Cover Page
Cover Page | 6 Months Ended |
Jun. 30, 2022 shares | |
Entity Information [Line Items] | |
Document Type | 10-Q |
Document Quarterly Report | true |
Document Period End Date | Jun. 30, 2022 |
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 | 1,936,709,623 |
Entity Central Index Key | 0000831001 |
Amendment Flag | false |
Current Fiscal Year End Date | --12-31 |
Document Fiscal Year Focus | 2022 |
Document Fiscal Period Focus | Q2 |
Common Stock, par value $.01 per share | |
Entity Information [Line Items] | |
Trading Symbol | C |
Title of 12(b) Security | Common Stock, par value $.01 per share |
Security Exchange Name | NYSE |
Depositary Shares, each representing 1/1,000th interest in a share of 7.125% Fixed/Floating Rate Noncumulative Preferred Stock, Series J | |
Entity Information [Line Items] | |
Trading Symbol | C Pr J |
Title of 12(b) Security | Dep Shs, represent 1/1,000th interest in a share of 7.125% Fix/Float Rate Noncum Pref Stk, Ser J |
Security Exchange Name | NYSE |
Depositary Shares, each representing 1/1,000th interest in a share of 6.875% Fixed/Floating Rate Noncumulative Preferred Stock, Series K | |
Entity Information [Line Items] | |
Trading Symbol | C Pr K |
Title of 12(b) Security | Dep Shs, represent 1/1,000th interest in a share of 6.875% Fix/Float Rate Noncum Pref Stk, Ser K |
Security Exchange Name | NYSE |
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 |
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, Floating Rate Notes Due September 17, 2026 of CGMHI (and registrant’s guaranty with respect thereto) | |
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, Floating Rate Notes Due September 15, 2028 of CGMHI (and registrant’s guaranty with respect thereto) | |
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, Floating Rate Notes Due October 6, 2028 of CGMHI (and registrant’s guaranty with respect thereto) | |
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 |
Medium-Term Senior Notes, Series N, Floating Rate Notes Due March 21, 2029 of CGMHI (and registrant’s guaranty with respect thereto) | |
Entity Information [Line Items] | |
Trading Symbol | C/29A |
Title of 12(b) Security | MTN, Series N, Floating Rate Notes Due Mar 2029 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 | 6 Months Ended | |||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | ||
Revenues | |||||
Interest revenue | $ 15,630 | $ 12,463 | $ 28,781 | $ 24,997 | |
Interest expense | 3,666 | 1,985 | 5,946 | 4,013 | |
Net interest income | 11,964 | 10,478 | 22,835 | 20,984 | |
Commissions and fees | 2,452 | 3,374 | 5,020 | 7,044 | |
Principal transactions | 4,525 | 2,304 | 9,115 | 6,217 | |
Administration and other fiduciary fees | 1,023 | 1,022 | 1,989 | 1,983 | |
Realized gains (losses) on sales of investments, net | (58) | 137 | 22 | 538 | |
Impairment losses on investments: | |||||
Impairment losses on investments and other assets | (96) | (13) | (186) | (82) | |
Provision for credit losses on AFS debt securities | [1] | 2 | 0 | 2 | 0 |
Net impairment losses recognized in earnings | (94) | (13) | (184) | (82) | |
Other revenue | (174) | 451 | 27 | 736 | |
Total non-interest revenues | 7,674 | 7,275 | 15,989 | 16,436 | |
Total revenues, net of interest expense | 19,638 | 17,753 | 38,824 | 37,420 | |
Provisions for credit losses and for benefits and claims | |||||
Provision for credit losses on loans | 1,384 | (1,126) | 1,644 | (2,605) | |
Provision for credit losses on held-to-maturity (HTM) debt securities | 20 | 4 | 18 | (7) | |
Provision for credit losses on other assets | 7 | (3) | 3 | 6 | |
Policyholder benefits and claims | 22 | 15 | 49 | 67 | |
Provision for credit losses on unfunded lending commitments | (159) | 44 | 315 | (582) | |
Total provisions for credit losses and for benefits and claims | [2] | 1,274 | (1,066) | 2,029 | (3,121) |
Operating expenses | |||||
Compensation and benefits | 6,472 | 5,982 | 13,292 | 11,983 | |
Premises and equipment | 619 | 558 | 1,162 | 1,134 | |
Technology/communication | 2,068 | 1,895 | 4,084 | 3,747 | |
Advertising and marketing | 414 | 340 | 725 | 610 | |
Other operating | 2,820 | 2,696 | 6,295 | 5,410 | |
Total operating expenses | 12,393 | 11,471 | 25,558 | 22,884 | |
Income from continuing operations before income taxes | 5,971 | 7,348 | 11,237 | 17,657 | |
Provision for income taxes | 1,182 | 1,155 | 2,123 | 3,487 | |
Income from continuing operations | 4,789 | 6,193 | 9,114 | 14,170 | |
Discontinued operations | |||||
Income (loss) from discontinued operations | (262) | 10 | (264) | 8 | |
Benefit for income taxes | (41) | 0 | (41) | 0 | |
Income (loss) from discontinued operations, net of taxes | (221) | 10 | (223) | 8 | |
Net income before attribution to noncontrolling interests | 4,568 | 6,203 | 8,891 | 14,178 | |
Noncontrolling interests | 21 | 10 | 38 | 43 | |
Citigroup’s net income | $ 4,547 | $ 6,193 | $ 8,853 | $ 14,135 | |
Basic earnings per share | |||||
Income from continuing operations (in dollars per share) | [3] | $ 2.32 | $ 2.86 | $ 4.34 | $ 6.51 |
Income from discontinued operations, net of taxes (in dollars per share) | [3] | (0.11) | 0 | (0.11) | 0 |
Net income (in dollars per share) | [3] | $ 2.20 | $ 2.87 | $ 4.23 | $ 6.52 |
Weighted average common shares outstanding (in shares) | 1,941.5 | 2,056.5 | 1,956.6 | 2,069.3 | |
Diluted earnings per share | |||||
Income from continuing operations (in dollars per share) | [3] | $ 2.30 | $ 2.84 | $ 4.32 | $ 6.47 |
Income (loss) from discontinued operations, net of taxes (in dollars per share) | [3] | (0.11) | 0 | (0.11) | 0 |
Net income (in dollars per share) | [3] | $ 2.19 | $ 2.85 | $ 4.20 | $ 6.47 |
Adjusted weighted average common shares outstanding (in shares) | 1,958.1 | 2,073 | 1,973.2 | 2,084.8 | |
[1]In accordance with ASC 326, which requires the provision for credit losses on AFS securities to be included in revenue.[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 | 6 Months Ended | |||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | ||
Statement of Comprehensive Income [Abstract] | |||||
Citigroup’s net income | $ 4,547 | $ 6,193 | $ 8,853 | $ 14,135 | |
Add: Citigroup’s other comprehensive income | |||||
Net change in unrealized gains and losses on debt securities, net of taxes | [1] | (1,501) | (474) | (5,778) | (2,259) |
Net change in debt valuation adjustment (DVA), net of taxes | [1],[2] | 1,967 | (62) | 2,760 | (104) |
Net change in cash flow hedges, net of taxes | [1] | (666) | (173) | (2,207) | (729) |
Benefit plans liability adjustment, net of taxes | [1] | (89) | 87 | 82 | 801 |
Net change in foreign currency translation adjustment, net of taxes and hedges | [1] | (1,630) | 523 | (1,644) | (751) |
Net change in excluded component of fair value hedges, net of taxes | [1] | 9 | (10) | 57 | (20) |
Citigroup’s total other comprehensive income (loss) | [1] | (1,910) | (109) | (6,730) | (3,062) |
Total Citigroup comprehensive income (loss) | 2,637 | 6,084 | 2,123 | 11,073 | |
Add: Other comprehensive income (loss) attributable to noncontrolling interests | (53) | 18 | (82) | (40) | |
Add: Net income (loss) attributable to noncontrolling interests | 21 | 10 | 38 | 43 | |
Total comprehensive income | $ 2,605 | $ 6,112 | $ 2,079 | $ 11,076 | |
[1]See Note 17.[2]See Note 20. |
CONSOLIDATED BALANCE SHEET
CONSOLIDATED BALANCE SHEET - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Assets | ||
Cash and due from banks (including segregated cash and other deposits) | $ 24,902 | $ 27,515 |
Deposits with banks, net of allowance | 259,128 | 234,518 |
Securities borrowed and purchased under agreements to resell (including $242,760 and $216,466 as of June 30, 2022 and December 31, 2021, respectively, at fair value), net of allowance | 361,334 | 327,288 |
Brokerage receivables, net of allowance | 80,486 | 54,340 |
Trading account assets (including $128,223 and $133,828 pledged to creditors at June 30, 2022 and December 31, 2021, respectively) | 340,875 | 331,945 |
Investments: | ||
Available-for-sale debt securities (including $7,070 and $9,226 pledged to creditors as of June 30, 2022 and December 31, 2021, respectively), net of allowance | 238,499 | 288,522 |
Held-to-maturity debt securities (including $35 and $1,460 pledged to creditors as of June 30, 2022 and December 31, 2021, respectively), net of allowance | 267,592 | 216,963 |
Equity securities (including $1,046 and $1,032 at fair value as of June 30, 2022 and December 31, 2021, respectively) | 7,787 | 7,337 |
Total investments | 513,878 | 512,822 |
Loans: | ||
Loans, net of unearned income | 657,333 | 667,767 |
Allowance for credit losses on loans (ACLL) | (15,952) | (16,455) |
Total loans, net | 641,381 | 651,312 |
Goodwill | 19,597 | 21,299 |
Intangible assets (including MSRs of $600 and $404 as of June 30, 2022 and December 31, 2021, respectively, at fair value) | 4,526 | 4,495 |
Other assets (including $10,085 and $12,342 as of June 30, 2022 and December 31, 2021, respectively, at fair value), net of allowance | 134,797 | 125,879 |
Total assets | 2,380,904 | 2,291,413 |
Liabilities | ||
Non-interest-bearing deposits in U.S. offices | 147,214 | 158,552 |
Interest-bearing deposits in U.S. offices (including $856 and $879 as of June 30, 2022 and December 31, 2021, respectively, at fair value) | 565,785 | 543,283 |
Non-interest-bearing deposits in offices outside the U.S. | 100,266 | 97,270 |
Interest-bearing deposits in offices outside the U.S. (including $1,452 and $787 as of June 30, 2022 and December 31, 2021, respectively, at fair value) | 508,583 | 518,125 |
Total deposits | 1,321,848 | 1,317,230 |
Securities loaned and sold under agreements to repurchase (including $64,574 and $56,694 as of June 30, 2022 and December 31, 2021, respectively, at fair value) | 198,472 | 191,285 |
Brokerage payables (including $3,288 and $3,575 as of June 30, 2022 and December 31, 2021, respectively, at fair value) | 96,474 | 61,430 |
Trading account liabilities | 180,453 | 161,529 |
Short-term borrowings (including $6,852 and $7,358 as of June 30, 2022 and December 31, 2021, respectively, at fair value) | 40,054 | 27,973 |
Long-term debt (including $89,388 and $82,609 as of June 30, 2022 and December 31, 2021, respectively, at fair value) | 257,425 | 254,374 |
Other liabilities | 86,552 | 74,920 |
Total liabilities | 2,181,278 | 2,088,741 |
Stockholders’ equity | ||
Preferred stock ($1.00 par value; authorized shares: 30 million), issued shares: as of June 30, 2022—759,800 and as of December 31, 2021—759,800, at aggregate liquidation value | 18,995 | 18,995 |
Common stock ($0.01 par value; authorized shares: 6 billion), issued shares: as of June 30, 2022—3,099,669,331 and as of December 31, 2021—3,099,651,835 | 31 | 31 |
Additional paid-in capital | 108,210 | 108,003 |
Retained earnings | 191,261 | 184,948 |
Treasury stock, at cost | (73,988) | (71,240) |
Accumulated other comprehensive income (loss) (AOCI) | (45,495) | (38,765) |
Total Citigroup stockholders’ equity | 199,014 | 201,972 |
Noncontrolling interests | 612 | 700 |
Total equity | 199,626 | 202,672 |
Total liabilities and equity | 2,380,904 | 2,291,413 |
Consolidated VIEs | ||
Assets | ||
Cash and due from banks (including segregated cash and other deposits) | 94 | 260 |
Trading account assets (including $128,223 and $133,828 pledged to creditors at June 30, 2022 and December 31, 2021, respectively) | 9,072 | 10,038 |
Investments: | ||
Total investments | 596 | 844 |
Loans: | ||
Loans, net of unearned income | 48,780 | 48,989 |
Allowance for credit losses on loans (ACLL) | (2,460) | (2,668) |
Total loans, net | 46,320 | 46,321 |
Other assets (including $10,085 and $12,342 as of June 30, 2022 and December 31, 2021, respectively, at fair value), net of allowance | 52 | 1,174 |
Total assets | 56,134 | 58,637 |
Liabilities | ||
Short-term borrowings (including $6,852 and $7,358 as of June 30, 2022 and December 31, 2021, respectively, at fair value) | 8,105 | 8,376 |
Long-term debt (including $89,388 and $82,609 as of June 30, 2022 and December 31, 2021, respectively, at fair value) | 12,511 | 12,579 |
Other liabilities | 238 | 694 |
Total liabilities | 20,854 | 21,649 |
Consumer | ||
Loans: | ||
Loans, net of unearned income | 355,605 | 376,534 |
Allowance for credit losses on loans (ACLL) | (12,983) | (14,040) |
Consumer | Consolidated VIEs | ||
Loans: | ||
Loans, net of unearned income | 34,243 | 34,677 |
Corporate | ||
Loans: | ||
Loans, net of unearned income | 301,728 | 291,233 |
Allowance for credit losses on loans (ACLL) | (2,969) | (2,415) |
Corporate | Consolidated VIEs | ||
Loans: | ||
Loans, net of unearned income | $ 14,537 | $ 14,312 |
CONSOLIDATED BALANCE SHEET (Par
CONSOLIDATED BALANCE SHEET (Parenthetical) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Securities borrowed or purchased under agreements to resell, at fair value | $ 361,334 | $ 327,288 |
Trading account assets, pledged to creditors | 128,223 | 133,828 |
Available-for-sale securities, pledged to creditors | 7,070 | 9,226 |
Held-to-maturity securities, pledged to creditors | 35 | 1,460 |
Equity securities, at fair value | 1,046 | 1,032 |
Loans, net of unearned income, at fair value | 657,333 | 667,767 |
Mortgage servicing rights, at fair value | 600 | 404 |
Other assets, at fair value | 134,797 | 125,879 |
Interest-bearing deposits in U.S. offices, at fair value | 565,785 | 543,283 |
Interest-bearing deposits in offices outside the U.S., at fair value | 508,583 | 518,125 |
Securities loaned or sold under agreements to repurchase, at fair value | 198,472 | 191,285 |
Brokerage payables, at fair value | 96,474 | 61,430 |
Short-term borrowings, at fair value | 40,054 | 27,973 |
Long-term debt, at fair value | $ 257,425 | $ 254,374 |
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) | 759,800 | 759,800 |
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) | 3,099,669,331 | 3,099,651,835 |
Treasury stock (in shares) | 1,162,959,708 | 1,115,296,641 |
Consumer | ||
Loans, net of unearned income, at fair value | $ 355,605 | $ 376,534 |
Corporate | ||
Loans, net of unearned income, at fair value | 301,728 | 291,233 |
Fair value | ||
Securities borrowed or purchased under agreements to resell, at fair value | 242,760 | 216,466 |
Other assets, at fair value | 10,085 | 12,342 |
Interest-bearing deposits in U.S. offices, at fair value | 856 | 879 |
Interest-bearing deposits in offices outside the U.S., at fair value | 1,452 | 787 |
Securities loaned or sold under agreements to repurchase, at fair value | 64,574 | 56,694 |
Brokerage payables, at fair value | 3,288 | 3,575 |
Short-term borrowings, at fair value | 6,852 | 7,358 |
Long-term debt, at fair value | 89,388 | 82,609 |
Fair value | Consumer | ||
Loans, net of unearned income, at fair value | 8 | 12 |
Fair value | Corporate | ||
Loans, net of unearned income, at fair value | $ 4,528 | $ 6,070 |
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 | Total Citigroup common stockholders’ equity | Common stock and additional paid-in capital (APIC) | Retained earnings | Treasury stock, at cost | Citigroup's accumulated other comprehensive income (loss) | Noncontrolling interests | ||
Balance, beginning of period at Dec. 31, 2020 | $ 19,480 | $ 107,877 | $ 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 | (63) | 476 | [1] | ||||||||
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) | (3) | (40) | (11) | ||||||||
Net income before attribution of noncontrolling interests | $ 14,178 | 14,135 | 43 | ||||||||
Common dividends | [2] | (2,136) | |||||||||
Preferred dividends | (545) | (545) | |||||||||
Treasury stock acquired | [3] | (4,600) | |||||||||
Transactions between Citigroup and the noncontrolling-interest shareholders | 1 | ||||||||||
Citigroup’s total other comprehensive income | (3,062) | (40) | |||||||||
Net change in noncontrolling interests | (7) | ||||||||||
Balance, end of period at Jun. 30, 2021 | 202,910 | $ 202,159 | 17,995 | $ 184,164 | 107,851 | 179,686 | (68,253) | (35,120) | 751 | ||
Balance, beginning of period at Mar. 31, 2021 | 20,280 | 107,725 | 174,816 | (65,261) | (35,011) | 724 | |||||
Increase (Decrease) in Stockholders' Equity | |||||||||||
Redemption of preferred stock | (2,285) | ||||||||||
Employee benefit plans | 112 | 8 | [1] | ||||||||
Other (primarily reclassifications from APIC for preferred issuance costs on redemptions) | 6 | (8) | (2) | ||||||||
Net income before attribution of noncontrolling interests | 6,203 | 6,193 | 10 | ||||||||
Common dividends | [2] | (1,062) | |||||||||
Preferred dividends | (253) | (253) | |||||||||
Treasury stock acquired | [3] | (3,000) | |||||||||
Transactions between Citigroup and the noncontrolling-interest shareholders | 1 | ||||||||||
Citigroup’s total other comprehensive income | (109) | 18 | |||||||||
Net change in noncontrolling interests | 27 | ||||||||||
Balance, end of period at Jun. 30, 2021 | 202,910 | 202,159 | 17,995 | 184,164 | 107,851 | 179,686 | (68,253) | (35,120) | 751 | ||
Balance, beginning of period at Dec. 31, 2021 | 202,672 | 18,995 | 108,034 | 184,948 | (71,240) | (38,765) | 700 | ||||
Increase (Decrease) in Stockholders' Equity | |||||||||||
Employee benefit plans | 206 | 502 | [1] | ||||||||
Preferred stock issuance costs (new issuances, net of reclassifications to retained earnings for redemptions) | 8 | ||||||||||
Other (primarily reclassifications from APIC for preferred issuance costs on redemptions) | 1 | 1 | 1 | ||||||||
Net income before attribution of noncontrolling interests | 8,891 | 8,853 | 38 | ||||||||
Common dividends | [2] | (2,024) | |||||||||
Preferred dividends | (517) | (517) | |||||||||
Treasury stock acquired | [3] | (3,250) | |||||||||
Transactions between Citigroup and the noncontrolling-interest shareholders | (34) | ||||||||||
Distributions paid to noncontrolling-interest shareholders | (11) | ||||||||||
Citigroup’s total other comprehensive income | (6,730) | (82) | |||||||||
Net change in noncontrolling interests | (88) | ||||||||||
Balance, end of period at Jun. 30, 2022 | 199,626 | 199,014 | 18,995 | 180,019 | 108,241 | 191,261 | (73,988) | (45,495) | 612 | ||
Balance, beginning of period at Mar. 31, 2022 | 18,995 | 108,081 | 187,962 | (73,744) | (43,585) | 644 | |||||
Increase (Decrease) in Stockholders' Equity | |||||||||||
Employee benefit plans | 160 | 6 | [1] | ||||||||
Other (primarily reclassifications from APIC for preferred issuance costs on redemptions) | 2 | ||||||||||
Net income before attribution of noncontrolling interests | 4,568 | 4,547 | 21 | ||||||||
Common dividends | [2] | (1,010) | |||||||||
Preferred dividends | (238) | (238) | |||||||||
Treasury stock acquired | [3] | (250) | |||||||||
Transactions between Citigroup and the noncontrolling-interest shareholders | (1) | ||||||||||
Distributions paid to noncontrolling-interest shareholders | (1) | ||||||||||
Citigroup’s total other comprehensive income | (1,910) | (53) | |||||||||
Net change in noncontrolling interests | (32) | ||||||||||
Balance, end of period at Jun. 30, 2022 | $ 199,626 | $ 199,014 | $ 18,995 | $ 180,019 | $ 108,241 | $ 191,261 | $ (73,988) | $ (45,495) | $ 612 | ||
[1]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.[2]Common dividends declared were $0.51 per share for each of the first and second quarters of 2022 and 2021.[3]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 | |||
Jun. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2021 | Mar. 31, 2021 | |
Statement of Stockholders' Equity [Abstract] | ||||
Common dividends declared (in dollars per share) | $ 0.51 | $ 0.51 | $ 0.51 | $ 0.51 |
CONSOLIDATED STATEMENT OF CASH
CONSOLIDATED STATEMENT OF CASH FLOWS (UNAUDITED) - USD ($) $ in Millions | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | ||
Cash flows from operating activities of continuing operations | |||
Net income before attribution of noncontrolling interests | $ 8,891 | $ 14,178 | |
Net income attributable to noncontrolling interests | 38 | 43 | |
Citigroup’s net income | 8,853 | 14,135 | |
(Loss) gain from discontinued operations, net of taxes | (223) | 8 | |
Income from continuing operations—excluding noncontrolling interests | 9,076 | 14,127 | |
Adjustments to reconcile net income to net cash provided by (used in) operating activities of continuing operations | |||
Depreciation and amortization | 2,089 | 1,944 | |
Provisions for credit losses on loans and unfunded lending commitments | 1,959 | (3,187) | |
Goodwill impairment | 535 | 0 | |
Realized gains from sales of investments | (22) | (538) | |
Impairment losses on investments and other assets | 186 | 82 | |
Change in trading account assets | (8,974) | 4,098 | |
Change in trading account liabilities | 18,924 | 6,679 | |
Change in brokerage receivables net of brokerage payables | 8,898 | (7,400) | |
Change in loans HFS | 4,504 | (3,214) | |
Change in other assets | (3,450) | (2,260) | |
Change in other liabilities | (2,117) | 3,300 | |
Other, net | (34,877) | 9,932 | |
Total adjustments | (12,345) | 9,436 | |
Net cash provided by (used in) operating activities of continuing operations | (3,269) | 23,563 | |
Cash flows from investing activities of continuing operations | |||
Change in securities borrowed and purchased under agreements to resell | (34,046) | (14,335) | |
Change in loans | (14,790) | (3,088) | |
Proceeds from divestitures | [1] | 1,940 | 0 |
Proceeds from sales and securitizations of loans | 1,562 | 869 | |
Available-for-sale debt securities | |||
Purchases of investments | [2] | (123,528) | (114,240) |
Proceeds from sales of investments | [2] | 79,952 | 66,135 |
Proceeds from maturities of investments | [2] | 76,871 | 62,904 |
Held-to-maturity debt securities | |||
Purchases of investments | [2] | (34,317) | (87,049) |
Proceeds from maturities of investments | [2] | 5,821 | 12,291 |
Capital expenditures on premises and equipment and capitalized software | (2,465) | (1,771) | |
Proceeds from sales of premises and equipment, subsidiaries and affiliates and repossessed assets | 31 | 28 | |
Other, net | (332) | 145 | |
Net cash used in investing activities of continuing operations | (43,301) | (78,111) | |
Cash flows from financing activities of continuing operations | |||
Dividends paid | (2,514) | (2,663) | |
Issuance of preferred stock | 0 | 2,300 | |
Redemption of preferred stock | 0 | (3,785) | |
Treasury stock acquired | (3,200) | (4,381) | |
Stock tendered for payment of withholding taxes | (334) | (324) | |
Change in securities loaned and sold under agreements to repurchase | 7,187 | 22,292 | |
Issuance of long-term debt | 60,304 | 41,511 | |
Payments and redemptions of long-term debt | (28,439) | (41,894) | |
Change in deposits | 25,360 | 29,610 | |
Change in short-term borrowings | 12,081 | 1,948 | |
Net cash provided by financing activities of continuing operations | 70,445 | 44,614 | |
Effect of exchange rate changes on cash and due from banks | (1,878) | (443) | |
Change in cash, due from banks and deposits with banks | 21,997 | (10,377) | |
Cash, due from banks and deposits with banks at beginning of period | 262,033 | 309,615 | |
Cash, due from banks and deposits with banks at end of period | 284,030 | 299,238 | |
Cash and due from banks (including segregated cash and other deposits) | 24,902 | 27,117 | |
Deposits with banks, net of allowance | 259,128 | 272,121 | |
Cash, due from banks and deposits with banks at end of period | 284,030 | 299,238 | |
Supplemental disclosure of cash flow information for continuing operations | |||
Cash paid during the period for income taxes | 1,661 | 2,176 | |
Cash paid during the period for interest | 6,284 | 3,926 | |
Non-cash investing and financing activities | |||
Transfer of investment securities from AFS to HTM | [1],[3] | 21,522 | 0 |
Decrease in net loans associated with divestitures reclassified to HFS | [1],[3] | 17,758 | 0 |
Decrease in goodwill associated with divestitures reclassified to HFS | [1],[3] | 873 | 0 |
Transfers to loans HFS (Other assets) from loans | [1],[3] | 1,874 | 961 |
Decrease in deposits associated with divestitures reclassified to HFS | [1] | $ 20,741 | $ 0 |
[1]See Note 2 for further information on significant disposals.[2]Citi has revised the Consolidated Statement of Cash Flows to present purchases of investments, sales of investments and proceeds from maturities of investments separately between available-for-sale debt securities and held-to-maturity debt securities. Citi had no sales of held-to-maturity debt securities during the periods presented.[3]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 for more information and balances as of June 30, 2022. |
BASIS OF PRESENTATION, UPDATED
BASIS OF PRESENTATION, UPDATED ACCOUNTING POLICIES AND ACCOUNTING CHANGES | 6 Months Ended |
Jun. 30, 2022 | |
Accounting Policies [Abstract] | |
BASIS OF PRESENTATION, UPDATED ACCOUNTING POLICIES AND ACCOUNTING CHANGES | BASIS OF PRESENTATION, UPDATED ACCOUNTING POLICIES AND ACCOUNTING CHANGES Basis of Presentation The accompanying unaudited Consolidated Financial Statements as of June 30, 2022 and for the three- and six-month periods ended June 30, 2022 and 2021 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 within Citigroup’s Annual Report on Form 10-K for the year ended December 31, 2021, Citigroup’s Current Report on Form 8-K dated May 10, 2022 (as amended by a Current Report on Form 8-K/A dated May 10, 2022) with Historical Consolidated Financial Statements and Notes conformed to reflect changes in Citigroup’s reportable segments from those contained in Citi’s 2021 Annual Report on Form 10-K included as an exhibit thereto (such Current Report on Form 8-K together with Citigroup’s 2021 Annual Report on Form 10-K, collectively referred to as the 2021 Form 10-K), and Citigroup’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2022 (First Quarter of 2022 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 2021 Form 10-K for a summary of all of Citigroup’s significant accounting policies. ACCOUNTING CHANGES Multiple Macroeconomic Scenarios-Based ACL Approach During the second quarter of 2022, Citi refined its ACL methodology to utilize multiple macroeconomic scenarios to estimate its allowance for credit losses. The ACL was previously estimated using a combination of a single base-case forecast scenario as part of its quantitative component and a qualitative management adjustment to reflect economic uncertainty from downside macroeconomic scenarios. As a result of this change, Citi now explicitly incorporates multiple macroeconomic scenarios—base, upside, and downside—and associated probabilities in the quantitative component when estimating its ACL. This refinement represents a “change in accounting estimate” under ASC Topic 250, Accounting Changes and Error Corrections , with prospective application beginning in the period of change. This change in accounting estimate resulted in a decrease of approximately $0.3 billion in the allowance for credit losses, partially offsetting an increase of $0.8 billion in the allowance for credit losses due to the increased macroeconomic uncertainty and other factors in the second quarter. Accounting for Deposit Insurance Expenses During the fourth quarter of 2021, Citi changed its presentation of accounting for deposit insurance costs paid to the Federal Deposit Insurance Corporation (FDIC) and similar foreign regulators. These costs were previously presented within Interest expense and, as a result of this change, are now presented within Other operating expenses . Citi concluded that this presentation was preferable in Citi’s circumstances, as it better reflected the nature of these deposit insurance costs in that these costs do not directly represent interest payments to creditors, but are similar in nature to other payments to regulatory agencies that are accounted for as operating expenses. This change in income statement presentation represents a “change in accounting principle” under ASC Topic 250, Accounting Changes and Error Corrections , with retrospective application to the earliest period presented. This change in accounting principle resulted in a reclassification of $279 million and $619 million of deposit insurance expenses from Interest expense to Other operating expenses , for the quarter and six months ended June 30, 2021. This change had no impact on Citi’s net income or the total deposit insurance expense incurred by Citi. FUTURE ACCOUNTING CHANGES Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions In June 2022, FASB issued Accounting Standards Update (ASU) 2022-3, Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions . The ASU was issued to address diversity in practice whereby certain entities included the impact of contractual restrictions when valuing equity securities, and it clarifies that a contractual restriction on the sale of an equity security should not be considered part of the unit of account of the equity security and, therefore, should not be considered in measuring fair value. The ASU also includes requirements for entities to disclose the fair value of equity securities subject to contractual sale restrictions, the nature and remaining duration of the restrictions and the circumstances that could cause a lapse in the restrictions. The ASU is to be adopted on a prospective basis and will be effective for Citigroup on January 1, 2024, although early adoption is permitted. Adoption of the accounting standard is not expected to have an impact on Citi’s operating results or financial position, as the Company excludes such restrictions when valuing equity securities. Obligations to Safeguard Crypto-assets Held for Platform Users In March 2022, the SEC issued Staff Accounting Bulletin (SAB) No. 121, which expresses the views of the SEC staff regarding the accounting for obligations to safeguard crypto-assets that an entity holds for platform users. Specifically, the guidance requires issuers that hold digital assets for their platform users to recognize a liability for their obligation to safeguard the digital assets held and a corresponding asset, measured initially and subsequently at fair value. The guidance is effective for interim and annual periods ending after June 15, 2022. Citigroup does not have any transactions within the scope of SAB 121 as of June 30, 2022. Fair Value Hedging—Portfolio Layer Method In March 2022, the FASB issued ASU No. 2022-01, Derivatives and Hedging (Topic 815): Fair Value Hedging—Portfolio Layer Method , intended to better align hedge accounting with an organization’s risk management strategies. Specifically, the guidance expands the current single-layer method to allow multiple hedge layers of a single closed portfolio of qualifying assets, which include both prepayable and non-prepayable assets. Upon the adoption of the guidance, entities may elect to reclassify securities held-to-maturity to the available-for-sale category as long as the reclassified securities are designated in a portfolio hedge. The guidance is effective for fiscal years beginning after December 15, 2022, and interim periods within those fiscal years with early adoption permitted. Citi is evaluating when to adopt the amendments in ASU 2022-01. Citi does not expect a material impact to its results of operations as a result of adopting the amendments. Troubled Debt Restructurings and Vintage Disclosures In March 2022, the FASB issued ASU No. 2022-02, Financial Instruments—Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures . The ASU eliminates the accounting guidance for troubled debt restructurings by creditors, enhances disclosure requirements for certain loan refinancings and restructurings by creditors and requires that an entity disclose current-period gross write-offs by year of origination for financing receivables and net investments in leases within the scope of Subtopic 326-20. The guidance is effective beginning January 1, 2023 and early adoption is permitted. Citi plans to adopt the amendments in ASU 2022-02 on January 1, 2023, and is evaluating the effect they will have on its Consolidated Financial Statements and related disclosures. 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 (issued in November 2020). Citi plans to adopt the targeted improvements in ASU 2018-12 on January 1, 2023 and is currently evaluating the impact of the standard on its insurance subsidiaries. Citi does not expect a material impact to its results of operations as a result of adopting the standard. |
DISCONTINUED OPERATIONS, SIGNIF
DISCONTINUED OPERATIONS, SIGNIFICANT DISPOSALS AND OTHER BUSINESS EXITS | 6 Months Ended |
Jun. 30, 2022 | |
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 June 30, Six Months Ended June 30, In millions of dollars 2022 2021 2022 2021 Total revenues, net of interest expense $ — $ — $ — $ — Income (loss) from discontinued operations (1) $ (262) $ 10 $ (264) $ 8 Benefit for income taxes (41) — (41) — Income (loss) from discontinued operations, $ (221) $ 10 $ (223) $ 8 (1) Amounts in each period relate to the sale of the Egg Banking business in 2011. During the second quarter of 2022, the Company finalized the settlement of certain liabilities related to its legacy consumer operation in the U.K. (the legacy operation), including an indemnification liability related to its sale of the Egg Banking business in 2011, which led to the substantial liquidation of the legacy operation. As a result, a CTA loss (net of hedges) in AOCI of approximately $400 million pretax ($345 million after-tax) related to the legacy operation was released to earnings in the current period. Out of the total CTA release, a $260 million pretax loss ($221 million after-tax loss) was attributable to the Egg Banking business noted above, reported in Discontinued operations , and therefore the corresponding CTA release was also reported in Discontinued operations during the second quarter. The remaining CTA release of a $140 million pretax loss ($124 million after-tax loss) related to Legacy Holdings Assets was reported as part of Continuing operations within Legacy Franchises . While the legacy operation was divested in multiple sales over the years, each transaction did not result in substantial liquidation given that Citi retained certain liabilities noted above, which were gradually settled over time until reaching the point of substantial liquidation during the second quarter, triggering the release of the CTA loss to earnings. Cash flows from Discontinued operations were not material for the periods presented. Significant Disposals Citi entered into agreements to sell nine consumer banking businesses that, in aggregate, will result in a transfer to HFS of approximately $29 billion in assets, including $19 billion of loans (net of allowance of $409 million) and approximately $23 billion in liabilities, including $22 billion in deposits as of June 30, 2022. As a result, these assets and liabilities held by each business were reclassified to HFS within Other assets and Other liabilities , respectively, on the Consolidated Balance Sheet. The following five consumer banking business sale agreements (of nine) were identified as significant disposals that are recorded within the Legacy Franchises segment. All open sales agreements in the table below are subject to regulatory approvals and other closing conditions. June 30, 2022 In millions of dollars Assets Liabilities Consumer banking business in Sale agreement date Expected close Cash and deposits with banks Loans (1) Goodwill (2) Other assets, advances to/from subsidiaries Other assets Total assets Deposits Long-term debt Other liabilities Total liabilities Australia (3) 8/9/21 closed on 6/1/2022 $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — Philippines (4) 12/23/21 closed on 8/1/2022 31 1,170 244 511 37 1,993 1,208 — 78 1,286 Thailand (4) 1/14/22 second half 2022 $ 15 $ 2,485 $ 160 $ 215 $ 84 $ 2,959 $ 925 $ — $ 133 $ 1,058 Taiwan (4) 1/28/22 second half 2023 104 7,878 212 4,855 199 13,248 10,350 — 214 10,564 India (4) 3/30/22 first half 2023 29 3,515 346 2,482 102 6,474 5,916 — 184 6,100 Income (loss) before taxes (5) Three Months Ended June 30, Six Months Ended June 30, In millions of dollars 2022 2021 2022 2021 Australia (3) $ 28 $ 69 $ 193 $ 142 Philippines 14 31 65 67 Thailand 90 43 78 91 Taiwan 50 65 96 150 India 52 29 125 98 (1) Loans, net of allowance as of June 30, 2022: Philippines $80 million, Thailand $80 million, Taiwan $57 million and India $51 million. ( 2) F or Thailand, includes intangible assets. (3) On June 1, 2022, Citi completed the sale of its Australia consumer banking business, which was a part of Legacy Franchises . The Australia consumer banking business had approximately $9.4 billion in assets, including $9.3 billion of loans (net of allowance of $140 million) and excluding goodwill. The total amount of liabilities was $7.3 billion including $6.8 billion in deposits. The transaction generated a pretax loss on sale of approximately $800 million ($665 million after-tax), subject to closing adjustments, recorded in Other revenue . The loss on sale primarily reflected the impact of an approximate pretax $620 million currency translation adjustment (CTA) loss (net of hedges) ($470 million after-tax) already reflected in the Accumulated other comprehensive income (AOCI) component of equity. The sale closed on June 1, 2022, and the CTA-related balance was removed from the AOCI component of equity, resulting in a neutral CTA impact to Citi’s Common Equity Tier 1 Capital. The income before taxes shown in the above table for Australia reflects the two months of Citi’s ownership through June 1, 2022. (4) These sales are expected to result in an after-tax gain upon closing. (5) Income before taxes for the period in which the individually significant component was classified as HFS for all prior periods presented. For Australia, excludes the pretax loss on sale. Citi did not have any other significant disposals to report as of June 30, 2022. As of August 3, 2022, Citi had not entered into any other definitive sales agreements related to its recently announced intention to pursue exits of its consumer franchises in 12 remaining 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 2021 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, which is reported in the Legacy Franchises operating segment. In connection with the announcement, Citibank Korea Inc. (CKI) commenced a voluntary early termination program (Korea VERP). 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 those employees. Related charges are recorded as Compensation and benefits . During the first quarter of 2022, Citi recorded an additional pretax charge of $31 million, composed of gross charges connected to the Korea VERP. The following table summarizes the reserve charges related to the Korea VERP and other initiatives reported in the Legacy Franchises operating segment and Corporate/Other : In millions of dollars Employee termination costs Total Citigroup (pretax) Original charges $ 1,052 Utilization (1) Foreign exchange 3 Balance at December 31, 2021 $ 1,054 Additional charges $ 31 Utilization (347) Foreign exchange (24) Balance at March 31, 2022 $ 714 Additional charges (releases) $ (3) Utilization (670) Foreign exchange (41) Balance at June 30, 2022 $ — The total estimated cash charges for the wind-down are $1.1 billion, most of which were recognized in 2021. See Note 8 for details on the pension impact of the Korea wind-down. |
OPERATING SEGMENTS
OPERATING SEGMENTS | 6 Months Ended |
Jun. 30, 2022 | |
Segment Reporting [Abstract] | |
OPERATING SEGMENTS | OPERATING SEGMENTS Effective January 1, 2022, Citi changed its management structure resulting in changes in its operating segments and reporting units to reflect how the CEO, who is the chief operating decision maker, intends to manage the Company, allocate resources and measure performance. Citi reorganized its reporting into three operating segments: Institutional Clients Group (ICG) , Personal Banking and Wealth Management (PBWM) and Legacy Franchises , with Corporate/Other including activities not assigned to a specific operating segment, as well as discontinued operations. The prior-period balances reflect reclassifications to conform the presentation in those periods to the current operating segment structure. Citi’s consolidated results were not impacted by the changes discussed above and remain unchanged for all periods presented. The operating segments are determined based on how management allocates resources and measures financial performance to make business decisions, and are reflective of the types of customers served and the products and services provided. ICG consists of Services, Markets and Banking, providing corporate, institutional and public sector clients around the world with a full range of wholesale banking products and services. PBWM consists of U.S. Personal Banking and Global Wealth Management (Global Wealth) , providing traditional banking services and credit cards to retail and small business customers in the U.S., and financial services to the entire continuum of wealth clients—from affluent to ultra-high-net-worth—through banking, lending, mortgages, investment, custody and trust product offerings in approximately 20 countries, including the U.S., Mexico and the four wealth management centers: Singapore, Hong Kong, the UAE and London. Legacy Franchises consists of Asia Consumer and Mexico Consumer/SBMM businesses that Citi intends to exit, and its remaining Legacy Holdings Assets . Corporate/Other includes activities not assigned to the operating segments, including certain unallocated costs of global functions, other corporate expenses and net treasury results, offsets to certain line-item reclassifications and eliminations, and unallocated taxes, as well as discontinued operations. The following tables present certain information regarding the Company’s continuing operations by operating segment and Corporate/Other : Three Months Ended June 30, In millions of dollars, except identifiable assets, average loans and average deposits in billions ICG PBWM Legacy Franchises Corporate/Other Total Citi 2022 2021 2022 2021 2022 2021 2022 2021 2022 2021 Net interest income $ 4,520 $ 3,760 $ 5,569 $ 4,985 $ 1,474 $ 1,621 $ 401 $ 112 $ 11,964 $ 10,478 Non-interest revenue 6,899 5,789 460 713 461 658 (146) 115 7,674 7,275 Total revenues, net of interest expense $ 11,419 $ 9,549 $ 6,029 $ 5,698 $ 1,935 $ 2,279 $ 255 $ 227 $ 19,638 $ 17,753 Operating expense 6,434 5,829 3,985 3,547 1,814 1,788 160 307 12,393 11,471 Provisions for credit losses (202) (694) 1,355 (170) 121 (204) — 2 1,274 (1,066) Income (loss) from continuing operations before taxes $ 5,187 $ 4,414 $ 689 $ 2,321 $ — $ 695 $ 95 $ (82) $ 5,971 $ 7,348 Provision (benefits) for income taxes 1,209 981 136 516 15 203 (178) (545) 1,182 1,155 Income (loss) from continuing operations $ 3,978 $ 3,433 $ 553 $ 1,805 $ (15) $ 492 $ 273 $ 463 $ 4,789 $ 6,193 Identifiable assets (June 30, 2022 and December 31, 2021) $ 1,700 $ 1,613 $ 479 $ 464 $ 108 $ 125 $ 94 $ 89 $ 2,381 $ 2,291 Average loans 297 287 317 304 43 79 — — 657 670 Average deposits 830 818 435 410 51 85 7 8 1,323 1,321 Six Months Ended June 30, In millions of dollars, except average loans and average deposits in billions ICG PBWM Legacy Franchises Corporate/Other Total Citi 2022 2021 2022 2021 2022 2021 2022 2021 2022 2021 Net interest income $ 8,304 $ 7,493 $ 10,954 $ 10,150 $ 2,982 $ 3,184 $ 595 $ 157 $ 22,835 $ 20,984 Non-interest revenue 14,275 13,444 980 1,540 884 1,338 (150) 114 15,989 16,436 Total revenues, net of interest expense $ 22,579 $ 20,937 $ 11,934 $ 11,690 $ 3,866 $ 4,522 $ 445 $ 271 $ 38,824 $ 37,420 Operating expense 13,157 11,761 7,874 6,969 4,107 3,540 420 614 25,558 22,884 Provisions for credit losses 769 (2,233) 979 (727) 281 (160) — (1) 2,029 (3,121) Income (loss) from continuing operations before taxes $ 8,653 $ 11,409 $ 3,081 $ 5,448 $ (522) $ 1,142 $ 25 $ (342) $ 11,237 $ 17,657 Provision (benefits) for income taxes 2,017 2,546 668 1,223 (122) 330 (440) (612) 2,123 3,487 Income (loss) from continuing operations $ 6,636 $ 8,863 $ 2,413 $ 4,225 $ (400) $ 812 $ 465 $ 270 $ 9,114 $ 14,170 Average loans $ 293 $ 284 $ 315 $ 304 $ 45 $ 80 $ — $ — $ 653 $ 668 Average deposits 828 814 441 404 53 85 7 10 1,329 1,313 |
INTEREST REVENUE AND EXPENSE
INTEREST REVENUE AND EXPENSE | 6 Months Ended |
Jun. 30, 2022 | |
Banking and Thrift, Interest [Abstract] | |
INTEREST REVENUE AND EXPENSE | INTEREST REVENUE AND EXPENSE Interest revenue and Interest expense consisted of the following: Three Months Ended June 30, Six Months Ended June 30, In millions of dollars 2022 2021 2022 2021 Interest revenue Consumer loans $ 6,601 $ 6,521 $ 12,863 $ 13,223 Corporate loans 2,894 2,212 5,348 4,419 Loan interest, including fees $ 9,495 $ 8,733 $ 18,211 $ 17,642 Deposits with banks 658 126 954 271 Securities borrowed and purchased under agreements to resell 805 205 1,199 499 Investments, including dividends 2,370 1,818 4,420 3,570 Trading account assets (1) 1,659 1,470 2,805 2,807 Other interest-bearing assets (2) 643 111 1,192 208 Total interest revenue $ 15,630 $ 12,463 $ 28,781 $ 24,997 Interest expense Deposits $ 1,420 $ 676 $ 2,291 $ 1,388 Securities loaned and sold under agreements to repurchase 655 260 937 513 Trading account liabilities (1) 137 150 284 264 Short-term borrowings and other interest-bearing liabilities (3) 268 31 323 62 Long-term debt 1,186 868 2,111 1,786 Total interest expense $ 3,666 $ 1,985 $ 5,946 $ 4,013 Net interest income $ 11,964 $ 10,478 $ 22,835 $ 20,984 Provision (benefit) for credit losses on loans 1,384 (1,126) 1,644 (2,605) Net interest income after provision for credit losses on loans $ 10,580 $ 11,604 $ 21,191 $ 23,589 (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 assets from businesses held-for-sale (see Note 2) and Brokerage receivables . (3) Includes liabilities from businesses held-for-sale (see Note 2) and Brokerage payables . |
COMMISSIONS AND FEES; ADMINISTR
COMMISSIONS AND FEES; ADMINISTRATION AND OTHER FIDUCIARY FEES | 6 Months Ended |
Jun. 30, 2022 | |
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 2021 Form 10-K. The following tables present Commissions and fees revenue: Three Months Ended June 30, 2022 Six Months Ended June 30, 2022 In millions of dollars ICG PBWM Legacy Franchises Total ICG PBWM Legacy Franchises Total Investment banking $ 845 $ — $ — $ 845 $ 1,753 $ — $ — $ 1,753 Brokerage commissions 393 213 53 659 853 454 121 1,428 Credit and bank card income Interchange fees 321 2,435 227 2,983 561 4,534 448 5,543 Card-related loan fees 11 73 79 163 20 137 160 317 Card rewards and partner payments (1) (165) (2,871) (160) (3,196) (282) (5,370) (332) (5,984) Deposit-related fees (2) 279 44 19 342 546 103 36 685 Transactional service fees 267 5 26 298 521 9 52 582 Corporate finance (3) 136 — — 136 252 3 — 255 Insurance distribution revenue — 56 33 89 — 108 69 177 Insurance premiums — 1 22 23 — 2 46 48 Loan servicing 7 12 4 23 19 22 7 48 Other 3 49 35 87 2 97 69 168 Total commissions and fees (4) $ 2,097 $ 17 $ 338 $ 2,452 $ 4,245 $ 99 $ 676 $ 5,020 Three Months Ended June 30, 2021 Six Months Ended June 30, 2021 In millions of dollars ICG PBWM Legacy Franchises Total ICG PBWM Legacy Franchises Total Investment banking $ 1,386 $ — $ — $ 1,386 $ 3,010 $ — $ — $ 3,010 Brokerage commissions 447 277 97 821 968 566 229 1,763 Credit and bank card income Interchange fees 197 2,061 212 2,470 355 3,755 424 4,534 Card-related loan fees 6 74 97 177 11 151 197 359 Card rewards and partner payments (1) (104) (2,301) (110) (2,515) (179) (4,258) (249) (4,686) Deposit-related fees (2) 257 42 26 325 500 96 58 654 Transactional service fees 242 6 29 277 474 11 57 542 Corporate finance (3) 180 — — 180 335 3 — 338 Insurance distribution revenue — 76 37 113 — 159 89 248 Insurance premiums — 6 24 30 — 8 42 50 Loan servicing 11 8 5 24 23 15 9 47 Other 8 43 35 86 17 98 70 185 Total commissions and fees (4) $ 2,630 $ 292 $ 452 $ 3,374 $ 5,514 $ 604 $ 926 $ 7,044 (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 $24 million for the three months ended June 30, 2022 and 2021, respectively, and $59 million and $47 million for the six months ended June 30, 2022 and 2021, 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 $(2,811) million and $(2,073) million not accounted for under ASC 606, Revenue from Contracts with Customers , for the three months ended June 30, 2022 and 2021, respectively, and $(5,240) million and $(3,822) million for the six months ended June 30, 2022 and 2021, 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 June 30, 2022 Six Months Ended June 30, 2022 In millions of dollars ICG PBWM Legacy Franchises Total ICG PBWM Legacy Franchises Total Custody fees $ 506 $ 22 $ 2 $ 530 $ 952 $ 45 $ 5 $ 1,002 Fiduciary fees 68 196 79 343 133 401 159 693 Guarantee fees 134 14 2 150 266 24 4 294 Total administration and other fiduciary fees (1) $ 708 $ 232 $ 83 $ 1,023 $ 1,351 $ 470 $ 168 $ 1,989 Three Months Ended June 30, 2021 Six Months Ended June 30, 2021 In millions of dollars ICG PBWM Legacy Franchises Total ICG PBWM Legacy Franchises Total Custody fees $ 476 $ 24 $ 3 $ 503 $ 908 $ 45 $ 7 $ 960 Fiduciary fees 61 200 111 372 123 392 216 731 Guarantee fees 133 11 3 147 266 22 4 292 Total administration and other fiduciary fees (1) $ 670 $ 235 $ 117 $ 1,022 $ 1,297 $ 459 $ 227 $ 1,983 (1) Administration and other fiduciary fees include $150 million and $147 million for the three months ended June 30, 2022 and 2021, respectively, and $294 million and $292 million for the six months ended June 30, 2022 and 2021, respectively, that are not accounted for under ASC 606, Revenue from Contracts with Customers. These generally include guarantee fees. |
PRINCIPAL TRANSACTIONS
PRINCIPAL TRANSACTIONS | 6 Months Ended |
Jun. 30, 2022 | |
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 income related to trading activities, which is an integral part of trading activities’ profitability. See Note 4 for information about net interest income 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. In certain transactions, Citi incurs fees and presents these fees paid to third parties in operating expenses. The following table presents Principal transactions revenue: Three Months Ended June 30, Six Months Ended June 30, In millions of dollars 2022 2021 2022 2021 Interest rate risks (1) $ 1,450 $ 530 $ 2,920 $ 1,964 Foreign exchange risks (2) 1,639 965 3,187 1,927 Equity risks (3) 345 358 1,276 1,203 Commodity and other risks (4) 612 393 1,063 593 Credit products and risks (5) 479 58 669 530 Total $ 4,525 $ 2,304 $ 9,115 $ 6,217 (1) Includes revenues from government securities and corporate debt, municipal securities, mortgage securities and other debt instruments. Also includes spot and forward trading of currencies and exchange-traded and over-the-counter (OTC) currency options, options on fixed income securities, interest rate swaps, currency swaps, swap options, caps and floors, financial futures, OTC options and forward contracts on fixed income securities. (2) Includes revenues from foreign exchange spot, forward, option and swap contracts, as well as foreign currency translation (FX translation) gains and losses. (3) Includes revenues from common, preferred and convertible preferred stock, convertible corporate debt, equity-linked notes and exchange-traded and OTC equity options and warrants. (4) Primarily includes revenues from crude oil, refined oil products, natural gas and other commodities trades. (5) Includes revenues from structured credit products. |
INCENTIVE PLANS
INCENTIVE PLANS | 6 Months Ended |
Jun. 30, 2022 | |
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 2021 Form 10-K. |
RETIREMENT BENEFITS
RETIREMENT BENEFITS | 6 Months Ended |
Jun. 30, 2022 | |
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 2021 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. Benefits earned during the period are reported in Compensation and benefits expenses and all other components of the net period benefit cost are reported in Other operating expenses in the Consolidated Statement of Income: Three Months Ended June 30, Pension plans Postretirement benefit plans U.S. plans Non-U.S. plans U.S. plans Non-U.S. plans In millions of dollars 2022 2021 2022 2021 2022 2021 2022 2021 Benefits earned during the period $ — $ — $ 30 $ 38 $ — $ — $ — $ 2 Interest cost on benefit obligation 105 95 79 70 4 3 23 24 Expected return on assets (154) (174) (66) (63) (3) (3) (18) (21) Amortization of unrecognized: Prior service benefit — — (1) (2) (3) (2) (1) (3) Net actuarial loss (gain) 44 54 14 14 (2) (1) 1 3 Curtailment (gain) (1) — — (23) — — — — — Settlement (gain) loss (1) — — (10) 4 — — — — Total net (benefit) expense $ (5) $ (25) $ 23 $ 61 $ (4) $ (3) $ 5 $ 5 (1) (Gains) losses due to curtailment and settlement relate to divestiture activities. Total net expense for non-U.S. plans includes a $28 million net benefit related to the wind-down of Citi’s consumer banking business in Korea. Six Months Ended June 30, Pension plans Postretirement benefit plans U.S. plans Non-U.S. plans U.S. plans Non-U.S. plans In millions of dollars 2022 2021 2022 2021 2022 2021 2022 2021 Benefits earned during the period $ — $ — $ 64 $ 77 $ — $ — $ 1 4 Interest cost on benefit obligation 191 177 152 132 7 6 46 49 Expected return on plan assets (308) (356) (132) (124) (6) (7) (38) (43) Amortization of unrecognized: Prior service cost (benefit) 1 1 (3) $ (3) (5) (4) (4) (5) Net actuarial loss (gain) 100 116 27 32 (3) (1) 2 8 Curtailment (gain) (1) — — (23) — — — — — Settlement (gain) loss (1) — — (10) 4 — — — — Total net (benefit) expense $ (16) $ (62) $ 75 $ 118 $ (7) $ (6) $ 7 $ 13 (1) (Gains) losses due to curtailment and settlement relate to divestiture activities. Total net expense for non-U.S. plans includes a $28 million net benefit related to the wind-down of Citi’s consumer banking business in Korea. Funded Status and Accumulated Other Comprehensive Income (AOCI) The following table summarizes the funded status and amounts recognized on the Consolidated Balance Sheet for the Company’s Significant Plans: Six Months Ended June 30, 2022 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 $ 12,766 $ 8,001 $ 501 $ 1,169 Plans measured annually (23) (2,071) — (298) Projected benefit obligation at beginning of year—Significant Plans $ 12,743 $ 5,930 $ 501 $ 871 First quarter activity (1,234) (285) (50) (71) Projected benefit obligation at June 30, 2022—Significant Plans $ 11,509 $ 5,645 $ 451 $ 800 Benefits earned during the period — 15 — — Interest cost on benefit obligation 105 68 4 20 Actuarial (gain) (1) (903) (489) (36) (43) Benefits paid, net of participants’ contributions and government subsidy (253) (69) (13) (17) Settlement (gain) (2) — (246) — — Curtailment (gain) (2) — (23) — — Foreign exchange impact and other — (163) — (9) Projected benefit obligation at period end—Significant Plans $ 10,458 $ 4,738 $ 406 $ 751 Change in plan assets Plan assets at fair value at beginning of year $ 12,977 $ 7,614 $ 319 $ 1,043 Plans measured annually — (1,419) — (7) Plan assets at fair value at beginning of year—Significant Plans $ 12,977 $ 6,195 $ 319 $ 1,036 First quarter activity (1,030) (226) (19) (135) Plan assets at fair value at June 30, 2022—Significant Plans $ 11,947 $ 5,969 $ 300 $ 901 Actual return on plan assets (868) (512) (15) (45) Company contributions, net of reimbursements 13 208 (6) — Benefits paid, net of participants’ contributions and government subsidy (253) (69) (13) (17) Settlement (gain) (2) — (246) — — Foreign exchange impact and other — (143) — (11) Plan assets at fair value at period end—Significant Plans $ 10,839 $ 5,207 $ 266 $ 828 Qualified plans (3) $ 940 $ 469 $ (140) $ 77 Nonqualified plans (4) (559) — — — Funded status of the plans at period end—Significant Plans $ 381 $ 469 $ (140) $ 77 Net amount recognized at period end Benefit asset $ 940 $ 844 $ — $ 77 Benefit liability (559) (375) (140) — Net amount recognized on the balance sheet—Significant Plans $ 381 $ 469 $ (140) $ 77 Amounts recognized in AOCI at period end (5) Prior service benefit $ — $ — $ 87 $ 37 Net actuarial (loss) gain (6,464) (992) 119 (213) Net amount recognized in equity (pretax)—Significant Plans $ (6,464) $ (992) $ 206 $ (176) Accumulated benefit obligation at period end—Significant Plans $ 10,457 $ 4,563 $ 406 $ 751 (1) During 2022, the actuarial gain is primarily due to the increase in global discount rates. (2) Gains due to settlement and curtailment relate to divestiture activities. (3) 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, 2022 and no minimum required funding is expected for 2022. (4) The nonqualified plans of the Company are unfunded. (5) The framework for the Company’s pension oversight process includes monitoring of potential settlement charges for all plans. Settlement accounting is triggered when either the sum of all settlements (including lump sum payments) for the year is greater than service plus interest costs or if more than 10% of the plan’s projected benefit obligation will be settled. Because some of Citi’s significant plans are frozen and have no material service cost, settlement accounting may apply in the future. The following table shows the change in AOCI related to the Company’s pension, postretirement and post employment plans: In millions of dollars Three Months Ended June 30, 2022 Six Months Ended June 30, 2022 Beginning of period balance, net of tax (1)(2) $ (5,681) $ (5,852) Actuarial assumptions changes and plan experience 1,499 3,024 Net asset (loss) due to difference between actual and expected returns (1,675) (3,137) Net amortization 52 116 Curtailment/settlement (gain) (3) (32) (32) Foreign exchange impact and other 83 133 Change in deferred taxes, net (16) (22) Change, net of tax $ (89) $ 82 End of period balance, net of tax (1)(2) $ (5,770) $ (5,770) (1) See Note 17 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 divestiture activities. Plan Assumptions The discount rates utilized during the period in determining the pension and postretirement net (benefit) expense for the Significant Plans are as follows: Net (benefit) expense assumed discount rates during the period Three Months Ended Jun. 30, 2022 Jun. 30, 2021 U.S. plans Qualified pension 3.80 % 3.10 % Nonqualified pension 3.85 3.00 Postretirement 3.85 2.85 Non-U.S. plans Pension 1.10–10.00 0.25–9.30 Weighted average 5.55 4.26 Postretirement 10.10 9.70 The discount rates utilized at period end in determining the pension and postretirement benefit obligations for the Significant Plans are as follows: Plan obligations assumed discount rates at period ended Jun. 30, 2022 Mar. 31, 2022 Dec. 31, 2021 U.S. plans Qualified pension 4.80 % 3.80 % 2.80 % Nonqualified pension 4.80 3.85 2.80 Postretirement 4.75 3.85 2.75 Non-U.S. plans Pension 2.00–10.75 1.10–10.00 0.25–9.80 Weighted average 6.68 5.55 4.56 Postretirement 10.75 10.10 10.00 Sensitivities of Certain Key Assumptions The following table summarizes the estimated effect on the Company’s Significant Plans quarterly expense of a one-percentage-point change in the discount rate: Three Months Ended June 30, 2022 In millions of dollars One-percentage-point increase One-percentage-point decrease Pension U.S. plans $ 7 $ (9) Non-U.S. plans 5 6 Postretirement U.S. plans — — Non-U.S. plans (1) 1 Contributions For the U.S. pension plans, there were no required minimum cash contributions during the first six months of 2022. The following table summarizes the Company’s actual contributions for the six months ended June 30, 2022 and 2021, as well as expected Company contributions for the remainder of 2022 and the actual contributions made in 2021: Pension plans Postretirement plans U.S. plans (1) Non-U.S. plans U.S. plans Non-U.S. plans In millions of dollars 2022 2021 2022 2021 2022 2021 2022 2021 Company contributions (reimbursements) (2)(3) for the six months ended June 30 $ 28 $ 27 $ 389 $ 78 $ (1) $ 9 $ 5 $ 4 Company contributions during the remainder of the year — 29 — 77 — 13 — 4 Company contributions expected to be made during the remainder of the year (3) 31 — 52 — 3 — 4 — (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. (3) 2022 benefit payments have increased due to the wind-down of Citi’s consumer banking business in Korea, as it is expected that employees who elected the VERP will be withdrawing their pension plan assets. Defined Contribution Plans The following table summarizes the Company’s contributions for the defined contribution plans: Three Months Ended June 30, Six Months Ended June 30, In millions of dollars 2022 2021 2022 2021 U.S. plans $ 119 $ 106 $ 238 $ 211 Non-U.S. plans 99 91 205 183 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 June 30, Six Months Ended June 30, In millions of dollars 2022 2021 2022 2021 Service-related expense Amortization of unrecognized: Net actuarial loss $ 1 $ 1 $ 1 $ 1 Total service-related expense $ 1 $ 1 $ 1 $ 1 Non-service-related expense (benefit) $ 1 $ (1) $ 6 $ 4 Total net expense $ 2 $ — $ 7 $ 5 |
EARNINGS PER SHARE
EARNINGS PER SHARE | 6 Months Ended |
Jun. 30, 2022 | |
Earnings Per Share [Abstract] | |
EARNINGS PER SHARE | EARNINGS PER SHARE The following table reconciles the income and share data used in the basic and diluted earnings per share (EPS) computations: Three Months Ended June 30, Six Months Ended June 30, In millions of dollars, except per share amounts 2022 2021 2022 2021 Earnings per common share Income from continuing operations before attribution to noncontrolling interests $ 4,789 $ 6,193 $ 9,114 $ 14,170 Less: Noncontrolling interests from continuing operations 21 10 38 43 Net income from continuing operations (for EPS purposes) $ 4,768 $ 6,183 $ 9,076 $ 14,127 Income (loss) from discontinued operations, net of taxes (221) 10 (223) 8 Citigroup’s net income $ 4,547 $ 6,193 $ 8,853 $ 14,135 Less: Preferred dividends 238 253 517 545 Net income available to common shareholders $ 4,309 $ 5,940 $ 8,336 $ 13,590 Less: Dividends and undistributed earnings allocated to employee restricted and deferred shares with rights to dividends, applicable to basic EPS 35 41 60 107 Net income allocated to common shareholders for basic EPS $ 4,274 $ 5,899 $ 8,276 $ 13,483 Weighted-average common shares outstanding applicable to basic EPS (in millions) 1,941.5 2,056.5 1,956.6 2,069.3 Basic earnings per share (1) Income from continuing operations $ 2.32 $ 2.86 $ 4.34 $ 6.51 Discontinued operations (0.11) — (0.11) — Net income per share—basic $ 2.20 $ 2.87 $ 4.23 $ 6.52 Diluted earnings per share Net income allocated to common shareholders for basic EPS $ 4,274 $ 5,899 $ 8,276 $ 13,483 Add back: Dividends allocated to employee restricted and deferred shares with rights to dividends that are forfeitable 11 8 19 15 Net income allocated to common shareholders for diluted EPS $ 4,285 $ 5,907 $ 8,295 $ 13,498 Weighted-average common shares outstanding applicable to basic EPS (in millions) 1,941.5 2,056.5 1,956.6 2,069.3 Effect of dilutive securities Options (2) — — — — Other employee plans 16.6 16.5 16.6 15.5 Adjusted weighted-average common shares outstanding applicable to diluted EPS (in millions) (3) 1,958.1 2,073.0 1,973.2 2,084.8 Diluted earnings per share (1) Income from continuing operations $ 2.30 $ 2.84 $ 4.32 $ 6.47 Discontinued operations (0.11) — (0.11) — Net income per share—diluted $ 2.19 $ 2.85 $ 4.20 $ 6.47 (1) Due to rounding, earnings per share on continuing operations and discontinued operations may not sum to earnings per share on net income. (2) During the first and second quarters of 2022 and 2021, no significant options to purchase shares of common stock were outstanding. (3) Due to rounding, weighted-average common shares outstanding applicable to basic EPS and the effect of dilutive securities may not sum to weighted-average common shares outstanding applicable to diluted EPS. |
SECURITIES BORROWED, LOANED AND
SECURITIES BORROWED, LOANED AND SUBJECT TO REPURCHASE AGREEMENTS | 6 Months Ended |
Jun. 30, 2022 | |
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 2021 Form 10-K. Securities borrowed and purchased under agreements to resell , at their respective carrying values, consisted of the following: In millions of dollars June 30, December 31, 2021 Securities purchased under agreements to resell $ 271,890 $ 236,252 Deposits paid for securities borrowed 89,471 91,042 Total, net (1) $ 361,361 $ 327,294 Allowance for credit losses on securities purchased and borrowed (2) (27) (6) Total, net of allowance $ 361,334 $ 327,288 Securities loaned and sold under agreements to repurchase , at their respective carrying values, consisted of the following: In millions of dollars June 30, December 31, 2021 Securities sold under agreements to repurchase $ 177,977 $ 174,255 Deposits received for securities loaned 20,495 17,030 Total, net (1) $ 198,472 $ 191,285 (1) The above tables do not include securities-for-securities lending transactions of $3.3 billion and $3.6 billion at June 30, 2022 and December 31, 2021, 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 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 the Company elected the fair value option, as described in Notes 20 and 21. 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. 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 June 30, 2022 In millions of dollars Gross amounts Gross amounts (1) Net amounts of Amounts (2) Net (3) Securities purchased under agreements to resell $ 371,889 $ 99,999 $ 271,890 $ 179,718 $ 92,172 Deposits paid for securities borrowed 98,890 9,419 89,471 12,690 76,781 Total $ 470,779 $ 109,418 $ 361,361 $ 192,408 $ 168,953 In millions of dollars Gross amounts Gross amounts (1) Net amounts of Amounts (2) Net (3) Securities sold under agreements to repurchase $ 277,976 $ 99,999 $ 177,977 $ 72,056 $ 105,921 Deposits received for securities loaned 29,914 9,419 20,495 2,517 17,978 Total $ 307,890 $ 109,418 $ 198,472 $ 74,573 $ 123,899 As of December 31, 2021 In millions of dollars Gross amounts Gross amounts (1) Net amounts of Amounts (2) Net (3) Securities purchased under agreements to resell $ 367,594 $ 131,342 $ 236,252 $ 205,349 $ 30,903 Deposits paid for securities borrowed 107,041 15,999 91,042 17,326 73,716 Total $ 474,635 $ 147,341 $ 327,294 $ 222,675 $ 104,619 In millions of dollars Gross amounts Gross amounts (1) Net amounts of Amounts (2) Net (3) Securities sold under agreements to repurchase $ 305,597 $ 131,342 $ 174,255 $ 85,184 $ 89,071 Deposits received for securities loaned 33,029 15,999 17,030 2,868 14,162 Total $ 338,626 $ 147,341 $ 191,285 $ 88,052 $ 103,233 (1) Includes financial instruments subject to enforceable master netting agreements that are permitted to be offset under ASC 210-20-45. (2) Includes financial instruments subject to enforceable master netting agreements that are not permitted to be offset under ASC 210-20-45, but would be eligible for offsetting to the extent that an event of default has occurred and a legal opinion supporting enforceability of the offsetting right has been obtained. (3) Remaining exposures continue to be secured by financial collateral, but the Company may not have sought or been able to obtain a legal opinion evidencing enforceability of the offsetting right. The following tables present the gross amounts of liabilities associated with repurchase agreements and securities lending agreements by remaining contractual maturity: As of June 30, 2022 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 $ 122,684 $ 74,776 $ 27,466 $ 53,050 $ 277,976 Deposits received for securities loaned 20,504 1 1,452 7,957 29,914 Total $ 143,188 $ 74,777 $ 28,918 $ 61,007 $ 307,890 As of December 31, 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 $ 127,679 $ 93,257 $ 32,908 $ 51,753 $ 305,597 Deposits received for securities loaned 23,387 6 1,392 8,244 33,029 Total $ 151,066 $ 93,263 $ 34,300 $ 59,997 $ 338,626 The following tables present the gross amounts of liabilities associated with repurchase agreements and securities lending agreements by class of underlying collateral: As of June 30, 2022 In millions of dollars Repurchase agreements Securities lending agreements Total U.S. Treasury and federal agency securities $ 92,263 $ — $ 92,263 State and municipal securities 993 — 993 Foreign government securities 125,611 127 125,738 Corporate bonds 15,494 133 15,627 Equity securities 11,428 29,637 41,065 Mortgage-backed securities 23,506 — 23,506 Asset-backed securities 1,683 — 1,683 Other 6,998 17 7,015 Total $ 277,976 $ 29,914 $ 307,890 As of December 31, 2021 In millions of dollars Repurchase agreements Securities lending agreements Total U.S. Treasury and federal agency securities $ 85,861 $ 90 $ 85,951 State and municipal securities 1,053 — 1,053 Foreign government securities 133,352 212 133,564 Corporate bonds 20,398 152 20,550 Equity securities 25,653 32,517 58,170 Mortgage-backed securities 33,573 — 33,573 Asset-backed securities 1,681 — 1,681 Other 4,026 58 4,084 Total $ 305,597 $ 33,029 $ 338,626 |
BROKERAGE RECEIVABLES AND BROKE
BROKERAGE RECEIVABLES AND BROKERAGE PAYABLES | 6 Months Ended |
Jun. 30, 2022 | |
Broker-Dealer [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 2021 Form 10-K. Brokerage receivables and Brokerage payables consisted of the following: In millions of dollars June 30, December 31, 2021 Receivables from customers $ 25,531 $ 26,403 Receivables from brokers, dealers and clearing organizations 54,955 27,937 Total brokerage receivables (1) $ 80,486 $ 54,340 Payables to customers $ 75,299 $ 52,158 Payables to brokers, dealers and clearing organizations 21,175 9,272 Total brokerage payables (1) $ 96,474 $ 61,430 |
INVESTMENTS
INVESTMENTS | 6 Months Ended |
Jun. 30, 2022 | |
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 2021 Form 10-K. The following table presents Citi’s investments by category: In millions of dollars June 30, December 31, 2021 Debt securities available-for-sale (AFS) $ 238,499 $ 288,522 Debt securities held-to-maturity (HTM) (1) 267,592 216,963 Marketable equity securities carried at fair value (2) 588 543 Non-marketable equity securities carried at fair value (2) 458 489 Non-marketable equity securities measured using the measurement alternative (3) 1,670 1,413 Non-marketable equity securities carried at cost (4) 5,071 4,892 Total investments $ 513,878 $ 512,822 (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 June 30, Six Months Ended June 30, In millions of dollars 2022 2021 2022 2021 Taxable interest $ 2,274 $ 1,723 $ 4,287 $ 3,375 Interest exempt from U.S. federal income tax 38 57 43 123 Dividend income 58 38 90 72 Total interest and dividend income on investments $ 2,370 $ 1,818 $ 4,420 $ 3,570 The following table presents realized gains and losses on the sales of investments, which exclude impairment losses: Three Months Ended June 30, Six Months Ended June 30, In millions of dollars 2022 2021 2022 2021 Gross realized investment gains $ 27 $ 155 $ 180 $ 615 Gross realized investment losses (85) (18) (158) (77) Net realized gains (losses) on sales of investments $ (58) $ 137 $ 22 $ 538 Debt Securities Available-for-Sale The amortized cost and fair value of AFS debt securities were as follows: June 30, 2022 December 31, 2021 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 (2) $ 12,982 $ 25 $ 492 $ — $ 12,515 $ 33,064 $ 453 $ 301 $ — $ 33,216 Non-U.S. residential 281 — 3 — 278 380 1 1 — 380 Commercial 7 — — — 7 25 — — — 25 Total mortgage-backed securities $ 13,270 $ 25 $ 495 $ — $ 12,800 $ 33,469 $ 454 $ 302 $ — $ 33,621 U.S. Treasury and federal agency securities U.S. Treasury $ 94,740 $ 42 $ 2,918 $ — $ 91,864 $ 122,669 $ 615 $ 844 $ — $ 122,440 Agency obligations — — — — — — — — — — Total U.S. Treasury and federal agency securities $ 94,740 $ 42 $ 2,918 $ — $ 91,864 $ 122,669 $ 615 $ 844 $ — $ 122,440 State and municipal $ 2,677 $ 16 $ 201 $ — $ 2,492 $ 2,643 $ 79 $ 101 $ — $ 2,621 Foreign government 122,184 424 2,922 — 119,686 119,426 337 1,023 — 118,740 Corporate 6,646 19 214 6 6,445 5,972 33 77 8 5,920 Asset-backed securities (1) 275 2 1 — 276 304 — 1 — 303 Other debt securities 4,948 — 12 — 4,936 4,880 1 4 — 4,877 Total debt securities AFS $ 244,740 $ 528 $ 6,763 $ 6 $ 238,499 $ 289,363 $ 1,519 $ 2,352 $ 8 $ 288,522 (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. See Note 18 for mortgage- and asset-backed securitizations in which the Company has other involvement. (2) In June 2022, Citibank transferred $21.5 billion of agency residential mortgage-backed securities from AFS classification to HTM classification in accordance with ASC 320. At the time of transfer, the securities were in an unrealized loss position of $2.3 billion. The loss amounts will remain in AOCI and will be amortized over the remaining life of the securities. The following table shows the fair value of AFS debt securities that have been in an unrealized loss position: Less than 12 months 12 months or longer Total In millions of dollars Fair Gross Fair Gross Fair Gross June 30, 2022 Debt securities AFS Mortgage-backed securities U.S. government-sponsored agency guaranteed $ 10,219 $ 387 $ 1,048 $ 105 $ 11,267 $ 492 Non-U.S. residential 197 3 — — 197 3 Commercial 6 — 1 — 7 — Total mortgage-backed securities $ 10,422 $ 390 $ 1,049 $ 105 $ 11,471 $ 495 U.S. Treasury $ 53,236 $ 1,322 $ 29,263 $ 1,596 $ 82,499 $ 2,918 State and municipal 842 53 1,037 148 1,879 201 Foreign government 85,907 2,407 10,757 515 96,664 2,922 Corporate 4,601 196 254 18 4,855 214 Asset-backed securities 174 1 — — 174 1 Other debt securities 3,475 12 — — 3,475 12 Total debt securities AFS $ 158,657 $ 4,381 $ 42,360 $ 2,382 $ 201,017 $ 6,763 December 31, 2021 Debt securities AFS Mortgage-backed securities U.S. government-sponsored agency guaranteed $ 17,039 $ 270 $ 698 $ 31 $ 17,737 $ 301 Non-U.S. residential 96 1 1 — 97 1 Commercial — — — — — — Total mortgage-backed securities $ 17,135 $ 271 $ 699 $ 31 $ 17,834 $ 302 U.S. Treasury and federal agency securities U.S. Treasury $ 56,448 $ 713 $ 6,310 $ 131 $ 62,758 $ 844 Agency obligations — — — — — — Total U.S. Treasury and federal agency securities $ 56,448 $ 713 $ 6,310 $ 131 $ 62,758 $ 844 State and municipal $ 229 $ 3 $ 874 $ 98 $ 1,103 $ 101 Foreign government 64,319 826 9,924 197 74,243 1,023 Corporate 2,655 77 22 — 2,677 77 Asset-backed securities 108 1 — — 108 1 Other debt securities 3,439 4 — — 3,439 4 Total debt securities AFS $ 144,333 $ 1,895 $ 17,829 $ 457 $ 162,162 $ 2,352 The following table presents the amortized cost and fair value of AFS debt securities by contractual maturity dates: June 30, 2022 December 31, 2021 In millions of dollars Amortized Fair Amortized Fair Mortgage-backed securities (1) Due within 1 year $ 92 $ 92 $ 188 $ 189 After 1 but within 5 years 250 245 211 211 After 5 but within 10 years 418 402 523 559 After 10 years 12,510 12,061 32,547 32,662 Total $ 13,270 $ 12,800 $ 33,469 $ 33,621 U.S. Treasury and federal agency securities Due within 1 year $ 14,951 $ 14,893 $ 34,321 $ 34,448 After 1 but within 5 years 79,446 76,660 87,987 87,633 After 5 but within 10 years 343 311 361 359 After 10 years — — — — Total $ 94,740 $ 91,864 $ 122,669 $ 122,440 State and municipal Due within 1 year $ 25 $ 26 $ 40 $ 40 After 1 but within 5 years 103 103 121 124 After 5 but within 10 years 233 221 156 161 After 10 years 2,316 2,142 2,326 2,296 Total $ 2,677 $ 2,492 $ 2,643 $ 2,621 Foreign government Due within 1 year $ 58,444 $ 58,203 $ 49,263 $ 49,223 After 1 but within 5 years 59,663 57,644 64,555 63,961 After 5 but within 10 years 2,555 2,324 3,736 3,656 After 10 years 1,522 1,515 1,872 1,900 Total $ 122,184 $ 119,686 $ 119,426 $ 118,740 All other (2) Due within 1 year $ 5,902 $ 5,882 $ 5,175 $ 5,180 After 1 but within 5 years 5,096 4,965 5,177 5,149 After 5 but within 10 years 812 806 750 750 After 10 years 59 4 54 21 Total $ 11,869 $ 11,657 $ 11,156 $ 11,100 Total debt securities AFS $ 244,740 $ 238,499 $ 289,363 $ 288,522 (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) 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 June 30, 2022 Debt securities HTM Mortgage-backed securities (2) U.S. government-sponsored agency guaranteed (3) $ 88,744 $ 446 $ 6,611 $ 82,579 Non-U.S. residential 541 — — 541 Commercial 1,157 5 1 1,161 Total mortgage-backed securities $ 90,442 $ 451 $ 6,612 $ 84,281 U.S. Treasury securities $ 134,978 $ — $ 10,152 $ 124,826 State and municipal 9,076 60 594 8,542 Foreign government 2,016 — 90 1,926 Asset-backed securities (2) 31,080 4 855 30,229 Total debt securities HTM, net $ 267,592 $ 515 $ 18,303 $ 249,804 December 31, 2021 Debt securities HTM Mortgage-backed securities (2) U.S. government-sponsored agency guaranteed $ 63,885 $ 1,076 $ 925 $ 64,036 Non-U.S. residential 736 3 — 739 Commercial 1,070 4 2 1,072 Total mortgage-backed securities $ 65,691 $ 1,083 $ 927 $ 65,847 U.S. Treasury securities $ 111,819 $ 30 $ 1,632 $ 110,217 State and municipal (4) 8,923 589 12 9,500 Foreign government 1,651 4 36 1,619 Asset-backed securities (2) 28,879 8 32 28,855 Total debt securities HTM, net $ 216,963 $ 1,714 $ 2,639 $ 216,038 (1) Amortized cost is reported net of ACL of $105 million and $87 million at June 30, 2022 and December 31, 2021, 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. See Note 18 for mortgage- and asset-backed securitizations in which the Company has other involvement. (3) In June 2022, Citibank transferred $21.5 billion of agency residential mortgage-backed securities from AFS classification to HTM classification in accordance with ASC 320. At the time of transfer, the securities were in an unrealized loss position of $2.3 billion. The loss amounts will remain in AOCI and will be amortized over the remaining life of the securities. (4) 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. The following table presents the carrying value and fair value of HTM debt securities by contractual maturity dates: June 30, 2022 December 31, 2021 In millions of dollars Amortized cost (1) Fair value Amortized cost (1) Fair value Mortgage-backed securities Due within 1 year $ 15 $ 15 $ 152 $ 151 After 1 but within 5 years 722 722 684 725 After 5 but within 10 years 1,563 1,504 1,655 1,739 After 10 years 88,142 82,040 63,200 63,232 Total $ 90,442 $ 84,281 $ 65,691 $ 65,847 U.S. Treasury securities Due within 1 year $ — $ — $ — $ — After 1 but within 5 years 89,460 83,848 65,498 64,516 After 5 but within 10 years 45,518 40,978 46,321 45,701 After 10 years — — — — Total $ 134,978 $ 124,826 $ 111,819 $ 110,217 State and municipal Due within 1 year $ 54 $ 54 $ 51 $ 50 After 1 but within 5 years 159 160 166 170 After 5 but within 10 years 919 902 908 951 After 10 years 7,944 7,426 7,798 8,329 Total $ 9,076 $ 8,542 $ 8,923 $ 9,500 Foreign government Due within 1 year $ — $ — $ 292 $ 291 After 1 but within 5 years 2,016 1,926 1,359 1,328 After 5 but within 10 years — — — — After 10 years — — — — Total $ 2,016 $ 1,926 $ 1,651 $ 1,619 All other (2) Due within 1 year $ — $ — $ — $ — After 1 but within 5 years — — — — After 5 but within 10 years 11,926 11,720 11,520 11,515 After 10 years 19,154 18,509 17,359 17,340 Total $ 31,080 $ 30,229 $ 28,879 $ 28,855 Total debt securities HTM $ 267,592 $ 249,804 $ 216,963 $ 216,038 (1) Amortized cost is reported net of ACL of $105 million and $87 million at June 30, 2022 and December 31, 2021, respectively. (2) Includes corporate and asset-backed securities. HTM Debt Securities Delinquency and Non-Accrual Details Citi did not have any HTM securities that were delinquent or on non-accrual status at June 30, 2022 or December 31, 2021. There were no purchased credit-deteriorated HTM debt securities held by the Company as of June 30, 2022 or December 31, 2021. 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. Citi records no allowances for credit losses on U.S. Treasury securities and 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. Equity Method Investments 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 nor will likely 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. For more information on evaluating investments for impairment, see Note 13 to the Consolidated Financial Statements in Citi’s 2021 Form 10-K. 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 90 — 90 9 — 9 Total impairment losses recognized in earnings $ 90 $ — $ 90 $ 9 $ — $ 9 Six Months Ended Six 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 180 — 180 78 — 78 Total impairment losses recognized in earnings $ 180 $ — $ 180 $ 78 $ — $ 78 Allowance for Credit Losses on AFS Debt Securities Three Months Ended June 30, 2022 In millions of dollars Corporate Total AFS Allowance for credit losses at beginning of period $ 8 $ 8 Gross write-offs — — Gross recoveries — — Net credit losses (NCLs) $ — $ — NCLs $ — $ — Credit losses on securities without previous credit losses — — Net reserve builds (releases) on securities with previous credit losses (2) (2) Total provision for credit losses $ (2) $ (2) Initial allowance on newly purchased credit-deteriorated securities during the period — — Allowance for credit losses at end of period $ 6 $ 6 Six Months Ended June 30, 2022 In millions of dollars Corporate Total AFS Allowance for credit losses at beginning of period $ 8 $ 8 Gross write-offs — — Gross recoveries — — Net credit losses (NCLs) $ — $ — NCLs $ — $ — Credit losses on securities without previous credit losses — — Net reserve builds (releases) on securities with previous credit losses (2) (2) Total provision for credit losses $ (2) $ (2) Initial allowance on newly purchased credit-deteriorated securities during the period — — Allowance for credit losses at end of period $ 6 $ 6 Three Months Ended June 30, 2021 In millions of dollars Corporate Total AFS Allowance for credit losses at beginning of period $ 5 $ 5 Gross write-offs — — Gross recoveries — — Net credit losses (NCLs) $ — $ — NCLs $ — $ — Credit losses on securities without previous credit losses — — Net reserve builds (releases) on securities with previous credit losses — — Total provision for credit losses $ — $ — Initial allowance on newly purchased credit-deteriorated securities during the period — — Allowance for credit losses at end of period $ 5 $ 5 Six Months Ended June 30, 2021 In millions of dollars Corporate Total AFS Allowance for credit losses at beginning of period $ 5 $ 5 Gross write-offs — — Gross recoveries — — Net credit losses (NCLs) $ — $ — NCLs $ — $ — Credit losses on securities without previous credit losses — — Net reserve builds (releases) on securities with previous credit losses — — Total provision for credit losses $ — $ — 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. For details on impairment indicators that are considered, see Note 13 to the Consolidated Financial Statements in Citi’s 2021 Form 10-K. When the qualitative assessment indicates that impairment exists, the investment is written down to fair value, with the full difference between the fair value of the investment and its carrying amount recognized in earnings. Below is the carrying value of non-marketable equity securities measured using the measurement alternative at June 30, 2022 and December 31, 2021: In millions of dollars June 30, 2022 December 31, 2021 Measurement alternative: Carrying value $ 1,670 $ 1,413 Below are amounts recognized in earnings and life-to-date amounts for non-marketable equity securities measured using the measurement alternative: Three Months Ended June 30, Six Months Ended June 30, In millions of dollars 2022 2021 2022 2021 Measurement alternative: (1) Impairment losses $ 6 $ 4 $ 6 $ 4 Downward changes for observable prices — — — — Upward changes for observable prices 48 215 134 296 (1) See Note 20 for additional information on these nonrecurring fair value measurements. Life-to-date amounts on securities still held In millions of dollars June 30, 2022 Measurement alternative: Impairment losses $ 86 Downward changes for observable prices 3 Upward changes for observable prices 824 A similar impairment analysis is performed for non-marketable equity securities carried at cost. For the three months ended June 30, 2022 and 2021, 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. Citi has concluded that it is in conformance with the Volcker Rule with respect to its investments in these funds. Fair value Unfunded Redemption frequency Redemption In millions of dollars June 30, December 31, 2021 June 30, December 31, 2021 Private equity funds (1)(2) $ 118 $ 123 $ 60 $ 60 N/A N/A Real estate funds (2)(3) 1 2 1 1 N/A N/A Mutual/collective investment funds 22 20 — — N/A N/A Total $ 141 $ 145 $ 61 $ 61 N/A N/A (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. N/A Not applicable |
LOANS
LOANS | 6 Months Ended |
Jun. 30, 2022 | |
Loans and Leases Receivable Disclosure [Abstract] | |
LOANS | LOANSCitigroup loans are reported in two categories: corporate and consumer. These categories are classified primarily according to the operating segment and component that manage the loans in addition to the nature of the obligor, with corporate loans generally made for corporate institutional and public sector clients around the world and consumer loans to retail and small business customers. For additional information regarding Citi’s corporate and consumer loans, including related accounting policies, see Note 1 and Notes 1 and 14 to the Consolidated Financial Statements in Citi’s 2021 Form 10-K. Corporate Loans Corporate loans represent loans and leases managed by ICG and the Mexico SBMM component of Legacy Franchises. The following table presents information by corporate loan type: In millions of dollars June 30, December 31, In North America offices (1) Commercial and industrial $ 55,823 $ 48,364 Financial institutions 46,088 49,804 Mortgage and real estate (2) 17,359 15,965 Installment and other 20,466 20,143 Lease financing 379 415 Total $ 140,115 $ 134,691 In offices outside North America (1) Commercial and industrial $ 108,274 $ 102,735 Financial institutions 24,654 22,158 Mortgage and real estate (2) 4,455 4,374 Installment and other 19,862 22,812 Lease financing 53 40 Governments and official institutions 4,315 4,423 Total $ 161,613 $ 156,542 Corporate loans, net of unearned income (3) $ 301,728 $ 291,233 (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 ($759) million and ($770) million at June 30, 2022 and December 31, 2021, respectively. Unearned income on corporate loans primarily represents interest received in advance, but not yet earned, on loans originated on a discounted basis. Corporate Loan Delinquencies and Non-Accrual Details at June 30, 2022 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 $ 919 $ 358 $ 1,277 $ 1,407 $ 158,654 $ 161,338 Financial institutions 304 162 466 78 69,904 70,448 Mortgage and real estate 11 20 31 77 21,653 21,761 Lease financing — — — 11 421 432 Other 86 29 115 82 43,024 43,221 Loans at fair value 4,528 Total $ 1,320 $ 569 $ 1,889 $ 1,655 $ 293,656 $ 301,728 Corporate Loan Delinquencies and Non-Accrual Details at December 31, 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 $ 1,072 $ 239 $ 1,311 $ 1,263 $ 144,430 $ 147,004 Financial institutions 320 166 486 2 71,279 71,767 Mortgage and real estate 1 1 2 136 20,153 20,291 Lease financing — — — 14 441 455 Other 77 19 96 138 45,412 45,646 Loans at fair value 6,070 Total $ 1,470 $ 425 $ 1,895 $ 1,553 $ 281,715 $ 291,233 (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) June 30, In millions of dollars 2022 2021 2020 2019 2018 Prior Investment grade (3) Commercial and industrial (4) $ 43,233 $ 7,890 $ 4,305 $ 4,009 $ 3,268 $ 9,500 $ 39,383 $ 111,588 Financial institutions (4) 9,239 5,787 1,434 1,172 828 1,636 39,935 60,031 Mortgage and real estate 2,363 3,323 3,881 3,256 1,640 2,148 277 16,888 Other (5) 6,049 2,752 2,228 1,027 2,177 5,244 18,476 37,953 Total investment grade $ 60,884 $ 19,752 $ 11,848 $ 9,464 $ 7,913 $ 18,528 $ 98,071 $ 226,460 Non-investment grade (3) Accrual Commercial and industrial (4) $ 14,009 $ 5,880 $ 2,167 $ 1,601 $ 1,511 $ 4,752 $ 18,423 $ 48,343 Financial institutions (4) 5,092 1,111 252 341 57 494 2,992 10,339 Mortgage and real estate 196 853 519 860 995 994 379 4,796 Other (5) 886 712 374 449 224 298 2,664 5,607 Non-accrual Commercial and industrial (4) 160 110 313 133 82 148 461 1,407 Financial institutions 41 35 — — — — 2 78 Mortgage and real estate 6 1 1 — — 23 46 77 Other (5) 30 5 3 9 17 12 17 93 Total non-investment grade $ 20,420 $ 8,707 $ 3,629 $ 3,393 $ 2,886 $ 6,721 $ 24,984 $ 70,740 Loans at fair value (6) $ 4,528 Corporate loans, net of unearned income $ 81,304 $ 28,459 $ 15,477 $ 12,857 $ 10,799 $ 25,249 $ 123,055 $ 301,728 Recorded investment in loans (1) Term loans by year of origination Revolving line of credit arrangements (2) December 31, 2021 In millions of dollars 2021 2020 2019 2018 2017 Prior Investment grade (3) Commercial and industrial (4) $ 42,422 $ 5,529 $ 4,642 $ 3,757 $ 2,911 $ 8,392 $ 30,588 $ 98,241 Financial institutions (4) 12,862 1,678 1,183 1,038 419 1,354 43,630 62,164 Mortgage and real estate 2,423 3,660 3,332 2,015 1,212 1,288 141 14,071 Other (5) 9,037 3,099 1,160 2,789 330 4,601 18,727 39,743 Total investment grade $ 66,744 $ 13,966 $ 10,317 $ 9,599 $ 4,872 $ 15,635 $ 93,086 $ 214,219 Non-investment grade (3) Accrual Commercial and industrial (4) $ 16,783 $ 2,281 $ 2,343 $ 2,024 $ 1,412 $ 3,981 $ 18,676 $ 47,500 Financial institutions (4) 4,325 347 567 101 71 511 3,679 9,601 Mortgage and real estate 1,275 869 1,228 1,018 493 586 615 6,084 Other (5) 1,339 349 554 364 119 245 3,236 6,206 Non-accrual Commercial and industrial (4) 53 119 64 104 94 117 712 1,263 Financial institutions — — — — — — 2 2 Mortgage and real estate 11 8 2 49 10 25 31 136 Other (5) 19 5 19 19 — 90 — 152 Total non-investment grade $ 23,805 $ 3,978 $ 4,777 $ 3,679 $ 2,199 $ 5,555 $ 26,951 $ 70,944 Loans at fair value (6) $ 6,070 Corporate loans, net of unearned income $ 90,549 $ 17,944 $ 15,094 $ 13,278 $ 7,071 $ 21,190 $ 120,037 $ 291,233 (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) Loans at fair value include loans to commercial and industrial, financial institutions, mortgage and real estate and other. Non-Accrual Corporate Loans The following tables present non-accrual loan information by corporate loan type and interest income recognized on non-accrual corporate loans: June 30, 2022 Three Months Ended Six 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 $ 1,407 $ 2,042 $ 518 $ 1,485 $ 10 $ 18 Financial institutions 78 137 35 36 — — Mortgage and real estate 77 77 1 129 — 2 Lease financing 11 11 — 15 — — Other 82 134 6 134 1 3 Total non-accrual corporate loans $ 1,655 $ 2,401 $ 560 $ 1,799 $ 11 $ 23 December 31, 2021 In millions of dollars Recorded investment (1) Unpaid Related specific Average carrying value (2) Non-accrual corporate loans Commercial and industrial $ 1,263 $ 1,858 $ 198 $ 1,839 Financial institutions 2 55 — 4 Mortgage and real estate 136 285 10 163 Lease financing 14 14 — 21 Other 138 165 4 134 Total non-accrual corporate loans $ 1,553 $ 2,377 $ 212 $ 2,161 June 30, 2022 December 31, 2021 In millions of dollars Recorded investment (1) Related specific Recorded investment (1) Related specific Non-accrual corporate loans with specific allowances Commercial and industrial $ 1,052 $ 518 $ 637 $ 198 Financial institutions 35 35 — — Mortgage and real estate 9 1 29 10 Other 20 6 37 4 Total non-accrual corporate loans with specific allowances $ 1,116 $ 560 $ 703 $ 212 Non-accrual corporate loans without specific allowances Commercial and industrial $ 355 N/A $ 626 N/A Financial institutions 43 N/A 2 N/A Mortgage and real estate 68 N/A 107 N/A Lease financing 11 N/A 14 N/A Other 62 N/A 101 N/A Total non-accrual corporate loans without specific allowances $ 539 N/A $ 850 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 six months ended June 30, 2021 was $15 million and $31 million, respectively. N/A Not applicable Corporate Troubled Debt Restructurings (1) For the Three and Six Months Ended June 30, 2022 In millions of dollars Carrying value of TDRs modified during the period TDRs involving changes in the amount and/or timing of principal payments (2) TDRs involving changes in the amount and/or timing of interest payments (3) TDRs Three Months Ended June 30, 2022 Commercial and industrial $ 3 $ — $ — $ 3 Other 23 — — 23 Total $ 26 $ — $ — $ 26 Six Months Ended June 30, 2022 Commercial and industrial $ 15 $ — $ — $ 15 Other 23 1 — 22 Total $ 38 $ 1 $ — $ 37 For the Three and Six Months Ended June 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 June 30, 2021 Commercial and industrial $ 52 $ — $ — $ 52 Mortgage and real estate 5 — — 5 Other — — — — Total $ 57 $ — $ — $ 57 Six Months Ended June 30, 2021 Commercial and industrial $ 73 $ — $ — $ 73 Mortgage and real estate 6 — — 6 Other 1 1 — — Total $ 80 $ 1 $ — $ 79 (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 Six Months Ended TDR Three Months Ended Six Months Ended Commercial and industrial $ 148 $ — $ — $ 298 $ — $ — Mortgage and real estate 16 — — 80 — — Other 39 — — 38 — — Total (1) $ 203 $ — $ — $ 416 $ — $ — (1) The above table reflects activity for loans outstanding that were considered TDRs as of the end of the reporting period. Consumer Loans Consumer loans represent loans and leases managed primarily by PBWM and Legacy Franchises (except Mexico SBMM). The tables below present details about these loans, including the following loan categories: • Residential first mortgages and Home equity loans in North America offices primarily represent secured mortgage lending to customers of Retail banking and Global Wealth (primarily Private bank and Citigold). • Credit cards in North America offices primarily represents unsecured credit card lending to customers of Branded cards and Retail services. • Personal, small business and other loans in North America is primarily composed of classifiably managed loans to customers of Global Wealth (mostly within the Private bank) who are typically high credit quality borrowers that historically experienced minimal delinquencies and credit losses. Loans to these borrowers are generally well collateralized in the form of liquid securities and other forms of collateral. • Residential first mortgages and Home equity loans in offices outside of North America primarily represent secured mortgage lending to customers of Global Wealth (primarily Private bank and Citigold) as well as customers of Legacy Franchises . • Credit cards in offices outside of North America primarily represents unsecured credit card lending to customers of Legacy Franchises , primarily in Asia and Mexico. • Personal, small business and other loans in offices outside of North America is primarily composed of secured and unsecured loans to customers of PBWM and Legacy Franchises . A significant portion of PBWM loans are classifiably managed and represent loans to high credit quality Private bank customers who historically experienced minimal delinquencies and credit losses. Loans to these borrowers are generally well collateralized in the form of liquid securities and other forms of collateral. Consumer Loans, Delinquencies and Non-Accrual Status In millions of dollars at June 30, 2022 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) $ 87,675 $ 341 $ 363 $ 283 $ 88,662 $ 83 $ 467 $ 550 $ 179 Home equity loans (8)(9) 4,892 29 153 — 5,074 57 183 240 — Credit cards 135,454 1,009 949 — 137,412 — — — 949 Personal, small business and other (10) 39,320 72 25 19 39,436 2 14 16 26 Total $ 267,341 $ 1,451 $ 1,490 $ 302 $ 270,584 $ 142 $ 664 $ 806 $ 1,154 In offices outside North America (6) Residential mortgages (7)(9) $ 27,988 $ 50 $ 91 $ — $ 28,129 $ — $ 290 $ 290 $ 10 Credit cards 11,610 123 125 — 11,858 — 98 98 52 Personal, small business and other (10) 44,860 104 70 — 45,034 — 186 186 — Total $ 84,458 $ 277 $ 286 $ — $ 85,021 $ — $ 574 $ 574 $ 62 Total Citigroup (11) $ 351,799 $ 1,728 $ 1,776 $ 302 $ 355,605 $ 142 $ 1,238 $ 1,380 $ 1,216 (1) Loans less than 30 days past due are presented as current. (2) Includes $8 million of residential first mortgages recorded at fair value. (3) Excludes loans guaranteed by U.S. government-sponsored agencies. Excludes delinquencies on $33.9 billion and $20.9 billion of classifiably managed Private bank loans in North America and outside of North America, respectively. (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). (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 $0.2 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 and $0.0 billion of residential first mortgage loans in process of foreclosure in North America and outside of North America, respectively, and $19.6 billion of residential mortgages outside of North America related to the Global Wealth business. (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) Includes loans related to the Global Wealth business: $36.3 billion in North America, approximately $33.9 billion of which are classifiably managed, and as of June 30, 2022 approximately 95% were rated investment grade; and $30.6 billion outside of North America, approximately $20.9 billion of which are classifiably managed, and as of June 30, 2022 approximately 93% were rated investment grade. The classifiably managed portion of these loans is shown as “current” because the delinquency status is not applicable, since these loans are primarily evaluated for credit risk based on their internal risk classification. (11) Consumer loans are net of unearned income of $631 million. Unearned income on consumer loans primarily represents unamortized origination fees and costs, premiums and discounts. Consumer Loans, Delinquencies and Non-Accrual Status In millions of dollars at December 31, 2021 Total current (1)(2) 30–89 days past due (3)(4)(5) ≥ 90 days past due (3)(4)(5) Past due government guaranteed (5)(6) 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 (7) Residential first mortgages (8) $ 82,087 $ 381 $ 499 $ 394 $ 83,361 $ 134 $ 559 $ 693 $ 282 Home equity loans (9)(10) 5,546 43 156 — 5,745 64 221 285 — Credit cards 132,050 947 871 — 133,868 — — — 871 Personal, small business and other (11) 40,533 126 16 38 40,713 2 70 72 30 Total $ 260,216 $ 1,497 $ 1,542 $ 432 $ 263,687 $ 200 $ 850 $ 1,050 $ 1,183 In offices outside North America (7) Residential mortgages (8) $ 37,566 $ 165 $ 158 $ — $ 37,889 $ — $ 409 $ 409 $ 10 Credit cards 17,428 192 188 — 17,808 — 140 140 133 Personal, small business and other (11) 56,930 145 75 — 57,150 — 227 227 — Total $ 111,924 $ 502 $ 421 $ — $ 112,847 $ — $ 776 $ 776 $ 143 Total Citigroup (12) $ 372,140 $ 1,999 $ 1,963 $ 432 $ 376,534 $ 200 $ 1,626 $ 1,826 $ 1,326 (1) Loans less than 30 days past due are presented as current. (2) Includes $12 million of residential first mortgages recorded at fair value. (3) Excludes loans guaranteed by U.S. government-sponsored agencies. Excludes $35.3 billion and $24.5 billion of classifiably managed Private bank loans in North America and outside of North America, respectively. (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). (5) Conformed to be consistent with the current period’s delineation between delinquency-managed and classifiably managed loans. (6) 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. (7) North America includes the U.S., Canada and Puerto Rico. Mexico is included in offices outside North America. (8) Includes approximately $0.1 billion of residential first mortgage loans in process of foreclosure, and $19.8 billion of residential mortgages outside of North America related to the Global Wealth reporting unit. (9) Includes approximately $0.1 billion of home equity loans in process of foreclosure. (10) Fixed-rate home equity loans and loans extended under home equity lines of credit, which are typically in junior lien positions. (11) Includes loans related to the Global Wealth business: $37.9 billion in North America, approximately $35.3 billion of which are classifiably managed, and as of December 31, 2021 approximately 95% were rated investment grade; and $34.6 billion outside of North America, approximately $24.5 billion of which are classifiably managed and as of December 31, 2021 94% of these loans were rated investment grade. The classifiably managed portion of these loans is shown as “current” because the delinquency status is not applicable, since these loans are primarily evaluated for credit risk based on their internal risk classification. (12) Consumer loans are net of unearned income of $629 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 June 30, 2022 Three Months Ended June 30, 2021 Six Months Ended June 30, 2022 Six Months Ended June 30, 2021 In North America offices (1) Residential first mortgages $ 3 $ 3 $ 6 $ 7 Home equity loans 1 2 2 4 Credit cards — — — — Personal, small business and other 1 — 1 — Total $ 5 $ 5 $ 9 $ 11 In offices outside North America (1) Residential mortgages $ — $ — $ — $ — Credit cards — — — — Personal, small business and other — — — — Total $ — $ — $ — $ — Total Citigroup $ 5 $ 5 $ 9 $ 11 (1) North America includes the U.S., Canada and Puerto Rico. Mexico is included in offices outside North America. During the three and six months ended June 30, 2022, the Company sold and/or reclassified to HFS $367 million and $374 million of consumer loans, respectively. During the three and six months ended June 30, 2021, the Company sold and/or reclassified to HFS $1,007 million and $1,103 million of consumer loans, respectively. Loans held by a business for sale are not included in the above. The Company did not have significant purchases of consumer loans classified as held-for-investment for the three and six months ended June 30, 2022 or 2021. See Note 2 for additional information regarding Citigroup’s businesses for sale. 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. For Citi’s $86.6 billion and $114.3 billion in the consumer loan portfolio outside of the U.S. as of June 30, 2022 and December 31, 2021, respectively, various country-specific or regional credit risk metrics and acquisition and behavior scoring models are leveraged as one of the factors to evaluate the credit quality of customers (for additional information on loans outside of the U.S., see “Consumer Loans and Ratios Outside of North America” below). As a result, details of relevant credit quality indicators for those loans are not comparable to the below FICO score distribution for the U.S. portfolio. FICO score distribution — U.S. portfolio (1)(2) June 30, 2022 In millions of dollars Less than 680 Greater Classifiably managed (3) FICO not available (4) Total loans Residential first mortgages 2022 $ 293 $ 3,639 $ 7,637 2021 728 6,387 12,488 2020 485 4,978 10,931 2019 322 2,772 5,504 2018 375 1,067 2,004 Prior 2,175 7,012 13,549 Total residential first mortgages $ 4,378 $ 25,855 $ 52,113 $ — $ 6,316 $ 88,662 Home equity loans (pre-reset) $ 240 $ 965 $ 1,344 Home equity loans (post-reset) 541 934 1,010 Total home equity loans $ 781 $ 1,899 $ 2,354 $ — $ 40 $ 5,074 Credit cards (5) $ 24,233 $ 53,858 $ 56,987 $ — $ 1,776 $ 136,854 Personal, small business and other 2022 $ 65 $ 185 $ 302 2021 94 221 308 2020 18 29 44 2019 30 36 45 2018 19 20 21 Prior 121 188 158 Total personal, small business and other (6) $ 347 $ 679 $ 878 $ 33,935 $ 2,618 $ 38,457 Total $ 29,739 $ 82,291 $ 112,332 $ 33,935 $ 10,750 $ 269,047 FICO score distribution — U.S. portfolio (1)(2) December 31, 2021 In millions of dollars Less than 680 Greater Classifiably managed (3) FICO not available (4) Total Residential first mortgages 2021 $ 626 $ 6,729 $ 12,349 2020 508 5,102 12,153 2019 373 3,074 6,167 2018 394 1,180 2,216 2017 343 1,455 2,568 Prior 2,053 6,540 12,586 Total residential first mortgages $ 4,297 $ 24,080 $ 48,039 $ — $ 6,945 $ 83,361 Home equity loans (pre-reset) $ 263 $ 1,030 $ 1,539 Home equity loans (post-reset) 639 1,047 1,160 Total home equity loans $ 902 $ 2,077 $ 2,699 $ — $ 67 $ 5,745 Credit cards (5) $ 23,115 $ 52,907 $ 55,137 $ — $ 2,192 $ 133,351 Personal, small business and other 2021 $ 59 $ 201 $ 319 2020 22 41 64 2019 42 53 68 2018 34 35 37 2017 7 8 9 Prior 120 179 143 Total personal, small business and other (6) $ 284 $ 517 $ 640 $ 35,324 $ 3,041 $ 39,806 Total $ 28,598 $ 79,581 $ 106,515 $ 35,324 $ 12,245 $ 262,263 (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) These personal, small business and other loans without a FICO score available include $33.9 billion and $35.3 billion of Private bank loans as of June 30, 2022 and December 31, 2021, respectively, which are classifiably managed within Global Wealth and are primarily evaluated for credit risk based on their internal risk ratings. As of June 30, 2022 and December 31, 2021, approximately 95% and 95% of these loans, respectively, were rated investment grade. (4) FICO scores not available related to loans guaranteed by government-sponsored enterprises for which FICO scores are generally not utilized. (5) Excludes $558 million and $517 million of balances related to Canada for June 30, 2022 and December 31, 2021, respectively. (6) Excludes $979 million and $907 million of balances related to Canada for June 30, 2022 and December 31, 2021, respectively. Loan-to-Value (LTV) Ratios—U.S. Consumer Mortgages The following tables provide details on the LTV ratios for Citi’s U.S. consumer mortgage portfolio 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 — U.S. portfolio June 30, 2022 In millions of dollars Less than > 80% but less Greater LTV not available Total Residential first mortgages 2022 $ 9,773 $ 2,176 $ 13 2021 19,616 1,078 31 2020 17,437 205 — 2019 9,142 129 29 2018 3,777 92 10 Prior 23,993 198 85 Total residential first mortgages (1) $ 83,738 $ 3,878 $ 168 $ 878 $ 88,662 Home equity loans (pre-reset) $ 2,389 $ 32 $ 63 Home equity loans (post-reset) 2,415 28 31 Total home equity loans $ 4,804 $ 60 $ 94 $ 116 $ 5,074 Total $ 88,542 $ 3,938 $ 262 $ 994 $ 93,736 LTV distribution — U.S. portfolio December 31, 2021 In millions of dollars Less than > 80% but less Greater LTV not available Total Residential first mortgages 2021 $ 18,107 $ 2,723 $ 34 2020 18,715 446 — 2019 10,047 269 29 2018 4,117 136 11 2017 4,804 103 4 Prior 22,161 128 14 Total residential first mortgages (1) $ 77,951 $ 3,805 $ 92 $ 1,513 $ 83,361 Home equity loans (pre-reset) $ 2,637 $ 46 $ 69 Home equity loans (post-reset) 2,751 52 32 Total home equity loans $ 5,388 $ 98 $ 101 $ 158 $ 5,745 Total $ 83,339 $ 3,903 $ 193 $ 1,671 $ 89,106 (1) Residential first mortgages with no LTV information available are primarily due to government-guaranteed loans that do not require LTV information for credit risk assessment and fair value loans. Loan-to-Value (LTV) Ratios—Outside of U.S. Consumer Mortgages The following tables provide details on the LTV ratios for Citi’s consumer mortgage portfolio outside of the U.S. by year of origination. LTV distribution — outside of U.S. portfolio (1) June 30, 2022 In millions of dollars Less than > 80% but less Greater LTV not available Total Residential mortgages 2022 $ 1,684 $ 431 $ 21 2021 4,685 913 3 2020 4,189 267 — 2019 3,537 71 1 2018 2,448 7 — Prior 9,791 40 12 Total $ 26,334 $ 1,729 $ 37 $ 29 $ 28,129 LTV distribution — outside of U.S. portfolio (1) December 31, 2021 In millions of dollars Less than > 80% but less Greater LTV not available Total Residential mortgages 2021 $ 6,334 $ 989 $ — 2020 5,996 292 — 2019 5,293 116 1 2018 3,729 32 — 2017 2,739 38 — Prior 12,190 102 14 Total $ 36,281 $ 1,569 $ 15 $ 24 $ 37,889 (1) Mortgage portfolios outside of the U.S. are primarily in Global Wealth. As of June 30, 2022 and December 31, 2021, mortgage portfolios outside of the U.S. have an average LTV of approximately 47% and 46%, respectively. Consumer Loans and Ratios Outside of North America Delinquency-managed loans and ratios In millions of dollars at June 30, 2022 Total loans outside of North America (1) Classifiably managed loans (2) Delinquency-managed loans 30–89 ≥ 90 days past due ratio 2Q22 NCL ratio 2Q21 NCL ratio Residential mortgages (3) $ 28,129 $ — $ 28,129 0.18 % 0.32 % 0.04 % 0.10 % Credit cards 11,858 — 11,858 1.04 1.05 3.08 5.09 Personal, small business and other (4) 45,034 20,889 24,145 0.43 0.29 0.55 1.04 Total $ 85,021 $ 20,889 $ 64,132 0.43 % 0.45 % 0.72 % 1.39 % Delinquency-managed loans and ratios In millions of dollars at December 31, 2021 Total loans outside of North America (1) Classifiably managed loans (2) Delinquency-managed loans 30–89 ≥ 90 days past due ratio Residential mortgages (3) $ 37,889 $ — $ 37,889 0.44 % 0.42 % Credit cards 17,808 — 17,808 1.08 1.06 Personal, small business and other (4) 57,150 24,482 32,668 0.44 0.23 Total $ 112,847 $ 24,482 $ 88,365 0.57 % 0.48 % (1) Mexico is included in offices outside North America. (2) Classifiably managed loans are primarily evaluated for credit risk based on their internal risk classification. As of June 30, 2022 and December 31, 2021, approximately 93% and 94% of these loans, respectively, were rated investment grade. (3) Includes $19.6 billion and $19.8 billion as of June 30, 2022 and December 31, 2021, respectively, of residential mortgages related to the Global Wealth business. (4) Includes $30.6 billion and $34.6 billion as of June 30, 2022 and December 31, 2021, respectively, of loans related to the Global Wealth business. Impaired Consumer Loans The following tables present information about impaired consumer loans and interest income recognized on impaired consumer loans: Three Months Ended Six Months Ended Balance at June 30, 2022 2022 2021 2022 2021 In millions of dollars Recorded investment (1)(2) Unpaid Related specific allowance (3)(4) Average carrying value (5) Interest income (6) Interest income (6) Interest income (6) Interest income (6) Mortgage and real estate Residential first mortgages $ 1,179 $ 1,290 $ 56 $ 1,382 $ 49 $ 21 $ 71 $ 44 Home equity loans 274 344 (8) 248 2 3 5 5 Credit cards 1,227 1,229 463 1,450 15 33 33 68 Personal, small business and other 127 149 39 295 4 15 7 27 Total $ 2,807 $ 3,012 $ 550 $ 3,375 $ 70 $ 72 $ 116 $ 144 Balance at December 31, 2021 In millions of dollars Recorded investment (1)(2) Unpaid Related specific allowance (3)(4) Average carrying value (5) Mortgage and real estate Residential first mortgages $ 1,521 $ 1,595 $ 87 $ 1,564 Home equity loans 191 344 (1) 336 Credit cards 1,582 1,609 594 1,795 Personal, small business and other 454 461 133 505 Total $ 3,748 $ 4,009 $ 813 $ 4,200 (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) At June 30, 2022, $182 million of residential first mortgages and $84 million of home equity loans do not have a specific allowance. At December 31, 2021, $190 million of residential first mortgages and $94 million of home equity loans do not have a specific allowance because they are accounted for based on collateral value, and that value is in excess of the outstanding loan balance. (3) Included in the Allowance for credit losses on loans . (4) The negative allowance on home equity loans resulted from expected recoveri |
ALLOWANCE FOR CREDIT LOSSES
ALLOWANCE FOR CREDIT LOSSES | 6 Months Ended |
Jun. 30, 2022 | |
Loans and Leases Receivable Disclosure [Abstract] | |
ALLOWANCE FOR CREDIT LOSSES | ALLOWANCE FOR CREDIT LOSSES Three Months Ended June 30, Six Months Ended June 30, In millions of dollars 2022 2021 2022 2021 Allowance for credit losses on loans (ACLL) at beginning of period $ 15,393 $ 21,638 $ 16,455 $ 24,956 Adjusted ACLL at beginning of period $ 15,393 $ 21,638 $ 16,455 $ 24,956 Gross credit losses on loans $ (1,212) $ (1,844) $ (2,452) $ (4,052) Gross recoveries on loans 362 524 730 984 Net credit losses on loans (NCLs) $ (850) $ (1,320) $ (1,722) $ (3,068) Replenishment of NCLs $ 850 $ 1,320 $ 1,722 $ 3,068 Net reserve builds (releases) for loans 520 (2,184) (260) (5,252) Net specific reserve builds (releases) for loans 14 (262) 182 (421) Total provision for credit losses on loans (PCLL) $ 1,384 $ (1,126) $ 1,644 $ (2,605) Other, net (see table below) 25 46 (425) (45) ACLL at end of period $ 15,952 $ 19,238 $ 15,952 $ 19,238 Allowance for credit losses on unfunded lending commitments (ACLUC) at beginning of period (1) $ 2,343 $ 2,012 $ 1,871 $ 2,655 Provision (release) for credit losses on unfunded lending commitments (159) 44 315 (582) Other, net 9 17 7 — ACLUC at end of period (1) $ 2,193 $ 2,073 $ 2,193 $ 2,073 Total allowance for credit losses on loans, leases and unfunded lending commitments (2) $ 18,145 $ 21,311 $ 18,145 $ 21,311 Other, net details Three Months Ended June 30, Six Months Ended June 30, In millions of dollars 2022 2021 2022 2021 Reclasses of consumer ACLL to HFS (3) $ — $ — $ (350) $ — FX translation and other 25 46 (75) (45) Other, net $ 25 $ 46 $ (425) $ (45) (1) Represents additional credit loss reserves for unfunded lending commitments and letters of credit recorded in Other liabilities on the Consolidated Balance Sheet. (2) See below for ACL on HTM debt securities and Other assets . (3) See Note 2. Allowance for Credit Losses on Loans and End-of-Period Loans Three Months Ended June 30, 2022 June 30, 2021 In millions of dollars Corporate Consumer Total Corporate Consumer Total ACLL at beginning of period $ 3,025 $ 12,368 $ 15,393 $ 3,542 $ 18,096 $ 21,638 Charge-offs (57) (1,155) (1,212) (137) (1,707) (1,844) Recoveries 34 328 362 60 464 524 Replenishment of NCLs 23 827 850 77 1,243 1,320 Net reserve builds (releases) (128) 648 520 (751) (1,433) (2,184) Net specific reserve builds (releases) 49 (35) 14 (112) (150) (262) Other 23 2 25 (7) 53 46 Ending balance $ 2,969 $ 12,983 $ 15,952 $ 2,672 $ 16,566 $ 19,238 Six Months Ended June 30, 2022 June 30, 2021 In millions of dollars Corporate Consumer Total Corporate Consumer Total ACLL at beginning of period $ 2,415 $ 14,040 $ 16,455 $ 4,776 $ 20,180 $ 24,956 Charge-offs (105) (2,347) (2,452) (336) (3,716) (4,052) Recoveries 51 679 730 74 910 984 Replenishment of NCLs 54 1,668 1,722 262 2,806 3,068 Net reserve builds (releases) 249 (509) (260) (1,944) (3,308) (5,252) Net specific reserve builds (releases) 273 (91) 182 (146) (275) (421) Other 32 (457) (425) (14) (31) (45) Ending balance $ 2,969 $ 12,983 $ 15,952 $ 2,672 $ 16,566 $ 19,238 June 30, 2022 December 31, 2021 In millions of dollars Corporate Consumer Total Corporate Consumer Total ACLL Collectively evaluated $ 2,409 $ 12,431 $ 14,840 $ 2,203 $ 13,227 $ 15,430 Individually evaluated 560 550 1,110 212 813 1,025 Purchased credit deteriorated — 2 2 — — — Total ACLL $ 2,969 $ 12,983 $ 15,952 $ 2,415 $ 14,040 $ 16,455 Loans, net of unearned income Collectively evaluated $ 295,545 $ 352,683 $ 648,228 $ 283,610 $ 372,655 $ 656,265 Individually evaluated 1,655 2,807 4,462 1,553 3,748 5,301 Purchased credit deteriorated — 107 107 — 119 119 Held at fair value 4,528 8 4,536 6,070 12 6,082 Total loans, net of unearned income $ 301,728 $ 355,605 $ 657,333 $ 291,233 $ 376,534 $ 667,767 Allowance for Credit Losses on HTM Debt Securities Three Months Ended June 30, 2022 In millions of dollars Mortgage-backed State and municipal Foreign government Asset-backed Total HTM Allowance for credit losses on HTM debt securities $ 4 $ 79 $ 2 $ — $ 85 Gross credit losses — — — — — Gross recoveries — — — — — Net credit losses (NCLs) $ — $ — $ — $ — $ — Replenishment of NCLs $ — $ — $ — $ — $ — Net reserve builds (releases) (2) 14 1 7 20 Net specific reserve builds (releases) — — — — — Total provision for credit losses on HTM debt securities $ (2) $ 14 $ 1 $ 7 $ 20 Allowance for credit losses on HTM debt securities $ 2 $ 93 $ 3 $ 7 $ 105 Six Months Ended June 30, 2022 In millions of dollars Mortgage-backed State and municipal Foreign government Asset-backed Total HTM Allowance for credit losses on HTM debt securities $ 6 $ 75 $ 4 $ 2 $ 87 Gross credit losses — — — — — Gross recoveries — — — — — Net credit losses (NCLs) $ — $ — $ — $ — $ — Replenishment of NCLs $ — $ — $ — $ — $ — Net reserve builds (releases) (4) 18 (1) 5 18 Net specific reserve builds (releases) — — — — — Total provision for credit losses on HTM debt securities $ (4) $ 18 $ (1) $ 5 $ 18 Allowance for credit losses on HTM debt securities $ 2 $ 93 $ 3 $ 7 $ 105 Allowance for Credit Losses on HTM Debt Securities Three Months Ended June 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 $ 4 $ 69 $ 5 $ — $ 78 Gross credit losses — — — — — Gross recoveries — — — — — Net credit losses (NCLs) $ — $ — $ — $ — $ — Replenishment of NCLs $ — $ — $ — $ — $ — Net reserve builds (releases) 1 3 — — 4 Net specific reserve builds (releases) — — — — — Total provision for credit losses on HTM debt securities $ 1 $ 3 $ — $ — $ 4 Other, net $ — $ — $ — $ 1 $ 1 Allowance for credit losses on HTM debt securities $ 5 $ 72 $ 5 $ 1 $ 83 Six Months Ended June 30, 2021 In millions of dollars Mortgage-backed State and municipal Foreign government Asset- Total HTM Allowance for credit losses on HTM debt securities $ 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 2 (2) (1) (3) (4) Net specific reserve builds (releases) — — — — — Total provision for credit losses on HTM debt securities $ (1) $ (2) $ (1) $ (3) $ (7) Other, net $ — $ — $ — $ 1 $ 1 Allowance for credit losses on HTM debt securities $ 5 $ 72 $ 5 $ 1 $ 83 Allowance for Credit Losses on Other Assets Three Months Ended June 30, 2022 In millions of dollars Deposits with banks Securities borrowed and purchased under agreements Brokerage receivables All other assets (1) Total Allowance for credit losses on other assets $ 15 $ 4 $ — $ 24 $ 43 Gross credit losses — — — (8) (8) Gross recoveries — — — 2 2 Net credit losses (NCLs) $ — $ — $ — $ (6) $ (6) Replenishment of NCLs $ — $ — $ — $ 6 $ 6 Net reserve builds (releases) 2 (8) — 7 1 Total provision for credit losses $ 2 $ (8) $ — $ 13 $ 7 Other, net (2) $ — $ 31 $ — $ (1) $ 30 Allowance for credit losses on other assets $ 17 $ 27 $ — $ 30 $ 74 Six Months Ended June 30, 2022 In millions of dollars Deposits with banks Securities borrowed and purchased under agreements Brokerage receivables All other assets (1) Total Allowance for credit losses on other assets $ 21 $ 6 $ — $ 26 $ 53 Gross credit losses — — — (15) (15) Gross recoveries — — — 2 2 Net credit losses (NCLs) $ — $ — $ — $ (13) $ (13) Replenishment of NCLs $ — $ — $ — $ 13 $ 13 Net reserve builds (releases) (4) (10) — 4 (10) Total provision for credit losses $ (4) $ (10) $ — $ 17 $ 3 Other, net (2) $ — $ 31 $ — $ — $ 31 Allowance for credit losses on other assets $ 17 $ 27 $ — $ 30 $ 74 (1) Primarily accounts receivable. (2) Includes $30 million of ACL transferred from ICG loans ACL as of June 30, 2022 for securities borrowed and purchased under agreements to resell. Allowance for Credit Losses on Other Assets Three Months Ended June 30, 2021 In millions of dollars Deposits with banks Securities borrowed and purchased under agreements Brokerage receivables All other assets (1) Total Allowance for credit losses on other assets $ 28 $ 5 $ — $ 30 $ 63 Gross credit losses — — — — — Gross recoveries — — — — — Net credit losses (NCLs) $ — $ — $ — $ — $ — Replenishment of NCLs $ — $ — $ — $ — $ — Net reserve builds (releases) (4) 3 — (2) (3) Total provision for credit losses $ (4) $ 3 $ — $ (2) $ (3) Other, net $ — $ — $ — $ — $ — Allowance for credit losses on other assets $ 24 $ 8 $ — $ 28 $ 60 Six Months Ended June 30, 2021 In millions of dollars Deposits with banks Securities borrowed and purchased under agreements Brokerage receivables All other assets (1) Total Allowance for credit losses on other assets $ 20 $ 10 $ — $ 25 $ 55 Gross credit losses — — — — — Gross recoveries — — — — — Net credit losses (NCLs) $ — $ — $ — $ — $ — Replenishment of NCLs $ — $ — $ — $ — $ — Net reserve builds (releases) 5 (2) — 3 6 Total provision for credit losses $ 5 $ (2) $ — $ 3 $ 6 Other, net $ (1) $ — $ — $ — $ (1) Allowance for credit losses on other assets $ 24 $ 8 $ — $ 28 $ 60 (1) Primarily accounts receivable. |
GOODWILL AND INTANGIBLE ASSETS
GOODWILL AND INTANGIBLE ASSETS | 6 Months Ended |
Jun. 30, 2022 | |
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 Institutional Clients Group Personal Banking and Wealth Management Legacy Franchises Total Balance at December 31, 2021 $ 9,215 $ 9,717 $ 2,367 $ 21,299 Impairment (1) — — (535) (535) Divestitures (2) — — (873) (873) Foreign currency translation (44) 18 — (26) Balance at March 31, 2022 $ 9,171 $ 9,735 $ 959 $ 19,865 Foreign currency translation (223) (20) (25) (268) Balance at June 30, 2022 $ 8,948 $ 9,715 $ 934 $ 19,597 (1) Goodwill impairment of $535 million (approximately $489 million after-tax) was incurred in the Asia Consumer reporting unit of Legacy Franchises due to the re-segmentation and timing of divestitures recorded in the first quarter. (2) Primarily relates to Citi’s agreements to sell its consumer banking businesses in Malaysia, Thailand, Indonesia, Vietnam, Taiwan, India and Bahrain within Asia Consumer, during the first quarter of 2022 and reclassified as HFS as of March 31, 2022. See Note 2. Citi tests goodwill for impairment annually as of July 1 (the annual test) and through interim assessments between annual tests if an event occurs or circumstances change that could more-likely-than-not reduce the fair value of a reporting unit below its carrying amount. The results of the 2021 annual impairment test resulted in no impairment. As discussed in Note 3, effective January 1, 2022, as part of its strategic refresh, Citi made changes to its management structure, which resulted in changes in its operating segments and reporting units to reflect how the CEO, who is the chief operating decision maker, intends to manage the Company, allocate resources and measure performance. Goodwill balances were reallocated across the new reporting units based on their relative fair values using the valuation performed as of the effective date of the reorganization. Further, the goodwill balances associated with certain Asia Consumer businesses within the Legacy Franchises operating segment were reclassified to HFS as of March 31, 2022. See Note 2 for a discussion of Citi’s divestiture activities. The reorganization of Citi’s reporting structure and the announced sales of businesses within a reporting unit were identified as triggering events for purposes of goodwill impairment testing. Consistent with the requirements of ASC 350, interim goodwill impairment tests were performed that resulted in an impairment of $535 million to the Asia Consumer reporting unit within the Legacy Franchises operating segment, due to the implementation of Citi’s revised operating segments and reporting units, as well as the timing of mutual execution of sales agreements for Asia consumer banking businesses. This impairment was recorded in the first quarter of 2022 as an operating expense. The interim goodwill impairment tests were performed using a combination of the income approach, market approach and bids from buyers, where available, to determine the fair value of its reporting units. During the second quarter of 2022, Citi’s Banking reporting unit within the ICG operating segment was negatively impacted by the industry-wide decline in investment banking activity and macroeconomic challenges and uncertainties. These conditions resulted in a corresponding decline in the operating results of the Banking reporting unit as of June 30, 2022 and were identified as a triggering event for purposes of goodwill impairment testing. Consistent with the requirements of ASC 350, interim goodwill impairment tests were performed that resulted in no impairment of the Banking reporting unit within the ICG operating segment. The results of the impairment test showed that the fair value of the Banking reporting unit as a percentage of its carrying value was 102%, with the carrying value including approximately $1.5 billion of goodwill. No other events or circumstances were identified for any other reporting unit as a triggering event for purposes of goodwill impairment testing. The interim goodwill impairment test was performed using a combination of the income approach and market approach to determine the fair value of its reporting units. Under the market approach, Citi estimated fair value by comparing the business to similar businesses or guideline companies whose securities are actively traded in public markets. Under the income approach, Citi used a discounted cash flow (DCF) model in which cash flows anticipated over several periods, plus a terminal value at the end of that time horizon, are discounted to their present value using an appropriate rate that is commensurate with the risk inherent within the reporting unit. The key assumptions used to determine the fair value of Citi’s reporting units consisted primarily of significant unobservable inputs (Level 3 fair value inputs), including discount rates, estimated cash flows, growth rates, earnings multiples and/or transaction multiples of similar businesses or guideline public companies, and bids from buyers. The DCF method employs a capital asset pricing model in estimating the discount rate based on several factors including market interest rates, and includes adjustments for market risk and company-specific risk. Estimated cash flows are based on internally developed estimates and the growth rates are based on industry knowledge and historical performance. Based on the interim impairment tests, the fair values of all of Citi’s other reporting units as a percentage of their allocated carrying values ranged from approximately 102% to 267%, resulting in no further impairment recognized as of June 30, 2022. While the inherent risk of uncertainty is embedded in the key assumptions used in the valuations, the economic and business environments continue to evolve as management implements its strategic refresh. If management’s future estimate of key economic and market assumptions were to differ from its current assumptions, Citi could potentially experience material goodwill impairment charges in the future. See Note 3 for a description of Citi’s operating segments. For additional information regarding Citi’s accounting policy for goodwill and its related goodwill impairment testing process, see Note 1 to the Consolidated Financial Statements in Citi’s 2021 Form 10-K. Intangible Assets The components of intangible assets were as follows: June 30, 2022 December 31, 2021 In millions of dollars Gross Accumulated Net Gross Accumulated Net Purchased credit card relationships $ 5,514 $ 4,357 $ 1,157 $ 5,579 $ 4,348 $ 1,231 Credit card contract-related intangibles (1) 3,903 1,440 2,463 3,912 1,372 2,540 Core deposit intangibles 37 37 — 39 39 — Other customer relationships 362 267 95 429 305 124 Present value of future profits 32 30 2 31 29 2 Indefinite-lived intangible assets 186 — 186 183 — 183 Other 27 4 23 37 26 11 Intangible assets (excluding MSRs) $ 10,061 $ 6,135 $ 3,926 $ 10,210 $ 6,119 $ 4,091 Mortgage servicing rights (MSRs) (2) 600 — 600 404 — 404 Total intangible assets $ 10,661 $ 6,135 $ 4,526 $ 10,614 $ 6,119 $ 4,495 (1) Primarily reflects contract-related intangibles associated with the American Airlines, The Home Depot, Costco and AT&T credit card program agreements, which represented 98% and 97% of the aggregate net carrying amount at June 30, 2022 and December 31, 2021, respectively. (2) See Note 18 for additional information on Citi’s MSRs. The changes in intangible assets were as follows: In millions of dollars Net carrying amount at December 31, 2021 Acquisitions/renewals/ Amortization Impairments FX translation and other Net carrying amount at June 30, 2022 Purchased credit card relationships (1) $ 1,231 $ 3 $ (70) $ — $ (7) $ 1,157 Credit card contract-related intangibles (2) 2,540 — (77) — — 2,463 Core deposit intangibles — — — — — — Other customer relationships 124 6 (13) — (22) 95 Present value of future profits 2 — — — — 2 Indefinite-lived intangible assets 183 — — — 3 186 Other 11 30 (17) — (1) 23 Intangible assets (excluding MSRs) $ 4,091 $ 39 $ (177) $ — $ (27) $ 3,926 Mortgage servicing rights (MSRs) (3) 404 600 Total intangible assets $ 4,495 $ 4,526 (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 98% and 97% of the aggregate net carrying amount at June 30, 2022 and December 31, 2021, respectively. (3) See Note 18 for additional information on Citi’s MSRs, including the rollforward for the three and six months ended June 30, 2022. |
DEBT
DEBT | 6 Months Ended |
Jun. 30, 2022 | |
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 2021 Form 10-K. Short-Term Borrowings In millions of dollars June 30, December 31, Commercial paper Bank (1) $ 9,050 $ 9,026 Broker-dealer and other (2) 12,429 6,992 Total commercial paper $ 21,479 $ 16,018 Other borrowings (3) 18,575 11,955 Total $ 40,054 $ 27,973 (1) Represents Citibank entities as well as other bank entities. (2) Represents broker-dealer and other non-bank subsidiaries that are consolidated into Citigroup Inc., the parent holding company. (3) Includes borrowings from Federal Home Loan Banks and other market participants. At June 30, 2022 and December 31, 2021, collateralized short-term advances from the Federal Home Loan Banks were $7.0 billion and $0.0 billion, respectively. Long-Term Debt In millions of dollars June 30, December 31, 2021 Citigroup Inc. (1) $ 167,874 $ 164,945 Bank (2) 18,799 23,567 Broker-dealer and other (3) 70,752 65,862 Total $ 257,425 $ 254,374 (1) Represents the parent holding company. (2) Represents Citibank entities as well as other bank entities. At June 30, 2022 and December 31, 2021, collateralized long-term advances from the Federal Home Loan Banks were $2.3 billion and $5.3 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 $1.6 billion and $1.7 billion at June 30, 2022 and December 31, 2021, respectively. The following table summarizes Citi’s outstanding trust preferred securities at June 30, 2022: 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 Oct. 2010 89,840,000 2,246 3 mo. LIBOR + 637 bps 1,000 2,246 Oct. 30, 2040 Oct. 30, 2015 Total obligated $ 2,440 $ 2,446 Note: Distributions on the trust preferred securities and interest on the subordinated debentures are payable semiannually for Citigroup Capital III and quarterly for Citigroup Capital XIII. (1) Represents the notional value received by outside investors from the trusts at the time of issuance. This differs from Citi’s balance sheet carrying value due primarily to unamortized discount and issuance costs. |
CHANGES IN ACCUMULATED OTHER CO
CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (AOCI) | 6 Months Ended |
Jun. 30, 2022 | |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract] | |
CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (AOCI) | CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (AOCI) Changes in each component of Citigroup’s Accumulated other comprehensive income (loss) were as follows: Three and Six Months Ended June 30, 2022 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 June 30, 2022 Balance, March 31, 2022 $ (4,891) $ (394) $ (1,440) $ (5,681) $ (31,180) $ 1 $ (43,585) Other comprehensive income before (1,612) 1,968 (515) (271) (1,975) 4 (2,401) Increase (decrease) due to amounts reclassified from AOCI 111 (1) (151) 182 345 5 491 Change, net of taxes $ (1,501) $ 1,967 $ (666) $ (89) $ (1,630) $ 9 $ (1,910) Balance at June 30, 2022 $ (6,392) $ 1,573 $ (2,106) $ (5,770) $ (32,810) $ 10 $ (45,495) Six Months Ended June 30, 2022 Balance, December 31, 2021 $ (614) $ (1,187) $ 101 $ (5,852) $ (31,166) $ (47) $ (38,765) Other comprehensive income before (5,895) 2,761 (1,839) 21 (1,989) 50 (6,891) Increase (decrease) due to amounts reclassified from AOCI 117 (1) (368) 61 345 7 161 Change, net of taxes $ (5,778) $ 2,760 $ (2,207) $ 82 $ (1,644) $ 57 $ (6,730) Balance at June 30, 2022 $ (6,392) $ 1,573 $ (2,106) $ (5,770) $ (32,810) $ 10 $ (45,495) Footnotes to the table above appear on the following page. Three and Six Months Ended June 30, 2021 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 June 30, 2021 Balance, March 31, 2021 $ 1,535 $ (1,461) $ 1,037 $ (6,150) $ (29,915) $ (57) $ (35,011) Other comprehensive income before (379) (72) 28 36 523 (11) 125 Increase (decrease) due to amounts reclassified from AOCI (95) 10 (201) 51 — 1 (234) Change, net of taxes $ (474) $ (62) $ (173) $ 87 $ 523 $ (10) $ (109) Balance at June 30, 2021 $ 1,061 $ (1,523) $ 864 $ (6,063) $ (29,392) $ (67) $ (35,120) Six Months Ended June 30, 2021 Balance, December 31, 2020 $ 3,320 $ (1,419) $ 1,593 $ (6,864) $ (28,641) $ (47) $ (32,058) Other comprehensive income before (1,898) (156) (316) 689 (751) (21) (2,453) Increase (decrease) due to amounts reclassified from AOCI (361) 52 (413) 112 — 1 (609) Change, net of taxes $ (2,259) $ (104) $ (729) $ 801 $ (751) $ (20) $ (3,062) Balance at June 30, 2021 $ 1,061 $ (1,523) $ 864 $ (6,063) $ (29,392) $ (67) $ (35,120) (1) Reflects the after-tax valuation of Citi’s fair value option liabilities. See “Market Valuation Adjustments” in Note 20. (2) Primarily driven by Citi’s pay floating/receive fixed interest rate swap programs that hedge certain floating rates on assets. (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 South Korean won, Euro, Chilean peso, Mexican peso, Japanese yen and Brazilian real against the U.S. dollar and changes in related tax effects and hedges for the three months ended June 30, 2022. Primarily reflects the movements in (by order of impact) the South Korean won, Euro, Japanese yen, Indian rupee, British pound sterling and Chilean peso against the U.S. dollar and changes in related tax effects and hedges for the six months ended June 30, 2022. Primarily reflects the movements in (by order of impact) the Mexican peso, Brazilian real, Polish zloty, New Taiwan dollar, Euro and Indian rupee against the U.S. dollar and changes in related tax effects and hedges for the three months ended June 30, 2021. Primarily reflects the movements in (by order of impact) the South Korean won, Japanese yen, Euro, Indian rupee, Mexican peso and New Taiwan dollar against the U.S. dollar and changes in related tax effects and hedges for the six months ended June 30, 2021. 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) June 30, 2022 reflects a reduction of $470 million (after-tax) ($620 million pretax) currency translation adjustment (CTA) loss (net of hedges) associated with Citi’s sale of its consumer banking business in Australia (see Note 2). The reduction from AOCI had a neutral impact on 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 Six Months Ended June 30, 2022 In millions of dollars Pretax Tax effect After-tax Three Months Ended June 30, 2022 Balance, March 31, 2022 $ (51,807) $ 8,222 $ (43,585) Change in net unrealized gains (losses) on debt securities (1,990) 489 (1,501) Debt valuation adjustment (DVA) 2,592 (625) 1,967 Cash flow hedges (886) 220 (666) Benefit plans (73) (16) (89) Foreign currency translation adjustment (1,414) (216) (1,630) Excluded component of fair value hedges 12 (3) 9 Change $ (1,759) $ (151) $ (1,910) Balance at June 30, 2022 $ (53,566) $ 8,071 $ (45,495) Six Months Ended June 30, 2022 Balance, December 31, 2021 $ (45,383) $ 6,618 $ (38,765) Change in net unrealized gains (losses) on debt securities (7,614) 1,836 (5,778) Debt valuation adjustment (DVA) 3,642 (882) 2,760 Cash flow hedges (2,908) 701 (2,207) Benefit plans 104 (22) 82 Foreign currency translation adjustment (1,483) (161) (1,644) Excluded component of fair value hedges 76 (19) 57 Change $ (8,183) $ 1,453 $ (6,730) Balance at June 30, 2022 $ (53,566) $ 8,071 $ (45,495) Three and Six Months Ended June 30, 2021 In millions of dollars Pretax Tax effect After-tax Three Months Ended June 30, 2021 Balance, March 31, 2021 $ (40,631) $ 5,620 $ (35,011) Change in net unrealized gains (losses) on debt securities (638) 164 (474) Debt valuation adjustment (DVA) (110) 48 (62) Cash flow hedges (224) 51 (173) Benefit plans 84 3 87 Foreign currency translation adjustment 445 78 523 Excluded component of fair value hedges (13) 3 (10) Change $ (456) $ 347 $ (109) Balance, June 30, 2021 $ (41,087) $ 5,967 $ (35,120) Six Months Ended June 30, 2021 Balance, December 31, 2020 $ (36,992) $ 4,934 $ (32,058) Change in net unrealized gains (losses) on debt securities (3,065) 806 (2,259) Debt valuation adjustment (DVA) (148) 44 (104) Cash flow hedges (953) 224 (729) Benefit plans 991 (190) 801 Foreign currency translation adjustment (894) 143 (751) Excluded component of fair value hedges (26) 6 (20) Change $ (4,095) $ 1,033 $ (3,062) Balance, June 30, 2021 $ (41,087) $ 5,967 $ (35,120) The Company recognized pretax (gains) losses related to amounts in AOCI reclassified to the Consolidated Statement of Income as follows: Increase (decrease) in AOCI due to Three Months Ended June 30, Six Months Ended June 30, In millions of dollars 2022 2021 2022 2021 Realized (gains) losses on sales of investments $ 58 $ (137) $ (22) $ (538) Gross impairment losses 90 9 180 78 Subtotal, pretax $ 148 $ (128) $ 158 $ (460) Tax effect (37) 33 (41) 99 Net realized (gains) losses on investments after-tax (1) $ 111 $ (95) $ 117 $ (361) Realized DVA (gains) losses on fair value option liabilities, pretax $ (1) $ 13 $ (1) $ 69 Tax effect — (3) — (17) Net realized DVA, after-tax $ (1) $ 10 $ (1) $ 52 Interest rate contracts $ (199) $ (266) $ (485) $ (544) Foreign exchange contracts 1 1 2 2 Subtotal, pretax $ (198) $ (265) $ (483) $ (542) Tax effect 47 64 115 129 Amortization of cash flow hedges, after-tax (2) $ (151) $ (201) $ (368) $ (413) Amortization of unrecognized: Prior service cost (benefit) $ (5) $ (6) $ (11) $ (12) Net actuarial loss 58 71 128 158 Curtailment/settlement impact (3) 183 4 (33) 4 Subtotal, pretax $ 236 $ 69 $ 84 $ 150 Tax effect (54) (18) (23) (38) Amortization of benefit plans, after-tax (3) $ 182 $ 51 $ 61 $ 112 Excluded component of fair value hedges, pretax $ 7 $ 1 $ 10 $ 1 Tax effect (2) — (3) — Excluded component of fair value hedges, after-tax $ 5 $ 1 $ 7 $ 1 Foreign currency translation adjustment, pretax $ 397 $ — $ 397 $ — Tax effect (52) — (52) — Foreign currency translation adjustment, after-tax $ 345 $ — $ 345 $ — Total amounts reclassified out of AOCI , pretax $ 589 $ (310) $ 165 $ (782) Total tax effect (98) 76 (4) 173 Total amounts reclassified out of AOCI , after-tax $ 491 $ (234) $ 161 $ (609) (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 for additional details. (2) See Note 19 for additional details. (3) See Note 8 for additional details. |
SECURITIZATIONS AND VARIABLE IN
SECURITIZATIONS AND VARIABLE INTEREST ENTITIES | 6 Months Ended |
Jun. 30, 2022 | |
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 2021 Form 10-K. Citigroup’s involvement with consolidated and unconsolidated VIEs with which the Company holds significant variable interests or has continuing involvement through servicing a majority of the assets in a VIE is presented below: As of June 30, 2022 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 $ 31,266 $ 31,266 $ — $ — $ — $ — $ — $ — Mortgage securitizations (4) U.S. agency-sponsored 115,494 — 115,494 2,100 — — 51 2,151 Non-agency-sponsored 60,155 — 60,155 2,747 — 5 — 2,752 Citi-administered asset-backed commercial paper conduits 14,291 14,291 — — — — — — Collateralized loan obligations (CLOs) 8,259 — 8,259 2,599 — — — 2,599 Asset-based financing (5) 246,990 9,439 237,551 36,051 1,088 11,639 — 48,778 Municipal securities tender option bond trusts (TOBs) 2,839 678 2,161 8 — 1,571 — 1,579 Municipal investments 22,191 3 22,188 2,673 3,368 4,010 — 10,051 Client intermediation 810 373 437 66 — — 63 129 Investment funds 385 84 301 2 2 20 1 25 Other — — — — — — — — Total $ 502,680 $ 56,134 $ 446,546 $ 46,246 $ 4,458 $ 17,245 $ 115 $ 68,064 As of December 31, 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 $ 31,518 $ 31,518 $ — $ — $ — $ — $ — $ — Mortgage securitizations (4) U.S. agency-sponsored 113,641 — 113,641 1,582 — — 43 1,625 Non-agency-sponsored 60,851 632 60,219 2,479 — 5 — 2,484 Citi-administered asset-backed commercial paper conduits 14,018 14,018 — — — — — — Collateralized loan obligations (CLOs) 8,302 — 8,302 2,636 — — — 2,636 Asset-based financing (5) 246,632 11,085 235,547 32,242 1,139 12,189 — 45,570 Municipal securities tender option bond trusts (TOBs) 3,251 905 2,346 2 — 1,498 — 1,500 Municipal investments 20,597 3 20,594 2,512 3,617 3,562 — 9,691 Client intermediation 904 297 607 75 — — 224 299 Investment funds 498 179 319 — — 12 1 13 Other — — — — — — — — Total $ 500,212 $ 58,637 $ 441,575 $ 41,528 $ 4,756 $ 17,266 $ 268 $ 63,818 (1) The definition of maximum exposure to loss is included in the text that follows this table. (2) Included on Citigroup’s June 30, 2022 and December 31, 2021 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 $86 billion and $100 billion in unconsolidated VIE assets and $499 million and $497 million in maximum exposure to loss as of June 30, 2022 and December 31, 2021, respectively. The previous tables do not include: • certain venture capital investments made by some of the Company’s private equity subsidiaries, as the Company accounts for these investments in accordance with the Investment Company Audit Guide (codified in ASC 946); • certain investment funds for which the Company provides investment management services and personal estate trusts for which the Company provides administrative, trustee and/or investment management services; • certain third-party-sponsored private equity funds to which the Company provides secured credit facilities. The Company has no decision-making power and does not consolidate these funds, some of which may meet the definition of a VIE. The Company’s maximum exposure to loss is generally limited to a loan or lending-related commitment. As of June 30, 2022 and December 31, 2021, the Company’s maximum exposure to loss related to these deals was $50.5 billion and $55.6 billion, respectively (for more information on these positions, see Note 13 and Note 26 to the Consolidated Financial Statements in Citigroup’s 2021 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 (see Notes 12 and 20 for more information on these positions); • 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 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: June 30, 2022 December 31, 2021 In millions of dollars Liquidity Loan/equity Liquidity Loan/equity Non-agency-sponsored mortgage securitizations $ — $ 5 $ — $ 5 Asset-based financing — 11,639 — 12,189 Municipal securities tender option bond trusts (TOBs) 1,571 — 1,498 — Municipal investments — 4,010 — 3,562 Investment funds — 20 — 12 Other — — — — Total funding commitments $ 1,571 $ 15,674 $ 1,498 $ 15,768 Significant Interests in Unconsolidated VIEs—Balance Sheet Classification The following table presents the carrying amounts and classification of significant variable interests in unconsolidated VIEs: In billions of dollars June 30, 2022 December 31, 2021 Cash $ — $ — Trading account assets 1.8 1.4 Investments 8.9 8.8 Total loans, net of allowance 39.6 35.4 Other 0.5 0.8 Total assets $ 50.8 $ 46.4 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 Trust (Omni Trust), with the substantial majority through the Master Trust. These trusts are consolidated entities. The following table reflects amounts related to the Company’s securitized credit card receivables: In billions of dollars June 30, 2022 December 31, 2021 Ownership interests in principal amount of trust credit card receivables Sold to investors via trust-issued securities $ 9.7 $ 9.7 Retained by Citigroup as trust-issued securities 6.5 7.2 Retained by Citigroup via non-certificated interests 16.9 16.1 Total $ 33.1 $ 33.0 The following table summarizes selected cash flow information related to Citigroup’s credit card securitizations: Three Months Ended June 30, Six Months Ended June 30, In billions of dollars 2022 2021 2022 2021 Proceeds from new securitizations $ — $ — $ — $ — Pay down of maturing notes — (1.1) — (4.7) Master Trust Liabilities (at Par Value) The weighted average maturity of the third-party term notes issued by the Master Trust was 3.1 years as of June 30, 2022 and 3.6 years as of December 31, 2021. In billions of dollars Jun. 30, 2022 Dec. 31, 2021 Term notes issued to third parties $ 8.4 $ 8.4 Term notes retained by Citigroup affiliates 1.7 2.2 Total Master Trust liabilities $ 10.1 $ 10.6 Omni Trust Liabilities (at Par Value) The weighted average maturity of the third-party term notes issued by the Omni Trust was 1.1 years as of June 30, 2022 and 1.6 years as of December 31, 2021. In billions of dollars Jun. 30, 2022 Dec. 31, 2021 Term notes issued to third parties $ 1.3 $ 1.3 Term notes retained by Citigroup affiliates 4.8 5.0 Total Omni Trust liabilities $ 6.1 $ 6.3 Mortgage Securitizations The following tables summarize selected cash flow information and retained interests related to Citigroup mortgage securitizations: Three Months Ended June 30, 2022 2021 In billions of dollars U.S. agency- Non-agency- U.S. agency- Non-agency- Principal securitized $ 1.9 $ 8.6 $ 1.9 $ 7.1 Proceeds from new securitizations 1.8 8.4 1.9 7.2 Contractual servicing fees received — — — — Cash flows received on retained interests and other new cash flows — — — — Purchases of previously transferred financial assets — — — — Six Months Ended June 30, 2022 2021 In billions of dollars U.S. agency- Non-agency- U.S. agency- Non-agency- Principal securitized $ 4.0 $ 10.2 $ 4.9 $ 18.1 Proceeds from new securitizations 3.9 10.0 5.1 17.8 Purchases of previously transferred financial assets — — 0.1 — Note: Excludes re-securitization transactions. Gains recognized on the securitization of U.S. agency-sponsored mortgages were $0.3 million and $0.6 million for the three and six months ended June 30, 2022, respectively. For the three and six months ended June 30, 2022, gains recognized on the securitization of non-agency-sponsored mortgages were $35 million and $73.7 million, respectively. Gains recognized on the securitization of U.S. agency-sponsored mortgages were $0.2 million and $1.3 million for the three and six months ended June 30, 2021, respectively. Gains recognized on the securitization of non-agency-sponsored mortgages were $135.6 million and $301.7 million for the three and six months ended June 30, 2021, respectively. June 30, 2022 December 31, 2021 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) $ 597 $ 1,172 $ 945 $ 374 $ 1,452 $ 955 (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 $48 million related to personal loan securitizations at June 30, 2022. (3) Retained interests consist of Level 2 and Level 3 assets depending on the observability of significant inputs. See Note 20 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 June 30, 2022 Non-agency-sponsored mortgages (1) U.S. agency- sponsored mortgages Senior interests Subordinated interests Weighted average discount rate 7.6 % 4.4 % 4.1 % Weighted average constant prepayment rate 2.1 % 5.0 % 12.3 % Weighted average anticipated net credit losses (2) NM 4.6 % 0.5 % Weighted average life 9.6 years 8.4 years 6.0 years Six Months Ended June 30, 2022 Non-agency-sponsored mortgages (1) U.S. agency- sponsored mortgages Senior interests Subordinated interests Weighted average discount rate 7.4 % 3.4 % 3.9 % Weighted average constant prepayment rate 2.7 % 5.9 % 12.3 % Weighted average anticipated net credit losses (2) NM 2.9 % 0.4 % Weighted average life 9.0 years 6.5 years 5.8 years Three Months Ended June 30, 2021 Non-agency-sponsored mortgages (1) U.S. agency- Senior Subordinated Weighted average discount rate 9.0 % 1.8 % 2.8 % Weighted average constant prepayment rate 4.2 % — % 10.0 % Weighted average anticipated net credit losses (2) NM — % 1.0 % Weighted average life 7.8 years 6.7 years 5.7 years Six Months Ended June 30, 2021 Non-agency-sponsored mortgages (1) U.S. agency- Senior Subordinated Weighted average discount rate 8.9 % 0.4 % 2.9 % Weighted average constant prepayment rate 5.0 % — % 10.3 % Weighted average anticipated net credit losses (2) NM 0.4 % 1.1 % Weighted average life 7.8 years 3.4 years 5.5 years (1) Disclosure of non-agency-sponsored mortgages as senior and subordinated interests is indicative of the interests’ position in the capital structure of the securitization. (2) Anticipated net credit losses represent estimated loss severity associated with defaulted mortgage loans underlying the mortgage securitizations disclosed above. Anticipated net credit losses, in this instance, do not represent total credit losses incurred to date, nor do they represent credit losses expected on retained interests in mortgage securitizations. NM Anticipated net credit losses are not meaningful due to U.S. agency guarantees. The interests retained by the Company range from highly rated and/or senior in the capital structure to unrated and/or residual interests. Key assumptions used in measuring the fair value of retained interests in securitizations of mortgage receivables at period end were as follows: June 30, 2022 Non-agency-sponsored mortgages (1) U.S. agency- Senior Subordinated Weighted average discount rate 5.1 % 6.7 % — % Weighted average constant prepayment rate 6.0 % 10.0 % — % Weighted average anticipated net credit losses (2) NM 1.0 % — % Weighted average life 7.7 years 6.5 years NM December 31, 2021 Non-agency-sponsored mortgages (1) U.S. agency- Senior Subordinated Weighted average discount rate 3.7 % 16.2 % 4.0 % Weighted average constant prepayment rate 14.5 % 6.8 % 9.0 % Weighted average anticipated net credit losses (2) NM 1.0 % 2.0 % Weighted average life 5.1 years 8.8 years 18.0 years (1) Disclosure of non-agency-sponsored mortgages as senior and subordinated interests is indicative of the interests’ position in the capital structure of the securitization. (2) Anticipated net credit losses represent estimated loss severity associated with defaulted mortgage loans underlying the mortgage securitizations disclosed above. Anticipated net credit losses, in this instance, do not represent total credit losses incurred to date, nor do they represent credit losses expected on retained interests in mortgage securitizations. NM Anticipated net credit losses are not meaningful due to U.S. agency guarantees. The 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. June 30, 2022 Non-agency-sponsored mortgages In millions of dollars U.S. agency- sponsored mortgages Senior interests Subordinated interests Discount rate Adverse change of 10% $ (16) $ — $ — Adverse change of 20% (31) (1) — Constant prepayment rate Adverse change of 10% (14) — — Adverse change of 20% (27) (1) — Anticipated net credit losses Adverse change of 10% NM — — Adverse change of 20% NM — — December 31, 2021 Non-agency-sponsored mortgages In millions of dollars U.S. agency- Senior Subordinated Discount rate Adverse change of 10% $ (6) $ (1) $ — Adverse change of 20% (11) (1) — Constant prepayment rate Adverse change of 10% (19) — — Adverse change of 20% (37) — — Anticipated net credit losses Adverse change of 10% NM — — Adverse change of 20% NM — — NM Anticipated net credit losses are not meaningful due to U.S. agency guarantees. The following table includes information about loan delinquencies and liquidation losses for assets held in non-consolidated, non-agency-sponsored securitization entities: Liquidation losses Securitized assets 90 days past due Three Months Ended June 30, Six Months Ended June 30, In billions of dollars, except liquidation losses in millions Jun. 30, 2022 Dec. 31, 2021 Jun. 30, 2022 Dec. 31, 2021 2022 2021 2022 2021 Securitized assets Residential mortgages (1) $ 29.3 $ 29.2 $ 0.5 $ 0.4 $ (0.3) $ 5.0 $ 1.2 $ 6.6 Commercial and other 21.7 26.2 — — — — — — Total $ 51.0 $ 55.4 $ 0.5 $ 0.4 $ (0.3) $ 5.0 $ 1.2 $ 6.6 (1) Securitized assets include $0.2 billion of personal loan securitizations as of June 30, 2022. Mortgage Servicing Rights (MSRs) The fair value of Citi’s capitalized MSRs was $600 million and $419 million at June 30, 2022 and 2021, respectively. The MSRs correspond to principal loan balances of $49 billion and $50 billion as of June 30, 2022 and 2021, respectively. The following table summarizes the changes in capitalized MSRs: Three Months Ended June 30, Six Months Ended In millions of dollars 2022 2021 2022 2021 Balance, beginning of period $ 520 $ 433 $ 404 $ 336 Originations 35 25 69 68 Changes in fair value of MSRs due to changes in inputs and assumptions 59 (21) 158 52 Other changes (1) (14) (18) (31) (37) Sales of MSRs — — — — Balance, as of June 30 $ 600 $ 419 $ 600 $ 419 (1) Represents changes due to customer payments and passage of time. The fair value of the MSRs is primarily affected by changes in prepayments of mortgages that result from shifts in mortgage interest rates. Specifically, higher interest rates tend to lead to declining prepayments, which causes the fair value of the MSRs to increase. In managing this risk, Citigroup economically hedges a significant portion of the value of its MSRs through the use of interest rate derivative contracts, forward purchase and sale commitments of mortgage-backed securities and purchased securities, all classified as Trading account assets . The Company receives fees during the course of servicing previously securitized mortgages. The amounts of these fees were as follows: Three Months Ended June 30, Six Months Ended June 30, In millions of dollars 2022 2021 2022 2021 Servicing fees $ 30 $ 37 $ 59 $ 68 Late fees 1 — 2 1 Ancillary fees — — — — Total MSR fees $ 31 $ 37 $ 61 $ 69 In the Consolidated Statement of Income these fees are primarily classified as Commissions and fees , and changes in MSR fair values are classified as Other revenue . Re-securitizations The Company engages in re-securitization transactions in which debt securities are transferred to a VIE in exchange for new beneficial interests. Citi did not transfer non-agency (private label) securities to re-securitization entities during the three months ended June 30, 2022 and 2021. These securities are backed by either residential or commercial mortgages and are often structured on behalf of clients. As of June 30, 2022 and December 31, 2021, Citi held no retained interests in private label re-securitization transactions structured by Citi. The Company also re-securitizes U.S. government-agency-guaranteed mortgage-backed (agency) securities. During the three and six months ended June 30, 2022, Citi transferred agency securities with a fair value of approximately $5.6 billion and $14.9 billion, respectively, to re-securitization entities compared to approximately $11.4 billion and $24.5 billion for the three and six months ended June 30, 2021, respectively. As of June 30, 2022, the fair value of Citi-retained interests in agency re-securitization transactions structured by Citi totaled approximately $1.5 billion (including $656 million related to re-securitization transactions executed in 2022), an increase from $1.2 billion as of December 31, 2021 (including $641 million related to re-securitization transactions executed in 2021), which is recorded in Trading account assets . The original fair values of agency re-securitization transactions in which Citi holds a retained interest as of June 30, 2022 and December 31, 2021 were approximately $78.8 billion and $78.4 billion, respectively. As of June 30, 2022 and December 31, 2021, the Company did not consolidate any private label or agency re-securitization entities. Citi-Administered Asset-Backed Commercial Paper Conduits At June 30, 2022 and December 31, 2021, the commercial paper conduits administered by Citi had approximately $14.3 billion and $14 billion of purchased assets outstanding, respectively, and had incremental funding commitments with clients of approximately $16.4 billion and $18.3 billion, respectively. Substantially all of the funding of the conduits is in the form of short-term commercial paper. At June 30, 2022 and December 31, 2021, the weighted average remaining lives of the commercial paper issued by the conduits were approximately 61 and 70 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 $1.5 billion and $1.3 billion as of June 30, 2022 and December 31, 2021, respectively. The net result across multiseller conduits administered by the Company is that, in the event that defaulted assets exceed the transaction-specific credit enhancements described above, any losses in each conduit are allocated first to the Company and then to the commercial paper investors. At June 30, 2022 and December 31, 2021, the Company owned $5.3 billion and $4.9 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 June 30, 2022 and 2021. The following table summarizes selected retained interests related to Citigroup CLOs: In millions of dollars Jun. 30, 2022 Dec. 31, 2021 Carrying value of retained interests $ 681 $ 921 All of Citi’s retained interests were held-to-maturity securities as of June 30, 2022 and December 31, 2021. Municipal Securities Tender Option Bond (TOB) Trusts At June 30, 2022 and December 31, 2021, none of the municipal bonds owned by non-customer TOB trusts were subject to a credit guarantee provided by the Company. At June 30, 2022 and December 31, 2021, liquidity agreements provided with respect to customer TOB trusts totaled $1.6 billion and $1.5 billion, respectively, of which $0.8 billion and $0.6 billion, respectively, were offset by reimbursement agreements. For the remaining exposure related to TOB transactions, where the residual owned by the customer was at least 25% of the bond value at the inception of the transaction, no reimbursement agreement was executed. The Company also provides other liquidity agreements or letters of credit to customer-sponsored municipal investment funds, which are not variable interest entities, and municipality-related issuers that totaled $1.6 billion and $2 billion as of June 30, 2022 and December 31, 2021, 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. June 30, 2022 December 31, 2021 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 $ 42,600 $ 8,802 $ 32,932 $ 7,461 Corporate loans 23,656 15,139 18,257 12,581 Other (including investment funds, airlines and shipping) 171,295 24,837 184,358 25,528 Total $ 237,551 $ 48,778 $ 235,547 $ 45,570 |
DERIVATIVES
DERIVATIVES | 6 Months Ended |
Jun. 30, 2022 | |
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 2021 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 ASC 815 Trading derivative instruments In millions of dollars June 30, December 31, June 30, December 31, Interest rate contracts Swaps $ 318,974 $ 267,035 $ 23,331,571 $ 21,873,538 Futures and forwards — — 2,714,997 2,383,702 Written options — — 1,879,285 1,584,451 Purchased options — — 1,843,472 1,428,376 Total interest rate contracts $ 318,974 $ 267,035 $ 29,769,325 $ 27,270,067 Foreign exchange contracts Swaps $ 45,428 $ 47,298 $ 6,276,146 $ 6,288,193 Futures, forwards and spot 43,351 50,926 3,668,569 4,316,242 Written options — — 846,794 664,942 Purchased options — — 840,987 651,958 Total foreign exchange contracts $ 88,779 $ 98,224 $ 11,632,496 $ 11,921,335 Equity contracts Swaps $ — $ — $ 243,070 $ 269,062 Futures and forwards — — 73,495 71,363 Written options — — 485,109 492,433 Purchased options — — 396,981 398,129 Total equity contracts $ — $ — $ 1,198,655 $ 1,230,987 Commodity and other contracts Swaps $ — $ — $ 110,833 $ 91,962 Futures and forwards 1,365 2,096 201,926 157,195 Written options — — 63,643 51,224 Purchased options — — 60,695 47,868 Total commodity and other contracts $ 1,365 $ 2,096 $ 437,097 $ 348,249 Credit derivatives (1) Protection sold $ — $ — $ 638,379 $ 572,486 Protection purchased — — 682,144 645,996 Total credit derivatives $ — $ — $ 1,320,523 $ 1,218,482 Total derivative notionals $ 409,118 $ 367,355 $ 44,358,096 $ 41,989,120 (1) Credit derivatives are arrangements designed to allow one party (protection purchaser) to transfer the credit risk of a “reference asset” to another party (protection seller). These arrangements allow a protection seller to assume the credit risk associated with the reference asset without directly purchasing that asset. The Company enters into credit derivative positions for purposes such as risk management, yield enhancement, reduction of credit concentrations and diversification of overall risk. The following tables present the gross and net fair values of the Company’s derivative transactions and the related offsetting amounts as of June 30, 2022 and December 31, 2021. 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. The tables also present amounts that are not permitted to be offset, such as security collateral or cash collateral posted at third-party custodians, but which would be eligible for offsetting to the extent that an event of default has occurred and a legal opinion supporting enforceability of the netting and collateral rights has been obtained. Derivative Mark-to-Market (MTM) Receivables/Payables In millions of dollars at June 30, 2022 Derivatives classified in (1)(2) Derivatives instruments designated as ASC 815 hedges Assets Liabilities Over-the-counter $ 671 $ 2 Cleared 126 426 Interest rate contracts $ 797 $ 428 Over-the-counter $ 1,729 $ 2,147 Cleared 1 — Foreign exchange contracts $ 1,730 $ 2,147 Total derivatives instruments designated as ASC 815 hedges $ 2,527 $ 2,575 Derivatives instruments not designated as ASC 815 hedges Over-the-counter $ 123,716 $ 115,511 Cleared 34,690 33,926 Exchange traded 322 272 Interest rate contracts $ 158,728 $ 149,709 Over-the-counter $ 183,935 $ 178,416 Cleared 445 829 Foreign exchange contracts $ 184,380 $ 179,245 Over-the-counter $ 25,577 $ 27,170 Cleared 22 12 Exchange traded 29,992 31,327 Equity contracts $ 55,591 $ 58,509 Over-the-counter $ 47,253 $ 41,326 Exchange traded 2,423 3,303 Commodity and other contracts $ 49,676 $ 44,629 Over-the-counter $ 9,837 $ 8,401 Cleared 1,964 1,894 Credit derivatives $ 11,801 $ 10,295 Total derivatives instruments not designated as ASC 815 hedges $ 460,176 $ 442,387 Total derivatives $ 462,703 $ 444,962 Less: Netting agreements (3) $ (348,255) $ (348,255) Less: Netting cash collateral received/paid (4) (32,563) (33,950) Net receivables/payables included on the Consolidated Balance Sheet (5) $ 81,885 $ 62,757 Additional amounts subject to an enforceable master netting agreement, Less: Cash collateral received/paid $ (2,244) $ (1,918) Less: Non-cash collateral received/paid (4,878) (12,975) Total net receivables/payables (5) $ 74,763 $ 47,864 (1) The derivative fair values are also presented in Note 20. (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) Represents the netting of balances with the same counterparty under enforceable netting agreements. Approximately $286 billion, $31 billion and $31 billion of the netting against trading account asset/liability balances is attributable to each of the OTC, cleared and exchange-traded derivatives, respectively. (4) 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. (5) The net receivables/payables include approximately $7 billion of derivative asset and $11 billion of derivative liability fair values not subject to enforceable master netting agreements, respectively. In millions of dollars at December 31, 2021 Derivatives classified in (1)(2) Derivatives instruments designated as ASC 815 hedges Assets Liabilities Over-the-counter $ 1,167 $ 6 Cleared 122 89 Interest rate contracts $ 1,289 $ 95 Over-the-counter $ 1,338 $ 1,472 Cleared 6 — Foreign exchange contracts $ 1,344 $ 1,472 Total derivatives instruments designated as ASC 815 hedges $ 2,633 $ 1,567 Derivatives instruments not designated as ASC 815 hedges Over-the-counter $ 152,524 $ 138,114 Cleared 11,579 11,821 Exchange traded 96 44 Interest rate contracts $ 164,199 $ 149,979 Over-the-counter $ 133,357 $ 133,548 Cleared 848 278 Foreign exchange contracts $ 134,205 $ 133,826 Over-the-counter $ 23,452 $ 28,352 Cleared 19 — Exchange traded 21,781 21,332 Equity contracts $ 45,252 $ 49,684 Over-the-counter $ 29,279 $ 29,833 Exchange traded 1,065 1,546 Commodity and other contracts $ 30,344 $ 31,379 Over-the-counter $ 6,896 $ 6,959 Cleared 3,322 4,056 Credit derivatives $ 10,218 $ 11,015 Total derivatives instruments not designated as ASC 815 hedges $ 384,218 $ 375,883 Total derivatives $ 386,851 $ 377,450 Less: Netting agreements (3) $ (292,628) $ (292,628) Less: Netting cash collateral received/paid (4) (24,447) (29,306) Net receivables/payables included on the Consolidated Balance Sheet (5) $ 69,776 $ 55,516 Additional amounts subject to an enforceable master netting agreement, but not offset on the Consolidated Balance Sheet Less: Cash collateral received/paid $ (907) $ (538) Less: Non-cash collateral received/paid (5,777) (13,607) Total net receivables/payables (5) $ 63,092 $ 41,371 (1) The derivative fair values are also presented in Note 20. (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) Represents the netting of balances with the same counterparty under enforceable netting agreements. Approximately $259 billion, $14 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. (4) 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. (5) The net receivables/payables include approximately $10 billion of derivative asset and $11 billion of derivative liability fair values not subject to enforceable master netting agreements, respectively. For the three and six months ended June 30, 2022 and 2021, 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 for further information. The amounts recognized in Other revenue in the Consolidated Statement of Income related to derivatives not designated in a qualifying hedging relationship are shown below. The table below does not include any offsetting gains (losses) on the economically hedged items to the extent that such amounts are also recorded in Other revenue . Gains (losses) included in Three Months Ended June 30, Six Months Ended June 30, In millions of dollars 2022 2021 2022 2021 Interest rate contracts $ 72 $ (15) $ 144 $ (75) Foreign exchange (4) (13) (81) (34) Total $ 68 $ (28) $ 63 $ (109) Fair Value Hedges Hedging of Benchmark Interest Rate Risk Citigroup’s fair value hedges are primarily hedges of fixed-rate long-term debt or assets, such as available-for-sale debt securities or loans. For qualifying fair value hedges of interest rate risk, the changes in the fair value of the derivative and the change in the fair value of the hedged item attributable to the hedged risk are presented within Interest revenue or Interest expense based on whether the hedged item is an asset or a liability. Citigroup has executed a last-of-layer hedge, which permits an entity to hedge the interest rate risk of a stated portion of a closed portfolio of prepayable financial assets that are expected to remain outstanding for the designated tenor of the hedge. In accordance with ASC 815, an entity may exclude prepayment risk when measuring the change in fair value of the hedged item attributable to interest rate risk under the last-of-layer approach. Similar to other fair value hedges, where the hedged item is an asset, the fair value of the hedged item attributable to interest rate risk will be presented in Interest revenue along with the change in the fair value of the hedging instrument. Hedging of Foreign Exchange Risk Citigroup hedges the change in fair value attributable to foreign exchange rate movements in available-for-sale debt securities and long-term debt that are denominated in currencies other than the functional currency of the entity holding the securities or issuing the debt. The hedging instrument is generally a forward foreign exchange contract or a cross-currency swap contract. Citigroup considers the premium associated with forward contracts (i.e., the differential between the spot and contractual forward rates) as the cost of hedging; this amount is excluded from the assessment of hedge effectiveness and is generally reflected directly in earnings over the life of the hedge. Citi also excludes changes in cross-currency basis associated with cross-currency swaps from the assessment of hedge effectiveness and records it in Other comprehensive income. Hedging of Commodity Price Risk Citigroup hedges the change in fair value attributable to spot price movements in physical commodities inventories. The hedging instrument is a futures contract to sell the underlying commodity. In this hedge, the change in the value of the hedged inventory is reflected in earnings, which offsets the change in the fair value of the futures contract that is also reflected in earnings. Although the change in the fair value of the hedging instrument recorded in earnings includes changes in forward rates, Citigroup excludes the differential between the spot and the contractual forward rates under the futures contract from the assessment of hedge effectiveness, and it is generally reflected directly in earnings over the life of the hedge. Citi also excludes changes in forward rates from the assessment of hedge effectiveness and records it in Other comprehensive income. The following table summarizes the gains (losses) on the Company’s fair value hedges: Gains (losses) on fair value hedges (1) Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 In millions of dollars Other revenue Net interest income Other revenue Net interest income Other Net interest income Other revenue Net interest income Gain (loss) on the hedging derivatives included in assessment of the effectiveness of fair value hedges Interest rate hedges $ — $ (1,717) $ — $ 454 $ — $ (6,383) $ — $ (3,481) Foreign exchange hedges (1,234) — 220 — (1,659) — 10 — Commodity hedges (257) — (277) — 615 — (566) — Total gain (loss) on the hedging derivatives included in assessment of the effectiveness of fair value hedges $ (1,491) $ (1,717) $ (57) $ 454 $ (1,044) $ (6,383) $ (556) $ (3,481) Gain (loss) on the hedged item in designated and qualifying fair value hedges Interest rate hedges $ — $ 1,646 $ — $ (559) $ — $ 6,243 $ — $ 3,267 Foreign exchange hedges 1,233 — (220) — 1,657 — (10) — Commodity hedges 257 — 277 — (615) — 566 — Total gain (loss) on the hedged item in designated and qualifying fair value hedges $ 1,490 $ 1,646 $ 57 $ (559) $ 1,042 $ 6,243 $ 556 $ 3,267 Net gain (loss) on the hedging derivatives excluded from Interest rate hedges $ — $ (5) $ — $ 1 $ — $ (11) $ — $ (3) Foreign exchange hedges (2) 73 — 13 — 104 — 17 — Commodity hedges (26) — (53) — 23 — (75) — Total net gain (loss) on the hedging derivatives excluded from assessment of the effectiveness of fair value hedges $ 47 $ (5) $ (40) $ 1 $ 127 $ (11) $ (58) $ (3) (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 income 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 $76 million for the three and six months ended June 30, 2022 and $(13) million and $(26) million for the three and six months ended June 30, 2021, respectively. Cumulative Basis Adjustment Upon electing to apply ASC 815 fair value hedge accounting, the carrying value of the hedged item is adjusted to reflect the cumulative changes in the hedged risk. This cumulative hedge basis adjustment becomes part of the carrying value of the hedged item until the hedged item is derecognized from the balance sheet. The table below presents the carrying amount of Citi’s hedged assets and liabilities under qualifying fair value hedges at June 30, 2022 and December 31, 2021, along with the cumulative hedge basis adjustments included in the carrying value of those hedged assets and liabilities that would reverse through earnings in future periods. In millions of dollars Balance sheet line item in which hedged item is recorded Carrying amount of hedged asset/ liability Cumulative fair value hedging adjustment increasing (decreasing) the carrying amount Active De-designated As of June 30, 2022 Debt securities AFS (1)(3) $ 101,249 $ (1,137) $ (270) Long-term debt 148,863 (3,848) (587) As of December 31, 2021 Debt securities AFS (2)(3) $ 62,733 $ 149 $ 212 Long-term debt 149,305 623 3,936 (1) These amounts include a cumulative basis adjustment of $(11) million for active hedges and $(228) million for de-designated hedges as of June 30, 2022, 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 $3 billion as the hedged amount (from a closed portfolio of prepayable financial assets with a carrying value of $11 billion as of June 30, 2022) in a last-of-layer hedging relationship. (2) These amounts include a cumulative basis adjustment of $24 million for active hedges and $(92) million for de-designated hedges as of December 31, 2021, 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 $6 billion as the hedged amount (from a closed portfolio of prepayable financial assets with a carrying value of $25 billion as of December 31, 2021) in a last-of-layer hedging relationship. (3) Carrying amount represents the amortized cost. Cash Flow Hedges Citigroup hedges the variability of forecasted cash flows due to changes in contractually specified interest rates associated with floating-rate assets/liabilities and other forecasted transactions. These cash flow hedging relationships use either regression analysis or dollar-offset ratio analysis to assess whether the hedging relationships are highly effective at inception and on an ongoing basis. For cash flow hedges, the entire change in the fair value of the hedging derivative is recognized in AOCI and then reclassified to earnings in the same period that the forecasted hedged cash flows impact earnings. The net gain (loss) associated with cash flow hedges expected to be reclassified from AOCI within 12 months of June 30, 2022 is approximately $(1.2) 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. Three Months Ended June 30, Six Months Ended June 30, In millions of dollars 2022 2021 2022 2021 Amount of gain (loss) recognized in AOCI on derivatives Interest rate contracts $ (681) $ 39 $ (2,441) $ (416) Foreign exchange contracts (7) (3) 16 — Total gain (loss) recognized in AOCI $ (688) $ 36 $ (2,425) $ (416) Other Net interest Other Other Net interest Other Net interest Amount of gain (loss) reclassified from AOCI to earnings (1) Interest rate contracts $ — $ 199 $ — $ 266 $ — $ 485 $ — $ 544 Foreign exchange contracts (1) — (1) — (2) — (2) — Total gain (loss) reclassified from AOCI into earnings $ (1) $ 199 $ (1) $ 266 $ (2) $ 485 $ (2) $ 544 Net pretax change in cash flow hedges included within AOCI $ (886) $ (229) $ (2,908) $ (958) (1) All amounts reclassified into earnings for interest rate contracts are included in Interest income/Interest expense (Net interest income) . For all other hedges, the amounts reclassified to earnings are included primarily in Other revenue and Net interest income in the Consolidated Statement of Income. Net Investment Hedges Citi uses foreign currency forwards, cross-currency swaps, options and foreign currency-denominated debt instruments to manage the foreign exchange risk associated with Citi’s equity investments in several non-U.S.-dollar-functional-currency foreign subsidiaries. Citi records the change in the fair value of these hedging instruments and the translation adjustment for the investments in these foreign subsidiaries in Foreign currency translation adjustment within AOCI . The pretax gain (loss) recorded in Foreign currency translation adjustment within AOCI , related to net investment hedges, was $836 million and $641 million for the three and six months ended June 30, 2022 and $(426) million and $131 million for the three and six months ended June 30, 2021, respectively. June 30, 2022 includes a $47 million pretax loss related to net investment hedges that was reclassified from AOCI into earnings (recorded in Other revenue). Credit Derivatives The following tables summarize the key characteristics of Citi’s credit derivatives portfolio by counterparty and derivative form: Fair values Notionals In millions of dollars at June 30, 2022 Receivable (1) Payable (2) Protection Protection By industry of counterparty Banks $ 3,507 $ 3,767 $ 111,649 $ 115,903 Broker-dealers 2,872 1,865 46,453 39,567 Non-financial 73 22 2,161 1,515 Insurance and other financial 5,349 4,641 521,881 481,394 Total by industry of counterparty $ 11,801 $ 10,295 $ 682,144 $ 638,379 By instrument Credit default swaps and options $ 10,182 $ 9,935 $ 667,694 $ 631,332 Total return swaps and other 1,619 360 14,450 7,047 Total by instrument $ 11,801 $ 10,295 $ 682,144 $ 638,379 By rating of reference entity Investment grade $ 4,201 $ 3,602 $ 536,771 $ 499,423 Non-investment grade 7,600 6,693 145,373 138,956 Total by rating of reference entity $ 11,801 $ 10,295 $ 682,144 $ 638,379 By maturity Within 1 year $ 2,504 $ 1,722 $ 159,569 $ 160,373 From 1 to 5 years 6,486 6,078 467,326 437,448 After 5 years 2,811 2,495 55,249 40,558 Total by maturity $ 11,801 $ 10,295 $ 682,144 $ 638,379 (1) The fair value amount receivable is composed of $9,839 million under protection purchased and $1,962 million under protection sold. (2) The fair value amount payable is composed of $2,672 million under protection purchased and $7,623 million under protection sold. Fair values Notionals In millions of dollars at December 31, 2021 Receivable (1) Payable (2) Protection Protection By industry of counterparty Banks $ 2,375 $ 3,031 $ 108,415 $ 103,756 Broker-dealers 1,962 1,139 44,364 40,068 Non-financial 113 306 2,785 2,728 Insurance and other financial 5,768 6,539 490,432 425,934 Total by industry of counterparty $ 10,218 $ 11,015 $ 645,996 $ 572,486 By instrument Credit default swaps and options $ 9,923 $ 10,234 $ 628,136 $ 565,131 Total return swaps and other 295 781 17,860 7,355 Total by instrument $ 10,218 $ 11,015 $ 645,996 $ 572,486 By rating of reference entity Investment grade $ 4,149 $ 4,258 $ 511,652 $ 448,944 Non-investment grade 6,069 6,757 134,344 123,542 Total by rating of reference entity $ 10,218 $ 11,015 $ 645,996 $ 572,486 By maturity Within 1 year $ 878 $ 1,462 $ 133,866 $ 115,603 From 1 to 5 years 6,674 6,638 454,617 413,174 After 5 years 2,666 2,915 57,513 43,709 Total by maturity $ 10,218 $ 11,015 $ 645,996 $ 572,486 (1) The fair value amount receivable is composed of $3,705 million under protection purchased and $6,513 million under protection sold. (2) The fair value amount payable is composed of $7,354 million under protection purchased and $3,661 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 June 30, 2022 and December 31, 2021 was $18 billion and $19 billion, respectively. The Company posted $15 billion and $16 billion as collateral for this exposure in the normal course of business as of June 30, 2022 and December 31, 2021, respectively. A downgrade could trigger additional collateral or cash settlement requirements for the Company and certain affiliates. In the event that Citigroup and Citibank were downgraded a single notch by all three major rating agencies as of June 30, 2022, the Company could be required to post an additional $1.1 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 $1.2 billion. Derivatives Accompanied by Financial Asset Transfers For transfers of financial assets accounted for as a sale by the Company, and for which the Company has retained substantially all of the economic exposure to the transferred asset through a total return swap executed with the same counterparty in contemplation of the initial sale (and still outstanding), the asset amounts derecognized and the gross cash proceeds received as of the date of derecognition were $2.0 billion and $2.9 billion as of June 30, 2022 and December 31, 2021, respectively. At June 30, 2022, the fair value of these previously derecognized assets was $1.9 billion. The fair value of the total return swaps as of June 30, 2022 was $19 million recorded as gross derivative assets and $83 million recorded as gross derivative liabilities. At December 31, 2021, the fair value of these previously derecognized assets was $2.9 billion, and the fair value of the total return swaps was $13 million recorded as gross derivative assets and $58 million recorded as gross derivative liabilities. The balances for the total return swaps are on a gross basis, before the application of counterparty and cash collateral netting, and are included primarily as equity derivatives in the tabular disclosures in this Note. |
FAIR VALUE MEASUREMENT
FAIR VALUE MEASUREMENT | 6 Months Ended |
Jun. 30, 2022 | |
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 2021 Form 10-K. Market Valuation Adjustments The table below summarizes the credit valuation adjustments (CVA) and funding valuation adjustments (FVA) applied to the fair value of derivative instruments at June 30, 2022 and December 31, 2021: Credit and funding In millions of dollars June 30, December 31, Counterparty CVA $ (849) $ (705) Asset FVA (625) (433) Citigroup (own credit) CVA 746 379 Liability FVA 199 110 Total CVA and FVA—derivative instruments $ (529) $ (649) The table below summarizes pretax gains (losses) related to changes in CVA on derivative instruments, net of hedges, FVA on derivatives and debt valuation adjustments (DVA) on Citi’s own fair value option (FVO) liabilities for the periods indicated: Credit/funding/debt valuation Three Months Ended June 30, Six Months Ended June 30, In millions of dollars 2022 2021 2022 2021 Counterparty CVA $ (94) $ 34 $ (201) $ 43 Asset FVA (46) 25 (151) 94 Own credit CVA 182 (41) 298 (78) Liability FVA 68 (13) 90 11 Total CVA and FVA—derivative instruments $ 110 $ 5 $ 36 $ 70 DVA related to own FVO liabilities (1) $ 2,592 $ (110) $ 3,642 $ (148) Total CVA, DVA and FVA $ 2,702 $ (105) $ 3,678 $ (78) (1) See Notes 1 and 17 to the Consolidated Financial Statements in Citi’s 2021 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 fair value hierarchy classification approach typically utilizes rules-based and data-driven selection criteria to determine whether an instrument is classified as Level 1, Level 2 or Level 3: • The determination of whether an instrument is quoted in an active market and therefore considered a Level 1 instrument is based upon the frequency of observed transactions and the quality of independent market data available on the measurement date. • A Level 2 classification is assigned where there is observability of prices/market inputs to models, or where any unobservable inputs are not significant to the valuation. The determination of whether an input is considered observable is based on the availability of independent market data and its corroboration, for example through observed transactions in the market. • Otherwise, an instrument is classified as Level 3. Items Measured at Fair Value on a Recurring Basis The following tables present for each of the fair value hierarchy levels the Company’s assets and liabilities that are measured at fair value on a recurring basis at June 30, 2022 and December 31, 2021. The Company may hedge positions Fair Value Levels In millions of dollars at June 30, 2022 Level 1 Level 2 Level 3 Gross Netting (1) Net Assets Securities borrowed and purchased under agreements to resell $ — $ 340,834 $ 183 $ 341,017 $ (98,257) $ 242,760 Trading non-derivative assets Trading mortgage-backed securities U.S. government-sponsored agency guaranteed — 32,121 708 32,829 — 32,829 Residential — 519 153 672 — 672 Commercial — 860 138 998 — 998 Total trading mortgage-backed securities $ — $ 33,500 $ 999 $ 34,499 $ — $ 34,499 U.S. Treasury and federal agency securities $ 56,991 $ 3,917 $ 1 $ 60,909 $ — $ 60,909 State and municipal — 1,681 80 1,761 — 1,761 Foreign government 43,585 26,703 364 70,652 — 70,652 Corporate 2,415 14,577 537 17,529 — 17,529 Equity securities 42,192 8,946 133 51,271 — 51,271 Asset-backed securities — 1,404 554 1,958 — 1,958 Other trading assets (2) 18 19,577 816 20,411 — 20,411 Total trading non-derivative assets $ 145,201 $ 110,305 $ 3,484 $ 258,990 $ — $ 258,990 Trading derivatives Interest rate contracts $ 476 $ 155,912 $ 3,137 $ 159,525 Foreign exchange contracts — 185,093 1,017 186,110 Equity contracts 55 53,351 2,185 55,591 Commodity contracts — 47,253 2,423 49,676 Credit derivatives — 10,558 1,243 11,801 Total trading derivatives—before netting and collateral $ 531 $ 452,167 $ 10,005 $ 462,703 Netting agreements $ (348,255) Netting of cash collateral received (32,563) Total trading derivatives—after netting and collateral $ 531 $ 452,167 $ 10,005 $ 462,703 $ (380,818) $ 81,885 Investments Mortgage-backed securities U.S. government-sponsored agency guaranteed $ — $ 12,487 $ 28 $ 12,515 $ — $ 12,515 Residential — 238 40 278 — 278 Commercial — 7 — 7 — 7 Total investment mortgage-backed securities $ — $ 12,732 $ 68 $ 12,800 $ — $ 12,800 U.S. Treasury and federal agency securities $ 91,530 $ 334 $ — $ 91,864 $ — $ 91,864 State and municipal — 1,953 539 2,492 — 2,492 Foreign government 51,472 67,213 1,001 119,686 — 119,686 Corporate 2,838 3,273 334 6,445 — 6,445 Marketable equity securities 406 172 10 588 — 588 Asset-backed securities — 275 1 276 — 276 Other debt securities — 4,936 — 4,936 — 4,936 Non-marketable equity securities (3) — 7 310 317 — 317 Total investments $ 146,246 $ 90,895 $ 2,263 $ 239,404 $ — $ 239,404 Table continues on the next page. In millions of dollars at June 30, 2022 Level 1 Level 2 Level 3 Gross Netting (1) Net Loans $ — $ 4,211 $ 325 $ 4,536 $ — $ 4,536 Mortgage servicing rights — — 600 600 — 600 Non-trading derivatives and other financial assets measured on a recurring basis $ 3,502 $ 6,520 $ 63 $ 10,085 $ — $ 10,085 Total assets $ 295,480 $ 1,004,932 $ 16,923 $ 1,317,335 $ (479,075) $ 838,260 Total as a percentage of gross assets (4) 22.4% 76.3% 1.3% Liabilities Interest-bearing deposits $ — $ 2,290 $ 18 $ 2,308 $ — $ 2,308 Securities loaned and sold under agreements to repurchase — 154,757 593 155,350 (90,776) 64,574 Trading account liabilities Securities sold, not yet purchased 98,389 19,231 72 117,692 — 117,692 Other trading liabilities — 4 — 4 — 4 Total trading liabilities $ 98,389 $ 19,235 $ 72 $ 117,696 $ — $ 117,696 Trading derivatives Interest rate contracts $ 347 $ 147,534 $ 2,256 $ 150,137 Foreign exchange contracts — 180,531 861 181,392 Equity contracts 108 56,115 2,286 58,509 Commodity contracts — 42,461 2,168 44,629 Credit derivatives — 8,703 1,592 10,295 Total trading derivatives—before netting and collateral $ 455 $ 435,344 $ 9,163 $ 444,962 Netting agreements $ (348,255) Netting of cash collateral paid (33,950) Total trading derivatives—after netting and collateral $ 455 $ 435,344 $ 9,163 $ 444,962 $ (382,205) $ 62,757 Short-term borrowings $ — $ 6,771 $ 81 $ 6,852 $ — $ 6,852 Long-term debt — 59,610 29,778 89,388 — 89,388 Total non-trading derivatives and other financial liabilities measured on a recurring basis $ 3,288 $ — $ — $ 3,288 $ — $ 3,288 Total liabilities $ 102,132 $ 678,007 $ 39,705 $ 819,844 $ (472,981) $ 346,863 Total as a percentage of gross liabilities (4) 12.5 % 82.7 % 4.8 % (1) Represents netting of (i) the amounts due under securities purchased under agreements to resell and the amounts owed under securities sold under agreements to repurchase and (ii) derivative exposures covered by a qualifying master netting agreement and cash collateral offsetting. (2) Includes positions related to investments in unallocated precious metals, as discussed in Note 21. Also includes physical commodities accounted for at the lower of cost or fair value and unfunded credit products. (3) 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). (4) 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. Fair Value Levels In millions of dollars at December 31, 2021 Level 1 Level 2 Level 3 Gross Netting (1) Net Assets Securities borrowed and purchased under agreements to resell $ — $ 342,030 $ 231 $ 342,261 $ (125,795) $ 216,466 Trading non-derivative assets Trading mortgage-backed securities U.S. government-sponsored agency guaranteed — 34,534 496 35,030 — 35,030 Residential 1 643 104 748 — 748 Commercial — 778 81 859 — 859 Total trading mortgage-backed securities $ 1 $ 35,955 $ 681 $ 36,637 $ — $ 36,637 U.S. Treasury and federal agency securities $ 44,900 $ 3,230 $ 4 $ 48,134 $ — $ 48,134 State and municipal — 1,995 37 2,032 — 2,032 Foreign government 39,176 31,485 23 70,684 — 70,684 Corporate 1,544 16,156 412 18,112 — 18,112 Equity securities 53,833 10,047 174 64,054 — 64,054 Asset-backed securities — 981 613 1,594 — 1,594 Other trading assets (2) — 20,346 576 20,922 — 20,922 Total trading non-derivative assets $ 139,454 $ 120,195 $ 2,520 $ 262,169 $ — $ 262,169 Trading derivatives Interest rate contracts $ 90 $ 161,500 $ 3,898 $ 165,488 Foreign exchange contracts — 134,912 637 135,549 Equity contracts 41 43,904 1,307 45,252 Commodity contracts — 28,547 1,797 30,344 Credit derivatives — 9,299 919 10,218 Total trading derivatives—before netting and collateral $ 131 $ 378,162 $ 8,558 $ 386,851 Netting agreements $ (292,628) Netting of cash collateral received (3) (24,447) Total trading derivatives—after netting and collateral $ 131 $ 378,162 $ 8,558 $ 386,851 $ (317,075) $ 69,776 Investments Mortgage-backed securities U.S. government-sponsored agency guaranteed $ — $ 33,165 $ 51 $ 33,216 $ — $ 33,216 Residential — 286 94 380 — 380 Commercial — 25 — 25 — 25 Total investment mortgage-backed securities $ — $ 33,476 $ 145 $ 33,621 $ — $ 33,621 U.S. Treasury and federal agency securities $ 122,271 $ 168 $ 1 $ 122,440 $ — $ 122,440 State and municipal — 1,849 772 2,621 — 2,621 Foreign government 56,842 61,112 786 118,740 — 118,740 Corporate 2,861 2,871 188 5,920 — 5,920 Marketable equity securities 350 177 16 543 — 543 Asset-backed securities — 300 3 303 — 303 Other debt securities — 4,877 — 4,877 — 4,877 Non-marketable equity securities (4) — 28 316 344 — 344 Total investments $ 182,324 $ 104,858 $ 2,227 $ 289,409 $ — $ 289,409 Table continues on the next page. In millions of dollars at December 31, 2021 Level 1 Level 2 Level 3 Gross Netting (1) Net Loans $ — $ 5,371 $ 711 $ 6,082 $ — $ 6,082 Mortgage servicing rights — — 404 404 — 404 Non-trading derivatives and other financial assets measured on a recurring basis $ 4,075 $ 8,194 $ 73 $ 12,342 $ — $ 12,342 Total assets $ 325,984 $ 958,810 $ 14,724 $ 1,299,518 $ (442,870) $ 856,648 Total as a percentage of gross assets (5) 25.1% 73.8% 1.1% Liabilities Interest-bearing deposits $ — $ 1,483 $ 183 $ 1,666 $ — $ 1,666 Securities loaned and sold under agreements to repurchase — 174,318 643 174,961 (118,267) 56,694 Trading account liabilities Securities sold, not yet purchased 82,675 23,268 65 106,008 — 106,008 Other trading liabilities — 5 — 5 — 5 Total trading liabilities $ 82,675 $ 23,273 $ 65 $ 106,013 $ — $ 106,013 Trading derivatives Interest rate contracts $ 56 $ 147,846 $ 2,172 $ 150,074 Foreign exchange contracts — 134,572 726 135,298 Equity contracts 60 46,177 3,447 49,684 Commodity contracts — 30,004 1,375 31,379 Credit derivatives — 10,065 950 11,015 Total trading derivatives—before netting and collateral $ 116 $ 368,664 $ 8,670 $ 377,450 Netting agreements $ (292,628) Netting of cash collateral paid (3) (29,306) Total trading derivatives—after netting and collateral $ 116 $ 368,664 $ 8,670 $ 377,450 $ (321,934) $ 55,516 Short-term borrowings $ — $ 7,253 $ 105 $ 7,358 $ — $ 7,358 Long-term debt — 57,100 25,509 82,609 — 82,609 Non-trading derivatives and other financial liabilities measured on a recurring basis $ 3,574 $ — $ 1 $ 3,575 $ — $ 3,575 Total liabilities $ 86,365 $ 632,091 $ 35,176 $ 753,632 $ (440,201) $ 313,431 Total as a percentage of gross liabilities (5) 11.5 % 83.9 % 4.7 % (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. Also includes physical commodities accounted for at the lower of cost or fair value and unfunded credit products. (3) 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. (4) Amounts exclude $0.1 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. Changes in Level 3 Fair Value Category The following tables present the changes in the Level 3 fair value category for the three and six months ended June 30, 2022 and 2021. 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 Mar. 31, 2022 Principal Other (1)(2) into out of Purchases Issuances Sales Settlements Jun. 30, 2022 Assets Securities borrowed and purchased under agreements to resell $ 202 $ (12) $ — $ — $ — $ 36 $ — $ — $ (43) $ 183 $ (10) Trading non-derivative assets Trading mortgage-backed securities U.S. government-sponsored agency guaranteed 498 (15) — 80 (89) 318 — (84) — 708 (19) Residential 118 — — 28 (11) 47 — (29) — 153 (4) Commercial 52 (3) — 96 (8) 4 — (3) — 138 (3) Total trading mortgage-backed securities $ 668 $ (18) $ — $ 204 $ (108) $ 369 $ — $ (116) $ — $ 999 $ (26) U.S. Treasury and federal agency securities $ 2 $ — $ — $ — $ (1) $ — $ — $ — $ — $ 1 $ — State and municipal 6 4 — 71 — — — (1) — 80 (3) Foreign government 94 (27) — 249 (1) 57 — (8) — 364 (12) Corporate 1,013 59 — 120 (244) 181 — (592) — 537 38 Marketable equity securities 199 (9) — 14 (61) 58 — (68) — 133 (23) Asset-backed securities 466 (24) — 82 (100) 262 — (132) — 554 (26) Other trading assets 492 79 — 305 (30) 117 6 (149) (4) 816 54 Total trading non-derivative assets $ 2,940 $ 64 $ — $ 1,045 $ (545) $ 1,044 $ 6 $ (1,066) $ (4) $ 3,484 $ 2 Trading derivatives, net (4) Interest rate contracts $ 779 $ 434 $ — $ 141 $ (272) $ 7 $ 6 $ (6) $ (208) $ 881 $ 473 Foreign exchange contracts (131) 769 — 34 (50) 73 20 (547) (12) 156 126 Equity contracts (1,564) 1,189 — (60) 232 220 — (91) (27) (101) 1,182 Commodity contracts 217 208 — (74) 84 67 — (98) (149) 255 246 Credit derivatives (4) 6 — (97) (164) — — — (90) (349) (26) Total trading derivatives, net (4) $ (703) $ 2,606 $ — $ (56) $ (170) $ 367 $ 26 $ (742) $ (486) $ 842 $ 2,001 Table continues on the next page. Net realized/unrealized gains (losses) incl. in (1) Transfers Unrealized (3) In millions of dollars Mar. 31, 2022 Principal Other (1)(2) into out of Purchases Issuances Sales Settlements Jun. 30, 2022 Investments Mortgage-backed securities U.S. government-sponsored agency guaranteed $ 46 $ — $ (2) $ — $ (10) $ — $ — $ (6) $ — $ 28 $ (2) Residential 44 — (4) — — — — — — 40 (4) Total investment mortgage-backed securities $ 90 $ — $ (6) $ — $ (10) $ — $ — $ (6) $ — $ 68 $ (6) U.S. Treasury and federal agency securities $ 1 $ — $ (1) $ — $ — $ — $ — $ — $ — $ — $ — State and municipal 705 — (34) — (131) 1 — (2) — 539 (14) Foreign government 1,029 — (15) — (54) 202 — (161) — 1,001 (16) Corporate 237 — (3) 100 — — — — — 334 (1) Marketable equity securities 16 — (6) — — — — — — 10 (7) Asset-backed securities 2 — (1) — — — — — — 1 — Non-marketable equity securities 298 — 2 — — 20 — (10) — 310 (1) Total investments $ 2,378 $ — $ (64) $ 100 $ (195) $ 223 $ — $ (179) $ — $ 2,263 $ (45) Loans $ 622 $ — $ (105) $ 1 $ (193) $ — $ 1 $ — $ (1) $ 325 $ (7) Mortgage servicing rights 520 — 59 — 35 (14) 600 59 Other financial assets measured on a recurring basis 68 — 4 7 (12) 13 15 — (32) 63 7 Liabilities Interest-bearing deposits $ 191 $ — $ 7 $ — $ (122) $ — $ 17 $ — $ (61) $ 18 $ — Securities loaned and sold under agreements to repurchase 612 24 — — (3) 16 — — (8) 593 10 Trading account liabilities Securities sold, not yet purchased 38 (8) — 10 (4) 30 — 1 (11) 72 (12) Short-term borrowings 36 1 — 12 (12) — 69 — (23) 81 2 Long-term debt 27,432 4,719 — 3,335 (2,634) — 6,527 — (163) 29,778 4,232 (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 June 30, 2022. (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, 2021 Principal Other (1)(2) into out of Purchases Issuances Sales Settlements Jun. 30, 2022 Assets Securities borrowed and purchased under agreements to resell $ 231 $ (1) $ — $ — $ — $ 124 $ — $ — $ (171) $ 183 $ (7) Trading non-derivative assets Trading mortgage-backed securities U.S. government-sponsored agency guaranteed 496 (13) — 127 (158) 484 — (228) — 708 (21) Residential 104 — — 61 (32) 85 — (65) — 153 (5) Commercial 81 (5) — 97 (34) 9 — (10) — 138 (2) Total trading mortgage-backed securities $ 681 $ (18) $ — $ 285 $ (224) $ 578 $ — $ (303) $ — $ 999 $ (28) U.S. Treasury and federal agency securities $ 4 $ (4) $ — $ 2 $ (1) $ — $ — $ — $ — $ 1 $ — State and municipal 37 5 — 71 (20) 1 — (14) — 80 (5) Foreign government 23 (26) — 299 (1) 87 — (18) — 364 (18) Corporate 412 68 — 262 (278) 828 — (755) — 537 18 Marketable equity securities 174 (14) — 63 (87) 108 — (111) — 133 (40) Asset-backed securities 613 (19) — 140 (167) 393 — (406) — 554 (45) Other trading assets 576 126 — 333 (92) 366 16 (501) (8) 816 75 Total trading non-derivative assets $ 2,520 $ 118 $ — $ 1,455 $ (870) $ 2,361 $ 16 $ (2,108) $ (8) $ 3,484 $ (43) Trading derivatives, net (4) Interest rate contracts $ 1,726 $ 600 $ — $ 73 $ (803) $ 9 $ 6 $ (6) $ (724) $ 881 $ 650 Foreign exchange contracts (89) 1,164 — (475) (6) 175 20 (611) (22) 156 235 Equity contracts (2,140) 1,997 — (73) 207 405 — (316) (181) (101) 1,634 Commodity contracts 422 622 — (45) (409) 120 — (142) (313) 255 410 Credit derivatives (31) (57) — (65) (151) — — (1) (44) (349) (95) Total trading derivatives, net (4) $ (112) $ 4,326 $ — $ (585) $ (1,162) $ 709 $ 26 $ (1,076) $ (1,284) $ 842 $ 2,834 Table continues on the next page. Net realized/unrealized gains (losses) incl. in (1) Transfers Unrealized (3) In millions of dollars Dec. 31, 2021 Principal Other (1)(2) into out of Purchases Issuances Sales Settlements Jun. 30, 2022 Investments Mortgage-backed securities U.S. government-sponsored agency guaranteed $ 51 $ — $ (9) $ 1 $ (10) $ 4 $ — $ (9) $ — $ 28 $ (4) Residential 94 — (6) — (39) — — (9) — 40 (5) Total investment mortgage-backed securities $ 145 $ — $ (15) $ 1 $ (49) $ 4 $ — $ (18) $ — $ 68 $ (9) U.S. Treasury and federal agency securities $ 1 $ — $ (1) $ — $ — $ — $ — $ — $ — $ — $ — State and municipal 772 — (78) — (142) 1 — (14) — 539 (47) Foreign government 786 — (39) 250 (113) 385 — (268) — 1,001 (19) Corporate 188 — (7) 153 — — — — — 334 (2) Marketable equity securities 16 — (6) — — — — — — 10 (7) Asset-backed securities 3 — 11 — — — — (13) — 1 — Non-marketable equity securities 316 — (12) 11 — 20 — (25) — 310 (1) Total investments $ 2,227 $ — $ (147) $ 415 $ (304) $ 410 $ — $ (338) $ — $ 2,263 $ (85) Loans $ 711 $ — $ (190) $ 1 $ (195) $ — $ 1 $ — $ (3) $ 325 $ 166 Mortgage servicing rights 404 — 158 — — — 69 — (31) 600 157 Other financial assets measured on a recurring basis 73 — 7 7 (16) 14 40 (1) (61) 63 48 Liabilities Interest-bearing deposits $ 183 $ — $ 3 $ 7 $ (122) $ — $ 18 $ — $ (65) $ 18 $ — Securities loaned and sold under agreements to repurchase 643 50 — — (3) 16 — — (13) 593 28 Trading account liabilities Securities sold, not yet purchased 65 21 — 35 (19) 83 — 1 (72) 72 (2) Short-term borrowings 105 89 — 40 (21) — 76 — (30) 81 1 Long-term debt 25,509 8,245 — 6,743 (3,507) — 9,699 — (421) 29,778 (4,197) Other financial liabilities measured on a recurring basis 1 — 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 June 30, 2022. (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 Mar. 31, 2021 Principal Other (1)(2) into out of Purchases Issuances Sales Settlements Jun. 30, 2021 Assets Securities borrowed and purchased under agreements to resell $ 262 $ (2) $ — $ — $ (49) $ 43 $ — $ — $ (43) $ 211 $ 1 Trading non-derivative assets Trading mortgage-backed securities U.S. government-sponsored agency guaranteed 38 2 — 238 (7) 113 — (8) — 376 (12) Residential 268 (1) — 41 (65) 57 — (205) — 95 2 Commercial 59 16 — 60 (8) 11 — (51) — 87 3 Total trading mortgage-backed securities $ 365 $ 17 $ — $ 339 $ (80) $ 181 $ — $ (264) $ — $ 558 $ (7) U.S. Treasury and federal agency securities $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — State and municipal 94 — — — (29) 5 — — — 70 — Foreign government 81 4 — 125 (28) 14 — (55) — 141 1 Corporate 290 (15) — 312 (50) 408 — (122) — 823 (36) Marketable equity securities 89 2 — 80 (40) 23 — (7) — 147 15 Asset-backed securities 1,208 209 — 17 (148) 352 — (946) — 692 22 Other trading assets 571 62 — 31 (121) 201 — (189) — 555 4 Total trading non-derivative assets $ 2,698 $ 279 $ — $ 904 $ (496) $ 1,184 $ — $ (1,583) $ — $ 2,986 $ (1) Trading derivatives, net (4) Interest rate contracts $ 1,229 $ (126) $ — $ 218 $ 321 $ 2 $ — $ — $ 120 $ 1,764 $ (70) Foreign exchange contracts (86) 59 — — 4 111 — (282) 10 (184) (28) Equity contracts (2,876) 309 — (634) 892 85 — (94) (232) (2,550) 349 Commodity contracts 732 236 — (148) (612) 28 — (45) (49) 142 (194) Credit derivatives 71 (57) — (52) (74) — — — 71 (41) (107) Total trading derivatives, net (4) $ (930) $ 421 $ — $ (616) $ 531 $ 226 $ — $ (421) $ (80) $ (869) $ (50) Table continues on the next page. Net realized/unrealized gains (losses) incl. in (1) Transfers Unrealized (3) In millions of dollars Mar. 31, 2021 Principal Other (1)(2) into out of Purchases Issuances Sales Settlements Jun. 30, 2021 Investments Mortgage-backed securities U.S. government-sponsored agency guaranteed $ 30 $ — $ 2 $ 22 $ — $ 3 $ — $ (5) $ — $ 52 $ (21) Total investment mortgage-backed securities $ 30 $ — $ 2 $ 22 $ — $ 3 $ — $ (5) $ — $ 52 $ (21) U.S. Treasury and federal agency securities $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — State and municipal 794 — 8 54 (108) 2 — (2) — 748 6 Foreign government 523 — 3 440 (289) 315 — (35) — 957 3 Corporate 56 — (7) 32 — 30 — (7) — 104 (1) Asset-backed securities 4 — (21) 33 — — — (13) — 3 1 Non-marketable equity securities 352 — 30 — — — — — — 382 2 Total investments $ 1,759 $ — $ 15 $ 581 $ (397) $ 350 $ — $ (62) $ — $ 2,246 $ (10) Loans $ 1,944 $ — $ 476 $ 60 $ (2,051) $ — $ — $ — $ — $ 429 $ 169 Mortgage servicing rights 433 — (21) — — — 25 — (18) 419 (21) Other financial assets measured on a recurring basis — — — 55 — — — — — 55 — Liabilities Interest-bearing deposits $ 199 $ — $ 2 $ — $ (44) $ — $ 11 $ — $ (10) $ 154 $ — Securities loaned and sold under agreements to repurchase 977 22 — — (483) 80 — — (64) 488 — Trading account liabilities Securities sold, not yet purchased 167 7 — 54 (21) 10 — — (35) 168 26 Other trading liabilities 6 5 — — — — — — — 1 4 Short-term borrowings 49 33 — 40 (32) — 17 — — 41 17 Long-term debt 26,337 (849) — 3,937 (5,966) — 1,825 — (1,914) 25,068 (699) Other financial liabilities measured on a recurring basis 8 — — — (4) — — — 4 — (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 March 31, 2022. (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 Jun. 30, 2021 Assets Securities borrowed and purchased under agreements to resell $ 320 $ (11) $ — $ — $ (49) $ 276 $ — $ — $ (325) $ 211 $ 1 Trading non-derivative assets Trading mortgage-backed securities U.S. government-sponsored agency guaranteed 27 1 — 252 (8) 114 — (10) — 376 16 Residential 340 22 — 69 (68) 201 — (469) — 95 18 Commercial 136 21 — 76 (41) 24 — (129) — 87 2 Total trading mortgage-backed securities $ 503 $ 44 $ — $ 397 $ (117) $ 339 $ — $ (608) $ — $ 558 $ 36 U.S. Treasury and federal agency securities $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — State and municipal 94 — — — (29) 5 — — — 70 1 Foreign government 51 5 — 136 (28) 71 — (94) — 141 (6) Corporate 375 75 — 318 (168) 475 — (252) — 823 (7) Marketable equity securities 73 47 — 84 (42) 35 — (50) — 147 32 Asset-backed securities 1,606 248 — 35 (198) 934 — (1,933) — 692 8 Other trading assets 945 18 — 61 (129) 348 4 (688) (4) 555 (5) Total trading non-derivative assets $ 3,647 $ 437 $ — $ 1,031 $ (711) $ 2,207 $ 4 $ (3,625) $ (4) $ 2,986 $ 59 Trading derivatives, net (4) Interest rate contracts $ 1,614 $ (298) $ — $ 173 $ 321 $ 2 $ (84) $ — $ 36 $ 1,764 $ (197) Foreign exchange contracts 52 (79) — 8 4 134 — (297) (6) (184) (57) Equity contracts (3,213) 612 — (598) 898 109 — (117) (241) (2,550) 213 Commodity contracts 292 550 — 10 (617) 94 — (155) (32) 142 280 Credit derivatives 48 (121) — 15 (71) — — — 88 (41) (198) Total trading derivatives, net (4) $ (1,207) $ 664 $ — $ (392) $ 535 $ 339 $ (84) $ (569) $ (155) $ (869) $ 41 Investments Mortgage-backed securities U.S. government-sponsored agency guaranteed $ 30 $ — $ 2 $ 22 $ — $ 3 $ — $ (5) $ — $ 52 $ (42) Total investment mortgage-backed securities $ 30 $ — $ 2 $ 22 $ — $ 3 $ — $ (5) $ — $ 52 $ (42) U.S. Treasury and federal agency securities $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — State and municipal 834 — (10) 58 (108) 3 — (29) — 748 (8) Foreign government 268 — 1 440 (289) 645 — (108) — 957 3 Corporate 60 — (11) 32 — 30 — (7) — 104 (1) Asset-backed securities 1 — (21) 36 — — — (13) — 3 (37) Non-marketable equity securities 349 — 40 1 — — — (8) — 382 2 Total investments $ 1,542 $ — $ 1 $ 589 $ (397) $ 681 $ — $ (170) $ — $ 2,246 $ (83) 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 Jun. 30, 2021 Loans $ 1,985 $ — $ 348 $ 271 $ (2,051) $ — $ 1 $ — $ (125) $ 429 $ 100 Mortgage servicing rights 336 — 52 — — — 68 — (37) 419 59 Other financial assets measured on a recurring basis — — — 55 — — — — — 55 — Liabilities Interest-bearing deposits $ 206 $ — $ 18 $ — $ (44) $ — $ 20 $ — $ (10) $ 154 $ (45) Securities loaned and sold under agreements to repurchase 631 7 — — (483) 488 — — (141) 488 19 Trading account liabilities Securities sold, not yet purchased 214 61 — 62 (25) 20 — — (42) 168 (2) Other trading liabilities 26 25 — — — — — — — 1 — Short-term borrowings 219 32 — 42 (44) — 25 — (169) 41 17 Long-term debt 25,210 1,773 — 4,869 (5,968) — 7,545 — (4,815) 25,068 791 Other financial liabilities measured on a recurring basis 1 — (3) — (4) — 14 — (10) 4 — (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 June 30, 2021. (4) Total Level 3 trading derivative assets and liabilities have been netted in these tables for presentation purposes only. Level 3 Fair Value Transfers The following were the significant Level 3 transfers for the period December 31, 2021 to June 30, 2022: • During the three and six months ended June 30, 2022, transfers of Long-term debt were $3.3 billion and $6.7 billion, respectively, from Level 2 to Level 3. Of the $6.7 billion transfer in the six months ended |
FAIR VALUE ELECTIONS
FAIR VALUE ELECTIONS | 6 Months Ended |
Jun. 30, 2022 | |
Fair Value, Option, Aggregate Differences [Abstract] | |
FAIR VALUE ELECTIONS | FAIR VALUE ELECTIONS The Company may elect to report most financial instruments and certain other items at fair value on an instrument-by-instrument basis with changes in fair value reported in earnings, other than DVA (see below). The election is made upon the initial recognition of an eligible financial asset, financial liability or firm commitment or when certain specified reconsideration events occur. The fair value election may not otherwise be revoked once an election is made. The changes in fair value are recorded in current earnings. 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. The Company has elected fair value accounting for its mortgage servicing rights (MSRs). See Note 18 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 June 30, Six Months Ended June 30, In millions of dollars 2022 2021 2022 2021 Assets Securities borrowed and purchased under agreements to resell $ (21) $ (8) $ (83) $ (36) Trading account assets (177) 52 (238) 153 Loans Certain corporate loans (1,523) 539 (1,855) 668 Consumer loans — — (1) — Total loans $ (1,523) $ 539 $ (1,856) $ 668 Other assets MSRs $ 60 $ (21) $ 158 $ 52 Certain mortgage loans HFS (1) (144) 47 (330) 44 Total other assets $ (84) $ 26 $ (172) $ 96 Total assets $ (1,805) $ 609 $ (2,349) $ 881 Liabilities Interest-bearing deposits $ (168) $ (130) $ (123) $ (93) Securities loaned and sold under agreements to repurchase 19 5 96 18 Trading account liabilities 191 8 (449) 10 Short-term borrowings (2) 1,064 327 1,196 192 Long-term debt (2) 9,642 (2,441) 15,713 (433) Total liabilities $ 10,748 $ (2,231) $ 16,433 $ (306) (1) Includes gains (losses) associated with interest rate lock commitments for those loans that have been originated and elected the fair value option. (2) Includes DVA that is included in AOCI . See Notes 17 and 20. Own Debt Valuation Adjustments (DVA) Own debt valuation adjustments are recognized on Citi’s liabilities for which the fair value option has been elected using Citi’s credit spreads observed in the bond market. Changes in fair value of fair value option liabilities related to changes in Citigroup’s own credit spreads (DVA) are reflected as a component of AOCI . Among other variables, the fair value of liabilities for which the fair value option has been elected (other than non-recourse debt and similar liabilities) is impacted by the narrowing or widening of the Company’s credit spreads. The estimated changes in the fair value of these non-derivative liabilities due to such changes in the Company’s own credit spread (or instrument-specific credit risk) were a gain of $2,592 million and a loss of $110 million for the three months ended June 30, 2022 and 2021, respectively, and a gain of $3,642 million and a loss of $148 million for the six months ended June 30, 2022 and 2021, respectively. Changes in fair value resulting from changes in instrument-specific credit risk were estimated by incorporating the Company’s current credit spreads observable in the bond market into the relevant valuation technique used to value each liability as described above. The Fair Value Option for Financial Assets and Financial Liabilities Selected Portfolios of Securities Purchased Under Agreements to Resell, Securities Borrowed, Securities Sold Under Agreements to Repurchase, Securities Loaned and Certain Uncollateralized Short-Term Borrowings The Company elected the fair value option for certain portfolios of fixed income securities purchased under agreements to resell and fixed income securities sold under agreements to repurchase, securities borrowed, securities loaned and certain uncollateralized short-term borrowings held primarily by broker-dealer entities in the United States, the United Kingdom and Japan. In each case, the election was made because the related interest rate risk is managed on a portfolio basis, primarily with offsetting derivative instruments that are accounted for at fair value through earnings. Changes in fair value for transactions in these portfolios are recorded in Principal transactions . The related interest revenue and interest expense are measured based on the contractual rates specified in the transactions and are reported as Interest revenue and Interest expense in the Consolidated Statement of Income. Certain Loans and Other Credit Products Citigroup has also elected the fair value option for certain other originated and purchased loans, including certain unfunded loan products, such as guarantees and letters of credit, executed by Citigroup’s lending and trading businesses. None of these credit products are highly leveraged financing commitments. Significant groups of transactions include loans and unfunded loan products that are expected to be either sold or securitized in the near term, or transactions where the economic risks are hedged with derivative instruments, such as purchased credit default swaps or total return swaps where the Company pays the total return on the underlying loans to a third party. Citigroup has elected the fair value option to mitigate accounting mismatches in cases where hedge accounting is complex and to achieve operational simplifications. Fair value was not elected for most lending transactions across the Company. The following table provides information about certain credit products carried at fair value: June 30, 2022 December 31, 2021 In millions of dollars Trading assets Loans Trading assets Loans Carrying amount reported on the Consolidated Balance Sheet $ 7,655 $ 4,536 $ 9,530 $ 6,082 Aggregate unpaid principal balance in excess of (less than) fair value 152 195 (100) 226 Balance of non-accrual loans or loans more than 90 days past due — 248 — 1 Aggregate unpaid principal balance in excess of (less than) fair value for non-accrual loans or loans more than 90 days past due — — — — In addition to the amounts reported above, $648 million and $719 million of unfunded commitments related to certain credit products selected for fair value accounting were outstanding as of June 30, 2022 and December 31, 2021, respectively. Changes in the fair value of funded and unfunded credit products are classified in Principal transactions in Citi’s Consolidated Statement of Income. Related interest revenue is measured based on the contractual interest rates and reported as Interest revenue on Trading account assets or loan interest depending on the balance sheet classifications of the credit products. The changes in fair value for the three months ended June 30, 2022 and 2021 due to instrument-specific credit risk totaled to losses of $(47) million and $(2) million, respectively. Changes in fair value due to instrument-specific credit risk are estimated based on changes in borrower-specific credit spreads and recovery assumptions. Certain Investments in Unallocated Precious Metals Citigroup invests in unallocated precious metals accounts (gold, silver, platinum and palladium) as part of its commodity and foreign currency trading activities or to economically hedge certain exposures from issuing structured liabilities. Under ASC 815, the investment is bifurcated into a debt host contract and a commodity forward derivative instrument. Citigroup elects the fair value option for the debt host contract, and reports the debt host contract within Trading account assets on the Company’s Consolidated Balance Sheet. The total carrying amount of debt host contracts across unallocated precious metals accounts was approximately $0.5 billion and $0.3 billion at June 30, 2022 and December 31, 2021, respectively. The amounts are expected to fluctuate based on trading activity in future periods. As part of its commodity and foreign currency trading activities, Citi trades unallocated precious metals investments and executes forward purchase and forward sale derivative contracts with trading counterparties. When Citi sells an unallocated precious metals investment, Citi’s receivable from its depository bank is repaid and Citi derecognizes its investment in the unallocated precious metal. The forward purchase or sale contract with the trading counterparty indexed to unallocated precious metals is accounted for as a derivative, at fair value through earnings. As of June 30, 2022, there were approximately $22.7 billion and $15.9 billion of notional amounts of such forward purchase and forward sale derivative contracts outstanding, respectively. Certain Investments in Private Equity and Real Estate Ventures Citigroup invests in private equity and real estate ventures for the purpose of earning investment returns and for capital appreciation. The Company has elected the fair value option for certain of these ventures, because such investments are considered similar to many private equity or hedge fund activities in Citi’s investment companies, which are reported at fair value. The fair value option brings consistency in the accounting and evaluation of these investments. All investments (debt and equity) in such private equity and real estate entities are accounted for at fair value. These investments are classified as Investments on Citigroup’s Consolidated Balance Sheet. Changes in the fair values of these investments are classified in Other revenue in the Company’s Consolidated Statement of Income. Certain Mortgage Loans Held-for-Sale (HFS) Citigroup has elected the fair value option for certain purchased and originated prime fixed-rate and conforming adjustable-rate first mortgage loans HFS. These loans are intended for sale or securitization and are hedged with derivative instruments. The Company has elected the fair value option to mitigate accounting mismatches in cases where hedge accounting is complex and to achieve operational simplifications. The following table provides information about certain mortgage loans HFS carried at fair value: In millions of dollars June 30, December 31, 2021 Carrying amount reported on the Consolidated Balance Sheet $ 1,375 $ 3,035 Aggregate fair value in excess of (less than) unpaid principal balance (46) 70 Balance of non-accrual loans or loans more than 90 days past due 5 — Aggregate unpaid principal balance in excess of fair value for non-accrual loans or loans more than 90 days past due 1 — The changes in the fair values of these mortgage loans are reported in Other revenue in the Company’s Consolidated Statement of Income. There was no net change in fair value during the six months ended June 30, 2022 and 2021 due to instrument-specific credit risk. Changes in fair value due to instrument-specific credit risk are estimated based on changes in the borrower default, prepayment and recovery forecasts in addition to instrument-specific credit spread. 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, 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 June 30, 2022 December 31, 2021 Interest rate linked $ 43.9 $ 38.9 Foreign exchange linked 0.1 — Equity linked 36.9 36.1 Commodity linked 4.7 3.9 Credit linked 3.8 3.7 Total $ 89.4 $ 82.6 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 June 30, 2022 December 31, 2021 Carrying amount reported on the Consolidated Balance Sheet $ 89,388 $ 82,609 Aggregate unpaid principal balance in excess of (less than) fair value (3,011) (2,459) The following table provides information about short-term borrowings carried at fair value: In millions of dollars June 30, 2022 December 31, 2021 Carrying amount reported on the Consolidated Balance Sheet $ 6,852 $ 7,358 Aggregate unpaid principal balance in excess of (less than) fair value 1 (644) |
GUARANTEES, LEASES AND COMMITME
GUARANTEES, LEASES AND COMMITMENTS | 6 Months Ended |
Jun. 30, 2022 | |
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 2021 Form 10-K. The following tables present information about Citi’s guarantees at June 30, 2022 and December 31, 2021: Maximum potential amount of future payments In billions of dollars at June 30, 2022 Expire within Expire after Total amount Carrying value (in millions of dollars) Financial standby letters of credit $ 35.6 $ 57.2 $ 92.8 $ 784 Performance guarantees 6.3 5.6 11.9 74 Derivative instruments considered to be guarantees 18.1 35.8 53.9 511 Loans sold with recourse — 1.6 1.6 15 Securities lending indemnifications (1) 120.5 — 120.5 — Credit card merchant processing (2) 125.6 — 125.6 — Credit card arrangements with partners 0.1 0.6 0.7 7 Other 0.7 12.0 12.7 29 Total $ 306.9 $ 112.8 $ 419.7 $ 1,420 Maximum potential amount of future payments In billions of dollars at December 31, 2021 Expire within Expire after Total amount Carrying value ( in millions of dollars) Financial standby letters of credit $ 34.3 $ 58.4 $ 92.7 $ 791 Performance guarantees 6.6 6.4 13.0 47 Derivative instruments considered to be guarantees 14.6 48.9 63.5 514 Loans sold with recourse — 1.7 1.7 15 Securities lending indemnifications (1) 121.9 — 121.9 — Credit card merchant processing (2) 119.4 — 119.4 1 Credit card arrangements with partners — 0.8 0.8 7 Other 2.0 12.0 14.0 34 Total $ 298.8 $ 128.2 $ 427.0 $ 1,409 (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 June 30, 2022 and December 31, 2021, this maximum potential exposure was estimated to be $126 billion and $119 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 $16 million and $19 million at June 30, 2022 and December 31, 2021, 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 June 30, 2022 and December 31, 2021, the actual and estimated losses incurred and the carrying value of Citi’s obligations related to these programs were immaterial. Value-Transfer Networks (Including Exchanges and Clearing Houses) (VTNs) Citi is a member of, or shareholder in, hundreds of value-transfer networks (VTNs) (payment, clearing and settlement systems as well as exchanges) around the world. As a condition of membership, many of these VTNs require that members stand ready to pay a pro rata share of the losses incurred by the organization due to another member’s default on its obligations. Citi’s potential obligations may be limited to its membership interests in the VTNs, contributions to the VTN’s funds, or, in certain narrow cases, to the full pro rata share. The maximum exposure is difficult to estimate as this would require an assessment of claims that have not yet occurred; however, Citi believes the risk of loss is remote given historical experience with the VTNs. Accordingly, Citi’s participation in VTNs is not reported in the guarantees tables above, and there are no amounts reflected on the Consolidated Balance Sheet as of June 30, 2022 or December 31, 2021 for potential obligations that could arise from Citi’s involvement with VTN associations. Long-Term Care (LTC) Insurance Indemnification Citi has an indemnification contingency to Brighthouse Financial in connection with Citi’s sale of an insurance subsidiary. A liability under this indemnification agreement is currently remote because Brighthouse Financial would become responsible for LTC policyholder claims only when both the reinsurance provided by other parties ceases and trust assets set aside to meet these claims are not adequate. However, should events occur causing both the reinsurance protection and trust collateral to become insufficient to cover Brighthouse Financial’s LTC policyholder claims, Citi will be required to either estimate and disclose a reasonably possible loss or range of loss to the extent that such an estimate can be made, or to accrue for such liability if the event becomes probable and estimable. Citi continues to closely monitor its potential exposure under this indemnification obligation. For additional information, see Note 26 to the Consolidated Financial Statements in Citi’s 2021 Form 10-K. 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) derivatives 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 derivatives 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 $19.5 billion and $18.7 billion as of June 30, 2022 and December 31, 2021, respectively. Variation margin due from clients to the respective CCP, or from the CCP to clients, reflects changes in the value of the client’s derivative contracts for each trading day. As a clearing member, Citi is exposed to the risk of non-performance by clients (e.g., failure of a client to post variation margin to the CCP for negative changes in the value of the client’s derivative contracts). In the event of non-performance by a client, Citi would move to close out the client’s positions. The CCP would typically utilize initial margin posted by the client and held by the CCP, with any remaining shortfalls required to be paid by Citi as clearing member. Citi generally holds incremental cash or securities margin posted by the client, which would typically be expected to be sufficient to mitigate Citi’s credit risk in the event the client fails to perform. As required by ASC 860-30-25-5, securities collateral posted by clients is not recognized on Citi’s Consolidated Balance Sheet. Carrying Value—Guarantees and Indemnifications At June 30, 2022 and December 31, 2021, 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 $1.4 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 $66.3 billion and $56.5 billion at June 30, 2022 and December 31, 2021, respectively. Securities and other marketable assets held as collateral amounted to $77.2 billion and $84.2 billion at June 30, 2022 and December 31, 2021, 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 $4.2 billion and $4.1 billion at June 30, 2022 and December 31, 2021, respectively. Other property may also be available to Citi to cover losses under certain guarantees and indemnifications; however, the value of such property has not been determined. Performance Risk Presented in the tables below are the maximum potential amounts of future payments that are classified based on internal and external credit ratings. The determination of the maximum potential future payments is based on the notional amount of the guarantees without consideration of possible recoveries under recourse provisions or from collateral held or pledged. As such, Citi believes such amounts bear no relationship to the anticipated losses, if any, on these guarantees. Maximum potential amount of future payments In billions of dollars at June 30, 2022 Investment Non-investment Not Total Financial standby letters of credit $ 80.2 $ 10.8 $ 1.8 $ 92.8 Performance guarantees 9.7 2.2 — 11.9 Derivative instruments deemed to be guarantees — — 53.9 53.9 Loans sold with recourse — — 1.6 1.6 Securities lending indemnifications — — 120.5 120.5 Credit card merchant processing — — 125.6 125.6 Credit card arrangements with partners — — 0.7 0.7 Other 0.4 12.3 — 12.7 Total $ 90.3 $ 25.3 $ 304.1 $ 419.7 Maximum potential amount of future payments In billions of dollars at December 31, 2021 Investment Non-investment Not Total Financial standby letters of credit $ 81.4 $ 11.3 $ — $ 92.7 Performance guarantees 10.5 2.5 — 13.0 Derivative instruments deemed to be guarantees — — 63.5 63.5 Loans sold with recourse — — 1.7 1.7 Securities lending indemnifications — — 121.9 121.9 Credit card merchant processing — — 119.4 119.4 Credit card arrangements with partners — — 0.8 0.8 Other — 12.0 2.0 14.0 Total $ 91.9 $ 25.8 $ 309.3 $ 427.0 Leases The Company’s operating leases, where Citi is a lessee, include real estate such as office space and branches and various types of equipment. These leases have a weighted-average remaining lease term of approximately six years as of June 30, 2022. The operating lease ROU asset and lease liability were $2.8 billion and $3.0 billion, respectively, as of June 30, 2022, compared to an operating lease ROU asset of $2.9 billion and lease liability of $3.1 billion as of December 31, 2021. The Company recognizes fixed lease costs on a straight-line basis throughout the lease term in the Consolidated Statement of Income. In addition, variable lease costs are recognized in the period in which the obligation for those payments is incurred. Credit Commitments and Lines of Credit The table below summarizes Citigroup’s credit commitments: In millions of dollars U.S. Outside of U.S. (1) June 30, December 31, Commercial and similar letters of credit $ 732 $ 5,840 $ 6,572 $ 5,910 One- to four-family residential mortgages 2,048 1,692 3,740 4,351 Revolving open-end loans secured by one- to four-family residential properties 6,280 695 6,975 7,913 Commercial real estate, construction and land development 15,402 2,311 17,713 17,843 Credit card lines 608,097 92,859 700,956 700,559 Commercial and other consumer loan commitments 200,543 107,465 308,008 320,556 Other commitments and contingencies 5,228 219 5,447 5,649 Total $ 838,330 $ 211,081 $ 1,049,411 $ 1,062,781 (1) Consumer commitments related to the business HFS countries under sales agreements are reflected in their original categories until the respective sales are completed. The majority of unused commitments are contingent upon customers maintaining specific credit standards. Commercial commitments generally have floating interest rates and fixed expiration dates and may require payment of fees. Such fees (net of certain direct costs) are deferred and, upon exercise of the commitment, amortized over the life of the loan or, if exercise is deemed remote, amortized over the commitment period. Other Commitments and Contingencies Other commitments and contingencies include all other transactions related to commitments and contingencies not reported on the lines above. Unsettled Reverse Repurchase and Securities Borrowing Agreements and Unsettled Repurchase and Securities Lending Agreements In addition, in the normal course of business, Citigroup enters into reverse repurchase and securities borrowing agreements, as well as repurchase and securities lending agreements, which settle at a future date. At June 30, 2022 and December 31, 2021, Citigroup had approximately $130.9 billion and $126.6 billion of unsettled reverse repurchase and securities borrowing agreements, and approximately $59.4 billion and $41.1 billion of unsettled repurchase and securities lending agreements, respectively. See Note 10 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. 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 June 30, December 31, Cash and due from banks $ 3,786 $ 2,786 Deposits with banks, net of allowance 13,603 10,636 Total $ 17,389 $ 13,422 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 | 6 Months Ended |
Jun. 30, 2022 | |
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 First Quarter of 2022 Form 10-Q and in Note 27 to the Consolidated Financial Statements in Citi’s 2021 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 June 30, 2022, Citigroup estimates that the reasonably possible unaccrued loss for these matters ranges up to approximately $1.2 billion in the aggregate. As available information changes, the matters for which Citigroup is able to estimate will change, and the estimates themselves will change. In addition, while many estimates presented in financial statements and other financial disclosures involve significant judgment and may be subject to significant uncertainty, estimates of the range of reasonably possible loss arising from litigation, regulatory, tax, or other matters are subject to particular uncertainties. For example, at the time of making an estimate, Citigroup may 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 2021 Form 10-K. Foreign Exchange Matters Antitrust and Other Litigation : On March 31, 2022, in MICHAEL O’HIGGINS FX CLASS REPRESENTATIVE LIMITED v. BARCLAYS BANK PLC AND OTHERS and PHILLIP EVANS v. BARCLAYS BANK PLC AND OTHERS, the U.K.’s Competition Appeal Tribunal issued its judgment on certification. On April 21, 2022, both claimants applied for permission to appeal the judgment and for it to be judicially reviewed in the alternative. Additional information concerning these actions is publicly available in court filings under the case numbers 1329/7/7/19 and 1336/7/7/19. Shareholder Derivative and Securities Litigations On June 23, 2022, a third derivative action was filed in the Supreme Court of the State of New York, purportedly on behalf of Citigroup (as nominal defendant) against certain of Citigroup’s current and former directors, and certain current and former officers. This action is subject to consolidation with, and to the same stay as entered in, the actions captioned IN RE CITIGROUP INC. DERIVATIVE LITIGATION. Additional information concerning this action is publicly available in court filings under the docket numbers 656759/2020 and 656930/2022 (N.Y. Sup. Ct.) (Schecter, J.). Sovereign Securities Matters Regulatory Actions : Government and regulatory agencies are conducting investigations or making inquiries regarding Citigroup’s sales and trading activities in connection with sovereign and other government-related securities. Citigroup is cooperating with these investigations and inquiries. Antitrust and Other Litigation : On April 28, 2022, in IN RE TREASURY SECURITIES AUCTION ANTITRUST LITIGATION, plaintiffs filed a notice of appeal to the United States Court of Appeals for the Second Circuit from the district court’s grant of defendants’ motions to dismiss the amended consolidated class action complaint. Additional information concerning this action is publicly available in court filings under the docket numbers 15-MD-2673 (S.D.N.Y.) (Gardephe, J.) and 22-943 (2d Cir.). On June 16, 2022, in IN RE EUROPEAN GOVERNMENT BONDS ANTITRUST LITIGATION, the court denied CGMI and CGML’s motion for reconsideration of the court’s March 14, 2022 decision denying CGMI and CGML’s motion to dismiss. Additional information concerning this action is publicly available in court filings under the docket number 19-CV-02601 (S.D.N.Y.) (Marrero, J.). Variable Rate Demand Obligation Litigation On June 28, 2022, the court granted in part and denied in part defendants’ partial motion to dismiss the consolidated amended complaint. Additional information concerning this action is publicly available in court filings under the docket number 19-CV-1608 (S.D.N.Y.) (Furman, J.). |
CONDENSED CONSOLIDATING FINANCI
CONDENSED CONSOLIDATING FINANCIAL STATEMENTS | 6 Months Ended |
Jun. 30, 2022 | |
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 six months ended June 30, 2022 and 2021, Condensed Consolidating Balance Sheet as of June 30, 2022 and December 31, 2021 and Condensed Consolidating Statement of Cash Flows for the six months ended June 30, 2022 and 2021 for Citigroup Inc., the parent holding company (Citigroup parent company), CGMHI, other Citigroup subsidiaries and eliminations and total consolidating adjustments. “Other Citigroup subsidiaries and eliminations” includes all other subsidiaries of Citigroup, intercompany eliminations and income (loss) from discontinued operations. “Consolidating adjustments” includes Citigroup parent company elimination of distributed and undistributed income of subsidiaries and investment in subsidiaries. These Condensed Consolidating Financial Statements have been prepared and presented in accordance with SEC Regulation S-X Rule 3-10, “Financial Statements of Guarantors and Issuers of Guaranteed Securities Registered or Being Registered.” These Condensed Consolidating Financial Statements are presented for purposes of additional analysis, but should be considered in relation to the Consolidated Financial Statements of Citigroup taken as a whole. Condensed Consolidating Statements of Income and Comprehensive Income Three Months Ended June 30, 2022 In millions of dollars Citigroup parent company CGMHI Other Citigroup subsidiaries and eliminations Consolidating adjustments Citigroup consolidated Revenues Dividends from subsidiaries $ 1,800 $ — $ — $ (1,800) $ — Interest revenue 1 1,593 14,036 — 15,630 Interest revenue—intercompany 1,031 293 (1,324) — — Interest expense 1,298 702 1,666 — 3,666 Interest expense—intercompany 150 682 (832) — — Net interest income $ (416) $ 502 $ 11,878 $ — $ 11,964 Commissions and fees $ — $ 1,228 $ 1,224 $ — $ 2,452 Commissions and fees—intercompany (1) 42 (41) — — Principal transactions 2,032 8,213 (5,720) — 4,525 Principal transactions—intercompany (2,110) (7,349) 9,459 — — Other revenue 319 106 272 — 697 Other revenue—intercompany (124) (17) 141 — — Total non-interest revenues $ 116 $ 2,223 $ 5,335 $ — $ 7,674 Total revenues, net of interest expense $ 1,500 $ 2,725 $ 17,213 $ (1,800) $ 19,638 Provisions for credit losses and for benefits and claims $ — $ 2 $ 1,272 $ — $ 1,274 Operating expenses Compensation and benefits $ (2) $ 1,323 $ 5,151 $ — $ 6,472 Compensation and benefits—intercompany — — — — — Other operating (12) 890 5,043 — 5,921 Other operating—intercompany 4 618 (622) — — Total operating expenses $ (10) $ 2,831 $ 9,572 $ — $ 12,393 Equity in undistributed income of subsidiaries $ 2,632 $ — $ — $ (2,632) $ — Income (loss) from continuing operations before income taxes $ 4,142 $ (108) $ 6,369 $ (4,432) $ 5,971 Provision (benefit) for income taxes (405) 101 1,486 — 1,182 Income (loss) from continuing operations $ 4,547 $ (209) $ 4,883 $ (4,432) $ 4,789 Income (loss) from discontinued operations, net of taxes — — (221) — (221) Net income before attribution of noncontrolling interests $ 4,547 $ (209) $ 4,662 $ (4,432) $ 4,568 Noncontrolling interests — — 21 — 21 Net income (loss) $ 4,547 $ (209) $ 4,641 $ (4,432) $ 4,547 Comprehensive income Add: Other comprehensive income (loss) $ (1,910) $ 647 $ 889 $ (1,536) $ (1,910) Total Citigroup comprehensive income (loss) $ 2,637 $ 438 $ 5,530 $ (5,968) $ 2,637 Add: Other comprehensive income attributable to noncontrolling interests $ — $ — $ (53) $ — $ (53) Add: Net income attributable to noncontrolling interests — — 21 — 21 Total comprehensive income (loss) $ 2,637 $ 438 $ 5,498 $ (5,968) $ 2,605 Condensed Consolidating Statements of Income and Comprehensive Income Six Months Ended June 30, 2022 In millions of dollars Citigroup parent company CGMHI Other Citigroup subsidiaries and eliminations Consolidating adjustments Citigroup consolidated Revenues Dividends from subsidiaries $ 2,050 $ — $ — $ (2,050) $ — Interest revenue 1 2,355 26,425 — 28,781 Interest revenue—intercompany 1,933 432 (2,365) — — Interest expense 2,477 896 2,573 — 5,946 Interest expense—intercompany 240 1,036 (1,276) — — Net interest income $ (783) $ 855 $ 22,763 $ — $ 22,835 Commissions and fees $ — $ 2,589 $ 2,431 $ — $ 5,020 Commissions and fees—intercompany (1) 126 (125) — — Principal transactions 3,894 9,810 (4,589) — 9,115 Principal transactions—intercompany (3,959) (7,437) 11,396 — — Other revenue 388 264 1,202 — 1,854 Other revenue—intercompany (181) (35) 216 — — Total non-interest revenues $ 141 $ 5,317 $ 10,531 $ — $ 15,989 Total revenues, net of interest expense $ 1,408 $ 6,172 $ 33,294 $ (2,050) $ 38,824 Provisions for credit losses and for benefits and claims $ — $ 1 $ 2,028 $ — $ 2,029 Operating expenses Compensation and benefits $ (2) $ 2,835 $ 10,459 $ — $ 13,292 Compensation and benefits—intercompany 11 — (11) — — Other operating 12 1,546 10,708 — 12,266 Other operating—intercompany 7 1,372 (1,379) — — Total operating expenses $ 28 $ 5,753 $ 19,777 $ — $ 25,558 Equity in undistributed income of subsidiaries $ 6,766 $ — $ — $ (6,766) $ — Income (loss) from continuing operations before income taxes $ 8,146 $ 418 $ 11,489 $ (8,816) $ 11,237 Provision (benefit) for income taxes (707) (115) 2,945 — 2,123 Income (loss) from continuing operations $ 8,853 $ 533 $ 8,544 $ (8,816) $ 9,114 Income (loss) from discontinued operations, net of taxes — — (223) — (223) Net income before attribution of noncontrolling interests $ 8,853 $ 533 $ 8,321 $ (8,816) $ 8,891 Noncontrolling interests — — 38 — 38 Net income (loss) $ 8,853 $ 533 $ 8,283 $ (8,816) $ 8,853 Comprehensive income Add: Other comprehensive income (loss) $ (6,730) $ 1,096 $ (5,269) $ 4,173 $ (6,730) Total Citigroup comprehensive income (loss) $ 2,123 $ 1,629 $ 3,014 $ (4,643) $ 2,123 Add: Other comprehensive income attributable to noncontrolling interests $ — $ — $ (82) $ — $ (82) Add: Net income attributable to noncontrolling interests — — 38 — 38 Total comprehensive income (loss) $ 2,123 $ 1,629 $ 2,970 $ (4,643) $ 2,079 Condensed Consolidating Statements of Income and Comprehensive Income Three Months Ended June 30, 2021 In millions of dollars Citigroup parent company CGMHI Other Citigroup subsidiaries and eliminations Consolidating adjustments Citigroup consolidated Revenues Dividends from subsidiaries $ 3,700 $ — $ — $ (3,700) $ — Interest revenue — 1,014 11,449 — 12,463 Interest revenue—intercompany 954 136 (1,090) — — Interest expense 1,209 221 555 — 1,985 Interest expense—intercompany 94 330 (424) — — Net interest income $ (349) $ 599 $ 10,228 $ — $ 10,478 Commissions and fees $ — $ 1,836 $ 1,538 $ — $ 3,374 Commissions and fees—intercompany (1) 88 (87) — — Principal transactions (892) 919 2,277 — 2,304 Principal transactions—intercompany 910 (110) (800) — — Other revenue (4) 139 1,462 — 1,597 Other revenue—intercompany 3 (8) 5 — — Total non-interest revenues $ 16 $ 2,864 $ 4,395 $ — $ 7,275 Total revenues, net of interest expense $ 3,367 $ 3,463 $ 14,623 $ (3,700) $ 17,753 Provisions for credit losses and for benefits and claims $ 2 $ 3 $ (1,071) $ — $ (1,066) Operating expenses Compensation and benefits $ — $ 1,303 $ 4,679 $ — $ 5,982 Compensation and benefits—intercompany 24 — (24) — — Other operating 14 680 4,795 — 5,489 Other operating—intercompany 3 808 (811) — — Total operating expenses $ 41 $ 2,791 $ 8,639 $ — $ 11,471 Equity in undistributed income of subsidiaries $ 2,567 $ — $ — $ (2,567) $ — Income (loss) from continuing operations before income $ 5,891 $ 669 $ 7,055 $ (6,267) $ 7,348 Provision (benefit) for income taxes (302) (119) 1,576 — 1,155 Income (loss) from continuing operations $ 6,193 $ 788 $ 5,479 $ (6,267) $ 6,193 Income (loss) from discontinued operations, net of taxes — — 10 — 10 Net income (loss) before attribution of noncontrolling interests $ 6,193 $ 788 $ 5,489 $ (6,267) $ 6,203 Noncontrolling interests — — 10 — 10 Net income (loss) $ 6,193 $ 788 $ 5,479 $ (6,267) $ 6,193 Comprehensive income Add: Other comprehensive income (loss) $ (109) $ 7 $ (1,966) $ 1,959 $ (109) Total Citigroup comprehensive income (loss) $ 6,084 $ 795 $ 3,513 $ (4,308) $ 6,084 Add: Other comprehensive income attributable to noncontrolling interests $ — $ — $ 18 $ — $ 18 Add: Net income attributable to noncontrolling interests — — 10 — 10 Total comprehensive income (loss) $ 6,084 $ 795 $ 3,541 $ (4,308) $ 6,112 Condensed Consolidating Statements of Income and Comprehensive Income Six Months Ended June 30, 2021 In millions of dollars Citigroup parent company CGMHI Other Citigroup subsidiaries and eliminations Consolidating adjustments Citigroup consolidated Revenues Dividends from subsidiaries $ 3,800 $ — $ — $ (3,800) $ — Interest revenue — 1,985 23,012 — 24,997 Interest revenue—intercompany 1,912 281 (2,193) — — Interest expense 2,421 444 1,148 — 4,013 Interest expense—intercompany 178 659 (837) — — Net interest income $ (687) $ 1,163 $ 20,508 $ — $ 20,984 Commissions and fees $ — $ 3,997 $ 3,047 $ — $ 7,044 Commissions and fees—intercompany (27) 135 (108) — — Principal transactions 877 6,577 (1,237) — 6,217 Principal transactions—intercompany (968) (4,348) 5,316 — — Other revenue 51 242 2,882 — 3,175 Other revenue—intercompany (61) (28) 89 — — Total non-interest revenues $ (128) $ 6,575 $ 9,989 $ — $ 16,436 Total revenues, net of interest expense $ 2,985 $ 7,738 $ 30,497 $ (3,800) $ 37,420 Provisions for credit losses and for benefits and claims $ 2 $ 7 $ (3,130) $ — $ (3,121) Operating expenses Compensation and benefits $ 28 $ 2,637 $ 9,318 $ — $ 11,983 Compensation and benefits—intercompany 48 — (48) — — Other operating 25 1,322 9,554 — 10,901 Other operating—intercompany 6 1,488 (1,494) — — Total operating expenses $ 107 $ 5,447 $ 17,330 $ — $ 22,884 Equity in undistributed income of subsidiaries $ 10,740 $ — $ — $ (10,740) $ — Income (loss) from continuing operations before income $ 13,616 $ 2,284 $ 16,297 $ (14,540) $ 17,657 Provision (benefit) for income taxes (519) 333 3,673 — 3,487 Income (loss) from continuing operations $ 14,135 $ 1,951 $ 12,624 $ (14,540) $ 14,170 Income (loss) from discontinued operations, net of taxes — — 8 — 8 Net income (loss) before attribution of noncontrolling interests $ 14,135 $ 1,951 $ 12,632 $ (14,540) $ 14,178 Noncontrolling interests — — 43 — 43 Net income (loss) $ 14,135 $ 1,951 $ 12,589 $ (14,540) $ 14,135 Comprehensive income Add: Other comprehensive income (loss) $ (3,062) $ (43) $ (1,429) $ 1,472 $ (3,062) Total Citigroup comprehensive income (loss) $ 11,073 $ 1,908 $ 11,160 $ (13,068) $ 11,073 Add: Other comprehensive income attributable to noncontrolling interests $ — $ — $ (40) $ — $ (40) Add: Net income attributable to noncontrolling interests — — 43 — 43 Total comprehensive income (loss) $ 11,073 $ 1,908 $ 11,163 $ (13,068) $ 11,076 Condensed Consolidating Balance Sheet June 30, 2022 In millions of dollars Citigroup parent company CGMHI Other Citigroup subsidiaries and eliminations Consolidating adjustments Citigroup consolidated Assets Cash and due from banks $ — $ 1,103 $ 23,799 $ — $ 24,902 Cash and due from banks—intercompany 14 5,357 (5,371) — — Deposits with banks, net of allowance — 8,105 251,023 — 259,128 Deposits with banks—intercompany 3,500 10,417 (13,917) — — Securities borrowed and purchased under resale agreements — 301,364 59,970 — 361,334 Securities borrowed and purchased under resale agreements—intercompany — 19,070 (19,070) — — Trading account assets 193 191,486 149,196 — 340,875 Trading account assets—intercompany 908 2,991 (3,899) — — Investments, net of allowance 1 234 513,643 — 513,878 Loans, net of unearned income — 1,862 655,471 — 657,333 Loans, net of unearned income—intercompany — — — — — Allowance for credit losses on loans (ACLL) — — (15,952) — (15,952) Total loans, net $ — $ 1,862 $ 639,519 $ — $ 641,381 Advances to subsidiaries $ 142,832 $ — $ (142,832) $ — $ — Investments in subsidiaries 222,196 — — (222,196) — Other assets, net of allowance (1) 11,177 90,338 137,891 — 239,406 Other assets—intercompany 3,857 77,889 (81,746) — — Total assets $ 384,678 $ 710,216 $ 1,508,206 $ (222,196) $ 2,380,904 Liabilities and equity Deposits $ — $ — $ 1,321,848 $ — $ 1,321,848 Deposits—intercompany — — — — — Securities loaned and sold under repurchase agreements — 179,917 18,555 — 198,472 Securities loaned and sold under repurchase agreements—intercompany — 63,380 (63,380) — — Trading account liabilities 29 114,029 66,395 — 180,453 Trading account liabilities—intercompany 141 2,624 (2,765) — — Short-term borrowings — 18,372 21,682 — 40,054 Short-term borrowings—intercompany — 19,557 (19,557) — — Long-term debt 167,874 71,603 17,948 — 257,425 Long-term debt—intercompany — 86,144 (86,144) — — Advances from subsidiaries 14,834 — (14,834) — — Other liabilities 2,639 97,035 83,352 — 183,026 Other liabilities—intercompany 147 17,915 (18,062) — — Stockholders’ equity 199,014 39,640 183,168 (222,196) 199,626 Total liabilities and equity $ 384,678 $ 710,216 $ 1,508,206 $ (222,196) $ 2,380,904 (1) Other assets for Citigroup parent company at June 30, 2022 included $36.8 billion of placements to Citibank and its branches, of which $27.1 billion had a remaining term of less than 30 days. Condensed Consolidating Balance Sheet December 31, 2021 In millions of dollars Citigroup parent company CGMHI Other Citigroup subsidiaries and eliminations Consolidating adjustments Citigroup consolidated Assets Cash and due from banks $ — $ 834 $ 26,681 $ — $ 27,515 Cash and due from banks—intercompany 17 6,890 (6,907) — — Deposits with banks, net of allowance — 7,936 226,582 — 234,518 Deposits with banks—intercompany 3,500 11,005 (14,505) — — Securities borrowed and purchased under resale agreements — 269,608 57,680 — 327,288 Securities borrowed and purchased under resale agreements—intercompany — 23,362 (23,362) — — Trading account assets 248 189,841 141,856 — 331,945 Trading account assets—intercompany 1,215 1,438 (2,653) — — Investments, net of allowance 1 224 512,597 — 512,822 Loans, net of unearned income — 2,293 665,474 — 667,767 Loans, net of unearned income—intercompany — — — — — Allowance for credit losses on loans (ACLL) — — (16,455) — (16,455) Total loans, net $ — $ 2,293 $ 649,019 $ — $ 651,312 Advances to subsidiaries $ 142,144 $ — $ (142,144) $ — $ — Investments in subsidiaries 223,303 — — (223,303) — Other assets, net of allowance (1) 10,589 69,312 126,112 — 206,013 Other assets—intercompany 2,737 60,567 (63,304) — — Total assets $ 383,754 $ 643,310 $ 1,487,652 $ (223,303) $ 2,291,413 Liabilities and equity Deposits $ — $ — $ 1,317,230 $ — $ 1,317,230 Deposits—intercompany — — — — — Securities loaned and sold under repurchase agreements — 171,818 19,467 — 191,285 Securities loaned and sold under repurchase agreements—intercompany — 62,197 (62,197) — — Trading account liabilities 17 122,383 39,129 — 161,529 Trading account liabilities—intercompany 777 500 (1,277) — — Short-term borrowings — 13,425 14,548 — 27,973 Short-term borrowings—intercompany — 17,230 (17,230) — — Long-term debt 164,945 61,416 28,013 — 254,374 Long-term debt—intercompany — 76,335 (76,335) — — Advances from subsidiaries 13,469 — (13,469) — — Other liabilities 2,574 68,206 65,570 — 136,350 Other liabilities—intercompany — 11,774 (11,774) — — Stockholders’ equity 201,972 38,026 185,977 (223,303) 202,672 Total liabilities and equity $ 383,754 $ 643,310 $ 1,487,652 $ (223,303) $ 2,291,413 (1) Other assets for Citigroup parent company at December 31, 2021 included $30.5 billion of placements to Citibank and its branches, of which $19.5 billion had a remaining term of less than 30 days. Condensed Consolidating Statement of Cash Flows Six Months Ended June 30, 2022 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 $ (6,787) $ (5,447) $ 8,965 $ — $ (3,269) Cash flows from investing activities of continuing operations Available-for-sale debt securities: Purchases of investments $ — $ — $ (123,528) $ — $ (123,528) Proceeds from sales of investments — — 79,952 — 79,952 Proceeds from maturities of investments — — 76,871 — 76,871 Held-to-maturity debt securities: Purchases of investments — — (34,317) — (34,317) Proceeds from maturities of investments — — 5,821 — 5,821 Change in loans — — (14,790) — (14,790) Proceeds from sales and securitizations of loans — — 1,562 — 1,562 Proceeds from divestitures — — 1,940 — 1,940 Change in securities borrowed and purchased under agreements to resell — (27,194) (6,852) — (34,046) Changes in investments and advances—intercompany (2,951) (16,450) 19,401 — — Other investing activities — (25) (2,741) — (2,766) Net cash provided by (used in) investing activities of continuing operations $ (2,951) $ (43,669) $ 3,319 $ — $ (43,301) Cash flows from financing activities of continuing operations Dividends paid $ (2,514) $ (266) $ 266 $ — $ (2,514) Treasury stock acquired (3,200) — — — (3,200) Proceeds (repayments) from issuance of long-term debt, net 14,418 21,082 (3,635) — 31,865 Proceeds (repayments) from issuance of long-term debt—intercompany, net — 11,110 (11,110) — — Change in deposits — — 25,360 — 25,360 Change in securities loaned and sold under agreements to repurchase — 9,282 (2,095) — 7,187 Change in short-term borrowings — 4,947 7,134 — 12,081 Net change in short-term borrowings and other advances—intercompany 1,365 1,027 (2,392) — — Capital contributions from (to) parent — 250 (250) — — Other financing activities (334) 1 (1) — (334) Net cash provided by (used in) financing activities of continuing operations $ 9,735 $ 47,433 $ 13,277 $ — $ 70,445 Effect of exchange rate changes on cash and due from banks $ — $ — $ (1,878) $ — $ (1,878) Change in cash and due from banks and deposits with banks $ (3) $ (1,683) $ 23,683 $ — $ 21,997 Cash and due from banks and deposits with banks at beginning of period 3,517 26,665 231,851 — 262,033 Cash and due from banks and deposits with banks at end of period $ 3,514 $ 24,982 $ 255,534 $ — $ 284,030 Cash and due from banks $ 14 $ 6,460 $ 18,428 $ — $ 24,902 Deposits with banks, net of allowance 3,500 18,522 237,106 — 259,128 Cash and due from banks and deposits with banks at end of period $ 3,514 $ 24,982 $ 255,534 $ — $ 284,030 Supplemental disclosure of cash flow information for continuing operations Cash paid (received) during the period for income taxes $ (15) $ (8) $ 1,684 $ — $ 1,661 Cash paid during the period for interest 1,305 1,869 3,110 — 6,284 Non-cash investing activities Transfer of investment securities from AFS to HTM $ — $ — $ 21,522 $ — $ 21,522 Decrease in net loans associated with divestitures reclassified to HFS — — 17,758 — 17,758 Decrease in goodwill associated with divestitures reclassified to HFS — — 873 — 873 Transfers to loans HFS ( Other assets ) from loans — — 1,874 — 1,874 Non-cash financing activities Decrease in deposits associated with divestitures reclassified to HFS $ — $ — $ 20,741 $ — $ 20,741 Condensed Consolidating Statement of Cash Flows Six Months Ended June 30, 2021 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 $ 1,429 $ 5,912 $ 16,222 $ — $ 23,563 Cash flows from investing activities of continuing operations Available-for-sale debt securities: Purchases of investments $ — $ — $ (114,240) $ — $ (114,240) Proceeds from sales of investments — — 66,135 — 66,135 Proceeds from maturities of investments — — 62,904 — 62,904 Held-to-maturity debt securities: Purchases of investments — — (87,049) — (87,049) Proceeds from maturities of investments — — 12,291 — 12,291 Change in loans — — (3,088) — (3,088) Proceeds from sales and securitizations of loans — — 869 — 869 Change in securities borrowed and purchased under agreements to resell — (14,084) (251) — (14,335) Changes in investments and advances—intercompany (2,424) (7,360) 9,784 — — Other investing activities — (15) (1,583) — (1,598) Net cash provided by (used in) investing activities of continuing operations $ (2,424) $ (21,459) $ (54,228) $ — $ (78,111) Cash flows from financing activities of continuing operations Dividends paid $ (2,663) $ (187) $ 187 $ — $ (2,663) Issuance of preferred stock 2,300 — — — 2,300 Redemption of preferred stock (3,785) — — — (3,785) Treasury stock acquired (4,381) — — — (4,381) Proceeds (repayments) from issuance of long-term debt, net 7,576 8,446 (16,405) — (383) Proceeds (repayments) from issuance of long-term debt—intercompany, net — 11,040 (11,040) — — Change in deposits — — 29,610 — 29,610 Change in securities loaned and sold under agreements to repurchase — (9,152) 31,444 — 22,292 Change in short-term borrowings — 3,358 (1,410) — 1,948 Net change in short-term borrowings and other advances—intercompany 772 4,885 (5,657) — — Other financing activities (324) — — — (324) Net cash provided by financing activities of continuing operations $ (505) $ 18,390 $ 26,729 $ — $ 44,614 Effect of exchange rate changes on cash and due from banks $ — $ — $ (443) $ — $ (443) Change in cash and due from banks and deposits with banks $ (1,500) $ 2,843 $ (11,720) $ — $ (10,377) 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 $ 3,016 $ 22,955 $ 273,267 $ — $ 299,238 Cash and due from banks $ 16 $ 6,642 $ 20,459 $ — $ 27,117 Deposits with banks, net of allowance 3,000 16,313 252,808 — 272,121 Cash and due from banks and deposits with banks at end of period $ 3,016 $ 22,955 $ 273,267 $ — $ 299,238 Supplemental disclosure of cash flow information for continuing operations Cash paid during the period for income taxes $ (1,437) $ 649 $ 2,964 $ — $ 2,176 Cash paid during the period for interest 1,287 1,197 1,442 — 3,926 Non-cash investing activities Transfers to loans HFS from loans $ — $ — $ 961 $ — $ 961 |
BASIS OF PRESENTATION, UPDATE_2
BASIS OF PRESENTATION, UPDATED ACCOUNTING POLICIES AND ACCOUNTING CHANGES (Policies) | 6 Months Ended |
Jun. 30, 2022 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying unaudited Consolidated Financial Statements as of June 30, 2022 and for the three- and six-month periods ended June 30, 2022 and 2021 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 within Citigroup’s Annual Report on Form 10-K for the year ended December 31, 2021, Citigroup’s Current Report on Form 8-K dated May 10, 2022 (as amended by a Current Report on Form 8-K/A dated May 10, 2022) with Historical Consolidated Financial Statements and Notes conformed to reflect changes in Citigroup’s reportable segments from those contained in Citi’s 2021 Annual Report on Form 10-K included as an exhibit thereto (such Current Report on Form 8-K together with Citigroup’s 2021 Annual Report on Form 10-K, collectively referred to as the 2021 Form 10-K), and Citigroup’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2022 (First Quarter of 2022 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 and Accounting Changes | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES See Note 1 to the Consolidated Financial Statements in Citigroup’s 2021 Form 10-K for a summary of all of Citigroup’s significant accounting policies. ACCOUNTING CHANGES Multiple Macroeconomic Scenarios-Based ACL Approach During the second quarter of 2022, Citi refined its ACL methodology to utilize multiple macroeconomic scenarios to estimate its allowance for credit losses. The ACL was previously estimated using a combination of a single base-case forecast scenario as part of its quantitative component and a qualitative management adjustment to reflect economic uncertainty from downside macroeconomic scenarios. As a result of this change, Citi now explicitly incorporates multiple macroeconomic scenarios—base, upside, and downside—and associated probabilities in the quantitative component when estimating its ACL. This refinement represents a “change in accounting estimate” under ASC Topic 250, Accounting Changes and Error Corrections , with prospective application beginning in the period of change. This change in accounting estimate resulted in a decrease of approximately $0.3 billion in the allowance for credit losses, partially offsetting an increase of $0.8 billion in the allowance for credit losses due to the increased macroeconomic uncertainty and other factors in the second quarter. Accounting for Deposit Insurance Expenses During the fourth quarter of 2021, Citi changed its presentation of accounting for deposit insurance costs paid to the Federal Deposit Insurance Corporation (FDIC) and similar foreign regulators. These costs were previously presented within Interest expense and, as a result of this change, are now presented within Other operating expenses . Citi concluded that this presentation was preferable in Citi’s circumstances, as it better reflected the nature of these deposit insurance costs in that these costs do not directly represent interest payments to creditors, but are similar in nature to other payments to regulatory agencies that are accounted for as operating expenses. This change in income statement presentation represents a “change in accounting principle” under ASC Topic 250, Accounting Changes and Error Corrections , with retrospective application to the earliest period presented. This change in accounting principle resulted in a reclassification of $279 million and $619 million of deposit insurance expenses from Interest expense to Other operating expenses , for the quarter and six months ended June 30, 2021. This change had no impact on Citi’s net income or the total deposit insurance expense incurred by Citi. FUTURE ACCOUNTING CHANGES Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions In June 2022, FASB issued Accounting Standards Update (ASU) 2022-3, Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions . The ASU was issued to address diversity in practice whereby certain entities included the impact of contractual restrictions when valuing equity securities, and it clarifies that a contractual restriction on the sale of an equity security should not be considered part of the unit of account of the equity security and, therefore, should not be considered in measuring fair value. The ASU also includes requirements for entities to disclose the fair value of equity securities subject to contractual sale restrictions, the nature and remaining duration of the restrictions and the circumstances that could cause a lapse in the restrictions. The ASU is to be adopted on a prospective basis and will be effective for Citigroup on January 1, 2024, although early adoption is permitted. Adoption of the accounting standard is not expected to have an impact on Citi’s operating results or financial position, as the Company excludes such restrictions when valuing equity securities. Obligations to Safeguard Crypto-assets Held for Platform Users In March 2022, the SEC issued Staff Accounting Bulletin (SAB) No. 121, which expresses the views of the SEC staff regarding the accounting for obligations to safeguard crypto-assets that an entity holds for platform users. Specifically, the guidance requires issuers that hold digital assets for their platform users to recognize a liability for their obligation to safeguard the digital assets held and a corresponding asset, measured initially and subsequently at fair value. The guidance is effective for interim and annual periods ending after June 15, 2022. Citigroup does not have any transactions within the scope of SAB 121 as of June 30, 2022. Fair Value Hedging—Portfolio Layer Method In March 2022, the FASB issued ASU No. 2022-01, Derivatives and Hedging (Topic 815): Fair Value Hedging—Portfolio Layer Method , intended to better align hedge accounting with an organization’s risk management strategies. Specifically, the guidance expands the current single-layer method to allow multiple hedge layers of a single closed portfolio of qualifying assets, which include both prepayable and non-prepayable assets. Upon the adoption of the guidance, entities may elect to reclassify securities held-to-maturity to the available-for-sale category as long as the reclassified securities are designated in a portfolio hedge. The guidance is effective for fiscal years beginning after December 15, 2022, and interim periods within those fiscal years with early adoption permitted. Citi is evaluating when to adopt the amendments in ASU 2022-01. Citi does not expect a material impact to its results of operations as a result of adopting the amendments. Troubled Debt Restructurings and Vintage Disclosures In March 2022, the FASB issued ASU No. 2022-02, Financial Instruments—Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures . The ASU eliminates the accounting guidance for troubled debt restructurings by creditors, enhances disclosure requirements for certain loan refinancings and restructurings by creditors and requires that an entity disclose current-period gross write-offs by year of origination for financing receivables and net investments in leases within the scope of Subtopic 326-20. The guidance is effective beginning January 1, 2023 and early adoption is permitted. Citi plans to adopt the amendments in ASU 2022-02 on January 1, 2023, and is evaluating the effect they will have on its Consolidated Financial Statements and related disclosures. 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 (issued in November 2020). Citi plans to adopt the targeted improvements in ASU 2018-12 on January 1, 2023 and is currently evaluating the impact of the standard on its insurance subsidiaries. Citi does not expect a material impact to its results of operations as a result of adopting the standard. |
DISCONTINUED OPERATIONS, SIGN_2
DISCONTINUED OPERATIONS, SIGNIFICANT DISPOSALS AND OTHER BUSINESS EXITS (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
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 June 30, Six Months Ended June 30, In millions of dollars 2022 2021 2022 2021 Total revenues, net of interest expense $ — $ — $ — $ — Income (loss) from discontinued operations (1) $ (262) $ 10 $ (264) $ 8 Benefit for income taxes (41) — (41) — Income (loss) from discontinued operations, $ (221) $ 10 $ (223) $ 8 (1) Amounts in each period relate to the sale of the Egg Banking business in 2011. June 30, 2022 In millions of dollars Assets Liabilities Consumer banking business in Sale agreement date Expected close Cash and deposits with banks Loans (1) Goodwill (2) Other assets, advances to/from subsidiaries Other assets Total assets Deposits Long-term debt Other liabilities Total liabilities Australia (3) 8/9/21 closed on 6/1/2022 $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — Philippines (4) 12/23/21 closed on 8/1/2022 31 1,170 244 511 37 1,993 1,208 — 78 1,286 Thailand (4) 1/14/22 second half 2022 $ 15 $ 2,485 $ 160 $ 215 $ 84 $ 2,959 $ 925 $ — $ 133 $ 1,058 Taiwan (4) 1/28/22 second half 2023 104 7,878 212 4,855 199 13,248 10,350 — 214 10,564 India (4) 3/30/22 first half 2023 29 3,515 346 2,482 102 6,474 5,916 — 184 6,100 Income (loss) before taxes (5) Three Months Ended June 30, Six Months Ended June 30, In millions of dollars 2022 2021 2022 2021 Australia (3) $ 28 $ 69 $ 193 $ 142 Philippines 14 31 65 67 Thailand 90 43 78 91 Taiwan 50 65 96 150 India 52 29 125 98 (1) Loans, net of allowance as of June 30, 2022: Philippines $80 million, Thailand $80 million, Taiwan $57 million and India $51 million. ( 2) F or Thailand, includes intangible assets. (3) On June 1, 2022, Citi completed the sale of its Australia consumer banking business, which was a part of Legacy Franchises . The Australia consumer banking business had approximately $9.4 billion in assets, including $9.3 billion of loans (net of allowance of $140 million) and excluding goodwill. The total amount of liabilities was $7.3 billion including $6.8 billion in deposits. The transaction generated a pretax loss on sale of approximately $800 million ($665 million after-tax), subject to closing adjustments, recorded in Other revenue . The loss on sale primarily reflected the impact of an approximate pretax $620 million currency translation adjustment (CTA) loss (net of hedges) ($470 million after-tax) already reflected in the Accumulated other comprehensive income (AOCI) component of equity. The sale closed on June 1, 2022, and the CTA-related balance was removed from the AOCI component of equity, resulting in a neutral CTA impact to Citi’s Common Equity Tier 1 Capital. The income before taxes shown in the above table for Australia reflects the two months of Citi’s ownership through June 1, 2022. (4) These sales are expected to result in an after-tax gain upon closing. |
Schedule of reserve charges | The following table summarizes the reserve charges related to the Korea VERP and other initiatives reported in the Legacy Franchises operating segment and Corporate/Other : In millions of dollars Employee termination costs Total Citigroup (pretax) Original charges $ 1,052 Utilization (1) Foreign exchange 3 Balance at December 31, 2021 $ 1,054 Additional charges $ 31 Utilization (347) Foreign exchange (24) Balance at March 31, 2022 $ 714 Additional charges (releases) $ (3) Utilization (670) Foreign exchange (41) Balance at June 30, 2022 $ — |
OPERATING SEGMENTS (Tables)
OPERATING SEGMENTS (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Segment Reporting [Abstract] | |
Information regarding the Company's operations by segment | The following tables present certain information regarding the Company’s continuing operations by operating segment and Corporate/Other : Three Months Ended June 30, In millions of dollars, except identifiable assets, average loans and average deposits in billions ICG PBWM Legacy Franchises Corporate/Other Total Citi 2022 2021 2022 2021 2022 2021 2022 2021 2022 2021 Net interest income $ 4,520 $ 3,760 $ 5,569 $ 4,985 $ 1,474 $ 1,621 $ 401 $ 112 $ 11,964 $ 10,478 Non-interest revenue 6,899 5,789 460 713 461 658 (146) 115 7,674 7,275 Total revenues, net of interest expense $ 11,419 $ 9,549 $ 6,029 $ 5,698 $ 1,935 $ 2,279 $ 255 $ 227 $ 19,638 $ 17,753 Operating expense 6,434 5,829 3,985 3,547 1,814 1,788 160 307 12,393 11,471 Provisions for credit losses (202) (694) 1,355 (170) 121 (204) — 2 1,274 (1,066) Income (loss) from continuing operations before taxes $ 5,187 $ 4,414 $ 689 $ 2,321 $ — $ 695 $ 95 $ (82) $ 5,971 $ 7,348 Provision (benefits) for income taxes 1,209 981 136 516 15 203 (178) (545) 1,182 1,155 Income (loss) from continuing operations $ 3,978 $ 3,433 $ 553 $ 1,805 $ (15) $ 492 $ 273 $ 463 $ 4,789 $ 6,193 Identifiable assets (June 30, 2022 and December 31, 2021) $ 1,700 $ 1,613 $ 479 $ 464 $ 108 $ 125 $ 94 $ 89 $ 2,381 $ 2,291 Average loans 297 287 317 304 43 79 — — 657 670 Average deposits 830 818 435 410 51 85 7 8 1,323 1,321 Six Months Ended June 30, In millions of dollars, except average loans and average deposits in billions ICG PBWM Legacy Franchises Corporate/Other Total Citi 2022 2021 2022 2021 2022 2021 2022 2021 2022 2021 Net interest income $ 8,304 $ 7,493 $ 10,954 $ 10,150 $ 2,982 $ 3,184 $ 595 $ 157 $ 22,835 $ 20,984 Non-interest revenue 14,275 13,444 980 1,540 884 1,338 (150) 114 15,989 16,436 Total revenues, net of interest expense $ 22,579 $ 20,937 $ 11,934 $ 11,690 $ 3,866 $ 4,522 $ 445 $ 271 $ 38,824 $ 37,420 Operating expense 13,157 11,761 7,874 6,969 4,107 3,540 420 614 25,558 22,884 Provisions for credit losses 769 (2,233) 979 (727) 281 (160) — (1) 2,029 (3,121) Income (loss) from continuing operations before taxes $ 8,653 $ 11,409 $ 3,081 $ 5,448 $ (522) $ 1,142 $ 25 $ (342) $ 11,237 $ 17,657 Provision (benefits) for income taxes 2,017 2,546 668 1,223 (122) 330 (440) (612) 2,123 3,487 Income (loss) from continuing operations $ 6,636 $ 8,863 $ 2,413 $ 4,225 $ (400) $ 812 $ 465 $ 270 $ 9,114 $ 14,170 Average loans $ 293 $ 284 $ 315 $ 304 $ 45 $ 80 $ — $ — $ 653 $ 668 Average deposits 828 814 441 404 53 85 7 10 1,329 1,313 |
INTEREST REVENUE AND EXPENSE (T
INTEREST REVENUE AND EXPENSE (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Banking and Thrift, Interest [Abstract] | |
Interest revenue and interest expense | Interest revenue and Interest expense consisted of the following: Three Months Ended June 30, Six Months Ended June 30, In millions of dollars 2022 2021 2022 2021 Interest revenue Consumer loans $ 6,601 $ 6,521 $ 12,863 $ 13,223 Corporate loans 2,894 2,212 5,348 4,419 Loan interest, including fees $ 9,495 $ 8,733 $ 18,211 $ 17,642 Deposits with banks 658 126 954 271 Securities borrowed and purchased under agreements to resell 805 205 1,199 499 Investments, including dividends 2,370 1,818 4,420 3,570 Trading account assets (1) 1,659 1,470 2,805 2,807 Other interest-bearing assets (2) 643 111 1,192 208 Total interest revenue $ 15,630 $ 12,463 $ 28,781 $ 24,997 Interest expense Deposits $ 1,420 $ 676 $ 2,291 $ 1,388 Securities loaned and sold under agreements to repurchase 655 260 937 513 Trading account liabilities (1) 137 150 284 264 Short-term borrowings and other interest-bearing liabilities (3) 268 31 323 62 Long-term debt 1,186 868 2,111 1,786 Total interest expense $ 3,666 $ 1,985 $ 5,946 $ 4,013 Net interest income $ 11,964 $ 10,478 $ 22,835 $ 20,984 Provision (benefit) for credit losses on loans 1,384 (1,126) 1,644 (2,605) Net interest income after provision for credit losses on loans $ 10,580 $ 11,604 $ 21,191 $ 23,589 (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 assets from businesses held-for-sale (see Note 2) and Brokerage receivables . (3) Includes liabilities from businesses held-for-sale (see Note 2) and Brokerage payables . |
COMMISSIONS AND FEES; ADMINIS_2
COMMISSIONS AND FEES; ADMINISTRATION AND OTHER FIDUCIARY FEES (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Other Income and Expenses [Abstract] | |
Schedule of commissions, fees, administration and other fiduciary fees revenue | The following tables present Commissions and fees revenue: Three Months Ended June 30, 2022 Six Months Ended June 30, 2022 In millions of dollars ICG PBWM Legacy Franchises Total ICG PBWM Legacy Franchises Total Investment banking $ 845 $ — $ — $ 845 $ 1,753 $ — $ — $ 1,753 Brokerage commissions 393 213 53 659 853 454 121 1,428 Credit and bank card income Interchange fees 321 2,435 227 2,983 561 4,534 448 5,543 Card-related loan fees 11 73 79 163 20 137 160 317 Card rewards and partner payments (1) (165) (2,871) (160) (3,196) (282) (5,370) (332) (5,984) Deposit-related fees (2) 279 44 19 342 546 103 36 685 Transactional service fees 267 5 26 298 521 9 52 582 Corporate finance (3) 136 — — 136 252 3 — 255 Insurance distribution revenue — 56 33 89 — 108 69 177 Insurance premiums — 1 22 23 — 2 46 48 Loan servicing 7 12 4 23 19 22 7 48 Other 3 49 35 87 2 97 69 168 Total commissions and fees (4) $ 2,097 $ 17 $ 338 $ 2,452 $ 4,245 $ 99 $ 676 $ 5,020 Three Months Ended June 30, 2021 Six Months Ended June 30, 2021 In millions of dollars ICG PBWM Legacy Franchises Total ICG PBWM Legacy Franchises Total Investment banking $ 1,386 $ — $ — $ 1,386 $ 3,010 $ — $ — $ 3,010 Brokerage commissions 447 277 97 821 968 566 229 1,763 Credit and bank card income Interchange fees 197 2,061 212 2,470 355 3,755 424 4,534 Card-related loan fees 6 74 97 177 11 151 197 359 Card rewards and partner payments (1) (104) (2,301) (110) (2,515) (179) (4,258) (249) (4,686) Deposit-related fees (2) 257 42 26 325 500 96 58 654 Transactional service fees 242 6 29 277 474 11 57 542 Corporate finance (3) 180 — — 180 335 3 — 338 Insurance distribution revenue — 76 37 113 — 159 89 248 Insurance premiums — 6 24 30 — 8 42 50 Loan servicing 11 8 5 24 23 15 9 47 Other 8 43 35 86 17 98 70 185 Total commissions and fees (4) $ 2,630 $ 292 $ 452 $ 3,374 $ 5,514 $ 604 $ 926 $ 7,044 (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 $24 million for the three months ended June 30, 2022 and 2021, respectively, and $59 million and $47 million for the six months ended June 30, 2022 and 2021, 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 $(2,811) million and $(2,073) million not accounted for under ASC 606, Revenue from Contracts with Customers , for the three months ended June 30, 2022 and 2021, respectively, and $(5,240) million and $(3,822) million for the six months ended June 30, 2022 and 2021, 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 June 30, 2022 Six Months Ended June 30, 2022 In millions of dollars ICG PBWM Legacy Franchises Total ICG PBWM Legacy Franchises Total Custody fees $ 506 $ 22 $ 2 $ 530 $ 952 $ 45 $ 5 $ 1,002 Fiduciary fees 68 196 79 343 133 401 159 693 Guarantee fees 134 14 2 150 266 24 4 294 Total administration and other fiduciary fees (1) $ 708 $ 232 $ 83 $ 1,023 $ 1,351 $ 470 $ 168 $ 1,989 Three Months Ended June 30, 2021 Six Months Ended June 30, 2021 In millions of dollars ICG PBWM Legacy Franchises Total ICG PBWM Legacy Franchises Total Custody fees $ 476 $ 24 $ 3 $ 503 $ 908 $ 45 $ 7 $ 960 Fiduciary fees 61 200 111 372 123 392 216 731 Guarantee fees 133 11 3 147 266 22 4 292 Total administration and other fiduciary fees (1) $ 670 $ 235 $ 117 $ 1,022 $ 1,297 $ 459 $ 227 $ 1,983 (1) Administration and other fiduciary fees include $150 million and $147 million for the three months ended June 30, 2022 and 2021, respectively, and $294 million and $292 million for the six months ended June 30, 2022 and 2021, 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) | 6 Months Ended |
Jun. 30, 2022 | |
Principal Transactions Revenue, Net [Abstract] | |
Principal transactions revenue | The following table presents Principal transactions revenue: Three Months Ended June 30, Six Months Ended June 30, In millions of dollars 2022 2021 2022 2021 Interest rate risks (1) $ 1,450 $ 530 $ 2,920 $ 1,964 Foreign exchange risks (2) 1,639 965 3,187 1,927 Equity risks (3) 345 358 1,276 1,203 Commodity and other risks (4) 612 393 1,063 593 Credit products and risks (5) 479 58 669 530 Total $ 4,525 $ 2,304 $ 9,115 $ 6,217 (1) Includes revenues from government securities and corporate debt, municipal securities, mortgage securities and other debt instruments. Also includes spot and forward trading of currencies and exchange-traded and over-the-counter (OTC) currency options, options on fixed income securities, interest rate swaps, currency swaps, swap options, caps and floors, financial futures, OTC options and forward contracts on fixed income securities. (2) Includes revenues from foreign exchange spot, forward, option and swap contracts, as well as foreign currency translation (FX translation) gains and losses. (3) Includes revenues from common, preferred and convertible preferred stock, convertible corporate debt, equity-linked notes and exchange-traded and OTC equity options and warrants. (4) Primarily includes revenues from crude oil, refined oil products, natural gas and other commodities trades. (5) Includes revenues from structured credit products. |
RETIREMENT BENEFITS (Tables)
RETIREMENT BENEFITS (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
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. Benefits earned during the period are reported in Compensation and benefits expenses and all other components of the net period benefit cost are reported in Other operating expenses in the Consolidated Statement of Income: Three Months Ended June 30, Pension plans Postretirement benefit plans U.S. plans Non-U.S. plans U.S. plans Non-U.S. plans In millions of dollars 2022 2021 2022 2021 2022 2021 2022 2021 Benefits earned during the period $ — $ — $ 30 $ 38 $ — $ — $ — $ 2 Interest cost on benefit obligation 105 95 79 70 4 3 23 24 Expected return on assets (154) (174) (66) (63) (3) (3) (18) (21) Amortization of unrecognized: Prior service benefit — — (1) (2) (3) (2) (1) (3) Net actuarial loss (gain) 44 54 14 14 (2) (1) 1 3 Curtailment (gain) (1) — — (23) — — — — — Settlement (gain) loss (1) — — (10) 4 — — — — Total net (benefit) expense $ (5) $ (25) $ 23 $ 61 $ (4) $ (3) $ 5 $ 5 (1) (Gains) losses due to curtailment and settlement relate to divestiture activities. Total net expense for non-U.S. plans includes a $28 million net benefit related to the wind-down of Citi’s consumer banking business in Korea. Six Months Ended June 30, Pension plans Postretirement benefit plans U.S. plans Non-U.S. plans U.S. plans Non-U.S. plans In millions of dollars 2022 2021 2022 2021 2022 2021 2022 2021 Benefits earned during the period $ — $ — $ 64 $ 77 $ — $ — $ 1 4 Interest cost on benefit obligation 191 177 152 132 7 6 46 49 Expected return on plan assets (308) (356) (132) (124) (6) (7) (38) (43) Amortization of unrecognized: Prior service cost (benefit) 1 1 (3) $ (3) (5) (4) (4) (5) Net actuarial loss (gain) 100 116 27 32 (3) (1) 2 8 Curtailment (gain) (1) — — (23) — — — — — Settlement (gain) loss (1) — — (10) 4 — — — — Total net (benefit) expense $ (16) $ (62) $ 75 $ 118 $ (7) $ (6) $ 7 $ 13 (1) (Gains) losses due to curtailment and settlement relate to divestiture activities. Total net expense for non-U.S. plans includes a $28 million net benefit related to the wind-down of Citi’s consumer banking business in Korea. 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 June 30, Six Months Ended June 30, In millions of dollars 2022 2021 2022 2021 Service-related expense Amortization of unrecognized: Net actuarial loss $ 1 $ 1 $ 1 $ 1 Total service-related expense $ 1 $ 1 $ 1 $ 1 Non-service-related expense (benefit) $ 1 $ (1) $ 6 $ 4 Total net expense $ 2 $ — $ 7 $ 5 |
Summary of the funded status and amounts recognized in the Consolidated Balance Sheet for the Company's U.S. qualified, non-qualified plans and plans outside the U.S. | The following table summarizes the funded status and amounts recognized on the Consolidated Balance Sheet for the Company’s Significant Plans: Six Months Ended June 30, 2022 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 $ 12,766 $ 8,001 $ 501 $ 1,169 Plans measured annually (23) (2,071) — (298) Projected benefit obligation at beginning of year—Significant Plans $ 12,743 $ 5,930 $ 501 $ 871 First quarter activity (1,234) (285) (50) (71) Projected benefit obligation at June 30, 2022—Significant Plans $ 11,509 $ 5,645 $ 451 $ 800 Benefits earned during the period — 15 — — Interest cost on benefit obligation 105 68 4 20 Actuarial (gain) (1) (903) (489) (36) (43) Benefits paid, net of participants’ contributions and government subsidy (253) (69) (13) (17) Settlement (gain) (2) — (246) — — Curtailment (gain) (2) — (23) — — Foreign exchange impact and other — (163) — (9) Projected benefit obligation at period end—Significant Plans $ 10,458 $ 4,738 $ 406 $ 751 Change in plan assets Plan assets at fair value at beginning of year $ 12,977 $ 7,614 $ 319 $ 1,043 Plans measured annually — (1,419) — (7) Plan assets at fair value at beginning of year—Significant Plans $ 12,977 $ 6,195 $ 319 $ 1,036 First quarter activity (1,030) (226) (19) (135) Plan assets at fair value at June 30, 2022—Significant Plans $ 11,947 $ 5,969 $ 300 $ 901 Actual return on plan assets (868) (512) (15) (45) Company contributions, net of reimbursements 13 208 (6) — Benefits paid, net of participants’ contributions and government subsidy (253) (69) (13) (17) Settlement (gain) (2) — (246) — — Foreign exchange impact and other — (143) — (11) Plan assets at fair value at period end—Significant Plans $ 10,839 $ 5,207 $ 266 $ 828 Qualified plans (3) $ 940 $ 469 $ (140) $ 77 Nonqualified plans (4) (559) — — — Funded status of the plans at period end—Significant Plans $ 381 $ 469 $ (140) $ 77 Net amount recognized at period end Benefit asset $ 940 $ 844 $ — $ 77 Benefit liability (559) (375) (140) — Net amount recognized on the balance sheet—Significant Plans $ 381 $ 469 $ (140) $ 77 Amounts recognized in AOCI at period end (5) Prior service benefit $ — $ — $ 87 $ 37 Net actuarial (loss) gain (6,464) (992) 119 (213) Net amount recognized in equity (pretax)—Significant Plans $ (6,464) $ (992) $ 206 $ (176) Accumulated benefit obligation at period end—Significant Plans $ 10,457 $ 4,563 $ 406 $ 751 (1) During 2022, the actuarial gain is primarily due to the increase in global discount rates. (2) Gains due to settlement and curtailment relate to divestiture activities. (3) 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, 2022 and no minimum required funding is expected for 2022. (4) The nonqualified plans of the Company are unfunded. (5) The framework for the Company’s pension oversight process includes monitoring of potential settlement charges for all plans. Settlement accounting is triggered when either the sum of all settlements (including lump sum payments) for the year is greater than service plus interest costs or if more than 10% of the plan’s projected benefit obligation will be settled. Because some of Citi’s significant plans are frozen and have no material service cost, settlement accounting may apply in the future. |
Change in accumulated other comprehensive income (loss) | The following table shows the change in AOCI related to the Company’s pension, postretirement and post employment plans: In millions of dollars Three Months Ended June 30, 2022 Six Months Ended June 30, 2022 Beginning of period balance, net of tax (1)(2) $ (5,681) $ (5,852) Actuarial assumptions changes and plan experience 1,499 3,024 Net asset (loss) due to difference between actual and expected returns (1,675) (3,137) Net amortization 52 116 Curtailment/settlement (gain) (3) (32) (32) Foreign exchange impact and other 83 133 Change in deferred taxes, net (16) (22) Change, net of tax $ (89) $ 82 End of period balance, net of tax (1)(2) $ (5,770) $ (5,770) (1) See Note 17 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 divestiture activities. |
Assumptions used in determining benefit obligations and net benefit expense | The discount rates utilized during the period in determining the pension and postretirement net (benefit) expense for the Significant Plans are as follows: Net (benefit) expense assumed discount rates during the period Three Months Ended Jun. 30, 2022 Jun. 30, 2021 U.S. plans Qualified pension 3.80 % 3.10 % Nonqualified pension 3.85 3.00 Postretirement 3.85 2.85 Non-U.S. plans Pension 1.10–10.00 0.25–9.30 Weighted average 5.55 4.26 Postretirement 10.10 9.70 The discount rates utilized at period end in determining the pension and postretirement benefit obligations for the Significant Plans are as follows: Plan obligations assumed discount rates at period ended Jun. 30, 2022 Mar. 31, 2022 Dec. 31, 2021 U.S. plans Qualified pension 4.80 % 3.80 % 2.80 % Nonqualified pension 4.80 3.85 2.80 Postretirement 4.75 3.85 2.75 Non-U.S. plans Pension 2.00–10.75 1.10–10.00 0.25–9.80 Weighted average 6.68 5.55 4.56 Postretirement 10.75 10.10 10.00 |
Effect of one-percentage-point change in the discount rates on pension expense | The following table summarizes the estimated effect on the Company’s Significant Plans quarterly expense of a one-percentage-point change in the discount rate: Three Months Ended June 30, 2022 In millions of dollars One-percentage-point increase One-percentage-point decrease Pension U.S. plans $ 7 $ (9) Non-U.S. plans 5 6 Postretirement U.S. plans — — Non-U.S. plans (1) 1 |
Schedule of company contributions | The following table summarizes the Company’s actual contributions for the six months ended June 30, 2022 and 2021, as well as expected Company contributions for the remainder of 2022 and the actual contributions made in 2021: Pension plans Postretirement plans U.S. plans (1) Non-U.S. plans U.S. plans Non-U.S. plans In millions of dollars 2022 2021 2022 2021 2022 2021 2022 2021 Company contributions (reimbursements) (2)(3) for the six months ended June 30 $ 28 $ 27 $ 389 $ 78 $ (1) $ 9 $ 5 $ 4 Company contributions during the remainder of the year — 29 — 77 — 13 — 4 Company contributions expected to be made during the remainder of the year (3) 31 — 52 — 3 — 4 — (1) The U.S. plans include benefits paid directly by the Company for the nonqualified pension plans. (2) Company contributions are composed of cash contributions made to the plans and benefits paid directly by the Company. |
Defined contribution plans | The following table summarizes the Company’s contributions for the defined contribution plans: Three Months Ended June 30, Six Months Ended June 30, In millions of dollars 2022 2021 2022 2021 U.S. plans $ 119 $ 106 $ 238 $ 211 Non-U.S. plans 99 91 205 183 |
EARNINGS PER SHARE (Tables)
EARNINGS PER SHARE (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Earnings Per Share [Abstract] | |
Reconciliation of the income and share data used in the basic and diluted earnings per share computations | The following table reconciles the income and share data used in the basic and diluted earnings per share (EPS) computations: Three Months Ended June 30, Six Months Ended June 30, In millions of dollars, except per share amounts 2022 2021 2022 2021 Earnings per common share Income from continuing operations before attribution to noncontrolling interests $ 4,789 $ 6,193 $ 9,114 $ 14,170 Less: Noncontrolling interests from continuing operations 21 10 38 43 Net income from continuing operations (for EPS purposes) $ 4,768 $ 6,183 $ 9,076 $ 14,127 Income (loss) from discontinued operations, net of taxes (221) 10 (223) 8 Citigroup’s net income $ 4,547 $ 6,193 $ 8,853 $ 14,135 Less: Preferred dividends 238 253 517 545 Net income available to common shareholders $ 4,309 $ 5,940 $ 8,336 $ 13,590 Less: Dividends and undistributed earnings allocated to employee restricted and deferred shares with rights to dividends, applicable to basic EPS 35 41 60 107 Net income allocated to common shareholders for basic EPS $ 4,274 $ 5,899 $ 8,276 $ 13,483 Weighted-average common shares outstanding applicable to basic EPS (in millions) 1,941.5 2,056.5 1,956.6 2,069.3 Basic earnings per share (1) Income from continuing operations $ 2.32 $ 2.86 $ 4.34 $ 6.51 Discontinued operations (0.11) — (0.11) — Net income per share—basic $ 2.20 $ 2.87 $ 4.23 $ 6.52 Diluted earnings per share Net income allocated to common shareholders for basic EPS $ 4,274 $ 5,899 $ 8,276 $ 13,483 Add back: Dividends allocated to employee restricted and deferred shares with rights to dividends that are forfeitable 11 8 19 15 Net income allocated to common shareholders for diluted EPS $ 4,285 $ 5,907 $ 8,295 $ 13,498 Weighted-average common shares outstanding applicable to basic EPS (in millions) 1,941.5 2,056.5 1,956.6 2,069.3 Effect of dilutive securities Options (2) — — — — Other employee plans 16.6 16.5 16.6 15.5 Adjusted weighted-average common shares outstanding applicable to diluted EPS (in millions) (3) 1,958.1 2,073.0 1,973.2 2,084.8 Diluted earnings per share (1) Income from continuing operations $ 2.30 $ 2.84 $ 4.32 $ 6.47 Discontinued operations (0.11) — (0.11) — Net income per share—diluted $ 2.19 $ 2.85 $ 4.20 $ 6.47 (1) Due to rounding, earnings per share on continuing operations and discontinued operations may not sum to earnings per share on net income. (2) During the first and second quarters of 2022 and 2021, no significant options to purchase shares of common stock were outstanding. (3) Due to rounding, weighted-average common shares outstanding applicable to basic EPS and the effect of dilutive securities may not sum to weighted-average common shares outstanding applicable to diluted EPS. |
SECURITIES BORROWED, LOANED A_2
SECURITIES BORROWED, LOANED AND SUBJECT TO REPURCHASE AGREEMENTS (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Federal Funds Purchased and Securities Sold under Agreements to Repurchase [Abstract] | |
Securities borrowed or purchased under agreements to resell | Securities borrowed and purchased under agreements to resell , at their respective carrying values, consisted of the following: In millions of dollars June 30, December 31, 2021 Securities purchased under agreements to resell $ 271,890 $ 236,252 Deposits paid for securities borrowed 89,471 91,042 Total, net (1) $ 361,361 $ 327,294 Allowance for credit losses on securities purchased and borrowed (2) (27) (6) Total, net of allowance $ 361,334 $ 327,288 |
Securities loaned or sold under agreements to repurchase | Securities loaned and sold under agreements to repurchase , at their respective carrying values, consisted of the following: In millions of dollars June 30, December 31, 2021 Securities sold under agreements to repurchase $ 177,977 $ 174,255 Deposits received for securities loaned 20,495 17,030 Total, net (1) $ 198,472 $ 191,285 (1) The above tables do not include securities-for-securities lending transactions of $3.3 billion and $3.6 billion at June 30, 2022 and December 31, 2021, 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 for further information. |
Schedule of gross and net resale agreements and securities borrowing agreements and the related offsetting amount permitted as well as not permitted under ASC 210-20-45 | The following tables present the gross and net resale and repurchase agreements and securities borrowing and lending agreements and the related offsetting amounts permitted under ASC 210-20-45. The tables also include amounts related to financial instruments that are not permitted to be offset under ASC 210-20-45, but would be eligible for offsetting to the extent that an event of default has occurred and a legal opinion supporting enforceability of the offsetting rights has been obtained. Remaining exposures continue to be secured by financial collateral, but the Company may not have sought or been able to obtain a legal opinion evidencing enforceability of the offsetting right. As of June 30, 2022 In millions of dollars Gross amounts Gross amounts (1) Net amounts of Amounts (2) Net (3) Securities purchased under agreements to resell $ 371,889 $ 99,999 $ 271,890 $ 179,718 $ 92,172 Deposits paid for securities borrowed 98,890 9,419 89,471 12,690 76,781 Total $ 470,779 $ 109,418 $ 361,361 $ 192,408 $ 168,953 In millions of dollars Gross amounts Gross amounts (1) Net amounts of Amounts (2) Net (3) Securities sold under agreements to repurchase $ 277,976 $ 99,999 $ 177,977 $ 72,056 $ 105,921 Deposits received for securities loaned 29,914 9,419 20,495 2,517 17,978 Total $ 307,890 $ 109,418 $ 198,472 $ 74,573 $ 123,899 As of December 31, 2021 In millions of dollars Gross amounts Gross amounts (1) Net amounts of Amounts (2) Net (3) Securities purchased under agreements to resell $ 367,594 $ 131,342 $ 236,252 $ 205,349 $ 30,903 Deposits paid for securities borrowed 107,041 15,999 91,042 17,326 73,716 Total $ 474,635 $ 147,341 $ 327,294 $ 222,675 $ 104,619 In millions of dollars Gross amounts Gross amounts (1) Net amounts of Amounts (2) Net (3) Securities sold under agreements to repurchase $ 305,597 $ 131,342 $ 174,255 $ 85,184 $ 89,071 Deposits received for securities loaned 33,029 15,999 17,030 2,868 14,162 Total $ 338,626 $ 147,341 $ 191,285 $ 88,052 $ 103,233 (1) Includes financial instruments subject to enforceable master netting agreements that are permitted to be offset under ASC 210-20-45. (2) Includes financial instruments subject to enforceable master netting agreements that are not permitted to be offset under ASC 210-20-45, but would be eligible for offsetting to the extent that an event of default has occurred and a legal opinion supporting enforceability of the offsetting right has been obtained. (3) Remaining exposures continue to be secured by financial collateral, but the Company may not have sought or been able to obtain a legal opinion evidencing enforceability of the offsetting right. |
Schedule of gross and net repurchase agreements and securities lending agreements and the related offsetting amount permitted as well as not permitted under ASC 210-20-45 | The following tables present the gross and net resale and repurchase agreements and securities borrowing and lending agreements and the related offsetting amounts permitted under ASC 210-20-45. The tables also include amounts related to financial instruments that are not permitted to be offset under ASC 210-20-45, but would be eligible for offsetting to the extent that an event of default has occurred and a legal opinion supporting enforceability of the offsetting rights has been obtained. Remaining exposures continue to be secured by financial collateral, but the Company may not have sought or been able to obtain a legal opinion evidencing enforceability of the offsetting right. As of June 30, 2022 In millions of dollars Gross amounts Gross amounts (1) Net amounts of Amounts (2) Net (3) Securities purchased under agreements to resell $ 371,889 $ 99,999 $ 271,890 $ 179,718 $ 92,172 Deposits paid for securities borrowed 98,890 9,419 89,471 12,690 76,781 Total $ 470,779 $ 109,418 $ 361,361 $ 192,408 $ 168,953 In millions of dollars Gross amounts Gross amounts (1) Net amounts of Amounts (2) Net (3) Securities sold under agreements to repurchase $ 277,976 $ 99,999 $ 177,977 $ 72,056 $ 105,921 Deposits received for securities loaned 29,914 9,419 20,495 2,517 17,978 Total $ 307,890 $ 109,418 $ 198,472 $ 74,573 $ 123,899 As of December 31, 2021 In millions of dollars Gross amounts Gross amounts (1) Net amounts of Amounts (2) Net (3) Securities purchased under agreements to resell $ 367,594 $ 131,342 $ 236,252 $ 205,349 $ 30,903 Deposits paid for securities borrowed 107,041 15,999 91,042 17,326 73,716 Total $ 474,635 $ 147,341 $ 327,294 $ 222,675 $ 104,619 In millions of dollars Gross amounts Gross amounts (1) Net amounts of Amounts (2) Net (3) Securities sold under agreements to repurchase $ 305,597 $ 131,342 $ 174,255 $ 85,184 $ 89,071 Deposits received for securities loaned 33,029 15,999 17,030 2,868 14,162 Total $ 338,626 $ 147,341 $ 191,285 $ 88,052 $ 103,233 (1) Includes financial instruments subject to enforceable master netting agreements that are permitted to be offset under ASC 210-20-45. (2) Includes financial instruments subject to enforceable master netting agreements that are not permitted to be offset under ASC 210-20-45, but would be eligible for offsetting to the extent that an event of default has occurred and a legal opinion supporting enforceability of the offsetting right has been obtained. (3) Remaining exposures continue to be secured by financial collateral, but the Company may not have sought or been able to obtain a legal opinion evidencing enforceability of the offsetting right. |
Gross amount of liabilities associated with repurchase agreements and securities lending agreements | The following tables present the gross amounts of liabilities associated with repurchase agreements and securities lending agreements by remaining contractual maturity: As of June 30, 2022 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 $ 122,684 $ 74,776 $ 27,466 $ 53,050 $ 277,976 Deposits received for securities loaned 20,504 1 1,452 7,957 29,914 Total $ 143,188 $ 74,777 $ 28,918 $ 61,007 $ 307,890 As of December 31, 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 $ 127,679 $ 93,257 $ 32,908 $ 51,753 $ 305,597 Deposits received for securities loaned 23,387 6 1,392 8,244 33,029 Total $ 151,066 $ 93,263 $ 34,300 $ 59,997 $ 338,626 The following tables present the gross amounts of liabilities associated with repurchase agreements and securities lending agreements by class of underlying collateral: As of June 30, 2022 In millions of dollars Repurchase agreements Securities lending agreements Total U.S. Treasury and federal agency securities $ 92,263 $ — $ 92,263 State and municipal securities 993 — 993 Foreign government securities 125,611 127 125,738 Corporate bonds 15,494 133 15,627 Equity securities 11,428 29,637 41,065 Mortgage-backed securities 23,506 — 23,506 Asset-backed securities 1,683 — 1,683 Other 6,998 17 7,015 Total $ 277,976 $ 29,914 $ 307,890 As of December 31, 2021 In millions of dollars Repurchase agreements Securities lending agreements Total U.S. Treasury and federal agency securities $ 85,861 $ 90 $ 85,951 State and municipal securities 1,053 — 1,053 Foreign government securities 133,352 212 133,564 Corporate bonds 20,398 152 20,550 Equity securities 25,653 32,517 58,170 Mortgage-backed securities 33,573 — 33,573 Asset-backed securities 1,681 — 1,681 Other 4,026 58 4,084 Total $ 305,597 $ 33,029 $ 338,626 |
BROKERAGE RECEIVABLES AND BRO_2
BROKERAGE RECEIVABLES AND BROKERAGE PAYABLES (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Broker-Dealer [Abstract] | |
Brokerage receivables and brokerage payables | Brokerage receivables and Brokerage payables consisted of the following: In millions of dollars June 30, December 31, 2021 Receivables from customers $ 25,531 $ 26,403 Receivables from brokers, dealers and clearing organizations 54,955 27,937 Total brokerage receivables (1) $ 80,486 $ 54,340 Payables to customers $ 75,299 $ 52,158 Payables to brokers, dealers and clearing organizations 21,175 9,272 Total brokerage payables (1) $ 96,474 $ 61,430 |
INVESTMENTS (Tables)
INVESTMENTS (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of investments by category | The following table presents Citi’s investments by category: In millions of dollars June 30, December 31, 2021 Debt securities available-for-sale (AFS) $ 238,499 $ 288,522 Debt securities held-to-maturity (HTM) (1) 267,592 216,963 Marketable equity securities carried at fair value (2) 588 543 Non-marketable equity securities carried at fair value (2) 458 489 Non-marketable equity securities measured using the measurement alternative (3) 1,670 1,413 Non-marketable equity securities carried at cost (4) 5,071 4,892 Total investments $ 513,878 $ 512,822 (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 June 30, Six Months Ended June 30, In millions of dollars 2022 2021 2022 2021 Taxable interest $ 2,274 $ 1,723 $ 4,287 $ 3,375 Interest exempt from U.S. federal income tax 38 57 43 123 Dividend income 58 38 90 72 Total interest and dividend income on investments $ 2,370 $ 1,818 $ 4,420 $ 3,570 |
Realized gains and losses on investments excluding other-than-temporary impairment | The following table presents realized gains and losses on the sales of investments, which exclude impairment losses: Three Months Ended June 30, Six Months Ended June 30, In millions of dollars 2022 2021 2022 2021 Gross realized investment gains $ 27 $ 155 $ 180 $ 615 Gross realized investment losses (85) (18) (158) (77) Net realized gains (losses) on sales of investments $ (58) $ 137 $ 22 $ 538 |
Amortized cost and fair value of AFS debt securities | The amortized cost and fair value of AFS debt securities were as follows: June 30, 2022 December 31, 2021 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 (2) $ 12,982 $ 25 $ 492 $ — $ 12,515 $ 33,064 $ 453 $ 301 $ — $ 33,216 Non-U.S. residential 281 — 3 — 278 380 1 1 — 380 Commercial 7 — — — 7 25 — — — 25 Total mortgage-backed securities $ 13,270 $ 25 $ 495 $ — $ 12,800 $ 33,469 $ 454 $ 302 $ — $ 33,621 U.S. Treasury and federal agency securities U.S. Treasury $ 94,740 $ 42 $ 2,918 $ — $ 91,864 $ 122,669 $ 615 $ 844 $ — $ 122,440 Agency obligations — — — — — — — — — — Total U.S. Treasury and federal agency securities $ 94,740 $ 42 $ 2,918 $ — $ 91,864 $ 122,669 $ 615 $ 844 $ — $ 122,440 State and municipal $ 2,677 $ 16 $ 201 $ — $ 2,492 $ 2,643 $ 79 $ 101 $ — $ 2,621 Foreign government 122,184 424 2,922 — 119,686 119,426 337 1,023 — 118,740 Corporate 6,646 19 214 6 6,445 5,972 33 77 8 5,920 Asset-backed securities (1) 275 2 1 — 276 304 — 1 — 303 Other debt securities 4,948 — 12 — 4,936 4,880 1 4 — 4,877 Total debt securities AFS $ 244,740 $ 528 $ 6,763 $ 6 $ 238,499 $ 289,363 $ 1,519 $ 2,352 $ 8 $ 288,522 (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. See Note 18 for mortgage- and asset-backed securitizations in which the Company has other involvement. (2) In June 2022, Citibank transferred $21.5 billion of agency residential mortgage-backed securities from AFS classification to HTM classification in accordance with ASC 320. At the time of transfer, the securities were in an unrealized loss position of $2.3 billion. The loss amounts will remain in AOCI and will be amortized over the remaining life of the securities. |
Fair value of securities in unrealized loss position | The following table shows the fair value of AFS debt securities that have been in an unrealized loss position: Less than 12 months 12 months or longer Total In millions of dollars Fair Gross Fair Gross Fair Gross June 30, 2022 Debt securities AFS Mortgage-backed securities U.S. government-sponsored agency guaranteed $ 10,219 $ 387 $ 1,048 $ 105 $ 11,267 $ 492 Non-U.S. residential 197 3 — — 197 3 Commercial 6 — 1 — 7 — Total mortgage-backed securities $ 10,422 $ 390 $ 1,049 $ 105 $ 11,471 $ 495 U.S. Treasury $ 53,236 $ 1,322 $ 29,263 $ 1,596 $ 82,499 $ 2,918 State and municipal 842 53 1,037 148 1,879 201 Foreign government 85,907 2,407 10,757 515 96,664 2,922 Corporate 4,601 196 254 18 4,855 214 Asset-backed securities 174 1 — — 174 1 Other debt securities 3,475 12 — — 3,475 12 Total debt securities AFS $ 158,657 $ 4,381 $ 42,360 $ 2,382 $ 201,017 $ 6,763 December 31, 2021 Debt securities AFS Mortgage-backed securities U.S. government-sponsored agency guaranteed $ 17,039 $ 270 $ 698 $ 31 $ 17,737 $ 301 Non-U.S. residential 96 1 1 — 97 1 Commercial — — — — — — Total mortgage-backed securities $ 17,135 $ 271 $ 699 $ 31 $ 17,834 $ 302 U.S. Treasury and federal agency securities U.S. Treasury $ 56,448 $ 713 $ 6,310 $ 131 $ 62,758 $ 844 Agency obligations — — — — — — Total U.S. Treasury and federal agency securities $ 56,448 $ 713 $ 6,310 $ 131 $ 62,758 $ 844 State and municipal $ 229 $ 3 $ 874 $ 98 $ 1,103 $ 101 Foreign government 64,319 826 9,924 197 74,243 1,023 Corporate 2,655 77 22 — 2,677 77 Asset-backed securities 108 1 — — 108 1 Other debt securities 3,439 4 — — 3,439 4 Total debt securities AFS $ 144,333 $ 1,895 $ 17,829 $ 457 $ 162,162 $ 2,352 |
Amortized cost and fair value of debt securities by contractual maturity dates | The following table presents the amortized cost and fair value of AFS debt securities by contractual maturity dates: June 30, 2022 December 31, 2021 In millions of dollars Amortized Fair Amortized Fair Mortgage-backed securities (1) Due within 1 year $ 92 $ 92 $ 188 $ 189 After 1 but within 5 years 250 245 211 211 After 5 but within 10 years 418 402 523 559 After 10 years 12,510 12,061 32,547 32,662 Total $ 13,270 $ 12,800 $ 33,469 $ 33,621 U.S. Treasury and federal agency securities Due within 1 year $ 14,951 $ 14,893 $ 34,321 $ 34,448 After 1 but within 5 years 79,446 76,660 87,987 87,633 After 5 but within 10 years 343 311 361 359 After 10 years — — — — Total $ 94,740 $ 91,864 $ 122,669 $ 122,440 State and municipal Due within 1 year $ 25 $ 26 $ 40 $ 40 After 1 but within 5 years 103 103 121 124 After 5 but within 10 years 233 221 156 161 After 10 years 2,316 2,142 2,326 2,296 Total $ 2,677 $ 2,492 $ 2,643 $ 2,621 Foreign government Due within 1 year $ 58,444 $ 58,203 $ 49,263 $ 49,223 After 1 but within 5 years 59,663 57,644 64,555 63,961 After 5 but within 10 years 2,555 2,324 3,736 3,656 After 10 years 1,522 1,515 1,872 1,900 Total $ 122,184 $ 119,686 $ 119,426 $ 118,740 All other (2) Due within 1 year $ 5,902 $ 5,882 $ 5,175 $ 5,180 After 1 but within 5 years 5,096 4,965 5,177 5,149 After 5 but within 10 years 812 806 750 750 After 10 years 59 4 54 21 Total $ 11,869 $ 11,657 $ 11,156 $ 11,100 Total debt securities AFS $ 244,740 $ 238,499 $ 289,363 $ 288,522 (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) Includes corporate, asset-backed and other debt securities. The following table presents the carrying value and fair value of HTM debt securities by contractual maturity dates: June 30, 2022 December 31, 2021 In millions of dollars Amortized cost (1) Fair value Amortized cost (1) Fair value Mortgage-backed securities Due within 1 year $ 15 $ 15 $ 152 $ 151 After 1 but within 5 years 722 722 684 725 After 5 but within 10 years 1,563 1,504 1,655 1,739 After 10 years 88,142 82,040 63,200 63,232 Total $ 90,442 $ 84,281 $ 65,691 $ 65,847 U.S. Treasury securities Due within 1 year $ — $ — $ — $ — After 1 but within 5 years 89,460 83,848 65,498 64,516 After 5 but within 10 years 45,518 40,978 46,321 45,701 After 10 years — — — — Total $ 134,978 $ 124,826 $ 111,819 $ 110,217 State and municipal Due within 1 year $ 54 $ 54 $ 51 $ 50 After 1 but within 5 years 159 160 166 170 After 5 but within 10 years 919 902 908 951 After 10 years 7,944 7,426 7,798 8,329 Total $ 9,076 $ 8,542 $ 8,923 $ 9,500 Foreign government Due within 1 year $ — $ — $ 292 $ 291 After 1 but within 5 years 2,016 1,926 1,359 1,328 After 5 but within 10 years — — — — After 10 years — — — — Total $ 2,016 $ 1,926 $ 1,651 $ 1,619 All other (2) Due within 1 year $ — $ — $ — $ — After 1 but within 5 years — — — — After 5 but within 10 years 11,926 11,720 11,520 11,515 After 10 years 19,154 18,509 17,359 17,340 Total $ 31,080 $ 30,229 $ 28,879 $ 28,855 Total debt securities HTM $ 267,592 $ 249,804 $ 216,963 $ 216,038 (1) Amortized cost is reported net of ACL of $105 million and $87 million at June 30, 2022 and December 31, 2021, respectively. (2) Includes corporate and asset-backed securities. |
Carrying value and fair value of debt securities HTM | The carrying value and fair value of debt securities HTM were as follows: In millions of dollars Amortized cost, net (1) Gross Gross Fair June 30, 2022 Debt securities HTM Mortgage-backed securities (2) U.S. government-sponsored agency guaranteed (3) $ 88,744 $ 446 $ 6,611 $ 82,579 Non-U.S. residential 541 — — 541 Commercial 1,157 5 1 1,161 Total mortgage-backed securities $ 90,442 $ 451 $ 6,612 $ 84,281 U.S. Treasury securities $ 134,978 $ — $ 10,152 $ 124,826 State and municipal 9,076 60 594 8,542 Foreign government 2,016 — 90 1,926 Asset-backed securities (2) 31,080 4 855 30,229 Total debt securities HTM, net $ 267,592 $ 515 $ 18,303 $ 249,804 December 31, 2021 Debt securities HTM Mortgage-backed securities (2) U.S. government-sponsored agency guaranteed $ 63,885 $ 1,076 $ 925 $ 64,036 Non-U.S. residential 736 3 — 739 Commercial 1,070 4 2 1,072 Total mortgage-backed securities $ 65,691 $ 1,083 $ 927 $ 65,847 U.S. Treasury securities $ 111,819 $ 30 $ 1,632 $ 110,217 State and municipal (4) 8,923 589 12 9,500 Foreign government 1,651 4 36 1,619 Asset-backed securities (2) 28,879 8 32 28,855 Total debt securities HTM, net $ 216,963 $ 1,714 $ 2,639 $ 216,038 (1) Amortized cost is reported net of ACL of $105 million and $87 million at June 30, 2022 and December 31, 2021, 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. See Note 18 for mortgage- and asset-backed securitizations in which the Company has other involvement. (3) In June 2022, Citibank transferred $21.5 billion of agency residential mortgage-backed securities from AFS classification to HTM classification in accordance with ASC 320. At the time of transfer, the securities were in an unrealized loss position of $2.3 billion. The loss amounts will remain in AOCI and will be amortized over the remaining life of the securities. (4) 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. |
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 90 — 90 9 — 9 Total impairment losses recognized in earnings $ 90 $ — $ 90 $ 9 $ — $ 9 Six Months Ended Six 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 180 — 180 78 — 78 Total impairment losses recognized in earnings $ 180 $ — $ 180 $ 78 $ — $ 78 |
Schedule of allowance for credit losses on available for sale securities | Allowance for Credit Losses on AFS Debt Securities Three Months Ended June 30, 2022 In millions of dollars Corporate Total AFS Allowance for credit losses at beginning of period $ 8 $ 8 Gross write-offs — — Gross recoveries — — Net credit losses (NCLs) $ — $ — NCLs $ — $ — Credit losses on securities without previous credit losses — — Net reserve builds (releases) on securities with previous credit losses (2) (2) Total provision for credit losses $ (2) $ (2) Initial allowance on newly purchased credit-deteriorated securities during the period — — Allowance for credit losses at end of period $ 6 $ 6 Six Months Ended June 30, 2022 In millions of dollars Corporate Total AFS Allowance for credit losses at beginning of period $ 8 $ 8 Gross write-offs — — Gross recoveries — — Net credit losses (NCLs) $ — $ — NCLs $ — $ — Credit losses on securities without previous credit losses — — Net reserve builds (releases) on securities with previous credit losses (2) (2) Total provision for credit losses $ (2) $ (2) Initial allowance on newly purchased credit-deteriorated securities during the period — — Allowance for credit losses at end of period $ 6 $ 6 Three Months Ended June 30, 2021 In millions of dollars Corporate Total AFS Allowance for credit losses at beginning of period $ 5 $ 5 Gross write-offs — — Gross recoveries — — Net credit losses (NCLs) $ — $ — NCLs $ — $ — Credit losses on securities without previous credit losses — — Net reserve builds (releases) on securities with previous credit losses — — Total provision for credit losses $ — $ — Initial allowance on newly purchased credit-deteriorated securities during the period — — Allowance for credit losses at end of period $ 5 $ 5 Six Months Ended June 30, 2021 In millions of dollars Corporate Total AFS Allowance for credit losses at beginning of period $ 5 $ 5 Gross write-offs — — Gross recoveries — — Net credit losses (NCLs) $ — $ — NCLs $ — $ — Credit losses on securities without previous credit losses — — Net reserve builds (releases) on securities with previous credit losses — — Total provision for credit losses $ — $ — 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 June 30, 2022 and December 31, 2021: In millions of dollars June 30, 2022 December 31, 2021 Measurement alternative: Carrying value $ 1,670 $ 1,413 Below are amounts recognized in earnings and life-to-date amounts for non-marketable equity securities measured using the measurement alternative: Three Months Ended June 30, Six Months Ended June 30, In millions of dollars 2022 2021 2022 2021 Measurement alternative: (1) Impairment losses $ 6 $ 4 $ 6 $ 4 Downward changes for observable prices — — — — Upward changes for observable prices 48 215 134 296 (1) See Note 20 for additional information on these nonrecurring fair value measurements. Life-to-date amounts on securities still held In millions of dollars June 30, 2022 Measurement alternative: Impairment losses $ 86 Downward changes for observable prices 3 Upward changes for observable prices 824 |
Investments in alternative investment funds | Fair value Unfunded Redemption frequency Redemption In millions of dollars June 30, December 31, 2021 June 30, December 31, 2021 Private equity funds (1)(2) $ 118 $ 123 $ 60 $ 60 N/A N/A Real estate funds (2)(3) 1 2 1 1 N/A N/A Mutual/collective investment funds 22 20 — — N/A N/A Total $ 141 $ 145 $ 61 $ 61 N/A N/A (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. N/A Not applicable |
LOANS (Tables)
LOANS (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Consumer | |
Financing Receivable, Credit Quality Indicator [Line Items] | |
Schedule of loan delinquency and non-accrual details | Consumer Loans, Delinquencies and Non-Accrual Status In millions of dollars at June 30, 2022 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) $ 87,675 $ 341 $ 363 $ 283 $ 88,662 $ 83 $ 467 $ 550 $ 179 Home equity loans (8)(9) 4,892 29 153 — 5,074 57 183 240 — Credit cards 135,454 1,009 949 — 137,412 — — — 949 Personal, small business and other (10) 39,320 72 25 19 39,436 2 14 16 26 Total $ 267,341 $ 1,451 $ 1,490 $ 302 $ 270,584 $ 142 $ 664 $ 806 $ 1,154 In offices outside North America (6) Residential mortgages (7)(9) $ 27,988 $ 50 $ 91 $ — $ 28,129 $ — $ 290 $ 290 $ 10 Credit cards 11,610 123 125 — 11,858 — 98 98 52 Personal, small business and other (10) 44,860 104 70 — 45,034 — 186 186 — Total $ 84,458 $ 277 $ 286 $ — $ 85,021 $ — $ 574 $ 574 $ 62 Total Citigroup (11) $ 351,799 $ 1,728 $ 1,776 $ 302 $ 355,605 $ 142 $ 1,238 $ 1,380 $ 1,216 (1) Loans less than 30 days past due are presented as current. (2) Includes $8 million of residential first mortgages recorded at fair value. (3) Excludes loans guaranteed by U.S. government-sponsored agencies. Excludes delinquencies on $33.9 billion and $20.9 billion of classifiably managed Private bank loans in North America and outside of North America, respectively. (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). (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 $0.2 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 and $0.0 billion of residential first mortgage loans in process of foreclosure in North America and outside of North America, respectively, and $19.6 billion of residential mortgages outside of North America related to the Global Wealth business. (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) Includes loans related to the Global Wealth business: $36.3 billion in North America, approximately $33.9 billion of which are classifiably managed, and as of June 30, 2022 approximately 95% were rated investment grade; and $30.6 billion outside of North America, approximately $20.9 billion of which are classifiably managed, and as of June 30, 2022 approximately 93% were rated investment grade. The classifiably managed portion of these loans is shown as “current” because the delinquency status is not applicable, since these loans are primarily evaluated for credit risk based on their internal risk classification. (11) Consumer loans are net of unearned income of $631 million. Unearned income on consumer loans primarily represents unamortized origination fees and costs, premiums and discounts. Consumer Loans, Delinquencies and Non-Accrual Status In millions of dollars at December 31, 2021 Total current (1)(2) 30–89 days past due (3)(4)(5) ≥ 90 days past due (3)(4)(5) Past due government guaranteed (5)(6) 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 (7) Residential first mortgages (8) $ 82,087 $ 381 $ 499 $ 394 $ 83,361 $ 134 $ 559 $ 693 $ 282 Home equity loans (9)(10) 5,546 43 156 — 5,745 64 221 285 — Credit cards 132,050 947 871 — 133,868 — — — 871 Personal, small business and other (11) 40,533 126 16 38 40,713 2 70 72 30 Total $ 260,216 $ 1,497 $ 1,542 $ 432 $ 263,687 $ 200 $ 850 $ 1,050 $ 1,183 In offices outside North America (7) Residential mortgages (8) $ 37,566 $ 165 $ 158 $ — $ 37,889 $ — $ 409 $ 409 $ 10 Credit cards 17,428 192 188 — 17,808 — 140 140 133 Personal, small business and other (11) 56,930 145 75 — 57,150 — 227 227 — Total $ 111,924 $ 502 $ 421 $ — $ 112,847 $ — $ 776 $ 776 $ 143 Total Citigroup (12) $ 372,140 $ 1,999 $ 1,963 $ 432 $ 376,534 $ 200 $ 1,626 $ 1,826 $ 1,326 (1) Loans less than 30 days past due are presented as current. (2) Includes $12 million of residential first mortgages recorded at fair value. (3) Excludes loans guaranteed by U.S. government-sponsored agencies. Excludes $35.3 billion and $24.5 billion of classifiably managed Private bank loans in North America and outside of North America, respectively. (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). (5) Conformed to be consistent with the current period’s delineation between delinquency-managed and classifiably managed loans. (6) 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. (7) North America includes the U.S., Canada and Puerto Rico. Mexico is included in offices outside North America. (8) Includes approximately $0.1 billion of residential first mortgage loans in process of foreclosure, and $19.8 billion of residential mortgages outside of North America related to the Global Wealth reporting unit. (9) Includes approximately $0.1 billion of home equity loans in process of foreclosure. (10) Fixed-rate home equity loans and loans extended under home equity lines of credit, which are typically in junior lien positions. (11) Includes loans related to the Global Wealth business: $37.9 billion in North America, approximately $35.3 billion of which are classifiably managed, and as of December 31, 2021 approximately 95% were rated investment grade; and $34.6 billion outside of North America, approximately $24.5 billion of which are classifiably managed and as of December 31, 2021 94% of these loans were rated investment grade. The classifiably managed portion of these loans is shown as “current” because the delinquency status is not applicable, since these loans are primarily evaluated for credit risk based on their internal risk classification. (12) Consumer loans are net of unearned income of $629 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 June 30, 2022 Three Months Ended June 30, 2021 Six Months Ended June 30, 2022 Six Months Ended June 30, 2021 In North America offices (1) Residential first mortgages $ 3 $ 3 $ 6 $ 7 Home equity loans 1 2 2 4 Credit cards — — — — Personal, small business and other 1 — 1 — Total $ 5 $ 5 $ 9 $ 11 In offices outside North America (1) Residential mortgages $ — $ — $ — $ — Credit cards — — — — Personal, small business and other — — — — Total $ — $ — $ — $ — Total Citigroup $ 5 $ 5 $ 9 $ 11 (1) North America includes the U.S., Canada and Puerto Rico. Mexico is included in offices outside North America. |
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. For Citi’s $86.6 billion and $114.3 billion in the consumer loan portfolio outside of the U.S. as of June 30, 2022 and December 31, 2021, respectively, various country-specific or regional credit risk metrics and acquisition and behavior scoring models are leveraged as one of the factors to evaluate the credit quality of customers (for additional information on loans outside of the U.S., see “Consumer Loans and Ratios Outside of North America” below). As a result, details of relevant credit quality indicators for those loans are not comparable to the below FICO score distribution for the U.S. portfolio. FICO score distribution — U.S. portfolio (1)(2) June 30, 2022 In millions of dollars Less than 680 Greater Classifiably managed (3) FICO not available (4) Total loans Residential first mortgages 2022 $ 293 $ 3,639 $ 7,637 2021 728 6,387 12,488 2020 485 4,978 10,931 2019 322 2,772 5,504 2018 375 1,067 2,004 Prior 2,175 7,012 13,549 Total residential first mortgages $ 4,378 $ 25,855 $ 52,113 $ — $ 6,316 $ 88,662 Home equity loans (pre-reset) $ 240 $ 965 $ 1,344 Home equity loans (post-reset) 541 934 1,010 Total home equity loans $ 781 $ 1,899 $ 2,354 $ — $ 40 $ 5,074 Credit cards (5) $ 24,233 $ 53,858 $ 56,987 $ — $ 1,776 $ 136,854 Personal, small business and other 2022 $ 65 $ 185 $ 302 2021 94 221 308 2020 18 29 44 2019 30 36 45 2018 19 20 21 Prior 121 188 158 Total personal, small business and other (6) $ 347 $ 679 $ 878 $ 33,935 $ 2,618 $ 38,457 Total $ 29,739 $ 82,291 $ 112,332 $ 33,935 $ 10,750 $ 269,047 FICO score distribution — U.S. portfolio (1)(2) December 31, 2021 In millions of dollars Less than 680 Greater Classifiably managed (3) FICO not available (4) Total Residential first mortgages 2021 $ 626 $ 6,729 $ 12,349 2020 508 5,102 12,153 2019 373 3,074 6,167 2018 394 1,180 2,216 2017 343 1,455 2,568 Prior 2,053 6,540 12,586 Total residential first mortgages $ 4,297 $ 24,080 $ 48,039 $ — $ 6,945 $ 83,361 Home equity loans (pre-reset) $ 263 $ 1,030 $ 1,539 Home equity loans (post-reset) 639 1,047 1,160 Total home equity loans $ 902 $ 2,077 $ 2,699 $ — $ 67 $ 5,745 Credit cards (5) $ 23,115 $ 52,907 $ 55,137 $ — $ 2,192 $ 133,351 Personal, small business and other 2021 $ 59 $ 201 $ 319 2020 22 41 64 2019 42 53 68 2018 34 35 37 2017 7 8 9 Prior 120 179 143 Total personal, small business and other (6) $ 284 $ 517 $ 640 $ 35,324 $ 3,041 $ 39,806 Total $ 28,598 $ 79,581 $ 106,515 $ 35,324 $ 12,245 $ 262,263 (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) These personal, small business and other loans without a FICO score available include $33.9 billion and $35.3 billion of Private bank loans as of June 30, 2022 and December 31, 2021, respectively, which are classifiably managed within Global Wealth and are primarily evaluated for credit risk based on their internal risk ratings. As of June 30, 2022 and December 31, 2021, approximately 95% and 95% of these loans, respectively, were rated investment grade. (4) FICO scores not available related to loans guaranteed by government-sponsored enterprises for which FICO scores are generally not utilized. (5) Excludes $558 million and $517 million of balances related to Canada for June 30, 2022 and December 31, 2021, respectively. (6) Excludes $979 million and $907 million of balances related to Canada for June 30, 2022 and December 31, 2021, respectively. The following tables provide details on the LTV ratios for Citi’s U.S. consumer mortgage portfolio 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 — U.S. portfolio June 30, 2022 In millions of dollars Less than > 80% but less Greater LTV not available Total Residential first mortgages 2022 $ 9,773 $ 2,176 $ 13 2021 19,616 1,078 31 2020 17,437 205 — 2019 9,142 129 29 2018 3,777 92 10 Prior 23,993 198 85 Total residential first mortgages (1) $ 83,738 $ 3,878 $ 168 $ 878 $ 88,662 Home equity loans (pre-reset) $ 2,389 $ 32 $ 63 Home equity loans (post-reset) 2,415 28 31 Total home equity loans $ 4,804 $ 60 $ 94 $ 116 $ 5,074 Total $ 88,542 $ 3,938 $ 262 $ 994 $ 93,736 LTV distribution — U.S. portfolio December 31, 2021 In millions of dollars Less than > 80% but less Greater LTV not available Total Residential first mortgages 2021 $ 18,107 $ 2,723 $ 34 2020 18,715 446 — 2019 10,047 269 29 2018 4,117 136 11 2017 4,804 103 4 Prior 22,161 128 14 Total residential first mortgages (1) $ 77,951 $ 3,805 $ 92 $ 1,513 $ 83,361 Home equity loans (pre-reset) $ 2,637 $ 46 $ 69 Home equity loans (post-reset) 2,751 52 32 Total home equity loans $ 5,388 $ 98 $ 101 $ 158 $ 5,745 Total $ 83,339 $ 3,903 $ 193 $ 1,671 $ 89,106 (1) Residential first mortgages with no LTV information available are primarily due to government-guaranteed loans that do not require LTV information for credit risk assessment and fair value loans. The following tables provide details on the LTV ratios for Citi’s consumer mortgage portfolio outside of the U.S. by year of origination. LTV distribution — outside of U.S. portfolio (1) June 30, 2022 In millions of dollars Less than > 80% but less Greater LTV not available Total Residential mortgages 2022 $ 1,684 $ 431 $ 21 2021 4,685 913 3 2020 4,189 267 — 2019 3,537 71 1 2018 2,448 7 — Prior 9,791 40 12 Total $ 26,334 $ 1,729 $ 37 $ 29 $ 28,129 LTV distribution — outside of U.S. portfolio (1) December 31, 2021 In millions of dollars Less than > 80% but less Greater LTV not available Total Residential mortgages 2021 $ 6,334 $ 989 $ — 2020 5,996 292 — 2019 5,293 116 1 2018 3,729 32 — 2017 2,739 38 — Prior 12,190 102 14 Total $ 36,281 $ 1,569 $ 15 $ 24 $ 37,889 (1) Mortgage portfolios outside of the U.S. are primarily in Global Wealth. As of June 30, 2022 and December 31, 2021, mortgage portfolios outside of the U.S. have an average LTV of approximately 47% and 46%, respectively. Consumer Loans and Ratios Outside of North America Delinquency-managed loans and ratios In millions of dollars at June 30, 2022 Total loans outside of North America (1) Classifiably managed loans (2) Delinquency-managed loans 30–89 ≥ 90 days past due ratio 2Q22 NCL ratio 2Q21 NCL ratio Residential mortgages (3) $ 28,129 $ — $ 28,129 0.18 % 0.32 % 0.04 % 0.10 % Credit cards 11,858 — 11,858 1.04 1.05 3.08 5.09 Personal, small business and other (4) 45,034 20,889 24,145 0.43 0.29 0.55 1.04 Total $ 85,021 $ 20,889 $ 64,132 0.43 % 0.45 % 0.72 % 1.39 % Delinquency-managed loans and ratios In millions of dollars at December 31, 2021 Total loans outside of North America (1) Classifiably managed loans (2) Delinquency-managed loans 30–89 ≥ 90 days past due ratio Residential mortgages (3) $ 37,889 $ — $ 37,889 0.44 % 0.42 % Credit cards 17,808 — 17,808 1.08 1.06 Personal, small business and other (4) 57,150 24,482 32,668 0.44 0.23 Total $ 112,847 $ 24,482 $ 88,365 0.57 % 0.48 % (1) Mexico is included in offices outside North America. (2) Classifiably managed loans are primarily evaluated for credit risk based on their internal risk classification. As of June 30, 2022 and December 31, 2021, approximately 93% and 94% of these loans, respectively, were rated investment grade. (3) Includes $19.6 billion and $19.8 billion as of June 30, 2022 and December 31, 2021, respectively, of residential mortgages related to the Global Wealth business. (4) Includes $30.6 billion and $34.6 billion as of June 30, 2022 and December 31, 2021, respectively, of loans related to the Global Wealth business. |
Schedule of impaired loans | The following tables present information about impaired consumer loans and interest income recognized on impaired consumer loans: Three Months Ended Six Months Ended Balance at June 30, 2022 2022 2021 2022 2021 In millions of dollars Recorded investment (1)(2) Unpaid Related specific allowance (3)(4) Average carrying value (5) Interest income (6) Interest income (6) Interest income (6) Interest income (6) Mortgage and real estate Residential first mortgages $ 1,179 $ 1,290 $ 56 $ 1,382 $ 49 $ 21 $ 71 $ 44 Home equity loans 274 344 (8) 248 2 3 5 5 Credit cards 1,227 1,229 463 1,450 15 33 33 68 Personal, small business and other 127 149 39 295 4 15 7 27 Total $ 2,807 $ 3,012 $ 550 $ 3,375 $ 70 $ 72 $ 116 $ 144 Balance at December 31, 2021 In millions of dollars Recorded investment (1)(2) Unpaid Related specific allowance (3)(4) Average carrying value (5) Mortgage and real estate Residential first mortgages $ 1,521 $ 1,595 $ 87 $ 1,564 Home equity loans 191 344 (1) 336 Credit cards 1,582 1,609 594 1,795 Personal, small business and other 454 461 133 505 Total $ 3,748 $ 4,009 $ 813 $ 4,200 (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) At June 30, 2022, $182 million of residential first mortgages and $84 million of home equity loans do not have a specific allowance. At December 31, 2021, $190 million of residential first mortgages and $94 million of home equity loans do not have a specific allowance because they are accounted for based on collateral value, and that value is in excess of the outstanding loan balance. (3) Included in the Allowance for credit losses on loans . (4) The negative allowance on home equity loans resulted from expected recoveries on previously written-off accounts. (5) Average carrying value represents the average recorded investment ending balance for the last four quarters and does not include the related specific allowance. |
Schedule of troubled debt restructurings | Consumer Troubled Debt Restructurings (1) For the Three Months Ended June 30, 2022 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 279 $ 56 $ — $ — $ — — % Home equity loans 103 7 — — — — Credit cards 36,820 157 — — — 18 Personal, small business and other 105 1 — — — 5 Total (7) 37,307 $ 221 $ — $ — $ — International Residential mortgages 110 $ 4 $ — $ — $ — — % Credit cards 3,462 13 — — 27 Personal, small business and other 595 7 — — — 8 Total (7) 4,167 $ 24 $ — $ — $ — For the Six Months Ended June 30, 2022 In millions of dollars, except number of loans modified Number of Post- (2)(8) Deferred (4) Contingent (5) Principal (6) Average North America Residential first mortgages 625 $ 137 $ — $ — $ — — % Home equity loans 207 16 — — — — Credit cards 77,560 330 — — — 17 Personal, small business and other 251 2 — — — 5 Total (7) 78,643 $ 485 $ — $ — $ — International Residential first mortgages 293 $ 10 $ — $ — $ — — % Credit cards 8,462 35 — — 1 23 Personal, small business and other 1,267 16 — — 8 Total (7) 10,022 $ 61 $ — $ — $ 1 For the Three Months Ended June 30, 2021 In millions of dollars, except number of loans modified Number of Post- modification recorded investment (2)(3) Deferred principal (4) Contingent principal forgiveness (5) Principal forgiveness (6) Average North America Residential first mortgages 334 $ 60 $ — $ — $ — — % Home equity loans 53 4 — — — — Credit cards 36,337 181 — — — 17 Personal, small business and other 225 3 — — — 3 Total (7) 36,949 $ 248 $ — $ — $ — International Residential mortgages 530 $ 28 $ — $ — $ — 1 % Credit cards 18,297 94 — — 1 12 Personal, small business and other 6,780 57 — — 2 10 Total (7) 25,607 $ 179 $ — $ — $ 3 For the Six Months Ended June 30, 2021 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 670 $ 120 $ — $ — $ — — % Home equity loans 112 10 — — — Credit cards 95,383 481 — — — 17 Personal, small business and other 686 10 — — — 3 Total (7 ) 96,851 $ 621 $ — $ — $ — International Residential first mortgages 997 $ 52 $ — $ — $ — 1 % Credit cards 42,896 196 — — 8 14 Personal, small business and other 14,318 115 — — 4 10 Total (7) 58,211 $ 363 $ — $ — $ 12 (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 $0.4 million and $4 million of residential first mortgages to borrowers who have gone through Chapter 7 bankruptcy in the three months ended June 30, 2022 and June 30, 2021, respectively. These amounts include $0.4 million and $1 million of residential first mortgages that were newly classified as TDRs in the three months ended June 30, 2022 and June 30, 2021, respectively, 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 and $7 million of residential first mortgages to borrowers who have gone through Chapter 7 bankruptcy in the six months ended June 30, 2022 and June 30, 2021, respectively. These amounts include $2 million and $2 million of residential first mortgages that were newly classified as TDRs in the six months ended June 30, 2022 and June 30, 2021, respectively, 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 June 30, Six Months Ended June 30, In millions of dollars 2022 2021 2022 2021 North America Residential first mortgages $ 13 $ 15 $ 17 $ 33 Home equity loans 2 3 2 7 Credit cards 59 73 116 136 Personal, small business and other — 1 — 2 Total $ 74 $ 92 $ 135 $ 178 International Residential mortgages $ 3 $ 10 $ 7 $ 22 Credit cards 3 45 7 97 Personal, small business and other 1 36 2 58 Total $ 7 $ 91 $ 16 $ 177 Purchased Credit-Deteriorated Assets Three Months Ended Three Months Ended Three Months Ended In millions of dollars Credit Mortgages (1) Installment Credit Mortgages (1) Installment Credit Mortgages (1) Installment Purchase price $ — $ 3 $ — $ — $ 4 $ — $ — $ 10 $ — Allowance for credit losses at acquisition date — — — — — — — — — Discount or premium attributable to non-credit factors — — — — — — — — — Par value (amortized cost basis) $ — $ 3 $ — $ — $ 4 $ — $ — $ 10 $ — (1) Includes loans sold to agencies that were bought back at par due to repurchase agreements. |
Corporate | |
Financing Receivable, Credit Quality Indicator [Line Items] | |
Schedule of loan delinquency and non-accrual details | Corporate Loan Delinquencies and Non-Accrual Details at June 30, 2022 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 $ 919 $ 358 $ 1,277 $ 1,407 $ 158,654 $ 161,338 Financial institutions 304 162 466 78 69,904 70,448 Mortgage and real estate 11 20 31 77 21,653 21,761 Lease financing — — — 11 421 432 Other 86 29 115 82 43,024 43,221 Loans at fair value 4,528 Total $ 1,320 $ 569 $ 1,889 $ 1,655 $ 293,656 $ 301,728 Corporate Loan Delinquencies and Non-Accrual Details at December 31, 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 $ 1,072 $ 239 $ 1,311 $ 1,263 $ 144,430 $ 147,004 Financial institutions 320 166 486 2 71,279 71,767 Mortgage and real estate 1 1 2 136 20,153 20,291 Lease financing — — — 14 441 455 Other 77 19 96 138 45,412 45,646 Loans at fair value 6,070 Total $ 1,470 $ 425 $ 1,895 $ 1,553 $ 281,715 $ 291,233 (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) June 30, In millions of dollars 2022 2021 2020 2019 2018 Prior Investment grade (3) Commercial and industrial (4) $ 43,233 $ 7,890 $ 4,305 $ 4,009 $ 3,268 $ 9,500 $ 39,383 $ 111,588 Financial institutions (4) 9,239 5,787 1,434 1,172 828 1,636 39,935 60,031 Mortgage and real estate 2,363 3,323 3,881 3,256 1,640 2,148 277 16,888 Other (5) 6,049 2,752 2,228 1,027 2,177 5,244 18,476 37,953 Total investment grade $ 60,884 $ 19,752 $ 11,848 $ 9,464 $ 7,913 $ 18,528 $ 98,071 $ 226,460 Non-investment grade (3) Accrual Commercial and industrial (4) $ 14,009 $ 5,880 $ 2,167 $ 1,601 $ 1,511 $ 4,752 $ 18,423 $ 48,343 Financial institutions (4) 5,092 1,111 252 341 57 494 2,992 10,339 Mortgage and real estate 196 853 519 860 995 994 379 4,796 Other (5) 886 712 374 449 224 298 2,664 5,607 Non-accrual Commercial and industrial (4) 160 110 313 133 82 148 461 1,407 Financial institutions 41 35 — — — — 2 78 Mortgage and real estate 6 1 1 — — 23 46 77 Other (5) 30 5 3 9 17 12 17 93 Total non-investment grade $ 20,420 $ 8,707 $ 3,629 $ 3,393 $ 2,886 $ 6,721 $ 24,984 $ 70,740 Loans at fair value (6) $ 4,528 Corporate loans, net of unearned income $ 81,304 $ 28,459 $ 15,477 $ 12,857 $ 10,799 $ 25,249 $ 123,055 $ 301,728 Recorded investment in loans (1) Term loans by year of origination Revolving line of credit arrangements (2) December 31, 2021 In millions of dollars 2021 2020 2019 2018 2017 Prior Investment grade (3) Commercial and industrial (4) $ 42,422 $ 5,529 $ 4,642 $ 3,757 $ 2,911 $ 8,392 $ 30,588 $ 98,241 Financial institutions (4) 12,862 1,678 1,183 1,038 419 1,354 43,630 62,164 Mortgage and real estate 2,423 3,660 3,332 2,015 1,212 1,288 141 14,071 Other (5) 9,037 3,099 1,160 2,789 330 4,601 18,727 39,743 Total investment grade $ 66,744 $ 13,966 $ 10,317 $ 9,599 $ 4,872 $ 15,635 $ 93,086 $ 214,219 Non-investment grade (3) Accrual Commercial and industrial (4) $ 16,783 $ 2,281 $ 2,343 $ 2,024 $ 1,412 $ 3,981 $ 18,676 $ 47,500 Financial institutions (4) 4,325 347 567 101 71 511 3,679 9,601 Mortgage and real estate 1,275 869 1,228 1,018 493 586 615 6,084 Other (5) 1,339 349 554 364 119 245 3,236 6,206 Non-accrual Commercial and industrial (4) 53 119 64 104 94 117 712 1,263 Financial institutions — — — — — — 2 2 Mortgage and real estate 11 8 2 49 10 25 31 136 Other (5) 19 5 19 19 — 90 — 152 Total non-investment grade $ 23,805 $ 3,978 $ 4,777 $ 3,679 $ 2,199 $ 5,555 $ 26,951 $ 70,944 Loans at fair value (6) $ 6,070 Corporate loans, net of unearned income $ 90,549 $ 17,944 $ 15,094 $ 13,278 $ 7,071 $ 21,190 $ 120,037 $ 291,233 (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) Loans at fair value include loans to commercial and industrial, financial institutions, mortgage and real estate and other. |
Schedule of impaired loans | The following tables present non-accrual loan information by corporate loan type and interest income recognized on non-accrual corporate loans: June 30, 2022 Three Months Ended Six 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 $ 1,407 $ 2,042 $ 518 $ 1,485 $ 10 $ 18 Financial institutions 78 137 35 36 — — Mortgage and real estate 77 77 1 129 — 2 Lease financing 11 11 — 15 — — Other 82 134 6 134 1 3 Total non-accrual corporate loans $ 1,655 $ 2,401 $ 560 $ 1,799 $ 11 $ 23 December 31, 2021 In millions of dollars Recorded investment (1) Unpaid Related specific Average carrying value (2) Non-accrual corporate loans Commercial and industrial $ 1,263 $ 1,858 $ 198 $ 1,839 Financial institutions 2 55 — 4 Mortgage and real estate 136 285 10 163 Lease financing 14 14 — 21 Other 138 165 4 134 Total non-accrual corporate loans $ 1,553 $ 2,377 $ 212 $ 2,161 June 30, 2022 December 31, 2021 In millions of dollars Recorded investment (1) Related specific Recorded investment (1) Related specific Non-accrual corporate loans with specific allowances Commercial and industrial $ 1,052 $ 518 $ 637 $ 198 Financial institutions 35 35 — — Mortgage and real estate 9 1 29 10 Other 20 6 37 4 Total non-accrual corporate loans with specific allowances $ 1,116 $ 560 $ 703 $ 212 Non-accrual corporate loans without specific allowances Commercial and industrial $ 355 N/A $ 626 N/A Financial institutions 43 N/A 2 N/A Mortgage and real estate 68 N/A 107 N/A Lease financing 11 N/A 14 N/A Other 62 N/A 101 N/A Total non-accrual corporate loans without specific allowances $ 539 N/A $ 850 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 six months ended June 30, 2021 was $15 million and $31 million, respectively. N/A Not applicable |
Schedule of troubled debt restructurings | In millions of dollars Carrying value of TDRs modified during the period TDRs involving changes in the amount and/or timing of principal payments (2) TDRs involving changes in the amount and/or timing of interest payments (3) TDRs Three Months Ended June 30, 2022 Commercial and industrial $ 3 $ — $ — $ 3 Other 23 — — 23 Total $ 26 $ — $ — $ 26 Six Months Ended June 30, 2022 Commercial and industrial $ 15 $ — $ — $ 15 Other 23 1 — 22 Total $ 38 $ 1 $ — $ 37 For the Three and Six Months Ended June 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 June 30, 2021 Commercial and industrial $ 52 $ — $ — $ 52 Mortgage and real estate 5 — — 5 Other — — — — Total $ 57 $ — $ — $ 57 Six Months Ended June 30, 2021 Commercial and industrial $ 73 $ — $ — $ 73 Mortgage and real estate 6 — — 6 Other 1 1 — — Total $ 80 $ 1 $ — $ 79 (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 Six Months Ended TDR Three Months Ended Six Months Ended Commercial and industrial $ 148 $ — $ — $ 298 $ — $ — Mortgage and real estate 16 — — 80 — — Other 39 — — 38 — — Total (1) $ 203 $ — $ — $ 416 $ — $ — (1) The above table reflects activity for loans outstanding that were considered TDRs as of the end of the reporting period. |
Schedule of corporate loans by type | The following table presents information by corporate loan type: In millions of dollars June 30, December 31, In North America offices (1) Commercial and industrial $ 55,823 $ 48,364 Financial institutions 46,088 49,804 Mortgage and real estate (2) 17,359 15,965 Installment and other 20,466 20,143 Lease financing 379 415 Total $ 140,115 $ 134,691 In offices outside North America (1) Commercial and industrial $ 108,274 $ 102,735 Financial institutions 24,654 22,158 Mortgage and real estate (2) 4,455 4,374 Installment and other 19,862 22,812 Lease financing 53 40 Governments and official institutions 4,315 4,423 Total $ 161,613 $ 156,542 Corporate loans, net of unearned income (3) $ 301,728 $ 291,233 (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 ($759) million and ($770) million at June 30, 2022 and December 31, 2021, respectively. Unearned income on corporate loans primarily represents interest received in advance, but not yet earned, on loans originated on a discounted basis. |
ALLOWANCE FOR CREDIT LOSSES (Ta
ALLOWANCE FOR CREDIT LOSSES (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Loans and Leases Receivable Disclosure [Abstract] | |
Schedule of allowance for credit losses and investment in loans by portfolio segment | Three Months Ended June 30, Six Months Ended June 30, In millions of dollars 2022 2021 2022 2021 Allowance for credit losses on loans (ACLL) at beginning of period $ 15,393 $ 21,638 $ 16,455 $ 24,956 Adjusted ACLL at beginning of period $ 15,393 $ 21,638 $ 16,455 $ 24,956 Gross credit losses on loans $ (1,212) $ (1,844) $ (2,452) $ (4,052) Gross recoveries on loans 362 524 730 984 Net credit losses on loans (NCLs) $ (850) $ (1,320) $ (1,722) $ (3,068) Replenishment of NCLs $ 850 $ 1,320 $ 1,722 $ 3,068 Net reserve builds (releases) for loans 520 (2,184) (260) (5,252) Net specific reserve builds (releases) for loans 14 (262) 182 (421) Total provision for credit losses on loans (PCLL) $ 1,384 $ (1,126) $ 1,644 $ (2,605) Other, net (see table below) 25 46 (425) (45) ACLL at end of period $ 15,952 $ 19,238 $ 15,952 $ 19,238 Allowance for credit losses on unfunded lending commitments (ACLUC) at beginning of period (1) $ 2,343 $ 2,012 $ 1,871 $ 2,655 Provision (release) for credit losses on unfunded lending commitments (159) 44 315 (582) Other, net 9 17 7 — ACLUC at end of period (1) $ 2,193 $ 2,073 $ 2,193 $ 2,073 Total allowance for credit losses on loans, leases and unfunded lending commitments (2) $ 18,145 $ 21,311 $ 18,145 $ 21,311 Other, net details Three Months Ended June 30, Six Months Ended June 30, In millions of dollars 2022 2021 2022 2021 Reclasses of consumer ACLL to HFS (3) $ — $ — $ (350) $ — FX translation and other 25 46 (75) (45) Other, net $ 25 $ 46 $ (425) $ (45) (1) Represents additional credit loss reserves for unfunded lending commitments and letters of credit recorded in Other liabilities on the Consolidated Balance Sheet. (2) See below for ACL on HTM debt securities and Other assets . (3) See Note 2. Allowance for Credit Losses on Loans and End-of-Period Loans Three Months Ended June 30, 2022 June 30, 2021 In millions of dollars Corporate Consumer Total Corporate Consumer Total ACLL at beginning of period $ 3,025 $ 12,368 $ 15,393 $ 3,542 $ 18,096 $ 21,638 Charge-offs (57) (1,155) (1,212) (137) (1,707) (1,844) Recoveries 34 328 362 60 464 524 Replenishment of NCLs 23 827 850 77 1,243 1,320 Net reserve builds (releases) (128) 648 520 (751) (1,433) (2,184) Net specific reserve builds (releases) 49 (35) 14 (112) (150) (262) Other 23 2 25 (7) 53 46 Ending balance $ 2,969 $ 12,983 $ 15,952 $ 2,672 $ 16,566 $ 19,238 Six Months Ended June 30, 2022 June 30, 2021 In millions of dollars Corporate Consumer Total Corporate Consumer Total ACLL at beginning of period $ 2,415 $ 14,040 $ 16,455 $ 4,776 $ 20,180 $ 24,956 Charge-offs (105) (2,347) (2,452) (336) (3,716) (4,052) Recoveries 51 679 730 74 910 984 Replenishment of NCLs 54 1,668 1,722 262 2,806 3,068 Net reserve builds (releases) 249 (509) (260) (1,944) (3,308) (5,252) Net specific reserve builds (releases) 273 (91) 182 (146) (275) (421) Other 32 (457) (425) (14) (31) (45) Ending balance $ 2,969 $ 12,983 $ 15,952 $ 2,672 $ 16,566 $ 19,238 June 30, 2022 December 31, 2021 In millions of dollars Corporate Consumer Total Corporate Consumer Total ACLL Collectively evaluated $ 2,409 $ 12,431 $ 14,840 $ 2,203 $ 13,227 $ 15,430 Individually evaluated 560 550 1,110 212 813 1,025 Purchased credit deteriorated — 2 2 — — — Total ACLL $ 2,969 $ 12,983 $ 15,952 $ 2,415 $ 14,040 $ 16,455 Loans, net of unearned income Collectively evaluated $ 295,545 $ 352,683 $ 648,228 $ 283,610 $ 372,655 $ 656,265 Individually evaluated 1,655 2,807 4,462 1,553 3,748 5,301 Purchased credit deteriorated — 107 107 — 119 119 Held at fair value 4,528 8 4,536 6,070 12 6,082 Total loans, net of unearned income $ 301,728 $ 355,605 $ 657,333 $ 291,233 $ 376,534 $ 667,767 |
Schedule of allowance for credit losses on held-to-maturity securities | Allowance for Credit Losses on HTM Debt Securities Three Months Ended June 30, 2022 In millions of dollars Mortgage-backed State and municipal Foreign government Asset-backed Total HTM Allowance for credit losses on HTM debt securities $ 4 $ 79 $ 2 $ — $ 85 Gross credit losses — — — — — Gross recoveries — — — — — Net credit losses (NCLs) $ — $ — $ — $ — $ — Replenishment of NCLs $ — $ — $ — $ — $ — Net reserve builds (releases) (2) 14 1 7 20 Net specific reserve builds (releases) — — — — — Total provision for credit losses on HTM debt securities $ (2) $ 14 $ 1 $ 7 $ 20 Allowance for credit losses on HTM debt securities $ 2 $ 93 $ 3 $ 7 $ 105 Six Months Ended June 30, 2022 In millions of dollars Mortgage-backed State and municipal Foreign government Asset-backed Total HTM Allowance for credit losses on HTM debt securities $ 6 $ 75 $ 4 $ 2 $ 87 Gross credit losses — — — — — Gross recoveries — — — — — Net credit losses (NCLs) $ — $ — $ — $ — $ — Replenishment of NCLs $ — $ — $ — $ — $ — Net reserve builds (releases) (4) 18 (1) 5 18 Net specific reserve builds (releases) — — — — — Total provision for credit losses on HTM debt securities $ (4) $ 18 $ (1) $ 5 $ 18 Allowance for credit losses on HTM debt securities $ 2 $ 93 $ 3 $ 7 $ 105 Allowance for Credit Losses on HTM Debt Securities Three Months Ended June 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 $ 4 $ 69 $ 5 $ — $ 78 Gross credit losses — — — — — Gross recoveries — — — — — Net credit losses (NCLs) $ — $ — $ — $ — $ — Replenishment of NCLs $ — $ — $ — $ — $ — Net reserve builds (releases) 1 3 — — 4 Net specific reserve builds (releases) — — — — — Total provision for credit losses on HTM debt securities $ 1 $ 3 $ — $ — $ 4 Other, net $ — $ — $ — $ 1 $ 1 Allowance for credit losses on HTM debt securities $ 5 $ 72 $ 5 $ 1 $ 83 Six Months Ended June 30, 2021 In millions of dollars Mortgage-backed State and municipal Foreign government Asset- Total HTM Allowance for credit losses on HTM debt securities $ 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 2 (2) (1) (3) (4) Net specific reserve builds (releases) — — — — — Total provision for credit losses on HTM debt securities $ (1) $ (2) $ (1) $ (3) $ (7) Other, net $ — $ — $ — $ 1 $ 1 Allowance for credit losses on HTM debt securities $ 5 $ 72 $ 5 $ 1 $ 83 |
Schedule of allowance for credit losses on other assets | Allowance for Credit Losses on Other Assets Three Months Ended June 30, 2022 In millions of dollars Deposits with banks Securities borrowed and purchased under agreements Brokerage receivables All other assets (1) Total Allowance for credit losses on other assets $ 15 $ 4 $ — $ 24 $ 43 Gross credit losses — — — (8) (8) Gross recoveries — — — 2 2 Net credit losses (NCLs) $ — $ — $ — $ (6) $ (6) Replenishment of NCLs $ — $ — $ — $ 6 $ 6 Net reserve builds (releases) 2 (8) — 7 1 Total provision for credit losses $ 2 $ (8) $ — $ 13 $ 7 Other, net (2) $ — $ 31 $ — $ (1) $ 30 Allowance for credit losses on other assets $ 17 $ 27 $ — $ 30 $ 74 Six Months Ended June 30, 2022 In millions of dollars Deposits with banks Securities borrowed and purchased under agreements Brokerage receivables All other assets (1) Total Allowance for credit losses on other assets $ 21 $ 6 $ — $ 26 $ 53 Gross credit losses — — — (15) (15) Gross recoveries — — — 2 2 Net credit losses (NCLs) $ — $ — $ — $ (13) $ (13) Replenishment of NCLs $ — $ — $ — $ 13 $ 13 Net reserve builds (releases) (4) (10) — 4 (10) Total provision for credit losses $ (4) $ (10) $ — $ 17 $ 3 Other, net (2) $ — $ 31 $ — $ — $ 31 Allowance for credit losses on other assets $ 17 $ 27 $ — $ 30 $ 74 (1) Primarily accounts receivable. (2) Includes $30 million of ACL transferred from ICG loans ACL as of June 30, 2022 for securities borrowed and purchased under agreements to resell. Allowance for Credit Losses on Other Assets Three Months Ended June 30, 2021 In millions of dollars Deposits with banks Securities borrowed and purchased under agreements Brokerage receivables All other assets (1) Total Allowance for credit losses on other assets $ 28 $ 5 $ — $ 30 $ 63 Gross credit losses — — — — — Gross recoveries — — — — — Net credit losses (NCLs) $ — $ — $ — $ — $ — Replenishment of NCLs $ — $ — $ — $ — $ — Net reserve builds (releases) (4) 3 — (2) (3) Total provision for credit losses $ (4) $ 3 $ — $ (2) $ (3) Other, net $ — $ — $ — $ — $ — Allowance for credit losses on other assets $ 24 $ 8 $ — $ 28 $ 60 Six Months Ended June 30, 2021 In millions of dollars Deposits with banks Securities borrowed and purchased under agreements Brokerage receivables All other assets (1) Total Allowance for credit losses on other assets $ 20 $ 10 $ — $ 25 $ 55 Gross credit losses — — — — — Gross recoveries — — — — — Net credit losses (NCLs) $ — $ — $ — $ — $ — Replenishment of NCLs $ — $ — $ — $ — $ — Net reserve builds (releases) 5 (2) — 3 6 Total provision for credit losses $ 5 $ (2) $ — $ 3 $ 6 Other, net $ (1) $ — $ — $ — $ (1) Allowance for credit losses on other assets $ 24 $ 8 $ — $ 28 $ 60 (1) Primarily accounts receivable. |
GOODWILL AND INTANGIBLE ASSETS
GOODWILL AND INTANGIBLE ASSETS (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of goodwill | The changes in Goodwill were as follows: In millions of dollars Institutional Clients Group Personal Banking and Wealth Management Legacy Franchises Total Balance at December 31, 2021 $ 9,215 $ 9,717 $ 2,367 $ 21,299 Impairment (1) — — (535) (535) Divestitures (2) — — (873) (873) Foreign currency translation (44) 18 — (26) Balance at March 31, 2022 $ 9,171 $ 9,735 $ 959 $ 19,865 Foreign currency translation (223) (20) (25) (268) Balance at June 30, 2022 $ 8,948 $ 9,715 $ 934 $ 19,597 (1) Goodwill impairment of $535 million (approximately $489 million after-tax) was incurred in the Asia Consumer reporting unit of Legacy Franchises due to the re-segmentation and timing of divestitures recorded in the first quarter. (2) Primarily relates to Citi’s agreements to sell its consumer banking businesses in Malaysia, Thailand, Indonesia, Vietnam, Taiwan, India and Bahrain within Asia Consumer, during the first quarter of 2022 and reclassified as HFS as of March 31, 2022. See Note 2. |
Components of intangible assets, finite-lived | The components of intangible assets were as follows: June 30, 2022 December 31, 2021 In millions of dollars Gross Accumulated Net Gross Accumulated Net Purchased credit card relationships $ 5,514 $ 4,357 $ 1,157 $ 5,579 $ 4,348 $ 1,231 Credit card contract-related intangibles (1) 3,903 1,440 2,463 3,912 1,372 2,540 Core deposit intangibles 37 37 — 39 39 — Other customer relationships 362 267 95 429 305 124 Present value of future profits 32 30 2 31 29 2 Indefinite-lived intangible assets 186 — 186 183 — 183 Other 27 4 23 37 26 11 Intangible assets (excluding MSRs) $ 10,061 $ 6,135 $ 3,926 $ 10,210 $ 6,119 $ 4,091 Mortgage servicing rights (MSRs) (2) 600 — 600 404 — 404 Total intangible assets $ 10,661 $ 6,135 $ 4,526 $ 10,614 $ 6,119 $ 4,495 (1) Primarily reflects contract-related intangibles associated with the American Airlines, The Home Depot, Costco and AT&T credit card program agreements, which represented 98% and 97% of the aggregate net carrying amount at June 30, 2022 and December 31, 2021, respectively. (2) See Note 18 for additional information on Citi’s MSRs. The changes in intangible assets were as follows: In millions of dollars Net carrying amount at December 31, 2021 Acquisitions/renewals/ Amortization Impairments FX translation and other Net carrying amount at June 30, 2022 Purchased credit card relationships (1) $ 1,231 $ 3 $ (70) $ — $ (7) $ 1,157 Credit card contract-related intangibles (2) 2,540 — (77) — — 2,463 Core deposit intangibles — — — — — — Other customer relationships 124 6 (13) — (22) 95 Present value of future profits 2 — — — — 2 Indefinite-lived intangible assets 183 — — — 3 186 Other 11 30 (17) — (1) 23 Intangible assets (excluding MSRs) $ 4,091 $ 39 $ (177) $ — $ (27) $ 3,926 Mortgage servicing rights (MSRs) (3) 404 600 Total intangible assets $ 4,495 $ 4,526 (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 98% and 97% of the aggregate net carrying amount at June 30, 2022 and December 31, 2021, respectively. (3) See Note 18 for additional information on Citi’s MSRs, including the rollforward for the three and six months ended June 30, 2022. |
Components of intangible assets, indefinite-lived | The components of intangible assets were as follows: June 30, 2022 December 31, 2021 In millions of dollars Gross Accumulated Net Gross Accumulated Net Purchased credit card relationships $ 5,514 $ 4,357 $ 1,157 $ 5,579 $ 4,348 $ 1,231 Credit card contract-related intangibles (1) 3,903 1,440 2,463 3,912 1,372 2,540 Core deposit intangibles 37 37 — 39 39 — Other customer relationships 362 267 95 429 305 124 Present value of future profits 32 30 2 31 29 2 Indefinite-lived intangible assets 186 — 186 183 — 183 Other 27 4 23 37 26 11 Intangible assets (excluding MSRs) $ 10,061 $ 6,135 $ 3,926 $ 10,210 $ 6,119 $ 4,091 Mortgage servicing rights (MSRs) (2) 600 — 600 404 — 404 Total intangible assets $ 10,661 $ 6,135 $ 4,526 $ 10,614 $ 6,119 $ 4,495 (1) Primarily reflects contract-related intangibles associated with the American Airlines, The Home Depot, Costco and AT&T credit card program agreements, which represented 98% and 97% of the aggregate net carrying amount at June 30, 2022 and December 31, 2021, respectively. (2) See Note 18 for additional information on Citi’s MSRs. The changes in intangible assets were as follows: In millions of dollars Net carrying amount at December 31, 2021 Acquisitions/renewals/ Amortization Impairments FX translation and other Net carrying amount at June 30, 2022 Purchased credit card relationships (1) $ 1,231 $ 3 $ (70) $ — $ (7) $ 1,157 Credit card contract-related intangibles (2) 2,540 — (77) — — 2,463 Core deposit intangibles — — — — — — Other customer relationships 124 6 (13) — (22) 95 Present value of future profits 2 — — — — 2 Indefinite-lived intangible assets 183 — — — 3 186 Other 11 30 (17) — (1) 23 Intangible assets (excluding MSRs) $ 4,091 $ 39 $ (177) $ — $ (27) $ 3,926 Mortgage servicing rights (MSRs) (3) 404 600 Total intangible assets $ 4,495 $ 4,526 (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 98% and 97% of the aggregate net carrying amount at June 30, 2022 and December 31, 2021, respectively. (3) See Note 18 for additional information on Citi’s MSRs, including the rollforward for the three and six months ended June 30, 2022. |
Changes in intangible assets | The components of intangible assets were as follows: June 30, 2022 December 31, 2021 In millions of dollars Gross Accumulated Net Gross Accumulated Net Purchased credit card relationships $ 5,514 $ 4,357 $ 1,157 $ 5,579 $ 4,348 $ 1,231 Credit card contract-related intangibles (1) 3,903 1,440 2,463 3,912 1,372 2,540 Core deposit intangibles 37 37 — 39 39 — Other customer relationships 362 267 95 429 305 124 Present value of future profits 32 30 2 31 29 2 Indefinite-lived intangible assets 186 — 186 183 — 183 Other 27 4 23 37 26 11 Intangible assets (excluding MSRs) $ 10,061 $ 6,135 $ 3,926 $ 10,210 $ 6,119 $ 4,091 Mortgage servicing rights (MSRs) (2) 600 — 600 404 — 404 Total intangible assets $ 10,661 $ 6,135 $ 4,526 $ 10,614 $ 6,119 $ 4,495 (1) Primarily reflects contract-related intangibles associated with the American Airlines, The Home Depot, Costco and AT&T credit card program agreements, which represented 98% and 97% of the aggregate net carrying amount at June 30, 2022 and December 31, 2021, respectively. (2) See Note 18 for additional information on Citi’s MSRs. The changes in intangible assets were as follows: In millions of dollars Net carrying amount at December 31, 2021 Acquisitions/renewals/ Amortization Impairments FX translation and other Net carrying amount at June 30, 2022 Purchased credit card relationships (1) $ 1,231 $ 3 $ (70) $ — $ (7) $ 1,157 Credit card contract-related intangibles (2) 2,540 — (77) — — 2,463 Core deposit intangibles — — — — — — Other customer relationships 124 6 (13) — (22) 95 Present value of future profits 2 — — — — 2 Indefinite-lived intangible assets 183 — — — 3 186 Other 11 30 (17) — (1) 23 Intangible assets (excluding MSRs) $ 4,091 $ 39 $ (177) $ — $ (27) $ 3,926 Mortgage servicing rights (MSRs) (3) 404 600 Total intangible assets $ 4,495 $ 4,526 (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 98% and 97% of the aggregate net carrying amount at June 30, 2022 and December 31, 2021, respectively. (3) See Note 18 for additional information on Citi’s MSRs, including the rollforward for the three and six months ended June 30, 2022. |
DEBT (Tables)
DEBT (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Debt Disclosure [Abstract] | |
Schedule of short-term borrowings | In millions of dollars June 30, December 31, Commercial paper Bank (1) $ 9,050 $ 9,026 Broker-dealer and other (2) 12,429 6,992 Total commercial paper $ 21,479 $ 16,018 Other borrowings (3) 18,575 11,955 Total $ 40,054 $ 27,973 (1) Represents Citibank entities as well as other bank entities. (2) Represents broker-dealer and other non-bank subsidiaries that are consolidated into Citigroup Inc., the parent holding company. (3) Includes borrowings from Federal Home Loan Banks and other market participants. At June 30, 2022 and December 31, 2021, collateralized short-term advances from the Federal Home Loan Banks were $7.0 billion and $0.0 billion, respectively. |
Schedule of long-term debt | In millions of dollars June 30, December 31, 2021 Citigroup Inc. (1) $ 167,874 $ 164,945 Bank (2) 18,799 23,567 Broker-dealer and other (3) 70,752 65,862 Total $ 257,425 $ 254,374 (1) Represents the parent holding company. (2) Represents Citibank entities as well as other bank entities. At June 30, 2022 and December 31, 2021, collateralized long-term advances from the Federal Home Loan Banks were $2.3 billion and $5.3 billion, respectively. (3) Represents broker-dealer and other non-bank subsidiaries that are consolidated into Citigroup Inc., the parent holding company. Certain Citigroup consolidated hedging activities are also included in this line. |
Summary of outstanding trust preferred securities | The following table summarizes Citi’s outstanding trust preferred securities at June 30, 2022: 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 Oct. 2010 89,840,000 2,246 3 mo. LIBOR + 637 bps 1,000 2,246 Oct. 30, 2040 Oct. 30, 2015 Total obligated $ 2,440 $ 2,446 Note: Distributions on the trust preferred securities and interest on the subordinated debentures are payable semiannually for Citigroup Capital III and quarterly for Citigroup Capital XIII. (1) Represents the notional value received by outside investors from the trusts at the time of issuance. This differs from Citi’s balance sheet carrying value due primarily to unamortized discount and issuance costs. |
CHANGES IN ACCUMULATED OTHER _2
CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (AOCI) (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract] | |
Changes in each component of accumulated other comprehensive income (loss) | Changes in each component of Citigroup’s Accumulated other comprehensive income (loss) were as follows: Three and Six Months Ended June 30, 2022 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 June 30, 2022 Balance, March 31, 2022 $ (4,891) $ (394) $ (1,440) $ (5,681) $ (31,180) $ 1 $ (43,585) Other comprehensive income before (1,612) 1,968 (515) (271) (1,975) 4 (2,401) Increase (decrease) due to amounts reclassified from AOCI 111 (1) (151) 182 345 5 491 Change, net of taxes $ (1,501) $ 1,967 $ (666) $ (89) $ (1,630) $ 9 $ (1,910) Balance at June 30, 2022 $ (6,392) $ 1,573 $ (2,106) $ (5,770) $ (32,810) $ 10 $ (45,495) Six Months Ended June 30, 2022 Balance, December 31, 2021 $ (614) $ (1,187) $ 101 $ (5,852) $ (31,166) $ (47) $ (38,765) Other comprehensive income before (5,895) 2,761 (1,839) 21 (1,989) 50 (6,891) Increase (decrease) due to amounts reclassified from AOCI 117 (1) (368) 61 345 7 161 Change, net of taxes $ (5,778) $ 2,760 $ (2,207) $ 82 $ (1,644) $ 57 $ (6,730) Balance at June 30, 2022 $ (6,392) $ 1,573 $ (2,106) $ (5,770) $ (32,810) $ 10 $ (45,495) Footnotes to the table above appear on the following page. Three and Six Months Ended June 30, 2021 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 June 30, 2021 Balance, March 31, 2021 $ 1,535 $ (1,461) $ 1,037 $ (6,150) $ (29,915) $ (57) $ (35,011) Other comprehensive income before (379) (72) 28 36 523 (11) 125 Increase (decrease) due to amounts reclassified from AOCI (95) 10 (201) 51 — 1 (234) Change, net of taxes $ (474) $ (62) $ (173) $ 87 $ 523 $ (10) $ (109) Balance at June 30, 2021 $ 1,061 $ (1,523) $ 864 $ (6,063) $ (29,392) $ (67) $ (35,120) Six Months Ended June 30, 2021 Balance, December 31, 2020 $ 3,320 $ (1,419) $ 1,593 $ (6,864) $ (28,641) $ (47) $ (32,058) Other comprehensive income before (1,898) (156) (316) 689 (751) (21) (2,453) Increase (decrease) due to amounts reclassified from AOCI (361) 52 (413) 112 — 1 (609) Change, net of taxes $ (2,259) $ (104) $ (729) $ 801 $ (751) $ (20) $ (3,062) Balance at June 30, 2021 $ 1,061 $ (1,523) $ 864 $ (6,063) $ (29,392) $ (67) $ (35,120) (1) Reflects the after-tax valuation of Citi’s fair value option liabilities. See “Market Valuation Adjustments” in Note 20. (2) Primarily driven by Citi’s pay floating/receive fixed interest rate swap programs that hedge certain floating rates on assets. (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 South Korean won, Euro, Chilean peso, Mexican peso, Japanese yen and Brazilian real against the U.S. dollar and changes in related tax effects and hedges for the three months ended June 30, 2022. Primarily reflects the movements in (by order of impact) the South Korean won, Euro, Japanese yen, Indian rupee, British pound sterling and Chilean peso against the U.S. dollar and changes in related tax effects and hedges for the six months ended June 30, 2022. Primarily reflects the movements in (by order of impact) the Mexican peso, Brazilian real, Polish zloty, New Taiwan dollar, Euro and Indian rupee against the U.S. dollar and changes in related tax effects and hedges for the three months ended June 30, 2021. Primarily reflects the movements in (by order of impact) the South Korean won, Japanese yen, Euro, Indian rupee, Mexican peso and New Taiwan dollar against the U.S. dollar and changes in related tax effects and hedges for the six months ended June 30, 2021. 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) June 30, 2022 reflects a reduction of $470 million (after-tax) ($620 million pretax) currency translation adjustment (CTA) loss (net of hedges) associated with Citi’s sale of its consumer banking business in Australia (see Note 2). The reduction from AOCI had a neutral impact on Citi’s Common Equity Tier 1 Capital. |
Schedule of pretax and after-tax changes in each component of accumulated other comprehensive income (loss) | The pretax and after-tax changes in each component of Accumulated other comprehensive income (loss) were as follows: Three and Six Months Ended June 30, 2022 In millions of dollars Pretax Tax effect After-tax Three Months Ended June 30, 2022 Balance, March 31, 2022 $ (51,807) $ 8,222 $ (43,585) Change in net unrealized gains (losses) on debt securities (1,990) 489 (1,501) Debt valuation adjustment (DVA) 2,592 (625) 1,967 Cash flow hedges (886) 220 (666) Benefit plans (73) (16) (89) Foreign currency translation adjustment (1,414) (216) (1,630) Excluded component of fair value hedges 12 (3) 9 Change $ (1,759) $ (151) $ (1,910) Balance at June 30, 2022 $ (53,566) $ 8,071 $ (45,495) Six Months Ended June 30, 2022 Balance, December 31, 2021 $ (45,383) $ 6,618 $ (38,765) Change in net unrealized gains (losses) on debt securities (7,614) 1,836 (5,778) Debt valuation adjustment (DVA) 3,642 (882) 2,760 Cash flow hedges (2,908) 701 (2,207) Benefit plans 104 (22) 82 Foreign currency translation adjustment (1,483) (161) (1,644) Excluded component of fair value hedges 76 (19) 57 Change $ (8,183) $ 1,453 $ (6,730) Balance at June 30, 2022 $ (53,566) $ 8,071 $ (45,495) Three and Six Months Ended June 30, 2021 In millions of dollars Pretax Tax effect After-tax Three Months Ended June 30, 2021 Balance, March 31, 2021 $ (40,631) $ 5,620 $ (35,011) Change in net unrealized gains (losses) on debt securities (638) 164 (474) Debt valuation adjustment (DVA) (110) 48 (62) Cash flow hedges (224) 51 (173) Benefit plans 84 3 87 Foreign currency translation adjustment 445 78 523 Excluded component of fair value hedges (13) 3 (10) Change $ (456) $ 347 $ (109) Balance, June 30, 2021 $ (41,087) $ 5,967 $ (35,120) Six Months Ended June 30, 2021 Balance, December 31, 2020 $ (36,992) $ 4,934 $ (32,058) Change in net unrealized gains (losses) on debt securities (3,065) 806 (2,259) Debt valuation adjustment (DVA) (148) 44 (104) Cash flow hedges (953) 224 (729) Benefit plans 991 (190) 801 Foreign currency translation adjustment (894) 143 (751) Excluded component of fair value hedges (26) 6 (20) Change $ (4,095) $ 1,033 $ (3,062) Balance, June 30, 2021 $ (41,087) $ 5,967 $ (35,120) |
Summary of amounts reclassified out of accumulated other comprehensive income (loss) into the consolidated statement of income | The Company recognized pretax (gains) losses related to amounts in AOCI reclassified to the Consolidated Statement of Income as follows: Increase (decrease) in AOCI due to Three Months Ended June 30, Six Months Ended June 30, In millions of dollars 2022 2021 2022 2021 Realized (gains) losses on sales of investments $ 58 $ (137) $ (22) $ (538) Gross impairment losses 90 9 180 78 Subtotal, pretax $ 148 $ (128) $ 158 $ (460) Tax effect (37) 33 (41) 99 Net realized (gains) losses on investments after-tax (1) $ 111 $ (95) $ 117 $ (361) Realized DVA (gains) losses on fair value option liabilities, pretax $ (1) $ 13 $ (1) $ 69 Tax effect — (3) — (17) Net realized DVA, after-tax $ (1) $ 10 $ (1) $ 52 Interest rate contracts $ (199) $ (266) $ (485) $ (544) Foreign exchange contracts 1 1 2 2 Subtotal, pretax $ (198) $ (265) $ (483) $ (542) Tax effect 47 64 115 129 Amortization of cash flow hedges, after-tax (2) $ (151) $ (201) $ (368) $ (413) Amortization of unrecognized: Prior service cost (benefit) $ (5) $ (6) $ (11) $ (12) Net actuarial loss 58 71 128 158 Curtailment/settlement impact (3) 183 4 (33) 4 Subtotal, pretax $ 236 $ 69 $ 84 $ 150 Tax effect (54) (18) (23) (38) Amortization of benefit plans, after-tax (3) $ 182 $ 51 $ 61 $ 112 Excluded component of fair value hedges, pretax $ 7 $ 1 $ 10 $ 1 Tax effect (2) — (3) — Excluded component of fair value hedges, after-tax $ 5 $ 1 $ 7 $ 1 Foreign currency translation adjustment, pretax $ 397 $ — $ 397 $ — Tax effect (52) — (52) — Foreign currency translation adjustment, after-tax $ 345 $ — $ 345 $ — Total amounts reclassified out of AOCI , pretax $ 589 $ (310) $ 165 $ (782) Total tax effect (98) 76 (4) 173 Total amounts reclassified out of AOCI , after-tax $ 491 $ (234) $ 161 $ (609) (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 for additional details. (2) See Note 19 for additional details. (3) See Note 8 for additional details. |
SECURITIZATIONS AND VARIABLE _2
SECURITIZATIONS AND VARIABLE INTEREST ENTITIES (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Securitizations and Variable Interest Entities [Abstract] | |
Schedule of consolidated and unconsolidated VIEs with which the Company holds significant variable interests | Citigroup’s involvement with consolidated and unconsolidated VIEs with which the Company holds significant variable interests or has continuing involvement through servicing a majority of the assets in a VIE is presented below: As of June 30, 2022 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 $ 31,266 $ 31,266 $ — $ — $ — $ — $ — $ — Mortgage securitizations (4) U.S. agency-sponsored 115,494 — 115,494 2,100 — — 51 2,151 Non-agency-sponsored 60,155 — 60,155 2,747 — 5 — 2,752 Citi-administered asset-backed commercial paper conduits 14,291 14,291 — — — — — — Collateralized loan obligations (CLOs) 8,259 — 8,259 2,599 — — — 2,599 Asset-based financing (5) 246,990 9,439 237,551 36,051 1,088 11,639 — 48,778 Municipal securities tender option bond trusts (TOBs) 2,839 678 2,161 8 — 1,571 — 1,579 Municipal investments 22,191 3 22,188 2,673 3,368 4,010 — 10,051 Client intermediation 810 373 437 66 — — 63 129 Investment funds 385 84 301 2 2 20 1 25 Other — — — — — — — — Total $ 502,680 $ 56,134 $ 446,546 $ 46,246 $ 4,458 $ 17,245 $ 115 $ 68,064 As of December 31, 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 $ 31,518 $ 31,518 $ — $ — $ — $ — $ — $ — Mortgage securitizations (4) U.S. agency-sponsored 113,641 — 113,641 1,582 — — 43 1,625 Non-agency-sponsored 60,851 632 60,219 2,479 — 5 — 2,484 Citi-administered asset-backed commercial paper conduits 14,018 14,018 — — — — — — Collateralized loan obligations (CLOs) 8,302 — 8,302 2,636 — — — 2,636 Asset-based financing (5) 246,632 11,085 235,547 32,242 1,139 12,189 — 45,570 Municipal securities tender option bond trusts (TOBs) 3,251 905 2,346 2 — 1,498 — 1,500 Municipal investments 20,597 3 20,594 2,512 3,617 3,562 — 9,691 Client intermediation 904 297 607 75 — — 224 299 Investment funds 498 179 319 — — 12 1 13 Other — — — — — — — — Total $ 500,212 $ 58,637 $ 441,575 $ 41,528 $ 4,756 $ 17,266 $ 268 $ 63,818 (1) The definition of maximum exposure to loss is included in the text that follows this table. (2) Included on Citigroup’s June 30, 2022 and December 31, 2021 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 $86 billion and $100 billion in unconsolidated VIE assets and $499 million and $497 million in maximum exposure to loss as of June 30, 2022 and December 31, 2021, respectively. |
Schedule of funding commitments of unconsolidated Variable Interest Entities | The following table presents the notional amount of liquidity facilities and loan commitments that are classified as funding commitments in the VIE tables above: June 30, 2022 December 31, 2021 In millions of dollars Liquidity Loan/equity Liquidity Loan/equity Non-agency-sponsored mortgage securitizations $ — $ 5 $ — $ 5 Asset-based financing — 11,639 — 12,189 Municipal securities tender option bond trusts (TOBs) 1,571 — 1,498 — Municipal investments — 4,010 — 3,562 Investment funds — 20 — 12 Other — — — — Total funding commitments $ 1,571 $ 15,674 $ 1,498 $ 15,768 |
Schedule of significant interests in unconsolidated VIEs - balance sheet classification | The following table presents the carrying amounts and classification of significant variable interests in unconsolidated VIEs: In billions of dollars June 30, 2022 December 31, 2021 Cash $ — $ — Trading account assets 1.8 1.4 Investments 8.9 8.8 Total loans, net of allowance 39.6 35.4 Other 0.5 0.8 Total assets $ 50.8 $ 46.4 |
Schedule of securitized credit card receivables | The following table reflects amounts related to the Company’s securitized credit card receivables: In billions of dollars June 30, 2022 December 31, 2021 Ownership interests in principal amount of trust credit card receivables Sold to investors via trust-issued securities $ 9.7 $ 9.7 Retained by Citigroup as trust-issued securities 6.5 7.2 Retained by Citigroup via non-certificated interests 16.9 16.1 Total $ 33.1 $ 33.0 The following table summarizes selected cash flow information related to Citigroup’s credit card securitizations: Three Months Ended June 30, Six Months Ended June 30, In billions of dollars 2022 2021 2022 2021 Proceeds from new securitizations $ — $ — $ — $ — Pay down of maturing notes — (1.1) — (4.7) |
Schedule of Master Trust liabilities (at par value) | In billions of dollars Jun. 30, 2022 Dec. 31, 2021 Term notes issued to third parties $ 8.4 $ 8.4 Term notes retained by Citigroup affiliates 1.7 2.2 Total Master Trust liabilities $ 10.1 $ 10.6 |
Schedule of Omni Trust liabilities (at par value) | In billions of dollars Jun. 30, 2022 Dec. 31, 2021 Term notes issued to third parties $ 1.3 $ 1.3 Term notes retained by Citigroup affiliates 4.8 5.0 Total Omni Trust liabilities $ 6.1 $ 6.3 |
Schedule of cash flow information, mortgage securitizations | The following tables summarize selected cash flow information and retained interests related to Citigroup mortgage securitizations: Three Months Ended June 30, 2022 2021 In billions of dollars U.S. agency- Non-agency- U.S. agency- Non-agency- Principal securitized $ 1.9 $ 8.6 $ 1.9 $ 7.1 Proceeds from new securitizations 1.8 8.4 1.9 7.2 Contractual servicing fees received — — — — Cash flows received on retained interests and other new cash flows — — — — Purchases of previously transferred financial assets — — — — Six Months Ended June 30, 2022 2021 In billions of dollars U.S. agency- Non-agency- U.S. agency- Non-agency- Principal securitized $ 4.0 $ 10.2 $ 4.9 $ 18.1 Proceeds from new securitizations 3.9 10.0 5.1 17.8 Purchases of previously transferred financial assets — — 0.1 — Note: Excludes re-securitization transactions. |
Schedule of carrying value of retained interests | June 30, 2022 December 31, 2021 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) $ 597 $ 1,172 $ 945 $ 374 $ 1,452 $ 955 (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 $48 million related to personal loan securitizations at June 30, 2022. (3) Retained interests consist of Level 2 and Level 3 assets depending on the observability of significant inputs. See Note 20 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 June 30, 2022 Non-agency-sponsored mortgages (1) U.S. agency- sponsored mortgages Senior interests Subordinated interests Weighted average discount rate 7.6 % 4.4 % 4.1 % Weighted average constant prepayment rate 2.1 % 5.0 % 12.3 % Weighted average anticipated net credit losses (2) NM 4.6 % 0.5 % Weighted average life 9.6 years 8.4 years 6.0 years Six Months Ended June 30, 2022 Non-agency-sponsored mortgages (1) U.S. agency- sponsored mortgages Senior interests Subordinated interests Weighted average discount rate 7.4 % 3.4 % 3.9 % Weighted average constant prepayment rate 2.7 % 5.9 % 12.3 % Weighted average anticipated net credit losses (2) NM 2.9 % 0.4 % Weighted average life 9.0 years 6.5 years 5.8 years Three Months Ended June 30, 2021 Non-agency-sponsored mortgages (1) U.S. agency- Senior Subordinated Weighted average discount rate 9.0 % 1.8 % 2.8 % Weighted average constant prepayment rate 4.2 % — % 10.0 % Weighted average anticipated net credit losses (2) NM — % 1.0 % Weighted average life 7.8 years 6.7 years 5.7 years Six Months Ended June 30, 2021 Non-agency-sponsored mortgages (1) U.S. agency- Senior Subordinated Weighted average discount rate 8.9 % 0.4 % 2.9 % Weighted average constant prepayment rate 5.0 % — % 10.3 % Weighted average anticipated net credit losses (2) NM 0.4 % 1.1 % Weighted average life 7.8 years 3.4 years 5.5 years (1) Disclosure of non-agency-sponsored mortgages as senior and subordinated interests is indicative of the interests’ position in the capital structure of the securitization. (2) Anticipated net credit losses represent estimated loss severity associated with defaulted mortgage loans underlying the mortgage securitizations disclosed above. Anticipated net credit losses, in this instance, do not represent total credit losses incurred to date, nor do they represent credit losses expected on retained interests in mortgage securitizations. NM Anticipated net credit losses are not meaningful due to U.S. agency guarantees. The interests retained by the Company range from highly rated and/or senior in the capital structure to unrated and/or residual interests. Key assumptions used in measuring the fair value of retained interests in securitizations of mortgage receivables at period end were as follows: June 30, 2022 Non-agency-sponsored mortgages (1) U.S. agency- Senior Subordinated Weighted average discount rate 5.1 % 6.7 % — % Weighted average constant prepayment rate 6.0 % 10.0 % — % Weighted average anticipated net credit losses (2) NM 1.0 % — % Weighted average life 7.7 years 6.5 years NM December 31, 2021 Non-agency-sponsored mortgages (1) U.S. agency- Senior Subordinated Weighted average discount rate 3.7 % 16.2 % 4.0 % Weighted average constant prepayment rate 14.5 % 6.8 % 9.0 % Weighted average anticipated net credit losses (2) NM 1.0 % 2.0 % Weighted average life 5.1 years 8.8 years 18.0 years (1) Disclosure of non-agency-sponsored mortgages as senior and subordinated interests is indicative of the interests’ position in the capital structure of the securitization. (2) Anticipated net credit losses represent estimated loss severity associated with defaulted mortgage loans underlying the mortgage securitizations disclosed above. Anticipated net credit losses, in this instance, do not represent total credit losses incurred to date, nor do they represent credit losses expected on retained interests in mortgage securitizations. NM Anticipated net credit losses are not meaningful due to U.S. agency guarantees. |
Schedule of key assumptions used to value retained interests and sensitivity of adverse changes of 10% and 20%, mortgage securitizations | June 30, 2022 Non-agency-sponsored mortgages In millions of dollars U.S. agency- sponsored mortgages Senior interests Subordinated interests Discount rate Adverse change of 10% $ (16) $ — $ — Adverse change of 20% (31) (1) — Constant prepayment rate Adverse change of 10% (14) — — Adverse change of 20% (27) (1) — Anticipated net credit losses Adverse change of 10% NM — — Adverse change of 20% NM — — December 31, 2021 Non-agency-sponsored mortgages In millions of dollars U.S. agency- Senior Subordinated Discount rate Adverse change of 10% $ (6) $ (1) $ — Adverse change of 20% (11) (1) — Constant prepayment rate Adverse change of 10% (19) — — Adverse change of 20% (37) — — Anticipated net credit losses Adverse change of 10% NM — — Adverse change of 20% NM — — NM Anticipated net credit losses are not meaningful due to U.S. agency guarantees. |
Schedule of information about loan delinquencies and liquidation losses for assets held in non-consolidated, non-agency-sponsored securitization entities | The following table includes information about loan delinquencies and liquidation losses for assets held in non-consolidated, non-agency-sponsored securitization entities: Liquidation losses Securitized assets 90 days past due Three Months Ended June 30, Six Months Ended June 30, In billions of dollars, except liquidation losses in millions Jun. 30, 2022 Dec. 31, 2021 Jun. 30, 2022 Dec. 31, 2021 2022 2021 2022 2021 Securitized assets Residential mortgages (1) $ 29.3 $ 29.2 $ 0.5 $ 0.4 $ (0.3) $ 5.0 $ 1.2 $ 6.6 Commercial and other 21.7 26.2 — — — — — — Total $ 51.0 $ 55.4 $ 0.5 $ 0.4 $ (0.3) $ 5.0 $ 1.2 $ 6.6 |
Schedule of changes in capitalized MSRs | The following table summarizes the changes in capitalized MSRs: Three Months Ended June 30, Six Months Ended In millions of dollars 2022 2021 2022 2021 Balance, beginning of period $ 520 $ 433 $ 404 $ 336 Originations 35 25 69 68 Changes in fair value of MSRs due to changes in inputs and assumptions 59 (21) 158 52 Other changes (1) (14) (18) (31) (37) Sales of MSRs — — — — Balance, as of June 30 $ 600 $ 419 $ 600 $ 419 (1) Represents changes due to customer payments and passage of time. |
Schedule of fees received on servicing previously securitized mortgages | The amounts of these fees were as follows: Three Months Ended June 30, Six Months Ended June 30, In millions of dollars 2022 2021 2022 2021 Servicing fees $ 30 $ 37 $ 59 $ 68 Late fees 1 — 2 1 Ancillary fees — — — — Total MSR fees $ 31 $ 37 $ 61 $ 69 |
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 Jun. 30, 2022 Dec. 31, 2021 Carrying value of retained interests $ 681 $ 921 |
Schedule of asset-based financing | June 30, 2022 December 31, 2021 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 $ 42,600 $ 8,802 $ 32,932 $ 7,461 Corporate loans 23,656 15,139 18,257 12,581 Other (including investment funds, airlines and shipping) 171,295 24,837 184,358 25,528 Total $ 237,551 $ 48,778 $ 235,547 $ 45,570 |
DERIVATIVES (Tables)
DERIVATIVES (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
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 ASC 815 Trading derivative instruments In millions of dollars June 30, December 31, June 30, December 31, Interest rate contracts Swaps $ 318,974 $ 267,035 $ 23,331,571 $ 21,873,538 Futures and forwards — — 2,714,997 2,383,702 Written options — — 1,879,285 1,584,451 Purchased options — — 1,843,472 1,428,376 Total interest rate contracts $ 318,974 $ 267,035 $ 29,769,325 $ 27,270,067 Foreign exchange contracts Swaps $ 45,428 $ 47,298 $ 6,276,146 $ 6,288,193 Futures, forwards and spot 43,351 50,926 3,668,569 4,316,242 Written options — — 846,794 664,942 Purchased options — — 840,987 651,958 Total foreign exchange contracts $ 88,779 $ 98,224 $ 11,632,496 $ 11,921,335 Equity contracts Swaps $ — $ — $ 243,070 $ 269,062 Futures and forwards — — 73,495 71,363 Written options — — 485,109 492,433 Purchased options — — 396,981 398,129 Total equity contracts $ — $ — $ 1,198,655 $ 1,230,987 Commodity and other contracts Swaps $ — $ — $ 110,833 $ 91,962 Futures and forwards 1,365 2,096 201,926 157,195 Written options — — 63,643 51,224 Purchased options — — 60,695 47,868 Total commodity and other contracts $ 1,365 $ 2,096 $ 437,097 $ 348,249 Credit derivatives (1) Protection sold $ — $ — $ 638,379 $ 572,486 Protection purchased — — 682,144 645,996 Total credit derivatives $ — $ — $ 1,320,523 $ 1,218,482 Total derivative notionals $ 409,118 $ 367,355 $ 44,358,096 $ 41,989,120 (1) Credit derivatives are arrangements designed to allow one party (protection purchaser) to transfer the credit risk of a “reference asset” to another party (protection seller). These arrangements allow a protection seller to assume the credit risk associated with the reference asset without directly purchasing that asset. The Company enters into credit derivative positions for purposes such as risk management, yield enhancement, reduction of credit concentrations and diversification of overall risk. |
Derivative mark-to-market (MTM) receivables/payables | The following tables present the gross and net fair values of the Company’s derivative transactions and the related offsetting amounts as of June 30, 2022 and December 31, 2021. 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. The tables also present amounts that are not permitted to be offset, such as security collateral or cash collateral posted at third-party custodians, but which would be eligible for offsetting to the extent that an event of default has occurred and a legal opinion supporting enforceability of the netting and collateral rights has been obtained. Derivative Mark-to-Market (MTM) Receivables/Payables In millions of dollars at June 30, 2022 Derivatives classified in (1)(2) Derivatives instruments designated as ASC 815 hedges Assets Liabilities Over-the-counter $ 671 $ 2 Cleared 126 426 Interest rate contracts $ 797 $ 428 Over-the-counter $ 1,729 $ 2,147 Cleared 1 — Foreign exchange contracts $ 1,730 $ 2,147 Total derivatives instruments designated as ASC 815 hedges $ 2,527 $ 2,575 Derivatives instruments not designated as ASC 815 hedges Over-the-counter $ 123,716 $ 115,511 Cleared 34,690 33,926 Exchange traded 322 272 Interest rate contracts $ 158,728 $ 149,709 Over-the-counter $ 183,935 $ 178,416 Cleared 445 829 Foreign exchange contracts $ 184,380 $ 179,245 Over-the-counter $ 25,577 $ 27,170 Cleared 22 12 Exchange traded 29,992 31,327 Equity contracts $ 55,591 $ 58,509 Over-the-counter $ 47,253 $ 41,326 Exchange traded 2,423 3,303 Commodity and other contracts $ 49,676 $ 44,629 Over-the-counter $ 9,837 $ 8,401 Cleared 1,964 1,894 Credit derivatives $ 11,801 $ 10,295 Total derivatives instruments not designated as ASC 815 hedges $ 460,176 $ 442,387 Total derivatives $ 462,703 $ 444,962 Less: Netting agreements (3) $ (348,255) $ (348,255) Less: Netting cash collateral received/paid (4) (32,563) (33,950) Net receivables/payables included on the Consolidated Balance Sheet (5) $ 81,885 $ 62,757 Additional amounts subject to an enforceable master netting agreement, Less: Cash collateral received/paid $ (2,244) $ (1,918) Less: Non-cash collateral received/paid (4,878) (12,975) Total net receivables/payables (5) $ 74,763 $ 47,864 (1) The derivative fair values are also presented in Note 20. (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) Represents the netting of balances with the same counterparty under enforceable netting agreements. Approximately $286 billion, $31 billion and $31 billion of the netting against trading account asset/liability balances is attributable to each of the OTC, cleared and exchange-traded derivatives, respectively. (4) 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. (5) The net receivables/payables include approximately $7 billion of derivative asset and $11 billion of derivative liability fair values not subject to enforceable master netting agreements, respectively. In millions of dollars at December 31, 2021 Derivatives classified in (1)(2) Derivatives instruments designated as ASC 815 hedges Assets Liabilities Over-the-counter $ 1,167 $ 6 Cleared 122 89 Interest rate contracts $ 1,289 $ 95 Over-the-counter $ 1,338 $ 1,472 Cleared 6 — Foreign exchange contracts $ 1,344 $ 1,472 Total derivatives instruments designated as ASC 815 hedges $ 2,633 $ 1,567 Derivatives instruments not designated as ASC 815 hedges Over-the-counter $ 152,524 $ 138,114 Cleared 11,579 11,821 Exchange traded 96 44 Interest rate contracts $ 164,199 $ 149,979 Over-the-counter $ 133,357 $ 133,548 Cleared 848 278 Foreign exchange contracts $ 134,205 $ 133,826 Over-the-counter $ 23,452 $ 28,352 Cleared 19 — Exchange traded 21,781 21,332 Equity contracts $ 45,252 $ 49,684 Over-the-counter $ 29,279 $ 29,833 Exchange traded 1,065 1,546 Commodity and other contracts $ 30,344 $ 31,379 Over-the-counter $ 6,896 $ 6,959 Cleared 3,322 4,056 Credit derivatives $ 10,218 $ 11,015 Total derivatives instruments not designated as ASC 815 hedges $ 384,218 $ 375,883 Total derivatives $ 386,851 $ 377,450 Less: Netting agreements (3) $ (292,628) $ (292,628) Less: Netting cash collateral received/paid (4) (24,447) (29,306) Net receivables/payables included on the Consolidated Balance Sheet (5) $ 69,776 $ 55,516 Additional amounts subject to an enforceable master netting agreement, but not offset on the Consolidated Balance Sheet Less: Cash collateral received/paid $ (907) $ (538) Less: Non-cash collateral received/paid (5,777) (13,607) Total net receivables/payables (5) $ 63,092 $ 41,371 (1) The derivative fair values are also presented in Note 20. (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) Represents the netting of balances with the same counterparty under enforceable netting agreements. Approximately $259 billion, $14 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. (4) 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. (5) The net receivables/payables include approximately $10 billion of derivative asset and $11 billion of derivative liability fair values not subject to enforceable master netting agreements, respectively. |
Schedule of gains (losses) on derivatives not designated in a qualifying hedging relationship recognized in Other revenue and gains (losses) on fair value hedges | The amounts recognized in Other revenue in the Consolidated Statement of Income related to derivatives not designated in a qualifying hedging relationship are shown below. The table below does not include any offsetting gains (losses) on the economically hedged items to the extent that such amounts are also recorded in Other revenue . Gains (losses) included in Three Months Ended June 30, Six Months Ended June 30, In millions of dollars 2022 2021 2022 2021 Interest rate contracts $ 72 $ (15) $ 144 $ (75) Foreign exchange (4) (13) (81) (34) Total $ 68 $ (28) $ 63 $ (109) The following table summarizes the gains (losses) on the Company’s fair value hedges: Gains (losses) on fair value hedges (1) Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 In millions of dollars Other revenue Net interest income Other revenue Net interest income Other Net interest income Other revenue Net interest income Gain (loss) on the hedging derivatives included in assessment of the effectiveness of fair value hedges Interest rate hedges $ — $ (1,717) $ — $ 454 $ — $ (6,383) $ — $ (3,481) Foreign exchange hedges (1,234) — 220 — (1,659) — 10 — Commodity hedges (257) — (277) — 615 — (566) — Total gain (loss) on the hedging derivatives included in assessment of the effectiveness of fair value hedges $ (1,491) $ (1,717) $ (57) $ 454 $ (1,044) $ (6,383) $ (556) $ (3,481) Gain (loss) on the hedged item in designated and qualifying fair value hedges Interest rate hedges $ — $ 1,646 $ — $ (559) $ — $ 6,243 $ — $ 3,267 Foreign exchange hedges 1,233 — (220) — 1,657 — (10) — Commodity hedges 257 — 277 — (615) — 566 — Total gain (loss) on the hedged item in designated and qualifying fair value hedges $ 1,490 $ 1,646 $ 57 $ (559) $ 1,042 $ 6,243 $ 556 $ 3,267 Net gain (loss) on the hedging derivatives excluded from Interest rate hedges $ — $ (5) $ — $ 1 $ — $ (11) $ — $ (3) Foreign exchange hedges (2) 73 — 13 — 104 — 17 — Commodity hedges (26) — (53) — 23 — (75) — Total net gain (loss) on the hedging derivatives excluded from assessment of the effectiveness of fair value hedges $ 47 $ (5) $ (40) $ 1 $ 127 $ (11) $ (58) $ (3) (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 income 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 $76 million for the three and six months ended June 30, 2022 and $(13) million and $(26) million for the three and six months ended June 30, 2021, respectively. |
Schedule of amounts recorded on the Balance Sheet related to cumulative basis adjustments for fair value hedges | The table below presents the carrying amount of Citi’s hedged assets and liabilities under qualifying fair value hedges at June 30, 2022 and December 31, 2021, along with the cumulative hedge basis adjustments included in the carrying value of those hedged assets and liabilities that would reverse through earnings in future periods. In millions of dollars Balance sheet line item in which hedged item is recorded Carrying amount of hedged asset/ liability Cumulative fair value hedging adjustment increasing (decreasing) the carrying amount Active De-designated As of June 30, 2022 Debt securities AFS (1)(3) $ 101,249 $ (1,137) $ (270) Long-term debt 148,863 (3,848) (587) As of December 31, 2021 Debt securities AFS (2)(3) $ 62,733 $ 149 $ 212 Long-term debt 149,305 623 3,936 (1) These amounts include a cumulative basis adjustment of $(11) million for active hedges and $(228) million for de-designated hedges as of June 30, 2022, 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 $3 billion as the hedged amount (from a closed portfolio of prepayable financial assets with a carrying value of $11 billion as of June 30, 2022) in a last-of-layer hedging relationship. (2) These amounts include a cumulative basis adjustment of $24 million for active hedges and $(92) million for de-designated hedges as of December 31, 2021, 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 $6 billion as the hedged amount (from a closed portfolio of prepayable financial assets with a carrying value of $25 billion as of December 31, 2021) 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. Three Months Ended June 30, Six Months Ended June 30, In millions of dollars 2022 2021 2022 2021 Amount of gain (loss) recognized in AOCI on derivatives Interest rate contracts $ (681) $ 39 $ (2,441) $ (416) Foreign exchange contracts (7) (3) 16 — Total gain (loss) recognized in AOCI $ (688) $ 36 $ (2,425) $ (416) Other Net interest Other Other Net interest Other Net interest Amount of gain (loss) reclassified from AOCI to earnings (1) Interest rate contracts $ — $ 199 $ — $ 266 $ — $ 485 $ — $ 544 Foreign exchange contracts (1) — (1) — (2) — (2) — Total gain (loss) reclassified from AOCI into earnings $ (1) $ 199 $ (1) $ 266 $ (2) $ 485 $ (2) $ 544 Net pretax change in cash flow hedges included within AOCI $ (886) $ (229) $ (2,908) $ (958) (1) All amounts reclassified into earnings for interest rate contracts are included in Interest income/Interest expense (Net interest income) . For all other hedges, the amounts reclassified to earnings are included primarily in Other revenue and Net interest income in the Consolidated Statement of Income. |
Schedule of key characteristics of credit derivative portfolio | The following tables summarize the key characteristics of Citi’s credit derivatives portfolio by counterparty and derivative form: Fair values Notionals In millions of dollars at June 30, 2022 Receivable (1) Payable (2) Protection Protection By industry of counterparty Banks $ 3,507 $ 3,767 $ 111,649 $ 115,903 Broker-dealers 2,872 1,865 46,453 39,567 Non-financial 73 22 2,161 1,515 Insurance and other financial 5,349 4,641 521,881 481,394 Total by industry of counterparty $ 11,801 $ 10,295 $ 682,144 $ 638,379 By instrument Credit default swaps and options $ 10,182 $ 9,935 $ 667,694 $ 631,332 Total return swaps and other 1,619 360 14,450 7,047 Total by instrument $ 11,801 $ 10,295 $ 682,144 $ 638,379 By rating of reference entity Investment grade $ 4,201 $ 3,602 $ 536,771 $ 499,423 Non-investment grade 7,600 6,693 145,373 138,956 Total by rating of reference entity $ 11,801 $ 10,295 $ 682,144 $ 638,379 By maturity Within 1 year $ 2,504 $ 1,722 $ 159,569 $ 160,373 From 1 to 5 years 6,486 6,078 467,326 437,448 After 5 years 2,811 2,495 55,249 40,558 Total by maturity $ 11,801 $ 10,295 $ 682,144 $ 638,379 (1) The fair value amount receivable is composed of $9,839 million under protection purchased and $1,962 million under protection sold. (2) The fair value amount payable is composed of $2,672 million under protection purchased and $7,623 million under protection sold. Fair values Notionals In millions of dollars at December 31, 2021 Receivable (1) Payable (2) Protection Protection By industry of counterparty Banks $ 2,375 $ 3,031 $ 108,415 $ 103,756 Broker-dealers 1,962 1,139 44,364 40,068 Non-financial 113 306 2,785 2,728 Insurance and other financial 5,768 6,539 490,432 425,934 Total by industry of counterparty $ 10,218 $ 11,015 $ 645,996 $ 572,486 By instrument Credit default swaps and options $ 9,923 $ 10,234 $ 628,136 $ 565,131 Total return swaps and other 295 781 17,860 7,355 Total by instrument $ 10,218 $ 11,015 $ 645,996 $ 572,486 By rating of reference entity Investment grade $ 4,149 $ 4,258 $ 511,652 $ 448,944 Non-investment grade 6,069 6,757 134,344 123,542 Total by rating of reference entity $ 10,218 $ 11,015 $ 645,996 $ 572,486 By maturity Within 1 year $ 878 $ 1,462 $ 133,866 $ 115,603 From 1 to 5 years 6,674 6,638 454,617 413,174 After 5 years 2,666 2,915 57,513 43,709 Total by maturity $ 10,218 $ 11,015 $ 645,996 $ 572,486 (1) The fair value amount receivable is composed of $3,705 million under protection purchased and $6,513 million under protection sold. (2) The fair value amount payable is composed of $7,354 million under protection purchased and $3,661 million under protection sold. |
FAIR VALUE MEASUREMENT (Tables)
FAIR VALUE MEASUREMENT (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Fair Value Disclosures [Abstract] | |
Schedule of CVA and FVA applied to fair value of derivative instruments | The table below summarizes the credit valuation adjustments (CVA) and funding valuation adjustments (FVA) applied to the fair value of derivative instruments at June 30, 2022 and December 31, 2021: Credit and funding In millions of dollars June 30, December 31, Counterparty CVA $ (849) $ (705) Asset FVA (625) (433) Citigroup (own credit) CVA 746 379 Liability FVA 199 110 Total CVA and FVA—derivative instruments $ (529) $ (649) |
Schedule of pretax gains (losses) related to changes in CVA, FVA, and DVA | The table below summarizes pretax gains (losses) related to changes in CVA on derivative instruments, net of hedges, FVA on derivatives and debt valuation adjustments (DVA) on Citi’s own fair value option (FVO) liabilities for the periods indicated: Credit/funding/debt valuation Three Months Ended June 30, Six Months Ended June 30, In millions of dollars 2022 2021 2022 2021 Counterparty CVA $ (94) $ 34 $ (201) $ 43 Asset FVA (46) 25 (151) 94 Own credit CVA 182 (41) 298 (78) Liability FVA 68 (13) 90 11 Total CVA and FVA—derivative instruments $ 110 $ 5 $ 36 $ 70 DVA related to own FVO liabilities (1) $ 2,592 $ (110) $ 3,642 $ (148) Total CVA, DVA and FVA $ 2,702 $ (105) $ 3,678 $ (78) |
Items measured at fair value on a recurring basis | The following tables present for each of the fair value hierarchy levels the Company’s assets and liabilities that are measured at fair value on a recurring basis at June 30, 2022 and December 31, 2021. 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 June 30, 2022 Level 1 Level 2 Level 3 Gross Netting (1) Net Assets Securities borrowed and purchased under agreements to resell $ — $ 340,834 $ 183 $ 341,017 $ (98,257) $ 242,760 Trading non-derivative assets Trading mortgage-backed securities U.S. government-sponsored agency guaranteed — 32,121 708 32,829 — 32,829 Residential — 519 153 672 — 672 Commercial — 860 138 998 — 998 Total trading mortgage-backed securities $ — $ 33,500 $ 999 $ 34,499 $ — $ 34,499 U.S. Treasury and federal agency securities $ 56,991 $ 3,917 $ 1 $ 60,909 $ — $ 60,909 State and municipal — 1,681 80 1,761 — 1,761 Foreign government 43,585 26,703 364 70,652 — 70,652 Corporate 2,415 14,577 537 17,529 — 17,529 Equity securities 42,192 8,946 133 51,271 — 51,271 Asset-backed securities — 1,404 554 1,958 — 1,958 Other trading assets (2) 18 19,577 816 20,411 — 20,411 Total trading non-derivative assets $ 145,201 $ 110,305 $ 3,484 $ 258,990 $ — $ 258,990 Trading derivatives Interest rate contracts $ 476 $ 155,912 $ 3,137 $ 159,525 Foreign exchange contracts — 185,093 1,017 186,110 Equity contracts 55 53,351 2,185 55,591 Commodity contracts — 47,253 2,423 49,676 Credit derivatives — 10,558 1,243 11,801 Total trading derivatives—before netting and collateral $ 531 $ 452,167 $ 10,005 $ 462,703 Netting agreements $ (348,255) Netting of cash collateral received (32,563) Total trading derivatives—after netting and collateral $ 531 $ 452,167 $ 10,005 $ 462,703 $ (380,818) $ 81,885 Investments Mortgage-backed securities U.S. government-sponsored agency guaranteed $ — $ 12,487 $ 28 $ 12,515 $ — $ 12,515 Residential — 238 40 278 — 278 Commercial — 7 — 7 — 7 Total investment mortgage-backed securities $ — $ 12,732 $ 68 $ 12,800 $ — $ 12,800 U.S. Treasury and federal agency securities $ 91,530 $ 334 $ — $ 91,864 $ — $ 91,864 State and municipal — 1,953 539 2,492 — 2,492 Foreign government 51,472 67,213 1,001 119,686 — 119,686 Corporate 2,838 3,273 334 6,445 — 6,445 Marketable equity securities 406 172 10 588 — 588 Asset-backed securities — 275 1 276 — 276 Other debt securities — 4,936 — 4,936 — 4,936 Non-marketable equity securities (3) — 7 310 317 — 317 Total investments $ 146,246 $ 90,895 $ 2,263 $ 239,404 $ — $ 239,404 Table continues on the next page. In millions of dollars at June 30, 2022 Level 1 Level 2 Level 3 Gross Netting (1) Net Loans $ — $ 4,211 $ 325 $ 4,536 $ — $ 4,536 Mortgage servicing rights — — 600 600 — 600 Non-trading derivatives and other financial assets measured on a recurring basis $ 3,502 $ 6,520 $ 63 $ 10,085 $ — $ 10,085 Total assets $ 295,480 $ 1,004,932 $ 16,923 $ 1,317,335 $ (479,075) $ 838,260 Total as a percentage of gross assets (4) 22.4% 76.3% 1.3% Liabilities Interest-bearing deposits $ — $ 2,290 $ 18 $ 2,308 $ — $ 2,308 Securities loaned and sold under agreements to repurchase — 154,757 593 155,350 (90,776) 64,574 Trading account liabilities Securities sold, not yet purchased 98,389 19,231 72 117,692 — 117,692 Other trading liabilities — 4 — 4 — 4 Total trading liabilities $ 98,389 $ 19,235 $ 72 $ 117,696 $ — $ 117,696 Trading derivatives Interest rate contracts $ 347 $ 147,534 $ 2,256 $ 150,137 Foreign exchange contracts — 180,531 861 181,392 Equity contracts 108 56,115 2,286 58,509 Commodity contracts — 42,461 2,168 44,629 Credit derivatives — 8,703 1,592 10,295 Total trading derivatives—before netting and collateral $ 455 $ 435,344 $ 9,163 $ 444,962 Netting agreements $ (348,255) Netting of cash collateral paid (33,950) Total trading derivatives—after netting and collateral $ 455 $ 435,344 $ 9,163 $ 444,962 $ (382,205) $ 62,757 Short-term borrowings $ — $ 6,771 $ 81 $ 6,852 $ — $ 6,852 Long-term debt — 59,610 29,778 89,388 — 89,388 Total non-trading derivatives and other financial liabilities measured on a recurring basis $ 3,288 $ — $ — $ 3,288 $ — $ 3,288 Total liabilities $ 102,132 $ 678,007 $ 39,705 $ 819,844 $ (472,981) $ 346,863 Total as a percentage of gross liabilities (4) 12.5 % 82.7 % 4.8 % (1) Represents netting of (i) the amounts due under securities purchased under agreements to resell and the amounts owed under securities sold under agreements to repurchase and (ii) derivative exposures covered by a qualifying master netting agreement and cash collateral offsetting. (2) Includes positions related to investments in unallocated precious metals, as discussed in Note 21. Also includes physical commodities accounted for at the lower of cost or fair value and unfunded credit products. (3) 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). (4) 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. Fair Value Levels In millions of dollars at December 31, 2021 Level 1 Level 2 Level 3 Gross Netting (1) Net Assets Securities borrowed and purchased under agreements to resell $ — $ 342,030 $ 231 $ 342,261 $ (125,795) $ 216,466 Trading non-derivative assets Trading mortgage-backed securities U.S. government-sponsored agency guaranteed — 34,534 496 35,030 — 35,030 Residential 1 643 104 748 — 748 Commercial — 778 81 859 — 859 Total trading mortgage-backed securities $ 1 $ 35,955 $ 681 $ 36,637 $ — $ 36,637 U.S. Treasury and federal agency securities $ 44,900 $ 3,230 $ 4 $ 48,134 $ — $ 48,134 State and municipal — 1,995 37 2,032 — 2,032 Foreign government 39,176 31,485 23 70,684 — 70,684 Corporate 1,544 16,156 412 18,112 — 18,112 Equity securities 53,833 10,047 174 64,054 — 64,054 Asset-backed securities — 981 613 1,594 — 1,594 Other trading assets (2) — 20,346 576 20,922 — 20,922 Total trading non-derivative assets $ 139,454 $ 120,195 $ 2,520 $ 262,169 $ — $ 262,169 Trading derivatives Interest rate contracts $ 90 $ 161,500 $ 3,898 $ 165,488 Foreign exchange contracts — 134,912 637 135,549 Equity contracts 41 43,904 1,307 45,252 Commodity contracts — 28,547 1,797 30,344 Credit derivatives — 9,299 919 10,218 Total trading derivatives—before netting and collateral $ 131 $ 378,162 $ 8,558 $ 386,851 Netting agreements $ (292,628) Netting of cash collateral received (3) (24,447) Total trading derivatives—after netting and collateral $ 131 $ 378,162 $ 8,558 $ 386,851 $ (317,075) $ 69,776 Investments Mortgage-backed securities U.S. government-sponsored agency guaranteed $ — $ 33,165 $ 51 $ 33,216 $ — $ 33,216 Residential — 286 94 380 — 380 Commercial — 25 — 25 — 25 Total investment mortgage-backed securities $ — $ 33,476 $ 145 $ 33,621 $ — $ 33,621 U.S. Treasury and federal agency securities $ 122,271 $ 168 $ 1 $ 122,440 $ — $ 122,440 State and municipal — 1,849 772 2,621 — 2,621 Foreign government 56,842 61,112 786 118,740 — 118,740 Corporate 2,861 2,871 188 5,920 — 5,920 Marketable equity securities 350 177 16 543 — 543 Asset-backed securities — 300 3 303 — 303 Other debt securities — 4,877 — 4,877 — 4,877 Non-marketable equity securities (4) — 28 316 344 — 344 Total investments $ 182,324 $ 104,858 $ 2,227 $ 289,409 $ — $ 289,409 Table continues on the next page. In millions of dollars at December 31, 2021 Level 1 Level 2 Level 3 Gross Netting (1) Net Loans $ — $ 5,371 $ 711 $ 6,082 $ — $ 6,082 Mortgage servicing rights — — 404 404 — 404 Non-trading derivatives and other financial assets measured on a recurring basis $ 4,075 $ 8,194 $ 73 $ 12,342 $ — $ 12,342 Total assets $ 325,984 $ 958,810 $ 14,724 $ 1,299,518 $ (442,870) $ 856,648 Total as a percentage of gross assets (5) 25.1% 73.8% 1.1% Liabilities Interest-bearing deposits $ — $ 1,483 $ 183 $ 1,666 $ — $ 1,666 Securities loaned and sold under agreements to repurchase — 174,318 643 174,961 (118,267) 56,694 Trading account liabilities Securities sold, not yet purchased 82,675 23,268 65 106,008 — 106,008 Other trading liabilities — 5 — 5 — 5 Total trading liabilities $ 82,675 $ 23,273 $ 65 $ 106,013 $ — $ 106,013 Trading derivatives Interest rate contracts $ 56 $ 147,846 $ 2,172 $ 150,074 Foreign exchange contracts — 134,572 726 135,298 Equity contracts 60 46,177 3,447 49,684 Commodity contracts — 30,004 1,375 31,379 Credit derivatives — 10,065 950 11,015 Total trading derivatives—before netting and collateral $ 116 $ 368,664 $ 8,670 $ 377,450 Netting agreements $ (292,628) Netting of cash collateral paid (3) (29,306) Total trading derivatives—after netting and collateral $ 116 $ 368,664 $ 8,670 $ 377,450 $ (321,934) $ 55,516 Short-term borrowings $ — $ 7,253 $ 105 $ 7,358 $ — $ 7,358 Long-term debt — 57,100 25,509 82,609 — 82,609 Non-trading derivatives and other financial liabilities measured on a recurring basis $ 3,574 $ — $ 1 $ 3,575 $ — $ 3,575 Total liabilities $ 86,365 $ 632,091 $ 35,176 $ 753,632 $ (440,201) $ 313,431 Total as a percentage of gross liabilities (5) 11.5 % 83.9 % 4.7 % (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. Also includes physical commodities accounted for at the lower of cost or fair value and unfunded credit products. (3) 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. (4) Amounts exclude $0.1 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. |
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 Mar. 31, 2022 Principal Other (1)(2) into out of Purchases Issuances Sales Settlements Jun. 30, 2022 Assets Securities borrowed and purchased under agreements to resell $ 202 $ (12) $ — $ — $ — $ 36 $ — $ — $ (43) $ 183 $ (10) Trading non-derivative assets Trading mortgage-backed securities U.S. government-sponsored agency guaranteed 498 (15) — 80 (89) 318 — (84) — 708 (19) Residential 118 — — 28 (11) 47 — (29) — 153 (4) Commercial 52 (3) — 96 (8) 4 — (3) — 138 (3) Total trading mortgage-backed securities $ 668 $ (18) $ — $ 204 $ (108) $ 369 $ — $ (116) $ — $ 999 $ (26) U.S. Treasury and federal agency securities $ 2 $ — $ — $ — $ (1) $ — $ — $ — $ — $ 1 $ — State and municipal 6 4 — 71 — — — (1) — 80 (3) Foreign government 94 (27) — 249 (1) 57 — (8) — 364 (12) Corporate 1,013 59 — 120 (244) 181 — (592) — 537 38 Marketable equity securities 199 (9) — 14 (61) 58 — (68) — 133 (23) Asset-backed securities 466 (24) — 82 (100) 262 — (132) — 554 (26) Other trading assets 492 79 — 305 (30) 117 6 (149) (4) 816 54 Total trading non-derivative assets $ 2,940 $ 64 $ — $ 1,045 $ (545) $ 1,044 $ 6 $ (1,066) $ (4) $ 3,484 $ 2 Trading derivatives, net (4) Interest rate contracts $ 779 $ 434 $ — $ 141 $ (272) $ 7 $ 6 $ (6) $ (208) $ 881 $ 473 Foreign exchange contracts (131) 769 — 34 (50) 73 20 (547) (12) 156 126 Equity contracts (1,564) 1,189 — (60) 232 220 — (91) (27) (101) 1,182 Commodity contracts 217 208 — (74) 84 67 — (98) (149) 255 246 Credit derivatives (4) 6 — (97) (164) — — — (90) (349) (26) Total trading derivatives, net (4) $ (703) $ 2,606 $ — $ (56) $ (170) $ 367 $ 26 $ (742) $ (486) $ 842 $ 2,001 Table continues on the next page. Net realized/unrealized gains (losses) incl. in (1) Transfers Unrealized (3) In millions of dollars Mar. 31, 2022 Principal Other (1)(2) into out of Purchases Issuances Sales Settlements Jun. 30, 2022 Investments Mortgage-backed securities U.S. government-sponsored agency guaranteed $ 46 $ — $ (2) $ — $ (10) $ — $ — $ (6) $ — $ 28 $ (2) Residential 44 — (4) — — — — — — 40 (4) Total investment mortgage-backed securities $ 90 $ — $ (6) $ — $ (10) $ — $ — $ (6) $ — $ 68 $ (6) U.S. Treasury and federal agency securities $ 1 $ — $ (1) $ — $ — $ — $ — $ — $ — $ — $ — State and municipal 705 — (34) — (131) 1 — (2) — 539 (14) Foreign government 1,029 — (15) — (54) 202 — (161) — 1,001 (16) Corporate 237 — (3) 100 — — — — — 334 (1) Marketable equity securities 16 — (6) — — — — — — 10 (7) Asset-backed securities 2 — (1) — — — — — — 1 — Non-marketable equity securities 298 — 2 — — 20 — (10) — 310 (1) Total investments $ 2,378 $ — $ (64) $ 100 $ (195) $ 223 $ — $ (179) $ — $ 2,263 $ (45) Loans $ 622 $ — $ (105) $ 1 $ (193) $ — $ 1 $ — $ (1) $ 325 $ (7) Mortgage servicing rights 520 — 59 — 35 (14) 600 59 Other financial assets measured on a recurring basis 68 — 4 7 (12) 13 15 — (32) 63 7 Liabilities Interest-bearing deposits $ 191 $ — $ 7 $ — $ (122) $ — $ 17 $ — $ (61) $ 18 $ — Securities loaned and sold under agreements to repurchase 612 24 — — (3) 16 — — (8) 593 10 Trading account liabilities Securities sold, not yet purchased 38 (8) — 10 (4) 30 — 1 (11) 72 (12) Short-term borrowings 36 1 — 12 (12) — 69 — (23) 81 2 Long-term debt 27,432 4,719 — 3,335 (2,634) — 6,527 — (163) 29,778 4,232 (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 June 30, 2022. (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, 2021 Principal Other (1)(2) into out of Purchases Issuances Sales Settlements Jun. 30, 2022 Assets Securities borrowed and purchased under agreements to resell $ 231 $ (1) $ — $ — $ — $ 124 $ — $ — $ (171) $ 183 $ (7) Trading non-derivative assets Trading mortgage-backed securities U.S. government-sponsored agency guaranteed 496 (13) — 127 (158) 484 — (228) — 708 (21) Residential 104 — — 61 (32) 85 — (65) — 153 (5) Commercial 81 (5) — 97 (34) 9 — (10) — 138 (2) Total trading mortgage-backed securities $ 681 $ (18) $ — $ 285 $ (224) $ 578 $ — $ (303) $ — $ 999 $ (28) U.S. Treasury and federal agency securities $ 4 $ (4) $ — $ 2 $ (1) $ — $ — $ — $ — $ 1 $ — State and municipal 37 5 — 71 (20) 1 — (14) — 80 (5) Foreign government 23 (26) — 299 (1) 87 — (18) — 364 (18) Corporate 412 68 — 262 (278) 828 — (755) — 537 18 Marketable equity securities 174 (14) — 63 (87) 108 — (111) — 133 (40) Asset-backed securities 613 (19) — 140 (167) 393 — (406) — 554 (45) Other trading assets 576 126 — 333 (92) 366 16 (501) (8) 816 75 Total trading non-derivative assets $ 2,520 $ 118 $ — $ 1,455 $ (870) $ 2,361 $ 16 $ (2,108) $ (8) $ 3,484 $ (43) Trading derivatives, net (4) Interest rate contracts $ 1,726 $ 600 $ — $ 73 $ (803) $ 9 $ 6 $ (6) $ (724) $ 881 $ 650 Foreign exchange contracts (89) 1,164 — (475) (6) 175 20 (611) (22) 156 235 Equity contracts (2,140) 1,997 — (73) 207 405 — (316) (181) (101) 1,634 Commodity contracts 422 622 — (45) (409) 120 — (142) (313) 255 410 Credit derivatives (31) (57) — (65) (151) — — (1) (44) (349) (95) Total trading derivatives, net (4) $ (112) $ 4,326 $ — $ (585) $ (1,162) $ 709 $ 26 $ (1,076) $ (1,284) $ 842 $ 2,834 Table continues on the next page. Net realized/unrealized gains (losses) incl. in (1) Transfers Unrealized (3) In millions of dollars Dec. 31, 2021 Principal Other (1)(2) into out of Purchases Issuances Sales Settlements Jun. 30, 2022 Investments Mortgage-backed securities U.S. government-sponsored agency guaranteed $ 51 $ — $ (9) $ 1 $ (10) $ 4 $ — $ (9) $ — $ 28 $ (4) Residential 94 — (6) — (39) — — (9) — 40 (5) Total investment mortgage-backed securities $ 145 $ — $ (15) $ 1 $ (49) $ 4 $ — $ (18) $ — $ 68 $ (9) U.S. Treasury and federal agency securities $ 1 $ — $ (1) $ — $ — $ — $ — $ — $ — $ — $ — State and municipal 772 — (78) — (142) 1 — (14) — 539 (47) Foreign government 786 — (39) 250 (113) 385 — (268) — 1,001 (19) Corporate 188 — (7) 153 — — — — — 334 (2) Marketable equity securities 16 — (6) — — — — — — 10 (7) Asset-backed securities 3 — 11 — — — — (13) — 1 — Non-marketable equity securities 316 — (12) 11 — 20 — (25) — 310 (1) Total investments $ 2,227 $ — $ (147) $ 415 $ (304) $ 410 $ — $ (338) $ — $ 2,263 $ (85) Loans $ 711 $ — $ (190) $ 1 $ (195) $ — $ 1 $ — $ (3) $ 325 $ 166 Mortgage servicing rights 404 — 158 — — — 69 — (31) 600 157 Other financial assets measured on a recurring basis 73 — 7 7 (16) 14 40 (1) (61) 63 48 Liabilities Interest-bearing deposits $ 183 $ — $ 3 $ 7 $ (122) $ — $ 18 $ — $ (65) $ 18 $ — Securities loaned and sold under agreements to repurchase 643 50 — — (3) 16 — — (13) 593 28 Trading account liabilities Securities sold, not yet purchased 65 21 — 35 (19) 83 — 1 (72) 72 (2) Short-term borrowings 105 89 — 40 (21) — 76 — (30) 81 1 Long-term debt 25,509 8,245 — 6,743 (3,507) — 9,699 — (421) 29,778 (4,197) Other financial liabilities measured on a recurring basis 1 — 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 June 30, 2022. (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 Mar. 31, 2021 Principal Other (1)(2) into out of Purchases Issuances Sales Settlements Jun. 30, 2021 Assets Securities borrowed and purchased under agreements to resell $ 262 $ (2) $ — $ — $ (49) $ 43 $ — $ — $ (43) $ 211 $ 1 Trading non-derivative assets Trading mortgage-backed securities U.S. government-sponsored agency guaranteed 38 2 — 238 (7) 113 — (8) — 376 (12) Residential 268 (1) — 41 (65) 57 — (205) — 95 2 Commercial 59 16 — 60 (8) 11 — (51) — 87 3 Total trading mortgage-backed securities $ 365 $ 17 $ — $ 339 $ (80) $ 181 $ — $ (264) $ — $ 558 $ (7) U.S. Treasury and federal agency securities $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — State and municipal 94 — — — (29) 5 — — — 70 — Foreign government 81 4 — 125 (28) 14 — (55) — 141 1 Corporate 290 (15) — 312 (50) 408 — (122) — 823 (36) Marketable equity securities 89 2 — 80 (40) 23 — (7) — 147 15 Asset-backed securities 1,208 209 — 17 (148) 352 — (946) — 692 22 Other trading assets 571 62 — 31 (121) 201 — (189) — 555 4 Total trading non-derivative assets $ 2,698 $ 279 $ — $ 904 $ (496) $ 1,184 $ — $ (1,583) $ — $ 2,986 $ (1) Trading derivatives, net (4) Interest rate contracts $ 1,229 $ (126) $ — $ 218 $ 321 $ 2 $ — $ — $ 120 $ 1,764 $ (70) Foreign exchange contracts (86) 59 — — 4 111 — (282) 10 (184) (28) Equity contracts (2,876) 309 — (634) 892 85 — (94) (232) (2,550) 349 Commodity contracts 732 236 — (148) (612) 28 — (45) (49) 142 (194) Credit derivatives 71 (57) — (52) (74) — — — 71 (41) (107) Total trading derivatives, net (4) $ (930) $ 421 $ — $ (616) $ 531 $ 226 $ — $ (421) $ (80) $ (869) $ (50) Table continues on the next page. Net realized/unrealized gains (losses) incl. in (1) Transfers Unrealized (3) In millions of dollars Mar. 31, 2021 Principal Other (1)(2) into out of Purchases Issuances Sales Settlements Jun. 30, 2021 Investments Mortgage-backed securities U.S. government-sponsored agency guaranteed $ 30 $ — $ 2 $ 22 $ — $ 3 $ — $ (5) $ — $ 52 $ (21) Total investment mortgage-backed securities $ 30 $ — $ 2 $ 22 $ — $ 3 $ — $ (5) $ — $ 52 $ (21) U.S. Treasury and federal agency securities $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — State and municipal 794 — 8 54 (108) 2 — (2) — 748 6 Foreign government 523 — 3 440 (289) 315 — (35) — 957 3 Corporate 56 — (7) 32 — 30 — (7) — 104 (1) Asset-backed securities 4 — (21) 33 — — — (13) — 3 1 Non-marketable equity securities 352 — 30 — — — — — — 382 2 Total investments $ 1,759 $ — $ 15 $ 581 $ (397) $ 350 $ — $ (62) $ — $ 2,246 $ (10) Loans $ 1,944 $ — $ 476 $ 60 $ (2,051) $ — $ — $ — $ — $ 429 $ 169 Mortgage servicing rights 433 — (21) — — — 25 — (18) 419 (21) Other financial assets measured on a recurring basis — — — 55 — — — — — 55 — Liabilities Interest-bearing deposits $ 199 $ — $ 2 $ — $ (44) $ — $ 11 $ — $ (10) $ 154 $ — Securities loaned and sold under agreements to repurchase 977 22 — — (483) 80 — — (64) 488 — Trading account liabilities Securities sold, not yet purchased 167 7 — 54 (21) 10 — — (35) 168 26 Other trading liabilities 6 5 — — — — — — — 1 4 Short-term borrowings 49 33 — 40 (32) — 17 — — 41 17 Long-term debt 26,337 (849) — 3,937 (5,966) — 1,825 — (1,914) 25,068 (699) Other financial liabilities measured on a recurring basis 8 — — — (4) — — — 4 — (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 March 31, 2022. (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 Jun. 30, 2021 Assets Securities borrowed and purchased under agreements to resell $ 320 $ (11) $ — $ — $ (49) $ 276 $ — $ — $ (325) $ 211 $ 1 Trading non-derivative assets Trading mortgage-backed securities U.S. government-sponsored agency guaranteed 27 1 — 252 (8) 114 — (10) — 376 16 Residential 340 22 — 69 (68) 201 — (469) — 95 18 Commercial 136 21 — 76 (41) 24 — (129) — 87 2 Total trading mortgage-backed securities $ 503 $ 44 $ — $ 397 $ (117) $ 339 $ — $ (608) $ — $ 558 $ 36 U.S. Treasury and federal agency securities $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — State and municipal 94 — — — (29) 5 — — — 70 1 Foreign government 51 5 — 136 (28) 71 — (94) — 141 (6) Corporate 375 75 — 318 (168) 475 — (252) — 823 (7) Marketable equity securities 73 47 — 84 (42) 35 — (50) — 147 32 Asset-backed securities 1,606 248 — 35 (198) 934 — (1,933) — 692 8 Other trading assets 945 18 — 61 (129) 348 4 (688) (4) 555 (5) Total trading non-derivative assets $ 3,647 $ 437 $ — $ 1,031 $ (711) $ 2,207 $ 4 $ (3,625) $ (4) $ 2,986 $ 59 Trading derivatives, net (4) Interest rate contracts $ 1,614 $ (298) $ — $ 173 $ 321 $ 2 $ (84) $ — $ 36 $ 1,764 $ (197) Foreign exchange contracts 52 (79) — 8 4 134 — (297) (6) (184) (57) Equity contracts (3,213) 612 — (598) 898 109 — (117) (241) (2,550) 213 Commodity contracts 292 550 — 10 (617) 94 — (155) (32) 142 280 Credit derivatives 48 (121) — 15 (71) — — — 88 (41) (198) Total trading derivatives, net (4) $ (1,207) $ 664 $ — $ (392) $ 535 $ 339 $ (84) $ (569) $ (155) $ (869) $ 41 Investments Mortgage-backed securities U.S. government-sponsored agency guaranteed $ 30 $ — $ 2 $ 22 $ — $ 3 $ — $ (5) $ — $ 52 $ (42) Total investment mortgage-backed securities $ 30 $ — $ 2 $ 22 $ — $ 3 $ — $ (5) $ — $ 52 $ (42) U.S. Treasury and federal agency securities $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — State and municipal 834 — (10) 58 (108) 3 — (29) — 748 (8) Foreign government 268 — 1 440 (289) 645 — (108) — 957 3 Corporate 60 — (11) 32 — 30 — (7) — 104 (1) Asset-backed securities 1 — (21) 36 — — — (13) — 3 (37) Non-marketable equity securities 349 — 40 1 — — — (8) — 382 2 Total investments $ 1,542 $ — $ 1 $ 589 $ (397) $ 681 $ — $ (170) $ — $ 2,246 $ (83) 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 Jun. 30, 2021 Loans $ 1,985 $ — $ 348 $ 271 $ (2,051) $ — $ 1 $ — $ (125) $ 429 $ 100 Mortgage servicing rights 336 — 52 — — — 68 — (37) 419 59 Other financial assets measured on a recurring basis — — — 55 — — — — — 55 — Liabilities Interest-bearing deposits $ 206 $ — $ 18 $ — $ (44) $ — $ 20 $ — $ (10) $ 154 $ (45) Securities loaned and sold under agreements to repurchase 631 7 — — (483) 488 — — (141) 488 19 Trading account liabilities Securities sold, not yet purchased 214 61 — 62 (25) 20 — — (42) 168 (2) Other trading liabilities 26 25 — — — — — — — 1 — Short-term borrowings 219 32 — 42 (44) — 25 — (169) 41 17 Long-term debt 25,210 1,773 — 4,869 (5,968) — 7,545 — (4,815) 25,068 791 Other financial liabilities measured on a recurring basis 1 — (3) — (4) — 14 — (10) 4 — (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 June 30, 2021. (4) Total Level 3 trading derivative assets and liabilities have been netted in these tables for presentation purposes only. |
Significant valuation techniques and most significant unobservable inputs used in Level 3 fair value measurements | The following tables present the valuation techniques covering the majority of Level 3 inventory and the most significant unobservable inputs used in Level 3 fair value measurements. Differences between this table and amounts presented in the Level 3 Fair Value Rollforward table represent individually immaterial items that have been measured using a variety of valuation techniques other than those listed. As of June 30, 2022 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 $ 183 Model-based Interest rate 1.50 % 2.80 % 2.20 % Mortgage-backed securities $ 804 Yield analysis Yield 3.50 % 22.00 % 8.80 % 243 Price-based Price $ 0.80 $ 100.10 $ 59.70 State and municipal, foreign government, corporate and other debt securities $ 2,483 Price-based Price $ — $ 934.30 $ 186.50 499 Model-based Marketable equity securities (5) $ 136 Price-based Price $ — $ 8,922.80 $ 52.70 Asset-backed securities $ 328 Price-based Price $ 4.10 $ 100.00 $ 79.60 192 Yield analysis Yield 4.20 % 16.00 % 7.90 % Non-marketable equities $ 148 Comparables analysis Illiquidity discount 15.00 % 32.00 % 27.60 % 150 Price-based PE ratio 15.20x 18.00x 15.90x Revenue multiple 12.80x 30.00x 14.00x EBITDA multiples 17.40x 17.40x 17.40x Cost of capital 17.50 % 20.00 % 17.60 % Adjustment factor 0.30x 0.50x 0.30x Derivatives—gross (6) Interest rate contracts (gross) $ 5,279 Model-based IR Normal volatility 0.30 % 1.70 % 0.90 % Yield (0.20) % 1.60 % 0.50 % Foreign exchange contracts (gross) $ 1,754 Model-based IR Basis (1.20) % 5.20 % 0.20 % IR Normal volatility 0.40 % 1.60 % 0.60 % Equity contracts (gross) (7) $ 4,366 Model-based Equity volatility 0.10 % 313.90 % 46.70 % Equity forward 49.00 % 247.10 % 97.00 % Equity-Equity correlation (6.49) % 99.70 % 86.80 % Equity-FX correlation (95.00) % 80.00 % (17.20) % Commodity and other contracts (gross) $ 4,043 Model-based Commodity correlation (53.00) % 93.50 % 19.10 % Commodity volatility 13.00 % 107.30 % 26.30 % Forward price 12.45 % 381.82 % 86.52 % Credit derivatives (gross) $ 2,396 Model-based Credit spread 16 bps 601 bps 123 bps 434 Price-based Recovery rate 5.00 % 75.00 % 37.00 % Upfront points — % 99.00 % 43.90 % Credit correlation 15.00 % 85.00 % 43.60 % Credit spread volatility 23.40 % 79.20 % 47.00 % Nontrading derivatives and other financial assets and liabilities measured on a recurring basis (gross) $ 57 Price-based Price $ 84.35 $ 785.00 $ 181.80 Loans and leases $ 309 Model-based Equity volatility 60.88 % 99.02 % 94.64 % Forward price 12.45 % 369.11 % 83.72 % Commodity volatility 13.04 % 107.31 % 26.33 % Commodity correlation (53.02) % 93.52 % 19.08 % As of June 30, 2022 Fair value (1) (in millions) Methodology Input Low (2)(3) High (2)(3) Weighted average (4) Mortgage servicing rights $ 529 Cash flow Yield — % 12.90 % 5.30 % 71 Model-based WAL 4 years 9.7 years 7.70 years Liabilities Interest-bearing deposits $ 18 Model-based IR Normal volatility 0.30 % 0.90 % 0.50 % Forward price 100.00 % 100.00 % 100.00 % Securities loaned and sold under agreements to repurchase $ 593 Model-based Interest rate 1.80 % 3.70 % 3.10 % Trading account liabilities Securities sold, not yet purchased and other trading liabilities $ 46 Price-based Price $ — $ 12,100 $ 2,133 24 Yield analysis Yield 3.40 % 4.60 % 4.00 % Upfront points 4.00 % 4.00 % 4.00 % Short-term borrowings and long-term debt $ 28,623 Model-based IR Normal volatility 0.30 % 1.70 % 0.80 % Equity volatility 0.10 % 313.90 % 52.60 % Equity forward 49.00 % 247.10 % 96.90 % As of December 31, 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 $ 231 Model-based Credit spread 15 bps 15 bps 15 bps Interest rate 0.26 % 0.72 % 0.50 % Mortgage-backed securities $ 279 Price-based Price $ 4 $ 118 $ 79 526 Yield analysis Yield 1.43 % 23.79 % 7.25 % State and municipal, foreign government, corporate and other debt securities $ 2,264 Price-based Price $ — $ 995 $ 193 415 Model-based Equity volatility 0.08 % 290.64 % 53.94 % Marketable equity securities (5) $ 128 Price-based Price $ — $ 73,000 $ 6,477 43 Model-based WAL 1.73 years 1.73 years 1.73 years Recovery (in millions) $ 7,148 $ 7,148 $ 7,148 Asset-backed securities $ 386 Price-based Price $ 5 $ 754 $ 87 208 Yield analysis Yield 2.43 % 19.35 % 8.18 % Non-marketable equities $ 121 Price-based Illiquidity discount 10.00 % 36.00 % 26.43 % 112 Comparables analysis PE ratio 11.00x 29.00x 15.42x 83 Model-based Price $ 3 $ 2,601 $ 2,029 Adjustment factor 0.33x 0.44x 0.34x Revenue multiple 19.80x 30.00x 20.48x Cost of capital 17.50 % 20.00 % 17.57 % Derivatives—gross (6) Interest rate contracts (gross) $ 6,054 Model-based IR normal volatility 0.24 % 0.94 % 0.70 % Foreign exchange contracts (gross) $ 1,364 Model-based IR Normal volatility 0.24 % 0.74 % 0.58 % FX volatility 2.13 % 107.42 % 11.21 % Credit spread 140 bps 696 bps 639 bps Equity contracts (gross) (7) $ 4,690 Model-based Equity volatility 0.08 % 290.64 % 47.67 % Equity forward 57.99 % 165.83 % 89.45 % Equity-FX correlation (95.00) % 80.00 % (16.00) % Equity-Equity correlation (6.49) % 99.00 % 85.61 % Commodity and other contracts (gross) $ 3,172 Model-based Forward price 8.00 % 599.44 % 123.22 % Commodity volatility 10.87 % 188.30 % 26.85 % Commodity correlation (50.52) % 89.83 % (7.11) % Credit derivatives (gross) $ 1,480 Model-based Credit spread 1.00 bps 874.72 bps 68.83 bps 427 Price-based Recovery rate 20.00 % 75.00 % 44.72 % Upfront points 2.74 % 99.96 % 59.37 % Price $ 40 $ 103 $ 80 Credit correlation 30.00 % 80.00 % 54.57 % Non-trading derivatives and other financial assets and liabilities measured on a recurring basis (gross) $ 69 Price-based Price $ 94 $ 2,598 $ 591 Loans and leases $ 691 Model-based Equity volatility 22.48 % 85.44 % 50.56 % Forward price 26.95 % 333.08 % 106.97 % Commodity volatility 10.87 % 188.30 % 26.85 % Commodity correlation (50.52) % 89.83 % (7.11) % Mortgage servicing rights $ 331 Cash flow Yield (1.20) % 12.10 % 4.51 % 73 Model-based WAL 2.75 years 5.86 years 5.14 years Liabilities Interest-bearing deposits $ 183 Model-based IR Normal volatility 0.34 % 0.88 % 0.68 % Equity volatility 0.08 % 290.64 % 54.05 % Equity forward 57.99 % 165.83 % 89.39 % Securities loaned and sold under agreements to repurchase $ 643 Model-based Interest rate 0.12 % 1.95 % 1.47 % Trading account liabilities Securities sold, not yet purchased and other trading liabilities $ 63 Price-based Price $ — $ 12,875 $ 1,707 Short-term borrowings and long-term debt $ 25,514 Model-based IR Normal volatility 0.07 % 0.88 % 0.60 % Equity volatility 0.08 % 290.64 % 53.21 % Equity-IR correlation (3.53) % 60.00 % 32.12 % Equity-FX correlation (95.00) % 80.00 % (15.98) % FX volatility 0.06 % 41.76 % 9.38 % (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 June 30, 2022 Loans HFS (1) $ 2,431 $ 1,199 $ 1,232 Other real estate owned 3 — 3 Loans (2) 133 — 133 Non-marketable equity securities measured using the measurement alternative 153 — 153 Total assets at fair value on a nonrecurring basis $ 2,720 $ 1,199 $ 1,521 In millions of dollars Fair value Level 2 Level 3 December 31, 2021 Loans HFS (1) $ 2,298 $ 986 $ 1,312 Other real estate owned 11 — 11 Loans (2) 144 — 144 Non-marketable equity securities measured using the measurement alternative 655 104 551 Total assets at fair value on a nonrecurring basis $ 3,108 $ 1,090 $ 2,018 (1) Net of fair value amounts on the unfunded portion of loans HFS recognized as Other liabilities on the Consolidated Balance Sheet. (2) Represents impaired loans held for investment whose carrying amount is based on the fair value of the underlying collateral less costs to sell, primarily real estate. |
Valuation techniques and inputs for Level 3 nonrecurring fair value measurements | The following tables present the valuation techniques covering the majority of Level 3 nonrecurring fair value measurements and the most significant unobservable inputs used in those measurements: As of June 30, 2022 Fair value (1) (in millions) Methodology Input Low (2) High Weighted average (3) Loans held-for-sale $ 1,232 Price-based Price $ 84.00 $ 100.00 $ 95.40 Other real estate owned $ 1 Price-based Appraised value (4) $ 38,899 $ 991,478 $ 775,330 1 Recovery analysis Loans (5) $ 133 Recovery analysis Appraised value (4) $ 10,000 $ 3,900,000 $ 243,283 Non-marketable equity securities measured using the measurement alternative $ 135 Price-based Price $ 3.35 $ 2,416.43 $ 1,359.84 18 Comparable analysis Revenue multiple 11.30x 11.30x 11.30x As of December 31, 2021 Fair value (1) (in millions) Methodology Input Low (2) High Weighted average (3) Loans HFS $ 1,312 Price-based Price $ 89 $ 100 $ 99 Other real estate owned $ 4 Price-based Appraised value (4) $ 14,000 $ 2,392,464 $ 1,660,120 5 Recovery analysis Loans (5) $ 120 Recovery analysis Appraised value (4) $ 10,000 $ 3,900,000 $ 247,018 24 Price-based Price 3 75 35 Recovery rate 84.00 % 100.00 % 84.00 % Non-marketable equity securities measured using the measurement alternative $ 551 Price-based Price $ 6 $ 1,339 $ 52 (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 June 30, Six Months Ended June 30, In millions of dollars 2022 2021 2022 2021 Loans HFS $ (86) $ (15) $ (223) $ (17) Other real estate owned — — — — Loans (1) 4 49 9 60 Non-marketable equity securities measured using the measurement alternative 43 211 128 291 Total nonrecurring fair value gains (losses) $ (39) $ 245 $ (86) $ 334 (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. June 30, 2022 Estimated fair value Carrying Estimated In billions of dollars Level 1 Level 2 Level 3 Assets Investments, net of allowance $ 272.7 $ 255.0 $ 126.7 $ 124.9 $ 3.4 Securities borrowed and purchased under agreements to resell 118.6 118.6 — 118.6 — Loans (1)(2) 636.7 641.0 — — 641.0 Other financial assets (2)(3) 398.8 398.8 266.6 17.5 114.7 Liabilities Deposits $ 1,319.5 $ 1,318.2 $ — $ 1,175.0 $ 143.2 Securities loaned and sold under agreements to repurchase 133.9 133.9 — 133.9 — Long-term debt (4) 168.0 165.5 — 161.4 4.1 Other financial liabilities (5) 159.0 159.0 — 22.4 136.6 December 31, 2021 Estimated fair value Carrying Estimated In billions of dollars Level 1 Level 2 Level 3 Assets Investments, net of allowance $ 221.9 $ 221.0 $ 111.8 $ 106.4 $ 2.8 Securities borrowed and purchased under agreements to resell 110.8 110.8 — 106.4 4.4 Loans (1)(2) 644.8 659.6 — — 659.6 Other financial assets (2)(3) 351.9 351.9 242.1 19.9 89.9 Liabilities Deposits $ 1,315.6 $ 1,316.2 $ — $ 1,153.9 $ 162.3 Securities loaned and sold under agreements to repurchase 134.6 134.6 — 134.5 0.1 Long-term debt (4) 171.8 184.6 — 171.9 12.7 Other financial liabilities (5) 111.1 111.1 — 17.0 94.1 (1) The carrying value of loans is net of the Allowance for credit losses on loans of $16.0 billion for June 30, 2022 and $16.5 billion for December 31, 2021. In addition, the carrying values exclude $0.4 billion and $0.5 billion of lease finance receivables at June 30, 2022 and December 31, 2021, respectively. (2) Includes items measured at fair value on a nonrecurring basis. (3) Includes cash and due from banks, deposits with banks, brokerage receivables, reinsurance recoverables and other financial instruments included in Other assets on the Consolidated Balance Sheet, for all of which the carrying value is a reasonable estimate of fair value. (4) The carrying value includes long-term debt balances under qualifying fair value hedges. (5) Includes brokerage payables, separate and variable accounts, short-term borrowings (carried at cost) and other financial instruments included in Other liabilities on the Consolidated Balance Sheet, for all of which the carrying value is a reasonable estimate of fair value. |
FAIR VALUE ELECTIONS (Tables)
FAIR VALUE ELECTIONS (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Fair Value, Option, Aggregate Differences [Abstract] | |
Schedule of financial instruments selected for changes in fair value gains and losses | The following table presents the changes in fair value of those items for which the fair value option has been elected: Changes in fair value—gains (losses) Three Months Ended June 30, Six Months Ended June 30, In millions of dollars 2022 2021 2022 2021 Assets Securities borrowed and purchased under agreements to resell $ (21) $ (8) $ (83) $ (36) Trading account assets (177) 52 (238) 153 Loans Certain corporate loans (1,523) 539 (1,855) 668 Consumer loans — — (1) — Total loans $ (1,523) $ 539 $ (1,856) $ 668 Other assets MSRs $ 60 $ (21) $ 158 $ 52 Certain mortgage loans HFS (1) (144) 47 (330) 44 Total other assets $ (84) $ 26 $ (172) $ 96 Total assets $ (1,805) $ 609 $ (2,349) $ 881 Liabilities Interest-bearing deposits $ (168) $ (130) $ (123) $ (93) Securities loaned and sold under agreements to repurchase 19 5 96 18 Trading account liabilities 191 8 (449) 10 Short-term borrowings (2) 1,064 327 1,196 192 Long-term debt (2) 9,642 (2,441) 15,713 (433) Total liabilities $ 10,748 $ (2,231) $ 16,433 $ (306) (1) Includes gains (losses) associated with interest rate lock commitments for those loans that have been originated and elected the fair value option. (2) Includes DVA that is included in AOCI . See Notes 17 and 20. |
Schedule of fair value of loans and other disclosures for certain credit related products | The following table provides information about certain credit products carried at fair value: June 30, 2022 December 31, 2021 In millions of dollars Trading assets Loans Trading assets Loans Carrying amount reported on the Consolidated Balance Sheet $ 7,655 $ 4,536 $ 9,530 $ 6,082 Aggregate unpaid principal balance in excess of (less than) fair value 152 195 (100) 226 Balance of non-accrual loans or loans more than 90 days past due — 248 — 1 Aggregate unpaid principal balance in excess of (less than) fair value for non-accrual loans or loans more than 90 days past due — — — — |
Schedule of fair value of loans and other disclosures for certain mortgage loans | The following table provides information about certain mortgage loans HFS carried at fair value: In millions of dollars June 30, December 31, 2021 Carrying amount reported on the Consolidated Balance Sheet $ 1,375 $ 3,035 Aggregate fair value in excess of (less than) unpaid principal balance (46) 70 Balance of non-accrual loans or loans more than 90 days past due 5 — Aggregate unpaid principal balance in excess of fair value for non-accrual loans or loans more than 90 days past due 1 — |
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 June 30, 2022 December 31, 2021 Interest rate linked $ 43.9 $ 38.9 Foreign exchange linked 0.1 — Equity linked 36.9 36.1 Commodity linked 4.7 3.9 Credit linked 3.8 3.7 Total $ 89.4 $ 82.6 |
Schedule of long-term debt carried at fair value, excluding debt issued by consolidated VIEs | The following table provides information about long-term debt carried at fair value: In millions of dollars June 30, 2022 December 31, 2021 Carrying amount reported on the Consolidated Balance Sheet $ 89,388 $ 82,609 Aggregate unpaid principal balance in excess of (less than) fair value (3,011) (2,459) |
Schedule of short-term borrowings carried at fair value | The following table provides information about short-term borrowings carried at fair value: In millions of dollars June 30, 2022 December 31, 2021 Carrying amount reported on the Consolidated Balance Sheet $ 6,852 $ 7,358 Aggregate unpaid principal balance in excess of (less than) fair value 1 (644) |
GUARANTEES, LEASES AND COMMIT_2
GUARANTEES, LEASES AND COMMITMENTS (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Guarantees, Leases And Commitments [Abstract] | |
Schedule of guarantor obligations | The following tables present information about Citi’s guarantees at June 30, 2022 and December 31, 2021: Maximum potential amount of future payments In billions of dollars at June 30, 2022 Expire within Expire after Total amount Carrying value (in millions of dollars) Financial standby letters of credit $ 35.6 $ 57.2 $ 92.8 $ 784 Performance guarantees 6.3 5.6 11.9 74 Derivative instruments considered to be guarantees 18.1 35.8 53.9 511 Loans sold with recourse — 1.6 1.6 15 Securities lending indemnifications (1) 120.5 — 120.5 — Credit card merchant processing (2) 125.6 — 125.6 — Credit card arrangements with partners 0.1 0.6 0.7 7 Other 0.7 12.0 12.7 29 Total $ 306.9 $ 112.8 $ 419.7 $ 1,420 Maximum potential amount of future payments In billions of dollars at December 31, 2021 Expire within Expire after Total amount Carrying value ( in millions of dollars) Financial standby letters of credit $ 34.3 $ 58.4 $ 92.7 $ 791 Performance guarantees 6.6 6.4 13.0 47 Derivative instruments considered to be guarantees 14.6 48.9 63.5 514 Loans sold with recourse — 1.7 1.7 15 Securities lending indemnifications (1) 121.9 — 121.9 — Credit card merchant processing (2) 119.4 — 119.4 1 Credit card arrangements with partners — 0.8 0.8 7 Other 2.0 12.0 14.0 34 Total $ 298.8 $ 128.2 $ 427.0 $ 1,409 (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 June 30, 2022 and December 31, 2021, this maximum potential exposure was estimated to be $126 billion and $119 billion, respectively. However, Citi believes that the maximum exposure is not representative of the actual potential loss exposure based on its historical experience. This contingent liability is unlikely to arise, as most products and services are delivered when purchased and amounts are refunded when items are returned to merchants. |
Schedule of guarantor obligations by credit ratings | Presented in the tables below are the maximum potential amounts of future payments that are classified based on internal and external credit ratings. The determination of the maximum potential future payments is based on the notional amount of the guarantees without consideration of possible recoveries under recourse provisions or from collateral held or pledged. As such, Citi believes such amounts bear no relationship to the anticipated losses, if any, on these guarantees. Maximum potential amount of future payments In billions of dollars at June 30, 2022 Investment Non-investment Not Total Financial standby letters of credit $ 80.2 $ 10.8 $ 1.8 $ 92.8 Performance guarantees 9.7 2.2 — 11.9 Derivative instruments deemed to be guarantees — — 53.9 53.9 Loans sold with recourse — — 1.6 1.6 Securities lending indemnifications — — 120.5 120.5 Credit card merchant processing — — 125.6 125.6 Credit card arrangements with partners — — 0.7 0.7 Other 0.4 12.3 — 12.7 Total $ 90.3 $ 25.3 $ 304.1 $ 419.7 Maximum potential amount of future payments In billions of dollars at December 31, 2021 Investment Non-investment Not Total Financial standby letters of credit $ 81.4 $ 11.3 $ — $ 92.7 Performance guarantees 10.5 2.5 — 13.0 Derivative instruments deemed to be guarantees — — 63.5 63.5 Loans sold with recourse — — 1.7 1.7 Securities lending indemnifications — — 121.9 121.9 Credit card merchant processing — — 119.4 119.4 Credit card arrangements with partners — — 0.8 0.8 Other — 12.0 2.0 14.0 Total $ 91.9 $ 25.8 $ 309.3 $ 427.0 |
Schedule of credit commitments | The table below summarizes Citigroup’s credit commitments: In millions of dollars U.S. Outside of U.S. (1) June 30, December 31, Commercial and similar letters of credit $ 732 $ 5,840 $ 6,572 $ 5,910 One- to four-family residential mortgages 2,048 1,692 3,740 4,351 Revolving open-end loans secured by one- to four-family residential properties 6,280 695 6,975 7,913 Commercial real estate, construction and land development 15,402 2,311 17,713 17,843 Credit card lines 608,097 92,859 700,956 700,559 Commercial and other consumer loan commitments 200,543 107,465 308,008 320,556 Other commitments and contingencies 5,228 219 5,447 5,649 Total $ 838,330 $ 211,081 $ 1,049,411 $ 1,062,781 (1) Consumer commitments related to the business HFS countries under sales agreements are reflected in their original categories until the respective sales are completed. |
Schedule of restricted cash | Restricted cash is included on the Consolidated Balance Sheet within the following balance sheet lines: In millions of dollars June 30, December 31, Cash and due from banks $ 3,786 $ 2,786 Deposits with banks, net of allowance 13,603 10,636 Total $ 17,389 $ 13,422 |
CONDENSED CONSOLIDATING FINAN_2
CONDENSED CONSOLIDATING FINANCIAL STATEMENTS (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Condensed Consolidating Statements of Income and Comprehensive Income | Condensed Consolidating Statements of Income and Comprehensive Income Three Months Ended June 30, 2022 In millions of dollars Citigroup parent company CGMHI Other Citigroup subsidiaries and eliminations Consolidating adjustments Citigroup consolidated Revenues Dividends from subsidiaries $ 1,800 $ — $ — $ (1,800) $ — Interest revenue 1 1,593 14,036 — 15,630 Interest revenue—intercompany 1,031 293 (1,324) — — Interest expense 1,298 702 1,666 — 3,666 Interest expense—intercompany 150 682 (832) — — Net interest income $ (416) $ 502 $ 11,878 $ — $ 11,964 Commissions and fees $ — $ 1,228 $ 1,224 $ — $ 2,452 Commissions and fees—intercompany (1) 42 (41) — — Principal transactions 2,032 8,213 (5,720) — 4,525 Principal transactions—intercompany (2,110) (7,349) 9,459 — — Other revenue 319 106 272 — 697 Other revenue—intercompany (124) (17) 141 — — Total non-interest revenues $ 116 $ 2,223 $ 5,335 $ — $ 7,674 Total revenues, net of interest expense $ 1,500 $ 2,725 $ 17,213 $ (1,800) $ 19,638 Provisions for credit losses and for benefits and claims $ — $ 2 $ 1,272 $ — $ 1,274 Operating expenses Compensation and benefits $ (2) $ 1,323 $ 5,151 $ — $ 6,472 Compensation and benefits—intercompany — — — — — Other operating (12) 890 5,043 — 5,921 Other operating—intercompany 4 618 (622) — — Total operating expenses $ (10) $ 2,831 $ 9,572 $ — $ 12,393 Equity in undistributed income of subsidiaries $ 2,632 $ — $ — $ (2,632) $ — Income (loss) from continuing operations before income taxes $ 4,142 $ (108) $ 6,369 $ (4,432) $ 5,971 Provision (benefit) for income taxes (405) 101 1,486 — 1,182 Income (loss) from continuing operations $ 4,547 $ (209) $ 4,883 $ (4,432) $ 4,789 Income (loss) from discontinued operations, net of taxes — — (221) — (221) Net income before attribution of noncontrolling interests $ 4,547 $ (209) $ 4,662 $ (4,432) $ 4,568 Noncontrolling interests — — 21 — 21 Net income (loss) $ 4,547 $ (209) $ 4,641 $ (4,432) $ 4,547 Comprehensive income Add: Other comprehensive income (loss) $ (1,910) $ 647 $ 889 $ (1,536) $ (1,910) Total Citigroup comprehensive income (loss) $ 2,637 $ 438 $ 5,530 $ (5,968) $ 2,637 Add: Other comprehensive income attributable to noncontrolling interests $ — $ — $ (53) $ — $ (53) Add: Net income attributable to noncontrolling interests — — 21 — 21 Total comprehensive income (loss) $ 2,637 $ 438 $ 5,498 $ (5,968) $ 2,605 Condensed Consolidating Statements of Income and Comprehensive Income Six Months Ended June 30, 2022 In millions of dollars Citigroup parent company CGMHI Other Citigroup subsidiaries and eliminations Consolidating adjustments Citigroup consolidated Revenues Dividends from subsidiaries $ 2,050 $ — $ — $ (2,050) $ — Interest revenue 1 2,355 26,425 — 28,781 Interest revenue—intercompany 1,933 432 (2,365) — — Interest expense 2,477 896 2,573 — 5,946 Interest expense—intercompany 240 1,036 (1,276) — — Net interest income $ (783) $ 855 $ 22,763 $ — $ 22,835 Commissions and fees $ — $ 2,589 $ 2,431 $ — $ 5,020 Commissions and fees—intercompany (1) 126 (125) — — Principal transactions 3,894 9,810 (4,589) — 9,115 Principal transactions—intercompany (3,959) (7,437) 11,396 — — Other revenue 388 264 1,202 — 1,854 Other revenue—intercompany (181) (35) 216 — — Total non-interest revenues $ 141 $ 5,317 $ 10,531 $ — $ 15,989 Total revenues, net of interest expense $ 1,408 $ 6,172 $ 33,294 $ (2,050) $ 38,824 Provisions for credit losses and for benefits and claims $ — $ 1 $ 2,028 $ — $ 2,029 Operating expenses Compensation and benefits $ (2) $ 2,835 $ 10,459 $ — $ 13,292 Compensation and benefits—intercompany 11 — (11) — — Other operating 12 1,546 10,708 — 12,266 Other operating—intercompany 7 1,372 (1,379) — — Total operating expenses $ 28 $ 5,753 $ 19,777 $ — $ 25,558 Equity in undistributed income of subsidiaries $ 6,766 $ — $ — $ (6,766) $ — Income (loss) from continuing operations before income taxes $ 8,146 $ 418 $ 11,489 $ (8,816) $ 11,237 Provision (benefit) for income taxes (707) (115) 2,945 — 2,123 Income (loss) from continuing operations $ 8,853 $ 533 $ 8,544 $ (8,816) $ 9,114 Income (loss) from discontinued operations, net of taxes — — (223) — (223) Net income before attribution of noncontrolling interests $ 8,853 $ 533 $ 8,321 $ (8,816) $ 8,891 Noncontrolling interests — — 38 — 38 Net income (loss) $ 8,853 $ 533 $ 8,283 $ (8,816) $ 8,853 Comprehensive income Add: Other comprehensive income (loss) $ (6,730) $ 1,096 $ (5,269) $ 4,173 $ (6,730) Total Citigroup comprehensive income (loss) $ 2,123 $ 1,629 $ 3,014 $ (4,643) $ 2,123 Add: Other comprehensive income attributable to noncontrolling interests $ — $ — $ (82) $ — $ (82) Add: Net income attributable to noncontrolling interests — — 38 — 38 Total comprehensive income (loss) $ 2,123 $ 1,629 $ 2,970 $ (4,643) $ 2,079 Condensed Consolidating Statements of Income and Comprehensive Income Three Months Ended June 30, 2021 In millions of dollars Citigroup parent company CGMHI Other Citigroup subsidiaries and eliminations Consolidating adjustments Citigroup consolidated Revenues Dividends from subsidiaries $ 3,700 $ — $ — $ (3,700) $ — Interest revenue — 1,014 11,449 — 12,463 Interest revenue—intercompany 954 136 (1,090) — — Interest expense 1,209 221 555 — 1,985 Interest expense—intercompany 94 330 (424) — — Net interest income $ (349) $ 599 $ 10,228 $ — $ 10,478 Commissions and fees $ — $ 1,836 $ 1,538 $ — $ 3,374 Commissions and fees—intercompany (1) 88 (87) — — Principal transactions (892) 919 2,277 — 2,304 Principal transactions—intercompany 910 (110) (800) — — Other revenue (4) 139 1,462 — 1,597 Other revenue—intercompany 3 (8) 5 — — Total non-interest revenues $ 16 $ 2,864 $ 4,395 $ — $ 7,275 Total revenues, net of interest expense $ 3,367 $ 3,463 $ 14,623 $ (3,700) $ 17,753 Provisions for credit losses and for benefits and claims $ 2 $ 3 $ (1,071) $ — $ (1,066) Operating expenses Compensation and benefits $ — $ 1,303 $ 4,679 $ — $ 5,982 Compensation and benefits—intercompany 24 — (24) — — Other operating 14 680 4,795 — 5,489 Other operating—intercompany 3 808 (811) — — Total operating expenses $ 41 $ 2,791 $ 8,639 $ — $ 11,471 Equity in undistributed income of subsidiaries $ 2,567 $ — $ — $ (2,567) $ — Income (loss) from continuing operations before income $ 5,891 $ 669 $ 7,055 $ (6,267) $ 7,348 Provision (benefit) for income taxes (302) (119) 1,576 — 1,155 Income (loss) from continuing operations $ 6,193 $ 788 $ 5,479 $ (6,267) $ 6,193 Income (loss) from discontinued operations, net of taxes — — 10 — 10 Net income (loss) before attribution of noncontrolling interests $ 6,193 $ 788 $ 5,489 $ (6,267) $ 6,203 Noncontrolling interests — — 10 — 10 Net income (loss) $ 6,193 $ 788 $ 5,479 $ (6,267) $ 6,193 Comprehensive income Add: Other comprehensive income (loss) $ (109) $ 7 $ (1,966) $ 1,959 $ (109) Total Citigroup comprehensive income (loss) $ 6,084 $ 795 $ 3,513 $ (4,308) $ 6,084 Add: Other comprehensive income attributable to noncontrolling interests $ — $ — $ 18 $ — $ 18 Add: Net income attributable to noncontrolling interests — — 10 — 10 Total comprehensive income (loss) $ 6,084 $ 795 $ 3,541 $ (4,308) $ 6,112 Condensed Consolidating Statements of Income and Comprehensive Income Six Months Ended June 30, 2021 In millions of dollars Citigroup parent company CGMHI Other Citigroup subsidiaries and eliminations Consolidating adjustments Citigroup consolidated Revenues Dividends from subsidiaries $ 3,800 $ — $ — $ (3,800) $ — Interest revenue — 1,985 23,012 — 24,997 Interest revenue—intercompany 1,912 281 (2,193) — — Interest expense 2,421 444 1,148 — 4,013 Interest expense—intercompany 178 659 (837) — — Net interest income $ (687) $ 1,163 $ 20,508 $ — $ 20,984 Commissions and fees $ — $ 3,997 $ 3,047 $ — $ 7,044 Commissions and fees—intercompany (27) 135 (108) — — Principal transactions 877 6,577 (1,237) — 6,217 Principal transactions—intercompany (968) (4,348) 5,316 — — Other revenue 51 242 2,882 — 3,175 Other revenue—intercompany (61) (28) 89 — — Total non-interest revenues $ (128) $ 6,575 $ 9,989 $ — $ 16,436 Total revenues, net of interest expense $ 2,985 $ 7,738 $ 30,497 $ (3,800) $ 37,420 Provisions for credit losses and for benefits and claims $ 2 $ 7 $ (3,130) $ — $ (3,121) Operating expenses Compensation and benefits $ 28 $ 2,637 $ 9,318 $ — $ 11,983 Compensation and benefits—intercompany 48 — (48) — — Other operating 25 1,322 9,554 — 10,901 Other operating—intercompany 6 1,488 (1,494) — — Total operating expenses $ 107 $ 5,447 $ 17,330 $ — $ 22,884 Equity in undistributed income of subsidiaries $ 10,740 $ — $ — $ (10,740) $ — Income (loss) from continuing operations before income $ 13,616 $ 2,284 $ 16,297 $ (14,540) $ 17,657 Provision (benefit) for income taxes (519) 333 3,673 — 3,487 Income (loss) from continuing operations $ 14,135 $ 1,951 $ 12,624 $ (14,540) $ 14,170 Income (loss) from discontinued operations, net of taxes — — 8 — 8 Net income (loss) before attribution of noncontrolling interests $ 14,135 $ 1,951 $ 12,632 $ (14,540) $ 14,178 Noncontrolling interests — — 43 — 43 Net income (loss) $ 14,135 $ 1,951 $ 12,589 $ (14,540) $ 14,135 Comprehensive income Add: Other comprehensive income (loss) $ (3,062) $ (43) $ (1,429) $ 1,472 $ (3,062) Total Citigroup comprehensive income (loss) $ 11,073 $ 1,908 $ 11,160 $ (13,068) $ 11,073 Add: Other comprehensive income attributable to noncontrolling interests $ — $ — $ (40) $ — $ (40) Add: Net income attributable to noncontrolling interests — — 43 — 43 Total comprehensive income (loss) $ 11,073 $ 1,908 $ 11,163 $ (13,068) $ 11,076 |
Condensed Consolidating Balance Sheet | Condensed Consolidating Balance Sheet June 30, 2022 In millions of dollars Citigroup parent company CGMHI Other Citigroup subsidiaries and eliminations Consolidating adjustments Citigroup consolidated Assets Cash and due from banks $ — $ 1,103 $ 23,799 $ — $ 24,902 Cash and due from banks—intercompany 14 5,357 (5,371) — — Deposits with banks, net of allowance — 8,105 251,023 — 259,128 Deposits with banks—intercompany 3,500 10,417 (13,917) — — Securities borrowed and purchased under resale agreements — 301,364 59,970 — 361,334 Securities borrowed and purchased under resale agreements—intercompany — 19,070 (19,070) — — Trading account assets 193 191,486 149,196 — 340,875 Trading account assets—intercompany 908 2,991 (3,899) — — Investments, net of allowance 1 234 513,643 — 513,878 Loans, net of unearned income — 1,862 655,471 — 657,333 Loans, net of unearned income—intercompany — — — — — Allowance for credit losses on loans (ACLL) — — (15,952) — (15,952) Total loans, net $ — $ 1,862 $ 639,519 $ — $ 641,381 Advances to subsidiaries $ 142,832 $ — $ (142,832) $ — $ — Investments in subsidiaries 222,196 — — (222,196) — Other assets, net of allowance (1) 11,177 90,338 137,891 — 239,406 Other assets—intercompany 3,857 77,889 (81,746) — — Total assets $ 384,678 $ 710,216 $ 1,508,206 $ (222,196) $ 2,380,904 Liabilities and equity Deposits $ — $ — $ 1,321,848 $ — $ 1,321,848 Deposits—intercompany — — — — — Securities loaned and sold under repurchase agreements — 179,917 18,555 — 198,472 Securities loaned and sold under repurchase agreements—intercompany — 63,380 (63,380) — — Trading account liabilities 29 114,029 66,395 — 180,453 Trading account liabilities—intercompany 141 2,624 (2,765) — — Short-term borrowings — 18,372 21,682 — 40,054 Short-term borrowings—intercompany — 19,557 (19,557) — — Long-term debt 167,874 71,603 17,948 — 257,425 Long-term debt—intercompany — 86,144 (86,144) — — Advances from subsidiaries 14,834 — (14,834) — — Other liabilities 2,639 97,035 83,352 — 183,026 Other liabilities—intercompany 147 17,915 (18,062) — — Stockholders’ equity 199,014 39,640 183,168 (222,196) 199,626 Total liabilities and equity $ 384,678 $ 710,216 $ 1,508,206 $ (222,196) $ 2,380,904 (1) Other assets for Citigroup parent company at June 30, 2022 included $36.8 billion of placements to Citibank and its branches, of which $27.1 billion had a remaining term of less than 30 days. Condensed Consolidating Balance Sheet December 31, 2021 In millions of dollars Citigroup parent company CGMHI Other Citigroup subsidiaries and eliminations Consolidating adjustments Citigroup consolidated Assets Cash and due from banks $ — $ 834 $ 26,681 $ — $ 27,515 Cash and due from banks—intercompany 17 6,890 (6,907) — — Deposits with banks, net of allowance — 7,936 226,582 — 234,518 Deposits with banks—intercompany 3,500 11,005 (14,505) — — Securities borrowed and purchased under resale agreements — 269,608 57,680 — 327,288 Securities borrowed and purchased under resale agreements—intercompany — 23,362 (23,362) — — Trading account assets 248 189,841 141,856 — 331,945 Trading account assets—intercompany 1,215 1,438 (2,653) — — Investments, net of allowance 1 224 512,597 — 512,822 Loans, net of unearned income — 2,293 665,474 — 667,767 Loans, net of unearned income—intercompany — — — — — Allowance for credit losses on loans (ACLL) — — (16,455) — (16,455) Total loans, net $ — $ 2,293 $ 649,019 $ — $ 651,312 Advances to subsidiaries $ 142,144 $ — $ (142,144) $ — $ — Investments in subsidiaries 223,303 — — (223,303) — Other assets, net of allowance (1) 10,589 69,312 126,112 — 206,013 Other assets—intercompany 2,737 60,567 (63,304) — — Total assets $ 383,754 $ 643,310 $ 1,487,652 $ (223,303) $ 2,291,413 Liabilities and equity Deposits $ — $ — $ 1,317,230 $ — $ 1,317,230 Deposits—intercompany — — — — — Securities loaned and sold under repurchase agreements — 171,818 19,467 — 191,285 Securities loaned and sold under repurchase agreements—intercompany — 62,197 (62,197) — — Trading account liabilities 17 122,383 39,129 — 161,529 Trading account liabilities—intercompany 777 500 (1,277) — — Short-term borrowings — 13,425 14,548 — 27,973 Short-term borrowings—intercompany — 17,230 (17,230) — — Long-term debt 164,945 61,416 28,013 — 254,374 Long-term debt—intercompany — 76,335 (76,335) — — Advances from subsidiaries 13,469 — (13,469) — — Other liabilities 2,574 68,206 65,570 — 136,350 Other liabilities—intercompany — 11,774 (11,774) — — Stockholders’ equity 201,972 38,026 185,977 (223,303) 202,672 Total liabilities and equity $ 383,754 $ 643,310 $ 1,487,652 $ (223,303) $ 2,291,413 (1) Other assets |
Condensed Consolidating Statement of Cash Flows | Condensed Consolidating Statement of Cash Flows Six Months Ended June 30, 2022 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 $ (6,787) $ (5,447) $ 8,965 $ — $ (3,269) Cash flows from investing activities of continuing operations Available-for-sale debt securities: Purchases of investments $ — $ — $ (123,528) $ — $ (123,528) Proceeds from sales of investments — — 79,952 — 79,952 Proceeds from maturities of investments — — 76,871 — 76,871 Held-to-maturity debt securities: Purchases of investments — — (34,317) — (34,317) Proceeds from maturities of investments — — 5,821 — 5,821 Change in loans — — (14,790) — (14,790) Proceeds from sales and securitizations of loans — — 1,562 — 1,562 Proceeds from divestitures — — 1,940 — 1,940 Change in securities borrowed and purchased under agreements to resell — (27,194) (6,852) — (34,046) Changes in investments and advances—intercompany (2,951) (16,450) 19,401 — — Other investing activities — (25) (2,741) — (2,766) Net cash provided by (used in) investing activities of continuing operations $ (2,951) $ (43,669) $ 3,319 $ — $ (43,301) Cash flows from financing activities of continuing operations Dividends paid $ (2,514) $ (266) $ 266 $ — $ (2,514) Treasury stock acquired (3,200) — — — (3,200) Proceeds (repayments) from issuance of long-term debt, net 14,418 21,082 (3,635) — 31,865 Proceeds (repayments) from issuance of long-term debt—intercompany, net — 11,110 (11,110) — — Change in deposits — — 25,360 — 25,360 Change in securities loaned and sold under agreements to repurchase — 9,282 (2,095) — 7,187 Change in short-term borrowings — 4,947 7,134 — 12,081 Net change in short-term borrowings and other advances—intercompany 1,365 1,027 (2,392) — — Capital contributions from (to) parent — 250 (250) — — Other financing activities (334) 1 (1) — (334) Net cash provided by (used in) financing activities of continuing operations $ 9,735 $ 47,433 $ 13,277 $ — $ 70,445 Effect of exchange rate changes on cash and due from banks $ — $ — $ (1,878) $ — $ (1,878) Change in cash and due from banks and deposits with banks $ (3) $ (1,683) $ 23,683 $ — $ 21,997 Cash and due from banks and deposits with banks at beginning of period 3,517 26,665 231,851 — 262,033 Cash and due from banks and deposits with banks at end of period $ 3,514 $ 24,982 $ 255,534 $ — $ 284,030 Cash and due from banks $ 14 $ 6,460 $ 18,428 $ — $ 24,902 Deposits with banks, net of allowance 3,500 18,522 237,106 — 259,128 Cash and due from banks and deposits with banks at end of period $ 3,514 $ 24,982 $ 255,534 $ — $ 284,030 Supplemental disclosure of cash flow information for continuing operations Cash paid (received) during the period for income taxes $ (15) $ (8) $ 1,684 $ — $ 1,661 Cash paid during the period for interest 1,305 1,869 3,110 — 6,284 Non-cash investing activities Transfer of investment securities from AFS to HTM $ — $ — $ 21,522 $ — $ 21,522 Decrease in net loans associated with divestitures reclassified to HFS — — 17,758 — 17,758 Decrease in goodwill associated with divestitures reclassified to HFS — — 873 — 873 Transfers to loans HFS ( Other assets ) from loans — — 1,874 — 1,874 Non-cash financing activities Decrease in deposits associated with divestitures reclassified to HFS $ — $ — $ 20,741 $ — $ 20,741 Condensed Consolidating Statement of Cash Flows Six Months Ended June 30, 2021 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 $ 1,429 $ 5,912 $ 16,222 $ — $ 23,563 Cash flows from investing activities of continuing operations Available-for-sale debt securities: Purchases of investments $ — $ — $ (114,240) $ — $ (114,240) Proceeds from sales of investments — — 66,135 — 66,135 Proceeds from maturities of investments — — 62,904 — 62,904 Held-to-maturity debt securities: Purchases of investments — — (87,049) — (87,049) Proceeds from maturities of investments — — 12,291 — 12,291 Change in loans — — (3,088) — (3,088) Proceeds from sales and securitizations of loans — — 869 — 869 Change in securities borrowed and purchased under agreements to resell — (14,084) (251) — (14,335) Changes in investments and advances—intercompany (2,424) (7,360) 9,784 — — Other investing activities — (15) (1,583) — (1,598) Net cash provided by (used in) investing activities of continuing operations $ (2,424) $ (21,459) $ (54,228) $ — $ (78,111) Cash flows from financing activities of continuing operations Dividends paid $ (2,663) $ (187) $ 187 $ — $ (2,663) Issuance of preferred stock 2,300 — — — 2,300 Redemption of preferred stock (3,785) — — — (3,785) Treasury stock acquired (4,381) — — — (4,381) Proceeds (repayments) from issuance of long-term debt, net 7,576 8,446 (16,405) — (383) Proceeds (repayments) from issuance of long-term debt—intercompany, net — 11,040 (11,040) — — Change in deposits — — 29,610 — 29,610 Change in securities loaned and sold under agreements to repurchase — (9,152) 31,444 — 22,292 Change in short-term borrowings — 3,358 (1,410) — 1,948 Net change in short-term borrowings and other advances—intercompany 772 4,885 (5,657) — — Other financing activities (324) — — — (324) Net cash provided by financing activities of continuing operations $ (505) $ 18,390 $ 26,729 $ — $ 44,614 Effect of exchange rate changes on cash and due from banks $ — $ — $ (443) $ — $ (443) Change in cash and due from banks and deposits with banks $ (1,500) $ 2,843 $ (11,720) $ — $ (10,377) 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 $ 3,016 $ 22,955 $ 273,267 $ — $ 299,238 Cash and due from banks $ 16 $ 6,642 $ 20,459 $ — $ 27,117 Deposits with banks, net of allowance 3,000 16,313 252,808 — 272,121 Cash and due from banks and deposits with banks at end of period $ 3,016 $ 22,955 $ 273,267 $ — $ 299,238 Supplemental disclosure of cash flow information for continuing operations Cash paid during the period for income taxes $ (1,437) $ 649 $ 2,964 $ — $ 2,176 Cash paid during the period for interest 1,287 1,197 1,442 — 3,926 Non-cash investing activities Transfers to loans HFS from loans $ — $ — $ 961 $ — $ 961 |
BASIS OF PRESENTATION, UPDATE_3
BASIS OF PRESENTATION, UPDATED ACCOUNTING POLICIES AND ACCOUNTING CHANGES - Accounting Changes (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Decrease in interest expense | $ (1,420) | $ (676) | $ (2,291) | $ (1,388) |
Increase in other operating expenses | 2,820 | $ 2,696 | 6,295 | $ 5,410 |
Revision of Prior Period, Reclassification, Adjustment | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Decrease in interest expense | 279 | |||
Increase in other operating expenses | $ 619 | |||
Macroeconomic Uncertainty | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Increase (decrease) in allowance for credit losses | 800 | |||
Change in Accounting Method Accounted for as Change in Estimate | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Increase (decrease) in allowance for credit losses | $ (300) |
DISCONTINUED OPERATIONS, SIGN_3
DISCONTINUED OPERATIONS, SIGNIFICANT DISPOSALS AND OTHER BUSINESS EXITS - Discontinued Operations (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Results of Discontinued Operations | ||||
Total revenues, net of interest expense | $ 0 | $ 0 | $ 0 | $ 0 |
Income (loss) from discontinued operations | (262) | 10 | (264) | 8 |
Benefit for income taxes | (41) | 0 | (41) | 0 |
Income (loss) from discontinued operations, net of taxes | $ (221) | $ 10 | $ (223) | $ 8 |
DISCONTINUED OPERATIONS, SIGN_4
DISCONTINUED OPERATIONS, SIGNIFICANT DISPOSALS AND OTHER BUSINESS EXITS - Narrative (Details) $ in Millions | 3 Months Ended | ||
Jun. 30, 2022 USD ($) consumerBankingBusiness | Mar. 31, 2022 USD ($) | Oct. 25, 2021 USD ($) | |
Discontinued Operations, Disposed of by Sale | Legacy Franchises | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Loss on sale of business, foreign currency translation adjustments | $ 400 | ||
Loss on sale of business, foreign currency translation adjustments, after-tax | 345 | ||
Citibank Korea Inc. | Employee Severance Costs | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Pretax charges recorded from other business exits | $ 31 | ||
Total estimated cash charges for the wind-down | $ 1,100 | ||
Egg Banking Business | Discontinued Operations, Disposed of by Sale | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Loss on sale of business, foreign currency translation adjustments | 260 | ||
Loss on sale of business, foreign currency translation adjustments, after-tax | 221 | ||
Legacy Holdings | Discontinued Operations, Disposed of by Sale | Legacy Franchises | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Loss on sale of business, foreign currency translation adjustments | 140 | ||
Loss on sale of business, foreign currency translation adjustments, after-tax | $ 124 | ||
Consumer Banking Businesses | Discontinued Operations, Held-for-sale | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Number of businesses being sold | consumerBankingBusiness | 9 | ||
Assets | $ 29,000 | ||
Loans | 19,000 | ||
Allowance | 409 | ||
Liabilities | 23,000 | ||
Deposits | $ 22,000 | ||
Consumer Banking Businesses | Discontinued Operations, Held-for-sale | Legacy Franchises | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Number of businesses being sold | consumerBankingBusiness | 5 |
DISCONTINUED OPERATIONS, SIGN_5
DISCONTINUED OPERATIONS, SIGNIFICANT DISPOSALS AND OTHER BUSINESS EXITS - Income before Taxes, Assets and Liabilities Held-for-Sale (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 01, 2022 | Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Discontinued Operations, Disposed of by Sale | Legacy Franchises | |||||
Results of Discontinued Operations | |||||
Loss on sale of business, foreign currency translation adjustments | $ 400 | ||||
Loss on sale of business, foreign currency translation adjustments, after-tax | 345 | ||||
Australia | |||||
Results of Discontinued Operations | |||||
Income (loss) before taxes | 28 | $ 69 | $ 193 | $ 142 | |
Australia | Discontinued Operations, Held-for-sale | |||||
Assets | |||||
Cash and deposits with banks | 0 | 0 | |||
Loans | 0 | 0 | |||
Goodwill | 0 | 0 | |||
Other assets, advances to/from subsidiaries | 0 | 0 | |||
Other assets | 0 | 0 | |||
Total assets | 0 | 0 | |||
Liabilities | |||||
Deposits | 0 | 0 | |||
Long-term debt | 0 | 0 | |||
Other liabilities | 0 | 0 | |||
Total liabilities | 0 | 0 | |||
Results of Discontinued Operations | |||||
Loss on sale of business, foreign currency translation adjustments | 620 | ||||
Loss on sale of business, foreign currency translation adjustments, after-tax | 470 | ||||
Australia | Discontinued Operations, Disposed of by Sale | |||||
Assets | |||||
Loans | $ 9,300 | ||||
Total assets | 9,400 | ||||
Liabilities | |||||
Deposits | 6,800 | ||||
Total liabilities | 7,300 | ||||
Results of Discontinued Operations | |||||
Allowance | 140 | ||||
Pretax loss on sale of business | 800 | ||||
Loss on sale of business, after-tax | 665 | ||||
Loss on sale of business, foreign currency translation adjustments | 620 | ||||
Loss on sale of business, foreign currency translation adjustments, after-tax | $ 470 | ||||
Philippines | |||||
Results of Discontinued Operations | |||||
Income (loss) before taxes | 14 | 31 | 65 | 67 | |
Philippines | Discontinued Operations, Held-for-sale | |||||
Assets | |||||
Cash and deposits with banks | 31 | 31 | |||
Loans | 1,170 | 1,170 | |||
Goodwill | 244 | 244 | |||
Other assets, advances to/from subsidiaries | 511 | 511 | |||
Other assets | 37 | 37 | |||
Total assets | 1,993 | 1,993 | |||
Liabilities | |||||
Deposits | 1,208 | 1,208 | |||
Long-term debt | 0 | 0 | |||
Other liabilities | 78 | 78 | |||
Total liabilities | 1,286 | 1,286 | |||
Results of Discontinued Operations | |||||
Allowance | 80 | 80 | |||
Thailand | |||||
Results of Discontinued Operations | |||||
Income (loss) before taxes | 90 | 43 | 78 | 91 | |
Thailand | Discontinued Operations, Held-for-sale | |||||
Assets | |||||
Cash and deposits with banks | 15 | 15 | |||
Loans | 2,485 | 2,485 | |||
Goodwill | 160 | 160 | |||
Other assets, advances to/from subsidiaries | 215 | 215 | |||
Other assets | 84 | 84 | |||
Total assets | 2,959 | 2,959 | |||
Liabilities | |||||
Deposits | 925 | 925 | |||
Long-term debt | 0 | 0 | |||
Other liabilities | 133 | 133 | |||
Total liabilities | 1,058 | 1,058 | |||
Results of Discontinued Operations | |||||
Allowance | 80 | 80 | |||
Taiwan | |||||
Results of Discontinued Operations | |||||
Income (loss) before taxes | 50 | 65 | 96 | 150 | |
Taiwan | Discontinued Operations, Held-for-sale | |||||
Assets | |||||
Cash and deposits with banks | 104 | 104 | |||
Loans | 7,878 | 7,878 | |||
Goodwill | 212 | 212 | |||
Other assets, advances to/from subsidiaries | 4,855 | 4,855 | |||
Other assets | 199 | 199 | |||
Total assets | 13,248 | 13,248 | |||
Liabilities | |||||
Deposits | 10,350 | 10,350 | |||
Long-term debt | 0 | 0 | |||
Other liabilities | 214 | 214 | |||
Total liabilities | 10,564 | 10,564 | |||
Results of Discontinued Operations | |||||
Allowance | 57 | 57 | |||
India | |||||
Results of Discontinued Operations | |||||
Income (loss) before taxes | 52 | $ 29 | 125 | $ 98 | |
India | Discontinued Operations, Held-for-sale | |||||
Assets | |||||
Cash and deposits with banks | 29 | 29 | |||
Loans | 3,515 | 3,515 | |||
Goodwill | 346 | 346 | |||
Other assets, advances to/from subsidiaries | 2,482 | 2,482 | |||
Other assets | 102 | 102 | |||
Total assets | 6,474 | 6,474 | |||
Liabilities | |||||
Deposits | 5,916 | 5,916 | |||
Long-term debt | 0 | 0 | |||
Other liabilities | 184 | 184 | |||
Total liabilities | 6,100 | 6,100 | |||
Results of Discontinued Operations | |||||
Allowance | 51 | $ 51 | |||
Egg Banking Business | Discontinued Operations, Disposed of by Sale | |||||
Results of Discontinued Operations | |||||
Loss on sale of business, foreign currency translation adjustments | 260 | ||||
Loss on sale of business, foreign currency translation adjustments, after-tax | $ 221 |
DISCONTINUED OPERATIONS, SIGN_6
DISCONTINUED OPERATIONS, SIGNIFICANT DISPOSALS AND OTHER BUSINESS EXITS - Summarized Reserve Charges (Details) - Citibank Korea Inc. - Employee Severance Costs - USD ($) $ in Millions | 2 Months Ended | 3 Months Ended | |
Dec. 31, 2021 | Jun. 30, 2022 | Mar. 31, 2022 | |
Employee termination costs | |||
Beginning of period | $ 1,052 | $ 714 | $ 1,054 |
Additional charges | (3) | 31 | |
Utilization | (1) | (670) | (347) |
Foreign exchange | 3 | (41) | (24) |
End of period | $ 1,054 | $ 0 | $ 714 |
OPERATING SEGMENTS (Details)
OPERATING SEGMENTS (Details) $ in Millions | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2022 USD ($) country | Jun. 30, 2021 USD ($) | Jun. 30, 2022 USD ($) segment country wealthManagementCenter | Jun. 30, 2021 USD ($) | Dec. 31, 2021 USD ($) | ||
Segment Reporting [Abstract] | ||||||
Number of business segments | segment | 3 | |||||
Number of countries containing operations | country | 20 | 20 | ||||
Number of wealth management centers | wealthManagementCenter | 4 | |||||
Segment Reporting Information [Line Items] | ||||||
Net interest income | $ 11,964 | $ 10,478 | $ 22,835 | $ 20,984 | ||
Non-interest revenue | 7,674 | 7,275 | 15,989 | 16,436 | ||
Total revenues, net of interest expense | 19,638 | 17,753 | 38,824 | 37,420 | ||
Operating expense | 12,393 | 11,471 | 25,558 | 22,884 | ||
Provisions for credit losses | [1] | 1,274 | (1,066) | 2,029 | (3,121) | |
Income (loss) from continuing operations before taxes | 5,971 | 7,348 | 11,237 | 17,657 | ||
Provision (benefits) for income taxes | 1,182 | 1,155 | 2,123 | 3,487 | ||
Income (loss) from continuing operations | 4,789 | 6,193 | 9,114 | 14,170 | ||
Identifiable assets (June 30, 2022 and December 31, 2021) | 2,380,904 | 2,291,000 | 2,380,904 | 2,291,000 | $ 2,291,413 | |
Average loans | 657,000 | 670,000 | 653,000 | 668,000 | ||
Average deposits | 1,323,000 | 1,321,000 | 1,329,000 | 1,313,000 | ||
Operating Segments | ICG | ||||||
Segment Reporting Information [Line Items] | ||||||
Net interest income | 4,520 | 3,760 | 8,304 | 7,493 | ||
Non-interest revenue | 6,899 | 5,789 | 14,275 | 13,444 | ||
Total revenues, net of interest expense | 11,419 | 9,549 | 22,579 | 20,937 | ||
Operating expense | 6,434 | 5,829 | 13,157 | 11,761 | ||
Provisions for credit losses | (202) | (694) | 769 | (2,233) | ||
Income (loss) from continuing operations before taxes | 5,187 | 4,414 | 8,653 | 11,409 | ||
Provision (benefits) for income taxes | 1,209 | 981 | 2,017 | 2,546 | ||
Income (loss) from continuing operations | 3,978 | 3,433 | 6,636 | 8,863 | ||
Identifiable assets (June 30, 2022 and December 31, 2021) | 1,700,000 | 1,613,000 | 1,700,000 | 1,613,000 | ||
Average loans | 297,000 | 287,000 | 293,000 | 284,000 | ||
Average deposits | 830,000 | 818,000 | 828,000 | 814,000 | ||
Operating Segments | PBWM | ||||||
Segment Reporting Information [Line Items] | ||||||
Net interest income | 5,569 | 4,985 | 10,954 | 10,150 | ||
Non-interest revenue | 460 | 713 | 980 | 1,540 | ||
Total revenues, net of interest expense | 6,029 | 5,698 | 11,934 | 11,690 | ||
Operating expense | 3,985 | 3,547 | 7,874 | 6,969 | ||
Provisions for credit losses | 1,355 | (170) | 979 | (727) | ||
Income (loss) from continuing operations before taxes | 689 | 2,321 | 3,081 | 5,448 | ||
Provision (benefits) for income taxes | 136 | 516 | 668 | 1,223 | ||
Income (loss) from continuing operations | 553 | 1,805 | 2,413 | 4,225 | ||
Identifiable assets (June 30, 2022 and December 31, 2021) | 479,000 | 464,000 | 479,000 | 464,000 | ||
Average loans | 317,000 | 304,000 | 315,000 | 304,000 | ||
Average deposits | 435,000 | 410,000 | 441,000 | 404,000 | ||
Operating Segments | Legacy Franchises | ||||||
Segment Reporting Information [Line Items] | ||||||
Net interest income | 1,474 | 1,621 | 2,982 | 3,184 | ||
Non-interest revenue | 461 | 658 | 884 | 1,338 | ||
Total revenues, net of interest expense | 1,935 | 2,279 | 3,866 | 4,522 | ||
Operating expense | 1,814 | 1,788 | 4,107 | 3,540 | ||
Provisions for credit losses | 121 | (204) | 281 | (160) | ||
Income (loss) from continuing operations before taxes | 0 | 695 | (522) | 1,142 | ||
Provision (benefits) for income taxes | 15 | 203 | (122) | 330 | ||
Income (loss) from continuing operations | (15) | 492 | (400) | 812 | ||
Identifiable assets (June 30, 2022 and December 31, 2021) | 108,000 | 125,000 | 108,000 | 125,000 | ||
Average loans | 43,000 | 79,000 | 45,000 | 80,000 | ||
Average deposits | 51,000 | 85,000 | 53,000 | 85,000 | ||
Corporate/Other | ||||||
Segment Reporting Information [Line Items] | ||||||
Net interest income | 401 | 112 | 595 | 157 | ||
Non-interest revenue | (146) | 115 | (150) | 114 | ||
Total revenues, net of interest expense | 255 | 227 | 445 | 271 | ||
Operating expense | 160 | 307 | 420 | 614 | ||
Provisions for credit losses | 0 | 2 | 0 | (1) | ||
Income (loss) from continuing operations before taxes | 95 | (82) | 25 | (342) | ||
Provision (benefits) for income taxes | (178) | (545) | (440) | (612) | ||
Income (loss) from continuing operations | 273 | 463 | 465 | 270 | ||
Identifiable assets (June 30, 2022 and December 31, 2021) | 94,000 | 89,000 | 94,000 | 89,000 | ||
Average loans | 0 | 0 | 0 | 0 | ||
Average deposits | $ 7,000 | $ 8,000 | $ 7,000 | $ 10,000 | ||
[1]This total excludes the provision for credit losses on AFS securities, which is disclosed separately above. |
INTEREST REVENUE AND EXPENSE (D
INTEREST REVENUE AND EXPENSE (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Interest revenue | ||||
Loan interest, including fees | $ 9,495 | $ 8,733 | $ 18,211 | $ 17,642 |
Deposits with banks | 658 | 126 | 954 | 271 |
Securities borrowed and purchased under agreements to resell | 805 | 205 | 1,199 | 499 |
Investments, including dividends | 2,370 | 1,818 | 4,420 | 3,570 |
Trading account assets | 1,659 | 1,470 | 2,805 | 2,807 |
Other interest-bearing assets(2) | 643 | 111 | 1,192 | 208 |
Total interest revenue | 15,630 | 12,463 | 28,781 | 24,997 |
Interest expense | ||||
Deposits | 1,420 | 676 | 2,291 | 1,388 |
Securities loaned and sold under agreements to repurchase | 655 | 260 | 937 | 513 |
Trading account liabilities | 137 | 150 | 284 | 264 |
Short-term borrowings and other interest-bearing liabilities(3) | 268 | 31 | 323 | 62 |
Long-term debt | 1,186 | 868 | 2,111 | 1,786 |
Total interest expense | 3,666 | 1,985 | 5,946 | 4,013 |
Net interest income | 11,964 | 10,478 | 22,835 | 20,984 |
Provision (benefit) for credit losses on loans | 1,384 | (1,126) | 1,644 | (2,605) |
Net interest income after provision for credit losses on loans | 10,580 | 11,604 | 21,191 | 23,589 |
Consumer | ||||
Interest revenue | ||||
Loan interest, including fees | 6,601 | 6,521 | 12,863 | 13,223 |
Corporate | ||||
Interest revenue | ||||
Loan interest, including fees | $ 2,894 | $ 2,212 | $ 5,348 | $ 4,419 |
COMMISSIONS AND FEES; ADMINIS_3
COMMISSIONS AND FEES; ADMINISTRATION AND OTHER FIDUCIARY FEES - Commissions and Fees Revenue (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Commissions and fees | ||||
Total commissions and fees | $ 2,452 | $ 3,374 | $ 5,020 | $ 7,044 |
Investment banking | ||||
Commissions and fees | ||||
Total commissions and fees | 845 | 1,386 | 1,753 | 3,010 |
Brokerage commissions | ||||
Commissions and fees | ||||
Total commissions and fees | 659 | 821 | 1,428 | 1,763 |
Interchange fees | ||||
Commissions and fees | ||||
Total commissions and fees | 2,983 | 2,470 | 5,543 | 4,534 |
Card-related loan fees | ||||
Commissions and fees | ||||
Total commissions and fees | 163 | 177 | 317 | 359 |
Card rewards and partner payments | ||||
Commissions and fees | ||||
Total commissions and fees | (3,196) | (2,515) | (5,984) | (4,686) |
Deposit-related fees | ||||
Commissions and fees | ||||
Total commissions and fees | 342 | 325 | 685 | 654 |
Transactional service fees | ||||
Commissions and fees | ||||
Total commissions and fees | 298 | 277 | 582 | 542 |
Corporate finance | ||||
Commissions and fees | ||||
Total commissions and fees | 136 | 180 | 255 | 338 |
Insurance distribution revenue | ||||
Commissions and fees | ||||
Total commissions and fees | 89 | 113 | 177 | 248 |
Insurance premiums | ||||
Commissions and fees | ||||
Total commissions and fees | 23 | 30 | 48 | 50 |
Loan servicing | ||||
Commissions and fees | ||||
Total commissions and fees | 23 | 24 | 48 | 47 |
Other | ||||
Commissions and fees | ||||
Total commissions and fees | 87 | 86 | 168 | 185 |
Overdraft fees | ||||
Commissions and fees | ||||
Total commissions and fees | 28 | 24 | 59 | 47 |
Commissions and fees | ||||
Commissions and fees | ||||
Revenue not accounted for under ASC 606, revenue from contracts with customers | (2,811) | (2,073) | (5,240) | (3,822) |
ICG | ||||
Commissions and fees | ||||
Total commissions and fees | 2,097 | 2,630 | 4,245 | 5,514 |
ICG | Investment banking | ||||
Commissions and fees | ||||
Total commissions and fees | 845 | 1,386 | 1,753 | 3,010 |
ICG | Brokerage commissions | ||||
Commissions and fees | ||||
Total commissions and fees | 393 | 447 | 853 | 968 |
ICG | Interchange fees | ||||
Commissions and fees | ||||
Total commissions and fees | 321 | 197 | 561 | 355 |
ICG | Card-related loan fees | ||||
Commissions and fees | ||||
Total commissions and fees | 11 | 6 | 20 | 11 |
ICG | Card rewards and partner payments | ||||
Commissions and fees | ||||
Total commissions and fees | (165) | (104) | (282) | (179) |
ICG | Deposit-related fees | ||||
Commissions and fees | ||||
Total commissions and fees | 279 | 257 | 546 | 500 |
ICG | Transactional service fees | ||||
Commissions and fees | ||||
Total commissions and fees | 267 | 242 | 521 | 474 |
ICG | Corporate finance | ||||
Commissions and fees | ||||
Total commissions and fees | 136 | 180 | 252 | 335 |
ICG | Insurance distribution revenue | ||||
Commissions and fees | ||||
Total commissions and fees | 0 | 0 | 0 | 0 |
ICG | Insurance premiums | ||||
Commissions and fees | ||||
Total commissions and fees | 0 | 0 | 0 | 0 |
ICG | Loan servicing | ||||
Commissions and fees | ||||
Total commissions and fees | 7 | 11 | 19 | 23 |
ICG | Other | ||||
Commissions and fees | ||||
Total commissions and fees | 3 | 8 | 2 | 17 |
PBWM | ||||
Commissions and fees | ||||
Total commissions and fees | 17 | 292 | 99 | 604 |
PBWM | Investment banking | ||||
Commissions and fees | ||||
Total commissions and fees | 0 | 0 | 0 | 0 |
PBWM | Brokerage commissions | ||||
Commissions and fees | ||||
Total commissions and fees | 213 | 277 | 454 | 566 |
PBWM | Interchange fees | ||||
Commissions and fees | ||||
Total commissions and fees | 2,435 | 2,061 | 4,534 | 3,755 |
PBWM | Card-related loan fees | ||||
Commissions and fees | ||||
Total commissions and fees | 73 | 74 | 137 | 151 |
PBWM | Card rewards and partner payments | ||||
Commissions and fees | ||||
Total commissions and fees | (2,871) | (2,301) | (5,370) | (4,258) |
PBWM | Deposit-related fees | ||||
Commissions and fees | ||||
Total commissions and fees | 44 | 42 | 103 | 96 |
PBWM | Transactional service fees | ||||
Commissions and fees | ||||
Total commissions and fees | 5 | 6 | 9 | 11 |
PBWM | Corporate finance | ||||
Commissions and fees | ||||
Total commissions and fees | 0 | 0 | 3 | 3 |
PBWM | Insurance distribution revenue | ||||
Commissions and fees | ||||
Total commissions and fees | 56 | 76 | 108 | 159 |
PBWM | Insurance premiums | ||||
Commissions and fees | ||||
Total commissions and fees | 1 | 6 | 2 | 8 |
PBWM | Loan servicing | ||||
Commissions and fees | ||||
Total commissions and fees | 12 | 8 | 22 | 15 |
PBWM | Other | ||||
Commissions and fees | ||||
Total commissions and fees | 49 | 43 | 97 | 98 |
Legacy Franchises | ||||
Commissions and fees | ||||
Total commissions and fees | 338 | 452 | 676 | 926 |
Legacy Franchises | Investment banking | ||||
Commissions and fees | ||||
Total commissions and fees | 0 | 0 | 0 | 0 |
Legacy Franchises | Brokerage commissions | ||||
Commissions and fees | ||||
Total commissions and fees | 53 | 97 | 121 | 229 |
Legacy Franchises | Interchange fees | ||||
Commissions and fees | ||||
Total commissions and fees | 227 | 212 | 448 | 424 |
Legacy Franchises | Card-related loan fees | ||||
Commissions and fees | ||||
Total commissions and fees | 79 | 97 | 160 | 197 |
Legacy Franchises | Card rewards and partner payments | ||||
Commissions and fees | ||||
Total commissions and fees | (160) | (110) | (332) | (249) |
Legacy Franchises | Deposit-related fees | ||||
Commissions and fees | ||||
Total commissions and fees | 19 | 26 | 36 | 58 |
Legacy Franchises | Transactional service fees | ||||
Commissions and fees | ||||
Total commissions and fees | 26 | 29 | 52 | 57 |
Legacy Franchises | Corporate finance | ||||
Commissions and fees | ||||
Total commissions and fees | 0 | 0 | 0 | 0 |
Legacy Franchises | Insurance distribution revenue | ||||
Commissions and fees | ||||
Total commissions and fees | 33 | 37 | 69 | 89 |
Legacy Franchises | Insurance premiums | ||||
Commissions and fees | ||||
Total commissions and fees | 22 | 24 | 46 | 42 |
Legacy Franchises | Loan servicing | ||||
Commissions and fees | ||||
Total commissions and fees | 4 | 5 | 7 | 9 |
Legacy Franchises | Other | ||||
Commissions and fees | ||||
Total commissions and fees | $ 35 | $ 35 | $ 69 | $ 70 |
COMMISSIONS AND FEES; ADMINIS_4
COMMISSIONS AND FEES; ADMINISTRATION AND OTHER FIDUCIARY FEES - Administration and Other Fiduciary Fees (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Commissions and fees | ||||
Total administration and other fiduciary fees | $ 1,023 | $ 1,022 | $ 1,989 | $ 1,983 |
Custody fees | ||||
Commissions and fees | ||||
Total administration and other fiduciary fees | 530 | 503 | 1,002 | 960 |
Custody fees | ICG | ||||
Commissions and fees | ||||
Total administration and other fiduciary fees | 506 | 476 | 952 | 908 |
Custody fees | PBWM | ||||
Commissions and fees | ||||
Total administration and other fiduciary fees | 22 | 24 | 45 | 45 |
Custody fees | Legacy Franchises | ||||
Commissions and fees | ||||
Total administration and other fiduciary fees | 2 | 3 | 5 | 7 |
Fiduciary fees | ||||
Commissions and fees | ||||
Total administration and other fiduciary fees | 343 | 372 | 693 | 731 |
Fiduciary fees | ICG | ||||
Commissions and fees | ||||
Total administration and other fiduciary fees | 68 | 61 | 133 | 123 |
Fiduciary fees | PBWM | ||||
Commissions and fees | ||||
Total administration and other fiduciary fees | 196 | 200 | 401 | 392 |
Fiduciary fees | Legacy Franchises | ||||
Commissions and fees | ||||
Total administration and other fiduciary fees | 79 | 111 | 159 | 216 |
Guarantee fees | ||||
Commissions and fees | ||||
Total administration and other fiduciary fees | 150 | 147 | 294 | 292 |
Guarantee fees | ICG | ||||
Commissions and fees | ||||
Total administration and other fiduciary fees | 134 | 133 | 266 | 266 |
Guarantee fees | PBWM | ||||
Commissions and fees | ||||
Total administration and other fiduciary fees | 14 | 11 | 24 | 22 |
Guarantee fees | Legacy Franchises | ||||
Commissions and fees | ||||
Total administration and other fiduciary fees | 2 | 3 | 4 | 4 |
Administration and other fiduciary fees | ||||
Commissions and fees | ||||
Total administration and other fiduciary fees | 1,023 | 1,022 | 1,989 | 1,983 |
Revenue not accounted for under ASC 606, revenue from contracts with customers | 150 | 147 | 294 | 292 |
Administration and other fiduciary fees | ICG | ||||
Commissions and fees | ||||
Total administration and other fiduciary fees | 708 | 670 | 1,351 | 1,297 |
Administration and other fiduciary fees | PBWM | ||||
Commissions and fees | ||||
Total administration and other fiduciary fees | 232 | 235 | 470 | 459 |
Administration and other fiduciary fees | Legacy Franchises | ||||
Commissions and fees | ||||
Total administration and other fiduciary fees | $ 83 | $ 117 | $ 168 | $ 227 |
PRINCIPAL TRANSACTIONS (Details
PRINCIPAL TRANSACTIONS (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Principal transactions revenue | ||||
Principal transactions revenue | $ 4,525 | $ 2,304 | $ 9,115 | $ 6,217 |
Interest rate risks | ||||
Principal transactions revenue | ||||
Principal transactions revenue | 1,450 | 530 | 2,920 | 1,964 |
Foreign exchange risks | ||||
Principal transactions revenue | ||||
Principal transactions revenue | 1,639 | 965 | 3,187 | 1,927 |
Equity risks | ||||
Principal transactions revenue | ||||
Principal transactions revenue | 345 | 358 | 1,276 | 1,203 |
Commodity and other risks | ||||
Principal transactions revenue | ||||
Principal transactions revenue | 612 | 393 | 1,063 | 593 |
Credit products and risks | ||||
Principal transactions revenue | ||||
Principal transactions revenue | $ 479 | $ 58 | $ 669 | $ 530 |
RETIREMENT BENEFITS - Net (Bene
RETIREMENT BENEFITS - Net (Benefit) Expense (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
U.S. | Pension Plans | ||||
Service-related expense | ||||
Benefits earned during the period | $ 0 | $ 0 | $ 0 | $ 0 |
Interest cost on benefit obligation | 105 | 95 | 191 | 177 |
Expected return on plan assets | (154) | (174) | (308) | (356) |
Amortization of unrecognized: | ||||
Prior service cost (benefit) | 0 | 0 | 1 | 1 |
Net actuarial loss (gain) | 44 | 54 | 100 | 116 |
Curtailment (gain) | 0 | 0 | 0 | 0 |
Settlement (gain) loss | 0 | 0 | 0 | 0 |
Total net expense | (5) | (25) | (16) | (62) |
U.S. | Postretirement Benefit Plans | ||||
Service-related expense | ||||
Benefits earned during the period | 0 | 0 | 0 | 0 |
Interest cost on benefit obligation | 4 | 3 | 7 | 6 |
Expected return on plan assets | (3) | (3) | (6) | (7) |
Amortization of unrecognized: | ||||
Prior service cost (benefit) | (3) | (2) | (5) | (4) |
Net actuarial loss (gain) | (2) | (1) | (3) | (1) |
Curtailment (gain) | 0 | 0 | 0 | 0 |
Settlement (gain) loss | 0 | 0 | 0 | 0 |
Total net expense | (4) | (3) | (7) | (6) |
Non-U.S. plans | Pension Plans | ||||
Service-related expense | ||||
Benefits earned during the period | 30 | 38 | 64 | 77 |
Interest cost on benefit obligation | 79 | 70 | 152 | 132 |
Expected return on plan assets | (66) | (63) | (132) | (124) |
Amortization of unrecognized: | ||||
Prior service cost (benefit) | (1) | (2) | (3) | (3) |
Net actuarial loss (gain) | 14 | 14 | 27 | 32 |
Curtailment (gain) | (23) | 0 | (23) | 0 |
Settlement (gain) loss | (10) | 4 | (10) | 4 |
Total net expense | 23 | 61 | 75 | 118 |
Non-U.S. plans | Pension Plans | Consumer | ||||
Amortization of unrecognized: | ||||
Total net expense | 28 | 28 | ||
Non-U.S. plans | Postretirement Benefit Plans | ||||
Service-related expense | ||||
Benefits earned during the period | 0 | 2 | 1 | 4 |
Interest cost on benefit obligation | 23 | 24 | 46 | 49 |
Expected return on plan assets | (18) | (21) | (38) | (43) |
Amortization of unrecognized: | ||||
Prior service cost (benefit) | (1) | (3) | (4) | (5) |
Net actuarial loss (gain) | 1 | 3 | 2 | 8 |
Curtailment (gain) | 0 | 0 | 0 | 0 |
Settlement (gain) loss | 0 | 0 | 0 | 0 |
Total net expense | $ 5 | $ 5 | $ 7 | $ 13 |
RETIREMENT BENEFITS - Funded St
RETIREMENT BENEFITS - Funded Status and Accumulated Other Comprehensive Income (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
U.S. | Pension Plans | |||||
Change in projected benefit obligation | |||||
Projected benefit obligation at beginning of year | $ 12,766 | $ 12,766 | |||
Benefits earned during the period | $ 0 | $ 0 | 0 | $ 0 | |
Interest cost on benefit obligation | 105 | 95 | 191 | 177 | |
Change in plan assets | |||||
Plan assets at fair value at beginning of year | 12,977 | 12,977 | |||
Net amount recognized at period end | |||||
Benefit asset | 940 | 940 | |||
Benefit liability | (559) | (559) | |||
Net amount recognized on the balance sheet—Significant Plans | 381 | 381 | |||
Amounts recognized in AOCI at period end(5) | |||||
Prior service benefit | 0 | 0 | |||
Net actuarial (loss) gain | (6,464) | (6,464) | |||
Net amount recognized in equity-pretax | (6,464) | (6,464) | |||
Accumulated benefit obligation at period end—Significant Plans | 10,457 | 10,457 | |||
U.S. | Pension Plans | Other than Significant Plans Measured Annually | |||||
Change in projected benefit obligation | |||||
Projected benefit obligation at beginning of year | 23 | 23 | |||
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 | 11,509 | 12,743 | 12,743 | ||
Quarter activity | (1,234) | ||||
Benefits earned during the period | 0 | ||||
Interest cost on benefit obligation | 105 | ||||
Actuarial (gain) | (903) | ||||
Benefits paid, net of participants’ contributions and government subsidy | (253) | ||||
Settlement (gain) | 0 | ||||
Curtailment (gain) | 0 | ||||
Foreign exchange impact and other | 0 | ||||
Projected benefit obligation at period end—Significant Plans | 10,458 | 11,509 | 10,458 | ||
Change in plan assets | |||||
Plan assets at fair value at beginning of year | 11,947 | 12,977 | 12,977 | ||
Quarterly activity | (1,030) | ||||
Actual return on plan assets | (868) | ||||
Company contributions, net of reimbursements | 13 | ||||
Benefits paid, net of participants’ contributions and government subsidy | (253) | ||||
Settlement gain | 0 | ||||
Foreign exchange impact and other | 0 | ||||
Plan assets at fair value at period end—Significant Plans | 10,839 | 11,947 | 10,839 | ||
Funded status of the Significant Plans | 381 | 381 | |||
U.S. | Postretirement Benefit Plans | |||||
Change in projected benefit obligation | |||||
Projected benefit obligation at beginning of year | 501 | 501 | |||
Benefits earned during the period | 0 | 0 | 0 | 0 | |
Interest cost on benefit obligation | 4 | 3 | 7 | 6 | |
Change in plan assets | |||||
Plan assets at fair value at beginning of year | 319 | 319 | |||
Net amount recognized at period end | |||||
Benefit asset | 0 | 0 | |||
Benefit liability | (140) | (140) | |||
Net amount recognized on the balance sheet—Significant Plans | (140) | (140) | |||
Amounts recognized in AOCI at period end(5) | |||||
Prior service benefit | 87 | 87 | |||
Net actuarial (loss) gain | 119 | 119 | |||
Net amount recognized in equity-pretax | 206 | 206 | |||
Accumulated benefit obligation at period end—Significant Plans | 406 | 406 | |||
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 | 451 | 501 | 501 | ||
Quarter activity | (50) | ||||
Benefits earned during the period | 0 | ||||
Interest cost on benefit obligation | 4 | ||||
Actuarial (gain) | (36) | ||||
Benefits paid, net of participants’ contributions and government subsidy | (13) | ||||
Settlement (gain) | 0 | ||||
Curtailment (gain) | 0 | ||||
Foreign exchange impact and other | 0 | ||||
Projected benefit obligation at period end—Significant Plans | 406 | 451 | 406 | ||
Change in plan assets | |||||
Plan assets at fair value at beginning of year | 300 | 319 | 319 | ||
Quarterly activity | (19) | ||||
Actual return on plan assets | (15) | ||||
Company contributions, net of reimbursements | (6) | ||||
Benefits paid, net of participants’ contributions and government subsidy | (13) | ||||
Settlement gain | 0 | ||||
Foreign exchange impact and other | 0 | ||||
Plan assets at fair value at period end—Significant Plans | 266 | 300 | 266 | ||
Funded status of the Significant Plans | (140) | (140) | |||
Non-U.S. plans | Pension Plans | |||||
Change in projected benefit obligation | |||||
Projected benefit obligation at beginning of year | 8,001 | 8,001 | |||
Benefits earned during the period | 30 | 38 | 64 | 77 | |
Interest cost on benefit obligation | 79 | 70 | 152 | 132 | |
Change in plan assets | |||||
Plan assets at fair value at beginning of year | 7,614 | 7,614 | |||
Net amount recognized at period end | |||||
Benefit asset | 844 | 844 | |||
Benefit liability | (375) | (375) | |||
Net amount recognized on the balance sheet—Significant Plans | 469 | 469 | |||
Amounts recognized in AOCI at period end(5) | |||||
Prior service benefit | 0 | 0 | |||
Net actuarial (loss) gain | (992) | (992) | |||
Net amount recognized in equity-pretax | (992) | (992) | |||
Accumulated benefit obligation at period end—Significant Plans | 4,563 | 4,563 | |||
Non-U.S. plans | Pension Plans | Other than Significant Plans Measured Annually | |||||
Change in projected benefit obligation | |||||
Projected benefit obligation at beginning of year | 2,071 | 2,071 | |||
Change in plan assets | |||||
Plan assets at fair value at beginning of year | 1,419 | 1,419 | |||
Non-U.S. plans | Pension Plans | Significant Plans Measured Quarterly | |||||
Change in projected benefit obligation | |||||
Projected benefit obligation at beginning of year | 5,645 | 5,930 | 5,930 | ||
Quarter activity | (285) | ||||
Benefits earned during the period | 15 | ||||
Interest cost on benefit obligation | 68 | ||||
Actuarial (gain) | (489) | ||||
Benefits paid, net of participants’ contributions and government subsidy | (69) | ||||
Settlement (gain) | (246) | ||||
Curtailment (gain) | (23) | ||||
Foreign exchange impact and other | (163) | ||||
Projected benefit obligation at period end—Significant Plans | 4,738 | 5,645 | 4,738 | ||
Change in plan assets | |||||
Plan assets at fair value at beginning of year | 5,969 | 6,195 | 6,195 | ||
Quarterly activity | (226) | ||||
Actual return on plan assets | (512) | ||||
Company contributions, net of reimbursements | 208 | ||||
Benefits paid, net of participants’ contributions and government subsidy | (69) | ||||
Settlement gain | (246) | ||||
Foreign exchange impact and other | (143) | ||||
Plan assets at fair value at period end—Significant Plans | 5,207 | 5,969 | 5,207 | ||
Funded status of the Significant Plans | 469 | 469 | |||
Non-U.S. plans | Postretirement Benefit Plans | |||||
Change in projected benefit obligation | |||||
Projected benefit obligation at beginning of year | 1,169 | 1,169 | |||
Benefits earned during the period | 0 | 2 | 1 | 4 | |
Interest cost on benefit obligation | 23 | $ 24 | 46 | $ 49 | |
Change in plan assets | |||||
Plan assets at fair value at beginning of year | 1,043 | 1,043 | |||
Net amount recognized at period end | |||||
Benefit asset | 77 | 77 | |||
Benefit liability | 0 | 0 | |||
Net amount recognized on the balance sheet—Significant Plans | 77 | 77 | |||
Amounts recognized in AOCI at period end(5) | |||||
Prior service benefit | 37 | 37 | |||
Net actuarial (loss) gain | (213) | (213) | |||
Net amount recognized in equity-pretax | (176) | (176) | |||
Accumulated benefit obligation at period end—Significant Plans | 751 | 751 | |||
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 | 298 | 298 | |||
Change in plan assets | |||||
Plan assets at fair value at beginning of year | 7 | 7 | |||
Non-U.S. plans | Postretirement Benefit Plans | Significant Plans Measured Quarterly | |||||
Change in projected benefit obligation | |||||
Projected benefit obligation at beginning of year | 800 | 871 | 871 | ||
Quarter activity | (71) | ||||
Benefits earned during the period | 0 | ||||
Interest cost on benefit obligation | 20 | ||||
Actuarial (gain) | (43) | ||||
Benefits paid, net of participants’ contributions and government subsidy | (17) | ||||
Settlement (gain) | 0 | ||||
Curtailment (gain) | 0 | ||||
Foreign exchange impact and other | (9) | ||||
Projected benefit obligation at period end—Significant Plans | 751 | 800 | 751 | ||
Change in plan assets | |||||
Plan assets at fair value at beginning of year | 901 | 1,036 | 1,036 | ||
Quarterly activity | (135) | ||||
Actual return on plan assets | (45) | ||||
Company contributions, net of reimbursements | 0 | ||||
Benefits paid, net of participants’ contributions and government subsidy | (17) | ||||
Settlement gain | 0 | ||||
Foreign exchange impact and other | (11) | ||||
Plan assets at fair value at period end—Significant Plans | 828 | $ 901 | 828 | ||
Funded status of the Significant Plans | 77 | 77 | |||
Qualified plans | U.S. | Pension Plans | Significant Plans Measured Quarterly | |||||
Change in plan assets | |||||
Funded status of the Significant Plans | 940 | 940 | |||
Qualified plans | U.S. | Postretirement Benefit Plans | Significant Plans Measured Quarterly | |||||
Change in plan assets | |||||
Funded status of the Significant Plans | (140) | (140) | |||
Qualified plans | Non-U.S. plans | Pension Plans | Significant Plans Measured Quarterly | |||||
Change in plan assets | |||||
Funded status of the Significant Plans | 469 | 469 | |||
Qualified plans | Non-U.S. plans | Postretirement Benefit Plans | Significant Plans Measured Quarterly | |||||
Change in plan assets | |||||
Funded status of the Significant Plans | 77 | 77 | |||
Nonqualified plans | U.S. | Pension Plans | Significant Plans Measured Quarterly | |||||
Change in plan assets | |||||
Funded status of the Significant Plans | (559) | (559) | |||
Nonqualified plans | U.S. | Postretirement Benefit Plans | Significant Plans Measured Quarterly | |||||
Change in plan assets | |||||
Funded status of the Significant Plans | 0 | 0 | |||
Nonqualified plans | Non-U.S. plans | Pension Plans | Significant Plans Measured Quarterly | |||||
Change in plan assets | |||||
Funded status of the Significant Plans | 0 | 0 | |||
Nonqualified plans | Non-U.S. plans | Postretirement Benefit Plans | Significant Plans Measured Quarterly | |||||
Change in plan assets | |||||
Funded status of the Significant Plans | $ 0 | $ 0 |
RETIREMENT BENEFITS - Accumulat
RETIREMENT BENEFITS - Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | ||
Change in accumulated other comprehensive income (loss) | |||||
Balance, beginning of period | $ 202,672 | ||||
Change, net of tax | [1] | $ (89) | $ 87 | 82 | $ 801 |
Balance, end of period | 199,626 | 202,910 | 199,626 | 202,910 | |
Benefit plans | |||||
Change in accumulated other comprehensive income (loss) | |||||
Balance, beginning of period | (5,681) | (6,150) | (5,852) | (6,864) | |
Actuarial assumptions changes and plan experience | 1,499 | 3,024 | |||
Net asset (loss) due to difference between actual and expected returns | (1,675) | (3,137) | |||
Net amortization | 52 | 116 | |||
Curtailment/settlement (gain) | (32) | (32) | |||
Foreign exchange impact and other | 83 | 133 | |||
Change in deferred taxes, net | (16) | (22) | |||
Change, net of tax | (89) | 82 | |||
Balance, end of period | $ (5,770) | $ (6,063) | $ (5,770) | $ (6,063) | |
[1]See Note 17. |
RETIREMENT BENEFITS - Assumptio
RETIREMENT BENEFITS - Assumptions Used (Details) | 3 Months Ended | |||
Jun. 30, 2022 | Jun. 30, 2021 | Mar. 31, 2022 | Dec. 31, 2021 | |
U.S. | Postretirement Benefit Plans | ||||
Plan Assumptions - During the year | ||||
Discount rate | 3.85% | 2.85% | ||
Plan Assumptions - At period end | ||||
Discount rate | 4.75% | 3.85% | 2.75% | |
Non-U.S. plans | Pension Plans | Weighted Average | ||||
Plan Assumptions - During the year | ||||
Discount rate | 5.55% | 4.26% | ||
Plan Assumptions - At period end | ||||
Discount rate | 6.68% | 5.55% | 4.56% | |
Non-U.S. plans | Pension Plans | Minimum | ||||
Plan Assumptions - During the year | ||||
Discount rate | 1.10% | 0.25% | ||
Plan Assumptions - At period end | ||||
Discount rate | 2% | 1.10% | 0.25% | |
Non-U.S. plans | Pension Plans | Maximum | ||||
Plan Assumptions - During the year | ||||
Discount rate | 10% | 9.30% | ||
Plan Assumptions - At period end | ||||
Discount rate | 10.75% | 10% | 9.80% | |
Non-U.S. plans | Postretirement Benefit Plans | ||||
Plan Assumptions - During the year | ||||
Discount rate | 10.10% | 9.70% | ||
Plan Assumptions - At period end | ||||
Discount rate | 10.75% | 10.10% | 10% | |
Qualified plans | U.S. | Pension Plans | ||||
Plan Assumptions - During the year | ||||
Discount rate | 3.80% | 3.10% | ||
Plan Assumptions - At period end | ||||
Discount rate | 4.80% | 3.80% | 2.80% | |
Nonqualified plans | U.S. | Pension Plans | ||||
Plan Assumptions - During the year | ||||
Discount rate | 3.85% | 3% | ||
Plan Assumptions - At period end | ||||
Discount rate | 4.80% | 3.85% | 2.80% |
RETIREMENT BENEFITS - Sensitivi
RETIREMENT BENEFITS - Sensitivities of Certain Key Assumptions (Details) $ in Millions | 3 Months Ended |
Jun. 30, 2022 USD ($) | |
U.S. | Pension Plans | |
Defined Benefit Plans and Other Postretirement Benefit Plans | |
Effect of one-percentage-point increase in discount rates | $ 7 |
Effect of one-percentage-point decrease in discount rates | (9) |
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 | 0 |
Non-U.S. plans | Pension Plans | |
Defined Benefit Plans and Other Postretirement Benefit Plans | |
Effect of one-percentage-point increase in discount rates | 5 |
Effect of one-percentage-point decrease in discount rates | 6 |
Non-U.S. plans | Postretirement Benefit Plans | |
Defined Benefit Plans and Other Postretirement Benefit Plans | |
Effect of one-percentage-point increase in discount rates | (1) |
Effect of one-percentage-point decrease in discount rates | $ 1 |
RETIREMENT BENEFITS - Contribut
RETIREMENT BENEFITS - Contributions (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
U.S. | Pension Plans | ||
Defined Benefit Plan, Expected Future Employer Contributions [Abstract] | ||
Company contributions | $ 28 | $ 27 |
Company contributions expected to be made during the remainder of the year | 31 | 29 |
U.S. | Postretirement Benefit Plans | ||
Defined Benefit Plan, Expected Future Employer Contributions [Abstract] | ||
Company contributions | 9 | |
Company contributions reimbursements | (1) | |
Company contributions expected to be made during the remainder of the year | 3 | 13 |
Non-U.S. plans | Pension Plans | ||
Defined Benefit Plan, Expected Future Employer Contributions [Abstract] | ||
Company contributions | 389 | 78 |
Company contributions expected to be made during the remainder of the year | 52 | 77 |
Non-U.S. plans | Postretirement Benefit Plans | ||
Defined Benefit Plan, Expected Future Employer Contributions [Abstract] | ||
Company contributions | 5 | 4 |
Company contributions expected to be made during the remainder of the year | $ 4 | $ 4 |
RETIREMENT BENEFITS - Defined C
RETIREMENT BENEFITS - Defined Contribution Plans and Postemployment Plans (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Postemployment Retirement Benefits | ||||
Defined Benefit Plan Disclosure | ||||
Net actuarial loss | $ 1 | $ 1 | $ 1 | $ 1 |
Total service-related expense | 1 | 1 | 1 | 1 |
Non-service-related expense (benefit) | 1 | (1) | 6 | 4 |
Total net expense | 2 | 0 | 7 | 5 |
U.S. | Postretirement Benefit Plans | ||||
Defined Benefit Plan Disclosure | ||||
Company's contributions for defined contribution plans | 119 | 106 | 238 | 211 |
Total net expense | (4) | (3) | (7) | (6) |
Non-U.S. plans | Postretirement Benefit Plans | ||||
Defined Benefit Plan Disclosure | ||||
Company's contributions for defined contribution plans | 99 | 91 | 205 | 183 |
Total net expense | $ 5 | $ 5 | $ 7 | $ 13 |
EARNINGS PER SHARE (Details)
EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | ||
Earnings Per Share [Abstract] | |||||
Income from continuing operations before attribution to noncontrolling interests | $ 4,789 | $ 6,193 | $ 9,114 | $ 14,170 | |
Noncontrolling interests | 21 | 10 | 38 | 43 | |
Net income from continuing operations (for EPS purposes) | 4,768 | 6,183 | 9,076 | 14,127 | |
Income (loss) from discontinued operations, net of taxes | (221) | 10 | (223) | 8 | |
Citigroup’s net income | 4,547 | 6,193 | 8,853 | 14,135 | |
Less: Preferred dividends | 238 | 253 | 517 | 545 | |
Net income available to common shareholders | 4,309 | 5,940 | 8,336 | 13,590 | |
Less: Dividends and undistributed earnings allocated to employee restricted and deferred shares with rights to dividends, applicable to basic EPS | 35 | 41 | 60 | 107 | |
Net income allocated to common shareholders for basic EPS | $ 4,274 | $ 5,899 | $ 8,276 | $ 13,483 | |
Weighted-average common shares outstanding applicable to basic EPS (in shares) | 1,941.5 | 2,056.5 | 1,956.6 | 2,069.3 | |
Basic earnings per share | |||||
Income from continuing operations (in dollars per share) | [1] | $ 2.32 | $ 2.86 | $ 4.34 | $ 6.51 |
Discontinued operations (in dollars per share) | [1] | (0.11) | 0 | (0.11) | 0 |
Net income (in dollars per share) | [1] | $ 2.20 | $ 2.87 | $ 4.23 | $ 6.52 |
Add back: Dividends allocated to employee restricted and deferred shares with rights to dividends that are forfeitable | $ 11 | $ 8 | $ 19 | $ 15 | |
Net income allocated to common shareholders for diluted EPS | $ 4,285 | $ 5,907 | $ 8,295 | $ 13,498 | |
Effect of dilutive securities | |||||
Options (in shares) | 0 | 0 | 0 | 0 | |
Other employee plans (in shares) | 16.6 | 16.5 | 16.6 | 15.5 | |
Adjusted weighted-average common shares outstanding applicable to diluted EPS (in shares) | 1,958.1 | 2,073 | 1,973.2 | 2,084.8 | |
Diluted earnings per share | |||||
Income from continuing operations (in dollars per share) | [1] | $ 2.30 | $ 2.84 | $ 4.32 | $ 6.47 |
Discontinued operations (in dollars per share) | [1] | (0.11) | 0 | (0.11) | 0 |
Net income (in dollars per share) | [1] | $ 2.19 | $ 2.85 | $ 4.20 | $ 6.47 |
[1]Due to rounding, earnings per share on continuing operations and discontinued operations may not sum to earnings per share on net income. |
SECURITIES BORROWED, LOANED A_3
SECURITIES BORROWED, LOANED AND SUBJECT TO REPURCHASE AGREEMENTS - Securities (Details) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Federal Funds Purchased and Securities Sold under Agreements to Repurchase [Abstract] | ||
Securities purchased under agreements to resell | $ 271,890 | $ 236,252 |
Deposits paid for securities borrowed | 89,471 | 91,042 |
Total, net | 361,361 | 327,294 |
Allowance for credit losses on securities purchased and borrowed | (27) | (6) |
Total, net of allowance | 361,334 | 327,288 |
Securities sold under agreements to repurchase | 177,977 | 174,255 |
Deposits received for securities loaned | 20,495 | 17,030 |
Total, net | 198,472 | 191,285 |
Securities-for-securities lending transactions | $ 3,300 | $ 3,600 |
SECURITIES BORROWED, LOANED A_4
SECURITIES BORROWED, LOANED AND SUBJECT TO REPURCHASE AGREEMENTS - Offsetting (Details) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Securities purchased under agreements to resell | ||
Gross amounts of recognized assets | $ 371,889 | $ 367,594 |
Gross amounts offset on the Consolidated Balance Sheet | 99,999 | 131,342 |
Net amounts of assets included on the Consolidated Balance Sheet | 271,890 | 236,252 |
Amounts not offset on the Consolidated Balance Sheet but eligible for offsetting upon counterparty default | 179,718 | 205,349 |
Net amounts | 92,172 | 30,903 |
Deposits paid for securities borrowed | ||
Gross amounts of recognized assets | 98,890 | 107,041 |
Gross amounts offset on the Consolidated Balance Sheet | 9,419 | 15,999 |
Net amounts of assets included on the Consolidated Balance Sheet | 89,471 | 91,042 |
Amounts not offset on the Consolidated Balance Sheet but eligible for offsetting upon counterparty default | 12,690 | 17,326 |
Net amounts | 76,781 | 73,716 |
Total | ||
Gross amounts of recognized assets | 470,779 | 474,635 |
Gross amounts offset on the Consolidated Balance Sheet | 109,418 | 147,341 |
Net amounts of assets included on the Consolidated Balance Sheet | 361,361 | 327,294 |
Amounts not offset on the Consolidated Balance Sheet but eligible for offsetting upon counterparty default | 192,408 | 222,675 |
Net amounts | 168,953 | 104,619 |
Securities sold under agreements to repurchase | ||
Gross amounts of recognized liabilities | 277,976 | 305,597 |
Gross amounts offset on the Consolidated Balance Sheet | 99,999 | 131,342 |
Net amounts of liabilities included on the Consolidated Balance Sheet | 177,977 | 174,255 |
Amounts not offset on the Consolidated Balance Sheet but eligible for offsetting upon counterparty default | 72,056 | 85,184 |
Net amounts | 105,921 | 89,071 |
Deposits received for securities loaned | ||
Gross amounts of recognized liabilities | 29,914 | 33,029 |
Gross amounts offset on the Consolidated Balance Sheet | 9,419 | 15,999 |
Net amounts of liabilities included on the Consolidated Balance Sheet | 20,495 | 17,030 |
Amounts not offset on the Consolidated Balance Sheet but eligible for offsetting upon counterparty default | 2,517 | 2,868 |
Net amounts | 17,978 | 14,162 |
Total | ||
Gross amounts of recognized liabilities | 307,890 | 338,626 |
Gross amounts offset on the Consolidated Balance Sheet | 109,418 | 147,341 |
Net amounts of liabilities included on the Consolidated Balance Sheet | 198,472 | 191,285 |
Amounts not offset on the Consolidated Balance Sheet but eligible for offsetting upon counterparty default | 74,573 | 88,052 |
Net amounts | $ 123,899 | $ 103,233 |
SECURITIES BORROWED, LOANED A_5
SECURITIES BORROWED, LOANED AND SUBJECT TO REPURCHASE AGREEMENTS - Repurchase Agreements by Contractual Maturity (Details) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Assets Sold under Agreements to Repurchase | ||
Securities sold under agreements to repurchase | $ 277,976 | $ 305,597 |
Deposits received for securities loaned | 29,914 | 33,029 |
Total | 307,890 | 338,626 |
Open and overnight | ||
Assets Sold under Agreements to Repurchase | ||
Securities sold under agreements to repurchase | 122,684 | 127,679 |
Deposits received for securities loaned | 20,504 | 23,387 |
Total | 143,188 | 151,066 |
Up to 30 days | ||
Assets Sold under Agreements to Repurchase | ||
Securities sold under agreements to repurchase | 74,776 | 93,257 |
Deposits received for securities loaned | 1 | 6 |
Total | 74,777 | 93,263 |
31–90 days | ||
Assets Sold under Agreements to Repurchase | ||
Securities sold under agreements to repurchase | 27,466 | 32,908 |
Deposits received for securities loaned | 1,452 | 1,392 |
Total | 28,918 | 34,300 |
Greater than 90 days | ||
Assets Sold under Agreements to Repurchase | ||
Securities sold under agreements to repurchase | 53,050 | 51,753 |
Deposits received for securities loaned | 7,957 | 8,244 |
Total | $ 61,007 | $ 59,997 |
SECURITIES BORROWED, LOANED A_6
SECURITIES BORROWED, LOANED AND SUBJECT TO REPURCHASE AGREEMENTS - Repurchase Agreements by Class of Collateral (Details) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Assets Sold under Agreements to Repurchase | ||
Repurchase agreements | $ 277,976 | $ 305,597 |
Securities lending agreements | 29,914 | 33,029 |
Total | 307,890 | 338,626 |
U.S. Treasury and federal agency securities | ||
Assets Sold under Agreements to Repurchase | ||
Repurchase agreements | 92,263 | 85,861 |
Securities lending agreements | 0 | 90 |
Total | 92,263 | 85,951 |
State and municipal securities | ||
Assets Sold under Agreements to Repurchase | ||
Repurchase agreements | 993 | 1,053 |
Securities lending agreements | 0 | 0 |
Total | 993 | 1,053 |
Foreign government securities | ||
Assets Sold under Agreements to Repurchase | ||
Repurchase agreements | 125,611 | 133,352 |
Securities lending agreements | 127 | 212 |
Total | 125,738 | 133,564 |
Corporate bonds | ||
Assets Sold under Agreements to Repurchase | ||
Repurchase agreements | 15,494 | 20,398 |
Securities lending agreements | 133 | 152 |
Total | 15,627 | 20,550 |
Equity securities | ||
Assets Sold under Agreements to Repurchase | ||
Repurchase agreements | 11,428 | 25,653 |
Securities lending agreements | 29,637 | 32,517 |
Total | 41,065 | 58,170 |
Mortgage-backed securities | ||
Assets Sold under Agreements to Repurchase | ||
Repurchase agreements | 23,506 | 33,573 |
Securities lending agreements | 0 | 0 |
Total | 23,506 | 33,573 |
Asset-backed securities | ||
Assets Sold under Agreements to Repurchase | ||
Repurchase agreements | 1,683 | 1,681 |
Securities lending agreements | 0 | 0 |
Total | 1,683 | 1,681 |
Other | ||
Assets Sold under Agreements to Repurchase | ||
Repurchase agreements | 6,998 | 4,026 |
Securities lending agreements | 17 | 58 |
Total | $ 7,015 | $ 4,084 |
BROKERAGE RECEIVABLES AND BRO_3
BROKERAGE RECEIVABLES AND BROKERAGE PAYABLES (Details) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Broker-Dealer [Abstract] | ||
Receivables from customers | $ 25,531 | $ 26,403 |
Receivables from brokers, dealers and clearing organizations | 54,955 | 27,937 |
Total brokerage receivables | 80,486 | 54,340 |
Payables to customers | 75,299 | 52,158 |
Payables to brokers, dealers and clearing organizations | 21,175 | 9,272 |
Total brokerage payables | $ 96,474 | $ 61,430 |
INVESTMENTS - Overview (Details
INVESTMENTS - Overview (Details) - USD ($) $ in Millions | 1 Months Ended | 3 Months Ended | 6 Months Ended | |||||||
Jun. 30, 2022 | Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Mar. 31, 2022 | Dec. 31, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | ||
Investment Holdings | ||||||||||
Total investments | $ 513,878 | $ 513,878 | $ 513,878 | $ 512,822 | ||||||
Interest and dividends on investments | ||||||||||
Taxable interest | 2,274 | $ 1,723 | 4,287 | $ 3,375 | ||||||
Interest exempt from U.S. federal income tax | 38 | 57 | 43 | 123 | ||||||
Dividend income | 58 | 38 | 90 | 72 | ||||||
Total interest and dividend income on investments | 2,370 | 1,818 | 4,420 | 3,570 | ||||||
Gross realized investments losses, excluding losses from other-than-temporary impairment | ||||||||||
Gross realized investment gains | 27 | 155 | 180 | 615 | ||||||
Gross realized investment losses | (85) | (18) | (158) | (77) | ||||||
Net realized gains (losses) on sales of investments | (58) | 137 | 22 | 538 | ||||||
Debt securities AFS | ||||||||||
Allowance for credit losses | 6 | 6 | $ 5 | 6 | 5 | $ 8 | 8 | $ 5 | $ 5 | |
Fair value | 238,499 | 238,499 | 238,499 | 288,522 | ||||||
Transfer of investment securities from AFS to HTM | [1],[2] | 21,522 | $ 0 | |||||||
Debt securities available-for-sale (AFS) | ||||||||||
Investment Holdings | ||||||||||
Total investments | 238,499 | 238,499 | 238,499 | 288,522 | ||||||
Debt securities held-to-maturity (HTM) | ||||||||||
Investment Holdings | ||||||||||
Total investments | 267,592 | 267,592 | 267,592 | 216,963 | ||||||
Non-marketable securities measured using measurement alternative | ||||||||||
Investment Holdings | ||||||||||
Total investments | 1,670 | 1,670 | 1,670 | 1,413 | ||||||
Mortgage-backed securities - U.S. government-sponsored agency guaranteed | ||||||||||
Debt securities AFS | ||||||||||
Amortized cost | 12,982 | 12,982 | 12,982 | 33,064 | ||||||
Gross unrealized gains | 25 | 25 | 25 | 453 | ||||||
Gross unrealized losses | 492 | 492 | 492 | 301 | ||||||
Allowance for credit losses | 0 | 0 | 0 | 0 | ||||||
Fair value | 12,515 | 12,515 | 12,515 | 33,216 | ||||||
Transfer of investment securities from AFS to HTM | 21,500 | |||||||||
Securities transferred from AFS to HTM, unrealized loss position | 2,300 | 2,300 | 2,300 | |||||||
Mortgage-backed securities - Non-U.S. residential | ||||||||||
Debt securities AFS | ||||||||||
Amortized cost | 281 | 281 | 281 | 380 | ||||||
Gross unrealized gains | 0 | 0 | 0 | 1 | ||||||
Gross unrealized losses | 3 | 3 | 3 | 1 | ||||||
Allowance for credit losses | 0 | 0 | 0 | 0 | ||||||
Fair value | 278 | 278 | 278 | 380 | ||||||
Commercial | ||||||||||
Debt securities AFS | ||||||||||
Amortized cost | 7 | 7 | 7 | 25 | ||||||
Gross unrealized gains | 0 | 0 | 0 | 0 | ||||||
Gross unrealized losses | 0 | 0 | 0 | 0 | ||||||
Allowance for credit losses | 0 | 0 | 0 | 0 | ||||||
Fair value | 7 | 7 | 7 | 25 | ||||||
Mortgage-backed securities | ||||||||||
Debt securities AFS | ||||||||||
Amortized cost | 13,270 | 13,270 | 13,270 | 33,469 | ||||||
Gross unrealized gains | 25 | 25 | 25 | 454 | ||||||
Gross unrealized losses | 495 | 495 | 495 | 302 | ||||||
Allowance for credit losses | 0 | 0 | 0 | 0 | ||||||
Fair value | 12,800 | 12,800 | 12,800 | 33,621 | ||||||
U.S. Treasury | ||||||||||
Debt securities AFS | ||||||||||
Amortized cost | 94,740 | 94,740 | 94,740 | 122,669 | ||||||
Gross unrealized gains | 42 | 42 | 42 | 615 | ||||||
Gross unrealized losses | 2,918 | 2,918 | 2,918 | 844 | ||||||
Allowance for credit losses | 0 | 0 | 0 | 0 | ||||||
Fair value | 91,864 | 91,864 | 91,864 | 122,440 | ||||||
Agency obligations | ||||||||||
Debt securities AFS | ||||||||||
Amortized cost | 0 | 0 | 0 | 0 | ||||||
Gross unrealized gains | 0 | 0 | 0 | 0 | ||||||
Gross unrealized losses | 0 | 0 | 0 | 0 | ||||||
Allowance for credit losses | 0 | 0 | 0 | 0 | ||||||
Fair value | 0 | 0 | 0 | 0 | ||||||
U.S. Treasury and federal agency securities | ||||||||||
Debt securities AFS | ||||||||||
Amortized cost | 94,740 | 94,740 | 94,740 | 122,669 | ||||||
Gross unrealized gains | 42 | 42 | 42 | 615 | ||||||
Gross unrealized losses | 2,918 | 2,918 | 2,918 | 844 | ||||||
Allowance for credit losses | 0 | 0 | 0 | 0 | ||||||
Fair value | 91,864 | 91,864 | 91,864 | 122,440 | ||||||
State and municipal | ||||||||||
Debt securities AFS | ||||||||||
Amortized cost | 2,677 | 2,677 | 2,677 | 2,643 | ||||||
Gross unrealized gains | 16 | 16 | 16 | 79 | ||||||
Gross unrealized losses | 201 | 201 | 201 | 101 | ||||||
Allowance for credit losses | 0 | 0 | 0 | 0 | ||||||
Fair value | 2,492 | 2,492 | 2,492 | 2,621 | ||||||
Foreign government | ||||||||||
Debt securities AFS | ||||||||||
Amortized cost | 122,184 | 122,184 | 122,184 | 119,426 | ||||||
Gross unrealized gains | 424 | 424 | 424 | 337 | ||||||
Gross unrealized losses | 2,922 | 2,922 | 2,922 | 1,023 | ||||||
Allowance for credit losses | 0 | 0 | 0 | 0 | ||||||
Fair value | 119,686 | 119,686 | 119,686 | 118,740 | ||||||
Corporate | ||||||||||
Debt securities AFS | ||||||||||
Amortized cost | 6,646 | 6,646 | 6,646 | 5,972 | ||||||
Gross unrealized gains | 19 | 19 | 19 | 33 | ||||||
Gross unrealized losses | 214 | 214 | 214 | 77 | ||||||
Allowance for credit losses | 6 | 6 | 6 | 8 | ||||||
Fair value | 6,445 | 6,445 | 6,445 | 5,920 | ||||||
Asset-backed securities | ||||||||||
Debt securities AFS | ||||||||||
Amortized cost | 275 | 275 | 275 | 304 | ||||||
Gross unrealized gains | 2 | 2 | 2 | 0 | ||||||
Gross unrealized losses | 1 | 1 | 1 | 1 | ||||||
Allowance for credit losses | 0 | 0 | 0 | 0 | ||||||
Fair value | 276 | 276 | 276 | 303 | ||||||
Other debt securities | ||||||||||
Debt securities AFS | ||||||||||
Amortized cost | 4,948 | 4,948 | 4,948 | 4,880 | ||||||
Gross unrealized gains | 0 | 0 | 0 | 1 | ||||||
Gross unrealized losses | 12 | 12 | 12 | 4 | ||||||
Allowance for credit losses | 0 | 0 | 0 | 0 | ||||||
Fair value | 4,936 | 4,936 | 4,936 | 4,877 | ||||||
Debt securities AFS | ||||||||||
Debt securities AFS | ||||||||||
Amortized cost | 244,740 | 244,740 | 244,740 | 289,363 | ||||||
Gross unrealized gains | 528 | 528 | 528 | 1,519 | ||||||
Gross unrealized losses | 6,763 | 6,763 | 6,763 | 2,352 | ||||||
Allowance for credit losses | 6 | 6 | 6 | 8 | ||||||
Fair value | 238,499 | 238,499 | 238,499 | 288,522 | ||||||
Fair value | Marketable equity securities carried at fair value | ||||||||||
Investment Holdings | ||||||||||
Total investments | 588 | 588 | 588 | 543 | ||||||
Fair value | Non-marketable equity securities | ||||||||||
Investment Holdings | ||||||||||
Total investments | 458 | 458 | 458 | 489 | ||||||
Carried at cost | Non-marketable equity securities | ||||||||||
Investment Holdings | ||||||||||
Total investments | $ 5,071 | $ 5,071 | $ 5,071 | $ 4,892 | ||||||
[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 for more information and balances as of June 30, 2022.[2]See Note 2 for further information on significant disposals. |
INVESTMENTS - Fair Value of AFS
INVESTMENTS - Fair Value of AFS Securities (Details) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Fair value | ||
Less than 12 months | $ 158,657 | $ 144,333 |
12 months or longer | 42,360 | 17,829 |
Total | 201,017 | 162,162 |
Gross unrealized losses | ||
Less than 12 months | 4,381 | 1,895 |
12 months or longer | 2,382 | 457 |
Total | 6,763 | 2,352 |
Mortgage-backed securities - U.S. government-sponsored agency guaranteed | ||
Fair value | ||
Less than 12 months | 10,219 | 17,039 |
12 months or longer | 1,048 | 698 |
Total | 11,267 | 17,737 |
Gross unrealized losses | ||
Less than 12 months | 387 | 270 |
12 months or longer | 105 | 31 |
Total | 492 | 301 |
Mortgage-backed securities - Non-U.S. residential | ||
Fair value | ||
Less than 12 months | 197 | 96 |
12 months or longer | 0 | 1 |
Total | 197 | 97 |
Gross unrealized losses | ||
Less than 12 months | 3 | 1 |
12 months or longer | 0 | 0 |
Total | 3 | 1 |
Commercial | ||
Fair value | ||
Less than 12 months | 6 | 0 |
12 months or longer | 1 | 0 |
Total | 7 | 0 |
Gross unrealized losses | ||
Less than 12 months | 0 | 0 |
12 months or longer | 0 | 0 |
Total | 0 | 0 |
Mortgage-backed securities | ||
Fair value | ||
Less than 12 months | 10,422 | 17,135 |
12 months or longer | 1,049 | 699 |
Total | 11,471 | 17,834 |
Gross unrealized losses | ||
Less than 12 months | 390 | 271 |
12 months or longer | 105 | 31 |
Total | 495 | 302 |
U.S. Treasury | ||
Fair value | ||
Less than 12 months | 53,236 | 56,448 |
12 months or longer | 29,263 | 6,310 |
Total | 82,499 | 62,758 |
Gross unrealized losses | ||
Less than 12 months | 1,322 | 713 |
12 months or longer | 1,596 | 131 |
Total | 2,918 | 844 |
Agency obligations | ||
Fair value | ||
Less than 12 months | 0 | |
12 months or longer | 0 | |
Total | 0 | |
Gross unrealized losses | ||
Less than 12 months | 0 | |
12 months or longer | 0 | |
Total | 0 | |
U.S. Treasury and federal agency securities | ||
Fair value | ||
Less than 12 months | 56,448 | |
12 months or longer | 6,310 | |
Total | 62,758 | |
Gross unrealized losses | ||
Less than 12 months | 713 | |
12 months or longer | 131 | |
Total | 844 | |
State and municipal | ||
Fair value | ||
Less than 12 months | 842 | 229 |
12 months or longer | 1,037 | 874 |
Total | 1,879 | 1,103 |
Gross unrealized losses | ||
Less than 12 months | 53 | 3 |
12 months or longer | 148 | 98 |
Total | 201 | 101 |
Foreign government | ||
Fair value | ||
Less than 12 months | 85,907 | 64,319 |
12 months or longer | 10,757 | 9,924 |
Total | 96,664 | 74,243 |
Gross unrealized losses | ||
Less than 12 months | 2,407 | 826 |
12 months or longer | 515 | 197 |
Total | 2,922 | 1,023 |
Corporate | ||
Fair value | ||
Less than 12 months | 4,601 | 2,655 |
12 months or longer | 254 | 22 |
Total | 4,855 | 2,677 |
Gross unrealized losses | ||
Less than 12 months | 196 | 77 |
12 months or longer | 18 | 0 |
Total | 214 | 77 |
Asset-backed securities | ||
Fair value | ||
Less than 12 months | 174 | 108 |
12 months or longer | 0 | 0 |
Total | 174 | 108 |
Gross unrealized losses | ||
Less than 12 months | 1 | 1 |
12 months or longer | 0 | 0 |
Total | 1 | 1 |
Other debt securities | ||
Fair value | ||
Less than 12 months | 3,475 | 3,439 |
12 months or longer | 0 | 0 |
Total | 3,475 | 3,439 |
Gross unrealized losses | ||
Less than 12 months | 12 | 4 |
12 months or longer | 0 | 0 |
Total | $ 12 | $ 4 |
INVESTMENTS - Fair Value of A_2
INVESTMENTS - Fair Value of AFS Debt Securities by Contractual Maturity Date (Details) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Fair value | ||
Total fair value | $ 238,499 | $ 288,522 |
Mortgage-backed securities | ||
Amoritzed cost | ||
Amortized cost, due within 1 year | 92 | 188 |
Amortized cost, after 1 but within 5 years | 250 | 211 |
Amortized cost, after 5 but within 10 years | 418 | 523 |
Amortized cost, after 10 years | 12,510 | 32,547 |
Amortized cost | 13,270 | 33,469 |
Fair value | ||
Fair value, due within 1 year | 92 | 189 |
Fair value, after 1 but within 5 years | 245 | 211 |
Fair value, after 5 but within 10 years | 402 | 559 |
Fair value, after 10 years | 12,061 | 32,662 |
Total fair value | 12,800 | 33,621 |
U.S. Treasury and federal agency securities | ||
Amoritzed cost | ||
Amortized cost, due within 1 year | 14,951 | 34,321 |
Amortized cost, after 1 but within 5 years | 79,446 | 87,987 |
Amortized cost, after 5 but within 10 years | 343 | 361 |
Amortized cost, after 10 years | 0 | 0 |
Amortized cost | 94,740 | 122,669 |
Fair value | ||
Fair value, due within 1 year | 14,893 | 34,448 |
Fair value, after 1 but within 5 years | 76,660 | 87,633 |
Fair value, after 5 but within 10 years | 311 | 359 |
Fair value, after 10 years | 0 | 0 |
Total fair value | 91,864 | 122,440 |
State and municipal | ||
Amoritzed cost | ||
Amortized cost, due within 1 year | 25 | 40 |
Amortized cost, after 1 but within 5 years | 103 | 121 |
Amortized cost, after 5 but within 10 years | 233 | 156 |
Amortized cost, after 10 years | 2,316 | 2,326 |
Amortized cost | 2,677 | 2,643 |
Fair value | ||
Fair value, due within 1 year | 26 | 40 |
Fair value, after 1 but within 5 years | 103 | 124 |
Fair value, after 5 but within 10 years | 221 | 161 |
Fair value, after 10 years | 2,142 | 2,296 |
Total fair value | 2,492 | 2,621 |
Foreign government | ||
Amoritzed cost | ||
Amortized cost, due within 1 year | 58,444 | 49,263 |
Amortized cost, after 1 but within 5 years | 59,663 | 64,555 |
Amortized cost, after 5 but within 10 years | 2,555 | 3,736 |
Amortized cost, after 10 years | 1,522 | 1,872 |
Amortized cost | 122,184 | 119,426 |
Fair value | ||
Fair value, due within 1 year | 58,203 | 49,223 |
Fair value, after 1 but within 5 years | 57,644 | 63,961 |
Fair value, after 5 but within 10 years | 2,324 | 3,656 |
Fair value, after 10 years | 1,515 | 1,900 |
Total fair value | 119,686 | 118,740 |
All other | ||
Amoritzed cost | ||
Amortized cost, due within 1 year | 5,902 | 5,175 |
Amortized cost, after 1 but within 5 years | 5,096 | 5,177 |
Amortized cost, after 5 but within 10 years | 812 | 750 |
Amortized cost, after 10 years | 59 | 54 |
Amortized cost | 11,869 | 11,156 |
Fair value | ||
Fair value, due within 1 year | 5,882 | 5,180 |
Fair value, after 1 but within 5 years | 4,965 | 5,149 |
Fair value, after 5 but within 10 years | 806 | 750 |
Fair value, after 10 years | 4 | 21 |
Total fair value | 11,657 | 11,100 |
Debt securities AFS | ||
Amoritzed cost | ||
Amortized cost | 244,740 | 289,363 |
Fair value | ||
Total fair value | $ 238,499 | $ 288,522 |
INVESTMENTS - Debt Securities H
INVESTMENTS - Debt Securities Held-to-Maturity (Details) - USD ($) $ in Millions | 1 Months Ended | 6 Months Ended | |||||||
Jun. 30, 2022 | Feb. 28, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Mar. 31, 2022 | Dec. 31, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | ||
Held-to-maturity debt securities | |||||||||
Amortized cost, net | $ 267,592 | $ 267,592 | $ 216,963 | ||||||
Gross unrealized gains | 515 | 515 | 1,714 | ||||||
Gross unrealized losses | 18,303 | 18,303 | 2,639 | ||||||
Fair value | 249,804 | 249,804 | 216,038 | ||||||
Allowance for credit losses on HTM debt securities | 105 | 105 | $ 83 | $ 85 | 87 | $ 78 | $ 86 | ||
Transfer of investment securities from AFS to HTM | [1],[2] | 21,522 | $ 0 | ||||||
Mortgage-backed securities - U.S. government-sponsored agency guaranteed | |||||||||
Held-to-maturity debt securities | |||||||||
Amortized cost, net | 88,744 | 88,744 | 63,885 | ||||||
Gross unrealized gains | 446 | 446 | 1,076 | ||||||
Gross unrealized losses | 6,611 | 6,611 | 925 | ||||||
Fair value | 82,579 | 82,579 | 64,036 | ||||||
Transfer of investment securities from AFS to HTM | 21,500 | ||||||||
Securities transferred from AFS to HTM, unrealized loss position | 2,300 | 2,300 | |||||||
Mortgage-backed securities - Non-U.S. residential | |||||||||
Held-to-maturity debt securities | |||||||||
Amortized cost, net | 541 | 541 | 736 | ||||||
Gross unrealized gains | 0 | 0 | 3 | ||||||
Gross unrealized losses | 0 | 0 | 0 | ||||||
Fair value | 541 | 541 | 739 | ||||||
Commercial | |||||||||
Held-to-maturity debt securities | |||||||||
Amortized cost, net | 1,157 | 1,157 | 1,070 | ||||||
Gross unrealized gains | 5 | 5 | 4 | ||||||
Gross unrealized losses | 1 | 1 | 2 | ||||||
Fair value | 1,161 | 1,161 | 1,072 | ||||||
Mortgage-backed securities | |||||||||
Held-to-maturity debt securities | |||||||||
Amortized cost, net | 90,442 | 90,442 | 65,691 | ||||||
Gross unrealized gains | 451 | 451 | 1,083 | ||||||
Gross unrealized losses | 6,612 | 6,612 | 927 | ||||||
Fair value | 84,281 | 84,281 | 65,847 | ||||||
U.S. treasury securities | |||||||||
Held-to-maturity debt securities | |||||||||
Amortized cost, net | 134,978 | 134,978 | 111,819 | ||||||
Gross unrealized gains | 0 | 0 | 30 | ||||||
Gross unrealized losses | 10,152 | 10,152 | 1,632 | ||||||
Fair value | 124,826 | 124,826 | 110,217 | ||||||
State and municipal | |||||||||
Held-to-maturity debt securities | |||||||||
Amortized cost, net | 9,076 | 9,076 | 8,923 | ||||||
Gross unrealized gains | 60 | 60 | 589 | ||||||
Gross unrealized losses | 594 | 594 | 12 | ||||||
Fair value | 8,542 | 8,542 | 9,500 | ||||||
Transfer of investment securities from AFS to HTM | $ 237 | ||||||||
Securities transferred from AFS to HTM, unrealized gain position | $ 14 | ||||||||
Foreign government | |||||||||
Held-to-maturity debt securities | |||||||||
Amortized cost, net | 2,016 | 2,016 | 1,651 | ||||||
Gross unrealized gains | 0 | 0 | 4 | ||||||
Gross unrealized losses | 90 | 90 | 36 | ||||||
Fair value | 1,926 | 1,926 | 1,619 | ||||||
Asset-backed securities | |||||||||
Held-to-maturity debt securities | |||||||||
Amortized cost, net | 31,080 | 31,080 | 28,879 | ||||||
Gross unrealized gains | 4 | 4 | 8 | ||||||
Gross unrealized losses | 855 | 855 | 32 | ||||||
Fair value | $ 30,229 | $ 30,229 | $ 28,855 | ||||||
[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 for more information and balances as of June 30, 2022.[2]See Note 2 for further information on significant disposals. |
INVESTMENTS - Carrying Value an
INVESTMENTS - Carrying Value and Fair Value of HTM Debt Securities by Contractual Maturity Dates (Details) - USD ($) $ in Millions | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 |
Held-to-maturity Securities, Debt Maturities, Net Carrying Amount; | ||||||
Amortized cost | $ 267,592 | $ 216,963 | ||||
Held-to-maturity Securities, Debt Maturities, Fair Value; | ||||||
Fair value | 249,804 | 216,038 | ||||
Allowance for credit losses on HTM debt securities | 105 | $ 85 | 87 | $ 83 | $ 78 | $ 86 |
Mortgage-backed securities | ||||||
Held-to-maturity Securities, Debt Maturities, Net Carrying Amount; | ||||||
Due within 1 year, amortized cost | 15 | 152 | ||||
After 1 but within 5 years, amortized cost | 722 | 684 | ||||
After 5 but within 10 years, amortized cost | 1,563 | 1,655 | ||||
After 10 years, amortized cost | 88,142 | 63,200 | ||||
Amortized cost | 90,442 | 65,691 | ||||
Held-to-maturity Securities, Debt Maturities, Fair Value; | ||||||
Due within 1 year, fair value | 15 | 151 | ||||
After 1 but within 5 years, fair value | 722 | 725 | ||||
After 5 but within 10 years, fair value | 1,504 | 1,739 | ||||
After 10 years, fair value | 82,040 | 63,232 | ||||
Fair value | 84,281 | 65,847 | ||||
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 | 89,460 | 65,498 | ||||
After 5 but within 10 years, amortized cost | 45,518 | 46,321 | ||||
After 10 years, amortized cost | 0 | 0 | ||||
Amortized cost | 134,978 | 111,819 | ||||
Held-to-maturity Securities, Debt Maturities, Fair Value; | ||||||
Due within 1 year, fair value | 0 | 0 | ||||
After 1 but within 5 years, fair value | 83,848 | 64,516 | ||||
After 5 but within 10 years, fair value | 40,978 | 45,701 | ||||
After 10 years, fair value | 0 | 0 | ||||
Fair value | 124,826 | 110,217 | ||||
State and municipal | ||||||
Held-to-maturity Securities, Debt Maturities, Net Carrying Amount; | ||||||
Due within 1 year, amortized cost | 54 | 51 | ||||
After 1 but within 5 years, amortized cost | 159 | 166 | ||||
After 5 but within 10 years, amortized cost | 919 | 908 | ||||
After 10 years, amortized cost | 7,944 | 7,798 | ||||
Amortized cost | 9,076 | 8,923 | ||||
Held-to-maturity Securities, Debt Maturities, Fair Value; | ||||||
Due within 1 year, fair value | 54 | 50 | ||||
After 1 but within 5 years, fair value | 160 | 170 | ||||
After 5 but within 10 years, fair value | 902 | 951 | ||||
After 10 years, fair value | 7,426 | 8,329 | ||||
Fair value | 8,542 | 9,500 | ||||
Foreign government | ||||||
Held-to-maturity Securities, Debt Maturities, Net Carrying Amount; | ||||||
Due within 1 year, amortized cost | 0 | 292 | ||||
After 1 but within 5 years, amortized cost | 2,016 | 1,359 | ||||
After 5 but within 10 years, amortized cost | 0 | 0 | ||||
After 10 years, amortized cost | 0 | 0 | ||||
Amortized cost | 2,016 | 1,651 | ||||
Held-to-maturity Securities, Debt Maturities, Fair Value; | ||||||
Due within 1 year, fair value | 0 | 291 | ||||
After 1 but within 5 years, fair value | 1,926 | 1,328 | ||||
After 5 but within 10 years, fair value | 0 | 0 | ||||
After 10 years, fair value | 0 | 0 | ||||
Fair value | 1,926 | 1,619 | ||||
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 | 11,926 | 11,520 | ||||
After 10 years, amortized cost | 19,154 | 17,359 | ||||
Amortized cost | 31,080 | 28,879 | ||||
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 | 11,720 | 11,515 | ||||
After 10 years, fair value | 18,509 | 17,340 | ||||
Fair value | $ 30,229 | $ 28,855 |
INVESTMENTS - Recognition and M
INVESTMENTS - Recognition and Measurement of Impairment (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
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 | 90 | 9 | 180 | 78 |
Total impairment losses recognized in earnings | 90 | 9 | 180 | 78 |
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 | 90 | 9 | 180 | 78 |
Total impairment losses recognized in earnings | 90 | 9 | 180 | 78 |
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 | 6 Months Ended | |||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | ||
Debt Securities, Available-for-sale, Allowance for Credit Loss [Roll Forward] | |||||
Allowance for credit losses at beginning of period | $ 8 | $ 5 | $ 8 | $ 5 | |
Gross write-offs | 0 | 0 | 0 | 0 | |
Gross recoveries | 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 | (2) | 0 | (2) | 0 | |
Total provision for credit losses | [1] | (2) | 0 | (2) | 0 |
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 | ||||
Allowance for credit losses at end of period | 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 | ||||
Allowance for credit losses at end of period | 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 | ||||
Allowance for credit losses at end of period | 0 | 0 | |||
Foreign government | |||||
Debt Securities, Available-for-sale, Allowance for Credit Loss [Roll Forward] | |||||
Allowance for credit losses at beginning of period | 0 | ||||
Allowance for credit losses at end of period | 0 | 0 | |||
Corporate | |||||
Debt Securities, Available-for-sale, Allowance for Credit Loss [Roll Forward] | |||||
Allowance for credit losses at beginning of period | 8 | 5 | 8 | 5 | |
Gross write-offs | 0 | 0 | 0 | 0 | |
Gross recoveries | 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 | (2) | 0 | (2) | 0 | |
Total provision for credit losses | (2) | 0 | (2) | 0 | |
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, which requires the provision for credit losses on AFS securities to be included in revenue. |
INVESTMENTS - Carrying Value of
INVESTMENTS - Carrying Value of Non-marketable Equity Securities Measured Using the Measurement Alternative (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
Equity Securities without Readily Determinable Fair Value, Annual Amount [Abstract] | |||||
Measurement alternative—carrying value | $ 1,670 | $ 1,670 | $ 1,413 | ||
Measurement alternative—impairment losses | 6 | $ 4 | 6 | $ 4 | |
Measurement alternative—downward changes for observable prices | 0 | 0 | 0 | 0 | |
Measurement alternative—upward changes for observable prices | 48 | 215 | 134 | 296 | |
Equity Securities without Readily Determinable Fair Value, Impairment Loss, Cumulative Amount [Abstract] | |||||
Measurement alternative—impairment losses | 86 | 86 | |||
Measurement alternative—downward changes for observable prices | 3 | 3 | |||
Measurement alternative—upward changes for observable prices | 824 | 824 | |||
Non-marketable equity securities, impairment loss recognized in earnings | $ 0 | $ 0 | $ 0 | $ 0 |
INVESTMENTS - Alternative Inves
INVESTMENTS - Alternative Investment Funds (Details) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Investments in Alternative Investment Funds | ||
Alternative investment funds, unfunded commitments | $ 61 | $ 61 |
Private equity funds | ||
Investments in Alternative Investment Funds | ||
Alternative investment funds, unfunded commitments | 60 | 60 |
Real estate funds | ||
Investments in Alternative Investment Funds | ||
Alternative investment funds, unfunded commitments | 1 | 1 |
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 | 141 | 145 |
Fair value | Private equity funds | ||
Investments in Alternative Investment Funds | ||
Non-marketable equity securities measured using the measurement alternative | 118 | 123 |
Fair value | Real estate funds | ||
Investments in Alternative Investment Funds | ||
Non-marketable equity securities measured using the measurement alternative | 1 | 2 |
Fair value | Mutual/collective investment funds | ||
Investments in Alternative Investment Funds | ||
Non-marketable equity securities measured using the measurement alternative | $ 22 | $ 20 |
LOANS - Corporate Loans (Detail
LOANS - Corporate Loans (Details) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2022 USD ($) category | Jun. 30, 2021 USD ($) | Jun. 30, 2022 USD ($) category | Jun. 30, 2021 USD ($) | Dec. 31, 2021 USD ($) | |
Loans and Leases Receivable Disclosure [Abstract] | |||||
Number of loan categories | category | 2 | 2 | |||
Loans | |||||
Total loans, net of unearned income | $ 657,333 | $ 657,333 | $ 667,767 | ||
Lease financing | |||||
Loans | |||||
Total loans, net of unearned income | 400 | 400 | 500 | ||
Corporate | |||||
Loans | |||||
Loans sold and/or reclassified to held-for-sale | 1,100 | $ 1,700 | 1,500 | $ 3,100 | |
Total loans, net of unearned income | 301,728 | 301,728 | 291,233 | ||
Unearned income | (759) | (759) | (770) | ||
Corporate | Commercial and industrial | |||||
Loans | |||||
Total loans, net of unearned income | 161,338 | 161,338 | 147,004 | ||
Corporate | Financial institutions | |||||
Loans | |||||
Total loans, net of unearned income | 70,448 | 70,448 | 71,767 | ||
Corporate | Mortgage and real estate | |||||
Loans | |||||
Total loans, net of unearned income | 21,761 | 21,761 | 20,291 | ||
Corporate | Lease financing | |||||
Loans | |||||
Total loans, net of unearned income | 432 | 432 | 455 | ||
Corporate | In North America offices | |||||
Loans | |||||
Total loans, net of unearned income | 140,115 | 140,115 | 134,691 | ||
Corporate | In North America offices | Commercial and industrial | |||||
Loans | |||||
Total loans, net of unearned income | 55,823 | 55,823 | 48,364 | ||
Corporate | In North America offices | Financial institutions | |||||
Loans | |||||
Total loans, net of unearned income | 46,088 | 46,088 | 49,804 | ||
Corporate | In North America offices | Mortgage and real estate | |||||
Loans | |||||
Total loans, net of unearned income | 17,359 | 17,359 | 15,965 | ||
Corporate | In North America offices | Installment and other | |||||
Loans | |||||
Total loans, net of unearned income | 20,466 | 20,466 | 20,143 | ||
Corporate | In North America offices | Lease financing | |||||
Loans | |||||
Total loans, net of unearned income | 379 | 379 | 415 | ||
Corporate | In offices outside North America | |||||
Loans | |||||
Total loans, net of unearned income | 161,613 | 161,613 | 156,542 | ||
Corporate | In offices outside North America | Commercial and industrial | |||||
Loans | |||||
Total loans, net of unearned income | 108,274 | 108,274 | 102,735 | ||
Corporate | In offices outside North America | Financial institutions | |||||
Loans | |||||
Total loans, net of unearned income | 24,654 | 24,654 | 22,158 | ||
Corporate | In offices outside North America | Mortgage and real estate | |||||
Loans | |||||
Total loans, net of unearned income | 4,455 | 4,455 | 4,374 | ||
Corporate | In offices outside North America | Installment and other | |||||
Loans | |||||
Total loans, net of unearned income | 19,862 | 19,862 | 22,812 | ||
Corporate | In offices outside North America | Lease financing | |||||
Loans | |||||
Total loans, net of unearned income | 53 | 53 | 40 | ||
Corporate | In offices outside North America | Government and official institutions | |||||
Loans | |||||
Total loans, net of unearned income | $ 4,315 | $ 4,315 | $ 4,423 |
LOANS - Corporate Loan Delinque
LOANS - Corporate Loan Delinquency (Details) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | $ 657,333 | $ 667,767 |
Loans held at fair value | 4,536 | 6,082 |
Lease financing | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 400 | 500 |
Corporate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Past due and accruing | 1,889 | 1,895 |
Total non-accrual | 1,655 | 1,553 |
Loans, net of unearned income | 301,728 | 291,233 |
Loans held at fair value | 4,528 | 6,070 |
Corporate | Commercial and industrial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Past due and accruing | 1,277 | 1,311 |
Total non-accrual | 1,407 | 1,263 |
Loans, net of unearned income | 161,338 | 147,004 |
Corporate | Financial institutions | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Past due and accruing | 466 | 486 |
Total non-accrual | 78 | 2 |
Loans, net of unearned income | 70,448 | 71,767 |
Corporate | Mortgage and real estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Past due and accruing | 31 | 2 |
Total non-accrual | 77 | 136 |
Loans, net of unearned income | 21,761 | 20,291 |
Corporate | Lease financing | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Past due and accruing | 0 | 0 |
Total non-accrual | 11 | 14 |
Loans, net of unearned income | 432 | 455 |
Corporate | Other | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Past due and accruing | 115 | 96 |
Total non-accrual | 82 | 138 |
Loans, net of unearned income | 43,221 | 45,646 |
Corporate | 30 to 89 days past due | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Past due and accruing | 1,320 | 1,470 |
Corporate | 30 to 89 days past due | Commercial and industrial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Past due and accruing | 919 | 1,072 |
Corporate | 30 to 89 days past due | Financial institutions | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Past due and accruing | 304 | 320 |
Corporate | 30 to 89 days past due | Mortgage and real estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Past due and accruing | 11 | 1 |
Corporate | 30 to 89 days past due | Lease financing | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Past due and accruing | 0 | 0 |
Corporate | 30 to 89 days past due | Other | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Past due and accruing | 86 | 77 |
Corporate | Equal to and greater than 90 days past due and accruing | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Past due and accruing | 569 | 425 |
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 | 358 | 239 |
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 | 162 | 166 |
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 | 20 | 1 |
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 | 0 |
Corporate | Equal to and greater than 90 days past due and accruing | Other | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Past due and accruing | 29 | 19 |
Corporate | Current | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 293,656 | 281,715 |
Corporate | Current | Commercial and industrial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 158,654 | 144,430 |
Corporate | Current | Financial institutions | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 69,904 | 71,279 |
Corporate | Current | Mortgage and real estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 21,653 | 20,153 |
Corporate | Current | Lease financing | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 421 | 441 |
Corporate | Current | Other | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | $ 43,024 | $ 45,412 |
LOANS - Corporate Loans Credit
LOANS - Corporate Loans Credit Quality Indicators (Details) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans, net of unearned income | $ 657,333 | $ 667,767 |
Loans at fair value | 4,536 | 6,082 |
Corporate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans, net of unearned income | 301,728 | 291,233 |
Total non-accrual | 1,655 | 1,553 |
Loans at fair value | 4,528 | 6,070 |
Corporate | Commercial and industrial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans, net of unearned income | 161,338 | 147,004 |
Total non-accrual | 1,407 | 1,263 |
Corporate | Financial institutions | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans, net of unearned income | 70,448 | 71,767 |
Total non-accrual | 78 | 2 |
Corporate | Mortgage and real estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans, net of unearned income | 21,761 | 20,291 |
Total non-accrual | 77 | 136 |
Corporate | Other | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans, net of unearned income | 43,221 | 45,646 |
Total non-accrual | 82 | 138 |
Corporate | Corporate loans, net of unearned income | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 81,304 | 90,549 |
One year prior to current fiscal year | 28,459 | 17,944 |
Two years prior to current fiscal year | 15,477 | 15,094 |
Three years prior to current fiscal year | 12,857 | 13,278 |
Four years prior to current fiscal year | 10,799 | 7,071 |
Prior | 25,249 | 21,190 |
Revolving line of credit arrangements | 123,055 | 120,037 |
Total loans, net of unearned income | 301,728 | 291,233 |
Loans at fair value | 4,528 | 6,070 |
Corporate | Investment grade | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 60,884 | 66,744 |
One year prior to current fiscal year | 19,752 | 13,966 |
Two years prior to current fiscal year | 11,848 | 10,317 |
Three years prior to current fiscal year | 9,464 | 9,599 |
Four years prior to current fiscal year | 7,913 | 4,872 |
Prior | 18,528 | 15,635 |
Revolving line of credit arrangements | 98,071 | 93,086 |
Total loans, net of unearned income | 226,460 | 214,219 |
Corporate | Investment grade | Commercial and industrial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 43,233 | 42,422 |
One year prior to current fiscal year | 7,890 | 5,529 |
Two years prior to current fiscal year | 4,305 | 4,642 |
Three years prior to current fiscal year | 4,009 | 3,757 |
Four years prior to current fiscal year | 3,268 | 2,911 |
Prior | 9,500 | 8,392 |
Revolving line of credit arrangements | 39,383 | 30,588 |
Total loans, net of unearned income | 111,588 | 98,241 |
Corporate | Investment grade | Financial institutions | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 9,239 | 12,862 |
One year prior to current fiscal year | 5,787 | 1,678 |
Two years prior to current fiscal year | 1,434 | 1,183 |
Three years prior to current fiscal year | 1,172 | 1,038 |
Four years prior to current fiscal year | 828 | 419 |
Prior | 1,636 | 1,354 |
Revolving line of credit arrangements | 39,935 | 43,630 |
Total loans, net of unearned income | 60,031 | 62,164 |
Corporate | Investment grade | Mortgage and real estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 2,363 | 2,423 |
One year prior to current fiscal year | 3,323 | 3,660 |
Two years prior to current fiscal year | 3,881 | 3,332 |
Three years prior to current fiscal year | 3,256 | 2,015 |
Four years prior to current fiscal year | 1,640 | 1,212 |
Prior | 2,148 | 1,288 |
Revolving line of credit arrangements | 277 | 141 |
Total loans, net of unearned income | 16,888 | 14,071 |
Corporate | Investment grade | Other | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 6,049 | 9,037 |
One year prior to current fiscal year | 2,752 | 3,099 |
Two years prior to current fiscal year | 2,228 | 1,160 |
Three years prior to current fiscal year | 1,027 | 2,789 |
Four years prior to current fiscal year | 2,177 | 330 |
Prior | 5,244 | 4,601 |
Revolving line of credit arrangements | 18,476 | 18,727 |
Total loans, net of unearned income | 37,953 | 39,743 |
Corporate | Non-investment grade | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 20,420 | 23,805 |
One year prior to current fiscal year | 8,707 | 3,978 |
Two years prior to current fiscal year | 3,629 | 4,777 |
Three years prior to current fiscal year | 3,393 | 3,679 |
Four years prior to current fiscal year | 2,886 | 2,199 |
Prior | 6,721 | 5,555 |
Revolving line of credit arrangements | 24,984 | 26,951 |
Total loans, net of unearned income | 70,740 | 70,944 |
Corporate | Non-investment grade, accrual | Commercial and industrial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 14,009 | 16,783 |
One year prior to current fiscal year | 5,880 | 2,281 |
Two years prior to current fiscal year | 2,167 | 2,343 |
Three years prior to current fiscal year | 1,601 | 2,024 |
Four years prior to current fiscal year | 1,511 | 1,412 |
Prior | 4,752 | 3,981 |
Revolving line of credit arrangements | 18,423 | 18,676 |
Total loans, net of unearned income | 48,343 | 47,500 |
Corporate | Non-investment grade, accrual | Financial institutions | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 5,092 | 4,325 |
One year prior to current fiscal year | 1,111 | 347 |
Two years prior to current fiscal year | 252 | 567 |
Three years prior to current fiscal year | 341 | 101 |
Four years prior to current fiscal year | 57 | 71 |
Prior | 494 | 511 |
Revolving line of credit arrangements | 2,992 | 3,679 |
Total loans, net of unearned income | 10,339 | 9,601 |
Corporate | Non-investment grade, accrual | Mortgage and real estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 196 | 1,275 |
One year prior to current fiscal year | 853 | 869 |
Two years prior to current fiscal year | 519 | 1,228 |
Three years prior to current fiscal year | 860 | 1,018 |
Four years prior to current fiscal year | 995 | 493 |
Prior | 994 | 586 |
Revolving line of credit arrangements | 379 | 615 |
Total loans, net of unearned income | 4,796 | 6,084 |
Corporate | Non-investment grade, accrual | Other | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 886 | 1,339 |
One year prior to current fiscal year | 712 | 349 |
Two years prior to current fiscal year | 374 | 554 |
Three years prior to current fiscal year | 449 | 364 |
Four years prior to current fiscal year | 224 | 119 |
Prior | 298 | 245 |
Revolving line of credit arrangements | 2,664 | 3,236 |
Total loans, net of unearned income | 5,607 | 6,206 |
Corporate | Non-investment grade, non-accrual | Commercial and industrial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 160 | 53 |
One year prior to current fiscal year | 110 | 119 |
Two years prior to current fiscal year | 313 | 64 |
Three years prior to current fiscal year | 133 | 104 |
Four years prior to current fiscal year | 82 | 94 |
Prior | 148 | 117 |
Revolving line of credit arrangements | 461 | 712 |
Total non-accrual | 1,407 | 1,263 |
Corporate | Non-investment grade, non-accrual | Financial institutions | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 41 | 0 |
One year prior to current fiscal year | 35 | 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 | 0 | 0 |
Revolving line of credit arrangements | 2 | 2 |
Total non-accrual | 78 | 2 |
Corporate | Non-investment grade, non-accrual | Mortgage and real estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 6 | 11 |
One year prior to current fiscal year | 1 | 8 |
Two years prior to current fiscal year | 1 | 2 |
Three years prior to current fiscal year | 0 | 49 |
Four years prior to current fiscal year | 0 | 10 |
Prior | 23 | 25 |
Revolving line of credit arrangements | 46 | 31 |
Total non-accrual | 77 | 136 |
Corporate | Non-investment grade, non-accrual | Other | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 30 | 19 |
One year prior to current fiscal year | 5 | 5 |
Two years prior to current fiscal year | 3 | 19 |
Three years prior to current fiscal year | 9 | 19 |
Four years prior to current fiscal year | 17 | 0 |
Prior | 12 | 90 |
Revolving line of credit arrangements | 17 | 0 |
Total non-accrual | $ 93 | $ 152 |
LOANS - Non-accrual Corporate L
LOANS - Non-accrual Corporate Loans (Details) - Corporate - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
Financing Receivable, Impaired [Line Items] | |||||
Recorded investment | $ 1,655 | $ 1,655 | $ 1,553 | ||
Unpaid principal balance | 2,401 | 2,401 | 2,377 | ||
Related specific allowance | 560 | 560 | 212 | ||
Average carrying value | 1,799 | 2,161 | |||
Interest income recognized | 11 | $ 15 | 23 | $ 31 | |
Recorded investment | 1,116 | 1,116 | 703 | ||
Recorded investment | 539 | 539 | 850 | ||
Commercial and industrial | |||||
Financing Receivable, Impaired [Line Items] | |||||
Recorded investment | 1,407 | 1,407 | 1,263 | ||
Unpaid principal balance | 2,042 | 2,042 | 1,858 | ||
Related specific allowance | 518 | 518 | 198 | ||
Average carrying value | 1,485 | 1,839 | |||
Interest income recognized | 10 | 18 | |||
Recorded investment | 1,052 | 1,052 | 637 | ||
Recorded investment | 355 | 355 | 626 | ||
Financial institutions | |||||
Financing Receivable, Impaired [Line Items] | |||||
Recorded investment | 78 | 78 | 2 | ||
Unpaid principal balance | 137 | 137 | 55 | ||
Related specific allowance | 35 | 35 | 0 | ||
Average carrying value | 36 | 4 | |||
Interest income recognized | 0 | 0 | |||
Recorded investment | 35 | 35 | 0 | ||
Recorded investment | 43 | 43 | 2 | ||
Mortgage and real estate | |||||
Financing Receivable, Impaired [Line Items] | |||||
Recorded investment | 77 | 77 | 136 | ||
Unpaid principal balance | 77 | 77 | 285 | ||
Related specific allowance | 1 | 1 | 10 | ||
Average carrying value | 129 | 163 | |||
Interest income recognized | 0 | 2 | |||
Recorded investment | 9 | 9 | 29 | ||
Recorded investment | 68 | 68 | 107 | ||
Lease financing | |||||
Financing Receivable, Impaired [Line Items] | |||||
Recorded investment | 11 | 11 | 14 | ||
Unpaid principal balance | 11 | 11 | 14 | ||
Related specific allowance | 0 | 0 | 0 | ||
Average carrying value | 15 | 21 | |||
Interest income recognized | 0 | 0 | |||
Recorded investment | 11 | 11 | 14 | ||
Other | |||||
Financing Receivable, Impaired [Line Items] | |||||
Recorded investment | 82 | 82 | 138 | ||
Unpaid principal balance | 134 | 134 | 165 | ||
Related specific allowance | 6 | 6 | 4 | ||
Average carrying value | 134 | 134 | |||
Interest income recognized | 1 | 3 | |||
Recorded investment | 20 | 20 | 37 | ||
Recorded investment | $ 62 | $ 62 | $ 101 |
LOANS - Corporate Troubled Debt
LOANS - Corporate Troubled Debt Restructurings (Details) - Corporate - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Financing receivable impaired | ||||
Total | $ 26 | $ 57 | $ 38 | $ 80 |
Period within which default occurred post-modification | 1 year | |||
Number of days past due, default status | 60 days | |||
TDR balance | 203 | 416 | $ 203 | 416 |
TDR loans in payment default | 0 | 0 | 0 | 0 |
Commercial and industrial | ||||
Financing receivable impaired | ||||
Total | 3 | 52 | 15 | 73 |
TDR balance | 148 | 298 | 148 | 298 |
TDR loans in payment default | 0 | 0 | 0 | 0 |
Mortgage and real estate | ||||
Financing receivable impaired | ||||
Total | 5 | 6 | ||
TDR balance | 16 | 80 | 16 | 80 |
TDR loans in payment default | 0 | 0 | 0 | 0 |
Other | ||||
Financing receivable impaired | ||||
Total | 23 | 0 | 23 | 1 |
TDR balance | 39 | 38 | 39 | 38 |
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 | ||||
Total | 0 | 0 | $ 1 | 1 |
TDRs involving changes in the amount and/or timing of principal payments | Commercial and industrial | ||||
Financing receivable impaired | ||||
Total | 0 | 0 | 0 | 0 |
TDRs involving changes in the amount and/or timing of principal payments | Mortgage and real estate | ||||
Financing receivable impaired | ||||
Total | 0 | 0 | ||
TDRs involving changes in the amount and/or timing of principal payments | Other | ||||
Financing receivable impaired | ||||
Total | 0 | 0 | 1 | 1 |
TDRs involving changes in the amount and/or timing of interest payments | ||||
Financing receivable impaired | ||||
Total | 0 | 0 | 0 | 0 |
TDRs involving changes in the amount and/or timing of interest payments | Commercial and industrial | ||||
Financing receivable impaired | ||||
Total | 0 | 0 | 0 | 0 |
TDRs involving changes in the amount and/or timing of interest payments | Mortgage and real estate | ||||
Financing receivable impaired | ||||
Total | 0 | 0 | ||
TDRs involving changes in the amount and/or timing of interest payments | Other | ||||
Financing receivable impaired | ||||
Total | 0 | 0 | 0 | 0 |
TDRs involving changes in the amount and/or timing of both principal and interest payments | ||||
Financing receivable impaired | ||||
Total | 26 | 57 | 37 | 79 |
TDRs involving changes in the amount and/or timing of both principal and interest payments | Commercial and industrial | ||||
Financing receivable impaired | ||||
Total | 3 | 52 | 15 | 73 |
TDRs involving changes in the amount and/or timing of both principal and interest payments | Mortgage and real estate | ||||
Financing receivable impaired | ||||
Total | 5 | 6 | ||
TDRs involving changes in the amount and/or timing of both principal and interest payments | Other | ||||
Financing receivable impaired | ||||
Total | $ 23 | $ 0 | $ 22 | $ 0 |
LOANS - Consumer Loans, Delinqu
LOANS - Consumer Loans, Delinquencies and Non-Accrual Details (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
Financing Receivable, Past Due [Line Items] | |||||
Total loans | $ 657,333 | $ 657,333 | $ 667,767 | ||
Loans held at fair value | 4,536 | 4,536 | 6,082 | ||
Consumer | |||||
Financing Receivable, Past Due [Line Items] | |||||
Total loans | 355,605 | 355,605 | 376,534 | ||
Non-accrual loans for which there is no ACLL | 142 | 142 | 200 | ||
Non-accrual loans for which there is an ACLL | 1,238 | 1,238 | 1,626 | ||
Total non-accrual | 1,380 | 1,380 | 1,826 | ||
90 days past due and accruing | 1,216 | 1,216 | 1,326 | ||
Loans held at fair value | 8 | 8 | 12 | ||
Unearned income | 631 | 631 | 629 | ||
Loans sold and/or reclassified to held-for-sale | 367 | $ 1,007 | 374 | $ 1,103 | |
Consumer | Classifiably Managed | |||||
Financing Receivable, Past Due [Line Items] | |||||
Total loans | 33,935 | 33,935 | 35,324 | ||
Consumer | Current | |||||
Financing Receivable, Past Due [Line Items] | |||||
Total loans | 351,799 | 351,799 | 372,140 | ||
Consumer | 30 to 89 days past due | |||||
Financing Receivable, Past Due [Line Items] | |||||
Total loans | 1,728 | 1,728 | 1,999 | ||
Consumer | 90 days or more past due | |||||
Financing Receivable, Past Due [Line Items] | |||||
Total loans | 1,776 | 1,776 | 1,963 | ||
Consumer | Past Due | Government-guaranteed | |||||
Financing Receivable, Past Due [Line Items] | |||||
Total loans | 302 | 302 | 432 | ||
Consumer | In North America offices | |||||
Financing Receivable, Past Due [Line Items] | |||||
Total loans | 270,584 | 270,584 | 263,687 | ||
Non-accrual loans for which there is no ACLL | 142 | 142 | 200 | ||
Non-accrual loans for which there is an ACLL | 664 | 664 | 850 | ||
Total non-accrual | 806 | 806 | 1,050 | ||
90 days past due and accruing | 1,154 | 1,154 | 1,183 | ||
Consumer | In North America offices | Current | |||||
Financing Receivable, Past Due [Line Items] | |||||
Total loans | 267,341 | 267,341 | 260,216 | ||
Consumer | In North America offices | 30 to 89 days past due | |||||
Financing Receivable, Past Due [Line Items] | |||||
Total loans | 1,451 | 1,451 | 1,497 | ||
Consumer | In North America offices | 90 days or more past due | |||||
Financing Receivable, Past Due [Line Items] | |||||
Total loans | 1,490 | 1,490 | 1,542 | ||
Consumer | In North America offices | 90 days or more past due | Personal Banking and Wealth Management | |||||
Financing Receivable, Past Due [Line Items] | |||||
Total loans | 33,900 | 33,900 | 35,300 | ||
Consumer | In North America offices | Past Due | Government-guaranteed | |||||
Financing Receivable, Past Due [Line Items] | |||||
Total loans | 302 | 302 | 432 | ||
Consumer | In offices outside North America | |||||
Financing Receivable, Past Due [Line Items] | |||||
Total loans | 85,021 | 85,021 | 112,847 | ||
Non-accrual loans for which there is no ACLL | 0 | 0 | 0 | ||
Non-accrual loans for which there is an ACLL | 574 | 574 | 776 | ||
Total non-accrual | 574 | 574 | 776 | ||
90 days past due and accruing | 62 | 62 | 143 | ||
Consumer | In offices outside North America | Classifiably Managed | |||||
Financing Receivable, Past Due [Line Items] | |||||
Total loans | 20,889 | 20,889 | 24,482 | ||
Consumer | In offices outside North America | Current | |||||
Financing Receivable, Past Due [Line Items] | |||||
Total loans | 84,458 | 84,458 | 111,924 | ||
Consumer | In offices outside North America | 30 to 89 days past due | |||||
Financing Receivable, Past Due [Line Items] | |||||
Total loans | 277 | 277 | 502 | ||
Consumer | In offices outside North America | 90 days or more past due | |||||
Financing Receivable, Past Due [Line Items] | |||||
Total loans | 286 | 286 | 421 | ||
Consumer | In offices outside North America | 90 days or more past due | Personal Banking and Wealth Management | |||||
Financing Receivable, Past Due [Line Items] | |||||
Total loans | 20,900 | 20,900 | 24,500 | ||
Consumer | In offices outside North America | Past Due | Government-guaranteed | |||||
Financing Receivable, Past Due [Line Items] | |||||
Total loans | 0 | 0 | 0 | ||
Consumer | Residential mortgages | |||||
Financing Receivable, Past Due [Line Items] | |||||
Total loans | 88,662 | 88,662 | 83,361 | ||
Loans held at fair value | 8 | 8 | 12 | ||
Consumer | Residential mortgages | Classifiably Managed | |||||
Financing Receivable, Past Due [Line Items] | |||||
Total loans | 0 | 0 | 0 | ||
Consumer | Residential mortgages | In North America offices | |||||
Financing Receivable, Past Due [Line Items] | |||||
Total loans | 88,662 | 88,662 | 83,361 | ||
Non-accrual loans for which there is no ACLL | 83 | 83 | 134 | ||
Non-accrual loans for which there is an ACLL | 467 | 467 | 559 | ||
Total non-accrual | 550 | 550 | 693 | ||
90 days past due and accruing | 179 | 179 | 282 | ||
Mortgage loans in process of foreclosure | 100 | 100 | 100 | ||
Consumer | Residential mortgages | In North America offices | Global Wealth Management Business | |||||
Financing Receivable, Past Due [Line Items] | |||||
Total loans | 19,800 | ||||
Consumer | Residential mortgages | In North America offices | Current | |||||
Financing Receivable, Past Due [Line Items] | |||||
Total loans | 87,675 | 87,675 | 82,087 | ||
Consumer | Residential mortgages | In North America offices | 30 to 89 days past due | |||||
Financing Receivable, Past Due [Line Items] | |||||
Total loans | 341 | 341 | 381 | ||
Consumer | Residential mortgages | In North America offices | 30 to 89 days past due | Government-guaranteed | |||||
Financing Receivable, Past Due [Line Items] | |||||
Total loans | 100 | 100 | 100 | ||
Consumer | Residential mortgages | In North America offices | 90 days or more past due | |||||
Financing Receivable, Past Due [Line Items] | |||||
Total loans | 363 | 363 | 499 | ||
Consumer | Residential mortgages | In North America offices | 90 days or more past due | Government-guaranteed | |||||
Financing Receivable, Past Due [Line Items] | |||||
Total loans | 200 | 200 | 300 | ||
Consumer | Residential mortgages | In North America offices | Past Due | Government-guaranteed | |||||
Financing Receivable, Past Due [Line Items] | |||||
Total loans | 283 | 283 | 394 | ||
Consumer | Residential mortgages | In offices outside North America | |||||
Financing Receivable, Past Due [Line Items] | |||||
Total loans | 28,129 | 28,129 | 37,889 | ||
Non-accrual loans for which there is no ACLL | 0 | 0 | 0 | ||
Non-accrual loans for which there is an ACLL | 290 | 290 | 409 | ||
Total non-accrual | 290 | 290 | 409 | ||
90 days past due and accruing | 10 | 10 | 10 | ||
Mortgage loans in process of foreclosure | 0 | 0 | |||
Consumer | Residential mortgages | In offices outside North America | Classifiably Managed | |||||
Financing Receivable, Past Due [Line Items] | |||||
Total loans | 0 | 0 | 0 | ||
Consumer | Residential mortgages | In offices outside North America | Global Wealth Management Business | |||||
Financing Receivable, Past Due [Line Items] | |||||
Total loans | 19,600 | 19,600 | 19,800 | ||
Consumer | Residential mortgages | In offices outside North America | Current | |||||
Financing Receivable, Past Due [Line Items] | |||||
Total loans | 27,988 | 27,988 | 37,566 | ||
Consumer | Residential mortgages | In offices outside North America | 30 to 89 days past due | |||||
Financing Receivable, Past Due [Line Items] | |||||
Total loans | 50 | 50 | 165 | ||
Consumer | Residential mortgages | In offices outside North America | 90 days or more past due | |||||
Financing Receivable, Past Due [Line Items] | |||||
Total loans | 91 | 91 | 158 | ||
Consumer | Residential mortgages | In offices outside North America | Past Due | Government-guaranteed | |||||
Financing Receivable, Past Due [Line Items] | |||||
Total loans | 0 | 0 | 0 | ||
Consumer | Home equity loans | |||||
Financing Receivable, Past Due [Line Items] | |||||
Total loans | 5,074 | 5,074 | 5,745 | ||
Consumer | Home equity loans | Classifiably Managed | |||||
Financing Receivable, Past Due [Line Items] | |||||
Total loans | 0 | 0 | 0 | ||
Consumer | Home equity loans | In North America offices | |||||
Financing Receivable, Past Due [Line Items] | |||||
Total loans | 5,074 | 5,074 | 5,745 | ||
Non-accrual loans for which there is no ACLL | 57 | 57 | 64 | ||
Non-accrual loans for which there is an ACLL | 183 | 183 | 221 | ||
Total non-accrual | 240 | 240 | 285 | ||
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 | 4,892 | 4,892 | 5,546 | ||
Consumer | Home equity loans | In North America offices | 30 to 89 days past due | |||||
Financing Receivable, Past Due [Line Items] | |||||
Total loans | 29 | 29 | 43 | ||
Consumer | Home equity loans | In North America offices | 90 days or more past due | |||||
Financing Receivable, Past Due [Line Items] | |||||
Total loans | 153 | 153 | 156 | ||
Consumer | Home equity loans | In North America offices | Past Due | Government-guaranteed | |||||
Financing Receivable, Past Due [Line Items] | |||||
Total loans | 0 | 0 | 0 | ||
Consumer | Credit cards | |||||
Financing Receivable, Past Due [Line Items] | |||||
Total loans | 136,854 | 136,854 | 133,351 | ||
Consumer | Credit cards | Classifiably Managed | |||||
Financing Receivable, Past Due [Line Items] | |||||
Total loans | 0 | 0 | 0 | ||
Consumer | Credit cards | In North America offices | |||||
Financing Receivable, Past Due [Line Items] | |||||
Total loans | 137,412 | 137,412 | 133,868 | ||
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 | 949 | 949 | 871 | ||
Consumer | Credit cards | In North America offices | Current | |||||
Financing Receivable, Past Due [Line Items] | |||||
Total loans | 135,454 | 135,454 | 132,050 | ||
Consumer | Credit cards | In North America offices | 30 to 89 days past due | |||||
Financing Receivable, Past Due [Line Items] | |||||
Total loans | 1,009 | 1,009 | 947 | ||
Consumer | Credit cards | In North America offices | 90 days or more past due | |||||
Financing Receivable, Past Due [Line Items] | |||||
Total loans | 949 | 949 | 871 | ||
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 offices outside North America | |||||
Financing Receivable, Past Due [Line Items] | |||||
Total loans | 11,858 | 11,858 | 17,808 | ||
Non-accrual loans for which there is no ACLL | 0 | 0 | 0 | ||
Non-accrual loans for which there is an ACLL | 98 | 98 | 140 | ||
Total non-accrual | 98 | 98 | 140 | ||
90 days past due and accruing | 52 | 52 | 133 | ||
Consumer | Credit cards | In offices outside North America | Classifiably Managed | |||||
Financing Receivable, Past Due [Line Items] | |||||
Total loans | 0 | 0 | 0 | ||
Consumer | Credit cards | In offices outside North America | Current | |||||
Financing Receivable, Past Due [Line Items] | |||||
Total loans | 11,610 | 11,610 | 17,428 | ||
Consumer | Credit cards | In offices outside North America | 30 to 89 days past due | |||||
Financing Receivable, Past Due [Line Items] | |||||
Total loans | 123 | 123 | 192 | ||
Consumer | Credit cards | In offices outside North America | 90 days or more past due | |||||
Financing Receivable, Past Due [Line Items] | |||||
Total loans | 125 | 125 | 188 | ||
Consumer | Credit cards | 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 | |||||
Financing Receivable, Past Due [Line Items] | |||||
Total loans | 38,457 | 38,457 | 39,806 | ||
Consumer | Personal, small business and other | Classifiably Managed | |||||
Financing Receivable, Past Due [Line Items] | |||||
Total loans | 33,935 | 33,935 | 35,324 | ||
Consumer | Personal, small business and other | In North America offices | |||||
Financing Receivable, Past Due [Line Items] | |||||
Total loans | 39,436 | 39,436 | 40,713 | ||
Non-accrual loans for which there is no ACLL | 2 | 2 | 2 | ||
Non-accrual loans for which there is an ACLL | 14 | 14 | 70 | ||
Total non-accrual | 16 | 16 | 72 | ||
90 days past due and accruing | 26 | 26 | 30 | ||
Consumer | Personal, small business and other | In North America offices | Global Wealth Management Business | |||||
Financing Receivable, Past Due [Line Items] | |||||
Total loans | 36,300 | 36,300 | 37,900 | ||
Consumer | Personal, small business and other | In North America offices | Global Wealth Management Business | Classifiably Managed | |||||
Financing Receivable, Past Due [Line Items] | |||||
Total loans | $ 33,900 | $ 33,900 | $ 35,300 | ||
Consumer | Personal, small business and other | In North America offices | Global Wealth Management Business | Internal Investment Grade | |||||
Financing Receivable, Past Due [Line Items] | |||||
Percentage of loans rated investment grade | 95% | 95% | 95% | ||
Consumer | Personal, small business and other | In North America offices | Current | |||||
Financing Receivable, Past Due [Line Items] | |||||
Total loans | $ 39,320 | $ 39,320 | $ 40,533 | ||
Consumer | Personal, small business and other | In North America offices | 30 to 89 days past due | |||||
Financing Receivable, Past Due [Line Items] | |||||
Total loans | 72 | 72 | 126 | ||
Consumer | Personal, small business and other | In North America offices | 90 days or more past due | |||||
Financing Receivable, Past Due [Line Items] | |||||
Total loans | 25 | 25 | 16 | ||
Consumer | Personal, small business and other | In North America offices | Past Due | Government-guaranteed | |||||
Financing Receivable, Past Due [Line Items] | |||||
Total loans | 19 | 19 | 38 | ||
Consumer | Personal, small business and other | In offices outside North America | |||||
Financing Receivable, Past Due [Line Items] | |||||
Total loans | 45,034 | 45,034 | 57,150 | ||
Non-accrual loans for which there is no ACLL | 0 | 0 | 0 | ||
Non-accrual loans for which there is an ACLL | 186 | 186 | 227 | ||
Total non-accrual | 186 | 186 | 227 | ||
90 days past due and accruing | 0 | 0 | 0 | ||
Consumer | Personal, small business and other | In offices outside North America | Classifiably Managed | |||||
Financing Receivable, Past Due [Line Items] | |||||
Total loans | $ 20,889 | $ 20,889 | $ 24,482 | ||
Consumer | Personal, small business and other | In offices outside North America | Internal Investment Grade | |||||
Financing Receivable, Past Due [Line Items] | |||||
Percentage of loans rated investment grade | 95% | 95% | 95% | ||
Consumer | Personal, small business and other | In offices outside North America | Global Wealth Management Business | |||||
Financing Receivable, Past Due [Line Items] | |||||
Total loans | $ 30,600 | $ 30,600 | $ 34,600 | ||
Consumer | Personal, small business and other | In offices outside North America | Global Wealth Management Business | Classifiably Managed | |||||
Financing Receivable, Past Due [Line Items] | |||||
Total loans | $ 20,900 | $ 20,900 | $ 24,500 | ||
Consumer | Personal, small business and other | In offices outside North America | Global Wealth Management Business | Internal Investment Grade | |||||
Financing Receivable, Past Due [Line Items] | |||||
Percentage of loans rated investment grade | 93% | 93% | 94% | ||
Consumer | Personal, small business and other | In offices outside North America | Current | |||||
Financing Receivable, Past Due [Line Items] | |||||
Total loans | $ 44,860 | $ 44,860 | $ 56,930 | ||
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 | 104 | 104 | 145 | ||
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 | 70 | 70 | 75 | ||
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 |
LOANS - Schedule of Interest In
LOANS - Schedule of Interest Income Recognized for Non-Accrual Consumer Loans (Details) - Consumer - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Financing Receivable, Nonaccrual [Line Items] | ||||
Interest income | $ 5 | $ 5 | $ 9 | $ 11 |
In North America offices | ||||
Financing Receivable, Nonaccrual [Line Items] | ||||
Interest income | 5 | 5 | 9 | 11 |
In offices outside North America | ||||
Financing Receivable, Nonaccrual [Line Items] | ||||
Interest income | 0 | 0 | 0 | 0 |
Residential mortgages | In North America offices | ||||
Financing Receivable, Nonaccrual [Line Items] | ||||
Interest income | 3 | 3 | 6 | 7 |
Residential 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 | 1 | 2 | 2 | 4 |
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 | 1 | 0 | 1 | 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 | Jun. 30, 2022 | Dec. 31, 2021 |
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | $ 657,333 | $ 667,767 |
Total loans, net of unearned income | 657,333 | 667,767 |
Consumer | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 355,605 | 376,534 |
Total loans, net of unearned income | 355,605 | 376,534 |
Consumer | 90 days or more past due | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 1,776 | 1,963 |
Total loans, net of unearned income | 1,776 | 1,963 |
Consumer | In North America offices | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 270,584 | 263,687 |
Total loans, net of unearned income | 270,584 | 263,687 |
Consumer | In North America offices | 90 days or more past due | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 1,490 | 1,542 |
Total loans, net of unearned income | 1,490 | 1,542 |
Consumer | In North America offices | 90 days or more past due | Personal Banking and Wealth Management | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 33,900 | 35,300 |
Total loans, net of unearned income | 33,900 | 35,300 |
Consumer | In offices outside North America | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 85,021 | 112,847 |
Total loans, net of unearned income | 85,021 | 112,847 |
Consumer | In offices outside North America | 90 days or more past due | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 286 | 421 |
Total loans, net of unearned income | 286 | 421 |
Consumer | In offices outside North America | 90 days or more past due | Personal Banking and Wealth Management | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 20,900 | 24,500 |
Total loans, net of unearned income | 20,900 | 24,500 |
Consumer | Residential mortgages | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 88,662 | 83,361 |
Total loans, net of unearned income | 88,662 | 83,361 |
Consumer | Residential mortgages | In North America offices | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 88,662 | 83,361 |
Total loans, net of unearned income | 88,662 | 83,361 |
Consumer | Residential mortgages | In North America offices | Global Wealth Management Business | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 19,800 | |
Total loans, net of unearned income | 19,800 | |
Consumer | Residential mortgages | In North America offices | 90 days or more past due | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 363 | 499 |
Total loans, net of unearned income | 363 | 499 |
Consumer | Residential mortgages | In offices outside North America | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 28,129 | 37,889 |
Total loans, net of unearned income | 28,129 | 37,889 |
Consumer | Residential mortgages | In offices outside North America | Global Wealth Management Business | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 19,600 | 19,800 |
Total loans, net of unearned income | 19,600 | 19,800 |
Consumer | Residential mortgages | In offices outside North America | 90 days or more past due | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 91 | 158 |
Total loans, net of unearned income | 91 | 158 |
Consumer | Credit cards | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 136,854 | 133,351 |
Total loans, net of unearned income | 136,854 | 133,351 |
Consumer | Credit cards | CANADA | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 558 | 517 |
Total loans, net of unearned income | 558 | 517 |
Consumer | Credit cards | In North America offices | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 137,412 | 133,868 |
Total loans, net of unearned income | 137,412 | 133,868 |
Consumer | Credit cards | In North America offices | 90 days or more past due | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 949 | 871 |
Total loans, net of unearned income | 949 | 871 |
Consumer | Credit cards | In offices outside North America | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 11,858 | 17,808 |
Total loans, net of unearned income | 11,858 | 17,808 |
Consumer | Credit cards | In offices outside North America | 90 days or more past due | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 125 | 188 |
Total loans, net of unearned income | 125 | 188 |
Consumer | Home equity loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 5,074 | 5,745 |
Total loans, net of unearned income | 5,074 | 5,745 |
Consumer | Home equity loans | In North America offices | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 5,074 | 5,745 |
Total loans, net of unearned income | 5,074 | 5,745 |
Consumer | Home equity loans | In North America offices | 90 days or more past due | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 153 | 156 |
Total loans, net of unearned income | 153 | 156 |
Consumer | Personal, small business and other | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 38,457 | 39,806 |
Total loans, net of unearned income | 38,457 | 39,806 |
Consumer | Personal, small business and other | CANADA | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 979 | 907 |
Total loans, net of unearned income | 979 | 907 |
Consumer | Personal, small business and other | In North America offices | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 39,436 | 40,713 |
Total loans, net of unearned income | 39,436 | 40,713 |
Consumer | Personal, small business and other | In North America offices | Global Wealth Management Business | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 36,300 | 37,900 |
Total loans, net of unearned income | $ 36,300 | $ 37,900 |
Consumer | Personal, small business and other | In North America offices | Global Wealth Management Business | Internal Investment Grade | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Percentage of loans rated investment grade | 95% | 95% |
Consumer | Personal, small business and other | In North America offices | 90 days or more past due | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | $ 25 | $ 16 |
Total loans, net of unearned income | 25 | 16 |
Consumer | Personal, small business and other | In offices outside North America | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 45,034 | 57,150 |
Total loans, net of unearned income | $ 45,034 | $ 57,150 |
Consumer | Personal, small business and other | In offices outside North America | Internal Investment Grade | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Percentage of loans rated investment grade | 95% | 95% |
Consumer | Personal, small business and other | In offices outside North America | Global Wealth Management Business | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | $ 30,600 | $ 34,600 |
Total loans, net of unearned income | $ 30,600 | $ 34,600 |
Consumer | Personal, small business and other | In offices outside North America | Global Wealth Management Business | Internal Investment Grade | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Percentage of loans rated investment grade | 93% | 94% |
Consumer | Personal, small business and other | In offices outside North America | 90 days or more past due | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | $ 70 | $ 75 |
Total loans, net of unearned income | 70 | 75 |
Consumer | Less than or equal to 80% | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 88,542 | 83,339 |
Total loans, net of unearned income | 88,542 | 83,339 |
Consumer | Less than or equal to 80% | Residential mortgages | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 83,738 | 77,951 |
Current fiscal year | 9,773 | 18,107 |
One year prior to current fiscal year | 19,616 | 18,715 |
Two years prior to current fiscal year | 17,437 | 10,047 |
Three years prior to current fiscal year | 9,142 | 4,117 |
Four years prior to current fiscal year | 3,777 | 4,804 |
Prior | 23,993 | 22,161 |
Total loans, net of unearned income | 83,738 | 77,951 |
Consumer | Less than or equal to 80% | Residential mortgages | In offices outside North America | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 26,334 | 36,281 |
Current fiscal year | 1,684 | 6,334 |
One year prior to current fiscal year | 4,685 | 5,996 |
Two years prior to current fiscal year | 4,189 | 5,293 |
Three years prior to current fiscal year | 3,537 | 3,729 |
Four years prior to current fiscal year | 2,448 | 2,739 |
Prior | 9,791 | 12,190 |
Total loans, net of unearned income | $ 26,334 | $ 36,281 |
Loan to value ratio | 47% | 46% |
Consumer | Less than or equal to 80% | Home equity loans (pre-reset) | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | $ 2,389 | $ 2,637 |
Total loans, net of unearned income | 2,389 | 2,637 |
Consumer | Less than or equal to 80% | Home equity loans (post-reset) | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 2,415 | 2,751 |
Total loans, net of unearned income | 2,415 | 2,751 |
Consumer | Less than or equal to 80% | Home equity loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 4,804 | 5,388 |
Total loans, net of unearned income | 4,804 | 5,388 |
Consumer | Greater than 80% but less than or equal to 100% | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 3,938 | 3,903 |
Total loans, net of unearned income | 3,938 | 3,903 |
Consumer | Greater than 80% but less than or equal to 100% | Residential mortgages | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 3,878 | 3,805 |
Current fiscal year | 2,176 | 2,723 |
One year prior to current fiscal year | 1,078 | 446 |
Two years prior to current fiscal year | 205 | 269 |
Three years prior to current fiscal year | 129 | 136 |
Four years prior to current fiscal year | 92 | 103 |
Prior | 198 | 128 |
Total loans, net of unearned income | 3,878 | 3,805 |
Consumer | Greater than 80% but less than or equal to 100% | Residential mortgages | In offices outside North America | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 1,729 | 1,569 |
Current fiscal year | 431 | 989 |
One year prior to current fiscal year | 913 | 292 |
Two years prior to current fiscal year | 267 | 116 |
Three years prior to current fiscal year | 71 | 32 |
Four years prior to current fiscal year | 7 | 38 |
Prior | 40 | 102 |
Total loans, net of unearned income | 1,729 | 1,569 |
Consumer | Greater than 80% but less than or equal to 100% | Home equity loans (pre-reset) | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 32 | 46 |
Total loans, net of unearned income | 32 | 46 |
Consumer | Greater than 80% but less than or equal to 100% | Home equity loans (post-reset) | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 28 | 52 |
Total loans, net of unearned income | 28 | 52 |
Consumer | Greater than 80% but less than or equal to 100% | Home equity loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 60 | 98 |
Total loans, net of unearned income | 60 | 98 |
Consumer | Greater than 100% | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 262 | 193 |
Total loans, net of unearned income | 262 | 193 |
Consumer | Greater than 100% | Residential mortgages | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 168 | 92 |
Current fiscal year | 13 | 34 |
One year prior to current fiscal year | 31 | 0 |
Two years prior to current fiscal year | 0 | 29 |
Three years prior to current fiscal year | 29 | 11 |
Four years prior to current fiscal year | 10 | 4 |
Prior | 85 | 14 |
Total loans, net of unearned income | 168 | 92 |
Consumer | Greater than 100% | Residential mortgages | In offices outside North America | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 37 | 15 |
Current fiscal year | 21 | 0 |
One year prior to current fiscal year | 3 | 0 |
Two years prior to current fiscal year | 0 | 1 |
Three years prior to current fiscal year | 1 | 0 |
Four years prior to current fiscal year | 0 | 0 |
Prior | 12 | 14 |
Total loans, net of unearned income | 37 | 15 |
Consumer | Greater than 100% | Home equity loans (pre-reset) | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 63 | 69 |
Total loans, net of unearned income | 63 | 69 |
Consumer | Greater than 100% | Home equity loans (post-reset) | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 31 | 32 |
Total loans, net of unearned income | 31 | 32 |
Consumer | Greater than 100% | Home equity loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 94 | 101 |
Total loans, net of unearned income | 94 | 101 |
Consumer | LTV not available | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 994 | 1,671 |
Total loans, net of unearned income | 994 | 1,671 |
Consumer | LTV not available | Residential mortgages | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 878 | 1,513 |
Total loans, net of unearned income | 878 | 1,513 |
Consumer | LTV not available | Residential mortgages | In offices outside North America | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 29 | 24 |
Total loans, net of unearned income | 29 | 24 |
Consumer | LTV not available | Home equity loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 116 | 158 |
Total loans, net of unearned income | 116 | 158 |
Consumer | Total | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 93,736 | 89,106 |
Total loans, net of unearned income | 93,736 | 89,106 |
Consumer | Classifiably Managed and Delinquency Managed | In offices outside North America | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 86,600 | 114,300 |
Total loans, net of unearned income | 86,600 | 114,300 |
Consumer | Classifiably Managed and Delinquency Managed | Personal, small business and other | In offices outside North America | Global Wealth Management Business | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 30,600 | 34,600 |
Total loans, net of unearned income | 30,600 | 34,600 |
Consumer | Less than 680 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 29,739 | 28,598 |
Total loans, net of unearned income | 29,739 | 28,598 |
Consumer | Less than 680 | Residential mortgages | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 4,378 | 4,297 |
Current fiscal year | 293 | 626 |
One year prior to current fiscal year | 728 | 508 |
Two years prior to current fiscal year | 485 | 373 |
Three years prior to current fiscal year | 322 | 394 |
Four years prior to current fiscal year | 375 | 343 |
Prior | 2,175 | 2,053 |
Total loans, net of unearned income | 4,378 | 4,297 |
Consumer | Less than 680 | Credit cards | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 24,233 | 23,115 |
Total loans, net of unearned income | 24,233 | 23,115 |
Consumer | Less than 680 | Home equity loans (pre-reset) | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 240 | 263 |
Total loans, net of unearned income | 240 | 263 |
Consumer | Less than 680 | Home equity loans (post-reset) | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 541 | 639 |
Total loans, net of unearned income | 541 | 639 |
Consumer | Less than 680 | Home equity loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 781 | 902 |
Total loans, net of unearned income | 781 | 902 |
Consumer | Less than 680 | Personal, small business and other | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 347 | 284 |
Current fiscal year | 65 | 59 |
One year prior to current fiscal year | 94 | 22 |
Two years prior to current fiscal year | 18 | 42 |
Three years prior to current fiscal year | 30 | 34 |
Four years prior to current fiscal year | 19 | 7 |
Prior | 121 | 120 |
Total loans, net of unearned income | 347 | 284 |
Consumer | 680 to 760 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 82,291 | 79,581 |
Total loans, net of unearned income | 82,291 | 79,581 |
Consumer | 680 to 760 | Residential mortgages | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 25,855 | 24,080 |
Current fiscal year | 3,639 | 6,729 |
One year prior to current fiscal year | 6,387 | 5,102 |
Two years prior to current fiscal year | 4,978 | 3,074 |
Three years prior to current fiscal year | 2,772 | 1,180 |
Four years prior to current fiscal year | 1,067 | 1,455 |
Prior | 7,012 | 6,540 |
Total loans, net of unearned income | 25,855 | 24,080 |
Consumer | 680 to 760 | Credit cards | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 53,858 | 52,907 |
Total loans, net of unearned income | 53,858 | 52,907 |
Consumer | 680 to 760 | Home equity loans (pre-reset) | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 965 | 1,030 |
Total loans, net of unearned income | 965 | 1,030 |
Consumer | 680 to 760 | Home equity loans (post-reset) | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 934 | 1,047 |
Total loans, net of unearned income | 934 | 1,047 |
Consumer | 680 to 760 | Home equity loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 1,899 | 2,077 |
Total loans, net of unearned income | 1,899 | 2,077 |
Consumer | 680 to 760 | Personal, small business and other | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 679 | 517 |
Current fiscal year | 185 | 201 |
One year prior to current fiscal year | 221 | 41 |
Two years prior to current fiscal year | 29 | 53 |
Three years prior to current fiscal year | 36 | 35 |
Four years prior to current fiscal year | 20 | 8 |
Prior | 188 | 179 |
Total loans, net of unearned income | 679 | 517 |
Consumer | Greater than 760 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 112,332 | 106,515 |
Total loans, net of unearned income | 112,332 | 106,515 |
Consumer | Greater than 760 | Residential mortgages | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 52,113 | 48,039 |
Current fiscal year | 7,637 | 12,349 |
One year prior to current fiscal year | 12,488 | 12,153 |
Two years prior to current fiscal year | 10,931 | 6,167 |
Three years prior to current fiscal year | 5,504 | 2,216 |
Four years prior to current fiscal year | 2,004 | 2,568 |
Prior | 13,549 | 12,586 |
Total loans, net of unearned income | 52,113 | 48,039 |
Consumer | Greater than 760 | Credit cards | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 56,987 | 55,137 |
Total loans, net of unearned income | 56,987 | 55,137 |
Consumer | Greater than 760 | Home equity loans (pre-reset) | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 1,344 | 1,539 |
Total loans, net of unearned income | 1,344 | 1,539 |
Consumer | Greater than 760 | Home equity loans (post-reset) | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 1,010 | 1,160 |
Total loans, net of unearned income | 1,010 | 1,160 |
Consumer | Greater than 760 | Home equity loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 2,354 | 2,699 |
Total loans, net of unearned income | 2,354 | 2,699 |
Consumer | Greater than 760 | Personal, small business and other | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 878 | 640 |
Current fiscal year | 302 | 319 |
One year prior to current fiscal year | 308 | 64 |
Two years prior to current fiscal year | 44 | 68 |
Three years prior to current fiscal year | 45 | 37 |
Four years prior to current fiscal year | 21 | 9 |
Prior | 158 | 143 |
Total loans, net of unearned income | 878 | 640 |
Consumer | FICO not available | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 10,750 | 12,245 |
Total loans, net of unearned income | 10,750 | 12,245 |
Consumer | FICO not available | Residential mortgages | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 6,316 | 6,945 |
Total loans, net of unearned income | 6,316 | 6,945 |
Consumer | FICO not available | Credit cards | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 1,776 | 2,192 |
Total loans, net of unearned income | 1,776 | 2,192 |
Consumer | FICO not available | Home equity loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 40 | 67 |
Total loans, net of unearned income | 40 | 67 |
Consumer | FICO not available | Personal, small business and other | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 2,618 | 3,041 |
Total loans, net of unearned income | 2,618 | 3,041 |
Consumer | Classifiably Managed | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 33,935 | 35,324 |
Total loans, net of unearned income | 33,935 | 35,324 |
Consumer | Classifiably Managed | In offices outside North America | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 20,889 | 24,482 |
Total loans, net of unearned income | 20,889 | 24,482 |
Consumer | Classifiably Managed | Residential mortgages | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 0 | 0 |
Total loans, net of unearned income | 0 | 0 |
Consumer | Classifiably Managed | Residential mortgages | In offices outside North America | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 0 | 0 |
Total loans, net of unearned income | 0 | 0 |
Consumer | Classifiably Managed | Credit cards | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 0 | 0 |
Total loans, net of unearned income | 0 | 0 |
Consumer | Classifiably Managed | Credit cards | In offices outside North America | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 0 | 0 |
Total loans, net of unearned income | 0 | 0 |
Consumer | Classifiably Managed | Home equity loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 0 | 0 |
Total loans, net of unearned income | 0 | 0 |
Consumer | Classifiably Managed | Personal, small business and other | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 33,935 | 35,324 |
Total loans, net of unearned income | 33,935 | 35,324 |
Consumer | Classifiably Managed | Personal, small business and other | In North America offices | Global Wealth Management Business | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 33,900 | 35,300 |
Total loans, net of unearned income | 33,900 | 35,300 |
Consumer | Classifiably Managed | Personal, small business and other | In offices outside North America | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 20,889 | 24,482 |
Total loans, net of unearned income | 20,889 | 24,482 |
Consumer | Classifiably Managed | Personal, small business and other | In offices outside North America | Global Wealth Management Business | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 20,900 | 24,500 |
Total loans, net of unearned income | 20,900 | 24,500 |
Consumer | Total loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 269,047 | 262,263 |
Total loans, net of unearned income | $ 269,047 | $ 262,263 |
LOANS - Consumer Loans Outside
LOANS - Consumer Loans Outside of North America (Details) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 | Jun. 30, 2021 |
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans, net of unearned income | $ 657,333 | $ 667,767 | |
Consumer | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans, net of unearned income | 355,605 | 376,534 | |
Consumer | 30 to 89 days past due | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans, net of unearned income | 1,728 | 1,999 | |
Consumer | 90 days or more past due | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans, net of unearned income | 1,776 | 1,963 | |
Consumer | Classifiably Managed | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans, net of unearned income | 33,935 | 35,324 | |
Consumer | Residential mortgages | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans, net of unearned income | 88,662 | 83,361 | |
Consumer | Residential mortgages | Classifiably Managed | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans, net of unearned income | 0 | 0 | |
Consumer | Credit cards | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans, net of unearned income | 136,854 | 133,351 | |
Consumer | Credit cards | Classifiably Managed | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans, net of unearned income | 0 | 0 | |
Consumer | Personal, small business and other | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans, net of unearned income | 38,457 | 39,806 | |
Consumer | Personal, small business and other | Classifiably Managed | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans, net of unearned income | 33,935 | 35,324 | |
In offices outside North America | Consumer | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans, net of unearned income | $ 85,021 | 112,847 | |
NCL ratio | 0.72% | 1.39% | |
In offices outside North America | Consumer | 30 to 89 days past due | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans, net of unearned income | $ 277 | $ 502 | |
Past due ratio | 0.43% | 0.57% | |
In offices outside North America | Consumer | 90 days or more past due | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans, net of unearned income | $ 286 | $ 421 | |
Past due ratio | 0.45% | 0.48% | |
In offices outside North America | Consumer | Classifiably Managed | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans, net of unearned income | $ 20,889 | $ 24,482 | |
In offices outside North America | Consumer | FICO Score, Delinquency Managed Loans | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans, net of unearned income | 64,132 | 88,365 | |
In offices outside North America | Consumer | Classifiably Managed and Delinquency Managed | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans, net of unearned income | 86,600 | 114,300 | |
In offices outside North America | Consumer | Residential mortgages | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans, net of unearned income | $ 28,129 | 37,889 | |
NCL ratio | 0.04% | 0.10% | |
In offices outside North America | Consumer | Residential mortgages | 30 to 89 days past due | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans, net of unearned income | $ 50 | $ 165 | |
Past due ratio | 0.18% | 0.44% | |
In offices outside North America | Consumer | Residential mortgages | 90 days or more past due | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans, net of unearned income | $ 91 | $ 158 | |
Past due ratio | 0.32% | 0.42% | |
In offices outside North America | Consumer | Residential mortgages | Classifiably Managed | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans, net of unearned income | $ 0 | $ 0 | |
In offices outside North America | Consumer | Residential mortgages | FICO Score, Delinquency Managed Loans | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans, net of unearned income | 28,129 | 37,889 | |
In offices outside North America | Consumer | Residential mortgages | Global Wealth Management Business | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans, net of unearned income | 19,600 | 19,800 | |
In offices outside North America | Consumer | Credit cards | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans, net of unearned income | $ 11,858 | 17,808 | |
NCL ratio | 3.08% | 5.09% | |
In offices outside North America | Consumer | Credit cards | 30 to 89 days past due | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans, net of unearned income | $ 123 | $ 192 | |
Past due ratio | 1.04% | 1.08% | |
In offices outside North America | Consumer | Credit cards | 90 days or more past due | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans, net of unearned income | $ 125 | $ 188 | |
Past due ratio | 1.05% | 1.06% | |
In offices outside North America | Consumer | Credit cards | Classifiably Managed | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans, net of unearned income | $ 0 | $ 0 | |
In offices outside North America | Consumer | Credit cards | FICO Score, Delinquency Managed Loans | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans, net of unearned income | 11,858 | 17,808 | |
In offices outside North America | Consumer | Personal, small business and other | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans, net of unearned income | $ 45,034 | 57,150 | |
NCL ratio | 0.55% | 1.04% | |
In offices outside North America | Consumer | Personal, small business and other | 30 to 89 days past due | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans, net of unearned income | $ 104 | $ 145 | |
Past due ratio | 0.43% | 0.44% | |
In offices outside North America | Consumer | Personal, small business and other | 90 days or more past due | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans, net of unearned income | $ 70 | $ 75 | |
Past due ratio | 0.29% | 0.23% | |
In offices outside North America | Consumer | Personal, small business and other | Classifiably Managed | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans, net of unearned income | $ 20,889 | $ 24,482 | |
In offices outside North America | Consumer | Personal, small business and other | FICO Score, Delinquency Managed Loans | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans, net of unearned income | 24,145 | 32,668 | |
In offices outside North America | Consumer | Personal, small business and other | Global Wealth Management Business | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans, net of unearned income | 30,600 | 34,600 | |
In offices outside North America | Consumer | Personal, small business and other | Global Wealth Management Business | Classifiably Managed | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans, net of unearned income | 20,900 | 24,500 | |
In offices outside North America | Consumer | Personal, small business and other | Global Wealth Management Business | Classifiably Managed and Delinquency Managed | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans, net of unearned income | $ 30,600 | $ 34,600 |
LOANS - Impaired Consumer Loans
LOANS - Impaired Consumer Loans (Details) - Consumer $ in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2022 USD ($) quarter | Jun. 30, 2021 USD ($) | Jun. 30, 2022 USD ($) quarter | Jun. 30, 2021 USD ($) | Dec. 31, 2021 USD ($) | |
Financing Receivable, Impaired [Line Items] | |||||
Recorded investment | $ 2,807 | $ 2,807 | $ 3,748 | ||
Unpaid principal balance | 3,012 | 3,012 | 4,009 | ||
Related specific allowance | 550 | 550 | 813 | ||
Average carrying value | 3,375 | 4,200 | |||
Interest income recognized | $ 70 | $ 72 | $ 116 | $ 144 | |
Number of quarters used to calculate the average recorded investment balance | quarter | 4 | 4 | |||
Residential mortgages | |||||
Financing Receivable, Impaired [Line Items] | |||||
Recorded investment | $ 1,179 | $ 1,179 | 1,521 | ||
Unpaid principal balance | 1,290 | 1,290 | 1,595 | ||
Related specific allowance | 56 | 56 | 87 | ||
Average carrying value | 1,382 | 1,564 | |||
Interest income recognized | 49 | 21 | 71 | 44 | |
Impaired financing receivable without specific allowance | 182 | 182 | 190 | ||
Home equity loans | |||||
Financing Receivable, Impaired [Line Items] | |||||
Recorded investment | 274 | 274 | 191 | ||
Unpaid principal balance | 344 | 344 | 344 | ||
Related specific allowance | (8) | (8) | (1) | ||
Average carrying value | 248 | 336 | |||
Interest income recognized | 2 | 3 | 5 | 5 | |
Impaired financing receivable without specific allowance | 84 | 84 | 94 | ||
Credit cards | |||||
Financing Receivable, Impaired [Line Items] | |||||
Recorded investment | 1,227 | 1,227 | 1,582 | ||
Unpaid principal balance | 1,229 | 1,229 | 1,609 | ||
Related specific allowance | 463 | 463 | 594 | ||
Average carrying value | 1,450 | 1,795 | |||
Interest income recognized | 15 | 33 | 33 | 68 | |
Personal, small business and other | |||||
Financing Receivable, Impaired [Line Items] | |||||
Recorded investment | 127 | 127 | 454 | ||
Unpaid principal balance | 149 | 149 | 461 | ||
Related specific allowance | 39 | 39 | 133 | ||
Average carrying value | 295 | $ 505 | |||
Interest income recognized | $ 4 | $ 15 | $ 7 | $ 27 |
LOANS - Consumer Troubled Debt
LOANS - Consumer Troubled Debt Restructurings (Details) - Consumer $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 USD ($) loan | Jun. 30, 2021 USD ($) loan | Jun. 30, 2022 USD ($) loan | Jun. 30, 2021 USD ($) 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 | 37,307 | 36,949 | 78,643 | 96,851 |
Post-modification recorded investment | $ 221 | $ 248 | $ 485 | $ 621 |
TDR loans in payment default | $ 74 | $ 92 | $ 135 | $ 178 |
In North America offices | Residential mortgages | ||||
Loans receivable | ||||
Number of loans modified | loan | 279 | 334 | 625 | 670 |
Post-modification recorded investment | $ 56 | $ 60 | $ 137 | $ 120 |
Average interest rate reduction | 0% | 0% | 0% | 0% |
Post-modification recorded investment for borrowers that have gone through Chapter 7 bankruptcy | $ 0.4 | $ 4 | $ 2 | $ 7 |
TDR loans in payment default | 13 | 15 | 17 | 33 |
In North America offices | Residential mortgages | New OCC guidance | ||||
Loans receivable | ||||
Post-modification recorded investment for borrowers that have gone through Chapter 7 bankruptcy | $ 0.4 | $ 1 | $ 2 | $ 2 |
In North America offices | Home equity loans | ||||
Loans receivable | ||||
Number of loans modified | loan | 103 | 53 | 207 | 112 |
Post-modification recorded investment | $ 7 | $ 4 | $ 16 | $ 10 |
Average interest rate reduction | 0% | 0% | 0% | 0% |
TDR loans in payment default | $ 2 | $ 3 | $ 2 | $ 7 |
In North America offices | Credit cards | ||||
Loans receivable | ||||
Number of loans modified | loan | 36,820 | 36,337 | 77,560 | 95,383 |
Post-modification recorded investment | $ 157 | $ 181 | $ 330 | $ 481 |
Average interest rate reduction | 18% | 17% | 17% | 17% |
TDR loans in payment default | $ 59 | $ 73 | $ 116 | $ 136 |
In North America offices | Personal, small business and other | ||||
Loans receivable | ||||
Number of loans modified | loan | 105 | 225 | 251 | 686 |
Post-modification recorded investment | $ 1 | $ 3 | $ 2 | $ 10 |
Average interest rate reduction | 5% | 3% | 5% | 3% |
TDR loans in payment default | $ 0 | $ 1 | $ 0 | $ 2 |
In offices outside North America | ||||
Loans receivable | ||||
Number of loans modified | loan | 4,167 | 25,607 | 10,022 | 58,211 |
Post-modification recorded investment | $ 24 | $ 179 | $ 61 | $ 363 |
TDR loans in payment default | $ 7 | $ 91 | $ 16 | $ 177 |
In offices outside North America | Residential mortgages | ||||
Loans receivable | ||||
Number of loans modified | loan | 110 | 530 | 293 | 997 |
Post-modification recorded investment | $ 4 | $ 28 | $ 10 | $ 52 |
Average interest rate reduction | 0% | 1% | 0% | 1% |
TDR loans in payment default | $ 3 | $ 10 | $ 7 | $ 22 |
In offices outside North America | Credit cards | ||||
Loans receivable | ||||
Number of loans modified | loan | 3,462 | 18,297 | 8,462 | 42,896 |
Post-modification recorded investment | $ 13 | $ 94 | $ 35 | $ 196 |
Average interest rate reduction | 27% | 12% | 23% | 14% |
TDR loans in payment default | $ 3 | $ 45 | $ 7 | $ 97 |
In offices outside North America | Personal, small business and other | ||||
Loans receivable | ||||
Number of loans modified | loan | 595 | 6,780 | 1,267 | 14,318 |
Post-modification recorded investment | $ 7 | $ 57 | $ 16 | $ 115 |
Average interest rate reduction | 8% | 10% | 8% | 10% |
TDR loans in payment default | $ 1 | $ 36 | $ 2 | $ 58 |
Deferred principal | In North America offices | ||||
Loans receivable | ||||
Post-modification recorded investment | 0 | 0 | 0 | 0 |
Deferred principal | In North America offices | Residential 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 | |
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 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 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 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 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 | 0 | 3 | 1 | 12 |
Principal forgiveness | In offices outside North America | Residential 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 | 1 | 1 | 8 | |
Principal forgiveness | In offices outside North America | Personal, small business and other | ||||
Loans receivable | ||||
Post-modification recorded investment | $ 0 | $ 2 | $ 4 |
LOANS - Schedule of Purchased C
LOANS - Schedule of Purchased Credit Deteriorated Assets (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Jun. 30, 2022 | Dec. 31, 2021 | Jun. 30, 2021 | |
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 | 3 | 4 | 10 |
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) | 3 | 4 | 10 |
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 |
ALLOWANCE FOR CREDIT LOSSES - A
ALLOWANCE FOR CREDIT LOSSES - Allowance for Credit Losses Roll Forward (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Allowance for credit losses | ||||
Allowance for credit losses on loans (ACLL) at beginning of period | $ 15,393 | $ 21,638 | $ 16,455 | $ 24,956 |
Gross credit losses on loans | (1,212) | (1,844) | (2,452) | (4,052) |
Gross recoveries on loans | 362 | 524 | 730 | 984 |
Net credit losses on loans (NCLs) | (850) | (1,320) | (1,722) | (3,068) |
Net reserve builds (releases) for loans | 520 | (2,184) | (260) | (5,252) |
Net specific reserve builds (releases) for loans | 14 | (262) | 182 | (421) |
Total provision for credit losses on loans (PCLL) | 1,384 | (1,126) | 1,644 | (2,605) |
Other, net (see table below) | 25 | 46 | (425) | (45) |
ACLL at end of period | 15,952 | 19,238 | 15,952 | 19,238 |
Allowance for credit losses on unfunded commitments | ||||
Allowance for credit losses on unfunded commitments (ACLUC) at beginning of period | 2,343 | 2,012 | 1,871 | 2,655 |
Provision (release) for credit losses on unfunded lending commitments | (159) | 44 | 315 | (582) |
Other, net | 9 | 17 | 7 | 0 |
ACLUC at end of period | 2,193 | 2,073 | 2,193 | 2,073 |
Total allowance for credit losses on loans, leases and unfunded lending commitments | 18,145 | 21,311 | 18,145 | 21,311 |
Sales or transfers of various consumer loan portfolios to HFS | ||||
Reclasses of consumer ACLL to HFS | 0 | 0 | (350) | 0 |
FX translation and other | 25 | 46 | (75) | (45) |
Other, net | $ 25 | $ 46 | $ (425) | $ (45) |
ALLOWANCE FOR CREDIT LOSSES -_2
ALLOWANCE FOR CREDIT LOSSES - Allowance for Credit Losses Roll Forward by Segment (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
Allowance for credit losses | |||||
Allowance for credit losses on loans (ACLL) at beginning of period | $ 15,393 | $ 21,638 | $ 16,455 | $ 24,956 | |
Charge-offs | (1,212) | (1,844) | (2,452) | (4,052) | |
Recoveries | 362 | 524 | 730 | 984 | |
Replenishment of NCLs | 850 | 1,320 | 1,722 | 3,068 | |
Net reserve builds (releases) | 520 | (2,184) | (260) | (5,252) | |
Net specific reserve builds (releases) | 14 | (262) | 182 | (421) | |
Other | 25 | 46 | (425) | (45) | |
ACLL at end of period | 15,952 | 19,238 | 15,952 | 19,238 | |
ACLL | |||||
Collectively evaluated | 14,840 | 14,840 | $ 15,430 | ||
Individually evaluated | 1,110 | 1,110 | 1,025 | ||
Total ACLL | 15,952 | 19,238 | 15,952 | 19,238 | 16,455 |
Loans, net of unearned income | |||||
Collectively evaluated | 648,228 | 648,228 | 656,265 | ||
Individually evaluated | 4,462 | 4,462 | 5,301 | ||
Loans held at fair value | 4,536 | 4,536 | 6,082 | ||
Total loans, net of unearned income | 657,333 | 657,333 | 667,767 | ||
Purchased credit deteriorated | |||||
ACLL | |||||
Purchased credit deteriorated | 2 | 2 | 0 | ||
Loans, net of unearned income | |||||
Purchased credit deteriorated | 107 | 107 | 119 | ||
Corporate | |||||
Allowance for credit losses | |||||
Allowance for credit losses on loans (ACLL) at beginning of period | 3,025 | 3,542 | 2,415 | 4,776 | |
Charge-offs | (57) | (137) | (105) | (336) | |
Recoveries | 34 | 60 | 51 | 74 | |
Replenishment of NCLs | 23 | 77 | 54 | 262 | |
Net reserve builds (releases) | (128) | (751) | 249 | (1,944) | |
Net specific reserve builds (releases) | 49 | (112) | 273 | (146) | |
Other | 23 | (7) | 32 | (14) | |
ACLL at end of period | 2,969 | 2,672 | 2,969 | 2,672 | |
ACLL | |||||
Collectively evaluated | 2,409 | 2,409 | 2,203 | ||
Individually evaluated | 560 | 560 | 212 | ||
Total ACLL | 2,969 | 2,672 | 2,969 | 2,672 | 2,415 |
Loans, net of unearned income | |||||
Collectively evaluated | 295,545 | 295,545 | 283,610 | ||
Individually evaluated | 1,655 | 1,655 | 1,553 | ||
Loans held at fair value | 4,528 | 4,528 | 6,070 | ||
Total loans, net of unearned income | 301,728 | 301,728 | 291,233 | ||
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 | 12,368 | 18,096 | 14,040 | 20,180 | |
Charge-offs | (1,155) | (1,707) | (2,347) | (3,716) | |
Recoveries | 328 | 464 | 679 | 910 | |
Replenishment of NCLs | 827 | 1,243 | 1,668 | 2,806 | |
Net reserve builds (releases) | 648 | (1,433) | (509) | (3,308) | |
Net specific reserve builds (releases) | (35) | (150) | (91) | (275) | |
Other | 2 | 53 | (457) | (31) | |
ACLL at end of period | 12,983 | 16,566 | 12,983 | 16,566 | |
ACLL | |||||
Collectively evaluated | 12,431 | 12,431 | 13,227 | ||
Individually evaluated | 550 | 550 | 813 | ||
Total ACLL | 12,983 | $ 16,566 | 12,983 | $ 16,566 | 14,040 |
Loans, net of unearned income | |||||
Collectively evaluated | 352,683 | 352,683 | 372,655 | ||
Individually evaluated | 2,807 | 2,807 | 3,748 | ||
Loans held at fair value | 8 | 8 | 12 | ||
Total loans, net of unearned income | 355,605 | 355,605 | 376,534 | ||
Consumer | Purchased credit deteriorated | |||||
ACLL | |||||
Purchased credit deteriorated | 2 | 2 | 0 | ||
Loans, net of unearned income | |||||
Purchased credit deteriorated | $ 107 | $ 107 | $ 119 |
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 | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Debt Securities, Held-to-maturity, Allowance for Credit Loss [Roll Forward] | ||||
Allowance for credit losses on HTM debt securities at beginning of quarter | $ 85 | $ 78 | $ 87 | $ 86 |
Gross credit losses | 0 | 0 | 0 | 0 |
Gross recoveries | 0 | 0 | 0 | 3 |
Net credit losses (NCLs) | 0 | 0 | 0 | 3 |
Net reserve builds (releases) | 20 | 4 | 18 | (4) |
Net specific reserve builds (releases) | 0 | 0 | 0 | 0 |
Total provision for credit losses on HTM debt securities | 20 | 4 | 18 | (7) |
Other, net | 1 | 1 | ||
Allowance for credit losses on HTM debt securities at end of quarter | 105 | 83 | 105 | 83 |
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 | 4 | 4 | 6 | 3 |
Gross credit losses | 0 | 0 | 0 | 0 |
Gross recoveries | 0 | 0 | 0 | 3 |
Net credit losses (NCLs) | 0 | 0 | 0 | 3 |
Net reserve builds (releases) | (2) | 1 | (4) | 2 |
Net specific reserve builds (releases) | 0 | 0 | 0 | 0 |
Total provision for credit losses on HTM debt securities | (2) | 1 | (4) | (1) |
Other, net | 0 | 0 | ||
Allowance for credit losses on HTM debt securities at end of quarter | 2 | 5 | 2 | 5 |
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 | 79 | 69 | 75 | 74 |
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) | 14 | 3 | 18 | (2) |
Net specific reserve builds (releases) | 0 | 0 | 0 | 0 |
Total provision for credit losses on HTM debt securities | 14 | 3 | 18 | (2) |
Other, net | 0 | 0 | ||
Allowance for credit losses on HTM debt securities at end of quarter | 93 | 72 | 93 | 72 |
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 | 2 | 5 | 4 | 6 |
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 | 0 | (1) | (1) |
Net specific reserve builds (releases) | 0 | 0 | 0 | 0 |
Total provision for credit losses on HTM debt securities | 1 | 0 | (1) | (1) |
Other, net | 0 | 0 | ||
Allowance for credit losses on HTM debt securities at end of quarter | 3 | 5 | 3 | 5 |
Asset-backed | ||||
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 | 2 | 3 |
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) | 7 | 0 | 5 | (3) |
Net specific reserve builds (releases) | 0 | 0 | 0 | 0 |
Total provision for credit losses on HTM debt securities | 7 | 0 | 5 | (3) |
Other, net | 1 | 1 | ||
Allowance for credit losses on HTM debt securities at end of quarter | $ 7 | $ 1 | $ 7 | $ 1 |
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 | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Financing Receivable, Other Assets, Allowance For Credit Loss [Roll Forward] | ||||
Allowance for credit losses on other assets at beginning of quarter | $ 43 | $ 63 | $ 53 | $ 55 |
Gross credit losses | (8) | 0 | (15) | 0 |
Gross recoveries | 2 | 0 | 2 | 0 |
Net credit losses (NCLs) | (6) | 0 | (13) | 0 |
Net reserve builds (releases) | 1 | (3) | (10) | 6 |
Total provision for credit losses | 7 | (3) | 3 | 6 |
Other, net | 30 | 0 | 31 | (1) |
Allowance for credit losses on other assets at end of quarter | 74 | 60 | 74 | 60 |
Institutional Clients Group | ||||
Financing Receivable, Other Assets, Allowance For Credit Loss [Roll Forward] | ||||
Other, net | 30 | |||
Deposits with banks | ||||
Financing Receivable, Other Assets, Allowance For Credit Loss [Roll Forward] | ||||
Allowance for credit losses on other assets at beginning of quarter | 15 | 28 | 21 | 20 |
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) | 2 | (4) | (4) | 5 |
Total provision for credit losses | 2 | (4) | (4) | 5 |
Other, net | 0 | 0 | 0 | (1) |
Allowance for credit losses on other assets at end of quarter | 17 | 24 | 17 | 24 |
Securities borrowed and purchased under agreements to resell | ||||
Financing Receivable, Other Assets, Allowance For Credit Loss [Roll Forward] | ||||
Allowance for credit losses on other assets at beginning of quarter | 4 | 5 | 6 | 10 |
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) | (8) | 3 | (10) | (2) |
Total provision for credit losses | (8) | 3 | (10) | (2) |
Other, net | 31 | 0 | 31 | 0 |
Allowance for credit losses on other assets at end of quarter | 27 | 8 | 27 | 8 |
Brokerage receivables | ||||
Financing Receivable, Other Assets, Allowance For Credit Loss [Roll Forward] | ||||
Allowance for credit losses on other assets at beginning of quarter | 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 | 0 |
Total provision for credit losses | 0 | 0 | 0 | 0 |
Other, net | 0 | 0 | 0 | 0 |
Allowance for credit losses on other assets at end of quarter | 0 | 0 | 0 | 0 |
All other assets | ||||
Financing Receivable, Other Assets, Allowance For Credit Loss [Roll Forward] | ||||
Allowance for credit losses on other assets at beginning of quarter | 24 | 30 | 26 | 25 |
Gross credit losses | (8) | 0 | (15) | 0 |
Gross recoveries | 2 | 0 | 2 | 0 |
Net credit losses (NCLs) | (6) | 0 | (13) | 0 |
Net reserve builds (releases) | 7 | (2) | 4 | 3 |
Total provision for credit losses | 13 | (2) | 17 | 3 |
Other, net | (1) | 0 | 0 | 0 |
Allowance for credit losses on other assets at end of quarter | $ 30 | $ 28 | $ 30 | $ 28 |
GOODWILL AND INTANGIBLE ASSET_2
GOODWILL AND INTANGIBLE ASSETS - Changes in Goodwill (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2022 | Jun. 30, 2021 | |
Goodwill | ||||
Balance of goodwill at beginning of period | $ 19,865 | $ 21,299 | $ 21,299 | |
Impairment | (535) | (535) | $ 0 | |
Divestiture | (873) | |||
Foreign currency translation | (268) | (26) | ||
Balance of goodwill at end of period | 19,597 | 19,865 | 19,597 | |
Goodwill impairment | 535 | 535 | $ 0 | |
Institutional Clients Group | ||||
Goodwill | ||||
Balance of goodwill at beginning of period | 9,171 | 9,215 | 9,215 | |
Impairment | 0 | |||
Divestiture | 0 | |||
Foreign currency translation | (223) | (44) | ||
Balance of goodwill at end of period | 8,948 | 9,171 | 8,948 | |
Goodwill impairment | 0 | |||
Personal Banking and Wealth Management | ||||
Goodwill | ||||
Balance of goodwill at beginning of period | 9,735 | 9,717 | 9,717 | |
Impairment | 0 | |||
Divestiture | 0 | |||
Foreign currency translation | (20) | 18 | ||
Balance of goodwill at end of period | 9,715 | 9,735 | 9,715 | |
Goodwill impairment | 0 | |||
Legacy Franchises | ||||
Goodwill | ||||
Balance of goodwill at beginning of period | 959 | 2,367 | 2,367 | |
Impairment | (535) | |||
Divestiture | (873) | |||
Foreign currency translation | (25) | 0 | ||
Balance of goodwill at end of period | $ 934 | 959 | $ 934 | |
Goodwill impairment | 535 | |||
Goodwill impairment loss, after-tax | $ 489 |
GOODWILL AND INTANGIBLE ASSET_3
GOODWILL AND INTANGIBLE ASSETS - Additional Information (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Mar. 31, 2022 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | Jul. 01, 2021 | |
Goodwill [Line Items] | |||||
Goodwill impairment | $ 535 | $ 535 | $ 0 | ||
Goodwill | 19,865 | 19,597 | $ 21,299 | ||
Legacy Franchises | |||||
Goodwill [Line Items] | |||||
Goodwill impairment | 535 | ||||
Goodwill | 959 | 934 | 2,367 | ||
Institutional Clients Group | |||||
Goodwill [Line Items] | |||||
Goodwill impairment | 0 | ||||
Goodwill | $ 9,171 | $ 8,948 | $ 9,215 | ||
Institutional Clients Group | Operating Segments | |||||
Goodwill [Line Items] | |||||
Percentage fair value exceeds carrying value | 102% | ||||
Goodwill | $ 1,500 | ||||
Minimum | |||||
Goodwill [Line Items] | |||||
Percentage fair value exceeds carrying value | 102% | ||||
Maximum | |||||
Goodwill [Line Items] | |||||
Percentage fair value exceeds carrying value | 267% |
GOODWILL AND INTANGIBLE ASSET_4
GOODWILL AND INTANGIBLE ASSETS - Components of Intangible Assets (Details) - USD ($) $ in Millions | 6 Months Ended | 12 Months Ended |
Jun. 30, 2022 | Dec. 31, 2021 | |
Finite and Indefinite-lived Intangible Assets | ||
Gross carrying amount of Intangible assets (excluding MSRs) | $ 10,061 | $ 10,210 |
Accumulated amortization of Intangible assets (excluding MSRs) | 6,135 | 6,119 |
Net carrying amount of Intangible assets (excluding MSRs) | 3,926 | 4,091 |
Gross carrying amount, Mortgage servicing rights (MSRs) | 600 | 404 |
Mortgage servicing rights (MSRs) | 600 | 404 |
Gross carrying amount of Intangible assets | 10,661 | 10,614 |
Accumulated amortization of Intangible assets | 6,135 | 6,119 |
Total intangible assets | 4,526 | 4,495 |
Indefinite-lived intangible assets | ||
Finite and Indefinite-lived Intangible Assets | ||
Gross carrying amount of Intangible assets (excluding MSRs) | 186 | 183 |
Net carrying amount of Intangible assets (excluding MSRs) | 186 | 183 |
Purchased credit card relationships | ||
Finite and Indefinite-lived Intangible Assets | ||
Gross carrying amount of Intangible assets (excluding MSRs) | 5,514 | 5,579 |
Accumulated amortization of Intangible assets (excluding MSRs) | 4,357 | 4,348 |
Net carrying amount of Intangible assets (excluding MSRs) | 1,157 | 1,231 |
Credit card contract related intangibles | ||
Finite and Indefinite-lived Intangible Assets | ||
Gross carrying amount of Intangible assets (excluding MSRs) | 3,903 | 3,912 |
Accumulated amortization of Intangible assets (excluding MSRs) | 1,440 | 1,372 |
Net carrying amount of Intangible assets (excluding MSRs) | 2,463 | 2,540 |
Core deposit intangibles | ||
Finite and Indefinite-lived Intangible Assets | ||
Gross carrying amount of Intangible assets (excluding MSRs) | 37 | 39 |
Accumulated amortization of Intangible assets (excluding MSRs) | 37 | 39 |
Net carrying amount of Intangible assets (excluding MSRs) | 0 | 0 |
Other customer relationships | ||
Finite and Indefinite-lived Intangible Assets | ||
Gross carrying amount of Intangible assets (excluding MSRs) | 362 | 429 |
Accumulated amortization of Intangible assets (excluding MSRs) | 267 | 305 |
Net carrying amount of Intangible assets (excluding MSRs) | 95 | 124 |
Present value of future profits | ||
Finite and Indefinite-lived Intangible Assets | ||
Gross carrying amount of Intangible assets (excluding MSRs) | 32 | 31 |
Accumulated amortization of Intangible assets (excluding MSRs) | 30 | 29 |
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) | 27 | 37 |
Accumulated amortization of Intangible assets (excluding MSRs) | 4 | 26 |
Net carrying amount of Intangible assets (excluding MSRs) | $ 23 | $ 11 |
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 | 98% | 97% |
GOODWILL AND INTANGIBLE ASSET_5
GOODWILL AND INTANGIBLE ASSETS - Changes in Intangible Assets (Details) - USD ($) $ in Millions | 6 Months Ended | 12 Months Ended |
Jun. 30, 2022 | Dec. 31, 2021 | |
Finite and Indefinite-lived Intangible Assets | ||
Beginning balance | $ 4,091 | |
Acquisitions/renewals/ divestitures | 39 | |
Amortization | (177) | |
Impairments | 0 | |
FX translation and other | (27) | |
Ending balance | 3,926 | $ 4,091 |
Mortgage servicing rights (MSRs) | 600 | 404 |
Total intangible assets | 4,526 | 4,495 |
Indefinite-lived intangible assets | ||
Finite and Indefinite-lived Intangible Assets | ||
Beginning balance | 183 | |
Acquisitions/renewals/ divestitures | 0 | |
Amortization | 0 | |
Impairments | 0 | |
FX translation and other | 3 | |
Ending balance | 186 | 183 |
Purchased credit card relationships | ||
Finite and Indefinite-lived Intangible Assets | ||
Beginning balance | 1,231 | |
Acquisitions/renewals/ divestitures | 3 | |
Amortization | (70) | |
Impairments | 0 | |
FX translation and other | (7) | |
Ending balance | 1,157 | 1,231 |
Credit card contract related intangibles | ||
Finite and Indefinite-lived Intangible Assets | ||
Beginning balance | 2,540 | |
Acquisitions/renewals/ divestitures | 0 | |
Amortization | (77) | |
Impairments | 0 | |
FX translation and other | 0 | |
Ending balance | 2,463 | 2,540 |
Core deposit intangibles | ||
Finite and Indefinite-lived Intangible Assets | ||
Beginning balance | 0 | |
Acquisitions/renewals/ divestitures | 0 | |
Amortization | 0 | |
Impairments | 0 | |
FX translation and other | 0 | |
Ending balance | 0 | 0 |
Other customer relationships | ||
Finite and Indefinite-lived Intangible Assets | ||
Beginning balance | 124 | |
Acquisitions/renewals/ divestitures | 6 | |
Amortization | (13) | |
Impairments | 0 | |
FX translation and other | (22) | |
Ending balance | 95 | 124 |
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 | 11 | |
Acquisitions/renewals/ divestitures | 30 | |
Amortization | (17) | |
Impairments | 0 | |
FX translation and other | (1) | |
Ending balance | $ 23 | $ 11 |
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 | 98% | 97% |
DEBT - Short-Term Borrowings (D
DEBT - Short-Term Borrowings (Details) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Short-term Debt [Line Items] | ||
Commercial paper | $ 21,479 | $ 16,018 |
Other borrowings | 18,575 | 11,955 |
Total short-term borrowings | 40,054 | 27,973 |
Collateralized short-term advances from Federal Home Loan Bank | 7,000 | 0 |
Bank | ||
Short-term Debt [Line Items] | ||
Commercial paper | 9,050 | 9,026 |
Broker-dealer and other | ||
Short-term Debt [Line Items] | ||
Commercial paper | $ 12,429 | $ 6,992 |
DEBT - Long-Term Debt (Details)
DEBT - Long-Term Debt (Details) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Debt Instrument | ||
Long-term debt, at fair value | $ 257,425 | $ 254,374 |
Trust preferred securities | 1,600 | 1,700 |
Citigroup Inc. | ||
Debt Instrument | ||
Long-term debt, at fair value | 167,874 | 164,945 |
Bank | ||
Debt Instrument | ||
Long-term debt, at fair value | 18,799 | 23,567 |
Bank | Senior notes | ||
Debt Instrument | ||
Collateralized long-term advances from Federal Home Loan Bank | 2,300 | 5,300 |
Broker-dealer and other | ||
Debt Instrument | ||
Long-term debt, at fair value | $ 70,752 | $ 65,862 |
DEBT - Trust Preferred Securiti
DEBT - Trust Preferred Securities (Details) $ in Millions | Jun. 30, 2022 USD ($) shares |
Trust Preferred Securities | |
Liquidation value | $ 2,440 |
Junior subordinated debentures owned by the Trust, amount | $ 2,446 |
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 |
CHANGES IN ACCUMULATED OTHER _3
CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (AOCI) - Change in Each Component of AOCI (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Change in accumulated other comprehensive income (loss) | ||||
Balance, beginning of period | $ 202,672 | |||
Balance, end of period | $ 199,626 | $ 202,910 | 199,626 | $ 202,910 |
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 | 470 | |||
Loss on sale of business, foreign currency translation adjustments | 620 | |||
Net unrealized gains (losses) on debt securities | ||||
Change in accumulated other comprehensive income (loss) | ||||
Balance, beginning of period | (4,891) | 1,535 | (614) | 3,320 |
Other comprehensive income before reclassifications | (1,612) | (379) | (5,895) | (1,898) |
Increase (decrease) due to amounts reclassified from AOCI | 111 | (95) | 117 | (361) |
Total other comprehensive income | (1,501) | (474) | (5,778) | (2,259) |
Balance, end of period | (6,392) | 1,061 | (6,392) | 1,061 |
Debt valuation adjustment (DVA) | ||||
Change in accumulated other comprehensive income (loss) | ||||
Balance, beginning of period | (394) | (1,461) | (1,187) | (1,419) |
Other comprehensive income before reclassifications | 1,968 | (72) | 2,761 | (156) |
Increase (decrease) due to amounts reclassified from AOCI | (1) | 10 | (1) | 52 |
Total other comprehensive income | 1,967 | (62) | 2,760 | (104) |
Balance, end of period | 1,573 | (1,523) | 1,573 | (1,523) |
Cash flow hedges | ||||
Change in accumulated other comprehensive income (loss) | ||||
Balance, beginning of period | (1,440) | 1,037 | 101 | 1,593 |
Other comprehensive income before reclassifications | (515) | 28 | (1,839) | (316) |
Increase (decrease) due to amounts reclassified from AOCI | (151) | (201) | (368) | (413) |
Total other comprehensive income | (666) | (173) | (2,207) | (729) |
Balance, end of period | (2,106) | 864 | (2,106) | 864 |
Benefit plans | ||||
Change in accumulated other comprehensive income (loss) | ||||
Balance, beginning of period | (5,681) | (6,150) | (5,852) | (6,864) |
Other comprehensive income before reclassifications | (271) | 36 | 21 | 689 |
Increase (decrease) due to amounts reclassified from AOCI | 182 | 51 | 61 | 112 |
Total other comprehensive income | (89) | 87 | 82 | 801 |
Balance, end of period | (5,770) | (6,063) | (5,770) | (6,063) |
Foreign currency translation adjustment (CTA), net of hedges | ||||
Change in accumulated other comprehensive income (loss) | ||||
Balance, beginning of period | (31,180) | (29,915) | (31,166) | (28,641) |
Other comprehensive income before reclassifications | (1,975) | 523 | (1,989) | (751) |
Increase (decrease) due to amounts reclassified from AOCI | 345 | 0 | 345 | 0 |
Total other comprehensive income | (1,630) | 523 | (1,644) | (751) |
Balance, end of period | (32,810) | (29,392) | (32,810) | (29,392) |
Excluded component of fair value hedges | ||||
Change in accumulated other comprehensive income (loss) | ||||
Balance, beginning of period | 1 | (57) | (47) | (47) |
Other comprehensive income before reclassifications | 4 | (11) | 50 | (21) |
Increase (decrease) due to amounts reclassified from AOCI | 5 | 1 | 7 | 1 |
Total other comprehensive income | 9 | (10) | 57 | (20) |
Balance, end of period | 10 | (67) | 10 | (67) |
Accumulated other comprehensive income (loss) | ||||
Change in accumulated other comprehensive income (loss) | ||||
Balance, beginning of period | (43,585) | (35,011) | (38,765) | (32,058) |
Other comprehensive income before reclassifications | (2,401) | 125 | (6,891) | (2,453) |
Increase (decrease) due to amounts reclassified from AOCI | 491 | (234) | 161 | (609) |
Total other comprehensive income | (1,910) | (109) | (6,730) | (3,062) |
Balance, end of period | $ (45,495) | $ (35,120) | $ (45,495) | $ (35,120) |
CHANGES IN ACCUMULATED OTHER _4
CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (AOCI) - Schedule of Pre-Tax and After-Tax (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Change in accumulated other comprehensive income (loss), after-tax | ||||
Balance, beginning of period | $ 202,672 | |||
Balance, end of period | $ 199,626 | $ 202,910 | 199,626 | $ 202,910 |
Change in net unrealized gains (losses) on debt securities | ||||
Change in accumulated other comprehensive income (loss), pretax | ||||
Other comprehensive income (loss), pretax | (1,990) | (638) | (7,614) | (3,065) |
Change in accumulated other comprehensive income (loss), tax effect | ||||
Other comprehensive income (loss), tax effect | 489 | 164 | 1,836 | 806 |
Change in accumulated other comprehensive income (loss), after-tax | ||||
Balance, beginning of period | (4,891) | 1,535 | (614) | 3,320 |
Total other comprehensive income | (1,501) | (474) | (5,778) | (2,259) |
Balance, end of period | (6,392) | 1,061 | (6,392) | 1,061 |
Debt valuation adjustment (DVA) | ||||
Change in accumulated other comprehensive income (loss), pretax | ||||
Other comprehensive income (loss), pretax | 2,592 | (110) | 3,642 | (148) |
Change in accumulated other comprehensive income (loss), tax effect | ||||
Other comprehensive income (loss), tax effect | (625) | 48 | (882) | 44 |
Change in accumulated other comprehensive income (loss), after-tax | ||||
Balance, beginning of period | (394) | (1,461) | (1,187) | (1,419) |
Total other comprehensive income | 1,967 | (62) | 2,760 | (104) |
Balance, end of period | 1,573 | (1,523) | 1,573 | (1,523) |
Hedges | ||||
Change in accumulated other comprehensive income (loss), after-tax | ||||
Balance, beginning of period | 1 | (57) | (47) | (47) |
Total other comprehensive income | 9 | (10) | 57 | (20) |
Balance, end of period | 10 | (67) | 10 | (67) |
Benefit plans | ||||
Change in accumulated other comprehensive income (loss), pretax | ||||
Other comprehensive income (loss), pretax | (73) | 84 | 104 | 991 |
Change in accumulated other comprehensive income (loss), tax effect | ||||
Other comprehensive income (loss), tax effect | (16) | 3 | (22) | (190) |
Change in accumulated other comprehensive income (loss), after-tax | ||||
Balance, beginning of period | (5,681) | (6,150) | (5,852) | (6,864) |
Total other comprehensive income | (89) | 87 | 82 | 801 |
Balance, end of period | (5,770) | (6,063) | (5,770) | (6,063) |
Foreign currency translation adjustment | ||||
Change in accumulated other comprehensive income (loss), pretax | ||||
Other comprehensive income (loss), pretax | (1,414) | 445 | (1,483) | (894) |
Change in accumulated other comprehensive income (loss), tax effect | ||||
Other comprehensive income (loss), tax effect | (216) | 78 | (161) | 143 |
Change in accumulated other comprehensive income (loss), after-tax | ||||
Balance, beginning of period | (31,180) | (29,915) | (31,166) | (28,641) |
Total other comprehensive income | (1,630) | 523 | (1,644) | (751) |
Balance, end of period | (32,810) | (29,392) | (32,810) | (29,392) |
Citigroup's accumulated other comprehensive income (loss) | ||||
Change in accumulated other comprehensive income (loss), pretax | ||||
Balance, beginning of period, pretax | (51,807) | (40,631) | (45,383) | (36,992) |
Other comprehensive income (loss), pretax | (1,759) | (456) | (8,183) | (4,095) |
Balance, end of period, pretax | (53,566) | (41,087) | (53,566) | (41,087) |
Change in accumulated other comprehensive income (loss), tax effect | ||||
Balance, beginning of period, tax effect | 8,222 | 5,620 | 6,618 | 4,934 |
Other comprehensive income (loss), tax effect | (151) | 347 | 1,453 | 1,033 |
Balance, end of period, tax effect | 8,071 | 5,967 | 8,071 | 5,967 |
Change in accumulated other comprehensive income (loss), after-tax | ||||
Balance, beginning of period | (43,585) | (35,011) | (38,765) | (32,058) |
Total other comprehensive income | (1,910) | (109) | (6,730) | (3,062) |
Balance, end of period | (45,495) | (35,120) | (45,495) | (35,120) |
Cash flow hedges | Hedges | ||||
Change in accumulated other comprehensive income (loss), pretax | ||||
Other comprehensive income (loss), pretax | (886) | (224) | (2,908) | (953) |
Change in accumulated other comprehensive income (loss), tax effect | ||||
Other comprehensive income (loss), tax effect | 220 | 51 | 701 | 224 |
Change in accumulated other comprehensive income (loss), after-tax | ||||
Total other comprehensive income | (666) | (173) | (2,207) | (729) |
Fair value hedges | Hedges | ||||
Change in accumulated other comprehensive income (loss), pretax | ||||
Other comprehensive income (loss), pretax | 12 | (13) | 76 | (26) |
Change in accumulated other comprehensive income (loss), tax effect | ||||
Other comprehensive income (loss), tax effect | (3) | 3 | (19) | 6 |
Change in accumulated other comprehensive income (loss), after-tax | ||||
Total other comprehensive income | $ 9 | $ (10) | $ 57 | $ (20) |
CHANGES IN ACCUMULATED OTHER _5
CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (AOCI) - Reclassification out of AOCI (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Pretax and after-tax amounts reclassified out of accumulated other comprehensive income (loss) | ||||
Realized (gains) losses | $ 58 | $ (137) | $ (22) | $ (538) |
Tax effect | 1,182 | 1,155 | 2,123 | 3,487 |
Income (loss) from continuing operations | (4,789) | (6,193) | (9,114) | (14,170) |
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 | 111 | (95) | 117 | (361) |
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 | 58 | (137) | (22) | (538) |
Gross impairment losses | 90 | 9 | 180 | 78 |
Income from continuing operations before income taxes | 148 | (128) | 158 | (460) |
Tax effect | (37) | 33 | (41) | 99 |
Income (loss) from continuing operations | 111 | (95) | 117 | (361) |
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 | (1) | 10 | (1) | 52 |
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 | (1) | 13 | (1) | 69 |
Tax effect | 0 | (3) | 0 | (17) |
Income (loss) from continuing operations | (1) | 10 | (1) | 52 |
Cash flow hedges | ||||
Pretax and after-tax amounts reclassified out of accumulated other comprehensive income (loss) | ||||
Total amounts reclassified out of AOCI, after-tax | (151) | (201) | (368) | (413) |
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 | (198) | (265) | (483) | (542) |
Tax effect | 47 | 64 | 115 | 129 |
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 | (199) | (266) | (485) | (544) |
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 | 2 | 2 |
Benefit plan adjustments | ||||
Pretax and after-tax amounts reclassified out of accumulated other comprehensive income (loss) | ||||
Total amounts reclassified out of AOCI, pretax | 236 | 69 | 84 | 150 |
Total tax effect | (54) | (18) | (23) | (38) |
Total amounts reclassified out of AOCI, after-tax | 182 | 51 | 61 | 112 |
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) | (6) | (11) | (12) |
Net actuarial loss | ||||
Pretax and after-tax amounts reclassified out of accumulated other comprehensive income (loss) | ||||
Total amounts reclassified out of AOCI, pretax | 58 | 71 | 128 | 158 |
Curtailment/settlement impact | ||||
Pretax and after-tax amounts reclassified out of accumulated other comprehensive income (loss) | ||||
Total amounts reclassified out of AOCI, pretax | 183 | 4 | (33) | 4 |
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 | 5 | 1 | 7 | 1 |
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 | 7 | 1 | 10 | 1 |
Tax effect | (2) | 0 | (3) | 0 |
Total amounts reclassified out of AOCI, after-tax | 5 | 1 | 7 | 1 |
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 | 345 | 0 | 345 | 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 | 397 | 0 | 397 | 0 |
Tax effect | (52) | 0 | (52) | 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 | 589 | (310) | 165 | (782) |
Total tax effect | (98) | 76 | (4) | 173 |
Total amounts reclassified out of AOCI, after-tax | $ 491 | $ (234) | $ 161 | $ (609) |
SECURITIZATIONS AND VARIABLE _3
SECURITIZATIONS AND VARIABLE INTEREST ENTITIES - Schedule of Variable Interest Entities (Details) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Variable Interest Entity | ||
Total involvement with SPE assets | $ 502,680 | $ 500,212 |
Consolidated VIE/SPE assets | 56,134 | 58,637 |
Significant unconsolidated VIE assets | 446,546 | 441,575 |
Funded Exposure | ||
Maximum exposure to loss in significant unconsolidated VIEs, debt investments | 46,246 | 41,528 |
Maximum exposure to loss in significant unconsolidated VIEs, equity investments | 4,458 | 4,756 |
Unfunded Exposure | ||
Maximum exposure to loss in significant unconsolidated VIEs, funding commitments | 17,245 | 17,266 |
Maximum exposure to loss in significant unconsolidated VIEs, guarantees and derivatives | 115 | 268 |
Funded and Unfunded Exposure | ||
Maximum exposure to loss in significant unconsolidated VIEs | 68,064 | 63,818 |
Private equity | ||
Variable Interest Entity | ||
Significant unconsolidated VIE assets | 86,000 | 100,000 |
Funded and Unfunded Exposure | ||
Maximum exposure to loss in significant unconsolidated VIEs | 499 | 497 |
Venture capital investments | ||
Funded and Unfunded Exposure | ||
Maximum exposure to loss in significant unconsolidated VIEs | 50,500 | 55,600 |
Credit card securitizations | ||
Variable Interest Entity | ||
Total involvement with SPE assets | 31,266 | 31,518 |
Consolidated VIE/SPE assets | 31,266 | 31,518 |
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 | 115,494 | 113,641 |
Consolidated VIE/SPE assets | 0 | 0 |
Significant unconsolidated VIE assets | 115,494 | 113,641 |
Funded Exposure | ||
Maximum exposure to loss in significant unconsolidated VIEs, debt investments | 2,100 | 1,582 |
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 | 51 | 43 |
Funded and Unfunded Exposure | ||
Maximum exposure to loss in significant unconsolidated VIEs | 2,151 | 1,625 |
Mortgage securitizations - Non-agency-sponsored | ||
Variable Interest Entity | ||
Total involvement with SPE assets | 60,155 | 60,851 |
Consolidated VIE/SPE assets | 0 | 632 |
Significant unconsolidated VIE assets | 60,155 | 60,219 |
Funded Exposure | ||
Maximum exposure to loss in significant unconsolidated VIEs, debt investments | 2,747 | 2,479 |
Maximum exposure to loss in significant unconsolidated VIEs, equity investments | 0 | 0 |
Unfunded Exposure | ||
Maximum exposure to loss in significant unconsolidated VIEs, funding commitments | 5 | 5 |
Maximum exposure to loss in significant unconsolidated VIEs, guarantees and derivatives | 0 | 0 |
Funded and Unfunded Exposure | ||
Maximum exposure to loss in significant unconsolidated VIEs | 2,752 | 2,484 |
Citi-administered asset-backed commercial paper conduits | ||
Variable Interest Entity | ||
Total involvement with SPE assets | 14,291 | 14,018 |
Consolidated VIE/SPE assets | 14,291 | 14,018 |
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 | 8,259 | 8,302 |
Consolidated VIE/SPE assets | 0 | 0 |
Significant unconsolidated VIE assets | 8,259 | 8,302 |
Funded Exposure | ||
Maximum exposure to loss in significant unconsolidated VIEs, debt investments | 2,599 | 2,636 |
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 | 2,599 | 2,636 |
Asset-based financing | ||
Variable Interest Entity | ||
Total involvement with SPE assets | 246,990 | 246,632 |
Consolidated VIE/SPE assets | 9,439 | 11,085 |
Significant unconsolidated VIE assets | 237,551 | 235,547 |
Funded Exposure | ||
Maximum exposure to loss in significant unconsolidated VIEs, debt investments | 36,051 | 32,242 |
Maximum exposure to loss in significant unconsolidated VIEs, equity investments | 1,088 | 1,139 |
Unfunded Exposure | ||
Maximum exposure to loss in significant unconsolidated VIEs, funding commitments | 11,639 | 12,189 |
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 | 48,778 | 45,570 |
Municipal securities tender option bond trusts (TOBs) | ||
Variable Interest Entity | ||
Total involvement with SPE assets | 2,839 | 3,251 |
Consolidated VIE/SPE assets | 678 | 905 |
Significant unconsolidated VIE assets | 2,161 | 2,346 |
Funded Exposure | ||
Maximum exposure to loss in significant unconsolidated VIEs, debt investments | 8 | 2 |
Maximum exposure to loss in significant unconsolidated VIEs, equity investments | 0 | 0 |
Unfunded Exposure | ||
Maximum exposure to loss in significant unconsolidated VIEs, funding commitments | 1,571 | 1,498 |
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 | 1,579 | 1,500 |
Municipal investments | ||
Variable Interest Entity | ||
Total involvement with SPE assets | 22,191 | 20,597 |
Consolidated VIE/SPE assets | 3 | 3 |
Significant unconsolidated VIE assets | 22,188 | 20,594 |
Funded Exposure | ||
Maximum exposure to loss in significant unconsolidated VIEs, debt investments | 2,673 | 2,512 |
Maximum exposure to loss in significant unconsolidated VIEs, equity investments | 3,368 | 3,617 |
Unfunded Exposure | ||
Maximum exposure to loss in significant unconsolidated VIEs, funding commitments | 4,010 | 3,562 |
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 | 10,051 | 9,691 |
Client intermediation | ||
Variable Interest Entity | ||
Total involvement with SPE assets | 810 | 904 |
Consolidated VIE/SPE assets | 373 | 297 |
Significant unconsolidated VIE assets | 437 | 607 |
Funded Exposure | ||
Maximum exposure to loss in significant unconsolidated VIEs, debt investments | 66 | 75 |
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 | 63 | 224 |
Funded and Unfunded Exposure | ||
Maximum exposure to loss in significant unconsolidated VIEs | 129 | 299 |
Investment funds | ||
Variable Interest Entity | ||
Total involvement with SPE assets | 385 | 498 |
Consolidated VIE/SPE assets | 84 | 179 |
Significant unconsolidated VIE assets | 301 | 319 |
Funded Exposure | ||
Maximum exposure to loss in significant unconsolidated VIEs, debt investments | 2 | 0 |
Maximum exposure to loss in significant unconsolidated VIEs, equity investments | 2 | 0 |
Unfunded Exposure | ||
Maximum exposure to loss in significant unconsolidated VIEs, funding commitments | 20 | 12 |
Maximum exposure to loss in significant unconsolidated VIEs, guarantees and derivatives | 1 | 1 |
Funded and Unfunded Exposure | ||
Maximum exposure to loss in significant unconsolidated VIEs | 25 | 13 |
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 |
SECURITIZATIONS AND VARIABLE _4
SECURITIZATIONS AND VARIABLE INTEREST ENTITIES - Funding Commitments (Details) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Funding Commitments for Significant Unconsolidated VIEs | ||
Notional amount | $ 17,245 | $ 17,266 |
Liquidity facilities | ||
Funding Commitments for Significant Unconsolidated VIEs | ||
Notional amount | 1,571 | 1,498 |
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 | 1,571 | 1,498 |
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 | 15,674 | 15,768 |
Loan / equity commitments | Non-agency-sponsored mortgage securitizations | ||
Funding Commitments for Significant Unconsolidated VIEs | ||
Notional amount | 5 | 5 |
Loan / equity commitments | Asset-based financing | ||
Funding Commitments for Significant Unconsolidated VIEs | ||
Notional amount | 11,639 | 12,189 |
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 | 4,010 | 3,562 |
Loan / equity commitments | Investment funds | ||
Funding Commitments for Significant Unconsolidated VIEs | ||
Notional amount | 20 | 12 |
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 | Jun. 30, 2022 | Dec. 31, 2021 | Jun. 30, 2021 |
Variable Interest Entity | |||
Cash | $ 24,902 | $ 27,515 | $ 27,117 |
Trading account assets | 340,875 | 331,945 | |
Investments | 513,878 | 512,822 | |
Total loans, net of allowance | 641,381 | 651,312 | |
Increase in other assets | 134,797 | 125,879 | |
Total assets | 2,380,904 | 2,291,413 | $ 2,291,000 |
Unconsolidated VIEs | |||
Variable Interest Entity | |||
Cash | 0 | 0 | |
Trading account assets | 1,800 | 1,400 | |
Investments | 8,900 | 8,800 | |
Total loans, net of allowance | 39,600 | 35,400 | |
Increase in other assets | 500 | 800 | |
Total assets | $ 50,800 | $ 46,400 |
SECURITIZATIONS AND VARIABLE _6
SECURITIZATIONS AND VARIABLE INTEREST ENTITIES - Credit Card Securitizations (Details) $ in Billions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2022 USD ($) | Jun. 30, 2021 USD ($) | Jun. 30, 2022 USD ($) trust | Jun. 30, 2021 USD ($) | Dec. 31, 2021 USD ($) | |
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 | $ 9.7 | $ 9.7 | $ 9.7 | ||
Retained by Citigroup as trust-issued securities | 6.5 | 6.5 | 7.2 | ||
Retained by Citigroup via non-certificated interests | 16.9 | 16.9 | 16.1 | ||
Total ownership interests in principal amount of trust credit card receivables | 33.1 | 33.1 | $ 33 | ||
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) | $ 0 | $ (4.7) |
SECURITIZATIONS AND VARIABLE _7
SECURITIZATIONS AND VARIABLE INTEREST ENTITIES - Funding, Liquidity Facilities and Subordinated Interests (Details) - USD ($) $ in Billions | 6 Months Ended | 12 Months Ended |
Jun. 30, 2022 | Dec. 31, 2021 | |
Citibank Credit Card Master Trust (Master Trust) | ||
Funding, Liquidity Facilities and Subordinated Interests | ||
Weighted average maturity of term notes | 3 years 1 month 6 days | 3 years 7 months 6 days |
Term notes issued to third parties | $ 8.4 | $ 8.4 |
Term notes retained by Citigroup affiliates | 1.7 | 2.2 |
Total Trust liabilities | $ 10.1 | $ 10.6 |
Citibank OMNI Master Trust (Omni Trust) | ||
Funding, Liquidity Facilities and Subordinated Interests | ||
Weighted average maturity of term notes | 1 year 1 month 6 days | 1 year 7 months 6 days |
Term notes issued to third parties | $ 1.3 | $ 1.3 |
Term notes retained by Citigroup affiliates | 4.8 | 5 |
Total Trust liabilities | $ 6.1 | $ 6.3 |
SECURITIZATIONS AND VARIABLE _8
SECURITIZATIONS AND VARIABLE INTEREST ENTITIES - Mortgage Securitizations (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
Mortgage securitizations - U.S. agency sponsored | |||||
Cash Flows Between Transferor and Transferee | |||||
Principal securitized | $ 1,900 | $ 1,900 | $ 4,000 | $ 4,900 | |
Proceeds from new securitizations | 1,800 | 1,900 | 3,900 | 5,100 | |
Contractual servicing fees received | 0 | 0 | |||
Cash flows received on retained interests and other new cash flows | 0 | 0 | |||
Purchases of previously transferred financial assets | 0 | 0 | 0 | 100 | |
Gains recognized on the securitization | 0.3 | $ 0.2 | 0.6 | $ 1.3 | |
Carrying value of retained interests | $ 597 | $ 597 | $ 374 | ||
Key assumptions used in measuring fair value of retained interests at date of sale or securitization of mortgage receivables | |||||
Weighted average life (in years) | 9 years 7 months 6 days | 7 years 9 months 18 days | 9 years | 7 years 9 months 18 days | |
Key assumptions used in measuring fair value related to transferor's continuing involvement | |||||
Weighted average life (in years) | 7 years 8 months 12 days | 5 years 1 month 6 days | |||
Sensitivity analysis of fair value of interests continued to be held by transferor | |||||
Carrying value of retained interests, impact of 10% adverse change in discount rate | $ (16) | $ (16) | $ (6) | ||
Carrying value of retained interests, impact of 20% adverse change in discount rate | (31) | (31) | (11) | ||
Carrying value of retained interests, impact of 10% adverse change in constant prepayment rate | (14) | (14) | (19) | ||
Carrying value of retained interests, impact of 20% adverse change in constant prepayment rate | $ (27) | $ (27) | $ (37) | ||
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) | 7.60% | 9% | 7.40% | 8.90% | |
Weighted average constant prepayment rate (as a percent) | 2.10% | 4.20% | 2.70% | 5% | |
Key assumptions used in measuring fair value related to transferor's continuing involvement | |||||
Weighted average discount rate (as a percent) | 5.10% | 3.70% | |||
Weighted average constant prepayment rate (as a percent) | 6% | 14.50% | |||
Mortgage securitizations - Non-agency-sponsored | |||||
Cash Flows Between Transferor and Transferee | |||||
Principal securitized | $ 8,600 | $ 7,100 | $ 10,200 | $ 18,100 | |
Proceeds from new securitizations | 8,400 | 7,200 | 10,000 | 17,800 | |
Contractual servicing fees received | 0 | 0 | |||
Cash flows received on retained interests and other new cash flows | 0 | 0 | |||
Purchases of previously transferred financial assets | 0 | 0 | 0 | 0 | |
Gains recognized on the securitization | 35 | $ 135.6 | 73.7 | $ 301.7 | |
Senior interests | |||||
Cash Flows Between Transferor and Transferee | |||||
Carrying value of retained interests | $ 1,172 | $ 1,172 | $ 1,452 | ||
Key assumptions used in measuring fair value of retained interests at date of sale or securitization of mortgage receivables | |||||
Weighted average life (in years) | 8 years 4 months 24 days | 6 years 8 months 12 days | 6 years 6 months | 3 years 4 months 24 days | |
Key assumptions used in measuring fair value related to transferor's continuing involvement | |||||
Weighted average life (in years) | 6 years 6 months | 8 years 9 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 | $ (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 | (1) | (1) | 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) | 4.40% | 1.80% | 3.40% | 0.40% | |
Weighted average constant prepayment rate (as a percent) | 5% | 0% | 5.90% | 0% | |
Weighted average anticipated net credit losses (as a percent) | 4.60% | 0% | 2.90% | 0.40% | |
Key assumptions used in measuring fair value related to transferor's continuing involvement | |||||
Weighted average discount rate (as a percent) | 6.70% | 16.20% | |||
Weighted average constant prepayment rate (as a percent) | 10% | 6.80% | |||
Weighted average anticipated net credit losses (as a percent) | 1% | 1% | |||
Subordinated interests | |||||
Cash Flows Between Transferor and Transferee | |||||
Carrying value of retained interests | $ 945 | $ 945 | $ 955 | ||
Key assumptions used in measuring fair value of retained interests at date of sale or securitization of mortgage receivables | |||||
Weighted average life (in years) | 6 years | 5 years 8 months 12 days | 5 years 9 months 18 days | 5 years 6 months | |
Key assumptions used in measuring fair value related to transferor's continuing involvement | |||||
Weighted average life (in years) | 18 years | ||||
Sensitivity analysis of fair value of interests continued to be held by transferor | |||||
Carrying value of retained interests, impact of 10% adverse change in discount rate | $ 0 | $ 0 | $ 0 | ||
Carrying value of retained interests, impact of 20% adverse change in discount rate | 0 | 0 | 0 | ||
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) | 4.10% | 2.80% | 3.90% | 2.90% | |
Weighted average constant prepayment rate (as a percent) | 12.30% | 10% | 12.30% | 10.30% | |
Weighted average anticipated net credit losses (as a percent) | 0.50% | 1% | 0.40% | 1.10% | |
Key assumptions used in measuring fair value related to transferor's continuing involvement | |||||
Weighted average discount rate (as a percent) | 0% | 4% | |||
Weighted average constant prepayment rate (as a percent) | 0% | 9% | |||
Weighted average anticipated net credit losses (as a percent) | 0% | 2% | |||
Personal loan | |||||
Cash Flows Between Transferor and Transferee | |||||
Carrying value of retained interests | $ 48 | $ 48 |
SECURITIZATIONS AND VARIABLE _9
SECURITIZATIONS AND VARIABLE INTEREST ENTITIES - Loan Delinquencies and Liquidation Losses (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
Residential mortgages | |||||
Variable Interest Entity | |||||
Securitized assets | $ 29,300 | $ 29,300 | $ 29,200 | ||
Liquidation losses | (0.3) | $ 5 | 1.2 | $ 6.6 | |
Commercial and other | |||||
Variable Interest Entity | |||||
Securitized assets | 21,700 | 21,700 | 26,200 | ||
Liquidation losses | 0 | 0 | 0 | 0 | |
Mortgage securitizations - Non-agency-sponsored | |||||
Variable Interest Entity | |||||
Securitized assets | 51,000 | 51,000 | 55,400 | ||
Liquidation losses | (0.3) | $ 5 | 1.2 | $ 6.6 | |
Personal loan | |||||
Variable Interest Entity | |||||
Securitized assets | 200 | 200 | |||
90 days or more past due | Residential mortgages | |||||
Variable Interest Entity | |||||
Securitized assets | 500 | 500 | 400 | ||
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 | $ 500 | $ 500 | $ 400 |
SECURITIZATIONS AND VARIABLE_10
SECURITIZATIONS AND VARIABLE INTEREST ENTITIES - Mortgage Servicing Rights (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
Mortgage servicing rights | |||||
Classification of Securitizations | |||||
Fair value of capitalized mortgage servicing rights | $ 600,000,000 | $ 419,000,000 | $ 600,000,000 | $ 419,000,000 | |
Principal amount of loans and other financial instruments | 49,000,000,000 | 50,000,000,000 | 49,000,000,000 | 50,000,000,000 | |
Capitalized MSRs | |||||
Balance, at beginning of period | 520,000,000 | 433,000,000 | 404,000,000 | 336,000,000 | |
Originations | 35,000,000 | 25,000,000 | 69,000,000 | 68,000,000 | |
Changes in fair value of MSRs due to changes in inputs and assumptions | 59,000,000 | (21,000,000) | 158,000,000 | 52,000,000 | |
Other changes | (14,000,000) | (18,000,000) | (31,000,000) | (37,000,000) | |
Sale of MSRs | 0 | 0 | 0 | 0 | |
Balance, as of June 30 | 600,000,000 | 419,000,000 | 600,000,000 | 419,000,000 | |
MSR fees | |||||
Servicing fees | 30,000,000 | 37,000,000 | 59,000,000 | 68,000,000 | |
Late fees | 1,000,000 | 0 | 2,000,000 | 1,000,000 | |
Ancillary fees | 0 | 0 | 0 | 0 | |
Total MSR fees | 31,000,000 | 37,000,000 | 61,000,000 | 69,000,000 | |
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 | 1,500,000,000 | 1,500,000,000 | 1,200,000,000 | ||
Securities transferred to re-securitization entities | 5,600,000,000 | $ 11,400,000,000 | 14,900,000,000 | $ 24,500,000,000 | |
Market value of retained interest related to re-securitization transaction | 656,000,000 | 656,000,000 | 641,000,000 | ||
Original fair value of re-securitizations deals in which the entity holds a retained interest | $ 78,800,000,000 | $ 78,800,000,000 | $ 78,400,000,000 |
SECURITIZATIONS AND VARIABLE_11
SECURITIZATIONS AND VARIABLE INTEREST ENTITIES - Asset-Backed Commercial Paper Conduits (Details) - USD ($) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2022 | Dec. 31, 2021 | |
Classification of Other Securitization Details | ||
Commercial paper | $ 21,479,000,000 | $ 16,018,000,000 |
Citi-administered asset-backed commercial paper conduits | ||
Classification of Other Securitization Details | ||
Purchased assets outstanding under conduits | 14,300,000,000 | 14,000,000,000 |
Incremental funding commitments with clients | $ 16,400,000,000 | $ 18,300,000,000 |
Weighted average life of commercial paper issued by conduits | 61 days | 70 days |
Citi-administered asset-backed commercial paper conduits | Minimum | ||
Classification of Other Securitization Details | ||
Letters of credit as percentage of conduit assets | 8% | |
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% | |
Citi-administered asset-backed consolidated commercial paper conduits (ABCP) | ||
Classification of Other Securitization Details | ||
Letters of credit provided to conduits | $ 1,500,000,000 | $ 1,300,000,000 |
Commercial paper | $ 5,300,000,000 | $ 4,900,000,000 |
SECURITIZATIONS AND VARIABLE_12
SECURITIZATIONS AND VARIABLE INTEREST ENTITIES - Collateralized Loan Obligations (Details) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Collateralized loan obligations (CLOs) | ||
Variable Interest Entity | ||
Carrying value of retained interests | $ 681 | $ 921 |
SECURITIZATIONS AND VARIABLE_13
SECURITIZATIONS AND VARIABLE INTEREST ENTITIES - Asset Based Financing (Details) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Variable Interest Entity | ||
Total unconsolidated VIE assets | $ 446,546 | $ 441,575 |
Maximum exposure to unconsolidated VIEs | 68,064 | 63,818 |
Commercial and other real estate | Asset-based financing | ||
Variable Interest Entity | ||
Total unconsolidated VIE assets | 42,600 | 32,932 |
Maximum exposure to unconsolidated VIEs | 8,802 | 7,461 |
Corporate loans | Asset-based financing | ||
Variable Interest Entity | ||
Total unconsolidated VIE assets | 23,656 | 18,257 |
Maximum exposure to unconsolidated VIEs | 15,139 | 12,581 |
Other (including investment funds, airlines and shipping) | Asset-based financing | ||
Variable Interest Entity | ||
Total unconsolidated VIE assets | 171,295 | 184,358 |
Maximum exposure to unconsolidated VIEs | 24,837 | 25,528 |
Asset-based financing | ||
Variable Interest Entity | ||
Total unconsolidated VIE assets | 237,551 | 235,547 |
Maximum exposure to unconsolidated VIEs | $ 48,778 | $ 45,570 |
SECURITIZATIONS AND VARIABLE_14
SECURITIZATIONS AND VARIABLE INTEREST ENTITIES - Municipal Securities Tender Option Bond Trusts (Details) - Municipal securities tender option bond trusts (TOBs) - USD ($) $ in Billions | 6 Months Ended | |
Jun. 30, 2022 | Dec. 31, 2021 | |
Variable Interest Entity | ||
Liquidity agreements, customer TOB trust | $ 1.6 | $ 1.5 |
Notional amount of offsetting reimbursement agreements | 0.8 | 0.6 |
Liquidity agreements, other trusts | $ 1.6 | $ 2 |
Maximum | ||
Variable Interest Entity | ||
The threshold ownership percentage on Residual value of customers TOBs for which the reimbursement agreement applied | 25% |
DERIVATIVES - Derivative Notion
DERIVATIVES - Derivative Notionals (Details) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Derivatives | ||
Reduction in derivative receivables | $ (462,703) | $ (386,851) |
Hedging instruments under ASC 815 | ||
Derivatives | ||
Derivative notionals | 409,118 | 367,355 |
Reduction in derivative receivables | (2,527) | (2,633) |
Hedging instruments under ASC 815 | Interest rate contracts | ||
Derivatives | ||
Derivative notionals | 318,974 | 267,035 |
Reduction in derivative receivables | (797) | (1,289) |
Hedging instruments under ASC 815 | Interest rate swaps | ||
Derivatives | ||
Derivative notionals | 318,974 | 267,035 |
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 | 88,779 | 98,224 |
Reduction in derivative receivables | (1,730) | (1,344) |
Hedging instruments under ASC 815 | Foreign exchange swaps | ||
Derivatives | ||
Derivative notionals | 45,428 | 47,298 |
Hedging instruments under ASC 815 | Foreign exchange futures, forwards and spot | ||
Derivatives | ||
Derivative notionals | 43,351 | 50,926 |
Hedging instruments under ASC 815 | Foreign exchange contract options | Written | ||
Derivatives | ||
Derivative notionals | 0 | 0 |
Hedging instruments under ASC 815 | Foreign exchange contract options | Purchased | ||
Derivatives | ||
Derivative notionals | 0 | 0 |
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 | 1,365 | 2,096 |
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 | 1,365 | 2,096 |
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 | 44,358,096 | 41,989,120 |
Other derivative instruments, Trading derivatives | Interest rate contracts | ||
Derivatives | ||
Derivative notionals | 29,769,325 | 27,270,067 |
Other derivative instruments, Trading derivatives | Interest rate swaps | ||
Derivatives | ||
Derivative notionals | 23,331,571 | 21,873,538 |
Other derivative instruments, Trading derivatives | Interest rate futures and forwards | ||
Derivatives | ||
Derivative notionals | 2,714,997 | 2,383,702 |
Other derivative instruments, Trading derivatives | Interest rate contract options | Written | ||
Derivatives | ||
Derivative notionals | 1,879,285 | 1,584,451 |
Other derivative instruments, Trading derivatives | Interest rate contract options | Purchased | ||
Derivatives | ||
Derivative notionals | 1,843,472 | 1,428,376 |
Other derivative instruments, Trading derivatives | Foreign exchange contracts | ||
Derivatives | ||
Derivative notionals | 11,632,496 | 11,921,335 |
Other derivative instruments, Trading derivatives | Foreign exchange swaps | ||
Derivatives | ||
Derivative notionals | 6,276,146 | 6,288,193 |
Other derivative instruments, Trading derivatives | Foreign exchange futures, forwards and spot | ||
Derivatives | ||
Derivative notionals | 3,668,569 | 4,316,242 |
Other derivative instruments, Trading derivatives | Foreign exchange contract options | Written | ||
Derivatives | ||
Derivative notionals | 846,794 | 664,942 |
Other derivative instruments, Trading derivatives | Foreign exchange contract options | Purchased | ||
Derivatives | ||
Derivative notionals | 840,987 | 651,958 |
Other derivative instruments, Trading derivatives | Equity contracts | ||
Derivatives | ||
Derivative notionals | 1,198,655 | 1,230,987 |
Other derivative instruments, Trading derivatives | Equity swaps | ||
Derivatives | ||
Derivative notionals | 243,070 | 269,062 |
Other derivative instruments, Trading derivatives | Equity futures and forwards | ||
Derivatives | ||
Derivative notionals | 73,495 | 71,363 |
Other derivative instruments, Trading derivatives | Equity contract options | Written | ||
Derivatives | ||
Derivative notionals | 485,109 | 492,433 |
Other derivative instruments, Trading derivatives | Equity contract options | Purchased | ||
Derivatives | ||
Derivative notionals | 396,981 | 398,129 |
Other derivative instruments, Trading derivatives | Commodity and other contracts | ||
Derivatives | ||
Derivative notionals | 437,097 | 348,249 |
Other derivative instruments, Trading derivatives | Commodity and other swaps | ||
Derivatives | ||
Derivative notionals | 110,833 | 91,962 |
Other derivative instruments, Trading derivatives | Commodity and other futures and forwards | ||
Derivatives | ||
Derivative notionals | 201,926 | 157,195 |
Other derivative instruments, Trading derivatives | Commodity and other contracts | Written | ||
Derivatives | ||
Derivative notionals | 63,643 | 51,224 |
Other derivative instruments, Trading derivatives | Commodity and other contracts | Purchased | ||
Derivatives | ||
Derivative notionals | 60,695 | 47,868 |
Other derivative instruments, Trading derivatives | Credit derivatives | ||
Derivatives | ||
Derivative notionals | 1,320,523 | 1,218,482 |
Other derivative instruments, Trading derivatives | Credit derivatives | Written | ||
Derivatives | ||
Derivative notionals | 638,379 | 572,486 |
Other derivative instruments, Trading derivatives | Credit derivatives | Purchased | ||
Derivatives | ||
Derivative notionals | $ 682,144 | $ 645,996 |
DERIVATIVES - Derivative Mark-t
DERIVATIVES - Derivative Mark-to-Market (MTM) Receivables/Payables (Details) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Assets | ||
Derivative receivables | $ 462,703 | $ 386,851 |
Less: Netting agreements to assets | (348,255) | (292,628) |
Less: Netting of cash collateral received | (32,563) | (24,447) |
Total trading account derivatives, assets | 81,885 | 69,776 |
Less: Cash collateral received | (2,244) | (907) |
Less: Non-cash collateral received | (4,878) | (5,777) |
Total net receivables | 74,763 | 63,092 |
Liabilities | ||
Derivative payables | 444,962 | 377,450 |
Less: Netting agreements to liabilities | (348,255) | (292,628) |
Less: Netting of cash collateral paid | (33,950) | (29,306) |
Total derivative liabilities | 62,757 | 55,516 |
Less: Cash collateral paid | (1,918) | (538) |
Less: Non-cash collateral paid | (12,975) | (13,607) |
Total net payables | 47,864 | 41,371 |
Trading account assets | ||
Liabilities | ||
Does not meet applicable offsetting guidance, assets | 7,000 | 10,000 |
Trading account assets | Over-the-counter | ||
Liabilities | ||
Less: Netting agreements to liabilities | (286,000) | (259,000) |
Trading account assets | Cleared | ||
Liabilities | ||
Less: Netting agreements to liabilities | (31,000) | (14,000) |
Trading account assets | Exchange traded | ||
Liabilities | ||
Less: Netting agreements to liabilities | (31,000) | (20,000) |
Trading accounts liabilities | ||
Liabilities | ||
Does not meet applicable offsetting guidance, liabilities | 11,000 | 11,000 |
Trading accounts liabilities | Over-the-counter | ||
Assets | ||
Less: Netting agreements to assets | (286,000) | (259,000) |
Trading accounts liabilities | Cleared | ||
Assets | ||
Less: Netting agreements to assets | (31,000) | (14,000) |
Trading accounts liabilities | Exchange traded | ||
Assets | ||
Less: Netting agreements to assets | (31,000) | (20,000) |
Derivative instruments designated as ASC 815 hedges | ||
Assets | ||
Derivative receivables | 2,527 | 2,633 |
Liabilities | ||
Derivative payables | 2,575 | 1,567 |
Derivative instruments designated as ASC 815 hedges | Interest rate contracts | ||
Assets | ||
Derivative receivables | 797 | 1,289 |
Liabilities | ||
Derivative payables | 428 | 95 |
Derivative instruments designated as ASC 815 hedges | Interest rate contracts | Over-the-counter | ||
Assets | ||
Derivative receivables | 671 | 1,167 |
Liabilities | ||
Derivative payables | 2 | 6 |
Derivative instruments designated as ASC 815 hedges | Interest rate contracts | Cleared | ||
Assets | ||
Derivative receivables | 126 | 122 |
Liabilities | ||
Derivative payables | 426 | 89 |
Derivative instruments designated as ASC 815 hedges | Foreign exchange contracts | ||
Assets | ||
Derivative receivables | 1,730 | 1,344 |
Liabilities | ||
Derivative payables | 2,147 | 1,472 |
Derivative instruments designated as ASC 815 hedges | Foreign exchange contracts | Over-the-counter | ||
Assets | ||
Derivative receivables | 1,729 | 1,338 |
Liabilities | ||
Derivative payables | 2,147 | 1,472 |
Derivative instruments designated as ASC 815 hedges | Foreign exchange contracts | Cleared | ||
Assets | ||
Derivative receivables | 1 | 6 |
Liabilities | ||
Derivative payables | 0 | 0 |
Derivatives instruments not designated as ASC 815 hedges | ||
Assets | ||
Derivative receivables | 460,176 | 384,218 |
Liabilities | ||
Derivative payables | 442,387 | 375,883 |
Derivatives instruments not designated as ASC 815 hedges | Interest rate contracts | ||
Assets | ||
Derivative receivables | 158,728 | 164,199 |
Liabilities | ||
Derivative payables | 149,709 | 149,979 |
Derivatives instruments not designated as ASC 815 hedges | Interest rate contracts | Over-the-counter | ||
Assets | ||
Derivative receivables | 123,716 | 152,524 |
Liabilities | ||
Derivative payables | 115,511 | 138,114 |
Derivatives instruments not designated as ASC 815 hedges | Interest rate contracts | Cleared | ||
Assets | ||
Derivative receivables | 34,690 | 11,579 |
Liabilities | ||
Derivative payables | 33,926 | 11,821 |
Derivatives instruments not designated as ASC 815 hedges | Interest rate contracts | Exchange traded | ||
Assets | ||
Derivative receivables | 322 | 96 |
Liabilities | ||
Derivative payables | 272 | 44 |
Derivatives instruments not designated as ASC 815 hedges | Foreign exchange contracts | ||
Assets | ||
Derivative receivables | 184,380 | 134,205 |
Liabilities | ||
Derivative payables | 179,245 | 133,826 |
Derivatives instruments not designated as ASC 815 hedges | Foreign exchange contracts | Over-the-counter | ||
Assets | ||
Derivative receivables | 183,935 | 133,357 |
Liabilities | ||
Derivative payables | 178,416 | 133,548 |
Derivatives instruments not designated as ASC 815 hedges | Foreign exchange contracts | Cleared | ||
Assets | ||
Derivative receivables | 445 | 848 |
Liabilities | ||
Derivative payables | 829 | 278 |
Derivatives instruments not designated as ASC 815 hedges | Equity contracts | ||
Assets | ||
Derivative receivables | 55,591 | 45,252 |
Liabilities | ||
Derivative payables | 58,509 | 49,684 |
Derivatives instruments not designated as ASC 815 hedges | Equity contracts | Over-the-counter | ||
Assets | ||
Derivative receivables | 25,577 | 23,452 |
Liabilities | ||
Derivative payables | 27,170 | 28,352 |
Derivatives instruments not designated as ASC 815 hedges | Equity contracts | Cleared | ||
Assets | ||
Derivative receivables | 22 | 19 |
Liabilities | ||
Derivative payables | 12 | 0 |
Derivatives instruments not designated as ASC 815 hedges | Equity contracts | Exchange traded | ||
Assets | ||
Derivative receivables | 29,992 | 21,781 |
Liabilities | ||
Derivative payables | 31,327 | 21,332 |
Derivatives instruments not designated as ASC 815 hedges | Commodity and other contracts | ||
Assets | ||
Derivative receivables | 49,676 | 30,344 |
Liabilities | ||
Derivative payables | 44,629 | 31,379 |
Derivatives instruments not designated as ASC 815 hedges | Commodity and other contracts | Over-the-counter | ||
Assets | ||
Derivative receivables | 47,253 | 29,279 |
Liabilities | ||
Derivative payables | 41,326 | 29,833 |
Derivatives instruments not designated as ASC 815 hedges | Commodity and other contracts | Exchange traded | ||
Assets | ||
Derivative receivables | 2,423 | 1,065 |
Liabilities | ||
Derivative payables | 3,303 | 1,546 |
Derivatives instruments not designated as ASC 815 hedges | Credit derivatives | ||
Assets | ||
Derivative receivables | 11,801 | 10,218 |
Liabilities | ||
Derivative payables | 10,295 | 11,015 |
Derivatives instruments not designated as ASC 815 hedges | Credit derivatives | Over-the-counter | ||
Assets | ||
Derivative receivables | 9,837 | 6,896 |
Liabilities | ||
Derivative payables | 8,401 | 6,959 |
Derivatives instruments not designated as ASC 815 hedges | Credit derivatives | Cleared | ||
Assets | ||
Derivative receivables | 1,964 | 3,322 |
Liabilities | ||
Derivative payables | $ 1,894 | $ 4,056 |
DERIVATIVES - Gains (Losses) In
DERIVATIVES - Gains (Losses) Included in Other Revenue (Details) - Other revenue - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Derivative gain (losses) | ||||
Gains (losses) recognized in Other revenue related to derivatives not designated in a qualifying hedging relationship | $ 68 | $ (28) | $ 63 | $ (109) |
Interest rate contracts | ||||
Derivative gain (losses) | ||||
Gains (losses) recognized in Other revenue related to derivatives not designated in a qualifying hedging relationship | 72 | (15) | 144 | (75) |
Foreign exchange contracts | ||||
Derivative gain (losses) | ||||
Gains (losses) recognized in Other revenue related to derivatives not designated in a qualifying hedging relationship | $ (4) | $ (13) | $ (81) | $ (34) |
DERIVATIVES - Fair Value Hedges
DERIVATIVES - Fair Value Hedges (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Other revenue | ||||
Gain (loss) on fair value hedges | ||||
Gain (loss) on the hedging derivatives included in assessment of the effectiveness of fair value hedges | $ (1,491) | $ (57) | $ (1,044) | $ (556) |
Gain (loss) on the hedged item in designated and qualifying fair value hedges | 1,490 | 57 | 1,042 | 556 |
Net gain (loss) on the hedging derivatives excluded from assessment of the effectiveness of fair value hedges | 47 | (40) | 127 | (58) |
Net interest income | ||||
Gain (loss) on fair value hedges | ||||
Gain (loss) on the hedging derivatives included in assessment of the effectiveness of fair value hedges | (1,717) | 454 | (6,383) | (3,481) |
Gain (loss) on the hedged item in designated and qualifying fair value hedges | 1,646 | (559) | 6,243 | 3,267 |
Net gain (loss) on the hedging derivatives excluded from assessment of the effectiveness of fair value hedges | (5) | 1 | (11) | (3) |
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 income | ||||
Gain (loss) on fair value hedges | ||||
Gain (loss) on the hedging derivatives included in assessment of the effectiveness of fair value hedges | (1,717) | 454 | (6,383) | (3,481) |
Gain (loss) on the hedged item in designated and qualifying fair value hedges | 1,646 | (559) | 6,243 | 3,267 |
Net gain (loss) on the hedging derivatives excluded from assessment of the effectiveness of fair value hedges | (5) | 1 | (11) | (3) |
Foreign exchange contracts (gross) | ||||
Gain (loss) on fair value hedges | ||||
Amount of cross currency basis included in AOCI | 12 | (13) | 76 | (26) |
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 | (1,234) | 220 | (1,659) | 10 |
Gain (loss) on the hedged item in designated and qualifying fair value hedges | 1,233 | (220) | 1,657 | (10) |
Net gain (loss) on the hedging derivatives excluded from assessment of the effectiveness of fair value hedges | 73 | 13 | 104 | 17 |
Foreign exchange contracts (gross) | Net interest income | ||||
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 | (257) | (277) | 615 | (566) |
Gain (loss) on the hedged item in designated and qualifying fair value hedges | 257 | 277 | (615) | 566 |
Net gain (loss) on the hedging derivatives excluded from assessment of the effectiveness of fair value hedges | (26) | (53) | 23 | (75) |
Commodity hedges | Net interest income | ||||
Gain (loss) on fair value hedges | ||||
Gain (loss) on the hedging derivatives included in assessment of the effectiveness of fair value hedges | 0 | 0 | 0 | 0 |
Gain (loss) on the hedged item in designated and qualifying fair value hedges | 0 | 0 | 0 | 0 |
Net gain (loss) on the hedging derivatives excluded from assessment of the effectiveness of fair value hedges | $ 0 | $ 0 | $ 0 | $ 0 |
DERIVATIVES - Cumulative Basis
DERIVATIVES - Cumulative Basis Adjustment (Details) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||
Debt securities AFS, carrying amount of hedged asset/liability | $ 101,249 | $ 62,733 |
Debt securities AFS, cumulative fair value hedging adjustment included in the carrying amount, active | (1,137) | 149 |
Debt securities AFS, cumulative fair value hedging adjustment included in the carrying amount, de-designated | (270) | 212 |
Long-term debt, carrying amount of hedged asset/liability | 148,863 | 149,305 |
Long-term debt, cumulative fair value hedging adjustment included in the carrying amount, active | (3,848) | 623 |
Long-term debt, cumulative fair value hedging adjustment included in the carrying amount, de-designated | (587) | 3,936 |
Cumulative basis adjustment within active hedges | (11) | 24 |
Cumulative basis adjustment within de-designated hedges | (228) | (92) |
Amount of designated hedged items | 3,000 | 6,000 |
Amortized cost basis of closed portfolios used in hedging relations | $ 11,000 | $ 25,000 |
DERIVATIVES - Cash Flow Hedges
DERIVATIVES - Cash Flow Hedges (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Pretax change in accumulated other comprehensive income (loss) | ||||
Amount of gain (loss) recognized in AOCI on derivative | $ (688) | $ 36 | $ (2,425) | $ (416) |
Net pretax change in cash flow hedges included within AOCI | (886) | (229) | (2,908) | (958) |
Cash flow hedge gain expected to be reclassified from AOCI within 12 months | $ (1,200) | |||
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 | (681) | 39 | $ (2,441) | (416) |
Foreign exchange contracts | ||||
Pretax change in accumulated other comprehensive income (loss) | ||||
Amount of gain (loss) recognized in AOCI on derivative | (7) | (3) | 16 | 0 |
Other revenue | ||||
Pretax change in accumulated other comprehensive income (loss) | ||||
Amount of gain (loss) reclassified from AOCI to earnings | (1) | (1) | (2) | (2) |
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) | (2) | (2) |
Net interest income | ||||
Pretax change in accumulated other comprehensive income (loss) | ||||
Amount of gain (loss) reclassified from AOCI to earnings | 199 | 266 | 485 | 544 |
Net interest income | Interest rate contracts | ||||
Pretax change in accumulated other comprehensive income (loss) | ||||
Amount of gain (loss) reclassified from AOCI to earnings | 199 | 266 | 485 | 544 |
Net interest income | 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) - Net investment hedges - Foreign currency translation adjustment - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Derivative gain (losses) | ||||
Gain (loss) recognized in AOCI | $ 836 | $ (426) | $ 641 | $ 131 |
Amount of gain (loss) reclassified from AOCI to earnings | $ 47 |
DERIVATIVES - Credit Derivative
DERIVATIVES - Credit Derivatives (Details) $ in Millions | 6 Months Ended | |
Jun. 30, 2022 USD ($) agency | Dec. 31, 2021 USD ($) | |
Credit Risk Derivatives | ||
Fair values, receivable | $ 11,801 | $ 10,218 |
Fair values, payable | 10,295 | 11,015 |
Notionals, protection purchased | 682,144 | 645,996 |
Notionals, protection sold | 638,379 | 572,486 |
Fair value of derivative in liability position | 18,000 | 19,000 |
Fair value of collateral already posted | $ 15,000 | 16,000 |
Number of rating agencies | agency | 3 | |
Additional collateral to be posted | $ 1,100 | |
Collateral to be segregated | 100 | |
Aggregate cash obligations and collateral requirements | 1,200 | |
Fair value gross derivative assets | 348,255 | 292,628 |
Purchased | ||
Credit Risk Derivatives | ||
Fair values, receivable | 9,839 | 3,705 |
Fair values, payable | 2,672 | 7,354 |
Sold | ||
Credit Risk Derivatives | ||
Fair values, receivable | 1,962 | 6,513 |
Fair values, payable | 7,623 | 3,661 |
Within 1 year | ||
Credit Risk Derivatives | ||
Fair values, receivable | 2,504 | 878 |
Fair values, payable | 1,722 | 1,462 |
Notionals, protection purchased | 159,569 | 133,866 |
Notionals, protection sold | 160,373 | 115,603 |
From 1 to 5 years | ||
Credit Risk Derivatives | ||
Fair values, receivable | 6,486 | 6,674 |
Fair values, payable | 6,078 | 6,638 |
Notionals, protection purchased | 467,326 | 454,617 |
Notionals, protection sold | 437,448 | 413,174 |
After 5 years | ||
Credit Risk Derivatives | ||
Fair values, receivable | 2,811 | 2,666 |
Fair values, payable | 2,495 | 2,915 |
Notionals, protection purchased | 55,249 | 57,513 |
Notionals, protection sold | 40,558 | 43,709 |
Investment grade | ||
Credit Risk Derivatives | ||
Fair values, receivable | 4,201 | 4,149 |
Fair values, payable | 3,602 | 4,258 |
Notionals, protection purchased | 536,771 | 511,652 |
Notionals, protection sold | 499,423 | 448,944 |
Non-investment grade | ||
Credit Risk Derivatives | ||
Fair values, receivable | 7,600 | 6,069 |
Fair values, payable | 6,693 | 6,757 |
Notionals, protection purchased | 145,373 | 134,344 |
Notionals, protection sold | 138,956 | 123,542 |
Credit default swaps and options | ||
Credit Risk Derivatives | ||
Fair values, receivable | 10,182 | 9,923 |
Fair values, payable | 9,935 | 10,234 |
Notionals, protection purchased | 667,694 | 628,136 |
Notionals, protection sold | 631,332 | 565,131 |
Total return swaps and other | ||
Credit Risk Derivatives | ||
Fair values, receivable | 1,619 | 295 |
Fair values, payable | 360 | 781 |
Notionals, protection purchased | 14,450 | 17,860 |
Notionals, protection sold | 7,047 | 7,355 |
Banks | ||
Credit Risk Derivatives | ||
Fair values, receivable | 3,507 | 2,375 |
Fair values, payable | 3,767 | 3,031 |
Notionals, protection purchased | 111,649 | 108,415 |
Notionals, protection sold | 115,903 | 103,756 |
Broker-dealers | ||
Credit Risk Derivatives | ||
Fair values, receivable | 2,872 | 1,962 |
Fair values, payable | 1,865 | 1,139 |
Notionals, protection purchased | 46,453 | 44,364 |
Notionals, protection sold | 39,567 | 40,068 |
Non-financial | ||
Credit Risk Derivatives | ||
Fair values, receivable | 73 | 113 |
Fair values, payable | 22 | 306 |
Notionals, protection purchased | 2,161 | 2,785 |
Notionals, protection sold | 1,515 | 2,728 |
Insurance and other financial institutions | ||
Credit Risk Derivatives | ||
Fair values, receivable | 5,349 | 5,768 |
Fair values, payable | 4,641 | 6,539 |
Notionals, protection purchased | 521,881 | 490,432 |
Notionals, protection sold | 481,394 | 425,934 |
Interest rate swaps | ||
Credit Risk Derivatives | ||
Cash proceeds received for assets derecognized | 2,000 | 2,900 |
Fair value of derecognized assets | 1,900 | 2,900 |
Fair value gross derivative assets | 19 | 13 |
Trading derivatives, liability | $ 83 | $ 58 |
FAIR VALUE MEASUREMENT - Market
FAIR VALUE MEASUREMENT - Market Valuation Adjustments (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
Credit and funding valuation adjustments contra-liability (contra-asset) | |||||
Counterparty CVA | $ (849) | $ (849) | $ (705) | ||
Asset FVA | (625) | (625) | (433) | ||
Citigroup (own credit) CVA | 746 | 746 | 379 | ||
Liability FVA | 199 | 199 | 110 | ||
Total CVA and FVA—derivative instruments | (529) | (529) | $ (649) | ||
Credit, Funding and Debt Valuation Adjustments Gain (Loss) [Abstract] | |||||
Counterparty CVA | (94) | $ 34 | (201) | $ 43 | |
Asset FVA | (46) | 25 | (151) | 94 | |
Own credit CVA | 182 | (41) | 298 | (78) | |
Liability FVA | 68 | (13) | 90 | 11 | |
Total CVA and FVA—derivative instruments | 110 | 5 | 36 | 70 | |
DVA related to own FVO liabilities | 2,592 | (110) | 3,642 | (148) | |
Total CVA, DVA and FVA | $ 2,702 | $ (105) | $ 3,678 | $ (78) |
FAIR VALUE MEASUREMENT - Items
FAIR VALUE MEASUREMENT - Items Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Assets, Fair Value Disclosure [Abstract] | ||
Federal funds sold and securities borrowed and purchased under agreements to resell, Netting | $ (99,999) | $ (131,342) |
Trading account assets | 340,875 | 331,945 |
Netting agreements | (348,255) | (292,628) |
Netting of cash collateral received | (32,563) | (24,447) |
Trading derivatives | 81,885 | 69,776 |
Investments | 513,878 | 512,822 |
Loans held at fair value | 4,536 | 6,082 |
Liabilities, Fair Value Disclosure [Abstract] | ||
Federal funds purchased and securities loaned and sold under agreements to repurchase, Netting | (99,999) | (131,342) |
Netting agreements | (348,255) | (292,628) |
Netting of cash collateral paid | (33,950) | (29,306) |
Total derivative liabilities | 62,757 | 55,516 |
Fair value | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Investments measured at net asset value excluded from Level 3 | 141 | 145 |
Recurring | ||
Assets, Fair Value Disclosure [Abstract] | ||
Federal funds sold and securities borrowed and purchased under agreements to resell | 341,017 | 342,261 |
Federal funds sold and securities borrowed and purchased under agreements to resell, Netting | (98,257) | (125,795) |
Federal funds sold and securities borrowed and purchased under agreements to resell | 242,760 | 216,466 |
Investments | 239,404 | 289,409 |
Loans held at fair value | 4,536 | 6,082 |
Mortgage servicing rights | 600 | 404 |
Assets before netting | 1,317,335 | 1,299,518 |
Netting, Assets, total of netting agreements and cash collateral received | (479,075) | (442,870) |
Total assets | 838,260 | 856,648 |
Liabilities, Fair Value Disclosure [Abstract] | ||
Interest-bearing deposits | 2,308 | 1,666 |
Federal funds purchased and securities loaned and sold under agreements to repurchase, Gross | 155,350 | 174,961 |
Federal funds purchased and securities loaned and sold under agreements to repurchase, Netting | (90,776) | (118,267) |
Federal funds purchased and securities loaned and sold under agreements to repurchase | 64,574 | 56,694 |
Securities sold, not yet purchased | 117,692 | 106,008 |
Trading liabilities | 117,696 | 106,013 |
Short-term borrowings | 6,852 | 7,358 |
Long-term debt | 89,388 | 82,609 |
Total liabilities, Gross | 819,844 | 753,632 |
Total liabilities, Netting | (472,981) | (440,201) |
Total liabilities | 346,863 | 313,431 |
Recurring | Trading account liabilities | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Trading derivatives, liability | 444,962 | 377,450 |
Total trading derivatives and cash collateral, liability | 444,962 | 377,450 |
Netting agreements | (348,255) | (292,628) |
Netting of cash collateral paid | (33,950) | (29,306) |
Netting, Liabilities, total of netting agreements and cash collateral received | (382,205) | (321,934) |
Total derivative liabilities | 62,757 | 55,516 |
Recurring | Trading account liabilities | Interest rate contracts | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Trading derivatives, liability | 150,137 | 150,074 |
Recurring | Trading account liabilities | Foreign exchange contracts | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Trading derivatives, liability | 181,392 | 135,298 |
Recurring | Trading account liabilities | Equity contracts | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Trading derivatives, liability | 58,509 | 49,684 |
Recurring | Trading account liabilities | Commodity contracts | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Trading derivatives, liability | 44,629 | 31,379 |
Recurring | Trading account liabilities | Credit derivatives | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Trading derivatives, liability | 10,295 | 11,015 |
Recurring | 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 | 0 | |
Non-trading derivatives and other financial liabilities measured on a recurring basis, gross | 3,288 | 3,575 |
Total other assets and cash collateral, gross | 3,288 | 3,575 |
Recurring | Other trading liabilities | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Trading liabilities | 4 | 5 |
Recurring | Mortgage-backed securities | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 34,499 | 36,637 |
Investments | 12,800 | 33,621 |
Recurring | Mortgage securitizations - U.S. agency-sponsored | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 32,829 | 35,030 |
Investments | 12,515 | 33,216 |
Recurring | Residential | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 672 | 748 |
Investments | 278 | 380 |
Recurring | Commercial | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 998 | 859 |
Investments | 7 | 25 |
Recurring | U.S. Treasury and federal agency securities | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 60,909 | 48,134 |
Investments | 91,864 | 122,440 |
Recurring | State and municipal | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 1,761 | 2,032 |
Investments | 2,492 | 2,621 |
Recurring | Foreign government | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 70,652 | 70,684 |
Investments | 119,686 | 118,740 |
Recurring | Corporate | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 17,529 | 18,112 |
Investments | 6,445 | 5,920 |
Recurring | Equity securities | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 51,271 | 64,054 |
Investments | 588 | 543 |
Recurring | Asset-backed securities | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 1,958 | 1,594 |
Investments | 276 | 303 |
Recurring | Other trading assets | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 20,411 | 20,922 |
Investments | 4,936 | 4,877 |
Recurring | Non-marketable equity securities | ||
Assets, Fair Value Disclosure [Abstract] | ||
Investments | 317 | 344 |
Recurring | Trading non-derivative assets | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 258,990 | 262,169 |
Recurring | Trading account derivatives | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading derivatives, asset, Gross | 462,703 | 386,851 |
Trading derivative, asset, gross net cash collateral paid | 462,703 | 386,851 |
Netting agreements | (348,255) | (292,628) |
Netting of cash collateral received | (32,563) | (24,447) |
Total trading derivatives, netting | (380,818) | (317,075) |
Trading derivatives | 81,885 | 69,776 |
Recurring | Trading account derivatives | Interest rate contracts | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading derivatives, asset, Gross | 159,525 | 165,488 |
Recurring | Trading account derivatives | Foreign exchange contracts | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading derivatives, asset, Gross | 186,110 | 135,549 |
Recurring | Trading account derivatives | Equity contracts | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading derivatives, asset, Gross | 55,591 | 45,252 |
Recurring | Trading account derivatives | Commodity contracts | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading derivatives, asset, Gross | 49,676 | 30,344 |
Recurring | Trading account derivatives | Credit derivatives | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading derivatives, asset, Gross | 11,801 | 10,218 |
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 | 10,085 | 12,342 |
Other assets | 10,085 | 12,342 |
Recurring | Level 1 | ||
Assets, Fair Value Disclosure [Abstract] | ||
Federal funds sold and securities borrowed and purchased under agreements to resell | 0 | 0 |
Investments | 146,246 | 182,324 |
Loans held at fair value | 0 | 0 |
Mortgage servicing rights | 0 | 0 |
Assets before netting | $ 295,480 | $ 325,984 |
Total as a percentage of gross assets | 22.40% | 25.10% |
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 | 98,389 | 82,675 |
Trading liabilities | 98,389 | 82,675 |
Short-term borrowings | 0 | 0 |
Long-term debt | 0 | 0 |
Total liabilities, Gross | $ 102,132 | $ 86,365 |
Total as a percentage of gross liabilities | 12.50% | 11.50% |
Recurring | Level 1 | Trading account liabilities | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Trading derivatives, liability | $ 455 | $ 116 |
Recurring | Level 1 | Trading account liabilities | Interest rate contracts | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Trading derivatives, liability | 347 | 56 |
Recurring | Level 1 | Trading account liabilities | Foreign exchange contracts | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Trading derivatives, liability | 0 | 0 |
Recurring | Level 1 | Trading account liabilities | Equity contracts | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Trading derivatives, liability | 108 | 60 |
Recurring | Level 1 | Trading account liabilities | Commodity contracts | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Trading derivatives, liability | 0 | 0 |
Recurring | Level 1 | Trading account liabilities | Credit derivatives | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Trading derivatives, liability | 0 | 0 |
Recurring | Level 1 | Other financial liabilities measured on a recurring basis | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Other liabilities, gross | 3,288 | 3,574 |
Recurring | Level 1 | Other trading liabilities | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Trading liabilities | 0 | 0 |
Recurring | Level 1 | Mortgage-backed securities | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 0 | 1 |
Investments | 0 | 0 |
Recurring | Level 1 | Mortgage securitizations - U.S. agency-sponsored | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 0 | 0 |
Investments | 0 | 0 |
Recurring | Level 1 | Residential | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 0 | 1 |
Investments | 0 | 0 |
Recurring | Level 1 | Commercial | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 0 | 0 |
Investments | 0 | 0 |
Recurring | Level 1 | U.S. Treasury and federal agency securities | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 56,991 | 44,900 |
Investments | 91,530 | 122,271 |
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 | 43,585 | 39,176 |
Investments | 51,472 | 56,842 |
Recurring | Level 1 | Corporate | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 2,415 | 1,544 |
Investments | 2,838 | 2,861 |
Recurring | Level 1 | Equity securities | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 42,192 | 53,833 |
Investments | 406 | 350 |
Recurring | Level 1 | Asset-backed securities | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 0 | 0 |
Investments | 0 | 0 |
Recurring | Level 1 | Other trading assets | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 18 | 0 |
Investments | 0 | 0 |
Recurring | Level 1 | Non-marketable equity securities | ||
Assets, Fair Value Disclosure [Abstract] | ||
Investments | 0 | 0 |
Recurring | Level 1 | Trading non-derivative assets | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 145,201 | 139,454 |
Recurring | Level 1 | Trading account derivatives | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading derivatives, asset, Gross | 531 | 131 |
Recurring | Level 1 | Trading account derivatives | Interest rate contracts | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading derivatives, asset, Gross | 476 | 90 |
Recurring | Level 1 | Trading account derivatives | Foreign exchange contracts | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading derivatives, asset, Gross | 0 | 0 |
Recurring | Level 1 | Trading account derivatives | Equity contracts | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading derivatives, asset, Gross | 55 | 41 |
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 | 3,502 | 4,075 |
Recurring | Level 2 | ||
Assets, Fair Value Disclosure [Abstract] | ||
Federal funds sold and securities borrowed and purchased under agreements to resell | 340,834 | 342,030 |
Investments | 90,895 | 104,858 |
Loans held at fair value | 4,211 | 5,371 |
Mortgage servicing rights | 0 | 0 |
Assets before netting | $ 1,004,932 | $ 958,810 |
Total as a percentage of gross assets | 76.30% | 73.80% |
Liabilities, Fair Value Disclosure [Abstract] | ||
Interest-bearing deposits | $ 2,290 | $ 1,483 |
Federal funds purchased and securities loaned and sold under agreements to repurchase, Gross | 154,757 | 174,318 |
Securities sold, not yet purchased | 19,231 | 23,268 |
Trading liabilities | 19,235 | 23,273 |
Short-term borrowings | 6,771 | 7,253 |
Long-term debt | 59,610 | 57,100 |
Total liabilities, Gross | $ 678,007 | $ 632,091 |
Total as a percentage of gross liabilities | 82.70% | 83.90% |
Recurring | Level 2 | Trading account liabilities | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Trading derivatives, liability | $ 435,344 | $ 368,664 |
Recurring | Level 2 | Trading account liabilities | Interest rate contracts | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Trading derivatives, liability | 147,534 | 147,846 |
Recurring | Level 2 | Trading account liabilities | Foreign exchange contracts | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Trading derivatives, liability | 180,531 | 134,572 |
Recurring | Level 2 | Trading account liabilities | Equity contracts | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Trading derivatives, liability | 56,115 | 46,177 |
Recurring | Level 2 | Trading account liabilities | Commodity contracts | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Trading derivatives, liability | 42,461 | 30,004 |
Recurring | Level 2 | Trading account liabilities | Credit derivatives | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Trading derivatives, liability | 8,703 | 10,065 |
Recurring | Level 2 | Other financial liabilities measured on a recurring basis | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Other liabilities, gross | 0 | 0 |
Recurring | Level 2 | Other trading liabilities | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Trading liabilities | 4 | 5 |
Recurring | Level 2 | Mortgage-backed securities | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 33,500 | 35,955 |
Investments | 12,732 | 33,476 |
Recurring | Level 2 | Mortgage securitizations - U.S. agency-sponsored | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 32,121 | 34,534 |
Investments | 12,487 | 33,165 |
Recurring | Level 2 | Residential | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 519 | 643 |
Investments | 238 | 286 |
Recurring | Level 2 | Commercial | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 860 | 778 |
Investments | 7 | 25 |
Recurring | Level 2 | U.S. Treasury and federal agency securities | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 3,917 | 3,230 |
Investments | 334 | 168 |
Recurring | Level 2 | State and municipal | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 1,681 | 1,995 |
Investments | 1,953 | 1,849 |
Recurring | Level 2 | Foreign government | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 26,703 | 31,485 |
Investments | 67,213 | 61,112 |
Recurring | Level 2 | Corporate | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 14,577 | 16,156 |
Investments | 3,273 | 2,871 |
Recurring | Level 2 | Equity securities | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 8,946 | 10,047 |
Investments | 172 | 177 |
Recurring | Level 2 | Asset-backed securities | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 1,404 | 981 |
Investments | 275 | 300 |
Recurring | Level 2 | Other trading assets | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 19,577 | 20,346 |
Investments | 4,936 | 4,877 |
Recurring | Level 2 | Non-marketable equity securities | ||
Assets, Fair Value Disclosure [Abstract] | ||
Investments | 7 | 28 |
Recurring | Level 2 | Trading non-derivative assets | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 110,305 | 120,195 |
Recurring | Level 2 | Trading account derivatives | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading derivatives, asset, Gross | 452,167 | 378,162 |
Recurring | Level 2 | Trading account derivatives | Interest rate contracts | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading derivatives, asset, Gross | 155,912 | 161,500 |
Recurring | Level 2 | Trading account derivatives | Foreign exchange contracts | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading derivatives, asset, Gross | 185,093 | 134,912 |
Recurring | Level 2 | Trading account derivatives | Equity contracts | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading derivatives, asset, Gross | 53,351 | 43,904 |
Recurring | Level 2 | Trading account derivatives | Commodity contracts | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading derivatives, asset, Gross | 47,253 | 28,547 |
Recurring | Level 2 | Trading account derivatives | Credit derivatives | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading derivatives, asset, Gross | 10,558 | 9,299 |
Recurring | Level 2 | Non-trading derivatives and other financial assets measured on a recurring basis | ||
Assets, Fair Value Disclosure [Abstract] | ||
Other assets, gross | 6,520 | 8,194 |
Recurring | Level 3 | ||
Assets, Fair Value Disclosure [Abstract] | ||
Federal funds sold and securities borrowed and purchased under agreements to resell | 183 | 231 |
Investments | 2,263 | 2,227 |
Loans held at fair value | 325 | 711 |
Mortgage servicing rights | 600 | 404 |
Assets before netting | $ 16,923 | $ 14,724 |
Total as a percentage of gross assets | 1.30% | 1.10% |
Liabilities, Fair Value Disclosure [Abstract] | ||
Interest-bearing deposits | $ 18 | $ 183 |
Federal funds purchased and securities loaned and sold under agreements to repurchase, Gross | 593 | 643 |
Securities sold, not yet purchased | 72 | 65 |
Trading liabilities | 72 | 65 |
Short-term borrowings | 81 | 105 |
Long-term debt | 29,778 | 25,509 |
Total liabilities, Gross | $ 39,705 | $ 35,176 |
Total as a percentage of gross liabilities | 4.80% | 4.70% |
Recurring | Level 3 | Trading account liabilities | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Trading derivatives, liability | $ 9,163 | $ 8,670 |
Recurring | Level 3 | Trading account liabilities | Interest rate contracts | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Trading derivatives, liability | 2,256 | 2,172 |
Recurring | Level 3 | Trading account liabilities | Foreign exchange contracts | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Trading derivatives, liability | 861 | 726 |
Recurring | Level 3 | Trading account liabilities | Equity contracts | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Trading derivatives, liability | 2,286 | 3,447 |
Recurring | Level 3 | Trading account liabilities | Commodity contracts | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Trading derivatives, liability | 2,168 | 1,375 |
Recurring | Level 3 | Trading account liabilities | Credit derivatives | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Trading derivatives, liability | 1,592 | 950 |
Recurring | Level 3 | Other financial liabilities measured on a recurring basis | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Other liabilities, gross | 0 | 1 |
Recurring | Level 3 | Other trading liabilities | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Trading liabilities | 0 | 0 |
Recurring | Level 3 | Mortgage-backed securities | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 999 | 681 |
Investments | 68 | 145 |
Recurring | Level 3 | Mortgage securitizations - U.S. agency-sponsored | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 708 | 496 |
Investments | 28 | 51 |
Recurring | Level 3 | Residential | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 153 | 104 |
Investments | 40 | 94 |
Recurring | Level 3 | Commercial | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 138 | 81 |
Investments | 0 | 0 |
Recurring | Level 3 | U.S. Treasury and federal agency securities | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 1 | 4 |
Investments | 0 | 1 |
Recurring | Level 3 | State and municipal | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 80 | 37 |
Investments | 539 | 772 |
Recurring | Level 3 | Foreign government | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 364 | 23 |
Investments | 1,001 | 786 |
Recurring | Level 3 | Corporate | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 537 | 412 |
Investments | 334 | 188 |
Recurring | Level 3 | Equity securities | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 133 | 174 |
Investments | 10 | 16 |
Recurring | Level 3 | Asset-backed securities | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 554 | 613 |
Investments | 1 | 3 |
Recurring | Level 3 | Other trading assets | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 816 | 576 |
Investments | 0 | 0 |
Recurring | Level 3 | Non-marketable equity securities | ||
Assets, Fair Value Disclosure [Abstract] | ||
Investments | 310 | 316 |
Recurring | Level 3 | Trading non-derivative assets | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 3,484 | 2,520 |
Recurring | Level 3 | Trading account derivatives | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading derivatives, asset, Gross | 10,005 | 8,558 |
Recurring | Level 3 | Trading account derivatives | Interest rate contracts | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading derivatives, asset, Gross | 3,137 | 3,898 |
Recurring | Level 3 | Trading account derivatives | Foreign exchange contracts | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading derivatives, asset, Gross | 1,017 | 637 |
Recurring | Level 3 | Trading account derivatives | Equity contracts | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading derivatives, asset, Gross | 2,185 | 1,307 |
Recurring | Level 3 | Trading account derivatives | Commodity contracts | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading derivatives, asset, Gross | 2,423 | 1,797 |
Recurring | Level 3 | Trading account derivatives | Credit derivatives | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading derivatives, asset, Gross | 1,243 | 919 |
Recurring | Level 3 | Non-trading derivatives and other financial assets measured on a recurring basis | ||
Assets, Fair Value Disclosure [Abstract] | ||
Other assets, gross | $ 63 | $ 73 |
FAIR VALUE MEASUREMENT - Level
FAIR VALUE MEASUREMENT - Level 3 Fair Value Rollforward (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Trading derivatives, net | ||||
Fair value, Derivative assets (liabilities) measured on recurring basis, level 3 fair-value category reconciliation | ||||
Balance at beginning of period, asset (liability), net | $ (703) | $ (930) | $ (112) | $ (1,207) |
Net realized/unrealized gains (losses) included in principal transactions | 2,606 | 421 | 4,326 | 664 |
Other | 0 | 0 | 0 | 0 |
Transfers into Level 3 | (56) | (616) | (585) | (392) |
Transfers out of Level 3 | (170) | 531 | (1,162) | 535 |
Purchases | 367 | 226 | 709 | 339 |
Issuances | 26 | 0 | 26 | (84) |
Sales | (742) | (421) | (1,076) | (569) |
Settlements | (486) | (80) | (1,284) | (155) |
Balance at end of period, asset (liability), net | 842 | (869) | 842 | (869) |
Unrealized gains (losses) still held | 2,001 | (50) | 2,834 | 41 |
Trading derivatives, net | 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 | 779 | 1,229 | 1,726 | 1,614 |
Net realized/unrealized gains (losses) included in principal transactions | 434 | (126) | 600 | (298) |
Other | 0 | 0 | 0 | 0 |
Transfers into Level 3 | 141 | 218 | 73 | 173 |
Transfers out of Level 3 | (272) | 321 | (803) | 321 |
Purchases | 7 | 2 | 9 | 2 |
Issuances | 6 | 0 | 6 | (84) |
Sales | (6) | 0 | (6) | 0 |
Settlements | (208) | 120 | (724) | 36 |
Balance at end of period, asset (liability), net | 881 | 1,764 | 881 | 1,764 |
Unrealized gains (losses) still held | 473 | (70) | 650 | (197) |
Trading derivatives, net | 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 | (131) | (86) | (89) | 52 |
Net realized/unrealized gains (losses) included in principal transactions | 769 | 59 | 1,164 | (79) |
Other | 0 | 0 | 0 | 0 |
Transfers into Level 3 | 34 | 0 | (475) | 8 |
Transfers out of Level 3 | (50) | 4 | (6) | 4 |
Purchases | 73 | 111 | 175 | 134 |
Issuances | 20 | 0 | 20 | 0 |
Sales | (547) | (282) | (611) | (297) |
Settlements | (12) | 10 | (22) | (6) |
Balance at end of period, asset (liability), net | 156 | (184) | 156 | (184) |
Unrealized gains (losses) still held | 126 | (28) | 235 | (57) |
Trading derivatives, net | Equity contracts | ||||
Fair value, Derivative assets (liabilities) measured on recurring basis, level 3 fair-value category reconciliation | ||||
Balance at beginning of period, asset (liability), net | (1,564) | (2,876) | (2,140) | (3,213) |
Net realized/unrealized gains (losses) included in principal transactions | 1,189 | 309 | 1,997 | 612 |
Other | 0 | 0 | 0 | 0 |
Transfers into Level 3 | (60) | (634) | (73) | (598) |
Transfers out of Level 3 | 232 | 892 | 207 | 898 |
Purchases | 220 | 85 | 405 | 109 |
Issuances | 0 | 0 | 0 | 0 |
Sales | (91) | (94) | (316) | (117) |
Settlements | (27) | (232) | (181) | (241) |
Balance at end of period, asset (liability), net | (101) | (2,550) | (101) | (2,550) |
Unrealized gains (losses) still held | 1,182 | 349 | 1,634 | 213 |
Trading derivatives, net | 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 | 217 | 732 | 422 | 292 |
Net realized/unrealized gains (losses) included in principal transactions | 208 | 236 | 622 | 550 |
Other | 0 | 0 | 0 | 0 |
Transfers into Level 3 | (74) | (148) | (45) | 10 |
Transfers out of Level 3 | 84 | (612) | (409) | (617) |
Purchases | 67 | 28 | 120 | 94 |
Issuances | 0 | 0 | 0 | 0 |
Sales | (98) | (45) | (142) | (155) |
Settlements | (149) | (49) | (313) | (32) |
Balance at end of period, asset (liability), net | 255 | 142 | 255 | 142 |
Unrealized gains (losses) still held | 246 | (194) | 410 | 280 |
Trading derivatives, net | 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 | (4) | 71 | (31) | 48 |
Net realized/unrealized gains (losses) included in principal transactions | 6 | (57) | (57) | (121) |
Other | 0 | 0 | 0 | 0 |
Transfers into Level 3 | (97) | (52) | (65) | 15 |
Transfers out of Level 3 | (164) | (74) | (151) | (71) |
Purchases | 0 | 0 | 0 | 0 |
Issuances | 0 | 0 | 0 | 0 |
Sales | 0 | 0 | (1) | 0 |
Settlements | (90) | 71 | (44) | 88 |
Balance at end of period, asset (liability), net | (349) | (41) | (349) | (41) |
Unrealized gains (losses) still held | (26) | (107) | (95) | (198) |
Interest-bearing deposits | ||||
Fair value, liabilities measured on recurring basis, level 3 fair-value category reconciliation | ||||
Balance at beginning of period, liability | 191 | 199 | 183 | 206 |
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 | 7 | 2 | 3 | 18 |
Transfers into Level 3, liabilities | 0 | 0 | 7 | 0 |
Transfers out of Level 3, liabilities | (122) | (44) | (122) | (44) |
Purchases, liability | 0 | 0 | 0 | 0 |
Issuance, liability | 17 | 11 | 18 | 20 |
Sales, liability | 0 | 0 | 0 | 0 |
Settlements, liability | (61) | (10) | (65) | (10) |
Balance at end of period, liability | 18 | 154 | 18 | 154 |
Unrealized gains (losses) still held, liabilities | 0 | 0 | 0 | (45) |
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 | 612 | 977 | 643 | 631 |
Net realized/unrealized gains (losses) included in principal transactions, liabilities | 24 | 22 | 50 | 7 |
Net realized/unrealized gains (losses) included in locations other than principal transactions, liabilities | 0 | 0 | 0 | 0 |
Transfers into Level 3, liabilities | 0 | 0 | 0 | 0 |
Transfers out of Level 3, liabilities | (3) | (483) | (3) | (483) |
Purchases, liability | 16 | 80 | 16 | 488 |
Issuance, liability | 0 | 0 | 0 | 0 |
Sales, liability | 0 | 0 | 0 | 0 |
Settlements, liability | (8) | (64) | (13) | (141) |
Balance at end of period, liability | 593 | 488 | 593 | 488 |
Unrealized gains (losses) still held, liabilities | 10 | 0 | 28 | 19 |
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 | 38 | 167 | 65 | 214 |
Net realized/unrealized gains (losses) included in principal transactions, liabilities | (8) | 7 | 21 | 61 |
Net realized/unrealized gains (losses) included in locations other than principal transactions, liabilities | 0 | 0 | 0 | 0 |
Transfers into Level 3, liabilities | 10 | 54 | 35 | 62 |
Transfers out of Level 3, liabilities | (4) | (21) | (19) | (25) |
Purchases, liability | 30 | 10 | 83 | 20 |
Issuance, liability | 0 | 0 | 0 | 0 |
Sales, liability | 1 | 0 | 1 | 0 |
Settlements, liability | (11) | (35) | (72) | (42) |
Balance at end of period, liability | 72 | 168 | 72 | 168 |
Unrealized gains (losses) still held, liabilities | (12) | 26 | (2) | (2) |
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 | 6 | 26 | ||
Net realized/unrealized gains (losses) included in principal transactions, liabilities | 5 | 25 | ||
Net realized/unrealized gains (losses) included in locations other than principal transactions, liabilities | 0 | 0 | ||
Transfers into Level 3, liabilities | 0 | 0 | ||
Transfers out of Level 3, liabilities | 0 | 0 | ||
Purchases, liability | 0 | 0 | ||
Issuance, liability | 0 | 0 | ||
Sales, liability | 0 | 0 | ||
Settlements, liability | 0 | 0 | ||
Balance at end of period, liability | 1 | 1 | ||
Unrealized gains (losses) still held, liabilities | 4 | 0 | ||
Short-term borrowings | ||||
Fair value, liabilities measured on recurring basis, level 3 fair-value category reconciliation | ||||
Balance at beginning of period, liability | 36 | 49 | 105 | 219 |
Net realized/unrealized gains (losses) included in principal transactions, liabilities | 1 | 33 | 89 | 32 |
Net realized/unrealized gains (losses) included in locations other than principal transactions, liabilities | 0 | 0 | 0 | 0 |
Transfers into Level 3, liabilities | 12 | 40 | 40 | 42 |
Transfers out of Level 3, liabilities | (12) | (32) | (21) | (44) |
Purchases, liability | 0 | 0 | 0 | 0 |
Issuance, liability | 69 | 17 | 76 | 25 |
Sales, liability | 0 | 0 | 0 | 0 |
Settlements, liability | (23) | 0 | (30) | (169) |
Balance at end of period, liability | 81 | 41 | 81 | 41 |
Unrealized gains (losses) still held, liabilities | 2 | 17 | 1 | 17 |
Long-term debt | ||||
Fair value, Derivative assets (liabilities) measured on recurring basis, level 3 fair-value category reconciliation | ||||
Transfers out of Level 3 | 2,600 | 6,000 | 3,500 | 6,000 |
Fair value, liabilities measured on recurring basis, level 3 fair-value category reconciliation | ||||
Balance at beginning of period, liability | 27,432 | 26,337 | 25,509 | 25,210 |
Net realized/unrealized gains (losses) included in principal transactions, liabilities | 4,719 | (849) | 8,245 | 1,773 |
Net realized/unrealized gains (losses) included in locations other than principal transactions, liabilities | 0 | 0 | 0 | 0 |
Transfers into Level 3, liabilities | 3,335 | 3,937 | 6,743 | 4,869 |
Transfers out of Level 3, liabilities | (2,634) | (5,966) | (3,507) | (5,968) |
Purchases, liability | 0 | 0 | 0 | 0 |
Issuance, liability | 6,527 | 1,825 | 9,699 | 7,545 |
Sales, liability | 0 | 0 | 0 | 0 |
Settlements, liability | (163) | (1,914) | (421) | (4,815) |
Balance at end of period, liability | 29,778 | 25,068 | 29,778 | 25,068 |
Unrealized gains (losses) still held, liabilities | 4,232 | (699) | (4,197) | 791 |
Other financial liabilities | ||||
Fair value, liabilities measured on recurring basis, level 3 fair-value category reconciliation | ||||
Balance at beginning of period, liability | 8 | 1 | 1 | |
Net realized/unrealized gains (losses) included in principal transactions, liabilities | 0 | 0 | 0 | |
Net realized/unrealized gains (losses) included in locations other than principal transactions, liabilities | 0 | 1 | (3) | |
Transfers into Level 3, liabilities | 0 | 0 | 0 | |
Transfers out of Level 3, liabilities | (4) | 0 | (4) | |
Purchases, liability | 0 | 0 | 0 | |
Issuance, liability | 0 | 0 | 14 | |
Sales, liability | 0 | 0 | ||
Settlements, liability | 0 | 0 | (10) | |
Balance at end of period, liability | 0 | 4 | 0 | 4 |
Unrealized gains (losses) still held, liabilities | 0 | 0 | 0 | |
Securities borrowed and purchased under agreements to resell | ||||
Fair value, assets measured on recurring basis, level 3 fair-value category reconciliation | ||||
Balance at beginning of period, asset | 202 | 262 | 231 | 320 |
Net realized/unrealized gains (losses) included in principal transactions | (12) | (2) | (1) | (11) |
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 | (49) | 0 | (49) |
Purchases, assets | 36 | 43 | 124 | 276 |
Issuance, assets | 0 | 0 | 0 | 0 |
Sales, assets | 0 | 0 | 0 | 0 |
Settlements, assets | (43) | (43) | (171) | (325) |
Balance at end of period, asset | 183 | 211 | 183 | 211 |
Unrealized gains (losses) still held, assets | (10) | 1 | (7) | 1 |
Trading non-derivative assets | ||||
Fair value, assets measured on recurring basis, level 3 fair-value category reconciliation | ||||
Balance at beginning of period, asset | 2,940 | 2,698 | 2,520 | 3,647 |
Net realized/unrealized gains (losses) included in principal transactions | 64 | 279 | 118 | 437 |
Net realized/unrealized gains (losses) included in locations other than principal transactions, assets | 0 | 0 | 0 | 0 |
Transfers into Level 3 | 1,045 | 904 | 1,455 | 1,031 |
Transfers out of Level 3, assets | (545) | (496) | (870) | (711) |
Purchases, assets | 1,044 | 1,184 | 2,361 | 2,207 |
Issuance, assets | 6 | 0 | 16 | 4 |
Sales, assets | (1,066) | (1,583) | (2,108) | (3,625) |
Settlements, assets | (4) | 0 | (8) | (4) |
Balance at end of period, asset | 3,484 | 2,986 | 3,484 | 2,986 |
Unrealized gains (losses) still held, assets | 2 | (1) | (43) | 59 |
Trading non-derivative assets | U.S. government-sponsored agency guaranteed | ||||
Fair value, assets measured on recurring basis, level 3 fair-value category reconciliation | ||||
Balance at beginning of period, asset | 498 | 38 | 496 | |
Net realized/unrealized gains (losses) included in principal transactions | (15) | 2 | (13) | |
Net realized/unrealized gains (losses) included in locations other than principal transactions, assets | 0 | 0 | 0 | |
Transfers into Level 3 | 80 | 238 | 127 | |
Transfers out of Level 3, assets | (89) | (7) | (158) | |
Purchases, assets | 318 | 113 | 484 | |
Issuance, assets | 0 | 0 | 0 | |
Sales, assets | (84) | (8) | (228) | |
Settlements, assets | 0 | 0 | 0 | |
Balance at end of period, asset | 708 | 376 | 708 | 376 |
Unrealized gains (losses) still held, assets | (19) | (12) | (21) | |
Trading non-derivative assets | Residential | ||||
Fair value, assets measured on recurring basis, level 3 fair-value category reconciliation | ||||
Balance at beginning of period, asset | 118 | 268 | 104 | |
Net realized/unrealized gains (losses) included in principal transactions | 0 | (1) | 0 | |
Net realized/unrealized gains (losses) included in locations other than principal transactions, assets | 0 | 0 | 0 | |
Transfers into Level 3 | 28 | 41 | 61 | |
Transfers out of Level 3, assets | (11) | (65) | (32) | |
Purchases, assets | 47 | 57 | 85 | |
Issuance, assets | 0 | 0 | 0 | |
Sales, assets | (29) | (205) | (65) | |
Settlements, assets | 0 | 0 | 0 | |
Balance at end of period, asset | 153 | 95 | 153 | 95 |
Unrealized gains (losses) still held, assets | (4) | 2 | (5) | |
Trading non-derivative assets | Commercial | ||||
Fair value, assets measured on recurring basis, level 3 fair-value category reconciliation | ||||
Balance at beginning of period, asset | 52 | 59 | 81 | |
Net realized/unrealized gains (losses) included in principal transactions | (3) | 16 | (5) | |
Net realized/unrealized gains (losses) included in locations other than principal transactions, assets | 0 | 0 | 0 | |
Transfers into Level 3 | 96 | 60 | 97 | |
Transfers out of Level 3, assets | (8) | (8) | (34) | |
Purchases, assets | 4 | 11 | 9 | |
Issuance, assets | 0 | 0 | 0 | |
Sales, assets | (3) | (51) | (10) | |
Settlements, assets | 0 | 0 | 0 | |
Balance at end of period, asset | 138 | 87 | 138 | 87 |
Unrealized gains (losses) still held, assets | (3) | 3 | (2) | |
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 | 668 | 365 | 681 | |
Net realized/unrealized gains (losses) included in principal transactions | (18) | 17 | (18) | |
Net realized/unrealized gains (losses) included in locations other than principal transactions, assets | 0 | 0 | 0 | |
Transfers into Level 3 | 204 | 339 | 285 | |
Transfers out of Level 3, assets | (108) | (80) | (224) | |
Purchases, assets | 369 | 181 | 578 | |
Issuance, assets | 0 | 0 | 0 | |
Sales, assets | (116) | (264) | (303) | |
Settlements, assets | 0 | 0 | 0 | |
Balance at end of period, asset | 999 | 558 | 999 | 558 |
Unrealized gains (losses) still held, assets | (26) | (7) | (28) | |
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 | 2 | 0 | 4 | |
Net realized/unrealized gains (losses) included in principal transactions | 0 | 0 | (4) | |
Net realized/unrealized gains (losses) included in locations other than principal transactions, assets | 0 | 0 | 0 | |
Transfers into Level 3 | 0 | 0 | 2 | |
Transfers out of Level 3, assets | (1) | 0 | (1) | |
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 | 1 | 0 | 1 | 0 |
Unrealized gains (losses) still held, assets | 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 | 6 | 94 | 37 | |
Net realized/unrealized gains (losses) included in principal transactions | 4 | 0 | 5 | |
Net realized/unrealized gains (losses) included in locations other than principal transactions, assets | 0 | 0 | 0 | |
Transfers into Level 3 | 71 | 0 | 71 | |
Transfers out of Level 3, assets | 0 | (29) | (20) | |
Purchases, assets | 0 | 5 | 1 | |
Issuance, assets | 0 | 0 | 0 | |
Sales, assets | (1) | 0 | (14) | |
Settlements, assets | 0 | 0 | 0 | |
Balance at end of period, asset | 80 | 70 | 80 | 70 |
Unrealized gains (losses) still held, assets | (3) | 0 | (5) | |
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 | 94 | 81 | 23 | |
Net realized/unrealized gains (losses) included in principal transactions | (27) | 4 | (26) | |
Net realized/unrealized gains (losses) included in locations other than principal transactions, assets | 0 | 0 | 0 | |
Transfers into Level 3 | 249 | 125 | 299 | |
Transfers out of Level 3, assets | (1) | (28) | (1) | |
Purchases, assets | 57 | 14 | 87 | |
Issuance, assets | 0 | 0 | 0 | |
Sales, assets | (8) | (55) | (18) | |
Settlements, assets | 0 | 0 | 0 | |
Balance at end of period, asset | 364 | 141 | 364 | 141 |
Unrealized gains (losses) still held, assets | (12) | 1 | (18) | |
Trading non-derivative assets | Corporate | ||||
Fair value, assets measured on recurring basis, level 3 fair-value category reconciliation | ||||
Balance at beginning of period, asset | 1,013 | 290 | 412 | |
Net realized/unrealized gains (losses) included in principal transactions | 59 | (15) | 68 | |
Net realized/unrealized gains (losses) included in locations other than principal transactions, assets | 0 | 0 | 0 | |
Transfers into Level 3 | 120 | 312 | 262 | |
Transfers out of Level 3, assets | (244) | (50) | (278) | |
Purchases, assets | 181 | 408 | 828 | |
Issuance, assets | 0 | 0 | 0 | |
Sales, assets | (592) | (122) | (755) | |
Settlements, assets | 0 | 0 | 0 | |
Balance at end of period, asset | 537 | 823 | 537 | 823 |
Unrealized gains (losses) still held, assets | 38 | (36) | 18 | |
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 | 199 | 89 | 174 | |
Net realized/unrealized gains (losses) included in principal transactions | (9) | 2 | (14) | |
Net realized/unrealized gains (losses) included in locations other than principal transactions, assets | 0 | 0 | 0 | |
Transfers into Level 3 | 14 | 80 | 63 | |
Transfers out of Level 3, assets | (61) | (40) | (87) | |
Purchases, assets | 58 | 23 | 108 | |
Issuance, assets | 0 | 0 | 0 | |
Sales, assets | (68) | (7) | (111) | |
Settlements, assets | 0 | 0 | 0 | |
Balance at end of period, asset | 133 | 147 | 133 | 147 |
Unrealized gains (losses) still held, assets | (23) | 15 | (40) | |
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 | 466 | 1,208 | 613 | |
Net realized/unrealized gains (losses) included in principal transactions | (24) | 209 | (19) | |
Net realized/unrealized gains (losses) included in locations other than principal transactions, assets | 0 | 0 | 0 | |
Transfers into Level 3 | 82 | 17 | 140 | |
Transfers out of Level 3, assets | (100) | (148) | (167) | |
Purchases, assets | 262 | 352 | 393 | |
Issuance, assets | 0 | 0 | 0 | |
Sales, assets | (132) | (946) | (406) | |
Settlements, assets | 0 | 0 | 0 | |
Balance at end of period, asset | 554 | 692 | 554 | 692 |
Unrealized gains (losses) still held, assets | (26) | 22 | (45) | |
Trading non-derivative assets | Other trading assets | ||||
Fair value, assets measured on recurring basis, level 3 fair-value category reconciliation | ||||
Balance at beginning of period, asset | 492 | 571 | 576 | |
Net realized/unrealized gains (losses) included in principal transactions | 79 | 62 | 126 | |
Net realized/unrealized gains (losses) included in locations other than principal transactions, assets | 0 | 0 | 0 | |
Transfers into Level 3 | 305 | 31 | 333 | |
Transfers out of Level 3, assets | (30) | (121) | (92) | |
Purchases, assets | 117 | 201 | 366 | |
Issuance, assets | 6 | 0 | 16 | |
Sales, assets | (149) | (189) | (501) | |
Settlements, assets | (4) | 0 | (8) | |
Balance at end of period, asset | 816 | 555 | 816 | 555 |
Unrealized gains (losses) still held, assets | 54 | 4 | 75 | |
Trading non-derivative assets | U.S. government-sponsored agency guaranteed | ||||
Fair value, assets measured on recurring basis, level 3 fair-value category reconciliation | ||||
Balance at beginning of period, asset | 27 | |||
Net realized/unrealized gains (losses) included in principal transactions | 1 | |||
Net realized/unrealized gains (losses) included in locations other than principal transactions, assets | 0 | |||
Transfers into Level 3 | 252 | |||
Transfers out of Level 3, assets | (8) | |||
Purchases, assets | 114 | |||
Issuance, assets | 0 | |||
Sales, assets | (10) | |||
Settlements, assets | 0 | |||
Balance at end of period, asset | 376 | 376 | ||
Unrealized gains (losses) still held, assets | 16 | |||
Trading non-derivative assets | Residential | ||||
Fair value, assets measured on recurring basis, level 3 fair-value category reconciliation | ||||
Balance at beginning of period, asset | 340 | |||
Net realized/unrealized gains (losses) included in principal transactions | 22 | |||
Net realized/unrealized gains (losses) included in locations other than principal transactions, assets | 0 | |||
Transfers into Level 3 | 69 | |||
Transfers out of Level 3, assets | (68) | |||
Purchases, assets | 201 | |||
Issuance, assets | 0 | |||
Sales, assets | (469) | |||
Settlements, assets | 0 | |||
Balance at end of period, asset | 95 | 95 | ||
Unrealized gains (losses) still held, assets | 18 | |||
Trading non-derivative assets | Commercial | ||||
Fair value, assets measured on recurring basis, level 3 fair-value category reconciliation | ||||
Balance at beginning of period, asset | 136 | |||
Net realized/unrealized gains (losses) included in principal transactions | 21 | |||
Net realized/unrealized gains (losses) included in locations other than principal transactions, assets | 0 | |||
Transfers into Level 3 | 76 | |||
Transfers out of Level 3, assets | (41) | |||
Purchases, assets | 24 | |||
Issuance, assets | 0 | |||
Sales, assets | (129) | |||
Settlements, assets | 0 | |||
Balance at end of period, asset | 87 | 87 | ||
Unrealized gains (losses) still held, assets | 2 | |||
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 | 503 | |||
Net realized/unrealized gains (losses) included in principal transactions | 44 | |||
Net realized/unrealized gains (losses) included in locations other than principal transactions, assets | 0 | |||
Transfers into Level 3 | 397 | |||
Transfers out of Level 3, assets | (117) | |||
Purchases, assets | 339 | |||
Issuance, assets | 0 | |||
Sales, assets | (608) | |||
Settlements, assets | 0 | |||
Balance at end of period, asset | 558 | 558 | ||
Unrealized gains (losses) still held, assets | 36 | |||
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 | |||
Net realized/unrealized gains (losses) included in principal transactions | 0 | |||
Net realized/unrealized gains (losses) included in locations other than principal transactions, assets | 0 | |||
Transfers into Level 3 | 0 | |||
Transfers out of Level 3, assets | 0 | |||
Purchases, assets | 0 | |||
Issuance, assets | 0 | |||
Sales, assets | 0 | |||
Settlements, assets | 0 | |||
Balance at end of period, asset | 0 | 0 | ||
Unrealized gains (losses) still held, assets | 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 | 94 | |||
Net realized/unrealized gains (losses) included in principal transactions | 0 | |||
Net realized/unrealized gains (losses) included in locations other than principal transactions, assets | 0 | |||
Transfers into Level 3 | 0 | |||
Transfers out of Level 3, assets | (29) | |||
Purchases, assets | 5 | |||
Issuance, assets | 0 | |||
Sales, assets | 0 | |||
Settlements, assets | 0 | |||
Balance at end of period, asset | 70 | 70 | ||
Unrealized gains (losses) still held, assets | 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 | 51 | |||
Net realized/unrealized gains (losses) included in principal transactions | 5 | |||
Net realized/unrealized gains (losses) included in locations other than principal transactions, assets | 0 | |||
Transfers into Level 3 | 136 | |||
Transfers out of Level 3, assets | (28) | |||
Purchases, assets | 71 | |||
Issuance, assets | 0 | |||
Sales, assets | (94) | |||
Settlements, assets | 0 | |||
Balance at end of period, asset | 141 | 141 | ||
Unrealized gains (losses) still held, assets | (6) | |||
Trading non-derivative assets | Corporate | ||||
Fair value, assets measured on recurring basis, level 3 fair-value category reconciliation | ||||
Balance at beginning of period, asset | 375 | |||
Net realized/unrealized gains (losses) included in principal transactions | 75 | |||
Net realized/unrealized gains (losses) included in locations other than principal transactions, assets | 0 | |||
Transfers into Level 3 | 318 | |||
Transfers out of Level 3, assets | (168) | |||
Purchases, assets | 475 | |||
Issuance, assets | 0 | |||
Sales, assets | (252) | |||
Settlements, assets | 0 | |||
Balance at end of period, asset | 823 | 823 | ||
Unrealized gains (losses) still held, assets | (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 | 73 | |||
Net realized/unrealized gains (losses) included in principal transactions | 47 | |||
Net realized/unrealized gains (losses) included in locations other than principal transactions, assets | 0 | |||
Transfers into Level 3 | 84 | |||
Transfers out of Level 3, assets | (42) | |||
Purchases, assets | 35 | |||
Issuance, assets | 0 | |||
Sales, assets | (50) | |||
Settlements, assets | 0 | |||
Balance at end of period, asset | 147 | 147 | ||
Unrealized gains (losses) still held, assets | 32 | |||
Trading non-derivative assets | Asset-backed securities | ||||
Fair value, assets measured on recurring basis, level 3 fair-value category reconciliation | ||||
Balance at beginning of period, asset | 1,606 | |||
Net realized/unrealized gains (losses) included in principal transactions | 248 | |||
Net realized/unrealized gains (losses) included in locations other than principal transactions, assets | 0 | |||
Transfers into Level 3 | 35 | |||
Transfers out of Level 3, assets | (198) | |||
Purchases, assets | 934 | |||
Issuance, assets | 0 | |||
Sales, assets | (1,933) | |||
Settlements, assets | 0 | |||
Balance at end of period, asset | 692 | 692 | ||
Unrealized gains (losses) still held, assets | 8 | |||
Trading non-derivative assets | Other Trading Assets | ||||
Fair value, assets measured on recurring basis, level 3 fair-value category reconciliation | ||||
Balance at beginning of period, asset | 945 | |||
Net realized/unrealized gains (losses) included in principal transactions | 18 | |||
Net realized/unrealized gains (losses) included in locations other than principal transactions, assets | 0 | |||
Transfers into Level 3 | 61 | |||
Transfers out of Level 3, assets | (129) | |||
Purchases, assets | 348 | |||
Issuance, assets | 4 | |||
Sales, assets | (688) | |||
Settlements, assets | (4) | |||
Balance at end of period, asset | 555 | 555 | ||
Unrealized gains (losses) still held, assets | (5) | |||
Investments | ||||
Fair value, assets measured on recurring basis, level 3 fair-value category reconciliation | ||||
Balance at beginning of period, asset | 2,378 | 1,759 | 2,227 | 1,542 |
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 | (64) | 15 | (147) | 1 |
Transfers into Level 3 | 100 | 581 | 415 | 589 |
Transfers out of Level 3, assets | (195) | (397) | (304) | (397) |
Purchases, assets | 223 | 350 | 410 | 681 |
Issuance, assets | 0 | 0 | 0 | 0 |
Sales, assets | (179) | (62) | (338) | (170) |
Settlements, assets | 0 | 0 | 0 | 0 |
Balance at end of period, asset | 2,263 | 2,246 | 2,263 | 2,246 |
Unrealized gains (losses) still held, assets | (45) | (10) | (85) | (83) |
Investments | U.S. government-sponsored agency guaranteed | ||||
Fair value, assets measured on recurring basis, level 3 fair-value category reconciliation | ||||
Balance at beginning of period, asset | 46 | 30 | 51 | |
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 | (2) | 2 | (9) | |
Transfers into Level 3 | 0 | 22 | 1 | |
Transfers out of Level 3, assets | (10) | 0 | (10) | |
Purchases, assets | 0 | 3 | 4 | |
Issuance, assets | 0 | 0 | 0 | |
Sales, assets | (6) | (5) | (9) | |
Settlements, assets | 0 | 0 | 0 | |
Balance at end of period, asset | 28 | 52 | 28 | 52 |
Unrealized gains (losses) still held, assets | (2) | (21) | (4) | |
Investments | Residential | ||||
Fair value, assets measured on recurring basis, level 3 fair-value category reconciliation | ||||
Balance at beginning of period, asset | 44 | 94 | ||
Net realized/unrealized gains (losses) included in principal transactions | 0 | 0 | ||
Net realized/unrealized gains (losses) included in locations other than principal transactions, assets | (4) | (6) | ||
Transfers into Level 3 | 0 | 0 | ||
Transfers out of Level 3, assets | 0 | (39) | ||
Purchases, assets | 0 | 0 | ||
Issuance, assets | 0 | 0 | ||
Sales, assets | 0 | (9) | ||
Settlements, assets | 0 | 0 | ||
Balance at end of period, asset | 40 | 40 | ||
Unrealized gains (losses) still held, assets | (4) | (5) | ||
Investments | Mortgage-backed securities | ||||
Fair value, assets measured on recurring basis, level 3 fair-value category reconciliation | ||||
Balance at beginning of period, asset | 90 | 30 | 145 | |
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 | (6) | 2 | (15) | |
Transfers into Level 3 | 0 | 22 | 1 | |
Transfers out of Level 3, assets | (10) | 0 | (49) | |
Purchases, assets | 0 | 3 | 4 | |
Issuance, assets | 0 | 0 | 0 | |
Sales, assets | (6) | (5) | (18) | |
Settlements, assets | 0 | 0 | 0 | |
Balance at end of period, asset | 68 | 52 | 68 | 52 |
Unrealized gains (losses) still held, assets | (6) | (21) | (9) | |
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 | 1 | 0 | 1 | |
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 | (1) | 0 | (1) | |
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 | State and municipal | ||||
Fair value, assets measured on recurring basis, level 3 fair-value category reconciliation | ||||
Balance at beginning of period, asset | 705 | 794 | 772 | |
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 | (34) | 8 | (78) | |
Transfers into Level 3 | 0 | 54 | 0 | |
Transfers out of Level 3, assets | (131) | (108) | (142) | |
Purchases, assets | 1 | 2 | 1 | |
Issuance, assets | 0 | 0 | 0 | |
Sales, assets | (2) | (2) | (14) | |
Settlements, assets | 0 | 0 | 0 | |
Balance at end of period, asset | 539 | 748 | 539 | 748 |
Unrealized gains (losses) still held, assets | (14) | 6 | (47) | |
Investments | Foreign government | ||||
Fair value, assets measured on recurring basis, level 3 fair-value category reconciliation | ||||
Balance at beginning of period, asset | 1,029 | 523 | 786 | |
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 | (15) | 3 | (39) | |
Transfers into Level 3 | 0 | 440 | 250 | |
Transfers out of Level 3, assets | (54) | (289) | (113) | |
Purchases, assets | 202 | 315 | 385 | |
Issuance, assets | 0 | 0 | 0 | |
Sales, assets | (161) | (35) | (268) | |
Settlements, assets | 0 | 0 | 0 | |
Balance at end of period, asset | 1,001 | 957 | 1,001 | 957 |
Unrealized gains (losses) still held, assets | (16) | 3 | (19) | |
Investments | Corporate | ||||
Fair value, assets measured on recurring basis, level 3 fair-value category reconciliation | ||||
Balance at beginning of period, asset | 237 | 56 | 188 | |
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 | (3) | (7) | (7) | |
Transfers into Level 3 | 100 | 32 | 153 | |
Transfers out of Level 3, assets | 0 | 0 | 0 | |
Purchases, assets | 0 | 30 | 0 | |
Issuance, assets | 0 | 0 | 0 | |
Sales, assets | 0 | (7) | 0 | |
Settlements, assets | 0 | 0 | 0 | |
Balance at end of period, asset | 334 | 104 | 334 | 104 |
Unrealized gains (losses) still held, assets | (1) | (1) | (2) | |
Investments | Marketable equity securities | ||||
Fair value, assets measured on recurring basis, level 3 fair-value category reconciliation | ||||
Balance at beginning of period, asset | 16 | 16 | ||
Net realized/unrealized gains (losses) included in principal transactions | 0 | 0 | ||
Net realized/unrealized gains (losses) included in locations other than principal transactions, assets | (6) | (6) | ||
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 | 10 | 10 | ||
Unrealized gains (losses) still held, assets | (7) | (7) | ||
Investments | Asset-backed securities | ||||
Fair value, assets measured on recurring basis, level 3 fair-value category reconciliation | ||||
Balance at beginning of period, asset | 2 | 4 | 3 | |
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 | (1) | (21) | 11 | |
Transfers into Level 3 | 0 | 33 | 0 | |
Transfers out of Level 3, assets | 0 | 0 | 0 | |
Purchases, assets | 0 | 0 | 0 | |
Issuance, assets | 0 | 0 | 0 | |
Sales, assets | 0 | (13) | (13) | |
Settlements, assets | 0 | 0 | 0 | |
Balance at end of period, asset | 1 | 3 | 1 | 3 |
Unrealized gains (losses) still held, assets | 0 | 1 | 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 | 298 | 352 | 316 | |
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 | 2 | 30 | (12) | |
Transfers into Level 3 | 0 | 0 | 11 | |
Transfers out of Level 3, assets | 0 | 0 | 0 | |
Purchases, assets | 20 | 0 | 20 | |
Issuance, assets | 0 | 0 | 0 | |
Sales, assets | (10) | 0 | (25) | |
Settlements, assets | 0 | 0 | 0 | |
Balance at end of period, asset | 310 | 382 | 310 | 382 |
Unrealized gains (losses) still held, assets | (1) | 2 | (1) | |
Investments | U.S. government-sponsored agency guaranteed | ||||
Fair value, assets measured on recurring basis, level 3 fair-value category reconciliation | ||||
Balance at beginning of period, asset | 30 | |||
Net realized/unrealized gains (losses) included in principal transactions | 0 | |||
Net realized/unrealized gains (losses) included in locations other than principal transactions, assets | 2 | |||
Transfers into Level 3 | 22 | |||
Transfers out of Level 3, assets | 0 | |||
Purchases, assets | 3 | |||
Issuance, assets | 0 | |||
Sales, assets | (5) | |||
Settlements, assets | 0 | |||
Balance at end of period, asset | 52 | 52 | ||
Unrealized gains (losses) still held, assets | (42) | |||
Investments | Mortgage-backed securities | ||||
Fair value, assets measured on recurring basis, level 3 fair-value category reconciliation | ||||
Balance at beginning of period, asset | 30 | |||
Net realized/unrealized gains (losses) included in principal transactions | 0 | |||
Net realized/unrealized gains (losses) included in locations other than principal transactions, assets | 2 | |||
Transfers into Level 3 | 22 | |||
Transfers out of Level 3, assets | 0 | |||
Purchases, assets | 3 | |||
Issuance, assets | 0 | |||
Sales, assets | (5) | |||
Settlements, assets | 0 | |||
Balance at end of period, asset | 52 | 52 | ||
Unrealized gains (losses) still held, assets | (42) | |||
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 | |||
Net realized/unrealized gains (losses) included in principal transactions | 0 | |||
Net realized/unrealized gains (losses) included in locations other than principal transactions, assets | 0 | |||
Transfers into Level 3 | 0 | |||
Transfers out of Level 3, assets | 0 | |||
Purchases, assets | 0 | |||
Issuance, assets | 0 | |||
Sales, assets | 0 | |||
Settlements, assets | 0 | |||
Balance at end of period, asset | 0 | 0 | ||
Unrealized gains (losses) still held, assets | 0 | |||
Investments | State and municipal | ||||
Fair value, assets measured on recurring basis, level 3 fair-value category reconciliation | ||||
Balance at beginning of period, asset | 834 | |||
Net realized/unrealized gains (losses) included in principal transactions | 0 | |||
Net realized/unrealized gains (losses) included in locations other than principal transactions, assets | (10) | |||
Transfers into Level 3 | 58 | |||
Transfers out of Level 3, assets | (108) | |||
Purchases, assets | 3 | |||
Issuance, assets | 0 | |||
Sales, assets | (29) | |||
Settlements, assets | 0 | |||
Balance at end of period, asset | 748 | 748 | ||
Unrealized gains (losses) still held, assets | (8) | |||
Investments | Foreign government | ||||
Fair value, assets measured on recurring basis, level 3 fair-value category reconciliation | ||||
Balance at beginning of period, asset | 268 | |||
Net realized/unrealized gains (losses) included in principal transactions | 0 | |||
Net realized/unrealized gains (losses) included in locations other than principal transactions, assets | 1 | |||
Transfers into Level 3 | 440 | |||
Transfers out of Level 3, assets | (289) | |||
Purchases, assets | 645 | |||
Issuance, assets | 0 | |||
Sales, assets | (108) | |||
Settlements, assets | 0 | |||
Balance at end of period, asset | 957 | 957 | ||
Unrealized gains (losses) still held, assets | 3 | |||
Investments | Corporate | ||||
Fair value, assets measured on recurring basis, level 3 fair-value category reconciliation | ||||
Balance at beginning of period, asset | 60 | |||
Net realized/unrealized gains (losses) included in principal transactions | 0 | |||
Net realized/unrealized gains (losses) included in locations other than principal transactions, assets | (11) | |||
Transfers into Level 3 | 32 | |||
Transfers out of Level 3, assets | 0 | |||
Purchases, assets | 30 | |||
Issuance, assets | 0 | |||
Sales, assets | (7) | |||
Settlements, assets | 0 | |||
Balance at end of period, asset | 104 | 104 | ||
Unrealized gains (losses) still held, assets | (1) | |||
Investments | Asset-backed securities | ||||
Fair value, assets measured on recurring basis, level 3 fair-value category reconciliation | ||||
Balance at beginning of period, asset | 1 | |||
Net realized/unrealized gains (losses) included in principal transactions | 0 | |||
Net realized/unrealized gains (losses) included in locations other than principal transactions, assets | (21) | |||
Transfers into Level 3 | 36 | |||
Transfers out of Level 3, assets | 0 | |||
Purchases, assets | 0 | |||
Issuance, assets | 0 | |||
Sales, assets | (13) | |||
Settlements, assets | 0 | |||
Balance at end of period, asset | 3 | 3 | ||
Unrealized gains (losses) still held, assets | (37) | |||
Investments | Non-marketable equity securities | ||||
Fair value, assets measured on recurring basis, level 3 fair-value category reconciliation | ||||
Balance at beginning of period, asset | 349 | |||
Net realized/unrealized gains (losses) included in principal transactions | 0 | |||
Net realized/unrealized gains (losses) included in locations other than principal transactions, assets | 40 | |||
Transfers into Level 3 | 1 | |||
Transfers out of Level 3, assets | 0 | |||
Purchases, assets | 0 | |||
Issuance, assets | 0 | |||
Sales, assets | (8) | |||
Settlements, assets | 0 | |||
Balance at end of period, asset | 382 | 382 | ||
Unrealized gains (losses) still held, assets | 2 | |||
Loans | ||||
Fair value, assets measured on recurring basis, level 3 fair-value category reconciliation | ||||
Balance at beginning of period, asset | 622 | 1,944 | 711 | 1,985 |
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 | (105) | 476 | (190) | 348 |
Transfers into Level 3 | 1 | 60 | 1 | 271 |
Transfers out of Level 3, assets | (193) | (2,051) | (195) | (2,051) |
Purchases, assets | 0 | 0 | 0 | 0 |
Issuance, assets | 1 | 0 | 1 | 1 |
Sales, assets | 0 | 0 | 0 | 0 |
Settlements, assets | (1) | 0 | (3) | (125) |
Balance at end of period, asset | 325 | 429 | 325 | 429 |
Unrealized gains (losses) still held, assets | (7) | 169 | 166 | 100 |
Fair value, Derivative assets (liabilities) measured on recurring basis, level 3 fair-value category reconciliation | ||||
Transfers out of Level 3 | (2,100) | (2,100) | ||
Mortgage servicing rights | ||||
Fair value, assets measured on recurring basis, level 3 fair-value category reconciliation | ||||
Balance at beginning of period, asset | 520 | 433 | 404 | 336 |
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 | 59 | (21) | 158 | 52 |
Transfers into Level 3 | 0 | 0 | 0 | |
Transfers out of Level 3, assets | 0 | 0 | 0 | 0 |
Purchases, assets | 0 | 0 | 0 | |
Issuance, assets | 35 | 25 | 69 | 68 |
Sales, assets | 0 | 0 | 0 | |
Settlements, assets | (14) | (18) | (31) | (37) |
Balance at end of period, asset | 600 | 419 | 600 | 419 |
Unrealized gains (losses) still held, assets | 59 | (21) | 157 | 59 |
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 | 68 | 0 | 73 | 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 | 4 | 0 | 7 | 0 |
Transfers into Level 3 | 7 | 55 | 7 | 55 |
Transfers out of Level 3, assets | (12) | 0 | (16) | 0 |
Purchases, assets | 13 | 0 | 14 | 0 |
Issuance, assets | 15 | 0 | 40 | 0 |
Sales, assets | 0 | 0 | (1) | 0 |
Settlements, assets | (32) | 0 | (61) | 0 |
Balance at end of period, asset | 63 | 55 | 63 | 55 |
Unrealized gains (losses) still held, assets | $ 7 | $ 0 | $ 48 | $ 0 |
FAIR VALUE MEASUREMENT - Leve_2
FAIR VALUE MEASUREMENT - Level 3 Fair Value Rollforward Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Loans | ||||
Fair value, assets and liabilities measured on recurring basis, level 3 fair-value category disclosures | ||||
Transfers out of Level 3 | $ (2,100) | $ (2,100) | ||
Long-term debt | ||||
Fair value, assets and liabilities measured on recurring basis, level 3 fair-value category disclosures | ||||
Transfers into Level 3, liabilities | $ 3,335 | 3,937 | $ 6,743 | 4,869 |
Transfers out of Level 3 | $ 2,600 | $ 6,000 | 3,500 | 6,000 |
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 | 4,500 | 4,000 | ||
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 | $ 2,200 | $ 800 |
FAIR VALUE MEASUREMENT - Valuat
FAIR VALUE MEASUREMENT - Valuation Techniques and Inputs for Level 3 Fair Value Measurements (Details) | Jun. 30, 2022 USD ($) year | Dec. 31, 2021 USD ($) year |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Marketable equity securities | $ 1,046,000,000 | $ 1,032,000,000 |
Derivative assets | 81,885,000,000 | 69,776,000,000 |
Model-based | Level 3 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Securities borrowed and purchased under agreements to resell | 183,000,000 | 231,000,000 |
State and municipal, foreign government, corporate and other debt securities | 499,000,000 | 415,000,000 |
Marketable equity securities | 43,000,000 | |
Non-marketable equities | 83,000,000 | |
Loans and leases | 309,000,000 | 691,000,000 |
Mortgage servicing rights | 71,000,000 | 73,000,000 |
Interest-bearing deposits | 18,000,000 | 183,000,000 |
Securities loaned and sold under agreement to repurchase | 593,000,000 | 643,000,000 |
Short-term borrowings and long-term debt | 28,623,000,000 | 25,514,000,000 |
Model-based | Level 3 | Interest rate contracts (gross) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 5,279,000,000 | 6,054,000,000 |
Model-based | Level 3 | Foreign exchange contracts (gross) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 1,754,000,000 | 1,364,000,000 |
Model-based | Level 3 | Equity contracts (gross) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 4,366,000,000 | 4,690,000,000 |
Model-based | Level 3 | Commodity and other contracts (gross) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 4,043,000,000 | 3,172,000,000 |
Model-based | Level 3 | Credit derivatives (gross) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 2,396,000,000 | 1,480,000,000 |
Price-based | Level 3 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Mortgage-backed securities | 243,000,000 | 279,000,000 |
State and municipal, foreign government, corporate and other debt securities | 2,483,000,000 | 2,264,000,000 |
Marketable equity securities | 136,000,000 | 128,000,000 |
Asset-backed securities | 328,000,000 | 386,000,000 |
Non-marketable equities | 150,000,000 | 121,000,000 |
Nontrading derivatives and other financial assets and liabilities measured on a recurring basis (gross) | 57,000,000 | 69,000,000 |
Securities sold, not yet purchased and other trading liabilities | 46,000,000 | 63,000,000 |
Price-based | Level 3 | Credit derivatives (gross) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 434,000,000 | 427,000,000 |
Yield analysis | Level 3 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Mortgage-backed securities | 804,000,000 | 526,000,000 |
Asset-backed securities | 192,000,000 | 208,000,000 |
Securities sold, not yet purchased and other trading liabilities | 24,000,000 | |
Comparable analysis | Level 3 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Non-marketable equities | 148,000,000 | 112,000,000 |
Cash flow | Level 3 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Mortgage servicing rights | $ 529,000,000 | $ 331,000,000 |
Minimum | Model-based | Level 3 | Interest Rate | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Securities borrowed and purchased under agreements to resell | 1.50% | 0.26% |
Securities loaned and sold under agreement to repurchase | 0.0180 | 0.0012 |
Minimum | Model-based | Level 3 | Yield | Interest rate contracts (gross) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | (0.0020) | |
Minimum | Model-based | Level 3 | Price | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Non-marketable equities | $ 3 | |
Minimum | Model-based | Level 3 | Adjustment Factor | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Non-marketable equities | 0.33 | |
Minimum | Model-based | Level 3 | IR Basis | Foreign exchange contracts (gross) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | (0.0120) | |
Minimum | Model-based | Level 3 | Revenue Multiple | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Non-marketable equities | 19.80 | |
Minimum | Model-based | Level 3 | IR Normal Volatility | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Interest-bearing deposits | 0.0030 | 0.0034 |
Short-term borrowings and long-term debt | 0.0030 | 0.0007 |
Minimum | Model-based | Level 3 | IR Normal Volatility | Interest rate contracts (gross) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.0030 | 0.0024 |
Minimum | Model-based | Level 3 | IR Normal Volatility | Foreign exchange contracts (gross) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.0040 | 0.0024 |
Minimum | Model-based | Level 3 | FX Volatility | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Short-term borrowings and long-term debt | 0.0006 | |
Minimum | Model-based | Level 3 | FX Volatility | Foreign exchange contracts (gross) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.0213 | |
Minimum | Model-based | Level 3 | Cost of Capital | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Non-marketable equities | 0.1750 | |
Minimum | Model-based | Level 3 | Equity - Equity Correlation | Equity contracts (gross) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | (0.0649) | (0.0649) |
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% | |
Minimum | Model-based | Level 3 | Credit Spread | Foreign exchange contracts (gross) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.0140 | |
Minimum | Model-based | Level 3 | Credit Spread | Credit derivatives (gross) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.0016 | 0.000100 |
Minimum | Model-based | Level 3 | Equity-IR Correlation | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Short-term borrowings and long-term debt | (0.0353) | |
Minimum | Model-based | Level 3 | Equity Forward | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Interest-bearing deposits | 0.5799 | |
Short-term borrowings and long-term debt | 0.4900 | |
Minimum | Model-based | Level 3 | Equity Forward | Equity contracts (gross) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.4900 | 0.5799 |
Minimum | Model-based | Level 3 | Equity - FX Correlation | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Short-term borrowings and long-term debt | (0.9500) | |
Minimum | Model-based | Level 3 | Equity - FX Correlation | Equity contracts (gross) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | (0.9500) | (0.9500) |
Minimum | Model-based | Level 3 | Forward Price | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Loans and leases | 0.1245 | 0.2695 |
Interest-bearing deposits | 1 | |
Minimum | Model-based | Level 3 | Forward Price | Commodity and other contracts (gross) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.1245 | 0.0800 |
Minimum | Model-based | Level 3 | Commodity Correlation | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Loans and leases | (0.5302) | (0.5052) |
Minimum | Model-based | Level 3 | Commodity Correlation | Commodity and other contracts (gross) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | (0.5300) | (0.5052) |
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 | 0.0008 | |
Loans and leases | 0.6088 | 0.2248 |
Interest-bearing deposits | 0.0008 | |
Short-term borrowings and long-term debt | 0.0010 | 0.0008 |
Minimum | Model-based | Level 3 | Equity Volatility | Equity contracts (gross) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.0010 | 0.0008 |
Minimum | Model-based | Level 3 | WAL | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Marketable equity securities | year | 1.73 | |
Mortgage servicing rights | year | 4 | 2.75 |
Minimum | Model-based | Level 3 | Recovery | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Marketable equity securities | $ 7,148,000,000 | |
Minimum | Model-based | Level 3 | Commodity Volatility | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Loans and leases | 0.1304 | 0.1087 |
Minimum | Model-based | Level 3 | Commodity Volatility | Commodity and other contracts (gross) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.1300 | 0.1087 |
Minimum | Price-based | Level 3 | Price | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Mortgage-backed securities | $ 0.80 | $ 4 |
State and municipal, foreign government, corporate and other debt securities | 0 | 0 |
Marketable equity securities | 0 | 0 |
Asset-backed securities | 4.10 | 5 |
Nontrading derivatives and other financial assets and liabilities measured on a recurring basis (gross) | 84.35 | 94 |
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 | Illiquidity Discount | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Non-marketable equities | 0.1000 | |
Minimum | Price-based | Level 3 | PE Ratio | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Non-marketable equities | 15.20 | |
Minimum | Price-based | Level 3 | Adjustment Factor | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Non-marketable equities | 0.30 | |
Minimum | Price-based | Level 3 | Revenue Multiple | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Non-marketable equities | 12.80 | |
Minimum | Price-based | Level 3 | EBITDA multiples | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Non-marketable equities | 17.40 | |
Minimum | Price-based | Level 3 | Cost of Capital | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Non-marketable equities | 0.1750 | |
Minimum | Price-based | Level 3 | Credit Spread Volatility | Credit derivatives (gross) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.2340 | |
Minimum | Price-based | Level 3 | Credit Correlation | Credit derivatives (gross) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.1500 | 0.3000 |
Minimum | Price-based | Level 3 | Upfront Points | Credit derivatives (gross) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0 | 0.0274 |
Minimum | Price-based | Level 3 | Recovery Rate | Credit derivatives (gross) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.0500 | 0.2000 |
Minimum | Yield analysis | Level 3 | Yield | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Mortgage-backed securities | 3.50% | 1.43% |
Asset-backed securities | 4.20% | 2.43% |
Securities sold, not yet purchased and other trading liabilities | 0.0340 | |
Minimum | Yield analysis | Level 3 | Upfront Points | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Securities sold, not yet purchased and other trading liabilities | 0.0400 | |
Minimum | Comparable analysis | Level 3 | Illiquidity Discount | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Non-marketable equities | 0.1500 | |
Minimum | Comparable analysis | Level 3 | PE Ratio | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Non-marketable equities | 11 | |
Minimum | Cash flow | Level 3 | Yield | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Mortgage servicing rights | 0 | (0.0120) |
Maximum | Model-based | Level 3 | Interest Rate | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Securities borrowed and purchased under agreements to resell | 2.80% | 0.72% |
Securities loaned and sold under agreement to repurchase | 0.0370 | 0.0195 |
Maximum | Model-based | Level 3 | Yield | Interest rate contracts (gross) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.0160 | |
Maximum | Model-based | Level 3 | Price | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Non-marketable equities | $ 2,601 | |
Maximum | Model-based | Level 3 | Adjustment Factor | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Non-marketable equities | 0.44 | |
Maximum | Model-based | Level 3 | IR Basis | Foreign exchange contracts (gross) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.0520 | |
Maximum | Model-based | Level 3 | Revenue Multiple | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Non-marketable equities | 30 | |
Maximum | Model-based | Level 3 | IR Normal Volatility | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Interest-bearing deposits | 0.0090 | 0.0088 |
Short-term borrowings and long-term debt | 0.0170 | 0.0088 |
Maximum | Model-based | Level 3 | IR Normal Volatility | Interest rate contracts (gross) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.0170 | 0.0094 |
Maximum | Model-based | Level 3 | IR Normal Volatility | Foreign exchange contracts (gross) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.0160 | 0.0074 |
Maximum | Model-based | Level 3 | FX Volatility | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Short-term borrowings and long-term debt | 0.4176 | |
Maximum | Model-based | Level 3 | FX Volatility | Foreign exchange contracts (gross) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 1.0742 | |
Maximum | Model-based | Level 3 | Cost of Capital | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Non-marketable equities | 0.2000 | |
Maximum | Model-based | Level 3 | Equity - Equity Correlation | Equity contracts (gross) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.9970 | 0.9900 |
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% | |
Maximum | Model-based | Level 3 | Credit Spread | Foreign exchange contracts (gross) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.0696 | |
Maximum | Model-based | Level 3 | Credit Spread | Credit derivatives (gross) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.0601 | 0.087472 |
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 | Equity Forward | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Interest-bearing deposits | 1.6583 | |
Short-term borrowings and long-term debt | 2.4710 | |
Maximum | Model-based | Level 3 | Equity Forward | Equity contracts (gross) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 2.4710 | 1.6583 |
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 | 0.8000 |
Maximum | Model-based | Level 3 | Forward Price | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Loans and leases | 3.6911 | 3.3308 |
Interest-bearing deposits | 1 | |
Maximum | Model-based | Level 3 | Forward Price | Commodity and other contracts (gross) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 3.8182 | 5.9944 |
Maximum | Model-based | Level 3 | Commodity Correlation | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Loans and leases | 0.9352 | 0.8983 |
Maximum | Model-based | Level 3 | Commodity Correlation | Commodity and other contracts (gross) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.9350 | 0.8983 |
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 | 2.9064 | |
Loans and leases | 0.9902 | 0.8544 |
Interest-bearing deposits | 2.9064 | |
Short-term borrowings and long-term debt | 3.1390 | 2.9064 |
Maximum | Model-based | Level 3 | Equity Volatility | Equity contracts (gross) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 3.1390 | 2.9064 |
Maximum | Model-based | Level 3 | WAL | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Marketable equity securities | year | 1.73 | |
Mortgage servicing rights | year | 9.7 | 5.86 |
Maximum | Model-based | Level 3 | Recovery | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Marketable equity securities | $ 7,148,000,000 | |
Maximum | Model-based | Level 3 | Commodity Volatility | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Loans and leases | 1.0731 | 1.8830 |
Maximum | Model-based | Level 3 | Commodity Volatility | Commodity and other contracts (gross) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 1.0730 | 1.8830 |
Maximum | Price-based | Level 3 | Price | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Mortgage-backed securities | $ 100.10 | $ 118 |
State and municipal, foreign government, corporate and other debt securities | 934.30 | 995 |
Marketable equity securities | 8,922.8 | 73,000 |
Asset-backed securities | 100 | 754 |
Nontrading derivatives and other financial assets and liabilities measured on a recurring basis (gross) | 785 | 2,598 |
Securities sold, not yet purchased and other trading liabilities | $ 12,100 | 12,875 |
Maximum | Price-based | Level 3 | Price | Credit derivatives (gross) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | $ 103 | |
Maximum | Price-based | Level 3 | Illiquidity Discount | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Non-marketable equities | 0.3600 | |
Maximum | Price-based | Level 3 | PE Ratio | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Non-marketable equities | 18 | |
Maximum | Price-based | Level 3 | Adjustment Factor | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Non-marketable equities | 0.50 | |
Maximum | Price-based | Level 3 | Revenue Multiple | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Non-marketable equities | 30 | |
Maximum | Price-based | Level 3 | EBITDA multiples | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Non-marketable equities | 17.40 | |
Maximum | Price-based | Level 3 | Cost of Capital | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Non-marketable equities | 0.2000 | |
Maximum | Price-based | Level 3 | Credit Spread Volatility | Credit derivatives (gross) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.7920 | |
Maximum | Price-based | Level 3 | Credit Correlation | Credit derivatives (gross) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.8500 | 0.8000 |
Maximum | Price-based | Level 3 | Upfront Points | Credit derivatives (gross) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.9900 | 0.9996 |
Maximum | Price-based | Level 3 | Recovery Rate | Credit derivatives (gross) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.7500 | 0.7500 |
Maximum | Yield analysis | Level 3 | Yield | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Mortgage-backed securities | 22% | 23.79% |
Asset-backed securities | 16% | 19.35% |
Securities sold, not yet purchased and other trading liabilities | 0.0460 | |
Maximum | Yield analysis | Level 3 | Upfront Points | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Securities sold, not yet purchased and other trading liabilities | 0.0400 | |
Maximum | Comparable analysis | Level 3 | Illiquidity Discount | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Non-marketable equities | 0.3200 | |
Maximum | Comparable analysis | Level 3 | PE Ratio | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Non-marketable equities | 29 | |
Maximum | Cash flow | Level 3 | Yield | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Mortgage servicing rights | 0.1290 | 0.1210 |
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 | 2.20% | 0.50% |
Securities loaned and sold under agreement to repurchase | 0.0310 | 0.0147 |
Weighted Average | Model-based | Level 3 | Yield | Interest rate contracts (gross) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.0050 | |
Weighted Average | Model-based | Level 3 | Price | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Non-marketable equities | $ 2,029 | |
Weighted Average | Model-based | Level 3 | Adjustment Factor | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Non-marketable equities | 0.34 | |
Weighted Average | Model-based | Level 3 | IR Basis | Foreign exchange contracts (gross) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.0020 | |
Weighted Average | Model-based | Level 3 | Revenue Multiple | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Non-marketable equities | 20.48 | |
Weighted Average | Model-based | Level 3 | IR Normal Volatility | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Interest-bearing deposits | 0.0050 | 0.0068 |
Short-term borrowings and long-term debt | 0.0080 | 0.0060 |
Weighted Average | Model-based | Level 3 | IR Normal Volatility | Interest rate contracts (gross) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.0090 | 0.0070 |
Weighted Average | Model-based | Level 3 | IR Normal Volatility | Foreign exchange contracts (gross) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.0060 | 0.0058 |
Weighted Average | Model-based | Level 3 | FX Volatility | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Short-term borrowings and long-term debt | 0.0938 | |
Weighted Average | Model-based | Level 3 | FX Volatility | Foreign exchange contracts (gross) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.1121 | |
Weighted Average | Model-based | Level 3 | Cost of Capital | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Non-marketable equities | 0.1757 | |
Weighted Average | Model-based | Level 3 | Equity - Equity Correlation | Equity contracts (gross) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.8680 | 0.8561 |
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% | |
Weighted Average | Model-based | Level 3 | Credit Spread | Foreign exchange contracts (gross) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.0639 | |
Weighted Average | Model-based | Level 3 | Credit Spread | Credit derivatives (gross) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.0123 | 0.006883 |
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 | 0.3212 | |
Weighted Average | Model-based | Level 3 | Equity Forward | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Interest-bearing deposits | 0.8939 | |
Short-term borrowings and long-term debt | 0.9690 | |
Weighted Average | Model-based | Level 3 | Equity Forward | Equity contracts (gross) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.9700 | 0.8945 |
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 | (0.1598) | |
Weighted Average | Model-based | Level 3 | Equity - FX Correlation | Equity contracts (gross) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | (0.1720) | (0.1600) |
Weighted Average | Model-based | Level 3 | Forward Price | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Loans and leases | 0.8372 | 1.0697 |
Interest-bearing deposits | 1 | |
Weighted Average | Model-based | Level 3 | Forward Price | Commodity and other contracts (gross) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.8652 | 1.2322 |
Weighted Average | Model-based | Level 3 | Commodity Correlation | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Loans and leases | 0.1908 | (0.0711) |
Weighted Average | Model-based | Level 3 | Commodity Correlation | Commodity and other contracts (gross) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.1910 | (0.0711) |
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 | 0.5394 | |
Loans and leases | 0.9464 | 0.5056 |
Interest-bearing deposits | 0.5405 | |
Short-term borrowings and long-term debt | 0.5260 | 0.5321 |
Weighted Average | Model-based | Level 3 | Equity Volatility | Equity contracts (gross) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.4670 | 0.4767 |
Weighted Average | Model-based | Level 3 | WAL | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Marketable equity securities | year | 1.73 | |
Mortgage servicing rights | year | 7.70 | 5.14 |
Weighted Average | Model-based | Level 3 | Recovery | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Marketable equity securities | $ 7,148,000,000 | |
Weighted Average | Model-based | Level 3 | Commodity Volatility | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Loans and leases | 0.2633 | 0.2685 |
Weighted Average | Model-based | Level 3 | Commodity Volatility | Commodity and other contracts (gross) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.2630 | 0.2685 |
Weighted Average | Price-based | Level 3 | Price | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Mortgage-backed securities | $ 59.70 | $ 79 |
State and municipal, foreign government, corporate and other debt securities | 186.50 | 193 |
Marketable equity securities | 52.70 | 6,477 |
Asset-backed securities | 79.60 | 87 |
Nontrading derivatives and other financial assets and liabilities measured on a recurring basis (gross) | 181.80 | 591 |
Securities sold, not yet purchased and other trading liabilities | $ 2,133 | 1,707 |
Weighted Average | Price-based | Level 3 | Price | Credit derivatives (gross) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | $ 80 | |
Weighted Average | Price-based | Level 3 | Illiquidity Discount | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Non-marketable equities | 0.2643 | |
Weighted Average | Price-based | Level 3 | PE Ratio | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Non-marketable equities | 15.90 | |
Weighted Average | Price-based | Level 3 | Adjustment Factor | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Non-marketable equities | 0.30 | |
Weighted Average | Price-based | Level 3 | Revenue Multiple | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Non-marketable equities | 14 | |
Weighted Average | Price-based | Level 3 | EBITDA multiples | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Non-marketable equities | 17.40 | |
Weighted Average | Price-based | Level 3 | Cost of Capital | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Non-marketable equities | 0.1760 | |
Weighted Average | Price-based | Level 3 | Credit Spread Volatility | Credit derivatives (gross) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.4700 | |
Weighted Average | Price-based | Level 3 | Credit Correlation | Credit derivatives (gross) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.4360 | 0.5457 |
Weighted Average | Price-based | Level 3 | Upfront Points | Credit derivatives (gross) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.4390 | 0.5937 |
Weighted Average | Price-based | Level 3 | Recovery Rate | Credit derivatives (gross) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.3700 | 0.4472 |
Weighted Average | Yield analysis | Level 3 | Yield | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Mortgage-backed securities | 8.80% | 7.25% |
Asset-backed securities | 7.90% | 8.18% |
Securities sold, not yet purchased and other trading liabilities | 0.0400 | |
Weighted Average | Yield analysis | Level 3 | Upfront Points | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Securities sold, not yet purchased and other trading liabilities | 0.0400 | |
Weighted Average | Comparable analysis | Level 3 | Illiquidity Discount | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Non-marketable equities | 0.2760 | |
Weighted Average | Comparable analysis | Level 3 | PE Ratio | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Non-marketable equities | 15.42 | |
Weighted Average | Cash flow | Level 3 | Yield | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Mortgage servicing rights | 0.0530 | 0.0451 |
FAIR VALUE MEASUREMENT - Item_2
FAIR VALUE MEASUREMENT - Items Measured at Fair Value on a Nonrecurring Basis (Details) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Items Measured at Fair Value on a Nonrecurring Basis | ||
Non-marketable equity securities measured using the measurement alternative | $ 7,787 | $ 7,337 |
Nonrecurring | Level 2 | ||
Items Measured at Fair Value on a Nonrecurring Basis | ||
Loans held-for-sale | 1,199 | 986 |
Other real estate owned | 0 | 0 |
Loans | 0 | 0 |
Non-marketable equity securities measured using the measurement alternative | 0 | 104 |
Total assets | 1,199 | 1,090 |
Nonrecurring | Level 3 | ||
Items Measured at Fair Value on a Nonrecurring Basis | ||
Loans held-for-sale | 1,232 | 1,312 |
Other real estate owned | 3 | 11 |
Loans | 133 | 144 |
Non-marketable equity securities measured using the measurement alternative | 153 | 551 |
Total assets | 1,521 | 2,018 |
Fair value | Nonrecurring | ||
Items Measured at Fair Value on a Nonrecurring Basis | ||
Loans held-for-sale | 2,431 | 2,298 |
Other real estate owned | 3 | 11 |
Loans | 133 | 144 |
Non-marketable equity securities measured using the measurement alternative | 153 | 655 |
Total assets | $ 2,720 | $ 3,108 |
FAIR VALUE MEASUREMENT - Valu_2
FAIR VALUE MEASUREMENT - Valuation Techniques and Inputs for Level 3 Nonrecurring Fair Value Measurements (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
Nonrecurring | |||||
Nonrecurring fair value changes included in earnings | |||||
Nonrecurring fair value measurements included in earnings | $ (39,000,000) | $ 245,000,000 | $ (86,000,000) | $ 334,000,000 | |
Nonrecurring | Level 3 | |||||
Valuation techniques and inputs | |||||
Loans held-for-sale | 1,232,000,000 | 1,232,000,000 | $ 1,312,000,000 | ||
Price-based | Level 3 | |||||
Valuation techniques and inputs | |||||
Non-marketable equities | 150,000,000 | 150,000,000 | 121,000,000 | ||
Price-based | Nonrecurring | Level 3 | |||||
Valuation techniques and inputs | |||||
Loans held-for-sale | 1,232,000,000 | 1,232,000,000 | 1,312,000,000 | ||
Other real estate owned | 1,000,000 | 1,000,000 | 4,000,000 | ||
Loans | 24,000,000 | ||||
Non-marketable equities | 135,000,000 | 135,000,000 | 551,000,000 | ||
Price-based | Price | Nonrecurring | Level 3 | Minimum | |||||
Valuation techniques and inputs | |||||
Loans held-for-sale | 84 | 84 | 89 | ||
Loans | 3 | ||||
Non-marketable equities | 3.35 | 3.35 | 6 | ||
Price-based | Price | Nonrecurring | Level 3 | Maximum | |||||
Valuation techniques and inputs | |||||
Loans held-for-sale | 100 | 100 | 100 | ||
Loans | 75 | ||||
Non-marketable equities | 2,416.43 | 2,416.43 | 1,339 | ||
Price-based | Price | Nonrecurring | Level 3 | Weighted Average | |||||
Valuation techniques and inputs | |||||
Loans held-for-sale | 95.40 | 95.40 | 99 | ||
Loans | 35 | ||||
Non-marketable equities | 1,359.84 | 1,359.84 | 52 | ||
Price-based | Appraised Value | Nonrecurring | Level 3 | Minimum | |||||
Valuation techniques and inputs | |||||
Other real estate owned | 38,899 | 38,899 | 14,000 | ||
Price-based | Appraised Value | Nonrecurring | Level 3 | Maximum | |||||
Valuation techniques and inputs | |||||
Other real estate owned | 991,478 | 991,478 | 2,392,464 | ||
Price-based | Appraised Value | Nonrecurring | Level 3 | Weighted Average | |||||
Valuation techniques and inputs | |||||
Other real estate owned | 775,330 | 775,330 | $ 1,660,120 | ||
Price-based | Recovery Rate | Nonrecurring | Level 3 | Minimum | |||||
Valuation techniques and inputs | |||||
Loans | 84% | ||||
Price-based | Recovery Rate | Nonrecurring | Level 3 | Maximum | |||||
Valuation techniques and inputs | |||||
Loans | 100% | ||||
Price-based | Recovery Rate | Nonrecurring | Level 3 | Weighted Average | |||||
Valuation techniques and inputs | |||||
Loans | 84% | ||||
Recovery analysis | Nonrecurring | Level 3 | |||||
Valuation techniques and inputs | |||||
Other real estate owned | 1,000,000 | 1,000,000 | $ 5,000,000 | ||
Loans | 133,000,000 | 133,000,000 | 120,000,000 | ||
Recovery analysis | Appraised Value | Nonrecurring | Level 3 | Minimum | |||||
Valuation techniques and inputs | |||||
Loans | 10,000 | 10,000 | 10,000 | ||
Recovery analysis | Appraised Value | Nonrecurring | Level 3 | Maximum | |||||
Valuation techniques and inputs | |||||
Loans | 3,900,000 | 3,900,000 | 3,900,000 | ||
Recovery analysis | Appraised Value | Nonrecurring | Level 3 | Weighted Average | |||||
Valuation techniques and inputs | |||||
Loans | 243,283 | 243,283 | $ 247,018 | ||
Comparable analysis | Nonrecurring | Level 3 | |||||
Valuation techniques and inputs | |||||
Non-marketable equities | 18,000,000 | 18,000,000 | |||
Comparable analysis | Revenue Multiple | Nonrecurring | Level 3 | Minimum | |||||
Valuation techniques and inputs | |||||
Non-marketable equities | 11.30 | 11.30 | |||
Comparable analysis | Revenue Multiple | Nonrecurring | Level 3 | Maximum | |||||
Valuation techniques and inputs | |||||
Non-marketable equities | 11.30 | 11.30 | |||
Comparable analysis | Revenue Multiple | Nonrecurring | Level 3 | Weighted Average | |||||
Valuation techniques and inputs | |||||
Non-marketable equities | 11.30 | 11.30 | |||
Loans held-for-sale | Nonrecurring | |||||
Nonrecurring fair value changes included in earnings | |||||
Nonrecurring fair value measurements included in earnings | (86,000,000) | (15,000,000) | (223,000,000) | (17,000,000) | |
Other real estate owned | Nonrecurring | |||||
Nonrecurring fair value changes included in earnings | |||||
Nonrecurring fair value measurements included in earnings | 0 | 0 | 0 | 0 | |
Loans | Nonrecurring | |||||
Nonrecurring fair value changes included in earnings | |||||
Nonrecurring fair value measurements included in earnings | 4,000,000 | 49,000,000 | 9,000,000 | 60,000,000 | |
Non-marketable equity securities measured using the measurement alternative | Nonrecurring | |||||
Nonrecurring fair value changes included in earnings | |||||
Nonrecurring fair value measurements included in earnings | $ 43,000,000 | $ 211,000,000 | $ 128,000,000 | $ 291,000,000 |
FAIR VALUE MEASUREMENT - Estima
FAIR VALUE MEASUREMENT - Estimate Fair Value of Financial Instruments Not Carried at Fair Value (Details) - USD ($) $ in Millions | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 |
Assets | ||||||
Loans | $ 4,536 | $ 6,082 | ||||
Liabilities | ||||||
Deposits | 1,321,848 | 1,317,230 | ||||
Purchased credit-deteriorated | 15,952 | $ 15,393 | 16,455 | $ 19,238 | $ 21,638 | $ 24,956 |
Loans, net of unearned income | 657,333 | 667,767 | ||||
Corporate | ||||||
Assets | ||||||
Loans | 4,528 | 6,070 | ||||
Liabilities | ||||||
Purchased credit-deteriorated | 2,969 | $ 3,025 | 2,415 | $ 2,672 | $ 3,542 | $ 4,776 |
Loans, net of unearned income | 301,728 | 291,233 | ||||
Carrying value | ||||||
Assets | ||||||
Investments, net of allowance | 272,700 | 221,900 | ||||
Securities borrowed and purchased under agreements to resell | 118,600 | 110,800 | ||||
Loans | 636,700 | 644,800 | ||||
Other financial assets | 398,800 | 351,900 | ||||
Liabilities | ||||||
Deposits | 1,319,500 | 1,315,600 | ||||
Securities loaned and sold under agreements to repurchase | 133,900 | 134,600 | ||||
Long-term debt | 168,000 | 171,800 | ||||
Other financial liabilities | 159,000 | 111,100 | ||||
Purchased credit-deteriorated | 16,000 | 16,500 | ||||
Estimated fair value | ||||||
Assets | ||||||
Investments, net of allowance | 255,000 | 221,000 | ||||
Securities borrowed and purchased under agreements to resell | 118,600 | 110,800 | ||||
Loans | 641,000 | 659,600 | ||||
Other financial assets | 398,800 | 351,900 | ||||
Liabilities | ||||||
Deposits | 1,318,200 | 1,316,200 | ||||
Securities loaned and sold under agreements to repurchase | 133,900 | 134,600 | ||||
Long-term debt | 165,500 | 184,600 | ||||
Other financial liabilities | 159,000 | 111,100 | ||||
Estimated fair value | Corporate | ||||||
Liabilities | ||||||
Loans, net of unearned income | 4,528 | 6,070 | ||||
Estimated fair value | Level 1 | ||||||
Assets | ||||||
Investments, net of allowance | 126,700 | 111,800 | ||||
Securities borrowed and purchased under agreements to resell | 0 | 0 | ||||
Loans | 0 | 0 | ||||
Other financial assets | 266,600 | 242,100 | ||||
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 | 124,900 | 106,400 | ||||
Securities borrowed and purchased under agreements to resell | 118,600 | 106,400 | ||||
Loans | 0 | 0 | ||||
Other financial assets | 17,500 | 19,900 | ||||
Liabilities | ||||||
Deposits | 1,175,000 | 1,153,900 | ||||
Securities loaned and sold under agreements to repurchase | 133,900 | 134,500 | ||||
Long-term debt | 161,400 | 171,900 | ||||
Other financial liabilities | 22,400 | 17,000 | ||||
Estimated fair value | Level 3 | ||||||
Assets | ||||||
Investments, net of allowance | 3,400 | 2,800 | ||||
Securities borrowed and purchased under agreements to resell | 0 | 4,400 | ||||
Loans | 641,000 | 659,600 | ||||
Other financial assets | 114,700 | 89,900 | ||||
Liabilities | ||||||
Deposits | 143,200 | 162,300 | ||||
Securities loaned and sold under agreements to repurchase | 0 | 100 | ||||
Long-term debt | 4,100 | 12,700 | ||||
Other financial liabilities | 136,600 | 94,100 | ||||
Estimated fair value | Level 3 | Corporate | ||||||
Fair value measurements additional disclosures | ||||||
Unfunded lending commitments | 9,900 | 8,100 | ||||
Lease financing | ||||||
Liabilities | ||||||
Loans, net of unearned income | 400 | 500 | ||||
Lease financing | Corporate | ||||||
Liabilities | ||||||
Loans, net of unearned income | $ 432 | $ 455 |
FAIR VALUE ELECTIONS - Changes
FAIR VALUE ELECTIONS - Changes in Fair Value Gains (Losses) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Securities borrowed and purchased under agreements to resell | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions. | ||||
Gain (loss) from changes in fair value | $ (21) | $ (8) | $ (83) | $ (36) |
Trading account assets | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions. | ||||
Gain (loss) from changes in fair value | (177) | 52 | (238) | 153 |
Certain corporate loans | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions. | ||||
Gain (loss) from changes in fair value | (1,523) | 539 | (1,855) | 668 |
Certain consumer loans | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions. | ||||
Gain (loss) from changes in fair value | 0 | 0 | (1) | 0 |
Loans | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions. | ||||
Gain (loss) from changes in fair value | (1,523) | 539 | (1,856) | 668 |
MSRs | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions. | ||||
Gain (loss) from changes in fair value | 60 | (21) | 158 | 52 |
Certain mortgage loans HFS | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions. | ||||
Gain (loss) from changes in fair value | (144) | 47 | (330) | 44 |
Total other assets | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions. | ||||
Gain (loss) from changes in fair value | (84) | 26 | (172) | 96 |
Total assets | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions. | ||||
Gain (loss) from changes in fair value | (1,805) | 609 | (2,349) | 881 |
Interest-bearing deposits | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions. | ||||
Gain (loss) from changes in fair value | (168) | (130) | (123) | (93) |
Securities loaned and sold under agreements to repurchase | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions. | ||||
Gain (loss) from changes in fair value | 19 | 5 | 96 | 18 |
Trading account liabilities | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions. | ||||
Gain (loss) from changes in fair value | 191 | 8 | (449) | 10 |
Short-term borrowings | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions. | ||||
Gain (loss) from changes in fair value | 1,064 | 327 | 1,196 | 192 |
Long-term debt | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions. | ||||
Gain (loss) from changes in fair value | 9,642 | (2,441) | 15,713 | (433) |
Total liabilities | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions. | ||||
Gain (loss) from changes in fair value | $ 10,748 | $ (2,231) | $ 16,433 | $ (306) |
FAIR VALUE ELECTIONS - Valuatio
FAIR VALUE ELECTIONS - Valuation Adjustments, Fair Value Option for Financial Assets and Financial Liabilities (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
Fair Value Option Quantitative Disclosures | |||||
Gain (loss) on change in estimated fair value of debt liabilities due to change in company's own credit risk | $ 2,592 | $ (110) | $ 3,642 | $ (148) | |
Balance of non-accrual loans or loans more than 90 days past due | 5 | 5 | $ 0 | ||
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 loans and other credit product | |||||
Fair Value Option Quantitative Disclosures | |||||
Changes in fair value due to instrument-specific credit risk loss | (47) | $ (2) | |||
Certain loans and other credit product | Trading assets | |||||
Fair Value Option Quantitative Disclosures | |||||
Aggregate unpaid principal balance in excess of (less than) fair value | 152 | 152 | (100) | ||
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 | 195 | 195 | 226 | ||
Balance of non-accrual loans or loans more than 90 days past due | 248 | 248 | 1 | ||
Aggregate unpaid principal balance in excess of fair value for non-accrual loans or loans more than 90 days past due | 0 | 0 | 0 | ||
Certain debt host contracts across unallocated precious metals accounts | |||||
Fair Value Option Quantitative Disclosures | |||||
Carrying amount reported on the Consolidated Balance Sheet | 500 | 500 | 300 | ||
Certain Investments in Unallocated Precious Metals | Forward derivative contract | Purchased | |||||
Fair Value Option Quantitative Disclosures | |||||
Derivative notionals | 22,700 | 22,700 | |||
Certain Investments in Unallocated Precious Metals | Forward derivative contract | Sold | |||||
Fair Value Option Quantitative Disclosures | |||||
Derivative notionals | 15,900 | 15,900 | |||
Mortgage receivable | |||||
Fair Value Option Quantitative Disclosures | |||||
Aggregate unpaid principal balance in excess of (less than) fair value | (46) | (46) | 70 | ||
Carrying amount | Certain loans and other credit product | Trading assets | |||||
Fair Value Option Quantitative Disclosures | |||||
Carrying amount reported on the Consolidated Balance Sheet | 7,655 | 7,655 | 9,530 | ||
Carrying amount | Certain loans and other credit product | Loans | |||||
Fair Value Option Quantitative Disclosures | |||||
Carrying amount reported on the Consolidated Balance Sheet | 4,536 | 4,536 | 6,082 | ||
Carrying amount | Loans held-for-sale | |||||
Fair Value Option Quantitative Disclosures | |||||
Carrying amount reported on the Consolidated Balance Sheet | 1,375 | 1,375 | 3,035 | ||
Fair value | Certain loans and other credit product | |||||
Fair Value Option Quantitative Disclosures | |||||
Unfunded lending commitments | $ 648 | $ 648 | $ 719 |
FAIR VALUE ELECTIONS - Certain
FAIR VALUE ELECTIONS - Certain Structured and Non-Structured Liabilities (Details) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Carrying value of structured notes, disaggregated by type of embedded derivative instrument | ||
Carrying value of structured notes | $ 89,400 | $ 82,600 |
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 | (3,011) | (2,459) |
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 | 1 | (644) |
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 | 89,388 | 82,609 |
Carrying amount | Short-term borrowings | ||
Carrying value of structured notes, disaggregated by type of embedded derivative instrument | ||
Carrying amount reported on the consolidated balance sheet | 6,852 | 7,358 |
Interest rate linked | ||
Carrying value of structured notes, disaggregated by type of embedded derivative instrument | ||
Carrying value of structured notes | 43,900 | 38,900 |
Foreign exchange linked | ||
Carrying value of structured notes, disaggregated by type of embedded derivative instrument | ||
Carrying value of structured notes | 100 | 0 |
Equity linked | ||
Carrying value of structured notes, disaggregated by type of embedded derivative instrument | ||
Carrying value of structured notes | 36,900 | 36,100 |
Commodity linked | ||
Carrying value of structured notes, disaggregated by type of embedded derivative instrument | ||
Carrying value of structured notes | 4,700 | 3,900 |
Credit linked | ||
Carrying value of structured notes, disaggregated by type of embedded derivative instrument | ||
Carrying value of structured notes | $ 3,800 | $ 3,700 |
GUARANTEES, LEASES AND COMMIT_3
GUARANTEES, LEASES AND COMMITMENTS - Guarantees (Details) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Maximum potential amount of future payments | ||
Expire within 1 year | $ 306,900 | $ 298,800 |
Expire after 1 year | 112,800 | 128,200 |
Total amount outstanding | 419,700 | 427,000 |
Carrying value | 1,420 | 1,409 |
Amount of cash initial margin collected and remitted | 19,500 | 18,700 |
Cash collateral available to reimburse losses realized under guarantees and indemnifications | 66,300 | 56,500 |
Securities and other marketable assets held as collateral | 77,200 | 84,200 |
Letters of credit in favor of the Company held as collateral | 4,200 | 4,100 |
Financial standby letters of credit | ||
Maximum potential amount of future payments | ||
Expire within 1 year | 35,600 | 34,300 |
Expire after 1 year | 57,200 | 58,400 |
Total amount outstanding | 92,800 | 92,700 |
Carrying value | 784 | 791 |
Performance guarantees | ||
Maximum potential amount of future payments | ||
Expire within 1 year | 6,300 | 6,600 |
Expire after 1 year | 5,600 | 6,400 |
Total amount outstanding | 11,900 | 13,000 |
Carrying value | 74 | 47 |
Derivative instruments considered to be guarantees | ||
Maximum potential amount of future payments | ||
Expire within 1 year | 18,100 | 14,600 |
Expire after 1 year | 35,800 | 48,900 |
Total amount outstanding | 53,900 | 63,500 |
Carrying value | 511 | 514 |
Loans sold with recourse | ||
Maximum potential amount of future payments | ||
Expire within 1 year | 0 | 0 |
Expire after 1 year | 1,600 | 1,700 |
Total amount outstanding | 1,600 | 1,700 |
Carrying value | 15 | 15 |
Repurchase reserve for consumer mortgages representations and warranties | 16 | 19 |
Securities lending indemnifications | ||
Maximum potential amount of future payments | ||
Expire within 1 year | 120,500 | 121,900 |
Expire after 1 year | 0 | 0 |
Total amount outstanding | 120,500 | 121,900 |
Carrying value | 0 | 0 |
Credit card merchant processing | ||
Maximum potential amount of future payments | ||
Expire within 1 year | 125,600 | 119,400 |
Expire after 1 year | 0 | 0 |
Total amount outstanding | 125,600 | 119,400 |
Carrying value | 0 | 1 |
Credit card arrangements with partners | ||
Maximum potential amount of future payments | ||
Expire within 1 year | 100 | 0 |
Expire after 1 year | 600 | 800 |
Total amount outstanding | 700 | 800 |
Carrying value | 7 | 7 |
Other | ||
Maximum potential amount of future payments | ||
Expire within 1 year | 700 | 2,000 |
Expire after 1 year | 12,000 | 12,000 |
Total amount outstanding | 12,700 | 14,000 |
Carrying value | $ 29 | $ 34 |
GUARANTEES, LEASES AND COMMIT_4
GUARANTEES, LEASES AND COMMITMENTS - Performance Risk (Details) - USD ($) $ in Billions | Jun. 30, 2022 | Dec. 31, 2021 |
Guarantor Obligations | ||
Maximum potential amount of future payments | $ 419.7 | $ 427 |
Investment grade | ||
Guarantor Obligations | ||
Maximum potential amount of future payments | 90.3 | 91.9 |
Non-investment grade | ||
Guarantor Obligations | ||
Maximum potential amount of future payments | 25.3 | 25.8 |
Not rated | ||
Guarantor Obligations | ||
Maximum potential amount of future payments | 304.1 | 309.3 |
Financial standby letters of credit | ||
Guarantor Obligations | ||
Maximum potential amount of future payments | 92.8 | 92.7 |
Financial standby letters of credit | Investment grade | ||
Guarantor Obligations | ||
Maximum potential amount of future payments | 80.2 | 81.4 |
Financial standby letters of credit | Non-investment grade | ||
Guarantor Obligations | ||
Maximum potential amount of future payments | 10.8 | 11.3 |
Financial standby letters of credit | Not rated | ||
Guarantor Obligations | ||
Maximum potential amount of future payments | 1.8 | 0 |
Performance guarantees | ||
Guarantor Obligations | ||
Maximum potential amount of future payments | 11.9 | 13 |
Performance guarantees | Investment grade | ||
Guarantor Obligations | ||
Maximum potential amount of future payments | 9.7 | 10.5 |
Performance guarantees | Non-investment grade | ||
Guarantor Obligations | ||
Maximum potential amount of future payments | 2.2 | 2.5 |
Performance guarantees | Not rated | ||
Guarantor Obligations | ||
Maximum potential amount of future payments | 0 | 0 |
Derivative instruments deemed to be guarantees | ||
Guarantor Obligations | ||
Maximum potential amount of future payments | 53.9 | 63.5 |
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 | 53.9 | 63.5 |
Loans sold with recourse | ||
Guarantor Obligations | ||
Maximum potential amount of future payments | 1.6 | 1.7 |
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 | 1.6 | 1.7 |
Securities lending indemnifications | ||
Guarantor Obligations | ||
Maximum potential amount of future payments | 120.5 | 121.9 |
Securities lending indemnifications | Investment grade | ||
Guarantor Obligations | ||
Maximum potential amount of future payments | 0 | 0 |
Securities lending indemnifications | Non-investment grade | ||
Guarantor Obligations | ||
Maximum potential amount of future payments | 0 | 0 |
Securities lending indemnifications | Not rated | ||
Guarantor Obligations | ||
Maximum potential amount of future payments | 120.5 | 121.9 |
Credit card merchant processing | ||
Guarantor Obligations | ||
Maximum potential amount of future payments | 125.6 | 119.4 |
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 | 125.6 | 119.4 |
Credit card arrangements with partners | ||
Guarantor Obligations | ||
Maximum potential amount of future payments | 0.7 | 0.8 |
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 | 0.7 | 0.8 |
Other | ||
Guarantor Obligations | ||
Maximum potential amount of future payments | 12.7 | 14 |
Other | Investment grade | ||
Guarantor Obligations | ||
Maximum potential amount of future payments | 0.4 | 0 |
Other | Non-investment grade | ||
Guarantor Obligations | ||
Maximum potential amount of future payments | 12.3 | 12 |
Other | Not rated | ||
Guarantor Obligations | ||
Maximum potential amount of future payments | $ 0 | $ 2 |
GUARANTEES, LEASES AND COMMIT_5
GUARANTEES, LEASES AND COMMITMENTS - Leases (Details) - USD ($) $ in Billions | Jun. 30, 2022 | Dec. 31, 2021 |
Lessee, Lease, Description [Line Items] | ||
Operating lease ROU asset | $ 2.8 | $ 2.9 |
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 | Jun. 30, 2022 | Dec. 31, 2021 |
Guarantor Obligations | ||
Credit commitments | $ 1,049,411 | $ 1,062,781 |
Unsettled reverse repurchase and securities borrowing agreements | 130,900 | 126,600 |
Unsettled repurchase and securities lending agreements | 59,400 | 41,100 |
Commercial and similar letters of credit | ||
Guarantor Obligations | ||
Credit commitments | 6,572 | 5,910 |
One- to four-family residential mortgages | ||
Guarantor Obligations | ||
Credit commitments | 3,740 | 4,351 |
Revolving open-end loans secured by one- to four-family residential properties | ||
Guarantor Obligations | ||
Credit commitments | 6,975 | 7,913 |
Commercial real estate, construction and land development | ||
Guarantor Obligations | ||
Credit commitments | 17,713 | 17,843 |
Credit card lines | ||
Guarantor Obligations | ||
Credit commitments | 700,956 | 700,559 |
Commercial and other consumer loan commitments | ||
Guarantor Obligations | ||
Credit commitments | 308,008 | 320,556 |
Other commitments and contingencies | ||
Guarantor Obligations | ||
Credit commitments | 5,447 | $ 5,649 |
U.S. | ||
Guarantor Obligations | ||
Credit commitments | 838,330 | |
U.S. | Commercial and similar letters of credit | ||
Guarantor Obligations | ||
Credit commitments | 732 | |
U.S. | One- to four-family residential mortgages | ||
Guarantor Obligations | ||
Credit commitments | 2,048 | |
U.S. | Revolving open-end loans secured by one- to four-family residential properties | ||
Guarantor Obligations | ||
Credit commitments | 6,280 | |
U.S. | Commercial real estate, construction and land development | ||
Guarantor Obligations | ||
Credit commitments | 15,402 | |
U.S. | Credit card lines | ||
Guarantor Obligations | ||
Credit commitments | 608,097 | |
U.S. | Commercial and other consumer loan commitments | ||
Guarantor Obligations | ||
Credit commitments | 200,543 | |
U.S. | Other commitments and contingencies | ||
Guarantor Obligations | ||
Credit commitments | 5,228 | |
Outside of U.S. | ||
Guarantor Obligations | ||
Credit commitments | 211,081 | |
Outside of U.S. | Commercial and similar letters of credit | ||
Guarantor Obligations | ||
Credit commitments | 5,840 | |
Outside of U.S. | One- to four-family residential mortgages | ||
Guarantor Obligations | ||
Credit commitments | 1,692 | |
Outside of U.S. | Revolving open-end loans secured by one- to four-family residential properties | ||
Guarantor Obligations | ||
Credit commitments | 695 | |
Outside of U.S. | Commercial real estate, construction and land development | ||
Guarantor Obligations | ||
Credit commitments | 2,311 | |
Outside of U.S. | Credit card lines | ||
Guarantor Obligations | ||
Credit commitments | 92,859 | |
Outside of U.S. | Commercial and other consumer loan commitments | ||
Guarantor Obligations | ||
Credit commitments | 107,465 | |
Outside of U.S. | Other commitments and contingencies | ||
Guarantor Obligations | ||
Credit commitments | $ 219 |
GUARANTEES, LEASES AND COMMIT_7
GUARANTEES, LEASES AND COMMITMENTS - Restricted Cash (Details) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Restricted Cash and Cash Equivalents Items [Line Items] | ||
Restricted cash | $ 17,389 | $ 13,422 |
Cash and due from banks | ||
Restricted Cash and Cash Equivalents Items [Line Items] | ||
Restricted cash | 3,786 | 2,786 |
Deposits with banks, net of allowance | ||
Restricted Cash and Cash Equivalents Items [Line Items] | ||
Restricted cash | $ 13,603 | $ 10,636 |
CONTINGENCIES (Details)
CONTINGENCIES (Details) $ in Billions | Jun. 30, 2022 USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
Loss contingency, portion not accrued | $ 1.2 |
CONDENSED CONSOLIDATING FINAN_3
CONDENSED CONSOLIDATING FINANCIAL STATEMENTS - Condensed Consolidating Statements of Income and Comprehensive Income (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | ||
Revenues | |||||
Dividends from subsidiaries | $ 0 | $ 0 | $ 0 | $ 0 | |
Interest revenue | 15,630 | 12,463 | 28,781 | 24,997 | |
Interest revenue—intercompany | 0 | 0 | 0 | 0 | |
Interest expense | 3,666 | 1,985 | 5,946 | 4,013 | |
Interest expense—intercompany | 0 | 0 | 0 | 0 | |
Net interest income | 11,964 | 10,478 | 22,835 | 20,984 | |
Commissions and fees | 2,452 | 3,374 | 5,020 | 7,044 | |
Commissions and fees—intercompany | 0 | 0 | 0 | 0 | |
Principal transactions | 4,525 | 2,304 | 9,115 | 6,217 | |
Principal transactions—intercompany | 0 | 0 | 0 | 0 | |
Other revenue | 697 | 1,597 | 1,854 | 3,175 | |
Other revenue—intercompany | 0 | 0 | 0 | 0 | |
Total non-interest revenues | 7,674 | 7,275 | 15,989 | 16,436 | |
Total revenues, net of interest expense | 19,638 | 17,753 | 38,824 | 37,420 | |
Total provisions for credit losses and for benefits and claims | [1] | 1,274 | (1,066) | 2,029 | (3,121) |
Operating expenses | |||||
Compensation and benefits | 6,472 | 5,982 | 13,292 | 11,983 | |
Compensation and benefits—intercompany | 0 | 0 | 0 | 0 | |
Other operating | 5,921 | 5,489 | 12,266 | 10,901 | |
Other operating—intercompany | 0 | 0 | 0 | 0 | |
Total operating expenses | 12,393 | 11,471 | 25,558 | 22,884 | |
Equity in undistributed income of subsidiaries | 0 | 0 | 0 | 0 | |
Income from continuing operations before income taxes | 5,971 | 7,348 | 11,237 | 17,657 | |
Provision (benefits) for income taxes | 1,182 | 1,155 | 2,123 | 3,487 | |
Income from continuing operations | 4,789 | 6,193 | 9,114 | 14,170 | |
Income (loss) from discontinued operations, net of taxes | (221) | 10 | (223) | 8 | |
Net income before attribution to noncontrolling interests | 4,568 | 6,203 | 8,891 | 14,178 | |
Noncontrolling interests | 21 | 10 | 38 | 43 | |
Citigroup’s net income | 4,547 | 6,193 | 8,853 | 14,135 | |
Comprehensive income | |||||
Add: Other comprehensive income (loss) | [2] | (1,910) | (109) | (6,730) | (3,062) |
Total Citigroup comprehensive income (loss) | 2,637 | 6,084 | 2,123 | 11,073 | |
Add: Other comprehensive income (loss) attributable to noncontrolling interests | (53) | 18 | (82) | (40) | |
Add: Net income (loss) attributable to noncontrolling interests | 21 | 10 | 38 | 43 | |
Total comprehensive income (loss) | 2,605 | 6,112 | 2,079 | 11,076 | |
Reportable legal entities | Citigroup parent company | |||||
Revenues | |||||
Dividends from subsidiaries | 1,800 | 3,700 | 2,050 | 3,800 | |
Interest revenue | 1 | 0 | 1 | 0 | |
Interest revenue—intercompany | 1,031 | 954 | 1,933 | 1,912 | |
Interest expense | 1,298 | 1,209 | 2,477 | 2,421 | |
Interest expense—intercompany | 150 | 94 | 240 | 178 | |
Net interest income | (416) | (349) | (783) | (687) | |
Commissions and fees | 0 | 0 | 0 | 0 | |
Commissions and fees—intercompany | (1) | (1) | (1) | (27) | |
Principal transactions | 2,032 | (892) | 3,894 | 877 | |
Principal transactions—intercompany | (2,110) | 910 | (3,959) | (968) | |
Other revenue | 319 | (4) | 388 | 51 | |
Other revenue—intercompany | (124) | 3 | (181) | (61) | |
Total non-interest revenues | 116 | 16 | 141 | (128) | |
Total revenues, net of interest expense | 1,500 | 3,367 | 1,408 | 2,985 | |
Total provisions for credit losses and for benefits and claims | 0 | 2 | 0 | 2 | |
Operating expenses | |||||
Compensation and benefits | (2) | 0 | (2) | 28 | |
Compensation and benefits—intercompany | 0 | 24 | 11 | 48 | |
Other operating | (12) | 14 | 12 | 25 | |
Other operating—intercompany | 4 | 3 | 7 | 6 | |
Total operating expenses | (10) | 41 | 28 | 107 | |
Equity in undistributed income of subsidiaries | 2,632 | 2,567 | 6,766 | 10,740 | |
Income from continuing operations before income taxes | 4,142 | 5,891 | 8,146 | 13,616 | |
Provision (benefits) for income taxes | (405) | (302) | (707) | (519) | |
Income from continuing operations | 4,547 | 6,193 | 8,853 | 14,135 | |
Income (loss) from discontinued operations, net of taxes | 0 | 0 | 0 | 0 | |
Net income before attribution to noncontrolling interests | 4,547 | 6,193 | 8,853 | 14,135 | |
Noncontrolling interests | 0 | 0 | 0 | 0 | |
Citigroup’s net income | 4,547 | 6,193 | 8,853 | 14,135 | |
Comprehensive income | |||||
Add: Other comprehensive income (loss) | (1,910) | (109) | (6,730) | (3,062) | |
Total Citigroup comprehensive income (loss) | 2,637 | 6,084 | 2,123 | 11,073 | |
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) | 2,637 | 6,084 | 2,123 | 11,073 | |
Reportable legal entities | CGMHI | |||||
Revenues | |||||
Dividends from subsidiaries | 0 | 0 | 0 | 0 | |
Interest revenue | 1,593 | 1,014 | 2,355 | 1,985 | |
Interest revenue—intercompany | 293 | 136 | 432 | 281 | |
Interest expense | 702 | 221 | 896 | 444 | |
Interest expense—intercompany | 682 | 330 | 1,036 | 659 | |
Net interest income | 502 | 599 | 855 | 1,163 | |
Commissions and fees | 1,228 | 1,836 | 2,589 | 3,997 | |
Commissions and fees—intercompany | 42 | 88 | 126 | 135 | |
Principal transactions | 8,213 | 919 | 9,810 | 6,577 | |
Principal transactions—intercompany | (7,349) | (110) | (7,437) | (4,348) | |
Other revenue | 106 | 139 | 264 | 242 | |
Other revenue—intercompany | (17) | (8) | (35) | (28) | |
Total non-interest revenues | 2,223 | 2,864 | 5,317 | 6,575 | |
Total revenues, net of interest expense | 2,725 | 3,463 | 6,172 | 7,738 | |
Total provisions for credit losses and for benefits and claims | 2 | 3 | 1 | 7 | |
Operating expenses | |||||
Compensation and benefits | 1,323 | 1,303 | 2,835 | 2,637 | |
Compensation and benefits—intercompany | 0 | 0 | 0 | 0 | |
Other operating | 890 | 680 | 1,546 | 1,322 | |
Other operating—intercompany | 618 | 808 | 1,372 | 1,488 | |
Total operating expenses | 2,831 | 2,791 | 5,753 | 5,447 | |
Equity in undistributed income of subsidiaries | 0 | 0 | 0 | 0 | |
Income from continuing operations before income taxes | (108) | 669 | 418 | 2,284 | |
Provision (benefits) for income taxes | 101 | (119) | (115) | 333 | |
Income from continuing operations | (209) | 788 | 533 | 1,951 | |
Income (loss) from discontinued operations, net of taxes | 0 | 0 | 0 | 0 | |
Net income before attribution to noncontrolling interests | (209) | 788 | 533 | 1,951 | |
Noncontrolling interests | 0 | 0 | 0 | 0 | |
Citigroup’s net income | (209) | 788 | 533 | 1,951 | |
Comprehensive income | |||||
Add: Other comprehensive income (loss) | 647 | 7 | 1,096 | (43) | |
Total Citigroup comprehensive income (loss) | 438 | 795 | 1,629 | 1,908 | |
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) | 438 | 795 | 1,629 | 1,908 | |
Reportable legal entities | Other Citigroup subsidiaries and eliminations | |||||
Revenues | |||||
Dividends from subsidiaries | 0 | 0 | 0 | 0 | |
Interest revenue | 14,036 | 11,449 | 26,425 | 23,012 | |
Interest revenue—intercompany | (1,324) | (1,090) | (2,365) | (2,193) | |
Interest expense | 1,666 | 555 | 2,573 | 1,148 | |
Interest expense—intercompany | (832) | (424) | (1,276) | (837) | |
Net interest income | 11,878 | 10,228 | 22,763 | 20,508 | |
Commissions and fees | 1,224 | 1,538 | 2,431 | 3,047 | |
Commissions and fees—intercompany | (41) | (87) | (125) | (108) | |
Principal transactions | (5,720) | 2,277 | (4,589) | (1,237) | |
Principal transactions—intercompany | 9,459 | (800) | 11,396 | 5,316 | |
Other revenue | 272 | 1,462 | 1,202 | 2,882 | |
Other revenue—intercompany | 141 | 5 | 216 | 89 | |
Total non-interest revenues | 5,335 | 4,395 | 10,531 | 9,989 | |
Total revenues, net of interest expense | 17,213 | 14,623 | 33,294 | 30,497 | |
Total provisions for credit losses and for benefits and claims | 1,272 | (1,071) | 2,028 | (3,130) | |
Operating expenses | |||||
Compensation and benefits | 5,151 | 4,679 | 10,459 | 9,318 | |
Compensation and benefits—intercompany | 0 | (24) | (11) | (48) | |
Other operating | 5,043 | 4,795 | 10,708 | 9,554 | |
Other operating—intercompany | (622) | (811) | (1,379) | (1,494) | |
Total operating expenses | 9,572 | 8,639 | 19,777 | 17,330 | |
Equity in undistributed income of subsidiaries | 0 | 0 | 0 | 0 | |
Income from continuing operations before income taxes | 6,369 | 7,055 | 11,489 | 16,297 | |
Provision (benefits) for income taxes | 1,486 | 1,576 | 2,945 | 3,673 | |
Income from continuing operations | 4,883 | 5,479 | 8,544 | 12,624 | |
Income (loss) from discontinued operations, net of taxes | (221) | 10 | (223) | 8 | |
Net income before attribution to noncontrolling interests | 4,662 | 5,489 | 8,321 | 12,632 | |
Noncontrolling interests | 21 | 10 | 38 | 43 | |
Citigroup’s net income | 4,641 | 5,479 | 8,283 | 12,589 | |
Comprehensive income | |||||
Add: Other comprehensive income (loss) | 889 | (1,966) | (5,269) | (1,429) | |
Total Citigroup comprehensive income (loss) | 5,530 | 3,513 | 3,014 | 11,160 | |
Add: Other comprehensive income (loss) attributable to noncontrolling interests | (53) | 18 | (82) | (40) | |
Add: Net income (loss) attributable to noncontrolling interests | 21 | 10 | 38 | 43 | |
Total comprehensive income (loss) | 5,498 | 3,541 | 2,970 | 11,163 | |
Consolidating adjustments | |||||
Revenues | |||||
Dividends from subsidiaries | (1,800) | (3,700) | (2,050) | (3,800) | |
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 income | 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 | (1,800) | (3,700) | (2,050) | (3,800) | |
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 | (2,632) | (2,567) | (6,766) | (10,740) | |
Income from continuing operations before income taxes | (4,432) | (6,267) | (8,816) | (14,540) | |
Provision (benefits) for income taxes | 0 | 0 | 0 | 0 | |
Income from continuing operations | (4,432) | (6,267) | (8,816) | (14,540) | |
Income (loss) from discontinued operations, net of taxes | 0 | 0 | 0 | 0 | |
Net income before attribution to noncontrolling interests | (4,432) | (6,267) | (8,816) | (14,540) | |
Noncontrolling interests | 0 | 0 | 0 | 0 | |
Citigroup’s net income | (4,432) | (6,267) | (8,816) | (14,540) | |
Comprehensive income | |||||
Add: Other comprehensive income (loss) | (1,536) | 1,959 | 4,173 | 1,472 | |
Total Citigroup comprehensive income (loss) | (5,968) | (4,308) | (4,643) | (13,068) | |
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) | $ (5,968) | $ (4,308) | $ (4,643) | $ (13,068) | |
[1]This total excludes the provision for credit losses on AFS securities, which is disclosed separately above.[2]See Note 17. |
CONDENSED CONSOLIDATING FINAN_4
CONDENSED CONSOLIDATING FINANCIAL STATEMENTS - Condensed Consolidating Balance Sheets (Details) - USD ($) $ in Millions | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 |
Assets | ||||||
Cash and due from banks | $ 24,902 | $ 27,515 | ||||
Cash and due from banks—intercompany | 0 | 0 | ||||
Deposits with banks, net of allowance | 259,128 | 234,518 | ||||
Deposits with banks—intercompany | 0 | 0 | ||||
Securities borrowed and purchased under resale agreements | 361,334 | 327,288 | ||||
Securities borrowed and purchased under resale agreements—intercompany | 0 | 0 | ||||
Trading account assets | 340,875 | 331,945 | ||||
Trading account assets—intercompany | 0 | 0 | ||||
Investments | 513,878 | 512,822 | ||||
Loans, net of unearned income | 657,333 | 667,767 | ||||
Loans, net of unearned income—intercompany | 0 | 0 | ||||
Allowance for credit losses on loans (ACLL) | (15,952) | $ (15,393) | (16,455) | $ (19,238) | $ (21,638) | $ (24,956) |
Total loans, net | 641,381 | 651,312 | ||||
Advances to subsidiaries | 0 | 0 | ||||
Investments in subsidiaries | 0 | 0 | ||||
Other assets, net of allowance | 239,406 | 206,013 | ||||
Other assets—intercompany | 0 | 0 | ||||
Total assets | 2,380,904 | 2,291,413 | 2,291,000 | |||
Liabilities and equity | ||||||
Deposits | 1,321,848 | 1,317,230 | ||||
Deposits—intercompany | 0 | 0 | ||||
Securities loaned and sold under repurchase agreements | 198,472 | 191,285 | ||||
Securities loaned and sold under repurchase agreements—intercompany | 0 | 0 | ||||
Trading account liabilities | 180,453 | 161,529 | ||||
Trading account liabilities—intercompany | 0 | 0 | ||||
Short-term borrowings | 40,054 | 27,973 | ||||
Short-term borrowings—intercompany | 0 | 0 | ||||
Long-term debt | 257,425 | 254,374 | ||||
Long-term debt—intercompany | 0 | 0 | ||||
Advances from subsidiaries | 0 | 0 | ||||
Other liabilities | 183,026 | 136,350 | ||||
Other liabilities—intercompany | 0 | 0 | ||||
Stockholders’ equity | 199,626 | 202,672 | $ 202,910 | |||
Total liabilities and equity | 2,380,904 | 2,291,413 | ||||
Increase in other assets | 134,797 | 125,879 | ||||
Citigroup parent company | ||||||
Liabilities and equity | ||||||
Long-term debt | 167,874 | 164,945 | ||||
Citibank, N.A. | ||||||
Liabilities and equity | ||||||
Increase in other assets | 36,800 | 30,500 | ||||
Citibank, N.A. | Up to 30 days | ||||||
Liabilities and equity | ||||||
Placements with term of less than 30 days | 27,100 | 19,500 | ||||
Reportable legal entities | Citigroup parent company | ||||||
Assets | ||||||
Cash and due from banks | 0 | 0 | ||||
Cash and due from banks—intercompany | 14 | 17 | ||||
Deposits with banks, net of allowance | 0 | 0 | ||||
Deposits with banks—intercompany | 3,500 | 3,500 | ||||
Securities borrowed and purchased under resale agreements | 0 | 0 | ||||
Securities borrowed and purchased under resale agreements—intercompany | 0 | 0 | ||||
Trading account assets | 193 | 248 | ||||
Trading account assets—intercompany | 908 | 1,215 | ||||
Investments | 1 | 1 | ||||
Loans, net of unearned income | 0 | 0 | ||||
Loans, net of unearned income—intercompany | 0 | 0 | ||||
Allowance for credit losses on loans (ACLL) | 0 | 0 | ||||
Total loans, net | 0 | 0 | ||||
Advances to subsidiaries | 142,832 | 142,144 | ||||
Investments in subsidiaries | 222,196 | 223,303 | ||||
Other assets, net of allowance | 11,177 | 10,589 | ||||
Other assets—intercompany | 3,857 | 2,737 | ||||
Total assets | 384,678 | 383,754 | ||||
Liabilities and equity | ||||||
Deposits | 0 | 0 | ||||
Deposits—intercompany | 0 | 0 | ||||
Securities loaned and sold under repurchase agreements | 0 | 0 | ||||
Securities loaned and sold under repurchase agreements—intercompany | 0 | 0 | ||||
Trading account liabilities | 29 | 17 | ||||
Trading account liabilities—intercompany | 141 | 777 | ||||
Short-term borrowings | 0 | 0 | ||||
Short-term borrowings—intercompany | 0 | 0 | ||||
Long-term debt | 167,874 | 164,945 | ||||
Long-term debt—intercompany | 0 | 0 | ||||
Advances from subsidiaries | 14,834 | 13,469 | ||||
Other liabilities | 2,639 | 2,574 | ||||
Other liabilities—intercompany | 147 | 0 | ||||
Stockholders’ equity | 199,014 | 201,972 | ||||
Total liabilities and equity | 384,678 | 383,754 | ||||
Reportable legal entities | CGMHI | ||||||
Assets | ||||||
Cash and due from banks | 1,103 | 834 | ||||
Cash and due from banks—intercompany | 5,357 | 6,890 | ||||
Deposits with banks, net of allowance | 8,105 | 7,936 | ||||
Deposits with banks—intercompany | 10,417 | 11,005 | ||||
Securities borrowed and purchased under resale agreements | 301,364 | 269,608 | ||||
Securities borrowed and purchased under resale agreements—intercompany | 19,070 | 23,362 | ||||
Trading account assets | 191,486 | 189,841 | ||||
Trading account assets—intercompany | 2,991 | 1,438 | ||||
Investments | 234 | 224 | ||||
Loans, net of unearned income | 1,862 | 2,293 | ||||
Loans, net of unearned income—intercompany | 0 | 0 | ||||
Allowance for credit losses on loans (ACLL) | 0 | 0 | ||||
Total loans, net | 1,862 | 2,293 | ||||
Advances to subsidiaries | 0 | 0 | ||||
Investments in subsidiaries | 0 | 0 | ||||
Other assets, net of allowance | 90,338 | 69,312 | ||||
Other assets—intercompany | 77,889 | 60,567 | ||||
Total assets | 710,216 | 643,310 | ||||
Liabilities and equity | ||||||
Deposits | 0 | 0 | ||||
Deposits—intercompany | 0 | 0 | ||||
Securities loaned and sold under repurchase agreements | 179,917 | 171,818 | ||||
Securities loaned and sold under repurchase agreements—intercompany | 63,380 | 62,197 | ||||
Trading account liabilities | 114,029 | 122,383 | ||||
Trading account liabilities—intercompany | 2,624 | 500 | ||||
Short-term borrowings | 18,372 | 13,425 | ||||
Short-term borrowings—intercompany | 19,557 | 17,230 | ||||
Long-term debt | 71,603 | 61,416 | ||||
Long-term debt—intercompany | 86,144 | 76,335 | ||||
Advances from subsidiaries | 0 | 0 | ||||
Other liabilities | 97,035 | 68,206 | ||||
Other liabilities—intercompany | 17,915 | 11,774 | ||||
Stockholders’ equity | 39,640 | 38,026 | ||||
Total liabilities and equity | 710,216 | 643,310 | ||||
Reportable legal entities | Other Citigroup subsidiaries and eliminations | ||||||
Assets | ||||||
Cash and due from banks | 23,799 | 26,681 | ||||
Cash and due from banks—intercompany | (5,371) | (6,907) | ||||
Deposits with banks, net of allowance | 251,023 | 226,582 | ||||
Deposits with banks—intercompany | (13,917) | (14,505) | ||||
Securities borrowed and purchased under resale agreements | 59,970 | 57,680 | ||||
Securities borrowed and purchased under resale agreements—intercompany | (19,070) | (23,362) | ||||
Trading account assets | 149,196 | 141,856 | ||||
Trading account assets—intercompany | (3,899) | (2,653) | ||||
Investments | 513,643 | 512,597 | ||||
Loans, net of unearned income | 655,471 | 665,474 | ||||
Loans, net of unearned income—intercompany | 0 | 0 | ||||
Allowance for credit losses on loans (ACLL) | (15,952) | (16,455) | ||||
Total loans, net | 639,519 | 649,019 | ||||
Advances to subsidiaries | (142,832) | (142,144) | ||||
Investments in subsidiaries | 0 | 0 | ||||
Other assets, net of allowance | 137,891 | 126,112 | ||||
Other assets—intercompany | (81,746) | (63,304) | ||||
Total assets | 1,508,206 | 1,487,652 | ||||
Liabilities and equity | ||||||
Deposits | 1,321,848 | 1,317,230 | ||||
Deposits—intercompany | 0 | 0 | ||||
Securities loaned and sold under repurchase agreements | 18,555 | 19,467 | ||||
Securities loaned and sold under repurchase agreements—intercompany | (63,380) | (62,197) | ||||
Trading account liabilities | 66,395 | 39,129 | ||||
Trading account liabilities—intercompany | (2,765) | (1,277) | ||||
Short-term borrowings | 21,682 | 14,548 | ||||
Short-term borrowings—intercompany | (19,557) | (17,230) | ||||
Long-term debt | 17,948 | 28,013 | ||||
Long-term debt—intercompany | (86,144) | (76,335) | ||||
Advances from subsidiaries | (14,834) | (13,469) | ||||
Other liabilities | 83,352 | 65,570 | ||||
Other liabilities—intercompany | (18,062) | (11,774) | ||||
Stockholders’ equity | 183,168 | 185,977 | ||||
Total liabilities and equity | 1,508,206 | 1,487,652 | ||||
Consolidating adjustments | ||||||
Assets | ||||||
Cash and due from banks | 0 | 0 | ||||
Cash and due from banks—intercompany | 0 | 0 | ||||
Deposits with banks, net of allowance | 0 | 0 | ||||
Deposits with banks—intercompany | 0 | 0 | ||||
Securities borrowed and purchased under resale agreements | 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 | (222,196) | (223,303) | ||||
Other assets, net of allowance | 0 | 0 | ||||
Other assets—intercompany | 0 | 0 | ||||
Total assets | (222,196) | (223,303) | ||||
Liabilities and equity | ||||||
Deposits | 0 | 0 | ||||
Deposits—intercompany | 0 | 0 | ||||
Securities loaned and sold under repurchase agreements | 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 | 0 | 0 | ||||
Other liabilities—intercompany | 0 | 0 | ||||
Stockholders’ equity | (222,196) | (223,303) | ||||
Total liabilities and equity | $ (222,196) | $ (223,303) |
CONDENSED CONSOLIDATING FINAN_5
CONDENSED CONSOLIDATING FINANCIAL STATEMENTS - Condensed Consolidating Statement of Cash Flows (Details) - USD ($) $ in Millions | 6 Months Ended | |||
Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | ||
Condensed Cash Flow Statements, Captions [Line Items] | ||||
Net cash provided by (used in) operating activities of continuing operations | $ (3,269) | $ 23,563 | ||
Available-for-sale debt securities | ||||
Purchases of investments | [1] | (123,528) | (114,240) | |
Proceeds from sales of investments | [1] | 79,952 | 66,135 | |
Proceeds from maturities of investments | [1] | 76,871 | 62,904 | |
Held-to-maturity debt securities | ||||
Purchases of investments | [1] | (34,317) | (87,049) | |
Proceeds from maturities of investments | [1] | 5,821 | 12,291 | |
Change in loans | (14,790) | (3,088) | ||
Proceeds from sales and securitizations of loans | 1,562 | 869 | ||
Proceeds from divestitures | [2] | 1,940 | 0 | |
Change in securities borrowed and purchased under agreements to resell | (34,046) | (14,335) | ||
Changes in investments and advances—intercompany | 0 | 0 | ||
Other investing activities | (2,766) | (1,598) | ||
Net cash used in investing activities of continuing operations | (43,301) | (78,111) | ||
Cash flows from financing activities of continuing operations | ||||
Dividends paid | (2,514) | (2,663) | ||
Issuance of preferred stock | 0 | 2,300 | ||
Redemption of preferred stock | 0 | (3,785) | ||
Treasury stock acquired | (3,200) | (4,381) | ||
Proceeds (repayments) from issuance of long-term debt, net | 31,865 | (383) | ||
Proceeds (repayments) from issuance of long-term debt—intercompany, net | 0 | 0 | ||
Change in deposits | 25,360 | 29,610 | ||
Change in securities loaned and sold under agreements to repurchase | 7,187 | 22,292 | ||
Change in short-term borrowings | 12,081 | 1,948 | ||
Net change in short-term borrowings and other advances—intercompany | 0 | 0 | ||
Capital contributions from (to) parent | 0 | |||
Other financing activities | (334) | (324) | ||
Net cash provided by financing activities of continuing operations | 70,445 | 44,614 | ||
Effect of exchange rate changes on cash and due from banks | (1,878) | (443) | ||
Change in cash, due from banks and deposits with banks | 21,997 | (10,377) | ||
Cash, due from banks and deposits with banks at beginning of period | 262,033 | 309,615 | ||
Cash, due from banks and deposits with banks at end of period | 284,030 | 299,238 | ||
Cash and due from banks | 24,902 | 27,117 | $ 27,515 | |
Deposits with banks, net of allowance | 259,128 | 272,121 | 234,518 | |
Cash, due from banks and deposits with banks at end of period | 284,030 | 299,238 | 262,033 | |
Supplemental disclosure of cash flow information for continuing operations | ||||
Cash paid (received) during the period for income taxes | 1,661 | 2,176 | ||
Cash paid during the period for interest | 6,284 | 3,926 | ||
Non-cash investing and financing activities | ||||
Transfer of investment securities from AFS to HTM | [2],[3] | 21,522 | 0 | |
Decrease in net loans associated with divestitures reclassified to HFS | [2],[3] | 17,758 | 0 | |
Decrease in goodwill associated with divestitures reclassified to HFS | [2],[3] | 873 | 0 | |
Transfers to loans HFS (Other assets) from loans | [2],[3] | 1,874 | 961 | |
Decrease in deposits associated with divestitures reclassified to HFS | [2] | 20,741 | 0 | |
Reportable legal entities | Citigroup parent company | ||||
Condensed Cash Flow Statements, Captions [Line Items] | ||||
Net cash provided by (used in) operating activities of continuing operations | (6,787) | 1,429 | ||
Available-for-sale debt securities | ||||
Purchases of investments | 0 | 0 | ||
Proceeds from sales of investments | 0 | 0 | ||
Proceeds from maturities of investments | 0 | 0 | ||
Held-to-maturity debt securities | ||||
Purchases of investments | 0 | 0 | ||
Proceeds from maturities of investments | 0 | 0 | ||
Change in loans | 0 | 0 | ||
Proceeds from sales and securitizations of loans | 0 | 0 | ||
Proceeds from divestitures | 0 | |||
Change in securities borrowed and purchased under agreements to resell | 0 | 0 | ||
Changes in investments and advances—intercompany | (2,951) | (2,424) | ||
Other investing activities | 0 | 0 | ||
Net cash used in investing activities of continuing operations | (2,951) | (2,424) | ||
Cash flows from financing activities of continuing operations | ||||
Dividends paid | (2,514) | (2,663) | ||
Issuance of preferred stock | 2,300 | |||
Redemption of preferred stock | (3,785) | |||
Treasury stock acquired | (3,200) | (4,381) | ||
Proceeds (repayments) from issuance of long-term debt, net | 14,418 | 7,576 | ||
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 | 1,365 | 772 | ||
Capital contributions from (to) parent | 0 | |||
Other financing activities | (334) | (324) | ||
Net cash provided by financing activities of continuing operations | 9,735 | (505) | ||
Effect of exchange rate changes on cash and due from banks | 0 | 0 | ||
Change in cash, due from banks and deposits with banks | (3) | (1,500) | ||
Cash, due from banks and deposits with banks at beginning of period | 3,517 | 4,516 | ||
Cash, due from banks and deposits with banks at end of period | 3,514 | 3,016 | ||
Cash and due from banks | 14 | 16 | ||
Deposits with banks, net of allowance | 3,500 | 3,000 | ||
Cash, due from banks and deposits with banks at end of period | 3,514 | 3,016 | 3,517 | |
Supplemental disclosure of cash flow information for continuing operations | ||||
Cash paid (received) during the period for income taxes | (15) | (1,437) | ||
Cash paid during the period for interest | 1,305 | 1,287 | ||
Non-cash investing and financing activities | ||||
Transfer of investment securities from AFS to HTM | 0 | |||
Decrease in net loans associated with divestitures reclassified to HFS | 0 | |||
Decrease in goodwill associated with divestitures reclassified to HFS | 0 | |||
Transfers to loans HFS (Other assets) from loans | 0 | 0 | ||
Decrease in deposits associated with divestitures reclassified to HFS | 0 | |||
Reportable legal entities | CGMHI | ||||
Condensed Cash Flow Statements, Captions [Line Items] | ||||
Net cash provided by (used in) operating activities of continuing operations | (5,447) | 5,912 | ||
Available-for-sale debt securities | ||||
Purchases of investments | 0 | 0 | ||
Proceeds from sales of investments | 0 | 0 | ||
Proceeds from maturities of investments | 0 | 0 | ||
Held-to-maturity debt securities | ||||
Purchases of investments | 0 | 0 | ||
Proceeds from maturities of investments | 0 | 0 | ||
Change in loans | 0 | 0 | ||
Proceeds from sales and securitizations of loans | 0 | 0 | ||
Proceeds from divestitures | 0 | |||
Change in securities borrowed and purchased under agreements to resell | (27,194) | (14,084) | ||
Changes in investments and advances—intercompany | (16,450) | (7,360) | ||
Other investing activities | (25) | (15) | ||
Net cash used in investing activities of continuing operations | (43,669) | (21,459) | ||
Cash flows from financing activities of continuing operations | ||||
Dividends paid | (266) | (187) | ||
Issuance of preferred stock | 0 | |||
Redemption of preferred stock | 0 | |||
Treasury stock acquired | 0 | 0 | ||
Proceeds (repayments) from issuance of long-term debt, net | 21,082 | 8,446 | ||
Proceeds (repayments) from issuance of long-term debt—intercompany, net | 11,110 | 11,040 | ||
Change in deposits | 0 | 0 | ||
Change in securities loaned and sold under agreements to repurchase | 9,282 | (9,152) | ||
Change in short-term borrowings | 4,947 | 3,358 | ||
Net change in short-term borrowings and other advances—intercompany | 1,027 | 4,885 | ||
Capital contributions from (to) parent | 250 | |||
Other financing activities | 1 | 0 | ||
Net cash provided by financing activities of continuing operations | 47,433 | 18,390 | ||
Effect of exchange rate changes on cash and due from banks | 0 | 0 | ||
Change in cash, due from banks and deposits with banks | (1,683) | 2,843 | ||
Cash, due from banks and deposits with banks at beginning of period | 26,665 | 20,112 | ||
Cash, due from banks and deposits with banks at end of period | 24,982 | 22,955 | ||
Cash and due from banks | 6,460 | 6,642 | ||
Deposits with banks, net of allowance | 18,522 | 16,313 | ||
Cash, due from banks and deposits with banks at end of period | 24,982 | 22,955 | 26,665 | |
Supplemental disclosure of cash flow information for continuing operations | ||||
Cash paid (received) during the period for income taxes | (8) | 649 | ||
Cash paid during the period for interest | 1,869 | 1,197 | ||
Non-cash investing and financing activities | ||||
Transfer of investment securities from AFS to HTM | 0 | |||
Decrease in net loans associated with divestitures reclassified to HFS | 0 | |||
Decrease in goodwill associated with divestitures reclassified to HFS | 0 | |||
Transfers to loans HFS (Other assets) from loans | 0 | 0 | ||
Decrease in deposits associated with divestitures reclassified to HFS | 0 | |||
Reportable legal entities | Other Citigroup subsidiaries and eliminations | ||||
Condensed Cash Flow Statements, Captions [Line Items] | ||||
Net cash provided by (used in) operating activities of continuing operations | 8,965 | 16,222 | ||
Available-for-sale debt securities | ||||
Purchases of investments | (123,528) | (114,240) | ||
Proceeds from sales of investments | 79,952 | 66,135 | ||
Proceeds from maturities of investments | 76,871 | 62,904 | ||
Held-to-maturity debt securities | ||||
Purchases of investments | (34,317) | (87,049) | ||
Proceeds from maturities of investments | 5,821 | 12,291 | ||
Change in loans | (14,790) | (3,088) | ||
Proceeds from sales and securitizations of loans | 1,562 | 869 | ||
Proceeds from divestitures | 1,940 | |||
Change in securities borrowed and purchased under agreements to resell | (6,852) | (251) | ||
Changes in investments and advances—intercompany | 19,401 | 9,784 | ||
Other investing activities | (2,741) | (1,583) | ||
Net cash used in investing activities of continuing operations | 3,319 | (54,228) | ||
Cash flows from financing activities of continuing operations | ||||
Dividends paid | 266 | 187 | ||
Issuance of preferred stock | 0 | |||
Redemption of preferred stock | 0 | |||
Treasury stock acquired | 0 | 0 | ||
Proceeds (repayments) from issuance of long-term debt, net | (3,635) | (16,405) | ||
Proceeds (repayments) from issuance of long-term debt—intercompany, net | (11,110) | (11,040) | ||
Change in deposits | 25,360 | 29,610 | ||
Change in securities loaned and sold under agreements to repurchase | (2,095) | 31,444 | ||
Change in short-term borrowings | 7,134 | (1,410) | ||
Net change in short-term borrowings and other advances—intercompany | (2,392) | (5,657) | ||
Capital contributions from (to) parent | (250) | |||
Other financing activities | (1) | 0 | ||
Net cash provided by financing activities of continuing operations | 13,277 | 26,729 | ||
Effect of exchange rate changes on cash and due from banks | (1,878) | (443) | ||
Change in cash, due from banks and deposits with banks | 23,683 | (11,720) | ||
Cash, due from banks and deposits with banks at beginning of period | 231,851 | 284,987 | ||
Cash, due from banks and deposits with banks at end of period | 255,534 | 273,267 | ||
Cash and due from banks | 18,428 | 20,459 | ||
Deposits with banks, net of allowance | 237,106 | 252,808 | ||
Cash, due from banks and deposits with banks at end of period | 255,534 | 273,267 | 231,851 | |
Supplemental disclosure of cash flow information for continuing operations | ||||
Cash paid (received) during the period for income taxes | 1,684 | 2,964 | ||
Cash paid during the period for interest | 3,110 | 1,442 | ||
Non-cash investing and financing activities | ||||
Transfer of investment securities from AFS to HTM | 21,522 | |||
Decrease in net loans associated with divestitures reclassified to HFS | 17,758 | |||
Decrease in goodwill associated with divestitures reclassified to HFS | 873 | |||
Transfers to loans HFS (Other assets) from loans | 1,874 | 961 | ||
Decrease in deposits associated with divestitures reclassified to HFS | 20,741 | |||
Consolidating adjustments | ||||
Condensed Cash Flow Statements, Captions [Line Items] | ||||
Net cash provided by (used in) operating activities of continuing operations | 0 | 0 | ||
Available-for-sale debt securities | ||||
Purchases of investments | 0 | 0 | ||
Proceeds from sales of investments | 0 | 0 | ||
Proceeds from maturities of investments | 0 | 0 | ||
Held-to-maturity debt securities | ||||
Purchases of investments | 0 | 0 | ||
Proceeds from maturities of investments | 0 | 0 | ||
Change in loans | 0 | 0 | ||
Proceeds from sales and securitizations of loans | 0 | 0 | ||
Proceeds from divestitures | 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 | |||
Redemption of preferred stock | 0 | |||
Treasury stock acquired | 0 | 0 | ||
Proceeds (repayments) from issuance of long-term debt, net | 0 | 0 | ||
Proceeds (repayments) from issuance of long-term debt—intercompany, net | 0 | 0 | ||
Change in deposits | 0 | 0 | ||
Change in 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 | 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 | ||||
Transfer of investment securities from AFS to HTM | 0 | |||
Decrease in net loans associated with divestitures reclassified to HFS | 0 | |||
Decrease in goodwill associated with divestitures reclassified to HFS | 0 | |||
Transfers to loans HFS (Other assets) from loans | 0 | $ 0 | ||
Decrease in deposits associated with divestitures reclassified to HFS | $ 0 | |||
[1]Citi has revised the Consolidated Statement of Cash Flows to present purchases of investments, sales of investments and proceeds from maturities of investments separately between available-for-sale debt securities and held-to-maturity debt securities. Citi had no sales of held-to-maturity debt securities during the periods presented.[2]See Note 2 for further information on significant disposals.[3]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 for more information and balances as of June 30, 2022. |