Cover Page
Cover Page | 6 Months Ended |
Jun. 30, 2020shares | |
Entity Information [Line Items] | |
Document Type | 10-Q |
Document Quarterly Report | true |
Document Period End Date | Jun. 30, 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 | 2,081,864,894 |
Entity Central Index Key | 0000831001 |
Amendment Flag | false |
Current Fiscal Year End Date | --12-31 |
Document Fiscal Year Focus | 2020 |
Document Fiscal Period Focus | Q2 |
Common Stock, par value $.01 per share | |
Entity Information [Line Items] | |
Trading Symbol | C |
Title of 12(b) Security | Common Stock, par value $.01 per share |
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] | |
Trading Symbol | C Pr J |
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 |
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] | |
Trading Symbol | C Pr K |
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 |
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] | |
Trading Symbol | C Pr S |
Title of 12(b) Security | Depositary Shares, represent 1/1,000th interest in a share of 6.300% Noncum Pref Stock, Ser 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] | |
Trading Symbol | C/36Y |
Title of 12(b) Security | 7.625% TRUPs of Cap III (and registrant’s guaranty) |
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] | |
Trading Symbol | C N |
Title of 12(b) Security | 7.875% FXD / FRN TruPS of Cap XIII (and registrant’s guaranty) |
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] | |
Trading Symbol | C/67BP |
Title of 12(b) Security | 6.829% FXD / FRN Enhanced TruPS of Cap XVIII (and registrant’s guaranty) |
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] | |
Trading Symbol | MLPC |
Title of 12(b) Security | C-Tracks ETN Miller/Howard MLP Fundamental Index due Sept 2023 |
Security Exchange Name | NYSEArca |
C-Tracks Exchange-Traded Notes Miller/Howard Strategic Dividend Reinvestor Due September 16, 2024 | |
Entity Information [Line Items] | |
Trading Symbol | DIVC |
Title of 12(b) Security | C-Tracks ETN Miller/Howard Strategic Dividend Reinvestor due Sept 2024 |
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] | |
Trading Symbol | MLPE |
Title of 12(b) Security | C-Tracks ETN Miller/Howard Fund, Ser B, due July 2026 of CGMHI (and registrant’s guaranty) |
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] | |
Trading Symbol | DJPY |
Title of 12(b) Security | ETN VelocityShares Daily 4X Long USD vs JPY Ind due Dec 2032 of CGMHI (and registrant’s guaranty) |
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] | |
Trading Symbol | DGBP |
Title of 12(b) Security | ETN VelocityShares Daily 4X Long USD vs GBP Ind due Dec 2032 of CGMHI (and registrant’s guaranty) |
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] | |
Trading Symbol | DEUR |
Title of 12(b) Security | ETN VelocityShares Daily 4X Long USD vs EUR Ind due Dec 2032 of CGMHI (and registrant’s guaranty) |
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] | |
Trading Symbol | DCHF |
Title of 12(b) Security | ETN VelocityShares Daily 4X Long USD vs CHF Ind due Dec 2032 of CGMHI (and registrant’s guaranty) |
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] | |
Trading Symbol | DAUD |
Title of 12(b) Security | ETN VelocityShares Daily 4X Long USD vs AUD Ind due Dec 2032 of CGMHI (and registrant’s guaranty) |
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] | |
Trading Symbol | UJPY |
Title of 12(b) Security | ETN VelocityShares Daily 4X Long JPY vs USD Ind due Dec 2032 of CGMHI (and registrant’s guaranty) |
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] | |
Trading Symbol | UEUR |
Title of 12(b) Security | ETN VelocityShares Daily 4X Long EUR vs USD Ind due Dec 2032 of CGMHI (and registrant’s guaranty) |
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] | |
Trading Symbol | UGBP |
Title of 12(b) Security | ETN VelocityShares Daily 4X Long GBP vs USD Ind due Dec 2032 of CGMHI (and registrant’s guaranty) |
Security Exchange Name | NYSEArca |
CONSOLIDATED STATEMENT OF INCOM
CONSOLIDATED STATEMENT OF INCOME (UNAUDITED) - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | ||
Revenues | |||||
Interest revenue | $ 14,589 | $ 19,712 | $ 31,728 | $ 38,788 | |
Interest expense | 3,509 | 7,762 | 9,156 | 15,079 | |
Net interest revenue | 11,080 | 11,950 | 22,572 | 23,709 | |
Commissions and fees | 2,933 | 2,881 | 5,954 | 5,807 | |
Principal transactions | 4,157 | 1,874 | 9,418 | 4,678 | |
Administration and other fiduciary fees | 819 | 869 | 1,673 | 1,708 | |
Realized gains on sales of investments, net | 748 | 468 | 1,180 | 598 | |
Impairment losses on investments: | |||||
Impairment losses on investments and other assets | (69) | (5) | (124) | (13) | |
Provision for credit losses on AFS debt securities | [1] | (8) | 0 | (8) | 0 |
Net impairment losses recognized in earnings | (77) | (5) | (132) | (13) | |
Other revenue (loss) | 106 | 721 | (168) | 847 | |
Total non-interest revenues | 8,686 | 6,808 | 17,925 | 13,625 | |
Total revenues, net of interest expense | 19,766 | 18,758 | 40,497 | 37,334 | |
Provisions for credit losses and for benefits and claims | |||||
Provision for credit losses on loans | 7,696 | 2,089 | 14,140 | 4,033 | |
Provision for credit losses on held-to-maturity (HTM) debt securities | 31 | 0 | 37 | 0 | |
Provision for credit losses on other assets | 48 | 0 | 44 | 0 | |
Policyholder benefits and claims | 15 | 19 | 39 | 31 | |
Provision for credit losses on unfunded lending commitments | 113 | (15) | 670 | 9 | |
Total provisions for credit losses and for benefits and claims | 7,903 | 2,093 | 14,930 | 4,073 | |
Operating expenses | |||||
Compensation and benefits | 5,624 | 5,381 | 11,278 | 11,039 | |
Premises and equipment | 562 | 569 | 1,127 | 1,133 | |
Technology/communication | 1,741 | 1,724 | 3,464 | 3,444 | |
Advertising and marketing | 299 | 434 | 627 | 793 | |
Other operating | 2,189 | 2,392 | 4,513 | 4,675 | |
Total operating expenses | 10,415 | 10,500 | 21,009 | 21,084 | |
Income (loss) from continuing operations before income taxes | 1,448 | 6,165 | 4,558 | 12,177 | |
Provision for income taxes | 131 | 1,373 | 707 | 2,648 | |
Income from continuing operations | 1,317 | 4,792 | 3,851 | 9,529 | |
Discontinued operations | |||||
Loss from discontinued operations | (1) | (10) | (19) | (12) | |
Benefit for income taxes | 0 | (27) | 0 | (27) | |
Income (loss) from discontinued operations, net of taxes | (1) | 17 | (19) | 15 | |
Net income before attribution of noncontrolling interests | 1,316 | 4,809 | 3,832 | 9,544 | |
Noncontrolling interests | 0 | 10 | (6) | 35 | |
Citigroup’s net income | $ 1,316 | $ 4,799 | $ 3,838 | $ 9,509 | |
Basic earnings per share | |||||
Income from continuing operations (in dollars per share) | [2] | $ 0.51 | $ 1.94 | $ 1.57 | $ 3.81 |
Income from discontinued operations, net of taxes (in dollars per share) | [2] | 0 | 0.01 | (0.01) | 0.01 |
Net income (in dollars per share) | [2] | $ 0.51 | $ 1.95 | $ 1.56 | $ 3.82 |
Weighted average common shares outstanding (in shares) | 2,081.7 | 2,286.1 | 2,089.8 | 2,313.2 | |
Diluted earnings per share | |||||
Income from continuing operations (in dollars per share) | [2] | $ 0.51 | $ 1.94 | $ 1.57 | $ 3.81 |
Income (loss) from discontinued operations, net of taxes (in dollars per share) | [2] | 0 | 0.01 | (0.01) | 0.01 |
Net income (in dollars per share) | [2] | $ 0.50 | $ 1.95 | $ 1.56 | $ 3.82 |
Adjusted weighted average common shares outstanding (in shares) | 2,084.3 | 2,289 | 2,103 | 2,315.7 | |
[1] | In accordance with ASC 326. | ||||
[2] | Due to rounding, earnings per share on continuing operations and discontinued operations may not sum to earnings per share on net income. |
CONSOLIDATED STATEMENT OF COMPR
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (UNAUDITED) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | ||
Statement of Comprehensive Income [Abstract] | |||||
Citigroup’s net income | $ 1,316 | $ 4,799 | $ 3,838 | $ 9,509 | |
Add: Citigroup’s other comprehensive income | |||||
Net change in unrealized gains and losses on debt securities, net of taxes | [1] | 837 | 703 | 3,965 | 1,838 |
Net change in debt valuation adjustment (DVA), net of taxes | [1],[2] | (2,232) | 3 | 908 | (568) |
Net change in cash flow hedges, net of taxes | [1] | 74 | 517 | 1,971 | 803 |
Benefit plans liability adjustment, net of taxes | [1] | (77) | (253) | (363) | (317) |
Net change in foreign currency translation adjustment, net of taxes and hedges | [1] | 561 | 91 | (3,548) | 149 |
Net change in excluded component of fair value hedges, net of taxes | [1] | 13 | 44 | 40 | 62 |
Citigroup’s total other comprehensive income | [1] | (824) | 1,105 | 2,973 | 1,967 |
Citigroup’s total comprehensive income | 492 | 5,904 | 6,811 | 11,476 | |
Add: Other comprehensive income (loss) attributable to noncontrolling interests | 39 | 20 | (12) | 7 | |
Add: Net income attributable to noncontrolling interests | 0 | 10 | (6) | 35 | |
Total comprehensive income | $ 531 | $ 5,934 | $ 6,793 | $ 11,518 | |
[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 | Jun. 30, 2020 | Dec. 31, 2019 |
Assets | ||
Cash and due from banks (including segregated cash and other deposits) | $ 22,889 | $ 23,967 |
Deposits with banks, net of allowance | 286,884 | 169,952 |
Securities borrowed and purchased under agreements to resell (including $174,558 and $153,193 as of June 30, 2020 and December 31, 2019, respectively, at fair value), net of allowance | 282,917 | 251,322 |
Brokerage receivables, net of allowance | 51,633 | 39,857 |
Trading account assets (including $172,192 and $120,236 pledged to creditors at June 30, 2020 and December 31, 2019, respectively) | 362,311 | 276,140 |
Investments: | ||
Available-for-sale debt securities (including $6,281 and $8,721 pledged to creditors as of June 30, 2020 and December 31, 2019, respectively), net of allowance | 342,256 | 280,265 |
Held-to-maturity debt securities (including $488 and $1,923 pledged to creditors as of June 30, 2020 and December 31, 2019, respectively), net of allowance | 83,332 | 80,775 |
Equity securities (including $1,079 and $1,162 at fair value as of June 30, 2020 and December 31, 2019, respectively) | 7,665 | 7,523 |
Total investments | 433,253 | 368,563 |
Loans: | ||
Loans, net of unearned income | 685,292 | 699,483 |
Allowance for credit losses on loans (ACLL) | (26,420) | (12,783) |
Total loans, net | 658,872 | 686,700 |
Goodwill | 21,399 | 22,126 |
Intangible assets (including MSRs of $345 and $495 as of June 30, 2020 and December 31, 2019, at fair value) | 4,451 | 4,822 |
Other assets (including $12,734 and $12,830 as of June 30, 2020 and December 31, 2019, respectively, at fair value), net of allowance | 108,106 | 107,709 |
Total assets | 2,232,715 | 1,951,158 |
Liabilities | ||
Non-interest-bearing deposits in U.S. offices | 115,386 | 98,811 |
Interest-bearing deposits in U.S. offices (including $978 and $1,624 as of June 30, 2020 and December 31, 2019, respectively, at fair value) | 490,823 | 401,418 |
Non-interest-bearing deposits in offices outside the U.S. | 87,479 | 85,692 |
Interest-bearing deposits in offices outside the U.S. (including $1,494 and $695 as of June 30, 2020 and December 31, 2019, respectively, at fair value) | 539,972 | 484,669 |
Total deposits | 1,233,660 | 1,070,590 |
Securities loaned and sold under agreements to repurchase (including $59,445 and $40,651 as of June 30, 2020 and December 31, 2019, respectively, at fair value) | 215,722 | 166,339 |
Brokerage payables | 60,567 | 48,601 |
Trading account liabilities | 149,264 | 119,894 |
Short-term borrowings (including $6,646 and $4,946 as of June 30, 2020 and December 31, 2019, respectively, at fair value) | 40,156 | 45,049 |
Long-term debt (including $61,971 and $55,783 as of June 30, 2020 and December 31, 2019, respectively, at fair value) | 279,775 | 248,760 |
Other liabilities (including $5,789 and $6,343 as of June 30, 2020 and December 31, 2019, respectively, at fair value), including allowance | 61,269 | 57,979 |
Total liabilities | 2,040,413 | 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 | 107,668 | 107,840 |
Retained earnings | 163,431 | 165,369 |
Treasury stock, at cost: March 31, 2019—787,133,784 shares and December 31, 2018—731,099,833 shares | (64,143) | (61,660) |
Accumulated other comprehensive income (loss) (AOCI) | (33,345) | (36,318) |
Total Citigroup stockholders’ equity | 191,622 | 193,242 |
Noncontrolling interests | 680 | 704 |
Total equity | 192,302 | 193,946 |
Total liabilities and equity | 2,232,715 | 1,951,158 |
Consolidated VIEs | ||
Assets | ||
Cash and due from banks (including segregated cash and other deposits) | 114 | 108 |
Trading account assets (including $172,192 and $120,236 pledged to creditors at June 30, 2020 and December 31, 2019, respectively) | 7,452 | 6,719 |
Investments: | ||
Total investments | 940 | 1,295 |
Loans: | ||
Loans, net of unearned income | 55,925 | 63,152 |
Allowance for credit losses on loans (ACLL) | (4,059) | (1,841) |
Total loans, net | 51,866 | 61,311 |
Other assets (including $12,734 and $12,830 as of June 30, 2020 and December 31, 2019, respectively, at fair value), net of allowance | 52 | 73 |
Total assets | 60,424 | 69,506 |
Liabilities | ||
Short-term borrowings (including $6,646 and $4,946 as of June 30, 2020 and December 31, 2019, respectively, at fair value) | 10,505 | 10,031 |
Long-term debt (including $61,971 and $55,783 as of June 30, 2020 and December 31, 2019, respectively, at fair value) | 22,226 | 25,582 |
Other liabilities (including $5,789 and $6,343 as of June 30, 2020 and December 31, 2019, respectively, at fair value), including allowance | 664 | 917 |
Total liabilities | 33,395 | 36,530 |
Consumer | ||
Loans: | ||
Loans, net of unearned income | 281,113 | 309,548 |
Allowance for credit losses on loans (ACLL) | (19,596) | (9,897) |
Consumer | Consolidated VIEs | ||
Loans: | ||
Loans, net of unearned income | 39,435 | 46,977 |
Corporate | ||
Loans: | ||
Loans, net of unearned income | 404,179 | 389,935 |
Allowance for credit losses on loans (ACLL) | (6,824) | (2,886) |
Corporate | Consolidated VIEs | ||
Loans: | ||
Loans, net of unearned income | $ 16,490 | $ 16,175 |
CONSOLIDATED BALANCE SHEET (Par
CONSOLIDATED BALANCE SHEET (Parenthetical) - USD ($) $ in Millions | Jun. 30, 2020 | Dec. 31, 2019 |
Securities borrowed or purchased under agreements to resell, at fair value | $ 282,917 | $ 251,322 |
Trading account assets, pledged to creditors | 172,192 | 120,236 |
Available-for-sale securities, pledged to creditors | 6,281 | 8,721 |
Held-to-maturity securities, pledged to creditors | 488 | 1,923 |
Equity securities, at fair value | 1,079 | 1,162 |
Loans, net of unearned income | 685,292 | 699,483 |
Mortgage servicing rights | 345 | 495 |
Other assets, at fair value | 108,106 | 107,709 |
Interest-bearing deposits in U.S. offices | 490,823 | 401,418 |
Interest-bearing deposits in offices outside the U.S. | 539,972 | 484,669 |
Securities loaned or sold under agreements to repurchase, at fair value | 215,722 | 166,339 |
Short-term borrowings, at fair value | 40,156 | 45,049 |
Long-term debt, at fair value | 279,775 | 248,760 |
Other liabilities | $ 61,269 | $ 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) | 3,099,763,661 | 3,099,602,856 |
Treasury stock (in shares) | 1,017,898,767 | 985,479,501 |
Consumer | ||
Loans, net of unearned income | $ 281,113 | $ 309,548 |
Corporate | ||
Loans, net of unearned income | 404,179 | 389,935 |
Fair value | ||
Securities borrowed or purchased under agreements to resell, at fair value | 174,558 | 153,193 |
Other assets, at fair value | 12,734 | 12,830 |
Interest-bearing deposits in U.S. offices | 978 | 1,624 |
Interest-bearing deposits in offices outside the U.S. | 1,494 | 695 |
Securities loaned or sold under agreements to repurchase, at fair value | 59,445 | 40,651 |
Short-term borrowings, at fair value | 6,646 | 4,946 |
Long-term debt, at fair value | 61,971 | 55,783 |
Other liabilities | 5,789 | 6,343 |
Fair value | Consumer | ||
Loans, net of unearned income | 16 | 18 |
Fair value | Corporate | ||
Loans, net of unearned income | $ 5,783 | $ 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 | Retained earningsCumulative Effect, Period of Adoption, Adjustment | [1] | Retained earningsCumulative Effect, Period of Adoption, Adjusted Balance | 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 | $ 151 | $ 151,498 | $ (44,370) | $ (37,170) | $ 854 | ||||||
Increase (Decrease) in Stockholders' Equity | ||||||||||||||
Issuance of new preferred stock | 0 | |||||||||||||
Redemption of preferred stock | (480) | |||||||||||||
Employee benefit plans | (270) | 573 | [2] | |||||||||||
Preferred stock issuance costs | 0 | |||||||||||||
Common dividends | [3] | (2,116) | ||||||||||||
Preferred dividends | $ (558) | (558) | ||||||||||||
Other | 5 | (12) | (9) | |||||||||||
Treasury stock acquired | [4] | (7,630) | ||||||||||||
Citigroup's total other comprehensive income (loss) | 1,967 | 7 | ||||||||||||
Transactions between Citigroup and the noncontrolling-interest shareholders | (99) | |||||||||||||
Net income before attribution of noncontrolling interests | 9,544 | 9,509 | 35 | |||||||||||
Distributions paid to noncontrolling-interest shareholders | (37) | |||||||||||||
Net change in noncontrolling interests | (103) | |||||||||||||
Balance, end of period at Jun. 30, 2019 | 198,110 | $ 197,359 | 17,980 | $ 179,379 | 107,688 | 158,321 | (51,427) | (35,203) | 751 | |||||
Balance, beginning of period at Mar. 31, 2019 | 17,980 | 107,582 | 154,859 | 0 | 154,859 | (47,861) | (36,308) | 763 | ||||||
Increase (Decrease) in Stockholders' Equity | ||||||||||||||
Issuance of new preferred stock | 0 | |||||||||||||
Redemption of preferred stock | 0 | |||||||||||||
Employee benefit plans | 112 | 9 | [2] | |||||||||||
Preferred stock issuance costs | 0 | |||||||||||||
Common dividends | [3] | (1,041) | ||||||||||||
Preferred dividends | (296) | (296) | ||||||||||||
Other | (6) | 0 | (9) | |||||||||||
Treasury stock acquired | [4] | (3,575) | ||||||||||||
Citigroup's total other comprehensive income (loss) | 1,105 | 20 | ||||||||||||
Transactions between Citigroup and the noncontrolling-interest shareholders | 0 | |||||||||||||
Net income before attribution of noncontrolling interests | 4,809 | 4,799 | 10 | |||||||||||
Distributions paid to noncontrolling-interest shareholders | (33) | |||||||||||||
Net change in noncontrolling interests | (12) | |||||||||||||
Balance, end of period at Jun. 30, 2019 | 198,110 | 197,359 | 17,980 | 179,379 | 107,688 | 158,321 | (51,427) | (35,203) | 751 | |||||
Balance, beginning of period at Dec. 31, 2019 | 193,946 | 17,980 | 107,871 | 165,369 | (3,076) | 162,293 | (61,660) | (36,318) | 704 | |||||
Increase (Decrease) in Stockholders' Equity | ||||||||||||||
Issuance of new preferred stock | 1,500 | |||||||||||||
Redemption of preferred stock | (1,500) | |||||||||||||
Employee benefit plans | (174) | 442 | [2] | |||||||||||
Preferred stock issuance costs | 2 | |||||||||||||
Common dividends | [3] | (2,152) | ||||||||||||
Preferred dividends | (544) | (544) | ||||||||||||
Other | 0 | (4) | 0 | |||||||||||
Treasury stock acquired | [4] | (2,925) | ||||||||||||
Citigroup's total other comprehensive income (loss) | 2,973 | (12) | ||||||||||||
Transactions between Citigroup and the noncontrolling-interest shareholders | (6) | |||||||||||||
Net income before attribution of noncontrolling interests | 3,832 | 3,838 | (6) | |||||||||||
Distributions paid to noncontrolling-interest shareholders | 0 | |||||||||||||
Net change in noncontrolling interests | (24) | |||||||||||||
Balance, end of period at Jun. 30, 2020 | 192,302 | 191,622 | 17,980 | 173,642 | 107,699 | 163,431 | (64,143) | (33,345) | 680 | |||||
Balance, beginning of period at Mar. 31, 2020 | 17,980 | 107,581 | 163,438 | $ 0 | $ 163,438 | (64,147) | (32,521) | 651 | ||||||
Increase (Decrease) in Stockholders' Equity | ||||||||||||||
Issuance of new preferred stock | 0 | |||||||||||||
Redemption of preferred stock | 0 | |||||||||||||
Employee benefit plans | 118 | 4 | [2] | |||||||||||
Preferred stock issuance costs | 0 | |||||||||||||
Common dividends | [3] | (1,071) | ||||||||||||
Preferred dividends | (253) | (253) | ||||||||||||
Other | 0 | 1 | (10) | |||||||||||
Treasury stock acquired | [4] | 0 | ||||||||||||
Citigroup's total other comprehensive income (loss) | (824) | 39 | ||||||||||||
Transactions between Citigroup and the noncontrolling-interest shareholders | 0 | |||||||||||||
Net income before attribution of noncontrolling interests | 1,316 | 1,316 | 0 | |||||||||||
Distributions paid to noncontrolling-interest shareholders | 0 | |||||||||||||
Net change in noncontrolling interests | 29 | |||||||||||||
Balance, end of period at Jun. 30, 2020 | $ 192,302 | $ 191,622 | $ 17,980 | $ 173,642 | $ 107,699 | $ 163,431 | $ (64,143) | $ (33,345) | $ 680 | |||||
[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 and second quarters of 2020. Common dividends declared were $0.45 per share in the first and second quarters 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 | |||
Jun. 30, 2020 | Mar. 31, 2020 | Jun. 30, 2019 | Mar. 31, 2019 | |
Statement of Stockholders' Equity [Abstract] | ||||
Common dividends declared (in dollars per share) | $ 0.51 | $ 0.51 | $ 0.45 | $ 0.45 |
CONSOLIDATED STATEMENT OF CASH
CONSOLIDATED STATEMENT OF CASH FLOWS (UNAUDITED) - USD ($) $ in Millions | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | ||
Cash flows from operating activities of continuing operations | |||
Net income before attribution of noncontrolling interests | $ 3,832 | $ 9,544 | |
Noncontrolling interests | (6) | 35 | |
Citigroup’s net income | 3,838 | 9,509 | |
Loss from discontinued operations, net of taxes | (19) | 15 | |
Income from continuing operations—excluding noncontrolling interests | 3,857 | 9,494 | |
Adjustments to reconcile net income to net cash provided by (used in) operating activities of continuing operations | |||
Depreciation and amortization | 1,853 | 1,883 | |
Provisions for credit losses on loans and unfunded lending commitments | 14,810 | 4,042 | |
Realized gains from sales of investments | (1,180) | (598) | |
Impairment losses on investments | 124 | 13 | |
Change in trading account assets | (86,203) | (50,776) | |
Change in trading account liabilities | 29,370 | (8,011) | |
Change in brokerage receivables net of brokerage payables | 190 | (9,309) | |
Change in loans HFS | (1,200) | 1,029 | |
Change in other assets | 1,585 | (5,442) | |
Change in other liabilities | 2,620 | 6,462 | |
Other, net | 14,966 | 13,457 | |
Total adjustments | (23,065) | (47,250) | |
Net cash used in operating activities of continuing operations | (19,208) | (37,756) | |
Cash flows from investing activities of continuing operations | |||
Change in securities borrowed and purchased under agreements to resell | (31,595) | 10,915 | |
Change in loans | 7,943 | (7,803) | |
Proceeds from sales and securitizations of loans | 826 | 2,249 | |
Purchases of investments | (207,701) | (118,132) | |
Proceeds from sales of investments | 86,191 | 63,595 | |
Proceeds from maturities of investments | 53,909 | 57,684 | |
Capital expenditures on premises and equipment and capitalized software | (1,318) | (3,349) | |
Proceeds from sales of premises and equipment, subsidiaries and affiliates and repossessed assets | 12 | 68 | |
Other, net | 44 | 71 | |
Net cash provided by (used in) investing activities of continuing operations | (91,689) | 5,298 | |
Cash flows from financing activities of continuing operations | |||
Dividends paid | (2,679) | (2,650) | |
Issuance of preferred stock | 1,500 | 0 | |
Redemption of preferred stock | (1,500) | (480) | |
Treasury stock acquired | (2,925) | (7,518) | |
Stock tendered for payment of withholding taxes | (407) | (359) | |
Change in securities loaned and sold under agreements to repurchase | 49,383 | 3,365 | |
Issuance of long-term debt | 58,471 | 31,849 | |
Payments and redemptions of long-term debt | (32,297) | (18,428) | |
Change in deposits | 163,070 | 32,437 | |
Change in short-term borrowings | (4,893) | ||
Change in short-term borrowings | 10,096 | ||
Net cash provided by financing activities of continuing operations | 227,723 | 48,312 | |
Effect of exchange rate changes on cash and due from banks | (972) | (716) | |
Change in cash and due from banks and deposits with banks | 115,854 | 15,138 | |
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 | 309,773 | 203,243 | |
Cash and due from banks and deposits with banks at end of period | 309,773 | 203,243 | |
Supplemental disclosure of cash flow information for continuing operations | |||
Cash paid during the period for income taxes | 2,543 | 2,814 | |
Cash paid during the period for interest | 8,751 | 14,000 | |
Non-cash investing activities | |||
Transfers to loans HFS (Other assets) from loans | [1] | $ 1,036 | $ 3,600 |
[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 June 30, 2020. |
BASIS OF PRESENTATION, UPDATED
BASIS OF PRESENTATION, UPDATED ACCOUNTING POLICIES AND ACCOUNTING CHANGES | 6 Months Ended |
Jun. 30, 2020 | |
Accounting Policies [Abstract] | |
BASIS OF PRESENTATION, UPDATED ACCOUNTING POLICIES AND ACCOUNTING CHANGES | BASIS OF PRESENTATION, UPDATED ACCOUNTING POLICIES AND ACCOUNTING CHANGES Basis of Presentation The accompanying unaudited Consolidated Financial Statements as of June 30, 2020 and for the three- and-six-month periods ended June 30, 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) and Citigroup’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2020 (First Quarter of 2020 Form 10-Q). Certain financial information that is normally included in annual financial statements prepared in accordance with U.S. generally accepted accounting principles (GAAP), but is not required for interim reporting purposes, has been condensed or omitted. Management must make estimates and assumptions that affect the Consolidated Financial Statements and the related footnote disclosures. While management uses its best judgment, actual results could differ from those estimates. As noted above, the Notes to 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. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES See Note 1 to the Consolidated Financial Statements in both Citigroup’s 2019 Annual Report on Form 10-K and Citigroup’s First Quarter of 2020 Form 10-Q for a summary of all of Citigroup’s significant accounting policies. 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 introduced 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. Citi calculates a judgmental management adjustment, which is an alternative, more adverse scenario that only considers downside risk. 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 or second quarters 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. 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. The ASU was adopted by Citi as of June 30, 2020 with prospective application and did not impact the second quarter of 2020 results. Voluntary Change in the Accounting for Variable Post-Charge-Off Third-Party Collection Costs During the second quarter of 2020, there was a change in Citi`s ACL accounting estimate effected by a change in Citi`s accounting principle for variable post-charge-off third-party collection costs. These costs were previously accounted for as a reduction in credit recoveries. As a result of this change, beginning July 1, 2020, these costs are accounted for as an increase in operating expenses. Determining a preferable method of accounting for such costs is a judgmental matter; however, Citi concluded that such a change in the method of accounting is preferable in Citi’s circumstances as it better reflects the nature of these collection costs to investors. That is, these costs do not represent reduced payments from borrowers and are similar to Citi’s other executory third-party vendor contracts that are accounted for as operating expenses as incurred. As a result of this accounting change, Citi`s estimate for the consumer ACL was impacted and resulted in a one-time ACL release of approximately $426 million in the second quarter of 2020. This one-time ACL release reflects the impact to Citi’s ACL estimate of the revised credit recoveries incorporated in the ACL models. This change in accounting will result in a reclassification of approximately $50 million of collection costs from credit recoveries to operating expenses each quarter, beginning with the third quarter of 2020. |
DISCONTINUED OPERATIONS AND SIG
DISCONTINUED OPERATIONS AND SIGNIFICANT DISPOSALS | 6 Months Ended |
Jun. 30, 2020 | |
Discontinued Operations and Disposal Groups [Abstract] | |
DISCONTINUED OPERATIONS AND SIGNIFICANT DISPOSALS | DISCONTINUED OPERATIONS AND SIGNIFICANT DISPOSALS The Company’s results from Discontinued operations consisted of residual activities related to previously divested operations. All Discontinued operations results are recorded within Corporate/Other . The following summarizes financial information for all Discontinued operations : Three Months Ended Six Months Ended In millions of dollars 2020 2019 2020 2019 Total revenues, net of interest expense $ — $ — $ — $ — Loss from discontinued operations (1) $ (1) $ (10) $ (19) $ (12) Benefit for income taxes (2) — (27) — (27) Income (loss) from discontinued operations, net of taxes $ (1) $ 17 $ (19) $ 15 (1) Amounts in each period relate to the sale of the Egg Banking business in 2011. (2) The benefit for income taxes, recorded in 2019, includes a settlement for a tax audit related to the German Retail banking operations, which were divested in 2008. 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 | 6 Months Ended |
Jun. 30, 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 June 30, Revenues, net of interest expense (1) Provision (benefits) Income (loss) from continuing operations (2) Identifiable assets In millions of dollars, except identifiable assets in billions 2020 2019 2020 2019 2020 2019 June 30, December 31, 2019 Global Consumer Banking $ 7,339 $ 8,133 $ (161) $ 378 $ (398) $ 1,301 $ 423 $ 407 Institutional Clients Group 12,137 10,055 470 950 1,880 3,425 1,716 1,447 Corporate/Other 290 570 (178) 45 (165) 66 94 97 Total $ 19,766 $ 18,758 $ 131 $ 1,373 $ 1,317 $ 4,792 $ 2,233 $ 1,951 Six Months Ended June 30, Revenues, net of interest expense (3) Provision (benefits) Income (loss) from continuing operations (4) In millions of dollars 2020 2019 2020 2019 2020 2019 Global Consumer Banking $ 15,513 $ 16,223 $ (431) $ 759 $ (1,153) $ 2,621 Institutional Clients Group 24,621 20,073 1,514 1,905 5,506 6,837 Corporate/Other 363 1,038 (376) (16) (502) 71 Total $ 40,497 $ 37,334 $ 707 $ 2,648 $ 3,851 $ 9,529 (1) Includes total revenues, net of interest expense (excluding Corporate/Other ), in North America of $9.7 billion and $8.6 billion; in EMEA of $3.4 billion and $3.0 billion; in Latin America of $2.3 billion and $2.6 billion and in Asia of $4.1 billion and $4.0 billion for the three months ended June 30, 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 $3.9 billion and $2.0 billion; in the ICG results of $3.9 billion and $0.1 billion; and in the Corporate/Other results of $0.2 billion and $0.0 billion for the three months ended June 30, 2020 and 2019, respectively. (3) Includes total revenues, net of interest expense, in North America of $19.9 billion and $16.9 billion; in EMEA of $6.9 billion and $6.1 billion; in Latin America of $4.9 billion and $5.2 billion; and in Asia of $8.5 billion and $8.1 billion for the six months ended June 30, 2020 and 2019, respectively. Regional numbers exclude Corporate/Other , which largely operates within the U.S. (4) Includes pretax provisions for credit losses and for benefits and claims in the GCB results of $8.7 billion and $4.0 billion; in the ICG results of $5.9 billion and $0.2 billion; and in the Corporate/Other results of $356 million and $(47) million for the six months ended June 30, 2020 and 2019, respectively. |
INTEREST REVENUE AND EXPENSE
INTEREST REVENUE AND EXPENSE | 6 Months Ended |
Jun. 30, 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 June 30, Six Months Ended June 30, In millions of dollars 2020 2019 2020 2019 Interest revenue Loan interest, including fees $ 10,149 $ 11,981 $ 21,399 $ 23,949 Deposits with banks 159 736 686 1,343 Securities borrowed and purchased under agreements to resell 401 1,893 1,609 3,677 Investments, including dividends 2,097 2,505 4,378 5,053 Trading account assets (1) 1,673 2,140 3,263 3,826 Other interest 110 457 393 940 Total interest revenue $ 14,589 $ 19,712 $ 31,728 $ 38,788 Interest expense Deposits (2) $ 1,469 $ 3,284 $ 4,083 $ 6,311 Securities loaned and sold under agreements to repurchase 453 1,724 1,538 3,313 Trading account liabilities (1) 144 320 383 647 Short-term borrowings and other interest-bearing liabilities 140 715 524 1,367 Long-term debt 1,303 1,719 2,628 $ 3,441 Total interest expense $ 3,509 $ 7,762 $ 9,156 $ 15,079 Net interest revenue $ 11,080 $ 11,950 $ 22,572 $ 23,709 Provision for credit losses on loans 7,696 2,089 14,140 4,033 Net interest revenue after provision for credit losses on loans $ 3,384 $ 9,861 $ 8,432 $ 19,676 (1) Interest expense on Trading account liabilities of ICG is reported as a reduction of Interest revenue . Interest revenue and Interest expense on cash collateral positions are reported in interest on Trading account assets and Trading account liabilities , respectively. (2) Includes deposit insurance fees and charges of $270 million and $189 million for the three months ended June 30, 2020 and 2019, respectively, and $495 million and $382 million for the six months ended June 30, 2020 and 2019, respectively. |
COMMISSIONS AND FEES; ADMINISTR
COMMISSIONS AND FEES; ADMINISTRATION AND OTHER FIDUCIARY FEES | 6 Months Ended |
Jun. 30, 2020 | |
Other Income and Expenses [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 June 30, Six Months Ended June 30, 2020 2020 In millions of dollars ICG GCB Corporate/Other Total ICG GCB Corporate/Other Total Investment banking $ 1,358 $ — $ — $ 1,358 $ 2,398 $ — $ — $ 2,398 Brokerage commissions 482 204 — 686 1,059 453 — 1,512 Credit- and bank-card income Interchange fees 123 1,505 — 1,628 384 3,422 — 3,806 Card-related loan fees 3 132 — 135 14 298 — 312 Card rewards and partner payments (70) (1,745) — (1,815) (219) (3,838) — (4,057) Deposit-related fees (1) 220 85 — 305 453 200 — 653 Transactional service fees 215 20 — 235 442 44 — 486 Corporate finance (2) 149 — — 149 295 — — 295 Insurance distribution revenue 1 113 — 114 5 238 — 243 Insurance premiums — 31 — 31 — 74 — 74 Loan servicing 18 11 2 31 38 22 10 70 Other 27 46 3 76 57 102 3 162 Total commissions and fees (3) $ 2,526 $ 402 $ 5 $ 2,933 $ 4,926 $ 1,015 $ 13 $ 5,954 Three Months Ended June 30, Six Months Ended June 30, 2019 2019 In millions of dollars ICG GCB Corporate/Other Total ICG GCB Corporate/Other Total Investment banking $ 941 $ — $ — $ 941 $ 1,855 $ — $ — $ 1,855 Brokerage commissions 438 211 — 649 909 397 — 1,306 Credit- and bank-card income Interchange fees 314 2,197 — 2,511 593 4,180 — 4,773 Card-related loan fees 16 183 — 199 29 343 — 372 Card rewards and partner payments (175) (2,277) — (2,452) (328) (4,338) — (4,666) Deposit-related fees (1) 266 120 — 386 528 242 — 770 Transactional service fees 199 30 — 229 400 60 — 460 Corporate finance (2) 151 — — 151 330 — — 330 Insurance distribution revenue 2 129 — 131 6 261 — 267 Insurance premiums — 45 — 45 — 92 — 92 Loan servicing — 8 3 11 50 30 9 89 Other 14 66 — 80 30 128 1 159 Total commissions and fees (3) $ 2,166 $ 712 $ 3 $ 2,881 $ 4,402 $ 1,395 $ 10 $ 5,807 (1) Includes overdraft fees of $20 million and $31 million for the three months ended June 30, 2020 and 2019, respectively, and $51 million and $61 million for the six months ended June 30, 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 $(1,426) million and $(2,016) million not accounted for under ASC 606, Revenue from Contracts with Customers , for the three months ended June 30, 2020 and 2019, respectively, and $(3,228) million and $(3,719) million for the six months ended June 30, 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 June 30, Six Months Ended June 30, 2020 2020 In millions of dollars ICG GCB Corporate/Other Total ICG GCB Corporate/Other Total Custody fees $ 372 $ 6 $ 21 $ 399 $ 738 $ 14 $ 36 $ 788 Fiduciary fees 158 132 — 290 330 288 — 618 Guarantee fees 127 1 2 130 261 3 3 267 Total administration and other fiduciary fees (1) $ 657 $ 139 $ 23 $ 819 $ 1,329 $ 305 $ 39 $ 1,673 Three Months Ended June 30, Six Months Ended June 30, 2019 2019 In millions of dollars ICG GCB Corporate/Other Total ICG GCB Corporate/Other Total Custody fees $ 383 $ 4 $ 18 $ 405 $ 747 $ 7 $ 34 $ 788 Fiduciary fees 162 154 — 316 314 300 12 626 Guarantee fees 144 2 2 148 286 4 4 294 Total administration and other fiduciary fees (1) $ 689 $ 160 $ 20 $ 869 $ 1,347 $ 311 $ 50 $ 1,708 (1) Administration and other fiduciary fees includes $130 million and $148 million for the three months ended June 30, 2020 and 2019, respectively, and $267 million and $294 million for the six months ended June 30, 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 | 6 Months Ended |
Jun. 30, 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 June 30, Six Months Ended June 30, In millions of dollars 2020 2019 2020 2019 Interest rate risks (1) $ 1,843 $ 1,320 $ 3,820 $ 3,038 Foreign exchange risks (2) 1,114 427 2,109 900 Equity risks (3) 102 (1) 921 455 Commodity and other risks (4) 370 89 697 208 Credit products and risks (5) 728 39 1,871 77 Total $ 4,157 $ 1,874 $ 9,418 $ 4,678 (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 | 6 Months Ended |
Jun. 30, 2020 | |
Share-based Payment Arrangement [Abstract] | |
INCENTIVE PLANS | INCENTIVE PLANSFor 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 | 6 Months Ended |
Jun. 30, 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 June 30, Pension plans Postretirement benefit plans U.S. plans Non-U.S. plans U.S. plans Non-U.S. plans In millions of dollars 2020 2019 2020 2019 2020 2019 2020 2019 Benefits earned during the period $ — $ — $ 34 $ 35 $ — $ — $ 2 $ 2 Interest cost on benefit obligation 101 123 61 73 5 6 22 26 Expected return on plan assets (206) (202) (56) (68) (4) (4) (18) (21) Amortization of unrecognized: Prior service benefit — (1) (2) (1) — — (2) (3) Net actuarial loss 53 48 17 15 — — 5 6 Settlement loss (1) — — 3 2 — — — — Total net (benefit) expense $ (52) $ (32) $ 57 $ 56 $ 1 $ 2 $ 9 $ 10 (1) Losses due to settlement relate to repositioning and divestiture activities. Six Months Ended June 30, Pension plans Postretirement benefit plans U.S. plans Non-U.S. plans U.S. plans Non-U.S. plans In millions of dollars 2020 2019 2020 2019 2020 2019 2020 2019 Benefits earned during the period $ — $ — $ 71 $ 71 $ — $ — $ 4 $ 4 Interest cost on benefit obligation 207 253 125 148 10 13 46 52 Expected return on plan assets (414) (405) (121) (136) (9) (9) (38) (42) Amortization of unrecognized: Prior service cost (benefit) 1 — (3) (2) — — (4) (5) Net actuarial loss 109 92 34 30 — — 10 11 Settlement loss (1) — — 3 2 — — — — Total net (benefit) expense $ (97) $ (60) $ 109 $ 113 $ 1 $ 4 $ 18 $ 20 (1) Losses due to settlement relate to repositioning and divestiture activities. 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: Six Months Ended June 30, 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 First quarter activity (78) (934) (13) (255) Projected benefit obligation at the March 31, 2020—Significant Plans $ 13,349 $ 5,103 $ 679 $ 806 Benefits earned during the period 20 — 1 Interest cost on benefit obligation 101 51 5 19 Actuarial loss 678 466 5 84 Benefits paid, net of participants’ contributions and government subsidy (268) (83) (10) (13) Foreign exchange impact and other — 19 — 14 Projected benefit obligation at period end—Significant Plans $ 13,860 $ 5,576 $ 679 $ 911 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 First quarter activity (864) (720) (24) (270) Plan assets at fair value at March 31, 2020—Significant Plans $ 11,853 $ 5,487 $ 321 $ 848 Actual return on plan assets 830 439 16 94 Company contributions, net of reimbursements 14 15 (3) — Benefits paid, net of participants’ contributions and government subsidy (268) (83) (10) (13) Foreign exchange impact and other — 5 — 13 Plan assets at fair value at period end—Significant Plans $ 12,429 $ 5,863 $ 324 $ 942 Funded status of the Significant Plans Qualified plans (1) $ (713) $ 287 $ (355) $ 31 Nonqualified plans (718) — — — Funded status of the plans at period end—Significant Plans $ (1,431) $ 287 $ (355) $ 31 Net amount recognized at period end Benefit asset $ — $ 907 $ — $ 31 Benefit liability (1,431) (620) (355) — Net amount recognized on the balance sheet—Significant Plans $ (1,431) $ 287 $ (355) $ 31 Amounts recognized in AOCI at period end Prior service benefit $ — $ 8 $ — $ 53 Net actuarial (loss) gain (7,933) (854) 29 (296) Net amount recognized in equity (pretax)—Significant Plans $ (7,933) $ (846) $ 29 $ (243) Accumulated benefit obligation at period end—Significant Plans $ 13,857 $ 5,283 $ 679 $ 911 (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 June 30, 2020 Six Months Ended Beginning of period balance, net of tax (1)(2) $ (7,095) $ (6,809) Actuarial assumptions changes and plan experience (1,230) (800) Net asset gain (loss) due to difference between actual and expected returns 1,106 (22) Net amortization 72 148 Prior service cost 16 16 Curtailment/settlement gain (3) 3 3 Foreign exchange impact and other (60) 144 Change in deferred taxes, net 16 148 Change, net of tax $ (77) $ (363) End of period balance, net of tax (1)(2) $ (7,172) $ (7,172) (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 Jun. 30, 2020 Jun. 30, 2019 U.S. plans Qualified pension 3.20 % 3.85 % Nonqualified pension 3.25 3.90 Postretirement 3.20 3.80 Non-U.S. plans Pension 0.45-9.45 0.45-10.30 Weighted average 4.38 4.74 Postretirement 9.75 10.30 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 Jun. 30, 2020 Mar. 31, 2020 Dec. 31, 2019 U.S. plans Qualified pension 2.60 % 3.20 % 3.25 % Nonqualified pension 2.55 3.25 3.25 Postretirement 2.45 3.20 3.15 Non-U.S. plans Pension 0.20-8.40 0.45-9.45 0.20-8.95 Weighted average 3.68 4.38 4.21 Postretirement 8.80 9.75 9.10 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 June 30, 2020 In millions of dollars One-percentage-point increase One-percentage-point decrease Pension U.S. plans $ 8 $ (11) Non-U.S. plans (2) 3 Postretirement U.S. plans — (1) Non-U.S. plans (2) 2 Contributions For the U.S. pension plans, there were no required minimum cash contributions during the first six 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 six months ended June 30, 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 six months ended June 30 $ 28 $ 463 $ 72 $ 64 $ — $ — $ 5 $ 223 Company contributions made during the remainder — 18 — 86 — 4 — 2 Company contributions expected to be made during 32 — 74 — — — 3 — (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 June 30, Six Months Ended June 30, In millions of dollars 2020 2019 2020 2019 U.S. plans $ 101 $ 99 $ 203 198 Non-U.S. plans 74 71 150 139 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 June 30, Six Months Ended June 30, In millions of dollars 2020 2019 2020 2019 Service-related expense Interest cost on benefit obligation $ — $ 1 $ — $ 1 Expected return on plan assets — (1) — (1) Amortization of unrecognized: Net actuarial loss 1 — 1 1 Total service-related expense $ 1 $ — $ 1 $ 1 Non-service-related expense $ 3 $ 2 $ 8 $ 6 Total net expense $ 4 $ 2 $ 9 $ 7 |
EARNINGS PER SHARE
EARNINGS PER SHARE | 6 Months Ended |
Jun. 30, 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 June 30, Six Months Ended June 30, In millions of dollars, except per share amounts 2020 2019 2020 2019 Earnings per common share Income from continuing operations before attribution of noncontrolling interests $ 1,317 $ 4,792 $ 3,851 $ 9,529 Less: Noncontrolling interests from continuing operations — 10 (6) 35 Net income from continuing operations (for EPS purposes) $ 1,317 $ 4,782 $ 3,857 $ 9,494 Loss from discontinued operations, net of taxes (1) 17 (19) 15 Citigroup’s net income $ 1,316 $ 4,799 $ 3,838 $ 9,509 Less: Preferred dividends (1) 253 296 544 558 Net income available to common shareholders $ 1,063 $ 4,503 $ 3,294 $ 8,951 Less: Dividends and undistributed earnings allocated to employee restricted and deferred shares with rights to dividends, applicable to basic EPS 11 50 32 109 Net income allocated to common shareholders for basic EPS $ 1,052 $ 4,453 $ 3,262 $ 8,842 Weighted-average common shares outstanding applicable to basic EPS (in millions) 2,081.7 2,286.1 2,089.8 2,313.2 Basic earnings per share (2) Income from continuing operations $ 0.51 $ 1.94 $ 1.57 $ 3.81 Discontinued operations — 0.01 (0.01) 0.01 Net income per share—basic $ 0.51 $ 1.95 $ 1.56 $ 3.82 Diluted earnings per share Net income allocated to common shareholders for basic EPS $ 1,052 $ 4,453 $ 3,262 $ 8,842 Add back: Dividends allocated to employee restricted and deferred shares with rights to dividends that are forfeitable (3) — — 14 — Net income allocated to common shareholders for diluted EPS $ 1,052 $ 4,453 $ 3,276 $ 8,842 Weighted-average common shares outstanding applicable to basic EPS (in millions) 2,081.7 2,286.1 2,089.8 2,313.2 Effect of dilutive securities Options (4) — — — 0.1 Other employee plans (3) 2.6 2.9 13.2 2.4 Adjusted weighted-average common shares outstanding applicable to diluted EPS (in millions) (5) 2,084.3 2,289.0 2,103.0 2,315.7 Diluted earnings per share (2) Income from continuing operations $ 0.51 $ 1.94 $ 1.57 $ 3.81 Discontinued operations — 0.01 (0.01) 0.01 Net income per share—diluted $ 0.50 $ 1.95 $ 1.56 $ 3.82 (1) On July 15, 2020, Citi declared preferred dividends of approximately $284 million for the third quarter of 2020. As of August 4, 2020, Citi estimates it will distribute preferred dividends of approximately $253 million in the fourth quarter of 2020, 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) Certain securities are excluded from the second quarter of 2020 (three month period) balances due to anti-dilution. (4) During the second quarter of 2020 and 2019, no significant options to purchase shares of common stock were outstanding. (5) 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 | 6 Months Ended |
Jun. 30, 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 June 30, December 31, 2019 Securities purchased under agreements to resell $ 181,887 $ 169,874 Deposits paid for securities borrowed 101,037 81,448 Total, net (1) $ 282,924 $ 251,322 Allowance for credit losses on securities purchased and borrowed (2) (7) — Total, net of allowance $ 282,917 $ 251,322 Securities loaned and sold under agreements to repurchase , at their respective carrying values, consisted of the following: In millions of dollars June 30, December 31, 2019 Securities sold under agreements to repurchase $ 203,819 $ 155,164 Deposits received for securities loaned 11,903 11,175 Total, net (1) $ 215,722 $ 166,339 (1) The above tables do not include securities-for-securities lending transactions of $5.8 billion and $6.3 billion at June 30, 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 . (2) See Note 14 to the Consolidated Financial Statements for further information. 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 June 30, 2020 In millions of dollars Gross amounts Gross amounts offset on the Consolidated Balance Sheet (1) Net amounts of Amounts not offset on the Consolidated Balance Sheet but eligible for offsetting upon counterparty default (2) Net amounts (3) Securities purchased under agreements to resell $ 315,360 $ 133,473 $ 181,887 $ 145,631 $ 36,256 Deposits paid for securities borrowed 105,098 4,061 101,037 28,174 72,863 Total $ 420,458 $ 137,534 $ 282,924 $ 173,805 $ 109,119 In millions of dollars Gross amounts Gross amounts offset on the Consolidated Balance Sheet (1) Net amounts of Amounts not offset on the Consolidated Balance Sheet but eligible for offsetting upon counterparty default (2) Net amounts (3) Securities sold under agreements to repurchase $ 337,292 $ 133,473 $ 203,819 $ 116,042 $ 87,777 Deposits received for securities loaned 15,964 4,061 11,903 3,475 8,428 Total $ 353,256 $ 137,534 $ 215,722 $ 119,517 $ 96,205 As of December 31, 2019 In millions of dollars Gross amounts Gross amounts offset on the Consolidated Balance Sheet (1) Net amounts of Amounts not offset on the Consolidated Balance Sheet but eligible for offsetting upon counterparty default (2) Net amounts (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 offset on the Consolidated Balance Sheet (1) Net amounts of Amounts not offset on the Consolidated Balance Sheet but eligible for offsetting upon counterparty default (2) Net amounts (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 June 30, 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 $ 175,461 $ 87,421 $ 39,723 $ 34,687 $ 337,292 Deposits received for securities loaned 12,412 190 1,299 2,063 15,964 Total $ 187,873 $ 87,611 $ 41,022 $ 36,750 $ 353,256 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 June 30, 2020 In millions of dollars Repurchase agreements Securities lending agreements Total U.S. Treasury and federal agency securities $ 127,237 $ — $ 127,237 State and municipal securities 1,117 1 1,118 Foreign government securities 123,451 192 123,643 Corporate bonds 20,922 349 21,271 Equity securities 11,617 14,652 26,269 Mortgage-backed securities 42,762 — 42,762 Asset-backed securities 3,925 — 3,925 Other 6,261 770 7,031 Total $ 337,292 $ 15,964 $ 353,256 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 | 6 Months Ended |
Jun. 30, 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 June 30, December 31, 2019 Receivables from customers $ 17,145 $ 15,912 Receivables from brokers, dealers and clearing organizations 34,488 23,945 Total brokerage receivables (1) $ 51,633 $ 39,857 Payables to customers $ 41,843 $ 37,613 Payables to brokers, dealers and clearing organizations 18,724 10,988 Total brokerage payables (1) $ 60,567 $ 48,601 |
INVESTMENTS
INVESTMENTS | 6 Months Ended |
Jun. 30, 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 June 30, December 31, Debt securities available-for-sale (AFS) $ 342,256 $ 280,265 Debt securities held-to-maturity (HTM) (1) 83,332 80,775 Marketable equity securities carried at fair value (2) 593 458 Non-marketable equity securities carried at fair value (2) 486 704 Non-marketable equity securities measured using the measurement alternative (3) 771 700 Non-marketable equity securities carried at cost (4) 5,815 5,661 Total investments $ 433,253 $ 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 June 30, Six Months Ended June 30, In millions of dollars 2020 2019 2020 2019 Taxable interest $ 1,984 $ 2,324 $ 4,163 $ 4,696 Interest exempt from U.S. federal income tax 70 126 146 253 Dividend income 43 55 69 104 Total interest and dividend income $ 2,097 $ 2,505 $ 4,378 $ 5,053 The following table presents realized gains and losses on the sales of investments, which exclude impairment losses: Three Months Ended June 30, Six Months Ended June 30, In millions of dollars 2020 2019 2020 2019 Gross realized investment gains $ 785 $ 474 $ 1,250 $ 642 Gross realized investment losses (37) (6) (70) (44) Net realized gains on sale of investments $ 748 $ 468 $ 1,180 $ 598 Debt Securities Available-for-Sale The amortized cost and fair value of AFS debt securities were as follows: June 30, 2020 December 31, 2019 In millions of dollars Amortized Gross Gross Allowance for credit losses Fair Amortized Gross Gross Fair Debt securities AFS Mortgage-backed securities (1) U.S. government-sponsored agency guaranteed $ 44,198 $ 1,359 $ 205 $ — $ 45,352 $ 34,963 $ 547 $ 280 $ 35,230 Non-U.S. residential 691 4 — — 695 789 3 — 792 Commercial 65 — — — 65 75 — — 75 Total mortgage-backed securities $ 44,954 $ 1,363 $ 205 $ — $ 46,112 $ 35,827 $ 550 $ 280 $ 36,097 U.S. Treasury and federal agency securities U.S. Treasury $ 148,181 $ 2,779 $ 2 $ — $ 150,958 $ 106,429 $ 50 $ 380 $ 106,099 Agency obligations 3,072 27 — — 3,099 5,336 3 20 5,319 Total U.S. Treasury and federal agency securities $ 151,253 $ 2,806 $ 2 $ — $ 154,057 $ 111,765 $ 53 $ 400 $ 111,418 State and municipal $ 5,139 $ 13 $ 131 $ — $ 5,021 $ 5,024 $ 43 $ 89 $ 4,978 Foreign government 119,405 1,720 182 3 120,940 110,958 586 241 111,303 Corporate 11,178 178 132 5 11,219 11,266 52 101 11,217 Asset-backed securities (1) 287 7 7 — 287 524 — 2 522 Other debt securities 4,614 6 — — 4,620 4,729 1 — 4,730 Total debt securities AFS $ 336,830 $ 6,093 $ 659 $ 8 $ 342,256 $ 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 Gross Fair Gross Fair Gross June 30, 2020 Debt securities AFS Mortgage-backed securities U.S. government-sponsored agency guaranteed $ 8,915 $ 183 $ 551 $ 22 $ 9,466 $ 205 Non-U.S. residential 129 — — — 129 — Commercial 12 — 5 — 17 — Total mortgage-backed securities $ 9,056 $ 183 $ 556 $ 22 $ 9,612 $ 205 U.S. Treasury and federal agency securities U.S. Treasury $ 27,202 $ 2 $ — $ — $ 27,202 $ 2 Agency obligations — — 250 — 250 — Total U.S. Treasury and federal agency securities $ 27,202 $ 2 $ 250 $ — $ 27,452 $ 2 State and municipal $ 4,607 $ 109 $ 234 $ 22 $ 4,841 $ 131 Foreign government 22,236 121 2,519 61 24,755 182 Corporate 1,599 129 27 3 1,626 132 Asset-backed securities 239 7 1 — 240 7 Other debt securities 341 — — — 341 — Total debt securities AFS $ 65,280 $ 551 $ 3,587 $ 108 $ 68,867 $ 659 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: June 30, 2020 December 31, 2019 In millions of dollars Amortized Fair Amortized Fair Mortgage-backed securities (1) Due within 1 year $ 290 $ 290 $ 20 $ 20 After 1 but within 5 years 609 613 573 574 After 5 but within 10 years 1,010 1,086 594 626 After 10 years (2) 43,045 44,123 34,640 34,877 Total $ 44,954 $ 46,112 $ 35,827 $ 36,097 U.S. Treasury and federal agency securities Due within 1 year $ 45,246 $ 45,397 $ 40,757 $ 40,688 After 1 but within 5 years 103,836 106,417 70,128 69,850 After 5 but within 10 years 1,899 1,964 854 851 After 10 years (2) 272 279 26 29 Total $ 151,253 $ 154,057 $ 111,765 $ 111,418 State and municipal Due within 1 year $ 391 $ 392 $ 932 $ 932 After 1 but within 5 years 559 570 714 723 After 5 but within 10 years 303 329 195 215 After 10 years (2) 3,886 3,730 3,183 3,108 Total $ 5,139 $ 5,021 $ 5,024 $ 4,978 Foreign government Due within 1 year $ 46,614 $ 46,815 $ 42,611 $ 42,666 After 1 but within 5 years 65,217 66,383 58,820 59,071 After 5 but within 10 years 5,567 5,702 8,192 8,198 After 10 years (2) 2,007 2,040 1,335 1,368 Total $ 119,405 $ 120,940 $ 110,958 $ 111,303 All other (3) Due within 1 year $ 6,161 $ 6,187 $ 7,306 $ 7,311 After 1 but within 5 years 8,769 8,841 8,279 8,275 After 5 but within 10 years 1,005 995 818 797 After 10 years (2) 144 103 116 86 Total $ 16,079 $ 16,126 $ 16,519 $ 16,469 Total debt securities AFS $ 336,830 $ 342,256 $ 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 June 30, 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, net (1) Gross Gross Fair June 30, 2020 Debt securities HTM Mortgage-backed securities (2) U.S. government-sponsored agency guaranteed $ 49,649 $ 2,442 $ 6 $ 52,085 Non-U.S. residential 1,083 — 6 1,077 Commercial 673 1 1 673 Total mortgage-backed securities $ 51,405 $ 2,443 $ 13 $ 53,835 State and municipal $ 9,152 $ 650 $ 16 $ 9,786 Foreign government 1,237 78 — 1,315 Asset-backed securities (2) 21,538 5 471 21,072 Total debt securities HTM, net $ 83,332 $ 3,176 $ 500 $ 86,008 December 31, 2019 Debt securities HTM Mortgage-backed securities (2) 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 (2) 21,479 12 59 21,432 Total debt securities HTM $ 80,775 $ 1,557 $ 109 $ 82,223 (1) Amortized cost is reported net of allowance for credit losses of $107 million at June 30, 2020. There was no allowance as of December 31, 2019. (2) 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: June 30, 2020 December 31, 2019 In millions of dollars Amortized cost (1) Fair value Amortized cost Fair value Mortgage-backed securities Due within 1 year $ 75 $ 76 $ 17 $ 17 After 1 but within 5 years 432 449 458 463 After 5 but within 10 years 1,585 1,748 1,662 1,729 After 10 years (2) 49,313 51,562 46,121 47,081 Total $ 51,405 $ 53,835 $ 48,258 $ 49,290 State and municipal Due within 1 year $ 7 $ 7 $ 2 $ 26 After 1 but within 5 years 81 84 123 160 After 5 but within 10 years 632 666 597 590 After 10 years (2) 8,432 9,029 8,382 8,755 Total $ 9,152 $ 9,786 $ 9,104 $ 9,531 Foreign government Due within 1 year $ 273 $ 272 $ 650 $ 652 After 1 but within 5 years 964 1,043 1,284 1,318 After 5 but within 10 years — — — — After 10 years (2) — — — — Total $ 1,237 $ 1,315 $ 1,934 $ 1,970 All other (3) Due within 1 year $ — $ — $ — After 1 but within 5 years — — — After 5 but within 10 years 7,262 7,123 8,545 8,543 After 10 years (2) 14,276 13,949 12,934 12,889 Total $ 21,538 $ 21,072 $ 21,479 $ 21,432 Total debt securities HTM $ 83,332 $ 86,008 $ 80,775 $ 82,223 (1) Amortized cost is reported net of allowance for credit losses of $107 million at June 30, 2020. (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 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 June 30, 2020. There were no purchased credit-deteriorated HTM debt securities held by the Company as of June 30, 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 June 30, 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 more-likely-than-not be 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 19 — 19 2 — — 2 Total impairment losses recognized in earnings $ 19 $ — $ 19 $ 2 $ — $ — $ 2 Six Months Ended Six 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 71 — 71 5 — — 5 Total impairment losses recognized in earnings $ 71 $ — $ 71 $ 5 $ — $ — $ 5 The following are the three- and six-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 at June 30, 2019: Cumulative OTTI credit losses recognized in earnings on debt securities still held Three Months Ended June 30, 2019 In millions of dollars March 31, 2019 balance Credit Credit Changes due to June 30, 2019 balance AFS debt securities Mortgage-backed securities (1) $ 1 $ — $ — $ — $ 1 State and municipal — — — — — Foreign government securities — — — — — 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 $ — $ — $ — $ — $ — Six Months Ended June 30, 2019 In millions of dollars December 31, 2018 balance Credit Credit Changes due to June 30, 2019 balance AFS debt securities Mortgage-backed securities (1) $ 1 $ — $ — $ — $ 1 State and municipal — — — — — Foreign government securities — — — — — 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 $ — $ — $ — $ — $ — (1) Primarily consists of Prime 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 June 30, 2020 and December 31, 2019: In millions of dollars June 30, 2020 December 31, 2019 Measurement alternative: Carrying value $ 771 $ 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 Six Months In millions of dollars 2020 2019 2020 2019 Measurement alternative (1) : Impairment losses $ 50 $ 3 $ 53 $ 8 Downward changes for observable prices 19 12 19 12 Upward changes for observable prices 17 19 42 85 (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 June 30, 2020 Measurement alternative: Impairment losses $ 65 Downward changes for observable prices 52 Upward changes for observable prices 384 A similar impairment analysis is performed for non-marketable equity securities carried at cost. For the three months ended June 30, 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 Redemption In millions of dollars June 30, December 31, 2019 June 30, December 31, 2019 Hedge funds $ — $ — $ — $ — Generally quarterly 10–95 days Private equity funds (1)(2) 111 134 62 62 — — Real estate funds (2)(3) 9 10 19 18 — — Mutual/collective investment funds 20 26 — — — — Total $ 140 $ 170 $ 81 $ 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 | 6 Months Ended |
Jun. 30, 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 . Consumer Loans, Delinquencies and Non-Accrual Status at June 30, 2020 In millions of dollars Total current (1)(2) 30–89 days past due (3)(4) ≥ 90 days past due (3)(4) Past due government guaranteed (5) Total loans Non-accrual loans for which there are no loan loss reserves Non-accrual loans for which there are loan loss reserves Total 90 days In North America offices (6) Residential first mortgages (7) $ 46,923 $ 541 $ 258 $ 445 $ 48,167 $ 115 $ 409 $ 524 $ 282 Home equity loans (8)(9) 8,197 122 205 — 8,524 84 303 387 — Credit cards 125,232 1,205 1,595 — 128,032 — — — 1,595 Personal, small business and other 4,807 38 14 — 4,859 2 15 17 — Total $ 185,159 $ 1,906 $ 2,072 $ 445 $ 189,582 $ 201 $ 727 $ 928 $ 1,877 In offices outside North America (6) Residential first mortgages (7) $ 36,351 $ 210 $ 184 $ — $ 36,745 $ — $ 419 $ 419 $ — Credit cards 20,212 380 374 — 20,966 5 265 270 272 Personal, small business and other 33,421 268 131 — 33,820 1 211 212 — Total $ 89,984 $ 858 $ 689 $ — $ 91,531 $ 6 $ 895 $ 901 $ 272 Total Citigroup (10) $ 275,143 $ 2,764 $ 2,761 $ 445 $ 281,113 $ 207 $ 1,622 $ 1,829 $ 2,149 (1) Loans less than 30 days past due are presented as current. (2) Includes $16 million of residential first mortgages recorded at fair value. (3) Excludes loans guaranteed by U.S. government-sponsored agencies. (4) Loans modified under Citi’s consumer relief programs continue to be reported in the same delinquency bucket they were in at the time of modification, and thus almost all would not be reported as 30-89 or 90+ days past due for the duration of the programs (which have various durations, and certain of which may be renewed by the customer). (5) 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. (6) North America includes the U.S., Canada and Puerto Rico. Mexico is included in offices outside North America. (7) Includes approximately $0.1 billion of residential first mortgage loans in process of foreclosure. (8) Includes approximately $0.1 billion of home equity loans in process of foreclosure. (9) Fixed-rate home equity loans and loans extended under home equity lines of credit, which are typically in junior lien positions. (10) Consumer loans are net of unearned income of $734 million. Unearned income on consumer loans primarily represents unamortized origination fees and costs, premiums and discounts. Interest Income Recognized for Non-Accrual Consumer Loans Interest income In millions of dollars Three Months Ended June 30, 2020 Six Months Ended June 30, 2020 In North America offices (1) Residential first mortgages $ 4 $ 7 Home equity loans 2 4 Credit cards — — Personal, small business and other — — Total $ 6 $ 11 In offices outside North America (1) Residential first mortgages $ — $ — Credit cards — — Personal, small business and other — — Total $ — $ — Total Citigroup $ 6 $ 11 (1) North America includes the U.S., Canada and Puerto Rico. Mexico is included in offices outside North America. Consumer Loan, Delinquencies 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 90 days 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 and six months ended June 30, 2020 and 2019, the Company sold and/or reclassified to HFS $12 million and $36 million and $392 million and $2,295 million , 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) June 30, 2020 In millions of dollars Less than 680 to 760 Greater FICO not available Total loans Residential first mortgages 2020 $ 65 $ 1,593 $ 4,261 2019 205 2,384 6,316 2018 294 784 1,619 2017 344 973 2,311 2016 390 1,523 4,791 Prior 2,130 4,629 11,968 Total residential first mortgages $ 3,428 $ 11,886 $ 31,266 $ 1,587 $ 48,167 Credit cards (2) $ 28,942 $ 52,825 $ 43,745 $ 1,984 $ 127,496 Home equity loans (pre-reset) 337 1,053 1,738 Home equity loans (post-reset) 1,435 1,937 1,826 Total home equity loans $ 1,772 $ 2,990 $ 3,564 $ 198 $ 8,524 Installment and other 2020 $ 18 $ 42 $ 55 2019 113 143 164 2018 125 114 106 2017 43 41 43 2016 21 18 16 Prior 264 425 547 Personal, small business and other $ 584 $ 783 $ 931 $ 2,561 $ 4,859 Total $ 34,726 $ 68,484 $ 79,506 $ 6,330 $ 189,046 (1) The FICO bands in the tables are consistent with general industry peer presentations. (2) Excludes $536 million of balances related to Canada. FICO Score Distribution in U.S. Portfolio FICO score distribution in U.S. portfolio (1) December 31, 2019 In millions of dollars Less than 680 to 760 Greater FICO not available Total loans Residential first mortgages $ 3,608 $ 13,264 $ 28,442 $ 1,694 $ 47,008 Credit cards (2) 33,290 59,536 52,935 2,773 148,534 Home equity loans 1,901 3,530 3,732 60 9,223 Personal, small business and other 564 907 1,473 755 3,699 Total $ 39,363 $ 77,237 $ 86,582 $ 5,282 $ 208,464 (1) The FICO bands in the tables are consistent with general industry peer presentations. (2) Excludes $629 million of balances related to Canada. 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 June 30, 2020 In millions of dollars Less than or > 80% but less Greater LTV not available Total Residential first mortgages 2020 $ 5,362 $ 560 $ — 2019 8,309 599 3 2018 2,080 598 26 2017 3,206 420 8 2016 6,570 141 3 Prior 18,621 129 22 Total residential first mortgages $ 44,148 $ 2,447 $ 62 $ 1,510 $ 48,167 Home equity loans (pre-reset) $ 3,061 $ 39 $ 12 Home equity loans (post-reset) 4,404 601 169 Total home equity loans $ 7,465 $ 640 $ 181 $ 238 $ 8,524 Total $ 51,613 $ 3,087 $ 243 $ 1,748 $ 56,691 LTV distribution in U.S. portfolio December 31, 2019 In millions of dollars Less than or > 80% but less Greater LTV not available Total Residential first mortgages $ 41,993 $ 3,313 $ 98 $ 1,604 $ 47,008 Home equity loans 8,101 829 237 56 9,223 Total $ 50,094 $ 4,142 $ 335 $ 1,660 $ 56,231 Impaired Consumer Loans The following tables present information about impaired consumer loans and interest income recognized on impaired consumer loans: Three Months Ended Six Months Ended Balance at June 30, 2020 2020 2019 2020 2019 In millions of dollars Recorded investment (1)(2) Unpaid Related specific allowance (3) Average carrying value (4) Interest income recognized (5) Interest income recognized (5) Interest income recognized (5) Interest income recognized (5) Mortgage and real estate Residential first mortgages $ 1,624 $ 1,798 $ 152 $ 1,700 $ 15 $ 18 $ 29 $ 35 Home equity loans 556 762 61 588 4 2 7 4 Credit cards 1,884 1,917 887 1,906 25 26 51 52 Personal, small business and other 442 477 147 518 16 6 32 11 Total $ 4,506 $ 4,954 $ 1,247 $ 4,712 $ 60 $ 52 $ 119 $ 102 (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) $212 million of residential first mortgages and $166 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. (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 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 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 (1) For the Three Months Ended June 30, 2020 In millions of dollars, except number of loans modified Number of Post- modification recorded investment (2)(3) Deferred principal (4) Contingent principal forgiveness (5) Principal forgiveness (6) Average North America Residential first mortgages 298 $ 51 $ — $ — $ — — % Home equity loans 83 8 — — — — Credit cards 50,891 220 — — — 17 Personal, small business and other 343 3 — — — 4 Total (7) 51,615 $ 282 $ — $ — $ — International Residential first mortgages 642 $ 44 $ — $ — $ — 4 % Credit cards 21,276 94 — — 3 16 Personal, small business and other 11,284 77 — — 2 10 Total (7) 33,202 $ 215 $ — $ — $ 5 For the Three Months Ended June 30, 2019 In millions of dollars, except number of loans modified Number of Post- modification recorded investment (2)(8) Deferred principal (4) Contingent principal forgiveness (5) Principal forgiveness (6) Average North America Residential first mortgages 137 $ 21 $ — $ — $ — — % Home equity loans 188 22 1 — — 1 Credit cards 63,281 273 — — — 17 Personal, small business and other 347 4 — — — 5 Total (7 ) 63,953 $ 320 $ 1 $ — $ — International Residential first mortgages 638 $ 17 $ — $ — $ — — % Credit cards 18,453 73 — — 3 16 Personal, small business and other 7,154 49 — — 2 9 Total (7) 26,245 $ 139 $ — $ — $ 5 (1) The above tables do not include loan modifications that meet the TDR relief criteria in the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) or the interagency guidance. (2) Post-modification balances include past-due amounts that are capitalized at the modification date. (3) Post-modification balances in North America include $3 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 June 30, 2020. These amounts include $2 million of residential first mortgages and $1 million of home equity loans that were newly classified as TDRs in the three months ended June 30, 2020, based on previously received OCC guidance. (4) 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. (5) Represents portion of contractual loan principal that is non-interest bearing and, depending upon borrower performance, eligible for forgiveness. (6) Represents portion of contractual loan principal that was forgiven at the time of permanent modification. (7) The above tables reflect activity for restructured loans that were considered TDRs as of the end of the reporting period. (8) Post-modification balances in North America include $5 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 June 30, 2019. 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 June 30, 2019, based on previously received OCC guidance. Consumer Troubled Debt Restructurings (1) For the Six Months Ended June 30, 2020 In millions of dollars, except number of loans modified Number of Post- modification recorded investment (2)(3) Deferred principal (4) Contingent principal forgiveness (5) Principal forgiveness (6) Average North America Residential first mortgages 575 $ 95 $ — $ — $ — — % Home equity loans 165 16 — — — 1 Credit cards 118,173 525 — — — 9 Personal, small business and other 776 7 — — — 3 Total (7) 119,689 $ 643 $ — $ — $ — International Residential first mortgages 1,178 $ 58 $ — $ — $ — 4 % Credit cards 40,591 167 — — 5 16 Personal, small business and other 18,938 128 — — 4 10 Total (7) 60,707 $ 353 $ — $ — $ 9 For the Six Months Ended June 30, 2019 In millions of dollars, except number of loans modified Number of Post- modification recorded investment (2)(8) Deferred principal (4) Contingent principal forgiveness (5) Principal forgiveness (6) Average North America Residential first mortgages 630 $ 95 $ — $ — $ — — % Home equity loans 394 42 2 — — 1 Credit cards 135,528 578 — — — 17 Personal, small business and other 703 7 — — — 5 Total (7 ) 137,255 $ 722 $ 2 $ — $ — International Residential first mortgages 1,363 $ 37 $ — $ — $ — — % Credit cards 36,946 148 — — 6 16 Personal, small business and other 14,798 99 — — 3 9 Total (7) 53,107 $ 284 $ — $ — $ 9 (1) The above tables do not include loan modifications that meet the TDR relief criteria in the CARES Act or the interagency guidance. (2) Post-modification balances include past-due amounts that are capitalized at the modification date. (3) 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 six months ended June 30, 2020. These amounts include $5 million of residential first mortgages and $1 million of home equity loans that were newly classified as TDRs in the six months ended June 30, 2020, based on previously received OCC guidance. (4) 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. (5) Represents portion of contractual loan principal that is non-interest bearing and, depending upon borrower performance, eligible for forgiveness. (6) Represents portion of contractual loan principal that was forgiven at the time of permanent modification. (7) The above tables reflect activity for restructured loans that were considered TDRs as of the end of the reporting period. (8) Post-modification balances in North America include $12 million of residential first mortgages and $4 million of home equity loans to borrowers who have gone through Chapter 7 bankruptcy in the six months ended June 30, 2019. These amounts include $7 million of residential first mortgages and $3 million of home equity loans that were newly classified as TDRs in the six months ended June 30, 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 June 30, Six Months Ended June 30, In millions of dollars 2020 2019 2020 2019 North America Residential first mortgages $ 21 $ 26 $ 35 $ 50 Home equity loans 4 4 6 7 Credit cards 47 73 137 144 Personal, small business and other 1 1 3 2 Total $ 73 $ 104 $ 181 $ 203 International Residential first mortgages $ 5 $ 4 $ 11 $ 7 Credit cards 38 36 71 75 Personal, small business and other 18 20 35 38 Total $ 61 $ 60 $ 117 $ 120 Purchased Credit Deteriorated Assets Three Months Ended June 30, 2020 In millions of dollars Credit Mortgages (1) Installment and other Purchase price $ — $ 3 $ — Allowance for credit losses at acquisition date — — — Discount or premium attributable to non-credit factors — — — Par value (amortized cost basis) $ — $ 3 $ — (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 June 30, December 31, In North America offices (1) Commercial and industrial $ 70,755 $ 55,929 Financial institutions 53,860 53,922 Mortgage and real estate (2) 57,821 53,371 Installment and other 25,602 31,238 Lease financing 869 1,290 Total $ 208,907 $ 195,750 In offices outside North America (1) Commercial and industrial $ 115,471 $ 112,668 Financial institutions 35,173 40,211 Mortgage and real estate (2) 10,332 9,780 Installment and other 30,678 27,303 Lease financing 66 95 Governments and official institutions 3,552 4,128 Total $ 195,272 $ 194,185 Corporate loans, net of unearned income (3) $ 404,179 $ 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 ($854) million and ($791) million at June 30, 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 $0.8 billion and $1.0 billion of corporate loans during the three and six months ended June 30, 2020, respectively, and $0.8 billion and $1.3 billion of corporate loans during the three and six months ended June 30, 2019, respectively. The Company did not have significant purchases of corporate loans classified as held-for-investment for the three and six months ended June 30, 2020 or 2019. Corporate Loan Delinquencies and Non-Accrual Details at June 30, 2020 In millions of dollars 30–89 days past due and accruing (1) ≥ 90 days past due and accruing (1) Total past due Total non-accrual (2) Total current (3) Total loans (4) Commercial and industrial $ 971 $ 108 $ 1,079 $ 3,202 $ 178,084 $ 182,365 Financial institutions 1,031 67 1,098 244 85,884 87,226 Mortgage and real estate 986 221 1,207 455 66,484 68,146 Lease financing — 3 3 36 896 935 Other 143 30 173 79 59,472 59,724 Loans at fair value 5,783 Total $ 3,131 $ 429 $ 3,560 $ 4,016 $ 390,820 $ 404,179 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 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 June 30, December 31, Investment grade (3) Commercial and industrial (4) $ 35,627 $ 9,480 $ 7,242 $ 5,035 $ 2,233 $ 10,162 $ 36,478 $ 106,257 $ 110,797 Financial institutions (4) 8,131 5,359 4,125 1,626 1,458 4,941 47,425 73,065 80,533 Mortgage and real estate 3,614 6,267 5,622 3,207 1,436 3,017 3,086 26,249 27,571 Other (5) 6,782 3,597 5,219 1,312 706 5,845 29,753 53,214 58,155 Total investment grade $ 54,154 $ 24,703 $ 22,208 $ 11,180 $ 5,833 $ 23,965 $ 116,742 $ 258,785 $ 277,056 Non-investment grade (3) Accrual Commercial and industrial (4) $ 18,097 $ 7,045 $ 5,922 $ 3,431 $ 1,061 $ 6,022 $ 31,045 $ 72,623 $ 54,220 Financial institutions (4) 7,189 1,343 742 337 39 1,562 2,705 13,917 11,269 Mortgage and real estate 1,217 1,193 2,031 1,025 512 941 920 7,839 3,811 Other (5) 1,179 1,567 603 160 197 783 2,840 7,329 5,734 Non-accrual Commercial and industrial (4) 207 108 54 181 72 343 2,237 3,202 1,828 Financial institutions — — — — — 26 218 244 50 Mortgage and real estate 2 4 2 10 6 52 379 455 188 Other (5) 13 8 — 15 — 42 37 115 122 Total non-investment grade $ 27,904 $ 11,268 $ 9,354 $ 5,159 $ 1,887 $ 9,771 $ 40,381 $ 105,724 $ 77,222 Non-rated private bank loans managed on a delinquency basis (3)(6) $ 4,461 $ 7,597 $ 3,822 $ 4,171 $ 4,604 $ 9,232 $ — $ 33,887 $ 31,590 Loans at fair value (7) 5,783 4,067 Corporate loans, net of unearned income $ 86,519 $ 43,568 $ 35,384 $ 20,510 $ 12,324 $ 42,968 $ 157,123 $ 404,179 $ 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 significant 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: June 30, 2020 Three Months Ended Six Months Ended In millions of dollars Recorded investment (1) Unpaid Related specific Average carrying value (2) Interest income recognized (3) Interest income recognized (3) Non-accrual corporate loans Commercial and industrial $ 3,202 $ 3,824 $ 682 $ 2,099 $ 3 $ 5 Financial institutions 244 283 38 90 — — Mortgage and real estate 455 455 40 255 — — Lease financing 36 36 — 30 — — Other 79 88 8 161 1 14 Total non-accrual corporate loans $ 4,016 $ 4,686 $ 768 $ 2,635 $ 4 $ 19 December 31, 2019 In millions of dollars Recorded investment (1) Unpaid Related specific 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 June 30, 2020 December 31, 2019 In millions of dollars Recorded investment (1) Related specific Recorded investment (1) Related specific Non-accrual corporate loans with specific allowances Commercial and industrial $ 1,840 $ 682 $ 714 $ 283 Financial institutions 216 38 40 2 Mortgage and real estate 277 40 48 10 Lease financing 36 — — — Other 41 8 7 4 Total non-accrual corporate loans with specific allowance $ 2,410 $ 768 $ 809 $ 299 Non-accrual corporate loans without specific allowance Commercial and industrial $ 1,362 $ 1,114 Financial institutions 28 10 Mortgage and real estate 178 140 Lease financing — 41 Other 38 74 Total non-accrual corporate loans without specific allowance $ 1,606 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. (3) Interest income recognized for the three and six months ended June 30, 2019 was $8 million and $24 million, respectively. N/A Not applicable Corporate Troubled Debt Restructurings (1) Three and Six Months Ended June 30, 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 (2) TDRs involving changes in the amount and/or timing of interest payments (3) TDRs Three Months Ended June 30, 2020 Commercial and industrial $ 86 $ — $ — $ 86 Mortgage and real estate 4 — — 4 Other 4 4 — — Total $ 94 $ 4 $ — $ 90 Six Months Ended June 30, 2020 Commercial and industrial $ 148 $ — $ — $ 148 Mortgage and real estate 8 — — 8 Other 4 4 — — Total $ 160 $ 4 $ — $ 156 Three and Six Months ended June 30, 2019: In millions of dollars Carrying value of TDRs modified TDRs involving changes in the amount and/or timing of principal payments (3) TDRs involving changes in the amount and/or timing of interest payments (3) TDRs Three Months Ended June 30, 2019 Commercial and industrial $ 55 $ 19 $ — $ 36 Mortgage and real estate 3 — — 3 Other 6 6 — — Total $ 64 $ 25 $ — $ 39 Six Months Ended June 30, 2019 Commercial and industrial $ 135 $ 19 $ — $ 116 Mortgage and real estate 7 — — 7 Other 6 6 — — Total $ 148 $ 25 $ — $ 123 (1) The above tables do not include loan modifications that meet the TDR relief criteria in the CARES Act or the interagency guidance. (2) 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. (3) 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. TDR loans in payment default TDR loans in payment default In millions of dollars TDR balances at June 30, 2020 Three Months Ended Six Months Ended TDR balances at June 30, 2019 Three Months Ended Six Months Commercial and industrial $ 406 $ — $ — $ 601 $ 21 $ 21 Financial institutions — — — 10 — — Mortgage and real estate 91 — — 112 — — Other 10 — — 6 — — Total (1) $ 507 $ — $ — $ 729 $ 21 $ 21 (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 | 6 Months Ended |
Jun. 30, 2020 | |
Loans and Leases Receivable Disclosure [Abstract] | |
ALLOWANCE FOR CREDIT LOSSES | ALLOWANCE FOR CREDIT LOSSES Three Months Ended June 30, Six Months Ended June 30, In millions of dollars 2020 2019 2020 2019 Allowance for credit losses on loans (ACLL) at beginning of period $ 20,841 $ 12,329 $ 12,783 $ 12,315 Adjustment to opening balance for CECL adoption (1) — — 4,201 — Adjusted ACLL at beginning of period $ 20,841 $ 12,329 $ 16,984 $ 12,315 Gross credit losses on loans $ (2,528) $ (2,354) $ (5,007) $ (4,699) Gross recoveries on loans (2) 322 391 693 788 Net credit losses on loans (NCLs) $ (2,206) $ (1,963) $ (4,314) $ (3,911) NCLs $ 2,206 $ 1,963 $ 4,314 $ 3,911 Net reserve builds (releases) for loans (3) 4,856 53 8,968 120 Net specific reserve builds (releases) for loans 634 73 858 2 Total provision for credit losses on loans (PCLL) $ 7,696 $ 2,089 $ 14,140 $ 4,033 Initial allowance for credit losses on newly purchased credit — — 4 — Other, net (see table below) 89 11 (394) 29 ACLL at end of period $ 26,420 $ 12,466 $ 26,420 $ 12,466 Allowance for credit losses on unfunded lending commitments (ACLUC) at beginning of period (4) $ 1,813 $ 1,391 $ 1,456 $ 1,367 Adjustment to opening balance for CECL adoption (1) — — (194) — Provision (release) for credit losses on unfunded lending commitments 113 (15) 670 9 Other, net (5) (67) — (73) — ACLUC at end of period (4) $ 1,859 $ 1,376 $ 1,859 $ 1,376 Total allowance for credit losses on loans, leases and unfunded lending commitments $ 28,279 $ 13,842 $ 28,279 $ 13,842 Other, net details Three Months Ended June 30, Six Months Ended June 30, Sales or transfers of various consumer loan portfolios to HFS $ (1) $ (4) $ (4) $ (4) FX translation (6) 88 13 (395) 39 Other 2 2 5 (6) Other, net $ 89 $ 11 $ (394) $ 29 (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) During the second quarter of 2020, Citi updated its ACLL estimate of lifetime credit losses resulting from a change in accounting for variable post-charge-off third-party agency collection costs in its U.S. Consumer businesses. After June 30, 2020, these costs will be recorded as operating expenses for future periods as they are incurred. The impact of this change in estimate effected by a change in accounting principle resulted in an approximate $426 million reduction in Citi's estimated ACLL at June 30, 2020. (4) Represents additional credit loss reserves for unfunded lending commitments and letters of credit recorded in Other liabilities on the Consolidated Balance Sheet. (5) At June 30, 2020, the Corporate ACLUC includes a non-provision transfer of $68 million, representing reserves on performance guarantees as of March 31, 2020. The reserves on these contracts have been reclassified out of the allowance for credit losses on unfunded lending commitments and into other liabilities as of June 30, 2020. (6) 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 June 30, 2020 June 30, 2019 In millions of dollars Corporate Consumer Total Corporate Consumer Total ACLL at beginning of period $ 3,451 $ 17,390 $ 20,841 $ 2,731 $ 9,598 $ 12,329 Charge-offs (347) (2,181) (2,528) (104) (2,250) (2,354) Recoveries 23 299 322 15 376 391 Replenishment of net charge-offs 324 1,882 2,206 89 1,874 1,963 Net reserve builds (releases) 2,883 1,973 4,856 50 3 53 Net specific reserve builds (releases) 486 148 634 3 70 73 Initial allowance for credit losses on newly purchased credit deteriorated assets during the period — — — — — — Other 4 85 89 3 8 11 Ending balance $ 6,824 $ 19,596 $ 26,420 $ 2,787 $ 9,679 $ 12,466 Six Months Ended June 30, 2020 June 30, 2019 In millions of dollars Corporate Consumer Total Corporate Consumer Total ACLL 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 (485) (4,522) (5,007) (204) (4,495) (4,699) Recoveries 34 659 693 36 752 788 Replenishment of net charge-offs 451 3,863 4,314 168 3,743 3,911 Net reserve builds (releases) 4,151 4,817 8,968 54 66 120 Net specific reserve builds (releases) 534 324 858 (76) 78 2 Initial allowance for credit losses on newly purchased credit deteriorated assets during the period — 4 4 — — — Other (26) (368) (394) (2) 31 29 Ending balance $ 6,824 $ 19,596 $ 26,420 $ 2,787 $ 9,679 $ 12,466 June 30, 2020 December 31, 2019 In millions of dollars Corporate Consumer Total Corporate Consumer Total Allowance for credit losses on loans Collectively evaluated $ 6,056 $ 18,344 $ 24,400 $ 2,587 $ 8,706 $ 11,293 Individually evaluated 768 1,247 2,015 299 1,190 1,489 Purchased credit deteriorated — 5 5 — 1 1 Total allowance for credit losses on loans $ 6,824 $ 19,596 $ 26,420 $ 2,886 $ 9,897 $ 12,783 Loans, net of unearned income Collectively evaluated $ 394,380 $ 276,470 $ 670,850 $ 383,828 $ 304,510 $ 688,338 Individually evaluated 4,016 4,506 8,522 2,040 4,892 6,932 Purchased credit deteriorated — 121 121 — 128 128 Held at fair value 5,783 16 5,799 4,067 18 4,085 Total loans, net of unearned income $ 404,179 $ 281,113 $ 685,292 $ 389,935 $ 309,548 $ 699,483 Allowance for Credit Losses on AFS Debt Securities Three Months Ended June 30, 2020 In millions of dollars Foreign government Corporate Total AFS Allowance for credit losses at beginning of period $ — $ — $ — Less: Write-offs — — — Recoveries of amounts written-off — — — Net credit losses (NCLs) $ — $ — $ — NCLs $ — $ — $ — Credit losses on securities without previous credit losses 3 5 8 Total provision for credit losses $ 3 $ 5 $ 8 Initial allowance on newly purchased credit deteriorated securities during the period — — — Allowance for credit losses at end of period $ 3 $ 5 $ 8 Six Months Ended June 30, 2020 In millions of dollars Foreign government Corporate Total AFS Allowance for credit losses at beginning of period $ — $ — $ — Adjustment to opening balance for CECL adoption — — — Less: Write-offs — — — Recoveries of amounts written-off — — — Net credit losses (NCLs) $ — $ — $ — NCLs $ — $ — $ — Credit losses on securities without previous credit losses 3 5 8 Total provision for credit losses $ 3 $ 5 $ 8 Initial allowance on newly purchased credit deteriorated securities during the period — — — Allowance for credit losses at end of period $ 3 $ 5 $ 8 Allowance for Credit Losses on HTM Debt Securities Three Months Ended June 30, 2020 In millions of dollars State and municipal Foreign government Asset-backed Total HTM Allowance for credit losses on HTM debt securities at beginning of period $ 66 $ 4 $ 6 $ 76 Net credit losses (NCLs) $ — $ — $ — $ — NCLs $ — $ — $ — $ — Net reserve builds (releases) 30 2 (1) 31 Net specific reserve builds (releases) — — — — Total provision for credit losses on HTM debt securities $ 30 $ 2 $ (1) $ 31 Other, net $ 3 $ — $ (3) $ — Initial allowance for credit losses on newly purchased credit deteriorated securities during the period — — — — Allowance for credit losses on HTM debt securities at end of period $ 99 $ 6 $ 2 $ 107 Six Months Ended June 30, 2020 In millions of dollars 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 Net credit losses (NCLs) $ — $ — $ — $ — NCLs $ — $ — $ — $ — Net reserve builds (releases) 35 2 — 37 Net specific reserve builds (releases) — — — — Total provision for credit losses on HTM debt securities $ 35 $ 2 $ — $ 37 Other, net $ 3 $ — $ (3) $ — Initial allowance for credit losses on newly purchased credit deteriorated securities during the period — — — — Allowance for credit losses on HTM debt securities at end of period $ 99 $ 6 $ 2 $ 107 Allowance for Credit Losses on Other Assets Three Months Ended June 30, 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 (1) Total Allowance for credit losses at beginning of period $ — $ 8 $ 5 $ — $ 41 $ 54 Net credit losses (NCLs) $ — $ — $ — $ — $ — $ — NCLs $ — $ — $ — $ — $ — $ — Net reserve builds (releases) — 10 2 — 36 48 Total provision for credit losses $ — $ 10 $ 2 $ — $ 36 $ 48 Other, net $ — $ — $ — $ — $ — $ — Allowance for credit losses on Other assets at end of period $ — $ 18 $ 7 $ — $ 77 $ 102 Six Months Ended June 30, 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 (1) Total Allowance for credit losses at beginning of period $ — $ — $ — $ — $ — $ — Adjustment to opening balance for CECL adoption 6 14 2 1 3 26 Net credit losses (NCLs) $ — $ — $ — $ — $ — $ — NCLs $ — $ — $ — $ — $ — $ — Net reserve builds (releases) (6) 4 5 (1) 42 44 Total provision for credit losses $ (6) $ 4 $ 5 $ (1) $ 42 $ 44 Other, net $ — $ — $ — $ — $ 32 $ 32 Allowance for credit losses on Other assets at end of period $ — $ 18 $ 7 $ — $ 77 $ 102 (1) Primarily accounts receivables. |
GOODWILL AND INTANGIBLE ASSETS
GOODWILL AND INTANGIBLE ASSETS | 6 Months Ended |
Jun. 30, 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 Foreign currency translation 39 96 135 Balance at June 30, 2020 $ 11,876 $ 9,523 $ 21,399 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 and six months ended June 30, 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 and second quarter 2020 results, the results of the 2019 impairment test and latest available management forecasts, Citi determined it was not more-likely-than-not that the fair value of any reporting unit was below its book value as of June 30, 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. See 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: June 30, 2020 December 31, 2019 In millions of dollars Gross Accumulated Net Gross Accumulated Net Purchased credit card relationships $ 5,642 $ 4,115 $ 1,527 $ 5,676 $ 4,059 $ 1,617 Credit card contract-related intangibles (1) 3,427 1,192 2,235 5,393 3,069 2,324 Core deposit intangibles 42 42 — 434 433 1 Other customer relationships 428 289 139 424 275 149 Present value of future profits 27 25 2 34 31 3 Indefinite-lived intangible assets 194 — 194 228 — 228 Other 67 58 9 82 77 5 Intangible assets (excluding MSRs) $ 9,827 $ 5,721 $ 4,106 $ 12,271 $ 7,944 $ 4,327 Mortgage servicing rights (MSRs) (2) 345 — 345 495 — 495 Total intangible assets $ 10,172 $ 5,721 $ 4,451 $ 12,766 $ 7,944 $ 4,822 (1) Primarily reflects contract-related intangibles associated with the American Airlines, Costco, The Home Depot, and AT&T credit card program agreements, which represented 96% of the aggregate net carrying amount as of June 30, 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 In millions of dollars December 31, Acquisitions/ Amortization Impairments FX translation and other June 30, Purchased credit card relationships (1) $ 1,617 $ 11 $ (99) $ — $ (2) $ 1,527 Credit card contract-related intangibles (2) 2,324 14 (101) — (2) 2,235 Core deposit intangibles 1 — (1) — — — Other customer relationships 149 — (12) — 2 139 Present value of future profits 3 — — — (1) 2 Indefinite-lived intangible assets 228 — — — (34) 194 Other 5 7 (3) — — 9 Intangible assets (excluding MSRs) $ 4,327 $ 32 $ (216) $ — $ (37) $ 4,106 Mortgage servicing rights (MSRs) (3) 495 345 Total intangible assets $ 4,822 $ 4,451 (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, Costco, The Home Depot, and AT&T credit card program agreements, which represented 96% of the aggregate net carrying amount at June 30, 2020 and December 31, 2019. (3) For additional information on Citi’s MSRs, including the rollforward for the three and six months ended June 30, 2020, see Note 18 to the Consolidated Financial Statements. |
DEBT
DEBT | 6 Months Ended |
Jun. 30, 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 June 30, December 31, Commercial paper Bank (1) $ 10,953 $ 10,155 Broker-dealer and other (2) 6,972 6,321 Total commercial paper $ 17,925 $ 16,476 Other borrowings (3) 22,231 28,573 Total $ 40,156 $ 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 June 30, 2020 and December 31, 2019, collateralized short-term advances from the Federal Home Loan Banks were $12.0 billion and $17.6 billion, respectively. Long-Term Debt In millions of dollars June 30, December 31, 2019 Citigroup Inc. (1) $ 169,036 $ 150,477 Bank (2) 55,453 53,340 Broker-dealer and other (3) 55,286 44,943 Total $ 279,775 $ 248,760 (1) Represents the parent holding company. (2) Represents Citibank entities as well as other bank entities. At June 30, 2020 and December 31, 2019, collateralized long-term advances from the Federal Home Loan Banks were $18.0 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 June 30, 2020 and December 31, 2019. The following table summarizes Citi’s outstanding trust preferred securities at June 30, 2020: Junior subordinated debentures owned by trust Trust Issuance Securities Liquidation value (1) Coupon rate (2) Common Amount Maturity Redeemable 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 Sterling 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. |
CHANGES IN ACCUMULATED OTHER CO
CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (AOCI) | 6 Months Ended |
Jun. 30, 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 and Six Months Ended June 30, 2020 In millions of dollars Net Debt valuation adjustment (DVA) (1) Cash flow hedges (2) Benefit plans (3) Foreign currency translation adjustment (CTA), net of hedges (4) Excluded component of fair value hedges Accumulated Three Months Ended June 30, 2020 Balance, March 31, 2020 $ 2,863 $ 2,196 $ 2,020 $ (7,095) $ (32,500) $ (5) $ (32,521) Other comprehensive income before 1,391 (2,204) 226 (132) 561 13 (145) Increase (decrease) due to amounts reclassified from AOCI (554) (28) (152) 55 — — (679) Change, net of taxes $ 837 $ (2,232) $ 74 $ (77) $ 561 $ 13 $ (824) Balance at June 30, 2020 $ 3,700 $ (36) $ 2,094 $ (7,172) $ (31,939) $ 8 $ (33,345) Six Months Ended June 30, 2020 Balance, December 31, 2019 $ (265) $ (944) $ 123 $ (6,809) $ (28,391) $ (32) $ (36,318) Other comprehensive income before 4,795 913 2,124 (476) (3,548) 40 3,848 Increase (decrease) due to amounts reclassified from AOCI (830) (5) (153) 113 — — (875) Change, net of taxes $ 3,965 $ 908 $ 1,971 $ (363) $ (3,548) $ 40 $ 2,973 Balance at June 30, 2020 $ 3,700 $ (36) $ 2,094 $ (7,172) $ (31,939) $ 8 $ (33,345) Footnotes to the table above appear on the following page. Three and Six Months Ended June 30, 2019 In millions of dollars Net Debt valuation adjustment (DVA) (1) Cash flow hedges (2) Benefit plans (3) Foreign currency translation adjustment (CTA), net of hedges (4) Excluded component of fair value hedges Accumulated Three Months Ended June 30, 2019 Balance, March 31, 2019 $ (1,115) $ (379) $ (442) $ (6,321) $ (28,012) $ (39) $ (36,308) Other comprehensive income before 1,050 (14) 414 (305) 91 44 1,280 Increase (decrease) due to amounts reclassified from AOCI (347) 17 103 52 — — (175) Change, net of taxes $ 703 $ 3 $ 517 $ (253) $ 91 $ 44 $ 1,105 Balance at June 30, 2019 $ (412) $ (376) $ 75 $ (6,574) $ (27,921) $ 5 $ (35,203) Six Months Ended June 30, 2019 Balance, December 31, 2019 $ (2,250) $ 192 $ (728) $ (6,257) $ (28,070) $ (57) $ (37,170) Other comprehensive income before 2,276 (589) 600 (415) 149 62 2,083 Increase (decrease) due to amounts reclassified from AOCI (438) 21 203 98 — — (116) Change, net of taxes $ 1,838 $ (568) $ 803 $ (317) $ 149 $ 62 $ 1,967 Balance at June 30, 2019 $ (412) $ (376) $ 75 $ (6,574) $ (27,921) $ 5 $ (35,203) (1) Reflects the after-tax valuation of Citi’s fair value options liabilities. See “Market Valuation Adjustments” in Note 20 to the Consolidated Financial Statements. (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 Australian dollar, South Korean won, Indonesian rupiah and Euro against the U.S. dollar and changes in related tax effects and hedges for the three months ended June 30, 2020. Primarily reflects the movements in (by order of impact) the Mexican peso, Brazilian real, Indian rupee and Chilean peso against the U.S. dollar and changes in related tax effects and hedges for the six months ended June 30, 2020. Primarily reflects the movements in (by order of impact) the Japanese yen, Mexican peso, Euro and Polish zloty against the U.S. dollar and changes in related tax effects and hedges for the three months ended June 30, 2019. Primarily reflects the movements in (by order of impact) the Mexican peso, Canadian dollar, Chilean peso and Russian ruble against the U.S. dollar and changes in related tax effects and hedges for the six months ended June 30, 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 and Six Months Ended June 30, 2020 In millions of dollars Pretax Tax effect After-tax Three Months Ended June 30, 2020 Balance, March 31, 2020 $ (36,419) $ 3,898 $ (32,521) Change in net unrealized gains (losses) on debt securities 1,178 (341) 837 Debt valuation adjustment (DVA) (2,935) 703 (2,232) Cash flow hedges 90 (16) 74 Benefit plans (93) 16 (77) Foreign currency translation adjustment 485 76 561 Excluded component of fair value hedges 16 (3) 13 Change $ (1,259) $ 435 $ (824) Balance at June 30, 2020 $ (37,678) $ 4,333 $ (33,345) Six Months Ended June 30, 2020 Balance, December 31, 2019 $ (42,772) $ 6,454 $ (36,318) Change in net unrealized gains (losses) on debt securities 5,298 (1,333) 3,965 Debt valuation adjustment (DVA) 1,253 (345) 908 Cash flow hedges 2,574 (603) 1,971 Benefit plans (510) 147 (363) Foreign currency translation adjustment (3,570) 22 (3,548) Excluded component of fair value hedges 49 (9) 40 Change $ 5,094 $ (2,121) $ 2,973 Balance at June 30, 2020 $ (37,678) $ 4,333 $ (33,345) Three and Six Months Ended June 30, 2019 In millions of dollars Pretax Tax effect After-tax Three Months Ended June 30, 2019 Balance, March 31, 2019 $ (42,904) $ 6,596 $ (36,308) Change in net unrealized gains (losses) on debt securities 936 (233) 703 Debt valuation adjustment (DVA) 3 — 3 Cash flow hedges 680 (163) 517 Benefit plans (329) 76 (253) Foreign currency translation adjustment 83 8 91 Excluded component of fair value hedges 59 (15) 44 Change $ 1,432 $ (327) $ 1,105 Balance, June 30, 2019 $ (41,472) $ 6,269 $ (35,203) Six Months Ended June 30, 2019 Balance, December 31, 2018 $ (44,082) $ 6,912 $ (37,170) Change in net unrealized gains (losses) on debt securities 2,436 (598) 1,838 Debt valuation adjustment (DVA) (722) 154 (568) Cash flow hedges 1,058 (255) 803 Benefit plans (397) 80 (317) Foreign currency translation adjustment 152 (3) 149 Excluded component of fair value hedges 83 (21) 62 Change $ 2,610 $ (643) $ 1,967 Balance, June 30, 2019 $ (41,472) $ 6,269 $ (35,203) 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 Three Months Ended June 30, Six Months Ended June 30, In millions of dollars 2020 2019 2020 2019 Realized (gains) losses on sales of investments $ (748) $ (468) $ (1,180) $ (598) Gross impairment losses 19 2 71 5 Subtotal, pretax $ (729) $ (466) $ (1,109) $ (593) Tax effect 175 119 279 155 Net realized (gains) losses on investments after-tax (1) $ (554) $ (347) $ (830) $ (438) Realized DVA (gains) losses on fair value option liabilities, pretax $ (37) $ 22 $ (6) $ 27 Tax effect 9 (5) 1 (6) Net realized debt valuation adjustment, after-tax $ (28) $ 17 $ (5) $ 21 Interest rate contracts $ (200) $ 134 $ (203) $ 264 Foreign exchange contracts 1 2 2 4 Subtotal, pretax $ (199) $ 136 $ (201) $ 268 Tax effect 47 (33) 48 (65) Amortization of cash flow hedges, after-tax (2) $ (152) $ 103 $ (153) $ 203 Amortization of unrecognized: Prior service cost (benefit) $ (3) $ (2) $ (6) $ (6) Net actuarial loss 75 69 154 134 Curtailment/settlement impact (3) 3 2 3 2 Subtotal, pretax $ 75 $ 69 $ 151 $ 130 Tax effect (20) (17) (38) (32) Amortization of benefit plans, after-tax (3) $ 55 $ 52 $ 113 $ 98 Excluded component of fair value hedges, pretax $ — $ — $ — $ — Tax effect — — — — Excluded component of fair value hedges, after-tax $ — $ — $ — $ — Foreign currency translation adjustment, pretax $ — $ — $ — $ — Tax effect — — — — Foreign currency translation adjustment, after-tax $ — $ — $ — $ — Total amounts reclassified out of AOCI , pretax $ (890) $ (239) $ (1,165) $ (168) Total tax effect 211 64 290 52 Total amounts reclassified out of AOCI , after-tax $ (679) $ (175) $ (875) $ (116) (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 | 6 Months Ended |
Jun. 30, 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 June 30, 2020 Maximum exposure to loss in significant unconsolidated VIEs (1) Funded exposures (2) Unfunded exposures In millions of dollars Total Consolidated Significant unconsolidated VIE assets (3) Debt Equity Funding Guarantees Total Credit card securitizations $ 33,838 $ 33,838 $ — $ — $ — $ — $ — $ — Mortgage securitizations (4) U.S. agency-sponsored 115,290 — 115,290 2,103 — — 54 2,157 Non-agency-sponsored 43,493 982 42,511 1,043 — — 1 1,044 Citi-administered asset-backed commercial paper conduits 16,028 16,028 — — — — — — Collateralized loan obligations (CLOs) 17,986 — 17,986 4,272 — — — 4,272 Asset-based financing (5) 209,806 7,660 202,146 26,129 1,131 10,302 — 37,562 Municipal securities tender option bond trusts (TOBs) 4,747 1,113 3,634 16 — 2,320 — 2,336 Municipal investments 20,235 — 20,235 2,736 4,237 2,906 — 9,879 Client intermediation 742 676 66 4 — — — 4 Investment funds 515 126 389 2 — 15 1 18 Other 51 1 50 — — 50 — 50 Total $ 462,731 $ 60,424 $ 402,307 $ 36,305 $ 5,368 $ 15,593 $ 56 $ 57,322 As of December 31, 2019 Maximum exposure to loss in significant unconsolidated VIEs (1) Funded exposures (2) Unfunded exposures In millions of dollars Total Consolidated Significant unconsolidated VIE assets (3) Debt Equity Funding Guarantees 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 (5) 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 June 30, 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. (5) Included within this line are loans to third-party sponsored private equity funds, which represent $70.4 and $69 billion in unconsolidated VIE assets and $710 and$711 million in maximum exposure to loss as of 6/30/20 and 12/31/19 respectively. 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. As of June 30, 2020 and December 31, 2019, the Company’s maximum exposure to loss related to these deals was $52.4 billion and $52.5 billion, respectively. (for more information on these positions, see Note 13 to the Consolidated Financial Statements and Note 26 to the Consolidated Financial Statements in Citigroup’s 2019 Annual Report on Form 10-K); • 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 13 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 June 30, 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: June 30, 2020 December 31, 2019 In millions of dollars Liquidity Loan/equity Liquidity Loan/equity Asset-based financing $ — $ 10,302 $ — $ 9,524 Municipal securities tender option bond trusts (TOBs) 2,320 — 3,544 — Municipal investments — 2,906 — 3,034 Investment funds — 15 — 16 Other — 50 — 39 Total funding commitments $ 2,320 $ 13,273 $ 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 June 30, 2020 December 31, 2019 Cash $ — $ — Trading account assets 2.1 2.6 Investments 10.0 9.9 Total loans, net of allowance 29.0 26.7 Other 0.5 0.5 Total assets $ 41.6 $ 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 June 30, 2020 December 31, 2019 Ownership interests in principal amount of trust credit card receivables Sold to investors via trust-issued securities $ 16.5 $ 19.7 Retained by Citigroup as trust-issued securities 5.3 6.2 Retained by Citigroup via non-certificated interests 14.6 17.8 Total $ 36.4 $ 43.7 The following table summarizes selected cash flow information related to Citigroup’s credit card securitizations: Three Months Ended June 30, In billions of dollars 2020 2019 Proceeds from new securitizations $ — $ — Pay down of maturing notes (3.2) — Six Months Ended June 30, In billions of dollars 2020 2019 Proceeds from new securitizations $ 0.0 $ 0.0 Pay down of maturing notes (3.2) (2.5) Master Trust Liabilities (at Par Value) The weighted average maturity of the third-party term notes issued by the Master Trust was 3.1 years as of June 30, 2020 and 3.1 years as of December 31, 2019. In billions of dollars Jun. 30, 2020 Dec. 31, 2019 Term notes issued to third parties $ 15.0 $ 18.2 Term notes retained by Citigroup affiliates 3.4 4.3 Total Master Trust liabilities $ 18.4 $ 22.5 Omni Trust Liabilities (at Par Value) The weighted average maturity of the third-party term notes issued by the Omni Trust was 1.2 years as of June 30, 2020 and 1.6 years as of December 31, 2019. In billions of dollars Jun. 30, 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 June 30, 2020 2019 In billions of dollars U.S. agency- Non-agency- sponsored mortgages (1) U.S. agency- Non-agency- Principal securitized $ 2.4 $ 0.9 $ 1.1 $ 6.1 Proceeds from new securitizations 2.6 0.9 1.2 6.1 Purchases of previously transferred financial assets — — 0.1 — Six Months Ended June 30, 2020 2019 In billions of dollars U.S. agency- Non-agency- U.S. agency- Non-agency- Principal securitized $ 4.5 $ 1.6 $ 2.1 $ 8.8 Proceeds from new securitizations 4.7 3.4 2.2 8.8 Purchases of previously transferred financial assets 0.1 — 0.1 — 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 $2 million and $4 million for the three and six months ended June 30, 2020, respectively. For the three and six months ended June 30, 2020, gains recognized on the securitization of non-agency sponsored mortgages were $27 million and $65 million, respectively. Gains recognized on the securitization of U.S. agency-sponsored mortgages were $5 million for the three and six months ended June 30, 2019. Gains recognized on the securitization of non-agency sponsored mortgages were $26 million and $43 million for the three and six months ended June 30, 2019, respectively. June 30, 2020 December 31, 2019 Non-agency-sponsored mortgages (1) Non-agency-sponsored mortgages (1) In millions of dollars U.S. agency- Senior interests (3) Subordinated U.S. agency- Senior Subordinated Carrying value of retained interests (2) $ 334 $ 884 $ 119 $ 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 $119 million related to personal loan securitizations at June 30, 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 June 30, 2020 Non-agency-sponsored mortgages (1) U.S. agency- sponsored mortgages Senior interests Subordinated interests Weighted average discount rate 3.5 % 6.2 % 3.0 % Weighted average constant prepayment rate 28.7 % — % 25.0 % Weighted average anticipated net credit losses (2) NM — % 0.5 % Weighted average life 4.1 years 9.8 years 2.3 years Three Months Ended June 30, 2019 Non-agency-sponsored mortgages (1) U.S. agency- Senior Subordinated Weighted average discount rate 7.4 % 3.2 % 5.3 % Weighted average constant prepayment rate 15.7 % 5.7 % 5.9 % Weighted average anticipated net credit losses (2) NM 3.0 % 3.7 % Weighted average life 5.9 years 3.2 years 15.6 years Six Months Ended June 30, 2020 Non-agency-sponsored mortgages (1) U.S. agency- sponsored mortgages Senior interests Subordinated interests Weighted average discount rate 6.0 % 1.8 % 3.0 % Weighted average constant prepayment rate 27.1 % 0.0 % 25.0 % Weighted average anticipated net credit losses(2) NM 1.6 % 0.5 % Weighted average life 4.7 years 4.8 years 2.3 years Six Months Ended June 30, 2019 Non-agency-sponsored mortgages (1) U.S. agency- sponsored mortgages Senior interests Subordinated interests Weighted average discount rate 7.0 % 3.5 % 5.5 % Weighted average constant prepayment rate 14.8 % 5.8 % 5.9 % Weighted average anticipated net credit losses(2) NM 4.4 % 3.7 % Weighted average life 6.0 years 6.6 years 16.1 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: June 30, 2020 Non-agency-sponsored mortgages (1) U.S. agency- Senior Subordinated Weighted average discount rate 1.9 % 7.1 % 16.2 % Weighted average constant prepayment rate 23.8 % 3.4 % 5.5 % Weighted average anticipated net credit losses (2) NM 1.2 % 4.2 % Weighted average life 4.0 years 6.9 years 7.5 years 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. June 30, 2020 Non-agency-sponsored mortgages In millions of dollars U.S. agency- sponsored mortgages Senior interests Subordinated interests Discount rate Adverse change of 10% $ (5) $ — $ — Adverse change of 20% (9) (1) (1) Constant prepayment rate Adverse change of 10% (26) — — Adverse change of 20% (49) — — Anticipated net credit losses Adverse change of 10% NM — — Adverse change of 20% NM — — 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 June 30, Six Months Ended June 30, In billions of dollars, except liquidation losses in millions Jun. 30, 2020 Dec. 31, 2019 Jun. 30, 2020 Dec. 31, 2019 2020 2019 2020 2019 Securitized assets Residential mortgages (1) $ 11.8 $ 11.7 $ 0.4 $ 0.4 $ 7 $ 9 $ 18 $ 20 Commercial and other 21.0 22.3 — — — — — — Total $ 32.8 $ 34.0 $ 0.4 $ 0.4 $ 7 $ 9 $ 18 $ 20 (1) Securitized assets include $0.2 billion of personal loan securitizations as of June 30, 2020. Mortgage Servicing Rights (MSRs) The fair value of Citi’s capitalized MSRs was $345 million and $508 million at June 30, 2020 and 2019, respectively. The MSRs correspond to principal loan balances of $57 billion and $60 billion as of June 30, 2020 and 2019, respectively. The following table summarizes the changes in capitalized MSRs: Three Months Ended June 30, In millions of dollars 2020 2019 Balance, beginning of year $ 367 $ 551 Originations 24 16 Changes in fair value of MSRs due to changes in inputs and assumptions (26) (37) Other changes (1) (20) (22) Sales of MSRs — — Balance, as of June 30 $ 345 $ 508 Six Months Ended In millions of dollars 2020 2019 Balance, beginning of year $ 495 $ 584 Originations 56 28 Changes in fair value of MSRs due to changes in inputs and assumptions (169) (64) Other changes (1) (37) (40) Sales of MSRs — — Balance, as of June 30 $ 345 $ 508 (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 June 30, Six Months Ended June 30, In millions of dollars 2020 2019 2020 2019 Servicing fees $ 34 $ 35 $ 73 $ 76 Late fees 1 2 3 4 Ancillary fees — — — 1 Total MSR fees $ 35 $ 37 $ 76 $ 81 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 June 30, 2020 and 2019. These securities are backed by either residential or commercial mortgages and are often structured on behalf of clients. As of June 30, 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 and six months ended June 30, 2020, Citi transferred agency securities with a fair value of approximately $12 billion and $19.4 billion to re-securitization entities compared to approximately $6.9 billion and $14.5 billion for the three and six months ended June 30, 2019. As of June 30, 2020, the fair value of Citi-retained interests in agency re-securitization transactions structured by Citi totaled approximately $1.8 billion (including $858.7 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 June 30, 2020 and December 31, 2019 were approximately $71.8 billion and $73.5 billion, respectively. As of June 30, 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 June 30, 2020 and December 31, 2019, the commercial paper conduits administered by Citi had approximately $16 billion and $15.6 billion of purchased assets outstanding, respectively, and had incremental funding commitments with clients of approximately $17.9 billion and $16.3 billion, respectively. Substantially all of the funding of the conduits is in the form of short-term commercial paper. At June 30, 2020 and December 31, 2019, the weighted average remaining lives of the commercial paper issued by the conduits were approximately 52 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 $1.5 billion and $1.4 billion as of June 30, 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 June 30, 2020 and December 31, 2019, the Company owned $5.1 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) The following tables summarize selected cash flow information retained interests related to Citigroup CLOs: Three Months Ended June 30, In billions of dollars 2020 2019 Proceeds from new securitizations $ 0.1 $ — The key assumptions used to value retained interests in CLOs, and the sensitivity of the fair value to adverse changes of 10% and 20% are set forth in the tables below: Jun. 30, 2020 Dec. 31, 2019 Weighted average discount rate 1.8 % 0.0 % Weighted average life 4.2 years 0 years In millions of dollars Jun. 30, 2020 Dec. 31, 2019 Carrying value of retained interests $ 1,608 $ 1,404 All of Citi’s retained interests were held-to-maturity securities as of June 30, 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. June 30, 2020 In millions of dollars Total unconsolidated VIE assets Maximum exposure to unconsolidated VIEs Type Commercial and other real estate $ 29,134 $ 7,367 Corporate loans 12,113 8,219 Other (including investment funds, airlines and shipping) 160,899 21,977 Total $ 202,146 $ 37,562 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 June 30, 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 June 30, 2020 and December 31, 2019, liquidity agreements provided with respect to customer TOB trusts totaled $2.3 billion and $3.5 billion, respectively, of which $1.4 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 $5 billion and $7 billion as of June 30, 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 | 6 Months Ended |
Jun. 30, 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 June 30, December 31, June 30, December 31, Interest rate contracts Swaps $ 346,007 $ 318,089 $ 17,622,599 $ 17,063,272 Futures and forwards — — 4,449,386 3,636,658 Written options — — 1,674,348 2,114,511 Purchased options — — 1,493,884 1,857,770 Total interest rate contracts $ 346,007 $ 318,089 $ 25,240,217 $ 24,672,211 Foreign exchange contracts Swaps $ 66,733 $ 63,104 $ 6,150,239 $ 6,063,853 Futures, forwards and spot 38,997 38,275 4,241,268 3,979,188 Written options 1,428 80 972,083 908,061 Purchased options 1,487 80 985,024 959,149 Total foreign exchange contracts $ 108,645 $ 101,539 $ 12,348,614 $ 11,910,251 Equity contracts Swaps $ — $ — $ 201,655 $ 197,893 Futures and forwards — — 76,743 66,705 Written options — — 449,807 560,571 Purchased options — — 332,262 422,393 Total equity contracts $ — $ — $ 1,060,467 $ 1,247,562 Commodity and other contracts Swaps $ — $ — $ 77,244 $ 69,445 Futures and forwards 494 1,195 153,421 137,192 Written options — — 97,406 91,587 Purchased options — — 94,501 86,631 Total commodity and other contracts $ 494 $ 1,195 $ 422,572 $ 384,855 Credit derivatives (1) Protection sold $ — $ — $ 574,692 $ 603,387 Protection purchased — — 644,213 703,926 Total credit derivatives $ — $ — $ 1,218,905 $ 1,307,313 Total derivative notionals $ 455,146 $ 420,823 $ 40,290,775 $ 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 June 30, 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 $290 billion and $180 billion as of June 30, 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 June 30, 2020 Derivatives classified in Trading account assets/liabilities (1)(2) Derivatives instruments designated as ASC 815 hedges Assets Liabilities Over-the-counter $ 1,735 $ 269 Cleared — 280 Interest rate contracts $ 1,735 $ 549 Over-the-counter $ 1,893 $ 1,247 Cleared — 45 Foreign exchange contracts $ 1,893 $ 1,292 Total derivatives instruments designated as ASC 815 hedges $ 3,628 $ 1,841 Derivatives instruments not designated as ASC 815 hedges Over-the-counter $ 243,492 $ 222,515 Cleared 14,255 11,804 Exchange traded 88 1,092 Interest rate contracts $ 257,835 $ 235,411 Over-the-counter $ 114,988 $ 120,283 Cleared 645 768 Exchange traded 3 2 Foreign exchange contracts $ 115,636 $ 121,053 Over-the-counter $ 17,699 $ 26,019 Cleared 41 10 Exchange traded 21,666 22,360 Equity contracts $ 39,406 $ 48,389 Over-the-counter $ 15,652 $ 20,305 Exchange traded 1,108 1,259 Commodity and other contracts $ 16,760 $ 21,564 Over-the-counter $ 10,403 $ 10,099 Cleared 1,279 1,622 Credit derivatives $ 11,682 $ 11,721 Total derivatives instruments not designated as ASC 815 hedges $ 441,319 $ 438,138 Total derivatives $ 444,947 $ 439,979 Cash collateral paid/received (3) $ 26,598 $ 14,295 Less: Netting agreements (4) (340,172) (340,172) Less: Netting cash collateral received/paid (5) (58,778) (53,704) Net receivables/payables included on the Consolidated Balance Sheet (6) $ 72,595 $ 60,398 Additional amounts subject to an enforceable master netting agreement, but not offset on the Consolidated Balance Sheet Less: Cash collateral received/paid $ (894) $ (302) Less: Non-cash collateral received/paid (8,010) (14,522) Total net receivables/payables (6) $ 63,691 $ 45,574 (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 $80,302 million and $73,074 million of gross cash collateral paid and received, respectively. Of the gross cash collateral paid, $53,704 million was used to offset trading derivative liabilities. Of the gross cash collateral received, $58,778 million was used to offset trading derivative assets. (4) Represents the netting of balances with the same counterparty under enforceable netting agreements. Approximately $317 billion, $2 billion and $21 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 $6 billion of derivative asset and $8 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 Trading account assets/liabilities (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 and six months ended June 30, 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 June 30, Six Months Ended June 30, In millions of dollars 2020 2019 2020 2019 Interest rate contracts $ 19 $ 35 $ 174 $ 62 Foreign exchange (61) 71 (37) 13 Total $ (42) $ 106 $ 137 $ 75 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. Citigroup has 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. 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 June 30, Six Months Ended June 30, 2020 2019 2020 2019 In millions of dollars Other revenue Net interest revenue Other revenue Net interest revenue Other 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 $ — $ 239 $ — $ 1,853 $ — $ 7,086 $ — $ 2,816 Foreign exchange hedges 434 — (180) — (1,477) — (12) — Commodity hedges (381) — (172) — (91) — (102) — Total gain (loss) on the hedging derivatives included in assessment of the effectiveness of fair value hedges $ 53 $ 239 $ (352) $ 1,853 $ (1,568) $ 7,086 $ (114) $ 2,816 Gain (loss) on the hedged item in designated and qualifying fair value hedges Interest rate hedges $ — $ (313) $ — $ (1,783) $ — $ (7,128) $ — $ (2,662) Foreign exchange hedges (434) — 180 — 1,477 — 12 — Commodity hedges 381 — 172 — 91 — 102 — Total gain (loss) on the hedged item in designated and qualifying fair value hedges $ (53) $ (313) $ 352 $ (1,783) $ 1,568 $ (7,128) $ 114 $ (2,662) Net gain (loss) on the hedging derivatives excluded from assessment of the effectiveness of fair value hedges Interest rate hedges $ — $ (18) $ — $ (4) $ — $ (23) $ — $ (4) Foreign exchange hedges (2) 17 — (118) — (41) — (121) — Commodity hedges 15 — 5 — (10) — 23 — Total net gain (loss) on the hedging derivatives excluded from assessment of the effectiveness of fair value hedges $ 32 $ (18) $ (113) $ (4) $ (51) $ (23) $ (98) $ (4) (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 $16 million and $49 million for the three and six months ended June 30, 2020 and $59 million and $83 million for the three and six months ended June 30, 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 June 30, 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 June 30, 2020 Debt securities AFS (1)(3) $ 107,047 $ (75) $ 526 Long-term debt 173,038 8,789 4,049 As of December 31, 2019 Debt securities AFS (2)(3) $ 94,659 $ (114) $ 743 Long-term debt 157,387 2,334 3,445 (1) These amounts include a cumulative basis adjustment of $17 million for active hedges and $119 million for de-designated hedges as of June 30, 2020 related to certain prepayable financial assets previously designated as the hedged item in a fair value hedge using the last-of-layer approach. The Company designated approximately $1,905 million as the hedged amount (from a closed portfolio of prepayable financial assets with a carrying value of $16 billion as of June 30, 2020) in a last-of-layer hedging relationship. (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. (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 June 30, 2020 is approximately $1.1 billion. 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 June 30, Six Months Ended June 30, In millions of dollars 2020 2019 2020 2019 Amount of gain (loss) recognized in AOCI on derivatives Interest rate contracts $ 294 $ 545 $ 2,791 $ 799 Foreign exchange contracts (5) (1) (16) (9) Total gain (loss) recognized in AOCI $ 289 $ 544 $ 2,775 $ 790 Amount of gain (loss) reclassified from AOCI to earnings (1) Other Net interest Other Other Net interest Other Net interest Interest rate contracts $ — $ 200 $ — $ (134) $ — $ 203 $ — $ (264) Foreign exchange contracts (1) — (2) — (2) — (4) — Total gain (loss) reclassified from AOCI into earnings $ (1) $ 200 $ (2) $ (134) $ (2) $ 203 $ (4) $ (264) Net pretax change in cash flow hedges included within AOCI $ 90 $ 680 $ 2,574 $ 1,058 (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 $(741) million and $1,419 million for the three and six months ended June 30, 2020 and $(134) million and $(298) million for the three and six months ended June 30, 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 June 30, 2020 Receivable (1) Payable (2) Protection Protection By industry of counterparty Banks $ 3,701 $ 3,874 $ 141,649 $ 149,162 Broker-dealers 2,375 1,793 52,044 50,646 Non-financial 99 103 4,207 2,375 Insurance and other financial 5,507 5,951 446,313 372,509 Total by industry of counterparty $ 11,682 $ 11,721 $ 644,213 $ 574,692 By instrument Credit default swaps and options $ 11,005 $ 10,606 $ 632,273 $ 570,417 Total return swaps and other 677 1,115 11,940 4,275 Total by instrument $ 11,682 $ 11,721 $ 644,213 $ 574,692 By rating of reference entity Investment grade $ 4,192 $ 3,810 $ 489,167 $ 441,085 Non-investment grade 7,490 7,911 155,046 133,607 Total by rating of reference entity $ 11,682 $ 11,721 $ 644,213 $ 574,692 By maturity Within 1 year $ 1,517 $ 1,898 $ 170,140 $ 153,138 From 1 to 5 years 6,379 6,371 416,656 375,894 After 5 years 3,786 3,452 57,417 45,660 Total by maturity $ 11,682 $ 11,721 $ 644,213 $ 574,692 (1) The fair value amount receivable is composed of $7,511 million under protection purchased and $4,171 million under protection sold. (2) The fair value amount payable is composed of $5,181 million under protection purchased and $6,540 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 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 June 30, 2020 and December 31, 2019 was $29 billion and $30 billion, respectively. The Company posted $25 billion and $28 billion as collateral for this exposure in the normal course of business as of June 30, 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 June 30, 2020, the Company could be required to post an additional $0.8 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 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 $2.8 billion and $5.8 billion as of June 30, 2020 and December 31, 2019, respectively. At June 30, 2020, the fair value of these previously derecognized assets was $2.8 billion. The fair value of the total return swaps as of June 30, 2020 was $90 million recorded as gross derivative assets and $16 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 | 6 Months Ended |
Jun. 30, 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 June 30, 2020 and December 31, 2019: Credit and funding valuation adjustments In millions of dollars June 30, December 31, Counterparty CVA $ (1,243) $ (705) Asset FVA (839) (530) Citigroup (own-credit) CVA 557 341 Liability FVA 195 72 Total CVA—derivative instruments $ (1,330) $ (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 Three Months Ended June 30, Six Months Ended June 30, In millions of dollars 2020 2019 2020 2019 Counterparty CVA $ 45 $ 28 $ (238) $ 102 Asset FVA 632 (39) (421) (19) Own-credit CVA (271) (13) 262 (105) Liability FVA (214) 18 123 (30) Total CVA—derivative instruments $ 192 $ (6) $ (274) $ (52) DVA related to own FVO liabilities (1) $ (2,935) $ 3 $ 1,253 $ (722) Total CVA and DVA $ (2,743) $ (3) $ 979 $ (774) (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. 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 June 30, 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 June 30, 2020 Level 1 Level 2 Level 3 Gross Netting (1) Net Assets Securities borrowed and purchased under agreements to resell $ — $ 301,298 $ 326 $ 301,624 $ (127,066) $ 174,558 Trading non-derivative assets Trading mortgage-backed securities U.S. government-sponsored agency guaranteed 1 39,805 96 39,902 — 39,902 Residential 7 470 433 910 — 910 Commercial — 1,248 217 1,465 — 1,465 Total trading mortgage-backed securities $ 8 $ 41,523 $ 746 $ 42,277 $ — $ 42,277 U.S. Treasury and federal agency securities $ 79,893 $ 2,442 $ — $ 82,335 $ — $ 82,335 State and municipal — 1,224 117 1,341 — 1,341 Foreign government 66,305 17,001 26 83,332 — 83,332 Corporate 1,362 18,096 399 19,857 — 19,857 Equity securities 35,235 10,106 92 45,433 — 45,433 Asset-backed securities 3 711 1,785 2,499 — 2,499 Other trading assets (2) 375 11,471 797 12,643 — 12,643 Total trading non-derivative assets $ 183,181 $ 102,574 $ 3,962 $ 289,717 $ — $ 289,717 Trading derivatives Interest rate contracts $ 97 $ 255,703 $ 3,770 $ 259,570 Foreign exchange contracts 1 116,984 544 117,529 Equity contracts 105 38,709 592 39,406 Commodity contracts — 15,774 986 16,760 Credit derivatives — 10,147 1,535 11,682 Total trading derivatives $ 203 $ 437,317 $ 7,427 $ 444,947 Cash collateral paid (3) $ 26,598 Netting agreements $ (340,172) Netting of cash collateral received (58,778) Total trading derivatives $ 203 $ 437,317 $ 7,427 $ 471,545 $ (398,950) $ 72,595 Investments Mortgage-backed securities U.S. government-sponsored agency guaranteed $ — $ 45,322 $ 30 $ 45,352 $ — $ 45,352 Residential — 695 — 695 — 695 Commercial — 65 — 65 — 65 Total investment mortgage-backed securities $ — $ 46,082 $ 30 $ 46,112 $ — $ 46,112 U.S. Treasury and federal agency securities $ 154,057 $ — $ — $ 154,057 $ — $ 154,057 State and municipal — 4,196 825 5,021 — 5,021 Foreign government 70,654 50,090 196 120,940 — 120,940 Corporate 6,693 4,425 106 11,224 — 11,224 Marketable equity securities 273 319 1 593 — 593 Asset-backed securities — 281 6 287 — 287 Other debt securities — 4,615 — 4,615 — 4,615 Non-marketable equity securities (4) — 14 332 346 — 346 Total investments $ 231,677 $ 110,022 $ 1,496 $ 343,195 $ — $ 343,195 Table continues on the next page. In millions of dollars at June 30, 2020 Level 1 Level 2 Level 3 Gross Netting (1) Net Loans $ — $ 4,821 $ 978 $ 5,799 $ — $ 5,799 Mortgage servicing rights — — 345 345 — 345 Non-trading derivatives and other financial assets measured on a recurring basis $ 4,817 $ 7,917 $ — $ 12,734 $ — $ 12,734 Total assets $ 419,878 $ 963,949 $ 14,534 $ 1,424,959 $ (526,016) $ 898,943 Total as a percentage of gross assets (5) 30.0 % 68.9 % 1.0 % Liabilities Interest-bearing deposits $ — $ 2,235 $ 237 $ 2,472 $ — $ 2,472 Securities loaned and sold under agreements to repurchase — 144,802 625 145,427 (85,982) 59,445 Trading account liabilities Securities sold, not yet purchased 75,265 13,458 104 88,827 — 88,827 Other trading liabilities — 40 — 40 — 40 Total trading liabilities $ 75,265 $ 13,498 $ 104 $ 88,867 $ — $ 88,867 Trading derivatives Interest rate contracts $ 60 $ 234,098 $ 1,802 $ 235,960 Foreign exchange contracts 1 121,774 570 122,345 Equity contracts 98 45,464 2,827 48,389 Commodity contracts — 20,300 1,264 21,564 Credit derivatives — 10,588 1,133 11,721 Total trading derivatives $ 159 $ 432,225 $ 7,596 $ 439,979 Cash collateral received (6) $ 14,295 Netting agreements $ (340,172) Netting of cash collateral paid (53,704) Total trading derivatives $ 159 $ 432,225 $ 7,596 $ 454,274 $ (393,876) $ 60,398 Short-term borrowings $ — $ 6,518 $ 128 $ 6,646 $ — $ 6,646 Long-term debt — 40,338 21,633 61,971 — 61,971 Total non-trading derivatives and other financial liabilities measured on a recurring basis $ 5,569 $ 220 $ — $ 5,789 $ — $ 5,789 Total liabilities $ 80,993 $ 639,836 $ 30,323 $ 765,446 $ (479,858) $ 285,588 Total as a percentage of gross liabilities (5) 10.8 % 85.2 % 4.0 % (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 $80,302 million of gross cash collateral paid, of which $53,704 million was used to offset trading derivative liabilities. (4) Amounts exclude $0.1 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 $73,073 million of gross cash collateral received, of which $58,778 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 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 and six months ended June 30, 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 gains/ losses still held (3) In millions of dollars Mar. 31, 2020 Principal Other (1)(2) into out of Purchases Issuances Sales Settlements Jun. 30, 2020 Assets Securities borrowed and purchased under agreements to resell $ 300 $ 34 $ — $ — $ — $ 42 $ — $ — $ (50) $ 326 $ 36 Trading non-derivative assets Trading mortgage-backed securities U.S. government-sponsored agency guaranteed 85 1 — 4 (6) 67 — (55) — 96 4 Residential 304 14 — 144 (39) 96 — (86) — 433 7 Commercial 44 4 — 140 (14) 62 — (19) — 217 11 Total trading mortgage-backed securities $ 433 $ 19 $ — $ 288 $ (59) $ 225 $ — $ (160) $ — $ 746 $ 22 U.S. Treasury and federal agency securities $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — State and municipal 92 — — 5 (1) 41 — (20) — 117 — Foreign government 39 57 — 2 (2) 18 — (88) — 26 54 Corporate 412 (12) — 64 (78) 204 — (185) (6) 399 (71) Marketable equity securities 143 9 — 10 — 174 — (244) — 92 (3) Asset-backed securities 1,561 67 — 257 (56) 272 — (316) — 1,785 46 Other trading assets 639 27 — 153 (15) 126 6 (134) (5) 797 1 Total trading non-derivative assets $ 3,319 $ 167 $ — $ 779 $ (211) $ 1,060 $ 6 $ (1,147) $ (11) $ 3,962 $ 49 Trading derivatives, net (4) Interest rate contracts $ 1,755 $ 24 $ — $ 231 $ 20 $ 1 $ — $ — $ (63) $ 1,968 $ 7 Foreign exchange contracts 2 (37) — (8) 2 5 — (5) 15 (26) (47) Equity contracts (1,836) (354) — (104) 12 21 — (5) 31 (2,235) (349) Commodity contracts (542) 253 — (1) (14) 20 — (10) 16 (278) 241 Credit derivatives 816 (367) — 17 (72) — — — 8 402 (367) Total trading derivatives, net (4) $ 195 $ (481) $ — $ 135 $ (52) $ 47 $ — $ (20) $ 7 $ (169) $ (515) Table continues on the next page. Net realized/unrealized Transfers Unrealized gains/losses still held (3) In millions of dollars Mar. 31, 2020 Principal Other (1)(2) into out of Purchases Issuances Sales Settlements Jun. 30, 2020 Investments Mortgage-backed securities U.S. government-sponsored agency guaranteed $ 47 $ — $ (19) $ 1 $ — $ 1 $ — $ — $ — $ 30 $ (36) Residential — — — — — — — — — — — Commercial — — — — — — — — — — — Total investment mortgage-backed securities $ 47 $ — $ (19) $ 1 $ — $ 1 $ — $ — $ — $ 30 $ (36) U.S. Treasury and federal agency securities $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — State and municipal 687 — 24 172 (131) 95 — (22) — 825 21 Foreign government 225 — 7 — (64) 61 — (33) — 196 6 Corporate 238 — 10 — (152) 10 — — — 106 — Marketable equity securities — — — 1 — — — — — 1 — Asset-backed securities 16 — (2) — — — — (8) — 6 — Other debt securities — — — — — — — — — — — Non-marketable equity securities 354 — 21 — — 2 — — (45) 332 25 Total investments $ 1,567 $ — $ 41 $ 174 $ (347) $ 169 $ — $ (63) $ (45) $ 1,496 $ 16 Loans $ 537 $ — $ 447 $ — $ (5) $ — $ — $ — $ (1) $ 978 $ 355 Mortgage servicing rights 367 — (26) — — — 24 — (20) 345 (14) Other financial assets measured on a recurring basis — — 14 — — — (6) (4) (4) — 2 Liabilities Interest-bearing deposits $ 491 $ — $ (5) $ — $ (151) $ — $ 30 $ — $ (138) $ 237 $ (27) Securities loaned and sold under agreements to repurchase 730 — — — — — — — (105) 625 — Trading account liabilities Securities sold, not yet purchased 200 (28) — 43 (8) — — — (159) 104 24 Other trading liabilities — — — — — — — — — — — Short-term borrowings 52 9 — 75 (6) — 23 — (7) 128 16 Long-term debt 19,269 (2,271) — 1,438 (1,292) — 1,469 — (1,522) 21,633 (1,303) 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 June 30, 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 gains (losses) still held (3) In millions of dollars Dec. 31, 2019 Principal Other (1)(2) into out of Purchases Issuances Sales Settlements Jun. 30, 2020 Assets Securities borrowed or purchased under agreements to resell $ 303 $ 14 $ — $ — $ — $ 108 $ — $ — $ (99) $ 326 $ 39 Trading non-derivative assets Trading mortgage-backed securities U.S. government-sponsored agency guaranteed 10 (74) — 16 (9) 208 — (55) — 96 5 Residential 123 6 — 204 (43) 274 — (131) — 433 — Commercial 61 4 — 143 (17) 89 — (63) — 217 (10) Total trading mortgage-backed securities $ 194 $ (64) $ — $ 363 $ (69) $ 571 $ — $ (249) $ — $ 746 $ (5) U.S. Treasury and federal agency securities $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — State and municipal 64 2 — 15 (3) 62 — (23) — 117 1 Foreign government 52 (28) — 2 (2) 104 — (102) — 26 52 Corporate 313 290 — 86 (70) 419 — (633) (6) 399 (87) Equity securities 100 9 — 38 (3) 206 — (258) — 92 (19) Asset-backed securities 1,177 (102) — 496 (60) 740 — (466) — 1,785 (222) Other trading assets 555 220 — 181 (152) 231 14 (237) (15) 797 (23) Total trading non-derivative assets $ 2,455 $ 327 $ — $ 1,181 $ (359) $ 2,333 $ 14 $ (1,968) $ (21) $ 3,962 $ (303) Trading derivatives, net (4) Interest rate contracts $ 1 $ 375 $ — $ 1,614 $ (2) $ 2 $ 56 $ 13 $ (91) $ 1,968 $ 387 Foreign exchange contracts (5) (52) — (33) 11 49 — (13) 17 (26) 104 Equity contracts (1,596) (564) — (391) 236 24 — (6) 62 (2,235) (663) Commodity contracts (59) (206) — 37 (70) 66 — (44) (2) (278) (211) Credit derivatives (56) 579 — 171 (358) — — — 66 402 372 Total trading derivatives, net (4) $ (1,715) $ 132 $ — $ 1,398 $ (183) $ 141 $ 56 $ (50) $ 52 $ (169) $ (11) Investments Mortgage-backed securities U.S. government-sponsored agency guaranteed $ 32 $ — $ (5) $ 1 $ 1 $ 1 $ — $ — $ — $ 30 $ (23) Residential — — — — — — — — — — — Commercial — — — — — — — — — — — Total investment mortgage-backed securities $ 32 $ — $ (5) $ 1 $ 1 $ 1 $ — $ — $ — $ 30 $ (23) U.S. Treasury and federal agency securities $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — State and municipal 623 — (7) 310 (131) 95 — (65) — 825 25 Foreign government 96 — 5 27 (64) 208 — (76) — 196 (9) Corporate 45 — 2 49 (152) 162 — — — 106 — Equity securities — — — 1 — — — — — 1 — Asset-backed securities 22 — 3 — — — — (19) — 6 34 Other debt securities — — — — — — — — — — — Non-marketable equity securities 441 — (53) — — 2 — (3) (55) 332 22 Total investments $ 1,259 $ — $ (55) $ 388 $ (346) $ 468 $ — $ (163) $ (55) $ 1,496 $ 49 Table continues on the next page. Net realized/unrealized Transfers Unrealized gains (losses) still held (3) In millions of dollars Dec. 31, 2019 Principal Other (1)(2) into out of Purchases Issuances Sales Settlements Jun. 30, 2020 Loans $ 402 $ — $ 368 $ 217 $ (6) $ — $ — $ — $ (3) $ 978 $ 509 Mortgage servicing rights 495 — (169) — — — 56 — (37) 345 (147) Other financial assets measured on a recurring basis 1 — 14 — — — (6) (5) (4) — 16 Liabilities Interest-bearing deposits $ 215 $ — $ (11) $ 278 $ (151) $ — $ 30 $ — $ (146) $ 237 $ (6) Securities loaned or sold under agreements to repurchase 757 27 — — — — — — (105) 625 (33) Trading account liabilities Securities sold, not yet purchased 48 (129) — 117 (18) — 9 — (181) 104 (7) Other trading liabilities — — — — — — — — — — — Short-term borrowings 13 19 — 86 (6) — 61 — (7) 128 21 Long-term debt 17,169 (320) — 4,623 (2,783) — 4,809 — (2,505) 21,633 (6,945) Other financial liabilities measured on a recurring basis — — — — — — 2 — (2) — — (1) Changes in fair value of available-for-sale investments are recorded in AOCI , unless related to other-than-temporary impairment, while gains and losses from sales are recorded in Realized gains (losses) from sales of investments on the Consolidated Statement of Income. (2) Unrealized gains (losses) on MSRs are recorded in Other revenue on the Consolidated Statement of Income. (3) Represents the amount of total gains or losses for the period, included in earnings (and AOCI for changes in fair value of available-for-sale investments), attributable to the change in fair value relating to assets and liabilities classified as Level 3 that are still held at June 30, 2020. (4) Total Level 3 derivative assets and liabilities have been netted in these tables for presentation purposes only. Net realized/unrealized Transfers Unrealized gains (losses) still held (3) In millions of dollars Mar. 31, 2019 Principal Other (1)(2) into out of Purchases Issuances Sales Settlements Jun. 30, 2019 Assets Securities borrowed and purchased under agreements to resell $ 66 $ 5 $ — $ 2 $ — $ 49 $ — $ — $ — $ 122 $ — Trading non-derivative assets Trading mortgage-backed securities U.S. government-sponsored agency guaranteed 154 6 — 1 (2) 42 (1) (13) — 187 4 Residential 128 10 — 17 (9) 61 — (76) — 131 15 Commercial 69 2 — 3 (34) 38 — (25) — 53 (6) Total trading mortgage-backed securities $ 351 $ 18 $ — $ 21 $ (45) $ 141 $ (1) $ (114) $ — $ 371 $ 13 U.S. Treasury and federal agency securities $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — State and municipal 178 — — — — — — (1) — 177 — Foreign government 39 2 — — — — — (21) — 20 1 Corporate 378 255 — 41 (5) 109 — (322) (2) 454 55 Marketable equity securities 127 13 — (2) — 48 — (63) — 123 (28) Asset-backed securities 1,429 20 — 6 (15) 242 — (271) — 1,411 10 Other trading assets 1,042 45 — 2 (135) 97 6 (312) (5) 740 6 Total trading non-derivative assets $ 3,544 $ 353 $ — $ 68 $ (200) $ 637 $ 5 $ (1,104) $ (7) $ 3,296 $ 57 Trading derivatives, net (4) Interest rate contracts $ (116) $ (68) $ — $ (59) $ 137 $ (21) $ 19 $ 8 $ (9) $ (109) $ (101) Foreign exchange contracts 46 (109) — 15 9 — — (2) (56) (97) (124) Equity contracts (1,345) 183 — (38) 100 2 (88) (2) (6) (1,194) 193 Commodity contracts 304 (243) — 9 (4) 66 — (12) 27 147 (135) Credit derivatives 34 59 — (1) (38) — — 14 18 86 10 Total trading derivatives, net (4) $ (1,077) $ (178) $ — $ (74) $ 204 $ 47 $ (69) $ 6 $ (26) $ (1,167) $ (157) Investments Mortgage-backed securities U.S. government-sponsored agency guaranteed $ 32 $ — $ (1) $ — $ — $ — $ — $ — $ — $ 31 $ (1) Residential — — — — — — — — — — — Commercial — — — — — — — — — — — Total investment mortgage-backed securities $ 32 $ — $ (1) $ — $ — $ — $ — $ — $ — $ 31 $ (1) U.S. Treasury and federal agency securities $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — State and municipal 910 — 42 11 — 236 — (173) — 1,026 48 Foreign government 71 — 5 — — 17 — (16) — 77 1 Corporate 60 — — — — — — (4) — 56 — Marketable equity securities — — — — — — — — — — — Asset-backed securities 806 — 10 1 (585) — — (173) — 59 9 Other debt securities — — — — — — — — — — — Non-marketable equity securities 505 — (2) 6 — 3 — (64) — 448 (12) Total investments $ 2,384 $ — $ 54 $ 18 $ (585) $ 256 $ — $ (430) $ — $ 1,697 $ 45 Net realized/unrealized Transfers Unrealized gains (losses) still held (3) In millions of dollars Mar. 31, 2019 Principal Other (1)(2) into out of Purchases Issuances Sales Settlements Jun. 30, 2019 Loans $ 373 $ — $ 63 $ 3 $ — $ 5 $ — $ (25) $ — $ 419 $ 174 Mortgage servicing rights 551 — (37) — — — 16 — (22) 508 (34) Other financial assets measured on a recurring basis — — 9 — 4 — (3) (4) (6) — — Liabilities Interest-bearing deposits $ 1,047 $ — $ (39) $ 2 $ (18) $ — $ 129 $ — $ (17) $ 1,182 $ (211) Securities loaned and sold under agreements to repurchase 1,041 (42) — 2 — — — — — 1,085 (13) Trading account liabilities Securities sold, not yet purchased 15 (6) — 15 (6) — — — (2) 28 (1) Other trading liabilities — — — — — — — — — — — Short-term borrowings 170 2 — — (25) — 12 — (1) 154 (2) Long-term debt 13,734 (819) — 747 (1,360) 20 900 (1) 79 14,938 (1,023) Other financial liabilities measured on a recurring basis — — 4 5 — — — — — 1 — (1) Changes in fair value of available-for-sale debt securities are recorded in AOCI , unless related to other-than-temporary impairment, while gains and losses from sales are recorded in Realized gains (losses) from sales of investments 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 June 30, 2019. (4) Total Level 3 trading derivative assets and liabilities have been netted in these tables for presentation purposes only. Net realized/unrealized Transfers Unrealized gains/ losses still held (3) In millions of dollars Dec. 31, 2018 Principal Other (1)(2) into out of Purchases Issuances Sales Settlements Jun. 30, 2019 Assets Securities borrowed and purchased under agreements to resell $ 115 $ 1 $ — $ 5 $ (4) $ 94 $ — $ — $ (89) $ 122 $ 3 Trading non-derivative assets Trading mortgage-backed securities U.S. government-sponsored agency guaranteed 156 6 — 1 (27) 90 (1) (38) — 187 7 Residential 268 11 — 22 (40) 130 — (260) — 131 15 Commercial 77 4 — 5 (35) 62 — (60) — 53 (5) Total trading mortgage-backed securities $ 501 $ 21 $ — $ 28 $ (102) $ 282 $ (1) $ (358) $ — $ 371 $ 17 U.S. Treasury and federal agency securities $ 1 $ — $ — $ — $ — $ — $ — $ — $ (1) $ — $ — State and municipal 200 (1) — — (19) 1 — (4) — 177 — Foreign government 31 1 — 9 — 3 — (24) — 20 1 Corporate 360 345 — 62 (31) 178 (33) (425) (2) 454 34 Marketable equity securities 153 3 — (1) (11) 57 — (78) — 123 (25) Asset-backed securities 1,484 (6) — 13 (47) 463 — (496) — 1,411 57 Other trading assets 818 50 — 15 (167) 437 10 (414) (9) 740 (15) Total trading non-derivative assets $ 3,548 $ 413 $ — $ 126 $ (377) $ 1,421 $ (24) $ (1,799) $ (12) $ 3,296 $ 69 Trading derivatives, net (4) Interest rate contracts $ (154) $ (119) $ — $ (74) $ 164 $ (15) $ 31 $ 8 $ 50 $ (109) $ (85) Foreign exchange contracts (6) (49) — — 24 3 — (6) (63) (97) (165) Equity contracts (784) (111) — (192) 109 1 (147) — (70) (1,194) (338) Commodity contracts (18) 37 — 6 6 120 — (46) 42 147 153 Credit derivatives 61 (260) — (19) 194 — — 14 96 86 (335) Total trading derivatives, net (4) $ (901) $ (502) $ — $ (279) $ 497 $ 109 $ (116) $ (30) $ 55 $ (1,167) $ (770) Investments Mortgage-backed securities U.S. government-sponsored agency guaranteed $ 32 $ — $ (1) $ — $ — $ — $ — $ — $ — $ 31 $ (3) Residential — — — — — — — — — — — Commercial — — — — — — — — — — — Total investment mortgage-backed securities $ 32 $ — $ (1) $ — $ — $ — $ — $ — $ — $ 31 $ (3) U.S. Treasury and federal agency securities $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — State and municipal 708 — 94 14 — 421 — (211) — 1,026 84 Foreign government 68 — 1 — — 56 — (48) — 77 1 Corporate 156 — — — (94) — — (6) — 56 — Marketable equity securities — — — — — — — — — — — Asset-backed securities 187 — 8 95 (585) 550 — (196) — 59 9 Other debt securities — — — — — — — — — — — Non-marketable equity securities 586 — 20 6 — 7 — (150) (21) 448 (15) Total investments $ 1,737 $ — $ 122 $ 115 $ (679) $ 1,034 $ — $ (611) $ (21) $ 1,697 $ 76 Table continues on the next page. Net realized/unrealized Transfers Unrealized gains (losses) still held (3) In millions of dollars Dec. 31, 2018 Principal Other (1)(2) into out of Purchases Issuances Sales Settlements Jun. 30, 2019 Loans $ 277 $ — $ 108 $ 128 $ (70) $ 11 $ — $ (35) $ — $ 419 $ 294 Mortgage servicing rights 584 — (64) — — — 28 — (40) 508 (60) Other financial assets measured on a recurring basis — — 25 — 4 — (5) (8) (16) — — Liabilities Interest-bearing deposits $ 495 $ — $ (49) $ 3 $ (22) $ — $ 803 $ — $ (146) $ 1,182 $ (182) Securities loaned and sold under agreements to repurchase 983 (38) — 1 4 — — 1 58 1,085 (24) Trading account liabilities Securities sold, not yet purchased 586 118 — 16 (447) — — — (9) 28 — Other trading liabilities — — — — — — — — — — — Short-term borrowings 37 25 — 9 (31) — 165 — (1) 154 (2) Long-term debt 12,570 (1,226) — 1,624 (2,961) 20 6,850 (4) (4,387) 14,938 (769) Other financial liabilities measured on a recurring basis — — 4 5 — — — — — 1 — (1) Changes in fair value of available-for-sale debt securities are recorded in AOCI , unless related to other-than-temporary impairment, while gains and losses from sales are recorded in Realized gains (losses) from sales of investments 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 June 30, 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 June 30, 2020: • During the six months ended June 30, 2020, transfers of Interest rate contracts of $1.6 billion from Level 2 to Level 3 were due to interest rate option volatility becoming an unobservable and/or significant input relative to the overall valuation of the related interest rate derivatives. • During the three and six months ended June 30, 2020, $1.4 billion and $4.6 billion of Long-term debt containing embedded derivatives was transferred from Level 2 to Level 3, as |
FAIR VALUE ELECTIONS
FAIR VALUE ELECTIONS | 6 Months Ended |
Jun. 30, 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 June 30, Six Months Ended June 30, In millions of dollars 2020 2019 2020 2019 Assets Securities borrowed and purchased under agreements to resell $ (48) $ 6 $ 44 $ 35 Trading account assets 373 45 (461) 212 Investments — — — — Loans Certain corporate loans (154) (80) (1,017) (213) Certain consumer loans (1) — — — Total loans $ (155) $ (80) $ (1,017) $ (213) Other assets MSRs $ (26) $ (37) $ (169) $ (64) Certain mortgage loans HFS (1) 72 21 134 37 Total other assets $ 46 $ (16) $ (35) $ (27) Total assets $ 216 $ (45) $ (1,469) $ 7 Liabilities Interest-bearing deposits $ (164) $ (43) $ (52) $ (134) Securities loaned and sold under agreements to repurchase 196 51 (92) 86 Trading account liabilities 44 2 (17) 13 Short-term borrowings (2) (259) 94 997 (81) Long-term debt (2) (5,402) (1,113) 1,963 (3,794) Total liabilities $ (5,585) $ (1,009) $ 2,799 $ (3,910) (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 loss of $2,935 million and a gain of $3 million for the three months ended June 30, 2020 and 2019, and a gain of $1,253 million and a loss of $722 million for the six months ended June 30, 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: June 30, 2020 December 31, 2019 In millions of dollars Trading assets Loans Trading assets Loans Carrying amount reported on the Consolidated Balance Sheet $ 7,851 $ 5,799 $ 8,320 $ 4,086 Aggregate unpaid principal balance in excess of (less than) fair value 420 174 410 315 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 June 30, 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 six months ended June 30, 2020 and 2019 due to instrument-specific credit risk totaled to a loss of $(40) million and a gain of $53 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 $0.5 billion and $0.2 billion at June 30, 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 June 30, 2020, there were approximately $10.6 billion and $8.0 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 June 30, December 31, 2019 Carrying amount reported on the Consolidated Balance Sheet $ 950 $ 1,254 Aggregate fair value in excess of (less than) unpaid principal balance 48 (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 six months ended June 30, 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 June 30, 2020 December 31, 2019 Interest rate linked $ 21.9 $ 22.9 Foreign exchange linked 0.9 0.9 Equity linked 24.0 21.7 Commodity linked 1.7 1.8 Credit linked 2.4 2.4 Total $ 50.9 $ 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 June 30, 2020 December 31, 2019 Carrying amount reported on the Consolidated Balance Sheet $ 61,971 $ 55,783 Aggregate unpaid principal balance in excess of (less than) fair value (980) (2,967) The following table provides information about short-term borrowings carried at fair value: In millions of dollars June 30, 2020 December 31, 2019 Carrying amount reported on the Consolidated Balance Sheet $ 6,646 $ 4,946 Aggregate unpaid principal balance in excess of (less than) fair value 119 1,411 |
GUARANTEES, LEASES AND COMMITME
GUARANTEES, LEASES AND COMMITMENTS | 6 Months Ended |
Jun. 30, 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 June 30, 2020 and December 31, 2019: Maximum potential amount of future payments In billions of dollars at June 30, 2020 Expire within Expire after Total amount Carrying value (in millions of dollars) Financial standby letters of credit $ 23.9 $ 65.7 $ 89.6 $ 2,009 Performance guarantees 6.3 5.8 12.1 142 Derivative instruments considered to be guarantees 13.0 56.0 69.0 1,452 Loans sold with recourse — 1.2 1.2 6 Securities lending indemnifications (1) 99.7 — 99.7 — Credit card merchant processing (1)(2) 82.4 — 82.4 — Credit card arrangements with partners 0.2 0.4 0.6 7 Custody indemnifications and other — 31.7 31.7 40 Total $ 225.5 $ 160.8 $ 386.3 $ 3,656 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 $ 581 Performance guarantees 6.9 5.5 12.4 36 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 $ 1,162 (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 June 30, 2020 and December 31, 2019, this maximum potential exposure was estimated to be $82 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 June 30, 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 June 30, 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 June 30, 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 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 June 30, 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 $17.5 billion and $13.3 billion as of June 30, 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 June 30, 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 $3.7 billion and $1.2 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 $50.0 billion and $46.7 billion at June 30, 2020 and December 31, 2019, respectively. Securities and other marketable assets held as collateral amounted to $67.3 billion and $58.6 billion at June 30, 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 $3.8 billion and $4.4 billion at June 30, 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 June 30, 2020 Investment Non-investment Not Total Financial standby letters of credit $ 58.9 $ 15.2 $ 15.5 $ 89.6 Performance guarantees 8.9 2.7 0.5 12.1 Derivative instruments deemed to be guarantees — — 69.0 69.0 Loans sold with recourse — — 1.2 1.2 Securities lending indemnifications — — 99.7 99.7 Credit card merchant processing — — 82.4 82.4 Credit card arrangements with partners — — 0.6 0.6 Custody indemnifications and other 19.3 12.4 — 31.7 Total $ 87.1 $ 30.3 $ 268.9 $ 386.3 Maximum potential amount of future payments In billions of dollars at December 31, 2019 Investment Non-investment Not 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 June 30, 2020. The operating lease ROU asset and lease liability were $2.9 billion and $3.2 billion, respectively, as of June 30, 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 June 30, December 31, Commercial and similar letters of credit $ 582 $ 3,421 $ 4,003 $ 4,533 One- to four-family residential mortgages 2,948 2,322 5,270 3,721 Revolving open-end loans secured by one- to four-family residential properties 9,129 1,280 10,409 10,799 Commercial real estate, construction and land development 10,617 1,775 12,392 12,981 Credit card lines 616,582 97,869 714,451 708,023 Commercial and other consumer loan commitments 198,358 108,022 306,380 324,359 Other commitments and contingencies 1,881 796 2,677 1,948 Total $ 840,097 $ 215,485 $ 1,055,582 $ 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 June 30, 2020 and December 31, 2019, Citigroup had approximately $63.0 billion and $34.0 billion of unsettled reverse repurchase and securities borrowing agreements, and approximately $72.5 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 June 30, December 31, Cash and due from banks $ 2,789 $ 3,758 Deposits with banks, net of allowance 11,468 26,493 Total $ 14,257 $ 30,251 |
CONTINGENCIES
CONTINGENCIES | 6 Months Ended |
Jun. 30, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
CONTINGENCIES | CONTINGENCIES The following information supplements and amends, as applicable, the disclosure in Note 23 to the Consolidated Financial Statements of Citigroup’s First Quarter of 2020 Form 10-Q and 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 June 30, 2020, Citigroup’s estimate of the reasonably possible unaccrued loss for these matters was approximately $1.2 billion in the aggregate. 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. Corporate Bonds Antitrust Litigation On April 21, 2020, a complaint was filed against Citigroup, CGMI, and other defendants in the United States District Court for the Southern District of New York, asserting that defendants violated federal antitrust law by unreasonably restraining the trade of odd-lots of corporate bonds in the secondary market. The complaint seeks declaratory and injunctive relief, treble damages, pre- and post-judgment interest, and costs. The complaint is captioned LITOVICH, ET AL. v. BANK OF AMERICA CORPORATION, ET AL. Additional information concerning this action is publicly available in court filings under the docket number 1:20-cv-03154 (Liman, J.). Foreign Exchange Matters Antitrust and Other Litigation : On May 28, 2020, in ALLIANZ GLOBAL INVESTORS, ET AL. v. BANK OF AMERICA CORPORATION, ET AL., the court granted in part and denied in part defendants’ motion to dismiss the second amended complaint. Additional information concerning this action is publicly available in court filings under the docket number 18 Civ. 10364 (S.D.N.Y.) (Schofield, J.). On April 30, 2020, in NYPL v. JPMORGAN CHASE & CO., ET AL., plaintiffs filed a motion for class certification. Additional information concerning this action is publicly available in court filings under the docket number 15 Civ. 9300 (S.D.N.Y.) (Schofield, J.). On April 30, 2020, in J WISBEY & ASSOCIATES PTY LTD v. UBS AG & ORS, plaintiffs filed an application to amend their pleadings. Additional information concerning this action is publicly available in court filings under the docket number VID567/2019. Interbank Offered Rates–Related Litigation and Other Matters Antitrust and Other Litigation : On April 24, 2020, in IN RE ICE LIBOR ANTITRUST LITIGATION, plaintiffs filed a notice of appeal with the United States Court of Appeals for the Second Circuit from the district court’s grant of defendants’ motion to dismiss the consolidated class action complaint. Additional information concerning these actions is publicly available in court filings under the docket numbers 19 Civ. 439 (S.D.N.Y.) (Daniels, J.) and 20-1492 (2d Cir.). Sovereign Securities Matters Antitrust and Other Litigation : On June 16, 2020, in IN RE GSE BONDS ANTITRUST LITIGATION, the court granted final approval of a settlement with CGMI and 11 other defendants. Additional information concerning this action is publicly available in court filings under the docket number 19 Civ. 1704 (S.D.N.Y.) (Rakoff, J.). On June 1, 2020, in IN RE SSA BONDS ANTITRUST LITIGATION, plaintiffs filed a notice of appeal with the United States Court of Appeals for the Second Circuit from the district court’s grant of defendants’ motion to dismiss the second amended consolidated class action complaint related to the supranational, subsovereign, and agency (SSA) bond market. Additional information concerning these actions is publicly available in court filings under the docket numbers 16-cv-03711 (S.D.N.Y.) (Ramos, J.) and 20-1759 (2d Cir.). On June 25, 2020, in STACHON v. BANK OF AMERICA, N.A., ET AL., plaintiff voluntarily dismissed the action without prejudice in light of the dismissal of the IN RE SSA BONDS ANTITRUST LITIGATION. Additional information concerning this action is publicly available in court filings under the docket number 19 Civ. 1205 (S.D.N.Y.) (Swain, J.). 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 | 6 Months Ended |
Jun. 30, 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 and six months ended June 30, 2020 and 2019, Condensed Consolidating Balance Sheet as of June 30, 2020 and December 31, 2019 and Condensed Consolidating Statement of Cash Flows for the six months ended June 30, 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 June 30, 2020 In millions of dollars Citigroup parent company CGMHI Other Citigroup subsidiaries and eliminations Consolidating adjustments Citigroup consolidated Revenues Dividends from subsidiaries $ — $ — $ — $ — $ — Interest revenue — 1,309 13,280 — 14,589 Interest revenue—intercompany 1,067 282 (1,349) — — Interest expense 1,265 380 1,864 — 3,509 Interest expense—intercompany 142 621 (763) — — Net interest revenue $ (340) $ 590 $ 10,830 $ — $ 11,080 Commissions and fees $ — $ 1,771 $ 1,162 $ — $ 2,933 Commissions and fees—intercompany — 73 (73) — — Principal transactions (258) (2,993) 7,408 — 4,157 Principal transactions—intercompany 62 4,890 (4,952) — — Other income (14) 211 1,399 — 1,596 Other income—intercompany 8 13 (21) — — Total non-interest revenues $ (202) $ 3,965 $ 4,923 $ — $ 8,686 Total revenues, net of interest expense $ (542) $ 4,555 $ 15,753 $ — $ 19,766 Provisions for credit losses and for benefits and claims $ — $ 1 $ 7,902 $ — $ 7,903 Operating expenses Compensation and benefits $ 105 $ 1,345 $ 4,174 $ — $ 5,624 Compensation and benefits—intercompany 1 — (1) — — Other operating 9 594 4,188 — 4,791 Other operating—intercompany 4 375 (379) — — Total operating expenses $ 119 $ 2,314 $ 7,982 $ — $ 10,415 Equity in undistributed income of subsidiaries $ 2,107 $ — $ — $ (2,107) $ — Income (loss) from continuing operations before income taxes $ 1,446 $ 2,240 $ (131) $ (2,107) $ 1,448 Provision (benefit) for income taxes 130 715 (714) — 131 Income (loss) from continuing operations $ 1,316 $ 1,525 $ 583 $ (2,107) $ 1,317 Income (loss) from discontinued operations, net of taxes — — (1) — (1) Net income before attribution of noncontrolling interests $ 1,316 $ 1,525 $ 582 $ (2,107) $ 1,316 Noncontrolling interests — — — — — Net income (loss) $ 1,316 $ 1,525 $ 582 $ (2,107) $ 1,316 Comprehensive income Add: Other comprehensive income (loss) $ (824) $ (1,429) $ (1,223) $ 2,652 $ (824) Total Citigroup comprehensive income (loss) $ 492 $ 96 $ (641) $ 545 $ 492 Add: Other comprehensive income attributable to noncontrolling interests $ — $ — $ 39 $ — $ 39 Add: Net income attributable to noncontrolling interests — — — — — Total comprehensive income (loss) $ 492 $ 96 $ (602) $ 545 $ 531 Condensed Consolidating Statements of Income and Comprehensive Income Six Months Ended June 30, 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 — 3,212 28,516 — 31,728 Interest revenue—intercompany 2,211 623 (2,834) — — Interest expense 2,408 1,521 5,227 — 9,156 Interest expense—intercompany 390 1,403 (1,793) — — Net interest revenue $ (587) $ 911 $ 22,248 $ — $ 22,572 Commissions and fees $ — $ 3,321 $ 2,633 $ — $ 5,954 Commissions and fees—intercompany (19) 237 (218) — — Principal transactions (930) 3,261 7,087 — 9,418 Principal transactions—intercompany 564 499 (1,063) — — Other income 66 260 2,227 — 2,553 Other income—intercompany (62) 26 36 — — Total non-interest revenues $ (381) $ 7,604 $ 10,702 $ — $ 17,925 Total revenues, net of interest expense $ (863) $ 8,515 $ 32,950 $ (105) $ 40,497 Provisions for credit losses and for benefits and claims $ — $ — $ 14,930 $ — $ 14,930 Operating expenses Compensation and benefits $ 133 $ 2,641 $ 8,504 $ — $ 11,278 Compensation and benefits—intercompany 75 — (75) — — Other operating 32 1,192 8,507 — 9,731 Other operating—intercompany 8 857 (865) — — Total operating expenses $ 248 $ 4,690 $ 16,071 $ — $ 21,009 Equity in undistributed income of subsidiaries $ 4,475 $ — $ — $ (4,475) $ — Income (loss) from continuing operations before income taxes $ 3,364 $ 3,825 $ 1,949 $ (4,580) $ 4,558 Provision (benefit) for income taxes (474) 1,052 129 — 707 Income (loss) from continuing operations $ 3,838 $ 2,773 $ 1,820 $ (4,580) $ 3,851 Income (loss) from discontinued operations, net of taxes — — (19) — (19) Net income before attribution of noncontrolling interests $ 3,838 $ 2,773 $ 1,801 $ (4,580) $ 3,832 Noncontrolling interests — — (6) — (6) Net income (loss) $ 3,838 $ 2,773 $ 1,807 $ (4,580) $ 3,838 Comprehensive income Add: Other comprehensive income (loss) $ 2,973 $ 328 $ 12,236 $ (12,564) $ 2,973 Total Citigroup comprehensive income (loss) $ 6,811 $ 3,101 $ 14,043 $ (17,144) $ 6,811 Add: Other comprehensive income attributable to noncontrolling interests $ — $ — $ (12) $ — $ (12) Add: Net income attributable to noncontrolling interests — — (6) — (6) Total comprehensive income (loss) $ 6,811 $ 3,101 $ 14,025 $ (17,144) $ 6,793 Condensed Consolidating Statements of Income and Comprehensive Income Three Months Ended June 30, 2019 In millions of dollars Citigroup parent company CGMHI Other Citigroup subsidiaries and eliminations Consolidating adjustments Citigroup consolidated Revenues Dividends from subsidiaries $ 5,049 $ — $ — $ (5,049) $ — Interest revenue — 3,184 16,528 — 19,712 Interest revenue—intercompany 1,327 518 (1,845) — — Interest expense 1,278 1,911 4,573 — 7,762 Interest expense—intercompany 202 1,152 (1,354) — — Net interest revenue $ (153) $ 639 $ 11,464 $ — $ 11,950 Commissions and fees $ — $ 1,309 $ 1,572 $ — $ 2,881 Commissions and fees—intercompany — 94 (94) — — Principal transactions (565) 1,142 1,297 — 1,874 Principal transactions—intercompany 791 (675) (116) — — Other income (368) 498 1,923 — 2,053 Other income—intercompany 9 14 (23) — — Total non-interest revenues $ (133) $ 2,382 $ 4,559 $ — $ 6,808 Total revenues, net of interest expense $ 4,763 $ 3,021 $ 16,023 $ (5,049) $ 18,758 Provisions for credit losses and for benefits and claims $ — $ — $ 2,093 $ — $ 2,093 Operating expenses Compensation and benefits $ 4 $ 1,166 $ 4,211 $ — $ 5,381 Compensation and benefits—intercompany 17 — (17) — — Other operating 9 540 4,570 — 5,119 Other operating—intercompany 5 582 (587) — — Total operating expenses $ 35 $ 2,288 $ 8,177 $ — $ 10,500 Equity in undistributed income of subsidiaries $ (146) $ — $ — $ 146 $ — Income (loss) from continuing operations before income $ 4,582 $ 733 $ 5,753 $ (4,903) $ 6,165 Provision (benefit) for income taxes (217) — 8 1,582 — 1,373 Income (loss) from continuing operations $ 4,799 $ 725 $ 4,171 $ (4,903) $ 4,792 Income (loss) from discontinued operations, net of taxes — — 17 — 17 Net income (loss) before attribution of noncontrolling interests $ 4,799 $ 725 $ 4,188 $ (4,903) $ 4,809 Noncontrolling interests — — 10 — 10 Net income (loss) $ 4,799 $ 725 $ 4,178 $ (4,903) $ 4,799 Comprehensive income Add: Other comprehensive income (loss) $ 1,105 $ (12) $ 734 $ (722) $ 1,105 Total Citigroup comprehensive income (loss) $ 5,904 $ 713 $ 4,912 $ (5,625) $ 5,904 Add: Other comprehensive income attributable to noncontrolling interests $ — $ — — $ 20 $ — $ 20 Add: Net income attributable to noncontrolling interests — — 10 — 10 Total comprehensive income (loss) $ 5,904 $ 713 $ 4,942 $ (5,625) $ 5,934 Condensed Consolidating Statements of Income and Comprehensive Income Six Months Ended June 30, 2019 In millions of dollars Citigroup parent company CGMHI Other Citigroup subsidiaries and eliminations Consolidating adjustments Citigroup consolidated Revenues Dividends from subsidiaries $ 14,216 $ — $ — $ (14,216) $ — Interest revenue — 5,756 33,032 — 38,788 Interest revenue—intercompany 2,652 1,021 (3,673) — — Interest expense 2,549 3,735 8,795 — 15,079 Interest expense—intercompany 514 2,227 (2,741) — — Net interest revenue $ (411) $ 815 $ 23,305 $ — $ 23,709 Commissions and fees $ — $ 2,616 $ 3,191 $ — $ 5,807 Commissions and fees—intercompany (1) 215 (214) — — Principal transactions (1,390) 108 5,960 — 4,678 Principal transactions—intercompany 1,238 1,361 (2,599) — — Other income (49) 597 2,592 — 3,140 Other income—intercompany (25) 56 (31) — — Total non-interest revenues $ (227) $ 4,953 $ 8,899 $ — $ 13,625 Total revenues, net of interest expense $ 13,578 $ 5,768 $ 32,204 $ (14,216) $ 37,334 Provisions for credit losses and for benefits and claims $ — $ — $ 4,073 $ — $ 4,073 Operating expenses Compensation and benefits $ 37 $ 2,450 $ 8,552 $ — $ 11,039 Compensation and benefits—intercompany 43 — (43) — — Other operating 14 1,093 8,938 — 10,045 Other operating—intercompany 10 1,164 (1,174) — — Total operating expenses $ 104 $ 4,707 $ 16,273 $ — $ 21,084 Equity in undistributed income of subsidiaries $ (4,349) $ — $ — $ 4,349 $ — Income (loss) from continuing operations before income $ 9,125 $ 1,061 $ 11,858 $ (9,867) $ 12,177 Provision (benefit) for income taxes (384) 148 2,884 — 2,648 Income (loss) from continuing operations $ 9,509 $ 913 $ 8,974 $ (9,867) $ 9,529 Income (loss) from discontinued operations, net of taxes — — 15 — 15 Net income (loss) before attribution of noncontrolling interests $ 9,509 $ 913 $ 8,989 $ (9,867) $ 9,544 Noncontrolling interests — — 35 — 35 Net income (loss) $ 9,509 $ 913 $ 8,954 $ (9,867) $ 9,509 Comprehensive income Add: Other comprehensive income (loss) $ 1,967 $ (301) $ 1,733 $ (1,432) $ 1,967 Total Citigroup comprehensive income (loss) $ 11,476 $ 612 $ 10,687 $ (11,299) $ 11,476 Add: Other comprehensive income attributable to noncontrolling interests $ — $ — $ 7 $ — $ 7 Add: Net income attributable to noncontrolling interests — — 35 — 35 Total comprehensive income (loss) $ 11,476 $ 612 $ 10,729 $ (11,299) $ 11,518 Condensed Consolidating Balance Sheet June 30, 2020 In millions of dollars Citigroup parent company CGMHI Other Citigroup subsidiaries and eliminations Consolidating adjustments Citigroup consolidated Assets Cash and due from banks $ — $ 403 $ 22,486 $ — $ 22,889 Cash and due from banks—intercompany 23 3,325 (3,348) — — Deposits with banks, net of allowance — 4,784 282,100 — 286,884 Deposits with banks—intercompany 3,000 8,145 (11,145) — — Securities borrowed and purchased under resale agreements — 221,779 61,138 — 282,917 Securities borrowed and purchased under resale agreements—intercompany — 24,679 (24,679) — — Trading account assets 250 223,733 138,328 — 362,311 Trading account assets—intercompany 261 3,786 (4,047) — — Investments, net of allowance 1 458 432,794 — 433,253 Loans, net of unearned income — 2,922 682,370 — 685,292 Loans, net of unearned income—intercompany — — — — — Allowance for credit losses on loans (ACLL) — — (26,420) — (26,420) Total loans, net $ — $ 2,922 $ 655,950 $ — $ 658,872 Advances to subsidiaries $ 151,652 $ — $ (151,652) $ — $ — Investments in subsidiaries 205,625 — — (205,625) — Other assets, net of allowance (1) 13,299 64,181 108,109 — 185,589 Other assets—intercompany 3,535 50,952 (54,487) — — Total assets $ 377,646 $ 609,147 $ 1,451,547 $ (205,625) $ 2,232,715 Liabilities and equity Deposits $ — $ — $ 1,233,660 $ — $ 1,233,660 Deposits—intercompany — — — — — Securities loaned and sold under repurchase agreements — 199,525 16,197 — 215,722 Securities loaned and sold under repurchase agreements—intercompany — 51,179 (51,179) — — Trading account liabilities 11 100,338 48,915 — 149,264 Trading account liabilities—intercompany 141 2,745 (2,886) — — Short-term borrowings 25 12,170 27,961 — 40,156 Short-term borrowings—intercompany — 16,888 (16,888) — — Long-term debt 169,036 44,874 65,865 — 279,775 Long-term debt—intercompany — 76,880 (76,880) — — Advances from subsidiaries 13,678 — (13,678) — — Other liabilities, including allowance 3,139 59,236 59,461 — 121,836 Other liabilities—intercompany (6) 9,530 (9,524) — — Stockholders’ equity 191,622 35,782 170,523 (205,625) 192,302 Total liabilities and equity $ 377,646 $ 609,147 $ 1,451,547 $ (205,625) $ 2,232,715 (1) Other assets for Citigroup parent company at June 30, 2020 included $34.4 billion of placements to Citibank and its branches, of which $29.2 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 Six Months Ended June 30, 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 $ 2,857 $ (53,782) $ 31,717 $ — $ (19,208) Cash flows from investing activities of continuing operations Purchases of investments $ — $ — $ (207,701) $ — $ (207,701) Proceeds from sales of investments — — 86,191 — 86,191 Proceeds from maturities of investments — — 53,909 — 53,909 Change in loans — — 7,943 — 7,943 Proceeds from sales and securitizations of loans — — 826 — 826 Change in securities borrowed and purchased under agreements to resell — (29,475) (2,120) — (31,595) Changes in investments and advances—intercompany (7,371) (4,890) 12,261 — — Other investing activities — — (1,262) — (1,262) Net cash provided by (used in) investing activities of continuing operations $ (7,371) $ (34,365) $ (49,953) $ — $ (91,689) Cash flows from financing activities of continuing operations Dividends paid $ (2,679) $ — $ — $ — $ (2,679) 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 17,353 8,907 (86) — 26,174 Proceeds (repayments) from issuance of long-term debt—intercompany, net 6,815 (6,815) — — Change in deposits — — 163,070 — 163,070 Change in securities loaned and sold under agreements to repurchase — 68,650 (19,267) — 49,383 Change in short-term borrowings — 1,074 (5,967) — (4,893) Net change in short-term borrowings and other advances—intercompany (6,826) 3,035 3,791 — — Capital contributions from (to) parent — — — — — — Other financing activities (407) (118) 118 — (407) Net cash provided by (used in) financing activities of continuing operations $ 4,516 $ 88,363 $ 134,844 $ — $ 227,723 Effect of exchange rate changes on cash and due from banks $ — $ — $ (972) $ — $ (972) Change in cash and due from banks and deposits with banks $ 2 $ 216 $ 115,636 $ — $ 115,854 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 $ 3,023 $ 16,657 $ 290,093 $ — $ 309,773 Cash and due from banks $ 23 $ 3,728 $ 19,138 $ — $ 22,889 Deposits with banks, net of allowance 3,000 12,929 270,955 — 286,884 Cash and due from banks and deposits with banks at end of period $ 3,023 $ 16,657 $ 290,093 $ — $ 309,773 Supplemental disclosure of cash flow information for continuing operations Cash paid during the period for income taxes $ 39 $ 174 $ 2,330 $ — $ 2,543 Cash paid during the period for interest 1,757 3,006 3,988 — 8,751 Non-cash investing activities Transfers to loans HFS from loans $ — $ — $ 1,036 $ — $ 1,036 Condensed Consolidating Statement of Cash Flows Six Months Ended June 30, 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 $ 17,500 $ (39,793) $ (15,463) $ — $ (37,756) Cash flows from investing activities of continuing operations Purchases of investments $ — $ — $ (118,132) $ — $ (118,132) Proceeds from sales of investments 4 — 63,591 — 63,595 Proceeds from maturities of investments — — 57,684 — 57,684 Change in loans — — (7,803) — (7,803) Proceeds from sales and securitizations of loans — — 2,249 — 2,249 Change in securities borrowed and purchased under agreements to resell — 9,511 1,404 — 10,915 Changes in investments and advances—intercompany (3,336) (10,607) 13,943 — — Other investing activities — (32) (3,178) — (3,210) Net cash provided by (used in) investing activities of continuing operations $ (3,332) $ (1,128) $ 9,758 $ — $ 5,298 Cash flows from financing activities of continuing operations Dividends paid $ (2,650) $ — $ — $ — $ (2,650) Redemption of preferred stock (480) — — — (480) Treasury stock acquired (7,518) — — — (7,518) Proceeds (repayments) from issuance of long-term debt, net 5,418 10,817 (2,814) — 13,421 Proceeds (repayments) from issuance of long-term debt—intercompany, net — (3,941) 3,941 — — Change in deposits — — 32,437 — 32,437 Change in securities loaned and sold under agreements to repurchase — 20,903 (17,538) — 3,365 Change in short-term borrowings — 4,977 5,119 — 10,096 Net change in short-term borrowings and other advances—intercompany (8,584) 7,088 1,496 — — Other financing activities (359) — — — (359) Net cash provided by (used in) financing activities of continuing operations $ (14,173) $ 39,844 $ 22,641 $ — $ 48,312 Effect of exchange rate changes on cash and due from banks $ — $ — $ (716) $ — $ (716) Change in cash and due from banks and deposits with banks $ (5) $ (1,077) $ 16,220 $ — $ 15,138 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 $ 3,015 $ 14,600 $ 185,628 $ — $ 203,243 Cash and due from banks $ 15 — $ 4,479 $ 20,503 $ — $ 24,997 Deposits with banks, net of allowance 3,000 10,121 165,125 — 178,246 Cash and due from banks and deposits with banks at end of period $ 3,015 $ 14,600 $ 185,628 $ — $ 203,243 Supplemental disclosure of cash flow information for continuing operations Cash paid during the period for income taxes $ 154 $ 119 $ 2,541 $ — $ 2,814 Cash paid during the period for interest 1,753 6,577 5,670 — 14,000 Non-cash investing activities Transfers to loans HFS from loans $ — $ — $ 3,600 $ — $ 3,600 |
BASIS OF PRESENTATION, UPDATE_2
BASIS OF PRESENTATION, UPDATED ACCOUNTING POLICIES AND ACCOUNTING CHANGES (Policies) | 6 Months Ended |
Jun. 30, 2020 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies and Accounting Changes | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES See Note 1 to the Consolidated Financial Statements in both Citigroup’s 2019 Annual Report on Form 10-K and Citigroup’s First Quarter of 2020 Form 10-Q for a summary of all of Citigroup’s significant accounting policies. 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 introduced 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. Citi calculates a judgmental management adjustment, which is an alternative, more adverse scenario that only considers downside risk. 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 or second quarters 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. 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. The ASU was adopted by Citi as of June 30, 2020 with prospective application and did not impact the second quarter of 2020 results. Voluntary Change in the Accounting for Variable Post-Charge-Off Third-Party Collection Costs During the second quarter of 2020, there was a change in Citi`s ACL accounting estimate effected by a change in Citi`s accounting principle for variable post-charge-off third-party collection costs. These costs were previously accounted for as a reduction in credit recoveries. As a result of this change, beginning July 1, 2020, these costs are accounted for as an increase in operating expenses. Determining a preferable method of accounting for such costs is a judgmental matter; however, Citi concluded that such a change in the method of accounting is preferable in Citi’s circumstances as it better reflects the nature of these collection costs to investors. That is, these costs do not represent reduced payments from borrowers and are similar to Citi’s other executory third-party vendor contracts that are accounted for as operating expenses as incurred. As a result of this accounting change, Citi`s estimate for the consumer ACL was impacted and resulted in a one-time ACL release of approximately $426 million in the second quarter of 2020. This one-time ACL release reflects the impact to Citi’s ACL estimate of the revised credit recoveries incorporated in the ACL models. This change in accounting will result in a reclassification of approximately $50 million of collection costs from credit recoveries to operating expenses each quarter, beginning with the third quarter of 2020. |
DISCONTINUED OPERATIONS AND S_2
DISCONTINUED OPERATIONS AND SIGNIFICANT DISPOSALS (Tables) | 6 Months Ended |
Jun. 30, 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 Six Months Ended In millions of dollars 2020 2019 2020 2019 Total revenues, net of interest expense $ — $ — $ — $ — Loss from discontinued operations (1) $ (1) $ (10) $ (19) $ (12) Benefit for income taxes (2) — (27) — (27) Income (loss) from discontinued operations, net of taxes $ (1) $ 17 $ (19) $ 15 (1) Amounts in each period relate to the sale of the Egg Banking business in 2011. |
BUSINESS SEGMENTS (Tables)
BUSINESS SEGMENTS (Tables) | 6 Months Ended |
Jun. 30, 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 June 30, Revenues, net of interest expense (1) Provision (benefits) Income (loss) from continuing operations (2) Identifiable assets In millions of dollars, except identifiable assets in billions 2020 2019 2020 2019 2020 2019 June 30, December 31, 2019 Global Consumer Banking $ 7,339 $ 8,133 $ (161) $ 378 $ (398) $ 1,301 $ 423 $ 407 Institutional Clients Group 12,137 10,055 470 950 1,880 3,425 1,716 1,447 Corporate/Other 290 570 (178) 45 (165) 66 94 97 Total $ 19,766 $ 18,758 $ 131 $ 1,373 $ 1,317 $ 4,792 $ 2,233 $ 1,951 Six Months Ended June 30, Revenues, net of interest expense (3) Provision (benefits) Income (loss) from continuing operations (4) In millions of dollars 2020 2019 2020 2019 2020 2019 Global Consumer Banking $ 15,513 $ 16,223 $ (431) $ 759 $ (1,153) $ 2,621 Institutional Clients Group 24,621 20,073 1,514 1,905 5,506 6,837 Corporate/Other 363 1,038 (376) (16) (502) 71 Total $ 40,497 $ 37,334 $ 707 $ 2,648 $ 3,851 $ 9,529 (1) Includes total revenues, net of interest expense (excluding Corporate/Other ), in North America of $9.7 billion and $8.6 billion; in EMEA of $3.4 billion and $3.0 billion; in Latin America of $2.3 billion and $2.6 billion and in Asia of $4.1 billion and $4.0 billion for the three months ended June 30, 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 $3.9 billion and $2.0 billion; in the ICG results of $3.9 billion and $0.1 billion; and in the Corporate/Other results of $0.2 billion and $0.0 billion for the three months ended June 30, 2020 and 2019, respectively. (3) Includes total revenues, net of interest expense, in North America of $19.9 billion and $16.9 billion; in EMEA of $6.9 billion and $6.1 billion; in Latin America of $4.9 billion and $5.2 billion; and in Asia of $8.5 billion and $8.1 billion for the six months ended June 30, 2020 and 2019, respectively. Regional numbers exclude Corporate/Other , which largely operates within the U.S. (4) Includes pretax provisions for credit losses and for benefits and claims in the GCB results of $8.7 billion and $4.0 billion; in the ICG results of $5.9 billion and $0.2 billion; and in the Corporate/Other results of $356 million and $(47) million for the six months ended June 30, 2020 and 2019, respectively. |
INTEREST REVENUE AND EXPENSE (T
INTEREST REVENUE AND EXPENSE (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Banking and Thrift, Interest [Abstract] | |
Interest revenue and interest expense | Interest revenue and Interest expense consisted of the following: Three Months Ended June 30, Six Months Ended June 30, In millions of dollars 2020 2019 2020 2019 Interest revenue Loan interest, including fees $ 10,149 $ 11,981 $ 21,399 $ 23,949 Deposits with banks 159 736 686 1,343 Securities borrowed and purchased under agreements to resell 401 1,893 1,609 3,677 Investments, including dividends 2,097 2,505 4,378 5,053 Trading account assets (1) 1,673 2,140 3,263 3,826 Other interest 110 457 393 940 Total interest revenue $ 14,589 $ 19,712 $ 31,728 $ 38,788 Interest expense Deposits (2) $ 1,469 $ 3,284 $ 4,083 $ 6,311 Securities loaned and sold under agreements to repurchase 453 1,724 1,538 3,313 Trading account liabilities (1) 144 320 383 647 Short-term borrowings and other interest-bearing liabilities 140 715 524 1,367 Long-term debt 1,303 1,719 2,628 $ 3,441 Total interest expense $ 3,509 $ 7,762 $ 9,156 $ 15,079 Net interest revenue $ 11,080 $ 11,950 $ 22,572 $ 23,709 Provision for credit losses on loans 7,696 2,089 14,140 4,033 Net interest revenue after provision for credit losses on loans $ 3,384 $ 9,861 $ 8,432 $ 19,676 (1) Interest expense on Trading account liabilities of ICG is reported as a reduction of Interest revenue . Interest revenue and Interest expense on cash collateral positions are reported in interest on Trading account assets and Trading account liabilities , respectively. (2) Includes deposit insurance fees and charges of $270 million and $189 million for the three months ended June 30, 2020 and 2019, respectively, and $495 million and $382 million for the six months ended June 30, 2020 and 2019, respectively. |
COMMISSIONS AND FEES; ADMINIS_2
COMMISSIONS AND FEES; ADMINISTRATION AND OTHER FIDUCIARY FEES (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Other Income and Expenses [Abstract] | |
Schedule of commissions, fees, administration and other fiduciary fees revenue | The following tables present Commissions and fees revenue: Three Months Ended June 30, Six Months Ended June 30, 2020 2020 In millions of dollars ICG GCB Corporate/Other Total ICG GCB Corporate/Other Total Investment banking $ 1,358 $ — $ — $ 1,358 $ 2,398 $ — $ — $ 2,398 Brokerage commissions 482 204 — 686 1,059 453 — 1,512 Credit- and bank-card income Interchange fees 123 1,505 — 1,628 384 3,422 — 3,806 Card-related loan fees 3 132 — 135 14 298 — 312 Card rewards and partner payments (70) (1,745) — (1,815) (219) (3,838) — (4,057) Deposit-related fees (1) 220 85 — 305 453 200 — 653 Transactional service fees 215 20 — 235 442 44 — 486 Corporate finance (2) 149 — — 149 295 — — 295 Insurance distribution revenue 1 113 — 114 5 238 — 243 Insurance premiums — 31 — 31 — 74 — 74 Loan servicing 18 11 2 31 38 22 10 70 Other 27 46 3 76 57 102 3 162 Total commissions and fees (3) $ 2,526 $ 402 $ 5 $ 2,933 $ 4,926 $ 1,015 $ 13 $ 5,954 Three Months Ended June 30, Six Months Ended June 30, 2019 2019 In millions of dollars ICG GCB Corporate/Other Total ICG GCB Corporate/Other Total Investment banking $ 941 $ — $ — $ 941 $ 1,855 $ — $ — $ 1,855 Brokerage commissions 438 211 — 649 909 397 — 1,306 Credit- and bank-card income Interchange fees 314 2,197 — 2,511 593 4,180 — 4,773 Card-related loan fees 16 183 — 199 29 343 — 372 Card rewards and partner payments (175) (2,277) — (2,452) (328) (4,338) — (4,666) Deposit-related fees (1) 266 120 — 386 528 242 — 770 Transactional service fees 199 30 — 229 400 60 — 460 Corporate finance (2) 151 — — 151 330 — — 330 Insurance distribution revenue 2 129 — 131 6 261 — 267 Insurance premiums — 45 — 45 — 92 — 92 Loan servicing — 8 3 11 50 30 9 89 Other 14 66 — 80 30 128 1 159 Total commissions and fees (3) $ 2,166 $ 712 $ 3 $ 2,881 $ 4,402 $ 1,395 $ 10 $ 5,807 (1) Includes overdraft fees of $20 million and $31 million for the three months ended June 30, 2020 and 2019, respectively, and $51 million and $61 million for the six months ended June 30, 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 $(1,426) million and $(2,016) million not accounted for under ASC 606, Revenue from Contracts with Customers , for the three months ended June 30, 2020 and 2019, respectively, and $(3,228) million and $(3,719) million for the six months ended June 30, 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 June 30, Six Months Ended June 30, 2020 2020 In millions of dollars ICG GCB Corporate/Other Total ICG GCB Corporate/Other Total Custody fees $ 372 $ 6 $ 21 $ 399 $ 738 $ 14 $ 36 $ 788 Fiduciary fees 158 132 — 290 330 288 — 618 Guarantee fees 127 1 2 130 261 3 3 267 Total administration and other fiduciary fees (1) $ 657 $ 139 $ 23 $ 819 $ 1,329 $ 305 $ 39 $ 1,673 Three Months Ended June 30, Six Months Ended June 30, 2019 2019 In millions of dollars ICG GCB Corporate/Other Total ICG GCB Corporate/Other Total Custody fees $ 383 $ 4 $ 18 $ 405 $ 747 $ 7 $ 34 $ 788 Fiduciary fees 162 154 — 316 314 300 12 626 Guarantee fees 144 2 2 148 286 4 4 294 Total administration and other fiduciary fees (1) $ 689 $ 160 $ 20 $ 869 $ 1,347 $ 311 $ 50 $ 1,708 (1) Administration and other fiduciary fees includes $130 million and $148 million for the three months ended June 30, 2020 and 2019, respectively, and $267 million and $294 million for the six months ended June 30, 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) | 6 Months Ended |
Jun. 30, 2020 | |
Principal Transactions Revenue, Net [Abstract] | |
Principal transactions revenue | The following table presents Principal transactions revenue: Three Months Ended June 30, Six Months Ended June 30, In millions of dollars 2020 2019 2020 2019 Interest rate risks (1) $ 1,843 $ 1,320 $ 3,820 $ 3,038 Foreign exchange risks (2) 1,114 427 2,109 900 Equity risks (3) 102 (1) 921 455 Commodity and other risks (4) 370 89 697 208 Credit products and risks (5) 728 39 1,871 77 Total $ 4,157 $ 1,874 $ 9,418 $ 4,678 (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) | 6 Months Ended |
Jun. 30, 2020 | |
Retirement Benefits [Abstract] | |
Components of net (benefit) expense | The following table summarizes the components of net (benefit) expense recognized in the Consolidated Statement of Income for the Company’s pension and postretirement plans for Significant Plans and All Other Plans: Three Months Ended June 30, Pension plans Postretirement benefit plans U.S. plans Non-U.S. plans U.S. plans Non-U.S. plans In millions of dollars 2020 2019 2020 2019 2020 2019 2020 2019 Benefits earned during the period $ — $ — $ 34 $ 35 $ — $ — $ 2 $ 2 Interest cost on benefit obligation 101 123 61 73 5 6 22 26 Expected return on plan assets (206) (202) (56) (68) (4) (4) (18) (21) Amortization of unrecognized: Prior service benefit — (1) (2) (1) — — (2) (3) Net actuarial loss 53 48 17 15 — — 5 6 Settlement loss (1) — — 3 2 — — — — Total net (benefit) expense $ (52) $ (32) $ 57 $ 56 $ 1 $ 2 $ 9 $ 10 (1) Losses due to settlement relate to repositioning and divestiture activities. Six Months Ended June 30, Pension plans Postretirement benefit plans U.S. plans Non-U.S. plans U.S. plans Non-U.S. plans In millions of dollars 2020 2019 2020 2019 2020 2019 2020 2019 Benefits earned during the period $ — $ — $ 71 $ 71 $ — $ — $ 4 $ 4 Interest cost on benefit obligation 207 253 125 148 10 13 46 52 Expected return on plan assets (414) (405) (121) (136) (9) (9) (38) (42) Amortization of unrecognized: Prior service cost (benefit) 1 — (3) (2) — — (4) (5) Net actuarial loss 109 92 34 30 — — 10 11 Settlement loss (1) — — 3 2 — — — — Total net (benefit) expense $ (97) $ (60) $ 109 $ 113 $ 1 $ 4 $ 18 $ 20 (1) Losses due to settlement relate to repositioning and divestiture activities. The following table summarizes the components of net expense recognized in the Consolidated Statement of Income for the Company’s U.S. post employment plans: Three Months Ended June 30, Six Months Ended June 30, In millions of dollars 2020 2019 2020 2019 Service-related expense Interest cost on benefit obligation $ — $ 1 $ — $ 1 Expected return on plan assets — (1) — (1) Amortization of unrecognized: Net actuarial loss 1 — 1 1 Total service-related expense $ 1 $ — $ 1 $ 1 Non-service-related expense $ 3 $ 2 $ 8 $ 6 Total net expense $ 4 $ 2 $ 9 $ 7 |
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: Six Months Ended June 30, 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 First quarter activity (78) (934) (13) (255) Projected benefit obligation at the March 31, 2020—Significant Plans $ 13,349 $ 5,103 $ 679 $ 806 Benefits earned during the period 20 — 1 Interest cost on benefit obligation 101 51 5 19 Actuarial loss 678 466 5 84 Benefits paid, net of participants’ contributions and government subsidy (268) (83) (10) (13) Foreign exchange impact and other — 19 — 14 Projected benefit obligation at period end—Significant Plans $ 13,860 $ 5,576 $ 679 $ 911 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 First quarter activity (864) (720) (24) (270) Plan assets at fair value at March 31, 2020—Significant Plans $ 11,853 $ 5,487 $ 321 $ 848 Actual return on plan assets 830 439 16 94 Company contributions, net of reimbursements 14 15 (3) — Benefits paid, net of participants’ contributions and government subsidy (268) (83) (10) (13) Foreign exchange impact and other — 5 — 13 Plan assets at fair value at period end—Significant Plans $ 12,429 $ 5,863 $ 324 $ 942 Funded status of the Significant Plans Qualified plans (1) $ (713) $ 287 $ (355) $ 31 Nonqualified plans (718) — — — Funded status of the plans at period end—Significant Plans $ (1,431) $ 287 $ (355) $ 31 Net amount recognized at period end Benefit asset $ — $ 907 $ — $ 31 Benefit liability (1,431) (620) (355) — Net amount recognized on the balance sheet—Significant Plans $ (1,431) $ 287 $ (355) $ 31 Amounts recognized in AOCI at period end Prior service benefit $ — $ 8 $ — $ 53 Net actuarial (loss) gain (7,933) (854) 29 (296) Net amount recognized in equity (pretax)—Significant Plans $ (7,933) $ (846) $ 29 $ (243) Accumulated benefit obligation at period end—Significant Plans $ 13,857 $ 5,283 $ 679 $ 911 (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 June 30, 2020 Six Months Ended Beginning of period balance, net of tax (1)(2) $ (7,095) $ (6,809) Actuarial assumptions changes and plan experience (1,230) (800) Net asset gain (loss) due to difference between actual and expected returns 1,106 (22) Net amortization 72 148 Prior service cost 16 16 Curtailment/settlement gain (3) 3 3 Foreign exchange impact and other (60) 144 Change in deferred taxes, net 16 148 Change, net of tax $ (77) $ (363) End of period balance, net of tax (1)(2) $ (7,172) $ (7,172) (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 Jun. 30, 2020 Jun. 30, 2019 U.S. plans Qualified pension 3.20 % 3.85 % Nonqualified pension 3.25 3.90 Postretirement 3.20 3.80 Non-U.S. plans Pension 0.45-9.45 0.45-10.30 Weighted average 4.38 4.74 Postretirement 9.75 10.30 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 Jun. 30, 2020 Mar. 31, 2020 Dec. 31, 2019 U.S. plans Qualified pension 2.60 % 3.20 % 3.25 % Nonqualified pension 2.55 3.25 3.25 Postretirement 2.45 3.20 3.15 Non-U.S. plans Pension 0.20-8.40 0.45-9.45 0.20-8.95 Weighted average 3.68 4.38 4.21 Postretirement 8.80 9.75 9.10 |
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 June 30, 2020 In millions of dollars One-percentage-point increase One-percentage-point decrease Pension U.S. plans $ 8 $ (11) Non-U.S. plans (2) 3 Postretirement U.S. plans — (1) Non-U.S. plans (2) 2 |
Schedule of company contributions | The following table summarizes the Company’s actual contributions for the six months ended June 30, 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 six months ended June 30 $ 28 $ 463 $ 72 $ 64 $ — $ — $ 5 $ 223 Company contributions made during the remainder — 18 — 86 — 4 — 2 Company contributions expected to be made during 32 — 74 — — — 3 — (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 June 30, Six Months Ended June 30, In millions of dollars 2020 2019 2020 2019 U.S. plans $ 101 $ 99 $ 203 198 Non-U.S. plans 74 71 150 139 |
EARNINGS PER SHARE (Tables)
EARNINGS PER SHARE (Tables) | 6 Months Ended |
Jun. 30, 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 June 30, Six Months Ended June 30, In millions of dollars, except per share amounts 2020 2019 2020 2019 Earnings per common share Income from continuing operations before attribution of noncontrolling interests $ 1,317 $ 4,792 $ 3,851 $ 9,529 Less: Noncontrolling interests from continuing operations — 10 (6) 35 Net income from continuing operations (for EPS purposes) $ 1,317 $ 4,782 $ 3,857 $ 9,494 Loss from discontinued operations, net of taxes (1) 17 (19) 15 Citigroup’s net income $ 1,316 $ 4,799 $ 3,838 $ 9,509 Less: Preferred dividends (1) 253 296 544 558 Net income available to common shareholders $ 1,063 $ 4,503 $ 3,294 $ 8,951 Less: Dividends and undistributed earnings allocated to employee restricted and deferred shares with rights to dividends, applicable to basic EPS 11 50 32 109 Net income allocated to common shareholders for basic EPS $ 1,052 $ 4,453 $ 3,262 $ 8,842 Weighted-average common shares outstanding applicable to basic EPS (in millions) 2,081.7 2,286.1 2,089.8 2,313.2 Basic earnings per share (2) Income from continuing operations $ 0.51 $ 1.94 $ 1.57 $ 3.81 Discontinued operations — 0.01 (0.01) 0.01 Net income per share—basic $ 0.51 $ 1.95 $ 1.56 $ 3.82 Diluted earnings per share Net income allocated to common shareholders for basic EPS $ 1,052 $ 4,453 $ 3,262 $ 8,842 Add back: Dividends allocated to employee restricted and deferred shares with rights to dividends that are forfeitable (3) — — 14 — Net income allocated to common shareholders for diluted EPS $ 1,052 $ 4,453 $ 3,276 $ 8,842 Weighted-average common shares outstanding applicable to basic EPS (in millions) 2,081.7 2,286.1 2,089.8 2,313.2 Effect of dilutive securities Options (4) — — — 0.1 Other employee plans (3) 2.6 2.9 13.2 2.4 Adjusted weighted-average common shares outstanding applicable to diluted EPS (in millions) (5) 2,084.3 2,289.0 2,103.0 2,315.7 Diluted earnings per share (2) Income from continuing operations $ 0.51 $ 1.94 $ 1.57 $ 3.81 Discontinued operations — 0.01 (0.01) 0.01 Net income per share—diluted $ 0.50 $ 1.95 $ 1.56 $ 3.82 (1) On July 15, 2020, Citi declared preferred dividends of approximately $284 million for the third quarter of 2020. As of August 4, 2020, Citi estimates it will distribute preferred dividends of approximately $253 million in the fourth quarter of 2020, 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) Certain securities are excluded from the second quarter of 2020 (three month period) balances due to anti-dilution. (4) During the second quarter of 2020 and 2019, no significant options to purchase shares of common stock were outstanding. (5) 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) | 6 Months Ended |
Jun. 30, 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 June 30, December 31, 2019 Securities purchased under agreements to resell $ 181,887 $ 169,874 Deposits paid for securities borrowed 101,037 81,448 Total, net (1) $ 282,924 $ 251,322 Allowance for credit losses on securities purchased and borrowed (2) (7) — Total, net of allowance $ 282,917 $ 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 June 30, December 31, 2019 Securities sold under agreements to repurchase $ 203,819 $ 155,164 Deposits received for securities loaned 11,903 11,175 Total, net (1) $ 215,722 $ 166,339 (1) The above tables do not include securities-for-securities lending transactions of $5.8 billion and $6.3 billion at June 30, 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 . (2) See Note 14 to the Consolidated Financial Statements for further information. |
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 June 30, 2020 In millions of dollars Gross amounts Gross amounts offset on the Consolidated Balance Sheet (1) Net amounts of Amounts not offset on the Consolidated Balance Sheet but eligible for offsetting upon counterparty default (2) Net amounts (3) Securities purchased under agreements to resell $ 315,360 $ 133,473 $ 181,887 $ 145,631 $ 36,256 Deposits paid for securities borrowed 105,098 4,061 101,037 28,174 72,863 Total $ 420,458 $ 137,534 $ 282,924 $ 173,805 $ 109,119 In millions of dollars Gross amounts Gross amounts offset on the Consolidated Balance Sheet (1) Net amounts of Amounts not offset on the Consolidated Balance Sheet but eligible for offsetting upon counterparty default (2) Net amounts (3) Securities sold under agreements to repurchase $ 337,292 $ 133,473 $ 203,819 $ 116,042 $ 87,777 Deposits received for securities loaned 15,964 4,061 11,903 3,475 8,428 Total $ 353,256 $ 137,534 $ 215,722 $ 119,517 $ 96,205 As of December 31, 2019 In millions of dollars Gross amounts Gross amounts offset on the Consolidated Balance Sheet (1) Net amounts of Amounts not offset on the Consolidated Balance Sheet but eligible for offsetting upon counterparty default (2) Net amounts (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 offset on the Consolidated Balance Sheet (1) Net amounts of Amounts not offset on the Consolidated Balance Sheet but eligible for offsetting upon counterparty default (2) Net amounts (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 June 30, 2020 In millions of dollars Gross amounts Gross amounts offset on the Consolidated Balance Sheet (1) Net amounts of Amounts not offset on the Consolidated Balance Sheet but eligible for offsetting upon counterparty default (2) Net amounts (3) Securities purchased under agreements to resell $ 315,360 $ 133,473 $ 181,887 $ 145,631 $ 36,256 Deposits paid for securities borrowed 105,098 4,061 101,037 28,174 72,863 Total $ 420,458 $ 137,534 $ 282,924 $ 173,805 $ 109,119 In millions of dollars Gross amounts Gross amounts offset on the Consolidated Balance Sheet (1) Net amounts of Amounts not offset on the Consolidated Balance Sheet but eligible for offsetting upon counterparty default (2) Net amounts (3) Securities sold under agreements to repurchase $ 337,292 $ 133,473 $ 203,819 $ 116,042 $ 87,777 Deposits received for securities loaned 15,964 4,061 11,903 3,475 8,428 Total $ 353,256 $ 137,534 $ 215,722 $ 119,517 $ 96,205 As of December 31, 2019 In millions of dollars Gross amounts Gross amounts offset on the Consolidated Balance Sheet (1) Net amounts of Amounts not offset on the Consolidated Balance Sheet but eligible for offsetting upon counterparty default (2) Net amounts (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 offset on the Consolidated Balance Sheet (1) Net amounts of Amounts not offset on the Consolidated Balance Sheet but eligible for offsetting upon counterparty default (2) Net amounts (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 June 30, 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 $ 175,461 $ 87,421 $ 39,723 $ 34,687 $ 337,292 Deposits received for securities loaned 12,412 190 1,299 2,063 15,964 Total $ 187,873 $ 87,611 $ 41,022 $ 36,750 $ 353,256 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 June 30, 2020 In millions of dollars Repurchase agreements Securities lending agreements Total U.S. Treasury and federal agency securities $ 127,237 $ — $ 127,237 State and municipal securities 1,117 1 1,118 Foreign government securities 123,451 192 123,643 Corporate bonds 20,922 349 21,271 Equity securities 11,617 14,652 26,269 Mortgage-backed securities 42,762 — 42,762 Asset-backed securities 3,925 — 3,925 Other 6,261 770 7,031 Total $ 337,292 $ 15,964 $ 353,256 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) | 6 Months Ended |
Jun. 30, 2020 | |
Brokers and Dealers [Abstract] | |
Brokerage receivables and brokerage payables | Brokerage receivables and Brokerage payables consisted of the following: In millions of dollars June 30, December 31, 2019 Receivables from customers $ 17,145 $ 15,912 Receivables from brokers, dealers and clearing organizations 34,488 23,945 Total brokerage receivables (1) $ 51,633 $ 39,857 Payables to customers $ 41,843 $ 37,613 Payables to brokers, dealers and clearing organizations 18,724 10,988 Total brokerage payables (1) $ 60,567 $ 48,601 |
INVESTMENTS (Tables)
INVESTMENTS (Tables) | 6 Months Ended |
Jun. 30, 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 June 30, December 31, Debt securities available-for-sale (AFS) $ 342,256 $ 280,265 Debt securities held-to-maturity (HTM) (1) 83,332 80,775 Marketable equity securities carried at fair value (2) 593 458 Non-marketable equity securities carried at fair value (2) 486 704 Non-marketable equity securities measured using the measurement alternative (3) 771 700 Non-marketable equity securities carried at cost (4) 5,815 5,661 Total investments $ 433,253 $ 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 June 30, Six Months Ended June 30, In millions of dollars 2020 2019 2020 2019 Taxable interest $ 1,984 $ 2,324 $ 4,163 $ 4,696 Interest exempt from U.S. federal income tax 70 126 146 253 Dividend income 43 55 69 104 Total interest and dividend income $ 2,097 $ 2,505 $ 4,378 $ 5,053 |
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 June 30, Six Months Ended June 30, In millions of dollars 2020 2019 2020 2019 Gross realized investment gains $ 785 $ 474 $ 1,250 $ 642 Gross realized investment losses (37) (6) (70) (44) Net realized gains on sale of investments $ 748 $ 468 $ 1,180 $ 598 |
Amortized cost and fair value of AFS debt securities | The amortized cost and fair value of AFS debt securities were as follows: June 30, 2020 December 31, 2019 In millions of dollars Amortized Gross Gross Allowance for credit losses Fair Amortized Gross Gross Fair Debt securities AFS Mortgage-backed securities (1) U.S. government-sponsored agency guaranteed $ 44,198 $ 1,359 $ 205 $ — $ 45,352 $ 34,963 $ 547 $ 280 $ 35,230 Non-U.S. residential 691 4 — — 695 789 3 — 792 Commercial 65 — — — 65 75 — — 75 Total mortgage-backed securities $ 44,954 $ 1,363 $ 205 $ — $ 46,112 $ 35,827 $ 550 $ 280 $ 36,097 U.S. Treasury and federal agency securities U.S. Treasury $ 148,181 $ 2,779 $ 2 $ — $ 150,958 $ 106,429 $ 50 $ 380 $ 106,099 Agency obligations 3,072 27 — — 3,099 5,336 3 20 5,319 Total U.S. Treasury and federal agency securities $ 151,253 $ 2,806 $ 2 $ — $ 154,057 $ 111,765 $ 53 $ 400 $ 111,418 State and municipal $ 5,139 $ 13 $ 131 $ — $ 5,021 $ 5,024 $ 43 $ 89 $ 4,978 Foreign government 119,405 1,720 182 3 120,940 110,958 586 241 111,303 Corporate 11,178 178 132 5 11,219 11,266 52 101 11,217 Asset-backed securities (1) 287 7 7 — 287 524 — 2 522 Other debt securities 4,614 6 — — 4,620 4,729 1 — 4,730 Total debt securities AFS $ 336,830 $ 6,093 $ 659 $ 8 $ 342,256 $ 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 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 Gross Fair Gross Fair Gross June 30, 2020 Debt securities AFS Mortgage-backed securities U.S. government-sponsored agency guaranteed $ 8,915 $ 183 $ 551 $ 22 $ 9,466 $ 205 Non-U.S. residential 129 — — — 129 — Commercial 12 — 5 — 17 — Total mortgage-backed securities $ 9,056 $ 183 $ 556 $ 22 $ 9,612 $ 205 U.S. Treasury and federal agency securities U.S. Treasury $ 27,202 $ 2 $ — $ — $ 27,202 $ 2 Agency obligations — — 250 — 250 — Total U.S. Treasury and federal agency securities $ 27,202 $ 2 $ 250 $ — $ 27,452 $ 2 State and municipal $ 4,607 $ 109 $ 234 $ 22 $ 4,841 $ 131 Foreign government 22,236 121 2,519 61 24,755 182 Corporate 1,599 129 27 3 1,626 132 Asset-backed securities 239 7 1 — 240 7 Other debt securities 341 — — — 341 — Total debt securities AFS $ 65,280 $ 551 $ 3,587 $ 108 $ 68,867 $ 659 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 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. |
Amortized cost and fair value of debt securities by contractual maturity dates | The following table presents the amortized cost and fair value of AFS debt securities by contractual maturity dates: June 30, 2020 December 31, 2019 In millions of dollars Amortized Fair Amortized Fair Mortgage-backed securities (1) Due within 1 year $ 290 $ 290 $ 20 $ 20 After 1 but within 5 years 609 613 573 574 After 5 but within 10 years 1,010 1,086 594 626 After 10 years (2) 43,045 44,123 34,640 34,877 Total $ 44,954 $ 46,112 $ 35,827 $ 36,097 U.S. Treasury and federal agency securities Due within 1 year $ 45,246 $ 45,397 $ 40,757 $ 40,688 After 1 but within 5 years 103,836 106,417 70,128 69,850 After 5 but within 10 years 1,899 1,964 854 851 After 10 years (2) 272 279 26 29 Total $ 151,253 $ 154,057 $ 111,765 $ 111,418 State and municipal Due within 1 year $ 391 $ 392 $ 932 $ 932 After 1 but within 5 years 559 570 714 723 After 5 but within 10 years 303 329 195 215 After 10 years (2) 3,886 3,730 3,183 3,108 Total $ 5,139 $ 5,021 $ 5,024 $ 4,978 Foreign government Due within 1 year $ 46,614 $ 46,815 $ 42,611 $ 42,666 After 1 but within 5 years 65,217 66,383 58,820 59,071 After 5 but within 10 years 5,567 5,702 8,192 8,198 After 10 years (2) 2,007 2,040 1,335 1,368 Total $ 119,405 $ 120,940 $ 110,958 $ 111,303 All other (3) Due within 1 year $ 6,161 $ 6,187 $ 7,306 $ 7,311 After 1 but within 5 years 8,769 8,841 8,279 8,275 After 5 but within 10 years 1,005 995 818 797 After 10 years (2) 144 103 116 86 Total $ 16,079 $ 16,126 $ 16,519 $ 16,469 Total debt securities AFS $ 336,830 $ 342,256 $ 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. The following table presents the carrying value and fair value of HTM debt securities by contractual maturity dates: June 30, 2020 December 31, 2019 In millions of dollars Amortized cost (1) Fair value Amortized cost Fair value Mortgage-backed securities Due within 1 year $ 75 $ 76 $ 17 $ 17 After 1 but within 5 years 432 449 458 463 After 5 but within 10 years 1,585 1,748 1,662 1,729 After 10 years (2) 49,313 51,562 46,121 47,081 Total $ 51,405 $ 53,835 $ 48,258 $ 49,290 State and municipal Due within 1 year $ 7 $ 7 $ 2 $ 26 After 1 but within 5 years 81 84 123 160 After 5 but within 10 years 632 666 597 590 After 10 years (2) 8,432 9,029 8,382 8,755 Total $ 9,152 $ 9,786 $ 9,104 $ 9,531 Foreign government Due within 1 year $ 273 $ 272 $ 650 $ 652 After 1 but within 5 years 964 1,043 1,284 1,318 After 5 but within 10 years — — — — After 10 years (2) — — — — Total $ 1,237 $ 1,315 $ 1,934 $ 1,970 All other (3) Due within 1 year $ — $ — $ — After 1 but within 5 years — — — After 5 but within 10 years 7,262 7,123 8,545 8,543 After 10 years (2) 14,276 13,949 12,934 12,889 Total $ 21,538 $ 21,072 $ 21,479 $ 21,432 Total debt securities HTM $ 83,332 $ 86,008 $ 80,775 $ 82,223 (1) Amortized cost is reported net of allowance for credit losses of $107 million at June 30, 2020. (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 and asset-backed securities. |
Carrying value and fair value of debt securities HTM | The carrying value and fair value of debt securities HTM were as follows: In millions of dollars Amortized cost, net (1) Gross Gross Fair June 30, 2020 Debt securities HTM Mortgage-backed securities (2) U.S. government-sponsored agency guaranteed $ 49,649 $ 2,442 $ 6 $ 52,085 Non-U.S. residential 1,083 — 6 1,077 Commercial 673 1 1 673 Total mortgage-backed securities $ 51,405 $ 2,443 $ 13 $ 53,835 State and municipal $ 9,152 $ 650 $ 16 $ 9,786 Foreign government 1,237 78 — 1,315 Asset-backed securities (2) 21,538 5 471 21,072 Total debt securities HTM, net $ 83,332 $ 3,176 $ 500 $ 86,008 December 31, 2019 Debt securities HTM Mortgage-backed securities (2) 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 (2) 21,479 12 59 21,432 Total debt securities HTM $ 80,775 $ 1,557 $ 109 $ 82,223 (1) Amortized cost is reported net of allowance for credit losses of $107 million at June 30, 2020. There was no allowance as of December 31, 2019. (2) 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 19 — 19 2 — — 2 Total impairment losses recognized in earnings $ 19 $ — $ 19 $ 2 $ — $ — $ 2 Six Months Ended Six 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 71 — 71 5 — — 5 Total impairment losses recognized in earnings $ 71 $ — $ 71 $ 5 $ — $ — $ 5 |
Cumulative other-than-temporary impairment credit losses recognized in earnings | The following are the three- and six-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 at June 30, 2019: Cumulative OTTI credit losses recognized in earnings on debt securities still held Three Months Ended June 30, 2019 In millions of dollars March 31, 2019 balance Credit Credit Changes due to June 30, 2019 balance AFS debt securities Mortgage-backed securities (1) $ 1 $ — $ — $ — $ 1 State and municipal — — — — — Foreign government securities — — — — — 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 $ — $ — $ — $ — $ — Six Months Ended June 30, 2019 In millions of dollars December 31, 2018 balance Credit Credit Changes due to June 30, 2019 balance AFS debt securities Mortgage-backed securities (1) $ 1 $ — $ — $ — $ 1 State and municipal — — — — — Foreign government securities — — — — — 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 $ — $ — $ — $ — $ — (1) Primarily consists of Prime 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 June 30, 2020 and December 31, 2019: In millions of dollars June 30, 2020 December 31, 2019 Measurement alternative: Carrying value $ 771 $ 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 Six Months In millions of dollars 2020 2019 2020 2019 Measurement alternative (1) : Impairment losses $ 50 $ 3 $ 53 $ 8 Downward changes for observable prices 19 12 19 12 Upward changes for observable prices 17 19 42 85 (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 June 30, 2020 Measurement alternative: Impairment losses $ 65 Downward changes for observable prices 52 Upward changes for observable prices 384 |
Investments in alternative investment funds | Fair value Unfunded Redemption frequency Redemption In millions of dollars June 30, December 31, 2019 June 30, December 31, 2019 Hedge funds $ — $ — $ — $ — Generally quarterly 10–95 days Private equity funds (1)(2) 111 134 62 62 — — Real estate funds (2)(3) 9 10 19 18 — — Mutual/collective investment funds 20 26 — — — — Total $ 140 $ 170 $ 81 $ 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) | 6 Months Ended |
Jun. 30, 2020 | |
Consumer | |
Financing Receivable, Credit Quality Indicator [Line Items] | |
Schedule of loan delinquency and non-accrual details | Consumer Loans, Delinquencies and Non-Accrual Status at June 30, 2020 In millions of dollars Total current (1)(2) 30–89 days past due (3)(4) ≥ 90 days past due (3)(4) Past due government guaranteed (5) Total loans Non-accrual loans for which there are no loan loss reserves Non-accrual loans for which there are loan loss reserves Total 90 days In North America offices (6) Residential first mortgages (7) $ 46,923 $ 541 $ 258 $ 445 $ 48,167 $ 115 $ 409 $ 524 $ 282 Home equity loans (8)(9) 8,197 122 205 — 8,524 84 303 387 — Credit cards 125,232 1,205 1,595 — 128,032 — — — 1,595 Personal, small business and other 4,807 38 14 — 4,859 2 15 17 — Total $ 185,159 $ 1,906 $ 2,072 $ 445 $ 189,582 $ 201 $ 727 $ 928 $ 1,877 In offices outside North America (6) Residential first mortgages (7) $ 36,351 $ 210 $ 184 $ — $ 36,745 $ — $ 419 $ 419 $ — Credit cards 20,212 380 374 — 20,966 5 265 270 272 Personal, small business and other 33,421 268 131 — 33,820 1 211 212 — Total $ 89,984 $ 858 $ 689 $ — $ 91,531 $ 6 $ 895 $ 901 $ 272 Total Citigroup (10) $ 275,143 $ 2,764 $ 2,761 $ 445 $ 281,113 $ 207 $ 1,622 $ 1,829 $ 2,149 (1) Loans less than 30 days past due are presented as current. (2) Includes $16 million of residential first mortgages recorded at fair value. (3) Excludes loans guaranteed by U.S. government-sponsored agencies. (4) Loans modified under Citi’s consumer relief programs continue to be reported in the same delinquency bucket they were in at the time of modification, and thus almost all would not be reported as 30-89 or 90+ days past due for the duration of the programs (which have various durations, and certain of which may be renewed by the customer). (5) 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. (6) North America includes the U.S., Canada and Puerto Rico. Mexico is included in offices outside North America. (7) Includes approximately $0.1 billion of residential first mortgage loans in process of foreclosure. (8) Includes approximately $0.1 billion of home equity loans in process of foreclosure. (9) Fixed-rate home equity loans and loans extended under home equity lines of credit, which are typically in junior lien positions. (10) Consumer loans are net of unearned income of $734 million. Unearned income on consumer loans primarily represents unamortized origination fees and costs, premiums and discounts. Interest Income Recognized for Non-Accrual Consumer Loans Interest income In millions of dollars Three Months Ended June 30, 2020 Six Months Ended June 30, 2020 In North America offices (1) Residential first mortgages $ 4 $ 7 Home equity loans 2 4 Credit cards — — Personal, small business and other — — Total $ 6 $ 11 In offices outside North America (1) Residential first mortgages $ — $ — Credit cards — — Personal, small business and other — — Total $ — $ — Total Citigroup $ 6 $ 11 (1) North America includes the U.S., Canada and Puerto Rico. Mexico is included in offices outside North America. Consumer Loan, Delinquencies 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 90 days 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. |
Schedule of loans credit quality indicators | 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) June 30, 2020 In millions of dollars Less than 680 to 760 Greater FICO not available Total loans Residential first mortgages 2020 $ 65 $ 1,593 $ 4,261 2019 205 2,384 6,316 2018 294 784 1,619 2017 344 973 2,311 2016 390 1,523 4,791 Prior 2,130 4,629 11,968 Total residential first mortgages $ 3,428 $ 11,886 $ 31,266 $ 1,587 $ 48,167 Credit cards (2) $ 28,942 $ 52,825 $ 43,745 $ 1,984 $ 127,496 Home equity loans (pre-reset) 337 1,053 1,738 Home equity loans (post-reset) 1,435 1,937 1,826 Total home equity loans $ 1,772 $ 2,990 $ 3,564 $ 198 $ 8,524 Installment and other 2020 $ 18 $ 42 $ 55 2019 113 143 164 2018 125 114 106 2017 43 41 43 2016 21 18 16 Prior 264 425 547 Personal, small business and other $ 584 $ 783 $ 931 $ 2,561 $ 4,859 Total $ 34,726 $ 68,484 $ 79,506 $ 6,330 $ 189,046 (1) The FICO bands in the tables are consistent with general industry peer presentations. (2) Excludes $536 million of balances related to Canada. FICO Score Distribution in U.S. Portfolio FICO score distribution in U.S. portfolio (1) December 31, 2019 In millions of dollars Less than 680 to 760 Greater FICO not available Total loans Residential first mortgages $ 3,608 $ 13,264 $ 28,442 $ 1,694 $ 47,008 Credit cards (2) 33,290 59,536 52,935 2,773 148,534 Home equity loans 1,901 3,530 3,732 60 9,223 Personal, small business and other 564 907 1,473 755 3,699 Total $ 39,363 $ 77,237 $ 86,582 $ 5,282 $ 208,464 (1) The FICO bands in the tables are consistent with general industry peer presentations. (2) Excludes $629 million of balances related to Canada. 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 June 30, 2020 In millions of dollars Less than or > 80% but less Greater LTV not available Total Residential first mortgages 2020 $ 5,362 $ 560 $ — 2019 8,309 599 3 2018 2,080 598 26 2017 3,206 420 8 2016 6,570 141 3 Prior 18,621 129 22 Total residential first mortgages $ 44,148 $ 2,447 $ 62 $ 1,510 $ 48,167 Home equity loans (pre-reset) $ 3,061 $ 39 $ 12 Home equity loans (post-reset) 4,404 601 169 Total home equity loans $ 7,465 $ 640 $ 181 $ 238 $ 8,524 Total $ 51,613 $ 3,087 $ 243 $ 1,748 $ 56,691 LTV distribution in U.S. portfolio December 31, 2019 In millions of dollars Less than or > 80% but less Greater LTV not available Total Residential first mortgages $ 41,993 $ 3,313 $ 98 $ 1,604 $ 47,008 Home equity loans 8,101 829 237 56 9,223 Total $ 50,094 $ 4,142 $ 335 $ 1,660 $ 56,231 |
Schedule of impaired loans | The following tables present information about impaired consumer loans and interest income recognized on impaired consumer loans: Three Months Ended Six Months Ended Balance at June 30, 2020 2020 2019 2020 2019 In millions of dollars Recorded investment (1)(2) Unpaid Related specific allowance (3) Average carrying value (4) Interest income recognized (5) Interest income recognized (5) Interest income recognized (5) Interest income recognized (5) Mortgage and real estate Residential first mortgages $ 1,624 $ 1,798 $ 152 $ 1,700 $ 15 $ 18 $ 29 $ 35 Home equity loans 556 762 61 588 4 2 7 4 Credit cards 1,884 1,917 887 1,906 25 26 51 52 Personal, small business and other 442 477 147 518 16 6 32 11 Total $ 4,506 $ 4,954 $ 1,247 $ 4,712 $ 60 $ 52 $ 119 $ 102 (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) $212 million of residential first mortgages and $166 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. (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 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 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 (1) For the Three Months Ended June 30, 2020 In millions of dollars, except number of loans modified Number of Post- modification recorded investment (2)(3) Deferred principal (4) Contingent principal forgiveness (5) Principal forgiveness (6) Average North America Residential first mortgages 298 $ 51 $ — $ — $ — — % Home equity loans 83 8 — — — — Credit cards 50,891 220 — — — 17 Personal, small business and other 343 3 — — — 4 Total (7) 51,615 $ 282 $ — $ — $ — International Residential first mortgages 642 $ 44 $ — $ — $ — 4 % Credit cards 21,276 94 — — 3 16 Personal, small business and other 11,284 77 — — 2 10 Total (7) 33,202 $ 215 $ — $ — $ 5 For the Three Months Ended June 30, 2019 In millions of dollars, except number of loans modified Number of Post- modification recorded investment (2)(8) Deferred principal (4) Contingent principal forgiveness (5) Principal forgiveness (6) Average North America Residential first mortgages 137 $ 21 $ — $ — $ — — % Home equity loans 188 22 1 — — 1 Credit cards 63,281 273 — — — 17 Personal, small business and other 347 4 — — — 5 Total (7 ) 63,953 $ 320 $ 1 $ — $ — International Residential first mortgages 638 $ 17 $ — $ — $ — — % Credit cards 18,453 73 — — 3 16 Personal, small business and other 7,154 49 — — 2 9 Total (7) 26,245 $ 139 $ — $ — $ 5 (1) The above tables do not include loan modifications that meet the TDR relief criteria in the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) or the interagency guidance. (2) Post-modification balances include past-due amounts that are capitalized at the modification date. (3) Post-modification balances in North America include $3 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 June 30, 2020. These amounts include $2 million of residential first mortgages and $1 million of home equity loans that were newly classified as TDRs in the three months ended June 30, 2020, based on previously received OCC guidance. (4) 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. (5) Represents portion of contractual loan principal that is non-interest bearing and, depending upon borrower performance, eligible for forgiveness. (6) Represents portion of contractual loan principal that was forgiven at the time of permanent modification. (7) The above tables reflect activity for restructured loans that were considered TDRs as of the end of the reporting period. (8) Post-modification balances in North America include $5 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 June 30, 2019. 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 June 30, 2019, based on previously received OCC guidance. Consumer Troubled Debt Restructurings (1) For the Six Months Ended June 30, 2020 In millions of dollars, except number of loans modified Number of Post- modification recorded investment (2)(3) Deferred principal (4) Contingent principal forgiveness (5) Principal forgiveness (6) Average North America Residential first mortgages 575 $ 95 $ — $ — $ — — % Home equity loans 165 16 — — — 1 Credit cards 118,173 525 — — — 9 Personal, small business and other 776 7 — — — 3 Total (7) 119,689 $ 643 $ — $ — $ — International Residential first mortgages 1,178 $ 58 $ — $ — $ — 4 % Credit cards 40,591 167 — — 5 16 Personal, small business and other 18,938 128 — — 4 10 Total (7) 60,707 $ 353 $ — $ — $ 9 For the Six Months Ended June 30, 2019 In millions of dollars, except number of loans modified Number of Post- modification recorded investment (2)(8) Deferred principal (4) Contingent principal forgiveness (5) Principal forgiveness (6) Average North America Residential first mortgages 630 $ 95 $ — $ — $ — — % Home equity loans 394 42 2 — — 1 Credit cards 135,528 578 — — — 17 Personal, small business and other 703 7 — — — 5 Total (7 ) 137,255 $ 722 $ 2 $ — $ — International Residential first mortgages 1,363 $ 37 $ — $ — $ — — % Credit cards 36,946 148 — — 6 16 Personal, small business and other 14,798 99 — — 3 9 Total (7) 53,107 $ 284 $ — $ — $ 9 (1) The above tables do not include loan modifications that meet the TDR relief criteria in the CARES Act or the interagency guidance. (2) Post-modification balances include past-due amounts that are capitalized at the modification date. (3) 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 six months ended June 30, 2020. These amounts include $5 million of residential first mortgages and $1 million of home equity loans that were newly classified as TDRs in the six months ended June 30, 2020, based on previously received OCC guidance. (4) 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. (5) Represents portion of contractual loan principal that is non-interest bearing and, depending upon borrower performance, eligible for forgiveness. (6) Represents portion of contractual loan principal that was forgiven at the time of permanent modification. (7) The above tables reflect activity for restructured loans that were considered TDRs as of the end of the reporting period. (8) Post-modification balances in North America include $12 million of residential first mortgages and $4 million of home equity loans to borrowers who have gone through Chapter 7 bankruptcy in the six months ended June 30, 2019. These amounts include $7 million of residential first mortgages and $3 million of home equity loans that were newly classified as TDRs in the six months ended June 30, 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 June 30, Six Months Ended June 30, In millions of dollars 2020 2019 2020 2019 North America Residential first mortgages $ 21 $ 26 $ 35 $ 50 Home equity loans 4 4 6 7 Credit cards 47 73 137 144 Personal, small business and other 1 1 3 2 Total $ 73 $ 104 $ 181 $ 203 International Residential first mortgages $ 5 $ 4 $ 11 $ 7 Credit cards 38 36 71 75 Personal, small business and other 18 20 35 38 Total $ 61 $ 60 $ 117 $ 120 Purchased Credit Deteriorated Assets Three Months Ended June 30, 2020 In millions of dollars Credit Mortgages (1) Installment and other Purchase price $ — $ 3 $ — Allowance for credit losses at acquisition date — — — Discount or premium attributable to non-credit factors — — — Par value (amortized cost basis) $ — $ 3 $ — (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 June 30, 2020 In millions of dollars 30–89 days past due and accruing (1) ≥ 90 days past due and accruing (1) Total past due Total non-accrual (2) Total current (3) Total loans (4) Commercial and industrial $ 971 $ 108 $ 1,079 $ 3,202 $ 178,084 $ 182,365 Financial institutions 1,031 67 1,098 244 85,884 87,226 Mortgage and real estate 986 221 1,207 455 66,484 68,146 Lease financing — 3 3 36 896 935 Other 143 30 173 79 59,472 59,724 Loans at fair value 5,783 Total $ 3,131 $ 429 $ 3,560 $ 4,016 $ 390,820 $ 404,179 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 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. |
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 June 30, December 31, Investment grade (3) Commercial and industrial (4) $ 35,627 $ 9,480 $ 7,242 $ 5,035 $ 2,233 $ 10,162 $ 36,478 $ 106,257 $ 110,797 Financial institutions (4) 8,131 5,359 4,125 1,626 1,458 4,941 47,425 73,065 80,533 Mortgage and real estate 3,614 6,267 5,622 3,207 1,436 3,017 3,086 26,249 27,571 Other (5) 6,782 3,597 5,219 1,312 706 5,845 29,753 53,214 58,155 Total investment grade $ 54,154 $ 24,703 $ 22,208 $ 11,180 $ 5,833 $ 23,965 $ 116,742 $ 258,785 $ 277,056 Non-investment grade (3) Accrual Commercial and industrial (4) $ 18,097 $ 7,045 $ 5,922 $ 3,431 $ 1,061 $ 6,022 $ 31,045 $ 72,623 $ 54,220 Financial institutions (4) 7,189 1,343 742 337 39 1,562 2,705 13,917 11,269 Mortgage and real estate 1,217 1,193 2,031 1,025 512 941 920 7,839 3,811 Other (5) 1,179 1,567 603 160 197 783 2,840 7,329 5,734 Non-accrual Commercial and industrial (4) 207 108 54 181 72 343 2,237 3,202 1,828 Financial institutions — — — — — 26 218 244 50 Mortgage and real estate 2 4 2 10 6 52 379 455 188 Other (5) 13 8 — 15 — 42 37 115 122 Total non-investment grade $ 27,904 $ 11,268 $ 9,354 $ 5,159 $ 1,887 $ 9,771 $ 40,381 $ 105,724 $ 77,222 Non-rated private bank loans managed on a delinquency basis (3)(6) $ 4,461 $ 7,597 $ 3,822 $ 4,171 $ 4,604 $ 9,232 $ — $ 33,887 $ 31,590 Loans at fair value (7) 5,783 4,067 Corporate loans, net of unearned income $ 86,519 $ 43,568 $ 35,384 $ 20,510 $ 12,324 $ 42,968 $ 157,123 $ 404,179 $ 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 significant 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: June 30, 2020 Three Months Ended Six Months Ended In millions of dollars Recorded investment (1) Unpaid Related specific Average carrying value (2) Interest income recognized (3) Interest income recognized (3) Non-accrual corporate loans Commercial and industrial $ 3,202 $ 3,824 $ 682 $ 2,099 $ 3 $ 5 Financial institutions 244 283 38 90 — — Mortgage and real estate 455 455 40 255 — — Lease financing 36 36 — 30 — — Other 79 88 8 161 1 14 Total non-accrual corporate loans $ 4,016 $ 4,686 $ 768 $ 2,635 $ 4 $ 19 December 31, 2019 In millions of dollars Recorded investment (1) Unpaid Related specific 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 June 30, 2020 December 31, 2019 In millions of dollars Recorded investment (1) Related specific Recorded investment (1) Related specific Non-accrual corporate loans with specific allowances Commercial and industrial $ 1,840 $ 682 $ 714 $ 283 Financial institutions 216 38 40 2 Mortgage and real estate 277 40 48 10 Lease financing 36 — — — Other 41 8 7 4 Total non-accrual corporate loans with specific allowance $ 2,410 $ 768 $ 809 $ 299 Non-accrual corporate loans without specific allowance Commercial and industrial $ 1,362 $ 1,114 Financial institutions 28 10 Mortgage and real estate 178 140 Lease financing — 41 Other 38 74 Total non-accrual corporate loans without specific allowance $ 1,606 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. (3) Interest income recognized for the three and six months ended June 30, 2019 was $8 million and $24 million, respectively. N/A Not applicable |
Schedule of troubled debt restructurings | In millions of dollars Carrying value of TDRs modified during the period TDRs involving changes in the amount and/or timing of principal payments (2) TDRs involving changes in the amount and/or timing of interest payments (3) TDRs Three Months Ended June 30, 2020 Commercial and industrial $ 86 $ — $ — $ 86 Mortgage and real estate 4 — — 4 Other 4 4 — — Total $ 94 $ 4 $ — $ 90 Six Months Ended June 30, 2020 Commercial and industrial $ 148 $ — $ — $ 148 Mortgage and real estate 8 — — 8 Other 4 4 — — Total $ 160 $ 4 $ — $ 156 Three and Six Months ended June 30, 2019: In millions of dollars Carrying value of TDRs modified TDRs involving changes in the amount and/or timing of principal payments (3) TDRs involving changes in the amount and/or timing of interest payments (3) TDRs Three Months Ended June 30, 2019 Commercial and industrial $ 55 $ 19 $ — $ 36 Mortgage and real estate 3 — — 3 Other 6 6 — — Total $ 64 $ 25 $ — $ 39 Six Months Ended June 30, 2019 Commercial and industrial $ 135 $ 19 $ — $ 116 Mortgage and real estate 7 — — 7 Other 6 6 — — Total $ 148 $ 25 $ — $ 123 (1) The above tables do not include loan modifications that meet the TDR relief criteria in the CARES Act or the interagency guidance. (2) 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. (3) 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. TDR loans in payment default TDR loans in payment default In millions of dollars TDR balances at June 30, 2020 Three Months Ended Six Months Ended TDR balances at June 30, 2019 Three Months Ended Six Months Commercial and industrial $ 406 $ — $ — $ 601 $ 21 $ 21 Financial institutions — — — 10 — — Mortgage and real estate 91 — — 112 — — Other 10 — — 6 — — Total (1) $ 507 $ — $ — $ 729 $ 21 $ 21 (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 June 30, December 31, In North America offices (1) Commercial and industrial $ 70,755 $ 55,929 Financial institutions 53,860 53,922 Mortgage and real estate (2) 57,821 53,371 Installment and other 25,602 31,238 Lease financing 869 1,290 Total $ 208,907 $ 195,750 In offices outside North America (1) Commercial and industrial $ 115,471 $ 112,668 Financial institutions 35,173 40,211 Mortgage and real estate (2) 10,332 9,780 Installment and other 30,678 27,303 Lease financing 66 95 Governments and official institutions 3,552 4,128 Total $ 195,272 $ 194,185 Corporate loans, net of unearned income (3) $ 404,179 $ 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 ($854) million and ($791) million at June 30, 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) | 6 Months Ended |
Jun. 30, 2020 | |
Loans and Leases Receivable Disclosure [Abstract] | |
Schedule of allowance for credit losses and investment in loans by portfolio segment | Three Months Ended June 30, Six Months Ended June 30, In millions of dollars 2020 2019 2020 2019 Allowance for credit losses on loans (ACLL) at beginning of period $ 20,841 $ 12,329 $ 12,783 $ 12,315 Adjustment to opening balance for CECL adoption (1) — — 4,201 — Adjusted ACLL at beginning of period $ 20,841 $ 12,329 $ 16,984 $ 12,315 Gross credit losses on loans $ (2,528) $ (2,354) $ (5,007) $ (4,699) Gross recoveries on loans (2) 322 391 693 788 Net credit losses on loans (NCLs) $ (2,206) $ (1,963) $ (4,314) $ (3,911) NCLs $ 2,206 $ 1,963 $ 4,314 $ 3,911 Net reserve builds (releases) for loans (3) 4,856 53 8,968 120 Net specific reserve builds (releases) for loans 634 73 858 2 Total provision for credit losses on loans (PCLL) $ 7,696 $ 2,089 $ 14,140 $ 4,033 Initial allowance for credit losses on newly purchased credit — — 4 — Other, net (see table below) 89 11 (394) 29 ACLL at end of period $ 26,420 $ 12,466 $ 26,420 $ 12,466 Allowance for credit losses on unfunded lending commitments (ACLUC) at beginning of period (4) $ 1,813 $ 1,391 $ 1,456 $ 1,367 Adjustment to opening balance for CECL adoption (1) — — (194) — Provision (release) for credit losses on unfunded lending commitments 113 (15) 670 9 Other, net (5) (67) — (73) — ACLUC at end of period (4) $ 1,859 $ 1,376 $ 1,859 $ 1,376 Total allowance for credit losses on loans, leases and unfunded lending commitments $ 28,279 $ 13,842 $ 28,279 $ 13,842 Other, net details Three Months Ended June 30, Six Months Ended June 30, Sales or transfers of various consumer loan portfolios to HFS $ (1) $ (4) $ (4) $ (4) FX translation (6) 88 13 (395) 39 Other 2 2 5 (6) Other, net $ 89 $ 11 $ (394) $ 29 (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) During the second quarter of 2020, Citi updated its ACLL estimate of lifetime credit losses resulting from a change in accounting for variable post-charge-off third-party agency collection costs in its U.S. Consumer businesses. After June 30, 2020, these costs will be recorded as operating expenses for future periods as they are incurred. The impact of this change in estimate effected by a change in accounting principle resulted in an approximate $426 million reduction in Citi's estimated ACLL at June 30, 2020. (4) Represents additional credit loss reserves for unfunded lending commitments and letters of credit recorded in Other liabilities on the Consolidated Balance Sheet. (5) At June 30, 2020, the Corporate ACLUC includes a non-provision transfer of $68 million, representing reserves on performance guarantees as of March 31, 2020. The reserves on these contracts have been reclassified out of the allowance for credit losses on unfunded lending commitments and into other liabilities as of June 30, 2020. (6) 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 June 30, 2020 June 30, 2019 In millions of dollars Corporate Consumer Total Corporate Consumer Total ACLL at beginning of period $ 3,451 $ 17,390 $ 20,841 $ 2,731 $ 9,598 $ 12,329 Charge-offs (347) (2,181) (2,528) (104) (2,250) (2,354) Recoveries 23 299 322 15 376 391 Replenishment of net charge-offs 324 1,882 2,206 89 1,874 1,963 Net reserve builds (releases) 2,883 1,973 4,856 50 3 53 Net specific reserve builds (releases) 486 148 634 3 70 73 Initial allowance for credit losses on newly purchased credit deteriorated assets during the period — — — — — — Other 4 85 89 3 8 11 Ending balance $ 6,824 $ 19,596 $ 26,420 $ 2,787 $ 9,679 $ 12,466 Six Months Ended June 30, 2020 June 30, 2019 In millions of dollars Corporate Consumer Total Corporate Consumer Total ACLL 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 (485) (4,522) (5,007) (204) (4,495) (4,699) Recoveries 34 659 693 36 752 788 Replenishment of net charge-offs 451 3,863 4,314 168 3,743 3,911 Net reserve builds (releases) 4,151 4,817 8,968 54 66 120 Net specific reserve builds (releases) 534 324 858 (76) 78 2 Initial allowance for credit losses on newly purchased credit deteriorated assets during the period — 4 4 — — — Other (26) (368) (394) (2) 31 29 Ending balance $ 6,824 $ 19,596 $ 26,420 $ 2,787 $ 9,679 $ 12,466 June 30, 2020 December 31, 2019 In millions of dollars Corporate Consumer Total Corporate Consumer Total Allowance for credit losses on loans Collectively evaluated $ 6,056 $ 18,344 $ 24,400 $ 2,587 $ 8,706 $ 11,293 Individually evaluated 768 1,247 2,015 299 1,190 1,489 Purchased credit deteriorated — 5 5 — 1 1 Total allowance for credit losses on loans $ 6,824 $ 19,596 $ 26,420 $ 2,886 $ 9,897 $ 12,783 Loans, net of unearned income Collectively evaluated $ 394,380 $ 276,470 $ 670,850 $ 383,828 $ 304,510 $ 688,338 Individually evaluated 4,016 4,506 8,522 2,040 4,892 6,932 Purchased credit deteriorated — 121 121 — 128 128 Held at fair value 5,783 16 5,799 4,067 18 4,085 Total loans, net of unearned income $ 404,179 $ 281,113 $ 685,292 $ 389,935 $ 309,548 $ 699,483 |
Schedule of allowance for credit losses on available for sale securities | Allowance for Credit Losses on AFS Debt Securities Three Months Ended June 30, 2020 In millions of dollars Foreign government Corporate Total AFS Allowance for credit losses at beginning of period $ — $ — $ — Less: Write-offs — — — Recoveries of amounts written-off — — — Net credit losses (NCLs) $ — $ — $ — NCLs $ — $ — $ — Credit losses on securities without previous credit losses 3 5 8 Total provision for credit losses $ 3 $ 5 $ 8 Initial allowance on newly purchased credit deteriorated securities during the period — — — Allowance for credit losses at end of period $ 3 $ 5 $ 8 Six Months Ended June 30, 2020 In millions of dollars Foreign government Corporate Total AFS Allowance for credit losses at beginning of period $ — $ — $ — Adjustment to opening balance for CECL adoption — — — Less: Write-offs — — — Recoveries of amounts written-off — — — Net credit losses (NCLs) $ — $ — $ — NCLs $ — $ — $ — Credit losses on securities without previous credit losses 3 5 8 Total provision for credit losses $ 3 $ 5 $ 8 Initial allowance on newly purchased credit deteriorated securities during the period — — — Allowance for credit losses at end of period $ 3 $ 5 $ 8 |
Schedule of allowance for credit losses on held-to-maturity securities | Allowance for Credit Losses on HTM Debt Securities Three Months Ended June 30, 2020 In millions of dollars State and municipal Foreign government Asset-backed Total HTM Allowance for credit losses on HTM debt securities at beginning of period $ 66 $ 4 $ 6 $ 76 Net credit losses (NCLs) $ — $ — $ — $ — NCLs $ — $ — $ — $ — Net reserve builds (releases) 30 2 (1) 31 Net specific reserve builds (releases) — — — — Total provision for credit losses on HTM debt securities $ 30 $ 2 $ (1) $ 31 Other, net $ 3 $ — $ (3) $ — Initial allowance for credit losses on newly purchased credit deteriorated securities during the period — — — — Allowance for credit losses on HTM debt securities at end of period $ 99 $ 6 $ 2 $ 107 Six Months Ended June 30, 2020 In millions of dollars 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 Net credit losses (NCLs) $ — $ — $ — $ — NCLs $ — $ — $ — $ — Net reserve builds (releases) 35 2 — 37 Net specific reserve builds (releases) — — — — Total provision for credit losses on HTM debt securities $ 35 $ 2 $ — $ 37 Other, net $ 3 $ — $ (3) $ — Initial allowance for credit losses on newly purchased credit deteriorated securities during the period — — — — Allowance for credit losses on HTM debt securities at end of period $ 99 $ 6 $ 2 $ 107 |
Schedule of allowance for credit losses on other assets | Allowance for Credit Losses on Other Assets Three Months Ended June 30, 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 (1) Total Allowance for credit losses at beginning of period $ — $ 8 $ 5 $ — $ 41 $ 54 Net credit losses (NCLs) $ — $ — $ — $ — $ — $ — NCLs $ — $ — $ — $ — $ — $ — Net reserve builds (releases) — 10 2 — 36 48 Total provision for credit losses $ — $ 10 $ 2 $ — $ 36 $ 48 Other, net $ — $ — $ — $ — $ — $ — Allowance for credit losses on Other assets at end of period $ — $ 18 $ 7 $ — $ 77 $ 102 Six Months Ended June 30, 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 (1) Total Allowance for credit losses at beginning of period $ — $ — $ — $ — $ — $ — Adjustment to opening balance for CECL adoption 6 14 2 1 3 26 Net credit losses (NCLs) $ — $ — $ — $ — $ — $ — NCLs $ — $ — $ — $ — $ — $ — Net reserve builds (releases) (6) 4 5 (1) 42 44 Total provision for credit losses $ (6) $ 4 $ 5 $ (1) $ 42 $ 44 Other, net $ — $ — $ — $ — $ 32 $ 32 Allowance for credit losses on Other assets at end of period $ — $ 18 $ 7 $ — $ 77 $ 102 (1) Primarily accounts receivables. |
GOODWILL AND INTANGIBLE ASSETS
GOODWILL AND INTANGIBLE ASSETS (Tables) | 6 Months Ended |
Jun. 30, 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 Foreign currency translation 39 96 135 Balance at June 30, 2020 $ 11,876 $ 9,523 $ 21,399 |
Components of intangible assets, finite-lived | The components of intangible assets were as follows: June 30, 2020 December 31, 2019 In millions of dollars Gross Accumulated Net Gross Accumulated Net Purchased credit card relationships $ 5,642 $ 4,115 $ 1,527 $ 5,676 $ 4,059 $ 1,617 Credit card contract-related intangibles (1) 3,427 1,192 2,235 5,393 3,069 2,324 Core deposit intangibles 42 42 — 434 433 1 Other customer relationships 428 289 139 424 275 149 Present value of future profits 27 25 2 34 31 3 Indefinite-lived intangible assets 194 — 194 228 — 228 Other 67 58 9 82 77 5 Intangible assets (excluding MSRs) $ 9,827 $ 5,721 $ 4,106 $ 12,271 $ 7,944 $ 4,327 Mortgage servicing rights (MSRs) (2) 345 — 345 495 — 495 Total intangible assets $ 10,172 $ 5,721 $ 4,451 $ 12,766 $ 7,944 $ 4,822 (1) Primarily reflects contract-related intangibles associated with the American Airlines, Costco, The Home Depot, and AT&T credit card program agreements, which represented 96% of the aggregate net carrying amount as of June 30, 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 In millions of dollars December 31, Acquisitions/ Amortization Impairments FX translation and other June 30, Purchased credit card relationships (1) $ 1,617 $ 11 $ (99) $ — $ (2) $ 1,527 Credit card contract-related intangibles (2) 2,324 14 (101) — (2) 2,235 Core deposit intangibles 1 — (1) — — — Other customer relationships 149 — (12) — 2 139 Present value of future profits 3 — — — (1) 2 Indefinite-lived intangible assets 228 — — — (34) 194 Other 5 7 (3) — — 9 Intangible assets (excluding MSRs) $ 4,327 $ 32 $ (216) $ — $ (37) $ 4,106 Mortgage servicing rights (MSRs) (3) 495 345 Total intangible assets $ 4,822 $ 4,451 (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, Costco, The Home Depot, and AT&T credit card program agreements, which represented 96% of the aggregate net carrying amount at June 30, 2020 and December 31, 2019. (3) For additional information on Citi’s MSRs, including the rollforward for the three and six months ended June 30, 2020, see Note 18 to the Consolidated Financial Statements. |
Components of intangible assets, indefinite-lived | The components of intangible assets were as follows: June 30, 2020 December 31, 2019 In millions of dollars Gross Accumulated Net Gross Accumulated Net Purchased credit card relationships $ 5,642 $ 4,115 $ 1,527 $ 5,676 $ 4,059 $ 1,617 Credit card contract-related intangibles (1) 3,427 1,192 2,235 5,393 3,069 2,324 Core deposit intangibles 42 42 — 434 433 1 Other customer relationships 428 289 139 424 275 149 Present value of future profits 27 25 2 34 31 3 Indefinite-lived intangible assets 194 — 194 228 — 228 Other 67 58 9 82 77 5 Intangible assets (excluding MSRs) $ 9,827 $ 5,721 $ 4,106 $ 12,271 $ 7,944 $ 4,327 Mortgage servicing rights (MSRs) (2) 345 — 345 495 — 495 Total intangible assets $ 10,172 $ 5,721 $ 4,451 $ 12,766 $ 7,944 $ 4,822 (1) Primarily reflects contract-related intangibles associated with the American Airlines, Costco, The Home Depot, and AT&T credit card program agreements, which represented 96% of the aggregate net carrying amount as of June 30, 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 In millions of dollars December 31, Acquisitions/ Amortization Impairments FX translation and other June 30, Purchased credit card relationships (1) $ 1,617 $ 11 $ (99) $ — $ (2) $ 1,527 Credit card contract-related intangibles (2) 2,324 14 (101) — (2) 2,235 Core deposit intangibles 1 — (1) — — — Other customer relationships 149 — (12) — 2 139 Present value of future profits 3 — — — (1) 2 Indefinite-lived intangible assets 228 — — — (34) 194 Other 5 7 (3) — — 9 Intangible assets (excluding MSRs) $ 4,327 $ 32 $ (216) $ — $ (37) $ 4,106 Mortgage servicing rights (MSRs) (3) 495 345 Total intangible assets $ 4,822 $ 4,451 (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, Costco, The Home Depot, and AT&T credit card program agreements, which represented 96% of the aggregate net carrying amount at June 30, 2020 and December 31, 2019. (3) For additional information on Citi’s MSRs, including the rollforward for the three and six months ended June 30, 2020, see Note 18 to the Consolidated Financial Statements. |
Changes in intangible assets | The components of intangible assets were as follows: June 30, 2020 December 31, 2019 In millions of dollars Gross Accumulated Net Gross Accumulated Net Purchased credit card relationships $ 5,642 $ 4,115 $ 1,527 $ 5,676 $ 4,059 $ 1,617 Credit card contract-related intangibles (1) 3,427 1,192 2,235 5,393 3,069 2,324 Core deposit intangibles 42 42 — 434 433 1 Other customer relationships 428 289 139 424 275 149 Present value of future profits 27 25 2 34 31 3 Indefinite-lived intangible assets 194 — 194 228 — 228 Other 67 58 9 82 77 5 Intangible assets (excluding MSRs) $ 9,827 $ 5,721 $ 4,106 $ 12,271 $ 7,944 $ 4,327 Mortgage servicing rights (MSRs) (2) 345 — 345 495 — 495 Total intangible assets $ 10,172 $ 5,721 $ 4,451 $ 12,766 $ 7,944 $ 4,822 (1) Primarily reflects contract-related intangibles associated with the American Airlines, Costco, The Home Depot, and AT&T credit card program agreements, which represented 96% of the aggregate net carrying amount as of June 30, 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 In millions of dollars December 31, Acquisitions/ Amortization Impairments FX translation and other June 30, Purchased credit card relationships (1) $ 1,617 $ 11 $ (99) $ — $ (2) $ 1,527 Credit card contract-related intangibles (2) 2,324 14 (101) — (2) 2,235 Core deposit intangibles 1 — (1) — — — Other customer relationships 149 — (12) — 2 139 Present value of future profits 3 — — — (1) 2 Indefinite-lived intangible assets 228 — — — (34) 194 Other 5 7 (3) — — 9 Intangible assets (excluding MSRs) $ 4,327 $ 32 $ (216) $ — $ (37) $ 4,106 Mortgage servicing rights (MSRs) (3) 495 345 Total intangible assets $ 4,822 $ 4,451 (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, Costco, The Home Depot, and AT&T credit card program agreements, which represented 96% of the aggregate net carrying amount at June 30, 2020 and December 31, 2019. (3) For additional information on Citi’s MSRs, including the rollforward for the three and six months ended June 30, 2020, see Note 18 to the Consolidated Financial Statements. |
DEBT (Tables)
DEBT (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Debt Disclosure [Abstract] | |
Schedule of short-term borrowings | In millions of dollars June 30, December 31, Commercial paper Bank (1) $ 10,953 $ 10,155 Broker-dealer and other (2) 6,972 6,321 Total commercial paper $ 17,925 $ 16,476 Other borrowings (3) 22,231 28,573 Total $ 40,156 $ 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 June 30, 2020 and December 31, 2019, collateralized short-term advances from the Federal Home Loan Banks were $12.0 billion and $17.6 billion, respectively. |
Schedule of long-term debt | In millions of dollars June 30, December 31, 2019 Citigroup Inc. (1) $ 169,036 $ 150,477 Bank (2) 55,453 53,340 Broker-dealer and other (3) 55,286 44,943 Total $ 279,775 $ 248,760 (1) Represents the parent holding company. (2) Represents Citibank entities as well as other bank entities. At June 30, 2020 and December 31, 2019, collateralized long-term advances from the Federal Home Loan Banks were $18.0 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 June 30, 2020: Junior subordinated debentures owned by trust Trust Issuance Securities Liquidation value (1) Coupon rate (2) Common Amount Maturity Redeemable 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 Sterling 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. |
CHANGES IN ACCUMULATED OTHER _2
CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (AOCI) (Tables) | 6 Months Ended |
Jun. 30, 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 and Six Months Ended June 30, 2020 In millions of dollars Net Debt valuation adjustment (DVA) (1) Cash flow hedges (2) Benefit plans (3) Foreign currency translation adjustment (CTA), net of hedges (4) Excluded component of fair value hedges Accumulated Three Months Ended June 30, 2020 Balance, March 31, 2020 $ 2,863 $ 2,196 $ 2,020 $ (7,095) $ (32,500) $ (5) $ (32,521) Other comprehensive income before 1,391 (2,204) 226 (132) 561 13 (145) Increase (decrease) due to amounts reclassified from AOCI (554) (28) (152) 55 — — (679) Change, net of taxes $ 837 $ (2,232) $ 74 $ (77) $ 561 $ 13 $ (824) Balance at June 30, 2020 $ 3,700 $ (36) $ 2,094 $ (7,172) $ (31,939) $ 8 $ (33,345) Six Months Ended June 30, 2020 Balance, December 31, 2019 $ (265) $ (944) $ 123 $ (6,809) $ (28,391) $ (32) $ (36,318) Other comprehensive income before 4,795 913 2,124 (476) (3,548) 40 3,848 Increase (decrease) due to amounts reclassified from AOCI (830) (5) (153) 113 — — (875) Change, net of taxes $ 3,965 $ 908 $ 1,971 $ (363) $ (3,548) $ 40 $ 2,973 Balance at June 30, 2020 $ 3,700 $ (36) $ 2,094 $ (7,172) $ (31,939) $ 8 $ (33,345) Footnotes to the table above appear on the following page. Three and Six Months Ended June 30, 2019 In millions of dollars Net Debt valuation adjustment (DVA) (1) Cash flow hedges (2) Benefit plans (3) Foreign currency translation adjustment (CTA), net of hedges (4) Excluded component of fair value hedges Accumulated Three Months Ended June 30, 2019 Balance, March 31, 2019 $ (1,115) $ (379) $ (442) $ (6,321) $ (28,012) $ (39) $ (36,308) Other comprehensive income before 1,050 (14) 414 (305) 91 44 1,280 Increase (decrease) due to amounts reclassified from AOCI (347) 17 103 52 — — (175) Change, net of taxes $ 703 $ 3 $ 517 $ (253) $ 91 $ 44 $ 1,105 Balance at June 30, 2019 $ (412) $ (376) $ 75 $ (6,574) $ (27,921) $ 5 $ (35,203) Six Months Ended June 30, 2019 Balance, December 31, 2019 $ (2,250) $ 192 $ (728) $ (6,257) $ (28,070) $ (57) $ (37,170) Other comprehensive income before 2,276 (589) 600 (415) 149 62 2,083 Increase (decrease) due to amounts reclassified from AOCI (438) 21 203 98 — — (116) Change, net of taxes $ 1,838 $ (568) $ 803 $ (317) $ 149 $ 62 $ 1,967 Balance at June 30, 2019 $ (412) $ (376) $ 75 $ (6,574) $ (27,921) $ 5 $ (35,203) (1) Reflects the after-tax valuation of Citi’s fair value options liabilities. See “Market Valuation Adjustments” in Note 20 to the Consolidated Financial Statements. (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 Australian dollar, South Korean won, Indonesian rupiah and Euro against the U.S. dollar and changes in related tax effects and hedges for the three months ended June 30, 2020. Primarily reflects the movements in (by order of impact) the Mexican peso, Brazilian real, Indian rupee and Chilean peso against the U.S. dollar and changes in related tax effects and hedges for the six months ended June 30, 2020. Primarily reflects the movements in (by order of impact) the Japanese yen, Mexican peso, Euro and Polish zloty against the U.S. dollar and changes in related tax effects and hedges for the three months ended June 30, 2019. Primarily reflects the movements in (by order of impact) the Mexican peso, Canadian dollar, Chilean peso and Russian ruble against the U.S. dollar and changes in related tax effects and hedges for the six months ended June 30, 2019. Amounts recorded in the CTA component of AOCI remain in AOCI |
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 and Six Months Ended June 30, 2020 In millions of dollars Pretax Tax effect After-tax Three Months Ended June 30, 2020 Balance, March 31, 2020 $ (36,419) $ 3,898 $ (32,521) Change in net unrealized gains (losses) on debt securities 1,178 (341) 837 Debt valuation adjustment (DVA) (2,935) 703 (2,232) Cash flow hedges 90 (16) 74 Benefit plans (93) 16 (77) Foreign currency translation adjustment 485 76 561 Excluded component of fair value hedges 16 (3) 13 Change $ (1,259) $ 435 $ (824) Balance at June 30, 2020 $ (37,678) $ 4,333 $ (33,345) Six Months Ended June 30, 2020 Balance, December 31, 2019 $ (42,772) $ 6,454 $ (36,318) Change in net unrealized gains (losses) on debt securities 5,298 (1,333) 3,965 Debt valuation adjustment (DVA) 1,253 (345) 908 Cash flow hedges 2,574 (603) 1,971 Benefit plans (510) 147 (363) Foreign currency translation adjustment (3,570) 22 (3,548) Excluded component of fair value hedges 49 (9) 40 Change $ 5,094 $ (2,121) $ 2,973 Balance at June 30, 2020 $ (37,678) $ 4,333 $ (33,345) Three and Six Months Ended June 30, 2019 In millions of dollars Pretax Tax effect After-tax Three Months Ended June 30, 2019 Balance, March 31, 2019 $ (42,904) $ 6,596 $ (36,308) Change in net unrealized gains (losses) on debt securities 936 (233) 703 Debt valuation adjustment (DVA) 3 — 3 Cash flow hedges 680 (163) 517 Benefit plans (329) 76 (253) Foreign currency translation adjustment 83 8 91 Excluded component of fair value hedges 59 (15) 44 Change $ 1,432 $ (327) $ 1,105 Balance, June 30, 2019 $ (41,472) $ 6,269 $ (35,203) Six Months Ended June 30, 2019 Balance, December 31, 2018 $ (44,082) $ 6,912 $ (37,170) Change in net unrealized gains (losses) on debt securities 2,436 (598) 1,838 Debt valuation adjustment (DVA) (722) 154 (568) Cash flow hedges 1,058 (255) 803 Benefit plans (397) 80 (317) Foreign currency translation adjustment 152 (3) 149 Excluded component of fair value hedges 83 (21) 62 Change $ 2,610 $ (643) $ 1,967 Balance, June 30, 2019 $ (41,472) $ 6,269 $ (35,203) |
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 Three Months Ended June 30, Six Months Ended June 30, In millions of dollars 2020 2019 2020 2019 Realized (gains) losses on sales of investments $ (748) $ (468) $ (1,180) $ (598) Gross impairment losses 19 2 71 5 Subtotal, pretax $ (729) $ (466) $ (1,109) $ (593) Tax effect 175 119 279 155 Net realized (gains) losses on investments after-tax (1) $ (554) $ (347) $ (830) $ (438) Realized DVA (gains) losses on fair value option liabilities, pretax $ (37) $ 22 $ (6) $ 27 Tax effect 9 (5) 1 (6) Net realized debt valuation adjustment, after-tax $ (28) $ 17 $ (5) $ 21 Interest rate contracts $ (200) $ 134 $ (203) $ 264 Foreign exchange contracts 1 2 2 4 Subtotal, pretax $ (199) $ 136 $ (201) $ 268 Tax effect 47 (33) 48 (65) Amortization of cash flow hedges, after-tax (2) $ (152) $ 103 $ (153) $ 203 Amortization of unrecognized: Prior service cost (benefit) $ (3) $ (2) $ (6) $ (6) Net actuarial loss 75 69 154 134 Curtailment/settlement impact (3) 3 2 3 2 Subtotal, pretax $ 75 $ 69 $ 151 $ 130 Tax effect (20) (17) (38) (32) Amortization of benefit plans, after-tax (3) $ 55 $ 52 $ 113 $ 98 Excluded component of fair value hedges, pretax $ — $ — $ — $ — Tax effect — — — — Excluded component of fair value hedges, after-tax $ — $ — $ — $ — Foreign currency translation adjustment, pretax $ — $ — $ — $ — Tax effect — — — — Foreign currency translation adjustment, after-tax $ — $ — $ — $ — Total amounts reclassified out of AOCI , pretax $ (890) $ (239) $ (1,165) $ (168) Total tax effect 211 64 290 52 Total amounts reclassified out of AOCI , after-tax $ (679) $ (175) $ (875) $ (116) (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) | 6 Months Ended |
Jun. 30, 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 June 30, 2020 Maximum exposure to loss in significant unconsolidated VIEs (1) Funded exposures (2) Unfunded exposures In millions of dollars Total Consolidated Significant unconsolidated VIE assets (3) Debt Equity Funding Guarantees Total Credit card securitizations $ 33,838 $ 33,838 $ — $ — $ — $ — $ — $ — Mortgage securitizations (4) U.S. agency-sponsored 115,290 — 115,290 2,103 — — 54 2,157 Non-agency-sponsored 43,493 982 42,511 1,043 — — 1 1,044 Citi-administered asset-backed commercial paper conduits 16,028 16,028 — — — — — — Collateralized loan obligations (CLOs) 17,986 — 17,986 4,272 — — — 4,272 Asset-based financing (5) 209,806 7,660 202,146 26,129 1,131 10,302 — 37,562 Municipal securities tender option bond trusts (TOBs) 4,747 1,113 3,634 16 — 2,320 — 2,336 Municipal investments 20,235 — 20,235 2,736 4,237 2,906 — 9,879 Client intermediation 742 676 66 4 — — — 4 Investment funds 515 126 389 2 — 15 1 18 Other 51 1 50 — — 50 — 50 Total $ 462,731 $ 60,424 $ 402,307 $ 36,305 $ 5,368 $ 15,593 $ 56 $ 57,322 As of December 31, 2019 Maximum exposure to loss in significant unconsolidated VIEs (1) Funded exposures (2) Unfunded exposures In millions of dollars Total Consolidated Significant unconsolidated VIE assets (3) Debt Equity Funding Guarantees 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 (5) 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 June 30, 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. (5) Included within this line are loans to third-party sponsored private equity funds, which represent $70.4 and $69 billion in unconsolidated VIE assets and $710 and$711 million in maximum exposure to loss as of 6/30/20 and 12/31/19 respectively. |
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: June 30, 2020 December 31, 2019 In millions of dollars Liquidity Loan/equity Liquidity Loan/equity Asset-based financing $ — $ 10,302 $ — $ 9,524 Municipal securities tender option bond trusts (TOBs) 2,320 — 3,544 — Municipal investments — 2,906 — 3,034 Investment funds — 15 — 16 Other — 50 — 39 Total funding commitments $ 2,320 $ 13,273 $ 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 June 30, 2020 December 31, 2019 Cash $ — $ — Trading account assets 2.1 2.6 Investments 10.0 9.9 Total loans, net of allowance 29.0 26.7 Other 0.5 0.5 Total assets $ 41.6 $ 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 June 30, 2020 December 31, 2019 Ownership interests in principal amount of trust credit card receivables Sold to investors via trust-issued securities $ 16.5 $ 19.7 Retained by Citigroup as trust-issued securities 5.3 6.2 Retained by Citigroup via non-certificated interests 14.6 17.8 Total $ 36.4 $ 43.7 The following table summarizes selected cash flow information related to Citigroup’s credit card securitizations: Three Months Ended June 30, In billions of dollars 2020 2019 Proceeds from new securitizations $ — $ — Pay down of maturing notes (3.2) — Six Months Ended June 30, In billions of dollars 2020 2019 Proceeds from new securitizations $ 0.0 $ 0.0 Pay down of maturing notes (3.2) (2.5) |
Schedule of Master Trust liabilities (at par value) | In billions of dollars Jun. 30, 2020 Dec. 31, 2019 Term notes issued to third parties $ 15.0 $ 18.2 Term notes retained by Citigroup affiliates 3.4 4.3 Total Master Trust liabilities $ 18.4 $ 22.5 |
Schedule of Omni Trust liabilities (at par value) | In billions of dollars Jun. 30, 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 June 30, 2020 2019 In billions of dollars U.S. agency- Non-agency- sponsored mortgages (1) U.S. agency- Non-agency- Principal securitized $ 2.4 $ 0.9 $ 1.1 $ 6.1 Proceeds from new securitizations 2.6 0.9 1.2 6.1 Purchases of previously transferred financial assets — — 0.1 — Six Months Ended June 30, 2020 2019 In billions of dollars U.S. agency- Non-agency- U.S. agency- Non-agency- Principal securitized $ 4.5 $ 1.6 $ 2.1 $ 8.8 Proceeds from new securitizations 4.7 3.4 2.2 8.8 Purchases of previously transferred financial assets 0.1 — 0.1 — 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 | June 30, 2020 December 31, 2019 Non-agency-sponsored mortgages (1) Non-agency-sponsored mortgages (1) In millions of dollars U.S. agency- Senior interests (3) Subordinated U.S. agency- Senior Subordinated Carrying value of retained interests (2) $ 334 $ 884 $ 119 $ 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 $119 million related to personal loan securitizations at June 30, 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 June 30, 2020 Non-agency-sponsored mortgages (1) U.S. agency- sponsored mortgages Senior interests Subordinated interests Weighted average discount rate 3.5 % 6.2 % 3.0 % Weighted average constant prepayment rate 28.7 % — % 25.0 % Weighted average anticipated net credit losses (2) NM — % 0.5 % Weighted average life 4.1 years 9.8 years 2.3 years Three Months Ended June 30, 2019 Non-agency-sponsored mortgages (1) U.S. agency- Senior Subordinated Weighted average discount rate 7.4 % 3.2 % 5.3 % Weighted average constant prepayment rate 15.7 % 5.7 % 5.9 % Weighted average anticipated net credit losses (2) NM 3.0 % 3.7 % Weighted average life 5.9 years 3.2 years 15.6 years Six Months Ended June 30, 2020 Non-agency-sponsored mortgages (1) U.S. agency- sponsored mortgages Senior interests Subordinated interests Weighted average discount rate 6.0 % 1.8 % 3.0 % Weighted average constant prepayment rate 27.1 % 0.0 % 25.0 % Weighted average anticipated net credit losses(2) NM 1.6 % 0.5 % Weighted average life 4.7 years 4.8 years 2.3 years Six Months Ended June 30, 2019 Non-agency-sponsored mortgages (1) U.S. agency- sponsored mortgages Senior interests Subordinated interests Weighted average discount rate 7.0 % 3.5 % 5.5 % Weighted average constant prepayment rate 14.8 % 5.8 % 5.9 % Weighted average anticipated net credit losses(2) NM 4.4 % 3.7 % Weighted average life 6.0 years 6.6 years 16.1 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: June 30, 2020 Non-agency-sponsored mortgages (1) U.S. agency- Senior Subordinated Weighted average discount rate 1.9 % 7.1 % 16.2 % Weighted average constant prepayment rate 23.8 % 3.4 % 5.5 % Weighted average anticipated net credit losses (2) NM 1.2 % 4.2 % Weighted average life 4.0 years 6.9 years 7.5 years 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 | June 30, 2020 Non-agency-sponsored mortgages In millions of dollars U.S. agency- sponsored mortgages Senior interests Subordinated interests Discount rate Adverse change of 10% $ (5) $ — $ — Adverse change of 20% (9) (1) (1) Constant prepayment rate Adverse change of 10% (26) — — Adverse change of 20% (49) — — Anticipated net credit losses Adverse change of 10% NM — — Adverse change of 20% NM — — 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 June 30, Six Months Ended June 30, In billions of dollars, except liquidation losses in millions Jun. 30, 2020 Dec. 31, 2019 Jun. 30, 2020 Dec. 31, 2019 2020 2019 2020 2019 Securitized assets Residential mortgages (1) $ 11.8 $ 11.7 $ 0.4 $ 0.4 $ 7 $ 9 $ 18 $ 20 Commercial and other 21.0 22.3 — — — — — — Total $ 32.8 $ 34.0 $ 0.4 $ 0.4 $ 7 $ 9 $ 18 $ 20 |
Schedule of changes in capitalized MSRs | The following table summarizes the changes in capitalized MSRs: Three Months Ended June 30, In millions of dollars 2020 2019 Balance, beginning of year $ 367 $ 551 Originations 24 16 Changes in fair value of MSRs due to changes in inputs and assumptions (26) (37) Other changes (1) (20) (22) Sales of MSRs — — Balance, as of June 30 $ 345 $ 508 Six Months Ended In millions of dollars 2020 2019 Balance, beginning of year $ 495 $ 584 Originations 56 28 Changes in fair value of MSRs due to changes in inputs and assumptions (169) (64) Other changes (1) (37) (40) Sales of MSRs — — Balance, as of June 30 $ 345 $ 508 (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 June 30, Six Months Ended June 30, In millions of dollars 2020 2019 2020 2019 Servicing fees $ 34 $ 35 $ 73 $ 76 Late fees 1 2 3 4 Ancillary fees — — — 1 Total MSR fees $ 35 $ 37 $ 76 $ 81 |
Schedule of sensitivity of adverse changes of 10% and 20% to discount rate, CDOs and CLOs | The following tables summarize selected cash flow information retained interests related to Citigroup CLOs: Three Months Ended June 30, In billions of dollars 2020 2019 Proceeds from new securitizations $ 0.1 $ — The key assumptions used to value retained interests in CLOs, and the sensitivity of the fair value to adverse changes of 10% and 20% are set forth in the tables below: Jun. 30, 2020 Dec. 31, 2019 Weighted average discount rate 1.8 % 0.0 % Weighted average life 4.2 years 0 years In millions of dollars Jun. 30, 2020 Dec. 31, 2019 Carrying value of retained interests $ 1,608 $ 1,404 |
Schedule of asset-based financing | June 30, 2020 In millions of dollars Total unconsolidated VIE assets Maximum exposure to unconsolidated VIEs Type Commercial and other real estate $ 29,134 $ 7,367 Corporate loans 12,113 8,219 Other (including investment funds, airlines and shipping) 160,899 21,977 Total $ 202,146 $ 37,562 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) | 6 Months Ended |
Jun. 30, 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 June 30, December 31, June 30, December 31, Interest rate contracts Swaps $ 346,007 $ 318,089 $ 17,622,599 $ 17,063,272 Futures and forwards — — 4,449,386 3,636,658 Written options — — 1,674,348 2,114,511 Purchased options — — 1,493,884 1,857,770 Total interest rate contracts $ 346,007 $ 318,089 $ 25,240,217 $ 24,672,211 Foreign exchange contracts Swaps $ 66,733 $ 63,104 $ 6,150,239 $ 6,063,853 Futures, forwards and spot 38,997 38,275 4,241,268 3,979,188 Written options 1,428 80 972,083 908,061 Purchased options 1,487 80 985,024 959,149 Total foreign exchange contracts $ 108,645 $ 101,539 $ 12,348,614 $ 11,910,251 Equity contracts Swaps $ — $ — $ 201,655 $ 197,893 Futures and forwards — — 76,743 66,705 Written options — — 449,807 560,571 Purchased options — — 332,262 422,393 Total equity contracts $ — $ — $ 1,060,467 $ 1,247,562 Commodity and other contracts Swaps $ — $ — $ 77,244 $ 69,445 Futures and forwards 494 1,195 153,421 137,192 Written options — — 97,406 91,587 Purchased options — — 94,501 86,631 Total commodity and other contracts $ 494 $ 1,195 $ 422,572 $ 384,855 Credit derivatives (1) Protection sold $ — $ — $ 574,692 $ 603,387 Protection purchased — — 644,213 703,926 Total credit derivatives $ — $ — $ 1,218,905 $ 1,307,313 Total derivative notionals $ 455,146 $ 420,823 $ 40,290,775 $ 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 June 30, 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 $290 billion and $180 billion as of June 30, 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 June 30, 2020 Derivatives classified in Trading account assets/liabilities (1)(2) Derivatives instruments designated as ASC 815 hedges Assets Liabilities Over-the-counter $ 1,735 $ 269 Cleared — 280 Interest rate contracts $ 1,735 $ 549 Over-the-counter $ 1,893 $ 1,247 Cleared — 45 Foreign exchange contracts $ 1,893 $ 1,292 Total derivatives instruments designated as ASC 815 hedges $ 3,628 $ 1,841 Derivatives instruments not designated as ASC 815 hedges Over-the-counter $ 243,492 $ 222,515 Cleared 14,255 11,804 Exchange traded 88 1,092 Interest rate contracts $ 257,835 $ 235,411 Over-the-counter $ 114,988 $ 120,283 Cleared 645 768 Exchange traded 3 2 Foreign exchange contracts $ 115,636 $ 121,053 Over-the-counter $ 17,699 $ 26,019 Cleared 41 10 Exchange traded 21,666 22,360 Equity contracts $ 39,406 $ 48,389 Over-the-counter $ 15,652 $ 20,305 Exchange traded 1,108 1,259 Commodity and other contracts $ 16,760 $ 21,564 Over-the-counter $ 10,403 $ 10,099 Cleared 1,279 1,622 Credit derivatives $ 11,682 $ 11,721 Total derivatives instruments not designated as ASC 815 hedges $ 441,319 $ 438,138 Total derivatives $ 444,947 $ 439,979 Cash collateral paid/received (3) $ 26,598 $ 14,295 Less: Netting agreements (4) (340,172) (340,172) Less: Netting cash collateral received/paid (5) (58,778) (53,704) Net receivables/payables included on the Consolidated Balance Sheet (6) $ 72,595 $ 60,398 Additional amounts subject to an enforceable master netting agreement, but not offset on the Consolidated Balance Sheet Less: Cash collateral received/paid $ (894) $ (302) Less: Non-cash collateral received/paid (8,010) (14,522) Total net receivables/payables (6) $ 63,691 $ 45,574 (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 $80,302 million and $73,074 million of gross cash collateral paid and received, respectively. Of the gross cash collateral paid, $53,704 million was used to offset trading derivative liabilities. Of the gross cash collateral received, $58,778 million was used to offset trading derivative assets. (4) Represents the netting of balances with the same counterparty under enforceable netting agreements. Approximately $317 billion, $2 billion and $21 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 $6 billion of derivative asset and $8 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 Trading account assets/liabilities (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 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 June 30, Six Months Ended June 30, In millions of dollars 2020 2019 2020 2019 Interest rate contracts $ 19 $ 35 $ 174 $ 62 Foreign exchange (61) 71 (37) 13 Total $ (42) $ 106 $ 137 $ 75 The following table summarizes the gains (losses) on the Company’s fair value hedges: Gains (losses) on fair value hedges (1) Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 In millions of dollars Other revenue Net interest revenue Other revenue Net interest revenue Other 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 $ — $ 239 $ — $ 1,853 $ — $ 7,086 $ — $ 2,816 Foreign exchange hedges 434 — (180) — (1,477) — (12) — Commodity hedges (381) — (172) — (91) — (102) — Total gain (loss) on the hedging derivatives included in assessment of the effectiveness of fair value hedges $ 53 $ 239 $ (352) $ 1,853 $ (1,568) $ 7,086 $ (114) $ 2,816 Gain (loss) on the hedged item in designated and qualifying fair value hedges Interest rate hedges $ — $ (313) $ — $ (1,783) $ — $ (7,128) $ — $ (2,662) Foreign exchange hedges (434) — 180 — 1,477 — 12 — Commodity hedges 381 — 172 — 91 — 102 — Total gain (loss) on the hedged item in designated and qualifying fair value hedges $ (53) $ (313) $ 352 $ (1,783) $ 1,568 $ (7,128) $ 114 $ (2,662) Net gain (loss) on the hedging derivatives excluded from assessment of the effectiveness of fair value hedges Interest rate hedges $ — $ (18) $ — $ (4) $ — $ (23) $ — $ (4) Foreign exchange hedges (2) 17 — (118) — (41) — (121) — Commodity hedges 15 — 5 — (10) — 23 — Total net gain (loss) on the hedging derivatives excluded from assessment of the effectiveness of fair value hedges $ 32 $ (18) $ (113) $ (4) $ (51) $ (23) $ (98) $ (4) (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 $16 million and $49 million for the three and six months ended June 30, 2020 and $59 million and $83 million for the three and six months ended June 30, 2019, respectively. |
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 June 30, 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 June 30, 2020 Debt securities AFS (1)(3) $ 107,047 $ (75) $ 526 Long-term debt 173,038 8,789 4,049 As of December 31, 2019 Debt securities AFS (2)(3) $ 94,659 $ (114) $ 743 Long-term debt 157,387 2,334 3,445 (1) These amounts include a cumulative basis adjustment of $17 million for active hedges and $119 million for de-designated hedges as of June 30, 2020 related to certain prepayable financial assets previously designated as the hedged item in a fair value hedge using the last-of-layer approach. The Company designated approximately $1,905 million as the hedged amount (from a closed portfolio of prepayable financial assets with a carrying value of $16 billion as of June 30, 2020) in a last-of-layer hedging relationship. (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. (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 June 30, Six Months Ended June 30, In millions of dollars 2020 2019 2020 2019 Amount of gain (loss) recognized in AOCI on derivatives Interest rate contracts $ 294 $ 545 $ 2,791 $ 799 Foreign exchange contracts (5) (1) (16) (9) Total gain (loss) recognized in AOCI $ 289 $ 544 $ 2,775 $ 790 Amount of gain (loss) reclassified from AOCI to earnings (1) Other Net interest Other Other Net interest Other Net interest Interest rate contracts $ — $ 200 $ — $ (134) $ — $ 203 $ — $ (264) Foreign exchange contracts (1) — (2) — (2) — (4) — Total gain (loss) reclassified from AOCI into earnings $ (1) $ 200 $ (2) $ (134) $ (2) $ 203 $ (4) $ (264) Net pretax change in cash flow hedges included within AOCI $ 90 $ 680 $ 2,574 $ 1,058 (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 June 30, 2020 Receivable (1) Payable (2) Protection Protection By industry of counterparty Banks $ 3,701 $ 3,874 $ 141,649 $ 149,162 Broker-dealers 2,375 1,793 52,044 50,646 Non-financial 99 103 4,207 2,375 Insurance and other financial 5,507 5,951 446,313 372,509 Total by industry of counterparty $ 11,682 $ 11,721 $ 644,213 $ 574,692 By instrument Credit default swaps and options $ 11,005 $ 10,606 $ 632,273 $ 570,417 Total return swaps and other 677 1,115 11,940 4,275 Total by instrument $ 11,682 $ 11,721 $ 644,213 $ 574,692 By rating of reference entity Investment grade $ 4,192 $ 3,810 $ 489,167 $ 441,085 Non-investment grade 7,490 7,911 155,046 133,607 Total by rating of reference entity $ 11,682 $ 11,721 $ 644,213 $ 574,692 By maturity Within 1 year $ 1,517 $ 1,898 $ 170,140 $ 153,138 From 1 to 5 years 6,379 6,371 416,656 375,894 After 5 years 3,786 3,452 57,417 45,660 Total by maturity $ 11,682 $ 11,721 $ 644,213 $ 574,692 (1) The fair value amount receivable is composed of $7,511 million under protection purchased and $4,171 million under protection sold. (2) The fair value amount payable is composed of $5,181 million under protection purchased and $6,540 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 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) | 6 Months Ended |
Jun. 30, 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 June 30, 2020 and December 31, 2019: Credit and funding valuation adjustments In millions of dollars June 30, December 31, Counterparty CVA $ (1,243) $ (705) Asset FVA (839) (530) Citigroup (own-credit) CVA 557 341 Liability FVA 195 72 Total CVA—derivative instruments $ (1,330) $ (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 Three Months Ended June 30, Six Months Ended June 30, In millions of dollars 2020 2019 2020 2019 Counterparty CVA $ 45 $ 28 $ (238) $ 102 Asset FVA 632 (39) (421) (19) Own-credit CVA (271) (13) 262 (105) Liability FVA (214) 18 123 (30) Total CVA—derivative instruments $ 192 $ (6) $ (274) $ (52) DVA related to own FVO liabilities (1) $ (2,935) $ 3 $ 1,253 $ (722) Total CVA and DVA $ (2,743) $ (3) $ 979 $ (774) |
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 June 30, 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 June 30, 2020 Level 1 Level 2 Level 3 Gross Netting (1) Net Assets Securities borrowed and purchased under agreements to resell $ — $ 301,298 $ 326 $ 301,624 $ (127,066) $ 174,558 Trading non-derivative assets Trading mortgage-backed securities U.S. government-sponsored agency guaranteed 1 39,805 96 39,902 — 39,902 Residential 7 470 433 910 — 910 Commercial — 1,248 217 1,465 — 1,465 Total trading mortgage-backed securities $ 8 $ 41,523 $ 746 $ 42,277 $ — $ 42,277 U.S. Treasury and federal agency securities $ 79,893 $ 2,442 $ — $ 82,335 $ — $ 82,335 State and municipal — 1,224 117 1,341 — 1,341 Foreign government 66,305 17,001 26 83,332 — 83,332 Corporate 1,362 18,096 399 19,857 — 19,857 Equity securities 35,235 10,106 92 45,433 — 45,433 Asset-backed securities 3 711 1,785 2,499 — 2,499 Other trading assets (2) 375 11,471 797 12,643 — 12,643 Total trading non-derivative assets $ 183,181 $ 102,574 $ 3,962 $ 289,717 $ — $ 289,717 Trading derivatives Interest rate contracts $ 97 $ 255,703 $ 3,770 $ 259,570 Foreign exchange contracts 1 116,984 544 117,529 Equity contracts 105 38,709 592 39,406 Commodity contracts — 15,774 986 16,760 Credit derivatives — 10,147 1,535 11,682 Total trading derivatives $ 203 $ 437,317 $ 7,427 $ 444,947 Cash collateral paid (3) $ 26,598 Netting agreements $ (340,172) Netting of cash collateral received (58,778) Total trading derivatives $ 203 $ 437,317 $ 7,427 $ 471,545 $ (398,950) $ 72,595 Investments Mortgage-backed securities U.S. government-sponsored agency guaranteed $ — $ 45,322 $ 30 $ 45,352 $ — $ 45,352 Residential — 695 — 695 — 695 Commercial — 65 — 65 — 65 Total investment mortgage-backed securities $ — $ 46,082 $ 30 $ 46,112 $ — $ 46,112 U.S. Treasury and federal agency securities $ 154,057 $ — $ — $ 154,057 $ — $ 154,057 State and municipal — 4,196 825 5,021 — 5,021 Foreign government 70,654 50,090 196 120,940 — 120,940 Corporate 6,693 4,425 106 11,224 — 11,224 Marketable equity securities 273 319 1 593 — 593 Asset-backed securities — 281 6 287 — 287 Other debt securities — 4,615 — 4,615 — 4,615 Non-marketable equity securities (4) — 14 332 346 — 346 Total investments $ 231,677 $ 110,022 $ 1,496 $ 343,195 $ — $ 343,195 Table continues on the next page. In millions of dollars at June 30, 2020 Level 1 Level 2 Level 3 Gross Netting (1) Net Loans $ — $ 4,821 $ 978 $ 5,799 $ — $ 5,799 Mortgage servicing rights — — 345 345 — 345 Non-trading derivatives and other financial assets measured on a recurring basis $ 4,817 $ 7,917 $ — $ 12,734 $ — $ 12,734 Total assets $ 419,878 $ 963,949 $ 14,534 $ 1,424,959 $ (526,016) $ 898,943 Total as a percentage of gross assets (5) 30.0 % 68.9 % 1.0 % Liabilities Interest-bearing deposits $ — $ 2,235 $ 237 $ 2,472 $ — $ 2,472 Securities loaned and sold under agreements to repurchase — 144,802 625 145,427 (85,982) 59,445 Trading account liabilities Securities sold, not yet purchased 75,265 13,458 104 88,827 — 88,827 Other trading liabilities — 40 — 40 — 40 Total trading liabilities $ 75,265 $ 13,498 $ 104 $ 88,867 $ — $ 88,867 Trading derivatives Interest rate contracts $ 60 $ 234,098 $ 1,802 $ 235,960 Foreign exchange contracts 1 121,774 570 122,345 Equity contracts 98 45,464 2,827 48,389 Commodity contracts — 20,300 1,264 21,564 Credit derivatives — 10,588 1,133 11,721 Total trading derivatives $ 159 $ 432,225 $ 7,596 $ 439,979 Cash collateral received (6) $ 14,295 Netting agreements $ (340,172) Netting of cash collateral paid (53,704) Total trading derivatives $ 159 $ 432,225 $ 7,596 $ 454,274 $ (393,876) $ 60,398 Short-term borrowings $ — $ 6,518 $ 128 $ 6,646 $ — $ 6,646 Long-term debt — 40,338 21,633 61,971 — 61,971 Total non-trading derivatives and other financial liabilities measured on a recurring basis $ 5,569 $ 220 $ — $ 5,789 $ — $ 5,789 Total liabilities $ 80,993 $ 639,836 $ 30,323 $ 765,446 $ (479,858) $ 285,588 Total as a percentage of gross liabilities (5) 10.8 % 85.2 % 4.0 % (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 $80,302 million of gross cash collateral paid, of which $53,704 million was used to offset trading derivative liabilities. (4) Amounts exclude $0.1 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 $73,073 million of gross cash collateral received, of which $58,778 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 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 gains/ losses still held (3) In millions of dollars Mar. 31, 2020 Principal Other (1)(2) into out of Purchases Issuances Sales Settlements Jun. 30, 2020 Assets Securities borrowed and purchased under agreements to resell $ 300 $ 34 $ — $ — $ — $ 42 $ — $ — $ (50) $ 326 $ 36 Trading non-derivative assets Trading mortgage-backed securities U.S. government-sponsored agency guaranteed 85 1 — 4 (6) 67 — (55) — 96 4 Residential 304 14 — 144 (39) 96 — (86) — 433 7 Commercial 44 4 — 140 (14) 62 — (19) — 217 11 Total trading mortgage-backed securities $ 433 $ 19 $ — $ 288 $ (59) $ 225 $ — $ (160) $ — $ 746 $ 22 U.S. Treasury and federal agency securities $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — State and municipal 92 — — 5 (1) 41 — (20) — 117 — Foreign government 39 57 — 2 (2) 18 — (88) — 26 54 Corporate 412 (12) — 64 (78) 204 — (185) (6) 399 (71) Marketable equity securities 143 9 — 10 — 174 — (244) — 92 (3) Asset-backed securities 1,561 67 — 257 (56) 272 — (316) — 1,785 46 Other trading assets 639 27 — 153 (15) 126 6 (134) (5) 797 1 Total trading non-derivative assets $ 3,319 $ 167 $ — $ 779 $ (211) $ 1,060 $ 6 $ (1,147) $ (11) $ 3,962 $ 49 Trading derivatives, net (4) Interest rate contracts $ 1,755 $ 24 $ — $ 231 $ 20 $ 1 $ — $ — $ (63) $ 1,968 $ 7 Foreign exchange contracts 2 (37) — (8) 2 5 — (5) 15 (26) (47) Equity contracts (1,836) (354) — (104) 12 21 — (5) 31 (2,235) (349) Commodity contracts (542) 253 — (1) (14) 20 — (10) 16 (278) 241 Credit derivatives 816 (367) — 17 (72) — — — 8 402 (367) Total trading derivatives, net (4) $ 195 $ (481) $ — $ 135 $ (52) $ 47 $ — $ (20) $ 7 $ (169) $ (515) Table continues on the next page. Net realized/unrealized Transfers Unrealized gains/losses still held (3) In millions of dollars Mar. 31, 2020 Principal Other (1)(2) into out of Purchases Issuances Sales Settlements Jun. 30, 2020 Investments Mortgage-backed securities U.S. government-sponsored agency guaranteed $ 47 $ — $ (19) $ 1 $ — $ 1 $ — $ — $ — $ 30 $ (36) Residential — — — — — — — — — — — Commercial — — — — — — — — — — — Total investment mortgage-backed securities $ 47 $ — $ (19) $ 1 $ — $ 1 $ — $ — $ — $ 30 $ (36) U.S. Treasury and federal agency securities $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — State and municipal 687 — 24 172 (131) 95 — (22) — 825 21 Foreign government 225 — 7 — (64) 61 — (33) — 196 6 Corporate 238 — 10 — (152) 10 — — — 106 — Marketable equity securities — — — 1 — — — — — 1 — Asset-backed securities 16 — (2) — — — — (8) — 6 — Other debt securities — — — — — — — — — — — Non-marketable equity securities 354 — 21 — — 2 — — (45) 332 25 Total investments $ 1,567 $ — $ 41 $ 174 $ (347) $ 169 $ — $ (63) $ (45) $ 1,496 $ 16 Loans $ 537 $ — $ 447 $ — $ (5) $ — $ — $ — $ (1) $ 978 $ 355 Mortgage servicing rights 367 — (26) — — — 24 — (20) 345 (14) Other financial assets measured on a recurring basis — — 14 — — — (6) (4) (4) — 2 Liabilities Interest-bearing deposits $ 491 $ — $ (5) $ — $ (151) $ — $ 30 $ — $ (138) $ 237 $ (27) Securities loaned and sold under agreements to repurchase 730 — — — — — — — (105) 625 — Trading account liabilities Securities sold, not yet purchased 200 (28) — 43 (8) — — — (159) 104 24 Other trading liabilities — — — — — — — — — — — Short-term borrowings 52 9 — 75 (6) — 23 — (7) 128 16 Long-term debt 19,269 (2,271) — 1,438 (1,292) — 1,469 — (1,522) 21,633 (1,303) 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 June 30, 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 gains (losses) still held (3) In millions of dollars Dec. 31, 2019 Principal Other (1)(2) into out of Purchases Issuances Sales Settlements Jun. 30, 2020 Assets Securities borrowed or purchased under agreements to resell $ 303 $ 14 $ — $ — $ — $ 108 $ — $ — $ (99) $ 326 $ 39 Trading non-derivative assets Trading mortgage-backed securities U.S. government-sponsored agency guaranteed 10 (74) — 16 (9) 208 — (55) — 96 5 Residential 123 6 — 204 (43) 274 — (131) — 433 — Commercial 61 4 — 143 (17) 89 — (63) — 217 (10) Total trading mortgage-backed securities $ 194 $ (64) $ — $ 363 $ (69) $ 571 $ — $ (249) $ — $ 746 $ (5) U.S. Treasury and federal agency securities $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — State and municipal 64 2 — 15 (3) 62 — (23) — 117 1 Foreign government 52 (28) — 2 (2) 104 — (102) — 26 52 Corporate 313 290 — 86 (70) 419 — (633) (6) 399 (87) Equity securities 100 9 — 38 (3) 206 — (258) — 92 (19) Asset-backed securities 1,177 (102) — 496 (60) 740 — (466) — 1,785 (222) Other trading assets 555 220 — 181 (152) 231 14 (237) (15) 797 (23) Total trading non-derivative assets $ 2,455 $ 327 $ — $ 1,181 $ (359) $ 2,333 $ 14 $ (1,968) $ (21) $ 3,962 $ (303) Trading derivatives, net (4) Interest rate contracts $ 1 $ 375 $ — $ 1,614 $ (2) $ 2 $ 56 $ 13 $ (91) $ 1,968 $ 387 Foreign exchange contracts (5) (52) — (33) 11 49 — (13) 17 (26) 104 Equity contracts (1,596) (564) — (391) 236 24 — (6) 62 (2,235) (663) Commodity contracts (59) (206) — 37 (70) 66 — (44) (2) (278) (211) Credit derivatives (56) 579 — 171 (358) — — — 66 402 372 Total trading derivatives, net (4) $ (1,715) $ 132 $ — $ 1,398 $ (183) $ 141 $ 56 $ (50) $ 52 $ (169) $ (11) Investments Mortgage-backed securities U.S. government-sponsored agency guaranteed $ 32 $ — $ (5) $ 1 $ 1 $ 1 $ — $ — $ — $ 30 $ (23) Residential — — — — — — — — — — — Commercial — — — — — — — — — — — Total investment mortgage-backed securities $ 32 $ — $ (5) $ 1 $ 1 $ 1 $ — $ — $ — $ 30 $ (23) U.S. Treasury and federal agency securities $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — State and municipal 623 — (7) 310 (131) 95 — (65) — 825 25 Foreign government 96 — 5 27 (64) 208 — (76) — 196 (9) Corporate 45 — 2 49 (152) 162 — — — 106 — Equity securities — — — 1 — — — — — 1 — Asset-backed securities 22 — 3 — — — — (19) — 6 34 Other debt securities — — — — — — — — — — — Non-marketable equity securities 441 — (53) — — 2 — (3) (55) 332 22 Total investments $ 1,259 $ — $ (55) $ 388 $ (346) $ 468 $ — $ (163) $ (55) $ 1,496 $ 49 Table continues on the next page. Net realized/unrealized Transfers Unrealized gains (losses) still held (3) In millions of dollars Dec. 31, 2019 Principal Other (1)(2) into out of Purchases Issuances Sales Settlements Jun. 30, 2020 Loans $ 402 $ — $ 368 $ 217 $ (6) $ — $ — $ — $ (3) $ 978 $ 509 Mortgage servicing rights 495 — (169) — — — 56 — (37) 345 (147) Other financial assets measured on a recurring basis 1 — 14 — — — (6) (5) (4) — 16 Liabilities Interest-bearing deposits $ 215 $ — $ (11) $ 278 $ (151) $ — $ 30 $ — $ (146) $ 237 $ (6) Securities loaned or sold under agreements to repurchase 757 27 — — — — — — (105) 625 (33) Trading account liabilities Securities sold, not yet purchased 48 (129) — 117 (18) — 9 — (181) 104 (7) Other trading liabilities — — — — — — — — — — — Short-term borrowings 13 19 — 86 (6) — 61 — (7) 128 21 Long-term debt 17,169 (320) — 4,623 (2,783) — 4,809 — (2,505) 21,633 (6,945) Other financial liabilities measured on a recurring basis — — — — — — 2 — (2) — — (1) Changes in fair value of available-for-sale investments are recorded in AOCI , unless related to other-than-temporary impairment, while gains and losses from sales are recorded in Realized gains (losses) from sales of investments on the Consolidated Statement of Income. (2) Unrealized gains (losses) on MSRs are recorded in Other revenue on the Consolidated Statement of Income. (3) Represents the amount of total gains or losses for the period, included in earnings (and AOCI for changes in fair value of available-for-sale investments), attributable to the change in fair value relating to assets and liabilities classified as Level 3 that are still held at June 30, 2020. (4) Total Level 3 derivative assets and liabilities have been netted in these tables for presentation purposes only. Net realized/unrealized Transfers Unrealized gains (losses) still held (3) In millions of dollars Mar. 31, 2019 Principal Other (1)(2) into out of Purchases Issuances Sales Settlements Jun. 30, 2019 Assets Securities borrowed and purchased under agreements to resell $ 66 $ 5 $ — $ 2 $ — $ 49 $ — $ — $ — $ 122 $ — Trading non-derivative assets Trading mortgage-backed securities U.S. government-sponsored agency guaranteed 154 6 — 1 (2) 42 (1) (13) — 187 4 Residential 128 10 — 17 (9) 61 — (76) — 131 15 Commercial 69 2 — 3 (34) 38 — (25) — 53 (6) Total trading mortgage-backed securities $ 351 $ 18 $ — $ 21 $ (45) $ 141 $ (1) $ (114) $ — $ 371 $ 13 U.S. Treasury and federal agency securities $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — State and municipal 178 — — — — — — (1) — 177 — Foreign government 39 2 — — — — — (21) — 20 1 Corporate 378 255 — 41 (5) 109 — (322) (2) 454 55 Marketable equity securities 127 13 — (2) — 48 — (63) — 123 (28) Asset-backed securities 1,429 20 — 6 (15) 242 — (271) — 1,411 10 Other trading assets 1,042 45 — 2 (135) 97 6 (312) (5) 740 6 Total trading non-derivative assets $ 3,544 $ 353 $ — $ 68 $ (200) $ 637 $ 5 $ (1,104) $ (7) $ 3,296 $ 57 Trading derivatives, net (4) Interest rate contracts $ (116) $ (68) $ — $ (59) $ 137 $ (21) $ 19 $ 8 $ (9) $ (109) $ (101) Foreign exchange contracts 46 (109) — 15 9 — — (2) (56) (97) (124) Equity contracts (1,345) 183 — (38) 100 2 (88) (2) (6) (1,194) 193 Commodity contracts 304 (243) — 9 (4) 66 — (12) 27 147 (135) Credit derivatives 34 59 — (1) (38) — — 14 18 86 10 Total trading derivatives, net (4) $ (1,077) $ (178) $ — $ (74) $ 204 $ 47 $ (69) $ 6 $ (26) $ (1,167) $ (157) Investments Mortgage-backed securities U.S. government-sponsored agency guaranteed $ 32 $ — $ (1) $ — $ — $ — $ — $ — $ — $ 31 $ (1) Residential — — — — — — — — — — — Commercial — — — — — — — — — — — Total investment mortgage-backed securities $ 32 $ — $ (1) $ — $ — $ — $ — $ — $ — $ 31 $ (1) U.S. Treasury and federal agency securities $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — State and municipal 910 — 42 11 — 236 — (173) — 1,026 48 Foreign government 71 — 5 — — 17 — (16) — 77 1 Corporate 60 — — — — — — (4) — 56 — Marketable equity securities — — — — — — — — — — — Asset-backed securities 806 — 10 1 (585) — — (173) — 59 9 Other debt securities — — — — — — — — — — — Non-marketable equity securities 505 — (2) 6 — 3 — (64) — 448 (12) Total investments $ 2,384 $ — $ 54 $ 18 $ (585) $ 256 $ — $ (430) $ — $ 1,697 $ 45 Net realized/unrealized Transfers Unrealized gains (losses) still held (3) In millions of dollars Mar. 31, 2019 Principal Other (1)(2) into out of Purchases Issuances Sales Settlements Jun. 30, 2019 Loans $ 373 $ — $ 63 $ 3 $ — $ 5 $ — $ (25) $ — $ 419 $ 174 Mortgage servicing rights 551 — (37) — — — 16 — (22) 508 (34) Other financial assets measured on a recurring basis — — 9 — 4 — (3) (4) (6) — — Liabilities Interest-bearing deposits $ 1,047 $ — $ (39) $ 2 $ (18) $ — $ 129 $ — $ (17) $ 1,182 $ (211) Securities loaned and sold under agreements to repurchase 1,041 (42) — 2 — — — — — 1,085 (13) Trading account liabilities Securities sold, not yet purchased 15 (6) — 15 (6) — — — (2) 28 (1) Other trading liabilities — — — — — — — — — — — Short-term borrowings 170 2 — — (25) — 12 — (1) 154 (2) Long-term debt 13,734 (819) — 747 (1,360) 20 900 (1) 79 14,938 (1,023) Other financial liabilities measured on a recurring basis — — 4 5 — — — — — 1 — (1) Changes in fair value of available-for-sale debt securities are recorded in AOCI , unless related to other-than-temporary impairment, while gains and losses from sales are recorded in Realized gains (losses) from sales of investments 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 June 30, 2019. (4) Total Level 3 trading derivative assets and liabilities have been netted in these tables for presentation purposes only. Net realized/unrealized Transfers Unrealized gains/ losses still held (3) In millions of dollars Dec. 31, 2018 Principal Other (1)(2) into out of Purchases Issuances Sales Settlements Jun. 30, 2019 Assets Securities borrowed and purchased under agreements to resell $ 115 $ 1 $ — $ 5 $ (4) $ 94 $ — $ — $ (89) $ 122 $ 3 Trading non-derivative assets Trading mortgage-backed securities U.S. government-sponsored agency guaranteed 156 6 — 1 (27) 90 (1) (38) — 187 7 Residential 268 11 — 22 (40) 130 — (260) — 131 15 Commercial 77 4 — 5 (35) 62 — (60) — 53 (5) Total trading mortgage-backed securities $ 501 $ 21 $ — $ 28 $ (102) $ 282 $ (1) $ (358) $ — $ 371 $ 17 U.S. Treasury and federal agency securities $ 1 $ — $ — $ — $ — $ — $ — $ — $ (1) $ — $ — State and municipal 200 (1) — — (19) 1 — (4) — 177 — Foreign government 31 1 — 9 — 3 — (24) — 20 1 Corporate 360 345 — 62 (31) 178 (33) (425) (2) 454 34 Marketable equity securities 153 3 — (1) (11) 57 — (78) — 123 (25) Asset-backed securities 1,484 (6) — 13 (47) 463 — (496) — 1,411 57 Other trading assets 818 50 — 15 (167) 437 10 (414) (9) 740 (15) Total trading non-derivative assets $ 3,548 $ 413 $ — $ 126 $ (377) $ 1,421 $ (24) $ (1,799) $ (12) $ 3,296 $ 69 Trading derivatives, net (4) Interest rate contracts $ (154) $ (119) $ — $ (74) $ 164 $ (15) $ 31 $ 8 $ 50 $ (109) $ (85) Foreign exchange contracts (6) (49) — — 24 3 — (6) (63) (97) (165) Equity contracts (784) (111) — (192) 109 1 (147) — (70) (1,194) (338) Commodity contracts (18) 37 — 6 6 120 — (46) 42 147 153 Credit derivatives 61 (260) — (19) 194 — — 14 96 86 (335) Total trading derivatives, net (4) $ (901) $ (502) $ — $ (279) $ 497 $ 109 $ (116) $ (30) $ 55 $ (1,167) $ (770) Investments Mortgage-backed securities U.S. government-sponsored agency guaranteed $ 32 $ — $ (1) $ — $ — $ — $ — $ — $ — $ 31 $ (3) Residential — — — — — — — — — — — Commercial — — — — — — — — — — — Total investment mortgage-backed securities $ 32 $ — $ (1) $ — $ — $ — $ — $ — $ — $ 31 $ (3) U.S. Treasury and federal agency securities $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — State and municipal 708 — 94 14 — 421 — (211) — 1,026 84 Foreign government 68 — 1 — — 56 — (48) — 77 1 Corporate 156 — — — (94) — — (6) — 56 — Marketable equity securities — — — — — — — — — — — Asset-backed securities 187 — 8 95 (585) 550 — (196) — 59 9 Other debt securities — — — — — — — — — — — Non-marketable equity securities 586 — 20 6 — 7 — (150) (21) 448 (15) Total investments $ 1,737 $ — $ 122 $ 115 $ (679) $ 1,034 $ — $ (611) $ (21) $ 1,697 $ 76 Table continues on the next page. Net realized/unrealized Transfers Unrealized gains (losses) still held (3) In millions of dollars Dec. 31, 2018 Principal Other (1)(2) into out of Purchases Issuances Sales Settlements Jun. 30, 2019 Loans $ 277 $ — $ 108 $ 128 $ (70) $ 11 $ — $ (35) $ — $ 419 $ 294 Mortgage servicing rights 584 — (64) — — — 28 — (40) 508 (60) Other financial assets measured on a recurring basis — — 25 — 4 — (5) (8) (16) — — Liabilities Interest-bearing deposits $ 495 $ — $ (49) $ 3 $ (22) $ — $ 803 $ — $ (146) $ 1,182 $ (182) Securities loaned and sold under agreements to repurchase 983 (38) — 1 4 — — 1 58 1,085 (24) Trading account liabilities Securities sold, not yet purchased 586 118 — 16 (447) — — — (9) 28 — Other trading liabilities — — — — — — — — — — — Short-term borrowings 37 25 — 9 (31) — 165 — (1) 154 (2) Long-term debt 12,570 (1,226) — 1,624 (2,961) 20 6,850 (4) (4,387) 14,938 (769) Other financial liabilities measured on a recurring basis — — 4 5 — — — — — 1 — (1) Changes in fair value of available-for-sale debt securities are recorded in AOCI , unless related to other-than-temporary impairment, while gains and losses from sales are recorded in Realized gains (losses) from sales of investments 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 June 30, 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 June 30, 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 $ 326 Model-based Credit spread 15 bps 15 bps 15 bps Interest rate 0.13 % 1.66 % 0.42 % Mortgage-backed securities $ 473 Price-based Price $ 25.35 $ 119.20 $ 87.92 280 Yield analysis Yield 1.72 % 18.44 % 8.29 % State and municipal, foreign government, corporate and other debt securities $ 1,346 Price-based Price $ — $ 120.46 $ 83.83 923 Model-based Credit spread 35 bps 349 bps 222 bps Marketable equity securities (5) $ 60 Price-based Price $ 0.14 $ 23,250 $ 1,367 32 Model-based Recovery (in millions) $ 5,450 $ 5,450 $ 5,450 WAL 0.99 years 0.99 years 0.99 years Asset-backed securities $ 1,273 Price-based Price $ 1.87 $ 100.00 $ 59.54 518 Yield analysis Yield 2.94 % 16.68 % 8.27 % Non-marketable equities $ 188 Comparables analysis Price $ 12.36 $ 1,871 $ 1,039 74 Price-based Illiquidity discount $ 10.00 $ 45.00 $ 24.93 68 Model-based Revenue multiple 1.00x 10.00x 4.00x PE ratio 10.00x 26.00x 17.00x Appraised value (in thousands) $ 865 $ 27,608 $ 17,324 Discount to price — % — % — % Price to book ratio 0.60x 1.60x 0.93x Derivatives—gross (6) Interest rate contracts (gross) $ 5,408 Model-based Inflation volatility 0.25 % 2.83 % 0.78 % IR normal volatility 0.16 % 0.84 % 0.57 % Foreign exchange contracts (gross) $ 1,115 Model-based FX volatility 0.30 % 15.28 % 6.71 % Credit spread 60 bps 699 bps 455 bps FX rate $ 4.87 $ 86.03 $ 43.49 IR normal volatility 0.16 % 0.84 % 0.61 % IR-FX correlation 40.00 % 60.00 % 50.00 % IR-IR correlation (21.71) % 40.00 % 35.11 % Interest rate 0.75 % 71.38 % 13.15 % Equity contracts (gross) (7) $ 3,402 Model-based Equity volatility 3.85 % 72.24 % 33.69 % Forward price 63.19 % 106.16 % 91.95 % As of June 30, 2020 Fair value (1) (in millions) Methodology Input Low (2)(3) High (2)(3) Weighted average (4) Commodity and other contracts (gross) $ 2,250 Model-based Forward price 36.19 % 356.52 % 99.68 % Commodity volatility (4.19) % 98.96 % 8.33 % Commodity correlation (40.72) % 90.33 % 65.73 % Credit derivatives (gross) $ 2,185 Model-based Credit spread 13 bps 608 bps 117 bps 483 Price-based Credit correlation 20.00 % 85.00 % 40.17 % Recovery rate 10.00 % 65.00 % 38.87 % Upfront points 2.50 % 100.00 % 53.93 % Loans and leases $ 917 Model-based Equity volatility 23.67 % 84.79 % 64.08 % Credit spread 47 bps 47 bps 47 bps Mortgage servicing rights $ 274 Cash flow Yield — % 14.28 % 2.85 % 71 Model-based WAL 2.89 years 5.26 years 4.00 years Liabilities Interest-bearing deposits $ 237 Model-based IR normal volatility 0.20 % 0.84 % 0.59 % Forward price 96.40 % 103.26 % 99.76 % Securities loaned and sold under agreement to repurchase $ 625 Model-based Interest rate 0.13 % 1.66 % 0.78 % Trading account liabilities Securities sold, not yet purchased $ 59 Price-based Price $ 0.14 $ 865.86 $ 85.74 45 Model-based IR Lognormal volatility 52.16 % 107.54 % 86.92 % Interest rate 9.57 % 27.68 % 11.98 % Short-term borrowings and long-term debt $ 21,761 Model-based IR normal volatility 0.16 % 0.84 % 0.56 % Forward price 36.19 % 356.52 % 93.95 % 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 As of December 31, 2019 Fair value (1) (in millions) Methodology Input Low (2)(3) High (2)(3) Weighted average (4) 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 % 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 5.25 % 93.63 % 23.55 % Commodity (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 % As of December 31, 2019 Fair value (1) (in millions) Methodology Input Low (2)(3) High (2)(3) Weighted average (4) Equity-IR 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 June 30, 2020 Loans HFS (1) $ 4,680 $ 493 $ 4,187 Other real estate owned 15 8 7 Loans (2) 990 556 434 Non-marketable equity securities measured using the measurement alternative 336 336 — Total assets at fair value on a nonrecurring basis $ 6,021 $ 1,393 $ 4,628 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 June 30, 2020 Fair value (1) (in millions) Methodology Input Low (2) High Weighted average (3) Loans held-for-sale $ 4,040 Price-based Price $ 86.83 $ 100.00 $ 95.43 Other real estate owned $ 4 Price-based Appraised value (4) $ 186,787 $ 2,339,180 $ 1,540,644 3 Recovery analysis Price 49.77 49.77 49.77 Loans (5) $ 157 Price-based Price $ 2.25 $ 48.00 $ 20.46 125 Cash flow Cost of capital 52.30 % 100.00 % 85.14 % 75 Recovery analysis Recovery rate 5.80 % 100.00 % 26.68 % 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 June 30, In millions of dollars 2020 2019 Loans HFS $ 32 $ (14) Other real estate owned (1) (1) Loans (1) (266) (44) Non-marketable equity securities measured using the measurement alternative (52) 4 Total nonrecurring fair value gains (losses) $ (287) $ (55) (1) Represents loans held for investment whose carrying amount is based on the fair value of the underlying collateral, primarily real estate. Six Months Ended June 30, In millions of dollars 2020 2019 Loans HFS $ (198) $ (1) Other real estate owned (1) — Loans (1) (189) (62) Non-marketable equity securities measured using the measurement alternative (29) 65 Total nonrecurring fair value gains (losses) $ (417) $ 2 (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. June 30, 2020 Estimated fair value Carrying Estimated In billions of dollars Level 1 Level 2 Level 3 Assets Investments $ 89.1 $ 91.8 $ 1.2 $ 88.1 $ 2.5 Securities borrowed and purchased under agreements to resell 108.4 108.4 — 107.6 0.8 Loans (1)(2) 652.1 677.5 — 3.0 674.5 Other financial assets (2)(3) 389.7 389.7 294.4 15.4 79.9 Liabilities Deposits $ 1,231.2 $ 1,231.5 $ — $ 1,028.1 $ 203.4 Securities loaned and sold under agreements to repurchase 156.3 156.3 — 156.3 — Long-term debt (4) 217.8 223.9 — 197.5 26.4 Other financial liabilities (5) 113.9 113.9 — 19.1 94.8 December 31, 2019 Estimated fair value Carrying Estimated 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 $26.4 billion for June 30, 2020 and $12.8 billion for December 31, 2019. In addition, the carrying values exclude $0.9 billion and $1.4 billion of lease finance receivables at June 30, 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) | 6 Months Ended |
Jun. 30, 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 June 30, Six Months Ended June 30, In millions of dollars 2020 2019 2020 2019 Assets Securities borrowed and purchased under agreements to resell $ (48) $ 6 $ 44 $ 35 Trading account assets 373 45 (461) 212 Investments — — — — Loans Certain corporate loans (154) (80) (1,017) (213) Certain consumer loans (1) — — — Total loans $ (155) $ (80) $ (1,017) $ (213) Other assets MSRs $ (26) $ (37) $ (169) $ (64) Certain mortgage loans HFS (1) 72 21 134 37 Total other assets $ 46 $ (16) $ (35) $ (27) Total assets $ 216 $ (45) $ (1,469) $ 7 Liabilities Interest-bearing deposits $ (164) $ (43) $ (52) $ (134) Securities loaned and sold under agreements to repurchase 196 51 (92) 86 Trading account liabilities 44 2 (17) 13 Short-term borrowings (2) (259) 94 997 (81) Long-term debt (2) (5,402) (1,113) 1,963 (3,794) Total liabilities $ (5,585) $ (1,009) $ 2,799 $ (3,910) (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: June 30, 2020 December 31, 2019 In millions of dollars Trading assets Loans Trading assets Loans Carrying amount reported on the Consolidated Balance Sheet $ 7,851 $ 5,799 $ 8,320 $ 4,086 Aggregate unpaid principal balance in excess of (less than) fair value 420 174 410 315 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 June 30, December 31, 2019 Carrying amount reported on the Consolidated Balance Sheet $ 950 $ 1,254 Aggregate fair value in excess of (less than) unpaid principal balance 48 (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 June 30, 2020 December 31, 2019 Interest rate linked $ 21.9 $ 22.9 Foreign exchange linked 0.9 0.9 Equity linked 24.0 21.7 Commodity linked 1.7 1.8 Credit linked 2.4 2.4 Total $ 50.9 $ 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 June 30, 2020 December 31, 2019 Carrying amount reported on the Consolidated Balance Sheet $ 61,971 $ 55,783 Aggregate unpaid principal balance in excess of (less than) fair value (980) (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 June 30, 2020 December 31, 2019 Carrying amount reported on the Consolidated Balance Sheet $ 6,646 $ 4,946 Aggregate unpaid principal balance in excess of (less than) fair value 119 1,411 |
GUARANTEES, LEASES AND COMMIT_2
GUARANTEES, LEASES AND COMMITMENTS (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Guarantees, Leases And Commitments [Abstract] | |
Schedule of guarantor obligations | The following tables present information about Citi’s guarantees at June 30, 2020 and December 31, 2019: Maximum potential amount of future payments In billions of dollars at June 30, 2020 Expire within Expire after Total amount Carrying value (in millions of dollars) Financial standby letters of credit $ 23.9 $ 65.7 $ 89.6 $ 2,009 Performance guarantees 6.3 5.8 12.1 142 Derivative instruments considered to be guarantees 13.0 56.0 69.0 1,452 Loans sold with recourse — 1.2 1.2 6 Securities lending indemnifications (1) 99.7 — 99.7 — Credit card merchant processing (1)(2) 82.4 — 82.4 — Credit card arrangements with partners 0.2 0.4 0.6 7 Custody indemnifications and other — 31.7 31.7 40 Total $ 225.5 $ 160.8 $ 386.3 $ 3,656 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 $ 581 Performance guarantees 6.9 5.5 12.4 36 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 $ 1,162 (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 June 30, 2020 and December 31, 2019, this maximum potential exposure was estimated to be $82 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 June 30, 2020 Investment Non-investment Not Total Financial standby letters of credit $ 58.9 $ 15.2 $ 15.5 $ 89.6 Performance guarantees 8.9 2.7 0.5 12.1 Derivative instruments deemed to be guarantees — — 69.0 69.0 Loans sold with recourse — — 1.2 1.2 Securities lending indemnifications — — 99.7 99.7 Credit card merchant processing — — 82.4 82.4 Credit card arrangements with partners — — 0.6 0.6 Custody indemnifications and other 19.3 12.4 — 31.7 Total $ 87.1 $ 30.3 $ 268.9 $ 386.3 Maximum potential amount of future payments In billions of dollars at December 31, 2019 Investment Non-investment Not 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 June 30, December 31, Commercial and similar letters of credit $ 582 $ 3,421 $ 4,003 $ 4,533 One- to four-family residential mortgages 2,948 2,322 5,270 3,721 Revolving open-end loans secured by one- to four-family residential properties 9,129 1,280 10,409 10,799 Commercial real estate, construction and land development 10,617 1,775 12,392 12,981 Credit card lines 616,582 97,869 714,451 708,023 Commercial and other consumer loan commitments 198,358 108,022 306,380 324,359 Other commitments and contingencies 1,881 796 2,677 1,948 Total $ 840,097 $ 215,485 $ 1,055,582 $ 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 June 30, December 31, Cash and due from banks $ 2,789 $ 3,758 Deposits with banks, net of allowance 11,468 26,493 Total $ 14,257 $ 30,251 |
CONDENSED CONSOLIDATING FINAN_2
CONDENSED CONSOLIDATING FINANCIAL STATEMENTS (Tables) | 6 Months Ended |
Jun. 30, 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 June 30, 2020 In millions of dollars Citigroup parent company CGMHI Other Citigroup subsidiaries and eliminations Consolidating adjustments Citigroup consolidated Revenues Dividends from subsidiaries $ — $ — $ — $ — $ — Interest revenue — 1,309 13,280 — 14,589 Interest revenue—intercompany 1,067 282 (1,349) — — Interest expense 1,265 380 1,864 — 3,509 Interest expense—intercompany 142 621 (763) — — Net interest revenue $ (340) $ 590 $ 10,830 $ — $ 11,080 Commissions and fees $ — $ 1,771 $ 1,162 $ — $ 2,933 Commissions and fees—intercompany — 73 (73) — — Principal transactions (258) (2,993) 7,408 — 4,157 Principal transactions—intercompany 62 4,890 (4,952) — — Other income (14) 211 1,399 — 1,596 Other income—intercompany 8 13 (21) — — Total non-interest revenues $ (202) $ 3,965 $ 4,923 $ — $ 8,686 Total revenues, net of interest expense $ (542) $ 4,555 $ 15,753 $ — $ 19,766 Provisions for credit losses and for benefits and claims $ — $ 1 $ 7,902 $ — $ 7,903 Operating expenses Compensation and benefits $ 105 $ 1,345 $ 4,174 $ — $ 5,624 Compensation and benefits—intercompany 1 — (1) — — Other operating 9 594 4,188 — 4,791 Other operating—intercompany 4 375 (379) — — Total operating expenses $ 119 $ 2,314 $ 7,982 $ — $ 10,415 Equity in undistributed income of subsidiaries $ 2,107 $ — $ — $ (2,107) $ — Income (loss) from continuing operations before income taxes $ 1,446 $ 2,240 $ (131) $ (2,107) $ 1,448 Provision (benefit) for income taxes 130 715 (714) — 131 Income (loss) from continuing operations $ 1,316 $ 1,525 $ 583 $ (2,107) $ 1,317 Income (loss) from discontinued operations, net of taxes — — (1) — (1) Net income before attribution of noncontrolling interests $ 1,316 $ 1,525 $ 582 $ (2,107) $ 1,316 Noncontrolling interests — — — — — Net income (loss) $ 1,316 $ 1,525 $ 582 $ (2,107) $ 1,316 Comprehensive income Add: Other comprehensive income (loss) $ (824) $ (1,429) $ (1,223) $ 2,652 $ (824) Total Citigroup comprehensive income (loss) $ 492 $ 96 $ (641) $ 545 $ 492 Add: Other comprehensive income attributable to noncontrolling interests $ — $ — $ 39 $ — $ 39 Add: Net income attributable to noncontrolling interests — — — — — Total comprehensive income (loss) $ 492 $ 96 $ (602) $ 545 $ 531 Condensed Consolidating Statements of Income and Comprehensive Income Six Months Ended June 30, 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 — 3,212 28,516 — 31,728 Interest revenue—intercompany 2,211 623 (2,834) — — Interest expense 2,408 1,521 5,227 — 9,156 Interest expense—intercompany 390 1,403 (1,793) — — Net interest revenue $ (587) $ 911 $ 22,248 $ — $ 22,572 Commissions and fees $ — $ 3,321 $ 2,633 $ — $ 5,954 Commissions and fees—intercompany (19) 237 (218) — — Principal transactions (930) 3,261 7,087 — 9,418 Principal transactions—intercompany 564 499 (1,063) — — Other income 66 260 2,227 — 2,553 Other income—intercompany (62) 26 36 — — Total non-interest revenues $ (381) $ 7,604 $ 10,702 $ — $ 17,925 Total revenues, net of interest expense $ (863) $ 8,515 $ 32,950 $ (105) $ 40,497 Provisions for credit losses and for benefits and claims $ — $ — $ 14,930 $ — $ 14,930 Operating expenses Compensation and benefits $ 133 $ 2,641 $ 8,504 $ — $ 11,278 Compensation and benefits—intercompany 75 — (75) — — Other operating 32 1,192 8,507 — 9,731 Other operating—intercompany 8 857 (865) — — Total operating expenses $ 248 $ 4,690 $ 16,071 $ — $ 21,009 Equity in undistributed income of subsidiaries $ 4,475 $ — $ — $ (4,475) $ — Income (loss) from continuing operations before income taxes $ 3,364 $ 3,825 $ 1,949 $ (4,580) $ 4,558 Provision (benefit) for income taxes (474) 1,052 129 — 707 Income (loss) from continuing operations $ 3,838 $ 2,773 $ 1,820 $ (4,580) $ 3,851 Income (loss) from discontinued operations, net of taxes — — (19) — (19) Net income before attribution of noncontrolling interests $ 3,838 $ 2,773 $ 1,801 $ (4,580) $ 3,832 Noncontrolling interests — — (6) — (6) Net income (loss) $ 3,838 $ 2,773 $ 1,807 $ (4,580) $ 3,838 Comprehensive income Add: Other comprehensive income (loss) $ 2,973 $ 328 $ 12,236 $ (12,564) $ 2,973 Total Citigroup comprehensive income (loss) $ 6,811 $ 3,101 $ 14,043 $ (17,144) $ 6,811 Add: Other comprehensive income attributable to noncontrolling interests $ — $ — $ (12) $ — $ (12) Add: Net income attributable to noncontrolling interests — — (6) — (6) Total comprehensive income (loss) $ 6,811 $ 3,101 $ 14,025 $ (17,144) $ 6,793 Condensed Consolidating Statements of Income and Comprehensive Income Three Months Ended June 30, 2019 In millions of dollars Citigroup parent company CGMHI Other Citigroup subsidiaries and eliminations Consolidating adjustments Citigroup consolidated Revenues Dividends from subsidiaries $ 5,049 $ — $ — $ (5,049) $ — Interest revenue — 3,184 16,528 — 19,712 Interest revenue—intercompany 1,327 518 (1,845) — — Interest expense 1,278 1,911 4,573 — 7,762 Interest expense—intercompany 202 1,152 (1,354) — — Net interest revenue $ (153) $ 639 $ 11,464 $ — $ 11,950 Commissions and fees $ — $ 1,309 $ 1,572 $ — $ 2,881 Commissions and fees—intercompany — 94 (94) — — Principal transactions (565) 1,142 1,297 — 1,874 Principal transactions—intercompany 791 (675) (116) — — Other income (368) 498 1,923 — 2,053 Other income—intercompany 9 14 (23) — — Total non-interest revenues $ (133) $ 2,382 $ 4,559 $ — $ 6,808 Total revenues, net of interest expense $ 4,763 $ 3,021 $ 16,023 $ (5,049) $ 18,758 Provisions for credit losses and for benefits and claims $ — $ — $ 2,093 $ — $ 2,093 Operating expenses Compensation and benefits $ 4 $ 1,166 $ 4,211 $ — $ 5,381 Compensation and benefits—intercompany 17 — (17) — — Other operating 9 540 4,570 — 5,119 Other operating—intercompany 5 582 (587) — — Total operating expenses $ 35 $ 2,288 $ 8,177 $ — $ 10,500 Equity in undistributed income of subsidiaries $ (146) $ — $ — $ 146 $ — Income (loss) from continuing operations before income $ 4,582 $ 733 $ 5,753 $ (4,903) $ 6,165 Provision (benefit) for income taxes (217) — 8 1,582 — 1,373 Income (loss) from continuing operations $ 4,799 $ 725 $ 4,171 $ (4,903) $ 4,792 Income (loss) from discontinued operations, net of taxes — — 17 — 17 Net income (loss) before attribution of noncontrolling interests $ 4,799 $ 725 $ 4,188 $ (4,903) $ 4,809 Noncontrolling interests — — 10 — 10 Net income (loss) $ 4,799 $ 725 $ 4,178 $ (4,903) $ 4,799 Comprehensive income Add: Other comprehensive income (loss) $ 1,105 $ (12) $ 734 $ (722) $ 1,105 Total Citigroup comprehensive income (loss) $ 5,904 $ 713 $ 4,912 $ (5,625) $ 5,904 Add: Other comprehensive income attributable to noncontrolling interests $ — $ — — $ 20 $ — $ 20 Add: Net income attributable to noncontrolling interests — — 10 — 10 Total comprehensive income (loss) $ 5,904 $ 713 $ 4,942 $ (5,625) $ 5,934 Condensed Consolidating Statements of Income and Comprehensive Income Six Months Ended June 30, 2019 In millions of dollars Citigroup parent company CGMHI Other Citigroup subsidiaries and eliminations Consolidating adjustments Citigroup consolidated Revenues Dividends from subsidiaries $ 14,216 $ — $ — $ (14,216) $ — Interest revenue — 5,756 33,032 — 38,788 Interest revenue—intercompany 2,652 1,021 (3,673) — — Interest expense 2,549 3,735 8,795 — 15,079 Interest expense—intercompany 514 2,227 (2,741) — — Net interest revenue $ (411) $ 815 $ 23,305 $ — $ 23,709 Commissions and fees $ — $ 2,616 $ 3,191 $ — $ 5,807 Commissions and fees—intercompany (1) 215 (214) — — Principal transactions (1,390) 108 5,960 — 4,678 Principal transactions—intercompany 1,238 1,361 (2,599) — — Other income (49) 597 2,592 — 3,140 Other income—intercompany (25) 56 (31) — — Total non-interest revenues $ (227) $ 4,953 $ 8,899 $ — $ 13,625 Total revenues, net of interest expense $ 13,578 $ 5,768 $ 32,204 $ (14,216) $ 37,334 Provisions for credit losses and for benefits and claims $ — $ — $ 4,073 $ — $ 4,073 Operating expenses Compensation and benefits $ 37 $ 2,450 $ 8,552 $ — $ 11,039 Compensation and benefits—intercompany 43 — (43) — — Other operating 14 1,093 8,938 — 10,045 Other operating—intercompany 10 1,164 (1,174) — — Total operating expenses $ 104 $ 4,707 $ 16,273 $ — $ 21,084 Equity in undistributed income of subsidiaries $ (4,349) $ — $ — $ 4,349 $ — Income (loss) from continuing operations before income $ 9,125 $ 1,061 $ 11,858 $ (9,867) $ 12,177 Provision (benefit) for income taxes (384) 148 2,884 — 2,648 Income (loss) from continuing operations $ 9,509 $ 913 $ 8,974 $ (9,867) $ 9,529 Income (loss) from discontinued operations, net of taxes — — 15 — 15 Net income (loss) before attribution of noncontrolling interests $ 9,509 $ 913 $ 8,989 $ (9,867) $ 9,544 Noncontrolling interests — — 35 — 35 Net income (loss) $ 9,509 $ 913 $ 8,954 $ (9,867) $ 9,509 Comprehensive income Add: Other comprehensive income (loss) $ 1,967 $ (301) $ 1,733 $ (1,432) $ 1,967 Total Citigroup comprehensive income (loss) $ 11,476 $ 612 $ 10,687 $ (11,299) $ 11,476 Add: Other comprehensive income attributable to noncontrolling interests $ — $ — $ 7 $ — $ 7 Add: Net income attributable to noncontrolling interests — — 35 — 35 Total comprehensive income (loss) $ 11,476 $ 612 $ 10,729 $ (11,299) $ 11,518 |
Condensed Consolidating Balance Sheet | Condensed Consolidating Balance Sheet June 30, 2020 In millions of dollars Citigroup parent company CGMHI Other Citigroup subsidiaries and eliminations Consolidating adjustments Citigroup consolidated Assets Cash and due from banks $ — $ 403 $ 22,486 $ — $ 22,889 Cash and due from banks—intercompany 23 3,325 (3,348) — — Deposits with banks, net of allowance — 4,784 282,100 — 286,884 Deposits with banks—intercompany 3,000 8,145 (11,145) — — Securities borrowed and purchased under resale agreements — 221,779 61,138 — 282,917 Securities borrowed and purchased under resale agreements—intercompany — 24,679 (24,679) — — Trading account assets 250 223,733 138,328 — 362,311 Trading account assets—intercompany 261 3,786 (4,047) — — Investments, net of allowance 1 458 432,794 — 433,253 Loans, net of unearned income — 2,922 682,370 — 685,292 Loans, net of unearned income—intercompany — — — — — Allowance for credit losses on loans (ACLL) — — (26,420) — (26,420) Total loans, net $ — $ 2,922 $ 655,950 $ — $ 658,872 Advances to subsidiaries $ 151,652 $ — $ (151,652) $ — $ — Investments in subsidiaries 205,625 — — (205,625) — Other assets, net of allowance (1) 13,299 64,181 108,109 — 185,589 Other assets—intercompany 3,535 50,952 (54,487) — — Total assets $ 377,646 $ 609,147 $ 1,451,547 $ (205,625) $ 2,232,715 Liabilities and equity Deposits $ — $ — $ 1,233,660 $ — $ 1,233,660 Deposits—intercompany — — — — — Securities loaned and sold under repurchase agreements — 199,525 16,197 — 215,722 Securities loaned and sold under repurchase agreements—intercompany — 51,179 (51,179) — — Trading account liabilities 11 100,338 48,915 — 149,264 Trading account liabilities—intercompany 141 2,745 (2,886) — — Short-term borrowings 25 12,170 27,961 — 40,156 Short-term borrowings—intercompany — 16,888 (16,888) — — Long-term debt 169,036 44,874 65,865 — 279,775 Long-term debt—intercompany — 76,880 (76,880) — — Advances from subsidiaries 13,678 — (13,678) — — Other liabilities, including allowance 3,139 59,236 59,461 — 121,836 Other liabilities—intercompany (6) 9,530 (9,524) — — Stockholders’ equity 191,622 35,782 170,523 (205,625) 192,302 Total liabilities and equity $ 377,646 $ 609,147 $ 1,451,547 $ (205,625) $ 2,232,715 (1) Other assets for Citigroup parent company at June 30, 2020 included $34.4 billion of placements to Citibank and its branches, of which $29.2 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 |
Condensed Consolidating Statement of Cash Flows | Condensed Consolidating Statement of Cash Flows Six Months Ended June 30, 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 $ 2,857 $ (53,782) $ 31,717 $ — $ (19,208) Cash flows from investing activities of continuing operations Purchases of investments $ — $ — $ (207,701) $ — $ (207,701) Proceeds from sales of investments — — 86,191 — 86,191 Proceeds from maturities of investments — — 53,909 — 53,909 Change in loans — — 7,943 — 7,943 Proceeds from sales and securitizations of loans — — 826 — 826 Change in securities borrowed and purchased under agreements to resell — (29,475) (2,120) — (31,595) Changes in investments and advances—intercompany (7,371) (4,890) 12,261 — — Other investing activities — — (1,262) — (1,262) Net cash provided by (used in) investing activities of continuing operations $ (7,371) $ (34,365) $ (49,953) $ — $ (91,689) Cash flows from financing activities of continuing operations Dividends paid $ (2,679) $ — $ — $ — $ (2,679) 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 17,353 8,907 (86) — 26,174 Proceeds (repayments) from issuance of long-term debt—intercompany, net 6,815 (6,815) — — Change in deposits — — 163,070 — 163,070 Change in securities loaned and sold under agreements to repurchase — 68,650 (19,267) — 49,383 Change in short-term borrowings — 1,074 (5,967) — (4,893) Net change in short-term borrowings and other advances—intercompany (6,826) 3,035 3,791 — — Capital contributions from (to) parent — — — — — — Other financing activities (407) (118) 118 — (407) Net cash provided by (used in) financing activities of continuing operations $ 4,516 $ 88,363 $ 134,844 $ — $ 227,723 Effect of exchange rate changes on cash and due from banks $ — $ — $ (972) $ — $ (972) Change in cash and due from banks and deposits with banks $ 2 $ 216 $ 115,636 $ — $ 115,854 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 $ 3,023 $ 16,657 $ 290,093 $ — $ 309,773 Cash and due from banks $ 23 $ 3,728 $ 19,138 $ — $ 22,889 Deposits with banks, net of allowance 3,000 12,929 270,955 — 286,884 Cash and due from banks and deposits with banks at end of period $ 3,023 $ 16,657 $ 290,093 $ — $ 309,773 Supplemental disclosure of cash flow information for continuing operations Cash paid during the period for income taxes $ 39 $ 174 $ 2,330 $ — $ 2,543 Cash paid during the period for interest 1,757 3,006 3,988 — 8,751 Non-cash investing activities Transfers to loans HFS from loans $ — $ — $ 1,036 $ — $ 1,036 Condensed Consolidating Statement of Cash Flows Six Months Ended June 30, 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 $ 17,500 $ (39,793) $ (15,463) $ — $ (37,756) Cash flows from investing activities of continuing operations Purchases of investments $ — $ — $ (118,132) $ — $ (118,132) Proceeds from sales of investments 4 — 63,591 — 63,595 Proceeds from maturities of investments — — 57,684 — 57,684 Change in loans — — (7,803) — (7,803) Proceeds from sales and securitizations of loans — — 2,249 — 2,249 Change in securities borrowed and purchased under agreements to resell — 9,511 1,404 — 10,915 Changes in investments and advances—intercompany (3,336) (10,607) 13,943 — — Other investing activities — (32) (3,178) — (3,210) Net cash provided by (used in) investing activities of continuing operations $ (3,332) $ (1,128) $ 9,758 $ — $ 5,298 Cash flows from financing activities of continuing operations Dividends paid $ (2,650) $ — $ — $ — $ (2,650) Redemption of preferred stock (480) — — — (480) Treasury stock acquired (7,518) — — — (7,518) Proceeds (repayments) from issuance of long-term debt, net 5,418 10,817 (2,814) — 13,421 Proceeds (repayments) from issuance of long-term debt—intercompany, net — (3,941) 3,941 — — Change in deposits — — 32,437 — 32,437 Change in securities loaned and sold under agreements to repurchase — 20,903 (17,538) — 3,365 Change in short-term borrowings — 4,977 5,119 — 10,096 Net change in short-term borrowings and other advances—intercompany (8,584) 7,088 1,496 — — Other financing activities (359) — — — (359) Net cash provided by (used in) financing activities of continuing operations $ (14,173) $ 39,844 $ 22,641 $ — $ 48,312 Effect of exchange rate changes on cash and due from banks $ — $ — $ (716) $ — $ (716) Change in cash and due from banks and deposits with banks $ (5) $ (1,077) $ 16,220 $ — $ 15,138 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 $ 3,015 $ 14,600 $ 185,628 $ — $ 203,243 Cash and due from banks $ 15 — $ 4,479 $ 20,503 $ — $ 24,997 Deposits with banks, net of allowance 3,000 10,121 165,125 — 178,246 Cash and due from banks and deposits with banks at end of period $ 3,015 $ 14,600 $ 185,628 $ — $ 203,243 Supplemental disclosure of cash flow information for continuing operations Cash paid during the period for income taxes $ 154 $ 119 $ 2,541 $ — $ 2,814 Cash paid during the period for interest 1,753 6,577 5,670 — 14,000 Non-cash investing activities Transfers to loans HFS from loans $ — $ — $ 3,600 $ — $ 3,600 |
BASIS OF PRESENTATION, UPDATE_3
BASIS OF PRESENTATION, UPDATED ACCOUNTING POLICIES AND ACCOUNTING CHANGES - Accounting Changes (Details) - USD ($) $ in Millions | Jan. 01, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | Mar. 31, 2020 | Dec. 31, 2019 | Mar. 31, 2019 | Dec. 31, 2018 |
New Accounting Pronouncements or Change in Accounting Principle | ||||||||||
Allowance for credit losses | $ 26,420 | $ 12,466 | $ 26,420 | $ 12,466 | $ 20,841 | $ 12,783 | $ 12,329 | $ 12,315 | ||
Pretax percentage increase allowance for credit losses | 29.00% | |||||||||
Decrease in retained earnings | (163,431) | (163,431) | (165,369) | |||||||
Build to allowance for credit losses | 4,856 | 53 | 8,968 | 120 | ||||||
Reduction in collection costs from credit recoveries | (322) | (391) | (693) | (788) | ||||||
Increase in operating expenses | 10,415 | $ 10,500 | $ 21,009 | $ 21,084 | ||||||
Accounting Standards Update [Extensible List] | us-gaap:AccountingStandardsUpdate201613Member | |||||||||
Revision of Prior Period, Change in Accounting Principle, Adjustment | ||||||||||
New Accounting Pronouncements or Change in Accounting Principle | ||||||||||
Allowance for credit losses | $ (426) | $ (426) | ||||||||
Revision of Prior Period, Reclassification, Adjustment | Forecast | ||||||||||
New Accounting Pronouncements or Change in Accounting Principle | ||||||||||
Reduction in collection costs from credit recoveries | $ 50 | |||||||||
Increase in operating expenses | $ 50 | |||||||||
Cumulative Effect, Period of Adoption, Adjustment | ||||||||||
New Accounting Pronouncements or Change in Accounting Principle | ||||||||||
Allowance for credit losses | $ 4,100 | $ 0 | $ 4,201 | $ 0 | ||||||
Decrease in retained earnings | 3,100 | |||||||||
Increase in deferred tax assets | 1,000 | |||||||||
Build to allowance for credit losses | 4,900 | |||||||||
Release of reserves | $ 800 | |||||||||
Accounting Standards Update 2016-13 | ||||||||||
New Accounting Pronouncements or Change in Accounting Principle | ||||||||||
Loss coverage period | 23 months | |||||||||
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 | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Results of Discontinued Operations | ||||
Total revenues, net of interest expense | $ 0 | $ 0 | $ 0 | $ 0 |
Loss from discontinued operations | (1) | (10) | (19) | (12) |
Benefit for income taxes | 0 | (27) | 0 | (27) |
Income (loss) from discontinued operations, net of taxes | $ (1) | $ 17 | $ (19) | $ 15 |
BUSINESS SEGMENTS (Details)
BUSINESS SEGMENTS (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | Dec. 31, 2019 | |
Segment reporting information | |||||
Revenues, net of interest expense | $ 19,766 | $ 18,758 | $ 40,497 | $ 37,334 | |
Provision (benefits) for income taxes | 131 | 1,373 | 707 | 2,648 | |
Income (loss) from continuing operations | 1,317 | 4,792 | 3,851 | 9,529 | |
Identifiable assets | 2,232,715 | 2,232,715 | $ 1,951,158 | ||
Operating Segments | Citicorp | North America | |||||
Segment reporting information | |||||
Revenues, net of interest expense | 9,700 | 8,600 | 19,900 | 16,900 | |
Operating Segments | Citicorp | EMEA | |||||
Segment reporting information | |||||
Revenues, net of interest expense | 3,400 | 3,000 | 6,900 | 6,100 | |
Operating Segments | Citicorp | Latin America | |||||
Segment reporting information | |||||
Revenues, net of interest expense | 2,300 | 2,600 | 4,900 | 5,200 | |
Operating Segments | Citicorp | Asia | |||||
Segment reporting information | |||||
Revenues, net of interest expense | 4,100 | 4,000 | 8,500 | 8,100 | |
Operating Segments | Global Consumer Banking | |||||
Segment reporting information | |||||
Revenues, net of interest expense | 7,339 | 8,133 | 15,513 | 16,223 | |
Provision (benefits) for income taxes | (161) | 378 | (431) | 759 | |
Income (loss) from continuing operations | (398) | 1,301 | (1,153) | 2,621 | |
Identifiable assets | 423,000 | 423,000 | 407,000 | ||
Provisions for credit losses and for benefits and claims | 3,900 | 2,000 | 8,700 | 4,000 | |
Operating Segments | Institutional Clients Group | |||||
Segment reporting information | |||||
Revenues, net of interest expense | 12,137 | 10,055 | 24,621 | 20,073 | |
Provision (benefits) for income taxes | 470 | 950 | 1,514 | 1,905 | |
Income (loss) from continuing operations | 1,880 | 3,425 | 5,506 | 6,837 | |
Identifiable assets | 1,716,000 | 1,716,000 | 1,447,000 | ||
Provisions for credit losses and for benefits and claims | 3,900 | 100 | 5,900 | 200 | |
Corporate/Other | |||||
Segment reporting information | |||||
Revenues, net of interest expense | 290 | 570 | 363 | 1,038 | |
Provision (benefits) for income taxes | (178) | 45 | (376) | (16) | |
Income (loss) from continuing operations | (165) | 66 | (502) | 71 | |
Identifiable assets | 94,000 | 94,000 | $ 97,000 | ||
Provisions for credit losses and for benefits and claims | $ 200 | $ 0 | $ 356 | $ (47) |
INTEREST REVENUE AND EXPENSE (D
INTEREST REVENUE AND EXPENSE (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Interest revenue | ||||
Loan interest, including fees | $ 10,149 | $ 11,981 | $ 21,399 | $ 23,949 |
Deposits with banks | 159 | 736 | 686 | 1,343 |
Securities borrowed and purchased under agreements to resell | 401 | 1,893 | 1,609 | 3,677 |
Investments, including dividends | 2,097 | 2,505 | 4,378 | 5,053 |
Trading account assets | 1,673 | 2,140 | 3,263 | 3,826 |
Other interest | 110 | 457 | 393 | 940 |
Total interest revenue | 14,589 | 19,712 | 31,728 | 38,788 |
Interest expense | ||||
Deposits | 1,469 | 3,284 | 4,083 | 6,311 |
Securities loaned and sold under agreements to repurchase | 453 | 1,724 | 1,538 | 3,313 |
Trading account liabilities | 144 | 320 | 383 | 647 |
Short-term borrowings and other interest-bearing liabilities | 140 | 715 | 524 | 1,367 |
Long-term debt | 1,303 | 1,719 | 2,628 | 3,441 |
Total interest expense | 3,509 | 7,762 | 9,156 | 15,079 |
Net interest revenue | 11,080 | 11,950 | 22,572 | 23,709 |
Provision for credit losses on loans | 7,696 | 2,089 | 14,140 | 4,033 |
Net interest revenue after provision for credit losses on loans | 3,384 | 9,861 | 8,432 | 19,676 |
Insurance fees and charges | $ 270 | $ 189 | $ 495 | $ 382 |
COMMISSIONS AND FEES; ADMINIS_3
COMMISSIONS AND FEES; ADMINISTRATION AND OTHER FIDUCIARY FEES - Commissions and Fees Revenue (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Commissions and fees | ||||
Total commissions and fees | $ 2,933 | $ 2,881 | $ 5,954 | $ 5,807 |
Investment banking | ||||
Commissions and fees | ||||
Total commissions and fees | 1,358 | 941 | 2,398 | 1,855 |
Brokerage commissions | ||||
Commissions and fees | ||||
Total commissions and fees | 686 | 649 | 1,512 | 1,306 |
Interchange fees | ||||
Commissions and fees | ||||
Total commissions and fees | 1,628 | 2,511 | 3,806 | 4,773 |
Card-related loan fees | ||||
Commissions and fees | ||||
Total commissions and fees | 135 | 199 | 312 | 372 |
Card rewards and partner payments | ||||
Commissions and fees | ||||
Total commissions and fees | (1,815) | (2,452) | (4,057) | (4,666) |
Deposit-related fees | ||||
Commissions and fees | ||||
Total commissions and fees | 305 | 386 | 653 | 770 |
Transactional service fees | ||||
Commissions and fees | ||||
Total commissions and fees | 235 | 229 | 486 | 460 |
Corporate finance | ||||
Commissions and fees | ||||
Total commissions and fees | 149 | 151 | 295 | 330 |
Insurance distribution revenue | ||||
Commissions and fees | ||||
Total commissions and fees | 114 | 131 | 243 | 267 |
Insurance premiums | ||||
Commissions and fees | ||||
Total commissions and fees | 31 | 45 | 74 | 92 |
Loan servicing | ||||
Commissions and fees | ||||
Total commissions and fees | 31 | 11 | 70 | 89 |
Other | ||||
Commissions and fees | ||||
Total commissions and fees | 76 | 80 | 162 | 159 |
Overdraft fees | ||||
Commissions and fees | ||||
Total commissions and fees | 20 | 31 | 51 | 61 |
Commissions and fees | ||||
Commissions and fees | ||||
Revenue not accounted for under ASC 606, revenue from contracts with customers | (1,426) | (2,016) | (3,228) | (3,719) |
ICG | ||||
Commissions and fees | ||||
Total commissions and fees | 2,526 | 2,166 | 4,926 | 4,402 |
ICG | Investment banking | ||||
Commissions and fees | ||||
Total commissions and fees | 1,358 | 941 | 2,398 | 1,855 |
ICG | Brokerage commissions | ||||
Commissions and fees | ||||
Total commissions and fees | 482 | 438 | 1,059 | 909 |
ICG | Interchange fees | ||||
Commissions and fees | ||||
Total commissions and fees | 123 | 314 | 384 | 593 |
ICG | Card-related loan fees | ||||
Commissions and fees | ||||
Total commissions and fees | 3 | 16 | 14 | 29 |
ICG | Card rewards and partner payments | ||||
Commissions and fees | ||||
Total commissions and fees | (70) | (175) | (219) | (328) |
ICG | Deposit-related fees | ||||
Commissions and fees | ||||
Total commissions and fees | 220 | 266 | 453 | 528 |
ICG | Transactional service fees | ||||
Commissions and fees | ||||
Total commissions and fees | 215 | 199 | 442 | 400 |
ICG | Corporate finance | ||||
Commissions and fees | ||||
Total commissions and fees | 149 | 151 | 295 | 330 |
ICG | Insurance distribution revenue | ||||
Commissions and fees | ||||
Total commissions and fees | 1 | 2 | 5 | 6 |
ICG | Insurance premiums | ||||
Commissions and fees | ||||
Total commissions and fees | 0 | 0 | 0 | 0 |
ICG | Loan servicing | ||||
Commissions and fees | ||||
Total commissions and fees | 18 | 0 | 38 | 50 |
ICG | Other | ||||
Commissions and fees | ||||
Total commissions and fees | 27 | 14 | 57 | 30 |
GCB | ||||
Commissions and fees | ||||
Total commissions and fees | 402 | 712 | 1,015 | 1,395 |
GCB | Investment banking | ||||
Commissions and fees | ||||
Total commissions and fees | 0 | 0 | 0 | 0 |
GCB | Brokerage commissions | ||||
Commissions and fees | ||||
Total commissions and fees | 204 | 211 | 453 | 397 |
GCB | Interchange fees | ||||
Commissions and fees | ||||
Total commissions and fees | 1,505 | 2,197 | 3,422 | 4,180 |
GCB | Card-related loan fees | ||||
Commissions and fees | ||||
Total commissions and fees | 132 | 183 | 298 | 343 |
GCB | Card rewards and partner payments | ||||
Commissions and fees | ||||
Total commissions and fees | (1,745) | (2,277) | (3,838) | (4,338) |
GCB | Deposit-related fees | ||||
Commissions and fees | ||||
Total commissions and fees | 85 | 120 | 200 | 242 |
GCB | Transactional service fees | ||||
Commissions and fees | ||||
Total commissions and fees | 20 | 30 | 44 | 60 |
GCB | Corporate finance | ||||
Commissions and fees | ||||
Total commissions and fees | 0 | 0 | 0 | 0 |
GCB | Insurance distribution revenue | ||||
Commissions and fees | ||||
Total commissions and fees | 113 | 129 | 238 | 261 |
GCB | Insurance premiums | ||||
Commissions and fees | ||||
Total commissions and fees | 31 | 45 | 74 | 92 |
GCB | Loan servicing | ||||
Commissions and fees | ||||
Total commissions and fees | 11 | 8 | 22 | 30 |
GCB | Other | ||||
Commissions and fees | ||||
Total commissions and fees | 46 | 66 | 102 | 128 |
Corporate/Other | ||||
Commissions and fees | ||||
Total commissions and fees | 5 | 3 | 13 | 10 |
Corporate/Other | Investment banking | ||||
Commissions and fees | ||||
Total commissions and fees | 0 | 0 | 0 | 0 |
Corporate/Other | Brokerage commissions | ||||
Commissions and fees | ||||
Total commissions and fees | 0 | 0 | 0 | 0 |
Corporate/Other | Interchange fees | ||||
Commissions and fees | ||||
Total commissions and fees | 0 | 0 | 0 | 0 |
Corporate/Other | Card-related loan fees | ||||
Commissions and fees | ||||
Total commissions and fees | 0 | 0 | 0 | 0 |
Corporate/Other | Card rewards and partner payments | ||||
Commissions and fees | ||||
Total commissions and fees | 0 | 0 | 0 | 0 |
Corporate/Other | Deposit-related fees | ||||
Commissions and fees | ||||
Total commissions and fees | 0 | 0 | 0 | 0 |
Corporate/Other | Transactional service fees | ||||
Commissions and fees | ||||
Total commissions and fees | 0 | 0 | 0 | 0 |
Corporate/Other | Corporate finance | ||||
Commissions and fees | ||||
Total commissions and fees | 0 | 0 | 0 | 0 |
Corporate/Other | Insurance distribution revenue | ||||
Commissions and fees | ||||
Total commissions and fees | 0 | 0 | 0 | 0 |
Corporate/Other | Insurance premiums | ||||
Commissions and fees | ||||
Total commissions and fees | 0 | 0 | 0 | 0 |
Corporate/Other | Loan servicing | ||||
Commissions and fees | ||||
Total commissions and fees | 2 | 3 | 10 | 9 |
Corporate/Other | Other | ||||
Commissions and fees | ||||
Total commissions and fees | $ 3 | $ 0 | $ 3 | $ 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 | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Commissions and fees | ||||
Administration and other fiduciary fees | $ 819 | $ 869 | $ 1,673 | $ 1,708 |
Custody fees | ||||
Commissions and fees | ||||
Administration and other fiduciary fees | 399 | 405 | 788 | 788 |
Custody fees | ICG | ||||
Commissions and fees | ||||
Administration and other fiduciary fees | 372 | 383 | 738 | 747 |
Custody fees | GCB | ||||
Commissions and fees | ||||
Administration and other fiduciary fees | 6 | 4 | 14 | 7 |
Custody fees | Corporate/Other | ||||
Commissions and fees | ||||
Administration and other fiduciary fees | 21 | 18 | 36 | 34 |
Fiduciary fees | ||||
Commissions and fees | ||||
Administration and other fiduciary fees | 290 | 316 | 618 | 626 |
Fiduciary fees | ICG | ||||
Commissions and fees | ||||
Administration and other fiduciary fees | 158 | 162 | 330 | 314 |
Fiduciary fees | GCB | ||||
Commissions and fees | ||||
Administration and other fiduciary fees | 132 | 154 | 288 | 300 |
Fiduciary fees | Corporate/Other | ||||
Commissions and fees | ||||
Administration and other fiduciary fees | 0 | 0 | 0 | 12 |
Guarantee fees | ||||
Commissions and fees | ||||
Administration and other fiduciary fees | 130 | 148 | 267 | 294 |
Guarantee fees | ICG | ||||
Commissions and fees | ||||
Administration and other fiduciary fees | 127 | 144 | 261 | 286 |
Guarantee fees | GCB | ||||
Commissions and fees | ||||
Administration and other fiduciary fees | 1 | 2 | 3 | 4 |
Guarantee fees | Corporate/Other | ||||
Commissions and fees | ||||
Administration and other fiduciary fees | 2 | 2 | 3 | 4 |
Administration and other fiduciary fees | ||||
Commissions and fees | ||||
Administration and other fiduciary fees | 819 | 869 | 1,673 | 1,708 |
Revenue not accounted for under ASC 606, revenue from contracts with customers | 130 | 148 | 267 | 294 |
Administration and other fiduciary fees | ICG | ||||
Commissions and fees | ||||
Administration and other fiduciary fees | 657 | 689 | 1,329 | 1,347 |
Administration and other fiduciary fees | GCB | ||||
Commissions and fees | ||||
Administration and other fiduciary fees | 139 | 160 | 305 | 311 |
Administration and other fiduciary fees | Corporate/Other | ||||
Commissions and fees | ||||
Administration and other fiduciary fees | $ 23 | $ 20 | $ 39 | $ 50 |
PRINCIPAL TRANSACTIONS (Details
PRINCIPAL TRANSACTIONS (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Principal transactions revenue | ||||
Principal transactions revenue | $ 4,157 | $ 1,874 | $ 9,418 | $ 4,678 |
Interest rate risks | ||||
Principal transactions revenue | ||||
Principal transactions revenue | 1,843 | 1,320 | 3,820 | 3,038 |
Foreign exchange risks | ||||
Principal transactions revenue | ||||
Principal transactions revenue | 1,114 | 427 | 2,109 | 900 |
Equity risks | ||||
Principal transactions revenue | ||||
Principal transactions revenue | 102 | (1) | 921 | 455 |
Commodity and other risks | ||||
Principal transactions revenue | ||||
Principal transactions revenue | 370 | 89 | 697 | 208 |
Credit products and risks | ||||
Principal transactions revenue | ||||
Principal transactions revenue | $ 728 | $ 39 | $ 1,871 | $ 77 |
RETIREMENT BENEFITS - Net (Bene
RETIREMENT BENEFITS - Net (Benefit) Expense (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
U.S. | Pension Plans | ||||
Service-related expense | ||||
Benefits earned during the period | $ 0 | $ 0 | $ 0 | $ 0 |
Interest cost on benefit obligation | 101 | 123 | 207 | 253 |
Expected return on plan assets | (206) | (202) | (414) | (405) |
Amortization of unrecognized: | ||||
Prior service cost (benefit) | 0 | (1) | 1 | 0 |
Net actuarial loss | 53 | 48 | 109 | 92 |
Settlement loss | 0 | 0 | 0 | 0 |
Total net (benefit) expense | (52) | (32) | (97) | (60) |
U.S. | Postretirement Benefit Plans | ||||
Service-related expense | ||||
Benefits earned during the period | 0 | 0 | 0 | 0 |
Interest cost on benefit obligation | 5 | 6 | 10 | 13 |
Expected return on plan assets | (4) | (4) | (9) | (9) |
Amortization of unrecognized: | ||||
Prior service cost (benefit) | 0 | 0 | 0 | 0 |
Net actuarial loss | 0 | 0 | 0 | 0 |
Settlement loss | 0 | 0 | 0 | 0 |
Total net (benefit) expense | 1 | 2 | 1 | 4 |
Non-U.S. plans | Pension Plans | ||||
Service-related expense | ||||
Benefits earned during the period | 34 | 35 | 71 | 71 |
Interest cost on benefit obligation | 61 | 73 | 125 | 148 |
Expected return on plan assets | (56) | (68) | (121) | (136) |
Amortization of unrecognized: | ||||
Prior service cost (benefit) | (2) | (1) | (3) | (2) |
Net actuarial loss | 17 | 15 | 34 | 30 |
Settlement loss | 3 | 2 | 3 | 2 |
Total net (benefit) expense | 57 | 56 | 109 | 113 |
Non-U.S. plans | Postretirement Benefit Plans | ||||
Service-related expense | ||||
Benefits earned during the period | 2 | 2 | 4 | 4 |
Interest cost on benefit obligation | 22 | 26 | 46 | 52 |
Expected return on plan assets | (18) | (21) | (38) | (42) |
Amortization of unrecognized: | ||||
Prior service cost (benefit) | (2) | (3) | (4) | (5) |
Net actuarial loss | 5 | 6 | 10 | 11 |
Settlement loss | 0 | 0 | 0 | 0 |
Total net (benefit) expense | $ 9 | $ 10 | $ 18 | $ 20 |
RETIREMENT BENEFITS - Funded St
RETIREMENT BENEFITS - Funded Status and Accumulated Other Comprehensive Income (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2020 | Mar. 31, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
U.S. | Pension Plans | |||||
Change in projected benefit obligation | |||||
Projected benefit obligation at beginning of year | $ 13,453 | $ 13,453 | |||
Benefits earned during the period | $ 0 | $ 0 | 0 | $ 0 | |
Interest cost on benefit obligation | 101 | 123 | 207 | 253 | |
Change in plan assets | |||||
Plan assets at fair value at beginning of year | 12,717 | 12,717 | |||
Net amount recognized at period end | |||||
Benefit asset | 0 | 0 | |||
Benefit liability | (1,431) | (1,431) | |||
Net amount recognized on the balance sheet—Significant Plans | (1,431) | (1,431) | |||
Amounts recognized in AOCI at period end | |||||
Prior service benefit | 0 | 0 | |||
Net actuarial (loss) gain | (7,933) | (7,933) | |||
Net amount recognized in equity-pretax | (7,933) | (7,933) | |||
Accumulated benefit obligation at period end—Significant Plans | 13,857 | 13,857 | |||
U.S. | Pension Plans | Other than Significant Plans Measured Annually | |||||
Change in projected benefit obligation | |||||
Projected benefit obligation at beginning of year | 26 | 26 | |||
Change in plan assets | |||||
Plan assets at fair value at beginning of year | 0 | 0 | |||
U.S. | Pension Plans | Significant Plans Measured Quarterly | |||||
Change in projected benefit obligation | |||||
Projected benefit obligation at beginning of year | 13,349 | 13,427 | 13,427 | ||
Quarter activity | (78) | ||||
Benefits earned during the period | |||||
Interest cost on benefit obligation | 101 | ||||
Actuarial loss | 678 | ||||
Benefits paid, net of participants’ contributions and government subsidy | (268) | ||||
Foreign exchange impact and other | 0 | ||||
Projected benefit obligation at period end—Significant Plans | 13,860 | 13,349 | 13,860 | ||
Change in plan assets | |||||
Plan assets at fair value at beginning of year | 11,853 | 12,717 | 12,717 | ||
Quarterly activity | (864) | ||||
Actual return on plan assets | 830 | ||||
Company contributions, net of reimbursements | 14 | ||||
Benefits paid, net of participants’ contributions and government subsidy | (268) | ||||
Foreign exchange impact and other | 0 | ||||
Plan assets at fair value at period end—Significant Plans | 12,429 | 11,853 | 12,429 | ||
Funded status of the Significant Plans | (1,431) | (1,431) | |||
U.S. | Postretirement Benefit Plans | |||||
Change in projected benefit obligation | |||||
Projected benefit obligation at beginning of year | 692 | 692 | |||
Benefits earned during the period | 0 | 0 | 0 | 0 | |
Interest cost on benefit obligation | 5 | 6 | 10 | 13 | |
Change in plan assets | |||||
Plan assets at fair value at beginning of year | 345 | 345 | |||
Net amount recognized at period end | |||||
Benefit asset | 0 | 0 | |||
Benefit liability | (355) | (355) | |||
Net amount recognized on the balance sheet—Significant Plans | (355) | (355) | |||
Amounts recognized in AOCI at period end | |||||
Prior service benefit | 0 | 0 | |||
Net actuarial (loss) gain | 29 | 29 | |||
Net amount recognized in equity-pretax | 29 | 29 | |||
Accumulated benefit obligation at period end—Significant Plans | 679 | 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 | 0 | |||
Change in plan assets | |||||
Plan assets at fair value at beginning of year | 0 | 0 | |||
U.S. | Postretirement Benefit Plans | Significant Plans Measured Quarterly | |||||
Change in projected benefit obligation | |||||
Projected benefit obligation at beginning of year | 679 | 692 | 692 | ||
Quarter activity | (13) | ||||
Benefits earned during the period | 0 | ||||
Interest cost on benefit obligation | 5 | ||||
Actuarial loss | 5 | ||||
Benefits paid, net of participants’ contributions and government subsidy | (10) | ||||
Foreign exchange impact and other | 0 | ||||
Projected benefit obligation at period end—Significant Plans | 679 | 679 | 679 | ||
Change in plan assets | |||||
Plan assets at fair value at beginning of year | 321 | 345 | 345 | ||
Quarterly activity | (24) | ||||
Actual return on plan assets | 16 | ||||
Company contributions, net of reimbursements | (3) | ||||
Benefits paid, net of participants’ contributions and government subsidy | (10) | ||||
Foreign exchange impact and other | 0 | ||||
Plan assets at fair value at period end—Significant Plans | 324 | 321 | 324 | ||
Funded status of the Significant Plans | (355) | (355) | |||
Non-U.S. plans | Pension Plans | |||||
Change in projected benefit obligation | |||||
Projected benefit obligation at beginning of year | 8,105 | 8,105 | |||
Benefits earned during the period | 34 | 35 | 71 | 71 | |
Interest cost on benefit obligation | 61 | 73 | 125 | 148 | |
Change in plan assets | |||||
Plan assets at fair value at beginning of year | 7,556 | 7,556 | |||
Net amount recognized at period end | |||||
Benefit asset | 907 | 907 | |||
Benefit liability | (620) | (620) | |||
Net amount recognized on the balance sheet—Significant Plans | 287 | 287 | |||
Amounts recognized in AOCI at period end | |||||
Prior service benefit | 8 | 8 | |||
Net actuarial (loss) gain | (854) | (854) | |||
Net amount recognized in equity-pretax | (846) | (846) | |||
Accumulated benefit obligation at period end—Significant Plans | 5,283 | 5,283 | |||
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 | 2,068 | |||
Change in plan assets | |||||
Plan assets at fair value at beginning of year | 1,349 | 1,349 | |||
Non-U.S. plans | Pension Plans | Significant Plans Measured Quarterly | |||||
Change in projected benefit obligation | |||||
Projected benefit obligation at beginning of year | 5,103 | 6,037 | 6,037 | ||
Quarter activity | (934) | ||||
Benefits earned during the period | 20 | ||||
Interest cost on benefit obligation | 51 | ||||
Actuarial loss | 466 | ||||
Benefits paid, net of participants’ contributions and government subsidy | (83) | ||||
Foreign exchange impact and other | 19 | ||||
Projected benefit obligation at period end—Significant Plans | 5,576 | 5,103 | 5,576 | ||
Change in plan assets | |||||
Plan assets at fair value at beginning of year | 5,487 | 6,207 | 6,207 | ||
Quarterly activity | (720) | ||||
Actual return on plan assets | 439 | ||||
Company contributions, net of reimbursements | 15 | ||||
Benefits paid, net of participants’ contributions and government subsidy | (83) | ||||
Foreign exchange impact and other | 5 | ||||
Plan assets at fair value at period end—Significant Plans | 5,863 | 5,487 | 5,863 | ||
Funded status of the Significant Plans | 287 | 287 | |||
Non-U.S. plans | Postretirement Benefit Plans | |||||
Change in projected benefit obligation | |||||
Projected benefit obligation at beginning of year | 1,384 | 1,384 | |||
Benefits earned during the period | 2 | 2 | 4 | 4 | |
Interest cost on benefit obligation | 22 | $ 26 | 46 | $ 52 | |
Change in plan assets | |||||
Plan assets at fair value at beginning of year | 1,127 | 1,127 | |||
Net amount recognized at period end | |||||
Benefit asset | 31 | 31 | |||
Benefit liability | 0 | 0 | |||
Net amount recognized on the balance sheet—Significant Plans | 31 | 31 | |||
Amounts recognized in AOCI at period end | |||||
Prior service benefit | 53 | 53 | |||
Net actuarial (loss) gain | (296) | (296) | |||
Net amount recognized in equity-pretax | (243) | (243) | |||
Accumulated benefit obligation at period end—Significant Plans | 911 | 911 | |||
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 | 323 | |||
Change in plan assets | |||||
Plan assets at fair value at beginning of year | 9 | 9 | |||
Non-U.S. plans | Postretirement Benefit Plans | Significant Plans Measured Quarterly | |||||
Change in projected benefit obligation | |||||
Projected benefit obligation at beginning of year | 806 | 1,061 | 1,061 | ||
Quarter activity | (255) | ||||
Benefits earned during the period | 1 | ||||
Interest cost on benefit obligation | 19 | ||||
Actuarial loss | 84 | ||||
Benefits paid, net of participants’ contributions and government subsidy | (13) | ||||
Foreign exchange impact and other | 14 | ||||
Projected benefit obligation at period end—Significant Plans | 911 | 806 | 911 | ||
Change in plan assets | |||||
Plan assets at fair value at beginning of year | 848 | 1,118 | 1,118 | ||
Quarterly activity | (270) | ||||
Actual return on plan assets | 94 | ||||
Company contributions, net of reimbursements | 0 | ||||
Benefits paid, net of participants’ contributions and government subsidy | (13) | ||||
Foreign exchange impact and other | 13 | ||||
Plan assets at fair value at period end—Significant Plans | 942 | $ 848 | 942 | ||
Funded status of the Significant Plans | 31 | 31 | |||
Qualified plans | U.S. | Pension Plans | Significant Plans Measured Quarterly | |||||
Change in plan assets | |||||
Funded status of the Significant Plans | (713) | (713) | |||
Qualified plans | U.S. | Postretirement Benefit Plans | Significant Plans Measured Quarterly | |||||
Change in plan assets | |||||
Funded status of the Significant Plans | (355) | (355) | |||
Qualified plans | Non-U.S. plans | Pension Plans | Significant Plans Measured Quarterly | |||||
Change in plan assets | |||||
Funded status of the Significant Plans | 287 | 287 | |||
Qualified plans | Non-U.S. plans | Postretirement Benefit Plans | Significant Plans Measured Quarterly | |||||
Change in plan assets | |||||
Funded status of the Significant Plans | 31 | 31 | |||
Nonqualified plans | U.S. | Pension Plans | Significant Plans Measured Quarterly | |||||
Change in plan assets | |||||
Funded status of the Significant Plans | (718) | (718) | |||
Nonqualified plans | U.S. | Postretirement Benefit Plans | Significant Plans Measured Quarterly | |||||
Change in plan assets | |||||
Funded status of the Significant Plans | 0 | 0 | |||
Nonqualified plans | Non-U.S. plans | Pension Plans | Significant Plans Measured Quarterly | |||||
Change in plan assets | |||||
Funded status of the Significant Plans | 0 | 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 | $ 0 |
RETIREMENT BENEFITS - Accumulat
RETIREMENT BENEFITS - Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | ||
Change in accumulated other comprehensive income (loss) | |||||
Balance, beginning of period | $ 193,946 | ||||
Actuarial assumptions changes and plan experience | $ (1,230) | (800) | |||
Net asset gain (loss) due to difference between actual and expected returns | 1,106 | (22) | |||
Net amortization | 72 | 148 | |||
Prior service cost | 16 | 16 | |||
Curtailment/settlement gain | 3 | 3 | |||
Foreign exchange impact and other | (60) | 144 | |||
Change in deferred taxes, net | 16 | 148 | |||
Change, net of tax | [1] | (77) | $ (253) | (363) | $ (317) |
Balance, end of period | 192,302 | 198,110 | 192,302 | 198,110 | |
Benefit plans | |||||
Change in accumulated other comprehensive income (loss) | |||||
Balance, beginning of period | (7,095) | (6,321) | (6,809) | (6,257) | |
Balance, end of period | $ (7,172) | $ (6,574) | $ (7,172) | $ (6,574) | |
[1] | See Note 17 to the Consolidated Financial Statements. |
RETIREMENT BENEFITS - Assumptio
RETIREMENT BENEFITS - Assumptions Used (Details) | 3 Months Ended | |||
Jun. 30, 2020 | Jun. 30, 2019 | Mar. 31, 2020 | Dec. 31, 2019 | |
U.S. | Postretirement Benefit Plans | ||||
Plan Assumptions - During the year | ||||
Discount rate | 3.20% | 3.80% | ||
Plan Assumptions - At year end | ||||
Discount rate | 2.45% | 3.20% | 3.15% | |
Non-U.S. plans | Pension Plans | Weighted Average | ||||
Plan Assumptions - During the year | ||||
Discount rate | 4.38% | 4.74% | ||
Plan Assumptions - At year end | ||||
Discount rate | 3.68% | 4.38% | 4.21% | |
Non-U.S. plans | Pension Plans | Minimum | ||||
Plan Assumptions - During the year | ||||
Discount rate | 0.45% | 0.45% | ||
Plan Assumptions - At year end | ||||
Discount rate | 0.20% | 0.45% | 0.20% | |
Non-U.S. plans | Pension Plans | Maximum | ||||
Plan Assumptions - During the year | ||||
Discount rate | 9.45% | 10.30% | ||
Plan Assumptions - At year end | ||||
Discount rate | 8.40% | 9.45% | 8.95% | |
Non-U.S. plans | Postretirement Benefit Plans | ||||
Plan Assumptions - During the year | ||||
Discount rate | 9.75% | 10.30% | ||
Plan Assumptions - At year end | ||||
Discount rate | 8.80% | 9.75% | 9.10% | |
Qualified plans | U.S. | Pension Plans | ||||
Plan Assumptions - During the year | ||||
Discount rate | 3.20% | 3.85% | ||
Plan Assumptions - At year end | ||||
Discount rate | 2.60% | 3.20% | 3.25% | |
Nonqualified plans | U.S. | Pension Plans | ||||
Plan Assumptions - During the year | ||||
Discount rate | 3.25% | 3.90% | ||
Plan Assumptions - At year end | ||||
Discount rate | 2.55% | 3.25% | 3.25% |
RETIREMENT BENEFITS - Sensitivi
RETIREMENT BENEFITS - Sensitivities of Certain Key Assumptions (Details) $ in Millions | 3 Months Ended |
Jun. 30, 2020USD ($) | |
U.S. | Pension Plans | |
Defined Benefit Plans and Other Postretirement Benefit Plans | |
Effect of one-percentage-point increase in discount rates | $ 8 |
Effect of one-percentage-point decrease in discount rates | (11) |
U.S. | Postretirement Benefit Plans | |
Defined Benefit Plans and Other Postretirement Benefit Plans | |
Effect of one-percentage-point increase in discount rates | 0 |
Effect of one-percentage-point decrease in discount rates | (1) |
Non-U.S. plans | Pension Plans | |
Defined Benefit Plans and Other Postretirement Benefit Plans | |
Effect of one-percentage-point increase in discount rates | (2) |
Effect of one-percentage-point decrease in discount rates | 3 |
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 | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
U.S. | Pension Plans | |||
Defined Benefit Plan, Expected Future Employer Contributions [Abstract] | |||
Company contributions | $ 425 | $ 28 | $ 463 |
Company contributions expected to be made during the remainder of the year | 18 | 32 | 18 |
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 | 4 | 0 | 4 |
Non-U.S. plans | Pension Plans | |||
Defined Benefit Plan, Expected Future Employer Contributions [Abstract] | |||
Company contributions | 72 | 64 | |
Company contributions expected to be made during the remainder of the year | 86 | 74 | 86 |
Non-U.S. plans | Postretirement Benefit Plans | |||
Defined Benefit Plan, Expected Future Employer Contributions [Abstract] | |||
Company contributions | 220 | 5 | 223 |
Company contributions expected to be made during the remainder of the year | $ 2 | $ 3 | $ 2 |
RETIREMENT BENEFITS - Defined C
RETIREMENT BENEFITS - Defined Contribution Plans and Postemployment Plans (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Postemployment Retirement Benefits | ||||
Defined Benefit Plan Disclosure | ||||
Interest cost on benefit obligation | $ 0 | $ 1 | $ 0 | $ 1 |
Expected return on plan assets | 0 | (1) | 0 | (1) |
Amortization of unrecognized: | ||||
Net actuarial loss | 1 | 0 | 1 | 1 |
Total service-related benefit | 1 | 0 | 1 | 1 |
Non-service-related expense | 3 | 2 | 8 | 6 |
Total net (benefit) expense | 4 | 2 | 9 | 7 |
U.S. | Postretirement Benefit Plans | ||||
Defined Benefit Plan Disclosure | ||||
Company's contributions for defined contribution plans | 101 | 99 | 203 | 198 |
Interest cost on benefit obligation | 5 | 6 | 10 | 13 |
Expected return on plan assets | (4) | (4) | (9) | (9) |
Amortization of unrecognized: | ||||
Total net (benefit) expense | 1 | 2 | 1 | 4 |
Non-U.S. plans | Postretirement Benefit Plans | ||||
Defined Benefit Plan Disclosure | ||||
Company's contributions for defined contribution plans | 74 | 71 | 150 | 139 |
Interest cost on benefit obligation | 22 | 26 | 46 | 52 |
Expected return on plan assets | (18) | (21) | (38) | (42) |
Amortization of unrecognized: | ||||
Total net (benefit) expense | $ 9 | $ 10 | $ 18 | $ 20 |
EARNINGS PER SHARE (Details)
EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 1 Months Ended | 3 Months Ended | 6 Months Ended | ||||||
Mar. 31, 2020 | Jan. 31, 2020 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | ||
Earnings Per Share [Abstract] | |||||||||
Income from continuing operations before attribution of noncontrolling interests | $ 1,317 | $ 4,792 | $ 3,851 | $ 9,529 | |||||
Noncontrolling interests | 0 | 10 | (6) | 35 | |||||
Net income from continuing operations (for EPS purposes) | 1,317 | 4,782 | 3,857 | 9,494 | |||||
Loss from discontinued operations, net of taxes | (1) | 17 | (19) | 15 | |||||
Citigroup’s net income | 1,316 | 4,799 | 3,838 | 9,509 | |||||
Less: Preferred dividends | 253 | 296 | 544 | 558 | |||||
Net income available to common shareholders | 1,063 | 4,503 | 3,294 | 8,951 | |||||
Less: Dividends and undistributed earnings allocated to employee restricted and deferred shares with rights to dividends, applicable to basic EPS | 11 | 50 | 32 | 109 | |||||
Net income allocated to common shareholders for basic EPS | $ 1,052 | $ 4,453 | $ 3,262 | $ 8,842 | |||||
Weighted-average common shares outstanding applicable to basic EPS (in shares) | 2,081.7 | 2,286.1 | 2,089.8 | 2,313.2 | |||||
Basic earnings per share | |||||||||
Income from continuing operations (in dollars per share) | [1] | $ 0.51 | $ 1.94 | $ 1.57 | $ 3.81 | ||||
Discontinued operations (in dollars per share) | [1] | 0 | 0.01 | (0.01) | 0.01 | ||||
Net income (in dollars per share) | [1] | $ 0.51 | $ 1.95 | $ 1.56 | $ 3.82 | ||||
Add back: Dividends allocated to employee restricted and deferred shares with rights to dividends that are forfeitable | $ 0 | $ 0 | $ 14 | $ 0 | |||||
Net income allocated to common shareholders to diluted EPS | $ 1,052 | $ 4,453 | $ 3,276 | $ 8,842 | |||||
Effect of dilutive securities | |||||||||
Options (in shares) | 0 | 0 | 0 | 0.1 | |||||
Other employee plans (in shares) | 2.6 | 2.9 | 13.2 | 2.4 | |||||
Adjusted weighted-average common shares outstanding applicable to diluted EPS (in shares) | 2,084.3 | 2,289 | 2,103 | 2,315.7 | |||||
Diluted earnings per share | |||||||||
Income from continuing operations (in dollars per share) | [1] | $ 0.51 | $ 1.94 | $ 1.57 | $ 3.81 | ||||
Discontinued operations (in dollars per share) | [1] | 0 | 0.01 | (0.01) | 0.01 | ||||
Net income (in dollars per share) | [1] | $ 0.50 | $ 1.95 | $ 1.56 | $ 3.82 | ||||
Forecast | |||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share | |||||||||
Distribution of preferred dividends | $ 253 | $ 284 | |||||||
Preferred stock | |||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share | |||||||||
Redemption of preferred stock | $ 0 | $ 0 | $ 1,500 | $ 480 | |||||
Issuance of new preferred stock | $ 0 | $ 0 | $ 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 | Jun. 30, 2020 | Dec. 31, 2019 |
Federal Funds Purchased and Securities Sold under Agreements to Repurchase [Abstract] | ||
Securities purchased under agreements to resell | $ 181,887 | $ 169,874 |
Deposits Paid for Securities Borrowed, at Carrying Value, Before Allowance For Credit Loss | 101,037 | 81,448 |
Total | 282,924 | 251,322 |
Allowance for credit losses on securities purchased and borrowed(2) | (7) | 0 |
Total, net of allowance | 282,917 | 251,322 |
Securities sold under agreements to repurchase | 203,819 | 155,164 |
Deposits received for securities loaned | 11,903 | 11,175 |
Total | 215,722 | 166,339 |
Securities-for-securities lending transactions | $ 5,800 | $ 6,300 |
SECURITIES BORROWED, LOANED A_4
SECURITIES BORROWED, LOANED AND SUBJECT TO REPURCHASE AGREEMENTS - Offsetting (Details) - USD ($) $ in Millions | Jun. 30, 2020 | Dec. 31, 2019 |
Securities purchased under agreements to resell | ||
Gross amounts of recognized assets | $ 315,360 | $ 281,274 |
Gross amounts offset on the Consolidated Balance Sheet | 133,473 | 111,400 |
Net amounts of assets included on the Consolidated Balance Sheet | 181,887 | 169,874 |
Amounts not offset on the Consolidated Balance Sheet but eligible for offsetting upon counterparty default | 145,631 | 134,150 |
Net amounts | 36,256 | 35,724 |
Deposits paid for securities borrowed | ||
Gross amounts of recognized assets | 105,098 | 90,047 |
Gross amounts offset on the Consolidated Balance Sheet | 4,061 | 8,599 |
Net amounts of assets included on the Consolidated Balance Sheet | 101,037 | 81,448 |
Amounts not offset on the Consolidated Balance Sheet but eligible for offsetting upon counterparty default | 28,174 | 27,067 |
Net amounts | 72,863 | 54,381 |
Total | ||
Gross amounts of recognized assets | 420,458 | 371,321 |
Gross amounts offset on the Consolidated Balance Sheet | 137,534 | 119,999 |
Net amounts of assets included on the Consolidated Balance Sheet | 282,924 | 251,322 |
Amounts not offset on the Consolidated Balance Sheet but eligible for offsetting upon counterparty default | 173,805 | 161,217 |
Net amounts | 109,119 | 90,105 |
Securities sold under agreements to repurchase | ||
Gross amounts of recognized liabilities | 337,292 | 266,564 |
Gross amounts offset on the Consolidated Balance Sheet | 133,473 | 111,400 |
Net amounts of liabilities included on the Consolidated Balance Sheet | 203,819 | 155,164 |
Amounts not offset on the Consolidated Balance Sheet but eligible for offsetting upon counterparty default | 116,042 | 91,034 |
Net amounts | 87,777 | 64,130 |
Deposits received for securities loaned | ||
Gross amounts of recognized liabilities | 15,964 | 19,774 |
Gross amounts offset on the Consolidated Balance Sheet | 4,061 | 8,599 |
Net amounts of liabilities included on the Consolidated Balance Sheet | 11,903 | 11,175 |
Amounts not offset on the Consolidated Balance Sheet but eligible for offsetting upon counterparty default | 3,475 | 3,138 |
Net amounts | 8,428 | 8,037 |
Total | ||
Gross amounts of recognized liabilities | 353,256 | 286,338 |
Gross amounts offset on the Consolidated Balance Sheet | 137,534 | 119,999 |
Net amounts of liabilities included on the Consolidated Balance Sheet | 215,722 | 166,339 |
Amounts not offset on the Consolidated Balance Sheet but eligible for offsetting upon counterparty default | 119,517 | 94,172 |
Net amounts | $ 96,205 | $ 72,167 |
SECURITIES BORROWED, LOANED A_5
SECURITIES BORROWED, LOANED AND SUBJECT TO REPURCHASE AGREEMENTS - Repurchase Agreements (Details) - USD ($) $ in Millions | Jun. 30, 2020 | Dec. 31, 2019 |
Assets Sold under Agreements to Repurchase | ||
Securities sold under agreements to repurchase | $ 337,292 | $ 266,564 |
Deposits received for securities loaned | 15,964 | 19,774 |
Total | 353,256 | 286,338 |
U.S. Treasury and federal agency securities | ||
Assets Sold under Agreements to Repurchase | ||
Securities sold under agreements to repurchase | 127,237 | 100,781 |
Deposits received for securities loaned | 0 | 27 |
Total | 127,237 | 100,808 |
State and municipal | ||
Assets Sold under Agreements to Repurchase | ||
Securities sold under agreements to repurchase | 1,117 | 1,938 |
Deposits received for securities loaned | 1 | 5 |
Total | 1,118 | 1,943 |
Foreign government | ||
Assets Sold under Agreements to Repurchase | ||
Securities sold under agreements to repurchase | 123,451 | 95,880 |
Deposits received for securities loaned | 192 | 272 |
Total | 123,643 | 96,152 |
Corporate bonds | ||
Assets Sold under Agreements to Repurchase | ||
Securities sold under agreements to repurchase | 20,922 | 18,761 |
Deposits received for securities loaned | 349 | 249 |
Total | 21,271 | 19,010 |
Equity securities | ||
Assets Sold under Agreements to Repurchase | ||
Securities sold under agreements to repurchase | 11,617 | 12,010 |
Deposits received for securities loaned | 14,652 | 19,069 |
Total | 26,269 | 31,079 |
Mortgage-backed securities | ||
Assets Sold under Agreements to Repurchase | ||
Securities sold under agreements to repurchase | 42,762 | 28,458 |
Deposits received for securities loaned | 0 | 0 |
Total | 42,762 | 28,458 |
Asset-backed securities | ||
Assets Sold under Agreements to Repurchase | ||
Securities sold under agreements to repurchase | 3,925 | 4,873 |
Deposits received for securities loaned | 0 | 0 |
Total | 3,925 | 4,873 |
Other | ||
Assets Sold under Agreements to Repurchase | ||
Securities sold under agreements to repurchase | 6,261 | 3,863 |
Deposits received for securities loaned | 770 | 152 |
Total | 7,031 | 4,015 |
Open and overnight | ||
Assets Sold under Agreements to Repurchase | ||
Securities sold under agreements to repurchase | 175,461 | 108,534 |
Deposits received for securities loaned | 12,412 | 15,758 |
Total | 187,873 | 124,292 |
Up to 30 days | ||
Assets Sold under Agreements to Repurchase | ||
Securities sold under agreements to repurchase | 87,421 | 82,749 |
Deposits received for securities loaned | 190 | 208 |
Total | 87,611 | 82,957 |
31–90 days | ||
Assets Sold under Agreements to Repurchase | ||
Securities sold under agreements to repurchase | 39,723 | 35,108 |
Deposits received for securities loaned | 1,299 | 1,789 |
Total | 41,022 | 36,897 |
Greater than 90 days | ||
Assets Sold under Agreements to Repurchase | ||
Securities sold under agreements to repurchase | 34,687 | 40,173 |
Deposits received for securities loaned | 2,063 | 2,019 |
Total | $ 36,750 | $ 42,192 |
BROKERAGE RECEIVABLES AND BRO_3
BROKERAGE RECEIVABLES AND BROKERAGE PAYABLES (Details) - USD ($) $ in Millions | Jun. 30, 2020 | Dec. 31, 2019 |
Brokers and Dealers [Abstract] | ||
Receivables from customers | $ 17,145 | $ 15,912 |
Receivables from brokers, dealers and clearing organizations | 34,488 | 23,945 |
Total brokerage receivables | 51,633 | 39,857 |
Payables to customers | 41,843 | 37,613 |
Payables to brokers, dealers and clearing organizations | 18,724 | 10,988 |
Total brokerage payables | $ 60,567 | $ 48,601 |
INVESTMENTS - Overview (Details
INVESTMENTS - Overview (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | Mar. 31, 2020 | Dec. 31, 2019 | |
Investment Holdings | ||||||
Total investments | $ 433,253 | $ 433,253 | $ 368,563 | |||
Interest and dividends on investments | ||||||
Taxable interest | 1,984 | $ 2,324 | 4,163 | $ 4,696 | ||
Interest exempt from U.S. federal income tax | 70 | 126 | 146 | 253 | ||
Dividend income | 43 | 55 | 69 | 104 | ||
Total interest and dividend income | 2,097 | 2,505 | 4,378 | 5,053 | ||
Gross realized investments losses, excluding losses from other-than-temporary impairment | ||||||
Gross realized investment gains | 785 | 474 | 1,250 | 642 | ||
Gross realized investment losses | (37) | (6) | (70) | (44) | ||
Net realized gains on sale of investments | 748 | $ 468 | 1,180 | $ 598 | ||
Debt securities AFS | ||||||
Allowance for credit losses | 8 | 8 | $ 0 | 0 | ||
Fair value | 342,256 | 342,256 | 280,265 | |||
Debt securities available-for-sale (AFS) | ||||||
Investment Holdings | ||||||
Total investments | 342,256 | 342,256 | 280,265 | |||
Debt securities held-to-maturity securities (HTM) | ||||||
Investment Holdings | ||||||
Total investments | 83,332 | 83,332 | 80,775 | |||
Marketable equity securities carried at fair value | Fair value | ||||||
Investment Holdings | ||||||
Total investments | 593 | 593 | 458 | |||
Non-marketable equity securities | Fair value | ||||||
Investment Holdings | ||||||
Total investments | 486 | 486 | 704 | |||
Non-marketable equity securities | Carried at cost | ||||||
Investment Holdings | ||||||
Total investments | 5,815 | 5,815 | 5,661 | |||
Non-marketable securities measured using measurement alternative | ||||||
Investment Holdings | ||||||
Total investments | 771 | 771 | 700 | |||
Mortgage-backed securities - U.S. government-sponsored agency guaranteed | ||||||
Debt securities AFS | ||||||
Amortized cost | 44,198 | 44,198 | 34,963 | |||
Gross unrealized gains | 1,359 | 1,359 | 547 | |||
Gross unrealized losses | 205 | 205 | 280 | |||
Allowance for credit losses | 0 | 0 | ||||
Fair value | 45,352 | 45,352 | 35,230 | |||
Mortgage-backed securities - Non-U.S. residential | ||||||
Debt securities AFS | ||||||
Amortized cost | 691 | 691 | 789 | |||
Gross unrealized gains | 4 | 4 | 3 | |||
Gross unrealized losses | 0 | 0 | 0 | |||
Allowance for credit losses | 0 | 0 | ||||
Fair value | 695 | 695 | 792 | |||
Commercial and other | ||||||
Debt securities AFS | ||||||
Amortized cost | 65 | 65 | 75 | |||
Gross unrealized gains | 0 | 0 | 0 | |||
Gross unrealized losses | 0 | 0 | 0 | |||
Allowance for credit losses | 0 | 0 | ||||
Fair value | 65 | 65 | 75 | |||
Mortgage-backed securities | ||||||
Debt securities AFS | ||||||
Amortized cost | 44,954 | 44,954 | 35,827 | |||
Gross unrealized gains | 1,363 | 1,363 | 550 | |||
Gross unrealized losses | 205 | 205 | 280 | |||
Allowance for credit losses | 0 | 0 | ||||
Fair value | 46,112 | 46,112 | 36,097 | |||
U.S. Treasury | ||||||
Debt securities AFS | ||||||
Amortized cost | 148,181 | 148,181 | 106,429 | |||
Gross unrealized gains | 2,779 | 2,779 | 50 | |||
Gross unrealized losses | 2 | 2 | 380 | |||
Allowance for credit losses | 0 | 0 | ||||
Fair value | 150,958 | 150,958 | 106,099 | |||
Agency obligations | ||||||
Debt securities AFS | ||||||
Amortized cost | 3,072 | 3,072 | 5,336 | |||
Gross unrealized gains | 27 | 27 | 3 | |||
Gross unrealized losses | 0 | 0 | 20 | |||
Allowance for credit losses | 0 | 0 | ||||
Fair value | 3,099 | 3,099 | 5,319 | |||
U.S. Treasury and federal agency securities | ||||||
Debt securities AFS | ||||||
Amortized cost | 151,253 | 151,253 | 111,765 | |||
Gross unrealized gains | 2,806 | 2,806 | 53 | |||
Gross unrealized losses | 2 | 2 | 400 | |||
Allowance for credit losses | 0 | 0 | ||||
Fair value | 154,057 | 154,057 | 111,418 | |||
State and municipal | ||||||
Debt securities AFS | ||||||
Amortized cost | 5,139 | 5,139 | 5,024 | |||
Gross unrealized gains | 13 | 13 | 43 | |||
Gross unrealized losses | 131 | 131 | 89 | |||
Allowance for credit losses | 0 | 0 | ||||
Fair value | 5,021 | 5,021 | 4,978 | |||
Foreign government | ||||||
Debt securities AFS | ||||||
Amortized cost | 119,405 | 119,405 | 110,958 | |||
Gross unrealized gains | 1,720 | 1,720 | 586 | |||
Gross unrealized losses | 182 | 182 | 241 | |||
Allowance for credit losses | 3 | 3 | ||||
Fair value | 120,940 | 120,940 | 111,303 | |||
Corporate | ||||||
Debt securities AFS | ||||||
Amortized cost | 11,178 | 11,178 | 11,266 | |||
Gross unrealized gains | 178 | 178 | 52 | |||
Gross unrealized losses | 132 | 132 | 101 | |||
Allowance for credit losses | 5 | 5 | ||||
Fair value | 11,219 | 11,219 | 11,217 | |||
Asset-backed securities | ||||||
Debt securities AFS | ||||||
Amortized cost | 287 | 287 | 524 | |||
Gross unrealized gains | 7 | 7 | 0 | |||
Gross unrealized losses | 7 | 7 | 2 | |||
Allowance for credit losses | 0 | 0 | ||||
Fair value | 287 | 287 | 522 | |||
Other debt securities | ||||||
Debt securities AFS | ||||||
Amortized cost | 4,614 | 4,614 | 4,729 | |||
Gross unrealized gains | 6 | 6 | 1 | |||
Gross unrealized losses | 0 | 0 | 0 | |||
Allowance for credit losses | 0 | 0 | ||||
Fair value | 4,620 | 4,620 | 4,730 | |||
Debt securities AFS | ||||||
Debt securities AFS | ||||||
Amortized cost | 336,830 | 336,830 | 280,093 | |||
Gross unrealized gains | 6,093 | 6,093 | 1,285 | |||
Gross unrealized losses | 659 | 659 | 1,113 | |||
Allowance for credit losses | 8 | 8 | ||||
Fair value | $ 342,256 | $ 342,256 | $ 280,265 |
INVESTMENTS - Fair Value of AFS
INVESTMENTS - Fair Value of AFS Securities (Details) - USD ($) $ in Millions | Jun. 30, 2020 | Dec. 31, 2019 |
Debt securities AFS | ||
Less than 12 months | $ 65,280 | $ 96,451 |
12 months or longer | 3,587 | 41,434 |
Total | 68,867 | 137,885 |
Gross unrealized losses | ||
Less than 12 months | 551 | 802 |
12 months or longer | 108 | 311 |
Total | 659 | 1,113 |
Mortgage-backed securities - U.S. government-sponsored agency guaranteed | ||
Debt securities AFS | ||
Less than 12 months | 8,915 | 9,780 |
12 months or longer | 551 | 1,877 |
Total | 9,466 | 11,657 |
Gross unrealized losses | ||
Less than 12 months | 183 | 242 |
12 months or longer | 22 | 38 |
Total | 205 | 280 |
Mortgage-backed securities - Non-U.S. residential | ||
Debt securities AFS | ||
Less than 12 months | 129 | 208 |
12 months or longer | 0 | 1 |
Total | 129 | 209 |
Gross unrealized losses | ||
Less than 12 months | 0 | 0 |
12 months or longer | 0 | 0 |
Total | 0 | 0 |
Commercial | ||
Debt securities AFS | ||
Less than 12 months | 12 | 16 |
12 months or longer | 5 | 27 |
Total | 17 | 43 |
Gross unrealized losses | ||
Less than 12 months | 0 | 0 |
12 months or longer | 0 | 0 |
Total | 0 | 0 |
Mortgage-backed securities | ||
Debt securities AFS | ||
Less than 12 months | 9,056 | 10,004 |
12 months or longer | 556 | 1,905 |
Total | 9,612 | 11,909 |
Gross unrealized losses | ||
Less than 12 months | 183 | 242 |
12 months or longer | 22 | 38 |
Total | 205 | 280 |
U.S. Treasury | ||
Debt securities AFS | ||
Less than 12 months | 27,202 | 45,484 |
12 months or longer | 0 | 26,907 |
Total | 27,202 | 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 | 250 | 3,897 |
Total | 250 | 4,678 |
Gross unrealized losses | ||
Less than 12 months | 0 | 2 |
12 months or longer | 0 | 18 |
Total | 0 | 20 |
U.S. Treasury and federal agency securities | ||
Debt securities AFS | ||
Less than 12 months | 27,202 | 46,265 |
12 months or longer | 250 | 30,804 |
Total | 27,452 | 77,069 |
Gross unrealized losses | ||
Less than 12 months | 2 | 250 |
12 months or longer | 0 | 150 |
Total | 2 | 400 |
State and municipal | ||
Debt securities AFS | ||
Less than 12 months | 4,607 | 362 |
12 months or longer | 234 | 266 |
Total | 4,841 | 628 |
Gross unrealized losses | ||
Less than 12 months | 109 | 62 |
12 months or longer | 22 | 27 |
Total | 131 | 89 |
Foreign government | ||
Debt securities AFS | ||
Less than 12 months | 22,236 | 35,485 |
12 months or longer | 2,519 | 8,170 |
Total | 24,755 | 43,655 |
Gross unrealized losses | ||
Less than 12 months | 121 | 149 |
12 months or longer | 61 | 92 |
Total | 182 | 241 |
Corporate | ||
Debt securities AFS | ||
Less than 12 months | 1,599 | 2,916 |
12 months or longer | 27 | 123 |
Total | 1,626 | 3,039 |
Gross unrealized losses | ||
Less than 12 months | 129 | 98 |
12 months or longer | 3 | 3 |
Total | 132 | 101 |
Asset-backed securities | ||
Debt securities AFS | ||
Less than 12 months | 239 | 112 |
12 months or longer | 1 | 166 |
Total | 240 | 278 |
Gross unrealized losses | ||
Less than 12 months | 7 | 1 |
12 months or longer | 0 | 1 |
Total | 7 | 2 |
Other debt securities | ||
Debt securities AFS | ||
Less than 12 months | 341 | 1,307 |
12 months or longer | 0 | 0 |
Total | 341 | 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 | Jun. 30, 2020 | Dec. 31, 2019 |
Amoritzed cost | ||
Investments | $ 433,253 | $ 368,563 |
Fair value | ||
Total fair value | 342,256 | 280,265 |
Mortgage-backed securities | ||
Amoritzed cost | ||
Amortized cost, due within 1 year | 290 | 20 |
Amortized cost, after 1 but within 5 years | 609 | 573 |
Amortized cost, after 5 but within 10 years | 1,010 | 594 |
Amortized cost, after 10 years | 43,045 | 34,640 |
Amortized cost | 44,954 | 35,827 |
Fair value | ||
Fair value, due within 1 year | 290 | 20 |
Fair value, after 1 but within 5 years | 613 | 574 |
Fair value, after 5 but within 10 years | 1,086 | 626 |
Fair value, after 10 years | 44,123 | 34,877 |
Total fair value | 46,112 | 36,097 |
U.S. Treasury and federal agency securities | ||
Amoritzed cost | ||
Amortized cost, due within 1 year | 45,246 | 40,757 |
Amortized cost, after 1 but within 5 years | 103,836 | 70,128 |
Amortized cost, after 5 but within 10 years | 1,899 | 854 |
Amortized cost, after 10 years | 272 | 26 |
Amortized cost | 151,253 | 111,765 |
Fair value | ||
Fair value, due within 1 year | 45,397 | 40,688 |
Fair value, after 1 but within 5 years | 106,417 | 69,850 |
Fair value, after 5 but within 10 years | 1,964 | 851 |
Fair value, after 10 years | 279 | 29 |
Total fair value | 154,057 | 111,418 |
State and municipal | ||
Amoritzed cost | ||
Amortized cost, due within 1 year | 391 | 932 |
Amortized cost, after 1 but within 5 years | 559 | 714 |
Amortized cost, after 5 but within 10 years | 303 | 195 |
Amortized cost, after 10 years | 3,886 | 3,183 |
Amortized cost | 5,139 | 5,024 |
Fair value | ||
Fair value, due within 1 year | 392 | 932 |
Fair value, after 1 but within 5 years | 570 | 723 |
Fair value, after 5 but within 10 years | 329 | 215 |
Fair value, after 10 years | 3,730 | 3,108 |
Total fair value | 5,021 | 4,978 |
Foreign government | ||
Amoritzed cost | ||
Amortized cost, due within 1 year | 46,614 | 42,611 |
Amortized cost, after 1 but within 5 years | 65,217 | 58,820 |
Amortized cost, after 5 but within 10 years | 5,567 | 8,192 |
Amortized cost, after 10 years | 2,007 | 1,335 |
Amortized cost | 119,405 | 110,958 |
Fair value | ||
Fair value, due within 1 year | 46,815 | 42,666 |
Fair value, after 1 but within 5 years | 66,383 | 59,071 |
Fair value, after 5 but within 10 years | 5,702 | 8,198 |
Fair value, after 10 years | 2,040 | 1,368 |
Total fair value | 120,940 | 111,303 |
All other | ||
Amoritzed cost | ||
Amortized cost, due within 1 year | 6,161 | 7,306 |
Amortized cost, after 1 but within 5 years | 8,769 | 8,279 |
Amortized cost, after 5 but within 10 years | 1,005 | 818 |
Amortized cost, after 10 years | 144 | 116 |
Amortized cost | 16,079 | 16,519 |
Fair value | ||
Fair value, due within 1 year | 6,187 | 7,311 |
Fair value, after 1 but within 5 years | 8,841 | 8,275 |
Fair value, after 5 but within 10 years | 995 | 797 |
Fair value, after 10 years | 103 | 86 |
Total fair value | $ 16,126 | $ 16,469 |
INVESTMENTS - Debt Securities H
INVESTMENTS - Debt Securities Held-to-Maturity (Details) - USD ($) | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 |
Debt Securities Held-to-maturity | |||
Carrying value, net | $ 83,332,000,000 | $ 80,775,000,000 | |
Gross unrealized gains | 3,176,000,000 | 1,557,000,000 | |
Gross unrealized losses | 500,000,000 | 109,000,000 | |
Fair value, net | 86,008,000,000 | 82,223,000,000 | |
Allowance for credit losses on HTM debt securities | 107,000,000 | $ 76,000,000 | 0 |
Mortgage-backed securities - U.S. government-sponsored agency guaranteed | |||
Debt Securities Held-to-maturity | |||
Carrying value, net | 49,649,000,000 | 46,637,000,000 | |
Gross unrealized gains | 2,442,000,000 | 1,047,000,000 | |
Gross unrealized losses | 6,000,000 | 21,000,000 | |
Fair value, net | 52,085,000,000 | 47,663,000,000 | |
Mortgage-backed securities - Non-U.S. residential | |||
Debt Securities Held-to-maturity | |||
Carrying value, net | 1,083,000,000 | 1,039,000,000 | |
Gross unrealized gains | 0 | 5,000,000 | |
Gross unrealized losses | 6,000,000 | 0 | |
Fair value, net | 1,077,000,000 | 1,044,000,000 | |
Commercial | |||
Debt Securities Held-to-maturity | |||
Carrying value, net | 673,000,000 | 582,000,000 | |
Gross unrealized gains | 1,000,000 | 1,000,000 | |
Gross unrealized losses | 1,000,000 | 0 | |
Fair value, net | 673,000,000 | 583,000,000 | |
Mortgage-backed securities | |||
Debt Securities Held-to-maturity | |||
Carrying value, net | 51,405,000,000 | 48,258,000,000 | |
Gross unrealized gains | 2,443,000,000 | 1,053,000,000 | |
Gross unrealized losses | 13,000,000 | 21,000,000 | |
Fair value, net | 53,835,000,000 | 49,290,000,000 | |
State and municipal | |||
Debt Securities Held-to-maturity | |||
Carrying value, net | 9,152,000,000 | 9,104,000,000 | |
Gross unrealized gains | 650,000,000 | 455,000,000 | |
Gross unrealized losses | 16,000,000 | 28,000,000 | |
Fair value, net | 9,786,000,000 | 9,531,000,000 | |
Foreign government | |||
Debt Securities Held-to-maturity | |||
Carrying value, net | 1,237,000,000 | 1,934,000,000 | |
Gross unrealized gains | 78,000,000 | 37,000,000 | |
Gross unrealized losses | 0 | 1,000,000 | |
Fair value, net | 1,315,000,000 | 1,970,000,000 | |
Asset-backed securities | |||
Debt Securities Held-to-maturity | |||
Carrying value, net | 21,538,000,000 | 21,479,000,000 | |
Gross unrealized gains | 5,000,000 | 12,000,000 | |
Gross unrealized losses | 471,000,000 | 59,000,000 | |
Fair value, net | $ 21,072,000,000 | $ 21,432,000,000 |
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 | |
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 ($) | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 |
Held-to-maturity Securities, Debt Maturities, Net Carrying Amount; | |||
Amortized cost | $ 83,332,000,000 | $ 80,775,000,000 | |
Held-to-maturity Securities, Debt Maturities, Fair Value; | |||
Fair value | 86,008,000,000 | 82,223,000,000 | |
Allowance for credit losses on HTM debt securities | 107,000,000 | $ 76,000,000 | 0 |
Mortgage-backed securities | |||
Held-to-maturity Securities, Debt Maturities, Net Carrying Amount; | |||
Due within 1 year, amortized cost | 75,000,000 | 17,000,000 | |
After 1 but within 5 years, amortized cost | 432,000,000 | 458,000,000 | |
After 5 but within 10 years, amortized cost | 1,585,000,000 | 1,662,000,000 | |
After 10 years, amortized cost | 49,313,000,000 | 46,121,000,000 | |
Amortized cost | 51,405,000,000 | 48,258,000,000 | |
Held-to-maturity Securities, Debt Maturities, Fair Value; | |||
Due within 1 year, fair value | 76,000,000 | 17,000,000 | |
After 1 but within 5 years, fair value | 449,000,000 | 463,000,000 | |
After 5 but within 10 years, fair value | 1,748,000,000 | 1,729,000,000 | |
After 10 years, fair value | 51,562,000,000 | 47,081,000,000 | |
Fair value | 53,835,000,000 | 49,290,000,000 | |
State and municipal | |||
Held-to-maturity Securities, Debt Maturities, Net Carrying Amount; | |||
Due within 1 year, amortized cost | 7,000,000 | 2,000,000 | |
After 1 but within 5 years, amortized cost | 81,000,000 | 123,000,000 | |
After 5 but within 10 years, amortized cost | 632,000,000 | 597,000,000 | |
After 10 years, amortized cost | 8,432,000,000 | 8,382,000,000 | |
Amortized cost | 9,152,000,000 | 9,104,000,000 | |
Held-to-maturity Securities, Debt Maturities, Fair Value; | |||
Due within 1 year, fair value | 7,000,000 | 26,000,000 | |
After 1 but within 5 years, fair value | 84,000,000 | 160,000,000 | |
After 5 but within 10 years, fair value | 666,000,000 | 590,000,000 | |
After 10 years, fair value | 9,029,000,000 | 8,755,000,000 | |
Fair value | 9,786,000,000 | 9,531,000,000 | |
Foreign government | |||
Held-to-maturity Securities, Debt Maturities, Net Carrying Amount; | |||
Due within 1 year, amortized cost | 273,000,000 | 650,000,000 | |
After 1 but within 5 years, amortized cost | 964,000,000 | 1,284,000,000 | |
After 5 but within 10 years, amortized cost | 0 | 0 | |
After 10 years, amortized cost | 0 | 0 | |
Amortized cost | 1,237,000,000 | 1,934,000,000 | |
Held-to-maturity Securities, Debt Maturities, Fair Value; | |||
Due within 1 year, fair value | 272,000,000 | 652,000,000 | |
After 1 but within 5 years, fair value | 1,043,000,000 | 1,318,000,000 | |
After 5 but within 10 years, fair value | 0 | 0 | |
After 10 years, fair value | 0 | 0 | |
Fair value | 1,315,000,000 | 1,970,000,000 | |
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 | 7,262,000,000 | 8,545,000,000 | |
After 10 years, amortized cost | 14,276,000,000 | 12,934,000,000 | |
Amortized cost | 21,538,000,000 | 21,479,000,000 | |
Held-to-maturity Securities, Debt Maturities, Fair Value; | |||
Due within 1 year, fair value | 0 | ||
After 1 but within 5 years, fair value | 0 | ||
After 5 but within 10 years, fair value | 7,123,000,000 | 8,543,000,000 | |
After 10 years, fair value | 13,949,000,000 | 12,889,000,000 | |
Fair value | $ 21,072,000,000 | $ 21,432,000,000 |
INVESTMENTS - Recognition and M
INVESTMENTS - Recognition and Measurement of Impairment (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
OTTI on Investments disclosures | ||||
Total impairment losses recognized during the period | $ 0 | $ 0 | $ 0 | $ 0 |
Less: portion of impairment loss recognized in AOCI (before taxes) | 0 | 0 | 0 | 0 |
Net impairment losses recognized in earnings for debt securities that the Company does not intend to sell nor will likely be required to sell | 0 | 0 | 0 | 0 |
Impairment losses recognized in earnings for debt securities that the Company intends to sell, would more-likely-than-not be required to sell or will be subject to an issuer call deemed probable of exercise | 19 | 2 | 71 | 5 |
Total impairment losses recognized in earnings | 19 | 2 | 71 | 5 |
Debt securities available-for-sale (AFS) | ||||
OTTI on Investments disclosures | ||||
Total impairment losses recognized during the period | 0 | 0 | 0 | 0 |
Less: portion of impairment loss recognized in AOCI (before taxes) | 0 | 0 | 0 | 0 |
Net impairment losses recognized in earnings for debt securities that the Company does not intend to sell nor will likely be required to sell | 0 | 0 | 0 | 0 |
Impairment losses recognized in earnings for debt securities that the Company intends to sell, would more-likely-than-not be required to sell or will be subject to an issuer call deemed probable of exercise | 19 | 2 | 71 | 5 |
Total impairment losses recognized in earnings | 19 | 2 | 71 | 5 |
Debt securities held-to-maturity securities (HTM) | ||||
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 | ||
Other assets | ||||
OTTI on Investments disclosures | ||||
Total impairment losses recognized during the period | 0 | 0 | 0 | 0 |
Less: portion of impairment loss recognized in AOCI (before taxes) | 0 | 0 | 0 | 0 |
Net impairment losses recognized in earnings for debt securities that the Company does not intend to sell nor will likely be required to sell | 0 | 0 | 0 | 0 |
Impairment losses recognized in earnings for debt securities that the Company intends to sell, would more-likely-than-not be required to sell or will be subject to an issuer call deemed probable of exercise | 0 | 0 | 0 | 0 |
Total impairment losses recognized in earnings | $ 0 | $ 0 | $ 0 | $ 0 |
INVESTMENTS - Credit-Related Im
INVESTMENTS - Credit-Related Impairment (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended |
Jun. 30, 2019 | Jun. 30, 2019 | |
AFS debt securities | ||
Schedule of other-than-temporary impairment, credit losses recognized in earnings, roll forward | ||
Beginning balance | $ 5 | $ 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 | 5 | 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 | ||
Schedule of other-than-temporary impairment, credit losses recognized in earnings, roll forward | ||
Beginning balance | 0 | 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 | 0 | 0 |
AFS debt securities | Foreign government securities | ||
Schedule of other-than-temporary impairment, credit losses recognized in earnings, roll forward | ||
Beginning balance | 0 | 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 | 0 | 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 | 0 | 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 | 0 | 0 |
HTM debt securities | ||
Schedule of other-than-temporary impairment, credit losses recognized in earnings, roll forward | ||
Beginning balance | 0 | 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 | 0 | 0 |
HTM debt securities | Mortgage-backed securities | ||
Schedule of other-than-temporary impairment, credit losses recognized in earnings, roll forward | ||
Beginning balance | 0 | 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 | 0 | 0 |
HTM debt securities | State and municipal | ||
Schedule of other-than-temporary impairment, credit losses recognized in earnings, roll forward | ||
Beginning balance | 0 | 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 | $ 0 | $ 0 |
INVESTMENTS - Carrying Value of
INVESTMENTS - Carrying Value of Non-marketable Equity Securities Measured Using the Measurement Alternative (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | Dec. 31, 2019 | |
Equity Securities without Readily Determinable Fair Value, Annual Amount [Abstract] | |||||
Measurement alternative—carrying value | $ 771,000,000 | $ 771,000,000 | $ 700,000,000 | ||
Measurement alternative—impairment losses | 50,000,000 | $ 3,000,000 | 53,000,000 | $ 8,000,000 | |
Measurement alternative—downward changes for observable prices | 19,000,000 | 12,000,000 | 19,000,000 | 12,000,000 | |
Measurement alternative—upward changes for observable prices | 17,000,000 | 19,000,000 | 42,000,000 | $ 85,000,000 | |
Equity Securities without Readily Determinable Fair Value, Impairment Loss, Cumulative Amount [Abstract] | |||||
Measurement alternative—impairment losses | 65,000,000 | 65,000,000 | |||
Measurement alternative—downward changes for observable prices | 52,000,000 | 52,000,000 | |||
Measurement alternative—upward changes for observable prices | 384,000,000 | $ 384,000,000 | |||
Non-marketable equity securities, impairment loss recognized in earnings | $ 0 | $ 0 |
INVESTMENTS - Alternative Inves
INVESTMENTS - Alternative Investment Funds (Details) - USD ($) $ in Millions | 6 Months Ended | 12 Months Ended |
Jun. 30, 2020 | Dec. 31, 2019 | |
Investments in Alternative Investment Funds | ||
Alternative investment funds, unfunded commitments | $ 81 | $ 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 funds | ||
Investments in Alternative Investment Funds | ||
Alternative investment funds, unfunded commitments | $ 62 | $ 62 |
Real estate funds | ||
Investments in Alternative Investment Funds | ||
Alternative investment funds, unfunded commitments | 19 | 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 | 140 | 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 funds | ||
Investments in Alternative Investment Funds | ||
Non-marketable equity securities measured using the measurement alternative | 111 | 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 | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2020USD ($)category | Mar. 31, 2020 | Jun. 30, 2019USD ($) | Jun. 30, 2020USD ($)category | Jun. 30, 2019USD ($) | Dec. 31, 2019USD ($) | |
Financing Receivable, Past Due [Line Items] | ||||||
Number of loan categories | category | 2 | 2 | ||||
Loans, net of unearned income | $ 685,292 | $ 685,292 | $ 699,483 | |||
Loans at fair value | 5,799 | 5,799 | 4,085 | |||
Consumer | ||||||
Financing Receivable, Past Due [Line Items] | ||||||
Loans, current | 275,143 | 275,143 | 302,803 | |||
Loans, net of unearned income | 281,113 | 281,113 | 309,548 | |||
Non-accrual loans for which there are no loan loss reserves | 207 | 207 | ||||
Non-accrual loans for which there are loan loss reserves | 1,622 | 1,622 | ||||
Total non-accrual | 1,829 | 1,829 | 1,816 | |||
90 days past due and accruing | 2,149 | $ 2,149 | $ 2,457 | |||
Loans less than this number of days past due are considered current | 30 days | 30 days | ||||
Loans at fair value | 16 | $ 16 | $ 18 | |||
Number of days past due, non-accrual status | 60 days | |||||
Unearned income | 734 | $ 734 | 783 | |||
Loans sold and/or reclassified to held-for-sale | 12 | $ 392 | 36 | $ 2,295 | ||
Consumer | Government-guaranteed | ||||||
Financing Receivable, Past Due [Line Items] | ||||||
Loans, past due | 445 | 445 | 434 | |||
Consumer | 30 to 89 Days Past Due | ||||||
Financing Receivable, Past Due [Line Items] | ||||||
Loans, past due | 2,764 | 2,764 | 3,296 | |||
Consumer | 90 days past due | ||||||
Financing Receivable, Past Due [Line Items] | ||||||
Loans, past due | 2,761 | 2,761 | 3,015 | |||
Consumer | In North America offices | ||||||
Financing Receivable, Past Due [Line Items] | ||||||
Loans, current | 185,159 | 185,159 | 203,920 | |||
Loans, net of unearned income | 189,582 | 189,582 | 209,093 | |||
Non-accrual loans for which there are no loan loss reserves | 201 | 201 | ||||
Non-accrual loans for which there are loan loss reserves | 727 | 727 | ||||
Total non-accrual | 928 | 928 | 905 | |||
90 days past due and accruing | 1,877 | 1,877 | 2,215 | |||
Consumer | In North America offices | Government-guaranteed | ||||||
Financing Receivable, Past Due [Line Items] | ||||||
Loans, past due | 445 | 445 | 434 | |||
Consumer | In North America offices | 30 to 89 Days Past Due | ||||||
Financing Receivable, Past Due [Line Items] | ||||||
Loans, past due | 1,906 | 1,906 | 2,388 | |||
Consumer | In North America offices | 90 days past due | ||||||
Financing Receivable, Past Due [Line Items] | ||||||
Loans, past due | 2,072 | 2,072 | 2,351 | |||
Consumer | In offices outside North America | ||||||
Financing Receivable, Past Due [Line Items] | ||||||
Loans, current | 89,984 | 89,984 | 98,883 | |||
Loans, net of unearned income | 91,531 | 91,531 | 100,455 | |||
Non-accrual loans for which there are no loan loss reserves | 6 | 6 | ||||
Non-accrual loans for which there are loan loss reserves | 895 | 895 | ||||
Total non-accrual | 901 | 901 | 911 | |||
90 days past due and accruing | 272 | 272 | 242 | |||
Consumer | In offices outside North America | Government-guaranteed | ||||||
Financing Receivable, Past Due [Line Items] | ||||||
Loans, past due | 0 | 0 | 0 | |||
Consumer | In offices outside North America | 30 to 89 Days Past Due | ||||||
Financing Receivable, Past Due [Line Items] | ||||||
Loans, past due | 858 | 858 | 908 | |||
Consumer | In offices outside North America | 90 days past due | ||||||
Financing Receivable, Past Due [Line Items] | ||||||
Loans, past due | 689 | 689 | 664 | |||
Consumer | Residential first mortgages | ||||||
Financing Receivable, Past Due [Line Items] | ||||||
Loans, net of unearned income | 48,167 | 48,167 | 47,008 | |||
Loans at fair value | 16 | $ 16 | 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 | 46,923 | $ 46,923 | 45,942 | |||
Loans, net of unearned income | 48,167 | 48,167 | 47,008 | |||
Non-accrual loans for which there are no loan loss reserves | 115 | 115 | ||||
Non-accrual loans for which there are loan loss reserves | 409 | 409 | ||||
Total non-accrual | 524 | 524 | 479 | |||
90 days past due and accruing | 282 | 282 | 288 | |||
Mortgage loans in process of foreclosure | 100 | 100 | 100 | |||
Consumer | Residential first mortgages | In North America offices | Government-guaranteed | ||||||
Financing Receivable, Past Due [Line Items] | ||||||
Loans, past due | 445 | 445 | 434 | |||
Consumer | Residential first mortgages | In North America offices | 30 to 89 Days Past Due | ||||||
Financing Receivable, Past Due [Line Items] | ||||||
Loans, past due | 541 | 541 | 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 | 100 | |||
Consumer | Residential first mortgages | In North America offices | 90 days past due | ||||||
Financing Receivable, Past Due [Line Items] | ||||||
Loans, past due | 258 | 258 | 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 | 300 | |||
Consumer | Residential first mortgages | In offices outside North America | ||||||
Financing Receivable, Past Due [Line Items] | ||||||
Loans, current | 36,351 | 36,351 | 37,316 | |||
Loans, net of unearned income | 36,745 | 36,745 | 37,686 | |||
Non-accrual loans for which there are no loan loss reserves | 0 | 0 | ||||
Non-accrual loans for which there are loan loss reserves | 419 | 419 | ||||
Total non-accrual | 419 | 419 | 421 | |||
90 days past due and accruing | 0 | 0 | 0 | |||
Consumer | Residential first mortgages | In offices outside North America | Government-guaranteed | ||||||
Financing Receivable, Past Due [Line Items] | ||||||
Loans, past due | 0 | 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 | 210 | 210 | 210 | |||
Consumer | Residential first mortgages | In offices outside North America | 90 days past due | ||||||
Financing Receivable, Past Due [Line Items] | ||||||
Loans, past due | 184 | 184 | 160 | |||
Consumer | Home equity loans | ||||||
Financing Receivable, Past Due [Line Items] | ||||||
Loans, net of unearned income | 8,524 | 8,524 | 9,223 | |||
Consumer | Home equity loans | In North America offices | ||||||
Financing Receivable, Past Due [Line Items] | ||||||
Loans, current | 8,197 | 8,197 | 8,860 | |||
Loans, net of unearned income | 8,524 | 8,524 | 9,223 | |||
Non-accrual loans for which there are no loan loss reserves | 84 | 84 | ||||
Non-accrual loans for which there are loan loss reserves | 303 | 303 | ||||
Total non-accrual | 387 | 387 | 405 | |||
90 days past due and accruing | 0 | 0 | 0 | |||
Home equity loans in process of foreclosure | 100 | 100 | 100 | |||
Consumer | Home equity loans | In North America offices | Government-guaranteed | ||||||
Financing Receivable, Past Due [Line Items] | ||||||
Loans, past due | 0 | 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 | 122 | 122 | 174 | |||
Consumer | Home equity loans | In North America offices | 90 days past due | ||||||
Financing Receivable, Past Due [Line Items] | ||||||
Loans, past due | 205 | 205 | 189 | |||
Consumer | Credit cards | ||||||
Financing Receivable, Past Due [Line Items] | ||||||
Loans, net of unearned income | 127,496 | 127,496 | 148,534 | |||
Consumer | Credit cards | In North America offices | ||||||
Financing Receivable, Past Due [Line Items] | ||||||
Loans, current | 125,232 | 125,232 | 145,477 | |||
Loans, net of unearned income | 128,032 | 128,032 | 149,163 | |||
Non-accrual loans for which there are no loan loss reserves | 0 | 0 | ||||
Non-accrual loans for which there are loan loss reserves | 0 | 0 | ||||
Total non-accrual | 0 | 0 | 0 | |||
90 days past due and accruing | 1,595 | 1,595 | 1,927 | |||
Consumer | Credit cards | In North America offices | Government-guaranteed | ||||||
Financing Receivable, Past Due [Line Items] | ||||||
Loans, past due | 0 | 0 | 0 | |||
Consumer | Credit cards | In North America offices | 30 to 89 Days Past Due | ||||||
Financing Receivable, Past Due [Line Items] | ||||||
Loans, past due | 1,205 | 1,205 | 1,759 | |||
Consumer | Credit cards | In North America offices | 90 days past due | ||||||
Financing Receivable, Past Due [Line Items] | ||||||
Loans, past due | 1,595 | 1,595 | 1,927 | |||
Consumer | Credit cards | In offices outside North America | ||||||
Financing Receivable, Past Due [Line Items] | ||||||
Loans, current | 20,212 | 20,212 | 25,111 | |||
Loans, net of unearned income | 20,966 | 20,966 | 25,909 | |||
Non-accrual loans for which there are no loan loss reserves | 5 | 5 | ||||
Non-accrual loans for which there are loan loss reserves | 265 | 265 | ||||
Total non-accrual | 270 | 270 | 310 | |||
90 days past due and accruing | 272 | 272 | 242 | |||
Consumer | Credit cards | In offices outside North America | Government-guaranteed | ||||||
Financing Receivable, Past Due [Line Items] | ||||||
Loans, past due | 0 | 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 | 380 | 380 | 426 | |||
Consumer | Credit cards | In offices outside North America | 90 days past due | ||||||
Financing Receivable, Past Due [Line Items] | ||||||
Loans, past due | 374 | 374 | 372 | |||
Consumer | Personal, small business and other | ||||||
Financing Receivable, Past Due [Line Items] | ||||||
Loans, net of unearned income | 4,859 | 4,859 | 3,699 | |||
Consumer | Personal, small business and other | In North America offices | ||||||
Financing Receivable, Past Due [Line Items] | ||||||
Loans, current | 4,807 | 4,807 | 3,641 | |||
Loans, net of unearned income | 4,859 | 4,859 | 3,699 | |||
Non-accrual loans for which there are no loan loss reserves | 2 | 2 | ||||
Non-accrual loans for which there are loan loss reserves | 15 | 15 | ||||
Total non-accrual | 17 | 17 | 21 | |||
90 days past due and accruing | 0 | 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 | 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 | 38 | 38 | 44 | |||
Consumer | Personal, small business and other | In North America offices | 90 days past due | ||||||
Financing Receivable, Past Due [Line Items] | ||||||
Loans, past due | 14 | 14 | 14 | |||
Consumer | Personal, small business and other | In offices outside North America | ||||||
Financing Receivable, Past Due [Line Items] | ||||||
Loans, current | 33,421 | 33,421 | 36,456 | |||
Loans, net of unearned income | 33,820 | 33,820 | 36,860 | |||
Non-accrual loans for which there are no loan loss reserves | 1 | 1 | ||||
Non-accrual loans for which there are loan loss reserves | 211 | 211 | ||||
Total non-accrual | 212 | 212 | 180 | |||
90 days past due and accruing | 0 | 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 | 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 | 268 | 268 | 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 | $ 131 | $ 131 | $ 132 |
LOANS - Schedule of Interest In
LOANS - Schedule of Interest Income Recognized for Non-Accrual Consumer Loans (Details) - Consumer - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended |
Jun. 30, 2020 | Jun. 30, 2020 | |
Financing Receivable, Nonaccrual [Line Items] | ||
Interest income | $ 6 | $ 11 |
In North America offices | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Interest income | 6 | 11 |
In offices outside North America | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Interest income | 0 | 0 |
Residential first mortgages | In North America offices | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Interest income | 4 | 7 |
Residential first mortgages | In offices outside North America | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Interest income | 0 | 0 |
Home equity loans | In North America offices | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Interest income | 2 | 4 |
Credit cards | In North America offices | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Interest income | 0 | 0 |
Credit cards | In offices outside North America | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Interest income | 0 | 0 |
Personal, small business and other | In North America offices | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Interest income | 0 | 0 |
Personal, small business and other | In offices outside North America | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Interest income | $ 0 | $ 0 |
LOANS - Credit Quality Indicato
LOANS - Credit Quality Indicators (Details) - USD ($) $ in Millions | Jun. 30, 2020 | Dec. 31, 2019 |
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | $ 685,292 | $ 699,483 |
Consumer | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 281,113 | 309,548 |
Consumer | Residential first mortgages | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 48,167 | 47,008 |
Consumer | Credit cards | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 127,496 | 148,534 |
Consumer | Home equity loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 8,524 | 9,223 |
Consumer | Personal, small business and other | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 4,859 | 3,699 |
Consumer | Less than or equal to 80% | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 51,613 | 50,094 |
Consumer | Less than or equal to 80% | Residential first mortgages | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 5,362 | |
2019 | 8,309 | |
2018 | 2,080 | |
2017 | 3,206 | |
2016 | 6,570 | |
Prior | 18,621 | |
Loans, net of unearned income | 44,148 | 41,993 |
Consumer | Less than or equal to 80% | Home equity loans (pre-reset) | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 3,061 | |
Consumer | Less than or equal to 80% | Home equity loans (post-reset) | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 4,404 | |
Consumer | Less than or equal to 80% | Home equity loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 7,465 | 8,101 |
Consumer | 80% but less than or equal to 100% | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 3,087 | 4,142 |
Consumer | 80% but less than or equal to 100% | Residential first mortgages | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 560 | |
2019 | 599 | |
2018 | 598 | |
2017 | 420 | |
2016 | 141 | |
Prior | 129 | |
Loans, net of unearned income | 2,447 | 3,313 |
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 | 39 | |
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 | 601 | |
Consumer | 80% but less than or equal to 100% | Home equity loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 640 | 829 |
Consumer | Greater than 100% | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 243 | 335 |
Consumer | Greater than 100% | Residential first mortgages | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 0 | |
2019 | 3 | |
2018 | 26 | |
2017 | 8 | |
2016 | 3 | |
Prior | 22 | |
Loans, net of unearned income | 62 | 98 |
Consumer | Greater than 100% | Home equity loans (pre-reset) | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 12 | |
Consumer | Greater than 100% | Home equity loans (post-reset) | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 169 | |
Consumer | Greater than 100% | Home equity loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 181 | 237 |
Consumer | LTV not available | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 1,748 | 1,660 |
Consumer | LTV not available | Residential first mortgages | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 1,510 | 1,604 |
Consumer | LTV not available | Home equity loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 238 | 56 |
Consumer | Total | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 56,691 | 56,231 |
Consumer | Less than 680 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 34,726 | 39,363 |
Consumer | Less than 680 | Residential first mortgages | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 65 | |
2019 | 205 | |
2018 | 294 | |
2017 | 344 | |
2016 | 390 | |
Prior | 2,130 | |
Loans, net of unearned income | 3,428 | 3,608 |
Consumer | Less than 680 | Credit cards | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 28,942 | 33,290 |
Consumer | Less than 680 | Credit cards | CANADA | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 536 | 629 |
Consumer | Less than 680 | Home equity loans (pre-reset) | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 337 | |
Consumer | Less than 680 | Home equity loans (post-reset) | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 1,435 | |
Consumer | Less than 680 | Home equity loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 1,772 | 1,901 |
Consumer | Less than 680 | Personal, small business and other | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 18 | |
2019 | 113 | |
2018 | 125 | |
2017 | 43 | |
2016 | 21 | |
Prior | 264 | |
Loans, net of unearned income | 584 | 564 |
Consumer | 680 to 760 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 68,484 | 77,237 |
Consumer | 680 to 760 | Residential first mortgages | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 1,593 | |
2019 | 2,384 | |
2018 | 784 | |
2017 | 973 | |
2016 | 1,523 | |
Prior | 4,629 | |
Loans, net of unearned income | 11,886 | 13,264 |
Consumer | 680 to 760 | Credit cards | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 52,825 | 59,536 |
Consumer | 680 to 760 | Home equity loans (pre-reset) | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 1,053 | |
Consumer | 680 to 760 | Home equity loans (post-reset) | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 1,937 | |
Consumer | 680 to 760 | Home equity loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 2,990 | 3,530 |
Consumer | 680 to 760 | Personal, small business and other | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 42 | |
2019 | 143 | |
2018 | 114 | |
2017 | 41 | |
2016 | 18 | |
Prior | 425 | |
Loans, net of unearned income | 783 | 907 |
Consumer | Greater than 760 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 79,506 | 86,582 |
Consumer | Greater than 760 | Residential first mortgages | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 4,261 | |
2019 | 6,316 | |
2018 | 1,619 | |
2017 | 2,311 | |
2016 | 4,791 | |
Prior | 11,968 | |
Loans, net of unearned income | 31,266 | 28,442 |
Consumer | Greater than 760 | Credit cards | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 43,745 | 52,935 |
Consumer | Greater than 760 | Home equity loans (pre-reset) | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 1,738 | |
Consumer | Greater than 760 | Home equity loans (post-reset) | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 1,826 | |
Consumer | Greater than 760 | Home equity loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 3,564 | 3,732 |
Consumer | Greater than 760 | Personal, small business and other | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 55 | |
2019 | 164 | |
2018 | 106 | |
2017 | 43 | |
2016 | 16 | |
Prior | 547 | |
Loans, net of unearned income | 931 | 1,473 |
Consumer | FICO not available | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 6,330 | 5,282 |
Consumer | FICO not available | Residential first mortgages | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 1,587 | 1,694 |
Consumer | FICO not available | Credit cards | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 1,984 | 2,773 |
Consumer | FICO not available | Home equity loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 198 | 60 |
Consumer | FICO not available | Personal, small business and other | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 2,561 | 755 |
Consumer | Total loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | $ 189,046 | $ 208,464 |
LOANS - Impaired Consumer Loans
LOANS - Impaired Consumer Loans (Details) - Consumer $ in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2020USD ($)Q | Jun. 30, 2019USD ($) | Jun. 30, 2020USD ($)Q | Jun. 30, 2019USD ($) | Jun. 30, 2020USD ($)Q | Dec. 31, 2019USD ($)Q | |
Financing receivable impaired | ||||||
Recorded investment | $ 4,506 | $ 4,506 | $ 4,506 | $ 4,608 | ||
Unpaid principal balance | 4,954 | 4,954 | 4,954 | 5,405 | ||
Related specific allowance | 1,247 | 1,247 | 1,247 | 1,190 | ||
Average carrying value | $ 4,712 | $ 5,135 | ||||
Interest income recognized | $ 60 | $ 52 | $ 119 | $ 102 | ||
Number of quarters used to calculate the average recorded investment balance | Q | 4 | 4 | 4 | 4 | ||
Residential first mortgages | ||||||
Financing receivable impaired | ||||||
Recorded investment | $ 1,624 | $ 1,624 | $ 1,624 | $ 1,666 | ||
Unpaid principal balance | 1,798 | 1,798 | 1,798 | 1,838 | ||
Related specific allowance | 152 | 152 | 152 | 161 | ||
Average carrying value | 1,700 | 1,925 | ||||
Interest income recognized | 15 | 18 | 29 | 35 | ||
Impaired financing receivable without specific allowance | 212 | 212 | 212 | 405 | ||
Home equity loans | ||||||
Financing receivable impaired | ||||||
Recorded investment | 556 | 556 | 556 | 592 | ||
Unpaid principal balance | 762 | 762 | 762 | 824 | ||
Related specific allowance | 61 | 61 | 61 | 123 | ||
Average carrying value | 588 | 637 | ||||
Interest income recognized | 4 | 2 | 7 | 4 | ||
Impaired financing receivable without specific allowance | 166 | 166 | 166 | 212 | ||
Credit cards | ||||||
Financing receivable impaired | ||||||
Recorded investment | 1,884 | 1,884 | 1,884 | 1,931 | ||
Unpaid principal balance | 1,917 | 1,917 | 1,917 | 2,288 | ||
Related specific allowance | 887 | 887 | 887 | 771 | ||
Average carrying value | 1,906 | 1,890 | ||||
Interest income recognized | 25 | 26 | 51 | 52 | ||
Personal, small business and other | ||||||
Financing receivable impaired | ||||||
Recorded investment | 442 | 442 | 442 | 419 | ||
Unpaid principal balance | 477 | 477 | 477 | 455 | ||
Related specific allowance | 147 | 147 | 147 | 135 | ||
Average carrying value | $ 518 | $ 683 | ||||
Interest income recognized | $ 16 | $ 6 | $ 32 | $ 11 |
LOANS - Consumer Troubled Debt
LOANS - Consumer Troubled Debt Restructurings (Details) - Consumer $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2020USD ($)loan | Mar. 31, 2020 | Jun. 30, 2019USD ($)loan | Jun. 30, 2020USD ($)loan | Jun. 30, 2019USD ($)loan | |
Loans receivable | |||||
Period within which default occurred post-modification | 1 year | ||||
Number of days past due, non-accrual status | 60 days | ||||
Residential first mortgages | |||||
Loans receivable | |||||
Number of days past due, non-accrual status | 90 days | 90 days | |||
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 | 51,615 | 63,953 | 119,689 | 137,255 | |
Post-modification recorded investment | $ 282 | $ 320 | $ 643 | $ 722 | |
TDR loans in payment default | $ 73 | $ 104 | $ 181 | $ 203 | |
In North America offices | Residential first mortgages | |||||
Loans receivable | |||||
Number of loans modified | loan | 298 | 137 | 575 | 630 | |
Post-modification recorded investment | $ 51 | $ 21 | $ 95 | $ 95 | |
Average interest rate reduction | 0.00% | 0.00% | 0.00% | 0.00% | |
Post-modification recorded investment for borrowers that have gone through Chapter 7 bankruptcy | $ 3 | $ 5 | $ 7 | $ 12 | |
TDR loans in payment default | 21 | 26 | 35 | 50 | |
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 | $ 2 | $ 3 | $ 5 | $ 7 | |
In North America offices | Home equity loans | |||||
Loans receivable | |||||
Number of loans modified | loan | 83 | 188 | 165 | 394 | |
Post-modification recorded investment | $ 8 | $ 22 | $ 16 | $ 42 | |
Average interest rate reduction | 0.00% | 1.00% | 1.00% | 1.00% | |
Post-modification recorded investment for borrowers that have gone through Chapter 7 bankruptcy | $ 1 | $ 2 | $ 2 | $ 4 | |
TDR loans in payment default | 4 | 4 | 6 | 7 | |
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 | $ 1 | $ 1 | $ 3 | |
In North America offices | Credit cards | |||||
Loans receivable | |||||
Number of loans modified | loan | 50,891 | 63,281 | 118,173 | 135,528 | |
Post-modification recorded investment | $ 220 | $ 273 | $ 525 | $ 578 | |
Average interest rate reduction | 17.00% | 17.00% | 9.00% | 17.00% | |
TDR loans in payment default | $ 47 | $ 73 | $ 137 | $ 144 | |
In North America offices | Personal, small business and other | |||||
Loans receivable | |||||
Number of loans modified | loan | 343 | 347 | 776 | 703 | |
Post-modification recorded investment | $ 3 | $ 4 | $ 7 | $ 7 | |
Average interest rate reduction | 4.00% | 5.00% | 3.00% | 5.00% | |
TDR loans in payment default | $ 1 | $ 1 | $ 3 | $ 2 | |
In offices outside North America | |||||
Loans receivable | |||||
Number of loans modified | loan | 33,202 | 26,245 | 60,707 | 53,107 | |
Post-modification recorded investment | $ 215 | $ 139 | $ 353 | $ 284 | |
TDR loans in payment default | $ 61 | $ 60 | $ 117 | $ 120 | |
In offices outside North America | Residential first mortgages | |||||
Loans receivable | |||||
Number of loans modified | loan | 642 | 638 | 1,178 | 1,363 | |
Post-modification recorded investment | $ 44 | $ 17 | $ 58 | $ 37 | |
Average interest rate reduction | 4.00% | 0.00% | 4.00% | 0.00% | |
TDR loans in payment default | $ 5 | $ 4 | $ 11 | $ 7 | |
In offices outside North America | Credit cards | |||||
Loans receivable | |||||
Number of loans modified | loan | 21,276 | 18,453 | 40,591 | 36,946 | |
Post-modification recorded investment | $ 94 | $ 73 | $ 167 | $ 148 | |
Average interest rate reduction | 16.00% | 16.00% | 16.00% | 16.00% | |
TDR loans in payment default | $ 38 | $ 36 | $ 71 | $ 75 | |
In offices outside North America | Personal, small business and other | |||||
Loans receivable | |||||
Number of loans modified | loan | 11,284 | 7,154 | 18,938 | 14,798 | |
Post-modification recorded investment | $ 77 | $ 49 | $ 128 | $ 99 | |
Average interest rate reduction | 10.00% | 9.00% | 10.00% | 9.00% | |
TDR loans in payment default | $ 18 | $ 20 | $ 35 | $ 38 | |
Deferred principal | In North America offices | |||||
Loans receivable | |||||
Post-modification recorded investment | 0 | 1 | 0 | 2 | |
Deferred principal | In North America offices | Residential first mortgages | |||||
Loans receivable | |||||
Post-modification recorded investment | 0 | 0 | 0 | 0 | |
Deferred principal | In North America offices | Home equity loans | |||||
Loans receivable | |||||
Post-modification recorded investment | 0 | 1 | 0 | 2 | |
Deferred principal | In North America offices | Credit cards | |||||
Loans receivable | |||||
Post-modification recorded investment | 0 | 0 | 0 | 0 | |
Deferred principal | In North America offices | Personal, small business and other | |||||
Loans receivable | |||||
Post-modification recorded investment | 0 | 0 | 0 | 0 | |
Deferred principal | In offices outside North America | |||||
Loans receivable | |||||
Post-modification recorded investment | 0 | 0 | 0 | 0 | |
Deferred principal | In offices outside North America | Residential first mortgages | |||||
Loans receivable | |||||
Post-modification recorded investment | 0 | 0 | 0 | 0 | |
Deferred principal | In offices outside North America | Credit cards | |||||
Loans receivable | |||||
Post-modification recorded investment | 0 | 0 | 0 | 0 | |
Deferred principal | In offices outside North America | Personal, small business and other | |||||
Loans receivable | |||||
Post-modification recorded investment | 0 | 0 | 0 | 0 | |
Contingent principal forgiveness | In North America offices | |||||
Loans receivable | |||||
Post-modification recorded investment | 0 | 0 | 0 | 0 | |
Contingent principal forgiveness | In North America offices | Residential first mortgages | |||||
Loans receivable | |||||
Post-modification recorded investment | 0 | 0 | 0 | 0 | |
Contingent principal forgiveness | In North America offices | Home equity loans | |||||
Loans receivable | |||||
Post-modification recorded investment | 0 | 0 | 0 | 0 | |
Contingent principal forgiveness | In North America offices | Credit cards | |||||
Loans receivable | |||||
Post-modification recorded investment | 0 | 0 | 0 | 0 | |
Contingent principal forgiveness | In North America offices | Personal, small business and other | |||||
Loans receivable | |||||
Post-modification recorded investment | 0 | 0 | 0 | 0 | |
Contingent principal forgiveness | In offices outside North America | |||||
Loans receivable | |||||
Post-modification recorded investment | 0 | 0 | 0 | 0 | |
Contingent principal forgiveness | In offices outside North America | Residential first mortgages | |||||
Loans receivable | |||||
Post-modification recorded investment | 0 | 0 | 0 | 0 | |
Contingent principal forgiveness | In offices outside North America | Credit cards | |||||
Loans receivable | |||||
Post-modification recorded investment | 0 | 0 | 0 | 0 | |
Contingent principal forgiveness | In offices outside North America | Personal, small business and other | |||||
Loans receivable | |||||
Post-modification recorded investment | 0 | 0 | 0 | 0 | |
Principal forgiveness | In North America offices | |||||
Loans receivable | |||||
Post-modification recorded investment | 0 | 0 | 0 | 0 | |
Principal forgiveness | In North America offices | Residential first mortgages | |||||
Loans receivable | |||||
Post-modification recorded investment | 0 | 0 | 0 | 0 | |
Principal forgiveness | In North America offices | Home equity loans | |||||
Loans receivable | |||||
Post-modification recorded investment | 0 | 0 | 0 | 0 | |
Principal forgiveness | In North America offices | Credit cards | |||||
Loans receivable | |||||
Post-modification recorded investment | 0 | 0 | 0 | 0 | |
Principal forgiveness | In North America offices | Personal, small business and other | |||||
Loans receivable | |||||
Post-modification recorded investment | 0 | 0 | 0 | 0 | |
Principal forgiveness | In offices outside North America | |||||
Loans receivable | |||||
Post-modification recorded investment | 5 | 5 | 9 | 9 | |
Principal forgiveness | In offices outside North America | Residential first mortgages | |||||
Loans receivable | |||||
Post-modification recorded investment | 0 | 0 | 0 | 0 | |
Principal forgiveness | In offices outside North America | Credit cards | |||||
Loans receivable | |||||
Post-modification recorded investment | 3 | 3 | 5 | 6 | |
Principal forgiveness | In offices outside North America | Personal, small business and other | |||||
Loans receivable | |||||
Post-modification recorded investment | $ 2 | $ 2 | $ 4 | $ 3 |
LOANS - Schedule of Purchased C
LOANS - Schedule of Purchased Credit Deteriorated Assets (Details) $ in Millions | 3 Months Ended |
Jun. 30, 2020USD ($) | |
Credit cards | |
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 |
Mortgages | |
Financing Receivable, Purchased with Credit Deterioration, Amount at Purchase Price [Abstract] | |
Purchase price | 3 |
Allowance for credit losses at acquisition date | 0 |
Discount or premium attributable to non-credit factors | 0 |
Par value (amortized cost basis) | 3 |
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 |
LOANS - Corporate Loans (Detail
LOANS - Corporate Loans (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | Dec. 31, 2019 | |
Loans | |||||
Loans, net of unearned income | $ 685,292 | $ 685,292 | $ 699,483 | ||
Lease financing | |||||
Loans | |||||
Loans, net of unearned income | 900 | 900 | 1,400 | ||
Corporate | |||||
Loans | |||||
Loans, net of unearned income | 404,179 | 404,179 | 389,935 | ||
Unearned income | (854) | (854) | (791) | ||
Loans sold and/or reclassified to held-for-sale | 800 | $ 1,000 | 800 | $ 1,300 | |
Corporate | Commercial and industrial | |||||
Loans | |||||
Loans, net of unearned income | 182,365 | 182,365 | 166,846 | ||
Corporate | Financial institutions | |||||
Loans | |||||
Loans, net of unearned income | 87,226 | 87,226 | 91,852 | ||
Corporate | Mortgage and real estate | |||||
Loans | |||||
Loans, net of unearned income | 68,146 | 68,146 | 63,151 | ||
Corporate | Lease financing | |||||
Loans | |||||
Loans, net of unearned income | 935 | 935 | 1,385 | ||
Corporate | In North America offices | |||||
Loans | |||||
Loans, net of unearned income | 208,907 | 208,907 | 195,750 | ||
Corporate | In North America offices | Commercial and industrial | |||||
Loans | |||||
Loans, net of unearned income | 70,755 | 70,755 | 55,929 | ||
Corporate | In North America offices | Financial institutions | |||||
Loans | |||||
Loans, net of unearned income | 53,860 | 53,860 | 53,922 | ||
Corporate | In North America offices | Mortgage and real estate | |||||
Loans | |||||
Loans, net of unearned income | 57,821 | 57,821 | 53,371 | ||
Corporate | In North America offices | Installment and other | |||||
Loans | |||||
Loans, net of unearned income | 25,602 | 25,602 | 31,238 | ||
Corporate | In North America offices | Lease financing | |||||
Loans | |||||
Loans, net of unearned income | 869 | 869 | 1,290 | ||
Corporate | In offices outside North America | |||||
Loans | |||||
Loans, net of unearned income | 195,272 | 195,272 | 194,185 | ||
Corporate | In offices outside North America | Commercial and industrial | |||||
Loans | |||||
Loans, net of unearned income | 115,471 | 115,471 | 112,668 | ||
Corporate | In offices outside North America | Financial institutions | |||||
Loans | |||||
Loans, net of unearned income | 35,173 | 35,173 | 40,211 | ||
Corporate | In offices outside North America | Mortgage and real estate | |||||
Loans | |||||
Loans, net of unearned income | 10,332 | 10,332 | 9,780 | ||
Corporate | In offices outside North America | Installment and other | |||||
Loans | |||||
Loans, net of unearned income | 30,678 | 30,678 | 27,303 | ||
Corporate | In offices outside North America | Lease financing | |||||
Loans | |||||
Loans, net of unearned income | 66 | 66 | 95 | ||
Corporate | In offices outside North America | Government and official institutions | |||||
Loans | |||||
Loans, net of unearned income | $ 3,552 | $ 3,552 | $ 4,128 |
LOANS - Corporate Loan Delinque
LOANS - Corporate Loan Delinquency (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2020 | Dec. 31, 2019 | |
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | $ 685,292 | $ 699,483 |
Loans at fair value | 5,799 | 4,085 |
Lease financing | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 900 | 1,400 |
Corporate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Past due and accruing | 3,560 | 2,380 |
Total non-accrual | 4,016 | 2,188 |
Total current | 390,820 | 381,300 |
Loans, net of unearned income | 404,179 | 389,935 |
Loans at fair value | $ 5,783 | 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 | $ 1,079 | 769 |
Total non-accrual | 3,202 | 1,828 |
Total current | 178,084 | 164,249 |
Loans, net of unearned income | 182,365 | 166,846 |
Corporate | Financial institutions | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Past due and accruing | 1,098 | 794 |
Total non-accrual | 244 | 50 |
Total current | 85,884 | 91,008 |
Loans, net of unearned income | 87,226 | 91,852 |
Corporate | Mortgage and real estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Past due and accruing | 1,207 | 538 |
Total non-accrual | 455 | 188 |
Total current | 66,484 | 62,425 |
Loans, net of unearned income | 68,146 | 63,151 |
Corporate | Lease financing | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Past due and accruing | 3 | 67 |
Total non-accrual | 36 | 41 |
Total current | 896 | 1,277 |
Loans, net of unearned income | 935 | 1,385 |
Corporate | Other | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Past due and accruing | 173 | 212 |
Total non-accrual | 79 | 81 |
Total current | 59,472 | 62,341 |
Loans, net of unearned income | 59,724 | 62,634 |
Corporate | 30 to 89 Days Past Due | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Past due and accruing | 3,131 | 2,249 |
Corporate | 30 to 89 Days Past Due | Commercial and industrial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Past due and accruing | 971 | 676 |
Corporate | 30 to 89 Days Past Due | Financial institutions | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Past due and accruing | 1,031 | 791 |
Corporate | 30 to 89 Days Past Due | Mortgage and real estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Past due and accruing | 986 | 534 |
Corporate | 30 to 89 Days Past Due | Lease financing | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Past due and accruing | 0 | 58 |
Corporate | 30 to 89 Days Past Due | Other | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Past due and accruing | 143 | 190 |
Corporate | Equal to and greater than 90 days past due and accruing | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Past due and accruing | 429 | 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 | 108 | 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 | 67 | 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 | 221 | 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 | 3 | 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 | $ 30 | $ 22 |
LOANS - Corporate Loans Credit
LOANS - Corporate Loans Credit Quality Indicators (Details) - USD ($) $ in Millions | Jun. 30, 2020 | Dec. 31, 2019 |
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | $ 685,292 | $ 699,483 |
Loans at fair value | 5,799 | 4,085 |
Lease financing | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 900 | 1,400 |
Corporate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 404,179 | 389,935 |
Total non-accrual | 4,016 | 2,188 |
Loans at fair value | 5,783 | 4,067 |
Corporate | Commercial and industrial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 182,365 | 166,846 |
Total non-accrual | 3,202 | 1,828 |
Corporate | Financial institutions | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 87,226 | 91,852 |
Total non-accrual | 244 | 50 |
Corporate | Mortgage and real estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 68,146 | 63,151 |
Total non-accrual | 455 | 188 |
Corporate | Lease financing | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 935 | 1,385 |
Total non-accrual | 36 | 41 |
Corporate | Other | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 59,724 | 62,634 |
Total non-accrual | 79 | 81 |
Corporate | Non-rated private bank loans managed on a delinquency basis | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 4,461 | |
2019 | 7,597 | |
2018 | 3,822 | |
2017 | 4,171 | |
2016 | 4,604 | |
Prior | 9,232 | |
Revolving line of credit arrangements | 0 | |
Loans, net of unearned income | 33,887 | 31,590 |
Corporate | Corporate loans, net of unearned income | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 86,519 | |
2019 | 43,568 | |
2018 | 35,384 | |
2017 | 20,510 | |
2016 | 12,324 | |
Prior | 42,968 | |
Revolving line of credit arrangements | 157,123 | |
Loans, net of unearned income | 404,179 | 389,935 |
Loans at fair value | 5,783 | 4,067 |
Corporate | Investment grade | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 54,154 | |
2019 | 24,703 | |
2018 | 22,208 | |
2017 | 11,180 | |
2016 | 5,833 | |
Prior | 23,965 | |
Revolving line of credit arrangements | 116,742 | |
Loans, net of unearned income | 258,785 | 277,056 |
Corporate | Investment grade | Commercial and industrial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 35,627 | |
2019 | 9,480 | |
2018 | 7,242 | |
2017 | 5,035 | |
2016 | 2,233 | |
Prior | 10,162 | |
Revolving line of credit arrangements | 36,478 | |
Loans, net of unearned income | 106,257 | 110,797 |
Corporate | Investment grade | Financial institutions | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 8,131 | |
2019 | 5,359 | |
2018 | 4,125 | |
2017 | 1,626 | |
2016 | 1,458 | |
Prior | 4,941 | |
Revolving line of credit arrangements | 47,425 | |
Loans, net of unearned income | 73,065 | 80,533 |
Corporate | Investment grade | Mortgage and real estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 3,614 | |
2019 | 6,267 | |
2018 | 5,622 | |
2017 | 3,207 | |
2016 | 1,436 | |
Prior | 3,017 | |
Revolving line of credit arrangements | 3,086 | |
Loans, net of unearned income | 26,249 | 27,571 |
Corporate | Investment grade | Other | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 6,782 | |
2019 | 3,597 | |
2018 | 5,219 | |
2017 | 1,312 | |
2016 | 706 | |
Prior | 5,845 | |
Revolving line of credit arrangements | 29,753 | |
Loans, net of unearned income | 53,214 | 58,155 |
Corporate | Non-investment grade, accrual | Commercial and industrial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 18,097 | |
2019 | 7,045 | |
2018 | 5,922 | |
2017 | 3,431 | |
2016 | 1,061 | |
Prior | 6,022 | |
Revolving line of credit arrangements | 31,045 | |
Loans, net of unearned income | 72,623 | 54,220 |
Corporate | Non-investment grade, accrual | Financial institutions | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 7,189 | |
2019 | 1,343 | |
2018 | 742 | |
2017 | 337 | |
2016 | 39 | |
Prior | 1,562 | |
Revolving line of credit arrangements | 2,705 | |
Loans, net of unearned income | 13,917 | 11,269 |
Corporate | Non-investment grade, accrual | Mortgage and real estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 1,217 | |
2019 | 1,193 | |
2018 | 2,031 | |
2017 | 1,025 | |
2016 | 512 | |
Prior | 941 | |
Revolving line of credit arrangements | 920 | |
Loans, net of unearned income | 7,839 | 3,811 |
Corporate | Non-investment grade, accrual | Other | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 1,179 | |
2019 | 1,567 | |
2018 | 603 | |
2017 | 160 | |
2016 | 197 | |
Prior | 783 | |
Revolving line of credit arrangements | 2,840 | |
Loans, net of unearned income | 7,329 | 5,734 |
Corporate | Non-investment grade, non-accrual | Commercial and industrial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 207 | |
2019 | 108 | |
2018 | 54 | |
2017 | 181 | |
2016 | 72 | |
Prior | 343 | |
Revolving line of credit arrangements | 2,237 | |
Total non-accrual | 3,202 | 1,828 |
Corporate | Non-investment grade, non-accrual | Financial institutions | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 0 | |
2019 | 0 | |
2018 | 0 | |
2017 | 0 | |
2016 | 0 | |
Prior | 26 | |
Revolving line of credit arrangements | 218 | |
Total non-accrual | 244 | 50 |
Corporate | Non-investment grade, non-accrual | Mortgage and real estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 2 | |
2019 | 4 | |
2018 | 2 | |
2017 | 10 | |
2016 | 6 | |
Prior | 52 | |
Revolving line of credit arrangements | 379 | |
Total non-accrual | 455 | 188 |
Corporate | Non-investment grade, non-accrual | Other | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 13 | |
2019 | 8 | |
2018 | 0 | |
2017 | 15 | |
2016 | 0 | |
Prior | 42 | |
Revolving line of credit arrangements | 37 | |
Total non-accrual | 115 | 122 |
Corporate | Non-investment grade | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 27,904 | |
2019 | 11,268 | |
2018 | 9,354 | |
2017 | 5,159 | |
2016 | 1,887 | |
Prior | 9,771 | |
Revolving line of credit arrangements | 40,381 | |
Loans, net of unearned income | $ 105,724 | $ 77,222 |
LOANS - Non-accrual Corporate L
LOANS - Non-accrual Corporate Loans (Details) - Corporate - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | Dec. 31, 2019 | |
Financing receivable impaired | |||||
Recorded investment | $ 4,016 | $ 4,016 | $ 2,188 | ||
Unpaid principal balance | 4,686 | 4,686 | 2,667 | ||
Related specific allowance | 768 | 768 | 299 | ||
Average carrying value | 2,635 | 1,788 | |||
Interest income recognized | 4 | $ 8 | 19 | $ 24 | |
Recorded investment | 2,410 | 2,410 | 809 | ||
Recorded investment | 1,606 | 1,606 | 1,379 | ||
Commercial and industrial | |||||
Financing receivable impaired | |||||
Recorded investment | 3,202 | 3,202 | 1,828 | ||
Unpaid principal balance | 3,824 | 3,824 | 1,942 | ||
Related specific allowance | 682 | 682 | 283 | ||
Average carrying value | 2,099 | 1,449 | |||
Interest income recognized | 3 | 5 | |||
Recorded investment | 1,840 | 1,840 | 714 | ||
Recorded investment | 1,362 | 1,362 | 1,114 | ||
Financial institutions | |||||
Financing receivable impaired | |||||
Recorded investment | 244 | 244 | 50 | ||
Unpaid principal balance | 283 | 283 | 120 | ||
Related specific allowance | 38 | 38 | 2 | ||
Average carrying value | 90 | 63 | |||
Interest income recognized | 0 | 0 | |||
Recorded investment | 216 | 216 | 40 | ||
Recorded investment | 28 | 28 | 10 | ||
Mortgage and real estate | |||||
Financing receivable impaired | |||||
Recorded investment | 455 | 455 | 188 | ||
Unpaid principal balance | 455 | 455 | 362 | ||
Related specific allowance | 40 | 40 | 10 | ||
Average carrying value | 255 | 192 | |||
Interest income recognized | 0 | 0 | |||
Recorded investment | 277 | 277 | 48 | ||
Recorded investment | 178 | 178 | 140 | ||
Lease financing | |||||
Financing receivable impaired | |||||
Recorded investment | 36 | 36 | 41 | ||
Unpaid principal balance | 36 | 36 | 41 | ||
Related specific allowance | 0 | 0 | 0 | ||
Average carrying value | 30 | 8 | |||
Interest income recognized | 0 | 0 | |||
Recorded investment | 36 | 36 | 0 | ||
Recorded investment | 0 | 0 | 41 | ||
Other | |||||
Financing receivable impaired | |||||
Recorded investment | 79 | 79 | 81 | ||
Unpaid principal balance | 88 | 88 | 202 | ||
Related specific allowance | 8 | 8 | 4 | ||
Average carrying value | 161 | 76 | |||
Interest income recognized | 1 | 14 | |||
Recorded investment | 41 | 41 | 7 | ||
Recorded investment | $ 38 | $ 38 | $ 74 |
LOANS - Corporate Troubled Debt
LOANS - Corporate Troubled Debt Restructurings (Details) - Corporate - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Financing receivable impaired | ||||
Carrying value of TDRs modified during the period | $ 94 | $ 64 | $ 160 | $ 148 |
Period within which default occurred post-modification | 1 year | |||
Number of days past due, default status | 60 days | |||
TDR balance | 507 | 729 | $ 507 | 729 |
TDR loans in payment default | 0 | 21 | 0 | 21 |
Commercial and industrial | ||||
Financing receivable impaired | ||||
Carrying value of TDRs modified during the period | 86 | 55 | 148 | 135 |
TDR balance | 406 | 601 | 406 | 601 |
TDR loans in payment default | 0 | 21 | 0 | 21 |
Financial institutions | ||||
Financing receivable impaired | ||||
TDR balance | 0 | 10 | 0 | 10 |
TDR loans in payment default | 0 | 0 | 0 | 0 |
Mortgage and real estate | ||||
Financing receivable impaired | ||||
Carrying value of TDRs modified during the period | 4 | 3 | 8 | 7 |
TDR balance | 91 | 112 | 91 | 112 |
TDR loans in payment default | 0 | 0 | 0 | 0 |
Other | ||||
Financing receivable impaired | ||||
Carrying value of TDRs modified during the period | 4 | 6 | 4 | 6 |
TDR balance | 10 | 6 | 10 | 6 |
TDR loans in payment default | 0 | 0 | $ 0 | 0 |
Commercial banking loans | ||||
Financing receivable impaired | ||||
Number of days past due, default status | 90 days | |||
TDRs involving changes in the amount and/or timing of principal payments | ||||
Financing receivable impaired | ||||
Carrying value of TDRs modified during the period | 4 | 25 | $ 4 | 25 |
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 | 19 | 0 | 19 |
TDRs involving changes in the amount and/or timing of principal payments | Mortgage and real estate | ||||
Financing receivable impaired | ||||
Carrying value of TDRs modified during the period | 0 | 0 | 0 | 0 |
TDRs involving changes in the amount and/or timing of principal payments | Other | ||||
Financing receivable impaired | ||||
Carrying value of TDRs modified during the period | 4 | 6 | 4 | 6 |
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 | 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 | 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 | 0 | 0 |
TDRs involving changes in the amount and/or timing of interest payments | Other | ||||
Financing receivable impaired | ||||
Carrying value of TDRs modified during the period | 0 | 0 | 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 | 90 | 39 | 156 | 123 |
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 | 86 | 36 | 148 | 116 |
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 | 3 | 8 | 7 |
TDRs involving changes in the amount and/or timing of both principal and interest payments | Other | ||||
Financing receivable impaired | ||||
Carrying value of TDRs modified during the period | $ 0 | $ 0 | $ 0 | $ 0 |
ALLOWANCE FOR CREDIT LOSSES - A
ALLOWANCE FOR CREDIT LOSSES - Allowance for Loan Losses Roll Forward (Details) - USD ($) $ in Millions | Jan. 01, 2020 | Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | Dec. 31, 2019 |
Allowance for credit losses | ||||||
Allowance for credit losses on loans (ACLL) at beginning of period | $ 12,783 | $ 20,841 | $ 12,329 | $ 12,783 | $ 12,315 | |
Gross credit losses on loans | (2,528) | (2,354) | (5,007) | (4,699) | ||
Gross recoveries on loans | 322 | 391 | 693 | 788 | ||
Net credit losses on loans (NCLs) | (2,206) | (1,963) | (4,314) | (3,911) | ||
Net reserve builds (releases) | 4,856 | 53 | 8,968 | 120 | ||
Net specific reserve builds (releases) for loans | 634 | 73 | 858 | 2 | ||
Total provision for credit losses on loans (PCLL) | 7,696 | 2,089 | 14,140 | 4,033 | ||
Initial allowance for credit losses on newly purchased credit deteriorated assets during the period | 0 | 0 | 4 | 0 | ||
Other, net | 89 | 11 | (394) | 29 | ||
ACLL at end of period | 26,420 | 12,466 | 26,420 | 12,466 | ||
Allowance for credit losses on unfunded commitments | ||||||
Allowance for credit losses on unfunded commitments (ACLUC) at beginning of period | 1,456 | 1,813 | 1,391 | 1,456 | 1,367 | |
Provision (release) for credit losses on unfunded lending commitments | 113 | (15) | 670 | 9 | ||
Other, net | (67) | 0 | (73) | 0 | ||
ACLUC at end of period | 1,859 | 1,376 | 1,859 | 1,376 | ||
Total allowance for credit losses on loans, leases and unfunded lending commitments | 28,279 | 13,842 | 28,279 | 13,842 | ||
Sales or transfers of various consumer loan portfolios to HFS | ||||||
Sales or transfers of various consumer loan portfolios to HFS | (1) | (4) | (4) | (4) | ||
FX translation | 88 | 13 | (395) | 39 | ||
Other | 2 | 2 | 5 | (6) | ||
Other liabilities | 61,269 | 61,269 | $ 57,979 | |||
Revision of Prior Period, Change in Accounting Principle, Adjustment | ||||||
Allowance for credit losses | ||||||
Allowance for credit losses on loans (ACLL) at beginning of period | ||||||
ACLL at end of period | (426) | (426) | ||||
Revision of Prior Period, Reclassification, Adjustment | ||||||
Allowance for credit losses on unfunded commitments | ||||||
Allowance for credit losses on unfunded commitments (ACLUC) at beginning of period | ||||||
ACLUC at end of period | (68) | (68) | ||||
Sales or transfers of various consumer loan portfolios to HFS | ||||||
Other liabilities | 68 | 68 | ||||
Cumulative Effect, Period of Adoption, Adjustment | ||||||
Allowance for credit losses | ||||||
Allowance for credit losses on loans (ACLL) at beginning of period | 4,201 | 0 | 4,201 | 0 | ||
Net reserve builds (releases) | 4,900 | |||||
ACLL at end of period | 4,100 | |||||
Allowance for credit losses on unfunded commitments | ||||||
Allowance for credit losses on unfunded commitments (ACLUC) at beginning of period | (194) | 0 | (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 | 20,841 | 16,984 | |||
Corporate | ||||||
Allowance for credit losses | ||||||
Allowance for credit losses on loans (ACLL) at beginning of period | 2,886 | 3,451 | 2,731 | 2,886 | 2,811 | |
Gross credit losses on loans | (347) | (104) | (485) | (204) | ||
Gross recoveries on loans | 23 | 15 | 34 | 36 | ||
Net credit losses on loans (NCLs) | (324) | (89) | (451) | (168) | ||
Net reserve builds (releases) | 2,883 | 50 | 4,151 | 54 | ||
Net specific reserve builds (releases) for loans | 486 | 3 | 534 | (76) | ||
Initial allowance for credit losses on newly purchased credit deteriorated assets during the period | 0 | 0 | 0 | 0 | ||
Other, net | 4 | 3 | (26) | (2) | ||
ACLL at end of period | 6,824 | 2,787 | 6,824 | 2,787 | ||
Corporate | Cumulative Effect, Period of Adoption, Adjustment | ||||||
Allowance for credit losses | ||||||
Allowance for credit losses on loans (ACLL) at beginning of period | (721) | (721) | 0 | |||
Consumer | ||||||
Allowance for credit losses | ||||||
Allowance for credit losses on loans (ACLL) at beginning of period | 9,897 | 17,390 | 9,598 | 9,897 | 9,504 | |
Gross credit losses on loans | (2,181) | (2,250) | (4,522) | (4,495) | ||
Gross recoveries on loans | 299 | 376 | 659 | 752 | ||
Net credit losses on loans (NCLs) | (1,882) | (1,874) | (3,863) | (3,743) | ||
Net reserve builds (releases) | 1,973 | 3 | 4,817 | 66 | ||
Net specific reserve builds (releases) for loans | 148 | 70 | 324 | 78 | ||
Initial allowance for credit losses on newly purchased credit deteriorated assets during the period | 0 | 0 | 4 | 0 | ||
Other, net | 85 | 8 | (368) | 31 | ||
ACLL at end of period | $ 19,596 | $ 9,679 | 19,596 | 9,679 | ||
Consumer | Cumulative Effect, Period of Adoption, Adjustment | ||||||
Allowance for credit losses | ||||||
Allowance for credit losses on loans (ACLL) at beginning of period | $ 4,922 | $ 4,922 | $ 0 |
ALLOWANCE FOR CREDIT LOSSES -_2
ALLOWANCE FOR CREDIT LOSSES - Allowance for Loan Losses Roll Forward by Segment (Details) - USD ($) $ in Millions | Jan. 01, 2020 | Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | Mar. 31, 2020 | Dec. 31, 2019 | Mar. 31, 2019 | Dec. 31, 2018 |
Allowance for credit losses | |||||||||
Charge-offs | $ (2,528) | $ (2,354) | $ (5,007) | $ (4,699) | |||||
Recoveries | 322 | 391 | 693 | 788 | |||||
Replenishment of net charge-offs | 2,206 | 1,963 | 4,314 | 3,911 | |||||
Net reserve builds (releases) | 4,856 | 53 | 8,968 | 120 | |||||
Net specific reserve builds (releases) | 634 | 73 | 858 | 2 | |||||
Initial allowance for credit losses on newly purchased credit deteriorated assets during the period | 0 | 0 | 4 | 0 | |||||
Other | 89 | 11 | (394) | 29 | |||||
Allowance for credit losses on loans | |||||||||
Collectively evaluated | 24,400 | 24,400 | $ 11,293 | ||||||
Individually evaluated | 2,015 | 2,015 | 1,489 | ||||||
Total allowance for credit losses on loans | 26,420 | 12,466 | 26,420 | 12,466 | $ 20,841 | 12,783 | $ 12,329 | $ 12,315 | |
Loans, net of unearned income | |||||||||
Collectively evaluated | 670,850 | 670,850 | 688,338 | ||||||
Individually evaluated | 8,522 | 8,522 | 6,932 | ||||||
Loans at fair value | 5,799 | 5,799 | 4,085 | ||||||
Loans, net of unearned income | 685,292 | 685,292 | 699,483 | ||||||
Purchased Credit Deteriorated | |||||||||
Allowance for credit losses on loans | |||||||||
Purchased credit deteriorated | 5 | 5 | 1 | ||||||
Loans, net of unearned income | |||||||||
Purchased credit deteriorated | 121 | 121 | 128 | ||||||
Corporate | |||||||||
Allowance for credit losses | |||||||||
Charge-offs | (347) | (104) | (485) | (204) | |||||
Recoveries | 23 | 15 | 34 | 36 | |||||
Replenishment of net charge-offs | 324 | 89 | 451 | 168 | |||||
Net reserve builds (releases) | 2,883 | 50 | 4,151 | 54 | |||||
Net specific reserve builds (releases) | 486 | 3 | 534 | (76) | |||||
Initial allowance for credit losses on newly purchased credit deteriorated assets during the period | 0 | 0 | 0 | 0 | |||||
Other | 4 | 3 | (26) | (2) | |||||
Allowance for credit losses on loans | |||||||||
Collectively evaluated | 6,056 | 6,056 | 2,587 | ||||||
Individually evaluated | 768 | 768 | 299 | ||||||
Total allowance for credit losses on loans | 6,824 | 2,787 | 6,824 | 2,787 | 3,451 | 2,886 | 2,731 | 2,811 | |
Loans, net of unearned income | |||||||||
Collectively evaluated | 394,380 | 394,380 | 383,828 | ||||||
Individually evaluated | 4,016 | 4,016 | 2,040 | ||||||
Loans at fair value | 5,783 | 5,783 | 4,067 | ||||||
Loans, net of unearned income | 404,179 | 404,179 | 389,935 | ||||||
Corporate | Purchased Credit Deteriorated | |||||||||
Allowance for credit losses on loans | |||||||||
Purchased credit deteriorated | 0 | 0 | 0 | ||||||
Loans, net of unearned income | |||||||||
Purchased credit deteriorated | 0 | 0 | 0 | ||||||
Consumer | |||||||||
Allowance for credit losses | |||||||||
Charge-offs | (2,181) | (2,250) | (4,522) | (4,495) | |||||
Recoveries | 299 | 376 | 659 | 752 | |||||
Replenishment of net charge-offs | 1,882 | 1,874 | 3,863 | 3,743 | |||||
Net reserve builds (releases) | 1,973 | 3 | 4,817 | 66 | |||||
Net specific reserve builds (releases) | 148 | 70 | 324 | 78 | |||||
Initial allowance for credit losses on newly purchased credit deteriorated assets during the period | 0 | 0 | 4 | 0 | |||||
Other | 85 | 8 | (368) | 31 | |||||
Allowance for credit losses on loans | |||||||||
Collectively evaluated | 18,344 | 18,344 | 8,706 | ||||||
Individually evaluated | 1,247 | 1,247 | 1,190 | ||||||
Total allowance for credit losses on loans | 19,596 | $ 9,679 | 19,596 | $ 9,679 | 17,390 | 9,897 | $ 9,598 | 9,504 | |
Loans, net of unearned income | |||||||||
Collectively evaluated | 276,470 | 276,470 | 304,510 | ||||||
Individually evaluated | 4,506 | 4,506 | 4,892 | ||||||
Loans at fair value | 16 | 16 | 18 | ||||||
Loans, net of unearned income | 281,113 | 281,113 | 309,548 | ||||||
Consumer | Purchased Credit Deteriorated | |||||||||
Allowance for credit losses on loans | |||||||||
Purchased credit deteriorated | 5 | 5 | 1 | ||||||
Loans, net of unearned income | |||||||||
Purchased credit deteriorated | $ 121 | $ 121 | 128 | ||||||
Cumulative Effect, Period of Adoption, Adjustment | |||||||||
Allowance for credit losses | |||||||||
Net reserve builds (releases) | $ 4,900 | ||||||||
Allowance for credit losses on loans | |||||||||
Total allowance for credit losses on loans | $ 4,100 | $ 0 | 4,201 | 0 | |||||
Cumulative Effect, Period of Adoption, Adjustment | Corporate | |||||||||
Allowance for credit losses on loans | |||||||||
Total allowance for credit losses on loans | (721) | 0 | |||||||
Cumulative Effect, Period of Adoption, Adjustment | Consumer | |||||||||
Allowance for credit losses on loans | |||||||||
Total allowance for credit losses on loans | $ 4,922 | $ 0 |
ALLOWANCE FOR CREDIT LOSSES - S
ALLOWANCE FOR CREDIT LOSSES - Schedule of Allowance for Credit Losses for AFS Debt Securities (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | ||
Debt Securities, Available-for-sale, Allowance for Credit Loss [Roll Forward] | |||||
Allowance for credit losses at beginning of period | $ 0 | $ 0 | |||
Less: Write-offs | 0 | 0 | |||
Recoveries of amounts written-off | 0 | 0 | |||
Net credit losses (NCLs) | 0 | 0 | |||
Credit losses on securities without previous credit losses | 8 | 8 | |||
Total provision for credit losses | [1] | 8 | $ 0 | 8 | $ 0 |
Initial allowance on purchased credit deteriorated assets | 0 | 0 | |||
Allowance for credit losses at end of period | 8 | 8 | |||
Cumulative Effect, Period of Adoption, Adjustment | |||||
Debt Securities, Available-for-sale, Allowance for Credit Loss [Roll Forward] | |||||
Allowance for credit losses at beginning of period | 0 | ||||
Foreign government | |||||
Debt Securities, Available-for-sale, Allowance for Credit Loss [Roll Forward] | |||||
Allowance for credit losses at beginning of period | 0 | 0 | |||
Less: Write-offs | 0 | 0 | |||
Recoveries of amounts written-off | 0 | 0 | |||
Net credit losses (NCLs) | 0 | 0 | |||
Credit losses on securities without previous credit losses | 3 | 3 | |||
Total provision for credit losses | 3 | 3 | |||
Initial allowance on purchased credit deteriorated assets | 0 | 0 | |||
Allowance for credit losses at end of period | 3 | 3 | |||
Foreign government | Cumulative Effect, Period of Adoption, Adjustment | |||||
Debt Securities, Available-for-sale, Allowance for Credit Loss [Roll Forward] | |||||
Allowance for credit losses at beginning of period | 0 | ||||
Corporate | |||||
Debt Securities, Available-for-sale, Allowance for Credit Loss [Roll Forward] | |||||
Allowance for credit losses at beginning of period | 0 | 0 | |||
Less: Write-offs | 0 | 0 | |||
Recoveries of amounts written-off | 0 | 0 | |||
Net credit losses (NCLs) | 0 | 0 | |||
Credit losses on securities without previous credit losses | 5 | 5 | |||
Total provision for credit losses | 5 | 5 | |||
Initial allowance on purchased credit deteriorated assets | 0 | 0 | |||
Allowance for credit losses at end of period | $ 5 | 5 | |||
Corporate | Cumulative Effect, Period of Adoption, Adjustment | |||||
Debt Securities, Available-for-sale, Allowance for Credit Loss [Roll Forward] | |||||
Allowance for credit losses at beginning of period | $ 0 | ||||
[1] | In accordance with ASC 326. |
ALLOWANCE FOR CREDIT LOSSES -_3
ALLOWANCE FOR CREDIT LOSSES - Schedule of Allowance for Credit Losses for HTM Debt Securities (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Debt Securities, Held-to-maturity, Allowance for Credit Loss [Roll Forward] | ||||
Allowance for credit losses on HTM debt securities at beginning of period | $ 76,000,000 | $ 0 | ||
Net credit losses (NCLs) | 0 | 0 | ||
Net reserve builds (releases) | 31,000,000 | 37,000,000 | ||
Net specific reserve builds (releases) | 0 | 0 | ||
Total provision for credit losses on HTM debt securities | 31,000,000 | $ 0 | 37,000,000 | $ 0 |
Other, net | 0 | 0 | ||
Initial allowance for credit losses on newly purchased credit deteriorated securities during the period | 0 | 0 | ||
Allowance for credit losses on HTM debt securities at end of period | 107,000,000 | 107,000,000 | ||
State and municipal | ||||
Debt Securities, Held-to-maturity, Allowance for Credit Loss [Roll Forward] | ||||
Allowance for credit losses on HTM debt securities at beginning of period | 66,000,000 | 0 | ||
Net credit losses (NCLs) | 0 | 0 | ||
Net reserve builds (releases) | 30,000,000 | 35,000,000 | ||
Net specific reserve builds (releases) | 0 | 0 | ||
Total provision for credit losses on HTM debt securities | 30,000,000 | 35,000,000 | ||
Other, net | 3,000,000 | 3,000,000 | ||
Initial allowance for credit losses on newly purchased credit deteriorated securities during the period | 0 | 0 | ||
Allowance for credit losses on HTM debt securities at end of period | 99,000,000 | 99,000,000 | ||
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 | 4,000,000 | 0 | ||
Net credit losses (NCLs) | 0 | 0 | ||
Net reserve builds (releases) | 2,000,000 | 2,000,000 | ||
Net specific reserve builds (releases) | 0 | 0 | ||
Total provision for credit losses on HTM debt securities | 2,000,000 | 2,000,000 | ||
Other, net | 0 | 0 | ||
Initial allowance for credit losses on newly purchased credit deteriorated securities during the period | 0 | 0 | ||
Allowance for credit losses on HTM debt securities at end of period | 6,000,000 | 6,000,000 | ||
Asset-based financing | ||||
Debt Securities, Held-to-maturity, Allowance for Credit Loss [Roll Forward] | ||||
Allowance for credit losses on HTM debt securities at beginning of period | 6,000,000 | 0 | ||
Net credit losses (NCLs) | 0 | 0 | ||
Net reserve builds (releases) | (1,000,000) | 0 | ||
Net specific reserve builds (releases) | 0 | 0 | ||
Total provision for credit losses on HTM debt securities | (1,000,000) | 0 | ||
Other, net | (3,000,000) | (3,000,000) | ||
Initial allowance for credit losses on newly purchased credit deteriorated securities during the period | 0 | 0 | ||
Allowance for credit losses on HTM debt securities at end of period | $ 2,000,000 | 2,000,000 | ||
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 | 70,000,000 | |||
Cumulative Effect, Period of Adoption, Adjustment | State and municipal | ||||
Debt Securities, Held-to-maturity, Allowance for Credit Loss [Roll Forward] | ||||
Allowance for credit losses on HTM debt securities at beginning of period | 61,000,000 | |||
Cumulative Effect, Period of Adoption, Adjustment | 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 | 4,000,000 | |||
Cumulative Effect, Period of Adoption, Adjustment | Asset-based financing | ||||
Debt Securities, Held-to-maturity, Allowance for Credit Loss [Roll Forward] | ||||
Allowance for credit losses on HTM debt securities at beginning of period | $ 5,000,000 |
ALLOWANCE FOR CREDIT LOSSES -_4
ALLOWANCE FOR CREDIT LOSSES - Schedule of Allowance for Credit Losses for Other Assets (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Financing Receivable, Other Assets, Allowance For Credit Loss [Roll Forward] | ||||
Allowance for credit losses at beginning of period | $ 54 | $ 0 | ||
Net credit losses (NCLs) | 0 | 0 | ||
Net reserve builds (releases) | 48 | 44 | ||
Total provision for credit losses | 48 | $ 0 | 44 | $ 0 |
Other, net | 0 | 32 | ||
Allowance for credit losses at end of period | 102 | 102 | ||
Cash and due from banks | ||||
Financing Receivable, Other Assets, Allowance For Credit Loss [Roll Forward] | ||||
Allowance for credit losses at beginning of period | 0 | 0 | ||
Net credit losses (NCLs) | 0 | 0 | ||
Net reserve builds (releases) | 0 | (6) | ||
Total provision for credit losses | 0 | (6) | ||
Other, net | 0 | 0 | ||
Allowance for credit losses at end of period | 0 | 0 | ||
Deposits with banks | ||||
Financing Receivable, Other Assets, Allowance For Credit Loss [Roll Forward] | ||||
Allowance for credit losses at beginning of period | 8 | 0 | ||
Net credit losses (NCLs) | 0 | 0 | ||
Net reserve builds (releases) | 10 | 4 | ||
Total provision for credit losses | 10 | 4 | ||
Other, net | 0 | 0 | ||
Allowance for credit losses at end of period | 18 | 18 | ||
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 | 5 | 0 | ||
Net credit losses (NCLs) | 0 | 0 | ||
Net reserve builds (releases) | 2 | 5 | ||
Total provision for credit losses | 2 | 5 | ||
Other, net | 0 | 0 | ||
Allowance for credit losses at end of period | 7 | 7 | ||
Brokerage receivables | ||||
Financing Receivable, Other Assets, Allowance For Credit Loss [Roll Forward] | ||||
Allowance for credit losses at beginning of period | 0 | 0 | ||
Net credit losses (NCLs) | 0 | 0 | ||
Net reserve builds (releases) | 0 | (1) | ||
Total provision for credit losses | 0 | (1) | ||
Other, net | 0 | 0 | ||
Allowance for credit losses at end of period | 0 | 0 | ||
All other assets | ||||
Financing Receivable, Other Assets, Allowance For Credit Loss [Roll Forward] | ||||
Allowance for credit losses at beginning of period | 41 | 0 | ||
Net credit losses (NCLs) | 0 | 0 | ||
Net reserve builds (releases) | 36 | 42 | ||
Total provision for credit losses | 36 | 42 | ||
Other, net | 0 | 32 | ||
Allowance for credit losses at end of period | $ 77 | 77 | ||
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) - USD ($) $ in Millions | 3 Months Ended | |
Jun. 30, 2020 | Mar. 31, 2020 | |
Goodwill | ||
Balance of goodwill at beginning of period | $ 21,264 | $ 22,126 |
Foreign currency translation | 135 | (862) |
Balance of goodwill at end of period | 21,399 | 21,264 |
Global Consumer Banking | ||
Goodwill | ||
Balance of goodwill at beginning of period | 11,837 | 12,102 |
Foreign currency translation | 39 | (265) |
Balance of goodwill at end of period | 11,876 | 11,837 |
Institutional Clients Group | ||
Goodwill | ||
Balance of goodwill at beginning of period | 9,427 | 10,024 |
Foreign currency translation | 96 | (597) |
Balance of goodwill at end of period | $ 9,523 | $ 9,427 |
GOODWILL AND INTANGIBLE ASSET_3
GOODWILL AND INTANGIBLE ASSETS - Components of Intangible Assets (Details) - USD ($) $ in Millions | 6 Months Ended | 12 Months Ended |
Jun. 30, 2020 | Dec. 31, 2019 | |
Finite and Indefinite-lived Intangible Assets | ||
Gross carrying amount of Intangible assets (excluding MSRs) | $ 9,827 | $ 12,271 |
Accumulated amortization of Intangible assets (excluding MSRs) | 5,721 | 7,944 |
Net carrying amount of Intangible assets (excluding MSRs) | 4,106 | 4,327 |
Gross carrying amount, Mortgage servicing rights (MSRs) | 345 | 495 |
Mortgage servicing rights (MSRs) | 345 | 495 |
Gross carrying amount of Intangible assets | 10,172 | 12,766 |
Accumulated amortization of Intangible assets | 5,721 | 7,944 |
Total intangible assets | 4,451 | 4,822 |
Indefinite-lived intangible assets | ||
Finite and Indefinite-lived Intangible Assets | ||
Gross carrying amount of Intangible assets (excluding MSRs) | 194 | 228 |
Net carrying amount of Intangible assets (excluding MSRs) | 194 | 228 |
Purchased credit card relationships | ||
Finite and Indefinite-lived Intangible Assets | ||
Gross carrying amount of Intangible assets (excluding MSRs) | 5,642 | 5,676 |
Accumulated amortization of Intangible assets (excluding MSRs) | 4,115 | 4,059 |
Net carrying amount of Intangible assets (excluding MSRs) | 1,527 | 1,617 |
Credit card contract related intangibles | ||
Finite and Indefinite-lived Intangible Assets | ||
Gross carrying amount of Intangible assets (excluding MSRs) | 3,427 | 5,393 |
Accumulated amortization of Intangible assets (excluding MSRs) | 1,192 | 3,069 |
Net carrying amount of Intangible assets (excluding MSRs) | 2,235 | 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) | 428 | 424 |
Accumulated amortization of Intangible assets (excluding MSRs) | 289 | 275 |
Net carrying amount of Intangible assets (excluding MSRs) | 139 | 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) | 25 | 31 |
Net carrying amount of Intangible assets (excluding MSRs) | 2 | 3 |
Other | ||
Finite and Indefinite-lived Intangible Assets | ||
Gross carrying amount of Intangible assets (excluding MSRs) | 67 | 82 |
Accumulated amortization of Intangible assets (excluding MSRs) | 58 | 77 |
Net carrying amount of Intangible assets (excluding MSRs) | $ 9 | $ 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_4
GOODWILL AND INTANGIBLE ASSETS - Changes in Intangible Assets (Details) - USD ($) $ in Millions | 6 Months Ended | 12 Months Ended |
Jun. 30, 2020 | Dec. 31, 2019 | |
Finite and Indefinite-lived Intangible Assets | ||
Beginning balance | $ 4,327 | |
Acquisitions/ divestitures | 32 | |
Amortization | (216) | |
Impairments | 0 | |
FX translation and other | (37) | |
Ending balance | 4,106 | $ 4,327 |
Mortgage servicing rights (MSRs) | 345 | 495 |
Total intangible assets | 4,451 | 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 | (34) | |
Ending balance | 194 | 228 |
Purchased credit card relationships | ||
Finite and Indefinite-lived Intangible Assets | ||
Beginning balance | 1,617 | |
Acquisitions/ divestitures | 11 | |
Amortization | (99) | |
Impairments | 0 | |
FX translation and other | (2) | |
Ending balance | 1,527 | 1,617 |
Credit card contract related intangibles | ||
Finite and Indefinite-lived Intangible Assets | ||
Beginning balance | 2,324 | |
Acquisitions/ divestitures | 14 | |
Amortization | (101) | |
Impairments | 0 | |
FX translation and other | (2) | |
Ending balance | 2,235 | 2,324 |
Core deposit intangibles | ||
Finite and Indefinite-lived Intangible Assets | ||
Beginning balance | 1 | |
Acquisitions/ divestitures | 0 | |
Amortization | (1) | |
Impairments | 0 | |
FX translation and other | 0 | |
Ending balance | 0 | 1 |
Other customer relationships | ||
Finite and Indefinite-lived Intangible Assets | ||
Beginning balance | 149 | |
Acquisitions/ divestitures | 0 | |
Amortization | (12) | |
Impairments | 0 | |
FX translation and other | 2 | |
Ending balance | 139 | 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 | (1) | |
Ending balance | 2 | 3 |
Other | ||
Finite and Indefinite-lived Intangible Assets | ||
Beginning balance | 5 | |
Acquisitions/ divestitures | 7 | |
Amortization | (3) | |
Impairments | 0 | |
FX translation and other | 0 | |
Ending balance | $ 9 | $ 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 | Jun. 30, 2020 | Dec. 31, 2019 |
Short-term Debt [Line Items] | ||
Commercial paper | $ 17,925 | $ 16,476 |
Other borrowings | 22,231 | 28,573 |
Total short-term borrowings | 40,156 | 45,049 |
Collateralized short-term advances from Federal Home Loan Bank | 12,000 | 17,600 |
Bank | ||
Short-term Debt [Line Items] | ||
Commercial paper | 10,953 | 10,155 |
Broker-dealer and other | ||
Short-term Debt [Line Items] | ||
Commercial paper | $ 6,972 | $ 6,321 |
DEBT - Long-Term Debt (Details)
DEBT - Long-Term Debt (Details) - USD ($) $ in Millions | Jun. 30, 2020 | Dec. 31, 2019 |
Debt Instrument | ||
Long-term debt, at fair value | $ 279,775 | $ 248,760 |
Trust preferred securities | 1,700 | 1,700 |
Citigroup Inc. | ||
Debt Instrument | ||
Long-term debt, at fair value | 169,036 | 150,477 |
Bank | ||
Debt Instrument | ||
Long-term debt, at fair value | 55,453 | 53,340 |
Bank | Senior notes | ||
Debt Instrument | ||
Collateralized long-term advances from Federal Home Loan Bank | 18,000 | 5,500 |
Broker-dealer and other | ||
Debt Instrument | ||
Long-term debt, at fair value | $ 55,286 | $ 44,943 |
DEBT - Trust Preferred Securiti
DEBT - Trust Preferred Securities (Details) $ in Millions | Jun. 30, 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 XIII | LIBOR | |
Trust Preferred Securities | |
Basis spread on variable rate | 0.0637 |
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 |
Citigroup Capital XVIII | LIBOR | |
Trust Preferred Securities | |
Basis spread on variable rate | 0.008875 |
CHANGES IN ACCUMULATED OTHER _3
CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (AOCI) - Change in Each Component of AOCI (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Change in accumulated other comprehensive income (loss) | ||||
Balance, beginning of period | $ 193,946 | |||
Balance, end of period | $ 192,302 | $ 198,110 | 192,302 | $ 198,110 |
Net unrealized gains (losses) on debt securities | ||||
Change in accumulated other comprehensive income (loss) | ||||
Balance, beginning of period | 2,863 | (1,115) | (265) | (2,250) |
Other comprehensive income before reclassifications | 1,391 | 1,050 | 4,795 | 2,276 |
Increase (decrease) due to amounts reclassified from AOCI | (554) | (347) | (830) | (438) |
Total other comprehensive income | 837 | 703 | 3,965 | 1,838 |
Balance, end of period | 3,700 | (412) | 3,700 | (412) |
Debt valuation adjustment (DVA) | ||||
Change in accumulated other comprehensive income (loss) | ||||
Balance, beginning of period | 2,196 | (379) | (944) | 192 |
Other comprehensive income before reclassifications | (2,204) | (14) | 913 | (589) |
Increase (decrease) due to amounts reclassified from AOCI | (28) | 17 | (5) | 21 |
Total other comprehensive income | (2,232) | 3 | 908 | (568) |
Balance, end of period | (36) | (376) | (36) | (376) |
Cash flow hedges | ||||
Change in accumulated other comprehensive income (loss) | ||||
Balance, beginning of period | 2,020 | (442) | 123 | (728) |
Other comprehensive income before reclassifications | 226 | 414 | 2,124 | 600 |
Increase (decrease) due to amounts reclassified from AOCI | (152) | 103 | (153) | 203 |
Total other comprehensive income | 74 | 517 | 1,971 | 803 |
Balance, end of period | 2,094 | 75 | 2,094 | 75 |
Benefit plans | ||||
Change in accumulated other comprehensive income (loss) | ||||
Balance, beginning of period | (7,095) | (6,321) | (6,809) | (6,257) |
Other comprehensive income before reclassifications | (132) | (305) | (476) | (415) |
Increase (decrease) due to amounts reclassified from AOCI | 55 | 52 | 113 | 98 |
Total other comprehensive income | (77) | (253) | (363) | (317) |
Balance, end of period | (7,172) | (6,574) | (7,172) | (6,574) |
Foreign currency translation adjustment (CTA), net of hedges | ||||
Change in accumulated other comprehensive income (loss) | ||||
Balance, beginning of period | (32,500) | (28,012) | (28,391) | (28,070) |
Other comprehensive income before reclassifications | 561 | 91 | (3,548) | 149 |
Increase (decrease) due to amounts reclassified from AOCI | 0 | 0 | 0 | 0 |
Total other comprehensive income | 561 | 91 | (3,548) | 149 |
Balance, end of period | (31,939) | (27,921) | (31,939) | (27,921) |
Excluded component of fair value hedges | ||||
Change in accumulated other comprehensive income (loss) | ||||
Balance, beginning of period | (5) | (39) | (32) | (57) |
Other comprehensive income before reclassifications | 13 | 44 | 40 | 62 |
Increase (decrease) due to amounts reclassified from AOCI | 0 | 0 | 0 | 0 |
Total other comprehensive income | 13 | 44 | 40 | 62 |
Balance, end of period | 8 | 5 | 8 | 5 |
Accumulated other comprehensive income (loss) | ||||
Change in accumulated other comprehensive income (loss) | ||||
Balance, beginning of period | (32,521) | (36,308) | (36,318) | (37,170) |
Other comprehensive income before reclassifications | (145) | 1,280 | 3,848 | 2,083 |
Increase (decrease) due to amounts reclassified from AOCI | (679) | (175) | (875) | (116) |
Total other comprehensive income | (824) | 1,105 | 2,973 | 1,967 |
Balance, end of period | $ (33,345) | $ (35,203) | $ (33,345) | $ (35,203) |
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 | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Change in accumulated other comprehensive income (loss), after-tax | ||||
Balance, beginning of period | $ 193,946 | |||
Balance, end of period | $ 192,302 | $ 198,110 | 192,302 | $ 198,110 |
Net unrealized gains (losses) on debt securities | ||||
Change in accumulated other comprehensive income (loss), pretax | ||||
Other comprehensive income (loss), pretax | 1,178 | 936 | 5,298 | 2,436 |
Change in accumulated other comprehensive income (loss), tax effect | ||||
Other comprehensive income (loss), tax effect | (341) | (233) | (1,333) | (598) |
Change in accumulated other comprehensive income (loss), after-tax | ||||
Balance, beginning of period | 2,863 | (1,115) | (265) | (2,250) |
Total other comprehensive income | 837 | 703 | 3,965 | 1,838 |
Balance, end of period | 3,700 | (412) | 3,700 | (412) |
Debt valuation adjustment (DVA) | ||||
Change in accumulated other comprehensive income (loss), pretax | ||||
Other comprehensive income (loss), pretax | (2,935) | 3 | 1,253 | (722) |
Change in accumulated other comprehensive income (loss), tax effect | ||||
Other comprehensive income (loss), tax effect | 703 | 0 | (345) | 154 |
Change in accumulated other comprehensive income (loss), after-tax | ||||
Balance, beginning of period | 2,196 | (379) | (944) | 192 |
Total other comprehensive income | (2,232) | 3 | 908 | (568) |
Balance, end of period | (36) | (376) | (36) | (376) |
Hedges | ||||
Change in accumulated other comprehensive income (loss), after-tax | ||||
Balance, beginning of period | (5) | (39) | (32) | (57) |
Total other comprehensive income | 13 | 44 | 40 | 62 |
Balance, end of period | 8 | 5 | 8 | 5 |
Benefit plans | ||||
Change in accumulated other comprehensive income (loss), pretax | ||||
Other comprehensive income (loss), pretax | (93) | (329) | (510) | (397) |
Change in accumulated other comprehensive income (loss), tax effect | ||||
Other comprehensive income (loss), tax effect | 16 | 76 | 147 | 80 |
Change in accumulated other comprehensive income (loss), after-tax | ||||
Balance, beginning of period | (7,095) | (6,321) | (6,809) | (6,257) |
Total other comprehensive income | (77) | (253) | (363) | (317) |
Balance, end of period | (7,172) | (6,574) | (7,172) | (6,574) |
Foreign currency translation adjustment | ||||
Change in accumulated other comprehensive income (loss), pretax | ||||
Other comprehensive income (loss), pretax | 485 | 83 | (3,570) | 152 |
Change in accumulated other comprehensive income (loss), tax effect | ||||
Other comprehensive income (loss), tax effect | 76 | 8 | 22 | (3) |
Change in accumulated other comprehensive income (loss), after-tax | ||||
Balance, beginning of period | (32,500) | (28,012) | (28,391) | (28,070) |
Total other comprehensive income | 561 | 91 | (3,548) | 149 |
Balance, end of period | (31,939) | (27,921) | (31,939) | (27,921) |
Citigroup's accumulated other comprehensive income (loss) | ||||
Change in accumulated other comprehensive income (loss), pretax | ||||
Balance, beginning of period, pretax | (36,419) | (42,904) | (42,772) | (44,082) |
Other comprehensive income (loss), pretax | (1,259) | 1,432 | 5,094 | 2,610 |
Balance, end of period, pretax | (37,678) | (41,472) | (37,678) | (41,472) |
Change in accumulated other comprehensive income (loss), tax effect | ||||
Balance, beginning of period, tax effect | 3,898 | 6,596 | 6,454 | 6,912 |
Other comprehensive income (loss), tax effect | 435 | (327) | (2,121) | (643) |
Balance, end of period, tax effect | 4,333 | 6,269 | 4,333 | 6,269 |
Change in accumulated other comprehensive income (loss), after-tax | ||||
Balance, beginning of period | (32,521) | (36,308) | (36,318) | (37,170) |
Total other comprehensive income | (824) | 1,105 | 2,973 | 1,967 |
Balance, end of period | (33,345) | (35,203) | (33,345) | (35,203) |
Cash flow hedges | Hedges | ||||
Change in accumulated other comprehensive income (loss), pretax | ||||
Other comprehensive income (loss), pretax | 90 | 680 | 2,574 | 1,058 |
Change in accumulated other comprehensive income (loss), tax effect | ||||
Other comprehensive income (loss), tax effect | (16) | (163) | (603) | (255) |
Change in accumulated other comprehensive income (loss), after-tax | ||||
Total other comprehensive income | 74 | 517 | 1,971 | 803 |
Fair value hedges | Hedges | ||||
Change in accumulated other comprehensive income (loss), pretax | ||||
Other comprehensive income (loss), pretax | 16 | 59 | 49 | 83 |
Change in accumulated other comprehensive income (loss), tax effect | ||||
Other comprehensive income (loss), tax effect | (3) | (15) | (9) | (21) |
Change in accumulated other comprehensive income (loss), after-tax | ||||
Total other comprehensive income | $ 13 | $ 44 | $ 40 | $ 62 |
CHANGES IN ACCUMULATED OTHER _5
CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (AOCI) - Reclassification out of AOCI (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Pretax and after-tax amounts reclassified out of accumulated other comprehensive income (loss) | ||||
Realized (gains) losses on sales of investments | $ (748) | $ (468) | $ (1,180) | $ (598) |
Provision (benefits) for income taxes | 131 | 1,373 | 707 | 2,648 |
Income (loss) from continuing operations | (1,317) | (4,792) | (3,851) | (9,529) |
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 | (554) | (347) | (830) | (438) |
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 | (748) | (468) | (1,180) | (598) |
Gross impairment losses | 19 | 2 | 71 | 5 |
Income from continuing operations before income taxes | (729) | (466) | (1,109) | (593) |
Provision (benefits) for income taxes | 175 | 119 | 279 | 155 |
Income (loss) from continuing operations | (554) | (347) | (830) | (438) |
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 | (28) | 17 | (5) | 21 |
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 | (37) | 22 | (6) | 27 |
Provision (benefits) for income taxes | 9 | (5) | 1 | (6) |
Income (loss) from continuing operations | (28) | 17 | (5) | 21 |
Cash flow hedges | ||||
Pretax and after-tax amounts reclassified out of accumulated other comprehensive income (loss) | ||||
Total amounts reclassified out of AOCI, after-tax | (152) | 103 | (153) | 203 |
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 | (199) | 136 | (201) | 268 |
Provision (benefits) for income taxes | 47 | (33) | 48 | (65) |
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 | (200) | 134 | (203) | 264 |
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 | 2 | 4 |
Pension liability adjustments | ||||
Pretax and after-tax amounts reclassified out of accumulated other comprehensive income (loss) | ||||
Total amounts reclassified out of AOCI, pretax | 75 | 69 | 151 | 130 |
Total tax effect | (20) | (17) | (38) | (32) |
Total amounts reclassified out of AOCI, after-tax | 55 | 52 | 113 | 98 |
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) | (2) | (6) | (6) |
Net actuarial loss | ||||
Pretax and after-tax amounts reclassified out of accumulated other comprehensive income (loss) | ||||
Total amounts reclassified out of AOCI, pretax | 75 | 69 | 154 | 134 |
Curtailment/settlement impact | ||||
Pretax and after-tax amounts reclassified out of accumulated other comprehensive income (loss) | ||||
Total amounts reclassified out of AOCI, pretax | 3 | 2 | 3 | 2 |
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 | 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 | 0 | 0 |
Provision (benefits) for income taxes | 0 | 0 | 0 | 0 |
Total amounts reclassified out of AOCI, after-tax | 0 | 0 | 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 | 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 | 0 | 0 |
Provision (benefits) for income taxes | 0 | 0 | 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 | (890) | (239) | (1,165) | (168) |
Total tax effect | 211 | 64 | 290 | 52 |
Total amounts reclassified out of AOCI, after-tax | $ (679) | $ (175) | $ (875) | $ (116) |
SECURITIZATIONS AND VARIABLE _3
SECURITIZATIONS AND VARIABLE INTEREST ENTITIES - Schedule of Variable Interest Entities (Details) - USD ($) $ in Millions | Jun. 30, 2020 | Dec. 31, 2019 |
Variable Interest Entity | ||
Total involvement with SPE assets | $ 462,731 | $ 460,157 |
Consolidated VIE/SPE assets | 60,424 | 69,506 |
Significant unconsolidated VIE assets | 402,307 | 390,651 |
Funded Exposure | ||
Maximum exposure to loss in significant unconsolidated VIEs, debt investments | 36,305 | 34,320 |
Maximum exposure to loss in significant unconsolidated VIEs, equity investments | 5,368 | 5,425 |
Unfunded Exposure | ||
Maximum exposure to loss in significant unconsolidated VIEs, funding commitments | 15,593 | 16,157 |
Maximum exposure to loss in significant unconsolidated VIEs, guarantees and derivatives | 56 | 74 |
Funded and Unfunded Exposure | ||
Maximum exposure to loss in significant unconsolidated VIEs | 57,322 | 55,976 |
Private equity | ||
Variable Interest Entity | ||
Significant unconsolidated VIE assets | 70,400 | 69,000 |
Funded and Unfunded Exposure | ||
Maximum exposure to loss in significant unconsolidated VIEs | 710 | 711 |
Venture capital investments | ||
Funded and Unfunded Exposure | ||
Maximum exposure to loss in significant unconsolidated VIEs | 52,400 | 52,500 |
Credit card securitizations | ||
Variable Interest Entity | ||
Total involvement with SPE assets | 33,838 | 43,534 |
Consolidated VIE/SPE assets | 33,838 | 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. government-sponsored agency guaranteed | ||
Variable Interest Entity | ||
Total involvement with SPE assets | 115,290 | 117,374 |
Consolidated VIE/SPE assets | 0 | 0 |
Significant unconsolidated VIE assets | 115,290 | 117,374 |
Funded Exposure | ||
Maximum exposure to loss in significant unconsolidated VIEs, debt investments | 2,103 | 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 | 54 | 72 |
Funded and Unfunded Exposure | ||
Maximum exposure to loss in significant unconsolidated VIEs | 2,157 | 2,743 |
Mortgage securitizations - Non-agency-sponsored | ||
Variable Interest Entity | ||
Total involvement with SPE assets | 43,493 | 39,608 |
Consolidated VIE/SPE assets | 982 | 1,187 |
Significant unconsolidated VIE assets | 42,511 | 38,421 |
Funded Exposure | ||
Maximum exposure to loss in significant unconsolidated VIEs, debt investments | 1,043 | 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 | 1,044 | 877 |
Citi-administered asset-backed commercial paper conduits | ||
Variable Interest Entity | ||
Total involvement with SPE assets | 16,028 | 15,622 |
Consolidated VIE/SPE assets | 16,028 | 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 | 17,986 | 17,395 |
Consolidated VIE/SPE assets | 0 | 0 |
Significant unconsolidated VIE assets | 17,986 | 17,395 |
Funded Exposure | ||
Maximum exposure to loss in significant unconsolidated VIEs, debt investments | 4,272 | 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 | 4,272 | 4,199 |
Asset-based financing | ||
Variable Interest Entity | ||
Total involvement with SPE assets | 209,806 | 196,728 |
Consolidated VIE/SPE assets | 7,660 | 6,139 |
Significant unconsolidated VIE assets | 202,146 | 190,589 |
Funded Exposure | ||
Maximum exposure to loss in significant unconsolidated VIEs, debt investments | 26,129 | 23,756 |
Maximum exposure to loss in significant unconsolidated VIEs, equity investments | 1,131 | 1,151 |
Unfunded Exposure | ||
Maximum exposure to loss in significant unconsolidated VIEs, funding commitments | 10,302 | 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 | 37,562 | 34,431 |
Municipal securities tender option bond trusts (TOBs) | ||
Variable Interest Entity | ||
Total involvement with SPE assets | 4,747 | 6,950 |
Consolidated VIE/SPE assets | 1,113 | 1,458 |
Significant unconsolidated VIE assets | 3,634 | 5,492 |
Funded Exposure | ||
Maximum exposure to loss in significant unconsolidated VIEs, debt investments | 16 | 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 | 2,320 | 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 | 2,336 | 3,548 |
Municipal investments | ||
Variable Interest Entity | ||
Total involvement with SPE assets | 20,235 | 20,312 |
Consolidated VIE/SPE assets | 0 | 0 |
Significant unconsolidated VIE assets | 20,235 | 20,312 |
Funded Exposure | ||
Maximum exposure to loss in significant unconsolidated VIEs, debt investments | 2,736 | 2,636 |
Maximum exposure to loss in significant unconsolidated VIEs, equity investments | 4,237 | 4,274 |
Unfunded Exposure | ||
Maximum exposure to loss in significant unconsolidated VIEs, funding commitments | 2,906 | 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 | 9,879 | 9,944 |
Client intermediation | ||
Variable Interest Entity | ||
Total involvement with SPE assets | 742 | 1,455 |
Consolidated VIE/SPE assets | 676 | 1,391 |
Significant unconsolidated VIE assets | 66 | 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 | 515 | 827 |
Consolidated VIE/SPE assets | 126 | 174 |
Significant unconsolidated VIE assets | 389 | 653 |
Funded Exposure | ||
Maximum exposure to loss in significant unconsolidated VIEs, debt investments | 2 | 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 | 15 | 16 |
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 | 18 | 22 |
Other | ||
Variable Interest Entity | ||
Total involvement with SPE assets | 51 | 352 |
Consolidated VIE/SPE assets | 1 | 1 |
Significant unconsolidated VIE assets | 50 | 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 | 50 | 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 | 50 | 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 | Jun. 30, 2020 | Dec. 31, 2019 |
Funding Commitments for Significant Unconsolidated VIEs | ||
Notional amount | $ 15,593 | $ 16,157 |
Liquidity facilities | ||
Funding Commitments for Significant Unconsolidated VIEs | ||
Notional amount | 2,320 | 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 | 2,320 | 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 | 13,273 | 12,613 |
Loan / equity commitments | Asset-based financing | ||
Funding Commitments for Significant Unconsolidated VIEs | ||
Notional amount | 10,302 | 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 | 2,906 | 3,034 |
Loan / equity commitments | Investment funds | ||
Funding Commitments for Significant Unconsolidated VIEs | ||
Notional amount | 15 | 16 |
Loan / equity commitments | Other | ||
Funding Commitments for Significant Unconsolidated VIEs | ||
Notional amount | $ 50 | $ 39 |
SECURITIZATIONS AND VARIABLE _5
SECURITIZATIONS AND VARIABLE INTEREST ENTITIES - Carrying Amounts and Classifications of Consolidated Assets (Details) - USD ($) $ in Millions | Jun. 30, 2020 | Dec. 31, 2019 | Jun. 30, 2019 |
Variable Interest Entity | |||
Cash and due from banks | $ 22,889 | $ 23,967 | $ 24,997 |
Trading account assets | 362,311 | 276,140 | |
Investments | 433,253 | 368,563 | |
Purchased credit-deteriorated | 658,872 | 686,700 | |
Other | 108,106 | 107,709 | |
Total assets | 2,232,715 | 1,951,158 | |
Unconsolidated VIEs | |||
Variable Interest Entity | |||
Cash and due from banks | 0 | 0 | |
Trading account assets | 2,100 | 2,600 | |
Investments | 10,000 | 9,900 | |
Purchased credit-deteriorated | 29,000 | 26,700 | |
Other | 500 | 500 | |
Total assets | $ 41,600 | $ 39,700 |
SECURITIZATIONS AND VARIABLE _6
SECURITIZATIONS AND VARIABLE INTEREST ENTITIES - Credit Card Securitizations (Details) $ in Billions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2020USD ($) | Jun. 30, 2019USD ($) | Jun. 30, 2020USD ($)trust | Jun. 30, 2019USD ($) | 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 | $ 16.5 | $ 16.5 | $ 19.7 | ||
Retained by Citigroup as trust-issued securities | 5.3 | 5.3 | 6.2 | ||
Retained by Citigroup via non-certificated interests | 14.6 | 14.6 | 17.8 | ||
Total ownership interests in principal amount of trust credit card receivables | 36.4 | 36.4 | $ 43.7 | ||
Credit card securitizations | |||||
Cash Flows Between Transferor and Transferee | |||||
Proceeds from new securitizations | 0 | $ 0 | 0 | $ 0 | |
Pay down of maturing notes | $ (3.2) | $ 0 | $ (3.2) | $ (2.5) |
SECURITIZATIONS AND VARIABLE _7
SECURITIZATIONS AND VARIABLE INTEREST ENTITIES - Funding, Liquidity Facilities and Subordinated Interests (Details) - USD ($) $ in Billions | 6 Months Ended | 12 Months Ended |
Jun. 30, 2020 | Dec. 31, 2019 | |
Citibank Credit Card Master Trust (Master Trust) | ||
Funding, Liquidity Facilities and Subordinated Interests | ||
Weighted average maturity of term notes | 3 years 1 month 6 days | 3 years 1 month 6 days |
Term notes issued to third parties | $ 15 | $ 18.2 |
Term notes retained by Citigroup affiliates | 3.4 | 4.3 |
Total Master Trust liabilities | $ 18.4 | $ 22.5 |
Citibank OMNI Master Trust (Omni Trust) | ||
Funding, Liquidity Facilities and Subordinated Interests | ||
Weighted average maturity of term notes | 1 year 2 months 12 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 ($) $ in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | Dec. 31, 2019 | |
Mortgage securitizations - U.S. agency sponsored | |||||
Cash Flows Between Transferor and Transferee | |||||
Principal securitized | $ 2,400 | $ 1,100 | $ 4,500 | $ 2,100 | |
Proceeds from new securitizations | 2,600 | 1,200 | 4,700 | 2,200 | |
Purchases of previously transferred financial assets | 0 | 100 | 100 | 100 | |
Gains recognized on the securitization | 2 | $ 5 | 4 | $ 5 | |
Carrying value of retained interests | $ 334 | $ 334 | $ 491 | ||
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 1 month 6 days | 5 years 10 months 24 days | 4 years 8 months 12 days | 6 years | |
Key assumptions used in measuring fair value related to transferor's continuing involvement | |||||
Weighted average life (in years) | 4 years | 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 | $ (5) | $ (5) | $ (18) | ||
Carrying value of retained interests, impact of 20% adverse change in discount rate | (9) | (9) | (35) | ||
Carrying value of retained interests, impact of 10% adverse change in constant prepayment rate | (26) | (26) | (18) | ||
Carrying value of retained interests, impact of 20% adverse change in constant prepayment rate | $ (49) | $ (49) | $ (35) | ||
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) | 3.50% | 7.40% | 6.00% | 7.00% | |
Weighted average constant prepayment rate (as a percent) | 28.70% | 15.70% | 27.10% | 14.80% | |
Key assumptions used in measuring fair value related to transferor's continuing involvement | |||||
Weighted average discount rate (as a percent) | 1.90% | 9.30% | |||
Weighted average constant prepayment rate (as a percent) | 23.80% | 12.90% | |||
Mortgage securitizations - Non-agency-sponsored | |||||
Cash Flows Between Transferor and Transferee | |||||
Principal securitized | $ 900 | $ 6,100 | $ 1,600 | $ 8,800 | |
Proceeds from new securitizations | 900 | 6,100 | 3,400 | 8,800 | |
Purchases of previously transferred financial assets | 0 | 0 | 0 | 0 | |
Gains recognized on the securitization | 27 | $ 26 | 65 | $ 43 | |
Senior interests | |||||
Cash Flows Between Transferor and Transferee | |||||
Carrying value of retained interests | $ 884 | $ 884 | $ 748 | ||
Key assumptions used in measuring fair value of retained interests at date of sale or securitization of mortgage receivables | |||||
Weighted average life (in years) | 9 years 9 months 18 days | 3 years 2 months 12 days | 4 years 9 months 18 days | 6 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 10 months 24 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 | $ 0 | $ 0 | $ 0 | ||
Carrying value of retained interests, impact of 20% adverse change in discount rate | (1) | (1) | (1) | ||
Carrying value of retained interests, impact of 10% adverse change in constant prepayment rate | 0 | 0 | 0 | ||
Carrying value of retained interests, impact of 20% adverse change in constant prepayment rate | 0 | 0 | 0 | ||
Carrying value of retained interests, impact of 10% adverse change in anticipated net credit losses | 0 | 0 | 0 | ||
Carrying value of retained interests, impact of 20% adverse change in anticipated net credit losses | $ 0 | $ 0 | $ 0 | ||
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) | 6.20% | 3.20% | 1.80% | 3.50% | |
Weighted average constant prepayment rate (as a percent) | 0.00% | 5.70% | 0.00% | 5.80% | |
Weighted average anticipated net credit losses (as a percent) | 0.00% | 3.00% | 1.60% | 4.40% | |
Key assumptions used in measuring fair value related to transferor's continuing involvement | |||||
Weighted average discount rate (as a percent) | 7.10% | 3.60% | |||
Weighted average constant prepayment rate (as a percent) | 3.40% | 10.50% | |||
Weighted average anticipated net credit losses (as a percent) | 1.20% | 3.90% | |||
Subordinated interests | |||||
Cash Flows Between Transferor and Transferee | |||||
Carrying value of retained interests | $ 119 | $ 119 | $ 102 | ||
Key assumptions used in measuring fair value of retained interests at date of sale or securitization of mortgage receivables | |||||
Weighted average life (in years) | 2 years 3 months 18 days | 15 years 7 months 6 days | 2 years 3 months 18 days | 16 years 1 month 6 days | |
Key assumptions used in measuring fair value related to transferor's continuing involvement | |||||
Weighted average life (in years) | 7 years 6 months | 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 | $ 0 | $ 0 | $ (1) | ||
Carrying value of retained interests, impact of 20% adverse change in discount rate | (1) | (1) | (1) | ||
Carrying value of retained interests, impact of 10% adverse change in constant prepayment rate | 0 | 0 | 0 | ||
Carrying value of retained interests, impact of 20% adverse change in constant prepayment rate | 0 | 0 | 0 | ||
Carrying value of retained interests, impact of 10% adverse change in anticipated net credit losses | 0 | 0 | 0 | ||
Carrying value of retained interests, impact of 20% adverse change in anticipated net credit losses | $ 0 | $ 0 | $ 0 | ||
Subordinated interests | 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) | 3.00% | 5.30% | 3.00% | 5.50% | |
Weighted average constant prepayment rate (as a percent) | 25.00% | 5.90% | 25.00% | 5.90% | |
Weighted average anticipated net credit losses (as a percent) | 0.50% | 3.70% | 0.50% | 3.70% | |
Key assumptions used in measuring fair value related to transferor's continuing involvement | |||||
Weighted average discount rate (as a percent) | 16.20% | 4.60% | |||
Weighted average constant prepayment rate (as a percent) | 5.50% | 7.60% | |||
Weighted average anticipated net credit losses (as a percent) | 4.20% | 2.80% | |||
Personal loan | |||||
Cash Flows Between Transferor and Transferee | |||||
Proceeds from new securitizations | $ 200 | ||||
Carrying value of retained interests | $ 119 | $ 119 |
SECURITIZATIONS AND VARIABLE _9
SECURITIZATIONS AND VARIABLE INTEREST ENTITIES - Loan Delinquencies and Liquidation Losses (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | Dec. 31, 2019 | |
Residential mortgages | |||||
Variable Interest Entity | |||||
Securitized assets | $ 11,800 | $ 11,800 | $ 11,700 | ||
Liquidation losses | 7 | $ 9 | 18 | $ 20 | |
Commercial and other | |||||
Variable Interest Entity | |||||
Securitized assets | 21,000 | 21,000 | 22,300 | ||
Liquidation losses | 0 | 0 | 0 | 0 | |
Mortgage securitizations - Non-agency-sponsored | |||||
Variable Interest Entity | |||||
Securitized assets | 32,800 | 32,800 | 34,000 | ||
Liquidation losses | 7 | $ 9 | 18 | $ 20 | |
Personal loan | |||||
Variable Interest Entity | |||||
Securitized assets | 200 | 200 | |||
90 days past due | Residential mortgages | |||||
Variable Interest Entity | |||||
Securitized assets | 400 | 400 | 400 | ||
90 days past due | Commercial and other | |||||
Variable Interest Entity | |||||
Securitized assets | 0 | 0 | 0 | ||
90 days past due | Mortgage securitizations - Non-agency-sponsored | |||||
Variable Interest Entity | |||||
Securitized assets | $ 400 | $ 400 | $ 400 |
SECURITIZATIONS AND VARIABLE_10
SECURITIZATIONS AND VARIABLE INTEREST ENTITIES - Mortgage Servicing Rights (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | Dec. 31, 2019 | |
Mortgage servicing rights | |||||
Classification of Securitizations | |||||
Fair value of capitalized mortgage servicing rights | $ 345,000,000 | $ 345,000,000 | $ 508,000,000 | ||
Principal amount of loans and other financial instruments | 57,000,000,000 | 57,000,000,000 | 60,000,000,000 | ||
Capitalized MSRs | |||||
Balance, at beginning of period | 367,000,000 | $ 551,000,000 | 495,000,000 | $ 584,000,000 | |
Originations | 24,000,000 | 16,000,000 | 56,000,000 | 28,000,000 | |
Changes in fair value of MSRs due to changes in inputs and assumptions | (26,000,000) | (37,000,000) | (169,000,000) | (64,000,000) | |
Other changes | (20,000,000) | (22,000,000) | (37,000,000) | (40,000,000) | |
Sale of MSRs | 0 | 0 | 0 | 0 | |
Balance, as of June 30 | 345,000,000 | 508,000,000 | 345,000,000 | 508,000,000 | |
MSR fees | |||||
Servicing fees | 34,000,000 | 35,000,000 | 73,000,000 | 76,000,000 | |
Late fees | 1,000,000 | 2,000,000 | 3,000,000 | 4,000,000 | |
Ancillary fees | 0 | 0 | 0 | 1,000,000 | |
Total MSR fees | 35,000,000 | 37,000,000 | 76,000,000 | 81,000,000 | |
Mortgage securitizations - Non-agency-sponsored | |||||
Re-securitizations | |||||
Fair value of re-securitizations deals in which the entity holds a retained interest | 0 | 0 | 0 | ||
Mortgage-backed securities - U.S. government-sponsored agency guaranteed | |||||
Re-securitizations | |||||
Fair value of re-securitizations deals in which the entity holds a retained interest | 1,800,000,000 | 1,800,000,000 | 2,200,000,000 | ||
Securities transferred to re-securitization entities | 12,000,000,000 | $ 6,900,000,000 | 19,400,000,000 | $ 14,500,000,000 | |
Market value of retained interest related to re-securitization transaction | 858,700,000 | 858,700,000 | 1,300,000,000 | ||
Original fair value of re-securitizations deals in which the entity holds a retained interest | $ 71,800,000,000 | $ 71,800,000,000 | $ 73,500,000,000 |
SECURITIZATIONS AND VARIABLE_11
SECURITIZATIONS AND VARIABLE INTEREST ENTITIES - Asset-Backed Commercial Paper Conduits (Details) - USD ($) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2020 | Dec. 31, 2019 | |
Classification of Other Securitization Details | ||
Commercial paper | $ 17,925,000,000 | $ 16,476,000,000 |
Citi-administered asset-backed commercial paper conduits | ||
Classification of Other Securitization Details | ||
Purchased assets outstanding under conduits | 16,000,000,000 | 15,600,000,000 |
Incremental funding commitments with clients | $ 17,900,000,000 | $ 16,300,000,000 |
Weighted average life of commercial paper issued by conduits | 52 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 | $ 1,500,000,000 | $ 1,400,000,000 |
Commercial paper | $ 5,100,000,000 | $ 5,500,000,000 |
SECURITIZATIONS AND VARIABLE_12
SECURITIZATIONS AND VARIABLE INTEREST ENTITIES - Collateralized Loan Obligations (Details) - Collateralized loan obligations (CLOs) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Dec. 31, 2019 | |
Variable Interest Entity | ||||
Proceeds from new securitizations | $ 100 | $ 0 | ||
Weighted average life (in years) | 4 years 2 months 12 days | 0 years | ||
Carrying value of retained interests | $ 1,608 | $ 1,608 | $ 1,404 | |
Weighted Average | ||||
Variable Interest Entity | ||||
Weighted average discount rate (as a percent) | 1.80% | 0.00% |
SECURITIZATIONS AND VARIABLE_13
SECURITIZATIONS AND VARIABLE INTEREST ENTITIES - Asset Based Financing (Details) - USD ($) $ in Millions | Jun. 30, 2020 | Dec. 31, 2019 |
Variable Interest Entity | ||
Total unconsolidated VIE assets | $ 402,307 | $ 390,651 |
Maximum exposure to unconsolidated VIEs | 57,322 | 55,976 |
Commercial and other real estate | Asset-based financing | ||
Variable Interest Entity | ||
Total unconsolidated VIE assets | 29,134 | 31,377 |
Maximum exposure to unconsolidated VIEs | 7,367 | 7,489 |
Corporate loans | Asset-based financing | ||
Variable Interest Entity | ||
Total unconsolidated VIE assets | 12,113 | 7,088 |
Maximum exposure to unconsolidated VIEs | 8,219 | 5,802 |
Other (including investment funds, airlines and shipping) | Asset-based financing | ||
Variable Interest Entity | ||
Total unconsolidated VIE assets | 160,899 | 152,124 |
Maximum exposure to unconsolidated VIEs | 21,977 | 21,140 |
Asset-based financing | ||
Variable Interest Entity | ||
Total unconsolidated VIE assets | 202,146 | 190,589 |
Maximum exposure to unconsolidated VIEs | $ 37,562 | $ 34,431 |
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 | 6 Months Ended | |
Jun. 30, 2020 | Dec. 31, 2019 | |
Variable Interest Entity | ||
Liquidity agreements, customer TOB trust | $ 2.3 | $ 3.5 |
Notional amount of offsetting reimbursement agreements | 1.4 | 1.6 |
Liquidity agreements, other trusts | $ 5 | $ 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 | Jun. 30, 2020 | Dec. 31, 2019 |
Hedging instruments under ASC 815 | ||
Derivatives | ||
Derivative notionals | $ 455,146 | $ 420,823 |
Hedging instruments under ASC 815 | Interest rate contracts | ||
Derivatives | ||
Derivative notionals | 346,007 | 318,089 |
Hedging instruments under ASC 815 | Interest rate swaps | ||
Derivatives | ||
Derivative notionals | 346,007 | 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 | 108,645 | 101,539 |
Hedging instruments under ASC 815 | Foreign exchange swaps | ||
Derivatives | ||
Derivative notionals | 66,733 | 63,104 |
Hedging instruments under ASC 815 | Foreign exchange futures, forwards and spot | ||
Derivatives | ||
Derivative notionals | 38,997 | 38,275 |
Hedging instruments under ASC 815 | Foreign exchange contract options | Written or Sold | ||
Derivatives | ||
Derivative notionals | 1,428 | 80 |
Hedging instruments under ASC 815 | Foreign exchange contract options | Purchased | ||
Derivatives | ||
Derivative notionals | 1,487 | 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 | 494 | 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 | 494 | 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 | 40,290,775 | 39,522,192 |
Other derivative instruments, Trading derivatives | Interest rate contracts | ||
Derivatives | ||
Derivative notionals | 25,240,217 | 24,672,211 |
Other derivative instruments, Trading derivatives | Interest rate swaps | ||
Derivatives | ||
Derivative notionals | 17,622,599 | 17,063,272 |
Other derivative instruments, Trading derivatives | Interest rate futures and forwards | ||
Derivatives | ||
Derivative notionals | 4,449,386 | 3,636,658 |
Other derivative instruments, Trading derivatives | Interest rate contract options | Written or Sold | ||
Derivatives | ||
Derivative notionals | 1,674,348 | 2,114,511 |
Other derivative instruments, Trading derivatives | Interest rate contract options | Purchased | ||
Derivatives | ||
Derivative notionals | 1,493,884 | 1,857,770 |
Other derivative instruments, Trading derivatives | Foreign exchange contracts | ||
Derivatives | ||
Derivative notionals | 12,348,614 | 11,910,251 |
Other derivative instruments, Trading derivatives | Foreign exchange swaps | ||
Derivatives | ||
Derivative notionals | 6,150,239 | 6,063,853 |
Other derivative instruments, Trading derivatives | Foreign exchange futures, forwards and spot | ||
Derivatives | ||
Derivative notionals | 4,241,268 | 3,979,188 |
Other derivative instruments, Trading derivatives | Foreign exchange contract options | Written or Sold | ||
Derivatives | ||
Derivative notionals | 972,083 | 908,061 |
Other derivative instruments, Trading derivatives | Foreign exchange contract options | Purchased | ||
Derivatives | ||
Derivative notionals | 985,024 | 959,149 |
Other derivative instruments, Trading derivatives | Equity contracts | ||
Derivatives | ||
Derivative notionals | 1,060,467 | 1,247,562 |
Other derivative instruments, Trading derivatives | Equity swaps | ||
Derivatives | ||
Derivative notionals | 201,655 | 197,893 |
Other derivative instruments, Trading derivatives | Equity futures and forwards | ||
Derivatives | ||
Derivative notionals | 76,743 | 66,705 |
Other derivative instruments, Trading derivatives | Equity contract options | Written or Sold | ||
Derivatives | ||
Derivative notionals | 449,807 | 560,571 |
Other derivative instruments, Trading derivatives | Equity contract options | Purchased | ||
Derivatives | ||
Derivative notionals | 332,262 | 422,393 |
Other derivative instruments, Trading derivatives | Commodity and other contracts | ||
Derivatives | ||
Derivative notionals | 422,572 | 384,855 |
Other derivative instruments, Trading derivatives | Commodity and other swaps | ||
Derivatives | ||
Derivative notionals | 77,244 | 69,445 |
Other derivative instruments, Trading derivatives | Commodity and other futures and forwards | ||
Derivatives | ||
Derivative notionals | 153,421 | 137,192 |
Other derivative instruments, Trading derivatives | Commodity and other contracts | Written or Sold | ||
Derivatives | ||
Derivative notionals | 97,406 | 91,587 |
Other derivative instruments, Trading derivatives | Commodity and other contracts | Purchased | ||
Derivatives | ||
Derivative notionals | 94,501 | 86,631 |
Other derivative instruments, Trading derivatives | Credit derivatives | ||
Derivatives | ||
Derivative notionals | 1,218,905 | 1,307,313 |
Other derivative instruments, Trading derivatives | Credit derivatives | Written or Sold | ||
Derivatives | ||
Derivative notionals | 574,692 | 603,387 |
Other derivative instruments, Trading derivatives | Credit derivatives | Purchased | ||
Derivatives | ||
Derivative notionals | 644,213 | 703,926 |
Rule Changes Adopted by Clearing Organizations | ||
Derivatives | ||
Reduction in derivative receivables | $ 290,000 | $ 180,000 |
DERIVATIVES - Derivative Mark-t
DERIVATIVES - Derivative Mark-to-Market (MTM) Receivables/Payables (Details) - USD ($) $ in Millions | Jun. 30, 2020 | Dec. 31, 2019 |
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Less: Netting of cash collateral received | $ (58,778) | $ (44,353) |
Less: Netting of cash collateral paid | (53,704) | (38,919) |
Trading account assets | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative receivables | 444,947 | 358,330 |
Cash collateral paid, net of amount used to offset derivative liabilities | 26,598 | 17,926 |
Less: Netting agreements to assets | (340,172) | (274,970) |
Less: Netting of cash collateral received | (58,778) | (44,353) |
Total trading account derivatives, assets | 72,595 | 56,933 |
Less: Cash collateral received | (894) | (861) |
Less: Non-cash collateral received | (8,010) | (13,143) |
Total Net receivables | 63,691 | 42,929 |
Cash collateral paid, gross | 80,302 | 56,845 |
Does not meet applicable offsetting guidance, assets | 6,000 | 7,000 |
Trading account assets | Over-the-counter | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Less: Netting agreements to liabilities | (317,000) | (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 | (21,000) | (7,000) |
Trading accounts liabilities | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative payables | 439,979 | 346,926 |
Cash collateral received, net of amount used to offset derivative assets | 14,295 | 14,391 |
Less: Netting agreements to liabilities | (340,172) | (274,970) |
Less: Netting of cash collateral paid | (53,704) | (38,919) |
Total derivative liabilities | 60,398 | 47,428 |
Less: Cash collateral paid | (302) | (128) |
Less: Non-cash collateral paid | (14,522) | (7,308) |
Total Net payables | 45,574 | 39,992 |
Cash collateral received, gross | 73,074 | 58,744 |
Does not meet applicable offsetting guidance, liabilities | 8,000 | 6,000 |
Trading accounts liabilities | Over-the-counter | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Less: Netting agreements to assets | (317,000) | (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 | (21,000) | (7,000) |
Derivative instruments designated as ASC 815 hedges | Trading account assets | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative receivables | 3,628 | 3,027 |
Derivative instruments designated as ASC 815 hedges | Trading accounts liabilities | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative payables | 1,841 | 1,164 |
Derivative instruments designated as ASC 815 hedges | Interest rate contracts | Trading account assets | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative receivables | 1,735 | 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 | 1,735 | 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 | 0 | 41 |
Derivative instruments designated as ASC 815 hedges | Interest rate contracts | Trading accounts liabilities | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative payables | 549 | 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 | 269 | 143 |
Derivative instruments designated as ASC 815 hedges | Interest rate contracts | Trading accounts liabilities | Cleared | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative payables | 280 | 111 |
Derivative instruments designated as ASC 815 hedges | Foreign exchange contracts | Trading account assets | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative receivables | 1,893 | 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 | 1,893 | 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 | 1,292 | 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 | 1,247 | 908 |
Derivative instruments designated as ASC 815 hedges | Foreign exchange contracts | Trading accounts liabilities | Cleared | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative payables | 45 | 2 |
Derivatives instruments not designated as ASC 815 hedges | Trading account assets | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative receivables | 441,319 | 355,303 |
Derivatives instruments not designated as ASC 815 hedges | Trading accounts liabilities | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative payables | 438,138 | 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 | 257,835 | 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 | 243,492 | 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 | 14,255 | 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 | 88 | 157 |
Derivatives instruments not designated as ASC 815 hedges | Interest rate contracts | Trading accounts liabilities | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative payables | 235,411 | 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 | 222,515 | 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 | 11,804 | 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 | 1,092 | 180 |
Derivatives instruments not designated as ASC 815 hedges | Foreign exchange contracts | Trading account assets | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative receivables | 115,636 | 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 | 114,988 | 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 | 645 | 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 | 3 | 3 |
Derivatives instruments not designated as ASC 815 hedges | Foreign exchange contracts | Trading accounts liabilities | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative payables | 121,053 | 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 | 120,283 | 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 | 768 | 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 | 2 | 0 |
Derivatives instruments not designated as ASC 815 hedges | Equity contracts | Trading account assets | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative receivables | 39,406 | 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 | 17,699 | 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 | 41 | |
Derivatives instruments not designated as ASC 815 hedges | Equity contracts | Trading account assets | Exchange traded | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative receivables | 21,666 | 7,160 |
Derivatives instruments not designated as ASC 815 hedges | Equity contracts | Trading accounts liabilities | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative payables | 48,389 | 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 | 26,019 | 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 | 10 | |
Derivatives instruments not designated as ASC 815 hedges | Equity contracts | Trading accounts liabilities | Exchange traded | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative payables | 22,360 | 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 | 16,760 | 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 | 15,652 | 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 | 1,108 | 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 | 21,564 | 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 | 20,305 | 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 | 1,259 | 542 |
Derivatives instruments not designated as ASC 815 hedges | Credit derivatives | Trading account assets | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative receivables | 11,682 | 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 | 10,403 | 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 | 1,279 | 1,513 |
Derivatives instruments not designated as ASC 815 hedges | Credit derivatives | Trading accounts liabilities | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative payables | 11,721 | 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 | 10,099 | 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 | $ 1,622 | $ 1,763 |
DERIVATIVES - Gains (Losses) In
DERIVATIVES - Gains (Losses) Included in Other Revenue (Details) - Other revenue - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Derivative gain (losses) | ||||
Gains (losses) recognized in Other revenue related to derivatives not designated in a qualifying hedging relationship | $ (42) | $ 106 | $ 137 | $ 75 |
Interest rate contracts | ||||
Derivative gain (losses) | ||||
Gains (losses) recognized in Other revenue related to derivatives not designated in a qualifying hedging relationship | 19 | 35 | 174 | 62 |
Foreign exchange contracts | ||||
Derivative gain (losses) | ||||
Gains (losses) recognized in Other revenue related to derivatives not designated in a qualifying hedging relationship | $ (61) | $ 71 | $ (37) | $ 13 |
DERIVATIVES - Fair Value Hedges
DERIVATIVES - Fair Value Hedges (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 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 | $ 53 | $ (352) | $ (1,568) | $ (114) |
Gain (loss) on the hedged item in designated and qualifying fair value hedges | (53) | 352 | 1,568 | 114 |
Net gain (loss) on the hedging derivatives excluded from assessment of the effectiveness of fair value hedges | 32 | (113) | (51) | (98) |
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 | 239 | 1,853 | 7,086 | 2,816 |
Gain (loss) on the hedged item in designated and qualifying fair value hedges | (313) | (1,783) | (7,128) | (2,662) |
Net gain (loss) on the hedging derivatives excluded from assessment of the effectiveness of fair value hedges | (18) | (4) | (23) | (4) |
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 | 0 | 0 |
Gain (loss) on the hedged item in designated and qualifying fair value hedges | 0 | 0 | 0 | 0 |
Net gain (loss) on the hedging derivatives excluded from assessment of the effectiveness of fair value hedges | 0 | 0 | 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 | 239 | 1,853 | 7,086 | 2,816 |
Gain (loss) on the hedged item in designated and qualifying fair value hedges | (313) | (1,783) | (7,128) | (2,662) |
Net gain (loss) on the hedging derivatives excluded from assessment of the effectiveness of fair value hedges | (18) | (4) | (23) | (4) |
Foreign exchange contracts | ||||
Gain (loss) on fair value hedges | ||||
Amount of cross currency basis included in AOCI | 16 | 59 | 49 | 83 |
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 | 434 | (180) | (1,477) | (12) |
Gain (loss) on the hedged item in designated and qualifying fair value hedges | (434) | 180 | 1,477 | 12 |
Net gain (loss) on the hedging derivatives excluded from assessment of the effectiveness of fair value hedges | 17 | (118) | (41) | (121) |
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 | 0 | 0 |
Gain (loss) on the hedged item in designated and qualifying fair value hedges | 0 | 0 | 0 | 0 |
Net gain (loss) on the hedging derivatives excluded from assessment of the effectiveness of fair value hedges | 0 | 0 | 0 | 0 |
Commodity hedges | Other revenue | ||||
Gain (loss) on fair value hedges | ||||
Gain (loss) on the hedging derivatives included in assessment of the effectiveness of fair value hedges | (381) | (172) | (91) | (102) |
Gain (loss) on the hedged item in designated and qualifying fair value hedges | 381 | 172 | 91 | 102 |
Net gain (loss) on the hedging derivatives excluded from assessment of the effectiveness of fair value hedges | 15 | 5 | (10) | 23 |
Commodity hedges | 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 | 0 | 0 |
Gain (loss) on the hedged item in designated and qualifying fair value hedges | 0 | 0 | 0 | 0 |
Net gain (loss) on the hedging derivatives excluded from assessment of the effectiveness of fair value hedges | $ 0 | $ 0 | $ 0 | $ 0 |
DERIVATIVES - Cumulative Basis
DERIVATIVES - Cumulative Basis Adjustment (Details) - USD ($) $ in Millions | Jun. 30, 2020 | Dec. 31, 2019 |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||
Debt securities AFS, carrying amount of hedged asset/liability | $ 107,047 | $ 94,659 |
Debt securities AFS, cumulative fair value hedging adjustment included in the carrying amount, active | (75) | (114) |
Debt securities AFS, cumulative fair value hedging adjustment included in the carrying amount, de-designated | 526 | 743 |
Long-term debt, carrying amount of hedged asset/liability | 173,038 | 157,387 |
Long-term debt, cumulative fair value hedging adjustment included in the carrying amount, active | 8,789 | 2,334 |
Long-term debt, cumulative fair value hedging adjustment included in the carrying amount, de-designated | 4,049 | 3,445 |
Cumulative basis adjustment within active hedges | 17 | (8) |
Cumulative basis adjustment within de-designated hedges | 119 | 157 |
Amount of designated hedged items | 1,905 | 605 |
Amortized cost basis of closed portfolios used in hedging relations | $ 16,000 | $ 20,000 |
DERIVATIVES - Cash Flow Hedges
DERIVATIVES - Cash Flow Hedges (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Pretax change in accumulated other comprehensive income (loss) | ||||
Amount of gain (loss) recognized in AOCI on derivative | $ 289 | $ 544 | $ 2,775 | $ 790 |
Total gain (loss) recognized in AOCI | 90 | 680 | 2,574 | 1,058 |
Cash flow hedge gain expected to be reclassified from AOCI within 12 months | $ 1,100 | |||
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 | 294 | 545 | $ 2,791 | 799 |
Foreign exchange contracts | ||||
Pretax change in accumulated other comprehensive income (loss) | ||||
Amount of gain (loss) recognized in AOCI on derivative | (5) | (1) | (16) | (9) |
Other | ||||
Pretax change in accumulated other comprehensive income (loss) | ||||
Amount of gain (loss) reclassified from AOCI to earnings | (1) | (2) | (2) | (4) |
Other | Interest rate contracts | ||||
Pretax change in accumulated other comprehensive income (loss) | ||||
Amount of gain (loss) reclassified from AOCI to earnings | 0 | 0 | 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) | (2) | (4) |
Net interest revenue | ||||
Pretax change in accumulated other comprehensive income (loss) | ||||
Amount of gain (loss) reclassified from AOCI to earnings | 200 | (134) | 203 | (264) |
Net interest revenue | Interest rate contracts | ||||
Pretax change in accumulated other comprehensive income (loss) | ||||
Amount of gain (loss) reclassified from AOCI to earnings | 200 | (134) | 203 | (264) |
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 | $ 0 | $ 0 |
DERIVATIVES - Net Investment He
DERIVATIVES - Net Investment Hedges (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Net Investment Hedging | Foreign currency translation adjustment (CTA), net of hedges | ||||
Derivative gain (losses) | ||||
Gain (loss) recognized in OCI, effective portion, net | $ (741) | $ (134) | $ 1,419 | $ (298) |
DERIVATIVES - Credit Derivative
DERIVATIVES - Credit Derivatives (Details) $ in Millions | 6 Months Ended | |
Jun. 30, 2020USD ($)agency | Dec. 31, 2019USD ($) | |
Credit Risk Derivatives | ||
Fair values, Receivable | $ 11,682 | $ 10,409 |
Fair values, Payable | 11,721 | 10,738 |
Notionals, Protection purchased | 644,213 | 703,926 |
Notionals, Protection sold | 574,692 | 603,387 |
Fair value of derivative in liability position | 29,000 | 30,000 |
Fair value of collateral already posted | $ 25,000 | 28,000 |
Number of rating agencies | agency | 3 | |
Additional collateral to be posted | $ 800 | |
Collateral to be segregated | 200 | |
Aggregate cash obligations and collateral requirements | 1,000 | |
Purchased | ||
Credit Risk Derivatives | ||
Fair values, Receivable | 7,511 | 3,415 |
Fair values, Payable | 5,181 | 7,793 |
Sold | ||
Credit Risk Derivatives | ||
Fair values, Receivable | 4,171 | 6,994 |
Fair values, Payable | 6,540 | 2,945 |
Within 1 year | ||
Credit Risk Derivatives | ||
Fair values, Receivable | 1,517 | 1,806 |
Fair values, Payable | 1,898 | 2,181 |
Notionals, Protection purchased | 170,140 | 231,135 |
Notionals, Protection sold | 153,138 | 176,188 |
From 1 to 5 years | ||
Credit Risk Derivatives | ||
Fair values, Receivable | 6,379 | 7,275 |
Fair values, Payable | 6,371 | 7,265 |
Notionals, Protection purchased | 416,656 | 414,237 |
Notionals, Protection sold | 375,894 | 379,915 |
After 5 years | ||
Credit Risk Derivatives | ||
Fair values, Receivable | 3,786 | 1,328 |
Fair values, Payable | 3,452 | 1,292 |
Notionals, Protection purchased | 57,417 | 58,554 |
Notionals, Protection sold | 45,660 | 47,284 |
Investment grade | ||
Credit Risk Derivatives | ||
Fair values, Receivable | 4,192 | 4,579 |
Fair values, Payable | 3,810 | 4,578 |
Notionals, Protection purchased | 489,167 | 560,806 |
Notionals, Protection sold | 441,085 | 470,778 |
Non-investment grade | ||
Credit Risk Derivatives | ||
Fair values, Receivable | 7,490 | 5,830 |
Fair values, Payable | 7,911 | 6,160 |
Notionals, Protection purchased | 155,046 | 143,120 |
Notionals, Protection sold | 133,607 | 132,609 |
Credit default swaps and options | ||
Credit Risk Derivatives | ||
Fair values, Receivable | 11,005 | 9,759 |
Fair values, Payable | 10,606 | 9,791 |
Notionals, Protection purchased | 632,273 | 685,643 |
Notionals, Protection sold | 570,417 | 593,850 |
Total return swaps and other | ||
Credit Risk Derivatives | ||
Fair values, Receivable | 677 | 650 |
Fair values, Payable | 1,115 | 947 |
Notionals, Protection purchased | 11,940 | 18,283 |
Notionals, Protection sold | 4,275 | 9,537 |
Banks | ||
Credit Risk Derivatives | ||
Fair values, Receivable | 3,701 | 4,017 |
Fair values, Payable | 3,874 | 4,102 |
Notionals, Protection purchased | 141,649 | 172,461 |
Notionals, Protection sold | 149,162 | 169,546 |
Broker-dealers | ||
Credit Risk Derivatives | ||
Fair values, Receivable | 2,375 | 1,724 |
Fair values, Payable | 1,793 | 1,528 |
Notionals, Protection purchased | 52,044 | 54,843 |
Notionals, Protection sold | 50,646 | 53,846 |
Non-financial | ||
Credit Risk Derivatives | ||
Fair values, Receivable | 99 | 92 |
Fair values, Payable | 103 | 76 |
Notionals, Protection purchased | 4,207 | 2,601 |
Notionals, Protection sold | 2,375 | 1,968 |
Insurance and other financial institutions | ||
Credit Risk Derivatives | ||
Fair values, Receivable | 5,507 | 4,576 |
Fair values, Payable | 5,951 | 5,032 |
Notionals, Protection purchased | 446,313 | 474,021 |
Notionals, Protection sold | 372,509 | 378,027 |
Interest rate swaps | ||
Credit Risk Derivatives | ||
Cash proceeds received for assets derecognized | 2,800 | 5,800 |
Fair value of derecognized assets | 2,800 | 5,900 |
Fair value gross derivative assets | 90 | 117 |
Trading derivatives, liability | $ 16 | $ 43 |
FAIR VALUE MEASUREMENT - Market
FAIR VALUE MEASUREMENT - Market Valuation Adjustments (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | Dec. 31, 2019 | |
Credit and funding valuation adjustments contra-liability (contra-asset) | |||||
Counterparty CVA | $ (1,243) | $ (1,243) | $ (705) | ||
Asset FVA | (839) | (839) | (530) | ||
Citigroup (own-credit) CVA | 557 | 557 | 341 | ||
Liability FVA | 195 | 195 | 72 | ||
Total CVA—derivative instruments | (1,330) | (1,330) | $ (822) | ||
Credit, Funding and Debt Valuation Adjustments Gain (Loss) [Abstract] | |||||
Counterparty CVA | 45 | $ 28 | (238) | $ 102 | |
Asset FVA | 632 | (39) | (421) | (19) | |
Own-credit CVA | (271) | (13) | 262 | (105) | |
Liability FVA | (214) | 18 | 123 | (30) | |
Total CVA—derivative instruments | 192 | (6) | (274) | (52) | |
DVA related to own FVO liabilities | (2,935) | 3 | 1,253 | (722) | |
Total CVA and DVA | $ (2,743) | $ (3) | $ 979 | $ (774) |
FAIR VALUE MEASUREMENT - Items
FAIR VALUE MEASUREMENT - Items Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Millions | Jun. 30, 2020 | Dec. 31, 2019 |
Assets, Fair Value Disclosure [Abstract] | ||
Federal funds sold and securities borrowed and purchased under agreements to resell, Netting | $ (133,473) | $ (111,400) |
Trading account assets | 362,311 | 276,140 |
Netting of cash collateral received | (58,778) | (44,353) |
Investments | 433,253 | 368,563 |
Loans at fair value | 5,799 | 4,085 |
Liabilities, Fair Value Disclosure [Abstract] | ||
Federal funds purchased and securities loaned and sold under agreements to repurchase, Netting | (133,473) | (111,400) |
Netting of cash collateral paid | (53,704) | (38,919) |
Fair value | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Investments measured at net asset value excluded from Level 3 | 140 | 170 |
Recurring | ||
Assets, Fair Value Disclosure [Abstract] | ||
Federal funds sold and securities borrowed and purchased under agreements to resell | 301,624 | 254,556 |
Federal funds sold and securities borrowed and purchased under agreements to resell, Netting | (127,066) | (101,363) |
Federal funds sold and securities borrowed and purchased under agreements to resell | 174,558 | 153,193 |
Investments | 343,195 | 281,257 |
Loans at fair value | 5,799 | 4,085 |
Mortgage servicing rights | 345 | 495 |
Assets before netting | 1,424,959 | 1,148,686 |
Netting, Assets, total of netting agreements and cash collateral received | (526,016) | (420,686) |
Total assets | 898,943 | 728,000 |
Liabilities, Fair Value Disclosure [Abstract] | ||
Interest-bearing deposits | 2,472 | 2,319 |
Federal funds purchased and securities loaned and sold under agreements to repurchase, Gross | 145,427 | 112,324 |
Federal funds purchased and securities loaned and sold under agreements to repurchase, Netting | (85,982) | (71,673) |
Federal funds purchased and securities loaned and sold under agreements to repurchase | 59,445 | 40,651 |
Securities sold, not yet purchased | 88,827 | 72,442 |
Trading liabilities | 88,867 | 72,466 |
Short-term borrowings | 6,646 | 4,946 |
Long-term debt | 61,971 | 55,783 |
Total liabilities, Gross | 765,446 | 615,498 |
Total liabilities, Netting | (479,858) | (385,562) |
Total liabilities | 285,588 | 229,936 |
Recurring | Trading account liabilities | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Trading derivatives, liability | 439,979 | 346,926 |
Cash collateral received | 14,295 | 14,391 |
Total trading derivatives and cash collateral, liability | 454,274 | 361,317 |
Netting agreements | (340,172) | (274,970) |
Netting of cash collateral paid | (53,704) | (38,919) |
Netting, Liabilities, total of netting agreements and cash collateral received | (393,876) | (313,889) |
Total derivative liabilities | 60,398 | 47,428 |
Cash collateral received, gross | 73,073 | 58,744 |
Recurring | Trading account liabilities | Interest rate contracts | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Trading derivatives, liability | 235,960 | 177,655 |
Recurring | Trading account liabilities | Foreign exchange contracts | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Trading derivatives, liability | 122,345 | 110,732 |
Recurring | Trading account liabilities | Equity contracts | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Trading derivatives, liability | 48,389 | 30,486 |
Recurring | Trading account liabilities | Commodity contracts | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Trading derivatives, liability | 21,564 | 17,315 |
Recurring | Trading account liabilities | Credit derivatives | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Trading derivatives, liability | 11,721 | 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 | 5,789 | 6,343 |
Total other assets and cash collateral, gross | 5,789 | 6,343 |
Recurring | Trading account liabilities | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Trading liabilities | 40 | 24 |
Recurring | Mortgage-backed securities - U.S. government-sponsored agency guaranteed | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 39,902 | 27,671 |
Investments | 45,352 | 35,230 |
Recurring | Residential mortgages | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 910 | 696 |
Investments | 695 | 793 |
Recurring | Commercial and other | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 1,465 | 1,693 |
Investments | 65 | 74 |
Recurring | Mortgage-backed securities | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 42,277 | 30,060 |
Investments | 46,112 | 36,097 |
Recurring | U.S. Treasury and federal agency securities | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 82,335 | 29,895 |
Investments | 154,057 | 111,418 |
Recurring | State and municipal | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 1,341 | 2,637 |
Investments | 5,021 | 4,978 |
Recurring | Foreign government | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 83,332 | 71,326 |
Investments | 120,940 | 111,249 |
Recurring | Corporate | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 19,857 | 18,891 |
Investments | 11,224 | 11,271 |
Recurring | Equity securities | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 45,433 | 51,641 |
Investments | 593 | 458 |
Recurring | Asset-backed securities | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 2,499 | 2,716 |
Investments | 287 | 522 |
Recurring | Other debt securities | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 12,643 | 12,041 |
Investments | 4,615 | 4,730 |
Recurring | Non-marketable equity securities measured using the measurement alternative | ||
Assets, Fair Value Disclosure [Abstract] | ||
Investments | 346 | 534 |
Recurring | Trading securities (excluding trading account derivatives) | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 289,717 | 219,207 |
Recurring | Trading account assets | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading derivatives, asset, Gross | 444,947 | 358,330 |
Cash collateral paid | 26,598 | 17,926 |
Trading derivative, asset, gross net cash collateral paid | 471,545 | 376,256 |
Netting agreements | (340,172) | (274,970) |
Netting of cash collateral received | (58,778) | (44,353) |
Total trading derivatives, netting | (398,950) | (319,323) |
Trading derivatives | 72,595 | 56,933 |
Liabilities, Fair Value Disclosure [Abstract] | ||
Cash collateral paid, gross | 80,302 | 56,845 |
Recurring | Trading account assets | Interest rate contracts | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading derivatives, asset, Gross | 259,570 | 197,668 |
Recurring | Trading account assets | Foreign exchange contracts | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading derivatives, asset, Gross | 117,529 | 107,570 |
Recurring | Trading account assets | Equity contracts | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading derivatives, asset, Gross | 39,406 | 28,471 |
Recurring | Trading account assets | Commodity contracts | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading derivatives, asset, Gross | 16,760 | 14,212 |
Recurring | Trading account assets | Credit derivatives | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading derivatives, asset, Gross | 11,682 | 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 | 12,734 | 12,830 |
Other assets | 12,734 | 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 | 231,677 | 181,297 |
Loans at fair value | 0 | 0 |
Mortgage servicing rights | 0 | 0 |
Assets before netting | $ 419,878 | $ 307,192 |
Total as a percentage of gross assets | 30.00% | 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 | 75,265 | 60,429 |
Trading liabilities | 75,265 | 60,429 |
Short-term borrowings | 0 | 0 |
Long-term debt | 0 | 0 |
Total liabilities, Gross | $ 80,993 | $ 66,861 |
Total as a percentage of gross liabilities | 10.80% | 11.10% |
Recurring | Level 1 | Trading account liabilities | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Trading derivatives, liability | $ 159 | $ 152 |
Recurring | Level 1 | Trading account liabilities | Interest rate contracts | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Trading derivatives, liability | 60 | 8 |
Recurring | Level 1 | Trading account liabilities | Foreign exchange contracts | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Trading derivatives, liability | 1 | 0 |
Recurring | Level 1 | Trading account liabilities | Equity contracts | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Trading derivatives, liability | 98 | 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 | 5,569 | 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. government-sponsored agency guaranteed | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 1 | 0 |
Investments | 0 | 0 |
Recurring | Level 1 | Residential mortgages | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 7 | 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 | 8 | 0 |
Investments | 0 | 0 |
Recurring | Level 1 | U.S. Treasury and federal agency securities | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 79,893 | 26,159 |
Investments | 154,057 | 106,103 |
Recurring | Level 1 | State and municipal | ||
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 | 66,305 | 50,948 |
Investments | 70,654 | 69,957 |
Recurring | Level 1 | Corporate | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 1,362 | 1,332 |
Investments | 6,693 | 5,150 |
Recurring | Level 1 | Equity securities | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 35,235 | 41,663 |
Investments | 273 | 87 |
Recurring | Level 1 | Asset-backed securities | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 3 | 0 |
Investments | 0 | 0 |
Recurring | Level 1 | Other debt securities | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 375 | 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 | 183,181 | 120,176 |
Recurring | Level 1 | Trading account assets | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading derivatives, asset, Gross | 203 | 91 |
Recurring | Level 1 | Trading account assets | Interest rate contracts | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading derivatives, asset, Gross | 97 | 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 | 105 | 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 | 4,817 | 5,628 |
Recurring | Level 2 | ||
Assets, Fair Value Disclosure [Abstract] | ||
Federal funds sold and securities borrowed and purchased under agreements to resell | 301,298 | 254,253 |
Investments | 110,022 | 98,701 |
Loans at fair value | 4,821 | 3,683 |
Mortgage servicing rights | 0 | 0 |
Assets before netting | $ 963,949 | $ 815,535 |
Total as a percentage of gross assets | 68.90% | 72.10% |
Liabilities, Fair Value Disclosure [Abstract] | ||
Interest-bearing deposits | $ 2,235 | $ 2,104 |
Federal funds purchased and securities loaned and sold under agreements to repurchase, Gross | 144,802 | 111,567 |
Securities sold, not yet purchased | 13,458 | 11,965 |
Trading liabilities | 13,498 | 11,989 |
Short-term borrowings | 6,518 | 4,933 |
Long-term debt | 40,338 | 38,614 |
Total liabilities, Gross | $ 639,836 | $ 511,211 |
Total as a percentage of gross liabilities | 85.20% | 85.00% |
Recurring | Level 2 | Trading account liabilities | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Trading derivatives, liability | $ 432,225 | $ 341,941 |
Recurring | Level 2 | Trading account liabilities | Interest rate contracts | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Trading derivatives, liability | 234,098 | 176,480 |
Recurring | Level 2 | Trading account liabilities | Foreign exchange contracts | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Trading derivatives, liability | 121,774 | 110,180 |
Recurring | Level 2 | Trading account liabilities | Equity contracts | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Trading derivatives, liability | 45,464 | 28,506 |
Recurring | Level 2 | Trading account liabilities | Commodity contracts | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Trading derivatives, liability | 20,300 | 16,542 |
Recurring | Level 2 | Trading account liabilities | Credit derivatives | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Trading derivatives, liability | 10,588 | 10,233 |
Recurring | Level 2 | Non-trading derivatives and other financial liabilities | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Other liabilities, gross | 220 | 63 |
Recurring | Level 2 | Trading account liabilities | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Trading liabilities | 40 | 24 |
Recurring | Level 2 | Mortgage-backed securities - U.S. government-sponsored agency guaranteed | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 39,805 | 27,661 |
Investments | 45,322 | 35,198 |
Recurring | Level 2 | Residential mortgages | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 470 | 573 |
Investments | 695 | 793 |
Recurring | Level 2 | Commercial and other | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 1,248 | 1,632 |
Investments | 65 | 74 |
Recurring | Level 2 | Mortgage-backed securities | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 41,523 | 29,866 |
Investments | 46,082 | 36,065 |
Recurring | Level 2 | U.S. Treasury and federal agency securities | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 2,442 | 3,736 |
Investments | 0 | 5,315 |
Recurring | Level 2 | State and municipal | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 1,224 | 2,573 |
Investments | 4,196 | 4,355 |
Recurring | Level 2 | Foreign government | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 17,001 | 20,326 |
Investments | 50,090 | 41,196 |
Recurring | Level 2 | Corporate | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 18,096 | 17,246 |
Investments | 4,425 | 6,076 |
Recurring | Level 2 | Equity securities | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 10,106 | 9,878 |
Investments | 319 | 371 |
Recurring | Level 2 | Asset-backed securities | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 711 | 1,539 |
Investments | 281 | 500 |
Recurring | Level 2 | Other debt securities | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 11,471 | 11,412 |
Investments | 4,615 | 4,730 |
Recurring | Level 2 | Non-marketable equity securities measured using the measurement alternative | ||
Assets, Fair Value Disclosure [Abstract] | ||
Investments | 14 | 93 |
Recurring | Level 2 | Trading securities (excluding trading account derivatives) | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 102,574 | 96,576 |
Recurring | Level 2 | Trading account assets | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading derivatives, asset, Gross | 437,317 | 355,121 |
Recurring | Level 2 | Trading account assets | Interest rate contracts | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading derivatives, asset, Gross | 255,703 | 196,493 |
Recurring | Level 2 | Trading account assets | Foreign exchange contracts | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading derivatives, asset, Gross | 116,984 | 107,022 |
Recurring | Level 2 | Trading account assets | Equity contracts | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading derivatives, asset, Gross | 38,709 | 28,148 |
Recurring | Level 2 | Trading account assets | Commodity contracts | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading derivatives, asset, Gross | 15,774 | 13,498 |
Recurring | Level 2 | Trading account assets | Credit derivatives | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading derivatives, asset, Gross | 10,147 | 9,960 |
Recurring | Level 2 | Non-trading derivatives and other financial assets | ||
Assets, Fair Value Disclosure [Abstract] | ||
Other assets, gross | 7,917 | 7,201 |
Recurring | Level 3 | ||
Assets, Fair Value Disclosure [Abstract] | ||
Federal funds sold and securities borrowed and purchased under agreements to resell | 326 | 303 |
Investments | 1,496 | 1,259 |
Loans at fair value | 978 | 402 |
Mortgage servicing rights | 345 | 495 |
Assets before netting | $ 14,534 | $ 8,033 |
Total as a percentage of gross assets | 1.00% | 0.70% |
Liabilities, Fair Value Disclosure [Abstract] | ||
Interest-bearing deposits | $ 237 | $ 215 |
Federal funds purchased and securities loaned and sold under agreements to repurchase, Gross | 625 | 757 |
Securities sold, not yet purchased | 104 | 48 |
Trading liabilities | 104 | 48 |
Short-term borrowings | 128 | 13 |
Long-term debt | 21,633 | 17,169 |
Total liabilities, Gross | $ 30,323 | $ 23,035 |
Total as a percentage of gross liabilities | 4.00% | 3.80% |
Recurring | Level 3 | Trading account liabilities | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Trading derivatives, liability | $ 7,596 | $ 4,833 |
Recurring | Level 3 | Trading account liabilities | Interest rate contracts | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Trading derivatives, liability | 1,802 | 1,167 |
Recurring | Level 3 | Trading account liabilities | Foreign exchange contracts | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Trading derivatives, liability | 570 | 552 |
Recurring | Level 3 | Trading account liabilities | Equity contracts | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Trading derivatives, liability | 2,827 | 1,836 |
Recurring | Level 3 | Trading account liabilities | Commodity contracts | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Trading derivatives, liability | 1,264 | 773 |
Recurring | Level 3 | Trading account liabilities | Credit derivatives | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Trading derivatives, liability | 1,133 | 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. government-sponsored agency guaranteed | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 96 | 10 |
Investments | 30 | 32 |
Recurring | Level 3 | Residential mortgages | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 433 | 123 |
Investments | 0 | 0 |
Recurring | Level 3 | Commercial and other | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 217 | 61 |
Investments | 0 | 0 |
Recurring | Level 3 | Mortgage-backed securities | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 746 | 194 |
Investments | 30 | 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 | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 117 | 64 |
Investments | 825 | 623 |
Recurring | Level 3 | Foreign government | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 26 | 52 |
Investments | 196 | 96 |
Recurring | Level 3 | Corporate | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 399 | 313 |
Investments | 106 | 45 |
Recurring | Level 3 | Equity securities | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 92 | 100 |
Investments | 1 | 0 |
Recurring | Level 3 | Asset-backed securities | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 1,785 | 1,177 |
Investments | 6 | 22 |
Recurring | Level 3 | Other debt securities | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 797 | 555 |
Investments | 0 | 0 |
Recurring | Level 3 | Non-marketable equity securities measured using the measurement alternative | ||
Assets, Fair Value Disclosure [Abstract] | ||
Investments | 332 | 441 |
Recurring | Level 3 | Trading securities (excluding trading account derivatives) | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 3,962 | 2,455 |
Recurring | Level 3 | Trading account assets | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading derivatives, asset, Gross | 7,427 | 3,118 |
Recurring | Level 3 | Trading account assets | Interest rate contracts | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading derivatives, asset, Gross | 3,770 | 1,168 |
Recurring | Level 3 | Trading account assets | Foreign exchange contracts | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading derivatives, asset, Gross | 544 | 547 |
Recurring | Level 3 | Trading account assets | Equity contracts | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading derivatives, asset, Gross | 592 | 240 |
Recurring | Level 3 | Trading account assets | Commodity contracts | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading derivatives, asset, Gross | 986 | 714 |
Recurring | Level 3 | Trading account assets | Credit derivatives | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading derivatives, asset, Gross | 1,535 | 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 | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 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 | $ 195 | $ (1,077) | $ (1,715) | $ (901) |
Net realized/unrealized gains (losses) included in principal transactions | (481) | (178) | 132 | (502) |
Other | 0 | 0 | 0 | 0 |
Transfers into Level 3 | 135 | (74) | 1,398 | (279) |
Transfers out of Level 3 | (52) | 204 | (183) | 497 |
Purchases | 47 | 47 | 141 | 109 |
Issuances | 0 | (69) | 56 | (116) |
Sales | (20) | 6 | (50) | (30) |
Settlements | 7 | (26) | 52 | 55 |
Balance at end of period, asset (liability), net | (169) | (1,167) | (169) | (1,167) |
Unrealized gains (losses) still held | (515) | (157) | (11) | (770) |
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 | 1,755 | (116) | 1 | (154) |
Net realized/unrealized gains (losses) included in principal transactions | 24 | (68) | 375 | (119) |
Other | 0 | 0 | 0 | 0 |
Transfers into Level 3 | 231 | (59) | 1,614 | (74) |
Transfers out of Level 3 | 20 | 137 | (2) | 164 |
Purchases | 1 | (21) | 2 | (15) |
Issuances | 0 | 19 | 56 | 31 |
Sales | 0 | 8 | 13 | 8 |
Settlements | (63) | (9) | (91) | 50 |
Balance at end of period, asset (liability), net | 1,968 | (109) | 1,968 | (109) |
Unrealized gains (losses) still held | 7 | (101) | 387 | (85) |
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 | 2 | 46 | (5) | (6) |
Net realized/unrealized gains (losses) included in principal transactions | (37) | (109) | (52) | (49) |
Other | 0 | 0 | 0 | 0 |
Transfers into Level 3 | (8) | 15 | (33) | 0 |
Transfers out of Level 3 | 2 | 9 | 11 | 24 |
Purchases | 5 | 0 | 49 | 3 |
Issuances | 0 | 0 | 0 | 0 |
Sales | (5) | (2) | (13) | (6) |
Settlements | 15 | (56) | 17 | (63) |
Balance at end of period, asset (liability), net | (26) | (97) | (26) | (97) |
Unrealized gains (losses) still held | (47) | (124) | 104 | (165) |
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 | (1,836) | (1,345) | (1,596) | (784) |
Net realized/unrealized gains (losses) included in principal transactions | (354) | 183 | (564) | (111) |
Other | 0 | 0 | 0 | 0 |
Transfers into Level 3 | (104) | (38) | (391) | (192) |
Transfers out of Level 3 | 12 | 100 | 236 | 109 |
Purchases | 21 | 2 | 24 | 1 |
Issuances | 0 | (88) | 0 | (147) |
Sales | (5) | (2) | (6) | 0 |
Settlements | 31 | (6) | 62 | (70) |
Balance at end of period, asset (liability), net | (2,235) | (1,194) | (2,235) | (1,194) |
Unrealized gains (losses) still held | (349) | 193 | (663) | (338) |
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 | (542) | 304 | (59) | (18) |
Net realized/unrealized gains (losses) included in principal transactions | 253 | (243) | (206) | 37 |
Other | 0 | 0 | 0 | 0 |
Transfers into Level 3 | (1) | 9 | 37 | 6 |
Transfers out of Level 3 | (14) | (4) | (70) | 6 |
Purchases | 20 | 66 | 66 | 120 |
Issuances | 0 | 0 | 0 | 0 |
Sales | (10) | (12) | (44) | (46) |
Settlements | 16 | 27 | (2) | 42 |
Balance at end of period, asset (liability), net | (278) | 147 | (278) | 147 |
Unrealized gains (losses) still held | 241 | (135) | (211) | 153 |
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 | 816 | 34 | (56) | 61 |
Net realized/unrealized gains (losses) included in principal transactions | (367) | 59 | 579 | (260) |
Other | 0 | 0 | 0 | 0 |
Transfers into Level 3 | 17 | (1) | 171 | (19) |
Transfers out of Level 3 | (72) | (38) | (358) | 194 |
Purchases | 0 | 0 | 0 | 0 |
Issuances | 0 | 0 | 0 | 0 |
Sales | 0 | 14 | 0 | 14 |
Settlements | 8 | 18 | 66 | 96 |
Balance at end of period, asset (liability), net | 402 | 86 | 402 | 86 |
Unrealized gains (losses) still held | (367) | 10 | 372 | (335) |
Interest-bearing deposits | ||||
Fair value, liabilities measured on recurring basis, level 3 fair-value category reconciliation | ||||
Balance at beginning of period, liability | 491 | 1,047 | 215 | 495 |
Net realized/unrealized gains (losses) included in principal transactions, liabilities | 0 | 0 | 0 | 0 |
Net realized/unrealized gains (losses) included in locations other than principal transactions, liabilities | (5) | (39) | (11) | (49) |
Transfers into Level 3, liabilities | 0 | 2 | 278 | 3 |
Transfers out of Level 3, liabilities | (151) | (18) | (151) | (22) |
Purchases, liability | 0 | 0 | 0 | 0 |
Issuance, liability | 30 | 129 | 30 | 803 |
Sales, liability | 0 | 0 | 0 | 0 |
Settlements, liability | (138) | (17) | (146) | (146) |
Balance at end of period, liability | 237 | 1,182 | 237 | 1,182 |
Unrealized gains (losses) still held, liabilities | (27) | (211) | (6) | (182) |
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 | 730 | 1,041 | 757 | 983 |
Net realized/unrealized gains (losses) included in principal transactions, liabilities | 0 | (42) | 27 | (38) |
Net realized/unrealized gains (losses) included in locations other than principal transactions, liabilities | 0 | 0 | 0 | 0 |
Transfers into Level 3, liabilities | 0 | 2 | 0 | 1 |
Transfers out of Level 3, liabilities | 0 | 0 | 0 | 4 |
Purchases, liability | 0 | 0 | 0 | 0 |
Issuance, liability | 0 | 0 | 0 | 0 |
Sales, liability | 0 | 0 | 0 | 1 |
Settlements, liability | (105) | 0 | (105) | 58 |
Balance at end of period, liability | 625 | 1,085 | 625 | 1,085 |
Unrealized gains (losses) still held, liabilities | 0 | (13) | (33) | (24) |
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 | 200 | 15 | 48 | 586 |
Net realized/unrealized gains (losses) included in principal transactions, liabilities | (28) | (6) | (129) | 118 |
Net realized/unrealized gains (losses) included in locations other than principal transactions, liabilities | 0 | 0 | 0 | 0 |
Transfers into Level 3, liabilities | 43 | 15 | 117 | 16 |
Transfers out of Level 3, liabilities | (8) | (6) | (18) | (447) |
Purchases, liability | 0 | 0 | 0 | 0 |
Issuance, liability | 0 | 0 | 9 | 0 |
Sales, liability | 0 | 0 | 0 | 0 |
Settlements, liability | (159) | (2) | (181) | (9) |
Balance at end of period, liability | 104 | 28 | 104 | 28 |
Unrealized gains (losses) still held, liabilities | 24 | (1) | (7) | 0 |
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 | 0 | 0 |
Net realized/unrealized gains (losses) included in principal transactions, liabilities | 0 | 0 | 0 | 0 |
Net realized/unrealized gains (losses) included in locations other than principal transactions, liabilities | 0 | 0 | 0 | 0 |
Transfers into Level 3, liabilities | 0 | 0 | 0 | 0 |
Transfers out of Level 3, liabilities | 0 | 0 | 0 | 0 |
Purchases, liability | 0 | 0 | 0 | 0 |
Issuance, liability | 0 | 0 | 0 | 0 |
Sales, liability | 0 | 0 | 0 | 0 |
Settlements, liability | 0 | 0 | 0 | 0 |
Balance at end of period, liability | 0 | 0 | 0 | 0 |
Unrealized gains (losses) still held, liabilities | 0 | 0 | 0 | 0 |
Short-term borrowings | ||||
Fair value, liabilities measured on recurring basis, level 3 fair-value category reconciliation | ||||
Balance at beginning of period, liability | 52 | 170 | 13 | 37 |
Net realized/unrealized gains (losses) included in principal transactions, liabilities | 9 | 2 | 19 | 25 |
Net realized/unrealized gains (losses) included in locations other than principal transactions, liabilities | 0 | 0 | 0 | 0 |
Transfers into Level 3, liabilities | 75 | 0 | 86 | 9 |
Transfers out of Level 3, liabilities | (6) | (25) | (6) | (31) |
Purchases, liability | 0 | 0 | 0 | 0 |
Issuance, liability | 23 | 12 | 61 | 165 |
Sales, liability | 0 | 0 | 0 | 0 |
Settlements, liability | (7) | (1) | (7) | (1) |
Balance at end of period, liability | 128 | 154 | 128 | 154 |
Unrealized gains (losses) still held, liabilities | 16 | (2) | 21 | (2) |
Long-term debt | ||||
Fair value, Derivative assets (liabilities) measured on recurring basis, level 3 fair-value category reconciliation | ||||
Transfers into Level 3 | 1,400 | 700 | 4,600 | 1,600 |
Transfers out of Level 3 | (1,300) | (1,400) | (2,800) | (3,000) |
Fair value, liabilities measured on recurring basis, level 3 fair-value category reconciliation | ||||
Balance at beginning of period, liability | 19,269 | 13,734 | 17,169 | 12,570 |
Net realized/unrealized gains (losses) included in principal transactions, liabilities | (2,271) | (819) | (320) | (1,226) |
Net realized/unrealized gains (losses) included in locations other than principal transactions, liabilities | 0 | 0 | 0 | 0 |
Transfers into Level 3, liabilities | 1,438 | 747 | 4,623 | 1,624 |
Transfers out of Level 3, liabilities | (1,292) | (1,360) | (2,783) | (2,961) |
Purchases, liability | 0 | 20 | 0 | 20 |
Issuance, liability | 1,469 | 900 | 4,809 | 6,850 |
Sales, liability | 0 | (1) | 0 | (4) |
Settlements, liability | (1,522) | 79 | (2,505) | (4,387) |
Balance at end of period, liability | 21,633 | 14,938 | 21,633 | 14,938 |
Unrealized gains (losses) still held, liabilities | (1,303) | (1,023) | (6,945) | (769) |
Other financial liabilities | ||||
Fair value, liabilities measured on recurring basis, level 3 fair-value category reconciliation | ||||
Balance at beginning of period, liability | 0 | 0 | 0 | 0 |
Net realized/unrealized gains (losses) included in principal transactions, liabilities | 0 | 0 | 0 | 0 |
Net realized/unrealized gains (losses) included in locations other than principal transactions, liabilities | 0 | 4 | 0 | 4 |
Transfers into Level 3, liabilities | 0 | 5 | 0 | 5 |
Transfers out of Level 3, liabilities | 0 | 0 | 0 | 0 |
Purchases, liability | 0 | 0 | 0 | 0 |
Issuance, liability | 0 | 0 | 2 | 0 |
Sales, liability | 0 | 0 | 0 | 0 |
Settlements, liability | 0 | 0 | (2) | 0 |
Balance at end of period, liability | 0 | 1 | 0 | 1 |
Unrealized gains (losses) still held, liabilities | 0 | 0 | 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 | 300 | 66 | 303 | 115 |
Net realized/unrealized gains (losses) included in principal transactions | 34 | 5 | 14 | 1 |
Net realized/unrealized gains (losses) included in locations other than principal transactions, assets | 0 | 0 | 0 | 0 |
Transfers into Level 3 | 0 | 2 | 0 | 5 |
Transfers out of Level 3, assets | 0 | 0 | 0 | (4) |
Purchases, assets | 42 | 49 | 108 | 94 |
Issuance, assets | 0 | 0 | 0 | 0 |
Sales, assets | 0 | 0 | 0 | 0 |
Settlements, assets | (50) | 0 | (99) | (89) |
Balance at end of period, asset | 326 | 122 | 326 | 122 |
Unrealized gains (losses) still held, assets | 36 | 0 | 39 | 3 |
Trading non-derivative assets | ||||
Fair value, assets measured on recurring basis, level 3 fair-value category reconciliation | ||||
Balance at beginning of period, asset | 3,319 | 3,544 | 2,455 | 3,548 |
Net realized/unrealized gains (losses) included in principal transactions | 167 | 353 | 327 | 413 |
Net realized/unrealized gains (losses) included in locations other than principal transactions, assets | 0 | 0 | 0 | 0 |
Transfers into Level 3 | 779 | 68 | 1,181 | 126 |
Transfers out of Level 3, assets | (211) | (200) | (359) | (377) |
Purchases, assets | 1,060 | 637 | 2,333 | 1,421 |
Issuance, assets | 6 | 5 | 14 | (24) |
Sales, assets | (1,147) | (1,104) | (1,968) | (1,799) |
Settlements, assets | (11) | (7) | (21) | (12) |
Balance at end of period, asset | 3,962 | 3,296 | 3,962 | 3,296 |
Unrealized gains (losses) still held, assets | 49 | 57 | (303) | 69 |
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 | 85 | 154 | 10 | 156 |
Net realized/unrealized gains (losses) included in principal transactions | 1 | 6 | (74) | 6 |
Net realized/unrealized gains (losses) included in locations other than principal transactions, assets | 0 | 0 | 0 | 0 |
Transfers into Level 3 | 4 | 1 | 16 | 1 |
Transfers out of Level 3, assets | (6) | (2) | (9) | (27) |
Purchases, assets | 67 | 42 | 208 | 90 |
Issuance, assets | 0 | (1) | 0 | (1) |
Sales, assets | (55) | (13) | (55) | (38) |
Settlements, assets | 0 | 0 | 0 | 0 |
Balance at end of period, asset | 96 | 187 | 96 | 187 |
Unrealized gains (losses) still held, assets | 4 | 4 | 5 | 7 |
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 | 304 | 128 | 123 | 268 |
Net realized/unrealized gains (losses) included in principal transactions | 14 | 10 | 6 | 11 |
Net realized/unrealized gains (losses) included in locations other than principal transactions, assets | 0 | 0 | 0 | 0 |
Transfers into Level 3 | 144 | 17 | 204 | 22 |
Transfers out of Level 3, assets | (39) | (9) | (43) | (40) |
Purchases, assets | 96 | 61 | 274 | 130 |
Issuance, assets | 0 | 0 | 0 | 0 |
Sales, assets | (86) | (76) | (131) | (260) |
Settlements, assets | 0 | 0 | 0 | 0 |
Balance at end of period, asset | 433 | 131 | 433 | 131 |
Unrealized gains (losses) still held, assets | 7 | 15 | 0 | 15 |
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 | 44 | 69 | 61 | 77 |
Net realized/unrealized gains (losses) included in principal transactions | 4 | 2 | 4 | 4 |
Net realized/unrealized gains (losses) included in locations other than principal transactions, assets | 0 | 0 | 0 | 0 |
Transfers into Level 3 | 140 | 3 | 143 | 5 |
Transfers out of Level 3, assets | (14) | (34) | (17) | (35) |
Purchases, assets | 62 | 38 | 89 | 62 |
Issuance, assets | 0 | 0 | 0 | 0 |
Sales, assets | (19) | (25) | (63) | (60) |
Settlements, assets | 0 | 0 | 0 | 0 |
Balance at end of period, asset | 217 | 53 | 217 | 53 |
Unrealized gains (losses) still held, assets | 11 | (6) | (10) | (5) |
Trading non-derivative assets | Mortgage-backed securities | ||||
Fair value, assets measured on recurring basis, level 3 fair-value category reconciliation | ||||
Balance at beginning of period, asset | 433 | 351 | 194 | 501 |
Net realized/unrealized gains (losses) included in principal transactions | 19 | 18 | (64) | 21 |
Net realized/unrealized gains (losses) included in locations other than principal transactions, assets | 0 | 0 | 0 | 0 |
Transfers into Level 3 | 288 | 21 | 363 | 28 |
Transfers out of Level 3, assets | (59) | (45) | (69) | (102) |
Purchases, assets | 225 | 141 | 571 | 282 |
Issuance, assets | 0 | (1) | 0 | (1) |
Sales, assets | (160) | (114) | (249) | (358) |
Settlements, assets | 0 | 0 | 0 | 0 |
Balance at end of period, asset | 746 | 371 | 746 | 371 |
Unrealized gains (losses) still held, assets | 22 | 13 | (5) | 17 |
Trading non-derivative assets | U.S. Treasury and federal agency securities | ||||
Fair value, assets measured on recurring basis, level 3 fair-value category reconciliation | ||||
Balance at beginning of period, asset | 0 | 0 | 0 | 1 |
Net realized/unrealized gains (losses) included in principal transactions | 0 | 0 | 0 | 0 |
Net realized/unrealized gains (losses) included in locations other than principal transactions, assets | 0 | 0 | 0 | 0 |
Transfers into Level 3 | 0 | 0 | 0 | 0 |
Transfers out of Level 3, assets | 0 | 0 | 0 | 0 |
Purchases, assets | 0 | 0 | 0 | 0 |
Issuance, assets | 0 | 0 | 0 | 0 |
Sales, assets | 0 | 0 | 0 | 0 |
Settlements, assets | 0 | 0 | 0 | (1) |
Balance at end of period, asset | 0 | 0 | 0 | 0 |
Unrealized gains (losses) still held, assets | 0 | 0 | 0 | 0 |
Trading non-derivative assets | State and municipal | ||||
Fair value, assets measured on recurring basis, level 3 fair-value category reconciliation | ||||
Balance at beginning of period, asset | 92 | 178 | 64 | 200 |
Net realized/unrealized gains (losses) included in principal transactions | 0 | 0 | 2 | (1) |
Net realized/unrealized gains (losses) included in locations other than principal transactions, assets | 0 | 0 | 0 | 0 |
Transfers into Level 3 | 5 | 0 | 15 | 0 |
Transfers out of Level 3, assets | (1) | 0 | (3) | (19) |
Purchases, assets | 41 | 0 | 62 | 1 |
Issuance, assets | 0 | 0 | 0 | 0 |
Sales, assets | (20) | (1) | (23) | (4) |
Settlements, assets | 0 | 0 | 0 | 0 |
Balance at end of period, asset | 117 | 177 | 117 | 177 |
Unrealized gains (losses) still held, assets | 0 | 0 | 1 | 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 | 39 | 39 | 52 | 31 |
Net realized/unrealized gains (losses) included in principal transactions | 57 | 2 | (28) | 1 |
Net realized/unrealized gains (losses) included in locations other than principal transactions, assets | 0 | 0 | 0 | 0 |
Transfers into Level 3 | 2 | 0 | 2 | 9 |
Transfers out of Level 3, assets | (2) | 0 | (2) | 0 |
Purchases, assets | 18 | 0 | 104 | 3 |
Issuance, assets | 0 | 0 | 0 | 0 |
Sales, assets | (88) | (21) | (102) | (24) |
Settlements, assets | 0 | 0 | 0 | 0 |
Balance at end of period, asset | 26 | 20 | 26 | 20 |
Unrealized gains (losses) still held, assets | 54 | 1 | 52 | 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 | 412 | 378 | 313 | 360 |
Net realized/unrealized gains (losses) included in principal transactions | (12) | 255 | 290 | 345 |
Net realized/unrealized gains (losses) included in locations other than principal transactions, assets | 0 | 0 | 0 | 0 |
Transfers into Level 3 | 64 | 41 | 86 | 62 |
Transfers out of Level 3, assets | (78) | (5) | (70) | (31) |
Purchases, assets | 204 | 109 | 419 | 178 |
Issuance, assets | 0 | 0 | 0 | (33) |
Sales, assets | (185) | (322) | (633) | (425) |
Settlements, assets | (6) | (2) | (6) | (2) |
Balance at end of period, asset | 399 | 454 | 399 | 454 |
Unrealized gains (losses) still held, assets | (71) | 55 | (87) | 34 |
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 | 143 | 127 | 100 | 153 |
Net realized/unrealized gains (losses) included in principal transactions | 9 | 13 | 9 | 3 |
Net realized/unrealized gains (losses) included in locations other than principal transactions, assets | 0 | 0 | 0 | 0 |
Transfers into Level 3 | 10 | (2) | 38 | (1) |
Transfers out of Level 3, assets | 0 | 0 | (3) | (11) |
Purchases, assets | 174 | 48 | 206 | 57 |
Issuance, assets | 0 | 0 | 0 | 0 |
Sales, assets | (244) | (63) | (258) | (78) |
Settlements, assets | 0 | 0 | 0 | 0 |
Balance at end of period, asset | 92 | 123 | 92 | 123 |
Unrealized gains (losses) still held, assets | (3) | (28) | (19) | (25) |
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 | 1,561 | 1,429 | 1,177 | 1,484 |
Net realized/unrealized gains (losses) included in principal transactions | 67 | 20 | (102) | (6) |
Net realized/unrealized gains (losses) included in locations other than principal transactions, assets | 0 | 0 | 0 | 0 |
Transfers into Level 3 | 257 | 6 | 496 | 13 |
Transfers out of Level 3, assets | (56) | (15) | (60) | (47) |
Purchases, assets | 272 | 242 | 740 | 463 |
Issuance, assets | 0 | 0 | 0 | 0 |
Sales, assets | (316) | (271) | (466) | (496) |
Settlements, assets | 0 | 0 | 0 | 0 |
Balance at end of period, asset | 1,785 | 1,411 | 1,785 | 1,411 |
Unrealized gains (losses) still held, assets | 46 | 10 | (222) | 57 |
Trading non-derivative assets | Other | ||||
Fair value, assets measured on recurring basis, level 3 fair-value category reconciliation | ||||
Balance at beginning of period, asset | 639 | 1,042 | 555 | 818 |
Net realized/unrealized gains (losses) included in principal transactions | 27 | 45 | 220 | 50 |
Net realized/unrealized gains (losses) included in locations other than principal transactions, assets | 0 | 0 | 0 | 0 |
Transfers into Level 3 | 153 | 2 | 181 | 15 |
Transfers out of Level 3, assets | (15) | (135) | (152) | (167) |
Purchases, assets | 126 | 97 | 231 | 437 |
Issuance, assets | 6 | 6 | 14 | 10 |
Sales, assets | (134) | (312) | (237) | (414) |
Settlements, assets | (5) | (5) | (15) | (9) |
Balance at end of period, asset | 797 | 740 | 797 | 740 |
Unrealized gains (losses) still held, assets | 1 | 6 | (23) | (15) |
Investments | ||||
Fair value, assets measured on recurring basis, level 3 fair-value category reconciliation | ||||
Balance at beginning of period, asset | 1,567 | 2,384 | 1,259 | 1,737 |
Net realized/unrealized gains (losses) included in principal transactions | 0 | 0 | 0 | 0 |
Net realized/unrealized gains (losses) included in locations other than principal transactions, assets | 41 | 54 | (55) | 122 |
Transfers into Level 3 | 174 | 18 | 388 | 115 |
Transfers out of Level 3, assets | (347) | (585) | (346) | (679) |
Purchases, assets | 169 | 256 | 468 | 1,034 |
Issuance, assets | 0 | 0 | 0 | 0 |
Sales, assets | (63) | (430) | (163) | (611) |
Settlements, assets | (45) | 0 | (55) | (21) |
Balance at end of period, asset | 1,496 | 1,697 | 1,496 | 1,697 |
Unrealized gains (losses) still held, assets | 16 | 45 | 49 | 76 |
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 | 47 | 32 | 32 | 32 |
Net realized/unrealized gains (losses) included in principal transactions | 0 | 0 | 0 | 0 |
Net realized/unrealized gains (losses) included in locations other than principal transactions, assets | (19) | (1) | (5) | (1) |
Transfers into Level 3 | 1 | 0 | 1 | 0 |
Transfers out of Level 3, assets | 0 | 0 | 1 | 0 |
Purchases, assets | 1 | 0 | 1 | 0 |
Issuance, assets | 0 | 0 | 0 | 0 |
Sales, assets | 0 | 0 | 0 | 0 |
Settlements, assets | 0 | 0 | 0 | 0 |
Balance at end of period, asset | 30 | 31 | 30 | 31 |
Unrealized gains (losses) still held, assets | (36) | (1) | (23) | (3) |
Investments | Residential mortgages | ||||
Fair value, assets measured on recurring basis, level 3 fair-value category reconciliation | ||||
Balance at beginning of period, asset | 0 | 0 | 0 | 0 |
Net realized/unrealized gains (losses) included in principal transactions | 0 | 0 | 0 | 0 |
Net realized/unrealized gains (losses) included in locations other than principal transactions, assets | 0 | 0 | 0 | 0 |
Transfers into Level 3 | 0 | 0 | 0 | 0 |
Transfers out of Level 3, assets | 0 | 0 | 0 | 0 |
Purchases, assets | 0 | 0 | 0 | 0 |
Issuance, assets | 0 | 0 | 0 | 0 |
Sales, assets | 0 | 0 | 0 | 0 |
Settlements, assets | 0 | 0 | 0 | 0 |
Balance at end of period, asset | 0 | 0 | 0 | 0 |
Unrealized gains (losses) still held, assets | 0 | 0 | 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 | 0 | 0 |
Net realized/unrealized gains (losses) included in principal transactions | 0 | 0 | 0 | 0 |
Net realized/unrealized gains (losses) included in locations other than principal transactions, assets | 0 | 0 | 0 | 0 |
Transfers into Level 3 | 0 | 0 | 0 | 0 |
Transfers out of Level 3, assets | 0 | 0 | 0 | 0 |
Purchases, assets | 0 | 0 | 0 | 0 |
Issuance, assets | 0 | 0 | 0 | 0 |
Sales, assets | 0 | 0 | 0 | 0 |
Settlements, assets | 0 | 0 | 0 | 0 |
Balance at end of period, asset | 0 | 0 | 0 | 0 |
Unrealized gains (losses) still held, assets | 0 | 0 | 0 | 0 |
Investments | Mortgage-backed securities | ||||
Fair value, assets measured on recurring basis, level 3 fair-value category reconciliation | ||||
Balance at beginning of period, asset | 47 | 32 | 32 | 32 |
Net realized/unrealized gains (losses) included in principal transactions | 0 | 0 | 0 | 0 |
Net realized/unrealized gains (losses) included in locations other than principal transactions, assets | (19) | (1) | (5) | (1) |
Transfers into Level 3 | 1 | 0 | 1 | 0 |
Transfers out of Level 3, assets | 0 | 0 | 1 | 0 |
Purchases, assets | 1 | 0 | 1 | 0 |
Issuance, assets | 0 | 0 | 0 | 0 |
Sales, assets | 0 | 0 | 0 | 0 |
Settlements, assets | 0 | 0 | 0 | 0 |
Balance at end of period, asset | 30 | 31 | 30 | 31 |
Unrealized gains (losses) still held, assets | (36) | (1) | (23) | (3) |
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 | 0 | 0 |
Net realized/unrealized gains (losses) included in principal transactions | 0 | 0 | 0 | 0 |
Net realized/unrealized gains (losses) included in locations other than principal transactions, assets | 0 | 0 | 0 | 0 |
Transfers into Level 3 | 0 | 0 | 0 | 0 |
Transfers out of Level 3, assets | 0 | 0 | 0 | 0 |
Purchases, assets | 0 | 0 | 0 | 0 |
Issuance, assets | 0 | 0 | 0 | 0 |
Sales, assets | 0 | 0 | 0 | 0 |
Settlements, assets | 0 | 0 | 0 | 0 |
Balance at end of period, asset | 0 | 0 | 0 | 0 |
Unrealized gains (losses) still held, assets | 0 | 0 | 0 | 0 |
Investments | State and municipal | ||||
Fair value, assets measured on recurring basis, level 3 fair-value category reconciliation | ||||
Balance at beginning of period, asset | 687 | 910 | 623 | 708 |
Net realized/unrealized gains (losses) included in principal transactions | 0 | 0 | 0 | 0 |
Net realized/unrealized gains (losses) included in locations other than principal transactions, assets | 24 | 42 | (7) | 94 |
Transfers into Level 3 | 172 | 11 | 310 | 14 |
Transfers out of Level 3, assets | (131) | 0 | (131) | 0 |
Purchases, assets | 95 | 236 | 95 | 421 |
Issuance, assets | 0 | 0 | 0 | 0 |
Sales, assets | (22) | (173) | (65) | (211) |
Settlements, assets | 0 | 0 | 0 | 0 |
Balance at end of period, asset | 825 | 1,026 | 825 | 1,026 |
Unrealized gains (losses) still held, assets | 21 | 48 | 25 | 84 |
Investments | Foreign government | ||||
Fair value, assets measured on recurring basis, level 3 fair-value category reconciliation | ||||
Balance at beginning of period, asset | 225 | 71 | 96 | 68 |
Net realized/unrealized gains (losses) included in principal transactions | 0 | 0 | 0 | 0 |
Net realized/unrealized gains (losses) included in locations other than principal transactions, assets | 7 | 5 | 5 | 1 |
Transfers into Level 3 | 0 | 0 | 27 | 0 |
Transfers out of Level 3, assets | (64) | 0 | (64) | 0 |
Purchases, assets | 61 | 17 | 208 | 56 |
Issuance, assets | 0 | 0 | 0 | 0 |
Sales, assets | (33) | (16) | (76) | (48) |
Settlements, assets | 0 | 0 | 0 | 0 |
Balance at end of period, asset | 196 | 77 | 196 | 77 |
Unrealized gains (losses) still held, assets | 6 | 1 | (9) | 1 |
Investments | Corporate | ||||
Fair value, assets measured on recurring basis, level 3 fair-value category reconciliation | ||||
Balance at beginning of period, asset | 238 | 60 | 45 | 156 |
Net realized/unrealized gains (losses) included in principal transactions | 0 | 0 | 0 | 0 |
Net realized/unrealized gains (losses) included in locations other than principal transactions, assets | 10 | 0 | 2 | 0 |
Transfers into Level 3 | 0 | 0 | 49 | 0 |
Transfers out of Level 3, assets | (152) | 0 | (152) | (94) |
Purchases, assets | 10 | 0 | 162 | 0 |
Issuance, assets | 0 | 0 | 0 | 0 |
Sales, assets | 0 | (4) | 0 | (6) |
Settlements, assets | 0 | 0 | 0 | 0 |
Balance at end of period, asset | 106 | 56 | 106 | 56 |
Unrealized gains (losses) still held, assets | 0 | 0 | 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 | 0 | 0 |
Net realized/unrealized gains (losses) included in principal transactions | 0 | 0 | 0 | 0 |
Net realized/unrealized gains (losses) included in locations other than principal transactions, assets | 0 | 0 | 0 | 0 |
Transfers into Level 3 | 1 | 0 | 1 | 0 |
Transfers out of Level 3, assets | 0 | 0 | 0 | 0 |
Purchases, assets | 0 | 0 | 0 | 0 |
Issuance, assets | 0 | 0 | 0 | 0 |
Sales, assets | 0 | 0 | 0 | 0 |
Settlements, assets | 0 | 0 | 0 | 0 |
Balance at end of period, asset | 1 | 0 | 1 | 0 |
Unrealized gains (losses) still held, assets | 0 | 0 | 0 | 0 |
Investments | Asset-backed securities | ||||
Fair value, assets measured on recurring basis, level 3 fair-value category reconciliation | ||||
Balance at beginning of period, asset | 16 | 806 | 22 | 187 |
Net realized/unrealized gains (losses) included in principal transactions | 0 | 0 | 0 | 0 |
Net realized/unrealized gains (losses) included in locations other than principal transactions, assets | (2) | 10 | 3 | 8 |
Transfers into Level 3 | 0 | 1 | 0 | 95 |
Transfers out of Level 3, assets | 0 | (585) | 0 | (585) |
Purchases, assets | 0 | 0 | 0 | 550 |
Issuance, assets | 0 | 0 | 0 | 0 |
Sales, assets | (8) | (173) | (19) | (196) |
Settlements, assets | 0 | 0 | 0 | 0 |
Balance at end of period, asset | 6 | 59 | 6 | 59 |
Unrealized gains (losses) still held, assets | 0 | 9 | 34 | 9 |
Investments | Other | ||||
Fair value, assets measured on recurring basis, level 3 fair-value category reconciliation | ||||
Balance at beginning of period, asset | 0 | 0 | 0 | 0 |
Net realized/unrealized gains (losses) included in principal transactions | 0 | 0 | 0 | 0 |
Net realized/unrealized gains (losses) included in locations other than principal transactions, assets | 0 | 0 | 0 | 0 |
Transfers into Level 3 | 0 | 0 | 0 | 0 |
Transfers out of Level 3, assets | 0 | 0 | 0 | 0 |
Purchases, assets | 0 | 0 | 0 | 0 |
Issuance, assets | 0 | 0 | 0 | 0 |
Sales, assets | 0 | 0 | 0 | 0 |
Settlements, assets | 0 | 0 | 0 | 0 |
Balance at end of period, asset | 0 | 0 | 0 | 0 |
Unrealized gains (losses) still held, assets | 0 | 0 | 0 | 0 |
Investments | Non-marketable equity securities | ||||
Fair value, assets measured on recurring basis, level 3 fair-value category reconciliation | ||||
Balance at beginning of period, asset | 354 | 505 | 441 | 586 |
Net realized/unrealized gains (losses) included in principal transactions | 0 | 0 | 0 | 0 |
Net realized/unrealized gains (losses) included in locations other than principal transactions, assets | 21 | (2) | (53) | 20 |
Transfers into Level 3 | 0 | 6 | 0 | 6 |
Transfers out of Level 3, assets | 0 | 0 | 0 | 0 |
Purchases, assets | 2 | 3 | 2 | 7 |
Issuance, assets | 0 | 0 | 0 | 0 |
Sales, assets | 0 | (64) | (3) | (150) |
Settlements, assets | (45) | 0 | (55) | (21) |
Balance at end of period, asset | 332 | 448 | 332 | 448 |
Unrealized gains (losses) still held, assets | 25 | (12) | 22 | (15) |
Loans | ||||
Fair value, assets measured on recurring basis, level 3 fair-value category reconciliation | ||||
Balance at beginning of period, asset | 537 | 373 | 402 | 277 |
Net realized/unrealized gains (losses) included in principal transactions | 0 | 0 | 0 | 0 |
Net realized/unrealized gains (losses) included in locations other than principal transactions, assets | 447 | 63 | 368 | 108 |
Transfers into Level 3 | 0 | 3 | 217 | 128 |
Transfers out of Level 3, assets | (5) | 0 | (6) | (70) |
Purchases, assets | 0 | 5 | 0 | 11 |
Issuance, assets | 0 | 0 | 0 | 0 |
Sales, assets | 0 | (25) | 0 | (35) |
Settlements, assets | (1) | 0 | (3) | 0 |
Balance at end of period, asset | 978 | 419 | 978 | 419 |
Unrealized gains (losses) still held, assets | 355 | 174 | 509 | 294 |
Mortgage servicing rights | ||||
Fair value, assets measured on recurring basis, level 3 fair-value category reconciliation | ||||
Balance at beginning of period, asset | 367 | 551 | 495 | 584 |
Net realized/unrealized gains (losses) included in principal transactions | 0 | 0 | 0 | 0 |
Net realized/unrealized gains (losses) included in locations other than principal transactions, assets | (26) | (37) | (169) | (64) |
Transfers into Level 3 | 0 | 0 | 0 | 0 |
Transfers out of Level 3, assets | 0 | 0 | 0 | 0 |
Purchases, assets | 0 | 0 | 0 | 0 |
Issuance, assets | 24 | 16 | 56 | 28 |
Sales, assets | 0 | 0 | 0 | 0 |
Settlements, assets | (20) | (22) | (37) | (40) |
Balance at end of period, asset | 345 | 508 | 345 | 508 |
Unrealized gains (losses) still held, assets | (14) | (34) | (147) | (60) |
Other financial assets measured on a recurring basis | ||||
Fair value, assets measured on recurring basis, level 3 fair-value category reconciliation | ||||
Balance at beginning of period, asset | 0 | 0 | 1 | 0 |
Net realized/unrealized gains (losses) included in principal transactions | 0 | 0 | 0 | 0 |
Net realized/unrealized gains (losses) included in locations other than principal transactions, assets | 14 | 9 | 14 | 25 |
Transfers into Level 3 | 0 | 0 | 0 | 0 |
Transfers out of Level 3, assets | 0 | 4 | 0 | 4 |
Purchases, assets | 0 | 0 | 0 | 0 |
Issuance, assets | (6) | (3) | (6) | (5) |
Sales, assets | (4) | (4) | (5) | (8) |
Settlements, assets | (4) | (6) | (4) | (16) |
Balance at end of period, asset | 0 | 0 | 0 | 0 |
Unrealized gains (losses) still held, assets | $ 2 | $ 0 | $ 16 | $ 0 |
FAIR VALUE MEASUREMENT - Leve_2
FAIR VALUE MEASUREMENT - Level 3 Fair Value Rollforward Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Long-term debt | ||||
Fair value, assets and liabilities measured on recurring basis, level 3 fair-value category disclosures | ||||
Transfers into Level 3, derivative asset | $ 1,400 | $ 700 | $ 4,600 | $ 1,600 |
Transfers into Level 3, liabilities | 1,438 | 747 | 4,623 | 1,624 |
Transfers out of Level 3, liabilities | 1,292 | 1,360 | 2,783 | 2,961 |
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 | 135 | (74) | 1,398 | (279) |
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 | 231 | (59) | 1,614 | (74) |
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 | 43 | 15 | 117 | 16 |
Transfers out of Level 3, liabilities | $ 8 | $ 6 | $ 18 | $ 447 |
FAIR VALUE MEASUREMENT - Valuat
FAIR VALUE MEASUREMENT - Valuation Techniques and Inputs for Level 3 Fair Value Measurements (Details) | Jun. 30, 2020USD ($)year | Dec. 31, 2019USD ($)year |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Marketable equity securities | $ 1,079,000,000 | $ 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 | 326,000,000 | 303,000,000 |
Mortgage-backed securities | 22,000,000 | |
State and municipal, foreign government, corporate and other debt securities | 923,000,000 | 880,000,000 |
Marketable equity securities | 32,000,000 | 30,000,000 |
Non-marketable equities | 68,000,000 | |
Loans and leases | 917,000,000 | 378,000,000 |
Mortgage servicing rights | 71,000,000 | 77,000,000 |
Interest-bearing deposits | 237,000,000 | 215,000,000 |
Securities loaned and sold under agreement to repurchase | 625,000,000 | 757,000,000 |
Securities sold, not yet purchased | 45,000,000 | |
Short-term borrowings and long-term debt | 21,761,000,000 | 17,182,000,000 |
Price-based | Level 3 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Mortgage-backed securities | 473,000,000 | 196,000,000 |
State and municipal, foreign government, corporate and other debt securities | 1,346,000,000 | 677,000,000 |
Marketable equity securities | 60,000,000 | 70,000,000 |
Asset-backed securities | 1,273,000,000 | 812,000,000 |
Non-marketable equities | 74,000,000 | 97,000,000 |
Securities sold, not yet purchased | 59,000,000 | 46,000,000 |
Yield analysis | Level 3 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Mortgage-backed securities | 280,000,000 | |
Asset-backed securities | 518,000,000 | 368,000,000 |
Comparable analysis | Level 3 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Non-marketable equities | 188,000,000 | 316,000,000 |
Cash flow | Level 3 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Mortgage servicing rights | $ 274,000,000 | $ 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 | 0.13% | 1.59% |
Securities loaned and sold under agreement to repurchase | 0.0013 | 0.0159 |
Securities sold, not yet purchased | 0.0957 | |
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% |
State and municipal, foreign government, corporate and other debt securities | 0.0035 | |
Loans and leases | 0.0047 | 0.0009 |
Minimum | Model-based | Level 3 | Appraised Value | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Non-marketable equities | $ 865,000 | |
Minimum | Model-based | Level 3 | Revenue Multiple | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Non-marketable equities | 1 | |
Minimum | Model-based | Level 3 | Discount to Price | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Non-marketable equities | 0 | |
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 | 0.0020 | |
Short-term borrowings and long-term debt | 0.0016 | 0.0009 |
Minimum | Model-based | Level 3 | IR Lognormal Volatility | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Securities sold, not yet purchased | 0.5216 | |
Minimum | Model-based | Level 3 | Forward Price | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Interest-bearing deposits | 0.9640 | 0.9759 |
Short-term borrowings and long-term debt | 0.3619 | 0.3762 |
Minimum | Model-based | Level 3 | Equity Volatility | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Loans and leases | 0.2367 | 0.3200 |
Minimum | Model-based | Level 3 | WAL | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Marketable equity securities | year | 1.48 | |
Derivative assets | year | 1.48 | |
Mortgage servicing rights | year | 2.89 | 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 |
Marketable equity securities | year | 0.99 | |
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 | Model-based | Level 3 | PE Ratio | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Non-marketable equities | 10 | |
Minimum | Model-based | Level 3 | Price to Book Ratio | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Non-marketable equities | 0.60 | |
Minimum | Price-based | Level 3 | Price | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Mortgage-backed securities | $ 25.35 | $ 36 |
State and municipal, foreign government, corporate and other debt securities | 0 | |
Marketable equity securities | 0.14 | 0 |
Asset-backed securities | 1.87 | 4 |
Non-marketable equities | 3 | |
Securities sold, not yet purchased | 0.14 | $ 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 | |
Minimum | Price-based | Level 3 | Appraised Value | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Non-marketable equities | $ 397,000 | |
Minimum | Price-based | Level 3 | Illiquidity Discount | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Non-marketable equities | $ 10 | |
Minimum | Price-based | Level 3 | Discount to Price | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Non-marketable equities | 0 | |
Minimum | Price-based | Level 3 | PE Ratio | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Non-marketable equities | 14.70 | |
Minimum | Price-based | Level 3 | Price to Book Ratio | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Non-marketable equities | 1.50 | |
Minimum | Yield analysis | Level 3 | Yield | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Mortgage-backed securities | 1.72% | |
Asset-backed securities | 2.94% | 0.61% |
Minimum | Comparable analysis | Level 3 | Price | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Non-marketable equities | $ 12.36 | |
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 | 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 | 1.66% | 3.67% |
Securities loaned and sold under agreement to repurchase | 0.0166 | 0.0238 |
Securities sold, not yet purchased | 0.2768 | |
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% |
State and municipal, foreign government, corporate and other debt securities | 0.0349 | |
Loans and leases | 0.0047 | 0.0052 |
Maximum | Model-based | Level 3 | Appraised Value | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Non-marketable equities | $ 27,608,000 | |
Maximum | Model-based | Level 3 | Revenue Multiple | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Non-marketable equities | 10 | |
Maximum | Model-based | Level 3 | Discount to Price | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Non-marketable equities | 0 | |
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 | 0.0084 | |
Short-term borrowings and long-term debt | 0.0084 | 0.0066 |
Maximum | Model-based | Level 3 | IR Lognormal Volatility | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Securities sold, not yet purchased | 1.0754 | |
Maximum | Model-based | Level 3 | Forward Price | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Interest-bearing deposits | 1.0326 | 1.1106 |
Short-term borrowings and long-term debt | 3.5652 | 3.6257 |
Maximum | Model-based | Level 3 | Equity Volatility | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Loans and leases | 0.8479 | 0.3200 |
Maximum | Model-based | Level 3 | WAL | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Marketable equity securities | year | 1.48 | |
Derivative assets | year | 1.48 | |
Mortgage servicing rights | year | 5.26 | 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 |
Marketable equity securities | year | 0.99 | |
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 | Model-based | Level 3 | PE Ratio | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Non-marketable equities | 26 | |
Maximum | Model-based | Level 3 | Price to Book Ratio | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Non-marketable equities | 1.60 | |
Maximum | Price-based | Level 3 | Price | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Mortgage-backed securities | $ 119.20 | $ 505 |
State and municipal, foreign government, corporate and other debt securities | 120.46 | |
Marketable equity securities | 23,250 | 38,500 |
Asset-backed securities | 100 | 103 |
Non-marketable equities | 2,019 | |
Securities sold, not yet purchased | 865.86 | $ 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 | |
Maximum | Price-based | Level 3 | Appraised Value | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Non-marketable equities | $ 33,246,000 | |
Maximum | Price-based | Level 3 | Illiquidity Discount | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Non-marketable equities | $ 45 | |
Maximum | Price-based | Level 3 | Discount to Price | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Non-marketable equities | 0.1000 | |
Maximum | Price-based | Level 3 | PE Ratio | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Non-marketable equities | 28.70 | |
Maximum | Price-based | Level 3 | Price to Book Ratio | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Non-marketable equities | 3 | |
Maximum | Yield analysis | Level 3 | Yield | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Mortgage-backed securities | 18.44% | |
Asset-backed securities | 16.68% | 23.38% |
Maximum | Comparable analysis | Level 3 | Price | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Non-marketable equities | $ 1,871 | |
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 | 0.1428 | 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 | 0.42% | 2.72% |
Securities loaned and sold under agreement to repurchase | 0.0078 | 0.0195 |
Securities sold, not yet purchased | 0.1198 | |
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% |
State and municipal, foreign government, corporate and other debt securities | 0.0222 | |
Loans and leases | 0.0047 | 0.0048 |
Weighted Average | Model-based | Level 3 | Appraised Value | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Non-marketable equities | $ 17,324,000 | |
Weighted Average | Model-based | Level 3 | Revenue Multiple | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Non-marketable equities | 4 | |
Weighted Average | Model-based | Level 3 | Discount to Price | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Non-marketable equities | 0 | |
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 | IR Lognormal Volatility | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Securities sold, not yet purchased | 0.8692 | |
Weighted Average | Model-based | Level 3 | Forward Price | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Interest-bearing deposits | 0.9976 | 1.0296 |
Short-term borrowings and long-term debt | 0.9395 | 0.9752 |
Weighted Average | Model-based | Level 3 | Equity Volatility | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Loans and leases | 0.6408 | 0.3200 |
Weighted Average | Model-based | Level 3 | WAL | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Marketable equity securities | year | 1.48 | |
Derivative assets | year | 1.48 | |
Mortgage servicing rights | year | 4 | 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 |
Marketable equity securities | year | 0.99 | |
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 | Model-based | Level 3 | PE Ratio | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Non-marketable equities | 17 | |
Weighted Average | Model-based | Level 3 | Price to Book Ratio | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Non-marketable equities | 0.93 | |
Weighted Average | Price-based | Level 3 | Price | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Mortgage-backed securities | $ 87.92 | $ 97 |
State and municipal, foreign government, corporate and other debt securities | 83.83 | |
Marketable equity securities | 1,367 | 2,979 |
Asset-backed securities | 59.54 | 60 |
Non-marketable equities | 1,020 | |
Securities sold, not yet purchased | 85.74 | $ 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 | 0.0209 | |
Weighted Average | Price-based | Level 3 | Appraised Value | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Non-marketable equities | $ 8,446,000 | |
Weighted Average | Price-based | Level 3 | Illiquidity Discount | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Non-marketable equities | $ 24.93 | |
Weighted Average | Price-based | Level 3 | Discount to Price | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Non-marketable equities | 0.0232 | |
Weighted Average | Price-based | Level 3 | PE Ratio | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Non-marketable equities | 20.54 | |
Weighted Average | Price-based | Level 3 | Price to Book Ratio | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Non-marketable equities | 1.88 | |
Weighted Average | Yield analysis | Level 3 | Yield | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Mortgage-backed securities | 8.29% | |
Asset-backed securities | 8.27% | 8.88% |
Weighted Average | Comparable analysis | Level 3 | Price | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Non-marketable equities | $ 1,039 | |
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 | 0.0285 | 0.0949 |
Interest rate contracts | Model-based | Level 3 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | $ 5,408,000,000 | $ 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 | 0.0025 | 0.0021 |
Interest rate contracts | Minimum | Model-based | Level 3 | IR Normal Volatility | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.0016 | 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 | 0.0283 | 0.0274 |
Interest rate contracts | Maximum | Model-based | Level 3 | IR Normal Volatility | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.0084 | 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 | 0.0078 | 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 | 0.0057 | 0.0053 |
Foreign exchange contracts | Model-based | Level 3 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | $ 1,115,000,000 | $ 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 | 0.0075 | 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 | 0.0016 | 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 | |
Derivative assets | $ 4.87 | |
Foreign exchange contracts | Minimum | Model-based | Level 3 | FX Volatility | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.0030 | 0.0127 |
Foreign exchange contracts | Minimum | Model-based | Level 3 | IR-IR Correlation | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | (0.2171) | (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 | 0.7138 | 0.5614 |
Foreign exchange contracts | Maximum | Model-based | Level 3 | Credit Spread | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.0699 | |
Foreign exchange contracts | Maximum | Model-based | Level 3 | IR Normal Volatility | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.0084 | 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 | |
Derivative assets | $ 86.03 | |
Foreign exchange contracts | Maximum | Model-based | Level 3 | FX Volatility | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.1528 | 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 | 0.1315 | 0.1311 |
Foreign exchange contracts | Weighted Average | Model-based | Level 3 | Credit Spread | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.0455 | |
Foreign exchange contracts | Weighted Average | Model-based | Level 3 | IR Normal Volatility | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.0061 | 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 | |
Derivative assets | $ 43.49 | |
Foreign exchange contracts | Weighted Average | Model-based | Level 3 | FX Volatility | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.0671 | 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 | 0.3511 | 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 | $ 3,402,000,000 | $ 2,076,000,000 |
Equity contracts | Minimum | Model-based | Level 3 | Forward Price | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.6319 | 0.6260 |
Equity contracts | Minimum | Model-based | Level 3 | Equity Volatility | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.0385 | 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 | 1.0616 | 1.1269 |
Equity contracts | Maximum | Model-based | Level 3 | Equity Volatility | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.7224 | 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 | 0.9195 | 0.9846 |
Equity contracts | Weighted Average | Model-based | Level 3 | Equity Volatility | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.3369 | 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 | $ 2,250,000,000 | $ 1,487,000,000 |
Commodity contracts | Minimum | Model-based | Level 3 | Forward Price | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.3619 | 0.3762 |
Commodity contracts | Minimum | Model-based | Level 3 | Commodity Correlation | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | (0.4072) | (0.3965) |
Commodity contracts | Minimum | Model-based | Level 3 | Commodity Volatility | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | (0.0419) | 0.0525 |
Commodity contracts | Maximum | Model-based | Level 3 | Forward Price | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 3.5652 | 3.6257 |
Commodity contracts | Maximum | Model-based | Level 3 | Commodity Correlation | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.9033 | 0.8781 |
Commodity contracts | Maximum | Model-based | Level 3 | Commodity Volatility | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.9896 | 0.9363 |
Commodity contracts | Weighted Average | Model-based | Level 3 | Forward Price | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.9968 | 1.1932 |
Commodity contracts | Weighted Average | Model-based | Level 3 | Commodity Correlation | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.6573 | 0.4180 |
Commodity contracts | Weighted Average | Model-based | Level 3 | Commodity Volatility | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.0833 | 0.2355 |
Credit derivatives | Model-based | Level 3 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | $ 2,185,000,000 | $ 613,000,000 |
Credit derivatives | Price-based | Level 3 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | $ 483,000,000 | $ 341,000,000 |
Credit derivatives | Minimum | Model-based | Level 3 | Credit Spread | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.0013 | 0.0008 |
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 Correlation | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.2000 | 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 | 0.1000 | 0.2000 |
Credit derivatives | Maximum | Model-based | Level 3 | Credit Spread | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.0608 | 0.0283 |
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 Correlation | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.8500 | 0.8700 |
Credit derivatives | Maximum | Price-based | Level 3 | Upfront Points | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 1 | 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 | 0.0117 | 0.0080 |
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 Correlation | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.4017 | 0.4857 |
Credit derivatives | Weighted Average | Price-based | Level 3 | Upfront Points | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.5393 | 0.5941 |
Credit derivatives | Weighted Average | Price-based | Level 3 | Recovery Rate | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.3887 | 0.4800 |
FAIR VALUE MEASUREMENT - Item_2
FAIR VALUE MEASUREMENT - Items Measured at Fair Value on a Nonrecurring Basis (Details) - USD ($) $ in Millions | Jun. 30, 2020 | Dec. 31, 2019 |
Items Measured at Fair Value on a Nonrecurring Basis | ||
Non-marketable equity securities measured using the measurement alternative | $ 7,665 | $ 7,523 |
Nonrecurring | Level 2 | ||
Items Measured at Fair Value on a Nonrecurring Basis | ||
Loans held-for-sale | 493 | 3,249 |
Other real estate owned | 8 | 6 |
Loans | 556 | 93 |
Non-marketable equity securities measured using the measurement alternative | 336 | 249 |
Total assets | 1,393 | 3,597 |
Nonrecurring | Level 3 | ||
Items Measured at Fair Value on a Nonrecurring Basis | ||
Loans held-for-sale | 4,187 | 1,330 |
Other real estate owned | 7 | 14 |
Loans | 434 | 251 |
Non-marketable equity securities measured using the measurement alternative | 0 | 0 |
Total assets | 4,628 | 1,595 |
Fair value | Nonrecurring | ||
Items Measured at Fair Value on a Nonrecurring Basis | ||
Loans held-for-sale | 4,680 | 4,579 |
Other real estate owned | 15 | 20 |
Loans | 990 | 344 |
Non-marketable equity securities measured using the measurement alternative | 336 | 249 |
Total assets | $ 6,021 | $ 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 | 6 Months Ended | |||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | Dec. 31, 2019 | |
Nonrecurring fair value changes included in earnings | |||||
Nonrecurring fair value measurements included in earnings | $ (287,000,000) | $ (55,000,000) | $ (417,000,000) | $ 2,000,000 | |
Level 3 | |||||
Valuation techniques and inputs | |||||
Loans held-for-sale | 4,187,000,000 | 4,187,000,000 | $ 1,330,000,000 | ||
Level 3 | Price-based | |||||
Valuation techniques and inputs | |||||
Loans held-for-sale | 4,040,000,000 | 4,040,000,000 | 1,320,000,000 | ||
Other real estate owned | 4,000,000 | 4,000,000 | 11,000,000 | ||
Loans | 157,000,000 | 157,000,000 | |||
Level 3 | Cash flow | |||||
Valuation techniques and inputs | |||||
Loans | 125,000,000 | 125,000,000 | 54,000,000 | ||
Level 3 | Recovery analysis | |||||
Valuation techniques and inputs | |||||
Other real estate owned | 3,000,000 | 3,000,000 | 5,000,000 | ||
Loans | 75,000,000 | 75,000,000 | 100,000,000 | ||
Price | Level 3 | Price-based | Minimum | |||||
Valuation techniques and inputs | |||||
Loans held-for-sale | $ 86.83 | $ 86.83 | 86 | ||
Loans | 225.00% | 225.00% | |||
Price | Level 3 | Price-based | Maximum | |||||
Valuation techniques and inputs | |||||
Loans held-for-sale | $ 100 | $ 100 | 100 | ||
Loans | 4800.00% | 4800.00% | |||
Price | Level 3 | Price-based | Weighted Average | |||||
Valuation techniques and inputs | |||||
Loans held-for-sale | $ 95.43 | $ 95.43 | 99 | ||
Loans | 2046.00% | 2046.00% | |||
Price | Level 3 | Cash flow | Minimum | |||||
Valuation techniques and inputs | |||||
Loans | 2 | ||||
Price | Level 3 | Cash flow | Maximum | |||||
Valuation techniques and inputs | |||||
Loans | 54 | ||||
Price | Level 3 | Cash flow | Weighted Average | |||||
Valuation techniques and inputs | |||||
Loans | 27 | ||||
Price | Level 3 | Recovery analysis | Minimum | |||||
Valuation techniques and inputs | |||||
Other real estate owned | $ 49.77 | $ 49.77 | |||
Price | Level 3 | Recovery analysis | Maximum | |||||
Valuation techniques and inputs | |||||
Other real estate owned | 49.77 | 49.77 | |||
Price | Level 3 | Recovery analysis | Weighted Average | |||||
Valuation techniques and inputs | |||||
Other real estate owned | $ 49.77 | $ 49.77 | |||
Cost of capital | Level 3 | Price-based | |||||
Valuation techniques and inputs | |||||
Loans | $ 47,000,000 | ||||
Cost of capital | Level 3 | Price-based | Minimum | |||||
Valuation techniques and inputs | |||||
Loans | 0.10% | ||||
Cost of capital | Level 3 | Price-based | Maximum | |||||
Valuation techniques and inputs | |||||
Loans | 100.00% | ||||
Cost of capital | Level 3 | Price-based | Weighted Average | |||||
Valuation techniques and inputs | |||||
Loans | 54.84% | ||||
Cost of capital | Level 3 | Cash flow | Minimum | |||||
Valuation techniques and inputs | |||||
Loans | 52.30% | 52.30% | |||
Cost of capital | Level 3 | Cash flow | Maximum | |||||
Valuation techniques and inputs | |||||
Loans | 100.00% | 100.00% | |||
Cost of capital | Level 3 | Cash flow | Weighted Average | |||||
Valuation techniques and inputs | |||||
Loans | 85.14% | 85.14% | |||
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 | $ 186,787 | $ 186,787 | 2,297,358 | ||
Loans | 17,521,218 | ||||
Appraised value | Level 3 | Price-based | Maximum | |||||
Valuation techniques and inputs | |||||
Other real estate owned | 2,339,180 | 2,339,180 | 8,394,102 | ||
Loans | 43,646,426 | ||||
Appraised value | Level 3 | Price-based | Weighted Average | |||||
Valuation techniques and inputs | |||||
Other real estate owned | $ 1,540,644 | $ 1,540,644 | 5,615,884 | ||
Loans | $ 30,583,822 | ||||
Recovery Rate | Level 3 | Recovery analysis | Minimum | |||||
Valuation techniques and inputs | |||||
Loans | 5.80% | 5.80% | 0.57% | ||
Recovery Rate | Level 3 | Recovery analysis | Maximum | |||||
Valuation techniques and inputs | |||||
Loans | 100.00% | 100.00% | 100.00% | ||
Recovery Rate | Level 3 | Recovery analysis | Weighted Average | |||||
Valuation techniques and inputs | |||||
Loans | 26.68% | 26.68% | 64.78% | ||
Loans held-for-sale | |||||
Nonrecurring fair value changes included in earnings | |||||
Nonrecurring fair value measurements included in earnings | $ 32,000,000 | (14,000,000) | $ (198,000,000) | (1,000,000) | |
Other real estate owned | |||||
Nonrecurring fair value changes included in earnings | |||||
Nonrecurring fair value measurements included in earnings | (1,000,000) | (1,000,000) | (1,000,000) | 0 | |
Loans | |||||
Nonrecurring fair value changes included in earnings | |||||
Nonrecurring fair value measurements included in earnings | (266,000,000) | (44,000,000) | (189,000,000) | (62,000,000) | |
Non-marketable equity securities measured using the measurement alternative | |||||
Nonrecurring fair value changes included in earnings | |||||
Nonrecurring fair value measurements included in earnings | $ (52,000,000) | $ 4,000,000 | $ (29,000,000) | $ 65,000,000 |
FAIR VALUE MEASUREMENT - Estima
FAIR VALUE MEASUREMENT - Estimate Fair Value of Financial Instruments Not Carried at Fair Value (Details) - USD ($) $ in Millions | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 |
Assets | ||||||
Loans | $ 5,799 | $ 4,085 | ||||
Liabilities | ||||||
Deposits | 1,233,660 | 1,070,590 | ||||
Purchased credit-deteriorated | 26,420 | $ 20,841 | 12,783 | $ 12,466 | $ 12,329 | $ 12,315 |
Loans, net of unearned income | 685,292 | 699,483 | ||||
Corporate | ||||||
Assets | ||||||
Loans | 5,783 | 4,067 | ||||
Liabilities | ||||||
Purchased credit-deteriorated | 6,824 | $ 3,451 | 2,886 | $ 2,787 | $ 2,731 | $ 2,811 |
Loans, net of unearned income | 404,179 | 389,935 | ||||
Carrying value | ||||||
Assets | ||||||
Investments | 89,100 | 86,400 | ||||
Securities borrowed and purchased under agreements to resell | 108,400 | 98,100 | ||||
Loans | 652,100 | 681,200 | ||||
Other Assets, Fair Value Disclosure | 389,700 | 262,400 | ||||
Liabilities | ||||||
Deposits | 1,231,200 | 1,068,300 | ||||
Securities loaned and sold under agreements to repurchase | 156,300 | 125,700 | ||||
Long-term debt | 217,800 | 193,000 | ||||
Other Liabilities, Fair Value Disclosure | 113,900 | 110,200 | ||||
Purchased credit-deteriorated | 26,400 | 12,800 | ||||
Fair value | ||||||
Assets | ||||||
Investments | 91,800 | 87,800 | ||||
Securities borrowed and purchased under agreements to resell | 108,400 | 98,100 | ||||
Loans | 677,500 | 677,700 | ||||
Other Assets, Fair Value Disclosure | 389,700 | 262,400 | ||||
Liabilities | ||||||
Deposits | 1,231,500 | 1,066,700 | ||||
Securities loaned and sold under agreements to repurchase | 156,300 | 125,700 | ||||
Long-term debt | 223,900 | 203,800 | ||||
Other Liabilities, Fair Value Disclosure | 113,900 | 110,200 | ||||
Fair value | Corporate | ||||||
Liabilities | ||||||
Loans, net of unearned income | 5,783 | 4,067 | ||||
Fair value | Level 1 | ||||||
Assets | ||||||
Investments | 1,200 | 1,900 | ||||
Securities borrowed and purchased under agreements to resell | 0 | 0 | ||||
Loans | 0 | 0 | ||||
Other Assets, Fair Value Disclosure | 294,400 | 177,600 | ||||
Liabilities | ||||||
Deposits | 0 | 0 | ||||
Securities loaned and sold under agreements to repurchase | 0 | 0 | ||||
Long-term debt | 0 | 0 | ||||
Other Liabilities, Fair Value Disclosure | 0 | 0 | ||||
Fair value | Level 2 | ||||||
Assets | ||||||
Investments | 88,100 | 83,800 | ||||
Securities borrowed and purchased under agreements to resell | 107,600 | 98,100 | ||||
Loans | 3,000 | 4,700 | ||||
Other Assets, Fair Value Disclosure | 15,400 | 16,300 | ||||
Liabilities | ||||||
Deposits | 1,028,100 | 875,500 | ||||
Securities loaned and sold under agreements to repurchase | 156,300 | 125,700 | ||||
Long-term debt | 197,500 | 187,300 | ||||
Other Liabilities, Fair Value Disclosure | 19,100 | 37,500 | ||||
Fair value | Level 3 | ||||||
Assets | ||||||
Investments | 2,500 | 2,100 | ||||
Securities borrowed and purchased under agreements to resell | 800 | 0 | ||||
Loans | 674,500 | 673,000 | ||||
Other Assets, Fair Value Disclosure | 79,900 | 68,500 | ||||
Liabilities | ||||||
Deposits | 203,400 | 191,200 | ||||
Securities loaned and sold under agreements to repurchase | 0 | 0 | ||||
Long-term debt | 26,400 | 16,500 | ||||
Other Liabilities, Fair Value Disclosure | 94,800 | 72,700 | ||||
Fair value | Level 3 | Corporate | ||||||
Fair value measurements additional disclosures | ||||||
Unfunded lending commitments | 14,400 | 5,100 | ||||
Lease financing | ||||||
Liabilities | ||||||
Loans, net of unearned income | 900 | 1,400 | ||||
Lease financing | Corporate | ||||||
Liabilities | ||||||
Loans, net of unearned income | $ 935 | $ 1,385 |
FAIR VALUE ELECTIONS - Changes
FAIR VALUE ELECTIONS - Changes in Fair Value Gains (Losses) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Securities borrowed and purchased under agreements to resell | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions. | ||||
Gain (loss) from changes in fair value | $ (48) | $ 6 | $ 44 | $ 35 |
Trading account assets | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions. | ||||
Gain (loss) from changes in fair value | 373 | 45 | (461) | 212 |
Investments | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions. | ||||
Gain (loss) from changes in fair value | 0 | 0 | 0 | 0 |
Certain corporate loans | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions. | ||||
Gain (loss) from changes in fair value | (154) | (80) | (1,017) | (213) |
Certain consumer loans | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions. | ||||
Gain (loss) from changes in fair value | (1) | 0 | 0 | 0 |
Loans | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions. | ||||
Gain (loss) from changes in fair value | (155) | (80) | (1,017) | (213) |
MSRs | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions. | ||||
Gain (loss) from changes in fair value | (26) | (37) | (169) | (64) |
Certain mortgage loans HFS | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions. | ||||
Gain (loss) from changes in fair value | 72 | 21 | 134 | 37 |
Total other assets | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions. | ||||
Gain (loss) from changes in fair value | 46 | (16) | (35) | (27) |
Total assets | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions. | ||||
Gain (loss) from changes in fair value | 216 | (45) | (1,469) | 7 |
Interest-bearing deposits | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions. | ||||
Gain (loss) from changes in fair value | (164) | (43) | (52) | (134) |
Securities loaned and sold under agreements to repurchase | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions. | ||||
Gain (loss) from changes in fair value | 196 | 51 | (92) | 86 |
Trading account liabilities | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions. | ||||
Gain (loss) from changes in fair value | 44 | 2 | (17) | 13 |
Short-term borrowings | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions. | ||||
Gain (loss) from changes in fair value | (259) | 94 | 997 | (81) |
Long-term debt | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions. | ||||
Gain (loss) from changes in fair value | (5,402) | (1,113) | 1,963 | (3,794) |
Total liabilities | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions. | ||||
Gain (loss) from changes in fair value | $ (5,585) | $ (1,009) | $ 2,799 | $ (3,910) |
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 | 6 Months Ended | |||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 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 | $ (2,935) | $ 3 | $ 1,253 | $ (722) | |
Balance of non-accrual loans or loans more than 90 days past due | 0 | 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 | 0 | ||
Certain loans and other credit product | |||||
Fair Value Option Quantitative Disclosures | |||||
Changes in fair value due to instrument-specific credit risk gain (loss) | (40) | $ 53 | |||
Certain loans and other credit product | Trading assets | |||||
Fair Value Option Quantitative Disclosures | |||||
Aggregate unpaid principal balance in excess of (less than) fair value | 420 | 420 | 410 | ||
Balance of non-accrual loans or loans more than 90 days past due | 0 | 0 | 0 | ||
Aggregate unpaid principal balance in excess of fair value for non-accrual loans or loans more than 90 days past due | 0 | 0 | 0 | ||
Certain loans and other credit product | Loans | |||||
Fair Value Option Quantitative Disclosures | |||||
Aggregate unpaid principal balance in excess of (less than) fair value | 174 | 174 | 315 | ||
Balance of non-accrual loans or loans more than 90 days past due | 1 | 1 | 1 | ||
Aggregate unpaid principal balance in excess of fair value for non-accrual loans or loans more than 90 days past due | 0 | 0 | 0 | ||
Certain debt host contracts across unallocated precious metals accounts | |||||
Fair Value Option Quantitative Disclosures | |||||
Carrying amount reported on the Consolidated Balance Sheet | 500 | 500 | 200 | ||
Certain Investments in Unallocated Precious Metals | Forward derivative contract | Purchased | |||||
Fair Value Option Quantitative Disclosures | |||||
Derivative notionals | 10,600 | 10,600 | |||
Certain Investments in Unallocated Precious Metals | Forward derivative contract | Sold | |||||
Fair Value Option Quantitative Disclosures | |||||
Derivative notionals | 8,000 | 8,000 | |||
Mortgage receivable | |||||
Fair Value Option Quantitative Disclosures | |||||
Aggregate unpaid principal balance in excess of (less than) fair value | 48 | 48 | (31) | ||
Carrying amount | Certain loans and other credit product | Trading assets | |||||
Fair Value Option Quantitative Disclosures | |||||
Carrying amount reported on the Consolidated Balance Sheet | 7,851 | 7,851 | 8,320 | ||
Carrying amount | Certain loans and other credit product | Loans | |||||
Fair Value Option Quantitative Disclosures | |||||
Carrying amount reported on the Consolidated Balance Sheet | 5,799 | 5,799 | 4,086 | ||
Carrying amount | Loans held-for-sale | |||||
Fair Value Option Quantitative Disclosures | |||||
Carrying amount reported on the Consolidated Balance Sheet | 950 | 950 | 1,254 | ||
Fair value | Certain loans and other credit product | |||||
Fair Value Option Quantitative Disclosures | |||||
Unfunded lending commitments | $ 1,068 | $ 1,068 | $ 1,062 |
FAIR VALUE ELECTIONS - Certain
FAIR VALUE ELECTIONS - Certain Structured and Non-Structured Liabilities (Details) - USD ($) $ in Millions | Jun. 30, 2020 | Dec. 31, 2019 |
Carrying value of structured notes, disaggregated by type of embedded derivative instrument | ||
Carrying value of structured notes | $ 50,900 | $ 49,700 |
Long-term debt | ||
Carrying value of structured notes, disaggregated by type of embedded derivative instrument | ||
Aggregate unpaid principal balance in excess of (less than) fair value | (980) | (2,967) |
Short-term borrowings | ||
Carrying value of structured notes, disaggregated by type of embedded derivative instrument | ||
Aggregate unpaid principal balance in excess of (less than) fair value | 119 | 1,411 |
Carrying amount | Long-term debt | ||
Carrying value of structured notes, disaggregated by type of embedded derivative instrument | ||
Carrying amount reported on the consolidated balance sheet | 61,971 | 55,783 |
Carrying amount | Short-term borrowings | ||
Carrying value of structured notes, disaggregated by type of embedded derivative instrument | ||
Carrying amount reported on the consolidated balance sheet | 6,646 | 4,946 |
Interest rate linked | ||
Carrying value of structured notes, disaggregated by type of embedded derivative instrument | ||
Carrying value of structured notes | 21,900 | 22,900 |
Foreign exchange linked | ||
Carrying value of structured notes, disaggregated by type of embedded derivative instrument | ||
Carrying value of structured notes | 900 | 900 |
Equity linked | ||
Carrying value of structured notes, disaggregated by type of embedded derivative instrument | ||
Carrying value of structured notes | 24,000 | 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 | $ 2,400 | $ 2,400 |
GUARANTEES, LEASES AND COMMIT_3
GUARANTEES, LEASES AND COMMITMENTS - Guarantees (Details) | Jun. 30, 2020USD ($)trust | Dec. 31, 2019USD ($) |
Maximum potential amount of future payments | ||
Expire within 1 year | $ 225,500,000,000 | $ 253,600,000,000 |
Expire after 1 year | 160,800,000,000 | 164,000,000,000 |
Total amount outstanding | 386,300,000,000 | 417,600,000,000 |
Carrying value | $ 3,656,000,000 | 1,162,000,000 |
Number of trusts funded by the reinsurer | trust | 2 | |
Liability related to long-term care insurance indemnification | $ 0 | 0 |
Cash collateral available to reimburse losses realized under guarantees and indemnifications | 50,000,000,000 | 46,700,000,000 |
Securities and other marketable assets held as collateral | 67,300,000,000 | 58,600,000,000 |
Letters of credit in favor of the Company held as collateral | 3,800,000,000 | 4,400,000,000 |
Financial standby letters of credit | ||
Maximum potential amount of future payments | ||
Expire within 1 year | 23,900,000,000 | 31,900,000,000 |
Expire after 1 year | 65,700,000,000 | 62,400,000,000 |
Total amount outstanding | 89,600,000,000 | 94,300,000,000 |
Carrying value | 2,009,000,000 | 581,000,000 |
Performance guarantees | ||
Maximum potential amount of future payments | ||
Expire within 1 year | 6,300,000,000 | 6,900,000,000 |
Expire after 1 year | 5,800,000,000 | 5,500,000,000 |
Total amount outstanding | 12,100,000,000 | 12,400,000,000 |
Carrying value | 142,000,000 | 36,000,000 |
Derivative instruments deemed to be guarantees | ||
Maximum potential amount of future payments | ||
Expire within 1 year | 13,000,000,000 | 35,200,000,000 |
Expire after 1 year | 56,000,000,000 | 60,800,000,000 |
Total amount outstanding | 69,000,000,000 | 96,000,000,000 |
Carrying value | 1,452,000,000 | 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 | 6,000,000 | 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 | 99,700,000,000 | 87,800,000,000 |
Expire after 1 year | 0 | 0 |
Total amount outstanding | 99,700,000,000 | 87,800,000,000 |
Carrying value | 0 | 0 |
Credit card merchant processing | ||
Maximum potential amount of future payments | ||
Expire within 1 year | 82,400,000,000 | 91,600,000,000 |
Expire after 1 year | 0 | 0 |
Total amount outstanding | 82,400,000,000 | 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 | 31,700,000,000 | 33,700,000,000 |
Total amount outstanding | 31,700,000,000 | 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 | $ 17,500,000,000 | $ 13,300,000,000 |
GUARANTEES, LEASES AND COMMIT_4
GUARANTEES, LEASES AND COMMITMENTS - Performance Risk (Details) - USD ($) $ in Billions | Jun. 30, 2020 | Dec. 31, 2019 |
Guarantor Obligations | ||
Maximum potential amount of future payments | $ 386.3 | $ 417.6 |
Investment grade | ||
Guarantor Obligations | ||
Maximum potential amount of future payments | 87.1 | 97.4 |
Non-investment grade | ||
Guarantor Obligations | ||
Maximum potential amount of future payments | 30.3 | 27.2 |
Not rated | ||
Guarantor Obligations | ||
Maximum potential amount of future payments | 268.9 | 293 |
Financial standby letters of credit | ||
Guarantor Obligations | ||
Maximum potential amount of future payments | 89.6 | 94.3 |
Financial standby letters of credit | Investment grade | ||
Guarantor Obligations | ||
Maximum potential amount of future payments | 58.9 | 66.4 |
Financial standby letters of credit | Non-investment grade | ||
Guarantor Obligations | ||
Maximum potential amount of future payments | 15.2 | 12.5 |
Financial standby letters of credit | Not rated | ||
Guarantor Obligations | ||
Maximum potential amount of future payments | 15.5 | 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 | 8.9 | 9.7 |
Performance guarantees | Non-investment grade | ||
Guarantor Obligations | ||
Maximum potential amount of future payments | 2.7 | 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 | 69 | 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 | 69 | 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 | 99.7 | 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 | 99.7 | 87.8 |
Credit card merchant processing | ||
Guarantor Obligations | ||
Maximum potential amount of future payments | 82.4 | 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 | 82.4 | 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 | 31.7 | 33.7 |
Custody indemnifications and other | Investment grade | ||
Guarantor Obligations | ||
Maximum potential amount of future payments | 19.3 | 21.3 |
Custody indemnifications and other | Non-investment grade | ||
Guarantor Obligations | ||
Maximum potential amount of future payments | 12.4 | 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 | Jun. 30, 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 | Jun. 30, 2020 | Dec. 31, 2019 |
Guarantor Obligations | ||
Credit commitments | $ 1,055,582 | $ 1,066,364 |
Unsettled reverse repurchase and securities borrowing agreements | 63,000 | 34,000 |
Unsettled repurchase and securities lending agreements | 72,500 | 38,700 |
Commercial and similar letters of credit | ||
Guarantor Obligations | ||
Credit commitments | 4,003 | 4,533 |
One- to four-family residential mortgages | ||
Guarantor Obligations | ||
Credit commitments | 5,270 | 3,721 |
Revolving open-end loans secured by one- to four-family residential properties | ||
Guarantor Obligations | ||
Credit commitments | 10,409 | 10,799 |
Commercial real estate, construction and land development | ||
Guarantor Obligations | ||
Credit commitments | 12,392 | 12,981 |
Credit card lines | ||
Guarantor Obligations | ||
Credit commitments | 714,451 | 708,023 |
Commercial and other consumer loan commitments | ||
Guarantor Obligations | ||
Credit commitments | 306,380 | 324,359 |
Other commitments and contingencies | ||
Guarantor Obligations | ||
Credit commitments | 2,677 | $ 1,948 |
U.S. | ||
Guarantor Obligations | ||
Credit commitments | 840,097 | |
U.S. | Commercial and similar letters of credit | ||
Guarantor Obligations | ||
Credit commitments | 582 | |
U.S. | One- to four-family residential mortgages | ||
Guarantor Obligations | ||
Credit commitments | 2,948 | |
U.S. | Revolving open-end loans secured by one- to four-family residential properties | ||
Guarantor Obligations | ||
Credit commitments | 9,129 | |
U.S. | Commercial real estate, construction and land development | ||
Guarantor Obligations | ||
Credit commitments | 10,617 | |
U.S. | Credit card lines | ||
Guarantor Obligations | ||
Credit commitments | 616,582 | |
U.S. | Commercial and other consumer loan commitments | ||
Guarantor Obligations | ||
Credit commitments | 198,358 | |
U.S. | Other commitments and contingencies | ||
Guarantor Obligations | ||
Credit commitments | 1,881 | |
Outside of U.S. | ||
Guarantor Obligations | ||
Credit commitments | 215,485 | |
Outside of U.S. | Commercial and similar letters of credit | ||
Guarantor Obligations | ||
Credit commitments | 3,421 | |
Outside of U.S. | One- to four-family residential mortgages | ||
Guarantor Obligations | ||
Credit commitments | 2,322 | |
Outside of U.S. | Revolving open-end loans secured by one- to four-family residential properties | ||
Guarantor Obligations | ||
Credit commitments | 1,280 | |
Outside of U.S. | Commercial real estate, construction and land development | ||
Guarantor Obligations | ||
Credit commitments | 1,775 | |
Outside of U.S. | Credit card lines | ||
Guarantor Obligations | ||
Credit commitments | 97,869 | |
Outside of U.S. | Commercial and other consumer loan commitments | ||
Guarantor Obligations | ||
Credit commitments | 108,022 | |
Outside of U.S. | Other commitments and contingencies | ||
Guarantor Obligations | ||
Credit commitments | $ 796 |
GUARANTEES, LEASES AND COMMIT_7
GUARANTEES, LEASES AND COMMITMENTS - Restricted Cash (Details) - USD ($) $ in Millions | Jun. 30, 2020 | Dec. 31, 2019 |
Restricted Cash and Cash Equivalents Items [Line Items] | ||
Restricted cash | $ 14,257 | $ 30,251 |
Cash and due from banks | ||
Restricted Cash and Cash Equivalents Items [Line Items] | ||
Restricted cash | 2,789 | 3,758 |
Deposits with banks | ||
Restricted Cash and Cash Equivalents Items [Line Items] | ||
Restricted cash | $ 11,468 | $ 26,493 |
CONTINGENCIES (Details)
CONTINGENCIES (Details) $ in Billions | Jun. 30, 2020USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
Loss contingency, portion not accrued | $ 1.2 |
CONDENSED CONSOLIDATING FINAN_3
CONDENSED CONSOLIDATING FINANCIAL STATEMENTS - Condensed Consolidating Statements of Income and Comprehensive Income (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | ||
Revenues | |||||
Dividends from subsidiaries | $ 0 | $ 0 | $ 0 | $ 0 | |
Interest revenue | 14,589 | 19,712 | 31,728 | 38,788 | |
Interest revenue—intercompany | 0 | 0 | 0 | 0 | |
Interest expense | 3,509 | 7,762 | 9,156 | 15,079 | |
Interest expense—intercompany | 0 | 0 | 0 | 0 | |
Net interest revenue | 11,080 | 11,950 | 22,572 | 23,709 | |
Commissions and fees | 2,933 | 2,881 | 5,954 | 5,807 | |
Commissions and fees—intercompany | 0 | 0 | 0 | 0 | |
Principal transactions | 4,157 | 1,874 | 9,418 | 4,678 | |
Principal transactions—intercompany | 0 | 0 | 0 | 0 | |
Other income | 1,596 | 2,053 | 2,553 | 3,140 | |
Other income—intercompany | 0 | 0 | 0 | 0 | |
Total non-interest revenues | 8,686 | 6,808 | 17,925 | 13,625 | |
Total revenues, net of interest expense | 19,766 | 18,758 | 40,497 | 37,334 | |
Total provisions for credit losses and for benefits and claims | 7,903 | 2,093 | 14,930 | 4,073 | |
Operating expenses | |||||
Compensation and benefits | 5,624 | 5,381 | 11,278 | 11,039 | |
Compensation and benefits—intercompany | 0 | 0 | 0 | 0 | |
Other operating | 4,791 | 5,119 | 9,731 | 10,045 | |
Other operating—intercompany | 0 | 0 | 0 | 0 | |
Total operating expenses | 10,415 | 10,500 | 21,009 | 21,084 | |
Equity in undistributed income of subsidiaries | 0 | 0 | 0 | 0 | |
Income (loss) from continuing operations before income taxes | 1,448 | 6,165 | 4,558 | 12,177 | |
Provision for income taxes | 131 | 1,373 | 707 | 2,648 | |
Income from continuing operations | 1,317 | 4,792 | 3,851 | 9,529 | |
Loss from discontinued operations, net of taxes | (1) | 17 | (19) | 15 | |
Net income before attribution of noncontrolling interests | 1,316 | 4,809 | 3,832 | 9,544 | |
Noncontrolling interests | 0 | 10 | (6) | 35 | |
Citigroup’s net income | 1,316 | 4,799 | 3,838 | 9,509 | |
Comprehensive income | |||||
Add: Other comprehensive income (loss) | [1] | (824) | 1,105 | 2,973 | 1,967 |
Citigroup’s total comprehensive income | 492 | 5,904 | 6,811 | 11,476 | |
Add: Other comprehensive income (loss) attributable to noncontrolling interests | 39 | 20 | (12) | 7 | |
Add: Net income attributable to noncontrolling interests | 0 | 10 | (6) | 35 | |
Total comprehensive income (loss) | 531 | 5,934 | 6,793 | 11,518 | |
Reportable legal entities | Citigroup parent company | |||||
Revenues | |||||
Dividends from subsidiaries | 0 | 5,049 | 105 | 14,216 | |
Interest revenue | 0 | 0 | 0 | 0 | |
Interest revenue—intercompany | 1,067 | 1,327 | 2,211 | 2,652 | |
Interest expense | 1,265 | 1,278 | 2,408 | 2,549 | |
Interest expense—intercompany | 142 | 202 | 390 | 514 | |
Net interest revenue | (340) | (153) | (587) | (411) | |
Commissions and fees | 0 | 0 | 0 | 0 | |
Commissions and fees—intercompany | 0 | 0 | (19) | (1) | |
Principal transactions | (258) | (565) | (930) | (1,390) | |
Principal transactions—intercompany | 62 | 791 | 564 | 1,238 | |
Other income | (14) | (368) | 66 | (49) | |
Other income—intercompany | 8 | 9 | (62) | (25) | |
Total non-interest revenues | (202) | (133) | (381) | (227) | |
Total revenues, net of interest expense | (542) | 4,763 | (863) | 13,578 | |
Total provisions for credit losses and for benefits and claims | 0 | 0 | 0 | 0 | |
Operating expenses | |||||
Compensation and benefits | 105 | 4 | 133 | 37 | |
Compensation and benefits—intercompany | 1 | 17 | 75 | 43 | |
Other operating | 9 | 9 | 32 | 14 | |
Other operating—intercompany | 4 | 5 | 8 | 10 | |
Total operating expenses | 119 | 35 | 248 | 104 | |
Equity in undistributed income of subsidiaries | 2,107 | (146) | 4,475 | (4,349) | |
Income (loss) from continuing operations before income taxes | 1,446 | 4,582 | 3,364 | 9,125 | |
Provision for income taxes | 130 | (217) | (474) | (384) | |
Income from continuing operations | 1,316 | 4,799 | 3,838 | 9,509 | |
Loss from discontinued operations, net of taxes | 0 | 0 | 0 | 0 | |
Net income before attribution of noncontrolling interests | 1,316 | 4,799 | 3,838 | 9,509 | |
Noncontrolling interests | 0 | 0 | 0 | 0 | |
Citigroup’s net income | 1,316 | 4,799 | 3,838 | 9,509 | |
Comprehensive income | |||||
Add: Other comprehensive income (loss) | (824) | 1,105 | 2,973 | 1,967 | |
Citigroup’s total comprehensive income | 492 | 5,904 | 6,811 | 11,476 | |
Add: Other comprehensive income (loss) attributable to noncontrolling interests | 0 | 0 | 0 | 0 | |
Add: Net income attributable to noncontrolling interests | 0 | 0 | 0 | 0 | |
Total comprehensive income (loss) | 492 | 5,904 | 6,811 | 11,476 | |
Reportable legal entities | CGMHI | |||||
Revenues | |||||
Dividends from subsidiaries | 0 | 0 | 0 | 0 | |
Interest revenue | 1,309 | 3,184 | 3,212 | 5,756 | |
Interest revenue—intercompany | 282 | 518 | 623 | 1,021 | |
Interest expense | 380 | 1,911 | 1,521 | 3,735 | |
Interest expense—intercompany | 621 | 1,152 | 1,403 | 2,227 | |
Net interest revenue | 590 | 639 | 911 | 815 | |
Commissions and fees | 1,771 | 1,309 | 3,321 | 2,616 | |
Commissions and fees—intercompany | 73 | 94 | 237 | 215 | |
Principal transactions | (2,993) | 1,142 | 3,261 | 108 | |
Principal transactions—intercompany | 4,890 | (675) | 499 | 1,361 | |
Other income | 211 | 498 | 260 | 597 | |
Other income—intercompany | 13 | 14 | 26 | 56 | |
Total non-interest revenues | 3,965 | 2,382 | 7,604 | 4,953 | |
Total revenues, net of interest expense | 4,555 | 3,021 | 8,515 | 5,768 | |
Total provisions for credit losses and for benefits and claims | 1 | 0 | 0 | 0 | |
Operating expenses | |||||
Compensation and benefits | 1,345 | 1,166 | 2,641 | 2,450 | |
Compensation and benefits—intercompany | 0 | 0 | 0 | 0 | |
Other operating | 594 | 540 | 1,192 | 1,093 | |
Other operating—intercompany | 375 | 582 | 857 | 1,164 | |
Total operating expenses | 2,314 | 2,288 | 4,690 | 4,707 | |
Equity in undistributed income of subsidiaries | 0 | 0 | 0 | 0 | |
Income (loss) from continuing operations before income taxes | 2,240 | 733 | 3,825 | 1,061 | |
Provision for income taxes | 715 | 8 | 1,052 | 148 | |
Income from continuing operations | 1,525 | 725 | 2,773 | 913 | |
Loss from discontinued operations, net of taxes | 0 | 0 | 0 | 0 | |
Net income before attribution of noncontrolling interests | 1,525 | 725 | 2,773 | 913 | |
Noncontrolling interests | 0 | 0 | 0 | 0 | |
Citigroup’s net income | 1,525 | 725 | 2,773 | 913 | |
Comprehensive income | |||||
Add: Other comprehensive income (loss) | (1,429) | (12) | 328 | (301) | |
Citigroup’s total comprehensive income | 96 | 713 | 3,101 | 612 | |
Add: Other comprehensive income (loss) attributable to noncontrolling interests | 0 | 0 | 0 | 0 | |
Add: Net income attributable to noncontrolling interests | 0 | 0 | 0 | 0 | |
Total comprehensive income (loss) | 96 | 713 | 3,101 | 612 | |
Reportable legal entities | Other Citigroup subsidiaries and eliminations | |||||
Revenues | |||||
Dividends from subsidiaries | 0 | 0 | 0 | 0 | |
Interest revenue | 13,280 | 16,528 | 28,516 | 33,032 | |
Interest revenue—intercompany | (1,349) | (1,845) | (2,834) | (3,673) | |
Interest expense | 1,864 | 4,573 | 5,227 | 8,795 | |
Interest expense—intercompany | (763) | (1,354) | (1,793) | (2,741) | |
Net interest revenue | 10,830 | 11,464 | 22,248 | 23,305 | |
Commissions and fees | 1,162 | 1,572 | 2,633 | 3,191 | |
Commissions and fees—intercompany | (73) | (94) | (218) | (214) | |
Principal transactions | 7,408 | 1,297 | 7,087 | 5,960 | |
Principal transactions—intercompany | (4,952) | (116) | (1,063) | (2,599) | |
Other income | 1,399 | 1,923 | 2,227 | 2,592 | |
Other income—intercompany | (21) | (23) | 36 | (31) | |
Total non-interest revenues | 4,923 | 4,559 | 10,702 | 8,899 | |
Total revenues, net of interest expense | 15,753 | 16,023 | 32,950 | 32,204 | |
Total provisions for credit losses and for benefits and claims | 7,902 | 2,093 | 14,930 | 4,073 | |
Operating expenses | |||||
Compensation and benefits | 4,174 | 4,211 | 8,504 | 8,552 | |
Compensation and benefits—intercompany | (1) | (17) | (75) | (43) | |
Other operating | 4,188 | 4,570 | 8,507 | 8,938 | |
Other operating—intercompany | (379) | (587) | (865) | (1,174) | |
Total operating expenses | 7,982 | 8,177 | 16,071 | 16,273 | |
Equity in undistributed income of subsidiaries | 0 | 0 | 0 | 0 | |
Income (loss) from continuing operations before income taxes | (131) | 5,753 | 1,949 | 11,858 | |
Provision for income taxes | (714) | 1,582 | 129 | 2,884 | |
Income from continuing operations | 583 | 4,171 | 1,820 | 8,974 | |
Loss from discontinued operations, net of taxes | (1) | 17 | (19) | 15 | |
Net income before attribution of noncontrolling interests | 582 | 4,188 | 1,801 | 8,989 | |
Noncontrolling interests | 0 | 10 | (6) | 35 | |
Citigroup’s net income | 582 | 4,178 | 1,807 | 8,954 | |
Comprehensive income | |||||
Add: Other comprehensive income (loss) | (1,223) | 734 | 12,236 | 1,733 | |
Citigroup’s total comprehensive income | (641) | 4,912 | 14,043 | 10,687 | |
Add: Other comprehensive income (loss) attributable to noncontrolling interests | 39 | 20 | (12) | 7 | |
Add: Net income attributable to noncontrolling interests | 0 | 10 | (6) | 35 | |
Total comprehensive income (loss) | (602) | 4,942 | 14,025 | 10,729 | |
Consolidating adjustments | |||||
Revenues | |||||
Dividends from subsidiaries | 0 | (5,049) | (105) | (14,216) | |
Interest revenue | 0 | 0 | 0 | 0 | |
Interest revenue—intercompany | 0 | 0 | 0 | 0 | |
Interest expense | 0 | 0 | 0 | 0 | |
Interest expense—intercompany | 0 | 0 | 0 | 0 | |
Net interest revenue | 0 | 0 | 0 | 0 | |
Commissions and fees | 0 | 0 | 0 | 0 | |
Commissions and fees—intercompany | 0 | 0 | 0 | 0 | |
Principal transactions | 0 | 0 | 0 | 0 | |
Principal transactions—intercompany | 0 | 0 | 0 | 0 | |
Other income | 0 | 0 | 0 | 0 | |
Other income—intercompany | 0 | 0 | 0 | 0 | |
Total non-interest revenues | 0 | 0 | 0 | 0 | |
Total revenues, net of interest expense | 0 | (5,049) | (105) | (14,216) | |
Total provisions for credit losses and for benefits and claims | 0 | 0 | 0 | 0 | |
Operating expenses | |||||
Compensation and benefits | 0 | 0 | 0 | 0 | |
Compensation and benefits—intercompany | 0 | 0 | 0 | 0 | |
Other operating | 0 | 0 | 0 | 0 | |
Other operating—intercompany | 0 | 0 | 0 | 0 | |
Total operating expenses | 0 | 0 | 0 | 0 | |
Equity in undistributed income of subsidiaries | (2,107) | 146 | (4,475) | 4,349 | |
Income (loss) from continuing operations before income taxes | (2,107) | (4,903) | (4,580) | (9,867) | |
Provision for income taxes | 0 | 0 | 0 | 0 | |
Income from continuing operations | (2,107) | (4,903) | (4,580) | (9,867) | |
Loss from discontinued operations, net of taxes | 0 | 0 | 0 | 0 | |
Net income before attribution of noncontrolling interests | (2,107) | (4,903) | (4,580) | (9,867) | |
Noncontrolling interests | 0 | 0 | 0 | 0 | |
Citigroup’s net income | (2,107) | (4,903) | (4,580) | (9,867) | |
Comprehensive income | |||||
Add: Other comprehensive income (loss) | 2,652 | (722) | (12,564) | (1,432) | |
Citigroup’s total comprehensive income | 545 | (5,625) | (17,144) | (11,299) | |
Add: Other comprehensive income (loss) attributable to noncontrolling interests | 0 | 0 | 0 | 0 | |
Add: Net income attributable to noncontrolling interests | 0 | 0 | 0 | 0 | |
Total comprehensive income (loss) | $ 545 | $ (5,625) | $ (17,144) | $ (11,299) | |
[1] | See Note 17 to the Consolidated Financial Statements. |
CONDENSED CONSOLIDATING FINAN_4
CONDENSED CONSOLIDATING FINANCIAL STATEMENTS - Condensed Consolidating Balance Sheets (Details) - USD ($) $ in Millions | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 |
Assets | ||||||
Cash and due from banks | $ 22,889 | $ 23,967 | ||||
Cash and due from banks—intercompany | 0 | 0 | ||||
Deposits with banks | 286,884 | 169,952 | ||||
Deposits with banks—intercompany | 0 | 0 | ||||
Securities borrowed or purchased under agreements to resell | 282,917 | 251,322 | ||||
Securities borrowed and purchased under resale agreements—intercompany | 0 | 0 | ||||
Trading account assets | 362,311 | 276,140 | ||||
Trading account assets—intercompany | 0 | 0 | ||||
Investments | 433,253 | 368,563 | ||||
Loans, net of unearned income | 685,292 | 699,483 | ||||
Loans, net of unearned income—intercompany | 0 | 0 | ||||
Allowance for credit losses on loans (ACLL) | (26,420) | $ (20,841) | (12,783) | $ (12,466) | $ (12,329) | $ (12,315) |
Total loans, net | 658,872 | 686,700 | ||||
Advances to subsidiaries | 0 | 0 | ||||
Investments in subsidiaries | 0 | 0 | ||||
Other assets | 185,589 | 174,514 | ||||
Other assets—intercompany | 0 | 0 | ||||
Total assets | 2,232,715 | 1,951,158 | ||||
Liabilities and equity | ||||||
Deposits | 1,233,660 | 1,070,590 | ||||
Deposits—intercompany | 0 | 0 | ||||
Securities loaned and sold under agreements to repurchase (including $59,445 and $40,651 as of June 30, 2020 and December 31, 2019, respectively, at fair value) | 215,722 | 166,339 | ||||
Securities loaned and sold under repurchase agreements—intercompany | 0 | 0 | ||||
Trading account liabilities | 149,264 | 119,894 | ||||
Trading account liabilities—intercompany | 0 | 0 | ||||
Short-term borrowings | 40,156 | 45,049 | ||||
Short-term borrowings—intercompany | 0 | 0 | ||||
Long-term debt | 279,775 | 248,760 | ||||
Long-term debt—intercompany | 0 | 0 | ||||
Advances from subsidiaries | 0 | 0 | ||||
Other liabilities, including allowance | 121,836 | 106,580 | ||||
Other liabilities—intercompany | 0 | 0 | ||||
Stockholders’ equity | 192,302 | 193,946 | $ 198,110 | |||
Total liabilities and equity | 2,232,715 | 1,951,158 | ||||
Other | 108,106 | 107,709 | ||||
Citigroup parent company | ||||||
Liabilities and equity | ||||||
Long-term debt | 169,036 | 150,477 | ||||
Citibank, N.A. | ||||||
Liabilities and equity | ||||||
Other | 34,400 | 35,100 | ||||
Reportable legal entities | Citigroup parent company | ||||||
Assets | ||||||
Cash and due from banks | 0 | 0 | ||||
Cash and due from banks—intercompany | 23 | 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 | 250 | 286 | ||||
Trading account assets—intercompany | 261 | 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 | 151,652 | 144,587 | ||||
Investments in subsidiaries | 205,625 | 202,116 | ||||
Other assets | 13,299 | 12,377 | ||||
Other assets—intercompany | 3,535 | 2,799 | ||||
Total assets | 377,646 | 365,613 | ||||
Liabilities and equity | ||||||
Deposits | 0 | 0 | ||||
Deposits—intercompany | 0 | 0 | ||||
Securities loaned and sold under agreements to repurchase (including $59,445 and $40,651 as of June 30, 2020 and December 31, 2019, respectively, at fair value) | 0 | 0 | ||||
Securities loaned and sold under repurchase agreements—intercompany | 0 | 0 | ||||
Trading account liabilities | 11 | 1 | ||||
Trading account liabilities—intercompany | 141 | 379 | ||||
Short-term borrowings | 25 | 66 | ||||
Short-term borrowings—intercompany | 0 | 0 | ||||
Long-term debt | 169,036 | 150,477 | ||||
Long-term debt—intercompany | 0 | 0 | ||||
Advances from subsidiaries | 13,678 | 20,503 | ||||
Other liabilities, including allowance | 3,139 | 937 | ||||
Other liabilities—intercompany | (6) | 8 | ||||
Stockholders’ equity | 191,622 | 193,242 | ||||
Total liabilities and equity | 377,646 | 365,613 | ||||
Reportable legal entities | CGMHI | ||||||
Assets | ||||||
Cash and due from banks | 403 | 586 | ||||
Cash and due from banks—intercompany | 3,325 | 5,095 | ||||
Deposits with banks | 4,784 | 4,050 | ||||
Deposits with banks—intercompany | 8,145 | 6,710 | ||||
Securities borrowed or purchased under agreements to resell | 221,779 | 195,537 | ||||
Securities borrowed and purchased under resale agreements—intercompany | 24,679 | 21,446 | ||||
Trading account assets | 223,733 | 152,115 | ||||
Trading account assets—intercompany | 3,786 | 5,858 | ||||
Investments | 458 | 541 | ||||
Loans, net of unearned income | 2,922 | 2,497 | ||||
Loans, net of unearned income—intercompany | 0 | 0 | ||||
Allowance for credit losses on loans (ACLL) | 0 | 0 | ||||
Total loans, net | 2,922 | 2,497 | ||||
Advances to subsidiaries | 0 | 0 | ||||
Investments in subsidiaries | 0 | 0 | ||||
Other assets | 64,181 | 54,784 | ||||
Other assets—intercompany | 50,952 | 45,588 | ||||
Total assets | 609,147 | 494,807 | ||||
Liabilities and equity | ||||||
Deposits | 0 | 0 | ||||
Deposits—intercompany | 0 | 0 | ||||
Securities loaned and sold under agreements to repurchase (including $59,445 and $40,651 as of June 30, 2020 and December 31, 2019, respectively, at fair value) | 199,525 | 145,473 | ||||
Securities loaned and sold under repurchase agreements—intercompany | 51,179 | 36,581 | ||||
Trading account liabilities | 100,338 | 80,100 | ||||
Trading account liabilities—intercompany | 2,745 | 5,109 | ||||
Short-term borrowings | 12,170 | 11,096 | ||||
Short-term borrowings—intercompany | 16,888 | 17,129 | ||||
Long-term debt | 44,874 | 39,578 | ||||
Long-term debt—intercompany | 76,880 | 66,791 | ||||
Advances from subsidiaries | 0 | 0 | ||||
Other liabilities, including allowance | 59,236 | 51,777 | ||||
Other liabilities—intercompany | 9,530 | 8,414 | ||||
Stockholders’ equity | 35,782 | 32,759 | ||||
Total liabilities and equity | 609,147 | 494,807 | ||||
Reportable legal entities | Other Citigroup subsidiaries and eliminations | ||||||
Assets | ||||||
Cash and due from banks | 22,486 | 23,381 | ||||
Cash and due from banks—intercompany | (3,348) | (5,116) | ||||
Deposits with banks | 282,100 | 165,902 | ||||
Deposits with banks—intercompany | (11,145) | (9,710) | ||||
Securities borrowed or purchased under agreements to resell | 61,138 | 55,785 | ||||
Securities borrowed and purchased under resale agreements—intercompany | (24,679) | (21,446) | ||||
Trading account assets | 138,328 | 123,739 | ||||
Trading account assets—intercompany | (4,047) | (6,284) | ||||
Investments | 432,794 | 368,021 | ||||
Loans, net of unearned income | 682,370 | 696,986 | ||||
Loans, net of unearned income—intercompany | 0 | 0 | ||||
Allowance for credit losses on loans (ACLL) | (26,420) | (12,783) | ||||
Total loans, net | 655,950 | 684,203 | ||||
Advances to subsidiaries | (151,652) | (144,587) | ||||
Investments in subsidiaries | 0 | 0 | ||||
Other assets | 108,109 | 107,353 | ||||
Other assets—intercompany | (54,487) | (48,387) | ||||
Total assets | 1,451,547 | 1,292,854 | ||||
Liabilities and equity | ||||||
Deposits | 1,233,660 | 1,070,590 | ||||
Deposits—intercompany | 0 | 0 | ||||
Securities loaned and sold under agreements to repurchase (including $59,445 and $40,651 as of June 30, 2020 and December 31, 2019, respectively, at fair value) | 16,197 | 20,866 | ||||
Securities loaned and sold under repurchase agreements—intercompany | (51,179) | (36,581) | ||||
Trading account liabilities | 48,915 | 39,793 | ||||
Trading account liabilities—intercompany | (2,886) | (5,488) | ||||
Short-term borrowings | 27,961 | 33,887 | ||||
Short-term borrowings—intercompany | (16,888) | (17,129) | ||||
Long-term debt | 65,865 | 58,705 | ||||
Long-term debt—intercompany | (76,880) | (66,791) | ||||
Advances from subsidiaries | (13,678) | (20,503) | ||||
Other liabilities, including allowance | 59,461 | 53,866 | ||||
Other liabilities—intercompany | (9,524) | (8,422) | ||||
Stockholders’ equity | 170,523 | 170,061 | ||||
Total liabilities and equity | 1,451,547 | 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 | (205,625) | (202,116) | ||||
Other assets | 0 | 0 | ||||
Other assets—intercompany | 0 | 0 | ||||
Total assets | (205,625) | (202,116) | ||||
Liabilities and equity | ||||||
Deposits | 0 | 0 | ||||
Deposits—intercompany | 0 | 0 | ||||
Securities loaned and sold under agreements to repurchase (including $59,445 and $40,651 as of June 30, 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 | (205,625) | (202,116) | ||||
Total liabilities and equity | (205,625) | (202,116) | ||||
Up to 30 days | Citibank, N.A. | ||||||
Liabilities and equity | ||||||
Placements with term of less than 30 days | $ 29,200 | $ 24,900 |
CONDENSED CONSOLIDATING FINAN_5
CONDENSED CONSOLIDATING FINANCIAL STATEMENTS - Condensed Consolidating Statement of Cash Flows (Details) - USD ($) $ in Millions | 6 Months Ended | |||||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Dec. 31, 2019 | Jun. 30, 2019 | ||
Condensed Cash Flow Statements, Captions [Line Items] | ||||||
Net cash provided by (used in) operating activities of continuing operations | $ (19,208) | $ (37,756) | ||||
Cash flows from investing activities of continuing operations | ||||||
Purchases of investments | (207,701) | (118,132) | ||||
Proceeds from sales of investments | 86,191 | 63,595 | ||||
Proceeds from maturities of investments | 53,909 | 57,684 | ||||
Change in loans | 7,943 | (7,803) | ||||
Proceeds from sales and securitizations of loans | 826 | 2,249 | ||||
Change in securities borrowed and purchased under agreements to resell | (31,595) | 10,915 | ||||
Changes in investments and advances—intercompany | 0 | 0 | ||||
Other investing activities | (1,262) | (3,210) | ||||
Net cash provided by (used in) investing activities of continuing operations | (91,689) | 5,298 | ||||
Cash flows from financing activities of continuing operations | ||||||
Dividends paid | (2,679) | (2,650) | ||||
Issuance of preferred stock | 1,500 | 0 | ||||
Redemption of preferred stock | (1,500) | (480) | ||||
Treasury stock acquired | (2,925) | (7,518) | ||||
Proceeds (repayments) from issuance of long-term debt, net | 26,174 | 13,421 | ||||
Proceeds (repayments) from issuance of long-term debt—intercompany, net | 0 | 0 | ||||
Change in deposits | 163,070 | 32,437 | ||||
Change in securities loaned and sold under agreements to repurchase | 49,383 | 3,365 | ||||
Change in short-term borrowings | 10,096 | |||||
Net change in short-term borrowings and other advances—intercompany | 0 | 0 | ||||
Capital contributions from parent | 0 | |||||
Other financing activities | (407) | (359) | ||||
Net cash provided by financing activities of continuing operations | 227,723 | 48,312 | ||||
Effect of exchange rate changes on cash and due from banks | (972) | (716) | ||||
Change in cash and due from banks and deposits with banks | 115,854 | 15,138 | ||||
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 | 309,773 | 203,243 | ||||
Cash and due from banks | $ 22,889 | $ 23,967 | $ 24,997 | |||
Deposits with banks, net of allowance | 286,884 | 169,952 | 178,246 | |||
Cash and due from banks and deposits with banks at end of period | 309,773 | 203,243 | 309,773 | 193,919 | 203,243 | |
Supplemental disclosure of cash flow information for continuing operations | ||||||
Cash paid during the period for income taxes | 2,543 | 2,814 | ||||
Cash paid during the period for interest | 8,751 | 14,000 | ||||
Non-cash investing activities | ||||||
Transfers to loans HFS from loans | [1] | 1,036 | 3,600 | |||
Reportable legal entities | Citigroup parent company | ||||||
Condensed Cash Flow Statements, Captions [Line Items] | ||||||
Net cash provided by (used in) operating activities of continuing operations | 2,857 | 17,500 | ||||
Cash flows from investing activities of continuing operations | ||||||
Purchases of investments | 0 | 0 | ||||
Proceeds from sales of investments | 0 | 4 | ||||
Proceeds from maturities of investments | 0 | 0 | ||||
Change in loans | 0 | 0 | ||||
Proceeds from sales and securitizations of loans | 0 | 0 | ||||
Change in securities borrowed and purchased under agreements to resell | 0 | 0 | ||||
Changes in investments and advances—intercompany | (7,371) | (3,336) | ||||
Other investing activities | 0 | 0 | ||||
Net cash provided by (used in) investing activities of continuing operations | (7,371) | (3,332) | ||||
Cash flows from financing activities of continuing operations | ||||||
Dividends paid | (2,679) | (2,650) | ||||
Issuance of preferred stock | 1,500 | |||||
Redemption of preferred stock | (1,500) | (480) | ||||
Treasury stock acquired | (2,925) | (7,518) | ||||
Proceeds (repayments) from issuance of long-term debt, net | 17,353 | 5,418 | ||||
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 | (6,826) | (8,584) | ||||
Capital contributions from parent | 0 | |||||
Other financing activities | (407) | (359) | ||||
Net cash provided by financing activities of continuing operations | 4,516 | (14,173) | ||||
Effect of exchange rate changes on cash and due from banks | 0 | 0 | ||||
Change in cash and due from banks and deposits with banks | 2 | (5) | ||||
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 | 3,023 | 3,015 | ||||
Cash and due from banks | 23 | 15 | ||||
Deposits with banks, net of allowance | 3,000 | 3,000 | ||||
Cash and due from banks and deposits with banks at end of period | 3,023 | 3,015 | 3,023 | 3,021 | 3,015 | |
Supplemental disclosure of cash flow information for continuing operations | ||||||
Cash paid during the period for income taxes | 39 | 154 | ||||
Cash paid during the period for interest | 1,757 | 1,753 | ||||
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 | (53,782) | (39,793) | ||||
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 | ||||
Change in securities borrowed and purchased under agreements to resell | (29,475) | 9,511 | ||||
Changes in investments and advances—intercompany | (4,890) | (10,607) | ||||
Other investing activities | 0 | (32) | ||||
Net cash provided by (used in) investing activities of continuing operations | (34,365) | (1,128) | ||||
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 | 8,907 | 10,817 | ||||
Proceeds (repayments) from issuance of long-term debt—intercompany, net | 6,815 | (3,941) | ||||
Change in deposits | 0 | 0 | ||||
Change in securities loaned and sold under agreements to repurchase | 68,650 | 20,903 | ||||
Change in short-term borrowings | 1,074 | 4,977 | ||||
Net change in short-term borrowings and other advances—intercompany | 3,035 | 7,088 | ||||
Capital contributions from parent | 0 | |||||
Other financing activities | (118) | 0 | ||||
Net cash provided by financing activities of continuing operations | 88,363 | 39,844 | ||||
Effect of exchange rate changes on cash and due from banks | 0 | 0 | ||||
Change in cash and due from banks and deposits with banks | 216 | (1,077) | ||||
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 | 16,657 | 14,600 | ||||
Cash and due from banks | 3,728 | 4,479 | ||||
Deposits with banks, net of allowance | 12,929 | 10,121 | ||||
Cash and due from banks and deposits with banks at end of period | 16,657 | 14,600 | 16,657 | 16,441 | 14,600 | |
Supplemental disclosure of cash flow information for continuing operations | ||||||
Cash paid during the period for income taxes | 174 | 119 | ||||
Cash paid during the period for interest | 3,006 | 6,577 | ||||
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 | 31,717 | (15,463) | ||||
Cash flows from investing activities of continuing operations | ||||||
Purchases of investments | (207,701) | (118,132) | ||||
Proceeds from sales of investments | 86,191 | 63,591 | ||||
Proceeds from maturities of investments | 53,909 | 57,684 | ||||
Change in loans | 7,943 | (7,803) | ||||
Proceeds from sales and securitizations of loans | 826 | 2,249 | ||||
Change in securities borrowed and purchased under agreements to resell | (2,120) | 1,404 | ||||
Changes in investments and advances—intercompany | 12,261 | 13,943 | ||||
Other investing activities | (1,262) | (3,178) | ||||
Net cash provided by (used in) investing activities of continuing operations | (49,953) | 9,758 | ||||
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 | (86) | (2,814) | ||||
Proceeds (repayments) from issuance of long-term debt—intercompany, net | (6,815) | 3,941 | ||||
Change in deposits | 163,070 | 32,437 | ||||
Change in securities loaned and sold under agreements to repurchase | (19,267) | (17,538) | ||||
Change in short-term borrowings | (5,967) | 5,119 | ||||
Net change in short-term borrowings and other advances—intercompany | 3,791 | 1,496 | ||||
Capital contributions from parent | 0 | |||||
Other financing activities | 118 | 0 | ||||
Net cash provided by financing activities of continuing operations | 134,844 | 22,641 | ||||
Effect of exchange rate changes on cash and due from banks | (972) | (716) | ||||
Change in cash and due from banks and deposits with banks | 115,636 | 16,220 | ||||
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 | 290,093 | 185,628 | ||||
Cash and due from banks | 19,138 | 20,503 | ||||
Deposits with banks, net of allowance | 270,955 | 165,125 | ||||
Cash and due from banks and deposits with banks at end of period | 290,093 | 185,628 | 290,093 | 174,457 | 185,628 | |
Supplemental disclosure of cash flow information for continuing operations | ||||||
Cash paid during the period for income taxes | 2,330 | 2,541 | ||||
Cash paid during the period for interest | 3,988 | 5,670 | ||||
Non-cash investing activities | ||||||
Transfers to loans HFS from loans | 1,036 | 3,600 | ||||
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 | ||||
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 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 June 30, 2020. |