Cover Page
Cover Page | 9 Months Ended |
Sep. 30, 2021shares | |
Entity Information [Line Items] | |
Document Type | 10-Q |
Document Quarterly Report | true |
Document Period End Date | Sep. 30, 2021 |
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 | 1,984,267,239 |
Entity Central Index Key | 0000831001 |
Amendment Flag | false |
Current Fiscal Year End Date | --12-31 |
Document Fiscal Year Focus | 2021 |
Document Fiscal Period Focus | Q3 |
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 |
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 |
Medium-Term Senior Notes, Series N, Callable Step-Up Coupon Notes due March 31, 2036 of CGMHI (and registrant’s guaranty with respect thereto) | |
Entity Information [Line Items] | |
Trading Symbol | C/36A |
Title of 12(b) Security | MTN, Series N, Callable Step-Up Coupon Notes due Mar 2036 of CGMHI (and registrant’s guaranty) |
Security Exchange Name | NYSE |
Medium-Term Senior Notes, Series N, Callable Step-Up Coupon Notes due February 26, 2036 of CGMHI (and registrant’s guaranty with respect thereto) | |
Entity Information [Line Items] | |
Trading Symbol | C/36 |
Title of 12(b) Security | MTN, Series N, Callable Step-Up Coupon Notes due Feb 2036 of CGMHI (and registrant’s guaranty) |
Security Exchange Name | NYSE |
Medium-Term Senior Notes, Series N, Callable Fixed Rate Notes Due December 18, 2035 of CGMHI (and registrant’s guaranty with respect thereto) | |
Entity Information [Line Items] | |
Trading Symbol | C/35 |
Title of 12(b) Security | MTN, Series N, Callable Fixed Rate Notes Due Dec 2035 of CGMHI (and registrant’s guaranty) |
Security Exchange Name | NYSE |
Medium-Term Senior Notes, Series N, Callable Fixed Rate Notes Due April 26, 2028 of CGMHI (and registrant’s guaranty with respect thereto) | |
Entity Information [Line Items] | |
Trading Symbol | C/28 |
Title of 12(b) Security | MTN, Series N, Callable Fixed Rate Notes Due Apr 2028 of CGMHI (and registrant’s guaranty) |
Security Exchange Name | NYSE |
Medium-Term Senior Notes, Series N, Callable Fixed Rate Notes Due September 17, 2028 Of CGMHI | |
Entity Information [Line Items] | |
Trading Symbol | C/26 |
Title of 12(b) Security | MTN, Series N, Floating Rate Notes Due Sept 2026 of CGMHI (and registrant’s guaranty) |
Security Exchange Name | NYSE |
Medium-Term Senior Notes, Series N, Callable Fixed Rate Notes Due September 15,2028 Of CGMHI | |
Entity Information [Line Items] | |
Trading Symbol | C/28A |
Title of 12(b) Security | MTN, Series N, Floating Rate Notes Due Sept 2028 of CGMHI (and registrant’s guaranty) |
Security Exchange Name | NYSE |
Medium-Term Senior Notes, Series N, Callable Fixed Rate Notes Due October 6, 2028 Of CGMHI | |
Entity Information [Line Items] | |
Trading Symbol | C/28B |
Title of 12(b) Security | MTN, Series N, Floating Rate Notes Due Oct 2028 of CGMHI (and registrant’s guaranty) |
Security Exchange Name | NYSE |
CONSOLIDATED STATEMENT OF INCOM
CONSOLIDATED STATEMENT OF INCOME (UNAUDITED) - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | ||
Revenues | |||||
Interest revenue | $ 12,650 | $ 13,314 | $ 37,647 | $ 45,042 | |
Interest expense | 2,252 | 2,821 | 6,884 | 11,977 | |
Net interest revenue | 10,398 | 10,493 | 30,763 | 33,065 | |
Commissions and fees | 3,399 | 2,753 | 10,443 | 8,707 | |
Principal transactions | 2,233 | 2,508 | 8,450 | 11,926 | |
Administration and other fiduciary fees | 1,007 | 892 | 2,990 | 2,565 | |
Realized gains on sales of investments, net | 117 | 304 | 655 | 1,484 | |
Impairment losses on investments: | |||||
Impairment losses on investments and other assets | (30) | (30) | (112) | (154) | |
Provision for credit losses on AFS debt securities | [1] | (1) | 4 | (1) | (4) |
Net impairment losses recognized in earnings | (31) | (26) | (113) | (158) | |
Other revenue | 31 | 378 | 767 | 210 | |
Total non-interest revenues | 6,756 | 6,809 | 23,192 | 24,734 | |
Total revenues, net of interest expense | 17,154 | 17,302 | 53,955 | 57,799 | |
Provisions for credit losses and for benefits and claims | |||||
Provision for credit losses on loans | (188) | 1,931 | (2,793) | 16,298 | |
Provision for credit losses on held-to-maturity (HTM) debt securities | (10) | (16) | (17) | 21 | |
Provision for credit losses on other assets | (3) | (13) | 3 | 31 | |
Policyholder benefits and claims | 22 | 58 | 89 | 97 | |
Provision for credit losses on unfunded lending commitments | (13) | 424 | (595) | 1,094 | |
Total provisions for credit losses and for benefits and claims | [2] | (192) | 2,384 | (3,313) | 17,541 |
Operating expenses | |||||
Compensation and benefits | 6,058 | 5,595 | 18,041 | 16,873 | |
Premises and equipment | 560 | 575 | 1,694 | 1,702 | |
Technology/communication | 1,997 | 1,891 | 5,744 | 5,355 | |
Advertising and marketing | 402 | 238 | 1,012 | 865 | |
Other operating | 2,467 | 2,665 | 7,258 | 7,272 | |
Total operating expenses | 11,484 | 10,964 | 33,749 | 32,067 | |
Income (loss) from continuing operations before income taxes | 5,862 | 3,954 | 23,519 | 8,191 | |
Provision for income taxes | 1,193 | 777 | 4,680 | 1,409 | |
Income (loss) from continuing operations | 4,669 | 3,177 | 18,839 | 6,782 | |
Discontinued operations | |||||
Income (loss) from discontinued operations | (1) | (7) | 7 | (26) | |
Benefit for income taxes | 0 | 0 | 0 | 0 | |
Income (loss) from discontinued operations, net of taxes | (1) | (7) | 7 | (26) | |
Net income (loss) before attribution of noncontrolling interests | 4,668 | 3,170 | 18,846 | 6,756 | |
Noncontrolling interests | 24 | 24 | 67 | 18 | |
Citigroup’s net income | $ 4,644 | $ 3,146 | $ 18,779 | $ 6,738 | |
Basic earnings per share | |||||
Income from continuing operations (in dollars per share) | [3] | $ 2.17 | $ 1.37 | $ 8.70 | $ 2.82 |
Income from discontinued operations, net of taxes (in dollars per share) | [3] | 0 | 0 | 0 | (0.01) |
Net income (in dollars per share) | [3] | $ 2.17 | $ 1.37 | $ 8.70 | $ 2.81 |
Weighted average common shares outstanding (in shares) | 2,009.3 | 2,081.8 | 2,049.3 | 2,087.1 | |
Diluted earnings per share | |||||
Income from continuing operations (in dollars per share) | [3] | $ 2.15 | $ 1.36 | $ 8.64 | $ 2.81 |
Income (loss) from discontinued operations, net of taxes (in dollars per share) | [3] | 0 | 0 | 0 | (0.01) |
Net income (in dollars per share) | [3] | $ 2.15 | $ 1.36 | $ 8.65 | $ 2.80 |
Adjusted weighted average common shares outstanding (in shares) | 2,026.2 | 2,094.3 | 2,065.3 | 2,100.1 | |
[1] | In accordance with ASC 326. | ||||
[2] | This total excludes the provision for credit losses on AFS securities, which is disclosed separately above. | ||||
[3] | 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 | 9 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | ||
Statement of Comprehensive Income [Abstract] | |||||
Citigroup’s net income | $ 4,644 | $ 3,146 | $ 18,779 | $ 6,738 | |
Add: Citigroup’s other comprehensive income | |||||
Net change in unrealized gains and losses on debt securities, net of taxes | [1] | (279) | (282) | (2,538) | 3,683 |
Net change in debt valuation adjustment (DVA), net of taxes | [1],[2] | (82) | (307) | (186) | 601 |
Net change in cash flow hedges, net of taxes | [1] | (201) | (235) | (930) | 1,736 |
Benefit plans liability adjustment, net of taxes | [1] | 135 | 246 | 936 | (117) |
Net change in foreign currency translation adjustment, net of taxes and hedges | [1] | (1,312) | 897 | (2,063) | (2,651) |
Net change in excluded component of fair value hedges, net of taxes | [1] | 8 | (39) | (12) | 1 |
Citigroup’s total other comprehensive income (loss) | [1] | (1,731) | 280 | (4,793) | 3,253 |
Total Citigroup comprehensive income (loss) | 2,913 | 3,426 | 13,986 | 9,991 | |
Add: Other comprehensive income (loss) attributable to noncontrolling interests | (31) | 19 | (71) | 7 | |
Add: Net income (loss) attributable to noncontrolling interests | 24 | 24 | 67 | 18 | |
Total comprehensive income | $ 2,906 | $ 3,469 | $ 13,982 | $ 10,016 | |
[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 | Sep. 30, 2021 | Dec. 31, 2020 |
Assets | ||
Cash and due from banks (including segregated cash and other deposits) | $ 28,906 | $ 26,349 |
Deposits with banks, net of allowance | 294,902 | 283,266 |
Securities borrowed and purchased under agreements to resell (including $212,200 and $185,204 as of September 30, 2021 and December 31, 2020, respectively, at fair value), net of allowance | 337,696 | 294,712 |
Brokerage receivables, net of allowance | 59,487 | 44,806 |
Trading account assets (including $142,662 and $168,967 pledged to creditors at September 30, 2021 and December 31, 2020, respectively) | 342,914 | 375,079 |
Investments: | ||
Available-for-sale debt securities (including $8,685 and $5,921 pledged to creditors as of September 30, 2021 and December 31, 2020, respectively), net of allowance | 295,573 | 335,084 |
Held-to-maturity debt securities (including $1,257 and $547 pledged to creditors as of September 30, 2021 and December 31, 2020, respectively), net of allowance | 198,056 | 104,943 |
Equity securities (including $918 and $1,066 at fair value as of September 30, 2021 and December 31, 2020, respectively) | 7,220 | 7,332 |
Total investments | 500,849 | 447,359 |
Loans: | ||
Loans, net of unearned income | 664,764 | 675,883 |
Allowance for credit losses on loans (ACLL) | (17,715) | (24,956) |
Total loans, net | 647,049 | 650,927 |
Goodwill | 21,573 | 22,162 |
Intangible assets (including MSRs of $409 and $336 as of September 30, 2021 and December 31, 2020, respectively, at fair value) | 4,553 | 4,747 |
Other assets (including $11,895 and $14,613 as of September 30, 2021 and December 31, 2020, respectively, at fair value), net of allowance | 123,947 | 110,683 |
Total assets | 2,361,876 | 2,260,090 |
Liabilities | ||
Non-interest-bearing deposits in U.S. offices | 145,103 | 126,942 |
Interest-bearing deposits in U.S. offices (including $910 and $879 as of September 30, 2021 and December 31, 2020, respectively, at fair value) | 567,902 | 503,213 |
Non-interest-bearing deposits in offices outside the U.S. | 94,016 | 100,543 |
Interest-bearing deposits in offices outside the U.S. (including $1,803 and $1,079 as of September 30, 2021 and December 31, 2020, respectively, at fair value) | 540,507 | 549,973 |
Total deposits | 1,347,528 | 1,280,671 |
Securities loaned and sold under agreements to repurchase (including $75,262 and $60,206 as of September 30, 2021 and December 31, 2020, respectively, at fair value) | 209,184 | 199,525 |
Brokerage payables (including $3,423 and $6,835 as of September 30, 2021 and December 31, 2020, respectively, at fair value) | 60,501 | 50,484 |
Trading account liabilities | 179,286 | 168,027 |
Short-term borrowings (including $8,814 and $4,683 as of September 30, 2021 and December 31, 2020, respectively, at fair value) | 29,683 | 29,514 |
Long-term debt (including $78,178 and $67,063 as of September 30, 2021 and December 31, 2020, respectively, at fair value) | 258,274 | 271,686 |
Other liabilities, net of allowance | 75,810 | 59,983 |
Total liabilities | 2,160,266 | 2,059,890 |
Stockholders’ equity | ||
Preferred stock ($1.00 par value; authorized shares: 30 million), issued shares: as of September 30, 2021—719,800 and as of December 31, 2020—779,200, at aggregate liquidation value | 17,995 | 19,480 |
Common stock ($0.01 par value; authorized shares: 6 billion), issued shares: as of September 30, 2021—3,099,651,835 and as of December 31, 2020—3,099,763,661 | 31 | 31 |
Additional paid-in capital | 107,922 | 107,846 |
Retained earnings | 183,024 | 168,272 |
Treasury stock, at cost | (71,246) | (64,129) |
Accumulated other comprehensive income (loss) (AOCI) | (36,851) | (32,058) |
Total Citigroup stockholders’ equity | 200,875 | 199,442 |
Noncontrolling interests | 735 | 758 |
Total equity | 201,610 | 200,200 |
Total liabilities and equity | 2,361,876 | 2,260,090 |
Consolidated VIEs | ||
Assets | ||
Cash and due from banks (including segregated cash and other deposits) | 194 | 281 |
Trading account assets (including $142,662 and $168,967 pledged to creditors at September 30, 2021 and December 31, 2020, respectively) | 10,433 | 8,104 |
Investments: | ||
Total investments | 897 | 837 |
Loans: | ||
Loans, net of unearned income | 46,257 | 54,588 |
Allowance for credit losses on loans (ACLL) | (2,998) | (3,794) |
Total loans, net | 43,259 | 50,794 |
Other assets (including $11,895 and $14,613 as of September 30, 2021 and December 31, 2020, respectively, at fair value), net of allowance | 1,186 | 43 |
Total assets | 55,969 | 60,059 |
Liabilities | ||
Short-term borrowings (including $8,814 and $4,683 as of September 30, 2021 and December 31, 2020, respectively, at fair value) | 9,472 | 9,278 |
Long-term debt (including $78,178 and $67,063 as of September 30, 2021 and December 31, 2020, respectively, at fair value) | 13,917 | 20,405 |
Other liabilities, net of allowance | 751 | 463 |
Total liabilities | 24,140 | 30,146 |
Consumer | ||
Loans: | ||
Loans, net of unearned income | 264,250 | 288,839 |
Allowance for credit losses on loans (ACLL) | (14,668) | (19,554) |
Consumer | Consolidated VIEs | ||
Loans: | ||
Loans, net of unearned income | 33,497 | 37,561 |
Corporate | ||
Loans: | ||
Loans, net of unearned income | 400,514 | 387,044 |
Allowance for credit losses on loans (ACLL) | (3,047) | (5,402) |
Corporate | Consolidated VIEs | ||
Loans: | ||
Loans, net of unearned income | $ 12,760 | $ 17,027 |
CONSOLIDATED BALANCE SHEET (Par
CONSOLIDATED BALANCE SHEET (Parenthetical) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Securities borrowed or purchased under agreements to resell, at fair value | $ 337,696 | $ 294,712 |
Trading account assets, pledged to creditors | 142,662 | 168,967 |
Available-for-sale securities, pledged to creditors | 8,685 | 5,921 |
Held-to-maturity securities, pledged to creditors | 1,257 | 547 |
Equity securities, at fair value | 918 | 1,066 |
Loans, net of unearned income, at fair value | 664,764 | 675,883 |
Mortgage servicing rights, at fair value | 409 | 336 |
Other assets, at fair value | 123,947 | 110,683 |
Interest-bearing deposits in U.S. offices, at fair value | 567,902 | 503,213 |
Interest-bearing deposits in offices outside the U.S., at fair value | 540,507 | 549,973 |
Securities loaned or sold under agreements to repurchase, at fair value | 209,184 | 199,525 |
Brokerage payables, at fair value | 60,501 | 50,484 |
Short-term borrowings, at fair value | 29,683 | 29,514 |
Long-term debt, at fair value | $ 258,274 | $ 271,686 |
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) | 719,800 | 779,200 |
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) | 3,099,651,835 | 3,099,763,661 |
Treasury stock (in shares) | 1,115,384,596 | 1,017,674,452 |
Consumer | ||
Loans, net of unearned income, at fair value | $ 264,250 | $ 288,839 |
Corporate | ||
Loans, net of unearned income, at fair value | 400,514 | 387,044 |
Fair value | ||
Securities borrowed or purchased under agreements to resell, at fair value | 212,200 | 185,204 |
Other assets, at fair value | 11,895 | 14,613 |
Interest-bearing deposits in U.S. offices, at fair value | 910 | 879 |
Interest-bearing deposits in offices outside the U.S., at fair value | 1,803 | 1,079 |
Securities loaned or sold under agreements to repurchase, at fair value | 75,262 | 60,206 |
Brokerage payables, at fair value | 3,423 | 6,835 |
Short-term borrowings, at fair value | 8,814 | 4,683 |
Long-term debt, at fair value | 78,178 | 67,063 |
Fair value | Consumer | ||
Loans, net of unearned income, at fair value | 13 | 14 |
Fair value | Corporate | ||
Loans, net of unearned income, at fair value | $ 7,146 | $ 6,840 |
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 (APIC) | Retained earnings | Retained earningsVariable post-charge-off third-party collection costs | [1] | 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, 2019 | $ 17,980 | $ 107,871 | $ 165,369 | $ 330 | $ (3,076) | $ 162,623 | $ (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 | (81) | 448 | [2] | |||||||||||||
Preferred stock issuance costs (new issuances, net of reclassifications to retained earnings for redemptions) | 2 | |||||||||||||||
Other (primarily reclassifications from APIC for preferred issuance costs on redemptions) | 3 | (4) | (2) | |||||||||||||
Common dividends | [3] | (3,226) | ||||||||||||||
Preferred dividends | $ (828) | (828) | ||||||||||||||
Treasury stock acquired | [4] | (2,925) | ||||||||||||||
Transactions between Citigroup and the noncontrolling-interest shareholders | (6) | |||||||||||||||
Citigroup’s total other comprehensive income | 3,253 | 7 | ||||||||||||||
Net income before attribution of noncontrolling interests | 6,756 | 6,738 | 18 | |||||||||||||
Distributions paid to noncontrolling-interest shareholders | (2) | |||||||||||||||
Net change in noncontrolling interests | 15 | |||||||||||||||
Balance, end of period at Sep. 30, 2020 | 194,595 | $ 193,876 | 17,980 | $ 175,896 | 107,795 | 165,303 | (64,137) | (33,065) | 719 | |||||||
Balance, beginning of period at Jun. 30, 2020 | 17,980 | 107,699 | 163,515 | 163,515 | (64,143) | (33,345) | 680 | |||||||||
Increase (Decrease) in Stockholders' Equity | ||||||||||||||||
Employee benefit plans | 93 | 6 | [2] | |||||||||||||
Other (primarily reclassifications from APIC for preferred issuance costs on redemptions) | 3 | (2) | ||||||||||||||
Common dividends | [3] | (1,074) | ||||||||||||||
Preferred dividends | (284) | (284) | ||||||||||||||
Citigroup’s total other comprehensive income | 280 | 19 | ||||||||||||||
Net income before attribution of noncontrolling interests | 3,170 | 3,146 | 24 | |||||||||||||
Distributions paid to noncontrolling-interest shareholders | (2) | |||||||||||||||
Net change in noncontrolling interests | 39 | |||||||||||||||
Balance, end of period at Sep. 30, 2020 | 194,595 | 193,876 | 17,980 | 175,896 | 107,795 | 165,303 | (64,137) | (33,065) | 719 | |||||||
Balance, beginning of period at Dec. 31, 2020 | 200,200 | 19,480 | 107,877 | 168,272 | 168,272 | (64,129) | (32,058) | 758 | ||||||||
Increase (Decrease) in Stockholders' Equity | ||||||||||||||||
Issuance of new preferred stock | 2,300 | |||||||||||||||
Redemption of preferred stock | (3,785) | |||||||||||||||
Employee benefit plans | (3) | 483 | [2] | |||||||||||||
Preferred stock issuance costs (new issuances, net of reclassifications to retained earnings for redemptions) | 40 | |||||||||||||||
Other (primarily reclassifications from APIC for preferred issuance costs on redemptions) | 39 | (40) | (21) | |||||||||||||
Common dividends | [3] | (3,176) | ||||||||||||||
Preferred dividends | (811) | (811) | ||||||||||||||
Treasury stock acquired | [4] | (7,600) | ||||||||||||||
Transactions between Citigroup and the noncontrolling-interest shareholders | 2 | |||||||||||||||
Citigroup’s total other comprehensive income | (4,793) | (71) | ||||||||||||||
Net income before attribution of noncontrolling interests | 18,846 | 18,779 | 67 | |||||||||||||
Net change in noncontrolling interests | (23) | |||||||||||||||
Balance, end of period at Sep. 30, 2021 | 201,610 | 200,875 | 17,995 | 182,880 | 107,953 | 183,024 | (71,246) | (36,851) | 735 | |||||||
Balance, beginning of period at Jun. 30, 2021 | 17,995 | 107,851 | 179,686 | $ 179,686 | (68,253) | (35,120) | 751 | |||||||||
Increase (Decrease) in Stockholders' Equity | ||||||||||||||||
Employee benefit plans | 60 | 7 | [2] | |||||||||||||
Other (primarily reclassifications from APIC for preferred issuance costs on redemptions) | 42 | (10) | ||||||||||||||
Common dividends | [3] | (1,040) | ||||||||||||||
Preferred dividends | (266) | (266) | ||||||||||||||
Treasury stock acquired | [4] | (3,000) | ||||||||||||||
Transactions between Citigroup and the noncontrolling-interest shareholders | 1 | |||||||||||||||
Citigroup’s total other comprehensive income | (1,731) | (31) | ||||||||||||||
Net income before attribution of noncontrolling interests | 4,668 | 4,644 | 24 | |||||||||||||
Net change in noncontrolling interests | (16) | |||||||||||||||
Balance, end of period at Sep. 30, 2021 | $ 201,610 | $ 200,875 | $ 17,995 | $ 182,880 | $ 107,953 | $ 183,024 | $ (71,246) | $ (36,851) | $ 735 | |||||||
[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 for each of the first, second and third quarters of 2021 and 2020. | |||||||||||||||
[4] | Primarily consists of open market purchases under Citi’s Board of Directors-approved common share repurchase program. |
CONSOLIDATED STATEMENT OF CHA_2
CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY (UNAUDITED) (Parenthetical) - $ / shares | 3 Months Ended | |||||
Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | |
Statement of Stockholders' Equity [Abstract] | ||||||
Common dividends declared (in dollars per share) | $ 0.51 | $ 0.51 | $ 0.51 | $ 0.51 | $ 0.51 | $ 0.51 |
CONSOLIDATED STATEMENT OF CASH
CONSOLIDATED STATEMENT OF CASH FLOWS (UNAUDITED) - USD ($) $ in Millions | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | ||
Cash flows from operating activities of continuing operations | |||
Net income before attribution of noncontrolling interests | $ 18,846 | $ 6,756 | |
Net income attributable to noncontrolling interests | 67 | 18 | |
Citigroup’s net income | 18,779 | 6,738 | |
Income (loss) from discontinued operations, net of taxes | 7 | (26) | |
Income from continuing operations—excluding noncontrolling interests | 18,772 | 6,764 | |
Adjustments to reconcile net income to net cash provided by (used in) operating activities of continuing operations | |||
Net loss on significant disposal | [1] | 680 | 0 |
Depreciation and amortization | 2,979 | 2,886 | |
Provisions for credit losses on loans and unfunded lending commitments | (3,388) | 17,392 | |
Realized gains from sales of investments | (655) | (1,484) | |
Impairment losses on investments and other assets | 112 | 154 | |
Change in trading account assets | 32,111 | (72,115) | |
Change in trading account liabilities | 11,259 | 27,096 | |
Change in brokerage receivables net of brokerage payables | (4,664) | (6,026) | |
Change in loans HFS | (3,068) | 1,288 | |
Change in other assets | (1,781) | (28) | |
Change in other liabilities | 8,989 | (1,070) | |
Other, net | (2,161) | 2,889 | |
Total adjustments | 40,413 | (29,018) | |
Net cash provided by (used in) operating activities of continuing operations | 59,185 | (22,254) | |
Cash flows from investing activities of continuing operations | |||
Change in securities borrowed and purchased under agreements to resell | (42,984) | (38,036) | |
Change in loans | 6,613 | 23,488 | |
Proceeds from sales and securitizations of loans | 1,134 | 924 | |
Purchases of investments | (277,874) | (276,084) | |
Proceeds from sales of investments | 96,203 | 130,237 | |
Proceeds from maturities of investments | 107,361 | 78,476 | |
Capital expenditures on premises and equipment and capitalized software | (2,811) | (2,300) | |
Proceeds from sales of premises and equipment, subsidiaries and affiliates and repossessed assets | 143 | 25 | |
Other, net | 146 | 70 | |
Net cash used in investing activities of continuing operations | (112,069) | (83,200) | |
Cash flows from financing activities of continuing operations | |||
Dividends paid | (3,959) | (4,024) | |
Issuance of preferred stock | 2,300 | 1,500 | |
Redemption of preferred stock | (3,785) | (1,500) | |
Treasury stock acquired | (7,448) | (2,925) | |
Stock tendered for payment of withholding taxes | (328) | (408) | |
Change in securities loaned and sold under agreements to repurchase | 9,659 | 40,888 | |
Issuance of long-term debt | 53,961 | 65,599 | |
Payments and redemptions of long-term debt | (56,472) | (47,521) | |
Change in deposits | 73,769 | 192,033 | |
Change in short-term borrowings | 169 | (7,610) | |
Net cash provided by financing activities of continuing operations | 67,866 | 236,032 | |
Effect of exchange rate changes on cash and due from banks | (789) | (802) | |
Change in cash, due from banks and deposits with banks | 14,193 | 129,776 | |
Cash, due from banks and deposits with banks at beginning of period | 309,615 | 193,919 | |
Cash, due from banks and deposits with banks at end of period | 323,808 | 323,695 | |
Cash and due from banks (including segregated cash and other deposits) | 28,906 | 25,308 | |
Deposits with banks, net of allowance | 294,902 | 298,387 | |
Cash, due from banks and deposits with banks at end of period | 323,808 | 323,695 | |
Supplemental disclosure of cash flow information for continuing operations | |||
Cash paid during the period for income taxes | 3,063 | 3,837 | |
Cash paid during the period for interest | 6,894 | 11,502 | |
Non-cash investing and financing activities | |||
Decrease in net loans associated with significant disposals reclassified to HFS | [1],[2] | 8,291 | 0 |
Transfers to loans HFS (Other assets) from loans | [1],[2] | 5,329 | 2,122 |
Decrease in long-term debt associated with significant disposals reclassified to HFS | [1] | 521 | 0 |
Decrease in deposits associated with significant disposals reclassified to HFS | [1] | $ 6,912 | $ 0 |
[1] | See Note 2 for further information on significant disposals. | ||
[2] | 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 September 30, 2021. |
BASIS OF PRESENTATION, UPDATED
BASIS OF PRESENTATION, UPDATED ACCOUNTING POLICIES AND ACCOUNTING CHANGES | 9 Months Ended |
Sep. 30, 2021 | |
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 September 30, 2021 and for the three- and nine-month periods ended September 30, 2021 and 2020 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, 2020 (2020 Annual Report on Form 10-K) and Citigroup’s Quarterly Reports on Form 10-Q for the quarter ended March 31, 2021 (First Quarter of 2021 Form 10-Q) and for the quarter ended June 30, 2021 (Second Quarter of 2021 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 and updates 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 Citigroup’s 2020 Annual Report on Form 10-K 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 disclosure 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 ACL is adjusted each period for changes in lifetime expected 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 an earlier recognition of the provision for credit losses and the related ACL 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 ACL 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 quality of 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 and discounts inputs for the corporate classifiably managed portfolios, 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. The qualitative management adjustment component includes, among other things, management adjustments to reflect economic uncertainty based on the likelihood and severity of downside scenarios and certain portfolio characteristics not captured in the quantitative component, such as concentrations, collateral coverage, model limitations, idiosyncratic events and other factors as required by banking supervisory guidance for the ACL. The qualitative management adjustment component also includes management adjustments to reflect the uncertainty around the estimated impact of the pandemic on credit loss estimates. Accounting for Variable Post-Charge-Off Third-Party Collection Costs In the fourth quarter of 2020, Citi revised the 2020 second quarter accounting conclusion for its variable post-charge-off third-party collection costs from a “change in accounting estimate effected by a change in accounting principle” to a “change in accounting principle,” which required an adjustment to January 1, 2020 opening retained earnings, rather than 2020 net income. As a result, Citi’s full-year and quarterly results for 2020 were revised to reflect this change as if it were effective as of January 1, 2020, as follows: • An increase to beginning retained earnings on January 1, 2020 of $330 million and a decrease of $443 million in the allowance for credit losses on loans, as well as a $113 million decrease in other assets related to income taxes. • A decrease of $18 million to provisions for credit losses on loans in the first quarter and increases of $339 million and $122 million to provisions for credit losses on loans in the second and third quarters, respectively. • Increases in operating expenses of $49 million and $45 million with a corresponding decrease in net credit losses, in the first and second quarters, respectively. In making these revisions, Citi considered the guidance in ASC Topic 250, Accounting Changes and Error Corrections ; ASC Topic 270, Interim Reporting ; ASC Topic 250-S99-1, Assessing Materiality ; and ASC Topic 250-S99-23, Accounting Changes Not Retroactively Applied Due to Immateriality, Considering the Effects of Prior Year Misstatements when Quantifying Misstatements in Current Year Financial Statements . Citi believes that the effects of the revisions were not material to any previously reported quarterly or annual period. 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 permits 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 financial results in 2020. In January 2021, the FASB issued ASU No. 2021-01, Reference Rate Reform (Topic 848): Scope , which clarifies that the scope of the initial accounting relief issued by the FASB in March 2020 includes derivative instruments that do not reference a rate that is expected to be discontinued but that use an interest rate for margining, discounting or contract price alignment that is modified as a result of reference rate reform (commonly referred to as the “discounting transition”). The amendments do not apply to contract modifications made after December 31, 2022, new hedging relationships entered into after December 31, 2022 and existing hedging relationships evaluated for effectiveness in periods after December 31, 2022, except for hedging relationships existing as of December 31, 2022, that apply certain optional expedients in which the accounting effects are recorded through the end of the hedging relationship. The ASU was adopted by Citi on a full retrospective basis upon issuance and did not impact financial results in 2020. FUTURE ACCOUNTING CHANGES Long-Duration Insurance Contracts In August 2018, the FASB issued ASU No. 2018-12, Financial Services—Insurance: Targeted Improvements to the Accounting for Long-Duration Contracts , which changes the existing recognition, measurement, presentation and disclosures for long-duration contracts issued by an insurance entity. Specifically, the guidance (i) improves the timeliness of recognizing changes in the liability for future policy benefits and prescribes the rate used to discount future cash flows for long-duration insurance contracts, (ii) simplifies and improves the accounting for certain market-based options or guarantees associated with deposit (or account balance) contracts, (iii) simplifies the amortization of deferred acquisition costs and (iv) introduces additional quantitative and qualitative disclosures. Citi has certain insurance subsidiaries, primarily in Mexico, that issue long-duration insurance contracts such as traditional life insurance policies and life-contingent annuity contracts that will be impacted by the requirements of ASU 2018-12. The effective date of ASU 2018-12 was deferred for all insurance entities by ASU 2019-09, Financial Services—Insurance: Effective Date (issued in October 2019) and by ASU 2020-11, Financial Services—Insurance: Effective Date and Early Application |
DISCONTINUED OPERATIONS, SIGNIF
DISCONTINUED OPERATIONS, SIGNIFICANT DISPOSALS AND OTHER BUSINESS EXITS | 9 Months Ended |
Sep. 30, 2021 | |
Discontinued Operations and Disposal Groups [Abstract] | |
DISCONTINUED OPERATIONS, SIGNIFICANT DISPOSALS AND OTHER BUSINESS EXITS | DISCONTINUED OPERATIONS, SIGNIFICANT DISPOSALS AND OTHER BUSINESS EXITS Discontinued Operations 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 table summarizes financial information for all Discontinued operations : Three Months Ended September 30, Nine Months Ended September 30, In millions of dollars 2021 2020 2021 2020 Total revenues, net of interest expense $ — $ — $ — $ — Income (loss) from discontinued operations (1) $ (1) $ (7) $ 7 $ (26) Benefit for income taxes — — — — Income (loss) from discontinued operations, $ (1) $ (7) $ 7 $ (26) (1) Amounts in each period relate to the sale of the Egg Banking business in 2011. Cash flows from Discontinued operations were not material for the periods presented. Significant Disposals The following transactions were identified as significant disposals that are recorded within the Global Consumer Banking segment, including the assets and liabilities that were reclassified to held-for-sale within Other assets and Other liabilities on the Consolidated Balance Sheet and the Income (loss) before taxes (benefits) related to each business. Agreement to Sell Australia Consumer Banking Business On August 9, 2021, Citi entered into an agreement to sell its Australia consumer banking business. The sale, which is subject to regulatory approvals and other customary closing conditions, is expected to close in the first half of 2022. As of the third quarter of 2021, Citi reported the business as held-for-sale, resulting in a pretax loss on sale of approximately $680 million recorded in Other revenue ($580 million after-tax), subject to closing adjustments. The loss on sale primarily reflects the impact of a pretax $625 million currency translation adjustment (CTA) loss (net of hedges) ($475 million after-tax) already reflected in the Accumulated other comprehensive income ( AOCI ) component of equity. Upon closing, the CTA-related balance would be removed from the AOCI component of equity, resulting in a neutral CTA impact to Citi’s Common Equity Tier 1 Capital. Income before taxes, excluding the pretax loss on sale, for the Australia consumer banking business is as follows: Three Months Ended September 30, Nine Months Ended September 30, In millions of dollars 2021 2020 2021 2020 Income before taxes $ 95 $ 78 $ 236 $ 153 The following are assets and liabilities for the Australia consumer banking business, which were identified and reclassified to held-for-sale within Other assets and Other liabilities , respectively, on the Consolidated Balance Sheet at September 30, 2021: In millions of dollars September 30, 2021 Assets Cash and deposits with banks $ 21 Loans (net of allowance of $249 million at September 30, 2021) 8,291 Goodwill and intangible assets 257 Other assets 85 Total assets $ 8,654 Liabilities Deposits $ 6,912 Long-term debt 521 Other liabilities 143 Total liabilities $ 7,576 Citi did not have any other significant disposals to report as of September 30, 2021. As of November 8, 2021, Citi had not entered into any other definitive sales agreements related to its recently announced intention to pursue exits of its consumer franchises in 13 markets across Asia and EMEA . 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 2020 Annual Report on Form 10-K. Other Business Exits Wind-Down of Korea Consumer Banking Business On October 25, 2021, Citi announced its decision to wind down and close its Korea consumer banking business. In connection with the announcement, Citibank Korea Inc. (CKI) has commenced a voluntary termination program. Due to the voluntary nature of this termination program, no liabilities for termination benefits are recorded until CKI makes formal offers to employees that are then irrevocably accepted by the employees. Citi expects to incur total estimated cash charges ranging from approximately $1.2 billion to $1.5 billion, related to voluntary termination benefits and related costs. Citi does not expect to recognize these charges all at once, but over time through the remainder of 2021 and 2022, as voluntary retirements are phased and irrevocably accepted in order to minimize business and operational impacts. |
BUSINESS SEGMENTS
BUSINESS SEGMENTS | 9 Months Ended |
Sep. 30, 2021 | |
Segment Reporting [Abstract] | |
BUSINESS SEGMENTS | BUSINESS SEGMENTS Citigroup’s activities are conducted through two business segments: Global Consumer Banking ( GCB ) and Institutional Clients Group ( ICG ), with the remaining operations in Corporate/Other , which includes activities not assigned to a specific business segment as well as certain North America legacy loan portfolios, discontinued operations and other legacy assets. Beginning in the first quarter of 2021, Citi changed its allocation for certain recurring expenses that are attributable to the business segments from Corporate/Other to GCB and ICG . These expenses include incremental investments related to risks and controls, technology capabilities and information security initiatives, as well as some incremental spend related to the pandemic. The prior-period reportable operating segment results have been revised to conform the presentation for all periods to reflect this revised allocation methodology. Citi’s consolidated results were unchanged for all periods presented as a result of the changes discussed above. For additional information regarding Citigroup’s business segments, see Note 3 to the Consolidated Financial Statements in Citi’s 2020 Annual Report on Form 10-K. The following tables present certain information regarding the Company’s continuing operations by segment and Corporate/Other : Three Months Ended September 30, Revenues, (1) Provision (benefits) Income (loss) from (2) Identifiable assets In millions of dollars, except identifiable assets in billions 2021 2020 2021 2020 2021 2020 September 30, December 31, 2020 Global Consumer Banking $ 6,260 $ 7,173 $ 424 $ 284 $ 1,334 $ 920 $ 442 $ 434 Institutional Clients Group 10,786 10,353 991 800 3,443 2,857 1,819 1,730 Corporate/Other 108 (224) (222) (307) (108) (600) 101 96 Total $ 17,154 $ 17,302 $ 1,193 $ 777 $ 4,669 $ 3,177 $ 2,362 $ 2,260 Nine Months Ended September 30, Revenues, (3) Provision (benefits) Income (loss) from (4) In millions of dollars 2021 2020 2021 2020 2021 2020 Global Consumer Banking $ 20,117 $ 22,686 $ 1,654 $ (254) $ 5,337 $ (569) Institutional Clients Group 33,393 34,974 3,821 2,284 13,210 8,253 Corporate/Other 445 139 (795) (621) 292 (902) Total $ 53,955 $ 57,799 $ 4,680 $ 1,409 $ 18,839 $ 6,782 (1) Includes total revenues, net of interest expense (excluding Corporate/Other ), in North America of $8.5 billion and $8.4 billion; in EMEA of $3.1 billion and $3.1 billion; in Latin America of $2.3 billion and $2.2 billion; and in Asia of $3.2 billion and $3.8 billion for the three months ended September 30, 2021 and 2020, 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 $(0.1) billion and $1.7 billion; in the ICG results of $0.0 billion and $0.8 billion; and in the Corporate/Other results of $(0.1) billion and $(0.1) billion for the three months ended September 30, 2021 and 2020, respectively. (3) Includes total revenues, net of interest expense, in North America of $25.7 billion and $28.3 billion; in EMEA of $10.1 billion and $9.9 billion; in Latin America of $6.7 billion and $7.0 billion; and in Asia of $11.1 billion and $12.3 billion for the nine months ended September 30, 2021 and 2020, 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 $(0.4) billion and $10.6 billion; in the ICG results of $(2.6) billion and $6.7 billion; and in the Corporate/Other results of $(0.3) billion and $0.2 billion for the nine months ended September 30, 2021 and 2020, respectively. |
INTEREST REVENUE AND EXPENSE
INTEREST REVENUE AND EXPENSE | 9 Months Ended |
Sep. 30, 2021 | |
Banking and Thrift, Interest [Abstract] | |
INTEREST REVENUE AND EXPENSE | INTEREST REVENUE AND EXPENSE Interest revenue and Interest expense consisted of the following: Three Months Ended September 30, Nine Months Ended September 30, In millions of dollars 2021 2020 2021 2020 Interest revenue Loan interest, including fees $ 8,874 $ 9,421 $ 26,516 $ 30,820 Deposits with banks 147 116 418 802 Securities borrowed and purchased under agreements to resell 264 352 763 1,961 Investments, including dividends 1,885 1,870 5,455 6,248 Trading account assets (1) 1,284 1,457 4,091 4,720 Other interest-bearing assets 196 98 404 491 Total interest revenue $ 12,650 $ 13,314 $ 37,647 $ 45,042 Interest expense Deposits (2) $ 1,023 $ 1,293 $ 3,030 $ 5,376 Securities loaned and sold under agreements to repurchase 287 292 800 1,830 Trading account liabilities (1) 106 123 370 506 Short-term borrowings and other interest-bearing liabilities 8 88 70 612 Long-term debt 828 1,025 2,614 3,653 Total interest expense $ 2,252 $ 2,821 $ 6,884 $ 11,977 Net interest revenue $ 10,398 $ 10,493 $ 30,763 $ 33,065 Provision (benefit) for credit losses on loans (188) 1,931 (2,793) 16,298 Net interest revenue after provision for credit losses on loans $ 10,586 $ 8,562 $ 33,556 $ 16,767 (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 $293 million and $375 million for the three months ended September 30, 2021 and 2020, respectively, and $912 million and $870 million for the nine months ended September 30, 2021 and 2020, respectively. |
COMMISSIONS AND FEES; ADMINISTR
COMMISSIONS AND FEES; ADMINISTRATION AND OTHER FIDUCIARY FEES | 9 Months Ended |
Sep. 30, 2021 | |
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 2020 Annual Report on Form 10-K. The following tables present Commissions and fees revenue: Three Months Ended September 30, 2021 Nine Months Ended September 30, 2021 In millions of dollars ICG GCB Corporate/Other Total ICG GCB Corporate/Other Total Investment banking $ 1,493 $ — $ — $ 1,493 $ 4,503 $ — $ — $ 4,503 Brokerage commissions 483 290 — 773 1,626 910 — 2,536 Credit- and bank-card income Interchange fees 225 2,317 — 2,542 580 6,496 — 7,076 Card-related loan fees 7 164 — 171 19 511 — 530 Card rewards and partner payments (1) (119) (2,541) — (2,660) (298) (7,048) — (7,346) Deposit-related fees (2) 270 69 — 339 774 219 — 993 Transactional service fees 257 24 — 281 749 74 — 823 Corporate finance (3) 214 — — 214 552 — — 552 Insurance distribution revenue 3 114 — 117 9 356 — 365 Insurance premiums — 25 — 25 — 75 — 75 Loan servicing 10 11 3 24 32 28 11 71 Other 19 61 — 80 87 175 3 265 Total commissions and fees (4) $ 2,862 $ 534 $ 3 $ 3,399 $ 8,633 $ 1,796 $ 14 $ 10,443 Three Months Ended September 30, 2020 Nine Months Ended September 30, 2020 In millions of dollars ICG GCB Corporate/Other Total ICG GCB Corporate/Other Total Investment banking $ 1,076 $ — $ — $ 1,076 $ 3,474 $ — $ — $ 3,474 Brokerage commissions 486 260 — 746 1,545 713 — 2,258 Credit- and bank-card income Interchange fees 158 1,842 — 2,000 542 5,264 — 5,806 Card-related loan fees 4 157 — 161 18 455 — 473 Card rewards and partner payments (1) (73) (2,073) — (2,146) (292) (5,911) — (6,203) Deposit-related fees (2) 246 79 — 325 699 279 — 978 Transactional service fees 217 20 — 237 659 64 — 723 Corporate finance (3) 77 — — 77 372 — — 372 Insurance distribution revenue 4 129 — 133 9 367 — 376 Insurance premiums — 25 — 25 — 99 — 99 Loan servicing 16 4 10 30 54 26 20 100 Other 34 55 — 89 91 157 3 251 Total commissions and fees (4) $ 2,245 $ 498 $ 10 $ 2,753 $ 7,171 $ 1,513 $ 23 $ 8,707 (1) Citi’s consumer credit card programs have certain partner-sharing agreements that vary by partner. These agreements are subject to contractually based performance thresholds that, if met, would require Citi to make ongoing payments to the partner. The threshold is based on the profitability of a program and is generally calculated based on predefined program revenues less predefined program expenses. In most of Citi’s partner-sharing agreements, program expenses include net credit losses and, to the extent that the increase in net credit losses reduces Citi’s liability for the partners’ share for a given program year, would generally result in lower payments to partners in total for that year and vice versa. Further, in some instances, other partner payments are based on program sales and new account acquisitions. (2) Includes overdraft fees of $28 million and $23 million for the three months ended September 30, 2021 and 2020, respectively, and $75 million and $74 million for the nine months ended September 30, 2021 and 2020, respectively. Overdraft fees are accounted for under ASC 310. (3) Consists primarily of fees earned from structuring and underwriting loan syndications or related financing activity. This activity is accounted for under ASC 310. (4) Commissions and fees include $(2,208) million and $(1,816) million not accounted for under ASC 606, Revenue from Contracts with Customers , for the three months ended September 30, 2021 and 2020, respectively, and $(6,031) million and $(5,044) million for the nine months ended September 30, 2021 and 2020, 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 tables present Administration and other fiduciary fees revenue: Three Months Ended September 30, 2021 Nine Months Ended September 30, 2021 In millions of dollars ICG GCB Corporate/Other Total ICG GCB Corporate/Other Total Custody fees $ 471 $ 7 $ 1 $ 479 $ 1,419 $ 19 $ 1 $ 1,439 Fiduciary fees 204 175 3 382 596 511 6 1,113 Guarantee fees 144 1 1 146 429 5 4 438 Total administration and other fiduciary fees (1) $ 819 $ 183 $ 5 $ 1,007 $ 2,444 $ 535 $ 11 $ 2,990 Three Months Ended September 30, 2020 Nine Months Ended September 30, 2020 In millions of dollars ICG GCB Corporate/Other Total ICG GCB Corporate/Other Total Custody fees $ 427 $ 8 $ 2 $ 437 $ 1,165 $ 22 $ 38 $ 1,225 Fiduciary fees 167 153 — 320 497 441 — 938 Guarantee fees 132 2 1 135 393 5 4 402 Total administration and other fiduciary fees (1) $ 726 $ 163 $ 3 $ 892 $ 2,055 $ 468 $ 42 $ 2,565 (1) Administration and other fiduciary fees include $146 million and $135 million for the three months ended September 30, 2021 and 2020, respectively, and $438 million and $402 million for the nine months ended September 30, 2021 and 2020, respectively, that are not accounted for under ASC 606, Revenue from Contracts with Customers. These generally include guarantee fees. |
PRINCIPAL TRANSACTIONS
PRINCIPAL TRANSACTIONS | 9 Months Ended |
Sep. 30, 2021 | |
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 and characterized below based on the primary risk managed by each trading desk. 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 September 30, Nine Months Ended September 30, In millions of dollars 2021 2020 2021 2020 Interest rate risks (1) $ 461 $ 993 $ 2,424 $ 4,751 Foreign exchange risks (2) 924 960 2,851 3,069 Equity risks (3) 666 157 1,869 1,078 Commodity and other risks (4) 252 248 844 1,007 Credit products and risks (5) (70) 150 462 2,021 Total $ 2,233 $ 2,508 $ 8,450 $ 11,926 (1) Includes revenues from government securities and corporate debt, municipal securities, mortgage securities and other debt instruments. Also includes spot and forward trading of currencies and exchange-traded and over-the-counter (OTC) currency options, options on fixed income securities, interest rate swaps, currency swaps, swap options, caps and floors, financial futures, OTC options and forward contracts on fixed income securities. (2) Includes revenues from foreign exchange spot, forward, option and swap contracts, as well as foreign currency translation (FX translation) gains and losses. (3) Includes revenues from common, preferred and convertible preferred stock, convertible corporate debt, equity-linked notes and exchange-traded and OTC equity options and warrants. (4) Primarily includes revenues from crude oil, refined oil products, natural gas and other commodities trades. (5) Includes revenues from structured credit products. |
INCENTIVE PLANS
INCENTIVE PLANS | 9 Months Ended |
Sep. 30, 2021 | |
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 2020 Annual Report on Form 10-K. |
RETIREMENT BENEFITS
RETIREMENT BENEFITS | 9 Months Ended |
Sep. 30, 2021 | |
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 2020 Annual Report on Form 10-K. Net (Benefit) Expense The following tables summarize the components of net (benefit) expense recognized in the Consolidated Statement of Income for the Company’s pension and postretirement plans for Significant Plans and All Other Plans: Three Months Ended September 30, Pension plans Postretirement benefit plans U.S. plans Non-U.S. plans U.S. plans Non-U.S. plans In millions of dollars 2021 2020 2021 2020 2021 2020 2021 2020 Benefits earned during the period $ — $ — $ 36 $ 38 $ — $ — $ 2 $ 2 Interest cost on benefit obligation 87 87 67 59 3 4 25 22 Expected return on assets (173) (205) (65) (62) (3) (4) (22) (18) Amortization of unrecognized: Prior service benefit — — (1) (1) (3) — (2) (3) Net actuarial loss 57 62 16 17 — — 4 5 Settlement loss (gain) (1) — — 1 (6) — — — — Total net (benefit) expense $ (29) $ (56) $ 54 $ 45 $ (3) $ — $ 7 $ 8 (1) Losses (gains) due to settlement relate to repositioning and divestiture activities. Nine Months Ended September 30, Pension plans Postretirement benefit plans U.S. plans Non-U.S. plans U.S. plans Non-U.S. plans In millions of dollars 2021 2020 2021 2020 2021 2020 2021 2020 Benefits earned during the period $ — $ — $ 113 $ 109 $ — $ — $ 6 $ 6 Interest cost on benefit obligation 264 294 199 184 9 14 74 68 Expected return on assets (529) (619) (189) (183) (10) (13) (65) (56) Amortization of unrecognized: Prior service cost (benefit) 1 1 (4) (4) (7) — (7) (7) Net actuarial loss (gain) 173 171 48 51 (1) — 12 15 Settlement loss (gain) (1) — — 5 (3) — — — — Total net (benefit) expense $ (91) $ (153) $ 172 $ 154 $ (9) $ 1 $ 20 $ 26 (1) Losses (gains) 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: Nine Months Ended September 30, 2021 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 $ 13,815 $ 8,629 $ 559 $ 1,390 Plans measured annually (25) (2,248) — (277) Projected benefit obligation at beginning of year—Significant Plans $ 13,790 $ 6,381 $ 559 $ 1,113 First quarter activity (983) (572) (37) (146) Second quarter activity 265 138 (6) 53 Projected benefit obligation at June 30, 2021—Significant Plans $ 13,072 $ 5,947 $ 516 $ 1,020 Benefits earned during the period — 20 — 1 Interest cost on benefit obligation 87 58 3 23 Actuarial gain (63) (65) (4) (29) Benefits paid, net of participants’ contributions and government subsidy (249) (87) (12) (15) Settlement gain (1) — (8) — — Curtailment gain (1) — (14) — — Foreign exchange impact and other — (147) — (32) Projected benefit obligation at period end—Significant Plans $ 12,847 $ 5,704 $ 503 $ 968 Change in plan assets Plan assets at fair value at beginning of year $ 13,309 $ 7,831 $ 331 $ 1,146 Plans measured annually — (1,500) — (8) Plan assets at fair value at beginning of year—Significant Plans $ 13,309 $ 6,331 $ 331 $ 1,138 First quarter activity (435) (404) (8) (44) Second quarter activity 320 213 5 35 Plan assets at fair value at June 30, 2021—Significant Plans $ 13,194 $ 6,140 $ 328 $ 1,129 Actual return on plan assets 86 32 1 18 Company contributions, net of reimbursements 13 16 10 — Benefits paid, net of participants’ contributions and government subsidy (249) (87) (12) (15) Settlements gain (1) — (8) — — Foreign exchange impact and other — (130) — (36) Plan assets at fair value at period end—Significant Plans $ 13,044 $ 5,963 $ 327 $ 1,096 Qualified plans (2) $ 865 $ 259 $ (176) $ 128 Nonqualified plans (3) (668) — — — Funded status of the plans at period end—Significant Plans $ 197 $ 259 $ (176) $ 128 Net amount recognized at period end Benefit asset $ 865 $ 808 $ — $ 128 Benefit liability (668) (549) (176) — Net amount recognized on the balance sheet—Significant Plans $ 197 $ 259 $ (176) $ 128 Amounts recognized in AOCI at period end Prior service benefit $ — $ (1) $ 94 $ 51 Net actuarial (loss) gain (6,580) (884) 86 (207) Net amount recognized in equity (pretax)—Significant Plans $ (6,580) $ (885) $ 180 $ (156) Accumulated benefit obligation at period end—Significant Plans $ 12,845 $ 5,425 $ 503 $ 968 (1) Gains due to settlement and curtailment relate to repositioning and divestiture activities. (2) The U.S. qualified pension plan is fully funded under specified Employee Retirement Income Security Act of 1974, as amended (ERISA), funding rules as of January 1, 2021 and no minimum required funding is expected for 2021. (3) The nonqualified plans of the Company are unfunded. 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 September 30, 2021 Nine Months Ended September 30, 2021 Beginning of period balance, net of tax (1)(2) $ (6,063) $ (6,864) Actuarial assumptions changes and plan experience 175 1,125 Net asset loss due to difference between actual and expected returns (116) (325) Net amortization 69 216 Curtailment/settlement gain (loss) (3) 1 (3) Foreign exchange impact and other 46 153 Change in deferred taxes, net (40) (230) Change, net of tax $ 135 $ 936 End of period balance, net of tax (1)(2) $ (5,928) $ (5,928) (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 Sept. 30, 2021 Sept. 30, 2020 U.S. plans Qualified pension 2.75 % 2.60 % Nonqualified pension 2.70 2.55 Postretirement 2.60 2.45 Non-U.S. plans Pension 0.25–9.25 0.20–8.40 Weighted average 4.23 3.68 Postretirement 9.50 8.80 The discount rates utilized at period end in determining the pension and postretirement benefit obligations for the Significant Plans are as follows: Plan obligations assumed discount rates at period ended Sept. 30, 2021 Jun. 30, 2021 Mar. 31, 2021 U.S. plans Qualified pension 2.80 % 2.75 % 3.10 % Nonqualified pension 2.75 2.70 3.00 Postretirement 2.65 2.60 2.85 Non-U.S. plans Pension 0.30–9.55 0.25–9.25 0.25–9.30 Weighted average 4.37 4.23 4.26 Postretirement 9.80 9.50 9.70 Sensitivities of Certain Key Assumptions The following table summarizes the estimated effect on the Company’s Significant Plans quarterly expense of a one-percentage-point change in the discount rate: Three Months Ended September 30, 2021 In millions of dollars One-percentage-point increase One-percentage-point decrease Pension U.S. plans $ 9 $ (12) Non-U.S. plans 1 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 nine months of 2021. The following table summarizes the Company’s actual contributions for the nine months ended September 30, 2021 and 2020, as well as expected Company contributions for the remainder of 2021 and the actual contributions made in 2020: Pension plans Postretirement plans U.S. plans (1) Non-U.S. plans U.S. plans Non-U.S. plans In millions of dollars 2021 2020 2021 2020 2021 2020 2021 2020 Company contributions (2) for the nine months ended September 30 $ 41 $ 42 $ 116 $ 111 $ 19 $ — $ 6 $ 6 Company contributions (reimbursements) made during the — 14 — 47 — (15) — 3 Company contributions expected to be made during 16 — 36 — 2 — 2 — (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 September 30, Nine Months In millions of dollars 2021 2020 2021 2020 U.S. plans $ 113 $ 101 $ 324 $ 304 Non-U.S. plans 87 73 270 223 Post Employment Plans The following table summarizes the net expense recognized in the Consolidated Statement of Income for the Company’s U.S. post employment plans: Three Months Ended September 30, Nine Months In millions of dollars 2021 2020 2021 2020 Service-related expense Interest cost on benefit obligation $ — $ 1 $ — $ 1 Amortization of unrecognized: Net actuarial loss 1 — 2 1 Total service-related expense $ 1 $ 1 $ 2 $ 2 Non-service-related expense $ 3 $ 4 $ 7 $ 12 Total net expense $ 4 $ 5 $ 9 $ 14 |
EARNINGS PER SHARE
EARNINGS PER SHARE | 9 Months Ended |
Sep. 30, 2021 | |
Earnings Per Share [Abstract] | |
EARNINGS PER SHARE | EARNINGS PER SHARE The following table reconciles the income and share data used in the basic and diluted earnings per share (EPS) computations: Three Months Ended September 30, Nine Months Ended September 30, In millions of dollars, except per share amounts 2021 2020 2021 2020 Earnings per common share Income from continuing operations before attribution of noncontrolling interests $ 4,669 $ 3,177 $ 18,839 $ 6,782 Less: Noncontrolling interests from continuing operations 24 24 67 18 Net income from continuing operations (for EPS purposes) $ 4,645 $ 3,153 $ 18,772 $ 6,764 Income (loss) from discontinued operations, net of taxes (1) (7) 7 (26) Citigroup’s net income $ 4,644 $ 3,146 $ 18,779 $ 6,738 Less: Preferred dividends (1) 266 284 811 828 Net income available to common shareholders $ 4,378 $ 2,862 $ 17,968 $ 5,910 Less: Dividends and undistributed earnings allocated to employee restricted and deferred shares with rights to dividends, applicable to basic EPS 26 18 134 50 Net income allocated to common shareholders for basic EPS $ 4,352 $ 2,844 $ 17,834 $ 5,860 Weighted-average common shares outstanding applicable to basic EPS (in millions) 2,009.3 2,081.8 2,049.3 2,087.1 Basic earnings per share (2) Income from continuing operations $ 2.17 $ 1.37 $ 8.70 $ 2.82 Discontinued operations — — — (0.01) Net income per share—basic $ 2.17 $ 1.37 $ 8.70 $ 2.81 Diluted earnings per share Net income allocated to common shareholders for basic EPS $ 4,352 $ 2,844 $ 17,834 $ 5,860 Add back: Dividends allocated to employee restricted and deferred shares with rights to dividends that are forfeitable 8 7 23 22 Net income allocated to common shareholders for diluted EPS $ 4,360 $ 2,851 $ 17,857 $ 5,882 Weighted-average common shares outstanding applicable to basic EPS (in millions) 2,009.3 2,081.8 2,049.3 2,087.1 Effect of dilutive securities Options (3) — — — — Other employee plans 16.9 12.5 16.0 13.0 Adjusted weighted-average common shares outstanding applicable to diluted EPS (in millions) (4) 2,026.2 2,094.3 2,065.3 2,100.1 Diluted earnings per share (2) Income from continuing operations $ 2.15 $ 1.36 $ 8.64 $ 2.81 Discontinued operations — — — (0.01) Net income per share—diluted $ 2.15 $ 1.36 $ 8.65 $ 2.80 (1) On October 21, 2021, Citi declared preferred dividends of approximately $228 million for the fourth quarter of 2021. On October 27, 2021, Citi issued 1.0 million shares of Series Y preferred shares for $1.0 billion. During the second quarter of 2021, Citi redeemed all of its 1.25 million Series Q preferred shares for $1.25 billion and the remaining 1.035 million Series R preferred shares for $1.035 billion. During the first quarter of 2021, Citi redeemed all of its 41.4 million Series S preferred shares for $1.035 billion and 465,000 shares of its Series R preferred shares for $465 million, and Citi also issued 2.3 million of Series X preferred shares for $2.3 billion. (2) Due to rounding, earnings per share on continuing operations and discontinued operations may not sum to earnings per share on net income. (3) During the first, second and third quarters of 2021 and 2020, no significant options to purchase shares of common stock were outstanding. (4) Due to rounding, weighted-average common shares outstanding applicable to basic EPS and the effect of dilutive securities may not sum to weighted-average common shares outstanding applicable to diluted EPS. |
SECURITIES BORROWED, LOANED AND
SECURITIES BORROWED, LOANED AND SUBJECT TO REPURCHASE AGREEMENTS | 9 Months Ended |
Sep. 30, 2021 | |
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 2020 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 September 30, December 31, 2020 Securities purchased under agreements to resell $ 234,191 $ 204,655 Deposits paid for securities borrowed 103,514 90,067 Total, net (1) $ 337,705 $ 294,722 Allowance for credit losses on securities purchased and borrowed (2) (9) (10) Total, net of allowance $ 337,696 $ 294,712 Securities loaned and sold under agreements to repurchase , at their respective carrying values, consisted of the following: In millions of dollars September 30, December 31, 2020 Securities sold under agreements to repurchase $ 188,998 $ 181,194 Deposits received for securities loaned 20,186 18,331 Total, net (1) $ 209,184 $ 199,525 (1) The above tables do not include securities-for-securities lending transactions of $3.4 billion and $6.8 billion at September 30, 2021 and December 31, 2020, 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 posts or obtains 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 September 30, 2021 In millions of dollars Gross amounts Gross amounts (1) Net amounts of Amounts (2) Net (3) Securities purchased under agreements to resell $ 355,702 $ 121,511 $ 234,191 $ 178,517 $ 55,674 Deposits paid for securities borrowed 120,159 16,645 103,514 22,145 81,369 Total $ 475,861 $ 138,156 $ 337,705 $ 200,662 $ 137,043 In millions of dollars Gross amounts Gross amounts (1) Net amounts of Amounts (2) Net (3) Securities sold under agreements to repurchase $ 310,509 $ 121,511 $ 188,998 $ 87,606 $ 101,392 Deposits received for securities loaned 36,831 16,645 20,186 3,587 16,599 Total $ 347,340 $ 138,156 $ 209,184 $ 91,193 $ 117,991 As of December 31, 2020 In millions of dollars Gross amounts Gross amounts (1) Net amounts of Amounts (2) Net (3) Securities purchased under agreements to resell $ 362,025 $ 157,370 $ 204,655 $ 159,232 $ 45,423 Deposits paid for securities borrowed 96,425 6,358 90,067 13,474 76,593 Total $ 458,450 $ 163,728 $ 294,722 $ 172,706 $ 122,016 In millions of dollars Gross amounts Gross amounts (1) Net amounts of Amounts (2) Net (3) Securities sold under agreements to repurchase $ 338,564 $ 157,370 $ 181,194 $ 95,563 $ 85,631 Deposits received for securities loaned 24,689 6,358 18,331 7,982 10,349 Total $ 363,253 $ 163,728 $ 199,525 $ 103,545 $ 95,980 (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 September 30, 2021 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 $ 137,111 $ 87,435 $ 33,974 $ 51,989 $ 310,509 Deposits received for securities loaned 26,931 42 2,088 7,770 36,831 Total $ 164,042 $ 87,477 $ 36,062 $ 59,759 $ 347,340 As of December 31, 2020 In millions of dollars Open and overnight Up to 30 days 31–90 days Greater than 90 days Total Securities sold under agreements to repurchase $ 160,754 $ 98,226 $ 41,679 $ 37,905 $ 338,564 Deposits received for securities loaned 17,038 3 2,770 4,878 24,689 Total $ 177,792 $ 98,229 $ 44,449 $ 42,783 $ 363,253 The following tables present the gross amounts of liabilities associated with repurchase agreements and securities lending agreements by class of underlying collateral: As of September 30, 2021 In millions of dollars Repurchase agreements Securities lending agreements Total U.S. Treasury and federal agency securities $ 108,346 $ 2 $ 108,348 State and municipal securities 996 — 996 Foreign government securities 134,204 200 134,404 Corporate bonds 22,914 297 23,211 Equity securities 22,025 36,202 58,227 Mortgage-backed securities 16,576 — 16,576 Asset-backed securities 1,571 — 1,571 Other 3,877 130 4,007 Total $ 310,509 $ 36,831 $ 347,340 As of December 31, 2020 In millions of dollars Repurchase agreements Securities lending agreements Total U.S. Treasury and federal agency securities $ 112,437 $ — $ 112,437 State and municipal securities 664 2 666 Foreign government securities 130,017 194 130,211 Corporate bonds 20,149 78 20,227 Equity securities 21,497 24,149 45,646 Mortgage-backed securities 45,566 — 45,566 Asset-backed securities 3,307 — 3,307 Other 4,927 266 5,193 Total $ 338,564 $ 24,689 $ 363,253 |
BROKERAGE RECEIVABLES AND BROKE
BROKERAGE RECEIVABLES AND BROKERAGE PAYABLES | 9 Months Ended |
Sep. 30, 2021 | |
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 2020 Annual Report on Form 10-K. Brokerage receivables and Brokerage payables consisted of the following: In millions of dollars September 30, December 31, 2020 Receivables from customers $ 21,833 $ 18,097 Receivables from brokers, dealers and clearing organizations 37,654 26,709 Total brokerage receivables (1) $ 59,487 $ 44,806 Payables to customers $ 48,300 $ 39,319 Payables to brokers, dealers and clearing organizations 12,201 11,165 Total brokerage payables (1) $ 60,501 $ 50,484 |
INVESTMENTS
INVESTMENTS | 9 Months Ended |
Sep. 30, 2021 | |
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 2020 Annual Report on Form 10-K. The following table presents Citi’s investments by category: In millions of dollars September 30, December 31, 2020 Debt securities available-for-sale (AFS) $ 295,573 $ 335,084 Debt securities held-to-maturity (HTM) (1) 198,056 104,943 Marketable equity securities carried at fair value (2) 379 515 Non-marketable equity securities carried at fair value (2) 539 551 Non-marketable equity securities measured using the measurement alternative (3) 1,392 962 Non-marketable equity securities carried at cost (4) 4,910 5,304 Total investments $ 500,849 $ 447,359 (1) Carried at adjusted amortized cost basis, net of any ACL. (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 “Non-Marketable Equity Securities Not Carried at Fair Value” 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 September 30, Nine Months Ended September 30, In millions of dollars 2021 2020 2021 2020 Taxable interest $ 1,777 $ 1,752 $ 5,152 $ 5,915 Interest exempt from U.S. federal income tax 73 85 196 231 Dividend income 35 33 107 102 Total interest and dividend income on investments $ 1,885 $ 1,870 $ 5,455 $ 6,248 The following table presents realized gains and losses on the sales of investments, which exclude impairment losses: Three Months Ended September 30, Nine Months Ended September 30, In millions of dollars 2021 2020 2021 2020 Gross realized investment gains $ 142 $ 381 $ 757 $ 1,619 Gross realized investment losses (25) (77) (102) (135) Net realized gains on sales of investments $ 117 $ 304 $ 655 $ 1,484 Debt Securities Available-for-Sale The amortized cost and fair value of AFS debt securities were as follows: September 30, 2021 December 31, 2020 In millions of dollars Amortized Gross Gross Allowance for credit losses Fair Amortized Gross Gross Allowance for credit losses Fair Debt securities AFS Mortgage-backed securities (1) U.S. government-sponsored agency guaranteed $ 36,127 $ 743 $ 201 $ — $ 36,669 $ 42,836 $ 1,134 $ 52 $ — $ 43,918 Non-U.S. residential 362 1 — — 363 568 3 — — 571 Commercial 34 — — — 34 49 1 — — 50 Total mortgage-backed securities $ 36,523 $ 744 $ 201 $ — $ 37,066 $ 43,453 $ 1,138 $ 52 $ — $ 44,539 U.S. Treasury and federal agency securities U.S. Treasury $ 122,491 $ 1,119 $ 436 $ — $ 123,174 $ 144,094 $ 2,108 $ 49 $ — $ 146,153 Agency obligations — — — — — 50 1 — — 51 Total U.S. Treasury and federal agency securities $ 122,491 $ 1,119 $ 436 $ — $ 123,174 $ 144,144 $ 2,109 $ 49 $ — $ 146,204 State and municipal $ 2,710 $ 85 $ 111 $ — $ 2,684 $ 3,753 $ 123 $ 157 $ — $ 3,719 Foreign government 120,322 496 624 — 120,194 123,467 1,623 122 — 124,968 Corporate 6,929 70 65 8 6,926 10,444 152 91 5 10,500 Asset-backed securities (1) 263 1 — — 264 277 5 4 — 278 Other debt securities 5,265 1 1 — 5,265 4,871 5 — — 4,876 Total debt securities AFS $ 294,503 $ 2,516 $ 1,438 $ 8 $ 295,573 $ 330,409 $ 5,155 $ 475 $ 5 $ 335,084 (1) The Company invests in mortgage- and asset-backed securities, which are typically issued by VIEs through securitization transactions. 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 September 30, 2021 Debt securities AFS Mortgage-backed securities U.S. government-sponsored agency guaranteed $ 10,965 $ 182 $ 197 $ 19 $ 11,162 $ 201 Non-U.S. residential 58 — — — 58 — Commercial 2 — — — 2 — Total mortgage-backed securities $ 11,025 $ 182 $ 197 $ 19 $ 11,222 $ 201 U.S. Treasury $ 38,146 $ 122 $ 19,579 $ 314 $ 57,725 $ 436 State and municipal 198 5 1,182 106 1,380 111 Foreign government 54,437 494 9,452 130 63,889 624 Corporate 1,994 65 21 — 2,015 65 Asset-backed securities 3 — — — 3 — Other debt securities 2,787 1 — — 2,787 1 Total debt securities AFS $ 108,590 $ 869 $ 30,431 $ 569 $ 139,021 $ 1,438 December 31, 2020 Debt securities AFS Mortgage-backed securities U.S. government-sponsored agency guaranteed $ 3,588 $ 30 $ 298 $ 22 $ 3,886 $ 52 Non-U.S. residential 1 — — — 1 — Commercial 7 — 4 — 11 — Total mortgage-backed securities $ 3,596 $ 30 $ 302 $ 22 $ 3,898 $ 52 U.S. Treasury and federal agency securities U.S. Treasury $ 25,031 $ 49 $ — $ — $ 25,031 $ 49 Agency obligations 50 — — — 50 — Total U.S. Treasury and federal agency securities $ 25,081 $ 49 $ — $ — $ 25,081 $ 49 State and municipal $ 836 $ 34 $ 893 $ 123 $ 1,729 $ 157 Foreign government 29,344 61 3,502 61 32,846 122 Corporate 1,083 90 24 1 1,107 91 Asset-backed securities 194 3 39 1 233 4 Other debt securities 182 — — — 182 — Total debt securities AFS $ 60,316 $ 267 $ 4,760 $ 208 $ 65,076 $ 475 The following table presents the amortized cost and fair value of AFS debt securities by contractual maturity dates: September 30, 2021 December 31, 2020 In millions of dollars Amortized Fair Amortized Fair Mortgage-backed securities (1) Due within 1 year $ 200 $ 200 $ 27 $ 27 After 1 but within 5 years 187 188 567 571 After 5 but within 10 years 726 776 688 757 After 10 years (2) 35,410 35,902 42,171 43,184 Total $ 36,523 $ 37,066 $ 43,453 $ 44,539 U.S. Treasury and federal agency securities Due within 1 year $ 27,539 $ 27,614 $ 34,834 $ 34,951 After 1 but within 5 years 94,520 95,132 108,160 110,091 After 5 but within 10 years 432 428 1,150 1,162 After 10 years (2) — — — — Total $ 122,491 $ 123,174 $ 144,144 $ 146,204 State and municipal Due within 1 year $ 45 $ 45 $ 427 $ 428 After 1 but within 5 years 137 140 189 198 After 5 but within 10 years 160 168 276 267 After 10 years (2) 2,368 2,331 2,861 2,826 Total $ 2,710 $ 2,684 $ 3,753 $ 3,719 Foreign government Due within 1 year $ 47,441 $ 47,492 $ 48,133 $ 48,258 After 1 but within 5 years 65,523 65,370 67,365 68,586 After 5 but within 10 years 5,560 5,514 5,908 6,011 After 10 years (2) 1,798 1,818 2,061 2,113 Total $ 120,322 $ 120,194 $ 123,467 $ 124,968 All other (3) Due within 1 year $ 6,108 $ 6,112 $ 6,661 $ 6,665 After 1 but within 5 years 5,434 5,464 7,814 7,891 After 5 but within 10 years 853 846 1,018 1,034 After 10 years (2) 62 33 99 64 Total $ 12,457 $ 12,455 $ 15,592 $ 15,654 Total debt securities AFS $ 294,503 $ 295,573 $ 330,409 $ 335,084 (1) Includes mortgage-backed securities of U.S. government-sponsored agencies. The Company invests in mortgage- and asset-backed securities, which are typically issued by VIEs through securitization transactions. (2) Investments with no stated maturities are included as contractual maturities of greater than 10 years. Actual maturities may differ due to call or prepayment rights. (3) Includes corporate, asset-backed and other debt securities. Debt Securities Held-to-Maturity The carrying value and fair value of debt securities HTM were as follows: In millions of dollars Amortized cost, net (1) Gross Gross Fair September 30, 2021 Debt securities HTM Mortgage-backed securities (2) U.S. government-sponsored agency guaranteed $ 67,517 $ 1,490 $ 533 $ 68,474 Non-U.S. residential 739 1 — 740 Commercial 957 3 2 958 Total mortgage-backed securities $ 69,213 $ 1,494 $ 535 $ 70,172 U.S. Treasury securities $ 88,270 $ 26 $ 850 $ 87,446 State and municipal (3) 8,952 575 18 9,509 Foreign government 1,694 10 16 1,688 Asset-backed securities (2) 29,927 9 27 29,909 Total debt securities HTM, net $ 198,056 $ 2,114 $ 1,446 $ 198,724 December 31, 2020 Debt securities HTM Mortgage-backed securities (2) U.S. government-sponsored agency guaranteed $ 49,004 $ 2,162 $ 15 $ 51,151 Non-U.S. residential 1,124 3 1 1,126 Commercial 825 1 1 825 Total mortgage-backed securities $ 50,953 $ 2,166 $ 17 $ 53,102 U.S. Treasury securities (4) $ 21,293 $ 4 $ 55 $ 21,242 State and municipal 9,185 755 11 9,929 Foreign government 1,931 91 — 2,022 Asset-backed securities (2) 21,581 6 92 21,495 Total debt securities HTM, net $ 104,943 $ 3,022 $ 175 $ 107,790 (1) Amortized cost is reported net of ACL of $73 million and $86 million at September 30, 2021 and December 31, 2020, respectively. (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. (3) In February 2021, the Company transferred $237 million of state and municipal bonds from AFS classification to HTM classification in accordance with ASC 320. At the time of transfer, the securities were in an unrealized gain position of $14 million. The gain amounts will remain in AOCI and will be amortized over the remaining life of the securities. (4) In August 2020, the Company transferred $13.1 billion of investments in U.S. Treasury securities from AFS classification to HTM classification in accordance with ASC 320. At the time of transfer, the securities were in an unrealized gain position of $144 million. The gain amounts will remain in AOCI and will be amortized over the remaining life of the securities. The following table presents the carrying value and fair value of HTM debt securities by contractual maturity dates: September 30, 2021 December 31, 2020 In millions of dollars Amortized cost (1) Fair value Amortized cost (1) Fair value Mortgage-backed securities Due within 1 year $ 160 $ 160 $ 81 $ 81 After 1 but within 5 years 737 792 463 477 After 5 but within 10 years 1,637 1,736 1,699 1,873 After 10 years (2) 66,679 67,484 48,710 50,671 Total $ 69,213 $ 70,172 $ 50,953 $ 53,102 U.S. Treasury securities Due within 1 year $ — $ — $ — $ — After 1 but within 5 years 42,783 42,287 18,955 19,127 After 5 but within 10 years 45,487 45,159 2,338 2,115 After 10 years (2) — — — — Total $ 88,270 $ 87,446 $ 21,293 $ 21,242 State and municipal Due within 1 year $ 54 $ 54 $ 6 $ 6 After 1 but within 5 years 168 172 139 142 After 5 but within 10 years 838 881 818 869 After 10 years (2) 7,892 8,402 8,222 8,912 Total $ 8,952 $ 9,509 $ 9,185 $ 9,929 Foreign government Due within 1 year $ 334 $ 335 $ 361 $ 360 After 1 but within 5 years 1,360 1,353 1,570 1,662 After 5 but within 10 years — — — — After 10 years (2) — — — — Total $ 1,694 $ 1,688 $ 1,931 $ 2,022 All other (3) Due within 1 year $ — $ — $ — $ — After 1 but within 5 years — — — — After 5 but within 10 years 11,299 11,297 11,795 15,020 After 10 years (2) 18,628 18,612 9,786 6,475 Total $ 29,927 $ 29,909 $ 21,581 $ 21,495 Total debt securities HTM $ 198,056 $ 198,724 $ 104,943 $ 107,790 (1) Amortized cost is reported net of ACL of $73 million and $86 million at September 30, 2021 and December 31, 2020, respectively. (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 September 30, 2021 and December 31, 2020. There were no purchased credit-deteriorated HTM debt securities held by the Company as of September 30, 2021 and December 31, 2020. Evaluating Investments for Impairment AFS Debt Securities Overview—AFS Debt Securities The Company conducts periodic reviews of all AFS debt securities with unrealized losses to evaluate whether the impairment resulted from expected credit losses or from other factors and to evaluate the Company’s intent to sell such securities. An AFS debt security is impaired when the current fair value of an individual AFS debt security is less than its amortized cost basis. The Company recognizes the entire difference between amortized cost basis and fair value in earnings for impaired AFS debt securities that Citi has an intent to sell or for which Citi believes it will more-likely-than-not be required to sell prior to recovery of the amortized cost basis. However, for those AFS debt securities that the Company does not intend to sell and is not likely to be required to sell, only the credit-related impairment is recognized in earnings by recording an allowance for credit losses. Any remaining fair value decline for such securities is recorded in AOCI . The Company does not consider the length of time that the fair value of a security is below its amortized cost when determining if a credit loss exists. For AFS debt securities, credit losses exist where Citi does not expect to receive contractual principal and interest cash flows sufficient to recover the entire amortized cost basis of a security. The allowance for credit losses is limited to the amount by which the AFS debt security’s amortized cost basis exceeds its fair value. The allowance is increased or decreased if credit conditions subsequently worsen or improve. Reversals of credit losses are recognized in earnings. The Company’s review for impairment of AFS debt securities generally entails: • identification and evaluation of impaired investments; • consideration of evidential matter, including an evaluation of factors or triggers that could cause individual positions to qualify as credit impaired and those that would not support credit impairment; and • documentation of the results of these analyses, as required under Citi’s 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 September 30, 2021. 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 as OTTI in Other revenue 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 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 21 — 21 30 — 30 Total impairment losses recognized in earnings $ 21 $ — $ 21 $ 30 $ — $ 30 Nine Months Ended Nine Months Ended In millions of dollars AFS Other Total AFS 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 99 — 99 101 — 101 Total impairment losses recognized in earnings $ 99 $ — $ 99 $ 101 $ — $ 101 Allowance for Credit Losses on AFS Debt Securities Three Months Ended September 30, 2021 In millions of dollars Mortgage-backed U.S. Treasury and federal agency State and municipal Foreign government Corporate Total AFS Allowance for credit losses at beginning of period $ — $ — $ — $ — $ 5 $ 5 Less: Write-offs — — — — — — Recoveries of amounts written-off — — — — — — Net credit losses (NCLs) $ — $ — $ — $ — $ — $ — NCLs $ — $ — $ — $ — $ — $ — Credit losses on securities without previous credit losses — — — — 1 1 Net reserve builds (releases) on securities with previous credit losses — — — — — — Total provision for credit losses $ — $ — $ — $ — $ 1 $ 1 Initial allowance on newly purchased credit-deteriorated securities during the period — — — — — — Allowance for credit losses at end of period $ — $ — $ — $ — $ 6 $ 6 Nine Months Ended September 30, 2021 In millions of dollars Mortgage-backed U.S. Treasury and federal agency State and municipal Foreign government Corporate Total AFS Allowance for credit losses at beginning of period $ — $ — $ — $ — $ 5 $ 5 Less: Write-offs — — — — — — Recoveries of amounts written-off — — — — — — Net credit losses (NCLs) $ — $ — $ — $ — $ — $ — NCLs $ — $ — $ — $ — $ — $ — Credit losses on securities without previous credit losses — — — — 1 1 Net reserve builds (releases) on securities with previous credit losses — — — — — — Total provision for credit losses $ — $ — $ — $ — $ 1 $ 1 Initial allowance on newly purchased credit-deteriorated securities during the period — — — — — — Allowance for credit losses at end of period $ — $ — $ — $ — $ 6 $ 6 Three Months Ended September 30, 2020 In millions of dollars Mortgage-backed U.S. Treasury and federal agency State and municipal Foreign government Corporate Total AFS Allowance for credit losses at beginning of period $ — $ — $ — $ 3 $ 5 $ 8 Less: Write-offs — — — — — — Recoveries of amounts written-off — — — — 1 1 Net credit losses (NCLs) $ — $ — $ — $ — $ 1 $ 1 NCLs $ — $ — $ — $ — $ (1) $ (1) Credit losses on securities without previous credit losses — — — — — — Net reserve builds (releases) on securities with previous credit losses — — — (3) — (3) Total provision for credit losses $ — $ — $ — $ (3) $ (1) $ (4) Initial allowance on newly purchased credit-deteriorated securities during the period — — — — — — Allowance for credit losses at end of period $ — $ — $ — $ — $ 5 $ 5 Nine Months Ended September 30, 2020 In millions of dollars Mortgage-backed U.S. Treasury and federal agency State and municipal Foreign government Corporate Total AFS Allowance for credit losses at beginning of period $ — $ — $ — $ — $ — $ — Less: Write-offs — — — — — — Recoveries of amounts written-off — — — — 1 1 Net credit losses (NCLs) $ — $ — $ — $ — $ 1 $ 1 NCLs $ — $ — $ — $ — $ (1) $ (1) Credit losses on securities without previous credit losses — — — 3 5 8 Net reserve builds (releases) on securities with previous credit losses — — — (3) — (3) Total provision for credit losses $ — $ — $ — $ — $ 4 $ 4 Initial allowance on newly purchased credit-deteriorated securities during the period — — — — — — Allowance for credit losses at end of period $ — $ — $ — $ — $ 5 $ 5 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 September 30, 2021 and December 31, 2020: In millions of dollars September 30, 2021 December 31, 2020 Measurement alternative: Carrying value $ 1,392 $ 962 Below are amounts recognized in earnings and life-to-date amounts for non-marketable equity securities measured using the measurement alternative: Three Months Ended September 30, Nine Months Ended September 30, In millions of dollars 2021 2020 2021 2020 Measurement alternative: (1) Impairment losses $ 9 $ 2 $ 13 $ 55 Downward changes for observable prices — — — 19 Upward changes for observable prices 86 40 382 82 (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 September 30, 2021 Measurement alternative: Impairment losses $ 76 Downward changes for observable prices 53 Upward changes for observable prices 861 A similar impairment analysis is performed for non-marketable equity securities carried at cost. For the three and nine months ended September 30, 2021 and 2020, 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 September 30, December 31, 2020 September 30, December 31, 2020 Private equity funds (1)(2) $ 123 $ 123 $ 60 $ 62 — — Real estate funds (2)(3) 2 9 1 20 — — Mutual/collective investment funds 20 20 — — — — Total $ 145 $ 152 $ 61 $ 82 — — (1) Private equity funds include funds that invest in infrastructure, emerging markets and venture capital. (2) With respect to the Company’s investments in private equity funds and real estate funds, distributions from each fund will be received as the underlying assets held by these funds are liquidated. It is estimated that the underlying assets of these funds will be liquidated over a period of several years as market conditions allow. Private equity and real estate funds do not allow redemption of investments by their investors. Investors are permitted to sell or transfer their investments, subject to the approval of the general partner or investment manager of these funds, which generally may not be unreasonably withheld. (3) Includes several real estate funds that invest primarily in commercial real estate in the U.S., Europe and Asia. |
LOANS
LOANS | 9 Months Ended |
Sep. 30, 2021 | |
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 2020 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 September 30, 2021 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 is no ACLL Non-accrual loans for which there is an ACLL Total 90 days In North America offices (6) Residential first mortgages (7) $ 43,388 $ 289 $ 275 $ 393 $ 44,345 $ 133 $ 347 $ 480 $ 267 Home equity loans (8)(9) 5,276 48 161 — 5,485 65 210 275 — Credit cards 123,897 846 783 — 125,526 — — — 783 Personal, small business and other 3,150 12 6 11 3,179 — 17 17 — Total $ 175,711 $ 1,195 $ 1,225 $ 404 $ 178,535 $ 198 $ 574 $ 772 $ 1,050 In offices outside North America (6) Residential first mortgages (7) $ 33,993 $ 177 $ 169 $ — $ 34,339 $ — $ 419 $ 419 $ — Credit cards 17,304 233 226 — 17,763 — 187 187 146 Personal, small business and other 33,362 162 89 — 33,613 — 211 211 26 Total $ 84,659 $ 572 $ 484 $ — $ 85,715 $ — $ 817 $ 817 $ 172 Total Citigroup (10) $ 260,370 $ 1,767 $ 1,709 $ 404 $ 264,250 $ 198 $ 1,391 $ 1,589 $ 1,222 (1) Loans less than 30 days past due are presented as current. (2) Includes $13 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. Most modified loans in North America 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). Consumer relief programs in Asia and Mexico largely expired during the fourth quarter of 2020 and began to age at that time. (5) Consists of loans 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 $650 million. Unearned income on consumer loans primarily represents unamortized origination fees and costs, premiums and discounts. Interest Income Recognized for Non-Accrual Consumer Loans In millions of dollars Three Months Ended September 30, 2021 Three Months Ended September 30, 2020 Nine Months Ended September 30, 2021 Nine Months Ended September 30, 2020 In North America offices (1) Residential first mortgages $ 3 $ 4 $ 9 $ 11 Home equity loans 2 2 6 6 Credit cards — — — — Personal, small business and other — — — — Total $ 5 $ 6 $ 15 $ 17 In offices outside North America (1) Residential first mortgages $ — $ — $ — $ — Credit cards — — — — Personal, small business and other — — — — Total $ — $ — $ — $ — Total Citigroup $ 5 $ 6 $ 15 $ 17 (1) North America includes the U.S., Canada and Puerto Rico. Mexico is included in offices outside North America. Consumer Loans, Delinquencies and Non-Accrual Status at December 31, 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 Non-accrual loans for which there is no ACLL Non-accrual loans for which there is an ACLL Total 90 days In North America offices (6) Residential first mortgages (7) $ 46,471 $ 402 $ 381 $ 524 $ 47,778 $ 136 $ 509 $ 645 $ 332 Home equity loans (8)(9) 6,829 78 221 — 7,128 72 307 379 — Credit cards 127,827 1,228 1,330 — 130,385 — — — 1,330 Personal, small business and other 4,472 27 10 — 4,509 2 33 35 — Total $ 185,599 $ 1,735 $ 1,942 $ 524 $ 189,800 $ 210 $ 849 $ 1,059 $ 1,662 In offices outside North America (6) Residential first mortgages (7) $ 39,557 $ 213 $ 199 $ — $ 39,969 $ — $ 486 $ 486 $ — Credit cards 21,718 429 545 — 22,692 — 384 384 324 Personal, small business and other 35,925 319 134 — 36,378 — 212 212 52 Total $ 97,200 $ 961 $ 878 $ — $ 99,039 $ — $ 1,082 $ 1,082 $ 376 Total Citigroup (10) $ 282,799 $ 2,696 $ 2,820 $ 524 $ 288,839 $ 210 $ 1,931 $ 2,141 $ 2,038 (1) Loans less than 30 days past due are presented as current. (2) Includes $14 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 $0.2 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 $749 million. Unearned income on consumer loans primarily represents unamortized origination fees and costs, premiums and discounts. During the three and nine months ended September 30, 2021, the Company sold and/or reclassified to HFS $346 million and $1,178 million of consumer loans, respectively. During the three and nine months ended September 30, 2020, the Company sold and/or reclassified to HFS $386 million and $422 million of consumer loans, respectively. Loans held by a business for sale are not included in the above. For additional information regarding Citigroup’s business for sale, see Note 2. Consumer Credit Scores (FICO) The following tables provide details on the Fair Isaac Corporation (FICO) scores for Citi’s U.S. consumer loan portfolio based on end-of-period receivables by year of origination. FICO scores are updated monthly for substantially all of the portfolio or, otherwise, on a quarterly basis for the remaining portfolio. FICO score distribution in U.S. portfolio (1)(2) September 30, 2021 In millions of dollars Less than 680 Greater FICO not available Total loans Residential first mortgages 2021 $ 132 $ 2,555 $ 5,535 2020 180 2,949 8,046 2019 133 1,369 3,499 2018 207 468 820 2017 249 646 1,272 Prior 1,602 4,164 8,755 Total residential first mortgages $ 2,503 $ 12,151 $ 27,927 $ 1,764 $ 44,345 Home equity loans (pre-reset) $ 228 $ 877 $ 1,399 Home equity loans (post-reset) 678 1,097 1,176 Total home equity loans $ 906 $ 1,974 $ 2,575 $ 30 $ 5,485 Credit cards (3) $ 21,579 $ 50,734 $ 50,451 $ 2,237 $ 125,001 Personal, small business and other 2021 $ 19 $ 63 $ 114 2020 23 50 77 2019 48 65 82 2018 41 45 47 2017 11 12 13 Prior 120 176 141 Total personal, small business and other $ 262 $ 411 $ 474 $ 2,032 $ 3,179 Total $ 25,250 $ 65,270 $ 81,427 $ 6,063 $ 178,010 FICO score distribution in U.S. portfolio (1)(2) December 31, 2020 In millions of dollars Less than 680 Greater FICO not available Total Residential first mortgages 2020 $ 187 $ 3,741 $ 9,052 2019 150 1,857 5,384 2018 246 655 1,227 2017 298 846 1,829 2016 323 1,368 3,799 Prior 1,708 4,133 9,105 Total residential first mortgages $ 2,912 $ 12,600 $ 30,396 $ 1,870 $ 47,778 Home equity loans (pre-reset) $ 292 $ 1,014 $ 1,657 Home equity loans (post-reset) 1,055 1,569 1,524 Total home equity loans $ 1,347 $ 2,583 $ 3,181 $ 17 $ 7,128 Credit cards (3) $ 26,227 $ 52,778 $ 49,767 $ 1,041 $ 129,813 Personal, small business and other 2020 $ 23 $ 58 $ 95 2019 79 106 134 2018 82 80 84 2017 26 27 30 2016 10 9 8 Prior 214 393 529 Total personal, small business and other $ 434 $ 673 $ 880 $ 2,522 $ 4,509 Total $ 30,920 $ 68,634 $ 84,224 $ 5,450 $ 189,228 (1) The FICO bands in the tables are consistent with general industry peer presentations. (2) FICO scores are updated on either a monthly or quarterly basis. For updates that are made only quarterly, certain current-period loans by year of origination are greater than those disclosed in the prior periods. Loans that did not have FICO scores as of the prior period have been updated with FICO scores as they become available. (3) Excludes $525 million and $572 million of balances related to Canada for September 30, 2021 and December 31, 2020, respectively. 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 September 30, 2021 In millions of dollars Less than > 80% but less Greater LTV not available Total Residential first mortgages 2021 $ 7,875 $ 355 $ — 2020 11,049 137 — 2019 4,913 96 1 2018 1,378 117 6 2017 2,117 56 2 Prior 14,556 44 10 Total residential first mortgages $ 41,888 $ 805 $ 19 $ 1,633 $ 44,345 Home equity loans (pre-reset) $ 2,441 $ 34 $ 10 Home equity loans (post-reset) 2,839 69 28 Total home equity loans $ 5,280 $ 103 $ 38 $ 64 $ 5,485 Total $ 47,168 $ 908 $ 57 $ 1,697 $ 49,830 LTV distribution in U.S. portfolio December 31, 2020 In millions of dollars Less than > 80% but less Greater LTV not available Total Residential first mortgages 2020 $ 11,447 $ 1,543 $ — 2019 7,029 376 2 2018 1,617 507 11 2017 2,711 269 4 2016 5,423 84 2 Prior 14,966 66 16 Total residential first mortgages $ 43,193 $ 2,845 $ 35 $ 1,705 $ 47,778 Home equity loans (pre-reset) $ 2,876 $ 50 $ 16 Home equity loans (post-reset) 3,782 290 58 Total home equity loans $ 6,658 $ 340 $ 74 $ 56 $ 7,128 Total $ 49,851 $ 3,185 $ 109 $ 1,761 $ 54,906 Impaired Consumer Loans The following tables present information about impaired consumer loans and interest income recognized on impaired consumer loans: Three Months Ended Nine Months Ended Balance at September 30, 2021 2021 2020 2021 2020 In millions of dollars Recorded investment (1)(2) Unpaid Related specific allowance (3) Average carrying value (4) Interest income (5) Interest income (5) Interest income (5) Interest income (5) Mortgage and real estate Residential first mortgages $ 1,422 $ 1,566 $ 103 $ 1,632 $ 23 $ 16 $ 65 $ 44 Home equity loans 262 355 4 408 2 3 8 10 Credit cards 1,701 1,702 661 1,895 24 26 92 77 Personal, small business and other 467 787 123 529 14 18 41 50 Total $ 3,852 $ 4,410 $ 891 $ 4,464 $ 63 $ 63 $ 206 $ 181 Balance at December 31, 2020 In millions of dollars Recorded investment (1)(2) Unpaid Related specific allowance (3) Average carrying value (4) Mortgage and real estate Residential first mortgages $ 1,787 $ 1,962 $ 157 $ 1,661 Home equity loans 478 651 60 527 Credit cards 1,982 2,135 918 1,926 Personal, small business and other 552 552 210 463 Total $ 4,799 $ 5,300 $ 1,345 $ 4,577 (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) For September 30, 2021, $191 million of residential first mortgages and $119 million of home equity loans do not have a specific allowance. For December 31, 2020, $211 million of residential first mortgages and $147 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 accrual and cash basis. Consumer Troubled Debt Restructurings (1) For the Three Months Ended September 30, 2021 In millions of dollars, except number of loans modified Number of Post- (2)(3) Deferred (4) Contingent (5) Principal (6) Average North America Residential first mortgages 281 $ 48 $ — $ — $ — 1 % Home equity loans 31 1 — — — 1 Credit cards 33,746 159 — — — 18 Personal, small business and other 169 1 — — — 4 Total (7) 34,227 $ 209 $ — $ — $ — International Residential first mortgages 451 $ 22 $ — $ — $ — — % Credit cards 16,082 71 — — 2 15 Personal, small business and other 7,336 49 — — 2 9 Total (7) 23,869 $ 142 $ — $ — $ 4 For the Three Months Ended September 30, 2020 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 237 $ 42 $ — $ — $ — — % Home equity loans 62 5 — — — — Credit cards 48,909 261 — — — 17 Personal, small business and other 1,040 12 — — — 6 Total (7) 50,248 $ 320 $ — $ — $ — International Residential first mortgages 696 $ 21 $ — $ — $ — 1 % Credit cards 25,147 122 — — 2 14 Personal, small business and other 12,652 106 — — 2 10 Total (7) 38,495 $ 249 $ — $ — $ 4 (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 $4 million of residential first mortgages to borrowers who have gone through Chapter 7 bankruptcy in the three months ended September 30, 2021. These amounts include $2 million of residential first mortgages that were newly classified as TDRs in the three months ended September 30, 2021, 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 during the reporting period. (8) Post-modification balances in North America include $2 million of residential first mortgages to borrowers who have gone through Chapter 7 bankruptcy in the three months ended September 30, 2020. These amounts include $1 million of residential first mortgages that were newly classified as TDRs in the three months ended September 30, 2020, based on previously received OCC guidance. Consumer Troubled Debt Restructurings (1) For the Nine Months Ended September 30, 2021 In millions of dollars, except number of loans modified Number of Post- (2)(3) Deferred (4) Contingent (5) Principal (6) Average North America Residential first mortgages 942 $ 163 $ — $ — $ — — % Home equity loans 138 9 — — — — Credit cards 129,129 639 — — — 17 Personal, small business and other 855 12 — — — 3 Total (7) 131,064 $ 823 $ — $ — $ — International Residential first mortgages 1,448 $ 74 $ — $ — $ — — % Credit cards 58,978 267 — — 10 14 Personal, small business and other 21,653 162 — — 5 9 Total (7) 82,079 $ 503 $ — $ — $ 15 For the Nine Months Ended September 30, 2020 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 812 $ 137 $ — $ — $ — — % Home equity loans 227 22 — — — 1 Credit cards 167,082 786 — — — 13 Personal, small business and other 1,816 19 — — — 4 Total (7) 169,937 $ 964 $ — $ — $ — International Residential first mortgages 1,874 $ 80 $ — $ — $ — 4 % Credit cards 65,738 289 — — 7 16 Personal, small business and other 31,590 234 — — 6 10 Total (7) 99,202 $ 603 $ — $ — $ 13 (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 $11 million of residential first mortgages to borrowers who have gone through Chapter 7 bankruptcy in the nine months ended September 30, 2021. These amounts include $4 million of residential first mortgages that were newly classified as TDRs in the nine months ended September 30, 2021, 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 on 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 during the reporting period. (8) Post-modification balances in North America include $10 million of residential first mortgages to borrowers who have gone through Chapter 7 bankruptcy in the nine months ended September 30, 2020. These amounts include $7 million of residential first mortgages that were newly classified as TDRs in the nine months ended September 30, 2020, 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. Three Months Ended September 30, Nine Months Ended September 30, In millions of dollars 2021 2020 2021 2020 North America Residential first mortgages $ 10 $ 24 $ 43 $ 59 Home equity loans 1 6 8 12 Credit cards 60 70 196 251 Personal, small business and other 1 1 3 3 Total $ 72 $ 101 $ 250 $ 325 International Residential first mortgages $ 9 $ 6 $ 31 $ 17 Credit cards 36 47 133 118 Personal, small business and other 29 20 87 55 Total $ 74 $ 73 $ 251 $ 190 Purchased Credit-Deteriorated Assets Three Months Ended September 30, 2021 Three Months Ended December 31, 2020 Three Months Ended September 30, In millions of dollars Credit Mortgages (1) Installment Credit Mortgages (1) Installment Credit Mortgages (1) Installment Purchase price $ — $ 6 $ — $ — $ 12 $ — $ — $ 25 $ — Allowance for credit losses at acquisition date — — — — — — — — — Discount or premium attributable to non-credit factors — — — — — — — — — Par value (amortized cost basis) $ — $ 6 $ — $ — $ 12 $ — $ — $ 25 $ — (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 September 30, December 31, In North America offices (1) Commercial and industrial $ 56,496 $ 57,731 Financial institutions 62,818 55,809 Mortgage and real estate (2) 63,584 60,675 Installment and other 26,922 26,744 Lease financing 425 673 Total $ 210,245 $ 201,632 In offices outside North America (1) Commercial and industrial $ 105,671 $ 104,072 Financial institutions 33,501 32,334 Mortgage and real estate (2) 10,685 11,371 Installment and other 36,054 33,759 Lease financing 47 65 Governments and official institutions 4,311 3,811 Total $ 190,269 $ 185,412 Corporate loans, net of unearned income (3) $ 400,514 $ 387,044 (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 ($831) million and ($844) million at September 30, 2021 and December 31, 2020, 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 $1.0 billion and $4.1 billion of corporate loans during the three and nine months ended September 30, 2021, respectively, and $0.6 billion and $1.7 billion of corporate loans during the three and nine months ended September 30, 2020, respectively. The Company did not have significant purchases of corporate loans classified as held-for-investment for the three and nine months ended September 30, 2021 or 2020. Corporate Loan Delinquencies and Non-Accrual Details at September 30, 2021 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 $ 721 $ 237 $ 958 $ 1,751 $ 153,276 $ 155,985 Financial institutions 398 174 572 53 95,195 95,820 Mortgage and real estate 189 14 203 418 73,640 74,261 Lease financing — — — 18 454 472 Other 168 55 223 160 66,447 66,830 Loans at fair value 7,146 Total $ 1,476 $ 480 $ 1,956 $ 2,400 $ 389,012 $ 400,514 Corporate Loan Delinquencies and Non-Accrual Details at December 31, 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 $ 400 $ 109 $ 509 $ 2,795 $ 153,036 $ 156,340 Financial institutions 668 65 733 92 86,864 87,689 Mortgage and real estate 450 247 697 505 70,836 72,038 Lease financing 62 12 74 24 640 738 Other 112 19 131 111 63,157 63,399 Loans at fair value 6,840 Total $ 1,692 $ 452 $ 2,144 $ 3,527 $ 374,533 $ 387,044 (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) September 30, In millions of dollars 2021 2020 2019 2018 2017 Prior Investment grade (3) Commercial and industrial (4) $ 44,949 $ 6,818 $ 5,187 $ 4,218 $ 3,358 $ 9,826 $ 29,013 $ 103,369 Financial institutions (4) 13,440 3,115 1,650 1,147 631 2,439 61,610 84,032 Mortgage and real estate 3,357 5,754 5,970 3,759 2,122 3,312 1,525 25,799 Other (5) 11,488 4,338 1,830 4,146 553 6,451 31,957 60,763 Total investment grade $ 73,234 $ 20,025 $ 14,637 $ 13,270 $ 6,664 $ 22,028 $ 124,105 $ 273,963 Non-investment grade (3) Accrual Commercial and industrial (4) $ 15,208 $ 3,298 $ 3,073 $ 2,883 $ 1,670 $ 4,009 $ 20,724 $ 50,865 Financial institutions (4) 6,467 535 507 193 91 619 3,325 11,737 Mortgage and real estate 1,661 1,339 2,009 1,469 857 1,027 610 8,972 Other (5) 2,416 434 582 433 240 460 1,797 6,362 Non-accrual Commercial and industrial (4) 11 142 99 104 108 167 1,120 1,751 Financial institutions — — — — — 5 46 51 Mortgage and real estate 16 12 4 81 11 26 267 417 Other (5) 21 11 19 19 26 20 61 177 Total non-investment grade $ 25,800 $ 5,771 $ 6,293 $ 5,182 $ 3,003 $ 6,333 $ 27,950 $ 80,332 Non-rated private bank loans managed on a delinquency basis (3)(6) $ 8,007 $ 9,233 $ 6,277 $ 3,074 $ 3,087 $ 9,395 $ — $ 39,073 Loans at fair value (7) 7,146 Corporate loans, net of unearned income $ 107,041 $ 35,029 $ 27,207 $ 21,526 $ 12,754 $ 37,756 $ 152,055 $ 400,514 Recorded investment in loans (1) Term loans by year of origination Revolving line of credit arrangements (2) December 31, 2020 In millions of dollars 2020 2019 2018 2017 2016 Prior Investment grade (3) Commercial and industrial (4) $ 38,398 $ 7,607 $ 5,929 $ 3,909 $ 2,094 $ 8,670 $ 25,819 $ 92,426 Financial institutions (4) 10,560 2,964 2,106 782 681 2,030 56,239 75,362 Mortgage and real estate 6,793 6,714 5,174 2,568 1,212 1,719 1,557 25,737 Other (5) 10,874 3,566 4,597 952 780 5,290 31,696 57,755 Total investment grade $ 66,625 $ 20,851 $ 17,806 $ 8,211 $ 4,767 $ 17,709 $ 115,311 $ 251,280 Non-investment grade (3) Accrual Commercial and industrial (4) $ 19,683 $ 4,794 $ 4,645 $ 2,883 $ 1,182 $ 4,533 $ 23,400 $ 61,120 Financial institutions (4) 7,413 700 654 274 141 197 2,855 12,234 Mortgage and real estate 1,882 1,919 2,058 1,457 697 837 551 9,401 Other (5) 1,407 918 725 370 186 657 1,986 6,249 Non-accrual Commercial and industrial (4) 260 203 192 143 57 223 1,717 2,795 Financial institutions 1 — — — — — 91 92 Mortgage and real estate 13 4 3 18 8 32 427 505 Other (5) 15 3 12 29 2 65 9 135 Total non-investment grade $ 30,674 $ 8,541 $ 8,289 $ 5,174 $ 2,273 $ 6,544 $ 31,036 $ 92,531 Non-rated private bank loans managed on a delinquency basis (3)(6) $ 9,823 $ 7,121 $ 3,533 $ 3,674 $ 4,300 $ 7,942 $ — $ 36,393 Loans at fair value (7) 6,840 Corporate loans, net of unearned income $ 107,122 $ 36,513 $ 29,628 $ 17,059 $ 11,340 $ 32,195 $ 146,347 $ 387,044 (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: September 30, 2021 Three Months Ended Nine Months Ended In millions of dollars Recorded investment (1) Unpaid Related specific Average carrying value (2) Interest income recognized Interest income recognized (3) Non-accrual corporate loans Commercial and industrial $ 1,751 $ 2,331 $ 293 $ 2,222 $ 6 $ 31 Financial institutions 53 120 4 55 — — Mortgage and real estate 418 668 16 469 — — Lease financing 18 19 — 23 — — Other 160 251 2 133 2 8 Total non-accrual corporate loans $ 2,400 $ 3,389 $ 315 $ 2,902 $ 8 $ 39 December 31, 2020 In millions of dollars Recorded investment (1) Unpaid Related specific Average carrying value (2) Non-accrual corporate loans Commercial and industrial $ 2,795 $ 3,664 $ 442 $ 2,649 Financial institutions 92 181 17 132 Mortgage and real estate 505 803 38 413 Lease financing 24 24 — 34 Other 111 235 18 174 Total non-accrual corporate loans $ 3,527 $ 4,907 $ 515 $ 3,402 September 30, 2021 December 31, 2020 In millions of dollars Recorded investment (1) Related specific Recorded investment (1) Related specific Non-accrual corporate loans with specific allowances Commercial and industrial $ 801 $ 293 $ 1,523 $ 442 Financial institutions 27 4 90 17 Mortgage and real estate 229 16 246 38 Other 9 2 68 18 Total non-accrual corporate loans with specific allowances $ 1,066 $ 315 $ 1,927 $ 515 Non-accrual corporate loans without specific allowances Commercial and industrial $ 950 $ 1,272 Financial institutions 26 2 Mortgage and real estate 189 259 Lease financing 18 24 Other 151 43 Total non-accrual corporate loans without specific allowances $ 1,334 N/A $ 1,600 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 allowances. (3) Interest income recognized for the three and nine months ended September 30, 2020 was $5 million and $24 million, respectively. N/A Not applicable Corporate Troubled Debt Restructurings (1) Three and Nine Months Ended September 30, 2021 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 September 30, 2021 Commercial and industrial $ 2 $ — $ — $ 2 Mortgage and real estate 1 — — 1 Other 4 — — 4 Total $ 7 $ — $ — $ 7 Nine Months Ended September 30, 2021 Commercial and industrial $ 75 $ — $ — $ 75 Mortgage and real estate 7 — — 7 Other 5 1 — 4 Total $ 87 $ 1 $ — $ 86 Three and Nine Months Ended September 30, 2020 In millions of dollars Carrying value of TDRs modified 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 September 30, 2020 Commercial and industrial $ 52 $ — $ — $ 52 Mortgage and real estate 8 — — 8 Other 1 1 — — Total $ 61 $ 1 $ — $ 60 Nine Months Ended September 30, 2020 Commercial and industrial $ 200 $ — $ — $ 200 Mortgage and real estate 16 — — 16 Other 5 5 — — Total $ 221 $ 5 $ — $ 216 (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 uncollectible 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 that re-defaulted within one year of modification during the TDR loans that re-defaulted within one year of modification during the In millions of dollars TDR Three Months Ended Nine Months Ended TDR Three Months Ended Nine Months Ended Commercial and industrial $ 252 $ — $ — $ 390 $ — $ — Mortgage and real estate 65 — — 98 — — Other 51 — — 22 — — Total (1) $ 368 $ — $ — $ 510 $ — $ — (1) The above table reflects activity for loans outstanding that were considered TDRs as of the end of the reporting period. |
ALLOWANCE FOR CREDIT LOSSES
ALLOWANCE FOR CREDIT LOSSES | 9 Months Ended |
Sep. 30, 2021 | |
Loans and Leases Receivable Disclosure [Abstract] | |
ALLOWANCE FOR CREDIT LOSSES | ALLOWANCE FOR CREDIT LOSSES Three Months Ended September 30, Nine Months Ended September 30, In millions of dollars 2021 2020 2021 2020 Allowance for credit losses on loans (ACLL) at beginning of period $ 19,238 $ 26,298 $ 24,956 $ 12,783 Adjustments to opening balance: (1) Financial instruments—credit losses (CECL) (1) — — — 4,201 Variable post-charge-off third-party collection costs (1) — — — (443) Adjusted ACLL at beginning of period $ 19,238 $ 26,298 $ 24,956 $ 16,541 Gross credit losses on loans $ (1,389) $ (2,367) $ (5,441) $ (7,374) Gross recoveries on loans 428 448 1,412 1,235 Net credit losses on loans (NCLs) $ (961) $ (1,919) $ (4,029) $ (6,139) Replenishment of NCLs $ 961 $ 1,919 $ 4,029 $ 6,139 Net reserve builds (releases) for loans (1,010) 164 (6,262) 9,453 Net specific reserve builds (releases) for loans (139) (152) (560) 706 Total provision for credit losses on loans (PCLL) $ (188) $ 1,931 $ (2,793) $ 16,298 Initial allowance for credit losses on newly purchased credit-deteriorated assets during the period — — — 4 Other, net (see table below) (374) 116 (419) (278) ACLL at end of period $ 17,715 $ 26,426 $ 17,715 $ 26,426 Allowance for credit losses on unfunded lending commitments (ACLUC) at beginning of period (2) $ 2,073 $ 1,859 $ 2,655 $ 1,456 Adjustment to opening balance for CECL adoption (1) — — — (194) Provision (release) for credit losses on unfunded lending commitments (13) 424 (595) 1,094 Other, net 3 16 3 (57) ACLUC at end of period (2) $ 2,063 $ 2,299 $ 2,063 $ 2,299 Total allowance for credit losses on loans, leases and unfunded lending commitments $ 19,778 $ 28,725 $ 19,778 $ 28,725 Other, net details Three Months Ended September 30, Nine Months Ended September 30, In millions of dollars 2021 2020 2021 2020 Sales or transfers of various consumer loan portfolios to HFS $ (278) $ — $ (278) $ (4) FX translation (93) 116 (139) (279) Other (3) — (2) 5 Other, net $ (374) $ 116 $ (419) $ (278) (1) See Note 1 to the Consolidated Financial Statements in Citi’s 2020 Annual Report on Form 10-K for further discussion of the impact of Citi’s adoption of CECL and the change in accounting principle for collection costs. (2) Represents additional credit loss reserves for unfunded lending commitments and letters of credit recorded in Other liabilities on the Consolidated Balance Sheet. Allowance for Credit Losses on Loans and End-of-Period Loans Three Months Ended September 30, 2021 September 30, 2020 In millions of dollars Corporate Consumer Total Corporate Consumer Total ACLL at beginning of period $ 3,127 $ 16,111 $ 19,238 $ 6,824 $ 19,474 $ 26,298 Charge-offs (49) (1,340) (1,389) (351) (2,016) (2,367) Recoveries 10 418 428 26 422 448 Replenishment of NCLs 39 922 961 325 1,594 1,919 Net reserve builds (releases) (44) (966) (1,010) 267 (103) 164 Net specific reserve builds (releases) (21) (118) (139) (161) 9 (152) Initial allowance for credit losses on newly purchased credit-deteriorated assets during the period — — — — — — Other (15) (359) (374) 8 108 116 Ending balance $ 3,047 $ 14,668 $ 17,715 $ 6,938 $ 19,488 $ 26,426 Nine Months Ended September 30, 2021 September 30, 2020 In millions of dollars Corporate Consumer Total Corporate Consumer Total ACLL at beginning of period $ 5,402 $ 19,554 $ 24,956 $ 2,886 $ 9,897 $ 12,783 Adjustments to opening balance: Financial instruments—credit losses (CECL adoption) (1) — — — (721) 4,922 4,201 Variable post-charge-off third-party collection costs (1) — — — — (443) (443) Charge-offs (403) (5,038) (5,441) (837) (6,537) (7,374) Recoveries 89 1,323 1,412 61 1,174 1,235 Replenishment of NCLs 314 3,715 4,029 776 5,363 6,139 Net reserve builds (releases) (2,137) (4,125) (6,262) 4,418 5,035 9,453 Net specific reserve builds (releases) (189) (371) (560) 373 333 706 Initial allowance for credit losses on newly purchased credit-deteriorated assets during the period — — — — 4 4 Other (29) (390) (419) (18) (260) (278) Ending balance $ 3,047 $ 14,668 $ 17,715 $ 6,938 $ 19,488 $ 26,426 (1) See “Accounting Changes” in Note 1 to the Consolidated Financial Statements for additional details. September 30, 2021 December 31, 2020 In millions of dollars Corporate Consumer Total Corporate Consumer Total ACLL Collectively evaluated $ 2,732 $ 13,777 $ 16,509 $ 4,887 $ 18,207 $ 23,094 Individually evaluated 315 891 1,206 515 1,345 1,860 Purchased credit deteriorated — — — — 2 2 Total ACLL $ 3,047 $ 14,668 $ 17,715 $ 5,402 $ 19,554 $ 24,956 Loans, net of unearned income Collectively evaluated $ 390,968 $ 260,258 $ 651,226 $ 376,677 $ 283,885 $ 660,562 Individually evaluated 2,400 3,852 6,252 3,527 4,799 8,326 Purchased credit deteriorated — 127 127 — 141 141 Held at fair value 7,146 13 7,159 6,840 14 6,854 Total loans, net of unearned income $ 400,514 $ 264,250 $ 664,764 $ 387,044 $ 288,839 $ 675,883 Allowance for Credit Losses on HTM Debt Securities Three Months Ended September 30, 2021 In millions of dollars Mortgage-backed State and municipal Foreign government Asset-backed Total HTM Allowance for credit losses on HTM debt securities at beginning $ 5 $ 72 $ 5 $ 1 $ 83 Gross credit losses — — — — — Gross recoveries — — — — — Net credit losses (NCLs) $ — $ — $ — $ — $ — Replenishment of NCLs $ — $ — $ — $ — $ — Net reserve builds (releases) — (5) (1) — (6) Net specific reserve builds (releases) (4) — — — (4) Total provision for credit losses on HTM debt securities $ (4) $ (5) $ (1) $ — $ (10) Other, net $ — $ — $ — $ — $ — 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 quarter $ 1 $ 67 $ 4 $ 1 $ 73 Nine Months Ended September 30, 2021 In millions of dollars Mortgage-backed State and municipal Foreign government Asset-backed Total HTM Allowance for credit losses on HTM debt securities at beginning $ 3 $ 74 $ 6 $ 3 $ 86 Gross credit losses — — — — — Gross recoveries 3 — — — 3 Net credit losses (NCLs) $ 3 $ — $ — $ — $ 3 Replenishment of NCLs $ (3) $ — $ — $ — $ (3) Net reserve builds (releases) 2 (7) (2) (3) (10) Net specific reserve builds (releases) (4) — — — (4) Total provision for credit losses on HTM debt securities $ (5) $ (7) $ (2) $ (3) $ (17) Other, net $ — $ — $ — $ 1 $ 1 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 quarter $ 1 $ 67 $ 4 $ 1 $ 73 Allowance for Credit Losses on HTM Debt Securities Three Months Ended September 30, 2020 In millions of dollars Mortgage-backed State and municipal Foreign government Asset- Total HTM Allowance for credit losses on HTM debt securities at beginning of quarter $ — $ 99 $ 6 $ 2 $ 107 Adjustment to opening balance for CECL adoption — — — — — Gross credit losses — — — — — Gross recoveries — — — — — Net credit losses (NCLs) $ — $ — $ — $ — $ — Replenishment of NCLs $ — $ — $ — $ — $ — Net reserve builds (releases) 3 (19) (1) 1 (16) Net specific reserve builds (releases) — — — — — Total provision for credit losses on HTM debt securities $ 3 $ (19) $ (1) $ 1 $ (16) Other, net $ 5 $ — $ 2 $ — $ 7 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 quarter $ 8 $ 80 $ 7 $ 3 $ 98 Nine Months Ended September 30, 2020 In millions of dollars Mortgage-backed State and municipal Foreign government Asset- Total HTM Allowance for credit losses on HTM debt securities at beginning of year $ — $ — $ — $ — $ — Adjustment to opening balance for CECL adoption — 61 4 5 70 Gross credit losses — — — — — Gross recoveries — — — — — Net credit losses (NCLs) $ — $ — $ — $ — $ — Replenishment of NCLs $ — $ — $ — $ — $ — Net reserve builds 3 16 1 1 21 Net specific reserve builds (releases) — — — — — Total provision for credit losses on HTM debt securities $ 3 $ 16 $ 1 $ 1 $ 21 Other, net $ 5 $ 3 $ 2 $ (3) $ 7 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 quarter $ 8 $ 80 $ 7 $ 3 $ 98 Allowance for Credit Losses on Other Assets Three Months Ended September 30, 2021 In millions of dollars Cash and due from banks Deposits with banks Securities borrowed and purchased under agreements Brokerage receivables All other assets (1) Total Allowance for credit losses on other assets at beginning of quarter $ — $ 24 $ 8 $ — $ 28 $ 60 Gross credit losses — — — — — — Gross recoveries — — — — — Net credit losses (NCLs) $ — $ — $ — $ — $ — $ — Replenishment of NCLs $ — $ — $ — $ — $ — $ — Net reserve builds (releases) — — 1 — (4) (3) Total provision for credit losses $ — $ — $ 1 $ — $ (4) $ (3) Other, net $ — $ — $ — $ — $ 1 $ 1 Allowance for credit losses on other assets at end of quarter $ — $ 24 $ 9 $ — $ 25 $ 58 Nine Months Ended September 30, 2021 In millions of dollars Cash and due from banks Deposits with banks Securities borrowed and purchased under agreements Brokerage receivables All other assets (1) Total Allowance for credit losses on other assets at beginning of year $ — $ 20 $ 10 $ — $ 25 $ 55 Gross credit losses — — — — — — Gross recoveries — — — — — — Net credit losses (NCLs) $ — $ — $ — $ — $ — $ — Replenishment of NCLs $ — $ — $ — $ — $ — $ — Net reserve builds (releases) — 5 (1) — (1) 3 Total provision for credit losses $ — $ 5 $ (1) $ — $ (1) $ 3 Other, net $ — $ (1) $ — $ — $ 1 $ — Allowance for credit losses on other assets at end of quarter $ — $ 24 $ 9 $ — $ 25 $ 58 (1) Primarily accounts receivable. Allowance for Credit Losses on Other Assets Three Months Ended September 30, 2020 In millions of dollars Cash and due from banks Deposits with banks Securities borrowed and purchased under agreements Brokerage receivables All other assets (1) Total Allowance for credit losses at beginning of quarter $ — $ 18 $ 7 $ — $ 77 $ 102 Adjustment to opening balance for CECL adoption — — — — — — Gross credit losses — — — — — — Gross recoveries — — — — — — Net credit losses (NCLs) $ — $ — $ — $ — $ — $ — Replenishment of NCLs $ — $ — $ — $ — $ — $ — Net reserve builds (releases) — 7 (3) — (17) (13) Total provision for credit losses $ — $ 7 $ (3) $ — $ (17) $ (13) Other, net $ — $ — $ — $ — $ (10) $ (10) Allowance for credit losses on other assets at end of quarter $ — $ 25 $ 4 $ — $ 50 $ 79 Nine Months Ended September 30, 2020 In millions of dollars Cash and due from banks Deposits with banks Securities borrowed and purchased under agreements Brokerage receivables All other assets (1) Total Allowance for credit losses at beginning of year $ — $ — $ — $ — $ — $ — Adjustment to opening balance for CECL adoption 6 14 2 1 3 26 Gross credit losses — — — — — — Gross recoveries — — — — — — Net credit losses (NCLs) $ — $ — $ — $ — $ — $ — Replenishment of NCLs $ — $ — $ — $ — $ — $ — Net reserve builds (releases) (6) 11 2 (1) 25 31 Total provision for credit losses $ (6) $ 11 $ 2 $ (1) $ 25 $ 31 Other, net $ — $ — $ — $ — $ 22 $ 22 Allowance for credit losses on other assets at end of year $ — $ 25 $ 4 $ — $ 50 $ 79 (1) Primarily accounts receivable. |
GOODWILL AND INTANGIBLE ASSETS
GOODWILL AND INTANGIBLE ASSETS | 9 Months Ended |
Sep. 30, 2021 | |
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, 2020 $ 12,142 $ 10,020 $ 22,162 Foreign currency translation (68) (189) (257) Balance at March 31, 2021 $ 12,074 $ 9,831 $ 21,905 Foreign currency translation 34 121 155 Balance at June 30, 2021 $ 12,108 $ 9,952 $ 22,060 Foreign currency translation (87) (173) (260) Divesture (1) (227) — (227) Balance at September 30, 2021 $ 11,794 $ 9,779 $ 21,573 (1) Goodwill allocated to the Australia consumer banking business, which was classified as HFS during the third quarter of 2021. The Company performed its annual goodwill impairment test as of July 1, 2021, at the level below each business segment (referred to as a reporting unit). The fair values of the Company’s reporting units as percentage of their carrying values ranged from approximately 125% to 153%, resulting in no impairment. While the inherent risk related to uncertainty is embedded in the key assumptions used in the valuations, the economic and business environment continue to evolve as management progresses on its strategic refresh, including, among others, the exits of consumer businesses in 13 markets in Asia and EMEA . If management’s best estimate of future key economic and market assumptions were to differ from current assumptions, Citi could potentially experience material goodwill impairment charges in the future. For additional information regarding Citi’s goodwill impairment testing process, see Notes 1 and 16 to the Consolidated Financial Statements in Citi’s 2020 Annual Report on Form 10-K. Refer to Note 3 for a description of Citi’s business segments. Intangible Assets The components of intangible assets were as follows: September 30, 2021 December 31, 2020 In millions of dollars Gross Accumulated Net Gross Accumulated Net Purchased credit card relationships $ 5,579 $ 4,306 $ 1,273 $ 5,648 $ 4,229 $ 1,419 Credit card contract-related intangibles (1) 3,887 1,337 2,550 3,929 1,276 2,653 Core deposit intangibles 39 39 — 45 44 1 Other customer relationships 433 307 126 455 314 141 Present value of future profits 31 29 2 32 30 2 Indefinite-lived intangible assets 183 — 183 190 — 190 Other 76 66 10 72 67 5 Intangible assets (excluding MSRs) $ 10,228 $ 6,084 $ 4,144 $ 10,371 $ 5,960 $ 4,411 Mortgage servicing rights (MSRs) (2) 409 — 409 336 — 336 Total intangible assets $ 10,637 $ 6,084 $ 4,553 $ 10,707 $ 5,960 $ 4,747 (1) Primarily reflects contract-related intangibles associated with the American Airlines, The Home Depot, Costco and AT&T credit card program agreements, which represented 97% and 96% of the aggregate net carrying amount as of September 30, 2021 and December 31, 2020, respectively. (2) For additional information on Citi’s MSRs, see Note 18 to the Consolidated Financial Statements. The changes in intangible assets were as follows: In millions of dollars Net carrying amount at December 31, 2020 Acquisitions/renewals/ Amortization Impairments FX translation and other Net carrying amount at September 30, 2021 Purchased credit card relationships (1) $ 1,419 $ (15) $ (129) $ — $ (2) $ 1,273 Credit card contract-related intangibles (2) 2,653 4 (105) (1) (1) 2,550 Core deposit intangibles 1 — (1) — — — Other customer relationships 141 12 (17) — (10) 126 Present value of future profits 2 — — — — 2 Indefinite-lived intangible assets 190 — — — (7) 183 Other 5 23 (19) — 1 10 Intangible assets (excluding MSRs) $ 4,411 $ 24 $ (271) $ (1) $ (19) $ 4,144 Mortgage servicing rights (MSRs) (3) 336 409 Total intangible assets $ 4,747 $ 4,553 (1) Reflects intangibles for the value of cardholder relationships, which are discrete from partner contract-related intangibles, and includes credit card accounts primarily in the Costco, Macy’s and Sears portfolios. (2) Primarily reflects contract-related intangibles associated with the American Airlines, The Home Depot, Costco and AT&T credit card program agreements, which represented 97% and 96% of the aggregate net carrying amount at September 30, 2021 and December 31, 2020, respectively. (3) For additional information on Citi’s MSRs, including the rollforward for the three and nine months ended September 30, 2021, see Note 18 to the Consolidated Financial Statements. |
DEBT
DEBT | 9 Months Ended |
Sep. 30, 2021 | |
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 2020 Annual Report on Form 10-K. Short-Term Borrowings In millions of dollars September 30, December 31, Commercial paper Bank (1) $ 10,017 $ 10,022 Broker-dealer and other (2) 6,995 7,988 Total commercial paper $ 17,012 $ 18,010 Other borrowings (3) 12,671 11,504 Total $ 29,683 $ 29,514 (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 September 30, 2021 and December 31, 2020, collateralized short-term advances from the Federal Home Loan Banks were $1 million and $4 billion, respectively. Long-Term Debt In millions of dollars September 30, December 31, 2020 Citigroup Inc. (1) $ 170,104 $ 170,563 Bank (2) 24,715 44,742 Broker-dealer and other (3) 63,455 56,381 Total $ 258,274 $ 271,686 (1) Represents the parent holding company. (2) Represents Citibank entities as well as other bank entities. At September 30, 2021 and December 31, 2020, collateralized long-term advances from the Federal Home Loan Banks were $5.8 billion and $10.9 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 September 30, 2021 and December 31, 2020. The following table summarizes Citi’s outstanding trust preferred securities at September 30, 2021: 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 99,901 135 3 mo. sterling LIBOR + 88.75 bps 50 135 Jun. 28, 2067 Jun. 28, 2017 Total obligated $ 2,575 $ 2,581 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) | 9 Months Ended |
Sep. 30, 2021 | |
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 Nine Months Ended September 30, 2021 In millions of dollars Net Debt valuation adjustment (DVA) (1) Cash flow hedges (2) Benefit plans (3) Foreign (4)(5) Excluded component of fair value hedges Accumulated Three Months Ended September 30, 2021 Balance, June 30, 2021 $ 1,061 $ (1,523) $ 864 $ (6,063) $ (29,392) $ (67) $ (35,120) Other comprehensive income before (204) (138) 2 84 (1,325) 7 (1,574) Increase (decrease) due to amounts reclassified from AOCI (75) 56 (203) 51 13 1 (157) Change, net of taxes $ (279) $ (82) $ (201) $ 135 $ (1,312) $ 8 $ (1,731) Balance at September 30, 2021 $ 782 $ (1,605) $ 663 $ (5,928) $ (30,704) $ (59) $ (36,851) Nine Months Ended September 30, 2021 Balance, December 31, 2020 $ 3,320 $ (1,419) $ 1,593 $ (6,864) $ (28,641) $ (47) $ (32,058) Other comprehensive income before (2,101) (295) (318) 773 (2,076) (14) (4,031) Increase (decrease) due to amounts reclassified from AOCI (437) 109 (612) 163 13 2 (762) Change, net of taxes $ (2,538) $ (186) $ (930) $ 936 $ (2,063) $ (12) $ (4,793) Balance at September 30, 2021 $ 782 $ (1,605) $ 663 $ (5,928) $ (30,704) $ (59) $ (36,851) Footnotes to the table above appear on the following page. Three and Nine Months Ended September 30, 2020 In millions of dollars Net Debt valuation adjustment (DVA) (1) Cash flow hedges (2) Benefit plans (3) Foreign of hedges (4) Excluded component of fair value hedges Accumulated Three Months Ended September 30, 2020 Balance, June 30, 2020 $ 3,700 $ (36) $ 2,094 $ (7,172) $ (31,939) $ 8 $ (33,345) Other comprehensive income before (72) (313) (41) 189 897 (39) 621 Increase (decrease) due to amounts reclassified from AOCI (210) 6 (194) 57 — — (341) Change, net of taxes $ (282) $ (307) $ (235) $ 246 $ 897 $ (39) $ 280 Balance at September 30, 2020 $ 3,418 $ (343) $ 1,859 $ (6,926) $ (31,042) $ (31) $ (33,065) Nine Months Ended September 30, 2020 Balance, December 31, 2019 $ (265) $ (944) $ 123 $ (6,809) $ (28,391) $ (32) $ (36,318) Other comprehensive income before 4,735 599 2,083 (287) (2,651) 1 4,480 Increase (decrease) due to amounts reclassified from AOCI (1,052) 2 (347) 170 — — (1,227) Change, net of taxes $ 3,683 $ 601 $ 1,736 $ (117) $ (2,651) $ 1 $ 3,253 Balance at September 30, 2020 $ 3,418 $ (343) $ 1,859 $ (6,926) $ (31,042) $ (31) $ (33,065) (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 Mexican peso, South Korean won, Euro, Chilean peso and Brazilian real against the U.S. dollar and changes in related tax effects and hedges for the three months ended September 30, 2021. Primarily reflects the movements in (by order of impact) the Mexican peso, South Korean won, Euro, Chilean peso and Japanese yen against the U.S. dollar and changes in related tax effects and hedges for the nine months ended September 30, 2021. Primarily reflects the movements in (by order of impact) the Mexican peso, Euro, South Korean won, Australian dollar and Chinese yuan against the U.S. dollar and changes in related tax effects and hedges for the three months ended September 30, 2020. Primarily reflects the movements in (by order of impact) the Mexican peso, Brazilian real, Indian rupee, Russian ruble and South African rand against the U.S. dollar and changes in related tax effects and hedges for the nine months ended September 30, 2020. 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. (5) September 30, 2021 includes an approximate $475 million (after-tax) currency translation adjustment (CTA) loss (net of hedges) associated with the sale of the consumer banking business in Australia (see Note 2 to the Consolidated Financial Statements). The transaction generated a pretax loss on sale of approximately $680 million upon classification as held-for-sale ($580 million after-tax), subject to closing adjustments. The loss on sale primarily reflects the impact of the pretax $625 million CTA loss (net of hedges) ($475 million after-tax) already reflected in the AOCI component of equity. Upon closing, the CTA-related balance will be removed from the AOCI component of equity, resulting in a neutral impact from CTA to Citi’s Common Equity Tier 1 Capital. The pretax and after-tax changes in each component of Accumulated other comprehensive income (loss) were as follows: Three and Nine Months Ended September 30, 2021 In millions of dollars Pretax Tax effect After-tax Three Months Ended September 30, 2021 Balance, June 30, 2021 $ (41,087) $ 5,967 $ (35,120) Change in net unrealized gains (losses) on debt securities (374) 95 (279) Debt valuation adjustment (DVA) (107) 25 (82) Cash flow hedges (265) 64 (201) Benefit plans 175 (40) 135 Foreign currency translation adjustment (1,325) 13 (1,312) Excluded component of fair value hedges 12 (4) 8 Change $ (1,884) $ 153 $ (1,731) Balance at September 30, 2021 $ (42,971) $ 6,120 $ (36,851) Nine Months Ended September 30, 2021 Balance, December 31, 2020 $ (36,992) $ 4,934 $ (32,058) Change in net unrealized gains (losses) on debt securities (3,439) 901 (2,538) Debt valuation adjustment (DVA) (256) 70 (186) Cash flow hedges (1,219) 289 (930) Benefit plans 1,166 (230) 936 Foreign currency translation adjustment (2,217) 154 (2,063) Excluded component of fair value hedges (14) 2 (12) Change $ (5,979) $ 1,186 $ (4,793) Balance at September 30, 2021 $ (42,971) $ 6,120 $ (36,851) Three and Nine Months Ended September 30, 2020 In millions of dollars Pretax Tax effect After-tax Three Months Ended September 30, 2020 Balance, June 30, 2020 $ (37,678) $ 4,333 $ (33,345) Change in net unrealized gains (losses) on debt securities (393) 111 (282) Debt valuation adjustment (DVA) (452) 145 (307) Cash flow hedges (307) 72 (235) Benefit plans 344 (98) 246 Foreign currency translation adjustment 918 (21) 897 Excluded component of fair value hedges (51) 12 (39) Change $ 59 $ 221 $ 280 Balance, September 30, 2020 $ (37,619) $ 4,554 $ (33,065) Nine Months Ended September 30, 2020 Balance, December 31, 2019 $ (42,772) $ 6,454 $ (36,318) Change in net unrealized gains (losses) on debt securities 4,905 (1,222) 3,683 Debt valuation adjustment (DVA) 801 (200) 601 Cash flow hedges 2,267 (531) 1,736 Benefit plans (166) 49 (117) Foreign currency translation adjustment (2,652) 1 (2,651) Excluded component of fair value hedges (2) 3 1 Change $ 5,153 $ (1,900) $ 3,253 Balance, September 30, 2020 $ (37,619) $ 4,554 $ (33,065) 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 September 30, Nine Months Ended September 30, In millions of dollars 2021 2020 2021 2020 Realized (gains) losses on sales of investments $ (117) $ (304) $ (655) $ (1,484) Gross impairment losses 21 30 99 101 Subtotal, pretax $ (96) $ (274) $ (556) $ (1,383) Tax effect 21 64 119 331 Net realized (gains) losses on investments after-tax (1) $ (75) $ (210) $ (437) $ (1,052) Realized DVA (gains) losses on fair value option liabilities, pretax $ 72 $ 8 $ 141 $ 3 Tax effect (16) (2) (32) (1) Net realized debt valuation adjustment, after-tax $ 56 $ 6 $ 109 $ 2 Interest rate contracts $ (269) $ (256) $ (809) $ (459) Foreign exchange contracts 1 1 3 3 Subtotal, pretax $ (268) $ (255) $ (806) $ (456) Tax effect 65 61 194 109 Amortization of cash flow hedges, after-tax (2) $ (203) $ (194) $ (612) $ (347) Amortization of unrecognized: Prior service cost (benefit) $ (5) $ (4) $ (17) $ (10) Net actuarial loss 74 85 232 239 Curtailment/settlement impact (3) 1 (5) 5 (2) Subtotal, pretax $ 70 $ 76 $ 220 $ 227 Tax effect (19) (19) (57) (57) Amortization of benefit plans, after-tax (3) $ 51 $ 57 $ 163 $ 170 Excluded component of fair value hedges, pretax $ 1 $ — $ 2 $ — Tax effect — — — — Excluded component of fair value hedges, after-tax $ 1 $ — $ 2 $ — Foreign currency translation adjustment, pretax $ 20 $ — $ 20 $ — Tax effect (7) — (7) — Foreign currency translation adjustment, after-tax $ 13 $ — $ 13 $ — Total amounts reclassified out of AOCI , pretax $ (201) $ (445) $ (979) $ (1,609) Total tax effect 44 104 217 382 Total amounts reclassified out of AOCI , after-tax $ (157) $ (341) $ (762) $ (1,227) (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 | 9 Months Ended |
Sep. 30, 2021 | |
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 2020 Annual Report on Form 10-K. Citigroup’s involvement with consolidated and unconsolidated VIEs with which the Company holds significant variable interests or has continuing involvement through servicing a majority of the assets in a VIE is presented below: As of September 30, 2021 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 $ 30,343 $ 30,343 $ — $ — $ — $ — $ — $ — Mortgage securitizations (4) U.S. agency-sponsored 114,519 — 114,519 1,537 — — 47 1,584 Non-agency-sponsored 59,584 677 58,907 2,327 — 1 — 2,328 Citi-administered asset-backed commercial paper conduits 12,460 12,460 — — — — — — Collateralized loan obligations (CLOs) 10,094 — 10,094 3,254 — — — 3,254 Asset-based financing (5) 279,044 11,106 267,938 29,033 1,283 11,008 — 41,324 Municipal securities tender option bond trusts (TOBs) 3,320 909 2,411 16 — 1,529 — 1,545 Municipal investments 21,078 3 21,075 2,677 3,706 3,558 — 9,941 Client intermediation 872 280 592 75 — — 206 281 Investment funds 523 192 331 1 — 13 5 19 Other — — — — — — — — Total $ 531,837 $ 55,970 $ 475,867 $ 38,920 $ 4,989 $ 16,109 $ 258 $ 60,276 As of December 31, 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 $ 32,420 $ 32,420 $ — $ — $ — $ — $ — $ — Mortgage securitizations (4) U.S. agency-sponsored 123,999 — 123,999 1,948 — — 61 2,009 Non-agency-sponsored 46,132 939 45,193 2,550 — 2 1 2,553 Citi-administered asset-backed commercial paper conduits 16,730 16,730 — — — — — — Collateralized loan obligations (CLOs) 18,332 — 18,332 4,273 — — — 4,273 Asset-based financing (5) 222,274 8,069 214,205 25,153 1,587 9,114 — 35,854 Municipal securities tender option bond trusts (TOBs) 3,349 835 2,514 — — 1,611 — 1,611 Municipal investments 20,335 — 20,335 2,569 4,056 3,041 — 9,666 Client intermediation 1,352 910 442 88 — — 56 144 Investment funds 488 153 335 — — 15 — 15 Other — — — — — — — — Total $ 485,411 $ 60,056 $ 425,355 $ 36,581 $ 5,643 $ 13,783 $ 118 $ 56,125 (1) The definition of maximum exposure to loss is included in the text that follows this table. (2) Included on Citigroup’s September 30, 2021 and December 31, 2020 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 $115 billion and $78 billion in unconsolidated VIE assets and $507 million and $425 million in maximum exposure to loss as of September 30, 2021 and December 31, 2020, 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 September 30, 2021 and December 31, 2020, the Company’s maximum exposure to loss related to these deals was $56.6 billion and $57.0 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 2020 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 12 and 20 to the Consolidated Financial Statements); • certain representations and warranties exposures in legacy ICG -sponsored mortgage- and asset-backed securitizations in which the Company has no variable interest or continuing involvement as servicer. The outstanding balance of mortgage loans securitized during 2005 to 2008 in which the Company has no variable interest or continuing involvement as servicer was approximately $4.7 billion and $5.2 billion at September 30, 2021 and December 31, 2020, 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 classification of the asset (e.g., loan or security) and the associated accounting model ascribed to that classification. The asset balances for unconsolidated VIEs in which the Company has significant involvement represent the most current information available to the Company. In most cases, the asset balances represent an amortized cost basis without regard to impairments, unless fair value information is readily available to the Company. The maximum funded exposure represents the balance sheet carrying amount of the Company’s investment in the VIE. It reflects the initial amount of cash invested in the VIE, adjusted for any accrued interest and cash principal payments received. The carrying amount may also be adjusted for increases or declines in fair value or any impairment in value recognized in earnings. The maximum exposure of unfunded positions represents the remaining undrawn committed amount, including liquidity and credit facilities provided by the Company or the notional amount of a derivative instrument considered to be a variable interest. In certain transactions, the Company has entered into derivative instruments or other arrangements that are not considered variable interests in the VIE (e.g., interest rate swaps, cross-currency swaps or where the Company is the purchaser of credit protection under a credit default swap or total return swap where the Company pays the total return on certain assets to the SPE). Receivables under such arrangements are not included in the maximum exposure amounts. Funding Commitments for Significant Unconsolidated VIEs—Liquidity Facilities and Loan Commitments The following table presents the notional amount of liquidity facilities and loan commitments that are classified as funding commitments in the VIE tables above: September 30, 2021 December 31, 2020 In millions of dollars Liquidity Loan/equity Liquidity Loan/equity Non-agency-sponsored mortgage securitizations $ — $ 1 $ — $ 2 Asset-based financing — 11,008 — 9,114 Municipal securities tender option bond trusts (TOBs) 1,529 — 1,611 — Municipal investments — 3,558 — 3,041 Investment funds — 13 — 15 Other — — — — Total funding commitments $ 1,529 $ 14,580 $ 1,611 $ 12,172 Significant Interests in Unconsolidated VIEs—Balance Sheet Classification The following table presents the carrying amounts and classification of significant variable interests in unconsolidated VIEs: In billions of dollars September 30, 2021 December 31, 2020 Cash $ — $ — Trading account assets 1.4 2.0 Investments 9.3 10.6 Total loans, net of allowance 32.3 29.3 Other 0.9 0.3 Total assets $ 43.9 $ 42.2 Credit Card Securitizations Substantially all of the Company’s credit card securitization activity is through two trusts—Citibank Credit Card Master Trust (Master Trust) and Citibank Omni Master Trust (Omni Trust), with the substantial majority through the Master Trust. These trusts are consolidated entities. The following table reflects amounts related to the Company’s securitized credit card receivables: In billions of dollars September 30, 2021 December 31, 2020 Ownership interests in principal amount of trust credit card receivables Sold to investors via trust-issued securities $ 11.0 $ 15.7 Retained by Citigroup as trust-issued securities 7.2 7.9 Retained by Citigroup via non-certificated interests 13.9 11.1 Total $ 32.1 $ 34.7 The following table summarizes selected cash flow information related to Citigroup’s credit card securitizations: Three Months Ended September 30, Nine Months Ended September 30, In billions of dollars 2021 2020 2021 2020 Proceeds from new securitizations $ — $ — $ — $ — Pay down of maturing notes — (1.1) (4.7) (4.3) Master Trust Liabilities (at Par Value) The weighted average maturity of the third-party term notes issued by the Master Trust was 3.3 years as of September 30, 2021 and 2.9 years as of December 31, 2020. In billions of dollars Sept. 30, 2021 Dec. 31, 2020 Term notes issued to third parties $ 9.7 $ 13.9 Term notes retained by Citigroup affiliates 2.2 2.7 Total Master Trust liabilities $ 11.9 $ 16.6 Omni Trust Liabilities (at Par Value) The weighted average maturity of the third-party term notes issued by the Omni Trust was 1.9 years as of September 30, 2021 and 1.1 years as of December 31, 2020. In billions of dollars Sept. 30, 2021 Dec. 31, 2020 Term notes issued to third parties $ 1.3 $ 1.8 Term notes retained by Citigroup affiliates 5.0 5.2 Total Omni Trust liabilities $ 6.3 $ 7.0 Mortgage Securitizations The following tables summarize selected cash flow information and retained interests related to Citigroup mortgage securitizations: Three Months Ended September 30, 2021 2020 In billions of dollars U.S. agency- Non-agency- U.S. agency- Non-agency- Principal securitized $ 0.5 $ 1.7 $ 2.7 $ 2.9 Proceeds from new securitizations 0.5 1.9 2.9 4.5 Purchases of previously transferred financial assets — — 0.2 — Nine Months Ended September 30, 2021 2020 In billions of dollars U.S. agency- Non-agency- U.S. agency- Non-agency- Principal securitized $ 5.4 $ 19.8 $ 7.2 $ 5.4 Proceeds from new securitizations 5.6 19.7 7.6 7.9 Contractual servicing fees received 0.1 — 0.1 — Purchases of previously transferred financial assets 0.1 — 0.3 — Note: Excludes re-securitization transactions. Gains recognized on the securitization of U.S. agency-sponsored mortgages were $2 million and $3 million for the three and nine months ended September 30, 2021, respectively. For the three and nine months ended September 30, 2021, gains recognized on the securitization of non-agency-sponsored mortgages were $121 million and $423 million, respectively. Gains recognized on the securitization of U.S. agency-sponsored mortgages were $83 million and $87 million for the three and nine months ended September 30, 2020, respectively. Gains recognized on the securitization of non-agency-sponsored mortgages were $51 million and $116 million for the three and nine months ended September 30, 2020, respectively. September 30, 2021 December 31, 2020 Non-agency-sponsored mortgages (1) Non-agency-sponsored mortgages (1) In millions of dollars U.S. agency- Senior (2) Subordinated U.S. agency- Senior Subordinated Carrying value of retained interests (3) $ 379 $ 1,777 $ 500 $ 315 $ 1,210 $ 145 (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) Senior interests in non-agency-sponsored mortgages include $82 million related to personal loan securitizations at September 30, 2021. (3) 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. Key assumptions used in measuring the fair value of retained interests at the date of sale or securitization of mortgage receivables were as follows: Three Months Ended September 30, 2021 Non-agency-sponsored mortgages (1) U.S. agency- sponsored mortgages Senior interests Subordinated interests Weighted average discount rate 8.6 % 2.2 % 2.4 % Weighted average constant prepayment rate 5.9 % 4.3 % 13.3 % Weighted average anticipated net credit losses (2) NM 0.8 % 0.2 % Weighted average life 7.4 years 3.2 years 4.9 years Three Months Ended September 30, 2020 Non-agency-sponsored mortgages (1) U.S. agency- Senior Subordinated Weighted average discount rate 3.5 % 1.8 % NM Weighted average constant prepayment rate 29.7 % 2.5 % NM Weighted average anticipated net credit losses (2) NM 0.2 % NM Weighted average life 4.2 years 3.9 years NM Nine Months Ended September 30, 2021 Non-agency-sponsored mortgages (1) U.S. agency- sponsored mortgages Senior interests Subordinated interests Weighted average discount rate 8.8 % 2.2 % 2.8 % Weighted average constant prepayment rate 5.3 % 6.3 % 10.6 % Weighted average anticipated net credit losses (2) NM 1.4 % 1.0 % Weighted average life 7.6 years 3.4 years 5.4 years Nine Months Ended September 30, 2020 Non-agency-sponsored mortgages (1) U.S. agency- Senior Subordinated Weighted average discount rate 5.2 % 1.8 % 3.0 % Weighted average constant prepayment rate 27.9 % 1.8 % 25.0 % Weighted average anticipated net credit losses (2) NM 0.7 % 0.5 % Weighted average life 4.5 years 4.2 years 2.3 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: September 30, 2021 Non-agency-sponsored mortgages (1) U.S. agency- Senior Subordinated Weighted average discount rate 6.4 % 13.0 % 3.0 % Weighted average constant prepayment rate 11.3 % 6.0 % 7.0 % Weighted average anticipated net credit losses (2) NM NM 1.5 % Weighted average life 5.7 years 12.6 years 18.2 years December 31, 2020 Non-agency-sponsored mortgages (1) U.S. agency- Senior Subordinated Weighted average discount rate 5.9 % 7.2 % 4.3 % Weighted average constant prepayment rate 22.7 % 5.3 % 4.7 % Weighted average anticipated net credit losses (2) NM 1.2 % 1.4 % Weighted average life 4.5 years 5.3 years 4.7 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 is 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. September 30, 2021 Non-agency-sponsored mortgages In millions of dollars U.S. agency- sponsored mortgages Senior interests Subordinated interests Discount rate Adverse change of 10% $ (9) $ — $ — Adverse change of 20% (18) (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 — — December 31, 2020 Non-agency-sponsored mortgages In millions of dollars U.S. agency- Senior Subordinated Discount rate Adverse change of 10% $ (8) $ — $ (1) Adverse change of 20% (15) (1) (1) Constant prepayment rate Adverse change of 10% (21) — — Adverse change of 20% (40) — — 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 September 30, Nine Months Ended September 30, In billions of dollars, except liquidation losses in millions Sept. 30, 2021 Dec. 31, 2020 Sept. 30, 2021 Dec. 31, 2020 2021 2020 2021 2020 Securitized assets Residential mortgages (1) $ 28.5 $ 16.9 $ 0.3 $ 0.5 $ 2 $ 5 $ 8 $ 23 Commercial and other 25.6 23.9 — — — — $ — — Total $ 54.1 $ 40.8 $ 0.3 $ 0.5 $ 2 $ 5 $ 8 $ 23 (1) Securitized assets include $0.2 billion of personal loan securitizations as of September 30, 2021. Mortgage Servicing Rights (MSRs) The fair value of Citi’s capitalized MSRs was $409 million and $334 million at September 30, 2021 and 2020, respectively. The MSRs correspond to principal loan balances of $48 billion and $56 billion as of September 30, 2021 and 2020, respectively. The following table summarizes the changes in capitalized MSRs: Three Months Ended September 30, Nine Months Ended In millions of dollars 2021 2020 2021 2020 Balance, beginning of period $ 419 $ 345 $ 336 $ 495 Originations 8 31 76 87 Changes in fair value of MSRs due to changes in inputs and assumptions (3) (22) 49 (191) Other changes (1) (15) (20) (52) (57) Sales of MSRs — — — — Balance, as of September 30 $ 409 $ 334 $ 409 $ 334 (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 September 30, Nine Months Ended September 30, In millions of dollars 2021 2020 2021 2020 Servicing fees $ 32 $ 29 $ 100 $ 102 Late fees 1 1 2 4 Ancillary fees — — — — Total MSR fees $ 33 $ 30 $ 102 $ 106 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 September 30, 2021 and 2020. These securities are backed by either residential or commercial mortgages and are often structured on behalf of clients. As of September 30, 2021 and December 31, 2020, 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 nine months ended September 30, 2021, Citi transferred agency securities with a fair value of approximately $12.6 billion and $37.1 billion, respectively, to re-securitization entities compared to approximately $11.5 billion and $31.8 billion for the three and nine months ended September 30, 2020, respectively. As of September 30, 2021, the fair value of Citi-retained interests in agency re-securitization transactions structured by Citi totaled approximately $1.2 billion (including $526 million related to re-securitization transactions executed in 2021) compared to $1.6 billion as of December 31, 2020 (including $916 million related to re-securitization transactions executed in 2020), 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 September 30, 2021 and December 31, 2020 were approximately $78 billion and $83.6 billion, respectively. As of September 30, 2021 and December 31, 2020, the Company did not consolidate any private label or agency re-securitization entities. Citi-Administered Asset-Backed Commercial Paper Conduits At September 30, 2021 and December 31, 2020, the commercial paper conduits administered by Citi had approximately $12.5 billion and $16.7 billion of purchased assets outstanding, respectively, and had incremental funding commitments with clients of approximately $20.5 billion and $17.1 billion, respectively. Substantially all of the funding of the conduits is in the form of short-term commercial paper. At September 30, 2021 and December 31, 2020, the weighted average remaining lives of the commercial paper issued by the conduits were approximately 65 and 54 days, respectively. The primary credit enhancement provided to the conduit investors is in the form of transaction-specific credit enhancements described above. Each asset purchased by the conduit is structured with transaction-specific credit enhancement features provided by the third-party client seller, including over-collateralization, cash and excess spread collateral accounts, direct recourse or third-party guarantees. These credit enhancements are sized with the objective of approximating a credit rating of A or above, based on Citi’s internal risk ratings. In addition to the transaction-specific credit enhancements, the conduits, other than the government-guaranteed loan conduit, have obtained letters of credit from the Company, which equal 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 $1.1 billion and $1.5 billion as of September 30, 2021 and December 31, 2020, 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 September 30, 2021 and December 31, 2020, the Company owned $2.5 billion and $6.6 billion, respectively, of the commercial paper issued by its administered conduits. The Company’s investments were not driven by market illiquidity and the Company is not obligated under any agreement to purchase the commercial paper issued by the conduits. Collateralized Loan Obligations (CLOs) There were no new securitizations during the three months ended September 30, 2021 and 2020. The following table summarizes selected retained interests related to Citigroup CLOs: In millions of dollars Sept. 30, 2021 Dec. 31, 2020 Carrying value of retained interests $ 1,519 $ 1,611 All of Citi’s retained interests were held-to-maturity securities as of September 30, 2021 and December 31, 2020. Municipal Securities Tender Option Bond (TOB) Trusts At September 30, 2021 and December 31, 2020, none of the municipal bonds owned by non-customer TOB trusts were subject to a credit guarantee provided by the Company. At September 30, 2021 and December 31, 2020, liquidity agreements provided with respect to customer TOB trusts totaled $1.5 billion and $1.6 billion, respectively, of which $0.7 billion and $0.8 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 $2.2 billion and $3.6 billion as of September 30, 2021 and December 31, 2020, respectively. These liquidity agreements and letters of credit are offset by reimbursement agreements with various term-out provisions. Asset-Based Financing The primary types of Citi’s asset-based financings, total assets of the unconsolidated VIEs with significant involvement and Citi’s maximum exposure to loss are shown below. For Citi to realize the maximum loss, the VIE (borrower) would have to default with no recovery from the assets held by the VIE. September 30, 2021 December 31, 2020 In millions of dollars Total unconsolidated VIE assets Maximum exposure to unconsolidated VIEs Total unconsolidated VIE assets Maximum exposure to unconsolidated VIEs Type Commercial and other real estate $ 33,741 $ 6,841 $ 34,570 $ 7,758 Corporate loans 18,465 11,363 12,022 7,654 Other (including investment funds, airlines and shipping) 215,732 23,120 167,613 20,442 Total $ 267,938 $ 41,324 $ 214,205 $ 35,854 |
DERIVATIVES
DERIVATIVES | 9 Months Ended |
Sep. 30, 2021 | |
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 2020 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 September 30, December 31, September 30, December 31, Interest rate contracts Swaps $ 283,433 $ 334,351 $ 20,154,428 $ 17,724,147 Futures and forwards — — 3,485,545 4,142,514 Written options — — 1,619,341 1,573,483 Purchased options — — 1,470,167 1,418,255 Total interest rate contracts $ 283,433 $ 334,351 $ 26,729,481 $ 24,858,399 Foreign exchange contracts Swaps $ 50,214 $ 65,709 $ 6,707,996 $ 6,567,304 Futures, forwards and spot 54,135 37,080 4,778,312 3,945,391 Written options — 47 746,078 907,338 Purchased options — 53 740,239 900,626 Total foreign exchange contracts $ 104,349 $ 102,889 $ 12,972,625 $ 12,320,659 Equity contracts Swaps $ — $ — $ 313,557 $ 274,098 Futures and forwards — — 92,136 67,025 Written options — — 585,440 441,003 Purchased options — — 473,549 328,202 Total equity contracts $ — $ — $ 1,464,682 $ 1,110,328 Commodity and other contracts Swaps $ — $ — $ 94,768 $ 80,127 Futures and forwards 2,342 924 176,408 143,175 Written options — — 63,308 71,376 Purchased options — — 58,947 67,849 Total commodity and other contracts $ 2,342 $ 924 $ 393,431 $ 362,527 Credit derivatives (1) Protection sold $ — $ — $ 634,497 $ 543,607 Protection purchased — — 705,590 612,770 Total credit derivatives $ — $ — $ 1,340,087 $ 1,156,377 Total derivative notionals $ 390,124 $ 438,164 $ 42,900,306 $ 39,808,290 (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 September 30, 2021 and December 31, 2020. 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 $280 billion as of September 30, 2021 and December 31, 2020, 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 September 30, 2021 Derivatives classified in (1)(2) Derivatives instruments designated as ASC 815 hedges Assets Liabilities Over-the-counter $ 1,964 $ 30 Cleared 244 84 Interest rate contracts $ 2,208 $ 114 Over-the-counter $ 1,146 $ 1,482 Cleared 6 — Foreign exchange contracts $ 1,152 $ 1,482 Total derivatives instruments designated as ASC 815 hedges $ 3,360 $ 1,596 Derivatives instruments not designated as ASC 815 hedges Over-the-counter $ 159,004 $ 146,083 Cleared 12,129 10,673 Exchange traded 55 29 Interest rate contracts $ 171,188 $ 156,785 Over-the-counter $ 130,707 $ 128,259 Cleared 401 249 Foreign exchange contracts $ 131,108 $ 128,508 Over-the-counter $ 30,147 $ 38,966 Cleared 18 24 Exchange traded 23,516 23,583 Equity contracts $ 53,681 $ 62,573 Over-the-counter $ 43,833 $ 43,394 Exchange traded 3,302 3,824 Commodity and other contracts $ 47,135 $ 47,218 Over-the-counter $ 7,237 $ 7,331 Cleared 3,005 3,318 Credit derivatives $ 10,242 $ 10,649 Total derivatives instruments not designated as ASC 815 hedges $ 413,354 $ 405,733 Total derivatives $ 416,714 $ 407,329 Cash collateral paid/received (3) $ 23,216 $ 18,492 Less: Netting agreements (4) (313,526) (313,526) Less: Netting cash collateral received/paid (5) (48,391) (49,460) Net receivables/payables included on the Consolidated Balance Sheet (6) $ 78,013 $ 62,835 Additional amounts subject to an enforceable master netting agreement, Less: Cash collateral received/paid $ (881) $ (509) Less: Non-cash collateral received/paid (5,726) (13,358) Total net receivables/payables (6) $ 71,406 $ 48,968 (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 $72,676 million and $66,883 million of gross cash collateral paid and received, respectively. Of the gross cash collateral paid, $49,460 million was used to offset trading derivative liabilities. Of the gross cash collateral received, $48,391 million was used to offset trading derivative assets. (4) Represents the netting of balances with the same counterparty under enforceable netting agreements. Approximately $278 billion, $12 billion and $23 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 $10 billion of derivative asset and $12 billion of derivative liability fair values not subject to enforceable master netting agreements, respectively. In millions of dollars at December 31, 2020 Derivatives classified in (1)(2) Derivatives instruments designated as ASC 815 hedges Assets Liabilities Over-the-counter $ 1,781 $ 161 Cleared 74 319 Interest rate contracts $ 1,855 $ 480 Over-the-counter $ 2,037 $ 2,042 Foreign exchange contracts $ 2,037 $ 2,042 Total derivatives instruments designated as ASC 815 hedges $ 3,892 $ 2,522 Derivatives instruments not designated as ASC 815 hedges Over-the-counter $ 228,519 $ 209,330 Cleared 11,041 12,563 Exchange traded 46 38 Interest rate contracts $ 239,606 $ 221,931 Over-the-counter $ 153,791 $ 152,784 Cleared 842 1,239 Exchange traded — 1 Foreign exchange contracts $ 154,633 $ 154,024 Over-the-counter $ 29,244 $ 41,036 Cleared 1 18 Exchange traded 21,274 22,515 Equity contracts $ 50,519 $ 63,569 Over-the-counter $ 13,659 $ 17,076 Exchange traded 879 1,017 Commodity and other contracts $ 14,538 $ 18,093 Over-the-counter $ 7,826 $ 7,951 Cleared 1,963 2,178 Credit derivatives $ 9,789 $ 10,129 Total derivatives instruments not designated as ASC 815 hedges $ 469,085 $ 467,746 Total derivatives $ 472,977 $ 470,268 Cash collateral paid/received (3) $ 32,778 $ 8,196 Less: Netting agreements (4) (364,879) (364,879) Less: Netting cash collateral received/paid (5) (63,915) (45,628) Net receivables/payables included on the Consolidated Balance Sheet (6) $ 76,961 $ 67,957 Additional amounts subject to an enforceable master netting agreement, but not offset on the Consolidated Balance Sheet Less: Cash collateral received/paid $ (1,567) $ (473) Less: Non-cash collateral received/paid (7,408) (13,087) Total net receivables/payables (6) $ 67,986 $ 54,397 (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 $78,406 million and $72,111 million of gross cash collateral paid and received, respectively. Of the gross cash collateral paid, $45,628 million was used to offset trading derivative liabilities. Of the gross cash collateral received, $63,915 million was used to offset trading derivative assets. (4) Represents the netting of balances with the same counterparty under enforceable netting agreements. Approximately $336 billion, $9 billion and $20 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. For the three and nine months ended September 30, 2021 and 2020, 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 September 30, Nine Months Ended September 30, In millions of dollars 2021 2020 2021 2020 Interest rate contracts $ 9 $ (3) $ (66) $ 171 Foreign exchange (26) 19 (60) (18) Total $ (17) $ 16 $ (126) $ 153 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 September 30, Nine Months Ended September 30, 2021 2020 2021 2020 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 $ — $ (747) $ — $ (1,121) $ — $ (4,228) $ — $ 5,965 Foreign exchange hedges (724) — 1,235 — (714) — (242) — Commodity hedges (166) — (3) — (732) — (94) — Total gain (loss) on the hedging derivatives included in assessment of the effectiveness of fair value hedges $ (890) $ (747) $ 1,232 $ (1,121) $ (1,446) $ (4,228) $ (336) $ 5,965 Gain (loss) on the hedged item in designated and qualifying fair value hedges Interest rate hedges $ — $ 667 $ — $ 955 $ — $ 3,934 $ — $ (6,173) Foreign exchange hedges 725 — (1,235) — 715 — 242 — Commodity hedges 166 — 3 — 732 — 94 — Total gain (loss) on the hedged item in designated and qualifying fair value hedges $ 891 $ 667 $ (1,232) $ 955 $ 1,447 $ 3,934 $ 336 $ (6,173) Net gain (loss) on the hedging derivatives excluded from Interest rate hedges $ — $ — $ — $ — $ — $ (3) $ — $ (23) Foreign exchange hedges (2) 79 — (24) — 96 — (65) — Commodity hedges 42 — 91 — (33) — 81 — Total net gain (loss) on the hedging derivatives excluded from assessment of the effectiveness of fair value hedges $ 121 $ — $ 67 $ — $ 63 $ (3) $ 16 $ (23) (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 included in AOCI was $12 million and $(14) million for the three and nine months ended September 30, 2021 and $(51) million and $(2) million for the three and nine months ended September 30, 2020, 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 September 30, 2021 and December 31, 2020, 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 September 30, 2021 Debt securities AFS (1)(3) $ 72,366 $ 103 $ 165 Long-term debt 155,659 1,804 4,061 As of December 31, 2020 Debt securities AFS (2)(3) $ 81,082 $ 28 $ 342 Long-term debt 169,026 5,554 4,989 (1) These amounts include a cumulative basis adjustment of $76 million for active hedges and $(118) million for de-designated hedges as of September 30, 2021, 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 $7 billion as the hedged amount (from a closed portfolio of prepayable financial assets with a carrying value of $30 billion as of September 30, 2021) in a last-of-layer hedging relationship. (2) These amounts include a cumulative basis adjustment of $(18) million for active hedges and $62 million for de-designated hedges as of December 31, 2020, 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 $3 billion as the hedged amount (from a closed portfolio of prepayable financial assets with a carrying value of $19 billion as of December 31, 2020) 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 September 30, 2021 is approximately $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 September 30, Nine Months Ended September 30, In millions of dollars 2021 2020 2021 2020 Amount of gain (loss) recognized in AOCI on derivatives Interest rate contracts $ 19 $ (52) $ (397) $ 2,739 Foreign exchange contracts (16) — (16) (16) Total gain (loss) recognized in AOCI $ 3 $ (52) $ (413) $ 2,723 Other Net interest Other Other Net interest Other Net interest Amount of gain (loss) reclassified from AOCI to earnings (1) Interest rate contracts $ — $ 269 $ — $ 256 $ — $ 809 $ — $ 459 Foreign exchange contracts (1) — (1) — (3) — (3) — Total gain (loss) reclassified from AOCI into earnings $ (1) $ 269 $ (1) $ 256 $ (3) $ 809 $ (3) $ 459 Net pretax change in cash flow hedges included within AOCI $ (265) $ (307) $ (1,219) $ 2,267 (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 $700 million and $831 million for the three and nine months ended September 30, 2021 and $(450) million and $882 million for the three and nine months ended September 30, 2020, respectively. Credit Derivatives The following tables summarize the key characteristics of Citi’s credit derivatives portfolio by counterparty and derivative form: Fair values Notionals In millions of dollars at September 30, 2021 Receivable (1) Payable (2) Protection Protection By industry of counterparty Banks $ 2,384 $ 3,060 $ 112,636 $ 108,122 Broker-dealers 1,984 1,229 50,752 44,525 Non-financial 125 75 6,056 2,635 Insurance and other financial 5,749 6,285 536,146 479,215 Total by industry of counterparty $ 10,242 $ 10,649 $ 705,590 $ 634,497 By instrument Credit default swaps and options $ 9,609 $ 9,927 $ 689,107 $ 626,484 Total return swaps and other 633 722 16,483 8,013 Total by instrument $ 10,242 $ 10,649 $ 705,590 $ 634,497 By rating of reference entity Investment grade $ 4,179 $ 4,053 $ 541,747 $ 478,178 Non-investment grade 6,063 6,596 163,843 156,319 Total by rating of reference entity $ 10,242 $ 10,649 $ 705,590 $ 634,497 By maturity Within 1 year $ 783 $ 1,274 $ 131,085 $ 121,324 From 1 to 5 years 6,188 6,192 460,850 419,029 After 5 years 3,271 3,183 113,655 94,144 Total by maturity $ 10,242 $ 10,649 $ 705,590 $ 634,497 (1) The fair value amount receivable is composed of $3,729 million under protection purchased and $6,513 million under protection sold. (2) The fair value amount payable is composed of $7,244 million under protection purchased and $3,405 million under protection sold. Fair values Notionals In millions of dollars at December 31, 2020 Receivable (1) Payable (2) Protection Protection By industry of counterparty Banks $ 2,902 $ 3,187 $ 117,685 $ 120,739 Broker-dealers 1,770 1,215 46,928 44,692 Non-financial 109 90 5,740 2,217 Insurance and other financial 5,008 5,637 442,417 375,959 Total by industry of counterparty $ 9,789 $ 10,129 $ 612,770 $ 543,607 By instrument Credit default swaps and options $ 9,254 $ 9,254 $ 599,633 $ 538,426 Total return swaps and other 535 875 13,137 5,181 Total by instrument $ 9,789 $ 10,129 $ 612,770 $ 543,607 By rating of reference entity Investment grade $ 4,136 $ 4,037 $ 478,643 $ 418,147 Non-investment grade 5,653 6,092 134,127 125,460 Total by rating of reference entity $ 9,789 $ 10,129 $ 612,770 $ 543,607 By maturity Within 1 year $ 914 $ 1,355 $ 134,080 $ 125,464 From 1 to 5 years 6,022 5,991 421,682 374,376 After 5 years 2,853 2,783 57,008 43,767 Total by maturity $ 9,789 $ 10,129 $ 612,770 $ 543,607 (1) The fair value amount receivable is composed of $3,514 million under protection purchased and $6,275 million under protection sold. (2) The fair value amount payable is composed of $7,037 million under protection purchased and $3,092 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 September 30, 2021 and December 31, 2020 was $20 billion and $25 billion, respectively. The Company posted $18 billion and $22 billion as collateral for this exposure in the normal course of business as of September 30, 2021 and December 31, 2020, respectively. A downgrade could trigger additional collateral or cash settlement requirements for the Company and certain affiliates. In the event that Citigroup and Citibank were downgraded a single notch by all three major rating agencies as of September 30, 2021, the Company could be required to post an additional $1.5 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 $0.1 billion upon the single notch downgrade, resulting in aggregate cash obligations and collateral requirements of approximately $1.6 billion. Derivatives Accompanied by Financial Asset Transfers For transfers of financial assets accounted for as a sale by the Company, and for which the Company has retained substantially all of the economic exposure to the transferred asset through a total return swap executed with the same counterparty in contemplation of the initial sale (and still outstanding), both the asset amounts derecognized and the gross cash proceeds received as of the date of derecognition were $1.6 billion and $2.0 billion as of September 30, 2021 and December 31, 2020, respectively. At September 30, 2021, the fair value of these previously derecognized assets was $1.6 billion. The fair value of the total return swaps as of September 30, 2021 was $53 million recorded as gross derivative assets and $18 million recorded as gross derivative liabilities. At December 31, 2020, the fair value of these previously derecognized assets was $2.2 billion, and the fair value of the total return swaps was $135 million recorded as gross derivative assets and $7 million recorded as gross derivative liabilities. The balances for the total return swaps are on a gross basis, before the application of counterparty and cash collateral netting, and are included primarily as equity derivatives in the tabular disclosures in this Note. |
FAIR VALUE MEASUREMENT
FAIR VALUE MEASUREMENT | 9 Months Ended |
Sep. 30, 2021 | |
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 2020 Annual Report on Form 10-K. Market Valuation Adjustments The table below summarizes the credit valuation adjustments (CVA) and funding valuation adjustments (FVA) applied to the fair value of derivative instruments at September 30, 2021 and December 31, 2020: Credit and funding valuation adjustments In millions of dollars September 30, December 31, Counterparty CVA $ (671) $ (800) Asset FVA (459) (525) Citigroup (own credit) CVA 375 403 Liability FVA 80 67 Total CVA—derivative instruments $ (675) $ (855) 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 September 30, Nine Months Ended September 30, In millions of dollars 2021 2020 2021 2020 Counterparty CVA $ 25 $ 104 $ 68 $ (134) Asset FVA (23) 105 71 (316) Own credit CVA 34 (62) (44) 200 Liability FVA (63) (36) (52) 87 Total CVA—derivative instruments $ (27) $ 111 $ 43 $ (163) DVA related to own FVO liabilities (1) $ (107) $ (452) $ (256) $ 801 Total CVA and DVA $ (134) $ (341) $ (213) $ 638 (1) See Notes 1 and 17 to the Consolidated Financial Statements in Citi’s 2020 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 the market. • 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 September 30, 2021 and December 31, 2020. 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. The effects of these hedges are presented gross in the following tables: Fair Value Levels In millions of dollars at September 30, 2021 Level 1 Level 2 Level 3 Gross Netting (1) Net Assets Securities borrowed and purchased under agreements to resell $ — $ 328,482 $ 257 $ 328,739 $ (116,539) $ 212,200 Trading non-derivative assets Trading mortgage-backed securities U.S. government-sponsored agency guaranteed — 29,577 432 30,009 — 30,009 Residential — 415 61 476 — 476 Commercial — 656 120 776 — 776 Total trading mortgage-backed securities $ — $ 30,648 $ 613 $ 31,261 $ — $ 31,261 U.S. Treasury and federal agency securities $ 42,689 $ 4,621 $ — $ 47,310 $ — $ 47,310 State and municipal — 1,570 71 1,641 — 1,641 Foreign government 54,922 27,517 33 82,472 — 82,472 Corporate 1,914 20,833 541 23,288 — 23,288 Equity securities 49,713 10,350 205 60,268 — 60,268 Asset-backed securities — 804 664 1,468 — 1,468 Other trading assets (2) — 16,278 915 17,193 — 17,193 Total trading non-derivative assets $ 149,238 $ 112,621 $ 3,042 $ 264,901 $ — $ 264,901 Trading derivatives Interest rate contracts $ 59 $ 170,175 $ 3,162 $ 173,396 Foreign exchange contracts — 131,744 516 132,260 Equity contracts — 51,894 1,787 53,681 Commodity contracts — 45,933 1,202 47,135 Credit derivatives — 9,432 810 10,242 Total trading derivatives—before netting and collateral $ 59 $ 409,178 $ 7,477 $ 416,714 Cash collateral paid (3) $ 23,216 Netting agreements $ (313,526) Netting of cash collateral received (48,391) Total trading derivatives—after netting and collateral $ 59 $ 409,178 $ 7,477 $ 439,930 $ (361,917) $ 78,013 Investments Mortgage-backed securities U.S. government-sponsored agency guaranteed $ — $ 36,617 $ 52 $ 36,669 $ — $ 36,669 Residential — 351 12 363 — 363 Commercial — 34 — 34 — 34 Total investment mortgage-backed securities $ — $ 37,002 $ 64 $ 37,066 $ — $ 37,066 U.S. Treasury and federal agency securities $ 123,004 $ 170 $ — $ 123,174 $ — $ 123,174 State and municipal — 1,949 735 2,684 — 2,684 Foreign government 65,314 54,068 812 120,194 — 120,194 Corporate 3,577 3,157 192 6,926 — 6,926 Marketable equity securities 243 136 — 379 — 379 Asset-backed securities — 261 3 264 — 264 Other debt securities — 5,265 — 5,265 — 5,265 Non-marketable equity securities (4) — 47 347 394 — 394 Total investments $ 192,138 $ 102,055 $ 2,153 $ 296,346 $ — $ 296,346 Table continues on the next page. In millions of dollars at September 30, 2021 Level 1 Level 2 Level 3 Gross Netting (1) Net Loans $ — $ 6,437 $ 722 $ 7,159 $ — $ 7,159 Mortgage servicing rights — — 409 409 — 409 Non-trading derivatives and other financial assets measured on a recurring basis $ 4,347 $ 7,462 $ 86 $ 11,895 $ — $ 11,895 Total assets $ 345,782 $ 966,235 $ 14,146 $ 1,349,379 $ (478,456) $ 870,923 Total as a percentage of gross assets (5) 26.1% 72.9% 1.1% Liabilities Interest-bearing deposits $ — $ 2,531 $ 182 $ 2,713 $ — $ 2,713 Securities loaned and sold under agreements to repurchase — 184,142 656 184,798 (109,536) 75,262 Trading account liabilities Securities sold, not yet purchased 98,685 17,671 88 116,444 — 116,444 Other trading liabilities — 7 — 7 — 7 Total trading liabilities $ 98,685 $ 17,678 $ 88 $ 116,451 $ — $ 116,451 Trading derivatives Interest rate contracts $ 45 $ 155,183 $ 1,671 $ 156,899 Foreign exchange contracts 3 129,263 724 129,990 Equity contracts 26 58,787 3,760 62,573 Commodity contracts — 46,434 784 47,218 Credit derivatives — 9,889 760 10,649 Total trading derivatives—before netting and collateral $ 74 $ 399,556 $ 7,699 $ 407,329 Cash collateral received (6) $ 18,492 Netting agreements $ (313,526) Netting of cash collateral paid (49,460) Total trading derivatives—after netting and collateral $ 74 $ 399,556 $ 7,699 $ 425,821 $ (362,986) $ 62,835 Short-term borrowings $ — $ 8,811 $ 3 $ 8,814 $ — $ 8,814 Long-term debt — 52,136 26,042 78,178 — 78,178 Total non-trading derivatives and other financial liabilities measured on a recurring basis $ 3,245 $ 177 $ 1 $ 3,423 $ 3,423 Total liabilities $ 102,004 $ 665,031 $ 34,671 $ 820,198 $ (472,522) $ 347,676 Total as a percentage of gross liabilities (5) 12.7 % 83.0 % 4.3 % (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 $72,676 million of gross cash collateral paid, of which $49,460 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 $66,883 million of gross cash collateral received, of which $48,391 million was used to offset trading derivative assets. Fair Value Levels In millions of dollars at December 31, 2020 Level 1 Level 2 Level 3 Gross Netting (1) Net Assets Securities borrowed and purchased under agreements to resell $ — $ 335,073 $ 320 $ 335,393 $ (150,189) $ 185,204 Trading non-derivative assets Trading mortgage-backed securities U.S. government-sponsored agency guaranteed — 42,903 27 42,930 — 42,930 Residential — 391 340 731 — 731 Commercial — 893 136 1,029 — 1,029 Total trading mortgage-backed securities $ — $ 44,187 $ 503 $ 44,690 $ — $ 44,690 U.S. Treasury and federal agency securities $ 64,529 $ 2,269 $ — $ 66,798 $ — $ 66,798 State and municipal — 1,224 94 1,318 — 1,318 Foreign government 68,195 15,143 51 83,389 — 83,389 Corporate 1,607 18,840 375 20,822 — 20,822 Equity securities 54,117 12,289 73 66,479 — 66,479 Asset-backed securities — 776 1,606 2,382 — 2,382 Other trading assets (2) — 11,295 945 12,240 — 12,240 Total trading non-derivative assets $ 188,448 $ 106,023 $ 3,647 $ 298,118 $ — $ 298,118 Trading derivatives Interest rate contracts $ 42 $ 238,026 $ 3,393 $ 241,461 Foreign exchange contracts 2 155,994 674 156,670 Equity contracts 66 48,362 2,091 50,519 Commodity contracts — 13,546 992 14,538 Credit derivatives — 8,634 1,155 9,789 Total trading derivatives—before netting and collateral $ 110 $ 464,562 $ 8,305 $ 472,977 Cash collateral paid (3) $ 32,778 Netting agreements $ (364,879) Netting of cash collateral received (63,915) Total trading derivatives—after netting and collateral $ 110 $ 464,562 $ 8,305 $ 505,755 $ (428,794) $ 76,961 Investments Mortgage-backed securities U.S. government-sponsored agency guaranteed $ — $ 43,888 $ 30 $ 43,918 $ — $ 43,918 Residential — 571 — 571 — 571 Commercial — 50 — 50 — 50 Total investment mortgage-backed securities $ — $ 44,509 $ 30 $ 44,539 $ — $ 44,539 U.S. Treasury and federal agency securities $ 146,032 $ 172 $ — $ 146,204 $ — $ 146,204 State and municipal — 2,885 834 3,719 — 3,719 Foreign government 77,056 47,644 268 124,968 — 124,968 Corporate 6,326 4,114 60 10,500 — 10,500 Marketable equity securities 287 228 — 515 — 515 Asset-backed securities — 277 1 278 — 278 Other debt securities — 4,876 — 4,876 — 4,876 Non-marketable equity securities (4) — 50 349 399 — 399 Total investments $ 229,701 $ 104,755 $ 1,542 $ 335,998 $ — $ 335,998 Table continues on the next page. In millions of dollars at December 31, 2020 Level 1 Level 2 Level 3 Gross Netting (2) Net Loans $ — $ 4,869 $ 1,985 $ 6,854 $ — $ 6,854 Mortgage servicing rights — — 336 336 — 336 Non-trading derivatives and other financial assets measured on a recurring basis $ 6,230 $ 8,383 $ — $ 14,613 $ — $ 14,613 Total assets $ 424,489 $ 1,023,665 $ 16,135 $ 1,497,067 $ (578,983) $ 918,084 Total as a percentage of gross assets (5) 29.0% 69.9% 1.1% Liabilities Interest-bearing deposits $ — $ 1,752 $ 206 $ 1,958 $ — $ 1,958 Securities loaned and sold under agreements to repurchase — 156,644 631 157,275 (97,069) 60,206 Trading account liabilities Securities sold, not yet purchased 85,353 14,477 214 100,044 — 100,044 Other trading liabilities — — 26 26 — 26 Total trading liabilities $ 85,353 $ 14,477 $ 240 $ 100,070 $ — $ 100,070 Trading derivatives Interest rate contracts $ 25 $ 220,607 $ 1,779 $ 222,411 Foreign exchange contracts 3 155,441 622 156,066 Equity contracts 53 58,212 5,304 63,569 Commodity contracts — 17,393 700 18,093 Credit derivatives — 9,022 1,107 10,129 Total trading derivatives—before netting and collateral $ 81 $ 460,675 $ 9,512 $ 470,268 Cash collateral received (6) $ 8,196 Netting agreements $ (364,879) Netting of cash collateral paid (45,628) Total trading derivatives—after netting and collateral $ 81 $ 460,675 $ 9,512 $ 478,464 $ (410,507) $ 67,957 Short-term borrowings $ — $ 4,464 $ 219 $ 4,683 $ — $ 4,683 Long-term debt — 41,853 25,210 67,063 — 67,063 Non-trading derivatives and other financial liabilities measured on a recurring basis $ 6,762 $ 72 $ 1 $ 6,835 $ — $ 6,835 Total liabilities $ 92,196 $ 679,937 $ 36,019 $ 816,348 $ (507,576) $ 308,772 Total as a percentage of gross liabilities (5) 11.4 % 84.1 % 4.5 % (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 $78,406 million of gross cash collateral paid, of which $45,628 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 $72,111 million of gross cash collateral received, of which $63,915 million was used to offset trading derivative assets. Changes in Level 3 Fair Value Category The following tables present the changes in the Level 3 fair value category for the three and nine months ended September 30, 2021 and 2020. 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 gains (losses) incl. in (1) Transfers Unrealized (3) In millions of dollars Jun. 30, 2021 Principal Other (1)(2) into out of Purchases Issuances Sales Settlements Sept. 30, 2021 Assets Securities borrowed and purchased under agreements to resell $ 211 $ 1 $ — $ 45 $ — $ 43 $ — $ — $ (43) $ 257 $ 3 Trading non-derivative assets Trading mortgage-backed securities U.S. government-sponsored agency guaranteed 376 20 — 60 (52) 154 — (126) — 432 17 Residential 95 2 — 5 (9) 19 — (51) — 61 3 Commercial 87 1 — 17 (12) 36 — (9) — 120 1 Total trading mortgage-backed securities $ 558 $ 23 $ — $ 82 $ (73) $ 209 $ — $ (186) $ — $ 613 $ 21 U.S. Treasury and federal agency securities $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — State and municipal 70 3 — — — — — (2) — 71 4 Foreign government 141 26 — 7 (98) 6 — (49) — 33 4 Corporate 823 3 — 123 (110) 246 — (544) — 541 16 Marketable equity securities 147 12 — 55 (9) 58 — (58) — 205 14 Asset-backed securities 692 101 — 128 (19) 186 — (424) — 664 (28) Other trading assets 555 138 — 25 (67) 379 — (115) — 915 36 Total trading non-derivative assets $ 2,986 $ 306 $ — $ 420 $ (376) $ 1,084 $ — $ (1,378) $ — $ 3,042 $ 67 Trading derivatives, net (4) Interest rate contracts $ 1,764 $ (160) $ — $ (79) $ 56 $ 10 $ — $ — $ (100) $ 1,491 $ (189) Foreign exchange contracts (184) 131 — (71) (22) 11 — (3) (70) (208) 121 Equity contracts (2,550) 538 — (370) 668 134 — (98) (295) (1,973) 452 Commodity contracts 142 200 — (3) 106 44 — (50) (21) 418 218 Credit derivatives (41) (84) — 24 116 — — — 35 50 (87) Total trading derivatives, net (4) $ (869) $ 625 $ — $ (499) $ 924 $ 199 $ — $ (151) $ (451) $ (222) $ 515 Table continues on the next page. Net realized/unrealized gains (losses) incl. in (1) Transfers Unrealized (3) In millions of dollars Jun. 30, 2021 Principal Other (1)(2) into out of Purchases Issuances Sales Settlements Sept. 30, 2021 Investments Mortgage-backed securities U.S. government-sponsored agency guaranteed $ 52 $ — $ — $ 20 $ (10) $ — $ — $ (10) $ — $ 52 $ — Residential — — — — — 12 — — — 12 — Total investment mortgage-backed securities $ 52 $ — $ — $ 20 $ (10) $ 12 $ — $ (10) $ — $ 64 $ — U.S. Treasury and federal agency securities $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — State and municipal 748 — (6) — — 2 — (9) — 735 (6) Foreign government 957 — (25) 63 (232) 99 — (50) — 812 (6) Corporate 104 — (2) 151 (41) 7 — (27) — 192 — Marketable equity securities — — — — — — — — — — — Asset-backed securities 3 — — — — — — — — 3 — Other debt securities — — — — — — — — — — — Non-marketable equity securities 382 — (36) 1 — — — — — 347 (53) Total investments $ 2,246 $ — $ (69) $ 235 $ (283) $ 120 $ — $ (96) $ — $ 2,153 $ (65) Loans $ 429 $ — $ (16) $ — $ (20) $ — $ 336 $ — $ (7) $ 722 $ 14 Mortgage servicing rights 419 — (3) — — — 8 — (15) 409 (3) Other financial assets measured on a recurring basis 55 — 3 10 (4) 33 — (11) — 86 — Liabilities Interest-bearing deposits $ 154 $ — $ (25) $ — $ — $ — $ 14 $ — $ (11) $ 182 $ 5 Securities loaned and sold under agreements to repurchase 488 (29) — 183 — — — — (44) 656 6 Trading account liabilities Securities sold, not yet purchased 168 (22) — 7 (4) 21 — — (126) 88 4 Other trading liabilities 1 1 — — — — — — — — 4 Short-term borrowings 41 (1) — 2 (12) — 2 — (31) 3 2 Long-term debt 25,068 486 — 2,052 (1,086) — 1,526 — (1,032) 26,042 434 Other financial liabilities measured on a recurring basis 4 — — — — — — (3) 1 — (1) Net realized/unrealized gains (losses) are presented as increase (decrease) to Level 3 assets, and as (increase) decrease to Level 3 liabilities. Changes in fair value of available-for-sale debt securities are recorded in AOCI , unless related to credit 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 and DVA on fair value option liabilities), attributable to the change in fair value relating to assets and liabilities classified as Level 3 that are still held at September 30, 2021. (4) Total Level 3 trading derivative assets and liabilities have been netted in these tables for presentation purposes only. Net realized/unrealized gains (losses) incl. in (1) Transfers Unrealized (3) In millions of dollars Dec. 31, 2020 Principal Other (1)(2) into out of Purchases Issuances Sales Settlements Sept. 30, 2021 Assets Securities borrowed and purchased under agreements to resell $ 320 $ (10) $ — $ 45 $ (49) $ 319 $ — $ — $ (368) $ 257 $ 25 Trading non-derivative assets Trading mortgage-backed securities U.S. government-sponsored agency guaranteed 27 21 — 312 (60) 268 — (136) — 432 31 Residential 340 24 — 74 (77) 220 — (520) — 61 17 Commercial 136 22 — 93 (53) 60 — (138) — 120 2 Total trading mortgage-backed securities $ 503 $ 67 $ — $ 479 $ (190) $ 548 $ — $ (794) $ — $ 613 $ 50 U.S. Treasury and federal agency securities $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — State and municipal 94 3 — — (29) 5 — (2) — 71 4 Foreign government 51 31 — 143 (126) 77 — (143) — 33 4 Corporate 375 78 — 441 (278) 721 — (796) — 541 (6) Marketable equity securities 73 59 — 139 (51) 93 — (108) — 205 26 Asset-backed securities 1,606 349 — 163 (217) 1,120 — (2,357) — 664 (58) Other trading assets 945 156 — 86 (196) 727 4 (803) (4) 915 29 Total trading non-derivative assets $ 3,647 $ 743 $ — $ 1,451 $ (1,087) $ 3,291 $ 4 $ (5,003) $ (4) $ 3,042 $ 49 Trading derivatives, net (4) Interest rate contracts $ 1,614 $ (458) $ — $ 94 $ 377 $ 12 $ (84) $ — $ (64) $ 1,491 $ (216) Foreign exchange contracts 52 52 — (63) (18) 145 — (300) (76) (208) 53 Equity contracts (3,213) 1,150 — (968) 1,566 243 — (215) (536) (1,973) 237 Commodity contracts 292 750 — 7 (511) 138 — (205) (53) 418 272 Credit derivatives 48 (205) — 39 45 — — — 123 50 (239) Total trading derivatives, net (4) $ (1,207) $ 1,289 $ — $ (891) $ 1,459 $ 538 $ (84) $ (720) $ (606) $ (222) $ 107 Investments Mortgage-backed securities U.S. government-sponsored agency guaranteed $ 30 $ — $ 2 $ 42 $ (10) $ 3 $ — $ (15) $ — $ 52 $ (53) Residential — — — — — 12 — — — 12 — Total investment mortgage-backed securities $ 30 $ — $ 2 $ 42 $ (10) $ 15 $ — $ (15) $ — $ 64 $ (53) U.S. Treasury and federal agency securities $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — State and municipal 834 — (16) 58 (108) 5 — (38) — 735 (12) Foreign government 268 — (24) 503 (521) 744 — (158) — 812 (4) Corporate 60 — (13) 183 (41) 37 — (34) — 192 2 Asset-backed securities 1 — (21) 36 — — — (13) — 3 (25) Non-marketable equity securities 349 — 4 2 — — — (8) — 347 (53) Total investments $ 1,542 $ — $ (68) $ 824 $ (680) $ 801 $ — $ (266) $ — $ 2,153 $ (145) Table continues on the next page. Net realized/unrealized gains (losses) incl. in (1) Transfers Unrealized (3) In millions of dollars Dec. 31 2020 Principal Other (1)(2) into out of Purchases Issuances Sales Settlements Sept. 30, 2021 Loans $ 1,985 $ — $ 332 $ 271 $ (2,071) $ — $ 337 $ — $ (132) $ 722 $ 111 Mortgage servicing rights 336 — 49 — — — 76 — (52) 409 50 Other financial assets measured on a recurring basis — — 3 65 (4) 33 — (11) — 86 — Liabilities Interest-bearing deposits $ 206 $ — $ (7) $ — $ (44) $ — $ 34 $ — $ (21) $ 182 $ (146) Securities loaned and sold under agreements to repurchase 631 (22) — 183 (483) 488 — — (185) 656 25 Trading account liabilities Securities sold, not yet purchased 214 39 — 69 (29) 41 — — (168) 88 4 Other trading liabilities 26 26 — — — — — — — — — Short-term borrowings 219 31 — 44 (56) — 27 — (200) 3 2 Long-term debt 25,210 2,259 — 6,921 (7,054) — 9,071 — (5,847) 26,042 1,305 Other financial liabilities measured on a recurring basis 1 — (3) — (4) — 14 — (13) 1 — (1) Net realized/unrealized gains (losses) are presented as increase (decrease) to Level 3 assets, and as (increase) decrease to Level 3 liabilities. 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 and DVA on fair value option liabilities), attributable to the change in fair value relating to assets and liabilities classified as Level 3 that are still held at September 30, 2021. (4) Total Level 3 trading derivative assets and liabilities have been netted in these tables for presentation purposes only. Net realized/unrealized gains (losses) incl. in (1) Transfers Unrealized (3) In millions of dollars Jun. 30, 2020 Principal Other (1)(2) into out of Purchases Issuances Sales Settlements Sept. 30, 2020 Assets Securities borrowed or purchased under agreements to resell $ 326 $ 4 $ — $ — $ — $ 43 $ — $ — $ (43) $ 330 $ 4 Trading non-derivative assets Trading mortgage-backed securities U.S. government-sponsored agency guaranteed 96 9 — 5 — 182 — (26) — 266 9 Residential 433 64 — 10 (17) 67 — (288) — 269 (1) Commercial 217 1 — 13 — 24 — (74) — 181 — Total trading mortgage-backed securities $ 746 $ 74 $ — $ 28 $ (17) $ 273 $ — $ (388) $ — $ 716 $ 8 U.S. Treasury and federal agency securities $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — State and municipal 117 — — — — — — (41) — 76 — Foreign government 26 1 — 4 — 26 — (16) — 41 — Corporate 399 (25) — 22 (57) 160 2 (227) — 274 (16) Marketable equity securities 92 (31) — 2 — 15 — (13) — 65 (25) Asset-backed securities 1,785 14 — 167 (1) 351 — (488) — 1,828 4 Other trading assets 797 (24) — 140 (102) 66 5 (84) (4) 794 (29) Total trading non-derivative assets $ 3,962 $ 9 $ — $ 363 $ (177) $ 891 $ 7 $ (1,257) $ (4) $ 3,794 $ (58) Trading derivatives, net (4) Interest rate contracts $ 1,968 $ 70 $ — $ (17) $ (7) $ 31 $ 78 $ (62) $ (525) $ 1,536 $ 50 Foreign exchange contracts (26) 122 — (23) 29 3 — (6) (74) 25 47 Equity contracts (2,235) (183) — (41) (69) 1 — (12) (120) (2,659) (160) Commodity contracts (278) 172 — 48 (5) 29 — (15) 24 (25) 151 Credit derivatives 402 (271) — (33) 19 — — — 34 151 (274) Total trading derivatives, net (4) $ (169) $ (90) $ — $ (66) $ (33) $ 64 $ 78 $ (95) $ (661) $ (972) $ (186) Investments Mortgage-backed securities U.S. government-sponsored agency guaranteed $ 30 $ — $ — $ — $ — $ — $ — $ — $ — $ 30 $ (27) Residential — — — — — — — — — — 8 Commercial — — — — — — — — — — — Total investment mortgage-backed securities $ 30 $ — $ — $ — $ — $ — $ — $ — $ — $ 30 $ (19) U.S. Treasury and federal agency securities $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — State and municipal 825 — (5) 2 — 19 — (16) — 825 25 Foreign government 196 — 3 — — 66 — (76) — 189 — Corporate 106 — — — — — — (50) — 56 — Marketable equity securities 1 — (1) — — — — — — — (1) Asset-backed securities 6 — (4) — — — — — — 2 — Other debt securities — — — — — — — — — — — Non-marketable equity securities 332 — 17 — (2) — 3 — — 350 16 Total investments $ 1,496 $ — $ 10 $ 2 $ (2) $ 85 $ 3 $ (142) $ — $ 1,452 $ 21 Table continues on the next page. Net realized/unrealized gains (losses) incl. in (1) Transfers Unrealized (3) In millions of dollars Jun. 30, 2020 Principal Other (1)(2) into out of Purchases Issuances Sales Settlements Sept. 30, 2020 Loans $ 978 $ — $ 567 $ 138 $ — $ — $ — $ — $ (2) $ 1,681 $ 573 Mortgage servicing rights 345 — (22) — — — 31 — (20) 334 (14) Other financial assets measured on a recurring basis — — (3) 19 — — (13) (3) — — (11) Liabilities Interest-bearing deposits $ 237 $ — $ 26 $ — $ — $ — $ 4 $ — $ (2) $ 213 $ 23 Securities loaned or sold under agreements to repurchase 625 (34) — — — — — — — 659 (126) Trading account liabilities Securities sold, not yet purchased 104 3 — 54 (3) — — — (11) 141 — Other trading liabilities — (16) — 27 — — — — — 43 (15) Short-term borrowings 128 9 — 78 — — 11 — (7) 201 13 Long-term debt 21,633 (267) — 1,396 (27) — 1,308 — (1,461) 23,116 (234) Other financial liabilities measured on a recurring basis — — — — — — 2 — — 2 3 (1) Net realized/unrealized gains (losses) are presented as increase (decrease) to Level 3 assets, and as (increase) decrease to Level 3 liabilities. Changes in fair value of available-for-sale investments are recorded in AOCI , unless related to credit 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 and DVA on fair value option liabilities), attributable to the change in fair value relating to assets and liabilities classified as Level 3 that are still held at September 30, 2020. (4) Total Level 3 derivative assets and liabilities have been netted in these tables for presentation purposes only. Net realized/unrealized gains (losses) incl. in (1) Transfers Unrealized (3) In millions of dollars Dec. 31, 2019 Principal Other (1)(2) into out of Purchases Issuances Sales Settlements Sept. 30, 2020 Assets Securities borrowed and purchased under agreements to resell $ 303 $ 18 $ — $ — $ — $ 151 $ — $ — $ (142) $ 330 $ 4 Trading non-derivative assets Trading mortgage-backed securities U.S. government-sponsored agency guaranteed 10 (65) — 21 (9) 390 — (81) — 266 14 Residential 123 70 — 214 (60) 341 — (419) — 269 (6) Commercial 61 5 — 156 (17) 113 — (137) — 181 (13) Total trading mortgage-backed securities $ 194 $ 10 $ — $ 391 $ (86) $ 844 $ — $ (637) $ — $ 716 $ (5) U.S. Treasury and federal agency securities $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — State and municipal 64 2 — 15 (3) 62 — (64) — 76 1 Foreign government 52 (27) — 6 (2) 130 — (118) — 41 — Corporate 313 265 — 108 (127) 579 2 (860) (6) 274 7 Marketable equity securities 100 (22) — 40 (3) 221 — (271) — 65 (33) Asset-backed securities 1,177 (88) — 663 (61) 1,091 — (954) — 1,828 (208) Other trading assets 555 196 — 321 (254) 297 19 (321) (19) 794 (63) Total trading non-derivative assets $ 2,455 $ 336 $ — $ 1,544 $ (536) $ 3,224 $ 21 $ (3,225) $ (25) $ 3,794 $ (301) Trading derivatives, net (4) Interest rate contracts $ 1 $ 445 $ — $ 1,597 $ (9) $ 33 $ 134 $ (49) $ (616) $ 1,536 $ 365 Foreign exchange contracts (5) 70 — (56) 40 52 — (19) (57) 25 339 Equity contracts (1,596) (747) — (432) 167 25 — (18) (58) (2,659) (658) Commodity contracts (59) (34) — 85 (75) 95 — (59) 22 (25) (34) Credit derivatives (56) 308 — 138 (339) — — — 100 151 49 Total trading derivatives, net (4) $ (1,715) $ 42 $ — $ 1,332 $ (216) $ 205 $ 134 $ (145) $ (609) $ (972) $ 61 Investments Mortgage-backed securities U.S. government-sponsored agency guaranteed $ 32 $ — $ (5) $ 1 $ 1 $ 1 $ — $ — $ — $ 30 $ (64) Residential — — — — — — — — — — 8 Commercial — — — — — — — — — — — Total investment mortgage-backed securities $ 32 $ — $ (5) $ 1 $ 1 $ 1 $ — $ — $ — $ 30 $ (56) U.S. Treasury and federal agency securities $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — State and municipal 623 — (12) 312 (131) 114 — (81) — 825 50 Foreign government 96 — 8 27 (64) 274 — (152) — 189 — Corporate 45 — 2 49 (152) 162 — (50) — 56 — Marketable equity securities — — (1) 1 — — — — — — (1) Asset-backed securities 22 — (1) — — — — (19) — 2 6 Other debt securities — — — — — — — — — — — Non-marketable equity securities 441 — (36) — (2) 2 3 (3) (55) 350 24 Total investments $ 1,259 $ — $ (45) $ 390 $ (348) $ 553 $ 3 $ (305) $ (55) $ 1,452 $ 23 Table continues on the next page. Net realized/unrealized gains (losses) incl. in (1) Transfers Unrealized (3) In millions of dollars Dec. 31, 2019 Principal Other (1)(2) into out of Purchases Issuances Sales Settlements Sept. 30, 2020 Loans $ 402 $ — $ 935 $ 355 $ (6) $ — $ — $ — $ (5) $ 1,681 $ 1,026 Mortgage servicing rights 495 — (191) — — — 87 — (57) 334 (161) Other financial assets measured on a recurring basis 1 — 11 19 — — (19) (8) (4) — 9 Liabilities Interest-bearing deposits $ 215 $ — $ 15 $ 278 $ (151) $ — $ 34 $ — $ (148) $ 213 $ (122) Securities loaned and sold under agreements to repurchase 757 (7) — — — — — — (105) 659 (159) Trading account liabilities Securities sold, not yet purchased 48 (126) — 171 (21) — 9 — (192) 141 (40) Other trading liabilities — (16) — 27 — — — — — 43 (15) Short-term borrowings 13 28 — 164 (6) — 72 — (14) 201 15 Long-term debt 17,169 (647) — 6,459 (4,195) — 8,096 — (5,060) 23,116 (487) Other financial liabilities measured on a recurring basis — — — — — — 4 — (2) 2 — (1) Changes in fair value of available-for-sale investments are recorded in AOCI , unless related to credit 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 and DVA on fair value option liabilities), attributable to the change in fair value relating to assets and |
FAIR VALUE ELECTIONS
FAIR VALUE ELECTIONS | 9 Months Ended |
Sep. 30, 2021 | |
Fair Value, Option, Aggregate Differences [Abstract] | |
FAIR VALUE ELECTIONS | FAIR VALUE ELECTIONSThe 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. Movements in DVA are reported as a component of 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 additional details on Citi’s MSRs. The following table presents the changes in fair value of those items for which the fair value option has been elected: Changes in fair value—gains (losses) Three Months Ended September 30, Nine Months Ended September 30, In millions of dollars 2021 2020 2021 2020 Assets Securities borrowed and purchased under agreements to resell $ (28) $ (27) $ (64) $ 17 Trading account assets (2) 183 151 (278) Loans Certain corporate loans (292) 1,003 376 973 Certain consumer loans — — — — Total loans $ (292) $ 1,003 $ 376 $ 973 Other assets MSRs $ (3) $ (22) $ 49 $ (191) Certain mortgage loans HFS (1) 25 74 69 208 Total other assets $ 22 $ 52 $ 118 $ 17 Total assets $ (300) $ 1,211 $ 581 $ 729 Liabilities Interest-bearing deposits $ 54 $ (53) $ (39) $ (105) Securities loaned and sold under agreements to repurchase 19 482 37 390 Trading account liabilities 5 16 15 (1) Short-term borrowings (2) 140 (60) 332 937 Long-term debt (2) 975 (1,098) 542 865 Total liabilities $ 1,193 $ (713) $ 887 $ 2,086 (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 $107 million and a loss of $452 million for the three months ended September 30, 2021 and 2020, and a loss of $256 million and a gain of $801 million for the nine months ended September 30, 2021 and 2020, 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: September 30, 2021 December 31, 2020 In millions of dollars Trading assets Loans Trading assets Loans Carrying amount reported on the Consolidated Balance Sheet $ 8,382 $ 7,159 $ 8,063 $ 6,854 Aggregate unpaid principal balance in excess of (less than) fair value (116) (161) (915) (14) Balance of non-accrual loans or loans more than 90 days past due — 1 — 4 Aggregate unpaid principal balance in excess of (less than) fair value for non-accrual loans or loans more than 90 days past due — 1 — — In addition to the amounts reported above, $744 million and $1,068 million of unfunded commitments related to certain credit products selected for fair value accounting were outstanding as of September 30, 2021 and December 31, 2020, respectively. Changes in the fair value of funded and unfunded credit products are classified in Principal transactions in Citi’s Consolidated Statement of Income. Related interest revenue is measured based on the contractual interest rates and reported as Interest revenue on Trading account assets or loan interest depending on the balance sheet classifications of the credit products. The changes in fair value for the nine months ended September 30, 2021 and 2020 due to instrument-specific credit risk totaled to losses of $(10) million and $(23) million, respectively. Certain Investments in Unallocated Precious Metals Citigroup invests in unallocated precious metals accounts (gold, silver, platinum and palladium) as part of its commodity and foreign currency trading activities or to economically hedge certain exposures from issuing structured liabilities. Under ASC 815, the investment is bifurcated into a debt host contract and a commodity forward derivative instrument. Citigroup elects the fair value option for the debt host contract, and reports the debt host contract within Trading account assets on the Company’s Consolidated Balance Sheet. The total carrying amount of debt host contracts across unallocated precious metals accounts was approximately $0.4 billion and $0.5 billion at September 30, 2021 and December 31, 2020, respectively. The amounts are expected to fluctuate based on trading activity in future periods. As part of its commodity and foreign currency trading activities, Citi trades unallocated precious metals investments and executes forward purchase and forward sale derivative contracts with trading counterparties. When Citi sells an unallocated precious metals investment, Citi’s receivable from its depository bank is repaid and Citi derecognizes its investment in the unallocated precious metal. The forward purchase or sale contract with the trading counterparty indexed to unallocated precious metals is accounted for as a derivative, at fair value through earnings. As of September 30, 2021, there were approximately $16.7 billion and $6.7 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 September 30, December 31, 2020 Carrying amount reported on the Consolidated Balance Sheet $ 2,630 $ 1,742 Aggregate fair value in excess of (less than) unpaid principal balance 77 91 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 nine months ended September 30, 2021 and 2020 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 Debt Liabilities The Company has elected the fair value option for certain debt liabilities. The Company elected the fair value option because these exposures are considered to be trading-related positions and, therefore, they are managed on a fair value basis. These positions will continue to be classified as debt, deposits or derivatives classified as 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 notes carried at fair value, disaggregated by type of risk: In billions of dollars September 30, 2021 December 31, 2020 Interest rate linked $ 38.3 $ 34.5 Foreign exchange linked 0.2 1.2 Equity linked 32.8 27.3 Commodity linked 4.0 1.4 Credit linked 2.9 2.6 Total $ 78.2 $ 67.0 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 liabilities include accrued interest, which is also included in the change in fair value reported in Principal transactions . The following table provides information about long-term debt carried at fair value: In millions of dollars September 30, 2021 December 31, 2020 Carrying amount reported on the Consolidated Balance Sheet $ 78,178 $ 67,063 Aggregate unpaid principal balance in excess of (less than) fair value (3,019) (5,130) The following table provides information about short-term borrowings carried at fair value: ` In millions of dollars September 30, 2021 December 31, 2020 Carrying amount reported on the Consolidated Balance Sheet $ 8,814 $ 4,683 Aggregate unpaid principal balance in excess of (less than) fair value — 68 |
GUARANTEES, LEASES AND COMMITME
GUARANTEES, LEASES AND COMMITMENTS | 9 Months Ended |
Sep. 30, 2021 | |
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 these tables, see Note 26 to the Consolidated Financial Statements in Citi’s 2020 Annual Report on Form 10-K. The following tables present information about Citi’s guarantees at September 30, 2021 and December 31, 2020: Maximum potential amount of future payments In billions of dollars at September 30, 2021 Expire within Expire after Total amount Carrying value (in millions of dollars) Financial standby letters of credit $ 27.6 $ 64.9 $ 92.5 $ 937 Performance guarantees 6.5 6.1 12.6 46 Derivative instruments considered to be guarantees 17.0 54.9 71.9 360 Loans sold with recourse — 1.7 1.7 15 Securities lending indemnifications (1) 131.7 — 131.7 — Credit card merchant processing (2) 114.6 — 114.6 1 Credit card arrangements with partners — 0.8 0.8 7 Custody indemnifications and other — 24.5 24.5 37 Total $ 297.4 $ 152.9 $ 450.3 $ 1,403 Maximum potential amount of future payments In billions of dollars at December 31, 2020 Expire within Expire after Total amount Carrying value ( in millions of dollars) Financial standby letters of credit $ 25.3 $ 68.4 $ 93.7 $ 1,407 Performance guarantees 7.3 6.0 13.3 72 Derivative instruments considered to be guarantees 20.0 60.9 80.9 671 Loans sold with recourse — 1.2 1.2 9 Securities lending indemnifications (1) 112.2 — 112.2 — Credit card merchant processing (2) 101.9 — 101.9 3 Credit card arrangements with partners 0.2 0.8 1.0 7 Custody indemnifications and other — 37.3 37.3 35 Total $ 266.9 $ 174.6 $ 441.5 $ 2,204 (1) The carrying values of securities lending indemnifications were not material for either period presented, as the probability of potential liabilities arising from these guarantees is minimal. (2) At September 30, 2021 and December 31, 2020, this maximum potential exposure was estimated to be $115 billion and $102 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 sellers 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 $31 million at September 30, 2021 and December 31, 2020, respectively, and these amounts are included in Other liabilities on the Consolidated Balance Sheet. Credit Card Arrangements with Partners Citi, in one 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 September 30, 2021 and December 31, 2020, 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 September 30, 2021 or December 31, 2020 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 September 30, 2021 and December 31, 2020 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. 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 $17.1 billion and $16.6 billion as of September 30, 2021 and December 31, 2020, respectively. Variation margin due from clients to the respective CCP, or from the CCP to clients, reflects changes in the value of the client’s derivative contracts for each trading day. As a clearing member, Citi is exposed to the risk of non-performance by clients (e.g., failure of a client to post variation margin to the CCP for negative changes in the value of the client’s derivative contracts). In the event of non-performance by a client, Citi would move to close out the client’s positions. The CCP would typically utilize initial margin posted by the client and held by the CCP, with any remaining shortfalls required to be paid by Citi as clearing member. Citi generally holds incremental cash or securities margin posted by the client, which would typically be expected to be sufficient to mitigate Citi’s credit risk in the event the client fails to perform. As required by ASC 860-30-25-5, securities collateral posted by clients is not recognized on Citi’s Consolidated Balance Sheet. Carrying Value—Guarantees and Indemnifications At September 30, 2021 and December 31, 2020, the total carrying amounts of the liabilities related to the guarantees and indemnifications included in the tables above amounted to approximately $1.4 billion and $2.2 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 $62.8 billion and $51.6 billion at September 30, 2021 and December 31, 2020, respectively. Securities and other marketable assets held as collateral amounted to $88.1 billion and $80.1 billion at September 30, 2021 and December 31, 2020, 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 $3.9 billion and $6.6 billion at September 30, 2021 and December 31, 2020, 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 September 30, 2021 Investment Non-investment Not Total Financial standby letters of credit $ 80.1 $ 12.2 $ 0.2 $ 92.5 Performance guarantees 10.0 2.6 — 12.6 Derivative instruments deemed to be guarantees — — 71.9 71.9 Loans sold with recourse — — 1.7 1.7 Securities lending indemnifications — — 131.7 131.7 Credit card merchant processing — — 114.6 114.6 Credit card arrangements with partners — — 0.8 0.8 Custody indemnifications and other 11.8 12.7 — 24.5 Total $ 101.9 $ 27.5 $ 320.9 $ 450.3 Maximum potential amount of future payments In billions of dollars at December 31, 2020 Investment Non-investment Not Total Financial standby letters of credit $ 78.5 $ 14.6 $ 0.6 $ 93.7 Performance guarantees 9.8 3.0 0.5 13.3 Derivative instruments deemed to be guarantees — — 80.9 80.9 Loans sold with recourse — — 1.2 1.2 Securities lending indemnifications — — 112.2 112.2 Credit card merchant processing — — 101.9 101.9 Credit card arrangements with partners — — 1.0 1.0 Custody indemnifications and other 24.9 12.4 — 37.3 Total $ 113.2 $ 30.0 $ 298.3 $ 441.5 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 September 30, 2021. The operating lease ROU asset and lease liability were $2.8 billion and $3.0 billion, respectively, as of September 30, 2021, compared to an operating lease ROU asset of $2.8 billion and lease liability of $3.1 billion as of December 31, 2020. 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 September 30, December 31, Commercial and similar letters of credit $ 696 $ 5,713 $ 6,409 $ 5,221 One- to four-family residential mortgages 1,735 2,756 4,491 5,002 Revolving open-end loans secured by one- to four-family residential properties 7,225 1,130 8,355 9,626 Commercial real estate, construction and land development 14,267 2,733 17,000 12,867 Credit card lines 604,350 100,607 704,957 710,399 Commercial and other consumer loan commitments 214,515 118,283 332,798 322,458 Other commitments and contingencies 5,437 212 5,649 5,715 Total $ 848,225 $ 231,434 $ 1,079,659 $ 1,071,288 The majority of unused commitments are contingent upon customers maintaining specific credit standards. Commercial commitments generally have floating interest rates and fixed expiration dates and may require payment of fees. Such fees (net of certain direct costs) are deferred and, upon exercise of the commitment, amortized over the life of the loan or, if exercise is deemed remote, amortized over the commitment period. Other Commitments and Contingencies Other commitments and contingencies include all other transactions related to commitments and contingencies not reported on the lines above. Unsettled Reverse Repurchase and Securities Borrowing Agreements and Unsettled Repurchase and Securities Lending Agreements In addition, in the normal course of business, Citigroup enters into reverse repurchase and securities borrowing agreements, as well as repurchase and securities lending agreements, which settle at a future date. At September 30, 2021 and December 31, 2020, Citigroup had approximately $135.8 billion and $71.8 billion of unsettled reverse repurchase and securities borrowing agreements, and approximately $57.4 billion and $62.5 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 Commodity Futures Trading Commission and the United Kingdom’s Prudential Regulation Authority. Restricted cash is included on the Consolidated Balance Sheet within the following balance sheet lines: In millions of dollars September 30, December 31, Cash and due from banks $ 2,733 $ 3,774 Deposits with banks, net of allowance 13,900 14,203 Total $ 16,633 $ 17,977 In response to the COVID-19 pandemic, the Federal Reserve Bank and certain other central banks eased regulations related to minimum required cash deposited with central banks. |
CONTINGENCIES
CONTINGENCIES | 9 Months Ended |
Sep. 30, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
CONTINGENCIES | CONTINGENCIES The following information supplements and amends, as applicable, the disclosures in Note 23 to the Consolidated Financial Statements in Citi’s Second Quarter of 2021 Form 10-Q and First Quarter of 2021 Form 10-Q and in Note 27 to the Consolidated Financial Statements in Citi’s 2020 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 any litigation, regulatory, or tax matters disclosed herein, when Citigroup believes it is probable that a loss has been incurred and the amount of the loss can be reasonably estimated. Once established, accruals are adjusted from time to time, as appropriate, in light of additional information. The amount of loss ultimately incurred in relation to those matters may be substantially higher or lower than the amounts accrued for those matters. If Citigroup has not accrued for a matter because the matter does not meet the criteria for accrual (as set forth above), or Citigroup believes an exposure to loss exists in excess of the amount accrued for a particular matter, in each case assuming a material loss is reasonably possible but not probable, 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 for which an estimate can be made. At September 30, 2021, Citigroup estimates that the reasonably possible unaccrued loss for these matters ranges up to approximately $1.5 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 only have preliminary or incomplete 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 amounts accrued in relation to matters for 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 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 2020 Annual Report on Form 10-K. ANZ Underwriting Matter In August 2021, the Australian Commonwealth Director of Public Prosecution (CDPP) discontinued four of the six charges brought against Citigroup Global Markets Australia Pty Limited. The CDPP also discontinued all charges against one former Citi employee. Additional information concerning this action is publicly available in court filings under the docket number NSD 1316–NSD 1324/2020. Interbank Offered Rates-Related Litigation and Other Matters Antitrust and Other Litigation : On September 9, 2021, in MCCARTHY, ET AL. v. INTERCONTINENTAL EXCHANGE, INC., ET AL., the court held a hearing on plaintiffs’ motions for preliminary and permanent injunctions. On September 30, 2021, defendants moved to dismiss the complaint. Additional information concerning this action is publicly available in court filings under the docket number 20 Civ. 5832 (N.D. Cal.) (Donato, J.). Interchange Fee Litigation On September 27, 2021, the court granted the injunctive relief class plaintiffs’ motion to certify a non-opt-out class. Additional information concerning these consolidated actions is publicly available in court filings under the docket number MDL 05-1720 (E.D.N.Y.) (Brodie, J.). Madoff-Related Litigation In December 2008, a Securities Investor Protection Act (SIPA) trustee, Irving H. Picard, was appointed for the SIPA liquidation of Bernard L. Madoff Investment Securities LLC (BLMIS), in the United States Bankruptcy Court for the Southern District of New York. Beginning in 2010, he commenced actions against multiple Citi entities, including Citibank, N.A., Citicorp North America, Inc., Citigroup Global Markets Limited, and Citibank (Switzerland) AG, seeking recovery of monies that originated at BLMIS and were allegedly received by the Citi entities as subsequent transferees. On August 30, 2021, the United States Court of Appeals for the Second Circuit reversed the bankruptcy court’s denial of the SIPA trustee’s motion for leave to amend his complaint and remanded the case to the bankruptcy court for further proceedings. The actions are captioned PICARD v. CITIBANK, N.A., ET AL. and PICARD v. CITIBANK (SWITZERLAND) AG. Additional information concerning these actions is publicly available in court filings under the docket numbers 10-5345, 12-1700 (Bankr. S.D.N.Y.) (Morris, J.); 12-MC-115 (S.D.N.Y.) (Rakoff, J.); and 17-2992, 17-3076, 17-3139, 19-4282, 20-1333 (2d Cir.). Also beginning in 2010, the British Virgin Islands liquidators of Fairfield Sentry Limited, whose assets were invested with BLMIS, commenced multiple actions in the United States Bankruptcy Court for the Southern District of New York against over 400 defendants, including Citigroup Global Markets Limited; Citibank (Switzerland) AG; Citibank, N.A., London; Citivic Nominees, Limited; and Cititrust (Bahamas) Limited. The actions seek recovery of monies that were allegedly received by Citi entities from Fairfield Sentry. Appeals concerning various dismissed claims are pending before the United States District Court for the Southern District of New York, and there is one claim remaining in Bankruptcy Court. These actions are captioned FAIRFIELD SENTRY LTD., ET AL. v. CGML, ET AL.; FAIRFIELD SENTRY LTD., ET AL. v. CITIBANK NA LONDON, ET AL.; FAIRFIELD SENTRY LTD., ET AL. v. ZURICH CAPITAL MARKETS COMPANY, ET AL.; and FAIRFIELD SENTRY LTD., ET AL. v. DON CHIMANGO SA, ET AL. Additional information is publicly available in court filings under the docket numbers 10-13164, 10-3496, 10-3622, 10-3634, 10-3640, 10-4100, 11-2770, 12-1298 (Bankr. S.D.N.Y.) (Morris, J.); and 19-3911, 19-4267, 19-4396, 19-4484, 19-5106, 19-5135, 21-2997, 21-3243, 21-3526, 21-3529, 21-3530, 21-4307, 21-4498, 21-4496 (S.D.N.Y.) (Broderick, J.). Sovereign Securities Matters Antitrust and Other Litigation : On July 19, 2021, in IN RE SSA BONDS ANTITRUST LITIGATION, the United States Court of Appeals for the Second Circuit affirmed the district court’s dismissal of the case. Additional information concerning this action is publicly available in court filings under the docket numbers 16-CV-3711 (S.D.N.Y.) (Ramos, J.) and 20-1759 (2d Cir.). Tribune Company Bankruptcy On August 20, 2021, the United States Court of Appeals for the Second Circuit issued its decision in the consolidated appeals in KIRSCHNER v. FITZSIMONS and KIRSCHNER v. CGMI. In the FITZSIMONS action, the Second Circuit affirmed the dismissal of the actual fraudulent transfer claim against the shareholder defendants, including the Citigroup affiliates. In the CGMI action, the Second Circuit affirmed the dismissal of all claims against CGMI except for the claim of constructive fraudulent conveyance. As to that claim, the Second Circuit vacated the dismissal and remanded to the district court for further proceedings on that claim and other claims that remain against certain other defendants that are not Citigroup affiliates. Additional information concerning this action is publicly available in court filings under the docket numbers 12 MC 2296 (S.D.N.Y.) (Cote, J.), 19-0449 (2d Cir.), and 19-3049 (2d Cir.). Variable Rate Demand Obligation Litigation On August 6, 2021, the plaintiffs in the nationwide putative class action filed a consolidated amended complaint, captioned THE BOARD OF DIRECTORS OF THE SAN DIEGO ASSOCIATION OF GOVERNMENTS v. BANK OF AMERICA CORP., ET AL. On September 14, 2021, defendants moved to dismiss the consolidated amended complaint in part. Additional information concerning this action is publicly available in court filings under the docket number 19-CV-1608 (S.D.N.Y.) (Furman, J.). Wind Farm Litigations On September 11, 2021, the Stephens Ranch plaintiffs voluntarily dismissed their action with prejudice. Additional information concerning this action is publicly available in court filings under docket numbers 652078/2021 (Sup. Ct. N.Y. Cnty.) (Reed, J.) and 2021-01387 (1st Dep’t). Settlement Payments Payments required in any settlement agreements described above have been made or are covered by existing litigation or other accruals. |
CONDENSED CONSOLIDATING FINANCI
CONDENSED CONSOLIDATING FINANCIAL STATEMENTS | 9 Months Ended |
Sep. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
CONDENSED CONSOLIDATING FINANCIAL STATEMENTS | CONDENSED CONSOLIDATING FINANCIAL STATEMENTS Citigroup’s Registration Statement on Form S-3 on file with the SEC includes its wholly owned subsidiary, Citigroup Global Markets Holdings Inc. (CGMHI), as a co-registrant. Any securities issued by CGMHI under the Form S-3 will be fully and unconditionally guaranteed by Citigroup. The following are the Condensed Consolidating Statements of Income and Comprehensive Income for the three and nine months ended September 30, 2021 and 2020, Condensed Consolidating Balance Sheet as of September 30, 2021 and December 31, 2020 and Condensed Consolidating Statement of Cash Flows for the nine months ended September 30, 2021 and 2020 for Citigroup Inc., the parent holding company (Citigroup parent company), CGMHI, other Citigroup subsidiaries and eliminations and total consolidating adjustments. “Other Citigroup subsidiaries and eliminations” includes all other subsidiaries of Citigroup, intercompany eliminations and income (loss) from discontinued operations. “Consolidating adjustments” includes Citigroup parent company elimination of distributed and undistributed income of subsidiaries and investment in subsidiaries. These Condensed Consolidating Financial Statements have been prepared and presented in accordance with SEC Regulation S-X Rule 3-10, “Financial Statements of Guarantors and Issuers of Guaranteed Securities Registered or Being Registered.” These Condensed Consolidating Financial Statements are presented for purposes of additional analysis, but should be considered in relation to the Consolidated Financial Statements of Citigroup taken as a whole. Condensed Consolidating Statements of Income and Comprehensive Income Three Months Ended September 30, 2021 In millions of dollars Citigroup parent company CGMHI Other Citigroup subsidiaries and eliminations Consolidating adjustments Citigroup consolidated Revenues Dividends from subsidiaries $ 2,592 $ — $ — $ (2,592) $ — Interest revenue — 844 11,806 — 12,650 Interest revenue—intercompany 935 129 (1,064) — — Interest expense 1,190 201 861 — 2,252 Interest expense—intercompany 56 323 (379) — — Net interest revenue $ (311) $ 449 $ 10,260 $ — $ 10,398 Commissions and fees $ — $ 1,893 $ 1,506 $ — $ 3,399 Commissions and fees—intercompany — 85 (85) — — Principal transactions 130 (1,468) 3,571 — 2,233 Principal transactions—intercompany (305) 2,220 (1,915) — — Other revenue (138) 159 1,103 — 1,124 Other revenue—intercompany (44) (13) 57 — — Total non-interest revenues $ (357) $ 2,876 $ 4,237 $ — $ 6,756 Total revenues, net of interest expense $ 1,924 $ 3,325 $ 14,497 $ (2,592) $ 17,154 Provisions for credit losses and for benefits and claims $ (2) $ 2 $ (192) $ — $ (192) Operating expenses Compensation and benefits $ 3 $ 1,347 $ 4,708 $ — $ 6,058 Compensation and benefits—intercompany 21 — (21) — — Other operating 35 728 4,663 — 5,426 Other operating—intercompany 2 781 (783) — — Total operating expenses $ 61 $ 2,856 $ 8,567 $ — $ 11,484 Equity in undistributed income of subsidiaries $ 2,530 $ — $ — $ (2,530) $ — Income (loss) from continuing operations before income taxes $ 4,395 $ 467 $ 6,122 $ (5,122) $ 5,862 Provision (benefit) for income taxes (249) 183 1,259 — 1,193 Income (loss) from continuing operations $ 4,644 $ 284 $ 4,863 $ (5,122) $ 4,669 Income (loss) from discontinued operations, net of taxes — — (1) — (1) Net income before attribution of noncontrolling interests $ 4,644 $ 284 $ 4,862 $ (5,122) $ 4,668 Noncontrolling interests — — 24 — 24 Net income (loss) $ 4,644 $ 284 $ 4,838 $ (5,122) $ 4,644 Comprehensive income Add: Other comprehensive income (loss) $ (1,731) $ (195) $ 2,007 $ (1,812) $ (1,731) Total Citigroup comprehensive income (loss) $ 2,913 $ 89 $ 6,845 $ (6,934) $ 2,913 Add: Other comprehensive income attributable to noncontrolling interests $ — $ — $ (31) $ — $ (31) Add: Net income attributable to noncontrolling interests — — 24 — 24 Total comprehensive income (loss) $ 2,913 $ 89 $ 6,838 $ (6,934) $ 2,906 Condensed Consolidating Statements of Income and Comprehensive Income Nine Months Ended September 30, 2021 In millions of dollars Citigroup parent company CGMHI Other Citigroup subsidiaries and eliminations Consolidating adjustments Citigroup consolidated Revenues Dividends from subsidiaries $ 6,392 $ — $ — $ (6,392) $ — Interest revenue — 2,829 34,818 — 37,647 Interest revenue—intercompany 2,847 410 (3,257) — — Interest expense 3,611 645 2,628 — 6,884 Interest expense—intercompany 234 982 (1,216) — — Net interest revenue $ (998) $ 1,612 $ 30,149 $ — $ 30,763 Commissions and fees $ — $ 5,890 $ 4,553 $ — $ 10,443 Commissions and fees—intercompany (27) 220 (193) — — Principal transactions 1,007 5,109 2,334 — 8,450 Principal transactions—intercompany (1,273) (2,128) 3,401 — — Other revenue (87) 401 3,985 — 4,299 Other revenue—intercompany (105) (41) 146 — — Total non-interest revenues $ (485) $ 9,451 $ 14,226 $ — $ 23,192 Total revenues, net of interest expense $ 4,909 $ 11,063 $ 44,375 $ (6,392) $ 53,955 Provisions for credit losses and for benefits and claims $ — $ 9 $ (3,322) $ — $ (3,313) Operating expenses Compensation and benefits $ 31 $ 3,984 $ 14,026 $ — $ 18,041 Compensation and benefits—intercompany 69 — (69) — — Other operating 60 2,050 13,598 — 15,708 Other operating—intercompany 8 2,269 (2,277) — — Total operating expenses $ 168 $ 8,303 $ 25,278 $ — $ 33,749 Equity in undistributed income of subsidiaries $ 13,270 $ — $ — $ (13,270) $ — Income (loss) from continuing operations before income taxes $ 18,011 $ 2,751 $ 22,419 $ (19,662) $ 23,519 Provision (benefit) for income taxes (768) 516 4,932 — 4,680 Income (loss) from continuing operations $ 18,779 $ 2,235 $ 17,487 $ (19,662) $ 18,839 Income (loss) from discontinued operations, net of taxes — — 7 — 7 Net income before attribution of noncontrolling interests $ 18,779 $ 2,235 $ 17,494 $ (19,662) $ 18,846 Noncontrolling interests — — 67 — 67 Net income (loss) $ 18,779 $ 2,235 $ 17,427 $ (19,662) $ 18,779 Comprehensive income Add: Other comprehensive income (loss) $ (4,793) $ (238) $ 578 $ (340) $ (4,793) Total Citigroup comprehensive income (loss) $ 13,986 $ 1,997 $ 18,005 $ (20,002) $ 13,986 Add: Other comprehensive income attributable to noncontrolling interests $ — $ — $ (71) $ — $ (71) Add: Net income attributable to noncontrolling interests — — 67 — 67 Total comprehensive income (loss) $ 13,986 $ 1,997 $ 18,001 $ (20,002) $ 13,982 Condensed Consolidating Statements of Income and Comprehensive Income Three Months Ended September 30, 2020 In millions of dollars Citigroup parent company CGMHI Other Citigroup subsidiaries and eliminations Consolidating adjustments Citigroup consolidated Revenues Dividends from subsidiaries $ 2,250 $ — $ — $ (2,250) $ — Interest revenue — 1,128 12,186 — 13,314 Interest revenue—intercompany 991 153 (1,144) — — Interest expense 1,267 274 1,280 — 2,821 Interest expense—intercompany 61 416 (477) — — Net interest revenue $ (337) $ 591 $ 10,239 $ — $ 10,493 Commissions and fees $ — $ 1,494 $ 1,259 $ — $ 2,753 Commissions and fees—intercompany — 30 (30) — — Principal transactions (169) (3,779) 6,456 — 2,508 Principal transactions—intercompany 42 4,350 (4,392) — — Other revenue (90) 208 1,430 — 1,548 Other revenue—intercompany 78 12 (90) — — Total non-interest revenues $ (139) $ 2,315 $ 4,633 $ — $ 6,809 Total revenues, net of interest expense $ 1,774 $ 2,906 $ 14,872 $ (2,250) $ 17,302 Provisions for credit losses and for benefits and claims $ — $ (1) $ 2,385 $ — $ 2,384 Operating expenses Compensation and benefits $ (21) $ 1,165 $ 4,451 $ — $ 5,595 Compensation and benefits—intercompany 44 — (44) — — Other operating 5 597 4,767 — 5,369 Other operating—intercompany 4 772 (776) — — Total operating expenses $ 32 $ 2,534 $ 8,398 $ — $ 10,964 Equity in undistributed income of subsidiaries $ 1,056 $ — $ — $ (1,056) $ — Income (loss) from continuing operations before income $ 2,798 $ 373 $ 4,089 $ (3,306) $ 3,954 Provision (benefit) for income taxes (348) 165 960 — 777 Income (loss) from continuing operations $ 3,146 $ 208 $ 3,129 $ (3,306) $ 3,177 Income (loss) from discontinued operations, net of taxes — — (7) — (7) Net income (loss) before attribution of noncontrolling interests $ 3,146 $ 208 $ 3,122 $ (3,306) $ 3,170 Noncontrolling interests — — 24 — 24 Net income (loss) $ 3,146 $ 208 $ 3,098 $ (3,306) $ 3,146 Comprehensive income Add: Other comprehensive income (loss) $ 280 $ (51) $ (2,178) $ 2,229 $ 280 Total Citigroup comprehensive income (loss) $ 3,426 $ 157 $ 920 $ (1,077) $ 3,426 Add: Other comprehensive income attributable to noncontrolling interests $ — $ — $ 19 $ — $ 19 Add: Net income attributable to noncontrolling interests — — 24 — 24 Total comprehensive income (loss) $ 3,426 $ 157 $ 963 $ (1,077) $ 3,469 Condensed Consolidating Statements of Income and Comprehensive Income Nine Months Ended September 30, 2020 In millions of dollars Citigroup parent company CGMHI Other Citigroup subsidiaries and eliminations Consolidating adjustments Citigroup consolidated Revenues Dividends from subsidiaries $ 2,355 $ — $ — $ (2,355) $ — Interest revenue — 4,340 40,702 — 45,042 Interest revenue—intercompany 3,202 776 (3,978) — — Interest expense 3,675 1,795 6,507 — 11,977 Interest expense—intercompany 451 1,819 (2,270) — — Net interest revenue $ (924) $ 1,502 $ 32,487 $ — $ 33,065 Commissions and fees $ — $ 4,815 $ 3,892 $ — $ 8,707 Commissions and fees—intercompany (19) 267 (248) — — Principal transactions (1,099) (518) 13,543 — 11,926 Principal transactions—intercompany 606 4,849 (5,455) — — Other revenue (24) 468 3,657 — 4,101 Other revenue—intercompany 16 38 (54) — — Total non-interest revenues $ (520) $ 9,919 $ 15,335 $ — $ 24,734 Total revenues, net of interest expense $ 911 $ 11,421 $ 47,822 $ (2,355) $ 57,799 Provisions for credit losses and for benefits and claims $ — $ (1) $ 17,542 $ — $ 17,541 Operating expenses Compensation and benefits $ 112 $ 3,806 $ 12,955 $ — $ 16,873 Compensation and benefits—intercompany 119 — (119) — — Other operating 37 1,789 13,368 — 15,194 Other operating—intercompany 12 1,629 (1,641) — — Total operating expenses $ 280 $ 7,224 $ 24,563 $ — $ 32,067 Equity in undistributed income of subsidiaries $ 5,285 $ — $ — $ (5,285) $ — Income (loss) from continuing operations before income $ 5,916 $ 4,198 $ 5,717 $ (7,640) $ 8,191 Provision (benefit) for income taxes (822) 1,217 1,014 — 1,409 Income (loss) from continuing operations $ 6,738 $ 2,981 $ 4,703 $ (7,640) $ 6,782 Income (loss) from discontinued operations, net of taxes — — (26) — (26) Net income (loss) before attribution of noncontrolling interests $ 6,738 $ 2,981 $ 4,677 $ (7,640) $ 6,756 Noncontrolling interests — — 18 — 18 Net income (loss) $ 6,738 $ 2,981 $ 4,659 $ (7,640) $ 6,738 Comprehensive income Add: Other comprehensive income (loss) $ 3,253 $ 277 $ 10,058 $ (10,335) $ 3,253 Total Citigroup comprehensive income (loss) $ 9,991 $ 3,258 $ 14,717 $ (17,975) $ 9,991 Add: Other comprehensive income attributable to noncontrolling interests $ — $ — $ 7 $ — $ 7 Add: Net income attributable to noncontrolling interests — — 18 — 18 Total comprehensive income (loss) $ 9,991 $ 3,258 $ 14,742 $ (17,975) $ 10,016 Condensed Consolidating Balance Sheet September 30, 2021 In millions of dollars Citigroup parent company CGMHI Other Citigroup subsidiaries and eliminations Consolidating adjustments Citigroup consolidated Assets Cash and due from banks $ — $ 965 $ 27,941 $ — $ 28,906 Cash and due from banks—intercompany 8 6,033 (6,041) — — Deposits with banks, net of allowance — 5,763 289,139 — 294,902 Deposits with banks—intercompany 4,000 9,200 (13,200) — — Securities borrowed and purchased under resale agreements — 277,955 59,741 — 337,696 Securities borrowed and purchased under resale agreements—intercompany — 25,137 (25,137) — — Trading account assets 249 204,591 138,074 — 342,914 Trading account assets—intercompany 1,001 5,043 (6,044) — — Investments, net of allowance 1 266 500,582 — 500,849 Loans, net of unearned income — 3,018 661,746 — 664,764 Loans, net of unearned income—intercompany — — — — — Allowance for credit losses on loans (ACLL) — — (17,715) — (17,715) Total loans, net $ — $ 3,018 $ 644,031 $ — $ 647,049 Advances to subsidiaries $ 147,338 $ — $ (147,338) $ — $ — Investments in subsidiaries 222,021 — — (222,021) — Other assets, net of allowance (1) 11,043 74,168 124,349 — 209,560 Other assets—intercompany 2,867 62,048 (64,915) — — Total assets $ 388,528 $ 674,187 $ 1,521,182 $ (222,021) $ 2,361,876 Liabilities and equity Deposits $ — $ — $ 1,347,528 $ — $ 1,347,528 Deposits—intercompany — — — — — Securities loaned and sold under repurchase agreements — 192,276 16,908 — 209,184 Securities loaned and sold under repurchase agreements—intercompany — 66,703 (66,703) — — Trading account liabilities 32 131,565 47,689 — 179,286 Trading account liabilities—intercompany 632 4,565 (5,197) — — Short-term borrowings — 14,547 15,136 — 29,683 Short-term borrowings—intercompany — 16,400 (16,400) — — Long-term debt 170,104 57,826 30,344 — 258,274 Long-term debt—intercompany — 74,016 (74,016) — — Advances from subsidiaries 14,049 — (14,049) — — Other liabilities, including allowance 2,780 66,345 67,186 — 136,311 Other liabilities—intercompany 56 12,466 (12,522) — — Stockholders’ equity 200,875 37,478 185,278 (222,021) 201,610 Total liabilities and equity $ 388,528 $ 674,187 $ 1,521,182 $ (222,021) $ 2,361,876 (1) Other assets for Citigroup parent company at September 30, 2021 included $35.0 billion of placements to Citibank and its branches, of which $19.5 billion had a remaining term of less than 30 days. Condensed Consolidating Balance Sheet December 31, 2020 In millions of dollars Citigroup parent company CGMHI Other Citigroup subsidiaries and eliminations Consolidating adjustments Citigroup consolidated Assets Cash and due from banks $ — $ 628 $ 25,721 $ — $ 26,349 Cash and due from banks—intercompany 16 6,081 (6,097) — — Deposits with banks, net of allowance — 5,224 278,042 — 283,266 Deposits with banks—intercompany 4,500 8,179 (12,679) — — Securities borrowed and purchased under resale agreements — 238,718 55,994 — 294,712 Securities borrowed and purchased under resale agreements—intercompany — 24,309 (24,309) — — Trading account assets 307 222,278 152,494 — 375,079 Trading account assets—intercompany 723 9,400 (10,123) — — Investments, net of allowance 1 374 446,984 — 447,359 Loans, net of unearned income — 2,524 673,359 — 675,883 Loans, net of unearned income—intercompany — — — — — Allowance for credit losses on loans (ACLL) — — (24,956) — (24,956) Total loans, net $ — $ 2,524 $ 648,403 $ — $ 650,927 Advances to subsidiaries $ 152,383 $ — $ (152,383) $ — $ — Investments in subsidiaries 213,267 — — (213,267) — Other assets, net of allowance (1) 12,156 60,273 109,969 — 182,398 Other assets—intercompany 2,781 51,489 (54,270) — — Total assets $ 386,134 $ 629,477 $ 1,457,746 $ (213,267) $ 2,260,090 Liabilities and equity Deposits $ — $ — $ 1,280,671 $ — $ 1,280,671 Deposits—intercompany — — — — — Securities loaned and sold under repurchase agreements — 184,786 14,739 — 199,525 Securities loaned and sold under repurchase agreements—intercompany — 76,590 (76,590) — — Trading account liabilities — 113,100 54,927 — 168,027 Trading account liabilities—intercompany 397 8,591 (8,988) — — Short-term borrowings — 12,323 17,191 — 29,514 Short-term borrowings—intercompany — 12,757 (12,757) — — Long-term debt 170,563 47,732 53,391 — 271,686 Long-term debt—intercompany — 67,322 (67,322) — — Advances from subsidiaries 12,975 — (12,975) — — Other liabilities, including allowance 2,692 55,217 52,558 — 110,467 Other liabilities—intercompany 65 15,378 (15,443) — — Stockholders’ equity 199,442 35,681 178,344 (213,267) 200,200 Total liabilities and equity $ 386,134 $ 629,477 $ 1,457,746 $ (213,267) $ 2,260,090 (1) Other assets for Citigroup parent company at December 31, 2020 included $29.5 billion of placements to Citibank and its branches, of which $24.3 billion had a remaining term of less than 30 days. Condensed Consolidating Statement of Cash Flows Nine Months Ended September 30, 2021 In millions of dollars Citigroup parent company CGMHI Other Citigroup subsidiaries and eliminations Consolidating adjustments Citigroup consolidated Net cash provided by operating activities of continuing operations $ 3,604 $ 30,413 $ 25,168 $ — $ 59,185 Cash flows from investing activities of continuing operations Purchases of investments $ — $ — $ (277,874) $ — $ (277,874) Proceeds from sales of investments — — 96,203 — 96,203 Proceeds from maturities of investments — — 107,361 — 107,361 Change in loans — — 6,613 — 6,613 Proceeds from sales and securitizations of loans — — 1,134 — 1,134 Change in securities borrowed and purchased under agreements to resell — (40,065) (2,919) — (42,984) Changes in investments and advances—intercompany 3,374 (9,743) 6,369 — — Other investing activities — (42) (2,480) — (2,522) Net cash provided by (used in) investing activities of continuing operations $ 3,374 $ (49,850) $ (65,593) $ — $ (112,069) Cash flows from financing activities of continuing operations Dividends paid $ (3,959) $ (195) $ 195 $ — $ (3,959) Issuance of preferred stock 2,300 — — — 2,300 Redemption of preferred stock (3,785) — — — (3,785) Treasury stock acquired (7,448) — — — (7,448) Proceeds (repayments) from issuance of long-term debt, net 4,660 11,336 (18,507) — (2,511) Proceeds (repayments) from issuance of long-term debt—intercompany, net — 9,084 (9,084) — — Change in deposits — — 73,769 — 73,769 Change in securities loaned and sold under agreements to repurchase — (2,397) 12,056 — 9,659 Change in short-term borrowings — 2,224 (2,055) — 169 Net change in short-term borrowings and other advances—intercompany 1,074 1,253 (2,327) — — Capital contributions from (to) parent — — (19) 19 — — Other financing activities (328) — — — (328) Net cash provided by (used in) financing activities of continuing operations $ (7,486) $ 21,286 $ 54,066 $ — $ 67,866 Effect of exchange rate changes on cash and due from banks $ — $ — $ (789) $ — $ (789) Change in cash and due from banks and deposits with banks $ (508) $ 1,849 $ 12,852 $ — $ 14,193 Cash and due from banks and deposits with banks at beginning of period 4,516 20,112 284,987 — 309,615 Cash and due from banks and deposits with banks at end of period $ 4,008 $ 21,961 $ 297,839 $ — $ 323,808 Cash and due from banks $ 8 $ 6,998 $ 21,900 $ — $ 28,906 Deposits with banks, net of allowance 4,000 14,963 275,939 — 294,902 Cash and due from banks and deposits with banks at end of period $ 4,008 $ 21,961 $ 297,839 $ — $ 323,808 Supplemental disclosure of cash flow information for continuing operations Cash paid (received) during the period for income taxes $ (1,757) $ 809 $ 4,011 $ — $ 3,063 Cash paid during the period for interest 2,307 1,687 2,900 — 6,894 Non-cash investing activities Decrease in net loans associated with significant disposals reclassified to HFS $ — $ — $ 8,291 $ — $ 8,291 Transfers to loans HFS from loans — — 5,329 — 5,329 Non-cash financing activities Decrease in long-term debt associated with significant disposals reclassified to HFS $ — $ — $ 521 $ — $ 521 Decrease in deposits associated with significant disposals reclassified to HFS — — 6,912 — 6,912 Condensed Consolidating Statement of Cash Flows Nine Months Ended September 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 $ 3,605 $ (36,465) $ 10,606 $ — $ (22,254) Cash flows from investing activities of continuing operations Purchases of investments $ — $ — $ (276,084) $ — $ (276,084) Proceeds from sales of investments — — 130,237 — 130,237 Proceeds from maturities of investments — — 78,476 — 78,476 Change in loans — — 23,488 — 23,488 Proceeds from sales and securitizations of loans — — 924 — 924 Change in securities borrowed and purchased under agreements to resell — (35,332) (2,704) — (38,036) Changes in investments and advances—intercompany (5,179) (5,532) 10,711 — — Other investing activities — — (2,205) — (2,205) Net cash used in investing activities of continuing operations $ (5,179) $ (40,864) $ (37,157) $ — $ (83,200) Cash flows from financing activities of continuing operations Dividends paid $ (4,024) $ (168) $ 168 $ — $ (4,024) 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 16,136 6,606 (4,664) — 18,078 Proceeds (repayments) from issuance of long-term debt—intercompany, net — 1,607 (1,607) — — Change in deposits — — 192,033 — 192,033 Change in securities loaned and sold under agreements to repurchase — 75,977 (35,089) — 40,888 Change in short-term borrowings — 788 (8,398) — (7,610) Net change in short-term borrowings and other advances—intercompany (7,214) (6,524) 13,738 — — Other financing activities (408) — — — (408) Net cash provided by financing activities of continuing operations $ 1,565 $ 78,286 $ 156,181 $ — $ 236,032 Effect of exchange rate changes on cash and due from banks $ — $ — $ (802) $ — $ (802) Change in cash and due from banks and deposits with banks $ (9) $ 957 $ 128,828 $ — $ 129,776 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 $ 3,012 $ 17,398 $ 303,285 $ — $ 323,695 Cash and due from banks $ 12 $ 5,960 $ 19,336 $ — $ 25,308 Deposits with banks, net of allowance 3,000 11,438 283,949 — 298,387 Cash and due from banks and deposits with banks at end of period $ 3,012 $ 17,398 $ 303,285 $ — $ 323,695 Supplemental disclosure of cash flow information for continuing operations Cash paid during the period for income taxes $ (1,263) $ 1,177 $ 3,923 $ — $ 3,837 Cash paid during the period for interest 2,507 3,988 5,007 — 11,502 Non-cash investing activities Transfers to loans HFS from loans $ — $ — $ 2,122 $ — $ 2,122 |
BASIS OF PRESENTATION, UPDATE_2
BASIS OF PRESENTATION, UPDATED ACCOUNTING POLICIES AND ACCOUNTING CHANGES (Policies) | 9 Months Ended |
Sep. 30, 2021 | |
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 Citigroup’s 2020 Annual Report on Form 10-K 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 disclosure 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 ACL is adjusted each period for changes in lifetime expected 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 an earlier recognition of the provision for credit losses and the related ACL 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 ACL 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 quality of 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 and discounts inputs for the corporate classifiably managed portfolios, 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. The qualitative management adjustment component includes, among other things, management adjustments to reflect economic uncertainty based on the likelihood and severity of downside scenarios and certain portfolio characteristics not captured in the quantitative component, such as concentrations, collateral coverage, model limitations, idiosyncratic events and other factors as required by banking supervisory guidance for the ACL. The qualitative management adjustment component also includes management adjustments to reflect the uncertainty around the estimated impact of the pandemic on credit loss estimates. Accounting for Variable Post-Charge-Off Third-Party Collection Costs In the fourth quarter of 2020, Citi revised the 2020 second quarter accounting conclusion for its variable post-charge-off third-party collection costs from a “change in accounting estimate effected by a change in accounting principle” to a “change in accounting principle,” which required an adjustment to January 1, 2020 opening retained earnings, rather than 2020 net income. As a result, Citi’s full-year and quarterly results for 2020 were revised to reflect this change as if it were effective as of January 1, 2020, as follows: • An increase to beginning retained earnings on January 1, 2020 of $330 million and a decrease of $443 million in the allowance for credit losses on loans, as well as a $113 million decrease in other assets related to income taxes. • A decrease of $18 million to provisions for credit losses on loans in the first quarter and increases of $339 million and $122 million to provisions for credit losses on loans in the second and third quarters, respectively. • Increases in operating expenses of $49 million and $45 million with a corresponding decrease in net credit losses, in the first and second quarters, respectively. In making these revisions, Citi considered the guidance in ASC Topic 250, Accounting Changes and Error Corrections ; ASC Topic 270, Interim Reporting ; ASC Topic 250-S99-1, Assessing Materiality ; and ASC Topic 250-S99-23, Accounting Changes Not Retroactively Applied Due to Immateriality, Considering the Effects of Prior Year Misstatements when Quantifying Misstatements in Current Year Financial Statements . Citi believes that the effects of the revisions were not material to any previously reported quarterly or annual period. 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 permits 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 financial results in 2020. In January 2021, the FASB issued ASU No. 2021-01, Reference Rate Reform (Topic 848): Scope , which clarifies that the scope of the initial accounting relief issued by the FASB in March 2020 includes derivative instruments that do not reference a rate that is expected to be discontinued but that use an interest rate for margining, discounting or contract price alignment that is modified as a result of reference rate reform (commonly referred to as the “discounting transition”). The amendments do not apply to contract modifications made after December 31, 2022, new hedging relationships entered into after December 31, 2022 and existing hedging relationships evaluated for effectiveness in periods after December 31, 2022, except for hedging relationships existing as of December 31, 2022, that apply certain optional expedients in which the accounting effects are recorded through the end of the hedging relationship. The ASU was adopted by Citi on a full retrospective basis upon issuance and did not impact financial results in 2020. FUTURE ACCOUNTING CHANGES Long-Duration Insurance Contracts In August 2018, the FASB issued ASU No. 2018-12, Financial Services—Insurance: Targeted Improvements to the Accounting for Long-Duration Contracts , which changes the existing recognition, measurement, presentation and disclosures for long-duration contracts issued by an insurance entity. Specifically, the guidance (i) improves the timeliness of recognizing changes in the liability for future policy benefits and prescribes the rate used to discount future cash flows for long-duration insurance contracts, (ii) simplifies and improves the accounting for certain market-based options or guarantees associated with deposit (or account balance) contracts, (iii) simplifies the amortization of deferred acquisition costs and (iv) introduces additional quantitative and qualitative disclosures. Citi has certain insurance subsidiaries, primarily in Mexico, that issue long-duration insurance contracts such as traditional life insurance policies and life-contingent annuity contracts that will be impacted by the requirements of ASU 2018-12. The effective date of ASU 2018-12 was deferred for all insurance entities by ASU 2019-09, Financial Services—Insurance: Effective Date (issued in October 2019) and by ASU 2020-11, Financial Services—Insurance: Effective Date and Early Application |
DISCONTINUED OPERATIONS, SIGN_2
DISCONTINUED OPERATIONS, SIGNIFICANT DISPOSALS AND OTHER BUSINESS EXITS (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Summarized financial information disposal groups including discontinued operations | The following table summarizes financial information for all Discontinued operations : Three Months Ended September 30, Nine Months Ended September 30, In millions of dollars 2021 2020 2021 2020 Total revenues, net of interest expense $ — $ — $ — $ — Income (loss) from discontinued operations (1) $ (1) $ (7) $ 7 $ (26) Benefit for income taxes — — — — Income (loss) from discontinued operations, $ (1) $ (7) $ 7 $ (26) (1) Amounts in each period relate to the sale of the Egg Banking business in 2011. AOCI component of equity, resulting in a neutral CTA impact to Citi’s Common Equity Tier 1 Capital. Income before taxes, excluding the pretax loss on sale, for the Australia consumer banking business is as follows: Three Months Ended September 30, Nine Months Ended September 30, In millions of dollars 2021 2020 2021 2020 Income before taxes $ 95 $ 78 $ 236 $ 153 The following are assets and liabilities for the Australia consumer banking business, which were identified and reclassified to held-for-sale within Other assets and Other liabilities , respectively, on the Consolidated Balance Sheet at September 30, 2021: In millions of dollars September 30, 2021 Assets Cash and deposits with banks $ 21 Loans (net of allowance of $249 million at September 30, 2021) 8,291 Goodwill and intangible assets 257 Other assets 85 Total assets $ 8,654 Liabilities Deposits $ 6,912 Long-term debt 521 Other liabilities 143 Total liabilities $ 7,576 |
BUSINESS SEGMENTS (Tables)
BUSINESS SEGMENTS (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Segment Reporting [Abstract] | |
Information regarding the Company's operations by segment | The following tables present certain information regarding the Company’s continuing operations by segment and Corporate/Other : Three Months Ended September 30, Revenues, (1) Provision (benefits) Income (loss) from (2) Identifiable assets In millions of dollars, except identifiable assets in billions 2021 2020 2021 2020 2021 2020 September 30, December 31, 2020 Global Consumer Banking $ 6,260 $ 7,173 $ 424 $ 284 $ 1,334 $ 920 $ 442 $ 434 Institutional Clients Group 10,786 10,353 991 800 3,443 2,857 1,819 1,730 Corporate/Other 108 (224) (222) (307) (108) (600) 101 96 Total $ 17,154 $ 17,302 $ 1,193 $ 777 $ 4,669 $ 3,177 $ 2,362 $ 2,260 Nine Months Ended September 30, Revenues, (3) Provision (benefits) Income (loss) from (4) In millions of dollars 2021 2020 2021 2020 2021 2020 Global Consumer Banking $ 20,117 $ 22,686 $ 1,654 $ (254) $ 5,337 $ (569) Institutional Clients Group 33,393 34,974 3,821 2,284 13,210 8,253 Corporate/Other 445 139 (795) (621) 292 (902) Total $ 53,955 $ 57,799 $ 4,680 $ 1,409 $ 18,839 $ 6,782 (1) Includes total revenues, net of interest expense (excluding Corporate/Other ), in North America of $8.5 billion and $8.4 billion; in EMEA of $3.1 billion and $3.1 billion; in Latin America of $2.3 billion and $2.2 billion; and in Asia of $3.2 billion and $3.8 billion for the three months ended September 30, 2021 and 2020, 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 $(0.1) billion and $1.7 billion; in the ICG results of $0.0 billion and $0.8 billion; and in the Corporate/Other results of $(0.1) billion and $(0.1) billion for the three months ended September 30, 2021 and 2020, respectively. (3) Includes total revenues, net of interest expense, in North America of $25.7 billion and $28.3 billion; in EMEA of $10.1 billion and $9.9 billion; in Latin America of $6.7 billion and $7.0 billion; and in Asia of $11.1 billion and $12.3 billion for the nine months ended September 30, 2021 and 2020, 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 $(0.4) billion and $10.6 billion; in the ICG results of $(2.6) billion and $6.7 billion; and in the Corporate/Other results of $(0.3) billion and $0.2 billion for the nine months ended September 30, 2021 and 2020, respectively. |
INTEREST REVENUE AND EXPENSE (T
INTEREST REVENUE AND EXPENSE (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Banking and Thrift, Interest [Abstract] | |
Interest revenue and interest expense | Interest revenue and Interest expense consisted of the following: Three Months Ended September 30, Nine Months Ended September 30, In millions of dollars 2021 2020 2021 2020 Interest revenue Loan interest, including fees $ 8,874 $ 9,421 $ 26,516 $ 30,820 Deposits with banks 147 116 418 802 Securities borrowed and purchased under agreements to resell 264 352 763 1,961 Investments, including dividends 1,885 1,870 5,455 6,248 Trading account assets (1) 1,284 1,457 4,091 4,720 Other interest-bearing assets 196 98 404 491 Total interest revenue $ 12,650 $ 13,314 $ 37,647 $ 45,042 Interest expense Deposits (2) $ 1,023 $ 1,293 $ 3,030 $ 5,376 Securities loaned and sold under agreements to repurchase 287 292 800 1,830 Trading account liabilities (1) 106 123 370 506 Short-term borrowings and other interest-bearing liabilities 8 88 70 612 Long-term debt 828 1,025 2,614 3,653 Total interest expense $ 2,252 $ 2,821 $ 6,884 $ 11,977 Net interest revenue $ 10,398 $ 10,493 $ 30,763 $ 33,065 Provision (benefit) for credit losses on loans (188) 1,931 (2,793) 16,298 Net interest revenue after provision for credit losses on loans $ 10,586 $ 8,562 $ 33,556 $ 16,767 (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 $293 million and $375 million for the three months ended September 30, 2021 and 2020, respectively, and $912 million and $870 million for the nine months ended September 30, 2021 and 2020, respectively. |
COMMISSIONS AND FEES; ADMINIS_2
COMMISSIONS AND FEES; ADMINISTRATION AND OTHER FIDUCIARY FEES (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
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 September 30, 2021 Nine Months Ended September 30, 2021 In millions of dollars ICG GCB Corporate/Other Total ICG GCB Corporate/Other Total Investment banking $ 1,493 $ — $ — $ 1,493 $ 4,503 $ — $ — $ 4,503 Brokerage commissions 483 290 — 773 1,626 910 — 2,536 Credit- and bank-card income Interchange fees 225 2,317 — 2,542 580 6,496 — 7,076 Card-related loan fees 7 164 — 171 19 511 — 530 Card rewards and partner payments (1) (119) (2,541) — (2,660) (298) (7,048) — (7,346) Deposit-related fees (2) 270 69 — 339 774 219 — 993 Transactional service fees 257 24 — 281 749 74 — 823 Corporate finance (3) 214 — — 214 552 — — 552 Insurance distribution revenue 3 114 — 117 9 356 — 365 Insurance premiums — 25 — 25 — 75 — 75 Loan servicing 10 11 3 24 32 28 11 71 Other 19 61 — 80 87 175 3 265 Total commissions and fees (4) $ 2,862 $ 534 $ 3 $ 3,399 $ 8,633 $ 1,796 $ 14 $ 10,443 Three Months Ended September 30, 2020 Nine Months Ended September 30, 2020 In millions of dollars ICG GCB Corporate/Other Total ICG GCB Corporate/Other Total Investment banking $ 1,076 $ — $ — $ 1,076 $ 3,474 $ — $ — $ 3,474 Brokerage commissions 486 260 — 746 1,545 713 — 2,258 Credit- and bank-card income Interchange fees 158 1,842 — 2,000 542 5,264 — 5,806 Card-related loan fees 4 157 — 161 18 455 — 473 Card rewards and partner payments (1) (73) (2,073) — (2,146) (292) (5,911) — (6,203) Deposit-related fees (2) 246 79 — 325 699 279 — 978 Transactional service fees 217 20 — 237 659 64 — 723 Corporate finance (3) 77 — — 77 372 — — 372 Insurance distribution revenue 4 129 — 133 9 367 — 376 Insurance premiums — 25 — 25 — 99 — 99 Loan servicing 16 4 10 30 54 26 20 100 Other 34 55 — 89 91 157 3 251 Total commissions and fees (4) $ 2,245 $ 498 $ 10 $ 2,753 $ 7,171 $ 1,513 $ 23 $ 8,707 (1) Citi’s consumer credit card programs have certain partner-sharing agreements that vary by partner. These agreements are subject to contractually based performance thresholds that, if met, would require Citi to make ongoing payments to the partner. The threshold is based on the profitability of a program and is generally calculated based on predefined program revenues less predefined program expenses. In most of Citi’s partner-sharing agreements, program expenses include net credit losses and, to the extent that the increase in net credit losses reduces Citi’s liability for the partners’ share for a given program year, would generally result in lower payments to partners in total for that year and vice versa. Further, in some instances, other partner payments are based on program sales and new account acquisitions. (2) Includes overdraft fees of $28 million and $23 million for the three months ended September 30, 2021 and 2020, respectively, and $75 million and $74 million for the nine months ended September 30, 2021 and 2020, respectively. Overdraft fees are accounted for under ASC 310. (3) Consists primarily of fees earned from structuring and underwriting loan syndications or related financing activity. This activity is accounted for under ASC 310. (4) Commissions and fees include $(2,208) million and $(1,816) million not accounted for under ASC 606, Revenue from Contracts with Customers , for the three months ended September 30, 2021 and 2020, respectively, and $(6,031) million and $(5,044) million for the nine months ended September 30, 2021 and 2020, 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 tables present Administration and other fiduciary fees revenue: Three Months Ended September 30, 2021 Nine Months Ended September 30, 2021 In millions of dollars ICG GCB Corporate/Other Total ICG GCB Corporate/Other Total Custody fees $ 471 $ 7 $ 1 $ 479 $ 1,419 $ 19 $ 1 $ 1,439 Fiduciary fees 204 175 3 382 596 511 6 1,113 Guarantee fees 144 1 1 146 429 5 4 438 Total administration and other fiduciary fees (1) $ 819 $ 183 $ 5 $ 1,007 $ 2,444 $ 535 $ 11 $ 2,990 Three Months Ended September 30, 2020 Nine Months Ended September 30, 2020 In millions of dollars ICG GCB Corporate/Other Total ICG GCB Corporate/Other Total Custody fees $ 427 $ 8 $ 2 $ 437 $ 1,165 $ 22 $ 38 $ 1,225 Fiduciary fees 167 153 — 320 497 441 — 938 Guarantee fees 132 2 1 135 393 5 4 402 Total administration and other fiduciary fees (1) $ 726 $ 163 $ 3 $ 892 $ 2,055 $ 468 $ 42 $ 2,565 (1) Administration and other fiduciary fees include $146 million and $135 million for the three months ended September 30, 2021 and 2020, respectively, and $438 million and $402 million for the nine months ended September 30, 2021 and 2020, respectively, that are not accounted for under ASC 606, Revenue from Contracts with Customers. These generally include guarantee fees. |
PRINCIPAL TRANSACTIONS (Tables)
PRINCIPAL TRANSACTIONS (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Principal Transactions Revenue, Net [Abstract] | |
Principal transactions revenue | The following table presents Principal transactions revenue: Three Months Ended September 30, Nine Months Ended September 30, In millions of dollars 2021 2020 2021 2020 Interest rate risks (1) $ 461 $ 993 $ 2,424 $ 4,751 Foreign exchange risks (2) 924 960 2,851 3,069 Equity risks (3) 666 157 1,869 1,078 Commodity and other risks (4) 252 248 844 1,007 Credit products and risks (5) (70) 150 462 2,021 Total $ 2,233 $ 2,508 $ 8,450 $ 11,926 (1) Includes revenues from government securities and corporate debt, municipal securities, mortgage securities and other debt instruments. Also includes spot and forward trading of currencies and exchange-traded and over-the-counter (OTC) currency options, options on fixed income securities, interest rate swaps, currency swaps, swap options, caps and floors, financial futures, OTC options and forward contracts on fixed income securities. (2) Includes revenues from foreign exchange spot, forward, option and swap contracts, as well as foreign currency translation (FX translation) gains and losses. (3) Includes revenues from common, preferred and convertible preferred stock, convertible corporate debt, equity-linked notes and exchange-traded and OTC equity options and warrants. (4) Primarily includes revenues from crude oil, refined oil products, natural gas and other commodities trades. (5) Includes revenues from structured credit products. |
RETIREMENT BENEFITS (Tables)
RETIREMENT BENEFITS (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Retirement Benefits [Abstract] | |
Components of net (benefit) expense | The following tables summarize the components of net (benefit) expense recognized in the Consolidated Statement of Income for the Company’s pension and postretirement plans for Significant Plans and All Other Plans: Three Months Ended September 30, Pension plans Postretirement benefit plans U.S. plans Non-U.S. plans U.S. plans Non-U.S. plans In millions of dollars 2021 2020 2021 2020 2021 2020 2021 2020 Benefits earned during the period $ — $ — $ 36 $ 38 $ — $ — $ 2 $ 2 Interest cost on benefit obligation 87 87 67 59 3 4 25 22 Expected return on assets (173) (205) (65) (62) (3) (4) (22) (18) Amortization of unrecognized: Prior service benefit — — (1) (1) (3) — (2) (3) Net actuarial loss 57 62 16 17 — — 4 5 Settlement loss (gain) (1) — — 1 (6) — — — — Total net (benefit) expense $ (29) $ (56) $ 54 $ 45 $ (3) $ — $ 7 $ 8 (1) Losses (gains) due to settlement relate to repositioning and divestiture activities. Nine Months Ended September 30, Pension plans Postretirement benefit plans U.S. plans Non-U.S. plans U.S. plans Non-U.S. plans In millions of dollars 2021 2020 2021 2020 2021 2020 2021 2020 Benefits earned during the period $ — $ — $ 113 $ 109 $ — $ — $ 6 $ 6 Interest cost on benefit obligation 264 294 199 184 9 14 74 68 Expected return on assets (529) (619) (189) (183) (10) (13) (65) (56) Amortization of unrecognized: Prior service cost (benefit) 1 1 (4) (4) (7) — (7) (7) Net actuarial loss (gain) 173 171 48 51 (1) — 12 15 Settlement loss (gain) (1) — — 5 (3) — — — — Total net (benefit) expense $ (91) $ (153) $ 172 $ 154 $ (9) $ 1 $ 20 $ 26 (1) Losses (gains) due to settlement relate to repositioning and divestiture activities. The following table summarizes the net expense recognized in the Consolidated Statement of Income for the Company’s U.S. post employment plans: Three Months Ended September 30, Nine Months In millions of dollars 2021 2020 2021 2020 Service-related expense Interest cost on benefit obligation $ — $ 1 $ — $ 1 Amortization of unrecognized: Net actuarial loss 1 — 2 1 Total service-related expense $ 1 $ 1 $ 2 $ 2 Non-service-related expense $ 3 $ 4 $ 7 $ 12 Total net expense $ 4 $ 5 $ 9 $ 14 |
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: Nine Months Ended September 30, 2021 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 $ 13,815 $ 8,629 $ 559 $ 1,390 Plans measured annually (25) (2,248) — (277) Projected benefit obligation at beginning of year—Significant Plans $ 13,790 $ 6,381 $ 559 $ 1,113 First quarter activity (983) (572) (37) (146) Second quarter activity 265 138 (6) 53 Projected benefit obligation at June 30, 2021—Significant Plans $ 13,072 $ 5,947 $ 516 $ 1,020 Benefits earned during the period — 20 — 1 Interest cost on benefit obligation 87 58 3 23 Actuarial gain (63) (65) (4) (29) Benefits paid, net of participants’ contributions and government subsidy (249) (87) (12) (15) Settlement gain (1) — (8) — — Curtailment gain (1) — (14) — — Foreign exchange impact and other — (147) — (32) Projected benefit obligation at period end—Significant Plans $ 12,847 $ 5,704 $ 503 $ 968 Change in plan assets Plan assets at fair value at beginning of year $ 13,309 $ 7,831 $ 331 $ 1,146 Plans measured annually — (1,500) — (8) Plan assets at fair value at beginning of year—Significant Plans $ 13,309 $ 6,331 $ 331 $ 1,138 First quarter activity (435) (404) (8) (44) Second quarter activity 320 213 5 35 Plan assets at fair value at June 30, 2021—Significant Plans $ 13,194 $ 6,140 $ 328 $ 1,129 Actual return on plan assets 86 32 1 18 Company contributions, net of reimbursements 13 16 10 — Benefits paid, net of participants’ contributions and government subsidy (249) (87) (12) (15) Settlements gain (1) — (8) — — Foreign exchange impact and other — (130) — (36) Plan assets at fair value at period end—Significant Plans $ 13,044 $ 5,963 $ 327 $ 1,096 Qualified plans (2) $ 865 $ 259 $ (176) $ 128 Nonqualified plans (3) (668) — — — Funded status of the plans at period end—Significant Plans $ 197 $ 259 $ (176) $ 128 Net amount recognized at period end Benefit asset $ 865 $ 808 $ — $ 128 Benefit liability (668) (549) (176) — Net amount recognized on the balance sheet—Significant Plans $ 197 $ 259 $ (176) $ 128 Amounts recognized in AOCI at period end Prior service benefit $ — $ (1) $ 94 $ 51 Net actuarial (loss) gain (6,580) (884) 86 (207) Net amount recognized in equity (pretax)—Significant Plans $ (6,580) $ (885) $ 180 $ (156) Accumulated benefit obligation at period end—Significant Plans $ 12,845 $ 5,425 $ 503 $ 968 (1) Gains due to settlement and curtailment relate to repositioning and divestiture activities. (2) The U.S. qualified pension plan is fully funded under specified Employee Retirement Income Security Act of 1974, as amended (ERISA), funding rules as of January 1, 2021 and no minimum required funding is expected for 2021. (3) The nonqualified plans of the Company are unfunded. |
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 September 30, 2021 Nine Months Ended September 30, 2021 Beginning of period balance, net of tax (1)(2) $ (6,063) $ (6,864) Actuarial assumptions changes and plan experience 175 1,125 Net asset loss due to difference between actual and expected returns (116) (325) Net amortization 69 216 Curtailment/settlement gain (loss) (3) 1 (3) Foreign exchange impact and other 46 153 Change in deferred taxes, net (40) (230) Change, net of tax $ 135 $ 936 End of period balance, net of tax (1)(2) $ (5,928) $ (5,928) (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 Sept. 30, 2021 Sept. 30, 2020 U.S. plans Qualified pension 2.75 % 2.60 % Nonqualified pension 2.70 2.55 Postretirement 2.60 2.45 Non-U.S. plans Pension 0.25–9.25 0.20–8.40 Weighted average 4.23 3.68 Postretirement 9.50 8.80 The discount rates utilized at period end in determining the pension and postretirement benefit obligations for the Significant Plans are as follows: Plan obligations assumed discount rates at period ended Sept. 30, 2021 Jun. 30, 2021 Mar. 31, 2021 U.S. plans Qualified pension 2.80 % 2.75 % 3.10 % Nonqualified pension 2.75 2.70 3.00 Postretirement 2.65 2.60 2.85 Non-U.S. plans Pension 0.30–9.55 0.25–9.25 0.25–9.30 Weighted average 4.37 4.23 4.26 Postretirement 9.80 9.50 9.70 |
Effect of one-percentage-point change in the discount rates on pension expense | The following table summarizes the estimated effect on the Company’s Significant Plans quarterly expense of a one-percentage-point change in the discount rate: Three Months Ended September 30, 2021 In millions of dollars One-percentage-point increase One-percentage-point decrease Pension U.S. plans $ 9 $ (12) Non-U.S. plans 1 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 nine months ended September 30, 2021 and 2020, as well as expected Company contributions for the remainder of 2021 and the actual contributions made in 2020: Pension plans Postretirement plans U.S. plans (1) Non-U.S. plans U.S. plans Non-U.S. plans In millions of dollars 2021 2020 2021 2020 2021 2020 2021 2020 Company contributions (2) for the nine months ended September 30 $ 41 $ 42 $ 116 $ 111 $ 19 $ — $ 6 $ 6 Company contributions (reimbursements) made during the — 14 — 47 — (15) — 3 Company contributions expected to be made during 16 — 36 — 2 — 2 — (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 September 30, Nine Months In millions of dollars 2021 2020 2021 2020 U.S. plans $ 113 $ 101 $ 324 $ 304 Non-U.S. plans 87 73 270 223 |
EARNINGS PER SHARE (Tables)
EARNINGS PER SHARE (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Earnings Per Share [Abstract] | |
Reconciliation of the income and share data used in the basic and diluted earnings per share computations | The following table reconciles the income and share data used in the basic and diluted earnings per share (EPS) computations: Three Months Ended September 30, Nine Months Ended September 30, In millions of dollars, except per share amounts 2021 2020 2021 2020 Earnings per common share Income from continuing operations before attribution of noncontrolling interests $ 4,669 $ 3,177 $ 18,839 $ 6,782 Less: Noncontrolling interests from continuing operations 24 24 67 18 Net income from continuing operations (for EPS purposes) $ 4,645 $ 3,153 $ 18,772 $ 6,764 Income (loss) from discontinued operations, net of taxes (1) (7) 7 (26) Citigroup’s net income $ 4,644 $ 3,146 $ 18,779 $ 6,738 Less: Preferred dividends (1) 266 284 811 828 Net income available to common shareholders $ 4,378 $ 2,862 $ 17,968 $ 5,910 Less: Dividends and undistributed earnings allocated to employee restricted and deferred shares with rights to dividends, applicable to basic EPS 26 18 134 50 Net income allocated to common shareholders for basic EPS $ 4,352 $ 2,844 $ 17,834 $ 5,860 Weighted-average common shares outstanding applicable to basic EPS (in millions) 2,009.3 2,081.8 2,049.3 2,087.1 Basic earnings per share (2) Income from continuing operations $ 2.17 $ 1.37 $ 8.70 $ 2.82 Discontinued operations — — — (0.01) Net income per share—basic $ 2.17 $ 1.37 $ 8.70 $ 2.81 Diluted earnings per share Net income allocated to common shareholders for basic EPS $ 4,352 $ 2,844 $ 17,834 $ 5,860 Add back: Dividends allocated to employee restricted and deferred shares with rights to dividends that are forfeitable 8 7 23 22 Net income allocated to common shareholders for diluted EPS $ 4,360 $ 2,851 $ 17,857 $ 5,882 Weighted-average common shares outstanding applicable to basic EPS (in millions) 2,009.3 2,081.8 2,049.3 2,087.1 Effect of dilutive securities Options (3) — — — — Other employee plans 16.9 12.5 16.0 13.0 Adjusted weighted-average common shares outstanding applicable to diluted EPS (in millions) (4) 2,026.2 2,094.3 2,065.3 2,100.1 Diluted earnings per share (2) Income from continuing operations $ 2.15 $ 1.36 $ 8.64 $ 2.81 Discontinued operations — — — (0.01) Net income per share—diluted $ 2.15 $ 1.36 $ 8.65 $ 2.80 (1) On October 21, 2021, Citi declared preferred dividends of approximately $228 million for the fourth quarter of 2021. On October 27, 2021, Citi issued 1.0 million shares of Series Y preferred shares for $1.0 billion. During the second quarter of 2021, Citi redeemed all of its 1.25 million Series Q preferred shares for $1.25 billion and the remaining 1.035 million Series R preferred shares for $1.035 billion. During the first quarter of 2021, Citi redeemed all of its 41.4 million Series S preferred shares for $1.035 billion and 465,000 shares of its Series R preferred shares for $465 million, and Citi also issued 2.3 million of Series X preferred shares for $2.3 billion. (2) Due to rounding, earnings per share on continuing operations and discontinued operations may not sum to earnings per share on net income. (3) During the first, second and third quarters of 2021 and 2020, no significant options to purchase shares of common stock were outstanding. (4) Due to rounding, weighted-average common shares outstanding applicable to basic EPS and the effect of dilutive securities may not sum to weighted-average common shares outstanding applicable to diluted EPS. |
SECURITIES BORROWED, LOANED A_2
SECURITIES BORROWED, LOANED AND SUBJECT TO REPURCHASE AGREEMENTS (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
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 September 30, December 31, 2020 Securities purchased under agreements to resell $ 234,191 $ 204,655 Deposits paid for securities borrowed 103,514 90,067 Total, net (1) $ 337,705 $ 294,722 Allowance for credit losses on securities purchased and borrowed (2) (9) (10) Total, net of allowance $ 337,696 $ 294,712 |
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 September 30, December 31, 2020 Securities sold under agreements to repurchase $ 188,998 $ 181,194 Deposits received for securities loaned 20,186 18,331 Total, net (1) $ 209,184 $ 199,525 (1) The above tables do not include securities-for-securities lending transactions of $3.4 billion and $6.8 billion at September 30, 2021 and December 31, 2020, 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 September 30, 2021 In millions of dollars Gross amounts Gross amounts (1) Net amounts of Amounts (2) Net (3) Securities purchased under agreements to resell $ 355,702 $ 121,511 $ 234,191 $ 178,517 $ 55,674 Deposits paid for securities borrowed 120,159 16,645 103,514 22,145 81,369 Total $ 475,861 $ 138,156 $ 337,705 $ 200,662 $ 137,043 In millions of dollars Gross amounts Gross amounts (1) Net amounts of Amounts (2) Net (3) Securities sold under agreements to repurchase $ 310,509 $ 121,511 $ 188,998 $ 87,606 $ 101,392 Deposits received for securities loaned 36,831 16,645 20,186 3,587 16,599 Total $ 347,340 $ 138,156 $ 209,184 $ 91,193 $ 117,991 As of December 31, 2020 In millions of dollars Gross amounts Gross amounts (1) Net amounts of Amounts (2) Net (3) Securities purchased under agreements to resell $ 362,025 $ 157,370 $ 204,655 $ 159,232 $ 45,423 Deposits paid for securities borrowed 96,425 6,358 90,067 13,474 76,593 Total $ 458,450 $ 163,728 $ 294,722 $ 172,706 $ 122,016 In millions of dollars Gross amounts Gross amounts (1) Net amounts of Amounts (2) Net (3) Securities sold under agreements to repurchase $ 338,564 $ 157,370 $ 181,194 $ 95,563 $ 85,631 Deposits received for securities loaned 24,689 6,358 18,331 7,982 10,349 Total $ 363,253 $ 163,728 $ 199,525 $ 103,545 $ 95,980 (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 September 30, 2021 In millions of dollars Gross amounts Gross amounts (1) Net amounts of Amounts (2) Net (3) Securities purchased under agreements to resell $ 355,702 $ 121,511 $ 234,191 $ 178,517 $ 55,674 Deposits paid for securities borrowed 120,159 16,645 103,514 22,145 81,369 Total $ 475,861 $ 138,156 $ 337,705 $ 200,662 $ 137,043 In millions of dollars Gross amounts Gross amounts (1) Net amounts of Amounts (2) Net (3) Securities sold under agreements to repurchase $ 310,509 $ 121,511 $ 188,998 $ 87,606 $ 101,392 Deposits received for securities loaned 36,831 16,645 20,186 3,587 16,599 Total $ 347,340 $ 138,156 $ 209,184 $ 91,193 $ 117,991 As of December 31, 2020 In millions of dollars Gross amounts Gross amounts (1) Net amounts of Amounts (2) Net (3) Securities purchased under agreements to resell $ 362,025 $ 157,370 $ 204,655 $ 159,232 $ 45,423 Deposits paid for securities borrowed 96,425 6,358 90,067 13,474 76,593 Total $ 458,450 $ 163,728 $ 294,722 $ 172,706 $ 122,016 In millions of dollars Gross amounts Gross amounts (1) Net amounts of Amounts (2) Net (3) Securities sold under agreements to repurchase $ 338,564 $ 157,370 $ 181,194 $ 95,563 $ 85,631 Deposits received for securities loaned 24,689 6,358 18,331 7,982 10,349 Total $ 363,253 $ 163,728 $ 199,525 $ 103,545 $ 95,980 (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 September 30, 2021 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 $ 137,111 $ 87,435 $ 33,974 $ 51,989 $ 310,509 Deposits received for securities loaned 26,931 42 2,088 7,770 36,831 Total $ 164,042 $ 87,477 $ 36,062 $ 59,759 $ 347,340 As of December 31, 2020 In millions of dollars Open and overnight Up to 30 days 31–90 days Greater than 90 days Total Securities sold under agreements to repurchase $ 160,754 $ 98,226 $ 41,679 $ 37,905 $ 338,564 Deposits received for securities loaned 17,038 3 2,770 4,878 24,689 Total $ 177,792 $ 98,229 $ 44,449 $ 42,783 $ 363,253 The following tables present the gross amounts of liabilities associated with repurchase agreements and securities lending agreements by class of underlying collateral: As of September 30, 2021 In millions of dollars Repurchase agreements Securities lending agreements Total U.S. Treasury and federal agency securities $ 108,346 $ 2 $ 108,348 State and municipal securities 996 — 996 Foreign government securities 134,204 200 134,404 Corporate bonds 22,914 297 23,211 Equity securities 22,025 36,202 58,227 Mortgage-backed securities 16,576 — 16,576 Asset-backed securities 1,571 — 1,571 Other 3,877 130 4,007 Total $ 310,509 $ 36,831 $ 347,340 As of December 31, 2020 In millions of dollars Repurchase agreements Securities lending agreements Total U.S. Treasury and federal agency securities $ 112,437 $ — $ 112,437 State and municipal securities 664 2 666 Foreign government securities 130,017 194 130,211 Corporate bonds 20,149 78 20,227 Equity securities 21,497 24,149 45,646 Mortgage-backed securities 45,566 — 45,566 Asset-backed securities 3,307 — 3,307 Other 4,927 266 5,193 Total $ 338,564 $ 24,689 $ 363,253 |
BROKERAGE RECEIVABLES AND BRO_2
BROKERAGE RECEIVABLES AND BROKERAGE PAYABLES (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Brokers and Dealers [Abstract] | |
Brokerage receivables and brokerage payables | Brokerage receivables and Brokerage payables consisted of the following: In millions of dollars September 30, December 31, 2020 Receivables from customers $ 21,833 $ 18,097 Receivables from brokers, dealers and clearing organizations 37,654 26,709 Total brokerage receivables (1) $ 59,487 $ 44,806 Payables to customers $ 48,300 $ 39,319 Payables to brokers, dealers and clearing organizations 12,201 11,165 Total brokerage payables (1) $ 60,501 $ 50,484 |
INVESTMENTS (Tables)
INVESTMENTS (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of investments by category | The following table presents Citi’s investments by category: In millions of dollars September 30, December 31, 2020 Debt securities available-for-sale (AFS) $ 295,573 $ 335,084 Debt securities held-to-maturity (HTM) (1) 198,056 104,943 Marketable equity securities carried at fair value (2) 379 515 Non-marketable equity securities carried at fair value (2) 539 551 Non-marketable equity securities measured using the measurement alternative (3) 1,392 962 Non-marketable equity securities carried at cost (4) 4,910 5,304 Total investments $ 500,849 $ 447,359 (1) Carried at adjusted amortized cost basis, net of any ACL. (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 “Non-Marketable Equity Securities Not Carried at Fair Value” 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 September 30, Nine Months Ended September 30, In millions of dollars 2021 2020 2021 2020 Taxable interest $ 1,777 $ 1,752 $ 5,152 $ 5,915 Interest exempt from U.S. federal income tax 73 85 196 231 Dividend income 35 33 107 102 Total interest and dividend income on investments $ 1,885 $ 1,870 $ 5,455 $ 6,248 |
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 September 30, Nine Months Ended September 30, In millions of dollars 2021 2020 2021 2020 Gross realized investment gains $ 142 $ 381 $ 757 $ 1,619 Gross realized investment losses (25) (77) (102) (135) Net realized gains on sales of investments $ 117 $ 304 $ 655 $ 1,484 |
Amortized cost and fair value of AFS debt securities | The amortized cost and fair value of AFS debt securities were as follows: September 30, 2021 December 31, 2020 In millions of dollars Amortized Gross Gross Allowance for credit losses Fair Amortized Gross Gross Allowance for credit losses Fair Debt securities AFS Mortgage-backed securities (1) U.S. government-sponsored agency guaranteed $ 36,127 $ 743 $ 201 $ — $ 36,669 $ 42,836 $ 1,134 $ 52 $ — $ 43,918 Non-U.S. residential 362 1 — — 363 568 3 — — 571 Commercial 34 — — — 34 49 1 — — 50 Total mortgage-backed securities $ 36,523 $ 744 $ 201 $ — $ 37,066 $ 43,453 $ 1,138 $ 52 $ — $ 44,539 U.S. Treasury and federal agency securities U.S. Treasury $ 122,491 $ 1,119 $ 436 $ — $ 123,174 $ 144,094 $ 2,108 $ 49 $ — $ 146,153 Agency obligations — — — — — 50 1 — — 51 Total U.S. Treasury and federal agency securities $ 122,491 $ 1,119 $ 436 $ — $ 123,174 $ 144,144 $ 2,109 $ 49 $ — $ 146,204 State and municipal $ 2,710 $ 85 $ 111 $ — $ 2,684 $ 3,753 $ 123 $ 157 $ — $ 3,719 Foreign government 120,322 496 624 — 120,194 123,467 1,623 122 — 124,968 Corporate 6,929 70 65 8 6,926 10,444 152 91 5 10,500 Asset-backed securities (1) 263 1 — — 264 277 5 4 — 278 Other debt securities 5,265 1 1 — 5,265 4,871 5 — — 4,876 Total debt securities AFS $ 294,503 $ 2,516 $ 1,438 $ 8 $ 295,573 $ 330,409 $ 5,155 $ 475 $ 5 $ 335,084 (1) The Company invests in mortgage- and asset-backed securities, which are typically issued by VIEs through securitization transactions. 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 September 30, 2021 Debt securities AFS Mortgage-backed securities U.S. government-sponsored agency guaranteed $ 10,965 $ 182 $ 197 $ 19 $ 11,162 $ 201 Non-U.S. residential 58 — — — 58 — Commercial 2 — — — 2 — Total mortgage-backed securities $ 11,025 $ 182 $ 197 $ 19 $ 11,222 $ 201 U.S. Treasury $ 38,146 $ 122 $ 19,579 $ 314 $ 57,725 $ 436 State and municipal 198 5 1,182 106 1,380 111 Foreign government 54,437 494 9,452 130 63,889 624 Corporate 1,994 65 21 — 2,015 65 Asset-backed securities 3 — — — 3 — Other debt securities 2,787 1 — — 2,787 1 Total debt securities AFS $ 108,590 $ 869 $ 30,431 $ 569 $ 139,021 $ 1,438 December 31, 2020 Debt securities AFS Mortgage-backed securities U.S. government-sponsored agency guaranteed $ 3,588 $ 30 $ 298 $ 22 $ 3,886 $ 52 Non-U.S. residential 1 — — — 1 — Commercial 7 — 4 — 11 — Total mortgage-backed securities $ 3,596 $ 30 $ 302 $ 22 $ 3,898 $ 52 U.S. Treasury and federal agency securities U.S. Treasury $ 25,031 $ 49 $ — $ — $ 25,031 $ 49 Agency obligations 50 — — — 50 — Total U.S. Treasury and federal agency securities $ 25,081 $ 49 $ — $ — $ 25,081 $ 49 State and municipal $ 836 $ 34 $ 893 $ 123 $ 1,729 $ 157 Foreign government 29,344 61 3,502 61 32,846 122 Corporate 1,083 90 24 1 1,107 91 Asset-backed securities 194 3 39 1 233 4 Other debt securities 182 — — — 182 — Total debt securities AFS $ 60,316 $ 267 $ 4,760 $ 208 $ 65,076 $ 475 |
Amortized cost and fair value of debt securities by contractual maturity dates | The following table presents the amortized cost and fair value of AFS debt securities by contractual maturity dates: September 30, 2021 December 31, 2020 In millions of dollars Amortized Fair Amortized Fair Mortgage-backed securities (1) Due within 1 year $ 200 $ 200 $ 27 $ 27 After 1 but within 5 years 187 188 567 571 After 5 but within 10 years 726 776 688 757 After 10 years (2) 35,410 35,902 42,171 43,184 Total $ 36,523 $ 37,066 $ 43,453 $ 44,539 U.S. Treasury and federal agency securities Due within 1 year $ 27,539 $ 27,614 $ 34,834 $ 34,951 After 1 but within 5 years 94,520 95,132 108,160 110,091 After 5 but within 10 years 432 428 1,150 1,162 After 10 years (2) — — — — Total $ 122,491 $ 123,174 $ 144,144 $ 146,204 State and municipal Due within 1 year $ 45 $ 45 $ 427 $ 428 After 1 but within 5 years 137 140 189 198 After 5 but within 10 years 160 168 276 267 After 10 years (2) 2,368 2,331 2,861 2,826 Total $ 2,710 $ 2,684 $ 3,753 $ 3,719 Foreign government Due within 1 year $ 47,441 $ 47,492 $ 48,133 $ 48,258 After 1 but within 5 years 65,523 65,370 67,365 68,586 After 5 but within 10 years 5,560 5,514 5,908 6,011 After 10 years (2) 1,798 1,818 2,061 2,113 Total $ 120,322 $ 120,194 $ 123,467 $ 124,968 All other (3) Due within 1 year $ 6,108 $ 6,112 $ 6,661 $ 6,665 After 1 but within 5 years 5,434 5,464 7,814 7,891 After 5 but within 10 years 853 846 1,018 1,034 After 10 years (2) 62 33 99 64 Total $ 12,457 $ 12,455 $ 15,592 $ 15,654 Total debt securities AFS $ 294,503 $ 295,573 $ 330,409 $ 335,084 (1) Includes mortgage-backed securities of U.S. government-sponsored agencies. The Company invests in mortgage- and asset-backed securities, which are typically issued by VIEs through securitization transactions. (2) Investments with no stated maturities are included as contractual maturities of greater than 10 years. Actual maturities may differ due to call or prepayment rights. (3) Includes corporate, asset-backed and other debt securities. The following table presents the carrying value and fair value of HTM debt securities by contractual maturity dates: September 30, 2021 December 31, 2020 In millions of dollars Amortized cost (1) Fair value Amortized cost (1) Fair value Mortgage-backed securities Due within 1 year $ 160 $ 160 $ 81 $ 81 After 1 but within 5 years 737 792 463 477 After 5 but within 10 years 1,637 1,736 1,699 1,873 After 10 years (2) 66,679 67,484 48,710 50,671 Total $ 69,213 $ 70,172 $ 50,953 $ 53,102 U.S. Treasury securities Due within 1 year $ — $ — $ — $ — After 1 but within 5 years 42,783 42,287 18,955 19,127 After 5 but within 10 years 45,487 45,159 2,338 2,115 After 10 years (2) — — — — Total $ 88,270 $ 87,446 $ 21,293 $ 21,242 State and municipal Due within 1 year $ 54 $ 54 $ 6 $ 6 After 1 but within 5 years 168 172 139 142 After 5 but within 10 years 838 881 818 869 After 10 years (2) 7,892 8,402 8,222 8,912 Total $ 8,952 $ 9,509 $ 9,185 $ 9,929 Foreign government Due within 1 year $ 334 $ 335 $ 361 $ 360 After 1 but within 5 years 1,360 1,353 1,570 1,662 After 5 but within 10 years — — — — After 10 years (2) — — — — Total $ 1,694 $ 1,688 $ 1,931 $ 2,022 All other (3) Due within 1 year $ — $ — $ — $ — After 1 but within 5 years — — — — After 5 but within 10 years 11,299 11,297 11,795 15,020 After 10 years (2) 18,628 18,612 9,786 6,475 Total $ 29,927 $ 29,909 $ 21,581 $ 21,495 Total debt securities HTM $ 198,056 $ 198,724 $ 104,943 $ 107,790 (1) Amortized cost is reported net of ACL of $73 million and $86 million at September 30, 2021 and December 31, 2020, respectively. (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 September 30, 2021 Debt securities HTM Mortgage-backed securities (2) U.S. government-sponsored agency guaranteed $ 67,517 $ 1,490 $ 533 $ 68,474 Non-U.S. residential 739 1 — 740 Commercial 957 3 2 958 Total mortgage-backed securities $ 69,213 $ 1,494 $ 535 $ 70,172 U.S. Treasury securities $ 88,270 $ 26 $ 850 $ 87,446 State and municipal (3) 8,952 575 18 9,509 Foreign government 1,694 10 16 1,688 Asset-backed securities (2) 29,927 9 27 29,909 Total debt securities HTM, net $ 198,056 $ 2,114 $ 1,446 $ 198,724 December 31, 2020 Debt securities HTM Mortgage-backed securities (2) U.S. government-sponsored agency guaranteed $ 49,004 $ 2,162 $ 15 $ 51,151 Non-U.S. residential 1,124 3 1 1,126 Commercial 825 1 1 825 Total mortgage-backed securities $ 50,953 $ 2,166 $ 17 $ 53,102 U.S. Treasury securities (4) $ 21,293 $ 4 $ 55 $ 21,242 State and municipal 9,185 755 11 9,929 Foreign government 1,931 91 — 2,022 Asset-backed securities (2) 21,581 6 92 21,495 Total debt securities HTM, net $ 104,943 $ 3,022 $ 175 $ 107,790 (1) Amortized cost is reported net of ACL of $73 million and $86 million at September 30, 2021 and December 31, 2020, respectively. (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. (3) In February 2021, the Company transferred $237 million of state and municipal bonds from AFS classification to HTM classification in accordance with ASC 320. At the time of transfer, the securities were in an unrealized gain position of $14 million. The gain amounts will remain in AOCI and will be amortized over the remaining life of the securities. (4) In August 2020, the Company transferred $13.1 billion of investments in U.S. Treasury securities from AFS classification to HTM classification in accordance with ASC 320. At the time of transfer, the securities were in an unrealized gain position of $144 million. The gain amounts will remain in AOCI and will be amortized over the remaining life of the securities. |
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 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 21 — 21 30 — 30 Total impairment losses recognized in earnings $ 21 $ — $ 21 $ 30 $ — $ 30 Nine Months Ended Nine Months Ended In millions of dollars AFS Other Total AFS 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 99 — 99 101 — 101 Total impairment losses recognized in earnings $ 99 $ — $ 99 $ 101 $ — $ 101 |
Schedule of allowance for credit losses on available for sale securities | Allowance for Credit Losses on AFS Debt Securities Three Months Ended September 30, 2021 In millions of dollars Mortgage-backed U.S. Treasury and federal agency State and municipal Foreign government Corporate Total AFS Allowance for credit losses at beginning of period $ — $ — $ — $ — $ 5 $ 5 Less: Write-offs — — — — — — Recoveries of amounts written-off — — — — — — Net credit losses (NCLs) $ — $ — $ — $ — $ — $ — NCLs $ — $ — $ — $ — $ — $ — Credit losses on securities without previous credit losses — — — — 1 1 Net reserve builds (releases) on securities with previous credit losses — — — — — — Total provision for credit losses $ — $ — $ — $ — $ 1 $ 1 Initial allowance on newly purchased credit-deteriorated securities during the period — — — — — — Allowance for credit losses at end of period $ — $ — $ — $ — $ 6 $ 6 Nine Months Ended September 30, 2021 In millions of dollars Mortgage-backed U.S. Treasury and federal agency State and municipal Foreign government Corporate Total AFS Allowance for credit losses at beginning of period $ — $ — $ — $ — $ 5 $ 5 Less: Write-offs — — — — — — Recoveries of amounts written-off — — — — — — Net credit losses (NCLs) $ — $ — $ — $ — $ — $ — NCLs $ — $ — $ — $ — $ — $ — Credit losses on securities without previous credit losses — — — — 1 1 Net reserve builds (releases) on securities with previous credit losses — — — — — — Total provision for credit losses $ — $ — $ — $ — $ 1 $ 1 Initial allowance on newly purchased credit-deteriorated securities during the period — — — — — — Allowance for credit losses at end of period $ — $ — $ — $ — $ 6 $ 6 Three Months Ended September 30, 2020 In millions of dollars Mortgage-backed U.S. Treasury and federal agency State and municipal Foreign government Corporate Total AFS Allowance for credit losses at beginning of period $ — $ — $ — $ 3 $ 5 $ 8 Less: Write-offs — — — — — — Recoveries of amounts written-off — — — — 1 1 Net credit losses (NCLs) $ — $ — $ — $ — $ 1 $ 1 NCLs $ — $ — $ — $ — $ (1) $ (1) Credit losses on securities without previous credit losses — — — — — — Net reserve builds (releases) on securities with previous credit losses — — — (3) — (3) Total provision for credit losses $ — $ — $ — $ (3) $ (1) $ (4) Initial allowance on newly purchased credit-deteriorated securities during the period — — — — — — Allowance for credit losses at end of period $ — $ — $ — $ — $ 5 $ 5 Nine Months Ended September 30, 2020 In millions of dollars Mortgage-backed U.S. Treasury and federal agency State and municipal Foreign government Corporate Total AFS Allowance for credit losses at beginning of period $ — $ — $ — $ — $ — $ — Less: Write-offs — — — — — — Recoveries of amounts written-off — — — — 1 1 Net credit losses (NCLs) $ — $ — $ — $ — $ 1 $ 1 NCLs $ — $ — $ — $ — $ (1) $ (1) Credit losses on securities without previous credit losses — — — 3 5 8 Net reserve builds (releases) on securities with previous credit losses — — — (3) — (3) Total provision for credit losses $ — $ — $ — $ — $ 4 $ 4 Initial allowance on newly purchased credit-deteriorated securities during the period — — — — — — Allowance for credit losses at end of period $ — $ — $ — $ — $ 5 $ 5 |
Carrying value of non-marketable equity securities measured using the measurement alternative | Below is the carrying value of non-marketable equity securities measured using the measurement alternative at September 30, 2021 and December 31, 2020: In millions of dollars September 30, 2021 December 31, 2020 Measurement alternative: Carrying value $ 1,392 $ 962 Below are amounts recognized in earnings and life-to-date amounts for non-marketable equity securities measured using the measurement alternative: Three Months Ended September 30, Nine Months Ended September 30, In millions of dollars 2021 2020 2021 2020 Measurement alternative: (1) Impairment losses $ 9 $ 2 $ 13 $ 55 Downward changes for observable prices — — — 19 Upward changes for observable prices 86 40 382 82 (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 September 30, 2021 Measurement alternative: Impairment losses $ 76 Downward changes for observable prices 53 Upward changes for observable prices 861 |
Investments in alternative investment funds | Fair value Unfunded Redemption frequency Redemption In millions of dollars September 30, December 31, 2020 September 30, December 31, 2020 Private equity funds (1)(2) $ 123 $ 123 $ 60 $ 62 — — Real estate funds (2)(3) 2 9 1 20 — — Mutual/collective investment funds 20 20 — — — — Total $ 145 $ 152 $ 61 $ 82 — — (1) Private equity funds include funds that invest in infrastructure, emerging markets and venture capital. (2) With respect to the Company’s investments in private equity funds and real estate funds, distributions from each fund will be received as the underlying assets held by these funds are liquidated. It is estimated that the underlying assets of these funds will be liquidated over a period of several years as market conditions allow. Private equity and real estate funds do not allow redemption of investments by their investors. Investors are permitted to sell or transfer their investments, subject to the approval of the general partner or investment manager of these funds, which generally may not be unreasonably withheld. (3) Includes several real estate funds that invest primarily in commercial real estate in the U.S., Europe and Asia. |
LOANS (Tables)
LOANS (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Consumer | |
Financing Receivable, Credit Quality Indicator [Line Items] | |
Schedule of loan delinquency and non-accrual details | Consumer Loans, Delinquencies and Non-Accrual Status at September 30, 2021 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 is no ACLL Non-accrual loans for which there is an ACLL Total 90 days In North America offices (6) Residential first mortgages (7) $ 43,388 $ 289 $ 275 $ 393 $ 44,345 $ 133 $ 347 $ 480 $ 267 Home equity loans (8)(9) 5,276 48 161 — 5,485 65 210 275 — Credit cards 123,897 846 783 — 125,526 — — — 783 Personal, small business and other 3,150 12 6 11 3,179 — 17 17 — Total $ 175,711 $ 1,195 $ 1,225 $ 404 $ 178,535 $ 198 $ 574 $ 772 $ 1,050 In offices outside North America (6) Residential first mortgages (7) $ 33,993 $ 177 $ 169 $ — $ 34,339 $ — $ 419 $ 419 $ — Credit cards 17,304 233 226 — 17,763 — 187 187 146 Personal, small business and other 33,362 162 89 — 33,613 — 211 211 26 Total $ 84,659 $ 572 $ 484 $ — $ 85,715 $ — $ 817 $ 817 $ 172 Total Citigroup (10) $ 260,370 $ 1,767 $ 1,709 $ 404 $ 264,250 $ 198 $ 1,391 $ 1,589 $ 1,222 (1) Loans less than 30 days past due are presented as current. (2) Includes $13 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. Most modified loans in North America 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). Consumer relief programs in Asia and Mexico largely expired during the fourth quarter of 2020 and began to age at that time. (5) Consists of loans 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 $650 million. Unearned income on consumer loans primarily represents unamortized origination fees and costs, premiums and discounts. Interest Income Recognized for Non-Accrual Consumer Loans In millions of dollars Three Months Ended September 30, 2021 Three Months Ended September 30, 2020 Nine Months Ended September 30, 2021 Nine Months Ended September 30, 2020 In North America offices (1) Residential first mortgages $ 3 $ 4 $ 9 $ 11 Home equity loans 2 2 6 6 Credit cards — — — — Personal, small business and other — — — — Total $ 5 $ 6 $ 15 $ 17 In offices outside North America (1) Residential first mortgages $ — $ — $ — $ — Credit cards — — — — Personal, small business and other — — — — Total $ — $ — $ — $ — Total Citigroup $ 5 $ 6 $ 15 $ 17 (1) North America includes the U.S., Canada and Puerto Rico. Mexico is included in offices outside North America. Consumer Loans, Delinquencies and Non-Accrual Status at December 31, 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 Non-accrual loans for which there is no ACLL Non-accrual loans for which there is an ACLL Total 90 days In North America offices (6) Residential first mortgages (7) $ 46,471 $ 402 $ 381 $ 524 $ 47,778 $ 136 $ 509 $ 645 $ 332 Home equity loans (8)(9) 6,829 78 221 — 7,128 72 307 379 — Credit cards 127,827 1,228 1,330 — 130,385 — — — 1,330 Personal, small business and other 4,472 27 10 — 4,509 2 33 35 — Total $ 185,599 $ 1,735 $ 1,942 $ 524 $ 189,800 $ 210 $ 849 $ 1,059 $ 1,662 In offices outside North America (6) Residential first mortgages (7) $ 39,557 $ 213 $ 199 $ — $ 39,969 $ — $ 486 $ 486 $ — Credit cards 21,718 429 545 — 22,692 — 384 384 324 Personal, small business and other 35,925 319 134 — 36,378 — 212 212 52 Total $ 97,200 $ 961 $ 878 $ — $ 99,039 $ — $ 1,082 $ 1,082 $ 376 Total Citigroup (10) $ 282,799 $ 2,696 $ 2,820 $ 524 $ 288,839 $ 210 $ 1,931 $ 2,141 $ 2,038 (1) Loans less than 30 days past due are presented as current. (2) Includes $14 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 $0.2 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. |
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)(2) September 30, 2021 In millions of dollars Less than 680 Greater FICO not available Total loans Residential first mortgages 2021 $ 132 $ 2,555 $ 5,535 2020 180 2,949 8,046 2019 133 1,369 3,499 2018 207 468 820 2017 249 646 1,272 Prior 1,602 4,164 8,755 Total residential first mortgages $ 2,503 $ 12,151 $ 27,927 $ 1,764 $ 44,345 Home equity loans (pre-reset) $ 228 $ 877 $ 1,399 Home equity loans (post-reset) 678 1,097 1,176 Total home equity loans $ 906 $ 1,974 $ 2,575 $ 30 $ 5,485 Credit cards (3) $ 21,579 $ 50,734 $ 50,451 $ 2,237 $ 125,001 Personal, small business and other 2021 $ 19 $ 63 $ 114 2020 23 50 77 2019 48 65 82 2018 41 45 47 2017 11 12 13 Prior 120 176 141 Total personal, small business and other $ 262 $ 411 $ 474 $ 2,032 $ 3,179 Total $ 25,250 $ 65,270 $ 81,427 $ 6,063 $ 178,010 FICO score distribution in U.S. portfolio (1)(2) December 31, 2020 In millions of dollars Less than 680 Greater FICO not available Total Residential first mortgages 2020 $ 187 $ 3,741 $ 9,052 2019 150 1,857 5,384 2018 246 655 1,227 2017 298 846 1,829 2016 323 1,368 3,799 Prior 1,708 4,133 9,105 Total residential first mortgages $ 2,912 $ 12,600 $ 30,396 $ 1,870 $ 47,778 Home equity loans (pre-reset) $ 292 $ 1,014 $ 1,657 Home equity loans (post-reset) 1,055 1,569 1,524 Total home equity loans $ 1,347 $ 2,583 $ 3,181 $ 17 $ 7,128 Credit cards (3) $ 26,227 $ 52,778 $ 49,767 $ 1,041 $ 129,813 Personal, small business and other 2020 $ 23 $ 58 $ 95 2019 79 106 134 2018 82 80 84 2017 26 27 30 2016 10 9 8 Prior 214 393 529 Total personal, small business and other $ 434 $ 673 $ 880 $ 2,522 $ 4,509 Total $ 30,920 $ 68,634 $ 84,224 $ 5,450 $ 189,228 (1) The FICO bands in the tables are consistent with general industry peer presentations. (2) FICO scores are updated on either a monthly or quarterly basis. For updates that are made only quarterly, certain current-period loans by year of origination are greater than those disclosed in the prior periods. Loans that did not have FICO scores as of the prior period have been updated with FICO scores as they become available. (3) Excludes $525 million and $572 million of balances related to Canada for September 30, 2021 and December 31, 2020, respectively. 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 September 30, 2021 In millions of dollars Less than > 80% but less Greater LTV not available Total Residential first mortgages 2021 $ 7,875 $ 355 $ — 2020 11,049 137 — 2019 4,913 96 1 2018 1,378 117 6 2017 2,117 56 2 Prior 14,556 44 10 Total residential first mortgages $ 41,888 $ 805 $ 19 $ 1,633 $ 44,345 Home equity loans (pre-reset) $ 2,441 $ 34 $ 10 Home equity loans (post-reset) 2,839 69 28 Total home equity loans $ 5,280 $ 103 $ 38 $ 64 $ 5,485 Total $ 47,168 $ 908 $ 57 $ 1,697 $ 49,830 LTV distribution in U.S. portfolio December 31, 2020 In millions of dollars Less than > 80% but less Greater LTV not available Total Residential first mortgages 2020 $ 11,447 $ 1,543 $ — 2019 7,029 376 2 2018 1,617 507 11 2017 2,711 269 4 2016 5,423 84 2 Prior 14,966 66 16 Total residential first mortgages $ 43,193 $ 2,845 $ 35 $ 1,705 $ 47,778 Home equity loans (pre-reset) $ 2,876 $ 50 $ 16 Home equity loans (post-reset) 3,782 290 58 Total home equity loans $ 6,658 $ 340 $ 74 $ 56 $ 7,128 Total $ 49,851 $ 3,185 $ 109 $ 1,761 $ 54,906 |
Schedule of impaired loans | The following tables present information about impaired consumer loans and interest income recognized on impaired consumer loans: Three Months Ended Nine Months Ended Balance at September 30, 2021 2021 2020 2021 2020 In millions of dollars Recorded investment (1)(2) Unpaid Related specific allowance (3) Average carrying value (4) Interest income (5) Interest income (5) Interest income (5) Interest income (5) Mortgage and real estate Residential first mortgages $ 1,422 $ 1,566 $ 103 $ 1,632 $ 23 $ 16 $ 65 $ 44 Home equity loans 262 355 4 408 2 3 8 10 Credit cards 1,701 1,702 661 1,895 24 26 92 77 Personal, small business and other 467 787 123 529 14 18 41 50 Total $ 3,852 $ 4,410 $ 891 $ 4,464 $ 63 $ 63 $ 206 $ 181 Balance at December 31, 2020 In millions of dollars Recorded investment (1)(2) Unpaid Related specific allowance (3) Average carrying value (4) Mortgage and real estate Residential first mortgages $ 1,787 $ 1,962 $ 157 $ 1,661 Home equity loans 478 651 60 527 Credit cards 1,982 2,135 918 1,926 Personal, small business and other 552 552 210 463 Total $ 4,799 $ 5,300 $ 1,345 $ 4,577 (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) For September 30, 2021, $191 million of residential first mortgages and $119 million of home equity loans do not have a specific allowance. For December 31, 2020, $211 million of residential first mortgages and $147 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 September 30, 2021 In millions of dollars, except number of loans modified Number of Post- (2)(3) Deferred (4) Contingent (5) Principal (6) Average North America Residential first mortgages 281 $ 48 $ — $ — $ — 1 % Home equity loans 31 1 — — — 1 Credit cards 33,746 159 — — — 18 Personal, small business and other 169 1 — — — 4 Total (7) 34,227 $ 209 $ — $ — $ — International Residential first mortgages 451 $ 22 $ — $ — $ — — % Credit cards 16,082 71 — — 2 15 Personal, small business and other 7,336 49 — — 2 9 Total (7) 23,869 $ 142 $ — $ — $ 4 For the Three Months Ended September 30, 2020 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 237 $ 42 $ — $ — $ — — % Home equity loans 62 5 — — — — Credit cards 48,909 261 — — — 17 Personal, small business and other 1,040 12 — — — 6 Total (7) 50,248 $ 320 $ — $ — $ — International Residential first mortgages 696 $ 21 $ — $ — $ — 1 % Credit cards 25,147 122 — — 2 14 Personal, small business and other 12,652 106 — — 2 10 Total (7) 38,495 $ 249 $ — $ — $ 4 (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 $4 million of residential first mortgages to borrowers who have gone through Chapter 7 bankruptcy in the three months ended September 30, 2021. These amounts include $2 million of residential first mortgages that were newly classified as TDRs in the three months ended September 30, 2021, 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 during the reporting period. (8) Post-modification balances in North America include $2 million of residential first mortgages to borrowers who have gone through Chapter 7 bankruptcy in the three months ended September 30, 2020. These amounts include $1 million of residential first mortgages that were newly classified as TDRs in the three months ended September 30, 2020, based on previously received OCC guidance. Consumer Troubled Debt Restructurings (1) For the Nine Months Ended September 30, 2021 In millions of dollars, except number of loans modified Number of Post- (2)(3) Deferred (4) Contingent (5) Principal (6) Average North America Residential first mortgages 942 $ 163 $ — $ — $ — — % Home equity loans 138 9 — — — — Credit cards 129,129 639 — — — 17 Personal, small business and other 855 12 — — — 3 Total (7) 131,064 $ 823 $ — $ — $ — International Residential first mortgages 1,448 $ 74 $ — $ — $ — — % Credit cards 58,978 267 — — 10 14 Personal, small business and other 21,653 162 — — 5 9 Total (7) 82,079 $ 503 $ — $ — $ 15 For the Nine Months Ended September 30, 2020 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 812 $ 137 $ — $ — $ — — % Home equity loans 227 22 — — — 1 Credit cards 167,082 786 — — — 13 Personal, small business and other 1,816 19 — — — 4 Total (7) 169,937 $ 964 $ — $ — $ — International Residential first mortgages 1,874 $ 80 $ — $ — $ — 4 % Credit cards 65,738 289 — — 7 16 Personal, small business and other 31,590 234 — — 6 10 Total (7) 99,202 $ 603 $ — $ — $ 13 (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 $11 million of residential first mortgages to borrowers who have gone through Chapter 7 bankruptcy in the nine months ended September 30, 2021. These amounts include $4 million of residential first mortgages that were newly classified as TDRs in the nine months ended September 30, 2021, 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 on 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 during the reporting period. (8) Post-modification balances in North America include $10 million of residential first mortgages to borrowers who have gone through Chapter 7 bankruptcy in the nine months ended September 30, 2020. These amounts include $7 million of residential first mortgages that were newly classified as TDRs in the nine months ended September 30, 2020, 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. Three Months Ended September 30, Nine Months Ended September 30, In millions of dollars 2021 2020 2021 2020 North America Residential first mortgages $ 10 $ 24 $ 43 $ 59 Home equity loans 1 6 8 12 Credit cards 60 70 196 251 Personal, small business and other 1 1 3 3 Total $ 72 $ 101 $ 250 $ 325 International Residential first mortgages $ 9 $ 6 $ 31 $ 17 Credit cards 36 47 133 118 Personal, small business and other 29 20 87 55 Total $ 74 $ 73 $ 251 $ 190 Purchased Credit-Deteriorated Assets Three Months Ended September 30, 2021 Three Months Ended December 31, 2020 Three Months Ended September 30, In millions of dollars Credit Mortgages (1) Installment Credit Mortgages (1) Installment Credit Mortgages (1) Installment Purchase price $ — $ 6 $ — $ — $ 12 $ — $ — $ 25 $ — Allowance for credit losses at acquisition date — — — — — — — — — Discount or premium attributable to non-credit factors — — — — — — — — — Par value (amortized cost basis) $ — $ 6 $ — $ — $ 12 $ — $ — $ 25 $ — (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 September 30, 2021 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 $ 721 $ 237 $ 958 $ 1,751 $ 153,276 $ 155,985 Financial institutions 398 174 572 53 95,195 95,820 Mortgage and real estate 189 14 203 418 73,640 74,261 Lease financing — — — 18 454 472 Other 168 55 223 160 66,447 66,830 Loans at fair value 7,146 Total $ 1,476 $ 480 $ 1,956 $ 2,400 $ 389,012 $ 400,514 Corporate Loan Delinquencies and Non-Accrual Details at December 31, 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 $ 400 $ 109 $ 509 $ 2,795 $ 153,036 $ 156,340 Financial institutions 668 65 733 92 86,864 87,689 Mortgage and real estate 450 247 697 505 70,836 72,038 Lease financing 62 12 74 24 640 738 Other 112 19 131 111 63,157 63,399 Loans at fair value 6,840 Total $ 1,692 $ 452 $ 2,144 $ 3,527 $ 374,533 $ 387,044 (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) September 30, In millions of dollars 2021 2020 2019 2018 2017 Prior Investment grade (3) Commercial and industrial (4) $ 44,949 $ 6,818 $ 5,187 $ 4,218 $ 3,358 $ 9,826 $ 29,013 $ 103,369 Financial institutions (4) 13,440 3,115 1,650 1,147 631 2,439 61,610 84,032 Mortgage and real estate 3,357 5,754 5,970 3,759 2,122 3,312 1,525 25,799 Other (5) 11,488 4,338 1,830 4,146 553 6,451 31,957 60,763 Total investment grade $ 73,234 $ 20,025 $ 14,637 $ 13,270 $ 6,664 $ 22,028 $ 124,105 $ 273,963 Non-investment grade (3) Accrual Commercial and industrial (4) $ 15,208 $ 3,298 $ 3,073 $ 2,883 $ 1,670 $ 4,009 $ 20,724 $ 50,865 Financial institutions (4) 6,467 535 507 193 91 619 3,325 11,737 Mortgage and real estate 1,661 1,339 2,009 1,469 857 1,027 610 8,972 Other (5) 2,416 434 582 433 240 460 1,797 6,362 Non-accrual Commercial and industrial (4) 11 142 99 104 108 167 1,120 1,751 Financial institutions — — — — — 5 46 51 Mortgage and real estate 16 12 4 81 11 26 267 417 Other (5) 21 11 19 19 26 20 61 177 Total non-investment grade $ 25,800 $ 5,771 $ 6,293 $ 5,182 $ 3,003 $ 6,333 $ 27,950 $ 80,332 Non-rated private bank loans managed on a delinquency basis (3)(6) $ 8,007 $ 9,233 $ 6,277 $ 3,074 $ 3,087 $ 9,395 $ — $ 39,073 Loans at fair value (7) 7,146 Corporate loans, net of unearned income $ 107,041 $ 35,029 $ 27,207 $ 21,526 $ 12,754 $ 37,756 $ 152,055 $ 400,514 Recorded investment in loans (1) Term loans by year of origination Revolving line of credit arrangements (2) December 31, 2020 In millions of dollars 2020 2019 2018 2017 2016 Prior Investment grade (3) Commercial and industrial (4) $ 38,398 $ 7,607 $ 5,929 $ 3,909 $ 2,094 $ 8,670 $ 25,819 $ 92,426 Financial institutions (4) 10,560 2,964 2,106 782 681 2,030 56,239 75,362 Mortgage and real estate 6,793 6,714 5,174 2,568 1,212 1,719 1,557 25,737 Other (5) 10,874 3,566 4,597 952 780 5,290 31,696 57,755 Total investment grade $ 66,625 $ 20,851 $ 17,806 $ 8,211 $ 4,767 $ 17,709 $ 115,311 $ 251,280 Non-investment grade (3) Accrual Commercial and industrial (4) $ 19,683 $ 4,794 $ 4,645 $ 2,883 $ 1,182 $ 4,533 $ 23,400 $ 61,120 Financial institutions (4) 7,413 700 654 274 141 197 2,855 12,234 Mortgage and real estate 1,882 1,919 2,058 1,457 697 837 551 9,401 Other (5) 1,407 918 725 370 186 657 1,986 6,249 Non-accrual Commercial and industrial (4) 260 203 192 143 57 223 1,717 2,795 Financial institutions 1 — — — — — 91 92 Mortgage and real estate 13 4 3 18 8 32 427 505 Other (5) 15 3 12 29 2 65 9 135 Total non-investment grade $ 30,674 $ 8,541 $ 8,289 $ 5,174 $ 2,273 $ 6,544 $ 31,036 $ 92,531 Non-rated private bank loans managed on a delinquency basis (3)(6) $ 9,823 $ 7,121 $ 3,533 $ 3,674 $ 4,300 $ 7,942 $ — $ 36,393 Loans at fair value (7) 6,840 Corporate loans, net of unearned income $ 107,122 $ 36,513 $ 29,628 $ 17,059 $ 11,340 $ 32,195 $ 146,347 $ 387,044 (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: September 30, 2021 Three Months Ended Nine Months Ended In millions of dollars Recorded investment (1) Unpaid Related specific Average carrying value (2) Interest income recognized Interest income recognized (3) Non-accrual corporate loans Commercial and industrial $ 1,751 $ 2,331 $ 293 $ 2,222 $ 6 $ 31 Financial institutions 53 120 4 55 — — Mortgage and real estate 418 668 16 469 — — Lease financing 18 19 — 23 — — Other 160 251 2 133 2 8 Total non-accrual corporate loans $ 2,400 $ 3,389 $ 315 $ 2,902 $ 8 $ 39 December 31, 2020 In millions of dollars Recorded investment (1) Unpaid Related specific Average carrying value (2) Non-accrual corporate loans Commercial and industrial $ 2,795 $ 3,664 $ 442 $ 2,649 Financial institutions 92 181 17 132 Mortgage and real estate 505 803 38 413 Lease financing 24 24 — 34 Other 111 235 18 174 Total non-accrual corporate loans $ 3,527 $ 4,907 $ 515 $ 3,402 September 30, 2021 December 31, 2020 In millions of dollars Recorded investment (1) Related specific Recorded investment (1) Related specific Non-accrual corporate loans with specific allowances Commercial and industrial $ 801 $ 293 $ 1,523 $ 442 Financial institutions 27 4 90 17 Mortgage and real estate 229 16 246 38 Other 9 2 68 18 Total non-accrual corporate loans with specific allowances $ 1,066 $ 315 $ 1,927 $ 515 Non-accrual corporate loans without specific allowances Commercial and industrial $ 950 $ 1,272 Financial institutions 26 2 Mortgage and real estate 189 259 Lease financing 18 24 Other 151 43 Total non-accrual corporate loans without specific allowances $ 1,334 N/A $ 1,600 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 allowances. (3) Interest income recognized for the three and nine months ended September 30, 2020 was $5 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 September 30, 2021 Commercial and industrial $ 2 $ — $ — $ 2 Mortgage and real estate 1 — — 1 Other 4 — — 4 Total $ 7 $ — $ — $ 7 Nine Months Ended September 30, 2021 Commercial and industrial $ 75 $ — $ — $ 75 Mortgage and real estate 7 — — 7 Other 5 1 — 4 Total $ 87 $ 1 $ — $ 86 Three and Nine Months Ended September 30, 2020 In millions of dollars Carrying value of TDRs modified 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 September 30, 2020 Commercial and industrial $ 52 $ — $ — $ 52 Mortgage and real estate 8 — — 8 Other 1 1 — — Total $ 61 $ 1 $ — $ 60 Nine Months Ended September 30, 2020 Commercial and industrial $ 200 $ — $ — $ 200 Mortgage and real estate 16 — — 16 Other 5 5 — — Total $ 221 $ 5 $ — $ 216 (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 uncollectible 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 that re-defaulted within one year of modification during the TDR loans that re-defaulted within one year of modification during the In millions of dollars TDR Three Months Ended Nine Months Ended TDR Three Months Ended Nine Months Ended Commercial and industrial $ 252 $ — $ — $ 390 $ — $ — Mortgage and real estate 65 — — 98 — — Other 51 — — 22 — — Total (1) $ 368 $ — $ — $ 510 $ — $ — (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 September 30, December 31, In North America offices (1) Commercial and industrial $ 56,496 $ 57,731 Financial institutions 62,818 55,809 Mortgage and real estate (2) 63,584 60,675 Installment and other 26,922 26,744 Lease financing 425 673 Total $ 210,245 $ 201,632 In offices outside North America (1) Commercial and industrial $ 105,671 $ 104,072 Financial institutions 33,501 32,334 Mortgage and real estate (2) 10,685 11,371 Installment and other 36,054 33,759 Lease financing 47 65 Governments and official institutions 4,311 3,811 Total $ 190,269 $ 185,412 Corporate loans, net of unearned income (3) $ 400,514 $ 387,044 (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 ($831) million and ($844) million at September 30, 2021 and December 31, 2020, 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) | 9 Months Ended |
Sep. 30, 2021 | |
Loans and Leases Receivable Disclosure [Abstract] | |
Schedule of allowance for credit losses and investment in loans by portfolio segment | Three Months Ended September 30, Nine Months Ended September 30, In millions of dollars 2021 2020 2021 2020 Allowance for credit losses on loans (ACLL) at beginning of period $ 19,238 $ 26,298 $ 24,956 $ 12,783 Adjustments to opening balance: (1) Financial instruments—credit losses (CECL) (1) — — — 4,201 Variable post-charge-off third-party collection costs (1) — — — (443) Adjusted ACLL at beginning of period $ 19,238 $ 26,298 $ 24,956 $ 16,541 Gross credit losses on loans $ (1,389) $ (2,367) $ (5,441) $ (7,374) Gross recoveries on loans 428 448 1,412 1,235 Net credit losses on loans (NCLs) $ (961) $ (1,919) $ (4,029) $ (6,139) Replenishment of NCLs $ 961 $ 1,919 $ 4,029 $ 6,139 Net reserve builds (releases) for loans (1,010) 164 (6,262) 9,453 Net specific reserve builds (releases) for loans (139) (152) (560) 706 Total provision for credit losses on loans (PCLL) $ (188) $ 1,931 $ (2,793) $ 16,298 Initial allowance for credit losses on newly purchased credit-deteriorated assets during the period — — — 4 Other, net (see table below) (374) 116 (419) (278) ACLL at end of period $ 17,715 $ 26,426 $ 17,715 $ 26,426 Allowance for credit losses on unfunded lending commitments (ACLUC) at beginning of period (2) $ 2,073 $ 1,859 $ 2,655 $ 1,456 Adjustment to opening balance for CECL adoption (1) — — — (194) Provision (release) for credit losses on unfunded lending commitments (13) 424 (595) 1,094 Other, net 3 16 3 (57) ACLUC at end of period (2) $ 2,063 $ 2,299 $ 2,063 $ 2,299 Total allowance for credit losses on loans, leases and unfunded lending commitments $ 19,778 $ 28,725 $ 19,778 $ 28,725 Other, net details Three Months Ended September 30, Nine Months Ended September 30, In millions of dollars 2021 2020 2021 2020 Sales or transfers of various consumer loan portfolios to HFS $ (278) $ — $ (278) $ (4) FX translation (93) 116 (139) (279) Other (3) — (2) 5 Other, net $ (374) $ 116 $ (419) $ (278) (1) See Note 1 to the Consolidated Financial Statements in Citi’s 2020 Annual Report on Form 10-K for further discussion of the impact of Citi’s adoption of CECL and the change in accounting principle for collection costs. (2) Represents additional credit loss reserves for unfunded lending commitments and letters of credit recorded in Other liabilities on the Consolidated Balance Sheet. Allowance for Credit Losses on Loans and End-of-Period Loans Three Months Ended September 30, 2021 September 30, 2020 In millions of dollars Corporate Consumer Total Corporate Consumer Total ACLL at beginning of period $ 3,127 $ 16,111 $ 19,238 $ 6,824 $ 19,474 $ 26,298 Charge-offs (49) (1,340) (1,389) (351) (2,016) (2,367) Recoveries 10 418 428 26 422 448 Replenishment of NCLs 39 922 961 325 1,594 1,919 Net reserve builds (releases) (44) (966) (1,010) 267 (103) 164 Net specific reserve builds (releases) (21) (118) (139) (161) 9 (152) Initial allowance for credit losses on newly purchased credit-deteriorated assets during the period — — — — — — Other (15) (359) (374) 8 108 116 Ending balance $ 3,047 $ 14,668 $ 17,715 $ 6,938 $ 19,488 $ 26,426 Nine Months Ended September 30, 2021 September 30, 2020 In millions of dollars Corporate Consumer Total Corporate Consumer Total ACLL at beginning of period $ 5,402 $ 19,554 $ 24,956 $ 2,886 $ 9,897 $ 12,783 Adjustments to opening balance: Financial instruments—credit losses (CECL adoption) (1) — — — (721) 4,922 4,201 Variable post-charge-off third-party collection costs (1) — — — — (443) (443) Charge-offs (403) (5,038) (5,441) (837) (6,537) (7,374) Recoveries 89 1,323 1,412 61 1,174 1,235 Replenishment of NCLs 314 3,715 4,029 776 5,363 6,139 Net reserve builds (releases) (2,137) (4,125) (6,262) 4,418 5,035 9,453 Net specific reserve builds (releases) (189) (371) (560) 373 333 706 Initial allowance for credit losses on newly purchased credit-deteriorated assets during the period — — — — 4 4 Other (29) (390) (419) (18) (260) (278) Ending balance $ 3,047 $ 14,668 $ 17,715 $ 6,938 $ 19,488 $ 26,426 (1) See “Accounting Changes” in Note 1 to the Consolidated Financial Statements for additional details. September 30, 2021 December 31, 2020 In millions of dollars Corporate Consumer Total Corporate Consumer Total ACLL Collectively evaluated $ 2,732 $ 13,777 $ 16,509 $ 4,887 $ 18,207 $ 23,094 Individually evaluated 315 891 1,206 515 1,345 1,860 Purchased credit deteriorated — — — — 2 2 Total ACLL $ 3,047 $ 14,668 $ 17,715 $ 5,402 $ 19,554 $ 24,956 Loans, net of unearned income Collectively evaluated $ 390,968 $ 260,258 $ 651,226 $ 376,677 $ 283,885 $ 660,562 Individually evaluated 2,400 3,852 6,252 3,527 4,799 8,326 Purchased credit deteriorated — 127 127 — 141 141 Held at fair value 7,146 13 7,159 6,840 14 6,854 Total loans, net of unearned income $ 400,514 $ 264,250 $ 664,764 $ 387,044 $ 288,839 $ 675,883 |
Schedule of allowance for credit losses on held-to-maturity securities | Allowance for Credit Losses on HTM Debt Securities Three Months Ended September 30, 2021 In millions of dollars Mortgage-backed State and municipal Foreign government Asset-backed Total HTM Allowance for credit losses on HTM debt securities at beginning $ 5 $ 72 $ 5 $ 1 $ 83 Gross credit losses — — — — — Gross recoveries — — — — — Net credit losses (NCLs) $ — $ — $ — $ — $ — Replenishment of NCLs $ — $ — $ — $ — $ — Net reserve builds (releases) — (5) (1) — (6) Net specific reserve builds (releases) (4) — — — (4) Total provision for credit losses on HTM debt securities $ (4) $ (5) $ (1) $ — $ (10) Other, net $ — $ — $ — $ — $ — 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 quarter $ 1 $ 67 $ 4 $ 1 $ 73 Nine Months Ended September 30, 2021 In millions of dollars Mortgage-backed State and municipal Foreign government Asset-backed Total HTM Allowance for credit losses on HTM debt securities at beginning $ 3 $ 74 $ 6 $ 3 $ 86 Gross credit losses — — — — — Gross recoveries 3 — — — 3 Net credit losses (NCLs) $ 3 $ — $ — $ — $ 3 Replenishment of NCLs $ (3) $ — $ — $ — $ (3) Net reserve builds (releases) 2 (7) (2) (3) (10) Net specific reserve builds (releases) (4) — — — (4) Total provision for credit losses on HTM debt securities $ (5) $ (7) $ (2) $ (3) $ (17) Other, net $ — $ — $ — $ 1 $ 1 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 quarter $ 1 $ 67 $ 4 $ 1 $ 73 Allowance for Credit Losses on HTM Debt Securities Three Months Ended September 30, 2020 In millions of dollars Mortgage-backed State and municipal Foreign government Asset- Total HTM Allowance for credit losses on HTM debt securities at beginning of quarter $ — $ 99 $ 6 $ 2 $ 107 Adjustment to opening balance for CECL adoption — — — — — Gross credit losses — — — — — Gross recoveries — — — — — Net credit losses (NCLs) $ — $ — $ — $ — $ — Replenishment of NCLs $ — $ — $ — $ — $ — Net reserve builds (releases) 3 (19) (1) 1 (16) Net specific reserve builds (releases) — — — — — Total provision for credit losses on HTM debt securities $ 3 $ (19) $ (1) $ 1 $ (16) Other, net $ 5 $ — $ 2 $ — $ 7 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 quarter $ 8 $ 80 $ 7 $ 3 $ 98 Nine Months Ended September 30, 2020 In millions of dollars Mortgage-backed State and municipal Foreign government Asset- Total HTM Allowance for credit losses on HTM debt securities at beginning of year $ — $ — $ — $ — $ — Adjustment to opening balance for CECL adoption — 61 4 5 70 Gross credit losses — — — — — Gross recoveries — — — — — Net credit losses (NCLs) $ — $ — $ — $ — $ — Replenishment of NCLs $ — $ — $ — $ — $ — Net reserve builds 3 16 1 1 21 Net specific reserve builds (releases) — — — — — Total provision for credit losses on HTM debt securities $ 3 $ 16 $ 1 $ 1 $ 21 Other, net $ 5 $ 3 $ 2 $ (3) $ 7 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 quarter $ 8 $ 80 $ 7 $ 3 $ 98 |
Schedule of allowance for credit losses on other assets | Allowance for Credit Losses on Other Assets Three Months Ended September 30, 2021 In millions of dollars Cash and due from banks Deposits with banks Securities borrowed and purchased under agreements Brokerage receivables All other assets (1) Total Allowance for credit losses on other assets at beginning of quarter $ — $ 24 $ 8 $ — $ 28 $ 60 Gross credit losses — — — — — — Gross recoveries — — — — — Net credit losses (NCLs) $ — $ — $ — $ — $ — $ — Replenishment of NCLs $ — $ — $ — $ — $ — $ — Net reserve builds (releases) — — 1 — (4) (3) Total provision for credit losses $ — $ — $ 1 $ — $ (4) $ (3) Other, net $ — $ — $ — $ — $ 1 $ 1 Allowance for credit losses on other assets at end of quarter $ — $ 24 $ 9 $ — $ 25 $ 58 Nine Months Ended September 30, 2021 In millions of dollars Cash and due from banks Deposits with banks Securities borrowed and purchased under agreements Brokerage receivables All other assets (1) Total Allowance for credit losses on other assets at beginning of year $ — $ 20 $ 10 $ — $ 25 $ 55 Gross credit losses — — — — — — Gross recoveries — — — — — — Net credit losses (NCLs) $ — $ — $ — $ — $ — $ — Replenishment of NCLs $ — $ — $ — $ — $ — $ — Net reserve builds (releases) — 5 (1) — (1) 3 Total provision for credit losses $ — $ 5 $ (1) $ — $ (1) $ 3 Other, net $ — $ (1) $ — $ — $ 1 $ — Allowance for credit losses on other assets at end of quarter $ — $ 24 $ 9 $ — $ 25 $ 58 (1) Primarily accounts receivable. Allowance for Credit Losses on Other Assets Three Months Ended September 30, 2020 In millions of dollars Cash and due from banks Deposits with banks Securities borrowed and purchased under agreements Brokerage receivables All other assets (1) Total Allowance for credit losses at beginning of quarter $ — $ 18 $ 7 $ — $ 77 $ 102 Adjustment to opening balance for CECL adoption — — — — — — Gross credit losses — — — — — — Gross recoveries — — — — — — Net credit losses (NCLs) $ — $ — $ — $ — $ — $ — Replenishment of NCLs $ — $ — $ — $ — $ — $ — Net reserve builds (releases) — 7 (3) — (17) (13) Total provision for credit losses $ — $ 7 $ (3) $ — $ (17) $ (13) Other, net $ — $ — $ — $ — $ (10) $ (10) Allowance for credit losses on other assets at end of quarter $ — $ 25 $ 4 $ — $ 50 $ 79 Nine Months Ended September 30, 2020 In millions of dollars Cash and due from banks Deposits with banks Securities borrowed and purchased under agreements Brokerage receivables All other assets (1) Total Allowance for credit losses at beginning of year $ — $ — $ — $ — $ — $ — Adjustment to opening balance for CECL adoption 6 14 2 1 3 26 Gross credit losses — — — — — — Gross recoveries — — — — — — Net credit losses (NCLs) $ — $ — $ — $ — $ — $ — Replenishment of NCLs $ — $ — $ — $ — $ — $ — Net reserve builds (releases) (6) 11 2 (1) 25 31 Total provision for credit losses $ (6) $ 11 $ 2 $ (1) $ 25 $ 31 Other, net $ — $ — $ — $ — $ 22 $ 22 Allowance for credit losses on other assets at end of year $ — $ 25 $ 4 $ — $ 50 $ 79 (1) Primarily accounts receivable. |
GOODWILL AND INTANGIBLE ASSETS
GOODWILL AND INTANGIBLE ASSETS (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
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, 2020 $ 12,142 $ 10,020 $ 22,162 Foreign currency translation (68) (189) (257) Balance at March 31, 2021 $ 12,074 $ 9,831 $ 21,905 Foreign currency translation 34 121 155 Balance at June 30, 2021 $ 12,108 $ 9,952 $ 22,060 Foreign currency translation (87) (173) (260) Divesture (1) (227) — (227) Balance at September 30, 2021 $ 11,794 $ 9,779 $ 21,573 (1) Goodwill allocated to the Australia consumer banking business, which was classified as HFS during the third quarter of 2021. |
Components of intangible assets, finite-lived | The components of intangible assets were as follows: September 30, 2021 December 31, 2020 In millions of dollars Gross Accumulated Net Gross Accumulated Net Purchased credit card relationships $ 5,579 $ 4,306 $ 1,273 $ 5,648 $ 4,229 $ 1,419 Credit card contract-related intangibles (1) 3,887 1,337 2,550 3,929 1,276 2,653 Core deposit intangibles 39 39 — 45 44 1 Other customer relationships 433 307 126 455 314 141 Present value of future profits 31 29 2 32 30 2 Indefinite-lived intangible assets 183 — 183 190 — 190 Other 76 66 10 72 67 5 Intangible assets (excluding MSRs) $ 10,228 $ 6,084 $ 4,144 $ 10,371 $ 5,960 $ 4,411 Mortgage servicing rights (MSRs) (2) 409 — 409 336 — 336 Total intangible assets $ 10,637 $ 6,084 $ 4,553 $ 10,707 $ 5,960 $ 4,747 (1) Primarily reflects contract-related intangibles associated with the American Airlines, The Home Depot, Costco and AT&T credit card program agreements, which represented 97% and 96% of the aggregate net carrying amount as of September 30, 2021 and December 31, 2020, respectively. (2) For additional information on Citi’s MSRs, see Note 18 to the Consolidated Financial Statements. The changes in intangible assets were as follows: In millions of dollars Net carrying amount at December 31, 2020 Acquisitions/renewals/ Amortization Impairments FX translation and other Net carrying amount at September 30, 2021 Purchased credit card relationships (1) $ 1,419 $ (15) $ (129) $ — $ (2) $ 1,273 Credit card contract-related intangibles (2) 2,653 4 (105) (1) (1) 2,550 Core deposit intangibles 1 — (1) — — — Other customer relationships 141 12 (17) — (10) 126 Present value of future profits 2 — — — — 2 Indefinite-lived intangible assets 190 — — — (7) 183 Other 5 23 (19) — 1 10 Intangible assets (excluding MSRs) $ 4,411 $ 24 $ (271) $ (1) $ (19) $ 4,144 Mortgage servicing rights (MSRs) (3) 336 409 Total intangible assets $ 4,747 $ 4,553 (1) Reflects intangibles for the value of cardholder relationships, which are discrete from partner contract-related intangibles, and includes credit card accounts primarily in the Costco, Macy’s and Sears portfolios. (2) Primarily reflects contract-related intangibles associated with the American Airlines, The Home Depot, Costco and AT&T credit card program agreements, which represented 97% and 96% of the aggregate net carrying amount at September 30, 2021 and December 31, 2020, respectively. (3) For additional information on Citi’s MSRs, including the rollforward for the three and nine months ended September 30, 2021, see Note 18 to the Consolidated Financial Statements. |
Components of intangible assets, indefinite-lived | The components of intangible assets were as follows: September 30, 2021 December 31, 2020 In millions of dollars Gross Accumulated Net Gross Accumulated Net Purchased credit card relationships $ 5,579 $ 4,306 $ 1,273 $ 5,648 $ 4,229 $ 1,419 Credit card contract-related intangibles (1) 3,887 1,337 2,550 3,929 1,276 2,653 Core deposit intangibles 39 39 — 45 44 1 Other customer relationships 433 307 126 455 314 141 Present value of future profits 31 29 2 32 30 2 Indefinite-lived intangible assets 183 — 183 190 — 190 Other 76 66 10 72 67 5 Intangible assets (excluding MSRs) $ 10,228 $ 6,084 $ 4,144 $ 10,371 $ 5,960 $ 4,411 Mortgage servicing rights (MSRs) (2) 409 — 409 336 — 336 Total intangible assets $ 10,637 $ 6,084 $ 4,553 $ 10,707 $ 5,960 $ 4,747 (1) Primarily reflects contract-related intangibles associated with the American Airlines, The Home Depot, Costco and AT&T credit card program agreements, which represented 97% and 96% of the aggregate net carrying amount as of September 30, 2021 and December 31, 2020, respectively. (2) For additional information on Citi’s MSRs, see Note 18 to the Consolidated Financial Statements. The changes in intangible assets were as follows: In millions of dollars Net carrying amount at December 31, 2020 Acquisitions/renewals/ Amortization Impairments FX translation and other Net carrying amount at September 30, 2021 Purchased credit card relationships (1) $ 1,419 $ (15) $ (129) $ — $ (2) $ 1,273 Credit card contract-related intangibles (2) 2,653 4 (105) (1) (1) 2,550 Core deposit intangibles 1 — (1) — — — Other customer relationships 141 12 (17) — (10) 126 Present value of future profits 2 — — — — 2 Indefinite-lived intangible assets 190 — — — (7) 183 Other 5 23 (19) — 1 10 Intangible assets (excluding MSRs) $ 4,411 $ 24 $ (271) $ (1) $ (19) $ 4,144 Mortgage servicing rights (MSRs) (3) 336 409 Total intangible assets $ 4,747 $ 4,553 (1) Reflects intangibles for the value of cardholder relationships, which are discrete from partner contract-related intangibles, and includes credit card accounts primarily in the Costco, Macy’s and Sears portfolios. (2) Primarily reflects contract-related intangibles associated with the American Airlines, The Home Depot, Costco and AT&T credit card program agreements, which represented 97% and 96% of the aggregate net carrying amount at September 30, 2021 and December 31, 2020, respectively. (3) For additional information on Citi’s MSRs, including the rollforward for the three and nine months ended September 30, 2021, see Note 18 to the Consolidated Financial Statements. |
Changes in intangible assets | The components of intangible assets were as follows: September 30, 2021 December 31, 2020 In millions of dollars Gross Accumulated Net Gross Accumulated Net Purchased credit card relationships $ 5,579 $ 4,306 $ 1,273 $ 5,648 $ 4,229 $ 1,419 Credit card contract-related intangibles (1) 3,887 1,337 2,550 3,929 1,276 2,653 Core deposit intangibles 39 39 — 45 44 1 Other customer relationships 433 307 126 455 314 141 Present value of future profits 31 29 2 32 30 2 Indefinite-lived intangible assets 183 — 183 190 — 190 Other 76 66 10 72 67 5 Intangible assets (excluding MSRs) $ 10,228 $ 6,084 $ 4,144 $ 10,371 $ 5,960 $ 4,411 Mortgage servicing rights (MSRs) (2) 409 — 409 336 — 336 Total intangible assets $ 10,637 $ 6,084 $ 4,553 $ 10,707 $ 5,960 $ 4,747 (1) Primarily reflects contract-related intangibles associated with the American Airlines, The Home Depot, Costco and AT&T credit card program agreements, which represented 97% and 96% of the aggregate net carrying amount as of September 30, 2021 and December 31, 2020, respectively. (2) For additional information on Citi’s MSRs, see Note 18 to the Consolidated Financial Statements. The changes in intangible assets were as follows: In millions of dollars Net carrying amount at December 31, 2020 Acquisitions/renewals/ Amortization Impairments FX translation and other Net carrying amount at September 30, 2021 Purchased credit card relationships (1) $ 1,419 $ (15) $ (129) $ — $ (2) $ 1,273 Credit card contract-related intangibles (2) 2,653 4 (105) (1) (1) 2,550 Core deposit intangibles 1 — (1) — — — Other customer relationships 141 12 (17) — (10) 126 Present value of future profits 2 — — — — 2 Indefinite-lived intangible assets 190 — — — (7) 183 Other 5 23 (19) — 1 10 Intangible assets (excluding MSRs) $ 4,411 $ 24 $ (271) $ (1) $ (19) $ 4,144 Mortgage servicing rights (MSRs) (3) 336 409 Total intangible assets $ 4,747 $ 4,553 (1) Reflects intangibles for the value of cardholder relationships, which are discrete from partner contract-related intangibles, and includes credit card accounts primarily in the Costco, Macy’s and Sears portfolios. (2) Primarily reflects contract-related intangibles associated with the American Airlines, The Home Depot, Costco and AT&T credit card program agreements, which represented 97% and 96% of the aggregate net carrying amount at September 30, 2021 and December 31, 2020, respectively. (3) For additional information on Citi’s MSRs, including the rollforward for the three and nine months ended September 30, 2021, see Note 18 to the Consolidated Financial Statements. |
DEBT (Tables)
DEBT (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Debt Disclosure [Abstract] | |
Schedule of short-term borrowings | In millions of dollars September 30, December 31, Commercial paper Bank (1) $ 10,017 $ 10,022 Broker-dealer and other (2) 6,995 7,988 Total commercial paper $ 17,012 $ 18,010 Other borrowings (3) 12,671 11,504 Total $ 29,683 $ 29,514 (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 September 30, 2021 and December 31, 2020, collateralized short-term advances from the Federal Home Loan Banks were $1 million and $4 billion, respectively. |
Schedule of long-term debt | In millions of dollars September 30, December 31, 2020 Citigroup Inc. (1) $ 170,104 $ 170,563 Bank (2) 24,715 44,742 Broker-dealer and other (3) 63,455 56,381 Total $ 258,274 $ 271,686 (1) Represents the parent holding company. (2) Represents Citibank entities as well as other bank entities. At September 30, 2021 and December 31, 2020, collateralized long-term advances from the Federal Home Loan Banks were $5.8 billion and $10.9 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 September 30, 2021: 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 99,901 135 3 mo. sterling LIBOR + 88.75 bps 50 135 Jun. 28, 2067 Jun. 28, 2017 Total obligated $ 2,575 $ 2,581 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) | 9 Months Ended |
Sep. 30, 2021 | |
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 Nine Months Ended September 30, 2021 In millions of dollars Net Debt valuation adjustment (DVA) (1) Cash flow hedges (2) Benefit plans (3) Foreign (4)(5) Excluded component of fair value hedges Accumulated Three Months Ended September 30, 2021 Balance, June 30, 2021 $ 1,061 $ (1,523) $ 864 $ (6,063) $ (29,392) $ (67) $ (35,120) Other comprehensive income before (204) (138) 2 84 (1,325) 7 (1,574) Increase (decrease) due to amounts reclassified from AOCI (75) 56 (203) 51 13 1 (157) Change, net of taxes $ (279) $ (82) $ (201) $ 135 $ (1,312) $ 8 $ (1,731) Balance at September 30, 2021 $ 782 $ (1,605) $ 663 $ (5,928) $ (30,704) $ (59) $ (36,851) Nine Months Ended September 30, 2021 Balance, December 31, 2020 $ 3,320 $ (1,419) $ 1,593 $ (6,864) $ (28,641) $ (47) $ (32,058) Other comprehensive income before (2,101) (295) (318) 773 (2,076) (14) (4,031) Increase (decrease) due to amounts reclassified from AOCI (437) 109 (612) 163 13 2 (762) Change, net of taxes $ (2,538) $ (186) $ (930) $ 936 $ (2,063) $ (12) $ (4,793) Balance at September 30, 2021 $ 782 $ (1,605) $ 663 $ (5,928) $ (30,704) $ (59) $ (36,851) Footnotes to the table above appear on the following page. Three and Nine Months Ended September 30, 2020 In millions of dollars Net Debt valuation adjustment (DVA) (1) Cash flow hedges (2) Benefit plans (3) Foreign of hedges (4) Excluded component of fair value hedges Accumulated Three Months Ended September 30, 2020 Balance, June 30, 2020 $ 3,700 $ (36) $ 2,094 $ (7,172) $ (31,939) $ 8 $ (33,345) Other comprehensive income before (72) (313) (41) 189 897 (39) 621 Increase (decrease) due to amounts reclassified from AOCI (210) 6 (194) 57 — — (341) Change, net of taxes $ (282) $ (307) $ (235) $ 246 $ 897 $ (39) $ 280 Balance at September 30, 2020 $ 3,418 $ (343) $ 1,859 $ (6,926) $ (31,042) $ (31) $ (33,065) Nine Months Ended September 30, 2020 Balance, December 31, 2019 $ (265) $ (944) $ 123 $ (6,809) $ (28,391) $ (32) $ (36,318) Other comprehensive income before 4,735 599 2,083 (287) (2,651) 1 4,480 Increase (decrease) due to amounts reclassified from AOCI (1,052) 2 (347) 170 — — (1,227) Change, net of taxes $ 3,683 $ 601 $ 1,736 $ (117) $ (2,651) $ 1 $ 3,253 Balance at September 30, 2020 $ 3,418 $ (343) $ 1,859 $ (6,926) $ (31,042) $ (31) $ (33,065) (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 Mexican peso, South Korean won, Euro, Chilean peso and Brazilian real against the U.S. dollar and changes in related tax effects and hedges for the three months ended September 30, 2021. Primarily reflects the movements in (by order of impact) the Mexican peso, South Korean won, Euro, Chilean peso and Japanese yen against the U.S. dollar and changes in related tax effects and hedges for the nine months ended September 30, 2021. Primarily reflects the movements in (by order of impact) the Mexican peso, Euro, South Korean won, Australian dollar and Chinese yuan against the U.S. dollar and changes in related tax effects and hedges for the three months ended September 30, 2020. Primarily reflects the movements in (by order of impact) the Mexican peso, Brazilian real, Indian rupee, Russian ruble and South African rand against the U.S. dollar and changes in related tax effects and hedges for the nine months ended September 30, 2020. 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. (5) September 30, 2021 includes an approximate $475 million (after-tax) currency translation adjustment (CTA) loss (net of hedges) associated with the sale of the consumer banking business in Australia (see Note 2 to the Consolidated Financial Statements). The transaction generated a pretax loss on sale of approximately $680 million upon classification as held-for-sale ($580 million after-tax), subject to closing adjustments. The loss on sale primarily reflects the impact of the pretax $625 million CTA loss (net of hedges) ($475 million after-tax) already reflected in the AOCI component of equity. Upon closing, the CTA-related balance will be removed from the 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 Nine Months Ended September 30, 2021 In millions of dollars Pretax Tax effect After-tax Three Months Ended September 30, 2021 Balance, June 30, 2021 $ (41,087) $ 5,967 $ (35,120) Change in net unrealized gains (losses) on debt securities (374) 95 (279) Debt valuation adjustment (DVA) (107) 25 (82) Cash flow hedges (265) 64 (201) Benefit plans 175 (40) 135 Foreign currency translation adjustment (1,325) 13 (1,312) Excluded component of fair value hedges 12 (4) 8 Change $ (1,884) $ 153 $ (1,731) Balance at September 30, 2021 $ (42,971) $ 6,120 $ (36,851) Nine Months Ended September 30, 2021 Balance, December 31, 2020 $ (36,992) $ 4,934 $ (32,058) Change in net unrealized gains (losses) on debt securities (3,439) 901 (2,538) Debt valuation adjustment (DVA) (256) 70 (186) Cash flow hedges (1,219) 289 (930) Benefit plans 1,166 (230) 936 Foreign currency translation adjustment (2,217) 154 (2,063) Excluded component of fair value hedges (14) 2 (12) Change $ (5,979) $ 1,186 $ (4,793) Balance at September 30, 2021 $ (42,971) $ 6,120 $ (36,851) Three and Nine Months Ended September 30, 2020 In millions of dollars Pretax Tax effect After-tax Three Months Ended September 30, 2020 Balance, June 30, 2020 $ (37,678) $ 4,333 $ (33,345) Change in net unrealized gains (losses) on debt securities (393) 111 (282) Debt valuation adjustment (DVA) (452) 145 (307) Cash flow hedges (307) 72 (235) Benefit plans 344 (98) 246 Foreign currency translation adjustment 918 (21) 897 Excluded component of fair value hedges (51) 12 (39) Change $ 59 $ 221 $ 280 Balance, September 30, 2020 $ (37,619) $ 4,554 $ (33,065) Nine Months Ended September 30, 2020 Balance, December 31, 2019 $ (42,772) $ 6,454 $ (36,318) Change in net unrealized gains (losses) on debt securities 4,905 (1,222) 3,683 Debt valuation adjustment (DVA) 801 (200) 601 Cash flow hedges 2,267 (531) 1,736 Benefit plans (166) 49 (117) Foreign currency translation adjustment (2,652) 1 (2,651) Excluded component of fair value hedges (2) 3 1 Change $ 5,153 $ (1,900) $ 3,253 Balance, September 30, 2020 $ (37,619) $ 4,554 $ (33,065) |
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 September 30, Nine Months Ended September 30, In millions of dollars 2021 2020 2021 2020 Realized (gains) losses on sales of investments $ (117) $ (304) $ (655) $ (1,484) Gross impairment losses 21 30 99 101 Subtotal, pretax $ (96) $ (274) $ (556) $ (1,383) Tax effect 21 64 119 331 Net realized (gains) losses on investments after-tax (1) $ (75) $ (210) $ (437) $ (1,052) Realized DVA (gains) losses on fair value option liabilities, pretax $ 72 $ 8 $ 141 $ 3 Tax effect (16) (2) (32) (1) Net realized debt valuation adjustment, after-tax $ 56 $ 6 $ 109 $ 2 Interest rate contracts $ (269) $ (256) $ (809) $ (459) Foreign exchange contracts 1 1 3 3 Subtotal, pretax $ (268) $ (255) $ (806) $ (456) Tax effect 65 61 194 109 Amortization of cash flow hedges, after-tax (2) $ (203) $ (194) $ (612) $ (347) Amortization of unrecognized: Prior service cost (benefit) $ (5) $ (4) $ (17) $ (10) Net actuarial loss 74 85 232 239 Curtailment/settlement impact (3) 1 (5) 5 (2) Subtotal, pretax $ 70 $ 76 $ 220 $ 227 Tax effect (19) (19) (57) (57) Amortization of benefit plans, after-tax (3) $ 51 $ 57 $ 163 $ 170 Excluded component of fair value hedges, pretax $ 1 $ — $ 2 $ — Tax effect — — — — Excluded component of fair value hedges, after-tax $ 1 $ — $ 2 $ — Foreign currency translation adjustment, pretax $ 20 $ — $ 20 $ — Tax effect (7) — (7) — Foreign currency translation adjustment, after-tax $ 13 $ — $ 13 $ — Total amounts reclassified out of AOCI , pretax $ (201) $ (445) $ (979) $ (1,609) Total tax effect 44 104 217 382 Total amounts reclassified out of AOCI , after-tax $ (157) $ (341) $ (762) $ (1,227) (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) | 9 Months Ended |
Sep. 30, 2021 | |
Securitizations and Variable Interest Entities [Abstract] | |
Schedule of consolidated and unconsolidated VIEs with which the Company holds significant variable interests | Citigroup’s involvement with consolidated and unconsolidated VIEs with which the Company holds significant variable interests or has continuing involvement through servicing a majority of the assets in a VIE is presented below: As of September 30, 2021 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 $ 30,343 $ 30,343 $ — $ — $ — $ — $ — $ — Mortgage securitizations (4) U.S. agency-sponsored 114,519 — 114,519 1,537 — — 47 1,584 Non-agency-sponsored 59,584 677 58,907 2,327 — 1 — 2,328 Citi-administered asset-backed commercial paper conduits 12,460 12,460 — — — — — — Collateralized loan obligations (CLOs) 10,094 — 10,094 3,254 — — — 3,254 Asset-based financing (5) 279,044 11,106 267,938 29,033 1,283 11,008 — 41,324 Municipal securities tender option bond trusts (TOBs) 3,320 909 2,411 16 — 1,529 — 1,545 Municipal investments 21,078 3 21,075 2,677 3,706 3,558 — 9,941 Client intermediation 872 280 592 75 — — 206 281 Investment funds 523 192 331 1 — 13 5 19 Other — — — — — — — — Total $ 531,837 $ 55,970 $ 475,867 $ 38,920 $ 4,989 $ 16,109 $ 258 $ 60,276 As of December 31, 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 $ 32,420 $ 32,420 $ — $ — $ — $ — $ — $ — Mortgage securitizations (4) U.S. agency-sponsored 123,999 — 123,999 1,948 — — 61 2,009 Non-agency-sponsored 46,132 939 45,193 2,550 — 2 1 2,553 Citi-administered asset-backed commercial paper conduits 16,730 16,730 — — — — — — Collateralized loan obligations (CLOs) 18,332 — 18,332 4,273 — — — 4,273 Asset-based financing (5) 222,274 8,069 214,205 25,153 1,587 9,114 — 35,854 Municipal securities tender option bond trusts (TOBs) 3,349 835 2,514 — — 1,611 — 1,611 Municipal investments 20,335 — 20,335 2,569 4,056 3,041 — 9,666 Client intermediation 1,352 910 442 88 — — 56 144 Investment funds 488 153 335 — — 15 — 15 Other — — — — — — — — Total $ 485,411 $ 60,056 $ 425,355 $ 36,581 $ 5,643 $ 13,783 $ 118 $ 56,125 (1) The definition of maximum exposure to loss is included in the text that follows this table. (2) Included on Citigroup’s September 30, 2021 and December 31, 2020 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 $115 billion and $78 billion in unconsolidated VIE assets and $507 million and $425 million in maximum exposure to loss as of September 30, 2021 and December 31, 2020, 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: September 30, 2021 December 31, 2020 In millions of dollars Liquidity Loan/equity Liquidity Loan/equity Non-agency-sponsored mortgage securitizations $ — $ 1 $ — $ 2 Asset-based financing — 11,008 — 9,114 Municipal securities tender option bond trusts (TOBs) 1,529 — 1,611 — Municipal investments — 3,558 — 3,041 Investment funds — 13 — 15 Other — — — — Total funding commitments $ 1,529 $ 14,580 $ 1,611 $ 12,172 |
Schedule of significant interests in unconsolidated VIEs - balance sheet classification | The following table presents the carrying amounts and classification of significant variable interests in unconsolidated VIEs: In billions of dollars September 30, 2021 December 31, 2020 Cash $ — $ — Trading account assets 1.4 2.0 Investments 9.3 10.6 Total loans, net of allowance 32.3 29.3 Other 0.9 0.3 Total assets $ 43.9 $ 42.2 |
Schedule of securitized credit card receivables | The following table reflects amounts related to the Company’s securitized credit card receivables: In billions of dollars September 30, 2021 December 31, 2020 Ownership interests in principal amount of trust credit card receivables Sold to investors via trust-issued securities $ 11.0 $ 15.7 Retained by Citigroup as trust-issued securities 7.2 7.9 Retained by Citigroup via non-certificated interests 13.9 11.1 Total $ 32.1 $ 34.7 The following table summarizes selected cash flow information related to Citigroup’s credit card securitizations: Three Months Ended September 30, Nine Months Ended September 30, In billions of dollars 2021 2020 2021 2020 Proceeds from new securitizations $ — $ — $ — $ — Pay down of maturing notes — (1.1) (4.7) (4.3) |
Schedule of Master Trust liabilities (at par value) | In billions of dollars Sept. 30, 2021 Dec. 31, 2020 Term notes issued to third parties $ 9.7 $ 13.9 Term notes retained by Citigroup affiliates 2.2 2.7 Total Master Trust liabilities $ 11.9 $ 16.6 |
Schedule of Omni Trust liabilities (at par value) | In billions of dollars Sept. 30, 2021 Dec. 31, 2020 Term notes issued to third parties $ 1.3 $ 1.8 Term notes retained by Citigroup affiliates 5.0 5.2 Total Omni Trust liabilities $ 6.3 $ 7.0 |
Schedule of cash flow information, mortgage securitizations | The following tables summarize selected cash flow information and retained interests related to Citigroup mortgage securitizations: Three Months Ended September 30, 2021 2020 In billions of dollars U.S. agency- Non-agency- U.S. agency- Non-agency- Principal securitized $ 0.5 $ 1.7 $ 2.7 $ 2.9 Proceeds from new securitizations 0.5 1.9 2.9 4.5 Purchases of previously transferred financial assets — — 0.2 — Nine Months Ended September 30, 2021 2020 In billions of dollars U.S. agency- Non-agency- U.S. agency- Non-agency- Principal securitized $ 5.4 $ 19.8 $ 7.2 $ 5.4 Proceeds from new securitizations 5.6 19.7 7.6 7.9 Contractual servicing fees received 0.1 — 0.1 — Purchases of previously transferred financial assets 0.1 — 0.3 — Note: Excludes re-securitization transactions. |
Schedule of carrying value of retained interests | September 30, 2021 December 31, 2020 Non-agency-sponsored mortgages (1) Non-agency-sponsored mortgages (1) In millions of dollars U.S. agency- Senior (2) Subordinated U.S. agency- Senior Subordinated Carrying value of retained interests (3) $ 379 $ 1,777 $ 500 $ 315 $ 1,210 $ 145 (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) Senior interests in non-agency-sponsored mortgages include $82 million related to personal loan securitizations at September 30, 2021. (3) 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. |
Schedule of key assumptions used in measuring fair value of retained interest at the date of sale or securitization of mortgage receivables | Key assumptions used in measuring the fair value of retained interests at the date of sale or securitization of mortgage receivables were as follows: Three Months Ended September 30, 2021 Non-agency-sponsored mortgages (1) U.S. agency- sponsored mortgages Senior interests Subordinated interests Weighted average discount rate 8.6 % 2.2 % 2.4 % Weighted average constant prepayment rate 5.9 % 4.3 % 13.3 % Weighted average anticipated net credit losses (2) NM 0.8 % 0.2 % Weighted average life 7.4 years 3.2 years 4.9 years Three Months Ended September 30, 2020 Non-agency-sponsored mortgages (1) U.S. agency- Senior Subordinated Weighted average discount rate 3.5 % 1.8 % NM Weighted average constant prepayment rate 29.7 % 2.5 % NM Weighted average anticipated net credit losses (2) NM 0.2 % NM Weighted average life 4.2 years 3.9 years NM Nine Months Ended September 30, 2021 Non-agency-sponsored mortgages (1) U.S. agency- sponsored mortgages Senior interests Subordinated interests Weighted average discount rate 8.8 % 2.2 % 2.8 % Weighted average constant prepayment rate 5.3 % 6.3 % 10.6 % Weighted average anticipated net credit losses (2) NM 1.4 % 1.0 % Weighted average life 7.6 years 3.4 years 5.4 years Nine Months Ended September 30, 2020 Non-agency-sponsored mortgages (1) U.S. agency- Senior Subordinated Weighted average discount rate 5.2 % 1.8 % 3.0 % Weighted average constant prepayment rate 27.9 % 1.8 % 25.0 % Weighted average anticipated net credit losses (2) NM 0.7 % 0.5 % Weighted average life 4.5 years 4.2 years 2.3 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: September 30, 2021 Non-agency-sponsored mortgages (1) U.S. agency- Senior Subordinated Weighted average discount rate 6.4 % 13.0 % 3.0 % Weighted average constant prepayment rate 11.3 % 6.0 % 7.0 % Weighted average anticipated net credit losses (2) NM NM 1.5 % Weighted average life 5.7 years 12.6 years 18.2 years December 31, 2020 Non-agency-sponsored mortgages (1) U.S. agency- Senior Subordinated Weighted average discount rate 5.9 % 7.2 % 4.3 % Weighted average constant prepayment rate 22.7 % 5.3 % 4.7 % Weighted average anticipated net credit losses (2) NM 1.2 % 1.4 % Weighted average life 4.5 years 5.3 years 4.7 years (1) Disclosure of non-agency-sponsored mortgages as senior and subordinated interests is indicative of the interests’ position in the capital structure of the securitization. (2) Anticipated net credit losses represent estimated loss severity associated with defaulted mortgage loans underlying the mortgage securitizations disclosed above. Anticipated net credit losses, in this instance, do not represent total credit losses incurred to date, nor do they represent credit losses expected on retained interests in mortgage securitizations. NM Anticipated net credit losses are not meaningful due to U.S. agency guarantees. |
Schedule of key assumptions used to value retained interests and sensitivity of adverse changes of 10% and 20%, mortgage securitizations | September 30, 2021 Non-agency-sponsored mortgages In millions of dollars U.S. agency- sponsored mortgages Senior interests Subordinated interests Discount rate Adverse change of 10% $ (9) $ — $ — Adverse change of 20% (18) (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 — — December 31, 2020 Non-agency-sponsored mortgages In millions of dollars U.S. agency- Senior Subordinated Discount rate Adverse change of 10% $ (8) $ — $ (1) Adverse change of 20% (15) (1) (1) Constant prepayment rate Adverse change of 10% (21) — — Adverse change of 20% (40) — — 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 September 30, Nine Months Ended September 30, In billions of dollars, except liquidation losses in millions Sept. 30, 2021 Dec. 31, 2020 Sept. 30, 2021 Dec. 31, 2020 2021 2020 2021 2020 Securitized assets Residential mortgages (1) $ 28.5 $ 16.9 $ 0.3 $ 0.5 $ 2 $ 5 $ 8 $ 23 Commercial and other 25.6 23.9 — — — — $ — — Total $ 54.1 $ 40.8 $ 0.3 $ 0.5 $ 2 $ 5 $ 8 $ 23 |
Schedule of changes in capitalized MSRs | The following table summarizes the changes in capitalized MSRs: Three Months Ended September 30, Nine Months Ended In millions of dollars 2021 2020 2021 2020 Balance, beginning of period $ 419 $ 345 $ 336 $ 495 Originations 8 31 76 87 Changes in fair value of MSRs due to changes in inputs and assumptions (3) (22) 49 (191) Other changes (1) (15) (20) (52) (57) Sales of MSRs — — — — Balance, as of September 30 $ 409 $ 334 $ 409 $ 334 (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 September 30, Nine Months Ended September 30, In millions of dollars 2021 2020 2021 2020 Servicing fees $ 32 $ 29 $ 100 $ 102 Late fees 1 1 2 4 Ancillary fees — — — — Total MSR fees $ 33 $ 30 $ 102 $ 106 |
Schedule of sensitivity of adverse changes of 10% and 20% to discount rate, CDOs and CLOs | The following table summarizes selected retained interests related to Citigroup CLOs: In millions of dollars Sept. 30, 2021 Dec. 31, 2020 Carrying value of retained interests $ 1,519 $ 1,611 |
Schedule of asset-based financing | September 30, 2021 December 31, 2020 In millions of dollars Total unconsolidated VIE assets Maximum exposure to unconsolidated VIEs Total unconsolidated VIE assets Maximum exposure to unconsolidated VIEs Type Commercial and other real estate $ 33,741 $ 6,841 $ 34,570 $ 7,758 Corporate loans 18,465 11,363 12,022 7,654 Other (including investment funds, airlines and shipping) 215,732 23,120 167,613 20,442 Total $ 267,938 $ 41,324 $ 214,205 $ 35,854 |
DERIVATIVES (Tables)
DERIVATIVES (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
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 September 30, December 31, September 30, December 31, Interest rate contracts Swaps $ 283,433 $ 334,351 $ 20,154,428 $ 17,724,147 Futures and forwards — — 3,485,545 4,142,514 Written options — — 1,619,341 1,573,483 Purchased options — — 1,470,167 1,418,255 Total interest rate contracts $ 283,433 $ 334,351 $ 26,729,481 $ 24,858,399 Foreign exchange contracts Swaps $ 50,214 $ 65,709 $ 6,707,996 $ 6,567,304 Futures, forwards and spot 54,135 37,080 4,778,312 3,945,391 Written options — 47 746,078 907,338 Purchased options — 53 740,239 900,626 Total foreign exchange contracts $ 104,349 $ 102,889 $ 12,972,625 $ 12,320,659 Equity contracts Swaps $ — $ — $ 313,557 $ 274,098 Futures and forwards — — 92,136 67,025 Written options — — 585,440 441,003 Purchased options — — 473,549 328,202 Total equity contracts $ — $ — $ 1,464,682 $ 1,110,328 Commodity and other contracts Swaps $ — $ — $ 94,768 $ 80,127 Futures and forwards 2,342 924 176,408 143,175 Written options — — 63,308 71,376 Purchased options — — 58,947 67,849 Total commodity and other contracts $ 2,342 $ 924 $ 393,431 $ 362,527 Credit derivatives (1) Protection sold $ — $ — $ 634,497 $ 543,607 Protection purchased — — 705,590 612,770 Total credit derivatives $ — $ — $ 1,340,087 $ 1,156,377 Total derivative notionals $ 390,124 $ 438,164 $ 42,900,306 $ 39,808,290 (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 September 30, 2021 and December 31, 2020. 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 $280 billion as of September 30, 2021 and December 31, 2020, 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 September 30, 2021 Derivatives classified in (1)(2) Derivatives instruments designated as ASC 815 hedges Assets Liabilities Over-the-counter $ 1,964 $ 30 Cleared 244 84 Interest rate contracts $ 2,208 $ 114 Over-the-counter $ 1,146 $ 1,482 Cleared 6 — Foreign exchange contracts $ 1,152 $ 1,482 Total derivatives instruments designated as ASC 815 hedges $ 3,360 $ 1,596 Derivatives instruments not designated as ASC 815 hedges Over-the-counter $ 159,004 $ 146,083 Cleared 12,129 10,673 Exchange traded 55 29 Interest rate contracts $ 171,188 $ 156,785 Over-the-counter $ 130,707 $ 128,259 Cleared 401 249 Foreign exchange contracts $ 131,108 $ 128,508 Over-the-counter $ 30,147 $ 38,966 Cleared 18 24 Exchange traded 23,516 23,583 Equity contracts $ 53,681 $ 62,573 Over-the-counter $ 43,833 $ 43,394 Exchange traded 3,302 3,824 Commodity and other contracts $ 47,135 $ 47,218 Over-the-counter $ 7,237 $ 7,331 Cleared 3,005 3,318 Credit derivatives $ 10,242 $ 10,649 Total derivatives instruments not designated as ASC 815 hedges $ 413,354 $ 405,733 Total derivatives $ 416,714 $ 407,329 Cash collateral paid/received (3) $ 23,216 $ 18,492 Less: Netting agreements (4) (313,526) (313,526) Less: Netting cash collateral received/paid (5) (48,391) (49,460) Net receivables/payables included on the Consolidated Balance Sheet (6) $ 78,013 $ 62,835 Additional amounts subject to an enforceable master netting agreement, Less: Cash collateral received/paid $ (881) $ (509) Less: Non-cash collateral received/paid (5,726) (13,358) Total net receivables/payables (6) $ 71,406 $ 48,968 (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 $72,676 million and $66,883 million of gross cash collateral paid and received, respectively. Of the gross cash collateral paid, $49,460 million was used to offset trading derivative liabilities. Of the gross cash collateral received, $48,391 million was used to offset trading derivative assets. (4) Represents the netting of balances with the same counterparty under enforceable netting agreements. Approximately $278 billion, $12 billion and $23 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 $10 billion of derivative asset and $12 billion of derivative liability fair values not subject to enforceable master netting agreements, respectively. In millions of dollars at December 31, 2020 Derivatives classified in (1)(2) Derivatives instruments designated as ASC 815 hedges Assets Liabilities Over-the-counter $ 1,781 $ 161 Cleared 74 319 Interest rate contracts $ 1,855 $ 480 Over-the-counter $ 2,037 $ 2,042 Foreign exchange contracts $ 2,037 $ 2,042 Total derivatives instruments designated as ASC 815 hedges $ 3,892 $ 2,522 Derivatives instruments not designated as ASC 815 hedges Over-the-counter $ 228,519 $ 209,330 Cleared 11,041 12,563 Exchange traded 46 38 Interest rate contracts $ 239,606 $ 221,931 Over-the-counter $ 153,791 $ 152,784 Cleared 842 1,239 Exchange traded — 1 Foreign exchange contracts $ 154,633 $ 154,024 Over-the-counter $ 29,244 $ 41,036 Cleared 1 18 Exchange traded 21,274 22,515 Equity contracts $ 50,519 $ 63,569 Over-the-counter $ 13,659 $ 17,076 Exchange traded 879 1,017 Commodity and other contracts $ 14,538 $ 18,093 Over-the-counter $ 7,826 $ 7,951 Cleared 1,963 2,178 Credit derivatives $ 9,789 $ 10,129 Total derivatives instruments not designated as ASC 815 hedges $ 469,085 $ 467,746 Total derivatives $ 472,977 $ 470,268 Cash collateral paid/received (3) $ 32,778 $ 8,196 Less: Netting agreements (4) (364,879) (364,879) Less: Netting cash collateral received/paid (5) (63,915) (45,628) Net receivables/payables included on the Consolidated Balance Sheet (6) $ 76,961 $ 67,957 Additional amounts subject to an enforceable master netting agreement, but not offset on the Consolidated Balance Sheet Less: Cash collateral received/paid $ (1,567) $ (473) Less: Non-cash collateral received/paid (7,408) (13,087) Total net receivables/payables (6) $ 67,986 $ 54,397 (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 $78,406 million and $72,111 million of gross cash collateral paid and received, respectively. Of the gross cash collateral paid, $45,628 million was used to offset trading derivative liabilities. Of the gross cash collateral received, $63,915 million was used to offset trading derivative assets. (4) Represents the netting of balances with the same counterparty under enforceable netting agreements. Approximately $336 billion, $9 billion and $20 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. |
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 September 30, Nine Months Ended September 30, In millions of dollars 2021 2020 2021 2020 Interest rate contracts $ 9 $ (3) $ (66) $ 171 Foreign exchange (26) 19 (60) (18) Total $ (17) $ 16 $ (126) $ 153 The following table summarizes the gains (losses) on the Company’s fair value hedges: Gains (losses) on fair value hedges (1) Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 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 $ — $ (747) $ — $ (1,121) $ — $ (4,228) $ — $ 5,965 Foreign exchange hedges (724) — 1,235 — (714) — (242) — Commodity hedges (166) — (3) — (732) — (94) — Total gain (loss) on the hedging derivatives included in assessment of the effectiveness of fair value hedges $ (890) $ (747) $ 1,232 $ (1,121) $ (1,446) $ (4,228) $ (336) $ 5,965 Gain (loss) on the hedged item in designated and qualifying fair value hedges Interest rate hedges $ — $ 667 $ — $ 955 $ — $ 3,934 $ — $ (6,173) Foreign exchange hedges 725 — (1,235) — 715 — 242 — Commodity hedges 166 — 3 — 732 — 94 — Total gain (loss) on the hedged item in designated and qualifying fair value hedges $ 891 $ 667 $ (1,232) $ 955 $ 1,447 $ 3,934 $ 336 $ (6,173) Net gain (loss) on the hedging derivatives excluded from Interest rate hedges $ — $ — $ — $ — $ — $ (3) $ — $ (23) Foreign exchange hedges (2) 79 — (24) — 96 — (65) — Commodity hedges 42 — 91 — (33) — 81 — Total net gain (loss) on the hedging derivatives excluded from assessment of the effectiveness of fair value hedges $ 121 $ — $ 67 $ — $ 63 $ (3) $ 16 $ (23) (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 included in AOCI was $12 million and $(14) million for the three and nine months ended September 30, 2021 and $(51) million and $(2) million for the three and nine months ended September 30, 2020, 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 September 30, 2021 and December 31, 2020, 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 September 30, 2021 Debt securities AFS (1)(3) $ 72,366 $ 103 $ 165 Long-term debt 155,659 1,804 4,061 As of December 31, 2020 Debt securities AFS (2)(3) $ 81,082 $ 28 $ 342 Long-term debt 169,026 5,554 4,989 (1) These amounts include a cumulative basis adjustment of $76 million for active hedges and $(118) million for de-designated hedges as of September 30, 2021, 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 $7 billion as the hedged amount (from a closed portfolio of prepayable financial assets with a carrying value of $30 billion as of September 30, 2021) in a last-of-layer hedging relationship. (2) These amounts include a cumulative basis adjustment of $(18) million for active hedges and $62 million for de-designated hedges as of December 31, 2020, 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 $3 billion as the hedged amount (from a closed portfolio of prepayable financial assets with a carrying value of $19 billion as of December 31, 2020) 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 September 30, Nine Months Ended September 30, In millions of dollars 2021 2020 2021 2020 Amount of gain (loss) recognized in AOCI on derivatives Interest rate contracts $ 19 $ (52) $ (397) $ 2,739 Foreign exchange contracts (16) — (16) (16) Total gain (loss) recognized in AOCI $ 3 $ (52) $ (413) $ 2,723 Other Net interest Other Other Net interest Other Net interest Amount of gain (loss) reclassified from AOCI to earnings (1) Interest rate contracts $ — $ 269 $ — $ 256 $ — $ 809 $ — $ 459 Foreign exchange contracts (1) — (1) — (3) — (3) — Total gain (loss) reclassified from AOCI into earnings $ (1) $ 269 $ (1) $ 256 $ (3) $ 809 $ (3) $ 459 Net pretax change in cash flow hedges included within AOCI $ (265) $ (307) $ (1,219) $ 2,267 (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 September 30, 2021 Receivable (1) Payable (2) Protection Protection By industry of counterparty Banks $ 2,384 $ 3,060 $ 112,636 $ 108,122 Broker-dealers 1,984 1,229 50,752 44,525 Non-financial 125 75 6,056 2,635 Insurance and other financial 5,749 6,285 536,146 479,215 Total by industry of counterparty $ 10,242 $ 10,649 $ 705,590 $ 634,497 By instrument Credit default swaps and options $ 9,609 $ 9,927 $ 689,107 $ 626,484 Total return swaps and other 633 722 16,483 8,013 Total by instrument $ 10,242 $ 10,649 $ 705,590 $ 634,497 By rating of reference entity Investment grade $ 4,179 $ 4,053 $ 541,747 $ 478,178 Non-investment grade 6,063 6,596 163,843 156,319 Total by rating of reference entity $ 10,242 $ 10,649 $ 705,590 $ 634,497 By maturity Within 1 year $ 783 $ 1,274 $ 131,085 $ 121,324 From 1 to 5 years 6,188 6,192 460,850 419,029 After 5 years 3,271 3,183 113,655 94,144 Total by maturity $ 10,242 $ 10,649 $ 705,590 $ 634,497 (1) The fair value amount receivable is composed of $3,729 million under protection purchased and $6,513 million under protection sold. (2) The fair value amount payable is composed of $7,244 million under protection purchased and $3,405 million under protection sold. Fair values Notionals In millions of dollars at December 31, 2020 Receivable (1) Payable (2) Protection Protection By industry of counterparty Banks $ 2,902 $ 3,187 $ 117,685 $ 120,739 Broker-dealers 1,770 1,215 46,928 44,692 Non-financial 109 90 5,740 2,217 Insurance and other financial 5,008 5,637 442,417 375,959 Total by industry of counterparty $ 9,789 $ 10,129 $ 612,770 $ 543,607 By instrument Credit default swaps and options $ 9,254 $ 9,254 $ 599,633 $ 538,426 Total return swaps and other 535 875 13,137 5,181 Total by instrument $ 9,789 $ 10,129 $ 612,770 $ 543,607 By rating of reference entity Investment grade $ 4,136 $ 4,037 $ 478,643 $ 418,147 Non-investment grade 5,653 6,092 134,127 125,460 Total by rating of reference entity $ 9,789 $ 10,129 $ 612,770 $ 543,607 By maturity Within 1 year $ 914 $ 1,355 $ 134,080 $ 125,464 From 1 to 5 years 6,022 5,991 421,682 374,376 After 5 years 2,853 2,783 57,008 43,767 Total by maturity $ 9,789 $ 10,129 $ 612,770 $ 543,607 (1) The fair value amount receivable is composed of $3,514 million under protection purchased and $6,275 million under protection sold. (2) The fair value amount payable is composed of $7,037 million under protection purchased and $3,092 million under protection sold. |
FAIR VALUE MEASUREMENT (Tables)
FAIR VALUE MEASUREMENT (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Schedule of CVA and FVA applied to fair value of derivative instruments | The table below summarizes the credit valuation adjustments (CVA) and funding valuation adjustments (FVA) applied to the fair value of derivative instruments at September 30, 2021 and December 31, 2020: Credit and funding valuation adjustments In millions of dollars September 30, December 31, Counterparty CVA $ (671) $ (800) Asset FVA (459) (525) Citigroup (own credit) CVA 375 403 Liability FVA 80 67 Total CVA—derivative instruments $ (675) $ (855) |
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 September 30, Nine Months Ended September 30, In millions of dollars 2021 2020 2021 2020 Counterparty CVA $ 25 $ 104 $ 68 $ (134) Asset FVA (23) 105 71 (316) Own credit CVA 34 (62) (44) 200 Liability FVA (63) (36) (52) 87 Total CVA—derivative instruments $ (27) $ 111 $ 43 $ (163) DVA related to own FVO liabilities (1) $ (107) $ (452) $ (256) $ 801 Total CVA and DVA $ (134) $ (341) $ (213) $ 638 |
Items measured at fair value on a recurring basis | The following tables present for each of the fair value hierarchy levels the Company’s assets and liabilities that are measured at fair value on a recurring basis at September 30, 2021 and December 31, 2020. 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. The effects of these hedges are presented gross in the following tables: Fair Value Levels In millions of dollars at September 30, 2021 Level 1 Level 2 Level 3 Gross Netting (1) Net Assets Securities borrowed and purchased under agreements to resell $ — $ 328,482 $ 257 $ 328,739 $ (116,539) $ 212,200 Trading non-derivative assets Trading mortgage-backed securities U.S. government-sponsored agency guaranteed — 29,577 432 30,009 — 30,009 Residential — 415 61 476 — 476 Commercial — 656 120 776 — 776 Total trading mortgage-backed securities $ — $ 30,648 $ 613 $ 31,261 $ — $ 31,261 U.S. Treasury and federal agency securities $ 42,689 $ 4,621 $ — $ 47,310 $ — $ 47,310 State and municipal — 1,570 71 1,641 — 1,641 Foreign government 54,922 27,517 33 82,472 — 82,472 Corporate 1,914 20,833 541 23,288 — 23,288 Equity securities 49,713 10,350 205 60,268 — 60,268 Asset-backed securities — 804 664 1,468 — 1,468 Other trading assets (2) — 16,278 915 17,193 — 17,193 Total trading non-derivative assets $ 149,238 $ 112,621 $ 3,042 $ 264,901 $ — $ 264,901 Trading derivatives Interest rate contracts $ 59 $ 170,175 $ 3,162 $ 173,396 Foreign exchange contracts — 131,744 516 132,260 Equity contracts — 51,894 1,787 53,681 Commodity contracts — 45,933 1,202 47,135 Credit derivatives — 9,432 810 10,242 Total trading derivatives—before netting and collateral $ 59 $ 409,178 $ 7,477 $ 416,714 Cash collateral paid (3) $ 23,216 Netting agreements $ (313,526) Netting of cash collateral received (48,391) Total trading derivatives—after netting and collateral $ 59 $ 409,178 $ 7,477 $ 439,930 $ (361,917) $ 78,013 Investments Mortgage-backed securities U.S. government-sponsored agency guaranteed $ — $ 36,617 $ 52 $ 36,669 $ — $ 36,669 Residential — 351 12 363 — 363 Commercial — 34 — 34 — 34 Total investment mortgage-backed securities $ — $ 37,002 $ 64 $ 37,066 $ — $ 37,066 U.S. Treasury and federal agency securities $ 123,004 $ 170 $ — $ 123,174 $ — $ 123,174 State and municipal — 1,949 735 2,684 — 2,684 Foreign government 65,314 54,068 812 120,194 — 120,194 Corporate 3,577 3,157 192 6,926 — 6,926 Marketable equity securities 243 136 — 379 — 379 Asset-backed securities — 261 3 264 — 264 Other debt securities — 5,265 — 5,265 — 5,265 Non-marketable equity securities (4) — 47 347 394 — 394 Total investments $ 192,138 $ 102,055 $ 2,153 $ 296,346 $ — $ 296,346 Table continues on the next page. In millions of dollars at September 30, 2021 Level 1 Level 2 Level 3 Gross Netting (1) Net Loans $ — $ 6,437 $ 722 $ 7,159 $ — $ 7,159 Mortgage servicing rights — — 409 409 — 409 Non-trading derivatives and other financial assets measured on a recurring basis $ 4,347 $ 7,462 $ 86 $ 11,895 $ — $ 11,895 Total assets $ 345,782 $ 966,235 $ 14,146 $ 1,349,379 $ (478,456) $ 870,923 Total as a percentage of gross assets (5) 26.1% 72.9% 1.1% Liabilities Interest-bearing deposits $ — $ 2,531 $ 182 $ 2,713 $ — $ 2,713 Securities loaned and sold under agreements to repurchase — 184,142 656 184,798 (109,536) 75,262 Trading account liabilities Securities sold, not yet purchased 98,685 17,671 88 116,444 — 116,444 Other trading liabilities — 7 — 7 — 7 Total trading liabilities $ 98,685 $ 17,678 $ 88 $ 116,451 $ — $ 116,451 Trading derivatives Interest rate contracts $ 45 $ 155,183 $ 1,671 $ 156,899 Foreign exchange contracts 3 129,263 724 129,990 Equity contracts 26 58,787 3,760 62,573 Commodity contracts — 46,434 784 47,218 Credit derivatives — 9,889 760 10,649 Total trading derivatives—before netting and collateral $ 74 $ 399,556 $ 7,699 $ 407,329 Cash collateral received (6) $ 18,492 Netting agreements $ (313,526) Netting of cash collateral paid (49,460) Total trading derivatives—after netting and collateral $ 74 $ 399,556 $ 7,699 $ 425,821 $ (362,986) $ 62,835 Short-term borrowings $ — $ 8,811 $ 3 $ 8,814 $ — $ 8,814 Long-term debt — 52,136 26,042 78,178 — 78,178 Total non-trading derivatives and other financial liabilities measured on a recurring basis $ 3,245 $ 177 $ 1 $ 3,423 $ 3,423 Total liabilities $ 102,004 $ 665,031 $ 34,671 $ 820,198 $ (472,522) $ 347,676 Total as a percentage of gross liabilities (5) 12.7 % 83.0 % 4.3 % (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 $72,676 million of gross cash collateral paid, of which $49,460 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 $66,883 million of gross cash collateral received, of which $48,391 million was used to offset trading derivative assets. Fair Value Levels In millions of dollars at December 31, 2020 Level 1 Level 2 Level 3 Gross Netting (1) Net Assets Securities borrowed and purchased under agreements to resell $ — $ 335,073 $ 320 $ 335,393 $ (150,189) $ 185,204 Trading non-derivative assets Trading mortgage-backed securities U.S. government-sponsored agency guaranteed — 42,903 27 42,930 — 42,930 Residential — 391 340 731 — 731 Commercial — 893 136 1,029 — 1,029 Total trading mortgage-backed securities $ — $ 44,187 $ 503 $ 44,690 $ — $ 44,690 U.S. Treasury and federal agency securities $ 64,529 $ 2,269 $ — $ 66,798 $ — $ 66,798 State and municipal — 1,224 94 1,318 — 1,318 Foreign government 68,195 15,143 51 83,389 — 83,389 Corporate 1,607 18,840 375 20,822 — 20,822 Equity securities 54,117 12,289 73 66,479 — 66,479 Asset-backed securities — 776 1,606 2,382 — 2,382 Other trading assets (2) — 11,295 945 12,240 — 12,240 Total trading non-derivative assets $ 188,448 $ 106,023 $ 3,647 $ 298,118 $ — $ 298,118 Trading derivatives Interest rate contracts $ 42 $ 238,026 $ 3,393 $ 241,461 Foreign exchange contracts 2 155,994 674 156,670 Equity contracts 66 48,362 2,091 50,519 Commodity contracts — 13,546 992 14,538 Credit derivatives — 8,634 1,155 9,789 Total trading derivatives—before netting and collateral $ 110 $ 464,562 $ 8,305 $ 472,977 Cash collateral paid (3) $ 32,778 Netting agreements $ (364,879) Netting of cash collateral received (63,915) Total trading derivatives—after netting and collateral $ 110 $ 464,562 $ 8,305 $ 505,755 $ (428,794) $ 76,961 Investments Mortgage-backed securities U.S. government-sponsored agency guaranteed $ — $ 43,888 $ 30 $ 43,918 $ — $ 43,918 Residential — 571 — 571 — 571 Commercial — 50 — 50 — 50 Total investment mortgage-backed securities $ — $ 44,509 $ 30 $ 44,539 $ — $ 44,539 U.S. Treasury and federal agency securities $ 146,032 $ 172 $ — $ 146,204 $ — $ 146,204 State and municipal — 2,885 834 3,719 — 3,719 Foreign government 77,056 47,644 268 124,968 — 124,968 Corporate 6,326 4,114 60 10,500 — 10,500 Marketable equity securities 287 228 — 515 — 515 Asset-backed securities — 277 1 278 — 278 Other debt securities — 4,876 — 4,876 — 4,876 Non-marketable equity securities (4) — 50 349 399 — 399 Total investments $ 229,701 $ 104,755 $ 1,542 $ 335,998 $ — $ 335,998 Table continues on the next page. In millions of dollars at December 31, 2020 Level 1 Level 2 Level 3 Gross Netting (2) Net Loans $ — $ 4,869 $ 1,985 $ 6,854 $ — $ 6,854 Mortgage servicing rights — — 336 336 — 336 Non-trading derivatives and other financial assets measured on a recurring basis $ 6,230 $ 8,383 $ — $ 14,613 $ — $ 14,613 Total assets $ 424,489 $ 1,023,665 $ 16,135 $ 1,497,067 $ (578,983) $ 918,084 Total as a percentage of gross assets (5) 29.0% 69.9% 1.1% Liabilities Interest-bearing deposits $ — $ 1,752 $ 206 $ 1,958 $ — $ 1,958 Securities loaned and sold under agreements to repurchase — 156,644 631 157,275 (97,069) 60,206 Trading account liabilities Securities sold, not yet purchased 85,353 14,477 214 100,044 — 100,044 Other trading liabilities — — 26 26 — 26 Total trading liabilities $ 85,353 $ 14,477 $ 240 $ 100,070 $ — $ 100,070 Trading derivatives Interest rate contracts $ 25 $ 220,607 $ 1,779 $ 222,411 Foreign exchange contracts 3 155,441 622 156,066 Equity contracts 53 58,212 5,304 63,569 Commodity contracts — 17,393 700 18,093 Credit derivatives — 9,022 1,107 10,129 Total trading derivatives—before netting and collateral $ 81 $ 460,675 $ 9,512 $ 470,268 Cash collateral received (6) $ 8,196 Netting agreements $ (364,879) Netting of cash collateral paid (45,628) Total trading derivatives—after netting and collateral $ 81 $ 460,675 $ 9,512 $ 478,464 $ (410,507) $ 67,957 Short-term borrowings $ — $ 4,464 $ 219 $ 4,683 $ — $ 4,683 Long-term debt — 41,853 25,210 67,063 — 67,063 Non-trading derivatives and other financial liabilities measured on a recurring basis $ 6,762 $ 72 $ 1 $ 6,835 $ — $ 6,835 Total liabilities $ 92,196 $ 679,937 $ 36,019 $ 816,348 $ (507,576) $ 308,772 Total as a percentage of gross liabilities (5) 11.4 % 84.1 % 4.5 % (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 $78,406 million of gross cash collateral paid, of which $45,628 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 $72,111 million of gross cash collateral received, of which $63,915 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 gains (losses) incl. in (1) Transfers Unrealized (3) In millions of dollars Jun. 30, 2021 Principal Other (1)(2) into out of Purchases Issuances Sales Settlements Sept. 30, 2021 Assets Securities borrowed and purchased under agreements to resell $ 211 $ 1 $ — $ 45 $ — $ 43 $ — $ — $ (43) $ 257 $ 3 Trading non-derivative assets Trading mortgage-backed securities U.S. government-sponsored agency guaranteed 376 20 — 60 (52) 154 — (126) — 432 17 Residential 95 2 — 5 (9) 19 — (51) — 61 3 Commercial 87 1 — 17 (12) 36 — (9) — 120 1 Total trading mortgage-backed securities $ 558 $ 23 $ — $ 82 $ (73) $ 209 $ — $ (186) $ — $ 613 $ 21 U.S. Treasury and federal agency securities $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — State and municipal 70 3 — — — — — (2) — 71 4 Foreign government 141 26 — 7 (98) 6 — (49) — 33 4 Corporate 823 3 — 123 (110) 246 — (544) — 541 16 Marketable equity securities 147 12 — 55 (9) 58 — (58) — 205 14 Asset-backed securities 692 101 — 128 (19) 186 — (424) — 664 (28) Other trading assets 555 138 — 25 (67) 379 — (115) — 915 36 Total trading non-derivative assets $ 2,986 $ 306 $ — $ 420 $ (376) $ 1,084 $ — $ (1,378) $ — $ 3,042 $ 67 Trading derivatives, net (4) Interest rate contracts $ 1,764 $ (160) $ — $ (79) $ 56 $ 10 $ — $ — $ (100) $ 1,491 $ (189) Foreign exchange contracts (184) 131 — (71) (22) 11 — (3) (70) (208) 121 Equity contracts (2,550) 538 — (370) 668 134 — (98) (295) (1,973) 452 Commodity contracts 142 200 — (3) 106 44 — (50) (21) 418 218 Credit derivatives (41) (84) — 24 116 — — — 35 50 (87) Total trading derivatives, net (4) $ (869) $ 625 $ — $ (499) $ 924 $ 199 $ — $ (151) $ (451) $ (222) $ 515 Table continues on the next page. Net realized/unrealized gains (losses) incl. in (1) Transfers Unrealized (3) In millions of dollars Jun. 30, 2021 Principal Other (1)(2) into out of Purchases Issuances Sales Settlements Sept. 30, 2021 Investments Mortgage-backed securities U.S. government-sponsored agency guaranteed $ 52 $ — $ — $ 20 $ (10) $ — $ — $ (10) $ — $ 52 $ — Residential — — — — — 12 — — — 12 — Total investment mortgage-backed securities $ 52 $ — $ — $ 20 $ (10) $ 12 $ — $ (10) $ — $ 64 $ — U.S. Treasury and federal agency securities $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — State and municipal 748 — (6) — — 2 — (9) — 735 (6) Foreign government 957 — (25) 63 (232) 99 — (50) — 812 (6) Corporate 104 — (2) 151 (41) 7 — (27) — 192 — Marketable equity securities — — — — — — — — — — — Asset-backed securities 3 — — — — — — — — 3 — Other debt securities — — — — — — — — — — — Non-marketable equity securities 382 — (36) 1 — — — — — 347 (53) Total investments $ 2,246 $ — $ (69) $ 235 $ (283) $ 120 $ — $ (96) $ — $ 2,153 $ (65) Loans $ 429 $ — $ (16) $ — $ (20) $ — $ 336 $ — $ (7) $ 722 $ 14 Mortgage servicing rights 419 — (3) — — — 8 — (15) 409 (3) Other financial assets measured on a recurring basis 55 — 3 10 (4) 33 — (11) — 86 — Liabilities Interest-bearing deposits $ 154 $ — $ (25) $ — $ — $ — $ 14 $ — $ (11) $ 182 $ 5 Securities loaned and sold under agreements to repurchase 488 (29) — 183 — — — — (44) 656 6 Trading account liabilities Securities sold, not yet purchased 168 (22) — 7 (4) 21 — — (126) 88 4 Other trading liabilities 1 1 — — — — — — — — 4 Short-term borrowings 41 (1) — 2 (12) — 2 — (31) 3 2 Long-term debt 25,068 486 — 2,052 (1,086) — 1,526 — (1,032) 26,042 434 Other financial liabilities measured on a recurring basis 4 — — — — — — (3) 1 — (1) Net realized/unrealized gains (losses) are presented as increase (decrease) to Level 3 assets, and as (increase) decrease to Level 3 liabilities. Changes in fair value of available-for-sale debt securities are recorded in AOCI , unless related to credit 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 and DVA on fair value option liabilities), attributable to the change in fair value relating to assets and liabilities classified as Level 3 that are still held at September 30, 2021. (4) Total Level 3 trading derivative assets and liabilities have been netted in these tables for presentation purposes only. Net realized/unrealized gains (losses) incl. in (1) Transfers Unrealized (3) In millions of dollars Dec. 31, 2020 Principal Other (1)(2) into out of Purchases Issuances Sales Settlements Sept. 30, 2021 Assets Securities borrowed and purchased under agreements to resell $ 320 $ (10) $ — $ 45 $ (49) $ 319 $ — $ — $ (368) $ 257 $ 25 Trading non-derivative assets Trading mortgage-backed securities U.S. government-sponsored agency guaranteed 27 21 — 312 (60) 268 — (136) — 432 31 Residential 340 24 — 74 (77) 220 — (520) — 61 17 Commercial 136 22 — 93 (53) 60 — (138) — 120 2 Total trading mortgage-backed securities $ 503 $ 67 $ — $ 479 $ (190) $ 548 $ — $ (794) $ — $ 613 $ 50 U.S. Treasury and federal agency securities $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — State and municipal 94 3 — — (29) 5 — (2) — 71 4 Foreign government 51 31 — 143 (126) 77 — (143) — 33 4 Corporate 375 78 — 441 (278) 721 — (796) — 541 (6) Marketable equity securities 73 59 — 139 (51) 93 — (108) — 205 26 Asset-backed securities 1,606 349 — 163 (217) 1,120 — (2,357) — 664 (58) Other trading assets 945 156 — 86 (196) 727 4 (803) (4) 915 29 Total trading non-derivative assets $ 3,647 $ 743 $ — $ 1,451 $ (1,087) $ 3,291 $ 4 $ (5,003) $ (4) $ 3,042 $ 49 Trading derivatives, net (4) Interest rate contracts $ 1,614 $ (458) $ — $ 94 $ 377 $ 12 $ (84) $ — $ (64) $ 1,491 $ (216) Foreign exchange contracts 52 52 — (63) (18) 145 — (300) (76) (208) 53 Equity contracts (3,213) 1,150 — (968) 1,566 243 — (215) (536) (1,973) 237 Commodity contracts 292 750 — 7 (511) 138 — (205) (53) 418 272 Credit derivatives 48 (205) — 39 45 — — — 123 50 (239) Total trading derivatives, net (4) $ (1,207) $ 1,289 $ — $ (891) $ 1,459 $ 538 $ (84) $ (720) $ (606) $ (222) $ 107 Investments Mortgage-backed securities U.S. government-sponsored agency guaranteed $ 30 $ — $ 2 $ 42 $ (10) $ 3 $ — $ (15) $ — $ 52 $ (53) Residential — — — — — 12 — — — 12 — Total investment mortgage-backed securities $ 30 $ — $ 2 $ 42 $ (10) $ 15 $ — $ (15) $ — $ 64 $ (53) U.S. Treasury and federal agency securities $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — State and municipal 834 — (16) 58 (108) 5 — (38) — 735 (12) Foreign government 268 — (24) 503 (521) 744 — (158) — 812 (4) Corporate 60 — (13) 183 (41) 37 — (34) — 192 2 Asset-backed securities 1 — (21) 36 — — — (13) — 3 (25) Non-marketable equity securities 349 — 4 2 — — — (8) — 347 (53) Total investments $ 1,542 $ — $ (68) $ 824 $ (680) $ 801 $ — $ (266) $ — $ 2,153 $ (145) Table continues on the next page. Net realized/unrealized gains (losses) incl. in (1) Transfers Unrealized (3) In millions of dollars Dec. 31 2020 Principal Other (1)(2) into out of Purchases Issuances Sales Settlements Sept. 30, 2021 Loans $ 1,985 $ — $ 332 $ 271 $ (2,071) $ — $ 337 $ — $ (132) $ 722 $ 111 Mortgage servicing rights 336 — 49 — — — 76 — (52) 409 50 Other financial assets measured on a recurring basis — — 3 65 (4) 33 — (11) — 86 — Liabilities Interest-bearing deposits $ 206 $ — $ (7) $ — $ (44) $ — $ 34 $ — $ (21) $ 182 $ (146) Securities loaned and sold under agreements to repurchase 631 (22) — 183 (483) 488 — — (185) 656 25 Trading account liabilities Securities sold, not yet purchased 214 39 — 69 (29) 41 — — (168) 88 4 Other trading liabilities 26 26 — — — — — — — — — Short-term borrowings 219 31 — 44 (56) — 27 — (200) 3 2 Long-term debt 25,210 2,259 — 6,921 (7,054) — 9,071 — (5,847) 26,042 1,305 Other financial liabilities measured on a recurring basis 1 — (3) — (4) — 14 — (13) 1 — (1) Net realized/unrealized gains (losses) are presented as increase (decrease) to Level 3 assets, and as (increase) decrease to Level 3 liabilities. 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 and DVA on fair value option liabilities), attributable to the change in fair value relating to assets and liabilities classified as Level 3 that are still held at September 30, 2021. (4) Total Level 3 trading derivative assets and liabilities have been netted in these tables for presentation purposes only. Net realized/unrealized gains (losses) incl. in (1) Transfers Unrealized (3) In millions of dollars Jun. 30, 2020 Principal Other (1)(2) into out of Purchases Issuances Sales Settlements Sept. 30, 2020 Assets Securities borrowed or purchased under agreements to resell $ 326 $ 4 $ — $ — $ — $ 43 $ — $ — $ (43) $ 330 $ 4 Trading non-derivative assets Trading mortgage-backed securities U.S. government-sponsored agency guaranteed 96 9 — 5 — 182 — (26) — 266 9 Residential 433 64 — 10 (17) 67 — (288) — 269 (1) Commercial 217 1 — 13 — 24 — (74) — 181 — Total trading mortgage-backed securities $ 746 $ 74 $ — $ 28 $ (17) $ 273 $ — $ (388) $ — $ 716 $ 8 U.S. Treasury and federal agency securities $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — State and municipal 117 — — — — — — (41) — 76 — Foreign government 26 1 — 4 — 26 — (16) — 41 — Corporate 399 (25) — 22 (57) 160 2 (227) — 274 (16) Marketable equity securities 92 (31) — 2 — 15 — (13) — 65 (25) Asset-backed securities 1,785 14 — 167 (1) 351 — (488) — 1,828 4 Other trading assets 797 (24) — 140 (102) 66 5 (84) (4) 794 (29) Total trading non-derivative assets $ 3,962 $ 9 $ — $ 363 $ (177) $ 891 $ 7 $ (1,257) $ (4) $ 3,794 $ (58) Trading derivatives, net (4) Interest rate contracts $ 1,968 $ 70 $ — $ (17) $ (7) $ 31 $ 78 $ (62) $ (525) $ 1,536 $ 50 Foreign exchange contracts (26) 122 — (23) 29 3 — (6) (74) 25 47 Equity contracts (2,235) (183) — (41) (69) 1 — (12) (120) (2,659) (160) Commodity contracts (278) 172 — 48 (5) 29 — (15) 24 (25) 151 Credit derivatives 402 (271) — (33) 19 — — — 34 151 (274) Total trading derivatives, net (4) $ (169) $ (90) $ — $ (66) $ (33) $ 64 $ 78 $ (95) $ (661) $ (972) $ (186) Investments Mortgage-backed securities U.S. government-sponsored agency guaranteed $ 30 $ — $ — $ — $ — $ — $ — $ — $ — $ 30 $ (27) Residential — — — — — — — — — — 8 Commercial — — — — — — — — — — — Total investment mortgage-backed securities $ 30 $ — $ — $ — $ — $ — $ — $ — $ — $ 30 $ (19) U.S. Treasury and federal agency securities $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — State and municipal 825 — (5) 2 — 19 — (16) — 825 25 Foreign government 196 — 3 — — 66 — (76) — 189 — Corporate 106 — — — — — — (50) — 56 — Marketable equity securities 1 — (1) — — — — — — — (1) Asset-backed securities 6 — (4) — — — — — — 2 — Other debt securities — — — — — — — — — — — Non-marketable equity securities 332 — 17 — (2) — 3 — — 350 16 Total investments $ 1,496 $ — $ 10 $ 2 $ (2) $ 85 $ 3 $ (142) $ — $ 1,452 $ 21 Table continues on the next page. Net realized/unrealized gains (losses) incl. in (1) Transfers Unrealized (3) In millions of dollars Jun. 30, 2020 Principal Other (1)(2) into out of Purchases Issuances Sales Settlements Sept. 30, 2020 Loans $ 978 $ — $ 567 $ 138 $ — $ — $ — $ — $ (2) $ 1,681 $ 573 Mortgage servicing rights 345 — (22) — — — 31 — (20) 334 (14) Other financial assets measured on a recurring basis — — (3) 19 — — (13) (3) — — (11) Liabilities Interest-bearing deposits $ 237 $ — $ 26 $ — $ — $ — $ 4 $ — $ (2) $ 213 $ 23 Securities loaned or sold under agreements to repurchase 625 (34) — — — — — — — 659 (126) Trading account liabilities Securities sold, not yet purchased 104 3 — 54 (3) — — — (11) 141 — Other trading liabilities — (16) — 27 — — — — — 43 (15) Short-term borrowings 128 9 — 78 — — 11 — (7) 201 13 Long-term debt 21,633 (267) — 1,396 (27) — 1,308 — (1,461) 23,116 (234) Other financial liabilities measured on a recurring basis — — — — — — 2 — — 2 3 (1) Net realized/unrealized gains (losses) are presented as increase (decrease) to Level 3 assets, and as (increase) decrease to Level 3 liabilities. Changes in fair value of available-for-sale investments are recorded in AOCI , unless related to credit 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 and DVA on fair value option liabilities), attributable to the change in fair value relating to assets and liabilities classified as Level 3 that are still held at September 30, 2020. (4) Total Level 3 derivative assets and liabilities have been netted in these tables for presentation purposes only. Net realized/unrealized gains (losses) incl. in (1) Transfers Unrealized (3) In millions of dollars Dec. 31, 2019 Principal Other (1)(2) into out of Purchases Issuances Sales Settlements Sept. 30, 2020 Assets Securities borrowed and purchased under agreements to resell $ 303 $ 18 $ — $ — $ — $ 151 $ — $ — $ (142) $ 330 $ 4 Trading non-derivative assets Trading mortgage-backed securities U.S. government-sponsored agency guaranteed 10 (65) — 21 (9) 390 — (81) — 266 14 Residential 123 70 — 214 (60) 341 — (419) — 269 (6) Commercial 61 5 — 156 (17) 113 — (137) — 181 (13) Total trading mortgage-backed securities $ 194 $ 10 $ — $ 391 $ (86) $ 844 $ — $ (637) $ — $ 716 $ (5) U.S. Treasury and federal agency securities $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — State and municipal 64 2 — 15 (3) 62 — (64) — 76 1 Foreign government 52 (27) — 6 (2) 130 — (118) — 41 — Corporate 313 265 — 108 (127) 579 2 (860) (6) 274 7 Marketable equity securities 100 (22) — 40 (3) 221 — (271) — 65 (33) Asset-backed securities 1,177 (88) — 663 (61) 1,091 — (954) — 1,828 (208) Other trading assets 555 196 — 321 (254) 297 19 (321) (19) 794 (63) Total trading non-derivative assets $ 2,455 $ 336 $ — $ 1,544 $ (536) $ 3,224 $ 21 $ (3,225) $ (25) $ 3,794 $ (301) Trading derivatives, net (4) Interest rate contracts $ 1 $ 445 $ — $ 1,597 $ (9) $ 33 $ 134 $ (49) $ (616) $ 1,536 $ 365 Foreign exchange contracts (5) 70 — (56) 40 52 — (19) (57) 25 339 Equity contracts (1,596) (747) — (432) 167 25 — (18) (58) (2,659) (658) Commodity contracts (59) (34) — 85 (75) 95 — (59) 22 (25) (34) Credit derivatives (56) 308 — 138 (339) — — — 100 151 49 Total trading derivatives, net (4) $ (1,715) $ 42 $ — $ 1,332 $ (216) $ 205 $ 134 $ (145) $ (609) $ (972) $ 61 Investments Mortgage-backed securities U.S. government-sponsored agency guaranteed $ 32 $ — $ (5) $ 1 $ 1 $ 1 $ — $ — $ — $ 30 $ (64) Residential — — — — — — — — — — 8 Commercial — — — — — — — — — — — Total investment mortgage-backed securities $ 32 $ — $ (5) $ 1 $ 1 $ 1 $ — $ — $ — $ 30 $ (56) U.S. Treasury and federal agency securities $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — State and municipal 623 — (12) 312 (131) 114 — (81) — 825 50 Foreign government 96 — 8 27 (64) 274 — (152) — 189 — Corporate 45 — 2 49 (152) 162 — (50) — 56 — Marketable equity securities — — (1) 1 — — — — — — (1) Asset-backed securities 22 — (1) — — — — (19) — 2 6 Other debt securities — — — — — — — — — — — Non-marketable equity securities 441 — (36) — (2) 2 3 (3) (55) 350 24 Total investments $ 1,259 $ — $ (45) $ 390 $ (348) $ 553 $ 3 $ (305) $ (55) $ 1,452 $ 23 Table continues on the next page. Net realized/unrealized gains (losses) incl. in (1) Transfers Unrealized (3) In millions of dollars Dec. 31, 2019 Principal Other (1)(2) into out of Purchases Issuances Sales Settlements Sept. 30, 2020 Loans $ 402 $ — $ 935 $ 355 $ (6) $ — $ — $ — $ (5) $ 1,681 $ 1,026 Mortgage servicing rights 495 — (191) — — — 87 — (57) 334 (161) Other financial assets measured on a recurring basis 1 — 11 19 — — (19) (8) (4) — 9 Liabilities Interest-bearing deposits $ 215 $ — $ 15 $ 278 $ (151) $ — $ 34 $ — $ (148) $ 213 $ (122) Securities loaned and sold under agreements to repurchase 757 (7) — — — — — — (105) 659 (159) Trading account liabilities Securities sold, not yet purchased 48 (126) — 171 (21) — 9 — (192) 141 (40) Other trading liabilities — (16) — 27 — — — — — 43 (15) Short-term borrowings 13 28 — 164 (6) — 72 — (14) 201 15 Long-term debt 17,169 (647) — 6,459 (4,195) — 8,096 — (5,060) 23,116 (487) Other financial liabilities measured on a recurring basis — — — — — — 4 — (2) 2 — (1) Changes in fair value of available-for-sale investments are recorded in AOCI , unless related to credit 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 and DVA on fair value option liabilities), attributable to the change in fair value relating to assets and liabilities classified as Level 3 that are still held at September 30, 2020. (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 September 30, 2021 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 $ 257 Model-based Credit spread 15 bps 15 bps 15 bps Interest rate 0.27 % 0.64 % 0.46 % Mortgage-backed securities $ 376 Yield analysis Yield 2.10 % 17.85 % 5.62 % 244 Price-based Price $ 4.41 $ 120.77 $ 50.04 State and municipal, foreign government, corporate and other debt securities $ 2,223 Price-based Price $ 0.01 $ 1,024.98 $ 188.92 904 Model-based Equity volatility — % 286.78 % 23.08 % Marketable equity securities (5) $ 139 Price-based Price $ — $ 73,000.00 $ 6,027.91 41 Model-based Illiquidity discount 20.00 % 21.00 % 20.31 % 25 Comparables analysis WAL 1.99 years 1.99 years 1.99 years Recovery (in millions) $ 5,733 $ 5,733 $ 5,733 Revenue multiple 6.40x 6.40x 6.40x Asset-backed securities $ 360 Price-based Price $ 5.70 $ 3,450.00 $ 447.00 307 Yield analysis Yield 2.76 % 21.13 % 7.25 % Non-marketable equities $ 166 Comparables analysis Illiquidity discount 10.00 % 35.00 % 27.40 % 114 Price-based PE ratio 11.20x 29.60x 16.62x 67 Model-based Adjustment factor —x 0.70x 0.32x Price $ 43.43 $ 1,684.00 $ 1,219.39 EBITDA multiples 4.60x 18.30x 12.89x Revenue multiple 13.00x 25.10x 18.54x Derivatives—gross (6) Interest rate contracts (gross) $ 4,681 Model-based IR Normal volatility 0.05 % 0.78 % 0.57 % Inflation volatility 0.26 % 2.71 % 1.22 % Foreign exchange contracts (gross) $ 1,219 Model-based IR Normal volatility 0.11 % 0.59 % 0.51 % FX volatility 0.76 % 41.60 % 10.25 % Interest rate 2.43 % 8.04 % 6.39 % Equity contracts (gross) (7) $ 5,400 Model-based Equity volatility — % 286.78 % 35.61 % Equity forward 57.78 % 127.80 % 89.35 % Equity-Equity correlation (40.00) % 99.00 % 80.51 % Equity-FX correlation (80.10) % 80.00 % (10.34) % Commodity and other contracts (gross) $ 1,985 Model-based Commodity correlation (50.82) % 91.95 % (0.71) % Commodity volatility 11.00 % 130.00 % 25.04 % Forward price 37.49 % 619.33 % 99.31 % Credit derivatives (gross) $ 1,111 Model-based Credit spread 5 bps 625 bps 66 bps 458 Price-based Recovery rate 25.00 % 75.00 % 42.25 % Upfront points 4.54 % 99.97 % 59.38 % Credit correlation 25.00 % 80.00 % 52.25 % Price $ 40.00 $ 102.88 $ 79.01 As of September 30, 2021 Fair value (1) (in millions) Methodology Input Low (2)(3) High (2)(3) Weighted average (4) Nontrading derivatives and other financial assets and liabilities measured on a recurring basis (gross) $ 87 Price-based Price $ 5.63 $ 252.23 $ 152.32 Loans and leases $ 656 Model-based Equity volatility 23.42 % 63.96 % 36.98 % Mortgage servicing rights $ 333 Cash flow Yield 2.00 % 14.00 % 6.70 % 76 Model-based WAL 3.26 years 6.68 years 5.68 years Liabilities Interest-bearing deposits $ 149 Model-based IR Normal volatility 0.14 % 0.78 % 0.62 % Securities loaned and sold under agreements to repurchase $ 656 Model-based Interest rate 0.13 % 2.34 % 1.62 % Trading account liabilities Securities sold, not yet purchased and other trading liabilities $ 81 Price-based Price $ — $ 12,100.00 $ 1,378.00 Short-term borrowings and long-term debt $ 25,792 Model-based IR Normal volatility 0.11 % 0.78 % 0.56 % Equity volatility — % 286.78 % 23.17 % Equity-IR correlation (13.00) % 60.00 % 29.19 % Equity-FX correlation (80.10) % 80.00 % (10.34) % FX volatility — % 32.57 % 9.68 % As of December 31, 2020 Fair value (1) (in millions) Methodology Input Low (2)(3) High (2)(3) Weighted average (4) Assets Securities borrowed and purchased under agreements to resell $ 320 Model-based Credit spread 15 bps 15 bps 15 bps Interest rate 0.30 % 0.35 % 0.32 % Mortgage-backed securities $ 344 Price-based Price $ 30 $ 111 $ 80 168 Yield analysis Yield 2.63 % 21.80 % 10.13 % State and municipal, foreign government, corporate and other debt securities $ 1,566 Price-based Price $ — $ 2,265 $ 90 852 Model-based Credit spread 35 bps 375 bps 226 bps Marketable equity securities (5) $ 36 Model-based Price $ — $ 31,000 $ 5,132 36 Price-based WAL 1.48 years 1.48 years 1.48 years Recovery (in millions) $ 5,733 $ 5,733 $ 5,733 Asset-backed securities $ 863 Price-based Price $ 2 $ 157 $ 59 744 Yield analysis Yield 3.77 % 21.77 % 9.01 % Non-marketable equities $ 205 Comparables analysis Illiquidity discount 10.00 % 45.00 % 25.29 % PE ratio 13.60x 28.00x 22.83x 142 Price-based Price $ 136 $ 2,041 $ 1,647 EBITDA multiples 3.30x 36.70x 15.10x Adjustment factor 0.20x 0.61x 0.25x Appraised value (in thousands) $ 287 $ 39,745 $ 21,754 Revenue multiple 2.70x 28.00x 8.92x Derivatives—gross (6) Interest rate contracts (gross) $ 5,143 Model-based Inflation volatility 0.27 % 2.36 % 0.78 % IR normal volatility 0.11 % 0.73 % 0.52 % Foreign exchange contracts (gross) $ 1,296 Model-based FX volatility 1.70 % 12.63 % 5.41 % Contingent event 100.00 % 100.00 % 100.00 % As of December 31, 2020 Fair value (1) (in millions) Methodology Input Low (2)(3) High (2)(3) Weighted average (4) Interest rate 0.84 % 84.09 % 17.55 % IR normal volatility 0.11 % 0.52 % 0.46 % IR-FX correlation 40.00 % 60.00 % 50.00 % IR-IR correlation (21.71) % 40.00 % 38.09 % Equity contracts (gross) (7) $ 7,330 Model-based Equity volatility 5.00 % 91.43 % 42.74 % Forward price 65.88 % 105.20 % 91.82 % Commodity and other contracts (gross) $ 1,636 Model-based Commodity correlation (44.92) % 95.91 % 70.60 % Commodity volatility 0.16 % 80.17 % 23.72 % Forward price 15.40 % 262.00 % 98.53 % Credit derivatives (gross) $ 1,854 Model-based Credit spread 3.50 bps 352.35 bps 99.89 bps 408 Price-based Recovery rate 20.00 % 60.00 % 41.60 % Credit correlation 25.00 % 80.00 % 43.36 % Upfront points — % 107.20 % 48.10 % Loans and leases $ 1,804 Model-based Equity volatility 24.65 % 83.09 % 58.23 % Mortgage servicing rights $ 258 Cash flow Yield 2.86 % 16.00 % 6.32 % 78 Model-based WAL 2.66 years 5.40 years 4.46 years Liabilities Interest-bearing deposits $ 206 Model-based IR Normal volatility 0.11 % 0.73 % 0.54 % Securities loaned and sold under agreements to repurchase $ 631 Model-based Interest rate 0.08 % 1.86 % 0.71 % Trading account liabilities Securities sold, not yet purchased $ 178 Model-based IR lognormal volatility 52.06 % 128.87 % 89.82 % 62 Price-based Price $ — $ 866 $ 80 Interest rate 10.03 % 20.07 % 13.70 % Short-term borrowings and $ 24,827 Model-based IR Normal volatility 0.11 % 0.73 % 0.51 % Forward price 15.40 % 262.00 % 92.48 % (1) The tables above include the fair values for the items listed and may not foot to the total population for each category. (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 September 30, 2021 Loans HFS (1) $ 876 $ 368 $ 508 Other real estate owned 5 — 5 Loans (2) 224 — 224 Non-marketable equity securities measured using the measurement alternative 233 44 189 Total assets at fair value on a nonrecurring basis $ 1,338 $ 412 $ 926 In millions of dollars Fair value Level 2 Level 3 December 31, 2020 Loans HFS (1) $ 3,375 $ 478 $ 2,897 Other real estate owned 17 4 13 Loans (2) 1,015 679 336 Non-marketable equity securities measured using the measurement alternative 315 312 3 Total assets at fair value on a nonrecurring basis $ 4,722 $ 1,473 $ 3,249 (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 September 30, 2021 Fair value (1) (in millions) Methodology Input Low (2) High Weighted average (3) Loans held-for-sale $ 508 Price-based Price $ 90.00 $ 100.00 $ 98.37 Other real estate owned $ 5 Recovery analysis Appraised value (4) $ 27,000 $ 3,400,000 $ 712,192 Loans (5) $ 192 Price-based Appraised value (4) $ 91 $ 3,900,000 $ 253,297 32 Recovery analysis Price 2.70 70.00 32.14 Non-marketable equity securities measured using the measurement alternative $ 189 Price-based Price $ 8.48 $ 1,951.67 $ 580.68 As of December 31, 2020 Fair value (1) (in millions) Methodology Input Low (2) High Weighted average (3) Loans held-for-sale $ 2,683 Price-based Price $ 79 $ 100 $ 98 Other real estate owned $ 7 Price-based Appraised value (4) $ 3,110,711 $ 4,241,357 $ 3,586,975 4 Recovery analysis Price 51 51 51 Loans (5) $ 147 Price-based Price $ 2 $ 49 $ 23 73 Recovery analysis Recovery rate 0.99 % 78.00 % 13.37 % Appraised value (4) $ 34 $ 43,646,426 $ 17,762,950 (1) The table above includes the fair values for the items listed and may not foot to the total population for each category. (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 amount is based on the fair value of the underlying collateral less costs to sell, primarily real estate. |
Changes in total nonrecurring fair value measurements | The following table presents total nonrecurring fair value measurements for the period, included in earnings, attributable to the change in fair value relating to assets that were still held: Three Months Ended September 30, Nine Months Ended September 30, In millions of dollars 2021 2020 2021 2020 Loans HFS $ (13) $ (26) $ (22) $ (133) Other real estate owned — — — (1) Loans (1) (10) (31) 33 (131) Non-marketable equity securities measured using the measurement alternative 72 37 363 8 Total nonrecurring fair value gains (losses) $ 49 $ (20) $ 374 $ (257) (1) Represents loans held for investment whose carrying amount is based on the fair value of the underlying collateral less costs to sell, primarily real estate. |
Estimated fair value of financial instruments | The following tables present the carrying value and fair value of Citigroup’s financial instruments that are not carried at fair value. The tables below therefore exclude items measured at fair value on a recurring basis presented in the tables above. September 30, 2021 Estimated fair value Carrying Estimated In billions of dollars Level 1 Level 2 Level 3 Assets Investments, net of allowance $ 203.0 $ 203.7 $ 89.1 $ 111.6 $ 3.0 Securities borrowed and purchased under agreements to resell 125.5 125.5 — 121.8 3.7 Loans (1)(2) 639.4 654.2 — — 654.2 Other financial assets (2)(3) 421.0 421.0 302.5 21.3 97.2 Liabilities Deposits $ 1,344.8 $ 1,345.5 $ — $ 1,178.0 $ 167.5 Securities loaned and sold under agreements to repurchase 133.9 133.9 — 133.6 0.3 Long-term debt (4) 180.1 194.0 — 179.8 14.2 Other financial liabilities (5) 115.4 115.4 — 18.0 97.4 December 31, 2020 Estimated fair value Carrying Estimated In billions of dollars Level 1 Level 2 Level 3 Assets Investments, net of allowance $ 110.3 $ 113.2 $ 23.3 $ 87.0 $ 2.9 Securities borrowed and purchased under agreements to resell 109.5 109.5 — 109.5 — Loans (1)(2) 643.3 663.9 — 0.6 663.3 Other financial assets (2)(3) 383.2 383.2 291.5 18.1 73.6 Liabilities Deposits $ 1,278.7 $ 1,278.8 $ — $ 1,093.3 $ 185.5 Securities loaned and sold under agreements to repurchase 139.3 139.3 — 139.3 — Long-term debt (4) 204.6 221.2 — 197.8 23.4 Other financial liabilities (5) 102.4 102.4 — 19.2 83.2 (1) The carrying value of loans is net of the Allowance for credit losses on loans of $17.7 billion for September 30, 2021 and $25.0 billion for December 31, 2020. In addition, the carrying values exclude $0.5 billion and $0.7 billion of lease finance receivables at September 30, 2021 and December 31, 2020, respectively. (2) Includes items measured at fair value on a nonrecurring basis. (3) Includes cash and due from banks, deposits with banks, brokerage receivables, reinsurance recoverables and other financial instruments included in Other assets on the Consolidated Balance Sheet, for all of which the carrying value is a reasonable estimate of fair value. (4) The carrying value includes long-term debt balances under qualifying fair value hedges. (5) Includes brokerage payables, separate and variable accounts, short-term borrowings (carried at cost) and other financial instruments included in Other liabilities on the Consolidated Balance Sheet, for all of which the carrying value is a reasonable estimate of fair value. |
FAIR VALUE ELECTIONS (Tables)
FAIR VALUE ELECTIONS (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Fair Value, Option, Aggregate Differences [Abstract] | |
Schedule of financial instruments selected for changes in fair value gains and losses | The following table presents the changes in fair value of those items for which the fair value option has been elected: Changes in fair value—gains (losses) Three Months Ended September 30, Nine Months Ended September 30, In millions of dollars 2021 2020 2021 2020 Assets Securities borrowed and purchased under agreements to resell $ (28) $ (27) $ (64) $ 17 Trading account assets (2) 183 151 (278) Loans Certain corporate loans (292) 1,003 376 973 Certain consumer loans — — — — Total loans $ (292) $ 1,003 $ 376 $ 973 Other assets MSRs $ (3) $ (22) $ 49 $ (191) Certain mortgage loans HFS (1) 25 74 69 208 Total other assets $ 22 $ 52 $ 118 $ 17 Total assets $ (300) $ 1,211 $ 581 $ 729 Liabilities Interest-bearing deposits $ 54 $ (53) $ (39) $ (105) Securities loaned and sold under agreements to repurchase 19 482 37 390 Trading account liabilities 5 16 15 (1) Short-term borrowings (2) 140 (60) 332 937 Long-term debt (2) 975 (1,098) 542 865 Total liabilities $ 1,193 $ (713) $ 887 $ 2,086 (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: September 30, 2021 December 31, 2020 In millions of dollars Trading assets Loans Trading assets Loans Carrying amount reported on the Consolidated Balance Sheet $ 8,382 $ 7,159 $ 8,063 $ 6,854 Aggregate unpaid principal balance in excess of (less than) fair value (116) (161) (915) (14) Balance of non-accrual loans or loans more than 90 days past due — 1 — 4 Aggregate unpaid principal balance in excess of (less than) fair value for non-accrual loans or loans more than 90 days past due — 1 — — |
Schedule of fair value of loans and other disclosures for certain mortgage loans | The following table provides information about certain mortgage loans HFS carried at fair value: In millions of dollars September 30, December 31, 2020 Carrying amount reported on the Consolidated Balance Sheet $ 2,630 $ 1,742 Aggregate fair value in excess of (less than) unpaid principal balance 77 91 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 notes carried at fair value, disaggregated by type of risk: In billions of dollars September 30, 2021 December 31, 2020 Interest rate linked $ 38.3 $ 34.5 Foreign exchange linked 0.2 1.2 Equity linked 32.8 27.3 Commodity linked 4.0 1.4 Credit linked 2.9 2.6 Total $ 78.2 $ 67.0 |
Schedule of long-term debt carried at fair value, excluding debt issued by consolidated VIEs | The following table provides information about long-term debt carried at fair value: In millions of dollars September 30, 2021 December 31, 2020 Carrying amount reported on the Consolidated Balance Sheet $ 78,178 $ 67,063 Aggregate unpaid principal balance in excess of (less than) fair value (3,019) (5,130) |
Schedule of short-term borrowings carried at fair value | The following table provides information about short-term borrowings carried at fair value: ` In millions of dollars September 30, 2021 December 31, 2020 Carrying amount reported on the Consolidated Balance Sheet $ 8,814 $ 4,683 Aggregate unpaid principal balance in excess of (less than) fair value — 68 |
GUARANTEES, LEASES AND COMMIT_2
GUARANTEES, LEASES AND COMMITMENTS (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Guarantees, Leases And Commitments [Abstract] | |
Schedule of guarantor obligations | The following tables present information about Citi’s guarantees at September 30, 2021 and December 31, 2020: Maximum potential amount of future payments In billions of dollars at September 30, 2021 Expire within Expire after Total amount Carrying value (in millions of dollars) Financial standby letters of credit $ 27.6 $ 64.9 $ 92.5 $ 937 Performance guarantees 6.5 6.1 12.6 46 Derivative instruments considered to be guarantees 17.0 54.9 71.9 360 Loans sold with recourse — 1.7 1.7 15 Securities lending indemnifications (1) 131.7 — 131.7 — Credit card merchant processing (2) 114.6 — 114.6 1 Credit card arrangements with partners — 0.8 0.8 7 Custody indemnifications and other — 24.5 24.5 37 Total $ 297.4 $ 152.9 $ 450.3 $ 1,403 Maximum potential amount of future payments In billions of dollars at December 31, 2020 Expire within Expire after Total amount Carrying value ( in millions of dollars) Financial standby letters of credit $ 25.3 $ 68.4 $ 93.7 $ 1,407 Performance guarantees 7.3 6.0 13.3 72 Derivative instruments considered to be guarantees 20.0 60.9 80.9 671 Loans sold with recourse — 1.2 1.2 9 Securities lending indemnifications (1) 112.2 — 112.2 — Credit card merchant processing (2) 101.9 — 101.9 3 Credit card arrangements with partners 0.2 0.8 1.0 7 Custody indemnifications and other — 37.3 37.3 35 Total $ 266.9 $ 174.6 $ 441.5 $ 2,204 (1) The carrying values of securities lending indemnifications were not material for either period presented, as the probability of potential liabilities arising from these guarantees is minimal. (2) At September 30, 2021 and December 31, 2020, this maximum potential exposure was estimated to be $115 billion and $102 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 September 30, 2021 Investment Non-investment Not Total Financial standby letters of credit $ 80.1 $ 12.2 $ 0.2 $ 92.5 Performance guarantees 10.0 2.6 — 12.6 Derivative instruments deemed to be guarantees — — 71.9 71.9 Loans sold with recourse — — 1.7 1.7 Securities lending indemnifications — — 131.7 131.7 Credit card merchant processing — — 114.6 114.6 Credit card arrangements with partners — — 0.8 0.8 Custody indemnifications and other 11.8 12.7 — 24.5 Total $ 101.9 $ 27.5 $ 320.9 $ 450.3 Maximum potential amount of future payments In billions of dollars at December 31, 2020 Investment Non-investment Not Total Financial standby letters of credit $ 78.5 $ 14.6 $ 0.6 $ 93.7 Performance guarantees 9.8 3.0 0.5 13.3 Derivative instruments deemed to be guarantees — — 80.9 80.9 Loans sold with recourse — — 1.2 1.2 Securities lending indemnifications — — 112.2 112.2 Credit card merchant processing — — 101.9 101.9 Credit card arrangements with partners — — 1.0 1.0 Custody indemnifications and other 24.9 12.4 — 37.3 Total $ 113.2 $ 30.0 $ 298.3 $ 441.5 |
Schedule of credit commitments | The table below summarizes Citigroup’s credit commitments: In millions of dollars U.S. Outside of September 30, December 31, Commercial and similar letters of credit $ 696 $ 5,713 $ 6,409 $ 5,221 One- to four-family residential mortgages 1,735 2,756 4,491 5,002 Revolving open-end loans secured by one- to four-family residential properties 7,225 1,130 8,355 9,626 Commercial real estate, construction and land development 14,267 2,733 17,000 12,867 Credit card lines 604,350 100,607 704,957 710,399 Commercial and other consumer loan commitments 214,515 118,283 332,798 322,458 Other commitments and contingencies 5,437 212 5,649 5,715 Total $ 848,225 $ 231,434 $ 1,079,659 $ 1,071,288 |
Schedule of restricted cash | Restricted cash is included on the Consolidated Balance Sheet within the following balance sheet lines: In millions of dollars September 30, December 31, Cash and due from banks $ 2,733 $ 3,774 Deposits with banks, net of allowance 13,900 14,203 Total $ 16,633 $ 17,977 |
CONDENSED CONSOLIDATING FINAN_2
CONDENSED CONSOLIDATING FINANCIAL STATEMENTS (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Condensed Consolidating Statements of Income and Comprehensive Income | Condensed Consolidating Statements of Income and Comprehensive Income Three Months Ended September 30, 2021 In millions of dollars Citigroup parent company CGMHI Other Citigroup subsidiaries and eliminations Consolidating adjustments Citigroup consolidated Revenues Dividends from subsidiaries $ 2,592 $ — $ — $ (2,592) $ — Interest revenue — 844 11,806 — 12,650 Interest revenue—intercompany 935 129 (1,064) — — Interest expense 1,190 201 861 — 2,252 Interest expense—intercompany 56 323 (379) — — Net interest revenue $ (311) $ 449 $ 10,260 $ — $ 10,398 Commissions and fees $ — $ 1,893 $ 1,506 $ — $ 3,399 Commissions and fees—intercompany — 85 (85) — — Principal transactions 130 (1,468) 3,571 — 2,233 Principal transactions—intercompany (305) 2,220 (1,915) — — Other revenue (138) 159 1,103 — 1,124 Other revenue—intercompany (44) (13) 57 — — Total non-interest revenues $ (357) $ 2,876 $ 4,237 $ — $ 6,756 Total revenues, net of interest expense $ 1,924 $ 3,325 $ 14,497 $ (2,592) $ 17,154 Provisions for credit losses and for benefits and claims $ (2) $ 2 $ (192) $ — $ (192) Operating expenses Compensation and benefits $ 3 $ 1,347 $ 4,708 $ — $ 6,058 Compensation and benefits—intercompany 21 — (21) — — Other operating 35 728 4,663 — 5,426 Other operating—intercompany 2 781 (783) — — Total operating expenses $ 61 $ 2,856 $ 8,567 $ — $ 11,484 Equity in undistributed income of subsidiaries $ 2,530 $ — $ — $ (2,530) $ — Income (loss) from continuing operations before income taxes $ 4,395 $ 467 $ 6,122 $ (5,122) $ 5,862 Provision (benefit) for income taxes (249) 183 1,259 — 1,193 Income (loss) from continuing operations $ 4,644 $ 284 $ 4,863 $ (5,122) $ 4,669 Income (loss) from discontinued operations, net of taxes — — (1) — (1) Net income before attribution of noncontrolling interests $ 4,644 $ 284 $ 4,862 $ (5,122) $ 4,668 Noncontrolling interests — — 24 — 24 Net income (loss) $ 4,644 $ 284 $ 4,838 $ (5,122) $ 4,644 Comprehensive income Add: Other comprehensive income (loss) $ (1,731) $ (195) $ 2,007 $ (1,812) $ (1,731) Total Citigroup comprehensive income (loss) $ 2,913 $ 89 $ 6,845 $ (6,934) $ 2,913 Add: Other comprehensive income attributable to noncontrolling interests $ — $ — $ (31) $ — $ (31) Add: Net income attributable to noncontrolling interests — — 24 — 24 Total comprehensive income (loss) $ 2,913 $ 89 $ 6,838 $ (6,934) $ 2,906 Condensed Consolidating Statements of Income and Comprehensive Income Nine Months Ended September 30, 2021 In millions of dollars Citigroup parent company CGMHI Other Citigroup subsidiaries and eliminations Consolidating adjustments Citigroup consolidated Revenues Dividends from subsidiaries $ 6,392 $ — $ — $ (6,392) $ — Interest revenue — 2,829 34,818 — 37,647 Interest revenue—intercompany 2,847 410 (3,257) — — Interest expense 3,611 645 2,628 — 6,884 Interest expense—intercompany 234 982 (1,216) — — Net interest revenue $ (998) $ 1,612 $ 30,149 $ — $ 30,763 Commissions and fees $ — $ 5,890 $ 4,553 $ — $ 10,443 Commissions and fees—intercompany (27) 220 (193) — — Principal transactions 1,007 5,109 2,334 — 8,450 Principal transactions—intercompany (1,273) (2,128) 3,401 — — Other revenue (87) 401 3,985 — 4,299 Other revenue—intercompany (105) (41) 146 — — Total non-interest revenues $ (485) $ 9,451 $ 14,226 $ — $ 23,192 Total revenues, net of interest expense $ 4,909 $ 11,063 $ 44,375 $ (6,392) $ 53,955 Provisions for credit losses and for benefits and claims $ — $ 9 $ (3,322) $ — $ (3,313) Operating expenses Compensation and benefits $ 31 $ 3,984 $ 14,026 $ — $ 18,041 Compensation and benefits—intercompany 69 — (69) — — Other operating 60 2,050 13,598 — 15,708 Other operating—intercompany 8 2,269 (2,277) — — Total operating expenses $ 168 $ 8,303 $ 25,278 $ — $ 33,749 Equity in undistributed income of subsidiaries $ 13,270 $ — $ — $ (13,270) $ — Income (loss) from continuing operations before income taxes $ 18,011 $ 2,751 $ 22,419 $ (19,662) $ 23,519 Provision (benefit) for income taxes (768) 516 4,932 — 4,680 Income (loss) from continuing operations $ 18,779 $ 2,235 $ 17,487 $ (19,662) $ 18,839 Income (loss) from discontinued operations, net of taxes — — 7 — 7 Net income before attribution of noncontrolling interests $ 18,779 $ 2,235 $ 17,494 $ (19,662) $ 18,846 Noncontrolling interests — — 67 — 67 Net income (loss) $ 18,779 $ 2,235 $ 17,427 $ (19,662) $ 18,779 Comprehensive income Add: Other comprehensive income (loss) $ (4,793) $ (238) $ 578 $ (340) $ (4,793) Total Citigroup comprehensive income (loss) $ 13,986 $ 1,997 $ 18,005 $ (20,002) $ 13,986 Add: Other comprehensive income attributable to noncontrolling interests $ — $ — $ (71) $ — $ (71) Add: Net income attributable to noncontrolling interests — — 67 — 67 Total comprehensive income (loss) $ 13,986 $ 1,997 $ 18,001 $ (20,002) $ 13,982 Condensed Consolidating Statements of Income and Comprehensive Income Three Months Ended September 30, 2020 In millions of dollars Citigroup parent company CGMHI Other Citigroup subsidiaries and eliminations Consolidating adjustments Citigroup consolidated Revenues Dividends from subsidiaries $ 2,250 $ — $ — $ (2,250) $ — Interest revenue — 1,128 12,186 — 13,314 Interest revenue—intercompany 991 153 (1,144) — — Interest expense 1,267 274 1,280 — 2,821 Interest expense—intercompany 61 416 (477) — — Net interest revenue $ (337) $ 591 $ 10,239 $ — $ 10,493 Commissions and fees $ — $ 1,494 $ 1,259 $ — $ 2,753 Commissions and fees—intercompany — 30 (30) — — Principal transactions (169) (3,779) 6,456 — 2,508 Principal transactions—intercompany 42 4,350 (4,392) — — Other revenue (90) 208 1,430 — 1,548 Other revenue—intercompany 78 12 (90) — — Total non-interest revenues $ (139) $ 2,315 $ 4,633 $ — $ 6,809 Total revenues, net of interest expense $ 1,774 $ 2,906 $ 14,872 $ (2,250) $ 17,302 Provisions for credit losses and for benefits and claims $ — $ (1) $ 2,385 $ — $ 2,384 Operating expenses Compensation and benefits $ (21) $ 1,165 $ 4,451 $ — $ 5,595 Compensation and benefits—intercompany 44 — (44) — — Other operating 5 597 4,767 — 5,369 Other operating—intercompany 4 772 (776) — — Total operating expenses $ 32 $ 2,534 $ 8,398 $ — $ 10,964 Equity in undistributed income of subsidiaries $ 1,056 $ — $ — $ (1,056) $ — Income (loss) from continuing operations before income $ 2,798 $ 373 $ 4,089 $ (3,306) $ 3,954 Provision (benefit) for income taxes (348) 165 960 — 777 Income (loss) from continuing operations $ 3,146 $ 208 $ 3,129 $ (3,306) $ 3,177 Income (loss) from discontinued operations, net of taxes — — (7) — (7) Net income (loss) before attribution of noncontrolling interests $ 3,146 $ 208 $ 3,122 $ (3,306) $ 3,170 Noncontrolling interests — — 24 — 24 Net income (loss) $ 3,146 $ 208 $ 3,098 $ (3,306) $ 3,146 Comprehensive income Add: Other comprehensive income (loss) $ 280 $ (51) $ (2,178) $ 2,229 $ 280 Total Citigroup comprehensive income (loss) $ 3,426 $ 157 $ 920 $ (1,077) $ 3,426 Add: Other comprehensive income attributable to noncontrolling interests $ — $ — $ 19 $ — $ 19 Add: Net income attributable to noncontrolling interests — — 24 — 24 Total comprehensive income (loss) $ 3,426 $ 157 $ 963 $ (1,077) $ 3,469 Condensed Consolidating Statements of Income and Comprehensive Income Nine Months Ended September 30, 2020 In millions of dollars Citigroup parent company CGMHI Other Citigroup subsidiaries and eliminations Consolidating adjustments Citigroup consolidated Revenues Dividends from subsidiaries $ 2,355 $ — $ — $ (2,355) $ — Interest revenue — 4,340 40,702 — 45,042 Interest revenue—intercompany 3,202 776 (3,978) — — Interest expense 3,675 1,795 6,507 — 11,977 Interest expense—intercompany 451 1,819 (2,270) — — Net interest revenue $ (924) $ 1,502 $ 32,487 $ — $ 33,065 Commissions and fees $ — $ 4,815 $ 3,892 $ — $ 8,707 Commissions and fees—intercompany (19) 267 (248) — — Principal transactions (1,099) (518) 13,543 — 11,926 Principal transactions—intercompany 606 4,849 (5,455) — — Other revenue (24) 468 3,657 — 4,101 Other revenue—intercompany 16 38 (54) — — Total non-interest revenues $ (520) $ 9,919 $ 15,335 $ — $ 24,734 Total revenues, net of interest expense $ 911 $ 11,421 $ 47,822 $ (2,355) $ 57,799 Provisions for credit losses and for benefits and claims $ — $ (1) $ 17,542 $ — $ 17,541 Operating expenses Compensation and benefits $ 112 $ 3,806 $ 12,955 $ — $ 16,873 Compensation and benefits—intercompany 119 — (119) — — Other operating 37 1,789 13,368 — 15,194 Other operating—intercompany 12 1,629 (1,641) — — Total operating expenses $ 280 $ 7,224 $ 24,563 $ — $ 32,067 Equity in undistributed income of subsidiaries $ 5,285 $ — $ — $ (5,285) $ — Income (loss) from continuing operations before income $ 5,916 $ 4,198 $ 5,717 $ (7,640) $ 8,191 Provision (benefit) for income taxes (822) 1,217 1,014 — 1,409 Income (loss) from continuing operations $ 6,738 $ 2,981 $ 4,703 $ (7,640) $ 6,782 Income (loss) from discontinued operations, net of taxes — — (26) — (26) Net income (loss) before attribution of noncontrolling interests $ 6,738 $ 2,981 $ 4,677 $ (7,640) $ 6,756 Noncontrolling interests — — 18 — 18 Net income (loss) $ 6,738 $ 2,981 $ 4,659 $ (7,640) $ 6,738 Comprehensive income Add: Other comprehensive income (loss) $ 3,253 $ 277 $ 10,058 $ (10,335) $ 3,253 Total Citigroup comprehensive income (loss) $ 9,991 $ 3,258 $ 14,717 $ (17,975) $ 9,991 Add: Other comprehensive income attributable to noncontrolling interests $ — $ — $ 7 $ — $ 7 Add: Net income attributable to noncontrolling interests — — 18 — 18 Total comprehensive income (loss) $ 9,991 $ 3,258 $ 14,742 $ (17,975) $ 10,016 |
Condensed Consolidating Balance Sheet | Condensed Consolidating Balance Sheet September 30, 2021 In millions of dollars Citigroup parent company CGMHI Other Citigroup subsidiaries and eliminations Consolidating adjustments Citigroup consolidated Assets Cash and due from banks $ — $ 965 $ 27,941 $ — $ 28,906 Cash and due from banks—intercompany 8 6,033 (6,041) — — Deposits with banks, net of allowance — 5,763 289,139 — 294,902 Deposits with banks—intercompany 4,000 9,200 (13,200) — — Securities borrowed and purchased under resale agreements — 277,955 59,741 — 337,696 Securities borrowed and purchased under resale agreements—intercompany — 25,137 (25,137) — — Trading account assets 249 204,591 138,074 — 342,914 Trading account assets—intercompany 1,001 5,043 (6,044) — — Investments, net of allowance 1 266 500,582 — 500,849 Loans, net of unearned income — 3,018 661,746 — 664,764 Loans, net of unearned income—intercompany — — — — — Allowance for credit losses on loans (ACLL) — — (17,715) — (17,715) Total loans, net $ — $ 3,018 $ 644,031 $ — $ 647,049 Advances to subsidiaries $ 147,338 $ — $ (147,338) $ — $ — Investments in subsidiaries 222,021 — — (222,021) — Other assets, net of allowance (1) 11,043 74,168 124,349 — 209,560 Other assets—intercompany 2,867 62,048 (64,915) — — Total assets $ 388,528 $ 674,187 $ 1,521,182 $ (222,021) $ 2,361,876 Liabilities and equity Deposits $ — $ — $ 1,347,528 $ — $ 1,347,528 Deposits—intercompany — — — — — Securities loaned and sold under repurchase agreements — 192,276 16,908 — 209,184 Securities loaned and sold under repurchase agreements—intercompany — 66,703 (66,703) — — Trading account liabilities 32 131,565 47,689 — 179,286 Trading account liabilities—intercompany 632 4,565 (5,197) — — Short-term borrowings — 14,547 15,136 — 29,683 Short-term borrowings—intercompany — 16,400 (16,400) — — Long-term debt 170,104 57,826 30,344 — 258,274 Long-term debt—intercompany — 74,016 (74,016) — — Advances from subsidiaries 14,049 — (14,049) — — Other liabilities, including allowance 2,780 66,345 67,186 — 136,311 Other liabilities—intercompany 56 12,466 (12,522) — — Stockholders’ equity 200,875 37,478 185,278 (222,021) 201,610 Total liabilities and equity $ 388,528 $ 674,187 $ 1,521,182 $ (222,021) $ 2,361,876 (1) Other assets for Citigroup parent company at September 30, 2021 included $35.0 billion of placements to Citibank and its branches, of which $19.5 billion had a remaining term of less than 30 days. Condensed Consolidating Balance Sheet December 31, 2020 In millions of dollars Citigroup parent company CGMHI Other Citigroup subsidiaries and eliminations Consolidating adjustments Citigroup consolidated Assets Cash and due from banks $ — $ 628 $ 25,721 $ — $ 26,349 Cash and due from banks—intercompany 16 6,081 (6,097) — — Deposits with banks, net of allowance — 5,224 278,042 — 283,266 Deposits with banks—intercompany 4,500 8,179 (12,679) — — Securities borrowed and purchased under resale agreements — 238,718 55,994 — 294,712 Securities borrowed and purchased under resale agreements—intercompany — 24,309 (24,309) — — Trading account assets 307 222,278 152,494 — 375,079 Trading account assets—intercompany 723 9,400 (10,123) — — Investments, net of allowance 1 374 446,984 — 447,359 Loans, net of unearned income — 2,524 673,359 — 675,883 Loans, net of unearned income—intercompany — — — — — Allowance for credit losses on loans (ACLL) — — (24,956) — (24,956) Total loans, net $ — $ 2,524 $ 648,403 $ — $ 650,927 Advances to subsidiaries $ 152,383 $ — $ (152,383) $ — $ — Investments in subsidiaries 213,267 — — (213,267) — Other assets, net of allowance (1) 12,156 60,273 109,969 — 182,398 Other assets—intercompany 2,781 51,489 (54,270) — — Total assets $ 386,134 $ 629,477 $ 1,457,746 $ (213,267) $ 2,260,090 Liabilities and equity Deposits $ — $ — $ 1,280,671 $ — $ 1,280,671 Deposits—intercompany — — — — — Securities loaned and sold under repurchase agreements — 184,786 14,739 — 199,525 Securities loaned and sold under repurchase agreements—intercompany — 76,590 (76,590) — — Trading account liabilities — 113,100 54,927 — 168,027 Trading account liabilities—intercompany 397 8,591 (8,988) — — Short-term borrowings — 12,323 17,191 — 29,514 Short-term borrowings—intercompany — 12,757 (12,757) — — Long-term debt 170,563 47,732 53,391 — 271,686 Long-term debt—intercompany — 67,322 (67,322) — — Advances from subsidiaries 12,975 — (12,975) — — Other liabilities, including allowance 2,692 55,217 52,558 — 110,467 Other liabilities—intercompany 65 15,378 (15,443) — — Stockholders’ equity 199,442 35,681 178,344 (213,267) 200,200 Total liabilities and equity $ 386,134 $ 629,477 $ 1,457,746 $ (213,267) $ 2,260,090 (1) Other assets |
Condensed Consolidating Statement of Cash Flows | Condensed Consolidating Statement of Cash Flows Nine Months Ended September 30, 2021 In millions of dollars Citigroup parent company CGMHI Other Citigroup subsidiaries and eliminations Consolidating adjustments Citigroup consolidated Net cash provided by operating activities of continuing operations $ 3,604 $ 30,413 $ 25,168 $ — $ 59,185 Cash flows from investing activities of continuing operations Purchases of investments $ — $ — $ (277,874) $ — $ (277,874) Proceeds from sales of investments — — 96,203 — 96,203 Proceeds from maturities of investments — — 107,361 — 107,361 Change in loans — — 6,613 — 6,613 Proceeds from sales and securitizations of loans — — 1,134 — 1,134 Change in securities borrowed and purchased under agreements to resell — (40,065) (2,919) — (42,984) Changes in investments and advances—intercompany 3,374 (9,743) 6,369 — — Other investing activities — (42) (2,480) — (2,522) Net cash provided by (used in) investing activities of continuing operations $ 3,374 $ (49,850) $ (65,593) $ — $ (112,069) Cash flows from financing activities of continuing operations Dividends paid $ (3,959) $ (195) $ 195 $ — $ (3,959) Issuance of preferred stock 2,300 — — — 2,300 Redemption of preferred stock (3,785) — — — (3,785) Treasury stock acquired (7,448) — — — (7,448) Proceeds (repayments) from issuance of long-term debt, net 4,660 11,336 (18,507) — (2,511) Proceeds (repayments) from issuance of long-term debt—intercompany, net — 9,084 (9,084) — — Change in deposits — — 73,769 — 73,769 Change in securities loaned and sold under agreements to repurchase — (2,397) 12,056 — 9,659 Change in short-term borrowings — 2,224 (2,055) — 169 Net change in short-term borrowings and other advances—intercompany 1,074 1,253 (2,327) — — Capital contributions from (to) parent — — (19) 19 — — Other financing activities (328) — — — (328) Net cash provided by (used in) financing activities of continuing operations $ (7,486) $ 21,286 $ 54,066 $ — $ 67,866 Effect of exchange rate changes on cash and due from banks $ — $ — $ (789) $ — $ (789) Change in cash and due from banks and deposits with banks $ (508) $ 1,849 $ 12,852 $ — $ 14,193 Cash and due from banks and deposits with banks at beginning of period 4,516 20,112 284,987 — 309,615 Cash and due from banks and deposits with banks at end of period $ 4,008 $ 21,961 $ 297,839 $ — $ 323,808 Cash and due from banks $ 8 $ 6,998 $ 21,900 $ — $ 28,906 Deposits with banks, net of allowance 4,000 14,963 275,939 — 294,902 Cash and due from banks and deposits with banks at end of period $ 4,008 $ 21,961 $ 297,839 $ — $ 323,808 Supplemental disclosure of cash flow information for continuing operations Cash paid (received) during the period for income taxes $ (1,757) $ 809 $ 4,011 $ — $ 3,063 Cash paid during the period for interest 2,307 1,687 2,900 — 6,894 Non-cash investing activities Decrease in net loans associated with significant disposals reclassified to HFS $ — $ — $ 8,291 $ — $ 8,291 Transfers to loans HFS from loans — — 5,329 — 5,329 Non-cash financing activities Decrease in long-term debt associated with significant disposals reclassified to HFS $ — $ — $ 521 $ — $ 521 Decrease in deposits associated with significant disposals reclassified to HFS — — 6,912 — 6,912 Condensed Consolidating Statement of Cash Flows Nine Months Ended September 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 $ 3,605 $ (36,465) $ 10,606 $ — $ (22,254) Cash flows from investing activities of continuing operations Purchases of investments $ — $ — $ (276,084) $ — $ (276,084) Proceeds from sales of investments — — 130,237 — 130,237 Proceeds from maturities of investments — — 78,476 — 78,476 Change in loans — — 23,488 — 23,488 Proceeds from sales and securitizations of loans — — 924 — 924 Change in securities borrowed and purchased under agreements to resell — (35,332) (2,704) — (38,036) Changes in investments and advances—intercompany (5,179) (5,532) 10,711 — — Other investing activities — — (2,205) — (2,205) Net cash used in investing activities of continuing operations $ (5,179) $ (40,864) $ (37,157) $ — $ (83,200) Cash flows from financing activities of continuing operations Dividends paid $ (4,024) $ (168) $ 168 $ — $ (4,024) 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 16,136 6,606 (4,664) — 18,078 Proceeds (repayments) from issuance of long-term debt—intercompany, net — 1,607 (1,607) — — Change in deposits — — 192,033 — 192,033 Change in securities loaned and sold under agreements to repurchase — 75,977 (35,089) — 40,888 Change in short-term borrowings — 788 (8,398) — (7,610) Net change in short-term borrowings and other advances—intercompany (7,214) (6,524) 13,738 — — Other financing activities (408) — — — (408) Net cash provided by financing activities of continuing operations $ 1,565 $ 78,286 $ 156,181 $ — $ 236,032 Effect of exchange rate changes on cash and due from banks $ — $ — $ (802) $ — $ (802) Change in cash and due from banks and deposits with banks $ (9) $ 957 $ 128,828 $ — $ 129,776 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 $ 3,012 $ 17,398 $ 303,285 $ — $ 323,695 Cash and due from banks $ 12 $ 5,960 $ 19,336 $ — $ 25,308 Deposits with banks, net of allowance 3,000 11,438 283,949 — 298,387 Cash and due from banks and deposits with banks at end of period $ 3,012 $ 17,398 $ 303,285 $ — $ 323,695 Supplemental disclosure of cash flow information for continuing operations Cash paid during the period for income taxes $ (1,263) $ 1,177 $ 3,923 $ — $ 3,837 Cash paid during the period for interest 2,507 3,988 5,007 — 11,502 Non-cash investing activities Transfers to loans HFS from loans $ — $ — $ 2,122 $ — $ 2,122 |
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, 2021 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Jun. 30, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||
Increase (decrease) in allowance for credit losses | $ 17,715 | $ 26,426 | $ 26,298 | $ 17,715 | $ 26,426 | $ 19,238 | $ 24,956 | $ 12,783 | ||
Pretax percentage increase allowance for credit losses | 29.00% | |||||||||
Increase (decrease) in retained earnings | 183,024 | 183,024 | 168,272 | |||||||
Build to allowance for credit losses | (1,010) | 164 | (6,262) | 9,453 | ||||||
Decrease in other assets | (123,947) | (123,947) | (110,683) | |||||||
Increase (decrease) in provisions for credit losses on loans | (188) | 1,931 | (2,793) | 16,298 | ||||||
Increase in operating expenses | $ 11,484 | 10,964 | $ 33,749 | $ 32,067 | ||||||
Variable post-charge-off third-party collection costs | ||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||
Increase (decrease) in allowance for credit losses | $ (443) | 0 | 0 | 0 | (443) | |||||
Increase (decrease) in retained earnings | 330 | |||||||||
Decrease in other assets | 113 | |||||||||
Increase (decrease) in provisions for credit losses on loans | $ 122 | 339 | $ (18) | |||||||
Increase in operating expenses | 45 | $ 49 | ||||||||
Cumulative Effect, Period of Adoption, Adjustment | ||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||
Increase (decrease) in allowance for credit losses | 4,100 | $ 0 | $ 0 | $ 0 | $ 4,201 | |||||
Increase (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 [Line Items] | ||||||||||
Loss coverage period | 23 months | |||||||||
Accounting Guidance Prior to Adoption of Accounting Standards Update 2016-13 | ||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||
Loss coverage period | 14 months |
DISCONTINUED OPERATIONS, SIGN_3
DISCONTINUED OPERATIONS, SIGNIFICANT DISPOSALS AND OTHER BUSINESS EXITS - Discontinued Operations (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Results of Discontinued Operations | ||||
Total revenues, net of interest expense | $ 0 | $ 0 | $ 0 | $ 0 |
Income (loss) from discontinued operations | (1) | (7) | 7 | (26) |
Benefit for income taxes | 0 | 0 | 0 | 0 |
Income (loss) from discontinued operations, net of taxes | $ (1) | $ (7) | $ 7 | $ (26) |
DISCONTINUED OPERATIONS, SIGN_4
DISCONTINUED OPERATIONS, SIGNIFICANT DISPOSALS AND OTHER BUSINESS EXITS - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | 15 Months Ended |
Sep. 30, 2021 | Sep. 30, 2021 | Dec. 31, 2022 | |
Australia Consumer Banking Business | Discontinued Operations, Held-for-sale | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Pretax loss on sale of business | $ 680 | $ 680 | |
Loss on sale of business, after-tax | 580 | 580 | |
Loss on sale of business, foreign currency translation adjustments | 625 | 625 | |
Loss on sale of business, foreign currency translation adjustments, after-tax | $ 475 | $ 475 | |
Citibank Korea Inc. | Employee Severance | Forecast | Minimum | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Voluntary termination benefits and related costs | $ 1,200 | ||
Citibank Korea Inc. | Employee Severance | Forecast | Maximum | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Voluntary termination benefits and related costs | $ 1,500 |
DISCONTINUED OPERATIONS, SIGN_5
DISCONTINUED OPERATIONS, SIGNIFICANT DISPOSALS AND OTHER BUSINESS EXITS - Income before Taxes, Assets and Liabilities Held-for-Sale (Details) - Australia Consumer Banking Business - Discontinued Operations, Held-for-sale - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Results of Discontinued Operations | ||||
Income before taxes | $ 95 | $ 78 | $ 236 | $ 153 |
Assets | ||||
Allowance | 249 | 249 | ||
Cash and deposits with banks | 21 | 21 | ||
Loans (net of allowance of $249 million at September 30, 2021) | 8,291 | 8,291 | ||
Goodwill and intangible assets | 257 | 257 | ||
Other assets | 85 | 85 | ||
Total assets | 8,654 | 8,654 | ||
Liabilities | ||||
Deposits | 6,912 | 6,912 | ||
Long-term debt | 521 | 521 | ||
Other liabilities | 143 | 143 | ||
Total liabilities | $ 7,576 | $ 7,576 |
BUSINESS SEGMENTS (Details)
BUSINESS SEGMENTS (Details) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2021USD ($) | Sep. 30, 2020USD ($) | Sep. 30, 2021USD ($)segment | Sep. 30, 2020USD ($) | Dec. 31, 2020USD ($) | |
Segment Reporting [Abstract] | |||||
Number of business segments | segment | 2 | ||||
Segment Reporting Information [Line Items] | |||||
Revenues, net of interest expense | $ 17,154 | $ 17,302 | $ 53,955 | $ 57,799 | |
Provision (benefits) for income taxes | 1,193 | 777 | 4,680 | 1,409 | |
Income (loss) from continuing operations | 4,669 | 3,177 | 18,839 | 6,782 | |
Identifiable assets | 2,361,876 | 2,361,876 | $ 2,260,090 | ||
Operating Segments | Citicorp | North America | |||||
Segment Reporting Information [Line Items] | |||||
Revenues, net of interest expense | 8,500 | 8,400 | 25,700 | 28,300 | |
Operating Segments | Citicorp | EMEA | |||||
Segment Reporting Information [Line Items] | |||||
Revenues, net of interest expense | 3,100 | 3,100 | 10,100 | 9,900 | |
Operating Segments | Citicorp | Latin America | |||||
Segment Reporting Information [Line Items] | |||||
Revenues, net of interest expense | 2,300 | 2,200 | 6,700 | 7,000 | |
Operating Segments | Citicorp | Asia | |||||
Segment Reporting Information [Line Items] | |||||
Revenues, net of interest expense | 3,200 | 3,800 | 11,100 | 12,300 | |
Operating Segments | Global Consumer Banking | |||||
Segment Reporting Information [Line Items] | |||||
Revenues, net of interest expense | 6,260 | 7,173 | 20,117 | 22,686 | |
Provision (benefits) for income taxes | 424 | 284 | 1,654 | (254) | |
Income (loss) from continuing operations | 1,334 | 920 | 5,337 | (569) | |
Identifiable assets | 442,000 | 442,000 | 434,000 | ||
Provisions for credit losses and for benefits and claims | (100) | 1,700 | (400) | 10,600 | |
Operating Segments | Institutional Clients Group | |||||
Segment Reporting Information [Line Items] | |||||
Revenues, net of interest expense | 10,786 | 10,353 | 33,393 | 34,974 | |
Provision (benefits) for income taxes | 991 | 800 | 3,821 | 2,284 | |
Income (loss) from continuing operations | 3,443 | 2,857 | 13,210 | 8,253 | |
Identifiable assets | 1,819,000 | 1,819,000 | 1,730,000 | ||
Provisions for credit losses and for benefits and claims | 0 | 800 | (2,600) | 6,700 | |
Corporate/Other | |||||
Segment Reporting Information [Line Items] | |||||
Revenues, net of interest expense | 108 | (224) | 445 | 139 | |
Provision (benefits) for income taxes | (222) | (307) | (795) | (621) | |
Income (loss) from continuing operations | (108) | (600) | 292 | (902) | |
Identifiable assets | 101,000 | 101,000 | $ 96,000 | ||
Provisions for credit losses and for benefits and claims | $ (100) | $ (100) | $ (300) | $ 200 |
INTEREST REVENUE AND EXPENSE (D
INTEREST REVENUE AND EXPENSE (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Interest revenue | ||||
Loan interest, including fees | $ 8,874 | $ 9,421 | $ 26,516 | $ 30,820 |
Deposits with banks | 147 | 116 | 418 | 802 |
Securities borrowed and purchased under agreements to resell | 264 | 352 | 763 | 1,961 |
Investments, including dividends | 1,885 | 1,870 | 5,455 | 6,248 |
Trading account assets | 1,284 | 1,457 | 4,091 | 4,720 |
Other interest-bearing assets | 196 | 98 | 404 | 491 |
Total interest revenue | 12,650 | 13,314 | 37,647 | 45,042 |
Interest expense | ||||
Deposits | 1,023 | 1,293 | 3,030 | 5,376 |
Securities loaned and sold under agreements to repurchase | 287 | 292 | 800 | 1,830 |
Trading account liabilities | 106 | 123 | 370 | 506 |
Short-term borrowings and other interest-bearing liabilities | 8 | 88 | 70 | 612 |
Long-term debt | 828 | 1,025 | 2,614 | 3,653 |
Total interest expense | 2,252 | 2,821 | 6,884 | 11,977 |
Net interest revenue | 10,398 | 10,493 | 30,763 | 33,065 |
Provision (benefit) for credit losses on loans | (188) | 1,931 | (2,793) | 16,298 |
Net interest revenue after provision for credit losses on loans | 10,586 | 8,562 | 33,556 | 16,767 |
Insurance fees and charges | $ 293 | $ 375 | $ 912 | $ 870 |
COMMISSIONS AND FEES; ADMINIS_3
COMMISSIONS AND FEES; ADMINISTRATION AND OTHER FIDUCIARY FEES - Commissions and Fees Revenue (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Commissions and fees | ||||
Total commissions and fees | $ 3,399 | $ 2,753 | $ 10,443 | $ 8,707 |
Investment banking | ||||
Commissions and fees | ||||
Total commissions and fees | 1,493 | 1,076 | 4,503 | 3,474 |
Brokerage commissions | ||||
Commissions and fees | ||||
Total commissions and fees | 773 | 746 | 2,536 | 2,258 |
Interchange fees | ||||
Commissions and fees | ||||
Total commissions and fees | 2,542 | 2,000 | 7,076 | 5,806 |
Card-related loan fees | ||||
Commissions and fees | ||||
Total commissions and fees | 171 | 161 | 530 | 473 |
Card rewards and partner payments | ||||
Commissions and fees | ||||
Total commissions and fees | (2,660) | (2,146) | (7,346) | (6,203) |
Deposit-related fees | ||||
Commissions and fees | ||||
Total commissions and fees | 339 | 325 | 993 | 978 |
Transactional service fees | ||||
Commissions and fees | ||||
Total commissions and fees | 281 | 237 | 823 | 723 |
Corporate finance | ||||
Commissions and fees | ||||
Total commissions and fees | 214 | 77 | 552 | 372 |
Insurance distribution revenue | ||||
Commissions and fees | ||||
Total commissions and fees | 117 | 133 | 365 | 376 |
Insurance premiums | ||||
Commissions and fees | ||||
Total commissions and fees | 25 | 25 | 75 | 99 |
Loan servicing | ||||
Commissions and fees | ||||
Total commissions and fees | 24 | 30 | 71 | 100 |
Other | ||||
Commissions and fees | ||||
Total commissions and fees | 80 | 89 | 265 | 251 |
Overdraft fees | ||||
Commissions and fees | ||||
Total commissions and fees | 28 | 23 | 75 | 74 |
Commissions and fees | ||||
Commissions and fees | ||||
Revenue not accounted for under ASC 606, revenue from contracts with customers | (2,208) | (1,816) | (6,031) | (5,044) |
ICG | ||||
Commissions and fees | ||||
Total commissions and fees | 2,862 | 2,245 | 8,633 | 7,171 |
ICG | Investment banking | ||||
Commissions and fees | ||||
Total commissions and fees | 1,493 | 1,076 | 4,503 | 3,474 |
ICG | Brokerage commissions | ||||
Commissions and fees | ||||
Total commissions and fees | 483 | 486 | 1,626 | 1,545 |
ICG | Interchange fees | ||||
Commissions and fees | ||||
Total commissions and fees | 225 | 158 | 580 | 542 |
ICG | Card-related loan fees | ||||
Commissions and fees | ||||
Total commissions and fees | 7 | 4 | 19 | 18 |
ICG | Card rewards and partner payments | ||||
Commissions and fees | ||||
Total commissions and fees | (119) | (73) | (298) | (292) |
ICG | Deposit-related fees | ||||
Commissions and fees | ||||
Total commissions and fees | 270 | 246 | 774 | 699 |
ICG | Transactional service fees | ||||
Commissions and fees | ||||
Total commissions and fees | 257 | 217 | 749 | 659 |
ICG | Corporate finance | ||||
Commissions and fees | ||||
Total commissions and fees | 214 | 77 | 552 | 372 |
ICG | Insurance distribution revenue | ||||
Commissions and fees | ||||
Total commissions and fees | 3 | 4 | 9 | 9 |
ICG | Insurance premiums | ||||
Commissions and fees | ||||
Total commissions and fees | 0 | 0 | 0 | 0 |
ICG | Loan servicing | ||||
Commissions and fees | ||||
Total commissions and fees | 10 | 16 | 32 | 54 |
ICG | Other | ||||
Commissions and fees | ||||
Total commissions and fees | 19 | 34 | 87 | 91 |
GCB | ||||
Commissions and fees | ||||
Total commissions and fees | 534 | 498 | 1,796 | 1,513 |
GCB | Investment banking | ||||
Commissions and fees | ||||
Total commissions and fees | 0 | 0 | 0 | 0 |
GCB | Brokerage commissions | ||||
Commissions and fees | ||||
Total commissions and fees | 290 | 260 | 910 | 713 |
GCB | Interchange fees | ||||
Commissions and fees | ||||
Total commissions and fees | 2,317 | 1,842 | 6,496 | 5,264 |
GCB | Card-related loan fees | ||||
Commissions and fees | ||||
Total commissions and fees | 164 | 157 | 511 | 455 |
GCB | Card rewards and partner payments | ||||
Commissions and fees | ||||
Total commissions and fees | (2,541) | (2,073) | (7,048) | (5,911) |
GCB | Deposit-related fees | ||||
Commissions and fees | ||||
Total commissions and fees | 69 | 79 | 219 | 279 |
GCB | Transactional service fees | ||||
Commissions and fees | ||||
Total commissions and fees | 24 | 20 | 74 | 64 |
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 | 114 | 129 | 356 | 367 |
GCB | Insurance premiums | ||||
Commissions and fees | ||||
Total commissions and fees | 25 | 25 | 75 | 99 |
GCB | Loan servicing | ||||
Commissions and fees | ||||
Total commissions and fees | 11 | 4 | 28 | 26 |
GCB | Other | ||||
Commissions and fees | ||||
Total commissions and fees | 61 | 55 | 175 | 157 |
Corporate/Other | ||||
Commissions and fees | ||||
Total commissions and fees | 3 | 10 | 14 | 23 |
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 | 3 | 10 | 11 | 20 |
Corporate/Other | Other | ||||
Commissions and fees | ||||
Total commissions and fees | $ 0 | $ 0 | $ 3 | $ 3 |
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 | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Commissions and fees | ||||
Administration and other fiduciary fees | $ 1,007 | $ 892 | $ 2,990 | $ 2,565 |
Custody fees | ||||
Commissions and fees | ||||
Administration and other fiduciary fees | 479 | 437 | 1,439 | 1,225 |
Custody fees | ICG | ||||
Commissions and fees | ||||
Administration and other fiduciary fees | 471 | 427 | 1,419 | 1,165 |
Custody fees | GCB | ||||
Commissions and fees | ||||
Administration and other fiduciary fees | 7 | 8 | 19 | 22 |
Custody fees | Corporate/Other | ||||
Commissions and fees | ||||
Administration and other fiduciary fees | 1 | 2 | 1 | 38 |
Fiduciary fees | ||||
Commissions and fees | ||||
Administration and other fiduciary fees | 382 | 320 | 1,113 | 938 |
Fiduciary fees | ICG | ||||
Commissions and fees | ||||
Administration and other fiduciary fees | 204 | 167 | 596 | 497 |
Fiduciary fees | GCB | ||||
Commissions and fees | ||||
Administration and other fiduciary fees | 175 | 153 | 511 | 441 |
Fiduciary fees | Corporate/Other | ||||
Commissions and fees | ||||
Administration and other fiduciary fees | 3 | 0 | 6 | 0 |
Guarantee fees | ||||
Commissions and fees | ||||
Administration and other fiduciary fees | 146 | 135 | 438 | 402 |
Guarantee fees | ICG | ||||
Commissions and fees | ||||
Administration and other fiduciary fees | 144 | 132 | 429 | 393 |
Guarantee fees | GCB | ||||
Commissions and fees | ||||
Administration and other fiduciary fees | 1 | 2 | 5 | 5 |
Guarantee fees | Corporate/Other | ||||
Commissions and fees | ||||
Administration and other fiduciary fees | 1 | 1 | 4 | 4 |
Administration and other fiduciary fees | ||||
Commissions and fees | ||||
Administration and other fiduciary fees | 1,007 | 892 | 2,990 | 2,565 |
Revenue not accounted for under ASC 606, revenue from contracts with customers | 146 | 135 | 438 | 402 |
Administration and other fiduciary fees | ICG | ||||
Commissions and fees | ||||
Administration and other fiduciary fees | 819 | 726 | 2,444 | 2,055 |
Administration and other fiduciary fees | GCB | ||||
Commissions and fees | ||||
Administration and other fiduciary fees | 183 | 163 | 535 | 468 |
Administration and other fiduciary fees | Corporate/Other | ||||
Commissions and fees | ||||
Administration and other fiduciary fees | $ 5 | $ 3 | $ 11 | $ 42 |
PRINCIPAL TRANSACTIONS (Details
PRINCIPAL TRANSACTIONS (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Principal transactions revenue | ||||
Principal transactions revenue | $ 2,233 | $ 2,508 | $ 8,450 | $ 11,926 |
Interest rate risks | ||||
Principal transactions revenue | ||||
Principal transactions revenue | 461 | 993 | 2,424 | 4,751 |
Foreign exchange risks | ||||
Principal transactions revenue | ||||
Principal transactions revenue | 924 | 960 | 2,851 | 3,069 |
Equity risks | ||||
Principal transactions revenue | ||||
Principal transactions revenue | 666 | 157 | 1,869 | 1,078 |
Commodity and other risks | ||||
Principal transactions revenue | ||||
Principal transactions revenue | 252 | 248 | 844 | 1,007 |
Credit products and risks | ||||
Principal transactions revenue | ||||
Principal transactions revenue | $ (70) | $ 150 | $ 462 | $ 2,021 |
RETIREMENT BENEFITS - Net (Bene
RETIREMENT BENEFITS - Net (Benefit) Expense (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
U.S. | Pension Plans | ||||
Service-related expense | ||||
Benefits earned during the period | $ 0 | $ 0 | $ 0 | $ 0 |
Interest cost on benefit obligation | 87 | 87 | 264 | 294 |
Expected return on plan assets | (173) | (205) | (529) | (619) |
Amortization of unrecognized: | ||||
Prior service cost (benefit) | 0 | 0 | 1 | 1 |
Net actuarial loss (gain) | 57 | 62 | 173 | 171 |
Settlement loss (gain) | 0 | 0 | 0 | 0 |
Total net (benefit) expense | (29) | (56) | (91) | (153) |
U.S. | Postretirement Benefit Plans | ||||
Service-related expense | ||||
Benefits earned during the period | 0 | 0 | 0 | 0 |
Interest cost on benefit obligation | 3 | 4 | 9 | 14 |
Expected return on plan assets | (3) | (4) | (10) | (13) |
Amortization of unrecognized: | ||||
Prior service cost (benefit) | (3) | 0 | (7) | 0 |
Net actuarial loss (gain) | 0 | 0 | (1) | 0 |
Settlement loss (gain) | 0 | 0 | 0 | 0 |
Total net (benefit) expense | (3) | 0 | (9) | 1 |
Non-U.S. plans | Pension Plans | ||||
Service-related expense | ||||
Benefits earned during the period | 36 | 38 | 113 | 109 |
Interest cost on benefit obligation | 67 | 59 | 199 | 184 |
Expected return on plan assets | (65) | (62) | (189) | (183) |
Amortization of unrecognized: | ||||
Prior service cost (benefit) | (1) | (1) | (4) | (4) |
Net actuarial loss (gain) | 16 | 17 | 48 | 51 |
Settlement loss (gain) | 1 | (6) | 5 | (3) |
Total net (benefit) expense | 54 | 45 | 172 | 154 |
Non-U.S. plans | Postretirement Benefit Plans | ||||
Service-related expense | ||||
Benefits earned during the period | 2 | 2 | 6 | 6 |
Interest cost on benefit obligation | 25 | 22 | 74 | 68 |
Expected return on plan assets | (22) | (18) | (65) | (56) |
Amortization of unrecognized: | ||||
Prior service cost (benefit) | (2) | (3) | (7) | (7) |
Net actuarial loss (gain) | 4 | 5 | 12 | 15 |
Settlement loss (gain) | 0 | 0 | 0 | 0 |
Total net (benefit) expense | $ 7 | $ 8 | $ 20 | $ 26 |
RETIREMENT BENEFITS - Funded St
RETIREMENT BENEFITS - Funded Status and Accumulated Other Comprehensive Income (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
U.S. | Pension Plans | ||||||
Change in projected benefit obligation | ||||||
Projected benefit obligation at beginning of year | $ 13,815 | $ 13,815 | ||||
Benefits earned during the period | $ 0 | $ 0 | 0 | $ 0 | ||
Interest cost on benefit obligation | 87 | 87 | 264 | 294 | ||
Change in plan assets | ||||||
Plan assets at fair value at beginning of year | 13,309 | 13,309 | ||||
Net amount recognized at period end | ||||||
Benefit asset | 865 | 865 | ||||
Benefit liability | (668) | (668) | ||||
Net amount recognized on the balance sheet—Significant Plans | 197 | 197 | ||||
Amounts recognized in AOCI at period end | ||||||
Prior service benefit | 0 | 0 | ||||
Net actuarial (loss) gain | (6,580) | (6,580) | ||||
Net amount recognized in equity-pretax | (6,580) | (6,580) | ||||
Accumulated benefit obligation at period end—Significant Plans | 12,845 | 12,845 | ||||
U.S. | Pension Plans | Other than Significant Plans Measured Annually | ||||||
Change in projected benefit obligation | ||||||
Projected benefit obligation at beginning of year | 25 | 25 | ||||
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 | 13,072 | 13,790 | 13,790 | |||
Quarter activity | $ 265 | (983) | ||||
Benefits earned during the period | 0 | |||||
Interest cost on benefit obligation | 87 | |||||
Actuarial gain | (63) | |||||
Benefits paid, net of participants’ contributions and government subsidy | (249) | |||||
Settlement gain | 0 | |||||
Curtailment gain | 0 | |||||
Foreign exchange impact and other | 0 | |||||
Projected benefit obligation at period end—Significant Plans | 12,847 | 13,072 | 12,847 | |||
Change in plan assets | ||||||
Plan assets at fair value at beginning of year | 13,194 | 13,309 | 13,309 | |||
Quarterly activity | 320 | (435) | ||||
Actual return on plan assets | 86 | |||||
Company contributions, net of reimbursements | 13 | |||||
Benefits paid, net of participants’ contributions and government subsidy | (249) | |||||
Settlement gain | 0 | |||||
Foreign exchange impact and other | 0 | |||||
Plan assets at fair value at period end—Significant Plans | 13,044 | 13,194 | 13,044 | |||
Funded status of the Significant Plans | 197 | 197 | ||||
U.S. | Postretirement Benefit Plans | ||||||
Change in projected benefit obligation | ||||||
Projected benefit obligation at beginning of year | 559 | 559 | ||||
Benefits earned during the period | 0 | 0 | 0 | 0 | ||
Interest cost on benefit obligation | 3 | 4 | 9 | 14 | ||
Change in plan assets | ||||||
Plan assets at fair value at beginning of year | 331 | 331 | ||||
Net amount recognized at period end | ||||||
Benefit asset | 0 | 0 | ||||
Benefit liability | (176) | (176) | ||||
Net amount recognized on the balance sheet—Significant Plans | (176) | (176) | ||||
Amounts recognized in AOCI at period end | ||||||
Prior service benefit | 94 | 94 | ||||
Net actuarial (loss) gain | 86 | 86 | ||||
Net amount recognized in equity-pretax | 180 | 180 | ||||
Accumulated benefit obligation at period end—Significant Plans | 503 | 503 | ||||
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 | 516 | 559 | 559 | |||
Quarter activity | (6) | (37) | ||||
Benefits earned during the period | 0 | |||||
Interest cost on benefit obligation | 3 | |||||
Actuarial gain | (4) | |||||
Benefits paid, net of participants’ contributions and government subsidy | (12) | |||||
Settlement gain | 0 | |||||
Curtailment gain | 0 | |||||
Foreign exchange impact and other | 0 | |||||
Projected benefit obligation at period end—Significant Plans | 503 | 516 | 503 | |||
Change in plan assets | ||||||
Plan assets at fair value at beginning of year | 328 | 331 | 331 | |||
Quarterly activity | 5 | (8) | ||||
Actual return on plan assets | 1 | |||||
Company contributions, net of reimbursements | 10 | |||||
Benefits paid, net of participants’ contributions and government subsidy | (12) | |||||
Settlement gain | 0 | |||||
Foreign exchange impact and other | 0 | |||||
Plan assets at fair value at period end—Significant Plans | 327 | 328 | 327 | |||
Funded status of the Significant Plans | (176) | (176) | ||||
Non-U.S. plans | Pension Plans | ||||||
Change in projected benefit obligation | ||||||
Projected benefit obligation at beginning of year | 8,629 | 8,629 | ||||
Benefits earned during the period | 36 | 38 | 113 | 109 | ||
Interest cost on benefit obligation | 67 | 59 | 199 | 184 | ||
Change in plan assets | ||||||
Plan assets at fair value at beginning of year | 7,831 | 7,831 | ||||
Net amount recognized at period end | ||||||
Benefit asset | 808 | 808 | ||||
Benefit liability | (549) | (549) | ||||
Net amount recognized on the balance sheet—Significant Plans | 259 | 259 | ||||
Amounts recognized in AOCI at period end | ||||||
Prior service benefit | (1) | (1) | ||||
Net actuarial (loss) gain | (884) | (884) | ||||
Net amount recognized in equity-pretax | (885) | (885) | ||||
Accumulated benefit obligation at period end—Significant Plans | 5,425 | 5,425 | ||||
Non-U.S. plans | Pension Plans | Other than Significant Plans Measured Annually | ||||||
Change in projected benefit obligation | ||||||
Projected benefit obligation at beginning of year | 2,248 | 2,248 | ||||
Change in plan assets | ||||||
Plan assets at fair value at beginning of year | 1,500 | 1,500 | ||||
Non-U.S. plans | Pension Plans | Significant Plans Measured Quarterly | ||||||
Change in projected benefit obligation | ||||||
Projected benefit obligation at beginning of year | 5,947 | 6,381 | 6,381 | |||
Quarter activity | 138 | (572) | ||||
Benefits earned during the period | 20 | |||||
Interest cost on benefit obligation | 58 | |||||
Actuarial gain | (65) | |||||
Benefits paid, net of participants’ contributions and government subsidy | (87) | |||||
Settlement gain | (8) | |||||
Curtailment gain | (14) | |||||
Foreign exchange impact and other | (147) | |||||
Projected benefit obligation at period end—Significant Plans | 5,704 | 5,947 | 5,704 | |||
Change in plan assets | ||||||
Plan assets at fair value at beginning of year | 6,140 | 6,331 | 6,331 | |||
Quarterly activity | 213 | (404) | ||||
Actual return on plan assets | 32 | |||||
Company contributions, net of reimbursements | 16 | |||||
Benefits paid, net of participants’ contributions and government subsidy | (87) | |||||
Settlement gain | (8) | |||||
Foreign exchange impact and other | (130) | |||||
Plan assets at fair value at period end—Significant Plans | 5,963 | 6,140 | 5,963 | |||
Funded status of the Significant Plans | 259 | 259 | ||||
Non-U.S. plans | Postretirement Benefit Plans | ||||||
Change in projected benefit obligation | ||||||
Projected benefit obligation at beginning of year | 1,390 | 1,390 | ||||
Benefits earned during the period | 2 | 2 | 6 | 6 | ||
Interest cost on benefit obligation | 25 | $ 22 | 74 | $ 68 | ||
Change in plan assets | ||||||
Plan assets at fair value at beginning of year | 1,146 | 1,146 | ||||
Net amount recognized at period end | ||||||
Benefit asset | 128 | 128 | ||||
Benefit liability | 0 | 0 | ||||
Net amount recognized on the balance sheet—Significant Plans | 128 | 128 | ||||
Amounts recognized in AOCI at period end | ||||||
Prior service benefit | 51 | 51 | ||||
Net actuarial (loss) gain | (207) | (207) | ||||
Net amount recognized in equity-pretax | (156) | (156) | ||||
Accumulated benefit obligation at period end—Significant Plans | 968 | 968 | ||||
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 | 277 | 277 | ||||
Change in plan assets | ||||||
Plan assets at fair value at beginning of year | 8 | 8 | ||||
Non-U.S. plans | Postretirement Benefit Plans | Significant Plans Measured Quarterly | ||||||
Change in projected benefit obligation | ||||||
Projected benefit obligation at beginning of year | 1,020 | 1,113 | 1,113 | |||
Quarter activity | 53 | (146) | ||||
Benefits earned during the period | 1 | |||||
Interest cost on benefit obligation | 23 | |||||
Actuarial gain | (29) | |||||
Benefits paid, net of participants’ contributions and government subsidy | (15) | |||||
Settlement gain | 0 | |||||
Curtailment gain | 0 | |||||
Foreign exchange impact and other | (32) | |||||
Projected benefit obligation at period end—Significant Plans | 968 | 1,020 | 968 | |||
Change in plan assets | ||||||
Plan assets at fair value at beginning of year | 1,129 | 1,138 | 1,138 | |||
Quarterly activity | 35 | $ (44) | ||||
Actual return on plan assets | 18 | |||||
Company contributions, net of reimbursements | 0 | |||||
Benefits paid, net of participants’ contributions and government subsidy | (15) | |||||
Settlement gain | 0 | |||||
Foreign exchange impact and other | (36) | |||||
Plan assets at fair value at period end—Significant Plans | 1,096 | $ 1,129 | 1,096 | |||
Funded status of the Significant Plans | 128 | 128 | ||||
Qualified plans | U.S. | Pension Plans | Significant Plans Measured Quarterly | ||||||
Change in plan assets | ||||||
Funded status of the Significant Plans | 865 | 865 | ||||
Qualified plans | U.S. | Postretirement Benefit Plans | Significant Plans Measured Quarterly | ||||||
Change in plan assets | ||||||
Funded status of the Significant Plans | (176) | (176) | ||||
Qualified plans | Non-U.S. plans | Pension Plans | Significant Plans Measured Quarterly | ||||||
Change in plan assets | ||||||
Funded status of the Significant Plans | 259 | 259 | ||||
Qualified plans | Non-U.S. plans | Postretirement Benefit Plans | Significant Plans Measured Quarterly | ||||||
Change in plan assets | ||||||
Funded status of the Significant Plans | 128 | 128 | ||||
Nonqualified plans | U.S. | Pension Plans | Significant Plans Measured Quarterly | ||||||
Change in plan assets | ||||||
Funded status of the Significant Plans | (668) | (668) | ||||
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 | 9 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | ||
Change in accumulated other comprehensive income (loss) | |||||
Balance, beginning of period | $ 200,200 | ||||
Change, net of tax | [1] | $ 135 | $ 246 | 936 | $ (117) |
Balance, end of period | 201,610 | 194,595 | 201,610 | 194,595 | |
Benefit plans | |||||
Change in accumulated other comprehensive income (loss) | |||||
Balance, beginning of period | (6,063) | (7,172) | (6,864) | (6,809) | |
Actuarial assumptions changes and plan experience | 175 | 1,125 | |||
Net asset loss due to difference between actual and expected returns | (116) | (325) | |||
Net amortization | 69 | 216 | |||
Curtailment/settlement gain | 1 | (3) | |||
Foreign exchange impact and other | 46 | 153 | |||
Change in deferred taxes, net | (40) | (230) | |||
Change, net of tax | 135 | 936 | |||
Balance, end of period | $ (5,928) | $ (6,926) | $ (5,928) | $ (6,926) | |
[1] | See Note 17 to the Consolidated Financial Statements. |
RETIREMENT BENEFITS - Assumptio
RETIREMENT BENEFITS - Assumptions Used (Details) | 3 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Jun. 30, 2021 | Mar. 31, 2021 | |
U.S. | Postretirement Benefit Plans | ||||
Plan Assumptions - During the year | ||||
Discount rate | 2.60% | 2.45% | ||
Plan Assumptions - At period end | ||||
Discount rate | 2.65% | 2.60% | 2.85% | |
Non-U.S. plans | Pension Plans | Weighted Average | ||||
Plan Assumptions - During the year | ||||
Discount rate | 4.23% | 3.68% | ||
Plan Assumptions - At period end | ||||
Discount rate | 4.37% | 4.23% | 4.26% | |
Non-U.S. plans | Pension Plans | Minimum | ||||
Plan Assumptions - During the year | ||||
Discount rate | 0.25% | 0.20% | ||
Plan Assumptions - At period end | ||||
Discount rate | 0.30% | 0.25% | 0.25% | |
Non-U.S. plans | Pension Plans | Maximum | ||||
Plan Assumptions - During the year | ||||
Discount rate | 9.25% | 8.40% | ||
Plan Assumptions - At period end | ||||
Discount rate | 9.55% | 9.25% | 9.30% | |
Non-U.S. plans | Postretirement Benefit Plans | ||||
Plan Assumptions - During the year | ||||
Discount rate | 9.50% | 8.80% | ||
Plan Assumptions - At period end | ||||
Discount rate | 9.80% | 9.50% | 9.70% | |
Qualified plans | U.S. | Pension Plans | ||||
Plan Assumptions - During the year | ||||
Discount rate | 2.75% | 2.60% | ||
Plan Assumptions - At period end | ||||
Discount rate | 2.80% | 2.75% | 3.10% | |
Nonqualified plans | U.S. | Pension Plans | ||||
Plan Assumptions - During the year | ||||
Discount rate | 2.70% | 2.55% | ||
Plan Assumptions - At period end | ||||
Discount rate | 2.75% | 2.70% | 3.00% |
RETIREMENT BENEFITS - Sensitivi
RETIREMENT BENEFITS - Sensitivities of Certain Key Assumptions (Details) $ in Millions | 3 Months Ended |
Sep. 30, 2021USD ($) | |
U.S. | Pension Plans | |
Defined Benefit Plans and Other Postretirement Benefit Plans | |
Effect of one-percentage-point increase in discount rates | $ 9 |
Effect of one-percentage-point decrease in discount rates | (12) |
U.S. | Postretirement Benefit Plans | |
Defined Benefit Plans and Other Postretirement Benefit Plans | |
Effect of one-percentage-point increase in discount rates | 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 | 1 |
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 | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
U.S. | Pension Plans | ||
Defined Benefit Plan, Expected Future Employer Contributions [Abstract] | ||
Company contributions | $ 41 | $ 42 |
Company contributions expected to be made during the remainder of the year | 16 | 14 |
U.S. | Postretirement Benefit Plans | ||
Defined Benefit Plan, Expected Future Employer Contributions [Abstract] | ||
Company contributions | 19 | 0 |
Company contributions expected to be made during the remainder of the year | 2 | |
Company reimbursements expected to be received during the remainder of the year | (15) | |
Non-U.S. plans | Pension Plans | ||
Defined Benefit Plan, Expected Future Employer Contributions [Abstract] | ||
Company contributions | 116 | 111 |
Company contributions expected to be made during the remainder of the year | 36 | 47 |
Non-U.S. plans | Postretirement Benefit Plans | ||
Defined Benefit Plan, Expected Future Employer Contributions [Abstract] | ||
Company contributions | 6 | 6 |
Company contributions expected to be made during the remainder of the year | $ 2 | $ 3 |
RETIREMENT BENEFITS - Defined C
RETIREMENT BENEFITS - Defined Contribution Plans and Postemployment Plans (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Postemployment Retirement Benefits | ||||
Defined Benefit Plan Disclosure | ||||
Interest cost on benefit obligation | $ 0 | $ 1 | $ 0 | $ 1 |
Amortization of unrecognized: | ||||
Net actuarial loss | 1 | 0 | 2 | 1 |
Total service-related expense | 1 | 1 | 2 | 2 |
Non-service-related expense | 3 | 4 | 7 | 12 |
Total net (benefit) expense | 4 | 5 | 9 | 14 |
U.S. | Postretirement Benefit Plans | ||||
Defined Benefit Plan Disclosure | ||||
Company's contributions for defined contribution plans | 113 | 101 | 324 | 304 |
Interest cost on benefit obligation | 3 | 4 | 9 | 14 |
Amortization of unrecognized: | ||||
Total net (benefit) expense | (3) | 0 | (9) | 1 |
Non-U.S. plans | Postretirement Benefit Plans | ||||
Defined Benefit Plan Disclosure | ||||
Company's contributions for defined contribution plans | 87 | 73 | 270 | 223 |
Interest cost on benefit obligation | 25 | 22 | 74 | 68 |
Amortization of unrecognized: | ||||
Total net (benefit) expense | $ 7 | $ 8 | $ 20 | $ 26 |
EARNINGS PER SHARE (Details)
EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions | Oct. 27, 2021 | Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Earnings Per Share [Abstract] | |||||||||
Income from continuing operations before attribution of noncontrolling interests | $ 4,669 | $ 3,177 | $ 18,839 | $ 6,782 | |||||
Noncontrolling interests | 24 | 24 | 67 | 18 | |||||
Net income from continuing operations (for EPS purposes) | 4,645 | 3,153 | 18,772 | 6,764 | |||||
Income (loss) from discontinued operations, net of taxes | (1) | (7) | 7 | (26) | |||||
Citigroup’s net income | 4,644 | 3,146 | 18,779 | 6,738 | |||||
Less: Preferred dividends | 266 | 284 | 811 | 828 | |||||
Net income available to common shareholders | 4,378 | 2,862 | 17,968 | 5,910 | |||||
Less: Dividends and undistributed earnings allocated to employee restricted and deferred shares with rights to dividends, applicable to basic EPS | 26 | 18 | 134 | 50 | |||||
Net income allocated to common shareholders for basic EPS | $ 4,352 | $ 2,844 | $ 17,834 | $ 5,860 | |||||
Weighted-average common shares outstanding applicable to basic EPS (in shares) | 2,009,300 | 2,081,800 | 2,049,300 | 2,087,100 | |||||
Basic earnings per share | |||||||||
Income from continuing operations (in dollars per share) | [1] | $ 2.17 | $ 1.37 | $ 8.70 | $ 2.82 | ||||
Discontinued operations (in dollars per share) | [1] | 0 | 0 | 0 | (0.01) | ||||
Net income (in dollars per share) | [1] | $ 2.17 | $ 1.37 | $ 8.70 | $ 2.81 | ||||
Add back: Dividends allocated to employee restricted and deferred shares with rights to dividends that are forfeitable | $ 8 | $ 7 | $ 23 | $ 22 | |||||
Net income allocated to common shareholders to diluted EPS | $ 4,360 | $ 2,851 | $ 17,857 | $ 5,882 | |||||
Effect of dilutive securities | |||||||||
Options (in shares) | 0 | 0 | 0 | 0 | |||||
Other employee plans (in shares) | 16,900 | 12,500 | 16,000 | 13,000 | |||||
Adjusted weighted-average common shares outstanding applicable to diluted EPS (in shares) | 2,026,200 | 2,094,300 | 2,065,300 | 2,100,100 | |||||
Diluted earnings per share | |||||||||
Income from continuing operations (in dollars per share) | [1] | $ 2.15 | $ 1.36 | $ 8.64 | $ 2.81 | ||||
Discontinued operations (in dollars per share) | [1] | 0 | 0 | 0 | (0.01) | ||||
Net income (in dollars per share) | [1] | $ 2.15 | $ 1.36 | $ 8.65 | $ 2.80 | ||||
Preferred stock | |||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share | |||||||||
Issuance of new preferred stock | $ 2,300 | $ 1,500 | |||||||
Redemption of preferred stock | $ 3,785 | $ 1,500 | |||||||
Preferred stock | Forecast | |||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share | |||||||||
Preferred dividends declared | $ 228 | ||||||||
Series Y | Preferred stock | Subsequent event | |||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share | |||||||||
Stock issued (in shares) | 1,000 | ||||||||
Issuance of new preferred stock | $ 1,000 | ||||||||
Series Q | Preferred stock | |||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share | |||||||||
Redemption of preferred stock (in shares) | 1,250 | ||||||||
Redemption of preferred stock | $ 1,250 | ||||||||
Series R | Preferred stock | |||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share | |||||||||
Redemption of preferred stock (in shares) | 1,035 | 465,000 | |||||||
Redemption of preferred stock | $ 1,035 | $ 465 | |||||||
Series S | Preferred stock | |||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share | |||||||||
Redemption of preferred stock (in shares) | 41,400 | ||||||||
Redemption of preferred stock | $ 1,035 | ||||||||
Series X | Preferred stock | |||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share | |||||||||
Stock issued (in shares) | 2,300 | ||||||||
Issuance of new preferred stock | $ 2,300 | ||||||||
[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 | Sep. 30, 2021 | Dec. 31, 2020 |
Federal Funds Purchased and Securities Sold under Agreements to Repurchase [Abstract] | ||
Securities purchased under agreements to resell | $ 234,191 | $ 204,655 |
Deposits paid for securities borrowed | 103,514 | 90,067 |
Total, net | 337,705 | 294,722 |
Allowance for credit losses on securities purchased and borrowed | (9) | (10) |
Total, net of allowance | 337,696 | 294,712 |
Securities sold under agreements to repurchase | 188,998 | 181,194 |
Deposits received for securities loaned | 20,186 | 18,331 |
Total, net | 209,184 | 199,525 |
Securities-for-securities lending transactions | $ 3,400 | $ 6,800 |
SECURITIES BORROWED, LOANED A_4
SECURITIES BORROWED, LOANED AND SUBJECT TO REPURCHASE AGREEMENTS - Offsetting (Details) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Securities purchased under agreements to resell | ||
Gross amounts of recognized assets | $ 355,702 | $ 362,025 |
Gross amounts offset on the Consolidated Balance Sheet | 121,511 | 157,370 |
Net amounts of assets included on the Consolidated Balance Sheet | 234,191 | 204,655 |
Amounts not offset on the Consolidated Balance Sheet but eligible for offsetting upon counterparty default | 178,517 | 159,232 |
Net amounts | 55,674 | 45,423 |
Deposits paid for securities borrowed | ||
Gross amounts of recognized assets | 120,159 | 96,425 |
Gross amounts offset on the Consolidated Balance Sheet | 16,645 | 6,358 |
Net amounts of assets included on the Consolidated Balance Sheet | 103,514 | 90,067 |
Amounts not offset on the Consolidated Balance Sheet but eligible for offsetting upon counterparty default | 22,145 | 13,474 |
Net amounts | 81,369 | 76,593 |
Total | ||
Gross amounts of recognized assets | 475,861 | 458,450 |
Gross amounts offset on the Consolidated Balance Sheet | 138,156 | 163,728 |
Net amounts of assets included on the Consolidated Balance Sheet | 337,705 | 294,722 |
Amounts not offset on the Consolidated Balance Sheet but eligible for offsetting upon counterparty default | 200,662 | 172,706 |
Net amounts | 137,043 | 122,016 |
Securities sold under agreements to repurchase | ||
Gross amounts of recognized liabilities | 310,509 | 338,564 |
Gross amounts offset on the Consolidated Balance Sheet | 121,511 | 157,370 |
Net amounts of liabilities included on the Consolidated Balance Sheet | 188,998 | 181,194 |
Amounts not offset on the Consolidated Balance Sheet but eligible for offsetting upon counterparty default | 87,606 | 95,563 |
Net amounts | 101,392 | 85,631 |
Deposits received for securities loaned | ||
Gross amounts of recognized liabilities | 36,831 | 24,689 |
Gross amounts offset on the Consolidated Balance Sheet | 16,645 | 6,358 |
Net amounts of liabilities included on the Consolidated Balance Sheet | 20,186 | 18,331 |
Amounts not offset on the Consolidated Balance Sheet but eligible for offsetting upon counterparty default | 3,587 | 7,982 |
Net amounts | 16,599 | 10,349 |
Total | ||
Gross amounts of recognized liabilities | 347,340 | 363,253 |
Gross amounts offset on the Consolidated Balance Sheet | 138,156 | 163,728 |
Net amounts of liabilities included on the Consolidated Balance Sheet | 209,184 | 199,525 |
Amounts not offset on the Consolidated Balance Sheet but eligible for offsetting upon counterparty default | 91,193 | 103,545 |
Net amounts | $ 117,991 | $ 95,980 |
SECURITIES BORROWED, LOANED A_5
SECURITIES BORROWED, LOANED AND SUBJECT TO REPURCHASE AGREEMENTS - Repurchase Agreements (Details) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Assets Sold under Agreements to Repurchase | ||
Securities sold under agreements to repurchase | $ 310,509 | $ 338,564 |
Deposits received for securities loaned | 36,831 | 24,689 |
Total | 347,340 | 363,253 |
U.S. Treasury and federal agency securities | ||
Assets Sold under Agreements to Repurchase | ||
Securities sold under agreements to repurchase | 108,346 | 112,437 |
Deposits received for securities loaned | 2 | 0 |
Total | 108,348 | 112,437 |
State and municipal securities | ||
Assets Sold under Agreements to Repurchase | ||
Securities sold under agreements to repurchase | 996 | 664 |
Deposits received for securities loaned | 0 | 2 |
Total | 996 | 666 |
Foreign government securities | ||
Assets Sold under Agreements to Repurchase | ||
Securities sold under agreements to repurchase | 134,204 | 130,017 |
Deposits received for securities loaned | 200 | 194 |
Total | 134,404 | 130,211 |
Corporate bonds | ||
Assets Sold under Agreements to Repurchase | ||
Securities sold under agreements to repurchase | 22,914 | 20,149 |
Deposits received for securities loaned | 297 | 78 |
Total | 23,211 | 20,227 |
Equity securities | ||
Assets Sold under Agreements to Repurchase | ||
Securities sold under agreements to repurchase | 22,025 | 21,497 |
Deposits received for securities loaned | 36,202 | 24,149 |
Total | 58,227 | 45,646 |
Mortgage-backed securities | ||
Assets Sold under Agreements to Repurchase | ||
Securities sold under agreements to repurchase | 16,576 | 45,566 |
Deposits received for securities loaned | 0 | 0 |
Total | 16,576 | 45,566 |
Asset-backed securities | ||
Assets Sold under Agreements to Repurchase | ||
Securities sold under agreements to repurchase | 1,571 | 3,307 |
Deposits received for securities loaned | 0 | 0 |
Total | 1,571 | 3,307 |
Other | ||
Assets Sold under Agreements to Repurchase | ||
Securities sold under agreements to repurchase | 3,877 | 4,927 |
Deposits received for securities loaned | 130 | 266 |
Total | 4,007 | 5,193 |
Open and overnight | ||
Assets Sold under Agreements to Repurchase | ||
Securities sold under agreements to repurchase | 137,111 | 160,754 |
Deposits received for securities loaned | 26,931 | 17,038 |
Total | 164,042 | 177,792 |
Up to 30 days | ||
Assets Sold under Agreements to Repurchase | ||
Securities sold under agreements to repurchase | 87,435 | 98,226 |
Deposits received for securities loaned | 42 | 3 |
Total | 87,477 | 98,229 |
31–90 days | ||
Assets Sold under Agreements to Repurchase | ||
Securities sold under agreements to repurchase | 33,974 | 41,679 |
Deposits received for securities loaned | 2,088 | 2,770 |
Total | 36,062 | 44,449 |
Greater than 90 days | ||
Assets Sold under Agreements to Repurchase | ||
Securities sold under agreements to repurchase | 51,989 | 37,905 |
Deposits received for securities loaned | 7,770 | 4,878 |
Total | $ 59,759 | $ 42,783 |
BROKERAGE RECEIVABLES AND BRO_3
BROKERAGE RECEIVABLES AND BROKERAGE PAYABLES (Details) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Brokers and Dealers [Abstract] | ||
Receivables from customers | $ 21,833 | $ 18,097 |
Receivables from brokers, dealers and clearing organizations | 37,654 | 26,709 |
Total brokerage receivables | 59,487 | 44,806 |
Payables to customers | 48,300 | 39,319 |
Payables to brokers, dealers and clearing organizations | 12,201 | 11,165 |
Total brokerage payables | $ 60,501 | $ 50,484 |
INVESTMENTS - Overview (Details
INVESTMENTS - Overview (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Jun. 30, 2021 | Dec. 31, 2020 | Jun. 30, 2020 | Dec. 31, 2019 | |
Investment Holdings | ||||||||
Total investments | $ 500,849 | $ 500,849 | $ 447,359 | |||||
Interest and dividends on investments | ||||||||
Taxable interest | 1,777 | $ 1,752 | 5,152 | $ 5,915 | ||||
Interest exempt from U.S. federal income tax | 73 | 85 | 196 | 231 | ||||
Dividend income | 35 | 33 | 107 | 102 | ||||
Total interest and dividend income on investments | 1,885 | 1,870 | 5,455 | 6,248 | ||||
Gross realized investments losses, excluding losses from other-than-temporary impairment | ||||||||
Gross realized investment gains | 142 | 381 | 757 | 1,619 | ||||
Gross realized investment losses | (25) | (77) | (102) | (135) | ||||
Net realized gains on sales of investments | 117 | 304 | 655 | 1,484 | ||||
Debt securities AFS | ||||||||
Allowance for credit losses | 6 | $ 5 | 6 | $ 5 | $ 5 | 5 | $ 8 | $ 0 |
Fair value | 295,573 | 295,573 | 335,084 | |||||
Debt securities available-for-sale (AFS) | ||||||||
Investment Holdings | ||||||||
Total investments | 295,573 | 295,573 | 335,084 | |||||
Debt securities held-to-maturity (HTM) | ||||||||
Investment Holdings | ||||||||
Total investments | 198,056 | 198,056 | 104,943 | |||||
Marketable equity securities carried at fair value | Fair value | ||||||||
Investment Holdings | ||||||||
Total investments | 379 | 379 | 515 | |||||
Non-marketable equity securities | Fair value | ||||||||
Investment Holdings | ||||||||
Total investments | 539 | 539 | 551 | |||||
Non-marketable equity securities | Carried at cost | ||||||||
Investment Holdings | ||||||||
Total investments | 4,910 | 4,910 | 5,304 | |||||
Non-marketable securities measured using measurement alternative | ||||||||
Investment Holdings | ||||||||
Total investments | 1,392 | 1,392 | 962 | |||||
Mortgage-backed securities - U.S. government-sponsored agency guaranteed | ||||||||
Debt securities AFS | ||||||||
Amortized cost | 36,127 | 36,127 | 42,836 | |||||
Gross unrealized gains | 743 | 743 | 1,134 | |||||
Gross unrealized losses | 201 | 201 | 52 | |||||
Allowance for credit losses | 0 | 0 | 0 | |||||
Fair value | 36,669 | 36,669 | 43,918 | |||||
Mortgage-backed securities - Non-U.S. residential | ||||||||
Debt securities AFS | ||||||||
Amortized cost | 362 | 362 | 568 | |||||
Gross unrealized gains | 1 | 1 | 3 | |||||
Gross unrealized losses | 0 | 0 | 0 | |||||
Allowance for credit losses | 0 | 0 | 0 | |||||
Fair value | 363 | 363 | 571 | |||||
Commercial | ||||||||
Debt securities AFS | ||||||||
Amortized cost | 34 | 34 | 49 | |||||
Gross unrealized gains | 0 | 0 | 1 | |||||
Gross unrealized losses | 0 | 0 | 0 | |||||
Allowance for credit losses | 0 | 0 | 0 | |||||
Fair value | 34 | 34 | 50 | |||||
Mortgage-backed securities | ||||||||
Debt securities AFS | ||||||||
Amortized cost | 36,523 | 36,523 | 43,453 | |||||
Gross unrealized gains | 744 | 744 | 1,138 | |||||
Gross unrealized losses | 201 | 201 | 52 | |||||
Allowance for credit losses | 0 | 0 | 0 | |||||
Fair value | 37,066 | 37,066 | 44,539 | |||||
U.S. Treasury | ||||||||
Debt securities AFS | ||||||||
Amortized cost | 122,491 | 122,491 | 144,094 | |||||
Gross unrealized gains | 1,119 | 1,119 | 2,108 | |||||
Gross unrealized losses | 436 | 436 | 49 | |||||
Allowance for credit losses | 0 | 0 | 0 | |||||
Fair value | 123,174 | 123,174 | 146,153 | |||||
Agency obligations | ||||||||
Debt securities AFS | ||||||||
Amortized cost | 0 | 0 | 50 | |||||
Gross unrealized gains | 0 | 0 | 1 | |||||
Gross unrealized losses | 0 | 0 | 0 | |||||
Allowance for credit losses | 0 | 0 | 0 | |||||
Fair value | 0 | 0 | 51 | |||||
U.S. Treasury and federal agency securities | ||||||||
Debt securities AFS | ||||||||
Amortized cost | 122,491 | 122,491 | 144,144 | |||||
Gross unrealized gains | 1,119 | 1,119 | 2,109 | |||||
Gross unrealized losses | 436 | 436 | 49 | |||||
Allowance for credit losses | 0 | 0 | 0 | |||||
Fair value | 123,174 | 123,174 | 146,204 | |||||
State and municipal | ||||||||
Debt securities AFS | ||||||||
Amortized cost | 2,710 | 2,710 | 3,753 | |||||
Gross unrealized gains | 85 | 85 | 123 | |||||
Gross unrealized losses | 111 | 111 | 157 | |||||
Allowance for credit losses | 0 | 0 | 0 | |||||
Fair value | 2,684 | 2,684 | 3,719 | |||||
Foreign government | ||||||||
Debt securities AFS | ||||||||
Amortized cost | 120,322 | 120,322 | 123,467 | |||||
Gross unrealized gains | 496 | 496 | 1,623 | |||||
Gross unrealized losses | 624 | 624 | 122 | |||||
Allowance for credit losses | 0 | 0 | 0 | |||||
Fair value | 120,194 | 120,194 | 124,968 | |||||
Corporate | ||||||||
Debt securities AFS | ||||||||
Amortized cost | 6,929 | 6,929 | 10,444 | |||||
Gross unrealized gains | 70 | 70 | 152 | |||||
Gross unrealized losses | 65 | 65 | 91 | |||||
Allowance for credit losses | 8 | 8 | 5 | |||||
Fair value | 6,926 | 6,926 | 10,500 | |||||
Asset-backed securities | ||||||||
Debt securities AFS | ||||||||
Amortized cost | 263 | 263 | 277 | |||||
Gross unrealized gains | 1 | 1 | 5 | |||||
Gross unrealized losses | 0 | 0 | 4 | |||||
Allowance for credit losses | 0 | 0 | 0 | |||||
Fair value | 264 | 264 | 278 | |||||
Other debt securities | ||||||||
Debt securities AFS | ||||||||
Amortized cost | 5,265 | 5,265 | 4,871 | |||||
Gross unrealized gains | 1 | 1 | 5 | |||||
Gross unrealized losses | 1 | 1 | 0 | |||||
Allowance for credit losses | 0 | 0 | 0 | |||||
Fair value | 5,265 | 5,265 | 4,876 | |||||
Debt securities AFS | ||||||||
Debt securities AFS | ||||||||
Amortized cost | 294,503 | 294,503 | 330,409 | |||||
Gross unrealized gains | 2,516 | 2,516 | 5,155 | |||||
Gross unrealized losses | 1,438 | 1,438 | 475 | |||||
Allowance for credit losses | 8 | 8 | 5 | |||||
Fair value | $ 295,573 | $ 295,573 | $ 335,084 |
INVESTMENTS - Fair Value of AFS
INVESTMENTS - Fair Value of AFS Securities (Details) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Debt securities AFS | ||
Less than 12 months | $ 108,590 | $ 60,316 |
12 months or longer | 30,431 | 4,760 |
Total | 139,021 | 65,076 |
Gross unrealized losses | ||
Less than 12 months | 869 | 267 |
12 months or longer | 569 | 208 |
Total | 1,438 | 475 |
Mortgage-backed securities - U.S. government-sponsored agency guaranteed | ||
Debt securities AFS | ||
Less than 12 months | 10,965 | 3,588 |
12 months or longer | 197 | 298 |
Total | 11,162 | 3,886 |
Gross unrealized losses | ||
Less than 12 months | 182 | 30 |
12 months or longer | 19 | 22 |
Total | 201 | 52 |
Mortgage-backed securities - Non-U.S. residential | ||
Debt securities AFS | ||
Less than 12 months | 58 | 1 |
12 months or longer | 0 | 0 |
Total | 58 | 1 |
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 | 2 | 7 |
12 months or longer | 0 | 4 |
Total | 2 | 11 |
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 | 11,025 | 3,596 |
12 months or longer | 197 | 302 |
Total | 11,222 | 3,898 |
Gross unrealized losses | ||
Less than 12 months | 182 | 30 |
12 months or longer | 19 | 22 |
Total | 201 | 52 |
U.S. Treasury | ||
Debt securities AFS | ||
Less than 12 months | 38,146 | 25,031 |
12 months or longer | 19,579 | 0 |
Total | 57,725 | 25,031 |
Gross unrealized losses | ||
Less than 12 months | 122 | 49 |
12 months or longer | 314 | 0 |
Total | 436 | 49 |
Agency obligations | ||
Debt securities AFS | ||
Less than 12 months | 50 | |
12 months or longer | 0 | |
Total | 50 | |
Gross unrealized losses | ||
Less than 12 months | 0 | |
12 months or longer | 0 | |
Total | 0 | |
U.S. Treasury and federal agency securities | ||
Debt securities AFS | ||
Less than 12 months | 25,081 | |
12 months or longer | 0 | |
Total | 25,081 | |
Gross unrealized losses | ||
Less than 12 months | 49 | |
12 months or longer | 0 | |
Total | 49 | |
State and municipal | ||
Debt securities AFS | ||
Less than 12 months | 198 | 836 |
12 months or longer | 1,182 | 893 |
Total | 1,380 | 1,729 |
Gross unrealized losses | ||
Less than 12 months | 5 | 34 |
12 months or longer | 106 | 123 |
Total | 111 | |
Foreign government | ||
Debt securities AFS | ||
Less than 12 months | 54,437 | 29,344 |
12 months or longer | 9,452 | 3,502 |
Total | 63,889 | 32,846 |
Gross unrealized losses | ||
Less than 12 months | 494 | 61 |
12 months or longer | 130 | 61 |
Total | 624 | 122 |
Corporate | ||
Debt securities AFS | ||
Less than 12 months | 1,994 | 1,083 |
12 months or longer | 21 | 24 |
Total | 2,015 | 1,107 |
Gross unrealized losses | ||
Less than 12 months | 65 | 90 |
12 months or longer | 0 | 1 |
Total | 65 | 91 |
Asset-backed securities | ||
Debt securities AFS | ||
Less than 12 months | 3 | 194 |
12 months or longer | 0 | 39 |
Total | 3 | 233 |
Gross unrealized losses | ||
Less than 12 months | 0 | 3 |
12 months or longer | 0 | 1 |
Total | 0 | 4 |
Other debt securities | ||
Debt securities AFS | ||
Less than 12 months | 2,787 | 182 |
12 months or longer | 0 | 0 |
Total | 2,787 | 182 |
Gross unrealized losses | ||
Less than 12 months | 1 | 0 |
12 months or longer | 0 | 0 |
Total | $ 1 | $ 0 |
INVESTMENTS - Fair Value of A_2
INVESTMENTS - Fair Value of AFS Debt Securities by Contractual Maturity Date (Details) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Fair value | ||
Total fair value | $ 295,573 | $ 335,084 |
Mortgage-backed securities | ||
Amoritzed cost | ||
Amortized cost, due within 1 year | 200 | 27 |
Amortized cost, after 1 but within 5 years | 187 | 567 |
Amortized cost, after 5 but within 10 years | 726 | 688 |
Amortized cost, after 10 years | 35,410 | 42,171 |
Amortized cost | 36,523 | 43,453 |
Fair value | ||
Fair value, due within 1 year | 200 | 27 |
Fair value, after 1 but within 5 years | 188 | 571 |
Fair value, after 5 but within 10 years | 776 | 757 |
Fair value, after 10 years | 35,902 | 43,184 |
Total fair value | 37,066 | 44,539 |
U.S. Treasury and federal agency securities | ||
Amoritzed cost | ||
Amortized cost, due within 1 year | 27,539 | 34,834 |
Amortized cost, after 1 but within 5 years | 94,520 | 108,160 |
Amortized cost, after 5 but within 10 years | 432 | 1,150 |
Amortized cost, after 10 years | 0 | 0 |
Amortized cost | 122,491 | 144,144 |
Fair value | ||
Fair value, due within 1 year | 27,614 | 34,951 |
Fair value, after 1 but within 5 years | 95,132 | 110,091 |
Fair value, after 5 but within 10 years | 428 | 1,162 |
Fair value, after 10 years | 0 | 0 |
Total fair value | 123,174 | 146,204 |
State and municipal | ||
Amoritzed cost | ||
Amortized cost, due within 1 year | 45 | 427 |
Amortized cost, after 1 but within 5 years | 137 | 189 |
Amortized cost, after 5 but within 10 years | 160 | 276 |
Amortized cost, after 10 years | 2,368 | 2,861 |
Amortized cost | 2,710 | 3,753 |
Fair value | ||
Fair value, due within 1 year | 45 | 428 |
Fair value, after 1 but within 5 years | 140 | 198 |
Fair value, after 5 but within 10 years | 168 | 267 |
Fair value, after 10 years | 2,331 | 2,826 |
Total fair value | 2,684 | 3,719 |
Foreign government | ||
Amoritzed cost | ||
Amortized cost, due within 1 year | 47,441 | 48,133 |
Amortized cost, after 1 but within 5 years | 65,523 | 67,365 |
Amortized cost, after 5 but within 10 years | 5,560 | 5,908 |
Amortized cost, after 10 years | 1,798 | 2,061 |
Amortized cost | 120,322 | 123,467 |
Fair value | ||
Fair value, due within 1 year | 47,492 | 48,258 |
Fair value, after 1 but within 5 years | 65,370 | 68,586 |
Fair value, after 5 but within 10 years | 5,514 | 6,011 |
Fair value, after 10 years | 1,818 | 2,113 |
Total fair value | 120,194 | 124,968 |
All other | ||
Amoritzed cost | ||
Amortized cost, due within 1 year | 6,108 | 6,661 |
Amortized cost, after 1 but within 5 years | 5,434 | 7,814 |
Amortized cost, after 5 but within 10 years | 853 | 1,018 |
Amortized cost, after 10 years | 62 | 99 |
Amortized cost | 12,457 | 15,592 |
Fair value | ||
Fair value, due within 1 year | 6,112 | 6,665 |
Fair value, after 1 but within 5 years | 5,464 | 7,891 |
Fair value, after 5 but within 10 years | 846 | 1,034 |
Fair value, after 10 years | 33 | 64 |
Total fair value | $ 12,455 | $ 15,654 |
INVESTMENTS - Debt Securities H
INVESTMENTS - Debt Securities Held-to-Maturity (Details) - USD ($) $ in Millions | 1 Months Ended | |||||||
Feb. 28, 2021 | Aug. 31, 2020 | Sep. 30, 2021 | Jun. 30, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Dec. 31, 2019 | |
Debt Securities Held-to-maturity | ||||||||
Amortized cost, net | $ 198,056 | $ 104,943 | ||||||
Gross unrealized gains | 2,114 | 3,022 | ||||||
Gross unrealized losses | 1,446 | 175 | ||||||
Fair value | 198,724 | 107,790 | ||||||
Allowance for credit losses on HTM debt securities | 73 | $ 83 | 86 | $ 98 | $ 107 | $ 0 | ||
Mortgage-backed securities - U.S. government-sponsored agency guaranteed | ||||||||
Debt Securities Held-to-maturity | ||||||||
Amortized cost, net | 67,517 | 49,004 | ||||||
Gross unrealized gains | 1,490 | 2,162 | ||||||
Gross unrealized losses | 533 | 15 | ||||||
Fair value | 68,474 | 51,151 | ||||||
Mortgage-backed securities - Non-U.S. residential | ||||||||
Debt Securities Held-to-maturity | ||||||||
Amortized cost, net | 739 | 1,124 | ||||||
Gross unrealized gains | 1 | 3 | ||||||
Gross unrealized losses | 0 | 1 | ||||||
Fair value | 740 | 1,126 | ||||||
Commercial | ||||||||
Debt Securities Held-to-maturity | ||||||||
Amortized cost, net | 957 | 825 | ||||||
Gross unrealized gains | 3 | 1 | ||||||
Gross unrealized losses | 2 | 1 | ||||||
Fair value | 958 | 825 | ||||||
Mortgage-backed securities | ||||||||
Debt Securities Held-to-maturity | ||||||||
Amortized cost, net | 69,213 | 50,953 | ||||||
Gross unrealized gains | 1,494 | 2,166 | ||||||
Gross unrealized losses | 535 | 17 | ||||||
Fair value | 70,172 | 53,102 | ||||||
U.S. treasury securities | ||||||||
Debt Securities Held-to-maturity | ||||||||
Amortized cost, net | 88,270 | 21,293 | ||||||
Gross unrealized gains | 26 | 4 | ||||||
Gross unrealized losses | 850 | 55 | ||||||
Fair value | 87,446 | 21,242 | ||||||
Fair value of securities transferred from AFS to HTM | $ 13,100 | |||||||
Securities transferred from AFS to HTM, unrealized gain position | $ 144 | |||||||
State and municipal | ||||||||
Debt Securities Held-to-maturity | ||||||||
Amortized cost, net | 8,952 | 9,185 | ||||||
Gross unrealized gains | 575 | 755 | ||||||
Gross unrealized losses | 18 | 11 | ||||||
Fair value | 9,509 | 9,929 | ||||||
Fair value of securities transferred from AFS to HTM | $ 237 | |||||||
Securities transferred from AFS to HTM, unrealized gain position | $ 14 | |||||||
Foreign government | ||||||||
Debt Securities Held-to-maturity | ||||||||
Amortized cost, net | 1,694 | 1,931 | ||||||
Gross unrealized gains | 10 | 91 | ||||||
Gross unrealized losses | 16 | 0 | ||||||
Fair value | 1,688 | 2,022 | ||||||
Asset-backed securities | ||||||||
Debt Securities Held-to-maturity | ||||||||
Amortized cost, net | 29,927 | 21,581 | ||||||
Gross unrealized gains | 9 | 6 | ||||||
Gross unrealized losses | 27 | 92 | ||||||
Fair value | $ 29,909 | $ 21,495 |
INVESTMENTS - Carrying Value an
INVESTMENTS - Carrying Value and Fair Value of HTM Debt Securities by Contractual Maturity Dates (Details) - USD ($) $ in Millions | Sep. 30, 2021 | Jun. 30, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Dec. 31, 2019 |
Held-to-maturity Securities, Debt Maturities, Net Carrying Amount; | ||||||
Amortized cost | $ 198,056 | $ 104,943 | ||||
Held-to-maturity Securities, Debt Maturities, Fair Value; | ||||||
Fair value | 198,724 | 107,790 | ||||
Allowance for credit losses on HTM debt securities | 73 | $ 83 | 86 | $ 98 | $ 107 | $ 0 |
Mortgage-backed securities | ||||||
Held-to-maturity Securities, Debt Maturities, Net Carrying Amount; | ||||||
Due within 1 year, amortized cost | 160 | 81 | ||||
After 1 but within 5 years, amortized cost | 737 | 463 | ||||
After 5 but within 10 years, amortized cost | 1,637 | 1,699 | ||||
After 10 years, amortized cost | 66,679 | 48,710 | ||||
Amortized cost | 69,213 | 50,953 | ||||
Held-to-maturity Securities, Debt Maturities, Fair Value; | ||||||
Due within 1 year, fair value | 160 | 81 | ||||
After 1 but within 5 years, fair value | 792 | 477 | ||||
After 5 but within 10 years, fair value | 1,736 | 1,873 | ||||
After 10 years, fair value | 67,484 | 50,671 | ||||
Fair value | 70,172 | 53,102 | ||||
U.S. treasury securities | ||||||
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 | 42,783 | 18,955 | ||||
After 5 but within 10 years, amortized cost | 45,487 | 2,338 | ||||
After 10 years, amortized cost | 0 | 0 | ||||
Amortized cost | 88,270 | 21,293 | ||||
Held-to-maturity Securities, Debt Maturities, Fair Value; | ||||||
Due within 1 year, fair value | 0 | 0 | ||||
After 1 but within 5 years, fair value | 42,287 | 19,127 | ||||
After 5 but within 10 years, fair value | 45,159 | 2,115 | ||||
After 10 years, fair value | 0 | 0 | ||||
Fair value | 87,446 | 21,242 | ||||
State and municipal | ||||||
Held-to-maturity Securities, Debt Maturities, Net Carrying Amount; | ||||||
Due within 1 year, amortized cost | 54 | 6 | ||||
After 1 but within 5 years, amortized cost | 168 | 139 | ||||
After 5 but within 10 years, amortized cost | 838 | 818 | ||||
After 10 years, amortized cost | 7,892 | 8,222 | ||||
Amortized cost | 8,952 | 9,185 | ||||
Held-to-maturity Securities, Debt Maturities, Fair Value; | ||||||
Due within 1 year, fair value | 54 | 6 | ||||
After 1 but within 5 years, fair value | 172 | 142 | ||||
After 5 but within 10 years, fair value | 881 | 869 | ||||
After 10 years, fair value | 8,402 | 8,912 | ||||
Fair value | 9,509 | 9,929 | ||||
Foreign government | ||||||
Held-to-maturity Securities, Debt Maturities, Net Carrying Amount; | ||||||
Due within 1 year, amortized cost | 334 | 361 | ||||
After 1 but within 5 years, amortized cost | 1,360 | 1,570 | ||||
After 5 but within 10 years, amortized cost | 0 | 0 | ||||
After 10 years, amortized cost | 0 | 0 | ||||
Amortized cost | 1,694 | 1,931 | ||||
Held-to-maturity Securities, Debt Maturities, Fair Value; | ||||||
Due within 1 year, fair value | 335 | 360 | ||||
After 1 but within 5 years, fair value | 1,353 | 1,662 | ||||
After 5 but within 10 years, fair value | 0 | 0 | ||||
After 10 years, fair value | 0 | 0 | ||||
Fair value | 1,688 | 2,022 | ||||
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 | 11,299 | 11,795 | ||||
After 10 years, amortized cost | 18,628 | 9,786 | ||||
Amortized cost | 29,927 | 21,581 | ||||
Held-to-maturity Securities, Debt Maturities, Fair Value; | ||||||
Due within 1 year, fair value | 0 | 0 | ||||
After 1 but within 5 years, fair value | 0 | 0 | ||||
After 5 but within 10 years, fair value | 11,297 | 15,020 | ||||
After 10 years, fair value | 18,612 | 6,475 | ||||
Fair value | $ 29,909 | $ 21,495 |
INVESTMENTS - Recognition and M
INVESTMENTS - Recognition and Measurement of Impairment (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
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 | 21 | 30 | 99 | 101 |
Total impairment losses recognized in earnings | 21 | 30 | 99 | 101 |
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 | 21 | 30 | 99 | 101 |
Total impairment losses recognized in earnings | 21 | 30 | 99 | 101 |
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 - Schedule of Allow
INVESTMENTS - Schedule of Allowance for Credit Losses for AFS Debt Securities (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | ||
Debt Securities, Available-for-sale, Allowance for Credit Loss [Roll Forward] | |||||
Allowance for credit losses at beginning of period | $ 5 | $ 8 | $ 5 | $ 0 | |
Less: Write-offs | 0 | 0 | 0 | 0 | |
Recoveries of amounts written-off | 0 | 1 | 0 | 1 | |
Net credit losses (NCLs) | 0 | 1 | 0 | 1 | |
Credit losses on securities without previous credit losses | 1 | 0 | 1 | 8 | |
Net reserve builds (releases) on securities with previous credit losses | 0 | (3) | 0 | (3) | |
Total provision for credit losses | [1] | 1 | (4) | 1 | 4 |
Initial allowance on newly purchased credit-deteriorated securities during the period | 0 | 0 | 0 | 0 | |
Allowance for credit losses at end of period | 6 | 5 | 6 | 5 | |
Mortgage-backed securities | |||||
Debt Securities, Available-for-sale, Allowance for Credit Loss [Roll Forward] | |||||
Allowance for credit losses at beginning of period | 0 | 0 | 0 | 0 | |
Less: Write-offs | 0 | 0 | 0 | 0 | |
Recoveries of amounts written-off | 0 | 0 | 0 | 0 | |
Net credit losses (NCLs) | 0 | 0 | 0 | 0 | |
Credit losses on securities without previous credit losses | 0 | 0 | 0 | 0 | |
Net reserve builds (releases) on securities with previous credit losses | 0 | 0 | 0 | 0 | |
Total provision for credit losses | 0 | 0 | 0 | 0 | |
Initial allowance on newly purchased credit-deteriorated securities during the period | 0 | 0 | 0 | 0 | |
Allowance for credit losses at end of period | 0 | 0 | 0 | 0 | |
U.S. Treasury and federal agency securities | |||||
Debt Securities, Available-for-sale, Allowance for Credit Loss [Roll Forward] | |||||
Allowance for credit losses at beginning of period | 0 | 0 | 0 | 0 | |
Less: Write-offs | 0 | 0 | 0 | 0 | |
Recoveries of amounts written-off | 0 | 0 | 0 | 0 | |
Net credit losses (NCLs) | 0 | 0 | 0 | 0 | |
Credit losses on securities without previous credit losses | 0 | 0 | 0 | 0 | |
Net reserve builds (releases) on securities with previous credit losses | 0 | 0 | 0 | 0 | |
Total provision for credit losses | 0 | 0 | 0 | 0 | |
Initial allowance on newly purchased credit-deteriorated securities during the period | 0 | 0 | 0 | 0 | |
Allowance for credit losses at end of period | 0 | 0 | 0 | 0 | |
State and municipal securities | |||||
Debt Securities, Available-for-sale, Allowance for Credit Loss [Roll Forward] | |||||
Allowance for credit losses at beginning of period | 0 | 0 | 0 | 0 | |
Less: Write-offs | 0 | 0 | 0 | 0 | |
Recoveries of amounts written-off | 0 | 0 | 0 | 0 | |
Net credit losses (NCLs) | 0 | 0 | 0 | 0 | |
Credit losses on securities without previous credit losses | 0 | 0 | 0 | 0 | |
Net reserve builds (releases) on securities with previous credit losses | 0 | 0 | 0 | 0 | |
Total provision for credit losses | 0 | 0 | 0 | 0 | |
Initial allowance on newly purchased credit-deteriorated securities during the period | 0 | 0 | 0 | 0 | |
Allowance for credit losses at end of period | 0 | 0 | 0 | 0 | |
Foreign government | |||||
Debt Securities, Available-for-sale, Allowance for Credit Loss [Roll Forward] | |||||
Allowance for credit losses at beginning of period | 0 | 3 | 0 | 0 | |
Less: Write-offs | 0 | 0 | 0 | 0 | |
Recoveries of amounts written-off | 0 | 0 | 0 | 0 | |
Net credit losses (NCLs) | 0 | 0 | 0 | 0 | |
Credit losses on securities without previous credit losses | 0 | 0 | 0 | 3 | |
Net reserve builds (releases) on securities with previous credit losses | 0 | (3) | 0 | (3) | |
Total provision for credit losses | 0 | (3) | 0 | 0 | |
Initial allowance on newly purchased credit-deteriorated securities during the period | 0 | 0 | 0 | 0 | |
Allowance for credit losses at end of period | 0 | 0 | 0 | 0 | |
Corporate | |||||
Debt Securities, Available-for-sale, Allowance for Credit Loss [Roll Forward] | |||||
Allowance for credit losses at beginning of period | 5 | 5 | 5 | 0 | |
Less: Write-offs | 0 | 0 | 0 | 0 | |
Recoveries of amounts written-off | 0 | 1 | 0 | 1 | |
Net credit losses (NCLs) | 0 | 1 | 0 | 1 | |
Credit losses on securities without previous credit losses | 1 | 0 | 1 | 5 | |
Net reserve builds (releases) on securities with previous credit losses | 0 | 0 | 0 | 0 | |
Total provision for credit losses | 1 | (1) | 1 | 4 | |
Initial allowance on newly purchased credit-deteriorated securities during the period | 0 | 0 | 0 | 0 | |
Allowance for credit losses at end of period | $ 6 | $ 5 | $ 6 | $ 5 | |
[1] | In accordance with ASC 326. |
INVESTMENTS - Carrying Value of
INVESTMENTS - Carrying Value of Non-marketable Equity Securities Measured Using the Measurement Alternative (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
Equity Securities without Readily Determinable Fair Value, Annual Amount [Abstract] | |||||
Measurement alternative—carrying value | $ 1,392 | $ 1,392 | $ 962 | ||
Measurement alternative—impairment losses | 9 | $ 2 | 13 | $ 55 | |
Measurement alternative—downward changes for observable prices | 0 | 0 | 0 | 19 | |
Measurement alternative—upward changes for observable prices | 86 | 40 | 382 | 82 | |
Equity Securities without Readily Determinable Fair Value, Impairment Loss, Cumulative Amount [Abstract] | |||||
Measurement alternative—impairment losses | 76 | 76 | |||
Measurement alternative—downward changes for observable prices | 53 | 53 | |||
Measurement alternative—upward changes for observable prices | 861 | 861 | |||
Non-marketable equity securities, impairment loss recognized in earnings | $ 0 | $ 0 | $ 0 | $ 0 |
INVESTMENTS - Alternative Inves
INVESTMENTS - Alternative Investment Funds (Details) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Investments in Alternative Investment Funds | ||
Alternative investment funds, unfunded commitments | $ 61 | $ 82 |
Private equity funds | ||
Investments in Alternative Investment Funds | ||
Alternative investment funds, unfunded commitments | 60 | 62 |
Real estate funds | ||
Investments in Alternative Investment Funds | ||
Alternative investment funds, unfunded commitments | 1 | 20 |
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 | 145 | 152 |
Fair value | Private equity funds | ||
Investments in Alternative Investment Funds | ||
Non-marketable equity securities measured using the measurement alternative | 123 | 123 |
Fair value | Real estate funds | ||
Investments in Alternative Investment Funds | ||
Non-marketable equity securities measured using the measurement alternative | 2 | 9 |
Fair value | Mutual/collective investment funds | ||
Investments in Alternative Investment Funds | ||
Non-marketable equity securities measured using the measurement alternative | $ 20 | $ 20 |
LOANS - Consumer Loans, Delinqu
LOANS - Consumer Loans, Delinquencies and Non-Accrual Details (Details) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2021USD ($)category | Sep. 30, 2020USD ($) | Sep. 30, 2021USD ($)category | Sep. 30, 2020USD ($) | Dec. 31, 2020USD ($) | |
Financing Receivable, Past Due [Line Items] | |||||
Number of loan categories | category | 2 | 2 | |||
Total loans | $ 664,764 | $ 664,764 | $ 675,883 | ||
Loans held at fair value | 7,159 | 7,159 | 6,854 | ||
Consumer | |||||
Financing Receivable, Past Due [Line Items] | |||||
Total loans | 264,250 | 264,250 | 288,839 | ||
Non-accrual loans for which there is no ACLL | 198 | 198 | 210 | ||
Non-accrual loans for which there is an ACLL | 1,391 | 1,391 | 1,931 | ||
Total non-accrual | 1,589 | 1,589 | 2,141 | ||
90 days past due and accruing | 1,222 | 1,222 | 2,038 | ||
Loans held at fair value | 13 | 13 | 14 | ||
Unearned income | 650 | 650 | 749 | ||
Loans sold and/or reclassified to held-for-sale | 346 | $ 386 | 1,178 | $ 422 | |
Consumer | Current | |||||
Financing Receivable, Past Due [Line Items] | |||||
Total loans | 260,370 | 260,370 | 282,799 | ||
Consumer | Past Due | Government-guaranteed | |||||
Financing Receivable, Past Due [Line Items] | |||||
Total loans | 404 | 404 | 524 | ||
Consumer | 30 to 89 Days Past Due | |||||
Financing Receivable, Past Due [Line Items] | |||||
Total loans | 1,767 | 1,767 | 2,696 | ||
Consumer | 90 days or more past due | |||||
Financing Receivable, Past Due [Line Items] | |||||
Total loans | 1,709 | 1,709 | 2,820 | ||
Consumer | In North America offices | |||||
Financing Receivable, Past Due [Line Items] | |||||
Total loans | 178,535 | 178,535 | 189,800 | ||
Non-accrual loans for which there is no ACLL | 198 | 198 | 210 | ||
Non-accrual loans for which there is an ACLL | 574 | 574 | 849 | ||
Total non-accrual | 772 | 772 | 1,059 | ||
90 days past due and accruing | 1,050 | 1,050 | 1,662 | ||
Consumer | In North America offices | Current | |||||
Financing Receivable, Past Due [Line Items] | |||||
Total loans | 175,711 | 175,711 | 185,599 | ||
Consumer | In North America offices | Past Due | Government-guaranteed | |||||
Financing Receivable, Past Due [Line Items] | |||||
Total loans | 404 | 404 | 524 | ||
Consumer | In North America offices | 30 to 89 Days Past Due | |||||
Financing Receivable, Past Due [Line Items] | |||||
Total loans | 1,195 | 1,195 | 1,735 | ||
Consumer | In North America offices | 90 days or more past due | |||||
Financing Receivable, Past Due [Line Items] | |||||
Total loans | 1,225 | 1,225 | 1,942 | ||
Consumer | In offices outside North America | |||||
Financing Receivable, Past Due [Line Items] | |||||
Total loans | 85,715 | 85,715 | 99,039 | ||
Non-accrual loans for which there is no ACLL | 0 | 0 | 0 | ||
Non-accrual loans for which there is an ACLL | 817 | 817 | 1,082 | ||
Total non-accrual | 817 | 817 | 1,082 | ||
90 days past due and accruing | 172 | 172 | 376 | ||
Consumer | In offices outside North America | Current | |||||
Financing Receivable, Past Due [Line Items] | |||||
Total loans | 84,659 | 84,659 | 97,200 | ||
Consumer | In offices outside North America | Past Due | Government-guaranteed | |||||
Financing Receivable, Past Due [Line Items] | |||||
Total loans | 0 | 0 | 0 | ||
Consumer | In offices outside North America | 30 to 89 Days Past Due | |||||
Financing Receivable, Past Due [Line Items] | |||||
Total loans | 572 | 572 | 961 | ||
Consumer | In offices outside North America | 90 days or more past due | |||||
Financing Receivable, Past Due [Line Items] | |||||
Total loans | 484 | 484 | 878 | ||
Consumer | Residential first mortgages | |||||
Financing Receivable, Past Due [Line Items] | |||||
Total loans | 44,345 | 44,345 | 47,778 | ||
Loans held at fair value | 13 | 13 | 14 | ||
Consumer | Residential first mortgages | In North America offices | |||||
Financing Receivable, Past Due [Line Items] | |||||
Total loans | 44,345 | 44,345 | 47,778 | ||
Non-accrual loans for which there is no ACLL | 133 | 133 | 136 | ||
Non-accrual loans for which there is an ACLL | 347 | 347 | 509 | ||
Total non-accrual | 480 | 480 | 645 | ||
90 days past due and accruing | 267 | 267 | 332 | ||
Mortgage loans in process of foreclosure | 100 | 100 | 100 | ||
Consumer | Residential first mortgages | In North America offices | Current | |||||
Financing Receivable, Past Due [Line Items] | |||||
Total loans | 43,388 | 43,388 | 46,471 | ||
Consumer | Residential first mortgages | In North America offices | Past Due | Government-guaranteed | |||||
Financing Receivable, Past Due [Line Items] | |||||
Total loans | 393 | 393 | 524 | ||
Consumer | Residential first mortgages | In North America offices | 30 to 89 Days Past Due | |||||
Financing Receivable, Past Due [Line Items] | |||||
Total loans | 289 | 289 | 402 | ||
Consumer | Residential first mortgages | In North America offices | 30 to 89 Days Past Due | Government-guaranteed | |||||
Financing Receivable, Past Due [Line Items] | |||||
Total loans | 100 | 100 | 200 | ||
Consumer | Residential first mortgages | In North America offices | 90 days or more past due | |||||
Financing Receivable, Past Due [Line Items] | |||||
Total loans | 275 | 275 | 381 | ||
Consumer | Residential first mortgages | In North America offices | 90 days or more past due | Government-guaranteed | |||||
Financing Receivable, Past Due [Line Items] | |||||
Total loans | 300 | 300 | 300 | ||
Consumer | Residential first mortgages | In offices outside North America | |||||
Financing Receivable, Past Due [Line Items] | |||||
Total loans | 34,339 | 34,339 | 39,969 | ||
Non-accrual loans for which there is no ACLL | 0 | 0 | 0 | ||
Non-accrual loans for which there is an ACLL | 419 | 419 | 486 | ||
Total non-accrual | 419 | 419 | 486 | ||
90 days past due and accruing | 0 | 0 | 0 | ||
Consumer | Residential first mortgages | In offices outside North America | Current | |||||
Financing Receivable, Past Due [Line Items] | |||||
Total loans | 33,993 | 33,993 | 39,557 | ||
Consumer | Residential first mortgages | In offices outside North America | Past Due | Government-guaranteed | |||||
Financing Receivable, Past Due [Line Items] | |||||
Total loans | 0 | 0 | 0 | ||
Consumer | Residential first mortgages | In offices outside North America | 30 to 89 Days Past Due | |||||
Financing Receivable, Past Due [Line Items] | |||||
Total loans | 177 | 177 | 213 | ||
Consumer | Residential first mortgages | In offices outside North America | 90 days or more past due | |||||
Financing Receivable, Past Due [Line Items] | |||||
Total loans | 169 | 169 | 199 | ||
Consumer | Home equity loans | |||||
Financing Receivable, Past Due [Line Items] | |||||
Total loans | 5,485 | 5,485 | 7,128 | ||
Consumer | Home equity loans | In North America offices | |||||
Financing Receivable, Past Due [Line Items] | |||||
Total loans | 5,485 | 5,485 | 7,128 | ||
Non-accrual loans for which there is no ACLL | 65 | 65 | 72 | ||
Non-accrual loans for which there is an ACLL | 210 | 210 | 307 | ||
Total non-accrual | 275 | 275 | 379 | ||
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 | Current | |||||
Financing Receivable, Past Due [Line Items] | |||||
Total loans | 5,276 | 5,276 | 6,829 | ||
Consumer | Home equity loans | In North America offices | Past Due | Government-guaranteed | |||||
Financing Receivable, Past Due [Line Items] | |||||
Total loans | 0 | 0 | 0 | ||
Consumer | Home equity loans | In North America offices | 30 to 89 Days Past Due | |||||
Financing Receivable, Past Due [Line Items] | |||||
Total loans | 48 | 48 | 78 | ||
Consumer | Home equity loans | In North America offices | 90 days or more past due | |||||
Financing Receivable, Past Due [Line Items] | |||||
Total loans | 161 | 161 | 221 | ||
Consumer | Credit cards | |||||
Financing Receivable, Past Due [Line Items] | |||||
Total loans | 125,001 | 125,001 | 129,813 | ||
Consumer | Credit cards | In North America offices | |||||
Financing Receivable, Past Due [Line Items] | |||||
Total loans | 125,526 | 125,526 | 130,385 | ||
Non-accrual loans for which there is no ACLL | 0 | 0 | 0 | ||
Non-accrual loans for which there is an ACLL | 0 | 0 | 0 | ||
Total non-accrual | 0 | 0 | 0 | ||
90 days past due and accruing | 783 | 783 | 1,330 | ||
Consumer | Credit cards | In North America offices | Current | |||||
Financing Receivable, Past Due [Line Items] | |||||
Total loans | 123,897 | 123,897 | 127,827 | ||
Consumer | Credit cards | In North America offices | Past Due | Government-guaranteed | |||||
Financing Receivable, Past Due [Line Items] | |||||
Total loans | 0 | 0 | 0 | ||
Consumer | Credit cards | In North America offices | 30 to 89 Days Past Due | |||||
Financing Receivable, Past Due [Line Items] | |||||
Total loans | 846 | 846 | 1,228 | ||
Consumer | Credit cards | In North America offices | 90 days or more past due | |||||
Financing Receivable, Past Due [Line Items] | |||||
Total loans | 783 | 783 | 1,330 | ||
Consumer | Credit cards | In offices outside North America | |||||
Financing Receivable, Past Due [Line Items] | |||||
Total loans | 17,763 | 17,763 | 22,692 | ||
Non-accrual loans for which there is no ACLL | 0 | 0 | 0 | ||
Non-accrual loans for which there is an ACLL | 187 | 187 | 384 | ||
Total non-accrual | 187 | 187 | 384 | ||
90 days past due and accruing | 146 | 146 | 324 | ||
Consumer | Credit cards | In offices outside North America | Current | |||||
Financing Receivable, Past Due [Line Items] | |||||
Total loans | 17,304 | 17,304 | 21,718 | ||
Consumer | Credit cards | In offices outside North America | Past Due | Government-guaranteed | |||||
Financing Receivable, Past Due [Line Items] | |||||
Total loans | 0 | 0 | 0 | ||
Consumer | Credit cards | In offices outside North America | 30 to 89 Days Past Due | |||||
Financing Receivable, Past Due [Line Items] | |||||
Total loans | 233 | 233 | 429 | ||
Consumer | Credit cards | In offices outside North America | 90 days or more past due | |||||
Financing Receivable, Past Due [Line Items] | |||||
Total loans | 226 | 226 | 545 | ||
Consumer | Personal, small business and other | |||||
Financing Receivable, Past Due [Line Items] | |||||
Total loans | 3,179 | 3,179 | 4,509 | ||
Consumer | Personal, small business and other | In North America offices | |||||
Financing Receivable, Past Due [Line Items] | |||||
Total loans | 3,179 | 3,179 | 4,509 | ||
Non-accrual loans for which there is no ACLL | 0 | 0 | 2 | ||
Non-accrual loans for which there is an ACLL | 17 | 17 | 33 | ||
Total non-accrual | 17 | 17 | 35 | ||
90 days past due and accruing | 0 | 0 | 0 | ||
Consumer | Personal, small business and other | In North America offices | Current | |||||
Financing Receivable, Past Due [Line Items] | |||||
Total loans | 3,150 | 3,150 | 4,472 | ||
Consumer | Personal, small business and other | In North America offices | Past Due | Government-guaranteed | |||||
Financing Receivable, Past Due [Line Items] | |||||
Total loans | 11 | 11 | 0 | ||
Consumer | Personal, small business and other | In North America offices | 30 to 89 Days Past Due | |||||
Financing Receivable, Past Due [Line Items] | |||||
Total loans | 12 | 12 | 27 | ||
Consumer | Personal, small business and other | In North America offices | 90 days or more past due | |||||
Financing Receivable, Past Due [Line Items] | |||||
Total loans | 6 | 6 | 10 | ||
Consumer | Personal, small business and other | In offices outside North America | |||||
Financing Receivable, Past Due [Line Items] | |||||
Total loans | 33,613 | 33,613 | 36,378 | ||
Non-accrual loans for which there is no ACLL | 0 | 0 | 0 | ||
Non-accrual loans for which there is an ACLL | 211 | 211 | 212 | ||
Total non-accrual | 211 | 211 | 212 | ||
90 days past due and accruing | 26 | 26 | 52 | ||
Consumer | Personal, small business and other | In offices outside North America | Current | |||||
Financing Receivable, Past Due [Line Items] | |||||
Total loans | 33,362 | 33,362 | 35,925 | ||
Consumer | Personal, small business and other | In offices outside North America | Past Due | Government-guaranteed | |||||
Financing Receivable, Past Due [Line Items] | |||||
Total loans | 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] | |||||
Total loans | 162 | 162 | 319 | ||
Consumer | Personal, small business and other | In offices outside North America | 90 days or more past due | |||||
Financing Receivable, Past Due [Line Items] | |||||
Total loans | $ 89 | $ 89 | $ 134 |
LOANS - Schedule of Interest In
LOANS - Schedule of Interest Income Recognized for Non-Accrual Consumer Loans (Details) - Consumer - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Financing Receivable, Nonaccrual [Line Items] | ||||
Interest income | $ 5 | $ 6 | $ 15 | $ 17 |
In North America offices | ||||
Financing Receivable, Nonaccrual [Line Items] | ||||
Interest income | 5 | 6 | 15 | 17 |
In offices outside North America | ||||
Financing Receivable, Nonaccrual [Line Items] | ||||
Interest income | 0 | 0 | 0 | 0 |
Residential first mortgages | In North America offices | ||||
Financing Receivable, Nonaccrual [Line Items] | ||||
Interest income | 3 | 4 | 9 | 11 |
Residential first mortgages | In offices outside North America | ||||
Financing Receivable, Nonaccrual [Line Items] | ||||
Interest income | 0 | 0 | 0 | 0 |
Home equity loans | In North America offices | ||||
Financing Receivable, Nonaccrual [Line Items] | ||||
Interest income | 2 | 2 | 6 | 6 |
Credit cards | In North America offices | ||||
Financing Receivable, Nonaccrual [Line Items] | ||||
Interest income | 0 | 0 | 0 | 0 |
Credit cards | In offices outside North America | ||||
Financing Receivable, Nonaccrual [Line Items] | ||||
Interest income | 0 | 0 | 0 | 0 |
Personal, small business and other | In North America offices | ||||
Financing Receivable, Nonaccrual [Line Items] | ||||
Interest income | 0 | 0 | 0 | 0 |
Personal, small business and other | In offices outside North America | ||||
Financing Receivable, Nonaccrual [Line Items] | ||||
Interest income | $ 0 | $ 0 | $ 0 | $ 0 |
LOANS - Credit Quality Indicato
LOANS - Credit Quality Indicators (Details) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans, net of unearned income | $ 664,764 | $ 675,883 |
Consumer | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans, net of unearned income | 264,250 | 288,839 |
Consumer | Residential first mortgages | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans, net of unearned income | 44,345 | 47,778 |
Consumer | Credit cards | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans, net of unearned income | 125,001 | 129,813 |
Consumer | Home equity loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans, net of unearned income | 5,485 | 7,128 |
Consumer | Personal, small business and other | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans, net of unearned income | 3,179 | 4,509 |
Consumer | Less than or equal to 80% | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans, net of unearned income | 47,168 | 49,851 |
Consumer | Less than or equal to 80% | Residential first mortgages | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 7,875 | 11,447 |
One year prior to current fiscal year | 11,049 | 7,029 |
Two years prior to current fiscal year | 4,913 | 1,617 |
Three years prior to current fiscal year | 1,378 | 2,711 |
Four years prior to current fiscal year | 2,117 | 5,423 |
Prior | 14,556 | 14,966 |
Total loans, net of unearned income | 41,888 | 43,193 |
Consumer | Less than or equal to 80% | Home equity loans (pre-reset) | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans, net of unearned income | 2,441 | 2,876 |
Consumer | Less than or equal to 80% | Home equity loans (post-reset) | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans, net of unearned income | 2,839 | 3,782 |
Consumer | Less than or equal to 80% | Home equity loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans, net of unearned income | 5,280 | 6,658 |
Consumer | Greater than 80% but less than or equal to 100% | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans, net of unearned income | 908 | 3,185 |
Consumer | Greater than 80% but less than or equal to 100% | Residential first mortgages | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 355 | 1,543 |
One year prior to current fiscal year | 137 | 376 |
Two years prior to current fiscal year | 96 | 507 |
Three years prior to current fiscal year | 117 | 269 |
Four years prior to current fiscal year | 56 | 84 |
Prior | 44 | 66 |
Total loans, net of unearned income | 805 | 2,845 |
Consumer | Greater than 80% but less than or equal to 100% | Home equity loans (pre-reset) | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans, net of unearned income | 34 | 50 |
Consumer | Greater than 80% but less than or equal to 100% | Home equity loans (post-reset) | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans, net of unearned income | 69 | 290 |
Consumer | Greater than 80% but less than or equal to 100% | Home equity loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans, net of unearned income | 103 | 340 |
Consumer | Greater than 100% | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans, net of unearned income | 57 | 109 |
Consumer | Greater than 100% | Residential first mortgages | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 0 | 0 |
One year prior to current fiscal year | 0 | 2 |
Two years prior to current fiscal year | 1 | 11 |
Three years prior to current fiscal year | 6 | 4 |
Four years prior to current fiscal year | 2 | 2 |
Prior | 10 | 16 |
Total loans, net of unearned income | 19 | 35 |
Consumer | Greater than 100% | Home equity loans (pre-reset) | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans, net of unearned income | 10 | 16 |
Consumer | Greater than 100% | Home equity loans (post-reset) | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans, net of unearned income | 28 | 58 |
Consumer | Greater than 100% | Home equity loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans, net of unearned income | 38 | 74 |
Consumer | LTV not available | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans, net of unearned income | 1,697 | 1,761 |
Consumer | LTV not available | Residential first mortgages | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans, net of unearned income | 1,633 | 1,705 |
Consumer | LTV not available | Home equity loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans, net of unearned income | 64 | 56 |
Consumer | Total | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans, net of unearned income | 49,830 | 54,906 |
Consumer | Less than 680 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans, net of unearned income | 25,250 | 30,920 |
Consumer | Less than 680 | Residential first mortgages | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 132 | 187 |
One year prior to current fiscal year | 180 | 150 |
Two years prior to current fiscal year | 133 | 246 |
Three years prior to current fiscal year | 207 | 298 |
Four years prior to current fiscal year | 249 | 323 |
Prior | 1,602 | 1,708 |
Total loans, net of unearned income | 2,503 | 2,912 |
Consumer | Less than 680 | Credit cards | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans, net of unearned income | 21,579 | 26,227 |
Consumer | Less than 680 | Credit cards | CANADA | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans, net of unearned income | 525 | 572 |
Consumer | Less than 680 | Home equity loans (pre-reset) | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans, net of unearned income | 228 | 292 |
Consumer | Less than 680 | Home equity loans (post-reset) | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans, net of unearned income | 678 | 1,055 |
Consumer | Less than 680 | Home equity loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans, net of unearned income | 906 | 1,347 |
Consumer | Less than 680 | Personal, small business and other | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 19 | 23 |
One year prior to current fiscal year | 23 | 79 |
Two years prior to current fiscal year | 48 | 82 |
Three years prior to current fiscal year | 41 | 26 |
Four years prior to current fiscal year | 11 | 10 |
Prior | 120 | 214 |
Total loans, net of unearned income | 262 | 434 |
Consumer | 680 to 760 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans, net of unearned income | 65,270 | 68,634 |
Consumer | 680 to 760 | Residential first mortgages | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 2,555 | 3,741 |
One year prior to current fiscal year | 2,949 | 1,857 |
Two years prior to current fiscal year | 1,369 | 655 |
Three years prior to current fiscal year | 468 | 846 |
Four years prior to current fiscal year | 646 | 1,368 |
Prior | 4,164 | 4,133 |
Total loans, net of unearned income | 12,151 | 12,600 |
Consumer | 680 to 760 | Credit cards | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans, net of unearned income | 50,734 | 52,778 |
Consumer | 680 to 760 | Home equity loans (pre-reset) | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans, net of unearned income | 877 | 1,014 |
Consumer | 680 to 760 | Home equity loans (post-reset) | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans, net of unearned income | 1,097 | 1,569 |
Consumer | 680 to 760 | Home equity loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans, net of unearned income | 1,974 | 2,583 |
Consumer | 680 to 760 | Personal, small business and other | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 63 | 58 |
One year prior to current fiscal year | 50 | 106 |
Two years prior to current fiscal year | 65 | 80 |
Three years prior to current fiscal year | 45 | 27 |
Four years prior to current fiscal year | 12 | 9 |
Prior | 176 | 393 |
Total loans, net of unearned income | 411 | 673 |
Consumer | Greater than 760 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans, net of unearned income | 81,427 | 84,224 |
Consumer | Greater than 760 | Residential first mortgages | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 5,535 | 9,052 |
One year prior to current fiscal year | 8,046 | 5,384 |
Two years prior to current fiscal year | 3,499 | 1,227 |
Three years prior to current fiscal year | 820 | 1,829 |
Four years prior to current fiscal year | 1,272 | 3,799 |
Prior | 8,755 | 9,105 |
Total loans, net of unearned income | 27,927 | 30,396 |
Consumer | Greater than 760 | Credit cards | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans, net of unearned income | 50,451 | 49,767 |
Consumer | Greater than 760 | Home equity loans (pre-reset) | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans, net of unearned income | 1,399 | 1,657 |
Consumer | Greater than 760 | Home equity loans (post-reset) | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans, net of unearned income | 1,176 | 1,524 |
Consumer | Greater than 760 | Home equity loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans, net of unearned income | 2,575 | 3,181 |
Consumer | Greater than 760 | Personal, small business and other | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 114 | 95 |
One year prior to current fiscal year | 77 | 134 |
Two years prior to current fiscal year | 82 | 84 |
Three years prior to current fiscal year | 47 | 30 |
Four years prior to current fiscal year | 13 | 8 |
Prior | 141 | 529 |
Total loans, net of unearned income | 474 | 880 |
Consumer | FICO not available | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans, net of unearned income | 6,063 | 5,450 |
Consumer | FICO not available | Residential first mortgages | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans, net of unearned income | 1,764 | 1,870 |
Consumer | FICO not available | Credit cards | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans, net of unearned income | 2,237 | 1,041 |
Consumer | FICO not available | Home equity loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans, net of unearned income | 30 | 17 |
Consumer | FICO not available | Personal, small business and other | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans, net of unearned income | 2,032 | 2,522 |
Consumer | Total loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans, net of unearned income | $ 178,010 | $ 189,228 |
LOANS - Impaired Consumer Loans
LOANS - Impaired Consumer Loans (Details) - Consumer $ in Millions | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Sep. 30, 2021USD ($)quarter | Sep. 30, 2020USD ($) | Sep. 30, 2021USD ($)quarter | Sep. 30, 2020USD ($) | Sep. 30, 2021USD ($)quarter | Dec. 31, 2020USD ($) | |
Financing Receivable, Impaired [Line Items] | ||||||
Recorded investment | $ 3,852 | $ 3,852 | $ 3,852 | $ 4,799 | ||
Unpaid principal balance | 4,410 | 4,410 | 4,410 | 5,300 | ||
Related specific allowance | 891 | 891 | 891 | 1,345 | ||
Average carrying value | $ 4,464 | 4,577 | ||||
Interest income recognized | $ 63 | $ 63 | $ 206 | $ 181 | ||
Number of quarters used to calculate the average recorded investment balance | quarter | 4 | 4 | 4 | |||
Residential first mortgages | ||||||
Financing Receivable, Impaired [Line Items] | ||||||
Recorded investment | $ 1,422 | $ 1,422 | $ 1,422 | 1,787 | ||
Unpaid principal balance | 1,566 | 1,566 | 1,566 | 1,962 | ||
Related specific allowance | 103 | 103 | 103 | 157 | ||
Average carrying value | 1,632 | 1,661 | ||||
Interest income recognized | 23 | 16 | 65 | 44 | ||
Impaired financing receivable without specific allowance | 191 | 191 | 191 | 211 | ||
Home equity loans | ||||||
Financing Receivable, Impaired [Line Items] | ||||||
Recorded investment | 262 | 262 | 262 | 478 | ||
Unpaid principal balance | 355 | 355 | 355 | 651 | ||
Related specific allowance | 4 | 4 | 4 | 60 | ||
Average carrying value | 408 | 527 | ||||
Interest income recognized | 2 | 3 | 8 | 10 | ||
Impaired financing receivable without specific allowance | 119 | 119 | 119 | 147 | ||
Credit cards | ||||||
Financing Receivable, Impaired [Line Items] | ||||||
Recorded investment | 1,701 | 1,701 | 1,701 | 1,982 | ||
Unpaid principal balance | 1,702 | 1,702 | 1,702 | 2,135 | ||
Related specific allowance | 661 | 661 | 661 | 918 | ||
Average carrying value | 1,895 | 1,926 | ||||
Interest income recognized | 24 | 26 | 92 | 77 | ||
Personal, small business and other | ||||||
Financing Receivable, Impaired [Line Items] | ||||||
Recorded investment | 467 | 467 | 467 | 552 | ||
Unpaid principal balance | 787 | 787 | 787 | 552 | ||
Related specific allowance | 123 | 123 | 123 | 210 | ||
Average carrying value | $ 529 | $ 463 | ||||
Interest income recognized | $ 14 | $ 18 | $ 41 | $ 50 |
LOANS - Consumer Troubled Debt
LOANS - Consumer Troubled Debt Restructurings (Details) - Consumer $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021USD ($)loan | Sep. 30, 2020USD ($)loan | Sep. 30, 2021USD ($)loan | Sep. 30, 2020USD ($)loan | |
Loans receivable | ||||
Period within which default occurred post-modification | 1 year | |||
Number of days past due, non-accrual status | 60 days | |||
In North America offices | ||||
Loans receivable | ||||
Number of loans modified | loan | 34,227 | 50,248 | 131,064 | 169,937 |
Post-modification recorded investment | $ 209 | $ 320 | $ 823 | $ 964 |
TDR loans in payment default | $ 72 | $ 101 | $ 250 | $ 325 |
In North America offices | Residential first mortgages | ||||
Loans receivable | ||||
Number of loans modified | loan | 281 | 237 | 942 | 812 |
Post-modification recorded investment | $ 48 | $ 42 | $ 163 | $ 137 |
Average interest rate reduction | 1.00% | 0.00% | 0.00% | 0.00% |
Post-modification recorded investment for borrowers that have gone through Chapter 7 bankruptcy | $ 4 | $ 2 | $ 11 | $ 10 |
TDR loans in payment default | 10 | 24 | 43 | 59 |
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 | $ 1 | $ 4 | $ 7 |
In North America offices | Home equity loans | ||||
Loans receivable | ||||
Number of loans modified | loan | 31 | 62 | 138 | 227 |
Post-modification recorded investment | $ 1 | $ 5 | $ 9 | $ 22 |
Average interest rate reduction | 1.00% | 0.00% | 0.00% | 1.00% |
TDR loans in payment default | $ 1 | $ 6 | $ 8 | $ 12 |
In North America offices | Credit cards | ||||
Loans receivable | ||||
Number of loans modified | loan | 33,746 | 48,909 | 129,129 | 167,082 |
Post-modification recorded investment | $ 159 | $ 261 | $ 639 | $ 786 |
Average interest rate reduction | 18.00% | 17.00% | 17.00% | 13.00% |
TDR loans in payment default | $ 60 | $ 70 | $ 196 | $ 251 |
In North America offices | Personal, small business and other | ||||
Loans receivable | ||||
Number of loans modified | loan | 169 | 1,040 | 855 | 1,816 |
Post-modification recorded investment | $ 1 | $ 12 | $ 12 | $ 19 |
Average interest rate reduction | 4.00% | 6.00% | 3.00% | 4.00% |
TDR loans in payment default | $ 1 | $ 1 | $ 3 | $ 3 |
In offices outside North America | ||||
Loans receivable | ||||
Number of loans modified | loan | 23,869 | 38,495 | 82,079 | 99,202 |
Post-modification recorded investment | $ 142 | $ 249 | $ 503 | $ 603 |
TDR loans in payment default | $ 74 | $ 73 | $ 251 | $ 190 |
In offices outside North America | Residential first mortgages | ||||
Loans receivable | ||||
Number of loans modified | loan | 451 | 696 | 1,448 | 1,874 |
Post-modification recorded investment | $ 22 | $ 21 | $ 74 | $ 80 |
Average interest rate reduction | 0.00% | 1.00% | 0.00% | 4.00% |
TDR loans in payment default | $ 9 | $ 6 | $ 31 | $ 17 |
In offices outside North America | Credit cards | ||||
Loans receivable | ||||
Number of loans modified | loan | 16,082 | 25,147 | 58,978 | 65,738 |
Post-modification recorded investment | $ 71 | $ 122 | $ 267 | $ 289 |
Average interest rate reduction | 15.00% | 14.00% | 14.00% | 16.00% |
TDR loans in payment default | $ 36 | $ 47 | $ 133 | $ 118 |
In offices outside North America | Personal, small business and other | ||||
Loans receivable | ||||
Number of loans modified | loan | 7,336 | 12,652 | 21,653 | 31,590 |
Post-modification recorded investment | $ 49 | $ 106 | $ 162 | $ 234 |
Average interest rate reduction | 9.00% | 10.00% | 9.00% | 10.00% |
TDR loans in payment default | $ 29 | $ 20 | $ 87 | $ 55 |
Deferred principal | In North America offices | ||||
Loans receivable | ||||
Post-modification recorded investment | 0 | 0 | 0 | 0 |
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 | 0 | 0 | 0 |
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 | 4 | 4 | 15 | 13 |
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 | 2 | 2 | 10 | 7 |
Principal forgiveness | In offices outside North America | Personal, small business and other | ||||
Loans receivable | ||||
Post-modification recorded investment | $ 2 | $ 2 | $ 5 | $ 6 |
LOANS - Schedule of Purchased C
LOANS - Schedule of Purchased Credit Deteriorated Assets (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Sep. 30, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | |
Credit cards | |||
Financing Receivable, Purchased with Credit Deterioration, Amount at Purchase Price [Abstract] | |||
Purchase price | $ 0 | $ 0 | $ 0 |
Allowance for credit losses at acquisition date | 0 | 0 | 0 |
Discount or premium attributable to non-credit factors | 0 | 0 | 0 |
Par value (amortized cost basis) | 0 | 0 | 0 |
Mortgages | |||
Financing Receivable, Purchased with Credit Deterioration, Amount at Purchase Price [Abstract] | |||
Purchase price | 6 | 12 | 25 |
Allowance for credit losses at acquisition date | 0 | 0 | 0 |
Discount or premium attributable to non-credit factors | 0 | 0 | 0 |
Par value (amortized cost basis) | 6 | 12 | 25 |
Installment and other | |||
Financing Receivable, Purchased with Credit Deterioration, Amount at Purchase Price [Abstract] | |||
Purchase price | 0 | 0 | 0 |
Allowance for credit losses at acquisition date | 0 | 0 | 0 |
Discount or premium attributable to non-credit factors | 0 | 0 | 0 |
Par value (amortized cost basis) | $ 0 | $ 0 | $ 0 |
LOANS - Corporate Loans (Detail
LOANS - Corporate Loans (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
Loans | |||||
Total loans, net of unearned income | $ 664,764 | $ 664,764 | $ 675,883 | ||
Lease financing | |||||
Loans | |||||
Total loans, net of unearned income | 500 | 500 | 700 | ||
Corporate | |||||
Loans | |||||
Total loans, net of unearned income | 400,514 | 400,514 | 387,044 | ||
Unearned income | (831) | (831) | (844) | ||
Loans sold and/or reclassified to held-for-sale | 1,000 | $ 600 | 4,100 | $ 1,700 | |
Corporate | Commercial and industrial | |||||
Loans | |||||
Total loans, net of unearned income | 155,985 | 155,985 | 156,340 | ||
Corporate | Financial institutions | |||||
Loans | |||||
Total loans, net of unearned income | 95,820 | 95,820 | 87,689 | ||
Corporate | Mortgage and real estate | |||||
Loans | |||||
Total loans, net of unearned income | 74,261 | 74,261 | 72,038 | ||
Corporate | Lease financing | |||||
Loans | |||||
Total loans, net of unearned income | 472 | 472 | 738 | ||
Corporate | In North America offices | |||||
Loans | |||||
Total loans, net of unearned income | 210,245 | 210,245 | 201,632 | ||
Corporate | In North America offices | Commercial and industrial | |||||
Loans | |||||
Total loans, net of unearned income | 56,496 | 56,496 | 57,731 | ||
Corporate | In North America offices | Financial institutions | |||||
Loans | |||||
Total loans, net of unearned income | 62,818 | 62,818 | 55,809 | ||
Corporate | In North America offices | Mortgage and real estate | |||||
Loans | |||||
Total loans, net of unearned income | 63,584 | 63,584 | 60,675 | ||
Corporate | In North America offices | Installment and other | |||||
Loans | |||||
Total loans, net of unearned income | 26,922 | 26,922 | 26,744 | ||
Corporate | In North America offices | Lease financing | |||||
Loans | |||||
Total loans, net of unearned income | 425 | 425 | 673 | ||
Corporate | In offices outside North America | |||||
Loans | |||||
Total loans, net of unearned income | 190,269 | 190,269 | 185,412 | ||
Corporate | In offices outside North America | Commercial and industrial | |||||
Loans | |||||
Total loans, net of unearned income | 105,671 | 105,671 | 104,072 | ||
Corporate | In offices outside North America | Financial institutions | |||||
Loans | |||||
Total loans, net of unearned income | 33,501 | 33,501 | 32,334 | ||
Corporate | In offices outside North America | Mortgage and real estate | |||||
Loans | |||||
Total loans, net of unearned income | 10,685 | 10,685 | 11,371 | ||
Corporate | In offices outside North America | Installment and other | |||||
Loans | |||||
Total loans, net of unearned income | 36,054 | 36,054 | 33,759 | ||
Corporate | In offices outside North America | Lease financing | |||||
Loans | |||||
Total loans, net of unearned income | 47 | 47 | 65 | ||
Corporate | In offices outside North America | Government and official institutions | |||||
Loans | |||||
Total loans, net of unearned income | $ 4,311 | $ 4,311 | $ 3,811 |
LOANS - Corporate Loan Delinque
LOANS - Corporate Loan Delinquency (Details) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | $ 664,764 | $ 675,883 |
Loans held at fair value | 7,159 | 6,854 |
Lease financing | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 500 | 700 |
Corporate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Past due and accruing | 1,956 | 2,144 |
Total non-accrual | 2,400 | 3,527 |
Loans, net of unearned income | 400,514 | 387,044 |
Loans held at fair value | 7,146 | 6,840 |
Corporate | Commercial and industrial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Past due and accruing | 958 | 509 |
Total non-accrual | 1,751 | 2,795 |
Loans, net of unearned income | 155,985 | 156,340 |
Corporate | Financial institutions | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Past due and accruing | 572 | 733 |
Total non-accrual | 53 | 92 |
Loans, net of unearned income | 95,820 | 87,689 |
Corporate | Mortgage and real estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Past due and accruing | 203 | 697 |
Total non-accrual | 418 | 505 |
Loans, net of unearned income | 74,261 | 72,038 |
Corporate | Lease financing | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Past due and accruing | 0 | 74 |
Total non-accrual | 18 | 24 |
Loans, net of unearned income | 472 | 738 |
Corporate | Other | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Past due and accruing | 223 | 131 |
Total non-accrual | 160 | 111 |
Loans, net of unearned income | 66,830 | 63,399 |
Corporate | 30 to 89 Days Past Due | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Past due and accruing | 1,476 | 1,692 |
Corporate | 30 to 89 Days Past Due | Commercial and industrial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Past due and accruing | 721 | 400 |
Corporate | 30 to 89 Days Past Due | Financial institutions | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Past due and accruing | 398 | 668 |
Corporate | 30 to 89 Days Past Due | Mortgage and real estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Past due and accruing | 189 | 450 |
Corporate | 30 to 89 Days Past Due | Lease financing | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Past due and accruing | 0 | 62 |
Corporate | 30 to 89 Days Past Due | Other | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Past due and accruing | 168 | 112 |
Corporate | Equal to and greater than 90 days past due and accruing | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Past due and accruing | 480 | 452 |
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 | 237 | 109 |
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 | 174 | 65 |
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 | 14 | 247 |
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 | 0 | 12 |
Corporate | Equal to and greater than 90 days past due and accruing | Other | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Past due and accruing | 55 | 19 |
Corporate | Current | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 389,012 | 374,533 |
Corporate | Current | Commercial and industrial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 153,276 | 153,036 |
Corporate | Current | Financial institutions | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 95,195 | 86,864 |
Corporate | Current | Mortgage and real estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 73,640 | 70,836 |
Corporate | Current | Lease financing | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 454 | 640 |
Corporate | Current | Other | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | $ 66,447 | $ 63,157 |
LOANS - Corporate Loans Credit
LOANS - Corporate Loans Credit Quality Indicators (Details) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans, net of unearned income | $ 664,764 | $ 675,883 |
Loans at fair value | 7,159 | 6,854 |
Lease financing | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans, net of unearned income | 500 | 700 |
Corporate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans, net of unearned income | 400,514 | 387,044 |
Total non-accrual | 2,400 | 3,527 |
Loans at fair value | 7,146 | 6,840 |
Corporate | Commercial and industrial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans, net of unearned income | 155,985 | 156,340 |
Total non-accrual | 1,751 | 2,795 |
Corporate | Financial institutions | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans, net of unearned income | 95,820 | 87,689 |
Total non-accrual | 53 | 92 |
Corporate | Mortgage and real estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans, net of unearned income | 74,261 | 72,038 |
Total non-accrual | 418 | 505 |
Corporate | Lease financing | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans, net of unearned income | 472 | 738 |
Total non-accrual | 18 | 24 |
Corporate | Other | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans, net of unearned income | 66,830 | 63,399 |
Total non-accrual | 160 | 111 |
Corporate | Non-rated private bank loans managed on a delinquency basis | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 8,007 | 9,823 |
One year prior to current fiscal year | 9,233 | 7,121 |
Two years prior to current fiscal year | 6,277 | 3,533 |
Three years prior to current fiscal year | 3,074 | 3,674 |
Four years prior to current fiscal year | 3,087 | 4,300 |
Prior | 9,395 | 7,942 |
Revolving line of credit arrangements | 0 | 0 |
Total loans, net of unearned income | 39,073 | 36,393 |
Corporate | Corporate loans, net of unearned income | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 107,041 | 107,122 |
One year prior to current fiscal year | 35,029 | 36,513 |
Two years prior to current fiscal year | 27,207 | 29,628 |
Three years prior to current fiscal year | 21,526 | 17,059 |
Four years prior to current fiscal year | 12,754 | 11,340 |
Prior | 37,756 | 32,195 |
Revolving line of credit arrangements | 152,055 | 146,347 |
Total loans, net of unearned income | 400,514 | 387,044 |
Loans at fair value | 7,146 | 6,840 |
Corporate | Investment grade | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 73,234 | 66,625 |
One year prior to current fiscal year | 20,025 | 20,851 |
Two years prior to current fiscal year | 14,637 | 17,806 |
Three years prior to current fiscal year | 13,270 | 8,211 |
Four years prior to current fiscal year | 6,664 | 4,767 |
Prior | 22,028 | 17,709 |
Revolving line of credit arrangements | 124,105 | 115,311 |
Total loans, net of unearned income | 273,963 | 251,280 |
Corporate | Investment grade | Commercial and industrial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 44,949 | 38,398 |
One year prior to current fiscal year | 6,818 | 7,607 |
Two years prior to current fiscal year | 5,187 | 5,929 |
Three years prior to current fiscal year | 4,218 | 3,909 |
Four years prior to current fiscal year | 3,358 | 2,094 |
Prior | 9,826 | 8,670 |
Revolving line of credit arrangements | 29,013 | 25,819 |
Total loans, net of unearned income | 103,369 | 92,426 |
Corporate | Investment grade | Financial institutions | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 13,440 | 10,560 |
One year prior to current fiscal year | 3,115 | 2,964 |
Two years prior to current fiscal year | 1,650 | 2,106 |
Three years prior to current fiscal year | 1,147 | 782 |
Four years prior to current fiscal year | 631 | 681 |
Prior | 2,439 | 2,030 |
Revolving line of credit arrangements | 61,610 | 56,239 |
Total loans, net of unearned income | 84,032 | 75,362 |
Corporate | Investment grade | Mortgage and real estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 3,357 | 6,793 |
One year prior to current fiscal year | 5,754 | 6,714 |
Two years prior to current fiscal year | 5,970 | 5,174 |
Three years prior to current fiscal year | 3,759 | 2,568 |
Four years prior to current fiscal year | 2,122 | 1,212 |
Prior | 3,312 | 1,719 |
Revolving line of credit arrangements | 1,525 | 1,557 |
Total loans, net of unearned income | 25,799 | 25,737 |
Corporate | Investment grade | Other | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 11,488 | 10,874 |
One year prior to current fiscal year | 4,338 | 3,566 |
Two years prior to current fiscal year | 1,830 | 4,597 |
Three years prior to current fiscal year | 4,146 | 952 |
Four years prior to current fiscal year | 553 | 780 |
Prior | 6,451 | 5,290 |
Revolving line of credit arrangements | 31,957 | 31,696 |
Total loans, net of unearned income | 60,763 | 57,755 |
Corporate | Non-investment grade, accrual | Commercial and industrial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 15,208 | 19,683 |
One year prior to current fiscal year | 3,298 | 4,794 |
Two years prior to current fiscal year | 3,073 | 4,645 |
Three years prior to current fiscal year | 2,883 | 2,883 |
Four years prior to current fiscal year | 1,670 | 1,182 |
Prior | 4,009 | 4,533 |
Revolving line of credit arrangements | 20,724 | 23,400 |
Total loans, net of unearned income | 50,865 | 61,120 |
Corporate | Non-investment grade, accrual | Financial institutions | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 6,467 | 7,413 |
One year prior to current fiscal year | 535 | 700 |
Two years prior to current fiscal year | 507 | 654 |
Three years prior to current fiscal year | 193 | 274 |
Four years prior to current fiscal year | 91 | 141 |
Prior | 619 | 197 |
Revolving line of credit arrangements | 3,325 | 2,855 |
Total loans, net of unearned income | 11,737 | 12,234 |
Corporate | Non-investment grade, accrual | Mortgage and real estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 1,661 | 1,882 |
One year prior to current fiscal year | 1,339 | 1,919 |
Two years prior to current fiscal year | 2,009 | 2,058 |
Three years prior to current fiscal year | 1,469 | 1,457 |
Four years prior to current fiscal year | 857 | 697 |
Prior | 1,027 | 837 |
Revolving line of credit arrangements | 610 | 551 |
Total loans, net of unearned income | 8,972 | 9,401 |
Corporate | Non-investment grade, accrual | Other | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 2,416 | 1,407 |
One year prior to current fiscal year | 434 | 918 |
Two years prior to current fiscal year | 582 | 725 |
Three years prior to current fiscal year | 433 | 370 |
Four years prior to current fiscal year | 240 | 186 |
Prior | 460 | 657 |
Revolving line of credit arrangements | 1,797 | 1,986 |
Total loans, net of unearned income | 6,362 | 6,249 |
Corporate | Non-investment grade, non-accrual | Commercial and industrial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 11 | 260 |
One year prior to current fiscal year | 142 | 203 |
Two years prior to current fiscal year | 99 | 192 |
Three years prior to current fiscal year | 104 | 143 |
Four years prior to current fiscal year | 108 | 57 |
Prior | 167 | 223 |
Revolving line of credit arrangements | 1,120 | 1,717 |
Total non-accrual | 1,751 | 2,795 |
Corporate | Non-investment grade, non-accrual | Financial institutions | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 0 | 1 |
One year prior to current fiscal year | 0 | 0 |
Two years prior to current fiscal year | 0 | 0 |
Three years prior to current fiscal year | 0 | 0 |
Four years prior to current fiscal year | 0 | 0 |
Prior | 5 | 0 |
Revolving line of credit arrangements | 46 | 91 |
Total non-accrual | 51 | 92 |
Corporate | Non-investment grade, non-accrual | Mortgage and real estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 16 | 13 |
One year prior to current fiscal year | 12 | 4 |
Two years prior to current fiscal year | 4 | 3 |
Three years prior to current fiscal year | 81 | 18 |
Four years prior to current fiscal year | 11 | 8 |
Prior | 26 | 32 |
Revolving line of credit arrangements | 267 | 427 |
Total non-accrual | 417 | 505 |
Corporate | Non-investment grade, non-accrual | Other | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 21 | 15 |
One year prior to current fiscal year | 11 | 3 |
Two years prior to current fiscal year | 19 | 12 |
Three years prior to current fiscal year | 19 | 29 |
Four years prior to current fiscal year | 26 | 2 |
Prior | 20 | 65 |
Revolving line of credit arrangements | 61 | 9 |
Total non-accrual | 177 | 135 |
Corporate | Non-investment grade | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 25,800 | 30,674 |
One year prior to current fiscal year | 5,771 | 8,541 |
Two years prior to current fiscal year | 6,293 | 8,289 |
Three years prior to current fiscal year | 5,182 | 5,174 |
Four years prior to current fiscal year | 3,003 | 2,273 |
Prior | 6,333 | 6,544 |
Revolving line of credit arrangements | 27,950 | 31,036 |
Total loans, net of unearned income | $ 80,332 | $ 92,531 |
LOANS - Non-accrual Corporate L
LOANS - Non-accrual Corporate Loans (Details) - Corporate - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
Financing Receivable, Impaired [Line Items] | |||||
Recorded investment | $ 2,400 | $ 2,400 | $ 3,527 | ||
Unpaid principal balance | 3,389 | 3,389 | 4,907 | ||
Related specific allowance | 315 | 315 | 515 | ||
Average carrying value | 2,902 | 3,402 | |||
Interest income recognized | 8 | $ 5 | 39 | $ 24 | |
Recorded investment | 1,066 | 1,066 | 1,927 | ||
Recorded investment | 1,334 | 1,334 | 1,600 | ||
Commercial and industrial | |||||
Financing Receivable, Impaired [Line Items] | |||||
Recorded investment | 1,751 | 1,751 | 2,795 | ||
Unpaid principal balance | 2,331 | 2,331 | 3,664 | ||
Related specific allowance | 293 | 293 | 442 | ||
Average carrying value | 2,222 | 2,649 | |||
Interest income recognized | 6 | 31 | |||
Recorded investment | 801 | 801 | 1,523 | ||
Recorded investment | 950 | 950 | 1,272 | ||
Financial institutions | |||||
Financing Receivable, Impaired [Line Items] | |||||
Recorded investment | 53 | 53 | 92 | ||
Unpaid principal balance | 120 | 120 | 181 | ||
Related specific allowance | 4 | 4 | 17 | ||
Average carrying value | 55 | 132 | |||
Interest income recognized | 0 | 0 | |||
Recorded investment | 27 | 27 | 90 | ||
Recorded investment | 26 | 26 | 2 | ||
Mortgage and real estate | |||||
Financing Receivable, Impaired [Line Items] | |||||
Recorded investment | 418 | 418 | 505 | ||
Unpaid principal balance | 668 | 668 | 803 | ||
Related specific allowance | 16 | 16 | 38 | ||
Average carrying value | 469 | 413 | |||
Interest income recognized | 0 | 0 | |||
Recorded investment | 229 | 229 | 246 | ||
Recorded investment | 189 | 189 | 259 | ||
Lease financing | |||||
Financing Receivable, Impaired [Line Items] | |||||
Recorded investment | 18 | 18 | 24 | ||
Unpaid principal balance | 19 | 19 | 24 | ||
Related specific allowance | 0 | 0 | 0 | ||
Average carrying value | 23 | 34 | |||
Interest income recognized | 0 | 0 | |||
Recorded investment | 18 | 18 | 24 | ||
Other | |||||
Financing Receivable, Impaired [Line Items] | |||||
Recorded investment | 160 | 160 | 111 | ||
Unpaid principal balance | 251 | 251 | 235 | ||
Related specific allowance | 2 | 2 | 18 | ||
Average carrying value | 133 | 174 | |||
Interest income recognized | 2 | 8 | |||
Recorded investment | 9 | 9 | 68 | ||
Recorded investment | $ 151 | $ 151 | $ 43 |
LOANS - Corporate Troubled Debt
LOANS - Corporate Troubled Debt Restructurings (Details) - Corporate - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Financing receivable impaired | ||||
Carrying value of TDRs modified during the period | $ 7 | $ 61 | $ 87 | $ 221 |
Period within which default occurred post-modification | 1 year | |||
Number of days past due, default status | 60 days | |||
TDR balance | 368 | 510 | $ 368 | 510 |
TDR loans in payment default | 0 | 0 | 0 | 0 |
Commercial and industrial | ||||
Financing receivable impaired | ||||
Carrying value of TDRs modified during the period | 2 | 52 | 75 | 200 |
TDR balance | 252 | 390 | 252 | 390 |
TDR loans in payment default | 0 | 0 | 0 | 0 |
Mortgage and real estate | ||||
Financing receivable impaired | ||||
Carrying value of TDRs modified during the period | 1 | 8 | 7 | 16 |
TDR balance | 65 | 98 | 65 | 98 |
TDR loans in payment default | 0 | 0 | 0 | 0 |
Other | ||||
Financing receivable impaired | ||||
Carrying value of TDRs modified during the period | 4 | 1 | 5 | 5 |
TDR balance | 51 | 22 | 51 | 22 |
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 | 0 | 1 | $ 1 | 5 |
TDRs involving changes in the amount and/or timing of principal payments | Commercial and industrial | ||||
Financing receivable impaired | ||||
Carrying value of TDRs modified during the period | 0 | 0 | 0 | 0 |
TDRs involving changes in the amount and/or timing of principal payments | Mortgage and real estate | ||||
Financing receivable impaired | ||||
Carrying value of TDRs modified during the period | 0 | 0 | 0 | 0 |
TDRs involving changes in the amount and/or timing of principal payments | Other | ||||
Financing receivable impaired | ||||
Carrying value of TDRs modified during the period | 0 | 1 | 1 | 5 |
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 | 7 | 60 | 86 | 216 |
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 | 2 | 52 | 75 | 200 |
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 | 1 | 8 | 7 | 16 |
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 | $ 4 | $ 0 | $ 4 | $ 0 |
ALLOWANCE FOR CREDIT LOSSES - A
ALLOWANCE FOR CREDIT LOSSES - Allowance for Credit Losses Roll Forward (Details) - USD ($) $ in Millions | Jan. 01, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Sep. 30, 2021 | Sep. 30, 2020 |
Allowance for credit losses | |||||||
Allowance for credit losses on loans (ACLL) at beginning of period | $ 12,783 | $ 19,238 | $ 26,298 | $ 12,783 | $ 24,956 | $ 12,783 | |
Gross credit losses on loans | (1,389) | (2,367) | (5,441) | (7,374) | |||
Gross recoveries on loans | 428 | 448 | 1,412 | 1,235 | |||
Net credit losses on loans (NCLs) | (961) | (1,919) | (4,029) | (6,139) | |||
Net reserve builds (releases) | (1,010) | 164 | (6,262) | 9,453 | |||
Net specific reserve builds (releases) for loans | (139) | (152) | (560) | 706 | |||
Total provision for credit losses on loans (PCLL) | (188) | 1,931 | (2,793) | 16,298 | |||
Initial allowance for credit losses on newly purchased credit-deteriorated assets during the period | 0 | 0 | 0 | 4 | |||
Other, net | (374) | 116 | (419) | (278) | |||
ACLL at end of period | 17,715 | 26,426 | $ 26,298 | 17,715 | 26,426 | ||
Allowance for credit losses on unfunded commitments | |||||||
Allowance for credit losses on unfunded commitments (ACLUC) at beginning of period | 1,456 | 2,073 | 1,859 | 1,456 | 2,655 | 1,456 | |
Provision (release) for credit losses on unfunded lending commitments | (13) | 424 | (595) | 1,094 | |||
Other, net | 3 | 16 | 3 | (57) | |||
ACLUC at end of period | 2,063 | 2,299 | 1,859 | 2,063 | 2,299 | ||
Total allowance for credit losses on loans, leases and unfunded lending commitments | 19,778 | 28,725 | 19,778 | 28,725 | |||
Sales or transfers of various consumer loan portfolios to HFS | |||||||
Sales or transfers of various consumer loan portfolios to HFS | (278) | 0 | (278) | (4) | |||
FX translation | (93) | 116 | (139) | (279) | |||
Other | (3) | 0 | (2) | 5 | |||
Other, net | (374) | 116 | (419) | (278) | |||
Variable post-charge-off third-party collection costs | |||||||
Allowance for credit losses | |||||||
Allowance for credit losses on loans (ACLL) at beginning of period | (443) | 0 | 0 | (443) | 0 | (443) | |
Total provision for credit losses on loans (PCLL) | 122 | 339 | (18) | ||||
ACLL at end of period | (443) | 0 | |||||
Cumulative Effect, Period of Adoption, Adjustment | |||||||
Allowance for credit losses | |||||||
Allowance for credit losses on loans (ACLL) at beginning of period | 4,201 | 0 | 0 | 4,201 | 0 | 4,201 | |
Net reserve builds (releases) | 4,900 | ||||||
ACLL at end of period | 4,100 | 0 | |||||
Allowance for credit losses on unfunded commitments | |||||||
Allowance for credit losses on unfunded commitments (ACLUC) at beginning of period | (194) | 0 | 0 | (194) | 0 | (194) | |
ACLUC at end of period | 0 | ||||||
Cumulative Effect, Period of Adoption, Adjusted Balance | |||||||
Allowance for credit losses | |||||||
Allowance for credit losses on loans (ACLL) at beginning of period | $ 16,541 | $ 19,238 | $ 26,298 | $ 16,541 | $ 24,956 | $ 16,541 | |
ACLL at end of period | $ 26,298 |
ALLOWANCE FOR CREDIT LOSSES -_2
ALLOWANCE FOR CREDIT LOSSES - Allowance for Credit Losses Roll Forward by Segment (Details) - USD ($) $ in Millions | Jan. 01, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 |
Allowance for credit losses | ||||||
Allowance for credit losses on loans (ACLL) at beginning of period | $ 12,783 | $ 19,238 | $ 26,298 | $ 24,956 | $ 12,783 | |
Charge-offs | (1,389) | (2,367) | (5,441) | (7,374) | ||
Recoveries | 428 | 448 | 1,412 | 1,235 | ||
Replenishment of NCLs | 961 | 1,919 | 4,029 | 6,139 | ||
Net reserve builds (releases) | (1,010) | 164 | (6,262) | 9,453 | ||
Net specific reserve builds (releases) | (139) | (152) | (560) | 706 | ||
Initial allowance for credit losses on newly purchased credit-deteriorated assets during the period | 0 | 0 | 0 | 4 | ||
Other | (374) | 116 | (419) | (278) | ||
ACLL at end of period | 17,715 | 26,426 | 17,715 | 26,426 | ||
ACLL | ||||||
Collectively evaluated | 16,509 | 16,509 | $ 23,094 | |||
Individually evaluated | 1,206 | 1,206 | 1,860 | |||
Total ACLL | 17,715 | 26,426 | 17,715 | 26,426 | 24,956 | |
Loans, net of unearned income | ||||||
Collectively evaluated | 651,226 | 651,226 | 660,562 | |||
Individually evaluated | 6,252 | 6,252 | 8,326 | |||
Loans held at fair value | 7,159 | 7,159 | 6,854 | |||
Total loans, net of unearned income | 664,764 | 664,764 | 675,883 | |||
Variable post-charge-off third-party collection costs | ||||||
Allowance for credit losses | ||||||
Allowance for credit losses on loans (ACLL) at beginning of period | (443) | 0 | 0 | 0 | (443) | |
ACLL at end of period | (443) | |||||
ACLL | ||||||
Total ACLL | (443) | 0 | ||||
Purchased credit deteriorated | ||||||
ACLL | ||||||
Purchased credit deteriorated | 0 | 0 | 2 | |||
Loans, net of unearned income | ||||||
Purchased credit deteriorated | 127 | 127 | 141 | |||
Corporate | ||||||
Allowance for credit losses | ||||||
Allowance for credit losses on loans (ACLL) at beginning of period | 2,886 | 3,127 | 6,824 | 5,402 | 2,886 | |
Charge-offs | (49) | (351) | (403) | (837) | ||
Recoveries | 10 | 26 | 89 | 61 | ||
Replenishment of NCLs | 39 | 325 | 314 | 776 | ||
Net reserve builds (releases) | (44) | 267 | (2,137) | 4,418 | ||
Net specific reserve builds (releases) | (21) | (161) | (189) | 373 | ||
Initial allowance for credit losses on newly purchased credit-deteriorated assets during the period | 0 | 0 | 0 | 0 | ||
Other | (15) | 8 | (29) | (18) | ||
ACLL at end of period | 3,047 | 6,938 | 3,047 | 6,938 | ||
ACLL | ||||||
Collectively evaluated | 2,732 | 2,732 | 4,887 | |||
Individually evaluated | 315 | 315 | 515 | |||
Total ACLL | 3,047 | 6,938 | 3,047 | 6,938 | 5,402 | |
Loans, net of unearned income | ||||||
Collectively evaluated | 390,968 | 390,968 | 376,677 | |||
Individually evaluated | 2,400 | 2,400 | 3,527 | |||
Loans held at fair value | 7,146 | 7,146 | 6,840 | |||
Total loans, net of unearned income | 400,514 | 400,514 | 387,044 | |||
Corporate | Variable post-charge-off third-party collection costs | ||||||
Allowance for credit losses | ||||||
Allowance for credit losses on loans (ACLL) at beginning of period | 0 | 0 | 0 | |||
ACLL | ||||||
Total ACLL | 0 | |||||
Corporate | Purchased credit deteriorated | ||||||
ACLL | ||||||
Purchased credit deteriorated | 0 | 0 | 0 | |||
Loans, net of unearned income | ||||||
Purchased credit deteriorated | 0 | 0 | 0 | |||
Consumer | ||||||
Allowance for credit losses | ||||||
Allowance for credit losses on loans (ACLL) at beginning of period | 9,897 | 16,111 | 19,474 | 19,554 | 9,897 | |
Charge-offs | (1,340) | (2,016) | (5,038) | (6,537) | ||
Recoveries | 418 | 422 | 1,323 | 1,174 | ||
Replenishment of NCLs | 922 | 1,594 | 3,715 | 5,363 | ||
Net reserve builds (releases) | (966) | (103) | (4,125) | 5,035 | ||
Net specific reserve builds (releases) | (118) | 9 | (371) | 333 | ||
Initial allowance for credit losses on newly purchased credit-deteriorated assets during the period | 0 | 0 | 0 | 4 | ||
Other | (359) | 108 | (390) | (260) | ||
ACLL at end of period | 14,668 | 19,488 | 14,668 | 19,488 | ||
ACLL | ||||||
Collectively evaluated | 13,777 | 13,777 | 18,207 | |||
Individually evaluated | 891 | 891 | 1,345 | |||
Total ACLL | 14,668 | 19,488 | 14,668 | 19,488 | 19,554 | |
Loans, net of unearned income | ||||||
Collectively evaluated | 260,258 | 260,258 | 283,885 | |||
Individually evaluated | 3,852 | 3,852 | 4,799 | |||
Loans held at fair value | 13 | 13 | 14 | |||
Total loans, net of unearned income | 264,250 | 264,250 | 288,839 | |||
Consumer | Variable post-charge-off third-party collection costs | ||||||
Allowance for credit losses | ||||||
Allowance for credit losses on loans (ACLL) at beginning of period | (443) | 0 | (443) | |||
ACLL | ||||||
Total ACLL | 0 | |||||
Consumer | Purchased credit deteriorated | ||||||
ACLL | ||||||
Purchased credit deteriorated | 0 | 0 | 2 | |||
Loans, net of unearned income | ||||||
Purchased credit deteriorated | 127 | 127 | 141 | |||
Cumulative Effect, Period of Adoption, Adjustment | ||||||
Allowance for credit losses | ||||||
Allowance for credit losses on loans (ACLL) at beginning of period | 4,201 | $ 0 | $ 0 | 0 | 4,201 | |
Net reserve builds (releases) | 4,900 | |||||
ACLL at end of period | 4,100 | |||||
ACLL | ||||||
Total ACLL | 4,100 | 0 | ||||
Cumulative Effect, Period of Adoption, Adjustment | Corporate | ||||||
Allowance for credit losses | ||||||
Allowance for credit losses on loans (ACLL) at beginning of period | (721) | 0 | (721) | |||
ACLL | ||||||
Total ACLL | 0 | |||||
Cumulative Effect, Period of Adoption, Adjustment | Consumer | ||||||
Allowance for credit losses | ||||||
Allowance for credit losses on loans (ACLL) at beginning of period | $ 4,922 | $ 0 | $ 4,922 | |||
ACLL | ||||||
Total ACLL | $ 0 |
ALLOWANCE FOR CREDIT LOSSES - S
ALLOWANCE FOR CREDIT LOSSES - Schedule of Allowance for Credit Losses for HTM Debt Securities (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Debt Securities, Held-to-maturity, Allowance for Credit Loss [Roll Forward] | ||||
Allowance for credit losses on HTM debt securities at beginning of quarter | $ 83 | $ 107 | $ 86 | $ 0 |
Gross credit losses | 0 | 0 | 0 | 0 |
Gross recoveries | 0 | 0 | 3 | 0 |
Net credit losses (NCLs) | 0 | 0 | 3 | 0 |
Net reserve builds (releases) | (6) | (16) | (10) | 21 |
Net specific reserve builds (releases) | (4) | 0 | (4) | 0 |
Total provision for credit losses on HTM debt securities | (10) | (16) | (17) | 21 |
Other, net | 0 | 7 | 1 | 7 |
Initial allowance for credit losses on newly purchased credit-deteriorated securities during the period | 0 | 0 | 0 | 0 |
Allowance for credit losses on HTM debt securities at end of quarter | 73 | 98 | 73 | 98 |
Mortgage-backed securities | ||||
Debt Securities, Held-to-maturity, Allowance for Credit Loss [Roll Forward] | ||||
Allowance for credit losses on HTM debt securities at beginning of quarter | 5 | 0 | 3 | 0 |
Gross credit losses | 0 | 0 | 0 | 0 |
Gross recoveries | 0 | 0 | 3 | 0 |
Net credit losses (NCLs) | 0 | 0 | 3 | 0 |
Net reserve builds (releases) | 0 | 3 | 2 | 3 |
Net specific reserve builds (releases) | (4) | 0 | (4) | 0 |
Total provision for credit losses on HTM debt securities | (4) | 3 | (5) | 3 |
Other, net | 0 | 5 | 0 | 5 |
Initial allowance for credit losses on newly purchased credit-deteriorated securities during the period | 0 | 0 | 0 | 0 |
Allowance for credit losses on HTM debt securities at end of quarter | 1 | 8 | 1 | 8 |
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 quarter | 72 | 99 | 74 | 0 |
Gross credit losses | 0 | 0 | 0 | 0 |
Gross recoveries | 0 | 0 | 0 | 0 |
Net credit losses (NCLs) | 0 | 0 | 0 | 0 |
Net reserve builds (releases) | (5) | (19) | (7) | 16 |
Net specific reserve builds (releases) | 0 | 0 | 0 | 0 |
Total provision for credit losses on HTM debt securities | (5) | (19) | (7) | 16 |
Other, net | 0 | 0 | 0 | 3 |
Initial allowance for credit losses on newly purchased credit-deteriorated securities during the period | 0 | 0 | 0 | 0 |
Allowance for credit losses on HTM debt securities at end of quarter | 67 | 80 | 67 | 80 |
Foreign government | ||||
Debt Securities, Held-to-maturity, Allowance for Credit Loss [Roll Forward] | ||||
Allowance for credit losses on HTM debt securities at beginning of quarter | 5 | 6 | 6 | 0 |
Gross credit losses | 0 | 0 | 0 | 0 |
Gross recoveries | 0 | 0 | 0 | 0 |
Net credit losses (NCLs) | 0 | 0 | 0 | 0 |
Net reserve builds (releases) | (1) | (1) | (2) | 1 |
Net specific reserve builds (releases) | 0 | 0 | 0 | 0 |
Total provision for credit losses on HTM debt securities | (1) | (1) | (2) | 1 |
Other, net | 0 | 2 | 0 | 2 |
Initial allowance for credit losses on newly purchased credit-deteriorated securities during the period | 0 | 0 | 0 | 0 |
Allowance for credit losses on HTM debt securities at end of quarter | 4 | 7 | 4 | 7 |
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 quarter | 1 | 2 | 3 | 0 |
Gross credit losses | 0 | 0 | 0 | 0 |
Gross recoveries | 0 | 0 | 0 | 0 |
Net credit losses (NCLs) | 0 | 0 | 0 | 0 |
Net reserve builds (releases) | 0 | 1 | (3) | 1 |
Net specific reserve builds (releases) | 0 | 0 | 0 | 0 |
Total provision for credit losses on HTM debt securities | 0 | 1 | (3) | 1 |
Other, net | 0 | 0 | 1 | (3) |
Initial allowance for credit losses on newly purchased credit-deteriorated securities during the period | 0 | 0 | 0 | 0 |
Allowance for credit losses on HTM debt securities at end of quarter | $ 1 | 3 | $ 1 | 3 |
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 quarter | 0 | 70 | ||
Cumulative Effect, Period of Adoption, Adjustment | Mortgage-backed securities | ||||
Debt Securities, Held-to-maturity, Allowance for Credit Loss [Roll Forward] | ||||
Allowance for credit losses on HTM debt securities at beginning of quarter | 0 | 0 | ||
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 quarter | 0 | 61 | ||
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 quarter | 0 | 4 | ||
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 quarter | $ 0 | $ 5 |
ALLOWANCE FOR CREDIT LOSSES -_3
ALLOWANCE FOR CREDIT LOSSES - Schedule of Allowance for Credit Losses for Other Assets (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Financing Receivable, Other Assets, Allowance For Credit Loss [Roll Forward] | ||||
Allowance for credit losses at beginning of period | $ 60 | $ 102 | $ 55 | $ 0 |
Gross credit losses | 0 | 0 | 0 | 0 |
Gross recoveries | 0 | 0 | 0 | 0 |
Net credit losses (NCLs) | 0 | 0 | 0 | 0 |
Net reserve builds (releases) | (3) | (13) | 3 | 31 |
Total provision for credit losses | (3) | (13) | 3 | 31 |
Other, net | 1 | (10) | 0 | 22 |
Allowance for credit losses at end of period | 58 | 79 | 58 | 79 |
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 | 0 | 0 |
Gross credit losses | 0 | 0 | 0 | 0 |
Gross recoveries | 0 | 0 | 0 | 0 |
Net credit losses (NCLs) | 0 | 0 | 0 | 0 |
Net reserve builds (releases) | 0 | 0 | 0 | (6) |
Total provision for credit losses | 0 | 0 | 0 | (6) |
Other, net | 0 | 0 | 0 | 0 |
Allowance for credit losses at end of period | 0 | 0 | 0 | 0 |
Deposits with banks | ||||
Financing Receivable, Other Assets, Allowance For Credit Loss [Roll Forward] | ||||
Allowance for credit losses at beginning of period | 24 | 18 | 20 | 0 |
Gross credit losses | 0 | 0 | 0 | 0 |
Gross recoveries | 0 | 0 | 0 | |
Net credit losses (NCLs) | 0 | 0 | 0 | 0 |
Net reserve builds (releases) | 0 | 7 | 5 | 11 |
Total provision for credit losses | 0 | 7 | 5 | 11 |
Other, net | 0 | 0 | (1) | 0 |
Allowance for credit losses at end of period | 24 | 25 | 24 | 25 |
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 | 8 | 7 | 10 | 0 |
Gross credit losses | 0 | 0 | 0 | 0 |
Gross recoveries | 0 | 0 | 0 | 0 |
Net credit losses (NCLs) | 0 | 0 | 0 | 0 |
Net reserve builds (releases) | 1 | (3) | (1) | 2 |
Total provision for credit losses | 1 | (3) | (1) | 2 |
Other, net | 0 | 0 | 0 | 0 |
Allowance for credit losses at end of period | 9 | 4 | 9 | 4 |
Brokerage receivables | ||||
Financing Receivable, Other Assets, Allowance For Credit Loss [Roll Forward] | ||||
Allowance for credit losses at beginning of period | 0 | 0 | 0 | 0 |
Gross credit losses | 0 | 0 | 0 | 0 |
Gross recoveries | 0 | 0 | 0 | 0 |
Net credit losses (NCLs) | 0 | 0 | 0 | 0 |
Net reserve builds (releases) | 0 | 0 | 0 | (1) |
Total provision for credit losses | 0 | 0 | 0 | (1) |
Other, net | 0 | 0 | 0 | 0 |
Allowance for credit losses at end of period | 0 | 0 | 0 | 0 |
All other assets | ||||
Financing Receivable, Other Assets, Allowance For Credit Loss [Roll Forward] | ||||
Allowance for credit losses at beginning of period | 28 | 77 | 25 | 0 |
Gross credit losses | 0 | 0 | 0 | 0 |
Gross recoveries | 0 | 0 | 0 | 0 |
Net credit losses (NCLs) | 0 | 0 | 0 | 0 |
Net reserve builds (releases) | (4) | (17) | (1) | 25 |
Total provision for credit losses | (4) | (17) | (1) | 25 |
Other, net | 1 | (10) | 1 | 22 |
Allowance for credit losses at end of period | $ 25 | 50 | $ 25 | 50 |
Cumulative Effect, Period of Adoption, Adjustment | ||||
Financing Receivable, Other Assets, Allowance For Credit Loss [Roll Forward] | ||||
Allowance for credit losses at beginning of period | 0 | 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 | 0 | 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 | 0 | 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 | 0 | 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 | 0 | 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 | $ 0 | $ 3 |
GOODWILL AND INTANGIBLE ASSET_2
GOODWILL AND INTANGIBLE ASSETS - Changes in Goodwill (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | |
Goodwill | |||
Balance of goodwill at beginning of period | $ 22,060 | $ 21,905 | $ 22,162 |
Foreign currency translation | (260) | 155 | (257) |
Divestiture | (227) | ||
Balance of goodwill at end of period | 21,573 | 22,060 | 21,905 |
Global Consumer Banking | |||
Goodwill | |||
Balance of goodwill at beginning of period | 12,108 | 12,074 | 12,142 |
Foreign currency translation | (87) | 34 | (68) |
Divestiture | (227) | ||
Balance of goodwill at end of period | 11,794 | 12,108 | 12,074 |
Institutional Clients Group | |||
Goodwill | |||
Balance of goodwill at beginning of period | 9,952 | 9,831 | 10,020 |
Foreign currency translation | (173) | 121 | (189) |
Divestiture | 0 | ||
Balance of goodwill at end of period | $ 9,779 | $ 9,952 | $ 9,831 |
GOODWILL AND INTANGIBLE ASSET_3
GOODWILL AND INTANGIBLE ASSETS - Additional Information (Details) | Jul. 01, 2021 |
Minimum | |
Goodwill [Line Items] | |
Percentage fair value exceeds carrying value | 125.00% |
Maximum | |
Goodwill [Line Items] | |
Percentage fair value exceeds carrying value | 153.00% |
GOODWILL AND INTANGIBLE ASSET_4
GOODWILL AND INTANGIBLE ASSETS - Components of Intangible Assets (Details) - USD ($) $ in Millions | 9 Months Ended | 12 Months Ended |
Sep. 30, 2021 | Dec. 31, 2020 | |
Finite and Indefinite-lived Intangible Assets | ||
Gross carrying amount of Intangible assets (excluding MSRs) | $ 10,228 | $ 10,371 |
Accumulated amortization of Intangible assets (excluding MSRs) | 6,084 | 5,960 |
Net carrying amount of Intangible assets (excluding MSRs) | 4,144 | 4,411 |
Gross carrying amount, Mortgage servicing rights (MSRs) | 409 | 336 |
Mortgage servicing rights (MSRs) | 409 | 336 |
Gross carrying amount of Intangible assets | 10,637 | 10,707 |
Accumulated amortization of Intangible assets | 6,084 | 5,960 |
Total intangible assets | 4,553 | 4,747 |
Indefinite-lived intangible assets | ||
Finite and Indefinite-lived Intangible Assets | ||
Gross carrying amount of Intangible assets (excluding MSRs) | 183 | 190 |
Net carrying amount of Intangible assets (excluding MSRs) | 183 | 190 |
Purchased credit card relationships | ||
Finite and Indefinite-lived Intangible Assets | ||
Gross carrying amount of Intangible assets (excluding MSRs) | 5,579 | 5,648 |
Accumulated amortization of Intangible assets (excluding MSRs) | 4,306 | 4,229 |
Net carrying amount of Intangible assets (excluding MSRs) | 1,273 | 1,419 |
Credit card contract related intangibles | ||
Finite and Indefinite-lived Intangible Assets | ||
Gross carrying amount of Intangible assets (excluding MSRs) | 3,887 | 3,929 |
Accumulated amortization of Intangible assets (excluding MSRs) | 1,337 | 1,276 |
Net carrying amount of Intangible assets (excluding MSRs) | 2,550 | 2,653 |
Core deposit intangibles | ||
Finite and Indefinite-lived Intangible Assets | ||
Gross carrying amount of Intangible assets (excluding MSRs) | 39 | 45 |
Accumulated amortization of Intangible assets (excluding MSRs) | 39 | 44 |
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) | 433 | 455 |
Accumulated amortization of Intangible assets (excluding MSRs) | 307 | 314 |
Net carrying amount of Intangible assets (excluding MSRs) | 126 | 141 |
Present value of future profits | ||
Finite and Indefinite-lived Intangible Assets | ||
Gross carrying amount of Intangible assets (excluding MSRs) | 31 | 32 |
Accumulated amortization of Intangible assets (excluding MSRs) | 29 | 30 |
Net carrying amount of Intangible assets (excluding MSRs) | 2 | 2 |
Other | ||
Finite and Indefinite-lived Intangible Assets | ||
Gross carrying amount of Intangible assets (excluding MSRs) | 76 | 72 |
Accumulated amortization of Intangible assets (excluding MSRs) | 66 | 67 |
Net carrying amount of Intangible assets (excluding MSRs) | $ 10 | $ 5 |
Customer Concentration Risk | American Airlines, Costco, The Home Depot and AT&T | Intangible Assets, Excluding Mortgage Servicing Rights | Credit card contract related intangibles | ||
Finite and Indefinite-lived Intangible Assets | ||
Concentration risk, percentage | 97.00% | 96.00% |
GOODWILL AND INTANGIBLE ASSET_5
GOODWILL AND INTANGIBLE ASSETS - Changes in Intangible Assets (Details) - USD ($) $ in Millions | 9 Months Ended | 12 Months Ended |
Sep. 30, 2021 | Dec. 31, 2020 | |
Finite and Indefinite-lived Intangible Assets | ||
Beginning balance | $ 4,411 | |
Acquisitions/renewals/ divestitures | 24 | |
Amortization | (271) | |
Impairments | (1) | |
FX translation and other | (19) | |
Ending balance | 4,144 | $ 4,411 |
Mortgage servicing rights (MSRs) | 409 | 336 |
Total intangible assets | 4,553 | 4,747 |
Indefinite-lived intangible assets | ||
Finite and Indefinite-lived Intangible Assets | ||
Beginning balance | 190 | |
Acquisitions/renewals/ divestitures | 0 | |
Amortization | 0 | |
Impairments | 0 | |
FX translation and other | (7) | |
Ending balance | 183 | 190 |
Purchased credit card relationships | ||
Finite and Indefinite-lived Intangible Assets | ||
Beginning balance | 1,419 | |
Acquisitions/renewals/ divestitures | (15) | |
Amortization | (129) | |
Impairments | 0 | |
FX translation and other | (2) | |
Ending balance | 1,273 | 1,419 |
Credit card contract related intangibles | ||
Finite and Indefinite-lived Intangible Assets | ||
Beginning balance | 2,653 | |
Acquisitions/renewals/ divestitures | 4 | |
Amortization | (105) | |
Impairments | (1) | |
FX translation and other | (1) | |
Ending balance | 2,550 | 2,653 |
Core deposit intangibles | ||
Finite and Indefinite-lived Intangible Assets | ||
Beginning balance | 1 | |
Acquisitions/renewals/ 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 | 141 | |
Acquisitions/renewals/ divestitures | 12 | |
Amortization | (17) | |
Impairments | 0 | |
FX translation and other | (10) | |
Ending balance | 126 | 141 |
Present value of future profits | ||
Finite and Indefinite-lived Intangible Assets | ||
Beginning balance | 2 | |
Acquisitions/renewals/ divestitures | 0 | |
Amortization | 0 | |
Impairments | 0 | |
FX translation and other | 0 | |
Ending balance | 2 | 2 |
Other | ||
Finite and Indefinite-lived Intangible Assets | ||
Beginning balance | 5 | |
Acquisitions/renewals/ divestitures | 23 | |
Amortization | (19) | |
Impairments | 0 | |
FX translation and other | 1 | |
Ending balance | $ 10 | $ 5 |
American Airlines, Costco, The Home Depot and AT&T | Customer Concentration Risk | Intangible Assets, Excluding Mortgage Servicing Rights | Credit card contract related intangibles | ||
Finite and Indefinite-lived Intangible Assets | ||
Concentration risk, percentage | 97.00% | 96.00% |
DEBT - Short-Term Borrowings (D
DEBT - Short-Term Borrowings (Details) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Short-term Debt [Line Items] | ||
Commercial paper | $ 17,012 | $ 18,010 |
Other borrowings | 12,671 | 11,504 |
Total short-term borrowings | 29,683 | 29,514 |
Collateralized short-term advances from Federal Home Loan Bank | 1 | 4,000 |
Bank | ||
Short-term Debt [Line Items] | ||
Commercial paper | 10,017 | 10,022 |
Broker-dealer and other | ||
Short-term Debt [Line Items] | ||
Commercial paper | $ 6,995 | $ 7,988 |
DEBT - Long-Term Debt (Details)
DEBT - Long-Term Debt (Details) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Debt Instrument | ||
Long-term debt, at fair value | $ 258,274 | $ 271,686 |
Trust preferred securities | 1,700 | 1,700 |
Citigroup Inc. | ||
Debt Instrument | ||
Long-term debt, at fair value | 170,104 | 170,563 |
Bank | ||
Debt Instrument | ||
Long-term debt, at fair value | 24,715 | 44,742 |
Bank | Senior notes | ||
Debt Instrument | ||
Collateralized long-term advances from Federal Home Loan Bank | 5,800 | 10,900 |
Broker-dealer and other | ||
Debt Instrument | ||
Long-term debt, at fair value | $ 63,455 | $ 56,381 |
DEBT - Trust Preferred Securiti
DEBT - Trust Preferred Securities (Details) $ in Millions | Sep. 30, 2021USD ($)shares |
Trust Preferred Securities | |
Liquidation value | $ 2,575 |
Junior subordinated debentures owned by the Trust, amount | $ 2,581 |
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 | $ 135 |
Common shares issued to parent (in shares) | shares | 50 |
Junior subordinated debentures owned by the Trust, amount | $ 135 |
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 | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Change in accumulated other comprehensive income (loss) | ||||
Balance, beginning of period | $ 200,200 | |||
Balance, end of period | $ 201,610 | $ 194,595 | 201,610 | $ 194,595 |
Discontinued Operations, Held-for-sale | Australia Consumer Banking Business | ||||
Change in accumulated other comprehensive income (loss) | ||||
Loss on sale of business, foreign currency translation adjustments, after-tax | 475 | 475 | ||
Pretax loss on sale of business | 680 | 680 | ||
Loss on sale of business, after-tax | 580 | 580 | ||
Loss on sale of business, foreign currency translation adjustments | 625 | 625 | ||
Net unrealized gains (losses) on debt securities | ||||
Change in accumulated other comprehensive income (loss) | ||||
Balance, beginning of period | 1,061 | 3,700 | 3,320 | (265) |
Other comprehensive income before reclassifications | (204) | (72) | (2,101) | 4,735 |
Increase (decrease) due to amounts reclassified from AOCI | (75) | (210) | (437) | (1,052) |
Total other comprehensive income | (279) | (282) | (2,538) | 3,683 |
Balance, end of period | 782 | 3,418 | 782 | 3,418 |
Debt valuation adjustment (DVA) | ||||
Change in accumulated other comprehensive income (loss) | ||||
Balance, beginning of period | (1,523) | (36) | (1,419) | (944) |
Other comprehensive income before reclassifications | (138) | (313) | (295) | 599 |
Increase (decrease) due to amounts reclassified from AOCI | 56 | 6 | 109 | 2 |
Total other comprehensive income | (82) | (307) | (186) | 601 |
Balance, end of period | (1,605) | (343) | (1,605) | (343) |
Cash flow hedges | ||||
Change in accumulated other comprehensive income (loss) | ||||
Balance, beginning of period | 864 | 2,094 | 1,593 | 123 |
Other comprehensive income before reclassifications | 2 | (41) | (318) | 2,083 |
Increase (decrease) due to amounts reclassified from AOCI | (203) | (194) | (612) | (347) |
Total other comprehensive income | (201) | (235) | (930) | 1,736 |
Balance, end of period | 663 | 1,859 | 663 | 1,859 |
Benefit plans | ||||
Change in accumulated other comprehensive income (loss) | ||||
Balance, beginning of period | (6,063) | (7,172) | (6,864) | (6,809) |
Other comprehensive income before reclassifications | 84 | 189 | 773 | (287) |
Increase (decrease) due to amounts reclassified from AOCI | 51 | 57 | 163 | 170 |
Total other comprehensive income | 135 | 246 | 936 | (117) |
Balance, end of period | (5,928) | (6,926) | (5,928) | (6,926) |
Foreign currency translation adjustment (CTA), net of hedges | ||||
Change in accumulated other comprehensive income (loss) | ||||
Balance, beginning of period | (29,392) | (31,939) | (28,641) | (28,391) |
Other comprehensive income before reclassifications | (1,325) | 897 | (2,076) | (2,651) |
Increase (decrease) due to amounts reclassified from AOCI | 13 | 0 | 13 | 0 |
Total other comprehensive income | (1,312) | 897 | (2,063) | (2,651) |
Balance, end of period | (30,704) | (31,042) | (30,704) | (31,042) |
Excluded component of fair value hedges | ||||
Change in accumulated other comprehensive income (loss) | ||||
Balance, beginning of period | (67) | 8 | (47) | (32) |
Other comprehensive income before reclassifications | 7 | (39) | (14) | 1 |
Increase (decrease) due to amounts reclassified from AOCI | 1 | 0 | 2 | 0 |
Total other comprehensive income | 8 | (39) | (12) | 1 |
Balance, end of period | (59) | (31) | (59) | (31) |
Accumulated other comprehensive income (loss) | ||||
Change in accumulated other comprehensive income (loss) | ||||
Balance, beginning of period | (35,120) | (33,345) | (32,058) | (36,318) |
Other comprehensive income before reclassifications | (1,574) | 621 | (4,031) | 4,480 |
Increase (decrease) due to amounts reclassified from AOCI | (157) | (341) | (762) | (1,227) |
Total other comprehensive income | (1,731) | 280 | (4,793) | 3,253 |
Balance, end of period | $ (36,851) | $ (33,065) | $ (36,851) | $ (33,065) |
CHANGES IN ACCUMULATED OTHER _4
CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (AOCI) - Schedule of Pre-Tax and After-Tax (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Change in accumulated other comprehensive income (loss), after-tax | ||||
Balance, beginning of period | $ 200,200 | |||
Balance, end of period | $ 201,610 | $ 194,595 | 201,610 | $ 194,595 |
Change in net unrealized gains (losses) on debt securities | ||||
Change in accumulated other comprehensive income (loss), pretax | ||||
Other comprehensive income (loss), pretax | (374) | (393) | (3,439) | 4,905 |
Change in accumulated other comprehensive income (loss), tax effect | ||||
Other comprehensive income (loss), tax effect | 95 | 111 | 901 | (1,222) |
Change in accumulated other comprehensive income (loss), after-tax | ||||
Balance, beginning of period | 1,061 | 3,700 | 3,320 | (265) |
Total other comprehensive income | (279) | (282) | (2,538) | 3,683 |
Balance, end of period | 782 | 3,418 | 782 | 3,418 |
Debt valuation adjustment (DVA) | ||||
Change in accumulated other comprehensive income (loss), pretax | ||||
Other comprehensive income (loss), pretax | (107) | (452) | (256) | 801 |
Change in accumulated other comprehensive income (loss), tax effect | ||||
Other comprehensive income (loss), tax effect | 25 | 145 | 70 | (200) |
Change in accumulated other comprehensive income (loss), after-tax | ||||
Balance, beginning of period | (1,523) | (36) | (1,419) | (944) |
Total other comprehensive income | (82) | (307) | (186) | 601 |
Balance, end of period | (1,605) | (343) | (1,605) | (343) |
Hedges | ||||
Change in accumulated other comprehensive income (loss), after-tax | ||||
Balance, beginning of period | (67) | 8 | (47) | (32) |
Total other comprehensive income | 8 | (39) | (12) | 1 |
Balance, end of period | (59) | (31) | (59) | (31) |
Benefit plans | ||||
Change in accumulated other comprehensive income (loss), pretax | ||||
Other comprehensive income (loss), pretax | 175 | 344 | 1,166 | (166) |
Change in accumulated other comprehensive income (loss), tax effect | ||||
Other comprehensive income (loss), tax effect | (40) | (98) | (230) | 49 |
Change in accumulated other comprehensive income (loss), after-tax | ||||
Balance, beginning of period | (6,063) | (7,172) | (6,864) | (6,809) |
Total other comprehensive income | 135 | 246 | 936 | (117) |
Balance, end of period | (5,928) | (6,926) | (5,928) | (6,926) |
Foreign currency translation adjustment | ||||
Change in accumulated other comprehensive income (loss), pretax | ||||
Other comprehensive income (loss), pretax | (1,325) | 918 | (2,217) | (2,652) |
Change in accumulated other comprehensive income (loss), tax effect | ||||
Other comprehensive income (loss), tax effect | 13 | (21) | 154 | 1 |
Change in accumulated other comprehensive income (loss), after-tax | ||||
Balance, beginning of period | (29,392) | (31,939) | (28,641) | (28,391) |
Total other comprehensive income | (1,312) | 897 | (2,063) | (2,651) |
Balance, end of period | (30,704) | (31,042) | (30,704) | (31,042) |
Citigroup's accumulated other comprehensive income (loss) | ||||
Change in accumulated other comprehensive income (loss), pretax | ||||
Balance, beginning of period, pretax | (41,087) | (37,678) | (36,992) | (42,772) |
Other comprehensive income (loss), pretax | (1,884) | 59 | (5,979) | 5,153 |
Balance, end of period, pretax | (42,971) | (37,619) | (42,971) | (37,619) |
Change in accumulated other comprehensive income (loss), tax effect | ||||
Balance, beginning of period, tax effect | 5,967 | 4,333 | 4,934 | 6,454 |
Other comprehensive income (loss), tax effect | 153 | 221 | 1,186 | (1,900) |
Balance, end of period, tax effect | 6,120 | 4,554 | 6,120 | 4,554 |
Change in accumulated other comprehensive income (loss), after-tax | ||||
Balance, beginning of period | (35,120) | (33,345) | (32,058) | (36,318) |
Total other comprehensive income | (1,731) | 280 | (4,793) | 3,253 |
Balance, end of period | (36,851) | (33,065) | (36,851) | (33,065) |
Cash flow hedges | Hedges | ||||
Change in accumulated other comprehensive income (loss), pretax | ||||
Other comprehensive income (loss), pretax | (265) | (307) | (1,219) | 2,267 |
Change in accumulated other comprehensive income (loss), tax effect | ||||
Other comprehensive income (loss), tax effect | 64 | 72 | 289 | (531) |
Change in accumulated other comprehensive income (loss), after-tax | ||||
Total other comprehensive income | (201) | (235) | (930) | 1,736 |
Fair value hedges | Hedges | ||||
Change in accumulated other comprehensive income (loss), pretax | ||||
Other comprehensive income (loss), pretax | 12 | (51) | (14) | (2) |
Change in accumulated other comprehensive income (loss), tax effect | ||||
Other comprehensive income (loss), tax effect | (4) | 12 | 2 | 3 |
Change in accumulated other comprehensive income (loss), after-tax | ||||
Total other comprehensive income | $ 8 | $ (39) | $ (12) | $ 1 |
CHANGES IN ACCUMULATED OTHER _5
CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (AOCI) - Reclassification out of AOCI (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Pretax and after-tax amounts reclassified out of accumulated other comprehensive income (loss) | ||||
Realized (gains) losses on sales of investments | $ (117) | $ (304) | $ (655) | $ (1,484) |
Tax effect | 1,193 | 777 | 4,680 | 1,409 |
Income (loss) from continuing operations | (4,669) | (3,177) | (18,839) | (6,782) |
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 | (75) | (210) | (437) | (1,052) |
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 | (117) | (304) | (655) | (1,484) |
Gross impairment losses | 21 | 30 | 99 | 101 |
Income from continuing operations before income taxes | (96) | (274) | (556) | (1,383) |
Tax effect | 21 | 64 | 119 | 331 |
Income (loss) from continuing operations | (75) | (210) | (437) | (1,052) |
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 | 56 | 6 | 109 | 2 |
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 | 72 | 8 | 141 | 3 |
Tax effect | (16) | (2) | (32) | (1) |
Income (loss) from continuing operations | 56 | 6 | 109 | 2 |
Cash flow hedges | ||||
Pretax and after-tax amounts reclassified out of accumulated other comprehensive income (loss) | ||||
Total amounts reclassified out of AOCI, after-tax | (203) | (194) | (612) | (347) |
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 | (268) | (255) | (806) | (456) |
Tax effect | 65 | 61 | 194 | 109 |
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 | (269) | (256) | (809) | (459) |
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 | 1 | 3 | 3 |
Benefit plan adjustments | ||||
Pretax and after-tax amounts reclassified out of accumulated other comprehensive income (loss) | ||||
Total amounts reclassified out of AOCI, pretax | 70 | 76 | 220 | 227 |
Total tax effect | (19) | (19) | (57) | (57) |
Total amounts reclassified out of AOCI, after-tax | 51 | 57 | 163 | 170 |
Prior service cost (benefit) | ||||
Pretax and after-tax amounts reclassified out of accumulated other comprehensive income (loss) | ||||
Total amounts reclassified out of AOCI, pretax | (5) | (4) | (17) | (10) |
Net actuarial loss | ||||
Pretax and after-tax amounts reclassified out of accumulated other comprehensive income (loss) | ||||
Total amounts reclassified out of AOCI, pretax | 74 | 85 | 232 | 239 |
Curtailment/settlement impact | ||||
Pretax and after-tax amounts reclassified out of accumulated other comprehensive income (loss) | ||||
Total amounts reclassified out of AOCI, pretax | 1 | (5) | 5 | (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 | 1 | 0 | 2 | 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 | 1 | 0 | 2 | 0 |
Tax effect | 0 | 0 | 0 | 0 |
Total amounts reclassified out of AOCI, after-tax | 1 | 0 | 2 | 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 | 13 | 0 | 13 | 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 | 20 | 0 | 20 | 0 |
Tax effect | (7) | 0 | (7) | 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 | (201) | (445) | (979) | (1,609) |
Total tax effect | 44 | 104 | 217 | 382 |
Total amounts reclassified out of AOCI, after-tax | $ (157) | $ (341) | $ (762) | $ (1,227) |
SECURITIZATIONS AND VARIABLE _3
SECURITIZATIONS AND VARIABLE INTEREST ENTITIES - Schedule of Variable Interest Entities (Details) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Variable Interest Entity | ||
Total involvement with SPE assets | $ 531,837 | $ 485,411 |
Consolidated VIE/SPE assets | 55,970 | 60,056 |
Significant unconsolidated VIE assets | 475,867 | 425,355 |
Funded Exposure | ||
Maximum exposure to loss in significant unconsolidated VIEs, debt investments | 38,920 | 36,581 |
Maximum exposure to loss in significant unconsolidated VIEs, equity investments | 4,989 | 5,643 |
Unfunded Exposure | ||
Maximum exposure to loss in significant unconsolidated VIEs, funding commitments | 16,109 | 13,783 |
Maximum exposure to loss in significant unconsolidated VIEs, guarantees and derivatives | 258 | 118 |
Funded and Unfunded Exposure | ||
Maximum exposure to loss in significant unconsolidated VIEs | 60,276 | 56,125 |
Private equity | ||
Variable Interest Entity | ||
Significant unconsolidated VIE assets | 115,000 | 78,000 |
Funded and Unfunded Exposure | ||
Maximum exposure to loss in significant unconsolidated VIEs | 507 | 425 |
Venture capital investments | ||
Funded and Unfunded Exposure | ||
Maximum exposure to loss in significant unconsolidated VIEs | 56,600 | 57,000 |
Credit card securitizations | ||
Variable Interest Entity | ||
Total involvement with SPE assets | 30,343 | 32,420 |
Consolidated VIE/SPE assets | 30,343 | 32,420 |
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 securitizations - U.S. agency-sponsored | ||
Variable Interest Entity | ||
Total involvement with SPE assets | 114,519 | 123,999 |
Consolidated VIE/SPE assets | 0 | 0 |
Significant unconsolidated VIE assets | 114,519 | 123,999 |
Funded Exposure | ||
Maximum exposure to loss in significant unconsolidated VIEs, debt investments | 1,537 | 1,948 |
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 | 47 | 61 |
Funded and Unfunded Exposure | ||
Maximum exposure to loss in significant unconsolidated VIEs | 1,584 | 2,009 |
Mortgage securitizations - Non-agency-sponsored | ||
Variable Interest Entity | ||
Total involvement with SPE assets | 59,584 | 46,132 |
Consolidated VIE/SPE assets | 677 | 939 |
Significant unconsolidated VIE assets | 58,907 | 45,193 |
Funded Exposure | ||
Maximum exposure to loss in significant unconsolidated VIEs, debt investments | 2,327 | 2,550 |
Maximum exposure to loss in significant unconsolidated VIEs, equity investments | 0 | 0 |
Unfunded Exposure | ||
Maximum exposure to loss in significant unconsolidated VIEs, funding commitments | 1 | 2 |
Maximum exposure to loss in significant unconsolidated VIEs, guarantees and derivatives | 0 | 1 |
Funded and Unfunded Exposure | ||
Maximum exposure to loss in significant unconsolidated VIEs | 2,328 | 2,553 |
Citi-administered asset-backed commercial paper conduits | ||
Variable Interest Entity | ||
Total involvement with SPE assets | 12,460 | 16,730 |
Consolidated VIE/SPE assets | 12,460 | 16,730 |
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 | 10,094 | 18,332 |
Consolidated VIE/SPE assets | 0 | 0 |
Significant unconsolidated VIE assets | 10,094 | 18,332 |
Funded Exposure | ||
Maximum exposure to loss in significant unconsolidated VIEs, debt investments | 3,254 | 4,273 |
Maximum exposure to loss in significant unconsolidated VIEs, equity investments | 0 | 0 |
Unfunded Exposure | ||
Maximum exposure to loss in significant unconsolidated VIEs, funding commitments | 0 | 0 |
Maximum exposure to loss in significant unconsolidated VIEs, guarantees and derivatives | 0 | 0 |
Funded and Unfunded Exposure | ||
Maximum exposure to loss in significant unconsolidated VIEs | 3,254 | 4,273 |
Asset-based financing | ||
Variable Interest Entity | ||
Total involvement with SPE assets | 279,044 | 222,274 |
Consolidated VIE/SPE assets | 11,106 | 8,069 |
Significant unconsolidated VIE assets | 267,938 | 214,205 |
Funded Exposure | ||
Maximum exposure to loss in significant unconsolidated VIEs, debt investments | 29,033 | 25,153 |
Maximum exposure to loss in significant unconsolidated VIEs, equity investments | 1,283 | 1,587 |
Unfunded Exposure | ||
Maximum exposure to loss in significant unconsolidated VIEs, funding commitments | 11,008 | 9,114 |
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 | 41,324 | 35,854 |
Municipal securities tender option bond trusts (TOBs) | ||
Variable Interest Entity | ||
Total involvement with SPE assets | 3,320 | 3,349 |
Consolidated VIE/SPE assets | 909 | 835 |
Significant unconsolidated VIE assets | 2,411 | 2,514 |
Funded Exposure | ||
Maximum exposure to loss in significant unconsolidated VIEs, debt investments | 16 | 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 | 1,529 | 1,611 |
Maximum exposure to loss in significant unconsolidated VIEs, guarantees and derivatives | 0 | 0 |
Funded and Unfunded Exposure | ||
Maximum exposure to loss in significant unconsolidated VIEs | 1,545 | 1,611 |
Municipal investments | ||
Variable Interest Entity | ||
Total involvement with SPE assets | 21,078 | 20,335 |
Consolidated VIE/SPE assets | 3 | 0 |
Significant unconsolidated VIE assets | 21,075 | 20,335 |
Funded Exposure | ||
Maximum exposure to loss in significant unconsolidated VIEs, debt investments | 2,677 | 2,569 |
Maximum exposure to loss in significant unconsolidated VIEs, equity investments | 3,706 | 4,056 |
Unfunded Exposure | ||
Maximum exposure to loss in significant unconsolidated VIEs, funding commitments | 3,558 | 3,041 |
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 | 9,941 | 9,666 |
Client intermediation | ||
Variable Interest Entity | ||
Total involvement with SPE assets | 872 | 1,352 |
Consolidated VIE/SPE assets | 280 | 910 |
Significant unconsolidated VIE assets | 592 | 442 |
Funded Exposure | ||
Maximum exposure to loss in significant unconsolidated VIEs, debt investments | 75 | 88 |
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 | 206 | 56 |
Funded and Unfunded Exposure | ||
Maximum exposure to loss in significant unconsolidated VIEs | 281 | 144 |
Investment funds | ||
Variable Interest Entity | ||
Total involvement with SPE assets | 523 | 488 |
Consolidated VIE/SPE assets | 192 | 153 |
Significant unconsolidated VIE assets | 331 | 335 |
Funded Exposure | ||
Maximum exposure to loss in significant unconsolidated VIEs, debt investments | 1 | 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 | 13 | 15 |
Maximum exposure to loss in significant unconsolidated VIEs, guarantees and derivatives | 5 | 0 |
Funded and Unfunded Exposure | ||
Maximum exposure to loss in significant unconsolidated VIEs | 19 | 15 |
Other | ||
Variable Interest Entity | ||
Total involvement with SPE assets | 0 | 0 |
Consolidated VIE/SPE assets | 0 | 0 |
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 | ||
Funded and Unfunded Exposure | ||
Outstanding balance of mortgage loans securitized | $ 4,700 | $ 5,200 |
SECURITIZATIONS AND VARIABLE _4
SECURITIZATIONS AND VARIABLE INTEREST ENTITIES - Funding Commitments (Details) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Funding Commitments for Significant Unconsolidated VIEs | ||
Notional amount | $ 16,109 | $ 13,783 |
Liquidity facilities | ||
Funding Commitments for Significant Unconsolidated VIEs | ||
Notional amount | 1,529 | 1,611 |
Liquidity facilities | Non-agency-sponsored mortgage securitizations | ||
Funding Commitments for Significant Unconsolidated VIEs | ||
Notional amount | 0 | 0 |
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 | 1,529 | 1,611 |
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 | 14,580 | 12,172 |
Loan / equity commitments | Non-agency-sponsored mortgage securitizations | ||
Funding Commitments for Significant Unconsolidated VIEs | ||
Notional amount | 1 | 2 |
Loan / equity commitments | Asset-based financing | ||
Funding Commitments for Significant Unconsolidated VIEs | ||
Notional amount | 11,008 | 9,114 |
Loan / equity commitments | Municipal securities tender option bond trusts (TOBs) | ||
Funding Commitments for Significant Unconsolidated VIEs | ||
Notional amount | 0 | 0 |
Loan / equity commitments | Municipal investments | ||
Funding Commitments for Significant Unconsolidated VIEs | ||
Notional amount | 3,558 | 3,041 |
Loan / equity commitments | Investment funds | ||
Funding Commitments for Significant Unconsolidated VIEs | ||
Notional amount | 13 | 15 |
Loan / equity commitments | Other | ||
Funding Commitments for Significant Unconsolidated VIEs | ||
Notional amount | $ 0 | $ 0 |
SECURITIZATIONS AND VARIABLE _5
SECURITIZATIONS AND VARIABLE INTEREST ENTITIES - Carrying Amounts and Classifications of Consolidated Assets (Details) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 | Sep. 30, 2020 |
Variable Interest Entity | |||
Cash | $ 28,906 | $ 26,349 | $ 25,308 |
Trading account assets | 342,914 | 375,079 | |
Investments | 500,849 | 447,359 | |
Total loans, net of allowance | 647,049 | 650,927 | |
Increase in other assets | 123,947 | 110,683 | |
Total assets | 2,361,876 | 2,260,090 | |
Unconsolidated VIEs | |||
Variable Interest Entity | |||
Cash | 0 | 0 | |
Trading account assets | 1,400 | 2,000 | |
Investments | 9,300 | 10,600 | |
Total loans, net of allowance | 32,300 | 29,300 | |
Increase in other assets | 900 | 300 | |
Total assets | $ 43,900 | $ 42,200 |
SECURITIZATIONS AND VARIABLE _6
SECURITIZATIONS AND VARIABLE INTEREST ENTITIES - Credit Card Securitizations (Details) $ in Billions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2021USD ($) | Sep. 30, 2020USD ($) | Sep. 30, 2021USD ($)trust | Sep. 30, 2020USD ($) | Dec. 31, 2020USD ($) | |
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 | $ 11 | $ 11 | $ 15.7 | ||
Retained by Citigroup as trust-issued securities | 7.2 | 7.2 | 7.9 | ||
Retained by Citigroup via non-certificated interests | 13.9 | 13.9 | 11.1 | ||
Total ownership interests in principal amount of trust credit card receivables | 32.1 | 32.1 | $ 34.7 | ||
Credit card securitizations | |||||
Cash Flows Between Transferor and Transferee | |||||
Proceeds from new securitizations | 0 | $ 0 | 0 | $ 0 | |
Pay down of maturing notes | $ 0 | $ (1.1) | $ (4.7) | $ (4.3) |
SECURITIZATIONS AND VARIABLE _7
SECURITIZATIONS AND VARIABLE INTEREST ENTITIES - Funding, Liquidity Facilities and Subordinated Interests (Details) - USD ($) $ in Billions | 9 Months Ended | 12 Months Ended |
Sep. 30, 2021 | Dec. 31, 2020 | |
Citibank Credit Card Master Trust (Master Trust) | ||
Funding, Liquidity Facilities and Subordinated Interests | ||
Weighted average maturity of term notes | 3 years 3 months 18 days | 2 years 10 months 24 days |
Term notes issued to third parties | $ 9.7 | $ 13.9 |
Term notes retained by Citigroup affiliates | 2.2 | 2.7 |
Total Trust liabilities | $ 11.9 | $ 16.6 |
Citibank OMNI Master Trust (Omni Trust) | ||
Funding, Liquidity Facilities and Subordinated Interests | ||
Weighted average maturity of term notes | 1 year 10 months 24 days | 1 year 1 month 6 days |
Term notes issued to third parties | $ 1.3 | $ 1.8 |
Term notes retained by Citigroup affiliates | 5 | 5.2 |
Total Trust liabilities | $ 6.3 | $ 7 |
SECURITIZATIONS AND VARIABLE _8
SECURITIZATIONS AND VARIABLE INTEREST ENTITIES - Mortgage Securitizations (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
Mortgage securitizations - U.S. agency sponsored | |||||
Cash Flows Between Transferor and Transferee | |||||
Principal securitized | $ 500 | $ 2,700 | $ 5,400 | $ 7,200 | |
Proceeds from new securitizations | 500 | 2,900 | 5,600 | 7,600 | |
Contractual servicing fees received | 100 | 100 | |||
Purchases of previously transferred financial assets | 0 | 200 | 100 | 300 | |
Gains recognized on the securitization | 2 | $ 83 | 3 | $ 87 | |
Carrying value of retained interests | $ 379 | $ 379 | $ 315 | ||
Key assumptions used in measuring fair value of retained interests at date of sale or securitization of mortgage receivables | |||||
Weighted average life (in years) | 7 years 4 months 24 days | 4 years 2 months 12 days | 7 years 7 months 6 days | 4 years 6 months | |
Key assumptions used in measuring fair value related to transferor's continuing involvement | |||||
Weighted average life (in years) | 5 years 8 months 12 days | 4 years 6 months | |||
Sensitivity analysis of fair value of interests continued to be held by transferor | |||||
Carrying value of retained interests, impact of 10% adverse change in discount rate | $ (9) | $ (9) | $ (8) | ||
Carrying value of retained interests, impact of 20% adverse change in discount rate | (18) | (18) | (15) | ||
Carrying value of retained interests, impact of 10% adverse change in constant prepayment rate | (18) | (18) | (21) | ||
Carrying value of retained interests, impact of 20% adverse change in constant prepayment rate | $ (35) | $ (35) | $ (40) | ||
Mortgage securitizations - U.S. agency sponsored | Weighted Average | |||||
Key assumptions used in measuring fair value of retained interests at date of sale or securitization of mortgage receivables | |||||
Weighted average discount rate (as a percent) | 8.60% | 3.50% | 8.80% | 5.20% | |
Weighted average constant prepayment rate (as a percent) | 5.90% | 29.70% | 5.30% | 27.90% | |
Key assumptions used in measuring fair value related to transferor's continuing involvement | |||||
Weighted average discount rate (as a percent) | 6.40% | 5.90% | |||
Weighted average constant prepayment rate (as a percent) | 11.30% | 22.70% | |||
Mortgage securitizations - Non-agency-sponsored | |||||
Cash Flows Between Transferor and Transferee | |||||
Principal securitized | $ 1,700 | $ 2,900 | $ 19,800 | $ 5,400 | |
Proceeds from new securitizations | 1,900 | 4,500 | 19,700 | 7,900 | |
Contractual servicing fees received | 0 | 0 | |||
Purchases of previously transferred financial assets | 0 | 0 | 0 | 0 | |
Gains recognized on the securitization | 121 | $ 51 | 423 | $ 116 | |
Senior interests | |||||
Cash Flows Between Transferor and Transferee | |||||
Carrying value of retained interests | $ 1,777 | $ 1,777 | $ 1,210 | ||
Key assumptions used in measuring fair value of retained interests at date of sale or securitization of mortgage receivables | |||||
Weighted average life (in years) | 3 years 2 months 12 days | 3 years 10 months 24 days | 3 years 4 months 24 days | 4 years 2 months 12 days | |
Key assumptions used in measuring fair value related to transferor's continuing involvement | |||||
Weighted average life (in years) | 12 years 7 months 6 days | 5 years 3 months 18 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 | $ 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) | 2.20% | 1.80% | 2.20% | 1.80% | |
Weighted average constant prepayment rate (as a percent) | 4.30% | 2.50% | 6.30% | 1.80% | |
Weighted average anticipated net credit losses (as a percent) | 0.80% | 0.20% | 1.40% | 0.70% | |
Key assumptions used in measuring fair value related to transferor's continuing involvement | |||||
Weighted average discount rate (as a percent) | 13.00% | 7.20% | |||
Weighted average constant prepayment rate (as a percent) | 6.00% | 5.30% | |||
Weighted average anticipated net credit losses (as a percent) | 1.20% | ||||
Subordinated interests | |||||
Cash Flows Between Transferor and Transferee | |||||
Carrying value of retained interests | $ 500 | $ 500 | $ 145 | ||
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 10 months 24 days | 5 years 4 months 24 days | 2 years 3 months 18 days | ||
Key assumptions used in measuring fair value related to transferor's continuing involvement | |||||
Weighted average life (in years) | 18 years 2 months 12 days | 4 years 8 months 12 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) | 2.40% | 2.80% | 3.00% | ||
Weighted average constant prepayment rate (as a percent) | 13.30% | 10.60% | 25.00% | ||
Weighted average anticipated net credit losses (as a percent) | 0.20% | 1.00% | 0.50% | ||
Key assumptions used in measuring fair value related to transferor's continuing involvement | |||||
Weighted average discount rate (as a percent) | 3.00% | 4.30% | |||
Weighted average constant prepayment rate (as a percent) | 7.00% | 4.70% | |||
Weighted average anticipated net credit losses (as a percent) | 1.50% | 1.40% | |||
Personal loan | |||||
Cash Flows Between Transferor and Transferee | |||||
Carrying value of retained interests | $ 82 | $ 82 |
SECURITIZATIONS AND VARIABLE _9
SECURITIZATIONS AND VARIABLE INTEREST ENTITIES - Loan Delinquencies and Liquidation Losses (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
Residential mortgages | |||||
Variable Interest Entity | |||||
Securitized assets | $ 28,500 | $ 28,500 | $ 16,900 | ||
Liquidation losses | 2 | $ 5 | 8 | $ 23 | |
Commercial and other | |||||
Variable Interest Entity | |||||
Securitized assets | 25,600 | 25,600 | 23,900 | ||
Liquidation losses | 0 | 0 | 0 | 0 | |
Mortgage securitizations - Non-agency-sponsored | |||||
Variable Interest Entity | |||||
Securitized assets | 54,100 | 54,100 | 40,800 | ||
Liquidation losses | 2 | $ 5 | 8 | $ 23 | |
Personal loan | |||||
Variable Interest Entity | |||||
Securitized assets | 200 | 200 | |||
90 days or more past due | Residential mortgages | |||||
Variable Interest Entity | |||||
Securitized assets | 300 | 300 | 500 | ||
90 days or more past due | Commercial and other | |||||
Variable Interest Entity | |||||
Securitized assets | 0 | 0 | 0 | ||
90 days or more past due | Mortgage securitizations - Non-agency-sponsored | |||||
Variable Interest Entity | |||||
Securitized assets | $ 300 | $ 300 | $ 500 |
SECURITIZATIONS AND VARIABLE_10
SECURITIZATIONS AND VARIABLE INTEREST ENTITIES - Mortgage Servicing Rights (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
Mortgage servicing rights | |||||
Classification of Securitizations | |||||
Fair value of capitalized mortgage servicing rights | $ 409,000,000 | $ 334,000,000 | $ 409,000,000 | $ 334,000,000 | |
Principal amount of loans and other financial instruments | 48,000,000,000 | 56,000,000,000 | 48,000,000,000 | 56,000,000,000 | |
Capitalized MSRs | |||||
Balance, at beginning of period | 419,000,000 | 345,000,000 | 336,000,000 | 495,000,000 | |
Originations | 8,000,000 | 31,000,000 | 76,000,000 | 87,000,000 | |
Changes in fair value of MSRs due to changes in inputs and assumptions | (3,000,000) | (22,000,000) | 49,000,000 | (191,000,000) | |
Other changes | (15,000,000) | (20,000,000) | (52,000,000) | (57,000,000) | |
Sale of MSRs | 0 | 0 | 0 | 0 | |
Balance, as of September 30 | 409,000,000 | 334,000,000 | 409,000,000 | 334,000,000 | |
MSR fees | |||||
Servicing fees | 32,000,000 | 29,000,000 | 100,000,000 | 102,000,000 | |
Late fees | 1,000,000 | 1,000,000 | 2,000,000 | 4,000,000 | |
Ancillary fees | 0 | 0 | 0 | 0 | |
Total MSR fees | 33,000,000 | 30,000,000 | 102,000,000 | 106,000,000 | |
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 securitizations - U.S. agency-sponsored | |||||
Re-securitizations | |||||
Fair value of re-securitizations deals in which the entity holds a retained interest | 1,200,000,000 | 1,200,000,000 | 1,600,000,000 | ||
Securities transferred to re-securitization entities | 12,600,000,000 | $ 11,500,000,000 | 37,100,000,000 | $ 31,800,000,000 | |
Market value of retained interest related to re-securitization transaction | 526,000,000 | 526,000,000 | 916,000,000 | ||
Original fair value of re-securitizations deals in which the entity holds a retained interest | $ 78,000,000,000 | $ 78,000,000,000 | $ 83,600,000,000 |
SECURITIZATIONS AND VARIABLE_11
SECURITIZATIONS AND VARIABLE INTEREST ENTITIES - Asset-Backed Commercial Paper Conduits (Details) - USD ($) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2021 | Dec. 31, 2020 | |
Classification of Other Securitization Details | ||
Commercial paper | $ 17,012,000,000 | $ 18,010,000,000 |
Citi-administered asset-backed commercial paper conduits | ||
Classification of Other Securitization Details | ||
Purchased assets outstanding under conduits | 12,500,000,000 | 16,700,000,000 |
Incremental funding commitments with clients | $ 20,500,000,000 | $ 17,100,000,000 |
Weighted average life of commercial paper issued by conduits | 65 days | 54 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 | $ 1,100,000,000 | $ 1,500,000,000 |
Commercial paper | $ 2,500,000,000 | $ 6,600,000,000 |
SECURITIZATIONS AND VARIABLE_12
SECURITIZATIONS AND VARIABLE INTEREST ENTITIES - Collateralized Loan Obligations (Details) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Collateralized loan obligations (CLOs) | ||
Variable Interest Entity | ||
Carrying value of retained interests | $ 1,519 | $ 1,611 |
SECURITIZATIONS AND VARIABLE_13
SECURITIZATIONS AND VARIABLE INTEREST ENTITIES - Asset Based Financing (Details) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Variable Interest Entity | ||
Total unconsolidated VIE assets | $ 475,867 | $ 425,355 |
Maximum exposure to unconsolidated VIEs | 60,276 | 56,125 |
Commercial and other real estate | Asset-based financing | ||
Variable Interest Entity | ||
Total unconsolidated VIE assets | 33,741 | 34,570 |
Maximum exposure to unconsolidated VIEs | 6,841 | 7,758 |
Corporate loans | Asset-based financing | ||
Variable Interest Entity | ||
Total unconsolidated VIE assets | 18,465 | 12,022 |
Maximum exposure to unconsolidated VIEs | 11,363 | 7,654 |
Other (including investment funds, airlines and shipping) | Asset-based financing | ||
Variable Interest Entity | ||
Total unconsolidated VIE assets | 215,732 | 167,613 |
Maximum exposure to unconsolidated VIEs | 23,120 | 20,442 |
Asset-based financing | ||
Variable Interest Entity | ||
Total unconsolidated VIE assets | 267,938 | 214,205 |
Maximum exposure to unconsolidated VIEs | $ 41,324 | $ 35,854 |
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 | 9 Months Ended | |
Sep. 30, 2021 | Dec. 31, 2020 | |
Variable Interest Entity | ||
Liquidity agreements, customer TOB trust | $ 1.5 | $ 1.6 |
Notional amount of offsetting reimbursement agreements | 0.7 | 0.8 |
Liquidity agreements, other trusts | $ 2.2 | $ 3.6 |
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 | Sep. 30, 2021 | Dec. 31, 2020 |
Hedging instruments under ASC 815 | ||
Derivatives | ||
Derivative notionals | $ 390,124 | $ 438,164 |
Hedging instruments under ASC 815 | Interest rate contracts | ||
Derivatives | ||
Derivative notionals | 283,433 | 334,351 |
Hedging instruments under ASC 815 | Interest rate swaps | ||
Derivatives | ||
Derivative notionals | 283,433 | 334,351 |
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 | ||
Derivatives | ||
Derivative notionals | 0 | 0 |
Hedging instruments under ASC 815 | Interest rate contract options | Purchased | ||
Derivatives | ||
Derivative notionals | 0 | 0 |
Hedging instruments under ASC 815 | Foreign exchange contracts | ||
Derivatives | ||
Derivative notionals | 104,349 | 102,889 |
Hedging instruments under ASC 815 | Foreign exchange swaps | ||
Derivatives | ||
Derivative notionals | 50,214 | 65,709 |
Hedging instruments under ASC 815 | Foreign exchange futures, forwards and spot | ||
Derivatives | ||
Derivative notionals | 54,135 | 37,080 |
Hedging instruments under ASC 815 | Foreign exchange contract options | Written | ||
Derivatives | ||
Derivative notionals | 0 | 47 |
Hedging instruments under ASC 815 | Foreign exchange contract options | Purchased | ||
Derivatives | ||
Derivative notionals | 0 | 53 |
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 | ||
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 | 2,342 | 924 |
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 | 2,342 | 924 |
Hedging instruments under ASC 815 | Commodity and other contracts | Written | ||
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 | ||
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 | 42,900,306 | 39,808,290 |
Other derivative instruments, Trading derivatives | Interest rate contracts | ||
Derivatives | ||
Derivative notionals | 26,729,481 | 24,858,399 |
Other derivative instruments, Trading derivatives | Interest rate swaps | ||
Derivatives | ||
Derivative notionals | 20,154,428 | 17,724,147 |
Other derivative instruments, Trading derivatives | Interest rate futures and forwards | ||
Derivatives | ||
Derivative notionals | 3,485,545 | 4,142,514 |
Other derivative instruments, Trading derivatives | Interest rate contract options | Written | ||
Derivatives | ||
Derivative notionals | 1,619,341 | 1,573,483 |
Other derivative instruments, Trading derivatives | Interest rate contract options | Purchased | ||
Derivatives | ||
Derivative notionals | 1,470,167 | 1,418,255 |
Other derivative instruments, Trading derivatives | Foreign exchange contracts | ||
Derivatives | ||
Derivative notionals | 12,972,625 | 12,320,659 |
Other derivative instruments, Trading derivatives | Foreign exchange swaps | ||
Derivatives | ||
Derivative notionals | 6,707,996 | 6,567,304 |
Other derivative instruments, Trading derivatives | Foreign exchange futures, forwards and spot | ||
Derivatives | ||
Derivative notionals | 4,778,312 | 3,945,391 |
Other derivative instruments, Trading derivatives | Foreign exchange contract options | Written | ||
Derivatives | ||
Derivative notionals | 746,078 | 907,338 |
Other derivative instruments, Trading derivatives | Foreign exchange contract options | Purchased | ||
Derivatives | ||
Derivative notionals | 740,239 | 900,626 |
Other derivative instruments, Trading derivatives | Equity contracts | ||
Derivatives | ||
Derivative notionals | 1,464,682 | 1,110,328 |
Other derivative instruments, Trading derivatives | Equity swaps | ||
Derivatives | ||
Derivative notionals | 313,557 | 274,098 |
Other derivative instruments, Trading derivatives | Equity futures and forwards | ||
Derivatives | ||
Derivative notionals | 92,136 | 67,025 |
Other derivative instruments, Trading derivatives | Equity contract options | Written | ||
Derivatives | ||
Derivative notionals | 585,440 | 441,003 |
Other derivative instruments, Trading derivatives | Equity contract options | Purchased | ||
Derivatives | ||
Derivative notionals | 473,549 | 328,202 |
Other derivative instruments, Trading derivatives | Commodity and other contracts | ||
Derivatives | ||
Derivative notionals | 393,431 | 362,527 |
Other derivative instruments, Trading derivatives | Commodity and other swaps | ||
Derivatives | ||
Derivative notionals | 94,768 | 80,127 |
Other derivative instruments, Trading derivatives | Commodity and other futures and forwards | ||
Derivatives | ||
Derivative notionals | 176,408 | 143,175 |
Other derivative instruments, Trading derivatives | Commodity and other contracts | Written | ||
Derivatives | ||
Derivative notionals | 63,308 | 71,376 |
Other derivative instruments, Trading derivatives | Commodity and other contracts | Purchased | ||
Derivatives | ||
Derivative notionals | 58,947 | 67,849 |
Other derivative instruments, Trading derivatives | Credit derivatives | ||
Derivatives | ||
Derivative notionals | 1,340,087 | 1,156,377 |
Other derivative instruments, Trading derivatives | Credit derivatives | Written | ||
Derivatives | ||
Derivative notionals | 634,497 | 543,607 |
Other derivative instruments, Trading derivatives | Credit derivatives | Purchased | ||
Derivatives | ||
Derivative notionals | 705,590 | 612,770 |
Rule Changes Adopted by Clearing Organizations | ||
Derivatives | ||
Reduction in derivative receivables | $ 290,000 | $ 280,000 |
DERIVATIVES - Derivative Mark-t
DERIVATIVES - Derivative Mark-to-Market (MTM) Receivables/Payables (Details) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Assets | ||
Less: Netting of cash collateral received | $ (48,391) | $ (63,915) |
Liabilities | ||
Less: Netting of cash collateral paid | (49,460) | (45,628) |
Trading account assets | ||
Assets | ||
Derivative receivables | 416,714 | 472,977 |
Cash collateral paid, net of amount used to offset derivative liabilities | 23,216 | 32,778 |
Less: Netting agreements to assets | (313,526) | (364,879) |
Less: Netting of cash collateral received | (48,391) | (63,915) |
Total trading account derivatives, assets | 78,013 | 76,961 |
Less: Cash collateral received | (881) | (1,567) |
Less: Non-cash collateral received | (5,726) | (7,408) |
Total net receivables | 71,406 | 67,986 |
Liabilities | ||
Cash collateral paid, gross | 72,676 | 78,406 |
Does not meet applicable offsetting guidance, assets | 10,000 | 6,000 |
Trading account assets | Over-the-counter | ||
Liabilities | ||
Less: Netting agreements to liabilities | (278,000) | (336,000) |
Trading account assets | Cleared | ||
Liabilities | ||
Less: Netting agreements to liabilities | (12,000) | (9,000) |
Trading account assets | Exchange traded | ||
Liabilities | ||
Less: Netting agreements to liabilities | (23,000) | (20,000) |
Trading accounts liabilities | ||
Liabilities | ||
Derivative payables | 407,329 | 470,268 |
Cash collateral received, net of amount used to offset derivative assets | 18,492 | 8,196 |
Less: Netting agreements to liabilities | (313,526) | (364,879) |
Less: Netting of cash collateral paid | (49,460) | (45,628) |
Total derivative liabilities | 62,835 | 67,957 |
Less: Cash collateral paid | (509) | (473) |
Less: Non-cash collateral paid | (13,358) | (13,087) |
Total net payables | 48,968 | 54,397 |
Cash collateral received, gross | 66,883 | 72,111 |
Does not meet applicable offsetting guidance, liabilities | 12,000 | 8,000 |
Trading accounts liabilities | Over-the-counter | ||
Assets | ||
Less: Netting agreements to assets | (278,000) | (336,000) |
Trading accounts liabilities | Cleared | ||
Assets | ||
Less: Netting agreements to assets | (12,000) | (9,000) |
Trading accounts liabilities | Exchange traded | ||
Assets | ||
Less: Netting agreements to assets | (23,000) | (20,000) |
Derivative instruments designated as ASC 815 hedges | Trading account assets | ||
Assets | ||
Derivative receivables | 3,360 | 3,892 |
Derivative instruments designated as ASC 815 hedges | Trading accounts liabilities | ||
Liabilities | ||
Derivative payables | 1,596 | 2,522 |
Derivative instruments designated as ASC 815 hedges | Interest rate contracts | Trading account assets | ||
Assets | ||
Derivative receivables | 2,208 | 1,855 |
Derivative instruments designated as ASC 815 hedges | Interest rate contracts | Trading account assets | Over-the-counter | ||
Assets | ||
Derivative receivables | 1,964 | 1,781 |
Derivative instruments designated as ASC 815 hedges | Interest rate contracts | Trading account assets | Cleared | ||
Assets | ||
Derivative receivables | 244 | 74 |
Derivative instruments designated as ASC 815 hedges | Interest rate contracts | Trading accounts liabilities | ||
Liabilities | ||
Derivative payables | 114 | 480 |
Derivative instruments designated as ASC 815 hedges | Interest rate contracts | Trading accounts liabilities | Over-the-counter | ||
Liabilities | ||
Derivative payables | 30 | 161 |
Derivative instruments designated as ASC 815 hedges | Interest rate contracts | Trading accounts liabilities | Cleared | ||
Liabilities | ||
Derivative payables | 84 | 319 |
Derivative instruments designated as ASC 815 hedges | Foreign exchange contracts | Trading account assets | ||
Assets | ||
Derivative receivables | 1,152 | 2,037 |
Derivative instruments designated as ASC 815 hedges | Foreign exchange contracts | Trading account assets | Over-the-counter | ||
Assets | ||
Derivative receivables | 1,146 | 2,037 |
Derivative instruments designated as ASC 815 hedges | Foreign exchange contracts | Trading account assets | Cleared | ||
Assets | ||
Derivative receivables | 6 | |
Derivative instruments designated as ASC 815 hedges | Foreign exchange contracts | Trading accounts liabilities | ||
Liabilities | ||
Derivative payables | 1,482 | 2,042 |
Derivative instruments designated as ASC 815 hedges | Foreign exchange contracts | Trading accounts liabilities | Over-the-counter | ||
Liabilities | ||
Derivative payables | 1,482 | 2,042 |
Derivative instruments designated as ASC 815 hedges | Foreign exchange contracts | Trading accounts liabilities | Cleared | ||
Liabilities | ||
Derivative payables | 0 | |
Derivatives instruments not designated as ASC 815 hedges | Trading account assets | ||
Assets | ||
Derivative receivables | 413,354 | 469,085 |
Derivatives instruments not designated as ASC 815 hedges | Trading accounts liabilities | ||
Liabilities | ||
Derivative payables | 405,733 | 467,746 |
Derivatives instruments not designated as ASC 815 hedges | Interest rate contracts | Trading account assets | ||
Assets | ||
Derivative receivables | 171,188 | 239,606 |
Derivatives instruments not designated as ASC 815 hedges | Interest rate contracts | Trading account assets | Over-the-counter | ||
Assets | ||
Derivative receivables | 159,004 | 228,519 |
Derivatives instruments not designated as ASC 815 hedges | Interest rate contracts | Trading account assets | Cleared | ||
Assets | ||
Derivative receivables | 12,129 | 11,041 |
Derivatives instruments not designated as ASC 815 hedges | Interest rate contracts | Trading account assets | Exchange traded | ||
Assets | ||
Derivative receivables | 55 | 46 |
Derivatives instruments not designated as ASC 815 hedges | Interest rate contracts | Trading accounts liabilities | ||
Liabilities | ||
Derivative payables | 156,785 | 221,931 |
Derivatives instruments not designated as ASC 815 hedges | Interest rate contracts | Trading accounts liabilities | Over-the-counter | ||
Liabilities | ||
Derivative payables | 146,083 | 209,330 |
Derivatives instruments not designated as ASC 815 hedges | Interest rate contracts | Trading accounts liabilities | Cleared | ||
Liabilities | ||
Derivative payables | 10,673 | 12,563 |
Derivatives instruments not designated as ASC 815 hedges | Interest rate contracts | Trading accounts liabilities | Exchange traded | ||
Liabilities | ||
Derivative payables | 29 | 38 |
Derivatives instruments not designated as ASC 815 hedges | Foreign exchange contracts | Trading account assets | ||
Assets | ||
Derivative receivables | 131,108 | 154,633 |
Derivatives instruments not designated as ASC 815 hedges | Foreign exchange contracts | Trading account assets | Over-the-counter | ||
Assets | ||
Derivative receivables | 130,707 | 153,791 |
Derivatives instruments not designated as ASC 815 hedges | Foreign exchange contracts | Trading account assets | Cleared | ||
Assets | ||
Derivative receivables | 401 | 842 |
Derivatives instruments not designated as ASC 815 hedges | Foreign exchange contracts | Trading account assets | Exchange traded | ||
Assets | ||
Derivative receivables | 0 | |
Derivatives instruments not designated as ASC 815 hedges | Foreign exchange contracts | Trading accounts liabilities | ||
Liabilities | ||
Derivative payables | 128,508 | 154,024 |
Derivatives instruments not designated as ASC 815 hedges | Foreign exchange contracts | Trading accounts liabilities | Over-the-counter | ||
Liabilities | ||
Derivative payables | 128,259 | 152,784 |
Derivatives instruments not designated as ASC 815 hedges | Foreign exchange contracts | Trading accounts liabilities | Cleared | ||
Liabilities | ||
Derivative payables | 249 | 1,239 |
Derivatives instruments not designated as ASC 815 hedges | Foreign exchange contracts | Trading accounts liabilities | Exchange traded | ||
Liabilities | ||
Derivative payables | 1 | |
Derivatives instruments not designated as ASC 815 hedges | Equity contracts | Trading account assets | ||
Assets | ||
Derivative receivables | 53,681 | 50,519 |
Derivatives instruments not designated as ASC 815 hedges | Equity contracts | Trading account assets | Over-the-counter | ||
Assets | ||
Derivative receivables | 30,147 | 29,244 |
Derivatives instruments not designated as ASC 815 hedges | Equity contracts | Trading account assets | Cleared | ||
Assets | ||
Derivative receivables | 18 | 1 |
Derivatives instruments not designated as ASC 815 hedges | Equity contracts | Trading account assets | Exchange traded | ||
Assets | ||
Derivative receivables | 23,516 | 21,274 |
Derivatives instruments not designated as ASC 815 hedges | Equity contracts | Trading accounts liabilities | ||
Liabilities | ||
Derivative payables | 62,573 | 63,569 |
Derivatives instruments not designated as ASC 815 hedges | Equity contracts | Trading accounts liabilities | Over-the-counter | ||
Liabilities | ||
Derivative payables | 38,966 | 41,036 |
Derivatives instruments not designated as ASC 815 hedges | Equity contracts | Trading accounts liabilities | Cleared | ||
Liabilities | ||
Derivative payables | 24 | 18 |
Derivatives instruments not designated as ASC 815 hedges | Equity contracts | Trading accounts liabilities | Exchange traded | ||
Liabilities | ||
Derivative payables | 23,583 | 22,515 |
Derivatives instruments not designated as ASC 815 hedges | Commodity and other contracts | Trading account assets | ||
Assets | ||
Derivative receivables | 47,135 | 14,538 |
Derivatives instruments not designated as ASC 815 hedges | Commodity and other contracts | Trading account assets | Over-the-counter | ||
Assets | ||
Derivative receivables | 43,833 | 13,659 |
Derivatives instruments not designated as ASC 815 hedges | Commodity and other contracts | Trading account assets | Exchange traded | ||
Assets | ||
Derivative receivables | 3,302 | 879 |
Derivatives instruments not designated as ASC 815 hedges | Commodity and other contracts | Trading accounts liabilities | ||
Liabilities | ||
Derivative payables | 47,218 | 18,093 |
Derivatives instruments not designated as ASC 815 hedges | Commodity and other contracts | Trading accounts liabilities | Over-the-counter | ||
Liabilities | ||
Derivative payables | 43,394 | 17,076 |
Derivatives instruments not designated as ASC 815 hedges | Commodity and other contracts | Trading accounts liabilities | Exchange traded | ||
Liabilities | ||
Derivative payables | 3,824 | 1,017 |
Derivatives instruments not designated as ASC 815 hedges | Credit derivatives | Trading account assets | ||
Assets | ||
Derivative receivables | 10,242 | 9,789 |
Derivatives instruments not designated as ASC 815 hedges | Credit derivatives | Trading account assets | Over-the-counter | ||
Assets | ||
Derivative receivables | 7,237 | 7,826 |
Derivatives instruments not designated as ASC 815 hedges | Credit derivatives | Trading account assets | Cleared | ||
Assets | ||
Derivative receivables | 3,005 | 1,963 |
Derivatives instruments not designated as ASC 815 hedges | Credit derivatives | Trading accounts liabilities | ||
Liabilities | ||
Derivative payables | 10,649 | 10,129 |
Derivatives instruments not designated as ASC 815 hedges | Credit derivatives | Trading accounts liabilities | Over-the-counter | ||
Liabilities | ||
Derivative payables | 7,331 | 7,951 |
Derivatives instruments not designated as ASC 815 hedges | Credit derivatives | Trading accounts liabilities | Cleared | ||
Liabilities | ||
Derivative payables | $ 3,318 | $ 2,178 |
DERIVATIVES - Gains (Losses) In
DERIVATIVES - Gains (Losses) Included in Other Revenue (Details) - Other revenue - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Derivative gain (losses) | ||||
Gains (losses) recognized in Other revenue related to derivatives not designated in a qualifying hedging relationship | $ (17) | $ 16 | $ (126) | $ 153 |
Interest rate contracts | ||||
Derivative gain (losses) | ||||
Gains (losses) recognized in Other revenue related to derivatives not designated in a qualifying hedging relationship | 9 | (3) | (66) | 171 |
Foreign exchange contracts | ||||
Derivative gain (losses) | ||||
Gains (losses) recognized in Other revenue related to derivatives not designated in a qualifying hedging relationship | $ (26) | $ 19 | $ (60) | $ (18) |
DERIVATIVES - Fair Value Hedges
DERIVATIVES - Fair Value Hedges (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Other revenue | ||||
Gain (loss) on fair value hedges | ||||
Gain (loss) on the hedging derivatives included in assessment of the effectiveness of fair value hedges | $ (890) | $ 1,232 | $ (1,446) | $ (336) |
Gain (loss) on the hedged item in designated and qualifying fair value hedges | 891 | (1,232) | 1,447 | 336 |
Net gain (loss) on the hedging derivatives excluded from assessment of the effectiveness of fair value hedges | 121 | 67 | 63 | 16 |
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 | (747) | (1,121) | (4,228) | 5,965 |
Gain (loss) on the hedged item in designated and qualifying fair value hedges | 667 | 955 | 3,934 | (6,173) |
Net gain (loss) on the hedging derivatives excluded from assessment of the effectiveness of fair value hedges | 0 | 0 | (3) | (23) |
Interest rate contracts (gross) | 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 (gross) | 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 | (747) | (1,121) | (4,228) | 5,965 |
Gain (loss) on the hedged item in designated and qualifying fair value hedges | 667 | 955 | 3,934 | (6,173) |
Net gain (loss) on the hedging derivatives excluded from assessment of the effectiveness of fair value hedges | 0 | 0 | (3) | (23) |
Foreign exchange contracts (gross) | ||||
Gain (loss) on fair value hedges | ||||
Amount of cross currency basis included in AOCI | 12 | (51) | (14) | (2) |
Foreign exchange contracts (gross) | Other revenue | ||||
Gain (loss) on fair value hedges | ||||
Gain (loss) on the hedging derivatives included in assessment of the effectiveness of fair value hedges | (724) | 1,235 | (714) | (242) |
Gain (loss) on the hedged item in designated and qualifying fair value hedges | 725 | (1,235) | 715 | 242 |
Net gain (loss) on the hedging derivatives excluded from assessment of the effectiveness of fair value hedges | 79 | (24) | 96 | (65) |
Foreign exchange contracts (gross) | 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 | (166) | (3) | (732) | (94) |
Gain (loss) on the hedged item in designated and qualifying fair value hedges | 166 | 3 | 732 | 94 |
Net gain (loss) on the hedging derivatives excluded from assessment of the effectiveness of fair value hedges | 42 | 91 | (33) | 81 |
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 | Sep. 30, 2021 | Dec. 31, 2020 |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||
Debt securities AFS, carrying amount of hedged asset/liability | $ 72,366 | $ 81,082 |
Debt securities AFS, cumulative fair value hedging adjustment included in the carrying amount, active | 103 | 28 |
Debt securities AFS, cumulative fair value hedging adjustment included in the carrying amount, de-designated | 165 | 342 |
Long-term debt, carrying amount of hedged asset/liability | 155,659 | 169,026 |
Long-term debt, cumulative fair value hedging adjustment included in the carrying amount, active | 1,804 | 5,554 |
Long-term debt, cumulative fair value hedging adjustment included in the carrying amount, de-designated | 4,061 | 4,989 |
Cumulative basis adjustment within active hedges | 76 | (18) |
Cumulative basis adjustment within de-designated hedges | (118) | 62 |
Amount of designated hedged items | 7,000 | 3,000 |
Amortized cost basis of closed portfolios used in hedging relations | $ 30,000 | $ 19,000 |
DERIVATIVES - Cash Flow Hedges
DERIVATIVES - Cash Flow Hedges (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Pretax change in accumulated other comprehensive income (loss) | ||||
Amount of gain (loss) recognized in AOCI on derivative | $ 3 | $ (52) | $ (413) | $ 2,723 |
Net pretax change in cash flow hedges included within AOCI | (265) | (307) | (1,219) | 2,267 |
Cash flow hedge gain expected to be reclassified from AOCI within 12 months | $ 1,000 | |||
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 | 19 | (52) | $ (397) | 2,739 |
Foreign exchange contracts | ||||
Pretax change in accumulated other comprehensive income (loss) | ||||
Amount of gain (loss) recognized in AOCI on derivative | (16) | 0 | (16) | (16) |
Other revenue | ||||
Pretax change in accumulated other comprehensive income (loss) | ||||
Amount of gain (loss) reclassified from AOCI to earnings | (1) | (1) | (3) | (3) |
Other revenue | 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 revenue | Foreign exchange contracts | ||||
Pretax change in accumulated other comprehensive income (loss) | ||||
Amount of gain (loss) reclassified from AOCI to earnings | (1) | (1) | (3) | (3) |
Net interest revenue | ||||
Pretax change in accumulated other comprehensive income (loss) | ||||
Amount of gain (loss) reclassified from AOCI to earnings | 269 | 256 | 809 | 459 |
Net interest revenue | Interest rate contracts | ||||
Pretax change in accumulated other comprehensive income (loss) | ||||
Amount of gain (loss) reclassified from AOCI to earnings | 269 | 256 | 809 | 459 |
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 | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Net investment hedges | Foreign currency translation adjustment | ||||
Derivative gain (losses) | ||||
Gain (loss) recognized in AOCI | $ 700 | $ (450) | $ 831 | $ 882 |
DERIVATIVES - Credit Derivative
DERIVATIVES - Credit Derivatives (Details) $ in Millions | 9 Months Ended | |
Sep. 30, 2021USD ($)agency | Dec. 31, 2020USD ($) | |
Credit Risk Derivatives | ||
Fair values, receivable | $ 10,242 | $ 9,789 |
Fair values, payable | 10,649 | 10,129 |
Notionals, protection purchased | 705,590 | 612,770 |
Notionals, protection sold | 634,497 | 543,607 |
Fair value of derivative in liability position | 20,000 | 25,000 |
Fair value of collateral already posted | $ 18,000 | 22,000 |
Number of rating agencies | agency | 3 | |
Additional collateral to be posted | $ 1,500 | |
Collateral to be segregated | 100 | |
Aggregate cash obligations and collateral requirements | 1,600 | |
Purchased | ||
Credit Risk Derivatives | ||
Fair values, receivable | 3,729 | 3,514 |
Fair values, payable | 7,244 | 7,037 |
Sold | ||
Credit Risk Derivatives | ||
Fair values, receivable | 6,513 | 6,275 |
Fair values, payable | 3,405 | 3,092 |
Within 1 year | ||
Credit Risk Derivatives | ||
Fair values, receivable | 783 | 914 |
Fair values, payable | 1,274 | 1,355 |
Notionals, protection purchased | 131,085 | 134,080 |
Notionals, protection sold | 121,324 | 125,464 |
From 1 to 5 years | ||
Credit Risk Derivatives | ||
Fair values, receivable | 6,188 | 6,022 |
Fair values, payable | 6,192 | 5,991 |
Notionals, protection purchased | 460,850 | 421,682 |
Notionals, protection sold | 419,029 | 374,376 |
After 5 years | ||
Credit Risk Derivatives | ||
Fair values, receivable | 3,271 | 2,853 |
Fair values, payable | 3,183 | 2,783 |
Notionals, protection purchased | 113,655 | 57,008 |
Notionals, protection sold | 94,144 | 43,767 |
Investment grade | ||
Credit Risk Derivatives | ||
Fair values, receivable | 4,179 | 4,136 |
Fair values, payable | 4,053 | 4,037 |
Notionals, protection purchased | 541,747 | 478,643 |
Notionals, protection sold | 478,178 | 418,147 |
Non-investment grade | ||
Credit Risk Derivatives | ||
Fair values, receivable | 6,063 | 5,653 |
Fair values, payable | 6,596 | 6,092 |
Notionals, protection purchased | 163,843 | 134,127 |
Notionals, protection sold | 156,319 | 125,460 |
Credit default swaps and options | ||
Credit Risk Derivatives | ||
Fair values, receivable | 9,609 | 9,254 |
Fair values, payable | 9,927 | 9,254 |
Notionals, protection purchased | 689,107 | 599,633 |
Notionals, protection sold | 626,484 | 538,426 |
Total return swaps and other | ||
Credit Risk Derivatives | ||
Fair values, receivable | 633 | 535 |
Fair values, payable | 722 | 875 |
Notionals, protection purchased | 16,483 | 13,137 |
Notionals, protection sold | 8,013 | 5,181 |
Banks | ||
Credit Risk Derivatives | ||
Fair values, receivable | 2,384 | 2,902 |
Fair values, payable | 3,060 | 3,187 |
Notionals, protection purchased | 112,636 | 117,685 |
Notionals, protection sold | 108,122 | 120,739 |
Broker-dealers | ||
Credit Risk Derivatives | ||
Fair values, receivable | 1,984 | 1,770 |
Fair values, payable | 1,229 | 1,215 |
Notionals, protection purchased | 50,752 | 46,928 |
Notionals, protection sold | 44,525 | 44,692 |
Non-financial | ||
Credit Risk Derivatives | ||
Fair values, receivable | 125 | 109 |
Fair values, payable | 75 | 90 |
Notionals, protection purchased | 6,056 | 5,740 |
Notionals, protection sold | 2,635 | 2,217 |
Insurance and other financial institutions | ||
Credit Risk Derivatives | ||
Fair values, receivable | 5,749 | 5,008 |
Fair values, payable | 6,285 | 5,637 |
Notionals, protection purchased | 536,146 | 442,417 |
Notionals, protection sold | 479,215 | 375,959 |
Interest rate swaps | ||
Credit Risk Derivatives | ||
Cash proceeds received for assets derecognized | 1,600 | 2,000 |
Fair value of derecognized assets | 1,600 | 2,200 |
Fair value gross derivative assets | 53 | 135 |
Trading derivatives, liability | $ 18 | $ 7 |
FAIR VALUE MEASUREMENT - Market
FAIR VALUE MEASUREMENT - Market Valuation Adjustments (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
Credit and funding valuation adjustments contra-liability (contra-asset) | |||||
Counterparty CVA | $ (671) | $ (671) | $ (800) | ||
Asset FVA | (459) | (459) | (525) | ||
Citigroup (own credit) CVA | 375 | 375 | 403 | ||
Liability FVA | 80 | 80 | 67 | ||
Total CVA—derivative instruments | (675) | (675) | $ (855) | ||
Credit, Funding and Debt Valuation Adjustments Gain (Loss) [Abstract] | |||||
Counterparty CVA | 25 | $ 104 | 68 | $ (134) | |
Asset FVA | (23) | 105 | 71 | (316) | |
Own credit CVA | 34 | (62) | (44) | 200 | |
Liability FVA | (63) | (36) | (52) | 87 | |
Total CVA—derivative instruments | (27) | 111 | 43 | (163) | |
DVA related to own FVO liabilities | (107) | (452) | (256) | 801 | |
Total CVA and DVA | $ (134) | $ (341) | $ (213) | $ 638 |
FAIR VALUE MEASUREMENT - Items
FAIR VALUE MEASUREMENT - Items Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Assets, Fair Value Disclosure [Abstract] | ||
Federal funds sold and securities borrowed and purchased under agreements to resell, Netting | $ (121,511) | $ (157,370) |
Trading account assets | 342,914 | 375,079 |
Netting of cash collateral received | (48,391) | (63,915) |
Investments | 500,849 | 447,359 |
Loans held at fair value | 7,159 | 6,854 |
Liabilities, Fair Value Disclosure [Abstract] | ||
Federal funds purchased and securities loaned and sold under agreements to repurchase, Netting | (121,511) | (157,370) |
Netting of cash collateral paid | (49,460) | (45,628) |
Fair value | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Investments measured at net asset value excluded from Level 3 | 145 | 152 |
Recurring | ||
Assets, Fair Value Disclosure [Abstract] | ||
Federal funds sold and securities borrowed and purchased under agreements to resell | 328,739 | 335,393 |
Federal funds sold and securities borrowed and purchased under agreements to resell, Netting | (116,539) | (150,189) |
Federal funds sold and securities borrowed and purchased under agreements to resell | 212,200 | 185,204 |
Investments | 296,346 | 335,998 |
Loans held at fair value | 7,159 | 6,854 |
Mortgage servicing rights | 409 | 336 |
Assets before netting | 1,349,379 | 1,497,067 |
Netting, Assets, total of netting agreements and cash collateral received | (478,456) | (578,983) |
Total assets | 870,923 | 918,084 |
Liabilities, Fair Value Disclosure [Abstract] | ||
Interest-bearing deposits | 2,713 | 1,958 |
Federal funds purchased and securities loaned and sold under agreements to repurchase, Gross | 184,798 | 157,275 |
Federal funds purchased and securities loaned and sold under agreements to repurchase, Netting | (109,536) | (97,069) |
Federal funds purchased and securities loaned and sold under agreements to repurchase | 75,262 | 60,206 |
Securities sold, not yet purchased | 116,444 | 100,044 |
Trading liabilities | 116,451 | 100,070 |
Short-term borrowings | 8,814 | 4,683 |
Long-term debt | 78,178 | 67,063 |
Total liabilities, Gross | 820,198 | 816,348 |
Total liabilities, Netting | (472,522) | (507,576) |
Total liabilities | 347,676 | 308,772 |
Recurring | Trading derivatives | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Trading derivatives, liability | 407,329 | 470,268 |
Cash collateral received | 18,492 | 8,196 |
Total trading derivatives and cash collateral, liability | 425,821 | 478,464 |
Netting agreements | (313,526) | (364,879) |
Netting of cash collateral paid | (49,460) | (45,628) |
Netting, Liabilities, total of netting agreements and cash collateral received | (362,986) | (410,507) |
Total derivative liabilities | 62,835 | 67,957 |
Cash collateral received, gross | 66,883 | 72,111 |
Recurring | Trading derivatives | Interest rate contracts | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Trading derivatives, liability | 156,899 | 222,411 |
Recurring | Trading derivatives | Foreign exchange contracts | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Trading derivatives, liability | 129,990 | 156,066 |
Recurring | Trading derivatives | Equity contracts | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Trading derivatives, liability | 62,573 | 63,569 |
Recurring | Trading derivatives | Commodity contracts | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Trading derivatives, liability | 47,218 | 18,093 |
Recurring | Trading derivatives | Credit derivatives | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Trading derivatives, liability | 10,649 | 10,129 |
Recurring | Non-trading derivatives and other financial liabilities measured on a recurring basis | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Netting of cash collateral paid | 0 | |
Netting, Liabilities, total of netting agreements and cash collateral received | ||
Non-trading derivatives and other financial liabilities measured on a recurring basis, gross | 3,423 | 6,835 |
Total other assets and cash collateral, gross | 3,423 | 6,835 |
Recurring | Trading account liabilities | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Trading liabilities | 7 | 26 |
Recurring | Mortgage-backed securities - U.S. government-sponsored agency guaranteed | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 30,009 | 42,930 |
Investments | 36,669 | 43,918 |
Recurring | Residential mortgages | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 476 | 731 |
Investments | 363 | 571 |
Recurring | Commercial and other | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 776 | 1,029 |
Investments | 34 | 50 |
Recurring | Mortgage-backed securities | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 31,261 | 44,690 |
Investments | 37,066 | 44,539 |
Recurring | U.S. Treasury and federal agency securities | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 47,310 | 66,798 |
Investments | 123,174 | 146,204 |
Recurring | State and municipal | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 1,641 | 1,318 |
Investments | 2,684 | 3,719 |
Recurring | Foreign government | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 82,472 | 83,389 |
Investments | 120,194 | 124,968 |
Recurring | Corporate | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 23,288 | 20,822 |
Investments | 6,926 | 10,500 |
Recurring | Equity securities | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 60,268 | 66,479 |
Investments | 379 | 515 |
Recurring | Asset-backed securities | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 1,468 | 2,382 |
Investments | 264 | 278 |
Recurring | Other debt securities | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 17,193 | 12,240 |
Investments | 5,265 | 4,876 |
Recurring | Non-marketable equity securities measured using the measurement alternative | ||
Assets, Fair Value Disclosure [Abstract] | ||
Investments | 394 | 399 |
Recurring | Trading non-derivative assets | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 264,901 | 298,118 |
Recurring | Trading account derivatives | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading derivatives, asset, Gross | 416,714 | 472,977 |
Cash collateral paid | 23,216 | 32,778 |
Trading derivative, asset, gross net cash collateral paid | 439,930 | 505,755 |
Netting agreements | (313,526) | (364,879) |
Netting of cash collateral received | (48,391) | (63,915) |
Total trading derivatives, netting | (361,917) | (428,794) |
Trading derivatives | 78,013 | 76,961 |
Liabilities, Fair Value Disclosure [Abstract] | ||
Cash collateral paid, gross | 72,676 | 78,406 |
Recurring | Trading account derivatives | Interest rate contracts | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading derivatives, asset, Gross | 173,396 | 241,461 |
Recurring | Trading account derivatives | Foreign exchange contracts | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading derivatives, asset, Gross | 132,260 | 156,670 |
Recurring | Trading account derivatives | Equity contracts | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading derivatives, asset, Gross | 53,681 | 50,519 |
Recurring | Trading account derivatives | Commodity contracts | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading derivatives, asset, Gross | 47,135 | 14,538 |
Recurring | Trading account derivatives | Credit derivatives | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading derivatives, asset, Gross | 10,242 | 9,789 |
Recurring | Non-trading derivatives and other financial assets measured on a recurring basis | ||
Assets, Fair Value Disclosure [Abstract] | ||
Total trading derivatives, netting | 0 | 0 |
Total other assets and cash collateral, gross | 11,895 | 14,613 |
Other assets | 11,895 | 14,613 |
Recurring | Level 1 | ||
Assets, Fair Value Disclosure [Abstract] | ||
Federal funds sold and securities borrowed and purchased under agreements to resell | 0 | 0 |
Investments | 192,138 | 229,701 |
Loans held at fair value | 0 | 0 |
Mortgage servicing rights | 0 | 0 |
Assets before netting | $ 345,782 | $ 424,489 |
Total as a percentage of gross assets | 26.10% | 29.00% |
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 | 98,685 | 85,353 |
Trading liabilities | 98,685 | 85,353 |
Short-term borrowings | 0 | 0 |
Long-term debt | 0 | 0 |
Total liabilities, Gross | $ 102,004 | $ 92,196 |
Total as a percentage of gross liabilities | 12.70% | 11.40% |
Recurring | Level 1 | Trading derivatives | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Trading derivatives, liability | $ 74 | $ 81 |
Recurring | Level 1 | Trading derivatives | Interest rate contracts | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Trading derivatives, liability | 45 | 25 |
Recurring | Level 1 | Trading derivatives | Foreign exchange contracts | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Trading derivatives, liability | 3 | 3 |
Recurring | Level 1 | Trading derivatives | Equity contracts | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Trading derivatives, liability | 26 | 53 |
Recurring | Level 1 | Trading derivatives | Commodity contracts | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Trading derivatives, liability | 0 | 0 |
Recurring | Level 1 | Trading derivatives | Credit derivatives | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Trading derivatives, liability | 0 | 0 |
Recurring | Level 1 | Non-trading derivatives and other financial liabilities measured on a recurring basis | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Other liabilities, gross | 3,245 | 6,762 |
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 | 0 | 0 |
Investments | 0 | 0 |
Recurring | Level 1 | Residential mortgages | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 0 | 0 |
Investments | 0 | 0 |
Recurring | Level 1 | Commercial and other | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 0 | 0 |
Investments | 0 | 0 |
Recurring | Level 1 | Mortgage-backed securities | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 0 | 0 |
Investments | 0 | 0 |
Recurring | Level 1 | U.S. Treasury and federal agency securities | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 42,689 | 64,529 |
Investments | 123,004 | 146,032 |
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 | 54,922 | 68,195 |
Investments | 65,314 | 77,056 |
Recurring | Level 1 | Corporate | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 1,914 | 1,607 |
Investments | 3,577 | 6,326 |
Recurring | Level 1 | Equity securities | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 49,713 | 54,117 |
Investments | 243 | 287 |
Recurring | Level 1 | Asset-backed securities | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 0 | 0 |
Investments | 0 | 0 |
Recurring | Level 1 | Other debt securities | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 0 | 0 |
Investments | 0 | 0 |
Recurring | Level 1 | Non-marketable equity securities measured using the measurement alternative | ||
Assets, Fair Value Disclosure [Abstract] | ||
Investments | 0 | 0 |
Recurring | Level 1 | Trading non-derivative assets | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 149,238 | 188,448 |
Recurring | Level 1 | Trading account derivatives | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading derivatives, asset, Gross | 59 | 110 |
Recurring | Level 1 | Trading account derivatives | Interest rate contracts | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading derivatives, asset, Gross | 59 | 42 |
Recurring | Level 1 | Trading account derivatives | Foreign exchange contracts | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading derivatives, asset, Gross | 0 | 2 |
Recurring | Level 1 | Trading account derivatives | Equity contracts | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading derivatives, asset, Gross | 0 | 66 |
Recurring | Level 1 | Trading account derivatives | Commodity contracts | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading derivatives, asset, Gross | 0 | 0 |
Recurring | Level 1 | Trading account derivatives | Credit derivatives | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading derivatives, asset, Gross | 0 | 0 |
Recurring | Level 1 | Non-trading derivatives and other financial assets measured on a recurring basis | ||
Assets, Fair Value Disclosure [Abstract] | ||
Other assets, gross | 4,347 | 6,230 |
Recurring | Level 2 | ||
Assets, Fair Value Disclosure [Abstract] | ||
Federal funds sold and securities borrowed and purchased under agreements to resell | 328,482 | 335,073 |
Investments | 102,055 | 104,755 |
Loans held at fair value | 6,437 | 4,869 |
Mortgage servicing rights | 0 | 0 |
Assets before netting | $ 966,235 | $ 1,023,665 |
Total as a percentage of gross assets | 72.90% | 69.90% |
Liabilities, Fair Value Disclosure [Abstract] | ||
Interest-bearing deposits | $ 2,531 | $ 1,752 |
Federal funds purchased and securities loaned and sold under agreements to repurchase, Gross | 184,142 | 156,644 |
Securities sold, not yet purchased | 17,671 | 14,477 |
Trading liabilities | 17,678 | 14,477 |
Short-term borrowings | 8,811 | 4,464 |
Long-term debt | 52,136 | 41,853 |
Total liabilities, Gross | $ 665,031 | $ 679,937 |
Total as a percentage of gross liabilities | 83.00% | 84.10% |
Recurring | Level 2 | Trading derivatives | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Trading derivatives, liability | $ 399,556 | $ 460,675 |
Recurring | Level 2 | Trading derivatives | Interest rate contracts | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Trading derivatives, liability | 155,183 | 220,607 |
Recurring | Level 2 | Trading derivatives | Foreign exchange contracts | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Trading derivatives, liability | 129,263 | 155,441 |
Recurring | Level 2 | Trading derivatives | Equity contracts | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Trading derivatives, liability | 58,787 | 58,212 |
Recurring | Level 2 | Trading derivatives | Commodity contracts | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Trading derivatives, liability | 46,434 | 17,393 |
Recurring | Level 2 | Trading derivatives | Credit derivatives | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Trading derivatives, liability | 9,889 | 9,022 |
Recurring | Level 2 | Non-trading derivatives and other financial liabilities measured on a recurring basis | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Other liabilities, gross | 177 | 72 |
Recurring | Level 2 | Trading account liabilities | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Trading liabilities | 7 | 0 |
Recurring | Level 2 | Mortgage-backed securities - U.S. government-sponsored agency guaranteed | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 29,577 | 42,903 |
Investments | 36,617 | 43,888 |
Recurring | Level 2 | Residential mortgages | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 415 | 391 |
Investments | 351 | 571 |
Recurring | Level 2 | Commercial and other | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 656 | 893 |
Investments | 34 | 50 |
Recurring | Level 2 | Mortgage-backed securities | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 30,648 | 44,187 |
Investments | 37,002 | 44,509 |
Recurring | Level 2 | U.S. Treasury and federal agency securities | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 4,621 | 2,269 |
Investments | 170 | 172 |
Recurring | Level 2 | State and municipal | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 1,570 | 1,224 |
Investments | 1,949 | 2,885 |
Recurring | Level 2 | Foreign government | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 27,517 | 15,143 |
Investments | 54,068 | 47,644 |
Recurring | Level 2 | Corporate | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 20,833 | 18,840 |
Investments | 3,157 | 4,114 |
Recurring | Level 2 | Equity securities | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 10,350 | 12,289 |
Investments | 136 | 228 |
Recurring | Level 2 | Asset-backed securities | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 804 | 776 |
Investments | 261 | 277 |
Recurring | Level 2 | Other debt securities | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 16,278 | 11,295 |
Investments | 5,265 | 4,876 |
Recurring | Level 2 | Non-marketable equity securities measured using the measurement alternative | ||
Assets, Fair Value Disclosure [Abstract] | ||
Investments | 47 | 50 |
Recurring | Level 2 | Trading non-derivative assets | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 112,621 | 106,023 |
Recurring | Level 2 | Trading account derivatives | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading derivatives, asset, Gross | 409,178 | 464,562 |
Recurring | Level 2 | Trading account derivatives | Interest rate contracts | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading derivatives, asset, Gross | 170,175 | 238,026 |
Recurring | Level 2 | Trading account derivatives | Foreign exchange contracts | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading derivatives, asset, Gross | 131,744 | 155,994 |
Recurring | Level 2 | Trading account derivatives | Equity contracts | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading derivatives, asset, Gross | 51,894 | 48,362 |
Recurring | Level 2 | Trading account derivatives | Commodity contracts | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading derivatives, asset, Gross | 45,933 | 13,546 |
Recurring | Level 2 | Trading account derivatives | Credit derivatives | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading derivatives, asset, Gross | 9,432 | 8,634 |
Recurring | Level 2 | Non-trading derivatives and other financial assets measured on a recurring basis | ||
Assets, Fair Value Disclosure [Abstract] | ||
Other assets, gross | 7,462 | 8,383 |
Recurring | Level 3 | ||
Assets, Fair Value Disclosure [Abstract] | ||
Federal funds sold and securities borrowed and purchased under agreements to resell | 257 | 320 |
Investments | 2,153 | 1,542 |
Loans held at fair value | 722 | 1,985 |
Mortgage servicing rights | 409 | 336 |
Assets before netting | $ 14,146 | $ 16,135 |
Total as a percentage of gross assets | 1.10% | 1.10% |
Liabilities, Fair Value Disclosure [Abstract] | ||
Interest-bearing deposits | $ 182 | $ 206 |
Federal funds purchased and securities loaned and sold under agreements to repurchase, Gross | 656 | 631 |
Securities sold, not yet purchased | 88 | 214 |
Trading liabilities | 88 | 240 |
Short-term borrowings | 3 | 219 |
Long-term debt | 26,042 | 25,210 |
Total liabilities, Gross | $ 34,671 | $ 36,019 |
Total as a percentage of gross liabilities | 4.30% | 4.50% |
Recurring | Level 3 | Trading derivatives | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Trading derivatives, liability | $ 7,699 | $ 9,512 |
Recurring | Level 3 | Trading derivatives | Interest rate contracts | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Trading derivatives, liability | 1,671 | 1,779 |
Recurring | Level 3 | Trading derivatives | Foreign exchange contracts | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Trading derivatives, liability | 724 | 622 |
Recurring | Level 3 | Trading derivatives | Equity contracts | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Trading derivatives, liability | 3,760 | 5,304 |
Recurring | Level 3 | Trading derivatives | Commodity contracts | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Trading derivatives, liability | 784 | 700 |
Recurring | Level 3 | Trading derivatives | Credit derivatives | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Trading derivatives, liability | 760 | 1,107 |
Recurring | Level 3 | Non-trading derivatives and other financial liabilities measured on a recurring basis | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Other liabilities, gross | 1 | 1 |
Recurring | Level 3 | Trading account liabilities | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Trading liabilities | 0 | 26 |
Recurring | Level 3 | Mortgage-backed securities - U.S. government-sponsored agency guaranteed | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 432 | 27 |
Investments | 52 | 30 |
Recurring | Level 3 | Residential mortgages | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 61 | 340 |
Investments | 12 | 0 |
Recurring | Level 3 | Commercial and other | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 120 | 136 |
Investments | 0 | 0 |
Recurring | Level 3 | Mortgage-backed securities | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 613 | 503 |
Investments | 64 | 30 |
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 | 71 | 94 |
Investments | 735 | 834 |
Recurring | Level 3 | Foreign government | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 33 | 51 |
Investments | 812 | 268 |
Recurring | Level 3 | Corporate | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 541 | 375 |
Investments | 192 | 60 |
Recurring | Level 3 | Equity securities | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 205 | 73 |
Investments | 0 | 0 |
Recurring | Level 3 | Asset-backed securities | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 664 | 1,606 |
Investments | 3 | 1 |
Recurring | Level 3 | Other debt securities | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 915 | 945 |
Investments | 0 | 0 |
Recurring | Level 3 | Non-marketable equity securities measured using the measurement alternative | ||
Assets, Fair Value Disclosure [Abstract] | ||
Investments | 347 | 349 |
Recurring | Level 3 | Trading non-derivative assets | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 3,042 | 3,647 |
Recurring | Level 3 | Trading account derivatives | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading derivatives, asset, Gross | 7,477 | 8,305 |
Recurring | Level 3 | Trading account derivatives | Interest rate contracts | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading derivatives, asset, Gross | 3,162 | 3,393 |
Recurring | Level 3 | Trading account derivatives | Foreign exchange contracts | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading derivatives, asset, Gross | 516 | 674 |
Recurring | Level 3 | Trading account derivatives | Equity contracts | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading derivatives, asset, Gross | 1,787 | 2,091 |
Recurring | Level 3 | Trading account derivatives | Commodity contracts | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading derivatives, asset, Gross | 1,202 | 992 |
Recurring | Level 3 | Trading account derivatives | Credit derivatives | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading derivatives, asset, Gross | 810 | 1,155 |
Recurring | Level 3 | Non-trading derivatives and other financial assets measured on a recurring basis | ||
Assets, Fair Value Disclosure [Abstract] | ||
Other assets, gross | $ 86 | $ 0 |
FAIR VALUE MEASUREMENT - Level
FAIR VALUE MEASUREMENT - Level 3 Fair Value Rollforward (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
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 | $ (869) | $ (169) | $ (1,207) | $ (1,715) |
Net realized/unrealized gains (losses) included in principal transactions | 625 | (90) | 1,289 | 42 |
Other | 0 | 0 | 0 | 0 |
Transfers into Level 3 | (499) | (66) | (891) | 1,332 |
Transfers out of Level 3 | 924 | (33) | 1,459 | (216) |
Purchases | 199 | 64 | 538 | 205 |
Issuances | 0 | 78 | (84) | 134 |
Sales | (151) | (95) | (720) | (145) |
Settlements | (451) | (661) | (606) | (609) |
Balance at end of period, asset (liability), net | (222) | (972) | (222) | (972) |
Unrealized gains (losses) still held | 515 | (186) | 107 | 61 |
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 | 1,764 | 1,968 | 1,614 | 1 |
Net realized/unrealized gains (losses) included in principal transactions | (160) | 70 | (458) | 445 |
Other | 0 | 0 | 0 | 0 |
Transfers into Level 3 | (79) | (17) | 94 | 1,597 |
Transfers out of Level 3 | 56 | (7) | 377 | (9) |
Purchases | 10 | 31 | 12 | 33 |
Issuances | 0 | 78 | (84) | 134 |
Sales | 0 | (62) | 0 | (49) |
Settlements | (100) | (525) | (64) | (616) |
Balance at end of period, asset (liability), net | 1,491 | 1,536 | 1,491 | 1,536 |
Unrealized gains (losses) still held | (189) | 50 | (216) | 365 |
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 | (184) | (26) | 52 | (5) |
Net realized/unrealized gains (losses) included in principal transactions | 131 | 122 | 52 | 70 |
Other | 0 | 0 | 0 | 0 |
Transfers into Level 3 | (71) | (23) | (63) | (56) |
Transfers out of Level 3 | (22) | 29 | (18) | 40 |
Purchases | 11 | 3 | 145 | 52 |
Issuances | 0 | 0 | 0 | 0 |
Sales | (3) | (6) | (300) | (19) |
Settlements | (70) | (74) | (76) | (57) |
Balance at end of period, asset (liability), net | (208) | 25 | (208) | 25 |
Unrealized gains (losses) still held | 121 | 47 | 53 | 339 |
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 | (2,550) | (2,235) | (3,213) | (1,596) |
Net realized/unrealized gains (losses) included in principal transactions | 538 | (183) | 1,150 | (747) |
Other | 0 | 0 | 0 | 0 |
Transfers into Level 3 | (370) | (41) | (968) | (432) |
Transfers out of Level 3 | 668 | (69) | 1,566 | 167 |
Purchases | 134 | 1 | 243 | 25 |
Issuances | 0 | 0 | 0 | 0 |
Sales | (98) | (12) | (215) | (18) |
Settlements | (295) | (120) | (536) | (58) |
Balance at end of period, asset (liability), net | (1,973) | (2,659) | (1,973) | (2,659) |
Unrealized gains (losses) still held | 452 | (160) | 237 | (658) |
Fair value, liabilities measured on recurring basis, level 3 fair-value category reconciliation | ||||
Transfers into Level 3, liabilities | 1,000 | |||
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 | 142 | (278) | 292 | (59) |
Net realized/unrealized gains (losses) included in principal transactions | 200 | 172 | 750 | (34) |
Other | 0 | 0 | 0 | 0 |
Transfers into Level 3 | (3) | 48 | 7 | 85 |
Transfers out of Level 3 | 106 | (5) | (511) | (75) |
Purchases | 44 | 29 | 138 | 95 |
Issuances | 0 | 0 | 0 | 0 |
Sales | (50) | (15) | (205) | (59) |
Settlements | (21) | 24 | (53) | 22 |
Balance at end of period, asset (liability), net | 418 | (25) | 418 | (25) |
Unrealized gains (losses) still held | 218 | 151 | 272 | (34) |
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 | (41) | 402 | 48 | (56) |
Net realized/unrealized gains (losses) included in principal transactions | (84) | (271) | (205) | 308 |
Other | 0 | 0 | 0 | 0 |
Transfers into Level 3 | 24 | (33) | 39 | 138 |
Transfers out of Level 3 | 116 | 19 | 45 | (339) |
Purchases | 0 | 0 | 0 | 0 |
Issuances | 0 | 0 | 0 | 0 |
Sales | 0 | 0 | 0 | 0 |
Settlements | 35 | 34 | 123 | 100 |
Balance at end of period, asset (liability), net | 50 | 151 | 50 | 151 |
Unrealized gains (losses) still held | (87) | (274) | (239) | 49 |
Interest-bearing deposits | ||||
Fair value, liabilities measured on recurring basis, level 3 fair-value category reconciliation | ||||
Balance at beginning of period, liability | 154 | 237 | 206 | 215 |
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 | (25) | 26 | (7) | 15 |
Transfers into Level 3, liabilities | 0 | 0 | 0 | 278 |
Transfers out of Level 3, liabilities | 0 | 0 | (44) | (151) |
Purchases, liability | 0 | 0 | 0 | 0 |
Issuance, liability | 14 | 4 | 34 | 34 |
Sales, liability | 0 | 0 | 0 | 0 |
Settlements, liability | (11) | (2) | (21) | (148) |
Balance at end of period, liability | 182 | 213 | 182 | 213 |
Unrealized gains (losses) still held, liabilities | 5 | 23 | (146) | (122) |
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 | 488 | 625 | 631 | 757 |
Net realized/unrealized gains (losses) included in principal transactions, liabilities | (29) | (34) | (22) | (7) |
Net realized/unrealized gains (losses) included in locations other than principal transactions, liabilities | 0 | 0 | 0 | 0 |
Transfers into Level 3, liabilities | 183 | 0 | 183 | 0 |
Transfers out of Level 3, liabilities | 0 | 0 | (483) | 0 |
Purchases, liability | 0 | 0 | 488 | 0 |
Issuance, liability | 0 | 0 | 0 | 0 |
Sales, liability | 0 | 0 | 0 | 0 |
Settlements, liability | (44) | 0 | (185) | (105) |
Balance at end of period, liability | 656 | 659 | 656 | 659 |
Unrealized gains (losses) still held, liabilities | 6 | (126) | 25 | (159) |
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 | 168 | 104 | 214 | 48 |
Net realized/unrealized gains (losses) included in principal transactions, liabilities | (22) | 3 | 39 | (126) |
Net realized/unrealized gains (losses) included in locations other than principal transactions, liabilities | 0 | 0 | 0 | 0 |
Transfers into Level 3, liabilities | 7 | 54 | 69 | 171 |
Transfers out of Level 3, liabilities | (4) | (3) | (29) | (21) |
Purchases, liability | 21 | 0 | 41 | 0 |
Issuance, liability | 0 | 0 | 0 | 9 |
Sales, liability | 0 | 0 | 0 | 0 |
Settlements, liability | (126) | (11) | (168) | (192) |
Balance at end of period, liability | 88 | 141 | 88 | 141 |
Unrealized gains (losses) still held, liabilities | 4 | 0 | 4 | (40) |
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 | 1 | 0 | 26 | 0 |
Net realized/unrealized gains (losses) included in principal transactions, liabilities | 1 | (16) | 26 | (16) |
Net realized/unrealized gains (losses) included in locations other than principal transactions, liabilities | 0 | 0 | 0 | 0 |
Transfers into Level 3, liabilities | 0 | 27 | 0 | 27 |
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 | 43 | 0 | 43 |
Unrealized gains (losses) still held, liabilities | 4 | (15) | 0 | (15) |
Short-term borrowings | ||||
Fair value, liabilities measured on recurring basis, level 3 fair-value category reconciliation | ||||
Balance at beginning of period, liability | 41 | 128 | 219 | 13 |
Net realized/unrealized gains (losses) included in principal transactions, liabilities | (1) | 9 | 31 | 28 |
Net realized/unrealized gains (losses) included in locations other than principal transactions, liabilities | 0 | 0 | 0 | 0 |
Transfers into Level 3, liabilities | 2 | 78 | 44 | 164 |
Transfers out of Level 3, liabilities | (12) | 0 | (56) | (6) |
Purchases, liability | 0 | 0 | 0 | 0 |
Issuance, liability | 2 | 11 | 27 | 72 |
Sales, liability | 0 | 0 | 0 | 0 |
Settlements, liability | (31) | (7) | (200) | (14) |
Balance at end of period, liability | 3 | 201 | 3 | 201 |
Unrealized gains (losses) still held, liabilities | 2 | 13 | 2 | 15 |
Long-term debt | ||||
Fair value, Derivative assets (liabilities) measured on recurring basis, level 3 fair-value category reconciliation | ||||
Transfers out of Level 3 | 1,100 | 7,100 | ||
Fair value, liabilities measured on recurring basis, level 3 fair-value category reconciliation | ||||
Balance at beginning of period, liability | 25,068 | 21,633 | 25,210 | 17,169 |
Net realized/unrealized gains (losses) included in principal transactions, liabilities | 486 | (267) | 2,259 | (647) |
Net realized/unrealized gains (losses) included in locations other than principal transactions, liabilities | 0 | 0 | 0 | 0 |
Transfers into Level 3, liabilities | 2,052 | 1,396 | 6,921 | 6,459 |
Transfers out of Level 3, liabilities | (1,086) | (27) | (7,054) | (4,195) |
Purchases, liability | 0 | 0 | 0 | 0 |
Issuance, liability | 1,526 | 1,308 | 9,071 | 8,096 |
Sales, liability | 0 | 0 | 0 | 0 |
Settlements, liability | (1,032) | (1,461) | (5,847) | (5,060) |
Balance at end of period, liability | 26,042 | 23,116 | 26,042 | 23,116 |
Unrealized gains (losses) still held, liabilities | 434 | (234) | 1,305 | (487) |
Other financial liabilities | ||||
Fair value, liabilities measured on recurring basis, level 3 fair-value category reconciliation | ||||
Balance at beginning of period, liability | 4 | 0 | 1 | 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 | (3) | 0 |
Transfers into Level 3, liabilities | 0 | 0 | 0 | 0 |
Transfers out of Level 3, liabilities | 0 | 0 | (4) | 0 |
Purchases, liability | 0 | 0 | 0 | 0 |
Issuance, liability | 0 | 2 | 14 | 4 |
Sales, liability | 0 | 0 | 0 | |
Settlements, liability | (3) | 0 | (13) | (2) |
Balance at end of period, liability | 1 | 2 | 1 | 2 |
Unrealized gains (losses) still held, liabilities | 0 | 3 | 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 | 211 | 326 | 320 | 303 |
Net realized/unrealized gains (losses) included in principal transactions | 1 | 4 | (10) | 18 |
Net realized/unrealized gains (losses) included in locations other than principal transactions, assets | 0 | 0 | 0 | 0 |
Transfers into Level 3 | 45 | 0 | 45 | 0 |
Transfers out of Level 3, assets | 0 | 0 | (49) | 0 |
Purchases, assets | 43 | 43 | 319 | 151 |
Issuance, assets | 0 | 0 | 0 | 0 |
Sales, assets | 0 | 0 | 0 | 0 |
Settlements, assets | (43) | (43) | (368) | (142) |
Balance at end of period, asset | 257 | 330 | 257 | 330 |
Unrealized gains (losses) still held, assets | 3 | 4 | 25 | 4 |
Trading non-derivative assets | ||||
Fair value, assets measured on recurring basis, level 3 fair-value category reconciliation | ||||
Balance at beginning of period, asset | 2,986 | 3,962 | 3,647 | 2,455 |
Net realized/unrealized gains (losses) included in principal transactions | 306 | 9 | 743 | 336 |
Net realized/unrealized gains (losses) included in locations other than principal transactions, assets | 0 | 0 | 0 | 0 |
Transfers into Level 3 | 420 | 363 | 1,451 | 1,544 |
Transfers out of Level 3, assets | (376) | (177) | (1,087) | (536) |
Purchases, assets | 1,084 | 891 | 3,291 | 3,224 |
Issuance, assets | 0 | 7 | 4 | 21 |
Sales, assets | (1,378) | (1,257) | (5,003) | (3,225) |
Settlements, assets | 0 | (4) | (4) | (25) |
Balance at end of period, asset | 3,042 | 3,794 | 3,042 | 3,794 |
Unrealized gains (losses) still held, assets | 67 | (58) | 49 | (301) |
Trading non-derivative assets | Mortgage securitizations - U.S. agency-sponsored | ||||
Fair value, assets measured on recurring basis, level 3 fair-value category reconciliation | ||||
Balance at beginning of period, asset | 376 | 96 | 27 | 10 |
Net realized/unrealized gains (losses) included in principal transactions | 20 | 9 | 21 | (65) |
Net realized/unrealized gains (losses) included in locations other than principal transactions, assets | 0 | 0 | 0 | 0 |
Transfers into Level 3 | 60 | 5 | 312 | 21 |
Transfers out of Level 3, assets | (52) | 0 | (60) | (9) |
Purchases, assets | 154 | 182 | 268 | 390 |
Issuance, assets | 0 | 0 | 0 | 0 |
Sales, assets | (126) | (26) | (136) | (81) |
Settlements, assets | 0 | 0 | 0 | 0 |
Balance at end of period, asset | 432 | 266 | 432 | 266 |
Unrealized gains (losses) still held, assets | 17 | 9 | 31 | 14 |
Trading non-derivative assets | Residential | ||||
Fair value, assets measured on recurring basis, level 3 fair-value category reconciliation | ||||
Balance at beginning of period, asset | 95 | 433 | 340 | 123 |
Net realized/unrealized gains (losses) included in principal transactions | 2 | 64 | 24 | 70 |
Net realized/unrealized gains (losses) included in locations other than principal transactions, assets | 0 | 0 | 0 | 0 |
Transfers into Level 3 | 5 | 10 | 74 | 214 |
Transfers out of Level 3, assets | (9) | (17) | (77) | (60) |
Purchases, assets | 19 | 67 | 220 | 341 |
Issuance, assets | 0 | 0 | 0 | 0 |
Sales, assets | (51) | (288) | (520) | (419) |
Settlements, assets | 0 | 0 | 0 | 0 |
Balance at end of period, asset | 61 | 269 | 61 | 269 |
Unrealized gains (losses) still held, assets | 3 | (1) | 17 | (6) |
Trading non-derivative assets | Commercial | ||||
Fair value, assets measured on recurring basis, level 3 fair-value category reconciliation | ||||
Balance at beginning of period, asset | 87 | 217 | 136 | 61 |
Net realized/unrealized gains (losses) included in principal transactions | 1 | 1 | 22 | 5 |
Net realized/unrealized gains (losses) included in locations other than principal transactions, assets | 0 | 0 | 0 | 0 |
Transfers into Level 3 | 17 | 13 | 93 | 156 |
Transfers out of Level 3, assets | (12) | 0 | (53) | (17) |
Purchases, assets | 36 | 24 | 60 | 113 |
Issuance, assets | 0 | 0 | 0 | 0 |
Sales, assets | (9) | (74) | (138) | (137) |
Settlements, assets | 0 | 0 | 0 | 0 |
Balance at end of period, asset | 120 | 181 | 120 | 181 |
Unrealized gains (losses) still held, assets | 1 | 0 | 2 | (13) |
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 | 558 | 746 | 503 | 194 |
Net realized/unrealized gains (losses) included in principal transactions | 23 | 74 | 67 | 10 |
Net realized/unrealized gains (losses) included in locations other than principal transactions, assets | 0 | 0 | 0 | 0 |
Transfers into Level 3 | 82 | 28 | 479 | 391 |
Transfers out of Level 3, assets | (73) | (17) | (190) | (86) |
Purchases, assets | 209 | 273 | 548 | 844 |
Issuance, assets | 0 | 0 | 0 | 0 |
Sales, assets | (186) | (388) | (794) | (637) |
Settlements, assets | 0 | 0 | 0 | 0 |
Balance at end of period, asset | 613 | 716 | 613 | 716 |
Unrealized gains (losses) still held, assets | 21 | 8 | 50 | (5) |
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 | 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 |
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 | 70 | 117 | 94 | 64 |
Net realized/unrealized gains (losses) included in principal transactions | 3 | 0 | 3 | 2 |
Net realized/unrealized gains (losses) included in locations other than principal transactions, assets | 0 | 0 | 0 | 0 |
Transfers into Level 3 | 0 | 0 | 0 | 15 |
Transfers out of Level 3, assets | 0 | 0 | (29) | (3) |
Purchases, assets | 0 | 0 | 5 | 62 |
Issuance, assets | 0 | 0 | 0 | 0 |
Sales, assets | (2) | (41) | (2) | (64) |
Settlements, assets | 0 | 0 | 0 | 0 |
Balance at end of period, asset | 71 | 76 | 71 | 76 |
Unrealized gains (losses) still held, assets | 4 | 0 | 4 | 1 |
Trading non-derivative assets | Foreign government | ||||
Fair value, assets measured on recurring basis, level 3 fair-value category reconciliation | ||||
Balance at beginning of period, asset | 141 | 26 | 51 | 52 |
Net realized/unrealized gains (losses) included in principal transactions | 26 | 1 | 31 | (27) |
Net realized/unrealized gains (losses) included in locations other than principal transactions, assets | 0 | 0 | 0 | 0 |
Transfers into Level 3 | 7 | 4 | 143 | 6 |
Transfers out of Level 3, assets | (98) | 0 | (126) | (2) |
Purchases, assets | 6 | 26 | 77 | 130 |
Issuance, assets | 0 | 0 | 0 | 0 |
Sales, assets | (49) | (16) | (143) | (118) |
Settlements, assets | 0 | 0 | 0 | 0 |
Balance at end of period, asset | 33 | 41 | 33 | 41 |
Unrealized gains (losses) still held, assets | 4 | 0 | 4 | 0 |
Trading non-derivative assets | Corporate | ||||
Fair value, assets measured on recurring basis, level 3 fair-value category reconciliation | ||||
Balance at beginning of period, asset | 823 | 399 | 375 | 313 |
Net realized/unrealized gains (losses) included in principal transactions | 3 | (25) | 78 | 265 |
Net realized/unrealized gains (losses) included in locations other than principal transactions, assets | 0 | 0 | 0 | 0 |
Transfers into Level 3 | 123 | 22 | 441 | 108 |
Transfers out of Level 3, assets | (110) | (57) | (278) | (127) |
Purchases, assets | 246 | 160 | 721 | 579 |
Issuance, assets | 0 | 2 | 0 | 2 |
Sales, assets | (544) | (227) | (796) | (860) |
Settlements, assets | 0 | 0 | 0 | (6) |
Balance at end of period, asset | 541 | 274 | 541 | 274 |
Unrealized gains (losses) still held, assets | 16 | (16) | (6) | 7 |
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 | 147 | 92 | 73 | 100 |
Net realized/unrealized gains (losses) included in principal transactions | 12 | (31) | 59 | (22) |
Net realized/unrealized gains (losses) included in locations other than principal transactions, assets | 0 | 0 | 0 | 0 |
Transfers into Level 3 | 55 | 2 | 139 | 40 |
Transfers out of Level 3, assets | (9) | 0 | (51) | (3) |
Purchases, assets | 58 | 15 | 93 | 221 |
Issuance, assets | 0 | 0 | 0 | 0 |
Sales, assets | (58) | (13) | (108) | (271) |
Settlements, assets | 0 | 0 | 0 | 0 |
Balance at end of period, asset | 205 | 65 | 205 | 65 |
Unrealized gains (losses) still held, assets | 14 | (25) | 26 | (33) |
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 | 692 | 1,785 | 1,606 | 1,177 |
Net realized/unrealized gains (losses) included in principal transactions | 101 | 14 | 349 | (88) |
Net realized/unrealized gains (losses) included in locations other than principal transactions, assets | 0 | 0 | 0 | 0 |
Transfers into Level 3 | 128 | 167 | 163 | 663 |
Transfers out of Level 3, assets | (19) | (1) | (217) | (61) |
Purchases, assets | 186 | 351 | 1,120 | 1,091 |
Issuance, assets | 0 | 0 | 0 | 0 |
Sales, assets | (424) | (488) | (2,357) | (954) |
Settlements, assets | 0 | 0 | 0 | 0 |
Balance at end of period, asset | 664 | 1,828 | 664 | 1,828 |
Unrealized gains (losses) still held, assets | (28) | 4 | (58) | (208) |
Trading non-derivative assets | Other debt securities | ||||
Fair value, assets measured on recurring basis, level 3 fair-value category reconciliation | ||||
Balance at beginning of period, asset | 555 | 797 | 945 | 555 |
Net realized/unrealized gains (losses) included in principal transactions | 138 | (24) | 156 | 196 |
Net realized/unrealized gains (losses) included in locations other than principal transactions, assets | 0 | 0 | 0 | 0 |
Transfers into Level 3 | 25 | 140 | 86 | 321 |
Transfers out of Level 3, assets | (67) | (102) | (196) | (254) |
Purchases, assets | 379 | 66 | 727 | 297 |
Issuance, assets | 0 | 5 | 4 | 19 |
Sales, assets | (115) | (84) | (803) | (321) |
Settlements, assets | 0 | (4) | (4) | (19) |
Balance at end of period, asset | 915 | 794 | 915 | 794 |
Unrealized gains (losses) still held, assets | 36 | (29) | 29 | (63) |
Investments | ||||
Fair value, assets measured on recurring basis, level 3 fair-value category reconciliation | ||||
Balance at beginning of period, asset | 2,246 | 1,496 | 1,542 | 1,259 |
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 | (69) | 10 | (68) | (45) |
Transfers into Level 3 | 235 | 2 | 824 | 390 |
Transfers out of Level 3, assets | (283) | (2) | (680) | (348) |
Purchases, assets | 120 | 85 | 801 | 553 |
Issuance, assets | 0 | 3 | 0 | 3 |
Sales, assets | (96) | (142) | (266) | (305) |
Settlements, assets | 0 | 0 | 0 | (55) |
Balance at end of period, asset | 2,153 | 1,452 | 2,153 | 1,452 |
Unrealized gains (losses) still held, assets | (65) | 21 | (145) | 23 |
Investments | Mortgage securitizations - U.S. agency-sponsored | ||||
Fair value, assets measured on recurring basis, level 3 fair-value category reconciliation | ||||
Balance at beginning of period, asset | 52 | 30 | 30 | 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 | 0 | 0 | 2 | (5) |
Transfers into Level 3 | 20 | 0 | 42 | 1 |
Transfers out of Level 3, assets | (10) | 0 | (10) | 1 |
Purchases, assets | 0 | 0 | 3 | 1 |
Issuance, assets | 0 | 0 | 0 | 0 |
Sales, assets | (10) | 0 | (15) | 0 |
Settlements, assets | 0 | 0 | 0 | 0 |
Balance at end of period, asset | 52 | 30 | 52 | 30 |
Unrealized gains (losses) still held, assets | 0 | (27) | (53) | (64) |
Investments | Residential | ||||
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 | 12 | 0 | 12 | 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 | 12 | 0 | 12 | 0 |
Unrealized gains (losses) still held, assets | 0 | 8 | 0 | 8 |
Investments | Commercial | ||||
Fair value, assets measured on recurring basis, level 3 fair-value category reconciliation | ||||
Balance at beginning of period, asset | 0 | 0 | ||
Net realized/unrealized gains (losses) included in principal transactions | 0 | 0 | ||
Net realized/unrealized gains (losses) included in locations other than principal transactions, assets | 0 | 0 | ||
Transfers into Level 3 | 0 | 0 | ||
Transfers out of Level 3, assets | 0 | 0 | ||
Purchases, assets | 0 | 0 | ||
Issuance, assets | 0 | 0 | ||
Sales, assets | 0 | 0 | ||
Settlements, assets | 0 | 0 | ||
Balance at end of period, asset | 0 | 0 | ||
Unrealized gains (losses) still held, assets | 0 | 0 | ||
Investments | Mortgage-backed securities | ||||
Fair value, assets measured on recurring basis, level 3 fair-value category reconciliation | ||||
Balance at beginning of period, asset | 52 | 30 | 30 | 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 | 0 | 0 | 2 | (5) |
Transfers into Level 3 | 20 | 0 | 42 | 1 |
Transfers out of Level 3, assets | (10) | 0 | (10) | 1 |
Purchases, assets | 12 | 0 | 15 | 1 |
Issuance, assets | 0 | 0 | 0 | 0 |
Sales, assets | (10) | 0 | (15) | 0 |
Settlements, assets | 0 | 0 | 0 | 0 |
Balance at end of period, asset | 64 | 30 | 64 | 30 |
Unrealized gains (losses) still held, assets | 0 | (19) | (53) | (56) |
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 | 748 | 825 | 834 | 623 |
Net realized/unrealized gains (losses) included in principal transactions | 0 | 0 | 0 | 0 |
Net realized/unrealized gains (losses) included in locations other than principal transactions, assets | (6) | (5) | (16) | (12) |
Transfers into Level 3 | 0 | 2 | 58 | 312 |
Transfers out of Level 3, assets | 0 | 0 | (108) | (131) |
Purchases, assets | 2 | 19 | 5 | 114 |
Issuance, assets | 0 | 0 | 0 | 0 |
Sales, assets | (9) | (16) | (38) | (81) |
Settlements, assets | 0 | 0 | 0 | 0 |
Balance at end of period, asset | 735 | 825 | 735 | 825 |
Unrealized gains (losses) still held, assets | (6) | 25 | (12) | 50 |
Investments | Foreign government | ||||
Fair value, assets measured on recurring basis, level 3 fair-value category reconciliation | ||||
Balance at beginning of period, asset | 957 | 196 | 268 | 96 |
Net realized/unrealized gains (losses) included in principal transactions | 0 | 0 | 0 | 0 |
Net realized/unrealized gains (losses) included in locations other than principal transactions, assets | (25) | 3 | (24) | 8 |
Transfers into Level 3 | 63 | 0 | 503 | 27 |
Transfers out of Level 3, assets | (232) | 0 | (521) | (64) |
Purchases, assets | 99 | 66 | 744 | 274 |
Issuance, assets | 0 | 0 | 0 | 0 |
Sales, assets | (50) | (76) | (158) | (152) |
Settlements, assets | 0 | 0 | 0 | 0 |
Balance at end of period, asset | 812 | 189 | 812 | 189 |
Unrealized gains (losses) still held, assets | (6) | 0 | (4) | 0 |
Investments | Corporate | ||||
Fair value, assets measured on recurring basis, level 3 fair-value category reconciliation | ||||
Balance at beginning of period, asset | 104 | 106 | 60 | 45 |
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) | 0 | (13) | 2 |
Transfers into Level 3 | 151 | 0 | 183 | 49 |
Transfers out of Level 3, assets | (41) | 0 | (41) | (152) |
Purchases, assets | 7 | 0 | 37 | 162 |
Issuance, assets | 0 | 0 | 0 | 0 |
Sales, assets | (27) | (50) | (34) | (50) |
Settlements, assets | 0 | 0 | 0 | 0 |
Balance at end of period, asset | 192 | 56 | 192 | 56 |
Unrealized gains (losses) still held, assets | 0 | 0 | 2 | 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 | 1 | 0 | |
Net realized/unrealized gains (losses) included in principal transactions | 0 | 0 | 0 | |
Net realized/unrealized gains (losses) included in locations other than principal transactions, assets | 0 | (1) | (1) | |
Transfers into Level 3 | 0 | 0 | 1 | |
Transfers out of Level 3, assets | 0 | 0 | 0 | |
Purchases, assets | 0 | 0 | 0 | |
Issuance, assets | 0 | 0 | 0 | |
Sales, assets | 0 | 0 | 0 | |
Settlements, assets | 0 | 0 | 0 | |
Balance at end of period, asset | 0 | 0 | 0 | 0 |
Unrealized gains (losses) still held, assets | 0 | (1) | (1) | |
Investments | Asset-backed securities | ||||
Fair value, assets measured on recurring basis, level 3 fair-value category reconciliation | ||||
Balance at beginning of period, asset | 3 | 6 | 1 | 22 |
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 | (4) | (21) | (1) |
Transfers into Level 3 | 0 | 0 | 36 | 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 | (13) | (19) |
Settlements, assets | 0 | 0 | 0 | 0 |
Balance at end of period, asset | 3 | 2 | 3 | 2 |
Unrealized gains (losses) still held, assets | 0 | 0 | (25) | 6 |
Investments | Other debt securities | ||||
Fair value, assets measured on recurring basis, level 3 fair-value category reconciliation | ||||
Balance at beginning of period, asset | 0 | 0 | 0 | |
Net realized/unrealized gains (losses) included in principal transactions | 0 | 0 | 0 | |
Net realized/unrealized gains (losses) included in locations other than principal transactions, assets | 0 | 0 | 0 | |
Transfers into Level 3 | 0 | 0 | 0 | |
Transfers out of Level 3, assets | 0 | 0 | 0 | |
Purchases, assets | 0 | 0 | 0 | |
Issuance, assets | 0 | 0 | 0 | |
Sales, assets | 0 | 0 | 0 | |
Settlements, assets | 0 | 0 | 0 | |
Balance at end of period, asset | 0 | 0 | 0 | 0 |
Unrealized gains (losses) still held, assets | 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 | 382 | 332 | 349 | 441 |
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 | (36) | 17 | 4 | (36) |
Transfers into Level 3 | 1 | 0 | 2 | 0 |
Transfers out of Level 3, assets | 0 | (2) | 0 | (2) |
Purchases, assets | 0 | 0 | 0 | 2 |
Issuance, assets | 0 | 3 | 0 | 3 |
Sales, assets | 0 | 0 | (8) | (3) |
Settlements, assets | 0 | 0 | 0 | (55) |
Balance at end of period, asset | 347 | 350 | 347 | 350 |
Unrealized gains (losses) still held, assets | (53) | 16 | (53) | 24 |
Loans | ||||
Fair value, assets measured on recurring basis, level 3 fair-value category reconciliation | ||||
Balance at beginning of period, asset | 429 | 978 | 1,985 | 402 |
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 | (16) | 567 | 332 | 935 |
Transfers into Level 3 | 0 | 138 | 271 | 355 |
Transfers out of Level 3, assets | (20) | 0 | (2,071) | (6) |
Purchases, assets | 0 | 0 | 0 | 0 |
Issuance, assets | 336 | 0 | 337 | 0 |
Sales, assets | 0 | 0 | 0 | 0 |
Settlements, assets | (7) | (2) | (132) | (5) |
Balance at end of period, asset | 722 | 1,681 | 722 | 1,681 |
Unrealized gains (losses) still held, assets | 14 | 573 | 111 | 1,026 |
Fair value, Derivative assets (liabilities) measured on recurring basis, level 3 fair-value category reconciliation | ||||
Transfers out of Level 3 | (2,000) | |||
Mortgage servicing rights | ||||
Fair value, assets measured on recurring basis, level 3 fair-value category reconciliation | ||||
Balance at beginning of period, asset | 419 | 345 | 336 | 495 |
Net realized/unrealized gains (losses) included in principal transactions | 0 | 0 | 0 | 0 |
Net realized/unrealized gains (losses) included in locations other than principal transactions, assets | (3) | (22) | 49 | (191) |
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 | 8 | 31 | 76 | 87 |
Sales, assets | 0 | 0 | 0 | 0 |
Settlements, assets | (15) | (20) | (52) | (57) |
Balance at end of period, asset | 409 | 334 | 409 | 334 |
Unrealized gains (losses) still held, assets | (3) | (14) | 50 | (161) |
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 | 55 | 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 | 3 | (3) | 3 | 11 |
Transfers into Level 3 | 10 | 19 | 65 | 19 |
Transfers out of Level 3, assets | (4) | 0 | (4) | 0 |
Purchases, assets | 33 | 0 | 33 | 0 |
Issuance, assets | 0 | (13) | 0 | (19) |
Sales, assets | (11) | (3) | (11) | (8) |
Settlements, assets | 0 | 0 | 0 | (4) |
Balance at end of period, asset | 86 | 0 | 86 | 0 |
Unrealized gains (losses) still held, assets | $ 0 | $ (11) | $ 0 | $ 9 |
FAIR VALUE MEASUREMENT - Leve_2
FAIR VALUE MEASUREMENT - Level 3 Fair Value Rollforward Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Loans | ||||
Fair value, assets and liabilities measured on recurring basis, level 3 fair-value category disclosures | ||||
Assets (liabilities) transferred out of Level 3 | $ 2,000 | |||
Long-term debt | ||||
Fair value, assets and liabilities measured on recurring basis, level 3 fair-value category disclosures | ||||
Assets (liabilities) transferred out of Level 3 | $ (1,100) | (7,100) | ||
Transfers into Level 3, liabilities | 2,052 | $ 1,396 | 6,921 | $ 6,459 |
Long-term debt | Option Volatility | ||||
Fair value, assets and liabilities measured on recurring basis, level 3 fair-value category disclosures | ||||
Transfers into Level 3, liabilities | 5,900 | |||
Long-term debt | Equity Volatility | ||||
Fair value, assets and liabilities measured on recurring basis, level 3 fair-value category disclosures | ||||
Transfers into Level 3, liabilities | 900 | |||
Trading account assets and liabilities | ||||
Fair value, assets and liabilities measured on recurring basis, level 3 fair-value category disclosures | ||||
Assets (liabilities) transferred out of Level 3 | (924) | 33 | (1,459) | 216 |
Transfers into Level 3, derivative asset | (499) | (66) | (891) | 1,332 |
Trading account assets and liabilities | Interest rate contracts | ||||
Fair value, assets and liabilities measured on recurring basis, level 3 fair-value category disclosures | ||||
Assets (liabilities) transferred out of Level 3 | (56) | 7 | (377) | 9 |
Transfers into Level 3, derivative asset | (79) | (17) | 94 | 1,597 |
Trading account assets and liabilities | Equity contracts | ||||
Fair value, assets and liabilities measured on recurring basis, level 3 fair-value category disclosures | ||||
Assets (liabilities) transferred out of Level 3 | (668) | 69 | (1,566) | (167) |
Transfers into Level 3, liabilities | 1,000 | |||
Transfers into Level 3, derivative asset | $ (370) | $ (41) | $ (968) | $ (432) |
FAIR VALUE MEASUREMENT - Valuat
FAIR VALUE MEASUREMENT - Valuation Techniques and Inputs for Level 3 Fair Value Measurements (Details) | Sep. 30, 2021USD ($)year | Dec. 31, 2020USD ($)year |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Marketable equity securities | $ 918,000,000 | $ 1,066,000,000 |
Model-based | Level 3 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Securities borrowed and purchased under agreements to resell | 257,000,000 | 320,000,000 |
State and municipal, foreign government, corporate and other debt securities | 904,000,000 | 852,000,000 |
Marketable equity securities | 41,000,000 | 36,000,000 |
Non-marketable equities | 67,000,000 | |
Loans and leases | 656,000,000 | 1,804,000,000 |
Mortgage servicing rights | 76,000,000 | 78,000,000 |
Interest-bearing deposits | 149,000,000 | 206,000,000 |
Securities loaned and sold under agreement to repurchase | 656,000,000 | 631,000,000 |
Securities sold, not yet purchased and other trading liabilities | 178,000,000 | |
Short-term borrowings and long-term debt | 25,792,000,000 | 24,827,000,000 |
Model-based | Level 3 | Interest rate contracts (gross) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 4,681,000,000 | 5,143,000,000 |
Model-based | Level 3 | Foreign exchange contracts (gross) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 1,219,000,000 | 1,296,000,000 |
Model-based | Level 3 | Equity contracts (gross) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 5,400,000,000 | 7,330,000,000 |
Model-based | Level 3 | Commodity and other contracts (gross) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 1,985,000,000 | 1,636,000,000 |
Model-based | Level 3 | Credit derivatives (gross) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 1,111,000,000 | 1,854,000,000 |
Price-based | Level 3 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Mortgage-backed securities | 244,000,000 | 344,000,000 |
State and municipal, foreign government, corporate and other debt securities | 2,223,000,000 | 1,566,000,000 |
Marketable equity securities | 139,000,000 | 36,000,000 |
Asset-backed securities | 360,000,000 | 863,000,000 |
Non-marketable equities | 114,000,000 | 142,000,000 |
Nontrading derivatives and other financial assets and liabilities measured on a recurring basis (gross) | 87,000,000 | |
Securities sold, not yet purchased and other trading liabilities | 81,000,000 | 62,000,000 |
Price-based | Level 3 | Credit derivatives (gross) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 458,000,000 | 408,000,000 |
Yield analysis | Level 3 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Mortgage-backed securities | 376,000,000 | 168,000,000 |
Asset-backed securities | 307,000,000 | 744,000,000 |
Comparable analysis | Level 3 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Marketable equity securities | 25,000,000 | |
Non-marketable equities | 166,000,000 | 205,000,000 |
Cash flow | Level 3 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Mortgage servicing rights | $ 333,000,000 | $ 258,000,000 |
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 | |
Minimum | Model-based | Level 3 | Credit Spread | Credit derivatives (gross) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.0005 | 0.000350 |
Minimum | Model-based | Level 3 | Interest Rate | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Securities borrowed and purchased under agreements to resell | 0.27% | 0.30% |
Securities loaned and sold under agreement to repurchase | 0.0013 | 0.0008 |
Minimum | Model-based | Level 3 | Interest Rate | Foreign exchange contracts (gross) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.0243 | 0.0084 |
Minimum | Model-based | Level 3 | Price | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Marketable equity securities | $ 0 | |
Non-marketable equities | $ 43.43 | |
Minimum | Model-based | Level 3 | Illiquidity Discount | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Marketable equity securities | 0.2000 | |
Minimum | Model-based | Level 3 | Adjustment Factor | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Non-marketable equities | 0 | |
Minimum | Model-based | Level 3 | EBITDA Multiples | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Non-marketable equities | 4.60 | |
Minimum | Model-based | Level 3 | Revenue Multiple | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Non-marketable equities | 13 | |
Minimum | Model-based | Level 3 | IR Normal Volatility | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Interest-bearing deposits | 0.0014 | 0.0011 |
Short-term borrowings and long-term debt | 0.0011 | 0.0011 |
Minimum | Model-based | Level 3 | IR Normal Volatility | Interest rate contracts (gross) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.0005 | 0.0011 |
Minimum | Model-based | Level 3 | IR Normal Volatility | Foreign exchange contracts (gross) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.0011 | 0.0011 |
Minimum | Model-based | Level 3 | Inflation Volatility | Interest rate contracts (gross) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.0026 | 0.0027 |
Minimum | Model-based | Level 3 | FX Volatility | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Short-term borrowings and long-term debt | 0 | |
Minimum | Model-based | Level 3 | FX Volatility | Foreign exchange contracts (gross) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.0076 | 0.0170 |
Minimum | Model-based | Level 3 | IR-FX Correlation | Foreign exchange contracts (gross) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.4000 | |
Minimum | Model-based | Level 3 | IR-IR Correlation | Foreign exchange contracts (gross) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | (0.2171) | |
Minimum | Model-based | Level 3 | Equity - Equity Correlation | Equity contracts (gross) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | (0.4000) | |
Minimum | Model-based | Level 3 | Equity-IR Correlation | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Short-term borrowings and long-term debt | (0.1300) | |
Minimum | Model-based | Level 3 | IR Lognormal Volatility | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Securities sold, not yet purchased and other trading liabilities | 0.5206 | |
Minimum | Model-based | Level 3 | Equity Forward | Equity contracts (gross) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.5778 | |
Minimum | Model-based | Level 3 | Equity - FX Correlation | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Short-term borrowings and long-term debt | (0.8010) | |
Minimum | Model-based | Level 3 | Equity - FX Correlation | Equity contracts (gross) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | (0.8010) | |
Minimum | Model-based | Level 3 | Forward Price | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Short-term borrowings and long-term debt | 0.1540 | |
Minimum | Model-based | Level 3 | Forward Price | Equity contracts (gross) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.6588 | |
Minimum | Model-based | Level 3 | Forward Price | Commodity and other contracts (gross) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.3749 | 0.1540 |
Minimum | Model-based | Level 3 | Commodity Correlation | Commodity and other contracts (gross) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | (0.5082) | (0.4492) |
Minimum | Model-based | Level 3 | Equity Volatility | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
State and municipal, foreign government, corporate and other debt securities | 0 | |
Loans and leases | 0.2342 | 0.2465 |
Short-term borrowings and long-term debt | 0 | |
Minimum | Model-based | Level 3 | Equity Volatility | Equity contracts (gross) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0 | 0.0500 |
Minimum | Model-based | Level 3 | WAL | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Mortgage servicing rights | year | 3.26 | 2.66 |
Minimum | Model-based | Level 3 | Commodity Volatility | Commodity and other contracts (gross) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.1100 | 0.0016 |
Minimum | Model-based | Level 3 | Contingent Event | Foreign exchange contracts (gross) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 1 | |
Minimum | Price-based | Level 3 | Interest Rate | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Securities sold, not yet purchased and other trading liabilities | 0.1003 | |
Minimum | Price-based | Level 3 | Price | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Mortgage-backed securities | $ 4.41 | $ 30 |
State and municipal, foreign government, corporate and other debt securities | 0.01 | 0 |
Marketable equity securities | 0 | |
Asset-backed securities | 5.70 | 2 |
Non-marketable equities | 136 | |
Nontrading derivatives and other financial assets and liabilities measured on a recurring basis (gross) | 5.63 | |
Securities sold, not yet purchased and other trading liabilities | 0 | $ 0 |
Minimum | Price-based | Level 3 | Price | Credit derivatives (gross) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | $ 40 | |
Minimum | Price-based | Level 3 | PE Ratio | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Non-marketable equities | 11.20 | |
Minimum | Price-based | Level 3 | Adjustment Factor | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Non-marketable equities | 0.20 | |
Minimum | Price-based | Level 3 | EBITDA Multiples | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Non-marketable equities | 3.30 | |
Minimum | Price-based | Level 3 | Revenue Multiple | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Non-marketable equities | 2.70 | |
Minimum | Price-based | Level 3 | WAL | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Marketable equity securities | year | 1.48 | |
Minimum | Price-based | Level 3 | Recovery | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Marketable equity securities | $ 5,733,000,000 | |
Minimum | Price-based | Level 3 | Credit Correlation | Credit derivatives (gross) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.2500 | 0.2500 |
Minimum | Price-based | Level 3 | Upfront Points | Credit derivatives (gross) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.0454 | 0 |
Minimum | Price-based | Level 3 | Recovery Rate | Credit derivatives (gross) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.2500 | 0.2000 |
Minimum | Price-based | Level 3 | Appraised Value | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Non-marketable equities | $ 287,000 | |
Minimum | Yield analysis | Level 3 | Yield | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Mortgage-backed securities | 2.10% | 2.63% |
Asset-backed securities | 2.76% | 3.77% |
Minimum | Comparable analysis | Level 3 | Illiquidity Discount | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Non-marketable equities | 100,000 | 0.1000 |
Minimum | Comparable analysis | Level 3 | PE Ratio | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Non-marketable equities | 13.60 | |
Minimum | Comparable analysis | Level 3 | Revenue Multiple | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Marketable equity securities | 6.40 | |
Minimum | Comparable analysis | Level 3 | WAL | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Marketable equity securities | year | 1.99 | |
Minimum | Comparable analysis | Level 3 | Recovery | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Marketable equity securities | $ 5,733,000,000 | |
Minimum | Cash flow | Level 3 | Yield | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Mortgage servicing rights | 0.0200 | 0.0286 |
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 | 0.0375 | |
Maximum | Model-based | Level 3 | Credit Spread | Credit derivatives (gross) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.0625 | 0.035235 |
Maximum | Model-based | Level 3 | Interest Rate | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Securities borrowed and purchased under agreements to resell | 0.64% | 0.35% |
Securities loaned and sold under agreement to repurchase | 0.0234 | 0.0186 |
Maximum | Model-based | Level 3 | Interest Rate | Foreign exchange contracts (gross) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.0804 | 0.8409 |
Maximum | Model-based | Level 3 | Price | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Marketable equity securities | $ 31,000 | |
Non-marketable equities | $ 1,684 | |
Maximum | Model-based | Level 3 | Illiquidity Discount | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Marketable equity securities | 0.2100 | |
Maximum | Model-based | Level 3 | Adjustment Factor | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Non-marketable equities | 0.70 | |
Maximum | Model-based | Level 3 | EBITDA Multiples | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Non-marketable equities | 18.30 | |
Maximum | Model-based | Level 3 | Revenue Multiple | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Non-marketable equities | 25.10 | |
Maximum | Model-based | Level 3 | IR Normal Volatility | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Interest-bearing deposits | 0.0078 | 0.0073 |
Short-term borrowings and long-term debt | 0.0078 | 0.0073 |
Maximum | Model-based | Level 3 | IR Normal Volatility | Interest rate contracts (gross) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.0078 | 0.0073 |
Maximum | Model-based | Level 3 | IR Normal Volatility | Foreign exchange contracts (gross) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.0059 | 0.0052 |
Maximum | Model-based | Level 3 | Inflation Volatility | Interest rate contracts (gross) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.0271 | 0.0236 |
Maximum | Model-based | Level 3 | FX Volatility | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Short-term borrowings and long-term debt | 0.3257 | |
Maximum | Model-based | Level 3 | FX Volatility | Foreign exchange contracts (gross) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.4160 | 0.1263 |
Maximum | Model-based | Level 3 | IR-FX Correlation | Foreign exchange contracts (gross) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.6000 | |
Maximum | Model-based | Level 3 | IR-IR Correlation | Foreign exchange contracts (gross) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.4000 | |
Maximum | Model-based | Level 3 | Equity - Equity Correlation | Equity contracts (gross) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.9900 | |
Maximum | Model-based | Level 3 | Equity-IR Correlation | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Short-term borrowings and long-term debt | 0.6000 | |
Maximum | Model-based | Level 3 | IR Lognormal Volatility | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Securities sold, not yet purchased and other trading liabilities | 1.2887 | |
Maximum | Model-based | Level 3 | Equity Forward | Equity contracts (gross) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 1.2780 | |
Maximum | Model-based | Level 3 | Equity - FX Correlation | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Short-term borrowings and long-term debt | 0.8000 | |
Maximum | Model-based | Level 3 | Equity - FX Correlation | Equity contracts (gross) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.8000 | |
Maximum | Model-based | Level 3 | Forward Price | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Short-term borrowings and long-term debt | 2.6200 | |
Maximum | Model-based | Level 3 | Forward Price | Equity contracts (gross) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 1.0520 | |
Maximum | Model-based | Level 3 | Forward Price | Commodity and other contracts (gross) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 6.1933 | 2.6200 |
Maximum | Model-based | Level 3 | Commodity Correlation | Commodity and other contracts (gross) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.9195 | 0.9591 |
Maximum | Model-based | Level 3 | Equity Volatility | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
State and municipal, foreign government, corporate and other debt securities | 2.8678 | |
Loans and leases | 0.6396 | 0.8309 |
Short-term borrowings and long-term debt | 2.8678 | |
Maximum | Model-based | Level 3 | Equity Volatility | Equity contracts (gross) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 2.8678 | 0.9143 |
Maximum | Model-based | Level 3 | WAL | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Mortgage servicing rights | year | 6.68 | 5.40 |
Maximum | Model-based | Level 3 | Commodity Volatility | Commodity and other contracts (gross) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 1.3000 | 0.8017 |
Maximum | Model-based | Level 3 | Contingent Event | Foreign exchange contracts (gross) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 1 | |
Maximum | Price-based | Level 3 | Interest Rate | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Securities sold, not yet purchased and other trading liabilities | 0.2007 | |
Maximum | Price-based | Level 3 | Price | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Mortgage-backed securities | $ 120.77 | $ 111 |
State and municipal, foreign government, corporate and other debt securities | 1,024.98 | 2,265 |
Marketable equity securities | 73,000 | |
Asset-backed securities | 3,450 | 157 |
Non-marketable equities | 2,041 | |
Nontrading derivatives and other financial assets and liabilities measured on a recurring basis (gross) | 252.23 | |
Securities sold, not yet purchased and other trading liabilities | 12,100 | $ 866 |
Maximum | Price-based | Level 3 | Price | Credit derivatives (gross) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | $ 102.88 | |
Maximum | Price-based | Level 3 | PE Ratio | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Non-marketable equities | 29.60 | |
Maximum | Price-based | Level 3 | Adjustment Factor | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Non-marketable equities | 0.61 | |
Maximum | Price-based | Level 3 | EBITDA Multiples | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Non-marketable equities | 36.70 | |
Maximum | Price-based | Level 3 | Revenue Multiple | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Non-marketable equities | 28 | |
Maximum | Price-based | Level 3 | WAL | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Marketable equity securities | year | 1.48 | |
Maximum | Price-based | Level 3 | Recovery | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Marketable equity securities | $ 5,733,000,000 | |
Maximum | Price-based | Level 3 | Credit Correlation | Credit derivatives (gross) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.8000 | 0.8000 |
Maximum | Price-based | Level 3 | Upfront Points | Credit derivatives (gross) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.9997 | 1.0720 |
Maximum | Price-based | Level 3 | Recovery Rate | Credit derivatives (gross) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.7500 | 0.6000 |
Maximum | Price-based | Level 3 | Appraised Value | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Non-marketable equities | $ 39,745,000 | |
Maximum | Yield analysis | Level 3 | Yield | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Mortgage-backed securities | 17.85% | 21.80% |
Asset-backed securities | 21.13% | 21.77% |
Maximum | Comparable analysis | Level 3 | Illiquidity Discount | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Non-marketable equities | 350,000 | 0.4500 |
Maximum | Comparable analysis | Level 3 | PE Ratio | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Non-marketable equities | 28 | |
Maximum | Comparable analysis | Level 3 | Revenue Multiple | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Marketable equity securities | 6.40 | |
Maximum | Comparable analysis | Level 3 | WAL | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Marketable equity securities | year | 1.99 | |
Maximum | Comparable analysis | Level 3 | Recovery | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Marketable equity securities | $ 5,733,000,000 | |
Maximum | Cash flow | Level 3 | Yield | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Mortgage servicing rights | 0.1400 | 0.1600 |
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 | 0.0226 | |
Weighted Average | Model-based | Level 3 | Credit Spread | Credit derivatives (gross) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.0066 | 0.009989 |
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 | 0.46% | 0.32% |
Securities loaned and sold under agreement to repurchase | 0.0162 | 0.0071 |
Weighted Average | Model-based | Level 3 | Interest Rate | Foreign exchange contracts (gross) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.0639 | 0.1755 |
Weighted Average | Model-based | Level 3 | Price | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Marketable equity securities | $ 5,132 | |
Non-marketable equities | $ 1,219.39 | |
Weighted Average | Model-based | Level 3 | Illiquidity Discount | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Marketable equity securities | 0.2031 | |
Weighted Average | Model-based | Level 3 | Adjustment Factor | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Non-marketable equities | 0.32 | |
Weighted Average | Model-based | Level 3 | EBITDA Multiples | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Non-marketable equities | 12.89 | |
Weighted Average | Model-based | Level 3 | Revenue Multiple | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Non-marketable equities | 18.54 | |
Weighted Average | Model-based | Level 3 | IR Normal Volatility | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Interest-bearing deposits | 0.0062 | 0.0054 |
Short-term borrowings and long-term debt | 0.0056 | 0.0051 |
Weighted Average | Model-based | Level 3 | IR Normal Volatility | Interest rate contracts (gross) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.0057 | 0.0052 |
Weighted Average | Model-based | Level 3 | IR Normal Volatility | Foreign exchange contracts (gross) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.0051 | 0.0046 |
Weighted Average | Model-based | Level 3 | Inflation Volatility | Interest rate contracts (gross) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.0122 | 0.0078 |
Weighted Average | Model-based | Level 3 | FX Volatility | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Short-term borrowings and long-term debt | 0.0968 | |
Weighted Average | Model-based | Level 3 | FX Volatility | Foreign exchange contracts (gross) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.1025 | 0.0541 |
Weighted Average | Model-based | Level 3 | IR-FX Correlation | Foreign exchange contracts (gross) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.5000 | |
Weighted Average | Model-based | Level 3 | IR-IR Correlation | Foreign exchange contracts (gross) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.3809 | |
Weighted Average | Model-based | Level 3 | Equity - Equity Correlation | Equity contracts (gross) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.8051 | |
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 | 0.2919 | |
Weighted Average | Model-based | Level 3 | IR Lognormal Volatility | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Securities sold, not yet purchased and other trading liabilities | 0.8982 | |
Weighted Average | Model-based | Level 3 | Equity Forward | Equity contracts (gross) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.8935 | |
Weighted Average | Model-based | Level 3 | Equity - FX Correlation | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Short-term borrowings and long-term debt | (0.1034) | |
Weighted Average | Model-based | Level 3 | Equity - FX Correlation | Equity contracts (gross) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | (0.1034) | |
Weighted Average | Model-based | Level 3 | Forward Price | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Short-term borrowings and long-term debt | 0.9248 | |
Weighted Average | Model-based | Level 3 | Forward Price | Equity contracts (gross) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.9182 | |
Weighted Average | Model-based | Level 3 | Forward Price | Commodity and other contracts (gross) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.9931 | 0.9853 |
Weighted Average | Model-based | Level 3 | Commodity Correlation | Commodity and other contracts (gross) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | (0.0071) | 0.7060 |
Weighted Average | Model-based | Level 3 | Equity Volatility | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
State and municipal, foreign government, corporate and other debt securities | 0.2308 | |
Loans and leases | 0.3698 | 0.5823 |
Short-term borrowings and long-term debt | 0.2317 | |
Weighted Average | Model-based | Level 3 | Equity Volatility | Equity contracts (gross) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.3561 | 0.4274 |
Weighted Average | Model-based | Level 3 | WAL | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Mortgage servicing rights | year | 5.68 | 4.46 |
Weighted Average | Model-based | Level 3 | Commodity Volatility | Commodity and other contracts (gross) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.2504 | 0.2372 |
Weighted Average | Model-based | Level 3 | Contingent Event | Foreign exchange contracts (gross) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 1 | |
Weighted Average | Price-based | Level 3 | Interest Rate | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Securities sold, not yet purchased and other trading liabilities | 0.1370 | |
Weighted Average | Price-based | Level 3 | Price | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Mortgage-backed securities | $ 50.04 | $ 80 |
State and municipal, foreign government, corporate and other debt securities | 188.92 | 90 |
Marketable equity securities | 6,027.91 | |
Asset-backed securities | 447 | 59 |
Non-marketable equities | 1,647 | |
Nontrading derivatives and other financial assets and liabilities measured on a recurring basis (gross) | 152.32 | |
Securities sold, not yet purchased and other trading liabilities | 1,378 | $ 80 |
Weighted Average | Price-based | Level 3 | Price | Credit derivatives (gross) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | $ 79.01 | |
Weighted Average | Price-based | Level 3 | PE Ratio | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Non-marketable equities | 16.62 | |
Weighted Average | Price-based | Level 3 | Adjustment Factor | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Non-marketable equities | 0.25 | |
Weighted Average | Price-based | Level 3 | EBITDA Multiples | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Non-marketable equities | 15.10 | |
Weighted Average | Price-based | Level 3 | Revenue Multiple | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Non-marketable equities | 8.92 | |
Weighted Average | Price-based | Level 3 | WAL | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Marketable equity securities | year | 1.48 | |
Weighted Average | Price-based | Level 3 | Recovery | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Marketable equity securities | $ 5,733,000,000 | |
Weighted Average | Price-based | Level 3 | Credit Correlation | Credit derivatives (gross) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.5225 | 0.4336 |
Weighted Average | Price-based | Level 3 | Upfront Points | Credit derivatives (gross) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.5938 | 0.4810 |
Weighted Average | Price-based | Level 3 | Recovery Rate | Credit derivatives (gross) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.4225 | 0.4160 |
Weighted Average | Price-based | Level 3 | Appraised Value | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Non-marketable equities | $ 21,754,000 | |
Weighted Average | Yield analysis | Level 3 | Yield | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Mortgage-backed securities | 5.62% | 10.13% |
Asset-backed securities | 7.25% | 9.01% |
Weighted Average | Comparable analysis | Level 3 | Illiquidity Discount | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Non-marketable equities | 274,000 | 0.2529 |
Weighted Average | Comparable analysis | Level 3 | PE Ratio | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Non-marketable equities | 22.83 | |
Weighted Average | Comparable analysis | Level 3 | Revenue Multiple | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Marketable equity securities | 6.40 | |
Weighted Average | Comparable analysis | Level 3 | WAL | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Marketable equity securities | year | 1.99 | |
Weighted Average | Comparable analysis | Level 3 | Recovery | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Marketable equity securities | $ 5,733,000,000 | |
Weighted Average | Cash flow | Level 3 | Yield | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Mortgage servicing rights | 0.0670 | 0.0632 |
FAIR VALUE MEASUREMENT - Item_2
FAIR VALUE MEASUREMENT - Items Measured at Fair Value on a Nonrecurring Basis (Details) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Items Measured at Fair Value on a Nonrecurring Basis | ||
Non-marketable equity securities measured using the measurement alternative | $ 7,220 | $ 7,332 |
Nonrecurring | Level 2 | ||
Items Measured at Fair Value on a Nonrecurring Basis | ||
Loans held-for-sale | 368 | 478 |
Other real estate owned | 0 | 4 |
Loans | 0 | 679 |
Non-marketable equity securities measured using the measurement alternative | 44 | 312 |
Total assets | 412 | 1,473 |
Nonrecurring | Level 3 | ||
Items Measured at Fair Value on a Nonrecurring Basis | ||
Loans held-for-sale | 508 | 2,897 |
Other real estate owned | 5 | 13 |
Loans | 224 | 336 |
Non-marketable equity securities measured using the measurement alternative | 189 | 3 |
Total assets | 926 | 3,249 |
Fair value | Nonrecurring | ||
Items Measured at Fair Value on a Nonrecurring Basis | ||
Loans held-for-sale | 876 | 3,375 |
Other real estate owned | 5 | 17 |
Loans | 224 | 1,015 |
Non-marketable equity securities measured using the measurement alternative | 233 | 315 |
Total assets | $ 1,338 | $ 4,722 |
FAIR VALUE MEASUREMENT - Valu_2
FAIR VALUE MEASUREMENT - Valuation Techniques and Inputs for Level 3 Nonrecurring Fair Value Measurements (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
Level 3 | Price-based | |||||
Valuation techniques and inputs | |||||
Non-marketable equities | $ 114,000,000 | $ 114,000,000 | $ 142,000,000 | ||
Nonrecurring | |||||
Nonrecurring fair value changes included in earnings | |||||
Nonrecurring fair value measurements included in earnings | 49,000,000 | $ (20,000,000) | 374,000,000 | $ (257,000,000) | |
Nonrecurring | Level 3 | |||||
Valuation techniques and inputs | |||||
Loans held-for-sale | 508,000,000 | 508,000,000 | 2,897,000,000 | ||
Nonrecurring | Level 3 | Price-based | |||||
Valuation techniques and inputs | |||||
Loans held-for-sale | 508,000,000 | 508,000,000 | 2,683,000,000 | ||
Other real estate owned | 7,000,000 | ||||
Loans | 192,000,000 | 192,000,000 | 147,000,000 | ||
Non-marketable equities | 189,000,000 | 189,000,000 | |||
Nonrecurring | Level 3 | Recovery analysis | |||||
Valuation techniques and inputs | |||||
Other real estate owned | 5,000,000 | 5,000,000 | 4,000,000 | ||
Loans | 32,000,000 | 32,000,000 | 73,000,000 | ||
Price | Level 3 | Price-based | Minimum | |||||
Valuation techniques and inputs | |||||
Non-marketable equities | 136 | ||||
Price | Level 3 | Price-based | Maximum | |||||
Valuation techniques and inputs | |||||
Non-marketable equities | 2,041 | ||||
Price | Level 3 | Price-based | Weighted Average | |||||
Valuation techniques and inputs | |||||
Non-marketable equities | 1,647 | ||||
Price | Nonrecurring | Level 3 | Price-based | Minimum | |||||
Valuation techniques and inputs | |||||
Loans held-for-sale | 90 | 90 | 79 | ||
Loans | 2 | ||||
Non-marketable equities | 8.48 | 8.48 | |||
Price | Nonrecurring | Level 3 | Price-based | Maximum | |||||
Valuation techniques and inputs | |||||
Loans held-for-sale | 100 | 100 | 100 | ||
Loans | 49 | ||||
Non-marketable equities | 1,951.67 | 1,951.67 | |||
Price | Nonrecurring | Level 3 | Price-based | Weighted Average | |||||
Valuation techniques and inputs | |||||
Loans held-for-sale | 98.37 | 98.37 | 98 | ||
Loans | 23 | ||||
Non-marketable equities | 580.68 | 580.68 | |||
Price | Nonrecurring | Level 3 | Recovery analysis | Minimum | |||||
Valuation techniques and inputs | |||||
Other real estate owned | 51 | ||||
Loans | 2.70 | 2.70 | |||
Price | Nonrecurring | Level 3 | Recovery analysis | Maximum | |||||
Valuation techniques and inputs | |||||
Other real estate owned | 51 | ||||
Loans | 70 | 70 | |||
Price | Nonrecurring | Level 3 | Recovery analysis | Weighted Average | |||||
Valuation techniques and inputs | |||||
Other real estate owned | 51 | ||||
Loans | 32.14 | 32.14 | |||
Appraised Value | Level 3 | Price-based | Minimum | |||||
Valuation techniques and inputs | |||||
Non-marketable equities | 287,000 | ||||
Appraised Value | Level 3 | Price-based | Maximum | |||||
Valuation techniques and inputs | |||||
Non-marketable equities | 39,745,000 | ||||
Appraised Value | Level 3 | Price-based | Weighted Average | |||||
Valuation techniques and inputs | |||||
Non-marketable equities | 21,754,000 | ||||
Appraised Value | Nonrecurring | Level 3 | Price-based | Minimum | |||||
Valuation techniques and inputs | |||||
Other real estate owned | 3,110,711 | ||||
Loans | 91 | 91 | |||
Appraised Value | Nonrecurring | Level 3 | Price-based | Maximum | |||||
Valuation techniques and inputs | |||||
Other real estate owned | 4,241,357 | ||||
Loans | 3,900,000 | 3,900,000 | |||
Appraised Value | Nonrecurring | Level 3 | Price-based | Weighted Average | |||||
Valuation techniques and inputs | |||||
Other real estate owned | 3,586,975 | ||||
Loans | 253,297 | 253,297 | |||
Appraised Value | Nonrecurring | Level 3 | Recovery analysis | Minimum | |||||
Valuation techniques and inputs | |||||
Other real estate owned | 27,000 | 27,000 | |||
Loans | 34 | ||||
Appraised Value | Nonrecurring | Level 3 | Recovery analysis | Maximum | |||||
Valuation techniques and inputs | |||||
Other real estate owned | 3,400,000 | 3,400,000 | |||
Loans | 43,646,426 | ||||
Appraised Value | Nonrecurring | Level 3 | Recovery analysis | Weighted Average | |||||
Valuation techniques and inputs | |||||
Other real estate owned | 712,192 | 712,192 | |||
Loans | $ 17,762,950 | ||||
Recovery Rate | Nonrecurring | Level 3 | Recovery analysis | Minimum | |||||
Valuation techniques and inputs | |||||
Loans | 0.99% | ||||
Recovery Rate | Nonrecurring | Level 3 | Recovery analysis | Maximum | |||||
Valuation techniques and inputs | |||||
Loans | 78.00% | ||||
Recovery Rate | Nonrecurring | Level 3 | Recovery analysis | Weighted Average | |||||
Valuation techniques and inputs | |||||
Loans | 13.37% | ||||
Loans held-for-sale | Nonrecurring | |||||
Nonrecurring fair value changes included in earnings | |||||
Nonrecurring fair value measurements included in earnings | (13,000,000) | (26,000,000) | (22,000,000) | (133,000,000) | |
Other real estate owned | Nonrecurring | |||||
Nonrecurring fair value changes included in earnings | |||||
Nonrecurring fair value measurements included in earnings | 0 | 0 | 0 | (1,000,000) | |
Loans | Nonrecurring | |||||
Nonrecurring fair value changes included in earnings | |||||
Nonrecurring fair value measurements included in earnings | (10,000,000) | (31,000,000) | 33,000,000 | (131,000,000) | |
Non-marketable equity securities measured using the measurement alternative | Nonrecurring | |||||
Nonrecurring fair value changes included in earnings | |||||
Nonrecurring fair value measurements included in earnings | $ 72,000,000 | $ 37,000,000 | $ 363,000,000 | $ 8,000,000 |
FAIR VALUE MEASUREMENT - Estima
FAIR VALUE MEASUREMENT - Estimate Fair Value of Financial Instruments Not Carried at Fair Value (Details) - USD ($) $ in Millions | Sep. 30, 2021 | Jun. 30, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Dec. 31, 2019 |
Assets | ||||||
Loans | $ 7,159 | $ 6,854 | ||||
Liabilities | ||||||
Deposits | 1,347,528 | 1,280,671 | ||||
Purchased credit-deteriorated | 17,715 | $ 19,238 | 24,956 | $ 26,426 | $ 26,298 | $ 12,783 |
Loans, net of unearned income | 664,764 | 675,883 | ||||
Corporate | ||||||
Assets | ||||||
Loans | 7,146 | 6,840 | ||||
Liabilities | ||||||
Purchased credit-deteriorated | 3,047 | $ 3,127 | 5,402 | $ 6,938 | $ 6,824 | $ 2,886 |
Loans, net of unearned income | 400,514 | 387,044 | ||||
Carrying value | ||||||
Assets | ||||||
Investments, net of allowance | 203,000 | 110,300 | ||||
Securities borrowed and purchased under agreements to resell | 125,500 | 109,500 | ||||
Loans | 639,400 | 643,300 | ||||
Other financial assets | 421,000 | 383,200 | ||||
Liabilities | ||||||
Deposits | 1,344,800 | 1,278,700 | ||||
Securities loaned and sold under agreements to repurchase | 133,900 | 139,300 | ||||
Long-term debt | 180,100 | 204,600 | ||||
Other financial liabilities | 115,400 | 102,400 | ||||
Purchased credit-deteriorated | 17,700 | 25,000 | ||||
Estimated fair value | ||||||
Assets | ||||||
Investments, net of allowance | 203,700 | 113,200 | ||||
Securities borrowed and purchased under agreements to resell | 125,500 | 109,500 | ||||
Loans | 654,200 | 663,900 | ||||
Other financial assets | 421,000 | 383,200 | ||||
Liabilities | ||||||
Deposits | 1,345,500 | 1,278,800 | ||||
Securities loaned and sold under agreements to repurchase | 133,900 | 139,300 | ||||
Long-term debt | 194,000 | 221,200 | ||||
Other financial liabilities | 115,400 | 102,400 | ||||
Estimated fair value | Corporate | ||||||
Liabilities | ||||||
Loans, net of unearned income | 7,146 | 6,840 | ||||
Estimated fair value | Level 1 | ||||||
Assets | ||||||
Investments, net of allowance | 89,100 | 23,300 | ||||
Securities borrowed and purchased under agreements to resell | 0 | 0 | ||||
Loans | 0 | 0 | ||||
Other financial assets | 302,500 | 291,500 | ||||
Liabilities | ||||||
Deposits | 0 | 0 | ||||
Securities loaned and sold under agreements to repurchase | 0 | 0 | ||||
Long-term debt | 0 | 0 | ||||
Other financial liabilities | 0 | 0 | ||||
Estimated fair value | Level 2 | ||||||
Assets | ||||||
Investments, net of allowance | 111,600 | 87,000 | ||||
Securities borrowed and purchased under agreements to resell | 121,800 | 109,500 | ||||
Loans | 0 | 600 | ||||
Other financial assets | 21,300 | 18,100 | ||||
Liabilities | ||||||
Deposits | 1,178,000 | 1,093,300 | ||||
Securities loaned and sold under agreements to repurchase | 133,600 | 139,300 | ||||
Long-term debt | 179,800 | 197,800 | ||||
Other financial liabilities | 18,000 | 19,200 | ||||
Estimated fair value | Level 3 | ||||||
Assets | ||||||
Investments, net of allowance | 3,000 | 2,900 | ||||
Securities borrowed and purchased under agreements to resell | 3,700 | 0 | ||||
Loans | 654,200 | 663,300 | ||||
Other financial assets | 97,200 | 73,600 | ||||
Liabilities | ||||||
Deposits | 167,500 | 185,500 | ||||
Securities loaned and sold under agreements to repurchase | 300 | 0 | ||||
Long-term debt | 14,200 | 23,400 | ||||
Other financial liabilities | 97,400 | 83,200 | ||||
Estimated fair value | Level 3 | Corporate | ||||||
Fair value measurements additional disclosures | ||||||
Unfunded lending commitments | 9,100 | 7,300 | ||||
Lease financing | ||||||
Liabilities | ||||||
Loans, net of unearned income | 500 | 700 | ||||
Lease financing | Corporate | ||||||
Liabilities | ||||||
Loans, net of unearned income | $ 472 | $ 738 |
FAIR VALUE ELECTIONS - Changes
FAIR VALUE ELECTIONS - Changes in Fair Value Gains (Losses) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Securities borrowed and purchased under agreements to resell | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions. | ||||
Gain (loss) from changes in fair value | $ (28) | $ (27) | $ (64) | $ 17 |
Trading account assets | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions. | ||||
Gain (loss) from changes in fair value | (2) | 183 | 151 | (278) |
Certain corporate loans | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions. | ||||
Gain (loss) from changes in fair value | (292) | 1,003 | 376 | 973 |
Certain consumer loans | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions. | ||||
Gain (loss) from changes in fair value | 0 | 0 | 0 | 0 |
Loans | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions. | ||||
Gain (loss) from changes in fair value | (292) | 1,003 | 376 | 973 |
MSRs | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions. | ||||
Gain (loss) from changes in fair value | (3) | (22) | 49 | (191) |
Certain mortgage loans HFS | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions. | ||||
Gain (loss) from changes in fair value | 25 | 74 | 69 | 208 |
Total other assets | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions. | ||||
Gain (loss) from changes in fair value | 22 | 52 | 118 | 17 |
Total assets | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions. | ||||
Gain (loss) from changes in fair value | (300) | 1,211 | 581 | 729 |
Interest-bearing deposits | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions. | ||||
Gain (loss) from changes in fair value | 54 | (53) | (39) | (105) |
Securities loaned and sold under agreements to repurchase | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions. | ||||
Gain (loss) from changes in fair value | 19 | 482 | 37 | 390 |
Trading account liabilities | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions. | ||||
Gain (loss) from changes in fair value | 5 | 16 | 15 | (1) |
Short-term borrowings | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions. | ||||
Gain (loss) from changes in fair value | 140 | (60) | 332 | 937 |
Long-term debt | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions. | ||||
Gain (loss) from changes in fair value | 975 | (1,098) | 542 | 865 |
Total liabilities | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions. | ||||
Gain (loss) from changes in fair value | $ 1,193 | $ (713) | $ 887 | $ 2,086 |
FAIR VALUE ELECTIONS - Valuatio
FAIR VALUE ELECTIONS - Valuation Adjustments, Fair Value Option for Financial Assets and Financial Liabilities (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
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 | $ (107) | $ (452) | $ (256) | $ 801 | |
Balance of non-accrual loans or loans more than 90 days past due | 1 | 1 | $ 0 | ||
Aggregate unpaid principal balance in excess of fair value for non-accrual loans or loans more than 90 days past due | 0 | 0 | 0 | ||
Certain loans and other credit product | |||||
Fair Value Option Quantitative Disclosures | |||||
Changes in fair value due to instrument-specific credit risk loss | (10) | $ (23) | |||
Certain loans and other credit product | Trading assets | |||||
Fair Value Option Quantitative Disclosures | |||||
Aggregate unpaid principal balance in excess of (less than) fair value | (116) | (116) | (915) | ||
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 | (161) | (161) | (14) | ||
Balance of non-accrual loans or loans more than 90 days past due | 1 | 1 | 4 | ||
Aggregate unpaid principal balance in excess of fair value for non-accrual loans or loans more than 90 days past due | 1 | 1 | 0 | ||
Certain debt host contracts across unallocated precious metals accounts | |||||
Fair Value Option Quantitative Disclosures | |||||
Carrying amount reported on the Consolidated Balance Sheet | 400 | 400 | 500 | ||
Certain Investments in Unallocated Precious Metals | Forward derivative contract | Purchased | |||||
Fair Value Option Quantitative Disclosures | |||||
Derivative notionals | 16,700 | 16,700 | |||
Certain Investments in Unallocated Precious Metals | Forward derivative contract | Sold | |||||
Fair Value Option Quantitative Disclosures | |||||
Derivative notionals | 6,700 | 6,700 | |||
Mortgage receivable | |||||
Fair Value Option Quantitative Disclosures | |||||
Aggregate unpaid principal balance in excess of (less than) fair value | 77 | 77 | 91 | ||
Carrying amount | Certain loans and other credit product | Trading assets | |||||
Fair Value Option Quantitative Disclosures | |||||
Carrying amount reported on the Consolidated Balance Sheet | 8,382 | 8,382 | 8,063 | ||
Carrying amount | Certain loans and other credit product | Loans | |||||
Fair Value Option Quantitative Disclosures | |||||
Carrying amount reported on the Consolidated Balance Sheet | 7,159 | 7,159 | 6,854 | ||
Carrying amount | Loans held-for-sale | |||||
Fair Value Option Quantitative Disclosures | |||||
Carrying amount reported on the Consolidated Balance Sheet | 2,630 | 2,630 | 1,742 | ||
Fair value | Certain loans and other credit product | |||||
Fair Value Option Quantitative Disclosures | |||||
Unfunded lending commitments | $ 744 | $ 744 | $ 1,068 |
FAIR VALUE ELECTIONS - Certain
FAIR VALUE ELECTIONS - Certain Structured and Non-Structured Liabilities (Details) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Carrying value of structured notes, disaggregated by type of embedded derivative instrument | ||
Carrying value of structured notes | $ 78,200 | $ 67,000 |
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 | (3,019) | (5,130) |
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 | 0 | 68 |
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 | 78,178 | 67,063 |
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 | 8,814 | 4,683 |
Interest rate linked | ||
Carrying value of structured notes, disaggregated by type of embedded derivative instrument | ||
Carrying value of structured notes | 38,300 | 34,500 |
Foreign exchange linked | ||
Carrying value of structured notes, disaggregated by type of embedded derivative instrument | ||
Carrying value of structured notes | 200 | 1,200 |
Equity linked | ||
Carrying value of structured notes, disaggregated by type of embedded derivative instrument | ||
Carrying value of structured notes | 32,800 | 27,300 |
Commodity linked | ||
Carrying value of structured notes, disaggregated by type of embedded derivative instrument | ||
Carrying value of structured notes | 4,000 | 1,400 |
Credit linked | ||
Carrying value of structured notes, disaggregated by type of embedded derivative instrument | ||
Carrying value of structured notes | $ 2,900 | $ 2,600 |
GUARANTEES, LEASES AND COMMIT_3
GUARANTEES, LEASES AND COMMITMENTS - Guarantees (Details) | Sep. 30, 2021USD ($)trust | Dec. 31, 2020USD ($) |
Maximum potential amount of future payments | ||
Expire within 1 year | $ 297,400,000,000 | $ 266,900,000,000 |
Expire after 1 year | 152,900,000,000 | 174,600,000,000 |
Total amount outstanding | 450,300,000,000 | 441,500,000,000 |
Carrying value | $ 1,403,000,000 | 2,204,000,000 |
Number of trusts funded by the reinsurer | trust | 2 | |
Liability related to long-term care insurance indemnification | $ 0 | 0 |
Amount of cash initial margin collected and remitted | 17,100,000,000 | 16,600,000,000 |
Cash collateral available to reimburse losses realized under guarantees and indemnifications | 62,800,000,000 | 51,600,000,000 |
Securities and other marketable assets held as collateral | 88,100,000,000 | 80,100,000,000 |
Letters of credit in favor of the Company held as collateral | 3,900,000,000 | 6,600,000,000 |
Financial standby letters of credit | ||
Maximum potential amount of future payments | ||
Expire within 1 year | 27,600,000,000 | 25,300,000,000 |
Expire after 1 year | 64,900,000,000 | 68,400,000,000 |
Total amount outstanding | 92,500,000,000 | 93,700,000,000 |
Carrying value | 937,000,000 | 1,407,000,000 |
Performance guarantees | ||
Maximum potential amount of future payments | ||
Expire within 1 year | 6,500,000,000 | 7,300,000,000 |
Expire after 1 year | 6,100,000,000 | 6,000,000,000 |
Total amount outstanding | 12,600,000,000 | 13,300,000,000 |
Carrying value | 46,000,000 | 72,000,000 |
Derivative instruments considered to be guarantees | ||
Maximum potential amount of future payments | ||
Expire within 1 year | 17,000,000,000 | 20,000,000,000 |
Expire after 1 year | 54,900,000,000 | 60,900,000,000 |
Total amount outstanding | 71,900,000,000 | 80,900,000,000 |
Carrying value | 360,000,000 | 671,000,000 |
Loans sold with recourse | ||
Maximum potential amount of future payments | ||
Expire within 1 year | 0 | 0 |
Expire after 1 year | 1,700,000,000 | 1,200,000,000 |
Total amount outstanding | 1,700,000,000 | 1,200,000,000 |
Carrying value | 15,000,000 | 9,000,000 |
Repurchase reserve for consumer mortgages representations and warranties | 32,000,000 | 31,000,000 |
Securities lending indemnifications | ||
Maximum potential amount of future payments | ||
Expire within 1 year | 131,700,000,000 | 112,200,000,000 |
Expire after 1 year | 0 | 0 |
Total amount outstanding | 131,700,000,000 | 112,200,000,000 |
Carrying value | 0 | 0 |
Credit card merchant processing | ||
Maximum potential amount of future payments | ||
Expire within 1 year | 114,600,000,000 | 101,900,000,000 |
Expire after 1 year | 0 | 0 |
Total amount outstanding | 114,600,000,000 | 101,900,000,000 |
Carrying value | 1,000,000 | 3,000,000 |
Credit card arrangements with partners | ||
Maximum potential amount of future payments | ||
Expire within 1 year | 0 | 200,000,000 |
Expire after 1 year | 800,000,000 | 800,000,000 |
Total amount outstanding | 800,000,000 | 1,000,000,000 |
Carrying value | 7,000,000 | 7,000,000 |
Custody indemnifications and other | ||
Maximum potential amount of future payments | ||
Expire within 1 year | 0 | 0 |
Expire after 1 year | 24,500,000,000 | 37,300,000,000 |
Total amount outstanding | 24,500,000,000 | 37,300,000,000 |
Carrying value | $ 37,000,000 | $ 35,000,000 |
GUARANTEES, LEASES AND COMMIT_4
GUARANTEES, LEASES AND COMMITMENTS - Performance Risk (Details) - USD ($) $ in Billions | Sep. 30, 2021 | Dec. 31, 2020 |
Guarantor Obligations | ||
Maximum potential amount of future payments | $ 450.3 | $ 441.5 |
Investment grade | ||
Guarantor Obligations | ||
Maximum potential amount of future payments | 101.9 | 113.2 |
Non-investment grade | ||
Guarantor Obligations | ||
Maximum potential amount of future payments | 27.5 | 30 |
Not rated | ||
Guarantor Obligations | ||
Maximum potential amount of future payments | 320.9 | 298.3 |
Financial standby letters of credit | ||
Guarantor Obligations | ||
Maximum potential amount of future payments | 92.5 | 93.7 |
Financial standby letters of credit | Investment grade | ||
Guarantor Obligations | ||
Maximum potential amount of future payments | 80.1 | 78.5 |
Financial standby letters of credit | Non-investment grade | ||
Guarantor Obligations | ||
Maximum potential amount of future payments | 12.2 | 14.6 |
Financial standby letters of credit | Not rated | ||
Guarantor Obligations | ||
Maximum potential amount of future payments | 0.2 | 0.6 |
Performance guarantees | ||
Guarantor Obligations | ||
Maximum potential amount of future payments | 12.6 | 13.3 |
Performance guarantees | Investment grade | ||
Guarantor Obligations | ||
Maximum potential amount of future payments | 10 | 9.8 |
Performance guarantees | Non-investment grade | ||
Guarantor Obligations | ||
Maximum potential amount of future payments | 2.6 | 3 |
Performance guarantees | Not rated | ||
Guarantor Obligations | ||
Maximum potential amount of future payments | 0 | 0.5 |
Derivative instruments deemed to be guarantees | ||
Guarantor Obligations | ||
Maximum potential amount of future payments | 71.9 | 80.9 |
Derivative instruments deemed to be guarantees | Investment grade | ||
Guarantor Obligations | ||
Maximum potential amount of future payments | 0 | 0 |
Derivative instruments deemed to be guarantees | Non-investment grade | ||
Guarantor Obligations | ||
Maximum potential amount of future payments | 0 | 0 |
Derivative instruments deemed to be guarantees | Not rated | ||
Guarantor Obligations | ||
Maximum potential amount of future payments | 71.9 | 80.9 |
Loans sold with recourse | ||
Guarantor Obligations | ||
Maximum potential amount of future payments | 1.7 | 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 | 1.7 | 1.2 |
Securities lending indemnifications | ||
Guarantor Obligations | ||
Maximum potential amount of future payments | 131.7 | 112.2 |
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 | 131.7 | 112.2 |
Credit card merchant processing | ||
Guarantor Obligations | ||
Maximum potential amount of future payments | 114.6 | 101.9 |
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 | 114.6 | 101.9 |
Credit card arrangements with partners | ||
Guarantor Obligations | ||
Maximum potential amount of future payments | 0.8 | 1 |
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 | 0.8 | 1 |
Custody indemnifications and other | ||
Guarantor Obligations | ||
Maximum potential amount of future payments | 24.5 | 37.3 |
Custody indemnifications and other | Investment grade | ||
Guarantor Obligations | ||
Maximum potential amount of future payments | 11.8 | 24.9 |
Custody indemnifications and other | Non-investment grade | ||
Guarantor Obligations | ||
Maximum potential amount of future payments | 12.7 | 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 | Sep. 30, 2021 | Dec. 31, 2020 |
Lessee, Lease, Description [Line Items] | ||
Operating lease ROU asset | $ 2.8 | $ 2.8 |
Operating lease, liability | $ 3 | $ 3.1 |
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 | Sep. 30, 2021 | Dec. 31, 2020 |
Guarantor Obligations | ||
Credit commitments | $ 1,079,659 | $ 1,071,288 |
Unsettled reverse repurchase and securities borrowing agreements | 135,800 | 71,800 |
Unsettled repurchase and securities lending agreements | 57,400 | 62,500 |
Commercial and similar letters of credit | ||
Guarantor Obligations | ||
Credit commitments | 6,409 | 5,221 |
One- to four-family residential mortgages | ||
Guarantor Obligations | ||
Credit commitments | 4,491 | 5,002 |
Revolving open-end loans secured by one- to four-family residential properties | ||
Guarantor Obligations | ||
Credit commitments | 8,355 | 9,626 |
Commercial real estate, construction and land development | ||
Guarantor Obligations | ||
Credit commitments | 17,000 | 12,867 |
Credit card lines | ||
Guarantor Obligations | ||
Credit commitments | 704,957 | 710,399 |
Commercial and other consumer loan commitments | ||
Guarantor Obligations | ||
Credit commitments | 332,798 | 322,458 |
Other commitments and contingencies | ||
Guarantor Obligations | ||
Credit commitments | 5,649 | $ 5,715 |
U.S. | ||
Guarantor Obligations | ||
Credit commitments | 848,225 | |
U.S. | Commercial and similar letters of credit | ||
Guarantor Obligations | ||
Credit commitments | 696 | |
U.S. | One- to four-family residential mortgages | ||
Guarantor Obligations | ||
Credit commitments | 1,735 | |
U.S. | Revolving open-end loans secured by one- to four-family residential properties | ||
Guarantor Obligations | ||
Credit commitments | 7,225 | |
U.S. | Commercial real estate, construction and land development | ||
Guarantor Obligations | ||
Credit commitments | 14,267 | |
U.S. | Credit card lines | ||
Guarantor Obligations | ||
Credit commitments | 604,350 | |
U.S. | Commercial and other consumer loan commitments | ||
Guarantor Obligations | ||
Credit commitments | 214,515 | |
U.S. | Other commitments and contingencies | ||
Guarantor Obligations | ||
Credit commitments | 5,437 | |
Outside of U.S. | ||
Guarantor Obligations | ||
Credit commitments | 231,434 | |
Outside of U.S. | Commercial and similar letters of credit | ||
Guarantor Obligations | ||
Credit commitments | 5,713 | |
Outside of U.S. | One- to four-family residential mortgages | ||
Guarantor Obligations | ||
Credit commitments | 2,756 | |
Outside of U.S. | Revolving open-end loans secured by one- to four-family residential properties | ||
Guarantor Obligations | ||
Credit commitments | 1,130 | |
Outside of U.S. | Commercial real estate, construction and land development | ||
Guarantor Obligations | ||
Credit commitments | 2,733 | |
Outside of U.S. | Credit card lines | ||
Guarantor Obligations | ||
Credit commitments | 100,607 | |
Outside of U.S. | Commercial and other consumer loan commitments | ||
Guarantor Obligations | ||
Credit commitments | 118,283 | |
Outside of U.S. | Other commitments and contingencies | ||
Guarantor Obligations | ||
Credit commitments | $ 212 |
GUARANTEES, LEASES AND COMMIT_7
GUARANTEES, LEASES AND COMMITMENTS - Restricted Cash (Details) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Restricted Cash and Cash Equivalents Items [Line Items] | ||
Restricted cash | $ 16,633 | $ 17,977 |
Cash and due from banks | ||
Restricted Cash and Cash Equivalents Items [Line Items] | ||
Restricted cash | 2,733 | 3,774 |
Deposits with banks, net of allowance | ||
Restricted Cash and Cash Equivalents Items [Line Items] | ||
Restricted cash | $ 13,900 | $ 14,203 |
CONTINGENCIES (Details)
CONTINGENCIES (Details) $ in Billions | Sep. 30, 2021USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
Loss contingency, portion not accrued | $ 1.5 |
CONDENSED CONSOLIDATING FINAN_3
CONDENSED CONSOLIDATING FINANCIAL STATEMENTS - Condensed Consolidating Statements of Income and Comprehensive Income (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | ||
Revenues | |||||
Dividends from subsidiaries | $ 0 | $ 0 | $ 0 | $ 0 | |
Interest revenue | 12,650 | 13,314 | 37,647 | 45,042 | |
Interest revenue—intercompany | 0 | 0 | 0 | 0 | |
Interest expense | 2,252 | 2,821 | 6,884 | 11,977 | |
Interest expense—intercompany | 0 | 0 | 0 | 0 | |
Net interest revenue | 10,398 | 10,493 | 30,763 | 33,065 | |
Commissions and fees | 3,399 | 2,753 | 10,443 | 8,707 | |
Commissions and fees—intercompany | 0 | 0 | 0 | 0 | |
Principal transactions | 2,233 | 2,508 | 8,450 | 11,926 | |
Principal transactions—intercompany | 0 | 0 | 0 | 0 | |
Other revenue | 1,124 | 1,548 | 4,299 | 4,101 | |
Other revenue—intercompany | 0 | 0 | 0 | 0 | |
Total non-interest revenues | 6,756 | 6,809 | 23,192 | 24,734 | |
Total revenues, net of interest expense | 17,154 | 17,302 | 53,955 | 57,799 | |
Total provisions for credit losses and for benefits and claims | [1] | (192) | 2,384 | (3,313) | 17,541 |
Operating expenses | |||||
Compensation and benefits | 6,058 | 5,595 | 18,041 | 16,873 | |
Compensation and benefits—intercompany | 0 | 0 | 0 | 0 | |
Other operating | 5,426 | 5,369 | 15,708 | 15,194 | |
Other operating—intercompany | 0 | 0 | 0 | 0 | |
Total operating expenses | 11,484 | 10,964 | 33,749 | 32,067 | |
Equity in undistributed income of subsidiaries | 0 | 0 | 0 | 0 | |
Income (loss) from continuing operations before income taxes | 5,862 | 3,954 | 23,519 | 8,191 | |
Provision (benefits) for income taxes | 1,193 | 777 | 4,680 | 1,409 | |
Income (loss) from continuing operations | 4,669 | 3,177 | 18,839 | 6,782 | |
Income (loss) from discontinued operations, net of taxes | (1) | (7) | 7 | (26) | |
Net income (loss) before attribution of noncontrolling interests | 4,668 | 3,170 | 18,846 | 6,756 | |
Noncontrolling interests | 24 | 24 | 67 | 18 | |
Citigroup’s net income | 4,644 | 3,146 | 18,779 | 6,738 | |
Comprehensive income | |||||
Add: Other comprehensive income (loss) | [2] | (1,731) | 280 | (4,793) | 3,253 |
Total Citigroup comprehensive income (loss) | 2,913 | 3,426 | 13,986 | 9,991 | |
Add: Other comprehensive income (loss) attributable to noncontrolling interests | (31) | 19 | (71) | 7 | |
Add: Net income (loss) attributable to noncontrolling interests | 24 | 24 | 67 | 18 | |
Total comprehensive income (loss) | 2,906 | 3,469 | 13,982 | 10,016 | |
Reportable legal entities | Citigroup parent company | |||||
Revenues | |||||
Dividends from subsidiaries | 2,592 | 2,250 | 6,392 | 2,355 | |
Interest revenue | 0 | 0 | 0 | 0 | |
Interest revenue—intercompany | 935 | 991 | 2,847 | 3,202 | |
Interest expense | 1,190 | 1,267 | 3,611 | 3,675 | |
Interest expense—intercompany | 56 | 61 | 234 | 451 | |
Net interest revenue | (311) | (337) | (998) | (924) | |
Commissions and fees | 0 | 0 | 0 | 0 | |
Commissions and fees—intercompany | 0 | 0 | (27) | (19) | |
Principal transactions | 130 | (169) | 1,007 | (1,099) | |
Principal transactions—intercompany | (305) | 42 | (1,273) | 606 | |
Other revenue | (138) | (90) | (87) | (24) | |
Other revenue—intercompany | (44) | 78 | (105) | 16 | |
Total non-interest revenues | (357) | (139) | (485) | (520) | |
Total revenues, net of interest expense | 1,924 | 1,774 | 4,909 | 911 | |
Total provisions for credit losses and for benefits and claims | (2) | 0 | 0 | 0 | |
Operating expenses | |||||
Compensation and benefits | 3 | (21) | 31 | 112 | |
Compensation and benefits—intercompany | 21 | 44 | 69 | 119 | |
Other operating | 35 | 5 | 60 | 37 | |
Other operating—intercompany | 2 | 4 | 8 | 12 | |
Total operating expenses | 61 | 32 | 168 | 280 | |
Equity in undistributed income of subsidiaries | 2,530 | 1,056 | 13,270 | 5,285 | |
Income (loss) from continuing operations before income taxes | 4,395 | 2,798 | 18,011 | 5,916 | |
Provision (benefits) for income taxes | (249) | (348) | (768) | (822) | |
Income (loss) from continuing operations | 4,644 | 3,146 | 18,779 | 6,738 | |
Income (loss) from discontinued operations, net of taxes | 0 | 0 | 0 | 0 | |
Net income (loss) before attribution of noncontrolling interests | 4,644 | 3,146 | 18,779 | 6,738 | |
Noncontrolling interests | 0 | 0 | 0 | 0 | |
Citigroup’s net income | 4,644 | 3,146 | 18,779 | 6,738 | |
Comprehensive income | |||||
Add: Other comprehensive income (loss) | (1,731) | 280 | (4,793) | 3,253 | |
Total Citigroup comprehensive income (loss) | 2,913 | 3,426 | 13,986 | 9,991 | |
Add: Other comprehensive income (loss) attributable to noncontrolling interests | 0 | 0 | 0 | 0 | |
Add: Net income (loss) attributable to noncontrolling interests | 0 | 0 | 0 | 0 | |
Total comprehensive income (loss) | 2,913 | 3,426 | 13,986 | 9,991 | |
Reportable legal entities | CGMHI | |||||
Revenues | |||||
Dividends from subsidiaries | 0 | 0 | 0 | 0 | |
Interest revenue | 844 | 1,128 | 2,829 | 4,340 | |
Interest revenue—intercompany | 129 | 153 | 410 | 776 | |
Interest expense | 201 | 274 | 645 | 1,795 | |
Interest expense—intercompany | 323 | 416 | 982 | 1,819 | |
Net interest revenue | 449 | 591 | 1,612 | 1,502 | |
Commissions and fees | 1,893 | 1,494 | 5,890 | 4,815 | |
Commissions and fees—intercompany | 85 | 30 | 220 | 267 | |
Principal transactions | (1,468) | (3,779) | 5,109 | (518) | |
Principal transactions—intercompany | 2,220 | 4,350 | (2,128) | 4,849 | |
Other revenue | 159 | 208 | 401 | 468 | |
Other revenue—intercompany | (13) | 12 | (41) | 38 | |
Total non-interest revenues | 2,876 | 2,315 | 9,451 | 9,919 | |
Total revenues, net of interest expense | 3,325 | 2,906 | 11,063 | 11,421 | |
Total provisions for credit losses and for benefits and claims | 2 | (1) | 9 | (1) | |
Operating expenses | |||||
Compensation and benefits | 1,347 | 1,165 | 3,984 | 3,806 | |
Compensation and benefits—intercompany | 0 | 0 | 0 | 0 | |
Other operating | 728 | 597 | 2,050 | 1,789 | |
Other operating—intercompany | 781 | 772 | 2,269 | 1,629 | |
Total operating expenses | 2,856 | 2,534 | 8,303 | 7,224 | |
Equity in undistributed income of subsidiaries | 0 | 0 | 0 | 0 | |
Income (loss) from continuing operations before income taxes | 467 | 373 | 2,751 | 4,198 | |
Provision (benefits) for income taxes | 183 | 165 | 516 | 1,217 | |
Income (loss) from continuing operations | 284 | 208 | 2,235 | 2,981 | |
Income (loss) from discontinued operations, net of taxes | 0 | 0 | 0 | 0 | |
Net income (loss) before attribution of noncontrolling interests | 284 | 208 | 2,235 | 2,981 | |
Noncontrolling interests | 0 | 0 | 0 | 0 | |
Citigroup’s net income | 284 | 208 | 2,235 | 2,981 | |
Comprehensive income | |||||
Add: Other comprehensive income (loss) | (195) | (51) | (238) | 277 | |
Total Citigroup comprehensive income (loss) | 89 | 157 | 1,997 | 3,258 | |
Add: Other comprehensive income (loss) attributable to noncontrolling interests | 0 | 0 | 0 | 0 | |
Add: Net income (loss) attributable to noncontrolling interests | 0 | 0 | 0 | 0 | |
Total comprehensive income (loss) | 89 | 157 | 1,997 | 3,258 | |
Reportable legal entities | Other Citigroup subsidiaries and eliminations | |||||
Revenues | |||||
Dividends from subsidiaries | 0 | 0 | 0 | 0 | |
Interest revenue | 11,806 | 12,186 | 34,818 | 40,702 | |
Interest revenue—intercompany | (1,064) | (1,144) | (3,257) | (3,978) | |
Interest expense | 861 | 1,280 | 2,628 | 6,507 | |
Interest expense—intercompany | (379) | (477) | (1,216) | (2,270) | |
Net interest revenue | 10,260 | 10,239 | 30,149 | 32,487 | |
Commissions and fees | 1,506 | 1,259 | 4,553 | 3,892 | |
Commissions and fees—intercompany | (85) | (30) | (193) | (248) | |
Principal transactions | 3,571 | 6,456 | 2,334 | 13,543 | |
Principal transactions—intercompany | (1,915) | (4,392) | 3,401 | (5,455) | |
Other revenue | 1,103 | 1,430 | 3,985 | 3,657 | |
Other revenue—intercompany | 57 | (90) | 146 | (54) | |
Total non-interest revenues | 4,237 | 4,633 | 14,226 | 15,335 | |
Total revenues, net of interest expense | 14,497 | 14,872 | 44,375 | 47,822 | |
Total provisions for credit losses and for benefits and claims | (192) | 2,385 | (3,322) | 17,542 | |
Operating expenses | |||||
Compensation and benefits | 4,708 | 4,451 | 14,026 | 12,955 | |
Compensation and benefits—intercompany | (21) | (44) | (69) | (119) | |
Other operating | 4,663 | 4,767 | 13,598 | 13,368 | |
Other operating—intercompany | (783) | (776) | (2,277) | (1,641) | |
Total operating expenses | 8,567 | 8,398 | 25,278 | 24,563 | |
Equity in undistributed income of subsidiaries | 0 | 0 | 0 | 0 | |
Income (loss) from continuing operations before income taxes | 6,122 | 4,089 | 22,419 | 5,717 | |
Provision (benefits) for income taxes | 1,259 | 960 | 4,932 | 1,014 | |
Income (loss) from continuing operations | 4,863 | 3,129 | 17,487 | 4,703 | |
Income (loss) from discontinued operations, net of taxes | (1) | (7) | 7 | (26) | |
Net income (loss) before attribution of noncontrolling interests | 4,862 | 3,122 | 17,494 | 4,677 | |
Noncontrolling interests | 24 | 24 | 67 | 18 | |
Citigroup’s net income | 4,838 | 3,098 | 17,427 | 4,659 | |
Comprehensive income | |||||
Add: Other comprehensive income (loss) | 2,007 | (2,178) | 578 | 10,058 | |
Total Citigroup comprehensive income (loss) | 6,845 | 920 | 18,005 | 14,717 | |
Add: Other comprehensive income (loss) attributable to noncontrolling interests | (31) | 19 | (71) | 7 | |
Add: Net income (loss) attributable to noncontrolling interests | 24 | 24 | 67 | 18 | |
Total comprehensive income (loss) | 6,838 | 963 | 18,001 | 14,742 | |
Consolidating adjustments | |||||
Revenues | |||||
Dividends from subsidiaries | (2,592) | (2,250) | (6,392) | (2,355) | |
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 revenue | 0 | 0 | 0 | 0 | |
Other revenue—intercompany | 0 | 0 | 0 | 0 | |
Total non-interest revenues | 0 | 0 | 0 | 0 | |
Total revenues, net of interest expense | (2,592) | (2,250) | (6,392) | (2,355) | |
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 | (2,530) | (1,056) | (13,270) | (5,285) | |
Income (loss) from continuing operations before income taxes | (5,122) | (3,306) | (19,662) | (7,640) | |
Provision (benefits) for income taxes | 0 | 0 | 0 | 0 | |
Income (loss) from continuing operations | (5,122) | (3,306) | (19,662) | (7,640) | |
Income (loss) from discontinued operations, net of taxes | 0 | 0 | 0 | 0 | |
Net income (loss) before attribution of noncontrolling interests | (5,122) | (3,306) | (19,662) | (7,640) | |
Noncontrolling interests | 0 | 0 | 0 | 0 | |
Citigroup’s net income | (5,122) | (3,306) | (19,662) | (7,640) | |
Comprehensive income | |||||
Add: Other comprehensive income (loss) | (1,812) | 2,229 | (340) | (10,335) | |
Total Citigroup comprehensive income (loss) | (6,934) | (1,077) | (20,002) | (17,975) | |
Add: Other comprehensive income (loss) attributable to noncontrolling interests | 0 | 0 | 0 | 0 | |
Add: Net income (loss) attributable to noncontrolling interests | 0 | 0 | 0 | 0 | |
Total comprehensive income (loss) | $ (6,934) | $ (1,077) | $ (20,002) | $ (17,975) | |
[1] | This total excludes the provision for credit losses on AFS securities, which is disclosed separately above. | ||||
[2] | See Note 17 to the Consolidated Financial Statements. |
CONDENSED CONSOLIDATING FINAN_4
CONDENSED CONSOLIDATING FINANCIAL STATEMENTS - Condensed Consolidating Balance Sheets (Details) - USD ($) $ in Millions | Sep. 30, 2021 | Jun. 30, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Dec. 31, 2019 |
Assets | ||||||
Cash and due from banks | $ 28,906 | $ 26,349 | ||||
Cash and due from banks—intercompany | 0 | 0 | ||||
Deposits with banks | 294,902 | 283,266 | ||||
Deposits with banks—intercompany | 0 | 0 | ||||
Securities borrowed or purchased under agreements to resell | 337,696 | 294,712 | ||||
Securities borrowed and purchased under resale agreements—intercompany | 0 | 0 | ||||
Trading account assets | 342,914 | 375,079 | ||||
Trading account assets—intercompany | 0 | 0 | ||||
Investments | 500,849 | 447,359 | ||||
Loans, net of unearned income | 664,764 | 675,883 | ||||
Loans, net of unearned income—intercompany | 0 | 0 | ||||
Allowance for credit losses on loans (ACLL) | (17,715) | $ (19,238) | (24,956) | $ (26,426) | $ (26,298) | $ (12,783) |
Total loans, net | 647,049 | 650,927 | ||||
Advances to subsidiaries | 0 | 0 | ||||
Investments in subsidiaries | 0 | 0 | ||||
Other assets | 209,560 | 182,398 | ||||
Other assets—intercompany | 0 | 0 | ||||
Total assets | 2,361,876 | 2,260,090 | ||||
Liabilities and equity | ||||||
Deposits | 1,347,528 | 1,280,671 | ||||
Deposits—intercompany | 0 | 0 | ||||
Securities loaned and sold under agreements to repurchase (including $75,262 and $60,206 as of September 30, 2021 and December 31, 2020, respectively, at fair value) | 209,184 | 199,525 | ||||
Securities loaned and sold under repurchase agreements—intercompany | 0 | 0 | ||||
Trading account liabilities | 179,286 | 168,027 | ||||
Trading account liabilities—intercompany | 0 | 0 | ||||
Short-term borrowings | 29,683 | 29,514 | ||||
Short-term borrowings—intercompany | 0 | 0 | ||||
Long-term debt | 258,274 | 271,686 | ||||
Long-term debt—intercompany | 0 | 0 | ||||
Advances from subsidiaries | 0 | 0 | ||||
Other liabilities, including allowance | 136,311 | 110,467 | ||||
Other liabilities—intercompany | 0 | 0 | ||||
Stockholders’ equity | 201,610 | 200,200 | $ 194,595 | |||
Total liabilities and equity | 2,361,876 | 2,260,090 | ||||
Increase in other assets | 123,947 | 110,683 | ||||
Citigroup parent company | ||||||
Liabilities and equity | ||||||
Long-term debt | 170,104 | 170,563 | ||||
Citibank, N.A. | ||||||
Liabilities and equity | ||||||
Increase in other assets | 35,000 | 29,500 | ||||
Citibank, N.A. | Up to 30 days | ||||||
Liabilities and equity | ||||||
Placements with term of less than 30 days | 19,500 | 24,300 | ||||
Reportable legal entities | Citigroup parent company | ||||||
Assets | ||||||
Cash and due from banks | 0 | 0 | ||||
Cash and due from banks—intercompany | 8 | 16 | ||||
Deposits with banks | 0 | 0 | ||||
Deposits with banks—intercompany | 4,000 | 4,500 | ||||
Securities borrowed or purchased under agreements to resell | 0 | 0 | ||||
Securities borrowed and purchased under resale agreements—intercompany | 0 | 0 | ||||
Trading account assets | 249 | 307 | ||||
Trading account assets—intercompany | 1,001 | 723 | ||||
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 | 147,338 | 152,383 | ||||
Investments in subsidiaries | 222,021 | 213,267 | ||||
Other assets | 11,043 | 12,156 | ||||
Other assets—intercompany | 2,867 | 2,781 | ||||
Total assets | 388,528 | 386,134 | ||||
Liabilities and equity | ||||||
Deposits | 0 | 0 | ||||
Deposits—intercompany | 0 | 0 | ||||
Securities loaned and sold under agreements to repurchase (including $75,262 and $60,206 as of September 30, 2021 and December 31, 2020, respectively, at fair value) | 0 | 0 | ||||
Securities loaned and sold under repurchase agreements—intercompany | 0 | 0 | ||||
Trading account liabilities | 32 | 0 | ||||
Trading account liabilities—intercompany | 632 | 397 | ||||
Short-term borrowings | 0 | 0 | ||||
Short-term borrowings—intercompany | 0 | 0 | ||||
Long-term debt | 170,104 | 170,563 | ||||
Long-term debt—intercompany | 0 | 0 | ||||
Advances from subsidiaries | 14,049 | 12,975 | ||||
Other liabilities, including allowance | 2,780 | 2,692 | ||||
Other liabilities—intercompany | 56 | 65 | ||||
Stockholders’ equity | 200,875 | 199,442 | ||||
Total liabilities and equity | 388,528 | 386,134 | ||||
Reportable legal entities | CGMHI | ||||||
Assets | ||||||
Cash and due from banks | 965 | 628 | ||||
Cash and due from banks—intercompany | 6,033 | 6,081 | ||||
Deposits with banks | 5,763 | 5,224 | ||||
Deposits with banks—intercompany | 9,200 | 8,179 | ||||
Securities borrowed or purchased under agreements to resell | 277,955 | 238,718 | ||||
Securities borrowed and purchased under resale agreements—intercompany | 25,137 | 24,309 | ||||
Trading account assets | 204,591 | 222,278 | ||||
Trading account assets—intercompany | 5,043 | 9,400 | ||||
Investments | 266 | 374 | ||||
Loans, net of unearned income | 3,018 | 2,524 | ||||
Loans, net of unearned income—intercompany | 0 | 0 | ||||
Allowance for credit losses on loans (ACLL) | 0 | 0 | ||||
Total loans, net | 3,018 | 2,524 | ||||
Advances to subsidiaries | 0 | 0 | ||||
Investments in subsidiaries | 0 | 0 | ||||
Other assets | 74,168 | 60,273 | ||||
Other assets—intercompany | 62,048 | 51,489 | ||||
Total assets | 674,187 | 629,477 | ||||
Liabilities and equity | ||||||
Deposits | 0 | 0 | ||||
Deposits—intercompany | 0 | 0 | ||||
Securities loaned and sold under agreements to repurchase (including $75,262 and $60,206 as of September 30, 2021 and December 31, 2020, respectively, at fair value) | 192,276 | 184,786 | ||||
Securities loaned and sold under repurchase agreements—intercompany | 66,703 | 76,590 | ||||
Trading account liabilities | 131,565 | 113,100 | ||||
Trading account liabilities—intercompany | 4,565 | 8,591 | ||||
Short-term borrowings | 14,547 | 12,323 | ||||
Short-term borrowings—intercompany | 16,400 | 12,757 | ||||
Long-term debt | 57,826 | 47,732 | ||||
Long-term debt—intercompany | 74,016 | 67,322 | ||||
Advances from subsidiaries | 0 | 0 | ||||
Other liabilities, including allowance | 66,345 | 55,217 | ||||
Other liabilities—intercompany | 12,466 | 15,378 | ||||
Stockholders’ equity | 37,478 | 35,681 | ||||
Total liabilities and equity | 674,187 | 629,477 | ||||
Reportable legal entities | Other Citigroup subsidiaries and eliminations | ||||||
Assets | ||||||
Cash and due from banks | 27,941 | 25,721 | ||||
Cash and due from banks—intercompany | (6,041) | (6,097) | ||||
Deposits with banks | 289,139 | 278,042 | ||||
Deposits with banks—intercompany | (13,200) | (12,679) | ||||
Securities borrowed or purchased under agreements to resell | 59,741 | 55,994 | ||||
Securities borrowed and purchased under resale agreements—intercompany | (25,137) | (24,309) | ||||
Trading account assets | 138,074 | 152,494 | ||||
Trading account assets—intercompany | (6,044) | (10,123) | ||||
Investments | 500,582 | 446,984 | ||||
Loans, net of unearned income | 661,746 | 673,359 | ||||
Loans, net of unearned income—intercompany | 0 | 0 | ||||
Allowance for credit losses on loans (ACLL) | (17,715) | (24,956) | ||||
Total loans, net | 644,031 | 648,403 | ||||
Advances to subsidiaries | (147,338) | (152,383) | ||||
Investments in subsidiaries | 0 | 0 | ||||
Other assets | 124,349 | 109,969 | ||||
Other assets—intercompany | (64,915) | (54,270) | ||||
Total assets | 1,521,182 | 1,457,746 | ||||
Liabilities and equity | ||||||
Deposits | 1,347,528 | 1,280,671 | ||||
Deposits—intercompany | 0 | 0 | ||||
Securities loaned and sold under agreements to repurchase (including $75,262 and $60,206 as of September 30, 2021 and December 31, 2020, respectively, at fair value) | 16,908 | 14,739 | ||||
Securities loaned and sold under repurchase agreements—intercompany | (66,703) | (76,590) | ||||
Trading account liabilities | 47,689 | 54,927 | ||||
Trading account liabilities—intercompany | (5,197) | (8,988) | ||||
Short-term borrowings | 15,136 | 17,191 | ||||
Short-term borrowings—intercompany | (16,400) | (12,757) | ||||
Long-term debt | 30,344 | 53,391 | ||||
Long-term debt—intercompany | (74,016) | (67,322) | ||||
Advances from subsidiaries | (14,049) | (12,975) | ||||
Other liabilities, including allowance | 67,186 | 52,558 | ||||
Other liabilities—intercompany | (12,522) | (15,443) | ||||
Stockholders’ equity | 185,278 | 178,344 | ||||
Total liabilities and equity | 1,521,182 | 1,457,746 | ||||
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 | (222,021) | (213,267) | ||||
Other assets | 0 | 0 | ||||
Other assets—intercompany | 0 | 0 | ||||
Total assets | (222,021) | (213,267) | ||||
Liabilities and equity | ||||||
Deposits | 0 | 0 | ||||
Deposits—intercompany | 0 | 0 | ||||
Securities loaned and sold under agreements to repurchase (including $75,262 and $60,206 as of September 30, 2021 and December 31, 2020, 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 | (222,021) | (213,267) | ||||
Total liabilities and equity | $ (222,021) | $ (213,267) |
CONDENSED CONSOLIDATING FINAN_5
CONDENSED CONSOLIDATING FINANCIAL STATEMENTS - Condensed Consolidating Statement of Cash Flows (Details) - USD ($) $ in Millions | 9 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | ||
Condensed Cash Flow Statements, Captions [Line Items] | ||||
Net cash provided by operating activities of continuing operations | $ 59,185 | $ (22,254) | ||
Cash flows from investing activities of continuing operations | ||||
Purchases of investments | (277,874) | (276,084) | ||
Proceeds from sales of investments | 96,203 | 130,237 | ||
Proceeds from maturities of investments | 107,361 | 78,476 | ||
Change in loans | 6,613 | 23,488 | ||
Proceeds from sales and securitizations of loans | 1,134 | 924 | ||
Change in securities borrowed and purchased under agreements to resell | (42,984) | (38,036) | ||
Changes in investments and advances—intercompany | 0 | 0 | ||
Other investing activities | (2,522) | (2,205) | ||
Net cash used in investing activities of continuing operations | (112,069) | (83,200) | ||
Cash flows from financing activities of continuing operations | ||||
Dividends paid | (3,959) | (4,024) | ||
Issuance of preferred stock | 2,300 | 1,500 | ||
Redemption of preferred stock | (3,785) | (1,500) | ||
Treasury stock acquired | (7,448) | (2,925) | ||
Proceeds (repayments) from issuance of long-term debt, net | (2,511) | 18,078 | ||
Proceeds (repayments) from issuance of long-term debt—intercompany, net | 0 | 0 | ||
Change in deposits | 73,769 | 192,033 | ||
Change in securities loaned and sold under agreements to repurchase | 9,659 | 40,888 | ||
Change in short-term borrowings | 169 | (7,610) | ||
Net change in short-term borrowings and other advances—intercompany | 0 | 0 | ||
Capital contributions from (to) parent | 0 | |||
Other financing activities | (328) | (408) | ||
Net cash provided by financing activities of continuing operations | 67,866 | 236,032 | ||
Effect of exchange rate changes on cash and due from banks | (789) | (802) | ||
Change in cash, due from banks and deposits with banks | 14,193 | 129,776 | ||
Cash, due from banks and deposits with banks at beginning of period | 309,615 | 193,919 | ||
Cash, due from banks and deposits with banks at end of period | 323,808 | 323,695 | ||
Cash and due from banks (including segregated cash and other deposits) | 28,906 | 25,308 | $ 26,349 | |
Deposits with banks, net of allowance | 294,902 | 298,387 | 283,266 | |
Cash, due from banks and deposits with banks at end of period | 323,808 | 323,695 | 309,615 | |
Supplemental disclosure of cash flow information for continuing operations | ||||
Cash paid (received) during the period for income taxes | 3,063 | 3,837 | ||
Cash paid during the period for interest | 6,894 | 11,502 | ||
Non-cash investing and financing activities | ||||
Decrease in net loans associated with significant disposals reclassified to HFS | [1],[2] | 8,291 | 0 | |
Transfers to loans HFS from loans | [1],[2] | 5,329 | 2,122 | |
Decrease in long-term debt associated with significant disposals reclassified to HFS | [2] | 521 | 0 | |
Decrease in deposits associated with significant disposals reclassified to HFS | [2] | 6,912 | 0 | |
Reportable legal entities | Citigroup parent company | ||||
Condensed Cash Flow Statements, Captions [Line Items] | ||||
Net cash provided by operating activities of continuing operations | 3,604 | 3,605 | ||
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 | 3,374 | (5,179) | ||
Other investing activities | 0 | 0 | ||
Net cash used in investing activities of continuing operations | 3,374 | (5,179) | ||
Cash flows from financing activities of continuing operations | ||||
Dividends paid | (4,024) | |||
Issuance of preferred stock | 2,300 | 1,500 | ||
Redemption of preferred stock | (3,785) | (1,500) | ||
Treasury stock acquired | (7,448) | (2,925) | ||
Proceeds (repayments) from issuance of long-term debt, net | 4,660 | 16,136 | ||
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 | 1,074 | (7,214) | ||
Capital contributions from (to) parent | 0 | |||
Other financing activities | (328) | (408) | ||
Net cash provided by financing activities of continuing operations | (7,486) | 1,565 | ||
Effect of exchange rate changes on cash and due from banks | 0 | 0 | ||
Change in cash, due from banks and deposits with banks | (508) | (9) | ||
Cash, due from banks and deposits with banks at beginning of period | 4,516 | 3,021 | ||
Cash, due from banks and deposits with banks at end of period | 4,008 | 3,012 | ||
Cash and due from banks (including segregated cash and other deposits) | 8 | 12 | ||
Deposits with banks, net of allowance | 4,000 | 3,000 | ||
Cash, due from banks and deposits with banks at end of period | 4,008 | 3,012 | 4,516 | |
Supplemental disclosure of cash flow information for continuing operations | ||||
Cash paid (received) during the period for income taxes | (1,757) | (1,263) | ||
Cash paid during the period for interest | 2,307 | 2,507 | ||
Non-cash investing and financing activities | ||||
Decrease in net loans associated with significant disposals reclassified to HFS | 0 | |||
Transfers to loans HFS from loans | 0 | 0 | ||
Decrease in long-term debt associated with significant disposals reclassified to HFS | 0 | |||
Decrease in deposits associated with significant disposals reclassified to HFS | 0 | |||
Reportable legal entities | CGMHI | ||||
Condensed Cash Flow Statements, Captions [Line Items] | ||||
Net cash provided by operating activities of continuing operations | 30,413 | (36,465) | ||
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 | (40,065) | (35,332) | ||
Changes in investments and advances—intercompany | (9,743) | (5,532) | ||
Other investing activities | (42) | 0 | ||
Net cash used in investing activities of continuing operations | (49,850) | (40,864) | ||
Cash flows from financing activities of continuing operations | ||||
Dividends paid | (195) | (168) | ||
Issuance of preferred stock | 0 | 0 | ||
Redemption of preferred stock | 0 | 0 | ||
Treasury stock acquired | 0 | 0 | ||
Proceeds (repayments) from issuance of long-term debt, net | 11,336 | 6,606 | ||
Proceeds (repayments) from issuance of long-term debt—intercompany, net | 9,084 | 1,607 | ||
Change in deposits | 0 | 0 | ||
Change in securities loaned and sold under agreements to repurchase | (2,397) | 75,977 | ||
Change in short-term borrowings | 2,224 | 788 | ||
Net change in short-term borrowings and other advances—intercompany | 1,253 | (6,524) | ||
Capital contributions from (to) parent | (19) | |||
Other financing activities | 0 | 0 | ||
Net cash provided by financing activities of continuing operations | 21,286 | 78,286 | ||
Effect of exchange rate changes on cash and due from banks | 0 | 0 | ||
Change in cash, due from banks and deposits with banks | 1,849 | 957 | ||
Cash, due from banks and deposits with banks at beginning of period | 20,112 | 16,441 | ||
Cash, due from banks and deposits with banks at end of period | 21,961 | 17,398 | ||
Cash and due from banks (including segregated cash and other deposits) | 6,998 | 5,960 | ||
Deposits with banks, net of allowance | 14,963 | 11,438 | ||
Cash, due from banks and deposits with banks at end of period | 21,961 | 17,398 | 20,112 | |
Supplemental disclosure of cash flow information for continuing operations | ||||
Cash paid (received) during the period for income taxes | 809 | 1,177 | ||
Cash paid during the period for interest | 1,687 | 3,988 | ||
Non-cash investing and financing activities | ||||
Decrease in net loans associated with significant disposals reclassified to HFS | 0 | |||
Transfers to loans HFS from loans | 0 | 0 | ||
Decrease in long-term debt associated with significant disposals reclassified to HFS | 0 | |||
Decrease in deposits associated with significant disposals reclassified to HFS | 0 | |||
Reportable legal entities | Other Citigroup subsidiaries and eliminations | ||||
Condensed Cash Flow Statements, Captions [Line Items] | ||||
Net cash provided by operating activities of continuing operations | 25,168 | 10,606 | ||
Cash flows from investing activities of continuing operations | ||||
Purchases of investments | (277,874) | (276,084) | ||
Proceeds from sales of investments | 96,203 | 130,237 | ||
Proceeds from maturities of investments | 107,361 | 78,476 | ||
Change in loans | 6,613 | 23,488 | ||
Proceeds from sales and securitizations of loans | 1,134 | 924 | ||
Change in securities borrowed and purchased under agreements to resell | (2,919) | (2,704) | ||
Changes in investments and advances—intercompany | 6,369 | 10,711 | ||
Other investing activities | (2,480) | (2,205) | ||
Net cash used in investing activities of continuing operations | (65,593) | (37,157) | ||
Cash flows from financing activities of continuing operations | ||||
Dividends paid | 195 | 168 | ||
Issuance of preferred stock | 0 | 0 | ||
Redemption of preferred stock | 0 | 0 | ||
Treasury stock acquired | 0 | 0 | ||
Proceeds (repayments) from issuance of long-term debt, net | (18,507) | (4,664) | ||
Proceeds (repayments) from issuance of long-term debt—intercompany, net | (9,084) | (1,607) | ||
Change in deposits | 73,769 | 192,033 | ||
Change in securities loaned and sold under agreements to repurchase | 12,056 | (35,089) | ||
Change in short-term borrowings | (2,055) | (8,398) | ||
Net change in short-term borrowings and other advances—intercompany | (2,327) | 13,738 | ||
Capital contributions from (to) parent | 19 | |||
Other financing activities | 0 | 0 | ||
Net cash provided by financing activities of continuing operations | 54,066 | 156,181 | ||
Effect of exchange rate changes on cash and due from banks | (789) | (802) | ||
Change in cash, due from banks and deposits with banks | 12,852 | 128,828 | ||
Cash, due from banks and deposits with banks at beginning of period | 284,987 | 174,457 | ||
Cash, due from banks and deposits with banks at end of period | 297,839 | 303,285 | ||
Cash and due from banks (including segregated cash and other deposits) | 21,900 | 19,336 | ||
Deposits with banks, net of allowance | 275,939 | 283,949 | ||
Cash, due from banks and deposits with banks at end of period | 297,839 | 303,285 | 284,987 | |
Supplemental disclosure of cash flow information for continuing operations | ||||
Cash paid (received) during the period for income taxes | 4,011 | 3,923 | ||
Cash paid during the period for interest | 2,900 | 5,007 | ||
Non-cash investing and financing activities | ||||
Decrease in net loans associated with significant disposals reclassified to HFS | 8,291 | |||
Transfers to loans HFS from loans | 5,329 | 2,122 | ||
Decrease in long-term debt associated with significant disposals reclassified to HFS | 521 | |||
Decrease in deposits associated with significant disposals reclassified to HFS | 6,912 | |||
Consolidating adjustments | ||||
Condensed Cash Flow Statements, Captions [Line Items] | ||||
Net cash provided by operating activities of continuing operations | 0 | 0 | ||
Cash flows from investing activities of continuing operations | ||||
Purchases of investments | 0 | 0 | ||
Proceeds from sales of investments | 0 | 0 | ||
Proceeds from maturities of investments | 0 | 0 | ||
Change in loans | 0 | 0 | ||
Proceeds from sales and securitizations of loans | 0 | 0 | ||
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 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 | 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 (to) 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, 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 (including segregated cash and other deposits) | 0 | 0 | ||
Deposits with banks, net of allowance | 0 | 0 | ||
Cash, due from banks and deposits with banks at end of period | 0 | 0 | $ 0 | |
Supplemental disclosure of cash flow information for continuing operations | ||||
Cash paid (received) during the period for income taxes | 0 | 0 | ||
Cash paid during the period for interest | 0 | 0 | ||
Non-cash investing and financing activities | ||||
Decrease in net loans associated with significant disposals reclassified to HFS | 0 | |||
Transfers to loans HFS from loans | 0 | $ 0 | ||
Decrease in long-term debt associated with significant disposals reclassified to HFS | 0 | |||
Decrease in deposits associated with significant disposals reclassified to HFS | $ 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 September 30, 2021. | |||
[2] | See Note 2 for further information on significant disposals. |
Uncategorized Items - _IXDS
Label | Element | Value |
Change in Accounting Principle, Type [Extensible Enumeration] | us-gaap_ChangeInAccountingPrincipleTypeExtensibleList | Change in Accounting Principle, Other [Member] |
Accounting Standards Update [Extensible Enumeration] | us-gaap_AccountingStandardsUpdateExtensibleList | Accounting Standards Update 2016-13 [Member] |