COVER PAGE
COVER PAGE | 9 Months Ended |
Sep. 30, 2023 shares | |
Entity Information [Line Items] | |
Document Type | 10-Q |
Document Quarterly Report | true |
Document Period End Date | Sep. 30, 2023 |
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 | 1,913,881,933 |
Entity Central Index Key | 0000831001 |
Amendment Flag | false |
Current Fiscal Year End Date | --12-31 |
Document Fiscal Year Focus | 2023 |
Document Fiscal Period Focus | Q3 |
Common Stock, par value $.01 per share | |
Entity Information [Line Items] | |
Trading Symbol | C |
Title of 12(b) Security | Common Stock, par value $.01 per share |
Security Exchange Name | NYSE |
Depositary Shares, each representing 1/1,000th interest in a share of 7.125% Fixed/Floating Rate Noncumulative Preferred Stock, Series J | |
Entity Information [Line Items] | |
Trading Symbol | C Pr J |
Title of 12(b) Security | Dep Shs, represent 1/1,000th interest in a share of 7.125% Fix/Float Rate Noncum Pref Stk, Ser J |
Security Exchange Name | NYSE |
Depositary Shares, each representing 1/1,000th interest in a share of 6.875% Fixed/Floating Rate Noncumulative Preferred Stock, Series K | |
Entity Information [Line Items] | |
Trading Symbol | C Pr K |
Title of 12(b) Security | Dep Shs, represent 1/1,000th interest in a share of 6.875% Fix/Float Rate Noncum Pref Stk, Ser K |
Security Exchange Name | NYSE |
7.625% Trust Preferred Securities of Citigroup Capital III (and registrant’s guaranty with respect thereto) | |
Entity Information [Line Items] | |
Trading Symbol | C/36Y |
Title of 12(b) Security | 7.625% TRUPs of Cap III (and registrant’s guaranty) |
Security Exchange Name | NYSE |
7.875% Fixed Rate / Floating Rate Trust Preferred Securities (TruPS®) of Citigroup Capital XIII (and registrant’s guaranty with respect thereto) | |
Entity Information [Line Items] | |
Trading Symbol | C N |
Title of 12(b) Security | 7.875% FXD / FRN TruPS of Cap XIII (and registrant’s guaranty) |
Security Exchange Name | NYSE |
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 | 9 Months Ended | |||||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | ||||
Revenues | |||||||
Interest revenue | $ 34,837 | $ 19,919 | $ 96,879 | $ 48,700 | |||
Interest expense | 21,009 | 7,356 | 55,803 | 13,302 | |||
Net interest income | 13,828 | 12,563 | 41,076 | 35,398 | |||
Commissions and fees | 2,195 | 2,139 | 6,693 | 7,159 | |||
Principal transactions | 3,008 | 2,625 | 9,475 | 11,740 | |||
Administration and other fiduciary fees | 971 | 915 | 2,856 | 2,904 | |||
Realized gains on sales of investments, net | 30 | 52 | 151 | 74 | |||
Impairment losses on investments: | |||||||
Impairment losses on investments and other assets | (70) | (91) | (227) | (277) | |||
(Provision) releases for credit losses on AFS debt securities | [1] | (1) | 5 | (1) | 7 | ||
Net impairment losses recognized in earnings | (71) | (86) | (228) | (270) | |||
Other revenue | 178 | 300 | 999 | 327 | |||
Total non-interest revenues | 6,311 | 5,945 | 19,946 | 21,934 | |||
Total revenues, net of interest expense | 20,139 | 18,508 | 61,022 | 57,332 | |||
Provisions for credit losses and for benefits and claims | |||||||
Provision for credit losses on loans | 1,816 | 1,328 | 5,314 | 2,972 | |||
Provision (release) for credit losses on HTM debt securities | (3) | 10 | (24) | 28 | |||
Provision for credit losses on other assets | 56 | 73 | 630 | 76 | |||
Policyholder benefits and claims | 25 | 25 | 63 | 74 | |||
Provision (release) for credit losses on unfunded lending commitments | (54) | (71) | (344) | 244 | |||
Total provisions for credit losses and for benefits and claims | [2] | 1,840 | 1,365 | 5,639 | [3] | 3,394 | [3] |
Operating expenses | |||||||
Compensation and benefits | 7,424 | 6,745 | 22,350 | 20,037 | |||
Premises and equipment | 620 | 557 | 1,813 | 1,719 | |||
Technology/communication | 2,256 | 2,145 | 6,692 | 6,229 | |||
Advertising and marketing | 324 | 407 | 1,016 | 1,132 | |||
Other operating | 2,887 | 2,895 | 8,499 | 9,190 | |||
Total operating expenses | 13,511 | 12,749 | 40,370 | 38,307 | |||
Income from continuing operations before income taxes | 4,788 | 4,394 | 15,013 | 15,631 | |||
Provision for income taxes | 1,203 | 879 | 3,824 | 3,002 | |||
Income from continuing operations | 3,585 | 3,515 | 11,189 | 12,629 | |||
Discontinued operations | |||||||
Income (loss) from discontinued operations | 2 | (6) | 0 | (270) | |||
Benefit for income taxes | 0 | 0 | 0 | (41) | |||
Income (loss) from discontinued operations, net of taxes | 2 | (6) | 0 | (229) | |||
Net income before attribution to noncontrolling interests | 3,587 | 3,509 | 11,189 | 12,400 | |||
Noncontrolling interests | 41 | 30 | 122 | 68 | |||
Citigroup’s net income | $ 3,546 | $ 3,479 | $ 11,067 | $ 12,332 | |||
Basic earnings per share | |||||||
Income from continuing operations (in dollars per share) | [4] | $ 1.64 | $ 1.64 | $ 5.19 | $ 5.99 | ||
Income from discontinued operations, net of taxes (in dollars per share) | [4] | 0 | 0 | 0 | (0.12) | ||
Net income (in dollars per share) | [4] | $ 1.64 | $ 1.64 | $ 5.19 | $ 5.87 | ||
Weighted average common shares outstanding (in shares) | 1,924.4 | 1,936.8 | 1,936.9 | 1,950 | |||
Diluted earnings per share | |||||||
Income from continuing operations (in dollars per share) | [4] | $ 1.63 | $ 1.63 | $ 5.14 | $ 5.95 | ||
Income (loss) from discontinued operations, net of taxes (in dollars per share) | [4] | 0 | 0 | 0 | (0.12) | ||
Net income (in dollars per share) | [4] | $ 1.63 | $ 1.63 | $ 5.14 | $ 5.84 | ||
Adjusted weighted average diluted common shares outstanding (in shares) | 1,951.7 | 1,955.1 | 1,961.5 | 1,967.1 | |||
[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]2022 amounts have been revised to conform to the current-period presentation.[4]Due to rounding, earnings per share on continuing operations and discontinued operations may not sum to earnings per share on net income. |
CONSOLIDATED STATEMENT OF COMPR
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (UNAUDITED) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | ||
Statement of Comprehensive Income [Abstract] | |||||
Citigroup’s net income | $ 3,546 | $ 3,479 | $ 11,067 | $ 12,332 | |
Add: Citigroup’s other comprehensive income, net change, net of taxes | |||||
Unrealized gains and losses on debt securities | [1],[2] | (169) | (580) | 793 | (6,358) |
Debt valuation adjustment (DVA) | [2],[3] | 299 | 872 | (645) | 3,632 |
Cash flow hedges | [2] | 731 | (763) | 1,263 | (2,970) |
Benefit plans liability adjustment | [2],[4] | 312 | 37 | 72 | 119 |
CTA, net of hedges | [2] | (1,496) | (2,399) | (632) | (4,043) |
Excluded component of fair value hedges | [2] | (12) | 30 | (15) | 87 |
Long-duration insurance contracts | [2] | 23 | 0 | 22 | 0 |
Citigroup’s total other comprehensive income (loss) | [2] | (312) | (2,803) | 858 | (9,533) |
Total Citigroup comprehensive income (loss) | 3,234 | 676 | 11,925 | 2,799 | |
Add: Other comprehensive income (loss) attributable to noncontrolling interests | (37) | (44) | 9 | (126) | |
Add: Net income (loss) attributable to noncontrolling interests | 41 | 30 | 122 | 68 | |
Total comprehensive income | $ 3,238 | $ 662 | $ 12,056 | $ 2,741 | |
[1]See Note 12[2]See Note 18.[3]See Note 22.[4]See Note 8. |
CONSOLIDATED BALANCE SHEET
CONSOLIDATED BALANCE SHEET - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 |
Assets | ||
Cash and due from banks (including segregated cash and other deposits) | $ 26,548 | $ 30,577 |
Deposits with banks, net of allowance | 227,439 | 311,448 |
Securities borrowed and purchased under agreements to resell (including $206,151 and $239,527 as of September 30, 2023 and December 31, 2022, respectively, at fair value), net of allowance | 335,059 | 365,401 |
Brokerage receivables, net of allowance | 66,194 | 54,192 |
Trading account assets (including $179,948 and $133,535 pledged to creditors as of September 30, 2023 and December 31, 2022, respectively) | 406,368 | 334,114 |
Investments: | ||
Available-for-sale debt securities (including $14,720 and $10,933 pledged to creditors as of September 30, 2023 and December 31, 2022, respectively) | 241,783 | 249,679 |
Held-to-maturity debt securities, net of allowance (fair value of which is $231,002 and $243,648 as of September 30, 2023 and December 31, 2022, respectively) (includes $8 and $0 pledged to creditors as of September 30, 2023 and December 31, 2022, respectively) | 259,456 | 268,863 |
Equity securities (including $738 and $895 as of September 30, 2023 and December 31, 2022, respectively, at fair value) | 7,759 | 8,040 |
Total investments | 508,998 | 526,582 |
Loans: | ||
Loans, net of unearned income | 666,348 | 657,221 |
Allowance for credit losses on loans (ACLL) | (17,629) | (16,974) |
Total loans, net | 648,719 | 640,247 |
Goodwill | 19,829 | 19,691 |
Intangible assets (including MSRs at fair value of $729 and $665 as of September 30, 2023 and December 31, 2022, respectively) | 4,540 | 4,428 |
Premises and equipment, net of depreciation and amortization | 27,959 | 26,253 |
Other assets (including $13,937 and $10,658 as of September 30, 2023 and December 31, 2022, respectively, at fair value), net of allowance | 96,824 | 103,743 |
Total assets | 2,368,477 | 2,416,676 |
Liabilities | ||
Deposits (including $2,722 and $1,875 as of September 30, 2023 and December 31, 2022, respectively, at fair value) | 1,273,506 | 1,365,954 |
Securities loaned and sold under agreements to repurchase (including $60,662 and $70,886 as of September 30, 2023 and December 31, 2022, respectively, at fair value) | 256,770 | 202,444 |
Brokerage payables (including $7,211 and $4,439 as of September 30, 2023 and December 31, 2022, respectively, at fair value) | 75,076 | 69,218 |
Trading account liabilities | 164,624 | 170,647 |
Short-term borrowings (including $6,470 and $6,222 as of September 30, 2023 and December 31, 2022, respectively, at fair value) | 43,166 | 47,096 |
Long-term debt (including $112,629 and $105,995 as of September 30, 2023 and December 31, 2022, respectively, at fair value) | 275,760 | 271,606 |
Other liabilities, plus allowances | 69,380 | 87,873 |
Total liabilities | 2,158,282 | 2,214,838 |
Stockholders’ equity | ||
Preferred stock ($1.00 par value; authorized shares: 30 million), issued shares: as of September 30, 2023—779,800 and as of December 31, 2022—759,800, at aggregate liquidation value | 19,495 | 18,995 |
Common stock ($0.01 par value; authorized shares: 6 billion), issued shares: as of September 30, 2023—3,099,691,671 and as of December 31, 2022—3,099,669,424 | 31 | 31 |
Additional paid-in capital | 108,757 | 108,458 |
Retained earnings | 202,135 | 194,734 |
Treasury stock, at cost: September 30, 2023—1,185,809,738 shares and December 31, 2022—1,162,682,999 shares | (74,738) | (73,967) |
Accumulated other comprehensive income (loss) (AOCI) | (46,177) | (47,062) |
Total Citigroup stockholders’ equity | 209,503 | 201,189 |
Noncontrolling interests | 692 | 649 |
Total equity | 210,195 | 201,838 |
Total liabilities and equity | 2,368,477 | 2,416,676 |
Consolidated VIEs | ||
Assets | ||
Cash and due from banks (including segregated cash and other deposits) | 33 | 61 |
Trading account assets (including $179,948 and $133,535 pledged to creditors as of September 30, 2023 and December 31, 2022, respectively) | 9,990 | 9,153 |
Investments: | ||
Total investments | 651 | 594 |
Loans: | ||
Loans, net of unearned income | 55,324 | 54,808 |
Allowance for credit losses on loans (ACLL) | (2,527) | (2,520) |
Total loans, net | 52,797 | 52,288 |
Other assets (including $13,937 and $10,658 as of September 30, 2023 and December 31, 2022, respectively, at fair value), net of allowance | 138 | 105 |
Total assets | 63,609 | 62,201 |
Liabilities | ||
Short-term borrowings (including $6,470 and $6,222 as of September 30, 2023 and December 31, 2022, respectively, at fair value) | 9,657 | 9,807 |
Long-term debt (including $112,629 and $105,995 as of September 30, 2023 and December 31, 2022, respectively, at fair value) | 7,340 | 10,324 |
Other liabilities, plus allowances | 835 | 622 |
Total liabilities | 17,832 | 20,753 |
Consumer loans | ||
Loans: | ||
Loans, net of unearned income | 377,714 | 368,067 |
Allowance for credit losses on loans (ACLL) | (14,912) | (14,119) |
Consumer loans | Consolidated VIEs | ||
Loans: | ||
Loans, net of unearned income | 34,349 | 35,026 |
Corporate loans | ||
Loans: | ||
Loans, net of unearned income | 288,634 | 289,154 |
Allowance for credit losses on loans (ACLL) | (2,717) | (2,855) |
Corporate loans | Consolidated VIEs | ||
Loans: | ||
Loans, net of unearned income | $ 20,975 | $ 19,782 |
CONSOLIDATED BALANCE SHEET (Par
CONSOLIDATED BALANCE SHEET (Parenthetical) - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 |
Securities borrowed or purchased under agreements to resell, at fair value | $ 335,059 | $ 365,401 |
Trading account assets, pledged to creditors | 179,948 | 133,535 |
Available-for-sale securities, pledged to creditors | 14,720 | 10,933 |
Held-to-maturity debt securities, fair value | 231,002 | 243,648 |
Held-to-maturity debt securities, pledged to creditors | 8 | 0 |
Equity securities, at fair value | 738 | 895 |
Loans, net of unearned income, at fair value | 666,348 | 657,221 |
Mortgage servicing rights, at fair value | 729 | 665 |
Other assets, at fair value | 96,824 | 103,743 |
Securities loaned or sold under agreements to repurchase, at fair value | 256,770 | 202,444 |
Brokerage payables, at fair value | 75,076 | 69,218 |
Short-term borrowings, at fair value | 43,166 | 47,096 |
Long-term debt, at fair value | $ 275,760 | $ 271,606 |
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) | 779,800 | 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) | 3,099,691,671 | 3,099,669,424 |
Treasury stock (in shares) | 1,185,809,738 | 1,162,682,999 |
Recurring | ||
Deposits, at fair value | $ 2,722 | $ 1,875 |
Consumer loans | ||
Loans, net of unearned income, at fair value | 377,714 | 368,067 |
Corporate loans | ||
Loans, net of unearned income, at fair value | 288,634 | 289,154 |
Fair value | ||
Securities borrowed or purchased under agreements to resell, at fair value | 206,151 | 239,527 |
Other assets, at fair value | 13,937 | 10,658 |
Securities loaned or sold under agreements to repurchase, at fair value | 60,662 | 70,886 |
Brokerage payables, at fair value | 7,211 | 4,439 |
Short-term borrowings, at fair value | 6,470 | 6,222 |
Long-term debt, at fair value | 112,629 | 105,995 |
Fair value | Consumer loans | ||
Loans, net of unearned income, at fair value | 222 | 237 |
Fair value | Corporate loans | ||
Loans, net of unearned income, at fair value | $ 7,189 | $ 5,123 |
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 | Retained earnings Cumulative Effect, Period of Adoption, Adjustment | [1] | Retained earnings Cumulative Effect, Period of Adoption, Adjusted Balance | Treasury stock, at cost | Citigroup's accumulated other comprehensive income (loss) | Citigroup's accumulated other comprehensive income (loss) Cumulative Effect, Period of Adoption, Adjustment | [1] | Citigroup's accumulated other comprehensive income (loss) Cumulative Effect, Period of Adoption, Adjusted Balance | Noncontrolling interests | ||
Balance, beginning of period at Dec. 31, 2021 | $ 18,995 | $ 108,034 | $ 184,948 | $ 0 | $ 184,948 | $ (71,240) | $ (38,765) | $ 0 | $ (38,765) | $ 700 | |||||||
Increase (Decrease) in Stockholders' Equity | |||||||||||||||||
Issuance of new preferred stock | 0 | ||||||||||||||||
Redemption of preferred stock | 0 | ||||||||||||||||
Employee benefit plans | 343 | 513 | [2] | ||||||||||||||
Preferred stock issuance costs (reclassifications to retained earnings for redemptions) | 0 | ||||||||||||||||
Other (primarily preferred stock issuance costs related to new issuances) | 1 | 1 | 0 | ||||||||||||||
Net income before attribution of noncontrolling interests | $ 12,400 | 12,332 | 68 | ||||||||||||||
Common dividends | [3] | (3,025) | |||||||||||||||
Preferred dividends | (794) | (794) | |||||||||||||||
Treasury stock acquired | [4] | (3,250) | |||||||||||||||
Transactions between Citigroup and noncontrolling-interest shareholders | (34) | ||||||||||||||||
Distributions paid to noncontrolling-interest shareholders | (51) | ||||||||||||||||
Citigroup’s total other comprehensive income | (9,533) | (126) | |||||||||||||||
Net change in noncontrolling interests | (143) | ||||||||||||||||
Balance, end of period at Sep. 30, 2022 | 199,117 | $ 198,560 | 18,995 | $ 179,565 | 108,378 | 193,462 | (73,977) | (48,298) | 557 | ||||||||
Balance, beginning of period at Jun. 30, 2022 | 18,995 | 108,241 | 191,261 | 0 | 191,261 | (73,988) | (45,495) | 0 | (45,495) | 612 | |||||||
Increase (Decrease) in Stockholders' Equity | |||||||||||||||||
Issuance of new preferred stock | 0 | ||||||||||||||||
Redemption of preferred stock | 0 | ||||||||||||||||
Employee benefit plans | 137 | 11 | [2] | ||||||||||||||
Preferred stock issuance costs (reclassifications to retained earnings for redemptions) | 0 | ||||||||||||||||
Other (primarily preferred stock issuance costs related to new issuances) | 0 | 0 | (2) | ||||||||||||||
Net income before attribution of noncontrolling interests | 3,509 | 3,479 | 30 | ||||||||||||||
Common dividends | [3] | (1,001) | |||||||||||||||
Preferred dividends | (277) | (277) | |||||||||||||||
Treasury stock acquired | [4] | 0 | |||||||||||||||
Transactions between Citigroup and noncontrolling-interest shareholders | 0 | ||||||||||||||||
Distributions paid to noncontrolling-interest shareholders | (39) | ||||||||||||||||
Citigroup’s total other comprehensive income | (2,803) | (44) | |||||||||||||||
Net change in noncontrolling interests | (55) | ||||||||||||||||
Balance, end of period at Sep. 30, 2022 | 199,117 | 198,560 | 18,995 | 179,565 | 108,378 | 193,462 | (73,977) | (48,298) | 557 | ||||||||
Balance, beginning of period at Dec. 31, 2022 | 201,838 | 18,995 | 108,489 | 194,734 | 290 | 195,024 | (73,967) | (47,062) | 27 | (47,035) | 649 | ||||||
Increase (Decrease) in Stockholders' Equity | |||||||||||||||||
Issuance of new preferred stock | 2,750 | ||||||||||||||||
Redemption of preferred stock | (2,250) | ||||||||||||||||
Employee benefit plans | 296 | 729 | [2] | ||||||||||||||
Preferred stock issuance costs (reclassifications to retained earnings for redemptions) | 16 | ||||||||||||||||
Other (primarily preferred stock issuance costs related to new issuances) | (13) | (16) | 8 | ||||||||||||||
Net income before attribution of noncontrolling interests | 11,189 | 11,067 | 122 | ||||||||||||||
Common dividends | [3] | (3,042) | |||||||||||||||
Preferred dividends | (898) | (898) | |||||||||||||||
Treasury stock acquired | [4] | (1,500) | |||||||||||||||
Transactions between Citigroup and noncontrolling-interest shareholders | (14) | ||||||||||||||||
Distributions paid to noncontrolling-interest shareholders | (82) | ||||||||||||||||
Citigroup’s total other comprehensive income | 858 | 9 | |||||||||||||||
Net change in noncontrolling interests | 43 | ||||||||||||||||
Balance, end of period at Sep. 30, 2023 | 210,195 | 209,503 | 19,495 | 190,008 | 108,788 | 202,135 | (74,738) | (46,177) | 692 | ||||||||
Balance, beginning of period at Jun. 30, 2023 | 20,245 | 108,610 | 199,976 | $ 0 | $ 199,976 | (74,247) | (45,865) | $ 0 | $ (45,865) | 703 | |||||||
Increase (Decrease) in Stockholders' Equity | |||||||||||||||||
Issuance of new preferred stock | 1,500 | ||||||||||||||||
Redemption of preferred stock | (2,250) | ||||||||||||||||
Employee benefit plans | 170 | 9 | [2] | ||||||||||||||
Preferred stock issuance costs (reclassifications to retained earnings for redemptions) | 16 | ||||||||||||||||
Other (primarily preferred stock issuance costs related to new issuances) | (8) | (16) | 0 | ||||||||||||||
Net income before attribution of noncontrolling interests | 3,587 | 3,546 | 41 | ||||||||||||||
Common dividends | [3] | (1,038) | |||||||||||||||
Preferred dividends | (333) | (333) | |||||||||||||||
Treasury stock acquired | [4] | (500) | |||||||||||||||
Transactions between Citigroup and noncontrolling-interest shareholders | (15) | ||||||||||||||||
Distributions paid to noncontrolling-interest shareholders | 0 | ||||||||||||||||
Citigroup’s total other comprehensive income | (312) | (37) | |||||||||||||||
Net change in noncontrolling interests | (11) | ||||||||||||||||
Balance, end of period at Sep. 30, 2023 | $ 210,195 | $ 209,503 | $ 19,495 | $ 190,008 | $ 108,788 | $ 202,135 | $ (74,738) | $ (46,177) | $ 692 | ||||||||
[1]See Note 1 for additional details.[2]Includes treasury stock related to (i) certain activity on employee stock option program exercises where the employee delivers existing shares to cover the option exercise, or (ii) under Citi’s employee restricted or deferred stock programs where shares are withheld to satisfy tax requirements.[3]Common dividends declared were $0.51 per share for each of 1Q23 and 2Q23, $0.53 per share for 3Q23 and $0.51 per share for each of 1Q22, 2Q22 and 3Q22.[4]Primarily consists of open market purchases under Citi’s Board of Directors–approved common stock repurchase program. |
CONSOLIDATED STATEMENT OF CHA_2
CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY (UNAUDITED) (Parenthetical) - $ / shares | 3 Months Ended | |||||
Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | |
Statement of Stockholders' Equity [Abstract] | ||||||
Common dividends declared (in dollars per share) | $ 0.53 | $ 0.51 | $ 0.51 | $ 0.51 | $ 0.51 | $ 0.51 |
CONSOLIDATED STATEMENT OF CASH
CONSOLIDATED STATEMENT OF CASH FLOWS (UNAUDITED) - USD ($) $ in Millions | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | ||
Cash flows from operating activities of continuing operations | |||
Net income before attribution of noncontrolling interests | $ 11,189 | $ 12,400 | |
Net income attributable to noncontrolling interests | 122 | 68 | |
Citigroup’s net income | 11,067 | 12,332 | |
Income (loss) from discontinued operations, net of taxes | 0 | (229) | |
Income from continuing operations—excluding noncontrolling interests | 11,067 | 12,561 | |
Adjustments to reconcile net income to net cash provided by (used in) operating activities of continuing operations | |||
Net loss (gain) on sale of significant disposals | [1] | (1,462) | (616) |
Depreciation and amortization | 3,388 | 3,154 | |
Deferred income taxes | [2] | (979) | (576) |
Provisions for credit losses and for benefits and claims | [2],[3] | 5,639 | 3,394 |
Realized gains from sales of investments | (151) | (74) | |
Impairment losses on investments and other assets | 227 | 277 | |
Goodwill impairment | 0 | 535 | |
Change in trading account assets | (72,397) | (26,385) | |
Change in trading account liabilities | (6,023) | 34,950 | |
Change in brokerage receivables net of brokerage payables | (6,144) | 1,055 | |
Change in loans held-for-sale (HFS) | 2,117 | 3,499 | |
Change in other assets | (7,134) | (2,754) | |
Change in other liabilities | (3,715) | 1,303 | |
Other, net | [2],[4] | 6,817 | (18,067) |
Total adjustments | (79,817) | (305) | |
Net cash provided by (used in) operating activities of continuing operations | (68,750) | 12,256 | |
Cash flows from investing activities of continuing operations | |||
Change in securities borrowed and purchased under agreements to resell | 30,342 | (21,926) | |
Change in loans | (17,733) | (5,788) | |
Proceeds from divestitures | [1] | 0 | 3,242 |
Proceeds from sales and securitizations of loans | 3,397 | 3,077 | |
Net payment due to transfer of net liabilities associated with divestitures | [1] | (1,166) | 0 |
Available-for-sale debt securities | |||
Purchases of investments | [2],[4] | (171,154) | (177,347) |
Proceeds from sales of investments | 35,580 | 86,454 | |
Proceeds from maturities of investments | [2],[4] | 149,049 | 102,857 |
Held-to-maturity debt securities | |||
Purchases of investments | (734) | (39,288) | |
Proceeds from maturities of investments | 6,955 | 9,913 | |
Capital expenditures on premises and equipment and capitalized software | (4,818) | (3,667) | |
Proceeds from sales of premises and equipment and repossessed assets | 16 | 46 | |
Other, net | [2],[4],[5] | 273 | (821) |
Net cash provided by (used in) investing activities of continuing operations | 30,007 | (43,248) | |
Cash flows from financing activities of continuing operations | |||
Dividends paid | (3,899) | (3,777) | |
Issuance of preferred stock | 2,739 | 0 | |
Redemption of preferred stock | (750) | 0 | |
Treasury stock acquired | (1,429) | (3,250) | |
Stock tendered for payment of withholding taxes | (324) | (339) | |
Change in securities loaned and sold under agreements to repurchase | 54,326 | 12,144 | |
Issuance of long-term debt | 52,465 | 85,459 | |
Payments and redemptions of long-term debt | (50,296) | (47,011) | |
Change in deposits | (92,448) | 8,947 | |
Change in short-term borrowings | (5,430) | 19,395 | |
Net cash provided by (used in) financing activities of continuing operations | (45,046) | 71,568 | |
Effect of exchange rate changes on cash, due from banks and deposits with banks | (4,249) | (3,002) | |
Change in cash, due from banks and deposits with banks | (88,038) | 37,574 | |
Cash, due from banks and deposits with banks at beginning of period | 342,025 | 262,033 | |
Cash, due from banks and deposits with banks at end of period | 253,987 | 299,607 | |
Cash and due from banks (including segregated cash and other deposits) | 26,548 | 26,502 | |
Deposits with banks, net of allowance | 227,439 | 273,105 | |
Cash, due from banks and deposits with banks at end of period | 253,987 | 299,607 | |
Supplemental disclosure of cash flow information for continuing operations | |||
Cash paid during the period for income taxes | 4,071 | 2,684 | |
Cash paid during the period for interest | 51,873 | 12,557 | |
Non-cash investing and financing activities | |||
Transfer of investment securities from HTM to AFS | [1],[5],[6] | 3,324 | 0 |
Transfer of investment securities from AFS to HTM | [1],[5],[6] | 0 | 21,688 |
Decrease in net loans associated with divestitures reclassified to HFS | [1],[5],[6] | 0 | 16,956 |
Decrease in goodwill associated with divestitures reclassified to HFS | [1],[5],[6] | 0 | 876 |
Transfers to loans HFS (Other assets) from loans HFI | [1],[5],[6] | 6,031 | 4,037 |
Transfers from loans HFS (Other assets) to loans HFI | [1],[5],[6] | 322 | 0 |
Decrease in deposits associated with divestitures reclassified to HFS | [1] | 0 | 19,691 |
Non-cash redemption of preferred stock and increase in short-term borrowings | $ 1,500 | $ 0 | |
[1]See Note 2 for further information on significant disposals.[2]2022 amounts have been revised to conform to the current-period presentation.[3]This total excludes the provision for credit losses on AFS securities, which is disclosed separately above.[4]Consistent with the revisions disclosed in “Statement of Cash Flows” in Note 1 to the Consolidated Financial Statements in Citi’s 2022 Form 10-K, during the nine months ended September 30, 2022, $16.1 billion of cash flows related to maturities of short-term negotiable certificates of deposit (NCDs) and $41 million of cash flows related to purchases of short-term NCDs were reclassified from purchases and maturities of AFS securities within investing activities to Other, net within operating activities. AOCI upon transfer. |
CONSOLIDATED STATEMENT OF CAS_2
CONSOLIDATED STATEMENT OF CASH FLOWS (UNAUDITED) (Parenthetical) $ in Millions | 6 Months Ended |
Jun. 30, 2022 USD ($) | |
Certificates of deposit | Revision of Prior Period, Reclassification, Adjustment One | |
Proceeds from maturities of investments | $ 16,100 |
Other noncash income (expense) | 16,100 |
Certificates of deposit | Revision of Prior Period, Reclassification, Adjustment Two | |
Purchases of investments | (41) |
Other noncash income (expense) | $ 41 |
BASIS OF PRESENTATION, UPDATED
BASIS OF PRESENTATION, UPDATED ACCOUNTING POLICIES AND ACCOUNTING CHANGES | 9 Months Ended |
Sep. 30, 2023 | |
Accounting Policies [Abstract] | |
BASIS OF PRESENTATION, UPDATED ACCOUNTING POLICIES AND ACCOUNTING CHANGES | BASIS OF PRESENTATION, UPDATED ACCOUNTING POLICIES AND ACCOUNTING CHANGES Basis of Presentation The accompanying unaudited Consolidated Financial Statements as of September 30, 2023 and for the three- and nine-month periods ended September 30, 2023 and 2022 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, 2022 (2022 Form 10-K), Citigroup’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2023 (First Quarter of 2023 Form 10-Q) and Citigroup’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2023 (Second Quarter of 2023 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. Cash equivalents are defined as those amounts included in Cash and due from banks and predominately all of Deposits with banks . Cash flows from risk management activities are classified in the same category as the related assets and liabilities. Amounts included in Cash and due from banks and Deposits with banks approximate fair value. UPDATED SIGNIFICANT ACCOUNTING POLICIES The accounting policies below have been updated from those disclosed in Citi’s 2022 Form 10-K for the effects of accounting standards adopted during the first quarter of 2023. See Note 1 to the Consolidated Financial Statements in Citi’s 2022 Form 10-K for a summary of all of Citigroup’s significant accounting policies. Allowances for Credit Losses (ACL) Beginning January 1, 2023, Citi adopted the Financial Accounting Standards Board (FASB) Accounting Standards Update (ASU) No. 2022-02, Financial Instruments—Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures under the methodology described below. For information about Citi’s accounting for troubled debt restructurings (TDRs) prior to January 1, 2023, see Note 1 to the Consolidated Financial Statements in Citi’s 2022 Form 10-K. ACCOUNTING CHANGES TDRs 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 . Citi adopted the ASU on January 1, 2023, including the guidance on the recognition and measurement of TDRs under the modified retrospective approach. Adopting these amendments resulted in a decrease to the ACLL of $352 million and an increase in other assets related to held-for-sale businesses of $44 million, with a corresponding increase to retained earnings of $290 million and a decrease in deferred tax assets of $106 million on January 1, 2023. The ACL for corporate loans was unaffected because the measurement approach used for corporate loans is not in the scope of this ASU. ASU 2022-02 eliminates the accounting and disclosure requirements for TDRs, including the requirement to measure the ACLL for TDRs using a discounted cash flow (DCF) approach. With the elimination of TDR accounting requirements, reasonably expected TDRs are no longer considered when determining the term over which to estimate expected credit losses. The ACLL for modified loans that are collateral dependent continues to be based on the fair value of the collateral. Consumer Loans Upon adoption of the ASU on January 1, 2023, Citi discontinued the use of a DCF approach for consumer loans formerly considered TDRs. Beginning January 1, 2023, Citi measures the ACLL for all consumer loans under approaches that do not incorporate discounting, primarily utilizing models that consider the borrowers’ probability of default, loss given default and exposure at default. In addition, upon adoption of the ASU, Citi collectively evaluates smaller-balance homogeneous loans formerly considered TDRs for expected credit losses, whereas previously those loans had been individually evaluated. The ASU also requires disclosure of modifications of loans to borrowers experiencing financial difficulty if the modification involves principal forgiveness, an interest rate reduction, an other-than-insignificant payment delay, a term extension or a combination of those types of modifications. In addition, the ASU requires the disclosure of current-period gross write-offs by year of loan origination (vintage). The amendments related to disclosures are required to be applied prospectively beginning as of the date of adoption. See Note 13 for these new disclosures for periods beginning on and after January 1, 2023. 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 are impacted by the requirements of ASU 2018-12. Citi adopted the targeted improvements in ASU 2018-12 on January 1, 2023, resulting in a $39 million decrease in Other liabilities and a $27 million increase in AOCI , after-tax. FUTURE ACCOUNTING CHANGES Accounting for Investments in Tax Credit Structures In March 2023, the FASB issued ASU No. 2023‐02, Investments—Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method . The ASU expands the scope of tax equity investments eligible to apply the proportional amortization method of accounting. Under the proportional amortization method, the cost of an eligible investment is amortized in proportion to the income tax credits and other income tax benefits that are received by the investor, with the amortization of the investment and the income tax credits being presented net in the income statement as components of income tax expense (benefit). The ASU will permit the Company to elect to use the proportional amortization method to account for all eligible tax equity investments, regardless of the tax credit program from which the income tax credits are received, if certain conditions are met. Citi plans to adopt the ASU on January 1, 2024 and does not expect a material impact to its results of operations as a result of adopting the standard. Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions In June 2022, the FASB issued ASU No. 2022-03, 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. |
DISCONTINUED OPERATIONS, SIGNIF
DISCONTINUED OPERATIONS, SIGNIFICANT DISPOSALS AND OTHER BUSINESS EXITS | 9 Months Ended |
Sep. 30, 2023 | |
Discontinued Operations and Disposal Groups [Abstract] | |
DISCONTINUED OPERATIONS, SIGNIFICANT DISPOSALS AND OTHER BUSINESS EXITS | DISCONTINUED OPERATIONS, SIGNIFICANT DISPOSALS AND OTHER BUSINESS EXITS Summary of Discontinued Operations The Company’s results from Discontinued operations consisted of residual activities related to the sales of the Egg Banking plc credit card business in 2011 and the German retail banking business in 2008. All Discontinued operations results are recorded within Corporate/Other . The following table summarizes financial information for all Discontinued operations : Three Months Ended September 30, Nine Months Ended September 30, In millions of dollars 2023 2022 2023 2022 Total revenues, net of interest expense $ — $ — $ — $ (262) Income (loss) from discontinued operations $ 2 $ (6) $ — $ (270) Benefit for income taxes — — — (41) Income (loss) from discontinued operations, net of taxes $ 2 $ (6) $ — $ (229) 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 second quarter of 2022. 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 of 2022. 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 of 2022, triggering the release of the CTA loss to earnings. Cash flows from Discontinued operations were not material for the periods presented. Significant Disposals As of September 30, 2023, Citi had entered into sale agreements for nine consumer banking businesses within Legacy Franchises . Australia closed in the second quarter of 2022, the Philippines closed in the third quarter of 2022, Bahrain, Malaysia and Thailand closed in the fourth quarter of 2022, India and Vietnam closed in the first quarter of 2023 and Taiwan closed in the third quarter of 2023. Citi’s entry of sale agreement for the Indonesia consumer banking business has resulted in the reclassification to HFS on the Consolidated Balance Sheet of approximately $1 billion in assets within Other assets , including approximately $520 million of loans (net of allowance of $34 million), and approximately $1 billion in liabilities within Other liabilities , including approximately $900 million in deposits. Of the nine sale agreements, the five below were identified as significant disposals. As of September 30, 2023, there were no remaining assets or liabilities included on Citi’s Consolidated Balance Sheet related to the significant disposals: Income (loss) before taxes (6) In millions of dollars Three Months Ended Nine Months Ended September 30, Consumer banking business in Sale agreement date Closing date 2023 2022 2023 2022 Australia (1) 8/9/2021 6/1/2022 $ — $ — $ — $ 193 Philippines (2) 12/23/2021 8/1/2022 — 7 — 72 Thailand (3) 1/14/2022 11/1/2022 — 28 — 106 India (4) 3/30/2022 3/1/2023 — 37 2 161 Taiwan (5) 1/28/2022 8/12/2023 (1) 15 91 111 (1) On June 1, 2022, Citi completed the sale of its Australia consumer banking business, which was part of Legacy Franchises . The 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 $760 million ($640 million after-tax), recorded in Other revenue . The loss on sale primarily reflected the impact of an approximate pretax $620 million CTA loss (net of hedges) ($470 million after-tax) already reflected in the AOCI component of equity. The sale closed on June 1, 2022, and the CTA-related balance was removed from AOCI , resulting in a neutral CTA impact to Citi’s CET1 Capital. The income before taxes shown in the above table for Australia reflects Citi’s ownership through June 1, 2022. (2) On August 1, 2022, Citi completed the sale of its Philippines consumer banking business, which was part of Legacy Franchises . The business had approximately $1.8 billion in assets, including $1.2 billion of loans (net of allowance of $80 million) and excluding goodwill. The total amount of liabilities was $1.3 billion, including $1.2 billion in deposits. The sale resulted in a pretax gain on sale of approximately $618 million ($290 million after-tax), recorded in Other revenue . The income before taxes shown in the above table for the Philippines reflects Citi’s ownership through August 1, 2022. (3) On November 1, 2022, Citi completed the sale of its Thailand consumer banking business, which was part of Legacy Franchises . The business had approximately $2.7 billion in assets, including $2.4 billion of loans (net of allowance of $67 million) and excluding goodwill. The total amount of liabilities was $1.0 billion, including $0.8 billion in deposits. The sale resulted in a pretax gain on sale of approximately $209 million ($115 million after-tax), recorded in Other revenue . The income before taxes shown in the above table for Thailand reflects Citi’s ownership through November 1, 2022. (4) On March 1, 2023, Citi completed the sale of its India consumer banking business, which was part of Legacy Franchises . The business had approximately $5.2 billion in assets, including $3.4 billion of loans (net of allowance of $32 million) and excluding goodwill. The total amount of liabilities was $5.2 billion, including $5.1 billion in deposits. The sale resulted in a pretax gain on sale of approximately $1.1 billion ($727 million after-tax), recorded in Other revenue . The income before taxes shown in the above table for India reflects Citi’s ownership through March 1, 2023. (5) On August 12, 2023, Citi completed the sale of its Taiwan consumer banking business, which was part of Legacy Franchises . The business had approximately $11.6 billion in assets, including $7.2 billion of loans (net of allowance of $92 million) and excluding goodwill. The total amount of liabilities was $9.2 billion, including $9.0 billion in deposits. The sale resulted in a pretax gain on sale of approximately $403 million ($284 million after-tax), subject to closing adjustments, recorded in Other revenue . The income before taxes shown in the above table for Taiwan reflects Citi’s ownership through August 12, 2023. (6) 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. For the Philippines, Thailand, India and Taiwan, excludes the pretax gain on sale. Citi did not have any other significant disposals as of September 30, 2023. As of November 3, 2023, Citi had not entered into sale agreements for the remaining Legacy Franchises businesses to be sold, specifically the Poland consumer banking business and the Mexico Consumer/SBMM businesses. 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 2022 Form 10-K. Other Business Exits Wind-Down of Korea Consumer Banking Business On October 25, 2021, Citi disclosed 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 . 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 in fourth quarter 2021 $ 1,052 Utilization (1) Foreign exchange 3 Balance at December 31, 2021 $ 1,054 Additional charges in first quarter 2022 $ 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 $ — Note: There were no additional charges after June 30, 2022. The total cash charges for the wind-down were $1.1 billion through 2022, most of which were recognized in 2021. Citi does not expect to record any additional charges in connection with the Korea VERP. See Note 8 to the Consolidated Financial Statements in Citi’s 2022 Form 10-K for details on the pension impact of the Korea wind-down. Wind-Down of Russia Consumer and Institutional Banking Businesses On August 25, 2022, Citi announced its decision to wind down its consumer banking and local commercial banking operations in Russia. As part of the wind-down, Citi is also actively pursuing sales of certain Russian consumer banking portfolios. On October 14, 2022, Citi disclosed that it would end nearly all of the institutional banking services it offered in Russia by the end of the first quarter of 2023. Going forward, Citi’s only operations in Russia are those necessary to fulfill its remaining legal and regulatory obligations. Portfolio Sales • On December 12, 2022, Citi completed the sale of a portfolio of ruble-denominated personal installment loans, totaling approximately $240 million in outstanding loan balances, to Uralsib, a Russian commercial bank, resulting in a pretax net loss of approximately $12 million. The net loss on sale of the loan portfolio included a $32 million adjustment to record the loans at lower of cost or fair value recognized in Other revenue. In addition, the sale of the loans resulted in a release in the allowance for credit losses on loans of approximately $20 million recognized in the Provision for credit losses on loans . • During the second quarter of 2023, Citi recorded an incremental gain of $5 million related to post-closing contingency payments for the previously disclosed personal installment loan sale in Other revenue. The previously disclosed sale of a portfolio of ruble-denominated personal installment loans resulted in a pretax net loss on sale of approximately $7 million. • During the third quarter of 2023, as part of the previously disclosed cards referral agreement with a Russian bank, approximately $26 million of credit card receivables was settled upon referral and refinanced. Wind-Down Charges The following tables provide details on Citi’s Russia wind-down charges: Three Months Ended In millions of dollars ICG Legacy Franchises Corporate/Other Total Severance (1) $ (2) $ (3) $ 1 $ (4) Vendor termination and other costs (2) — 1 — 1 Total $ (2) $ (2) $ 1 $ (3) Program-to-date In millions of dollars ICG Legacy Franchises Corporate/Other Total Severance (1) $ 8 $ 26 $ 3 $ 37 Vendor termination and other costs (2) — 18 — 18 Total $ 8 $ 44 $ 3 $ 55 Estimated additional charges In millions of dollars ICG Legacy Franchises Corporate/Other Total Severance (1) $ 10 $ 17 $ 10 $ 37 Vendor termination and other costs (2) — 48 — 48 Total $ 10 $ 65 $ 10 $ 85 (1) Recorded in Compensation and benefits. (2) Recorded in Other operating expenses. |
OPERATING SEGMENTS
OPERATING SEGMENTS | 9 Months Ended |
Sep. 30, 2023 | |
Segment Reporting [Abstract] | |
OPERATING SEGMENTS | OPERATING SEGMENTS The operating segments and reporting units reflect how the CEO, who is the chief operating decision maker, manages the Company, including allocating resources and measuring performance. Citigroup’s activities are conducted through 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. 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 primarily in the U.S., and financial services to clients from affluent to ultra-high-net-worth through banking, lending, mortgages, investment, custody and trust product offerings in 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 corporate treasury results, offsets to certain line-item reclassifications and eliminations and unallocated taxes, as well as discontinued operations. Revenues and expenses directly associated with each respective business segment or component are included in determining respective operating results. Other revenues and expenses that are not directly attributable to a particular business segment or component are generally allocated from Corporate/Other based on respective net revenues, non-interest expenses or other relevant measures. As a result of revenues and expenses from transactions with other operating segments or components being treated as transactions with external parties for purposes of segment disclosures, the Company includes intersegment eliminations within Corporate/Other to reconcile the business segment results to Citi’s consolidated results. The accounting policies of these operating segments are the same as those disclosed in Note 1 to the Consolidated Financial Statements in Citi’s 2022 Form 10-K. On September 13, 2023, Citi announced changes to its organizational structure, with the resulting operating segment impacts being implemented in the fourth quarter of 2023. The Company continues to execute requisite system and process changes that will enable the new segments to be operational in the fourth quarter of 2023. Citi expects to update its operating segment disclosures, including historical financial results, in the fourth quarter of 2023. These changes will not impact the previously reported consolidated financial results of the Company. The following tables present certain information regarding the Company’s continuing operations by operating segment and Corporate/Other : Three Months Ended September 30, In millions of dollars, except identifiable assets, average loans and average deposits in billions ICG PBWM Legacy Franchises Corporate/Other Total Citi 2023 2022 2023 2022 2023 2022 2023 2022 2023 2022 Net interest income $ 5,494 $ 4,570 $ 6,356 $ 5,836 $ 1,279 $ 1,385 $ 699 $ 772 $ 13,828 $ 12,563 Non-interest revenue 5,150 4,898 422 351 938 1,169 (199) (473) 6,311 5,945 Total revenues, net of interest expense $ 10,644 $ 9,468 $ 6,778 $ 6,187 $ 2,217 $ 2,554 $ 500 $ 299 $ 20,139 $ 18,508 Operating expense 7,179 6,541 4,301 4,077 1,794 1,845 237 286 13,511 12,749 Provisions (releases) for credit losses 196 86 1,457 1,109 188 167 (1) 3 1,840 1,365 Income (loss) from continuing operations before taxes $ 3,269 $ 2,841 $ 1,020 $ 1,001 $ 235 $ 542 $ 264 $ 10 $ 4,788 $ 4,394 Provision (benefits) for income taxes 804 655 217 209 108 226 74 (211) 1,203 879 Income (loss) from continuing operations $ 2,465 $ 2,186 $ 803 $ 792 $ 127 $ 316 $ 190 $ 221 $ 3,585 $ 3,515 Identifiable assets (September 30, 2023 and December 31, 2022) $ 1,722 $ 1,730 $ 471 $ 494 $ 80 $ 97 $ 95 $ 96 $ 2,368 $ 2,417 Average loans 278 291 347 325 37 39 — — 662 655 Average deposits 821 817 421 428 52 50 21 21 1,315 1,316 Nine Months Ended September 30, In millions of dollars, except average loans and average deposits in billions ICG PBWM Legacy Franchises Corporate/Other Total Citi 2023 2022 2023 2022 2023 2022 2023 2022 2023 2022 Net interest income $ 16,145 $ 12,874 $ 18,253 $ 16,790 $ 3,914 $ 4,367 $ 2,764 $ 1,367 $ 41,076 $ 35,398 Non-interest revenue 16,173 19,173 1,368 1,331 3,078 2,053 (673) (623) 19,946 21,934 Total revenues, net of interest expense $ 32,318 $ 32,047 $ 19,621 $ 18,121 $ 6,992 $ 6,420 $ 2,091 $ 744 $ 61,022 $ 57,332 Operating expense 21,438 19,698 12,759 11,951 5,324 5,952 849 706 40,370 38,307 Provisions for credit losses 182 855 4,627 2,088 833 448 (3) 3 5,639 3,394 Income (loss) from continuing operations before taxes $ 10,698 $ 11,494 $ 2,235 $ 4,082 $ 835 $ 20 $ 1,245 $ 35 $ 15,013 $ 15,631 Provision (benefits) for income taxes 2,716 2,672 449 877 224 104 435 (651) 3,824 3,002 Income (loss) from continuing operations $ 7,982 $ 8,822 $ 1,786 $ 3,205 $ 611 $ (84) $ 810 $ 686 $ 11,189 $ 12,629 Average loans $ 280 $ 292 $ 340 $ 318 $ 37 $ 44 $ — $ — $ 657 $ 654 Average deposits 837 824 429 437 51 52 22 11 1,339 1,324 |
INTEREST REVENUE AND EXPENSE
INTEREST REVENUE AND EXPENSE | 9 Months Ended |
Sep. 30, 2023 | |
Banking and Thrift, Interest [Abstract] | |
INTEREST REVENUE AND EXPENSE | INTEREST REVENUE AND EXPENSE Interest revenue and Interest expense consisted of the following: Three Months Ended September 30, Nine Months Ended September 30, In millions of dollars 2023 2022 2023 2022 Interest revenue Consumer loans $ 9,609 $ 7,380 $ 27,195 $ 20,243 Corporate loans 5,432 3,403 15,186 8,750 Loan interest, including fees $ 15,041 $ 10,783 $ 42,381 $ 28,993 Deposits with banks 2,645 1,218 8,725 2,172 Securities borrowed and purchased under agreements to resell 7,363 2,176 18,791 3,375 Investments, including dividends 4,719 2,993 13,314 7,413 Trading account assets (1) 3,893 1,989 10,391 4,794 Other interest-earning assets (2) 1,176 760 3,277 1,953 Total interest revenue $ 34,837 $ 19,919 $ 96,879 $ 48,700 Interest expense Deposits $ 9,630 $ 3,270 $ 26,065 $ 5,561 Securities loaned and sold under agreements to repurchase 6,090 1,251 14,609 2,188 Trading account liabilities (1) 892 472 2,549 756 Short-term borrowings and other interest-bearing liabilities (3) 1,956 745 5,382 1,068 Long-term debt 2,441 1,618 7,198 3,729 Total interest expense $ 21,009 $ 7,356 $ 55,803 $ 13,302 Net interest income $ 13,828 $ 12,563 $ 41,076 $ 35,398 Provision for credit losses on loans 1,816 1,328 5,314 2,972 Net interest income after provision for credit losses on loans $ 12,012 $ 11,235 $ 35,762 $ 32,426 (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 | 9 Months Ended |
Sep. 30, 2023 | |
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 2022 Form 10-K. The following tables present Commissions and fees revenue: Three Months Ended September 30, 2023 Nine Months Ended September 30, 2023 In millions of dollars ICG PBWM Legacy Franchises Total ICG PBWM Legacy Franchises Total Investment banking $ 694 $ — $ — $ 694 $ 2,018 $ — $ — $ 2,018 Brokerage commissions 368 176 21 565 1,142 535 99 1,776 Credit and bank card income Interchange fees 356 2,507 152 3,015 1,050 7,409 485 8,944 Card-related loan fees 16 36 71 123 46 116 198 360 Card rewards and partner payments (1) (198) (2,858) (103) (3,159) (574) (8,425) (285) (9,284) Deposit-related fees (2) 284 32 9 325 808 90 26 924 Transactional service fees 298 7 22 327 889 17 72 978 Corporate finance (3) 89 — — 89 274 3 — 277 Insurance distribution revenue — 64 13 77 — 183 74 257 Insurance premiums — 1 25 26 — 2 70 72 Loan servicing 7 11 3 21 24 37 10 71 Other 3 42 49 92 9 150 139 300 Total commissions and fees (4) $ 1,917 $ 18 $ 262 $ 2,195 $ 5,686 $ 117 $ 888 $ 6,693 Three Months Ended September 30, 2022 Nine Months Ended September 30, 2022 In millions of dollars ICG PBWM Legacy Franchises Total ICG PBWM Legacy Franchises Total Investment banking $ 725 $ — $ — $ 725 $ 2,477 $ — $ — $ 2,477 Brokerage commissions 356 167 48 571 1,209 621 169 1,999 Credit and bank card income Interchange fees 330 2,420 199 2,949 891 6,954 647 8,492 Card-related loan fees 12 64 66 142 32 201 226 459 Card rewards and partner payments (1) (175) (2,852) (134) (3,161) (458) (8,223) (466) (9,147) Deposit-related fees (2) 262 25 13 300 807 128 49 984 Transactional service fees 270 5 20 295 791 14 72 877 Corporate finance (3) 87 — — 87 339 3 — 342 Insurance distribution revenue — 57 33 90 — 165 102 267 Insurance premiums — 1 22 23 — 3 69 72 Loan servicing 13 14 4 31 32 36 11 79 Other 6 44 37 87 9 141 108 258 Total commissions and fees (4) $ 1,886 $ (55) $ 308 $ 2,139 $ 6,129 $ 43 $ 987 $ 7,159 (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 an 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) Overdraft fees are accounted for under ASC 310. Citi eliminated overdraft fees, returned item fees and overdraft protection fees beginning in June 2022. Includes overdraft fees (prior to the elimination of overdraft fees in June 2022) of $0 and $0 million for the three months ended September 30, 2023 and 2022, respectively, and $0 and $59 million for the nine months ended September 30, 2023 and 2022, respectively. (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 $(2,897) million and $(2,872) million not accounted for under ASC 606, Revenue from Contracts with Customers , for the three months ended September 30, 2023 and 2022, respectively, and $(8,497) million and $(8,115) million for the nine months ended September 30, 2023 and 2022, respectively. Amounts reported in Commissions and fees accounted for under other guidance primarily include card-related loan fees, card reward programs and certain partner payments, corporate finance fees, insurance premiums and loan servicing fees. The following tables present Administration and other fiduciary fees revenue: Three Months Ended September 30, 2023 Nine Months Ended September 30, 2023 In millions of dollars ICG PBWM Legacy Franchises Total ICG PBWM Legacy Franchises Total Custody fees $ 447 $ 20 $ 2 $ 469 $ 1,349 $ 62 $ 13 $ 1,424 Fiduciary fees 73 199 98 370 217 537 270 1,024 Guarantee fees 124 6 1 132 382 21 4 408 Total administration and other fiduciary fees (1) $ 644 $ 225 $ 101 $ 971 $ 1,948 $ 620 $ 287 $ 2,856 Three Months Ended September 30, 2022 Nine Months Ended September 30, 2022 In millions of dollars ICG PBWM Legacy Franchises Total ICG PBWM Legacy Franchises Total Custody fees $ 422 $ 21 $ 2 $ 445 $ 1,375 $ 67 $ 7 $ 1,449 Fiduciary fees 78 179 77 334 210 580 236 1,026 Guarantee fees 124 10 2 136 391 34 4 429 Total administration and other fiduciary fees (1) $ 624 $ 210 $ 81 $ 915 $ 1,976 $ 681 $ 247 $ 2,904 (1) Administration and other fiduciary fees include $132 million and $136 million for the three months ended September 30, 2023 and 2022, respectively, and $408 million and $429 million for the nine months ended September 30, 2023 and 2022, respectively, that are not accounted for under ASC 606, Revenue from Contracts with Customers. These generally include guarantee fees. |
PRINCIPAL TRANSACTIONS
PRINCIPAL TRANSACTIONS | 9 Months Ended |
Sep. 30, 2023 | |
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 (as such, the trading desks can be periodically reorganized and thus the risk categories). 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 22. In certain transactions, Citi incurs fees and presents these fees paid to third parties in operating expenses. The following table presents Principal transactions revenue: Three Months Ended September 30, Nine Months Ended September 30, In millions of dollars 2023 2022 2023 2022 Interest rate risks (1) $ 955 $ 458 $ 2,926 $ 3,143 Foreign exchange risks (2) 1,295 1,555 4,125 4,978 Equity risks (3) 308 411 1,147 1,687 Commodity and other risks (4) 475 404 1,443 1,466 Credit products and risks (5) (25) (203) (166) 466 Total $ 3,008 $ 2,625 $ 9,475 $ 11,740 (1) Includes revenues from government securities and corporate debt, municipal securities, mortgage securities and other debt instruments. Also includes spot and forward trading of currencies and exchange-traded and over-the-counter (OTC) currency options, options on fixed income securities, interest rate swaps, currency swaps, swap options, caps and floors, financial futures, OTC options and forward contracts on fixed income securities. (2) Includes revenues from foreign exchange spot, forward, option and swap contracts, as well as foreign currency translation (FX translation) gains and losses. (3) Includes revenues from common, preferred and convertible preferred stock, convertible corporate debt, equity-linked notes and exchange-traded and OTC equity options and warrants. (4) Primarily includes revenues from crude oil, refined oil products, natural gas and other commodities trades. (5) Includes revenues from structured credit products. |
INCENTIVE PLANS
INCENTIVE PLANS | 9 Months Ended |
Sep. 30, 2023 | |
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 2022 Form 10-K. |
RETIREMENT BENEFITS
RETIREMENT BENEFITS | 9 Months Ended |
Sep. 30, 2023 | |
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 2022 Form 10-K. Net (Benefit) Expense The following table summarizes the components of net (benefit) expense recognized in the Consolidated Statement of Income for the Company’s pension and postretirement plans for Significant Plans and All Other Plans. 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 September 30, Pension plans Postretirement benefit plans U.S. plans Non-U.S. plans U.S. plans Non-U.S. plans In millions of dollars 2023 2022 2023 2022 2023 2022 2023 2022 Service cost $ — $ — $ 29 $ 26 $ — $ — $ — $ 1 Interest cost on benefit obligation 124 120 105 91 4 4 27 21 Expected return on assets (160) (153) (84) (64) (3) (3) (20) (16) Amortization of unrecognized: Prior service (benefit) — — (1) (2) (2) (2) (2) (2) Net actuarial loss (gain) 39 36 20 16 (3) (2) (4) 2 Settlement loss (1) — — 5 — — — — — Total net expense (benefit) $ 3 $ 3 $ 74 $ 67 $ (4) $ (3) $ 1 $ 6 (1) Settlement relates to divestiture and wind-down activities. Nine Months Ended September 30, Pension plans Postretirement benefit plans U.S. plans Non-U.S. plans U.S. plans Non-U.S. plans In millions of dollars 2023 2022 2023 2022 2023 2022 2023 2022 Service cost $ — $ — $ 87 $ 90 $ — $ — $ 1 $ 2 Interest cost on benefit obligation 374 311 305 243 13 11 79 67 Expected return on assets (481) (461) (247) (196) (10) (9) (59) (54) Amortization of unrecognized: Prior service cost (benefit) 1 1 (4) (5) (7) (7) (6) (6) Net actuarial loss (gain) 118 136 54 43 (8) (5) (14) 4 Curtailment (gain) (1) — — (8) (23) — — — — Settlement loss (gain) (1) — — 9 (10) — — — — Total net expense (benefit) $ 12 $ (13) $ 196 $ 142 $ (12) $ (10) $ 1 $ 13 (1) Curtailment and settlement relate to divestiture and wind-down activities. 2022 includes gains due to curtailment and settlement relating to divestiture activities. Total net expense for non-U.S. plans includes a $36 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: Nine Months Ended September 30, 2023 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 $ 9,741 $ 6,375 $ 375 $ 1,013 Plans measured annually (19) (1,774) — (193) Projected benefit obligation at beginning of year—Significant Plans $ 9,722 $ 4,601 $ 375 $ 820 First-quarter activity 160 241 (1) 70 Second-quarter activity (265) 179 (27) 75 Projected benefit obligation at June 30, 2023—Significant Plans $ 9,617 $ 5,021 $ 347 $ 965 Service cost — 12 — — Interest cost on benefit obligation 124 86 4 24 Actuarial (gain) (4) (435) (264) (17) (95) Benefits paid, net of participants’ contributions (217) (85) (11) (18) Foreign exchange impact and other — (91) — (15) Projected benefit obligation at period end—Significant Plans $ 9,089 $ 4,679 $ 323 $ 861 Change in plan assets Plan assets at fair value at beginning of year $ 10,145 $ 6,086 $ 253 $ 855 Plans measured annually — (1,226) — (7) Plan assets at fair value at beginning of year—Significant Plans $ 10,145 $ 4,860 $ 253 $ 848 First-quarter activity 143 225 5 73 Second-quarter activity (131) (6) (2) 24 Plan assets at fair value at June 30, 2023—Significant Plans $ 10,157 $ 5,079 $ 256 $ 945 Actual return on plan assets (215) (113) (3) (29) Company contributions, net of reimbursements 15 8 (20) — Benefits paid, net of participants’ contributions (217) (85) (11) (18) Foreign exchange impact and other — (91) — (16) Plan assets at fair value at period end—Significant Plans $ 9,740 $ 4,798 $ 222 $ 882 Qualified plans (1) $ 1,144 $ 119 $ (101) $ 21 Nonqualified plans (2) (493) — — — Funded status of the plans at period end—Significant Plans $ 651 $ 119 $ (101) $ 21 Net amount recognized at period end Benefit asset $ 1,144 $ 738 $ — $ 21 Benefit liability (493) (619) (101) — Net amount recognized on the balance sheet—Significant Plans $ 651 $ 119 $ (101) $ 21 Amounts recognized in AOCI at period end (3) Prior service (expense) benefit $ — $ (3) $ 75 $ 34 Net actuarial (loss) gain (6,244) (1,438) 136 (281) Net amount recognized in equity (pretax)—Significant Plans $ (6,244) $ (1,441) $ 211 $ (247) Accumulated benefit obligation at period end—Significant Plans $ 9,089 $ 4,501 $ 323 $ 861 (1) 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, 2023 and no minimum required funding is expected for 2023. (2) The nonqualified plans of the Company are unfunded. (3) 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. (4) During 2023, the actuarial gain is primarily due to the increase in global discount rates. The following table presents the change in AOCI related to the Company’s pension, postretirement and post employment plans: In millions of dollars Three Months Ended Nine Months Ended September 30, 2023 Three Months Ended September 30, 2022 Nine Months Ended September 30, 2022 Beginning of period balance, net of tax (1)(2) $ (5,995) $ (5,755) $ (5,770) $ (5,852) Actuarial assumptions changes and plan experience 818 703 977 4,001 Net asset (loss) due to difference between actual and expected returns (614) (676) (1,084) (4,221) Net amortization 47 135 43 159 Curtailment/settlement loss (gain) (3) 5 1 — (32) Foreign exchange impact and other 124 (95) 60 193 Change in deferred taxes, net (68) 4 41 19 Change, net of tax $ 312 $ 72 $ 37 $ 119 End of period balance, net of tax (1)(2) $ (5,683) $ (5,683) $ (5,733) $ (5,733) (1) See Note 18 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, including $36 million related to the Korea wind-down in the nine-month period ended September 30, 2022. Plan Assumptions Certain assumptions used in determining pension and postretirement benefit obligations and net benefit expense for the Significant Plans are as follows: During the period Three Months Ended Sept. 30, 2023 Jun. 30, 2023 Sept. 30, 2022 Discount rate U.S. plans Qualified pension 5.40% 5.15% 4.80% Nonqualified pension 5.45 5.20 4.80 Postretirement 5.50 5.25 4.75 Non-U.S. plans Pension 1.80–10.40 2.05–10.65 2.00–10.75 Weighted average 7.72 7.64 6.68 Postretirement 10.40 10.70 10.75 Expected return on assets U.S. plans Qualified pension 5.70 5.70 5.00 Postretirement 5.70/3.00 5.70/3.00 5.00/1.50 Non-U.S. plans Pension 4.50–9.90 4.10–9.90 2.00–8.00 Weighted average 6.56 6.26 4.72 Postretirement 8.70 8.70 8.00 At period ended ( 1) Sept. 30, 2023 Jun. 30, 2023 Sept. 30, 2022 Discount rate U.S. plans Qualified pension 6.05% 5.40% 5.65% Nonqualified pension 6.10 5.45 5.60 Postretirement 6.10 5.50 5.65 Non-U.S. plans Pension 1.85–11.55 1.80–10.40 2.10–11.30 Weighted average 8.35 7.72 7.64 Postretirement 11.55 10.40 11.25 Expected return on assets U.S. plans Qualified pension 5.70 5.70 5.00 Postretirement 5.70/3.00 5.70/3.00 5.00/1.50 Non-U.S. plans Pension 4.50–9.90 4.50–9.90 2.00–8.00 Weighted average 6.70 6.56 5.48 Postretirement 8.70 8.70 8.00 (1) The assumptions for the discount rate and expected return on assets at the end of each quarter are used in the following quarter. Sensitivities of Certain Key Assumptions The following table summarizes the estimated effect on the Company’s Significant Plans quarterly net expense (benefit) of a one-percentage-point change in the discount rate: Three Months Ended September 30, 2023 In millions of dollars One-percentage-point increase One-percentage-point decrease Pension U.S. plans $ 6 $ (7) Non-U.S. plans (2) 3 Postretirement Non-U.S. plans (1) 1 Contributions For the U.S. pension plans, there were no required minimum cash contributions during the first nine months of 2023. The following table summarizes the Company’s actual contributions for the nine months ended September 30, 2023 and 2022, as well as expected Company contributions for the remainder of 2023 and the actual contributions made in 2022: Pension plans Postretirement plans U.S. plans (1) Non-U.S. plans U.S. plans Non-U.S. plans In millions of dollars 2023 2022 2023 2022 2023 2022 2023 2022 Company contributions (2)(3) for the nine months ended September 30 $ 43 $ 41 $ 87 $ 417 $ — $ 5 $ 7 $ 7 Company contributions made during the remainder of the year (3) — 14 — 77 — 9 — 2 Company contributions expected to be made during the remainder of the year 16 — 25 — 1 — 2 — (1) The U.S. plans include benefits paid directly by the Company for the nonqualified pension plans. (2) Company contributions are composed of cash contributions made to the plans and benefits paid directly by the Company. (3) 2022 benefit payments increased due to the wind-down of Citi’s consumer banking business in Korea. Defined Contribution Plans The following table summarizes the Company’s contributions for the defined contribution plans: Three Months Ended September 30, Nine Months Ended September 30, In millions of dollars 2023 2022 2023 2022 U.S. plans $ 138 $ 119 $ 413 $ 356 Non-U.S. plans 114 98 342 303 Post Employment Plans The following table summarizes the net expense recognized in the Consolidated Statement of Income for the Company’s U.S. post employment plans: Three Months Ended September 30, Nine Months Ended September 30, In millions of dollars 2023 2022 2023 2022 Service-related expense Amortization of unrecognized: Net actuarial loss $ 1 $ 1 $ 2 $ 2 Total service-related expense $ 1 $ 1 $ 2 $ 2 Non-service-related expense 5 2 10 8 Total net expense $ 6 $ 3 $ 12 $ 10 |
EARNINGS PER SHARE
EARNINGS PER SHARE | 9 Months Ended |
Sep. 30, 2023 | |
Earnings Per Share [Abstract] | |
EARNINGS PER SHARE | EARNINGS PER SHARE The following table reconciles the income and share data used in the basic and diluted earnings per share (EPS) computations: Three Months Ended September 30, Nine Months Ended September 30, In millions of dollars, except per share amounts 2023 2022 2023 2022 Earnings per common share Income from continuing operations before attribution of noncontrolling interests $ 3,585 $ 3,515 $ 11,189 $ 12,629 Less: Noncontrolling interests from continuing operations 41 30 122 68 Net income from continuing operations (for EPS purposes) $ 3,544 $ 3,485 $ 11,067 $ 12,561 Income (loss) from discontinued operations, net of taxes 2 (6) — (229) Citigroup’s net income $ 3,546 $ 3,479 $ 11,067 $ 12,332 Less: Preferred dividends 333 277 898 794 Net income available to common shareholders $ 3,213 $ 3,202 $ 10,169 $ 11,538 Less: Dividends and undistributed earnings allocated to employee restricted and deferred shares with rights to dividends, and other relevant items (1) , applicable to basic EPS 53 28 121 89 Net income allocated to common shareholders for basic EPS $ 3,160 $ 3,174 $ 10,048 $ 11,449 Weighted-average common shares outstanding applicable to basic EPS (in millions) 1,924.4 1,936.8 1,936.9 1,950.0 Basic earnings per share (2) Income from continuing operations $ 1.64 $ 1.64 $ 5.19 $ 5.99 Discontinued operations — — — (0.12) Net income per share—basic $ 1.64 $ 1.64 $ 5.19 $ 5.87 Diluted earnings per share Net income allocated to common shareholders for basic EPS $ 3,160 $ 3,174 $ 10,048 $ 11,449 Add back: Dividends allocated to employee restricted and deferred shares with rights to dividends that are forfeitable 16 11 42 30 Net income allocated to common shareholders for diluted EPS $ 3,176 $ 3,185 $ 10,090 $ 11,479 Weighted-average common shares outstanding applicable to basic EPS (in millions) 1,924.4 1,936.8 1,936.9 1,950.0 Effect of dilutive securities Options (3) — — — — Other employee plans 27.3 18.3 24.6 17.1 Adjusted weighted-average common shares outstanding applicable to diluted EPS (in millions) (4) 1,951.7 1,955.1 1,961.5 1,967.1 Diluted earnings per share (2) Income from continuing operations $ 1.63 $ 1.63 $ 5.14 $ 5.95 Discontinued operations — — — (0.12) Net income per share—diluted (5) $ 1.63 $ 1.63 $ 5.14 $ 5.84 (1) Other relevant items includes issuance costs of $16 million related to the redemption of preferred stock Series A and B in the third quarter of 2023. These issuance costs were reclassified from Additional paid-in capital to Retained earnings upon redemption of the preferred stock. See Note 19. (2) Due to rounding, earnings per share on continuing operations and discontinued operations may not sum to earnings per share on net income. (3) During the third quarters of 2023 and 2022, no significant options to purchase shares of common stock were outstanding. (4) Due to rounding, weighted-average common shares outstanding applicable to basic EPS and the effect of dilutive securities may not sum to weighted-average common shares outstanding applicable to diluted EPS. (5) Due to rounding, income from continuing operations and discontinued operations may not sum to net income per share—diluted. |
SECURITIES BORROWED, LOANED AND
SECURITIES BORROWED, LOANED AND SUBJECT TO REPURCHASE AGREEMENTS | 9 Months Ended |
Sep. 30, 2023 | |
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 2022 Form 10-K. Securities borrowed and purchased under agreements to resell , at their respective carrying values, consisted of the following: In millions of dollars September 30, December 31, 2022 Securities purchased under agreements to resell $ 264,838 $ 291,272 Deposits paid for securities borrowed 70,274 74,165 Total, net (1) $ 335,112 $ 365,437 Allowance for credit losses on securities purchased and borrowed (2) (53) (36) Total, net of allowance $ 335,059 $ 365,401 Securities loaned and sold under agreements to repurchase , at their respective carrying values, consisted of the following: In millions of dollars September 30, December 31, 2022 Securities sold under agreements to repurchase $ 242,611 $ 183,827 Deposits received for securities loaned 14,159 18,617 Total, net (1) $ 256,770 $ 202,444 (1) The above tables do not include securities-for-securities lending transactions of $7.2 billion and $4.4 billion at September 30, 2023 and December 31, 2022, 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 22 and 23. 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 23. With respect to securities loaned, the Company receives cash collateral in an amount generally in excess of the market value of the securities loaned. The Company monitors the market value of securities borrowed and securities loaned on a daily basis and posts or obtains additional collateral in order to maintain contractual margin protection. The following tables present the gross and net resale and repurchase agreements and securities borrowing and lending agreements and the related offsetting amounts permitted under ASC 210-20-45. The tables also include amounts related to financial instruments that are not permitted to be offset under ASC 210-20-45, but would be eligible for offsetting to the extent that an event of default has occurred and a legal opinion supporting enforceability of the offsetting rights has been obtained. Remaining exposures continue to be secured by financial collateral, but the Company may not have sought or been able to obtain a legal opinion evidencing enforceability of the offsetting right. As of September 30, 2023 In millions of dollars Gross amounts Gross amounts (1) Net amounts of Amounts (2) Net (3) Securities purchased under agreements to resell $ 499,862 $ 235,024 $ 264,838 $ 239,448 $ 25,390 Deposits paid for securities borrowed 85,480 15,206 70,274 18,388 51,886 Total $ 585,342 $ 250,230 $ 335,112 $ 257,836 $ 77,276 In millions of dollars Gross amounts Gross amounts (1) Net amounts of Amounts (2) Net amounts (3) Securities sold under agreements to repurchase $ 477,635 $ 235,024 $ 242,611 $ 155,168 $ 87,443 Deposits received for securities loaned 29,365 15,206 14,159 3,877 10,282 Total $ 507,000 $ 250,230 $ 256,770 $ 159,045 $ 97,725 As of December 31, 2022 In millions of dollars Gross amounts Gross amounts (1) Net amounts of Amounts (2) Net (3) Securities purchased under agreements to resell $ 403,663 $ 112,391 $ 291,272 $ 204,077 $ 87,195 Deposits paid for securities borrowed 88,817 14,652 74,165 13,844 60,321 Total $ 492,480 $ 127,043 $ 365,437 $ 217,921 $ 147,516 In millions of dollars Gross amounts Gross amounts (1) Net amounts of Amounts (2) Net (3) Securities sold under agreements to repurchase $ 296,218 $ 112,391 $ 183,827 $ 71,635 $ 112,192 Deposits received for securities loaned 33,269 14,652 18,617 2,542 16,075 Total $ 329,487 $ 127,043 $ 202,444 $ 74,177 $ 128,267 (1) Includes financial instruments subject to enforceable master netting agreements that are permitted to be offset under ASC 210-20-45. (2) Includes financial instruments subject to enforceable master netting agreements that are not permitted to be offset under ASC 210-20-45, but would be eligible for offsetting to the extent that an event of default has occurred and a legal opinion supporting enforceability of the offsetting right has been obtained. (3) Remaining exposures continue to be secured by financial collateral, but the Company may not have sought or been able to obtain a legal opinion evidencing enforceability of the offsetting right. The following tables present the gross amounts of liabilities associated with repurchase agreements and securities lending agreements by remaining contractual maturity: As of September 30, 2023 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 $ 248,681 $ 142,516 $ 29,711 $ 56,727 $ 477,635 Deposits received for securities loaned 20,634 242 556 7,933 29,365 Total $ 269,315 $ 142,758 $ 30,267 $ 64,660 $ 507,000 As of December 31, 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 $ 138,710 $ 86,819 $ 25,119 $ 45,570 $ 296,218 Deposits received for securities loaned 25,388 267 2,121 5,493 33,269 Total $ 164,098 $ 87,086 $ 27,240 $ 51,063 $ 329,487 The following tables present the gross amounts of liabilities associated with repurchase agreements and securities lending agreements by class of underlying collateral: As of September 30, 2023 In millions of dollars Repurchase agreements Securities lending agreements Total U.S. Treasury and federal agency securities $ 191,944 $ — $ 191,944 State and municipal securities 1,434 2 1,436 Foreign government securities 161,785 626 162,411 Corporate bonds 15,761 23 15,784 Equity securities 15,478 28,228 43,706 Mortgage-backed securities 67,390 — 67,390 Other 23,843 486 24,329 Total $ 477,635 $ 29,365 $ 507,000 As of December 31, 2022 In millions of dollars Repurchase agreements Securities lending agreements Total U.S. Treasury and federal agency securities $ 99,979 $ 106 $ 100,085 State and municipal securities 1,911 — 1,911 Foreign government securities 123,826 13 123,839 Corporate bonds 14,308 45 14,353 Equity securities 9,749 33,096 42,845 Mortgage-backed securities 36,225 — 36,225 Asset-backed securities 1,755 — 1,755 Other 8,465 9 8,474 Total $ 296,218 $ 33,269 $ 329,487 |
BROKERAGE RECEIVABLES AND BROKE
BROKERAGE RECEIVABLES AND BROKERAGE PAYABLES | 9 Months Ended |
Sep. 30, 2023 | |
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 2022 Form 10-K. Brokerage receivables and Brokerage payables consisted of the following: In millions of dollars September 30, December 31, 2022 Receivables from customers $ 22,854 $ 15,462 Receivables from brokers, dealers and clearing organizations 43,340 38,730 Total brokerage receivables (1) $ 66,194 $ 54,192 Payables to customers $ 53,441 $ 55,747 Payables to brokers, dealers and clearing organizations 21,635 13,471 Total brokerage payables (1) $ 75,076 $ 69,218 |
INVESTMENTS
INVESTMENTS | 9 Months Ended |
Sep. 30, 2023 | |
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 2022 Form 10-K. The following table presents Citi’s investments by category: In millions of dollars September 30, December 31, 2022 Debt securities available-for-sale (AFS) $ 241,783 $ 249,679 Debt securities held-to-maturity (HTM) (1) 259,456 268,863 Marketable equity securities carried at fair value (2) 283 429 Non-marketable equity securities carried at fair value (2)(5) 455 466 Non-marketable equity securities measured using the measurement alternative (3) 1,621 1,676 Non-marketable equity securities carried at cost (4) 5,400 5,469 Total investments (6) $ 508,998 $ 526,582 (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. (5) Includes $24 million and $27 million of investments in funds for which the fair values are estimated using the net asset value of the Company’s ownership interest in the funds at September 30, 2023 and December 31, 2022, respectively. (6) Not included in the balances above is approximately $2 billion of accrued interest receivable at September 30, 2023 and December 31, 2022, which is included in Other assets on the Consolidated Balance Sheet. The Company does not recognize an allowance for credit losses on accrued interest receivable for AFS and HTM debt securities, consistent with its non-accrual policy, which results in timely write-off of accrued interest. The Company did not reverse through interest income any accrued interest receivables for the quarters ended September 30, 2023 and 2022. The following table presents interest and dividend income on investments: Three Months Ended September 30, Nine Months Ended September 30, In millions of dollars 2023 2022 2023 2022 Taxable interest $ 4,547 $ 2,714 $ 12,831 $ 7,001 Interest exempt from U.S. federal income tax 83 220 252 263 Dividend income 89 59 231 149 Total interest and dividend income on investments $ 4,719 $ 2,993 $ 13,314 $ 7,413 The following table presents realized gains and losses on the sales of investments, which exclude impairment losses: Three Months Ended September 30, Nine Months Ended September 30, In millions of dollars 2023 2022 2023 2022 Gross realized investment gains $ 83 $ 102 $ 262 $ 282 Gross realized investment losses (53) (50) (111) (208) Net realized gains on sales of investments $ 30 $ 52 $ 151 $ 74 Debt Securities Available-for-Sale The amortized cost and fair value of AFS debt securities were as follows: September 30, 2023 December 31, 2022 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)(3) $ 20,750 $ 23 $ 958 $ — $ 19,815 $ 12,009 $ 8 $ 755 $ — $ 11,262 Residential 310 — 3 — 307 488 — 3 — 485 Commercial 1 — — — 1 2 — — — 2 Total mortgage-backed securities $ 21,061 $ 23 $ 961 $ — $ 20,123 $ 12,499 $ 8 $ 758 $ — $ 11,749 U.S. Treasury and federal agency securities U.S. Treasury $ 83,029 $ 21 $ 1,782 $ — $ 81,268 $ 94,732 $ 50 $ 2,492 $ — $ 92,290 Agency obligations — — — — — — — — — — Total U.S. Treasury and federal agency securities $ 83,029 $ 21 $ 1,782 $ — $ 81,268 $ 94,732 $ 50 $ 2,492 $ — $ 92,290 State and municipal $ 2,204 $ 6 $ 179 $ — $ 2,031 $ 2,363 $ 19 $ 159 $ — $ 2,223 Foreign government 127,245 234 2,083 — 125,396 135,648 569 2,940 — 133,277 Corporate 5,653 13 268 5 5,393 5,146 19 246 3 4,916 Asset-backed securities (1) 681 3 2 — 682 1,022 12 4 — 1,030 Other debt securities 6,890 2 2 — 6,890 4,198 1 5 — 4,194 Total debt securities AFS $ 246,763 $ 302 $ 5,277 $ 5 $ 241,783 $ 255,608 $ 678 $ 6,604 $ 3 $ 249,679 (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 20 for mortgage- and asset-backed securitizations in which the Company has other involvement. (2) In January 2023, Citi adopted ASU 2022-01. Upon adoption, Citi transferred $3.3 billion of mortgage-backed securities from HTM classification to AFS classification as allowed under the ASU. At the time of transfer, the securities were in an unrealized gain position of $0.1 billion, which was recorded in AOCI upon transfer . See Note 1 to the Consolidated Financial Statements in Citi’s 2022 Form 10-K. (3) Amortized cost includes unallocated portfolio layer cumulative basis adjustments of $(0.5) billion as of September 30, 2023. Gross unrealized gains and gross unrealized losses on mortgage-backed securities excluding the effect of unallocated portfolio layer cumulative basis adjustments were $2 million and $1.5 billion, respectively, as of September 30, 2023. The following table presents the fair value of AFS debt securities that have been in an unrealized loss position: Less than 12 months 12 months or longer Total In millions of dollars Fair Gross Fair Gross Fair Gross September 30, 2023 Debt securities AFS Mortgage-backed securities U.S. government-sponsored agency guaranteed $ 7,751 $ 154 $ 8,945 $ 804 $ 16,696 $ 958 Residential 298 3 4 — 302 3 Commercial — — — — — — Total mortgage-backed securities $ 8,049 $ 157 $ 8,949 $ 804 $ 16,998 $ 961 U.S. Treasury and federal agency securities U.S. Treasury $ 23,045 $ 705 $ 48,721 $ 1,077 $ 71,766 $ 1,782 Total U.S. Treasury and federal agency securities $ 23,045 $ 705 $ 48,721 $ 1,077 $ 71,766 $ 1,782 State and municipal $ 751 $ 39 $ 864 $ 140 $ 1,615 $ 179 Foreign government 73,044 1,425 19,780 658 92,824 2,083 Corporate 2,858 213 1,583 55 4,441 268 Asset-backed securities 214 2 — — 214 2 Other debt securities 1,359 2 — — 1,359 2 Total debt securities AFS $ 109,320 $ 2,543 $ 79,897 $ 2,734 $ 189,217 $ 5,277 December 31, 2022 Debt securities AFS Mortgage-backed securities U.S. government-sponsored agency guaranteed $ 7,908 $ 412 $ 3,290 $ 343 $ 11,198 $ 755 Residential 158 3 1 — 159 3 Commercial 1 — 1 — 2 — Total mortgage-backed securities $ 8,067 $ 415 $ 3,292 $ 343 $ 11,359 $ 758 U.S. Treasury and federal agency securities U.S. Treasury $ 40,701 $ 1,001 $ 34,692 $ 1,491 $ 75,393 $ 2,492 Agency obligations — — — — — — Total U.S. Treasury and federal agency securities $ 40,701 $ 1,001 $ 34,692 $ 1,491 $ 75,393 $ 2,492 State and municipal $ 896 $ 31 $ 707 $ 128 $ 1,603 $ 159 Foreign government 82,900 2,332 14,220 608 97,120 2,940 Corporate 3,082 209 784 37 3,866 246 Asset-backed securities 708 4 — — 708 4 Other debt securities 2,213 5 — — 2,213 5 Total debt securities AFS $ 138,567 $ 3,997 $ 53,695 $ 2,607 $ 192,262 $ 6,604 The following table presents the amortized cost and fair value of AFS debt securities by contractual maturity dates: September 30, 2023 December 31, 2022 In millions of dollars Amortized Fair Amortized Fair Mortgage-backed securities (1) Due within 1 year $ 10 $ 10 $ 42 $ 44 After 1 but within 5 years 364 354 523 513 After 5 but within 10 years 570 527 468 440 After 10 years 20,659 19,232 11,466 10,752 Total (2) $ 21,603 $ 20,123 $ 12,499 $ 11,749 U.S. Treasury and federal agency securities Due within 1 year $ 35,939 $ 35,588 $ 25,935 $ 25,829 After 1 but within 5 years 46,561 45,219 68,455 66,166 After 5 but within 10 years 529 461 342 295 After 10 years — — — — Total $ 83,029 $ 81,268 $ 94,732 $ 92,290 State and municipal Due within 1 year $ 13 $ 12 $ 19 $ 18 After 1 but within 5 years 106 103 94 92 After 5 but within 10 years 326 310 305 302 After 10 years 1,759 1,606 1,945 1,811 Total $ 2,204 $ 2,031 $ 2,363 $ 2,223 Foreign government Due within 1 year $ 60,383 $ 59,996 $ 64,795 $ 64,479 After 1 but within 5 years 60,881 59,656 67,935 66,150 After 5 but within 10 years 5,490 5,326 2,491 2,250 After 10 years 491 418 427 398 Total $ 127,245 $ 125,396 $ 135,648 $ 133,277 All other (3) Due within 1 year $ 6,169 $ 6,161 $ 4,452 $ 4,441 After 1 but within 5 years 6,172 5,962 5,162 4,988 After 5 but within 10 years 818 813 695 693 After 10 years 65 29 57 18 Total $ 13,224 $ 12,965 $ 10,366 $ 10,140 Total debt securities AFS (2) $ 247,305 $ 241,783 $ 255,608 $ 249,679 (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. See Note 20 for more information about mortgage- and asset-backed securitizations in which the Company has other involvement. (2) Amortized cost excludes unallocated portfolio layer cumulative basis adjustments of $(0.5) billion as of September 30, 2023. (3) Includes corporate, asset-backed and other debt securities. Debt Securities Held-to-Maturity The carrying value and fair value of debt securities HTM were as follows: In millions of dollars Amortized cost, net (1) Gross Gross Fair September 30, 2023 Debt securities HTM Mortgage-backed securities (2) U.S. government-sponsored agency guaranteed (3) $ 81,442 $ — $ 13,354 $ 68,088 Non-U.S. residential 330 — — 330 Commercial 1,133 — 169 964 Total mortgage-backed securities $ 82,905 $ — $ 13,523 $ 69,382 U.S. Treasury securities $ 134,934 $ — $ 13,413 $ 121,521 State and municipal 9,103 9 1,188 7,924 Foreign government 2,314 — 89 2,225 Asset-backed securities (2) 30,200 1 251 29,950 Total debt securities HTM, net $ 259,456 $ 10 $ 28,464 $ 231,002 December 31, 2022 Debt securities HTM Mortgage-backed securities (2) U.S. government-sponsored agency guaranteed $ 90,063 $ 58 $ 10,033 $ 80,088 Non-U.S. residential 445 — — 445 Commercial 1,114 5 1 1,118 Total mortgage-backed securities $ 91,622 $ 63 $ 10,034 $ 81,651 U.S. Treasury securities $ 134,961 $ — $ 13,722 $ 121,239 State and municipal 9,237 34 764 8,507 Foreign government 2,075 — 93 1,982 Asset-backed securities (2) 30,968 4 703 30,269 Total debt securities HTM, net $ 268,863 $ 101 $ 25,316 $ 243,648 (1) Amortized cost is reported net of ACL of $95 million and $120 million at September 30, 2023 and December 31, 2022, 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 20 for mortgage- and asset-backed securitizations in which the Company has other involvement. (3) In January 2023, Citi adopted ASU 2022-01. Upon adoption, Citi transferred $3.3 billion of mortgage-backed securities from HTM classification to AFS classification as allowed under the ASU. At the time of transfer, the securities were in an unrealized gain position of $0.1 billion, which was recorded in AOCI upon transfer . See Note 1 to the Consolidated Financial Statements in Citi’s 2022 Form 10-K. The following table presents the carrying value and fair value of HTM debt securities by contractual maturity dates: September 30, 2023 December 31, 2022 In millions of dollars Amortized cost (1) Fair value Amortized cost (1) Fair value Mortgage-backed securities Due within 1 year $ 20 $ 20 $ 27 $ 27 After 1 but within 5 years 660 622 520 505 After 5 but within 10 years 1,229 1,094 1,496 1,374 After 10 years 80,996 67,646 89,579 79,745 Total $ 82,905 $ 69,382 $ 91,622 $ 81,651 U.S. Treasury securities Due within 1 year $ 3,403 $ 3,360 $ 3,148 $ 3,017 After 1 but within 5 years 130,534 117,304 86,617 79,104 After 5 but within 10 years 997 857 45,196 39,118 After 10 years — — — — Total $ 134,934 $ 121,521 $ 134,961 $ 121,239 State and municipal Due within 1 year $ 30 $ 30 $ 22 $ 21 After 1 but within 5 years 116 113 102 100 After 5 but within 10 years 1,289 1,187 1,002 967 After 10 years 7,668 6,594 8,111 7,419 Total $ 9,103 $ 7,924 $ 9,237 $ 8,507 Foreign government Due within 1 year $ 1,131 $ 1,090 $ 143 $ 139 After 1 but within 5 years 1,183 1,135 1,932 1,843 After 5 but within 10 years — — — — After 10 years — — — — Total $ 2,314 $ 2,225 $ 2,075 $ 1,982 All other (2) Due within 1 year $ — $ — $ — $ — After 1 but within 5 years 1 1 — — After 5 but within 10 years 12,016 11,970 11,751 11,583 After 10 years 18,183 17,979 19,217 18,686 Total $ 30,200 $ 29,950 $ 30,968 $ 30,269 Total debt securities HTM $ 259,456 $ 231,002 $ 268,863 $ 243,648 (1) Amortized cost is reported net of ACL of $95 million and $120 million at September 30, 2023 and December 31, 2022, respectively. (2) Includes corporate and asset-backed securities. HTM Debt Securities Delinquency and Non-Accrual Details Citi did not have any HTM debt securities that were delinquent or on non-accrual status at September 30, 2023 or December 31, 2022. There were no purchased credit-deteriorated HTM debt securities held by the Company as of September 30, 2023 or December 31, 2022. Evaluating Investments for Impairment—AFS Debt Securities Overview 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. For more information on evaluating investments for impairment, see Note 13 to the Consolidated Financial Statements in Citi’s 2022 Form 10-K. Recognition and Measurement of Impairment The following table presents total impairment on AFS investments recognized in earnings: Three Months Ended September 30, Nine Months Ended September 30, In millions of dollars 2023 2022 2023 2022 Impairment losses related to debt securities that the Company does not intend 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 $ — $ — $ — $ — Impairment losses recognized in earnings for debt securities that the Company 43 74 137 254 Total impairment losses recognized in earnings $ 43 $ 74 $ 137 $ 254 Allowance for Credit Losses on AFS Debt Securities The allowance for credit losses on AFS debt securities held that the Company does not intend to sell nor will likely be required to sell was $5 million and $3 million as of September 30, 2023 and December 31, 2022, respectively. 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 2022 Form 10-K. When the qualitative assessment indicates that the equity security is impaired, its fair value is determined. If the fair value of the investment is less than its carrying value, the investment is written down to fair value through earnings. Below is the carrying value of non-marketable equity securities measured using the measurement alternative at September 30, 2023 and December 31, 2022 : In millions of dollars September 30, 2023 December 31, 2022 Measurement alternative: Carrying value $ 1,621 $ 1,676 Below are amounts recognized in earnings and life-to-date amounts for non-marketable equity securities measured using the measurement alternative: Three Months Ended September 30, Nine Months Ended September 30, In millions of dollars 2023 2022 2023 2022 Measurement alternative (1) : Impairment losses $ 27 $ 17 $ 90 $ 23 Downward changes for observable prices 4 — 24 — Upward changes for observable prices 17 7 49 141 (1) See Note 22 for additional information on these nonrecurring fair value measurements. Life-to-date amounts on securities still held In millions of dollars September 30, 2023 Measurement alternative: Impairment losses $ 299 Downward changes for observable prices 28 Upward changes for observable prices 913 A similar impairment analysis is performed for non-marketable equity securities carried at cost. For the three months ended September 30, 2023 and 2022, there was no impairment loss recognized in earnings for non-marketable equity securities carried at cost. |
LOANS
LOANS | 9 Months Ended |
Sep. 30, 2023 | |
Receivables [Abstract] | |
LOANS | LOANSCitigroup loans are reported in two categories: corporate and consumer. These categories are classified primarily according to the operating segment, reporting unit 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 above and Notes 1 and 14 to the Consolidated Financial Statements in Citi’s 2022 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 September 30, December 31, In North America offices (1) Commercial and industrial $ 58,130 $ 56,176 Financial institutions 36,783 43,399 Mortgage and real estate (2) 17,445 17,829 Installment and other 23,207 23,767 Lease financing 225 308 Total $ 135,790 $ 141,479 In offices outside North America (1) Commercial and industrial $ 95,528 $ 93,967 Financial institutions 23,759 21,931 Mortgage and real estate (2) 6,481 4,179 Installment and other 24,407 23,347 Lease financing 46 46 Governments and official institutions 2,794 4,205 Total $ 153,015 $ 147,675 Corporate loans, net of unearned income, excluding portfolio layer cumulative basis adjustments (4)(5)(6) $ 288,805 $ 289,154 Unallocated portfolio layer cumulative basis adjustments (3) $ (171) $ — Corporate loans, net of unearned income (4)(5)(6) $ 288,634 $ 289,154 (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) Represents fair value hedge basis adjustments related to portfolio layer method hedges of mortgage and real estate loans, which are not allocated to individual loans in the portfolio. See Note 21. (4) Corporate loans are net of unearned income of ($806) million and ($797) million at September 30, 2023 and December 31, 2022, respectively. Unearned income on corporate loans primarily represents interest received in advance, but not yet earned, on loans originated on a discounted basis. (5) Not included in the balances above is approximately $2 billion of accrued interest receivable at September 30, 2023 and December 31, 2022, which is included in Other assets on the Consolidated Balance Sheet. (6) Accrued interest receivable considered to be uncollectible is reversed through interest income. Amounts reversed were not material for the three and nine months ended September 30, 2023 and 2022. The Company sold and/or reclassified to held-for-sale $1.3 billion and $4.2 billion of corporate loans during the three and nine months ended September 30, 2023, respectively, and $2.2 billion and $3.7 billion of corporate loans during the three and nine months ended September 30, 2022, respectively. The Company did not have significant purchases of corporate loans classified as held-for-investment for the three and nine months ended September 30, 2023 or 2022. Corporate Loan Delinquencies and Non-Accrual Details at September 30, 2023 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 $ 402 $ 183 $ 585 $ 903 $ 148,907 $ 150,395 Financial institutions 106 5 111 87 59,948 60,146 Mortgage and real estate 8 100 108 821 22,932 23,861 Lease financing — — — — 271 271 Other 70 20 90 164 46,689 46,943 Loans at fair value 7,189 Total (5) $ 586 $ 308 $ 894 $ 1,975 $ 278,747 $ 288,805 Corporate Loan Delinquencies and Non-Accrual Details at December 31, 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 $ 763 $ 594 $ 1,357 $ 860 $ 145,586 $ 147,803 Financial institutions 233 102 335 152 64,420 64,907 Mortgage and real estate 30 12 42 33 21,874 21,949 Lease financing — 1 1 10 343 354 Other 145 18 163 67 48,788 49,018 Loans at fair value 5,123 Total $ 1,171 $ 727 $ 1,898 $ 1,122 $ 281,011 $ 289,154 (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 collectibility 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) The Total loans column includes loans at fair value, which are not included in the various delinquency columns and, therefore, the tables’ total rows will not cross-foot. (5) Excludes $(171) million of unallocated portfolio layer cumulative basis adjustments at September 30, 2023. Corporate Loans Credit Quality Indicators Recorded investment in loans (1) Term loans by year of origination Revolving line of credit arrangements (2) September 30, 2023 In millions of dollars 2023 2022 2021 2020 2019 Prior Investment grade (3) Commercial and industrial (4) $ 42,312 $ 7,844 $ 4,809 $ 2,441 $ 2,751 $ 7,538 $ 36,301 $ 103,996 Financial institutions (4) 9,518 4,050 3,048 520 603 1,978 33,069 52,786 Mortgage and real estate 2,075 4,881 3,874 3,026 1,725 1,903 141 17,625 Other (6) 2,227 5,739 1,404 1,009 938 4,697 27,682 43,696 Total investment grade $ 56,132 $ 22,514 $ 13,135 $ 6,996 $ 6,017 $ 16,116 $ 97,193 $ 218,103 Non-investment grade (3) Accrual Commercial and industrial (4) $ 16,057 $ 5,183 $ 2,328 $ 1,650 $ 920 $ 2,967 $ 16,391 $ 45,496 Financial institutions (4) 3,172 1,115 842 16 175 205 1,748 7,273 Mortgage and real estate 658 776 946 677 653 1,103 602 5,415 Other (6) 513 786 376 202 215 132 1,130 3,354 Non-accrual Commercial and industrial (4) 80 71 74 — 45 178 455 903 Financial institutions 7 3 28 — — — 49 87 Mortgage and real estate 3 329 12 28 137 260 52 821 Other (5) 12 — 41 — 62 2 47 164 Total non-investment grade $ 20,502 $ 8,263 $ 4,647 $ 2,573 $ 2,207 $ 4,847 $ 20,474 $ 63,513 Loans at fair value (6) $ 7,189 Corporate loans, net of unearned income (7) $ 76,634 $ 30,777 $ 17,782 $ 9,569 $ 8,224 $ 20,963 $ 117,667 $ 288,805 Recorded investment in loans (1) Term loans by year of origination Revolving line of credit arrangements (2) December 31, 2022 In millions of dollars 2022 2021 2020 2019 2018 Prior Investment grade (3) Commercial and industrial (4) $ 40,639 $ 6,124 $ 3,620 $ 3,458 $ 2,617 $ 7,048 $ 38,358 $ 101,864 Financial institutions (4) 11,850 3,877 835 922 333 1,327 37,462 56,606 Mortgage and real estate 4,436 3,236 4,010 2,619 1,127 1,706 152 17,286 Other (6) 7,649 2,687 1,439 643 2,119 3,832 26,805 45,174 Total investment grade $ 64,574 $ 15,924 $ 9,904 $ 7,642 $ 6,196 $ 13,913 $ 102,777 $ 220,930 Non-investment grade (3) Accrual Commercial and industrial (4) $ 17,278 $ 3,139 $ 1,973 $ 1,331 $ 965 $ 3,546 $ 16,848 $ 45,080 Financial institutions (4) 4,708 630 197 254 47 240 2,073 8,149 Mortgage and real estate 582 835 429 729 783 801 472 4,631 Other (6) 1,244 559 391 413 1 219 1,292 4,119 Non-accrual Commercial and industrial 1 12 99 115 49 105 479 860 Financial institutions (4) 41 34 — — — — 77 152 Mortgage and real estate 10 4 — — — 19 — 33 Other (5) 6 — 26 8 10 11 16 77 Total non-investment grade $ 23,870 $ 5,213 $ 3,115 $ 2,850 $ 1,855 $ 4,941 $ 21,257 $ 63,101 Loans at fair value (6) $ 5,123 Corporate loans, net of unearned income $ 88,444 $ 21,137 $ 13,019 $ 10,492 $ 8,051 $ 18,854 $ 124,034 $ 289,154 (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 period. (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. (7) Excludes $(171) million of unallocated portfolio layer cumulative basis adjustments at September 30, 2023. Corporate Gross Credit Losses The table below details gross credit losses recognized during the nine months ended September 30, 2023, by year of loan origination: For the Nine Months Ended September 30, 2023 In millions of dollars 2023 2022 2021 2020 2019 Prior Revolving line of credit arrangement Total Commercial and industrial $ 9 $ 19 $ 1 $ 1 $ — $ 2 $ 73 $ 105 Financial institutions — — — — — — 38 38 Mortgage and real estate — — — 1 — 2 1 4 Other (1) — — — — — — 50 50 Total $ 9 $ 19 $ 1 $ 2 $ — $ 4 $ 162 $ 197 (1) Other includes installment and other, lease financing and loans to government and official institutions. Non-Accrual Corporate Loans September 30, 2023 December 31, 2022 In millions of dollars Recorded investment (1)(2) Related specific Recorded investment (1)(2) Related specific Non-accrual corporate loans with specific allowances Commercial and industrial $ 718 $ 205 $ 583 $ 268 Financial institutions 81 50 149 51 Mortgage and real estate 628 114 33 4 Other 10 1 — — Total non-accrual corporate loans with specific allowances $ 1,437 $ 370 $ 765 $ 323 Non-accrual corporate loans without specific allowances Commercial and industrial $ 185 N/A $ 277 N/A Financial institutions 6 N/A 3 N/A Mortgage and real estate 193 N/A — N/A Lease financing — N/A 10 N/A Other 154 N/A 67 N/A Total non-accrual corporate loans without specific allowances $ 538 N/A $ 357 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) Interest income recognized for the three and nine months ended September 30, 2023 was $6 million and $31 million, respectively, and for the three and nine months ended September 30, 2022 was $10 million and $33 million, respectively. N/A Not applicable Corporate Loan Modifications to Borrowers Experiencing Financial Difficulty Citi seeks to modify certain corporate loans to borrowers experiencing financial difficulty to reduce Citi’s exposure to loss, often providing the borrower with an opportunity to work through financial difficulties. Each modification is unique to the borrower’s individual circumstances. The following table details corporate loan modifications granted during the three and nine months ended September 30, 2023 to borrowers experiencing financial difficulty by type of modification granted and the financial effect of those modifications. Citi defines a corporate loan modification to a borrower experiencing financial difficulty as a modification of a loan classified as substandard or worse at the time of modification. For the Three and Nine Months Ended September 30, 2023 In millions of dollars, except for weighted average term extension Total modifications balance at September 30, 2023 (1)(2)(3) Term Combination: Term extension and payment delay (4) Weighted average term extension Three Months Ended September 30, 2023 Commercial and industrial $ 25 $ 25 $ — 22 Financial institutions — — — — Mortgage and real estate 35 35 — 55 Other (5) — — — — Total $ 60 $ 60 $ — Nine Months Ended September 30, 2023 Commercial and industrial $ 93 $ 70 $ 23 28 Financial institutions — — — — Mortgage and real estate 85 84 1 37 Other (5) — — — — Total $ 178 $ 154 $ 24 (1) The above table reflects activity for loans outstanding as of the end of the reporting period. The balances are not significant as a percentage of the total carrying values of loans by class of receivable as of September 30, 2023. (2) Commitments to lend to borrowers experiencing financial difficulty that were granted modifications totaled $1 billion as of September 30, 2023. (3) The allowance for corporate loans, including modified loans, is based on the borrower’s overall financial performance. Charge-offs for amounts deemed uncollectible may be recorded at the time of the modification or may have already been recorded in prior periods such that no charge-off is required at the time of modification. (4) Payment delays either for principal or interest payments had an immaterial financial impact. (5) Other includes installment and other, lease financing and loans to government and official institutions. The following table presents the Company’s corporate troubled debt restructurings (TDRs), under previous GAAP, prior to the Company’s adoption of ASU No. 2022-02 on January 1, 2023: For the Three and Nine Months Ended September 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 (1) TDRs involving changes in the amount and/or timing of interest payments (2) TDRs Three Months Ended September 30, 2022 Commercial and industrial $ 11 $ — $ — $ 11 Mortgage and real estate 1 1 — — Other (3) 7 — — 7 Total $ 19 $ 1 $ — $ 18 Nine Months Ended September 30, 2022 Commercial and industrial $ 26 $ — $ — $ 26 Mortgage and real estate 1 1 — — Other (3) 30 — — 30 Total $ 57 $ 1 $ — $ 56 (1) TDRs involving changes in the amount or timing of principal payments may involve principal forgiveness or deferral of periodic and/or final principal payments. Because forgiveness of principal is rare for corporate loans, modifications typically have little to no impact on the loans’ projected cash flows and thus little to no impact on the allowance established for the loans. Charge-offs for amounts deemed 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. (2) TDRs involving changes in the amount or timing of interest payments may involve a below-market interest rate. (3) Other includes installment and other, lease financing and loans to government and official institutions. Performance of Modified Corporate Loans The following table presents the delinquencies of modified corporate loans to borrowers experiencing financial difficulty. It includes loans that were modified during the nine months ended September 30, 2023: As of September 30, 2023 (1) In millions of dollars Total Current 30–89 days past due 90+ days Commercial and industrial $ 93 $ 93 $ — $ — Financial institutions — — — — Mortgage and real estate 85 85 — — Other (2) — — — — Total $ 178 $ 178 $ — $ — (1) Corporate loans are generally not modified as a result of their delinquency status; rather, they are modified because of events that have impacted the overall financial performance of the borrower. Corporate loans, if past due, are re-aged to current status upon modification. (2) Other includes installment and other, lease financing and loans to government and official institutions. Defaults of Modified Corporate Loans No modified corporate loans to borrowers experiencing financial difficulty defaulted during the three and nine months ended September 30, 2023. Default is defined as 60 days past due, except for classifiably managed commercial banking loans, where default is defined as 90 days past due. For a modified corporate loan that is not collateral dependent, expected default rates are considered in the loan’s individually assessed ACL. The following table presents the Company’s three and nine months ended September 30, 2022 corporate TDRs, under previous GAAP, prior to the Company’s adoption of ASU No. 2022-02 on January 1, 2023, that defaulted for which the payment default occurred within one year of a permanent modification. Default is defined as 60 days past due: TDR loans that re-defaulted within one year of modification during the In millions of dollars TDR balances at September 30, 2022 Three Months Ended Nine Months Ended Commercial and industrial $ 114 $ — $ — Mortgage and real estate 14 — — Other (1) 22 — — Total (2) $ 150 $ — $ — (1) Other includes installment and other, lease financing and loans to government and official institutions. (2) 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 primarily represent secured mortgage lending to customers of Retail banking and Global Wealth. • Credit cards primarily represent unsecured credit card lending to customers of Branded cards and Retail services. • Personal, small business and other loans are 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. The following tables provide Citi’s consumer loans by type: Consumer Loans, Delinquencies and Non-Accrual Status at September 30, 2023 In millions of dollars Total current (1)(2) 30–89 days past due (3)(4) ≥ 90 days past due (3)(4) Past due government guaranteed (5) Total loans Non-accrual loans for which there is no ACLL Non-accrual loans for which there is an ACLL Total 90 days In North America offices (6) Residential first mortgages (7) $ 105,453 $ 389 $ 294 $ 233 $ 106,369 $ 102 $ 384 $ 486 $ 120 Home equity loans (8)(9) 3,675 32 89 — 3,796 47 132 179 — Credit cards 151,560 2,093 2,045 — 155,698 — — — 2,045 Personal, small business and other (10) 36,447 92 49 2 36,590 3 56 59 5 Total $ 297,135 $ 2,606 $ 2,477 $ 235 $ 302,453 $ 152 $ 572 $ 724 $ 2,170 In offices outside North America (6) Residential mortgages (7) $ 26,268 $ 49 $ 72 $ — $ 26,389 $ — $ 258 $ 258 $ 20 Credit cards 13,179 192 202 — 13,573 — 187 187 59 Personal, small business and other (10) 35,154 104 41 — 35,299 — 133 133 — Total $ 74,601 $ 345 $ 315 $ — $ 75,261 $ — $ 578 $ 578 $ 79 Total Citigroup (11)(12) $ 371,736 $ 2,951 $ 2,792 $ 235 $ 377,714 $ 152 $ 1,150 $ 1,302 $ 2,249 Consumer Loans, Delinquencies and Non-Accrual Status at December 31, 2022 In millions of dollars Total current (1)(2) 30–89 days past due (3)(4) ≥ 90 days past due (3)(4) Past due government guaranteed (5) Total Non-accrual loans for which there is no ACLL Non-accrual loans for which there is an ACLL Total 90 days In North America offices (6) Residential first mortgages (7) $ 95,023 $ 421 $ 316 $ 279 $ 96,039 $ 86 $ 434 $ 520 $ 163 Home equity loans (8)(9) 4,407 38 135 — 4,580 51 151 202 — Credit cards 147,717 1,511 1,415 — 150,643 — — — 1,415 Personal, small business and other (10) 37,635 88 22 7 37,752 3 23 26 11 Total $ 284,782 $ 2,058 $ 1,888 $ 286 $ 289,014 $ 140 $ 608 $ 748 $ 1,589 In offices outside North America (6) Residential mortgages (7) $ 27,946 $ 62 $ 106 $ — $ 28,114 $ — $ 305 $ 305 $ 13 Credit cards 12,659 147 149 — 12,955 — 127 127 56 Personal, small business and other (10) 37,869 105 10 — 37,984 — 137 137 — Total $ 78,474 $ 314 $ 265 $ — $ 79,053 $ — $ 569 $ 569 $ 69 Total Citigroup (11)(12) $ 363,256 $ 2,372 $ 2,153 $ 286 $ 368,067 $ 140 $ 1,177 $ 1,317 $ 1,658 (1) Loans less than 30 days past due are presented as current. (2) Includes $222 million and $237 million at September 30, 2023 and December 31, 2022, respectively, of residential first mortgages recorded at fair value. (3) Excludes loans guaranteed by U.S. government-sponsored agencies. Excludes delinquencies on $29.8 billion and $17.0 billion of classifiably managed Private bank loans in North America and outside North America, respectively, at September 30, 2023. Excludes delinquencies on $31.5 billion and $17.8 billion of classifiably managed Private bank loans in North America and outside North America, respectively, at December 31, 2022. (4) Loans modified under Citi’s COVID-19 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 $0.1 billion and 90 days or more past due of $0.1 billion and $0.2 billion at September 30, 2023 and December 31, 2022, respectively. (6) North America includes the U.S., Canada and Puerto Rico. Mexico is included in offices outside North America. (7) Includes approximately $0.2 billion and $0.0 billion of residential first mortgage loans in process of foreclosure in North America and outside North America, respectively, and $20.0 billion of residential mortgages outside North America related to the Global Wealth business at September 30, 2023. Includes approximately $0.1 billion and $0.0 billion of residential first mortgage loans in process of foreclosure in North America and outside North America, respectively, and $19.8 billion of residential mortgages outside North America related to the Global Wealth business at December 31, 2022. (8) Includes approximately $0.1 billion and $0.1 billion at September 30, 2023 and December 31, 2022, respectively, 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) As of September 30, 2023, Global Wealth business in North America includes $32.3 billion of loans, of which $29.8 billion are classifiably managed with 96% rated investment grade, and Global Wealth business outside North America includes $24.9 billion of loans, of which $17.0 billion are classifiably managed with 93% rated investment grade. As of December 31, 2022, Global Wealth business in North America includes $34.0 billion of loans, of which $31.5 billion are classifiably managed with 98% rated investment grade, and Global Wealth business outside North America includes $26.6 billion of loans, of which $17.8 billion are classifiably managed with 94% rated investment grade. Such loans are shown as “current” above. (11) Consumer loans are net of unearned income of $789 million and $712 million at September 30, 2023 and December 31, 2022, respectively. Unearned income on consumer loans primarily represents unamortized origination fees and costs, premiums and discounts. (12) Not included in the balances above are approximately $1 billion and $1 billion of accrued interest receivable at September 30, 2023 and December 31, 2022, respectively, which are included in Other assets on the Consolidated Balance Sheet, except for credit card loans (which include accrued interest and fees). During the three and nine months ended September 30, 2023, the Company reversed accrued interest (primarily related to credit cards) of approximately $0.3 billion and $0.8 billion, respectively, and during the three and nine months ended September 30, 2022, the Company reversed accrued interest of approximately $0.2 billion and $0.5 billion, respectively. These reversals of accrued interest are reflected as a reduction to Interest revenue in the Consolidated Statement of Income. Interest Income Recognized for Non-Accrual Consumer Loans In millions of dollars Three Months Ended September 30, 2023 Three Months Ended September 30, 2022 Nine Months Ended September 30, 2023 Nine Months Ended September 30, 2022 In North America offices (1) Residential first mortgages $ 2 $ 3 $ 8 $ 9 Home equity loans 2 1 5 3 Credit cards — — — — Personal, small business and other 1 1 2 2 Total $ 5 $ 5 $ 15 $ 14 In offices outside North America (1) Residential mortgages $ 2 $ 2 $ 7 $ 2 Credit cards — — — — Personal, small business and other — — — — Total $ 2 $ 2 $ 7 $ 2 Total Citigroup $ 7 $ 7 $ 22 $ 16 (1) North America includes the U.S., Canada and Puerto Rico. Mexico is included in offices outside North America. During the three and nine months ended September 30, 2023, the Company sold and/or reclassified to held-for-sale $1 million and $1.8 billion (a mortgage portfolio, which was moved to HFS in 1Q23 and subsequently sold in 2Q23) of consumer loans, respectively. During the three and nine months ended September 30, 2022, the Company sold and/or reclassified to held-for-sale $0 million and $337 million of consumer loans, respectively. The increase was due to the reclassification of a portfolio to HFS in the first quarter of 2023. The Company did not have significant purchases of consumer loans classified as held-for-investment for the three and nine months ended September 30, 2023 or 2022. Loans held by a business for sale are not included in the above since they have been reclassified to Other assets . See Note 2 for additional information regarding Citigroup’s businesses held-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. Loans that did not have FICO scores as of the prior period have been updated with FICO scores as they become available. With respect to Citi’s consumer loan portfolio outside of the U.S. as of September 30, 2023 and December 31, 2022 ($76.8 billion and $80.5 billion, 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) September 30, 2023 In millions of dollars Less than 680 Greater Classifiably managed (2) FICO not available (3) Total Residential first mortgages 2023 $ 300 $ 4,526 $ 9,067 2022 698 6,331 13,766 2021 592 5,574 12,503 2020 412 4,235 10,738 2019 280 2,367 5,239 Prior 2,073 6,980 13,472 Total residential first mortgages $ 4,355 $ 30,013 $ 64,785 $ — $ 7,216 $ 106,369 Home equity loans (pre-reset) $ 418 $ 1,079 $ 1,745 Home equity loans (post-reset) 74 76 51 Home equity term loans 87 131 102 2023 — — — 2022 — — — 2021 — — 1 2020 — 2 2 2019 1 1 1 Prior 86 128 98 Total home equity loans $ 579 $ 1,286 $ 1,898 $ — $ 33 $ 3,796 Credit cards $ 30,570 $ 60,462 $ 60,592 Revolving loans converted to term loans (4) 1,013 375 53 Total credit cards (5) $ 31,583 $ 60,837 $ 60,645 $ — $ 2,027 $ 155,092 Personal, small business and other 2023 $ 84 $ 304 $ 633 2022 293 440 575 2021 77 104 127 2020 9 11 16 2019 10 10 11 Prior 131 177 130 Total personal, small business and other (6)(7) $ 604 $ 1,046 $ 1,492 $ 29,828 $ 2,721 $ 35,691 Total $ 37,121 $ 93,182 $ 128,820 $ 29,828 $ 11,997 $ 300,948 FICO score distribution—U.S. portfolio (1) December 31, 2022 In millions of dollars Less than 680 Greater Classifiably managed (2) FICO not available (3) Total Residential first mortgages 2022 $ 691 $ 7,530 $ 12,928 2021 639 5,933 12,672 2020 431 4,621 10,936 2019 321 2,505 5,445 2018 302 1,072 1,899 Prior 2,020 6,551 12,649 Total residential first mortgages $ 4,404 $ 28,212 $ 56,529 $ 6,894 $ 96,039 Home equity line of credit (pre-reset) $ 552 $ 1,536 $ 1,876 Home equity line of credit (post-reset) 62 65 40 Home equity term loans 106 151 117 2022 — — — 2021 — 1 1 2020 1 2 2 2019 1 2 2 2018 1 2 1 Prior 103 144 111 Total home equity loans $ 720 $ 1,752 $ 2,033 $ 75 $ 4,580 Credit cards $ 27,901 $ 58,213 $ 60,896 Revolving loans converted to term loans (4) 766 354 54 Total credit cards (5) $ 28,667 $ 58,567 $ 60,950 $ 1,914 $ 150,098 Personal, small business and other 2022 $ 247 $ 546 $ 800 2021 96 170 210 2020 15 20 30 2019 21 23 28 2018 10 10 9 Prior 126 190 144 Total personal, small business and other (6)(7) $ 515 $ 959 $ 1,221 $ 31,478 $ 2,639 $ 36,812 Total $ 34,306 $ 89,490 $ 120,733 $ 31,478 $ 11,522 $ 287,529 (1) The FICO bands in the tables are consistent with general industry peer presentations. (2) These personal, small business and other loans without a FICO score available include $29.8 billion and $31.5 billion of Private bank loans as of September 30, 2023 and December 31, 2022, respectively, which are classifiably managed within Global Wealth and are primarily evaluated for credit risk based on their internal risk ratings. As of September 30, 2023 and December 31, 2022, approximately 96% and 98% of these loans, respectively, were rated investment grade. (3) FICO scores not available related to loans guaranteed by government-sponsored enterprises for which FICO scores are generally not utilized. (4) Not included in the tables above are $68 million and $75 million of revolving credit card loans outside of the U.S. that were converted to term loans as of September 30, 2023 and December 31, 2022, respectively. (5) Excludes $606 million and $545 million of balances related to Canada for September 30, 2023 and December 31, 2022, respectively. (6) Excludes $899 million and $940 million of balances related to Canada for September 30, 2023 and December 31, 2022, respectively. (7) Includes approximately $42 million and $67 million of personal revolving loans that were converted to term loans for September 30, 2023 and December 31, 2022, respectively. Consumer Gross Credit Losses The following table provides details on gross credit losses recognized during the nine months ended September 30, 2023, by year of loan origination: In millions of dollars Nine Months Ended September 30, 2023 Residential first mortgages 2023 $ — 2022 2 2021 — 2020 1 2019 5 Prior 31 Total residential first mortgages $ 39 Home equity line of credit (pre-reset) $ 2 Home equity line of credit (post-reset) — Home equity term loans 2 Total home equity loans $ 4 Credit cards $ 4,598 Revolving loans converted to term loans 132 Total credit cards $ 4,730 Personal, small business and other 2023 $ 110 2022 146 2021 83 2020 34 2019 38 Prior 132 Total personal, small business and other $ 543 Total Citigroup $ 5,316 Loan-to-Value (LTV) Ratios—U.S. Consumer Mortgages LTV ratios (loan balance divided by appraised value) are calculated at origination and updated by applying market price data. The following tables provide details on the LTV ratios for Citi’s U.S. consumer mortgage portfolios by year of origination. LTV ratios are updated monthly using the most recent Core Logic Home Price Index data available for substantially all of the portfolio, applied at the Metropolitan Statistical Area level, if available, or the state level if not. The remainder of the portfolio is updated in a similar manner using the Federal Housing Finance Agency indices. LTV distribution — U.S. portfolio September 30, 2023 In millions of dollars Less than > 80% but less Greater LTV not available (1) Total Residential first mortgages 2023 $ 11,461 $ 2,668 $ 8 2022 17,794 4,057 42 2021 19,047 663 33 2020 16,325 241 1 2019 8,306 182 26 Prior 24,138 197 75 Total residential first mortgages $ 97,071 $ 8,008 $ 185 $ 1,105 $ 106,369 Home equity loans (pre-reset) $ 2,846 $ 19 $ 7 Home equity loans (post-reset) 486 6 12 Total home equity loans $ 3,332 $ 25 $ 19 $ 420 $ 3,796 Total $ 100,403 $ 8,033 $ 204 $ 1,525 $ 110,165 LTV distribution — U.S. portfolio December 31, 2022 In millions of dollars Less than > 80% but less Greater LTV not available (1) Total Residential first mortgages 2022 $ 15,644 $ 6,497 $ 40 2021 19,104 1,227 33 2020 16,935 267 1 2019 8,789 140 23 2018 3,598 74 9 Prior 22,367 132 74 Total residential first mortgages $ 86,437 $ 8,337 $ 180 $ 1,085 $ 96,039 Home equity loans (pre-reset) $ 3,677 $ 36 $ 56 Home equity loans (post-reset) 627 12 27 Total home equity loans $ 4,304 |
ALLOWANCE FOR CREDIT LOSSES
ALLOWANCE FOR CREDIT LOSSES | 9 Months Ended |
Sep. 30, 2023 | |
Credit Loss [Abstract] | |
ALLOWANCE FOR CREDIT LOSSES | ALLOWANCE FOR CREDIT LOSSES Three Months Ended September 30, Nine Months Ended September 30, In millions of dollars 2023 2022 2023 2022 Allowance for credit losses on loans (ACLL) at beginning of period $ 17,496 $ 15,952 $ 16,974 $ 16,455 Adjustments to opening balance (1) Financial instruments—TDRs and vintage disclosures (1) $ — $ — $ (352) $ — Adjusted ACLL at beginning of period $ 17,496 $ 15,952 $ 16,622 $ 16,455 Gross credit losses on loans $ (2,000) $ (1,237) $ (5,513) $ (3,689) Gross recoveries on loans 363 350 1,070 1,080 Net credit losses on loans (NCLs) $ (1,637) $ (887) $ (4,443) $ (2,609) Replenishment of NCLs $ 1,637 $ 887 $ 4,443 $ 2,609 Net reserve builds (releases) for loans 100 519 787 259 Net specific reserve builds (releases) for loans 79 (78) 84 104 Total provision for credit losses on loans (PCLL) $ 1,816 $ 1,328 $ 5,314 $ 2,972 Other, net (see table below) (46) (84) 136 (509) ACLL at end of period $ 17,629 $ 16,309 $ 17,629 $ 16,309 Allowance for credit losses on unfunded lending commitments (ACLUC) at beginning of period (2) $ 1,862 $ 2,193 $ 2,151 $ 1,871 Provision (release) for credit losses on unfunded lending commitments (54) (71) (344) 244 Other, net (2) (33) (1) (26) ACLUC at end of period (2) $ 1,806 $ 2,089 $ 1,806 $ 2,089 Total allowance for credit losses on loans, leases and unfunded lending commitments (3) $ 19,435 $ 18,398 $ 19,435 $ 18,398 Other, net details Three Months Ended September 30, Nine Months Ended September 30, In millions of dollars 2023 2022 2023 2022 Reclasses of consumer ACLL to HFS (4) $ — $ — $ — $ (350) FX translation and other (46) (84) 136 (159) Other, net $ (46) $ (84) $ 136 $ (509) (1) See Note 1 in Citi’s First Quarter of 2023 Form 10-Q for a description of the impact of adopting ASU 2022-02 on the ACL. (2) Represents additional credit loss reserves for unfunded lending commitments and letters of credit recorded in Other liabilities on the Consolidated Balance Sheet. (3) This line does not include $95 million and $698 million, and $115 million and $141 million, of ACL on HTM debt securities and Other assets at September 30, 2023 and 2022, respectively. See below for additional information. (4) See Note 2. Allowance for Credit Losses on Loans and End-of-Period Loans Three Months Ended September 30, 2023 September 30, 2022 In millions of dollars Corporate Consumer Total Corporate Consumer Total ACLL at beginning of period $ 2,630 $ 14,866 $ 17,496 $ 2,969 $ 12,983 $ 15,952 Charge-offs (72) (1,928) (2,000) (43) (1,194) (1,237) Recoveries 14 349 363 37 313 350 Replenishment of NCLs 58 1,579 1,637 6 881 887 Net reserve builds (releases) 25 75 100 145 374 519 Net specific reserve builds (releases) 77 2 79 (104) 26 (78) Other (15) (31) (46) (62) (22) (84) Ending balance $ 2,717 $ 14,912 $ 17,629 $ 2,948 $ 13,361 $ 16,309 Nine Months Ended September 30, 2023 September 30, 2022 In millions of dollars Corporate Consumer Total Corporate Consumer Total ACLL at beginning of period $ 2,855 $ 14,119 $ 16,974 $ 2,415 $ 14,040 $ 16,455 Adjustments to opening balance: Financial instruments—TDRs and vintage disclosures (1) — (352) (352) — — — Adjusted ACLL at beginning of period $ 2,855 $ 13,767 $ 16,622 $ 2,415 $ 14,040 $ 16,455 Charge-offs $ (197) $ (5,316) $ (5,513) $ (148) $ (3,541) $ (3,689) Recoveries 42 1,028 1,070 88 992 1,080 Replenishment of NCLs 155 4,288 4,443 60 2,549 2,609 Net reserve builds (releases) (184) 971 787 394 (135) 259 Net specific reserve builds (releases) 49 35 84 169 (65) 104 Other (3) 139 136 (30) (479) (509) Ending balance $ 2,717 $ 14,912 $ 17,629 $ 2,948 $ 13,361 $ 16,309 September 30, 2023 December 31, 2022 In millions of dollars Corporate Consumer Total Corporate Consumer Total ACLL Collectively evaluated (1) $ 2,347 $ 14,872 $ 17,219 $ 2,532 $ 13,521 $ 16,053 Individually evaluated 370 40 410 323 596 919 Purchased credit deteriorated — — — — 2 2 Total ACLL $ 2,717 $ 14,912 $ 17,629 $ 2,855 $ 14,119 $ 16,974 Loans, net of unearned income Collectively evaluated (1) $ 279,470 $ 377,320 $ 656,790 $ 282,909 $ 364,795 $ 647,704 Individually evaluated 1,975 58 2,033 1,122 2,921 4,043 Purchased credit deteriorated — 114 114 — 114 114 Held at fair value 7,189 222 7,411 5,123 237 5,360 Total loans, net of unearned income $ 288,634 $ 377,714 $ 666,348 $ 289,154 $ 368,067 $ 657,221 (1) See Note 1 in Citi’s First Quarter of 2023 Form 10-Q for a description of the effect of adopting ASU 2022-02 on the ACL and for Citi’s updated accounting policy for collectively evaluating the ACL for consumer loans formerly considered TDRs. 3Q23 Changes in the ACL The total allowance for credit losses on loans, leases and unfunded lending commitments as of September 30, 2023 was $19,435 million, a slight increase from $19,125 million at December 31, 2022. The increase in the ACLL was primarily driven by growth in card balances in Branded cards and Retail services and an increase in transfer risk associated with exposures outside the U.S. driven by safety and soundness considerations under U.S. banking law, partially offset by a decrease in the ACLL of $352 million from the adoption of ASU 2022-02 for the recognition and measurement of TDRs (see Note 1) and improved key macroeconomic variable forecasts. Consumer ACLL Citi’s total consumer allowance for credit losses on loans (ACLL) as of September 30, 2023 was $14,912 million, an increase from $14,119 million at December 31, 2022. The increase was primarily driven by growth in U.S. cards balances, partially offset by a decrease to the ACLL of $352 million from the adoption of ASU 2022-02 for the recognition and measurement of TDRs. Corporate ACLL Citi’s total corporate ACLL as of September 30, 2023 was $2,717 million, a decrease from $2,855 million at December 31, 2022. The decrease was primarily driven by improved key macroeconomic variable forecasts. ACLUC As of September 30, 2023, Citi’s total ACLUC, included in Other liabilities , was $1,806 million, a decrease from $2,151 million at December 31, 2022. The decrease was primarily driven by improved key macroeconomic variable forecasts. Allowance for Credit Losses on HTM Debt Securities The allowance for credit losses on HTM debt securities, which the Company has the intent and ability to hold, was $95 million and $120 million as of September 30, 2023 and December 31, 2022, respectively. Allowance for Credit Losses on Other Assets Three Months Ended September 30, 2023 In millions of dollars Deposits with banks Securities borrowed and purchased under agreements All other assets (1) Total Allowance for credit losses on other assets $ 21 $ 26 $ 612 $ 659 Gross credit losses — — (19) (19) Gross recoveries — — 6 6 Net credit losses (NCLs) $ — $ — $ (13) $ (13) Replenishment of NCLs $ — $ — $ 13 $ 13 Net reserve builds (releases) 6 30 7 43 Total provision for credit losses $ 6 $ 30 $ 20 $ 56 Other, net $ — $ (3) $ (1) $ (4) Allowance for credit losses on other assets $ 27 $ 53 $ 618 $ 698 Nine Months Ended September 30, 2023 In millions of dollars Deposits with banks Securities borrowed and purchased under agreements All other assets (1) Total Allowance for credit losses on other assets $ 51 $ 36 $ 36 $ 123 Gross credit losses — — (54) (54) Gross recoveries — — 11 11 Net credit losses (NCLs) $ — $ — $ (43) $ (43) Replenishment of NCLs $ — $ — $ 43 $ 43 Net reserve builds (releases) (23) 27 583 587 Total provision for credit losses $ (23) $ 27 $ 626 $ 630 Other, net $ (1) $ (10) $ (1) $ (12) Allowance for credit losses on other assets $ 27 $ 53 $ 618 $ 698 (1) Primarily an increase related to transfer risk associated with exposures outside of the U.S. driven by safety and soundness considerations under U.S. banking law. Three Months Ended September 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 $ 17 $ 27 $ — $ 30 $ 74 Gross credit losses — — — (4) (4) Gross recoveries — — — — — Net credit losses (NCLs) $ — $ — $ — $ (4) $ (4) Replenishment of NCLs $ — $ — $ — $ 4 $ 4 Net reserve builds (releases) 23 45 — 1 69 Total provision for credit losses $ 23 $ 45 $ — $ 5 $ 73 Other, net $ — $ (3) $ — $ 1 $ (2) Allowance for credit losses on other assets $ 40 $ 69 $ — $ 32 $ 141 Nine Months Ended September 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 — — — (19) (19) Gross recoveries — — — 2 2 Net credit losses (NCLs) $ — $ — $ — $ (17) $ (17) Replenishment of NCLs $ — $ — $ — $ 17 $ 17 Net reserve builds (releases) 19 35 — 5 59 Total provision for credit losses $ 19 $ 35 $ — $ 22 $ 76 Other, net $ — $ 28 $ — $ 1 $ 29 Allowance for credit losses on other assets $ 40 $ 69 $ — $ 32 $ 141 (1) Primarily accounts receivable. |
GOODWILL AND INTANGIBLE ASSETS
GOODWILL AND INTANGIBLE ASSETS | 9 Months Ended |
Sep. 30, 2023 | |
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, 2022 $ 8,986 $ 9,741 $ 964 $ 19,691 Foreign currency translation 42 69 80 191 Balance at March 31, 2023 $ 9,028 $ 9,810 $ 1,044 $ 19,882 Foreign currency translation 13 48 55 116 Balance at June 30, 2023 $ 9,041 $ 9,858 $ 1,099 $ 19,998 Foreign currency translation (132) (17) (20) (169) Balance at September 30, 2023 $ 8,909 $ 9,841 $ 1,079 $ 19,829 Citi tests for goodwill impairment annually as of October 1 (the annual test) and conducts interim assessments between the annual test if an event occurs or circumstances change that would more-likely-than-not reduce the fair value of a reporting unit below its carrying amount. No such events or circumstances were identified as part of the qualitative assessment performed as of September 30, 2023. For additional information regarding Citi’s goodwill impairment testing process, see Notes 1 and 16 to the Consolidated Financial Statements in Citi’s 2022 Form 10-K. While the inherent risk related to uncertainty is embedded in the key assumptions used in the valuations of the reporting units, the economic and business environments continue to evolve as Citi’s management implements its strategic refresh. If management’s future estimates of key economic and market assumptions were to differ from its current assumptions, Citi could potentially experience material goodwill impairment charges in the future. Intangible Assets The components of intangible assets were as follows: September 30, 2023 December 31, 2022 In millions of dollars Gross Accumulated Net Gross Accumulated Net Purchased credit card relationships (1) $ 5,302 $ 4,328 $ 974 $ 5,513 $ 4,426 $ 1,087 Credit card contract-related intangibles (2) 4,178 1,652 2,526 3,903 1,518 2,385 Other customer relationships 346 270 76 373 283 90 Present value of future profits 36 35 1 32 31 1 Indefinite-lived intangible assets 234 — 234 192 — 192 Other — — — 65 57 8 Intangible assets (excluding MSRs) $ 10,096 $ 6,285 $ 3,811 $ 10,078 $ 6,315 $ 3,763 Mortgage servicing rights (MSRs) (3) 729 — 729 665 — 665 Total intangible assets $ 10,825 $ 6,285 $ 4,540 $ 10,743 $ 6,315 $ 4,428 The changes in intangible assets were as follows: In millions of dollars Net carrying amount at December 31, 2022 Acquisitions/renewals/ Amortization Impairments FX translation and other Net carrying amount at September 30, 2023 Purchased credit card relationships (1) $ 1,087 $ — $ (113) $ — $ — $ 974 Credit card contract-related intangibles (2) 2,385 290 (141) — (8) 2,526 Other customer relationships 90 11 (18) — (7) 76 Present value of future profits 1 — — — — 1 Indefinite-lived intangible assets 192 20 — — 22 234 Other 8 — (8) — — — Intangible assets (excluding MSRs) $ 3,763 $ 321 $ (280) $ — $ 7 $ 3,811 Mortgage servicing rights (MSRs) (3) 665 729 Total intangible assets $ 4,428 $ 4,540 (1) Reflects intangibles for the value of purchased cardholder relationships, which are discrete from contract-related intangibles. (2) Reflects contract-related intangibles associated with the extension or renewal of existing credit card program agreements with card partners. For the credit card program agreement extended during 2023, the remaining term is over 10 years. (3) See Note 20 for additional information on Citi’s MSRs, including the rollforward for the three months ended September 30, 2023. |
DEPOSITS
DEPOSITS | 9 Months Ended |
Sep. 30, 2023 | |
Banking and Thrift, Interest [Abstract] | |
DEPOSITS | DEPOSITS Deposits consisted of the following: September 30, December 31, In millions of dollars 2023 (1) 2022 Non-interest-bearing deposits in U.S. offices $ 104,061 $ 122,655 Interest-bearing deposits in U.S. offices (including $1,001 and $903 as of September 30, 2023 and December 31, 2022, respectively, at fair value) 569,428 607,470 Non-interest-bearing deposits in offices outside the U.S. 84,663 95,182 Interest-bearing deposits in offices outside the U.S. (including $1,721 and $972 as of September 30, 2023 and December 31, 2022, respectively, at fair value) 515,354 540,647 Total deposits $ 1,273,506 $ 1,365,954 (1) For information on time deposits that met or exceeded the insured limit at December 31, 2022, see Note 17 to the Consolidated Financial Statements in Citi’s 2022 Form 10-K. For additional information on Citi’s deposits, see Citi’s 2022 Form 10-K. |
DEBT
DEBT | 9 Months Ended |
Sep. 30, 2023 | |
Debt Disclosure [Abstract] | |
DEBT | DEBT For additional information regarding Citi’s short-term borrowings and long-term debt, see Note 18 to the Consolidated Financial Statements in Citi’s 2022 Form 10-K. Short-Term Borrowings In millions of dollars September 30, December 31, Commercial paper Bank (1) $ 11,124 $ 11,185 Broker-dealer and other (2) 11,719 14,345 Total commercial paper $ 22,843 $ 25,530 Other borrowings (3) 20,323 21,566 Total $ 43,166 $ 47,096 (1) Represents Citibank entities as well as other bank entities. (2) Represents broker-dealer and other non-bank subsidiaries that are consolidated into Citigroup Inc., the parent holding company. (3) Includes borrowings from Federal Home Loan Banks and other market participants. At September 30, 2023 and December 31, 2022, collateralized short-term advances from Federal Home Loan Banks were $9.0 billion and $12.0 billion, respectively. At September 30, 2023, Other borrowings include $1.5 billion associated with the Series A preferred stock redemption announced on September 29, 2023, which was settled on October 30, 2023. Long-Term Debt In millions of dollars September 30, December 31, 2022 Citigroup Inc. (1) $ 160,571 $ 166,257 Bank (2) 24,560 21,113 Broker-dealer and other (3) 90,629 84,236 Total $ 275,760 $ 271,606 (1) Represents the parent holding company. (2) Represents Citibank entities as well as other bank entities. At September 30, 2023 and December 31, 2022, collateralized long-term advances from the Federal Home Loan Banks were $8.5 billion and $7.3 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 at September 30, 2023 and December 31, 2022. The following table summarizes Citi’s outstanding trust preferred securities at September 30, 2023: Junior subordinated debentures owned by trust Trust Issuance Securities Liquidation value (1) Coupon rate (2) Common Notional 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. SOFR +663.161 bps (3) 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. (2) In each case, the coupon rate on the subordinated debentures is the same as that on the trust preferred securities. (3) The spread incorporates the contractual LIBOR-based spread and a 26.161 bps tenor spread adjustment. |
CHANGES IN ACCUMULATED OTHER CO
CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (AOCI) | 9 Months Ended |
Sep. 30, 2023 | |
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: In millions of dollars Net Debt valuation adjustment (DVA) (1) Cash flow hedges (2) Benefit plans (3) CTA, net of hedges (4) Excluded component of fair value hedges Long-duration insurance contracts (5) Accumulated Three Months Ended Balance, June 30, 2023 $ (5,036) $ (102) $ (1,990) $ (5,995) $ (32,773) $ 5 $ 26 $ (45,865) Other comprehensive income before reclassifications (176) 290 366 274 (1,496) (3) 23 (722) Increase (decrease) due to amounts reclassified from AOCI 7 9 365 38 — (9) — 410 Change, net of taxes $ (169) $ 299 $ 731 $ 312 $ (1,496) $ (12) $ 23 $ (312) Balance at September 30, 2023 $ (5,205) $ 197 $ (1,259) $ (5,683) $ (34,269) $ (7) $ 49 $ (46,177) Nine Months Ended September 30, 2023 Balance, December 31, 2022 $ (5,998) $ 842 $ (2,522) $ (5,755) $ (33,637) $ 8 $ — $ (47,062) Adjustment to opening balance, net of taxes (6) — — — — — — 27 27 Adjusted balance, beginning of period $ (5,998) $ 842 $ (2,522) $ (5,755) $ (33,637) $ 8 $ 27 $ (47,035) Other comprehensive income before reclassifications 812 (650) 166 (28) (632) 8 22 (302) Increase (decrease) due to amounts reclassified from AOCI (19) 5 1,097 100 — (23) — 1,160 Change, net of taxes $ 793 $ (645) $ 1,263 $ 72 $ (632) $ (15) $ 22 $ 858 Balance at September 30, 2023 $ (5,205) $ 197 $ (1,259) $ (5,683) $ (34,269) $ (7) $ 49 $ (46,177) In millions of dollars Net Debt valuation adjustment (DVA) (1) Cash flow hedges (2) Benefit plans (3) CTA, net of hedges (4) Excluded component of fair value hedges Long-duration insurance contracts Accumulated Three Months Ended September 30, 2022 Balance, June 30, 2022 $ (6,392) $ 1,573 $ (2,106) $ (5,770) $ (32,810) $ 10 $ — $ (45,495) Other comprehensive income before reclassifications (595) 874 (870) 5 (2,423) 31 — (2,978) Increase (decrease) due to amounts reclassified from AOCI 15 (2) 107 32 24 (1) — 175 Change, net of taxes $ (580) $ 872 $ (763) $ 37 $ (2,399) $ 30 $ — $ (2,803) Balance at September 30, 2022 $ (6,972) $ 2,445 $ (2,869) $ (5,733) $ (35,209) $ 40 $ — $ (48,298) Nine Months Ended September 30, 2022 Balance, December 31, 2021 $ (614) $ (1,187) $ 101 $ (5,852) $ (31,166) $ (47) $ — $ (38,765) Other comprehensive income before reclassifications (6,490) 3,635 (2,709) 26 (4,412) 81 — (9,869) Increase (decrease) due to amounts reclassified from AOCI 132 (3) (261) 93 369 6 — 336 Change, net of taxes $ (6,358) $ 3,632 $ (2,970) $ 119 $ (4,043) $ 87 $ — $ (9,533) Balance at September 30, 2022 $ (6,972) $ 2,445 $ (2,869) $ (5,733) $ (35,209) $ 40 $ — $ (48,298) (1) Reflects the after-tax valuation of Citi’s fair value option liabilities. See “Market Valuation Adjustments” in Note 22. (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 Mexican peso, Chilean peso, Euro, Polish zloty and Brazilian real against the U.S. dollar and changes in related tax effects and hedges for the three months ended September 30, 2023. Primarily reflects the movements in (by order of impact) the Mexican peso, Russian ruble, Japanese yen, South Korean won and Chilean peso against the U.S. dollar and changes in related tax effects and hedges for the nine months ended September 30, 2023. Primarily reflects the movements in (by order of impact) the South Korean won, Euro, Russian ruble, Mexican peso, Polish zloty and Japanese yen against the U.S. dollar and changes in related tax effects and hedges for the three months ended September 30, 2022. Primarily reflects the movements in (by order of impact) the South Korean won, Euro, Japanese yen, Indian rupee, Chinese yuan and British pound sterling against the U.S. dollar and changes in related tax effects and hedges for the nine months ended September 30, 2022. 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) Reflects the change in the liability for future policyholder benefits for certain long-duration life-contingent annuity contracts that are issued by a regulated Citi insurance subsidiary in Mexico and reported within Legacy Franchises . The amount reflects the change in the liability after discounting using an upper-medium grade fixed income instrument yield that reflects the duration characteristics of the liability. As of September 30, 2023, the balance of the liability for future policyholder benefits, which is recorded within Other Liabilities , for this insurance subsidiary was approximately $519 million. (6) See Note 1. The pretax and after-tax changes in each component of Accumulated other comprehensive income (loss) were as follows: In millions of dollars Pretax Tax effect (1) After-tax Three Months Ended September 30, 2023 Balance, June 30, 2023 $ (53,964) $ 8,099 $ (45,865) Change in net unrealized gains (losses) on debt securities (227) 58 (169) Debt valuation adjustment (DVA) 395 (96) 299 Cash flow hedges 958 (227) 731 Benefit plans 380 (68) 312 Foreign currency translation adjustment (CTA) (1,532) 36 (1,496) Excluded component of fair value hedges (10) (2) (12) Long-duration insurance contracts 33 (10) 23 Change $ (3) $ (309) $ (312) Balance at September 30, 2023 $ (53,967) $ 7,790 $ (46,177) Nine Months Ended September 30, 2023 Balance, December 31, 2022 $ (55,253) $ 8,191 $ (47,062) Adjustment to opening balance (2) 39 (12) 27 Adjusted balance, beginning of period $ (55,214) $ 8,179 $ (47,035) Change in net unrealized gains (losses) on debt securities 1,095 (302) 793 DVA (875) 230 (645) Cash flow hedges 1,670 (407) 1,263 Benefit plans 68 4 72 CTA (728) 96 (632) Excluded component of fair value hedges (14) (1) (15) Long-duration insurance contracts 31 (9) 22 Change $ 1,247 $ (389) $ 858 Balance at September 30, 2023 $ (53,967) $ 7,790 $ (46,177) In millions of dollars Pretax Tax effect (1) After-tax Three Months Ended September 30, 2022 Balance, June 30, 2022 $ (53,566) $ 8,071 $ (45,495) Change in net unrealized gains (losses) on debt securities (850) 270 (580) DVA 1,159 (287) 872 Cash flow hedges (1,025) 262 (763) Benefit plans (4) 41 37 CTA (2,238) (161) (2,399) Excluded component of fair value hedges 40 (10) 30 Long-duration insurance contracts — — — Change $ (2,918) $ 115 $ (2,803) Balance, September 30, 2022 $ (56,484) $ 8,186 $ (48,298) Nine Months Ended September 30, 2022 Balance, December 31, 2021 $ (45,383) $ 6,618 $ (38,765) Change in net unrealized gains (losses) on debt securities (8,464) 2,106 (6,358) DVA 4,800 (1,168) 3,632 Cash flow hedges (3,933) 963 (2,970) Benefit plans 100 19 119 CTA (3,720) (323) (4,043) Excluded component of fair value hedges 116 (29) 87 Long-duration insurance contracts — — — Change $ (11,101) $ 1,568 $ (9,533) Balance, September 30, 2022 $ (56,484) $ 8,186 $ (48,298) (1) Income tax effects of these items are released from AOCI contemporaneously with the related gross pretax amount. (2) See Note 1. The Company recognized pretax (gains) losses related to amounts in AOCI reclassified to the Consolidated Statement of Income as follows: Increase (decrease) in AOCI due to Three Months Ended September 30, Nine Months Ended September 30, In millions of dollars 2023 2022 2023 2022 Realized (gains) losses on sales of investments $ (30) $ (52) $ (151) $ (74) Gross impairment losses 43 74 137 254 Subtotal, pretax $ 13 $ 22 $ (14) $ 180 Tax effect (6) (7) (5) (48) Net realized (gains) losses on investments, after-tax (1) $ 7 $ 15 $ (19) $ 132 Realized DVA (gains) losses on fair value option liabilities, pretax $ 12 $ (3) $ 8 $ (4) Tax effect (3) 1 (3) 1 Net realized DVA, after-tax $ 9 $ (2) $ 5 $ (3) Interest rate contracts $ 480 $ 141 $ 1,444 $ (344) Foreign exchange contracts 1 1 3 3 Subtotal, pretax $ 481 $ 142 $ 1,447 $ (341) Tax effect (116) (35) (350) 80 Amortization of cash flow hedges, after-tax (2) $ 365 $ 107 $ 1,097 $ (261) Amortization of unrecognized: Prior service cost (benefit) $ (6) $ (6) $ (17) $ (17) Net actuarial loss 52 49 152 177 Curtailment/settlement impact (3) 5 — 1 (33) Subtotal, pretax $ 51 $ 43 $ 136 $ 127 Tax effect (13) (11) (36) (34) Amortization of benefit plans, after-tax (3) $ 38 $ 32 $ 100 $ 93 Excluded component of fair value hedges, pretax $ (12) $ (1) $ (31) $ 9 Tax effect 3 — 8 (3) Excluded component of fair value hedges, after-tax $ (9) $ (1) $ (23) $ 6 Long-duration insurance contracts, pretax $ — $ — $ — $ — Tax effect — — — — Long-duration insurance contracts, after-tax $ — $ — $ — $ — CTA, pretax $ — $ 26 $ — $ 423 Tax effect — (2) — (54) CTA, after-tax (4) $ — $ 24 $ — $ 369 Total amounts reclassified out of AOCI , pretax $ 545 $ 229 $ 1,546 $ 394 Total tax effect (135) (54) (386) (58) Total amounts reclassified out of AOCI , after-tax $ 410 $ 175 $ 1,160 $ 336 (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 21 for additional details. (3) See Note 8 for additional details. (4) The pretax amount is reclassified to Discontinued operations and Other revenue in the Consolidated Statement of Income, and results from the substantial liquidation of a legacy U.K. consumer operation. See Note 2 for additional details. |
PREFERRED STOCK
PREFERRED STOCK | 9 Months Ended |
Sep. 30, 2023 | |
Stockholders' Equity Note [Abstract] | |
PREFERRED STOCK | PREFERRED STOCK The following table summarizes the Company’s preferred stock outstanding: Dividend rate as of September 30, 2023 Redemption Carrying value (in millions of dollars) Issuance date Redeemable by issuer beginning Number September 30, December 31, Series A (1) October 29, 2012 January 30, 2023 N/A $ 1,000 1,500,000 $ — $ 1,500 Series B (2) December 13, 2012 February 15, 2023 N/A 1,000 750,000 — 750 Series D (3) April 30, 2013 May 15, 2023 3-month SOFR+ 3.72761 1,000 1,250,000 1,250 1,250 Series J (4) September 19, 2013 September 30, 2023 3-month SOFR+ 4.30161 25 38,000,000 950 950 Series K (5) October 31, 2013 November 15, 2023 6.875 % 25 59,800,000 1,495 1,495 Series M (6) April 30, 2014 May 15, 2024 6.300 1,000 1,750,000 1,750 1,750 Series P (7) April 24, 2015 May 15, 2025 5.950 1,000 2,000,000 2,000 2,000 Series T (8) April 25, 2016 August 15, 2026 6.250 1,000 1,500,000 1,500 1,500 Series U (9) September 12, 2019 September 12, 2024 5.000 1,000 1,500,000 1,500 1,500 Series V (10) January 23, 2020 January 30, 2025 4.700 1,000 1,500,000 1,500 1,500 Series W (11) December 10, 2020 December 10, 2025 4.000 1,000 1,500,000 1,500 1,500 Series X (12) February 18, 2021 February 18, 2026 3.875 1,000 2,300,000 2,300 2,300 Series Y (13) October 27, 2021 November 15, 2026 4.150 1,000 1,000,000 1,000 1,000 Series Z (14) March 7, 2023 May 15, 2028 7.375 1,000 1,250,000 1,250 — Series AA (15) September 21, 2023 November 15, 2028 7.625 1,000 1,500,000 1,500 — $ 19,495 $ 18,995 (1) Issued as depositary shares, each representing a 1/25 th interest in a share of the corresponding series of non-cumulative perpetual preferred stock. Beginning in the second quarter of 2023, dividends are payable quarterly on January 30, April 30, July 30 and October 30 at a floating rate, in each case when, as and if declared by the Citi Board of Directors. Series A was reclassified to Short-term borrowings at the time of the announcement of redemption on September 29, 2023. Citi redeemed Series A in its entirety on October 30, 2023. (2) Citi redeemed Series B in its entirety on August 15, 2023. (3) Issued as depositary shares, each representing a 1/25 th interest in a share of the corresponding series of non-cumulative perpetual preferred stock. Beginning in the third quarter of 2023, dividends are payable quarterly on February 15, May 15, August 15 and November 15 at a floating rate, in each case when, as and if declared by the Citi Board of Directors. The spread incorporates the contractual LIBOR-based spread and a 0.26161% tenor spread adjustment. (4) Issued as depositary shares, each representing a 1/1,000 th interest in a share of the corresponding series of non-cumulative perpetual preferred stock. Dividends are payable quarterly on March 30, June 30, September 30 and December 30 at a fixed rate until, but excluding, September 30, 2023, thereafter payable quarterly on the same dates at a floating rate, in each case when, as and if declared by the Citi Board of Directors. Beginning in the fourth quarter of 2023, dividends are payable quarterly on March 30, June 30, September 30 and December 30 at a floating rate, in each case when, as and if declared by the Citi Board of Directors. The spread incorporates the contractual LIBOR-based spread and a 0.26161% tenor spread adjustment. (5) Issued as depositary shares, each representing a 1/1,000 th interest in a share of the corresponding series of non-cumulative perpetual preferred stock. Dividends are payable quarterly on February 15, May 15, August 15 and November 15 at a fixed rate until, but excluding, November 15, 2023, thereafter payable quarterly on the same dates at a floating rate, in each case when, as and if declared by the Citi Board of Directors. As previously announced, Citi will be redeeming Series K in its entirety on November 15, 2023. (6) Issued as depositary shares, each representing a 1/25 th interest in a share of the corresponding series of non-cumulative perpetual preferred stock. Dividends are payable semiannually on May 15 and November 15 at a fixed rate until, but excluding, May 15, 2024, thereafter payable quarterly on February 15, May 15, August 15 and November 15 at a floating rate, in each case when, as and if declared by the Citi Board of Directors. (7) Issued as depositary shares, each representing a 1/25 th interest in a share of the corresponding series of non-cumulative perpetual preferred stock. Dividends are payable semiannually on May 15 and November 15 at a fixed rate until, but excluding, May 15, 2025, and thereafter payable quarterly on February 15, May 15, August 15 and November 15 at a floating rate, in each case when, as and if declared by the Citi Board of Directors. (8) Issued as depositary shares, each representing a 1/25 th interest in a share of the corresponding series of non-cumulative perpetual preferred stock. Dividends are payable semiannually on February 15 and August 15 at a fixed rate until, but excluding, August 15, 2026, thereafter payable quarterly on February 15, May 15, August 15 and November 15 at a floating rate, in each case when, as and if declared by the Citi Board of Directors. (9) Issued as depositary shares, each representing a 1/25 th interest in a share of the corresponding series of non-cumulative perpetual preferred stock. Dividends are payable semiannually on March 12 and September 12 at a fixed rate until, but excluding, September 12, 2024, thereafter payable quarterly on March 12, June 12, September 12 and December 12 at a floating rate, in each case when, as and if declared by the Citi Board of Directors. (10) Issued as depositary shares, each representing a 1/25 th interest in a share of the corresponding series of non-cumulative perpetual preferred stock. Dividends are payable semiannually on January 30 and July 30 at a fixed rate until, but excluding, January 30, 2025, thereafter payable quarterly on January 30, April 30, July 30 and October 30 at a floating rate, in each case when, as and if declared by the Citi Board of Directors. (11) Issued as depositary shares, each representing a 1/25 th interest in a share of the corresponding series of non-cumulative perpetual preferred stock. Dividends are payable quarterly on March 10, June 10, September 10 and December 10 at a fixed rate until, but excluding, December 10, 2025, thereafter payable quarterly on the same dates at a floating rate, in each case when, as and if declared by the Citi Board of Directors. (12) Issued as depositary shares, each representing a 1/25 th interest in a share of the corresponding series of non-cumulative perpetual preferred stock. Dividends are payable quarterly on February 18, May 18, August 18 and November 18 at a fixed rate until, but excluding, February 18, 2026, thereafter payable quarterly on the same dates at a floating rate, in each case when, as and if declared by the Citi Board of Directors. (13) Issued as depositary shares, each representing a 1/25 th interest in a share of the corresponding series of non-cumulative perpetual preferred stock. Dividends are payable quarterly on February 15, May 15, August 15 and November 15 at a fixed rate until, but excluding, November 15, 2026, thereafter payable quarterly on the same dates at a floating rate, in each case when, as and if declared by the Citi Board of Directors. (14) Issued as depositary shares, each representing a 1/25 th interest in a share of the corresponding series of non-cumulative perpetual preferred stock. Dividends are payable quarterly on February 15, May 15, August 15 and November 15 at a fixed rate until, but excluding, May 15, 2028, thereafter payable quarterly on the same dates at a floating rate, in each case when, as and if declared by the Citi Board of Directors. (15) Issued as depositary shares, each representing a 1/25 th interest in a share of the corresponding series of non-cumulative perpetual preferred stock. Dividends are payable quarterly on February 15, May 15, August 15 and November 15 at a fixed rate until, but excluding, November 15, 2028, thereafter payable quarterly on the same dates at a floating rate, in each case when, as and if declared by the Citi Board of Directors. N/A Not applicable, as the series has been redeemed. |
SECURITIZATIONS AND VARIABLE IN
SECURITIZATIONS AND VARIABLE INTEREST ENTITIES | 9 Months Ended |
Sep. 30, 2023 | |
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 22 to the Consolidated Financial Statements in Citi’s 2022 Form 10-K. Citigroup’s involvement with consolidated and unconsolidated VIEs with which the Company holds significant variable interests or has continuing involvement through servicing a majority of the assets in a VIE is presented below: As of September 30, 2023 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 $ 31,203 $ 31,203 $ — $ — $ — $ — $ — $ — Mortgage securitizations (4) U.S. agency-sponsored 125,485 — 125,485 2,149 — — 139 2,288 Non-agency-sponsored 64,111 — 64,111 3,133 — 130 — 3,263 Citi-administered asset-backed commercial paper conduits 20,852 20,852 — — — — — — Collateralized loan obligations (CLOs) 5,767 — 5,767 2,455 — — — 2,455 Asset-based financing (5) 190,782 10,652 180,130 41,613 927 12,775 — 55,315 Municipal securities tender option bond trusts (TOBs) 1,410 723 687 5 — 519 — 524 Municipal investments 21,657 3 21,654 2,356 2,884 2,934 — 8,174 Client intermediation 496 106 390 75 — — — 75 Investment funds 504 70 434 5 8 90 — 103 Total $ 462,267 $ 63,609 $ 398,658 $ 51,791 $ 3,819 $ 16,448 $ 139 $ 72,197 As of December 31, 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 $ 32,021 $ 32,021 $ — $ — $ — $ — $ — $ — Mortgage securitizations (4) U.S. agency-sponsored 117,358 — 117,358 2,052 — — 48 2,100 Non-agency-sponsored 67,704 — 67,704 3,294 — — — 3,294 Citi-administered asset-backed commercial paper conduits 19,621 19,621 — — — — — — Collateralized loan obligations (CLOs) 7,600 — 7,600 2,601 — — — 2,601 Asset-based financing (5) 242,348 9,672 232,676 40,121 1,022 10,726 — 51,869 Municipal securities tender option bond trusts (TOBs) 2,155 672 1,483 2 — 1,108 — 1,110 Municipal investments 22,167 3 22,164 2,731 3,143 3,420 — 9,294 Client intermediation 482 121 361 58 — — 13 71 Investment funds 534 91 443 2 5 68 — 75 Total $ 511,990 $ 62,201 $ 449,789 $ 50,861 $ 4,170 $ 15,322 $ 61 $ 70,414 (1) The definition of maximum exposure to loss is included in the text that follows this table. (2) Included on Citigroup’s September 30, 2023 and December 31, 2022 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. (5) Included within this line are loans to third-party-sponsored private equity funds, which represent $6 billion and $69 billion in unconsolidated VIE assets and $283 million and $498 million in maximum exposure to loss as of September 30, 2023 and December 31, 2022, respectively. The previous tables do not include: • certain investment funds for which the Company provides investment management services and personal estate trusts for which the Company provides administrative, trustee and/or investment management services; • certain third-party-sponsored private equity funds to which the Company provides secured credit facilities. The Company has no decision-making power and does not consolidate these funds, some of which may meet the definition of a VIE. The Company’s maximum exposure to loss is generally limited to a loan or lending-related commitment. As of September 30, 2023 and December 31, 2022, the Company’s maximum exposure to loss related to these transactions was $13.8 billion and $33.6 billion, respectively (for more information on these positions, see Note 13 and Note 27 to the Consolidated Financial Statements in Citi’s 2022 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 21 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. The following tables present certain assets and liabilities of consolidated variable interest entities (VIEs), which are included on Citi’s Consolidated Balance Sheet. The assets include those assets that can only be used to settle obligations of consolidated VIEs and are in excess of those obligations. In addition, the assets include third-party assets of consolidated VIEs only and exclude intercompany balances that eliminate in consolidation. The liabilities include third-party liabilities of consolidated VIEs only and exclude intercompany balances that eliminate in consolidation. The liabilities also exclude amounts where creditors or beneficial interest holders have recourse to the general credit of Citigroup. September 30, 2023 December 31, In millions of dollars (Unaudited) 2022 Assets of consolidated VIEs to be used to settle obligations of consolidated VIEs Cash and due from banks $ 33 $ 61 Trading account assets 9,990 9,153 Investments 651 594 Loans, net of unearned income Consumer 34,349 35,026 Corporate 20,975 19,782 Loans, net of unearned income $ 55,324 $ 54,808 Allowance for credit losses on loans (ACLL) (2,527) (2,520) Total loans, net $ 52,797 $ 52,288 Other assets 138 105 Total assets of consolidated VIEs to be used to settle obligations of consolidated VIEs $ 63,609 $ 62,201 September 30, 2023 December 31, In millions of dollars (Unaudited) 2022 Liabilities of consolidated VIEs for which creditors or beneficial interest holders Short-term borrowings $ 9,657 $ 9,807 Long-term debt 7,340 10,324 Other liabilities 835 622 Total liabilities of consolidated VIEs for which creditors or beneficial interest holders $ 17,832 $ 20,753 Funding Commitments for Significant Unconsolidated VIEs—Liquidity Facilities and Loan Commitments The following table presents the notional amount of liquidity facilities and loan commitments that are classified as funding commitments in the VIE tables above: September 30, 2023 December 31, 2022 In millions of dollars Liquidity Loan/equity Liquidity Loan/equity Non-agency-sponsored mortgage securitizations $ — $ 130 $ — $ — Asset-based financing — 12,775 — 10,726 Municipal securities tender option bond trusts (TOBs) 519 — 1,108 — Municipal investments — 2,934 — 3,420 Investment funds — 90 — 68 Other — — — — Total funding commitments $ 519 $ 15,929 $ 1,108 $ 14,214 Significant Interests in Unconsolidated VIEs—Balance Sheet Classification The following table presents the carrying amounts and classification of significant variable interests in unconsolidated VIEs: In billions of dollars September 30, 2023 December 31, 2022 Cash $ — $ — Trading account assets 1.6 1.6 Investments 8.1 8.6 Total loans, net of allowance 45.3 44.2 Other 0.6 0.6 Total assets $ 55.6 $ 55.0 Credit Card Securitizations The Company’s primary credit card securitization activity is through two trusts—Citibank Credit Card Master Trust and Citibank Omni Trust. These trusts are consolidated entities given Citi’s continuing involvement. For additional information, see Note 22 to the Consolidated Financial Statements in Citi’s 2022 Form 10-K. There were no material cash flows arising from either proceeds from new securitizations or paydowns of maturing notes during the nine months ended September 30, 2023 and 2022. Mortgage Securitizations The following tables summarize selected cash flow information and retained interests related to Citigroup mortgage securitizations: Three Months Ended September 30, 2023 2022 In billions of dollars U.S. agency- Non-agency- U.S. agency- Non-agency- Principal securitized $ 1.7 $ 0.6 $ 1.4 $ 1.1 Proceeds from new securitizations 1.7 0.5 1.4 1.0 Contractual servicing fees received — — — — Cash flows received on retained interests and other net cash flows — 0.1 — — Purchases of previously transferred financial assets — — — — Nine Months Ended September 30, 2023 2022 In billions of dollars U.S. agency- Non-agency- U.S. agency- Non-agency- Principal securitized $ 4.1 $ 2.9 $ 5.4 $ 11.3 Proceeds from new securitizations 4.1 2.6 5.2 11.0 Contractual servicing fees received 0.1 — 0.1 — Cash flows received on retained interests and other net cash flows — 0.1 — 0.1 Purchases of previously transferred financial assets — — 0.1 — Note: Excludes broker-dealer re-securitization transactions. Gains recognized on the securitization of U.S. agency-sponsored mortgages were less than $1 million each for the three and nine months ended September 30, 2023, respectively. Gains recognized on the securitization of non-agency-sponsored mortgages were $50.4 million and $64.1 million for the three and nine months ended September 30, 2023, respectively. Gains recognized on the securitization of U.S. agency-sponsored mortgages were $1 million and $1 million for the three and nine months ended September 30, 2022, respectively. Gains recognized on the securitization of non-agency-sponsored mortgages were $21 million and $94 million for the three and nine months ended September 30, 2022, respectively. September 30, 2023 December 31, 2022 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) $ 735 $ 953 $ 951 $ 659 $ 1,119 $ 943 (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 $1.6 million related to personal loan securitizations at September 30, 2023. (3) Retained interests consist of Level 2 and Level 3 assets depending on the observability of significant inputs. See Note 22 for more information about fair value measurements. The following table includes information about loan delinquencies and liquidation losses for assets held in non-consolidated, non-agency-sponsored securitization entities: Liquidation (gains) losses Securitized assets 90 days past due Three Months Ended September 30, Nine Months Ended September 30, In billions of dollars, except liquidation losses in millions Sept. 30, 2023 Dec. 31, 2022 Sept. 30, 2023 Dec. 31, 2022 2023 2022 2023 2022 Securitized assets Residential mortgages (1) $ 28.1 $ 30.8 $ 0.4 $ 0.5 $ (0.2) $ 1 $ 4.4 $ 3 Commercial and other 29.2 28.8 — — — — — — Total $ 57.3 $ 59.6 $ 0.4 $ 0.5 $ (0.2) $ 1 $ 4.4 $ 3 (1) Securitized assets include $0.1 billion of personal loan securitizations as of September 30, 2023. Consumer Loan Securitizations Beginning in the third quarter of 2023, Citi relaunched a program securitizing other consumer loans into asset-backed securities. The principal securitized and the proceeds from new securitizations at September 30, 2023 were $0.5 billion and $0.3 billion, respectively. The gain recognized on the securitization of consumer loans was $3.7 million for the three months ended September 30, 2023. Mortgage Servicing Rights (MSRs) The fair value of Citi’s capitalized MSRs was $729 million and $647 million at September 30, 2023 and 2022, respectively. The MSRs correspond to principal loan balances of $52 billion and $48 billion as of September 30, 2023 and 2022, respectively. The following table summarizes the changes in capitalized MSRs: Three Months Ended September 30, Nine Months Ended September 30, In millions of dollars 2023 2022 2023 2022 Balance, beginning of period $ 681 $ 600 $ 665 $ 404 Originations 23 25 54 94 Changes in fair value of MSRs due to changes in inputs and assumptions 42 37 61 195 Other changes (1) (17) (15) (51) (46) Balance, as of September 30 $ 729 $ 647 $ 729 $ 647 (1) Represents changes due to customer payments and passage of time. The fair value of the MSRs is primarily affected by changes in prepayments of mortgages that result from shifts in mortgage interest rates. Specifically, higher interest rates tend to lead to declining prepayments, which causes the fair value of the MSRs to increase. In managing this risk, Citigroup economically hedges a significant portion of the value of its MSRs through the use of interest rate derivative contracts, forward purchase and sale commitments of mortgage-backed securities and purchased securities, all classified as Trading account assets . The Company receives fees during the course of servicing previously securitized mortgages. The amounts of these fees were as follows: Three Months Ended September 30, Nine Months Ended September 30, In millions of dollars 2023 2022 2023 2022 Servicing fees $ 32 $ 31 $ 97 $ 90 Late fees 1 1 3 3 Total MSR fees $ 33 $ 32 $ 100 $ 93 In the Consolidated Statement of Income these fees are primarily classified as Commissions and fees , and changes in MSR fair values are classified as Other revenue . Re-securitizations The Company engages in re-securitization transactions in which debt securities are transferred to a VIE in exchange for new beneficial interests. Citi did not transfer non-agency (private label) securities to re-securitization entities during the three months ended September 30, 2023 and 2022. These securities are backed by either residential or commercial mortgages and are often structured on behalf of clients. As of September 30, 2023 and December 31, 2022, Citi held no retained interests in private label re-securitization transactions structured by Citi. The Company also re-securitizes U.S. government-agency-guaranteed mortgage-backed (agency) securities. During the three and nine months ended September 30, 2023, Citi transferred agency securities with a fair value of approximately $4.3 billion and $12.8 billion, respectively, to re-securitization entities, compared to approximately $5.3 billion and $20.3 billion for the three and nine months ended September 30, 2022, respectively. As of September 30, 2023, the fair value of Citi-retained interests in agency re-securitization transactions structured by Citi totaled approximately $1.4 billion (including $552 million related to re-securitization transactions executed in 2023), compared to $1.4 billion as of December 31, 2022 (including $801 million related to re-securitization transactions executed in 2022), which is recorded in Trading account assets . The original fair values of agency re-securitization transactions in which Citi holds a retained interest as of September 30, 2023 and December 31, 2022 were approximately $85.9 billion and $79.4 billion, respectively. As of September 30, 2023 and December 31, 2022, the Company did not consolidate any private label or agency re-securitization entities. Citi-Administered Asset-Backed Commercial Paper Conduits At September 30, 2023 and December 31, 2022, the commercial paper conduits administered by Citi had approximately $20.9 billion and $19.6 billion of purchased assets outstanding, respectively, and had unfunded commitments with clients of approximately $15.6 billion and $13.9 billion, respectively. Substantially all of the funding of the conduits is in the form of short-term commercial paper. At September 30, 2023 and December 31, 2022, the weighted average remaining maturities of the commercial paper issued by the conduits were approximately 68 and 64 days, respectively. Each asset purchased by the conduit is structured with transaction-specific credit enhancement, including over-collateralization, cash and excess spread collateral accounts, direct recourse or third-party guarantees. Credit enhancement is sized with the objective of approximating an investment-grade credit rating, based on Citi’s internal risk ratings. In addition to the transaction-specific credit enhancement, the conduits have obtained letters of credit from the Company that equal at least 8% to 10% of the conduit’s assets with a minimum of $200 million to $350 million. The letters of credit provided by the Company to the conduits total approximately $1.9 billion and $1.9 billion as of September 30, 2023 and December 31, 2022, respectively. The net result across multiseller conduits administered by the Company is that, in the event that defaulted assets exceed the transaction-specific credit enhancement described above, any losses in each conduit are allocated first to the Company and then to the commercial paper investors. At September 30, 2023 and December 31, 2022, the Company owned $9.9 billion and $8.6 billion, respectively, of the commercial paper issued by its administered conduits. The Company’s investments were not driven by market illiquidity and the Company is not obligated under any agreement to purchase the commercial paper issued by the conduits. Municipal Securities Tender Option Bond (TOB) Trusts At September 30, 2023 and December 31, 2022, none of the municipal bonds owned by non-customer TOB trusts were subject to a credit guarantee provided by the Company. At September 30, 2023 and December 31, 2022, liquidity agreements provided with respect to customer TOB trusts totaled $0.5 billion and $1.1 billion, respectively, of which $0.3 billion and $0.7 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 $1.3 billion and $1.4 billion as of September 30, 2023 and December 31, 2022, 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 presented below. For Citi to realize the maximum loss, the VIE (borrower) would have to default with no recovery from the assets held by the VIE. September 30, 2023 December 31, 2022 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 $ 42,651 $ 9,250 $ 43,236 $ 8,806 Corporate loans 21,846 15,116 23,120 15,077 Other (including investment funds, airlines and shipping) 115,633 30,949 166,320 27,986 Total $ 180,130 $ 55,315 $ 232,676 $ 51,869 |
DERIVATIVES
DERIVATIVES | 9 Months Ended |
Sep. 30, 2023 | |
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 23 to the Consolidated Financial Statements in Citi’s 2022 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 September 30, December 31, September 30, December 31, Interest rate contracts Swaps $ 257,165 $ 255,280 $ 22,518,303 $ 23,780,711 Futures and forwards — — 3,457,157 2,966,025 Written options — — 2,776,838 1,937,025 Purchased options — — 2,593,989 1,881,291 Total interest rate contracts $ 257,165 $ 255,280 $ 31,346,287 $ 30,565,052 Foreign exchange contracts Swaps $ 44,147 $ 48,678 $ 7,545,125 $ 6,746,070 Futures, forwards and spot 48,418 43,666 4,209,683 3,350,341 Written options — — 829,689 789,077 Purchased options — — 823,706 783,591 Total foreign exchange contracts $ 92,565 $ 92,344 $ 13,408,203 $ 11,669,079 Equity contracts Swaps $ — $ — $ 291,691 $ 266,115 Futures and forwards — — 94,385 76,935 Written options — — 622,464 482,266 Purchased options — — 504,349 387,766 Total equity contracts $ — $ — $ 1,512,889 $ 1,213,082 Commodity and other contracts Swaps $ — $ — $ 85,144 $ 90,884 Futures and forwards 2,948 1,571 164,020 165,314 Written options — — 54,286 45,862 Purchased options — — 51,815 48,197 Total commodity and other contracts $ 2,948 $ 1,571 $ 355,265 $ 350,257 Credit derivatives (1) Protection sold $ — $ — $ 765,188 $ 593,136 Protection purchased — — 828,691 641,639 Total credit derivatives $ — $ — $ 1,593,879 $ 1,234,775 Total derivative notionals $ 352,678 $ 349,195 $ 48,216,523 $ 45,032,245 (1) Credit derivatives are arrangements designed to allow one party (protection purchaser) to transfer the credit risk of a “reference asset” to another party (protection seller). These arrangements allow a protection seller to assume the credit risk associated with the reference asset without directly purchasing that asset. The Company enters into credit derivative positions for purposes such as risk management, yield enhancement, reduction of credit concentrations and diversification of overall risk. The following tables present the gross and net fair values of the Company’s derivative transactions and the related offsetting amounts as of September 30, 2023 and December 31, 2022. 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 Derivatives classified in (1)(2) In millions of dollars at September 30, 2023 Assets Liabilities Derivatives instruments designated as ASC 815 hedges Over-the-counter $ 351 $ 7 Cleared 422 22 Interest rate contracts $ 773 $ 29 Over-the-counter $ 1,553 $ 1,747 Cleared 2 — Foreign exchange contracts $ 1,555 $ 1,747 Total derivatives instruments designated as ASC 815 hedges $ 2,328 $ 1,776 Derivatives instruments not designated as ASC 815 hedges Over-the-counter $ 124,279 $ 119,409 Cleared 53,859 53,634 Exchange traded 207 187 Interest rate contracts $ 178,345 $ 173,230 Over-the-counter $ 172,079 $ 164,527 Cleared 679 659 Exchange traded 4 18 Foreign exchange contracts $ 172,762 $ 165,204 Over-the-counter $ 19,000 $ 22,006 Cleared 19 120 Exchange traded 24,034 24,373 Equity contracts $ 43,053 $ 46,499 Over-the-counter $ 15,460 $ 16,226 Exchange traded 827 1,034 Commodity and other contracts $ 16,287 $ 17,260 Over-the-counter $ 6,922 $ 5,744 Cleared 5,720 5,333 Credit derivatives $ 12,642 $ 11,077 Total derivatives instruments not designated as ASC 815 hedges $ 423,089 $ 413,270 Total derivatives $ 425,417 $ 415,046 Less: Netting agreements (3) $ (333,991) $ (333,991) Less: Netting cash collateral received/paid (4) (22,872) (26,294) Net receivables/payables included on the Consolidated Balance Sheet (5) $ 68,554 $ 54,761 Additional amounts subject to an enforceable master netting agreement, Less: Cash collateral received/paid $ (818) $ (254) Less: Non-cash collateral received/paid (2,933) (10,741) Total net receivables/payables (5) $ 64,803 $ 43,766 (1) The derivative fair values are also presented in Note 22. (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 $255 billion, $56 billion and $23 billion of the netting against trading account asset/liability balances is attributable to each of the OTC, cleared and exchange-traded derivatives, respectively. (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 $4 billion of derivative asset and $9 billion of derivative liability fair values not subject to enforceable master netting agreements, respectively. Derivatives classified in (1)(2) In millions of dollars at December 31, 2022 Assets Liabilities Derivatives instruments designated as ASC 815 hedges Over-the-counter $ 468 $ 1 Cleared 129 101 Interest rate contracts $ 597 $ 102 Over-the-counter $ 2,288 $ 1,766 Cleared 3 3 Foreign exchange contracts $ 2,291 $ 1,769 Total derivatives instruments designated as ASC 815 hedges $ 2,888 $ 1,871 Derivatives instruments not designated as ASC 815 hedges Over-the-counter $ 126,844 $ 119,854 Cleared 50,515 52,566 Exchange traded 248 98 Interest rate contracts $ 177,607 $ 172,518 Over-the-counter $ 184,869 $ 183,578 Cleared 502 643 Exchange traded 1 5 Foreign exchange contracts $ 185,372 $ 184,226 Over-the-counter $ 19,674 $ 21,871 Cleared 1 4 Exchange traded 22,732 21,908 Equity contracts $ 42,407 $ 43,783 Over-the-counter $ 27,285 $ 24,912 Exchange traded 1,039 1,406 Commodity and other contracts $ 28,324 $ 26,318 Over-the-counter $ 6,836 $ 5,807 Cleared 1,553 1,970 Credit derivatives $ 8,389 $ 7,777 Total derivatives instruments not designated as ASC 815 hedges $ 442,099 $ 434,622 Total derivatives $ 444,987 $ 436,493 Less: Netting agreements (3) $ (346,545) $ (346,545) Less: Netting cash collateral received/paid (4) (23,136) (30,032) Net receivables/payables included on the Consolidated Balance Sheet (5) $ 75,306 $ 59,916 Additional amounts subject to an enforceable master netting agreement, Less: Cash collateral received/paid $ (1,455) $ (2,272) Less: Non-cash collateral received/paid (5,923) (13,475) Total net receivables/payables (5) $ 67,928 $ 44,169 (1) The derivative fair values are also presented in Note 22. (2) 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 $276 billion, $49 billion and $22 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 $14 billion of derivative asset and $11 billion of derivative liability fair values not subject to enforceable master netting agreements, respectively. For the three and nine months ended September 30, 2023 and 2022, 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 presented below. The table below does not include any offsetting gains (losses) on the economically hedged items to the extent that such amounts are also recorded in Other revenue . Gains (losses) included in Three Months Ended September 30, Nine Months Ended September 30, In millions of dollars 2023 2022 2023 2022 Interest rate contracts $ (16) $ 26 $ (47) $ 170 Foreign exchange (46) (33) (113) (114) Total $ (62) $ (7) $ (160) $ 56 Fair Value Hedges For additional information regarding Citi’s fair value hedges, see Note 23 to the Consolidated Financial Statements in Citi’s 2022 Form 10-K. The following table summarizes the gains (losses) on the Company’s fair value hedges: Gains (losses) on fair value hedges (1) Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 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 $ — $ 19 $ — $ (1,855) $ — $ (473) $ — $ (8,238) Foreign exchange hedges (577) — (964) — 709 — (2,623) — Commodity hedges (4) 289 — (977) — (36) — (362) — Total gain (loss) on the hedging derivatives included in assessment of the effectiveness of fair value hedges $ (288) $ 19 $ (1,941) $ (1,855) $ 673 $ (473) $ (2,985) $ (8,238) Gain (loss) on the hedged item in designated and qualifying fair value hedges Interest rate hedges $ — $ (21) $ — $ 1,793 $ — $ 460 $ — $ 8,036 Foreign exchange hedges 577 — 964 — (709) — 2,621 — Commodity hedges (4) (289) — 977 — 36 — 362 — Total gain (loss) on the hedged item in designated and qualifying fair value hedges $ 288 $ (21) $ 1,941 $ 1,793 $ (673) $ 460 $ 2,983 $ 8,036 Net gain (loss) on the hedging derivatives excluded from assessment of the effectiveness of fair value hedges Interest rate hedges $ — $ — $ — $ — $ — $ — $ — $ (11) Foreign exchange hedges (2) 9 — 79 — 33 — 183 — Commodity hedges (3)(4) 100 — 7 — 201 — 30 — Total net gain (loss) on the hedging derivatives excluded from assessment of the effectiveness of fair value hedges $ 109 $ — $ 86 $ — $ 234 $ — $ 213 $ (11) (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. Amounts included both hedges of AFS securities and long-term debt on a net basis, which largely offset in the current period. (2) Amounts related to the forward points (i.e., the spot-forward difference) that are excluded from the assessment of hedge effectiveness and are generally reflected directly in earnings under the mark-to-market approach. 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 $(10) million and $(14) million for the three and nine months ended September 30, 2023 and $40 million and $116 million for the three and nine months ended September 30, 2022, respectively. (3) Amounts related to the forward points (i.e., the spot-forward difference) that are excluded from the assessment of hedge effectiveness reflected directly in earnings under the mark-to-market approach or recorded in AOCI under the amortization approach. The quarter ended September 30, 2023 includes gain (loss) of approximately $93 million and $7 million under the mark-to-market approach and amortization approach, respectively. The quarter ended September 30, 2022 includes gain (loss) of approximately $2 million and $5 million under the mark-to-market approach and amortization approach, respectively. (4) The gain (loss) amounts for commodity hedges are included in Principal transactions for periods beginning 2023. 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 basis adjustment becomes part of the carrying amount of the hedged item until the hedged item is derecognized from the balance sheet. The table below presents the carrying amount of Citi’s hedged assets and liabilities under qualifying fair value hedges at September 30, 2023 and December 31, 2022, along with the cumulative 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 (1) Cumulative basis adjustment increasing (decreasing) the carrying amount Active De-designated As of September 30, 2023 Debt securities AFS (2)(5) $ 95,301 $ (3,180) $ (343) Corporate loans (3) 4,782 (171) — Long-term debt 137,360 (3,330) (4,968) As of December 31, 2022 Debt securities AFS (4)(5) $ 98,837 $ (2,976) $ (333) Long-term debt 144,549 (5,040) (3,399) (1) Excludes physical commodities inventories with a carrying value of approximately $7 billion as of September 30, 2023, which includes cumulative basis adjustments of approximately $113 million for active hedges. (2) These amounts include a cumulative basis adjustment of $(542) million for active hedges and $(294) million for de-designated hedges as of September 30, 2023, related to certain financial assets previously designated as the hedged item in a fair value hedge using the portfolio layer approach. The Company designated approximately $13 billion as the hedged amount (from a closed portfolio of financial assets with a carrying value of $19 billion as of September 30, 2023) in a portfolio layer hedging relationship. (3) All hedged corporate loans are designated in a fair value hedge using the portfolio layer approach. The Company designated approximately $3.8 billion as the hedged amount (from a closed portfolio of financial assets with a carrying value of $4.8 billion as of September 30, 2023). (4) These amounts include a cumulative basis adjustment of $(91) million for active hedges and $(309) million for de-designated hedges as of December 31, 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 December 31, 2022) in a last-of-layer hedging relationship. (5) Carrying amount represents the amortized cost. Cash Flow Hedges Citigroup hedges the variability of forecasted cash flows due to changes in contractually specified interest rates associated with floating-rate assets/liabilities and other forecasted transactions. These cash flow hedging relationships use either regression analysis or dollar-offset ratio analysis to assess whether the hedging relationships are highly effective at inception and on an ongoing basis. For cash flow hedges, the entire change in the fair value of the hedging derivative is recognized in AOCI and then reclassified to earnings in the same period that the forecasted hedged cash flows impact earnings. The net gain (loss) associated with cash flow hedges expected to be reclassified from AOCI within 12 months of September 30, 2023 is approximately $(1.0) billion. The maximum length of time over which forecasted cash flows are hedged is 15 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 18. Three Months Ended September 30, Nine Months Ended September 30, In millions of dollars 2023 2022 2023 2022 Amount of gain (loss) recognized in AOCI on derivatives Interest rate contracts $ 467 $ (1,196) $ 208 $ (3,637) Foreign exchange contracts 10 29 15 45 Total gain (loss) recognized in AOCI $ 477 $ (1,167) $ 223 $ (3,592) Other Net Other Other Net interest Other Net Amount of gain (loss) reclassified from AOCI to earnings (1) Interest rate contracts $ — $ (480) $ — $ (141) $ — $ (1,444) $ — $ 344 Foreign exchange contracts (1) — (1) — (3) — (3) — Total gain (loss) reclassified from AOCI into earnings $ (1) $ (480) $ (1) $ (141) $ (3) $ (1,444) $ (3) $ 344 Net pretax change in cash flow hedges included within AOCI $ 958 $ (1,025) $ 1,670 $ (3,933) (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 Citigroup uses foreign currency forwards, cross-currency swaps, options and foreign currency-denominated debt instruments to manage the foreign exchange risk associated with Citigroup’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 (CTA) within AOCI . The pretax gain (loss) recorded in CTA within AOCI , related to net investment hedges, was $363 million and $(586) million for the three and nine months ended September 30, 2023 and $812 million and $1.5 billion for the three and nine months ended September 30, 2022, respectively. The three and nine months ended September 30, 2022 include a $1 million pretax gain and $46 million pretax loss related to net investment hedges, respectively, which were 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 September 30, 2023 Receivable (1) Payable (2) Protection Protection By instrument Credit default swaps and options $ 11,031 $ 10,644 $ 805,562 $ 761,316 Total return swaps and other 1,611 433 23,129 3,872 Total by instrument $ 12,642 $ 11,077 $ 828,691 $ 765,188 By rating of reference entity Investment grade $ 6,809 $ 5,579 $ 656,154 $ 611,363 Non-investment grade 5,833 5,498 172,537 153,825 Total by rating of reference entity $ 12,642 $ 11,077 $ 828,691 $ 765,188 By maturity Within 1 year $ 1,471 $ 1,035 $ 154,096 $ 134,847 From 1 to 5 years 8,977 8,149 578,360 555,290 After 5 years 2,194 1,893 96,235 75,051 Total by maturity $ 12,642 $ 11,077 $ 828,691 $ 765,188 (1) The fair value amount receivable is composed of $4,697 million under protection purchased and $7,945 million under protection sold. (2) The fair value amount payable is composed of $8,182 million under protection purchased and $2,895 million under protection sold. Fair values Notionals In millions of dollars at December 31, 2022 Receivable (1) Payable (2) Protection Protection By instrument Credit default swaps and options $ 6,867 $ 7,360 $ 623,981 $ 586,504 Total return swaps and other 1,522 417 17,658 6,632 Total by instrument $ 8,389 $ 7,777 $ 641,639 $ 593,136 By rating of reference entity Investment grade $ 3,796 $ 2,970 $ 499,339 $ 462,873 Non-investment grade 4,593 4,807 142,300 130,263 Total by rating of reference entity $ 8,389 $ 7,777 $ 641,639 $ 593,136 By maturity Within 1 year $ 1,753 $ 1,801 $ 147,031 $ 148,721 From 1 to 5 years 4,577 4,134 443,113 407,293 After 5 years 2,059 1,842 51,495 37,122 Total by maturity $ 8,389 $ 7,777 $ 641,639 $ 593,136 (1) The fair value amount receivable is composed of $5,094 million under protection purchased and $3,295 million under protection sold. (2) The fair value amount payable is composed of $3,573 million under protection purchased and $4,204 million under protection sold. Credit Risk-Related Contingent Features in Derivatives Certain derivative instruments contain provisions that require the Company to either post additional collateral or immediately settle any outstanding liability balances upon the occurrence of a specified event related to the credit risk of the Company. These events, which are defined by the existing derivative contracts, are primarily downgrades in the credit ratings of the Company and its affiliates. The fair value (excluding CVA) of all derivative instruments with credit risk-related contingent features that were in a net liability position at September 30, 2023 and December 31, 2022 was $15 billion and $18 billion, respectively. The Company posted $13 billion and $15 billion as collateral for this exposure in the normal course of business as of September 30, 2023 and December 31, 2022, respectively. A downgrade could trigger additional collateral or cash settlement requirements for the Company and certain affiliates. In the event that Citigroup and Citibank were downgraded a single notch by all three major rating agencies as of September 30, 2023, the Company could be required to post an additional $0.7 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 $4 million upon the single notch downgrade, resulting in aggregate cash obligations and collateral requirements of approximately $0.7 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 $2.2 billion and $1.4 billion as of September 30, 2023 and December 31, 2022, respectively. At September 30, 2023, the fair value of these previously derecognized assets was $2.2 billion. The fair value of the total return swaps as of September 30, 2023 was $3 million recorded as gross derivative assets and $52 million recorded as gross derivative liabilities. At December 31, 2022, the fair value of these previously derecognized assets was $1.4 billion, and the fair value of the total return swaps was $27 million recorded as gross derivative assets and $32 million recorded as gross derivative liabilities. The balances for the total return swaps are on a gross basis, before the application of counterparty and cash collateral netting, and are included primarily as equity derivatives in the tabular disclosures in this Note. |
FAIR VALUE MEASUREMENT
FAIR VALUE MEASUREMENT | 9 Months Ended |
Sep. 30, 2023 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE MEASUREMENT | FAIR VALUE MEASUREMENT For additional information regarding fair value measurement at Citi, see Note 25 to the Consolidated Financial Statements in Citi’s 2022 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. Market Valuation Adjustments The table below summarizes the credit valuation adjustments (CVA) and funding valuation adjustments (FVA) applied to the fair value of derivative instruments at September 30, 2023 and December 31, 2022: Credit and funding In millions of dollars September 30, December 31, Counterparty CVA $ (589) $ (816) Asset FVA (539) (622) Citigroup (own credit) CVA 473 607 Liability FVA 273 263 Total CVA and FVA—derivative instruments $ (382) $ (568) The table below summarizes pretax gains (losses) related to changes in CVA on derivative instruments, net of hedges, FVA on derivatives and debt valuation adjustments (DVA) on Citi’s own fair value option (FVO) liabilities for the periods indicated: Credit/funding/debt valuation Three Months Ended September 30, Nine Months Ended September 30, In millions of dollars 2023 2022 2023 2022 Counterparty CVA $ 35 $ (10) $ 5 $ (211) Asset FVA (17) (96) 77 (247) Own credit CVA 14 29 (134) 327 Liability FVA 38 58 (5) 148 Total CVA and FVA—derivative instruments $ 70 $ (19) $ (57) $ 17 DVA related to own FVO liabilities (1) $ 395 $ 1,159 $ (875) $ 4,800 Total CVA, DVA and FVA $ 465 $ 1,140 $ (932) $ 4,817 (1) See Note 20 to the Consolidated Financial Statements in Citi’s 2022 Form 10-K. Items Measured at Fair Value on a Recurring Basis The following tables present for each of the fair value hierarchy levels the Company’s assets and liabilities that are measured at fair value on a recurring basis at September 30, 2023 and December 31, 2022. The Company may hedge Fair Value Levels In millions of dollars at September 30, 2023 Level 1 Level 2 Level 3 Gross Netting (1) Net Assets Securities borrowed and purchased under agreements to resell $ — $ 440,315 $ 135 $ 440,450 $ (234,299) $ 206,151 Trading non-derivative assets Trading mortgage-backed securities U.S. government-sponsored agency guaranteed — 67,525 538 68,063 — 68,063 Residential 1 2,128 165 2,294 — 2,294 Commercial — 505 205 710 — 710 Total trading mortgage-backed securities $ 1 $ 70,158 $ 908 $ 71,067 $ — $ 71,067 U.S. Treasury and federal agency securities $ 90,944 $ 1,717 $ — $ 92,661 $ — $ 92,661 State and municipal — 1,903 3 1,906 — 1,906 Foreign government 45,369 31,687 69 77,125 — 77,125 Corporate 1,363 18,367 764 20,494 — 20,494 Equity securities 46,513 10,604 263 57,380 — 57,380 Asset-backed securities — 1,805 575 2,380 — 2,380 Other trading assets (2) 64 13,764 973 14,801 — 14,801 Total trading non-derivative assets $ 184,254 $ 150,005 $ 3,555 $ 337,814 $ — $ 337,814 Trading derivatives Interest rate contracts $ 129 $ 176,243 $ 2,746 $ 179,118 Foreign exchange contracts — 172,886 1,431 174,317 Equity contracts 25 41,817 1,211 43,053 Commodity contracts — 15,013 1,274 16,287 Credit derivatives — 11,803 839 12,642 Total trading derivatives—before netting and collateral $ 154 $ 417,762 $ 7,501 $ 425,417 Netting agreements $ (333,991) Netting of cash collateral received (22,872) Total trading derivatives—after netting and collateral $ 154 $ 417,762 $ 7,501 $ 425,417 $ (356,863) $ 68,554 Investments Mortgage-backed securities U.S. government-sponsored agency guaranteed $ — $ 19,786 $ 29 $ 19,815 $ — $ 19,815 Residential — 283 24 307 — 307 Commercial — 1 — 1 — 1 Total investment mortgage-backed securities $ — $ 20,070 $ 53 $ 20,123 $ — $ 20,123 U.S. Treasury and federal agency securities $ 80,949 $ 299 $ 20 $ 81,268 $ — $ 81,268 State and municipal — 1,538 493 2,031 — 2,031 Foreign government 57,970 67,230 196 125,396 — 125,396 Corporate 2,835 2,269 289 5,393 — 5,393 Marketable equity securities 186 86 11 283 — 283 Asset-backed securities — 652 30 682 — 682 Other debt securities — 6,890 — 6,890 — 6,890 Non-marketable equity securities (3) — — 431 431 — 431 Total investments $ 141,940 $ 99,034 $ 1,523 $ 242,497 $ — $ 242,497 Table continues on the next page. In millions of dollars at September 30, 2023 Level 1 Level 2 Level 3 Gross Netting (1) Net Loans $ — $ 7,146 $ 265 $ 7,411 $ — $ 7,411 Mortgage servicing rights — — 729 729 — 729 Non-trading derivatives and other financial assets measured on a recurring basis $ 6,990 $ 7,496 $ 77 $ 14,563 $ — $ 14,563 Total assets $ 333,338 $ 1,121,758 $ 13,785 $ 1,468,881 $ (591,162) $ 877,719 Total as a percentage of gross assets (4) 22.7% 76.4% 0.9% Liabilities Interest-bearing deposits $ — $ 2,567 $ 155 $ 2,722 $ — $ 2,722 Securities loaned and sold under agreements to repurchase — 225,705 481 226,186 (165,524) 60,662 Trading account liabilities Securities sold, not yet purchased 96,351 13,412 88 109,851 — 109,851 Other trading liabilities — 11 1 12 — 12 Total trading account liabilities $ 96,351 $ 13,423 $ 89 $ 109,863 $ — $ 109,863 Trading derivatives Interest rate contracts $ 120 $ 168,590 $ 4,549 $ 173,259 Foreign exchange contracts — 166,133 818 166,951 Equity contracts 35 44,118 2,346 46,499 Commodity contracts — 16,035 1,225 17,260 Credit derivatives — 10,311 766 11,077 Total trading derivatives—before netting and collateral $ 155 $ 405,187 $ 9,704 $ 415,046 Netting agreements $ (333,991) Netting of cash collateral paid (26,294) Total trading derivatives—after netting and collateral $ 155 $ 405,187 $ 9,704 $ 415,046 $ (360,285) $ 54,761 Short-term borrowings $ — $ 6,014 $ 456 $ 6,470 $ — $ 6,470 Long-term debt — 76,979 35,650 112,629 — 112,629 Total non-trading derivatives and other financial liabilities measured on a recurring basis $ 7,111 $ 177 $ 28 $ 7,316 $ — $ 7,316 Total liabilities $ 103,617 $ 730,052 $ 46,563 $ 880,232 $ (525,809) $ 354,423 Total as a percentage of gross liabilities (4) 11.8 % 82.9 % 5.3 % (1) Represents netting of (i) the amounts due under securities purchased under agreements to resell and the amounts owed under securities sold under agreements to repurchase and (ii) derivative exposures covered by a qualifying master netting agreement and cash collateral offsetting. (2) Includes positions related to investments in unallocated precious metals, as discussed in Note 23. Also includes physical commodities accounted for at the lower of cost or fair value and unfunded credit products. (3) Amounts exclude $24 million 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, 2022 Level 1 Level 2 Level 3 Gross Netting (1) Net Assets Securities borrowed and purchased under agreements to resell $ — $ 350,145 $ 149 $ 350,294 $ (110,767) $ 239,527 Trading non-derivative assets Trading mortgage-backed securities U.S. government-sponsored agency guaranteed — 34,878 600 35,478 — 35,478 Residential 1 1,821 166 1,988 — 1,988 Commercial — 798 145 943 — 943 Total trading mortgage-backed securities $ 1 $ 37,497 $ 911 $ 38,409 $ — $ 38,409 U.S. Treasury and federal agency securities $ 63,067 $ 4,513 $ 1 $ 67,581 $ — $ 67,581 State and municipal — 2,256 7 2,263 — 2,263 Foreign government 38,383 25,850 119 64,352 — 64,352 Corporate 1,593 11,955 394 13,942 — 13,942 Equity securities 43,990 10,179 192 54,361 — 54,361 Asset-backed securities — 1,597 668 2,265 — 2,265 Other trading assets (2) 24 14,963 648 15,635 — 15,635 Total trading non-derivative assets $ 147,058 $ 108,810 $ 2,940 $ 258,808 $ — $ 258,808 Trading derivatives Interest rate contracts $ 297 $ 174,156 $ 3,751 $ 178,204 Foreign exchange contracts — 186,897 766 187,663 Equity contracts 20 40,683 1,704 42,407 Commodity contracts — 26,823 1,501 28,324 Credit derivatives — 7,484 905 8,389 Total trading derivatives—before netting and collateral $ 317 $ 436,043 $ 8,627 $ 444,987 Netting agreements $ (346,545) Netting of cash collateral received (3) (23,136) Total trading derivatives—after netting and collateral $ 317 $ 436,043 $ 8,627 $ 444,987 $ (369,681) $ 75,306 Investments Mortgage-backed securities U.S. government-sponsored agency guaranteed $ — $ 11,232 $ 30 $ 11,262 $ — $ 11,262 Residential — 444 41 485 — 485 Commercial — 2 — 2 — 2 Total investment mortgage-backed securities $ — $ 11,678 $ 71 $ 11,749 $ — $ 11,749 U.S. Treasury and federal agency securities $ 91,851 $ 439 $ — $ 92,290 $ — $ 92,290 State and municipal — 1,637 586 2,223 — 2,223 Foreign government 58,419 74,250 608 133,277 — 133,277 Corporate 2,230 2,343 343 4,916 — 4,916 Marketable equity securities 254 165 10 429 — 429 Asset-backed securities — 1,029 1 1,030 — 1,030 Other debt securities — 4,194 — 4,194 — 4,194 Non-marketable equity securities (4) — 9 430 439 — 439 Total investments $ 152,754 $ 95,744 $ 2,049 $ 250,547 $ — $ 250,547 Table continues on the next page. In millions of dollars at December 31, 2022 Level 1 Level 2 Level 3 Gross Netting (1) Net Loans $ — $ 3,999 $ 1,361 $ 5,360 $ — $ 5,360 Mortgage servicing rights — — 665 665 — 665 Non-trading derivatives and other financial assets measured on a recurring basis $ 4,310 $ 6,291 $ 57 $ 10,658 $ — $ 10,658 Total assets $ 304,439 $ 1,001,032 $ 15,848 $ 1,321,319 $ (480,448) $ 840,871 Total as a percentage of gross assets (5) 23.0% 75.8% 1.2% Liabilities Interest-bearing deposits $ — $ 1,860 $ 15 $ 1,875 $ — $ 1,875 Securities loaned and sold under agreements to repurchase — 155,822 1,031 156,853 (85,967) 70,886 Trading account liabilities Securities sold, not yet purchased 97,559 13,111 50 110,720 — 110,720 Other trading liabilities — 8 3 11 — 11 Total trading account liabilities $ 97,559 $ 13,119 $ 53 $ 110,731 $ — $ 110,731 Trading derivatives Interest rate contracts $ 175 $ 169,049 $ 3,396 $ 172,620 Foreign exchange contracts — 185,279 716 185,995 Equity contracts 70 40,905 2,808 43,783 Commodity contracts 2 25,093 1,223 26,318 Credit derivatives — 6,715 1,062 7,777 Total trading derivatives—before netting and collateral $ 247 $ 427,041 $ 9,205 $ 436,493 Netting agreements $ (346,545) Netting of cash collateral paid (3) (30,032) Total trading derivatives—after netting and collateral $ 247 $ 427,041 $ 9,205 $ 436,493 $ (376,577) $ 59,916 Short-term borrowings $ — $ 6,184 $ 38 $ 6,222 $ — $ 6,222 Long-term debt — 69,878 36,117 105,995 — 105,995 Total non-trading derivatives and other financial liabilities measured on a recurring basis $ 4,197 $ 240 $ 2 $ 4,439 $ — $ 4,439 Total liabilities $ 102,003 $ 674,144 $ 46,461 $ 822,608 $ (462,544) $ 360,064 Total as a percentage of gross liabilities (5) 12.4 % 82.0 % 5.6 % (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 23. 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 $27 million 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 nine months ended September 30, 2023 and 2022. The gains and losses presented below include changes in the fair value related to both observable and unobservable inputs. The Company often hedges positions with offsetting positions that are classified in a different level. For example, the gains and losses for assets and liabilities in the Level 3 category presented in the tables below do not reflect the effect of offsetting losses and gains on hedging instruments that may be classified in the Level 1 or Level 2 categories. In addition, the Company hedges items classified in the Level 3 category with instruments also classified in Level 3 of the fair value hierarchy. The hedged items and related hedges are presented gross in the following tables: Level 3 Fair Value Rollforward Net realized/unrealized gains (losses) incl. in (1) Transfers Unrealized (3) In millions of dollars Jun. 30, 2023 Principal Other (1)(2) into out of Purchases Issuances Sales Settlements Sept. 30, 2023 Assets Securities borrowed and purchased under agreements to resell $ 140 $ 1 $ — $ — $ — $ 126 $ — $ — $ (132) $ 135 $ 9 Trading non-derivative assets Trading mortgage-backed securities U.S. government-sponsored agency guaranteed 659 (21) — 93 (155) 92 — (130) — 538 (14) Residential 145 (1) — 31 (3) 52 — (59) — 165 (3) Commercial 182 (8) — 59 (25) 26 — (29) — 205 (8) Total trading mortgage-backed securities $ 986 $ (30) $ — $ 183 $ (183) $ 170 $ — $ (218) $ — $ 908 $ (25) U.S. Treasury and federal agency securities $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — State and municipal 3 — — — — — — — — 3 — Foreign government 81 (23) — — (31) 70 — (28) — 69 19 Corporate 581 224 — 38 (303) 624 — (400) — 764 (232) Marketable equity securities 285 2 — 16 (10) 28 — (58) — 263 1 Asset-backed securities 539 6 — 15 (39) 297 — (243) — 575 2 Other trading assets 1,478 (332) — 279 (198) 260 — (514) — 973 (114) Total trading non-derivative assets $ 3,953 $ (153) $ — $ 531 $ (764) $ 1,449 $ — $ (1,461) $ — $ 3,555 $ (349) Trading derivatives, net (4) Interest rate contracts $ (1,962) $ (474) $ — $ (18) $ 298 $ 51 $ — $ 49 $ 253 $ (1,803) $ (637) Foreign exchange contracts 700 158 — 1 (24) 50 — (8) (264) 613 159 Equity contracts (1,563) 641 — 128 (145) (346) — (21) 171 (1,135) 212 Commodity contracts 330 222 — 96 (149) (389) — (2) (59) 49 120 Credit derivatives (155) 54 — 22 81 80 — — (9) 73 (16) Total trading derivatives, net (4) $ (2,650) $ 601 $ — $ 229 $ 61 $ (554) $ — $ 18 $ 92 $ (2,203) $ (162) Table continues on the next page. Net realized/unrealized gains (losses) incl. in (1) Transfers Unrealized (3) In millions of dollars Jun. 30, 2023 Principal Other (1)(2) into out of Purchases Issuances Sales Settlements Sept. 30, 2023 Investments Mortgage-backed securities U.S. government-sponsored agency guaranteed $ 32 $ — $ — $ — $ (3) $ — $ — $ — $ — $ 29 $ — Residential 25 — (1) — — — — — — 24 (1) Commercial — — — — — — — — — — — Total investment mortgage-backed securities $ 57 $ — $ (1) $ — $ (3) $ — $ — $ — $ — $ 53 $ (1) U.S. Treasury and federal agency securities $ 21 $ — $ (1) $ — $ — $ — $ — $ — $ — $ 20 $ — State and municipal 507 — (29) 1 — 45 — (31) — 493 (29) Foreign government 414 — (12) 2 (179) 124 — (153) — 196 1 Corporate 290 — — — — 15 — (16) — 289 — Marketable equity securities 13 — (2) — — — — — — 11 — Asset-backed securities 1 — (1) 30 — — — — — 30 — Other debt securities 57 — 1 — (58) — — — — — — Non-marketable equity securities 404 — 21 6 — — — — — 431 (5) Total investments $ 1,764 $ — $ (24) $ 39 $ (240) $ 184 $ — $ (200) $ — $ 1,523 $ (34) Loans $ 241 $ — $ 15 $ — $ — $ — $ 10 $ — $ (1) $ 265 $ (82) Mortgage servicing rights 681 — 42 — — — 23 — (17) 729 41 Other financial assets measured at fair value on a recurring basis 73 — (22) — — 28 — (2) — 77 — Liabilities Interest-bearing deposits $ 26 $ — $ (10) $ 49 $ — $ — $ 70 $ — $ — $ 155 $ (11) Securities loaned and sold under agreements to repurchase 627 (2) — — — — — — (148) 481 1 Trading account liabilities Securities sold, not yet purchased 62 — — 11 (3) 61 — — (43) 88 (2) Other trading liabilities 4 — — 1 (2) 2 — — (4) 1 — Short-term borrowings 296 — — 16 (7) 1 181 — (31) 456 (21) Long-term debt 37,204 2,816 — 1,010 (1,336) — 3,027 — (1,439) 35,650 2,112 Other financial liabilities measured on a recurring basis 23 — — — — — 26 (21) — 28 — (1) Net realized/unrealized gains (losses) are presented as increase (decrease) to Level 3 assets, and as (increase) decrease to Level 3 liabilities. Changes in fair value of available-for-sale debt securities are recorded in AOCI , unless related to credit impairment, while gains and losses from sales are recorded in Realized gains (losses) from sales of investments in the Consolidated Statement of Income. (2) Unrealized gains (losses) on MSRs are recorded in Other revenue in the Consolidated Statement of Income. (3) Represents the amount of total gains or losses for the period, included in earnings (and AOCI for changes in fair value of available-for-sale debt securities and DVA on fair value option liabilities), attributable to the change in fair value relating to assets and liabilities classified as Level 3 that are still held at September 30, 2023. (4) Total Level 3 derivative assets and liabilities have been netted in these tables for presentation purposes only. Net realized/unrealized gains (losses) incl. in (1) Transfers Unrealized (3) In millions of dollars Dec. 31, 2022 Principal Other (1)(2) into out of Purchases Issuances Sales Settlements Sept. 30, 2023 Assets Securities borrowed and purchased under agreements to resell $ 149 $ 4 $ — $ — $ (2) $ 263 $ — $ — $ (279) $ 135 $ 9 Trading non-derivative assets Trading mortgage-backed securities U.S. government-sponsored agency guaranteed 600 (31) — 278 (421) 462 — (350) — 538 (34) Residential 166 (2) — 92 (65) 152 — (178) — 165 (17) Commercial 145 (23) — 163 (56) 76 — (100) — 205 (19) Total trading mortgage-backed securities $ 911 $ (56) $ — $ 533 $ (542) $ 690 $ — $ (628) $ — $ 908 $ (70) U.S. Treasury and federal agency securities $ 1 $ (1) $ — $ — $ — $ — $ — $ — $ — $ — $ — State and municipal 7 (3) — 19 — — — (20) — 3 (1) Foreign government 119 (17) — 8 (58) 131 — (114) — 69 22 Corporate 394 300 — 248 (481) 976 — (673) — 764 (185) Marketable equity securities 192 11 — 42 (18) 125 — (89) — 263 10 Asset-backed securities 668 20 — 94 (120) 615 — (702) — 575 4 Other trading assets 648 69 — 540 (274) 728 — (738) — 973 (123) Total trading non-derivative assets $ 2,940 $ 323 $ — $ 1,484 $ (1,493) $ 3,265 $ — $ (2,964) $ — $ 3,555 $ (343) Trading derivatives, net (4) Interest rate contracts $ 355 $ (2,163) $ — $ (220) $ (361) $ 38 $ — $ 62 $ 486 $ (1,803) $ (2,060) Foreign exchange contracts 50 704 — 105 24 152 — (89) (333) 613 408 Equity contracts (1,104) (237) — 61 661 (599) — (65) 148 (1,135) (596) Commodity contracts 278 85 — 270 91 (447) — (14) (214) 49 12 Credit derivatives (157) (92) — 19 217 82 — — 4 73 (84) Total trading derivatives, net (4) $ (578) $ (1,703) $ — $ 235 $ 632 $ (774) $ — $ (106) $ 91 $ (2,203) $ (2,320) Table continues on the next page. Net realized/unrealized gains (losses) incl. in (1) Transfers Unrealized (3) In millions of dollars Dec. 31, 2022 Principal Other (1)(2) into out of Purchases Issuances Sales Settlements Sept. 30, 2023 Investments Mortgage-backed securities U.S. government-sponsored agency guaranteed $ 30 $ — $ (1) $ — $ (3) $ 4 $ — $ (1) $ — $ 29 $ (3) Residential 41 — (1) — — — — (16) — 24 (1) Commercial — — — — — — — — — — — Total investment mortgage-backed securities $ 71 $ — $ (2) $ — $ (3) $ 4 $ — $ (17) $ — $ 53 $ (4) U.S. Treasury and federal agency securities $ — $ — $ (1) $ — $ — $ 51 $ — $ (30) $ — $ 20 $ — State and municipal 586 — (20) 2 (77) 46 — (44) — 493 (23) Foreign government 608 — (7) 27 (197) 647 — (882) — 196 1 Corporate 343 — (1) — (61) 96 — (88) — 289 (4) Marketable equity securities 10 — 1 — — — — — — 11 — Asset-backed securities 1 — (1) 30 — — — — — 30 — Other debt securities — — 1 — (63) 62 — — — — — Non-marketable equity securities 430 — 3 8 — 16 — (26) — 431 (5) Total investments $ 2,049 $ — $ (27) $ 67 $ (401) $ 922 $ — $ (1,087) $ — $ 1,523 $ (35) Loans $ 1,361 $ — $ (249) $ 2 $ (309) $ — $ 116 $ — $ (656) $ 265 $ (104) Mortgage servicing rights 665 — 61 — — — 54 — (51) 729 62 Other financial assets measured at fair value on a recurring basis 57 — (24) — (2) 50 — (4) — 77 — Liabilities Interest-bearing deposits $ 15 $ (7) $ (12) $ 49 $ (1) $ — $ 83 $ — $ (10) $ 155 $ (11) Securities loaned and sold under agreements to repurchase 1,031 (8) — — (24) 1,335 — — (1,869) 481 1 Trading account liabilities Securities sold, not yet purchased 50 (13) — 22 (34) 125 — — (88) 88 (2) Other trading liabilities 3 2 — 4 (2) 2 — — (4) 1 — Short-term borrowings 38 40 — 35 (23) 1 478 — (33) 456 (31) Long-term debt 36,117 2,589 — 4,238 (7,442) — 7,371 — (2,045) 35,650 841 Other financial liabilities measured on a recurring basis 2 — 1 — (1) — 49 (21) — 28 — (1) Net realized/unrealized gains (losses) are presented as increase (decrease) to Level 3 assets, and as (increase) decrease to Level 3 liabilities. Changes in fair value of available-for-sale debt securities are recorded in AOCI , unless related to credit impairment, while gains and losses from sales are recorded in Realized gains (losses) from sales of investments in the Consolidated Statement of Income. (2) Unrealized gains (losses) on MSRs are recorded in Other revenue in the Consolidated Statement of Income. (3) Represents the amount of total gains or losses for the period, included in earnings (and AOCI for changes in fair value of available-for-sale debt securities and DVA on fair value option liabilities), attributable to the change in fair value relating to assets and liabilities classified as Level 3 that are still held at September 30, 2023. (4) Total Level 3 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, 2022 to September 30, 2023: • During the three and nine months ended September 30, 2023, transfers of Long-term debt were $1.0 billion and $4.2 billion from Level 2 to Level 3, respectively. Of the $4.2 billion transfer, approximately $3.6 billion related to interest rate option volatility inputs becoming unobservable and/or significant relative to their overall valuation, and $0.6 billion related to equity and credit derivative inputs (in addition to other volatility inputs, e.g., interest rate volatility inputs) becoming unobservable and/or significant to their overall valuation. In other instances, market changes have resulted in some inputs becoming more observable, and some unobservable inputs becoming less significant to the overall valuation of the instruments (e.g., when an option becomes deep-in or deep-out of the money). This has primarily resulted in $1.3 billion and $7.4 billion of certain structured long-term debt products being transferred from Level 3 to Level 2 during the three and nine months ended September 30, 2023, respectively. The following were the significant Level 3 transfers for the period December 31, 2021 to September 30, 2022: • During the three and nine months ended September 30, 2022, transfers of Long-term debt were $2.8 billion and $9.6 billion, respectively, from Level 2 to Level 3. Of the $9.6 billion transfer in the nine months ended September 30, 2022, approximately $6.8 billion related to interest rate option volatility inputs becoming unobservable and/or significant relative to their overall valuation, and $2.8 billion related to equity and credit derivative inputs (in addition to other volatility inputs, e.g., interest rate volatility inputs) becoming unobservable and/or significant to their overall valuation. In other instances, market changes have resulted in some inputs becoming more observable, and some unobservable inputs becoming less significant to the overall valuation of the instruments (e.g., when an option becomes deep-in or deep-out of the money). This has primarily resulted in $0.8 billion and $4.3 billion of certain structured long-term debt products being transferred from Level 3 to Level 2 during the three and nine months ended September 30, 2022, respectively. Valuation Techniques and Inputs for Level 3 Fair Value Measurements The following tables present the valuation techniques covering the majority of Level 3 inventory and the most significant unobservable inputs used in Level 3 fair value measurements. Differences between this table and amounts presented in the Level 3 Fair Value Rollforward table represent individually immaterial items that have been measured using a variety of valuation techniques other than those listed. As of September 30, 2023 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 $ 135 Model-based Interest rate 4.62 % 4.62 % 4.62 % Credit spread 15 bps 15 bps 15 bps Mortgage-backed securities $ 614 Yield analysis Yield 5.36 % 20.06 % 9.29 % 338 Price-based Price $ 0.96 $ 112.94 $ 53.66 State and municipal, foreign government, corporate and other debt securities $ 2,107 Price-based Price $ 0.85 $ 102.42 $ 82.51 792 Model-based Credit spread 35 bps 550 bps 290 bps Marketable equity securities (5) $ 224 Price-based Price $ — $ 9,862.00 $ 91.95 33 Model-based WAL 2.49 years 2.49 years 2.49 years Recovery (in millions) $ 7,148 $ 7,148 $ 7,148 Appraised value (in millions) $ 4.38 $ 19.30 $ 14.40 Asset-backed securities $ 573 Price-based Price $ 3.97 $ 139.76 $ 80.52 77 Yield analysis Yield 6.40 % 12.43 % 8.13 % Non-marketable equities $ 296 Comparables analysis Illiquidity discount 10.00 % 20.00 % 10.47 % 53 Cash flow PE ratio 12.90x 15.00x 13.40x 44 Model-based Discount to price 8.50 % 33.00 % 18.63 % Revenue multiple 4.20x 11.30x 10.56x Derivatives—gross (6) Interest rate contracts (gross) $ 7,135 Model-based IR normal volatility (9.25) % 47.18 % 2.25 % Interest rate 2.48 % 3.67 % 2.78 % Foreign exchange contracts (gross) $ 2,201 Model-based IR normal volatility (9.25) % 47.39 % 3.28 % Equity contracts (gross) (7) $ 3,463 Model-based Equity volatility 0.04 % 299.19 % 38.17 % Equity forward 64.56 % 328.31 % 114.08 % Equity-FX correlation (79.00) % 70.00 % (10.18) % WAL 2.49 years 2.49 years 2.49 years Recovery (in millions) $ 7,148 $ 7,148 $ 7,148 Equity-IR correlation (25.00) % 44.00 % 28.54 % Commodity and other contracts (gross) $ 2,498 Model-based Commodity correlation (39.67) % 93.50 % (0.46) % Commodity volatility 7.80 % 104.90 % 25.13 % Forward price 16.67 % 2,000% 153.87 % Credit derivatives (gross) $ 1,170 Model-based Credit spread 8 bps 775 bps 108 bps 433 Price-based Recovery rate 25.00 % 40.00 % 39.13 % Credit correlation 25.00 % 90.00 % 49.93 % Price $ 14.86 $ 100.07 $ 82.59 Upfront points (1.66) % 99.00 % 48.05 % Nontrading derivatives and other financial assets and liabilities measured on a recurring basis (gross) $ 105 Price-based Price $ — $ 9,862.02 $ 86.58 Loans and leases $ 225 Price-based Price $ 73.95 $ 103.41 $ 89.02 As of September 30, 2023 Fair value (1) (in millions) Methodology Input Low (2)(3) High (2)(3) Weighted average (4) Forward price 20.39 % 534.83 % 159.35 % Commodity volatility 7.80 % 104.90 % 25.13 % Commodity correlation (39.67) % 93.50 % (0.46) % Mortgage servicing rights $ 641 Cash flow Yield 0.50 % 12.00 % 5.68 % WAL 3.87 years 9.59 years 8.06 years Liabilities Interest-bearing deposits $ 85 Model-based Price $ 100.00 $ 100.00 $ 100.00 70 Price-based Forward price 100 % 100 % 100 % Equity forward 100 % 117 % 103 % Securities loaned and sold under agreements to repurchase $ 481 Model-based Interest rate 4.66 % 5.59 % 4.71 % Trading account liabilities Securities sold, not yet purchased and other trading liabilities $ 85 Price-based Price $ — $ 259.90 $ 78.73 Short-term borrowings and $ 33,941 Model-based IR normal volatility 0.33 % 20.00 % 1.35 % As of December 31, 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 $ 146 Model-based Credit spread 15 bps 15 bps 15 bps Interest rate 2.61 % 2.61 % 2.61 % Mortgage-backed securities $ 228 Price-based Price $ 1.04 $ 99.71 $ 51.51 732 Yield analysis Yield 4.41 % 20.30 % 9.74 % State and municipal, foreign government, corporate and other debt securities $ 2,360 Price-based Price $ 0.01 $ 994.68 $ 245.85 Marketable equity securities (5) $ 147 Price-based Price $ — $ 9,087.76 $ 114.29 31 Model-based WAL 2.24 years 2.24 years 2.24 years Recovery (in millions) $ 7,148 $ 7,148 $ 7,148 Asset-backed securities $ 304 Price-based Price $ 10.50 $ 145.00 $ 74.97 308 Yield analysis Yield 5.76 % 18.58 % 9.34 % Non-marketable equities $ 287 Comparables analysis Illiquidity discount 8.60 % 17.00 % 10.16 % 101 Price-based PE ratio 14.00x 15.70x 15.16x Cost of capital 8.10 % 17.50 % 10.44 % Revenue multiple 3.60x 13.90x 12.40x Derivatives—gross (6) Interest rate contracts (gross) $ 7,108 Model-based IR normal volatility 0.33 % 1.82 % 0.96 % Foreign exchange contracts (gross) $ 1,437 Model-based IR normal volatility 0.33 % 1.47 % 0.67 % IR basis (4.23) % 9.68 % (0.03) % Equity volatility 0.05 % 300.72 % 33.91 % Credit spread 116 bps 626 bps 594 bps Equity contracts (gross) (7) $ 4,430 Model-based Equity volatility 0.05 % 300.72 % 41.47 % Equity forward 68.34 % 271.61 % 103.50 % Equity-FX correlation (95.00) % 50.00 % (16.33) % Equity-Equity correlation (3.98) % 98.68 % 85.63 % WAL 2.24 years 2.24 years 2.24 years Recovery (in millions) $ 7,148 $ 7,148 $ 7,148 Equity-IR correlation (18.83) % 60.00 % 32.37 % Commodity and other contracts (gross) $ 2,724 Model-based Forward price 14.27 % 385.50 % 106.08 % Commodity volatility 10.43 % 151.50 % 33.55 % Commodity correlation (32.00) % 91.94 % 36.70 % Credit derivatives (gross) $ 1,520 Model-based Credit spread 2.50 bps 955.10 bps 101.27 bps 439 Price-based Recovery rate 25.00 % 75.00 % 42.27 % Credit correlation 25.00 % 80.00 % 42.38 % Price $ 31.71 $ 99.00 $ 78.75 Credit spread volatility 35.58 % 64.79 % 40.47 % Non-trading derivatives and other financial assets and liabilities measured on a recurring basis (gross) $ 57 Price-based Price $ 80.16 $ 105.32 $ 92.65 Loans and leases $ 1,059 Model-based Equity volatility 0.05 % 300.72 % 42.62 % 304 Price-based Forward price 14.27 % 324.85 % 105.07 % Price $ 0.01 $ 100.53 $ 84.77 Equity forward 68.34 % 271.61 % 103.49 % Mortgage servicing rights |
FAIR VALUE ELECTIONS
FAIR VALUE ELECTIONS | 9 Months Ended |
Sep. 30, 2023 | |
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 . The Company has elected fair value accounting for its mortgage servicing rights (MSRs). See Note 20 for additional details on Citi’s MSRs. Additional discussion regarding other applicable areas in which fair value elections were made is presented in Note 22. The following table presents the changes in fair value of those items for which the fair value option has been elected: Changes in fair value—gains (losses) Three Months Ended September 30, Nine Months Ended September 30, In millions of dollars 2023 2022 2023 2022 Assets Securities borrowed and purchased under agreements to resell $ 69 $ (82) $ 59 $ (165) Trading account assets (14) (69) 65 (307) Loans Certain corporate loans 1,036 372 1,362 (2,227) Certain consumer loans (10) — (9) (1) Total loans $ 1,026 $ 372 $ 1,353 $ (2,228) Other assets MSRs $ 42 $ 37 $ 61 $ 195 Certain mortgage loans HFS (1) (28) (110) (38) (440) Total other assets $ 14 $ (73) $ 23 $ (245) Total assets $ 1,095 $ (596) $ 1,500 $ (2,945) Liabilities Interest-bearing deposits $ 18 $ 133 $ (34) $ 10 Securities loaned and sold under agreements to repurchase (63) 63 (82) 159 Trading account liabilities (151) 208 1 (241) Short-term borrowings (2) 144 61 232 1,257 Long-term debt (2) 2,443 4,922 (4,053) 20,635 Total liabilities $ 2,391 $ 5,387 $ (3,936) $ 21,820 (1) Includes gains (losses) associated with interest rate lock commitments for originated loans for which the Company has elected the fair value option. (2) Includes DVA that is included in AOCI . See Notes 18 and 22. 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 . See Note 18 for additional information. 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 $395 million and a gain of $1,159 million for the three months ended September 30, 2023 and 2022, respectively, and a loss of $(875) million and a gain of $4,800 million for the nine months ended September 30, 2023 and 2022, respectively. Changes in fair value resulting from changes in instrument-specific credit risk were estimated by incorporating the Company’s current credit spreads observable in the bond market into the relevant valuation technique used to value each liability as described above. The Fair Value Option for Financial Assets and Financial Liabilities Selected Portfolios of Securities Purchased Under Agreements to Resell, Securities Borrowed, Securities Sold Under Agreements to Repurchase, Securities Loaned and Certain Uncollateralized Short-Term Borrowings The Company elected the fair value option for certain portfolios of fixed income securities purchased under agreements to resell and fixed income securities sold under agreements to repurchase, securities borrowed, securities loaned and certain uncollateralized short-term borrowings held primarily by broker-dealer entities in the United States, the United Kingdom and Japan. In each case, the election was made because the related interest rate risk is managed on a portfolio basis, primarily with offsetting derivative instruments that are accounted for at fair value through earnings. Changes in fair value for transactions in these portfolios are recorded in Principal transactions . The related interest revenue and interest expense are measured based on the contractual rates specified in the transactions and are reported as Interest revenue and Interest expense in the Consolidated Statement of Income. Certain Loans and Other Credit Products Citigroup has also elected the fair value option for certain other originated and purchased loans, including certain unfunded loan products, such as guarantees and letters of credit, executed by Citigroup’s lending and trading businesses. None of these credit products are highly leveraged financing commitments. Significant groups of transactions include loans and unfunded loan products that are expected to be either sold or securitized in the near term, or transactions where the economic risks are hedged with derivative instruments, such as purchased credit default swaps or total return swaps where the Company pays the total return on the underlying loans to a third party. Citigroup has elected the fair value option to mitigate accounting mismatches in cases where hedge accounting is complex and to achieve operational simplifications. Fair value was not elected for most lending transactions across the Company. The following table provides information about certain credit products carried at fair value: September 30, 2023 December 31, 2022 In millions of dollars Trading assets Loans Trading assets Loans Carrying amount reported on the Consolidated Balance Sheet $ 4,340 $ 7,411 $ 6,011 $ 5,360 Aggregate unpaid principal balance in excess of (less than) fair value 120 60 167 51 Balance of non-accrual loans or loans more than 90 days past due — 1 — 2 Aggregate unpaid principal balance in excess of (less than) fair value for non-accrual loans or loans more than 90 days past due — 1 — — In addition to the amounts reported above, $541 million and $729 million of unfunded commitments related to certain credit products selected for fair value accounting were outstanding as of September 30, 2023 and December 31, 2022, 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 September 30, 2023 and 2022 due to instrument-specific credit risk totaled to a loss of $(27) million and $(69) 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 (e.g., gold, silver, platinum and palladium) as part of its commodity trading activities. Under ASC 815, the investment is bifurcated into a debt host contract and a commodity derivative instrument. Citigroup elects the fair value option for the debt host contract, and reports the contract within Trading account assets on the Company’s Consolidated Balance Sheet. The total carrying amount of debt host contracts across unallocated precious metals accounts was approximately $0.4 billion and $0.3 billion at September 30, 2023 and December 31, 2022, respectively. As part of its commodity 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. 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 economically hedged with derivative instruments. The Company has elected the fair value option to mitigate accounting mismatches in cases where hedge accounting is complex and to achieve operational simplifications. The following table provides information about certain mortgage loans HFS carried at fair value: In millions of dollars September 30, December 31, 2022 Carrying amount reported on the Consolidated Balance Sheet $ 551 $ 793 Aggregate fair value in excess of (less than) unpaid principal balance (17) (10) Balance of non-accrual loans or loans more than 90 days past due 3 1 Aggregate unpaid principal balance in excess of fair value for non-accrual loans — — The changes in the fair values of these mortgage loans are reported in Other revenue in the Company’s Consolidated Statement of Income. There was no net change in fair value during the nine months ended September 30, 2023 and 2022 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, because these exposures are considered to be trading-related positions and, therefore, are managed on a fair value basis. These positions are classified as Long-term debt or Short-term borrowings on the Company’s Consolidated Balance Sheet. The following table provides information about the carrying value of notes carried at fair value, disaggregated by type of risk: In billions of dollars September 30, 2023 December 31, 2022 Interest rate linked $ 55.1 $ 53.4 Foreign exchange linked — 0.1 Equity linked 47.4 42.5 Commodity linked 5.3 5.0 Credit linked 4.8 5.0 Total $ 112.6 $ 106.0 The portion of the changes in fair value attributable to changes in Citigroup’s own credit spreads (DVA) is reflected as a component of AOCI while all other changes in fair value are reported in Principal transactions . Changes in the fair value of these liabilities include accrued interest, which is also included in the change in fair value reported in Principal transactions . The following table provides information about long-term debt carried at fair value: In millions of dollars September 30, 2023 December 31, 2022 Carrying amount reported on the Consolidated Balance Sheet $ 112,629 $ 105,995 Aggregate unpaid principal balance in excess of (less than) fair value (2,616) (2,944) The following table provides information about short-term borrowings carried at fair value: In millions of dollars September 30, 2023 December 31, 2022 Carrying amount reported on the Consolidated Balance Sheet $ 6,470 $ 6,222 Aggregate unpaid principal balance in excess of (less than) fair value (12) (9) |
GUARANTEES AND COMMITMENTS
GUARANTEES AND COMMITMENTS | 9 Months Ended |
Sep. 30, 2023 | |
Guarantees and Commitments [Abstract] | |
GUARANTEES AND COMMITMENTS | GUARANTEES AND COMMITMENTS The following tables present information about Citi’s guarantees at September 30, 2023 and December 31, 2022. For additional information on Citi’s guarantees and indemnifications included in the tables below, as well as its other guarantees and indemnifications excluded from these tables, see Note 27 to the Consolidated Financial Statements in Citi’s 2022 Form 10-K. Maximum potential amount of future payments In billions of dollars at September 30, 2023 Expire within Expire after Total amount Carrying value (in millions of dollars) Financial standby letters of credit $ 20.8 $ 64.5 $ 85.3 $ 759 Performance guarantees 4.7 5.8 10.5 47 Derivative instruments considered to be guarantees 18.0 19.2 37.2 326 Loans sold with recourse 0.6 1.2 1.8 16 Securities lending indemnifications (1) 110.2 — 110.2 — Credit card merchant processing (2) 136.8 — 136.8 1 Credit card arrangements with partners — 0.4 0.4 5 Other 31.3 8.4 39.7 50 Total $ 322.4 $ 99.5 $ 421.9 $ 1,204 Maximum potential amount of future payments In billions of dollars at December 31, 2022 Expire within Expire after Total amount Carrying value ( in millions of dollars) Financial standby letters of credit $ 31.3 $ 58.3 $ 89.6 $ 905 Performance guarantees 6.1 5.6 11.7 65 Derivative instruments considered to be guarantees 18.5 30.0 48.5 353 Loans sold with recourse — 1.7 1.7 13 Securities lending indemnifications (1) 95.9 — 95.9 — Credit card merchant processing (2) 129.6 — 129.6 1 Credit card arrangements with partners — 0.6 0.6 7 Other 0.1 8.4 8.5 32 Total $ 281.5 $ 104.6 $ 386.1 $ 1,376 (1) The carrying values of securities lending indemnifications were not material for either period presented, as the probability of potential liabilities arising from these guarantees is minimal. (2) At September 30, 2023 and December 31, 2022, this maximum potential exposure was estimated to be approximately $137 billion and $130 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 In addition to the amounts presented in the tables above, the repurchase reserve was approximately $11 million and $10 million at September 30, 2023 and December 31, 2022, respectively, and these amounts are included in Other liabilities on the Consolidated Balance Sheet. For additional information on Citi’s loans sold with recourse, see Note 27 to the Consolidated Financial Statements in Citi’s 2022 Form 10-K. Credit Card Arrangements with Partners Citi, in one of its credit card partner arrangements, provides guarantees to the partner regarding the volume of certain customer originations during the term of the agreement. To the extent that such origination targets are not met, the guarantees serve to compensate the partner for certain payments that otherwise would have been generated in connection with such originations. Other Guarantees and Indemnifications Credit Card Protection Programs Citi, through its credit card businesses, provides various cardholder protection programs on several of its card products, including programs that provide insurance coverage for rental cars, coverage for certain losses associated with purchased products, price protection for certain purchases and protection for lost luggage. These guarantees are not included in the table, since the total outstanding amount of the guarantees and Citi’s maximum exposure to loss cannot be quantified. The protection is limited to certain types of purchases and losses, and it is not possible to quantify the purchases that would qualify for these benefits at any given time. Citi assesses the probability and amount of its potential liability related to these programs based on the extent and nature of its historical loss experience. At September 30, 2023 and December 31, 2022, the actual and estimated losses incurred and the carrying value of Citi’s obligations related to these programs were immaterial. Value-Transfer Networks (Including Exchanges and Clearing Houses) (VTNs) Citi is a member of, or shareholder in, hundreds of value-transfer networks (VTNs) (payment, clearing and settlement systems as well as exchanges) around the world. As a condition of membership, many of these VTNs require that members stand ready to pay a pro rata share of the losses incurred by the organization due to another member’s default on its obligations. Citi’s potential obligations may be limited to its membership interests in the VTNs, contributions to the VTN’s funds, or, in certain narrow cases, to the full pro rata share. The maximum exposure is difficult to estimate as this would require an assessment of claims that have not yet occurred; however, Citi believes the risk of loss is remote given historical experience with the VTNs. Accordingly, Citi’s participation in VTNs is not reported in the guarantees tables above, and there are no amounts reflected on the Consolidated Balance Sheet as of September 30, 2023 or December 31, 2022 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 27 to the Consolidated Financial Statements in Citi’s 2022 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 21 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 $17.3 billion and $18.0 billion as of September 30, 2023 and December 31, 2022, 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. FICC Sponsored Member Repo Program Citi acts as a sponsoring member of the Government Securities Division of the Fixed Income Clearing Corporation (FICC) to clear eligible resale and repurchase agreements on behalf of its clients that become sponsored members of the FICC. Citi, as sponsoring member, is required to provide a guarantee to the FICC with respect to the prompt payment and performance of its sponsored members. Because Citi obtains a security interest in the cash or high-quality securities collateral that the clients place with the clearing house, Citi expects the risk of loss from this guarantee to be remote. See Note 10 for additional information on Citi’s resale and repurchase agreements, including risk mitigation practices for these transactions. Carrying Value—Guarantees and Indemnifications At September 30, 2023 and December 31, 2022, the total carrying amounts of the liabilities related to the guarantees and indemnifications included in the tables above amounted to approximately $1.2 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 $49.8 billion and $51.8 billion at September 30, 2023 and December 31, 2022, respectively. Securities and other marketable assets held as collateral amounted to $76.3 billion and $63.7 billion at September 30, 2023 and December 31, 2022, respectively. The majority of collateral is held to reimburse losses realized under securities lending indemnifications. In addition, letters of credit in favor of Citi held as collateral amounted to $3.4 billion and $3.7 billion at September 30, 2023 and December 31, 2022, respectively. Other property may also be available to Citi to cover losses under certain guarantees and indemnifications; however, the value of such property has not been determined. Performance Risk Presented in the tables below are the maximum potential amounts of future payments that are classified based on internal and external credit ratings. The determination of the maximum potential future payments is based on the notional amount of the guarantees without consideration of possible recoveries under recourse provisions or from collateral held or pledged. As such, Citi believes such amounts bear no relationship to the anticipated losses, if any, on these guarantees. Maximum potential amount of future payments In billions of dollars at September 30, 2023 Investment Non-investment Not Total Financial standby letters of credit $ 74.3 $ 11.0 $ — $ 85.3 Loans sold with recourse — — 1.8 1.8 Other 17.4 22.3 — 39.7 Total $ 91.7 $ 33.3 $ 1.8 $ 126.8 Maximum potential amount of future payments In billions of dollars at December 31, 2022 Investment Non-investment Not Total Financial standby letters of credit $ 77.9 $ 10.4 $ 1.3 $ 89.6 Loans sold with recourse — — 1.7 1.7 Other — 8.5 — 8.5 Total $ 77.9 $ 18.9 $ 3.0 $ 99.8 Credit Commitments and Lines of Credit 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. The table below summarizes Citigroup’s credit commitments: In millions of dollars U.S. Outside of U.S. (1) September 30, December 31, 2022 Commercial and similar letters of credit $ 659 $ 4,549 $ 5,208 $ 5,316 One- to four-family residential mortgages 756 687 1,443 2,394 Revolving open-end loans secured by one- to four-family residential properties 5,553 25 5,578 6,380 Commercial real estate, construction and land development 13,451 2,045 15,496 15,170 Credit card lines 614,535 64,459 678,994 683,232 Commercial and other consumer loan commitments 205,749 108,703 314,452 297,399 Other commitments and contingencies (2) 5,381 105 5,486 5,673 Total $ 846,084 $ 180,573 $ 1,026,657 $ 1,015,564 (1) Consumer commitments related to the business HFS countries under sales agreements are reflected in their original categories until the respective sales are completed. (2) Other commitments and contingencies include commitments to purchase certain debt and equity securities. Other Commitments As a Federal Reserve member bank, Citi is required to subscribe to half of a certain amount of shares issued by its Federal Reserve District Bank. As of September 30, 2023 and December 31, 2022, Citi holds shares with a carrying value of $4.5 billion, with the remaining half subject to call by the Federal Reserve District Bank Board. In the normal course of business, Citi enters into reverse repurchase and securities borrowing agreements, as well as repurchase and securities lending agreements, which settle at a future date. At September 30, 2023 and December 31, 2022, Citi had approximately $143.9 billion and $111.6 billion of unsettled reverse repurchase and securities borrowing agreements, and approximately $108.7 billion and $37.3 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. These amounts are not included in the table above. 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 may include minimum reserve requirements at certain central banks and cash segregated to satisfy rules regarding the protection of customer assets as required by Citigroup broker-dealers’ primary regulators, including the SEC, the Commodity Futures Trading Commission and the United Kingdom’s Prudential Regulation Authority. Restricted cash is included on the Consolidated Balance Sheet within the following balance sheet lines: In millions of dollars September 30, December 31, 2022 Cash and due from banks $ 4,150 $ 4,820 Deposits with banks, net of allowance 14,786 12,156 Total $ 18,936 $ 16,976 In addition to the restricted cash amounts presented above, at September 30, 2023 and December 31, 2022, approximately $3.5 billion and $1.8 billion, respectively, was held at the Deposit Insurance Agency and was subject to restrictions imposed by the Russian government. These restricted amounts are reported within Other assets on the Consolidated Balance Sheet. |
LEASES
LEASES | 9 Months Ended |
Sep. 30, 2023 | |
Leases [Abstract] | |
LEASES | 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 may contain renewal and extension options and early termination features; however, these options do not impact the lease term unless the Company is reasonably certain that it will exercise options. These leases have a weighted-average remaining lease term of approximately six years as of September 30, 2023. For additional information regarding Citi’s leases, see Notes 1 and 28 to the Consolidated Financial Statements in Citi’s 2022 Form 10-K. The following table presents information on the right-of-use (ROU) asset and lease liabilities included in Premises and equipment and Other liabilities , respectively: In millions of dollars September 30, December 31, ROU asset $ 2,787 $ 2,892 Lease liability 2,974 3,076 |
CONTINGENCIES
CONTINGENCIES | 9 Months Ended |
Sep. 30, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
CONTINGENCIES | CONTINGENCIES The following information supplements and amends, as applicable, the disclosure in Note 26 to the Consolidated Financial Statements in Citigroup’s Second Quarter of 2023 Form 10-Q, Note 25 to the Consolidated Financial Statements in Citi’s First Quarter of 2023 Form 10-Q and in Note 29 to the Consolidated Financial Statements in Citi’s 2022 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. With respect to previously incurred loss contingencies for which recovery is expected, Citi applies loss recovery accounting when disputes and uncertainties affecting recognition are resolved. If Citigroup has not accrued for a matter because the matter does not meet the criteria for accrual (as set forth above), or Citigroup believes an exposure to loss exists in excess of the amount accrued for a particular matter, in each case assuming a material loss is reasonably possible but not probable, Citigroup discloses the matter. In addition, for such matters, Citigroup discloses an estimate of the aggregate reasonably possible loss or range of loss in excess of the amounts accrued for those matters for which an estimate can be made. At September 30, 2023, Citigroup estimates that the reasonably possible unaccrued loss for these matters ranges up to approximately $1.3 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 29 to the Consolidated Financial Statements in Citi’s 2022 Form 10-K. FDIC Special Assessment On May 11, 2023, the FDIC issued a notice of proposed rulemaking that would implement a special assessment— primarily upon large banks—to recover the uninsured deposit losses from the failures of Silicon Valley Bank and Signature Bank. The FDIC estimated that of the cost of the failures, approximately $15.8 billion was attributable to the protection of uninsured depositors, an estimate that will be periodically adjusted. The FDIC has proposed collecting the special assessment at an annual rate of approximately 12.5 basis points of uninsured U.S. deposits over eight quarterly assessment periods beginning in 2024. There is sufficient uncertainty around the final FDIC regulation that would impact both the timing and amount. If the final rule for the FDIC special assessment, which is expected before the end of 2023, is enacted as proposed, Citi is likely to incur up to a $1.5 billion pretax charge, impacting operating expenses. This amount is not included in the reasonably possible loss estimate above. Interbank Offered Rates-Related Litigation and Other Matters On October 10, 2023, in MCCARTHY, ET AL. v. INTERCONTINENTAL EXCHANGE, INC., ET AL., the United States District Court for the Northern District of California granted defendants’ motion to dismiss with prejudice for all claims against Citigroup, Citibank, and CGMI. Additional information concerning this action is publicly available in court filings under the docket number 20-CV-5832 (N.D. Cal.) (Donato, J.). Interest Rate and Credit Default Swap Matters Antitrust and Other Litigation : On August 14, 2023, the court granted defendants’ motion to dismiss with prejudice for all claims against Citigroup, Citibank, CGMI, and CGML in TERA GROUP, INC., ET AL. v. CITIGROUP, INC., ET AL. Additional information concerning this action is publicly available in court filings under the docket number 17-CV-4302 (S.D.N.Y.) (Sullivan, J.). Variable Rate Demand Obligation Litigations On September 21, 2023, the court granted plaintiffs’ motion for class certification in THE CITY OF PHILADELPHIA, MAYOR AND CITY COUNCIL OF BALTIMORE, THE BOARD OF DIRECTORS OF THE SAN DIEGO ASSOCIATION OF GOVERNMENTS, ACTING AS THE SAN DIEGO COUNTY REGIONAL TRANSPORTATION COMMISSION v. BANK OF AMERICA CORP., ET AL., certifying both an antitrust class and a breach-of-contract subclass. On October 5, 2023, defendants filed a Rule 23(f) petition seeking leave to appeal the certification ruling. Additional information concerning this action is publicly available in court filings under the docket numbers 19-CV-1608 (S.D.N.Y.) (Furman, J.) and 23-7328 (2d Cir.). Since April 2018, Citigroup and certain of its affiliates, including Citibank and CGMI, have been named in state court qui tam lawsuits in which Edelweiss Fund, LLC alleges that Citi and other financial institutions defrauded certain state municipal variable rate demand obligation (“VRDO”) issuers in connection with resetting VRDO interest rates. Filed under each state’s respective false claims act, these actions are pending in state courts in California, Illinois, New Jersey, and New York, and are captioned STATE OF CALIFORNIA EX REL. EDELWEISS FUND v. JP MORGAN CHASE & CO., ET AL., STATE OF ILLINOIS EX REL. EDELWEISS FUND v. JP MORGAN CHASE & CO., ET AL., STATE OF NEW JERSEY EX REL. EDELWEISS FUND v. JP MORGAN CHASE & CO., ET AL., and STATE OF NEW YORK EX REL. EDELWEISS FUND v. JP MORGAN CHASE & CO., ET AL., respectively. Additional information concerning these actions is publicly available in court filings under the docket numbers 2017 L 000289 (Ill. Cir. Ct.) (Donnelly, J.), 100559/2014 (N.Y. Sup. Ct.) (Borrok, J.), L-885-15 (N.J. Super. Ct.) (Hurd, J.), 14-323-BLS1 (Mass. Super. Ct.) (Kaplan, J.), SJC-12973 (Mass. Sup. Ct.), CGC-14-540777 (Cal. Super. Ct.) (Schulman, J.), A163264 (Cal. Ct. App.), and S280347 (Cal. Sup. Ct.). Settlement Payments Payments required in any settlement agreements described above have been made or are covered by existing litigation or other accruals. |
SUBSIDIARY GUARANTEES
SUBSIDIARY GUARANTEES | 9 Months Ended |
Sep. 30, 2023 | |
Condensed Financial Information Disclosure [Abstract] | |
SUBSIDIARY GUARANTEES | SUBSIDIARY GUARANTEESCitigroup Inc. has fully and unconditionally guaranteed the payments due on debt securities issued by Citigroup Global Markets Holdings Inc. (CGMHI), a wholly owned subsidiary, under the Senior Debt Indenture dated as of March 8, 2016, between CGMHI, Citigroup Inc. and The Bank of New York Mellon, as trustee. In addition, Citigroup Capital III and Citigroup Capital XIII (collectively, the Capital Trusts), each of which is a wholly owned finance subsidiary of Citigroup Inc., have issued trust preferred securities. Citigroup Inc. has guaranteed the payments due on the trust preferred securities to the extent that the Capital Trusts have insufficient available funds to make payments on the trust preferred securities. The guarantee, together with Citigroup Inc.’s other obligations with respect to the trust preferred securities, effectively provides a full and unconditional guarantee of amounts due on the trust preferred securities (see Note 17 for additional information). No other subsidiary of Citigroup Inc. guarantees the debt securities issued by CGMHI or the trust preferred securities issued by the Capital Trusts. Summarized financial information for Citigroup Inc. and CGMHI is presented in the tables below: SUMMARIZED INCOME STATEMENT Nine Months Ended September 30, 2023 In millions of dollars Citigroup parent company CGMHI Total revenues, net of interest expense $ 10,080 $ 8,494 Total operating expenses 138 8,856 Provision for credit losses — 29 Equity in undistributed income of subsidiaries 343 — Income (loss) from continuing operations before income taxes $ 10,285 $ (391) Provision (benefit) for income taxes (782) 5 Net income $ 11,067 $ (396) SUMMARIZED BALANCE SHEET September 30, 2023 December 31, 2022 In millions of dollars Citigroup parent company CGMHI Citigroup parent company CGMHI Cash and deposits with banks $ 3,018 $ 20,385 $ 3,015 $ 27,122 Securities borrowed and purchased under resale agreements — 271,275 — 306,273 Trading account assets 557 260,593 306 209,957 Advances to subsidiaries 151,911 — 146,843 — Investments in subsidiary bank holding company 175,310 — 172,721 — Investments in non-bank subsidiaries 47,644 — 48,295 — Other assets 14,766 179,700 13,788 163,819 Total assets $ 393,206 $ 731,953 $ 384,968 $ 707,171 Securities loaned and sold under agreements to repurchase $ — $ 294,354 $ — $ 245,916 Trading account liabilities 205 104,799 604 115,929 Short-term borrowings 1,500 25,929 — 43,850 Long-term debt 160,571 184,859 166,257 172,068 Advances from subsidiaries 17,803 — 14,562 — Other liabilities 3,624 83,858 2,356 90,570 Stockholders’ equity 209,503 38,154 201,189 38,838 Total liabilities and equity $ 393,206 $ 731,953 $ 384,968 $ 707,171 |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Pay vs Performance Disclosure | ||||
Citigroup’s net income | $ 3,546 | $ 3,479 | $ 11,067 | $ 12,332 |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Sep. 30, 2023 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
BASIS OF PRESENTATION, UPDATE_2
BASIS OF PRESENTATION, UPDATED ACCOUNTING POLICIES AND ACCOUNTING CHANGES (Policies) | 9 Months Ended |
Sep. 30, 2023 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying unaudited Consolidated Financial Statements as of September 30, 2023 and for the three- and nine-month periods ended September 30, 2023 and 2022 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, 2022 (2022 Form 10-K), Citigroup’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2023 (First Quarter of 2023 Form 10-Q) and Citigroup’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2023 (Second Quarter of 2023 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. |
Reclassifications | Certain reclassifications and updates have been made to the prior periods’ financial statements and notes to conform to the current period’s presentation. |
Cash Equivalents | Cash equivalents are defined as those amounts included in Cash and due from banks and predominately all of Deposits with banks . Cash flows from risk management activities are classified in the same category as the related assets and liabilities. Amounts included in Cash and due from banks and Deposits with banks approximate fair value. |
Allowances for Credit Losses (ACL) | Allowances for Credit Losses (ACL) Beginning January 1, 2023, Citi adopted the Financial Accounting Standards Board (FASB) Accounting Standards Update (ASU) No. 2022-02, Financial Instruments—Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures under the methodology described below. For information about Citi’s accounting for troubled debt restructurings (TDRs) prior to January 1, 2023, see Note 1 to the Consolidated Financial Statements in Citi’s 2022 Form 10-K. |
Accounting Changes | ACCOUNTING CHANGES TDRs 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 . Citi adopted the ASU on January 1, 2023, including the guidance on the recognition and measurement of TDRs under the modified retrospective approach. Adopting these amendments resulted in a decrease to the ACLL of $352 million and an increase in other assets related to held-for-sale businesses of $44 million, with a corresponding increase to retained earnings of $290 million and a decrease in deferred tax assets of $106 million on January 1, 2023. The ACL for corporate loans was unaffected because the measurement approach used for corporate loans is not in the scope of this ASU. ASU 2022-02 eliminates the accounting and disclosure requirements for TDRs, including the requirement to measure the ACLL for TDRs using a discounted cash flow (DCF) approach. With the elimination of TDR accounting requirements, reasonably expected TDRs are no longer considered when determining the term over which to estimate expected credit losses. The ACLL for modified loans that are collateral dependent continues to be based on the fair value of the collateral. Consumer Loans Upon adoption of the ASU on January 1, 2023, Citi discontinued the use of a DCF approach for consumer loans formerly considered TDRs. Beginning January 1, 2023, Citi measures the ACLL for all consumer loans under approaches that do not incorporate discounting, primarily utilizing models that consider the borrowers’ probability of default, loss given default and exposure at default. In addition, upon adoption of the ASU, Citi collectively evaluates smaller-balance homogeneous loans formerly considered TDRs for expected credit losses, whereas previously those loans had been individually evaluated. The ASU also requires disclosure of modifications of loans to borrowers experiencing financial difficulty if the modification involves principal forgiveness, an interest rate reduction, an other-than-insignificant payment delay, a term extension or a combination of those types of modifications. In addition, the ASU requires the disclosure of current-period gross write-offs by year of loan origination (vintage). The amendments related to disclosures are required to be applied prospectively beginning as of the date of adoption. See Note 13 for these new disclosures for periods beginning on and after January 1, 2023. 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 are impacted by the requirements of ASU 2018-12. Citi adopted the targeted improvements in ASU 2018-12 on January 1, 2023, resulting in a $39 million decrease in Other liabilities and a $27 million increase in AOCI , after-tax. FUTURE ACCOUNTING CHANGES Accounting for Investments in Tax Credit Structures In March 2023, the FASB issued ASU No. 2023‐02, Investments—Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method . The ASU expands the scope of tax equity investments eligible to apply the proportional amortization method of accounting. Under the proportional amortization method, the cost of an eligible investment is amortized in proportion to the income tax credits and other income tax benefits that are received by the investor, with the amortization of the investment and the income tax credits being presented net in the income statement as components of income tax expense (benefit). The ASU will permit the Company to elect to use the proportional amortization method to account for all eligible tax equity investments, regardless of the tax credit program from which the income tax credits are received, if certain conditions are met. Citi plans to adopt the ASU on January 1, 2024 and does not expect a material impact to its results of operations as a result of adopting the standard. Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions In June 2022, the FASB issued ASU No. 2022-03, 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. |
DISCONTINUED OPERATIONS, SIGN_2
DISCONTINUED OPERATIONS, SIGNIFICANT DISPOSALS AND OTHER BUSINESS EXITS (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Summarized financial information disposal groups including discontinued operations | The following table summarizes financial information for all Discontinued operations : Three Months Ended September 30, Nine Months Ended September 30, In millions of dollars 2023 2022 2023 2022 Total revenues, net of interest expense $ — $ — $ — $ (262) Income (loss) from discontinued operations $ 2 $ (6) $ — $ (270) Benefit for income taxes — — — (41) Income (loss) from discontinued operations, net of taxes $ 2 $ (6) $ — $ (229) Income (loss) before taxes (6) In millions of dollars Three Months Ended Nine Months Ended September 30, Consumer banking business in Sale agreement date Closing date 2023 2022 2023 2022 Australia (1) 8/9/2021 6/1/2022 $ — $ — $ — $ 193 Philippines (2) 12/23/2021 8/1/2022 — 7 — 72 Thailand (3) 1/14/2022 11/1/2022 — 28 — 106 India (4) 3/30/2022 3/1/2023 — 37 2 161 Taiwan (5) 1/28/2022 8/12/2023 (1) 15 91 111 (1) On June 1, 2022, Citi completed the sale of its Australia consumer banking business, which was part of Legacy Franchises . The 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 $760 million ($640 million after-tax), recorded in Other revenue . The loss on sale primarily reflected the impact of an approximate pretax $620 million CTA loss (net of hedges) ($470 million after-tax) already reflected in the AOCI component of equity. The sale closed on June 1, 2022, and the CTA-related balance was removed from AOCI , resulting in a neutral CTA impact to Citi’s CET1 Capital. The income before taxes shown in the above table for Australia reflects Citi’s ownership through June 1, 2022. (2) On August 1, 2022, Citi completed the sale of its Philippines consumer banking business, which was part of Legacy Franchises . The business had approximately $1.8 billion in assets, including $1.2 billion of loans (net of allowance of $80 million) and excluding goodwill. The total amount of liabilities was $1.3 billion, including $1.2 billion in deposits. The sale resulted in a pretax gain on sale of approximately $618 million ($290 million after-tax), recorded in Other revenue . The income before taxes shown in the above table for the Philippines reflects Citi’s ownership through August 1, 2022. (3) On November 1, 2022, Citi completed the sale of its Thailand consumer banking business, which was part of Legacy Franchises . The business had approximately $2.7 billion in assets, including $2.4 billion of loans (net of allowance of $67 million) and excluding goodwill. The total amount of liabilities was $1.0 billion, including $0.8 billion in deposits. The sale resulted in a pretax gain on sale of approximately $209 million ($115 million after-tax), recorded in Other revenue . The income before taxes shown in the above table for Thailand reflects Citi’s ownership through November 1, 2022. (4) On March 1, 2023, Citi completed the sale of its India consumer banking business, which was part of Legacy Franchises . The business had approximately $5.2 billion in assets, including $3.4 billion of loans (net of allowance of $32 million) and excluding goodwill. The total amount of liabilities was $5.2 billion, including $5.1 billion in deposits. The sale resulted in a pretax gain on sale of approximately $1.1 billion ($727 million after-tax), recorded in Other revenue . The income before taxes shown in the above table for India reflects Citi’s ownership through March 1, 2023. (5) On August 12, 2023, Citi completed the sale of its Taiwan consumer banking business, which was part of Legacy Franchises . The business had approximately $11.6 billion in assets, including $7.2 billion of loans (net of allowance of $92 million) and excluding goodwill. The total amount of liabilities was $9.2 billion, including $9.0 billion in deposits. The sale resulted in a pretax gain on sale of approximately $403 million ($284 million after-tax), subject to closing adjustments, recorded in Other revenue . The income before taxes shown in the above table for Taiwan reflects Citi’s ownership through August 12, 2023. (6) 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. For the Philippines, Thailand, India and Taiwan, excludes the pretax gain on sale. |
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 in fourth quarter 2021 $ 1,052 Utilization (1) Foreign exchange 3 Balance at December 31, 2021 $ 1,054 Additional charges in first quarter 2022 $ 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 $ — Note: There were no additional charges after June 30, 2022. The following tables provide details on Citi’s Russia wind-down charges: Three Months Ended In millions of dollars ICG Legacy Franchises Corporate/Other Total Severance (1) $ (2) $ (3) $ 1 $ (4) Vendor termination and other costs (2) — 1 — 1 Total $ (2) $ (2) $ 1 $ (3) Program-to-date In millions of dollars ICG Legacy Franchises Corporate/Other Total Severance (1) $ 8 $ 26 $ 3 $ 37 Vendor termination and other costs (2) — 18 — 18 Total $ 8 $ 44 $ 3 $ 55 Estimated additional charges In millions of dollars ICG Legacy Franchises Corporate/Other Total Severance (1) $ 10 $ 17 $ 10 $ 37 Vendor termination and other costs (2) — 48 — 48 Total $ 10 $ 65 $ 10 $ 85 (1) Recorded in Compensation and benefits. (2) Recorded in Other operating expenses. |
OPERATING SEGMENTS (Tables)
OPERATING SEGMENTS (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
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 September 30, In millions of dollars, except identifiable assets, average loans and average deposits in billions ICG PBWM Legacy Franchises Corporate/Other Total Citi 2023 2022 2023 2022 2023 2022 2023 2022 2023 2022 Net interest income $ 5,494 $ 4,570 $ 6,356 $ 5,836 $ 1,279 $ 1,385 $ 699 $ 772 $ 13,828 $ 12,563 Non-interest revenue 5,150 4,898 422 351 938 1,169 (199) (473) 6,311 5,945 Total revenues, net of interest expense $ 10,644 $ 9,468 $ 6,778 $ 6,187 $ 2,217 $ 2,554 $ 500 $ 299 $ 20,139 $ 18,508 Operating expense 7,179 6,541 4,301 4,077 1,794 1,845 237 286 13,511 12,749 Provisions (releases) for credit losses 196 86 1,457 1,109 188 167 (1) 3 1,840 1,365 Income (loss) from continuing operations before taxes $ 3,269 $ 2,841 $ 1,020 $ 1,001 $ 235 $ 542 $ 264 $ 10 $ 4,788 $ 4,394 Provision (benefits) for income taxes 804 655 217 209 108 226 74 (211) 1,203 879 Income (loss) from continuing operations $ 2,465 $ 2,186 $ 803 $ 792 $ 127 $ 316 $ 190 $ 221 $ 3,585 $ 3,515 Identifiable assets (September 30, 2023 and December 31, 2022) $ 1,722 $ 1,730 $ 471 $ 494 $ 80 $ 97 $ 95 $ 96 $ 2,368 $ 2,417 Average loans 278 291 347 325 37 39 — — 662 655 Average deposits 821 817 421 428 52 50 21 21 1,315 1,316 Nine Months Ended September 30, In millions of dollars, except average loans and average deposits in billions ICG PBWM Legacy Franchises Corporate/Other Total Citi 2023 2022 2023 2022 2023 2022 2023 2022 2023 2022 Net interest income $ 16,145 $ 12,874 $ 18,253 $ 16,790 $ 3,914 $ 4,367 $ 2,764 $ 1,367 $ 41,076 $ 35,398 Non-interest revenue 16,173 19,173 1,368 1,331 3,078 2,053 (673) (623) 19,946 21,934 Total revenues, net of interest expense $ 32,318 $ 32,047 $ 19,621 $ 18,121 $ 6,992 $ 6,420 $ 2,091 $ 744 $ 61,022 $ 57,332 Operating expense 21,438 19,698 12,759 11,951 5,324 5,952 849 706 40,370 38,307 Provisions for credit losses 182 855 4,627 2,088 833 448 (3) 3 5,639 3,394 Income (loss) from continuing operations before taxes $ 10,698 $ 11,494 $ 2,235 $ 4,082 $ 835 $ 20 $ 1,245 $ 35 $ 15,013 $ 15,631 Provision (benefits) for income taxes 2,716 2,672 449 877 224 104 435 (651) 3,824 3,002 Income (loss) from continuing operations $ 7,982 $ 8,822 $ 1,786 $ 3,205 $ 611 $ (84) $ 810 $ 686 $ 11,189 $ 12,629 Average loans $ 280 $ 292 $ 340 $ 318 $ 37 $ 44 $ — $ — $ 657 $ 654 Average deposits 837 824 429 437 51 52 22 11 1,339 1,324 |
INTEREST REVENUE AND EXPENSE (T
INTEREST REVENUE AND EXPENSE (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Banking and Thrift, Interest [Abstract] | |
Interest revenue and interest expense | Interest revenue and Interest expense consisted of the following: Three Months Ended September 30, Nine Months Ended September 30, In millions of dollars 2023 2022 2023 2022 Interest revenue Consumer loans $ 9,609 $ 7,380 $ 27,195 $ 20,243 Corporate loans 5,432 3,403 15,186 8,750 Loan interest, including fees $ 15,041 $ 10,783 $ 42,381 $ 28,993 Deposits with banks 2,645 1,218 8,725 2,172 Securities borrowed and purchased under agreements to resell 7,363 2,176 18,791 3,375 Investments, including dividends 4,719 2,993 13,314 7,413 Trading account assets (1) 3,893 1,989 10,391 4,794 Other interest-earning assets (2) 1,176 760 3,277 1,953 Total interest revenue $ 34,837 $ 19,919 $ 96,879 $ 48,700 Interest expense Deposits $ 9,630 $ 3,270 $ 26,065 $ 5,561 Securities loaned and sold under agreements to repurchase 6,090 1,251 14,609 2,188 Trading account liabilities (1) 892 472 2,549 756 Short-term borrowings and other interest-bearing liabilities (3) 1,956 745 5,382 1,068 Long-term debt 2,441 1,618 7,198 3,729 Total interest expense $ 21,009 $ 7,356 $ 55,803 $ 13,302 Net interest income $ 13,828 $ 12,563 $ 41,076 $ 35,398 Provision for credit losses on loans 1,816 1,328 5,314 2,972 Net interest income after provision for credit losses on loans $ 12,012 $ 11,235 $ 35,762 $ 32,426 (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) | 9 Months Ended |
Sep. 30, 2023 | |
Other Income and Expenses [Abstract] | |
Schedule of commissions, fees, administration and other fiduciary fees revenue | The following tables present Commissions and fees revenue: Three Months Ended September 30, 2023 Nine Months Ended September 30, 2023 In millions of dollars ICG PBWM Legacy Franchises Total ICG PBWM Legacy Franchises Total Investment banking $ 694 $ — $ — $ 694 $ 2,018 $ — $ — $ 2,018 Brokerage commissions 368 176 21 565 1,142 535 99 1,776 Credit and bank card income Interchange fees 356 2,507 152 3,015 1,050 7,409 485 8,944 Card-related loan fees 16 36 71 123 46 116 198 360 Card rewards and partner payments (1) (198) (2,858) (103) (3,159) (574) (8,425) (285) (9,284) Deposit-related fees (2) 284 32 9 325 808 90 26 924 Transactional service fees 298 7 22 327 889 17 72 978 Corporate finance (3) 89 — — 89 274 3 — 277 Insurance distribution revenue — 64 13 77 — 183 74 257 Insurance premiums — 1 25 26 — 2 70 72 Loan servicing 7 11 3 21 24 37 10 71 Other 3 42 49 92 9 150 139 300 Total commissions and fees (4) $ 1,917 $ 18 $ 262 $ 2,195 $ 5,686 $ 117 $ 888 $ 6,693 Three Months Ended September 30, 2022 Nine Months Ended September 30, 2022 In millions of dollars ICG PBWM Legacy Franchises Total ICG PBWM Legacy Franchises Total Investment banking $ 725 $ — $ — $ 725 $ 2,477 $ — $ — $ 2,477 Brokerage commissions 356 167 48 571 1,209 621 169 1,999 Credit and bank card income Interchange fees 330 2,420 199 2,949 891 6,954 647 8,492 Card-related loan fees 12 64 66 142 32 201 226 459 Card rewards and partner payments (1) (175) (2,852) (134) (3,161) (458) (8,223) (466) (9,147) Deposit-related fees (2) 262 25 13 300 807 128 49 984 Transactional service fees 270 5 20 295 791 14 72 877 Corporate finance (3) 87 — — 87 339 3 — 342 Insurance distribution revenue — 57 33 90 — 165 102 267 Insurance premiums — 1 22 23 — 3 69 72 Loan servicing 13 14 4 31 32 36 11 79 Other 6 44 37 87 9 141 108 258 Total commissions and fees (4) $ 1,886 $ (55) $ 308 $ 2,139 $ 6,129 $ 43 $ 987 $ 7,159 (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 an 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) Overdraft fees are accounted for under ASC 310. Citi eliminated overdraft fees, returned item fees and overdraft protection fees beginning in June 2022. Includes overdraft fees (prior to the elimination of overdraft fees in June 2022) of $0 and $0 million for the three months ended September 30, 2023 and 2022, respectively, and $0 and $59 million for the nine months ended September 30, 2023 and 2022, respectively. (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 $(2,897) million and $(2,872) million not accounted for under ASC 606, Revenue from Contracts with Customers , for the three months ended September 30, 2023 and 2022, respectively, and $(8,497) million and $(8,115) million for the nine months ended September 30, 2023 and 2022, respectively. Amounts reported in Commissions and fees accounted for under other guidance primarily include card-related loan fees, card reward programs and certain partner payments, corporate finance fees, insurance premiums and loan servicing fees. The following tables present Administration and other fiduciary fees revenue: Three Months Ended September 30, 2023 Nine Months Ended September 30, 2023 In millions of dollars ICG PBWM Legacy Franchises Total ICG PBWM Legacy Franchises Total Custody fees $ 447 $ 20 $ 2 $ 469 $ 1,349 $ 62 $ 13 $ 1,424 Fiduciary fees 73 199 98 370 217 537 270 1,024 Guarantee fees 124 6 1 132 382 21 4 408 Total administration and other fiduciary fees (1) $ 644 $ 225 $ 101 $ 971 $ 1,948 $ 620 $ 287 $ 2,856 Three Months Ended September 30, 2022 Nine Months Ended September 30, 2022 In millions of dollars ICG PBWM Legacy Franchises Total ICG PBWM Legacy Franchises Total Custody fees $ 422 $ 21 $ 2 $ 445 $ 1,375 $ 67 $ 7 $ 1,449 Fiduciary fees 78 179 77 334 210 580 236 1,026 Guarantee fees 124 10 2 136 391 34 4 429 Total administration and other fiduciary fees (1) $ 624 $ 210 $ 81 $ 915 $ 1,976 $ 681 $ 247 $ 2,904 (1) Administration and other fiduciary fees include $132 million and $136 million for the three months ended September 30, 2023 and 2022, respectively, and $408 million and $429 million for the nine months ended September 30, 2023 and 2022, respectively, that are not accounted for under ASC 606, Revenue from Contracts with Customers. These generally include guarantee fees. |
PRINCIPAL TRANSACTIONS (Tables)
PRINCIPAL TRANSACTIONS (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Principal Transactions Revenue, Net [Abstract] | |
Principal transactions revenue | The following table presents Principal transactions revenue: Three Months Ended September 30, Nine Months Ended September 30, In millions of dollars 2023 2022 2023 2022 Interest rate risks (1) $ 955 $ 458 $ 2,926 $ 3,143 Foreign exchange risks (2) 1,295 1,555 4,125 4,978 Equity risks (3) 308 411 1,147 1,687 Commodity and other risks (4) 475 404 1,443 1,466 Credit products and risks (5) (25) (203) (166) 466 Total $ 3,008 $ 2,625 $ 9,475 $ 11,740 (1) Includes revenues from government securities and corporate debt, municipal securities, mortgage securities and other debt instruments. Also includes spot and forward trading of currencies and exchange-traded and over-the-counter (OTC) currency options, options on fixed income securities, interest rate swaps, currency swaps, swap options, caps and floors, financial futures, OTC options and forward contracts on fixed income securities. (2) Includes revenues from foreign exchange spot, forward, option and swap contracts, as well as foreign currency translation (FX translation) gains and losses. (3) Includes revenues from common, preferred and convertible preferred stock, convertible corporate debt, equity-linked notes and exchange-traded and OTC equity options and warrants. (4) Primarily includes revenues from crude oil, refined oil products, natural gas and other commodities trades. (5) Includes revenues from structured credit products. |
RETIREMENT BENEFITS (Tables)
RETIREMENT BENEFITS (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Retirement Benefits [Abstract] | |
Components of net (benefit) expense | The following table summarizes the components of net (benefit) expense recognized in the Consolidated Statement of Income for the Company’s pension and postretirement plans for Significant Plans and All Other Plans. 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 September 30, Pension plans Postretirement benefit plans U.S. plans Non-U.S. plans U.S. plans Non-U.S. plans In millions of dollars 2023 2022 2023 2022 2023 2022 2023 2022 Service cost $ — $ — $ 29 $ 26 $ — $ — $ — $ 1 Interest cost on benefit obligation 124 120 105 91 4 4 27 21 Expected return on assets (160) (153) (84) (64) (3) (3) (20) (16) Amortization of unrecognized: Prior service (benefit) — — (1) (2) (2) (2) (2) (2) Net actuarial loss (gain) 39 36 20 16 (3) (2) (4) 2 Settlement loss (1) — — 5 — — — — — Total net expense (benefit) $ 3 $ 3 $ 74 $ 67 $ (4) $ (3) $ 1 $ 6 (1) Settlement relates to divestiture and wind-down activities. Nine Months Ended September 30, Pension plans Postretirement benefit plans U.S. plans Non-U.S. plans U.S. plans Non-U.S. plans In millions of dollars 2023 2022 2023 2022 2023 2022 2023 2022 Service cost $ — $ — $ 87 $ 90 $ — $ — $ 1 $ 2 Interest cost on benefit obligation 374 311 305 243 13 11 79 67 Expected return on assets (481) (461) (247) (196) (10) (9) (59) (54) Amortization of unrecognized: Prior service cost (benefit) 1 1 (4) (5) (7) (7) (6) (6) Net actuarial loss (gain) 118 136 54 43 (8) (5) (14) 4 Curtailment (gain) (1) — — (8) (23) — — — — Settlement loss (gain) (1) — — 9 (10) — — — — Total net expense (benefit) $ 12 $ (13) $ 196 $ 142 $ (12) $ (10) $ 1 $ 13 (1) Curtailment and settlement relate to divestiture and wind-down activities. 2022 includes gains due to curtailment and settlement relating to divestiture activities. Total net expense for non-U.S. plans includes a $36 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 September 30, Nine Months Ended September 30, In millions of dollars 2023 2022 2023 2022 Service-related expense Amortization of unrecognized: Net actuarial loss $ 1 $ 1 $ 2 $ 2 Total service-related expense $ 1 $ 1 $ 2 $ 2 Non-service-related expense 5 2 10 8 Total net expense $ 6 $ 3 $ 12 $ 10 |
Summary of the funded status and amounts recognized in the Consolidated Balance Sheet for the Company's U.S. qualified, non-qualified plans and plans outside the U.S. | The following table summarizes the funded status and amounts recognized on the Consolidated Balance Sheet for the Company’s Significant Plans: Nine Months Ended September 30, 2023 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 $ 9,741 $ 6,375 $ 375 $ 1,013 Plans measured annually (19) (1,774) — (193) Projected benefit obligation at beginning of year—Significant Plans $ 9,722 $ 4,601 $ 375 $ 820 First-quarter activity 160 241 (1) 70 Second-quarter activity (265) 179 (27) 75 Projected benefit obligation at June 30, 2023—Significant Plans $ 9,617 $ 5,021 $ 347 $ 965 Service cost — 12 — — Interest cost on benefit obligation 124 86 4 24 Actuarial (gain) (4) (435) (264) (17) (95) Benefits paid, net of participants’ contributions (217) (85) (11) (18) Foreign exchange impact and other — (91) — (15) Projected benefit obligation at period end—Significant Plans $ 9,089 $ 4,679 $ 323 $ 861 Change in plan assets Plan assets at fair value at beginning of year $ 10,145 $ 6,086 $ 253 $ 855 Plans measured annually — (1,226) — (7) Plan assets at fair value at beginning of year—Significant Plans $ 10,145 $ 4,860 $ 253 $ 848 First-quarter activity 143 225 5 73 Second-quarter activity (131) (6) (2) 24 Plan assets at fair value at June 30, 2023—Significant Plans $ 10,157 $ 5,079 $ 256 $ 945 Actual return on plan assets (215) (113) (3) (29) Company contributions, net of reimbursements 15 8 (20) — Benefits paid, net of participants’ contributions (217) (85) (11) (18) Foreign exchange impact and other — (91) — (16) Plan assets at fair value at period end—Significant Plans $ 9,740 $ 4,798 $ 222 $ 882 Qualified plans (1) $ 1,144 $ 119 $ (101) $ 21 Nonqualified plans (2) (493) — — — Funded status of the plans at period end—Significant Plans $ 651 $ 119 $ (101) $ 21 Net amount recognized at period end Benefit asset $ 1,144 $ 738 $ — $ 21 Benefit liability (493) (619) (101) — Net amount recognized on the balance sheet—Significant Plans $ 651 $ 119 $ (101) $ 21 Amounts recognized in AOCI at period end (3) Prior service (expense) benefit $ — $ (3) $ 75 $ 34 Net actuarial (loss) gain (6,244) (1,438) 136 (281) Net amount recognized in equity (pretax)—Significant Plans $ (6,244) $ (1,441) $ 211 $ (247) Accumulated benefit obligation at period end—Significant Plans $ 9,089 $ 4,501 $ 323 $ 861 (1) 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, 2023 and no minimum required funding is expected for 2023. (2) The nonqualified plans of the Company are unfunded. (3) 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. (4) During 2023, the actuarial gain is primarily due to the increase in global discount rates. |
Change in accumulated other comprehensive income (loss) | The following table presents the change in AOCI related to the Company’s pension, postretirement and post employment plans: In millions of dollars Three Months Ended Nine Months Ended September 30, 2023 Three Months Ended September 30, 2022 Nine Months Ended September 30, 2022 Beginning of period balance, net of tax (1)(2) $ (5,995) $ (5,755) $ (5,770) $ (5,852) Actuarial assumptions changes and plan experience 818 703 977 4,001 Net asset (loss) due to difference between actual and expected returns (614) (676) (1,084) (4,221) Net amortization 47 135 43 159 Curtailment/settlement loss (gain) (3) 5 1 — (32) Foreign exchange impact and other 124 (95) 60 193 Change in deferred taxes, net (68) 4 41 19 Change, net of tax $ 312 $ 72 $ 37 $ 119 End of period balance, net of tax (1)(2) $ (5,683) $ (5,683) $ (5,733) $ (5,733) (1) See Note 18 for further discussion of net AOCI balance. (2) Includes net-of-tax amounts for certain profit-sharing plans outside the U.S. |
Assumptions used in determining benefit obligations and net benefit expense | Certain assumptions used in determining pension and postretirement benefit obligations and net benefit expense for the Significant Plans are as follows: During the period Three Months Ended Sept. 30, 2023 Jun. 30, 2023 Sept. 30, 2022 Discount rate U.S. plans Qualified pension 5.40% 5.15% 4.80% Nonqualified pension 5.45 5.20 4.80 Postretirement 5.50 5.25 4.75 Non-U.S. plans Pension 1.80–10.40 2.05–10.65 2.00–10.75 Weighted average 7.72 7.64 6.68 Postretirement 10.40 10.70 10.75 Expected return on assets U.S. plans Qualified pension 5.70 5.70 5.00 Postretirement 5.70/3.00 5.70/3.00 5.00/1.50 Non-U.S. plans Pension 4.50–9.90 4.10–9.90 2.00–8.00 Weighted average 6.56 6.26 4.72 Postretirement 8.70 8.70 8.00 At period ended ( 1) Sept. 30, 2023 Jun. 30, 2023 Sept. 30, 2022 Discount rate U.S. plans Qualified pension 6.05% 5.40% 5.65% Nonqualified pension 6.10 5.45 5.60 Postretirement 6.10 5.50 5.65 Non-U.S. plans Pension 1.85–11.55 1.80–10.40 2.10–11.30 Weighted average 8.35 7.72 7.64 Postretirement 11.55 10.40 11.25 Expected return on assets U.S. plans Qualified pension 5.70 5.70 5.00 Postretirement 5.70/3.00 5.70/3.00 5.00/1.50 Non-U.S. plans Pension 4.50–9.90 4.50–9.90 2.00–8.00 Weighted average 6.70 6.56 5.48 Postretirement 8.70 8.70 8.00 (1) The assumptions for the discount rate and expected return on assets at the end of each quarter are used in the following quarter. |
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 net expense (benefit) of a one-percentage-point change in the discount rate: Three Months Ended September 30, 2023 In millions of dollars One-percentage-point increase One-percentage-point decrease Pension U.S. plans $ 6 $ (7) Non-U.S. plans (2) 3 Postretirement Non-U.S. plans (1) 1 |
Schedule of company contributions | The following table summarizes the Company’s actual contributions for the nine months ended September 30, 2023 and 2022, as well as expected Company contributions for the remainder of 2023 and the actual contributions made in 2022: Pension plans Postretirement plans U.S. plans (1) Non-U.S. plans U.S. plans Non-U.S. plans In millions of dollars 2023 2022 2023 2022 2023 2022 2023 2022 Company contributions (2)(3) for the nine months ended September 30 $ 43 $ 41 $ 87 $ 417 $ — $ 5 $ 7 $ 7 Company contributions made during the remainder of the year (3) — 14 — 77 — 9 — 2 Company contributions expected to be made during the remainder of the year 16 — 25 — 1 — 2 — (1) The U.S. plans include benefits paid directly by the Company for the nonqualified pension plans. (2) Company contributions are composed of cash contributions made to the plans and benefits paid directly by the Company. |
Defined contribution plans | The following table summarizes the Company’s contributions for the defined contribution plans: Three Months Ended September 30, Nine Months Ended September 30, In millions of dollars 2023 2022 2023 2022 U.S. plans $ 138 $ 119 $ 413 $ 356 Non-U.S. plans 114 98 342 303 |
EARNINGS PER SHARE (Tables)
EARNINGS PER SHARE (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Earnings Per Share [Abstract] | |
Reconciliation of the income and share data used in the basic and diluted earnings per share computations | The following table reconciles the income and share data used in the basic and diluted earnings per share (EPS) computations: Three Months Ended September 30, Nine Months Ended September 30, In millions of dollars, except per share amounts 2023 2022 2023 2022 Earnings per common share Income from continuing operations before attribution of noncontrolling interests $ 3,585 $ 3,515 $ 11,189 $ 12,629 Less: Noncontrolling interests from continuing operations 41 30 122 68 Net income from continuing operations (for EPS purposes) $ 3,544 $ 3,485 $ 11,067 $ 12,561 Income (loss) from discontinued operations, net of taxes 2 (6) — (229) Citigroup’s net income $ 3,546 $ 3,479 $ 11,067 $ 12,332 Less: Preferred dividends 333 277 898 794 Net income available to common shareholders $ 3,213 $ 3,202 $ 10,169 $ 11,538 Less: Dividends and undistributed earnings allocated to employee restricted and deferred shares with rights to dividends, and other relevant items (1) , applicable to basic EPS 53 28 121 89 Net income allocated to common shareholders for basic EPS $ 3,160 $ 3,174 $ 10,048 $ 11,449 Weighted-average common shares outstanding applicable to basic EPS (in millions) 1,924.4 1,936.8 1,936.9 1,950.0 Basic earnings per share (2) Income from continuing operations $ 1.64 $ 1.64 $ 5.19 $ 5.99 Discontinued operations — — — (0.12) Net income per share—basic $ 1.64 $ 1.64 $ 5.19 $ 5.87 Diluted earnings per share Net income allocated to common shareholders for basic EPS $ 3,160 $ 3,174 $ 10,048 $ 11,449 Add back: Dividends allocated to employee restricted and deferred shares with rights to dividends that are forfeitable 16 11 42 30 Net income allocated to common shareholders for diluted EPS $ 3,176 $ 3,185 $ 10,090 $ 11,479 Weighted-average common shares outstanding applicable to basic EPS (in millions) 1,924.4 1,936.8 1,936.9 1,950.0 Effect of dilutive securities Options (3) — — — — Other employee plans 27.3 18.3 24.6 17.1 Adjusted weighted-average common shares outstanding applicable to diluted EPS (in millions) (4) 1,951.7 1,955.1 1,961.5 1,967.1 Diluted earnings per share (2) Income from continuing operations $ 1.63 $ 1.63 $ 5.14 $ 5.95 Discontinued operations — — — (0.12) Net income per share—diluted (5) $ 1.63 $ 1.63 $ 5.14 $ 5.84 (1) Other relevant items includes issuance costs of $16 million related to the redemption of preferred stock Series A and B in the third quarter of 2023. These issuance costs were reclassified from Additional paid-in capital to Retained earnings upon redemption of the preferred stock. See Note 19. (2) Due to rounding, earnings per share on continuing operations and discontinued operations may not sum to earnings per share on net income. (3) During the third quarters of 2023 and 2022, no significant options to purchase shares of common stock were outstanding. (4) Due to rounding, weighted-average common shares outstanding applicable to basic EPS and the effect of dilutive securities may not sum to weighted-average common shares outstanding applicable to diluted EPS. (5) Due to rounding, income from continuing operations and discontinued operations may not sum to net income per share—diluted. |
SECURITIES BORROWED, LOANED A_2
SECURITIES BORROWED, LOANED AND SUBJECT TO REPURCHASE AGREEMENTS (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Federal Funds Purchased and Securities Sold under Agreements to Repurchase [Abstract] | |
Securities borrowed or purchased under agreements to resell | Securities borrowed and purchased under agreements to resell , at their respective carrying values, consisted of the following: In millions of dollars September 30, December 31, 2022 Securities purchased under agreements to resell $ 264,838 $ 291,272 Deposits paid for securities borrowed 70,274 74,165 Total, net (1) $ 335,112 $ 365,437 Allowance for credit losses on securities purchased and borrowed (2) (53) (36) Total, net of allowance $ 335,059 $ 365,401 |
Securities loaned or sold under agreements to repurchase | Securities loaned and sold under agreements to repurchase , at their respective carrying values, consisted of the following: In millions of dollars September 30, December 31, 2022 Securities sold under agreements to repurchase $ 242,611 $ 183,827 Deposits received for securities loaned 14,159 18,617 Total, net (1) $ 256,770 $ 202,444 (1) The above tables do not include securities-for-securities lending transactions of $7.2 billion and $4.4 billion at September 30, 2023 and December 31, 2022, 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 September 30, 2023 In millions of dollars Gross amounts Gross amounts (1) Net amounts of Amounts (2) Net (3) Securities purchased under agreements to resell $ 499,862 $ 235,024 $ 264,838 $ 239,448 $ 25,390 Deposits paid for securities borrowed 85,480 15,206 70,274 18,388 51,886 Total $ 585,342 $ 250,230 $ 335,112 $ 257,836 $ 77,276 In millions of dollars Gross amounts Gross amounts (1) Net amounts of Amounts (2) Net amounts (3) Securities sold under agreements to repurchase $ 477,635 $ 235,024 $ 242,611 $ 155,168 $ 87,443 Deposits received for securities loaned 29,365 15,206 14,159 3,877 10,282 Total $ 507,000 $ 250,230 $ 256,770 $ 159,045 $ 97,725 As of December 31, 2022 In millions of dollars Gross amounts Gross amounts (1) Net amounts of Amounts (2) Net (3) Securities purchased under agreements to resell $ 403,663 $ 112,391 $ 291,272 $ 204,077 $ 87,195 Deposits paid for securities borrowed 88,817 14,652 74,165 13,844 60,321 Total $ 492,480 $ 127,043 $ 365,437 $ 217,921 $ 147,516 In millions of dollars Gross amounts Gross amounts (1) Net amounts of Amounts (2) Net (3) Securities sold under agreements to repurchase $ 296,218 $ 112,391 $ 183,827 $ 71,635 $ 112,192 Deposits received for securities loaned 33,269 14,652 18,617 2,542 16,075 Total $ 329,487 $ 127,043 $ 202,444 $ 74,177 $ 128,267 (1) Includes financial instruments subject to enforceable master netting agreements that are permitted to be offset under ASC 210-20-45. (2) Includes financial instruments subject to enforceable master netting agreements that are not permitted to be offset under ASC 210-20-45, but would be eligible for offsetting to the extent that an event of default has occurred and a legal opinion supporting enforceability of the offsetting right has been obtained. (3) Remaining exposures continue to be secured by financial collateral, but the Company may not have sought or been able to obtain a legal opinion evidencing enforceability of the offsetting right. |
Schedule of gross and net repurchase agreements and securities lending agreements and the related offsetting amount permitted as well as not permitted under ASC 210-20-45 | The following tables present the gross and net resale and repurchase agreements and securities borrowing and lending agreements and the related offsetting amounts permitted under ASC 210-20-45. The tables also include amounts related to financial instruments that are not permitted to be offset under ASC 210-20-45, but would be eligible for offsetting to the extent that an event of default has occurred and a legal opinion supporting enforceability of the offsetting rights has been obtained. Remaining exposures continue to be secured by financial collateral, but the Company may not have sought or been able to obtain a legal opinion evidencing enforceability of the offsetting right. As of September 30, 2023 In millions of dollars Gross amounts Gross amounts (1) Net amounts of Amounts (2) Net (3) Securities purchased under agreements to resell $ 499,862 $ 235,024 $ 264,838 $ 239,448 $ 25,390 Deposits paid for securities borrowed 85,480 15,206 70,274 18,388 51,886 Total $ 585,342 $ 250,230 $ 335,112 $ 257,836 $ 77,276 In millions of dollars Gross amounts Gross amounts (1) Net amounts of Amounts (2) Net amounts (3) Securities sold under agreements to repurchase $ 477,635 $ 235,024 $ 242,611 $ 155,168 $ 87,443 Deposits received for securities loaned 29,365 15,206 14,159 3,877 10,282 Total $ 507,000 $ 250,230 $ 256,770 $ 159,045 $ 97,725 As of December 31, 2022 In millions of dollars Gross amounts Gross amounts (1) Net amounts of Amounts (2) Net (3) Securities purchased under agreements to resell $ 403,663 $ 112,391 $ 291,272 $ 204,077 $ 87,195 Deposits paid for securities borrowed 88,817 14,652 74,165 13,844 60,321 Total $ 492,480 $ 127,043 $ 365,437 $ 217,921 $ 147,516 In millions of dollars Gross amounts Gross amounts (1) Net amounts of Amounts (2) Net (3) Securities sold under agreements to repurchase $ 296,218 $ 112,391 $ 183,827 $ 71,635 $ 112,192 Deposits received for securities loaned 33,269 14,652 18,617 2,542 16,075 Total $ 329,487 $ 127,043 $ 202,444 $ 74,177 $ 128,267 (1) Includes financial instruments subject to enforceable master netting agreements that are permitted to be offset under ASC 210-20-45. (2) Includes financial instruments subject to enforceable master netting agreements that are not permitted to be offset under ASC 210-20-45, but would be eligible for offsetting to the extent that an event of default has occurred and a legal opinion supporting enforceability of the offsetting right has been obtained. (3) Remaining exposures continue to be secured by financial collateral, but the Company may not have sought or been able to obtain a legal opinion evidencing enforceability of the offsetting right. |
Gross amount of liabilities associated with repurchase agreements and securities lending agreements | The following tables present the gross amounts of liabilities associated with repurchase agreements and securities lending agreements by remaining contractual maturity: As of September 30, 2023 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 $ 248,681 $ 142,516 $ 29,711 $ 56,727 $ 477,635 Deposits received for securities loaned 20,634 242 556 7,933 29,365 Total $ 269,315 $ 142,758 $ 30,267 $ 64,660 $ 507,000 As of December 31, 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 $ 138,710 $ 86,819 $ 25,119 $ 45,570 $ 296,218 Deposits received for securities loaned 25,388 267 2,121 5,493 33,269 Total $ 164,098 $ 87,086 $ 27,240 $ 51,063 $ 329,487 The following tables present the gross amounts of liabilities associated with repurchase agreements and securities lending agreements by class of underlying collateral: As of September 30, 2023 In millions of dollars Repurchase agreements Securities lending agreements Total U.S. Treasury and federal agency securities $ 191,944 $ — $ 191,944 State and municipal securities 1,434 2 1,436 Foreign government securities 161,785 626 162,411 Corporate bonds 15,761 23 15,784 Equity securities 15,478 28,228 43,706 Mortgage-backed securities 67,390 — 67,390 Other 23,843 486 24,329 Total $ 477,635 $ 29,365 $ 507,000 As of December 31, 2022 In millions of dollars Repurchase agreements Securities lending agreements Total U.S. Treasury and federal agency securities $ 99,979 $ 106 $ 100,085 State and municipal securities 1,911 — 1,911 Foreign government securities 123,826 13 123,839 Corporate bonds 14,308 45 14,353 Equity securities 9,749 33,096 42,845 Mortgage-backed securities 36,225 — 36,225 Asset-backed securities 1,755 — 1,755 Other 8,465 9 8,474 Total $ 296,218 $ 33,269 $ 329,487 |
BROKERAGE RECEIVABLES AND BRO_2
BROKERAGE RECEIVABLES AND BROKERAGE PAYABLES (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Broker-Dealer [Abstract] | |
Brokerage receivables and brokerage payables | Brokerage receivables and Brokerage payables consisted of the following: In millions of dollars September 30, December 31, 2022 Receivables from customers $ 22,854 $ 15,462 Receivables from brokers, dealers and clearing organizations 43,340 38,730 Total brokerage receivables (1) $ 66,194 $ 54,192 Payables to customers $ 53,441 $ 55,747 Payables to brokers, dealers and clearing organizations 21,635 13,471 Total brokerage payables (1) $ 75,076 $ 69,218 |
INVESTMENTS (Tables)
INVESTMENTS (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of investments by category | The following table presents Citi’s investments by category: In millions of dollars September 30, December 31, 2022 Debt securities available-for-sale (AFS) $ 241,783 $ 249,679 Debt securities held-to-maturity (HTM) (1) 259,456 268,863 Marketable equity securities carried at fair value (2) 283 429 Non-marketable equity securities carried at fair value (2)(5) 455 466 Non-marketable equity securities measured using the measurement alternative (3) 1,621 1,676 Non-marketable equity securities carried at cost (4) 5,400 5,469 Total investments (6) $ 508,998 $ 526,582 (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. (5) Includes $24 million and $27 million of investments in funds for which the fair values are estimated using the net asset value of the Company’s ownership interest in the funds at September 30, 2023 and December 31, 2022, respectively. (6) Not included in the balances above is approximately $2 billion of accrued interest receivable at September 30, 2023 and December 31, 2022, which is included in Other assets on the Consolidated Balance Sheet. The Company does not recognize an allowance for credit losses on accrued interest receivable for AFS and HTM debt securities, consistent with its non-accrual policy, which results in timely write-off of accrued interest. The Company did not reverse through interest income any accrued interest receivables for the quarters ended September 30, 2023 and 2022. |
Interest and dividends on investments | The following table presents interest and dividend income on investments: Three Months Ended September 30, Nine Months Ended September 30, In millions of dollars 2023 2022 2023 2022 Taxable interest $ 4,547 $ 2,714 $ 12,831 $ 7,001 Interest exempt from U.S. federal income tax 83 220 252 263 Dividend income 89 59 231 149 Total interest and dividend income on investments $ 4,719 $ 2,993 $ 13,314 $ 7,413 |
Realized gains and losses on investments excluding other-than-temporary impairment | The following table presents realized gains and losses on the sales of investments, which exclude impairment losses: Three Months Ended September 30, Nine Months Ended September 30, In millions of dollars 2023 2022 2023 2022 Gross realized investment gains $ 83 $ 102 $ 262 $ 282 Gross realized investment losses (53) (50) (111) (208) Net realized gains on sales of investments $ 30 $ 52 $ 151 $ 74 |
Amortized cost and fair value of AFS debt securities | The amortized cost and fair value of AFS debt securities were as follows: September 30, 2023 December 31, 2022 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)(3) $ 20,750 $ 23 $ 958 $ — $ 19,815 $ 12,009 $ 8 $ 755 $ — $ 11,262 Residential 310 — 3 — 307 488 — 3 — 485 Commercial 1 — — — 1 2 — — — 2 Total mortgage-backed securities $ 21,061 $ 23 $ 961 $ — $ 20,123 $ 12,499 $ 8 $ 758 $ — $ 11,749 U.S. Treasury and federal agency securities U.S. Treasury $ 83,029 $ 21 $ 1,782 $ — $ 81,268 $ 94,732 $ 50 $ 2,492 $ — $ 92,290 Agency obligations — — — — — — — — — — Total U.S. Treasury and federal agency securities $ 83,029 $ 21 $ 1,782 $ — $ 81,268 $ 94,732 $ 50 $ 2,492 $ — $ 92,290 State and municipal $ 2,204 $ 6 $ 179 $ — $ 2,031 $ 2,363 $ 19 $ 159 $ — $ 2,223 Foreign government 127,245 234 2,083 — 125,396 135,648 569 2,940 — 133,277 Corporate 5,653 13 268 5 5,393 5,146 19 246 3 4,916 Asset-backed securities (1) 681 3 2 — 682 1,022 12 4 — 1,030 Other debt securities 6,890 2 2 — 6,890 4,198 1 5 — 4,194 Total debt securities AFS $ 246,763 $ 302 $ 5,277 $ 5 $ 241,783 $ 255,608 $ 678 $ 6,604 $ 3 $ 249,679 (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 20 for mortgage- and asset-backed securitizations in which the Company has other involvement. (2) In January 2023, Citi adopted ASU 2022-01. Upon adoption, Citi transferred $3.3 billion of mortgage-backed securities from HTM classification to AFS classification as allowed under the ASU. At the time of transfer, the securities were in an unrealized gain position of $0.1 billion, which was recorded in AOCI upon transfer . See Note 1 to the Consolidated Financial Statements in Citi’s 2022 Form 10-K. (3) Amortized cost includes unallocated portfolio layer cumulative basis adjustments of $(0.5) billion as of September 30, 2023. Gross unrealized gains and gross unrealized losses on mortgage-backed securities excluding the effect of unallocated portfolio layer cumulative basis adjustments were $2 million and $1.5 billion, respectively, as of September 30, 2023. |
Fair value of securities in unrealized loss position | The following table presents the fair value of AFS debt securities that have been in an unrealized loss position: Less than 12 months 12 months or longer Total In millions of dollars Fair Gross Fair Gross Fair Gross September 30, 2023 Debt securities AFS Mortgage-backed securities U.S. government-sponsored agency guaranteed $ 7,751 $ 154 $ 8,945 $ 804 $ 16,696 $ 958 Residential 298 3 4 — 302 3 Commercial — — — — — — Total mortgage-backed securities $ 8,049 $ 157 $ 8,949 $ 804 $ 16,998 $ 961 U.S. Treasury and federal agency securities U.S. Treasury $ 23,045 $ 705 $ 48,721 $ 1,077 $ 71,766 $ 1,782 Total U.S. Treasury and federal agency securities $ 23,045 $ 705 $ 48,721 $ 1,077 $ 71,766 $ 1,782 State and municipal $ 751 $ 39 $ 864 $ 140 $ 1,615 $ 179 Foreign government 73,044 1,425 19,780 658 92,824 2,083 Corporate 2,858 213 1,583 55 4,441 268 Asset-backed securities 214 2 — — 214 2 Other debt securities 1,359 2 — — 1,359 2 Total debt securities AFS $ 109,320 $ 2,543 $ 79,897 $ 2,734 $ 189,217 $ 5,277 December 31, 2022 Debt securities AFS Mortgage-backed securities U.S. government-sponsored agency guaranteed $ 7,908 $ 412 $ 3,290 $ 343 $ 11,198 $ 755 Residential 158 3 1 — 159 3 Commercial 1 — 1 — 2 — Total mortgage-backed securities $ 8,067 $ 415 $ 3,292 $ 343 $ 11,359 $ 758 U.S. Treasury and federal agency securities U.S. Treasury $ 40,701 $ 1,001 $ 34,692 $ 1,491 $ 75,393 $ 2,492 Agency obligations — — — — — — Total U.S. Treasury and federal agency securities $ 40,701 $ 1,001 $ 34,692 $ 1,491 $ 75,393 $ 2,492 State and municipal $ 896 $ 31 $ 707 $ 128 $ 1,603 $ 159 Foreign government 82,900 2,332 14,220 608 97,120 2,940 Corporate 3,082 209 784 37 3,866 246 Asset-backed securities 708 4 — — 708 4 Other debt securities 2,213 5 — — 2,213 5 Total debt securities AFS $ 138,567 $ 3,997 $ 53,695 $ 2,607 $ 192,262 $ 6,604 |
Amortized cost and fair value of debt securities by contractual maturity dates | The following table presents the amortized cost and fair value of AFS debt securities by contractual maturity dates: September 30, 2023 December 31, 2022 In millions of dollars Amortized Fair Amortized Fair Mortgage-backed securities (1) Due within 1 year $ 10 $ 10 $ 42 $ 44 After 1 but within 5 years 364 354 523 513 After 5 but within 10 years 570 527 468 440 After 10 years 20,659 19,232 11,466 10,752 Total (2) $ 21,603 $ 20,123 $ 12,499 $ 11,749 U.S. Treasury and federal agency securities Due within 1 year $ 35,939 $ 35,588 $ 25,935 $ 25,829 After 1 but within 5 years 46,561 45,219 68,455 66,166 After 5 but within 10 years 529 461 342 295 After 10 years — — — — Total $ 83,029 $ 81,268 $ 94,732 $ 92,290 State and municipal Due within 1 year $ 13 $ 12 $ 19 $ 18 After 1 but within 5 years 106 103 94 92 After 5 but within 10 years 326 310 305 302 After 10 years 1,759 1,606 1,945 1,811 Total $ 2,204 $ 2,031 $ 2,363 $ 2,223 Foreign government Due within 1 year $ 60,383 $ 59,996 $ 64,795 $ 64,479 After 1 but within 5 years 60,881 59,656 67,935 66,150 After 5 but within 10 years 5,490 5,326 2,491 2,250 After 10 years 491 418 427 398 Total $ 127,245 $ 125,396 $ 135,648 $ 133,277 All other (3) Due within 1 year $ 6,169 $ 6,161 $ 4,452 $ 4,441 After 1 but within 5 years 6,172 5,962 5,162 4,988 After 5 but within 10 years 818 813 695 693 After 10 years 65 29 57 18 Total $ 13,224 $ 12,965 $ 10,366 $ 10,140 Total debt securities AFS (2) $ 247,305 $ 241,783 $ 255,608 $ 249,679 (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. See Note 20 for more information about mortgage- and asset-backed securitizations in which the Company has other involvement. (2) Amortized cost excludes unallocated portfolio layer cumulative basis adjustments of $(0.5) billion as of September 30, 2023. (3) Includes corporate, asset-backed and other debt securities. The following table presents the carrying value and fair value of HTM debt securities by contractual maturity dates: September 30, 2023 December 31, 2022 In millions of dollars Amortized cost (1) Fair value Amortized cost (1) Fair value Mortgage-backed securities Due within 1 year $ 20 $ 20 $ 27 $ 27 After 1 but within 5 years 660 622 520 505 After 5 but within 10 years 1,229 1,094 1,496 1,374 After 10 years 80,996 67,646 89,579 79,745 Total $ 82,905 $ 69,382 $ 91,622 $ 81,651 U.S. Treasury securities Due within 1 year $ 3,403 $ 3,360 $ 3,148 $ 3,017 After 1 but within 5 years 130,534 117,304 86,617 79,104 After 5 but within 10 years 997 857 45,196 39,118 After 10 years — — — — Total $ 134,934 $ 121,521 $ 134,961 $ 121,239 State and municipal Due within 1 year $ 30 $ 30 $ 22 $ 21 After 1 but within 5 years 116 113 102 100 After 5 but within 10 years 1,289 1,187 1,002 967 After 10 years 7,668 6,594 8,111 7,419 Total $ 9,103 $ 7,924 $ 9,237 $ 8,507 Foreign government Due within 1 year $ 1,131 $ 1,090 $ 143 $ 139 After 1 but within 5 years 1,183 1,135 1,932 1,843 After 5 but within 10 years — — — — After 10 years — — — — Total $ 2,314 $ 2,225 $ 2,075 $ 1,982 All other (2) Due within 1 year $ — $ — $ — $ — After 1 but within 5 years 1 1 — — After 5 but within 10 years 12,016 11,970 11,751 11,583 After 10 years 18,183 17,979 19,217 18,686 Total $ 30,200 $ 29,950 $ 30,968 $ 30,269 Total debt securities HTM $ 259,456 $ 231,002 $ 268,863 $ 243,648 (1) Amortized cost is reported net of ACL of $95 million and $120 million at September 30, 2023 and December 31, 2022, 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 September 30, 2023 Debt securities HTM Mortgage-backed securities (2) U.S. government-sponsored agency guaranteed (3) $ 81,442 $ — $ 13,354 $ 68,088 Non-U.S. residential 330 — — 330 Commercial 1,133 — 169 964 Total mortgage-backed securities $ 82,905 $ — $ 13,523 $ 69,382 U.S. Treasury securities $ 134,934 $ — $ 13,413 $ 121,521 State and municipal 9,103 9 1,188 7,924 Foreign government 2,314 — 89 2,225 Asset-backed securities (2) 30,200 1 251 29,950 Total debt securities HTM, net $ 259,456 $ 10 $ 28,464 $ 231,002 December 31, 2022 Debt securities HTM Mortgage-backed securities (2) U.S. government-sponsored agency guaranteed $ 90,063 $ 58 $ 10,033 $ 80,088 Non-U.S. residential 445 — — 445 Commercial 1,114 5 1 1,118 Total mortgage-backed securities $ 91,622 $ 63 $ 10,034 $ 81,651 U.S. Treasury securities $ 134,961 $ — $ 13,722 $ 121,239 State and municipal 9,237 34 764 8,507 Foreign government 2,075 — 93 1,982 Asset-backed securities (2) 30,968 4 703 30,269 Total debt securities HTM, net $ 268,863 $ 101 $ 25,316 $ 243,648 (1) Amortized cost is reported net of ACL of $95 million and $120 million at September 30, 2023 and December 31, 2022, 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 20 for mortgage- and asset-backed securitizations in which the Company has other involvement. (3) In January 2023, Citi adopted ASU 2022-01. Upon adoption, Citi transferred $3.3 billion of mortgage-backed securities from HTM classification to AFS classification as allowed under the ASU. At the time of transfer, the securities were in an unrealized gain position of $0.1 billion, which was recorded in AOCI upon transfer . See Note 1 to the Consolidated Financial Statements in Citi’s 2022 Form 10-K. |
Total other-than-temporary impairments recognized | The following table presents total impairment on AFS investments recognized in earnings: Three Months Ended September 30, Nine Months Ended September 30, In millions of dollars 2023 2022 2023 2022 Impairment losses related to debt securities that the Company does not intend 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 $ — $ — $ — $ — Impairment losses recognized in earnings for debt securities that the Company 43 74 137 254 Total impairment losses recognized in earnings $ 43 $ 74 $ 137 $ 254 |
Carrying value of non-marketable equity securities measured using the measurement alternative | Below is the carrying value of non-marketable equity securities measured using the measurement alternative at September 30, 2023 and December 31, 2022 : In millions of dollars September 30, 2023 December 31, 2022 Measurement alternative: Carrying value $ 1,621 $ 1,676 Below are amounts recognized in earnings and life-to-date amounts for non-marketable equity securities measured using the measurement alternative: Three Months Ended September 30, Nine Months Ended September 30, In millions of dollars 2023 2022 2023 2022 Measurement alternative (1) : Impairment losses $ 27 $ 17 $ 90 $ 23 Downward changes for observable prices 4 — 24 — Upward changes for observable prices 17 7 49 141 (1) See Note 22 for additional information on these nonrecurring fair value measurements. Life-to-date amounts on securities still held In millions of dollars September 30, 2023 Measurement alternative: Impairment losses $ 299 Downward changes for observable prices 28 Upward changes for observable prices 913 |
LOANS (Tables)
LOANS (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Corporate loans | |
Financing Receivable, Credit Quality Indicator [Line Items] | |
Schedule of corporate loans by type | The following table presents information by corporate loan type: In millions of dollars September 30, December 31, In North America offices (1) Commercial and industrial $ 58,130 $ 56,176 Financial institutions 36,783 43,399 Mortgage and real estate (2) 17,445 17,829 Installment and other 23,207 23,767 Lease financing 225 308 Total $ 135,790 $ 141,479 In offices outside North America (1) Commercial and industrial $ 95,528 $ 93,967 Financial institutions 23,759 21,931 Mortgage and real estate (2) 6,481 4,179 Installment and other 24,407 23,347 Lease financing 46 46 Governments and official institutions 2,794 4,205 Total $ 153,015 $ 147,675 Corporate loans, net of unearned income, excluding portfolio layer cumulative basis adjustments (4)(5)(6) $ 288,805 $ 289,154 Unallocated portfolio layer cumulative basis adjustments (3) $ (171) $ — Corporate loans, net of unearned income (4)(5)(6) $ 288,634 $ 289,154 (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) Represents fair value hedge basis adjustments related to portfolio layer method hedges of mortgage and real estate loans, which are not allocated to individual loans in the portfolio. See Note 21. (4) Corporate loans are net of unearned income of ($806) million and ($797) million at September 30, 2023 and December 31, 2022, respectively. Unearned income on corporate loans primarily represents interest received in advance, but not yet earned, on loans originated on a discounted basis. (5) Not included in the balances above is approximately $2 billion of accrued interest receivable at September 30, 2023 and December 31, 2022, which is included in Other assets on the Consolidated Balance Sheet. |
Schedule of loan delinquency and non-accrual details | Corporate Loan Delinquencies and Non-Accrual Details at September 30, 2023 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 $ 402 $ 183 $ 585 $ 903 $ 148,907 $ 150,395 Financial institutions 106 5 111 87 59,948 60,146 Mortgage and real estate 8 100 108 821 22,932 23,861 Lease financing — — — — 271 271 Other 70 20 90 164 46,689 46,943 Loans at fair value 7,189 Total (5) $ 586 $ 308 $ 894 $ 1,975 $ 278,747 $ 288,805 Corporate Loan Delinquencies and Non-Accrual Details at December 31, 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 $ 763 $ 594 $ 1,357 $ 860 $ 145,586 $ 147,803 Financial institutions 233 102 335 152 64,420 64,907 Mortgage and real estate 30 12 42 33 21,874 21,949 Lease financing — 1 1 10 343 354 Other 145 18 163 67 48,788 49,018 Loans at fair value 5,123 Total $ 1,171 $ 727 $ 1,898 $ 1,122 $ 281,011 $ 289,154 (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 collectibility 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) The Total loans column includes loans at fair value, which are not included in the various delinquency columns and, therefore, the tables’ total rows will not cross-foot. (5) Excludes $(171) million of unallocated portfolio layer cumulative basis adjustments at September 30, 2023. |
Schedule of loans credit quality indicators | Corporate Loans Credit Quality Indicators Recorded investment in loans (1) Term loans by year of origination Revolving line of credit arrangements (2) September 30, 2023 In millions of dollars 2023 2022 2021 2020 2019 Prior Investment grade (3) Commercial and industrial (4) $ 42,312 $ 7,844 $ 4,809 $ 2,441 $ 2,751 $ 7,538 $ 36,301 $ 103,996 Financial institutions (4) 9,518 4,050 3,048 520 603 1,978 33,069 52,786 Mortgage and real estate 2,075 4,881 3,874 3,026 1,725 1,903 141 17,625 Other (6) 2,227 5,739 1,404 1,009 938 4,697 27,682 43,696 Total investment grade $ 56,132 $ 22,514 $ 13,135 $ 6,996 $ 6,017 $ 16,116 $ 97,193 $ 218,103 Non-investment grade (3) Accrual Commercial and industrial (4) $ 16,057 $ 5,183 $ 2,328 $ 1,650 $ 920 $ 2,967 $ 16,391 $ 45,496 Financial institutions (4) 3,172 1,115 842 16 175 205 1,748 7,273 Mortgage and real estate 658 776 946 677 653 1,103 602 5,415 Other (6) 513 786 376 202 215 132 1,130 3,354 Non-accrual Commercial and industrial (4) 80 71 74 — 45 178 455 903 Financial institutions 7 3 28 — — — 49 87 Mortgage and real estate 3 329 12 28 137 260 52 821 Other (5) 12 — 41 — 62 2 47 164 Total non-investment grade $ 20,502 $ 8,263 $ 4,647 $ 2,573 $ 2,207 $ 4,847 $ 20,474 $ 63,513 Loans at fair value (6) $ 7,189 Corporate loans, net of unearned income (7) $ 76,634 $ 30,777 $ 17,782 $ 9,569 $ 8,224 $ 20,963 $ 117,667 $ 288,805 Recorded investment in loans (1) Term loans by year of origination Revolving line of credit arrangements (2) December 31, 2022 In millions of dollars 2022 2021 2020 2019 2018 Prior Investment grade (3) Commercial and industrial (4) $ 40,639 $ 6,124 $ 3,620 $ 3,458 $ 2,617 $ 7,048 $ 38,358 $ 101,864 Financial institutions (4) 11,850 3,877 835 922 333 1,327 37,462 56,606 Mortgage and real estate 4,436 3,236 4,010 2,619 1,127 1,706 152 17,286 Other (6) 7,649 2,687 1,439 643 2,119 3,832 26,805 45,174 Total investment grade $ 64,574 $ 15,924 $ 9,904 $ 7,642 $ 6,196 $ 13,913 $ 102,777 $ 220,930 Non-investment grade (3) Accrual Commercial and industrial (4) $ 17,278 $ 3,139 $ 1,973 $ 1,331 $ 965 $ 3,546 $ 16,848 $ 45,080 Financial institutions (4) 4,708 630 197 254 47 240 2,073 8,149 Mortgage and real estate 582 835 429 729 783 801 472 4,631 Other (6) 1,244 559 391 413 1 219 1,292 4,119 Non-accrual Commercial and industrial 1 12 99 115 49 105 479 860 Financial institutions (4) 41 34 — — — — 77 152 Mortgage and real estate 10 4 — — — 19 — 33 Other (5) 6 — 26 8 10 11 16 77 Total non-investment grade $ 23,870 $ 5,213 $ 3,115 $ 2,850 $ 1,855 $ 4,941 $ 21,257 $ 63,101 Loans at fair value (6) $ 5,123 Corporate loans, net of unearned income $ 88,444 $ 21,137 $ 13,019 $ 10,492 $ 8,051 $ 18,854 $ 124,034 $ 289,154 (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 period. (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. (7) Excludes $(171) million of unallocated portfolio layer cumulative basis adjustments at September 30, 2023. The table below details gross credit losses recognized during the nine months ended September 30, 2023, by year of loan origination: For the Nine Months Ended September 30, 2023 In millions of dollars 2023 2022 2021 2020 2019 Prior Revolving line of credit arrangement Total Commercial and industrial $ 9 $ 19 $ 1 $ 1 $ — $ 2 $ 73 $ 105 Financial institutions — — — — — — 38 38 Mortgage and real estate — — — 1 — 2 1 4 Other (1) — — — — — — 50 50 Total $ 9 $ 19 $ 1 $ 2 $ — $ 4 $ 162 $ 197 (1) Other includes installment and other, lease financing and loans to government and official institutions. |
Schedule of impaired loans | Non-Accrual Corporate Loans September 30, 2023 December 31, 2022 In millions of dollars Recorded investment (1)(2) Related specific Recorded investment (1)(2) Related specific Non-accrual corporate loans with specific allowances Commercial and industrial $ 718 $ 205 $ 583 $ 268 Financial institutions 81 50 149 51 Mortgage and real estate 628 114 33 4 Other 10 1 — — Total non-accrual corporate loans with specific allowances $ 1,437 $ 370 $ 765 $ 323 Non-accrual corporate loans without specific allowances Commercial and industrial $ 185 N/A $ 277 N/A Financial institutions 6 N/A 3 N/A Mortgage and real estate 193 N/A — N/A Lease financing — N/A 10 N/A Other 154 N/A 67 N/A Total non-accrual corporate loans without specific allowances $ 538 N/A $ 357 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) Interest income recognized for the three and nine months ended September 30, 2023 was $6 million and $31 million, respectively, and for the three and nine months ended September 30, 2022 was $10 million and $33 million, respectively. N/A Not applicable |
Schedule of modifications and troubled debt restructurings | The following table details corporate loan modifications granted during the three and nine months ended September 30, 2023 to borrowers experiencing financial difficulty by type of modification granted and the financial effect of those modifications. Citi defines a corporate loan modification to a borrower experiencing financial difficulty as a modification of a loan classified as substandard or worse at the time of modification. For the Three and Nine Months Ended September 30, 2023 In millions of dollars, except for weighted average term extension Total modifications balance at September 30, 2023 (1)(2)(3) Term Combination: Term extension and payment delay (4) Weighted average term extension Three Months Ended September 30, 2023 Commercial and industrial $ 25 $ 25 $ — 22 Financial institutions — — — — Mortgage and real estate 35 35 — 55 Other (5) — — — — Total $ 60 $ 60 $ — Nine Months Ended September 30, 2023 Commercial and industrial $ 93 $ 70 $ 23 28 Financial institutions — — — — Mortgage and real estate 85 84 1 37 Other (5) — — — — Total $ 178 $ 154 $ 24 (1) The above table reflects activity for loans outstanding as of the end of the reporting period. The balances are not significant as a percentage of the total carrying values of loans by class of receivable as of September 30, 2023. (2) Commitments to lend to borrowers experiencing financial difficulty that were granted modifications totaled $1 billion as of September 30, 2023. (3) The allowance for corporate loans, including modified loans, is based on the borrower’s overall financial performance. Charge-offs for amounts deemed uncollectible may be recorded at the time of the modification or may have already been recorded in prior periods such that no charge-off is required at the time of modification. (4) Payment delays either for principal or interest payments had an immaterial financial impact. (5) Other includes installment and other, lease financing and loans to government and official institutions. The following table presents the Company’s corporate troubled debt restructurings (TDRs), under previous GAAP, prior to the Company’s adoption of ASU No. 2022-02 on January 1, 2023: For the Three and Nine Months Ended September 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 (1) TDRs involving changes in the amount and/or timing of interest payments (2) TDRs Three Months Ended September 30, 2022 Commercial and industrial $ 11 $ — $ — $ 11 Mortgage and real estate 1 1 — — Other (3) 7 — — 7 Total $ 19 $ 1 $ — $ 18 Nine Months Ended September 30, 2022 Commercial and industrial $ 26 $ — $ — $ 26 Mortgage and real estate 1 1 — — Other (3) 30 — — 30 Total $ 57 $ 1 $ — $ 56 (1) TDRs involving changes in the amount or timing of principal payments may involve principal forgiveness or deferral of periodic and/or final principal payments. Because forgiveness of principal is rare for corporate loans, modifications typically have little to no impact on the loans’ projected cash flows and thus little to no impact on the allowance established for the loans. Charge-offs for amounts deemed 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. (2) TDRs involving changes in the amount or timing of interest payments may involve a below-market interest rate. (3) Other includes installment and other, lease financing and loans to government and official institutions. The following table presents the delinquencies of modified corporate loans to borrowers experiencing financial difficulty. It includes loans that were modified during the nine months ended September 30, 2023: As of September 30, 2023 (1) In millions of dollars Total Current 30–89 days past due 90+ days Commercial and industrial $ 93 $ 93 $ — $ — Financial institutions — — — — Mortgage and real estate 85 85 — — Other (2) — — — — Total $ 178 $ 178 $ — $ — (1) Corporate loans are generally not modified as a result of their delinquency status; rather, they are modified because of events that have impacted the overall financial performance of the borrower. Corporate loans, if past due, are re-aged to current status upon modification. (2) Other includes installment and other, lease financing and loans to government and official institutions. The following table presents the Company’s three and nine months ended September 30, 2022 corporate TDRs, under previous GAAP, prior to the Company’s adoption of ASU No. 2022-02 on January 1, 2023, that defaulted for which the payment default occurred within one year of a permanent modification. Default is defined as 60 days past due: TDR loans that re-defaulted within one year of modification during the In millions of dollars TDR balances at September 30, 2022 Three Months Ended Nine Months Ended Commercial and industrial $ 114 $ — $ — Mortgage and real estate 14 — — Other (1) 22 — — Total (2) $ 150 $ — $ — (1) Other includes installment and other, lease financing and loans to government and official institutions. (2) The above table reflects activity for loans outstanding that were considered TDRs as of the end of the reporting period. |
Consumer loans | |
Financing Receivable, Credit Quality Indicator [Line Items] | |
Schedule of loan delinquency and non-accrual details | Consumer Loans, Delinquencies and Non-Accrual Status at September 30, 2023 In millions of dollars Total current (1)(2) 30–89 days past due (3)(4) ≥ 90 days past due (3)(4) Past due government guaranteed (5) Total loans Non-accrual loans for which there is no ACLL Non-accrual loans for which there is an ACLL Total 90 days In North America offices (6) Residential first mortgages (7) $ 105,453 $ 389 $ 294 $ 233 $ 106,369 $ 102 $ 384 $ 486 $ 120 Home equity loans (8)(9) 3,675 32 89 — 3,796 47 132 179 — Credit cards 151,560 2,093 2,045 — 155,698 — — — 2,045 Personal, small business and other (10) 36,447 92 49 2 36,590 3 56 59 5 Total $ 297,135 $ 2,606 $ 2,477 $ 235 $ 302,453 $ 152 $ 572 $ 724 $ 2,170 In offices outside North America (6) Residential mortgages (7) $ 26,268 $ 49 $ 72 $ — $ 26,389 $ — $ 258 $ 258 $ 20 Credit cards 13,179 192 202 — 13,573 — 187 187 59 Personal, small business and other (10) 35,154 104 41 — 35,299 — 133 133 — Total $ 74,601 $ 345 $ 315 $ — $ 75,261 $ — $ 578 $ 578 $ 79 Total Citigroup (11)(12) $ 371,736 $ 2,951 $ 2,792 $ 235 $ 377,714 $ 152 $ 1,150 $ 1,302 $ 2,249 Consumer Loans, Delinquencies and Non-Accrual Status at December 31, 2022 In millions of dollars Total current (1)(2) 30–89 days past due (3)(4) ≥ 90 days past due (3)(4) Past due government guaranteed (5) Total Non-accrual loans for which there is no ACLL Non-accrual loans for which there is an ACLL Total 90 days In North America offices (6) Residential first mortgages (7) $ 95,023 $ 421 $ 316 $ 279 $ 96,039 $ 86 $ 434 $ 520 $ 163 Home equity loans (8)(9) 4,407 38 135 — 4,580 51 151 202 — Credit cards 147,717 1,511 1,415 — 150,643 — — — 1,415 Personal, small business and other (10) 37,635 88 22 7 37,752 3 23 26 11 Total $ 284,782 $ 2,058 $ 1,888 $ 286 $ 289,014 $ 140 $ 608 $ 748 $ 1,589 In offices outside North America (6) Residential mortgages (7) $ 27,946 $ 62 $ 106 $ — $ 28,114 $ — $ 305 $ 305 $ 13 Credit cards 12,659 147 149 — 12,955 — 127 127 56 Personal, small business and other (10) 37,869 105 10 — 37,984 — 137 137 — Total $ 78,474 $ 314 $ 265 $ — $ 79,053 $ — $ 569 $ 569 $ 69 Total Citigroup (11)(12) $ 363,256 $ 2,372 $ 2,153 $ 286 $ 368,067 $ 140 $ 1,177 $ 1,317 $ 1,658 (1) Loans less than 30 days past due are presented as current. (2) Includes $222 million and $237 million at September 30, 2023 and December 31, 2022, respectively, of residential first mortgages recorded at fair value. (3) Excludes loans guaranteed by U.S. government-sponsored agencies. Excludes delinquencies on $29.8 billion and $17.0 billion of classifiably managed Private bank loans in North America and outside North America, respectively, at September 30, 2023. Excludes delinquencies on $31.5 billion and $17.8 billion of classifiably managed Private bank loans in North America and outside North America, respectively, at December 31, 2022. (4) Loans modified under Citi’s COVID-19 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 $0.1 billion and 90 days or more past due of $0.1 billion and $0.2 billion at September 30, 2023 and December 31, 2022, respectively. (6) North America includes the U.S., Canada and Puerto Rico. Mexico is included in offices outside North America. (7) Includes approximately $0.2 billion and $0.0 billion of residential first mortgage loans in process of foreclosure in North America and outside North America, respectively, and $20.0 billion of residential mortgages outside North America related to the Global Wealth business at September 30, 2023. Includes approximately $0.1 billion and $0.0 billion of residential first mortgage loans in process of foreclosure in North America and outside North America, respectively, and $19.8 billion of residential mortgages outside North America related to the Global Wealth business at December 31, 2022. (8) Includes approximately $0.1 billion and $0.1 billion at September 30, 2023 and December 31, 2022, respectively, 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) As of September 30, 2023, Global Wealth business in North America includes $32.3 billion of loans, of which $29.8 billion are classifiably managed with 96% rated investment grade, and Global Wealth business outside North America includes $24.9 billion of loans, of which $17.0 billion are classifiably managed with 93% rated investment grade. As of December 31, 2022, Global Wealth business in North America includes $34.0 billion of loans, of which $31.5 billion are classifiably managed with 98% rated investment grade, and Global Wealth business outside North America includes $26.6 billion of loans, of which $17.8 billion are classifiably managed with 94% rated investment grade. Such loans are shown as “current” above. (11) Consumer loans are net of unearned income of $789 million and $712 million at September 30, 2023 and December 31, 2022, respectively. Unearned income on consumer loans primarily represents unamortized origination fees and costs, premiums and discounts. (12) Not included in the balances above are approximately $1 billion and $1 billion of accrued interest receivable at September 30, 2023 and December 31, 2022, respectively, which are included in Other assets on the Consolidated Balance Sheet, except for credit card loans (which include accrued interest and fees). During the three and nine months ended September 30, 2023, the Company reversed accrued interest (primarily related to credit cards) of approximately $0.3 billion and $0.8 billion, respectively, and during the three and nine months ended September 30, 2022, the Company reversed accrued interest of approximately $0.2 billion and $0.5 billion, respectively. These reversals of accrued interest are reflected as a reduction to Interest revenue in the Consolidated Statement of Income. Interest Income Recognized for Non-Accrual Consumer Loans In millions of dollars Three Months Ended September 30, 2023 Three Months Ended September 30, 2022 Nine Months Ended September 30, 2023 Nine Months Ended September 30, 2022 In North America offices (1) Residential first mortgages $ 2 $ 3 $ 8 $ 9 Home equity loans 2 1 5 3 Credit cards — — — — Personal, small business and other 1 1 2 2 Total $ 5 $ 5 $ 15 $ 14 In offices outside North America (1) Residential mortgages $ 2 $ 2 $ 7 $ 2 Credit cards — — — — Personal, small business and other — — — — Total $ 2 $ 2 $ 7 $ 2 Total Citigroup $ 7 $ 7 $ 22 $ 16 (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. Loans that did not have FICO scores as of the prior period have been updated with FICO scores as they become available. With respect to Citi’s consumer loan portfolio outside of the U.S. as of September 30, 2023 and December 31, 2022 ($76.8 billion and $80.5 billion, 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) September 30, 2023 In millions of dollars Less than 680 Greater Classifiably managed (2) FICO not available (3) Total Residential first mortgages 2023 $ 300 $ 4,526 $ 9,067 2022 698 6,331 13,766 2021 592 5,574 12,503 2020 412 4,235 10,738 2019 280 2,367 5,239 Prior 2,073 6,980 13,472 Total residential first mortgages $ 4,355 $ 30,013 $ 64,785 $ — $ 7,216 $ 106,369 Home equity loans (pre-reset) $ 418 $ 1,079 $ 1,745 Home equity loans (post-reset) 74 76 51 Home equity term loans 87 131 102 2023 — — — 2022 — — — 2021 — — 1 2020 — 2 2 2019 1 1 1 Prior 86 128 98 Total home equity loans $ 579 $ 1,286 $ 1,898 $ — $ 33 $ 3,796 Credit cards $ 30,570 $ 60,462 $ 60,592 Revolving loans converted to term loans (4) 1,013 375 53 Total credit cards (5) $ 31,583 $ 60,837 $ 60,645 $ — $ 2,027 $ 155,092 Personal, small business and other 2023 $ 84 $ 304 $ 633 2022 293 440 575 2021 77 104 127 2020 9 11 16 2019 10 10 11 Prior 131 177 130 Total personal, small business and other (6)(7) $ 604 $ 1,046 $ 1,492 $ 29,828 $ 2,721 $ 35,691 Total $ 37,121 $ 93,182 $ 128,820 $ 29,828 $ 11,997 $ 300,948 FICO score distribution—U.S. portfolio (1) December 31, 2022 In millions of dollars Less than 680 Greater Classifiably managed (2) FICO not available (3) Total Residential first mortgages 2022 $ 691 $ 7,530 $ 12,928 2021 639 5,933 12,672 2020 431 4,621 10,936 2019 321 2,505 5,445 2018 302 1,072 1,899 Prior 2,020 6,551 12,649 Total residential first mortgages $ 4,404 $ 28,212 $ 56,529 $ 6,894 $ 96,039 Home equity line of credit (pre-reset) $ 552 $ 1,536 $ 1,876 Home equity line of credit (post-reset) 62 65 40 Home equity term loans 106 151 117 2022 — — — 2021 — 1 1 2020 1 2 2 2019 1 2 2 2018 1 2 1 Prior 103 144 111 Total home equity loans $ 720 $ 1,752 $ 2,033 $ 75 $ 4,580 Credit cards $ 27,901 $ 58,213 $ 60,896 Revolving loans converted to term loans (4) 766 354 54 Total credit cards (5) $ 28,667 $ 58,567 $ 60,950 $ 1,914 $ 150,098 Personal, small business and other 2022 $ 247 $ 546 $ 800 2021 96 170 210 2020 15 20 30 2019 21 23 28 2018 10 10 9 Prior 126 190 144 Total personal, small business and other (6)(7) $ 515 $ 959 $ 1,221 $ 31,478 $ 2,639 $ 36,812 Total $ 34,306 $ 89,490 $ 120,733 $ 31,478 $ 11,522 $ 287,529 (1) The FICO bands in the tables are consistent with general industry peer presentations. (2) These personal, small business and other loans without a FICO score available include $29.8 billion and $31.5 billion of Private bank loans as of September 30, 2023 and December 31, 2022, respectively, which are classifiably managed within Global Wealth and are primarily evaluated for credit risk based on their internal risk ratings. As of September 30, 2023 and December 31, 2022, approximately 96% and 98% of these loans, respectively, were rated investment grade. (3) FICO scores not available related to loans guaranteed by government-sponsored enterprises for which FICO scores are generally not utilized. (4) Not included in the tables above are $68 million and $75 million of revolving credit card loans outside of the U.S. that were converted to term loans as of September 30, 2023 and December 31, 2022, respectively. (5) Excludes $606 million and $545 million of balances related to Canada for September 30, 2023 and December 31, 2022, respectively. (6) Excludes $899 million and $940 million of balances related to Canada for September 30, 2023 and December 31, 2022, respectively. (7) Includes approximately $42 million and $67 million of personal revolving loans that were converted to term loans for September 30, 2023 and December 31, 2022, respectively. Consumer Gross Credit Losses The following table provides details on gross credit losses recognized during the nine months ended September 30, 2023, by year of loan origination: In millions of dollars Nine Months Ended September 30, 2023 Residential first mortgages 2023 $ — 2022 2 2021 — 2020 1 2019 5 Prior 31 Total residential first mortgages $ 39 Home equity line of credit (pre-reset) $ 2 Home equity line of credit (post-reset) — Home equity term loans 2 Total home equity loans $ 4 Credit cards $ 4,598 Revolving loans converted to term loans 132 Total credit cards $ 4,730 Personal, small business and other 2023 $ 110 2022 146 2021 83 2020 34 2019 38 Prior 132 Total personal, small business and other $ 543 Total Citigroup $ 5,316 LTV distribution — U.S. portfolio September 30, 2023 In millions of dollars Less than > 80% but less Greater LTV not available (1) Total Residential first mortgages 2023 $ 11,461 $ 2,668 $ 8 2022 17,794 4,057 42 2021 19,047 663 33 2020 16,325 241 1 2019 8,306 182 26 Prior 24,138 197 75 Total residential first mortgages $ 97,071 $ 8,008 $ 185 $ 1,105 $ 106,369 Home equity loans (pre-reset) $ 2,846 $ 19 $ 7 Home equity loans (post-reset) 486 6 12 Total home equity loans $ 3,332 $ 25 $ 19 $ 420 $ 3,796 Total $ 100,403 $ 8,033 $ 204 $ 1,525 $ 110,165 LTV distribution — U.S. portfolio December 31, 2022 In millions of dollars Less than > 80% but less Greater LTV not available (1) Total Residential first mortgages 2022 $ 15,644 $ 6,497 $ 40 2021 19,104 1,227 33 2020 16,935 267 1 2019 8,789 140 23 2018 3,598 74 9 Prior 22,367 132 74 Total residential first mortgages $ 86,437 $ 8,337 $ 180 $ 1,085 $ 96,039 Home equity loans (pre-reset) $ 3,677 $ 36 $ 56 Home equity loans (post-reset) 627 12 27 Total home equity loans $ 4,304 $ 48 $ 83 $ 145 $ 4,580 Total $ 90,741 $ 8,385 $ 263 $ 1,230 $ 100,619 (1) Residential first mortgages with no LTV information available includes 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) September 30, 2023 In millions of dollars Less than > 80% but less Greater LTV not available Total Residential mortgages 2023 $ 2,304 $ 883 $ — 2022 3,303 957 187 2021 3,467 928 187 2020 2,494 446 — 2019 2,622 68 — Prior 8,322 45 3 Total $ 22,512 $ 3,327 $ 377 $ 173 $ 26,389 LTV distribution — outside of U.S. portfolio (1) December 31, 2022 In millions of dollars Less than > 80% but less Greater LTV not available Total Residential mortgages 2022 $ 3,106 $ 975 $ 294 2021 4,144 964 273 2020 3,293 502 25 2019 3,048 92 1 2018 2,074 48 — Prior 9,201 36 7 Total $ 24,866 $ 2,617 $ 600 $ 31 $ 28,114 (1) Mortgage portfolios outside of the U.S. are primarily in Global Wealth. As of September 30, 2023 and December 31, 2022, mortgage portfolios outside of the U.S. had an average LTV of approximately 53% and 51%, respectively. Consumer Loans and Ratios Outside of North America Delinquency-managed loans and ratios In millions of dollars at September 30, 2023 Total loans outside of North America (1) Classifiably managed loans (2) Delinquency-managed loans 30–89 ≥ 90 days past due ratio 3Q23 NCL ratio 3Q22 NCL ratio Residential mortgages (3) $ 26,389 $ — $ 26,389 0.19 % 0.27 % (0.01) % 0.18 % Credit cards 13,573 — 13,573 1.41 1.49 4.35 3.22 Personal, small business and other (4) 35,299 16,954 18,345 0.57 0.22 0.99 0.74 Total $ 75,261 $ 16,954 $ 58,307 0.59 % 0.54 % 1.24 % 0.91 % Delinquency-managed loans and ratios In millions of dollars at December 31, 2022 Total loans outside of North America (1) Classifiably managed loans (2) Delinquency-managed loans 30–89 ≥ 90 days past due ratio Residential mortgages (3) $ 28,114 $ — $ 28,114 0.22 % 0.38 % Credit cards 12,955 — 12,955 1.13 1.15 Personal, small business and other (4) 37,984 17,762 20,222 0.52 0.05 Total $ 79,053 $ 17,762 $ 61,291 0.51 % 0.43 % (1) Mexico is included in offices outside of North America. (2) Classifiably managed loans are primarily evaluated for credit risk based on their internal risk classification. As of September 30, 2023 and December 31, 2022, approximately 93% and 94% of these loans, respectively, were rated investment grade. (3) Includes $20.0 billion and $19.8 billion as of September 30, 2023 and December 31, 2022, respectively, of residential mortgages related to the Global Wealth business. (4) Includes $24.9 billion and $26.6 billion as of September 30, 2023 and December 31, 2022, respectively, of loans related to the Global Wealth business. |
Schedule of modifications and troubled debt restructurings | The following tables provide details on permanent consumer loan modifications granted during the three and nine months ended September 30, 2023 to borrowers experiencing financial difficulty by type of modification granted and the financial effect of those modifications: For the Three Months Ended September 30, 2023 In millions of dollars, except weighted averages Modifications as % of loans Total modifications balance at September 30, 2023 (1)(2)(3) Interest rate reduction Term extension Payment delay Combination: interest rate reduction and term extension Combination: term extension and payment delay (4) Weighted average interest rate reduction % Weighted average term extension (months) Weighted average delay in payments (months) In North America offices (5) Residential first mortgages (6) 0.05 % $ 48 $ — $ 25 $ 19 $ 4 $ — 1 % 220 6 Home equity loans 0.03 1 — — 1 — — 2 146 6 Credit cards 0.22 339 339 — — — — 22 — — Personal, small business and other 0.01 4 — — — 4 — 6 15 — Total 0.13 % $ 392 $ 339 $ 25 $ 20 $ 8 $ — In offices outside North America (5) Residential mortgages 0.99 % $ 260 $ — $ — $ 7 $ — $ 253 — % 1 1 Credit cards 0.10 13 13 — — — — 18 — — Personal, small business and other 0.02 7 1 2 — 4 — 8 21 — Total 0.37 % $ 280 $ 14 $ 2 $ 7 $ 4 $ 253 For the Nine Months Ended September 30, 2023 In millions of dollars, except weighted averages Modifications as % of loans Total modifications balance at September 30, 2023 (1)(2)(3) Interest rate reduction Term extension Payment delay Combination: interest rate reduction and term extension Combination: term extension and payment delay (4) Weighted average interest rate reduction % Weighted average term extension (months) Weighted average delay in payments (months) In North America offices (5) Residential first mortgages (6) 0.14 % $ 145 $ 1 $ 53 $ 82 $ 9 $ — 1 % 202 8 Home equity loans 0.55 21 — — 8 13 — 2 122 8 Credit cards 0.49 756 756 — — — — 22 — — Personal, small business and other 0.02 9 1 — — 8 — 6 15 — Total 0.31 % $ 931 $ 758 $ 53 $ 90 $ 30 $ — In offices outside North America (5) Residential mortgages 1.15 % $ 303 $ — $ — $ 25 $ 1 $ 277 2 % 3 4 Credit cards 0.24 33 32 — — 1 — 18 28 — Personal, small business and other 0.06 20 3 6 — 11 — 8 19 — Total 0.47 % $ 356 $ 35 $ 6 $ 25 $ 13 $ 277 (1) The above tables reflect activity for loans outstanding as of the end of the reporting period. During the three and nine months ended September 30, 2023, Citi granted forgiveness of $17 million and $38 million, respectively, in credit card loans and $1 million and $2 million, respectively, in personal, small business and other loans that had no remaining outstanding balance at September 30, 2023. (2) Commitments to lend to borrowers experiencing financial difficulty that were granted modifications included in the tables above were immaterial at September 30, 2023. (3) For major consumer portfolios, the ACLL is based on macroeconomic-sensitive models that rely on historical performance and macroeconomic scenarios to forecast expected credit losses. Modifications of consumer loans impact expected credit losses by affecting the likelihood of default. (4) Residential mortgages in offices outside North America were granted four months of payment deferrals during the six months ended December 31, 2022. (5) North America includes the U.S., Canada and Puerto Rico. Mexico is included in offices outside North America. (6) Excludes residential first mortgages discharged in Chapter 7 bankruptcy in the three and nine months ended September 30, 2023. The following tables present the Company’s three and nine months ended September 30, 2022 consumer TDRs, under previous GAAP, prior to the Company’s adoption of ASU No. 2022-02 on January 1, 2023: Consumer Troubled Debt Restructurings (1) For the Three Months Ended September 30, 2022 In millions of dollars, except number of loans modified Number of Post- (2)(3) Deferred (4) Contingent (5) Principal (6) Average In North America offices (7) Residential first mortgages 235 $ 58 $ — $ — $ — — % Home equity loans 117 14 — — — — Credit cards 46,326 203 — — — 18 Personal, small business and other 132 3 — — — 7 Total (8) 46,810 $ 278 $ — $ — $ — In offices outside North America (7) Residential mortgages 172 $ 6 $ — $ — $ — — % Credit cards 3,519 15 — — — 27 Personal, small business and other 575 6 — — 1 8 Total (8) 4,266 $ 27 $ — $ — $ 1 For the Nine Months Ended September 30, 2022 In millions of dollars, except number of loans modified Number of Post- (2)(9) Deferred (4) Contingent (5) Principal (6) Average In North America offices (7) Residential first mortgages 860 $ 195 $ — $ — $ — — % Home equity loans 324 30 — — — — Credit cards 123,886 533 — — — 18 Personal, small business and other 383 5 — — — 5 Total (8) 125,453 $ 763 $ — $ — $ — In offices outside North America (7) Residential first mortgages 465 $ 16 $ — $ — $ — — % Credit cards 11,981 50 — — 1 24 Personal, small business and other 1,842 22 — — 1 8 Total (8) 14,288 $ 88 $ — $ — $ 2 (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 $1.8 million of residential first mortgages to borrowers who have gone through Chapter 7 bankruptcy in the three months ended September 30, 2022. These amounts include $1.8 million of residential first mortgages that were newly classified as TDRs in the three months ended September 30, 2022, 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) North America includes the U.S., Canada and Puerto Rico. Mexico is included in offices outside North America. (8) The above tables reflect activity for restructured loans that were considered TDRs during the reporting period. (9) Post-modification balances in North America include $3.7 million of residential first mortgages to borrowers who have gone through Chapter 7 bankruptcy in the nine months ended September 30, 2022. These amounts include $3.7 million of residential first mortgages that were newly classified as TDRs in the nine months ended September 30, 2022, based on previously received OCC guidance. Performance of Modified Consumer Loans The following table presents the delinquencies and gross credit losses of permanently modified consumer loans to borrowers experiencing financial difficulty. It includes loans that were modified during the nine months ended September 30, 2023: As of September 30, 2023 In millions of dollars Total Current 30 – 89 days past due 90+ days Gross In North America offices (1) Residential first mortgages $ 145 $ 62 $ 19 $ 64 $ — Home equity loans 21 14 1 6 — Credit cards 756 522 143 91 118 Personal, small business and other 9 8 1 — — Total (2)(3) $ 931 $ 606 $ 164 $ 161 $ 118 In offices outside North America (1) Residential mortgages $ 304 $ 301 $ 2 $ 1 $ — Credit cards 33 29 2 2 1 Personal, small business and other 19 17 2 — — Total (2)(3) $ 356 $ 347 $ 6 $ 3 $ 1 (1) North America includes the U.S., Canada and Puerto Rico. Mexico is included in offices outside North America. (2) Typically, upon modification a loan re-ages to current. However, FFIEC guidelines for re-aging certain loans require that at least three consecutive minimum monthly payments, or the equivalent amount, be received. In these cases, the loan will remain delinquent until the payment criteria for re-aging have been satisfied. (3) Loans modified under Citi’s COVID-19 consumer relief programs continue to be reported in the same delinquency bucket they were in at the time of modification. Defaults of Modified Consumer Loans The following tables present default activity for permanently modified consumer loans to borrowers experiencing financial difficulty by type of modification granted, including loans that were modified and subsequently defaulted during the three and nine months ended September 30, 2023. Default is defined as 60 days past due: For the Three Months Ended September 30, 2023 In millions of dollars Total (1)(2) Interest rate reduction Term Payment Combination: interest rate reduction and term extension Combination: term extension and payment delay Combination: interest rate reduction, term extension and payment delay In North America offices (3) Residential first mortgages $ 6 $ — $ 5 $ 1 $ — $ — $ — Home equity loans — — — — — — — Credit cards (4) 61 61 — — — — — Personal, small business and other — — — — — — — Total $ 67 $ 61 $ 5 $ 1 $ — $ — $ — In offices outside North America (3) Residential mortgages $ — $ — $ — $ — $ — $ — $ — Credit cards (4) 2 2 — — — — — Personal, small business and other — — — — — — — Total $ 2 $ 2 $ — $ — $ — $ — $ — For the Nine Months Ended September 30, 2023 In millions of dollars Total (1)(2) Interest rate reduction Term Payment Combination: interest rate reduction and term extension Combination: term extension and payment delay Combination: interest rate reduction, term extension and payment delay In North America offices (3) Residential first mortgages $ 7 $ 1 $ 5 $ 1 $ — $ — $ — Home equity loans — — — — — — — Credit cards (4) 93 93 — — — — — Personal, small business and other — — — — — — — Total $ 100 $ 94 $ 5 $ 1 $ — $ — $ — In offices outside North America (3) Residential mortgages $ 2 $ — $ — $ 2 $ — $ — $ — Credit cards (4) 3 3 — — — — — Personal, small business and other 2 — — — 2 — — Total $ 7 $ 3 $ — $ 2 $ 2 $ — $ — (1) The above table reflects activity for loans outstanding as of the end of the reporting period. (2) Modified residential first mortgages that default are typically liquidated through foreclosure or a similar type of liquidation. (3) North America includes the U.S., Canada and Puerto Rico. Mexico is included in offices outside North America. (4) Modified credit card loans that default continue to be charged off in accordance with Citi’s consumer charge-off policy. The following table presents the Company’s three and nine months ended September 30, 2022 consumer TDRs, under previous GAAP, prior to the Company’s adoption of ASU No. 2022-02 on January 1, 2023, that defaulted for which the payment default occurred within one year of a permanent modification. Default is defined as 60 days past due: Three Months Ended September 30, Nine Months Ended September 30, In millions of dollars 2022 2022 In North America offices (1) Residential first mortgages $ 6 $ 23 Home equity loans 1 3 Credit cards 62 178 Personal, small business and other — — Total $ 69 $ 204 In offices outside North America (1) Residential mortgages $ 2 $ 9 Credit cards 3 10 Personal, small business and other 1 3 Total $ 6 $ 22 (1) North America includes the U.S., Canada and Puerto Rico. Mexico is included in offices outside North America. |
ALLOWANCE FOR CREDIT LOSSES (Ta
ALLOWANCE FOR CREDIT LOSSES (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Credit Loss [Abstract] | |
Schedule of allowance for credit losses and investment in loans by portfolio segment | Three Months Ended September 30, Nine Months Ended September 30, In millions of dollars 2023 2022 2023 2022 Allowance for credit losses on loans (ACLL) at beginning of period $ 17,496 $ 15,952 $ 16,974 $ 16,455 Adjustments to opening balance (1) Financial instruments—TDRs and vintage disclosures (1) $ — $ — $ (352) $ — Adjusted ACLL at beginning of period $ 17,496 $ 15,952 $ 16,622 $ 16,455 Gross credit losses on loans $ (2,000) $ (1,237) $ (5,513) $ (3,689) Gross recoveries on loans 363 350 1,070 1,080 Net credit losses on loans (NCLs) $ (1,637) $ (887) $ (4,443) $ (2,609) Replenishment of NCLs $ 1,637 $ 887 $ 4,443 $ 2,609 Net reserve builds (releases) for loans 100 519 787 259 Net specific reserve builds (releases) for loans 79 (78) 84 104 Total provision for credit losses on loans (PCLL) $ 1,816 $ 1,328 $ 5,314 $ 2,972 Other, net (see table below) (46) (84) 136 (509) ACLL at end of period $ 17,629 $ 16,309 $ 17,629 $ 16,309 Allowance for credit losses on unfunded lending commitments (ACLUC) at beginning of period (2) $ 1,862 $ 2,193 $ 2,151 $ 1,871 Provision (release) for credit losses on unfunded lending commitments (54) (71) (344) 244 Other, net (2) (33) (1) (26) ACLUC at end of period (2) $ 1,806 $ 2,089 $ 1,806 $ 2,089 Total allowance for credit losses on loans, leases and unfunded lending commitments (3) $ 19,435 $ 18,398 $ 19,435 $ 18,398 Other, net details Three Months Ended September 30, Nine Months Ended September 30, In millions of dollars 2023 2022 2023 2022 Reclasses of consumer ACLL to HFS (4) $ — $ — $ — $ (350) FX translation and other (46) (84) 136 (159) Other, net $ (46) $ (84) $ 136 $ (509) (1) See Note 1 in Citi’s First Quarter of 2023 Form 10-Q for a description of the impact of adopting ASU 2022-02 on the ACL. (2) Represents additional credit loss reserves for unfunded lending commitments and letters of credit recorded in Other liabilities on the Consolidated Balance Sheet. (3) This line does not include $95 million and $698 million, and $115 million and $141 million, of ACL on HTM debt securities and Other assets at September 30, 2023 and 2022, respectively. See below for additional information. (4) See Note 2. Allowance for Credit Losses on Loans and End-of-Period Loans Three Months Ended September 30, 2023 September 30, 2022 In millions of dollars Corporate Consumer Total Corporate Consumer Total ACLL at beginning of period $ 2,630 $ 14,866 $ 17,496 $ 2,969 $ 12,983 $ 15,952 Charge-offs (72) (1,928) (2,000) (43) (1,194) (1,237) Recoveries 14 349 363 37 313 350 Replenishment of NCLs 58 1,579 1,637 6 881 887 Net reserve builds (releases) 25 75 100 145 374 519 Net specific reserve builds (releases) 77 2 79 (104) 26 (78) Other (15) (31) (46) (62) (22) (84) Ending balance $ 2,717 $ 14,912 $ 17,629 $ 2,948 $ 13,361 $ 16,309 Nine Months Ended September 30, 2023 September 30, 2022 In millions of dollars Corporate Consumer Total Corporate Consumer Total ACLL at beginning of period $ 2,855 $ 14,119 $ 16,974 $ 2,415 $ 14,040 $ 16,455 Adjustments to opening balance: Financial instruments—TDRs and vintage disclosures (1) — (352) (352) — — — Adjusted ACLL at beginning of period $ 2,855 $ 13,767 $ 16,622 $ 2,415 $ 14,040 $ 16,455 Charge-offs $ (197) $ (5,316) $ (5,513) $ (148) $ (3,541) $ (3,689) Recoveries 42 1,028 1,070 88 992 1,080 Replenishment of NCLs 155 4,288 4,443 60 2,549 2,609 Net reserve builds (releases) (184) 971 787 394 (135) 259 Net specific reserve builds (releases) 49 35 84 169 (65) 104 Other (3) 139 136 (30) (479) (509) Ending balance $ 2,717 $ 14,912 $ 17,629 $ 2,948 $ 13,361 $ 16,309 September 30, 2023 December 31, 2022 In millions of dollars Corporate Consumer Total Corporate Consumer Total ACLL Collectively evaluated (1) $ 2,347 $ 14,872 $ 17,219 $ 2,532 $ 13,521 $ 16,053 Individually evaluated 370 40 410 323 596 919 Purchased credit deteriorated — — — — 2 2 Total ACLL $ 2,717 $ 14,912 $ 17,629 $ 2,855 $ 14,119 $ 16,974 Loans, net of unearned income Collectively evaluated (1) $ 279,470 $ 377,320 $ 656,790 $ 282,909 $ 364,795 $ 647,704 Individually evaluated 1,975 58 2,033 1,122 2,921 4,043 Purchased credit deteriorated — 114 114 — 114 114 Held at fair value 7,189 222 7,411 5,123 237 5,360 Total loans, net of unearned income $ 288,634 $ 377,714 $ 666,348 $ 289,154 $ 368,067 $ 657,221 (1) See Note 1 in Citi’s First Quarter of 2023 Form 10-Q for a description of the effect of adopting ASU 2022-02 on the ACL and for Citi’s updated accounting policy for collectively evaluating the ACL for consumer loans formerly considered TDRs. |
Schedule of allowance for credit losses on held-to-maturity securities | |
Schedule of allowance for credit losses on other assets | Allowance for Credit Losses on Other Assets Three Months Ended September 30, 2023 In millions of dollars Deposits with banks Securities borrowed and purchased under agreements All other assets (1) Total Allowance for credit losses on other assets $ 21 $ 26 $ 612 $ 659 Gross credit losses — — (19) (19) Gross recoveries — — 6 6 Net credit losses (NCLs) $ — $ — $ (13) $ (13) Replenishment of NCLs $ — $ — $ 13 $ 13 Net reserve builds (releases) 6 30 7 43 Total provision for credit losses $ 6 $ 30 $ 20 $ 56 Other, net $ — $ (3) $ (1) $ (4) Allowance for credit losses on other assets $ 27 $ 53 $ 618 $ 698 Nine Months Ended September 30, 2023 In millions of dollars Deposits with banks Securities borrowed and purchased under agreements All other assets (1) Total Allowance for credit losses on other assets $ 51 $ 36 $ 36 $ 123 Gross credit losses — — (54) (54) Gross recoveries — — 11 11 Net credit losses (NCLs) $ — $ — $ (43) $ (43) Replenishment of NCLs $ — $ — $ 43 $ 43 Net reserve builds (releases) (23) 27 583 587 Total provision for credit losses $ (23) $ 27 $ 626 $ 630 Other, net $ (1) $ (10) $ (1) $ (12) Allowance for credit losses on other assets $ 27 $ 53 $ 618 $ 698 (1) Primarily an increase related to transfer risk associated with exposures outside of the U.S. driven by safety and soundness considerations under U.S. banking law. Three Months Ended September 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 $ 17 $ 27 $ — $ 30 $ 74 Gross credit losses — — — (4) (4) Gross recoveries — — — — — Net credit losses (NCLs) $ — $ — $ — $ (4) $ (4) Replenishment of NCLs $ — $ — $ — $ 4 $ 4 Net reserve builds (releases) 23 45 — 1 69 Total provision for credit losses $ 23 $ 45 $ — $ 5 $ 73 Other, net $ — $ (3) $ — $ 1 $ (2) Allowance for credit losses on other assets $ 40 $ 69 $ — $ 32 $ 141 Nine Months Ended September 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 — — — (19) (19) Gross recoveries — — — 2 2 Net credit losses (NCLs) $ — $ — $ — $ (17) $ (17) Replenishment of NCLs $ — $ — $ — $ 17 $ 17 Net reserve builds (releases) 19 35 — 5 59 Total provision for credit losses $ 19 $ 35 $ — $ 22 $ 76 Other, net $ — $ 28 $ — $ 1 $ 29 Allowance for credit losses on other assets $ 40 $ 69 $ — $ 32 $ 141 (1) Primarily accounts receivable. |
GOODWILL AND INTANGIBLE ASSETS
GOODWILL AND INTANGIBLE ASSETS (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
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, 2022 $ 8,986 $ 9,741 $ 964 $ 19,691 Foreign currency translation 42 69 80 191 Balance at March 31, 2023 $ 9,028 $ 9,810 $ 1,044 $ 19,882 Foreign currency translation 13 48 55 116 Balance at June 30, 2023 $ 9,041 $ 9,858 $ 1,099 $ 19,998 Foreign currency translation (132) (17) (20) (169) Balance at September 30, 2023 $ 8,909 $ 9,841 $ 1,079 $ 19,829 |
Components of intangible assets, finite-lived | The components of intangible assets were as follows: September 30, 2023 December 31, 2022 In millions of dollars Gross Accumulated Net Gross Accumulated Net Purchased credit card relationships (1) $ 5,302 $ 4,328 $ 974 $ 5,513 $ 4,426 $ 1,087 Credit card contract-related intangibles (2) 4,178 1,652 2,526 3,903 1,518 2,385 Other customer relationships 346 270 76 373 283 90 Present value of future profits 36 35 1 32 31 1 Indefinite-lived intangible assets 234 — 234 192 — 192 Other — — — 65 57 8 Intangible assets (excluding MSRs) $ 10,096 $ 6,285 $ 3,811 $ 10,078 $ 6,315 $ 3,763 Mortgage servicing rights (MSRs) (3) 729 — 729 665 — 665 Total intangible assets $ 10,825 $ 6,285 $ 4,540 $ 10,743 $ 6,315 $ 4,428 The changes in intangible assets were as follows: In millions of dollars Net carrying amount at December 31, 2022 Acquisitions/renewals/ Amortization Impairments FX translation and other Net carrying amount at September 30, 2023 Purchased credit card relationships (1) $ 1,087 $ — $ (113) $ — $ — $ 974 Credit card contract-related intangibles (2) 2,385 290 (141) — (8) 2,526 Other customer relationships 90 11 (18) — (7) 76 Present value of future profits 1 — — — — 1 Indefinite-lived intangible assets 192 20 — — 22 234 Other 8 — (8) — — — Intangible assets (excluding MSRs) $ 3,763 $ 321 $ (280) $ — $ 7 $ 3,811 Mortgage servicing rights (MSRs) (3) 665 729 Total intangible assets $ 4,428 $ 4,540 (1) Reflects intangibles for the value of purchased cardholder relationships, which are discrete from contract-related intangibles. (2) Reflects contract-related intangibles associated with the extension or renewal of existing credit card program agreements with card partners. For the credit card program agreement extended during 2023, the remaining term is over 10 years. (3) See Note 20 for additional information on Citi’s MSRs, including the rollforward for the three months ended September 30, 2023. |
Components of intangible assets, indefinite-lived | The components of intangible assets were as follows: September 30, 2023 December 31, 2022 In millions of dollars Gross Accumulated Net Gross Accumulated Net Purchased credit card relationships (1) $ 5,302 $ 4,328 $ 974 $ 5,513 $ 4,426 $ 1,087 Credit card contract-related intangibles (2) 4,178 1,652 2,526 3,903 1,518 2,385 Other customer relationships 346 270 76 373 283 90 Present value of future profits 36 35 1 32 31 1 Indefinite-lived intangible assets 234 — 234 192 — 192 Other — — — 65 57 8 Intangible assets (excluding MSRs) $ 10,096 $ 6,285 $ 3,811 $ 10,078 $ 6,315 $ 3,763 Mortgage servicing rights (MSRs) (3) 729 — 729 665 — 665 Total intangible assets $ 10,825 $ 6,285 $ 4,540 $ 10,743 $ 6,315 $ 4,428 The changes in intangible assets were as follows: In millions of dollars Net carrying amount at December 31, 2022 Acquisitions/renewals/ Amortization Impairments FX translation and other Net carrying amount at September 30, 2023 Purchased credit card relationships (1) $ 1,087 $ — $ (113) $ — $ — $ 974 Credit card contract-related intangibles (2) 2,385 290 (141) — (8) 2,526 Other customer relationships 90 11 (18) — (7) 76 Present value of future profits 1 — — — — 1 Indefinite-lived intangible assets 192 20 — — 22 234 Other 8 — (8) — — — Intangible assets (excluding MSRs) $ 3,763 $ 321 $ (280) $ — $ 7 $ 3,811 Mortgage servicing rights (MSRs) (3) 665 729 Total intangible assets $ 4,428 $ 4,540 (1) Reflects intangibles for the value of purchased cardholder relationships, which are discrete from contract-related intangibles. (2) Reflects contract-related intangibles associated with the extension or renewal of existing credit card program agreements with card partners. For the credit card program agreement extended during 2023, the remaining term is over 10 years. (3) See Note 20 for additional information on Citi’s MSRs, including the rollforward for the three months ended September 30, 2023. |
Changes in intangible assets | The components of intangible assets were as follows: September 30, 2023 December 31, 2022 In millions of dollars Gross Accumulated Net Gross Accumulated Net Purchased credit card relationships (1) $ 5,302 $ 4,328 $ 974 $ 5,513 $ 4,426 $ 1,087 Credit card contract-related intangibles (2) 4,178 1,652 2,526 3,903 1,518 2,385 Other customer relationships 346 270 76 373 283 90 Present value of future profits 36 35 1 32 31 1 Indefinite-lived intangible assets 234 — 234 192 — 192 Other — — — 65 57 8 Intangible assets (excluding MSRs) $ 10,096 $ 6,285 $ 3,811 $ 10,078 $ 6,315 $ 3,763 Mortgage servicing rights (MSRs) (3) 729 — 729 665 — 665 Total intangible assets $ 10,825 $ 6,285 $ 4,540 $ 10,743 $ 6,315 $ 4,428 The changes in intangible assets were as follows: In millions of dollars Net carrying amount at December 31, 2022 Acquisitions/renewals/ Amortization Impairments FX translation and other Net carrying amount at September 30, 2023 Purchased credit card relationships (1) $ 1,087 $ — $ (113) $ — $ — $ 974 Credit card contract-related intangibles (2) 2,385 290 (141) — (8) 2,526 Other customer relationships 90 11 (18) — (7) 76 Present value of future profits 1 — — — — 1 Indefinite-lived intangible assets 192 20 — — 22 234 Other 8 — (8) — — — Intangible assets (excluding MSRs) $ 3,763 $ 321 $ (280) $ — $ 7 $ 3,811 Mortgage servicing rights (MSRs) (3) 665 729 Total intangible assets $ 4,428 $ 4,540 (1) Reflects intangibles for the value of purchased cardholder relationships, which are discrete from contract-related intangibles. (2) Reflects contract-related intangibles associated with the extension or renewal of existing credit card program agreements with card partners. For the credit card program agreement extended during 2023, the remaining term is over 10 years. (3) See Note 20 for additional information on Citi’s MSRs, including the rollforward for the three months ended September 30, 2023. |
DEPOSITS (Tables)
DEPOSITS (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Banking and Thrift, Interest [Abstract] | |
Deposits | Deposits consisted of the following: September 30, December 31, In millions of dollars 2023 (1) 2022 Non-interest-bearing deposits in U.S. offices $ 104,061 $ 122,655 Interest-bearing deposits in U.S. offices (including $1,001 and $903 as of September 30, 2023 and December 31, 2022, respectively, at fair value) 569,428 607,470 Non-interest-bearing deposits in offices outside the U.S. 84,663 95,182 Interest-bearing deposits in offices outside the U.S. (including $1,721 and $972 as of September 30, 2023 and December 31, 2022, respectively, at fair value) 515,354 540,647 Total deposits $ 1,273,506 $ 1,365,954 (1) For information on time deposits that met or exceeded the insured limit at December 31, 2022, see Note 17 to the Consolidated Financial Statements in Citi’s 2022 Form 10-K. |
DEBT (Tables)
DEBT (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Debt Disclosure [Abstract] | |
Schedule of short-term borrowings | In millions of dollars September 30, December 31, Commercial paper Bank (1) $ 11,124 $ 11,185 Broker-dealer and other (2) 11,719 14,345 Total commercial paper $ 22,843 $ 25,530 Other borrowings (3) 20,323 21,566 Total $ 43,166 $ 47,096 (1) Represents Citibank entities as well as other bank entities. (2) Represents broker-dealer and other non-bank subsidiaries that are consolidated into Citigroup Inc., the parent holding company. (3) Includes borrowings from Federal Home Loan Banks and other market participants. At September 30, 2023 and December 31, 2022, collateralized short-term advances from Federal Home Loan Banks were $9.0 billion and $12.0 billion, respectively. At September 30, 2023, Other borrowings include $1.5 billion associated with the Series A preferred stock redemption announced on September 29, 2023, which was settled on October 30, 2023. |
Schedule of long-term debt | In millions of dollars September 30, December 31, 2022 Citigroup Inc. (1) $ 160,571 $ 166,257 Bank (2) 24,560 21,113 Broker-dealer and other (3) 90,629 84,236 Total $ 275,760 $ 271,606 (1) Represents the parent holding company. (2) Represents Citibank entities as well as other bank entities. At September 30, 2023 and December 31, 2022, collateralized long-term advances from the Federal Home Loan Banks were $8.5 billion and $7.3 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 September 30, 2023: Junior subordinated debentures owned by trust Trust Issuance Securities Liquidation value (1) Coupon rate (2) Common Notional 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. SOFR +663.161 bps (3) 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. (2) In each case, the coupon rate on the subordinated debentures is the same as that on the trust preferred securities. (3) The spread incorporates the contractual LIBOR-based spread and a 26.161 bps tenor spread adjustment. |
CHANGES IN ACCUMULATED OTHER _2
CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (AOCI) (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
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: In millions of dollars Net Debt valuation adjustment (DVA) (1) Cash flow hedges (2) Benefit plans (3) CTA, net of hedges (4) Excluded component of fair value hedges Long-duration insurance contracts (5) Accumulated Three Months Ended Balance, June 30, 2023 $ (5,036) $ (102) $ (1,990) $ (5,995) $ (32,773) $ 5 $ 26 $ (45,865) Other comprehensive income before reclassifications (176) 290 366 274 (1,496) (3) 23 (722) Increase (decrease) due to amounts reclassified from AOCI 7 9 365 38 — (9) — 410 Change, net of taxes $ (169) $ 299 $ 731 $ 312 $ (1,496) $ (12) $ 23 $ (312) Balance at September 30, 2023 $ (5,205) $ 197 $ (1,259) $ (5,683) $ (34,269) $ (7) $ 49 $ (46,177) Nine Months Ended September 30, 2023 Balance, December 31, 2022 $ (5,998) $ 842 $ (2,522) $ (5,755) $ (33,637) $ 8 $ — $ (47,062) Adjustment to opening balance, net of taxes (6) — — — — — — 27 27 Adjusted balance, beginning of period $ (5,998) $ 842 $ (2,522) $ (5,755) $ (33,637) $ 8 $ 27 $ (47,035) Other comprehensive income before reclassifications 812 (650) 166 (28) (632) 8 22 (302) Increase (decrease) due to amounts reclassified from AOCI (19) 5 1,097 100 — (23) — 1,160 Change, net of taxes $ 793 $ (645) $ 1,263 $ 72 $ (632) $ (15) $ 22 $ 858 Balance at September 30, 2023 $ (5,205) $ 197 $ (1,259) $ (5,683) $ (34,269) $ (7) $ 49 $ (46,177) In millions of dollars Net Debt valuation adjustment (DVA) (1) Cash flow hedges (2) Benefit plans (3) CTA, net of hedges (4) Excluded component of fair value hedges Long-duration insurance contracts Accumulated Three Months Ended September 30, 2022 Balance, June 30, 2022 $ (6,392) $ 1,573 $ (2,106) $ (5,770) $ (32,810) $ 10 $ — $ (45,495) Other comprehensive income before reclassifications (595) 874 (870) 5 (2,423) 31 — (2,978) Increase (decrease) due to amounts reclassified from AOCI 15 (2) 107 32 24 (1) — 175 Change, net of taxes $ (580) $ 872 $ (763) $ 37 $ (2,399) $ 30 $ — $ (2,803) Balance at September 30, 2022 $ (6,972) $ 2,445 $ (2,869) $ (5,733) $ (35,209) $ 40 $ — $ (48,298) Nine Months Ended September 30, 2022 Balance, December 31, 2021 $ (614) $ (1,187) $ 101 $ (5,852) $ (31,166) $ (47) $ — $ (38,765) Other comprehensive income before reclassifications (6,490) 3,635 (2,709) 26 (4,412) 81 — (9,869) Increase (decrease) due to amounts reclassified from AOCI 132 (3) (261) 93 369 6 — 336 Change, net of taxes $ (6,358) $ 3,632 $ (2,970) $ 119 $ (4,043) $ 87 $ — $ (9,533) Balance at September 30, 2022 $ (6,972) $ 2,445 $ (2,869) $ (5,733) $ (35,209) $ 40 $ — $ (48,298) (1) Reflects the after-tax valuation of Citi’s fair value option liabilities. See “Market Valuation Adjustments” in Note 22. (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 Mexican peso, Chilean peso, Euro, Polish zloty and Brazilian real against the U.S. dollar and changes in related tax effects and hedges for the three months ended September 30, 2023. Primarily reflects the movements in (by order of impact) the Mexican peso, Russian ruble, Japanese yen, South Korean won and Chilean peso against the U.S. dollar and changes in related tax effects and hedges for the nine months ended September 30, 2023. Primarily reflects the movements in (by order of impact) the South Korean won, Euro, Russian ruble, Mexican peso, Polish zloty and Japanese yen against the U.S. dollar and changes in related tax effects and hedges for the three months ended September 30, 2022. Primarily reflects the movements in (by order of impact) the South Korean won, Euro, Japanese yen, Indian rupee, Chinese yuan and British pound sterling against the U.S. dollar and changes in related tax effects and hedges for the nine months ended September 30, 2022. 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) Reflects the change in the liability for future policyholder benefits for certain long-duration life-contingent annuity contracts that are issued by a regulated Citi insurance subsidiary in Mexico and reported within Legacy Franchises . The amount reflects the change in the liability after discounting using an upper-medium grade fixed income instrument yield that reflects the duration characteristics of the liability. As of September 30, 2023, the balance of the liability for future policyholder benefits, which is recorded within Other Liabilities , for this insurance subsidiary was approximately $519 million. (6) See Note 1. |
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: In millions of dollars Pretax Tax effect (1) After-tax Three Months Ended September 30, 2023 Balance, June 30, 2023 $ (53,964) $ 8,099 $ (45,865) Change in net unrealized gains (losses) on debt securities (227) 58 (169) Debt valuation adjustment (DVA) 395 (96) 299 Cash flow hedges 958 (227) 731 Benefit plans 380 (68) 312 Foreign currency translation adjustment (CTA) (1,532) 36 (1,496) Excluded component of fair value hedges (10) (2) (12) Long-duration insurance contracts 33 (10) 23 Change $ (3) $ (309) $ (312) Balance at September 30, 2023 $ (53,967) $ 7,790 $ (46,177) Nine Months Ended September 30, 2023 Balance, December 31, 2022 $ (55,253) $ 8,191 $ (47,062) Adjustment to opening balance (2) 39 (12) 27 Adjusted balance, beginning of period $ (55,214) $ 8,179 $ (47,035) Change in net unrealized gains (losses) on debt securities 1,095 (302) 793 DVA (875) 230 (645) Cash flow hedges 1,670 (407) 1,263 Benefit plans 68 4 72 CTA (728) 96 (632) Excluded component of fair value hedges (14) (1) (15) Long-duration insurance contracts 31 (9) 22 Change $ 1,247 $ (389) $ 858 Balance at September 30, 2023 $ (53,967) $ 7,790 $ (46,177) In millions of dollars Pretax Tax effect (1) After-tax Three Months Ended September 30, 2022 Balance, June 30, 2022 $ (53,566) $ 8,071 $ (45,495) Change in net unrealized gains (losses) on debt securities (850) 270 (580) DVA 1,159 (287) 872 Cash flow hedges (1,025) 262 (763) Benefit plans (4) 41 37 CTA (2,238) (161) (2,399) Excluded component of fair value hedges 40 (10) 30 Long-duration insurance contracts — — — Change $ (2,918) $ 115 $ (2,803) Balance, September 30, 2022 $ (56,484) $ 8,186 $ (48,298) Nine Months Ended September 30, 2022 Balance, December 31, 2021 $ (45,383) $ 6,618 $ (38,765) Change in net unrealized gains (losses) on debt securities (8,464) 2,106 (6,358) DVA 4,800 (1,168) 3,632 Cash flow hedges (3,933) 963 (2,970) Benefit plans 100 19 119 CTA (3,720) (323) (4,043) Excluded component of fair value hedges 116 (29) 87 Long-duration insurance contracts — — — Change $ (11,101) $ 1,568 $ (9,533) Balance, September 30, 2022 $ (56,484) $ 8,186 $ (48,298) (1) Income tax effects of these items are released from AOCI contemporaneously with the related gross pretax amount. (2) See Note 1. |
Summary of amounts reclassified out of accumulated other comprehensive income (loss) into the consolidated statement of income | The Company recognized pretax (gains) losses related to amounts in AOCI reclassified to the Consolidated Statement of Income as follows: Increase (decrease) in AOCI due to Three Months Ended September 30, Nine Months Ended September 30, In millions of dollars 2023 2022 2023 2022 Realized (gains) losses on sales of investments $ (30) $ (52) $ (151) $ (74) Gross impairment losses 43 74 137 254 Subtotal, pretax $ 13 $ 22 $ (14) $ 180 Tax effect (6) (7) (5) (48) Net realized (gains) losses on investments, after-tax (1) $ 7 $ 15 $ (19) $ 132 Realized DVA (gains) losses on fair value option liabilities, pretax $ 12 $ (3) $ 8 $ (4) Tax effect (3) 1 (3) 1 Net realized DVA, after-tax $ 9 $ (2) $ 5 $ (3) Interest rate contracts $ 480 $ 141 $ 1,444 $ (344) Foreign exchange contracts 1 1 3 3 Subtotal, pretax $ 481 $ 142 $ 1,447 $ (341) Tax effect (116) (35) (350) 80 Amortization of cash flow hedges, after-tax (2) $ 365 $ 107 $ 1,097 $ (261) Amortization of unrecognized: Prior service cost (benefit) $ (6) $ (6) $ (17) $ (17) Net actuarial loss 52 49 152 177 Curtailment/settlement impact (3) 5 — 1 (33) Subtotal, pretax $ 51 $ 43 $ 136 $ 127 Tax effect (13) (11) (36) (34) Amortization of benefit plans, after-tax (3) $ 38 $ 32 $ 100 $ 93 Excluded component of fair value hedges, pretax $ (12) $ (1) $ (31) $ 9 Tax effect 3 — 8 (3) Excluded component of fair value hedges, after-tax $ (9) $ (1) $ (23) $ 6 Long-duration insurance contracts, pretax $ — $ — $ — $ — Tax effect — — — — Long-duration insurance contracts, after-tax $ — $ — $ — $ — CTA, pretax $ — $ 26 $ — $ 423 Tax effect — (2) — (54) CTA, after-tax (4) $ — $ 24 $ — $ 369 Total amounts reclassified out of AOCI , pretax $ 545 $ 229 $ 1,546 $ 394 Total tax effect (135) (54) (386) (58) Total amounts reclassified out of AOCI , after-tax $ 410 $ 175 $ 1,160 $ 336 (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 21 for additional details. (3) See Note 8 for additional details. (4) The pretax amount is reclassified to Discontinued operations and Other revenue in the Consolidated Statement of Income, and results from the substantial liquidation of a legacy U.K. consumer operation. See Note 2 for additional details. |
PREFERRED STOCK (Tables)
PREFERRED STOCK (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Stockholders' Equity Note [Abstract] | |
Summary of preferred stock outstanding | The following table summarizes the Company’s preferred stock outstanding: Dividend rate as of September 30, 2023 Redemption Carrying value (in millions of dollars) Issuance date Redeemable by issuer beginning Number September 30, December 31, Series A (1) October 29, 2012 January 30, 2023 N/A $ 1,000 1,500,000 $ — $ 1,500 Series B (2) December 13, 2012 February 15, 2023 N/A 1,000 750,000 — 750 Series D (3) April 30, 2013 May 15, 2023 3-month SOFR+ 3.72761 1,000 1,250,000 1,250 1,250 Series J (4) September 19, 2013 September 30, 2023 3-month SOFR+ 4.30161 25 38,000,000 950 950 Series K (5) October 31, 2013 November 15, 2023 6.875 % 25 59,800,000 1,495 1,495 Series M (6) April 30, 2014 May 15, 2024 6.300 1,000 1,750,000 1,750 1,750 Series P (7) April 24, 2015 May 15, 2025 5.950 1,000 2,000,000 2,000 2,000 Series T (8) April 25, 2016 August 15, 2026 6.250 1,000 1,500,000 1,500 1,500 Series U (9) September 12, 2019 September 12, 2024 5.000 1,000 1,500,000 1,500 1,500 Series V (10) January 23, 2020 January 30, 2025 4.700 1,000 1,500,000 1,500 1,500 Series W (11) December 10, 2020 December 10, 2025 4.000 1,000 1,500,000 1,500 1,500 Series X (12) February 18, 2021 February 18, 2026 3.875 1,000 2,300,000 2,300 2,300 Series Y (13) October 27, 2021 November 15, 2026 4.150 1,000 1,000,000 1,000 1,000 Series Z (14) March 7, 2023 May 15, 2028 7.375 1,000 1,250,000 1,250 — Series AA (15) September 21, 2023 November 15, 2028 7.625 1,000 1,500,000 1,500 — $ 19,495 $ 18,995 (1) Issued as depositary shares, each representing a 1/25 th interest in a share of the corresponding series of non-cumulative perpetual preferred stock. Beginning in the second quarter of 2023, dividends are payable quarterly on January 30, April 30, July 30 and October 30 at a floating rate, in each case when, as and if declared by the Citi Board of Directors. Series A was reclassified to Short-term borrowings at the time of the announcement of redemption on September 29, 2023. Citi redeemed Series A in its entirety on October 30, 2023. (2) Citi redeemed Series B in its entirety on August 15, 2023. (3) Issued as depositary shares, each representing a 1/25 th interest in a share of the corresponding series of non-cumulative perpetual preferred stock. Beginning in the third quarter of 2023, dividends are payable quarterly on February 15, May 15, August 15 and November 15 at a floating rate, in each case when, as and if declared by the Citi Board of Directors. The spread incorporates the contractual LIBOR-based spread and a 0.26161% tenor spread adjustment. (4) Issued as depositary shares, each representing a 1/1,000 th interest in a share of the corresponding series of non-cumulative perpetual preferred stock. Dividends are payable quarterly on March 30, June 30, September 30 and December 30 at a fixed rate until, but excluding, September 30, 2023, thereafter payable quarterly on the same dates at a floating rate, in each case when, as and if declared by the Citi Board of Directors. Beginning in the fourth quarter of 2023, dividends are payable quarterly on March 30, June 30, September 30 and December 30 at a floating rate, in each case when, as and if declared by the Citi Board of Directors. The spread incorporates the contractual LIBOR-based spread and a 0.26161% tenor spread adjustment. (5) Issued as depositary shares, each representing a 1/1,000 th interest in a share of the corresponding series of non-cumulative perpetual preferred stock. Dividends are payable quarterly on February 15, May 15, August 15 and November 15 at a fixed rate until, but excluding, November 15, 2023, thereafter payable quarterly on the same dates at a floating rate, in each case when, as and if declared by the Citi Board of Directors. As previously announced, Citi will be redeeming Series K in its entirety on November 15, 2023. (6) Issued as depositary shares, each representing a 1/25 th interest in a share of the corresponding series of non-cumulative perpetual preferred stock. Dividends are payable semiannually on May 15 and November 15 at a fixed rate until, but excluding, May 15, 2024, thereafter payable quarterly on February 15, May 15, August 15 and November 15 at a floating rate, in each case when, as and if declared by the Citi Board of Directors. (7) Issued as depositary shares, each representing a 1/25 th interest in a share of the corresponding series of non-cumulative perpetual preferred stock. Dividends are payable semiannually on May 15 and November 15 at a fixed rate until, but excluding, May 15, 2025, and thereafter payable quarterly on February 15, May 15, August 15 and November 15 at a floating rate, in each case when, as and if declared by the Citi Board of Directors. (8) Issued as depositary shares, each representing a 1/25 th interest in a share of the corresponding series of non-cumulative perpetual preferred stock. Dividends are payable semiannually on February 15 and August 15 at a fixed rate until, but excluding, August 15, 2026, thereafter payable quarterly on February 15, May 15, August 15 and November 15 at a floating rate, in each case when, as and if declared by the Citi Board of Directors. (9) Issued as depositary shares, each representing a 1/25 th interest in a share of the corresponding series of non-cumulative perpetual preferred stock. Dividends are payable semiannually on March 12 and September 12 at a fixed rate until, but excluding, September 12, 2024, thereafter payable quarterly on March 12, June 12, September 12 and December 12 at a floating rate, in each case when, as and if declared by the Citi Board of Directors. (10) Issued as depositary shares, each representing a 1/25 th interest in a share of the corresponding series of non-cumulative perpetual preferred stock. Dividends are payable semiannually on January 30 and July 30 at a fixed rate until, but excluding, January 30, 2025, thereafter payable quarterly on January 30, April 30, July 30 and October 30 at a floating rate, in each case when, as and if declared by the Citi Board of Directors. (11) Issued as depositary shares, each representing a 1/25 th interest in a share of the corresponding series of non-cumulative perpetual preferred stock. Dividends are payable quarterly on March 10, June 10, September 10 and December 10 at a fixed rate until, but excluding, December 10, 2025, thereafter payable quarterly on the same dates at a floating rate, in each case when, as and if declared by the Citi Board of Directors. (12) Issued as depositary shares, each representing a 1/25 th interest in a share of the corresponding series of non-cumulative perpetual preferred stock. Dividends are payable quarterly on February 18, May 18, August 18 and November 18 at a fixed rate until, but excluding, February 18, 2026, thereafter payable quarterly on the same dates at a floating rate, in each case when, as and if declared by the Citi Board of Directors. (13) Issued as depositary shares, each representing a 1/25 th interest in a share of the corresponding series of non-cumulative perpetual preferred stock. Dividends are payable quarterly on February 15, May 15, August 15 and November 15 at a fixed rate until, but excluding, November 15, 2026, thereafter payable quarterly on the same dates at a floating rate, in each case when, as and if declared by the Citi Board of Directors. (14) Issued as depositary shares, each representing a 1/25 th interest in a share of the corresponding series of non-cumulative perpetual preferred stock. Dividends are payable quarterly on February 15, May 15, August 15 and November 15 at a fixed rate until, but excluding, May 15, 2028, thereafter payable quarterly on the same dates at a floating rate, in each case when, as and if declared by the Citi Board of Directors. (15) Issued as depositary shares, each representing a 1/25 th interest in a share of the corresponding series of non-cumulative perpetual preferred stock. Dividends are payable quarterly on February 15, May 15, August 15 and November 15 at a fixed rate until, but excluding, November 15, 2028, thereafter payable quarterly on the same dates at a floating rate, in each case when, as and if declared by the Citi Board of Directors. N/A Not applicable, as the series has been redeemed. |
SECURITIZATIONS AND VARIABLE _2
SECURITIZATIONS AND VARIABLE INTEREST ENTITIES (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Securitizations and Variable Interest Entities [Abstract] | |
Schedule of consolidated and unconsolidated VIEs with which the Company holds significant variable interests | Citigroup’s involvement with consolidated and unconsolidated VIEs with which the Company holds significant variable interests or has continuing involvement through servicing a majority of the assets in a VIE is presented below: As of September 30, 2023 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 $ 31,203 $ 31,203 $ — $ — $ — $ — $ — $ — Mortgage securitizations (4) U.S. agency-sponsored 125,485 — 125,485 2,149 — — 139 2,288 Non-agency-sponsored 64,111 — 64,111 3,133 — 130 — 3,263 Citi-administered asset-backed commercial paper conduits 20,852 20,852 — — — — — — Collateralized loan obligations (CLOs) 5,767 — 5,767 2,455 — — — 2,455 Asset-based financing (5) 190,782 10,652 180,130 41,613 927 12,775 — 55,315 Municipal securities tender option bond trusts (TOBs) 1,410 723 687 5 — 519 — 524 Municipal investments 21,657 3 21,654 2,356 2,884 2,934 — 8,174 Client intermediation 496 106 390 75 — — — 75 Investment funds 504 70 434 5 8 90 — 103 Total $ 462,267 $ 63,609 $ 398,658 $ 51,791 $ 3,819 $ 16,448 $ 139 $ 72,197 As of December 31, 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 $ 32,021 $ 32,021 $ — $ — $ — $ — $ — $ — Mortgage securitizations (4) U.S. agency-sponsored 117,358 — 117,358 2,052 — — 48 2,100 Non-agency-sponsored 67,704 — 67,704 3,294 — — — 3,294 Citi-administered asset-backed commercial paper conduits 19,621 19,621 — — — — — — Collateralized loan obligations (CLOs) 7,600 — 7,600 2,601 — — — 2,601 Asset-based financing (5) 242,348 9,672 232,676 40,121 1,022 10,726 — 51,869 Municipal securities tender option bond trusts (TOBs) 2,155 672 1,483 2 — 1,108 — 1,110 Municipal investments 22,167 3 22,164 2,731 3,143 3,420 — 9,294 Client intermediation 482 121 361 58 — — 13 71 Investment funds 534 91 443 2 5 68 — 75 Total $ 511,990 $ 62,201 $ 449,789 $ 50,861 $ 4,170 $ 15,322 $ 61 $ 70,414 (1) The definition of maximum exposure to loss is included in the text that follows this table. (2) Included on Citigroup’s September 30, 2023 and December 31, 2022 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. (5) Included within this line are loans to third-party-sponsored private equity funds, which represent $6 billion and $69 billion in unconsolidated VIE assets and $283 million and $498 million in maximum exposure to loss as of September 30, 2023 and December 31, 2022, respectively. The following tables present certain assets and liabilities of consolidated variable interest entities (VIEs), which are included on Citi’s Consolidated Balance Sheet. The assets include those assets that can only be used to settle obligations of consolidated VIEs and are in excess of those obligations. In addition, the assets include third-party assets of consolidated VIEs only and exclude intercompany balances that eliminate in consolidation. The liabilities include third-party liabilities of consolidated VIEs only and exclude intercompany balances that eliminate in consolidation. The liabilities also exclude amounts where creditors or beneficial interest holders have recourse to the general credit of Citigroup. September 30, 2023 December 31, In millions of dollars (Unaudited) 2022 Assets of consolidated VIEs to be used to settle obligations of consolidated VIEs Cash and due from banks $ 33 $ 61 Trading account assets 9,990 9,153 Investments 651 594 Loans, net of unearned income Consumer 34,349 35,026 Corporate 20,975 19,782 Loans, net of unearned income $ 55,324 $ 54,808 Allowance for credit losses on loans (ACLL) (2,527) (2,520) Total loans, net $ 52,797 $ 52,288 Other assets 138 105 Total assets of consolidated VIEs to be used to settle obligations of consolidated VIEs $ 63,609 $ 62,201 September 30, 2023 December 31, In millions of dollars (Unaudited) 2022 Liabilities of consolidated VIEs for which creditors or beneficial interest holders Short-term borrowings $ 9,657 $ 9,807 Long-term debt 7,340 10,324 Other liabilities 835 622 Total liabilities of consolidated VIEs for which creditors or beneficial interest holders $ 17,832 $ 20,753 |
Schedule of funding commitments of unconsolidated Variable Interest Entities | The following table presents the notional amount of liquidity facilities and loan commitments that are classified as funding commitments in the VIE tables above: September 30, 2023 December 31, 2022 In millions of dollars Liquidity Loan/equity Liquidity Loan/equity Non-agency-sponsored mortgage securitizations $ — $ 130 $ — $ — Asset-based financing — 12,775 — 10,726 Municipal securities tender option bond trusts (TOBs) 519 — 1,108 — Municipal investments — 2,934 — 3,420 Investment funds — 90 — 68 Other — — — — Total funding commitments $ 519 $ 15,929 $ 1,108 $ 14,214 |
Schedule of significant interests in unconsolidated VIEs - balance sheet classification | The following table presents the carrying amounts and classification of significant variable interests in unconsolidated VIEs: In billions of dollars September 30, 2023 December 31, 2022 Cash $ — $ — Trading account assets 1.6 1.6 Investments 8.1 8.6 Total loans, net of allowance 45.3 44.2 Other 0.6 0.6 Total assets $ 55.6 $ 55.0 |
Schedule of cash flow information, mortgage securitizations | The following tables summarize selected cash flow information and retained interests related to Citigroup mortgage securitizations: Three Months Ended September 30, 2023 2022 In billions of dollars U.S. agency- Non-agency- U.S. agency- Non-agency- Principal securitized $ 1.7 $ 0.6 $ 1.4 $ 1.1 Proceeds from new securitizations 1.7 0.5 1.4 1.0 Contractual servicing fees received — — — — Cash flows received on retained interests and other net cash flows — 0.1 — — Purchases of previously transferred financial assets — — — — Nine Months Ended September 30, 2023 2022 In billions of dollars U.S. agency- Non-agency- U.S. agency- Non-agency- Principal securitized $ 4.1 $ 2.9 $ 5.4 $ 11.3 Proceeds from new securitizations 4.1 2.6 5.2 11.0 Contractual servicing fees received 0.1 — 0.1 — Cash flows received on retained interests and other net cash flows — 0.1 — 0.1 Purchases of previously transferred financial assets — — 0.1 — Note: Excludes broker-dealer re-securitization transactions. |
Schedule of carrying value of retained interests | September 30, 2023 December 31, 2022 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) $ 735 $ 953 $ 951 $ 659 $ 1,119 $ 943 (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 $1.6 million related to personal loan securitizations at September 30, 2023. (3) Retained interests consist of Level 2 and Level 3 assets depending on the observability of significant inputs. See Note 22 for more information about fair value measurements. |
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 (gains) losses Securitized assets 90 days past due Three Months Ended September 30, Nine Months Ended September 30, In billions of dollars, except liquidation losses in millions Sept. 30, 2023 Dec. 31, 2022 Sept. 30, 2023 Dec. 31, 2022 2023 2022 2023 2022 Securitized assets Residential mortgages (1) $ 28.1 $ 30.8 $ 0.4 $ 0.5 $ (0.2) $ 1 $ 4.4 $ 3 Commercial and other 29.2 28.8 — — — — — — Total $ 57.3 $ 59.6 $ 0.4 $ 0.5 $ (0.2) $ 1 $ 4.4 $ 3 |
Schedule of changes in capitalized MSRs | The following table summarizes the changes in capitalized MSRs: Three Months Ended September 30, Nine Months Ended September 30, In millions of dollars 2023 2022 2023 2022 Balance, beginning of period $ 681 $ 600 $ 665 $ 404 Originations 23 25 54 94 Changes in fair value of MSRs due to changes in inputs and assumptions 42 37 61 195 Other changes (1) (17) (15) (51) (46) Balance, as of September 30 $ 729 $ 647 $ 729 $ 647 (1) Represents changes due to customer payments and passage of time. |
Schedule of fees received on servicing previously securitized mortgages | The amounts of these fees were as follows: Three Months Ended September 30, Nine Months Ended September 30, In millions of dollars 2023 2022 2023 2022 Servicing fees $ 32 $ 31 $ 97 $ 90 Late fees 1 1 3 3 Total MSR fees $ 33 $ 32 $ 100 $ 93 |
Schedule of asset-based financing | September 30, 2023 December 31, 2022 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 $ 42,651 $ 9,250 $ 43,236 $ 8,806 Corporate loans 21,846 15,116 23,120 15,077 Other (including investment funds, airlines and shipping) 115,633 30,949 166,320 27,986 Total $ 180,130 $ 55,315 $ 232,676 $ 51,869 |
DERIVATIVES (Tables)
DERIVATIVES (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
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 September 30, December 31, September 30, December 31, Interest rate contracts Swaps $ 257,165 $ 255,280 $ 22,518,303 $ 23,780,711 Futures and forwards — — 3,457,157 2,966,025 Written options — — 2,776,838 1,937,025 Purchased options — — 2,593,989 1,881,291 Total interest rate contracts $ 257,165 $ 255,280 $ 31,346,287 $ 30,565,052 Foreign exchange contracts Swaps $ 44,147 $ 48,678 $ 7,545,125 $ 6,746,070 Futures, forwards and spot 48,418 43,666 4,209,683 3,350,341 Written options — — 829,689 789,077 Purchased options — — 823,706 783,591 Total foreign exchange contracts $ 92,565 $ 92,344 $ 13,408,203 $ 11,669,079 Equity contracts Swaps $ — $ — $ 291,691 $ 266,115 Futures and forwards — — 94,385 76,935 Written options — — 622,464 482,266 Purchased options — — 504,349 387,766 Total equity contracts $ — $ — $ 1,512,889 $ 1,213,082 Commodity and other contracts Swaps $ — $ — $ 85,144 $ 90,884 Futures and forwards 2,948 1,571 164,020 165,314 Written options — — 54,286 45,862 Purchased options — — 51,815 48,197 Total commodity and other contracts $ 2,948 $ 1,571 $ 355,265 $ 350,257 Credit derivatives (1) Protection sold $ — $ — $ 765,188 $ 593,136 Protection purchased — — 828,691 641,639 Total credit derivatives $ — $ — $ 1,593,879 $ 1,234,775 Total derivative notionals $ 352,678 $ 349,195 $ 48,216,523 $ 45,032,245 (1) Credit derivatives are arrangements designed to allow one party (protection purchaser) to transfer the credit risk of a “reference asset” to another party (protection seller). These arrangements allow a protection seller to assume the credit risk associated with the reference asset without directly purchasing that asset. The Company enters into credit derivative positions for purposes such as risk management, yield enhancement, reduction of credit concentrations and diversification of overall risk. |
Derivative mark-to-market (MTM) receivables/payables | The following tables present the gross and net fair values of the Company’s derivative transactions and the related offsetting amounts as of September 30, 2023 and December 31, 2022. 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 Derivatives classified in (1)(2) In millions of dollars at September 30, 2023 Assets Liabilities Derivatives instruments designated as ASC 815 hedges Over-the-counter $ 351 $ 7 Cleared 422 22 Interest rate contracts $ 773 $ 29 Over-the-counter $ 1,553 $ 1,747 Cleared 2 — Foreign exchange contracts $ 1,555 $ 1,747 Total derivatives instruments designated as ASC 815 hedges $ 2,328 $ 1,776 Derivatives instruments not designated as ASC 815 hedges Over-the-counter $ 124,279 $ 119,409 Cleared 53,859 53,634 Exchange traded 207 187 Interest rate contracts $ 178,345 $ 173,230 Over-the-counter $ 172,079 $ 164,527 Cleared 679 659 Exchange traded 4 18 Foreign exchange contracts $ 172,762 $ 165,204 Over-the-counter $ 19,000 $ 22,006 Cleared 19 120 Exchange traded 24,034 24,373 Equity contracts $ 43,053 $ 46,499 Over-the-counter $ 15,460 $ 16,226 Exchange traded 827 1,034 Commodity and other contracts $ 16,287 $ 17,260 Over-the-counter $ 6,922 $ 5,744 Cleared 5,720 5,333 Credit derivatives $ 12,642 $ 11,077 Total derivatives instruments not designated as ASC 815 hedges $ 423,089 $ 413,270 Total derivatives $ 425,417 $ 415,046 Less: Netting agreements (3) $ (333,991) $ (333,991) Less: Netting cash collateral received/paid (4) (22,872) (26,294) Net receivables/payables included on the Consolidated Balance Sheet (5) $ 68,554 $ 54,761 Additional amounts subject to an enforceable master netting agreement, Less: Cash collateral received/paid $ (818) $ (254) Less: Non-cash collateral received/paid (2,933) (10,741) Total net receivables/payables (5) $ 64,803 $ 43,766 (1) The derivative fair values are also presented in Note 22. (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 $255 billion, $56 billion and $23 billion of the netting against trading account asset/liability balances is attributable to each of the OTC, cleared and exchange-traded derivatives, respectively. (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 $4 billion of derivative asset and $9 billion of derivative liability fair values not subject to enforceable master netting agreements, respectively. Derivatives classified in (1)(2) In millions of dollars at December 31, 2022 Assets Liabilities Derivatives instruments designated as ASC 815 hedges Over-the-counter $ 468 $ 1 Cleared 129 101 Interest rate contracts $ 597 $ 102 Over-the-counter $ 2,288 $ 1,766 Cleared 3 3 Foreign exchange contracts $ 2,291 $ 1,769 Total derivatives instruments designated as ASC 815 hedges $ 2,888 $ 1,871 Derivatives instruments not designated as ASC 815 hedges Over-the-counter $ 126,844 $ 119,854 Cleared 50,515 52,566 Exchange traded 248 98 Interest rate contracts $ 177,607 $ 172,518 Over-the-counter $ 184,869 $ 183,578 Cleared 502 643 Exchange traded 1 5 Foreign exchange contracts $ 185,372 $ 184,226 Over-the-counter $ 19,674 $ 21,871 Cleared 1 4 Exchange traded 22,732 21,908 Equity contracts $ 42,407 $ 43,783 Over-the-counter $ 27,285 $ 24,912 Exchange traded 1,039 1,406 Commodity and other contracts $ 28,324 $ 26,318 Over-the-counter $ 6,836 $ 5,807 Cleared 1,553 1,970 Credit derivatives $ 8,389 $ 7,777 Total derivatives instruments not designated as ASC 815 hedges $ 442,099 $ 434,622 Total derivatives $ 444,987 $ 436,493 Less: Netting agreements (3) $ (346,545) $ (346,545) Less: Netting cash collateral received/paid (4) (23,136) (30,032) Net receivables/payables included on the Consolidated Balance Sheet (5) $ 75,306 $ 59,916 Additional amounts subject to an enforceable master netting agreement, Less: Cash collateral received/paid $ (1,455) $ (2,272) Less: Non-cash collateral received/paid (5,923) (13,475) Total net receivables/payables (5) $ 67,928 $ 44,169 (1) The derivative fair values are also presented in Note 22. (2) 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 $276 billion, $49 billion and $22 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 $14 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 table below does not include any offsetting gains (losses) on the economically hedged items to the extent that such amounts are also recorded in Other revenue . Gains (losses) included in Three Months Ended September 30, Nine Months Ended September 30, In millions of dollars 2023 2022 2023 2022 Interest rate contracts $ (16) $ 26 $ (47) $ 170 Foreign exchange (46) (33) (113) (114) Total $ (62) $ (7) $ (160) $ 56 The following table summarizes the gains (losses) on the Company’s fair value hedges: Gains (losses) on fair value hedges (1) Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 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 $ — $ 19 $ — $ (1,855) $ — $ (473) $ — $ (8,238) Foreign exchange hedges (577) — (964) — 709 — (2,623) — Commodity hedges (4) 289 — (977) — (36) — (362) — Total gain (loss) on the hedging derivatives included in assessment of the effectiveness of fair value hedges $ (288) $ 19 $ (1,941) $ (1,855) $ 673 $ (473) $ (2,985) $ (8,238) Gain (loss) on the hedged item in designated and qualifying fair value hedges Interest rate hedges $ — $ (21) $ — $ 1,793 $ — $ 460 $ — $ 8,036 Foreign exchange hedges 577 — 964 — (709) — 2,621 — Commodity hedges (4) (289) — 977 — 36 — 362 — Total gain (loss) on the hedged item in designated and qualifying fair value hedges $ 288 $ (21) $ 1,941 $ 1,793 $ (673) $ 460 $ 2,983 $ 8,036 Net gain (loss) on the hedging derivatives excluded from assessment of the effectiveness of fair value hedges Interest rate hedges $ — $ — $ — $ — $ — $ — $ — $ (11) Foreign exchange hedges (2) 9 — 79 — 33 — 183 — Commodity hedges (3)(4) 100 — 7 — 201 — 30 — Total net gain (loss) on the hedging derivatives excluded from assessment of the effectiveness of fair value hedges $ 109 $ — $ 86 $ — $ 234 $ — $ 213 $ (11) (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. Amounts included both hedges of AFS securities and long-term debt on a net basis, which largely offset in the current period. (2) Amounts related to the forward points (i.e., the spot-forward difference) that are excluded from the assessment of hedge effectiveness and are generally reflected directly in earnings under the mark-to-market approach. 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 $(10) million and $(14) million for the three and nine months ended September 30, 2023 and $40 million and $116 million for the three and nine months ended September 30, 2022, respectively. (3) Amounts related to the forward points (i.e., the spot-forward difference) that are excluded from the assessment of hedge effectiveness reflected directly in earnings under the mark-to-market approach or recorded in AOCI under the amortization approach. The quarter ended September 30, 2023 includes gain (loss) of approximately $93 million and $7 million under the mark-to-market approach and amortization approach, respectively. The quarter ended September 30, 2022 includes gain (loss) of approximately $2 million and $5 million under the mark-to-market approach and amortization approach, respectively. (4) The gain (loss) amounts for commodity hedges are included in Principal transactions for periods beginning 2023. |
Schedule of amounts recorded on the Balance Sheet related to cumulative basis adjustments for fair value hedges | The table below presents the carrying amount of Citi’s hedged assets and liabilities under qualifying fair value hedges at September 30, 2023 and December 31, 2022, along with the cumulative 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 (1) Cumulative basis adjustment increasing (decreasing) the carrying amount Active De-designated As of September 30, 2023 Debt securities AFS (2)(5) $ 95,301 $ (3,180) $ (343) Corporate loans (3) 4,782 (171) — Long-term debt 137,360 (3,330) (4,968) As of December 31, 2022 Debt securities AFS (4)(5) $ 98,837 $ (2,976) $ (333) Long-term debt 144,549 (5,040) (3,399) (1) Excludes physical commodities inventories with a carrying value of approximately $7 billion as of September 30, 2023, which includes cumulative basis adjustments of approximately $113 million for active hedges. (2) These amounts include a cumulative basis adjustment of $(542) million for active hedges and $(294) million for de-designated hedges as of September 30, 2023, related to certain financial assets previously designated as the hedged item in a fair value hedge using the portfolio layer approach. The Company designated approximately $13 billion as the hedged amount (from a closed portfolio of financial assets with a carrying value of $19 billion as of September 30, 2023) in a portfolio layer hedging relationship. (3) All hedged corporate loans are designated in a fair value hedge using the portfolio layer approach. The Company designated approximately $3.8 billion as the hedged amount (from a closed portfolio of financial assets with a carrying value of $4.8 billion as of September 30, 2023). (4) These amounts include a cumulative basis adjustment of $(91) million for active hedges and $(309) million for de-designated hedges as of December 31, 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 December 31, 2022) in a last-of-layer hedging relationship. (5) 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 18. Three Months Ended September 30, Nine Months Ended September 30, In millions of dollars 2023 2022 2023 2022 Amount of gain (loss) recognized in AOCI on derivatives Interest rate contracts $ 467 $ (1,196) $ 208 $ (3,637) Foreign exchange contracts 10 29 15 45 Total gain (loss) recognized in AOCI $ 477 $ (1,167) $ 223 $ (3,592) Other Net Other Other Net interest Other Net Amount of gain (loss) reclassified from AOCI to earnings (1) Interest rate contracts $ — $ (480) $ — $ (141) $ — $ (1,444) $ — $ 344 Foreign exchange contracts (1) — (1) — (3) — (3) — Total gain (loss) reclassified from AOCI into earnings $ (1) $ (480) $ (1) $ (141) $ (3) $ (1,444) $ (3) $ 344 Net pretax change in cash flow hedges included within AOCI $ 958 $ (1,025) $ 1,670 $ (3,933) (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 September 30, 2023 Receivable (1) Payable (2) Protection Protection By instrument Credit default swaps and options $ 11,031 $ 10,644 $ 805,562 $ 761,316 Total return swaps and other 1,611 433 23,129 3,872 Total by instrument $ 12,642 $ 11,077 $ 828,691 $ 765,188 By rating of reference entity Investment grade $ 6,809 $ 5,579 $ 656,154 $ 611,363 Non-investment grade 5,833 5,498 172,537 153,825 Total by rating of reference entity $ 12,642 $ 11,077 $ 828,691 $ 765,188 By maturity Within 1 year $ 1,471 $ 1,035 $ 154,096 $ 134,847 From 1 to 5 years 8,977 8,149 578,360 555,290 After 5 years 2,194 1,893 96,235 75,051 Total by maturity $ 12,642 $ 11,077 $ 828,691 $ 765,188 (1) The fair value amount receivable is composed of $4,697 million under protection purchased and $7,945 million under protection sold. (2) The fair value amount payable is composed of $8,182 million under protection purchased and $2,895 million under protection sold. Fair values Notionals In millions of dollars at December 31, 2022 Receivable (1) Payable (2) Protection Protection By instrument Credit default swaps and options $ 6,867 $ 7,360 $ 623,981 $ 586,504 Total return swaps and other 1,522 417 17,658 6,632 Total by instrument $ 8,389 $ 7,777 $ 641,639 $ 593,136 By rating of reference entity Investment grade $ 3,796 $ 2,970 $ 499,339 $ 462,873 Non-investment grade 4,593 4,807 142,300 130,263 Total by rating of reference entity $ 8,389 $ 7,777 $ 641,639 $ 593,136 By maturity Within 1 year $ 1,753 $ 1,801 $ 147,031 $ 148,721 From 1 to 5 years 4,577 4,134 443,113 407,293 After 5 years 2,059 1,842 51,495 37,122 Total by maturity $ 8,389 $ 7,777 $ 641,639 $ 593,136 (1) The fair value amount receivable is composed of $5,094 million under protection purchased and $3,295 million under protection sold. (2) The fair value amount payable is composed of $3,573 million under protection purchased and $4,204 million under protection sold. |
FAIR VALUE MEASUREMENT (Tables)
FAIR VALUE MEASUREMENT (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Fair Value Disclosures [Abstract] | |
Schedule of CVA and FVA applied to fair value of derivative instruments | The table below summarizes the credit valuation adjustments (CVA) and funding valuation adjustments (FVA) applied to the fair value of derivative instruments at September 30, 2023 and December 31, 2022: Credit and funding In millions of dollars September 30, December 31, Counterparty CVA $ (589) $ (816) Asset FVA (539) (622) Citigroup (own credit) CVA 473 607 Liability FVA 273 263 Total CVA and FVA—derivative instruments $ (382) $ (568) |
Schedule of pretax gains (losses) related to changes in CVA, FVA, and DVA | The table below summarizes pretax gains (losses) related to changes in CVA on derivative instruments, net of hedges, FVA on derivatives and debt valuation adjustments (DVA) on Citi’s own fair value option (FVO) liabilities for the periods indicated: Credit/funding/debt valuation Three Months Ended September 30, Nine Months Ended September 30, In millions of dollars 2023 2022 2023 2022 Counterparty CVA $ 35 $ (10) $ 5 $ (211) Asset FVA (17) (96) 77 (247) Own credit CVA 14 29 (134) 327 Liability FVA 38 58 (5) 148 Total CVA and FVA—derivative instruments $ 70 $ (19) $ (57) $ 17 DVA related to own FVO liabilities (1) $ 395 $ 1,159 $ (875) $ 4,800 Total CVA, DVA and FVA $ 465 $ 1,140 $ (932) $ 4,817 |
Items measured at fair value on a recurring basis | The following tables present for each of the fair value hierarchy levels the Company’s assets and liabilities that are measured at fair value on a recurring basis at September 30, 2023 and December 31, 2022. The Company may hedge positions that have been classified in the Level 3 category with other financial instruments (hedging instruments) that may be classified as Level 3, but also with financial instruments classified as Level 1 or Level 2. The effects of these hedges are presented gross in the following tables: Fair Value Levels In millions of dollars at September 30, 2023 Level 1 Level 2 Level 3 Gross Netting (1) Net Assets Securities borrowed and purchased under agreements to resell $ — $ 440,315 $ 135 $ 440,450 $ (234,299) $ 206,151 Trading non-derivative assets Trading mortgage-backed securities U.S. government-sponsored agency guaranteed — 67,525 538 68,063 — 68,063 Residential 1 2,128 165 2,294 — 2,294 Commercial — 505 205 710 — 710 Total trading mortgage-backed securities $ 1 $ 70,158 $ 908 $ 71,067 $ — $ 71,067 U.S. Treasury and federal agency securities $ 90,944 $ 1,717 $ — $ 92,661 $ — $ 92,661 State and municipal — 1,903 3 1,906 — 1,906 Foreign government 45,369 31,687 69 77,125 — 77,125 Corporate 1,363 18,367 764 20,494 — 20,494 Equity securities 46,513 10,604 263 57,380 — 57,380 Asset-backed securities — 1,805 575 2,380 — 2,380 Other trading assets (2) 64 13,764 973 14,801 — 14,801 Total trading non-derivative assets $ 184,254 $ 150,005 $ 3,555 $ 337,814 $ — $ 337,814 Trading derivatives Interest rate contracts $ 129 $ 176,243 $ 2,746 $ 179,118 Foreign exchange contracts — 172,886 1,431 174,317 Equity contracts 25 41,817 1,211 43,053 Commodity contracts — 15,013 1,274 16,287 Credit derivatives — 11,803 839 12,642 Total trading derivatives—before netting and collateral $ 154 $ 417,762 $ 7,501 $ 425,417 Netting agreements $ (333,991) Netting of cash collateral received (22,872) Total trading derivatives—after netting and collateral $ 154 $ 417,762 $ 7,501 $ 425,417 $ (356,863) $ 68,554 Investments Mortgage-backed securities U.S. government-sponsored agency guaranteed $ — $ 19,786 $ 29 $ 19,815 $ — $ 19,815 Residential — 283 24 307 — 307 Commercial — 1 — 1 — 1 Total investment mortgage-backed securities $ — $ 20,070 $ 53 $ 20,123 $ — $ 20,123 U.S. Treasury and federal agency securities $ 80,949 $ 299 $ 20 $ 81,268 $ — $ 81,268 State and municipal — 1,538 493 2,031 — 2,031 Foreign government 57,970 67,230 196 125,396 — 125,396 Corporate 2,835 2,269 289 5,393 — 5,393 Marketable equity securities 186 86 11 283 — 283 Asset-backed securities — 652 30 682 — 682 Other debt securities — 6,890 — 6,890 — 6,890 Non-marketable equity securities (3) — — 431 431 — 431 Total investments $ 141,940 $ 99,034 $ 1,523 $ 242,497 $ — $ 242,497 Table continues on the next page. In millions of dollars at September 30, 2023 Level 1 Level 2 Level 3 Gross Netting (1) Net Loans $ — $ 7,146 $ 265 $ 7,411 $ — $ 7,411 Mortgage servicing rights — — 729 729 — 729 Non-trading derivatives and other financial assets measured on a recurring basis $ 6,990 $ 7,496 $ 77 $ 14,563 $ — $ 14,563 Total assets $ 333,338 $ 1,121,758 $ 13,785 $ 1,468,881 $ (591,162) $ 877,719 Total as a percentage of gross assets (4) 22.7% 76.4% 0.9% Liabilities Interest-bearing deposits $ — $ 2,567 $ 155 $ 2,722 $ — $ 2,722 Securities loaned and sold under agreements to repurchase — 225,705 481 226,186 (165,524) 60,662 Trading account liabilities Securities sold, not yet purchased 96,351 13,412 88 109,851 — 109,851 Other trading liabilities — 11 1 12 — 12 Total trading account liabilities $ 96,351 $ 13,423 $ 89 $ 109,863 $ — $ 109,863 Trading derivatives Interest rate contracts $ 120 $ 168,590 $ 4,549 $ 173,259 Foreign exchange contracts — 166,133 818 166,951 Equity contracts 35 44,118 2,346 46,499 Commodity contracts — 16,035 1,225 17,260 Credit derivatives — 10,311 766 11,077 Total trading derivatives—before netting and collateral $ 155 $ 405,187 $ 9,704 $ 415,046 Netting agreements $ (333,991) Netting of cash collateral paid (26,294) Total trading derivatives—after netting and collateral $ 155 $ 405,187 $ 9,704 $ 415,046 $ (360,285) $ 54,761 Short-term borrowings $ — $ 6,014 $ 456 $ 6,470 $ — $ 6,470 Long-term debt — 76,979 35,650 112,629 — 112,629 Total non-trading derivatives and other financial liabilities measured on a recurring basis $ 7,111 $ 177 $ 28 $ 7,316 $ — $ 7,316 Total liabilities $ 103,617 $ 730,052 $ 46,563 $ 880,232 $ (525,809) $ 354,423 Total as a percentage of gross liabilities (4) 11.8 % 82.9 % 5.3 % (1) Represents netting of (i) the amounts due under securities purchased under agreements to resell and the amounts owed under securities sold under agreements to repurchase and (ii) derivative exposures covered by a qualifying master netting agreement and cash collateral offsetting. (2) Includes positions related to investments in unallocated precious metals, as discussed in Note 23. Also includes physical commodities accounted for at the lower of cost or fair value and unfunded credit products. (3) Amounts exclude $24 million 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, 2022 Level 1 Level 2 Level 3 Gross Netting (1) Net Assets Securities borrowed and purchased under agreements to resell $ — $ 350,145 $ 149 $ 350,294 $ (110,767) $ 239,527 Trading non-derivative assets Trading mortgage-backed securities U.S. government-sponsored agency guaranteed — 34,878 600 35,478 — 35,478 Residential 1 1,821 166 1,988 — 1,988 Commercial — 798 145 943 — 943 Total trading mortgage-backed securities $ 1 $ 37,497 $ 911 $ 38,409 $ — $ 38,409 U.S. Treasury and federal agency securities $ 63,067 $ 4,513 $ 1 $ 67,581 $ — $ 67,581 State and municipal — 2,256 7 2,263 — 2,263 Foreign government 38,383 25,850 119 64,352 — 64,352 Corporate 1,593 11,955 394 13,942 — 13,942 Equity securities 43,990 10,179 192 54,361 — 54,361 Asset-backed securities — 1,597 668 2,265 — 2,265 Other trading assets (2) 24 14,963 648 15,635 — 15,635 Total trading non-derivative assets $ 147,058 $ 108,810 $ 2,940 $ 258,808 $ — $ 258,808 Trading derivatives Interest rate contracts $ 297 $ 174,156 $ 3,751 $ 178,204 Foreign exchange contracts — 186,897 766 187,663 Equity contracts 20 40,683 1,704 42,407 Commodity contracts — 26,823 1,501 28,324 Credit derivatives — 7,484 905 8,389 Total trading derivatives—before netting and collateral $ 317 $ 436,043 $ 8,627 $ 444,987 Netting agreements $ (346,545) Netting of cash collateral received (3) (23,136) Total trading derivatives—after netting and collateral $ 317 $ 436,043 $ 8,627 $ 444,987 $ (369,681) $ 75,306 Investments Mortgage-backed securities U.S. government-sponsored agency guaranteed $ — $ 11,232 $ 30 $ 11,262 $ — $ 11,262 Residential — 444 41 485 — 485 Commercial — 2 — 2 — 2 Total investment mortgage-backed securities $ — $ 11,678 $ 71 $ 11,749 $ — $ 11,749 U.S. Treasury and federal agency securities $ 91,851 $ 439 $ — $ 92,290 $ — $ 92,290 State and municipal — 1,637 586 2,223 — 2,223 Foreign government 58,419 74,250 608 133,277 — 133,277 Corporate 2,230 2,343 343 4,916 — 4,916 Marketable equity securities 254 165 10 429 — 429 Asset-backed securities — 1,029 1 1,030 — 1,030 Other debt securities — 4,194 — 4,194 — 4,194 Non-marketable equity securities (4) — 9 430 439 — 439 Total investments $ 152,754 $ 95,744 $ 2,049 $ 250,547 $ — $ 250,547 Table continues on the next page. In millions of dollars at December 31, 2022 Level 1 Level 2 Level 3 Gross Netting (1) Net Loans $ — $ 3,999 $ 1,361 $ 5,360 $ — $ 5,360 Mortgage servicing rights — — 665 665 — 665 Non-trading derivatives and other financial assets measured on a recurring basis $ 4,310 $ 6,291 $ 57 $ 10,658 $ — $ 10,658 Total assets $ 304,439 $ 1,001,032 $ 15,848 $ 1,321,319 $ (480,448) $ 840,871 Total as a percentage of gross assets (5) 23.0% 75.8% 1.2% Liabilities Interest-bearing deposits $ — $ 1,860 $ 15 $ 1,875 $ — $ 1,875 Securities loaned and sold under agreements to repurchase — 155,822 1,031 156,853 (85,967) 70,886 Trading account liabilities Securities sold, not yet purchased 97,559 13,111 50 110,720 — 110,720 Other trading liabilities — 8 3 11 — 11 Total trading account liabilities $ 97,559 $ 13,119 $ 53 $ 110,731 $ — $ 110,731 Trading derivatives Interest rate contracts $ 175 $ 169,049 $ 3,396 $ 172,620 Foreign exchange contracts — 185,279 716 185,995 Equity contracts 70 40,905 2,808 43,783 Commodity contracts 2 25,093 1,223 26,318 Credit derivatives — 6,715 1,062 7,777 Total trading derivatives—before netting and collateral $ 247 $ 427,041 $ 9,205 $ 436,493 Netting agreements $ (346,545) Netting of cash collateral paid (3) (30,032) Total trading derivatives—after netting and collateral $ 247 $ 427,041 $ 9,205 $ 436,493 $ (376,577) $ 59,916 Short-term borrowings $ — $ 6,184 $ 38 $ 6,222 $ — $ 6,222 Long-term debt — 69,878 36,117 105,995 — 105,995 Total non-trading derivatives and other financial liabilities measured on a recurring basis $ 4,197 $ 240 $ 2 $ 4,439 $ — $ 4,439 Total liabilities $ 102,003 $ 674,144 $ 46,461 $ 822,608 $ (462,544) $ 360,064 Total as a percentage of gross liabilities (5) 12.4 % 82.0 % 5.6 % (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 23. 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 $27 million 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 Jun. 30, 2023 Principal Other (1)(2) into out of Purchases Issuances Sales Settlements Sept. 30, 2023 Assets Securities borrowed and purchased under agreements to resell $ 140 $ 1 $ — $ — $ — $ 126 $ — $ — $ (132) $ 135 $ 9 Trading non-derivative assets Trading mortgage-backed securities U.S. government-sponsored agency guaranteed 659 (21) — 93 (155) 92 — (130) — 538 (14) Residential 145 (1) — 31 (3) 52 — (59) — 165 (3) Commercial 182 (8) — 59 (25) 26 — (29) — 205 (8) Total trading mortgage-backed securities $ 986 $ (30) $ — $ 183 $ (183) $ 170 $ — $ (218) $ — $ 908 $ (25) U.S. Treasury and federal agency securities $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — State and municipal 3 — — — — — — — — 3 — Foreign government 81 (23) — — (31) 70 — (28) — 69 19 Corporate 581 224 — 38 (303) 624 — (400) — 764 (232) Marketable equity securities 285 2 — 16 (10) 28 — (58) — 263 1 Asset-backed securities 539 6 — 15 (39) 297 — (243) — 575 2 Other trading assets 1,478 (332) — 279 (198) 260 — (514) — 973 (114) Total trading non-derivative assets $ 3,953 $ (153) $ — $ 531 $ (764) $ 1,449 $ — $ (1,461) $ — $ 3,555 $ (349) Trading derivatives, net (4) Interest rate contracts $ (1,962) $ (474) $ — $ (18) $ 298 $ 51 $ — $ 49 $ 253 $ (1,803) $ (637) Foreign exchange contracts 700 158 — 1 (24) 50 — (8) (264) 613 159 Equity contracts (1,563) 641 — 128 (145) (346) — (21) 171 (1,135) 212 Commodity contracts 330 222 — 96 (149) (389) — (2) (59) 49 120 Credit derivatives (155) 54 — 22 81 80 — — (9) 73 (16) Total trading derivatives, net (4) $ (2,650) $ 601 $ — $ 229 $ 61 $ (554) $ — $ 18 $ 92 $ (2,203) $ (162) Table continues on the next page. Net realized/unrealized gains (losses) incl. in (1) Transfers Unrealized (3) In millions of dollars Jun. 30, 2023 Principal Other (1)(2) into out of Purchases Issuances Sales Settlements Sept. 30, 2023 Investments Mortgage-backed securities U.S. government-sponsored agency guaranteed $ 32 $ — $ — $ — $ (3) $ — $ — $ — $ — $ 29 $ — Residential 25 — (1) — — — — — — 24 (1) Commercial — — — — — — — — — — — Total investment mortgage-backed securities $ 57 $ — $ (1) $ — $ (3) $ — $ — $ — $ — $ 53 $ (1) U.S. Treasury and federal agency securities $ 21 $ — $ (1) $ — $ — $ — $ — $ — $ — $ 20 $ — State and municipal 507 — (29) 1 — 45 — (31) — 493 (29) Foreign government 414 — (12) 2 (179) 124 — (153) — 196 1 Corporate 290 — — — — 15 — (16) — 289 — Marketable equity securities 13 — (2) — — — — — — 11 — Asset-backed securities 1 — (1) 30 — — — — — 30 — Other debt securities 57 — 1 — (58) — — — — — — Non-marketable equity securities 404 — 21 6 — — — — — 431 (5) Total investments $ 1,764 $ — $ (24) $ 39 $ (240) $ 184 $ — $ (200) $ — $ 1,523 $ (34) Loans $ 241 $ — $ 15 $ — $ — $ — $ 10 $ — $ (1) $ 265 $ (82) Mortgage servicing rights 681 — 42 — — — 23 — (17) 729 41 Other financial assets measured at fair value on a recurring basis 73 — (22) — — 28 — (2) — 77 — Liabilities Interest-bearing deposits $ 26 $ — $ (10) $ 49 $ — $ — $ 70 $ — $ — $ 155 $ (11) Securities loaned and sold under agreements to repurchase 627 (2) — — — — — — (148) 481 1 Trading account liabilities Securities sold, not yet purchased 62 — — 11 (3) 61 — — (43) 88 (2) Other trading liabilities 4 — — 1 (2) 2 — — (4) 1 — Short-term borrowings 296 — — 16 (7) 1 181 — (31) 456 (21) Long-term debt 37,204 2,816 — 1,010 (1,336) — 3,027 — (1,439) 35,650 2,112 Other financial liabilities measured on a recurring basis 23 — — — — — 26 (21) — 28 — (1) Net realized/unrealized gains (losses) are presented as increase (decrease) to Level 3 assets, and as (increase) decrease to Level 3 liabilities. Changes in fair value of available-for-sale debt securities are recorded in AOCI , unless related to credit impairment, while gains and losses from sales are recorded in Realized gains (losses) from sales of investments in the Consolidated Statement of Income. (2) Unrealized gains (losses) on MSRs are recorded in Other revenue in the Consolidated Statement of Income. (3) Represents the amount of total gains or losses for the period, included in earnings (and AOCI for changes in fair value of available-for-sale debt securities and DVA on fair value option liabilities), attributable to the change in fair value relating to assets and liabilities classified as Level 3 that are still held at September 30, 2023. (4) Total Level 3 derivative assets and liabilities have been netted in these tables for presentation purposes only. Net realized/unrealized gains (losses) incl. in (1) Transfers Unrealized (3) In millions of dollars Dec. 31, 2022 Principal Other (1)(2) into out of Purchases Issuances Sales Settlements Sept. 30, 2023 Assets Securities borrowed and purchased under agreements to resell $ 149 $ 4 $ — $ — $ (2) $ 263 $ — $ — $ (279) $ 135 $ 9 Trading non-derivative assets Trading mortgage-backed securities U.S. government-sponsored agency guaranteed 600 (31) — 278 (421) 462 — (350) — 538 (34) Residential 166 (2) — 92 (65) 152 — (178) — 165 (17) Commercial 145 (23) — 163 (56) 76 — (100) — 205 (19) Total trading mortgage-backed securities $ 911 $ (56) $ — $ 533 $ (542) $ 690 $ — $ (628) $ — $ 908 $ (70) U.S. Treasury and federal agency securities $ 1 $ (1) $ — $ — $ — $ — $ — $ — $ — $ — $ — State and municipal 7 (3) — 19 — — — (20) — 3 (1) Foreign government 119 (17) — 8 (58) 131 — (114) — 69 22 Corporate 394 300 — 248 (481) 976 — (673) — 764 (185) Marketable equity securities 192 11 — 42 (18) 125 — (89) — 263 10 Asset-backed securities 668 20 — 94 (120) 615 — (702) — 575 4 Other trading assets 648 69 — 540 (274) 728 — (738) — 973 (123) Total trading non-derivative assets $ 2,940 $ 323 $ — $ 1,484 $ (1,493) $ 3,265 $ — $ (2,964) $ — $ 3,555 $ (343) Trading derivatives, net (4) Interest rate contracts $ 355 $ (2,163) $ — $ (220) $ (361) $ 38 $ — $ 62 $ 486 $ (1,803) $ (2,060) Foreign exchange contracts 50 704 — 105 24 152 — (89) (333) 613 408 Equity contracts (1,104) (237) — 61 661 (599) — (65) 148 (1,135) (596) Commodity contracts 278 85 — 270 91 (447) — (14) (214) 49 12 Credit derivatives (157) (92) — 19 217 82 — — 4 73 (84) Total trading derivatives, net (4) $ (578) $ (1,703) $ — $ 235 $ 632 $ (774) $ — $ (106) $ 91 $ (2,203) $ (2,320) Table continues on the next page. Net realized/unrealized gains (losses) incl. in (1) Transfers Unrealized (3) In millions of dollars Dec. 31, 2022 Principal Other (1)(2) into out of Purchases Issuances Sales Settlements Sept. 30, 2023 Investments Mortgage-backed securities U.S. government-sponsored agency guaranteed $ 30 $ — $ (1) $ — $ (3) $ 4 $ — $ (1) $ — $ 29 $ (3) Residential 41 — (1) — — — — (16) — 24 (1) Commercial — — — — — — — — — — — Total investment mortgage-backed securities $ 71 $ — $ (2) $ — $ (3) $ 4 $ — $ (17) $ — $ 53 $ (4) U.S. Treasury and federal agency securities $ — $ — $ (1) $ — $ — $ 51 $ — $ (30) $ — $ 20 $ — State and municipal 586 — (20) 2 (77) 46 — (44) — 493 (23) Foreign government 608 — (7) 27 (197) 647 — (882) — 196 1 Corporate 343 — (1) — (61) 96 — (88) — 289 (4) Marketable equity securities 10 — 1 — — — — — — 11 — Asset-backed securities 1 — (1) 30 — — — — — 30 — Other debt securities — — 1 — (63) 62 — — — — — Non-marketable equity securities 430 — 3 8 — 16 — (26) — 431 (5) Total investments $ 2,049 $ — $ (27) $ 67 $ (401) $ 922 $ — $ (1,087) $ — $ 1,523 $ (35) Loans $ 1,361 $ — $ (249) $ 2 $ (309) $ — $ 116 $ — $ (656) $ 265 $ (104) Mortgage servicing rights 665 — 61 — — — 54 — (51) 729 62 Other financial assets measured at fair value on a recurring basis 57 — (24) — (2) 50 — (4) — 77 — Liabilities Interest-bearing deposits $ 15 $ (7) $ (12) $ 49 $ (1) $ — $ 83 $ — $ (10) $ 155 $ (11) Securities loaned and sold under agreements to repurchase 1,031 (8) — — (24) 1,335 — — (1,869) 481 1 Trading account liabilities Securities sold, not yet purchased 50 (13) — 22 (34) 125 — — (88) 88 (2) Other trading liabilities 3 2 — 4 (2) 2 — — (4) 1 — Short-term borrowings 38 40 — 35 (23) 1 478 — (33) 456 (31) Long-term debt 36,117 2,589 — 4,238 (7,442) — 7,371 — (2,045) 35,650 841 Other financial liabilities measured on a recurring basis 2 — 1 — (1) — 49 (21) — 28 — (1) Net realized/unrealized gains (losses) are presented as increase (decrease) to Level 3 assets, and as (increase) decrease to Level 3 liabilities. Changes in fair value of available-for-sale debt securities are recorded in AOCI , unless related to credit impairment, while gains and losses from sales are recorded in Realized gains (losses) from sales of investments in the Consolidated Statement of Income. (2) Unrealized gains (losses) on MSRs are recorded in Other revenue in the Consolidated Statement of Income. (3) Represents the amount of total gains or losses for the period, included in earnings (and AOCI for changes in fair value of available-for-sale debt securities and DVA on fair value option liabilities), attributable to the change in fair value relating to assets and liabilities classified as Level 3 that are still held at September 30, 2023. (4) Total Level 3 derivative assets and liabilities have been netted in these tables for presentation purposes only. Net realized/unrealized gains (losses) incl. in (1) Transfers Unrealized (3) In millions of dollars Jun. 30, 2022 Principal Other (1)(2) into out of Purchases Issuances Sales Settlements Sept. 30, 2022 Assets Securities borrowed and purchased under agreements to resell $ 183 $ (1) $ — $ — $ — $ 128 $ — $ — $ (169) $ 141 $ 3 Trading non-derivative assets Trading mortgage-backed securities U.S. government-sponsored agency guaranteed 708 (28) — 54 (153) 310 — (219) — 672 (33) Residential 153 (2) — 25 (22) 33 — (45) — 142 (2) Commercial 138 (4) — 20 (17) 5 — (26) — 116 1 Total trading mortgage-backed securities $ 999 $ (34) $ — $ 99 $ (192) $ 348 $ — $ (290) $ — $ 930 $ (34) U.S. Treasury and federal agency securities $ 1 $ — $ — $ — $ — $ — $ — $ — $ (1) $ — $ — State and municipal 80 4 — 4 (6) 14 — (74) — 22 — Foreign government 364 (14) — 5 (4) 70 — (41) — 380 (9) Corporate 537 21 — 193 (72) 91 — (310) — 460 (15) Marketable equity securities 133 48 — 71 (12) 34 — (87) — 187 (26) Asset-backed securities 554 (7) — 68 (25) 196 — (174) — 612 (18) Other trading assets 816 32 — 74 (280) 191 11 (161) (4) 679 (19) Total trading non-derivative assets $ 3,484 $ 50 $ — $ 514 $ (591) $ 944 $ 11 $ (1,137) $ (5) $ 3,270 $ (121) Trading derivatives, net (4) Interest rate contracts $ 881 $ (278) $ — $ (503) $ (12) $ (195) $ 1 $ 83 $ (3) $ (26) $ (142) Foreign exchange contracts 156 (171) — 32 (3) (146) — 212 197 277 121 Equity contracts (101) 162 — 60 222 (347) — 28 37 61 (150) Commodity contracts 255 110 — 140 (134) (60) — (2) (56) 253 151 Credit derivatives (349) (110) — 53 124 (36) — 1 204 (113) (164) Total trading derivatives, net (4) $ 842 $ (287) $ — $ (218) $ 197 $ (784) $ 1 $ 322 $ 379 $ 452 $ (184) Table continues on the next page. Net realized/unrealized gains (losses) incl. in (1) Transfers Unrealized (3) In millions of dollars Jun. 30, 2022 Principal Other (1)(2) into out of Purchases Issuances Sales Settlements Sept. 30, 2022 Investments Mortgage-backed securities U.S. government-sponsored agency guaranteed $ 28 $ — $ (2) $ — $ — $ — $ — $ — $ — $ 26 $ (2) Residential 40 — (4) — — 3 — — — 39 (5) Total investment mortgage-backed securities $ 68 $ — $ (6) $ — $ — $ 3 $ — $ — $ — $ 65 $ (7) U.S. Treasury and federal agency securities $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — State and municipal 539 — (20) 81 — — — (25) — 575 (14) Foreign government 1,001 — (53) 6 (56) 224 — (262) — 860 (44) Corporate 334 — 4 1 (3) 1 — — — 337 — Marketable equity securities 10 — — — — — — — — 10 — Asset-backed securities 1 — 8 — — — — (7) — 2 — Non-marketable equity securities 310 — (3) — (10) 87 — — — 384 — Total investments $ 2,263 $ — $ (70) $ 88 $ (69) $ 315 $ — $ (294) $ — $ 2,233 $ (65) Loans $ 325 $ — $ 5 $ 83 $ (3) $ — $ 333 $ — $ (108) $ 635 $ (6) Mortgage servicing rights 600 — 37 — — — 25 — (15) 647 38 Other financial assets measured at fair value on a recurring basis 63 — (19) 22 — 7 (1) (16) (6) 50 (12) Liabilities Interest-bearing deposits $ 18 $ — $ 3 $ — $ — $ — $ 2 $ — $ (1) $ 16 $ — Securities loaned and sold under agreements to repurchase 593 36 — — — 437 33 — (30) 997 — Trading account liabilities Securities sold, not yet purchased 72 (10) — 13 (2) 46 — — (36) 103 (13) Other trading liabilities — (2) — — — — — — — 2 — Short-term borrowings 81 12 — 1 (40) — 6 — (1) 35 (17) Long-term debt 29,778 3,734 — 2,831 (811) — 3,838 — (192) 31,710 3,336 Other financial liabilities measured on a recurring basis — — (8) 5 — — — — — 13 — (1) Net realized/unrealized gains (losses) are presented as increase (decrease) to Level 3 assets, and as (increase) decrease to Level 3 liabilities. Changes in fair value of available-for-sale debt securities are recorded in AOCI , unless related to credit impairment, while gains and losses from sales are recorded in Realized gains (losses) from sales of investments in the Consolidated Statement of Income. (2) Unrealized gains (losses) on MSRs are recorded in Other revenue in the Consolidated Statement of Income. (3) Represents the amount of total gains or losses for the period, included in earnings (and AOCI for changes in fair value of available-for-sale debt securities and DVA on fair value option liabilities), attributable to the change in fair value relating to assets and liabilities classified as Level 3 that are still held at September 30, 2022. (4) Total Level 3 derivative assets and liabilities have been netted in these tables for presentation purposes only. Net realized/unrealized gains (losses) incl. in (1) Transfers Unrealized (3) In millions of dollars Dec. 31, 2021 Principal Other (1)(2) into out of Purchases Issuances Sales Settlements Sept. 30, 2022 Assets Securities borrowed and purchased under agreements to resell $ 231 $ (2) $ — $ — $ — $ 252 $ — $ — $ (340) $ 141 $ 14 Trading non-derivative assets Trading mortgage-backed securities U.S. government-sponsored agency guaranteed 496 (41) — 181 (311) 794 — (447) — 672 (53) Residential 104 (2) — 86 (54) 118 — (110) — 142 (1) Commercial 81 (9) — 117 (51) 14 — (36) — 116 7 Total trading mortgage-backed securities $ 681 $ (52) $ — $ 384 $ (416) $ 926 $ — $ (593) $ — $ 930 $ (47) U.S. Treasury and federal agency securities $ 4 $ (4) $ — $ 2 $ (1) $ — $ — $ — $ (1) $ — $ — State and municipal 37 9 — 75 (26) 15 — (88) — 22 (1) Foreign government 23 (40) — 304 (5) 157 — (59) — 380 (19) Corporate 412 89 — 455 (350) 919 — (1,065) — 460 (109) Marketable equity securities 174 34 — 134 (99) 142 — (198) — 187 (47) Asset-backed securities 613 (26) — 208 (192) 589 — (580) — 612 (151) Other trading assets 576 158 — 407 (372) 557 27 (662) (12) 679 (95) Total trading non-derivative assets $ 2,520 $ 168 $ — $ 1,969 $ (1,461) $ 3,305 $ 27 $ (3,245) $ (13) $ 3,270 $ (469) Trading derivatives, net (4) Interest rate contracts $ 1,726 $ 322 $ — $ (430) $ (815) $ (186) $ 7 $ 77 $ (727) $ (26) $ (332) Foreign exchange contracts (89) 993 — (443) (9) 29 20 (399) 175 277 240 Equity contracts (2,140) 2,159 — (13) 429 58 — (288) (144) 61 1,021 Commodity contracts 422 732 — 95 (543) 60 — (144) (369) 253 412 Credit derivatives (31) (167) — (12) (27) (36) — — 160 (113) (260) Total trading derivatives, net (4) $ (112) $ 4,039 $ — $ (803) $ (965) $ (75) $ 27 $ (754) $ (905) $ 452 $ 1,081 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 Sept. 30, 2022 Investments Mortgage-backed securities U.S. government-sponsored agency guaranteed $ 51 $ — $ (11) $ 1 $ (10) $ 4 $ — $ (9) $ — $ 26 $ (5) Residential 94 — (10) — (39) 3 — (9) — 39 (6) Total investment mortgage-backed securities $ 145 $ — $ (21) $ 1 $ (49) $ 7 $ — $ (18) $ — $ 65 $ (11) U.S. Treasury and federal agency securities $ 1 $ — $ (1) $ — $ — $ — $ — $ — $ — $ — $ — State and municipal 772 — (98) 81 (142) 1 — (39) — 575 (73) Foreign government 786 — (92) 256 (169) 609 — (530) — 860 (36) Corporate 188 — (3) 154 (3) 1 — — — 337 (2) Marketable equity securities 16 — (6) — — — — — — 10 — Asset-backed securities 3 — 19 — — — — (20) — 2 — Non-marketable equity securities 316 — (15) 11 (10) 107 — (25) — 384 — Total investments $ 2,227 $ — $ (217) $ 503 $ (373) $ 725 $ — $ (632) $ — $ 2,233 $ (122) Loans $ 711 $ — $ (185) $ 84 $ (198) $ — $ 334 $ — $ (111) $ 635 $ (52) Mortgage servicing rights 404 — 195 — — — 94 — (46) 647 194 Other financial assets measured at fair value on a recurring basis 73 — (13) 29 (16) 21 39 (17) (66) 50 8 Liabilities Interest-bearing deposits $ 183 $ — $ 6 $ 7 $ (122) $ — $ 20 $ — $ (66) $ 16 $ — Securities loaned and sold under agreements to repurchase 643 86 — — (3) 453 33 — (43) 997 — Trading account liabilities Securities sold, not yet purchased 65 11 — 48 (21) 129 — 1 (108) 103 (6) Other trading liabilities — (2) — — — — — — — 2 — Short-term borrowings 105 101 — 41 (61) — 82 — (31) 35 (22) Long-term debt 25,509 11,979 — 9,574 (4,318) — 13,537 — (613) 31,710 9,530 Other financial liabilities measured on a recurring basis 1 — (7) 5 — — — — — 13 — (1) Net realized/unrealized gains (losses) are presented as increase (decrease) to Level 3 assets, and as (increase) decrease to Level 3 liabilities. Changes in fair value of available-for-sale debt securities are recorded in AOCI , unless related to credit impairment, while gains and losses from sales are recorded in Realized gains (losses) from sales of investments in the Consolidated Statement of Income. (2) Unrealized gains (losses) on MSRs are recorded in Other revenue in the Consolidated Statement of Income. (3) Represents the amount of total gains or losses for the period, included in earnings (and AOCI for changes in fair value of available-for-sale debt securities and DVA on fair value option liabilities), attributable to the change in fair value relating to assets and liabilities classified as Level 3 that are still held at September 30, 2022. (4) Total Level 3 derivative assets and liabilities have been netted in these tables for presentation purposes only. |
Significant valuation techniques and most significant unobservable inputs used in Level 3 fair value measurements | The following tables present the valuation techniques covering the majority of Level 3 inventory and the most significant unobservable inputs used in Level 3 fair value measurements. Differences between this table and amounts presented in the Level 3 Fair Value Rollforward table represent individually immaterial items that have been measured using a variety of valuation techniques other than those listed. As of September 30, 2023 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 $ 135 Model-based Interest rate 4.62 % 4.62 % 4.62 % Credit spread 15 bps 15 bps 15 bps Mortgage-backed securities $ 614 Yield analysis Yield 5.36 % 20.06 % 9.29 % 338 Price-based Price $ 0.96 $ 112.94 $ 53.66 State and municipal, foreign government, corporate and other debt securities $ 2,107 Price-based Price $ 0.85 $ 102.42 $ 82.51 792 Model-based Credit spread 35 bps 550 bps 290 bps Marketable equity securities (5) $ 224 Price-based Price $ — $ 9,862.00 $ 91.95 33 Model-based WAL 2.49 years 2.49 years 2.49 years Recovery (in millions) $ 7,148 $ 7,148 $ 7,148 Appraised value (in millions) $ 4.38 $ 19.30 $ 14.40 Asset-backed securities $ 573 Price-based Price $ 3.97 $ 139.76 $ 80.52 77 Yield analysis Yield 6.40 % 12.43 % 8.13 % Non-marketable equities $ 296 Comparables analysis Illiquidity discount 10.00 % 20.00 % 10.47 % 53 Cash flow PE ratio 12.90x 15.00x 13.40x 44 Model-based Discount to price 8.50 % 33.00 % 18.63 % Revenue multiple 4.20x 11.30x 10.56x Derivatives—gross (6) Interest rate contracts (gross) $ 7,135 Model-based IR normal volatility (9.25) % 47.18 % 2.25 % Interest rate 2.48 % 3.67 % 2.78 % Foreign exchange contracts (gross) $ 2,201 Model-based IR normal volatility (9.25) % 47.39 % 3.28 % Equity contracts (gross) (7) $ 3,463 Model-based Equity volatility 0.04 % 299.19 % 38.17 % Equity forward 64.56 % 328.31 % 114.08 % Equity-FX correlation (79.00) % 70.00 % (10.18) % WAL 2.49 years 2.49 years 2.49 years Recovery (in millions) $ 7,148 $ 7,148 $ 7,148 Equity-IR correlation (25.00) % 44.00 % 28.54 % Commodity and other contracts (gross) $ 2,498 Model-based Commodity correlation (39.67) % 93.50 % (0.46) % Commodity volatility 7.80 % 104.90 % 25.13 % Forward price 16.67 % 2,000% 153.87 % Credit derivatives (gross) $ 1,170 Model-based Credit spread 8 bps 775 bps 108 bps 433 Price-based Recovery rate 25.00 % 40.00 % 39.13 % Credit correlation 25.00 % 90.00 % 49.93 % Price $ 14.86 $ 100.07 $ 82.59 Upfront points (1.66) % 99.00 % 48.05 % Nontrading derivatives and other financial assets and liabilities measured on a recurring basis (gross) $ 105 Price-based Price $ — $ 9,862.02 $ 86.58 Loans and leases $ 225 Price-based Price $ 73.95 $ 103.41 $ 89.02 As of September 30, 2023 Fair value (1) (in millions) Methodology Input Low (2)(3) High (2)(3) Weighted average (4) Forward price 20.39 % 534.83 % 159.35 % Commodity volatility 7.80 % 104.90 % 25.13 % Commodity correlation (39.67) % 93.50 % (0.46) % Mortgage servicing rights $ 641 Cash flow Yield 0.50 % 12.00 % 5.68 % WAL 3.87 years 9.59 years 8.06 years Liabilities Interest-bearing deposits $ 85 Model-based Price $ 100.00 $ 100.00 $ 100.00 70 Price-based Forward price 100 % 100 % 100 % Equity forward 100 % 117 % 103 % Securities loaned and sold under agreements to repurchase $ 481 Model-based Interest rate 4.66 % 5.59 % 4.71 % Trading account liabilities Securities sold, not yet purchased and other trading liabilities $ 85 Price-based Price $ — $ 259.90 $ 78.73 Short-term borrowings and $ 33,941 Model-based IR normal volatility 0.33 % 20.00 % 1.35 % As of December 31, 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 $ 146 Model-based Credit spread 15 bps 15 bps 15 bps Interest rate 2.61 % 2.61 % 2.61 % Mortgage-backed securities $ 228 Price-based Price $ 1.04 $ 99.71 $ 51.51 732 Yield analysis Yield 4.41 % 20.30 % 9.74 % State and municipal, foreign government, corporate and other debt securities $ 2,360 Price-based Price $ 0.01 $ 994.68 $ 245.85 Marketable equity securities (5) $ 147 Price-based Price $ — $ 9,087.76 $ 114.29 31 Model-based WAL 2.24 years 2.24 years 2.24 years Recovery (in millions) $ 7,148 $ 7,148 $ 7,148 Asset-backed securities $ 304 Price-based Price $ 10.50 $ 145.00 $ 74.97 308 Yield analysis Yield 5.76 % 18.58 % 9.34 % Non-marketable equities $ 287 Comparables analysis Illiquidity discount 8.60 % 17.00 % 10.16 % 101 Price-based PE ratio 14.00x 15.70x 15.16x Cost of capital 8.10 % 17.50 % 10.44 % Revenue multiple 3.60x 13.90x 12.40x Derivatives—gross (6) Interest rate contracts (gross) $ 7,108 Model-based IR normal volatility 0.33 % 1.82 % 0.96 % Foreign exchange contracts (gross) $ 1,437 Model-based IR normal volatility 0.33 % 1.47 % 0.67 % IR basis (4.23) % 9.68 % (0.03) % Equity volatility 0.05 % 300.72 % 33.91 % Credit spread 116 bps 626 bps 594 bps Equity contracts (gross) (7) $ 4,430 Model-based Equity volatility 0.05 % 300.72 % 41.47 % Equity forward 68.34 % 271.61 % 103.50 % Equity-FX correlation (95.00) % 50.00 % (16.33) % Equity-Equity correlation (3.98) % 98.68 % 85.63 % WAL 2.24 years 2.24 years 2.24 years Recovery (in millions) $ 7,148 $ 7,148 $ 7,148 Equity-IR correlation (18.83) % 60.00 % 32.37 % Commodity and other contracts (gross) $ 2,724 Model-based Forward price 14.27 % 385.50 % 106.08 % Commodity volatility 10.43 % 151.50 % 33.55 % Commodity correlation (32.00) % 91.94 % 36.70 % Credit derivatives (gross) $ 1,520 Model-based Credit spread 2.50 bps 955.10 bps 101.27 bps 439 Price-based Recovery rate 25.00 % 75.00 % 42.27 % Credit correlation 25.00 % 80.00 % 42.38 % Price $ 31.71 $ 99.00 $ 78.75 Credit spread volatility 35.58 % 64.79 % 40.47 % Non-trading derivatives and other financial assets and liabilities measured on a recurring basis (gross) $ 57 Price-based Price $ 80.16 $ 105.32 $ 92.65 Loans and leases $ 1,059 Model-based Equity volatility 0.05 % 300.72 % 42.62 % 304 Price-based Forward price 14.27 % 324.85 % 105.07 % Price $ 0.01 $ 100.53 $ 84.77 Equity forward 68.34 % 271.61 % 103.49 % Mortgage servicing rights $ 580 Cash flow Yield (0.40) % 13.20 % 5.36 % 84 Model-based WAL 3.92 years 9.33 years 7.71 years Liabilities Interest-bearing deposits $ 15 Model-based Forward price 100.00 % 101.30 % 100.07 % Securities loaned and sold under agreements to repurchase $ 970 Model-based Interest rate 4.01 % 4.97 % 4.07 % Trading account liabilities Securities sold, not yet purchased and other trading liabilities $ 47 Price-based Price $ — $ 9,087.76 $ 41.22 6 Model-based FX volatility 2.00 % 40.00 % 12.85 % Short-term borrowings and $ 36,155 Model-based IR normal volatility 0.33 % 1.82 % 0.89 % (1) The tables above include the fair values for the items listed and may not foot to the total population for each category. (2) Some inputs are shown as zero due to rounding. (3) When the low and high inputs are the same, there is either a constant input applied to all positions, or the methodology involving the input applies to only one large position. (4) Weighted averages are calculated based on the fair values of the instruments. (5) For equity securities, the price inputs are expressed on an absolute basis, not as a percentage of the notional amount. (6) Both trading and non-trading account derivatives—assets and liabilities—are presented on a gross absolute value basis. (7) Includes hybrid products. |
Items measured at fair value of a nonrecurring basis | The following tables present the carrying amounts of all assets that were still held for which a nonrecurring fair value measurement was recorded: In millions of dollars Fair value Level 2 Level 3 September 30, 2023 Loans HFS (1) $ 1,547 $ 354 $ 1,193 Other real estate owned 2 — 2 Loans (2) 407 — 407 Non-marketable equity securities measured using the measurement alternative 60 — 60 Total assets at fair value on a nonrecurring basis $ 2,016 $ 354 $ 1,662 In millions of dollars Fair value Level 2 Level 3 December 31, 2022 Loans HFS (1) $ 2,336 $ 457 $ 1,879 Other real estate owned 1 — 1 Loans (2) 69 — 69 Non-marketable equity securities measured using the measurement alternative 597 — 597 Total assets at fair value on a nonrecurring basis $ 3,003 $ 457 $ 2,546 (1) Net of mark-to-market amounts on the unfunded portion of loans HFS recognized as Other liabilities on the Consolidated Balance Sheet. (2) Represents impaired loans held for investment whose carrying amount is based on the fair value of the underlying collateral less costs to sell, primarily real estate. |
Valuation techniques and inputs for Level 3 nonrecurring fair value measurements | The following tables present the valuation techniques covering the majority of Level 3 nonrecurring fair value measurements and the most significant unobservable inputs used in those measurements: As of September 30, 2023 Fair value (1) (in millions) Methodology Input Low (2) High Weighted average (3) Loans HFS $ 1,192 Price-based Price $ 75.00 $ 99.66 $ 93.93 Other real estate owned $ 2 Price-based Appraised value (4) $ 51,210 $ 627,594 $ 380,813 Loans (5) $ 375 Recovery analysis Appraised value (4) $ 12,000 $ 271,763,454 $ 208,321,959 Non-marketable equity securities measured using the measurement alternative $ 42 Price-based Price $ 3.04 $ 28.21 $ 11.06 17 Comparable analysis Revenue multiple 2.60x 35.70x 16.13x As of December 31, 2022 Fair value (1) (in millions) Methodology Input Low (2) High Weighted average (3) Loans HFS $ 1,830 Price-based Price $ 0.88 $ 100.23 $ 65.91 Other real estate owned $ 1 Price-based Appraised value (4) $ 30,000 $ 441,750 $ 310,552 Loans (5) $ 45 Recovery analysis Appraised value (4) $ 12,000 $ 14,022,820 $ 3,714,342 24 Appraised value Non-marketable equity securities measured using the measurement alternative $ 234 Comparable analysis Revenue multiple 4.95x 73.10x 19.68x 363 Price-based Price $ 0.46 $ 2,416.43 $ 557.86 (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) Weighted averages are calculated based on the fair values of the instruments. (4) Appraised values are disclosed in whole dollars. (5) Represents impaired loans held for investment whose carrying amount is based on the fair value of the underlying collateral less costs to sell, primarily real estate. |
Changes in total nonrecurring fair value measurements | The following table presents total nonrecurring fair value measurements for the period, included in earnings, attributable to the change in fair value relating to assets that were still held: Three Months Ended September 30, Nine Months Ended September 30, In millions of dollars 2023 2022 2023 2022 Loans HFS $ — $ (250) $ 6 $ (413) Other real estate owned — — — — Loans (1) (82) 10 (110) 17 Non-marketable equity securities measured using the measurement alternative (12) (14) (69) 114 Total nonrecurring fair value gains (losses) $ (94) $ (254) $ (173) $ (282) (1) Represents loans held for investment whose carrying amount is based on the fair value of the underlying collateral less costs to sell, primarily real estate. |
Estimated fair value of financial instruments | The following tables present the carrying value and fair value of Citigroup’s financial instruments that are not carried at fair value. The tables below therefore exclude items measured at fair value on a recurring basis presented in the tables above. September 30, 2023 Estimated fair value Carrying Estimated In billions of dollars Level 1 Level 2 Level 3 Assets HTM debt securities, net of allowance (1) $ 264.9 $ 236.8 $ 123.7 $ 110.5 $ 2.6 Securities borrowed and purchased under agreements to resell 128.9 129.0 — 129.0 — Loans (2)(3) 641.1 646.0 — — 646.0 Other financial assets (3)(4) 352.4 352.4 236.2 17.8 98.4 Liabilities Deposits $ 1,270.8 $ 1,270.1 $ — $ 1,078.5 $ 191.6 Securities loaned and sold under agreements to repurchase 196.1 196.1 — 196.1 — Long-term debt (5) 163.1 162.2 — 153.5 8.7 Other financial liabilities (6) 144.8 144.8 — 34.2 110.6 December 31, 2022 Estimated fair value Carrying Estimated In billions of dollars Level 1 Level 2 Level 3 Assets HTM debt securities, net of allowance (1) $ 274.3 $ 249.2 $ 123.2 $ 123.1 $ 2.9 Securities borrowed and purchased under agreements to resell 125.9 125.9 — 125.9 — Loans (2)(3) 634.5 634.9 — — 634.9 Other financial assets (3)(4) 427.1 427.1 320.0 22.0 85.1 Liabilities Deposits $ 1,364.1 $ 1,345.4 $ — $ 1,159.4 $ 186.0 Securities loaned and sold under agreements to repurchase 131.6 131.6 — 131.6 — Long-term debt (5) 165.6 160.5 — 151.1 9.4 Other financial liabilities (6) 142.4 142.4 — 26.5 115.9 (1) Includes $5.4 billion and $5.5 billion of non-marketable equity securities carried at cost at September 30, 2023 and December 31, 2022, respectively. (2) The carrying value of loans is net of the allowance for credit losses on loans of $17.6 billion for September 30, 2023 and $17.0 billion for December 31, 2022. In addition, the carrying values exclude $0.3 billion and $0.4 billion of lease finance receivables at September 30, 2023 and December 31, 2022, respectively. (3) Includes items measured at fair value on a nonrecurring basis. (4) 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. (5) The carrying value includes long-term debt balances under qualifying fair value hedges. (6) Includes brokerage payables, separate and variable accounts, short-term borrowings (carried at cost) and other financial instruments included in Other liabilities on the Consolidated Balance Sheet, for all of which the carrying value is a reasonable estimate of fair value. |
FAIR VALUE ELECTIONS (Tables)
FAIR VALUE ELECTIONS (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Fair Value, Option, Aggregate Differences [Abstract] | |
Schedule of financial instruments selected for changes in fair value gains and losses | The following table presents the changes in fair value of those items for which the fair value option has been elected: Changes in fair value—gains (losses) Three Months Ended September 30, Nine Months Ended September 30, In millions of dollars 2023 2022 2023 2022 Assets Securities borrowed and purchased under agreements to resell $ 69 $ (82) $ 59 $ (165) Trading account assets (14) (69) 65 (307) Loans Certain corporate loans 1,036 372 1,362 (2,227) Certain consumer loans (10) — (9) (1) Total loans $ 1,026 $ 372 $ 1,353 $ (2,228) Other assets MSRs $ 42 $ 37 $ 61 $ 195 Certain mortgage loans HFS (1) (28) (110) (38) (440) Total other assets $ 14 $ (73) $ 23 $ (245) Total assets $ 1,095 $ (596) $ 1,500 $ (2,945) Liabilities Interest-bearing deposits $ 18 $ 133 $ (34) $ 10 Securities loaned and sold under agreements to repurchase (63) 63 (82) 159 Trading account liabilities (151) 208 1 (241) Short-term borrowings (2) 144 61 232 1,257 Long-term debt (2) 2,443 4,922 (4,053) 20,635 Total liabilities $ 2,391 $ 5,387 $ (3,936) $ 21,820 (1) Includes gains (losses) associated with interest rate lock commitments for originated loans for which the Company has elected the fair value option. (2) Includes DVA that is included in AOCI . See Notes 18 and 22. |
Schedule of fair value of loans and other disclosures for certain credit related products | The following table provides information about certain credit products carried at fair value: September 30, 2023 December 31, 2022 In millions of dollars Trading assets Loans Trading assets Loans Carrying amount reported on the Consolidated Balance Sheet $ 4,340 $ 7,411 $ 6,011 $ 5,360 Aggregate unpaid principal balance in excess of (less than) fair value 120 60 167 51 Balance of non-accrual loans or loans more than 90 days past due — 1 — 2 Aggregate unpaid principal balance in excess of (less than) fair value for non-accrual loans or loans more than 90 days past due — 1 — — |
Schedule of fair value of loans and other disclosures for certain mortgage loans | The following table provides information about certain mortgage loans HFS carried at fair value: In millions of dollars September 30, December 31, 2022 Carrying amount reported on the Consolidated Balance Sheet $ 551 $ 793 Aggregate fair value in excess of (less than) unpaid principal balance (17) (10) Balance of non-accrual loans or loans more than 90 days past due 3 1 Aggregate unpaid principal balance in excess of fair value for non-accrual loans — — |
Schedule of carrying value of structured notes, disaggregated by type of embedded derivative instrument | The following table provides information about the carrying value of notes carried at fair value, disaggregated by type of risk: In billions of dollars September 30, 2023 December 31, 2022 Interest rate linked $ 55.1 $ 53.4 Foreign exchange linked — 0.1 Equity linked 47.4 42.5 Commodity linked 5.3 5.0 Credit linked 4.8 5.0 Total $ 112.6 $ 106.0 |
Schedule of long-term debt carried at fair value, excluding debt issued by consolidated VIEs | The following table provides information about long-term debt carried at fair value: In millions of dollars September 30, 2023 December 31, 2022 Carrying amount reported on the Consolidated Balance Sheet $ 112,629 $ 105,995 Aggregate unpaid principal balance in excess of (less than) fair value (2,616) (2,944) |
Schedule of short-term borrowings carried at fair value | The following table provides information about short-term borrowings carried at fair value: In millions of dollars September 30, 2023 December 31, 2022 Carrying amount reported on the Consolidated Balance Sheet $ 6,470 $ 6,222 Aggregate unpaid principal balance in excess of (less than) fair value (12) (9) |
GUARANTEES AND COMMITMENTS (Tab
GUARANTEES AND COMMITMENTS (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Guarantees and Commitments [Abstract] | |
Schedule of guarantor obligations | Maximum potential amount of future payments In billions of dollars at September 30, 2023 Expire within Expire after Total amount Carrying value (in millions of dollars) Financial standby letters of credit $ 20.8 $ 64.5 $ 85.3 $ 759 Performance guarantees 4.7 5.8 10.5 47 Derivative instruments considered to be guarantees 18.0 19.2 37.2 326 Loans sold with recourse 0.6 1.2 1.8 16 Securities lending indemnifications (1) 110.2 — 110.2 — Credit card merchant processing (2) 136.8 — 136.8 1 Credit card arrangements with partners — 0.4 0.4 5 Other 31.3 8.4 39.7 50 Total $ 322.4 $ 99.5 $ 421.9 $ 1,204 Maximum potential amount of future payments In billions of dollars at December 31, 2022 Expire within Expire after Total amount Carrying value ( in millions of dollars) Financial standby letters of credit $ 31.3 $ 58.3 $ 89.6 $ 905 Performance guarantees 6.1 5.6 11.7 65 Derivative instruments considered to be guarantees 18.5 30.0 48.5 353 Loans sold with recourse — 1.7 1.7 13 Securities lending indemnifications (1) 95.9 — 95.9 — Credit card merchant processing (2) 129.6 — 129.6 1 Credit card arrangements with partners — 0.6 0.6 7 Other 0.1 8.4 8.5 32 Total $ 281.5 $ 104.6 $ 386.1 $ 1,376 (1) The carrying values of securities lending indemnifications were not material for either period presented, as the probability of potential liabilities arising from these guarantees is minimal. (2) At September 30, 2023 and December 31, 2022, this maximum potential exposure was estimated to be approximately $137 billion and $130 billion, respectively. However, Citi believes that the maximum exposure is not representative of the actual potential loss exposure based on its historical experience. This contingent liability is unlikely to arise, as most products and services are delivered when purchased and amounts are refunded when items are returned to merchants. |
Schedule of guarantor obligations by credit ratings | Presented in the tables below are the maximum potential amounts of future payments that are classified based on internal and external credit ratings. The determination of the maximum potential future payments is based on the notional amount of the guarantees without consideration of possible recoveries under recourse provisions or from collateral held or pledged. As such, Citi believes such amounts bear no relationship to the anticipated losses, if any, on these guarantees. Maximum potential amount of future payments In billions of dollars at September 30, 2023 Investment Non-investment Not Total Financial standby letters of credit $ 74.3 $ 11.0 $ — $ 85.3 Loans sold with recourse — — 1.8 1.8 Other 17.4 22.3 — 39.7 Total $ 91.7 $ 33.3 $ 1.8 $ 126.8 Maximum potential amount of future payments In billions of dollars at December 31, 2022 Investment Non-investment Not Total Financial standby letters of credit $ 77.9 $ 10.4 $ 1.3 $ 89.6 Loans sold with recourse — — 1.7 1.7 Other — 8.5 — 8.5 Total $ 77.9 $ 18.9 $ 3.0 $ 99.8 |
Schedule of credit commitments | The table below summarizes Citigroup’s credit commitments: In millions of dollars U.S. Outside of U.S. (1) September 30, December 31, 2022 Commercial and similar letters of credit $ 659 $ 4,549 $ 5,208 $ 5,316 One- to four-family residential mortgages 756 687 1,443 2,394 Revolving open-end loans secured by one- to four-family residential properties 5,553 25 5,578 6,380 Commercial real estate, construction and land development 13,451 2,045 15,496 15,170 Credit card lines 614,535 64,459 678,994 683,232 Commercial and other consumer loan commitments 205,749 108,703 314,452 297,399 Other commitments and contingencies (2) 5,381 105 5,486 5,673 Total $ 846,084 $ 180,573 $ 1,026,657 $ 1,015,564 (1) Consumer commitments related to the business HFS countries under sales agreements are reflected in their original categories until the respective sales are completed. (2) Other commitments and contingencies include commitments to purchase certain debt and equity securities. |
Schedule of restricted cash | Restricted cash is included on the Consolidated Balance Sheet within the following balance sheet lines: In millions of dollars September 30, December 31, 2022 Cash and due from banks $ 4,150 $ 4,820 Deposits with banks, net of allowance 14,786 12,156 Total $ 18,936 $ 16,976 |
LEASES (Tables)
LEASES (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Leases [Abstract] | |
ROU asset and lease liabilities | The following table presents information on the right-of-use (ROU) asset and lease liabilities included in Premises and equipment and Other liabilities , respectively: In millions of dollars September 30, December 31, ROU asset $ 2,787 $ 2,892 Lease liability 2,974 3,076 |
SUBSIDIARY GUARANTEES (Tables)
SUBSIDIARY GUARANTEES (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Condensed Financial Information Disclosure [Abstract] | |
Summarized Income Statement | SUMMARIZED INCOME STATEMENT Nine Months Ended September 30, 2023 In millions of dollars Citigroup parent company CGMHI Total revenues, net of interest expense $ 10,080 $ 8,494 Total operating expenses 138 8,856 Provision for credit losses — 29 Equity in undistributed income of subsidiaries 343 — Income (loss) from continuing operations before income taxes $ 10,285 $ (391) Provision (benefit) for income taxes (782) 5 Net income $ 11,067 $ (396) |
Summarized Balance Sheet | SUMMARIZED BALANCE SHEET September 30, 2023 December 31, 2022 In millions of dollars Citigroup parent company CGMHI Citigroup parent company CGMHI Cash and deposits with banks $ 3,018 $ 20,385 $ 3,015 $ 27,122 Securities borrowed and purchased under resale agreements — 271,275 — 306,273 Trading account assets 557 260,593 306 209,957 Advances to subsidiaries 151,911 — 146,843 — Investments in subsidiary bank holding company 175,310 — 172,721 — Investments in non-bank subsidiaries 47,644 — 48,295 — Other assets 14,766 179,700 13,788 163,819 Total assets $ 393,206 $ 731,953 $ 384,968 $ 707,171 Securities loaned and sold under agreements to repurchase $ — $ 294,354 $ — $ 245,916 Trading account liabilities 205 104,799 604 115,929 Short-term borrowings 1,500 25,929 — 43,850 Long-term debt 160,571 184,859 166,257 172,068 Advances from subsidiaries 17,803 — 14,562 — Other liabilities 3,624 83,858 2,356 90,570 Stockholders’ equity 209,503 38,154 201,189 38,838 Total liabilities and equity $ 393,206 $ 731,953 $ 384,968 $ 707,171 |
BASIS OF PRESENTATION, UPDATE_3
BASIS OF PRESENTATION, UPDATED ACCOUNTING POLICIES AND ACCOUNTING CHANGES - Accounting Changes (Details) - USD ($) $ in Millions | Sep. 30, 2023 | Jun. 30, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Dec. 31, 2021 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Allowance for credit losses | $ (17,629) | $ (17,496) | $ (16,974) | $ (16,309) | $ (15,952) | $ (16,455) | |
Other assets, at fair value | 96,824 | 103,743 | |||||
Stockholders’ equity | 210,195 | 201,838 | 199,117 | ||||
Other liabilities | (69,380) | (87,873) | |||||
Cumulative Effect, Period of Adoption, Adjustment | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Allowance for credit losses | 0 | 352 | 0 | 0 | |||
Other assets, at fair value | 44 | ||||||
Deferred tax assets | 106 | ||||||
Other liabilities | 39 | ||||||
Retained earnings | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Stockholders’ equity | 202,135 | 199,976 | 194,734 | 193,462 | 191,261 | 184,948 | |
Retained earnings | Cumulative Effect, Period of Adoption, Adjustment | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Stockholders’ equity | [1] | 0 | 290 | 0 | 0 | ||
Accumulated other comprehensive income (loss) | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Stockholders’ equity | $ (46,177) | (45,865) | (47,062) | $ (48,298) | (45,495) | (38,765) | |
Accumulated other comprehensive income (loss) | Cumulative Effect, Period of Adoption, Adjustment | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Stockholders’ equity | [1] | $ 0 | $ 27 | $ 0 | $ 0 | ||
[1]See Note 1 for additional details. |
DISCONTINUED OPERATIONS, SIGN_3
DISCONTINUED OPERATIONS, SIGNIFICANT DISPOSALS AND OTHER BUSINESS EXITS - Financial Information for Discontinued Operations (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Results of Discontinued Operations | ||||
Total revenues, net of interest expense | $ 0 | $ 0 | $ 0 | $ (262) |
Income (loss) from discontinued operations | 2 | (6) | 0 | (270) |
Benefit for income taxes | 0 | 0 | 0 | (41) |
Income (loss) from discontinued operations, net of taxes | $ 2 | $ (6) | $ 0 | $ (229) |
DISCONTINUED OPERATIONS, SIGN_4
DISCONTINUED OPERATIONS, SIGNIFICANT DISPOSALS AND OTHER BUSINESS EXITS - Narrative (Details) $ in Millions | 3 Months Ended | 7 Months Ended | 9 Months Ended | 13 Months Ended | ||||
Dec. 12, 2022 USD ($) | Sep. 30, 2023 USD ($) business | Jun. 30, 2023 USD ($) | Jun. 30, 2022 USD ($) | Jun. 30, 2023 USD ($) | Sep. 30, 2023 USD ($) business | Sep. 30, 2023 USD ($) business | Dec. 31, 2022 USD ($) | |
Personal installment loan | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Gain (loss) on sale of loans | $ 5 | $ (7) | ||||||
Russian Operations | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Pretax release (charges) | $ 3 | $ (85) | $ (55) | |||||
Russian Operations | Personal installment loan | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Sale of loans | $ 240 | |||||||
Gain (loss) on sale of loans | (12) | |||||||
Adjustment to record loans at lower of cost or fair value | 32 | |||||||
Decrease in allowance for loans sold | $ 20 | |||||||
Severance costs | Russian Operations | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Settlement of credit card receivable | (26) | (26) | (26) | |||||
Pretax release (charges) | 4 | (37) | (37) | |||||
Vendor termination and other costs | Russian Operations | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Pretax release (charges) | (1) | (48) | (18) | |||||
Egg Banking Business | Sold | ||||||||
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 | |||||||
Citibank Korea Inc. | Severance costs | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Cost incurred to date | $ 1,100 | |||||||
Legacy Franchises | Sold | ||||||||
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 | |||||||
Legacy Franchises | Russian Operations | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Pretax release (charges) | 2 | (65) | (44) | |||||
Legacy Franchises | Severance costs | Russian Operations | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Pretax release (charges) | 3 | (17) | (26) | |||||
Legacy Franchises | Vendor termination and other costs | Russian Operations | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Pretax release (charges) | $ (1) | $ (48) | $ (18) | |||||
Legacy Franchises | Legacy Holdings | Sold | ||||||||
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 | |||||||
Legacy Franchises | Consumer banking businesses | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Number of businesses with sale agreements | business | 9 | 9 | 9 | |||||
Number of businesses sold | business | 5 | 5 | 5 | |||||
Legacy Franchises | Consumer banking businesses | Held for sale | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Assets | $ 1,000 | $ 1,000 | $ 1,000 | |||||
Loans | 520 | 520 | 520 | |||||
Allowance | 34 | 34 | 34 | |||||
Liabilities | 1,000 | 1,000 | 1,000 | |||||
Deposits | $ 900 | $ 900 | $ 900 |
DISCONTINUED OPERATIONS, SIGN_5
DISCONTINUED OPERATIONS, SIGNIFICANT DISPOSALS AND OTHER BUSINESS EXITS - Income (Loss) Before Taxes (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||||||
Aug. 12, 2023 | Mar. 01, 2023 | Nov. 01, 2022 | Aug. 01, 2022 | Jun. 01, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Australia | |||||||||
Results of Discontinued Operations | |||||||||
Income (loss) before taxes | $ 0 | $ 0 | $ 0 | $ 193 | |||||
Australia | Sold | |||||||||
Results of Discontinued Operations | |||||||||
Assets | $ 9,400 | ||||||||
Loans | 9,300 | ||||||||
Allowance | 140 | ||||||||
Liabilities | 7,300 | ||||||||
Deposits | 6,800 | ||||||||
Pretax gain (loss) on sale of business | (760) | ||||||||
Gain (loss) on sale of business, after-tax | (640) | ||||||||
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 | 0 | 7 | 0 | 72 | |||||
Philippines | Sold | |||||||||
Results of Discontinued Operations | |||||||||
Assets | $ 1,800 | ||||||||
Loans | 1,200 | ||||||||
Allowance | 80 | ||||||||
Liabilities | 1,300 | ||||||||
Deposits | 1,200 | ||||||||
Pretax gain (loss) on sale of business | 618 | ||||||||
Gain (loss) on sale of business, after-tax | $ 290 | ||||||||
Thailand | |||||||||
Results of Discontinued Operations | |||||||||
Income (loss) before taxes | 0 | 28 | 0 | 106 | |||||
Thailand | Sold | |||||||||
Results of Discontinued Operations | |||||||||
Assets | $ 2,700 | ||||||||
Loans | 2,400 | ||||||||
Allowance | 67 | ||||||||
Liabilities | 1,000 | ||||||||
Deposits | 800 | ||||||||
Pretax gain (loss) on sale of business | 209 | ||||||||
Gain (loss) on sale of business, after-tax | $ 115 | ||||||||
India | |||||||||
Results of Discontinued Operations | |||||||||
Income (loss) before taxes | 0 | 37 | 2 | 161 | |||||
India | Sold | |||||||||
Results of Discontinued Operations | |||||||||
Assets | $ 5,200 | ||||||||
Loans | 3,400 | ||||||||
Allowance | 32 | ||||||||
Liabilities | 5,200 | ||||||||
Deposits | 5,100 | ||||||||
Pretax gain (loss) on sale of business | 1,100 | ||||||||
Gain (loss) on sale of business, after-tax | $ 727 | ||||||||
Taiwan | |||||||||
Results of Discontinued Operations | |||||||||
Income (loss) before taxes | $ (1) | $ 15 | $ 91 | $ 111 | |||||
Taiwan | Sold | |||||||||
Results of Discontinued Operations | |||||||||
Assets | $ 11,600 | ||||||||
Loans | 7,200 | ||||||||
Allowance | 92 | ||||||||
Liabilities | 9,200 | ||||||||
Deposits | 9,000 | ||||||||
Pretax gain (loss) on sale of business | 403 | ||||||||
Gain (loss) on sale of business, after-tax | $ 284 |
DISCONTINUED OPERATIONS, SIGN_6
DISCONTINUED OPERATIONS, SIGNIFICANT DISPOSALS AND OTHER BUSINESS EXITS - Summarized Reserve Charges (Details) - Citibank Korea Inc. - 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 |
DISCONTINUED OPERATIONS, SIGN_7
DISCONTINUED OPERATIONS, SIGNIFICANT DISPOSALS AND OTHER BUSINESS EXITS - Wind Down Charges (Details) - Russian Operations - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | 13 Months Ended |
Sep. 30, 2023 | Sep. 30, 2023 | Sep. 30, 2023 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Pretax release (charges) | $ (3) | $ 85 | $ 55 |
Institutional Clients Group | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Pretax release (charges) | (2) | 10 | 8 |
Legacy Franchises | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Pretax release (charges) | (2) | 65 | 44 |
Corporate/Other | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Pretax release (charges) | 1 | 10 | 3 |
Severance costs | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Pretax release (charges) | (4) | 37 | 37 |
Severance costs | Institutional Clients Group | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Pretax release (charges) | (2) | 10 | 8 |
Severance costs | Legacy Franchises | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Pretax release (charges) | (3) | 17 | 26 |
Severance costs | Corporate/Other | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Pretax release (charges) | 1 | 10 | 3 |
Vendor termination and other costs | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Pretax release (charges) | 1 | 48 | 18 |
Vendor termination and other costs | Institutional Clients Group | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Pretax release (charges) | 0 | 0 | 0 |
Vendor termination and other costs | Legacy Franchises | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Pretax release (charges) | 1 | 48 | 18 |
Vendor termination and other costs | Corporate/Other | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Pretax release (charges) | $ 0 | $ 0 | $ 0 |
OPERATING SEGMENTS (Details)
OPERATING SEGMENTS (Details) $ in Millions | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2023 USD ($) country | Sep. 30, 2022 USD ($) | Sep. 30, 2023 USD ($) country wealthManagementCenter segment | Sep. 30, 2022 USD ($) | Dec. 31, 2022 USD ($) | ||||
Segment Reporting [Abstract] | ||||||||
Number of operating 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 | $ 13,828 | $ 12,563 | $ 41,076 | $ 35,398 | ||||
Non-interest revenue | 6,311 | 5,945 | 19,946 | 21,934 | ||||
Total revenues, net of interest expense | 20,139 | 18,508 | 61,022 | 57,332 | ||||
Operating expense | 13,511 | 12,749 | 40,370 | 38,307 | ||||
Provisions for credit losses and for benefits and claims | [1] | 1,840 | 1,365 | 5,639 | [2] | 3,394 | [2] | |
Income (loss) from continuing operations before taxes | 4,788 | 4,394 | 15,013 | 15,631 | ||||
Provision (benefits) for income taxes | 1,203 | 879 | 3,824 | 3,002 | ||||
Income (loss) from continuing operations | 3,585 | 3,515 | 11,189 | 12,629 | ||||
Identifiable assets (September 30, 2023 and December 31, 2022) | 2,368,477 | 2,368,477 | $ 2,416,676 | |||||
Average loans | 662,000 | 655,000 | 657,000 | 654,000 | ||||
Average deposits | 1,315,000 | 1,316,000 | 1,339,000 | 1,324,000 | ||||
Operating Segments | ICG | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Net interest income | 5,494 | 4,570 | 16,145 | 12,874 | ||||
Non-interest revenue | 5,150 | 4,898 | 16,173 | 19,173 | ||||
Total revenues, net of interest expense | 10,644 | 9,468 | 32,318 | 32,047 | ||||
Operating expense | 7,179 | 6,541 | 21,438 | 19,698 | ||||
Provisions for credit losses and for benefits and claims | 196 | 86 | 182 | 855 | ||||
Income (loss) from continuing operations before taxes | 3,269 | 2,841 | 10,698 | 11,494 | ||||
Provision (benefits) for income taxes | 804 | 655 | 2,716 | 2,672 | ||||
Income (loss) from continuing operations | 2,465 | 2,186 | 7,982 | 8,822 | ||||
Identifiable assets (September 30, 2023 and December 31, 2022) | 1,722,000 | 1,722,000 | 1,730,000 | |||||
Average loans | 278,000 | 291,000 | 280,000 | 292,000 | ||||
Average deposits | 821,000 | 817,000 | 837,000 | 824,000 | ||||
Operating Segments | PBWM | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Net interest income | 6,356 | 5,836 | 18,253 | 16,790 | ||||
Non-interest revenue | 422 | 351 | 1,368 | 1,331 | ||||
Total revenues, net of interest expense | 6,778 | 6,187 | 19,621 | 18,121 | ||||
Operating expense | 4,301 | 4,077 | 12,759 | 11,951 | ||||
Provisions for credit losses and for benefits and claims | 1,457 | 1,109 | 4,627 | 2,088 | ||||
Income (loss) from continuing operations before taxes | 1,020 | 1,001 | 2,235 | 4,082 | ||||
Provision (benefits) for income taxes | 217 | 209 | 449 | 877 | ||||
Income (loss) from continuing operations | 803 | 792 | 1,786 | 3,205 | ||||
Identifiable assets (September 30, 2023 and December 31, 2022) | 471,000 | 471,000 | 494,000 | |||||
Average loans | 347,000 | 325,000 | 340,000 | 318,000 | ||||
Average deposits | 421,000 | 428,000 | 429,000 | 437,000 | ||||
Operating Segments | Legacy Franchises | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Net interest income | 1,279 | 1,385 | 3,914 | 4,367 | ||||
Non-interest revenue | 938 | 1,169 | 3,078 | 2,053 | ||||
Total revenues, net of interest expense | 2,217 | 2,554 | 6,992 | 6,420 | ||||
Operating expense | 1,794 | 1,845 | 5,324 | 5,952 | ||||
Provisions for credit losses and for benefits and claims | 188 | 167 | 833 | 448 | ||||
Income (loss) from continuing operations before taxes | 235 | 542 | 835 | 20 | ||||
Provision (benefits) for income taxes | 108 | 226 | 224 | 104 | ||||
Income (loss) from continuing operations | 127 | 316 | 611 | (84) | ||||
Identifiable assets (September 30, 2023 and December 31, 2022) | 80,000 | 80,000 | 97,000 | |||||
Average loans | 37,000 | 39,000 | 37,000 | 44,000 | ||||
Average deposits | 52,000 | 50,000 | 51,000 | 52,000 | ||||
Corporate/Other | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Net interest income | 699 | 772 | 2,764 | 1,367 | ||||
Non-interest revenue | (199) | (473) | (673) | (623) | ||||
Total revenues, net of interest expense | 500 | 299 | 2,091 | 744 | ||||
Operating expense | 237 | 286 | 849 | 706 | ||||
Provisions for credit losses and for benefits and claims | (1) | 3 | (3) | 3 | ||||
Income (loss) from continuing operations before taxes | 264 | 10 | 1,245 | 35 | ||||
Provision (benefits) for income taxes | 74 | (211) | 435 | (651) | ||||
Income (loss) from continuing operations | 190 | 221 | 810 | 686 | ||||
Identifiable assets (September 30, 2023 and December 31, 2022) | 95,000 | 95,000 | $ 96,000 | |||||
Average loans | 0 | 0 | 0 | 0 | ||||
Average deposits | $ 21,000 | $ 21,000 | $ 22,000 | $ 11,000 | ||||
[1]This total excludes the provision for credit losses on AFS securities, which is disclosed separately above.[2]2022 amounts have been revised to conform to the current-period presentation. |
INTEREST REVENUE AND EXPENSE (D
INTEREST REVENUE AND EXPENSE (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Interest revenue | ||||
Loan interest, including fees | $ 15,041 | $ 10,783 | $ 42,381 | $ 28,993 |
Deposits with banks | 2,645 | 1,218 | 8,725 | 2,172 |
Securities borrowed and purchased under agreements to resell | 7,363 | 2,176 | 18,791 | 3,375 |
Investments, including dividends | 4,719 | 2,993 | 13,314 | 7,413 |
Trading account assets | 3,893 | 1,989 | 10,391 | 4,794 |
Other interest-earning assets | 1,176 | 760 | 3,277 | 1,953 |
Total interest revenue | 34,837 | 19,919 | 96,879 | 48,700 |
Interest expense | ||||
Deposits | 9,630 | 3,270 | 26,065 | 5,561 |
Securities loaned and sold under agreements to repurchase | 6,090 | 1,251 | 14,609 | 2,188 |
Trading account liabilities | 892 | 472 | 2,549 | 756 |
Short-term borrowings and other interest-bearing liabilities | 1,956 | 745 | 5,382 | 1,068 |
Long-term debt | 2,441 | 1,618 | 7,198 | 3,729 |
Total interest expense | 21,009 | 7,356 | 55,803 | 13,302 |
Net interest income | 13,828 | 12,563 | 41,076 | 35,398 |
Provision for credit losses on loans | 1,816 | 1,328 | 5,314 | 2,972 |
Net interest income after provision for credit losses on loans | 12,012 | 11,235 | 35,762 | 32,426 |
Consumer loans | ||||
Interest revenue | ||||
Loan interest, including fees | 9,609 | 7,380 | 27,195 | 20,243 |
Corporate loans | ||||
Interest revenue | ||||
Loan interest, including fees | $ 5,432 | $ 3,403 | $ 15,186 | $ 8,750 |
COMMISSIONS AND FEES; ADMINIS_3
COMMISSIONS AND FEES; ADMINISTRATION AND OTHER FIDUCIARY FEES - Commissions and Fees Revenue (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Commissions and fees | ||||
Total commissions and fees | $ 2,195 | $ 2,139 | $ 6,693 | $ 7,159 |
Investment banking | ||||
Commissions and fees | ||||
Total commissions and fees | 694 | 725 | 2,018 | 2,477 |
Brokerage commissions | ||||
Commissions and fees | ||||
Total commissions and fees | 565 | 571 | 1,776 | 1,999 |
Interchange fees | ||||
Commissions and fees | ||||
Total commissions and fees | 3,015 | 2,949 | 8,944 | 8,492 |
Card-related loan fees | ||||
Commissions and fees | ||||
Total commissions and fees | 123 | 142 | 360 | 459 |
Card rewards and partner payments | ||||
Commissions and fees | ||||
Total commissions and fees | (3,159) | (3,161) | (9,284) | (9,147) |
Deposit-related fees | ||||
Commissions and fees | ||||
Total commissions and fees | 325 | 300 | 924 | 984 |
Transactional service fees | ||||
Commissions and fees | ||||
Total commissions and fees | 327 | 295 | 978 | 877 |
Corporate finance | ||||
Commissions and fees | ||||
Total commissions and fees | 89 | 87 | 277 | 342 |
Insurance distribution revenue | ||||
Commissions and fees | ||||
Total commissions and fees | 77 | 90 | 257 | 267 |
Insurance premiums | ||||
Commissions and fees | ||||
Total commissions and fees | 26 | 23 | 72 | 72 |
Loan servicing | ||||
Commissions and fees | ||||
Total commissions and fees | 21 | 31 | 71 | 79 |
Other | ||||
Commissions and fees | ||||
Total commissions and fees | 92 | 87 | 300 | 258 |
Overdraft fees | ||||
Commissions and fees | ||||
Total commissions and fees | 0 | 0 | 0 | 59 |
Commissions and fees | ||||
Commissions and fees | ||||
Revenue not accounted for under ASC 606, revenue from contracts with customers | (2,897) | (2,872) | (8,497) | (8,115) |
ICG | ||||
Commissions and fees | ||||
Total commissions and fees | 1,917 | 1,886 | 5,686 | 6,129 |
ICG | Investment banking | ||||
Commissions and fees | ||||
Total commissions and fees | 694 | 725 | 2,018 | 2,477 |
ICG | Brokerage commissions | ||||
Commissions and fees | ||||
Total commissions and fees | 368 | 356 | 1,142 | 1,209 |
ICG | Interchange fees | ||||
Commissions and fees | ||||
Total commissions and fees | 356 | 330 | 1,050 | 891 |
ICG | Card-related loan fees | ||||
Commissions and fees | ||||
Total commissions and fees | 16 | 12 | 46 | 32 |
ICG | Card rewards and partner payments | ||||
Commissions and fees | ||||
Total commissions and fees | (198) | (175) | (574) | (458) |
ICG | Deposit-related fees | ||||
Commissions and fees | ||||
Total commissions and fees | 284 | 262 | 808 | 807 |
ICG | Transactional service fees | ||||
Commissions and fees | ||||
Total commissions and fees | 298 | 270 | 889 | 791 |
ICG | Corporate finance | ||||
Commissions and fees | ||||
Total commissions and fees | 89 | 87 | 274 | 339 |
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 | 13 | 24 | 32 |
ICG | Other | ||||
Commissions and fees | ||||
Total commissions and fees | 3 | 6 | 9 | 9 |
PBWM | ||||
Commissions and fees | ||||
Total commissions and fees | 18 | (55) | 117 | 43 |
PBWM | Investment banking | ||||
Commissions and fees | ||||
Total commissions and fees | 0 | 0 | 0 | 0 |
PBWM | Brokerage commissions | ||||
Commissions and fees | ||||
Total commissions and fees | 176 | 167 | 535 | 621 |
PBWM | Interchange fees | ||||
Commissions and fees | ||||
Total commissions and fees | 2,507 | 2,420 | 7,409 | 6,954 |
PBWM | Card-related loan fees | ||||
Commissions and fees | ||||
Total commissions and fees | 36 | 64 | 116 | 201 |
PBWM | Card rewards and partner payments | ||||
Commissions and fees | ||||
Total commissions and fees | (2,858) | (2,852) | (8,425) | (8,223) |
PBWM | Deposit-related fees | ||||
Commissions and fees | ||||
Total commissions and fees | 32 | 25 | 90 | 128 |
PBWM | Transactional service fees | ||||
Commissions and fees | ||||
Total commissions and fees | 7 | 5 | 17 | 14 |
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 | 64 | 57 | 183 | 165 |
PBWM | Insurance premiums | ||||
Commissions and fees | ||||
Total commissions and fees | 1 | 1 | 2 | 3 |
PBWM | Loan servicing | ||||
Commissions and fees | ||||
Total commissions and fees | 11 | 14 | 37 | 36 |
PBWM | Other | ||||
Commissions and fees | ||||
Total commissions and fees | 42 | 44 | 150 | 141 |
Legacy Franchises | ||||
Commissions and fees | ||||
Total commissions and fees | 262 | 308 | 888 | 987 |
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 | 21 | 48 | 99 | 169 |
Legacy Franchises | Interchange fees | ||||
Commissions and fees | ||||
Total commissions and fees | 152 | 199 | 485 | 647 |
Legacy Franchises | Card-related loan fees | ||||
Commissions and fees | ||||
Total commissions and fees | 71 | 66 | 198 | 226 |
Legacy Franchises | Card rewards and partner payments | ||||
Commissions and fees | ||||
Total commissions and fees | (103) | (134) | (285) | (466) |
Legacy Franchises | Deposit-related fees | ||||
Commissions and fees | ||||
Total commissions and fees | 9 | 13 | 26 | 49 |
Legacy Franchises | Transactional service fees | ||||
Commissions and fees | ||||
Total commissions and fees | 22 | 20 | 72 | 72 |
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 | 13 | 33 | 74 | 102 |
Legacy Franchises | Insurance premiums | ||||
Commissions and fees | ||||
Total commissions and fees | 25 | 22 | 70 | 69 |
Legacy Franchises | Loan servicing | ||||
Commissions and fees | ||||
Total commissions and fees | 3 | 4 | 10 | 11 |
Legacy Franchises | Other | ||||
Commissions and fees | ||||
Total commissions and fees | $ 49 | $ 37 | $ 139 | $ 108 |
COMMISSIONS AND FEES; ADMINIS_4
COMMISSIONS AND FEES; ADMINISTRATION AND OTHER FIDUCIARY FEES - Administration and Other Fiduciary Fees (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Commissions and fees | ||||
Total administration and other fiduciary fees | $ 971 | $ 915 | $ 2,856 | $ 2,904 |
Custody fees | ||||
Commissions and fees | ||||
Total administration and other fiduciary fees | 469 | 445 | 1,424 | 1,449 |
Custody fees | ICG | ||||
Commissions and fees | ||||
Total administration and other fiduciary fees | 447 | 422 | 1,349 | 1,375 |
Custody fees | PBWM | ||||
Commissions and fees | ||||
Total administration and other fiduciary fees | 20 | 21 | 62 | 67 |
Custody fees | Legacy Franchises | ||||
Commissions and fees | ||||
Total administration and other fiduciary fees | 2 | 2 | 13 | 7 |
Fiduciary fees | ||||
Commissions and fees | ||||
Total administration and other fiduciary fees | 370 | 334 | 1,024 | 1,026 |
Fiduciary fees | ICG | ||||
Commissions and fees | ||||
Total administration and other fiduciary fees | 73 | 78 | 217 | 210 |
Fiduciary fees | PBWM | ||||
Commissions and fees | ||||
Total administration and other fiduciary fees | 199 | 179 | 537 | 580 |
Fiduciary fees | Legacy Franchises | ||||
Commissions and fees | ||||
Total administration and other fiduciary fees | 98 | 77 | 270 | 236 |
Guarantee fees | ||||
Commissions and fees | ||||
Total administration and other fiduciary fees | 132 | 136 | 408 | 429 |
Guarantee fees | ICG | ||||
Commissions and fees | ||||
Total administration and other fiduciary fees | 124 | 124 | 382 | 391 |
Guarantee fees | PBWM | ||||
Commissions and fees | ||||
Total administration and other fiduciary fees | 6 | 10 | 21 | 34 |
Guarantee fees | Legacy Franchises | ||||
Commissions and fees | ||||
Total administration and other fiduciary fees | 1 | 2 | 4 | 4 |
Administration and other fiduciary fees | ||||
Commissions and fees | ||||
Total administration and other fiduciary fees | 971 | 915 | 2,856 | 2,904 |
Revenue not accounted for under ASC 606, revenue from contracts with customers | 132 | 136 | 408 | 429 |
Administration and other fiduciary fees | ICG | ||||
Commissions and fees | ||||
Total administration and other fiduciary fees | 644 | 624 | 1,948 | 1,976 |
Administration and other fiduciary fees | PBWM | ||||
Commissions and fees | ||||
Total administration and other fiduciary fees | 225 | 210 | 620 | 681 |
Administration and other fiduciary fees | Legacy Franchises | ||||
Commissions and fees | ||||
Total administration and other fiduciary fees | $ 101 | $ 81 | $ 287 | $ 247 |
PRINCIPAL TRANSACTIONS (Details
PRINCIPAL TRANSACTIONS (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Principal transactions revenue | ||||
Principal transactions revenue | $ 3,008 | $ 2,625 | $ 9,475 | $ 11,740 |
Interest rate risks | ||||
Principal transactions revenue | ||||
Principal transactions revenue | 955 | 458 | 2,926 | 3,143 |
Foreign exchange risks | ||||
Principal transactions revenue | ||||
Principal transactions revenue | 1,295 | 1,555 | 4,125 | 4,978 |
Equity risks | ||||
Principal transactions revenue | ||||
Principal transactions revenue | 308 | 411 | 1,147 | 1,687 |
Commodity and other risks | ||||
Principal transactions revenue | ||||
Principal transactions revenue | 475 | 404 | 1,443 | 1,466 |
Credit products and risks | ||||
Principal transactions revenue | ||||
Principal transactions revenue | $ (25) | $ (203) | $ (166) | $ 466 |
RETIREMENT BENEFITS - Net (Bene
RETIREMENT BENEFITS - Net (Benefit) Expense (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
U.S. plans | Pension plans | ||||
Service-related expense | ||||
Service cost | $ 0 | $ 0 | $ 0 | $ 0 |
Interest cost on benefit obligation | 124 | 120 | 374 | 311 |
Expected return on plan assets | (160) | (153) | (481) | (461) |
Amortization of unrecognized: | ||||
Prior service (benefit) | 0 | 0 | 1 | 1 |
Net actuarial loss (gain) | 39 | 36 | 118 | 136 |
Curtailment (gain) | 0 | 0 | ||
Settlement loss | 0 | 0 | 0 | 0 |
Total net expense | 3 | 3 | 12 | (13) |
U.S. plans | Postretirement benefit plans | ||||
Service-related expense | ||||
Service cost | 0 | 0 | 0 | 0 |
Interest cost on benefit obligation | 4 | 4 | 13 | 11 |
Expected return on plan assets | (3) | (3) | (10) | (9) |
Amortization of unrecognized: | ||||
Prior service (benefit) | (2) | (2) | (7) | (7) |
Net actuarial loss (gain) | (3) | (2) | (8) | (5) |
Curtailment (gain) | 0 | 0 | ||
Settlement loss | 0 | 0 | 0 | 0 |
Total net expense | (4) | (3) | (12) | (10) |
Non-U.S. plans | Pension plans | ||||
Service-related expense | ||||
Service cost | 29 | 26 | 87 | 90 |
Interest cost on benefit obligation | 105 | 91 | 305 | 243 |
Expected return on plan assets | (84) | (64) | (247) | (196) |
Amortization of unrecognized: | ||||
Prior service (benefit) | (1) | (2) | (4) | (5) |
Net actuarial loss (gain) | 20 | 16 | 54 | 43 |
Curtailment (gain) | (8) | (23) | ||
Settlement loss | 5 | 0 | 9 | (10) |
Total net expense | 74 | 67 | 196 | 142 |
Non-U.S. plans | Pension plans | Consumer loans | ||||
Amortization of unrecognized: | ||||
Total net expense | 36 | |||
Non-U.S. plans | Postretirement benefit plans | ||||
Service-related expense | ||||
Service cost | 0 | 1 | 1 | 2 |
Interest cost on benefit obligation | 27 | 21 | 79 | 67 |
Expected return on plan assets | (20) | (16) | (59) | (54) |
Amortization of unrecognized: | ||||
Prior service (benefit) | (2) | (2) | (6) | (6) |
Net actuarial loss (gain) | (4) | 2 | (14) | 4 |
Curtailment (gain) | 0 | 0 | ||
Settlement loss | 0 | 0 | 0 | 0 |
Total net expense | $ 1 | $ 6 | $ 1 | $ 13 |
RETIREMENT BENEFITS - Funded St
RETIREMENT BENEFITS - Funded Status and Accumulated Other Comprehensive Income (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
U.S. plans | Pension plans | ||||||
Change in projected benefit obligation | ||||||
Projected benefit obligation at beginning of year | $ 9,741 | $ 9,741 | ||||
Service cost | $ 0 | $ 0 | 0 | $ 0 | ||
Interest cost on benefit obligation | 124 | 120 | 374 | 311 | ||
Change in plan assets | ||||||
Plan assets at fair value at beginning of year | 10,145 | 10,145 | ||||
Net amount recognized at period end | ||||||
Benefit asset | 1,144 | 1,144 | ||||
Benefit liability | (493) | (493) | ||||
Net amount recognized on the balance sheet—Significant Plans | 651 | 651 | ||||
Amounts recognized in AOCI at period end(3) | ||||||
Prior service (expense) benefit | 0 | 0 | ||||
Net actuarial (loss) gain | (6,244) | (6,244) | ||||
Net amount recognized in equity-pretax | (6,244) | (6,244) | ||||
Accumulated benefit obligation at period end—Significant Plans | 9,089 | 9,089 | ||||
U.S. plans | Pension plans | Other than Significant Plans Measured Annually | ||||||
Change in projected benefit obligation | ||||||
Projected benefit obligation at beginning of year | 19 | 19 | ||||
Change in plan assets | ||||||
Plan assets at fair value at beginning of year | 0 | 0 | ||||
U.S. plans | Pension plans | Significant Plans Measured Quarterly | ||||||
Change in projected benefit obligation | ||||||
Projected benefit obligation at beginning of year | $ 9,617 | 9,722 | 9,722 | |||
Quarter activity | (265) | 160 | ||||
Service cost | 0 | |||||
Interest cost on benefit obligation | 124 | |||||
Actuarial (gain) | (435) | |||||
Benefits paid, net of participants’ contributions | (217) | |||||
Foreign exchange impact and other | 0 | |||||
Projected benefit obligation at period end—Significant Plans | 9,089 | 9,617 | 9,089 | |||
Change in plan assets | ||||||
Plan assets at fair value at beginning of year | 10,157 | 10,145 | 10,145 | |||
Quarterly activity | (131) | 143 | ||||
Actual return on plan assets | (215) | |||||
Company contributions, net of reimbursements | 15 | |||||
Benefits paid, net of participants’ contributions | (217) | |||||
Foreign exchange impact and other | 0 | |||||
Plan assets at fair value at period end—Significant Plans | 9,740 | 10,157 | 9,740 | |||
Funded status of the Significant Plans | 651 | 651 | ||||
U.S. plans | Postretirement benefit plans | ||||||
Change in projected benefit obligation | ||||||
Projected benefit obligation at beginning of year | 375 | 375 | ||||
Service cost | 0 | 0 | 0 | 0 | ||
Interest cost on benefit obligation | 4 | 4 | 13 | 11 | ||
Change in plan assets | ||||||
Plan assets at fair value at beginning of year | 253 | 253 | ||||
Net amount recognized at period end | ||||||
Benefit asset | 0 | 0 | ||||
Benefit liability | (101) | (101) | ||||
Net amount recognized on the balance sheet—Significant Plans | (101) | (101) | ||||
Amounts recognized in AOCI at period end(3) | ||||||
Prior service (expense) benefit | 75 | 75 | ||||
Net actuarial (loss) gain | 136 | 136 | ||||
Net amount recognized in equity-pretax | 211 | 211 | ||||
Accumulated benefit obligation at period end—Significant Plans | 323 | 323 | ||||
U.S. plans | 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. plans | Postretirement benefit plans | Significant Plans Measured Quarterly | ||||||
Change in projected benefit obligation | ||||||
Projected benefit obligation at beginning of year | 347 | 375 | 375 | |||
Quarter activity | (27) | (1) | ||||
Service cost | 0 | |||||
Interest cost on benefit obligation | 4 | |||||
Actuarial (gain) | (17) | |||||
Benefits paid, net of participants’ contributions | (11) | |||||
Foreign exchange impact and other | 0 | |||||
Projected benefit obligation at period end—Significant Plans | 323 | 347 | 323 | |||
Change in plan assets | ||||||
Plan assets at fair value at beginning of year | 256 | 253 | 253 | |||
Quarterly activity | (2) | 5 | ||||
Actual return on plan assets | (3) | |||||
Company contributions, net of reimbursements | (20) | |||||
Benefits paid, net of participants’ contributions | (11) | |||||
Foreign exchange impact and other | 0 | |||||
Plan assets at fair value at period end—Significant Plans | 222 | 256 | 222 | |||
Funded status of the Significant Plans | (101) | (101) | ||||
Non-U.S. plans | Pension plans | ||||||
Change in projected benefit obligation | ||||||
Projected benefit obligation at beginning of year | 6,375 | 6,375 | ||||
Service cost | 29 | 26 | 87 | 90 | ||
Interest cost on benefit obligation | 105 | 91 | 305 | 243 | ||
Change in plan assets | ||||||
Plan assets at fair value at beginning of year | 6,086 | 6,086 | ||||
Net amount recognized at period end | ||||||
Benefit asset | 738 | 738 | ||||
Benefit liability | (619) | (619) | ||||
Net amount recognized on the balance sheet—Significant Plans | 119 | 119 | ||||
Amounts recognized in AOCI at period end(3) | ||||||
Prior service (expense) benefit | (3) | (3) | ||||
Net actuarial (loss) gain | (1,438) | (1,438) | ||||
Net amount recognized in equity-pretax | (1,441) | (1,441) | ||||
Accumulated benefit obligation at period end—Significant Plans | 4,501 | 4,501 | ||||
Non-U.S. plans | Pension plans | Other than Significant Plans Measured Annually | ||||||
Change in projected benefit obligation | ||||||
Projected benefit obligation at beginning of year | 1,774 | 1,774 | ||||
Change in plan assets | ||||||
Plan assets at fair value at beginning of year | 1,226 | 1,226 | ||||
Non-U.S. plans | Pension plans | Significant Plans Measured Quarterly | ||||||
Change in projected benefit obligation | ||||||
Projected benefit obligation at beginning of year | 5,021 | 4,601 | 4,601 | |||
Quarter activity | 179 | 241 | ||||
Service cost | 12 | |||||
Interest cost on benefit obligation | 86 | |||||
Actuarial (gain) | (264) | |||||
Benefits paid, net of participants’ contributions | (85) | |||||
Foreign exchange impact and other | (91) | |||||
Projected benefit obligation at period end—Significant Plans | 4,679 | 5,021 | 4,679 | |||
Change in plan assets | ||||||
Plan assets at fair value at beginning of year | 5,079 | 4,860 | 4,860 | |||
Quarterly activity | (6) | 225 | ||||
Actual return on plan assets | (113) | |||||
Company contributions, net of reimbursements | 8 | |||||
Benefits paid, net of participants’ contributions | (85) | |||||
Foreign exchange impact and other | (91) | |||||
Plan assets at fair value at period end—Significant Plans | 4,798 | 5,079 | 4,798 | |||
Funded status of the Significant Plans | 119 | 119 | ||||
Non-U.S. plans | Postretirement benefit plans | ||||||
Change in projected benefit obligation | ||||||
Projected benefit obligation at beginning of year | 1,013 | 1,013 | ||||
Service cost | 0 | 1 | 1 | 2 | ||
Interest cost on benefit obligation | 27 | $ 21 | 79 | $ 67 | ||
Change in plan assets | ||||||
Plan assets at fair value at beginning of year | 855 | 855 | ||||
Net amount recognized at period end | ||||||
Benefit asset | 21 | 21 | ||||
Benefit liability | 0 | 0 | ||||
Net amount recognized on the balance sheet—Significant Plans | 21 | 21 | ||||
Amounts recognized in AOCI at period end(3) | ||||||
Prior service (expense) benefit | 34 | 34 | ||||
Net actuarial (loss) gain | (281) | (281) | ||||
Net amount recognized in equity-pretax | (247) | (247) | ||||
Accumulated benefit obligation at period end—Significant Plans | 861 | 861 | ||||
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 | 193 | 193 | ||||
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 | 965 | 820 | 820 | |||
Quarter activity | 75 | 70 | ||||
Service cost | 0 | |||||
Interest cost on benefit obligation | 24 | |||||
Actuarial (gain) | (95) | |||||
Benefits paid, net of participants’ contributions | (18) | |||||
Foreign exchange impact and other | (15) | |||||
Projected benefit obligation at period end—Significant Plans | 861 | 965 | 861 | |||
Change in plan assets | ||||||
Plan assets at fair value at beginning of year | 945 | 848 | 848 | |||
Quarterly activity | $ 24 | 73 | ||||
Actual return on plan assets | (29) | |||||
Company contributions, net of reimbursements | 0 | |||||
Benefits paid, net of participants’ contributions | (18) | |||||
Foreign exchange impact and other | (16) | |||||
Plan assets at fair value at period end—Significant Plans | 882 | $ 945 | 882 | |||
Funded status of the Significant Plans | 21 | 21 | ||||
Qualified plans | U.S. plans | Pension plans | Significant Plans Measured Quarterly | ||||||
Change in plan assets | ||||||
Funded status of the Significant Plans | 1,144 | 1,144 | ||||
Qualified plans | U.S. plans | Postretirement benefit plans | Significant Plans Measured Quarterly | ||||||
Change in plan assets | ||||||
Funded status of the Significant Plans | (101) | (101) | ||||
Qualified plans | Non-U.S. plans | Pension plans | Significant Plans Measured Quarterly | ||||||
Change in plan assets | ||||||
Funded status of the Significant Plans | 119 | 119 | ||||
Qualified plans | Non-U.S. plans | Postretirement benefit plans | Significant Plans Measured Quarterly | ||||||
Change in plan assets | ||||||
Funded status of the Significant Plans | 21 | 21 | ||||
Nonqualified plans | U.S. plans | Pension plans | Significant Plans Measured Quarterly | ||||||
Change in plan assets | ||||||
Funded status of the Significant Plans | (493) | (493) | ||||
Nonqualified plans | U.S. plans | Postretirement benefit plans | Significant Plans Measured Quarterly | ||||||
Change in plan assets | ||||||
Funded status of the Significant Plans | 0 | 0 | ||||
Nonqualified plans | Non-U.S. plans | Pension plans | Significant Plans Measured Quarterly | ||||||
Change in plan assets | ||||||
Funded status of the Significant Plans | 0 | 0 | ||||
Nonqualified plans | Non-U.S. plans | Postretirement benefit plans | Significant Plans Measured Quarterly | ||||||
Change in plan assets | ||||||
Funded status of the Significant Plans | $ 0 | $ 0 |
RETIREMENT BENEFITS - Accumulat
RETIREMENT BENEFITS - Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | ||
Change in accumulated other comprehensive income (loss) | |||||
Balance, beginning of period | $ 201,838 | ||||
Change, net of tax | [1],[2] | $ 312 | $ 37 | 72 | $ 119 |
Balance, end of period | 210,195 | 199,117 | 210,195 | 199,117 | |
Consumer loans | Non-U.S. plans | Pension plans | |||||
Change in accumulated other comprehensive income (loss) | |||||
Curtailment/settlement (gain) | 36 | ||||
Benefit plans | |||||
Change in accumulated other comprehensive income (loss) | |||||
Balance, beginning of period | (5,995) | (5,770) | (5,755) | (5,852) | |
Actuarial assumptions changes and plan experience | 818 | 977 | 703 | 4,001 | |
Net asset (loss) due to difference between actual and expected returns | (614) | (1,084) | (676) | (4,221) | |
Net amortization | 47 | 43 | 135 | 159 | |
Curtailment/settlement (gain) | 5 | 0 | 1 | (32) | |
Foreign exchange impact and other | 124 | 60 | (95) | 193 | |
Change in deferred taxes, net | (68) | 41 | 4 | 19 | |
Change, net of tax | 312 | 37 | 72 | 119 | |
Balance, end of period | $ (5,683) | $ (5,733) | $ (5,683) | $ (5,733) | |
[1]See Note 8.[2]See Note 18. |
RETIREMENT BENEFITS - Assumptio
RETIREMENT BENEFITS - Assumptions Used (Details) | 3 Months Ended | ||
Sep. 30, 2023 | Jun. 30, 2023 | Sep. 30, 2022 | |
U.S. plans | Postretirement benefit plans | |||
Plan Assumptions - During the year | |||
Discount rate | 5.50% | 5.25% | 4.75% |
Expected return on assets | 5.70% | 5.70% | 5% |
Plan Assumptions - At period end | |||
Discount rate | 6.10% | 5.50% | 5.65% |
Expected return on assets | 5.70% | 5.70% | 5% |
U.S. plans | Other Pension, Postretirement and Supplemental Plans | |||
Plan Assumptions - During the year | |||
Expected return on assets | 3% | 3% | 1.50% |
Plan Assumptions - At period end | |||
Expected return on assets | 3% | 3% | 1.50% |
Non-U.S. plans | Pension plans | Weighted Average | |||
Plan Assumptions - During the year | |||
Discount rate | 7.72% | 7.64% | 6.68% |
Expected return on assets | 6.56% | 6.26% | 4.72% |
Plan Assumptions - At period end | |||
Discount rate | 8.35% | 7.72% | 7.64% |
Expected return on assets | 6.70% | 6.56% | 5.48% |
Non-U.S. plans | Pension plans | Minimum | |||
Plan Assumptions - During the year | |||
Discount rate | 1.80% | 2.05% | 2% |
Expected return on assets | 4.50% | 4.10% | 2% |
Plan Assumptions - At period end | |||
Discount rate | 1.85% | 1.80% | 2.10% |
Expected return on assets | 4.50% | 4.50% | 2% |
Non-U.S. plans | Pension plans | Maximum | |||
Plan Assumptions - During the year | |||
Discount rate | 10.40% | 10.65% | 10.75% |
Expected return on assets | 9.90% | 9.90% | 8% |
Plan Assumptions - At period end | |||
Discount rate | 11.55% | 10.40% | 11.30% |
Expected return on assets | 9.90% | 9.90% | 8% |
Non-U.S. plans | Postretirement benefit plans | |||
Plan Assumptions - During the year | |||
Discount rate | 10.40% | 10.70% | 10.75% |
Expected return on assets | 8.70% | 8.70% | 8% |
Plan Assumptions - At period end | |||
Discount rate | 11.55% | 10.40% | 11.25% |
Expected return on assets | 8.70% | 8.70% | 8% |
Qualified plans | U.S. plans | Pension plans | |||
Plan Assumptions - During the year | |||
Discount rate | 5.40% | 5.15% | 4.80% |
Expected return on assets | 5.70% | 5.70% | 5% |
Plan Assumptions - At period end | |||
Discount rate | 6.05% | 5.40% | 5.65% |
Expected return on assets | 5.70% | 5.70% | 5% |
Nonqualified plans | U.S. plans | Pension plans | |||
Plan Assumptions - During the year | |||
Discount rate | 5.45% | 5.20% | 4.80% |
Plan Assumptions - At period end | |||
Discount rate | 6.10% | 5.45% | 5.60% |
RETIREMENT BENEFITS - Sensitivi
RETIREMENT BENEFITS - Sensitivities of Certain Key Assumptions (Details) $ in Millions | 3 Months Ended |
Sep. 30, 2023 USD ($) | |
U.S. plans | Pension plans | |
Defined Benefit Plans and Other Postretirement Benefit Plans | |
Effect of one-percentage-point increase in discount rates | $ 6 |
Effect of one-percentage-point decrease in discount rates | (7) |
Non-U.S. plans | Pension plans | |
Defined Benefit Plans and Other Postretirement Benefit Plans | |
Effect of one-percentage-point increase in discount rates | (2) |
Effect of one-percentage-point decrease in discount rates | 3 |
Non-U.S. plans | Postretirement benefit plans | |
Defined Benefit Plans and Other Postretirement Benefit Plans | |
Effect of one-percentage-point increase in discount rates | (1) |
Effect of one-percentage-point decrease in discount rates | $ 1 |
RETIREMENT BENEFITS - Contribut
RETIREMENT BENEFITS - Contributions (Details) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
U.S. plans | Pension plans | ||
Defined Benefit Plan, Expected Future Employer Contributions [Abstract] | ||
Company contributions (reimbursements) | $ 43 | $ 41 |
Company contributions expected to be made during the remainder of the year | 16 | 14 |
U.S. plans | Postretirement benefit plans | ||
Defined Benefit Plan, Expected Future Employer Contributions [Abstract] | ||
Company contributions (reimbursements) | 0 | 5 |
Company contributions expected to be made during the remainder of the year | 1 | 9 |
Non-U.S. plans | Pension plans | ||
Defined Benefit Plan, Expected Future Employer Contributions [Abstract] | ||
Company contributions (reimbursements) | 87 | 417 |
Company contributions expected to be made during the remainder of the year | 25 | 77 |
Non-U.S. plans | Postretirement benefit plans | ||
Defined Benefit Plan, Expected Future Employer Contributions [Abstract] | ||
Company contributions (reimbursements) | 7 | 7 |
Company contributions expected to be made during the remainder of the year | $ 2 | $ 2 |
RETIREMENT BENEFITS - Defined C
RETIREMENT BENEFITS - Defined Contribution Plans and Postemployment Plans (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Postemployment Retirement Benefits | ||||
Defined Benefit Plan Disclosure | ||||
Actuarial gain | $ 1 | $ 1 | $ 2 | $ 2 |
Total service-related expense | 1 | 1 | 2 | 2 |
Non-service-related expense | 5 | 2 | 10 | 8 |
Total net expense | 6 | 3 | 12 | 10 |
U.S. plans | Postretirement benefit plans | ||||
Defined Benefit Plan Disclosure | ||||
Company's contributions for defined contribution plans | 138 | 119 | 413 | 356 |
Total net expense | (4) | (3) | (12) | (10) |
Non-U.S. plans | Postretirement benefit plans | ||||
Defined Benefit Plan Disclosure | ||||
Company's contributions for defined contribution plans | 114 | 98 | 342 | 303 |
Total net expense | $ 1 | $ 6 | $ 1 | $ 13 |
EARNINGS PER SHARE (Details)
EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share | |||||
Income from continuing operations before attribution of noncontrolling interests | $ 3,585 | $ 3,515 | $ 11,189 | $ 12,629 | |
Noncontrolling interests | 41 | 30 | 122 | 68 | |
Net income from continuing operations (for EPS purposes) | 3,544 | 3,485 | 11,067 | 12,561 | |
Income (loss) from discontinued operations, net of taxes | 2 | (6) | 0 | (229) | |
Citigroup’s net income | 3,546 | 3,479 | 11,067 | 12,332 | |
Less: Preferred dividends | 333 | 277 | 898 | 794 | |
Net income available to common shareholders | 3,213 | 3,202 | 10,169 | 11,538 | |
Less: Dividends and undistributed earnings allocated to employee restricted and deferred shares with rights to dividends, and other relevant items(1), applicable to basic EPS | 53 | 28 | 121 | 89 | |
Net income allocated to common shareholders for basic EPS | $ 3,160 | $ 3,174 | $ 10,048 | $ 11,449 | |
Weighted-average common shares outstanding applicable to basic EPS (in shares) | 1,924.4 | 1,936.8 | 1,936.9 | 1,950 | |
Basic earnings per share | |||||
Income from continuing operations (in dollars per share) | [1] | $ 1.64 | $ 1.64 | $ 5.19 | $ 5.99 |
Discontinued operations (in dollars per share) | [1] | 0 | 0 | 0 | (0.12) |
Net income (in dollars per share) | [1] | $ 1.64 | $ 1.64 | $ 5.19 | $ 5.87 |
Add back: Dividends allocated to employee restricted and deferred shares with rights to dividends that are forfeitable | $ 16 | $ 11 | $ 42 | $ 30 | |
Net income allocated to common shareholders for diluted EPS | $ 3,176 | $ 3,185 | $ 10,090 | $ 11,479 | |
Effect of dilutive securities | |||||
Options (in shares) | 0 | 0 | 0 | 0 | |
Other employee plans (in shares) | 27.3 | 18.3 | 24.6 | 17.1 | |
Adjusted weighted-average common shares outstanding applicable to diluted EPS (in shares) | 1,951.7 | 1,955.1 | 1,961.5 | 1,967.1 | |
Diluted earnings per share | |||||
Income from continuing operations (in dollars per share) | [1] | $ 1.63 | $ 1.63 | $ 5.14 | $ 5.95 |
Discontinued operations (in dollars per share) | [1] | 0 | 0 | 0 | (0.12) |
Net income (in dollars per share) | [1] | $ 1.63 | $ 1.63 | $ 5.14 | $ 5.84 |
Series A Preferred Stock and Series B Preferred Stock | |||||
Diluted earnings per share | |||||
Issuance costs | $ 16 | ||||
[1]Due to rounding, earnings per share on continuing operations and discontinued operations may not sum to earnings per share on net income. |
SECURITIES BORROWED, LOANED A_3
SECURITIES BORROWED, LOANED AND SUBJECT TO REPURCHASE AGREEMENTS - Securities (Details) - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 |
Federal Funds Purchased and Securities Sold under Agreements to Repurchase [Abstract] | ||
Securities purchased under agreements to resell | $ 264,838 | $ 291,272 |
Deposits paid for securities borrowed | 70,274 | 74,165 |
Total, net | 335,112 | 365,437 |
Allowance for credit losses on securities purchased and borrowed | (53) | (36) |
Total, net of allowance | 335,059 | 365,401 |
Securities sold under agreements to repurchase | 242,611 | 183,827 |
Deposits received for securities loaned | 14,159 | 18,617 |
Total, net | 256,770 | 202,444 |
Securities-for-securities lending transactions | $ 7,200 | $ 4,400 |
SECURITIES BORROWED, LOANED A_4
SECURITIES BORROWED, LOANED AND SUBJECT TO REPURCHASE AGREEMENTS - Offsetting (Details) - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 |
Securities purchased under agreements to resell | ||
Gross amounts of recognized assets | $ 499,862 | $ 403,663 |
Gross amounts offset on the Consolidated Balance Sheet | 235,024 | 112,391 |
Net amounts of assets included on the Consolidated Balance Sheet | 264,838 | 291,272 |
Amounts not offset on the Consolidated Balance Sheet but eligible for offsetting upon counterparty default | 239,448 | 204,077 |
Net amounts | 25,390 | 87,195 |
Deposits paid for securities borrowed | ||
Gross amounts of recognized assets | 85,480 | 88,817 |
Gross amounts offset on the Consolidated Balance Sheet | 15,206 | 14,652 |
Net amounts of assets included on the Consolidated Balance Sheet | 70,274 | 74,165 |
Amounts not offset on the Consolidated Balance Sheet but eligible for offsetting upon counterparty default | 18,388 | 13,844 |
Net amounts | 51,886 | 60,321 |
Total | ||
Gross amounts of recognized assets | 585,342 | 492,480 |
Gross amounts offset on the Consolidated Balance Sheet | 250,230 | 127,043 |
Net amounts of assets included on the Consolidated Balance Sheet | 335,112 | 365,437 |
Amounts not offset on the Consolidated Balance Sheet but eligible for offsetting upon counterparty default | 257,836 | 217,921 |
Net amounts | 77,276 | 147,516 |
Securities sold under agreements to repurchase | ||
Gross amounts of recognized liabilities | 477,635 | 296,218 |
Gross amounts offset on the Consolidated Balance Sheet | 235,024 | 112,391 |
Net amounts of liabilities included on the Consolidated Balance Sheet | 242,611 | 183,827 |
Amounts not offset on the Consolidated Balance Sheet but eligible for offsetting upon counterparty default | 155,168 | 71,635 |
Net amounts | 87,443 | 112,192 |
Deposits received for securities loaned | ||
Gross amounts of recognized liabilities | 29,365 | 33,269 |
Gross amounts offset on the Consolidated Balance Sheet | 15,206 | 14,652 |
Net amounts of liabilities included on the Consolidated Balance Sheet | 14,159 | 18,617 |
Amounts not offset on the Consolidated Balance Sheet but eligible for offsetting upon counterparty default | 3,877 | 2,542 |
Net amounts | 10,282 | 16,075 |
Total | ||
Gross amounts of recognized liabilities | 507,000 | 329,487 |
Gross amounts offset on the Consolidated Balance Sheet | 250,230 | 127,043 |
Net amounts of liabilities included on the Consolidated Balance Sheet | 256,770 | 202,444 |
Amounts not offset on the Consolidated Balance Sheet but eligible for offsetting upon counterparty default | 159,045 | 74,177 |
Net amounts | $ 97,725 | $ 128,267 |
SECURITIES BORROWED, LOANED A_5
SECURITIES BORROWED, LOANED AND SUBJECT TO REPURCHASE AGREEMENTS - Repurchase Agreements by Contractual Maturity (Details) - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 |
Assets Sold under Agreements to Repurchase | ||
Securities sold under agreements to repurchase | $ 477,635 | $ 296,218 |
Deposits received for securities loaned | 29,365 | 33,269 |
Total | 507,000 | 329,487 |
Open and overnight | ||
Assets Sold under Agreements to Repurchase | ||
Securities sold under agreements to repurchase | 248,681 | 138,710 |
Deposits received for securities loaned | 20,634 | 25,388 |
Total | 269,315 | 164,098 |
Up to 30 days | ||
Assets Sold under Agreements to Repurchase | ||
Securities sold under agreements to repurchase | 142,516 | 86,819 |
Deposits received for securities loaned | 242 | 267 |
Total | 142,758 | 87,086 |
31–90 days | ||
Assets Sold under Agreements to Repurchase | ||
Securities sold under agreements to repurchase | 29,711 | 25,119 |
Deposits received for securities loaned | 556 | 2,121 |
Total | 30,267 | 27,240 |
Greater than 90 days | ||
Assets Sold under Agreements to Repurchase | ||
Securities sold under agreements to repurchase | 56,727 | 45,570 |
Deposits received for securities loaned | 7,933 | 5,493 |
Total | $ 64,660 | $ 51,063 |
SECURITIES BORROWED, LOANED A_6
SECURITIES BORROWED, LOANED AND SUBJECT TO REPURCHASE AGREEMENTS - Repurchase Agreements by Class of Collateral (Details) - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 |
Assets Sold under Agreements to Repurchase | ||
Repurchase agreements | $ 477,635 | $ 296,218 |
Securities lending agreements | 29,365 | 33,269 |
Total | 507,000 | 329,487 |
U.S. Treasury and federal agency securities | ||
Assets Sold under Agreements to Repurchase | ||
Repurchase agreements | 191,944 | 99,979 |
Securities lending agreements | 0 | 106 |
Total | 191,944 | 100,085 |
State and municipal securities | ||
Assets Sold under Agreements to Repurchase | ||
Repurchase agreements | 1,434 | 1,911 |
Securities lending agreements | 2 | 0 |
Total | 1,436 | 1,911 |
Foreign government securities | ||
Assets Sold under Agreements to Repurchase | ||
Repurchase agreements | 161,785 | 123,826 |
Securities lending agreements | 626 | 13 |
Total | 162,411 | 123,839 |
Corporate bonds | ||
Assets Sold under Agreements to Repurchase | ||
Repurchase agreements | 15,761 | 14,308 |
Securities lending agreements | 23 | 45 |
Total | 15,784 | 14,353 |
Equity securities | ||
Assets Sold under Agreements to Repurchase | ||
Repurchase agreements | 15,478 | 9,749 |
Securities lending agreements | 28,228 | 33,096 |
Total | 43,706 | 42,845 |
Mortgage-backed securities | ||
Assets Sold under Agreements to Repurchase | ||
Repurchase agreements | 67,390 | 36,225 |
Securities lending agreements | 0 | 0 |
Total | 67,390 | 36,225 |
Asset-backed securities | ||
Assets Sold under Agreements to Repurchase | ||
Repurchase agreements | 1,755 | |
Securities lending agreements | 0 | |
Total | 1,755 | |
Other | ||
Assets Sold under Agreements to Repurchase | ||
Repurchase agreements | 23,843 | 8,465 |
Securities lending agreements | 486 | 9 |
Total | $ 24,329 | $ 8,474 |
BROKERAGE RECEIVABLES AND BRO_3
BROKERAGE RECEIVABLES AND BROKERAGE PAYABLES (Details) - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 |
Broker-Dealer [Abstract] | ||
Receivables from customers | $ 22,854 | $ 15,462 |
Receivables from brokers, dealers and clearing organizations | 43,340 | 38,730 |
Total brokerage receivables | 66,194 | 54,192 |
Payables to customers | 53,441 | 55,747 |
Payables to brokers, dealers and clearing organizations | 21,635 | 13,471 |
Total brokerage payables | $ 75,076 | $ 69,218 |
INVESTMENTS - Overview (Details
INVESTMENTS - Overview (Details) - USD ($) $ in Millions | 1 Months Ended | 3 Months Ended | 9 Months Ended | |||||
Jan. 31, 2023 | Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | |||
Investments | ||||||||
Total investments | $ 508,998 | $ 508,998 | $ 526,582 | |||||
Accrued interest receivable | 2,000 | 2,000 | 2,000 | |||||
Interest and dividends on investments | ||||||||
Taxable interest | 4,547 | $ 2,714 | 12,831 | $ 7,001 | ||||
Interest exempt from U.S. federal income tax | 83 | 220 | 252 | 263 | ||||
Dividend income | 89 | 59 | 231 | 149 | ||||
Total interest and dividend income on investments | 4,719 | 2,993 | 13,314 | 7,413 | ||||
Gross realized investments losses, excluding losses from other-than-temporary impairment | ||||||||
Gross realized investment gains | 83 | 102 | 262 | 282 | ||||
Gross realized investment losses | (53) | (50) | (111) | (208) | ||||
Net realized gains on sales of investments | 30 | $ 52 | 151 | 74 | ||||
Debt securities AFS | ||||||||
Allowance for credit losses | 5 | 5 | 3 | |||||
Fair value | 241,783 | 241,783 | 249,679 | |||||
Transfer of investment securities from HTM to AFS, amortized cost | $ 3,300 | 3,324 | [1],[2],[3] | $ 0 | [1],[2],[3] | |||
Transfer of securities from HTM to AFS, unrealized gain | $ 100 | |||||||
Cumulative basis adjustments | (171) | (171) | ||||||
Gross unrealized gains excluding the effect of unallocated portfolio cumulative basis adjustments | 2 | 2 | ||||||
Gross unrealized losses excluding the effect of unallocated portfolio cumulative basis adjustments | 1,500 | 1,500 | ||||||
Debt securities available-for-sale (AFS) | ||||||||
Investments | ||||||||
Total investments | 241,783 | 241,783 | 249,679 | |||||
Debt securities held-to-maturity (HTM) | ||||||||
Investments | ||||||||
Total investments | 259,456 | 259,456 | 268,863 | |||||
Mortgage-backed securities - U.S. government-sponsored agency guaranteed | ||||||||
Debt securities AFS | ||||||||
Amortized cost | 20,750 | 20,750 | 12,009 | |||||
Gross unrealized gains | 23 | 23 | 8 | |||||
Gross unrealized losses | 958 | 958 | 755 | |||||
Allowance for credit losses | 0 | 0 | 0 | |||||
Fair value | 19,815 | 19,815 | 11,262 | |||||
Residential mortgages | ||||||||
Debt securities AFS | ||||||||
Amortized cost | 310 | 310 | 488 | |||||
Gross unrealized gains | 0 | 0 | 0 | |||||
Gross unrealized losses | 3 | 3 | 3 | |||||
Allowance for credit losses | 0 | 0 | 0 | |||||
Fair value | 307 | 307 | 485 | |||||
Commercial | ||||||||
Debt securities AFS | ||||||||
Amortized cost | 1 | 1 | 2 | |||||
Gross unrealized gains | 0 | 0 | 0 | |||||
Gross unrealized losses | 0 | 0 | 0 | |||||
Allowance for credit losses | 0 | 0 | 0 | |||||
Fair value | 1 | 1 | 2 | |||||
Mortgage-backed securities | ||||||||
Debt securities AFS | ||||||||
Amortized cost | 21,061 | 21,061 | 12,499 | |||||
Gross unrealized gains | 23 | 23 | 8 | |||||
Gross unrealized losses | 961 | 961 | 758 | |||||
Allowance for credit losses | 0 | 0 | 0 | |||||
Fair value | 20,123 | 20,123 | 11,749 | |||||
U.S. Treasury | ||||||||
Debt securities AFS | ||||||||
Amortized cost | 83,029 | 83,029 | 94,732 | |||||
Gross unrealized gains | 21 | 21 | 50 | |||||
Gross unrealized losses | 1,782 | 1,782 | 2,492 | |||||
Allowance for credit losses | 0 | 0 | 0 | |||||
Fair value | 81,268 | 81,268 | 92,290 | |||||
Agency obligations | ||||||||
Debt securities AFS | ||||||||
Amortized cost | 0 | 0 | 0 | |||||
Gross unrealized gains | 0 | 0 | 0 | |||||
Gross unrealized losses | 0 | 0 | 0 | |||||
Allowance for credit losses | 0 | 0 | 0 | |||||
Fair value | 0 | 0 | 0 | |||||
U.S. Treasury and federal agency securities | ||||||||
Debt securities AFS | ||||||||
Amortized cost | 83,029 | 83,029 | 94,732 | |||||
Gross unrealized gains | 21 | 21 | 50 | |||||
Gross unrealized losses | 1,782 | 1,782 | 2,492 | |||||
Allowance for credit losses | 0 | 0 | 0 | |||||
Fair value | 81,268 | 81,268 | 92,290 | |||||
State and municipal | ||||||||
Debt securities AFS | ||||||||
Amortized cost | 2,204 | 2,204 | 2,363 | |||||
Gross unrealized gains | 6 | 6 | 19 | |||||
Gross unrealized losses | 179 | 179 | 159 | |||||
Allowance for credit losses | 0 | 0 | 0 | |||||
Fair value | 2,031 | 2,031 | 2,223 | |||||
Foreign government | ||||||||
Debt securities AFS | ||||||||
Amortized cost | 127,245 | 127,245 | 135,648 | |||||
Gross unrealized gains | 234 | 234 | 569 | |||||
Gross unrealized losses | 2,083 | 2,083 | 2,940 | |||||
Allowance for credit losses | 0 | 0 | 0 | |||||
Fair value | 125,396 | 125,396 | 133,277 | |||||
Corporate | ||||||||
Debt securities AFS | ||||||||
Amortized cost | 5,653 | 5,653 | 5,146 | |||||
Gross unrealized gains | 13 | 13 | 19 | |||||
Gross unrealized losses | 268 | 268 | 246 | |||||
Allowance for credit losses | 5 | 5 | 3 | |||||
Fair value | 5,393 | 5,393 | 4,916 | |||||
Asset-backed securities | ||||||||
Debt securities AFS | ||||||||
Amortized cost | 681 | 681 | 1,022 | |||||
Gross unrealized gains | 3 | 3 | 12 | |||||
Gross unrealized losses | 2 | 2 | 4 | |||||
Allowance for credit losses | 0 | 0 | 0 | |||||
Fair value | 682 | 682 | 1,030 | |||||
Other debt securities | ||||||||
Debt securities AFS | ||||||||
Amortized cost | 6,890 | 6,890 | 4,198 | |||||
Gross unrealized gains | 2 | 2 | 1 | |||||
Gross unrealized losses | 2 | 2 | 5 | |||||
Allowance for credit losses | 0 | 0 | 0 | |||||
Fair value | 6,890 | 6,890 | 4,194 | |||||
Debt securities AFS | ||||||||
Debt securities AFS | ||||||||
Amortized cost | 246,763 | 246,763 | 255,608 | |||||
Gross unrealized gains | 302 | 302 | 678 | |||||
Gross unrealized losses | 5,277 | 5,277 | 6,604 | |||||
Allowance for credit losses | 5 | 5 | 3 | |||||
Fair value | 241,783 | 241,783 | 249,679 | |||||
Cumulative basis adjustments | (500) | (500) | ||||||
Fair value | Marketable equity securities carried at fair value | ||||||||
Investments | ||||||||
Total investments | 283 | 283 | 429 | |||||
Fair value | Non-marketable equity securities | ||||||||
Investments | ||||||||
Total investments | 455 | 455 | 466 | |||||
Fair value | Non-marketable securities measured using measurement alternative | ||||||||
Investments | ||||||||
Total investments | 1,621 | 1,621 | 1,676 | |||||
Non-marketable equity securities measured using the measurement alternative | 24 | 24 | 27 | |||||
Carried at cost | Non-marketable equity securities | ||||||||
Investments | ||||||||
Total investments | $ 5,400 | $ 5,400 | $ 5,469 | |||||
[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 25 for more information and balances as of September 30, 2023.[2]See Note 2 for further information on significant disposals.[3]n January 2023, Citi adopted ASU 2022-01. Upon adoption, Citi transferred $3.3 billion of mortgage-backed securities from HTM classification to AFS classification as allowed under the ASU. At the time of transfer, the securities were in an unrealized gain position of $0.1 billion, which was recorded in AOCI upon transfer. |
INVESTMENTS - Fair Value of AFS
INVESTMENTS - Fair Value of AFS Securities (Details) - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 |
Fair value | ||
Less than 12 months | $ 109,320 | $ 138,567 |
12 months or longer | 79,897 | 53,695 |
Total | 189,217 | 192,262 |
Gross unrealized losses | ||
Less than 12 months | 2,543 | 3,997 |
12 months or longer | 2,734 | 2,607 |
Total | 5,277 | 6,604 |
Mortgage-backed securities - U.S. government-sponsored agency guaranteed | ||
Fair value | ||
Less than 12 months | 7,751 | 7,908 |
12 months or longer | 8,945 | 3,290 |
Total | 16,696 | 11,198 |
Gross unrealized losses | ||
Less than 12 months | 154 | 412 |
12 months or longer | 804 | 343 |
Total | 958 | 755 |
Residential mortgages | ||
Fair value | ||
Less than 12 months | 298 | 158 |
12 months or longer | 4 | 1 |
Total | 302 | 159 |
Gross unrealized losses | ||
Less than 12 months | 3 | 3 |
12 months or longer | 0 | 0 |
Total | 3 | 3 |
Commercial | ||
Fair value | ||
Less than 12 months | 0 | 1 |
12 months or longer | 0 | 1 |
Total | 0 | 2 |
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 | 8,049 | 8,067 |
12 months or longer | 8,949 | 3,292 |
Total | 16,998 | 11,359 |
Gross unrealized losses | ||
Less than 12 months | 157 | 415 |
12 months or longer | 804 | 343 |
Total | 961 | 758 |
U.S. Treasury | ||
Fair value | ||
Less than 12 months | 23,045 | 40,701 |
12 months or longer | 48,721 | 34,692 |
Total | 71,766 | 75,393 |
Gross unrealized losses | ||
Less than 12 months | 705 | 1,001 |
12 months or longer | 1,077 | 1,491 |
Total | 1,782 | 2,492 |
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 | 23,045 | 40,701 |
12 months or longer | 48,721 | 34,692 |
Total | 71,766 | 75,393 |
Gross unrealized losses | ||
Less than 12 months | 705 | 1,001 |
12 months or longer | 1,077 | 1,491 |
Total | 1,782 | 2,492 |
State and municipal | ||
Fair value | ||
Less than 12 months | 751 | 896 |
12 months or longer | 864 | 707 |
Total | 1,615 | 1,603 |
Gross unrealized losses | ||
Less than 12 months | 39 | 31 |
12 months or longer | 140 | 128 |
Total | 179 | 159 |
Foreign government | ||
Fair value | ||
Less than 12 months | 73,044 | 82,900 |
12 months or longer | 19,780 | 14,220 |
Total | 92,824 | 97,120 |
Gross unrealized losses | ||
Less than 12 months | 1,425 | 2,332 |
12 months or longer | 658 | 608 |
Total | 2,083 | 2,940 |
Corporate | ||
Fair value | ||
Less than 12 months | 2,858 | 3,082 |
12 months or longer | 1,583 | 784 |
Total | 4,441 | 3,866 |
Gross unrealized losses | ||
Less than 12 months | 213 | 209 |
12 months or longer | 55 | 37 |
Total | 268 | 246 |
Asset-backed securities | ||
Fair value | ||
Less than 12 months | 214 | 708 |
12 months or longer | 0 | 0 |
Total | 214 | 708 |
Gross unrealized losses | ||
Less than 12 months | 2 | 4 |
12 months or longer | 0 | 0 |
Total | 2 | 4 |
Other debt securities | ||
Fair value | ||
Less than 12 months | 1,359 | 2,213 |
12 months or longer | 0 | 0 |
Total | 1,359 | 2,213 |
Gross unrealized losses | ||
Less than 12 months | 2 | 5 |
12 months or longer | 0 | 0 |
Total | $ 2 | $ 5 |
INVESTMENTS - Fair Value of A_2
INVESTMENTS - Fair Value of AFS Debt Securities by Contractual Maturity Date (Details) - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 |
Fair value | ||
Total fair value | $ 241,783 | $ 249,679 |
Cumulative basis adjustments | (171) | |
Mortgage-backed securities | ||
Amoritzed cost | ||
Amortized cost, due within 1 year | 10 | 42 |
Amortized cost, after 1 but within 5 years | 364 | 523 |
Amortized cost, after 5 but within 10 years | 570 | 468 |
Amortized cost, after 10 years | 20,659 | 11,466 |
Amortized cost | 21,603 | 12,499 |
Fair value | ||
Fair value, due within 1 year | 10 | 44 |
Fair value, after 1 but within 5 years | 354 | 513 |
Fair value, after 5 but within 10 years | 527 | 440 |
Fair value, after 10 years | 19,232 | 10,752 |
Total fair value | 20,123 | 11,749 |
U.S. Treasury and federal agency securities | ||
Amoritzed cost | ||
Amortized cost, due within 1 year | 35,939 | 25,935 |
Amortized cost, after 1 but within 5 years | 46,561 | 68,455 |
Amortized cost, after 5 but within 10 years | 529 | 342 |
Amortized cost, after 10 years | 0 | 0 |
Amortized cost | 83,029 | 94,732 |
Fair value | ||
Fair value, due within 1 year | 35,588 | 25,829 |
Fair value, after 1 but within 5 years | 45,219 | 66,166 |
Fair value, after 5 but within 10 years | 461 | 295 |
Fair value, after 10 years | 0 | 0 |
Total fair value | 81,268 | 92,290 |
State and municipal | ||
Amoritzed cost | ||
Amortized cost, due within 1 year | 13 | 19 |
Amortized cost, after 1 but within 5 years | 106 | 94 |
Amortized cost, after 5 but within 10 years | 326 | 305 |
Amortized cost, after 10 years | 1,759 | 1,945 |
Amortized cost | 2,204 | 2,363 |
Fair value | ||
Fair value, due within 1 year | 12 | 18 |
Fair value, after 1 but within 5 years | 103 | 92 |
Fair value, after 5 but within 10 years | 310 | 302 |
Fair value, after 10 years | 1,606 | 1,811 |
Total fair value | 2,031 | 2,223 |
Foreign government | ||
Amoritzed cost | ||
Amortized cost, due within 1 year | 60,383 | 64,795 |
Amortized cost, after 1 but within 5 years | 60,881 | 67,935 |
Amortized cost, after 5 but within 10 years | 5,490 | 2,491 |
Amortized cost, after 10 years | 491 | 427 |
Amortized cost | 127,245 | 135,648 |
Fair value | ||
Fair value, due within 1 year | 59,996 | 64,479 |
Fair value, after 1 but within 5 years | 59,656 | 66,150 |
Fair value, after 5 but within 10 years | 5,326 | 2,250 |
Fair value, after 10 years | 418 | 398 |
Total fair value | 125,396 | 133,277 |
All other | ||
Amoritzed cost | ||
Amortized cost, due within 1 year | 6,169 | 4,452 |
Amortized cost, after 1 but within 5 years | 6,172 | 5,162 |
Amortized cost, after 5 but within 10 years | 818 | 695 |
Amortized cost, after 10 years | 65 | 57 |
Amortized cost | 13,224 | 10,366 |
Fair value | ||
Fair value, due within 1 year | 6,161 | 4,441 |
Fair value, after 1 but within 5 years | 5,962 | 4,988 |
Fair value, after 5 but within 10 years | 813 | 693 |
Fair value, after 10 years | 29 | 18 |
Total fair value | 12,965 | 10,140 |
Debt securities AFS | ||
Amoritzed cost | ||
Amortized cost | 247,305 | 255,608 |
Fair value | ||
Total fair value | 241,783 | $ 249,679 |
Cumulative basis adjustments | $ (500) |
INVESTMENTS - Debt Securities H
INVESTMENTS - Debt Securities Held-to-Maturity (Details) - USD ($) $ in Millions | 1 Months Ended | |||
Jan. 31, 2023 | Sep. 30, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | |
Held-to-maturity debt securities | ||||
Amortized cost, net | $ 259,456 | $ 268,863 | ||
Gross unrealized gains | 10 | 101 | ||
Gross unrealized losses | 28,464 | 25,316 | ||
Fair value | 231,002 | 243,648 | ||
Allowance for credit losses on HTM debt securities | 95 | 120 | $ 115 | |
Transfer of securities from HTM to AFS, unrealized gain | $ 100 | |||
Mortgage-backed securities - U.S. government-sponsored agency guaranteed | ||||
Held-to-maturity debt securities | ||||
Amortized cost, net | 81,442 | 90,063 | ||
Gross unrealized gains | 0 | 58 | ||
Gross unrealized losses | 13,354 | 10,033 | ||
Fair value | 68,088 | 80,088 | ||
Mortgage-backed securities - Non-U.S. residential | ||||
Held-to-maturity debt securities | ||||
Amortized cost, net | 330 | 445 | ||
Gross unrealized gains | 0 | 0 | ||
Gross unrealized losses | 0 | 0 | ||
Fair value | 330 | 445 | ||
Commercial | ||||
Held-to-maturity debt securities | ||||
Amortized cost, net | 1,133 | 1,114 | ||
Gross unrealized gains | 0 | 5 | ||
Gross unrealized losses | 169 | 1 | ||
Fair value | 964 | 1,118 | ||
Mortgage-backed securities | ||||
Held-to-maturity debt securities | ||||
Amortized cost, net | 82,905 | 91,622 | ||
Gross unrealized gains | 0 | 63 | ||
Gross unrealized losses | 13,523 | 10,034 | ||
Fair value | 69,382 | 81,651 | ||
U.S. treasury securities | ||||
Held-to-maturity debt securities | ||||
Amortized cost, net | 134,934 | 134,961 | ||
Gross unrealized gains | 0 | 0 | ||
Gross unrealized losses | 13,413 | 13,722 | ||
Fair value | 121,521 | 121,239 | ||
State and municipal | ||||
Held-to-maturity debt securities | ||||
Amortized cost, net | 9,103 | 9,237 | ||
Gross unrealized gains | 9 | 34 | ||
Gross unrealized losses | 1,188 | 764 | ||
Fair value | 7,924 | 8,507 | ||
Foreign government | ||||
Held-to-maturity debt securities | ||||
Amortized cost, net | 2,314 | 2,075 | ||
Gross unrealized gains | 0 | 0 | ||
Gross unrealized losses | 89 | 93 | ||
Fair value | 2,225 | 1,982 | ||
Asset-backed securities | ||||
Held-to-maturity debt securities | ||||
Amortized cost, net | 30,200 | 30,968 | ||
Gross unrealized gains | 1 | 4 | ||
Gross unrealized losses | 251 | 703 | ||
Fair value | $ 29,950 | $ 30,269 |
INVESTMENTS - Carrying Value an
INVESTMENTS - Carrying Value and Fair Value of HTM Debt Securities by Contractual Maturity Dates (Details) - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 | Sep. 30, 2022 |
Held-to-maturity Securities, Debt Maturities, Net Carrying Amount; | |||
Amortized cost, net | $ 259,456 | $ 268,863 | |
Held-to-maturity Securities, Debt Maturities, Fair Value; | |||
Fair value | 231,002 | 243,648 | |
Allowance for credit losses on HTM debt securities | 95 | 120 | $ 115 |
Mortgage-backed securities | |||
Held-to-maturity Securities, Debt Maturities, Net Carrying Amount; | |||
Due within 1 year, amortized cost | 20 | 27 | |
After 1 but within 5 years, amortized cost | 660 | 520 | |
After 5 but within 10 years, amortized cost | 1,229 | 1,496 | |
After 10 years, amortized cost | 80,996 | 89,579 | |
Amortized cost, net | 82,905 | 91,622 | |
Held-to-maturity Securities, Debt Maturities, Fair Value; | |||
Due within 1 year, fair value | 20 | 27 | |
After 1 but within 5 years, fair value | 622 | 505 | |
After 5 but within 10 years, fair value | 1,094 | 1,374 | |
After 10 years, fair value | 67,646 | 79,745 | |
Fair value | 69,382 | 81,651 | |
U.S. treasury securities | |||
Held-to-maturity Securities, Debt Maturities, Net Carrying Amount; | |||
Due within 1 year, amortized cost | 3,403 | 3,148 | |
After 1 but within 5 years, amortized cost | 130,534 | 86,617 | |
After 5 but within 10 years, amortized cost | 997 | 45,196 | |
After 10 years, amortized cost | 0 | 0 | |
Amortized cost, net | 134,934 | 134,961 | |
Held-to-maturity Securities, Debt Maturities, Fair Value; | |||
Due within 1 year, fair value | 3,360 | 3,017 | |
After 1 but within 5 years, fair value | 117,304 | 79,104 | |
After 5 but within 10 years, fair value | 857 | 39,118 | |
After 10 years, fair value | 0 | 0 | |
Fair value | 121,521 | 121,239 | |
State and municipal | |||
Held-to-maturity Securities, Debt Maturities, Net Carrying Amount; | |||
Due within 1 year, amortized cost | 30 | 22 | |
After 1 but within 5 years, amortized cost | 116 | 102 | |
After 5 but within 10 years, amortized cost | 1,289 | 1,002 | |
After 10 years, amortized cost | 7,668 | 8,111 | |
Amortized cost, net | 9,103 | 9,237 | |
Held-to-maturity Securities, Debt Maturities, Fair Value; | |||
Due within 1 year, fair value | 30 | 21 | |
After 1 but within 5 years, fair value | 113 | 100 | |
After 5 but within 10 years, fair value | 1,187 | 967 | |
After 10 years, fair value | 6,594 | 7,419 | |
Fair value | 7,924 | 8,507 | |
Foreign government | |||
Held-to-maturity Securities, Debt Maturities, Net Carrying Amount; | |||
Due within 1 year, amortized cost | 1,131 | 143 | |
After 1 but within 5 years, amortized cost | 1,183 | 1,932 | |
After 5 but within 10 years, amortized cost | 0 | 0 | |
After 10 years, amortized cost | 0 | 0 | |
Amortized cost, net | 2,314 | 2,075 | |
Held-to-maturity Securities, Debt Maturities, Fair Value; | |||
Due within 1 year, fair value | 1,090 | 139 | |
After 1 but within 5 years, fair value | 1,135 | 1,843 | |
After 5 but within 10 years, fair value | 0 | 0 | |
After 10 years, fair value | 0 | 0 | |
Fair value | 2,225 | 1,982 | |
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 | 1 | 0 | |
After 5 but within 10 years, amortized cost | 12,016 | 11,751 | |
After 10 years, amortized cost | 18,183 | 19,217 | |
Amortized cost, net | 30,200 | 30,968 | |
Held-to-maturity Securities, Debt Maturities, Fair Value; | |||
Due within 1 year, fair value | 0 | 0 | |
After 1 but within 5 years, fair value | 1 | 0 | |
After 5 but within 10 years, fair value | 11,970 | 11,583 | |
After 10 years, fair value | 17,979 | 18,686 | |
Fair value | $ 29,950 | $ 30,269 |
INVESTMENTS - Recognition and M
INVESTMENTS - Recognition and Measurement of Impairment (Details) - Debt securities available-for-sale (AFS) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
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 | 43 | 74 | 137 | 254 |
Total impairment losses recognized in earnings | $ 43 | $ 74 | $ 137 | $ 254 |
INVESTMENTS - Allowance for Cre
INVESTMENTS - Allowance for Credit Losses on AFS Debt Securities (Details) - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 |
Investments, Debt and Equity Securities [Abstract] | ||
Allowance for credit losses | $ 5 | $ 3 |
INVESTMENTS - Carrying Value of
INVESTMENTS - Carrying Value of Non-marketable Equity Securities Measured Using the Measurement Alternative (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | |
Equity Securities without Readily Determinable Fair Value, Annual Amount [Abstract] | |||||
Measurement alternative—carrying value | $ 1,621 | $ 1,621 | $ 1,676 | ||
Measurement alternative—impairment losses | 27 | $ 17 | 90 | $ 23 | |
Measurement alternative—downward changes for observable prices | 4 | 0 | 24 | 0 | |
Measurement alternative—upward changes for observable prices | 17 | 7 | 49 | $ 141 | |
Equity Securities without Readily Determinable Fair Value, Impairment Loss, Cumulative Amount [Abstract] | |||||
Measurement alternative—impairment losses | 299 | 299 | |||
Measurement alternative—downward changes for observable prices | 28 | 28 | |||
Measurement alternative—upward changes for observable prices | 913 | $ 913 | |||
Non-marketable equity securities, impairment loss recognized in earnings | $ 0 | $ 0 |
LOANS - Corporate Loans (Detail
LOANS - Corporate Loans (Details) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2023 USD ($) category | Sep. 30, 2022 USD ($) | Sep. 30, 2023 USD ($) category | Sep. 30, 2022 USD ($) | Dec. 31, 2022 USD ($) | |
Receivables [Abstract] | |||||
Number of loan categories | category | 2 | 2 | |||
Loans | |||||
Loans, net of unearned income | $ 666,348 | $ 666,348 | $ 657,221 | ||
Unallocated portfolio layer cumulative basis adjustments | (171) | (171) | |||
Lease financing | |||||
Loans | |||||
Loans, net of unearned income | 300 | 300 | 400 | ||
Corporate loans | |||||
Loans | |||||
Loans sold and/or reclassified to held-for-sale | 1,300 | $ 2,200 | 4,200 | $ 3,700 | |
Loans, net of unearned income | 288,634 | 288,634 | 289,154 | ||
Corporate loans, net of unearned income, excluding portfolio layer cumulative basis adjustments | 288,805 | 288,805 | 289,154 | ||
Unallocated portfolio layer cumulative basis adjustments | (171) | (171) | 0 | ||
Corporate loans, net of unearned income | 288,634 | 288,634 | 289,154 | ||
Unearned income | (806) | (806) | (797) | ||
Accrued interest receivable | 2,000 | 2,000 | 2,000 | ||
Corporate loans | Commercial and industrial | |||||
Loans | |||||
Loans, net of unearned income | 147,803 | ||||
Corporate loans | Financial institutions | |||||
Loans | |||||
Loans, net of unearned income | 64,907 | ||||
Corporate loans | Mortgage and real estate | |||||
Loans | |||||
Loans, net of unearned income | 21,949 | ||||
Corporate loans | Lease financing | |||||
Loans | |||||
Loans, net of unearned income | 354 | ||||
Corporate loans | In North America offices | |||||
Loans | |||||
Loans, net of unearned income | 135,790 | 135,790 | 141,479 | ||
Corporate loans | In North America offices | Commercial and industrial | |||||
Loans | |||||
Loans, net of unearned income | 58,130 | 58,130 | 56,176 | ||
Corporate loans | In North America offices | Financial institutions | |||||
Loans | |||||
Loans, net of unearned income | 36,783 | 36,783 | 43,399 | ||
Corporate loans | In North America offices | Mortgage and real estate | |||||
Loans | |||||
Loans, net of unearned income | 17,445 | 17,445 | 17,829 | ||
Corporate loans | In North America offices | Installment and other | |||||
Loans | |||||
Loans, net of unearned income | 23,207 | 23,207 | 23,767 | ||
Corporate loans | In North America offices | Lease financing | |||||
Loans | |||||
Loans, net of unearned income | 225 | 225 | 308 | ||
Corporate loans | In offices outside North America | |||||
Loans | |||||
Loans, net of unearned income | 153,015 | 153,015 | 147,675 | ||
Corporate loans | In offices outside North America | Commercial and industrial | |||||
Loans | |||||
Loans, net of unearned income | 95,528 | 95,528 | 93,967 | ||
Corporate loans | In offices outside North America | Financial institutions | |||||
Loans | |||||
Loans, net of unearned income | 23,759 | 23,759 | 21,931 | ||
Corporate loans | In offices outside North America | Mortgage and real estate | |||||
Loans | |||||
Loans, net of unearned income | 6,481 | 6,481 | 4,179 | ||
Corporate loans | In offices outside North America | Installment and other | |||||
Loans | |||||
Loans, net of unearned income | 24,407 | 24,407 | 23,347 | ||
Corporate loans | In offices outside North America | Lease financing | |||||
Loans | |||||
Loans, net of unearned income | 46 | 46 | 46 | ||
Corporate loans | In offices outside North America | Government and official institutions | |||||
Loans | |||||
Loans, net of unearned income | $ 2,794 | $ 2,794 | $ 4,205 |
LOANS - Corporate Loan Delinque
LOANS - Corporate Loan Delinquency (Details) - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 |
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | $ 666,348 | $ 657,221 |
Loans at fair value | 7,411 | 5,360 |
Cumulative basis adjustments | (171) | |
Lease financing | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 300 | 400 |
Corporate loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Past due and accruing | 894 | 1,898 |
Total non-accrual | 1,975 | 1,122 |
Loans net of unearned income, before adjustments | 288,805 | |
Loans, net of unearned income | 288,634 | 289,154 |
Loans at fair value | 7,189 | 5,123 |
Cumulative basis adjustments | (171) | 0 |
Corporate loans | Commercial and industrial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Past due and accruing | 585 | 1,357 |
Total non-accrual | 903 | 860 |
Loans net of unearned income, before adjustments | 150,395 | |
Loans, net of unearned income | 147,803 | |
Corporate loans | Financial institutions | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Past due and accruing | 111 | 335 |
Total non-accrual | 87 | 152 |
Loans net of unearned income, before adjustments | 60,146 | |
Loans, net of unearned income | 64,907 | |
Corporate loans | Mortgage and real estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Past due and accruing | 108 | 42 |
Total non-accrual | 821 | 33 |
Loans net of unearned income, before adjustments | 23,861 | |
Loans, net of unearned income | 21,949 | |
Corporate loans | Lease financing | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Past due and accruing | 0 | 1 |
Total non-accrual | 0 | 10 |
Loans net of unearned income, before adjustments | 271 | |
Loans, net of unearned income | 354 | |
Corporate loans | Other | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Past due and accruing | 90 | 163 |
Total non-accrual | 164 | 67 |
Loans net of unearned income, before adjustments | 46,943 | |
Loans, net of unearned income | 49,018 | |
Corporate loans | 30–89 days past due | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Past due and accruing | 586 | 1,171 |
Corporate loans | 30–89 days past due | Commercial and industrial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Past due and accruing | 402 | 763 |
Corporate loans | 30–89 days past due | Financial institutions | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Past due and accruing | 106 | 233 |
Corporate loans | 30–89 days past due | Mortgage and real estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Past due and accruing | 8 | 30 |
Corporate loans | 30–89 days past due | Lease financing | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Past due and accruing | 0 | 0 |
Corporate loans | 30–89 days past due | Other | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Past due and accruing | 70 | 145 |
Corporate loans | Equal to and greater than 90 days past due and accruing | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Past due and accruing | 308 | 727 |
Corporate loans | 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 | 183 | 594 |
Corporate loans | Equal to and greater than 90 days past due and accruing | Financial institutions | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Past due and accruing | 5 | 102 |
Corporate loans | 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 | 100 | 12 |
Corporate loans | 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 | 1 |
Corporate loans | Equal to and greater than 90 days past due and accruing | Other | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Past due and accruing | 20 | 18 |
Corporate loans | Current | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans net of unearned income, before adjustments | 278,747 | |
Loans, net of unearned income | 281,011 | |
Corporate loans | Current | Commercial and industrial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans net of unearned income, before adjustments | 148,907 | |
Loans, net of unearned income | 145,586 | |
Corporate loans | Current | Financial institutions | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans net of unearned income, before adjustments | 59,948 | |
Loans, net of unearned income | 64,420 | |
Corporate loans | Current | Mortgage and real estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans net of unearned income, before adjustments | 22,932 | |
Loans, net of unearned income | 21,874 | |
Corporate loans | Current | Lease financing | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans net of unearned income, before adjustments | 271 | |
Loans, net of unearned income | 343 | |
Corporate loans | Current | Other | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans net of unearned income, before adjustments | $ 46,689 | |
Loans, net of unearned income | $ 48,788 |
LOANS - Corporate Loans Credit
LOANS - Corporate Loans Credit Quality Indicators (Details) - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 |
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans, net of unearned income | $ 666,348 | $ 657,221 |
Loans at fair value | 7,411 | 5,360 |
Cumulative basis adjustments | (171) | |
Corporate loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans, net of unearned income | 288,634 | 289,154 |
Total non-accrual | 1,975 | 1,122 |
Loans at fair value | 7,189 | 5,123 |
Cumulative basis adjustments | (171) | 0 |
Corporate loans | Commercial and industrial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans, net of unearned income | 147,803 | |
Total non-accrual | 903 | 860 |
Corporate loans | Financial institutions | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans, net of unearned income | 64,907 | |
Total non-accrual | 87 | 152 |
Corporate loans | Mortgage and real estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans, net of unearned income | 21,949 | |
Total non-accrual | 821 | 33 |
Corporate loans | Other | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans, net of unearned income | 49,018 | |
Total non-accrual | 164 | 67 |
Corporate loans | Corporate loans, net of unearned income(7) | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 76,634 | 88,444 |
One year prior to current fiscal year | 30,777 | 21,137 |
Two years prior to current fiscal year | 17,782 | 13,019 |
Three years prior to current fiscal year | 9,569 | 10,492 |
Four years prior to current fiscal year | 8,224 | 8,051 |
Prior | 20,963 | 18,854 |
Revolving line of credit arrangements | 117,667 | 124,034 |
Total loans, net of unearned income | 288,805 | 289,154 |
Loans at fair value | 7,189 | 5,123 |
Corporate loans | Investment grade | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 56,132 | 64,574 |
One year prior to current fiscal year | 22,514 | 15,924 |
Two years prior to current fiscal year | 13,135 | 9,904 |
Three years prior to current fiscal year | 6,996 | 7,642 |
Four years prior to current fiscal year | 6,017 | 6,196 |
Prior | 16,116 | 13,913 |
Revolving line of credit arrangements | 97,193 | 102,777 |
Total loans, net of unearned income | 218,103 | 220,930 |
Corporate loans | Investment grade | Commercial and industrial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 42,312 | 40,639 |
One year prior to current fiscal year | 7,844 | 6,124 |
Two years prior to current fiscal year | 4,809 | 3,620 |
Three years prior to current fiscal year | 2,441 | 3,458 |
Four years prior to current fiscal year | 2,751 | 2,617 |
Prior | 7,538 | 7,048 |
Revolving line of credit arrangements | 36,301 | 38,358 |
Total loans, net of unearned income | 103,996 | 101,864 |
Corporate loans | Investment grade | Financial institutions | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 9,518 | 11,850 |
One year prior to current fiscal year | 4,050 | 3,877 |
Two years prior to current fiscal year | 3,048 | 835 |
Three years prior to current fiscal year | 520 | 922 |
Four years prior to current fiscal year | 603 | 333 |
Prior | 1,978 | 1,327 |
Revolving line of credit arrangements | 33,069 | 37,462 |
Total loans, net of unearned income | 52,786 | 56,606 |
Corporate loans | Investment grade | Mortgage and real estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 2,075 | 4,436 |
One year prior to current fiscal year | 4,881 | 3,236 |
Two years prior to current fiscal year | 3,874 | 4,010 |
Three years prior to current fiscal year | 3,026 | 2,619 |
Four years prior to current fiscal year | 1,725 | 1,127 |
Prior | 1,903 | 1,706 |
Revolving line of credit arrangements | 141 | 152 |
Total loans, net of unearned income | 17,625 | 17,286 |
Corporate loans | Investment grade | Other | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 2,227 | 7,649 |
One year prior to current fiscal year | 5,739 | 2,687 |
Two years prior to current fiscal year | 1,404 | 1,439 |
Three years prior to current fiscal year | 1,009 | 643 |
Four years prior to current fiscal year | 938 | 2,119 |
Prior | 4,697 | 3,832 |
Revolving line of credit arrangements | 27,682 | 26,805 |
Total loans, net of unearned income | 43,696 | 45,174 |
Corporate loans | Non-investment grade | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 20,502 | 23,870 |
One year prior to current fiscal year | 8,263 | 5,213 |
Two years prior to current fiscal year | 4,647 | 3,115 |
Three years prior to current fiscal year | 2,573 | 2,850 |
Four years prior to current fiscal year | 2,207 | 1,855 |
Prior | 4,847 | 4,941 |
Revolving line of credit arrangements | 20,474 | 21,257 |
Total loans, net of unearned income | 63,513 | 63,101 |
Corporate loans | Non-investment grade, accrual | Commercial and industrial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 16,057 | 17,278 |
One year prior to current fiscal year | 5,183 | 3,139 |
Two years prior to current fiscal year | 2,328 | 1,973 |
Three years prior to current fiscal year | 1,650 | 1,331 |
Four years prior to current fiscal year | 920 | 965 |
Prior | 2,967 | 3,546 |
Revolving line of credit arrangements | 16,391 | 16,848 |
Total loans, net of unearned income | 45,496 | 45,080 |
Corporate loans | Non-investment grade, accrual | Financial institutions | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 3,172 | 4,708 |
One year prior to current fiscal year | 1,115 | 630 |
Two years prior to current fiscal year | 842 | 197 |
Three years prior to current fiscal year | 16 | 254 |
Four years prior to current fiscal year | 175 | 47 |
Prior | 205 | 240 |
Revolving line of credit arrangements | 1,748 | 2,073 |
Total loans, net of unearned income | 7,273 | 8,149 |
Corporate loans | Non-investment grade, accrual | Mortgage and real estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 658 | 582 |
One year prior to current fiscal year | 776 | 835 |
Two years prior to current fiscal year | 946 | 429 |
Three years prior to current fiscal year | 677 | 729 |
Four years prior to current fiscal year | 653 | 783 |
Prior | 1,103 | 801 |
Revolving line of credit arrangements | 602 | 472 |
Total loans, net of unearned income | 5,415 | 4,631 |
Corporate loans | Non-investment grade, accrual | Other | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 513 | 1,244 |
One year prior to current fiscal year | 786 | 559 |
Two years prior to current fiscal year | 376 | 391 |
Three years prior to current fiscal year | 202 | 413 |
Four years prior to current fiscal year | 215 | 1 |
Prior | 132 | 219 |
Revolving line of credit arrangements | 1,130 | 1,292 |
Total loans, net of unearned income | 3,354 | 4,119 |
Corporate loans | Non-investment grade, non-accrual | Commercial and industrial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 80 | 1 |
One year prior to current fiscal year | 71 | 12 |
Two years prior to current fiscal year | 74 | 99 |
Three years prior to current fiscal year | 0 | 115 |
Four years prior to current fiscal year | 45 | 49 |
Prior | 178 | 105 |
Revolving line of credit arrangements | 455 | 479 |
Total non-accrual | 903 | 860 |
Corporate loans | Non-investment grade, non-accrual | Financial institutions | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 7 | 41 |
One year prior to current fiscal year | 3 | 34 |
Two years prior to current fiscal year | 28 | 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 | 49 | 77 |
Total non-accrual | 87 | 152 |
Corporate loans | Non-investment grade, non-accrual | Mortgage and real estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 3 | 10 |
One year prior to current fiscal year | 329 | 4 |
Two years prior to current fiscal year | 12 | 0 |
Three years prior to current fiscal year | 28 | 0 |
Four years prior to current fiscal year | 137 | 0 |
Prior | 260 | 19 |
Revolving line of credit arrangements | 52 | 0 |
Total non-accrual | 821 | 33 |
Corporate loans | Non-investment grade, non-accrual | Other | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 12 | 6 |
One year prior to current fiscal year | 0 | 0 |
Two years prior to current fiscal year | 41 | 26 |
Three years prior to current fiscal year | 0 | 8 |
Four years prior to current fiscal year | 62 | 10 |
Prior | 2 | 11 |
Revolving line of credit arrangements | 47 | 16 |
Total non-accrual | $ 164 | $ 77 |
LOANS - Corporate Loans Gross C
LOANS - Corporate Loans Gross Credit Losses (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total | $ 2,000 | $ 1,237 | $ 5,513 | $ 3,689 |
Corporate loans | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
2023 | 9 | |||
2022 | 19 | |||
2021 | 1 | |||
2020 | 2 | |||
2019 | 0 | |||
Prior | 4 | |||
Revolving line of credit arrangement | 162 | |||
Total | $ 72 | $ 43 | 197 | $ 148 |
Corporate loans | Commercial and industrial | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
2023 | 9 | |||
2022 | 19 | |||
2021 | 1 | |||
2020 | 1 | |||
2019 | 0 | |||
Prior | 2 | |||
Revolving line of credit arrangement | 73 | |||
Total | 105 | |||
Corporate loans | Financial institutions | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
2023 | 0 | |||
2022 | 0 | |||
2021 | 0 | |||
2020 | 0 | |||
2019 | 0 | |||
Prior | 0 | |||
Revolving line of credit arrangement | 38 | |||
Total | 38 | |||
Corporate loans | Mortgage and real estate | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
2023 | 0 | |||
2022 | 0 | |||
2021 | 0 | |||
2020 | 1 | |||
2019 | 0 | |||
Prior | 2 | |||
Revolving line of credit arrangement | 1 | |||
Total | 4 | |||
Corporate loans | Other | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
2023 | 0 | |||
2022 | 0 | |||
2021 | 0 | |||
2020 | 0 | |||
2019 | 0 | |||
Prior | 0 | |||
Revolving line of credit arrangement | 50 | |||
Total | $ 50 |
LOANS - Non-Accrual Corporate L
LOANS - Non-Accrual Corporate Loans (Details) - Corporate loans - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | |
Financing Receivable, Impaired [Line Items] | |||||
Recorded investment | $ 1,437 | $ 1,437 | $ 765 | ||
Recorded investment | 538 | 538 | 357 | ||
Related specific allowance | 370 | 370 | 323 | ||
Interest income recognized | 6 | $ 10 | 31 | $ 33 | |
Commercial and industrial | |||||
Financing Receivable, Impaired [Line Items] | |||||
Recorded investment | 718 | 718 | 583 | ||
Recorded investment | 185 | 185 | 277 | ||
Related specific allowance | 205 | 205 | 268 | ||
Financial institutions | |||||
Financing Receivable, Impaired [Line Items] | |||||
Recorded investment | 81 | 81 | 149 | ||
Recorded investment | 6 | 6 | 3 | ||
Related specific allowance | 50 | 50 | 51 | ||
Mortgage and real estate | |||||
Financing Receivable, Impaired [Line Items] | |||||
Recorded investment | 628 | 628 | 33 | ||
Recorded investment | 193 | 193 | 0 | ||
Related specific allowance | 114 | 114 | 4 | ||
Lease financing | |||||
Financing Receivable, Impaired [Line Items] | |||||
Recorded investment | 0 | 0 | 10 | ||
Other | |||||
Financing Receivable, Impaired [Line Items] | |||||
Recorded investment | 10 | 10 | 0 | ||
Recorded investment | 154 | 154 | 67 | ||
Related specific allowance | $ 1 | $ 1 | $ 0 |
LOANS - Corporate Loan Modifica
LOANS - Corporate Loan Modifications to Borrowers Experiencing Financial Difficulty (Details) - Corporate loans - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Financing Receivable, Modified [Line Items] | ||||
Total modifications balance | $ 60 | $ 178 | ||
Commitments to lend | 1,000 | 1,000 | ||
Term extension | ||||
Financing Receivable, Modified [Line Items] | ||||
Total modifications balance | 60 | 154 | ||
Combination: term extension and payment delay | ||||
Financing Receivable, Modified [Line Items] | ||||
Total modifications balance | 0 | 24 | ||
Commercial and industrial | ||||
Financing Receivable, Modified [Line Items] | ||||
Total modifications balance | $ 25 | $ 93 | ||
Weighted average term extension | 22 months | 28 months | ||
Commercial and industrial | Term extension | ||||
Financing Receivable, Modified [Line Items] | ||||
Total modifications balance | $ 25 | $ 70 | ||
Commercial and industrial | Combination: term extension and payment delay | ||||
Financing Receivable, Modified [Line Items] | ||||
Total modifications balance | 0 | 23 | ||
Financial institutions | ||||
Financing Receivable, Modified [Line Items] | ||||
Total modifications balance | 0 | 0 | ||
Financial institutions | Term extension | ||||
Financing Receivable, Modified [Line Items] | ||||
Total modifications balance | 0 | 0 | ||
Financial institutions | Combination: term extension and payment delay | ||||
Financing Receivable, Modified [Line Items] | ||||
Total modifications balance | 0 | 0 | ||
Mortgage and real estate | ||||
Financing Receivable, Modified [Line Items] | ||||
Total modifications balance | $ 35 | $ 1 | $ 85 | $ 1 |
Weighted average term extension | 55 months | 37 months | ||
Mortgage and real estate | Term extension | ||||
Financing Receivable, Modified [Line Items] | ||||
Total modifications balance | $ 35 | 1 | $ 84 | 1 |
Mortgage and real estate | Combination: term extension and payment delay | ||||
Financing Receivable, Modified [Line Items] | ||||
Total modifications balance | 0 | $ 0 | 1 | $ 0 |
Other | ||||
Financing Receivable, Modified [Line Items] | ||||
Total modifications balance | 0 | 0 | ||
Other | Term extension | ||||
Financing Receivable, Modified [Line Items] | ||||
Total modifications balance | 0 | 0 | ||
Other | Combination: term extension and payment delay | ||||
Financing Receivable, Modified [Line Items] | ||||
Total modifications balance | $ 0 | $ 0 |
LOANS - Corporate Troubled Debt
LOANS - Corporate Troubled Debt Restructurings (Details) - Corporate loans - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Financing Receivable, Modified [Line Items] | ||||
Troubled debt restructurings | $ 19 | $ 57 | ||
Total modifications balance | $ 60 | $ 178 | ||
Commercial and industrial | ||||
Financing Receivable, Modified [Line Items] | ||||
Troubled debt restructurings | 11 | 26 | ||
Total modifications balance | 25 | 93 | ||
Mortgage and real estate | ||||
Financing Receivable, Modified [Line Items] | ||||
Total modifications balance | 35 | 1 | 85 | 1 |
Other | ||||
Financing Receivable, Modified [Line Items] | ||||
Troubled debt restructurings | 7 | 30 | ||
Total modifications balance | 0 | 0 | ||
TDRs involving changes in the amount and/or timing of principal payments | ||||
Financing Receivable, Modified [Line Items] | ||||
Troubled debt restructurings | 1 | 1 | ||
TDRs involving changes in the amount and/or timing of principal payments | Commercial and industrial | ||||
Financing Receivable, Modified [Line Items] | ||||
Troubled debt restructurings | 0 | 0 | ||
TDRs involving changes in the amount and/or timing of principal payments | Other | ||||
Financing Receivable, Modified [Line Items] | ||||
Troubled debt restructurings | 0 | 0 | ||
TDRs involving vhanges in the amount and/or timing of interest payments | ||||
Financing Receivable, Modified [Line Items] | ||||
Troubled debt restructurings | 0 | 0 | ||
TDRs involving vhanges in the amount and/or timing of interest payments | Commercial and industrial | ||||
Financing Receivable, Modified [Line Items] | ||||
Troubled debt restructurings | 0 | 0 | ||
TDRs involving vhanges in the amount and/or timing of interest payments | Other | ||||
Financing Receivable, Modified [Line Items] | ||||
Troubled debt restructurings | 0 | 0 | ||
TDRs invovling changes in the amount and/or timing of both principal and interest payments | ||||
Financing Receivable, Modified [Line Items] | ||||
Troubled debt restructurings | 18 | 56 | ||
TDRs invovling changes in the amount and/or timing of both principal and interest payments | Commercial and industrial | ||||
Financing Receivable, Modified [Line Items] | ||||
Troubled debt restructurings | 11 | 26 | ||
TDRs invovling changes in the amount and/or timing of both principal and interest payments | Other | ||||
Financing Receivable, Modified [Line Items] | ||||
Troubled debt restructurings | 7 | 30 | ||
Term extension | ||||
Financing Receivable, Modified [Line Items] | ||||
Total modifications balance | 60 | 154 | ||
Term extension | Commercial and industrial | ||||
Financing Receivable, Modified [Line Items] | ||||
Total modifications balance | 25 | 70 | ||
Term extension | Mortgage and real estate | ||||
Financing Receivable, Modified [Line Items] | ||||
Total modifications balance | 35 | 1 | 84 | 1 |
Term extension | Other | ||||
Financing Receivable, Modified [Line Items] | ||||
Total modifications balance | 0 | 0 | ||
Combination: Term extension and payment delay(4) | ||||
Financing Receivable, Modified [Line Items] | ||||
Total modifications balance | 0 | 24 | ||
Combination: Term extension and payment delay(4) | Commercial and industrial | ||||
Financing Receivable, Modified [Line Items] | ||||
Total modifications balance | 0 | 23 | ||
Combination: Term extension and payment delay(4) | Mortgage and real estate | ||||
Financing Receivable, Modified [Line Items] | ||||
Total modifications balance | 0 | $ 0 | 1 | $ 0 |
Combination: Term extension and payment delay(4) | Other | ||||
Financing Receivable, Modified [Line Items] | ||||
Total modifications balance | $ 0 | $ 0 |
LOANS - Performance of Modified
LOANS - Performance of Modified Corporate Loans (Details) - Corporate loans $ in Millions | Sep. 30, 2023 USD ($) |
Financing Receivable, Modified [Line Items] | |
Total modified loans balance | $ 178 |
Current | |
Financing Receivable, Modified [Line Items] | |
Total modified loans balance | 178 |
30–89 days past due | |
Financing Receivable, Modified [Line Items] | |
Total modified loans balance | 0 |
90+ days past due | |
Financing Receivable, Modified [Line Items] | |
Total modified loans balance | 0 |
Commercial and industrial | |
Financing Receivable, Modified [Line Items] | |
Total modified loans balance | 93 |
Commercial and industrial | Current | |
Financing Receivable, Modified [Line Items] | |
Total modified loans balance | 93 |
Commercial and industrial | 30–89 days past due | |
Financing Receivable, Modified [Line Items] | |
Total modified loans balance | 0 |
Commercial and industrial | 90+ days past due | |
Financing Receivable, Modified [Line Items] | |
Total modified loans balance | 0 |
Financial institutions | |
Financing Receivable, Modified [Line Items] | |
Total modified loans balance | 0 |
Financial institutions | Current | |
Financing Receivable, Modified [Line Items] | |
Total modified loans balance | 0 |
Financial institutions | 30–89 days past due | |
Financing Receivable, Modified [Line Items] | |
Total modified loans balance | 0 |
Financial institutions | 90+ days past due | |
Financing Receivable, Modified [Line Items] | |
Total modified loans balance | 0 |
Mortgage and real estate | |
Financing Receivable, Modified [Line Items] | |
Total modified loans balance | 85 |
Mortgage and real estate | Current | |
Financing Receivable, Modified [Line Items] | |
Total modified loans balance | 85 |
Mortgage and real estate | 30–89 days past due | |
Financing Receivable, Modified [Line Items] | |
Total modified loans balance | 0 |
Mortgage and real estate | 90+ days past due | |
Financing Receivable, Modified [Line Items] | |
Total modified loans balance | 0 |
Other | |
Financing Receivable, Modified [Line Items] | |
Total modified loans balance | 0 |
Other | Current | |
Financing Receivable, Modified [Line Items] | |
Total modified loans balance | 0 |
Other | 30–89 days past due | |
Financing Receivable, Modified [Line Items] | |
Total modified loans balance | 0 |
Other | 90+ days past due | |
Financing Receivable, Modified [Line Items] | |
Total modified loans balance | $ 0 |
LOANS - Defaults of Modified Co
LOANS - Defaults of Modified Corporate Loans (Details) - Corporate loans $ in Millions | 3 Months Ended | 9 Months Ended |
Sep. 30, 2022 USD ($) | Sep. 30, 2022 USD ($) | |
Financing Receivable, Modified [Line Items] | ||
TDR balances | $ 150 | $ 150 |
Total loans defaulted within one year of modification | 0 | 0 |
Commercial and industrial | ||
Financing Receivable, Modified [Line Items] | ||
TDR balances | 114 | 114 |
Total loans defaulted within one year of modification | 0 | 0 |
Mortgage and real estate | ||
Financing Receivable, Modified [Line Items] | ||
TDR balances | 14 | 14 |
Total loans defaulted within one year of modification | 0 | 0 |
Other | ||
Financing Receivable, Modified [Line Items] | ||
TDR balances | 22 | 22 |
Total loans defaulted within one year of modification | $ 0 | $ 0 |
LOANS - Consumer Loans, Delinqu
LOANS - Consumer Loans, Delinquencies and Non-Accrual Details (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | |
Financing Receivable, Past Due [Line Items] | |||||
Loans, net of unearned income | $ 666,348 | $ 666,348 | $ 657,221 | ||
Held at fair value | 7,411 | 7,411 | 5,360 | ||
Reversal of accrued interest | 300 | $ 200 | 800 | $ 500 | |
Consumer loans | |||||
Financing Receivable, Past Due [Line Items] | |||||
Loans, net of unearned income | 377,714 | 377,714 | 368,067 | ||
Non-accrual loans for which there is no ACLL | 152 | 152 | 140 | ||
Non-accrual loans for which there is an ACLL | 1,150 | 1,150 | 1,177 | ||
Total non-accrual | 1,302 | 1,302 | 1,317 | ||
90 days past due and accruing | 2,249 | 2,249 | 1,658 | ||
Held at fair value | 222 | 222 | 237 | ||
Unearned income | 789 | 789 | 712 | ||
Accrued interest receivable | 1,000 | 1,000 | 1,000 | ||
Consumer loans | Classifiably managed | |||||
Financing Receivable, Past Due [Line Items] | |||||
Loans, net of unearned income | 29,828 | 29,828 | 31,478 | ||
Consumer loans | Current | |||||
Financing Receivable, Past Due [Line Items] | |||||
Loans, net of unearned income | 371,736 | 371,736 | 363,256 | ||
Consumer loans | 30–89 days past due | |||||
Financing Receivable, Past Due [Line Items] | |||||
Loans, net of unearned income | 2,951 | 2,951 | 2,372 | ||
Consumer loans | 90+ days past due | |||||
Financing Receivable, Past Due [Line Items] | |||||
Loans, net of unearned income | 2,792 | 2,792 | 2,153 | ||
Consumer loans | Past Due | Government-guaranteed | |||||
Financing Receivable, Past Due [Line Items] | |||||
Loans, net of unearned income | 235 | 235 | 286 | ||
Consumer loans | In North America offices | |||||
Financing Receivable, Past Due [Line Items] | |||||
Loans, net of unearned income | 302,453 | 302,453 | 289,014 | ||
Non-accrual loans for which there is no ACLL | 152 | 152 | 140 | ||
Non-accrual loans for which there is an ACLL | 572 | 572 | 608 | ||
Total non-accrual | 724 | 724 | 748 | ||
90 days past due and accruing | 2,170 | 2,170 | 1,589 | ||
Consumer loans | In North America offices | Current | |||||
Financing Receivable, Past Due [Line Items] | |||||
Loans, net of unearned income | 297,135 | 297,135 | 284,782 | ||
Consumer loans | In North America offices | 30–89 days past due | |||||
Financing Receivable, Past Due [Line Items] | |||||
Loans, net of unearned income | 2,606 | 2,606 | 2,058 | ||
Consumer loans | In North America offices | 90+ days past due | |||||
Financing Receivable, Past Due [Line Items] | |||||
Loans, net of unearned income | 2,477 | 2,477 | 1,888 | ||
Consumer loans | In North America offices | 90+ days past due | Personal Banking and Wealth Management | |||||
Financing Receivable, Past Due [Line Items] | |||||
Loans, net of unearned income | 29,800 | 29,800 | 31,500 | ||
Consumer loans | In North America offices | Past Due | Government-guaranteed | |||||
Financing Receivable, Past Due [Line Items] | |||||
Loans, net of unearned income | 235 | 235 | 286 | ||
Consumer loans | In offices outside North America | |||||
Financing Receivable, Past Due [Line Items] | |||||
Loans, net of unearned income | 75,261 | 75,261 | 79,053 | ||
Non-accrual loans for which there is no ACLL | 0 | 0 | 0 | ||
Non-accrual loans for which there is an ACLL | 578 | 578 | 569 | ||
Total non-accrual | 578 | 578 | 569 | ||
90 days past due and accruing | 79 | 79 | 69 | ||
Consumer loans | In offices outside North America | Classifiably managed | |||||
Financing Receivable, Past Due [Line Items] | |||||
Loans, net of unearned income | 16,954 | 16,954 | 17,762 | ||
Consumer loans | In offices outside North America | Current | |||||
Financing Receivable, Past Due [Line Items] | |||||
Loans, net of unearned income | 74,601 | 74,601 | 78,474 | ||
Consumer loans | In offices outside North America | 30–89 days past due | |||||
Financing Receivable, Past Due [Line Items] | |||||
Loans, net of unearned income | 345 | 345 | 314 | ||
Consumer loans | In offices outside North America | 90+ days past due | |||||
Financing Receivable, Past Due [Line Items] | |||||
Loans, net of unearned income | 315 | 315 | 265 | ||
Consumer loans | In offices outside North America | 90+ days past due | Personal Banking and Wealth Management | |||||
Financing Receivable, Past Due [Line Items] | |||||
Loans, net of unearned income | 17,000 | 17,000 | 17,800 | ||
Consumer loans | In offices outside North America | Past Due | Government-guaranteed | |||||
Financing Receivable, Past Due [Line Items] | |||||
Loans, net of unearned income | 0 | 0 | 0 | ||
Consumer loans | Residential mortgages | |||||
Financing Receivable, Past Due [Line Items] | |||||
Loans, net of unearned income | 106,369 | 106,369 | 96,039 | ||
Held at fair value | 222 | 222 | 237 | ||
Consumer loans | Residential mortgages | Classifiably managed | |||||
Financing Receivable, Past Due [Line Items] | |||||
Loans, net of unearned income | 0 | 0 | |||
Consumer loans | Residential mortgages | In North America offices | |||||
Financing Receivable, Past Due [Line Items] | |||||
Loans, net of unearned income | 106,369 | 106,369 | 96,039 | ||
Non-accrual loans for which there is no ACLL | 102 | 102 | 86 | ||
Non-accrual loans for which there is an ACLL | 384 | 384 | 434 | ||
Total non-accrual | 486 | 486 | 520 | ||
90 days past due and accruing | 120 | 120 | 163 | ||
Mortgage loans in process of foreclosure | 200 | 200 | 100 | ||
Consumer loans | Residential mortgages | In North America offices | Current | |||||
Financing Receivable, Past Due [Line Items] | |||||
Loans, net of unearned income | 105,453 | 105,453 | 95,023 | ||
Consumer loans | Residential mortgages | In North America offices | 30–89 days past due | |||||
Financing Receivable, Past Due [Line Items] | |||||
Loans, net of unearned income | 389 | 389 | 421 | ||
Consumer loans | Residential mortgages | In North America offices | 30–89 days past due | Government-guaranteed | |||||
Financing Receivable, Past Due [Line Items] | |||||
Loans, net of unearned income | 100 | 100 | 100 | ||
Consumer loans | Residential mortgages | In North America offices | 90+ days past due | |||||
Financing Receivable, Past Due [Line Items] | |||||
Loans, net of unearned income | 294 | 294 | 316 | ||
Consumer loans | Residential mortgages | In North America offices | 90+ days past due | Government-guaranteed | |||||
Financing Receivable, Past Due [Line Items] | |||||
Loans, net of unearned income | 100 | 100 | 200 | ||
Consumer loans | Residential mortgages | In North America offices | Past Due | Government-guaranteed | |||||
Financing Receivable, Past Due [Line Items] | |||||
Loans, net of unearned income | 233 | 233 | 279 | ||
Consumer loans | Residential mortgages | In offices outside North America | |||||
Financing Receivable, Past Due [Line Items] | |||||
Loans, net of unearned income | 26,389 | 26,389 | 28,114 | ||
Non-accrual loans for which there is no ACLL | 0 | 0 | 0 | ||
Non-accrual loans for which there is an ACLL | 258 | 258 | 305 | ||
Total non-accrual | 258 | 258 | 305 | ||
90 days past due and accruing | 20 | 20 | 13 | ||
Mortgage loans in process of foreclosure | 0 | 0 | 0 | ||
Consumer loans | Residential mortgages | In offices outside North America | Classifiably managed | |||||
Financing Receivable, Past Due [Line Items] | |||||
Loans, net of unearned income | 0 | 0 | 0 | ||
Consumer loans | Residential mortgages | In offices outside North America | Global Wealth Management Business | |||||
Financing Receivable, Past Due [Line Items] | |||||
Loans, net of unearned income | 20,000 | 20,000 | 19,800 | ||
Consumer loans | Residential mortgages | In offices outside North America | Current | |||||
Financing Receivable, Past Due [Line Items] | |||||
Loans, net of unearned income | 26,268 | 26,268 | 27,946 | ||
Consumer loans | Residential mortgages | In offices outside North America | 30–89 days past due | |||||
Financing Receivable, Past Due [Line Items] | |||||
Loans, net of unearned income | 49 | 49 | 62 | ||
Consumer loans | Residential mortgages | In offices outside North America | 90+ days past due | |||||
Financing Receivable, Past Due [Line Items] | |||||
Loans, net of unearned income | 72 | 72 | 106 | ||
Consumer loans | Residential mortgages | In offices outside North America | Past Due | Government-guaranteed | |||||
Financing Receivable, Past Due [Line Items] | |||||
Loans, net of unearned income | 0 | 0 | 0 | ||
Consumer loans | Home equity loans | |||||
Financing Receivable, Past Due [Line Items] | |||||
Loans, net of unearned income | 3,796 | 3,796 | 4,580 | ||
Consumer loans | Home equity loans | Classifiably managed | |||||
Financing Receivable, Past Due [Line Items] | |||||
Loans, net of unearned income | 0 | 0 | |||
Consumer loans | Home equity loans | In North America offices | |||||
Financing Receivable, Past Due [Line Items] | |||||
Loans, net of unearned income | 3,796 | 3,796 | 4,580 | ||
Non-accrual loans for which there is no ACLL | 47 | 47 | 51 | ||
Non-accrual loans for which there is an ACLL | 132 | 132 | 151 | ||
Total non-accrual | 179 | 179 | 202 | ||
90 days past due and accruing | 0 | 0 | 0 | ||
Home equity loans in process of foreclosure | 100 | 100 | 100 | ||
Consumer loans | Home equity loans | In North America offices | Current | |||||
Financing Receivable, Past Due [Line Items] | |||||
Loans, net of unearned income | 3,675 | 3,675 | 4,407 | ||
Consumer loans | Home equity loans | In North America offices | 30–89 days past due | |||||
Financing Receivable, Past Due [Line Items] | |||||
Loans, net of unearned income | 32 | 32 | 38 | ||
Consumer loans | Home equity loans | In North America offices | 90+ days past due | |||||
Financing Receivable, Past Due [Line Items] | |||||
Loans, net of unearned income | 89 | 89 | 135 | ||
Consumer loans | Home equity loans | In North America offices | Past Due | Government-guaranteed | |||||
Financing Receivable, Past Due [Line Items] | |||||
Loans, net of unearned income | 0 | 0 | 0 | ||
Consumer loans | Credit cards | |||||
Financing Receivable, Past Due [Line Items] | |||||
Loans, net of unearned income | 155,092 | 155,092 | 150,098 | ||
Consumer loans | Credit cards | Classifiably managed | |||||
Financing Receivable, Past Due [Line Items] | |||||
Loans, net of unearned income | 0 | 0 | |||
Consumer loans | Credit cards | In North America offices | |||||
Financing Receivable, Past Due [Line Items] | |||||
Loans, net of unearned income | 155,698 | 155,698 | 150,643 | ||
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 | 2,045 | 2,045 | 1,415 | ||
Consumer loans | Credit cards | In North America offices | Current | |||||
Financing Receivable, Past Due [Line Items] | |||||
Loans, net of unearned income | 151,560 | 151,560 | 147,717 | ||
Consumer loans | Credit cards | In North America offices | 30–89 days past due | |||||
Financing Receivable, Past Due [Line Items] | |||||
Loans, net of unearned income | 2,093 | 2,093 | 1,511 | ||
Consumer loans | Credit cards | In North America offices | 90+ days past due | |||||
Financing Receivable, Past Due [Line Items] | |||||
Loans, net of unearned income | 2,045 | 2,045 | 1,415 | ||
Consumer loans | Credit cards | In North America offices | Past Due | Government-guaranteed | |||||
Financing Receivable, Past Due [Line Items] | |||||
Loans, net of unearned income | 0 | 0 | 0 | ||
Consumer loans | Credit cards | In offices outside North America | |||||
Financing Receivable, Past Due [Line Items] | |||||
Loans, net of unearned income | 13,573 | 13,573 | 12,955 | ||
Non-accrual loans for which there is no ACLL | 0 | 0 | 0 | ||
Non-accrual loans for which there is an ACLL | 187 | 187 | 127 | ||
Total non-accrual | 187 | 187 | 127 | ||
90 days past due and accruing | 59 | 59 | 56 | ||
Consumer loans | Credit cards | In offices outside North America | Classifiably managed | |||||
Financing Receivable, Past Due [Line Items] | |||||
Loans, net of unearned income | 0 | 0 | 0 | ||
Consumer loans | Credit cards | In offices outside North America | Current | |||||
Financing Receivable, Past Due [Line Items] | |||||
Loans, net of unearned income | 13,179 | 13,179 | 12,659 | ||
Consumer loans | Credit cards | In offices outside North America | 30–89 days past due | |||||
Financing Receivable, Past Due [Line Items] | |||||
Loans, net of unearned income | 192 | 192 | 147 | ||
Consumer loans | Credit cards | In offices outside North America | 90+ days past due | |||||
Financing Receivable, Past Due [Line Items] | |||||
Loans, net of unearned income | 202 | 202 | 149 | ||
Consumer loans | Credit cards | In offices outside North America | Past Due | Government-guaranteed | |||||
Financing Receivable, Past Due [Line Items] | |||||
Loans, net of unearned income | 0 | 0 | 0 | ||
Consumer loans | Personal, small business and other | |||||
Financing Receivable, Past Due [Line Items] | |||||
Loans, net of unearned income | 35,691 | 35,691 | 36,812 | ||
Consumer loans | Personal, small business and other | Classifiably managed | |||||
Financing Receivable, Past Due [Line Items] | |||||
Loans, net of unearned income | 29,828 | 29,828 | 31,478 | ||
Consumer loans | Personal, small business and other | In North America offices | |||||
Financing Receivable, Past Due [Line Items] | |||||
Loans, net of unearned income | 36,590 | 36,590 | 37,752 | ||
Non-accrual loans for which there is no ACLL | 3 | 3 | 3 | ||
Non-accrual loans for which there is an ACLL | 56 | 56 | 23 | ||
Total non-accrual | 59 | 59 | 26 | ||
90 days past due and accruing | 5 | 5 | 11 | ||
Consumer loans | Personal, small business and other | In North America offices | Global Wealth Management Business | |||||
Financing Receivable, Past Due [Line Items] | |||||
Loans, net of unearned income | $ 32,300 | $ 32,300 | $ 34,000 | ||
Consumer loans | 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 | 96% | 96% | 98% | ||
Consumer loans | Personal, small business and other | In North America offices | Current | |||||
Financing Receivable, Past Due [Line Items] | |||||
Loans, net of unearned income | $ 36,447 | $ 36,447 | $ 37,635 | ||
Consumer loans | Personal, small business and other | In North America offices | 30–89 days past due | |||||
Financing Receivable, Past Due [Line Items] | |||||
Loans, net of unearned income | 92 | 92 | 88 | ||
Consumer loans | Personal, small business and other | In North America offices | 90+ days past due | |||||
Financing Receivable, Past Due [Line Items] | |||||
Loans, net of unearned income | 49 | 49 | 22 | ||
Consumer loans | Personal, small business and other | In North America offices | Past Due | Government-guaranteed | |||||
Financing Receivable, Past Due [Line Items] | |||||
Loans, net of unearned income | 2 | 2 | 7 | ||
Consumer loans | Personal, small business and other | In offices outside North America | |||||
Financing Receivable, Past Due [Line Items] | |||||
Loans, net of unearned income | 35,299 | 35,299 | 37,984 | ||
Non-accrual loans for which there is no ACLL | 0 | 0 | 0 | ||
Non-accrual loans for which there is an ACLL | 133 | 133 | 137 | ||
Total non-accrual | 133 | 133 | 137 | ||
90 days past due and accruing | 0 | 0 | 0 | ||
Consumer loans | Personal, small business and other | In offices outside North America | Classifiably managed | |||||
Financing Receivable, Past Due [Line Items] | |||||
Loans, net of unearned income | 16,954 | 16,954 | $ 17,762 | ||
Consumer loans | 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 | 98% | ||||
Consumer loans | Personal, small business and other | In offices outside North America | Global Wealth Management Business | |||||
Financing Receivable, Past Due [Line Items] | |||||
Loans, net of unearned income | $ 24,900 | $ 24,900 | $ 26,600 | ||
Consumer loans | Personal, small business and other | In offices outside North America | Global Wealth Management Business | Classifiably managed | |||||
Financing Receivable, Past Due [Line Items] | |||||
Loans, net of unearned income | $ 17,800 | ||||
Consumer loans | 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 loans | Personal, small business and other | In offices outside North America | Current | |||||
Financing Receivable, Past Due [Line Items] | |||||
Loans, net of unearned income | $ 35,154 | $ 35,154 | $ 37,869 | ||
Consumer loans | Personal, small business and other | In offices outside North America | 30–89 days past due | |||||
Financing Receivable, Past Due [Line Items] | |||||
Loans, net of unearned income | 104 | 104 | 105 | ||
Consumer loans | Personal, small business and other | In offices outside North America | 90+ days past due | |||||
Financing Receivable, Past Due [Line Items] | |||||
Loans, net of unearned income | 41 | 41 | 10 | ||
Consumer loans | Personal, small business and other | In offices outside North America | Past Due | Government-guaranteed | |||||
Financing Receivable, Past Due [Line Items] | |||||
Loans, net of unearned income | $ 0 | $ 0 | $ 0 |
LOANS - Interest Income Recogni
LOANS - Interest Income Recognized for Non-Accrual Consumer Loans (Details) - Consumer loans - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Financing Receivable, Nonaccrual [Line Items] | ||||
Interest income | $ 7 | $ 7 | $ 22 | $ 16 |
Loans sold and/or reclassified to held-for-sale | 1 | 0 | 1,800 | 337 |
In North America offices | ||||
Financing Receivable, Nonaccrual [Line Items] | ||||
Interest income | 5 | 5 | 15 | 14 |
In offices outside North America | ||||
Financing Receivable, Nonaccrual [Line Items] | ||||
Interest income | 2 | 2 | 7 | 2 |
Residential mortgages | In North America offices | ||||
Financing Receivable, Nonaccrual [Line Items] | ||||
Interest income | 2 | 3 | 8 | 9 |
Residential mortgages | In offices outside North America | ||||
Financing Receivable, Nonaccrual [Line Items] | ||||
Interest income | 2 | 2 | 7 | 2 |
Home equity loans | In North America offices | ||||
Financing Receivable, Nonaccrual [Line Items] | ||||
Interest income | 2 | 1 | 5 | 3 |
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 | 1 | 2 | 2 |
Personal, small business and other | In offices outside North America | ||||
Financing Receivable, Nonaccrual [Line Items] | ||||
Interest income | $ 0 | $ 0 | $ 0 | $ 0 |
LOANS - Consumer Loans Credit S
LOANS - Consumer Loans Credit Scores (Details) - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 |
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans, net of unearned income | $ 666,348 | $ 657,221 |
Consumer loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans, net of unearned income | 377,714 | 368,067 |
Consumer loans | 90+ days past due | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans, net of unearned income | 2,792 | 2,153 |
Consumer loans | In North America offices | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans, net of unearned income | 302,453 | 289,014 |
Consumer loans | In North America offices | 90+ days past due | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans, net of unearned income | 2,477 | 1,888 |
Consumer loans | In North America offices | 90+ days past due | Personal Banking and Wealth Management | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans, net of unearned income | 29,800 | 31,500 |
Consumer loans | In offices outside North America | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans, net of unearned income | 75,261 | 79,053 |
Consumer loans | In offices outside North America | 90+ days past due | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans, net of unearned income | 315 | 265 |
Consumer loans | In offices outside North America | 90+ days past due | Personal Banking and Wealth Management | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans, net of unearned income | 17,000 | 17,800 |
Consumer loans | Residential mortgages | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans, net of unearned income | 106,369 | 96,039 |
Consumer loans | Residential mortgages | In North America offices | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans, net of unearned income | 106,369 | 96,039 |
Consumer loans | Residential mortgages | In North America offices | 90+ days past due | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans, net of unearned income | 294 | 316 |
Consumer loans | Residential mortgages | In offices outside North America | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans, net of unearned income | 26,389 | 28,114 |
Consumer loans | Residential mortgages | In offices outside North America | 90+ days past due | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans, net of unearned income | 72 | 106 |
Consumer loans | Home equity loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans, net of unearned income | 3,796 | 4,580 |
Consumer loans | Home equity loans | In North America offices | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans, net of unearned income | 3,796 | 4,580 |
Consumer loans | Home equity loans | In North America offices | 90+ days past due | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans, net of unearned income | 89 | 135 |
Consumer loans | Credit cards | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans, net of unearned income | 155,092 | 150,098 |
Consumer loans | Credit cards | In North America offices | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans, net of unearned income | 155,698 | 150,643 |
Consumer loans | Credit cards | In North America offices | 90+ days past due | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans, net of unearned income | 2,045 | 1,415 |
Consumer loans | Credit cards | In offices outside North America | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Revolving loans converted to term loans | 68 | 75 |
Total loans, net of unearned income | 13,573 | 12,955 |
Consumer loans | Credit cards | In offices outside North America | 90+ days past due | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans, net of unearned income | 202 | 149 |
Consumer loans | Credit cards | Canada | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans, net of unearned income | 606 | 545 |
Consumer loans | Personal, small business and other | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Revolving loans converted to term loans | 42 | 67 |
Total loans, net of unearned income | 35,691 | 36,812 |
Consumer loans | Personal, small business and other | In North America offices | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans, net of unearned income | 36,590 | 37,752 |
Consumer loans | Personal, small business and other | In North America offices | 90+ days past due | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans, net of unearned income | 49 | 22 |
Consumer loans | Personal, small business and other | In offices outside North America | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans, net of unearned income | 35,299 | $ 37,984 |
Consumer loans | 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 | 98% | |
Consumer loans | Personal, small business and other | In offices outside North America | 90+ days past due | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans, net of unearned income | 41 | $ 10 |
Consumer loans | Personal, small business and other | Canada | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans, net of unearned income | 899 | 940 |
Consumer loans | Classifiably Managed and Delinquency Managed | In offices outside North America | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans, net of unearned income | 76,800 | 80,500 |
Consumer loans | Less than 680 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans, net of unearned income | 37,121 | 34,306 |
Consumer loans | Less than 680 | Residential mortgages | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 300 | 691 |
One year prior to current fiscal year | 698 | 639 |
Two years prior to current fiscal year | 592 | 431 |
Three years prior to current fiscal year | 412 | 321 |
Four years prior to current fiscal year | 280 | 302 |
Prior | 2,073 | 2,020 |
Total loans, net of unearned income | 4,355 | 4,404 |
Consumer loans | Less than 680 | Home equity loans (pre-reset) | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans, net of unearned income | 418 | 552 |
Consumer loans | Less than 680 | Home equity loans (post-reset) | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans, net of unearned income | 74 | 62 |
Consumer loans | Less than 680 | Home equity term loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 0 | 0 |
One year prior to current fiscal year | 0 | 0 |
Two years prior to current fiscal year | 0 | 1 |
Three years prior to current fiscal year | 0 | 1 |
Four years prior to current fiscal year | 1 | 1 |
Prior | 86 | 103 |
Total loans, net of unearned income | 87 | 106 |
Consumer loans | Less than 680 | Home equity loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans, net of unearned income | 579 | 720 |
Consumer loans | Less than 680 | Credit cards | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans, net of unearned income | 30,570 | 27,901 |
Consumer loans | Less than 680 | Credit cards | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Revolving loans converted to term loans | 1,013 | 766 |
Total loans, net of unearned income | 31,583 | 28,667 |
Consumer loans | Less than 680 | Personal, small business and other | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 84 | 247 |
One year prior to current fiscal year | 293 | 96 |
Two years prior to current fiscal year | 77 | 15 |
Three years prior to current fiscal year | 9 | 21 |
Four years prior to current fiscal year | 10 | 10 |
Prior | 131 | 126 |
Total loans, net of unearned income | 604 | 515 |
Consumer loans | 680 to 760 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans, net of unearned income | 93,182 | 89,490 |
Consumer loans | 680 to 760 | Residential mortgages | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 4,526 | 7,530 |
One year prior to current fiscal year | 6,331 | 5,933 |
Two years prior to current fiscal year | 5,574 | 4,621 |
Three years prior to current fiscal year | 4,235 | 2,505 |
Four years prior to current fiscal year | 2,367 | 1,072 |
Prior | 6,980 | 6,551 |
Total loans, net of unearned income | 30,013 | 28,212 |
Consumer loans | 680 to 760 | Home equity loans (pre-reset) | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans, net of unearned income | 1,079 | 1,536 |
Consumer loans | 680 to 760 | Home equity loans (post-reset) | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans, net of unearned income | 76 | 65 |
Consumer loans | 680 to 760 | Home equity term loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 0 | 0 |
One year prior to current fiscal year | 0 | 1 |
Two years prior to current fiscal year | 0 | 2 |
Three years prior to current fiscal year | 2 | 2 |
Four years prior to current fiscal year | 1 | 2 |
Prior | 128 | 144 |
Total loans, net of unearned income | 131 | 151 |
Consumer loans | 680 to 760 | Home equity loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans, net of unearned income | 1,286 | 1,752 |
Consumer loans | 680 to 760 | Credit cards | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans, net of unearned income | 60,462 | 58,213 |
Consumer loans | 680 to 760 | Credit cards | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Revolving loans converted to term loans | 375 | 354 |
Total loans, net of unearned income | 60,837 | 58,567 |
Consumer loans | 680 to 760 | Personal, small business and other | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 304 | 546 |
One year prior to current fiscal year | 440 | 170 |
Two years prior to current fiscal year | 104 | 20 |
Three years prior to current fiscal year | 11 | 23 |
Four years prior to current fiscal year | 10 | 10 |
Prior | 177 | 190 |
Total loans, net of unearned income | 1,046 | 959 |
Consumer loans | Greater than 760 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans, net of unearned income | 128,820 | 120,733 |
Consumer loans | Greater than 760 | Residential mortgages | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 9,067 | 12,928 |
One year prior to current fiscal year | 13,766 | 12,672 |
Two years prior to current fiscal year | 12,503 | 10,936 |
Three years prior to current fiscal year | 10,738 | 5,445 |
Four years prior to current fiscal year | 5,239 | 1,899 |
Prior | 13,472 | 12,649 |
Total loans, net of unearned income | 64,785 | 56,529 |
Consumer loans | Greater than 760 | Home equity loans (pre-reset) | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans, net of unearned income | 1,745 | 1,876 |
Consumer loans | Greater than 760 | Home equity loans (post-reset) | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans, net of unearned income | 51 | 40 |
Consumer loans | Greater than 760 | Home equity term loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 0 | 0 |
One year prior to current fiscal year | 0 | 1 |
Two years prior to current fiscal year | 1 | 2 |
Three years prior to current fiscal year | 2 | 2 |
Four years prior to current fiscal year | 1 | 1 |
Prior | 98 | 111 |
Total loans, net of unearned income | 102 | 117 |
Consumer loans | Greater than 760 | Home equity loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans, net of unearned income | 1,898 | 2,033 |
Consumer loans | Greater than 760 | Credit cards | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans, net of unearned income | 60,592 | 60,896 |
Consumer loans | Greater than 760 | Credit cards | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Revolving loans converted to term loans | 53 | 54 |
Total loans, net of unearned income | 60,645 | 60,950 |
Consumer loans | Greater than 760 | Personal, small business and other | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 633 | 800 |
One year prior to current fiscal year | 575 | 210 |
Two years prior to current fiscal year | 127 | 30 |
Three years prior to current fiscal year | 16 | 28 |
Four years prior to current fiscal year | 11 | 9 |
Prior | 130 | 144 |
Total loans, net of unearned income | 1,492 | 1,221 |
Consumer loans | Classifiably managed | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans, net of unearned income | 29,828 | 31,478 |
Consumer loans | Classifiably managed | In offices outside North America | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans, net of unearned income | 16,954 | 17,762 |
Consumer loans | Classifiably managed | Residential mortgages | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans, net of unearned income | 0 | |
Consumer loans | Classifiably managed | Residential mortgages | In offices outside North America | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans, net of unearned income | 0 | 0 |
Consumer loans | Classifiably managed | Home equity loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans, net of unearned income | 0 | |
Consumer loans | Classifiably managed | Credit cards | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans, net of unearned income | 0 | |
Consumer loans | Classifiably managed | Credit cards | In offices outside North America | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans, net of unearned income | 0 | 0 |
Consumer loans | Classifiably managed | Personal, small business and other | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans, net of unearned income | 29,828 | 31,478 |
Consumer loans | Classifiably managed | Personal, small business and other | In offices outside North America | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans, net of unearned income | 16,954 | 17,762 |
Consumer loans | FICO not available | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans, net of unearned income | 11,997 | 11,522 |
Consumer loans | FICO not available | Residential mortgages | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans, net of unearned income | 7,216 | 6,894 |
Consumer loans | FICO not available | Home equity loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans, net of unearned income | 33 | 75 |
Consumer loans | FICO not available | Credit cards | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans, net of unearned income | 2,027 | 1,914 |
Consumer loans | FICO not available | Personal, small business and other | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans, net of unearned income | 2,721 | 2,639 |
Consumer loans | Total loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans, net of unearned income | $ 300,948 | $ 287,529 |
LOANS - Consumer Loans Gross Cr
LOANS - Consumer Loans Gross Credit Losses (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total | $ 2,000 | $ 1,237 | $ 5,513 | $ 3,689 |
Consumer loans | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total | $ 1,928 | $ 1,194 | 5,316 | $ 3,541 |
Consumer loans | Residential mortgages | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
2023 | 0 | |||
2022 | 2 | |||
2021 | 0 | |||
2020 | 1 | |||
2019 | 5 | |||
Prior | 31 | |||
Total | 39 | |||
Consumer loans | Home equity loans (pre-reset) | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total | 2 | |||
Consumer loans | Home equity loans (post-reset) | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total | 0 | |||
Consumer loans | Home equity term loans | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Revolving loans converted to term loans | 2 | |||
Consumer loans | Home equity loans | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total | 4 | |||
Consumer loans | Credit cards | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Revolving loans converted to term loans | 132 | |||
Total | 4,598 | |||
Consumer loans | Credit cards | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total | 4,730 | |||
Consumer loans | Personal, small business and other | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
2023 | 110 | |||
2022 | 146 | |||
2021 | 83 | |||
2020 | 34 | |||
2019 | 38 | |||
Prior | 132 | |||
Total | $ 543 |
LOANS - Loan-to-Value Ratios Co
LOANS - Loan-to-Value Ratios Consumer Loans (Details) - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 |
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans, net of unearned income | $ 666,348 | $ 657,221 |
Consumer loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans, net of unearned income | 377,714 | 368,067 |
Consumer loans | In offices outside North America | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans, net of unearned income | 75,261 | 79,053 |
Consumer loans | Less than or equal to 80% | UNITED STATES | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans, net of unearned income | 100,403 | 90,741 |
Consumer loans | Greater than 80% but less than or equal to 100% | UNITED STATES | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans, net of unearned income | 8,033 | 8,385 |
Consumer loans | Greater than 100% | UNITED STATES | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans, net of unearned income | 204 | 263 |
Consumer loans | LTV not available | UNITED STATES | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans, net of unearned income | 1,525 | 1,230 |
Consumer loans | Total | UNITED STATES | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans, net of unearned income | 110,165 | 100,619 |
Consumer loans | Residential mortgages | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans, net of unearned income | 106,369 | 96,039 |
Consumer loans | Residential mortgages | UNITED STATES | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans, net of unearned income | 106,369 | 96,039 |
Consumer loans | Residential mortgages | In offices outside North America | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans, net of unearned income | 26,389 | 28,114 |
Consumer loans | Residential mortgages | Less than or equal to 80% | UNITED STATES | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 11,461 | 15,644 |
One year prior to current fiscal year | 17,794 | 19,104 |
Two years prior to current fiscal year | 19,047 | 16,935 |
Three years prior to current fiscal year | 16,325 | 8,789 |
Four years prior to current fiscal year | 8,306 | 3,598 |
Prior | 24,138 | 22,367 |
Total loans, net of unearned income | 97,071 | 86,437 |
Consumer loans | Residential mortgages | Less than or equal to 80% | In offices outside North America | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 2,304 | 3,106 |
One year prior to current fiscal year | 3,303 | 4,144 |
Two years prior to current fiscal year | 3,467 | 3,293 |
Three years prior to current fiscal year | 2,494 | 3,048 |
Four years prior to current fiscal year | 2,622 | 2,074 |
Prior | 8,322 | 9,201 |
Total loans, net of unearned income | $ 22,512 | $ 24,866 |
Loan to value ratio | 53% | 51% |
Consumer loans | Residential mortgages | Greater than 80% but less than or equal to 100% | UNITED STATES | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | $ 2,668 | $ 6,497 |
One year prior to current fiscal year | 4,057 | 1,227 |
Two years prior to current fiscal year | 663 | 267 |
Three years prior to current fiscal year | 241 | 140 |
Four years prior to current fiscal year | 182 | 74 |
Prior | 197 | 132 |
Total loans, net of unearned income | 8,008 | 8,337 |
Consumer loans | Residential mortgages | Greater than 80% but less than or equal to 100% | In offices outside North America | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 883 | 975 |
One year prior to current fiscal year | 957 | 964 |
Two years prior to current fiscal year | 928 | 502 |
Three years prior to current fiscal year | 446 | 92 |
Four years prior to current fiscal year | 68 | 48 |
Prior | 45 | 36 |
Total loans, net of unearned income | 3,327 | 2,617 |
Consumer loans | Residential mortgages | Greater than 100% | UNITED STATES | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 8 | 40 |
One year prior to current fiscal year | 42 | 33 |
Two years prior to current fiscal year | 33 | 1 |
Three years prior to current fiscal year | 1 | 23 |
Four years prior to current fiscal year | 26 | 9 |
Prior | 75 | 74 |
Total loans, net of unearned income | 185 | 180 |
Consumer loans | Residential mortgages | Greater than 100% | In offices outside North America | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 0 | 294 |
One year prior to current fiscal year | 187 | 273 |
Two years prior to current fiscal year | 187 | 25 |
Three years prior to current fiscal year | 0 | 1 |
Four years prior to current fiscal year | 0 | 0 |
Prior | 3 | 7 |
Total loans, net of unearned income | 377 | 600 |
Consumer loans | Residential mortgages | LTV not available | UNITED STATES | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans, net of unearned income | 1,105 | 1,085 |
Consumer loans | Residential mortgages | LTV not available | In offices outside North America | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans, net of unearned income | 173 | 31 |
Consumer loans | Home equity loans (pre-reset) | Less than or equal to 80% | UNITED STATES | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans, net of unearned income | 2,846 | 3,677 |
Consumer loans | Home equity loans (pre-reset) | Greater than 80% but less than or equal to 100% | UNITED STATES | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans, net of unearned income | 19 | 36 |
Consumer loans | Home equity loans (pre-reset) | Greater than 100% | UNITED STATES | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans, net of unearned income | 7 | 56 |
Consumer loans | Home equity loans (post-reset) | Less than or equal to 80% | UNITED STATES | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans, net of unearned income | 486 | 627 |
Consumer loans | Home equity loans (post-reset) | Greater than 80% but less than or equal to 100% | UNITED STATES | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans, net of unearned income | 6 | 12 |
Consumer loans | Home equity loans (post-reset) | Greater than 100% | UNITED STATES | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans, net of unearned income | 12 | 27 |
Consumer loans | Home equity loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans, net of unearned income | 3,796 | 4,580 |
Consumer loans | Home equity loans | UNITED STATES | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans, net of unearned income | 3,796 | 4,580 |
Consumer loans | Home equity loans | Less than or equal to 80% | UNITED STATES | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans, net of unearned income | 3,332 | 4,304 |
Consumer loans | Home equity loans | Greater than 80% but less than or equal to 100% | UNITED STATES | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans, net of unearned income | 25 | 48 |
Consumer loans | Home equity loans | Greater than 100% | UNITED STATES | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans, net of unearned income | 19 | 83 |
Consumer loans | Home equity loans | LTV not available | UNITED STATES | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans, net of unearned income | $ 420 | $ 145 |
LOANS - Consumer Loans and Rati
LOANS - Consumer Loans and Ratios Outside of North America (Details) - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 | Sep. 30, 2022 |
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans, net of unearned income | $ 666,348 | $ 657,221 | |
Consumer loans | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans, net of unearned income | 377,714 | 368,067 | |
Consumer loans | 30–89 days past due | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans, net of unearned income | 2,951 | 2,372 | |
Consumer loans | 90+ days past due | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans, net of unearned income | 2,792 | 2,153 | |
Consumer loans | Classifiably managed | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans, net of unearned income | 29,828 | 31,478 | |
Consumer loans | Residential mortgages | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans, net of unearned income | 106,369 | 96,039 | |
Consumer loans | Residential mortgages | Classifiably managed | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans, net of unearned income | 0 | ||
Consumer loans | Credit cards | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans, net of unearned income | 155,092 | 150,098 | |
Consumer loans | Credit cards | Classifiably managed | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans, net of unearned income | 0 | ||
Consumer loans | Personal, small business and other | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans, net of unearned income | 35,691 | 36,812 | |
Consumer loans | Personal, small business and other | Classifiably managed | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans, net of unearned income | 29,828 | 31,478 | |
In offices outside North America | Consumer loans | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans, net of unearned income | $ 75,261 | 79,053 | |
NCL ratio | 1.24% | 0.91% | |
In offices outside North America | Consumer loans | 30–89 days past due | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans, net of unearned income | $ 345 | $ 314 | |
Past due ratio | 0.59% | 0.51% | |
In offices outside North America | Consumer loans | 90+ days past due | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans, net of unearned income | $ 315 | $ 265 | |
Past due ratio | 0.54% | 0.43% | |
In offices outside North America | Consumer loans | Classifiably managed | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans, net of unearned income | $ 16,954 | $ 17,762 | |
In offices outside North America | Consumer loans | FICO Score, Delinquency Managed Loans | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans, net of unearned income | 58,307 | 61,291 | |
In offices outside North America | Consumer loans | Classifiably Managed and Delinquency Managed | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans, net of unearned income | 76,800 | 80,500 | |
In offices outside North America | Consumer loans | Residential mortgages | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans, net of unearned income | $ 26,389 | 28,114 | |
NCL ratio | (0.01%) | 0.18% | |
In offices outside North America | Consumer loans | Residential mortgages | 30–89 days past due | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans, net of unearned income | $ 49 | $ 62 | |
Past due ratio | 0.19% | 0.22% | |
In offices outside North America | Consumer loans | Residential mortgages | 90+ days past due | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans, net of unearned income | $ 72 | $ 106 | |
Past due ratio | 0.27% | 0.38% | |
In offices outside North America | Consumer loans | Residential mortgages | Classifiably managed | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans, net of unearned income | $ 0 | $ 0 | |
In offices outside North America | Consumer loans | Residential mortgages | FICO Score, Delinquency Managed Loans | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans, net of unearned income | 26,389 | 28,114 | |
In offices outside North America | Consumer loans | Residential mortgages | Global Wealth Management Business | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans, net of unearned income | 20,000 | 19,800 | |
In offices outside North America | Consumer loans | Credit cards | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans, net of unearned income | $ 13,573 | 12,955 | |
NCL ratio | 4.35% | 3.22% | |
In offices outside North America | Consumer loans | Credit cards | 30–89 days past due | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans, net of unearned income | $ 192 | $ 147 | |
Past due ratio | 1.41% | 1.13% | |
In offices outside North America | Consumer loans | Credit cards | 90+ days past due | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans, net of unearned income | $ 202 | $ 149 | |
Past due ratio | 1.49% | 1.15% | |
In offices outside North America | Consumer loans | Credit cards | Classifiably managed | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans, net of unearned income | $ 0 | $ 0 | |
In offices outside North America | Consumer loans | Credit cards | FICO Score, Delinquency Managed Loans | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans, net of unearned income | 13,573 | 12,955 | |
In offices outside North America | Consumer loans | Personal, small business and other | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans, net of unearned income | $ 35,299 | 37,984 | |
NCL ratio | 0.99% | 0.74% | |
In offices outside North America | Consumer loans | Personal, small business and other | 30–89 days past due | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans, net of unearned income | $ 104 | $ 105 | |
Past due ratio | 0.57% | 0.52% | |
In offices outside North America | Consumer loans | Personal, small business and other | 90+ days past due | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans, net of unearned income | $ 41 | $ 10 | |
Past due ratio | 0.22% | 0.05% | |
In offices outside North America | Consumer loans | Personal, small business and other | Classifiably managed | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans, net of unearned income | $ 16,954 | $ 17,762 | |
In offices outside North America | Consumer loans | Personal, small business and other | FICO Score, Delinquency Managed Loans | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans, net of unearned income | 18,345 | 20,222 | |
In offices outside North America | Consumer loans | Personal, small business and other | Global Wealth Management Business | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans, net of unearned income | 24,900 | 26,600 | |
In offices outside North America | Consumer loans | Personal, small business and other | Global Wealth Management Business | Classifiably managed | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans, net of unearned income | 17,800 | ||
In offices outside North America | Consumer loans | 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 | $ 24,900 | $ 26,600 |
LOANS - Types of Consumer Loan
LOANS - Types of Consumer Loan Modifications and Their Financial Effect (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2023 | Dec. 31, 2022 | |
Financing Receivable, Impaired [Line Items] | |||
Loans, net of unearned income | $ 666,348 | $ 666,348 | $ 657,221 |
Consumer loans | |||
Financing Receivable, Impaired [Line Items] | |||
Loans, net of unearned income | $ 377,714 | $ 377,714 | 368,067 |
Consumer loans | In North America offices | |||
Financing Receivable, Impaired [Line Items] | |||
Modifications as % of loans | 0.13% | 0.31% | |
Total modifications balance | $ 392 | $ 931 | |
Loans, net of unearned income | 302,453 | 302,453 | 289,014 |
Consumer loans | In North America offices | Interest rate reduction | |||
Financing Receivable, Impaired [Line Items] | |||
Total modifications balance | 339 | 758 | |
Consumer loans | In North America offices | Term extension | |||
Financing Receivable, Impaired [Line Items] | |||
Total modifications balance | 25 | 53 | |
Consumer loans | In North America offices | Payment delay | |||
Financing Receivable, Impaired [Line Items] | |||
Total modifications balance | 20 | 90 | |
Consumer loans | In North America offices | Combination: interest rate reduction and term extension | |||
Financing Receivable, Impaired [Line Items] | |||
Total modifications balance | 8 | 30 | |
Consumer loans | In North America offices | Combination: term extension and payment delay | |||
Financing Receivable, Impaired [Line Items] | |||
Total modifications balance | $ 0 | $ 0 | |
Consumer loans | In offices outside North America | |||
Financing Receivable, Impaired [Line Items] | |||
Modifications as % of loans | 0.37% | 0.47% | |
Total modifications balance | $ 280 | $ 356 | |
Loans, net of unearned income | 75,261 | 75,261 | 79,053 |
Consumer loans | In offices outside North America | Interest rate reduction | |||
Financing Receivable, Impaired [Line Items] | |||
Total modifications balance | 14 | 35 | |
Consumer loans | In offices outside North America | Term extension | |||
Financing Receivable, Impaired [Line Items] | |||
Total modifications balance | 2 | 6 | |
Consumer loans | In offices outside North America | Payment delay | |||
Financing Receivable, Impaired [Line Items] | |||
Total modifications balance | 7 | 25 | |
Consumer loans | In offices outside North America | Combination: interest rate reduction and term extension | |||
Financing Receivable, Impaired [Line Items] | |||
Total modifications balance | 4 | 13 | |
Consumer loans | In offices outside North America | Combination: term extension and payment delay | |||
Financing Receivable, Impaired [Line Items] | |||
Total modifications balance | 253 | 277 | |
Consumer loans | Residential mortgages | |||
Financing Receivable, Impaired [Line Items] | |||
Loans, net of unearned income | 106,369 | $ 106,369 | 96,039 |
Consumer loans | Residential mortgages | In North America offices | |||
Financing Receivable, Impaired [Line Items] | |||
Trial modifications, period | 3 months | ||
Trial modifications, amount | 12 | $ 22 | |
Loans that had gone through bankruptcy | $ 4 | $ 6 | |
Modifications as % of loans | 0.05% | 0.14% | |
Total modifications balance | $ 48 | $ 145 | |
Weighted average interest rate reduction % | 1% | 1% | |
Weighted average term extension | 220 months | 202 months | |
Weighted average delay in payments | 6 months | 8 months | |
Loans, net of unearned income | $ 106,369 | $ 106,369 | 96,039 |
Consumer loans | Residential mortgages | In North America offices | Interest rate reduction | |||
Financing Receivable, Impaired [Line Items] | |||
Total modifications balance | 0 | 1 | |
Consumer loans | Residential mortgages | In North America offices | Term extension | |||
Financing Receivable, Impaired [Line Items] | |||
Total modifications balance | 25 | 53 | |
Consumer loans | Residential mortgages | In North America offices | Payment delay | |||
Financing Receivable, Impaired [Line Items] | |||
Total modifications balance | 19 | 82 | |
Consumer loans | Residential mortgages | In North America offices | Combination: interest rate reduction and term extension | |||
Financing Receivable, Impaired [Line Items] | |||
Total modifications balance | 4 | 9 | |
Consumer loans | Residential mortgages | In North America offices | Combination: term extension and payment delay | |||
Financing Receivable, Impaired [Line Items] | |||
Total modifications balance | $ 0 | $ 0 | |
Consumer loans | Residential mortgages | In offices outside North America | |||
Financing Receivable, Impaired [Line Items] | |||
Modifications as % of loans | 0.99% | 1.15% | |
Total modifications balance | $ 260 | $ 303 | |
Weighted average interest rate reduction % | 0% | 2% | |
Weighted average term extension | 1 month | 3 months | |
Weighted average delay in payments | 1 month | 4 months | |
Payment deferral period | 4 months | ||
Loans, net of unearned income | $ 26,389 | $ 26,389 | 28,114 |
Consumer loans | Residential mortgages | In offices outside North America | Interest rate reduction | |||
Financing Receivable, Impaired [Line Items] | |||
Total modifications balance | 0 | 0 | |
Consumer loans | Residential mortgages | In offices outside North America | Term extension | |||
Financing Receivable, Impaired [Line Items] | |||
Total modifications balance | 0 | 0 | |
Consumer loans | Residential mortgages | In offices outside North America | Payment delay | |||
Financing Receivable, Impaired [Line Items] | |||
Total modifications balance | 7 | 25 | |
Consumer loans | Residential mortgages | In offices outside North America | Combination: interest rate reduction and term extension | |||
Financing Receivable, Impaired [Line Items] | |||
Total modifications balance | 0 | 1 | |
Consumer loans | Residential mortgages | In offices outside North America | Combination: term extension and payment delay | |||
Financing Receivable, Impaired [Line Items] | |||
Total modifications balance | 253 | 277 | |
Consumer loans | Home equity loans | |||
Financing Receivable, Impaired [Line Items] | |||
Loans, net of unearned income | $ 3,796 | $ 3,796 | 4,580 |
Consumer loans | Home equity loans | In North America offices | |||
Financing Receivable, Impaired [Line Items] | |||
Modifications as % of loans | 0.03% | 0.55% | |
Total modifications balance | $ 1 | $ 21 | |
Weighted average interest rate reduction % | 2% | 2% | |
Weighted average term extension | 146 months | 122 months | |
Weighted average delay in payments | 6 months | 8 months | |
Loans, net of unearned income | $ 3,796 | $ 3,796 | 4,580 |
Consumer loans | Home equity loans | In North America offices | Interest rate reduction | |||
Financing Receivable, Impaired [Line Items] | |||
Total modifications balance | 0 | 0 | |
Consumer loans | Home equity loans | In North America offices | Term extension | |||
Financing Receivable, Impaired [Line Items] | |||
Total modifications balance | 0 | 0 | |
Consumer loans | Home equity loans | In North America offices | Payment delay | |||
Financing Receivable, Impaired [Line Items] | |||
Total modifications balance | 1 | 8 | |
Consumer loans | Home equity loans | In North America offices | Combination: interest rate reduction and term extension | |||
Financing Receivable, Impaired [Line Items] | |||
Total modifications balance | 0 | 13 | |
Consumer loans | Home equity loans | In North America offices | Combination: term extension and payment delay | |||
Financing Receivable, Impaired [Line Items] | |||
Total modifications balance | 0 | 0 | |
Consumer loans | Credit cards | |||
Financing Receivable, Impaired [Line Items] | |||
Loans forgiven | 17 | 38 | |
Loans, net of unearned income | $ 155,092 | $ 155,092 | 150,098 |
Consumer loans | Credit cards | In North America offices | |||
Financing Receivable, Impaired [Line Items] | |||
Modifications as % of loans | 0.22% | 0.49% | |
Total modifications balance | $ 339 | $ 756 | |
Weighted average interest rate reduction % | 22% | 22% | |
Loans, net of unearned income | $ 155,698 | $ 155,698 | 150,643 |
Consumer loans | Credit cards | In North America offices | Interest rate reduction | |||
Financing Receivable, Impaired [Line Items] | |||
Total modifications balance | 339 | 756 | |
Consumer loans | Credit cards | In North America offices | Term extension | |||
Financing Receivable, Impaired [Line Items] | |||
Total modifications balance | 0 | 0 | |
Consumer loans | Credit cards | In North America offices | Payment delay | |||
Financing Receivable, Impaired [Line Items] | |||
Total modifications balance | 0 | 0 | |
Consumer loans | Credit cards | In North America offices | Combination: interest rate reduction and term extension | |||
Financing Receivable, Impaired [Line Items] | |||
Total modifications balance | 0 | 0 | |
Consumer loans | Credit cards | In North America offices | Combination: term extension and payment delay | |||
Financing Receivable, Impaired [Line Items] | |||
Total modifications balance | $ 0 | $ 0 | |
Consumer loans | Credit cards | In offices outside North America | |||
Financing Receivable, Impaired [Line Items] | |||
Modifications as % of loans | 0.10% | 0.24% | |
Total modifications balance | $ 13 | $ 33 | |
Weighted average interest rate reduction % | 18% | 18% | |
Weighted average term extension | 28 months | ||
Loans, net of unearned income | $ 13,573 | $ 13,573 | 12,955 |
Consumer loans | Credit cards | In offices outside North America | Interest rate reduction | |||
Financing Receivable, Impaired [Line Items] | |||
Total modifications balance | 13 | 32 | |
Consumer loans | Credit cards | In offices outside North America | Term extension | |||
Financing Receivable, Impaired [Line Items] | |||
Total modifications balance | 0 | 0 | |
Consumer loans | Credit cards | In offices outside North America | Payment delay | |||
Financing Receivable, Impaired [Line Items] | |||
Total modifications balance | 0 | 0 | |
Consumer loans | Credit cards | In offices outside North America | Combination: interest rate reduction and term extension | |||
Financing Receivable, Impaired [Line Items] | |||
Total modifications balance | 0 | 1 | |
Consumer loans | Credit cards | In offices outside North America | Combination: term extension and payment delay | |||
Financing Receivable, Impaired [Line Items] | |||
Total modifications balance | 0 | 0 | |
Consumer loans | Personal, small business and other | |||
Financing Receivable, Impaired [Line Items] | |||
Loans forgiven | 1 | 2 | |
Loans, net of unearned income | $ 35,691 | $ 35,691 | 36,812 |
Consumer loans | Personal, small business and other | In North America offices | |||
Financing Receivable, Impaired [Line Items] | |||
Modifications as % of loans | 0.01% | 0.02% | |
Total modifications balance | $ 4 | $ 9 | |
Weighted average interest rate reduction % | 6% | 6% | |
Weighted average term extension | 15 months | 15 months | |
Loans, net of unearned income | $ 36,590 | $ 36,590 | 37,752 |
Consumer loans | Personal, small business and other | In North America offices | Interest rate reduction | |||
Financing Receivable, Impaired [Line Items] | |||
Total modifications balance | 0 | 1 | |
Consumer loans | Personal, small business and other | In North America offices | Term extension | |||
Financing Receivable, Impaired [Line Items] | |||
Total modifications balance | 0 | 0 | |
Consumer loans | Personal, small business and other | In North America offices | Payment delay | |||
Financing Receivable, Impaired [Line Items] | |||
Total modifications balance | 0 | 0 | |
Consumer loans | Personal, small business and other | In North America offices | Combination: interest rate reduction and term extension | |||
Financing Receivable, Impaired [Line Items] | |||
Total modifications balance | 4 | 8 | |
Consumer loans | Personal, small business and other | In North America offices | Combination: term extension and payment delay | |||
Financing Receivable, Impaired [Line Items] | |||
Total modifications balance | $ 0 | $ 0 | |
Consumer loans | Personal, small business and other | In offices outside North America | |||
Financing Receivable, Impaired [Line Items] | |||
Modifications as % of loans | 0.02% | 0.06% | |
Total modifications balance | $ 7 | $ 20 | |
Weighted average interest rate reduction % | 8% | 8% | |
Weighted average term extension | 21 months | 19 months | |
Loans, net of unearned income | $ 35,299 | $ 35,299 | $ 37,984 |
Consumer loans | Personal, small business and other | In offices outside North America | Interest rate reduction | |||
Financing Receivable, Impaired [Line Items] | |||
Total modifications balance | 1 | 3 | |
Consumer loans | Personal, small business and other | In offices outside North America | Term extension | |||
Financing Receivable, Impaired [Line Items] | |||
Total modifications balance | 2 | 6 | |
Consumer loans | Personal, small business and other | In offices outside North America | Payment delay | |||
Financing Receivable, Impaired [Line Items] | |||
Total modifications balance | 0 | 0 | |
Consumer loans | Personal, small business and other | In offices outside North America | Combination: interest rate reduction and term extension | |||
Financing Receivable, Impaired [Line Items] | |||
Total modifications balance | 4 | 11 | |
Consumer loans | Personal, small business and other | In offices outside North America | Combination: term extension and payment delay | |||
Financing Receivable, Impaired [Line Items] | |||
Total modifications balance | $ 0 | $ 0 |
LOANS - Consumer Loans Troubled
LOANS - Consumer Loans Troubled Debt Restructurings (Details) - Consumer loans $ in Millions | 3 Months Ended | 9 Months Ended |
Sep. 30, 2022 USD ($) loan | Sep. 30, 2022 USD ($) loan | |
In North America offices | ||
Financing Receivable, Modified [Line Items] | ||
Number of loans modified | loan | 46,810 | 125,453 |
Post-modification recorded investment | $ 278 | $ 763 |
In North America offices | Residential mortgages | ||
Financing Receivable, Modified [Line Items] | ||
Number of loans modified | loan | 235 | 860 |
Post-modification recorded investment | $ 58 | $ 195 |
Average interest rate reduction | 0% | 0% |
Post-modification recorded investment for borrowers that have gone through Chapter 7 bankruptcy | $ 1.8 | $ 3.7 |
In North America offices | Residential mortgages | New OCC guidance | ||
Financing Receivable, Modified [Line Items] | ||
Post-modification recorded investment for borrowers that have gone through Chapter 7 bankruptcy | $ 1.8 | $ 3.7 |
In North America offices | Home equity loans | ||
Financing Receivable, Modified [Line Items] | ||
Number of loans modified | loan | 117 | 324 |
Post-modification recorded investment | $ 14 | $ 30 |
Average interest rate reduction | 0% | 0% |
In North America offices | Credit cards | ||
Financing Receivable, Modified [Line Items] | ||
Number of loans modified | loan | 46,326 | 123,886 |
Post-modification recorded investment | $ 203 | $ 533 |
Average interest rate reduction | 18% | 18% |
In North America offices | Personal, small business and other | ||
Financing Receivable, Modified [Line Items] | ||
Number of loans modified | loan | 132 | 383 |
Post-modification recorded investment | $ 3 | $ 5 |
Average interest rate reduction | 7% | 5% |
In offices outside North America | ||
Financing Receivable, Modified [Line Items] | ||
Number of loans modified | loan | 4,266 | 14,288 |
Post-modification recorded investment | $ 27 | $ 88 |
In offices outside North America | Residential mortgages | ||
Financing Receivable, Modified [Line Items] | ||
Number of loans modified | loan | 172 | 465 |
Post-modification recorded investment | $ 6 | $ 16 |
Average interest rate reduction | 0% | 0% |
In offices outside North America | Credit cards | ||
Financing Receivable, Modified [Line Items] | ||
Number of loans modified | loan | 3,519 | 11,981 |
Post-modification recorded investment | $ 15 | $ 50 |
Average interest rate reduction | 27% | 24% |
In offices outside North America | Personal, small business and other | ||
Financing Receivable, Modified [Line Items] | ||
Number of loans modified | loan | 575 | 1,842 |
Post-modification recorded investment | $ 6 | $ 22 |
Average interest rate reduction | 8% | 8% |
Deferred principal | In North America offices | ||
Financing Receivable, Modified [Line Items] | ||
Post-modification recorded investment | $ 0 | $ 0 |
Deferred principal | In North America offices | Residential mortgages | ||
Financing Receivable, Modified [Line Items] | ||
Post-modification recorded investment | 0 | 0 |
Deferred principal | In North America offices | Home equity loans | ||
Financing Receivable, Modified [Line Items] | ||
Post-modification recorded investment | 0 | 0 |
Deferred principal | In North America offices | Credit cards | ||
Financing Receivable, Modified [Line Items] | ||
Post-modification recorded investment | 0 | 0 |
Deferred principal | In North America offices | Personal, small business and other | ||
Financing Receivable, Modified [Line Items] | ||
Post-modification recorded investment | 0 | 0 |
Deferred principal | In offices outside North America | ||
Financing Receivable, Modified [Line Items] | ||
Post-modification recorded investment | 0 | 0 |
Deferred principal | In offices outside North America | Residential mortgages | ||
Financing Receivable, Modified [Line Items] | ||
Post-modification recorded investment | 0 | 0 |
Deferred principal | In offices outside North America | Credit cards | ||
Financing Receivable, Modified [Line Items] | ||
Post-modification recorded investment | 0 | 0 |
Deferred principal | In offices outside North America | Personal, small business and other | ||
Financing Receivable, Modified [Line Items] | ||
Post-modification recorded investment | 0 | 0 |
Contingent principal forgiveness | In North America offices | ||
Financing Receivable, Modified [Line Items] | ||
Post-modification recorded investment | 0 | 0 |
Contingent principal forgiveness | In North America offices | Residential mortgages | ||
Financing Receivable, Modified [Line Items] | ||
Post-modification recorded investment | 0 | 0 |
Contingent principal forgiveness | In North America offices | Home equity loans | ||
Financing Receivable, Modified [Line Items] | ||
Post-modification recorded investment | 0 | 0 |
Contingent principal forgiveness | In North America offices | Credit cards | ||
Financing Receivable, Modified [Line Items] | ||
Post-modification recorded investment | 0 | 0 |
Contingent principal forgiveness | In North America offices | Personal, small business and other | ||
Financing Receivable, Modified [Line Items] | ||
Post-modification recorded investment | 0 | 0 |
Contingent principal forgiveness | In offices outside North America | ||
Financing Receivable, Modified [Line Items] | ||
Post-modification recorded investment | 0 | 0 |
Contingent principal forgiveness | In offices outside North America | Residential mortgages | ||
Financing Receivable, Modified [Line Items] | ||
Post-modification recorded investment | 0 | 0 |
Contingent principal forgiveness | In offices outside North America | Credit cards | ||
Financing Receivable, Modified [Line Items] | ||
Post-modification recorded investment | 0 | 0 |
Contingent principal forgiveness | In offices outside North America | Personal, small business and other | ||
Financing Receivable, Modified [Line Items] | ||
Post-modification recorded investment | 0 | 0 |
Principal forgiveness | In North America offices | ||
Financing Receivable, Modified [Line Items] | ||
Post-modification recorded investment | 0 | 0 |
Principal forgiveness | In North America offices | Residential mortgages | ||
Financing Receivable, Modified [Line Items] | ||
Post-modification recorded investment | 0 | 0 |
Principal forgiveness | In North America offices | Home equity loans | ||
Financing Receivable, Modified [Line Items] | ||
Post-modification recorded investment | 0 | 0 |
Principal forgiveness | In North America offices | Credit cards | ||
Financing Receivable, Modified [Line Items] | ||
Post-modification recorded investment | 0 | 0 |
Principal forgiveness | In North America offices | Personal, small business and other | ||
Financing Receivable, Modified [Line Items] | ||
Post-modification recorded investment | 0 | 0 |
Principal forgiveness | In offices outside North America | ||
Financing Receivable, Modified [Line Items] | ||
Post-modification recorded investment | 1 | 2 |
Principal forgiveness | In offices outside North America | Residential mortgages | ||
Financing Receivable, Modified [Line Items] | ||
Post-modification recorded investment | 0 | 0 |
Principal forgiveness | In offices outside North America | Credit cards | ||
Financing Receivable, Modified [Line Items] | ||
Post-modification recorded investment | 0 | 1 |
Principal forgiveness | In offices outside North America | Personal, small business and other | ||
Financing Receivable, Modified [Line Items] | ||
Post-modification recorded investment | $ 1 | $ 1 |
LOANS - Performance of Modifi_2
LOANS - Performance of Modified Consumer Loans (Details) - Consumer loans $ in Millions | 9 Months Ended |
Sep. 30, 2023 USD ($) | |
In North America offices | |
Financing Receivable, Modified [Line Items] | |
Total modified loans balance | $ 931 |
Gross credit losses | 118 |
In North America offices | Current | |
Financing Receivable, Modified [Line Items] | |
Total modified loans balance | 606 |
In North America offices | 30–89 days past due | |
Financing Receivable, Modified [Line Items] | |
Total modified loans balance | 164 |
In North America offices | 90+ days past due | |
Financing Receivable, Modified [Line Items] | |
Total modified loans balance | 161 |
In offices outside North America | |
Financing Receivable, Modified [Line Items] | |
Total modified loans balance | 356 |
Gross credit losses | 1 |
In offices outside North America | Current | |
Financing Receivable, Modified [Line Items] | |
Total modified loans balance | 347 |
In offices outside North America | 30–89 days past due | |
Financing Receivable, Modified [Line Items] | |
Total modified loans balance | 6 |
In offices outside North America | 90+ days past due | |
Financing Receivable, Modified [Line Items] | |
Total modified loans balance | 3 |
Residential mortgages | In North America offices | |
Financing Receivable, Modified [Line Items] | |
Total modified loans balance | 145 |
Gross credit losses | 0 |
Residential mortgages | In North America offices | Current | |
Financing Receivable, Modified [Line Items] | |
Total modified loans balance | 62 |
Residential mortgages | In North America offices | 30–89 days past due | |
Financing Receivable, Modified [Line Items] | |
Total modified loans balance | 19 |
Residential mortgages | In North America offices | 90+ days past due | |
Financing Receivable, Modified [Line Items] | |
Total modified loans balance | 64 |
Residential mortgages | In offices outside North America | |
Financing Receivable, Modified [Line Items] | |
Total modified loans balance | 304 |
Gross credit losses | 0 |
Residential mortgages | In offices outside North America | Current | |
Financing Receivable, Modified [Line Items] | |
Total modified loans balance | 301 |
Residential mortgages | In offices outside North America | 30–89 days past due | |
Financing Receivable, Modified [Line Items] | |
Total modified loans balance | 2 |
Residential mortgages | In offices outside North America | 90+ days past due | |
Financing Receivable, Modified [Line Items] | |
Total modified loans balance | 1 |
Home equity loans | In North America offices | |
Financing Receivable, Modified [Line Items] | |
Total modified loans balance | 21 |
Gross credit losses | 0 |
Home equity loans | In North America offices | Current | |
Financing Receivable, Modified [Line Items] | |
Total modified loans balance | 14 |
Home equity loans | In North America offices | 30–89 days past due | |
Financing Receivable, Modified [Line Items] | |
Total modified loans balance | 1 |
Home equity loans | In North America offices | 90+ days past due | |
Financing Receivable, Modified [Line Items] | |
Total modified loans balance | 6 |
Credit cards | In North America offices | |
Financing Receivable, Modified [Line Items] | |
Total modified loans balance | 756 |
Gross credit losses | 118 |
Credit cards | In North America offices | Current | |
Financing Receivable, Modified [Line Items] | |
Total modified loans balance | 522 |
Credit cards | In North America offices | 30–89 days past due | |
Financing Receivable, Modified [Line Items] | |
Total modified loans balance | 143 |
Credit cards | In North America offices | 90+ days past due | |
Financing Receivable, Modified [Line Items] | |
Total modified loans balance | 91 |
Credit cards | In offices outside North America | |
Financing Receivable, Modified [Line Items] | |
Total modified loans balance | 33 |
Gross credit losses | 1 |
Credit cards | In offices outside North America | Current | |
Financing Receivable, Modified [Line Items] | |
Total modified loans balance | 29 |
Credit cards | In offices outside North America | 30–89 days past due | |
Financing Receivable, Modified [Line Items] | |
Total modified loans balance | 2 |
Credit cards | In offices outside North America | 90+ days past due | |
Financing Receivable, Modified [Line Items] | |
Total modified loans balance | 2 |
Personal, small business and other | In North America offices | |
Financing Receivable, Modified [Line Items] | |
Total modified loans balance | 9 |
Gross credit losses | 0 |
Personal, small business and other | In North America offices | Current | |
Financing Receivable, Modified [Line Items] | |
Total modified loans balance | 8 |
Personal, small business and other | In North America offices | 30–89 days past due | |
Financing Receivable, Modified [Line Items] | |
Total modified loans balance | 1 |
Personal, small business and other | In North America offices | 90+ days past due | |
Financing Receivable, Modified [Line Items] | |
Total modified loans balance | 0 |
Personal, small business and other | In offices outside North America | |
Financing Receivable, Modified [Line Items] | |
Total modified loans balance | 19 |
Gross credit losses | 0 |
Personal, small business and other | In offices outside North America | Current | |
Financing Receivable, Modified [Line Items] | |
Total modified loans balance | 17 |
Personal, small business and other | In offices outside North America | 30–89 days past due | |
Financing Receivable, Modified [Line Items] | |
Total modified loans balance | 2 |
Personal, small business and other | In offices outside North America | 90+ days past due | |
Financing Receivable, Modified [Line Items] | |
Total modified loans balance | $ 0 |
LOANS - Defaults of Modified _2
LOANS - Defaults of Modified Consumer Loans (Details) - Consumer loans - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
In North America offices | ||||
Financing Receivable, Modified [Line Items] | ||||
Total loans defaulted within one year of modification | $ 67 | $ 69 | $ 100 | $ 204 |
In North America offices | Interest rate reduction | ||||
Financing Receivable, Modified [Line Items] | ||||
Total loans defaulted within one year of modification | 61 | 94 | ||
In North America offices | Term extension | ||||
Financing Receivable, Modified [Line Items] | ||||
Total loans defaulted within one year of modification | 5 | 5 | ||
In North America offices | Payment delay | ||||
Financing Receivable, Modified [Line Items] | ||||
Total loans defaulted within one year of modification | 1 | 1 | ||
In North America offices | Combination: interest rate reduction and term extension | ||||
Financing Receivable, Modified [Line Items] | ||||
Total loans defaulted within one year of modification | 0 | 0 | ||
In North America offices | Combination: term extension and payment delay | ||||
Financing Receivable, Modified [Line Items] | ||||
Total loans defaulted within one year of modification | 0 | 0 | ||
In North America offices | Combination: interest rate reduction, term extension and payment delay | ||||
Financing Receivable, Modified [Line Items] | ||||
Total loans defaulted within one year of modification | 0 | 0 | ||
In offices outside North America | ||||
Financing Receivable, Modified [Line Items] | ||||
Total loans defaulted within one year of modification | 2 | 6 | 7 | 22 |
In offices outside North America | Interest rate reduction | ||||
Financing Receivable, Modified [Line Items] | ||||
Total loans defaulted within one year of modification | 2 | 3 | ||
In offices outside North America | Term extension | ||||
Financing Receivable, Modified [Line Items] | ||||
Total loans defaulted within one year of modification | 0 | 0 | ||
In offices outside North America | Payment delay | ||||
Financing Receivable, Modified [Line Items] | ||||
Total loans defaulted within one year of modification | 0 | 2 | ||
In offices outside North America | Combination: interest rate reduction and term extension | ||||
Financing Receivable, Modified [Line Items] | ||||
Total loans defaulted within one year of modification | 0 | 2 | ||
In offices outside North America | Combination: term extension and payment delay | ||||
Financing Receivable, Modified [Line Items] | ||||
Total loans defaulted within one year of modification | 0 | 0 | ||
In offices outside North America | Combination: interest rate reduction, term extension and payment delay | ||||
Financing Receivable, Modified [Line Items] | ||||
Total loans defaulted within one year of modification | 0 | 0 | ||
Residential mortgages | In North America offices | ||||
Financing Receivable, Modified [Line Items] | ||||
Total loans defaulted within one year of modification | 6 | 6 | 7 | 23 |
Residential mortgages | In North America offices | Interest rate reduction | ||||
Financing Receivable, Modified [Line Items] | ||||
Total loans defaulted within one year of modification | 0 | 1 | ||
Residential mortgages | In North America offices | Term extension | ||||
Financing Receivable, Modified [Line Items] | ||||
Total loans defaulted within one year of modification | 5 | 5 | ||
Residential mortgages | In North America offices | Payment delay | ||||
Financing Receivable, Modified [Line Items] | ||||
Total loans defaulted within one year of modification | 1 | 1 | ||
Residential mortgages | In North America offices | Combination: interest rate reduction and term extension | ||||
Financing Receivable, Modified [Line Items] | ||||
Total loans defaulted within one year of modification | 0 | 0 | ||
Residential mortgages | In North America offices | Combination: term extension and payment delay | ||||
Financing Receivable, Modified [Line Items] | ||||
Total loans defaulted within one year of modification | 0 | 0 | ||
Residential mortgages | In North America offices | Combination: interest rate reduction, term extension and payment delay | ||||
Financing Receivable, Modified [Line Items] | ||||
Total loans defaulted within one year of modification | 0 | 0 | ||
Residential mortgages | In offices outside North America | ||||
Financing Receivable, Modified [Line Items] | ||||
Total loans defaulted within one year of modification | 0 | 2 | 2 | 9 |
Residential mortgages | In offices outside North America | Interest rate reduction | ||||
Financing Receivable, Modified [Line Items] | ||||
Total loans defaulted within one year of modification | 0 | 0 | ||
Residential mortgages | In offices outside North America | Term extension | ||||
Financing Receivable, Modified [Line Items] | ||||
Total loans defaulted within one year of modification | 0 | 0 | ||
Residential mortgages | In offices outside North America | Payment delay | ||||
Financing Receivable, Modified [Line Items] | ||||
Total loans defaulted within one year of modification | 0 | 2 | ||
Residential mortgages | In offices outside North America | Combination: interest rate reduction and term extension | ||||
Financing Receivable, Modified [Line Items] | ||||
Total loans defaulted within one year of modification | 0 | 0 | ||
Residential mortgages | In offices outside North America | Combination: term extension and payment delay | ||||
Financing Receivable, Modified [Line Items] | ||||
Total loans defaulted within one year of modification | 0 | 0 | ||
Residential mortgages | In offices outside North America | Combination: interest rate reduction, term extension and payment delay | ||||
Financing Receivable, Modified [Line Items] | ||||
Total loans defaulted within one year of modification | 0 | 0 | ||
Home equity loans | In North America offices | ||||
Financing Receivable, Modified [Line Items] | ||||
Total loans defaulted within one year of modification | 0 | 1 | 0 | 3 |
Home equity loans | In North America offices | Interest rate reduction | ||||
Financing Receivable, Modified [Line Items] | ||||
Total loans defaulted within one year of modification | 0 | 0 | ||
Home equity loans | In North America offices | Term extension | ||||
Financing Receivable, Modified [Line Items] | ||||
Total loans defaulted within one year of modification | 0 | 0 | ||
Home equity loans | In North America offices | Payment delay | ||||
Financing Receivable, Modified [Line Items] | ||||
Total loans defaulted within one year of modification | 0 | 0 | ||
Home equity loans | In North America offices | Combination: interest rate reduction and term extension | ||||
Financing Receivable, Modified [Line Items] | ||||
Total loans defaulted within one year of modification | 0 | 0 | ||
Home equity loans | In North America offices | Combination: term extension and payment delay | ||||
Financing Receivable, Modified [Line Items] | ||||
Total loans defaulted within one year of modification | 0 | 0 | ||
Home equity loans | In North America offices | Combination: interest rate reduction, term extension and payment delay | ||||
Financing Receivable, Modified [Line Items] | ||||
Total loans defaulted within one year of modification | 0 | 0 | ||
Credit cards | In North America offices | ||||
Financing Receivable, Modified [Line Items] | ||||
Total loans defaulted within one year of modification | 61 | 62 | 93 | 178 |
Credit cards | In North America offices | Interest rate reduction | ||||
Financing Receivable, Modified [Line Items] | ||||
Total loans defaulted within one year of modification | 61 | 93 | ||
Credit cards | In North America offices | Term extension | ||||
Financing Receivable, Modified [Line Items] | ||||
Total loans defaulted within one year of modification | 0 | 0 | ||
Credit cards | In North America offices | Payment delay | ||||
Financing Receivable, Modified [Line Items] | ||||
Total loans defaulted within one year of modification | 0 | 0 | ||
Credit cards | In North America offices | Combination: interest rate reduction and term extension | ||||
Financing Receivable, Modified [Line Items] | ||||
Total loans defaulted within one year of modification | 0 | 0 | ||
Credit cards | In North America offices | Combination: term extension and payment delay | ||||
Financing Receivable, Modified [Line Items] | ||||
Total loans defaulted within one year of modification | 0 | 0 | ||
Credit cards | In North America offices | Combination: interest rate reduction, term extension and payment delay | ||||
Financing Receivable, Modified [Line Items] | ||||
Total loans defaulted within one year of modification | 0 | 0 | ||
Credit cards | In offices outside North America | ||||
Financing Receivable, Modified [Line Items] | ||||
Total loans defaulted within one year of modification | 2 | 3 | 3 | 10 |
Credit cards | In offices outside North America | Interest rate reduction | ||||
Financing Receivable, Modified [Line Items] | ||||
Total loans defaulted within one year of modification | 2 | 3 | ||
Credit cards | In offices outside North America | Term extension | ||||
Financing Receivable, Modified [Line Items] | ||||
Total loans defaulted within one year of modification | 0 | 0 | ||
Credit cards | In offices outside North America | Payment delay | ||||
Financing Receivable, Modified [Line Items] | ||||
Total loans defaulted within one year of modification | 0 | 0 | ||
Credit cards | In offices outside North America | Combination: interest rate reduction and term extension | ||||
Financing Receivable, Modified [Line Items] | ||||
Total loans defaulted within one year of modification | 0 | 0 | ||
Credit cards | In offices outside North America | Combination: term extension and payment delay | ||||
Financing Receivable, Modified [Line Items] | ||||
Total loans defaulted within one year of modification | 0 | 0 | ||
Credit cards | In offices outside North America | Combination: interest rate reduction, term extension and payment delay | ||||
Financing Receivable, Modified [Line Items] | ||||
Total loans defaulted within one year of modification | 0 | 0 | ||
Personal, small business and other | In North America offices | ||||
Financing Receivable, Modified [Line Items] | ||||
Total loans defaulted within one year of modification | 0 | 0 | 0 | 0 |
Personal, small business and other | In North America offices | Interest rate reduction | ||||
Financing Receivable, Modified [Line Items] | ||||
Total loans defaulted within one year of modification | 0 | 0 | ||
Personal, small business and other | In North America offices | Term extension | ||||
Financing Receivable, Modified [Line Items] | ||||
Total loans defaulted within one year of modification | 0 | 0 | ||
Personal, small business and other | In North America offices | Payment delay | ||||
Financing Receivable, Modified [Line Items] | ||||
Total loans defaulted within one year of modification | 0 | 0 | ||
Personal, small business and other | In North America offices | Combination: interest rate reduction and term extension | ||||
Financing Receivable, Modified [Line Items] | ||||
Total loans defaulted within one year of modification | 0 | 0 | ||
Personal, small business and other | In North America offices | Combination: term extension and payment delay | ||||
Financing Receivable, Modified [Line Items] | ||||
Total loans defaulted within one year of modification | 0 | 0 | ||
Personal, small business and other | In North America offices | Combination: interest rate reduction, term extension and payment delay | ||||
Financing Receivable, Modified [Line Items] | ||||
Total loans defaulted within one year of modification | 0 | 0 | ||
Personal, small business and other | In offices outside North America | ||||
Financing Receivable, Modified [Line Items] | ||||
Total loans defaulted within one year of modification | 0 | $ 1 | 2 | $ 3 |
Personal, small business and other | In offices outside North America | Interest rate reduction | ||||
Financing Receivable, Modified [Line Items] | ||||
Total loans defaulted within one year of modification | 0 | 0 | ||
Personal, small business and other | In offices outside North America | Term extension | ||||
Financing Receivable, Modified [Line Items] | ||||
Total loans defaulted within one year of modification | 0 | 0 | ||
Personal, small business and other | In offices outside North America | Payment delay | ||||
Financing Receivable, Modified [Line Items] | ||||
Total loans defaulted within one year of modification | 0 | 0 | ||
Personal, small business and other | In offices outside North America | Combination: interest rate reduction and term extension | ||||
Financing Receivable, Modified [Line Items] | ||||
Total loans defaulted within one year of modification | 0 | 2 | ||
Personal, small business and other | In offices outside North America | Combination: term extension and payment delay | ||||
Financing Receivable, Modified [Line Items] | ||||
Total loans defaulted within one year of modification | 0 | 0 | ||
Personal, small business and other | In offices outside North America | Combination: interest rate reduction, term extension and payment delay | ||||
Financing Receivable, Modified [Line Items] | ||||
Total loans defaulted within one year of modification | $ 0 | $ 0 |
ALLOWANCE FOR CREDIT LOSSES - A
ALLOWANCE FOR CREDIT LOSSES - Allowance for Credit Losses Roll Forward (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | |
Allowance for credit losses | |||||
Allowance for credit losses on loans (ACLL) at beginning of period | $ 17,496 | $ 15,952 | $ 16,974 | $ 16,455 | |
Gross credit losses on loans | (2,000) | (1,237) | (5,513) | (3,689) | |
Gross recoveries on loans | 363 | 350 | 1,070 | 1,080 | |
Net credit losses on loans (NCLs) | (1,637) | (887) | (4,443) | (2,609) | |
Net reserve builds (releases) for loans | 100 | 519 | 787 | 259 | |
Net specific reserve builds (releases) for loans | 79 | (78) | 84 | 104 | |
Total provision for credit losses on loans (PCLL) | 1,816 | 1,328 | 5,314 | 2,972 | |
Other, net (see table below) | (46) | (84) | 136 | (509) | |
ACLL at end of period | 17,629 | 16,309 | 17,629 | 16,309 | |
Allowance for credit losses on unfunded commitments | |||||
Allowance for credit losses on unfunded commitments (ACLUC) at beginning of period | 1,862 | 2,193 | 2,151 | 1,871 | |
Provision (release) for credit losses on unfunded lending commitments | (54) | (71) | (344) | 244 | |
Other, net | (2) | (33) | (1) | (26) | |
ACLUC at end of period | 1,806 | 2,089 | 1,806 | 2,089 | |
Total allowance for credit losses on loans, leases and unfunded lending commitments | 19,435 | 18,398 | 19,435 | 18,398 | $ 19,125 |
Sales or transfers of various consumer loan portfolios to HFS | |||||
Reclasses of consumer ACLL to HFS | 0 | 0 | 0 | (350) | |
FX translation and other | (46) | (84) | 136 | (159) | |
Other, net | (46) | (84) | 136 | (509) | |
Cumulative Effect, Period of Adoption, Adjustment | |||||
Allowance for credit losses | |||||
Allowance for credit losses on loans (ACLL) at beginning of period | 0 | 0 | (352) | 0 | |
Cumulative Effect, Period of Adoption, Adjusted Balance | |||||
Allowance for credit losses | |||||
Allowance for credit losses on loans (ACLL) at beginning of period | $ 17,496 | $ 15,952 | $ 16,622 | $ 16,455 |
ALLOWANCE FOR CREDIT LOSSES -_2
ALLOWANCE FOR CREDIT LOSSES - Allowance for Credit Losses Roll Forward by Segment (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | |
Allowance for credit losses | |||||
Allowance for credit losses on loans (ACLL) at beginning of period | $ 17,496 | $ 15,952 | $ 16,974 | $ 16,455 | |
Charge-offs | (2,000) | (1,237) | (5,513) | (3,689) | |
Recoveries | 363 | 350 | 1,070 | 1,080 | |
Replenishment of NCLs | 1,637 | 887 | 4,443 | 2,609 | |
Net reserve builds (releases) | 100 | 519 | 787 | 259 | |
Net specific reserve builds (releases) | 79 | (78) | 84 | 104 | |
Other | (46) | (84) | 136 | (509) | |
ACLL at end of period | 17,629 | 16,309 | 17,629 | 16,309 | |
ACLL | |||||
Collectively evaluated | 17,219 | 17,219 | $ 16,053 | ||
Individually evaluated | 410 | 410 | 919 | ||
Total ACLL | 17,629 | 16,309 | 17,629 | 16,309 | 16,974 |
Loans, net of unearned income | |||||
Collectively evaluated | 656,790 | 656,790 | 647,704 | ||
Individually evaluated | 2,033 | 2,033 | 4,043 | ||
Held at fair value | 7,411 | 7,411 | 5,360 | ||
Total loans, net of unearned income | 666,348 | 666,348 | 657,221 | ||
Cumulative Effect, Period of Adoption, Adjustment | |||||
Allowance for credit losses | |||||
Allowance for credit losses on loans (ACLL) at beginning of period | 0 | 0 | (352) | 0 | |
ACLL | |||||
Total ACLL | (352) | ||||
Cumulative Effect, Period of Adoption, Adjusted Balance | |||||
Allowance for credit losses | |||||
Allowance for credit losses on loans (ACLL) at beginning of period | 17,496 | 15,952 | 16,622 | 16,455 | |
ACLL | |||||
Total ACLL | 16,622 | ||||
Purchased credit deteriorated | |||||
ACLL | |||||
Purchased credit deteriorated | 0 | 0 | 2 | ||
Loans, net of unearned income | |||||
Purchased credit deteriorated | 114 | 114 | 114 | ||
Corporate loans | |||||
Allowance for credit losses | |||||
Allowance for credit losses on loans (ACLL) at beginning of period | 2,630 | 2,969 | 2,855 | 2,415 | |
Charge-offs | (72) | (43) | (197) | (148) | |
Recoveries | 14 | 37 | 42 | 88 | |
Replenishment of NCLs | 58 | 6 | 155 | 60 | |
Net reserve builds (releases) | 25 | 145 | (184) | 394 | |
Net specific reserve builds (releases) | 77 | (104) | 49 | 169 | |
Other | (15) | (62) | (3) | (30) | |
ACLL at end of period | 2,717 | 2,948 | 2,717 | 2,948 | |
ACLL | |||||
Collectively evaluated | 2,347 | 2,347 | 2,532 | ||
Individually evaluated | 370 | 370 | 323 | ||
Total ACLL | 2,717 | 2,948 | 2,717 | 2,948 | 2,855 |
Loans, net of unearned income | |||||
Collectively evaluated | 279,470 | 279,470 | 282,909 | ||
Individually evaluated | 1,975 | 1,975 | 1,122 | ||
Held at fair value | 7,189 | 7,189 | 5,123 | ||
Total loans, net of unearned income | 288,634 | 288,634 | 289,154 | ||
Corporate loans | Cumulative Effect, Period of Adoption, Adjustment | |||||
Allowance for credit losses | |||||
Allowance for credit losses on loans (ACLL) at beginning of period | 0 | 0 | |||
ACLL | |||||
Total ACLL | 0 | ||||
Corporate loans | Cumulative Effect, Period of Adoption, Adjusted Balance | |||||
Allowance for credit losses | |||||
Allowance for credit losses on loans (ACLL) at beginning of period | 2,855 | 2,415 | |||
ACLL | |||||
Total ACLL | 2,855 | ||||
Corporate loans | Purchased credit deteriorated | |||||
ACLL | |||||
Purchased credit deteriorated | 0 | 0 | 0 | ||
Loans, net of unearned income | |||||
Purchased credit deteriorated | 0 | 0 | 0 | ||
Consumer loans | |||||
Allowance for credit losses | |||||
Allowance for credit losses on loans (ACLL) at beginning of period | 14,866 | 12,983 | 14,119 | 14,040 | |
Charge-offs | (1,928) | (1,194) | (5,316) | (3,541) | |
Recoveries | 349 | 313 | 1,028 | 992 | |
Replenishment of NCLs | 1,579 | 881 | 4,288 | 2,549 | |
Net reserve builds (releases) | 75 | 374 | 971 | (135) | |
Net specific reserve builds (releases) | 2 | 26 | 35 | (65) | |
Other | (31) | (22) | 139 | (479) | |
ACLL at end of period | 14,912 | 13,361 | 14,912 | 13,361 | |
ACLL | |||||
Collectively evaluated | 14,872 | 14,872 | 13,521 | ||
Individually evaluated | 40 | 40 | 596 | ||
Total ACLL | 14,912 | $ 13,361 | 14,912 | 13,361 | 14,119 |
Loans, net of unearned income | |||||
Collectively evaluated | 377,320 | 377,320 | 364,795 | ||
Individually evaluated | 58 | 58 | 2,921 | ||
Held at fair value | 222 | 222 | 237 | ||
Total loans, net of unearned income | 377,714 | 377,714 | 368,067 | ||
Consumer loans | Cumulative Effect, Period of Adoption, Adjustment | |||||
Allowance for credit losses | |||||
Allowance for credit losses on loans (ACLL) at beginning of period | (352) | 0 | |||
ACLL | |||||
Total ACLL | (352) | ||||
Consumer loans | Cumulative Effect, Period of Adoption, Adjusted Balance | |||||
Allowance for credit losses | |||||
Allowance for credit losses on loans (ACLL) at beginning of period | 13,767 | $ 14,040 | |||
ACLL | |||||
Total ACLL | 13,767 | ||||
Consumer loans | Purchased credit deteriorated | |||||
ACLL | |||||
Purchased credit deteriorated | 0 | 0 | 2 | ||
Loans, net of unearned income | |||||
Purchased credit deteriorated | $ 114 | $ 114 | $ 114 |
ALLOWANCE FOR CREDIT LOSSES - N
ALLOWANCE FOR CREDIT LOSSES - Narrative (Details) - USD ($) $ in Millions | Sep. 30, 2023 | Jun. 30, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Dec. 31, 2021 |
Allowance for loan losses disclosures | ||||||
Allowance for credit losses on loans, leases and unfunded lending commitments | $ 19,435 | $ 19,125 | $ 18,398 | |||
Allowance for credit losses | 17,629 | $ 17,496 | 16,974 | 16,309 | $ 15,952 | $ 16,455 |
Allowance for credit losses on unfunded commitments (ACLUC) | 1,806 | 1,862 | 2,151 | 2,089 | 2,193 | 1,871 |
Allowance for credit losses on HTM debt securities | 95 | 120 | 115 | |||
Cumulative Effect, Period of Adoption, Adjustment | ||||||
Allowance for loan losses disclosures | ||||||
Allowance for credit losses | 0 | (352) | 0 | 0 | ||
Consumer loans | ||||||
Allowance for loan losses disclosures | ||||||
Allowance for credit losses | 14,912 | 14,866 | 14,119 | 13,361 | 12,983 | 14,040 |
Consumer loans | Cumulative Effect, Period of Adoption, Adjustment | ||||||
Allowance for loan losses disclosures | ||||||
Allowance for credit losses | (352) | 0 | ||||
Corporate loans | ||||||
Allowance for loan losses disclosures | ||||||
Allowance for credit losses | $ 2,717 | $ 2,630 | 2,855 | $ 2,948 | $ 2,969 | 2,415 |
Corporate loans | Cumulative Effect, Period of Adoption, Adjustment | ||||||
Allowance for loan losses disclosures | ||||||
Allowance for credit losses | $ 0 | $ 0 |
ALLOWANCE FOR CREDIT LOSSES - S
ALLOWANCE FOR CREDIT LOSSES - Schedule of Allowance for Credit Losses for Other Assets (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Financing Receivable, Other Assets, Allowance For Credit Loss [Roll Forward] | ||||
Allowance for credit losses on other assets at beginning of quarter | $ 659 | $ 74 | $ 123 | $ 53 |
Gross credit losses | (19) | (4) | (54) | (19) |
Gross recoveries | 6 | 0 | 11 | 2 |
Net credit losses (NCLs) | (13) | (4) | (43) | (17) |
Net reserve builds (releases) | 43 | 69 | 587 | 59 |
Total provision for credit losses | 56 | 73 | 630 | 76 |
Other, net | (4) | (2) | (12) | 29 |
Allowance for credit losses on other assets at end of quarter | 698 | 141 | 698 | 141 |
Deposits with banks | ||||
Financing Receivable, Other Assets, Allowance For Credit Loss [Roll Forward] | ||||
Allowance for credit losses on other assets at beginning of quarter | 21 | 17 | 51 | 21 |
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) | 6 | 23 | (23) | 19 |
Total provision for credit losses | 6 | 23 | (23) | 19 |
Other, net | 0 | 0 | (1) | 0 |
Allowance for credit losses on other assets at end of quarter | 27 | 40 | 27 | 40 |
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 | 26 | 27 | 36 | 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) | 30 | 45 | 27 | 35 |
Total provision for credit losses | 30 | 45 | 27 | 35 |
Other, net | (3) | (3) | (10) | 28 |
Allowance for credit losses on other assets at end of quarter | 53 | 69 | 53 | 69 |
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 | ||
Gross credit losses | 0 | 0 | ||
Gross recoveries | 0 | 0 | ||
Net credit losses (NCLs) | 0 | 0 | ||
Net reserve builds (releases) | 0 | 0 | ||
Total provision for credit losses | 0 | 0 | ||
Other, net | 0 | 0 | ||
Allowance for credit losses on other assets at end of quarter | 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 | 612 | 30 | 36 | 26 |
Gross credit losses | (19) | (4) | (54) | (19) |
Gross recoveries | 6 | 0 | 11 | 2 |
Net credit losses (NCLs) | (13) | (4) | (43) | (17) |
Net reserve builds (releases) | 7 | 1 | 583 | 5 |
Total provision for credit losses | 20 | 5 | 626 | 22 |
Other, net | (1) | 1 | (1) | 1 |
Allowance for credit losses on other assets at end of quarter | $ 618 | $ 32 | $ 618 | $ 32 |
GOODWILL AND INTANGIBLE ASSET_2
GOODWILL AND INTANGIBLE ASSETS - Changes in Goodwill (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | |
Goodwill | |||
Balance of goodwill at beginning of period | $ 19,998 | $ 19,882 | $ 19,691 |
Foreign currency translation | (169) | 116 | 191 |
Balance of goodwill at end of period | 19,829 | 19,998 | 19,882 |
Institutional Clients Group | |||
Goodwill | |||
Balance of goodwill at beginning of period | 9,041 | 9,028 | 8,986 |
Foreign currency translation | (132) | 13 | 42 |
Balance of goodwill at end of period | 8,909 | 9,041 | 9,028 |
Personal Banking and Wealth Management | |||
Goodwill | |||
Balance of goodwill at beginning of period | 9,858 | 9,810 | 9,741 |
Foreign currency translation | (17) | 48 | 69 |
Balance of goodwill at end of period | 9,841 | 9,858 | 9,810 |
Legacy Franchises | |||
Goodwill | |||
Balance of goodwill at beginning of period | 1,099 | 1,044 | 964 |
Foreign currency translation | (20) | 55 | 80 |
Balance of goodwill at end of period | $ 1,079 | $ 1,099 | $ 1,044 |
GOODWILL AND INTANGIBLE ASSET_3
GOODWILL AND INTANGIBLE ASSETS - Components of Intangible Assets (Details) - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 |
Finite and Indefinite-lived Intangible Assets | ||
Gross carrying amount of Intangible assets (excluding MSRs) | $ 10,096 | $ 10,078 |
Accumulated amortization of Intangible assets (excluding MSRs) | 6,285 | 6,315 |
Net carrying amount of Intangible assets (excluding MSRs) | 3,811 | 3,763 |
Gross carrying amount, Mortgage servicing rights (MSRs) | 729 | 665 |
Mortgage servicing rights (MSRs) | 729 | 665 |
Gross carrying amount of Intangible assets | 10,825 | 10,743 |
Accumulated amortization of Intangible assets | 6,285 | 6,315 |
Total intangible assets | 4,540 | 4,428 |
Indefinite-lived intangible assets | ||
Finite and Indefinite-lived Intangible Assets | ||
Gross carrying amount of Intangible assets (excluding MSRs) | 234 | 192 |
Net carrying amount of Intangible assets (excluding MSRs) | 234 | 192 |
Purchased credit card relationships | ||
Finite and Indefinite-lived Intangible Assets | ||
Gross carrying amount of Intangible assets (excluding MSRs) | 5,302 | 5,513 |
Accumulated amortization of Intangible assets (excluding MSRs) | 4,328 | 4,426 |
Net carrying amount of Intangible assets (excluding MSRs) | 974 | 1,087 |
Credit card contract related intangibles | ||
Finite and Indefinite-lived Intangible Assets | ||
Gross carrying amount of Intangible assets (excluding MSRs) | 4,178 | 3,903 |
Accumulated amortization of Intangible assets (excluding MSRs) | 1,652 | 1,518 |
Net carrying amount of Intangible assets (excluding MSRs) | 2,526 | 2,385 |
Other customer relationships | ||
Finite and Indefinite-lived Intangible Assets | ||
Gross carrying amount of Intangible assets (excluding MSRs) | 346 | 373 |
Accumulated amortization of Intangible assets (excluding MSRs) | 270 | 283 |
Net carrying amount of Intangible assets (excluding MSRs) | 76 | 90 |
Present value of future profits | ||
Finite and Indefinite-lived Intangible Assets | ||
Gross carrying amount of Intangible assets (excluding MSRs) | 36 | 32 |
Accumulated amortization of Intangible assets (excluding MSRs) | 35 | 31 |
Net carrying amount of Intangible assets (excluding MSRs) | 1 | 1 |
Other | ||
Finite and Indefinite-lived Intangible Assets | ||
Gross carrying amount of Intangible assets (excluding MSRs) | 0 | 65 |
Accumulated amortization of Intangible assets (excluding MSRs) | 0 | 57 |
Net carrying amount of Intangible assets (excluding MSRs) | $ 0 | $ 8 |
GOODWILL AND INTANGIBLE ASSET_4
GOODWILL AND INTANGIBLE ASSETS - Changes in Intangible Assets (Details) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2023 | Dec. 31, 2022 | |
Finite and Indefinite-lived Intangible Assets | ||
Beginning balance | $ 3,763 | |
Acquisitions/renewals/ divestitures | 321 | |
Amortization | (280) | |
Impairments | 0 | |
FX translation and other | 7 | |
Ending balance | 3,811 | |
Mortgage servicing rights (MSRs) | 729 | $ 665 |
Total intangible assets | 4,540 | $ 4,428 |
Indefinite-lived intangible assets | ||
Finite and Indefinite-lived Intangible Assets | ||
Beginning balance | 192 | |
Acquisitions/renewals/ divestitures | 20 | |
Amortization | 0 | |
Impairments | 0 | |
FX translation and other | 22 | |
Ending balance | 234 | |
Purchased credit card relationships | ||
Finite and Indefinite-lived Intangible Assets | ||
Beginning balance | 1,087 | |
Acquisitions/renewals/ divestitures | 0 | |
Amortization | (113) | |
Impairments | 0 | |
FX translation and other | 0 | |
Ending balance | 974 | |
Credit card contract related intangibles | ||
Finite and Indefinite-lived Intangible Assets | ||
Beginning balance | 2,385 | |
Acquisitions/renewals/ divestitures | 290 | |
Amortization | (141) | |
Impairments | 0 | |
FX translation and other | (8) | |
Ending balance | 2,526 | |
Other customer relationships | ||
Finite and Indefinite-lived Intangible Assets | ||
Beginning balance | 90 | |
Acquisitions/renewals/ divestitures | 11 | |
Amortization | (18) | |
Impairments | 0 | |
FX translation and other | (7) | |
Ending balance | 76 | |
Present value of future profits | ||
Finite and Indefinite-lived Intangible Assets | ||
Beginning balance | 1 | |
Acquisitions/renewals/ divestitures | 0 | |
Amortization | 0 | |
Impairments | 0 | |
FX translation and other | 0 | |
Ending balance | 1 | |
Other | ||
Finite and Indefinite-lived Intangible Assets | ||
Beginning balance | 8 | |
Acquisitions/renewals/ divestitures | 0 | |
Amortization | (8) | |
Impairments | 0 | |
FX translation and other | 0 | |
Ending balance | $ 0 |
DEPOSITS (Details)
DEPOSITS (Details) - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 |
Deposit Liability [Line Items] | ||
Non-interest-bearing deposits in U.S. offices | $ 104,061 | $ 122,655 |
Interest-bearing deposits in U.S. offices (including $1,001 and $903 as of September 30, 2023 and December 31, 2022, respectively, at fair value) | 569,428 | 607,470 |
Non-interest-bearing deposits in offices outside the U.S. | 84,663 | 95,182 |
Interest-bearing deposits in offices outside the U.S. (including $1,721 and $972 as of September 30, 2023 and December 31, 2022, respectively, at fair value) | 515,354 | 540,647 |
Total deposits | 1,273,506 | 1,365,954 |
Fair value | ||
Deposit Liability [Line Items] | ||
Interest-bearing deposits in U.S. offices (including $1,001 and $903 as of September 30, 2023 and December 31, 2022, respectively, at fair value) | 1,001 | 903 |
Interest-bearing deposits in offices outside the U.S. (including $1,721 and $972 as of September 30, 2023 and December 31, 2022, respectively, at fair value) | 1,721 | 972 |
Total deposits | $ 1,270,100 | $ 1,345,400 |
DEBT - Short-Term Borrowings (D
DEBT - Short-Term Borrowings (Details) - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 |
Short-term Debt [Line Items] | ||
Commercial paper | $ 22,843 | $ 25,530 |
Other borrowings | 20,323 | 21,566 |
Total short-term borrowings | 43,166 | 47,096 |
Collateralized short-term advances from Federal Home Loan Bank | 9,000 | 12,000 |
Series A | ||
Short-term Debt [Line Items] | ||
Other borrowings | 1,500 | |
Bank | ||
Short-term Debt [Line Items] | ||
Commercial paper | 11,124 | 11,185 |
Broker-dealer and other | ||
Short-term Debt [Line Items] | ||
Commercial paper | $ 11,719 | $ 14,345 |
DEBT - Long-Term Debt (Details)
DEBT - Long-Term Debt (Details) - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 |
Debt Instrument | ||
Long-term debt, at fair value | $ 275,760 | $ 271,606 |
Trust preferred securities | 1,600 | 1,600 |
Citigroup Inc. | ||
Debt Instrument | ||
Long-term debt, at fair value | 160,571 | 166,257 |
Bank | ||
Debt Instrument | ||
Long-term debt, at fair value | 24,560 | 21,113 |
Bank | Senior notes | ||
Debt Instrument | ||
Collateralized long-term advances from Federal Home Loan Bank | 8,500 | 7,300 |
Broker-dealer and other | ||
Debt Instrument | ||
Long-term debt, at fair value | $ 90,629 | $ 84,236 |
DEBT - Trust Preferred Securiti
DEBT - Trust Preferred Securities (Details) $ in Millions | Sep. 30, 2023 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 | SOFR | |
Trust Preferred Securities | |
Basis spread on variable rate | 0.0663161 |
Citigroup Capital XIII | LIBOR | |
Trust Preferred Securities | |
Basis spread on variable rate | 0.0026161 |
CHANGES IN ACCUMULATED OTHER _3
CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (AOCI) - Change in Each Component of AOCI (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | ||
Change in accumulated other comprehensive income (loss) | |||||
Balance, beginning of period | $ 201,838 | ||||
Balance, end of period | $ 210,195 | $ 199,117 | 210,195 | $ 199,117 | |
Liability for future policyholder benefits | 519 | 519 | |||
Net unrealized gains (losses) on debt securities | |||||
Change in accumulated other comprehensive income (loss) | |||||
Balance, beginning of period | (5,036) | (6,392) | (5,998) | (614) | |
Other comprehensive income before reclassifications | (176) | (595) | 812 | (6,490) | |
Increase (decrease) due to amounts reclassified from AOCI | 7 | 15 | (19) | 132 | |
Total other comprehensive income | (169) | (580) | 793 | (6,358) | |
Balance, end of period | (5,205) | (6,972) | (5,205) | (6,972) | |
Net unrealized gains (losses) on debt securities | Cumulative Effect, Period of Adoption, Adjustment | |||||
Change in accumulated other comprehensive income (loss) | |||||
Balance, beginning of period | 0 | ||||
Net unrealized gains (losses) on debt securities | Cumulative Effect, Period of Adoption, Adjusted Balance | |||||
Change in accumulated other comprehensive income (loss) | |||||
Balance, beginning of period | (5,998) | ||||
Debt valuation adjustment (DVA) | |||||
Change in accumulated other comprehensive income (loss) | |||||
Balance, beginning of period | (102) | 1,573 | 842 | (1,187) | |
Other comprehensive income before reclassifications | 290 | 874 | (650) | 3,635 | |
Increase (decrease) due to amounts reclassified from AOCI | 9 | (2) | 5 | (3) | |
Total other comprehensive income | 299 | 872 | (645) | 3,632 | |
Balance, end of period | 197 | 2,445 | 197 | 2,445 | |
Debt valuation adjustment (DVA) | Cumulative Effect, Period of Adoption, Adjustment | |||||
Change in accumulated other comprehensive income (loss) | |||||
Balance, beginning of period | 0 | ||||
Debt valuation adjustment (DVA) | Cumulative Effect, Period of Adoption, Adjusted Balance | |||||
Change in accumulated other comprehensive income (loss) | |||||
Balance, beginning of period | 842 | ||||
Cash flow hedges | |||||
Change in accumulated other comprehensive income (loss) | |||||
Balance, beginning of period | (1,990) | (2,106) | (2,522) | 101 | |
Other comprehensive income before reclassifications | 366 | (870) | 166 | (2,709) | |
Increase (decrease) due to amounts reclassified from AOCI | 365 | 107 | 1,097 | (261) | |
Total other comprehensive income | 731 | (763) | 1,263 | (2,970) | |
Balance, end of period | (1,259) | (2,869) | (1,259) | (2,869) | |
Cash flow hedges | Cumulative Effect, Period of Adoption, Adjustment | |||||
Change in accumulated other comprehensive income (loss) | |||||
Balance, beginning of period | 0 | ||||
Cash flow hedges | Cumulative Effect, Period of Adoption, Adjusted Balance | |||||
Change in accumulated other comprehensive income (loss) | |||||
Balance, beginning of period | (2,522) | ||||
Benefit plans | |||||
Change in accumulated other comprehensive income (loss) | |||||
Balance, beginning of period | (5,995) | (5,770) | (5,755) | (5,852) | |
Other comprehensive income before reclassifications | 274 | 5 | (28) | 26 | |
Increase (decrease) due to amounts reclassified from AOCI | 38 | 32 | 100 | 93 | |
Total other comprehensive income | 312 | 37 | 72 | 119 | |
Balance, end of period | (5,683) | (5,733) | (5,683) | (5,733) | |
Benefit plans | Cumulative Effect, Period of Adoption, Adjustment | |||||
Change in accumulated other comprehensive income (loss) | |||||
Balance, beginning of period | 0 | ||||
Benefit plans | Cumulative Effect, Period of Adoption, Adjusted Balance | |||||
Change in accumulated other comprehensive income (loss) | |||||
Balance, beginning of period | (5,755) | ||||
CTA, net of hedges | |||||
Change in accumulated other comprehensive income (loss) | |||||
Balance, beginning of period | (32,773) | (32,810) | (33,637) | (31,166) | |
Other comprehensive income before reclassifications | (1,496) | (2,423) | (632) | (4,412) | |
Increase (decrease) due to amounts reclassified from AOCI | 0 | 24 | 0 | 369 | |
Total other comprehensive income | (1,496) | (2,399) | (632) | (4,043) | |
Balance, end of period | (34,269) | (35,209) | (34,269) | (35,209) | |
CTA, net of hedges | Cumulative Effect, Period of Adoption, Adjustment | |||||
Change in accumulated other comprehensive income (loss) | |||||
Balance, beginning of period | 0 | ||||
CTA, net of hedges | Cumulative Effect, Period of Adoption, Adjusted Balance | |||||
Change in accumulated other comprehensive income (loss) | |||||
Balance, beginning of period | (33,637) | ||||
Excluded component of fair value hedges | |||||
Change in accumulated other comprehensive income (loss) | |||||
Balance, beginning of period | 5 | 10 | 8 | (47) | |
Other comprehensive income before reclassifications | (3) | 31 | 8 | 81 | |
Increase (decrease) due to amounts reclassified from AOCI | (9) | (1) | (23) | 6 | |
Total other comprehensive income | (12) | 30 | (15) | 87 | |
Balance, end of period | (7) | 40 | (7) | 40 | |
Excluded component of fair value hedges | Cumulative Effect, Period of Adoption, Adjustment | |||||
Change in accumulated other comprehensive income (loss) | |||||
Balance, beginning of period | 0 | ||||
Excluded component of fair value hedges | Cumulative Effect, Period of Adoption, Adjusted Balance | |||||
Change in accumulated other comprehensive income (loss) | |||||
Balance, beginning of period | 8 | ||||
Long-duration insurance contracts | |||||
Change in accumulated other comprehensive income (loss) | |||||
Balance, beginning of period | 26 | 0 | 0 | 0 | |
Other comprehensive income before reclassifications | 23 | 0 | 22 | 0 | |
Increase (decrease) due to amounts reclassified from AOCI | 0 | 0 | 0 | 0 | |
Total other comprehensive income | 23 | 0 | 22 | 0 | |
Balance, end of period | 49 | 0 | 49 | 0 | |
Long-duration insurance contracts | Cumulative Effect, Period of Adoption, Adjustment | |||||
Change in accumulated other comprehensive income (loss) | |||||
Balance, beginning of period | 27 | ||||
Long-duration insurance contracts | Cumulative Effect, Period of Adoption, Adjusted Balance | |||||
Change in accumulated other comprehensive income (loss) | |||||
Balance, beginning of period | 27 | ||||
Accumulated other comprehensive income (loss) | |||||
Change in accumulated other comprehensive income (loss) | |||||
Balance, beginning of period | (45,865) | (45,495) | (47,062) | (38,765) | |
Other comprehensive income before reclassifications | (722) | (2,978) | (302) | (9,869) | |
Increase (decrease) due to amounts reclassified from AOCI | 410 | 175 | 1,160 | 336 | |
Total other comprehensive income | (312) | (2,803) | 858 | (9,533) | |
Balance, end of period | (46,177) | (48,298) | (46,177) | (48,298) | |
Accumulated other comprehensive income (loss) | Cumulative Effect, Period of Adoption, Adjustment | |||||
Change in accumulated other comprehensive income (loss) | |||||
Balance, beginning of period | [1] | 0 | 0 | 27 | 0 |
Accumulated other comprehensive income (loss) | Cumulative Effect, Period of Adoption, Adjusted Balance | |||||
Change in accumulated other comprehensive income (loss) | |||||
Balance, beginning of period | $ (45,865) | $ (45,495) | $ (47,035) | $ (38,765) | |
[1]See Note 1 for additional details. |
CHANGES IN ACCUMULATED OTHER _4
CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (AOCI) - Schedule of Pre-Tax and After-Tax (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | ||
Change in accumulated other comprehensive income (loss), after-tax | |||||
Balance, beginning of period | $ 201,838 | ||||
Balance, end of period | $ 210,195 | $ 199,117 | 210,195 | $ 199,117 | |
Change in net unrealized gains (losses) on debt securities | |||||
Change in accumulated other comprehensive income (loss), pretax | |||||
Other comprehensive income (loss), pretax | (227) | (850) | 1,095 | (8,464) | |
Change in accumulated other comprehensive income (loss), tax effect | |||||
Other comprehensive income (loss), tax effect | 58 | 270 | (302) | 2,106 | |
Change in accumulated other comprehensive income (loss), after-tax | |||||
Balance, beginning of period | (5,036) | (6,392) | (5,998) | (614) | |
Total other comprehensive income | (169) | (580) | 793 | (6,358) | |
Balance, end of period | (5,205) | (6,972) | (5,205) | (6,972) | |
Change in net unrealized gains (losses) on debt securities | Cumulative Effect, Period of Adoption, Adjustment | |||||
Change in accumulated other comprehensive income (loss), after-tax | |||||
Balance, beginning of period | 0 | ||||
Change in net unrealized gains (losses) on debt securities | Cumulative Effect, Period of Adoption, Adjusted Balance | |||||
Change in accumulated other comprehensive income (loss), after-tax | |||||
Balance, beginning of period | (5,998) | ||||
Debt valuation adjustment (DVA) | |||||
Change in accumulated other comprehensive income (loss), pretax | |||||
Other comprehensive income (loss), pretax | 395 | 1,159 | (875) | 4,800 | |
Change in accumulated other comprehensive income (loss), tax effect | |||||
Other comprehensive income (loss), tax effect | (96) | (287) | 230 | (1,168) | |
Change in accumulated other comprehensive income (loss), after-tax | |||||
Balance, beginning of period | (102) | 1,573 | 842 | (1,187) | |
Total other comprehensive income | 299 | 872 | (645) | 3,632 | |
Balance, end of period | 197 | 2,445 | 197 | 2,445 | |
Debt valuation adjustment (DVA) | Cumulative Effect, Period of Adoption, Adjustment | |||||
Change in accumulated other comprehensive income (loss), after-tax | |||||
Balance, beginning of period | 0 | ||||
Debt valuation adjustment (DVA) | Cumulative Effect, Period of Adoption, Adjusted Balance | |||||
Change in accumulated other comprehensive income (loss), after-tax | |||||
Balance, beginning of period | 842 | ||||
Hedges | |||||
Change in accumulated other comprehensive income (loss), after-tax | |||||
Balance, beginning of period | 5 | 10 | 8 | (47) | |
Total other comprehensive income | (12) | 30 | (15) | 87 | |
Balance, end of period | (7) | 40 | (7) | 40 | |
Hedges | Cumulative Effect, Period of Adoption, Adjustment | |||||
Change in accumulated other comprehensive income (loss), after-tax | |||||
Balance, beginning of period | 0 | ||||
Hedges | Cumulative Effect, Period of Adoption, Adjusted Balance | |||||
Change in accumulated other comprehensive income (loss), after-tax | |||||
Balance, beginning of period | 8 | ||||
Benefit plans | |||||
Change in accumulated other comprehensive income (loss), pretax | |||||
Other comprehensive income (loss), pretax | 380 | (4) | 68 | 100 | |
Change in accumulated other comprehensive income (loss), tax effect | |||||
Other comprehensive income (loss), tax effect | (68) | 41 | 4 | 19 | |
Change in accumulated other comprehensive income (loss), after-tax | |||||
Balance, beginning of period | (5,995) | (5,770) | (5,755) | (5,852) | |
Total other comprehensive income | 312 | 37 | 72 | 119 | |
Balance, end of period | (5,683) | (5,733) | (5,683) | (5,733) | |
Benefit plans | Cumulative Effect, Period of Adoption, Adjustment | |||||
Change in accumulated other comprehensive income (loss), after-tax | |||||
Balance, beginning of period | 0 | ||||
Benefit plans | Cumulative Effect, Period of Adoption, Adjusted Balance | |||||
Change in accumulated other comprehensive income (loss), after-tax | |||||
Balance, beginning of period | (5,755) | ||||
Foreign currency translation adjustment (CTA) | |||||
Change in accumulated other comprehensive income (loss), pretax | |||||
Other comprehensive income (loss), pretax | (1,532) | (2,238) | (728) | (3,720) | |
Change in accumulated other comprehensive income (loss), tax effect | |||||
Other comprehensive income (loss), tax effect | 36 | (161) | 96 | (323) | |
Change in accumulated other comprehensive income (loss), after-tax | |||||
Balance, beginning of period | (32,773) | (32,810) | (33,637) | (31,166) | |
Total other comprehensive income | (1,496) | (2,399) | (632) | (4,043) | |
Balance, end of period | (34,269) | (35,209) | (34,269) | (35,209) | |
Foreign currency translation adjustment (CTA) | Cumulative Effect, Period of Adoption, Adjustment | |||||
Change in accumulated other comprehensive income (loss), after-tax | |||||
Balance, beginning of period | 0 | ||||
Foreign currency translation adjustment (CTA) | Cumulative Effect, Period of Adoption, Adjusted Balance | |||||
Change in accumulated other comprehensive income (loss), after-tax | |||||
Balance, beginning of period | (33,637) | ||||
Long-duration insurance contracts | |||||
Change in accumulated other comprehensive income (loss), pretax | |||||
Other comprehensive income (loss), pretax | 33 | 31 | |||
Change in accumulated other comprehensive income (loss), tax effect | |||||
Other comprehensive income (loss), tax effect | (10) | (9) | |||
Change in accumulated other comprehensive income (loss), after-tax | |||||
Balance, beginning of period | 26 | 0 | 0 | 0 | |
Total other comprehensive income | 23 | 0 | 22 | 0 | |
Balance, end of period | 49 | 0 | 49 | 0 | |
Long-duration insurance contracts | Cumulative Effect, Period of Adoption, Adjustment | |||||
Change in accumulated other comprehensive income (loss), after-tax | |||||
Balance, beginning of period | 27 | ||||
Long-duration insurance contracts | Cumulative Effect, Period of Adoption, Adjusted Balance | |||||
Change in accumulated other comprehensive income (loss), after-tax | |||||
Balance, beginning of period | 27 | ||||
Citigroup's accumulated other comprehensive income (loss) | |||||
Change in accumulated other comprehensive income (loss), pretax | |||||
Balance, beginning of period, pretax | (53,964) | (53,566) | (55,253) | (45,383) | |
Other comprehensive income (loss), pretax | (3) | (2,918) | 1,247 | (11,101) | |
Balance, end of period, pretax | (53,967) | (56,484) | (53,967) | (56,484) | |
Change in accumulated other comprehensive income (loss), tax effect | |||||
Balance, beginning of period, tax effect | 8,099 | 8,071 | 8,191 | 6,618 | |
Other comprehensive income (loss), tax effect | (309) | 115 | (389) | 1,568 | |
Balance, end of period, tax effect | 7,790 | 8,186 | 7,790 | 8,186 | |
Change in accumulated other comprehensive income (loss), after-tax | |||||
Balance, beginning of period | (45,865) | (45,495) | (47,062) | (38,765) | |
Total other comprehensive income | (312) | (2,803) | 858 | (9,533) | |
Balance, end of period | (46,177) | (48,298) | (46,177) | (48,298) | |
Citigroup's accumulated other comprehensive income (loss) | Cumulative Effect, Period of Adoption, Adjustment | |||||
Change in accumulated other comprehensive income (loss), pretax | |||||
Balance, beginning of period, pretax | 39 | ||||
Change in accumulated other comprehensive income (loss), tax effect | |||||
Balance, beginning of period, tax effect | (12) | ||||
Change in accumulated other comprehensive income (loss), after-tax | |||||
Balance, beginning of period | [1] | 0 | 0 | 27 | 0 |
Citigroup's accumulated other comprehensive income (loss) | Cumulative Effect, Period of Adoption, Adjusted Balance | |||||
Change in accumulated other comprehensive income (loss), pretax | |||||
Balance, beginning of period, pretax | (55,214) | ||||
Change in accumulated other comprehensive income (loss), tax effect | |||||
Balance, beginning of period, tax effect | 8,179 | ||||
Change in accumulated other comprehensive income (loss), after-tax | |||||
Balance, beginning of period | (45,865) | (45,495) | (47,035) | (38,765) | |
Cash flow hedges | Hedges | |||||
Change in accumulated other comprehensive income (loss), pretax | |||||
Other comprehensive income (loss), pretax | 958 | (1,025) | 1,670 | (3,933) | |
Change in accumulated other comprehensive income (loss), tax effect | |||||
Other comprehensive income (loss), tax effect | (227) | 262 | (407) | 963 | |
Change in accumulated other comprehensive income (loss), after-tax | |||||
Total other comprehensive income | 731 | (763) | 1,263 | (2,970) | |
Excluded component of fair value hedges | Hedges | |||||
Change in accumulated other comprehensive income (loss), pretax | |||||
Other comprehensive income (loss), pretax | (10) | 40 | (14) | 116 | |
Change in accumulated other comprehensive income (loss), tax effect | |||||
Other comprehensive income (loss), tax effect | (2) | (10) | (1) | (29) | |
Change in accumulated other comprehensive income (loss), after-tax | |||||
Total other comprehensive income | $ (12) | 30 | $ (15) | 87 | |
Excluded component of fair value hedges | Long-duration insurance contracts | |||||
Change in accumulated other comprehensive income (loss), pretax | |||||
Other comprehensive income (loss), pretax | 0 | 0 | |||
Change in accumulated other comprehensive income (loss), tax effect | |||||
Other comprehensive income (loss), tax effect | $ 0 | $ 0 | |||
[1]See Note 1 for additional details. |
CHANGES IN ACCUMULATED OTHER _5
CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (AOCI) - Reclassification out of AOCI (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Pretax and after-tax amounts reclassified out of accumulated other comprehensive income (loss) | ||||
Realized (gains) losses | $ (30) | $ (52) | $ (151) | $ (74) |
Gross impairment losses | 70 | 91 | 227 | 277 |
Tax effect | 1,203 | 879 | 3,824 | 3,002 |
Income (loss) from continuing operations | (3,585) | (3,515) | (11,189) | (12,629) |
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 | 7 | 15 | (19) | 132 |
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 | (30) | (52) | (151) | (74) |
Gross impairment losses | 43 | 74 | 137 | 254 |
Income from continuing operations before income taxes | 13 | 22 | (14) | 180 |
Tax effect | (6) | (7) | (5) | (48) |
Income (loss) from continuing operations | 7 | 15 | (19) | 132 |
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 | 9 | (2) | 5 | (3) |
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 | 12 | (3) | 8 | (4) |
Tax effect | (3) | 1 | (3) | 1 |
Income (loss) from continuing operations | 9 | (2) | 5 | (3) |
Cash flow hedges | ||||
Pretax and after-tax amounts reclassified out of accumulated other comprehensive income (loss) | ||||
Total amounts reclassified out of AOCI, after-tax | 365 | 107 | 1,097 | (261) |
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 | 481 | 142 | 1,447 | (341) |
Tax effect | (116) | (35) | (350) | 80 |
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 | 480 | 141 | 1,444 | (344) |
Cash flow hedges | (Gain) loss reclassified from AOCI | Foreign exchange contracts | ||||
Pretax and after-tax amounts reclassified out of accumulated other comprehensive income (loss) | ||||
Income from continuing operations before income taxes | 1 | 1 | 3 | 3 |
Benefit plan adjustments | ||||
Pretax and after-tax amounts reclassified out of accumulated other comprehensive income (loss) | ||||
Total amounts reclassified out of AOCI, pretax | 51 | 43 | 136 | 127 |
Total tax effect | (13) | (11) | (36) | (34) |
Total amounts reclassified out of AOCI, after-tax | 38 | 32 | 100 | 93 |
Prior service cost (benefit) | ||||
Pretax and after-tax amounts reclassified out of accumulated other comprehensive income (loss) | ||||
Total amounts reclassified out of AOCI, pretax | (6) | (6) | (17) | (17) |
Net actuarial loss | ||||
Pretax and after-tax amounts reclassified out of accumulated other comprehensive income (loss) | ||||
Total amounts reclassified out of AOCI, pretax | 52 | 49 | 152 | 177 |
Curtailment/settlement impact | ||||
Pretax and after-tax amounts reclassified out of accumulated other comprehensive income (loss) | ||||
Total amounts reclassified out of AOCI, pretax | 5 | 0 | 1 | (33) |
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 | (9) | (1) | (23) | 6 |
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 | (12) | (1) | (31) | 9 |
Tax effect | 3 | 0 | 8 | (3) |
Total amounts reclassified out of AOCI, after-tax | (9) | (1) | (23) | 6 |
Foreign currency translation adjustment (CTA) | ||||
Pretax and after-tax amounts reclassified out of accumulated other comprehensive income (loss) | ||||
Total amounts reclassified out of AOCI, after-tax | 0 | 24 | 0 | 369 |
Foreign currency translation adjustment (CTA) | (Gain) loss reclassified from AOCI | ||||
Pretax and after-tax amounts reclassified out of accumulated other comprehensive income (loss) | ||||
Income from continuing operations before income taxes | 0 | 26 | 0 | 423 |
Tax effect | 0 | (2) | 0 | (54) |
Long-duration insurance contracts | ||||
Pretax and after-tax amounts reclassified out of accumulated other comprehensive income (loss) | ||||
Total amounts reclassified out of AOCI, after-tax | 0 | 0 | 0 | 0 |
Long-duration insurance contracts | (Gain) loss reclassified from AOCI | ||||
Pretax and after-tax amounts reclassified out of accumulated other comprehensive income (loss) | ||||
Income from continuing operations before income taxes | 0 | 0 | 0 | 0 |
Tax effect | 0 | 0 | 0 | 0 |
Total amounts reclassified out of AOCI, after-tax | 0 | 0 | 0 | 0 |
Citigroup's accumulated other comprehensive income (loss) | ||||
Pretax and after-tax amounts reclassified out of accumulated other comprehensive income (loss) | ||||
Total amounts reclassified out of AOCI, pretax | 545 | 229 | 1,546 | 394 |
Total tax effect | (135) | (54) | (386) | (58) |
Total amounts reclassified out of AOCI, after-tax | $ 410 | $ 175 | $ 1,160 | $ 336 |
PREFERRED STOCK - Schedule of P
PREFERRED STOCK - Schedule of Preferred Stock Outstanding (Details) - USD ($) $ / shares in Units, $ in Millions | 9 Months Ended | |
Sep. 30, 2023 | Dec. 31, 2022 | |
Class of Stock [Line Items] | ||
Carrying value | $ 19,495 | $ 18,995 |
Series A | ||
Class of Stock [Line Items] | ||
Redemption price per depositary share/ preference share (in dollars per share) | $ 1,000 | |
Number of depositary shares (in shares) | 1,500,000 | |
Carrying value | $ 0 | 1,500 |
Series B | ||
Class of Stock [Line Items] | ||
Redemption price per depositary share/ preference share (in dollars per share) | $ 1,000 | |
Number of depositary shares (in shares) | 750,000 | |
Carrying value | $ 0 | 750 |
Series D | ||
Class of Stock [Line Items] | ||
Redemption price per depositary share/ preference share (in dollars per share) | $ 1,000 | |
Number of depositary shares (in shares) | 1,250,000 | |
Carrying value | $ 1,250 | 1,250 |
Series D | SOFR | ||
Class of Stock [Line Items] | ||
Dividend rate (as a percent) | 372.761% | |
Series D | LIBOR | ||
Class of Stock [Line Items] | ||
Dividend rate (as a percent) | 0.26161% | |
Series J | ||
Class of Stock [Line Items] | ||
Redemption price per depositary share/ preference share (in dollars per share) | $ 25 | |
Number of depositary shares (in shares) | 38,000,000 | |
Carrying value | $ 950 | 950 |
Series J | SOFR | ||
Class of Stock [Line Items] | ||
Dividend rate (as a percent) | 430.161% | |
Series J | LIBOR | ||
Class of Stock [Line Items] | ||
Dividend rate (as a percent) | 0.26161% | |
Series K | ||
Class of Stock [Line Items] | ||
Dividend rate (as a percent) | 6.875% | |
Redemption price per depositary share/ preference share (in dollars per share) | $ 25 | |
Number of depositary shares (in shares) | 59,800,000 | |
Carrying value | $ 1,495 | 1,495 |
Series M | ||
Class of Stock [Line Items] | ||
Dividend rate (as a percent) | 6.30% | |
Redemption price per depositary share/ preference share (in dollars per share) | $ 1,000 | |
Number of depositary shares (in shares) | 1,750,000 | |
Carrying value | $ 1,750 | 1,750 |
Series P | ||
Class of Stock [Line Items] | ||
Dividend rate (as a percent) | 5.95% | |
Redemption price per depositary share/ preference share (in dollars per share) | $ 1,000 | |
Number of depositary shares (in shares) | 2,000,000 | |
Carrying value | $ 2,000 | 2,000 |
Series T | ||
Class of Stock [Line Items] | ||
Dividend rate (as a percent) | 6.25% | |
Redemption price per depositary share/ preference share (in dollars per share) | $ 1,000 | |
Number of depositary shares (in shares) | 1,500,000 | |
Carrying value | $ 1,500 | 1,500 |
Series U | ||
Class of Stock [Line Items] | ||
Dividend rate (as a percent) | 5% | |
Redemption price per depositary share/ preference share (in dollars per share) | $ 1,000 | |
Number of depositary shares (in shares) | 1,500,000 | |
Carrying value | $ 1,500 | 1,500 |
Series V | ||
Class of Stock [Line Items] | ||
Dividend rate (as a percent) | 4.70% | |
Redemption price per depositary share/ preference share (in dollars per share) | $ 1,000 | |
Number of depositary shares (in shares) | 1,500,000 | |
Carrying value | $ 1,500 | 1,500 |
Series W | ||
Class of Stock [Line Items] | ||
Dividend rate (as a percent) | 4% | |
Redemption price per depositary share/ preference share (in dollars per share) | $ 1,000 | |
Number of depositary shares (in shares) | 1,500,000 | |
Carrying value | $ 1,500 | 1,500 |
Series X | ||
Class of Stock [Line Items] | ||
Dividend rate (as a percent) | 3.875% | |
Redemption price per depositary share/ preference share (in dollars per share) | $ 1,000 | |
Number of depositary shares (in shares) | 2,300,000 | |
Carrying value | $ 2,300 | 2,300 |
Series Y | ||
Class of Stock [Line Items] | ||
Dividend rate (as a percent) | 4.15% | |
Redemption price per depositary share/ preference share (in dollars per share) | $ 1,000 | |
Number of depositary shares (in shares) | 1,000,000 | |
Carrying value | $ 1,000 | 1,000 |
Series Z | ||
Class of Stock [Line Items] | ||
Dividend rate (as a percent) | 7.375% | |
Redemption price per depositary share/ preference share (in dollars per share) | $ 1,000 | |
Number of depositary shares (in shares) | 1,250,000 | |
Carrying value | $ 1,250 | 0 |
Series AA | ||
Class of Stock [Line Items] | ||
Dividend rate (as a percent) | 7.625% | |
Redemption price per depositary share/ preference share (in dollars per share) | $ 1,000 | |
Number of depositary shares (in shares) | 1,500,000 | |
Carrying value | $ 1,500 | $ 0 |
SECURITIZATIONS AND VARIABLE _3
SECURITIZATIONS AND VARIABLE INTEREST ENTITIES - Schedule of Variable Interest Entities (Details) - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 |
Variable Interest Entity | ||
Total involvement with SPE assets | $ 462,267 | $ 511,990 |
Consolidated VIE/SPE assets | 63,609 | 62,201 |
Significant unconsolidated VIE assets | 398,658 | 449,789 |
Funded Exposure | ||
Maximum exposure to loss in significant unconsolidated VIEs, debt investments | 51,791 | 50,861 |
Maximum exposure to loss in significant unconsolidated VIEs, equity investments | 3,819 | 4,170 |
Unfunded Exposure | ||
Maximum exposure to loss in significant unconsolidated VIEs, funding commitments | 16,448 | 15,322 |
Maximum exposure to loss in significant unconsolidated VIEs, guarantees and derivatives | 139 | 61 |
Funded and Unfunded Exposure | ||
Maximum exposure to loss in significant unconsolidated VIEs | 72,197 | 70,414 |
Private equity | ||
Variable Interest Entity | ||
Significant unconsolidated VIE assets | 6,000 | 69,000 |
Funded and Unfunded Exposure | ||
Maximum exposure to loss in significant unconsolidated VIEs | 283 | 498 |
Venture capital investments | ||
Funded and Unfunded Exposure | ||
Maximum exposure to loss in significant unconsolidated VIEs | 13,800 | 33,600 |
Credit card securitizations | ||
Variable Interest Entity | ||
Total involvement with SPE assets | 31,203 | 32,021 |
Consolidated VIE/SPE assets | 31,203 | 32,021 |
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 | 125,485 | 117,358 |
Consolidated VIE/SPE assets | 0 | 0 |
Significant unconsolidated VIE assets | 125,485 | 117,358 |
Funded Exposure | ||
Maximum exposure to loss in significant unconsolidated VIEs, debt investments | 2,149 | 2,052 |
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 | 139 | 48 |
Funded and Unfunded Exposure | ||
Maximum exposure to loss in significant unconsolidated VIEs | 2,288 | 2,100 |
Mortgage securitizations - Non-agency-sponsored | ||
Variable Interest Entity | ||
Total involvement with SPE assets | 64,111 | 67,704 |
Consolidated VIE/SPE assets | 0 | 0 |
Significant unconsolidated VIE assets | 64,111 | 67,704 |
Funded Exposure | ||
Maximum exposure to loss in significant unconsolidated VIEs, debt investments | 3,133 | 3,294 |
Maximum exposure to loss in significant unconsolidated VIEs, equity investments | 0 | 0 |
Unfunded Exposure | ||
Maximum exposure to loss in significant unconsolidated VIEs, funding commitments | 130 | 0 |
Maximum exposure to loss in significant unconsolidated VIEs, guarantees and derivatives | 0 | 0 |
Funded and Unfunded Exposure | ||
Maximum exposure to loss in significant unconsolidated VIEs | 3,263 | 3,294 |
Citi-administered asset-backed commercial paper conduits | ||
Variable Interest Entity | ||
Total involvement with SPE assets | 20,852 | 19,621 |
Consolidated VIE/SPE assets | 20,852 | 19,621 |
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 | 5,767 | 7,600 |
Consolidated VIE/SPE assets | 0 | 0 |
Significant unconsolidated VIE assets | 5,767 | 7,600 |
Funded Exposure | ||
Maximum exposure to loss in significant unconsolidated VIEs, debt investments | 2,455 | 2,601 |
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 | 2,455 | 2,601 |
Asset-backed securities | ||
Variable Interest Entity | ||
Total involvement with SPE assets | 190,782 | 242,348 |
Consolidated VIE/SPE assets | 10,652 | 9,672 |
Significant unconsolidated VIE assets | 180,130 | 232,676 |
Funded Exposure | ||
Maximum exposure to loss in significant unconsolidated VIEs, debt investments | 41,613 | 40,121 |
Maximum exposure to loss in significant unconsolidated VIEs, equity investments | 927 | 1,022 |
Unfunded Exposure | ||
Maximum exposure to loss in significant unconsolidated VIEs, funding commitments | 12,775 | 10,726 |
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 | 55,315 | 51,869 |
Municipal securities tender option bond trusts (TOBs) | ||
Variable Interest Entity | ||
Total involvement with SPE assets | 1,410 | 2,155 |
Consolidated VIE/SPE assets | 723 | 672 |
Significant unconsolidated VIE assets | 687 | 1,483 |
Funded Exposure | ||
Maximum exposure to loss in significant unconsolidated VIEs, debt investments | 5 | 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 | 519 | 1,108 |
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 | 524 | 1,110 |
Municipal investments | ||
Variable Interest Entity | ||
Total involvement with SPE assets | 21,657 | 22,167 |
Consolidated VIE/SPE assets | 3 | 3 |
Significant unconsolidated VIE assets | 21,654 | 22,164 |
Funded Exposure | ||
Maximum exposure to loss in significant unconsolidated VIEs, debt investments | 2,356 | 2,731 |
Maximum exposure to loss in significant unconsolidated VIEs, equity investments | 2,884 | 3,143 |
Unfunded Exposure | ||
Maximum exposure to loss in significant unconsolidated VIEs, funding commitments | 2,934 | 3,420 |
Maximum exposure to loss in significant unconsolidated VIEs, guarantees and derivatives | 0 | 0 |
Funded and Unfunded Exposure | ||
Maximum exposure to loss in significant unconsolidated VIEs | 8,174 | 9,294 |
Client intermediation | ||
Variable Interest Entity | ||
Total involvement with SPE assets | 496 | 482 |
Consolidated VIE/SPE assets | 106 | 121 |
Significant unconsolidated VIE assets | 390 | 361 |
Funded Exposure | ||
Maximum exposure to loss in significant unconsolidated VIEs, debt investments | 75 | 58 |
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 | 13 |
Funded and Unfunded Exposure | ||
Maximum exposure to loss in significant unconsolidated VIEs | 75 | 71 |
Investment funds | ||
Variable Interest Entity | ||
Total involvement with SPE assets | 504 | 534 |
Consolidated VIE/SPE assets | 70 | 91 |
Significant unconsolidated VIE assets | 434 | 443 |
Funded Exposure | ||
Maximum exposure to loss in significant unconsolidated VIEs, debt investments | 5 | 2 |
Maximum exposure to loss in significant unconsolidated VIEs, equity investments | 8 | 5 |
Unfunded Exposure | ||
Maximum exposure to loss in significant unconsolidated VIEs, funding commitments | 90 | 68 |
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 | $ 103 | $ 75 |
SECURITIZATIONS AND VARIABLE _4
SECURITIZATIONS AND VARIABLE INTEREST ENTITIES - Assets and Liabilities of VIEs (Details) - USD ($) $ in Millions | Sep. 30, 2023 | Jun. 30, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Dec. 31, 2021 |
Assets of consolidated VIEs to be used to settle obligations of consolidated VIEs | ||||||
Cash | $ 26,548 | $ 30,577 | $ 26,502 | |||
Trading account assets | 406,368 | 334,114 | ||||
Investments | 508,998 | 526,582 | ||||
Loans, net of unearned income | 666,348 | 657,221 | ||||
Allowance for credit losses on loans (ACLL) | (17,629) | $ (17,496) | (16,974) | (16,309) | $ (15,952) | $ (16,455) |
Total loans, net | 648,719 | 640,247 | ||||
Other assets, at fair value | 96,824 | 103,743 | ||||
Total assets | 2,368,477 | 2,416,676 | ||||
Liabilities of consolidated VIEs for which creditors or beneficial interest holders do not have recourse to the general credit of Citigroup | ||||||
Short-term borrowings | 43,166 | 47,096 | ||||
Long-term debt | 275,760 | 271,606 | ||||
Other liabilities | 69,380 | 87,873 | ||||
Total liabilities | 2,158,282 | 2,214,838 | ||||
Consumer loans | ||||||
Assets of consolidated VIEs to be used to settle obligations of consolidated VIEs | ||||||
Loans, net of unearned income | 377,714 | 368,067 | ||||
Allowance for credit losses on loans (ACLL) | (14,912) | (14,866) | (14,119) | (13,361) | (12,983) | (14,040) |
Corporate loans | ||||||
Assets of consolidated VIEs to be used to settle obligations of consolidated VIEs | ||||||
Loans, net of unearned income | 288,634 | 289,154 | ||||
Allowance for credit losses on loans (ACLL) | (2,717) | $ (2,630) | (2,855) | $ (2,948) | $ (2,969) | $ (2,415) |
Consolidated VIEs | ||||||
Assets of consolidated VIEs to be used to settle obligations of consolidated VIEs | ||||||
Cash | 33 | 61 | ||||
Trading account assets | 9,990 | 9,153 | ||||
Investments | 651 | 594 | ||||
Loans, net of unearned income | 55,324 | 54,808 | ||||
Allowance for credit losses on loans (ACLL) | (2,527) | (2,520) | ||||
Total loans, net | 52,797 | 52,288 | ||||
Other assets, at fair value | 138 | 105 | ||||
Total assets | 63,609 | 62,201 | ||||
Liabilities of consolidated VIEs for which creditors or beneficial interest holders do not have recourse to the general credit of Citigroup | ||||||
Short-term borrowings | 9,657 | 9,807 | ||||
Long-term debt | 7,340 | 10,324 | ||||
Other liabilities | 835 | 622 | ||||
Total liabilities | 17,832 | 20,753 | ||||
Consolidated VIEs | Consumer loans | ||||||
Assets of consolidated VIEs to be used to settle obligations of consolidated VIEs | ||||||
Loans, net of unearned income | 34,349 | 35,026 | ||||
Consolidated VIEs | Corporate loans | ||||||
Assets of consolidated VIEs to be used to settle obligations of consolidated VIEs | ||||||
Loans, net of unearned income | $ 20,975 | $ 19,782 |
SECURITIZATIONS AND VARIABLE _5
SECURITIZATIONS AND VARIABLE INTEREST ENTITIES - Funding Commitments (Details) - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 |
Funding Commitments for Significant Unconsolidated VIEs | ||
Notional amount | $ 16,448 | $ 15,322 |
Liquidity facilities | ||
Funding Commitments for Significant Unconsolidated VIEs | ||
Notional amount | 519 | 1,108 |
Liquidity facilities | Non-agency-sponsored mortgage securitizations | ||
Funding Commitments for Significant Unconsolidated VIEs | ||
Notional amount | 0 | 0 |
Liquidity facilities | Asset-backed securities | ||
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 | 519 | 1,108 |
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 | 15,929 | 14,214 |
Loan / equity commitments | Non-agency-sponsored mortgage securitizations | ||
Funding Commitments for Significant Unconsolidated VIEs | ||
Notional amount | 130 | 0 |
Loan / equity commitments | Asset-backed securities | ||
Funding Commitments for Significant Unconsolidated VIEs | ||
Notional amount | 12,775 | 10,726 |
Loan / equity commitments | Municipal securities tender option bond trusts (TOBs) | ||
Funding Commitments for Significant Unconsolidated VIEs | ||
Notional amount | 0 | 0 |
Loan / equity commitments | Municipal investments | ||
Funding Commitments for Significant Unconsolidated VIEs | ||
Notional amount | 2,934 | 3,420 |
Loan / equity commitments | Investment funds | ||
Funding Commitments for Significant Unconsolidated VIEs | ||
Notional amount | 90 | 68 |
Loan / equity commitments | Other | ||
Funding Commitments for Significant Unconsolidated VIEs | ||
Notional amount | $ 0 | $ 0 |
SECURITIZATIONS AND VARIABLE _6
SECURITIZATIONS AND VARIABLE INTEREST ENTITIES - Carrying Amounts and Classifications of Consolidated Assets (Details) - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 | Sep. 30, 2022 |
Variable Interest Entity | |||
Cash | $ 26,548 | $ 30,577 | $ 26,502 |
Trading account assets | 406,368 | 334,114 | |
Investments | 508,998 | 526,582 | |
Other assets | 96,824 | 103,743 | |
Total assets | 2,368,477 | 2,416,676 | |
Unconsolidated VIEs | |||
Variable Interest Entity | |||
Cash | 0 | 0 | |
Trading account assets | 1,600 | 1,600 | |
Investments | 8,100 | 8,600 | |
Total loans, net of allowance | 45,300 | 44,200 | |
Other assets | 600 | 600 | |
Total assets | $ 55,600 | $ 55,000 |
SECURITIZATIONS AND VARIABLE _7
SECURITIZATIONS AND VARIABLE INTEREST ENTITIES - Credit Card Securitizations Narrative (Details) | 9 Months Ended |
Sep. 30, 2023 trust | |
Securitizations and Variable Interest Entities [Abstract] | |
Number of trusts to hold securitized credit card receivables | 2 |
SECURITIZATIONS AND VARIABLE _8
SECURITIZATIONS AND VARIABLE INTEREST ENTITIES - Mortgage Securitizations (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | |
Mortgage securitizations - U.S. agency sponsored | |||||
Cash Flows Between Transferor and Transferee | |||||
Principal securitized | $ 1,700 | $ 1,400 | $ 4,100 | $ 5,400 | |
Proceeds from new securitizations | 1,700 | 1,400 | 4,100 | 5,200 | |
Contractual servicing fees received | 0 | 0 | 100 | 100 | |
Cash flows received on retained interests and other net cash flows | 0 | 0 | 0 | 0 | |
Purchases of previously transferred financial assets | 0 | 0 | 0 | 100 | |
Gains recognized on the securitization | 1 | 1 | 1 | ||
Carrying value of retained interests | 735 | 735 | $ 659 | ||
Mortgage securitizations - Non-agency-sponsored | |||||
Cash Flows Between Transferor and Transferee | |||||
Principal securitized | 600 | 1,100 | 2,900 | 11,300 | |
Proceeds from new securitizations | 500 | 1,000 | 2,600 | 11,000 | |
Contractual servicing fees received | 0 | 0 | 0 | 0 | |
Cash flows received on retained interests and other net cash flows | 100 | 0 | 100 | 100 | |
Purchases of previously transferred financial assets | 0 | 0 | 0 | 0 | |
Gains recognized on the securitization | 50.4 | $ 21 | 64.1 | $ 94 | |
Senior interests | |||||
Cash Flows Between Transferor and Transferee | |||||
Carrying value of retained interests | 953 | 953 | 1,119 | ||
Subordinated interests | |||||
Cash Flows Between Transferor and Transferee | |||||
Carrying value of retained interests | 951 | 951 | $ 943 | ||
Personal loan | |||||
Cash Flows Between Transferor and Transferee | |||||
Carrying value of retained interests | 1.6 | $ 1.6 | |||
Personal installment loan | |||||
Cash Flows Between Transferor and Transferee | |||||
Principal securitized | 500 | ||||
Proceeds from new securitizations | 300 | ||||
Gains recognized on the securitization | $ 3.7 |
SECURITIZATIONS AND VARIABLE _9
SECURITIZATIONS AND VARIABLE INTEREST ENTITIES - Loan Delinquencies and Liquidation Losses (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | |
Residential mortgages | |||||
Variable Interest Entity | |||||
Securitized assets | $ 28,100 | $ 28,100 | $ 30,800 | ||
Liquidation losses | (0.2) | $ 1 | 4.4 | $ 3 | |
Commercial and other | |||||
Variable Interest Entity | |||||
Securitized assets | 29,200 | 29,200 | 28,800 | ||
Liquidation losses | 0 | 0 | 0 | 0 | |
Mortgage securitizations - Non-agency-sponsored | |||||
Variable Interest Entity | |||||
Securitized assets | 57,300 | 57,300 | 59,600 | ||
Liquidation losses | (0.2) | $ 1 | 4.4 | $ 3 | |
Personal loan | |||||
Variable Interest Entity | |||||
Securitized assets | 100 | 100 | |||
90+ days past due | Residential mortgages | |||||
Variable Interest Entity | |||||
Securitized assets | 400 | 400 | 500 | ||
90+ days past due | Commercial and other | |||||
Variable Interest Entity | |||||
Securitized assets | 0 | 0 | 0 | ||
90+ days past due | Mortgage securitizations - Non-agency-sponsored | |||||
Variable Interest Entity | |||||
Securitized assets | $ 400 | $ 400 | $ 500 |
SECURITIZATIONS AND VARIABLE_10
SECURITIZATIONS AND VARIABLE INTEREST ENTITIES - Mortgage Servicing Rights (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | |
Mortgage servicing rights | |||||
Classification of Securitizations | |||||
Fair value of capitalized mortgage servicing rights | $ 729,000,000 | $ 647,000,000 | $ 729,000,000 | $ 647,000,000 | |
Principal amount of loans and other financial instruments | 52,000,000,000 | 48,000,000,000 | 52,000,000,000 | 48,000,000,000 | |
Capitalized MSRs | |||||
Balance, at beginning of period | 681,000,000 | 600,000,000 | 665,000,000 | 404,000,000 | |
Originations | 23,000,000 | 25,000,000 | 54,000,000 | 94,000,000 | |
Changes in fair value of MSRs due to changes in inputs and assumptions | 42,000,000 | 37,000,000 | 61,000,000 | 195,000,000 | |
Other changes | (17,000,000) | (15,000,000) | (51,000,000) | (46,000,000) | |
Balance, as of September 30 | 729,000,000 | 647,000,000 | 729,000,000 | 647,000,000 | |
MSR fees | |||||
Servicing fees | 32,000,000 | 31,000,000 | 97,000,000 | 90,000,000 | |
Late fees | 1,000,000 | 1,000,000 | 3,000,000 | 3,000,000 | |
Total MSR fees | 33,000,000 | 32,000,000 | 100,000,000 | 93,000,000 | |
Mortgage securitizations - Non-agency-sponsored | |||||
Classification of Securitizations | |||||
Principal securitized | 600,000,000 | 1,100,000,000 | 2,900,000,000 | 11,300,000,000 | |
Proceeds from new securitizations | 500,000,000 | 1,000,000,000 | 2,600,000,000 | 11,000,000,000 | |
Gains recognized on the securitization | 50,400,000 | 21,000,000 | 64,100,000 | 94,000,000 | |
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 | 1,400,000,000 | 1,400,000,000 | 1,400,000,000 | ||
Securities transferred to re-securitization entities | 4,300,000,000 | $ 5,300,000,000 | 12,800,000,000 | $ 20,300,000,000 | |
Market value of retained interest related to re-securitization transaction | 552,000,000 | 552,000,000 | 801,000,000 | ||
Original fair value of re-securitizations deals in which the entity holds a retained interest | 85,900,000,000 | $ 85,900,000,000 | $ 79,400,000,000 | ||
Personal installment loan | |||||
Classification of Securitizations | |||||
Principal securitized | 500,000,000 | ||||
Proceeds from new securitizations | 300,000,000 | ||||
Gains recognized on the securitization | $ 3,700,000 |
SECURITIZATIONS AND VARIABLE_11
SECURITIZATIONS AND VARIABLE INTEREST ENTITIES - Asset-Backed Commercial Paper Conduits (Details) - USD ($) $ in Millions | 9 Months Ended | 12 Months Ended |
Sep. 30, 2023 | Dec. 31, 2022 | |
Classification of Other Securitization Details | ||
Commercial paper | $ 22,843 | $ 25,530 |
Citi-administered asset-backed commercial paper conduits | ||
Classification of Other Securitization Details | ||
Purchased assets outstanding under conduits | 20,900 | 19,600 |
Incremental funding commitments with clients | $ 15,600 | $ 13,900 |
Weighted average life of commercial paper issued by conduits | 68 days | 64 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 | |
Citi-administered asset-backed commercial paper conduits | Maximum | ||
Classification of Other Securitization Details | ||
Letters of credit as percentage of conduit assets | 10% | |
Floor price of conduit's assets | $ 350 | |
Citi-administered asset-backed consolidated commercial paper conduits (ABCP) | ||
Classification of Other Securitization Details | ||
Letters of credit provided to conduits | 1,900 | $ 1,900 |
Commercial paper | $ 9,900 | $ 8,600 |
SECURITIZATIONS AND VARIABLE_12
SECURITIZATIONS AND VARIABLE INTEREST ENTITIES - Municipal Securities Tender Option Bond Trusts (Details) - Municipal securities tender option bond trusts (TOBs) - USD ($) $ in Billions | 9 Months Ended | |
Sep. 30, 2023 | Dec. 31, 2022 | |
Variable Interest Entity | ||
Liquidity agreements, customer TOB trust | $ 0.5 | $ 1.1 |
Notional amount of offsetting reimbursement agreements | 0.3 | 0.7 |
Liquidity agreements, other trusts | $ 1.3 | $ 1.4 |
Maximum | ||
Variable Interest Entity | ||
The threshold ownership percentage on Residual value of customers TOBs for which the reimbursement agreement applied | 25% |
SECURITIZATIONS AND VARIABLE_13
SECURITIZATIONS AND VARIABLE INTEREST ENTITIES - Asset Based Financing (Details) - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 |
Variable Interest Entity | ||
Total unconsolidated VIE assets | $ 398,658 | $ 449,789 |
Maximum exposure to unconsolidated VIEs | 72,197 | 70,414 |
Commercial and other real estate | Asset-backed securities | ||
Variable Interest Entity | ||
Total unconsolidated VIE assets | 42,651 | 43,236 |
Maximum exposure to unconsolidated VIEs | 9,250 | 8,806 |
Corporate loans | Asset-backed securities | ||
Variable Interest Entity | ||
Total unconsolidated VIE assets | 21,846 | 23,120 |
Maximum exposure to unconsolidated VIEs | 15,116 | 15,077 |
Other (including investment funds, airlines and shipping) | Asset-backed securities | ||
Variable Interest Entity | ||
Total unconsolidated VIE assets | 115,633 | 166,320 |
Maximum exposure to unconsolidated VIEs | 30,949 | 27,986 |
Asset-backed securities | ||
Variable Interest Entity | ||
Total unconsolidated VIE assets | 180,130 | 232,676 |
Maximum exposure to unconsolidated VIEs | $ 55,315 | $ 51,869 |
DERIVATIVES - Derivative Notion
DERIVATIVES - Derivative Notionals (Details) - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 |
Hedging instruments under ASC 815 | ||
Derivatives | ||
Derivative notionals | $ 352,678 | $ 349,195 |
Hedging instruments under ASC 815 | Interest rate contracts | ||
Derivatives | ||
Derivative notionals | 257,165 | 255,280 |
Hedging instruments under ASC 815 | Interest rate swaps | ||
Derivatives | ||
Derivative notionals | 257,165 | 255,280 |
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 | 92,565 | 92,344 |
Hedging instruments under ASC 815 | Foreign exchange swaps | ||
Derivatives | ||
Derivative notionals | 44,147 | 48,678 |
Hedging instruments under ASC 815 | Foreign exchange futures, forwards and spot | ||
Derivatives | ||
Derivative notionals | 48,418 | 43,666 |
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 | 2,948 | 1,571 |
Hedging instruments under ASC 815 | Commodity and other swaps | ||
Derivatives | ||
Derivative notionals | 0 | 0 |
Hedging instruments under ASC 815 | Commodity and other futures and forwards | ||
Derivatives | ||
Derivative notionals | 2,948 | 1,571 |
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 | 48,216,523 | 45,032,245 |
Other derivative instruments, Trading derivatives | Interest rate contracts | ||
Derivatives | ||
Derivative notionals | 31,346,287 | 30,565,052 |
Other derivative instruments, Trading derivatives | Interest rate swaps | ||
Derivatives | ||
Derivative notionals | 22,518,303 | 23,780,711 |
Other derivative instruments, Trading derivatives | Interest rate futures and forwards | ||
Derivatives | ||
Derivative notionals | 3,457,157 | 2,966,025 |
Other derivative instruments, Trading derivatives | Interest rate contract options | Written | ||
Derivatives | ||
Derivative notionals | 2,776,838 | 1,937,025 |
Other derivative instruments, Trading derivatives | Interest rate contract options | Purchased | ||
Derivatives | ||
Derivative notionals | 2,593,989 | 1,881,291 |
Other derivative instruments, Trading derivatives | Foreign exchange contracts | ||
Derivatives | ||
Derivative notionals | 13,408,203 | 11,669,079 |
Other derivative instruments, Trading derivatives | Foreign exchange swaps | ||
Derivatives | ||
Derivative notionals | 7,545,125 | 6,746,070 |
Other derivative instruments, Trading derivatives | Foreign exchange futures, forwards and spot | ||
Derivatives | ||
Derivative notionals | 4,209,683 | 3,350,341 |
Other derivative instruments, Trading derivatives | Foreign exchange contract options | Written | ||
Derivatives | ||
Derivative notionals | 829,689 | 789,077 |
Other derivative instruments, Trading derivatives | Foreign exchange contract options | Purchased | ||
Derivatives | ||
Derivative notionals | 823,706 | 783,591 |
Other derivative instruments, Trading derivatives | Equity contracts | ||
Derivatives | ||
Derivative notionals | 1,512,889 | 1,213,082 |
Other derivative instruments, Trading derivatives | Equity swaps | ||
Derivatives | ||
Derivative notionals | 291,691 | 266,115 |
Other derivative instruments, Trading derivatives | Equity futures and forwards | ||
Derivatives | ||
Derivative notionals | 94,385 | 76,935 |
Other derivative instruments, Trading derivatives | Equity contract options | Written | ||
Derivatives | ||
Derivative notionals | 622,464 | 482,266 |
Other derivative instruments, Trading derivatives | Equity contract options | Purchased | ||
Derivatives | ||
Derivative notionals | 504,349 | 387,766 |
Other derivative instruments, Trading derivatives | Commodity and other contracts | ||
Derivatives | ||
Derivative notionals | 355,265 | 350,257 |
Other derivative instruments, Trading derivatives | Commodity and other swaps | ||
Derivatives | ||
Derivative notionals | 85,144 | 90,884 |
Other derivative instruments, Trading derivatives | Commodity and other futures and forwards | ||
Derivatives | ||
Derivative notionals | 164,020 | 165,314 |
Other derivative instruments, Trading derivatives | Commodity and other contracts | Written | ||
Derivatives | ||
Derivative notionals | 54,286 | 45,862 |
Other derivative instruments, Trading derivatives | Commodity and other contracts | Purchased | ||
Derivatives | ||
Derivative notionals | 51,815 | 48,197 |
Other derivative instruments, Trading derivatives | Credit derivatives | ||
Derivatives | ||
Derivative notionals | 1,593,879 | 1,234,775 |
Other derivative instruments, Trading derivatives | Credit derivatives | Written | ||
Derivatives | ||
Derivative notionals | 765,188 | 593,136 |
Other derivative instruments, Trading derivatives | Credit derivatives | Purchased | ||
Derivatives | ||
Derivative notionals | $ 828,691 | $ 641,639 |
DERIVATIVES - Derivative Mark-t
DERIVATIVES - Derivative Mark-to-Market (MTM) Receivables/Payables (Details) - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 |
Assets | ||
Derivative receivables | $ 425,417 | $ 444,987 |
Less: Netting agreements to assets | (333,991) | (346,545) |
Less: Netting of cash collateral received | (22,872) | (23,136) |
Total trading account derivatives, assets | 68,554 | 75,306 |
Less: Cash collateral received | (818) | (1,455) |
Less: Non-cash collateral received | (2,933) | (5,923) |
Total net receivables | 64,803 | 67,928 |
Liabilities | ||
Derivative payables | 415,046 | 436,493 |
Less: Netting agreements to liabilities | (333,991) | (346,545) |
Less: Netting of cash collateral paid | (26,294) | (30,032) |
Total derivative liabilities | 54,761 | 59,916 |
Less: Cash collateral paid | (254) | (2,272) |
Less: Non-cash collateral paid | (10,741) | (13,475) |
Total net payables | 43,766 | 44,169 |
Trading account assets | ||
Liabilities | ||
Does not meet applicable offsetting guidance, assets | 4,000 | 14,000 |
Trading account assets | Over-the-counter | ||
Liabilities | ||
Less: Netting agreements to liabilities | (255,000) | (276,000) |
Trading account assets | Cleared | ||
Liabilities | ||
Less: Netting agreements to liabilities | (56,000) | (49,000) |
Trading account assets | Exchange traded | ||
Liabilities | ||
Less: Netting agreements to liabilities | (23,000) | (22,000) |
Trading accounts liabilities | ||
Liabilities | ||
Does not meet applicable offsetting guidance, liabilities | 9,000 | 11,000 |
Trading accounts liabilities | Over-the-counter | ||
Assets | ||
Less: Netting agreements to assets | (255,000) | (276,000) |
Trading accounts liabilities | Cleared | ||
Assets | ||
Less: Netting agreements to assets | (56,000) | (49,000) |
Trading accounts liabilities | Exchange traded | ||
Assets | ||
Less: Netting agreements to assets | (23,000) | (22,000) |
Derivative instruments designated as ASC 815 hedges | ||
Assets | ||
Derivative receivables | 2,328 | 2,888 |
Liabilities | ||
Derivative payables | 1,776 | 1,871 |
Derivative instruments designated as ASC 815 hedges | Interest rate contracts | ||
Assets | ||
Derivative receivables | 773 | 597 |
Liabilities | ||
Derivative payables | 29 | 102 |
Derivative instruments designated as ASC 815 hedges | Interest rate contracts | Over-the-counter | ||
Assets | ||
Derivative receivables | 351 | 468 |
Liabilities | ||
Derivative payables | 7 | 1 |
Derivative instruments designated as ASC 815 hedges | Interest rate contracts | Cleared | ||
Assets | ||
Derivative receivables | 422 | 129 |
Liabilities | ||
Derivative payables | 22 | 101 |
Derivative instruments designated as ASC 815 hedges | Foreign exchange contracts | ||
Assets | ||
Derivative receivables | 1,555 | 2,291 |
Liabilities | ||
Derivative payables | 1,747 | 1,769 |
Derivative instruments designated as ASC 815 hedges | Foreign exchange contracts | Over-the-counter | ||
Assets | ||
Derivative receivables | 1,553 | 2,288 |
Liabilities | ||
Derivative payables | 1,747 | 1,766 |
Derivative instruments designated as ASC 815 hedges | Foreign exchange contracts | Cleared | ||
Assets | ||
Derivative receivables | 2 | 3 |
Liabilities | ||
Derivative payables | 0 | 3 |
Derivatives instruments not designated as ASC 815 hedges | ||
Assets | ||
Derivative receivables | 423,089 | 442,099 |
Liabilities | ||
Derivative payables | 413,270 | 434,622 |
Derivatives instruments not designated as ASC 815 hedges | Interest rate contracts | ||
Assets | ||
Derivative receivables | 178,345 | 177,607 |
Liabilities | ||
Derivative payables | 173,230 | 172,518 |
Derivatives instruments not designated as ASC 815 hedges | Interest rate contracts | Over-the-counter | ||
Assets | ||
Derivative receivables | 124,279 | 126,844 |
Liabilities | ||
Derivative payables | 119,409 | 119,854 |
Derivatives instruments not designated as ASC 815 hedges | Interest rate contracts | Cleared | ||
Assets | ||
Derivative receivables | 53,859 | 50,515 |
Liabilities | ||
Derivative payables | 53,634 | 52,566 |
Derivatives instruments not designated as ASC 815 hedges | Interest rate contracts | Exchange traded | ||
Assets | ||
Derivative receivables | 207 | 248 |
Liabilities | ||
Derivative payables | 187 | 98 |
Derivatives instruments not designated as ASC 815 hedges | Foreign exchange contracts | ||
Assets | ||
Derivative receivables | 172,762 | 185,372 |
Liabilities | ||
Derivative payables | 165,204 | 184,226 |
Derivatives instruments not designated as ASC 815 hedges | Foreign exchange contracts | Over-the-counter | ||
Assets | ||
Derivative receivables | 172,079 | 184,869 |
Liabilities | ||
Derivative payables | 164,527 | 183,578 |
Derivatives instruments not designated as ASC 815 hedges | Foreign exchange contracts | Cleared | ||
Assets | ||
Derivative receivables | 679 | 502 |
Liabilities | ||
Derivative payables | 659 | 643 |
Derivatives instruments not designated as ASC 815 hedges | Foreign exchange contracts | Trading account assets | Exchange traded | ||
Assets | ||
Derivative receivables | 4 | 1 |
Derivatives instruments not designated as ASC 815 hedges | Foreign exchange contracts | Trading accounts liabilities | Exchange traded | ||
Liabilities | ||
Derivative payables | 18 | 5 |
Derivatives instruments not designated as ASC 815 hedges | Equity contracts | ||
Assets | ||
Derivative receivables | 43,053 | 42,407 |
Liabilities | ||
Derivative payables | 46,499 | 43,783 |
Derivatives instruments not designated as ASC 815 hedges | Equity contracts | Over-the-counter | ||
Assets | ||
Derivative receivables | 19,000 | 19,674 |
Liabilities | ||
Derivative payables | 22,006 | 21,871 |
Derivatives instruments not designated as ASC 815 hedges | Equity contracts | Cleared | ||
Assets | ||
Derivative receivables | 19 | 1 |
Liabilities | ||
Derivative payables | 120 | 4 |
Derivatives instruments not designated as ASC 815 hedges | Equity contracts | Exchange traded | ||
Assets | ||
Derivative receivables | 24,034 | 22,732 |
Liabilities | ||
Derivative payables | 24,373 | 21,908 |
Derivatives instruments not designated as ASC 815 hedges | Commodity and other contracts | ||
Assets | ||
Derivative receivables | 16,287 | 28,324 |
Liabilities | ||
Derivative payables | 17,260 | 26,318 |
Derivatives instruments not designated as ASC 815 hedges | Commodity and other contracts | Over-the-counter | ||
Assets | ||
Derivative receivables | 15,460 | 27,285 |
Liabilities | ||
Derivative payables | 16,226 | 24,912 |
Derivatives instruments not designated as ASC 815 hedges | Commodity and other contracts | Exchange traded | ||
Assets | ||
Derivative receivables | 827 | 1,039 |
Liabilities | ||
Derivative payables | 1,034 | 1,406 |
Derivatives instruments not designated as ASC 815 hedges | Credit derivatives | ||
Assets | ||
Derivative receivables | 12,642 | 8,389 |
Liabilities | ||
Derivative payables | 11,077 | 7,777 |
Derivatives instruments not designated as ASC 815 hedges | Credit derivatives | Over-the-counter | ||
Assets | ||
Derivative receivables | 6,922 | 6,836 |
Liabilities | ||
Derivative payables | 5,744 | 5,807 |
Derivatives instruments not designated as ASC 815 hedges | Credit derivatives | Cleared | ||
Assets | ||
Derivative receivables | 5,720 | 1,553 |
Liabilities | ||
Derivative payables | $ 5,333 | $ 1,970 |
DERIVATIVES - Gains (Losses) In
DERIVATIVES - Gains (Losses) Included in Other Revenue (Details) - Other revenue - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Derivative gain (losses) | ||||
Gains (losses) recognized in Other revenue related to derivatives not designated in a qualifying hedging relationship | $ (62) | $ (7) | $ (160) | $ 56 |
Interest rate contracts | ||||
Derivative gain (losses) | ||||
Gains (losses) recognized in Other revenue related to derivatives not designated in a qualifying hedging relationship | (16) | 26 | (47) | 170 |
Foreign exchange contracts | ||||
Derivative gain (losses) | ||||
Gains (losses) recognized in Other revenue related to derivatives not designated in a qualifying hedging relationship | $ (46) | $ (33) | $ (113) | $ (114) |
DERIVATIVES - Fair Value Hedges
DERIVATIVES - Fair Value Hedges (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Gain (loss) on fair value hedges | ||||
Gain (loss) under mark-to-market approach | $ 93 | $ 2 | ||
Gain (loss) under amortization approach | 7 | 5 | ||
Other revenue | ||||
Gain (loss) on fair value hedges | ||||
Gain (loss) on the hedging derivatives included in assessment of the effectiveness of fair value hedges | $ (288) | $ (1,941) | 673 | (2,985) |
Gain (loss) on the hedged item in designated and qualifying fair value hedges | 288 | 1,941 | (673) | 2,983 |
Net gain (loss) on the hedging derivatives excluded from assessment of the effectiveness of fair value hedges | 109 | 86 | 234 | 213 |
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 | 19 | (1,855) | (473) | (8,238) |
Gain (loss) on the hedged item in designated and qualifying fair value hedges | (21) | 1,793 | 460 | 8,036 |
Net gain (loss) on the hedging derivatives excluded from assessment of the effectiveness of fair value hedges | 0 | 0 | 0 | (11) |
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 | 19 | (1,855) | (473) | (8,238) |
Gain (loss) on the hedged item in designated and qualifying fair value hedges | (21) | 1,793 | 460 | 8,036 |
Net gain (loss) on the hedging derivatives excluded from assessment of the effectiveness of fair value hedges | 0 | 0 | 0 | (11) |
Foreign exchange contracts (gross) | ||||
Gain (loss) on fair value hedges | ||||
Gain (loss) of cross currency basis included in AOCI | 40 | 116 | ||
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 | (577) | (964) | 709 | (2,623) |
Gain (loss) on the hedged item in designated and qualifying fair value hedges | 577 | 964 | (709) | 2,621 |
Net gain (loss) on the hedging derivatives excluded from assessment of the effectiveness of fair value hedges | 9 | 79 | 33 | 183 |
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 | 289 | (977) | (36) | (362) |
Gain (loss) on the hedged item in designated and qualifying fair value hedges | (289) | 977 | 36 | 362 |
Net gain (loss) on the hedging derivatives excluded from assessment of the effectiveness of fair value hedges | 100 | 7 | 201 | 30 |
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 | Sep. 30, 2023 | Dec. 31, 2022 |
Derivatives | ||
Debt securities AFS, carrying amount of hedged asset/liability | $ 95,301 | $ 98,837 |
Debt securities AFS, cumulative fair value hedging adjustment included in the carrying amount, active | (3,180) | (2,976) |
Debt securities AFS, cumulative fair value hedging adjustment included in the carrying amount, de-designated | (343) | (333) |
Long-term debt, carrying amount of hedged asset/liability | 137,360 | 144,549 |
Long-term debt, cumulative fair value hedging adjustment included in the carrying amount, active | (3,330) | (5,040) |
Long-term debt, cumulative fair value hedging adjustment included in the carrying amount, de-designated | (4,968) | (3,399) |
Physical commodities inventories | 7,000 | |
Physical commodities inventories, cumulative basis adjustments | 113 | |
Cumulative basis adjustment within active hedges | (542) | (91) |
Cumulative basis adjustment within de-designated hedges | (294) | (309) |
Amount of designated hedged items | 13,000 | 3,000 |
Amortized cost basis of closed portfolios used in hedging relations | 19,000 | $ 11,000 |
Consumer loans | ||
Derivatives | ||
Debt securities AFS, carrying amount of hedged asset/liability | 4,782 | |
Debt securities AFS, cumulative fair value hedging adjustment included in the carrying amount, active | (171) | |
Debt securities AFS, cumulative fair value hedging adjustment included in the carrying amount, de-designated | 0 | |
Amount of designated hedged items | 3,800 | |
Amortized cost basis of closed portfolios used in hedging relations | $ 4,800 |
DERIVATIVES - Cash Flow Hedges
DERIVATIVES - Cash Flow Hedges (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Pretax change in accumulated other comprehensive income (loss) | ||||
Amount of gain (loss) recognized in AOCI on derivative | $ 477 | $ (1,167) | $ 223 | $ (3,592) |
Amount of gain (loss) reclassified from AOCI to earnings | 1 | (46) | ||
Net pretax change in cash flow hedges included within AOCI | 958 | (1,025) | 1,670 | (3,933) |
Cash flow hedge gain expected to be reclassified from AOCI within 12 months | $ (1,000) | |||
Maximum length of time hedged in cash flow hedge | 15 years | |||
Interest rate contracts | ||||
Pretax change in accumulated other comprehensive income (loss) | ||||
Amount of gain (loss) recognized in AOCI on derivative | 467 | (1,196) | $ 208 | (3,637) |
Foreign exchange contracts | ||||
Pretax change in accumulated other comprehensive income (loss) | ||||
Amount of gain (loss) recognized in AOCI on derivative | 10 | 29 | 15 | 45 |
Other revenue | ||||
Pretax change in accumulated other comprehensive income (loss) | ||||
Amount of gain (loss) reclassified from AOCI to earnings | (1) | (1) | (3) | (3) |
Other revenue | Interest rate contracts | ||||
Pretax change in accumulated other comprehensive income (loss) | ||||
Amount of gain (loss) reclassified from AOCI to earnings | 0 | 0 | 0 | 0 |
Other revenue | Foreign exchange contracts | ||||
Pretax change in accumulated other comprehensive income (loss) | ||||
Amount of gain (loss) reclassified from AOCI to earnings | (1) | (1) | (3) | (3) |
Net interest income | ||||
Pretax change in accumulated other comprehensive income (loss) | ||||
Amount of gain (loss) reclassified from AOCI to earnings | (480) | (141) | (1,444) | 344 |
Net interest income | Interest rate contracts | ||||
Pretax change in accumulated other comprehensive income (loss) | ||||
Amount of gain (loss) reclassified from AOCI to earnings | (480) | (141) | (1,444) | 344 |
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) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Derivative gain (losses) | ||||
Amount of gain (loss) reclassified from AOCI to earnings | $ 1 | $ (46) | ||
Net investment hedges | Foreign currency translation adjustment (CTA) | ||||
Derivative gain (losses) | ||||
Gain (loss) recognized in AOCI | $ 363 | $ 812 | $ (586) | $ 1,500 |
DERIVATIVES - Credit Derivative
DERIVATIVES - Credit Derivatives (Details) $ in Millions | 9 Months Ended | |
Sep. 30, 2023 USD ($) agency | Dec. 31, 2022 USD ($) | |
Credit Risk Derivatives | ||
Fair values, receivable | $ 12,642 | $ 8,389 |
Fair values, payable | 11,077 | 7,777 |
Notionals, protection purchased | 828,691 | 641,639 |
Notionals, protection sold | 765,188 | 593,136 |
Fair value of derivative in liability position | 15,000 | 18,000 |
Fair value of collateral already posted | $ 13,000 | 15,000 |
Number of rating agencies | agency | 3 | |
Additional collateral to be posted | $ 700 | |
Collateral to be segregated | 4 | |
Aggregate cash obligations and collateral requirements | 700 | |
Fair value gross derivative assets | 333,991 | 346,545 |
Purchased | ||
Credit Risk Derivatives | ||
Fair values, receivable | 4,697 | 5,094 |
Fair values, payable | 8,182 | 3,573 |
Sold | ||
Credit Risk Derivatives | ||
Fair values, receivable | 7,945 | 3,295 |
Fair values, payable | 2,895 | 4,204 |
Within 1 year | ||
Credit Risk Derivatives | ||
Fair values, receivable | 1,471 | 1,753 |
Fair values, payable | 1,035 | 1,801 |
Notionals, protection purchased | 154,096 | 147,031 |
Notionals, protection sold | 134,847 | 148,721 |
From 1 to 5 years | ||
Credit Risk Derivatives | ||
Fair values, receivable | 8,977 | 4,577 |
Fair values, payable | 8,149 | 4,134 |
Notionals, protection purchased | 578,360 | 443,113 |
Notionals, protection sold | 555,290 | 407,293 |
After 5 years | ||
Credit Risk Derivatives | ||
Fair values, receivable | 2,194 | 2,059 |
Fair values, payable | 1,893 | 1,842 |
Notionals, protection purchased | 96,235 | 51,495 |
Notionals, protection sold | 75,051 | 37,122 |
Investment grade | ||
Credit Risk Derivatives | ||
Fair values, receivable | 6,809 | 3,796 |
Fair values, payable | 5,579 | 2,970 |
Notionals, protection purchased | 656,154 | 499,339 |
Notionals, protection sold | 611,363 | 462,873 |
Non-investment grade | ||
Credit Risk Derivatives | ||
Fair values, receivable | 5,833 | 4,593 |
Fair values, payable | 5,498 | 4,807 |
Notionals, protection purchased | 172,537 | 142,300 |
Notionals, protection sold | 153,825 | 130,263 |
Credit default swaps and options | ||
Credit Risk Derivatives | ||
Fair values, receivable | 11,031 | 6,867 |
Fair values, payable | 10,644 | 7,360 |
Notionals, protection purchased | 805,562 | 623,981 |
Notionals, protection sold | 761,316 | 586,504 |
Total return swaps and other | ||
Credit Risk Derivatives | ||
Fair values, receivable | 1,611 | 1,522 |
Fair values, payable | 433 | 417 |
Notionals, protection purchased | 23,129 | 17,658 |
Notionals, protection sold | 3,872 | 6,632 |
Interest rate swaps | ||
Credit Risk Derivatives | ||
Cash proceeds received for assets derecognized | 2,200 | 1,400 |
Fair value of derecognized assets | 2,200 | 1,400 |
Fair value gross derivative assets | 3 | 27 |
Trading derivatives, liability | $ 52 | $ 32 |
FAIR VALUE MEASUREMENT - Market
FAIR VALUE MEASUREMENT - Market Valuation Adjustments (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | |
Credit and funding valuation adjustments contra-liability (contra-asset) | |||||
Counterparty CVA | $ (589) | $ (589) | $ (816) | ||
Asset FVA | (539) | (539) | (622) | ||
Citigroup (own credit) CVA | 473 | 473 | 607 | ||
Liability FVA | 273 | 273 | 263 | ||
Total CVA and FVA—derivative instruments | (382) | (382) | $ (568) | ||
Credit, Funding and Debt Valuation Adjustments Gain (Loss) [Abstract] | |||||
Counterparty CVA | 35 | $ (10) | 5 | $ (211) | |
Asset FVA | (17) | (96) | 77 | (247) | |
Own credit CVA | 14 | 29 | (134) | 327 | |
Liability FVA | 38 | 58 | (5) | 148 | |
Total CVA and FVA—derivative instruments | 70 | (19) | (57) | 17 | |
DVA related to own FVO liabilities | 395 | 1,159 | (875) | 4,800 | |
Total CVA, DVA and FVA | $ 465 | $ 1,140 | $ (932) | $ 4,817 |
FAIR VALUE MEASUREMENT - Items
FAIR VALUE MEASUREMENT - Items Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 |
Assets, Fair Value Disclosure [Abstract] | ||
Federal funds sold and securities borrowed and purchased under agreements to resell, Netting | $ (235,024) | $ (112,391) |
Trading account assets | 406,368 | 334,114 |
Netting agreements | (333,991) | (346,545) |
Netting of cash collateral received | (22,872) | (23,136) |
Trading derivatives | 68,554 | 75,306 |
Investments | 508,998 | 526,582 |
Held at fair value | 7,411 | 5,360 |
Liabilities, Fair Value Disclosure [Abstract] | ||
Federal funds purchased and securities loaned and sold under agreements to repurchase, Netting | (235,024) | (112,391) |
Netting agreements | (333,991) | (346,545) |
Netting of cash collateral paid | (26,294) | (30,032) |
Total derivative liabilities | 54,761 | 59,916 |
Non-marketable equity securities | Carried at cost | ||
Assets, Fair Value Disclosure [Abstract] | ||
Investments | 5,400 | 5,469 |
Fair Value Measured at Net Asset Value Per Share | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Investments measured at net asset value excluded from Level 3 | 24 | 27 |
Recurring | ||
Assets, Fair Value Disclosure [Abstract] | ||
Federal funds sold and securities borrowed and purchased under agreements to resell | 440,450 | 350,294 |
Federal funds sold and securities borrowed and purchased under agreements to resell, Netting | (234,299) | (110,767) |
Federal funds sold and securities borrowed and purchased under agreements to resell | 206,151 | 239,527 |
Investments | 242,497 | 250,547 |
Held at fair value | 7,411 | 5,360 |
Mortgage servicing rights | 729 | 665 |
Assets before netting | 1,468,881 | 1,321,319 |
Netting, Assets, total of netting agreements and cash collateral received | (591,162) | (480,448) |
Total assets | 877,719 | 840,871 |
Liabilities, Fair Value Disclosure [Abstract] | ||
Interest-bearing deposits | 2,722 | 1,875 |
Federal funds purchased and securities loaned and sold under agreements to repurchase, Gross | 226,186 | 156,853 |
Federal funds purchased and securities loaned and sold under agreements to repurchase, Netting | (165,524) | (85,967) |
Federal funds purchased and securities loaned and sold under agreements to repurchase | 60,662 | 70,886 |
Securities sold, not yet purchased | 109,851 | 110,720 |
Trading liabilities | 109,863 | 110,731 |
Short-term borrowings | 6,470 | 6,222 |
Long-term debt | 112,629 | 105,995 |
Total liabilities, Gross | 880,232 | 822,608 |
Total liabilities, Netting | (525,809) | (462,544) |
Total liabilities | 354,423 | 360,064 |
Recurring | Trading account liabilities | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Trading derivatives, liability | 415,046 | 436,493 |
Total trading derivatives and cash collateral, liability | 415,046 | 436,493 |
Netting agreements | (333,991) | (346,545) |
Netting of cash collateral paid | (26,294) | (30,032) |
Netting, Liabilities, total of netting agreements and cash collateral received | (360,285) | (376,577) |
Total derivative liabilities | 54,761 | 59,916 |
Recurring | Trading account liabilities | Interest rate contracts | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Trading derivatives, liability | 173,259 | 172,620 |
Recurring | Trading account liabilities | Foreign exchange contracts | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Trading derivatives, liability | 166,951 | 185,995 |
Recurring | Trading account liabilities | Equity contracts | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Trading derivatives, liability | 46,499 | 43,783 |
Recurring | Trading account liabilities | Commodity contracts | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Trading derivatives, liability | 17,260 | 26,318 |
Recurring | Trading account liabilities | Credit derivatives | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Trading derivatives, liability | 11,077 | 7,777 |
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 | 7,316 | 4,439 |
Total other assets and cash collateral, gross | 7,316 | 4,439 |
Recurring | Other trading liabilities | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Trading liabilities | 12 | 11 |
Recurring | Mortgage-backed securities | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 71,067 | 38,409 |
Investments | 20,123 | 11,749 |
Recurring | Mortgage securitizations - U.S. agency-sponsored | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 68,063 | 35,478 |
Investments | 19,815 | 11,262 |
Recurring | Residential | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 2,294 | 1,988 |
Investments | 307 | 485 |
Recurring | Commercial | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 710 | 943 |
Investments | 1 | 2 |
Recurring | U.S. Treasury and federal agency securities | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 92,661 | 67,581 |
Investments | 81,268 | 92,290 |
Recurring | State and municipal | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 1,906 | 2,263 |
Investments | 2,031 | 2,223 |
Recurring | Foreign government | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 77,125 | 64,352 |
Investments | 125,396 | 133,277 |
Recurring | Corporate | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 20,494 | 13,942 |
Investments | 5,393 | 4,916 |
Recurring | Equity securities | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 57,380 | 54,361 |
Investments | 283 | 429 |
Recurring | Asset-backed securities | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 2,380 | 2,265 |
Investments | 682 | 1,030 |
Recurring | Other debt securities | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 14,801 | 15,635 |
Investments | 6,890 | 4,194 |
Recurring | Non-marketable equity securities | ||
Assets, Fair Value Disclosure [Abstract] | ||
Investments | 431 | 439 |
Recurring | Trading non-derivative assets | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 337,814 | 258,808 |
Recurring | Trading account derivatives | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading derivatives, asset, Gross | 425,417 | 444,987 |
Trading derivative, asset, gross net cash collateral paid | 425,417 | 444,987 |
Netting agreements | (333,991) | (346,545) |
Netting of cash collateral received | (22,872) | (23,136) |
Total trading derivatives, netting | (356,863) | (369,681) |
Trading derivatives | 68,554 | 75,306 |
Recurring | Trading account derivatives | Interest rate contracts | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading derivatives, asset, Gross | 179,118 | 178,204 |
Recurring | Trading account derivatives | Foreign exchange contracts | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading derivatives, asset, Gross | 174,317 | 187,663 |
Recurring | Trading account derivatives | Equity contracts | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading derivatives, asset, Gross | 43,053 | 42,407 |
Recurring | Trading account derivatives | Commodity contracts | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading derivatives, asset, Gross | 16,287 | 28,324 |
Recurring | Trading account derivatives | Credit derivatives | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading derivatives, asset, Gross | 12,642 | 8,389 |
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 | 14,563 | 10,658 |
Other assets | 14,563 | 10,658 |
Recurring | Level 1 | ||
Assets, Fair Value Disclosure [Abstract] | ||
Federal funds sold and securities borrowed and purchased under agreements to resell | 0 | 0 |
Investments | 141,940 | 152,754 |
Held at fair value | 0 | 0 |
Mortgage servicing rights | 0 | 0 |
Assets before netting | $ 333,338 | $ 304,439 |
Total as a percentage of gross assets | 22.70% | 23% |
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 | 96,351 | 97,559 |
Trading liabilities | 96,351 | 97,559 |
Short-term borrowings | 0 | 0 |
Long-term debt | 0 | 0 |
Total liabilities, Gross | $ 103,617 | $ 102,003 |
Total as a percentage of gross liabilities | 11.80% | 12.40% |
Recurring | Level 1 | Trading account liabilities | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Trading derivatives, liability | $ 155 | $ 247 |
Recurring | Level 1 | Trading account liabilities | Interest rate contracts | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Trading derivatives, liability | 120 | 175 |
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 | 35 | 70 |
Recurring | Level 1 | Trading account liabilities | Commodity contracts | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Trading derivatives, liability | 0 | 2 |
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 | 7,111 | 4,197 |
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 | 1 | 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 | 1 | 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 | 90,944 | 63,067 |
Investments | 80,949 | 91,851 |
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 | 45,369 | 38,383 |
Investments | 57,970 | 58,419 |
Recurring | Level 1 | Corporate | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 1,363 | 1,593 |
Investments | 2,835 | 2,230 |
Recurring | Level 1 | Equity securities | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 46,513 | 43,990 |
Investments | 186 | 254 |
Recurring | Level 1 | Asset-backed securities | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 0 | 0 |
Investments | 0 | 0 |
Recurring | Level 1 | Other debt securities | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 64 | 24 |
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 | 184,254 | 147,058 |
Recurring | Level 1 | Trading account derivatives | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading derivatives, asset, Gross | 154 | 317 |
Recurring | Level 1 | Trading account derivatives | Interest rate contracts | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading derivatives, asset, Gross | 129 | 297 |
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 | 25 | 20 |
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 | 6,990 | 4,310 |
Recurring | Level 2 | ||
Assets, Fair Value Disclosure [Abstract] | ||
Federal funds sold and securities borrowed and purchased under agreements to resell | 440,315 | 350,145 |
Investments | 99,034 | 95,744 |
Held at fair value | 7,146 | 3,999 |
Mortgage servicing rights | 0 | 0 |
Assets before netting | $ 1,121,758 | $ 1,001,032 |
Total as a percentage of gross assets | 76.40% | 75.80% |
Liabilities, Fair Value Disclosure [Abstract] | ||
Interest-bearing deposits | $ 2,567 | $ 1,860 |
Federal funds purchased and securities loaned and sold under agreements to repurchase, Gross | 225,705 | 155,822 |
Securities sold, not yet purchased | 13,412 | 13,111 |
Trading liabilities | 13,423 | 13,119 |
Short-term borrowings | 6,014 | 6,184 |
Long-term debt | 76,979 | 69,878 |
Total liabilities, Gross | $ 730,052 | $ 674,144 |
Total as a percentage of gross liabilities | 82.90% | 82% |
Recurring | Level 2 | Trading account liabilities | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Trading derivatives, liability | $ 405,187 | $ 427,041 |
Recurring | Level 2 | Trading account liabilities | Interest rate contracts | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Trading derivatives, liability | 168,590 | 169,049 |
Recurring | Level 2 | Trading account liabilities | Foreign exchange contracts | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Trading derivatives, liability | 166,133 | 185,279 |
Recurring | Level 2 | Trading account liabilities | Equity contracts | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Trading derivatives, liability | 44,118 | 40,905 |
Recurring | Level 2 | Trading account liabilities | Commodity contracts | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Trading derivatives, liability | 16,035 | 25,093 |
Recurring | Level 2 | Trading account liabilities | Credit derivatives | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Trading derivatives, liability | 10,311 | 6,715 |
Recurring | Level 2 | Other financial liabilities measured on a recurring basis | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Other liabilities, gross | 177 | 240 |
Recurring | Level 2 | Other trading liabilities | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Trading liabilities | 11 | 8 |
Recurring | Level 2 | Mortgage-backed securities | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 70,158 | 37,497 |
Investments | 20,070 | 11,678 |
Recurring | Level 2 | Mortgage securitizations - U.S. agency-sponsored | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 67,525 | 34,878 |
Investments | 19,786 | 11,232 |
Recurring | Level 2 | Residential | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 2,128 | 1,821 |
Investments | 283 | 444 |
Recurring | Level 2 | Commercial | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 505 | 798 |
Investments | 1 | 2 |
Recurring | Level 2 | U.S. Treasury and federal agency securities | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 1,717 | 4,513 |
Investments | 299 | 439 |
Recurring | Level 2 | State and municipal | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 1,903 | 2,256 |
Investments | 1,538 | 1,637 |
Recurring | Level 2 | Foreign government | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 31,687 | 25,850 |
Investments | 67,230 | 74,250 |
Recurring | Level 2 | Corporate | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 18,367 | 11,955 |
Investments | 2,269 | 2,343 |
Recurring | Level 2 | Equity securities | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 10,604 | 10,179 |
Investments | 86 | 165 |
Recurring | Level 2 | Asset-backed securities | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 1,805 | 1,597 |
Investments | 652 | 1,029 |
Recurring | Level 2 | Other debt securities | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 13,764 | 14,963 |
Investments | 6,890 | 4,194 |
Recurring | Level 2 | Non-marketable equity securities | ||
Assets, Fair Value Disclosure [Abstract] | ||
Investments | 0 | 9 |
Recurring | Level 2 | Trading non-derivative assets | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 150,005 | 108,810 |
Recurring | Level 2 | Trading account derivatives | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading derivatives, asset, Gross | 417,762 | 436,043 |
Recurring | Level 2 | Trading account derivatives | Interest rate contracts | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading derivatives, asset, Gross | 176,243 | 174,156 |
Recurring | Level 2 | Trading account derivatives | Foreign exchange contracts | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading derivatives, asset, Gross | 172,886 | 186,897 |
Recurring | Level 2 | Trading account derivatives | Equity contracts | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading derivatives, asset, Gross | 41,817 | 40,683 |
Recurring | Level 2 | Trading account derivatives | Commodity contracts | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading derivatives, asset, Gross | 15,013 | 26,823 |
Recurring | Level 2 | Trading account derivatives | Credit derivatives | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading derivatives, asset, Gross | 11,803 | 7,484 |
Recurring | Level 2 | Non-trading derivatives and other financial assets measured on a recurring basis | ||
Assets, Fair Value Disclosure [Abstract] | ||
Other assets, gross | 7,496 | 6,291 |
Recurring | Level 3 | ||
Assets, Fair Value Disclosure [Abstract] | ||
Federal funds sold and securities borrowed and purchased under agreements to resell | 135 | 149 |
Investments | 1,523 | 2,049 |
Held at fair value | 265 | 1,361 |
Mortgage servicing rights | 729 | 665 |
Assets before netting | $ 13,785 | $ 15,848 |
Total as a percentage of gross assets | 0.90% | 1.20% |
Liabilities, Fair Value Disclosure [Abstract] | ||
Interest-bearing deposits | $ 155 | $ 15 |
Federal funds purchased and securities loaned and sold under agreements to repurchase, Gross | 481 | 1,031 |
Securities sold, not yet purchased | 88 | 50 |
Trading liabilities | 89 | 53 |
Short-term borrowings | 456 | 38 |
Long-term debt | 35,650 | 36,117 |
Total liabilities, Gross | $ 46,563 | $ 46,461 |
Total as a percentage of gross liabilities | 5.30% | 5.60% |
Recurring | Level 3 | Trading account liabilities | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Trading derivatives, liability | $ 9,704 | $ 9,205 |
Recurring | Level 3 | Trading account liabilities | Interest rate contracts | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Trading derivatives, liability | 4,549 | 3,396 |
Recurring | Level 3 | Trading account liabilities | Foreign exchange contracts | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Trading derivatives, liability | 818 | 716 |
Recurring | Level 3 | Trading account liabilities | Equity contracts | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Trading derivatives, liability | 2,346 | 2,808 |
Recurring | Level 3 | Trading account liabilities | Commodity contracts | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Trading derivatives, liability | 1,225 | 1,223 |
Recurring | Level 3 | Trading account liabilities | Credit derivatives | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Trading derivatives, liability | 766 | 1,062 |
Recurring | Level 3 | Other financial liabilities measured on a recurring basis | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Other liabilities, gross | 28 | 2 |
Recurring | Level 3 | Other trading liabilities | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Trading liabilities | 1 | 3 |
Recurring | Level 3 | Mortgage-backed securities | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 908 | 911 |
Investments | 53 | 71 |
Recurring | Level 3 | Mortgage securitizations - U.S. agency-sponsored | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 538 | 600 |
Investments | 29 | 30 |
Recurring | Level 3 | Residential | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 165 | 166 |
Investments | 24 | 41 |
Recurring | Level 3 | Commercial | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 205 | 145 |
Investments | 0 | 0 |
Recurring | Level 3 | U.S. Treasury and federal agency securities | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 0 | 1 |
Investments | 20 | 0 |
Recurring | Level 3 | State and municipal | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 3 | 7 |
Investments | 493 | 586 |
Recurring | Level 3 | Foreign government | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 69 | 119 |
Investments | 196 | 608 |
Recurring | Level 3 | Corporate | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 764 | 394 |
Investments | 289 | 343 |
Recurring | Level 3 | Equity securities | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 263 | 192 |
Investments | 11 | 10 |
Recurring | Level 3 | Asset-backed securities | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 575 | 668 |
Investments | 30 | 1 |
Recurring | Level 3 | Other debt securities | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 973 | 648 |
Investments | 0 | 0 |
Recurring | Level 3 | Non-marketable equity securities | ||
Assets, Fair Value Disclosure [Abstract] | ||
Investments | 431 | 430 |
Recurring | Level 3 | Trading non-derivative assets | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 3,555 | 2,940 |
Recurring | Level 3 | Trading account derivatives | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading derivatives, asset, Gross | 7,501 | 8,627 |
Recurring | Level 3 | Trading account derivatives | Interest rate contracts | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading derivatives, asset, Gross | 2,746 | 3,751 |
Recurring | Level 3 | Trading account derivatives | Foreign exchange contracts | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading derivatives, asset, Gross | 1,431 | 766 |
Recurring | Level 3 | Trading account derivatives | Equity contracts | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading derivatives, asset, Gross | 1,211 | 1,704 |
Recurring | Level 3 | Trading account derivatives | Commodity contracts | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading derivatives, asset, Gross | 1,274 | 1,501 |
Recurring | Level 3 | Trading account derivatives | Credit derivatives | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading derivatives, asset, Gross | 839 | 905 |
Recurring | Level 3 | Non-trading derivatives and other financial assets measured on a recurring basis | ||
Assets, Fair Value Disclosure [Abstract] | ||
Other assets, gross | $ 77 | $ 57 |
FAIR VALUE MEASUREMENT - Level
FAIR VALUE MEASUREMENT - Level 3 Fair Value Rollforward (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
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 | $ (2,650) | $ 842 | $ (578) | $ (112) |
Net realized/unrealized gains (losses) included in principal transactions | 601 | (287) | (1,703) | 4,039 |
Other | 0 | 0 | 0 | 0 |
Transfers into Level 3 | 229 | (218) | 235 | (803) |
Transfers out of Level 3 | 61 | 197 | 632 | (965) |
Purchases | (554) | (784) | (774) | (75) |
Issuances | 0 | 1 | 0 | 27 |
Sales | 18 | 322 | (106) | (754) |
Settlements | 92 | 379 | 91 | (905) |
Balance at end of period, asset (liability), net | (2,203) | 452 | (2,203) | 452 |
Unrealized gains (losses) still held | (162) | (184) | (2,320) | 1,081 |
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 | (1,962) | 881 | 355 | 1,726 |
Net realized/unrealized gains (losses) included in principal transactions | (474) | (278) | (2,163) | 322 |
Other | 0 | 0 | 0 | 0 |
Transfers into Level 3 | (18) | (503) | (220) | (430) |
Transfers out of Level 3 | 298 | (12) | (361) | (815) |
Purchases | 51 | (195) | 38 | (186) |
Issuances | 0 | 1 | 0 | 7 |
Sales | 49 | 83 | 62 | 77 |
Settlements | 253 | (3) | 486 | (727) |
Balance at end of period, asset (liability), net | (1,803) | (26) | (1,803) | (26) |
Unrealized gains (losses) still held | (637) | (142) | (2,060) | (332) |
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 | 700 | 156 | 50 | (89) |
Net realized/unrealized gains (losses) included in principal transactions | 158 | (171) | 704 | 993 |
Other | 0 | 0 | 0 | 0 |
Transfers into Level 3 | 1 | 32 | 105 | (443) |
Transfers out of Level 3 | (24) | (3) | 24 | (9) |
Purchases | 50 | (146) | 152 | 29 |
Issuances | 0 | 0 | 0 | 20 |
Sales | (8) | 212 | (89) | (399) |
Settlements | (264) | 197 | (333) | 175 |
Balance at end of period, asset (liability), net | 613 | 277 | 613 | 277 |
Unrealized gains (losses) still held | 159 | 121 | 408 | 240 |
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 | (1,563) | (101) | (1,104) | (2,140) |
Net realized/unrealized gains (losses) included in principal transactions | 641 | 162 | (237) | 2,159 |
Other | 0 | 0 | 0 | 0 |
Transfers into Level 3 | 128 | 60 | 61 | (13) |
Transfers out of Level 3 | (145) | 222 | 661 | 429 |
Purchases | (346) | (347) | (599) | 58 |
Issuances | 0 | 0 | 0 | 0 |
Sales | (21) | 28 | (65) | (288) |
Settlements | 171 | 37 | 148 | (144) |
Balance at end of period, asset (liability), net | (1,135) | 61 | (1,135) | 61 |
Unrealized gains (losses) still held | 212 | (150) | (596) | 1,021 |
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 | 330 | 255 | 278 | 422 |
Net realized/unrealized gains (losses) included in principal transactions | 222 | 110 | 85 | 732 |
Other | 0 | 0 | 0 | 0 |
Transfers into Level 3 | 96 | 140 | 270 | 95 |
Transfers out of Level 3 | (149) | (134) | 91 | (543) |
Purchases | (389) | (60) | (447) | 60 |
Issuances | 0 | 0 | 0 | 0 |
Sales | (2) | (2) | (14) | (144) |
Settlements | (59) | (56) | (214) | (369) |
Balance at end of period, asset (liability), net | 49 | 253 | 49 | 253 |
Unrealized gains (losses) still held | 120 | 151 | 12 | 412 |
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 | (155) | (349) | (157) | (31) |
Net realized/unrealized gains (losses) included in principal transactions | 54 | (110) | (92) | (167) |
Other | 0 | 0 | 0 | 0 |
Transfers into Level 3 | 22 | 53 | 19 | (12) |
Transfers out of Level 3 | 81 | 124 | 217 | (27) |
Purchases | 80 | (36) | 82 | (36) |
Issuances | 0 | 0 | 0 | 0 |
Sales | 0 | 1 | 0 | 0 |
Settlements | (9) | 204 | 4 | 160 |
Balance at end of period, asset (liability), net | 73 | (113) | 73 | (113) |
Unrealized gains (losses) still held | (16) | (164) | (84) | (260) |
Other financial liabilities measured on a recurring basis | ||||
Fair value, liabilities measured on recurring basis, level 3 fair-value category reconciliation | ||||
Balance at beginning of period, liability | 23 | |||
Net realized/unrealized gains (losses) included in principal transactions, liabilities | 0 | |||
Net realized/unrealized gains (losses) included in locations other than principal transactions, liabilities | 0 | |||
Transfers into Level 3, liabilities | 0 | |||
Transfers out of Level 3, liabilities | 0 | |||
Purchases, liability | 0 | |||
Issuance, liability | 26 | |||
Sales, liability | (21) | |||
Settlements, liability | 0 | |||
Balance at end of period, liability | 28 | 28 | ||
Unrealized gains (losses) still held, liabilities | 0 | |||
Interest-bearing deposits | ||||
Fair value, liabilities measured on recurring basis, level 3 fair-value category reconciliation | ||||
Balance at beginning of period, liability | 26 | 18 | 15 | 183 |
Net realized/unrealized gains (losses) included in principal transactions, liabilities | 0 | 0 | (7) | 0 |
Net realized/unrealized gains (losses) included in locations other than principal transactions, liabilities | (10) | 3 | (12) | 6 |
Transfers into Level 3, liabilities | 49 | 0 | 49 | 7 |
Transfers out of Level 3, liabilities | 0 | 0 | (1) | (122) |
Purchases, liability | 0 | 0 | 0 | 0 |
Issuance, liability | 70 | 2 | 83 | 20 |
Sales, liability | 0 | 0 | 0 | 0 |
Settlements, liability | 0 | (1) | (10) | (66) |
Balance at end of period, liability | 155 | 16 | 155 | 16 |
Unrealized gains (losses) still held, liabilities | (11) | 0 | (11) | 0 |
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 | 627 | 593 | 1,031 | 643 |
Net realized/unrealized gains (losses) included in principal transactions, liabilities | (2) | 36 | (8) | 86 |
Net realized/unrealized gains (losses) included in locations other than principal transactions, liabilities | 0 | 0 | 0 | 0 |
Transfers into Level 3, liabilities | 0 | 0 | 0 | 0 |
Transfers out of Level 3, liabilities | 0 | 0 | (24) | (3) |
Purchases, liability | 0 | 437 | 1,335 | 453 |
Issuance, liability | 0 | 33 | 0 | 33 |
Sales, liability | 0 | 0 | 0 | 0 |
Settlements, liability | (148) | (30) | (1,869) | (43) |
Balance at end of period, liability | 481 | 997 | 481 | 997 |
Unrealized gains (losses) still held, liabilities | 1 | 0 | 1 | 0 |
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 | 62 | 72 | 50 | 65 |
Net realized/unrealized gains (losses) included in principal transactions, liabilities | 0 | (10) | (13) | 11 |
Net realized/unrealized gains (losses) included in locations other than principal transactions, liabilities | 0 | 0 | 0 | 0 |
Transfers into Level 3, liabilities | 11 | 13 | 22 | 48 |
Transfers out of Level 3, liabilities | (3) | (2) | (34) | (21) |
Purchases, liability | 61 | 46 | 125 | 129 |
Issuance, liability | 0 | 0 | 0 | 0 |
Sales, liability | 0 | 0 | 0 | 1 |
Settlements, liability | (43) | (36) | (88) | (108) |
Balance at end of period, liability | 88 | 103 | 88 | 103 |
Unrealized gains (losses) still held, liabilities | (2) | (13) | (2) | (6) |
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 | 4 | 3 | ||
Net realized/unrealized gains (losses) included in principal transactions, liabilities | 0 | 2 | ||
Net realized/unrealized gains (losses) included in locations other than principal transactions, liabilities | 0 | 0 | ||
Transfers into Level 3, liabilities | 1 | 4 | ||
Transfers out of Level 3, liabilities | (2) | (2) | ||
Purchases, liability | 2 | 2 | ||
Issuance, liability | 0 | 0 | ||
Sales, liability | 0 | 0 | ||
Settlements, liability | (4) | (4) | ||
Balance at end of period, liability | 1 | 1 | ||
Unrealized gains (losses) still held, liabilities | 0 | 0 | ||
Other trading liabilities | ||||
Fair value, liabilities measured on recurring basis, level 3 fair-value category reconciliation | ||||
Balance at beginning of period, liability | 0 | 0 | ||
Net realized/unrealized gains (losses) included in principal transactions, liabilities | (2) | (2) | ||
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 | 2 | 2 | ||
Unrealized gains (losses) still held, liabilities | 0 | 0 | ||
Short-term borrowings | ||||
Fair value, liabilities measured on recurring basis, level 3 fair-value category reconciliation | ||||
Balance at beginning of period, liability | 296 | 81 | 38 | 105 |
Net realized/unrealized gains (losses) included in principal transactions, liabilities | 0 | 12 | 40 | 101 |
Net realized/unrealized gains (losses) included in locations other than principal transactions, liabilities | 0 | 0 | 0 | 0 |
Transfers into Level 3, liabilities | 16 | 1 | 35 | 41 |
Transfers out of Level 3, liabilities | (7) | (40) | (23) | (61) |
Purchases, liability | 1 | 0 | 1 | 0 |
Issuance, liability | 181 | 6 | 478 | 82 |
Sales, liability | 0 | 0 | 0 | 0 |
Settlements, liability | (31) | (1) | (33) | (31) |
Balance at end of period, liability | 456 | 35 | 456 | 35 |
Unrealized gains (losses) still held, liabilities | (21) | (17) | (31) | (22) |
Long-term debt | ||||
Fair value, Derivative assets (liabilities) measured on recurring basis, level 3 fair-value category reconciliation | ||||
Transfers out of Level 3 | (1,300) | (7,400) | ||
Fair value, liabilities measured on recurring basis, level 3 fair-value category reconciliation | ||||
Balance at beginning of period, liability | 37,204 | 29,778 | 36,117 | 25,509 |
Net realized/unrealized gains (losses) included in principal transactions, liabilities | 2,816 | 3,734 | 2,589 | 11,979 |
Net realized/unrealized gains (losses) included in locations other than principal transactions, liabilities | 0 | 0 | 0 | 0 |
Transfers into Level 3, liabilities | 1,010 | 2,831 | 4,238 | 9,574 |
Transfers out of Level 3, liabilities | (1,336) | (811) | (7,442) | (4,318) |
Purchases, liability | 0 | 0 | 0 | 0 |
Issuance, liability | 3,027 | 3,838 | 7,371 | 13,537 |
Sales, liability | 0 | 0 | 0 | 0 |
Settlements, liability | (1,439) | (192) | (2,045) | (613) |
Balance at end of period, liability | 35,650 | 31,710 | 35,650 | 31,710 |
Unrealized gains (losses) still held, liabilities | 2,112 | 3,336 | 841 | 9,530 |
Other financial liabilities measured on a recurring basis | ||||
Fair value, liabilities measured on recurring basis, level 3 fair-value category reconciliation | ||||
Balance at beginning of period, liability | 0 | 2 | 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 | (8) | 1 | (7) | |
Transfers into Level 3, liabilities | 5 | 0 | 5 | |
Transfers out of Level 3, liabilities | 0 | (1) | 0 | |
Purchases, liability | 0 | 0 | 0 | |
Issuance, liability | 0 | 49 | 0 | |
Sales, liability | 0 | (21) | 0 | |
Settlements, liability | 0 | 0 | 0 | |
Balance at end of period, liability | 28 | 13 | 28 | 13 |
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 | 140 | 183 | 149 | 231 |
Net realized/unrealized gains (losses) included in principal transactions | 1 | (1) | 4 | (2) |
Net realized/unrealized gains (losses) included in locations other than principal transactions, assets | 0 | 0 | 0 | 0 |
Transfers into Level 3 | 0 | 0 | 0 | 0 |
Transfers out of Level 3, assets | 0 | 0 | (2) | 0 |
Purchases, assets | 126 | 128 | 263 | 252 |
Issuance, assets | 0 | 0 | 0 | 0 |
Sales, assets | 0 | 0 | 0 | 0 |
Settlements, assets | (132) | (169) | (279) | (340) |
Balance at end of period, asset | 135 | 141 | 135 | 141 |
Unrealized gains (losses) still held, assets | 9 | 3 | 9 | 14 |
Trading non-derivative assets | ||||
Fair value, assets measured on recurring basis, level 3 fair-value category reconciliation | ||||
Balance at beginning of period, asset | 3,953 | 3,484 | 2,940 | 2,520 |
Net realized/unrealized gains (losses) included in principal transactions | (153) | 50 | 323 | 168 |
Net realized/unrealized gains (losses) included in locations other than principal transactions, assets | 0 | 0 | 0 | 0 |
Transfers into Level 3 | 531 | 514 | 1,484 | 1,969 |
Transfers out of Level 3, assets | (764) | (591) | (1,493) | (1,461) |
Purchases, assets | 1,449 | 944 | 3,265 | 3,305 |
Issuance, assets | 0 | 11 | 0 | 27 |
Sales, assets | (1,461) | (1,137) | (2,964) | (3,245) |
Settlements, assets | 0 | (5) | 0 | (13) |
Balance at end of period, asset | 3,555 | 3,270 | 3,555 | 3,270 |
Unrealized gains (losses) still held, assets | (349) | (121) | (343) | (469) |
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 | 659 | 708 | 600 | 496 |
Net realized/unrealized gains (losses) included in principal transactions | (21) | (28) | (31) | (41) |
Net realized/unrealized gains (losses) included in locations other than principal transactions, assets | 0 | 0 | 0 | 0 |
Transfers into Level 3 | 93 | 54 | 278 | 181 |
Transfers out of Level 3, assets | (155) | (153) | (421) | (311) |
Purchases, assets | 92 | 310 | 462 | 794 |
Issuance, assets | 0 | 0 | 0 | 0 |
Sales, assets | (130) | (219) | (350) | (447) |
Settlements, assets | 0 | 0 | 0 | 0 |
Balance at end of period, asset | 538 | 672 | 538 | 672 |
Unrealized gains (losses) still held, assets | (14) | (33) | (34) | (53) |
Trading non-derivative assets | Residential | ||||
Fair value, assets measured on recurring basis, level 3 fair-value category reconciliation | ||||
Balance at beginning of period, asset | 145 | 153 | 166 | 104 |
Net realized/unrealized gains (losses) included in principal transactions | (1) | (2) | (2) | (2) |
Net realized/unrealized gains (losses) included in locations other than principal transactions, assets | 0 | 0 | 0 | 0 |
Transfers into Level 3 | 31 | 25 | 92 | 86 |
Transfers out of Level 3, assets | (3) | (22) | (65) | (54) |
Purchases, assets | 52 | 33 | 152 | 118 |
Issuance, assets | 0 | 0 | 0 | 0 |
Sales, assets | (59) | (45) | (178) | (110) |
Settlements, assets | 0 | 0 | 0 | 0 |
Balance at end of period, asset | 165 | 142 | 165 | 142 |
Unrealized gains (losses) still held, assets | (3) | (2) | (17) | (1) |
Trading non-derivative assets | Commercial | ||||
Fair value, assets measured on recurring basis, level 3 fair-value category reconciliation | ||||
Balance at beginning of period, asset | 182 | 138 | 145 | 81 |
Net realized/unrealized gains (losses) included in principal transactions | (8) | (4) | (23) | (9) |
Net realized/unrealized gains (losses) included in locations other than principal transactions, assets | 0 | 0 | 0 | 0 |
Transfers into Level 3 | 59 | 20 | 163 | 117 |
Transfers out of Level 3, assets | (25) | (17) | (56) | (51) |
Purchases, assets | 26 | 5 | 76 | 14 |
Issuance, assets | 0 | 0 | 0 | 0 |
Sales, assets | (29) | (26) | (100) | (36) |
Settlements, assets | 0 | 0 | 0 | 0 |
Balance at end of period, asset | 205 | 116 | 205 | 116 |
Unrealized gains (losses) still held, assets | (8) | 1 | (19) | 7 |
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 | 986 | 999 | 911 | 681 |
Net realized/unrealized gains (losses) included in principal transactions | (30) | (34) | (56) | (52) |
Net realized/unrealized gains (losses) included in locations other than principal transactions, assets | 0 | 0 | 0 | 0 |
Transfers into Level 3 | 183 | 99 | 533 | 384 |
Transfers out of Level 3, assets | (183) | (192) | (542) | (416) |
Purchases, assets | 170 | 348 | 690 | 926 |
Issuance, assets | 0 | 0 | 0 | 0 |
Sales, assets | (218) | (290) | (628) | (593) |
Settlements, assets | 0 | 0 | 0 | 0 |
Balance at end of period, asset | 908 | 930 | 908 | 930 |
Unrealized gains (losses) still held, assets | (25) | (34) | (70) | (47) |
Trading non-derivative assets | U.S. Treasury and federal agency securities | ||||
Fair value, assets measured on recurring basis, level 3 fair-value category reconciliation | ||||
Balance at beginning of period, asset | 0 | 1 | 1 | 4 |
Net realized/unrealized gains (losses) included in principal transactions | 0 | 0 | (1) | (4) |
Net realized/unrealized gains (losses) included in locations other than principal transactions, assets | 0 | 0 | 0 | 0 |
Transfers into Level 3 | 0 | 0 | 0 | 2 |
Transfers out of Level 3, assets | 0 | 0 | 0 | (1) |
Purchases, assets | 0 | 0 | 0 | 0 |
Issuance, assets | 0 | 0 | 0 | 0 |
Sales, assets | 0 | 0 | 0 | 0 |
Settlements, assets | 0 | (1) | 0 | (1) |
Balance at end of period, asset | 0 | 0 | 0 | 0 |
Unrealized gains (losses) still held, assets | 0 | 0 | 0 | 0 |
Trading non-derivative assets | State and municipal | ||||
Fair value, assets measured on recurring basis, level 3 fair-value category reconciliation | ||||
Balance at beginning of period, asset | 3 | 80 | 7 | 37 |
Net realized/unrealized gains (losses) included in principal transactions | 0 | 4 | (3) | 9 |
Net realized/unrealized gains (losses) included in locations other than principal transactions, assets | 0 | 0 | 0 | 0 |
Transfers into Level 3 | 0 | 4 | 19 | 75 |
Transfers out of Level 3, assets | 0 | (6) | 0 | (26) |
Purchases, assets | 0 | 14 | 0 | 15 |
Issuance, assets | 0 | 0 | 0 | 0 |
Sales, assets | 0 | (74) | (20) | (88) |
Settlements, assets | 0 | 0 | 0 | 0 |
Balance at end of period, asset | 3 | 22 | 3 | 22 |
Unrealized gains (losses) still held, assets | 0 | 0 | (1) | (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 | 81 | 364 | 119 | 23 |
Net realized/unrealized gains (losses) included in principal transactions | (23) | (14) | (17) | (40) |
Net realized/unrealized gains (losses) included in locations other than principal transactions, assets | 0 | 0 | 0 | 0 |
Transfers into Level 3 | 0 | 5 | 8 | 304 |
Transfers out of Level 3, assets | (31) | (4) | (58) | (5) |
Purchases, assets | 70 | 70 | 131 | 157 |
Issuance, assets | 0 | 0 | 0 | 0 |
Sales, assets | (28) | (41) | (114) | (59) |
Settlements, assets | 0 | 0 | 0 | 0 |
Balance at end of period, asset | 69 | 380 | 69 | 380 |
Unrealized gains (losses) still held, assets | 19 | (9) | 22 | (19) |
Trading non-derivative assets | Corporate | ||||
Fair value, assets measured on recurring basis, level 3 fair-value category reconciliation | ||||
Balance at beginning of period, asset | 581 | 537 | 394 | 412 |
Net realized/unrealized gains (losses) included in principal transactions | 224 | 21 | 300 | 89 |
Net realized/unrealized gains (losses) included in locations other than principal transactions, assets | 0 | 0 | 0 | 0 |
Transfers into Level 3 | 38 | 193 | 248 | 455 |
Transfers out of Level 3, assets | (303) | (72) | (481) | (350) |
Purchases, assets | 624 | 91 | 976 | 919 |
Issuance, assets | 0 | 0 | 0 | 0 |
Sales, assets | (400) | (310) | (673) | (1,065) |
Settlements, assets | 0 | 0 | 0 | 0 |
Balance at end of period, asset | 764 | 460 | 764 | 460 |
Unrealized gains (losses) still held, assets | (232) | (15) | (185) | (109) |
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 | 285 | 133 | 192 | 174 |
Net realized/unrealized gains (losses) included in principal transactions | 2 | 48 | 11 | 34 |
Net realized/unrealized gains (losses) included in locations other than principal transactions, assets | 0 | 0 | 0 | 0 |
Transfers into Level 3 | 16 | 71 | 42 | 134 |
Transfers out of Level 3, assets | (10) | (12) | (18) | (99) |
Purchases, assets | 28 | 34 | 125 | 142 |
Issuance, assets | 0 | 0 | 0 | 0 |
Sales, assets | (58) | (87) | (89) | (198) |
Settlements, assets | 0 | 0 | 0 | 0 |
Balance at end of period, asset | 263 | 187 | 263 | 187 |
Unrealized gains (losses) still held, assets | 1 | (26) | 10 | (47) |
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 | 539 | 554 | 668 | 613 |
Net realized/unrealized gains (losses) included in principal transactions | 6 | (7) | 20 | (26) |
Net realized/unrealized gains (losses) included in locations other than principal transactions, assets | 0 | 0 | 0 | 0 |
Transfers into Level 3 | 15 | 68 | 94 | 208 |
Transfers out of Level 3, assets | (39) | (25) | (120) | (192) |
Purchases, assets | 297 | 196 | 615 | 589 |
Issuance, assets | 0 | 0 | 0 | 0 |
Sales, assets | (243) | (174) | (702) | (580) |
Settlements, assets | 0 | 0 | 0 | 0 |
Balance at end of period, asset | 575 | 612 | 575 | 612 |
Unrealized gains (losses) still held, assets | 2 | (18) | 4 | (151) |
Trading non-derivative assets | Other debt securities | ||||
Fair value, assets measured on recurring basis, level 3 fair-value category reconciliation | ||||
Balance at beginning of period, asset | 1,478 | 816 | 648 | 576 |
Net realized/unrealized gains (losses) included in principal transactions | (332) | 32 | 69 | 158 |
Net realized/unrealized gains (losses) included in locations other than principal transactions, assets | 0 | 0 | 0 | 0 |
Transfers into Level 3 | 279 | 74 | 540 | 407 |
Transfers out of Level 3, assets | (198) | (280) | (274) | (372) |
Purchases, assets | 260 | 191 | 728 | 557 |
Issuance, assets | 0 | 11 | 0 | 27 |
Sales, assets | (514) | (161) | (738) | (662) |
Settlements, assets | 0 | (4) | 0 | (12) |
Balance at end of period, asset | 973 | 679 | 973 | 679 |
Unrealized gains (losses) still held, assets | (114) | (19) | (123) | (95) |
Investments | ||||
Fair value, assets measured on recurring basis, level 3 fair-value category reconciliation | ||||
Balance at beginning of period, asset | 1,764 | 2,263 | 2,049 | 2,227 |
Net realized/unrealized gains (losses) included in principal transactions | 0 | 0 | 0 | 0 |
Net realized/unrealized gains (losses) included in locations other than principal transactions, assets | (24) | (70) | (27) | (217) |
Transfers into Level 3 | 39 | 88 | 67 | 503 |
Transfers out of Level 3, assets | (240) | (69) | (401) | (373) |
Purchases, assets | 184 | 315 | 922 | 725 |
Issuance, assets | 0 | 0 | 0 | 0 |
Sales, assets | (200) | (294) | (1,087) | (632) |
Settlements, assets | 0 | 0 | 0 | 0 |
Balance at end of period, asset | 1,523 | 2,233 | 1,523 | 2,233 |
Unrealized gains (losses) still held, assets | (34) | (65) | (35) | (122) |
Investments | U.S. government-sponsored agency guaranteed | ||||
Fair value, assets measured on recurring basis, level 3 fair-value category reconciliation | ||||
Balance at beginning of period, asset | 32 | 28 | 30 | 51 |
Net realized/unrealized gains (losses) included in principal transactions | 0 | 0 | 0 | 0 |
Net realized/unrealized gains (losses) included in locations other than principal transactions, assets | 0 | (2) | (1) | (11) |
Transfers into Level 3 | 0 | 0 | 0 | 1 |
Transfers out of Level 3, assets | (3) | 0 | (3) | (10) |
Purchases, assets | 0 | 0 | 4 | 4 |
Issuance, assets | 0 | 0 | 0 | 0 |
Sales, assets | 0 | 0 | (1) | (9) |
Settlements, assets | 0 | 0 | 0 | 0 |
Balance at end of period, asset | 29 | 26 | 29 | 26 |
Unrealized gains (losses) still held, assets | 0 | (2) | (3) | (5) |
Investments | Residential | ||||
Fair value, assets measured on recurring basis, level 3 fair-value category reconciliation | ||||
Balance at beginning of period, asset | 25 | 40 | 41 | 94 |
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 | (1) | (4) | (1) | (10) |
Transfers into Level 3 | 0 | 0 | 0 | 0 |
Transfers out of Level 3, assets | 0 | 0 | 0 | (39) |
Purchases, assets | 0 | 3 | 0 | 3 |
Issuance, assets | 0 | 0 | 0 | 0 |
Sales, assets | 0 | 0 | (16) | (9) |
Settlements, assets | 0 | 0 | 0 | 0 |
Balance at end of period, asset | 24 | 39 | 24 | 39 |
Unrealized gains (losses) still held, assets | (1) | (5) | (1) | (6) |
Investments | Commercial | ||||
Fair value, assets measured on recurring basis, level 3 fair-value category reconciliation | ||||
Balance at beginning of period, asset | 0 | 0 | ||
Net realized/unrealized gains (losses) included in principal transactions | 0 | 0 | ||
Net realized/unrealized gains (losses) included in locations other than principal transactions, assets | 0 | 0 | ||
Transfers into Level 3 | 0 | 0 | ||
Transfers out of Level 3, assets | 0 | 0 | ||
Purchases, assets | 0 | 0 | ||
Issuance, assets | 0 | 0 | ||
Sales, assets | 0 | 0 | ||
Settlements, assets | 0 | 0 | ||
Balance at end of period, asset | 0 | 0 | ||
Unrealized gains (losses) still held, assets | 0 | 0 | ||
Investments | Mortgage-backed securities | ||||
Fair value, assets measured on recurring basis, level 3 fair-value category reconciliation | ||||
Balance at beginning of period, asset | 57 | 68 | 71 | 145 |
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 | (1) | (6) | (2) | (21) |
Transfers into Level 3 | 0 | 0 | 0 | 1 |
Transfers out of Level 3, assets | (3) | 0 | (3) | (49) |
Purchases, assets | 0 | 3 | 4 | 7 |
Issuance, assets | 0 | 0 | 0 | 0 |
Sales, assets | 0 | 0 | (17) | (18) |
Settlements, assets | 0 | 0 | 0 | 0 |
Balance at end of period, asset | 53 | 65 | 53 | 65 |
Unrealized gains (losses) still held, assets | (1) | (7) | (4) | (11) |
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 | 21 | 0 | 0 | 1 |
Net realized/unrealized gains (losses) included in principal transactions | 0 | 0 | 0 | 0 |
Net realized/unrealized gains (losses) included in locations other than principal transactions, assets | (1) | 0 | (1) | (1) |
Transfers into Level 3 | 0 | 0 | 0 | 0 |
Transfers out of Level 3, assets | 0 | 0 | 0 | 0 |
Purchases, assets | 0 | 0 | 51 | 0 |
Issuance, assets | 0 | 0 | 0 | 0 |
Sales, assets | 0 | 0 | (30) | 0 |
Settlements, assets | 0 | 0 | 0 | 0 |
Balance at end of period, asset | 20 | 0 | 20 | 0 |
Unrealized gains (losses) still held, assets | 0 | 0 | 0 | 0 |
Investments | State and municipal | ||||
Fair value, assets measured on recurring basis, level 3 fair-value category reconciliation | ||||
Balance at beginning of period, asset | 507 | 539 | 586 | 772 |
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 | (29) | (20) | (20) | (98) |
Transfers into Level 3 | 1 | 81 | 2 | 81 |
Transfers out of Level 3, assets | 0 | 0 | (77) | (142) |
Purchases, assets | 45 | 0 | 46 | 1 |
Issuance, assets | 0 | 0 | 0 | 0 |
Sales, assets | (31) | (25) | (44) | (39) |
Settlements, assets | 0 | 0 | 0 | 0 |
Balance at end of period, asset | 493 | 575 | 493 | 575 |
Unrealized gains (losses) still held, assets | (29) | (14) | (23) | (73) |
Investments | Foreign government | ||||
Fair value, assets measured on recurring basis, level 3 fair-value category reconciliation | ||||
Balance at beginning of period, asset | 414 | 1,001 | 608 | 786 |
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 | (12) | (53) | (7) | (92) |
Transfers into Level 3 | 2 | 6 | 27 | 256 |
Transfers out of Level 3, assets | (179) | (56) | (197) | (169) |
Purchases, assets | 124 | 224 | 647 | 609 |
Issuance, assets | 0 | 0 | 0 | 0 |
Sales, assets | (153) | (262) | (882) | (530) |
Settlements, assets | 0 | 0 | 0 | 0 |
Balance at end of period, asset | 196 | 860 | 196 | 860 |
Unrealized gains (losses) still held, assets | 1 | (44) | 1 | (36) |
Investments | Corporate | ||||
Fair value, assets measured on recurring basis, level 3 fair-value category reconciliation | ||||
Balance at beginning of period, asset | 290 | 334 | 343 | 188 |
Net realized/unrealized gains (losses) included in principal transactions | 0 | 0 | 0 | 0 |
Net realized/unrealized gains (losses) included in locations other than principal transactions, assets | 0 | 4 | (1) | (3) |
Transfers into Level 3 | 0 | 1 | 0 | 154 |
Transfers out of Level 3, assets | 0 | (3) | (61) | (3) |
Purchases, assets | 15 | 1 | 96 | 1 |
Issuance, assets | 0 | 0 | 0 | 0 |
Sales, assets | (16) | 0 | (88) | 0 |
Settlements, assets | 0 | 0 | 0 | 0 |
Balance at end of period, asset | 289 | 337 | 289 | 337 |
Unrealized gains (losses) still held, assets | 0 | 0 | (4) | (2) |
Investments | Marketable equity securities | ||||
Fair value, assets measured on recurring basis, level 3 fair-value category reconciliation | ||||
Balance at beginning of period, asset | 13 | 10 | 10 | 16 |
Net realized/unrealized gains (losses) included in principal transactions | 0 | 0 | 0 | 0 |
Net realized/unrealized gains (losses) included in locations other than principal transactions, assets | (2) | 0 | 1 | (6) |
Transfers into Level 3 | 0 | 0 | 0 | 0 |
Transfers out of Level 3, assets | 0 | 0 | 0 | 0 |
Purchases, assets | 0 | 0 | 0 | 0 |
Issuance, assets | 0 | 0 | 0 | 0 |
Sales, assets | 0 | 0 | 0 | 0 |
Settlements, assets | 0 | 0 | 0 | 0 |
Balance at end of period, asset | 11 | 10 | 11 | 10 |
Unrealized gains (losses) still held, assets | 0 | 0 | 0 | 0 |
Investments | Asset-backed securities | ||||
Fair value, assets measured on recurring basis, level 3 fair-value category reconciliation | ||||
Balance at beginning of period, asset | 1 | 1 | 1 | 3 |
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 | (1) | 8 | (1) | 19 |
Transfers into Level 3 | 30 | 0 | 30 | 0 |
Transfers out of Level 3, assets | 0 | 0 | 0 | 0 |
Purchases, assets | 0 | 0 | 0 | 0 |
Issuance, assets | 0 | 0 | 0 | 0 |
Sales, assets | 0 | (7) | 0 | (20) |
Settlements, assets | 0 | 0 | 0 | 0 |
Balance at end of period, asset | 30 | 2 | 30 | 2 |
Unrealized gains (losses) still held, assets | 0 | 0 | 0 | 0 |
Investments | Other debt securities | ||||
Fair value, assets measured on recurring basis, level 3 fair-value category reconciliation | ||||
Balance at beginning of period, asset | 57 | 0 | ||
Net realized/unrealized gains (losses) included in principal transactions | 0 | 0 | ||
Net realized/unrealized gains (losses) included in locations other than principal transactions, assets | 1 | 1 | ||
Transfers into Level 3 | 0 | 0 | ||
Transfers out of Level 3, assets | (58) | (63) | ||
Purchases, assets | 0 | 62 | ||
Issuance, assets | 0 | 0 | ||
Sales, assets | 0 | 0 | ||
Settlements, assets | 0 | 0 | ||
Balance at end of period, asset | 0 | 0 | ||
Unrealized gains (losses) still held, assets | 0 | 0 | ||
Investments | Non-marketable equity securities | ||||
Fair value, assets measured on recurring basis, level 3 fair-value category reconciliation | ||||
Balance at beginning of period, asset | 404 | 310 | 430 | 316 |
Net realized/unrealized gains (losses) included in principal transactions | 0 | 0 | 0 | 0 |
Net realized/unrealized gains (losses) included in locations other than principal transactions, assets | 21 | (3) | 3 | (15) |
Transfers into Level 3 | 6 | 0 | 8 | 11 |
Transfers out of Level 3, assets | 0 | (10) | 0 | (10) |
Purchases, assets | 0 | 87 | 16 | 107 |
Issuance, assets | 0 | 0 | 0 | 0 |
Sales, assets | 0 | 0 | (26) | (25) |
Settlements, assets | 0 | 0 | 0 | 0 |
Balance at end of period, asset | 431 | 384 | 431 | 384 |
Unrealized gains (losses) still held, assets | (5) | 0 | (5) | 0 |
Loans | ||||
Fair value, assets measured on recurring basis, level 3 fair-value category reconciliation | ||||
Balance at beginning of period, asset | 241 | 325 | 1,361 | 711 |
Net realized/unrealized gains (losses) included in principal transactions | 0 | 0 | 0 | 0 |
Net realized/unrealized gains (losses) included in locations other than principal transactions, assets | 15 | 5 | (249) | (185) |
Transfers into Level 3 | 0 | 83 | 2 | 84 |
Transfers out of Level 3, assets | 0 | (3) | (309) | (198) |
Purchases, assets | 0 | 0 | 0 | 0 |
Issuance, assets | 10 | 333 | 116 | 334 |
Sales, assets | 0 | 0 | 0 | 0 |
Settlements, assets | (1) | (108) | (656) | (111) |
Balance at end of period, asset | 265 | 635 | 265 | 635 |
Unrealized gains (losses) still held, assets | (82) | (6) | (104) | (52) |
Mortgage servicing rights | ||||
Fair value, assets measured on recurring basis, level 3 fair-value category reconciliation | ||||
Balance at beginning of period, asset | 681 | 600 | 665 | 404 |
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 | 42 | 37 | 61 | 195 |
Transfers into Level 3 | 0 | 0 | 0 | 0 |
Transfers out of Level 3, assets | 0 | 0 | 0 | 0 |
Purchases, assets | 0 | 0 | 0 | 0 |
Issuance, assets | 23 | 25 | 54 | 94 |
Sales, assets | 0 | 0 | 0 | 0 |
Settlements, assets | (17) | (15) | (51) | (46) |
Balance at end of period, asset | 729 | 647 | 729 | 647 |
Unrealized gains (losses) still held, assets | 41 | 38 | 62 | 194 |
Other financial assets measured at fair value on a recurring basis | ||||
Fair value, assets measured on recurring basis, level 3 fair-value category reconciliation | ||||
Balance at beginning of period, asset | 73 | 63 | 57 | 73 |
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 | (22) | (19) | (24) | (13) |
Transfers into Level 3 | 0 | 22 | 0 | 29 |
Transfers out of Level 3, assets | 0 | 0 | (2) | (16) |
Purchases, assets | 28 | 7 | 50 | 21 |
Issuance, assets | 0 | (1) | 0 | 39 |
Sales, assets | (2) | (16) | (4) | (17) |
Settlements, assets | 0 | (6) | 0 | (66) |
Balance at end of period, asset | 77 | 50 | 77 | 50 |
Unrealized gains (losses) still held, assets | $ 0 | $ (12) | $ 0 | $ 8 |
FAIR VALUE MEASUREMENT - Leve_2
FAIR VALUE MEASUREMENT - Level 3 Fair Value Rollforward Narrative (Details) - Long-term debt - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Fair value, assets and liabilities measured on recurring basis, level 3 fair-value category disclosures | ||||
Transfers into Level 3, liabilities | $ 1,010 | $ 2,831 | $ 4,238 | $ 9,574 |
Transfers out of Level 3 | 1,300 | 7,400 | ||
Transfers out of Level 3, liabilities | $ 1,336 | $ 811 | 7,442 | 4,318 |
Option Volatility | ||||
Fair value, assets and liabilities measured on recurring basis, level 3 fair-value category disclosures | ||||
Transfers into Level 3, liabilities | 3,600 | 6,800 | ||
Equity volatility | ||||
Fair value, assets and liabilities measured on recurring basis, level 3 fair-value category disclosures | ||||
Transfers into Level 3, liabilities | $ 600 | $ 2,800 |
FAIR VALUE MEASUREMENT - Valuat
FAIR VALUE MEASUREMENT - Valuation Techniques and Inputs for Level 3 Fair Value Measurements (Details) | Sep. 30, 2023 USD ($) year | Dec. 31, 2022 USD ($) year |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Marketable equity securities | $ 738,000,000 | $ 895,000,000 |
Derivative assets | 68,554,000,000 | 75,306,000,000 |
Model-based | Level 3 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Securities borrowed and purchased under agreements to resell | 135,000,000 | 146,000,000 |
State and municipal, foreign government, corporate and other debt securities | 792,000,000 | |
Marketable equity securities | 33,000,000 | 31,000,000 |
Non-marketable equities | 44,000,000 | |
Loans and leases | 1,059,000,000 | |
Mortgage servicing rights | 84,000,000 | |
Interest-bearing deposits | 85,000,000 | 15,000,000 |
Securities loaned and sold under agreement to repurchase | 481,000,000 | |
Short-term borrowings and long-term debt | 33,941,000,000 | 36,155,000,000 |
Securities loaned or sold under agreements to repurchase | 970,000,000 | |
Securities loaned or sold under agreements to repurchase and other trading liabilities | 6,000,000 | |
Model-based | Level 3 | Interest rate contracts (gross) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 7,135,000,000 | 7,108,000,000 |
Model-based | Level 3 | Foreign exchange contracts (gross) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 2,201,000,000 | 1,437,000,000 |
Model-based | Level 3 | Equity contracts (gross) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 3,463,000,000 | 4,430,000,000 |
Model-based | Level 3 | Commodity and other contracts (gross) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 2,498,000,000 | 2,724,000,000 |
Model-based | Level 3 | Credit derivatives (gross) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 1,170,000,000 | 1,520,000,000 |
Yield analysis | Level 3 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Mortgage-backed securities | 614,000,000 | 732,000,000 |
Asset-backed securities | 77,000,000 | 308,000,000 |
Price-based | Level 3 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Mortgage-backed securities | 338,000,000 | 228,000,000 |
State and municipal, foreign government, corporate and other debt securities | 2,107,000,000 | 2,360,000,000 |
Marketable equity securities | 224,000,000 | 147,000,000 |
Asset-backed securities | 573,000,000 | 304,000,000 |
Non-marketable equities | 101,000,000 | |
Nontrading derivatives and other financial assets and liabilities measured on a recurring basis (gross) | 105,000,000 | 57,000,000 |
Loans and leases | 225,000,000 | 304,000,000 |
Interest-bearing deposits | 70,000,000 | |
Securities sold, not yet purchased and other trading liabilities | 85,000,000 | |
Securities loaned or sold under agreements to repurchase and other trading liabilities | 47,000,000 | |
Price-based | Level 3 | Credit derivatives (gross) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 433,000,000 | 439,000,000 |
Comparable analysis | Level 3 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Non-marketable equities | 296,000,000 | 287,000,000 |
Cash flow | Level 3 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Non-marketable equities | 53,000,000 | |
Mortgage servicing rights | $ 641,000,000 | $ 580,000,000 |
Minimum | Model-based | Level 3 | Interest rate | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Securities borrowed and purchased under agreements to resell | 4.62% | 2.61% |
Securities loaned and sold under agreement to repurchase | 0.0466 | |
Securities loand and sold under agreements to repurchase | 0.0401 | |
Minimum | Model-based | Level 3 | Interest rate | Interest rate contracts (gross) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.0248 | |
Minimum | Model-based | Level 3 | Credit spread | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Securities borrowed and purchased under agreements to resell | 0.15% | 0.15% |
State and municipal, foreign government, corporate and other debt securities | 0.0035 | |
Minimum | Model-based | Level 3 | Credit spread | Foreign exchange contracts (gross) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.0116 | |
Minimum | Model-based | Level 3 | Credit spread | Credit derivatives (gross) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.0008 | 0.000250 |
Minimum | Model-based | Level 3 | WAL | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Marketable equity securities | 2.49 | 2.24 |
Mortgage servicing rights | year | 3.87 | 3.92 |
Minimum | Model-based | Level 3 | WAL | Equity contracts (gross) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 2.49 | 2.24 |
Minimum | Model-based | Level 3 | Recovery | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Marketable equity securities | $ 7,148,000,000 | |
Marketable equity securities | 7,148,000,000 | |
Derivative assets | 7,148,000,000 | |
Minimum | Model-based | Level 3 | Recovery | Equity contracts (gross) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | $ 7,148,000,000 | |
Minimum | Model-based | Level 3 | IR normal volatility | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Short-term borrowings and long-term debt | 0.0033 | 0.0033 |
Minimum | Model-based | Level 3 | IR normal volatility | Interest rate contracts (gross) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | (0.0925) | 0.0033 |
Minimum | Model-based | Level 3 | IR normal volatility | Foreign exchange contracts (gross) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | (0.0925) | 0.0033 |
Minimum | Model-based | Level 3 | IR basis | Foreign exchange contracts (gross) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | (0.0423) | |
Minimum | Model-based | Level 3 | Equity volatility | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Loans and leases | 0.0005 | |
Minimum | Model-based | Level 3 | Equity volatility | Foreign exchange contracts (gross) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.0005 | |
Minimum | Model-based | Level 3 | Equity volatility | Equity contracts (gross) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.0004 | 0.0005 |
Minimum | Model-based | Level 3 | FX volatility | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Securities loaned or sold under agreements to repurchase and other trading liabilities, measurement | 0.0200 | |
Minimum | Model-based | Level 3 | Equity forward | Equity contracts (gross) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.6456 | 0.6834 |
Minimum | Model-based | Level 3 | Equity-FX correlation | Equity contracts (gross) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | (0.7900) | (0.9500) |
Minimum | Model-based | Level 3 | Equity-IR correlation | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | (0.2500) | |
Minimum | Model-based | Level 3 | Equity-IR correlation | Equity contracts (gross) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | (0.1883) | |
Minimum | Model-based | Level 3 | Commodity correlation | Commodity and other contracts (gross) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | (0.3967) | (0.3200) |
Minimum | Model-based | Level 3 | Commodity volatility | Commodity and other contracts (gross) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.0780 | 0.1043 |
Minimum | Model-based | Level 3 | Forward price | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
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 | 0.1667 | 0.1427 |
Minimum | Model-based | Level 3 | Equity-Equity correlation | Equity contracts (gross) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | (0.0398) | |
Minimum | Yield analysis | Level 3 | Yield | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Mortgage-backed securities | 5.36% | 4.41% |
Asset-backed securities | 6.40% | 5.76% |
Minimum | Price-based | Level 3 | Price | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Mortgage-backed securities | $ 0.96 | $ 1.04 |
State and municipal, foreign government, corporate and other debt securities | 0.85 | 0.01 |
Marketable equity securities | 0 | 0 |
Asset-backed securities | 3.97 | 10.50 |
Nontrading derivatives and other financial assets and liabilities measured on a recurring basis (gross) | $ 0 | $ 80.16 |
Loans and leases | 73.95 | 0.01 |
Securities sold, not yet purchased and other trading liabilities | $ 0 | |
Securities loaned or sold under agreements to repurchase and other trading liabilities, measurement | 0 | |
Minimum | Price-based | Level 3 | Price | Credit derivatives (gross) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 14.86 | |
Derivative assets | $ 31.71 | |
Minimum | Price-based | Level 3 | PE ratio | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Non-marketable equities | 14 | |
Minimum | Price-based | Level 3 | Revenue multiple | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Non-marketable equities | 3.60 | |
Minimum | Price-based | Level 3 | Equity forward | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Loans and leases | 0.6834 | |
Minimum | Price-based | Level 3 | Commodity correlation | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Loans and leases | (0.3967) | |
Minimum | Price-based | Level 3 | Commodity volatility | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Loans and leases | 0.0780 | |
Minimum | Price-based | Level 3 | Forward price | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Loans and leases | 0.2039 | 0.1427 |
Minimum | Price-based | Level 3 | Recovery rate | Credit derivatives (gross) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.2500 | 0.2500 |
Minimum | Price-based | Level 3 | Credit correlation | Credit derivatives (gross) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.2500 | 0.2500 |
Minimum | Price-based | Level 3 | Upfront points | Credit derivatives (gross) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | (0.0166) | |
Minimum | Price-based | Level 3 | Cost of capital | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Non-marketable equities | 0.0810 | |
Minimum | Price-based | Level 3 | Credit spread volatility | Credit derivatives (gross) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.3558 | |
Minimum | Price-based | Level 3 | Appraised Value | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Marketable equity securities | $ 4,380,000 | |
Minimum | Comparable analysis | Level 3 | Illiquidity discount | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Non-marketable equities | 0.1000 | 0.0860 |
Minimum | Cash flow | Level 3 | Yield | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Mortgage servicing rights | 0.0050 | (0.0040) |
Minimum | Cash flow | Level 3 | PE ratio | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Non-marketable equities | 12.90 | |
Minimum | Cash flow | Level 3 | Discount to price | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Non-marketable equities | 0.0850 | |
Minimum | Cash flow | Level 3 | Revenue multiple | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Non-marketable equities | 4.20 | |
Minimum | Model-based | Level 3 | Price | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Interest-bearing deposits | 100 | |
Minimum | Model-based | Level 3 | Equity forward | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Interest-bearing deposits | 1 | |
Minimum | Model-based | Level 3 | Forward price | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Interest-bearing deposits | 1 | |
Maximum | Model-based | Level 3 | Interest rate | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Securities borrowed and purchased under agreements to resell | 4.62% | 2.61% |
Securities loaned and sold under agreement to repurchase | 0.0559 | |
Securities loand and sold under agreements to repurchase | 0.0497 | |
Maximum | Model-based | Level 3 | Interest rate | Interest rate contracts (gross) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.0367 | |
Maximum | Model-based | Level 3 | Credit spread | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Securities borrowed and purchased under agreements to resell | 0.15% | 0.15% |
State and municipal, foreign government, corporate and other debt securities | 0.0550 | |
Maximum | Model-based | Level 3 | Credit spread | Foreign exchange contracts (gross) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.0626 | |
Maximum | Model-based | Level 3 | Credit spread | Credit derivatives (gross) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.0775 | 0.095510 |
Maximum | Model-based | Level 3 | WAL | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Marketable equity securities | 2.49 | 2.24 |
Mortgage servicing rights | year | 9.59 | 9.33 |
Maximum | Model-based | Level 3 | WAL | Equity contracts (gross) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 2.49 | 2.24 |
Maximum | Model-based | Level 3 | Recovery | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Marketable equity securities | $ 7,148,000,000 | |
Marketable equity securities | 7,148,000,000 | |
Derivative assets | 7,148,000,000 | |
Maximum | Model-based | Level 3 | Recovery | Equity contracts (gross) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | $ 7,148,000,000 | |
Maximum | Model-based | Level 3 | IR normal volatility | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Short-term borrowings and long-term debt | 0.2000 | 0.0182 |
Maximum | Model-based | Level 3 | IR normal volatility | Interest rate contracts (gross) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.4718 | 0.0182 |
Maximum | Model-based | Level 3 | IR normal volatility | Foreign exchange contracts (gross) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.4739 | 0.0147 |
Maximum | Model-based | Level 3 | IR basis | Foreign exchange contracts (gross) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.0968 | |
Maximum | Model-based | Level 3 | Equity volatility | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Loans and leases | 3.0072 | |
Maximum | Model-based | Level 3 | Equity volatility | Foreign exchange contracts (gross) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 3.0072 | |
Maximum | Model-based | Level 3 | Equity volatility | Equity contracts (gross) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 2.9919 | 3.0072 |
Maximum | Model-based | Level 3 | FX volatility | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Securities loaned or sold under agreements to repurchase and other trading liabilities, measurement | 0.4000 | |
Maximum | Model-based | Level 3 | Equity forward | Equity contracts (gross) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 3.2831 | 2.7161 |
Maximum | Model-based | Level 3 | Equity-FX correlation | Equity contracts (gross) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.7000 | 0.5000 |
Maximum | Model-based | Level 3 | Equity-IR correlation | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.4400 | |
Maximum | Model-based | Level 3 | Equity-IR correlation | Equity contracts (gross) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.6000 | |
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 | 0.9194 |
Maximum | Model-based | Level 3 | Commodity volatility | Commodity and other contracts (gross) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 1.0490 | 1.5150 |
Maximum | Model-based | Level 3 | Forward price | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Interest-bearing deposits | 1.0130 | |
Maximum | Model-based | Level 3 | Forward price | Commodity and other contracts (gross) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 20 | 3.8550 |
Maximum | Model-based | Level 3 | Equity-Equity correlation | Equity contracts (gross) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.9868 | |
Maximum | Yield analysis | Level 3 | Yield | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Mortgage-backed securities | 20.06% | 20.30% |
Asset-backed securities | 12.43% | 18.58% |
Maximum | Price-based | Level 3 | Price | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Mortgage-backed securities | $ 112.94 | $ 99.71 |
State and municipal, foreign government, corporate and other debt securities | 102.42 | 994.68 |
Marketable equity securities | 9,862 | 9,087.76 |
Asset-backed securities | 139.76 | 145 |
Nontrading derivatives and other financial assets and liabilities measured on a recurring basis (gross) | $ 9,862.02 | $ 105.32 |
Loans and leases | 103.41 | 100.53 |
Securities sold, not yet purchased and other trading liabilities | $ 259.90 | |
Securities loaned or sold under agreements to repurchase and other trading liabilities, measurement | 9,087.76 | |
Maximum | Price-based | Level 3 | Price | Credit derivatives (gross) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 100.07 | |
Derivative assets | $ 99 | |
Maximum | Price-based | Level 3 | PE ratio | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Non-marketable equities | 15.70 | |
Maximum | Price-based | Level 3 | Revenue multiple | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Non-marketable equities | 13.90 | |
Maximum | Price-based | Level 3 | Equity forward | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Loans and leases | 2.7161 | |
Maximum | Price-based | Level 3 | Commodity correlation | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Loans and leases | 0.9350 | |
Maximum | Price-based | Level 3 | Commodity volatility | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Loans and leases | 1.0490 | |
Maximum | Price-based | Level 3 | Forward price | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Loans and leases | 5.3483 | 3.2485 |
Maximum | Price-based | Level 3 | Recovery rate | Credit derivatives (gross) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.4000 | 0.7500 |
Maximum | Price-based | Level 3 | Credit correlation | Credit derivatives (gross) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.9000 | 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 | |
Maximum | Price-based | Level 3 | Cost of capital | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Non-marketable equities | 0.1750 | |
Maximum | Price-based | Level 3 | Credit spread volatility | Credit derivatives (gross) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.6479 | |
Maximum | Price-based | Level 3 | Appraised Value | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Marketable equity securities | $ 19,300,000 | |
Maximum | Comparable analysis | Level 3 | Illiquidity discount | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Non-marketable equities | 0.2000 | 0.1700 |
Maximum | Cash flow | Level 3 | Yield | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Mortgage servicing rights | 0.1200 | 0.1320 |
Maximum | Cash flow | Level 3 | PE ratio | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Non-marketable equities | 15 | |
Maximum | Cash flow | Level 3 | Discount to price | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Non-marketable equities | 0.3300 | |
Maximum | Cash flow | Level 3 | Revenue multiple | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Non-marketable equities | 11.30 | |
Maximum | Model-based | Level 3 | Price | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Interest-bearing deposits | 100 | |
Maximum | Model-based | Level 3 | Equity forward | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Interest-bearing deposits | 1.17 | |
Maximum | Model-based | Level 3 | Forward price | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Interest-bearing deposits | 1 | |
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 | 4.62% | 2.61% |
Securities loaned and sold under agreement to repurchase | 0.0471 | |
Securities loand and sold under agreements to repurchase | 0.0407 | |
Weighted Average | Model-based | Level 3 | Interest rate | Interest rate contracts (gross) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.0278 | |
Weighted Average | Model-based | Level 3 | Credit spread | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Securities borrowed and purchased under agreements to resell | 0.15% | 0.15% |
State and municipal, foreign government, corporate and other debt securities | 0.0290 | |
Weighted Average | Model-based | Level 3 | Credit spread | Foreign exchange contracts (gross) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.0594 | |
Weighted Average | Model-based | Level 3 | Credit spread | Credit derivatives (gross) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.0108 | 0.010127 |
Weighted Average | Model-based | Level 3 | WAL | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Marketable equity securities | 2.49 | 2.24 |
Mortgage servicing rights | year | 8.06 | 7.71 |
Weighted Average | Model-based | Level 3 | WAL | Equity contracts (gross) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 2.49 | 2.24 |
Weighted Average | Model-based | Level 3 | Recovery | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Marketable equity securities | $ 7,148,000,000 | |
Marketable equity securities | 7,148,000,000 | |
Derivative assets | 7,148,000,000 | |
Weighted Average | Model-based | Level 3 | Recovery | Equity contracts (gross) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | $ 7,148,000,000 | |
Weighted Average | Model-based | Level 3 | IR normal volatility | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Short-term borrowings and long-term debt | 0.0135 | 0.0089 |
Weighted Average | Model-based | Level 3 | IR normal volatility | Interest rate contracts (gross) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.0225 | 0.0096 |
Weighted Average | Model-based | Level 3 | IR normal volatility | Foreign exchange contracts (gross) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.0328 | 0.0067 |
Weighted Average | Model-based | Level 3 | IR basis | Foreign exchange contracts (gross) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | (0.0003) | |
Weighted Average | Model-based | Level 3 | Equity volatility | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Loans and leases | 0.4262 | |
Weighted Average | Model-based | Level 3 | Equity volatility | Foreign exchange contracts (gross) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.3391 | |
Weighted Average | Model-based | Level 3 | Equity volatility | Equity contracts (gross) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.3817 | 0.4147 |
Weighted Average | Model-based | Level 3 | FX volatility | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Securities loaned or sold under agreements to repurchase and other trading liabilities, measurement | 0.1285 | |
Weighted Average | Model-based | Level 3 | Equity forward | Equity contracts (gross) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 1.1408 | 1.0350 |
Weighted Average | Model-based | Level 3 | Equity-FX correlation | Equity contracts (gross) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | (0.1018) | (0.1633) |
Weighted Average | Model-based | Level 3 | Equity-IR correlation | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.2854 | |
Weighted Average | Model-based | Level 3 | Equity-IR correlation | Equity contracts (gross) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.3237 | |
Weighted Average | Model-based | Level 3 | Commodity correlation | Commodity and other contracts (gross) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | (0.0046) | 0.3670 |
Weighted Average | Model-based | Level 3 | Commodity volatility | Commodity and other contracts (gross) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.2513 | 0.3355 |
Weighted Average | Model-based | Level 3 | Forward price | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Interest-bearing deposits | 1.0007 | |
Weighted Average | Model-based | Level 3 | Forward price | Commodity and other contracts (gross) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 1.5387 | 1.0608 |
Weighted Average | Model-based | Level 3 | Equity-Equity correlation | Equity contracts (gross) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.8563 | |
Weighted Average | Yield analysis | Level 3 | Yield | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Mortgage-backed securities | 9.29% | 9.74% |
Asset-backed securities | 8.13% | 9.34% |
Weighted Average | Price-based | Level 3 | Price | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Mortgage-backed securities | $ 53.66 | $ 51.51 |
State and municipal, foreign government, corporate and other debt securities | 82.51 | 245.85 |
Marketable equity securities | 91.95 | 114.29 |
Asset-backed securities | 80.52 | 74.97 |
Nontrading derivatives and other financial assets and liabilities measured on a recurring basis (gross) | $ 86.58 | $ 92.65 |
Loans and leases | 89.02 | 84.77 |
Securities sold, not yet purchased and other trading liabilities | $ 78.73 | |
Securities loaned or sold under agreements to repurchase and other trading liabilities, measurement | 41.22 | |
Weighted Average | Price-based | Level 3 | Price | Credit derivatives (gross) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 82.59 | |
Derivative assets | $ 78.75 | |
Weighted Average | Price-based | Level 3 | PE ratio | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Non-marketable equities | 15.16 | |
Weighted Average | Price-based | Level 3 | Revenue multiple | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Non-marketable equities | 12.40 | |
Weighted Average | Price-based | Level 3 | Equity forward | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Loans and leases | 1.0349 | |
Weighted Average | Price-based | Level 3 | Commodity correlation | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Loans and leases | (0.0046) | |
Weighted Average | Price-based | Level 3 | Commodity volatility | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Loans and leases | 0.2513 | |
Weighted Average | Price-based | Level 3 | Forward price | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Loans and leases | 1.5935 | 1.0507 |
Weighted Average | Price-based | Level 3 | Recovery rate | Credit derivatives (gross) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.3913 | 0.4227 |
Weighted Average | Price-based | Level 3 | Credit correlation | Credit derivatives (gross) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.4993 | 0.4238 |
Weighted Average | Price-based | Level 3 | Upfront points | Credit derivatives (gross) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.4805 | |
Weighted Average | Price-based | Level 3 | Cost of capital | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Non-marketable equities | 0.1044 | |
Weighted Average | Price-based | Level 3 | Credit spread volatility | Credit derivatives (gross) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.4047 | |
Weighted Average | Price-based | Level 3 | Appraised Value | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Marketable equity securities | $ 14,400,000 | |
Weighted Average | Comparable analysis | Level 3 | Illiquidity discount | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Non-marketable equities | 0.1047 | 0.1016 |
Weighted Average | Cash flow | Level 3 | Yield | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Mortgage servicing rights | 0.0568 | 0.0536 |
Weighted Average | Cash flow | Level 3 | PE ratio | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Non-marketable equities | 13.40 | |
Weighted Average | Cash flow | Level 3 | Discount to price | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Non-marketable equities | 0.1863 | |
Weighted Average | Cash flow | Level 3 | Revenue multiple | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Non-marketable equities | 10.56 | |
Weighted Average | Model-based | Level 3 | Price | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Interest-bearing deposits | 100 | |
Weighted Average | Model-based | Level 3 | Equity forward | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Interest-bearing deposits | 1.03 | |
Weighted Average | Model-based | Level 3 | Forward price | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Interest-bearing deposits | 1 |
FAIR VALUE MEASUREMENT - Item_2
FAIR VALUE MEASUREMENT - Items Measured at Fair Value on a Nonrecurring Basis (Details) - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 |
Items Measured at Fair Value on a Nonrecurring Basis | ||
Non-marketable equity securities measured using the measurement alternative | $ 7,759 | $ 8,040 |
Nonrecurring | Level 2 | ||
Items Measured at Fair Value on a Nonrecurring Basis | ||
Loans HFS | 354 | 457 |
Other real estate owned | 0 | 0 |
Loans | 0 | 0 |
Non-marketable equity securities measured using the measurement alternative | 0 | 0 |
Total assets | 354 | 457 |
Nonrecurring | Level 3 | ||
Items Measured at Fair Value on a Nonrecurring Basis | ||
Loans HFS | 1,193 | 1,879 |
Other real estate owned | 2 | 1 |
Loans | 407 | 69 |
Non-marketable equity securities measured using the measurement alternative | 60 | 597 |
Total assets | 1,662 | 2,546 |
Fair value | Nonrecurring | ||
Items Measured at Fair Value on a Nonrecurring Basis | ||
Loans HFS | 1,547 | 2,336 |
Other real estate owned | 2 | 1 |
Loans | 407 | 69 |
Non-marketable equity securities measured using the measurement alternative | 60 | 597 |
Total assets | $ 2,016 | $ 3,003 |
FAIR VALUE MEASUREMENT - Valu_2
FAIR VALUE MEASUREMENT - Valuation Techniques and Inputs for Level 3 Nonrecurring Fair Value Measurements (Details) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2023 USD ($) | Sep. 30, 2022 USD ($) | Sep. 30, 2023 USD ($) | Sep. 30, 2022 USD ($) | Dec. 31, 2022 USD ($) | |
Nonrecurring | |||||
Nonrecurring fair value changes included in earnings | |||||
Nonrecurring fair value measurements included in earnings | $ (94,000,000) | $ (254,000,000) | $ (173,000,000) | $ (282,000,000) | |
Nonrecurring | Level 3 | |||||
Valuation techniques and inputs | |||||
Loans HFS | 1,193,000,000 | 1,193,000,000 | $ 1,879,000,000 | ||
Price-based | Level 3 | |||||
Valuation techniques and inputs | |||||
Non-marketable equities | 101,000,000 | ||||
Price-based | Nonrecurring | Level 3 | |||||
Valuation techniques and inputs | |||||
Loans HFS | 1,192,000,000 | 1,192,000,000 | 1,830,000,000 | ||
Other real estate owned | 2,000,000 | 2,000,000 | 1,000,000 | ||
Non-marketable equities | 42,000,000 | 42,000,000 | 363,000,000 | ||
Price-based | Price | Nonrecurring | Level 3 | Minimum | |||||
Valuation techniques and inputs | |||||
Loans HFS | 75 | 75 | $ 0.88 | ||
Non-marketable equities | 3.04 | 3.04 | |||
Non-marketable equities | 0.46 | ||||
Price-based | Price | Nonrecurring | Level 3 | Maximum | |||||
Valuation techniques and inputs | |||||
Loans HFS | 99.66 | 99.66 | $ 100.23 | ||
Non-marketable equities | 28.21 | 28.21 | |||
Non-marketable equities | 2,416.43 | ||||
Price-based | Price | Nonrecurring | Level 3 | Weighted Average | |||||
Valuation techniques and inputs | |||||
Loans HFS | 93.93 | 93.93 | $ 65.91 | ||
Non-marketable equities | 11.06 | 11.06 | |||
Non-marketable equities | 557.86 | ||||
Price-based | Appraised Value | Nonrecurring | Level 3 | Minimum | |||||
Valuation techniques and inputs | |||||
Other real estate owned | 51,210 | 51,210 | $ 30,000 | ||
Price-based | Appraised Value | Nonrecurring | Level 3 | Maximum | |||||
Valuation techniques and inputs | |||||
Other real estate owned | 627,594 | 627,594 | 441,750 | ||
Price-based | Appraised Value | Nonrecurring | Level 3 | Weighted Average | |||||
Valuation techniques and inputs | |||||
Other real estate owned | 380,813 | 380,813 | $ 310,552 | ||
Price-based | Revenue multiple | Level 3 | Minimum | |||||
Valuation techniques and inputs | |||||
Non-marketable equities | 3.60 | ||||
Price-based | Revenue multiple | Level 3 | Maximum | |||||
Valuation techniques and inputs | |||||
Non-marketable equities | 13.90 | ||||
Price-based | Revenue multiple | Level 3 | Weighted Average | |||||
Valuation techniques and inputs | |||||
Non-marketable equities | 12.40 | ||||
Price-based | Revenue multiple | Nonrecurring | Level 3 | |||||
Valuation techniques and inputs | |||||
Non-marketable equities | $ 234,000,000 | ||||
Price-based | Revenue multiple | Nonrecurring | Level 3 | Minimum | |||||
Valuation techniques and inputs | |||||
Non-marketable equities | 4.95 | ||||
Price-based | Revenue multiple | Nonrecurring | Level 3 | Maximum | |||||
Valuation techniques and inputs | |||||
Non-marketable equities | 73.10 | ||||
Price-based | Revenue multiple | Nonrecurring | Level 3 | Weighted Average | |||||
Valuation techniques and inputs | |||||
Non-marketable equities | 19.68 | ||||
Recovery analysis | Nonrecurring | Level 3 | |||||
Valuation techniques and inputs | |||||
Loans | 375,000,000 | 375,000,000 | $ 45,000,000 | ||
Recovery analysis | Appraised Value | Nonrecurring | Level 3 | Minimum | |||||
Valuation techniques and inputs | |||||
Loans | 12,000 | 12,000 | 12,000 | ||
Recovery analysis | Appraised Value | Nonrecurring | Level 3 | Maximum | |||||
Valuation techniques and inputs | |||||
Loans | 271,763,454 | 271,763,454 | 14,022,820 | ||
Recovery analysis | Appraised Value | Nonrecurring | Level 3 | Weighted Average | |||||
Valuation techniques and inputs | |||||
Loans | 208,321,959 | 208,321,959 | 3,714,342 | ||
Comparable analysis | Nonrecurring | Level 3 | |||||
Valuation techniques and inputs | |||||
Non-marketable equities | $ 17,000,000 | $ 17,000,000 | |||
Comparable analysis | Revenue multiple | Nonrecurring | Level 3 | Minimum | |||||
Valuation techniques and inputs | |||||
Non-marketable equities | 2.60 | 2.60 | |||
Comparable analysis | Revenue multiple | Nonrecurring | Level 3 | Maximum | |||||
Valuation techniques and inputs | |||||
Non-marketable equities | 35.70 | 35.70 | |||
Comparable analysis | Revenue multiple | Nonrecurring | Level 3 | Weighted Average | |||||
Valuation techniques and inputs | |||||
Non-marketable equities | 16.13 | 16.13 | |||
Appraised value | Nonrecurring | Level 3 | |||||
Valuation techniques and inputs | |||||
Loans | $ 24,000,000 | ||||
Loans held-for-sale | Nonrecurring | |||||
Nonrecurring fair value changes included in earnings | |||||
Nonrecurring fair value measurements included in earnings | $ 0 | (250,000,000) | $ 6,000,000 | (413,000,000) | |
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 | (82,000,000) | 10,000,000 | (110,000,000) | 17,000,000 | |
Non-marketable equity securities | Nonrecurring | |||||
Nonrecurring fair value changes included in earnings | |||||
Nonrecurring fair value measurements included in earnings | $ (12,000,000) | $ (14,000,000) | $ (69,000,000) | $ 114,000,000 |
FAIR VALUE MEASUREMENT - Estima
FAIR VALUE MEASUREMENT - Estimate Fair Value of Financial Instruments Not Carried at Fair Value (Details) - USD ($) $ in Millions | Sep. 30, 2023 | Jun. 30, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Dec. 31, 2021 |
Assets | ||||||
Loans | $ 7,411 | $ 5,360 | ||||
Liabilities | ||||||
Deposits | 1,273,506 | 1,365,954 | ||||
Allowance for credit losses | 17,629 | $ 17,496 | 16,974 | $ 16,309 | $ 15,952 | $ 16,455 |
Loans, net of unearned income | 666,348 | 657,221 | ||||
Corporate loans | ||||||
Assets | ||||||
Loans | 7,189 | 5,123 | ||||
Liabilities | ||||||
Allowance for credit losses | 2,717 | $ 2,630 | 2,855 | $ 2,948 | $ 2,969 | $ 2,415 |
Loans, net of unearned income | 288,634 | 289,154 | ||||
Carrying value | ||||||
Assets | ||||||
HTM debt securities, net of allowance(1) | 264,900 | 274,300 | ||||
Securities borrowed and purchased under agreements to resell | 128,900 | 125,900 | ||||
Loans | 641,100 | 634,500 | ||||
Other financial assets | 352,400 | 427,100 | ||||
Liabilities | ||||||
Deposits | 1,270,800 | 1,364,100 | ||||
Securities loaned and sold under agreements to repurchase | 196,100 | 131,600 | ||||
Long-term debt | 163,100 | 165,600 | ||||
Other financial liabilities | 144,800 | 142,400 | ||||
Allowance for credit losses | 17,600 | 17,000 | ||||
Estimated fair value | ||||||
Assets | ||||||
HTM debt securities, net of allowance(1) | 236,800 | 249,200 | ||||
Securities borrowed and purchased under agreements to resell | 129,000 | 125,900 | ||||
Loans | 646,000 | 634,900 | ||||
Other financial assets | 352,400 | 427,100 | ||||
Liabilities | ||||||
Deposits | 1,270,100 | 1,345,400 | ||||
Securities loaned and sold under agreements to repurchase | 196,100 | 131,600 | ||||
Long-term debt | 162,200 | 160,500 | ||||
Other financial liabilities | 144,800 | 142,400 | ||||
Estimated fair value | Corporate loans | ||||||
Liabilities | ||||||
Loans, net of unearned income | 7,189 | 5,123 | ||||
Estimated fair value | Level 1 | ||||||
Assets | ||||||
HTM debt securities, net of allowance(1) | 123,700 | 123,200 | ||||
Securities borrowed and purchased under agreements to resell | 0 | 0 | ||||
Loans | 0 | 0 | ||||
Other financial assets | 236,200 | 320,000 | ||||
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 | ||||||
HTM debt securities, net of allowance(1) | 110,500 | 123,100 | ||||
Securities borrowed and purchased under agreements to resell | 129,000 | 125,900 | ||||
Loans | 0 | 0 | ||||
Other financial assets | 17,800 | 22,000 | ||||
Liabilities | ||||||
Deposits | 1,078,500 | 1,159,400 | ||||
Securities loaned and sold under agreements to repurchase | 196,100 | 131,600 | ||||
Long-term debt | 153,500 | 151,100 | ||||
Other financial liabilities | 34,200 | 26,500 | ||||
Estimated fair value | Level 3 | ||||||
Assets | ||||||
HTM debt securities, net of allowance(1) | 2,600 | 2,900 | ||||
Securities borrowed and purchased under agreements to resell | 0 | 0 | ||||
Loans | 646,000 | 634,900 | ||||
Other financial assets | 98,400 | 85,100 | ||||
Liabilities | ||||||
Deposits | 191,600 | 186,000 | ||||
Securities loaned and sold under agreements to repurchase | 0 | 0 | ||||
Long-term debt | 8,700 | 9,400 | ||||
Other financial liabilities | 110,600 | 115,900 | ||||
Estimated fair value | Level 3 | Corporate loans | ||||||
Fair value measurements additional disclosures | ||||||
Unfunded lending commitments | 8,300 | 13,700 | ||||
Lease financing | ||||||
Liabilities | ||||||
Loans, net of unearned income | $ 300 | 400 | ||||
Lease financing | Corporate loans | ||||||
Liabilities | ||||||
Loans, net of unearned income | $ 354 |
FAIR VALUE ELECTIONS - Changes
FAIR VALUE ELECTIONS - Changes in Fair Value Gains (Losses) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Securities borrowed and purchased under agreements to resell | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions. | ||||
Gain (loss) from changes in fair value | $ 69 | $ (82) | $ 59 | $ (165) |
Trading account assets | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions. | ||||
Gain (loss) from changes in fair value | (14) | (69) | 65 | (307) |
Certain corporate loans | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions. | ||||
Gain (loss) from changes in fair value | 1,036 | 372 | 1,362 | (2,227) |
Certain consumer loans | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions. | ||||
Gain (loss) from changes in fair value | (10) | 0 | (9) | (1) |
Loans | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions. | ||||
Gain (loss) from changes in fair value | 1,026 | 372 | 1,353 | (2,228) |
MSRs | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions. | ||||
Gain (loss) from changes in fair value | 42 | 37 | 61 | 195 |
Certain mortgage loans HFS | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions. | ||||
Gain (loss) from changes in fair value | (28) | (110) | (38) | (440) |
Total other assets | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions. | ||||
Gain (loss) from changes in fair value | 14 | (73) | 23 | (245) |
Total assets | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions. | ||||
Gain (loss) from changes in fair value | 1,095 | (596) | 1,500 | (2,945) |
Interest-bearing deposits | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions. | ||||
Gain (loss) from changes in fair value | 18 | 133 | (34) | 10 |
Securities loaned and sold under agreements to repurchase | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions. | ||||
Gain (loss) from changes in fair value | (63) | 63 | (82) | 159 |
Trading account liabilities | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions. | ||||
Gain (loss) from changes in fair value | (151) | 208 | 1 | (241) |
Short-term borrowings | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions. | ||||
Gain (loss) from changes in fair value | 144 | 61 | 232 | 1,257 |
Long-term debt | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions. | ||||
Gain (loss) from changes in fair value | 2,443 | 4,922 | (4,053) | 20,635 |
Total liabilities | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions. | ||||
Gain (loss) from changes in fair value | $ 2,391 | $ 5,387 | $ (3,936) | $ 21,820 |
FAIR VALUE ELECTIONS - Valuatio
FAIR VALUE ELECTIONS - Valuation Adjustments, Fair Value Option for Financial Assets and Financial Liabilities (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | |
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 | $ 395 | $ 1,159 | $ (875) | $ 4,800 | |
Balance of non-accrual loans or loans more than 90 days past due | 3 | 3 | $ 1 | ||
Aggregate unpaid principal balance in excess of fair value for non-accrual loans or loans more than 90 days past due | 0 | 0 | 0 | ||
Certain loans and other credit product | |||||
Fair Value Option Quantitative Disclosures | |||||
Changes in fair value due to instrument-specific credit risk loss | (27) | $ (69) | |||
Certain loans and other credit product | Trading assets | |||||
Fair Value Option Quantitative Disclosures | |||||
Aggregate unpaid principal balance in excess of (less than) fair value | 120 | 120 | 167 | ||
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 | 60 | 60 | 51 | ||
Balance of non-accrual loans or loans more than 90 days past due | 1 | 1 | 2 | ||
Aggregate unpaid principal balance in excess of fair value for non-accrual loans or loans more than 90 days past due | 1 | 1 | 0 | ||
Certain debt host contracts across unallocated precious metals accounts | |||||
Fair Value Option Quantitative Disclosures | |||||
Carrying amount reported on the Consolidated Balance Sheet | 400 | 400 | 300 | ||
Mortgage receivable | |||||
Fair Value Option Quantitative Disclosures | |||||
Aggregate unpaid principal balance in excess of (less than) fair value | (17) | (17) | (10) | ||
Carrying amount | Certain loans and other credit product | Trading assets | |||||
Fair Value Option Quantitative Disclosures | |||||
Carrying amount reported on the Consolidated Balance Sheet | 4,340 | 4,340 | 6,011 | ||
Carrying amount | Certain loans and other credit product | Loans | |||||
Fair Value Option Quantitative Disclosures | |||||
Carrying amount reported on the Consolidated Balance Sheet | 7,411 | 7,411 | 5,360 | ||
Carrying amount | Loans held-for-sale | |||||
Fair Value Option Quantitative Disclosures | |||||
Carrying amount reported on the Consolidated Balance Sheet | 551 | 551 | 793 | ||
Fair value | Certain loans and other credit product | |||||
Fair Value Option Quantitative Disclosures | |||||
Unfunded lending commitments | $ 541 | $ 541 | $ 729 |
FAIR VALUE ELECTIONS - Certain
FAIR VALUE ELECTIONS - Certain Structured and Non-Structured Liabilities (Details) - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 |
Carrying value of structured notes, disaggregated by type of embedded derivative instrument | ||
Carrying value of structured notes | $ 112,600 | $ 106,000 |
Long-term debt | ||
Carrying value of structured notes, disaggregated by type of embedded derivative instrument | ||
Aggregate unpaid principal balance in excess of (less than) fair value | (2,616) | (2,944) |
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 | (12) | (9) |
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 | 112,629 | 105,995 |
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 | 6,470 | 6,222 |
Interest rate linked | ||
Carrying value of structured notes, disaggregated by type of embedded derivative instrument | ||
Carrying value of structured notes | 55,100 | 53,400 |
Foreign exchange linked | ||
Carrying value of structured notes, disaggregated by type of embedded derivative instrument | ||
Carrying value of structured notes | 0 | 100 |
Equity linked | ||
Carrying value of structured notes, disaggregated by type of embedded derivative instrument | ||
Carrying value of structured notes | 47,400 | 42,500 |
Commodity linked | ||
Carrying value of structured notes, disaggregated by type of embedded derivative instrument | ||
Carrying value of structured notes | 5,300 | 5,000 |
Credit linked | ||
Carrying value of structured notes, disaggregated by type of embedded derivative instrument | ||
Carrying value of structured notes | $ 4,800 | $ 5,000 |
GUARANTEES AND COMMITMENTS - Gu
GUARANTEES AND COMMITMENTS - Guarantees (Details) - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 |
Maximum potential amount of future payments | ||
Expire within 1 year | $ 322,400 | $ 281,500 |
Expire after 1 year | 99,500 | 104,600 |
Total amount outstanding | 421,900 | 386,100 |
Carrying value | 1,204 | 1,376 |
Amount of cash initial margin collected and remitted | 17,300 | 18,000 |
Cash collateral available to reimburse losses realized under guarantees and indemnifications | 49,800 | 51,800 |
Securities and other marketable assets held as collateral | 76,300 | 63,700 |
Letters of credit in favor of the Company held as collateral | 3,400 | 3,700 |
Financial standby letters of credit | ||
Maximum potential amount of future payments | ||
Expire within 1 year | 20,800 | 31,300 |
Expire after 1 year | 64,500 | 58,300 |
Total amount outstanding | 85,300 | 89,600 |
Carrying value | 759 | 905 |
Performance Guarantee [Member] | ||
Maximum potential amount of future payments | ||
Expire within 1 year | 4,700 | 6,100 |
Expire after 1 year | 5,800 | 5,600 |
Total amount outstanding | 10,500 | 11,700 |
Carrying value | 47 | 65 |
Derivative instruments considered to be guarantees | ||
Maximum potential amount of future payments | ||
Expire within 1 year | 18,000 | 18,500 |
Expire after 1 year | 19,200 | 30,000 |
Total amount outstanding | 37,200 | 48,500 |
Carrying value | 326 | 353 |
Loans sold with recourse | ||
Maximum potential amount of future payments | ||
Expire within 1 year | 600 | 0 |
Expire after 1 year | 1,200 | 1,700 |
Total amount outstanding | 1,800 | 1,700 |
Carrying value | 16 | 13 |
Repurchase reserve for consumer mortgages representations and warranties | 11 | 10 |
Securities lending indemnifications | ||
Maximum potential amount of future payments | ||
Expire within 1 year | 110,200 | 95,900 |
Expire after 1 year | 0 | 0 |
Total amount outstanding | 110,200 | 95,900 |
Carrying value | 0 | 0 |
Credit card merchant processing | ||
Maximum potential amount of future payments | ||
Expire within 1 year | 136,800 | 129,600 |
Expire after 1 year | 0 | 0 |
Total amount outstanding | 136,800 | 129,600 |
Carrying value | 1 | 1 |
Credit card arrangements with partners | ||
Maximum potential amount of future payments | ||
Expire within 1 year | 0 | 0 |
Expire after 1 year | 400 | 600 |
Total amount outstanding | 400 | 600 |
Carrying value | 5 | 7 |
Other | ||
Maximum potential amount of future payments | ||
Expire within 1 year | 31,300 | 100 |
Expire after 1 year | 8,400 | 8,400 |
Total amount outstanding | 39,700 | 8,500 |
Carrying value | $ 50 | $ 32 |
GUARANTEES AND COMMITMENTS - Pe
GUARANTEES AND COMMITMENTS - Performance Risk (Details) - USD ($) $ in Billions | Sep. 30, 2023 | Dec. 31, 2022 |
Guarantor Obligations | ||
Maximum potential amount of future payments | $ 421.9 | $ 386.1 |
Classified based on internal and external credit ratings | ||
Guarantor Obligations | ||
Maximum potential amount of future payments | 126.8 | 99.8 |
Investment grade | ||
Guarantor Obligations | ||
Maximum potential amount of future payments | 91.7 | 77.9 |
Non-investment grade | ||
Guarantor Obligations | ||
Maximum potential amount of future payments | 33.3 | 18.9 |
Not rated | ||
Guarantor Obligations | ||
Maximum potential amount of future payments | 1.8 | 3 |
Financial standby letters of credit | ||
Guarantor Obligations | ||
Maximum potential amount of future payments | 85.3 | 89.6 |
Financial standby letters of credit | Classified based on internal and external credit ratings | ||
Guarantor Obligations | ||
Maximum potential amount of future payments | 85.3 | 89.6 |
Financial standby letters of credit | Investment grade | ||
Guarantor Obligations | ||
Maximum potential amount of future payments | 74.3 | 77.9 |
Financial standby letters of credit | Non-investment grade | ||
Guarantor Obligations | ||
Maximum potential amount of future payments | 11 | 10.4 |
Financial standby letters of credit | Not rated | ||
Guarantor Obligations | ||
Maximum potential amount of future payments | 0 | 1.3 |
Loans sold with recourse | ||
Guarantor Obligations | ||
Maximum potential amount of future payments | 1.8 | 1.7 |
Loans sold with recourse | Classified based on internal and external credit ratings | ||
Guarantor Obligations | ||
Maximum potential amount of future payments | 1.8 | 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 | 1.8 | 1.7 |
Other | ||
Guarantor Obligations | ||
Maximum potential amount of future payments | 39.7 | 8.5 |
Other | Classified based on internal and external credit ratings | ||
Guarantor Obligations | ||
Maximum potential amount of future payments | 39.7 | 8.5 |
Other | Investment grade | ||
Guarantor Obligations | ||
Maximum potential amount of future payments | 17.4 | 0 |
Other | Non-investment grade | ||
Guarantor Obligations | ||
Maximum potential amount of future payments | 22.3 | 8.5 |
Other | Not rated | ||
Guarantor Obligations | ||
Maximum potential amount of future payments | $ 0 | $ 0 |
GUARANTEES AND COMMITMENTS - Cr
GUARANTEES AND COMMITMENTS - Credit Commitments and Lines of Credit (Details) - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 |
Guarantor Obligations | ||
Credit commitments | $ 1,026,657 | $ 1,015,564 |
Unsettled reverse repurchase and securities borrowing agreements | 143,900 | 111,600 |
Unsettled repurchase and securities lending agreements | 108,700 | 37,300 |
Commercial and similar letters of credit | ||
Guarantor Obligations | ||
Credit commitments | 5,208 | 5,316 |
One- to four-family residential mortgages | ||
Guarantor Obligations | ||
Credit commitments | 1,443 | 2,394 |
Revolving open-end loans secured by one- to four-family residential properties | ||
Guarantor Obligations | ||
Credit commitments | 5,578 | 6,380 |
Commercial real estate, construction and land development | ||
Guarantor Obligations | ||
Credit commitments | 15,496 | 15,170 |
Credit card lines | ||
Guarantor Obligations | ||
Credit commitments | 678,994 | 683,232 |
Commercial and other consumer loan commitments | ||
Guarantor Obligations | ||
Credit commitments | 314,452 | 297,399 |
Other commitments and contingencies(2) | ||
Guarantor Obligations | ||
Credit commitments | 5,486 | 5,673 |
U.S. | ||
Guarantor Obligations | ||
Credit commitments | 846,084 | |
U.S. | Commercial and similar letters of credit | ||
Guarantor Obligations | ||
Credit commitments | 659 | |
U.S. | One- to four-family residential mortgages | ||
Guarantor Obligations | ||
Credit commitments | 756 | |
U.S. | Revolving open-end loans secured by one- to four-family residential properties | ||
Guarantor Obligations | ||
Credit commitments | 5,553 | |
U.S. | Commercial real estate, construction and land development | ||
Guarantor Obligations | ||
Credit commitments | 13,451 | |
U.S. | Credit card lines | ||
Guarantor Obligations | ||
Credit commitments | 614,535 | |
U.S. | Commercial and other consumer loan commitments | ||
Guarantor Obligations | ||
Credit commitments | 205,749 | |
U.S. | Other commitments and contingencies(2) | ||
Guarantor Obligations | ||
Credit commitments | 5,381 | |
U.S. | Other commitments and contingencies(2) | Federal Reserve Bank Stock | ||
Guarantor Obligations | ||
Credit commitments | 4,500 | $ 4,500 |
In offices outside North America | ||
Guarantor Obligations | ||
Credit commitments | 180,573 | |
In offices outside North America | Commercial and similar letters of credit | ||
Guarantor Obligations | ||
Credit commitments | 4,549 | |
In offices outside North America | One- to four-family residential mortgages | ||
Guarantor Obligations | ||
Credit commitments | 687 | |
In offices outside North America | Revolving open-end loans secured by one- to four-family residential properties | ||
Guarantor Obligations | ||
Credit commitments | 25 | |
In offices outside North America | Commercial real estate, construction and land development | ||
Guarantor Obligations | ||
Credit commitments | 2,045 | |
In offices outside North America | Credit card lines | ||
Guarantor Obligations | ||
Credit commitments | 64,459 | |
In offices outside North America | Commercial and other consumer loan commitments | ||
Guarantor Obligations | ||
Credit commitments | 108,703 | |
In offices outside North America | Other commitments and contingencies(2) | ||
Guarantor Obligations | ||
Credit commitments | $ 105 |
GUARANTEES AND COMMITMENTS - Re
GUARANTEES AND COMMITMENTS - Restricted Cash (Details) - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 |
Restricted Cash and Cash Equivalents Items [Line Items] | ||
Restricted cash | $ 18,936 | $ 16,976 |
Asset pledged as collateral | ||
Restricted Cash and Cash Equivalents Items [Line Items] | ||
Financial instruments, owned, at fair value | 3,500 | 1,800 |
Cash and due from banks | ||
Restricted Cash and Cash Equivalents Items [Line Items] | ||
Restricted cash | 4,150 | 4,820 |
Deposits with banks, net of allowance | ||
Restricted Cash and Cash Equivalents Items [Line Items] | ||
Restricted cash | $ 14,786 | $ 12,156 |
LEASES (Details)
LEASES (Details) - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 |
Lessee, Lease, Description [Line Items] | ||
ROU asset location | Premises and equipment, net of depreciation and amortization | Premises and equipment, net of depreciation and amortization |
Lease liabilities location | Other liabilities, plus allowances | Other liabilities, plus allowances |
ROU asset | $ 2,787 | $ 2,892 |
Lease liability | $ 2,974 | $ 3,076 |
Weighted Average | ||
Lessee, Lease, Description [Line Items] | ||
Operating lease term | 6 years |
CONTINGENCIES (Details)
CONTINGENCIES (Details) - USD ($) $ in Billions | Sep. 30, 2023 | May 11, 2023 |
Loss Contingencies [Line Items] | ||
Reasonably possible unaccrued loss | $ 1.3 | |
FDIC Special Assessment | ||
Loss Contingencies [Line Items] | ||
Reasonably possible unaccrued loss | $ 1.5 |
SUBSIDIARY GUARANTEES - Summari
SUBSIDIARY GUARANTEES - Summarized Income Statement (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Condensed Income Statements | ||||
Revenues, net of interest expense | $ 20,139 | $ 18,508 | $ 61,022 | $ 57,332 |
Operating expense | 13,511 | 12,749 | 40,370 | 38,307 |
Provision for credit losses | 1,816 | 1,328 | 5,314 | 2,972 |
Income from continuing operations before income taxes | 4,788 | 4,394 | 15,013 | 15,631 |
Provision (benefits) for income taxes | 1,203 | 879 | 3,824 | 3,002 |
Citigroup’s net income | $ 3,546 | $ 3,479 | 11,067 | $ 12,332 |
Citigroup Inc. | Reportable legal entities | ||||
Condensed Income Statements | ||||
Revenues, net of interest expense | 10,080 | |||
Operating expense | 138 | |||
Provision for credit losses | 0 | |||
Equity in undistributed income of subsidiaries | 343 | |||
Income from continuing operations before income taxes | 10,285 | |||
Provision (benefits) for income taxes | (782) | |||
Citigroup’s net income | 11,067 | |||
CGMHI | Reportable legal entities | ||||
Condensed Income Statements | ||||
Revenues, net of interest expense | 8,494 | |||
Operating expense | 8,856 | |||
Provision for credit losses | 29 | |||
Equity in undistributed income of subsidiaries | 0 | |||
Income from continuing operations before income taxes | (391) | |||
Provision (benefits) for income taxes | 5 | |||
Citigroup’s net income | $ (396) |
SUBSIDIARY GUARANTEES - Summa_2
SUBSIDIARY GUARANTEES - Summarized Balance Sheet (Details) - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 | Sep. 30, 2022 |
Condensed Balance Sheet Statements | |||
Cash | $ 26,548 | $ 30,577 | $ 26,502 |
Securities borrowed and purchased under resale agreements | 335,059 | 365,401 | |
Trading account assets | 406,368 | 334,114 | |
Other assets | 96,824 | 103,743 | |
Total assets | 2,368,477 | 2,416,676 | |
Securities loaned and sold under repurchase agreements | 256,770 | 202,444 | |
Trading account liabilities | 164,624 | 170,647 | |
Short-term borrowings | 43,166 | 47,096 | |
Long-term debt | 275,760 | 271,606 | |
Other liabilities | 69,380 | 87,873 | |
Stockholders’ equity | 210,195 | 201,838 | $ 199,117 |
Total liabilities and equity | 2,368,477 | 2,416,676 | |
Citigroup Inc. | |||
Condensed Balance Sheet Statements | |||
Long-term debt | 160,571 | 166,257 | |
Citigroup Inc. | Reportable legal entities | |||
Condensed Balance Sheet Statements | |||
Cash | 3,018 | 3,015 | |
Securities borrowed and purchased under resale agreements | 0 | 0 | |
Trading account assets | 557 | 306 | |
Advances to subsidiaries | 151,911 | 146,843 | |
Other assets | 14,766 | 13,788 | |
Total assets | 393,206 | 384,968 | |
Securities loaned and sold under repurchase agreements | 0 | 0 | |
Trading account liabilities | 205 | 604 | |
Short-term borrowings | 1,500 | 0 | |
Long-term debt | 160,571 | 166,257 | |
Advances from subsidiaries | 17,803 | 14,562 | |
Other liabilities | 3,624 | 2,356 | |
Stockholders’ equity | 209,503 | 201,189 | |
Total liabilities and equity | 393,206 | 384,968 | |
Citigroup Inc. | Reportable legal entities | Subsidiary Holding Company | |||
Condensed Balance Sheet Statements | |||
Investments in subsidiaries | 175,310 | 172,721 | |
Citigroup Inc. | Reportable legal entities | Non-Bank Subsidiaries | |||
Condensed Balance Sheet Statements | |||
Investments in subsidiaries | 47,644 | 48,295 | |
CGMHI | Reportable legal entities | |||
Condensed Balance Sheet Statements | |||
Cash | 20,385 | 27,122 | |
Securities borrowed and purchased under resale agreements | 271,275 | 306,273 | |
Trading account assets | 260,593 | 209,957 | |
Advances to subsidiaries | 0 | 0 | |
Other assets | 179,700 | 163,819 | |
Total assets | 731,953 | 707,171 | |
Securities loaned and sold under repurchase agreements | 294,354 | 245,916 | |
Trading account liabilities | 104,799 | 115,929 | |
Short-term borrowings | 25,929 | 43,850 | |
Long-term debt | 184,859 | 172,068 | |
Advances from subsidiaries | 0 | 0 | |
Other liabilities | 83,858 | 90,570 | |
Stockholders’ equity | 38,154 | 38,838 | |
Total liabilities and equity | 731,953 | 707,171 | |
CGMHI | Reportable legal entities | Subsidiary Holding Company | |||
Condensed Balance Sheet Statements | |||
Investments in subsidiaries | 0 | 0 | |
CGMHI | Reportable legal entities | Non-Bank Subsidiaries | |||
Condensed Balance Sheet Statements | |||
Investments in subsidiaries | $ 0 | $ 0 |