historical loss experience is used. • The ACL incorporates provisions for accrued interest on products that are not subject to a non-accrual and timely write-off policy (e.g., cards and Ready Credit, etc.). • The reserves for TDRs are calculated using the discounted cash flow method and consider appropriate macroeconomic forecast data for the exposure type. For TDR loans that are collateral dependent, the ACL is based on the fair value of the collateral. • Citi uses the most recent available information to inform its macroeconomic forecasts, allowing sufficient time for analysis of the results and corresponding approvals. • Reserves are calculated at an appropriately granular level and on a pooled basis where financial assets share risk characteristics. At a minimum, reserves are calculated at a portfolio level (product and country). Where a financial asset does not share risk characteristics with any of the pools, it is evaluated for credit losses individually. Quantitative and Qualitative Components of the ACL The loss likelihood and severity models use both internal and external information and are sensitive to forecasts of different macroeconomic conditions. For the quantitative component, Citi uses a single forward-looking macroeconomic forecast, complemented by the qualitative component that reflects economic uncertainty due to a different possible scenario for estimating the ACL. Estimates of these ECLs are based upon (i) Citigroup’s internal system of credit risk ratings; (ii) historical default and loss data, including comprehensive internal history and rating agency information regarding default rates and internal data on the severity of losses in the event of default; and (iii) a R&S forecast of future macroeconomic conditions. ECL is determined primarily by utilizing models for the borrowers’ PD, LGD and EAD. Adjustments may be made to this data, including (i) statistically calculated estimates to cover the historical fluctuation of the default rates over the credit cycle, the historical variability of loss severity among defaulted loans and the degree to which there are large obligor concentrations in the global portfolio, and (ii) adjustments made for specifically known items, such as current environmental factors and credit trends. Any adjustments needed to the modeled expected losses in the quantitative calculations are addressed through a qualitative adjustment. The qualitative adjustment considers, among other things: the uncertainty of forward-looking scenarios based on the likelihood and severity of a possible recession; the uncertainty of economic conditions; certain portfolio characteristics and concentrations; collateral coverage; model limitations; idiosyncratic events; and other relevant criteria under banking supervisory guidance for loan loss reserves. The qualitative adjustment also reflects the estimated impact of the COVID-19 pandemic on the economic forecasts and the impact on credit loss estimates. The total ACL is composed of the quantitative and qualitative components. Consumer Loans For consumer loans, most portfolios including North America cards, mortgages and personal installment loans (PILs) are covered by the PD, LGD and EAD loss forecasting models. Some smaller international portfolios are covered by econometric models where the gross credit loss (GCL) rate is forecasted. The modeling of all retail products is performed by examining risk drivers for a given portfolio; these drivers relate to exposures with similar credit risk characteristics and consider past events, current conditions and R&S forecasts. Under the PD x LGD x EAD approach, GCLs and recoveries are captured on an undiscounted basis. Citi incorporates expected recoveries on loans into its reserve estimate, including expected recoveries on assets previously written off. The R&S forecast period for consumer loans is 13 quarters and reverts to historical loss experience thereafter. CECL defines the exposure’s expected life as the remaining contractual maturity including any expected prepayments. Subsequent changes to the contractual terms that are the result of a re-underwriting are not included in the loan’s expected CECL life. Citi does not establish reserves for the uncollectible accrued interest on non-revolving consumer products, such as mortgages and installment loans, which are subject to a non-accrual and timely write-off policy. As such, only the principal balance is subject to the CECL reserve methodology and interest does not attract a further reserve. FAS 91-deferred origination costs or fees related to new account originations are amortized within a 12-month period, and an ACL is provided for components in the scope of the ASC. Separate valuation allowances are determined for impaired smaller-balance homogeneous loans whose terms have been modified in a TDR. Long-term modification programs, and short-term (less than 12 months) modifications that provide concessions (such as interest rate reductions) to borrowers in financial difficulty, are reported as TDRs. In addition, loan modifications that involve a trial period are reported as TDRs at the start of the trial period. The ACL for TDRs is determined using a discounted cash flow (DCF) approach. When a DCF approach is used, the initial allowance for ECLs is calculated as the expected contractual cash flows discounted at the loan’s original effective interest rate. DCF techniques are applied only for consumer loans classified as TDR loan exposures. For cards, Citi uses the payment rate approach, which leverages payment rate curves, to determine the payments that should be applied to liquidate the end-of-period balance (CECL balance) in the estimation of EAD. The payment rate approach uses customer payment behavior (payment rate) to establish the portion of the CECL balance that will be paid each month. These payment rates are defined as the percentage of principal payments received in the respective month divided by the prior month’s billed principal balance. The liquidation (CECL payment) amount for each forecast period is determined by multiplying the CECL balance by that period’s forecasted payment rate. The cumulative sum of these payments less the CECL balance produces the balance liquidation curve. Citi does not apply a non-accrual policy to credit card receivables; rather, they are subject to full charge-off at 180 days past due. As such, the entire customer balance up until write-off, including accrued interest and fees, will be subject to the CECL reserve methodology. Corporate Loans and HTM Securities Citi records allowances for credit losses on all financial assets carried at amortized cost that are in the scope of CECL, including corporate loans classified as HFI and HTM debt securities. Discounting techniques are applied for corporate loans classified as HFI and HTM securities and non-accrual/TDR loan exposures. All cash flows are discounted to the reporting date under the LGD models. The ACLs include Citi’s estimate of all credit losses expected to be incurred over the estimated full contractual life of the financial asset. The contractual life of the financial asset does not include expected extensions, renewals or modifications, except for instances where the Company reasonably expects to extend the tenor of the financial asset pursuant to a future TDR. The decrease in credit losses under CECL at the date of adoption on January 1, 2020, compared with the prior incurred loss methodology, is largely due to more precise contractual maturities that result in shorter remaining tenors, the incorporation of recoveries and use of more specific historical loss data based on an increase in portfolio segmentation across industries and geographies. The R&S forecast period for wholesale portfolios is nine quarters. After the R&S period, the models revert to historical averages over a three-quarter transition period. The R&S and reversion periods were determined primarily based on historical analysis of losses for various portfolio segments. The Company primarily bases its allowances for ECLs on models that assess the likelihood and severity of credit events and their impact on cash flows under R&S forecasted economic scenarios. Allowances consider the probability of the borrower’s default, the loss the Company would incur upon default and the borrower’s exposure at default. Such models discount the present value of all future cash flows, discounted using the asset’s EIR. Citi applies a more simplified approach based on historical loss rates to certain exposures recorded in Other assets and certain loan exposures in the private bank. The Company considers the risk of nonpayment to be zero for U.S. Treasuries and U.S. government-sponsored agency guaranteed mortgage-backed securities (MBS), and as such, Citi does not have an ACL for these securities. For all other HTM debt securities, ECLs are estimated using PD models and discounting techniques, which incorporate assumptions regarding the likelihood and severity of credit losses. For structured securities, specific models use relevant assumptions for the underlying collateral type. A discounting approach is applied to HTM direct obligations of a single issuer, similar to that used for corporate HFI loans. Other Financial Assets with Zero Expected Credit Losses For certain financial assets, zero expected credit losses will be recognized where the expectation of nonpayment of the amortized cost basis is zero, based on there being no history of loss and the nature of the receivables. Secured Financing Transactions Most of Citi’s reverse repurchase agreements, securities borrowing arrangements and margin loans require that the borrower continually adjust the amount of the collateral securing Citi’s interest, primarily resulting from changes in the fair value of such collateral. In such arrangements, ACLs are recorded based only on the amount by which the asset’s amortized cost basis exceeds the fair value of the collateral. No ACLs are recorded where the fair value of the collateral is equal to or exceeds the asset’s amortized cost basis, as Citi does not expect to incur credit losses on such well-collateralized exposures. For certain margin loans presented in Loans on the Consolidated Balance Sheet, credit losses are estimated using the same approach as corporate loans. Accrued Interest CECL permits entities to make an accounting policy election not to reserve for interest, if the entity has a policy in place that will result in timely reversal or write-off of interest. However, when a non-accrual or timely charge-off policy is not applied, an ACL is recognized on accrued interest. For HTM debt securities, Citi established a non-accrual policy that results in timely write-off of accrued interest. For corporate loans, where a timely charge-off policy is used, Citi has elected to recognize an ACL on accrued interest receivable. The LGD models for corporate loans include an adjustment for estimated accrued interest. Reasonably Expected TDRs For corporate loans, the reasonable expectation of TDR concept requires that the contractual life over which ECLs are estimated be extended when a TDR that results in a tenor extension is reasonably expected. Reasonably expected TDRs are included in the life of the asset. A discounting technique or collateral-dependent practical expedient is used for non-accrual and TDR loan exposures that do not share risk characteristics with other loans and are individually assessed. Purchased Credit Deteriorated (PCD) Assets ASC 326 requires entities that have acquired financial assets (such as loans and HTM securities) with an intent to hold, to evaluate whether those assets have experienced a more-than-insignificant deterioration in credit quality since origination. These assets are subject to specialized accounting at initial recognition under CECL. Subsequent measurement of PCD assets will remain consistent with other purchased or originated assets, i.e., non-PCD assets. CECL introduces the notion of PCD assets, which replaces purchased credit impaired (PCI) accounting under legacy U.S. GAAP. CECL requires the estimation of credit losses to be performed on a pool basis unless a PCD asset does not share characteristics with any pool. If certain PCD assets do not meet the conditions for aggregation, those PCD assets should be accounted for separately. This determination must be made at the date the PCD asset is purchased. In estimating ECLs from day 2 onward, pools can potentially be reassembled based upon similar risk characteristics. When PCD assets are pooled, Citi will determine the amount of the initial ACL at the pool level. The amount of the initial ACL for a PCD asset represents the portion of the total discount at acquisition that relates to credit and is recognized as a “gross-up” of the purchase price to arrive at the PCD asset’s (or pool’s) amortized cost. Any difference between the unpaid principal balance and the amortized cost is considered to be related to non-credit factors and results in a discount or premium, which is amortized to interest income over the life of the individual asset (or pool). Direct expenses incurred related to the acquisition of PCD assets and other assets and liabilities in a business combination must be expensed as incurred. Subsequent accounting for acquired PCD assets is the same as the accounting for originated assets; changes in the allowance are recorded in Provisions for credit losses . Consumer Citi does not purchase whole portfolios of PCD assets in its retail businesses. However, there may be a small portion of a purchased portfolio that is identified as PCD at the purchase date. Interest income recognition does not vary between PCD and non-PCD assets. A consumer financial asset is considered to be more-than-insignificantly credit deteriorated if it is more than 30 days past due at the purchase date. Corporate Citi generally classifies wholesale loans and debt securities classified HTM or AFS as PCD when both of the following criteria are met: (i) the purchase price discount is at least 10% of par and (ii) the purchase date is more than 90 days after the origination or issuance date. Citi classifies HTM beneficial interests rated AA- and lower obtained at origination from certain securitization transactions as PCD when there is a significant difference (i.e., 10% or greater) between contractual cash flows, adjusted for prepayments, and expected cash flows at the date of recognition. Reserve Estimates and Policies Management provides reserves for an estimate of lifetime ECLs in the funded loan portfolio on the Consolidated Balance Sheet in the form of an ACL. These reserves are established in accordance with Citigroup’s credit reserve policies, as approved by the Audit Committee of the Citigroup Board of Directors. Citi’s Chief Risk Officer and Chief Financial Officer review the adequacy of the credit loss reserves each quarter with representatives from the risk management and finance staffs for each applicable business area. Applicable business areas include those having classifiably managed portfolios, where internal credit risk ratings are assigned (primarily ICG ) and delinquency managed portfolios (primarily GCB ) or modified consumer loans, where concessions were granted due to the borrowers’ financial difficulties. The aforementioned representatives for these business areas present recommended reserve balances for their funded and unfunded lending portfolios along with supporting quantitative and qualitative data discussed below: Estimated credit losses for non-performing, non-homogeneous exposures within a business line’s classifiably managed portfolio and impaired smaller-balance homogeneous loans whose terms have been modified due to the borrowers’ financial difficulties, where it was determined that a concession was granted to the borrower. Consideration may be given to the following, as appropriate, when determining this estimate: (i) the present value of expected future cash flows discounted at the loan’s original effective rate, (ii) the borrower’s overall financial condition, resources and payment record and (iii) the prospects for support from financially responsible guarantors or the realizable value of any collateral. In the determination of the ACL for TDRs, management considers a combination of historical re-default rates, the current economic environment and the nature of the modification program when forecasting expected cash flows. When impairment is measured based on the present value of expected future cash flows, the entire change in present value is recorded in Provisions for credit losses . Estimated credit losses in the delinquency-managed portfolios for performing exposures. In addition, representatives from each of the risk management and finance staffs who cover business areas with delinquency-managed portfolios containing smaller-balance homogeneous loans present their recommended reserve balances based on leading credit indicators, including loan delinquencies and changes in portfolio size as well as economic trends, including current and future housing prices, unemployment, length of time in foreclosure, costs to sell and GDP. This methodology is applied separately for each product within each geographic region in which these portfolios exist. This evaluation process is subject to numerous estimates and judgments. The frequency of default, risk ratings, loss recovery rates, size and diversity of individual large credits and ability of borrowers with foreign currency obligations to obtain the foreign currency necessary for orderly debt servicing, among other things, are all taken into account during this review. Changes in these estimates could have a direct impact on the credit costs in any period and could result in a change in the allowance. Allowance for Unfunded Lending Commitments Credit loss reserves are recognized on all off-balance sheet commitments that are not unconditionally cancelable. Corporate loan EAD models include an incremental usage factor (or credit conversion factor) to estimate ECLs on amounts undrawn at the reporting date. Off-balance sheet commitments include unfunded exposures, revolving facilities, securities underwriting commitments, letters of credit, HELOCs and financial guarantees. This reserve is classified on the Consolidated Balance Sheet in Other liabilities . Changes to the allowance for unfunded lending commitments are recorded in Provision for credit losses on unfunded lending commitments . ACCOUNTING CHANGES Accounting for Financial Instruments — Credit Losses Overview In June 2016, the Financial Accounting Standards Board (FASB) issued ASU No. 2016-13, Financial Instruments — Credit Losses (Topic 326). The ASU introduces a new credit loss methodology, the Current Expected Credit Losses (CECL) methodology, which requires earlier recognition of credit losses while also providing additional transparency about credit risk. Citi adopted the ASU as of January 1, 2020, which, as discussed below, resulted in an increase in Citi’s Allowance for credit losses and a decrease to opening Retained earnings , net of deferred income taxes, at January 1, 2020. The CECL methodology utilizes a lifetime “expected credit loss” measurement objective for the recognition of credit losses for loans, held-to-maturity debt securities, receivables and other financial assets measured at amortized cost at the time the financial asset is originated or acquired. The allowance for credit losses is adjusted each period for changes in expected lifetime credit losses. The CECL methodology represents a significant change from prior U.S. GAAP and replaced the prior multiple existing impairment methods, which generally required that a loss be incurred before it was recognized. Within the life cycle of a loan or other financial asset, the methodology generally results in the earlier recognition of the provision for credit losses and the related allowance for credit losses than prior U.S. GAAP. For available-for-sale debt securities where fair value is less than cost that Citi intends to hold or more-likely-than-not will not be required to sell, credit-related impairment, if any, is recognized through an allowance for credit losses and adjusted each period for changes in credit risk. January 1, 2020 CECL Transition (Day 1) Impact The CECL methodology’s impact on expected credit losses, among other things, reflects Citi’s view of the current state of the economy, forecasted macroeconomic conditions and Citi’s portfolios. At the January 1, 2020 date of adoption, based on forecasts of macroeconomic conditions and exposures at that time, the aggregate impact to Citi was an approximate $4.1 billion , or an approximate 29% , pretax increase in the Allowance for credit losses , along with a $3.1 billion after-tax decrease in Retained earnings and a deferred tax asset increase of $1.0 billion . This transition impact reflects (i) a $4.9 billion build to the Allowance for credit losses for Citi’s consumer exposures, primarily driven by the impact on credit card receivables of longer estimated tenors under the CECL lifetime expected credit loss methodology (loss coverage of approximately 23 months ) compared to shorter estimated tenors under the probable loss methodology under prior U.S. GAAP (loss coverage of approximately 14 months ), net of recoveries; and (ii) a release of $0.8 billion of reserves primarily related to Citi’s corporate net loan loss exposures, largely due to more precise contractual maturities that result in shorter remaining tenors, incorporation of recoveries and use of more specific historical loss data based on an increase in portfolio segmentation across industries and geographies. Under the CECL methodology, the Allowance for credit losses consists of quantitative and qualitative components. Citi’s quantitative component of the Allowance for credit losses is model based and utilizes a single forward-looking macroeconomic forecast, complemented by the qualitative component described below, in estimating expected credit losses and discounts inputs for the corporate classifiably managed portfolios. Reasonable and supportable forecast periods vary by product. For example, Citi’s consumer models use a 13-quarter reasonable and supportable period and revert to historical loss experience thereafter, while its corporate loan models use a nine-quarter reasonable and supportable period followed by a three-quarter graduated transition to historical loss experience. Citi’s qualitative component of the Allowance for credit losses considers (i) the uncertainty of forward-looking scenarios based on the likelihood and severity of a possible recession as another possible scenario; (ii) certain portfolio characteristics, such as portfolio concentration and collateral coverage; and (iii) model limitations as well as idiosyncratic events. Subsequent Measurement of Goodwill In January 2017, the FASB issued ASU No. 2017-04, Intangibles — Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment . The ASU simplifies the subsequent measurement of goodwill impairment by eliminating the requirement to calculate the implied fair value of goodwill (i.e., previously referred to as step 2 of the goodwill impairment test) to measure a goodwill impairment charge. Under the ASU, the impairment test is the comparison of the fair value of a reporting unit with its carrying amount, with the impairment charge being the deficit in fair value, but not exceeding the total amount of goodwill allocated to that reporting unit. The simplified one-step impairment test applies to all reporting units (including those with zero or negative carrying amounts). The ASU was adopted by Citi as of January 1, 2020 with prospective application and did not impact the first quarter of 2020 results. The future impact of the ASU will depend upon the performance of Citi’s reporting units and the market conditions impacting the fair value of each reporting unit going forward. FUTURE APPLICATION OF ACCOUNTING STANDARDS Reference Rate Reform In March 2020, the FASB issued ASU No. 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting , which provides optional guidance to ease the potential burden in accounting for (or recognizing the effects of) reference rate reform on financial reporting. Specifically, the guidance permits an entity, when certain criteria are met, to consider amendments to contracts made to comply with reference rate reform to meet the definition of a modification under U.S. GAAP. It further allows hedge accounting to be maintained and a one-time transfer or sale of qualifying held-to-maturity securities. The expedients and exceptions provided by the amendments are permitted to be adopted any time through December 31, 2022 and do not apply to contract modifications made and hedging relationships entered into or evaluated after December 31, 2022, except for certain optional expedients elected for certain hedging relationships existing as of December 31, 2022. Citi plans to adopt the optional expedients in 2020 and does not expect a material impact. |
DISCONTINUED OPERATIONS AND S_2
DISCONTINUED OPERATIONS AND SIGNIFICANT DISPOSALS (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Summarized financial information disposal groups including discontinued operations | The following summarizes financial information for all Discontinued operations : Three Months Ended March 31, In millions of dollars 2020 2019 Total revenues, net of interest expense $ — $ — Loss from discontinued operations $ (18 ) $ (2 ) Benefit for income taxes — — Loss from discontinued operations, net of taxes $ (18 ) $ (2 ) |
BUSINESS SEGMENTS (Tables)
BUSINESS SEGMENTS (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
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 March 31, Revenues, (1) Provision (benefits) Income (loss) from (2) Identifiable assets In millions of dollars, except identifiable assets in billions 2020 2019 2020 2019 2020 2019 March 31, December 31, 2019 Global Consumer Banking $ 8,174 $ 8,090 $ (270 ) $ 381 $ (755 ) $ 1,320 $ 403 $ 407 Institutional Clients Group 12,484 10,018 1,044 955 3,626 3,412 1,723 1,447 Corporate/Other 73 468 (198 ) (61 ) (337 ) 5 94 97 Total $ 20,731 $ 18,576 $ 576 $ 1,275 $ 2,534 $ 4,737 $ 2,220 $ 1,951 (1) Includes total revenues, net of interest expense (excluding Corporate/Other ), in North America of $10.2 billion and $8.3 billion ; in EMEA of $3.5 billion and $3.2 billion ; in Latin America of $2.6 billion and $2.5 billion ; and in Asia of $4.4 billion and $4.1 billion for the three months ended March 31, 2020 and 2019 , 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 $4.8 billion and $2.0 billion ; in the ICG results of $2,004 million and $32 million ; and in the Corporate/Other results of $192 million and $(25) million for the three months ended March 31, 2020 and 2019 , respectively. |
INTEREST REVENUE AND EXPENSE (T
INTEREST REVENUE AND EXPENSE (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Banking and Thrift, Interest [Abstract] | |
Interest revenue and interest expense | Interest revenue and Interest expense consisted of the following: Three Months Ended March 31, In millions of dollars 2020 2019 Interest revenue Loan interest, including fees $ 11,250 $ 11,969 Deposits with banks 527 607 Securities borrowed and purchased under agreements to resell 1,208 1,783 Investments, including dividends 2,281 2,548 Trading account assets (1) 1,590 1,686 Other interest 283 483 Total interest revenue $ 17,139 $ 19,076 Interest expense Deposits (2) $ 2,614 $ 3,027 Securities loaned and sold under agreements to repurchase 1,085 1,589 Trading account liabilities (1) 239 327 Short-term borrowings 384 652 Long-term debt 1,325 1,722 Total interest expense $ 5,647 $ 7,317 Net interest revenue $ 11,492 $ 11,759 Provision for credit losses on loans 6,444 1,944 Net interest revenue after provision for credit losses on loans $ 5,048 $ 9,815 (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 $225 million and $193 million for the three months ended March 31, 2020 and 2019 , respectively. |
COMMISSIONS AND FEES; ADMINIS_2
COMMISSIONS AND FEES; ADMINISTRATION AND OTHER FIDUCIARY FEES (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Banking and Thrift [Abstract] | |
Commissions and fees revenues | The following tables present Commissions and fees revenue: Three Months Ended March 31, 2020 In millions of dollars ICG GCB Corporate/Other Total Investment banking $ 1,040 $ — $ — $ 1,040 Brokerage commissions 577 249 — 826 Credit- and bank-card income Interchange fees 261 1,917 — 2,178 Card-related loan fees 11 166 — 177 Card rewards and partner payments (149 ) (2,093 ) — (2,242 ) Deposit-related fees (1) 233 115 — 348 Transactional service fees 227 24 — 251 Corporate finance (2) 146 — — 146 Insurance distribution revenue 4 125 — 129 Insurance premiums — 43 — 43 Loan servicing 20 11 8 39 Other 30 56 — 86 Total commissions and fees (3) $ 2,400 $ 613 $ 8 $ 3,021 Three Months Ended March 31, 2019 In millions of dollars ICG GCB Corporate/Other Total Investment banking $ 914 $ — $ — $ 914 Brokerage commissions 471 186 — 657 Credit- and bank-card income Interchange fees 279 1,983 — 2,262 Card-related loan fees 13 160 — 173 Card rewards and partner payments (153 ) (2,061 ) — (2,214 ) Deposit-related fees (1) 262 122 — 384 Transactional service fees 201 30 — 231 Corporate finance (2) 179 — — 179 Insurance distribution revenue 4 132 — 136 Insurance premiums — 47 — 47 Loan servicing 50 22 6 78 Other 17 62 1 79 Total commissions and fees (3) $ 2,236 $ 683 $ 7 $ 2,926 (1) Includes overdraft fees of $31 million and $31 million for the three months ended March 31, 2020 and 2019 , 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) Commissions and fees includes $(1,802) million and $(1,703) million not accounted for under ASC 606, Revenue from Contracts with Customers , for the three months ended March 31, 2020 and 2019 , 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 revenue: Three Months Ended March 31, 2020 In millions of dollars ICG GCB Corporate/Other Total Custody fees $ 366 $ 8 $ 15 $ 389 Fiduciary fees 172 156 — 328 Guarantee fees 134 2 1 137 Total administration and other fiduciary fees (1) $ 672 $ 166 $ 16 $ 854 Three Months Ended March 31, 2019 In millions of dollars ICG GCB Corporate/Other Total Custody fees $ 364 $ 3 $ 16 $ 383 Fiduciary fees 152 146 12 310 Guarantee fees 142 2 2 146 Total administration and other fiduciary fees (1) $ 658 $ 151 $ 30 $ 839 (1) Administration and other fiduciary fees includes $136 million and $146 million for the three months ended March 31, 2020 and 2019, 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) | 3 Months Ended |
Mar. 31, 2020 | |
Principal Transactions Revenue, Net [Abstract] | |
Principal transactions revenue | The following table presents Principal transactions revenue: Three Months Ended March 31, In millions of dollars 2020 2019 Interest rate risks (1) $ 1,977 $ 1,718 Foreign exchange risks (2) 995 473 Equity risks (3) 819 456 Commodity and other risks (4) 327 119 Credit products and risks (5) 1,143 38 Total $ 5,261 $ 2,804 (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) | 3 Months Ended |
Mar. 31, 2020 | |
Retirement Benefits [Abstract] | |
Components of net (benefit) expense | The following table summarizes the components of net expense recognized in the Consolidated Statement of Income for the Company’s U.S. post employment plans: Three Months Ended March 31, In millions of dollars 2020 2019 Service-related expense Amortization of unrecognized: Net actuarial loss — 1 Total service-related expense $ — $ 1 Non-service-related expense $ 5 $ 4 Total net expense $ 5 $ 5 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 March 31, Pension plans Postretirement benefit plans U.S. plans Non-U.S. plans U.S. plans Non-U.S. plans In millions of dollars 2020 2019 2020 2019 2020 2019 2020 2019 Benefits earned during the period $ — $ — $ 37 $ 36 $ — $ — $ 2 $ 2 Interest cost on benefit obligation 106 130 64 75 5 7 24 26 Expected return on plan assets (208 ) (203 ) (65 ) (68 ) (5 ) (5 ) (20 ) (21 ) Amortization of unrecognized: Prior service cost (benefit) 1 1 (1 ) (1 ) — — (2 ) (2 ) Net actuarial loss 56 44 17 15 — — 5 5 Total net (benefit) expense $ (45 ) $ (28 ) $ 52 $ 57 $ — $ 2 $ 9 $ 10 |
Summary of the funded status and amounts recognized in the Consolidated Balance Sheet for the Company's U.S. qualified, non-qualified plans and plans outside the U.S. | The following table summarizes the funded status and amounts recognized on the Consolidated Balance Sheet for the Company’s Significant Plans: Three Months Ended March 31, 2020 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 $ 13,453 $ 8,105 $ 692 $ 1,384 Plans measured annually (26 ) (2,068 ) — (323 ) Projected benefit obligation at beginning of year—Significant Plans $ 13,427 $ 6,037 $ 692 $ 1,061 Benefits earned during the period 21 — 1 Interest cost on benefit obligation 106 55 5 21 Actuarial loss (gain) 65 (419 ) (13 ) (63 ) Benefits paid, net of participants’ contributions and government subsidy (249 ) (69 ) (5 ) (12 ) Foreign exchange impact and other — (522 ) — (202 ) Projected benefit obligation at period end—Significant Plans $ 13,349 $ 5,103 $ 679 $ 806 Change in plan assets Plan assets at fair value at beginning of year $ 12,717 $ 7,556 $ 345 $ 1,127 Plans measured annually — (1,349 ) — (9 ) Plan assets at fair value at beginning of year—Significant Plans $ 12,717 $ 6,207 $ 345 $ 1,118 Actual return on plan assets (628 ) (156 ) (11 ) (45 ) Company contributions, net of reimbursements 13 16 (8 ) — Benefits paid, net of participants’ contributions and government subsidy (249 ) (69 ) (5 ) (12 ) Foreign exchange impact and other — (511 ) — (213 ) Plan assets at fair value at period end—Significant Plans $ 11,853 $ 5,487 $ 321 $ 848 Funded status of the Significant Plans Qualified plans (1) $ (818 ) $ 384 $ (358 ) $ 42 Nonqualified plans (678 ) — — — Funded status of the plans at period end—Significant Plans $ (1,496 ) $ 384 $ (358 ) $ 42 Net amount recognized at period end Benefit asset $ — $ 1,001 $ — $ 42 Benefit liability (1,496 ) (617 ) (358 ) — Net amount recognized on the balance sheet—Significant Plans $ (1,496 ) $ 384 $ (358 ) $ 42 Amounts recognized in AOCI at period end Prior service benefit $ — $ 8 $ — $ 54 Net actuarial (loss) gain (7,932 ) (780 ) 22 (289 ) Net amount recognized in equity (pretax)—Significant Plans $ (7,932 ) $ (772 ) $ 22 $ (235 ) Accumulated benefit obligation at period end—Significant Plans $ 13,344 $ 4,827 $ 679 $ 806 (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, 2020 and no minimum required funding is expected for 2020 . |
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 For Year Ended Beginning of period balance, net of tax (1)(2) $ (6,809 ) $ (6,257 ) Actuarial assumptions changes and plan experience 430 (2,300 ) Net asset gain (loss) due to difference between actual and expected returns (1,128 ) 1,427 Net amortization 76 274 Prior service cost — (7 ) Curtailment/settlement gain (3) — 1 Foreign exchange impact and other 204 (66 ) Change in deferred taxes, net 132 119 Change, net of tax $ (286 ) $ (552 ) End of period balance, net of tax (1)(2) $ (7,095 ) $ (6,809 ) (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) 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 Mar. 31, 2020 Dec. 31, 2019 U.S. plans Qualified pension 3.25 % 3.10 % Nonqualified pension 3.25 3.10 Postretirement 3.15 3.00 Non-U.S. plans Pension (1) 0.20-8.95 -0.05-9.00 Weighted average 4.21 4.05 Postretirement 9.10 9.20 (1) Due to substantial downward movement in yields, there were negative discount rates for plans with relatively short duration in major markets such as Switzerland. 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 Mar. 31, 2020 Dec. 31, 2019 Mar. 31, 2019 U.S. plans Qualified pension 3.20 % 3.25 % 3.85 % Nonqualified pension 3.25 3.25 3.90 Postretirement 3.20 3.15 3.80 Non-U.S. plans Pension 0.45-9.45 0.20-8.95 0.45-10.30 Weighted average 4.38 4.21 4.74 Postretirement 9.75 9.10 10.30 |
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 March 31, 2020 In millions of dollars One-percentage-point increase One-percentage-point decrease Pension U.S. plans $ 7 $ (12 ) Non-U.S. plans (2 ) 5 Postretirement U.S. plans 1 (1 ) Non-U.S. plans (2 ) 2 |
Schedule of company contributions | The following table summarizes the Company’s actual contributions for the three months ended March 31, 2020 and 2019 , as well as expected Company contributions for the remainder of 2020 and the actual contributions made in 2019 : Pension plans Postretirement plans U.S. plans (1) Non-U.S. plans U.S. plans Non-U.S. plans In millions of dollars 2020 2019 2020 2019 2020 2019 2020 2019 Company contributions (2) for the three months ended March 31 $ 14 $ 14 $ 37 $ 34 $ — $ — $ 2 $ 3 Company contributions made during the remainder of the year — 467 — 116 — 4 — 222 Company contributions expected to be made during the remainder of the year 43 — 116 — — — 6 — (1) The U.S. 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 March 31, In millions of dollars 2020 2019 U.S. plans $ 101 $ 99 Non-U.S. plans 76 68 |
EARNINGS PER SHARE (Tables)
EARNINGS PER SHARE (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
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 March 31, In millions of dollars, except per share amounts 2020 2019 Earnings per common share Income from continuing operations before attribution of noncontrolling interests $ 2,534 $ 4,737 Less: Noncontrolling interests from continuing operations (6 ) 25 Net income from continuing operations (for EPS purposes) $ 2,540 $ 4,712 Loss from discontinued operations, net of taxes (18 ) (2 ) Citigroup’s net income $ 2,522 $ 4,710 Less: Preferred dividends (1) 291 262 Net income available to common shareholders $ 2,231 $ 4,448 Less: Dividends and undistributed earnings allocated to employee restricted and deferred shares with rights to dividends, applicable to basic EPS 21 59 Net income allocated to common shareholders for basic EPS $ 2,210 $ 4,389 Weighted-average common shares outstanding applicable to basic EPS (in millions) 2,097.9 2,340.4 Basic earnings per share (2) Income from continuing operations $ 1.06 $ 1.88 Discontinued operations (0.01 ) — Net income per share—basic $ 1.05 $ 1.88 Diluted earnings per share Net income allocated to common shareholders for basic EPS $ 2,210 $ 4,389 Add back: Dividends allocated to employee restricted and deferred shares with rights to dividends that are forfeitable 7 — Net income allocated to common shareholders for diluted EPS $ 2,217 $ 4,389 Weighted-average common shares outstanding applicable to basic EPS (in millions) 2,097.9 2,340.4 Effect of dilutive securities Options (3) 0.1 0.1 Other employee plans 15.7 1.9 Adjusted weighted-average common shares outstanding applicable to diluted EPS (in millions) (4) 2,113.7 2,342.4 Diluted earnings per share (2) Income from continuing operations $ 1.06 $ 1.87 Discontinued operations (0.01 ) — Net income per share—diluted $ 1.05 $ 1.87 (1) On April 21, 2020, Citi declared preferred dividends of approximately $253 million for the second quarter of 2020. As of May 4, 2020, Citi estimates it will distribute preferred dividends of approximately $284 million and $253 million in the third and fourth quarters of 2020, respectively, subject to such dividends being declared by the Citi Board of Directors. During the first quarter of 2020, in March, Citi redeemed all of its 1.5 million Series O preferred shares for $1.5 billion ; in January, Citi also issued 1.5 million of Series V preferred shares for $1.5 billion . (2) Due to rounding, earnings per share on continuing operations and discontinued operations may not sum to earnings per share on net income. (3) During the first quarter of 2020 and 2019, no significant options to purchase shares of common stock were outstanding. (4) Due to rounding, weighted-average common shares outstanding applicable to basic EPS and the effect of dilutive securities may not sum to weighted-average common shares outstanding applicable to diluted EPS. |
SECURITIES BORROWED, LOANED A_2
SECURITIES BORROWED, LOANED AND SUBJECT TO REPURCHASE AGREEMENTS (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Federal Funds Purchased and Securities Sold under Agreements to Repurchase [Abstract] | |
Securities borrowed or purchased under agreements to resell | Securities borrowed and purchased under agreements to resell , at their respective carrying values, consisted of the following: In millions of dollars March 31, December 31, 2019 Securities purchased under agreements to resell $ 178,930 $ 169,874 Deposits paid for securities borrowed 83,606 81,448 Total (1) $ 262,536 $ 251,322 |
Securities loaned or sold under agreements to repurchase | Securities loaned and sold under agreements to repurchase , at their respective carrying values, consisted of the following: In millions of dollars March 31, December 31, 2019 Securities sold under agreements to repurchase $ 213,525 $ 155,164 Deposits received for securities loaned 8,799 11,175 Total (1) $ 222,324 $ 166,339 (1) The above tables do not include securities-for-securities lending transactions of $9.2 billion and $6.3 billion at March 31, 2020 and December 31, 2019, 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 amounts 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 has occurred and a legal opinion supporting enforceability of the offsetting rights has been obtained. Remaining exposures continue to be secured by financial collateral, but the Company may not have sought or been able to obtain a legal opinion evidencing enforceability of the offsetting right. As of March 31, 2020 In millions of dollars Gross amounts Gross amounts (1) Net amounts of Amounts (2) Net (3) Securities purchased under agreements to resell $ 304,427 $ 125,497 $ 178,930 $ 142,194 $ 36,736 Deposits paid for securities borrowed 87,669 4,063 83,606 27,015 56,591 Total $ 392,096 $ 129,560 $ 262,536 $ 169,209 $ 93,327 In millions of dollars Gross amounts Gross amounts (1) Net amounts of Amounts (2) Net (3) Securities sold under agreements to repurchase $ 339,022 $ 125,497 $ 213,525 $ 125,995 $ 87,530 Deposits received for securities loaned 12,862 4,063 8,799 3,109 5,690 Total $ 351,884 $ 129,560 $ 222,324 $ 129,104 $ 93,220 As of December 31, 2019 In millions of dollars Gross amounts Gross amounts (1) Net amounts of Amounts (2) Net (3) Securities purchased under agreements to resell $ 281,274 $ 111,400 $ 169,874 $ 134,150 $ 35,724 Deposits paid for securities borrowed 90,047 8,599 81,448 27,067 54,381 Total $ 371,321 $ 119,999 $ 251,322 $ 161,217 $ 90,105 In millions of dollars Gross amounts Gross amounts (1) Net amounts of Amounts (2) Net (3) Securities sold under agreements to repurchase $ 266,564 $ 111,400 $ 155,164 $ 91,034 $ 64,130 Deposits received for securities loaned 19,774 8,599 11,175 3,138 8,037 Total $ 286,338 $ 119,999 $ 166,339 $ 94,172 $ 72,167 (1) Includes financial instruments subject to enforceable master netting agreements that are permitted to be offset under ASC 210-20-45. (2) 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. (3) 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 amounts 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 has occurred and a legal opinion supporting enforceability of the offsetting rights has been obtained. Remaining exposures continue to be secured by financial collateral, but the Company may not have sought or been able to obtain a legal opinion evidencing enforceability of the offsetting right. As of March 31, 2020 In millions of dollars Gross amounts Gross amounts (1) Net amounts of Amounts (2) Net (3) Securities purchased under agreements to resell $ 304,427 $ 125,497 $ 178,930 $ 142,194 $ 36,736 Deposits paid for securities borrowed 87,669 4,063 83,606 27,015 56,591 Total $ 392,096 $ 129,560 $ 262,536 $ 169,209 $ 93,327 In millions of dollars Gross amounts Gross amounts (1) Net amounts of Amounts (2) Net (3) Securities sold under agreements to repurchase $ 339,022 $ 125,497 $ 213,525 $ 125,995 $ 87,530 Deposits received for securities loaned 12,862 4,063 8,799 3,109 5,690 Total $ 351,884 $ 129,560 $ 222,324 $ 129,104 $ 93,220 As of December 31, 2019 In millions of dollars Gross amounts Gross amounts (1) Net amounts of Amounts (2) Net (3) Securities purchased under agreements to resell $ 281,274 $ 111,400 $ 169,874 $ 134,150 $ 35,724 Deposits paid for securities borrowed 90,047 8,599 81,448 27,067 54,381 Total $ 371,321 $ 119,999 $ 251,322 $ 161,217 $ 90,105 In millions of dollars Gross amounts Gross amounts (1) Net amounts of Amounts (2) Net (3) Securities sold under agreements to repurchase $ 266,564 $ 111,400 $ 155,164 $ 91,034 $ 64,130 Deposits received for securities loaned 19,774 8,599 11,175 3,138 8,037 Total $ 286,338 $ 119,999 $ 166,339 $ 94,172 $ 72,167 (1) Includes financial instruments subject to enforceable master netting agreements that are permitted to be offset under ASC 210-20-45. (2) 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. (3) 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 amounts of liabilities associated with repurchase agreements and securities lending agreements by remaining contractual maturity: As of March 31, 2020 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 $ 173,961 $ 66,488 $ 54,421 $ 44,153 $ 339,022 Deposits received for securities loaned 9,189 529 1,712 1,432 12,862 Total $ 183,150 $ 67,017 $ 56,133 $ 45,585 $ 351,884 As of December 31, 2019 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 $ 108,534 $ 82,749 $ 35,108 $ 40,173 $ 266,564 Deposits received for securities loaned 15,758 208 1,789 2,019 19,774 Total $ 124,292 $ 82,957 $ 36,897 $ 42,192 $ 286,338 The following tables present the gross amounts of liabilities associated with repurchase agreements and securities lending agreements by class of underlying collateral: As of March 31, 2020 In millions of dollars Repurchase agreements Securities lending agreements Total U.S. Treasury and federal agency securities $ 142,676 $ 1 $ 142,677 State and municipal securities 3,280 1 3,281 Foreign government securities 110,459 280 110,739 Corporate bonds 18,177 327 18,504 Equity securities 8,034 12,135 20,169 Mortgage-backed securities 38,102 — 38,102 Asset-backed securities 4,792 — 4,792 Other 13,502 118 13,620 Total $ 339,022 $ 12,862 $ 351,884 As of December 31, 2019 In millions of dollars Repurchase agreements Securities lending agreements Total U.S. Treasury and federal agency securities $ 100,781 $ 27 $ 100,808 State and municipal securities 1,938 5 1,943 Foreign government securities 95,880 272 96,152 Corporate bonds 18,761 249 19,010 Equity securities 12,010 19,069 31,079 Mortgage-backed securities 28,458 — 28,458 Asset-backed securities 4,873 — 4,873 Other 3,863 152 4,015 Total $ 266,564 $ 19,774 $ 286,338 |
BROKERAGE RECEIVABLES AND BRO_2
BROKERAGE RECEIVABLES AND BROKERAGE PAYABLES (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Brokers and Dealers [Abstract] | |
Brokerage receivables and brokerage payables | Brokerage receivables and Brokerage payables consisted of the following: In millions of dollars March 31, December 31, 2019 Receivables from customers $ 22,390 $ 15,912 Receivables from brokers, dealers and clearing organizations 46,165 23,945 Total brokerage receivables (1) $ 68,555 $ 39,857 Payables to customers $ 51,506 $ 37,613 Payables to brokers, dealers and clearing organizations 22,862 10,988 Total brokerage payables (1) $ 74,368 $ 48,601 (1) |
INVESTMENTS (Tables)
INVESTMENTS (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of investments by category | The following table presents Citi’s investments by category: In millions of dollars March 31, December 31, Debt securities available-for-sale (AFS) $ 308,219 $ 280,265 Debt securities held-to-maturity (HTM) (1) 82,315 80,775 Marketable equity securities carried at fair value (2) 682 458 Non-marketable equity securities carried at fair value (2) 532 704 Non-marketable equity securities measured using the measurement alternative (3) 741 700 Non-marketable equity securities carried at cost (4) 6,394 5,661 Total investments $ 398,883 $ 368,563 (1) Carried at adjusted amortized cost basis, net of any allowance for credit losses. (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. See ”Recognition and Measurement of Impairment” below. (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 March 31, In millions of dollars 2020 2019 Taxable interest $ 2,179 $ 2,372 Interest exempt from U.S. federal income tax 76 127 Dividend income 26 49 Total interest and dividend income $ 2,281 $ 2,548 |
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 exclude impairment losses: Three Months Ended March 31, In millions of dollars 2020 2019 Gross realized investment gains $ 464 $ 168 Gross realized investment losses (32 ) (38 ) Net realized gains on sale of investments $ 432 $ 130 |
Amortized cost and fair value of AFS debt securities | The amortized cost and fair value of AFS debt securities were as follows: March 31, 2020 December 31, 2019 In millions of dollars Amortized cost Gross unrealized gains Gross unrealized losses Fair value Amortized cost Gross unrealized gains Gross unrealized losses Fair value Debt securities AFS Mortgage-backed securities (1) U.S. government-sponsored agency guaranteed $ 42,559 $ 1,271 $ 277 $ 43,553 $ 34,963 $ 547 $ 280 $ 35,230 Non-U.S. residential 752 3 3 752 789 3 — 792 Commercial 69 — 1 68 75 — — 75 Total mortgage-backed securities $ 43,380 $ 1,274 $ 281 $ 44,373 $ 35,827 $ 550 $ 280 $ 36,097 U.S. Treasury and federal agency securities U.S. Treasury $ 118,298 $ 2,863 $ 2 $ 121,159 $ 106,429 $ 50 $ 380 $ 106,099 Agency obligations 4,080 30 7 4,103 5,336 3 20 5,319 Total U.S. Treasury and federal agency securities $ 122,378 $ 2,893 $ 9 $ 125,262 $ 111,765 $ 53 $ 400 $ 111,418 State and municipal $ 5,677 $ 224 $ 436 $ 5,465 $ 5,024 $ 43 $ 89 $ 4,978 Foreign government 116,703 983 319 117,367 110,958 586 241 111,303 Corporate 11,243 116 162 11,197 11,266 52 101 11,217 Asset-backed securities (1) 479 1 14 466 524 — 2 522 Other debt securities 4,086 3 — 4,089 4,729 1 — 4,730 Allowance for AFS securities at the end of the period $ — $ — $ — $ — Total debt securities AFS $ 303,946 $ 5,494 $ 1,221 $ 308,219 $ 280,093 $ 1,285 $ 1,113 $ 280,265 (1) The Company invests in mortgage- 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- and asset-backed securitizations in which the Company has other involvement, see Note 18 to the Consolidated Financial Statements. |
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 at December 31, 2019: Less than 12 months 12 months or longer Total In millions of dollars Fair Gross Fair Gross Fair Gross December 31, 2019 Debt securities held-to-maturity Mortgage-backed securities $ 3,590 $ 10 $ 1,116 $ 11 $ 4,706 $ 21 State and municipal 34 1 1,125 27 1,159 28 Foreign government 1,970 1 — — 1,970 1 Asset-backed securities 7,972 11 765 48 8,737 59 Total debt securities held-to-maturity $ 13,566 $ 23 $ 3,006 $ 86 $ 16,572 $ 109 Note: Excluded from the gross unrecognized losses presented in the table above is $(582) million of net unrealized losses recorded in AOCI as of December 31, 2019 , 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 December 31, 2019 . The following table shows the fair value of AFS debt 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 March 31, 2020 Debt securities AFS Mortgage-backed securities U.S. government-sponsored agency guaranteed $ 7,937 $ 225 $ 858 $ 52 $ 8,795 $ 277 Non-U.S. residential 360 3 — — 360 3 Commercial 38 — 8 1 46 1 Total mortgage-backed securities $ 8,335 $ 228 $ 866 $ 53 $ 9,201 $ 281 U.S. Treasury and federal agency securities U.S. Treasury $ 3,062 $ 2 $ — $ — $ 3,062 $ 2 Agency obligations — — 249 7 249 7 Total U.S. Treasury and federal agency securities $ 3,062 $ 2 $ 249 $ 7 $ 3,311 $ 9 State and municipal $ 968 $ 415 $ 236 $ 21 $ 1,204 $ 436 Foreign government 26,966 235 2,963 84 29,929 319 Corporate 2,540 155 61 7 2,601 162 Asset-backed securities 136 6 148 8 284 14 Other debt securities 118 — — — 118 — Total debt securities AFS $ 42,125 $ 1,041 $ 4,523 $ 180 $ 46,648 $ 1,221 December 31, 2019 Debt securities AFS Mortgage-backed securities U.S. government-sponsored agency guaranteed $ 9,780 $ 242 $ 1,877 $ 38 $ 11,657 $ 280 Non-U.S. residential 208 — 1 — 209 — Commercial 16 — 27 — 43 — Total mortgage-backed securities $ 10,004 $ 242 $ 1,905 $ 38 $ 11,909 $ 280 U.S. Treasury and federal agency securities U.S. Treasury $ 45,484 $ 248 $ 26,907 $ 132 $ 72,391 $ 380 Agency obligations 781 2 3,897 18 4,678 20 Total U.S. Treasury and federal agency securities $ 46,265 $ 250 $ 30,804 $ 150 $ 77,069 $ 400 State and municipal $ 362 $ 62 $ 266 $ 27 $ 628 $ 89 Foreign government 35,485 149 8,170 92 43,655 241 Corporate 2,916 98 123 3 3,039 101 Asset-backed securities 112 1 166 1 278 2 Other debt securities 1,307 — — — 1,307 — Total debt securities AFS $ 96,451 $ 802 $ 41,434 $ 311 $ 137,885 $ 1,113 |
Amortized cost and fair value of debt securities by contractual maturity dates | The following table presents the carrying value and fair value of HTM debt securities by contractual maturity dates: March 31, 2020 December 31, 2019 In millions of dollars Amortized cost Fair value Amortized cost Fair value Mortgage-backed securities Due within 1 year $ 14 $ 14 $ 17 $ 17 After 1 but within 5 years 474 486 458 463 After 5 but within 10 years 1,604 1,757 1,662 1,729 After 10 years (1) 47,944 49,762 46,121 47,081 Total $ 50,036 $ 52,019 $ 48,258 $ 49,290 State and municipal Due within 1 year $ 52 $ 50 $ 2 $ 26 After 1 but within 5 years 89 90 123 160 After 5 but within 10 years 577 604 597 590 After 10 years (1) 8,551 9,016 8,382 8,755 Total $ 9,269 $ 9,760 $ 9,104 $ 9,531 Foreign government Due within 1 year $ 521 $ 522 $ 650 $ 652 After 1 but within 5 years 1,032 1,071 1,284 1,318 After 5 but within 10 years — — — — After 10 years (1) — — — — Total $ 1,553 $ 1,593 $ 1,934 $ 1,970 All other (2) Due within 1 year $ — $ — $ — $ — After 1 but within 5 years — — — — After 5 but within 10 years 7,092 6,753 8,545 8,543 After 10 years (1) 14,441 13,457 12,934 12,889 Total $ 21,533 $ 20,210 $ 21,479 $ 21,432 Total debt securities HTM $ 82,391 $ 83,582 $ 80,775 $ 82,223 (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. The following table presents the amortized cost and fair value of AFS debt securities by contractual maturity dates: March 31, 2020 December 31, 2019 In millions of dollars Amortized cost Fair value Amortized cost Fair value Mortgage-backed securities (1) Due within 1 year $ 629 $ 640 $ 20 $ 20 After 1 but within 5 years 584 585 573 574 After 5 but within 10 years 1,009 1,067 594 626 After 10 years (2) 41,158 42,081 34,640 34,877 Total $ 43,380 $ 44,373 $ 35,827 $ 36,097 U.S. Treasury and federal agency securities Due within 1 year $ 27,233 $ 27,403 $ 40,757 $ 40,688 After 1 but within 5 years 88,605 91,130 70,128 69,850 After 5 but within 10 years 6,515 6,697 854 851 After 10 years (2) 25 32 26 29 Total $ 122,378 $ 125,262 $ 111,765 $ 111,418 State and municipal Due within 1 year $ 937 $ 937 $ 932 $ 932 After 1 but within 5 years 601 608 714 723 After 5 but within 10 years 291 312 195 215 After 10 years (2) 3,848 3,608 3,183 3,108 Total $ 5,677 $ 5,465 $ 5,024 $ 4,978 Foreign government Due within 1 year $ 46,369 $ 46,491 $ 42,611 $ 42,666 After 1 but within 5 years 59,050 59,561 58,820 59,071 After 5 but within 10 years 9,481 9,505 8,192 8,198 After 10 years (2) 1,803 1,810 1,335 1,368 Total $ 116,703 $ 117,367 $ 110,958 $ 111,303 All other (3) Due within 1 year $ 5,836 $ 5,846 $ 7,306 $ 7,311 After 1 but within 5 years 8,894 8,908 8,279 8,275 After 5 but within 10 years 921 891 818 797 After 10 years (2) 157 107 116 86 Total $ 15,808 $ 15,752 $ 16,519 $ 16,469 Total debt securities AFS $ 303,946 $ 308,219 $ 280,093 $ 280,265 (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. |
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 Amortized cost Gross unrealized gains Gross unrealized losses Fair value March 31, 2020 Debt securities HTM Mortgage-backed securities (1) U.S. government-sponsored agency guaranteed $ 48,270 $ 2,010 $ 16 $ 50,264 Non-U.S. residential 1,112 — 12 1,100 Commercial 654 1 — 655 Total mortgage-backed securities $ 50,036 $ 2,011 $ 28 $ 52,019 State and municipal $ 9,269 $ 516 $ 25 $ 9,760 Foreign government 1,553 40 — 1,593 Asset-backed securities (1) 21,533 4 1,251 20,286 Allowance for HTM securities at the end of the period $ (76 ) $ — $ — $ (76 ) Total debt securities HTM, net $ 82,315 $ 2,571 $ 1,304 $ 83,582 December 31, 2019 Debt securities HTM Mortgage-backed securities (1) U.S. government-sponsored agency guaranteed $ 46,637 $ 1,047 $ 21 $ 47,663 Non-U.S. residential 1,039 5 — 1,044 Commercial 582 1 — 583 Total mortgage-backed securities $ 48,258 $ 1,053 $ 21 $ 49,290 State and municipal $ 9,104 $ 455 $ 28 $ 9,531 Foreign government 1,934 37 1 1,970 Asset-backed securities (1) 21,479 12 59 21,432 Total debt securities HTM $ 80,775 $ 1,557 $ 109 $ 82,223 (1) The Company invests in mortgage- 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- and asset-backed securitizations in which the Company has other involvement, see Note 18 to the Consolidated Financial Statements. |
Total other-than-temporary impairments recognized | The following tables present total impairment on Investments recognized in earnings: Three Months Ended Three Months Ended In millions of dollars AFS Other Total AFS HTM Other assets Total Impairment losses related to debt securities that the Company does not intend to sell nor will likely be required to sell: Total impairment 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 more-likely-than-not be required to sell or will be subject to an issuer call deemed probable of exercise 52 — 52 3 — — 3 Total impairment losses recognized in earnings $ 52 $ — $ 52 $ 3 $ — $ — $ 3 |
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 debt securities held that the Company does not intend to sell nor will likely be required to sell: Cumulative credit losses recognized in earnings on debt securities still held In millions of dollars December 31, 2019 balance Credit Credit Changes due to March 31, 2020 balance AFS debt securities Mortgage-backed securities $ 1 $ — $ — $ — $ 1 State and municipal 4 — — — 4 Corporate 4 — — — 4 All other debt securities 1 — — — 1 Total credit losses recognized for AFS debt securities $ 10 $ — $ — $ — $ 10 Cumulative OTTI credit losses recognized in earnings on debt securities still held In millions of dollars December 31, 2018 balance Credit Credit Changes due to March 31, 2019 balance AFS debt securities Mortgage-backed securities $ 1 $ — $ — $ — $ 1 State and municipal — — — — — Corporate 4 — — — 4 All other debt securities — — — — — Total OTTI credit losses recognized for AFS debt securities $ 5 $ — $ — $ — $ 5 HTM debt securities Mortgage-backed securities $ — $ — $ — $ — $ — State and municipal — — — — — Total OTTI credit losses recognized for HTM debt 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 March 31, 2020 and December 31, 2019: In millions of dollars March 31, 2020 December 31, 2019 Measurement alternative: Carrying value $ 741 $ 700 Below are amounts recognized in earnings and life-to-date amounts for non-marketable equity securities measured using the measurement alternative: Three Months Ended March 31, In millions of dollars 2020 2019 Measurement alternative (1) : Impairment losses $ 3 $ 5 Downward changes for observable prices — — Upward changes for observable prices 25 66 (1) See Note 20 to the Consolidated Financial Statements for additional information on these nonrecurring fair value measurements. Life-to-date amounts on securities still held In millions of dollars March 31, 2020 Measurement alternative: Impairment losses $ 19 Downward changes for observable prices 34 Upward changes for observable prices 367 |
Investments in alternative investment funds | Fair value Unfunded Redemption frequency (if currently eligible) monthly, quarterly, annually Redemption notice period In millions of dollars March 31, December 31, 2019 March 31, December 31, 2019 Hedge funds $ — $ — $ — $ — Generally quarterly 10–95 days Private equity funds (1)(2) 123 134 62 62 — — Real estate funds (2)(3) 9 10 18 18 — — Mutual/collective investment funds 20 26 — — — — Total $ 152 $ 170 $ 80 $ 80 — — (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) | 3 Months Ended |
Mar. 31, 2020 | |
Consumer | |
Financing Receivable, Credit Quality Indicator [Line Items] | |
Schedule of loan delinquency and non-accrual details | The following table provides Citi’s consumer loans, delinquencies and non-accrual details: Amortized Cost Basis by Consumer Loan Delinquency and Non-Accrual Status at March 31, 2020 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 Non-accrual loans for which there are no loan loss reserves Non-accrual loans for which there are loan loss reserves Total non-accrual 90 days past due and accruing In North America offices (5) Residential first mortgages (6) $ 46,227 $ 390 $ 230 $ 413 $ 47,260 $ 142 $ 358 $ 500 $ 274 Home equity loans (7)(8) 8,608 127 201 — 8,936 28 379 407 — Credit cards 133,794 1,673 1,849 — 137,316 — — — 1,849 Personal, small business and other 3,631 33 11 — 3,675 — 19 19 — Total $ 192,260 $ 2,223 $ 2,291 $ 413 $ 197,187 $ 170 $ 756 $ 926 $ 2,123 In offices outside North America (5) Residential first mortgages (6) $ 35,033 $ 218 $ 149 $ — $ 35,400 $ — $ 375 $ 375 $ — Credit cards 21,073 403 325 — 21,801 — 243 243 236 Personal, small business and other 33,645 278 119 — 34,042 7 148 155 — Total $ 89,751 $ 899 $ 593 $ — $ 91,243 $ 7 $ 766 $ 773 $ 236 Total Citigroup (9) $ 282,011 $ 3,122 $ 2,884 $ 413 $ 288,430 $ 177 $ 1,522 $ 1,699 $ 2,359 (1) Loans less than 30 days past due are presented as current. (2) Includes $18 million of residential first mortgages recorded at fair value. (3) Excludes loans guaranteed by U.S. government-sponsored agencies. (4) Consists of residential first mortgages that are guaranteed by U.S. government-sponsored agencies that are 30–89 days past due of $0.1 billion and 90 days or more past due of $0.3 billion . (5) North America includes the U.S., Canada and Puerto Rico. Mexico is included in offices outside North America. (6) Includes approximately $0.1 billion of residential first mortgage loans in process of foreclosure. (7) Includes approximately $0.1 billion of home equity loans in process of foreclosure. (8) Fixed-rate home equity loans and loans extended under home equity lines of credit, which are typically in junior lien positions. (9) Consumer loans are net of unearned income of $771 million . Unearned income on consumer loans primarily represents unamortized origination fees and costs, premiums and discounts. Interest Income Recognized for Non-Accrual Consumer Loans During the Quarter Ended March 31, 2020 In millions of dollars Interest income In North America offices (1) Residential first mortgages $ 3 Home equity loans 2 Credit cards — Personal, small business and other — Total $ 5 In offices outside North America (1) Residential first mortgages $ — Credit cards — Personal, small business and other — Total $ — Total Citigroup $ 5 (1) North America includes the U.S., Canada and Puerto Rico. Mexico is included in offices outside North America. Amortized Cost Basis by Consumer Loan Delinquency and Non-Accrual Status at December 31, 2019 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 (5) Residential first mortgages (6) $ 45,942 $ 411 $ 221 $ 434 $ 47,008 $ 479 $ 288 Home equity loans (7)(8) 8,860 174 189 — 9,223 405 — Credit cards 145,477 1,759 1,927 — 149,163 — 1,927 Personal, small business and other 3,641 44 14 — 3,699 21 — Total $ 203,920 $ 2,388 $ 2,351 $ 434 $ 209,093 $ 905 $ 2,215 In offices outside North America (5) Residential first mortgages (6) $ 37,316 $ 210 $ 160 $ — $ 37,686 $ 421 $ — Credit cards 25,111 426 372 — 25,909 310 242 Personal, small business and other 36,456 272 132 — 36,860 180 — Total $ 98,883 $ 908 $ 664 $ — $ 100,455 $ 911 $ 242 Total Citigroup (9) $ 302,803 $ 3,296 $ 3,015 $ 434 $ 309,548 $ 1,816 $ 2,457 (1) Loans less than 30 days past due are presented as current. (2) Includes $18 million of residential first mortgages recorded at fair value. (3) Excludes loans guaranteed by U.S. government-sponsored agencies. (4) Consists of residential first mortgages that are guaranteed by U.S. government-sponsored agencies that are 30–89 days past due of $0.1 billion and 90 days or more past due of $0.3 billion . (5) North America includes the U.S., Canada and Puerto Rico. Mexico is included in offices outside North America. (6) Includes approximately $0.1 billion of residential first mortgage loans in process of foreclosure. (7) Includes approximately $0.1 billion of home equity loans in process of foreclosure. (8) Fixed-rate home equity loans and loans extended under home equity lines of credit, which are typically in junior lien positions. (9) Consumer loans are net of unearned income of $783 million . Unearned income on consumer loans primarily represents unamortized origination fees and costs, premiums and discounts. During the three months ended March 31, 2020 and 2019, the Company sold and/or reclassified to HFS $0.0 billion and $1.9 billion , respectively, of consumer loans. |
Schedule of loans credit quality indicators | The following tables provide details on the LTV ratios for Citi’s U.S. consumer mortgage portfolios by year of origination. 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) March 31, 2020 In millions of dollars Less than or equal to 80% > 80% but less than or equal to 100% Greater than 100% Residential first mortgages 2020 $ 1,706 $ 363 $ — 2019 7,825 1,624 5 2018 2,310 736 39 2017 3,307 547 10 2016 6,851 208 5 Prior 19,646 179 26 Total residential first mortgages $ 41,645 $ 3,657 $ 85 Home equity loans (pre-reset) $ 3,034 $ 86 $ 13 Home equity loans (post-reset) 4,561 698 210 Total home equity loans $ 7,595 $ 784 $ 223 Total $ 49,240 $ 4,441 $ 308 LTV distribution in U.S. portfolio (1)(2) December 31, 2019 In millions of dollars Less than or equal to 80% > 80% but less than or equal to 100% Greater than 100% Residential first mortgages $ 41,705 $ 3,302 $ 98 Home equity loans 7,934 819 235 Total $ 49,639 $ 4,121 $ 333 (1) Excludes loans guaranteed by U.S. government-sponsored agencies, loans subject to LTSCs with U.S. government-sponsored agencies and loans recorded at fair value. (2) Excludes balances where LTV was not available. Such amounts are not material. The following tables provide details on the Fair Isaac Corporation (FICO) scores for Citi’s U.S. consumer loan portfolio based on end-of-period receivables by year of origination. 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)(3) March 31, 2020 In millions of dollars Less than 680 to 760 Greater Residential first mortgages 2020 $ 33 $ 699 $ 1,337 2019 229 3,054 6,166 2018 314 1,010 1,754 2017 366 1,165 2,326 2016 417 1,823 4,814 Prior 2,247 5,425 12,131 Total residential first mortgages $ 3,606 $ 13,176 $ 28,528 Credit cards $ 32,912 $ 56,763 $ 44,486 Credit cards and line-of-credit arrangements converted to term loans — — — Home equity loans (pre-reset) 342 1,189 1,622 Home equity loans (post-reset) 1,491 2,130 1,869 Total home equity loans $ 1,833 $ 3,319 $ 3,491 Installment and other 2020 $ 28 $ 53 $ 48 2019 133 189 150 2018 122 173 105 2017 38 64 51 2016 20 30 20 Prior 197 360 513 Personal, small business and other $ 538 $ 869 $ 887 Total $ 38,889 $ 74,127 $ 77,392 FICO Score Distribution in U.S. Portfolio FICO score distribution in U.S. portfolio (1)(2)(3) December 31, 2019 In millions of dollars Less than 680 680 to 760 Greater than 760 Residential first mortgages $ 3,602 $ 13,178 $ 28,235 Credit cards 33,290 59,536 52,935 Home equity loans 1,881 3,475 3,630 Personal, small business and other 564 907 1,473 Total $ 39,337 $ 77,096 $ 86,273 (1) The FICO bands in the tables are consistent with general industry peer presentations. (2) Excludes loans guaranteed by U.S. government-sponsored agencies, loans subject to long-term standby commitments (LTSC) with U.S. government-sponsored agencies and loans recorded at fair value. (3) Excludes balances where FICO 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 Balance at March 31, 2020 2020 2019 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) Mortgage and real estate Residential first mortgages $ 1,584 $ 1,775 $ 111 $ 1,799 $ 14 $ 17 Home equity loans 572 800 21 612 3 2 Credit cards 1,913 1,928 823 1,903 26 26 Installment and other Personal, small business and other 410 442 129 599 15 8 Total $ 4,479 $ 4,945 $ 1,084 $ 4,913 $ 58 $ 53 (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) $220 million of residential first mortgages and $176 million of home equity loans do not have a specific allowance. (3) Included in the Allowance for loan losses . (4) Average carrying value represents the average recorded investment ending balance for the last four quarters and does not include the related specific allowance. (5) Includes amounts recognized on both an accrual and cash basis. Balance at December 31, 2019 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 $ 1,666 $ 1,838 $ 161 $ 1,925 Home equity loans 592 824 123 637 Credit cards 1,931 2,288 771 1,890 Installment and other Personal, small business and other 419 455 135 683 Total $ 4,608 $ 5,405 $ 1,190 $ 5,135 (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) $405 million of residential first mortgages and $212 million of home equity loans do not have a specific allowance. (3) Included in the Allowance for credit losses on loans . (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 March 31, 2020 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 277 $ 44 $ — $ — $ — — % Home equity loans 82 8 — — — 2 Credit cards 67,282 305 — — — 17 Personal, small business and other 433 4 — — — 6 Total (6) 68,074 $ 361 $ — $ — $ — International Residential first mortgages 536 $ 14 $ — $ — $ — 5 % Credit cards 19,315 73 — — 3 16 Personal, small business and other 7,654 52 — — 2 11 Total (6) 27,505 $ 139 $ — $ — $ 5 Consumer Troubled Debt Restructurings For the Three Months Ended March 31, 2019 In millions of dollars, except number of loans modified Number of loans modified Post- modification recorded investment (1)(7) Deferred principal (3) Contingent principal forgiveness (4) Principal forgiveness (5) Average interest rate reduction North America Residential first mortgages 493 $ 74 $ — $ — $ — — % Home equity loans 206 21 1 — — 2 Credit cards 72,247 305 — — — 18 Personal, small business and other 356 3 — — — 5 Total ( 6) 73,302 $ 403 $ 1 $ — $ — International Residential first mortgages 725 $ 20 $ — $ — $ — — % Credit cards 18,493 75 — — 3 16 Personal, small business and other 7,644 51 — — 2 9 Total (6) 26,862 $ 146 $ — $ — $ 5 (1) Post-modification balances include past-due amounts that are capitalized at the modification date. (2) Post-modification balances in North America include $4 million of residential first mortgages and $1 million of home equity loans to borrowers who have gone through Chapter 7 bankruptcy in the three months ended March 31, 2020 . These amounts include $3 million of residential first mortgages and $1 million of home equity loans that were newly classified as TDRs in the three months ended March 31, 2020 , 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) The above tables reflect activity for restructured loans that were considered TDRs as of the end of the reporting period. (7) Post-modification balances in North America include $7 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 March 31, 2019 . These amounts include $4 million of residential first mortgages and $2 million of home equity loans that were newly classified as TDRs in the three months ended March 31, 2019 , based on previously received OCC guidance. |
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 March 31, In millions of dollars 2020 2019 North America Residential first mortgages $ 14 $ 23 Home equity loans 2 3 Credit cards 90 70 Personal, small business and other 1 1 Total $ 107 $ 97 International Residential first mortgages $ 6 $ 3 Credit cards 33 38 Personal, small business and other 17 18 Total $ 56 $ 59 Purchased Credit Deteriorated Assets Three Months Ended March 31, 2020 In millions of dollars Credit cards Mortgages (1) Installment and other Purchase price $ 4 $ 9 $ — Allowance for credit losses at acquisition date 4 — — Discount or premium attributable to non-credit factors — — — Par value (amortized cost basis) $ 8 $ 9 $ — (1) Includes loans sold to agencies that were bought back at par due to repurchase agreements. |
Schedule of purchased credit deteriorated assets | Purchased Credit Deteriorated Assets Three Months Ended March 31, 2020 In millions of dollars Credit cards Mortgages (1) Installment and other Purchase price $ 4 $ 9 $ — Allowance for credit losses at acquisition date 4 — — Discount or premium attributable to non-credit factors — — — Par value (amortized cost basis) $ 8 $ 9 $ — (1) Includes loans sold to agencies that were bought back at par due to repurchase agreements. |
Corporate | |
Financing Receivable, Credit Quality Indicator [Line Items] | |
Schedule of loan delinquency and non-accrual details | Corporate Loan Delinquencies and Non-Accrual Details at March 31, 2020 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 $ 1,166 $ 163 $ 1,329 $ 1,814 $ 197,154 $ 200,297 Financial institutions 1,178 51 1,229 29 94,748 96,006 Mortgage and real estate 591 24 615 204 64,398 65,217 Lease financing 28 8 36 41 983 1,060 Other 167 20 187 396 65,446 66,029 Loans at fair value 3,981 Total $ 3,130 $ 266 $ 3,396 $ 2,484 $ 422,729 $ 432,590 Corporate Loan Delinquencies and Non-Accrual Details at December 31, 2019 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 $ 676 $ 93 $ 769 $ 1,828 $ 164,249 $ 166,846 Financial institutions 791 3 794 50 91,008 91,852 Mortgage and real estate 534 4 538 188 62,425 63,151 Lease financing 58 9 67 41 1,277 1,385 Other 190 22 212 81 62,341 62,634 Loans at fair value 4,067 Total $ 2,249 $ 131 $ 2,380 $ 2,188 $ 381,300 $ 389,935 (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 or more 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 and/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) Term loans by year of origination Revolving line of credit arrangements (2) Totals as of In millions of dollars 2020 2019 2018 2017 2016 Prior March 31, December 31, Investment grade (3) Commercial and industrial (4) $ 31,204 $ 14,056 $ 8,343 $ 6,340 $ 2,838 $ 11,737 $ 51,963 $ 126,481 $ 110,797 Financial institutions (4) 14,705 7,338 4,327 1,897 1,777 6,563 47,013 83,620 80,533 Mortgage and real estate 2,717 7,406 6,391 3,904 1,809 3,164 1,668 27,059 27,571 Other (5) 8,587 5,600 5,347 1,449 782 7,626 29,708 59,099 58,155 Total investment grade $ 57,213 $ 34,400 $ 24,408 $ 13,590 $ 7,206 $ 29,090 $ 130,352 $ 296,259 $ 277,056 Non-investment grade (3) Accrual Commercial and industrial (4) $ 14,634 $ 9,193 $ 5,929 $ 3,488 $ 1,400 $ 6,277 $ 30,827 $ 71,748 $ 54,220 Financial institutions (4) 4,233 3,494 580 213 67 1,305 2,466 12,358 11,269 Mortgage and real estate 258 813 1,405 845 375 490 1,292 5,478 3,811 Other (5) 1,130 1,181 771 165 175 1,199 2,933 7,554 5,734 Non-accrual Commercial and industrial (4) 11 81 68 155 79 431 989 1,814 1,828 Financial institutions — — 4 — — 24 1 29 50 Mortgage and real estate 2 — 2 9 5 68 118 204 188 Other (5) — — 2 36 — 59 340 437 122 Total non-investment grade $ 20,268 $ 14,762 $ 8,761 $ 4,911 $ 2,101 $ 9,853 $ 38,966 $ 99,622 $ 77,222 Non-rated private bank loans managed on a delinquency basis (3)(6) $ 2,032 $ 7,782 $ 3,971 $ 4,200 $ 4,831 $ 9,912 $ — $ 32,728 $ 31,590 Loans at fair value (7) 3,981 4,067 Corporate loans, net of unearned income $ 79,513 $ 56,944 $ 37,140 $ 22,701 $ 14,138 $ 48,855 $ 169,318 $ 432,590 $ 389,935 (1) Recorded investment in a loan includes net deferred loan fees and costs, unamortized premium or discount, less any direct write-downs. (2) There were no revolving line of credit arrangements that converted to term loans during the quarter. (3) Held-for-investment loans are accounted for on an amortized cost basis. (4) Includes certain short-term loans with less than one year in tenor. (5) Other includes installment and other, lease financing and loans to government and official institutions. (6) Non-rated private bank loans mainly include mortgage and real estate loans to private banking clients. (7) Loans at fair value include loans to commercial and industrial, financial institutions, mortgage and real estate and other. |
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: March 31, 2020 Three Months Ended Three Months Ended In millions of dollars Recorded investment (1) Unpaid principal balance Related specific allowance Average carrying value (2) Interest income recognized Interest income recognized Non-accrual corporate loans Commercial and industrial $ 1,814 $ 2,374 $ 263 $ 1,629 $ 2 $ 14 Financial institutions 29 113 — 38 — — Mortgage and real estate 204 401 10 192 — — Lease financing 41 41 — 21 — — Other 396 462 10 168 13 — Total non-accrual corporate loans $ 2,484 $ 3,391 $ 283 $ 2,048 $ 15 $ 14 December 31, 2019 In millions of dollars Recorded investment (1) Unpaid principal balance Related specific allowance Average carrying value (2) Non-accrual corporate loans Commercial and industrial $ 1,828 $ 1,942 $ 283 $ 1,449 Financial institutions 50 120 2 63 Mortgage and real estate 188 362 10 192 Lease financing 41 41 — 8 Other 81 202 4 76 Total non-accrual corporate loans $ 2,188 $ 2,667 $ 299 $ 1,788 March 31, 2020 December 31, 2019 In millions of dollars Recorded investment (1) Related specific allowance Recorded investment (1) Related specific allowance Non-accrual corporate loans with specific allowances Commercial and industrial $ 1,060 $ 263 $ 714 $ 283 Financial institutions — — 40 2 Mortgage and real estate 45 10 48 10 Lease financing — — — — Other 14 10 7 4 Total non-accrual corporate loans with specific allowance $ 1,119 $ 283 $ 809 $ 299 Non-accrual corporate loans without specific allowance Commercial and industrial $ 754 $ 1,114 Financial institutions 29 10 Mortgage and real estate 159 140 Lease financing 41 41 Other 382 74 Total non-accrual corporate loans without specific allowance $ 1,365 N/A $ 1,379 N/A (1) Recorded investment in a loan includes net deferred loan fees and costs, unamortized premium or discount, less any direct write-downs. (2) Average carrying value represents the average recorded investment balance and does not include related specific allowance. N/A Not applicable |
Schedule of troubled debt restructurings | For the three months ended March 31, 2020 : 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 $ 94 $ — $ — $ 94 Mortgage and real estate 4 — — 4 Total $ 98 $ — $ — $ 98 For the three months ended March 31, 2019 : 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 $ 93 $ — $ — $ 93 Mortgage and real estate 4 — — 4 Total $ 97 $ — $ — $ 97 (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 March 31, 2020 TDR loans in payment default during the three months ended March 31, 2020 TDR balances at March 31, 2019 TDR loans in payment default during the three months ended March 31, 2019 Commercial and industrial $ 685 $ — $ 636 $ — Financial institutions — — 13 — Mortgage and real estate 77 — 112 — Other 15 — 4 — Total (1) $ 777 $ — $ 765 $ — (1) The above table reflects activity for loans outstanding that were considered TDRs as of the end of the reporting period. |
Schedule of corporate loans by type | The following table presents information by corporate loan type: In millions of dollars March 31, December 31, In North America offices (1) Commercial and industrial $ 81,231 $ 55,929 Financial institutions 60,653 53,922 Mortgage and real estate (2) 55,428 53,371 Installment and other 30,591 31,238 Lease financing 988 1,290 Total $ 228,891 $ 195,750 In offices outside North America (1) Commercial and industrial $ 121,703 $ 112,668 Financial institutions 37,003 40,211 Mortgage and real estate (2) 9,639 9,780 Installment and other 31,728 27,303 Lease financing 72 95 Governments and official institutions 3,554 4,128 Total $ 203,699 $ 194,185 Corporate loans, net of unearned income (3) $ 432,590 $ 389,935 (1) North America includes the U.S., Canada and Puerto Rico. Mexico is included in offices outside North America. The classification between offices in North America and outside North America is based on the domicile of the booking unit. The difference between the domicile of the booking unit and the domicile of the managing unit is not material. (2) Loans secured primarily by real estate. (3) Corporate loans are net of unearned income of ($791) million and ($814) million at March 31, 2020 and December 31, 2019 , respectively. Unearned income on corporate loans primarily represents interest received in advance, but not yet earned, on loans originated on a discounted basis. |
ALLOWANCE FOR CREDIT LOSSES (Ta
ALLOWANCE FOR CREDIT LOSSES (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Loans and Leases Receivable Disclosure [Abstract] | |
Schedule of allowance for credit losses and investment in loans by portfolio segment | Allowance for Credit Losses and End-of-Period Loans Three Months Ended March 31, 2020 March 31, 2019 In millions of dollars Corporate Consumer Total Corporate Consumer Total Allowance for credit losses on loans at beginning of period $ 2,886 $ 9,897 $ 12,783 $ 2,811 $ 9,504 $ 12,315 Adjustment to opening balance for CECL adoption (721 ) 4,922 4,201 — — — Charge-offs (138 ) (2,341 ) (2,479 ) (100 ) (2,245 ) (2,345 ) Recoveries 11 360 371 21 376 397 Replenishment of net charge-offs 127 1,981 2,108 79 1,869 1,948 Net reserve builds (releases) 1,268 2,844 4,112 4 63 67 Net specific reserve builds (releases) 48 176 224 (79 ) 8 (71 ) Initial allowance for credit losses on purchased credit deteriorated assets — 4 4 — — — Other (30 ) (453 ) (483 ) (5 ) 23 18 Ending balance $ 3,451 $ 17,390 $ 20,841 $ 2,731 $ 9,598 $ 12,329 March 31, 2020 December 31, 2019 In millions of dollars Corporate Consumer Total Corporate Consumer Total Allowance for credit losses on loans Collectively evaluated $ 3,168 $ 16,296 $ 19,464 $ 2,587 $ 8,706 $ 11,293 Individually evaluated 283 1,084 1,367 299 1,190 1,489 Purchased credit deteriorated — 10 10 — 1 1 Total allowance for credit losses on loans $ 3,451 $ 17,390 $ 20,841 $ 2,886 $ 9,897 $ 12,783 Loans, net of unearned income Collectively evaluated $ 426,125 $ 283,804 $ 709,929 $ 383,828 $ 304,510 $ 688,338 Individually evaluated 2,484 4,479 6,963 2,040 4,892 6,932 Purchased credit deteriorated — 129 129 — 128 128 Held at fair value 3,981 18 3,999 4,067 18 4,085 Total loans, net of unearned income $ 432,590 $ 288,430 $ 721,020 $ 389,935 $ 309,548 $ 699,483 Three Months Ended March 31, In millions of dollars 2020 2019 Allowance for credit losses on loans (ACLL) at beginning of period $ 12,783 $ 12,315 Adjustment to opening balance for CECL adoption (1) 4,201 — Adjusted ACLL at beginning of period $ 16,984 $ 12,315 Gross credit losses on loans $ (2,479 ) $ (2,345 ) Gross recoveries on loans (2) 371 397 Net credit losses on loans (NCLs) $ (2,108 ) $ (1,948 ) NCLs $ 2,108 $ 1,948 Net reserve builds (releases) for loans 4,112 67 Net specific reserve builds (releases) for loans 224 (71 ) Total provision for credit losses on loans (PCLL) $ 6,444 $ 1,944 Initial allowance for credit losses on newly purchased credit deteriorated assets during the period 4 — Other, net (see table below) (483 ) 18 ACLL at end of period $ 20,841 $ 12,329 Allowance for credit losses on unfunded lending commitments (ACLUC) at beginning of period (3) $ 1,456 $ 1,367 Adjustment to opening balance for CECL adoption (1) (194 ) — Provision (release) for credit losses on unfunded lending commitments 557 24 Other, net (6 ) — ACLUC at end of period (3) $ 1,813 $ 1,391 Total allowance for credit losses on loans, leases and unfunded lending commitments $ 22,654 $ 13,720 Other, net details Three Months Ended March 31, Sales or transfers of various consumer loan portfolios to HFS $ (3 ) $ — FX translation (4) (483 ) 26 Other 3 (8 ) Other, net $ (483 ) $ 18 (1) See Note 1 to the Consolidated Financial Statements for further discussion on the impact of Citi’s adoption of CECL. (2) Recoveries have been reduced by certain collection costs that are incurred only if collection efforts are successful. (3) Represents additional credit loss reserves for unfunded lending commitments and letters of credit recorded in Other liabilities on the Consolidated Balance Sheet. (4) Primarily related to consumer. The corporate allowance is predominantly sourced in U.S. dollars. |
Schedule of allowance for credit losses on held-to-maturity securities | Allowance for Credit Losses on HTM Debt Securities Three Months Ended March 31, 2020 In millions of dollars U.S. Treasury and federal agency State and municipal Foreign government Asset-backed Total HTM Allowance for credit losses on HTM debt securities at beginning of period $ — $ — $ — $ — $ — Adjustment to opening balance for CECL adoption — 61 4 5 70 Gross credit losses — — — — — Gross recoveries — — — — — Net credit losses $ — $ — $ — $ — $ — Net credit losses $ — $ — $ — $ — $ — Net reserve builds (releases) — 5 — 1 6 Net specific reserve builds (releases) — — — — — Total provision for credit losses on HTM debt securities $ — $ 5 $ — $ 1 $ 6 Other, net $ — $ — $ — $ — $ — Initial allowance for credit losses on newly purchased credit deteriorated assets during the period — — — — — Allowance for credit losses on HTM debt securities at end of period $ — $ 66 $ 4 $ 6 $ 76 |
Schedule of allowance for credit losses on other assets | Allowance for Credit Losses on Other Assets Three Months Ended March 31, 2020 In millions of dollars Cash and due from banks Deposits with banks Securities borrowed and purchased under agreements to resell Brokerage receivables All other assets Total Allowance for credit losses at beginning of period $ — $ — $ — $ — $ — $ — Adjustment to opening balance for CECL adoption 6 14 2 1 3 26 Gross credit losses — — — — — — Gross recoveries — — — — — — Net credit losses (NCLs) $ — $ — $ — $ — $ — $ — NCLs $ — $ — $ — $ — $ — $ — Net reserve builds (releases) (6 ) (6 ) 3 (1 ) 6 (4 ) Total provision for credit losses $ (6 ) $ (6 ) $ 3 $ (1 ) $ 6 $ (4 ) Other, net $ — $ — $ — $ — $ 32 $ 32 Allowance for credit losses on Other assets at end of period $ — $ 8 $ 5 $ — $ 41 $ 54 |
GOODWILL AND INTANGIBLE ASSETS
GOODWILL AND INTANGIBLE ASSETS (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
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 Total Balance at December 31, 2019 $ 12,102 $ 10,024 $ 22,126 Foreign currency translation (265 ) (597 ) (862 ) Balance at March 31, 2020 $ 11,837 $ 9,427 $ 21,264 |
Components of intangible assets, finite-lived | The components of intangible assets were as follows: March 31, 2020 December 31, 2019 In millions of dollars Gross carrying amount Accumulated amortization Net carrying amount Gross carrying amount Accumulated amortization Net carrying amount Purchased credit card relationships $ 5,634 $ 4,060 $ 1,574 $ 5,676 $ 4,059 $ 1,617 Credit card contract-related intangibles (1) 3,417 1,138 2,279 5,393 3,069 2,324 Core deposit intangibles 42 42 — 434 433 1 Other customer relationships 424 281 143 424 275 149 Present value of future profits 27 24 3 34 31 3 Indefinite-lived intangible assets 191 — 191 228 — 228 Other 60 57 3 82 77 5 Intangible assets (excluding MSRs) $ 9,795 $ 5,602 $ 4,193 $ 12,271 $ 7,944 $ 4,327 Mortgage servicing rights (MSRs) (2) 367 — 367 495 — 495 Total intangible assets $ 10,162 $ 5,602 $ 4,560 $ 12,766 $ 7,944 $ 4,822 (1) Primarily reflects contract-related intangibles associated with the American Airlines, The Home Depot, Costco and AT&T credit card program agreements, which represented 96% of the aggregate net carrying amount as of March 31, 2020 and December 31, 2019 . (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 Impairments FX translation and other March 31, Purchased credit card relationships (1) $ 1,617 $ 11 $ (50 ) $ — $ (4 ) $ 1,574 Credit card contract-related intangibles (2) 2,324 9 (50 ) — (4 ) 2,279 Core deposit intangibles 1 — — — (1 ) — Other customer relationships 149 — (6 ) — — 143 Present value of future profits 3 — — — — 3 Indefinite-lived intangible assets 228 — — — (37 ) 191 Other 5 — (2 ) — — 3 Intangible assets (excluding MSRs) $ 4,327 $ 20 $ (108 ) $ — $ (46 ) $ 4,193 Mortgage servicing rights (MSRs) (3) 495 367 Total intangible assets $ 4,822 $ 4,560 (1) Reflects intangibles for the value of cardholder relationships, which are discrete from partner contract-related intangibles and include credit card accounts primarily in the Costco and Macy’s portfolios. (2) Primarily reflects contract-related intangibles associated with the American Airlines, The Home Depot, Costco and AT&T credit card program agreements, which represented 96% of the aggregate net carrying amount at March 31, 2020 and December 31, 2019 . (3) For additional information on Citi’s MSRs, including the rollforward for the three months ended March 31, 2020 , see Note 18 to the Consolidated Financial Statements. |
Components of intangible assets, indefinite-lived | The components of intangible assets were as follows: March 31, 2020 December 31, 2019 In millions of dollars Gross carrying amount Accumulated amortization Net carrying amount Gross carrying amount Accumulated amortization Net carrying amount Purchased credit card relationships $ 5,634 $ 4,060 $ 1,574 $ 5,676 $ 4,059 $ 1,617 Credit card contract-related intangibles (1) 3,417 1,138 2,279 5,393 3,069 2,324 Core deposit intangibles 42 42 — 434 433 1 Other customer relationships 424 281 143 424 275 149 Present value of future profits 27 24 3 34 31 3 Indefinite-lived intangible assets 191 — 191 228 — 228 Other 60 57 3 82 77 5 Intangible assets (excluding MSRs) $ 9,795 $ 5,602 $ 4,193 $ 12,271 $ 7,944 $ 4,327 Mortgage servicing rights (MSRs) (2) 367 — 367 495 — 495 Total intangible assets $ 10,162 $ 5,602 $ 4,560 $ 12,766 $ 7,944 $ 4,822 (1) Primarily reflects contract-related intangibles associated with the American Airlines, The Home Depot, Costco and AT&T credit card program agreements, which represented 96% of the aggregate net carrying amount as of March 31, 2020 and December 31, 2019 . (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 Impairments FX translation and other March 31, Purchased credit card relationships (1) $ 1,617 $ 11 $ (50 ) $ — $ (4 ) $ 1,574 Credit card contract-related intangibles (2) 2,324 9 (50 ) — (4 ) 2,279 Core deposit intangibles 1 — — — (1 ) — Other customer relationships 149 — (6 ) — — 143 Present value of future profits 3 — — — — 3 Indefinite-lived intangible assets 228 — — — (37 ) 191 Other 5 — (2 ) — — 3 Intangible assets (excluding MSRs) $ 4,327 $ 20 $ (108 ) $ — $ (46 ) $ 4,193 Mortgage servicing rights (MSRs) (3) 495 367 Total intangible assets $ 4,822 $ 4,560 (1) Reflects intangibles for the value of cardholder relationships, which are discrete from partner contract-related intangibles and include credit card accounts primarily in the Costco and Macy’s portfolios. (2) Primarily reflects contract-related intangibles associated with the American Airlines, The Home Depot, Costco and AT&T credit card program agreements, which represented 96% of the aggregate net carrying amount at March 31, 2020 and December 31, 2019 . (3) For additional information on Citi’s MSRs, including the rollforward for the three months ended March 31, 2020 , see Note 18 to the Consolidated Financial Statements. |
Changes in intangible assets | The components of intangible assets were as follows: March 31, 2020 December 31, 2019 In millions of dollars Gross carrying amount Accumulated amortization Net carrying amount Gross carrying amount Accumulated amortization Net carrying amount Purchased credit card relationships $ 5,634 $ 4,060 $ 1,574 $ 5,676 $ 4,059 $ 1,617 Credit card contract-related intangibles (1) 3,417 1,138 2,279 5,393 3,069 2,324 Core deposit intangibles 42 42 — 434 433 1 Other customer relationships 424 281 143 424 275 149 Present value of future profits 27 24 3 34 31 3 Indefinite-lived intangible assets 191 — 191 228 — 228 Other 60 57 3 82 77 5 Intangible assets (excluding MSRs) $ 9,795 $ 5,602 $ 4,193 $ 12,271 $ 7,944 $ 4,327 Mortgage servicing rights (MSRs) (2) 367 — 367 495 — 495 Total intangible assets $ 10,162 $ 5,602 $ 4,560 $ 12,766 $ 7,944 $ 4,822 (1) Primarily reflects contract-related intangibles associated with the American Airlines, The Home Depot, Costco and AT&T credit card program agreements, which represented 96% of the aggregate net carrying amount as of March 31, 2020 and December 31, 2019 . (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 Impairments FX translation and other March 31, Purchased credit card relationships (1) $ 1,617 $ 11 $ (50 ) $ — $ (4 ) $ 1,574 Credit card contract-related intangibles (2) 2,324 9 (50 ) — (4 ) 2,279 Core deposit intangibles 1 — — — (1 ) — Other customer relationships 149 — (6 ) — — 143 Present value of future profits 3 — — — — 3 Indefinite-lived intangible assets 228 — — — (37 ) 191 Other 5 — (2 ) — — 3 Intangible assets (excluding MSRs) $ 4,327 $ 20 $ (108 ) $ — $ (46 ) $ 4,193 Mortgage servicing rights (MSRs) (3) 495 367 Total intangible assets $ 4,822 $ 4,560 (1) Reflects intangibles for the value of cardholder relationships, which are discrete from partner contract-related intangibles and include credit card accounts primarily in the Costco and Macy’s portfolios. (2) Primarily reflects contract-related intangibles associated with the American Airlines, The Home Depot, Costco and AT&T credit card program agreements, which represented 96% of the aggregate net carrying amount at March 31, 2020 and December 31, 2019 . (3) For additional information on Citi’s MSRs, including the rollforward for the three months ended March 31, 2020 , see Note 18 to the Consolidated Financial Statements. |
DEBT (Tables)
DEBT (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Debt Disclosure [Abstract] | |
Schedule of short-term borrowings | In millions of dollars March 31, December 31, Commercial paper Bank (1) $ 12,157 $ 10,155 Broker-dealer and other (2) 6,016 6,321 Total commercial paper $ 18,173 $ 16,476 Other borrowings (3) 36,778 28,573 Total $ 54,951 $ 45,049 (1) Represents Citibank entities as well as other bank entities. (2) Represents broker-dealer and other non-bank subsidiaries that are consolidated into Citigroup Inc., the parent holding company. (3) Includes borrowings from Federal Home Loan Banks and other market participants. At March 31, 2020 and December 31, 2019 , collateralized short-term advances from the Federal Home Loan Banks were $23.4 billion and $17.6 billion , respectively. Additionally, the increase in Other borrowings as of March 31, 2020 is partially due to Citi’s borrowings under certain U.S. government-sponsored liquidity programs. While these borrowings helped support the functioning of markets, they were not significant to Citi’s overall liquidity profile. |
Schedule of long-term debt | In millions of dollars March 31, December 31, 2019 Citigroup Inc. (1) $ 156,461 $ 150,477 Bank (2) 62,444 53,340 Broker-dealer and other (3) 47,193 44,943 Total $ 266,098 $ 248,760 (1) Represents the parent holding company. (2) Represents Citibank entities as well as other bank entities. At March 31, 2020 and December 31, 2019 , collateralized long-term advances from the Federal Home Loan Banks were $16.0 billion and $5.5 billion , respectively. (3) Represents broker-dealer and other non-bank subsidiaries that are consolidated into Citigroup Inc., the parent holding company. Certain Citigroup consolidated hedging activities are also included in this line. |
Summary of outstanding trust preferred securities | The following table summarizes Citi’s outstanding trust preferred securities at March 31, 2020 : 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 securities and 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 99,901 124 3 mo LIBOR + 88.75 bps 50 124 Jun. 28, 2067 Jun. 28, 2017 Total obligated $ 2,564 $ 2,570 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. This differs from Citi’s balance sheet carrying value due primarily to unamortized discount and issuance costs. (2) |
CHANGES IN ACCUMULATED OTHER _2
CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (AOCI) (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
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 March 31, 2020 In millions of dollars Net Debt valuation adjustment (DVA) (1) Cash flow hedges (2) Benefit plans (3) Foreign (4) Excluded component of fair value hedges (5) Accumulated Balance, December 31, 2019 $ (265 ) $ (944 ) $ 123 $ (6,809 ) $ (28,391 ) $ (32 ) $ (36,318 ) Other comprehensive income before 3,456 3,116 1,898 (344 ) (4,109 ) 27 4,044 Increase (decrease) due to amounts (328 ) 24 (1 ) 58 — — (247 ) Change, net of taxes $ 3,128 $ 3,140 $ 1,897 $ (286 ) $ (4,109 ) $ 27 $ 3,797 Balance at March 31, 2020 $ 2,863 $ 2,196 $ 2,020 $ (7,095 ) $ (32,500 ) $ (5 ) $ (32,521 ) Three Months Ended March 31, 2019 In millions of dollars Net Debt valuation adjustment (DVA) (1) Cash flow hedges (2) Benefit plans (3) Foreign (4) Excluded component of fair value hedges (5) Accumulated Balance, December 31, 2018 $ (2,250 ) $ 192 $ (728 ) $ (6,257 ) $ (28,070 ) $ (57 ) $ (37,170 ) Other comprehensive income before 1,226 (575 ) 186 (110 ) 58 18 803 Increase (decrease) due to amounts (91 ) 4 100 46 — — 59 Change, net of taxes $ 1,135 $ (571 ) $ 286 $ (64 ) $ 58 $ 18 $ 862 Balance at March 31, 2019 $ (1,115 ) $ (379 ) $ (442 ) $ (6,321 ) $ (28,012 ) $ (39 ) $ (36,308 ) (1) Changes in DVA are reflected as a component of AOCI , pursuant to the adoption of the provisions of ASU 2016-01 relating to the presentation of DVA on fair value options liabilities. See Note 1 to the Consolidated Financial Statements in Citi’s 2019 Annual Report on Form 10-K. (2) Primarily driven by Citigroup’s pay fixed/receive floating interest rate swap programs that hedge the floating rates on liabilities. (3) 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. (4) Primarily reflects the movements in (by order of impact) the Mexican peso, Brazilian real, Australian dollar, South Korean won and Chilean peso against the U.S. dollar and changes in related tax effects and hedges for the three months ended March 31, 2020 . Primarily reflects the movements in (by order of impact) the Mexican peso, Chilean peso, Chinese yuan and Russian ruble against the U.S. dollar and changes in related tax effects and hedges for the three months ended March 31, 2019. 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. |
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 March 31, 2020 In millions of dollars Pretax Tax effect After-tax Balance, December 31, 2019 $ (42,772 ) $ 6,454 $ (36,318 ) Change in net unrealized gains (losses) on debt securities 4,121 (993 ) 3,128 Debt valuation adjustment (DVA) 4,188 (1,048 ) 3,140 Cash flow hedges 2,484 (587 ) 1,897 Benefit plans (418 ) 132 (286 ) Foreign currency translation adjustment (4,055 ) (54 ) (4,109 ) Excluded component of fair value hedges 33 (6 ) 27 Change $ 6,353 $ (2,556 ) $ 3,797 Balance at March 31, 2020 $ (36,419 ) $ 3,898 $ (32,521 ) Three Months Ended March 31, 2019 In millions of dollars Pretax Tax effect (1) After-tax Balance, December 31, 2018 $ (44,082 ) $ 6,912 $ (37,170 ) Change in net unrealized gains (losses) on debt securities 1,500 (365 ) 1,135 Debt valuation adjustment (DVA) (725 ) 154 (571 ) Cash flow hedges 378 (92 ) 286 Benefit plans (68 ) 4 (64 ) Foreign currency translation adjustment 69 (11 ) 58 Excluded component of fair value hedges 24 (6 ) 18 Change $ 1,178 $ (316 ) $ 862 Balance, March 31, 2019 $ (42,904 ) $ 6,596 $ (36,308 ) (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 2019 Annual Report on Form 10-K. |
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 March 31, In millions of dollars 2020 2019 Realized (gains) losses on sales of investments $ (432 ) $ (130 ) Gross impairment losses — 3 Subtotal, pretax $ (432 ) $ (127 ) Tax effect 104 36 Net realized (gains) losses on investments after-tax (1) $ (328 ) $ (91 ) Realized DVA (gains) losses on fair value option liabilities, pretax $ 32 $ 5 Tax effect (8 ) (1 ) Net realized debt valuation adjustment, after-tax $ 24 $ 4 Interest rate contracts $ (3 ) $ 130 Foreign exchange contracts 1 2 Subtotal, pretax $ (2 ) $ 132 Tax effect 1 (32 ) Amortization of cash flow hedges, after-tax (2) $ (1 ) $ 100 Amortization of unrecognized: Prior service cost (benefit) $ (3 ) $ (4 ) Net actuarial loss 79 65 Curtailment/settlement impact (3) — — Subtotal, pretax $ 76 $ 61 Tax effect (18 ) (15 ) Amortization of benefit plans, after-tax (3) $ 58 $ 46 Excluded component of fair value hedges, pretax $ — $ — Tax effect — — Excluded component of fair value hedges, after-tax $ — $ — Foreign currency translation adjustment $ — $ — Tax effect — — Foreign currency translation adjustment $ — $ — Total amounts reclassified out of AOCI , pretax $ (326 ) $ 71 Total tax effect 79 (12 ) Total amounts reclassified out of AOCI , after-tax $ (247 ) $ 59 (1) The pretax amount is reclassified to Realized gains (losses) on sales of investments, net and Gross impairment losses in the Consolidated Statement of Income. See Note 12 to the Consolidated Financial Statements for additional details. (2) See Note 19 to the Consolidated Financial Statements for additional details. (3) See Note 8 to the Consolidated Financial Statements for additional details. |
SECURITIZATIONS AND VARIABLE _2
SECURITIZATIONS AND VARIABLE INTEREST ENTITIES (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
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 March 31, 2020 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 $ 37,612 $ 37,612 $ — $ — $ — $ — $ — $ — Mortgage securitizations (4) U.S. agency-sponsored 109,728 — 109,728 2,000 — — 65 2,065 Non-agency-sponsored 37,140 941 36,199 1,054 — — 1 1,055 Citi-administered asset-backed commercial paper conduits 19,386 19,386 — — — — — — Collateralized loan obligations (CLOs) 17,453 — 17,453 3,918 — — — 3,918 Asset-based financing 207,817 5,569 202,248 24,935 1,154 9,863 — 35,952 Municipal securities tender option bond trusts (TOBs) 6,129 1,134 4,995 4 — 3,125 — 3,129 Municipal investments 20,383 — 20,383 2,662 4,221 3,030 — 9,913 Client intermediation 1,430 1,371 59 4 — — — 4 Investment funds 539 121 418 1 — 16 — 17 Other 62 2 60 — — 60 — 60 Total $ 457,679 $ 66,136 $ 391,543 $ 34,578 $ 5,375 $ 16,094 $ 66 $ 56,113 As of December 31, 2019 Maximum exposure to loss in significant unconsolidated VIEs (1) Funded exposures (2) Unfunded exposures In millions of dollars Total involvement with SPE assets Consolidated VIE/SPE assets Significant unconsolidated VIE assets (3) Debt investments Equity investments Funding commitments Guarantees and derivatives Total Credit card securitizations $ 43,534 $ 43,534 $ — $ — $ — $ — $ — $ — Mortgage securitizations (4) U.S. agency-sponsored 117,374 — 117,374 2,671 — — 72 2,743 Non-agency-sponsored 39,608 1,187 38,421 876 — — 1 877 Citi-administered asset-backed commercial paper conduits 15,622 15,622 — — — — — — Collateralized loan obligations (CLOs) 17,395 — 17,395 4,199 — — — 4,199 Asset-based financing 196,728 6,139 190,589 23,756 1,151 9,524 — 34,431 Municipal securities tender option bond trusts (TOBs) 6,950 1,458 5,492 4 — 3,544 — 3,548 Municipal investments 20,312 — 20,312 2,636 4,274 3,034 — 9,944 Client intermediation 1,455 1,391 64 4 — — — 4 Investment funds 827 174 653 5 — 16 1 22 Other 352 1 351 169 — 39 — 208 Total $ 460,157 $ 69,506 $ 390,651 $ 34,320 $ 5,425 $ 16,157 $ 74 $ 55,976 (1) The definition of maximum exposure to loss is included in the text that follows this table. (2) Included on Citigroup’s March 31, 2020 and December 31, 2019 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: March 31, 2020 December 31, 2019 In millions of dollars Liquidity facilities Loan/equity commitments Liquidity facilities Loan/equity commitments Asset-based financing $ — $ 9,863 $ — $ 9,524 Municipal securities tender option bond trusts (TOBs) 3,125 — 3,544 — Municipal investments — 3,030 — 3,034 Investment funds — 16 — 16 Other — 60 — 39 Total funding commitments $ 3,125 $ 12,969 $ 3,544 $ 12,613 |
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 March 31, 2020 December 31, 2019 Cash $ — $ — Trading account assets 2.0 2.6 Investments 9.7 9.9 Total loans, net of allowance 27.8 26.7 Other 0.5 0.5 Total assets $ 40.0 $ 39.7 |
Schedule of securitized credit card receivables | The following table reflects amounts related to the Company’s securitized credit card receivables: In billions of dollars March 31, 2020 December 31, 2019 Ownership interests in principal amount of trust credit card receivables Sold to investors via trust-issued securities $ 19.7 $ 19.7 Retained by Citigroup as trust-issued securities 5.4 6.2 Retained by Citigroup via non-certificated interests 14.6 17.8 Total $ 39.7 $ 43.7 The following table summarizes selected cash flow information related to Citigroup’s credit card securitizations: Three Months Ended March 31, In billions of dollars 2020 2019 Proceeds from new securitizations $ — $ — Pay down of maturing notes — (2.5 ) |
Schedule of Master Trust liabilities (at par value) | In billions of dollars Mar. 31, 2020 Dec. 31, 2019 Term notes issued to third parties $ 18.2 $ 18.2 Term notes retained by Citigroup affiliates 3.5 4.3 Total Master Trust liabilities $ 21.7 $ 22.5 |
Schedule of Omni Trust liabilities (at par value) | In billions of dollars Mar. 31, 2020 Dec. 31, 2019 Term notes issued to third parties $ 1.5 $ 1.5 Term notes retained by Citigroup affiliates 1.9 1.9 Total Omni Trust liabilities $ 3.4 $ 3.4 |
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 March 31, 2020 2019 In billions of dollars U.S. agency- Non-agency- (1) U.S. agency- Non-agency- Principal securitized $ 2.0 $ 1.6 $ 1.0 $ 2.7 Proceeds from new securitizations 2.1 2.5 1.0 2.7 Note: Excludes re-securitization transactions. (1) The principal securitized and proceeds from new securitizations in 2020 include $0.2 billion related to personal loan securitizations. |
Schedule of carrying value of retained interests | March 31, 2020 December 31, 2019 Non-agency-sponsored mortgages (1) Non-agency-sponsored mortgages (1) In millions of dollars U.S. agency- Senior (3) Subordinated U.S. agency- Senior Subordinated Carrying value of retained interests (2) $ 349 $ 902 $ 101 $ 491 $ 748 $ 102 (1) Disclosure of non-agency-sponsored mortgages as senior and subordinated interests is indicative of the interests’ position in the capital structure of the securitization. (2) Retained interests consist of Level 2 and Level 3 assets depending on the observability of significant inputs. See Note 20 to the Consolidated Financial Statements for more information about fair value measurements. (3) Senior interests in non-agency-sponsored mortgages include $127 million related to personal loan securitizations at March 31, 2020 . |
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 March 31, 2020 Non-agency-sponsored mortgages (1) U.S. agency- sponsored mortgages Senior interests Subordinated interests Weighted average discount rate 8.5 % 1.3 % — % Weighted average constant prepayment rate 25.7 % — % — % Weighted average anticipated net credit losses (2) NM 1.6 % — % Weighted average life 5.2 years 4.2 years NM Three Months Ended March 31, 2019 Non-agency-sponsored mortgages (1) U.S. agency- Senior Subordinated Weighted average discount rate 6.6 % 3.6 % 7.1 % Weighted average constant prepayment rate 14.1 % 6.0 % 6.0 % Weighted average anticipated net credit losses (2) NM 5.0 % 3.5 % Weighted average life 6.1 years 7.6 years 19.4 years (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. Key assumptions used in measuring the fair value of retained interests in securitizations of mortgage receivables at period end were as follows: March 31, 2020 Non-agency-sponsored mortgages (1) U.S. agency- Senior Subordinated Weighted average discount rate 6.2 % 8.9 % 4.4 % Weighted average constant prepayment rate 20.6 % 2.7 % 5.1 % Weighted average anticipated net credit losses (2) NM 1.1 % 1.4 % Weighted average life 4.6 years 6.8 years NM December 31, 2019 Non-agency-sponsored mortgages (1) U.S. agency- Senior Subordinated Weighted average discount rate 9.3 % 3.6 % 4.6 % Weighted average constant prepayment rate 12.9 % 10.5 % 7.6 % Weighted average anticipated net credit losses (2) NM 3.9 % 2.8 % Weighted average life 6.6 years 3.0 years 11.4 years (1) Disclosure of non-agency-sponsored mortgages as senior and subordinated interests is indicative of the interests’ position in the capital structure of the securitization. (2) Anticipated net credit losses represent estimated loss severity associated with defaulted mortgage loans underlying the mortgage securitizations disclosed above. Anticipated net credit losses, in this instance, do not represent total credit losses incurred to date, nor do they represent credit losses expected on retained interests in mortgage securitizations. NM 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 | March 31, 2020 Non-agency-sponsored mortgages In millions of dollars U.S. agency- sponsored mortgages Senior interests Subordinated interests Discount rate Adverse change of 10% $ (9 ) $ (1 ) $ (1 ) Adverse change of 20% (17 ) (1 ) (2 ) Constant prepayment rate Adverse change of 10% (23 ) — — Adverse change of 20% (43 ) — — Anticipated net credit losses Adverse change of 10% NM — — Adverse change of 20% NM — (1 ) December 31, 2019 Non-agency-sponsored mortgages In millions of dollars U.S. agency- Senior Subordinated Discount rate Adverse change of 10% $ (18 ) $ — $ (1 ) Adverse change of 20% (35 ) (1 ) (1 ) Constant prepayment rate Adverse change of 10% (18 ) — — Adverse change of 20% (35 ) — — Anticipated net credit losses Adverse change of 10% NM — — Adverse change of 20% NM — — NM Anticipated net credit losses are not meaningful due to U.S. agency guarantees. |
Schedule of information about loan delinquencies and liquidation losses for assets held in non-consolidated, non-agency-sponsored securitization entities | The following table includes information about loan delinquencies and liquidation losses for assets held in non-consolidated, non-agency-sponsored securitization entities: Liquidation losses Securitized assets 90 days past due Three Months Ended March 31, In billions of dollars, except liquidation losses in millions Mar. 31, 2020 Dec. 31, 2019 Mar. 31, 2020 Dec. 31, 2019 2020 2019 Securitized assets Residential mortgages (1) $ 11.8 $ 11.7 $ 0.3 $ 0.4 $ 11 $ 11 Commercial and other 20.5 22.3 — — — — Total $ 32.3 $ 34.0 $ 0.3 $ 0.4 $ 11 $ 11 (1) Securitized assets include $0.3 billion of personal loan securitizations as of March 31, 2020 . |
Schedule of changes in capitalized MSRs | The following table summarizes the changes in capitalized MSRs: Three Months Ended March 31, In millions of dollars 2020 2019 Balance, beginning of year $ 495 $ 584 Originations 32 12 Changes in fair value of MSRs due to changes in inputs and assumptions (143 ) (27 ) Other changes (1) (17 ) (18 ) Sales of MSRs — — Balance, as of March 31 $ 367 $ 551 (1) Represents changes due to customer payments and passage of time. |
Schedule of fees received on servicing previously securitized mortgages | The amounts of these fees were as follows: Three Months Ended March 31, In millions of dollars 2020 2019 Servicing fees $ 39 $ 41 Late fees 2 2 Ancillary fees — 1 Total MSR fees $ 41 $ 44 |
Schedule of sensitivity of adverse changes of 10% and 20% to discount rate, CDOs and CLOs | The following table summarizes selected retained interests related to Citigroup CLOs: In millions of dollars Mar. 31, 2020 Dec. 31, 2019 Carrying value of retained interests $ 1,060 $ 1,404 |
Schedule of asset-based financing | March 31, 2020 In millions of dollars Total unconsolidated VIE assets Maximum exposure to unconsolidated VIEs Type Commercial and other real estate $ 28,469 $ 6,980 Corporate loans 10,502 7,808 Other (including investment funds, airlines and shipping) 163,277 21,164 Total $ 202,248 $ 35,952 December 31, 2019 In millions of dollars Total unconsolidated VIE assets Maximum exposure to unconsolidated VIEs Type Commercial and other real estate $ 31,377 $ 7,489 Corporate loans 7,088 5,802 Other (including investment funds, airlines and shipping) 152,124 21,140 Total $ 190,589 $ 34,431 |
DERIVATIVES (Tables)
DERIVATIVES (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative notionals | Information pertaining to Citigroup’s derivatives 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. 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 March 31, December 31, March 31, December 31, Interest rate contracts Swaps $ 311,333 $ 318,089 $ 18,935,609 $ 17,063,272 Futures and forwards — — 4,691,885 3,636,658 Written options — — 1,791,782 2,114,511 Purchased options — — 1,605,080 1,857,770 Total interest rate contracts $ 311,333 $ 318,089 $ 27,024,356 $ 24,672,211 Foreign exchange contracts Swaps $ 65,358 $ 63,104 $ 6,414,190 $ 6,063,853 Futures, forwards and spot 38,597 38,275 4,806,697 3,979,188 Written options 116 80 1,209,072 908,061 Purchased options 45 80 1,233,661 959,149 Total foreign exchange contracts $ 104,116 $ 101,539 $ 13,663,620 $ 11,910,251 Equity contracts Swaps $ — $ — $ 168,224 $ 197,893 Futures and forwards — — 60,692 66,705 Written options — — 534,464 560,571 Purchased options — — 399,929 422,393 Total equity contracts $ — $ — $ 1,163,309 $ 1,247,562 Commodity and other contracts Swaps $ — $ — $ 74,616 $ 69,445 Futures and forwards 894 1,195 141,378 137,192 Written options — — 91,874 91,587 Purchased options — — 89,609 86,631 Total commodity and other contracts $ 894 $ 1,195 $ 397,477 $ 384,855 Credit derivatives (1) Protection sold $ — $ — $ 624,063 $ 603,387 Protection purchased — — 695,218 703,926 Total credit derivatives $ — $ — $ 1,319,281 $ 1,307,313 Total derivative notionals $ 416,343 $ 420,823 $ 43,568,043 $ 39,522,192 (1) Credit derivatives are arrangements designed to allow one party (protection purchaser) 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 March 31, 2020 and December 31, 2019 . 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 also record a related collateral payable or receivable. As a result, the tables reflect a reduction of approximately $300 billion and $180 billion as of March 31, 2020 and December 31, 2019 , respectively, of derivative assets and derivative liabilities that previously would have been reported on a gross basis, but are now legally 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 has occurred and a legal opinion supporting enforceability of the netting and collateral rights has been obtained. Derivative Mark-to-Market (MTM) Receivables/Payables In millions of dollars at March 31, 2020 Derivatives classified in (1)(2) Derivatives instruments designated as ASC 815 hedges Assets Liabilities Over-the-counter $ 1,860 $ 259 Cleared 422 262 Interest rate contracts $ 2,282 $ 521 Over-the-counter $ 2,410 $ 1,778 Cleared — 50 Foreign exchange contracts $ 2,410 $ 1,828 Total derivatives instruments designated as ASC 815 hedges $ 4,692 $ 2,349 Derivatives instruments not designated as ASC 815 hedges Over-the-counter $ 245,048 $ 224,637 Cleared 11,055 10,607 Exchange traded 117 144 Interest rate contracts $ 256,220 $ 235,388 Over-the-counter $ 198,530 $ 201,720 Cleared 1,649 1,832 Exchange traded 11 13 Foreign exchange contracts $ 200,190 $ 203,565 Over-the-counter $ 27,103 $ 28,388 Cleared 1 32 Exchange traded 30,565 32,910 Equity contracts $ 57,669 $ 61,330 Over-the-counter $ 21,059 $ 24,669 Exchange traded 2,005 1,941 Commodity and other contracts $ 23,064 $ 26,610 Over-the-counter $ 15,606 $ 14,127 Cleared 875 1,046 Credit derivatives $ 16,481 $ 15,173 Total derivatives instruments not designated as ASC 815 hedges $ 553,624 $ 542,066 Total derivatives $ 558,316 $ 544,415 Cash collateral paid/received (3) $ 28,991 $ 17,023 Less: Netting agreements (4) (424,832 ) (424,832 ) Less: Netting cash collateral received/paid (5) (65,236 ) (58,787 ) Net receivables/payables included on the Consolidated Balance Sheet (6) $ 97,239 $ 77,819 Additional amounts subject to an enforceable master netting agreement, but not offset on the Consolidated Balance Sheet Less: Cash collateral received/paid $ (1,897 ) $ (245 ) Less: Non-cash collateral received/paid (11,852 ) (16,896 ) Total net receivables/payables (6) $ 83,490 $ 60,678 (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 $87,778 million and $82,259 million of gross cash collateral paid and received, respectively. Of the gross cash collateral paid, $58,787 million was used to offset trading derivative liabilities. Of the gross cash collateral received, $65,236 million was used to offset trading derivative assets. (4) Represents the netting of balances with the same counterparty under enforceable netting agreements. Approximately $404 billion , $2 billion and $19 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 counterparties under enforceable credit support agreements. Substantially all netting of cash collateral received and paid is against OTC derivative assets and liabilities, respectively. (6) The net receivables/payables include approximately $8 billion of derivative asset and $6 billion of derivative liability fair values not subject to enforceable master netting agreements, respectively. In millions of dollars at December 31, 2019 Derivatives classified in (1)(2) Derivatives instruments designated as ASC 815 hedges Assets Liabilities Over-the-counter $ 1,682 $ 143 Cleared 41 111 Interest rate contracts $ 1,723 $ 254 Over-the-counter $ 1,304 $ 908 Cleared — 2 Foreign exchange contracts $ 1,304 $ 910 Total derivatives instruments designated as ASC 815 hedges $ 3,027 $ 1,164 Derivatives instruments not designated as ASC 815 hedges Over-the-counter $ 189,892 $ 169,749 Cleared 5,896 7,472 Exchange traded 157 180 Interest rate contracts $ 195,945 $ 177,401 Over-the-counter $ 105,401 $ 108,807 Cleared 862 1,015 Exchange traded 3 — Foreign exchange contracts $ 106,266 $ 109,822 Over-the-counter $ 21,311 $ 22,411 Exchange traded 7,160 8,075 Equity contracts $ 28,471 $ 30,486 Over-the-counter $ 13,582 $ 16,773 Exchange traded 630 542 Commodity and other contracts $ 14,212 $ 17,315 Over-the-counter $ 8,896 $ 8,975 Cleared 1,513 1,763 Credit derivatives $ 10,409 $ 10,738 Total derivatives instruments not designated as ASC 815 hedges $ 355,303 $ 345,762 Total derivatives $ 358,330 $ 346,926 Cash collateral paid/received (3) $ 17,926 $ 14,391 Less: Netting agreements (4) (274,970 ) (274,970 ) Less: Netting cash collateral received/paid (5) (44,353 ) (38,919 ) Net receivables/payables included on the Consolidated Balance Sheet (6) $ 56,933 $ 47,428 Additional amounts subject to an enforceable master netting agreement, but not offset on the Consolidated Balance Sheet Less: Cash collateral received/paid $ (861 ) $ (128 ) Less: Non-cash collateral received/paid (13,143 ) (7,308 ) Total net receivables/payables (6) $ 42,929 $ 39,992 (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 $56,845 million and $58,744 million of gross cash collateral paid and received, respectively. Of the gross cash collateral paid, $38,919 million was used to offset trading derivative liabilities. Of the gross cash collateral received, $44,353 million was used to offset trading derivative assets. (4) Represents the netting of balances with the same counterparty under enforceable netting agreements. Approximately $262 billion , $6 billion and $7 billion of the netting against trading account asset/liability balances is attributable to each of the OTC, cleared and exchange-traded derivatives, respectively. (5) Represents the netting of cash collateral paid and received by counterparties under enforceable credit support agreements. Substantially all netting of cash collateral received and paid is against OTC derivative assets and liabilities, respectively. (6) The net receivables/payables include approximately $7 billion of derivative asset and $6 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 March 31, 2020 2019 In millions of dollars Other revenue Net interest revenue Other revenue Net interest revenue Gain (loss) on the hedging derivatives included in assessment of the effectiveness of fair value hedges Interest rate hedges $ — $ 6,847 $ — $ 963 Foreign exchange hedges (1,911 ) — 168 — Commodity hedges 290 — 70 — Total gain (loss) on the hedging derivatives included in assessment of the effectiveness of fair value hedges $ (1,621 ) $ 6,847 $ 238 $ 963 Gain (loss) on the hedged item in designated and qualifying fair value hedges Interest rate hedges $ — $ (6,815 ) $ — $ (879 ) Foreign exchange hedges 1,911 — (168 ) — Commodity hedges (290 ) — (70 ) — Total gain (loss) on the hedged item in designated and qualifying fair value hedges $ 1,621 $ (6,815 ) $ (238 ) $ (879 ) Net gain (loss) on the hedging derivatives excluded from assessment of the effectiveness of fair value hedges Interest rate hedges $ — $ (5 ) $ — $ — Foreign exchange hedges (2) (58 ) — (3 ) — Commodity hedges (25 ) — 18 — Total net gain (loss) on the hedging derivatives excluded from assessment of the effectiveness of fair value hedges $ (83 ) $ (5 ) $ 15 $ — (1) Gain (loss) amounts for interest rate risk hedges are included in Interest income/Interest expense . The accrued interest income on fair value hedges is recorded in Net interest revenue and is excluded from this table. (2) Amounts relate to the premium associated with forward contracts (differential between spot and contractual forward rates) that are excluded from the assessment of hedge effectiveness and are generally reflected directly in earnings. Amounts related to cross-currency basis, which are recognized in AOCI , are not reflected in the table above. The amount of cross-currency basis that was included in AOCI was $33 million and $24 million for the three months ended March 31, 2020 and 2019, respectively. 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 that such amounts are also recorded in Other revenue . Gains (losses) included in Three Months Ended March 31, In millions of dollars 2020 2019 Interest rate contracts $ 155 $ 27 Foreign exchange 24 (58 ) Total $ 179 $ (31 ) |
Schedule of amounts recorded on the Balance Sheet related to cumulative basis adjustments for fair value hedges | The table below presents the carrying amount of Citi’s hedged assets and liabilities under qualifying fair value hedges at March 31, 2020 and December 31, 2019, along with the cumulative hedge basis adjustments included in the carrying value of those hedged assets and liabilities, that would reverse through earnings in future periods. In millions of dollars Balance sheet line item in which hedged item is recorded Carrying amount of hedged asset/ liability Cumulative fair value hedging adjustment increasing (decreasing) the carrying amount Active De-designated As of March 31, 2020 Debt securities (1)(3) $ 94,548 $ (130 ) $ 617 Long-term debt 167,336 8,586 3,719 As of December 31, 2019 Debt securities (2)(3) $ 94,659 $ (114 ) $ 743 Long-term 157,387 2,334 3,445 (1) These amounts include a cumulative basis adjustment of $134 million for de-designated hedges as of March 31, 2020 related to certain prepayable financial assets previously designated as the hedged item in a fair value hedge using the last-of-layer approach. There are no active hedges under the last-of-layer approach as of March 31, 2020. (2) These amounts include a cumulative basis adjustment of $(8) million for active hedges and $157 million for de-designated hedges as of December 31, 2019 related to certain prepayable financial assets designated as the hedged item in a fair value hedge using the last-of-layer approach. The Company designated approximately $605 million as the hedged amount (from a closed portfolio of prepayable financial assets with a carrying value of $20 billion as of December 31, 2019) in a last-of-layer hedging relationship, which commenced in the first quarter of 2019. (3) Carrying amount represents the amortized cost. |
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. The after-tax impact of cash flow hedges on AOCI is shown in Note 17 to the Consolidated Financial Statements. Three Months Ended March 31, In millions of dollars 2020 2019 Amount of gain (loss) recognized in AOCI on derivatives Interest rate contracts $ 2,497 $ 254 Foreign exchange contracts (11 ) (8 ) Total gain (loss) recognized in AOCI $ 2,486 $ 246 Amount of gain (loss) reclassified from AOCI to earnings (1) Other revenue Net interest revenue Other revenue Net interest revenue Interest rate contracts $ — $ 3 $ — $ (130 ) Foreign exchange contracts (1 ) — (2 ) — Total gain (loss) reclassified from AOCI into earnings $ (1 ) $ 3 $ (2 ) $ (130 ) Net pretax change in cash flow hedges included within AOCI $ 2,484 $ 378 (1) All amounts reclassified into earnings for interest rate contracts are included in Interest income/Interest expense (Net interest revenue) . For all other hedges, the amounts reclassified to earnings are included primarily in Other revenue and Net interest revenue in the Consolidated Statement of Income. |
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 March 31, 2020 Receivable (1) Payable (2) Protection Protection By industry of counterparty Banks $ 5,665 $ 5,633 $ 162,933 $ 167,923 Broker-dealers 3,400 2,947 63,281 63,382 Non-financial 140 82 4,223 1,825 Insurance and other financial institutions 7,276 6,511 464,781 390,933 Total by industry of counterparty $ 16,481 $ 15,173 $ 695,218 $ 624,063 By instrument Credit default swaps and options $ 14,555 $ 13,459 $ 679,118 $ 618,108 Total return swaps and other 1,926 1,714 16,100 5,955 Total by instrument $ 16,481 $ 15,173 $ 695,218 $ 624,063 By rating of reference entity Investment grade $ 5,708 $ 5,243 $ 542,640 $ 481,482 Non-investment grade 10,773 9,930 152,578 142,581 Total by rating of reference entity $ 16,481 $ 15,173 $ 695,218 $ 624,063 By maturity Within 1 year $ 2,913 $ 2,752 $ 170,955 $ 148,981 From 1 to 5 years 9,195 8,467 429,874 391,944 After 5 years 4,373 3,954 94,389 83,138 Total by maturity $ 16,481 $ 15,173 $ 695,218 $ 624,063 (1) The fair value amount receivable is composed of $13,355 million under protection purchased and $3,126 million under protection sold. (2) The fair value amount payable is composed of $4,088 million under protection purchased and $11,805 million under protection sold. Fair values Notionals In millions of dollars at December 31, 2019 Receivable (1) Payable (2) Protection Protection By industry of counterparty Banks $ 4,017 $ 4,102 $ 172,461 $ 169,546 Broker-dealers 1,724 1,528 54,843 53,846 Non-financial 92 76 2,601 1,968 Insurance and other financial institutions 4,576 5,032 474,021 378,027 Total by industry of counterparty $ 10,409 $ 10,738 $ 703,926 $ 603,387 By instrument Credit default swaps and options $ 9,759 $ 9,791 $ 685,643 $ 593,850 Total return swaps and other 650 947 18,283 9,537 Total by instrument $ 10,409 $ 10,738 $ 703,926 $ 603,387 By rating of reference entity Investment grade $ 4,579 $ 4,578 $ 560,806 $ 470,778 Non-investment grade 5,830 6,160 143,120 132,609 Total by rating of reference entity $ 10,409 $ 10,738 $ 703,926 $ 603,387 By maturity Within 1 year $ 1,806 $ 2,181 $ 231,135 $ 176,188 From 1 to 5 years 7,275 7,265 414,237 379,915 After 5 years 1,328 1,292 58,554 47,284 Total by maturity $ 10,409 $ 10,738 $ 703,926 $ 603,387 (1) The fair value amount receivable is composed of $3,415 million under protection purchased and $6,994 under protection sold. (2) The fair value amount payable is composed of $7,793 million under protection purchased and $2,945 million under protection sold. |
FAIR VALUE MEASUREMENT (Tables)
FAIR VALUE MEASUREMENT (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
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 March 31, 2020 and December 31, 2019 : Credit and funding valuation adjustments contra-liability (contra-asset) In millions of dollars March 31, December 31, Counterparty CVA $ (1,513 ) $ (705 ) Asset FVA (1,479 ) (530 ) Citigroup (own-credit) CVA 835 341 Liability FVA 409 72 Total CVA—derivative instruments $ (1,748 ) $ (822 ) |
Schedule of pretax gains (losses) related to changes in CVA, FVA, and DVA | The table below summarizes pretax gains (losses) related to changes in CVA on derivative instruments, net of hedges, FVA on derivatives and debt valuation adjustments (DVA) on Citi’s own fair value option (FVO) liabilities for the periods indicated: Credit/funding/debt valuation adjustments gain (loss) Three Months Ended March 31, In millions of dollars 2020 2019 Counterparty CVA $ (283 ) $ 74 Asset FVA (1,053 ) 20 Own-credit CVA 533 (92 ) Liability FVA 337 (48 ) Total CVA—derivative instruments $ (466 ) $ (46 ) DVA related to own FVO liabilities (1) $ 4,188 $ (725 ) Total CVA and DVA $ 3,722 $ (771 ) (1) See Notes 1 and 17 to the Consolidated Financial Statements in Citi’s 2019 Annual Report on Form 10-K. |
Items measured at fair value on a recurring basis | The following tables present for each of the fair value hierarchy levels the Company’s assets and liabilities that are measured at fair value on a recurring basis at March 31, 2020 and December 31, 2019 . 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 March 31, 2020 Level 1 Level 2 Level 3 Gross Netting (1) Net Assets Securities borrowed and purchased under agreements to resell $ — $ 270,056 $ 300 $ 270,356 $ (114,719 ) $ 155,637 Trading non-derivative assets Trading mortgage-backed securities U.S. government-sponsored agency guaranteed — 46,727 85 46,812 — 46,812 Residential — 712 304 1,016 — 1,016 Commercial — 2,464 44 2,508 — 2,508 Total trading mortgage-backed securities $ — $ 49,903 $ 433 $ 50,336 $ — $ 50,336 U.S. Treasury and federal agency securities $ 56,087 $ 7,810 $ — $ 63,897 $ — $ 63,897 State and municipal — 3,131 92 3,223 — 3,223 Foreign government 61,440 18,003 39 79,482 — 79,482 Corporate 1,240 17,618 412 19,270 — 19,270 Equity securities 27,678 8,356 143 36,177 — 36,177 Asset-backed securities — 1,898 1,561 3,459 — 3,459 Other trading assets (2) 75 11,203 639 11,917 — 11,917 Total trading non-derivative assets $ 146,520 $ 117,922 $ 3,319 $ 267,761 $ — $ 267,761 Trading derivatives Interest rate contracts $ 163 $ 254,826 $ 3,513 $ 258,502 Foreign exchange contracts 1 201,879 720 202,600 Equity contracts 65 57,008 596 57,669 Commodity contracts — 21,827 1,237 23,064 Credit derivatives — 14,872 1,609 16,481 Total trading derivatives $ 229 $ 550,412 $ 7,675 $ 558,316 Cash collateral paid (3) $ 28,991 Netting agreements $ (424,832 ) Netting of cash collateral received (65,236 ) Total trading derivatives $ 229 $ 550,412 $ 7,675 $ 587,307 $ (490,068 ) $ 97,239 Investments Mortgage-backed securities U.S. government-sponsored agency guaranteed $ — $ 43,506 $ 47 $ 43,553 $ — $ 43,553 Residential — 752 — 752 — 752 Commercial — 68 — 68 — 68 Total investment mortgage-backed securities $ — $ 44,326 $ 47 $ 44,373 $ — $ 44,373 U.S. Treasury and federal agency securities $ 121,159 $ 4,103 $ — $ 125,262 $ — $ 125,262 State and municipal — 4,778 687 5,465 — 5,465 Foreign government 75,363 41,779 225 117,367 — 117,367 Corporate 6,696 4,263 238 11,197 — 11,197 Marketable equity securities 329 353 — 682 — 682 Asset-backed securities — 450 16 466 — 466 Other debt securities — 4,089 — 4,089 — 4,089 Non-marketable equity securities (4) — 26 354 380 — 380 Total investments $ 203,547 $ 104,167 $ 1,567 $ 309,281 $ — $ 309,281 Table continues on the next page. In millions of dollars at March 31, 2020 Level 1 Level 2 Level 3 Gross Netting (1) Net Loans $ — $ 3,462 $ 537 $ 3,999 $ — $ 3,999 Mortgage servicing rights — — 367 367 — 367 Non-trading derivatives and other financial assets measured on a recurring basis $ 3,512 $ 11,151 $ — $ 14,663 $ — $ 14,663 Total assets $ 353,808 $ 1,057,170 $ 13,765 $ 1,453,734 $ (604,787 ) $ 848,947 Total as a percentage of gross assets (5) 24.8 % 74.2 % 1.0 % Liabilities Interest-bearing deposits $ — $ 2,156 $ 491 $ 2,647 $ — $ 2,647 Securities loaned and sold under agreements to repurchase — 171,238 730 171,968 (109,234 ) 62,734 Trading account liabilities Securities sold, not yet purchased 73,734 11,029 1,334 86,097 — 86,097 Other trading liabilities — 79 — 79 — 79 Total trading liabilities $ 73,734 $ 11,108 $ 1,334 $ 86,176 $ — $ 86,176 Trading derivatives Interest rate contracts $ 144 $ 234,007 $ 1,758 $ 235,909 Foreign exchange contracts — 204,675 718 205,393 Equity contracts 37 58,861 2,432 61,330 Commodity contracts — 24,831 1,779 26,610 Credit derivatives — 14,380 793 15,173 Total trading derivatives $ 181 $ 536,754 $ 7,480 $ 544,415 Cash collateral received (6) $ 17,023 Netting agreements $ (424,832 ) Netting of cash collateral paid (58,787 ) Total trading derivatives $ 181 $ 536,754 $ 7,480 $ 561,438 $ (483,619 ) $ 77,819 Short-term borrowings $ — $ 8,312 $ 52 $ 8,364 $ — $ 8,364 Long-term debt — 34,779 18,135 52,914 — 52,914 Total non-trading derivatives and other financial liabilities measured on a recurring basis $ 4,222 $ 117 $ — $ 4,339 $ — $ 4,339 Total liabilities $ 78,137 $ 764,464 $ 28,222 $ 887,846 $ (592,853 ) $ 294,993 Total as a percentage of gross liabilities (5) 9.0 % 87.8 % 3.2 % (1) Represents netting of (i) the amounts due under securities purchased under agreements to resell and the amounts owed under securities sold under agreements to repurchase and (ii) derivative exposures covered by a qualifying master netting agreement and cash collateral offsetting. (2) 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. (3) Reflects the net amount of $87,778 million gross cash collateral paid, of which $58,787 million was used to offset trading derivative liabilities. (4) Amounts exclude $0.2 billion of investments measured at 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). (5) Because the amount of the cash collateral paid/received has not been allocated to the Level 1, 2 and 3 subtotals, these percentages are calculated based on total assets and liabilities measured at fair value on a recurring basis, excluding the cash collateral paid/received on derivatives. (6) Reflects the net amount $82,259 million of gross cash collateral received, of which $65,236 million was used to offset trading derivative assets. Fair Value Levels In millions of dollars at December 31, 2019 Level 1 Level 2 Level 3 Gross Netting (1) Net Assets Securities borrowed and purchased under agreements to resell $ — $ 254,253 $ 303 $ 254,556 $ (101,363 ) $ 153,193 Trading non-derivative assets Trading mortgage-backed securities U.S. government-sponsored agency guaranteed — 27,661 10 27,671 — 27,671 Residential — 573 123 696 — 696 Commercial — 1,632 61 1,693 — 1,693 Total trading mortgage-backed securities $ — $ 29,866 $ 194 $ 30,060 $ — $ 30,060 U.S. Treasury and federal agency securities $ 26,159 $ 3,736 $ — $ 29,895 $ — $ 29,895 State and municipal — 2,573 64 2,637 — 2,637 Foreign government 50,948 20,326 52 71,326 — 71,326 Corporate 1,332 17,246 313 18,891 — 18,891 Equity securities 41,663 9,878 100 51,641 — 51,641 Asset-backed securities — 1,539 1,177 2,716 — 2,716 Other trading assets (2) 74 11,412 555 12,041 — 12,041 Total trading non-derivative assets $ 120,176 $ 96,576 $ 2,455 $ 219,207 $ — $ 219,207 Trading derivatives Interest rate contracts $ 7 $ 196,493 $ 1,168 $ 197,668 Foreign exchange contracts 1 107,022 547 107,570 Equity contracts 83 28,148 240 28,471 Commodity contracts — 13,498 714 14,212 Credit derivatives — 9,960 449 10,409 Total trading derivatives $ 91 $ 355,121 $ 3,118 $ 358,330 Cash collateral paid (3) $ 17,926 Netting agreements $ (274,970 ) Netting of cash collateral received (44,353 ) Total trading derivatives $ 91 $ 355,121 $ 3,118 $ 376,256 $ (319,323 ) $ 56,933 Investments Mortgage-backed securities U.S. government-sponsored agency guaranteed $ — $ 35,198 $ 32 $ 35,230 $ — $ 35,230 Residential — 793 — 793 — 793 Commercial — 74 — 74 — 74 Total investment mortgage-backed securities $ — $ 36,065 $ 32 $ 36,097 $ — $ 36,097 U.S. Treasury and federal agency securities $ 106,103 $ 5,315 $ — $ 111,418 $ — $ 111,418 State and municipal — 4,355 623 4,978 — 4,978 Foreign government 69,957 41,196 96 111,249 — 111,249 Corporate 5,150 6,076 45 11,271 — 11,271 Marketable equity securities 87 371 — 458 — 458 Asset-backed securities — 500 22 522 — 522 Other debt securities — 4,730 — 4,730 — 4,730 Non-marketable equity securities (4) — 93 441 534 — 534 Total investments $ 181,297 $ 98,701 $ 1,259 $ 281,257 $ — $ 281,257 Table continues on the next page. In millions of dollars at December 31, 2019 Level 1 Level 2 Level 3 Gross Netting (2) Net Loans $ — $ 3,683 $ 402 $ 4,085 $ — $ 4,085 Mortgage servicing rights — — 495 495 — 495 Non-trading derivatives and other financial assets measured on a recurring basis $ 5,628 $ 7,201 $ 1 $ 12,830 $ — $ 12,830 Total assets $ 307,192 $ 815,535 $ 8,033 $ 1,148,686 $ (420,686 ) $ 728,000 Total as a percentage of gross assets (5) 27.2 % 72.1 % 0.7 % Liabilities Interest-bearing deposits $ — $ 2,104 $ 215 $ 2,319 $ — $ 2,319 Securities loaned and sold under agreements to repurchase — 111,567 757 112,324 (71,673 ) 40,651 Trading account liabilities Securities sold, not yet purchased 60,429 11,965 48 72,442 — 72,442 Other trading liabilities — 24 — 24 — 24 Total trading liabilities $ 60,429 $ 11,989 $ 48 $ 72,466 $ — $ 72,466 Trading account derivatives Interest rate contracts $ 8 $ 176,480 $ 1,167 $ 177,655 Foreign exchange contracts — 110,180 552 110,732 Equity contracts 144 28,506 1,836 30,486 Commodity contracts — 16,542 773 17,315 Credit derivatives — 10,233 505 10,738 Total trading derivatives $ 152 $ 341,941 $ 4,833 $ 346,926 Cash collateral received (6) $ 14,391 Netting agreements $ (274,970 ) Netting of cash collateral paid (38,919 ) Total trading derivatives $ 152 $ 341,941 $ 4,833 $ 361,317 $ (313,889 ) $ 47,428 Short-term borrowings $ — $ 4,933 $ 13 $ 4,946 $ — $ 4,946 Long-term debt — 38,614 17,169 55,783 — 55,783 Non-trading derivatives and other financial liabilities measured on a recurring basis $ 6,280 $ 63 $ — $ 6,343 $ — $ 6,343 Total liabilities $ 66,861 $ 511,211 $ 23,035 $ 615,498 $ (385,562 ) $ 229,936 Total as a percentage of gross liabilities (5) 11.1 % 85.0 % 3.8 % (1) Represents netting of (i) the amounts due under securities purchased under agreements to resell and the amounts owed under securities sold under agreements to repurchase and (ii) derivative exposures covered by a qualifying master netting agreement and cash collateral offsetting. (2) 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. (3) Reflects the net amount of $56,845 million of gross cash collateral paid, of which $38,919 million was used to offset trading derivative liabilities. (4) 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). (5) Because the amount of the cash collateral paid/received has not been allocated to the Level 1, 2 and 3 subtotals, these percentages are calculated based on total assets and liabilities measured at fair value on a recurring basis, excluding the cash collateral paid/received on derivatives. (6) Reflects the net amount of $58,744 million of gross cash collateral received, of which $44,353 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 Dec. 31, 2019 Principal Other (1)(2) into out of Purchases Issuances Sales Settlements Mar, 31 2020 Assets Securities borrowed and purchased under agreements to resell $ 303 $ (20 ) $ — $ — $ — $ 66 $ — $ — $ (49 ) $ 300 $ 3 Trading non-derivative assets Trading mortgage- backed securities U.S. government-sponsored agency guaranteed 10 (75 ) — 12 (3 ) 141 — — — 85 4 Residential 123 (8 ) — 60 (4 ) 178 — (45 ) — 304 (11 ) Commercial 61 — — 3 (3 ) 27 — (44 ) — 44 (1 ) Total trading mortgage- backed securities $ 194 $ (83 ) $ — $ 75 $ (10 ) $ 346 $ — $ (89 ) $ — $ 433 $ (8 ) U.S. Treasury and federal agency securities $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — State and municipal 64 2 — 10 (2 ) 21 — (3 ) — 92 — Foreign government 52 (85 ) — — — 86 — (14 ) — 39 70 Corporate 313 302 — 22 8 215 — (448 ) — 412 246 Marketable equity securities 100 — — 28 (3 ) 32 — (14 ) — 143 1 Asset-backed securities 1,177 (169 ) — 239 (4 ) 468 — (150 ) — 1,561 (307 ) Other trading assets 555 193 — 28 (137 ) 105 8 (103 ) (10 ) 639 195 Total trading non- derivative assets $ 2,455 $ 160 $ — $ 402 $ (148 ) $ 1,273 $ 8 $ (821 ) $ (10 ) $ 3,319 $ 197 Trading derivatives, net (4) Interest rate contracts $ 1 $ 351 $ — $ 1,383 $ (22 ) $ 1 $ 56 $ 13 $ (28 ) $ 1,755 $ 314 Foreign exchange contracts (5 ) (15 ) — (25 ) 9 44 — (8 ) 2 2 19 Equity contracts (1,596 ) (210 ) — (287 ) 224 3 — (1 ) 31 (1,836 ) (223 ) Commodity contracts (59 ) (459 ) — 38 (56 ) 46 — (34 ) (18 ) (542 ) (441 ) Credit derivatives (56 ) 946 — 154 (286 ) — — — 58 816 946 Total trading derivatives, net (4) $ (1,715 ) $ 613 $ — $ 1,263 $ (131 ) $ 94 $ 56 $ (30 ) $ 45 $ 195 $ 615 Table continues on the next page. Net realized/unrealized Transfers Unrealized (3) In millions of dollars Dec. 31, 2019 Principal Other (1)(2) into out of Purchases Issuances Sales Settlements Mar. 31, 2020 Investments Mortgage-backed securities U.S. government-sponsored agency guaranteed $ 32 $ — $ 14 $ — $ 1 $ — $ — $ — $ — $ 47 $ 34 Residential — — — — — — — — — — — Commercial — — — — — — — — — — — Total investment mortgage-backed securities $ 32 $ — $ 14 $ — $ 1 $ — $ — $ — $ — $ 47 $ 34 U.S. Treasury and federal agency securities $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — State and municipal 623 — (31 ) 138 — — — (43 ) — 687 (9 ) Foreign government 96 — (2 ) 27 — 147 — (43 ) — 225 (16 ) Corporate 45 — (8 ) 49 — 152 — — — 238 — Marketable equity securities — — — — — — — — — — — Asset-backed securities 22 — 5 — — — — (11 ) — 16 — Other debt securities — — — — — — — — — — — Non-marketable equity securities 441 — (74 ) — — — — (3 ) (10 ) 354 (76 ) Total investments $ 1,259 $ — $ (96 ) $ 214 $ 1 $ 299 $ — $ (100 ) $ (10 ) $ 1,567 $ (67 ) Loans $ 402 $ — $ (79 ) $ 217 $ (1 ) $ — $ — $ — $ (2 ) $ 537 $ (127 ) Mortgage servicing rights 495 — (143 ) — — — 32 — (17 ) 367 (133 ) Other financial assets measured on a recurring basis 1 — — — — — — (1 ) — — — Liabilities Interest-bearing deposits $ 215 $ — $ (6 ) $ 278 $ — $ — $ — $ — $ (8 ) $ 491 $ — Securities loaned and sold under agreements to repurchase 757 27 — — — — — — — 730 (33 ) Trading account liabilities Securities sold, not yet purchased 48 (101 ) — 1,208 (10 ) — 9 — (22 ) 1,334 (240 ) Other trading liabilities — — — — — — — — — — — Short-term borrowings 13 10 — 11 — — 38 — — 52 10 Long-term debt 17,169 1,951 — 2,051 (1,491 ) — 3,340 — (983 ) 18,135 1,167 Other financial liabilities measured on a recurring basis — — — — — — 2 — (2 ) — — (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 in the Consolidated Statement of Income. (2) Unrealized gains (losses) on MSRs are recorded in Other revenue in 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 March 31, 2020 . (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, 2018 Principal Other (1)(2) into out of Purchases Issuances Sales Settlements Mar. 31, 2019 Assets Securities borrowed and purchased under agreements to resell $ 115 $ (4 ) $ — $ (4 ) $ 3 $ 45 $ — $ — $ (89 ) $ 66 $ (2 ) Trading non-derivative assets Trading mortgage- backed securities U.S. government-sponsored agency guaranteed 156 — — — (25 ) 48 — (25 ) — 154 3 Residential 268 1 — 5 (31 ) 69 — (184 ) — 128 10 Commercial 77 2 — 2 (1 ) 24 — (35 ) — 69 1 Total trading mortgage- backed securities $ 501 $ 3 $ — $ 7 $ (57 ) $ 141 $ — $ (244 ) $ — $ 351 $ 14 U.S. Treasury and federal agency securities $ 1 $ — $ — $ — $ — $ — $ — $ — $ (1 ) $ — $ — State and municipal 200 (1 ) — — (19 ) 1 — (3 ) — 178 — Foreign government 31 (1 ) — 9 — 3 — (3 ) — 39 1 Corporate 360 90 — 21 (26 ) 69 (33 ) (103 ) — 378 (35 ) Marketable equity securities 153 (10 ) — 1 (11 ) 9 — (15 ) — 127 14 Asset-backed securities 1,484 (26 ) — 7 (32 ) 221 — (225 ) — 1,429 38 Other trading assets 818 5 — 13 (32 ) 340 4 (102 ) (4 ) 1,042 (20 ) Total trading non- derivative assets $ 3,548 $ 60 $ — $ 58 $ (177 ) $ 784 $ (29 ) $ (695 ) $ (5 ) $ 3,544 $ 12 Trading derivatives, net (4) Interest rate contracts $ (154 ) $ (51 ) $ — $ (15 ) $ 27 $ 6 $ 12 $ — $ 59 $ (116 ) $ (60 ) Foreign exchange contracts (6 ) 60 — (15 ) 15 3 — (4 ) (7 ) 46 28 Equity contracts (784 ) (294 ) — (154 ) 9 (1 ) (59 ) 2 (64 ) (1,345 ) (222 ) Commodity contracts (18 ) 280 — (3 ) 10 54 — (34 ) 15 304 300 Credit derivatives 61 (319 ) — (18 ) 232 — — — 78 34 (320 ) Total trading derivatives, net (4) $ (901 ) $ (324 ) $ — $ (205 ) $ 293 $ 62 $ (47 ) $ (36 ) $ 81 $ (1,077 ) $ (274 ) Investments Mortgage-backed securities U.S. government-sponsored agency guaranteed $ 32 $ — $ — $ — $ — $ — $ — $ — $ — $ 32 $ (2 ) Residential — — — — — — — — — — — Commercial — — — — — — — — — — — Total investment mortgage-backed securities $ 32 $ — $ — $ — $ — $ — $ — $ — $ — $ 32 $ (2 ) U.S. Treasury and federal agency securities $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — State and municipal 708 — 52 3 — 185 — (38 ) — 910 44 Foreign government 68 — (4 ) — — 39 — (32 ) — 71 (1 ) Corporate 156 — — — (94 ) — — (2 ) — 60 — Marketable equity securities — — — — — — — — — — — Asset-backed securities 187 — (2 ) 94 — 550 — (23 ) — 806 (4 ) Other debt securities — — — — — — — — — — — Non-marketable equity securities 586 — 22 — — 4 — (86 ) (21 ) 505 (11 ) Total investments $ 1,737 $ — $ 68 $ 97 $ (94 ) $ 778 $ — $ (181 ) $ (21 ) $ 2,384 $ 26 Net realized/unrealized Transfers Unrealized (3) In millions of dollars Dec. 31, 2018 Principal Other (1)(2) into out of Purchases Issuances Sales Settlements Mar. 31, 2019 Loans $ 277 $ — $ 45 $ 125 $ (70 ) $ 6 $ — $ (10 ) $ — $ 373 $ 45 Mortgage servicing rights 584 — (27 ) — — — 12 — (18 ) 551 (25 ) Other financial assets measured on a recurring basis — — 16 — — — (2 ) (4 ) (10 ) — 12 Liabilities Interest-bearing deposits $ 495 $ — $ (10 ) $ 1 $ (4 ) $ — $ 674 $ — $ (129 ) $ 1,047 $ (157 ) Securities loaned and sold under agreements to repurchase 983 4 — (1 ) 4 — — 1 58 1,041 (2 ) Trading account liabilities Securities sold, not yet purchased 586 124 — 1 (441 ) — — — (7 ) 15 13 Other trading liabilities — — — — — — — — — — — Short-term borrowings 37 23 — 9 (6 ) — 153 — — 170 18 Long-term debt 12,570 (407 ) — 877 (1,601 ) — 5,950 (3 ) (4,466 ) 13,734 (1,001 ) Other financial liabilities measured on a recurring basis — — — — — — — — — — — (1) Changes in fair value of available-for-sale debt securities are recorded in AOCI , unless related to other-than-temporary impairment, while gains and losses from sales are recorded in Realized gains (losses) from sales of investments in the Consolidated Statement of Income. (2) Unrealized gains (losses) on MSRs are recorded in Other revenue in 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 March 31, 2019. (4) Total Level 3 trading 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 March 31, 2020 Fair value (1) (in millions) Methodology Input Low (2)(3) High (2)(3) Weighted average (4) Assets Securities borrowed and purchased under agreements to resell $ 300 Model-based Credit spread 15 bps 15 bps 15 bps Interest rate 0.15 % 1.87 % 1.51 % Mortgage-backed securities $ 328 Price-based Price $ 43 $ 121 $ 90 115 Yield analysis Yield 1.30 % 12.44 % 4.81 % State and municipal, foreign government, corporate and other debt securities $ 1,334 Price-based Price $ 34 $ 1,014 $ 88 672 Model-based Credit spread 35 bps 295 bps 210 bps Marketable equity securities (5) $ 93 Price-based Price $ — $ 28,483 $ 1,051 50 Model-based WAL 1.24 years 1.24 years 1.24 years Recovery (in millions) $ 5,450 $ 5,450 $ 5,450 Asset-backed securities $ 958 Price-based Price $ 1 $ 100 $ 52 610 Yield analysis Yield 3.72 % 25.26 % 11.37 % Non-marketable equities $ 240 Comparables analysis Price $ 3 $ 1,513 $ 805 88 Price-based Appraised value (in thousands) $ 571 $ 25,002 $ 10,799 Revenue multiple 1.80x 20.50x 5.34x PE ratio 9.60x 23.80x 15.48x Discount to price — % 10.00 % 57.00 % Price to book ratio 0.60x 1.60x 0.96x Derivatives—gross (6) Interest rate contracts (gross) $ 5,028 Model-based Inflation volatility 0.22 % 2.93 % 0.81 % IR normal volatility 0.25 % 1.15 % 0.58 % Foreign exchange contracts (gross) $ 1,438 Model-based FX volatility 7.85 % 27.91 % 12.62 % Credit spread 60 bps 661 bps 283 bps IR normal volatility 0.22 % 1.15 % 0.60 % IR-FX correlation 40.00 % 60.00 % 50.00 % IR-IR correlation (51.00 )% 40.00 % 32.65 % Interest rate 0.78 % 58.26 % 13.77 % Equity contracts (gross) (7) $ 3,011 Model-based Forward price 61.52 % 107.02 % 92.93 % Equity volatility 4.89 % 61.94 % 28.54 % Commodity and other contracts (gross) $ 3,015 Model-based Forward price 33.94 % 583.93 % 116.44 % Commodity correlation (41.42 )% 90.86 % 55.61 % As of March 31, 2020 Fair value (1) (in millions) Methodology Input Low (2)(3) High (2)(3) Weighted average (4) Commodity volatility 0.65 % 138.96 % 29.38 % Credit derivatives (gross) $ 1,985 Model-based Credit correlation 25.00 % 90.00 % 44.94 % 417 Price-based Credit spread 17 bps 710 bps 170 bps Recovery rate 1.00 % 65.00 % 36.93 % Upfront points 2.50 % 108.63 % 65.28 % Loans and leases $ 495 Model-based Equity volatility 24.01 % 177.87 % 66.18 % Credit spread 34 bps 576 bps 189 bps Mortgage servicing rights $ 290 Cash flow Yield 2.45 % 12.00 % 6.56 % 77 Model-based WAL 2.94 years 5.97 years 4.6 years Liabilities Interest-bearing deposits $ 491 Model-based IR normal volatility 0.35 % 1.15 % 0.59 % Securities loaned and sold under agreement to repurchase $ 730 Model-based Interest rate 0.15 % 1.84 % 1.01 % Trading account liabilities Securities sold, not yet purchased $ 1,165 Model-based Credit spread 505 bps 1,100 bps 747 bps 155 Price-based Price $ — $ 7,038 $ 107 Short-term borrowings and long-term debt $ 18,260 Model-based IR normal volatility 0.22 % 1.15 % 0.56 % Forward price 33.94 % 583.93 % 92.99 % As of December 31, 2019 Fair value (1) (in millions) Methodology Input Low (2)(3) High (2)(3) Weighted average (4) Assets Securities borrowed and purchased under agreements to resell $ 303 Model-based Credit spread 15 bps 15 bps 15 bps Interest rate 1.59 % 3.67 % 2.72 % Mortgage-backed securities $ 196 Price-based Price $ 36 $ 505 $ 97 22 Model-based State and municipal, foreign government, corporate and other debt securities $ 880 Model-based Price $ — $ 1,238 $ 90 677 Price-based Credit spread 35 bps 295 bps 209 bps Marketable equity securities (5) $ 70 Price-based Price $ — $ 38,500 $ 2,979 30 Model-based WAL 1.48 years 1.48 years 1.48 years Recovery (in millions) $ 5,450 $ 5,450 $ 5,450 Asset-backed securities $ 812 Price-based Price $ 4 $ 103 $ 60 368 Yield analysis Yield 0.61 % 23.38 % 8.88 % Non-marketable equities $ 316 Comparables analysis EBITDA multiples 7.00x 17.95x 10.34x 97 Price-based Appraised value (in thousands) $ 397 $ 33,246 $ 8,446 Price $ 3 $ 2,019 $ 1,020 PE ratio 14.70x 28.70x 20.54x Price to book ratio 1.50x 3.00x 1.88x Discount to price — % 10.00 % 2.32 % Derivatives—gross (6) Interest rate contracts (gross) $ 2,196 Model-based Inflation volatility 0.21 % 2.74 % 0.79 % Mean reversion 1.00 % 20.00 % 10.50 % IR normal volatility 0.09 % 0.66 % 0.53 % As of December 31, 2019 Fair value (1) (in millions) Methodology Input Low (2)(3) High (2)(3) Weighted average (4) Foreign exchange contracts (gross) $ 1,099 Model-based FX volatility 1.27 % 12.16 % 9.17 % IR normal volatility 0.27 % 0.66 % 0.58 % FX rate 37.39 % 586.84 % 80.64 % Interest rate 2.72 % 56.14 % 13.11 % IR-IR correlation (51.00 )% 40.00 % 32.00 % IR-FX correlation 40.00 % 60.00 % 50.00 % Equity contracts (gross) (7) $ 2,076 Model-based Equity volatility 3.16 % 52.80 % 28.43 % Forward price 62.60 % 112.69 % 98.46 % WAL 1.48 years 1.48 years 1.48 years Recovery (in millions) $ 5,450 $ 5,450 $ 5,450 Commodity and other contracts (gross) $ 1,487 Model-based Forward price 37.62 % 362.57 % 119.32 % Commodity volatility 5.25 % 93.63 % 23.55 % Commodity correlation (39.65 )% 87.81 % 41.80 % Credit derivatives (gross) $ 613 Model-based Credit spread 8 bps 283 bps 80 bps 341 Price-based Upfront points 2.59 % 99.94 % 59.41 % Price $ 12 $ 100 $ 87 Credit 25.00 % 87.00 % 48.57 % Recovery rate 20.00 % 65.00 % 48.00 % Loans and leases $ 378 Model-based Credit spread 9 bps 52 bps 48 bps Equity volatility 32.00 % 32.00 % 32.00 % Mortgage servicing rights $ 418 Cash flow Yield 1.78 % 12.00 % 9.49 % 77 Model-based WAL 4.07 years 8.13 years 6.61 years Liabilities Interest-bearing deposits $ 215 Model-based Mean reversion 1.00 % 20.00 % 10.50 % Forward price 97.59 % 111.06 % 102.96 % Securities loaned and sold under agreements to repurchase $ 757 Model-based Interest rate 1.59 % 2.38 % 1.95 % Trading account liabilities Securities sold, not yet purchased $ 46 Price-based Price $ — $ 866 $ 96 Short-term borrowings and long-term debt $ 17,182 Model-based Mean reversion 1.00 % 20.00 % 10.50 % IR normal volatility 0.09 % 0.66 % 0.46 % Forward price 37.62 % 362.57 % 97.52 % Equity-IR Correlation 15.00 % 44.00 % 32.66 % (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 non-trading 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 tables present 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 March 31, 2020 Loans HFS (1) $ 4,951 $ 781 $ 4,170 Other real estate owned 15 8 7 Loans (2) 759 553 206 Non-marketable equity securities measured using the measurement alternative 308 308 — Total assets at fair value on a nonrecurring basis $ 6,033 $ 1,650 $ 4,383 In millions of dollars Fair value Level 2 Level 3 December 31, 2019 Loans HFS (1) $ 4,579 $ 3,249 $ 1,330 Other real estate owned 20 6 14 Loans (2) 344 93 251 Non-marketable equity securities measured using the measurement alternative 249 249 — Total assets at fair value on a nonrecurring basis $ 5,192 $ 3,597 $ 1,595 (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 tables present the valuation techniques covering the majority of Level 3 nonrecurring fair value measurements and the most significant unobservable inputs used in those measurements: As of March 31, 2020 Fair value (1) (in millions) Methodology Input Low (2) High Weighted average (3) Loans held-for-sale $ 4,107 Price-based Price $ 80 $ 100 $ 95 Other real estate owned $ 7 Recovery analysis Appraised value (4) $ 187,166 $ 2,333,138 $ 2,019,646 Loans (5) $ 146 Recovery analysis Recovery rate — % 100.00 % 59.77 % 28 Price based Cost of capital 0.10 % 100.00 % 56.50 % Appraised value $ 17,521,218 $ 43,646,426 $ 30,583,822 As of December 31, 2019 Fair value (1) (in millions) Methodology Input Low (2) High Weighted average (3) Loans held-for-sale $ 1,320 Price-based Price $ 86 $ 100 $ 99 Other real estate owned $ 11 Price-based Appraised value (4) $ 2,297,358 $ 8,394,102 $ 5,615,884 5 Recovery analysis Loans (6) $ 100 Recovery analysis Recovery rate 0.57 % 100.00 % 64.78 % 54 Cash flow Price $ 2 $ 54 $ 27 47 Price-based Cost of capital 0.10 % 100.00 % 54.84 % 29 Price-based Appraised value (4) $ 17,521,218 $ 43,646,426 $ 30,583,822 (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) Represents impaired loans held for investment whose carrying amounts are based on the fair value of the underlying collateral, primarily real estate secured loans. (6) Includes estimated costs to sell. |
Changes in total nonrecurring fair value measurements | The following tables present 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 March 31, In millions of dollars 2020 2019 Loans HFS $ (391 ) $ (2 ) Other real estate owned — 1 Loans (1) (44 ) (27 ) Non-marketable equity securities measured using the measurement alternative 22 61 Total nonrecurring fair value gains (losses) $ (413 ) $ 33 (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. March 31, 2020 Estimated fair value Carrying value Estimated fair value In billions of dollars Level 1 Level 2 Level 3 Assets Investments $ 88.7 $ 90.0 $ 1.6 $ 86.2 $ 2.2 Securities borrowed and purchased under agreements to resell 106.9 106.9 — 106.9 — Loans (1)(2) 695.1 711.2 — — 711.2 Other financial assets (2)(3) 386.9 386.9 269.6 16.3 101.0 Liabilities Deposits $ 1,182.3 $ 1,182.3 $ — $ 978.4 $ 203.9 Securities loaned and sold under agreements to repurchase 159.6 159.6 — 159.6 — Long-term debt (4) 213.2 214.8 — 185.0 29.8 Other financial liabilities (5) 145.6 145.6 — 19.8 125.8 December 31, 2019 Estimated fair value Carrying value Estimated fair value In billions of dollars Level 1 Level 2 Level 3 Assets Investments $ 86.4 $ 87.8 $ 1.9 $ 83.8 $ 2.1 Securities borrowed and purchased under agreements to resell 98.1 98.1 — 98.1 — Loans (1)(2) 681.2 677.7 — 4.7 673.0 Other financial assets (2)(3) 262.4 262.4 177.6 16.3 68.5 Liabilities Deposits $ 1,068.3 $ 1,066.7 $ — $ 875.5 $ 191.2 Securities loaned and sold under agreements to repurchase 125.7 125.7 — 125.7 — Long-term debt (4) 193.0 203.8 — 187.3 16.5 Other financial liabilities (5) 110.2 110.2 — 37.5 72.7 (1) The carrying value of loans is net of the Allowance for loan losses of $ 20.8 billion for March 31, 2020 and $12.8 billion for December 31, 2019 . In addition, the carrying values exclude $ 1.1 billion and $1.4 billion of lease finance receivables at March 31, 2020 and December 31, 2019 , 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) | 3 Months Ended |
Mar. 31, 2020 | |
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 March 31, In millions of dollars 2020 2019 Assets Securities borrowed and purchased under agreements to resell $ 92 $ 29 Trading account assets (834 ) 167 Investments — — Loans Certain corporate loans (863 ) (133 ) Certain consumer loans 1 — Total loans $ (862 ) $ (133 ) Other assets MSRs $ (143 ) $ (27 ) Certain mortgage loans HFS (1) 62 16 Total other assets $ (81 ) $ (11 ) Total assets $ (1,685 ) $ 52 Liabilities Interest-bearing deposits $ 112 $ (91 ) Securities loaned and sold under agreements to repurchase (288 ) 35 Trading account liabilities (61 ) 11 Short-term borrowings (2) 1,256 (175 ) Long-term debt (2) 7,365 (2,681 ) Total liabilities $ 8,384 $ (2,901 ) (1) Includes gains (losses) associated with interest rate lock commitments for those loans that have been originated and elected under the fair value option. (2) Includes DVA that is included in AOCI . See Notes 17 and 20 to the Consolidated Financial Statements. |
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: March 31, 2020 December 31, 2019 In millions of dollars Trading assets Loans Trading assets Loans Carrying amount reported on the Consolidated Balance Sheet $ 9,228 $ 3,999 $ 8,320 $ 4,086 Aggregate unpaid principal balance in excess of (less than) fair value 1,012 593 410 315 Balance of non-accrual loans or loans more than 90 days past due — 1 — 1 Aggregate unpaid principal balance in excess of (less than) fair value for non-accrual loans or loans more than 90 days past due — — — — |
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 March 31, December 31, 2019 Carrying amount reported on the Consolidated Balance Sheet $ 1,109 $ 1,254 Aggregate fair value in excess of (less than) unpaid principal balance 54 (31 ) Balance of non-accrual loans or loans more than 90 days past due — 1 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 March 31, 2020 December 31, 2019 Interest rate linked $ 22.0 $ 22.9 Foreign exchange linked 0.7 0.9 Equity linked 18.9 21.7 Commodity linked 1.7 1.8 Credit linked 2.2 2.4 Total $ 45.5 $ 49.7 |
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 March 31, 2020 December 31, 2019 Carrying amount reported on the Consolidated Balance Sheet $ 52,914 $ 55,783 Aggregate unpaid principal balance in excess of (less than) fair value 2,130 (2,967 ) |
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 March 31, 2020 December 31, 2019 Carrying amount reported on the Consolidated Balance Sheet $ 8,364 $ 4,946 Aggregate unpaid principal balance in excess of (less than) fair value 666 1,411 |
GUARANTEES, LEASES AND COMMIT_2
GUARANTEES, LEASES AND COMMITMENTS (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Guarantees, Leases And Commitments [Abstract] | |
Schedule of guarantor obligations | The following tables present information about Citi’s guarantees at March 31, 2020 and December 31, 2019 : Maximum potential amount of future payments In billions of dollars at March 31, 2020 Expire within 1 year Expire after 1 year Total amount outstanding Carrying value (in millions of dollars) Financial standby letters of credit $ 29.3 $ 57.3 $ 86.6 $ 147 Performance guarantees 6.5 5.6 12.1 23 Derivative instruments considered to be guarantees 22.3 51.7 74.0 2,660 Loans sold with recourse — 1.2 1.2 7 Securities lending indemnifications (1) 107.8 — 107.8 — Credit card merchant processing (1)(2) 84.2 — 84.2 — Credit card arrangements with partners 0.2 0.4 0.6 7 Custody indemnifications and other — 28.6 28.6 40 Total $ 250.3 $ 144.8 $ 395.1 $ 2,884 Maximum potential amount of future payments In billions of dollars at December 31, 2019 Expire within Expire after Total amount Carrying value ( in millions of dollars) Financial standby letters of credit $ 31.9 $ 62.4 $ 94.3 $ 140 Performance guarantees 6.9 5.5 12.4 21 Derivative instruments considered to be guarantees 35.2 60.8 96.0 474 Loans sold with recourse — 1.2 1.2 7 Securities lending indemnifications (1) 87.8 — 87.8 — Credit card merchant processing (1)(2) 91.6 — 91.6 — Credit card arrangements with partners 0.2 0.4 0.6 23 Custody indemnifications and other — 33.7 33.7 41 Total $ 253.6 $ 164.0 $ 417.6 $ 706 (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 March 31, 2020 and December 31, 2019 , this maximum potential exposure was estimated to be $ 84 billion and $ 92 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 on 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 March 31, 2020 Investment grade Non-investment grade Not rated Total Financial standby letters of credit $ 59.8 $ 13.8 $ 13.0 $ 86.6 Performance guarantees 9.3 2.3 0.5 12.1 Derivative instruments deemed to be guarantees — — 74.0 74.0 Loans sold with recourse — — 1.2 1.2 Securities lending indemnifications — — 107.8 107.8 Credit card merchant processing — — 84.2 84.2 Credit card arrangements with partners — — 0.6 0.6 Custody indemnifications and other 16.3 12.3 — 28.6 Total $ 85.4 $ 28.4 $ 281.3 $ 395.1 Maximum potential amount of future payments In billions of dollars at December 31, 2019 Investment grade Non-investment grade Not rated Total Financial standby letters of credit $ 66.4 $ 12.5 $ 15.4 $ 94.3 Performance guarantees 9.7 2.3 0.4 12.4 Derivative instruments deemed to be guarantees — — 96.0 96.0 Loans sold with recourse — — 1.2 1.2 Securities lending indemnifications — — 87.8 87.8 Credit card merchant processing — — 91.6 91.6 Credit card arrangements with partners — — 0.6 0.6 Custody indemnifications and other 21.3 12.4 — 33.7 Total $ 97.4 $ 27.2 $ 293.0 $ 417.6 |
Schedule of credit commitments | The table below summarizes Citigroup’s credit commitments: In millions of dollars U.S. Outside of U.S. March 31, December 31, 2019 Commercial and similar letters of credit $ 717 $ 3,899 $ 4,616 $ 4,533 One- to four-family residential mortgages 2,862 1,887 4,749 3,721 Revolving open-end loans secured by one- to four-family residential properties 9,220 1,199 10,419 10,799 Commercial real estate, construction and land development 8,801 2,589 11,390 12,981 Credit card lines 621,188 95,362 716,550 708,023 Commercial and other consumer loan commitments 183,973 101,712 285,685 324,359 Other commitments and contingencies 1,825 1,460 3,285 1,948 Total $ 828,586 $ 208,108 $ 1,036,694 $ 1,066,364 |
Schedule of restricted cash | Restricted cash is included on the Consolidated Balance Sheet within the following balance sheet lines: In millions of dollars March 31, December 31, 2019 Cash and due from banks $ 2,978 $ 3,758 Deposits with banks, net of allowance 10,723 26,493 Total $ 13,701 $ 30,251 |
CONDENSED CONSOLIDATING FINAN_2
CONDENSED CONSOLIDATING FINANCIAL STATEMENTS (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
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 March 31, 2020 In millions of dollars Citigroup parent company CGMHI Other Citigroup subsidiaries and eliminations Consolidating adjustments Citigroup consolidated Revenues Dividends from subsidiaries $ 105 $ — $ — $ (105 ) $ — Interest revenue — 1,903 15,236 — 17,139 Interest revenue—intercompany 1,144 341 (1,485 ) — — Interest expense 1,143 1,141 3,363 — 5,647 Interest expense—intercompany 248 782 (1,030 ) — — Net interest revenue $ (247 ) $ 321 $ 11,418 $ — $ 11,492 Commissions and fees $ — $ 1,550 $ 1,471 $ — $ 3,021 Commissions and fees—intercompany (19 ) 164 (145 ) — — Principal transactions (672 ) 6,254 (321 ) — 5,261 Principal transactions—intercompany 502 (4,391 ) 3,889 — — Other income 80 49 828 — 957 Other income—intercompany (70 ) 13 57 — — Total non-interest revenues $ (179 ) $ 3,639 $ 5,779 $ — $ 9,239 Total revenues, net of interest expense $ (321 ) $ 3,960 $ 17,197 $ (105 ) $ 20,731 Provisions for credit losses and for benefits and claims $ — $ (1 ) $ 7,028 $ — $ 7,027 Operating expenses Compensation and benefits $ 28 $ 1,296 $ 4,330 $ — $ 5,654 Compensation and benefits—intercompany 74 — (74 ) — — Other operating 23 598 4,319 — 4,940 Other operating—intercompany 4 482 (486 ) — — Total operating expenses $ 129 $ 2,376 $ 8,089 $ — $ 10,594 Equity in undistributed income of subsidiaries $ 2,368 $ — $ — $ (2,368 ) $ — Income (loss) from continuing operations before income taxes $ 1,918 $ 1,585 $ 2,080 $ (2,473 ) $ 3,110 Provision (benefit) for income taxes (604 ) 337 843 — 576 Income (loss) from continuing operations $ 2,522 $ 1,248 $ 1,237 $ (2,473 ) $ 2,534 Income (loss) from discontinued operations, net of taxes — — (18 ) — (18 ) Net income before attribution of noncontrolling interests $ 2,522 $ 1,248 $ 1,219 $ (2,473 ) $ 2,516 Noncontrolling interests — — (6 ) — (6 ) Net income (loss) $ 2,522 $ 1,248 $ 1,225 $ (2,473 ) $ 2,522 Comprehensive income Add: Other comprehensive income (loss) $ 3,797 $ 1,757 $ 1,179 $ (2,936 ) $ 3,797 Total Citigroup comprehensive income (loss) $ 6,319 $ 3,005 $ 2,404 $ (5,409 ) $ 6,319 Add: Other comprehensive income attributable to noncontrolling interests $ — $ — $ (51 ) $ — $ (51 ) Add: Net income attributable to noncontrolling interests — — (6 ) — (6 ) Total comprehensive income (loss) $ 6,319 $ 3,005 $ 2,347 $ (5,409 ) $ 6,262 Condensed Consolidating Statements of Income and Comprehensive Income Three Months Ended March 31, 2019 In millions of dollars Citigroup parent company CGMHI Other Citigroup subsidiaries and eliminations Consolidating adjustments Citigroup consolidated Revenues Dividends from subsidiaries $ 9,167 $ — $ — $ (9,167 ) $ — Interest revenue — 2,572 16,504 — 19,076 Interest revenue—intercompany 1,325 503 (1,828 ) — — Interest expense 1,271 1,824 4,222 — 7,317 Interest expense—intercompany 312 1,075 (1,387 ) — — Net interest revenue $ (258 ) $ 176 $ 11,841 $ — $ 11,759 Commissions and fees $ — $ 1,307 $ 1,619 $ — $ 2,926 Commissions and fees—intercompany (1 ) 121 (120 ) — — Principal transactions (825 ) (1,034 ) 4,663 — 2,804 Principal transactions—intercompany 447 2,036 (2,483 ) — — Other income 319 99 669 — 1,087 Other income—intercompany (34 ) 42 (8 ) — — Total non-interest revenues $ (94 ) $ 2,571 $ 4,340 $ — $ 6,817 Total revenues, net of interest expense $ 8,815 $ 2,747 $ 16,181 $ (9,167 ) $ 18,576 Provisions for credit losses and for benefits and claims $ — $ — $ 1,980 $ — $ 1,980 Operating expenses Compensation and benefits $ 33 $ 1,284 $ 4,341 $ — $ 5,658 Compensation and benefits—intercompany 26 — (26 ) — — Other operating 5 553 4,368 — 4,926 Other operating—intercompany 5 582 (587 ) — — Total operating expenses $ 69 $ 2,419 $ 8,096 $ — $ 10,584 Equity in undistributed income of subsidiaries $ (4,203 ) $ — $ — $ 4,203 $ — Income (loss) from continuing operations before income taxes $ 4,543 $ 328 $ 6,105 $ (4,964 ) $ 6,012 Provision (benefit) for income taxes (167 ) — 140 1,302 — 1,275 Income (loss) from continuing operations $ 4,710 $ 188 $ 4,803 $ (4,964 ) $ 4,737 Income (loss) from discontinued operations, net of taxes — — (2 ) — (2 ) Net income (loss) before attribution of noncontrolling interests $ 4,710 $ 188 $ 4,801 $ (4,964 ) $ 4,735 Noncontrolling interests — — 25 — 25 Net income (loss) $ 4,710 $ 188 $ 4,776 $ (4,964 ) $ 4,710 Comprehensive income Add: Other comprehensive income (loss) $ 862 $ (289 ) $ 999 $ (710 ) $ 862 Total Citigroup comprehensive income (loss) $ 5,572 $ (101 ) $ 5,775 $ (5,674 ) $ 5,572 Add: Other comprehensive income attributable to noncontrolling interests $ — $ — — $ (13 ) $ — $ (13 ) Add: Net income attributable to noncontrolling interests — — — 25 — 25 Total comprehensive income (loss) $ 5,572 $ (101 ) $ 5,787 $ (5,674 ) $ 5,584 |
Condensed Consolidating Balance Sheet | Condensed Consolidating Balance Sheet March 31, 2020 In millions of dollars Citigroup parent company CGMHI Other Citigroup subsidiaries and eliminations Consolidating adjustments Citigroup consolidated Assets Cash and due from banks $ — $ 616 $ 23,139 $ — $ 23,755 Cash and due from banks—intercompany 15 3,909 (3,924 ) — — Deposits with banks, net of allowance — 6,581 255,584 — 262,165 Deposits with banks—intercompany 3,000 8,392 (11,392 ) — — Securities borrowed and purchased under resale agreements — 200,718 61,818 — 262,536 Securities borrowed and purchased under resale agreements—intercompany — 24,686 (24,686 ) — — Trading account assets 329 212,464 152,207 — 365,000 Trading account assets—intercompany 167 6,045 (6,212 ) — — Investments, net of allowance 1 508 398,374 — 398,883 Loans, net of unearned income — 1,722 719,298 — 721,020 Loans, net of unearned income—intercompany — — — — — Allowance for credit losses on loans (ACLL) — — (20,841 ) — (20,841 ) Total loans, net $ — $ 1,722 $ 698,457 $ — $ 700,179 Advances to subsidiaries $ 142,560 $ — $ (142,560 ) $ — $ — Investments in subsidiaries 204,662 — — (204,662 ) — Other assets, net of allowance (1) 12,152 84,877 110,223 — 207,252 Other assets—intercompany 3,451 50,312 (53,763 ) — — Total assets $ 366,337 $ 600,830 $ 1,457,265 $ (204,662 ) $ 2,219,770 Liabilities and equity Deposits $ — $ — $ 1,184,911 $ — $ 1,184,911 Deposits—intercompany — — — — — Securities loaned and sold under repurchase agreements — 201,631 20,693 — 222,324 Securities loaned and sold under repurchase agreements—intercompany — 29,764 (29,764 ) — — Trading account liabilities — 104,146 59,849 — 163,995 Trading account liabilities—intercompany 445 5,421 (5,866 ) — — Short-term borrowings 28 13,997 40,926 — 54,951 Short-term borrowings—intercompany — 25,563 (25,563 ) — — Long-term debt 156,461 37,118 72,519 — 266,098 Long-term debt—intercompany — 65,945 (65,945 ) — — Advances from subsidiaries 13,996 — (13,996 ) — — Other liabilities, including allowance 3,001 71,096 60,412 — 134,509 Other liabilities—intercompany 75 10,464 (10,539 ) — — Stockholders’ equity 192,331 35,685 169,628 (204,662 ) 192,982 Total liabilities and equity $ 366,337 $ 600,830 $ 1,457,265 $ (204,662 ) $ 2,219,770 (1) Other assets for Citigroup parent company at March 31, 2020 included $43.3 billion of placements to Citibank and its branches, of which $38.1 billion had a remaining term of less than 30 days. Condensed Consolidating Balance Sheet December 31, 2019 In millions of dollars Citigroup parent company CGMHI Other Citigroup subsidiaries and eliminations Consolidating adjustments Citigroup consolidated Assets Cash and due from banks $ — $ 586 $ 23,381 $ — $ 23,967 Cash and due from banks—intercompany 21 5,095 (5,116 ) — — Deposits with banks — 4,050 165,902 — 169,952 Deposits with banks—intercompany 3,000 6,710 (9,710 ) — — Securities borrowed and purchased under resale agreements — 195,537 55,785 — 251,322 Securities borrowed and purchased under resale agreements—intercompany — 21,446 (21,446 ) — — Trading account assets 286 152,115 123,739 — 276,140 Trading account assets—intercompany 426 5,858 (6,284 ) — — Investments, net of allowance 1 541 368,021 — 368,563 Loans, net of unearned income — 2,497 696,986 — 699,483 Loans, net of unearned income—intercompany — — — — — Allowance for credit losses on loans (ACLL) — — (12,783 ) — (12,783 ) Total loans, net $ — $ 2,497 $ 684,203 $ — $ 686,700 Advances to subsidiaries $ 144,587 $ — $ (144,587 ) $ — $ — Investments in subsidiaries 202,116 — — (202,116 ) — Other assets, net of allowance (1) 12,377 54,784 107,353 — 174,514 Other assets—intercompany 2,799 45,588 (48,387 ) — — Total assets $ 365,613 $ 494,807 $ 1,292,854 $ (202,116 ) $ 1,951,158 Liabilities and equity Deposits $ — $ — $ 1,070,590 $ — $ 1,070,590 Deposits—intercompany — — — — — Securities loaned and sold under repurchase agreements — 145,473 20,866 — 166,339 Securities loaned and sold under repurchase agreements—intercompany — 36,581 (36,581 ) — — Trading account liabilities 1 80,100 39,793 — 119,894 Trading account liabilities—intercompany 379 5,109 (5,488 ) — — Short-term borrowings 66 11,096 33,887 — 45,049 Short-term borrowings—intercompany — 17,129 (17,129 ) — — Long-term debt 150,477 39,578 58,705 — 248,760 Long-term debt—intercompany — 66,791 (66,791 ) — — Advances from subsidiaries 20,503 — (20,503 ) — — Other liabilities, including allowance 937 51,777 53,866 — 106,580 Other liabilities—intercompany 8 8,414 (8,422 ) — — Stockholders’ equity 193,242 32,759 170,061 (202,116 ) 193,946 Total liabilities and equity $ 365,613 $ 494,807 $ 1,292,854 $ (202,116 ) $ 1,951,158 (1) Other assets for Citigroup parent company at December 31, 2019 included $35.1 billion of placements to Citibank and its branches, of which $24.9 billion had a remaining term of less than 30 days. |
Condensed Consolidating Statement of Cash Flows | Condensed Consolidating Statement of Cash Flows Three Months Ended March 31, 2020 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 $ 4,334 $ (38,869 ) $ 9,002 $ — $ (25,533 ) Cash flows from investing activities of continuing operations Purchases of investments $ — $ — $ (108,658 ) $ — $ (108,658 ) Proceeds from sales of investments — — 44,399 — 44,399 Proceeds from maturities of investments — — 29,203 — 29,203 Change in loans — — (26,743 ) — (26,743 ) Proceeds from sales and securitizations of loans — — 596 — 596 Change in securities borrowed and purchased under agreements to resell — (8,421 ) (2,793 ) — (11,214 ) Changes in investments and advances—intercompany 1,121 (9,442 ) 8,321 — — Other investing activities — — (440 ) — (440 ) Net cash provided by (used in) investing activities of continuing operations $ 1,121 $ (17,863 ) $ (56,115 ) $ — $ (72,857 ) Cash flows from financing activities of continuing operations Dividends paid $ (1,365 ) $ — $ — $ — $ (1,365 ) Issuance of preferred stock 1,500 — — — 1,500 Redemption of preferred stock (1,500 ) — — — (1,500 ) Treasury stock acquired (2,925 ) — — — (2,925 ) Proceeds (repayments) from issuance of long-term debt, net 5,742 72 10,032 — 15,846 Proceeds (repayments) from issuance of long-term debt—intercompany, net 554 (554 ) — — Change in deposits — — 114,321 — 114,321 Change in securities loaned and sold under agreements to repurchase — 49,341 6,644 — 55,985 Change in short-term borrowings — 2,901 7,001 — 9,902 Net change in short-term borrowings and other advances—intercompany (6,507 ) 7,040 (533 ) — — Capital contributions from (to) parent — — — — — — Other financing activities (406 ) (119 ) 119 — (406 ) Net cash provided by (used in) financing activities of continuing operations $ (5,461 ) $ 59,789 $ 137,030 $ — $ 191,358 Effect of exchange rate changes on cash and due from banks $ — $ — $ (967 ) $ — $ (967 ) Change in cash and due from banks and deposits with banks $ (6 ) $ 3,057 $ 88,950 $ — $ 92,001 Cash and due from banks and deposits with banks at beginning of period 3,021 16,441 174,457 — 193,919 Cash and due from banks and deposits with banks at end of period $ 3,015 $ 19,498 $ 263,407 $ — $ 285,920 Cash and due from banks $ 15 $ 4,525 $ 19,215 $ — $ 23,755 Deposits with banks, net of allowance 3,000 14,973 244,192 — 262,165 Cash and due from banks and deposits with banks at end of period $ 3,015 $ 19,498 $ 263,407 $ — $ 285,920 Supplemental disclosure of cash flow information for continuing operations Cash paid during the period for income taxes $ 16 $ 78 $ 1,347 $ — $ 1,441 Cash paid during the period for interest 998 1,983 2,443 — 5,424 Non-cash investing activities Transfers to loans HFS from loans $ — $ — $ 224 $ — $ 224 Condensed Consolidating Statement of Cash Flows Three Months Ended March 31, 2019 In millions of dollars Citigroup parent company CGMHI Other Citigroup subsidiaries and eliminations Consolidating adjustments Citigroup consolidated Net cash provided by (used in) operating activities of continuing operations $ 10,950 $ (30,786 ) $ (17,780 ) $ — $ (37,616 ) Cash flows from investing activities of continuing operations Purchases of investments $ — $ — $ (69,673 ) $ — $ (69,673 ) Proceeds from sales of investments — — 31,436 — 31,436 Proceeds from maturities of investments — — 47,363 — 47,363 Change in loans — — (892 ) — (892 ) Proceeds from sales and securitizations of loans — — 2,062 — 2,062 Proceeds from significant disposals — — — — — Change in securities borrowed and purchased under agreements to resell — 6,748 (559 ) — 6,189 Changes in investments and advances—intercompany (106 ) (6,636 ) 6,742 — — Other investing activities — (17 ) (425 ) — (442 ) Net cash provided by (used in) investing activities of continuing operations $ (106 ) $ 95 $ 16,054 $ — $ 16,043 Cash flows from financing activities of continuing operations Dividends paid $ (1,320 ) $ — $ — $ — $ (1,320 ) Redemption of preferred stock (480 ) — — — (480 ) Treasury stock acquired (4,055 ) — — — (4,055 ) Proceeds (repayments) from issuance of long-term debt, net 5,199 5,576 (1,791 ) — 8,984 Proceeds (repayments) from issuance of long-term debt—intercompany, net — (1,295 ) 1,295 — — Change in deposits — — 17,186 — 17,186 Change in securities loaned and sold under agreements to repurchase — 15,217 (2,613 ) — 12,604 Change in short-term borrowings — 2,829 4,147 — 6,976 Net change in short-term borrowings and other advances—intercompany (9,838 ) 9,125 713 — — Other financing activities (358 ) — — — (358 ) Net cash provided by (used in) financing activities of continuing operations $ (10,852 ) $ 31,452 $ 18,937 $ — $ 39,537 Effect of exchange rate changes on cash and due from banks $ — $ — $ (176 ) $ — $ (176 ) Change in cash and due from banks and deposits with banks $ (8 ) $ 761 $ 17,035 $ — $ 17,788 Cash and due from banks and deposits with banks at beginning of period 3,020 15,677 169,408 — 188,105 Cash and due from banks and deposits with banks at end of period $ 3,012 $ 16,438 $ 186,443 $ — $ 205,893 Cash and due from banks $ 12 — $ 4,916 $ 19,520 $ — $ 24,448 Deposits with banks, net of allowance 3,000 11,522 166,923 — 181,445 Cash and due from banks and deposits with banks at end of period $ 3,012 $ 16,438 $ 186,443 $ — $ 205,893 Supplemental disclosure of cash flow information for continuing operations Cash paid (received) during the period for income taxes $ 306 $ 57 $ 962 $ — $ 1,325 Cash paid during the period for interest 956 2,694 3,281 — 6,931 Non-cash investing activities Transfers to loans HFS from loans $ — $ — $ 2,000 $ — $ 2,000 |
BASIS OF PRESENTATION AND ACC_3
BASIS OF PRESENTATION AND ACCOUNTING CHANGES - Accounting Changes (Details) - USD ($) $ in Millions | Jan. 01, 2020 | Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | Dec. 31, 2018 |
New Accounting Pronouncements or Change in Accounting Principle | |||||
Allowance for credit losses | $ 20,841 | $ 12,329 | $ 12,783 | $ 12,315 | |
Decrease in retained earnings | (163,438) | (165,369) | |||
Build to allowance for credit losses | $ 4,112 | $ 67 | |||
Cumulative Effect, Period of Adoption, Adjustment | |||||
New Accounting Pronouncements or Change in Accounting Principle | |||||
Allowance for credit losses | $ 4,201 | ||||
Accounting Standards Update 2016-13 | |||||
New Accounting Pronouncements or Change in Accounting Principle | |||||
Pretax percentage increase allowance for credit losses | 29.00% | ||||
Loss coverage period | 23 months | ||||
Release of reserves | $ 800 | ||||
Accounting Standards Update 2016-13 | Cumulative Effect, Period of Adoption, Adjustment | |||||
New Accounting Pronouncements or Change in Accounting Principle | |||||
Allowance for credit losses | 4,100 | ||||
Decrease in retained earnings | 3,100 | ||||
Increase in deferred tax assets | 1,000 | ||||
Build to allowance for credit losses | $ 4,900 | ||||
Accounting Guidance Prior to Adoption of Accounting Standards Update 2016-13 | |||||
New Accounting Pronouncements or Change in Accounting Principle | |||||
Loss coverage period | 14 months |
DISCONTINUED OPERATIONS AND S_3
DISCONTINUED OPERATIONS AND SIGNIFICANT DISPOSALS - Discontinued Operations (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Results of Discontinued Operations | ||
Total revenues, net of interest expense | $ 0 | $ 0 |
Loss from discontinued operations | (18) | (2) |
Benefit for income taxes | 0 | 0 |
Loss from discontinued operations, net of taxes | $ (18) | $ (2) |
BUSINESS SEGMENTS (Details)
BUSINESS SEGMENTS (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | |
Segment reporting information | |||
Revenues, net of interest expense | $ 20,731 | $ 18,576 | |
Provision (benefits) for income taxes | 576 | 1,275 | |
Income (loss) from continuing operations | 2,534 | 4,737 | |
Identifiable assets | 2,219,770 | $ 1,951,158 | |
Operating Segments | Citicorp | North America | |||
Segment reporting information | |||
Revenues, net of interest expense | 10,200 | 8,300 | |
Operating Segments | Citicorp | EMEA | |||
Segment reporting information | |||
Revenues, net of interest expense | 3,500 | 3,200 | |
Operating Segments | Citicorp | Latin America | |||
Segment reporting information | |||
Revenues, net of interest expense | 2,600 | 2,500 | |
Operating Segments | Citicorp | Asia | |||
Segment reporting information | |||
Revenues, net of interest expense | 4,400 | 4,100 | |
Operating Segments | Global Consumer Banking | |||
Segment reporting information | |||
Revenues, net of interest expense | 8,174 | 8,090 | |
Provision (benefits) for income taxes | (270) | 381 | |
Income (loss) from continuing operations | (755) | 1,320 | |
Identifiable assets | 403,000 | 407,000 | |
Provisions for credit losses and for benefits and claims | 4,800 | 2,000 | |
Operating Segments | Institutional Clients Group | |||
Segment reporting information | |||
Revenues, net of interest expense | 12,484 | 10,018 | |
Provision (benefits) for income taxes | 1,044 | 955 | |
Income (loss) from continuing operations | 3,626 | 3,412 | |
Identifiable assets | 1,723,000 | 1,447,000 | |
Provisions for credit losses and for benefits and claims | 2,004 | 32 | |
Corporate/Other | |||
Segment reporting information | |||
Revenues, net of interest expense | 73 | 468 | |
Provision (benefits) for income taxes | (198) | (61) | |
Income (loss) from continuing operations | (337) | 5 | |
Identifiable assets | 94,000 | $ 97,000 | |
Provisions for credit losses and for benefits and claims | $ 192 | $ (25) |
INTEREST REVENUE AND EXPENSE (D
INTEREST REVENUE AND EXPENSE (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Interest revenue | ||
Loan interest, including fees | $ 11,250 | $ 11,969 |
Deposits with banks | 527 | 607 |
Securities borrowed and purchased under agreements to resell | 1,208 | 1,783 |
Investments, including dividends | 2,281 | 2,548 |
Trading account assets | 1,590 | 1,686 |
Other interest | 283 | 483 |
Total interest revenue | 17,139 | 19,076 |
Interest expense | ||
Deposits | 2,614 | 3,027 |
Securities loaned and sold under agreements to repurchase | 1,085 | 1,589 |
Trading account liabilities | 239 | 327 |
Short-term borrowings | 384 | 652 |
Long-term debt | 1,325 | 1,722 |
Total interest expense | 5,647 | 7,317 |
Net interest revenue | 11,492 | 11,759 |
Provision for credit losses on loans | 6,444 | 1,944 |
Net interest revenue after provision for credit losses on loans | 5,048 | 9,815 |
Insurance fees and charges | $ 225 | $ 193 |
COMMISSIONS AND FEES; ADMINIS_3
COMMISSIONS AND FEES; ADMINISTRATION AND OTHER FIDUCIARY FEES - Commissions and Fees Revenue (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Commissions and fees | ||
Total commissions and fees | $ 3,021 | $ 2,926 |
Investment banking | ||
Commissions and fees | ||
Total commissions and fees | 1,040 | 914 |
Brokerage commissions | ||
Commissions and fees | ||
Total commissions and fees | 826 | 657 |
Interchange fees | ||
Commissions and fees | ||
Total commissions and fees | 2,178 | 2,262 |
Card-related loan fees | ||
Commissions and fees | ||
Total commissions and fees | 177 | 173 |
Card rewards and partner payments | ||
Commissions and fees | ||
Total commissions and fees | (2,242) | (2,214) |
Deposit-related fees | ||
Commissions and fees | ||
Total commissions and fees | 348 | 384 |
Transactional service fees | ||
Commissions and fees | ||
Total commissions and fees | 251 | 231 |
Corporate finance | ||
Commissions and fees | ||
Total commissions and fees | 146 | 179 |
Insurance distribution revenue | ||
Commissions and fees | ||
Total commissions and fees | 129 | 136 |
Insurance premiums | ||
Commissions and fees | ||
Total commissions and fees | 43 | 47 |
Loan servicing | ||
Commissions and fees | ||
Total commissions and fees | 39 | 78 |
Other | ||
Commissions and fees | ||
Total commissions and fees | 86 | 79 |
Overdraft fees | ||
Commissions and fees | ||
Total commissions and fees | 31 | 31 |
Commissions and fees | ||
Commissions and fees | ||
Revenue not accounted for under ASC 606, revenue from contracts with customers | (1,802) | (1,703) |
ICG | ||
Commissions and fees | ||
Total commissions and fees | 2,400 | 2,236 |
ICG | Investment banking | ||
Commissions and fees | ||
Total commissions and fees | 1,040 | 914 |
ICG | Brokerage commissions | ||
Commissions and fees | ||
Total commissions and fees | 577 | 471 |
ICG | Interchange fees | ||
Commissions and fees | ||
Total commissions and fees | 261 | 279 |
ICG | Card-related loan fees | ||
Commissions and fees | ||
Total commissions and fees | 11 | 13 |
ICG | Card rewards and partner payments | ||
Commissions and fees | ||
Total commissions and fees | (149) | (153) |
ICG | Deposit-related fees | ||
Commissions and fees | ||
Total commissions and fees | 233 | 262 |
ICG | Transactional service fees | ||
Commissions and fees | ||
Total commissions and fees | 227 | 201 |
ICG | Corporate finance | ||
Commissions and fees | ||
Total commissions and fees | 146 | 179 |
ICG | Insurance distribution revenue | ||
Commissions and fees | ||
Total commissions and fees | 4 | 4 |
ICG | Insurance premiums | ||
Commissions and fees | ||
Total commissions and fees | 0 | 0 |
ICG | Loan servicing | ||
Commissions and fees | ||
Total commissions and fees | 20 | 50 |
ICG | Other | ||
Commissions and fees | ||
Total commissions and fees | 30 | 17 |
GCB | ||
Commissions and fees | ||
Total commissions and fees | 613 | 683 |
GCB | Investment banking | ||
Commissions and fees | ||
Total commissions and fees | 0 | 0 |
GCB | Brokerage commissions | ||
Commissions and fees | ||
Total commissions and fees | 249 | 186 |
GCB | Interchange fees | ||
Commissions and fees | ||
Total commissions and fees | 1,917 | 1,983 |
GCB | Card-related loan fees | ||
Commissions and fees | ||
Total commissions and fees | 166 | 160 |
GCB | Card rewards and partner payments | ||
Commissions and fees | ||
Total commissions and fees | (2,093) | (2,061) |
GCB | Deposit-related fees | ||
Commissions and fees | ||
Total commissions and fees | 115 | 122 |
GCB | Transactional service fees | ||
Commissions and fees | ||
Total commissions and fees | 24 | 30 |
GCB | Corporate finance | ||
Commissions and fees | ||
Total commissions and fees | 0 | 0 |
GCB | Insurance distribution revenue | ||
Commissions and fees | ||
Total commissions and fees | 125 | 132 |
GCB | Insurance premiums | ||
Commissions and fees | ||
Total commissions and fees | 43 | 47 |
GCB | Loan servicing | ||
Commissions and fees | ||
Total commissions and fees | 11 | 22 |
GCB | Other | ||
Commissions and fees | ||
Total commissions and fees | 56 | 62 |
Corporate/Other | ||
Commissions and fees | ||
Total commissions and fees | 8 | 7 |
Corporate/Other | Investment banking | ||
Commissions and fees | ||
Total commissions and fees | 0 | 0 |
Corporate/Other | Brokerage commissions | ||
Commissions and fees | ||
Total commissions and fees | 0 | 0 |
Corporate/Other | Interchange fees | ||
Commissions and fees | ||
Total commissions and fees | 0 | 0 |
Corporate/Other | Card-related loan fees | ||
Commissions and fees | ||
Total commissions and fees | 0 | 0 |
Corporate/Other | Card rewards and partner payments | ||
Commissions and fees | ||
Total commissions and fees | 0 | 0 |
Corporate/Other | Deposit-related fees | ||
Commissions and fees | ||
Total commissions and fees | 0 | 0 |
Corporate/Other | Transactional service fees | ||
Commissions and fees | ||
Total commissions and fees | 0 | 0 |
Corporate/Other | Corporate finance | ||
Commissions and fees | ||
Total commissions and fees | 0 | 0 |
Corporate/Other | Insurance distribution revenue | ||
Commissions and fees | ||
Total commissions and fees | 0 | 0 |
Corporate/Other | Insurance premiums | ||
Commissions and fees | ||
Total commissions and fees | 0 | 0 |
Corporate/Other | Loan servicing | ||
Commissions and fees | ||
Total commissions and fees | 8 | 6 |
Corporate/Other | Other | ||
Commissions and fees | ||
Total commissions and fees | $ 0 | $ 1 |
COMMISSIONS AND FEES; ADMINIS_4
COMMISSIONS AND FEES; ADMINISTRATION AND OTHER FIDUCIARY FEES - Administration and Other Fiduciary Fees (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Commissions and fees | ||
Administration and other fiduciary fees | $ 854 | $ 839 |
Custody fees | ||
Commissions and fees | ||
Administration and other fiduciary fees | 389 | 383 |
Custody fees | ICG | ||
Commissions and fees | ||
Administration and other fiduciary fees | 366 | 364 |
Custody fees | GCB | ||
Commissions and fees | ||
Administration and other fiduciary fees | 8 | 3 |
Custody fees | Corporate/Other | ||
Commissions and fees | ||
Administration and other fiduciary fees | 15 | 16 |
Fiduciary fees | ||
Commissions and fees | ||
Administration and other fiduciary fees | 328 | 310 |
Fiduciary fees | ICG | ||
Commissions and fees | ||
Administration and other fiduciary fees | 172 | 152 |
Fiduciary fees | GCB | ||
Commissions and fees | ||
Administration and other fiduciary fees | 156 | 146 |
Fiduciary fees | Corporate/Other | ||
Commissions and fees | ||
Administration and other fiduciary fees | 0 | 12 |
Guarantee fees | ||
Commissions and fees | ||
Administration and other fiduciary fees | 137 | 146 |
Guarantee fees | ICG | ||
Commissions and fees | ||
Administration and other fiduciary fees | 134 | 142 |
Guarantee fees | GCB | ||
Commissions and fees | ||
Administration and other fiduciary fees | 2 | 2 |
Guarantee fees | Corporate/Other | ||
Commissions and fees | ||
Administration and other fiduciary fees | 1 | 2 |
Administration and other fiduciary fees | ||
Commissions and fees | ||
Administration and other fiduciary fees | 854 | 839 |
Revenue not accounted for under ASC 606, revenue from contracts with customers | 136 | 146 |
Administration and other fiduciary fees | ICG | ||
Commissions and fees | ||
Administration and other fiduciary fees | 672 | 658 |
Administration and other fiduciary fees | GCB | ||
Commissions and fees | ||
Administration and other fiduciary fees | 166 | 151 |
Administration and other fiduciary fees | Corporate/Other | ||
Commissions and fees | ||
Administration and other fiduciary fees | $ 16 | $ 30 |
PRINCIPAL TRANSACTIONS (Details
PRINCIPAL TRANSACTIONS (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Principal transactions revenue | ||
Principal transactions revenue | $ 5,261 | $ 2,804 |
Interest rate risks | ||
Principal transactions revenue | ||
Principal transactions revenue | 1,977 | 1,718 |
Foreign exchange risks | ||
Principal transactions revenue | ||
Principal transactions revenue | 995 | 473 |
Equity risks | ||
Principal transactions revenue | ||
Principal transactions revenue | 819 | 456 |
Commodity and other risks | ||
Principal transactions revenue | ||
Principal transactions revenue | 327 | 119 |
Credit products and risks | ||
Principal transactions revenue | ||
Principal transactions revenue | $ 1,143 | $ 38 |
RETIREMENT BENEFITS - Net (Bene
RETIREMENT BENEFITS - Net (Benefit) Expense (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
U.S. | Pension Plans | ||
Service-related expense | ||
Benefits earned during the period | $ 0 | $ 0 |
Interest cost on benefit obligation | 106 | 130 |
Expected return on plan assets | (208) | (203) |
Amortization of unrecognized: | ||
Prior service cost (benefit) | 1 | 1 |
Net actuarial loss | 56 | 44 |
Total net (benefit) expense | (45) | (28) |
U.S. | Postretirement Benefit Plans | ||
Service-related expense | ||
Benefits earned during the period | 0 | 0 |
Interest cost on benefit obligation | 5 | 7 |
Expected return on plan assets | (5) | (5) |
Amortization of unrecognized: | ||
Prior service cost (benefit) | 0 | 0 |
Net actuarial loss | 0 | 0 |
Total net (benefit) expense | 0 | 2 |
Non-U.S. plans | Pension Plans | ||
Service-related expense | ||
Benefits earned during the period | 37 | 36 |
Interest cost on benefit obligation | 64 | 75 |
Expected return on plan assets | (65) | (68) |
Amortization of unrecognized: | ||
Prior service cost (benefit) | (1) | (1) |
Net actuarial loss | 17 | 15 |
Total net (benefit) expense | 52 | 57 |
Non-U.S. plans | Postretirement Benefit Plans | ||
Service-related expense | ||
Benefits earned during the period | 2 | 2 |
Interest cost on benefit obligation | 24 | 26 |
Expected return on plan assets | (20) | (21) |
Amortization of unrecognized: | ||
Prior service cost (benefit) | (2) | (2) |
Net actuarial loss | 5 | 5 |
Total net (benefit) expense | $ 9 | $ 10 |
RETIREMENT BENEFITS - Funded St
RETIREMENT BENEFITS - Funded Status and Accumulated Other Comprehensive Income (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
U.S. | Pension Plans | ||
Change in projected benefit obligation | ||
Projected benefit obligation at beginning of year | $ 13,453 | |
Benefits earned during the period | 0 | $ 0 |
Interest cost on benefit obligation | 106 | 130 |
Change in plan assets | ||
Plan assets at fair value at beginning of year | 12,717 | |
Net amount recognized at period end | ||
Benefit asset | 0 | |
Benefit liability | (1,496) | |
Net amount recognized on the balance sheet—Significant Plans | (1,496) | |
Amounts recognized in AOCI at period end | ||
Prior service benefit | 0 | |
Net actuarial (loss) gain | (7,932) | |
Net amount recognized in equity-pretax | (7,932) | |
Accumulated benefit obligation at period end—Significant Plans | 13,344 | |
U.S. | Pension Plans | Other than Significant Plans Measured Annually | ||
Change in projected benefit obligation | ||
Projected benefit obligation at beginning of year | 26 | |
Change in plan assets | ||
Plan assets at fair value at beginning of year | 0 | |
U.S. | Pension Plans | Significant Plans Measured Quarterly | ||
Change in projected benefit obligation | ||
Projected benefit obligation at beginning of year | 13,427 | |
Benefits earned during the period | ||
Interest cost on benefit obligation | 106 | |
Actuarial loss (gain) | 65 | |
Benefits paid, net of participants’ contributions and government subsidy | (249) | |
Foreign exchange impact and other | 0 | |
Projected benefit obligation at period end—Significant Plans | 13,349 | |
Change in plan assets | ||
Plan assets at fair value at beginning of year | 12,717 | |
Actual return on plan assets | (628) | |
Company contributions, net of reimbursements | 13 | |
Benefits paid, net of participants’ contributions and government subsidy | (249) | |
Foreign exchange impact and other | 0 | |
Plan assets at fair value at period end—Significant Plans | 11,853 | |
Funded status of the Significant Plans | (1,496) | |
U.S. | Postretirement Benefit Plans | ||
Change in projected benefit obligation | ||
Projected benefit obligation at beginning of year | 692 | |
Benefits earned during the period | 0 | 0 |
Interest cost on benefit obligation | 5 | 7 |
Change in plan assets | ||
Plan assets at fair value at beginning of year | 345 | |
Net amount recognized at period end | ||
Benefit asset | 0 | |
Benefit liability | (358) | |
Net amount recognized on the balance sheet—Significant Plans | (358) | |
Amounts recognized in AOCI at period end | ||
Prior service benefit | 0 | |
Net actuarial (loss) gain | 22 | |
Net amount recognized in equity-pretax | 22 | |
Accumulated benefit obligation at period end—Significant Plans | 679 | |
U.S. | Postretirement Benefit Plans | Other than Significant Plans Measured Annually | ||
Change in projected benefit obligation | ||
Projected benefit obligation at beginning of year | 0 | |
Change in plan assets | ||
Plan assets at fair value at beginning of year | 0 | |
U.S. | Postretirement Benefit Plans | Significant Plans Measured Quarterly | ||
Change in projected benefit obligation | ||
Projected benefit obligation at beginning of year | 692 | |
Benefits earned during the period | 0 | |
Interest cost on benefit obligation | 5 | |
Actuarial loss (gain) | (13) | |
Benefits paid, net of participants’ contributions and government subsidy | (5) | |
Foreign exchange impact and other | 0 | |
Projected benefit obligation at period end—Significant Plans | 679 | |
Change in plan assets | ||
Plan assets at fair value at beginning of year | 345 | |
Actual return on plan assets | (11) | |
Company contributions, net of reimbursements | (8) | |
Benefits paid, net of participants’ contributions and government subsidy | (5) | |
Foreign exchange impact and other | 0 | |
Plan assets at fair value at period end—Significant Plans | 321 | |
Funded status of the Significant Plans | (358) | |
Non-U.S. plans | Pension Plans | ||
Change in projected benefit obligation | ||
Projected benefit obligation at beginning of year | 8,105 | |
Benefits earned during the period | 37 | 36 |
Interest cost on benefit obligation | 64 | 75 |
Change in plan assets | ||
Plan assets at fair value at beginning of year | 7,556 | |
Net amount recognized at period end | ||
Benefit asset | 1,001 | |
Benefit liability | (617) | |
Net amount recognized on the balance sheet—Significant Plans | 384 | |
Amounts recognized in AOCI at period end | ||
Prior service benefit | 8 | |
Net actuarial (loss) gain | (780) | |
Net amount recognized in equity-pretax | (772) | |
Accumulated benefit obligation at period end—Significant Plans | 4,827 | |
Non-U.S. plans | Pension Plans | Other than Significant Plans Measured Annually | ||
Change in projected benefit obligation | ||
Projected benefit obligation at beginning of year | 2,068 | |
Change in plan assets | ||
Plan assets at fair value at beginning of year | 1,349 | |
Non-U.S. plans | Pension Plans | Significant Plans Measured Quarterly | ||
Change in projected benefit obligation | ||
Projected benefit obligation at beginning of year | 6,037 | |
Benefits earned during the period | 21 | |
Interest cost on benefit obligation | 55 | |
Actuarial loss (gain) | (419) | |
Benefits paid, net of participants’ contributions and government subsidy | (69) | |
Foreign exchange impact and other | (522) | |
Projected benefit obligation at period end—Significant Plans | 5,103 | |
Change in plan assets | ||
Plan assets at fair value at beginning of year | 6,207 | |
Actual return on plan assets | (156) | |
Company contributions, net of reimbursements | 16 | |
Benefits paid, net of participants’ contributions and government subsidy | (69) | |
Foreign exchange impact and other | (511) | |
Plan assets at fair value at period end—Significant Plans | 5,487 | |
Funded status of the Significant Plans | 384 | |
Non-U.S. plans | Postretirement Benefit Plans | ||
Change in projected benefit obligation | ||
Projected benefit obligation at beginning of year | 1,384 | |
Benefits earned during the period | 2 | 2 |
Interest cost on benefit obligation | 24 | $ 26 |
Change in plan assets | ||
Plan assets at fair value at beginning of year | 1,127 | |
Net amount recognized at period end | ||
Benefit asset | 42 | |
Benefit liability | 0 | |
Net amount recognized on the balance sheet—Significant Plans | 42 | |
Amounts recognized in AOCI at period end | ||
Prior service benefit | 54 | |
Net actuarial (loss) gain | (289) | |
Net amount recognized in equity-pretax | (235) | |
Accumulated benefit obligation at period end—Significant Plans | 806 | |
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 | 323 | |
Change in plan assets | ||
Plan assets at fair value at beginning of year | 9 | |
Non-U.S. plans | Postretirement Benefit Plans | Significant Plans Measured Quarterly | ||
Change in projected benefit obligation | ||
Projected benefit obligation at beginning of year | 1,061 | |
Benefits earned during the period | 1 | |
Interest cost on benefit obligation | 21 | |
Actuarial loss (gain) | (63) | |
Benefits paid, net of participants’ contributions and government subsidy | (12) | |
Foreign exchange impact and other | (202) | |
Projected benefit obligation at period end—Significant Plans | 806 | |
Change in plan assets | ||
Plan assets at fair value at beginning of year | 1,118 | |
Actual return on plan assets | (45) | |
Company contributions, net of reimbursements | 0 | |
Benefits paid, net of participants’ contributions and government subsidy | (12) | |
Foreign exchange impact and other | (213) | |
Plan assets at fair value at period end—Significant Plans | 848 | |
Funded status of the Significant Plans | 42 | |
Qualified plans | U.S. | Pension Plans | Significant Plans Measured Quarterly | ||
Change in plan assets | ||
Funded status of the Significant Plans | (818) | |
Qualified plans | U.S. | Postretirement Benefit Plans | Significant Plans Measured Quarterly | ||
Change in plan assets | ||
Funded status of the Significant Plans | (358) | |
Qualified plans | Non-U.S. plans | Pension Plans | Significant Plans Measured Quarterly | ||
Change in plan assets | ||
Funded status of the Significant Plans | 384 | |
Qualified plans | Non-U.S. plans | Postretirement Benefit Plans | Significant Plans Measured Quarterly | ||
Change in plan assets | ||
Funded status of the Significant Plans | 42 | |
Nonqualified plans | U.S. | Pension Plans | Significant Plans Measured Quarterly | ||
Change in plan assets | ||
Funded status of the Significant Plans | (678) | |
Nonqualified plans | U.S. | Postretirement Benefit Plans | Significant Plans Measured Quarterly | ||
Change in plan assets | ||
Funded status of the Significant Plans | 0 | |
Nonqualified plans | Non-U.S. plans | Pension Plans | Significant Plans Measured Quarterly | ||
Change in plan assets | ||
Funded status of the Significant Plans | 0 | |
Nonqualified plans | Non-U.S. plans | Postretirement Benefit Plans | Significant Plans Measured Quarterly | ||
Change in plan assets | ||
Funded status of the Significant Plans | $ 0 |
RETIREMENT BENEFITS - Accumulat
RETIREMENT BENEFITS - Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | |
Change in accumulated other comprehensive income (loss) | |||
Balance, beginning of period | $ 193,946 | ||
Actuarial assumptions changes and plan experience | 430 | $ (2,300) | |
Net asset gain (loss) due to difference between actual and expected returns | (1,128) | 1,427 | |
Net amortization | 76 | 274 | |
Prior service cost | 0 | (7) | |
Curtailment/settlement gain | 0 | 1 | |
Foreign exchange impact and other | 204 | (66) | |
Change in deferred taxes, net | 132 | 119 | |
Change, net of tax | (286) | $ (64) | (552) |
Balance, end of period | 192,982 | 197,015 | 193,946 |
Benefit plans | |||
Change in accumulated other comprehensive income (loss) | |||
Balance, beginning of period | (6,809) | (6,257) | (6,257) |
Balance, end of period | $ (7,095) | $ (6,321) | $ (6,809) |
RETIREMENT BENEFITS - Assumptio
RETIREMENT BENEFITS - Assumptions Used (Details) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2020 | Dec. 31, 2019 | Mar. 31, 2019 | |
U.S. | Postretirement Benefit Plans | |||
Plan Assumptions - During the year | |||
Discount rate | 3.15% | 3.00% | |
Plan Assumptions - At year end | |||
Discount rate | 3.20% | 3.15% | 3.80% |
Non-U.S. plans | Pension Plans | Weighted Average | |||
Plan Assumptions - During the year | |||
Discount rate | 4.21% | 4.05% | |
Plan Assumptions - At year end | |||
Discount rate | 4.38% | 4.21% | 4.74% |
Non-U.S. plans | Pension Plans | Minimum | |||
Plan Assumptions - During the year | |||
Discount rate | 0.20% | (0.05%) | |
Plan Assumptions - At year end | |||
Discount rate | 0.45% | 0.20% | 0.45% |
Non-U.S. plans | Pension Plans | Maximum | |||
Plan Assumptions - During the year | |||
Discount rate | 8.95% | 9.00% | |
Plan Assumptions - At year end | |||
Discount rate | 9.45% | 8.95% | 10.30% |
Non-U.S. plans | Postretirement Benefit Plans | |||
Plan Assumptions - During the year | |||
Discount rate | 9.10% | 9.20% | |
Plan Assumptions - At year end | |||
Discount rate | 9.75% | 9.10% | 10.30% |
Qualified plans | U.S. | Pension Plans | |||
Plan Assumptions - During the year | |||
Discount rate | 3.25% | 3.10% | |
Plan Assumptions - At year end | |||
Discount rate | 3.20% | 3.25% | 3.85% |
Nonqualified plans | U.S. | Pension Plans | |||
Plan Assumptions - During the year | |||
Discount rate | 3.25% | 3.10% | |
Plan Assumptions - At year end | |||
Discount rate | 3.25% | 3.25% | 3.90% |
RETIREMENT BENEFITS - Sensitivi
RETIREMENT BENEFITS - Sensitivities of Certain Key Assumptions (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2020USD ($) | |
U.S. | Pension Plans | |
Defined Benefit Plans and Other Postretirement Benefit Plans | |
Effect of one-percentage-point increase in discount rates | $ 7 |
Effect of one-percentage-point decrease in discount rates | (12) |
U.S. | Postretirement Benefit Plans | |
Defined Benefit Plans and Other Postretirement Benefit Plans | |
Effect of one-percentage-point increase in discount rates | 1 |
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 | (2) |
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 | ||
Mar. 31, 2020 | Jun. 30, 2019 | Mar. 31, 2019 | |
U.S. | Pension Plans | |||
Defined Benefit Plan, Expected Future Employer Contributions [Abstract] | |||
Company contributions | $ 14 | $ 425 | $ 14 |
Company contributions expected to be made during the remainder of the year | 43 | 467 | |
U.S. | Postretirement Benefit Plans | |||
Defined Benefit Plan, Expected Future Employer Contributions [Abstract] | |||
Company contributions | 0 | 0 | |
Company contributions expected to be made during the remainder of the year | 0 | 4 | |
Non-U.S. plans | Pension Plans | |||
Defined Benefit Plan, Expected Future Employer Contributions [Abstract] | |||
Company contributions | 37 | 34 | |
Company contributions expected to be made during the remainder of the year | 116 | 116 | |
Non-U.S. plans | Postretirement Benefit Plans | |||
Defined Benefit Plan, Expected Future Employer Contributions [Abstract] | |||
Company contributions | 2 | $ 220 | 3 |
Company contributions expected to be made during the remainder of the year | $ 6 | $ 222 |
RETIREMENT BENEFITS - Defined C
RETIREMENT BENEFITS - Defined Contribution Plans and Postemployment Plans (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Postemployment Retirement Benefits | ||
Amortization of unrecognized: | ||
Net actuarial loss | $ 0 | $ 1 |
Total service-related benefit | 0 | 1 |
Non-service-related expense | 5 | 4 |
Total net (benefit) expense | 5 | 5 |
U.S. | Postretirement Benefit Plans | ||
Defined Contribution Plans | ||
Company's contributions for defined contribution plans | 101 | 99 |
Amortization of unrecognized: | ||
Total net (benefit) expense | 0 | 2 |
Non-U.S. plans | Postretirement Benefit Plans | ||
Defined Contribution Plans | ||
Company's contributions for defined contribution plans | 76 | 68 |
Amortization of unrecognized: | ||
Total net (benefit) expense | $ 9 | $ 10 |
EARNINGS PER SHARE (Details)
EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 1 Months Ended | 3 Months Ended | ||||||
Mar. 31, 2020 | Jan. 31, 2020 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Mar. 31, 2019 | ||
Earnings Per Share [Abstract] | ||||||||
Income from continuing operations before attribution of noncontrolling interests | $ 2,534 | $ 4,737 | ||||||
Noncontrolling interests | (6) | 25 | ||||||
Net income from continuing operations (for EPS purposes) | 2,540 | 4,712 | ||||||
Loss from discontinued operations, net of taxes | (18) | (2) | ||||||
Citigroup’s net income | 2,522 | 4,710 | ||||||
Less: Preferred dividends | 291 | 262 | ||||||
Net income available to common shareholders | 2,231 | 4,448 | ||||||
Less: Dividends and undistributed earnings allocated to employee restricted and deferred shares with rights to dividends, applicable to basic EPS | 21 | 59 | ||||||
Net income allocated to common shareholders for basic EPS | $ 2,210 | $ 4,389 | ||||||
Weighted-average common shares outstanding applicable to basic EPS (in shares) | 2,097.9 | 2,340.4 | ||||||
Basic earnings per share | ||||||||
Income from continuing operations (in dollars per share) | [1] | $ 1.06 | $ 1.88 | |||||
Discontinued operations (in dollars per share) | [1] | (0.01) | 0 | |||||
Net income (in dollars per share) | [1] | $ 1.05 | $ 1.88 | |||||
Add back: Dividends allocated to employee restricted and deferred shares with rights to dividends that are forfeitable | $ 7 | $ 0 | ||||||
Net income allocated to common shareholders to diluted EPS | $ 2,217 | $ 4,389 | ||||||
Effect of dilutive securities | ||||||||
Options (in shares) | 0.1 | 0.1 | ||||||
Other employee plans (in shares) | 15.7 | 1.9 | ||||||
Adjusted weighted-average common shares outstanding applicable to diluted EPS (in shares) | 2,113.7 | 2,342.4 | ||||||
Diluted earnings per share | ||||||||
Income from continuing operations (in dollars per share) | [1] | $ 1.06 | $ 1.87 | |||||
Discontinued operations (in dollars per share) | [1] | (0.01) | 0 | |||||
Net income (in dollars per share) | [1] | $ 1.05 | $ 1.87 | |||||
Forecast | ||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share | ||||||||
Distribution of preferred dividends | $ 253 | $ 284 | $ 253 | |||||
Preferred stock | ||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share | ||||||||
Redemption of preferred stock | $ 1,500 | $ 480 | ||||||
Issuance of new preferred stock | $ 1,500 | $ 0 | ||||||
Series O | Preferred stock | ||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share | ||||||||
Redemption of preferred stock (in shares) | 1.5 | |||||||
Redemption of preferred stock | $ 1,500 | |||||||
Series V | Preferred stock | ||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share | ||||||||
Stock issued (in shares) | 1.5 | |||||||
Issuance of new preferred stock | $ 1,500 | |||||||
[1] | Due to rounding, earnings per share on continuing operations and discontinued operations may not sum to earnings per share on net income. |
SECURITIES BORROWED, LOANED A_3
SECURITIES BORROWED, LOANED AND SUBJECT TO REPURCHASE AGREEMENTS - Securities (Details) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
Federal Funds Purchased and Securities Sold under Agreements to Repurchase [Abstract] | ||
Securities purchased under agreements to resell | $ 178,930 | $ 169,874 |
Deposits paid for securities borrowed | 83,606 | 81,448 |
Total | 262,536 | 251,322 |
Securities sold under agreements to repurchase | 213,525 | 155,164 |
Deposits received for securities loaned | 8,799 | 11,175 |
Total | 222,324 | 166,339 |
Securities-for-securities lending transactions | $ 9,200 | $ 6,300 |
SECURITIES BORROWED, LOANED A_4
SECURITIES BORROWED, LOANED AND SUBJECT TO REPURCHASE AGREEMENTS - Offsetting (Details) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
Securities purchased under agreements to resell | ||
Gross amounts of recognized assets | $ 304,427 | $ 281,274 |
Gross amounts offset on the Consolidated Balance Sheet | 125,497 | 111,400 |
Net amounts of assets included on the Consolidated Balance Sheet | 178,930 | 169,874 |
Amounts not offset on the Consolidated Balance Sheet but eligible for offsetting upon counterparty default | 142,194 | 134,150 |
Net amounts | 36,736 | 35,724 |
Deposits paid for securities borrowed | ||
Gross amounts of recognized assets | 87,669 | 90,047 |
Gross amounts offset on the Consolidated Balance Sheet | 4,063 | 8,599 |
Net amounts of assets included on the Consolidated Balance Sheet | 83,606 | 81,448 |
Amounts not offset on the Consolidated Balance Sheet but eligible for offsetting upon counterparty default | 27,015 | 27,067 |
Net amounts | 56,591 | 54,381 |
Total | ||
Gross amounts of recognized assets | 392,096 | 371,321 |
Gross amounts offset on the Consolidated Balance Sheet | 129,560 | 119,999 |
Net amounts of assets included on the Consolidated Balance Sheet | 262,536 | 251,322 |
Amounts not offset on the Consolidated Balance Sheet but eligible for offsetting upon counterparty default | 169,209 | 161,217 |
Net amounts | 93,327 | 90,105 |
Securities sold under agreements to repurchase | ||
Gross amounts of recognized liabilities | 339,022 | 266,564 |
Gross amounts offset on the Consolidated Balance Sheet | 125,497 | 111,400 |
Net amounts of liabilities included on the Consolidated Balance Sheet | 213,525 | 155,164 |
Amounts not offset on the Consolidated Balance Sheet but eligible for offsetting upon counterparty default | 125,995 | 91,034 |
Net amounts | 87,530 | 64,130 |
Deposits received for securities loaned | ||
Gross amounts of recognized liabilities | 12,862 | 19,774 |
Gross amounts offset on the Consolidated Balance Sheet | 4,063 | 8,599 |
Net amounts of liabilities included on the Consolidated Balance Sheet | 8,799 | 11,175 |
Amounts not offset on the Consolidated Balance Sheet but eligible for offsetting upon counterparty default | 3,109 | 3,138 |
Net amounts | 5,690 | 8,037 |
Total | ||
Gross amounts of recognized liabilities | 351,884 | 286,338 |
Gross amounts offset on the Consolidated Balance Sheet | 129,560 | 119,999 |
Net amounts of liabilities included on the Consolidated Balance Sheet | 222,324 | 166,339 |
Amounts not offset on the Consolidated Balance Sheet but eligible for offsetting upon counterparty default | 129,104 | 94,172 |
Net amounts | $ 93,220 | $ 72,167 |
SECURITIES BORROWED, LOANED A_5
SECURITIES BORROWED, LOANED AND SUBJECT TO REPURCHASE AGREEMENTS - Repurchase Agreements (Details) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
Assets Sold under Agreements to Repurchase | ||
Securities sold under agreements to repurchase | $ 339,022 | $ 266,564 |
Deposits received for securities loaned | 12,862 | 19,774 |
Total | 351,884 | 286,338 |
U.S. Treasury and federal agency securities | ||
Assets Sold under Agreements to Repurchase | ||
Securities sold under agreements to repurchase | 142,676 | 100,781 |
Deposits received for securities loaned | 1 | 27 |
Total | 142,677 | 100,808 |
State and municipal securities | ||
Assets Sold under Agreements to Repurchase | ||
Securities sold under agreements to repurchase | 3,280 | 1,938 |
Deposits received for securities loaned | 1 | 5 |
Total | 3,281 | 1,943 |
Foreign government | ||
Assets Sold under Agreements to Repurchase | ||
Securities sold under agreements to repurchase | 110,459 | 95,880 |
Deposits received for securities loaned | 280 | 272 |
Total | 110,739 | 96,152 |
Corporate bonds | ||
Assets Sold under Agreements to Repurchase | ||
Securities sold under agreements to repurchase | 18,177 | 18,761 |
Deposits received for securities loaned | 327 | 249 |
Total | 18,504 | 19,010 |
Equity securities | ||
Assets Sold under Agreements to Repurchase | ||
Securities sold under agreements to repurchase | 8,034 | 12,010 |
Deposits received for securities loaned | 12,135 | 19,069 |
Total | 20,169 | 31,079 |
Mortgage-backed securities | ||
Assets Sold under Agreements to Repurchase | ||
Securities sold under agreements to repurchase | 38,102 | 28,458 |
Deposits received for securities loaned | 0 | 0 |
Total | 38,102 | 28,458 |
Asset-backed securities | ||
Assets Sold under Agreements to Repurchase | ||
Securities sold under agreements to repurchase | 4,792 | 4,873 |
Deposits received for securities loaned | 0 | 0 |
Total | 4,792 | 4,873 |
Other | ||
Assets Sold under Agreements to Repurchase | ||
Securities sold under agreements to repurchase | 13,502 | 3,863 |
Deposits received for securities loaned | 118 | 152 |
Total | 13,620 | 4,015 |
Open and overnight | ||
Assets Sold under Agreements to Repurchase | ||
Securities sold under agreements to repurchase | 173,961 | 108,534 |
Deposits received for securities loaned | 9,189 | 15,758 |
Total | 183,150 | 124,292 |
Up to 30 days | ||
Assets Sold under Agreements to Repurchase | ||
Securities sold under agreements to repurchase | 66,488 | 82,749 |
Deposits received for securities loaned | 529 | 208 |
Total | 67,017 | 82,957 |
31–90 days | ||
Assets Sold under Agreements to Repurchase | ||
Securities sold under agreements to repurchase | 54,421 | 35,108 |
Deposits received for securities loaned | 1,712 | 1,789 |
Total | 56,133 | 36,897 |
Greater than 90 days | ||
Assets Sold under Agreements to Repurchase | ||
Securities sold under agreements to repurchase | 44,153 | 40,173 |
Deposits received for securities loaned | 1,432 | 2,019 |
Total | $ 45,585 | $ 42,192 |
BROKERAGE RECEIVABLES AND BRO_3
BROKERAGE RECEIVABLES AND BROKERAGE PAYABLES (Details) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
Brokers and Dealers [Abstract] | ||
Receivables from customers | $ 22,390 | $ 15,912 |
Receivables from brokers, dealers and clearing organizations | 46,165 | 23,945 |
Total brokerage receivables | 68,555 | 39,857 |
Payables to customers | 51,506 | 37,613 |
Payables to brokers, dealers and clearing organizations | 22,862 | 10,988 |
Total brokerage payables | $ 74,368 | $ 48,601 |
INVESTMENTS - Overview (Details
INVESTMENTS - Overview (Details) - USD ($) | 3 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | |
Investment Holdings | |||
Total investments | $ 398,883,000,000 | $ 368,563,000,000 | |
Interest and dividends on investments | |||
Taxable interest | 2,179,000,000 | $ 2,372,000,000 | |
Interest exempt from U.S. federal income tax | 76,000,000 | 127,000,000 | |
Dividend income | 26,000,000 | 49,000,000 | |
Total interest and dividend income | 2,281,000,000 | 2,548,000,000 | |
Gross realized investments losses, excluding losses from other-than-temporary impairment | |||
Gross realized investment gains | 464,000,000 | 168,000,000 | |
Gross realized investment losses | (32,000,000) | (38,000,000) | |
Net realized gains on sale of investments | 432,000,000 | $ 130,000,000 | |
Debt securities AFS | |||
Allowance for AFS securities at the end of the period | 0 | ||
Fair value | 308,219,000,000 | 280,265,000,000 | |
Debt securities available-for-sale (AFS) | |||
Investment Holdings | |||
Total investments | 308,219,000,000 | 280,265,000,000 | |
Debt securities held-to-maturity securities (HTM) | |||
Investment Holdings | |||
Total investments | 82,315,000,000 | 80,775,000,000 | |
Marketable equity securities | Fair value | |||
Investment Holdings | |||
Total investments | 682,000,000 | 458,000,000 | |
Non-marketable equity securities | Fair value | |||
Investment Holdings | |||
Total investments | 532,000,000 | 704,000,000 | |
Non-marketable equity securities | Carried at cost | |||
Investment Holdings | |||
Total investments | 6,394,000,000 | 5,661,000,000 | |
Non-marketable securities, measured using measurement alternative | |||
Investment Holdings | |||
Total investments | 741,000,000 | 700,000,000 | |
Mortgage-backed securities - U.S. agency-sponsored | |||
Debt securities AFS | |||
Amortized cost | 42,559,000,000 | 34,963,000,000 | |
Gross unrealized gains | 1,271,000,000 | 547,000,000 | |
Gross unrealized losses | 277,000,000 | 280,000,000 | |
Fair value | 43,553,000,000 | 35,230,000,000 | |
Mortgage-backed securities - Non-U.S. residential | |||
Debt securities AFS | |||
Amortized cost | 752,000,000 | 789,000,000 | |
Gross unrealized gains | 3,000,000 | 3,000,000 | |
Gross unrealized losses | 3,000,000 | 0 | |
Fair value | 752,000,000 | 792,000,000 | |
Commercial and other | |||
Debt securities AFS | |||
Amortized cost | 69,000,000 | 75,000,000 | |
Gross unrealized gains | 0 | 0 | |
Gross unrealized losses | 1,000,000 | 0 | |
Fair value | 68,000,000 | 75,000,000 | |
Mortgage-backed securities | |||
Debt securities AFS | |||
Amortized cost | 43,380,000,000 | 35,827,000,000 | |
Gross unrealized gains | 1,274,000,000 | 550,000,000 | |
Gross unrealized losses | 281,000,000 | 280,000,000 | |
Fair value | 44,373,000,000 | 36,097,000,000 | |
U.S. Treasury | |||
Debt securities AFS | |||
Amortized cost | 118,298,000,000 | 106,429,000,000 | |
Gross unrealized gains | 2,863,000,000 | 50,000,000 | |
Gross unrealized losses | 2,000,000 | 380,000,000 | |
Fair value | 121,159,000,000 | 106,099,000,000 | |
Agency obligations | |||
Debt securities AFS | |||
Amortized cost | 4,080,000,000 | 5,336,000,000 | |
Gross unrealized gains | 30,000,000 | 3,000,000 | |
Gross unrealized losses | 7,000,000 | 20,000,000 | |
Fair value | 4,103,000,000 | 5,319,000,000 | |
U.S. Treasury and federal agency securities | |||
Debt securities AFS | |||
Amortized cost | 122,378,000,000 | 111,765,000,000 | |
Gross unrealized gains | 2,893,000,000 | 53,000,000 | |
Gross unrealized losses | 9,000,000 | 400,000,000 | |
Fair value | 125,262,000,000 | 111,418,000,000 | |
State and municipal securities | |||
Debt securities AFS | |||
Amortized cost | 5,677,000,000 | 5,024,000,000 | |
Gross unrealized gains | 224,000,000 | 43,000,000 | |
Gross unrealized losses | 436,000,000 | 89,000,000 | |
Fair value | 5,465,000,000 | 4,978,000,000 | |
Foreign government | |||
Debt securities AFS | |||
Amortized cost | 116,703,000,000 | 110,958,000,000 | |
Gross unrealized gains | 983,000,000 | 586,000,000 | |
Gross unrealized losses | 319,000,000 | 241,000,000 | |
Fair value | 117,367,000,000 | 111,303,000,000 | |
Corporate | |||
Debt securities AFS | |||
Amortized cost | 11,243,000,000 | 11,266,000,000 | |
Gross unrealized gains | 116,000,000 | 52,000,000 | |
Gross unrealized losses | 162,000,000 | 101,000,000 | |
Fair value | 11,197,000,000 | 11,217,000,000 | |
Asset-backed securities | |||
Debt securities AFS | |||
Amortized cost | 479,000,000 | 524,000,000 | |
Gross unrealized gains | 1,000,000 | 0 | |
Gross unrealized losses | 14,000,000 | 2,000,000 | |
Fair value | 466,000,000 | 522,000,000 | |
Other debt securities | |||
Debt securities AFS | |||
Amortized cost | 4,086,000,000 | 4,729,000,000 | |
Gross unrealized gains | 3,000,000 | 1,000,000 | |
Gross unrealized losses | 0 | 0 | |
Fair value | 4,089,000,000 | 4,730,000,000 | |
Debt securities AFS | |||
Debt securities AFS | |||
Amortized cost | 303,946,000,000 | 280,093,000,000 | |
Gross unrealized gains | 5,494,000,000 | 1,285,000,000 | |
Gross unrealized losses | 1,221,000,000 | 1,113,000,000 | |
Fair value | $ 308,219,000,000 | $ 280,265,000,000 |
INVESTMENTS - Fair Value of AFS
INVESTMENTS - Fair Value of AFS Securities (Details) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
Debt securities AFS | ||
Less than 12 months | $ 42,125 | $ 96,451 |
12 months or longer | 4,523 | 41,434 |
Total | 46,648 | 137,885 |
Gross unrealized losses | ||
Less than 12 months | 1,041 | 802 |
12 months or longer | 180 | 311 |
Total | 1,221 | 1,113 |
Mortgage-backed securities - U.S. agency-sponsored | ||
Debt securities AFS | ||
Less than 12 months | 7,937 | 9,780 |
12 months or longer | 858 | 1,877 |
Total | 8,795 | 11,657 |
Gross unrealized losses | ||
Less than 12 months | 225 | 242 |
12 months or longer | 52 | 38 |
Total | 277 | 280 |
Mortgage-backed securities - Non-U.S. residential | ||
Debt securities AFS | ||
Less than 12 months | 360 | 208 |
12 months or longer | 0 | 1 |
Total | 360 | 209 |
Gross unrealized losses | ||
Less than 12 months | 3 | 0 |
12 months or longer | 0 | 0 |
Total | 3 | 0 |
Commercial and other | ||
Debt securities AFS | ||
Less than 12 months | 38 | 16 |
12 months or longer | 8 | 27 |
Total | 46 | 43 |
Gross unrealized losses | ||
Less than 12 months | 0 | 0 |
12 months or longer | 1 | 0 |
Total | 1 | 0 |
Mortgage-backed securities | ||
Debt securities AFS | ||
Less than 12 months | 8,335 | 10,004 |
12 months or longer | 866 | 1,905 |
Total | 9,201 | 11,909 |
Gross unrealized losses | ||
Less than 12 months | 228 | 242 |
12 months or longer | 53 | 38 |
Total | 281 | 280 |
U.S. Treasury | ||
Debt securities AFS | ||
Less than 12 months | 3,062 | 45,484 |
12 months or longer | 0 | 26,907 |
Total | 3,062 | 72,391 |
Gross unrealized losses | ||
Less than 12 months | 2 | 248 |
12 months or longer | 0 | 132 |
Total | 2 | 380 |
Agency obligations | ||
Debt securities AFS | ||
Less than 12 months | 0 | 781 |
12 months or longer | 249 | 3,897 |
Total | 249 | 4,678 |
Gross unrealized losses | ||
Less than 12 months | 0 | 2 |
12 months or longer | 7 | 18 |
Total | 7 | 20 |
U.S. Treasury and federal agency securities | ||
Debt securities AFS | ||
Less than 12 months | 3,062 | 46,265 |
12 months or longer | 249 | 30,804 |
Total | 3,311 | 77,069 |
Gross unrealized losses | ||
Less than 12 months | 2 | 250 |
12 months or longer | 7 | 150 |
Total | 9 | 400 |
State and municipal securities | ||
Debt securities AFS | ||
Less than 12 months | 968 | 362 |
12 months or longer | 236 | 266 |
Total | 1,204 | 628 |
Gross unrealized losses | ||
Less than 12 months | 415 | 62 |
12 months or longer | 21 | 27 |
Total | 436 | 89 |
Foreign government | ||
Debt securities AFS | ||
Less than 12 months | 26,966 | 35,485 |
12 months or longer | 2,963 | 8,170 |
Total | 29,929 | 43,655 |
Gross unrealized losses | ||
Less than 12 months | 235 | 149 |
12 months or longer | 84 | 92 |
Total | 319 | 241 |
Corporate | ||
Debt securities AFS | ||
Less than 12 months | 2,540 | 2,916 |
12 months or longer | 61 | 123 |
Total | 2,601 | 3,039 |
Gross unrealized losses | ||
Less than 12 months | 155 | 98 |
12 months or longer | 7 | 3 |
Total | 162 | 101 |
Asset-backed securities | ||
Debt securities AFS | ||
Less than 12 months | 136 | 112 |
12 months or longer | 148 | 166 |
Total | 284 | 278 |
Gross unrealized losses | ||
Less than 12 months | 6 | 1 |
12 months or longer | 8 | 1 |
Total | 14 | 2 |
Other debt securities | ||
Debt securities AFS | ||
Less than 12 months | 118 | 1,307 |
12 months or longer | 0 | 0 |
Total | 118 | 1,307 |
Gross unrealized losses | ||
Less than 12 months | 0 | 0 |
12 months or longer | 0 | 0 |
Total | $ 0 | $ 0 |
INVESTMENTS - Fair Value of A_2
INVESTMENTS - Fair Value of AFS Debt Securities by Contractual Maturity Date (Details) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
Amoritzed cost | ||
Investments | $ 398,883 | $ 368,563 |
Fair value | ||
Total fair value | 308,219 | 280,265 |
Mortgage-backed securities | ||
Amoritzed cost | ||
Amortized cost, due within 1 year | 629 | 20 |
Amortized cost, after 1 but within 5 years | 584 | 573 |
Amortized cost, after 5 but within 10 years | 1,009 | 594 |
Amortized cost, after 10 years | 41,158 | 34,640 |
Amortized cost | 43,380 | 35,827 |
Fair value | ||
Fair value, due within 1 year | 640 | 20 |
Fair value, after 1 but within 5 years | 585 | 574 |
Fair value, after 5 but within 10 years | 1,067 | 626 |
Fair value, after 10 years | 42,081 | 34,877 |
Total fair value | 44,373 | 36,097 |
U.S. Treasury and federal agency securities | ||
Amoritzed cost | ||
Amortized cost, due within 1 year | 27,233 | 40,757 |
Amortized cost, after 1 but within 5 years | 88,605 | 70,128 |
Amortized cost, after 5 but within 10 years | 6,515 | 854 |
Amortized cost, after 10 years | 25 | 26 |
Amortized cost | 122,378 | 111,765 |
Fair value | ||
Fair value, due within 1 year | 27,403 | 40,688 |
Fair value, after 1 but within 5 years | 91,130 | 69,850 |
Fair value, after 5 but within 10 years | 6,697 | 851 |
Fair value, after 10 years | 32 | 29 |
Total fair value | 125,262 | 111,418 |
State and municipal securities | ||
Amoritzed cost | ||
Amortized cost, due within 1 year | 937 | 932 |
Amortized cost, after 1 but within 5 years | 601 | 714 |
Amortized cost, after 5 but within 10 years | 291 | 195 |
Amortized cost, after 10 years | 3,848 | 3,183 |
Amortized cost | 5,677 | 5,024 |
Fair value | ||
Fair value, due within 1 year | 937 | 932 |
Fair value, after 1 but within 5 years | 608 | 723 |
Fair value, after 5 but within 10 years | 312 | 215 |
Fair value, after 10 years | 3,608 | 3,108 |
Total fair value | 5,465 | 4,978 |
Foreign government | ||
Amoritzed cost | ||
Amortized cost, due within 1 year | 46,369 | 42,611 |
Amortized cost, after 1 but within 5 years | 59,050 | 58,820 |
Amortized cost, after 5 but within 10 years | 9,481 | 8,192 |
Amortized cost, after 10 years | 1,803 | 1,335 |
Amortized cost | 116,703 | 110,958 |
Fair value | ||
Fair value, due within 1 year | 46,491 | 42,666 |
Fair value, after 1 but within 5 years | 59,561 | 59,071 |
Fair value, after 5 but within 10 years | 9,505 | 8,198 |
Fair value, after 10 years | 1,810 | 1,368 |
Total fair value | 117,367 | 111,303 |
All other | ||
Amoritzed cost | ||
Amortized cost, due within 1 year | 5,836 | 7,306 |
Amortized cost, after 1 but within 5 years | 8,894 | 8,279 |
Amortized cost, after 5 but within 10 years | 921 | 818 |
Amortized cost, after 10 years | 157 | 116 |
Amortized cost | 15,808 | 16,519 |
Fair value | ||
Fair value, due within 1 year | 5,846 | 7,311 |
Fair value, after 1 but within 5 years | 8,908 | 8,275 |
Fair value, after 5 but within 10 years | 891 | 797 |
Fair value, after 10 years | 107 | 86 |
Total fair value | $ 15,752 | $ 16,469 |
INVESTMENTS - Debt Securities H
INVESTMENTS - Debt Securities Held-to-Maturity (Details) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
Debt Securities Held-to-maturity | ||
Amortized cost | $ 82,391 | $ 80,775 |
Total allowance for credit losses on HTM | 76 | 0 |
Carrying value, net | 82,315 | 80,775 |
Gross unrealized gains | 2,571 | 1,557 |
Gross unrealized losses | 1,304 | 109 |
Fair value | 83,582 | 82,223 |
Fair value, allowance for securities HTM at end of period | (76) | |
Fair value, net | 83,582 | |
Mortgage-backed securities - U.S. agency-sponsored | ||
Debt Securities Held-to-maturity | ||
Amortized cost | 48,270 | 46,637 |
Gross unrealized gains | 2,010 | 1,047 |
Gross unrealized losses | 16 | 21 |
Fair value | 50,264 | 47,663 |
Mortgage-backed securities - Non-U.S. residential | ||
Debt Securities Held-to-maturity | ||
Amortized cost | 1,112 | 1,039 |
Gross unrealized gains | 0 | 5 |
Gross unrealized losses | 12 | 0 |
Fair value | 1,100 | 1,044 |
Commercial and other | ||
Debt Securities Held-to-maturity | ||
Amortized cost | 654 | 582 |
Gross unrealized gains | 1 | 1 |
Gross unrealized losses | 0 | 0 |
Fair value | 655 | 583 |
Mortgage-backed securities | ||
Debt Securities Held-to-maturity | ||
Amortized cost | 50,036 | 48,258 |
Gross unrealized gains | 2,011 | 1,053 |
Gross unrealized losses | 28 | 21 |
Fair value | 52,019 | 49,290 |
State and municipal securities | ||
Debt Securities Held-to-maturity | ||
Amortized cost | 9,269 | 9,104 |
Total allowance for credit losses on HTM | 66 | 0 |
Gross unrealized gains | 516 | 455 |
Gross unrealized losses | 25 | 28 |
Fair value | 9,760 | 9,531 |
Foreign government | ||
Debt Securities Held-to-maturity | ||
Amortized cost | 1,553 | 1,934 |
Total allowance for credit losses on HTM | 4 | 0 |
Gross unrealized gains | 40 | 37 |
Gross unrealized losses | 0 | 1 |
Fair value | 1,593 | 1,970 |
Asset-backed securities | ||
Debt Securities Held-to-maturity | ||
Amortized cost | 21,533 | 21,479 |
Total allowance for credit losses on HTM | 6 | 0 |
Gross unrealized gains | 4 | 12 |
Gross unrealized losses | 1,251 | 59 |
Fair value | $ 20,286 | $ 21,432 |
INVESTMENTS - Debt Securities i
INVESTMENTS - Debt Securities in HTM in Unrecognized Loss Position (Details) $ in Millions | Dec. 31, 2019USD ($) |
Fair Value | |
Less than 12 months | $ 13,566 |
12 months or longer | 3,006 |
Total | 16,572 |
Gross Unrecognized Losses | |
Less than 12 months | 23 |
12 months or longer | 86 |
Total | 109 |
Unrealized loss, other than temporary impairment, not credit loss, recorded in AOCI | (582) |
Mortgage-backed securities | |
Fair Value | |
Less than 12 months | 3,590 |
12 months or longer | 1,116 |
Total | 4,706 |
Gross Unrecognized Losses | |
Less than 12 months | 10 |
12 months or longer | 11 |
Total | 21 |
State and municipal securities | |
Fair Value | |
Less than 12 months | 34 |
12 months or longer | 1,125 |
Total | 1,159 |
Gross Unrecognized Losses | |
Less than 12 months | 1 |
12 months or longer | 27 |
Total | 28 |
Foreign government | |
Fair Value | |
Less than 12 months | 1,970 |
12 months or longer | 0 |
Total | 1,970 |
Gross Unrecognized Losses | |
Less than 12 months | 1 |
12 months or longer | 0 |
Total | 1 |
Asset-backed securities | |
Fair Value | |
Less than 12 months | 7,972 |
12 months or longer | 765 |
Total | 8,737 |
Gross Unrecognized Losses | |
Less than 12 months | 11 |
12 months or longer | 48 |
Total | $ 59 |
INVESTMENTS - Carrying Value an
INVESTMENTS - Carrying Value and Fair Value of HTM Debt Securities by Contractual Maturity Dates (Details) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
Held-to-maturity Securities, Debt Maturities, Net Carrying Amount; | ||
Amortized cost | $ 82,391 | $ 80,775 |
Held-to-maturity Securities, Debt Maturities, Fair Value; | ||
Fair value | 83,582 | 82,223 |
Mortgage-backed securities | ||
Held-to-maturity Securities, Debt Maturities, Net Carrying Amount; | ||
Due within 1 year, amortized cost | 14 | 17 |
After 1 but within 5 years, amortized cost | 474 | 458 |
After 5 but within 10 years, amortized cost | 1,604 | 1,662 |
After 10 years, amortized cost | 47,944 | 46,121 |
Amortized cost | 50,036 | 48,258 |
Held-to-maturity Securities, Debt Maturities, Fair Value; | ||
Due within 1 year, fair value | 14 | 17 |
After 1 but within 5 years, fair value | 486 | 463 |
After 5 but within 10 years, fair value | 1,757 | 1,729 |
After 10 years, fair value | 49,762 | 47,081 |
Fair value | 52,019 | 49,290 |
State and municipal securities | ||
Held-to-maturity Securities, Debt Maturities, Net Carrying Amount; | ||
Due within 1 year, amortized cost | 52 | 2 |
After 1 but within 5 years, amortized cost | 89 | 123 |
After 5 but within 10 years, amortized cost | 577 | 597 |
After 10 years, amortized cost | 8,551 | 8,382 |
Amortized cost | 9,269 | 9,104 |
Held-to-maturity Securities, Debt Maturities, Fair Value; | ||
Due within 1 year, fair value | 50 | 26 |
After 1 but within 5 years, fair value | 90 | 160 |
After 5 but within 10 years, fair value | 604 | 590 |
After 10 years, fair value | 9,016 | 8,755 |
Fair value | 9,760 | 9,531 |
Foreign government | ||
Held-to-maturity Securities, Debt Maturities, Net Carrying Amount; | ||
Due within 1 year, amortized cost | 521 | 650 |
After 1 but within 5 years, amortized cost | 1,032 | 1,284 |
After 5 but within 10 years, amortized cost | 0 | 0 |
After 10 years, amortized cost | 0 | 0 |
Amortized cost | 1,553 | 1,934 |
Held-to-maturity Securities, Debt Maturities, Fair Value; | ||
Due within 1 year, fair value | 522 | 652 |
After 1 but within 5 years, fair value | 1,071 | 1,318 |
After 5 but within 10 years, fair value | 0 | 0 |
After 10 years, fair value | 0 | 0 |
Fair value | 1,593 | 1,970 |
All other | ||
Held-to-maturity Securities, Debt Maturities, Net Carrying Amount; | ||
Due within 1 year, amortized cost | 0 | 0 |
After 1 but within 5 years, amortized cost | 0 | 0 |
After 5 but within 10 years, amortized cost | 7,092 | 8,545 |
After 10 years, amortized cost | 14,441 | 12,934 |
Amortized cost | 21,533 | 21,479 |
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 | 6,753 | 8,543 |
After 10 years, fair value | 13,457 | 12,889 |
Fair value | $ 20,210 | $ 21,432 |
INVESTMENTS - Recognition and M
INVESTMENTS - Recognition and Measurement of OTTI (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | |
OTTI on Investments disclosures | |||
Total impairment losses recognized during the period | $ 0 | $ 0 | |
Less: portion of impairment loss recognized in AOCI (before taxes) | 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 | |
Impairment losses recognized in earnings for debt securities that the Company intends to sell, would more-likely-than-not be required to sell or will be subject to an issuer call deemed probable of exercise | 52 | 3 | |
Total impairment losses recognized in earnings | 52 | 3 | |
Debt securities available-for-sale (AFS) | |||
OTTI on Investments disclosures | |||
Total impairment losses recognized during the period | 0 | 0 | |
Less: portion of impairment loss recognized in AOCI (before taxes) | 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 | |
Impairment losses recognized in earnings for debt securities that the Company intends to sell, would more-likely-than-not be required to sell or will be subject to an issuer call deemed probable of exercise | 52 | 3 | |
Total impairment losses recognized in earnings | 52 | 3 | |
Debt securities held-to-maturity securities (HTM) | |||
OTTI on Investments disclosures | |||
Total impairment losses recognized during the period | 0 | ||
Less: portion of impairment loss recognized in AOCI (before taxes) | 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 | ||
Impairment losses recognized in earnings for debt securities that the Company intends to sell, would more-likely-than-not be required to sell or will be subject to an issuer call deemed probable of exercise | 0 | ||
Total impairment losses recognized in earnings | $ 0 | ||
Other assets | |||
OTTI on Investments disclosures | |||
Total impairment losses recognized during the period | 0 | $ 0 | |
Less: portion of impairment loss recognized in AOCI (before taxes) | 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 | |
Impairment losses recognized in earnings for debt securities that the Company intends to sell, would more-likely-than-not be required to sell or will be subject to an issuer call deemed probable of exercise | 0 | 0 | |
Total impairment losses recognized in earnings | $ 0 | $ 0 |
INVESTMENTS - Cumulative OTTI C
INVESTMENTS - Cumulative OTTI Credit Losses (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
AFS debt securities | ||
Schedule of other-than-temporary impairment, credit losses recognized in earnings, roll forward | ||
Beginning balance | $ 10 | $ 5 |
Credit impairments recognized in earnings on securities not previously impaired | 0 | 0 |
Credit impairments recognized in earnings on securities that have been previously impaired | 0 | 0 |
Changes due to credit-impaired securities sold, transferred or matured | 0 | 0 |
Ending balance | 10 | 5 |
AFS debt securities | Mortgage-backed securities | ||
Schedule of other-than-temporary impairment, credit losses recognized in earnings, roll forward | ||
Beginning balance | 1 | 1 |
Credit impairments recognized in earnings on securities not previously impaired | 0 | 0 |
Credit impairments recognized in earnings on securities that have been previously impaired | 0 | 0 |
Changes due to credit-impaired securities sold, transferred or matured | 0 | 0 |
Ending balance | 1 | 1 |
AFS debt securities | State and municipal securities | ||
Schedule of other-than-temporary impairment, credit losses recognized in earnings, roll forward | ||
Beginning balance | 4 | 0 |
Credit impairments recognized in earnings on securities not previously impaired | 0 | 0 |
Credit impairments recognized in earnings on securities that have been previously impaired | 0 | 0 |
Changes due to credit-impaired securities sold, transferred or matured | 0 | 0 |
Ending balance | 4 | 0 |
AFS debt securities | Corporate | ||
Schedule of other-than-temporary impairment, credit losses recognized in earnings, roll forward | ||
Beginning balance | 4 | 4 |
Credit impairments recognized in earnings on securities not previously impaired | 0 | 0 |
Credit impairments recognized in earnings on securities that have been previously impaired | 0 | 0 |
Changes due to credit-impaired securities sold, transferred or matured | 0 | 0 |
Ending balance | 4 | 4 |
AFS debt securities | Other debt securities | ||
Schedule of other-than-temporary impairment, credit losses recognized in earnings, roll forward | ||
Beginning balance | 1 | 0 |
Credit impairments recognized in earnings on securities not previously impaired | 0 | 0 |
Credit impairments recognized in earnings on securities that have been previously impaired | 0 | 0 |
Changes due to credit-impaired securities sold, transferred or matured | 0 | 0 |
Ending balance | $ 1 | 0 |
HTM debt securities | ||
Schedule of other-than-temporary impairment, credit losses recognized in earnings, roll forward | ||
Beginning balance | 0 | |
Credit impairments recognized in earnings on securities not previously impaired | 0 | |
Credit impairments recognized in earnings on securities that have been previously impaired | 0 | |
Changes due to credit-impaired securities sold, transferred or matured | 0 | |
Ending balance | 0 | |
HTM debt securities | Mortgage-backed securities | ||
Schedule of other-than-temporary impairment, credit losses recognized in earnings, roll forward | ||
Beginning balance | 0 | |
Credit impairments recognized in earnings on securities not previously impaired | 0 | |
Credit impairments recognized in earnings on securities that have been previously impaired | 0 | |
Changes due to credit-impaired securities sold, transferred or matured | 0 | |
Ending balance | 0 | |
HTM debt securities | State and municipal securities | ||
Schedule of other-than-temporary impairment, credit losses recognized in earnings, roll forward | ||
Beginning balance | 0 | |
Credit impairments recognized in earnings on securities not previously impaired | 0 | |
Credit impairments recognized in earnings on securities that have been previously impaired | 0 | |
Changes due to credit-impaired securities sold, transferred or matured | 0 | |
Ending balance | $ 0 |
INVESTMENTS - Carrying Value of
INVESTMENTS - Carrying Value of Non-marketable Equity Securities Measured Using the Measurement Alternative (Details) - USD ($) | 3 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | |
Equity Securities without Readily Determinable Fair Value, Annual Amount [Abstract] | |||
Measurement alternative—carrying value | $ 741,000,000 | $ 700,000,000 | |
Measurement alternative—impairment losses | 3,000,000 | $ 5,000,000 | |
Measurement alternative—downward changes for observable prices | 0 | 0 | |
Measurement alternative—upward changes for observable prices | 25,000,000 | 66,000,000 | |
Equity Securities without Readily Determinable Fair Value, Impairment Loss, Cumulative Amount [Abstract] | |||
Measurement alternative—impairment losses | 19,000,000 | ||
Measurement alternative—downward changes for observable prices | 34,000,000 | ||
Measurement alternative—upward changes for observable prices | 367,000,000 | ||
Non-marketable equity securities, impairment loss recognized in earnings | $ 0 | $ 0 |
INVESTMENTS - Alternative Inves
INVESTMENTS - Alternative Investment Funds (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended |
Mar. 31, 2020 | Dec. 31, 2019 | |
Investments in Alternative Investment Funds | ||
Alternative investment funds, unfunded commitments | $ 80 | $ 80 |
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 | 18 | 18 |
Mutual/collective investment funds | ||
Investments in Alternative Investment Funds | ||
Alternative investment funds, unfunded commitments | 0 | 0 |
Fair value | ||
Investments in Alternative Investment Funds | ||
Non-marketable equity securities measured using the measurement alternative | 152 | 170 |
Fair value | Hedge funds | ||
Investments in Alternative Investment Funds | ||
Non-marketable equity securities measured using the measurement alternative | 0 | 0 |
Fair value | Private equity | ||
Investments in Alternative Investment Funds | ||
Non-marketable equity securities measured using the measurement alternative | 123 | 134 |
Fair value | Real estate funds | ||
Investments in Alternative Investment Funds | ||
Non-marketable equity securities measured using the measurement alternative | 9 | 10 |
Fair value | Mutual/collective investment funds | ||
Investments in Alternative Investment Funds | ||
Non-marketable equity securities measured using the measurement alternative | $ 20 | $ 26 |
LOANS - Consumer Loans, Delinqu
LOANS - Consumer Loans, Delinquencies and Non-Accrual Details (Details) $ in Millions | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2020USD ($)category | Mar. 31, 2019USD ($) | Dec. 31, 2019USD ($) | |
Financing Receivable, Past Due [Line Items] | |||
Number of loan categories | category | 2 | ||
Loans, net of unearned income | $ 721,020 | $ 699,483 | |
Loans at fair value | 3,999 | 4,085 | |
Consumer | |||
Financing Receivable, Past Due [Line Items] | |||
Loans, current | 282,011 | 302,803 | |
Loans, net of unearned income | 288,430 | 309,548 | |
Non-accrual loans for which there are no loan loss reserves | 177 | ||
Non-accrual loans for which there are loan loss reserves | 1,522 | ||
Total non-accrual | 1,699 | 1,816 | |
90 days past due and accruing | $ 2,359 | $ 2,457 | |
Loans less than this number of days past due are considered current | 30 days | 30 days | |
Loans at fair value | $ 18 | $ 18 | |
Number of days past due, non-accrual status | 60 days | ||
Unearned income | $ 771 | 783 | |
Loans sold and/or reclassified to held-for-sale | 0 | $ 1,900 | |
Consumer | Government-guaranteed | |||
Financing Receivable, Past Due [Line Items] | |||
Loans, past due | 413 | 434 | |
Consumer | 30 to 89 Days Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Loans, past due | 3,122 | 3,296 | |
Consumer | 90 days past due | |||
Financing Receivable, Past Due [Line Items] | |||
Loans, past due | 2,884 | 3,015 | |
Consumer | In North America offices | |||
Financing Receivable, Past Due [Line Items] | |||
Loans, current | 192,260 | 203,920 | |
Loans, net of unearned income | 197,187 | 209,093 | |
Non-accrual loans for which there are no loan loss reserves | 170 | ||
Non-accrual loans for which there are loan loss reserves | 756 | ||
Total non-accrual | 926 | 905 | |
90 days past due and accruing | 2,123 | 2,215 | |
Consumer | In North America offices | Government-guaranteed | |||
Financing Receivable, Past Due [Line Items] | |||
Loans, past due | 413 | 434 | |
Consumer | In North America offices | 30 to 89 Days Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Loans, past due | 2,223 | 2,388 | |
Consumer | In North America offices | 90 days past due | |||
Financing Receivable, Past Due [Line Items] | |||
Loans, past due | 2,291 | 2,351 | |
Consumer | In offices outside North America | |||
Financing Receivable, Past Due [Line Items] | |||
Loans, current | 89,751 | 98,883 | |
Loans, net of unearned income | 91,243 | 100,455 | |
Non-accrual loans for which there are no loan loss reserves | 7 | ||
Non-accrual loans for which there are loan loss reserves | 766 | ||
Total non-accrual | 773 | 911 | |
90 days past due and accruing | 236 | 242 | |
Consumer | In offices outside North America | Government-guaranteed | |||
Financing Receivable, Past Due [Line Items] | |||
Loans, past due | 0 | 0 | |
Consumer | In offices outside North America | 30 to 89 Days Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Loans, past due | 899 | 908 | |
Consumer | In offices outside North America | 90 days past due | |||
Financing Receivable, Past Due [Line Items] | |||
Loans, past due | 593 | 664 | |
Consumer | Residential first mortgages | |||
Financing Receivable, Past Due [Line Items] | |||
Loans at fair value | $ 18 | $ 18 | |
Number of days past due, non-accrual status | 90 days | 90 days | |
Consumer | Residential first mortgages | In North America offices | |||
Financing Receivable, Past Due [Line Items] | |||
Loans, current | $ 46,227 | $ 45,942 | |
Loans, net of unearned income | 47,260 | 47,008 | |
Non-accrual loans for which there are no loan loss reserves | 142 | ||
Non-accrual loans for which there are loan loss reserves | 358 | ||
Total non-accrual | 500 | 479 | |
90 days past due and accruing | 274 | 288 | |
Mortgage loans in process of foreclosure | 100 | 100 | |
Consumer | Residential first mortgages | In North America offices | Government-guaranteed | |||
Financing Receivable, Past Due [Line Items] | |||
Loans, past due | 413 | 434 | |
Consumer | Residential first mortgages | In North America offices | 30 to 89 Days Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Loans, past due | 390 | 411 | |
Consumer | Residential first mortgages | In North America offices | 30 to 89 Days Past Due | Government-guaranteed | |||
Financing Receivable, Past Due [Line Items] | |||
Loans, past due | 100 | 100 | |
Consumer | Residential first mortgages | In North America offices | 90 days past due | |||
Financing Receivable, Past Due [Line Items] | |||
Loans, past due | 230 | 221 | |
Consumer | Residential first mortgages | In North America offices | 90 days past due | Government-guaranteed | |||
Financing Receivable, Past Due [Line Items] | |||
Loans, past due | 300 | 300 | |
Consumer | Residential first mortgages | In offices outside North America | |||
Financing Receivable, Past Due [Line Items] | |||
Loans, current | 35,033 | 37,316 | |
Loans, net of unearned income | 35,400 | 37,686 | |
Non-accrual loans for which there are no loan loss reserves | 0 | ||
Non-accrual loans for which there are loan loss reserves | 375 | ||
Total non-accrual | 375 | 421 | |
90 days past due and accruing | 0 | 0 | |
Consumer | Residential first mortgages | In offices outside North America | Government-guaranteed | |||
Financing Receivable, Past Due [Line Items] | |||
Loans, past due | 0 | 0 | |
Consumer | Residential first mortgages | In offices outside North America | 30 to 89 Days Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Loans, past due | 218 | 210 | |
Consumer | Residential first mortgages | In offices outside North America | 90 days past due | |||
Financing Receivable, Past Due [Line Items] | |||
Loans, past due | 149 | 160 | |
Consumer | Home equity loans | In North America offices | |||
Financing Receivable, Past Due [Line Items] | |||
Loans, current | 8,608 | 8,860 | |
Loans, net of unearned income | 8,936 | 9,223 | |
Non-accrual loans for which there are no loan loss reserves | 28 | ||
Non-accrual loans for which there are loan loss reserves | 379 | ||
Total non-accrual | 407 | 405 | |
90 days past due and accruing | 0 | 0 | |
Home equity loans in process of foreclosure | 100 | 100 | |
Consumer | Home equity loans | In North America offices | Government-guaranteed | |||
Financing Receivable, Past Due [Line Items] | |||
Loans, past due | 0 | 0 | |
Consumer | Home equity loans | In North America offices | 30 to 89 Days Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Loans, past due | 127 | 174 | |
Consumer | Home equity loans | In North America offices | 90 days past due | |||
Financing Receivable, Past Due [Line Items] | |||
Loans, past due | 201 | 189 | |
Consumer | Credit cards | In North America offices | |||
Financing Receivable, Past Due [Line Items] | |||
Loans, current | 133,794 | 145,477 | |
Loans, net of unearned income | 137,316 | 149,163 | |
Non-accrual loans for which there are no loan loss reserves | 0 | ||
Non-accrual loans for which there are loan loss reserves | 0 | ||
Total non-accrual | 0 | 0 | |
90 days past due and accruing | 1,849 | 1,927 | |
Consumer | Credit cards | In North America offices | Government-guaranteed | |||
Financing Receivable, Past Due [Line Items] | |||
Loans, past due | 0 | 0 | |
Consumer | Credit cards | In North America offices | 30 to 89 Days Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Loans, past due | 1,673 | 1,759 | |
Consumer | Credit cards | In North America offices | 90 days past due | |||
Financing Receivable, Past Due [Line Items] | |||
Loans, past due | 1,849 | 1,927 | |
Consumer | Credit cards | In offices outside North America | |||
Financing Receivable, Past Due [Line Items] | |||
Loans, current | 21,073 | 25,111 | |
Loans, net of unearned income | 21,801 | 25,909 | |
Non-accrual loans for which there are no loan loss reserves | 0 | ||
Non-accrual loans for which there are loan loss reserves | 243 | ||
Total non-accrual | 243 | 310 | |
90 days past due and accruing | 236 | 242 | |
Consumer | Credit cards | In offices outside North America | Government-guaranteed | |||
Financing Receivable, Past Due [Line Items] | |||
Loans, past due | 0 | 0 | |
Consumer | Credit cards | In offices outside North America | 30 to 89 Days Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Loans, past due | 403 | 426 | |
Consumer | Credit cards | In offices outside North America | 90 days past due | |||
Financing Receivable, Past Due [Line Items] | |||
Loans, past due | 325 | 372 | |
Consumer | Personal, small business and other | In North America offices | |||
Financing Receivable, Past Due [Line Items] | |||
Loans, current | 3,631 | 3,641 | |
Loans, net of unearned income | 3,675 | 3,699 | |
Non-accrual loans for which there are no loan loss reserves | 0 | ||
Non-accrual loans for which there are loan loss reserves | 19 | ||
Total non-accrual | 19 | 21 | |
90 days past due and accruing | 0 | 0 | |
Consumer | Personal, small business and other | In North America offices | Government-guaranteed | |||
Financing Receivable, Past Due [Line Items] | |||
Loans, past due | 0 | 0 | |
Consumer | Personal, small business and other | In North America offices | 30 to 89 Days Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Loans, past due | 33 | 44 | |
Consumer | Personal, small business and other | In North America offices | 90 days past due | |||
Financing Receivable, Past Due [Line Items] | |||
Loans, past due | 11 | 14 | |
Consumer | Personal, small business and other | In offices outside North America | |||
Financing Receivable, Past Due [Line Items] | |||
Loans, current | 33,645 | 36,456 | |
Loans, net of unearned income | 34,042 | 36,860 | |
Non-accrual loans for which there are no loan loss reserves | 7 | ||
Non-accrual loans for which there are loan loss reserves | 148 | ||
Total non-accrual | 155 | 180 | |
90 days past due and accruing | 0 | 0 | |
Consumer | Personal, small business and other | In offices outside North America | Government-guaranteed | |||
Financing Receivable, Past Due [Line Items] | |||
Loans, past due | 0 | 0 | |
Consumer | Personal, small business and other | In offices outside North America | 30 to 89 Days Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Loans, past due | 278 | 272 | |
Consumer | Personal, small business and other | In offices outside North America | 90 days past due | |||
Financing Receivable, Past Due [Line Items] | |||
Loans, past due | $ 119 | $ 132 |
LOANS - Schedule of Interest In
LOANS - Schedule of Interest Income Recognized for Non-Accrual Consumer Loans (Details) - Consumer $ in Millions | 3 Months Ended |
Mar. 31, 2020USD ($) | |
Financing Receivable, Nonaccrual [Line Items] | |
Interest income | $ 5 |
In North America offices | |
Financing Receivable, Nonaccrual [Line Items] | |
Interest income | 5 |
In offices outside North America | |
Financing Receivable, Nonaccrual [Line Items] | |
Interest income | 0 |
Residential first mortgages | In North America offices | |
Financing Receivable, Nonaccrual [Line Items] | |
Interest income | 3 |
Residential first mortgages | In offices outside North America | |
Financing Receivable, Nonaccrual [Line Items] | |
Interest income | 0 |
Home equity loans | In North America offices | |
Financing Receivable, Nonaccrual [Line Items] | |
Interest income | 2 |
Credit cards | In North America offices | |
Financing Receivable, Nonaccrual [Line Items] | |
Interest income | 0 |
Credit cards | In offices outside North America | |
Financing Receivable, Nonaccrual [Line Items] | |
Interest income | 0 |
Personal, small business and other | In North America offices | |
Financing Receivable, Nonaccrual [Line Items] | |
Interest income | 0 |
Personal, small business and other | In offices outside North America | |
Financing Receivable, Nonaccrual [Line Items] | |
Interest income | $ 0 |
LOANS - Credit Quality Indicato
LOANS - Credit Quality Indicators (Details) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | $ 721,020 | $ 699,483 |
Consumer | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 288,430 | 309,548 |
Consumer | Less than or equal to 80% | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 49,240 | 49,639 |
Consumer | Less than or equal to 80% | Residential first mortgages | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 1,706 | |
2019 | 7,825 | |
2018 | 2,310 | |
2017 | 3,307 | |
2016 | 6,851 | |
Prior | 19,646 | |
Loans, net of unearned income | 41,645 | 41,705 |
Consumer | Less than or equal to 80% | Home equity loans (pre-reset) | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 3,034 | |
Consumer | Less than or equal to 80% | Home equity loans (post-reset) | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 4,561 | |
Consumer | Less than or equal to 80% | Home equity loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 7,595 | 7,934 |
Consumer | 80% but less than or equal to 100% | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 4,441 | 4,121 |
Consumer | 80% but less than or equal to 100% | Residential first mortgages | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 363 | |
2019 | 1,624 | |
2018 | 736 | |
2017 | 547 | |
2016 | 208 | |
Prior | 179 | |
Loans, net of unearned income | 3,657 | 3,302 |
Consumer | 80% but less than or equal to 100% | Home equity loans (pre-reset) | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 86 | |
Consumer | 80% but less than or equal to 100% | Home equity loans (post-reset) | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 698 | |
Consumer | 80% but less than or equal to 100% | Home equity loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 784 | 819 |
Consumer | Greater than 100% | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 308 | 333 |
Consumer | Greater than 100% | Residential first mortgages | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 0 | |
2019 | 5 | |
2018 | 39 | |
2017 | 10 | |
2016 | 5 | |
Prior | 26 | |
Loans, net of unearned income | 85 | 98 |
Consumer | Greater than 100% | Home equity loans (pre-reset) | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 13 | |
Consumer | Greater than 100% | Home equity loans (post-reset) | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 210 | |
Consumer | Greater than 100% | Home equity loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 223 | 235 |
Consumer | Less than 680 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 38,889 | 39,337 |
Consumer | Less than 680 | Residential first mortgages | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 33 | |
2019 | 229 | |
2018 | 314 | |
2017 | 366 | |
2016 | 417 | |
Prior | 2,247 | |
Loans, net of unearned income | 3,606 | 3,602 |
Consumer | Less than 680 | Credit cards | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 32,912 | 33,290 |
Consumer | Less than 680 | Credit cards and line-of-credit arrangements converted to term loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 0 | |
Consumer | Less than 680 | Home equity loans (pre-reset) | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 342 | |
Consumer | Less than 680 | Home equity loans (post-reset) | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 1,491 | |
Consumer | Less than 680 | Home equity loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 1,833 | 1,881 |
Consumer | Less than 680 | Personal, small business and other | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 28 | |
2019 | 133 | |
2018 | 122 | |
2017 | 38 | |
2016 | 20 | |
Prior | 197 | |
Loans, net of unearned income | 538 | 564 |
Consumer | 680 to 760 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 74,127 | 77,096 |
Consumer | 680 to 760 | Residential first mortgages | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 699 | |
2019 | 3,054 | |
2018 | 1,010 | |
2017 | 1,165 | |
2016 | 1,823 | |
Prior | 5,425 | |
Loans, net of unearned income | 13,176 | 13,178 |
Consumer | 680 to 760 | Credit cards | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 56,763 | 59,536 |
Consumer | 680 to 760 | Credit cards and line-of-credit arrangements converted to term loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 0 | |
Consumer | 680 to 760 | Home equity loans (pre-reset) | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 1,189 | |
Consumer | 680 to 760 | Home equity loans (post-reset) | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 2,130 | |
Consumer | 680 to 760 | Home equity loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 3,319 | 3,475 |
Consumer | 680 to 760 | Personal, small business and other | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 53 | |
2019 | 189 | |
2018 | 173 | |
2017 | 64 | |
2016 | 30 | |
Prior | 360 | |
Loans, net of unearned income | 869 | 907 |
Consumer | Greater than 760 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 77,392 | 86,273 |
Consumer | Greater than 760 | Residential first mortgages | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 1,337 | |
2019 | 6,166 | |
2018 | 1,754 | |
2017 | 2,326 | |
2016 | 4,814 | |
Prior | 12,131 | |
Loans, net of unearned income | 28,528 | 28,235 |
Consumer | Greater than 760 | Credit cards | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 44,486 | 52,935 |
Consumer | Greater than 760 | Credit cards and line-of-credit arrangements converted to term loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 0 | |
Consumer | Greater than 760 | Home equity loans (pre-reset) | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 1,622 | |
Consumer | Greater than 760 | Home equity loans (post-reset) | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 1,869 | |
Consumer | Greater than 760 | Home equity loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 3,491 | 3,630 |
Consumer | Greater than 760 | Personal, small business and other | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 48 | |
2019 | 150 | |
2018 | 105 | |
2017 | 51 | |
2016 | 20 | |
Prior | 513 | |
Loans, net of unearned income | $ 887 | $ 1,473 |
LOANS - Impaired Consumer Loans
LOANS - Impaired Consumer Loans (Details) - Consumer $ in Millions | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2020USD ($)Q | Mar. 31, 2019USD ($) | Mar. 31, 2020USD ($)Q | Dec. 31, 2019USD ($)Q | |
Financing receivable impaired | ||||
Recorded investment | $ 4,479 | $ 4,479 | $ 4,608 | |
Unpaid principal balance | 4,945 | 4,945 | 5,405 | |
Related specific allowance | 1,084 | 1,084 | 1,190 | |
Average carrying value | $ 4,913 | $ 5,135 | ||
Interest income recognized | $ 58 | $ 53 | ||
Number of quarters used to calculate the average recorded investment balance | Q | 4 | 4 | 4 | |
Residential first mortgages | ||||
Financing receivable impaired | ||||
Recorded investment | $ 1,584 | $ 1,584 | $ 1,666 | |
Unpaid principal balance | 1,775 | 1,775 | 1,838 | |
Related specific allowance | 111 | 111 | 161 | |
Average carrying value | 1,799 | 1,925 | ||
Interest income recognized | 14 | 17 | ||
Impaired financing receivable without specific allowance | 220 | 220 | 405 | |
Home equity loans | ||||
Financing receivable impaired | ||||
Recorded investment | 572 | 572 | 592 | |
Unpaid principal balance | 800 | 800 | 824 | |
Related specific allowance | 21 | 21 | 123 | |
Average carrying value | 612 | 637 | ||
Interest income recognized | 3 | 2 | ||
Impaired financing receivable without specific allowance | 176 | 176 | 212 | |
Credit cards | ||||
Financing receivable impaired | ||||
Recorded investment | 1,913 | 1,913 | 1,931 | |
Unpaid principal balance | 1,928 | 1,928 | 2,288 | |
Related specific allowance | 823 | 823 | 771 | |
Average carrying value | 1,903 | 1,890 | ||
Interest income recognized | 26 | 26 | ||
Individual installment and other | ||||
Financing receivable impaired | ||||
Recorded investment | 410 | 410 | 419 | |
Unpaid principal balance | 442 | 442 | 455 | |
Related specific allowance | 129 | 129 | 135 | |
Average carrying value | $ 599 | $ 683 | ||
Interest income recognized | $ 15 | $ 8 |
LOANS - Consumer Troubled Debt
LOANS - Consumer Troubled Debt Restructurings (Details) - Consumer $ in Millions | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2020USD ($)loan | Mar. 31, 2019USD ($)loan | Dec. 31, 2019 | |
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 | 68,074 | 73,302 | |
Post-modification recorded investment | $ 361 | $ 403 | |
TDR loans in payment default | $ 107 | $ 97 | |
In North America offices | Residential first mortgages | |||
Loans receivable | |||
Number of loans modified | loan | 277 | 493 | |
Post-modification recorded investment | $ 44 | $ 74 | |
Average interest rate reduction | 0.00% | 0.00% | |
Post-modification recorded investment for borrowers that have gone through Chapter 7 bankruptcy | $ 4 | $ 7 | |
TDR loans in payment default | 14 | 23 | |
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 | $ 3 | $ 4 | |
In North America offices | Home equity loans | |||
Loans receivable | |||
Number of loans modified | loan | 82 | 206 | |
Post-modification recorded investment | $ 8 | $ 21 | |
Average interest rate reduction | 2.00% | 2.00% | |
Post-modification recorded investment for borrowers that have gone through Chapter 7 bankruptcy | $ 1 | $ 2 | |
TDR loans in payment default | 2 | 3 | |
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 | $ 1 | $ 2 | |
In North America offices | Credit cards | |||
Loans receivable | |||
Number of loans modified | loan | 67,282 | 72,247 | |
Post-modification recorded investment | $ 305 | $ 305 | |
Average interest rate reduction | 17.00% | 18.00% | |
TDR loans in payment default | $ 90 | $ 70 | |
In North America offices | Installment and other revolving | |||
Loans receivable | |||
Number of loans modified | loan | 433 | 356 | |
Post-modification recorded investment | $ 4 | $ 3 | |
Average interest rate reduction | 6.00% | 5.00% | |
TDR loans in payment default | $ 1 | $ 1 | |
In offices outside North America | |||
Loans receivable | |||
Number of loans modified | loan | 27,505 | 26,862 | |
Post-modification recorded investment | $ 139 | $ 146 | |
TDR loans in payment default | $ 56 | $ 59 | |
In offices outside North America | Residential first mortgages | |||
Loans receivable | |||
Number of loans modified | loan | 536 | 725 | |
Post-modification recorded investment | $ 14 | $ 20 | |
Average interest rate reduction | 5.00% | 0.00% | |
TDR loans in payment default | $ 6 | $ 3 | |
In offices outside North America | Credit cards | |||
Loans receivable | |||
Number of loans modified | loan | 19,315 | 18,493 | |
Post-modification recorded investment | $ 73 | $ 75 | |
Average interest rate reduction | 16.00% | 16.00% | |
TDR loans in payment default | $ 33 | $ 38 | |
In offices outside North America | Installment and other revolving | |||
Loans receivable | |||
Number of loans modified | loan | 7,654 | 7,644 | |
Post-modification recorded investment | $ 52 | $ 51 | |
Average interest rate reduction | 11.00% | 9.00% | |
TDR loans in payment default | $ 17 | $ 18 | |
Deferred principal | In North America offices | |||
Loans receivable | |||
Post-modification recorded investment | 0 | 1 | |
Deferred principal | In North America offices | Residential first mortgages | |||
Loans receivable | |||
Post-modification recorded investment | 0 | 0 | |
Deferred principal | In North America offices | Home equity loans | |||
Loans receivable | |||
Post-modification recorded investment | 0 | 1 | |
Deferred principal | In North America offices | Credit cards | |||
Loans receivable | |||
Post-modification recorded investment | 0 | 0 | |
Deferred principal | In North America offices | Installment and other revolving | |||
Loans receivable | |||
Post-modification recorded investment | 0 | 0 | |
Deferred principal | In offices outside North America | |||
Loans receivable | |||
Post-modification recorded investment | 0 | 0 | |
Deferred principal | In offices outside North America | Residential first mortgages | |||
Loans receivable | |||
Post-modification recorded investment | 0 | 0 | |
Deferred principal | In offices outside North America | Credit cards | |||
Loans receivable | |||
Post-modification recorded investment | 0 | 0 | |
Deferred principal | In offices outside North America | Installment and other revolving | |||
Loans receivable | |||
Post-modification recorded investment | 0 | 0 | |
Contingent principal forgiveness | In North America offices | |||
Loans receivable | |||
Post-modification recorded investment | 0 | 0 | |
Contingent principal forgiveness | In North America offices | Residential first mortgages | |||
Loans receivable | |||
Post-modification recorded investment | 0 | 0 | |
Contingent principal forgiveness | In North America offices | Home equity loans | |||
Loans receivable | |||
Post-modification recorded investment | 0 | 0 | |
Contingent principal forgiveness | In North America offices | Credit cards | |||
Loans receivable | |||
Post-modification recorded investment | 0 | 0 | |
Contingent principal forgiveness | In North America offices | Installment and other revolving | |||
Loans receivable | |||
Post-modification recorded investment | 0 | 0 | |
Contingent principal forgiveness | In offices outside North America | |||
Loans receivable | |||
Post-modification recorded investment | 0 | 0 | |
Contingent principal forgiveness | In offices outside North America | Residential first mortgages | |||
Loans receivable | |||
Post-modification recorded investment | 0 | 0 | |
Contingent principal forgiveness | In offices outside North America | Credit cards | |||
Loans receivable | |||
Post-modification recorded investment | 0 | 0 | |
Contingent principal forgiveness | In offices outside North America | Installment and other revolving | |||
Loans receivable | |||
Post-modification recorded investment | 0 | 0 | |
Principal forgiveness | In North America offices | |||
Loans receivable | |||
Post-modification recorded investment | 0 | 0 | |
Principal forgiveness | In North America offices | Residential first mortgages | |||
Loans receivable | |||
Post-modification recorded investment | 0 | 0 | |
Principal forgiveness | In North America offices | Home equity loans | |||
Loans receivable | |||
Post-modification recorded investment | 0 | 0 | |
Principal forgiveness | In North America offices | Credit cards | |||
Loans receivable | |||
Post-modification recorded investment | 0 | 0 | |
Principal forgiveness | In North America offices | Installment and other revolving | |||
Loans receivable | |||
Post-modification recorded investment | 0 | 0 | |
Principal forgiveness | In offices outside North America | |||
Loans receivable | |||
Post-modification recorded investment | 5 | 5 | |
Principal forgiveness | In offices outside North America | Residential first mortgages | |||
Loans receivable | |||
Post-modification recorded investment | 0 | 0 | |
Principal forgiveness | In offices outside North America | Credit cards | |||
Loans receivable | |||
Post-modification recorded investment | 3 | 3 | |
Principal forgiveness | In offices outside North America | Installment and other revolving | |||
Loans receivable | |||
Post-modification recorded investment | $ 2 | $ 2 |
LOANS - Corporate Loans (Detail
LOANS - Corporate Loans (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | |
Loans | |||
Loans, net of unearned income | $ 721,020 | $ 699,483 | |
Lease financing | |||
Loans | |||
Loans, net of unearned income | 1,100 | 1,400 | |
Corporate | |||
Loans | |||
Loans, net of unearned income | 432,590 | 389,935 | |
Unearned income | 791 | 814 | |
Loans sold and/or reclassified to held-for-sale | 200 | $ 500 | |
Corporate | Commercial and industrial | |||
Loans | |||
Loans, net of unearned income | 200,297 | 166,846 | |
Corporate | Financial institutions | |||
Loans | |||
Loans, net of unearned income | 96,006 | 91,852 | |
Corporate | Mortgage and real estate | |||
Loans | |||
Loans, net of unearned income | 65,217 | 63,151 | |
Corporate | Lease financing | |||
Loans | |||
Loans, net of unearned income | 1,060 | 1,385 | |
Corporate | In North America offices | |||
Loans | |||
Loans, net of unearned income | 228,891 | 195,750 | |
Corporate | In North America offices | Commercial and industrial | |||
Loans | |||
Loans, net of unearned income | 81,231 | 55,929 | |
Corporate | In North America offices | Financial institutions | |||
Loans | |||
Loans, net of unearned income | 60,653 | 53,922 | |
Corporate | In North America offices | Mortgage and real estate | |||
Loans | |||
Loans, net of unearned income | 55,428 | 53,371 | |
Corporate | In North America offices | Installment and other | |||
Loans | |||
Loans, net of unearned income | 30,591 | 31,238 | |
Corporate | In North America offices | Lease financing | |||
Loans | |||
Loans, net of unearned income | 988 | 1,290 | |
Corporate | In offices outside North America | |||
Loans | |||
Loans, net of unearned income | 203,699 | 194,185 | |
Corporate | In offices outside North America | Commercial and industrial | |||
Loans | |||
Loans, net of unearned income | 121,703 | 112,668 | |
Corporate | In offices outside North America | Financial institutions | |||
Loans | |||
Loans, net of unearned income | 37,003 | 40,211 | |
Corporate | In offices outside North America | Mortgage and real estate | |||
Loans | |||
Loans, net of unearned income | 9,639 | 9,780 | |
Corporate | In offices outside North America | Installment and other | |||
Loans | |||
Loans, net of unearned income | 31,728 | 27,303 | |
Corporate | In offices outside North America | Lease financing | |||
Loans | |||
Loans, net of unearned income | 72 | 95 | |
Corporate | In offices outside North America | Government and official institutions | |||
Loans | |||
Loans, net of unearned income | $ 3,554 | $ 4,128 |
LOANS - Corporate Loan Delinque
LOANS - Corporate Loan Delinquency (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Dec. 31, 2019 | |
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | $ 721,020 | $ 699,483 |
Loans at fair value | 3,999 | 4,085 |
Lease financing | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 1,100 | 1,400 |
Corporate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Past due and accruing | 3,396 | 2,380 |
Total non-accrual | 2,484 | 2,188 |
Total current | 422,729 | 381,300 |
Loans, net of unearned income | 432,590 | 389,935 |
Loans at fair value | $ 3,981 | 4,067 |
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 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Past due and accruing | $ 1,329 | 769 |
Total non-accrual | 1,814 | 1,828 |
Total current | 197,154 | 164,249 |
Loans, net of unearned income | 200,297 | 166,846 |
Corporate | Financial institutions | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Past due and accruing | 1,229 | 794 |
Total non-accrual | 29 | 50 |
Total current | 94,748 | 91,008 |
Loans, net of unearned income | 96,006 | 91,852 |
Corporate | Mortgage and real estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Past due and accruing | 615 | 538 |
Total non-accrual | 204 | 188 |
Total current | 64,398 | 62,425 |
Loans, net of unearned income | 65,217 | 63,151 |
Corporate | Lease financing | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Past due and accruing | 36 | 67 |
Total non-accrual | 41 | 41 |
Total current | 983 | 1,277 |
Loans, net of unearned income | 1,060 | 1,385 |
Corporate | Other | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Past due and accruing | 187 | 212 |
Total non-accrual | 396 | 81 |
Total current | 65,446 | 62,341 |
Loans, net of unearned income | 66,029 | 62,634 |
Corporate | 30 to 89 Days Past Due | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Past due and accruing | 3,130 | 2,249 |
Corporate | 30 to 89 Days Past Due | Commercial and industrial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Past due and accruing | 1,166 | 676 |
Corporate | 30 to 89 Days Past Due | Financial institutions | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Past due and accruing | 1,178 | 791 |
Corporate | 30 to 89 Days Past Due | Mortgage and real estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Past due and accruing | 591 | 534 |
Corporate | 30 to 89 Days Past Due | Lease financing | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Past due and accruing | 28 | 58 |
Corporate | 30 to 89 Days Past Due | Other | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Past due and accruing | 167 | 190 |
Corporate | Equal to and greater than 90 days past due and accruing | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Past due and accruing | 266 | 131 |
Corporate | Equal to and greater than 90 days past due and accruing | Commercial and industrial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Past due and accruing | 163 | 93 |
Corporate | Equal to and greater than 90 days past due and accruing | Financial institutions | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Past due and accruing | 51 | 3 |
Corporate | Equal to and greater than 90 days past due and accruing | Mortgage and real estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Past due and accruing | 24 | 4 |
Corporate | Equal to and greater than 90 days past due and accruing | Lease financing | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Past due and accruing | 8 | 9 |
Corporate | Equal to and greater than 90 days past due and accruing | Other | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Past due and accruing | $ 20 | $ 22 |
LOANS - Corporate Loans Credit
LOANS - Corporate Loans Credit Quality Indicators (Details) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | $ 721,020 | $ 699,483 |
Loans at fair value | 3,999 | 4,085 |
Lease financing | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 1,100 | 1,400 |
Corporate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 432,590 | 389,935 |
Total non-accrual | 2,484 | 2,188 |
Loans at fair value | 3,981 | 4,067 |
Corporate | Commercial and industrial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 200,297 | 166,846 |
Total non-accrual | 1,814 | 1,828 |
Corporate | Financial institutions | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 96,006 | 91,852 |
Total non-accrual | 29 | 50 |
Corporate | Mortgage and real estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 65,217 | 63,151 |
Total non-accrual | 204 | 188 |
Corporate | Lease financing | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 1,060 | 1,385 |
Total non-accrual | 41 | 41 |
Corporate | Other | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 66,029 | 62,634 |
Total non-accrual | 396 | 81 |
Corporate | Non-rated private bank loans managed on a delinquency basis | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 2,032 | |
2019 | 7,782 | |
2018 | 3,971 | |
2017 | 4,200 | |
2016 | 4,831 | |
Prior | 9,912 | |
Revolving line of credit arrangements | 0 | |
Loans, net of unearned income | 32,728 | 31,590 |
Corporate | Corporate loans, net of unearned income | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 79,513 | |
2019 | 56,944 | |
2018 | 37,140 | |
2017 | 22,701 | |
2016 | 14,138 | |
Prior | 48,855 | |
Revolving line of credit arrangements | 169,318 | |
Loans, net of unearned income | 432,590 | 389,935 |
Loans at fair value | 3,981 | 4,067 |
Corporate | Investment grade | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 57,213 | |
2019 | 34,400 | |
2018 | 24,408 | |
2017 | 13,590 | |
2016 | 7,206 | |
Prior | 29,090 | |
Revolving line of credit arrangements | 130,352 | |
Loans, net of unearned income | 296,259 | 277,056 |
Corporate | Investment grade | Commercial and industrial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 31,204 | |
2019 | 14,056 | |
2018 | 8,343 | |
2017 | 6,340 | |
2016 | 2,838 | |
Prior | 11,737 | |
Revolving line of credit arrangements | 51,963 | |
Loans, net of unearned income | 126,481 | 110,797 |
Corporate | Investment grade | Financial institutions | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 14,705 | |
2019 | 7,338 | |
2018 | 4,327 | |
2017 | 1,897 | |
2016 | 1,777 | |
Prior | 6,563 | |
Revolving line of credit arrangements | 47,013 | |
Loans, net of unearned income | 83,620 | 80,533 |
Corporate | Investment grade | Mortgage and real estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 2,717 | |
2019 | 7,406 | |
2018 | 6,391 | |
2017 | 3,904 | |
2016 | 1,809 | |
Prior | 3,164 | |
Revolving line of credit arrangements | 1,668 | |
Loans, net of unearned income | 27,059 | 27,571 |
Corporate | Investment grade | Other | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 8,587 | |
2019 | 5,600 | |
2018 | 5,347 | |
2017 | 1,449 | |
2016 | 782 | |
Prior | 7,626 | |
Revolving line of credit arrangements | 29,708 | |
Loans, net of unearned income | 59,099 | 58,155 |
Corporate | Non-investment grade, accrual | Commercial and industrial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 14,634 | |
2019 | 9,193 | |
2018 | 5,929 | |
2017 | 3,488 | |
2016 | 1,400 | |
Prior | 6,277 | |
Revolving line of credit arrangements | 30,827 | |
Loans, net of unearned income | 71,748 | 54,220 |
Corporate | Non-investment grade, accrual | Financial institutions | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 4,233 | |
2019 | 3,494 | |
2018 | 580 | |
2017 | 213 | |
2016 | 67 | |
Prior | 1,305 | |
Revolving line of credit arrangements | 2,466 | |
Loans, net of unearned income | 12,358 | 11,269 |
Corporate | Non-investment grade, accrual | Mortgage and real estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 258 | |
2019 | 813 | |
2018 | 1,405 | |
2017 | 845 | |
2016 | 375 | |
Prior | 490 | |
Revolving line of credit arrangements | 1,292 | |
Loans, net of unearned income | 5,478 | 3,811 |
Corporate | Non-investment grade, accrual | Other | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 1,130 | |
2019 | 1,181 | |
2018 | 771 | |
2017 | 165 | |
2016 | 175 | |
Prior | 1,199 | |
Revolving line of credit arrangements | 2,933 | |
Loans, net of unearned income | 7,554 | 5,734 |
Corporate | Non-investment grade, non-accrual | Commercial and industrial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 11 | |
2019 | 81 | |
2018 | 68 | |
2017 | 155 | |
2016 | 79 | |
Prior | 431 | |
Revolving line of credit arrangements | 989 | |
Total non-accrual | 1,814 | 1,828 |
Corporate | Non-investment grade, non-accrual | Financial institutions | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 0 | |
2019 | 0 | |
2018 | 4 | |
2017 | 0 | |
2016 | 0 | |
Prior | 24 | |
Revolving line of credit arrangements | 1 | |
Total non-accrual | 29 | 50 |
Corporate | Non-investment grade, non-accrual | Mortgage and real estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 2 | |
2019 | 0 | |
2018 | 2 | |
2017 | 9 | |
2016 | 5 | |
Prior | 68 | |
Revolving line of credit arrangements | 118 | |
Total non-accrual | 204 | 188 |
Corporate | Non-investment grade, non-accrual | Other | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 0 | |
2019 | 0 | |
2018 | 2 | |
2017 | 36 | |
2016 | 0 | |
Prior | 59 | |
Revolving line of credit arrangements | 340 | |
Total non-accrual | 437 | 122 |
Corporate | Non-investment grade | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 20,268 | |
2019 | 14,762 | |
2018 | 8,761 | |
2017 | 4,911 | |
2016 | 2,101 | |
Prior | 9,853 | |
Revolving line of credit arrangements | 38,966 | |
Loans, net of unearned income | $ 99,622 | $ 77,222 |
LOANS - Non-accrual Corporate L
LOANS - Non-accrual Corporate Loans (Details) - Corporate - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | |
Financing receivable impaired | |||
Recorded investment | $ 2,484 | $ 2,188 | |
Unpaid principal balance | 3,391 | 2,667 | |
Related specific allowance | 283 | 299 | |
Average carrying value | 2,048 | 1,788 | |
Interest income recognized | 15 | $ 14 | |
Recorded investment | 1,119 | 809 | |
Recorded investment | 1,365 | 1,379 | |
Commercial and industrial | |||
Financing receivable impaired | |||
Recorded investment | 1,814 | 1,828 | |
Unpaid principal balance | 2,374 | 1,942 | |
Related specific allowance | 263 | 283 | |
Average carrying value | 1,629 | 1,449 | |
Interest income recognized | 2 | 14 | |
Recorded investment | 1,060 | 714 | |
Recorded investment | 754 | 1,114 | |
Financial institutions | |||
Financing receivable impaired | |||
Recorded investment | 29 | 50 | |
Unpaid principal balance | 113 | 120 | |
Related specific allowance | 0 | 2 | |
Average carrying value | 38 | 63 | |
Interest income recognized | 0 | 0 | |
Recorded investment | 0 | 40 | |
Recorded investment | 29 | 10 | |
Mortgage and real estate | |||
Financing receivable impaired | |||
Recorded investment | 204 | 188 | |
Unpaid principal balance | 401 | 362 | |
Related specific allowance | 10 | 10 | |
Average carrying value | 192 | 192 | |
Interest income recognized | 0 | 0 | |
Recorded investment | 45 | 48 | |
Recorded investment | 159 | 140 | |
Lease financing | |||
Financing receivable impaired | |||
Recorded investment | 41 | 41 | |
Unpaid principal balance | 41 | 41 | |
Related specific allowance | 0 | 0 | |
Average carrying value | 21 | 8 | |
Interest income recognized | 0 | 0 | |
Recorded investment | 0 | 0 | |
Recorded investment | 41 | 41 | |
Other | |||
Financing receivable impaired | |||
Recorded investment | 396 | 81 | |
Unpaid principal balance | 462 | 202 | |
Related specific allowance | 10 | 4 | |
Average carrying value | 168 | 76 | |
Interest income recognized | 13 | $ 0 | |
Recorded investment | 14 | 7 | |
Recorded investment | $ 382 | $ 74 |
LOANS - Corporate Troubled Debt
LOANS - Corporate Troubled Debt Restructurings (Details) - Corporate - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Financing receivable impaired | ||
Carrying value of TDRs modified during the period | $ 98 | $ 97 |
Period within which default occurred post-modification | 1 year | |
Number of days past due, default status | 60 days | |
TDR balance | $ 777 | 765 |
TDR loans in payment default | 0 | 0 |
Commercial and industrial | ||
Financing receivable impaired | ||
Carrying value of TDRs modified during the period | 94 | 93 |
TDR balance | 685 | 636 |
TDR loans in payment default | 0 | 0 |
Financial institutions | ||
Financing receivable impaired | ||
TDR balance | 0 | 13 |
TDR loans in payment default | 0 | 0 |
Mortgage and real estate | ||
Financing receivable impaired | ||
Carrying value of TDRs modified during the period | 4 | 4 |
TDR balance | 77 | 112 |
TDR loans in payment default | 0 | 0 |
Other | ||
Financing receivable impaired | ||
TDR balance | 15 | 4 |
TDR loans in payment default | $ 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 | $ 0 | 0 |
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 | 0 | 0 |
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 |
TDRs involving changes in the amount and/or timing of interest payments | ||
Financing receivable impaired | ||
Carrying value of TDRs modified during the period | 0 | 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 | 0 | 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 |
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 | 98 | 97 |
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 | 94 | 93 |
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 | $ 4 | $ 4 |
LOANS - Schedule of Purchased C
LOANS - Schedule of Purchased Credit Deteriorated Assets (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2020USD ($) | |
Credit cards | |
Financing Receivable, Purchased with Credit Deterioration, Amount at Purchase Price [Abstract] | |
Purchase price | $ 4 |
Allowance for credit losses at acquisition date | 4 |
Discount or premium attributable to non-credit factors | 0 |
Par value (amortized cost basis) | 8 |
Mortgages | |
Financing Receivable, Purchased with Credit Deterioration, Amount at Purchase Price [Abstract] | |
Purchase price | 9 |
Allowance for credit losses at acquisition date | 0 |
Discount or premium attributable to non-credit factors | 0 |
Par value (amortized cost basis) | 9 |
Installment and other | |
Financing Receivable, Purchased with Credit Deterioration, Amount at Purchase Price [Abstract] | |
Purchase price | 0 |
Allowance for credit losses at acquisition date | 0 |
Discount or premium attributable to non-credit factors | 0 |
Par value (amortized cost basis) | $ 0 |
ALLOWANCE FOR CREDIT LOSSES - A
ALLOWANCE FOR CREDIT LOSSES - Allowance for Loan Losses Roll Forward (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Allowance for credit losses | ||
Allowance for credit losses on loans (ACLL) at beginning of period | $ 12,783 | $ 12,315 |
Gross credit losses on loans | (2,479) | (2,345) |
Gross recoveries | 371 | 397 |
Net credit losses on loans (NCLs) | (2,108) | (1,948) |
Net reserve builds (releases) for loans | 4,112 | 67 |
Net specific reserve builds (releases) for loans | 224 | (71) |
Total provision for credit losses on loans (PCLL) | 6,444 | 1,944 |
Initial allowance for credit losses on newly purchased credit deteriorated assets during the period | 4 | 0 |
Other, net | (483) | 18 |
ACLL at end of period | 20,841 | 12,329 |
Allowance for credit losses on unfunded commitments | ||
Allowance for credit losses on unfunded commitments (ACLUC) at beginning of period | 1,456 | 1,367 |
Provision (release) for credit losses on unfunded lending commitments | 557 | 24 |
Other, net | (6) | 0 |
ACLUC at end of period | 1,813 | 1,391 |
Total allowance for credit losses on loans, leases and unfunded lending commitments | 22,654 | 13,720 |
Sales or transfers of various consumer loan portfolios to HFS | ||
Sales or transfers of various consumer loan portfolios to HFS | (3) | 0 |
FX translation | (483) | 26 |
Other | 3 | (8) |
Cumulative Effect, Period of Adoption, Adjustment | ||
Allowance for credit losses | ||
Allowance for credit losses on loans (ACLL) at beginning of period | 4,201 | |
Allowance for credit losses on unfunded commitments | ||
Allowance for credit losses on unfunded commitments (ACLUC) at beginning of period | (194) | |
Cumulative Effect, Period of Adoption, Adjusted Balance | ||
Allowance for credit losses | ||
Allowance for credit losses on loans (ACLL) at beginning of period | 16,984 | |
Corporate | ||
Allowance for credit losses | ||
Allowance for credit losses on loans (ACLL) at beginning of period | 2,886 | 2,811 |
Gross credit losses on loans | (138) | (100) |
Gross recoveries | 11 | 21 |
Net credit losses on loans (NCLs) | (127) | (79) |
Net reserve builds (releases) for loans | 1,268 | 4 |
Net specific reserve builds (releases) for loans | 48 | (79) |
Initial allowance for credit losses on newly purchased credit deteriorated assets during the period | 0 | 0 |
Other, net | (30) | (5) |
ACLL at end of period | 3,451 | 2,731 |
Corporate | Cumulative Effect, Period of Adoption, Adjustment | ||
Allowance for credit losses | ||
Allowance for credit losses on loans (ACLL) at beginning of period | (721) | |
Consumer | ||
Allowance for credit losses | ||
Allowance for credit losses on loans (ACLL) at beginning of period | 9,897 | 9,504 |
Gross credit losses on loans | (2,341) | (2,245) |
Gross recoveries | 360 | 376 |
Net credit losses on loans (NCLs) | (1,981) | (1,869) |
Net reserve builds (releases) for loans | 2,844 | 63 |
Net specific reserve builds (releases) for loans | 176 | 8 |
Initial allowance for credit losses on newly purchased credit deteriorated assets during the period | 4 | 0 |
Other, net | (453) | 23 |
ACLL at end of period | 17,390 | $ 9,598 |
Consumer | Cumulative Effect, Period of Adoption, Adjustment | ||
Allowance for credit losses | ||
Allowance for credit losses on loans (ACLL) at beginning of period | $ 4,922 |
ALLOWANCE FOR CREDIT LOSSES -_2
ALLOWANCE FOR CREDIT LOSSES - Allowance for Loan Losses Roll Forward by Segment (Details) - USD ($) | 3 Months Ended | |||
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | |
Allowance for credit losses | ||||
Charge-offs | $ (2,479,000,000) | $ (2,345,000,000) | ||
Recoveries | 371,000,000 | 397,000,000 | ||
Replenishment of net charge-offs | 2,108,000,000 | 1,948,000,000 | ||
Net reserve builds (releases) for loans | 4,112,000,000 | 67,000,000 | ||
Net specific reserve builds (releases) | 224,000,000 | (71,000,000) | ||
Initial allowance for credit losses on newly purchased credit deteriorated assets during the period | 4,000,000 | 0 | ||
Other | (483,000,000) | 18,000,000 | ||
Allowance for credit losses on loans | ||||
Collectively evaluated | 19,464,000,000 | $ 11,293,000,000 | ||
Individually evaluated | 1,367,000,000 | 1,489,000,000 | ||
Total allowance for credit losses on loans | 20,841,000,000 | 12,329,000,000 | 12,783,000,000 | $ 12,315,000,000 |
Loans, net of unearned income | ||||
Collectively evaluated | 709,929,000,000 | 688,338,000,000 | ||
Individually evaluated | 6,963,000,000 | 6,932,000,000 | ||
Held at fair value | 3,999,000,000 | 4,085,000,000 | ||
Loans, net of unearned income | 721,020,000,000 | 699,483,000,000 | ||
Available for sale debt securities, allowance for credit loss | 0 | |||
Receivables Acquired with Deteriorated Credit Quality | ||||
Allowance for credit losses on loans | ||||
Purchased credit deteriorated | 10,000,000 | 1,000,000 | ||
Loans, net of unearned income | ||||
Purchased credit deteriorated | 129,000,000 | 128,000,000 | ||
Corporate | ||||
Allowance for credit losses | ||||
Charge-offs | (138,000,000) | (100,000,000) | ||
Recoveries | 11,000,000 | 21,000,000 | ||
Replenishment of net charge-offs | 127,000,000 | 79,000,000 | ||
Net reserve builds (releases) for loans | 1,268,000,000 | 4,000,000 | ||
Net specific reserve builds (releases) | 48,000,000 | (79,000,000) | ||
Initial allowance for credit losses on newly purchased credit deteriorated assets during the period | 0 | 0 | ||
Other | (30,000,000) | (5,000,000) | ||
Allowance for credit losses on loans | ||||
Collectively evaluated | 3,168,000,000 | 2,587,000,000 | ||
Individually evaluated | 283,000,000 | 299,000,000 | ||
Total allowance for credit losses on loans | 3,451,000,000 | 2,731,000,000 | 2,886,000,000 | 2,811,000,000 |
Loans, net of unearned income | ||||
Collectively evaluated | 426,125,000,000 | 383,828,000,000 | ||
Individually evaluated | 2,484,000,000 | 2,040,000,000 | ||
Held at fair value | 3,981,000,000 | 4,067,000,000 | ||
Loans, net of unearned income | 432,590,000,000 | 389,935,000,000 | ||
Corporate | Receivables Acquired with Deteriorated Credit Quality | ||||
Allowance for credit losses on loans | ||||
Purchased credit deteriorated | 0 | 0 | ||
Loans, net of unearned income | ||||
Purchased credit deteriorated | 0 | 0 | ||
Consumer | ||||
Allowance for credit losses | ||||
Charge-offs | (2,341,000,000) | (2,245,000,000) | ||
Recoveries | 360,000,000 | 376,000,000 | ||
Replenishment of net charge-offs | 1,981,000,000 | 1,869,000,000 | ||
Net reserve builds (releases) for loans | 2,844,000,000 | 63,000,000 | ||
Net specific reserve builds (releases) | 176,000,000 | 8,000,000 | ||
Initial allowance for credit losses on newly purchased credit deteriorated assets during the period | 4,000,000 | 0 | ||
Other | (453,000,000) | 23,000,000 | ||
Allowance for credit losses on loans | ||||
Collectively evaluated | 16,296,000,000 | 8,706,000,000 | ||
Individually evaluated | 1,084,000,000 | 1,190,000,000 | ||
Total allowance for credit losses on loans | 17,390,000,000 | $ 9,598,000,000 | 9,897,000,000 | $ 9,504,000,000 |
Loans, net of unearned income | ||||
Collectively evaluated | 283,804,000,000 | 304,510,000,000 | ||
Individually evaluated | 4,479,000,000 | 4,892,000,000 | ||
Held at fair value | 18,000,000 | 18,000,000 | ||
Loans, net of unearned income | 288,430,000,000 | 309,548,000,000 | ||
Consumer | Receivables Acquired with Deteriorated Credit Quality | ||||
Allowance for credit losses on loans | ||||
Purchased credit deteriorated | 10,000,000 | 1,000,000 | ||
Loans, net of unearned income | ||||
Purchased credit deteriorated | $ 129,000,000 | 128,000,000 | ||
Cumulative Effect, Period of Adoption, Adjustment | ||||
Allowance for credit losses on loans | ||||
Total allowance for credit losses on loans | 4,201,000,000 | |||
Cumulative Effect, Period of Adoption, Adjustment | Corporate | ||||
Allowance for credit losses on loans | ||||
Total allowance for credit losses on loans | (721,000,000) | |||
Cumulative Effect, Period of Adoption, Adjustment | Consumer | ||||
Allowance for credit losses on loans | ||||
Total allowance for credit losses on loans | $ 4,922,000,000 |
ALLOWANCE FOR CREDIT LOSSES - S
ALLOWANCE FOR CREDIT LOSSES - Schedule of Allowance for Credit Losses for HTM Debt Securities (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Debt Securities, Held-to-maturity, Allowance for Credit Loss [Roll Forward] | ||
Allowance for credit losses on HTM debt securities at beginning of period | $ 0 | |
Gross credit losses | 0 | |
Gross recoveries | 0 | |
Net credit losses | 0 | |
Net reserve builds (releases) | 6 | |
Net specific reserve builds (releases) | 0 | |
Total provision for credit losses on HTM debt securities | 6 | $ 0 |
Other, net | 0 | |
Initial allowance for credit losses on newly purchased credit deteriorated assets during the period | 0 | |
Allowance for credit losses on HTM debt securities at end of period | 76 | |
Cumulative Effect, Period of Adoption, Adjustment | ||
Debt Securities, Held-to-maturity, Allowance for Credit Loss [Roll Forward] | ||
Allowance for credit losses on HTM debt securities at beginning of period | 70 | |
U.S. Treasury and federal agency securities | ||
Debt Securities, Held-to-maturity, Allowance for Credit Loss [Roll Forward] | ||
Allowance for credit losses on HTM debt securities at beginning of period | 0 | |
Gross credit losses | 0 | |
Gross recoveries | 0 | |
Net credit losses | 0 | |
Net reserve builds (releases) | 0 | |
Net specific reserve builds (releases) | 0 | |
Total provision for credit losses on HTM debt securities | 0 | |
Other, net | 0 | |
Initial allowance for credit losses on newly purchased credit deteriorated assets during the period | 0 | |
Allowance for credit losses on HTM debt securities at end of period | 0 | |
U.S. Treasury and federal agency securities | Cumulative Effect, Period of Adoption, Adjustment | ||
Debt Securities, Held-to-maturity, Allowance for Credit Loss [Roll Forward] | ||
Allowance for credit losses on HTM debt securities at beginning of period | 0 | |
State and municipal securities | ||
Debt Securities, Held-to-maturity, Allowance for Credit Loss [Roll Forward] | ||
Allowance for credit losses on HTM debt securities at beginning of period | 0 | |
Gross credit losses | 0 | |
Gross recoveries | 0 | |
Net credit losses | 0 | |
Net reserve builds (releases) | 5 | |
Net specific reserve builds (releases) | 0 | |
Total provision for credit losses on HTM debt securities | 5 | |
Other, net | 0 | |
Initial allowance for credit losses on newly purchased credit deteriorated assets during the period | 0 | |
Allowance for credit losses on HTM debt securities at end of period | 66 | |
State and municipal securities | Cumulative Effect, Period of Adoption, Adjustment | ||
Debt Securities, Held-to-maturity, Allowance for Credit Loss [Roll Forward] | ||
Allowance for credit losses on HTM debt securities at beginning of period | 61 | |
Foreign government | ||
Debt Securities, Held-to-maturity, Allowance for Credit Loss [Roll Forward] | ||
Allowance for credit losses on HTM debt securities at beginning of period | 0 | |
Gross credit losses | 0 | |
Gross recoveries | 0 | |
Net credit losses | 0 | |
Net reserve builds (releases) | 0 | |
Net specific reserve builds (releases) | 0 | |
Total provision for credit losses on HTM debt securities | 0 | |
Other, net | 0 | |
Initial allowance for credit losses on newly purchased credit deteriorated assets during the period | 0 | |
Allowance for credit losses on HTM debt securities at end of period | 4 | |
Foreign government | Cumulative Effect, Period of Adoption, Adjustment | ||
Debt Securities, Held-to-maturity, Allowance for Credit Loss [Roll Forward] | ||
Allowance for credit losses on HTM debt securities at beginning of period | 4 | |
Asset-backed securities | ||
Debt Securities, Held-to-maturity, Allowance for Credit Loss [Roll Forward] | ||
Allowance for credit losses on HTM debt securities at beginning of period | 0 | |
Gross credit losses | 0 | |
Gross recoveries | 0 | |
Net credit losses | 0 | |
Net reserve builds (releases) | 1 | |
Net specific reserve builds (releases) | 0 | |
Total provision for credit losses on HTM debt securities | 1 | |
Other, net | 0 | |
Initial allowance for credit losses on newly purchased credit deteriorated assets during the period | 0 | |
Allowance for credit losses on HTM debt securities at end of period | 6 | |
Asset-backed securities | Cumulative Effect, Period of Adoption, Adjustment | ||
Debt Securities, Held-to-maturity, Allowance for Credit Loss [Roll Forward] | ||
Allowance for credit losses on HTM debt securities at beginning of period | $ 5 |
ALLOWANCE FOR CREDIT LOSSES -_3
ALLOWANCE FOR CREDIT LOSSES - Schedule of Allowance for Credit Losses for Other Assets (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Financing Receivable, Other Assets, Allowance For Credit Loss [Roll Forward] | ||
Allowance for credit losses at beginning of period | $ 0 | |
Gross credit losses | 0 | |
Gross recoveries | 0 | |
Net credit losses (NCLs) | 0 | |
Net reserve builds (releases) | (4) | |
Total provision for credit losses | (4) | $ 0 |
Other, net | 32 | |
Allowance for credit losses at end of period | 54 | |
Cash and due from banks | ||
Financing Receivable, Other Assets, Allowance For Credit Loss [Roll Forward] | ||
Allowance for credit losses at beginning of period | 0 | |
Gross credit losses | 0 | |
Gross recoveries | 0 | |
Net credit losses (NCLs) | 0 | |
Net reserve builds (releases) | (6) | |
Total provision for credit losses | (6) | |
Other, net | 0 | |
Allowance for credit losses at end of period | 0 | |
Deposits with banks | ||
Financing Receivable, Other Assets, Allowance For Credit Loss [Roll Forward] | ||
Allowance for credit losses at beginning of period | 0 | |
Gross credit losses | 0 | |
Gross recoveries | 0 | |
Net credit losses (NCLs) | 0 | |
Net reserve builds (releases) | (6) | |
Total provision for credit losses | (6) | |
Other, net | 0 | |
Allowance for credit losses at end of period | 8 | |
Securities borrowed and purchased under agreements to resell | ||
Financing Receivable, Other Assets, Allowance For Credit Loss [Roll Forward] | ||
Allowance for credit losses at beginning of period | 0 | |
Gross credit losses | 0 | |
Gross recoveries | 0 | |
Net credit losses (NCLs) | 0 | |
Net reserve builds (releases) | 3 | |
Total provision for credit losses | 3 | |
Other, net | 0 | |
Allowance for credit losses at end of period | 5 | |
Brokerage receivables | ||
Financing Receivable, Other Assets, Allowance For Credit Loss [Roll Forward] | ||
Allowance for credit losses at beginning of period | 0 | |
Gross credit losses | 0 | |
Gross recoveries | 0 | |
Net credit losses (NCLs) | 0 | |
Net reserve builds (releases) | (1) | |
Total provision for credit losses | (1) | |
Other, net | 0 | |
Allowance for credit losses at end of period | 0 | |
All other assets | ||
Financing Receivable, Other Assets, Allowance For Credit Loss [Roll Forward] | ||
Allowance for credit losses at beginning of period | 0 | |
Gross credit losses | 0 | |
Gross recoveries | 0 | |
Net credit losses (NCLs) | 0 | |
Net reserve builds (releases) | 6 | |
Total provision for credit losses | 6 | |
Other, net | 32 | |
Allowance for credit losses at end of period | 41 | |
Cumulative Effect, Period of Adoption, Adjustment | ||
Financing Receivable, Other Assets, Allowance For Credit Loss [Roll Forward] | ||
Allowance for credit losses at beginning of period | 26 | |
Cumulative Effect, Period of Adoption, Adjustment | Cash and due from banks | ||
Financing Receivable, Other Assets, Allowance For Credit Loss [Roll Forward] | ||
Allowance for credit losses at beginning of period | 6 | |
Cumulative Effect, Period of Adoption, Adjustment | Deposits with banks | ||
Financing Receivable, Other Assets, Allowance For Credit Loss [Roll Forward] | ||
Allowance for credit losses at beginning of period | 14 | |
Cumulative Effect, Period of Adoption, Adjustment | Securities borrowed and purchased under agreements to resell | ||
Financing Receivable, Other Assets, Allowance For Credit Loss [Roll Forward] | ||
Allowance for credit losses at beginning of period | 2 | |
Cumulative Effect, Period of Adoption, Adjustment | Brokerage receivables | ||
Financing Receivable, Other Assets, Allowance For Credit Loss [Roll Forward] | ||
Allowance for credit losses at beginning of period | 1 | |
Cumulative Effect, Period of Adoption, Adjustment | All other assets | ||
Financing Receivable, Other Assets, Allowance For Credit Loss [Roll Forward] | ||
Allowance for credit losses at beginning of period | $ 3 |
GOODWILL AND INTANGIBLE ASSET_2
GOODWILL AND INTANGIBLE ASSETS - Changes in Goodwill (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2020USD ($) | |
Goodwill | |
Balance of goodwill at beginning of period | $ 22,126 |
Foreign currency translation | (862) |
Balance of goodwill at end of period | 21,264 |
Global Consumer Banking | |
Goodwill | |
Balance of goodwill at beginning of period | 12,102 |
Foreign currency translation | (265) |
Balance of goodwill at end of period | 11,837 |
Institutional Clients Group | |
Goodwill | |
Balance of goodwill at beginning of period | 10,024 |
Foreign currency translation | (597) |
Balance of goodwill at end of period | $ 9,427 |
GOODWILL AND INTANGIBLE ASSET_3
GOODWILL AND INTANGIBLE ASSETS - Additional Information (Details) | Dec. 31, 2019 |
Minimum | |
Goodwill [Line Items] | |
Percentage fair value exceeds carrying value | 33.00% |
Maximum | |
Goodwill [Line Items] | |
Percentage fair value exceeds carrying value | 134.00% |
GOODWILL AND INTANGIBLE ASSET_4
GOODWILL AND INTANGIBLE ASSETS - Components of Intangible Assets (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended |
Mar. 31, 2020 | Dec. 31, 2019 | |
Finite and Indefinite-lived Intangible Assets | ||
Gross carrying amount of Intangible assets (excluding MSRs) | $ 9,795 | $ 12,271 |
Accumulated amortization of Intangible assets (excluding MSRs) | 5,602 | 7,944 |
Net carrying amount of Intangible assets (excluding MSRs) | 4,193 | 4,327 |
Gross carrying amount, Mortgage servicing rights (MSRs) | 367 | 495 |
Mortgage servicing rights (MSRs) | 367 | 495 |
Gross carrying amount of Intangible assets | 10,162 | 12,766 |
Accumulated amortization of Intangible assets | 5,602 | 7,944 |
Total intangible assets | 4,560 | 4,822 |
Indefinite-lived intangible assets | ||
Finite and Indefinite-lived Intangible Assets | ||
Gross carrying amount of Intangible assets (excluding MSRs) | 191 | 228 |
Accumulated amortization of Intangible assets (excluding MSRs) | 0 | 0 |
Net carrying amount of Intangible assets (excluding MSRs) | 191 | 228 |
Purchased credit card relationships | ||
Finite and Indefinite-lived Intangible Assets | ||
Gross carrying amount of Intangible assets (excluding MSRs) | 5,634 | 5,676 |
Accumulated amortization of Intangible assets (excluding MSRs) | 4,060 | 4,059 |
Net carrying amount of Intangible assets (excluding MSRs) | 1,574 | 1,617 |
Credit card contract related intangibles | ||
Finite and Indefinite-lived Intangible Assets | ||
Gross carrying amount of Intangible assets (excluding MSRs) | 3,417 | 5,393 |
Accumulated amortization of Intangible assets (excluding MSRs) | 1,138 | 3,069 |
Net carrying amount of Intangible assets (excluding MSRs) | 2,279 | 2,324 |
Core deposit intangibles | ||
Finite and Indefinite-lived Intangible Assets | ||
Gross carrying amount of Intangible assets (excluding MSRs) | 42 | 434 |
Accumulated amortization of Intangible assets (excluding MSRs) | 42 | 433 |
Net carrying amount of Intangible assets (excluding MSRs) | 0 | 1 |
Other customer relationships | ||
Finite and Indefinite-lived Intangible Assets | ||
Gross carrying amount of Intangible assets (excluding MSRs) | 424 | 424 |
Accumulated amortization of Intangible assets (excluding MSRs) | 281 | 275 |
Net carrying amount of Intangible assets (excluding MSRs) | 143 | 149 |
Present value of future profits | ||
Finite and Indefinite-lived Intangible Assets | ||
Gross carrying amount of Intangible assets (excluding MSRs) | 27 | 34 |
Accumulated amortization of Intangible assets (excluding MSRs) | 24 | 31 |
Net carrying amount of Intangible assets (excluding MSRs) | 3 | 3 |
Other | ||
Finite and Indefinite-lived Intangible Assets | ||
Gross carrying amount of Intangible assets (excluding MSRs) | 60 | 82 |
Accumulated amortization of Intangible assets (excluding MSRs) | 57 | 77 |
Net carrying amount of Intangible assets (excluding MSRs) | $ 3 | $ 5 |
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 | 96.00% | 96.00% |
GOODWILL AND INTANGIBLE ASSET_5
GOODWILL AND INTANGIBLE ASSETS - Changes in Intangible Assets (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended |
Mar. 31, 2020 | Dec. 31, 2019 | |
Finite and Indefinite-lived Intangible Assets | ||
Beginning balance | $ 4,327 | |
Acquisitions/ divestitures | 20 | |
Amortization | (108) | |
Impairments | 0 | |
FX translation and other | (46) | |
Ending balance | 4,193 | $ 4,327 |
Mortgage servicing rights (MSRs) | 367 | 495 |
Total intangible assets | 4,560 | 4,822 |
Indefinite-lived intangible assets | ||
Finite and Indefinite-lived Intangible Assets | ||
Beginning balance | 228 | |
Acquisitions/ divestitures | 0 | |
Amortization | 0 | |
Impairments | 0 | |
FX translation and other | (37) | |
Ending balance | 191 | 228 |
Purchased credit card relationships | ||
Finite and Indefinite-lived Intangible Assets | ||
Beginning balance | 1,617 | |
Acquisitions/ divestitures | 11 | |
Amortization | (50) | |
Impairments | 0 | |
FX translation and other | (4) | |
Ending balance | 1,574 | 1,617 |
Credit card contract related intangibles | ||
Finite and Indefinite-lived Intangible Assets | ||
Beginning balance | 2,324 | |
Acquisitions/ divestitures | 9 | |
Amortization | (50) | |
Impairments | 0 | |
FX translation and other | (4) | |
Ending balance | 2,279 | 2,324 |
Core deposit intangibles | ||
Finite and Indefinite-lived Intangible Assets | ||
Beginning balance | 1 | |
Acquisitions/ divestitures | 0 | |
Amortization | 0 | |
Impairments | 0 | |
FX translation and other | (1) | |
Ending balance | 0 | 1 |
Other customer relationships | ||
Finite and Indefinite-lived Intangible Assets | ||
Beginning balance | 149 | |
Acquisitions/ divestitures | 0 | |
Amortization | (6) | |
Impairments | 0 | |
FX translation and other | 0 | |
Ending balance | 143 | 149 |
Present value of future profits | ||
Finite and Indefinite-lived Intangible Assets | ||
Beginning balance | 3 | |
Acquisitions/ divestitures | 0 | |
Amortization | 0 | |
Impairments | 0 | |
FX translation and other | 0 | |
Ending balance | 3 | 3 |
Other | ||
Finite and Indefinite-lived Intangible Assets | ||
Beginning balance | 5 | |
Acquisitions/ divestitures | 0 | |
Amortization | (2) | |
Impairments | 0 | |
FX translation and other | 0 | |
Ending balance | $ 3 | $ 5 |
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 | 96.00% | 96.00% |
DEBT - Short-Term Borrowings (D
DEBT - Short-Term Borrowings (Details) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
Short-term Debt [Line Items] | ||
Commercial paper | $ 18,173 | $ 16,476 |
Other borrowings | 36,778 | 28,573 |
Total short-term borrowings | 54,951 | 45,049 |
Collateralized short-term advances from Federal Home Loan Bank | 23,400 | 17,600 |
Bank | ||
Short-term Debt [Line Items] | ||
Commercial paper | 12,157 | 10,155 |
Broker-dealer and other | ||
Short-term Debt [Line Items] | ||
Commercial paper | $ 6,016 | $ 6,321 |
DEBT - Long-Term Debt (Details)
DEBT - Long-Term Debt (Details) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
Debt Instrument | ||
Long-term debt, at fair value | $ 266,098 | $ 248,760 |
Trust preferred securities | 1,700 | 1,700 |
Citigroup Inc. | ||
Debt Instrument | ||
Long-term debt, at fair value | 156,461 | 150,477 |
Bank | ||
Debt Instrument | ||
Long-term debt, at fair value | 62,444 | 53,340 |
Bank | Senior notes | ||
Debt Instrument | ||
Collateralized long-term advances from Federal Home Loan Bank | 16,000 | 5,500 |
Broker-dealer and other | ||
Debt Instrument | ||
Long-term debt, at fair value | $ 47,193 | $ 44,943 |
DEBT - Trust Preferred Securiti
DEBT - Trust Preferred Securities (Details) $ in Millions | Mar. 31, 2020USD ($)shares |
Trust Preferred Securities | |
Liquidation value | $ 2,564 |
Junior subordinated debentures owned by the Trust, amount | $ 2,570 |
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 | $ 124 |
Common shares issued to parent (in shares) | shares | 50 |
Junior subordinated debentures owned by the Trust, amount | $ 124 |
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 | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Change in accumulated other comprehensive income (loss) | ||
Balance, beginning of period | $ 193,946 | |
Balance, end of period | 192,982 | $ 197,015 |
Net unrealized gains (losses) on debt securities | ||
Change in accumulated other comprehensive income (loss) | ||
Balance, beginning of period | (265) | (2,250) |
Other comprehensive income before reclassifications | 3,456 | 1,226 |
Increase (decrease) due to amounts reclassified from AOCI | (328) | (91) |
Total other comprehensive income | 3,128 | 1,135 |
Balance, end of period | 2,863 | (1,115) |
Debt valuation adjustment (DVA) | ||
Change in accumulated other comprehensive income (loss) | ||
Balance, beginning of period | (944) | 192 |
Other comprehensive income before reclassifications | 3,116 | (575) |
Increase (decrease) due to amounts reclassified from AOCI | 24 | 4 |
Total other comprehensive income | 3,140 | (571) |
Balance, end of period | 2,196 | (379) |
Cash flow hedges | ||
Change in accumulated other comprehensive income (loss) | ||
Balance, beginning of period | 123 | (728) |
Other comprehensive income before reclassifications | 1,898 | 186 |
Increase (decrease) due to amounts reclassified from AOCI | (1) | 100 |
Total other comprehensive income | 1,897 | 286 |
Balance, end of period | 2,020 | (442) |
Benefit plans | ||
Change in accumulated other comprehensive income (loss) | ||
Balance, beginning of period | (6,809) | (6,257) |
Other comprehensive income before reclassifications | (344) | (110) |
Increase (decrease) due to amounts reclassified from AOCI | 58 | 46 |
Total other comprehensive income | (286) | (64) |
Balance, end of period | (7,095) | (6,321) |
Foreign currency translation adjustment (CTA), net of hedges | ||
Change in accumulated other comprehensive income (loss) | ||
Balance, beginning of period | (28,391) | (28,070) |
Other comprehensive income before reclassifications | (4,109) | 58 |
Increase (decrease) due to amounts reclassified from AOCI | 0 | 0 |
Total other comprehensive income | (4,109) | 58 |
Balance, end of period | (32,500) | (28,012) |
Excluded component of fair value hedges | ||
Change in accumulated other comprehensive income (loss) | ||
Balance, beginning of period | (32) | (57) |
Other comprehensive income before reclassifications | 27 | 18 |
Increase (decrease) due to amounts reclassified from AOCI | 0 | 0 |
Total other comprehensive income | 27 | 18 |
Balance, end of period | (5) | (39) |
Accumulated other comprehensive income (loss) | ||
Change in accumulated other comprehensive income (loss) | ||
Balance, beginning of period | (36,318) | (37,170) |
Other comprehensive income before reclassifications | 4,044 | 803 |
Increase (decrease) due to amounts reclassified from AOCI | (247) | 59 |
Total other comprehensive income | 3,797 | 862 |
Balance, end of period | $ (32,521) | $ (36,308) |
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 | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Change in accumulated other comprehensive income (loss), after-tax | ||
Balance, beginning of period | $ 193,946 | |
Balance, end of period | 192,982 | $ 197,015 |
Citigroup's accumulated other comprehensive income (loss) | ||
Change in accumulated other comprehensive income (loss), pretax | ||
Balance, beginning of period, pretax | (42,772) | (44,082) |
Other comprehensive income (loss), pretax | 6,353 | 1,178 |
Balance, end of period, pretax | (36,419) | (42,904) |
Change in accumulated other comprehensive income (loss), tax effect | ||
Balance, beginning of period, tax effect | 6,454 | 6,912 |
Other comprehensive income (loss), tax effect | (2,556) | (316) |
Balance, end of period, tax effect | 3,898 | 6,596 |
Change in accumulated other comprehensive income (loss), after-tax | ||
Balance, beginning of period | (36,318) | (37,170) |
Total other comprehensive income | 3,797 | 862 |
Balance, end of period | (32,521) | (36,308) |
Net unrealized gains (losses) on debt securities | ||
Change in accumulated other comprehensive income (loss), pretax | ||
Other comprehensive income (loss), pretax | 4,121 | 1,500 |
Change in accumulated other comprehensive income (loss), tax effect | ||
Other comprehensive income (loss), tax effect | (993) | (365) |
Change in accumulated other comprehensive income (loss), after-tax | ||
Balance, beginning of period | (265) | (2,250) |
Total other comprehensive income | 3,128 | 1,135 |
Balance, end of period | 2,863 | (1,115) |
Debt valuation adjustment (DVA) | ||
Change in accumulated other comprehensive income (loss), pretax | ||
Other comprehensive income (loss), pretax | 4,188 | (725) |
Change in accumulated other comprehensive income (loss), tax effect | ||
Other comprehensive income (loss), tax effect | (1,048) | 154 |
Change in accumulated other comprehensive income (loss), after-tax | ||
Balance, beginning of period | (944) | 192 |
Total other comprehensive income | 3,140 | (571) |
Balance, end of period | 2,196 | (379) |
Hedges | ||
Change in accumulated other comprehensive income (loss), after-tax | ||
Balance, beginning of period | (32) | (57) |
Total other comprehensive income | 27 | 18 |
Balance, end of period | (5) | (39) |
Benefit plans | ||
Change in accumulated other comprehensive income (loss), pretax | ||
Other comprehensive income (loss), pretax | (418) | (68) |
Change in accumulated other comprehensive income (loss), tax effect | ||
Other comprehensive income (loss), tax effect | 132 | 4 |
Change in accumulated other comprehensive income (loss), after-tax | ||
Balance, beginning of period | (6,809) | (6,257) |
Total other comprehensive income | (286) | (64) |
Balance, end of period | (7,095) | (6,321) |
Foreign currency translation adjustment | ||
Change in accumulated other comprehensive income (loss), pretax | ||
Other comprehensive income (loss), pretax | (4,055) | 69 |
Change in accumulated other comprehensive income (loss), tax effect | ||
Other comprehensive income (loss), tax effect | (54) | (11) |
Change in accumulated other comprehensive income (loss), after-tax | ||
Balance, beginning of period | (28,391) | (28,070) |
Total other comprehensive income | (4,109) | 58 |
Balance, end of period | (32,500) | (28,012) |
Cash flow hedges | Hedges | ||
Change in accumulated other comprehensive income (loss), pretax | ||
Other comprehensive income (loss), pretax | 2,484 | 378 |
Change in accumulated other comprehensive income (loss), tax effect | ||
Other comprehensive income (loss), tax effect | (587) | (92) |
Change in accumulated other comprehensive income (loss), after-tax | ||
Total other comprehensive income | 1,897 | 286 |
Fair value hedges | Hedges | ||
Change in accumulated other comprehensive income (loss), pretax | ||
Other comprehensive income (loss), pretax | 33 | 24 |
Change in accumulated other comprehensive income (loss), tax effect | ||
Other comprehensive income (loss), tax effect | (6) | (6) |
Change in accumulated other comprehensive income (loss), after-tax | ||
Total other comprehensive income | $ 27 | $ 18 |
CHANGES IN ACCUMULATED OTHER _5
CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (AOCI) - Reclassification out of AOCI (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Pretax and after-tax amounts reclassified out of accumulated other comprehensive income (loss) | ||
Realized (gains) losses on sales of investments | $ (432) | $ (130) |
Provision (benefits) for income taxes | 576 | 1,275 |
Income (loss) from continuing operations | (2,534) | (4,737) |
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 | (328) | (91) |
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 | (432) | (130) |
Gross impairment losses | 0 | 3 |
Income from continuing operations before income taxes | (432) | (127) |
Provision (benefits) for income taxes | 104 | 36 |
Income (loss) from continuing operations | (328) | (91) |
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 | 24 | 4 |
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 | 32 | 5 |
Provision (benefits) for income taxes | (8) | (1) |
Income (loss) from continuing operations | 24 | 4 |
Cash flow hedges | ||
Pretax and after-tax amounts reclassified out of accumulated other comprehensive income (loss) | ||
Total amounts reclassified out of AOCI, after-tax | (1) | 100 |
Cash flow 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 | (2) | 132 |
Provision (benefits) for income taxes | 1 | (32) |
Cash flow 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 | (3) | 130 |
Cash flow 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 | 1 | 2 |
Pension liability adjustments | ||
Pretax and after-tax amounts reclassified out of accumulated other comprehensive income (loss) | ||
Total amounts reclassified out of AOCI, pretax | 76 | 61 |
Total tax effect | (18) | (15) |
Total amounts reclassified out of AOCI, after-tax | 58 | 46 |
Prior service cost (benefit) | ||
Pretax and after-tax amounts reclassified out of accumulated other comprehensive income (loss) | ||
Total amounts reclassified out of AOCI, pretax | (3) | (4) |
Net actuarial loss | ||
Pretax and after-tax amounts reclassified out of accumulated other comprehensive income (loss) | ||
Total amounts reclassified out of AOCI, pretax | 79 | 65 |
Curtailment/settlement impact | ||
Pretax and after-tax amounts reclassified out of accumulated other comprehensive income (loss) | ||
Total amounts reclassified out of AOCI, pretax | 0 | 0 |
Excluded component of fair value hedges | ||
Pretax and after-tax amounts reclassified out of accumulated other comprehensive income (loss) | ||
Total amounts reclassified out of AOCI, after-tax | 0 | 0 |
Excluded component of fair value 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 | 0 | 0 |
Provision (benefits) for income taxes | 0 | 0 |
Total amounts reclassified out of AOCI, after-tax | 0 | 0 |
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 |
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 |
Provision (benefits) for income taxes | 0 | 0 |
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 | (326) | 71 |
Total tax effect | 79 | (12) |
Total amounts reclassified out of AOCI, after-tax | $ (247) | $ 59 |
SECURITIZATIONS AND VARIABLE _3
SECURITIZATIONS AND VARIABLE INTEREST ENTITIES - Schedule of Variable Interest Entities (Details) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
Variable Interest Entity | ||
Total involvement with SPE assets | $ 457,679 | $ 460,157 |
Consolidated VIE/SPE assets | 66,136 | 69,506 |
Significant unconsolidated VIE assets | 391,543 | 390,651 |
Funded Exposure | ||
Maximum exposure to loss in significant unconsolidated VIEs, debt investments | 34,578 | 34,320 |
Maximum exposure to loss in significant unconsolidated VIEs, equity investments | 5,375 | 5,425 |
Unfunded Exposure | ||
Maximum exposure to loss in significant unconsolidated VIEs, funding commitments | 16,094 | 16,157 |
Maximum exposure to loss in significant unconsolidated VIEs, guarantees and derivatives | 66 | 74 |
Funded and Unfunded Exposure | ||
Maximum exposure to loss in significant unconsolidated VIEs | 56,113 | 55,976 |
Credit card securitizations | ||
Variable Interest Entity | ||
Total involvement with SPE assets | 37,612 | 43,534 |
Consolidated VIE/SPE assets | 37,612 | 43,534 |
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 | 109,728 | 117,374 |
Consolidated VIE/SPE assets | 0 | 0 |
Significant unconsolidated VIE assets | 109,728 | 117,374 |
Funded Exposure | ||
Maximum exposure to loss in significant unconsolidated VIEs, debt investments | 2,000 | 2,671 |
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 | 65 | 72 |
Funded and Unfunded Exposure | ||
Maximum exposure to loss in significant unconsolidated VIEs | 2,065 | 2,743 |
Mortgage securitizations - Non-agency-sponsored | ||
Variable Interest Entity | ||
Total involvement with SPE assets | 37,140 | 39,608 |
Consolidated VIE/SPE assets | 941 | 1,187 |
Significant unconsolidated VIE assets | 36,199 | 38,421 |
Funded Exposure | ||
Maximum exposure to loss in significant unconsolidated VIEs, debt investments | 1,054 | 876 |
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 | 1,055 | 877 |
Citi-administered asset-backed commercial paper conduits | ||
Variable Interest Entity | ||
Total involvement with SPE assets | 19,386 | 15,622 |
Consolidated VIE/SPE assets | 19,386 | 15,622 |
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 | 17,453 | 17,395 |
Consolidated VIE/SPE assets | 0 | 0 |
Significant unconsolidated VIE assets | 17,453 | 17,395 |
Funded Exposure | ||
Maximum exposure to loss in significant unconsolidated VIEs, debt investments | 3,918 | 4,199 |
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 | 3,918 | 4,199 |
Asset-based financing | ||
Variable Interest Entity | ||
Total involvement with SPE assets | 207,817 | 196,728 |
Consolidated VIE/SPE assets | 5,569 | 6,139 |
Significant unconsolidated VIE assets | 202,248 | 190,589 |
Funded Exposure | ||
Maximum exposure to loss in significant unconsolidated VIEs, debt investments | 24,935 | 23,756 |
Maximum exposure to loss in significant unconsolidated VIEs, equity investments | 1,154 | 1,151 |
Unfunded Exposure | ||
Maximum exposure to loss in significant unconsolidated VIEs, funding commitments | 9,863 | 9,524 |
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 | 35,952 | 34,431 |
Municipal securities tender option bond trusts (TOBs) | ||
Variable Interest Entity | ||
Total involvement with SPE assets | 6,129 | 6,950 |
Consolidated VIE/SPE assets | 1,134 | 1,458 |
Significant unconsolidated VIE assets | 4,995 | 5,492 |
Funded Exposure | ||
Maximum exposure to loss in significant unconsolidated VIEs, debt investments | 4 | 4 |
Maximum exposure to loss in significant unconsolidated VIEs, equity investments | 0 | 0 |
Unfunded Exposure | ||
Maximum exposure to loss in significant unconsolidated VIEs, funding commitments | 3,125 | 3,544 |
Maximum exposure to loss in significant unconsolidated VIEs, guarantees and derivatives | 0 | 0 |
Funded and Unfunded Exposure | ||
Maximum exposure to loss in significant unconsolidated VIEs | 3,129 | 3,548 |
Municipal investments | ||
Variable Interest Entity | ||
Total involvement with SPE assets | 20,383 | 20,312 |
Consolidated VIE/SPE assets | 0 | 0 |
Significant unconsolidated VIE assets | 20,383 | 20,312 |
Funded Exposure | ||
Maximum exposure to loss in significant unconsolidated VIEs, debt investments | 2,662 | 2,636 |
Maximum exposure to loss in significant unconsolidated VIEs, equity investments | 4,221 | 4,274 |
Unfunded Exposure | ||
Maximum exposure to loss in significant unconsolidated VIEs, funding commitments | 3,030 | 3,034 |
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 | 9,913 | 9,944 |
Client intermediation | ||
Variable Interest Entity | ||
Total involvement with SPE assets | 1,430 | 1,455 |
Consolidated VIE/SPE assets | 1,371 | 1,391 |
Significant unconsolidated VIE assets | 59 | 64 |
Funded Exposure | ||
Maximum exposure to loss in significant unconsolidated VIEs, debt investments | 4 | 4 |
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 | 4 | 4 |
Investment funds | ||
Variable Interest Entity | ||
Total involvement with SPE assets | 539 | 827 |
Consolidated VIE/SPE assets | 121 | 174 |
Significant unconsolidated VIE assets | 418 | 653 |
Funded Exposure | ||
Maximum exposure to loss in significant unconsolidated VIEs, debt investments | 1 | 5 |
Maximum exposure to loss in significant unconsolidated VIEs, equity investments | 0 | 0 |
Unfunded Exposure | ||
Maximum exposure to loss in significant unconsolidated VIEs, funding commitments | 16 | 16 |
Maximum exposure to loss in significant unconsolidated VIEs, guarantees and derivatives | 0 | 1 |
Funded and Unfunded Exposure | ||
Maximum exposure to loss in significant unconsolidated VIEs | 17 | 22 |
Other | ||
Variable Interest Entity | ||
Total involvement with SPE assets | 62 | 352 |
Consolidated VIE/SPE assets | 2 | 1 |
Significant unconsolidated VIE assets | 60 | 351 |
Funded Exposure | ||
Maximum exposure to loss in significant unconsolidated VIEs, debt investments | 0 | 169 |
Maximum exposure to loss in significant unconsolidated VIEs, equity investments | 0 | 0 |
Unfunded Exposure | ||
Maximum exposure to loss in significant unconsolidated VIEs, funding commitments | 60 | 39 |
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 | 60 | 208 |
Mortgage-backed securities | ||
Funded and Unfunded Exposure | ||
Outstanding balance of mortgage loans securitized | $ 6,000 | $ 6,000 |
SECURITIZATIONS AND VARIABLE _4
SECURITIZATIONS AND VARIABLE INTEREST ENTITIES - Funding Commitments (Details) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
Funding Commitments for Significant Unconsolidated VIEs | ||
Notional amount | $ 16,094 | $ 16,157 |
Liquidity facilities | ||
Funding Commitments for Significant Unconsolidated VIEs | ||
Notional amount | 3,125 | 3,544 |
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 | 3,125 | 3,544 |
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 | 12,969 | 12,613 |
Loan / equity commitments | Asset-based financing | ||
Funding Commitments for Significant Unconsolidated VIEs | ||
Notional amount | 9,863 | 9,524 |
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 | 3,030 | 3,034 |
Loan / equity commitments | Investment funds | ||
Funding Commitments for Significant Unconsolidated VIEs | ||
Notional amount | 16 | 16 |
Loan / equity commitments | Other | ||
Funding Commitments for Significant Unconsolidated VIEs | ||
Notional amount | $ 60 | $ 39 |
SECURITIZATIONS AND VARIABLE _5
SECURITIZATIONS AND VARIABLE INTEREST ENTITIES - Carrying Amounts and Classifications of Consolidated Assets (Details) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 | Mar. 31, 2019 |
Variable Interest Entity | |||
Cash and due from banks | $ 23,755 | $ 23,967 | $ 24,448 |
Trading account assets | 365,000 | 276,140 | |
Investments | 398,883 | 368,563 | |
Purchased credit-deteriorated | 700,179 | 686,700 | |
Other | 112,873 | 107,709 | |
Total assets | 2,219,770 | 1,951,158 | |
Unconsolidated VIEs | |||
Variable Interest Entity | |||
Cash and due from banks | 0 | 0 | |
Trading account assets | 2,000 | 2,600 | |
Investments | 9,700 | 9,900 | |
Purchased credit-deteriorated | 27,800 | 26,700 | |
Other | 500 | 500 | |
Total assets | $ 40,000 | $ 39,700 |
SECURITIZATIONS AND VARIABLE _6
SECURITIZATIONS AND VARIABLE INTEREST ENTITIES - Credit Card Securitizations (Details) $ in Billions | 3 Months Ended | ||
Mar. 31, 2020USD ($)trust | Mar. 31, 2019USD ($) | Dec. 31, 2019USD ($) | |
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 | $ 19.7 | $ 19.7 | |
Retained by Citigroup as trust-issued securities | 5.4 | 6.2 | |
Retained by Citigroup via non-certificated interests | 14.6 | 17.8 | |
Total ownership interests in principal amount of trust credit card receivables | 39.7 | $ 43.7 | |
Credit card securitizations | |||
Cash Flows Between Transferor and Transferee | |||
Proceeds from new securitizations | 0 | $ 0 | |
Pay down of maturing notes | $ 0 | $ (2.5) |
SECURITIZATIONS AND VARIABLE _7
SECURITIZATIONS AND VARIABLE INTEREST ENTITIES - Funding, Liquidity Facilities and Subordinated Interests (Details) - USD ($) $ in Billions | 3 Months Ended | 12 Months Ended |
Mar. 31, 2020 | Dec. 31, 2019 | |
Citibank Credit Card Master Trust (Master Trust) | ||
Funding, Liquidity Facilities and Subordinated Interests | ||
Weighted average maturity of term notes | 2 years 9 months 18 days | 3 years 1 month 6 days |
Term notes issued to third parties | $ 18.2 | $ 18.2 |
Term notes retained by Citigroup affiliates | 3.5 | 4.3 |
Total Master Trust liabilities | $ 21.7 | $ 22.5 |
Citibank OMNI Master Trust (Omni Trust) | ||
Funding, Liquidity Facilities and Subordinated Interests | ||
Weighted average maturity of term notes | 1 year 4 months 24 days | 1 year 7 months 6 days |
Term notes issued to third parties | $ 1.5 | $ 1.5 |
Term notes retained by Citigroup affiliates | 1.9 | 1.9 |
Total Master Trust liabilities | $ 3.4 | $ 3.4 |
SECURITIZATIONS AND VARIABLE _8
SECURITIZATIONS AND VARIABLE INTEREST ENTITIES - Mortgage Securitizations (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | |
Mortgage securitizations - U.S. agency sponsored | |||
Cash Flows Between Transferor and Transferee | |||
Principal securitized | $ 2,000,000,000 | $ 1,000,000,000 | |
Proceeds from new securitizations | 2,100,000,000 | 1,000,000,000 | |
Gains recognized on the securitization | 3,000,000 | $ 0 | |
Carrying value of retained interests | $ 349,000,000 | $ 491,000,000 | |
Key assumptions used in measuring fair value of retained interests at date of sale or securitization of mortgage receivables | |||
Weighted average life (in years) | 5 years 2 months 12 days | 6 years 1 month 6 days | |
Key assumptions used in measuring fair value related to transferor's continuing involvement | |||
Weighted average life (in years) | 4 years 7 months 6 days | 6 years 7 months 6 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 | $ (9,000,000) | $ (18,000,000) | |
Carrying value of retained interests, impact of 20% adverse change in discount rate | (17,000,000) | (35,000,000) | |
Carrying value of retained interests, impact of 10% adverse change in constant prepayment rate | (23,000,000) | (18,000,000) | |
Carrying value of retained interests, impact of 20% adverse change in constant prepayment rate | $ (43,000,000) | $ (35,000,000) | |
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 | |||
Weighted average discount rate (as a percent) | 8.50% | 6.60% | |
Weighted average constant prepayment rate (as a percent) | 25.70% | 14.10% | |
Key assumptions used in measuring fair value related to transferor's continuing involvement | |||
Weighted average discount rate (as a percent) | 6.20% | 9.30% | |
Weighted average constant prepayment rate (as a percent) | 20.60% | 12.90% | |
Mortgage securitizations - Non-agency-sponsored | |||
Cash Flows Between Transferor and Transferee | |||
Principal securitized | $ 1,600,000,000 | $ 2,700,000,000 | |
Proceeds from new securitizations | 2,500,000,000 | 2,700,000,000 | |
Gains recognized on the securitization | 39,000,000 | $ 17,000,000 | |
Senior interests | |||
Cash Flows Between Transferor and Transferee | |||
Carrying value of retained interests | $ 902,000,000 | $ 748,000,000 | |
Key assumptions used in measuring fair value of retained interests at date of sale or securitization of mortgage receivables | |||
Weighted average life (in years) | 4 years 2 months 12 days | 7 years 7 months 6 days | |
Key assumptions used in measuring fair value related to transferor's continuing involvement | |||
Weighted average life (in years) | 6 years 9 months 18 days | 3 years | |
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 | $ (1,000,000) | $ 0 | |
Carrying value of retained interests, impact of 20% adverse change in discount rate | (1,000,000) | (1,000,000) | |
Carrying value of retained interests, impact of 10% adverse change in constant prepayment rate | 0 | 0 | |
Carrying value of retained interests, impact of 20% adverse change in constant prepayment rate | 0 | 0 | |
Carrying value of retained interests, impact of 10% adverse change in anticipated net credit losses | 0 | 0 | |
Carrying value of retained interests, impact of 20% adverse change in anticipated net credit losses | $ 0 | $ 0 | |
Senior interests | Weighted Average | |||
Key assumptions used in measuring fair value of retained interests at date of sale or securitization of mortgage receivables | |||
Weighted average discount rate (as a percent) | 1.30% | 3.60% | |
Weighted average constant prepayment rate (as a percent) | 0.00% | 6.00% | |
Weighted average anticipated net credit losses (as a percent) | 1.60% | 5.00% | |
Key assumptions used in measuring fair value related to transferor's continuing involvement | |||
Weighted average discount rate (as a percent) | 8.90% | 3.60% | |
Weighted average constant prepayment rate (as a percent) | 2.70% | 10.50% | |
Weighted average anticipated net credit losses (as a percent) | 1.10% | 3.90% | |
Subordinated interests | |||
Cash Flows Between Transferor and Transferee | |||
Carrying value of retained interests | $ 101,000,000 | $ 102,000,000 | |
Key assumptions used in measuring fair value of retained interests at date of sale or securitization of mortgage receivables | |||
Weighted average life (in years) | 19 years 4 months 24 days | ||
Key assumptions used in measuring fair value related to transferor's continuing involvement | |||
Weighted average life (in years) | 11 years 4 months 24 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 | (1,000,000) | $ (1,000,000) | |
Carrying value of retained interests, impact of 20% adverse change in discount rate | (2,000,000) | (1,000,000) | |
Carrying value of retained interests, impact of 10% adverse change in constant prepayment rate | 0 | 0 | |
Carrying value of retained interests, impact of 20% adverse change in constant prepayment rate | 0 | 0 | |
Carrying value of retained interests, impact of 10% adverse change in anticipated net credit losses | 0 | 0 | |
Carrying value of retained interests, impact of 20% adverse change in anticipated net credit losses | $ (1,000,000) | $ 0 | |
Subordinated interests | Weighted Average | |||
Key assumptions used in measuring fair value of retained interests at date of sale or securitization of mortgage receivables | |||
Weighted average discount rate (as a percent) | 0.00% | 7.10% | |
Weighted average constant prepayment rate (as a percent) | 0.00% | 6.00% | |
Weighted average anticipated net credit losses (as a percent) | 0.00% | 3.50% | |
Key assumptions used in measuring fair value related to transferor's continuing involvement | |||
Weighted average discount rate (as a percent) | 4.40% | 4.60% | |
Weighted average constant prepayment rate (as a percent) | 5.10% | 7.60% | |
Weighted average anticipated net credit losses (as a percent) | 1.40% | 2.80% | |
Personal loan | |||
Cash Flows Between Transferor and Transferee | |||
Proceeds from new securitizations | $ 200,000,000 | ||
Carrying value of retained interests | $ 127,000,000 |
SECURITIZATIONS AND VARIABLE _9
SECURITIZATIONS AND VARIABLE INTEREST ENTITIES - Loan Delinquencies and Liquidation Losses (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | |
Residential mortgages | |||
Variable Interest Entity | |||
Securitized assets | $ 11,800 | $ 11,700 | |
Liquidation losses | 11 | $ 11 | |
Commercial and other | |||
Variable Interest Entity | |||
Securitized assets | 20,500 | 22,300 | |
Liquidation losses | 0 | 0 | |
Mortgage securitizations - Non-agency-sponsored | |||
Variable Interest Entity | |||
Securitized assets | 32,300 | 34,000 | |
Liquidation losses | 11 | $ 11 | |
Personal loan | |||
Variable Interest Entity | |||
Securitized assets | 300 | ||
90 days past due | Residential mortgages | |||
Variable Interest Entity | |||
Securitized assets | 300 | 400 | |
90 days past due | Commercial and other | |||
Variable Interest Entity | |||
Securitized assets | 0 | 0 | |
90 days past due | Mortgage securitizations - Non-agency-sponsored | |||
Variable Interest Entity | |||
Securitized assets | $ 300 | $ 400 |
SECURITIZATIONS AND VARIABLE_10
SECURITIZATIONS AND VARIABLE INTEREST ENTITIES - Mortgage Servicing Rights (Details) - USD ($) | 3 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | |
Mortgage servicing rights | |||
Classification of Securitizations | |||
Fair value of capitalized mortgage servicing rights | $ 367,000,000 | $ 551,000,000 | |
Principal amount of loans and other financial instruments | 59,000,000,000 | 61,000,000,000 | |
Capitalized MSRs | |||
Balance, at beginning of period | 495,000,000 | 584,000,000 | |
Originations | 32,000,000 | 12,000,000 | |
Changes in fair value of MSRs due to changes in inputs and assumptions | (143,000,000) | (27,000,000) | |
Other changes | (17,000,000) | (18,000,000) | |
Sale of MSRs | 0 | 0 | |
Balance, as of March 31 | 367,000,000 | 551,000,000 | |
MSR fees | |||
Servicing fees | 39,000,000 | 41,000,000 | |
Late fees | 2,000,000 | 2,000,000 | |
Ancillary fees | 0 | 1,000,000 | |
Total MSR fees | 41,000,000 | 44,000,000 | |
Mortgage securitizations - Non-agency-sponsored | |||
Re-securitizations | |||
Fair value of re-securitizations deals in which the entity holds a retained interest | 0 | ||
U.S. government-sponsored agency guaranteed | |||
Re-securitizations | |||
Fair value of re-securitizations deals in which the entity holds a retained interest | 1,600,000,000 | $ 2,200,000,000 | |
Securities transferred to re-securitization entities | 7,400,000,000 | $ 7,600,000,000 | |
Market value of retained interest related to re-securitization transaction | 631,000,000 | 1,300,000,000 | |
Original fair value of re-securitizations deals in which the entity holds a retained interest | $ 65,800,000,000 | $ 73,500,000,000 |
SECURITIZATIONS AND VARIABLE_11
SECURITIZATIONS AND VARIABLE INTEREST ENTITIES - Asset-Backed Commercial Paper Conduits (Details) - USD ($) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2020 | Dec. 31, 2019 | |
Classification of Other Securitization Details | ||
Commercial paper | $ 18,173,000,000 | $ 16,476,000,000 |
Citi-administered asset-backed commercial paper conduits | ||
Classification of Other Securitization Details | ||
Purchased assets outstanding under conduits | 19,400,000,000 | 15,600,000,000 |
Incremental funding commitments with clients | $ 14,200,000,000 | $ 16,300,000,000 |
Weighted average life of commercial paper issued by conduits | 43 days | 49 days |
Citi-administered asset-backed commercial paper conduits | 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 | 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 | $ 1,800,000,000 | $ 1,400,000,000 |
Commercial paper | $ 7,600,000,000 | $ 5,500,000,000 |
SECURITIZATIONS AND VARIABLE_12
SECURITIZATIONS AND VARIABLE INTEREST ENTITIES - Collateralized Debt and Loan Obligations (Details) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
Collateralized loan obligations (CLOs) | ||
Variable Interest Entity | ||
Carrying value of retained interests | $ 1,060 | $ 1,404 |
SECURITIZATIONS AND VARIABLE_13
SECURITIZATIONS AND VARIABLE INTEREST ENTITIES - Asset Based Financing (Details) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
Variable Interest Entity | ||
Total unconsolidated VIE assets | $ 391,543 | $ 390,651 |
Maximum exposure to unconsolidated VIEs | 56,113 | 55,976 |
Asset-based financing | ||
Variable Interest Entity | ||
Total unconsolidated VIE assets | 202,248 | 190,589 |
Maximum exposure to unconsolidated VIEs | 35,952 | 34,431 |
Commercial and other real estate | Asset-based financing | ||
Variable Interest Entity | ||
Total unconsolidated VIE assets | 28,469 | 31,377 |
Maximum exposure to unconsolidated VIEs | 6,980 | 7,489 |
Corporate loans | Asset-based financing | ||
Variable Interest Entity | ||
Total unconsolidated VIE assets | 10,502 | 7,088 |
Maximum exposure to unconsolidated VIEs | 7,808 | 5,802 |
Other (including investment funds, airlines and shipping) | Asset-based financing | ||
Variable Interest Entity | ||
Total unconsolidated VIE assets | 163,277 | 152,124 |
Maximum exposure to unconsolidated VIEs | $ 21,164 | $ 21,140 |
SECURITIZATIONS AND VARIABLE_14
SECURITIZATIONS AND VARIABLE INTEREST ENTITIES - Municipal Securities Tender Option Bond Trusts (Details) - Municipal securities tender option bond trusts (TOBs) - USD ($) $ in Billions | 3 Months Ended | |
Mar. 31, 2020 | Dec. 31, 2019 | |
Variable Interest Entity | ||
Liquidity agreements, customer TOB trust | $ 3.1 | $ 3.5 |
Notional amount of offsetting reimbursement agreements | 1.5 | 1.6 |
Liquidity agreements, other trusts | $ 6.3 | $ 7 |
Maximum | ||
Variable Interest Entity | ||
The threshold ownership percentage on Residual value of customers TOBs for which the reimbursement agreement applied | 25.00% |
DERIVATIVES - Derivative Notion
DERIVATIVES - Derivative Notionals (Details) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
Hedging instruments under ASC 815 | ||
Derivatives | ||
Derivative notionals | $ 416,343 | $ 420,823 |
Hedging instruments under ASC 815 | Interest rate contracts | ||
Derivatives | ||
Derivative notionals | 311,333 | 318,089 |
Hedging instruments under ASC 815 | Interest rate swaps | ||
Derivatives | ||
Derivative notionals | 311,333 | 318,089 |
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 | 104,116 | 101,539 |
Hedging instruments under ASC 815 | Foreign exchange swaps | ||
Derivatives | ||
Derivative notionals | 65,358 | 63,104 |
Hedging instruments under ASC 815 | Foreign exchange futures, forwards and spot | ||
Derivatives | ||
Derivative notionals | 38,597 | 38,275 |
Hedging instruments under ASC 815 | Foreign exchange contract options | Written or Sold | ||
Derivatives | ||
Derivative notionals | 116 | 80 |
Hedging instruments under ASC 815 | Foreign exchange contract options | Purchased | ||
Derivatives | ||
Derivative notionals | 45 | 80 |
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 | 894 | 1,195 |
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 | 894 | 1,195 |
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 | 43,568,043 | 39,522,192 |
Other derivative instruments, Trading derivatives | Interest rate contracts | ||
Derivatives | ||
Derivative notionals | 27,024,356 | 24,672,211 |
Other derivative instruments, Trading derivatives | Interest rate swaps | ||
Derivatives | ||
Derivative notionals | 18,935,609 | 17,063,272 |
Other derivative instruments, Trading derivatives | Interest rate futures and forwards | ||
Derivatives | ||
Derivative notionals | 4,691,885 | 3,636,658 |
Other derivative instruments, Trading derivatives | Interest rate contract options | Written or Sold | ||
Derivatives | ||
Derivative notionals | 1,791,782 | 2,114,511 |
Other derivative instruments, Trading derivatives | Interest rate contract options | Purchased | ||
Derivatives | ||
Derivative notionals | 1,605,080 | 1,857,770 |
Other derivative instruments, Trading derivatives | Foreign exchange contracts | ||
Derivatives | ||
Derivative notionals | 13,663,620 | 11,910,251 |
Other derivative instruments, Trading derivatives | Foreign exchange swaps | ||
Derivatives | ||
Derivative notionals | 6,414,190 | 6,063,853 |
Other derivative instruments, Trading derivatives | Foreign exchange futures, forwards and spot | ||
Derivatives | ||
Derivative notionals | 4,806,697 | 3,979,188 |
Other derivative instruments, Trading derivatives | Foreign exchange contract options | Written or Sold | ||
Derivatives | ||
Derivative notionals | 1,209,072 | 908,061 |
Other derivative instruments, Trading derivatives | Foreign exchange contract options | Purchased | ||
Derivatives | ||
Derivative notionals | 1,233,661 | 959,149 |
Other derivative instruments, Trading derivatives | Equity contracts | ||
Derivatives | ||
Derivative notionals | 1,163,309 | 1,247,562 |
Other derivative instruments, Trading derivatives | Equity swaps | ||
Derivatives | ||
Derivative notionals | 168,224 | 197,893 |
Other derivative instruments, Trading derivatives | Equity futures and forwards | ||
Derivatives | ||
Derivative notionals | 60,692 | 66,705 |
Other derivative instruments, Trading derivatives | Equity contract options | Written or Sold | ||
Derivatives | ||
Derivative notionals | 534,464 | 560,571 |
Other derivative instruments, Trading derivatives | Equity contract options | Purchased | ||
Derivatives | ||
Derivative notionals | 399,929 | 422,393 |
Other derivative instruments, Trading derivatives | Commodity and other contracts | ||
Derivatives | ||
Derivative notionals | 397,477 | 384,855 |
Other derivative instruments, Trading derivatives | Commodity and other swaps | ||
Derivatives | ||
Derivative notionals | 74,616 | 69,445 |
Other derivative instruments, Trading derivatives | Commodity and other futures and forwards | ||
Derivatives | ||
Derivative notionals | 141,378 | 137,192 |
Other derivative instruments, Trading derivatives | Commodity and other contracts | Written or Sold | ||
Derivatives | ||
Derivative notionals | 91,874 | 91,587 |
Other derivative instruments, Trading derivatives | Commodity and other contracts | Purchased | ||
Derivatives | ||
Derivative notionals | 89,609 | 86,631 |
Other derivative instruments, Trading derivatives | Credit derivatives | ||
Derivatives | ||
Derivative notionals | 1,319,281 | 1,307,313 |
Other derivative instruments, Trading derivatives | Credit derivatives | Written or Sold | ||
Derivatives | ||
Derivative notionals | 624,063 | 603,387 |
Other derivative instruments, Trading derivatives | Credit derivatives | Purchased | ||
Derivatives | ||
Derivative notionals | 695,218 | 703,926 |
Rule Changes Adopted by Clearing Organizations | ||
Derivatives | ||
Reduction in derivative receivables | $ 300,000 | $ 180,000 |
DERIVATIVES - Derivative Mark-t
DERIVATIVES - Derivative Mark-to-Market (MTM) Receivables/Payables (Details) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Less: Netting of cash collateral received | $ (65,236) | $ (44,353) |
Less: Netting of cash collateral paid | (58,787) | (38,919) |
Trading account assets | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative receivables | 558,316 | 358,330 |
Cash collateral paid, net of amount used to offset derivative liabilities | 28,991 | 17,926 |
Less: Netting agreements to assets | (424,832) | (274,970) |
Less: Netting of cash collateral received | (65,236) | (44,353) |
Total trading account derivatives, assets | 97,239 | 56,933 |
Less: Cash collateral received | (1,897) | (861) |
Less: Non-cash collateral received | (11,852) | (13,143) |
Total Net receivables | 83,490 | 42,929 |
Cash collateral paid, gross | 87,778 | 56,845 |
Does not meet applicable offsetting guidance, assets | 8,000 | 7,000 |
Trading account assets | Over-the-counter | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Less: Netting agreements to liabilities | (404,000) | (262,000) |
Trading account assets | Cleared | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Less: Netting agreements to liabilities | (2,000) | (6,000) |
Trading account assets | Exchange traded | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Less: Netting agreements to liabilities | (19,000) | (7,000) |
Trading accounts liabilities | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative payables | 544,415 | 346,926 |
Cash collateral received, net of amount used to offset derivative assets | 17,023 | 14,391 |
Less: Netting agreements to liabilities | (424,832) | (274,970) |
Less: Netting of cash collateral paid | (58,787) | (38,919) |
Total derivative liabilities | 77,819 | 47,428 |
Less: Cash collateral paid | (245) | (128) |
Less: Non-cash collateral paid | (16,896) | (7,308) |
Total Net payables | 60,678 | 39,992 |
Cash collateral received, gross | 82,259 | 58,744 |
Does not meet applicable offsetting guidance, liabilities | 6,000 | 6,000 |
Trading accounts liabilities | Over-the-counter | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Less: Netting agreements to assets | (404,000) | (262,000) |
Trading accounts liabilities | Cleared | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Less: Netting agreements to assets | (2,000) | (6,000) |
Trading accounts liabilities | Exchange traded | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Less: Netting agreements to assets | (19,000) | (7,000) |
Derivative instruments designated as ASC 815 hedges | Trading account assets | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative receivables | 4,692 | 3,027 |
Derivative instruments designated as ASC 815 hedges | Trading accounts liabilities | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative payables | 2,349 | 1,164 |
Derivative instruments designated as ASC 815 hedges | Interest rate contracts | Trading account assets | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative receivables | 2,282 | 1,723 |
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 | 1,860 | 1,682 |
Derivative instruments designated as ASC 815 hedges | Interest rate contracts | Trading account assets | Cleared | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative receivables | 422 | 41 |
Derivative instruments designated as ASC 815 hedges | Interest rate contracts | Trading accounts liabilities | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative payables | 521 | 254 |
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 | 259 | 143 |
Derivative instruments designated as ASC 815 hedges | Interest rate contracts | Trading accounts liabilities | Cleared | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative payables | 262 | 111 |
Derivative instruments designated as ASC 815 hedges | Foreign exchange contracts | Trading account assets | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative receivables | 2,410 | 1,304 |
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 | 2,410 | 1,304 |
Derivative instruments designated as ASC 815 hedges | Foreign exchange contracts | Trading account assets | Cleared | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative receivables | 0 | 0 |
Derivative instruments designated as ASC 815 hedges | Foreign exchange contracts | Trading accounts liabilities | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative payables | 1,828 | 910 |
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 | 1,778 | 908 |
Derivative instruments designated as ASC 815 hedges | Foreign exchange contracts | Trading accounts liabilities | Cleared | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative payables | 50 | 2 |
Derivatives instruments not designated as ASC 815 hedges | Trading account assets | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative receivables | 553,624 | 355,303 |
Derivatives instruments not designated as ASC 815 hedges | Trading accounts liabilities | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative payables | 542,066 | 345,762 |
Derivatives instruments not designated as ASC 815 hedges | Interest rate contracts | Trading account assets | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative receivables | 256,220 | 195,945 |
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 | 245,048 | 189,892 |
Derivatives instruments not designated as ASC 815 hedges | Interest rate contracts | Trading account assets | Cleared | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative receivables | 11,055 | 5,896 |
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 | 117 | 157 |
Derivatives instruments not designated as ASC 815 hedges | Interest rate contracts | Trading accounts liabilities | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative payables | 235,388 | 177,401 |
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 | 224,637 | 169,749 |
Derivatives instruments not designated as ASC 815 hedges | Interest rate contracts | Trading accounts liabilities | Cleared | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative payables | 10,607 | 7,472 |
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 | 144 | 180 |
Derivatives instruments not designated as ASC 815 hedges | Foreign exchange contracts | Trading account assets | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative receivables | 200,190 | 106,266 |
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 | 198,530 | 105,401 |
Derivatives instruments not designated as ASC 815 hedges | Foreign exchange contracts | Trading account assets | Cleared | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative receivables | 1,649 | 862 |
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 | 11 | 3 |
Derivatives instruments not designated as ASC 815 hedges | Foreign exchange contracts | Trading accounts liabilities | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative payables | 203,565 | 109,822 |
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 | 201,720 | 108,807 |
Derivatives instruments not designated as ASC 815 hedges | Foreign exchange contracts | Trading accounts liabilities | Cleared | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative payables | 1,832 | 1,015 |
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 | 13 | 0 |
Derivatives instruments not designated as ASC 815 hedges | Equity contracts | Trading account assets | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative receivables | 57,669 | 28,471 |
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 | 27,103 | 21,311 |
Derivatives instruments not designated as ASC 815 hedges | Equity contracts | Trading account assets | Cleared | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative receivables | 1 | |
Derivatives instruments not designated as ASC 815 hedges | Equity contracts | Trading account assets | Exchange traded | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative receivables | 30,565 | 7,160 |
Derivatives instruments not designated as ASC 815 hedges | Equity contracts | Trading accounts liabilities | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative payables | 61,330 | 30,486 |
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 | 28,388 | 22,411 |
Derivatives instruments not designated as ASC 815 hedges | Equity contracts | Trading accounts liabilities | Cleared | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative payables | 32 | |
Derivatives instruments not designated as ASC 815 hedges | Equity contracts | Trading accounts liabilities | Exchange traded | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative payables | 32,910 | 8,075 |
Derivatives instruments not designated as ASC 815 hedges | Commodity and other contracts | Trading account assets | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative receivables | 23,064 | 14,212 |
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 | 21,059 | 13,582 |
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 | 2,005 | 630 |
Derivatives instruments not designated as ASC 815 hedges | Commodity and other contracts | Trading accounts liabilities | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative payables | 26,610 | 17,315 |
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 | 24,669 | 16,773 |
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 | 1,941 | 542 |
Derivatives instruments not designated as ASC 815 hedges | Credit derivatives | Trading account assets | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative receivables | 16,481 | 10,409 |
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 | 15,606 | 8,896 |
Derivatives instruments not designated as ASC 815 hedges | Credit derivatives | Trading account assets | Cleared | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative receivables | 875 | 1,513 |
Derivatives instruments not designated as ASC 815 hedges | Credit derivatives | Trading accounts liabilities | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative payables | 15,173 | 10,738 |
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 | 14,127 | 8,975 |
Derivatives instruments not designated as ASC 815 hedges | Credit derivatives | Trading accounts liabilities | Cleared | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative payables | $ 1,046 | $ 1,763 |
DERIVATIVES - Gains (Losses) In
DERIVATIVES - Gains (Losses) Included in Other Revenue (Details) - Other revenue - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Derivative gain (losses) | ||
Gains (losses) recognized in Other revenue related to derivatives not designated in a qualifying hedging relationship | $ 179 | $ (31) |
Interest rate contracts | ||
Derivative gain (losses) | ||
Gains (losses) recognized in Other revenue related to derivatives not designated in a qualifying hedging relationship | 155 | 27 |
Foreign exchange contracts | ||
Derivative gain (losses) | ||
Gains (losses) recognized in Other revenue related to derivatives not designated in a qualifying hedging relationship | $ 24 | $ (58) |
DERIVATIVES - Fair Value Hedges
DERIVATIVES - Fair Value Hedges (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Other revenue | ||
Gain (loss) on fair value hedges | ||
Gain (loss) on the hedging derivatives included in assessment of the effectiveness of fair value hedges | $ (1,621) | $ 238 |
Gain (loss) on the hedged item in designated and qualifying fair value hedges | 1,621 | (238) |
Net gain (loss) on the hedging derivatives excluded from assessment of the effectiveness of fair value hedges | (83) | 15 |
Net interest revenue | ||
Gain (loss) on fair value hedges | ||
Gain (loss) on the hedging derivatives included in assessment of the effectiveness of fair value hedges | 6,847 | 963 |
Gain (loss) on the hedged item in designated and qualifying fair value hedges | (6,815) | (879) |
Net gain (loss) on the hedging derivatives excluded from assessment of the effectiveness of fair value hedges | (5) | 0 |
Interest rate contracts | Other revenue | ||
Gain (loss) on fair value hedges | ||
Gain (loss) on the hedging derivatives included in assessment of the effectiveness of fair value hedges | 0 | 0 |
Gain (loss) on the hedged item in designated and qualifying fair value hedges | 0 | 0 |
Net gain (loss) on the hedging derivatives excluded from assessment of the effectiveness of fair value hedges | 0 | 0 |
Interest rate contracts | Net interest revenue | ||
Gain (loss) on fair value hedges | ||
Gain (loss) on the hedging derivatives included in assessment of the effectiveness of fair value hedges | 6,847 | 963 |
Gain (loss) on the hedged item in designated and qualifying fair value hedges | (6,815) | (879) |
Net gain (loss) on the hedging derivatives excluded from assessment of the effectiveness of fair value hedges | (5) | 0 |
Foreign exchange contracts | ||
Gain (loss) on fair value hedges | ||
Amount of cross currency basis included in AOCI | 33 | 24 |
Foreign exchange contracts | Other revenue | ||
Gain (loss) on fair value hedges | ||
Gain (loss) on the hedging derivatives included in assessment of the effectiveness of fair value hedges | (1,911) | 168 |
Gain (loss) on the hedged item in designated and qualifying fair value hedges | 1,911 | (168) |
Net gain (loss) on the hedging derivatives excluded from assessment of the effectiveness of fair value hedges | (58) | (3) |
Foreign exchange contracts | Net interest revenue | ||
Gain (loss) on fair value hedges | ||
Gain (loss) on the hedging derivatives included in assessment of the effectiveness of fair value hedges | 0 | 0 |
Gain (loss) on the hedged item in designated and qualifying fair value hedges | 0 | 0 |
Net gain (loss) on the hedging derivatives 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 hedging derivatives included in assessment of the effectiveness of fair value hedges | 290 | 70 |
Gain (loss) on the hedged item in designated and qualifying fair value hedges | (290) | (70) |
Net gain (loss) on the hedging derivatives excluded from assessment of the effectiveness of fair value hedges | (25) | 18 |
Commodity and other contracts | Net interest revenue | ||
Gain (loss) on fair value hedges | ||
Gain (loss) on the hedging derivatives included in assessment of the effectiveness of fair value hedges | 0 | 0 |
Gain (loss) on the hedged item in designated and qualifying fair value hedges | 0 | 0 |
Net gain (loss) on the hedging derivatives excluded from assessment of the effectiveness of fair value hedges | $ 0 | $ 0 |
DERIVATIVES - Cumulative Basis
DERIVATIVES - Cumulative Basis Adjustment (Details) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||
Debt securities AFS, carrying amount of hedged asset/liability | $ 94,548 | $ 94,659 |
Debt securities AFS, cumulative fair value hedging adjustment included in the carrying amount, active | (130) | (114) |
Debt securities AFS, cumulative fair value hedging adjustment included in the carrying amount, de-designated | 617 | 743 |
Long-term debt, carrying amount of hedged asset/liability | 167,336 | 157,387 |
Long-term debt, cumulative fair value hedging adjustment included in the carrying amount, active | 8,586 | 2,334 |
Long-term debt, cumulative fair value hedging adjustment included in the carrying amount, de-designated | 3,719 | 3,445 |
Cumulative basis adjustment within de-designated hedges | $ 134 | 157 |
Cumulative basis adjustment within active hedges | (8) | |
Amount of designated hedged items | 605 | |
Amortized cost basis of closed portfolios used in hedging relations | $ 20,000 |
DERIVATIVES - Cash Flow Hedges
DERIVATIVES - Cash Flow Hedges (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Pretax change in accumulated other comprehensive income (loss) | ||
Amount of gain (loss) recognized in AOCI on derivative | $ 2,486 | $ 246 |
Total gain (loss) recognized in AOCI | 2,484 | 378 |
Cash flow hedge gain expected to be reclassified from AOCI within 12 months | $ 803 | |
Maximum length of time hedged in cash flow hedge | 10 years | |
Interest rate contracts | ||
Pretax change in accumulated other comprehensive income (loss) | ||
Amount of gain (loss) recognized in AOCI on derivative | $ 2,497 | 254 |
Foreign exchange contracts | ||
Pretax change in accumulated other comprehensive income (loss) | ||
Amount of gain (loss) recognized in AOCI on derivative | (11) | (8) |
Other | ||
Pretax change in accumulated other comprehensive income (loss) | ||
Amount of gain (loss) reclassified from AOCI to earnings | (1) | (2) |
Other | Interest rate contracts | ||
Pretax change in accumulated other comprehensive income (loss) | ||
Amount of gain (loss) reclassified from AOCI to earnings | 0 | 0 |
Other | Foreign exchange contracts | ||
Pretax change in accumulated other comprehensive income (loss) | ||
Amount of gain (loss) reclassified from AOCI to earnings | (1) | (2) |
Net interest revenue | ||
Pretax change in accumulated other comprehensive income (loss) | ||
Amount of gain (loss) reclassified from AOCI to earnings | 3 | (130) |
Net interest revenue | Interest rate contracts | ||
Pretax change in accumulated other comprehensive income (loss) | ||
Amount of gain (loss) reclassified from AOCI to earnings | 3 | (130) |
Net interest revenue | Foreign exchange contracts | ||
Pretax change in accumulated other comprehensive income (loss) | ||
Amount of gain (loss) reclassified from AOCI to earnings | $ 0 | $ 0 |
DERIVATIVES - Net Investment He
DERIVATIVES - Net Investment Hedges (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Net Investment Hedging | ||
Derivative gain (losses) | ||
Gain (loss) recognized in OCI, effective portion, net | $ 2,160 | $ (164) |
DERIVATIVES - Credit Derivative
DERIVATIVES - Credit Derivatives (Details) $ in Millions | 3 Months Ended | |
Mar. 31, 2020USD ($)agency | Dec. 31, 2019USD ($) | |
Credit Risk Derivatives | ||
Fair values, Receivable | $ 16,481 | $ 10,409 |
Fair values, Payable | 15,173 | 10,738 |
Notionals, Protection purchased | 695,218 | 703,926 |
Notionals, Protection sold | 624,063 | 603,387 |
Fair value of derivative in liability position | 34,000 | 30,000 |
Fair value of collateral already posted | $ 29,000 | 28,000 |
Number of rating agencies | agency | 3 | |
Additional collateral to be posted | $ 1,000 | |
Collateral to be segregated | 200 | |
Aggregate cash obligations and collateral requirements | 1,200 | |
Purchased | ||
Credit Risk Derivatives | ||
Fair values, Receivable | 13,355 | 3,415 |
Fair values, Payable | 4,088 | 7,793 |
Sold | ||
Credit Risk Derivatives | ||
Fair values, Receivable | 3,126 | 6,994 |
Fair values, Payable | 11,805 | 2,945 |
Within 1 year | ||
Credit Risk Derivatives | ||
Fair values, Receivable | 2,913 | 1,806 |
Fair values, Payable | 2,752 | 2,181 |
Notionals, Protection purchased | 170,955 | 231,135 |
Notionals, Protection sold | 148,981 | 176,188 |
From 1 to 5 years | ||
Credit Risk Derivatives | ||
Fair values, Receivable | 9,195 | 7,275 |
Fair values, Payable | 8,467 | 7,265 |
Notionals, Protection purchased | 429,874 | 414,237 |
Notionals, Protection sold | 391,944 | 379,915 |
After 5 years | ||
Credit Risk Derivatives | ||
Fair values, Receivable | 4,373 | 1,328 |
Fair values, Payable | 3,954 | 1,292 |
Notionals, Protection purchased | 94,389 | 58,554 |
Notionals, Protection sold | 83,138 | 47,284 |
Investment grade | ||
Credit Risk Derivatives | ||
Fair values, Receivable | 5,708 | 4,579 |
Fair values, Payable | 5,243 | 4,578 |
Notionals, Protection purchased | 542,640 | 560,806 |
Notionals, Protection sold | 481,482 | 470,778 |
Non-investment grade | ||
Credit Risk Derivatives | ||
Fair values, Receivable | 10,773 | 5,830 |
Fair values, Payable | 9,930 | 6,160 |
Notionals, Protection purchased | 152,578 | 143,120 |
Notionals, Protection sold | 142,581 | 132,609 |
Credit default swaps and options | ||
Credit Risk Derivatives | ||
Fair values, Receivable | 14,555 | 9,759 |
Fair values, Payable | 13,459 | 9,791 |
Notionals, Protection purchased | 679,118 | 685,643 |
Notionals, Protection sold | 618,108 | 593,850 |
Total return swaps and other | ||
Credit Risk Derivatives | ||
Fair values, Receivable | 1,926 | 650 |
Fair values, Payable | 1,714 | 947 |
Notionals, Protection purchased | 16,100 | 18,283 |
Notionals, Protection sold | 5,955 | 9,537 |
Banks | ||
Credit Risk Derivatives | ||
Fair values, Receivable | 5,665 | 4,017 |
Fair values, Payable | 5,633 | 4,102 |
Notionals, Protection purchased | 162,933 | 172,461 |
Notionals, Protection sold | 167,923 | 169,546 |
Broker-dealers | ||
Credit Risk Derivatives | ||
Fair values, Receivable | 3,400 | 1,724 |
Fair values, Payable | 2,947 | 1,528 |
Notionals, Protection purchased | 63,281 | 54,843 |
Notionals, Protection sold | 63,382 | 53,846 |
Non-financial | ||
Credit Risk Derivatives | ||
Fair values, Receivable | 140 | 92 |
Fair values, Payable | 82 | 76 |
Notionals, Protection purchased | 4,223 | 2,601 |
Notionals, Protection sold | 1,825 | 1,968 |
Insurance and other financial institutions | ||
Credit Risk Derivatives | ||
Fair values, Receivable | 7,276 | 4,576 |
Fair values, Payable | 6,511 | 5,032 |
Notionals, Protection purchased | 464,781 | 474,021 |
Notionals, Protection sold | 390,933 | 378,027 |
Interest rate swaps | ||
Credit Risk Derivatives | ||
Cash proceeds received for assets derecognized | 2,400 | 5,800 |
Fair value of derecognized assets | 2,400 | 5,900 |
Fair value gross derivative assets | 56 | 117 |
Trading derivatives, liability | $ 115 | $ 43 |
FAIR VALUE MEASUREMENT - Market
FAIR VALUE MEASUREMENT - Market Valuation Adjustments (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | |
Credit and funding valuation adjustments contra-liability (contra-asset) | |||
Counterparty CVA | $ (1,513) | $ (705) | |
Asset FVA | (1,479) | (530) | |
Citigroup (own-credit) CVA | 835 | 341 | |
Liability FVA | 409 | 72 | |
Total CVA—derivative instruments | (1,748) | $ (822) | |
Credit, Funding and Debt Valuation Adjustments Gain (Loss) [Abstract] | |||
Counterparty CVA | (283) | $ 74 | |
Asset FVA | (1,053) | 20 | |
Own-credit CVA | 533 | (92) | |
Liability FVA | 337 | (48) | |
Total CVA—derivative instruments | (466) | (46) | |
DVA related to own FVO liabilities | 4,188 | (725) | |
Total CVA and DVA | $ 3,722 | $ (771) |
FAIR VALUE MEASUREMENT - Items
FAIR VALUE MEASUREMENT - Items Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
Assets, Fair Value Disclosure [Abstract] | ||
Federal funds sold and securities borrowed and purchased under agreements to resell, Netting | $ (125,497) | $ (111,400) |
Trading account assets | 365,000 | 276,140 |
Netting of cash collateral received | (65,236) | (44,353) |
Investments | 398,883 | 368,563 |
Loans at fair value | 3,999 | 4,085 |
Liabilities, Fair Value Disclosure [Abstract] | ||
Federal funds purchased and securities loaned and sold under agreements to repurchase, Netting | (125,497) | (111,400) |
Netting of cash collateral paid | (58,787) | (38,919) |
Fair value | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Investments measured at net asset value excluded from Level 3 | 152 | 170 |
Fair value | Accounting Standards Update 2015-07 | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Investments measured at net asset value excluded from Level 3 | 200 | 200 |
Recurring | ||
Assets, Fair Value Disclosure [Abstract] | ||
Federal funds sold and securities borrowed and purchased under agreements to resell | 270,356 | 254,556 |
Federal funds sold and securities borrowed and purchased under agreements to resell, Netting | (114,719) | (101,363) |
Federal funds sold and securities borrowed and purchased under agreements to resell | 155,637 | 153,193 |
Investments | 309,281 | 281,257 |
Loans at fair value | 3,999 | 4,085 |
Mortgage servicing rights | 367 | 495 |
Assets before netting | 1,453,734 | 1,148,686 |
Netting, Assets, total of netting agreements and cash collateral received | (604,787) | (420,686) |
Total assets | 848,947 | 728,000 |
Liabilities, Fair Value Disclosure [Abstract] | ||
Interest-bearing deposits | 2,647 | 2,319 |
Federal funds purchased and securities loaned and sold under agreements to repurchase, Gross | 171,968 | 112,324 |
Federal funds purchased and securities loaned and sold under agreements to repurchase, Netting | (109,234) | (71,673) |
Federal funds purchased and securities loaned and sold under agreements to repurchase | 62,734 | 40,651 |
Securities sold, not yet purchased | 86,097 | 72,442 |
Trading liabilities | 86,176 | 72,466 |
Short-term borrowings | 8,364 | 4,946 |
Long-term debt | 52,914 | 55,783 |
Total liabilities, Gross | 887,846 | 615,498 |
Total liabilities, Netting | (592,853) | (385,562) |
Total liabilities | 294,993 | 229,936 |
Recurring | Trading account liabilities | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Trading derivatives, liability | 544,415 | 346,926 |
Cash collateral received | 17,023 | 14,391 |
Total trading derivatives and cash collateral, liability | 561,438 | 361,317 |
Netting agreements | (424,832) | (274,970) |
Netting of cash collateral paid | (58,787) | (38,919) |
Netting, Liabilities, total of netting agreements and cash collateral received | (483,619) | (313,889) |
Total derivative liabilities | 77,819 | 47,428 |
Cash collateral received, gross | 82,259 | 58,744 |
Recurring | Trading account liabilities | Interest rate contracts | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Trading derivatives, liability | 235,909 | 177,655 |
Recurring | Trading account liabilities | Foreign exchange contracts | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Trading derivatives, liability | 205,393 | 110,732 |
Recurring | Trading account liabilities | Equity contracts | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Trading derivatives, liability | 61,330 | 30,486 |
Recurring | Trading account liabilities | Commodity contracts | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Trading derivatives, liability | 26,610 | 17,315 |
Recurring | Trading account liabilities | Credit derivatives | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Trading derivatives, liability | 15,173 | 10,738 |
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 | |
Non-trading derivatives and other financial liabilities measured on a recurring basis, gross | 4,339 | 6,343 |
Total other assets and cash collateral, gross | 4,339 | 6,343 |
Recurring | Trading account liabilities | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Trading liabilities | 79 | 24 |
Recurring | Mortgage-backed securities - U.S. agency-sponsored | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 46,812 | 27,671 |
Investments | 43,553 | 35,230 |
Recurring | Residential mortgages | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 1,016 | 696 |
Investments | 752 | 793 |
Recurring | Commercial and other | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 2,508 | 1,693 |
Investments | 68 | 74 |
Recurring | Mortgage-backed securities | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 50,336 | 30,060 |
Investments | 44,373 | 36,097 |
Recurring | U.S. Treasury and federal agency securities | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 63,897 | 29,895 |
Investments | 125,262 | 111,418 |
Recurring | State and municipal securities | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 3,223 | 2,637 |
Investments | 5,465 | 4,978 |
Recurring | Foreign government | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 79,482 | 71,326 |
Investments | 117,367 | 111,249 |
Recurring | Corporate | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 19,270 | 18,891 |
Investments | 11,197 | 11,271 |
Recurring | Equity securities | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 36,177 | 51,641 |
Investments | 682 | 458 |
Recurring | Asset-backed securities | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 3,459 | 2,716 |
Investments | 466 | 522 |
Recurring | Other debt securities | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 11,917 | 12,041 |
Investments | 4,089 | 4,730 |
Recurring | Non-marketable equity securities measured using the measurement alternative | ||
Assets, Fair Value Disclosure [Abstract] | ||
Investments | 380 | 534 |
Recurring | Trading securities (excluding trading account derivatives) | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 267,761 | 219,207 |
Recurring | Trading account assets | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading derivatives, asset, Gross | 558,316 | 358,330 |
Cash collateral paid | 28,991 | 17,926 |
Trading derivative, asset, gross net cash collateral paid | 587,307 | 376,256 |
Netting agreements | (424,832) | (274,970) |
Netting of cash collateral received | (65,236) | (44,353) |
Total trading derivatives, netting | (490,068) | (319,323) |
Trading derivatives | 97,239 | 56,933 |
Liabilities, Fair Value Disclosure [Abstract] | ||
Cash collateral paid, gross | 87,778 | 56,845 |
Recurring | Trading account assets | Interest rate contracts | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading derivatives, asset, Gross | 258,502 | 197,668 |
Recurring | Trading account assets | Foreign exchange contracts | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading derivatives, asset, Gross | 202,600 | 107,570 |
Recurring | Trading account assets | Equity contracts | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading derivatives, asset, Gross | 57,669 | 28,471 |
Recurring | Trading account assets | Commodity contracts | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading derivatives, asset, Gross | 23,064 | 14,212 |
Recurring | Trading account assets | Credit derivatives | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading derivatives, asset, Gross | 16,481 | 10,409 |
Recurring | Non-trading derivatives and other financial assets | ||
Assets, Fair Value Disclosure [Abstract] | ||
Total trading derivatives, netting | 0 | 0 |
Total other assets and cash collateral, gross | 14,663 | 12,830 |
Other assets | 14,663 | 12,830 |
Recurring | Level 1 | ||
Assets, Fair Value Disclosure [Abstract] | ||
Federal funds sold and securities borrowed and purchased under agreements to resell | 0 | 0 |
Investments | 203,547 | 181,297 |
Loans at fair value | 0 | 0 |
Mortgage servicing rights | 0 | 0 |
Assets before netting | $ 353,808 | $ 307,192 |
Total as a percentage of gross assets | 24.80% | 27.20% |
Liabilities, Fair Value Disclosure [Abstract] | ||
Interest-bearing deposits | $ 0 | $ 0 |
Federal funds purchased and securities loaned and sold under agreements to repurchase, Gross | 0 | 0 |
Securities sold, not yet purchased | 73,734 | 60,429 |
Trading liabilities | 73,734 | 60,429 |
Short-term borrowings | 0 | 0 |
Long-term debt | 0 | 0 |
Total liabilities, Gross | $ 78,137 | $ 66,861 |
Total as a percentage of gross liabilities | 9.00% | 11.10% |
Recurring | Level 1 | Trading account liabilities | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Trading derivatives, liability | $ 181 | $ 152 |
Recurring | Level 1 | Trading account liabilities | Interest rate contracts | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Trading derivatives, liability | 144 | 8 |
Recurring | Level 1 | Trading account liabilities | Foreign exchange contracts | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Trading derivatives, liability | 0 | 0 |
Recurring | Level 1 | Trading account liabilities | Equity contracts | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Trading derivatives, liability | 37 | 144 |
Recurring | Level 1 | Trading account liabilities | Commodity contracts | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Trading derivatives, liability | 0 | 0 |
Recurring | Level 1 | Trading account liabilities | Credit derivatives | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Trading derivatives, liability | 0 | 0 |
Recurring | Level 1 | Non-trading derivatives and other financial liabilities | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Other liabilities, gross | 4,222 | 6,280 |
Recurring | Level 1 | Trading account liabilities | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Trading liabilities | 0 | 0 |
Recurring | Level 1 | Mortgage-backed securities - U.S. agency-sponsored | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 0 | 0 |
Investments | 0 | 0 |
Recurring | Level 1 | Residential mortgages | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 0 | 0 |
Investments | 0 | 0 |
Recurring | Level 1 | Commercial and other | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 0 | 0 |
Investments | 0 | 0 |
Recurring | Level 1 | Mortgage-backed securities | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 0 | 0 |
Investments | 0 | 0 |
Recurring | Level 1 | U.S. Treasury and federal agency securities | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 56,087 | 26,159 |
Investments | 121,159 | 106,103 |
Recurring | Level 1 | State and municipal securities | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 0 | 0 |
Investments | 0 | 0 |
Recurring | Level 1 | Foreign government | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 61,440 | 50,948 |
Investments | 75,363 | 69,957 |
Recurring | Level 1 | Corporate | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 1,240 | 1,332 |
Investments | 6,696 | 5,150 |
Recurring | Level 1 | Equity securities | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 27,678 | 41,663 |
Investments | 329 | 87 |
Recurring | Level 1 | Asset-backed securities | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 0 | 0 |
Investments | 0 | 0 |
Recurring | Level 1 | Other debt securities | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 75 | 74 |
Investments | 0 | 0 |
Recurring | Level 1 | Non-marketable equity securities measured using the measurement alternative | ||
Assets, Fair Value Disclosure [Abstract] | ||
Investments | 0 | 0 |
Recurring | Level 1 | Trading securities (excluding trading account derivatives) | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 146,520 | 120,176 |
Recurring | Level 1 | Trading account assets | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading derivatives, asset, Gross | 229 | 91 |
Recurring | Level 1 | Trading account assets | Interest rate contracts | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading derivatives, asset, Gross | 163 | 7 |
Recurring | Level 1 | Trading account assets | Foreign exchange contracts | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading derivatives, asset, Gross | 1 | 1 |
Recurring | Level 1 | Trading account assets | Equity contracts | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading derivatives, asset, Gross | 65 | 83 |
Recurring | Level 1 | Trading account assets | Commodity contracts | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading derivatives, asset, Gross | 0 | 0 |
Recurring | Level 1 | Trading account assets | Credit derivatives | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading derivatives, asset, Gross | 0 | 0 |
Recurring | Level 1 | Non-trading derivatives and other financial assets | ||
Assets, Fair Value Disclosure [Abstract] | ||
Other assets, gross | 3,512 | 5,628 |
Recurring | Level 2 | ||
Assets, Fair Value Disclosure [Abstract] | ||
Federal funds sold and securities borrowed and purchased under agreements to resell | 270,056 | 254,253 |
Investments | 104,167 | 98,701 |
Loans at fair value | 3,462 | 3,683 |
Mortgage servicing rights | 0 | 0 |
Assets before netting | $ 1,057,170 | $ 815,535 |
Total as a percentage of gross assets | 74.20% | 72.10% |
Liabilities, Fair Value Disclosure [Abstract] | ||
Interest-bearing deposits | $ 2,156 | $ 2,104 |
Federal funds purchased and securities loaned and sold under agreements to repurchase, Gross | 171,238 | 111,567 |
Securities sold, not yet purchased | 11,029 | 11,965 |
Trading liabilities | 11,108 | 11,989 |
Short-term borrowings | 8,312 | 4,933 |
Long-term debt | 34,779 | 38,614 |
Total liabilities, Gross | $ 764,464 | $ 511,211 |
Total as a percentage of gross liabilities | 87.80% | 85.00% |
Recurring | Level 2 | Trading account liabilities | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Trading derivatives, liability | $ 536,754 | $ 341,941 |
Recurring | Level 2 | Trading account liabilities | Interest rate contracts | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Trading derivatives, liability | 234,007 | 176,480 |
Recurring | Level 2 | Trading account liabilities | Foreign exchange contracts | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Trading derivatives, liability | 204,675 | 110,180 |
Recurring | Level 2 | Trading account liabilities | Equity contracts | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Trading derivatives, liability | 58,861 | 28,506 |
Recurring | Level 2 | Trading account liabilities | Commodity contracts | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Trading derivatives, liability | 24,831 | 16,542 |
Recurring | Level 2 | Trading account liabilities | Credit derivatives | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Trading derivatives, liability | 14,380 | 10,233 |
Recurring | Level 2 | Non-trading derivatives and other financial liabilities | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Other liabilities, gross | 117 | 63 |
Recurring | Level 2 | Trading account liabilities | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Trading liabilities | 79 | 24 |
Recurring | Level 2 | Mortgage-backed securities - U.S. agency-sponsored | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 46,727 | 27,661 |
Investments | 43,506 | 35,198 |
Recurring | Level 2 | Residential mortgages | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 712 | 573 |
Investments | 752 | 793 |
Recurring | Level 2 | Commercial and other | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 2,464 | 1,632 |
Investments | 68 | 74 |
Recurring | Level 2 | Mortgage-backed securities | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 49,903 | 29,866 |
Investments | 44,326 | 36,065 |
Recurring | Level 2 | U.S. Treasury and federal agency securities | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 7,810 | 3,736 |
Investments | 4,103 | 5,315 |
Recurring | Level 2 | State and municipal securities | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 3,131 | 2,573 |
Investments | 4,778 | 4,355 |
Recurring | Level 2 | Foreign government | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 18,003 | 20,326 |
Investments | 41,779 | 41,196 |
Recurring | Level 2 | Corporate | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 17,618 | 17,246 |
Investments | 4,263 | 6,076 |
Recurring | Level 2 | Equity securities | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 8,356 | 9,878 |
Investments | 353 | 371 |
Recurring | Level 2 | Asset-backed securities | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 1,898 | 1,539 |
Investments | 450 | 500 |
Recurring | Level 2 | Other debt securities | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 11,203 | 11,412 |
Investments | 4,089 | 4,730 |
Recurring | Level 2 | Non-marketable equity securities measured using the measurement alternative | ||
Assets, Fair Value Disclosure [Abstract] | ||
Investments | 26 | 93 |
Recurring | Level 2 | Trading securities (excluding trading account derivatives) | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 117,922 | 96,576 |
Recurring | Level 2 | Trading account assets | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading derivatives, asset, Gross | 550,412 | 355,121 |
Recurring | Level 2 | Trading account assets | Interest rate contracts | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading derivatives, asset, Gross | 254,826 | 196,493 |
Recurring | Level 2 | Trading account assets | Foreign exchange contracts | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading derivatives, asset, Gross | 201,879 | 107,022 |
Recurring | Level 2 | Trading account assets | Equity contracts | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading derivatives, asset, Gross | 57,008 | 28,148 |
Recurring | Level 2 | Trading account assets | Commodity contracts | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading derivatives, asset, Gross | 21,827 | 13,498 |
Recurring | Level 2 | Trading account assets | Credit derivatives | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading derivatives, asset, Gross | 14,872 | 9,960 |
Recurring | Level 2 | Non-trading derivatives and other financial assets | ||
Assets, Fair Value Disclosure [Abstract] | ||
Other assets, gross | 11,151 | 7,201 |
Recurring | Level 3 | ||
Assets, Fair Value Disclosure [Abstract] | ||
Federal funds sold and securities borrowed and purchased under agreements to resell | 300 | 303 |
Investments | 1,567 | 1,259 |
Loans at fair value | 537 | 402 |
Mortgage servicing rights | 367 | 495 |
Assets before netting | $ 13,765 | $ 8,033 |
Total as a percentage of gross assets | 1.00% | 0.70% |
Liabilities, Fair Value Disclosure [Abstract] | ||
Interest-bearing deposits | $ 491 | $ 215 |
Federal funds purchased and securities loaned and sold under agreements to repurchase, Gross | 730 | 757 |
Securities sold, not yet purchased | 1,334 | 48 |
Trading liabilities | 1,334 | 48 |
Short-term borrowings | 52 | 13 |
Long-term debt | 18,135 | 17,169 |
Total liabilities, Gross | $ 28,222 | $ 23,035 |
Total as a percentage of gross liabilities | 3.20% | 3.80% |
Recurring | Level 3 | Trading account liabilities | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Trading derivatives, liability | $ 7,480 | $ 4,833 |
Recurring | Level 3 | Trading account liabilities | Interest rate contracts | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Trading derivatives, liability | 1,758 | 1,167 |
Recurring | Level 3 | Trading account liabilities | Foreign exchange contracts | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Trading derivatives, liability | 718 | 552 |
Recurring | Level 3 | Trading account liabilities | Equity contracts | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Trading derivatives, liability | 2,432 | 1,836 |
Recurring | Level 3 | Trading account liabilities | Commodity contracts | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Trading derivatives, liability | 1,779 | 773 |
Recurring | Level 3 | Trading account liabilities | Credit derivatives | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Trading derivatives, liability | 793 | 505 |
Recurring | Level 3 | Non-trading derivatives and other financial liabilities | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Other liabilities, gross | 0 | 0 |
Recurring | Level 3 | Trading account liabilities | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Trading liabilities | 0 | 0 |
Recurring | Level 3 | Mortgage-backed securities - U.S. agency-sponsored | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 85 | 10 |
Investments | 47 | 32 |
Recurring | Level 3 | Residential mortgages | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 304 | 123 |
Investments | 0 | 0 |
Recurring | Level 3 | Commercial and other | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 44 | 61 |
Investments | 0 | 0 |
Recurring | Level 3 | Mortgage-backed securities | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 433 | 194 |
Investments | 47 | 32 |
Recurring | Level 3 | U.S. Treasury and federal agency securities | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 0 | 0 |
Investments | 0 | 0 |
Recurring | Level 3 | State and municipal securities | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 92 | 64 |
Investments | 687 | 623 |
Recurring | Level 3 | Foreign government | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 39 | 52 |
Investments | 225 | 96 |
Recurring | Level 3 | Corporate | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 412 | 313 |
Investments | 238 | 45 |
Recurring | Level 3 | Equity securities | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 143 | 100 |
Investments | 0 | 0 |
Recurring | Level 3 | Asset-backed securities | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 1,561 | 1,177 |
Investments | 16 | 22 |
Recurring | Level 3 | Other debt securities | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 639 | 555 |
Investments | 0 | 0 |
Recurring | Level 3 | Non-marketable equity securities measured using the measurement alternative | ||
Assets, Fair Value Disclosure [Abstract] | ||
Investments | 354 | 441 |
Recurring | Level 3 | Trading securities (excluding trading account derivatives) | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 3,319 | 2,455 |
Recurring | Level 3 | Trading account assets | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading derivatives, asset, Gross | 7,675 | 3,118 |
Recurring | Level 3 | Trading account assets | Interest rate contracts | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading derivatives, asset, Gross | 3,513 | 1,168 |
Recurring | Level 3 | Trading account assets | Foreign exchange contracts | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading derivatives, asset, Gross | 720 | 547 |
Recurring | Level 3 | Trading account assets | Equity contracts | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading derivatives, asset, Gross | 596 | 240 |
Recurring | Level 3 | Trading account assets | Commodity contracts | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading derivatives, asset, Gross | 1,237 | 714 |
Recurring | Level 3 | Trading account assets | Credit derivatives | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading derivatives, asset, Gross | 1,609 | 449 |
Recurring | Level 3 | Non-trading derivatives and other financial assets | ||
Assets, Fair Value Disclosure [Abstract] | ||
Other assets, gross | $ 0 | $ 1 |
FAIR VALUE MEASUREMENT - Level
FAIR VALUE MEASUREMENT - Level 3 Fair Value Rollforward (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
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 | $ (1,715) | $ (901) |
Net realized/unrealized gains (losses) included in principal transactions | 613 | (324) |
Other | 0 | 0 |
Transfers into Level 3 | 1,263 | (205) |
Transfers out of Level 3 | (131) | 293 |
Purchases | 94 | 62 |
Issuances | 56 | (47) |
Sales | (30) | (36) |
Settlements | 45 | 81 |
Balance at end of period, asset (liability), net | 195 | (1,077) |
Unrealized gains (losses) still held | 615 | (274) |
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 | 1 | (154) |
Net realized/unrealized gains (losses) included in principal transactions | 351 | (51) |
Other | 0 | 0 |
Transfers into Level 3 | 1,383 | (15) |
Transfers out of Level 3 | (22) | 27 |
Purchases | 1 | 6 |
Issuances | 56 | 12 |
Sales | 13 | 0 |
Settlements | (28) | 59 |
Balance at end of period, asset (liability), net | 1,755 | (116) |
Unrealized gains (losses) still held | 314 | (60) |
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 | (5) | (6) |
Net realized/unrealized gains (losses) included in principal transactions | (15) | 60 |
Other | 0 | 0 |
Transfers into Level 3 | (25) | (15) |
Transfers out of Level 3 | 9 | 15 |
Purchases | 44 | 3 |
Issuances | 0 | 0 |
Sales | (8) | (4) |
Settlements | 2 | (7) |
Balance at end of period, asset (liability), net | 2 | 46 |
Unrealized gains (losses) still held | 19 | 28 |
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 | (1,596) | (784) |
Net realized/unrealized gains (losses) included in principal transactions | (210) | (294) |
Other | 0 | 0 |
Transfers into Level 3 | (287) | (154) |
Transfers out of Level 3 | 224 | 9 |
Purchases | 3 | (1) |
Issuances | 0 | (59) |
Sales | (1) | 2 |
Settlements | 31 | (64) |
Balance at end of period, asset (liability), net | (1,836) | (1,345) |
Unrealized gains (losses) still held | (223) | (222) |
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 | (59) | (18) |
Net realized/unrealized gains (losses) included in principal transactions | (459) | 280 |
Other | 0 | 0 |
Transfers into Level 3 | 38 | (3) |
Transfers out of Level 3 | (56) | 10 |
Purchases | 46 | 54 |
Issuances | 0 | 0 |
Sales | (34) | (34) |
Settlements | (18) | 15 |
Balance at end of period, asset (liability), net | (542) | 304 |
Unrealized gains (losses) still held | (441) | 300 |
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 | (56) | 61 |
Net realized/unrealized gains (losses) included in principal transactions | 946 | (319) |
Other | 0 | 0 |
Transfers into Level 3 | 154 | (18) |
Transfers out of Level 3 | (286) | 232 |
Purchases | 0 | 0 |
Issuances | 0 | 0 |
Sales | 0 | 0 |
Settlements | 58 | 78 |
Balance at end of period, asset (liability), net | 816 | 34 |
Unrealized gains (losses) still held | 946 | (320) |
Interest-bearing deposits | ||
Fair value, liabilities measured on recurring basis, level 3 fair-value category reconciliation | ||
Balance at beginning of period, liability | 215 | 495 |
Net realized/unrealized gains (losses) included in principal transactions, liabilities | 0 | 0 |
Net realized/unrealized gains (losses) included in locations other than principal transactions, liabilities | (6) | (10) |
Transfers into Level 3, liabilities | 278 | 1 |
Transfers out of Level 3, liabilities | 0 | (4) |
Purchases, liability | 0 | 0 |
Issuance, liability | 0 | 674 |
Sales, liability | 0 | 0 |
Settlements, liability | (8) | (129) |
Balance at end of period, liability | 491 | 1,047 |
Unrealized gains (losses) still held, liabilities | 0 | (157) |
Securities loaned and sold under agreements to repurchase | ||
Fair value, liabilities measured on recurring basis, level 3 fair-value category reconciliation | ||
Balance at beginning of period, liability | 757 | 983 |
Net realized/unrealized gains (losses) included in principal transactions, liabilities | 27 | 4 |
Net realized/unrealized gains (losses) included in locations other than principal transactions, liabilities | 0 | 0 |
Transfers into Level 3, liabilities | 0 | (1) |
Transfers out of Level 3, liabilities | 0 | 4 |
Purchases, liability | 0 | 0 |
Issuance, liability | 0 | 0 |
Sales, liability | 0 | 1 |
Settlements, liability | 0 | 58 |
Balance at end of period, liability | 730 | 1,041 |
Unrealized gains (losses) still held, liabilities | (33) | (2) |
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 | 48 | 586 |
Net realized/unrealized gains (losses) included in principal transactions, liabilities | (101) | 124 |
Net realized/unrealized gains (losses) included in locations other than principal transactions, liabilities | 0 | 0 |
Transfers into Level 3, liabilities | 1,208 | 1 |
Transfers out of Level 3, liabilities | (10) | (441) |
Purchases, liability | 0 | 0 |
Issuance, liability | 9 | 0 |
Sales, liability | 0 | 0 |
Settlements, liability | (22) | (7) |
Balance at end of period, liability | 1,334 | 15 |
Unrealized gains (losses) still held, liabilities | (240) | 13 |
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 | 0 |
Net realized/unrealized gains (losses) included in principal transactions, liabilities | 0 | 0 |
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 | 13 | 37 |
Net realized/unrealized gains (losses) included in principal transactions, liabilities | 10 | 23 |
Net realized/unrealized gains (losses) included in locations other than principal transactions, liabilities | 0 | 0 |
Transfers into Level 3, liabilities | 11 | 9 |
Transfers out of Level 3, liabilities | 0 | (6) |
Purchases, liability | 0 | 0 |
Issuance, liability | 38 | 153 |
Sales, liability | 0 | 0 |
Settlements, liability | 0 | 0 |
Balance at end of period, liability | 52 | 170 |
Unrealized gains (losses) still held, liabilities | 10 | 18 |
Long-term debt | ||
Fair value, liabilities measured on recurring basis, level 3 fair-value category reconciliation | ||
Balance at beginning of period, liability | 17,169 | 12,570 |
Net realized/unrealized gains (losses) included in principal transactions, liabilities | 1,951 | (407) |
Net realized/unrealized gains (losses) included in locations other than principal transactions, liabilities | 0 | 0 |
Transfers into Level 3, liabilities | 2,051 | 877 |
Transfers out of Level 3, liabilities | (1,491) | (1,601) |
Purchases, liability | 0 | 0 |
Issuance, liability | 3,340 | 5,950 |
Sales, liability | 0 | (3) |
Settlements, liability | (983) | (4,466) |
Balance at end of period, liability | 18,135 | 13,734 |
Unrealized gains (losses) still held, liabilities | 1,167 | (1,001) |
Other financial liabilities | ||
Fair value, liabilities measured on recurring basis, level 3 fair-value category reconciliation | ||
Balance at beginning of period, liability | 0 | 0 |
Net realized/unrealized gains (losses) included in principal transactions, liabilities | 0 | 0 |
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 | 2 | 0 |
Sales, liability | 0 | 0 |
Settlements, liability | (2) | 0 |
Balance at end of period, liability | 0 | 0 |
Unrealized gains (losses) still held, liabilities | 0 | 0 |
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 | 303 | 115 |
Net realized/unrealized gains (losses) included in principal transactions | (20) | (4) |
Net realized/unrealized gains (losses) included in locations other than principal transactions, assets | 0 | 0 |
Transfers into Level 3 | 0 | (4) |
Transfers out of Level 3, assets | 0 | 3 |
Purchases, assets | 66 | 45 |
Issuance, assets | 0 | 0 |
Sales, assets | 0 | 0 |
Settlements, assets | (49) | (89) |
Balance at end of period, asset | 300 | 66 |
Unrealized gains (losses) still held, assets | 3 | (2) |
Trading non-derivative assets | ||
Fair value, assets measured on recurring basis, level 3 fair-value category reconciliation | ||
Balance at beginning of period, asset | 2,455 | 3,548 |
Net realized/unrealized gains (losses) included in principal transactions | 160 | 60 |
Net realized/unrealized gains (losses) included in locations other than principal transactions, assets | 0 | 0 |
Transfers into Level 3 | 402 | 58 |
Transfers out of Level 3, assets | (148) | (177) |
Purchases, assets | 1,273 | 784 |
Issuance, assets | 8 | (29) |
Sales, assets | (821) | (695) |
Settlements, assets | (10) | (5) |
Balance at end of period, asset | 3,319 | 3,544 |
Unrealized gains (losses) still held, assets | 197 | 12 |
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 | 10 | 156 |
Net realized/unrealized gains (losses) included in principal transactions | (75) | 0 |
Net realized/unrealized gains (losses) included in locations other than principal transactions, assets | 0 | 0 |
Transfers into Level 3 | 12 | 0 |
Transfers out of Level 3, assets | (3) | (25) |
Purchases, assets | 141 | 48 |
Issuance, assets | 0 | 0 |
Sales, assets | 0 | (25) |
Settlements, assets | 0 | 0 |
Balance at end of period, asset | 85 | 154 |
Unrealized gains (losses) still held, assets | 4 | 3 |
Trading non-derivative assets | Residential mortgages | ||
Fair value, assets measured on recurring basis, level 3 fair-value category reconciliation | ||
Balance at beginning of period, asset | 123 | 268 |
Net realized/unrealized gains (losses) included in principal transactions | (8) | 1 |
Net realized/unrealized gains (losses) included in locations other than principal transactions, assets | 0 | 0 |
Transfers into Level 3 | 60 | 5 |
Transfers out of Level 3, assets | (4) | (31) |
Purchases, assets | 178 | 69 |
Issuance, assets | 0 | 0 |
Sales, assets | (45) | (184) |
Settlements, assets | 0 | 0 |
Balance at end of period, asset | 304 | 128 |
Unrealized gains (losses) still held, assets | (11) | 10 |
Trading non-derivative assets | Commercial and other | ||
Fair value, assets measured on recurring basis, level 3 fair-value category reconciliation | ||
Balance at beginning of period, asset | 61 | 77 |
Net realized/unrealized gains (losses) included in principal transactions | 0 | 2 |
Net realized/unrealized gains (losses) included in locations other than principal transactions, assets | 0 | 0 |
Transfers into Level 3 | 3 | 2 |
Transfers out of Level 3, assets | (3) | (1) |
Purchases, assets | 27 | 24 |
Issuance, assets | 0 | 0 |
Sales, assets | (44) | (35) |
Settlements, assets | 0 | 0 |
Balance at end of period, asset | 44 | 69 |
Unrealized gains (losses) still held, assets | (1) | 1 |
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 | 194 | 501 |
Net realized/unrealized gains (losses) included in principal transactions | (83) | 3 |
Net realized/unrealized gains (losses) included in locations other than principal transactions, assets | 0 | 0 |
Transfers into Level 3 | 75 | 7 |
Transfers out of Level 3, assets | (10) | (57) |
Purchases, assets | 346 | 141 |
Issuance, assets | 0 | 0 |
Sales, assets | (89) | (244) |
Settlements, assets | 0 | 0 |
Balance at end of period, asset | 433 | 351 |
Unrealized gains (losses) still held, assets | (8) | 14 |
Trading non-derivative assets | U.S. Treasury and federal agency securities | ||
Fair value, assets measured on recurring basis, level 3 fair-value category reconciliation | ||
Balance at beginning of period, asset | 0 | 1 |
Net realized/unrealized gains (losses) included in principal transactions | 0 | 0 |
Net realized/unrealized gains (losses) included in locations other than principal transactions, assets | 0 | 0 |
Transfers into Level 3 | 0 | 0 |
Transfers out of Level 3, assets | 0 | 0 |
Purchases, assets | 0 | 0 |
Issuance, assets | 0 | 0 |
Sales, assets | 0 | 0 |
Settlements, assets | 0 | (1) |
Balance at end of period, asset | 0 | 0 |
Unrealized gains (losses) still held, assets | 0 | 0 |
Trading non-derivative assets | State and municipal securities | ||
Fair value, assets measured on recurring basis, level 3 fair-value category reconciliation | ||
Balance at beginning of period, asset | 64 | 200 |
Net realized/unrealized gains (losses) included in principal transactions | 2 | (1) |
Net realized/unrealized gains (losses) included in locations other than principal transactions, assets | 0 | 0 |
Transfers into Level 3 | 10 | 0 |
Transfers out of Level 3, assets | (2) | (19) |
Purchases, assets | 21 | 1 |
Issuance, assets | 0 | 0 |
Sales, assets | (3) | (3) |
Settlements, assets | 0 | 0 |
Balance at end of period, asset | 92 | 178 |
Unrealized gains (losses) still held, assets | 0 | 0 |
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 | 52 | 31 |
Net realized/unrealized gains (losses) included in principal transactions | (85) | (1) |
Net realized/unrealized gains (losses) included in locations other than principal transactions, assets | 0 | 0 |
Transfers into Level 3 | 0 | 9 |
Transfers out of Level 3, assets | 0 | 0 |
Purchases, assets | 86 | 3 |
Issuance, assets | 0 | 0 |
Sales, assets | (14) | (3) |
Settlements, assets | 0 | 0 |
Balance at end of period, asset | 39 | 39 |
Unrealized gains (losses) still held, assets | 70 | 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 | 313 | 360 |
Net realized/unrealized gains (losses) included in principal transactions | 302 | 90 |
Net realized/unrealized gains (losses) included in locations other than principal transactions, assets | 0 | 0 |
Transfers into Level 3 | 22 | 21 |
Transfers out of Level 3, assets | 8 | (26) |
Purchases, assets | 215 | 69 |
Issuance, assets | 0 | (33) |
Sales, assets | (448) | (103) |
Settlements, assets | 0 | 0 |
Balance at end of period, asset | 412 | 378 |
Unrealized gains (losses) still held, assets | 246 | (35) |
Trading non-derivative assets | Marketable equity securities | ||
Fair value, assets measured on recurring basis, level 3 fair-value category reconciliation | ||
Balance at beginning of period, asset | 100 | 153 |
Net realized/unrealized gains (losses) included in principal transactions | 0 | (10) |
Net realized/unrealized gains (losses) included in locations other than principal transactions, assets | 0 | 0 |
Transfers into Level 3 | 28 | 1 |
Transfers out of Level 3, assets | (3) | (11) |
Purchases, assets | 32 | 9 |
Issuance, assets | 0 | 0 |
Sales, assets | (14) | (15) |
Settlements, assets | 0 | 0 |
Balance at end of period, asset | 143 | 127 |
Unrealized gains (losses) still held, assets | 1 | 14 |
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 | 1,177 | 1,484 |
Net realized/unrealized gains (losses) included in principal transactions | (169) | (26) |
Net realized/unrealized gains (losses) included in locations other than principal transactions, assets | 0 | 0 |
Transfers into Level 3 | 239 | 7 |
Transfers out of Level 3, assets | (4) | (32) |
Purchases, assets | 468 | 221 |
Issuance, assets | 0 | 0 |
Sales, assets | (150) | (225) |
Settlements, assets | 0 | 0 |
Balance at end of period, asset | 1,561 | 1,429 |
Unrealized gains (losses) still held, assets | (307) | 38 |
Trading non-derivative assets | Other | ||
Fair value, assets measured on recurring basis, level 3 fair-value category reconciliation | ||
Balance at beginning of period, asset | 555 | 818 |
Net realized/unrealized gains (losses) included in principal transactions | 193 | 5 |
Net realized/unrealized gains (losses) included in locations other than principal transactions, assets | 0 | 0 |
Transfers into Level 3 | 28 | 13 |
Transfers out of Level 3, assets | (137) | (32) |
Purchases, assets | 105 | 340 |
Issuance, assets | 8 | 4 |
Sales, assets | (103) | (102) |
Settlements, assets | (10) | (4) |
Balance at end of period, asset | 639 | 1,042 |
Unrealized gains (losses) still held, assets | 195 | (20) |
Investments | ||
Fair value, assets measured on recurring basis, level 3 fair-value category reconciliation | ||
Balance at beginning of period, asset | 1,259 | 1,737 |
Net realized/unrealized gains (losses) included in principal transactions | 0 | 0 |
Net realized/unrealized gains (losses) included in locations other than principal transactions, assets | (96) | 68 |
Transfers into Level 3 | 214 | 97 |
Transfers out of Level 3, assets | 1 | (94) |
Purchases, assets | 299 | 778 |
Issuance, assets | 0 | 0 |
Sales, assets | (100) | (181) |
Settlements, assets | (10) | (21) |
Balance at end of period, asset | 1,567 | 2,384 |
Unrealized gains (losses) still held, assets | (67) | 26 |
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 | 32 | 32 |
Net realized/unrealized gains (losses) included in principal transactions | 0 | 0 |
Net realized/unrealized gains (losses) included in locations other than principal transactions, assets | 14 | 0 |
Transfers into Level 3 | 0 | 0 |
Transfers out of Level 3, assets | 1 | 0 |
Purchases, assets | 0 | 0 |
Issuance, assets | 0 | 0 |
Sales, assets | 0 | 0 |
Settlements, assets | 0 | 0 |
Balance at end of period, asset | 47 | 32 |
Unrealized gains (losses) still held, assets | 34 | (2) |
Investments | Residential mortgages | ||
Fair value, assets measured on recurring basis, level 3 fair-value category reconciliation | ||
Balance at beginning of period, asset | 0 | 0 |
Net realized/unrealized gains (losses) included in principal transactions | 0 | 0 |
Net realized/unrealized gains (losses) included in locations other than principal transactions, assets | 0 | 0 |
Transfers into Level 3 | 0 | 0 |
Transfers out of Level 3, assets | 0 | 0 |
Purchases, assets | 0 | 0 |
Issuance, assets | 0 | 0 |
Sales, assets | 0 | 0 |
Settlements, assets | 0 | 0 |
Balance at end of period, asset | 0 | 0 |
Unrealized gains (losses) still held, assets | 0 | 0 |
Investments | Commercial and other | ||
Fair value, assets measured on recurring basis, level 3 fair-value category reconciliation | ||
Balance at beginning of period, asset | 0 | 0 |
Net realized/unrealized gains (losses) included in principal transactions | 0 | 0 |
Net realized/unrealized gains (losses) included in locations other than principal transactions, assets | 0 | 0 |
Transfers into Level 3 | 0 | 0 |
Transfers out of Level 3, assets | 0 | 0 |
Purchases, assets | 0 | 0 |
Issuance, assets | 0 | 0 |
Sales, assets | 0 | 0 |
Settlements, assets | 0 | 0 |
Balance at end of period, asset | 0 | 0 |
Unrealized gains (losses) still held, assets | 0 | 0 |
Investments | Mortgage-backed securities | ||
Fair value, assets measured on recurring basis, level 3 fair-value category reconciliation | ||
Balance at beginning of period, asset | 32 | 32 |
Net realized/unrealized gains (losses) included in principal transactions | 0 | 0 |
Net realized/unrealized gains (losses) included in locations other than principal transactions, assets | 14 | 0 |
Transfers into Level 3 | 0 | 0 |
Transfers out of Level 3, assets | 1 | 0 |
Purchases, assets | 0 | 0 |
Issuance, assets | 0 | 0 |
Sales, assets | 0 | 0 |
Settlements, assets | 0 | 0 |
Balance at end of period, asset | 47 | 32 |
Unrealized gains (losses) still held, assets | 34 | (2) |
Investments | U.S. Treasury and federal agency securities | ||
Fair value, assets measured on recurring basis, level 3 fair-value category reconciliation | ||
Balance at beginning of period, asset | 0 | 0 |
Net realized/unrealized gains (losses) included in principal transactions | 0 | 0 |
Net realized/unrealized gains (losses) included in locations other than principal transactions, assets | 0 | 0 |
Transfers into Level 3 | 0 | 0 |
Transfers out of Level 3, assets | 0 | 0 |
Purchases, assets | 0 | 0 |
Issuance, assets | 0 | 0 |
Sales, assets | 0 | 0 |
Settlements, assets | 0 | 0 |
Balance at end of period, asset | 0 | 0 |
Unrealized gains (losses) still held, assets | 0 | 0 |
Investments | State and municipal securities | ||
Fair value, assets measured on recurring basis, level 3 fair-value category reconciliation | ||
Balance at beginning of period, asset | 623 | 708 |
Net realized/unrealized gains (losses) included in principal transactions | 0 | 0 |
Net realized/unrealized gains (losses) included in locations other than principal transactions, assets | (31) | 52 |
Transfers into Level 3 | 138 | 3 |
Transfers out of Level 3, assets | 0 | 0 |
Purchases, assets | 0 | 185 |
Issuance, assets | 0 | 0 |
Sales, assets | (43) | (38) |
Settlements, assets | 0 | 0 |
Balance at end of period, asset | 687 | 910 |
Unrealized gains (losses) still held, assets | (9) | 44 |
Investments | Foreign government | ||
Fair value, assets measured on recurring basis, level 3 fair-value category reconciliation | ||
Balance at beginning of period, asset | 96 | 68 |
Net realized/unrealized gains (losses) included in principal transactions | 0 | 0 |
Net realized/unrealized gains (losses) included in locations other than principal transactions, assets | (2) | (4) |
Transfers into Level 3 | 27 | 0 |
Transfers out of Level 3, assets | 0 | 0 |
Purchases, assets | 147 | 39 |
Issuance, assets | 0 | 0 |
Sales, assets | (43) | (32) |
Settlements, assets | 0 | 0 |
Balance at end of period, asset | 225 | 71 |
Unrealized gains (losses) still held, assets | (16) | (1) |
Investments | Corporate | ||
Fair value, assets measured on recurring basis, level 3 fair-value category reconciliation | ||
Balance at beginning of period, asset | 45 | 156 |
Net realized/unrealized gains (losses) included in principal transactions | 0 | 0 |
Net realized/unrealized gains (losses) included in locations other than principal transactions, assets | (8) | 0 |
Transfers into Level 3 | 49 | 0 |
Transfers out of Level 3, assets | 0 | (94) |
Purchases, assets | 152 | 0 |
Issuance, assets | 0 | 0 |
Sales, assets | 0 | (2) |
Settlements, assets | 0 | 0 |
Balance at end of period, asset | 238 | 60 |
Unrealized gains (losses) still held, assets | 0 | 0 |
Investments | Marketable equity securities | ||
Fair value, assets measured on recurring basis, level 3 fair-value category reconciliation | ||
Balance at beginning of period, asset | 0 | 0 |
Net realized/unrealized gains (losses) included in principal transactions | 0 | 0 |
Net realized/unrealized gains (losses) included in locations other than principal transactions, assets | 0 | 0 |
Transfers into Level 3 | 0 | 0 |
Transfers out of Level 3, assets | 0 | 0 |
Purchases, assets | 0 | 0 |
Issuance, assets | 0 | 0 |
Sales, assets | 0 | 0 |
Settlements, assets | 0 | 0 |
Balance at end of period, asset | 0 | 0 |
Unrealized gains (losses) still held, assets | 0 | 0 |
Investments | Asset-backed securities | ||
Fair value, assets measured on recurring basis, level 3 fair-value category reconciliation | ||
Balance at beginning of period, asset | 22 | 187 |
Net realized/unrealized gains (losses) included in principal transactions | 0 | 0 |
Net realized/unrealized gains (losses) included in locations other than principal transactions, assets | 5 | (2) |
Transfers into Level 3 | 0 | 94 |
Transfers out of Level 3, assets | 0 | 0 |
Purchases, assets | 0 | 550 |
Issuance, assets | 0 | 0 |
Sales, assets | (11) | (23) |
Settlements, assets | 0 | 0 |
Balance at end of period, asset | 16 | 806 |
Unrealized gains (losses) still held, assets | 0 | (4) |
Investments | Other | ||
Fair value, assets measured on recurring basis, level 3 fair-value category reconciliation | ||
Balance at beginning of period, asset | 0 | 0 |
Net realized/unrealized gains (losses) included in principal transactions | 0 | 0 |
Net realized/unrealized gains (losses) included in locations other than principal transactions, assets | 0 | 0 |
Transfers into Level 3 | 0 | 0 |
Transfers out of Level 3, assets | 0 | 0 |
Purchases, assets | 0 | 0 |
Issuance, assets | 0 | 0 |
Sales, assets | 0 | 0 |
Settlements, assets | 0 | 0 |
Balance at end of period, asset | 0 | 0 |
Unrealized gains (losses) still held, assets | 0 | 0 |
Investments | Non-marketable equity securities | ||
Fair value, assets measured on recurring basis, level 3 fair-value category reconciliation | ||
Balance at beginning of period, asset | 441 | 586 |
Net realized/unrealized gains (losses) included in principal transactions | 0 | 0 |
Net realized/unrealized gains (losses) included in locations other than principal transactions, assets | (74) | 22 |
Transfers into Level 3 | 0 | 0 |
Transfers out of Level 3, assets | 0 | 0 |
Purchases, assets | 0 | 4 |
Issuance, assets | 0 | 0 |
Sales, assets | (3) | (86) |
Settlements, assets | (10) | (21) |
Balance at end of period, asset | 354 | 505 |
Unrealized gains (losses) still held, assets | (76) | (11) |
Loans | ||
Fair value, assets measured on recurring basis, level 3 fair-value category reconciliation | ||
Balance at beginning of period, asset | 402 | 277 |
Net realized/unrealized gains (losses) included in principal transactions | 0 | 0 |
Net realized/unrealized gains (losses) included in locations other than principal transactions, assets | (79) | 45 |
Transfers into Level 3 | 217 | 125 |
Transfers out of Level 3, assets | (1) | (70) |
Purchases, assets | 0 | 6 |
Issuance, assets | 0 | 0 |
Sales, assets | 0 | (10) |
Settlements, assets | (2) | 0 |
Balance at end of period, asset | 537 | 373 |
Unrealized gains (losses) still held, assets | (127) | 45 |
Mortgage servicing rights | ||
Fair value, assets measured on recurring basis, level 3 fair-value category reconciliation | ||
Balance at beginning of period, asset | 495 | 584 |
Net realized/unrealized gains (losses) included in principal transactions | 0 | 0 |
Net realized/unrealized gains (losses) included in locations other than principal transactions, assets | (143) | (27) |
Transfers into Level 3 | 0 | 0 |
Transfers out of Level 3, assets | 0 | 0 |
Purchases, assets | 0 | 0 |
Issuance, assets | 32 | 12 |
Sales, assets | 0 | 0 |
Settlements, assets | (17) | (18) |
Balance at end of period, asset | 367 | 551 |
Unrealized gains (losses) still held, assets | (133) | (25) |
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 | 1 | 0 |
Net realized/unrealized gains (losses) included in principal transactions | 0 | 0 |
Net realized/unrealized gains (losses) included in locations other than principal transactions, assets | 0 | 16 |
Transfers into Level 3 | 0 | 0 |
Transfers out of Level 3, assets | 0 | 0 |
Purchases, assets | 0 | 0 |
Issuance, assets | 0 | (2) |
Sales, assets | (1) | (4) |
Settlements, assets | 0 | (10) |
Balance at end of period, asset | 0 | 0 |
Unrealized gains (losses) still held, assets | $ 0 | $ 12 |
FAIR VALUE MEASUREMENT - Leve_2
FAIR VALUE MEASUREMENT - Level 3 Fair Value Rollforward Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Long-term debt | ||
Fair value, assets and liabilities measured on recurring basis, level 3 fair-value category disclosures | ||
Transfers into Level 3, liabilities | $ 2,051 | $ 877 |
Transfers out of Level 3, liabilities | 1,491 | 1,601 |
Trading account assets and liabilities | ||
Fair value, assets and liabilities measured on recurring basis, level 3 fair-value category disclosures | ||
Transfers into Level 3, derivative asset | 1,263 | (205) |
Trading account assets and liabilities | Interest rate contracts | ||
Fair value, assets and liabilities measured on recurring basis, level 3 fair-value category disclosures | ||
Transfers into Level 3, derivative asset | 1,383 | (15) |
Securities sold, not yet purchased | Trading account liabilities | ||
Fair value, assets and liabilities measured on recurring basis, level 3 fair-value category disclosures | ||
Transfers into Level 3, liabilities | 1,208 | 1 |
Transfers out of Level 3, liabilities | $ 10 | $ 441 |
FAIR VALUE MEASUREMENT - Valuat
FAIR VALUE MEASUREMENT - Valuation Techniques and Inputs for Level 3 Fair Value Measurements (Details) | Mar. 31, 2020USD ($)year | Dec. 31, 2019USD ($)year |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Marketable equity securities | $ 1,213,000,000 | $ 1,162,000,000 |
Model-based | Level 3 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Securities borrowed and purchased under agreements to resell | 300,000,000 | 303,000,000 |
Mortgage-backed securities | 22,000,000 | |
State and municipal, foreign government, corporate and other debt securities | 672,000,000 | 880,000,000 |
Marketable equity securities | 50,000,000 | 30,000,000 |
Loans and leases | 495,000,000 | 378,000,000 |
Mortgage servicing rights | 77,000,000 | 77,000,000 |
Interest-bearing deposits | 491,000,000 | 215,000,000 |
Securities loaned and sold under agreement to repurchase | 730,000,000 | 757,000,000 |
Securities sold, not yet purchased | 155,000,000 | |
Short-term borrowings and long-term debt | 18,260,000,000 | 17,182,000,000 |
Price-based | Level 3 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Mortgage-backed securities | 328,000,000 | 196,000,000 |
State and municipal, foreign government, corporate and other debt securities | 1,334,000,000 | 677,000,000 |
Marketable equity securities | 93,000,000 | 70,000,000 |
Asset-backed securities | 958,000,000 | 812,000,000 |
Non-marketable equities | 88,000,000 | 97,000,000 |
Securities sold, not yet purchased | 1,165,000,000 | 46,000,000 |
Yield analysis | Level 3 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Mortgage-backed securities | 115,000,000 | |
Asset-backed securities | 610,000,000 | 368,000,000 |
Comparable analysis | Level 3 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Non-marketable equities | 240,000,000 | 316,000,000 |
Cash flow | Level 3 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Mortgage servicing rights | $ 290,000,000 | $ 418,000,000 |
Minimum | Model-based | Level 3 | Interest Rate | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Securities borrowed and purchased under agreements to resell | 0.15% | 1.59% |
Securities loaned and sold under agreement to repurchase | 0.0015 | 0.0159 |
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 | $ 0 | |
Minimum | Model-based | Level 3 | Credit Spread | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Securities borrowed and purchased under agreements to resell | 0.15% | 0.15% |
Loans and leases | 0.0034 | 0.0009 |
Securities sold, not yet purchased | 0.0505 | |
Minimum | Model-based | Level 3 | Mean Reversion | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Interest-bearing deposits | 0.0100 | |
Short-term borrowings and long-term debt | 0.0100 | |
Minimum | Model-based | Level 3 | IR Normal Volatility | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Interest-bearing deposits | 0.0035 | |
Short-term borrowings and long-term debt | 0.0022 | 0.0009 |
Minimum | Model-based | Level 3 | Forward Price | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Interest-bearing deposits | 0.9759 | |
Short-term borrowings and long-term debt | 0.3394 | 0.3762 |
Minimum | Model-based | Level 3 | Equity Volatility | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Loans and leases | 0.2401 | 0.3200 |
Minimum | Model-based | Level 3 | WAL | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Marketable equity securities | year | 1.24 | 1.48 |
Derivative assets | year | 1.48 | |
Mortgage servicing rights | year | 2.94 | 4.07 |
Minimum | Model-based | Level 3 | Recovery | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Marketable equity securities | $ 5,450,000,000 | $ 5,450,000,000 |
Minimum | Model-based | Level 3 | Equity-IR Correlation | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Short-term borrowings and long-term debt | 0.1500 | |
Minimum | Price-based | Level 3 | Price | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Mortgage-backed securities | 43 | $ 36 |
State and municipal, foreign government, corporate and other debt securities | 34 | |
Marketable equity securities | 0 | 0 |
Asset-backed securities | 1 | 4 |
Non-marketable equities | 3 | |
Securities sold, not yet purchased | $ 0 | $ 0 |
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 | 0.0035 |
Minimum | Price-based | Level 3 | Appraised Value | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Non-marketable equities | $ 571,000 | $ 397,000 |
Minimum | Price-based | Level 3 | Revenue Multiple | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Non-marketable equities | 1.80 | |
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 | PE Ratio | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Non-marketable equities | 9.60 | 14.70 |
Minimum | Price-based | Level 3 | Price to Book Ratio | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Non-marketable equities | 0.60 | 1.50 |
Minimum | Yield analysis | Level 3 | Yield | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Mortgage-backed securities | 1.30% | |
Asset-backed securities | 3.72% | 0.61% |
Minimum | Comparable analysis | Level 3 | Price | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Non-marketable equities | $ 3 | |
Minimum | Comparable analysis | Level 3 | EBITDA | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Non-marketable equities | 7 | |
Minimum | Cash flow | Level 3 | Yield | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Mortgage servicing rights | 0.0245 | 0.0178 |
Maximum | Model-based | Level 3 | Interest Rate | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Securities borrowed and purchased under agreements to resell | 1.87% | 3.67% |
Securities loaned and sold under agreement to repurchase | 0.0184 | 0.0238 |
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 | $ 1,238 | |
Maximum | Model-based | Level 3 | Credit Spread | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Securities borrowed and purchased under agreements to resell | 0.15% | 0.15% |
Loans and leases | 0.0576 | 0.0052 |
Securities sold, not yet purchased | 0.1100 | |
Maximum | Model-based | Level 3 | Mean Reversion | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Interest-bearing deposits | 0.2000 | |
Short-term borrowings and long-term debt | 0.2000 | |
Maximum | Model-based | Level 3 | IR Normal Volatility | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Interest-bearing deposits | 0.0115 | |
Short-term borrowings and long-term debt | 0.0115 | 0.0066 |
Maximum | Model-based | Level 3 | Forward Price | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Interest-bearing deposits | 1.1106 | |
Short-term borrowings and long-term debt | 5.8393 | 3.6257 |
Maximum | Model-based | Level 3 | Equity Volatility | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Loans and leases | 1.7787 | 0.3200 |
Maximum | Model-based | Level 3 | WAL | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Marketable equity securities | year | 1.24 | 1.48 |
Derivative assets | year | 1.48 | |
Mortgage servicing rights | year | 5.97 | 8.13 |
Maximum | Model-based | Level 3 | Recovery | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Marketable equity securities | $ 5,450,000,000 | $ 5,450,000,000 |
Maximum | Model-based | Level 3 | Equity-IR Correlation | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Short-term borrowings and long-term debt | 0.4400 | |
Maximum | Price-based | Level 3 | Price | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Mortgage-backed securities | 121 | $ 505 |
State and municipal, foreign government, corporate and other debt securities | 1,014 | |
Marketable equity securities | 28,483 | 38,500 |
Asset-backed securities | 100 | 103 |
Non-marketable equities | 2,019 | |
Securities sold, not yet purchased | $ 7,038 | $ 866 |
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 | 0.0295 | 0.0295 |
Maximum | Price-based | Level 3 | Appraised Value | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Non-marketable equities | $ 25,002,000 | $ 33,246,000 |
Maximum | Price-based | Level 3 | Revenue Multiple | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Non-marketable equities | 20.50 | |
Maximum | Price-based | Level 3 | Discount to Price | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Non-marketable equities | 0.1000 | 0.1000 |
Maximum | Price-based | Level 3 | PE Ratio | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Non-marketable equities | 23.80 | 28.70 |
Maximum | Price-based | Level 3 | Price to Book Ratio | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Non-marketable equities | 1.60 | 3 |
Maximum | Yield analysis | Level 3 | Yield | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Mortgage-backed securities | 12.44% | |
Asset-backed securities | 25.26% | 23.38% |
Maximum | Comparable analysis | Level 3 | Price | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Non-marketable equities | $ 1,513 | |
Maximum | Comparable analysis | Level 3 | EBITDA | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Non-marketable equities | 17.95 | |
Maximum | Cash flow | Level 3 | Yield | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Mortgage servicing rights | 0.1200 | 0.1200 |
Weighted Average | Model-based | Level 3 | Interest Rate | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Securities borrowed and purchased under agreements to resell | 1.51% | 2.72% |
Securities loaned and sold under agreement to repurchase | 0.0101 | 0.0195 |
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 | $ 90 | |
Weighted Average | Model-based | Level 3 | Credit Spread | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Securities borrowed and purchased under agreements to resell | 0.15% | 0.15% |
Loans and leases | 0.0189 | 0.0048 |
Securities sold, not yet purchased | 0.0747 | |
Weighted Average | Model-based | Level 3 | Mean Reversion | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Interest-bearing deposits | 0.1050 | |
Short-term borrowings and long-term debt | 0.1050 | |
Weighted Average | Model-based | Level 3 | IR Normal Volatility | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Interest-bearing deposits | 0.0059 | |
Short-term borrowings and long-term debt | 0.0056 | 0.0046 |
Weighted Average | Model-based | Level 3 | Forward Price | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Interest-bearing deposits | 1.0296 | |
Short-term borrowings and long-term debt | 0.9299 | 0.9752 |
Weighted Average | Model-based | Level 3 | Equity Volatility | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Loans and leases | 0.6618 | 0.3200 |
Weighted Average | Model-based | Level 3 | WAL | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Marketable equity securities | year | 1.24 | 1.48 |
Derivative assets | year | 1.48 | |
Mortgage servicing rights | year | 4.6 | 6.61 |
Weighted Average | Model-based | Level 3 | Recovery | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Marketable equity securities | $ 5,450,000,000 | $ 5,450,000,000 |
Weighted Average | Model-based | Level 3 | Equity-IR Correlation | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Short-term borrowings and long-term debt | 0.3266 | |
Weighted Average | Price-based | Level 3 | Price | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Mortgage-backed securities | 90 | $ 97 |
State and municipal, foreign government, corporate and other debt securities | 88 | |
Marketable equity securities | 1,051 | 2,979 |
Asset-backed securities | 52 | 60 |
Non-marketable equities | 1,020 | |
Securities sold, not yet purchased | $ 107 | $ 96 |
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 | 0.0210 | 0.0209 |
Weighted Average | Price-based | Level 3 | Appraised Value | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Non-marketable equities | $ 10,799,000 | $ 8,446,000 |
Weighted Average | Price-based | Level 3 | Revenue Multiple | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Non-marketable equities | 5.34 | |
Weighted Average | Price-based | Level 3 | Discount to Price | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Non-marketable equities | 0.5700 | 0.0232 |
Weighted Average | Price-based | Level 3 | PE Ratio | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Non-marketable equities | 15.48 | 20.54 |
Weighted Average | Price-based | Level 3 | Price to Book Ratio | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Non-marketable equities | 0.96 | 1.88 |
Weighted Average | Yield analysis | Level 3 | Yield | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Mortgage-backed securities | 4.81% | |
Asset-backed securities | 11.37% | 8.88% |
Weighted Average | Comparable analysis | Level 3 | Price | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Non-marketable equities | $ 805 | |
Weighted Average | Comparable analysis | Level 3 | EBITDA | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Non-marketable equities | 10.34 | |
Weighted Average | Cash flow | Level 3 | Yield | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Mortgage servicing rights | 0.0656 | 0.0949 |
Interest rate contracts | Model-based | Level 3 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | $ 5,028,000,000 | $ 2,196,000,000 |
Interest rate contracts | Minimum | Model-based | Level 3 | Mean Reversion | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.0100 | |
Interest rate contracts | Minimum | Model-based | Level 3 | Inflation Volatility | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.0022 | 0.0021 |
Interest rate contracts | Minimum | Model-based | Level 3 | IR Normal Volatility | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.0025 | 0.0009 |
Interest rate contracts | Maximum | Model-based | Level 3 | Mean Reversion | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.2000 | |
Interest rate contracts | Maximum | Model-based | Level 3 | Inflation Volatility | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.0293 | 0.0274 |
Interest rate contracts | Maximum | Model-based | Level 3 | IR Normal Volatility | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.0115 | 0.0066 |
Interest rate contracts | Weighted Average | Model-based | Level 3 | Mean Reversion | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.1050 | |
Interest rate contracts | Weighted Average | Model-based | Level 3 | Inflation Volatility | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.0081 | 0.0079 |
Interest rate contracts | Weighted Average | Model-based | Level 3 | IR Normal Volatility | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.0058 | 0.0053 |
Foreign exchange contracts | Model-based | Level 3 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | $ 1,438,000,000 | $ 1,099,000,000 |
Foreign exchange contracts | Minimum | Model-based | Level 3 | Interest Rate | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.0078 | 0.0272 |
Foreign exchange contracts | Minimum | Model-based | Level 3 | Credit Spread | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.0060 | |
Foreign exchange contracts | Minimum | Model-based | Level 3 | IR Normal Volatility | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.0022 | 0.0027 |
Foreign exchange contracts | Minimum | Model-based | Level 3 | FX Rate | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.3739 | |
Foreign exchange contracts | Minimum | Model-based | Level 3 | FX Volatility | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.0785 | 0.0127 |
Foreign exchange contracts | Minimum | Model-based | Level 3 | IR-IR Correlation | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | (0.5100) | (0.5100) |
Foreign exchange contracts | Minimum | Model-based | Level 3 | IR-FX Correlation | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.4000 | 0.4000 |
Foreign exchange contracts | Maximum | Model-based | Level 3 | Interest Rate | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.5826 | 0.5614 |
Foreign exchange contracts | Maximum | Model-based | Level 3 | Credit Spread | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.0661 | |
Foreign exchange contracts | Maximum | Model-based | Level 3 | IR Normal Volatility | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.0115 | 0.0066 |
Foreign exchange contracts | Maximum | Model-based | Level 3 | FX Rate | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 5.8684 | |
Foreign exchange contracts | Maximum | Model-based | Level 3 | FX Volatility | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.2791 | 0.1216 |
Foreign exchange contracts | Maximum | Model-based | Level 3 | IR-IR Correlation | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.4000 | 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 | 0.6000 |
Foreign exchange contracts | Weighted Average | Model-based | Level 3 | Interest Rate | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.1377 | 0.1311 |
Foreign exchange contracts | Weighted Average | Model-based | Level 3 | Credit Spread | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.0283 | |
Foreign exchange contracts | Weighted Average | Model-based | Level 3 | IR Normal Volatility | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.0060 | 0.0058 |
Foreign exchange contracts | Weighted Average | Model-based | Level 3 | FX Rate | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.8064 | |
Foreign exchange contracts | Weighted Average | Model-based | Level 3 | FX Volatility | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.1262 | 0.0917 |
Foreign exchange contracts | Weighted Average | Model-based | Level 3 | IR-IR Correlation | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.3265 | 0.3200 |
Foreign exchange contracts | Weighted Average | Model-based | Level 3 | IR-FX Correlation | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.5000 | 0.5000 |
Equity contracts | Model-based | Level 3 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | $ 3,011,000,000 | $ 2,076,000,000 |
Equity contracts | Minimum | Model-based | Level 3 | Forward Price | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.6152 | 0.6260 |
Equity contracts | Minimum | Model-based | Level 3 | Equity Volatility | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.0489 | 0.0316 |
Equity contracts | Minimum | Model-based | Level 3 | Recovery | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 5,450,000,000 | |
Equity contracts | Maximum | Model-based | Level 3 | Forward Price | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 1.0702 | 1.1269 |
Equity contracts | Maximum | Model-based | Level 3 | Equity Volatility | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.6194 | 0.5280 |
Equity contracts | Maximum | Model-based | Level 3 | Recovery | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 5,450,000,000 | |
Equity contracts | Weighted Average | Model-based | Level 3 | Forward Price | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.9293 | 0.9846 |
Equity contracts | Weighted Average | Model-based | Level 3 | Equity Volatility | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.2854 | 0.2843 |
Equity contracts | Weighted Average | Model-based | Level 3 | Recovery | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 5,450,000,000 | |
Commodity contracts | Model-based | Level 3 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | $ 3,015,000,000 | $ 1,487,000,000 |
Commodity contracts | Minimum | Model-based | Level 3 | Forward Price | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.3394 | 0.3762 |
Commodity contracts | Minimum | Model-based | Level 3 | Commodity Correlation | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | (0.4142) | (0.3965) |
Commodity contracts | Minimum | Model-based | Level 3 | Commodity Volatility | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.0065 | 0.0525 |
Commodity contracts | Maximum | Model-based | Level 3 | Forward Price | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 5.8393 | 3.6257 |
Commodity contracts | Maximum | Model-based | Level 3 | Commodity Correlation | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.9086 | 0.8781 |
Commodity contracts | Maximum | Model-based | Level 3 | Commodity Volatility | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 1.3896 | 0.9363 |
Commodity contracts | Weighted Average | Model-based | Level 3 | Forward Price | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 1.1644 | 1.1932 |
Commodity contracts | Weighted Average | Model-based | Level 3 | Commodity Correlation | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.5561 | 0.4180 |
Commodity contracts | Weighted Average | Model-based | Level 3 | Commodity Volatility | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.2938 | 0.2355 |
Credit derivatives | Model-based | Level 3 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | $ 1,985,000,000 | $ 613,000,000 |
Credit derivatives | Price-based | Level 3 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | $ 417,000,000 | $ 341,000,000 |
Credit derivatives | Minimum | Model-based | Level 3 | Credit Spread | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.0008 | |
Credit derivatives | Minimum | Model-based | Level 3 | Credit Correlation | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.2500 | |
Credit derivatives | Minimum | Price-based | Level 3 | Price | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | $ 12 | |
Credit derivatives | Minimum | Price-based | Level 3 | Credit Spread | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | $ 0 | |
Credit derivatives | Minimum | Price-based | Level 3 | Credit Correlation | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.2500 | |
Credit derivatives | Minimum | Price-based | Level 3 | Upfront Points | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.0250 | 0.0259 |
Credit derivatives | Minimum | Price-based | Level 3 | Recovery Rate | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.0100 | 0.2000 |
Credit derivatives | Maximum | Model-based | Level 3 | Credit Spread | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.0283 | |
Credit derivatives | Maximum | Model-based | Level 3 | Credit Correlation | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.9000 | |
Credit derivatives | Maximum | Price-based | Level 3 | Price | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | $ 100 | |
Credit derivatives | Maximum | Price-based | Level 3 | Credit Spread | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | $ 0.07 | |
Credit derivatives | Maximum | Price-based | Level 3 | Credit Correlation | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.8700 | |
Credit derivatives | Maximum | Price-based | Level 3 | Upfront Points | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 1.0863 | 0.9994 |
Credit derivatives | Maximum | Price-based | Level 3 | Recovery Rate | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.6500 | 0.6500 |
Credit derivatives | Weighted Average | Model-based | Level 3 | Credit Spread | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.008 | |
Credit derivatives | Weighted Average | Model-based | Level 3 | Credit Correlation | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.4494 | |
Credit derivatives | Weighted Average | Price-based | Level 3 | Price | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | $ 87 | |
Credit derivatives | Weighted Average | Price-based | Level 3 | Credit Spread | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | $ 0.02 | |
Credit derivatives | Weighted Average | Price-based | Level 3 | Credit Correlation | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.4857 | |
Credit derivatives | Weighted Average | Price-based | Level 3 | Upfront Points | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.6528 | 0.5941 |
Credit derivatives | Weighted Average | Price-based | Level 3 | Recovery Rate | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.3693 | 0.4800 |
FAIR VALUE MEASUREMENT - Item_2
FAIR VALUE MEASUREMENT - Items Measured at Fair Value on a Nonrecurring Basis (Details) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
Items Measured at Fair Value on a Nonrecurring Basis | ||
Non-marketable equity securities measured using the measurement alternative | $ 8,349 | $ 7,523 |
Nonrecurring | Level 2 | ||
Items Measured at Fair Value on a Nonrecurring Basis | ||
Loans held-for-sale | 781 | 3,249 |
Other real estate owned | 8 | 6 |
Loans | 553 | 93 |
Non-marketable equity securities measured using the measurement alternative | 308 | 249 |
Total assets | 1,650 | 3,597 |
Nonrecurring | Level 3 | ||
Items Measured at Fair Value on a Nonrecurring Basis | ||
Loans held-for-sale | 4,170 | 1,330 |
Other real estate owned | 7 | 14 |
Loans | 206 | 251 |
Non-marketable equity securities measured using the measurement alternative | 0 | 0 |
Total assets | 4,383 | 1,595 |
Fair value | Nonrecurring | ||
Items Measured at Fair Value on a Nonrecurring Basis | ||
Loans held-for-sale | 4,951 | 4,579 |
Other real estate owned | 15 | 20 |
Loans | 759 | 344 |
Non-marketable equity securities measured using the measurement alternative | 308 | 249 |
Total assets | $ 6,033 | $ 5,192 |
FAIR VALUE MEASUREMENT - Valu_2
FAIR VALUE MEASUREMENT - Valuation Techniques and Inputs for Level 3 Nonrecurring Fair Value Measurements (Details) - Nonrecurring - USD ($) | 3 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | |
Nonrecurring fair value changes included in earnings | |||
Nonrecurring fair value measurements included in earnings | $ (413,000,000) | $ 33,000,000 | |
Level 3 | |||
Valuation techniques and inputs | |||
Loans held-for-sale | 4,170,000,000 | $ 1,330,000,000 | |
Level 3 | Price-based | |||
Valuation techniques and inputs | |||
Loans held-for-sale | 4,107,000,000 | 1,320,000,000 | |
Other real estate owned | 11,000,000 | ||
Level 3 | Cash flow | |||
Valuation techniques and inputs | |||
Loans | 54,000,000 | ||
Level 3 | Recovery analysis | |||
Valuation techniques and inputs | |||
Other real estate owned | 7,000,000 | 5,000,000 | |
Loans | 146,000,000 | 100,000,000 | |
Price | Level 3 | Price-based | Minimum | |||
Valuation techniques and inputs | |||
Loans held-for-sale | 80 | 86 | |
Price | Level 3 | Price-based | Maximum | |||
Valuation techniques and inputs | |||
Loans held-for-sale | 100 | 100 | |
Price | Level 3 | Price-based | Weighted Average | |||
Valuation techniques and inputs | |||
Loans held-for-sale | 95 | 99 | |
Cost of capital | Level 3 | Price-based | |||
Valuation techniques and inputs | |||
Loans | $ 28,000,000 | $ 47,000,000 | |
Cost of capital | Level 3 | Price-based | Minimum | |||
Valuation techniques and inputs | |||
Loans | 0.10% | 0.10% | |
Cost of capital | Level 3 | Price-based | Maximum | |||
Valuation techniques and inputs | |||
Loans | 100.00% | 100.00% | |
Cost of capital | Level 3 | Price-based | Weighted Average | |||
Valuation techniques and inputs | |||
Loans | 56.50% | 54.84% | |
Appraised value | Level 3 | Price-based | |||
Valuation techniques and inputs | |||
Loans | $ 29,000,000 | ||
Appraised value | Level 3 | Price-based | Minimum | |||
Valuation techniques and inputs | |||
Other real estate owned | 2,297,358 | ||
Loans | $ 17,521,218 | 17,521,218 | |
Appraised value | Level 3 | Price-based | Maximum | |||
Valuation techniques and inputs | |||
Other real estate owned | 8,394,102 | ||
Loans | 43,646,426 | 43,646,426 | |
Appraised value | Level 3 | Price-based | Weighted Average | |||
Valuation techniques and inputs | |||
Other real estate owned | 5,615,884 | ||
Loans | 30,583,822 | $ 30,583,822 | |
Appraised value | Level 3 | Recovery analysis | Minimum | |||
Valuation techniques and inputs | |||
Other real estate owned | 187,166 | ||
Appraised value | Level 3 | Recovery analysis | Maximum | |||
Valuation techniques and inputs | |||
Other real estate owned | 2,333,138 | ||
Appraised value | Level 3 | Recovery analysis | Weighted Average | |||
Valuation techniques and inputs | |||
Other real estate owned | $ 2,019,646 | ||
Recovery Rate | Level 3 | Recovery analysis | Minimum | |||
Valuation techniques and inputs | |||
Loans | 0.00% | 0.57% | |
Recovery Rate | Level 3 | Recovery analysis | Maximum | |||
Valuation techniques and inputs | |||
Loans | 100.00% | 100.00% | |
Recovery Rate | Level 3 | Recovery analysis | Weighted Average | |||
Valuation techniques and inputs | |||
Loans | 59.77% | 64.78% | |
Loans held-for-sale | |||
Nonrecurring fair value changes included in earnings | |||
Nonrecurring fair value measurements included in earnings | $ (391,000,000) | (2,000,000) | |
Other real estate owned | |||
Nonrecurring fair value changes included in earnings | |||
Nonrecurring fair value measurements included in earnings | 0 | 1,000,000 | |
Loans | |||
Nonrecurring fair value changes included in earnings | |||
Nonrecurring fair value measurements included in earnings | (44,000,000) | (27,000,000) | |
Loans | Price | Level 3 | Cash flow | Minimum | |||
Valuation techniques and inputs | |||
Loans | $ 2 | ||
Loans | Price | Level 3 | Cash flow | Maximum | |||
Valuation techniques and inputs | |||
Loans | 54 | ||
Loans | Price | Level 3 | Cash flow | Weighted Average | |||
Valuation techniques and inputs | |||
Loans | $ 27 | ||
Non-marketable equity securities measured using the measurement alternative | |||
Nonrecurring fair value changes included in earnings | |||
Nonrecurring fair value measurements included in earnings | $ 22,000,000 | $ 61,000,000 |
FAIR VALUE MEASUREMENT - Estima
FAIR VALUE MEASUREMENT - Estimate Fair Value of Financial Instruments Not Carried at Fair Value (Details) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 | Mar. 31, 2019 | Dec. 31, 2018 |
Assets | ||||
Loans | $ 3,999 | $ 4,085 | ||
Liabilities | ||||
Deposits | 1,184,911 | 1,070,590 | ||
Purchased credit-deteriorated | 20,841 | 12,783 | $ 12,329 | $ 12,315 |
Loans, net of unearned income | 721,020 | 699,483 | ||
Corporate | ||||
Assets | ||||
Loans | 3,981 | 4,067 | ||
Liabilities | ||||
Purchased credit-deteriorated | 3,451 | 2,886 | $ 2,731 | $ 2,811 |
Loans, net of unearned income | 432,590 | 389,935 | ||
Carrying value | ||||
Assets | ||||
Investments | 88,700 | 86,400 | ||
Securities borrowed and purchased under agreements to resell | 106,900 | 98,100 | ||
Loans | 695,100 | 681,200 | ||
Other financial assets | 386,900 | 262,400 | ||
Liabilities | ||||
Deposits | 1,182,300 | 1,068,300 | ||
Securities loaned and sold under agreements to repurchase | 159,600 | 125,700 | ||
Long-term debt | 213,200 | 193,000 | ||
Other financial liabilities | 145,600 | 110,200 | ||
Purchased credit-deteriorated | 20,800 | 12,800 | ||
Fair value | ||||
Assets | ||||
Investments | 90,000 | 87,800 | ||
Securities borrowed and purchased under agreements to resell | 106,900 | 98,100 | ||
Loans | 711,200 | 677,700 | ||
Other financial assets | 386,900 | 262,400 | ||
Liabilities | ||||
Deposits | 1,182,300 | 1,066,700 | ||
Securities loaned and sold under agreements to repurchase | 159,600 | 125,700 | ||
Long-term debt | 214,800 | 203,800 | ||
Other financial liabilities | 145,600 | 110,200 | ||
Fair value | Corporate | ||||
Liabilities | ||||
Loans, net of unearned income | 3,981 | 4,067 | ||
Fair value | Level 1 | ||||
Assets | ||||
Investments | 1,600 | 1,900 | ||
Securities borrowed and purchased under agreements to resell | 0 | 0 | ||
Loans | 0 | 0 | ||
Other financial assets | 269,600 | 177,600 | ||
Liabilities | ||||
Deposits | 0 | 0 | ||
Securities loaned and sold under agreements to repurchase | 0 | 0 | ||
Long-term debt | 0 | 0 | ||
Other financial liabilities | 0 | 0 | ||
Fair value | Level 2 | ||||
Assets | ||||
Investments | 86,200 | 83,800 | ||
Securities borrowed and purchased under agreements to resell | 106,900 | 98,100 | ||
Loans | 0 | 4,700 | ||
Other financial assets | 16,300 | 16,300 | ||
Liabilities | ||||
Deposits | 978,400 | 875,500 | ||
Securities loaned and sold under agreements to repurchase | 159,600 | 125,700 | ||
Long-term debt | 185,000 | 187,300 | ||
Other financial liabilities | 19,800 | 37,500 | ||
Fair value | Level 3 | ||||
Assets | ||||
Investments | 2,200 | 2,100 | ||
Securities borrowed and purchased under agreements to resell | 0 | 0 | ||
Loans | 711,200 | 673,000 | ||
Other financial assets | 101,000 | 68,500 | ||
Liabilities | ||||
Deposits | 203,900 | 191,200 | ||
Securities loaned and sold under agreements to repurchase | 0 | 0 | ||
Long-term debt | 29,800 | 16,500 | ||
Other financial liabilities | 125,800 | 72,700 | ||
Fair value | Level 3 | Corporate | ||||
Fair value measurements additional disclosures | ||||
Unfunded lending commitments | 10,400 | 5,100 | ||
Lease financing | ||||
Liabilities | ||||
Loans, net of unearned income | 1,100 | 1,400 | ||
Lease financing | Corporate | ||||
Liabilities | ||||
Loans, net of unearned income | $ 1,060 | $ 1,385 |
FAIR VALUE ELECTIONS - Changes
FAIR VALUE ELECTIONS - Changes in Fair Value Gains (Losses) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
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) | $ 92 | $ 29 |
Trading account assets | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions. | ||
Fair value elections, changes in fair value gains (losses) | (834) | 167 |
Investments | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions. | ||
Fair value elections, changes in fair value gains (losses) | 0 | 0 |
Certain corporate loans | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions. | ||
Fair value elections, changes in fair value gains (losses) | (863) | (133) |
Certain consumer loans | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions. | ||
Fair value elections, changes in fair value gains (losses) | 1 | 0 |
Loans | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions. | ||
Fair value elections, changes in fair value gains (losses) | (862) | (133) |
MSRs | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions. | ||
Fair value elections, changes in fair value gains (losses) | (143) | (27) |
Certain mortgage loans HFS | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions. | ||
Fair value elections, changes in fair value gains (losses) | 62 | 16 |
Total other assets | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions. | ||
Fair value elections, changes in fair value gains (losses) | (81) | (11) |
Total assets | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions. | ||
Fair value elections, changes in fair value gains (losses) | (1,685) | 52 |
Interest-bearing deposits | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions. | ||
Fair value elections, changes in fair value gains (losses) | 112 | (91) |
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) | (288) | 35 |
Trading account liabilities | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions. | ||
Fair value elections, changes in fair value gains (losses) | (61) | 11 |
Short-term borrowings | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions. | ||
Fair value elections, changes in fair value gains (losses) | 1,256 | (175) |
Long-term debt | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions. | ||
Fair value elections, changes in fair value gains (losses) | 7,365 | (2,681) |
Total liabilities | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions. | ||
Fair value elections, changes in fair value gains (losses) | $ 8,384 | $ (2,901) |
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 | ||
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | |
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 | $ 4,188 | $ (725) | |
Balance of non-accrual loans or loans more than 90 days past due | 0 | $ 1 | |
Aggregate unpaid principal balance in excess of fair value for non-accrual loans or loans more than 90 days past due | 0 | 0 | |
Certain loans and other credit product | |||
Fair Value Option Quantitative Disclosures | |||
Changes in fair value due to instrument-specific credit risk gain (loss) | (83) | $ 18 | |
Certain loans and other credit product | Trading assets | |||
Fair Value Option Quantitative Disclosures | |||
Aggregate unpaid principal balance in excess of (less than) fair value | 1,012 | 410 | |
Balance of non-accrual loans or loans more than 90 days past due | 0 | 0 | |
Aggregate unpaid principal balance in excess of fair value for non-accrual loans or loans more than 90 days past due | 0 | 0 | |
Certain loans and other credit product | Loans | |||
Fair Value Option Quantitative Disclosures | |||
Aggregate unpaid principal balance in excess of (less than) fair value | 593 | 315 | |
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 | 0 | 0 | |
Certain debt host contracts across unallocated precious metals accounts | |||
Fair Value Option Quantitative Disclosures | |||
Carrying amount reported on the Consolidated Balance Sheet | 400 | 200 | |
Certain Investments in Unallocated Precious Metals | Forward derivative contract | Purchased | |||
Fair Value Option Quantitative Disclosures | |||
Derivative notionals | 10,500 | ||
Certain Investments in Unallocated Precious Metals | Forward derivative contract | Sold | |||
Fair Value Option Quantitative Disclosures | |||
Derivative notionals | 8,100 | ||
Mortgage receivable | |||
Fair Value Option Quantitative Disclosures | |||
Aggregate unpaid principal balance in excess of (less than) fair value | 54 | (31) | |
Carrying amount | Certain loans and other credit product | Trading assets | |||
Fair Value Option Quantitative Disclosures | |||
Carrying amount reported on the Consolidated Balance Sheet | 9,228 | 8,320 | |
Carrying amount | Certain loans and other credit product | Loans | |||
Fair Value Option Quantitative Disclosures | |||
Carrying amount reported on the Consolidated Balance Sheet | 3,999 | 4,086 | |
Carrying amount | Loans held-for-sale | |||
Fair Value Option Quantitative Disclosures | |||
Carrying amount reported on the Consolidated Balance Sheet | 1,109 | 1,254 | |
Fair value | Certain loans and other credit product | |||
Fair Value Option Quantitative Disclosures | |||
Unfunded lending commitments | $ 1,068 | $ 1,062 |
FAIR VALUE ELECTIONS - Certain
FAIR VALUE ELECTIONS - Certain Structured and Non-Structured Liabilities (Details) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
Carrying value of structured notes, disaggregated by type of embedded derivative instrument | ||
Carrying value of structured notes | $ 45,500 | $ 49,700 |
Long-term debt | ||
Certain non-structured liabilities | ||
Aggregate unpaid principal balance in excess of (less than) fair value | 2,130 | (2,967) |
Long-term debt | Carrying amount | ||
Certain non-structured liabilities | ||
Carrying amount reported on the Consolidated Balance Sheet | 52,914 | 55,783 |
Short-term borrowings | ||
Certain non-structured liabilities | ||
Aggregate unpaid principal balance in excess of (less than) fair value | 666 | 1,411 |
Short-term borrowings | Carrying amount | ||
Certain non-structured liabilities | ||
Carrying amount reported on the Consolidated Balance Sheet | 8,364 | 4,946 |
Interest rate linked | ||
Carrying value of structured notes, disaggregated by type of embedded derivative instrument | ||
Carrying value of structured notes | 22,000 | 22,900 |
Foreign exchange linked | ||
Carrying value of structured notes, disaggregated by type of embedded derivative instrument | ||
Carrying value of structured notes | 700 | 900 |
Equity linked | ||
Carrying value of structured notes, disaggregated by type of embedded derivative instrument | ||
Carrying value of structured notes | 18,900 | 21,700 |
Commodity linked | ||
Carrying value of structured notes, disaggregated by type of embedded derivative instrument | ||
Carrying value of structured notes | 1,700 | 1,800 |
Credit linked | ||
Carrying value of structured notes, disaggregated by type of embedded derivative instrument | ||
Carrying value of structured notes | $ 2,200 | $ 2,400 |
GUARANTEES, LEASES AND COMMIT_3
GUARANTEES, LEASES AND COMMITMENTS - Guarantees (Details) | Mar. 31, 2020USD ($)trust | Dec. 31, 2019USD ($)trust |
Maximum potential amount of future payments | ||
Expire within 1 year | $ 250,300,000,000 | $ 253,600,000,000 |
Expire after 1 year | 144,800,000,000 | 164,000,000,000 |
Total amount outstanding | 395,100,000,000 | 417,600,000,000 |
Carrying value | $ 2,884,000,000 | $ 706,000,000 |
Number of trusts funded by the reinsurer | trust | 2 | 2 |
Fair value of securities in trusts funded by reinsurer relating to indemnification | $ 8,600,000,000 | $ 8,600,000,000 |
Liability related to long-term care insurance indemnification | 0 | 0 |
Cash collateral available to reimburse losses realized under guarantees and indemnifications | 46,200,000,000 | 46,700,000,000 |
Securities and other marketable assets held as collateral | 80,100,000,000 | 58,600,000,000 |
Letters of credit in favor of the Company held as collateral | 3,600,000,000 | 4,400,000,000 |
Financial standby letters of credit | ||
Maximum potential amount of future payments | ||
Expire within 1 year | 29,300,000,000 | 31,900,000,000 |
Expire after 1 year | 57,300,000,000 | 62,400,000,000 |
Total amount outstanding | 86,600,000,000 | 94,300,000,000 |
Carrying value | 147,000,000 | 140,000,000 |
Performance guarantees | ||
Maximum potential amount of future payments | ||
Expire within 1 year | 6,500,000,000 | 6,900,000,000 |
Expire after 1 year | 5,600,000,000 | 5,500,000,000 |
Total amount outstanding | 12,100,000,000 | 12,400,000,000 |
Carrying value | 23,000,000 | 21,000,000 |
Derivative instruments deemed to be guarantees | ||
Maximum potential amount of future payments | ||
Expire within 1 year | 22,300,000,000 | 35,200,000,000 |
Expire after 1 year | 51,700,000,000 | 60,800,000,000 |
Total amount outstanding | 74,000,000,000 | 96,000,000,000 |
Carrying value | 2,660,000,000 | 474,000,000 |
Loans sold with recourse | ||
Maximum potential amount of future payments | ||
Expire within 1 year | 0 | 0 |
Expire after 1 year | 1,200,000,000 | 1,200,000,000 |
Total amount outstanding | 1,200,000,000 | 1,200,000,000 |
Carrying value | 7,000,000 | 7,000,000 |
Repurchase reserve for Consumer mortgages representations and warranties | 32,000,000 | 37,000,000 |
Securities lending indemnifications | ||
Maximum potential amount of future payments | ||
Expire within 1 year | 107,800,000,000 | 87,800,000,000 |
Expire after 1 year | 0 | 0 |
Total amount outstanding | 107,800,000,000 | 87,800,000,000 |
Carrying value | 0 | 0 |
Credit card merchant processing | ||
Maximum potential amount of future payments | ||
Expire within 1 year | 84,200,000,000 | 91,600,000,000 |
Expire after 1 year | 0 | 0 |
Total amount outstanding | 84,200,000,000 | 91,600,000,000 |
Carrying value | 0 | 0 |
Credit card arrangements with partners | ||
Maximum potential amount of future payments | ||
Expire within 1 year | 200,000,000 | 200,000,000 |
Expire after 1 year | 400,000,000 | 400,000,000 |
Total amount outstanding | 600,000,000 | 600,000,000 |
Carrying value | 7,000,000 | 23,000,000 |
Custody indemnifications and other | ||
Maximum potential amount of future payments | ||
Expire within 1 year | 0 | 0 |
Expire after 1 year | 28,600,000,000 | 33,700,000,000 |
Total amount outstanding | 28,600,000,000 | 33,700,000,000 |
Carrying value | 40,000,000 | 41,000,000 |
Futures and over-the-counter derivatives clearing | ||
Maximum potential amount of future payments | ||
Amount of cash initial margin collected and remitted | $ 18,100,000,000 | $ 13,300,000,000 |
GUARANTEES, LEASES AND COMMIT_4
GUARANTEES, LEASES AND COMMITMENTS - Performance Risk (Details) - USD ($) $ in Billions | Mar. 31, 2020 | Dec. 31, 2019 |
Guarantor Obligations | ||
Maximum potential amount of future payments | $ 395.1 | $ 417.6 |
Investment grade | ||
Guarantor Obligations | ||
Maximum potential amount of future payments | 85.4 | 97.4 |
Non-investment grade | ||
Guarantor Obligations | ||
Maximum potential amount of future payments | 28.4 | 27.2 |
Not rated | ||
Guarantor Obligations | ||
Maximum potential amount of future payments | 281.3 | 293 |
Financial standby letters of credit | ||
Guarantor Obligations | ||
Maximum potential amount of future payments | 86.6 | 94.3 |
Financial standby letters of credit | Investment grade | ||
Guarantor Obligations | ||
Maximum potential amount of future payments | 59.8 | 66.4 |
Financial standby letters of credit | Non-investment grade | ||
Guarantor Obligations | ||
Maximum potential amount of future payments | 13.8 | 12.5 |
Financial standby letters of credit | Not rated | ||
Guarantor Obligations | ||
Maximum potential amount of future payments | 13 | 15.4 |
Performance guarantees | ||
Guarantor Obligations | ||
Maximum potential amount of future payments | 12.1 | 12.4 |
Performance guarantees | Investment grade | ||
Guarantor Obligations | ||
Maximum potential amount of future payments | 9.3 | 9.7 |
Performance guarantees | Non-investment grade | ||
Guarantor Obligations | ||
Maximum potential amount of future payments | 2.3 | 2.3 |
Performance guarantees | Not rated | ||
Guarantor Obligations | ||
Maximum potential amount of future payments | 0.5 | 0.4 |
Derivative instruments deemed to be guarantees | ||
Guarantor Obligations | ||
Maximum potential amount of future payments | 74 | 96 |
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 | 74 | 96 |
Loans sold with recourse | ||
Guarantor Obligations | ||
Maximum potential amount of future payments | 1.2 | 1.2 |
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 | 1.2 | 1.2 |
Securities lending indemnifications | ||
Guarantor Obligations | ||
Maximum potential amount of future payments | 107.8 | 87.8 |
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 | 107.8 | 87.8 |
Credit card merchant processing | ||
Guarantor Obligations | ||
Maximum potential amount of future payments | 84.2 | 91.6 |
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 | 84.2 | 91.6 |
Credit card arrangements with partners | ||
Guarantor Obligations | ||
Maximum potential amount of future payments | 0.6 | 0.6 |
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 | 0.6 | 0.6 |
Custody indemnifications and other | ||
Guarantor Obligations | ||
Maximum potential amount of future payments | 28.6 | 33.7 |
Custody indemnifications and other | Investment grade | ||
Guarantor Obligations | ||
Maximum potential amount of future payments | 16.3 | 21.3 |
Custody indemnifications and other | Non-investment grade | ||
Guarantor Obligations | ||
Maximum potential amount of future payments | 12.3 | 12.4 |
Custody indemnifications and other | Not rated | ||
Guarantor Obligations | ||
Maximum potential amount of future payments | $ 0 | $ 0 |
GUARANTEES, LEASES AND COMMIT_5
GUARANTEES, LEASES AND COMMITMENTS - Leases (Details) - USD ($) $ in Billions | Mar. 31, 2020 | Dec. 31, 2019 |
Lessee, Lease, Description [Line Items] | ||
Operating lease ROU asset | $ 2.9 | $ 3.1 |
Operating lease, liability | $ 3.2 | $ 3.3 |
Weighted Average | ||
Lessee, Lease, Description [Line Items] | ||
Operating lease term | 6 years |
GUARANTEES, LEASES AND COMMIT_6
GUARANTEES, LEASES AND COMMITMENTS - Credit Commitments and Lines of Credit (Details) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
Guarantor Obligations | ||
Credit commitments | $ 1,036,694 | $ 1,066,364 |
Unsettled reverse repurchase and securities borrowing agreements | 67,800 | 34,000 |
Unsettled repurchase and securities lending agreements | 59,600 | 38,700 |
Commercial and similar letters of credit | ||
Guarantor Obligations | ||
Credit commitments | 4,616 | 4,533 |
One- to four-family residential mortgages | ||
Guarantor Obligations | ||
Credit commitments | 4,749 | 3,721 |
Revolving open-end loans secured by one- to four-family residential properties | ||
Guarantor Obligations | ||
Credit commitments | 10,419 | 10,799 |
Commercial real estate, construction and land development | ||
Guarantor Obligations | ||
Credit commitments | 11,390 | 12,981 |
Credit card lines | ||
Guarantor Obligations | ||
Credit commitments | 716,550 | 708,023 |
Commercial and other consumer loan commitments | ||
Guarantor Obligations | ||
Credit commitments | 285,685 | 324,359 |
Other commitments and contingencies | ||
Guarantor Obligations | ||
Credit commitments | 3,285 | $ 1,948 |
U.S. | ||
Guarantor Obligations | ||
Credit commitments | 828,586 | |
U.S. | Commercial and similar letters of credit | ||
Guarantor Obligations | ||
Credit commitments | 717 | |
U.S. | One- to four-family residential mortgages | ||
Guarantor Obligations | ||
Credit commitments | 2,862 | |
U.S. | Revolving open-end loans secured by one- to four-family residential properties | ||
Guarantor Obligations | ||
Credit commitments | 9,220 | |
U.S. | Commercial real estate, construction and land development | ||
Guarantor Obligations | ||
Credit commitments | 8,801 | |
U.S. | Credit card lines | ||
Guarantor Obligations | ||
Credit commitments | 621,188 | |
U.S. | Commercial and other consumer loan commitments | ||
Guarantor Obligations | ||
Credit commitments | 183,973 | |
U.S. | Other commitments and contingencies | ||
Guarantor Obligations | ||
Credit commitments | 1,825 | |
Outside of U.S. | ||
Guarantor Obligations | ||
Credit commitments | 208,108 | |
Outside of U.S. | Commercial and similar letters of credit | ||
Guarantor Obligations | ||
Credit commitments | 3,899 | |
Outside of U.S. | One- to four-family residential mortgages | ||
Guarantor Obligations | ||
Credit commitments | 1,887 | |
Outside of U.S. | Revolving open-end loans secured by one- to four-family residential properties | ||
Guarantor Obligations | ||
Credit commitments | 1,199 | |
Outside of U.S. | Commercial real estate, construction and land development | ||
Guarantor Obligations | ||
Credit commitments | 2,589 | |
Outside of U.S. | Credit card lines | ||
Guarantor Obligations | ||
Credit commitments | 95,362 | |
Outside of U.S. | Commercial and other consumer loan commitments | ||
Guarantor Obligations | ||
Credit commitments | 101,712 | |
Outside of U.S. | Other commitments and contingencies | ||
Guarantor Obligations | ||
Credit commitments | $ 1,460 |
GUARANTEES, LEASES AND COMMIT_7
GUARANTEES, LEASES AND COMMITMENTS - Restricted Cash (Details) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
Restricted Cash and Cash Equivalents Items [Line Items] | ||
Restricted cash | $ 13,701 | $ 30,251 |
Cash and due from banks | ||
Restricted Cash and Cash Equivalents Items [Line Items] | ||
Restricted cash | 2,978 | 3,758 |
Deposits with banks | ||
Restricted Cash and Cash Equivalents Items [Line Items] | ||
Restricted cash | $ 10,723 | $ 26,493 |
CONTINGENCIES (Details)
CONTINGENCIES (Details) $ in Billions | Mar. 31, 2020USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
Loss contingency, portion not accrued | $ 1.3 |
CONDENSED CONSOLIDATING FINAN_3
CONDENSED CONSOLIDATING FINANCIAL STATEMENTS - Condensed Consolidating Statements of Income and Comprehensive Income (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Revenues | ||
Dividends from subsidiaries | $ 0 | $ 0 |
Interest revenue | 17,139 | 19,076 |
Interest revenue—intercompany | 0 | 0 |
Interest expense | 5,647 | 7,317 |
Interest expense—intercompany | 0 | 0 |
Net interest revenue | 11,492 | 11,759 |
Commissions and fees | 3,021 | 2,926 |
Commissions and fees—intercompany | 0 | 0 |
Principal transactions | 5,261 | 2,804 |
Principal transactions—intercompany | 0 | 0 |
Other income | 957 | 1,087 |
Other income—intercompany | 0 | 0 |
Total non-interest revenues | 9,239 | 6,817 |
Total revenues, net of interest expense | 20,731 | 18,576 |
Total provisions for credit losses and for benefits and claims | 7,027 | 1,980 |
Operating expenses | ||
Compensation and benefits | 5,654 | 5,658 |
Compensation and benefits—intercompany | 0 | 0 |
Other operating | 4,940 | 4,926 |
Other operating—intercompany | 0 | 0 |
Total operating expenses | 10,594 | 10,584 |
Equity in undistributed income of subsidiaries | 0 | 0 |
Income (loss) from continuing operations before income taxes | 3,110 | 6,012 |
Provision for income taxes | 576 | 1,275 |
Income from continuing operations | 2,534 | 4,737 |
Loss from discontinued operations, net of taxes | (18) | (2) |
Net income before attribution of noncontrolling interests | 2,516 | 4,735 |
Noncontrolling interests | (6) | 25 |
Citigroup’s net income | 2,522 | 4,710 |
Comprehensive income | ||
Add: Other comprehensive income (loss) | 3,797 | 862 |
Citigroup’s total comprehensive income | 6,319 | 5,572 |
Add: Other comprehensive income (loss) attributable to noncontrolling interests | (51) | (13) |
Add: Net income attributable to noncontrolling interests | (6) | 25 |
Total comprehensive income (loss) | 6,262 | 5,584 |
Reportable legal entities | Citigroup parent company | ||
Revenues | ||
Dividends from subsidiaries | 105 | 9,167 |
Interest revenue | 0 | 0 |
Interest revenue—intercompany | 1,144 | 1,325 |
Interest expense | 1,143 | 1,271 |
Interest expense—intercompany | 248 | 312 |
Net interest revenue | (247) | (258) |
Commissions and fees | 0 | 0 |
Commissions and fees—intercompany | (19) | (1) |
Principal transactions | (672) | (825) |
Principal transactions—intercompany | 502 | 447 |
Other income | 80 | 319 |
Other income—intercompany | (70) | (34) |
Total non-interest revenues | (179) | (94) |
Total revenues, net of interest expense | (321) | 8,815 |
Total provisions for credit losses and for benefits and claims | 0 | 0 |
Operating expenses | ||
Compensation and benefits | 28 | 33 |
Compensation and benefits—intercompany | 74 | 26 |
Other operating | 23 | 5 |
Other operating—intercompany | 4 | 5 |
Total operating expenses | 129 | 69 |
Equity in undistributed income of subsidiaries | 2,368 | (4,203) |
Income (loss) from continuing operations before income taxes | 1,918 | 4,543 |
Provision for income taxes | (604) | (167) |
Income from continuing operations | 2,522 | 4,710 |
Loss from discontinued operations, net of taxes | 0 | 0 |
Net income before attribution of noncontrolling interests | 2,522 | 4,710 |
Noncontrolling interests | 0 | 0 |
Citigroup’s net income | 2,522 | 4,710 |
Comprehensive income | ||
Add: Other comprehensive income (loss) | 3,797 | 862 |
Citigroup’s total comprehensive income | 6,319 | 5,572 |
Add: Other comprehensive income (loss) attributable to noncontrolling interests | 0 | 0 |
Add: Net income attributable to noncontrolling interests | 0 | 0 |
Total comprehensive income (loss) | 6,319 | 5,572 |
Reportable legal entities | CGMHI | ||
Revenues | ||
Dividends from subsidiaries | 0 | 0 |
Interest revenue | 1,903 | 2,572 |
Interest revenue—intercompany | 341 | 503 |
Interest expense | 1,141 | 1,824 |
Interest expense—intercompany | 782 | 1,075 |
Net interest revenue | 321 | 176 |
Commissions and fees | 1,550 | 1,307 |
Commissions and fees—intercompany | 164 | 121 |
Principal transactions | 6,254 | (1,034) |
Principal transactions—intercompany | (4,391) | 2,036 |
Other income | 49 | 99 |
Other income—intercompany | 13 | 42 |
Total non-interest revenues | 3,639 | 2,571 |
Total revenues, net of interest expense | 3,960 | 2,747 |
Total provisions for credit losses and for benefits and claims | (1) | 0 |
Operating expenses | ||
Compensation and benefits | 1,296 | 1,284 |
Compensation and benefits—intercompany | 0 | 0 |
Other operating | 598 | 553 |
Other operating—intercompany | 482 | 582 |
Total operating expenses | 2,376 | 2,419 |
Equity in undistributed income of subsidiaries | 0 | 0 |
Income (loss) from continuing operations before income taxes | 1,585 | 328 |
Provision for income taxes | 337 | 140 |
Income from continuing operations | 1,248 | 188 |
Loss from discontinued operations, net of taxes | 0 | 0 |
Net income before attribution of noncontrolling interests | 1,248 | 188 |
Noncontrolling interests | 0 | 0 |
Citigroup’s net income | 1,248 | 188 |
Comprehensive income | ||
Add: Other comprehensive income (loss) | 1,757 | (289) |
Citigroup’s total comprehensive income | 3,005 | (101) |
Add: Other comprehensive income (loss) attributable to noncontrolling interests | 0 | 0 |
Add: Net income attributable to noncontrolling interests | 0 | 0 |
Total comprehensive income (loss) | 3,005 | (101) |
Reportable legal entities | Other Citigroup subsidiaries and eliminations | ||
Revenues | ||
Dividends from subsidiaries | 0 | 0 |
Interest revenue | 15,236 | 16,504 |
Interest revenue—intercompany | (1,485) | (1,828) |
Interest expense | 3,363 | 4,222 |
Interest expense—intercompany | (1,030) | (1,387) |
Net interest revenue | 11,418 | 11,841 |
Commissions and fees | 1,471 | 1,619 |
Commissions and fees—intercompany | (145) | (120) |
Principal transactions | (321) | 4,663 |
Principal transactions—intercompany | 3,889 | (2,483) |
Other income | 828 | 669 |
Other income—intercompany | 57 | (8) |
Total non-interest revenues | 5,779 | 4,340 |
Total revenues, net of interest expense | 17,197 | 16,181 |
Total provisions for credit losses and for benefits and claims | 7,028 | 1,980 |
Operating expenses | ||
Compensation and benefits | 4,330 | 4,341 |
Compensation and benefits—intercompany | (74) | (26) |
Other operating | 4,319 | 4,368 |
Other operating—intercompany | (486) | (587) |
Total operating expenses | 8,089 | 8,096 |
Equity in undistributed income of subsidiaries | 0 | 0 |
Income (loss) from continuing operations before income taxes | 2,080 | 6,105 |
Provision for income taxes | 843 | 1,302 |
Income from continuing operations | 1,237 | 4,803 |
Loss from discontinued operations, net of taxes | (18) | (2) |
Net income before attribution of noncontrolling interests | 1,219 | 4,801 |
Noncontrolling interests | (6) | 25 |
Citigroup’s net income | 1,225 | 4,776 |
Comprehensive income | ||
Add: Other comprehensive income (loss) | 1,179 | 999 |
Citigroup’s total comprehensive income | 2,404 | 5,775 |
Add: Other comprehensive income (loss) attributable to noncontrolling interests | (51) | (13) |
Add: Net income attributable to noncontrolling interests | (6) | 25 |
Total comprehensive income (loss) | 2,347 | 5,787 |
Consolidating adjustments | ||
Revenues | ||
Dividends from subsidiaries | (105) | (9,167) |
Interest revenue | 0 | 0 |
Interest revenue—intercompany | 0 | 0 |
Interest expense | 0 | 0 |
Interest expense—intercompany | 0 | 0 |
Net interest revenue | 0 | 0 |
Commissions and fees | 0 | 0 |
Commissions and fees—intercompany | 0 | 0 |
Principal transactions | 0 | 0 |
Principal transactions—intercompany | 0 | 0 |
Other income | 0 | 0 |
Other income—intercompany | 0 | 0 |
Total non-interest revenues | 0 | 0 |
Total revenues, net of interest expense | (105) | (9,167) |
Total provisions for credit losses and for benefits and claims | 0 | 0 |
Operating expenses | ||
Compensation and benefits | 0 | 0 |
Compensation and benefits—intercompany | 0 | 0 |
Other operating | 0 | 0 |
Other operating—intercompany | 0 | 0 |
Total operating expenses | 0 | 0 |
Equity in undistributed income of subsidiaries | (2,368) | 4,203 |
Income (loss) from continuing operations before income taxes | (2,473) | (4,964) |
Provision for income taxes | 0 | 0 |
Income from continuing operations | (2,473) | (4,964) |
Loss from discontinued operations, net of taxes | 0 | 0 |
Net income before attribution of noncontrolling interests | (2,473) | (4,964) |
Noncontrolling interests | 0 | 0 |
Citigroup’s net income | (2,473) | (4,964) |
Comprehensive income | ||
Add: Other comprehensive income (loss) | (2,936) | (710) |
Citigroup’s total comprehensive income | (5,409) | (5,674) |
Add: Other comprehensive income (loss) attributable to noncontrolling interests | 0 | 0 |
Add: Net income attributable to noncontrolling interests | 0 | 0 |
Total comprehensive income (loss) | $ (5,409) | $ (5,674) |
CONDENSED CONSOLIDATING FINAN_4
CONDENSED CONSOLIDATING FINANCIAL STATEMENTS - Condensed Consolidating Balance Sheets (Details) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 | Mar. 31, 2019 | Dec. 31, 2018 |
Assets | ||||
Cash and due from banks | $ 23,755 | $ 23,967 | ||
Cash and due from banks—intercompany | 0 | 0 | ||
Deposits with banks | 262,165 | 169,952 | ||
Deposits with banks—intercompany | 0 | 0 | ||
Securities borrowed or purchased under agreements to resell | 262,536 | 251,322 | ||
Securities borrowed and purchased under resale agreements—intercompany | 0 | 0 | ||
Trading account assets | 365,000 | 276,140 | ||
Trading account assets—intercompany | 0 | 0 | ||
Investments | 398,883 | 368,563 | ||
Loans, net of unearned income | 721,020 | 699,483 | ||
Loans, net of unearned income—intercompany | 0 | 0 | ||
Allowance for credit losses on loans (ACLL) | (20,841) | (12,783) | $ (12,329) | $ (12,315) |
Total loans, net | 700,179 | 686,700 | ||
Advances to subsidiaries | 0 | 0 | ||
Investments in subsidiaries | 0 | 0 | ||
Other assets | 207,252 | 174,514 | ||
Other assets—intercompany | 0 | 0 | ||
Total assets | 2,219,770 | 1,951,158 | ||
Liabilities and equity | ||||
Deposits | 1,184,911 | 1,070,590 | ||
Deposits—intercompany | 0 | 0 | ||
Securities loaned and sold under agreements to repurchase (including $62,734 and $40,651 as of March 31, 2020 and December 31, 2019, respectively, at fair value) | 222,324 | 166,339 | ||
Securities loaned and sold under repurchase agreements—intercompany | 0 | 0 | ||
Trading account liabilities | 163,995 | 119,894 | ||
Trading account liabilities—intercompany | 0 | 0 | ||
Short-term borrowings | 54,951 | 45,049 | ||
Short-term borrowings—intercompany | 0 | 0 | ||
Long-term debt | 266,098 | 248,760 | ||
Long-term debt—intercompany | 0 | 0 | ||
Advances from subsidiaries | 0 | 0 | ||
Other liabilities, including allowance | 134,509 | 106,580 | ||
Other liabilities—intercompany | 0 | 0 | ||
Stockholders’ equity | 192,982 | 193,946 | $ 197,015 | |
Total liabilities and equity | 2,219,770 | 1,951,158 | ||
Other | 112,873 | 107,709 | ||
Citigroup parent company | ||||
Liabilities and equity | ||||
Long-term debt | 156,461 | 150,477 | ||
Citibank, N.A. | ||||
Liabilities and equity | ||||
Other | 43,300 | 35,100 | ||
Reportable legal entities | Citigroup parent company | ||||
Assets | ||||
Cash and due from banks | 0 | 0 | ||
Cash and due from banks—intercompany | 15 | 21 | ||
Deposits with banks | 0 | 0 | ||
Deposits with banks—intercompany | 3,000 | 3,000 | ||
Securities borrowed or purchased under agreements to resell | 0 | 0 | ||
Securities borrowed and purchased under resale agreements—intercompany | 0 | 0 | ||
Trading account assets | 329 | 286 | ||
Trading account assets—intercompany | 167 | 426 | ||
Investments | 1 | 1 | ||
Loans, net of unearned income | 0 | 0 | ||
Loans, net of unearned income—intercompany | 0 | 0 | ||
Allowance for credit losses on loans (ACLL) | 0 | 0 | ||
Total loans, net | 0 | 0 | ||
Advances to subsidiaries | 142,560 | 144,587 | ||
Investments in subsidiaries | 204,662 | 202,116 | ||
Other assets | 12,152 | 12,377 | ||
Other assets—intercompany | 3,451 | 2,799 | ||
Total assets | 366,337 | 365,613 | ||
Liabilities and equity | ||||
Deposits | 0 | 0 | ||
Deposits—intercompany | 0 | 0 | ||
Securities loaned and sold under agreements to repurchase (including $62,734 and $40,651 as of March 31, 2020 and December 31, 2019, respectively, at fair value) | 0 | 0 | ||
Securities loaned and sold under repurchase agreements—intercompany | 0 | 0 | ||
Trading account liabilities | 0 | 1 | ||
Trading account liabilities—intercompany | 445 | 379 | ||
Short-term borrowings | 28 | 66 | ||
Short-term borrowings—intercompany | 0 | 0 | ||
Long-term debt | 156,461 | 150,477 | ||
Long-term debt—intercompany | 0 | 0 | ||
Advances from subsidiaries | 13,996 | 20,503 | ||
Other liabilities, including allowance | 3,001 | 937 | ||
Other liabilities—intercompany | 75 | 8 | ||
Stockholders’ equity | 192,331 | 193,242 | ||
Total liabilities and equity | 366,337 | 365,613 | ||
Reportable legal entities | CGMHI | ||||
Assets | ||||
Cash and due from banks | 616 | 586 | ||
Cash and due from banks—intercompany | 3,909 | 5,095 | ||
Deposits with banks | 6,581 | 4,050 | ||
Deposits with banks—intercompany | 8,392 | 6,710 | ||
Securities borrowed or purchased under agreements to resell | 200,718 | 195,537 | ||
Securities borrowed and purchased under resale agreements—intercompany | 24,686 | 21,446 | ||
Trading account assets | 212,464 | 152,115 | ||
Trading account assets—intercompany | 6,045 | 5,858 | ||
Investments | 508 | 541 | ||
Loans, net of unearned income | 1,722 | 2,497 | ||
Loans, net of unearned income—intercompany | 0 | 0 | ||
Allowance for credit losses on loans (ACLL) | 0 | 0 | ||
Total loans, net | 1,722 | 2,497 | ||
Advances to subsidiaries | 0 | 0 | ||
Investments in subsidiaries | 0 | 0 | ||
Other assets | 84,877 | 54,784 | ||
Other assets—intercompany | 50,312 | 45,588 | ||
Total assets | 600,830 | 494,807 | ||
Liabilities and equity | ||||
Deposits | 0 | 0 | ||
Deposits—intercompany | 0 | 0 | ||
Securities loaned and sold under agreements to repurchase (including $62,734 and $40,651 as of March 31, 2020 and December 31, 2019, respectively, at fair value) | 201,631 | 145,473 | ||
Securities loaned and sold under repurchase agreements—intercompany | 29,764 | 36,581 | ||
Trading account liabilities | 104,146 | 80,100 | ||
Trading account liabilities—intercompany | 5,421 | 5,109 | ||
Short-term borrowings | 13,997 | 11,096 | ||
Short-term borrowings—intercompany | 25,563 | 17,129 | ||
Long-term debt | 37,118 | 39,578 | ||
Long-term debt—intercompany | 65,945 | 66,791 | ||
Advances from subsidiaries | 0 | 0 | ||
Other liabilities, including allowance | 71,096 | 51,777 | ||
Other liabilities—intercompany | 10,464 | 8,414 | ||
Stockholders’ equity | 35,685 | 32,759 | ||
Total liabilities and equity | 600,830 | 494,807 | ||
Reportable legal entities | Other Citigroup subsidiaries and eliminations | ||||
Assets | ||||
Cash and due from banks | 23,139 | 23,381 | ||
Cash and due from banks—intercompany | (3,924) | (5,116) | ||
Deposits with banks | 255,584 | 165,902 | ||
Deposits with banks—intercompany | (11,392) | (9,710) | ||
Securities borrowed or purchased under agreements to resell | 61,818 | 55,785 | ||
Securities borrowed and purchased under resale agreements—intercompany | (24,686) | (21,446) | ||
Trading account assets | 152,207 | 123,739 | ||
Trading account assets—intercompany | (6,212) | (6,284) | ||
Investments | 398,374 | 368,021 | ||
Loans, net of unearned income | 719,298 | 696,986 | ||
Loans, net of unearned income—intercompany | 0 | 0 | ||
Allowance for credit losses on loans (ACLL) | (20,841) | (12,783) | ||
Total loans, net | 698,457 | 684,203 | ||
Advances to subsidiaries | (142,560) | (144,587) | ||
Investments in subsidiaries | 0 | 0 | ||
Other assets | 110,223 | 107,353 | ||
Other assets—intercompany | (53,763) | (48,387) | ||
Total assets | 1,457,265 | 1,292,854 | ||
Liabilities and equity | ||||
Deposits | 1,184,911 | 1,070,590 | ||
Deposits—intercompany | 0 | 0 | ||
Securities loaned and sold under agreements to repurchase (including $62,734 and $40,651 as of March 31, 2020 and December 31, 2019, respectively, at fair value) | 20,693 | 20,866 | ||
Securities loaned and sold under repurchase agreements—intercompany | (29,764) | (36,581) | ||
Trading account liabilities | 59,849 | 39,793 | ||
Trading account liabilities—intercompany | (5,866) | (5,488) | ||
Short-term borrowings | 40,926 | 33,887 | ||
Short-term borrowings—intercompany | (25,563) | (17,129) | ||
Long-term debt | 72,519 | 58,705 | ||
Long-term debt—intercompany | (65,945) | (66,791) | ||
Advances from subsidiaries | (13,996) | (20,503) | ||
Other liabilities, including allowance | 60,412 | 53,866 | ||
Other liabilities—intercompany | (10,539) | (8,422) | ||
Stockholders’ equity | 169,628 | 170,061 | ||
Total liabilities and equity | 1,457,265 | 1,292,854 | ||
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 | ||
Securities borrowed or purchased under agreements to resell | 0 | 0 | ||
Securities borrowed and purchased under 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 credit losses on loans (ACLL) | 0 | 0 | ||
Total loans, net | 0 | 0 | ||
Advances to subsidiaries | 0 | 0 | ||
Investments in subsidiaries | (204,662) | (202,116) | ||
Other assets | 0 | 0 | ||
Other assets—intercompany | 0 | 0 | ||
Total assets | (204,662) | (202,116) | ||
Liabilities and equity | ||||
Deposits | 0 | 0 | ||
Deposits—intercompany | 0 | 0 | ||
Securities loaned and sold under agreements to repurchase (including $62,734 and $40,651 as of March 31, 2020 and December 31, 2019, respectively, at fair value) | 0 | 0 | ||
Securities loaned and sold under repurchase agreements—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, including allowance | 0 | 0 | ||
Other liabilities—intercompany | 0 | 0 | ||
Stockholders’ equity | (204,662) | (202,116) | ||
Total liabilities and equity | (204,662) | (202,116) | ||
Up to 30 days | Citibank, N.A. | ||||
Liabilities and equity | ||||
Placements with term of less than 30 days | $ 38,100 | $ 24,900 |
CONDENSED CONSOLIDATING FINAN_5
CONDENSED CONSOLIDATING FINANCIAL STATEMENTS - Condensed Consolidating Statement of Cash Flows (Details) - USD ($) $ in Millions | 3 Months Ended | |||||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2020 | Dec. 31, 2019 | Mar. 31, 2019 | ||
Condensed Cash Flow Statements, Captions [Line Items] | ||||||
Net cash provided by (used in) operating activities of continuing operations | $ (25,533) | $ (37,616) | ||||
Cash flows from investing activities of continuing operations | ||||||
Purchases of investments | (108,658) | (69,673) | ||||
Proceeds from sales of investments | 44,399 | 31,436 | ||||
Proceeds from maturities of investments | 29,203 | 47,363 | ||||
Change in loans | (26,743) | (892) | ||||
Proceeds from sales and securitizations of loans | 596 | 2,062 | ||||
Proceeds from significant disposals | [1] | 0 | ||||
Change in securities borrowed and purchased under agreements to resell | (11,214) | 6,189 | ||||
Changes in investments and advances—intercompany | 0 | 0 | ||||
Other investing activities | (440) | (442) | ||||
Net cash provided by (used in) investing activities of continuing operations | (72,857) | 16,043 | ||||
Cash flows from financing activities of continuing operations | ||||||
Dividends paid | (1,365) | (1,320) | ||||
Issuance of preferred stock | 1,500 | 0 | ||||
Redemption of preferred stock | (1,500) | (480) | ||||
Treasury stock acquired | (2,925) | (4,055) | ||||
Proceeds (repayments) from issuance of long-term debt, net | 15,846 | 8,984 | ||||
Proceeds (repayments) from issuance of long-term debt—intercompany, net | 0 | 0 | ||||
Change in deposits | 114,321 | 17,186 | ||||
Change in securities loaned and sold under agreements to repurchase | 55,985 | 12,604 | ||||
Change in short-term borrowings | 9,902 | 6,976 | ||||
Net change in short-term borrowings and other advances—intercompany | 0 | 0 | ||||
Capital contributions from parent | 0 | |||||
Other financing activities | (406) | (358) | ||||
Net cash provided by (used in) financing activities of continuing operations | 191,358 | 39,537 | ||||
Effect of exchange rate changes on cash and due from banks | (967) | (176) | ||||
Change in cash and due from banks and deposits with banks | 92,001 | 17,788 | ||||
Cash, due from banks and deposits with banks at beginning of period | 193,919 | 188,105 | ||||
Cash, due from banks and deposits with banks at end of period | 285,920 | 205,893 | ||||
Cash and due from banks | $ 23,755 | $ 23,967 | $ 24,448 | |||
Deposits with banks, net of allowance | 262,165 | 169,952 | 181,445 | |||
Cash and due from banks and deposits with banks at end of period | 285,920 | 188,105 | 285,920 | 193,919 | 205,893 | |
Supplemental disclosure of cash flow information for continuing operations | ||||||
Cash paid during the period for income taxes | 1,441 | 1,325 | ||||
Cash paid during the period for interest | 5,424 | 6,931 | ||||
Non-cash investing activities | ||||||
Transfers to loans HFS from loans | [1] | 224 | 2,000 | |||
Reportable legal entities | Citigroup parent company | ||||||
Condensed Cash Flow Statements, Captions [Line Items] | ||||||
Net cash provided by (used in) operating activities of continuing operations | 4,334 | 10,950 | ||||
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 | |||||
Change in securities borrowed and purchased under agreements to resell | 0 | 0 | ||||
Changes in investments and advances—intercompany | 1,121 | (106) | ||||
Other investing activities | 0 | 0 | ||||
Net cash provided by (used in) investing activities of continuing operations | 1,121 | (106) | ||||
Cash flows from financing activities of continuing operations | ||||||
Dividends paid | (1,365) | (1,320) | ||||
Issuance of preferred stock | 1,500 | |||||
Redemption of preferred stock | (1,500) | (480) | ||||
Treasury stock acquired | (2,925) | (4,055) | ||||
Proceeds (repayments) from issuance of long-term debt, net | 5,742 | 5,199 | ||||
Proceeds (repayments) from issuance of long-term debt—intercompany, net | 0 | |||||
Change in deposits | 0 | 0 | ||||
Change in securities loaned and sold under agreements to repurchase | 0 | 0 | ||||
Change in short-term borrowings | 0 | 0 | ||||
Net change in short-term borrowings and other advances—intercompany | (6,507) | (9,838) | ||||
Capital contributions from parent | 0 | |||||
Other financing activities | (406) | (358) | ||||
Net cash provided by (used in) financing activities of continuing operations | (5,461) | (10,852) | ||||
Effect of exchange rate changes on cash and due from banks | 0 | 0 | ||||
Change in cash and due from banks and deposits with banks | (6) | (8) | ||||
Cash, due from banks and deposits with banks at beginning of period | 3,021 | 3,020 | ||||
Cash, due from banks and deposits with banks at end of period | 3,015 | 3,012 | ||||
Cash and due from banks | 15 | 12 | ||||
Deposits with banks, net of allowance | 3,000 | 3,000 | ||||
Cash and due from banks and deposits with banks at end of period | 3,015 | 3,012 | 3,015 | 3,021 | 3,012 | |
Supplemental disclosure of cash flow information for continuing operations | ||||||
Cash paid during the period for income taxes | 16 | 306 | ||||
Cash paid during the period for interest | 998 | 956 | ||||
Non-cash investing activities | ||||||
Transfers to loans HFS from loans | 0 | 0 | ||||
Reportable legal entities | CGMHI | ||||||
Condensed Cash Flow Statements, Captions [Line Items] | ||||||
Net cash provided by (used in) operating activities of continuing operations | (38,869) | (30,786) | ||||
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 | |||||
Change in securities borrowed and purchased under agreements to resell | (8,421) | 6,748 | ||||
Changes in investments and advances—intercompany | (9,442) | (6,636) | ||||
Other investing activities | 0 | (17) | ||||
Net cash provided by (used in) investing activities of continuing operations | (17,863) | 95 | ||||
Cash flows from financing activities of continuing operations | ||||||
Dividends paid | 0 | 0 | ||||
Issuance of preferred stock | 0 | |||||
Redemption of preferred stock | 0 | 0 | ||||
Treasury stock acquired | 0 | 0 | ||||
Proceeds (repayments) from issuance of long-term debt, net | 72 | 5,576 | ||||
Proceeds (repayments) from issuance of long-term debt—intercompany, net | 554 | (1,295) | ||||
Change in deposits | 0 | 0 | ||||
Change in securities loaned and sold under agreements to repurchase | 49,341 | 15,217 | ||||
Change in short-term borrowings | 2,901 | 2,829 | ||||
Net change in short-term borrowings and other advances—intercompany | 7,040 | 9,125 | ||||
Capital contributions from parent | 0 | |||||
Other financing activities | (119) | 0 | ||||
Net cash provided by (used in) financing activities of continuing operations | 59,789 | 31,452 | ||||
Effect of exchange rate changes on cash and due from banks | 0 | 0 | ||||
Change in cash and due from banks and deposits with banks | 3,057 | 761 | ||||
Cash, due from banks and deposits with banks at beginning of period | 16,441 | 15,677 | ||||
Cash, due from banks and deposits with banks at end of period | 19,498 | 16,438 | ||||
Cash and due from banks | 4,525 | 4,916 | ||||
Deposits with banks, net of allowance | 14,973 | 11,522 | ||||
Cash and due from banks and deposits with banks at end of period | 19,498 | 16,438 | 19,498 | 16,441 | 16,438 | |
Supplemental disclosure of cash flow information for continuing operations | ||||||
Cash paid during the period for income taxes | 78 | 57 | ||||
Cash paid during the period for interest | 1,983 | 2,694 | ||||
Non-cash investing activities | ||||||
Transfers to loans HFS from loans | 0 | 0 | ||||
Reportable legal entities | Other Citigroup subsidiaries and eliminations | ||||||
Condensed Cash Flow Statements, Captions [Line Items] | ||||||
Net cash provided by (used in) operating activities of continuing operations | 9,002 | (17,780) | ||||
Cash flows from investing activities of continuing operations | ||||||
Purchases of investments | (108,658) | (69,673) | ||||
Proceeds from sales of investments | 44,399 | 31,436 | ||||
Proceeds from maturities of investments | 29,203 | 47,363 | ||||
Change in loans | (26,743) | (892) | ||||
Proceeds from sales and securitizations of loans | 596 | 2,062 | ||||
Proceeds from significant disposals | 0 | |||||
Change in securities borrowed and purchased under agreements to resell | (2,793) | (559) | ||||
Changes in investments and advances—intercompany | 8,321 | 6,742 | ||||
Other investing activities | (440) | (425) | ||||
Net cash provided by (used in) investing activities of continuing operations | (56,115) | 16,054 | ||||
Cash flows from financing activities of continuing operations | ||||||
Dividends paid | 0 | 0 | ||||
Issuance of preferred stock | 0 | |||||
Redemption of preferred stock | 0 | 0 | ||||
Treasury stock acquired | 0 | 0 | ||||
Proceeds (repayments) from issuance of long-term debt, net | 10,032 | (1,791) | ||||
Proceeds (repayments) from issuance of long-term debt—intercompany, net | (554) | 1,295 | ||||
Change in deposits | 114,321 | 17,186 | ||||
Change in securities loaned and sold under agreements to repurchase | 6,644 | (2,613) | ||||
Change in short-term borrowings | 7,001 | 4,147 | ||||
Net change in short-term borrowings and other advances—intercompany | (533) | 713 | ||||
Capital contributions from parent | 0 | |||||
Other financing activities | 119 | 0 | ||||
Net cash provided by (used in) financing activities of continuing operations | 137,030 | 18,937 | ||||
Effect of exchange rate changes on cash and due from banks | (967) | (176) | ||||
Change in cash and due from banks and deposits with banks | 88,950 | 17,035 | ||||
Cash, due from banks and deposits with banks at beginning of period | 174,457 | 169,408 | ||||
Cash, due from banks and deposits with banks at end of period | 263,407 | 186,443 | ||||
Cash and due from banks | 19,215 | 19,520 | ||||
Deposits with banks, net of allowance | 244,192 | 166,923 | ||||
Cash and due from banks and deposits with banks at end of period | 263,407 | 186,443 | 263,407 | 174,457 | 186,443 | |
Supplemental disclosure of cash flow information for continuing operations | ||||||
Cash paid during the period for income taxes | 1,347 | 962 | ||||
Cash paid during the period for interest | 2,443 | 3,281 | ||||
Non-cash investing activities | ||||||
Transfers to loans HFS from loans | 224 | 2,000 | ||||
Consolidating adjustments | ||||||
Condensed Cash Flow Statements, Captions [Line Items] | ||||||
Net cash provided by (used in) 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 | |||||
Change in securities borrowed and purchased under agreements to resell | 0 | 0 | ||||
Changes in investments and advances—intercompany | 0 | 0 | ||||
Other investing activities | 0 | 0 | ||||
Net cash provided by (used in) investing activities of continuing operations | 0 | 0 | ||||
Cash flows from financing activities of continuing operations | ||||||
Dividends paid | 0 | 0 | ||||
Issuance of preferred stock | 0 | |||||
Redemption of preferred stock | 0 | 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 securities loaned and sold under agreements to repurchase | 0 | 0 | ||||
Change in short-term borrowings | 0 | 0 | ||||
Net change in short-term borrowings and other advances—intercompany | 0 | 0 | ||||
Capital contributions from parent | 0 | |||||
Other financing activities | 0 | 0 | ||||
Net cash provided by (used in) 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, net of allowance | 0 | 0 | ||||
Cash and 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 period 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 | ||||
[1] | Operating and finance lease right-of-use assets and lease liabilities represent non-cash investing and financing activities, respectively, and are not included in the non-cash investing activities presented here. See Note 22 to the Consolidated Financial Statements for more information and balances as of March 31, 2020. |