COVER PAGE
COVER PAGE | 6 Months Ended |
Jun. 30, 2024 shares | |
Entity Information [Line Items] | |
Document Type | 10-Q |
Document Quarterly Report | true |
Document Period End Date | Jun. 30, 2024 |
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 | 1,907,795,225 |
Entity Central Index Key | 0000831001 |
Amendment Flag | false |
Current Fiscal Year End Date | --12-31 |
Document Fiscal Year Focus | 2024 |
Document Fiscal Period Focus | Q2 |
Common Stock, par value $.01 per share | |
Entity Information [Line Items] | |
Trading Symbol | C |
Title of 12(b) Security | Common Stock, par value $.01 per share |
Security Exchange Name | NYSE |
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 April 26, 2028 of CGMHI (and registrant’s guaranty with respect thereto) | |
Entity Information [Line Items] | |
Trading Symbol | C/28 |
Title of 12(b) Security | MTN, Series N, Callable Fixed Rate Notes Due Apr 2028 of CGMHI (and registrant’s guaranty) |
Security Exchange Name | NYSE |
Medium-Term Senior Notes, Series N, Callable Fixed Rate Notes Due 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, Floating Rate Notes Due September 17, 2026 of CGMHI | |
Entity Information [Line Items] | |
Trading Symbol | C/26 |
Title of 12(b) Security | MTN, Series N, Floating Rate Notes Due Sept 2026 of CGMHI (and registrant’s guaranty) |
Security Exchange Name | NYSE |
Medium-Term Senior Notes, Series N, Floating Rate Notes Due September 15, 2028 of CGMHI | |
Entity Information [Line Items] | |
Trading Symbol | C/28A |
Title of 12(b) Security | MTN, Series N, Floating Rate Notes Due Sept 2028 of CGMHI (and registrant’s guaranty) |
Security Exchange Name | NYSE |
CONSOLIDATED STATEMENT OF INCOM
CONSOLIDATED STATEMENT OF INCOME (UNAUDITED) - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | ||
Revenues | |||||
Interest income | $ 35,987 | $ 32,647 | $ 72,210 | $ 62,042 | |
Interest expense | 22,494 | 18,747 | 45,210 | 34,794 | |
Net interest income | 13,493 | 13,900 | 27,000 | 27,248 | |
Commissions and fees | 2,662 | 2,132 | 5,386 | 4,498 | |
Principal transactions | 2,874 | 2,528 | 6,148 | 6,467 | |
Administration and other fiduciary fees | 1,046 | 989 | 2,083 | 1,885 | |
Realized gains on sales of investments, net | 23 | 49 | 138 | 121 | |
Impairment losses on investments: | |||||
Impairment losses on investments | (17) | (71) | (47) | (157) | |
(Provision) releases for credit losses on AFS debt securities | [1] | (4) | 1 | (4) | 0 |
Net impairment losses recognized in earnings | (21) | (70) | (51) | (157) | |
Other revenue | 62 | (92) | 539 | 821 | |
Total non-interest revenues | 6,646 | 5,536 | 14,243 | 13,635 | |
Total revenues, net of interest expense | 20,139 | 19,436 | 41,243 | 40,883 | |
Provisions for credit losses and for benefits and claims | |||||
Provision for credit losses on loans | 2,359 | 1,761 | 4,781 | 3,498 | |
Provision (release) for credit losses on HTM debt securities | (5) | (4) | 5 | (21) | |
Provision for credit losses on other assets | 112 | 149 | 116 | 574 | |
Policyholder benefits and claims | 18 | 14 | 45 | 38 | |
Provision (release) for credit losses on unfunded lending commitments | (8) | (96) | (106) | (290) | |
Total provisions for credit losses and for benefits and claims | [2] | 2,476 | 1,824 | 4,841 | 3,799 |
Operating expenses | |||||
Compensation and benefits | 6,888 | 7,388 | 14,561 | 14,926 | |
Premises and equipment | 597 | 595 | 1,182 | 1,193 | |
Technology/communication | 2,238 | 2,309 | 4,484 | 4,436 | |
Advertising and marketing | 280 | 361 | 508 | 692 | |
Restructuring | 36 | 0 | 261 | 0 | |
Other operating | 3,314 | 2,917 | 6,552 | 5,612 | |
Total operating expenses | 13,353 | 13,570 | 27,548 | 26,859 | |
Income from continuing operations before income taxes | 4,310 | 4,042 | 8,854 | 10,225 | |
Provision for income taxes | 1,047 | 1,090 | 2,183 | 2,621 | |
Income from continuing operations | 3,263 | 2,952 | 6,671 | 7,604 | |
Discontinued operations | |||||
Income (loss) from discontinued operations | 0 | (1) | (1) | (2) | |
Benefit for income taxes | 0 | 0 | 0 | 0 | |
Income (loss) from discontinued operations, net of taxes | 0 | (1) | (1) | (2) | |
Net income before attribution to noncontrolling interests | 3,263 | 2,951 | 6,670 | 7,602 | |
Noncontrolling interests | 46 | 36 | 82 | 81 | |
Citigroup’s net income | $ 3,217 | $ 2,915 | $ 6,588 | $ 7,521 | |
Basic earnings per share | |||||
Income from continuing operations (in dollars per share) | [3] | $ 1.54 | $ 1.34 | $ 3.14 | $ 3.55 |
Income from discontinued operations, net of taxes (in dollars per share) | [3] | 0 | 0 | 0 | 0 |
Net income (in dollars per share) | [3] | $ 1.54 | $ 1.34 | $ 3.14 | $ 3.54 |
Weighted-average common shares outstanding (in shares) | 1,907.7 | 1,942.8 | 1,909.1 | 1,943.2 | |
Diluted earnings per share | |||||
Income from continuing operations (in dollars per share) | [3] | $ 1.52 | $ 1.33 | $ 3.10 | $ 3.52 |
Income (loss) from discontinued operations, net of taxes (in dollars per share) | [3] | 0 | 0 | 0 | 0 |
Net income (in dollars per share) | [3] | $ 1.52 | $ 1.33 | $ 3.10 | $ 3.52 |
Adjusted weighted-average diluted common shares outstanding (in shares) | 1,945.7 | 1,968.6 | 1,944.4 | 1,966.3 | |
[1]In accordance with ASC 326, which requires the provision for credit losses on AFS debt securities to be included in revenue.[2]This total excludes the provision for credit losses on AFS debt securities, which is disclosed separately above.[3]Due to rounding, earnings per share on continuing operations and discontinued operations may not sum to earnings per share on net income. |
CONSOLIDATED STATEMENT OF COMPR
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (UNAUDITED) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | ||
Statement of Comprehensive Income [Abstract] | |||||
Citigroup’s net income | $ 3,217 | $ 2,915 | $ 6,588 | $ 7,521 | |
Add: Citigroup’s other comprehensive income, net change, net of taxes | |||||
Unrealized gains and losses on debt securities | [1],[2] | (38) | 126 | 62 | 962 |
Debt valuation adjustment (DVA) | [1],[3] | 256 | (619) | (307) | (944) |
Cash flow hedges | [1] | 285 | 171 | 777 | 532 |
Benefit plans liability adjustment | [1],[4] | 179 | (136) | 256 | (240) |
CTA, net of hedges | [1] | (1,634) | 23 | (2,688) | 864 |
Excluded component of fair value hedges | [1] | 3 | 17 | 1 | (3) |
Long-duration insurance contracts | [1] | 1 | (6) | 22 | (1) |
Citigroup’s total other comprehensive income (loss) | [1] | (948) | (424) | (1,877) | 1,170 |
Citigroup’s total comprehensive income | 2,269 | 2,491 | 4,711 | 8,691 | |
Add: Other comprehensive income (loss) attributable to noncontrolling interests | (20) | 14 | (33) | 46 | |
Add: Net income (loss) attributable to noncontrolling interests | 46 | 36 | 82 | 81 | |
Total comprehensive income | $ 2,295 | $ 2,541 | $ 4,760 | $ 8,818 | |
[1] See Note 19. See Note 23. See Note 8. |
CONSOLIDATED BALANCE SHEET
CONSOLIDATED BALANCE SHEET - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Assets | ||
Cash and due from banks (including segregated cash and other deposits) | $ 26,917 | $ 27,342 |
Deposits with banks, net of allowance | 219,217 | 233,590 |
Securities borrowed and purchased under agreements to resell (including $178,062 and $206,059 as of June 30, 2024 and December 31, 2023, respectively, at fair value), net of allowance | 317,970 | 345,700 |
Brokerage receivables, net of allowance | 64,563 | 53,915 |
Trading account assets (including $210,375 and $197,156 pledged to creditors as of June 30, 2024 and December 31, 2023, respectively) | 446,339 | 411,756 |
Investments: | ||
Available-for-sale debt securities (including $2,859 and $11,868 pledged to creditors as of June 30, 2024 and December 31, 2023, respectively) | 249,362 | 256,936 |
Held-to-maturity debt securities, net of allowance (fair value of which is $230,283 and $235,001 as of June 30, 2024 and December 31, 2023, respectively) (includes $87 and $71 pledged to creditors as of June 30, 2024 and December 31, 2023, respectively) | 251,125 | 254,247 |
Equity securities (including $696 and $766 as of June 30, 2024 and December 31, 2023, respectively, at fair value) | 7,789 | 7,902 |
Total investments | 508,276 | 519,085 |
Loans: | ||
Loans, net of unearned income | 687,722 | 689,362 |
Allowance for credit losses on loans (ACLL) | (18,216) | (18,145) |
Total loans, net | 669,506 | 671,217 |
Goodwill | 19,704 | 20,098 |
Intangible assets (including MSRs of $709 and $691 as of June 30, 2024 and December 31, 2023, respectively) | 4,226 | 4,421 |
Premises and equipment, net of depreciation and amortization | 29,399 | 28,747 |
Other assets (including $14,981 and $12,290 as of June 30, 2024 and December 31, 2023, respectively, at fair value), net of allowance | 99,569 | 95,963 |
Total assets | 2,405,686 | 2,411,834 |
Liabilities | ||
Deposits (including $3,400 and $2,440 as of June 30, 2024 and December 31, 2023, respectively, at fair value) | 1,278,137 | 1,308,681 |
Securities loaned and sold under agreements to repurchase (including $69,768 and $62,485 as of June 30, 2024 and December 31, 2023, respectively, at fair value) | 305,206 | 278,107 |
Brokerage payables (including $5,385 and $4,321 as of June 30, 2024 and December 31, 2023, respectively, at fair value) | 73,621 | 63,539 |
Trading account liabilities | 151,259 | 155,345 |
Short-term borrowings (including $11,744 and $6,545 as of June 30, 2024 and December 31, 2023, respectively, at fair value) | 38,694 | 37,457 |
Long-term debt (including $109,406 and $116,338 as of June 30, 2024 and December 31, 2023, respectively, at fair value) | 280,321 | 286,619 |
Other liabilities, plus allowances | 69,304 | 75,835 |
Total liabilities | 2,196,542 | 2,205,583 |
Stockholders’ equity | ||
Preferred stock ($1.00 par value; authorized shares: 30 million), issued shares: as of June 30, 2024—724,000 and as of December 31, 2023—704,000, at aggregate liquidation value | 18,100 | 17,600 |
Common stock ($0.01 par value; authorized shares: 6 billion), issued shares: as of June 30, 2024—3,099,718,745 and as of December 31, 2023—3,099,691,704 | 31 | 31 |
Additional paid-in capital | 108,785 | 108,955 |
Retained earnings | 202,913 | 198,905 |
Treasury stock, at cost: June 30, 2024—1,191,923,520 shares and December 31, 2023— 1,196,577,865 shares | (74,842) | (75,238) |
Accumulated other comprehensive income (loss) (AOCI) | (46,677) | (44,800) |
Total Citigroup stockholders’ equity | 208,310 | 205,453 |
Noncontrolling interests | 834 | 798 |
Total equity | 209,144 | 206,251 |
Total liabilities and equity | 2,405,686 | 2,411,834 |
Consumer loans | ||
Loans: | ||
Loans, net of unearned income | 386,117 | 389,197 |
Allowance for credit losses on loans (ACLL) | (15,732) | (15,431) |
Corporate loans | ||
Loans: | ||
Loans, net of unearned income | 301,605 | 300,165 |
Allowance for credit losses on loans (ACLL) | $ (2,484) | $ (2,714) |
CONSOLIDATED BALANCE SHEET (Par
CONSOLIDATED BALANCE SHEET (Parenthetical) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Securities borrowed or purchased under agreements to resell, at fair value | $ 317,970 | $ 345,700 |
Trading account assets, pledged to creditors | 210,375 | 197,156 |
Available-for-sale securities, pledged to creditors | 2,859 | 11,868 |
Held-to-maturity debt securities, fair value | 230,283 | 235,001 |
Held-to-maturity debt securities, pledged to creditors | 87 | 71 |
Equity securities, at fair value | 696 | 766 |
Loans, net of unearned income, at fair value | 687,722 | 689,362 |
Mortgage servicing rights, at fair value | 709 | 691 |
Other assets, at fair value | 99,569 | 95,963 |
Securities loaned or sold under agreements to repurchase, at fair value | 305,206 | 278,107 |
Brokerage payables, at fair value | 73,621 | 63,539 |
Short-term borrowings, at fair value | 38,694 | 37,457 |
Long-term debt, at fair value | $ 280,321 | $ 286,619 |
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) | 724,000 | 704,000 |
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) | 3,099,718,745 | 3,099,691,704 |
Treasury stock (in shares) | 1,191,923,520 | 1,196,577,865 |
Recurring | ||
Deposits, at fair value | $ 3,400 | $ 2,440 |
Consumer loans | ||
Loans, net of unearned income, at fair value | 386,117 | 389,197 |
Corporate loans | ||
Loans, net of unearned income, at fair value | 301,605 | 300,165 |
Fair value | ||
Securities borrowed or purchased under agreements to resell, at fair value | 178,062 | 206,059 |
Other assets, at fair value | 14,981 | 12,290 |
Securities loaned or sold under agreements to repurchase, at fair value | 69,768 | 62,485 |
Brokerage payables, at fair value | 5,385 | 4,321 |
Short-term borrowings, at fair value | 11,744 | 6,545 |
Long-term debt, at fair value | 109,406 | 116,338 |
Fair value | Consumer loans | ||
Loans, net of unearned income, at fair value | 294 | 313 |
Fair value | Corporate loans | ||
Loans, net of unearned income, at fair value | $ 8,232 | $ 7,281 |
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 | [2] | Citigroup's accumulated other comprehensive income (loss) Cumulative Effect, Period of Adoption, Adjusted Balance | Noncontrolling interests | ||
Balance, beginning of period at Dec. 31, 2022 | $ 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 | 1,250 | ||||||||||||||||
Redemption of preferred stock | 0 | ||||||||||||||||
Employee benefit plans | 126 | 720 | [3] | ||||||||||||||
Other | (5) | 0 | 8 | ||||||||||||||
Net income before attribution of noncontrolling interests | $ 7,602 | 7,521 | 81 | ||||||||||||||
Common dividends | [4] | (2,004) | |||||||||||||||
Preferred dividends | (565) | (565) | |||||||||||||||
Treasury stock acquired | [5] | (1,000) | |||||||||||||||
Transactions between Citigroup and the noncontrolling-interest shareholders | 1 | ||||||||||||||||
Distributions paid to noncontrolling-interest shareholders | (82) | ||||||||||||||||
Citigroup’s total other comprehensive income | 1,170 | 46 | |||||||||||||||
Net change in noncontrolling interests | 54 | ||||||||||||||||
Balance, end of period at Jun. 30, 2023 | 209,422 | $ 208,719 | 20,245 | $ 188,474 | 108,610 | 199,976 | (74,247) | (45,865) | 703 | ||||||||
Balance, beginning of period at Mar. 31, 2023 | 20,245 | 108,400 | 198,353 | 198,353 | (73,262) | (45,441) | (45,441) | 724 | |||||||||
Increase (Decrease) in Stockholders' Equity | |||||||||||||||||
Issuance of new preferred stock | 0 | ||||||||||||||||
Redemption of preferred stock | 0 | ||||||||||||||||
Employee benefit plans | 210 | 15 | [3] | ||||||||||||||
Other | 0 | 0 | (1) | ||||||||||||||
Net income before attribution of noncontrolling interests | 2,951 | 2,915 | 36 | ||||||||||||||
Common dividends | [4] | (1,004) | |||||||||||||||
Preferred dividends | (288) | (288) | |||||||||||||||
Treasury stock acquired | [5] | (1,000) | |||||||||||||||
Transactions between Citigroup and the noncontrolling-interest shareholders | 1 | ||||||||||||||||
Distributions paid to noncontrolling-interest shareholders | (71) | ||||||||||||||||
Citigroup’s total other comprehensive income | (424) | 14 | |||||||||||||||
Net change in noncontrolling interests | (21) | ||||||||||||||||
Balance, end of period at Jun. 30, 2023 | 209,422 | 208,719 | 20,245 | 188,474 | 108,610 | 199,976 | (74,247) | (45,865) | 703 | ||||||||
Balance, beginning of period at Dec. 31, 2023 | 206,251 | 17,600 | 108,986 | 198,905 | 198,905 | (75,238) | (44,800) | (44,800) | 798 | ||||||||
Increase (Decrease) in Stockholders' Equity | |||||||||||||||||
Issuance of new preferred stock | 2,300 | ||||||||||||||||
Redemption of preferred stock | (1,800) | ||||||||||||||||
Employee benefit plans | (137) | 896 | [3] | ||||||||||||||
Other | (33) | (5) | 0 | ||||||||||||||
Net income before attribution of noncontrolling interests | 6,670 | 6,588 | 82 | ||||||||||||||
Common dividends | [4] | (2,054) | |||||||||||||||
Preferred dividends | (521) | (521) | |||||||||||||||
Treasury stock acquired | [5] | (500) | |||||||||||||||
Transactions between Citigroup and the noncontrolling-interest shareholders | (9) | ||||||||||||||||
Distributions paid to noncontrolling-interest shareholders | (4) | ||||||||||||||||
Citigroup’s total other comprehensive income | (1,877) | (33) | |||||||||||||||
Net change in noncontrolling interests | 36 | ||||||||||||||||
Balance, end of period at Jun. 30, 2024 | 209,144 | 208,310 | 18,100 | 190,210 | 108,816 | 202,913 | (74,842) | (46,677) | 834 | ||||||||
Balance, beginning of period at Mar. 31, 2024 | 17,600 | 108,623 | 200,956 | $ 200,956 | (74,865) | (45,729) | $ (45,729) | 813 | |||||||||
Increase (Decrease) in Stockholders' Equity | |||||||||||||||||
Issuance of new preferred stock | 1,750 | ||||||||||||||||
Redemption of preferred stock | (1,250) | ||||||||||||||||
Employee benefit plans | 235 | 23 | [3] | ||||||||||||||
Other | (42) | 6 | (1) | ||||||||||||||
Net income before attribution of noncontrolling interests | 3,263 | 3,217 | 46 | ||||||||||||||
Common dividends | [4] | (1,024) | |||||||||||||||
Preferred dividends | (242) | (242) | |||||||||||||||
Treasury stock acquired | [5] | 0 | |||||||||||||||
Transactions between Citigroup and the noncontrolling-interest shareholders | 0 | ||||||||||||||||
Distributions paid to noncontrolling-interest shareholders | (4) | ||||||||||||||||
Citigroup’s total other comprehensive income | (948) | (20) | |||||||||||||||
Net change in noncontrolling interests | 21 | ||||||||||||||||
Balance, end of period at Jun. 30, 2024 | $ 209,144 | $ 208,310 | $ 18,100 | $ 190,210 | $ 108,816 | $ 202,913 | $ (74,842) | $ (46,677) | $ 834 | ||||||||
[1]See “Accounting Changes” in Note 1 to the Consolidated Financial Statements in Citi’s 2023 Form 10-K.[2]See Note 1 to the Consolidated Financial Statements in Citi’s 2023 Form 10-K.[3]Includes treasury stock related to certain activity under Citi’s employee restricted or deferred stock programs where shares are withheld to satisfy employees’ tax requirements.[4]Common dividends declared were $0.53 per share for both 1Q24 and 2Q24, and $0.51 per share for both 1Q23 and 2Q23.[5]Primarily consists of open market purchases under Citi’s Board of Directors–approved common stock repurchase program. |
CONSOLIDATED STATEMENT OF CHA_2
CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY (UNAUDITED) (Parenthetical) - $ / shares | 3 Months Ended | |||
Jun. 30, 2024 | Mar. 31, 2024 | Jun. 30, 2023 | Mar. 31, 2023 | |
Statement of Stockholders' Equity [Abstract] | ||||
Common dividends declared (in dollars per share) | $ 0.53 | $ 0.53 | $ 0.51 | $ 0.51 |
CONSOLIDATED STATEMENT OF CASH
CONSOLIDATED STATEMENT OF CASH FLOWS (UNAUDITED) - USD ($) $ in Millions | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | ||
Cash flows from operating activities of continuing operations | |||
Net income before attribution of noncontrolling interests | $ 6,670 | $ 7,602 | |
Net income attributable to noncontrolling interests | 82 | 81 | |
Citigroup’s net income | 6,588 | 7,521 | |
Income (loss) from discontinued operations, net of taxes | (1) | (2) | |
Income from continuing operations—excluding noncontrolling interests | 6,589 | 7,523 | |
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] | 0 | (1,059) |
Depreciation and amortization | 2,211 | 2,247 | |
Deferred income taxes | (953) | (852) | |
Provisions for credit losses and for benefits and claims | [2] | 4,841 | 3,799 |
Realized gains from sales of investments | (138) | (121) | |
Impairment losses on investments and other assets | 47 | 157 | |
Change in trading account assets | (34,677) | (89,164) | |
Change in trading account liabilities | (4,086) | 17 | |
Change in brokerage receivables net of brokerage payables | (566) | (6,443) | |
Change in loans held-for-sale (HFS) | (1,281) | 1,405 | |
Change in other assets | (1,528) | (4,884) | |
Change in other liabilities(2) | [3] | (6,470) | (3,101) |
Other, net | 8,220 | 5,932 | |
Total adjustments | (34,380) | (92,067) | |
Net cash provided by (used in) operating activities of continuing operations | (27,791) | (84,544) | |
Cash flows from investing activities of continuing operations | |||
Change in securities borrowed and purchased under agreements to resell | 27,730 | 28,298 | |
Change in loans | (5,440) | (8,750) | |
Proceeds from sales and securitizations of loans | 1,667 | 2,154 | |
Net payment due to transfer of net liabilities associated with divestitures | [1] | 0 | (29) |
Available-for-sale (AFS) debt securities | |||
Purchases of investments | (129,401) | (114,278) | |
Proceeds from sales of investments | 23,392 | 29,897 | |
Proceeds from maturities of investments | 108,561 | 105,204 | |
Held-to-maturity debt securities | |||
Purchases of investments | (7,393) | (664) | |
Proceeds from maturities of investments | 10,247 | 4,369 | |
Capital expenditures on premises and equipment and capitalized software | (3,251) | (3,125) | |
Proceeds from sales of premises and equipment and repossessed assets | 174 | 11 | |
Other, net | 827 | (370) | |
Net cash provided by (used in) investing activities of continuing operations | 27,113 | 42,717 | |
Cash flows from financing activities of continuing operations | |||
Dividends paid | (2,543) | (2,547) | |
Issuance of preferred stock | 2,291 | 1,245 | |
Redemption of preferred stock | (1,800) | 0 | |
Treasury stock acquired | (524) | (1,000) | |
Stock tendered for payment of withholding taxes | (443) | (322) | |
Change in securities loaned and sold under agreements to repurchase | 27,099 | 57,591 | |
Issuance of long-term debt | 48,083 | 32,689 | |
Payments and redemptions of long-term debt | (49,245) | (35,984) | |
Change in deposits | (30,544) | (46,087) | |
Change in short-term borrowings | 1,237 | (6,666) | |
Net cash provided by (used in) financing activities of continuing operations | (6,389) | (1,081) | |
Effect of exchange rate changes on cash, due from banks and deposits with banks | (7,731) | (2,209) | |
Change in cash, due from banks and deposits with banks | (14,798) | (45,117) | |
Cash, due from banks and deposits with banks at beginning of period | 260,932 | 342,025 | |
Cash, due from banks and deposits with banks at end of period | 246,134 | 296,908 | |
Cash and due from banks (including segregated cash and other deposits) | 26,917 | 25,763 | |
Deposits with banks, net of allowance | 219,217 | 271,145 | |
Cash, due from banks and deposits with banks at end of period | 246,134 | 296,908 | |
Supplemental disclosure of cash flow information for continuing operations | |||
Cash paid during the period for income taxes | 3,181 | 3,031 | |
Cash paid during the period for interest | 44,179 | 31,803 | |
Non-cash investing activities | |||
Transfer of investment securities from HTM to AFS | [1],[4],[5] | 0 | 3,324 |
Transfers to loans HFS (Other assets) from loans HFI | [1],[4],[5] | 2,359 | 4,730 |
Transfers from loans HFS (Other assets) to loans HFI | [1],[4],[5] | $ 0 | $ 322 |
[1]See Note 2.[2]This total excludes the provision for credit losses on AFS debt securities, which is disclosed separately above.[3] Includes balances related to the FDIC special assessment and restructuring charges (see Note 9).[4]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 26 for more information and balances as of June 30, 2024.[5]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 $0.1 billion, which was recorded in AOCI upon transfer. |
CONSOLIDATED STATEMENT OF CAS_2
CONSOLIDATED STATEMENT OF CASH FLOWS (UNAUDITED) (Parenthetical) - USD ($) $ in Millions | 1 Months Ended | 6 Months Ended | |||
Jan. 31, 2023 | Jun. 30, 2024 | [1],[2],[3] | Jun. 30, 2023 | [1],[2],[3] | |
Statement of Cash Flows [Abstract] | |||||
Transfer of investment securities from HTM to AFS, amortized cost | $ 3,300 | $ 0 | $ 3,324 | ||
Transfer of securities from HTM to AFS, unrealized gain | $ 100 | ||||
[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 26 for more information and balances as of June 30, 2024.[2]See Note 2.[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. |
BASIS OF PRESENTATION, UPDATED
BASIS OF PRESENTATION, UPDATED ACCOUNTING POLICIES AND ACCOUNTING CHANGES | 6 Months Ended |
Jun. 30, 2024 | |
Accounting Policies [Abstract] | |
BASIS OF PRESENTATION, UPDATED ACCOUNTING POLICIES AND ACCOUNTING CHANGES | BASIS OF PRESENTATION, UPDATED ACCOUNTING POLICIES AND ACCOUNTING CHANGES Basis of Presentation The accompanying unaudited Consolidated Financial Statements as of June 30, 2024 and for the three and six months ended June 30, 2024 and 2023 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, 2023 (2023 Form 10-K) and Citigroup’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2024 (First Quarter of 2024 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. ACCOUNTING CHANGES 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. Citi adopted the ASU on January 1, 2024, which did not impact the financial statements of the Company. 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 expanded 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 permits the Company to elect to use the proportional amortization method to account for an expanded range of eligible tax-incentivized investments if certain conditions are met. Citi adopted the ASU on January 1, 2024, which did not have a material impact to the financial statements of the Company. See Note 1 to the Consolidated Financial Statements in Citi’s 2023 Form 10-K for a discussion of 2023 accounting changes. FUTURE ACCOUNTING CHANGES Accounting for and Disclosure of Crypto Assets In December 2023, the FASB issued ASU No. 2023-08, Intangibles—Goodwill and Other—Crypto Assets (Subtopic 350-60): Accounting for and Disclosure of Crypto Assets , intended to improve the accounting for certain crypto assets by requiring an entity to measure those assets at fair value each reporting period, with changes in fair value recognized in net income. The amendments also improve the information provided to investors about an entity’s crypto asset holdings by requiring disclosure about significant holdings, contractual sale restrictions and changes during the reporting period. The guidance is effective for fiscal years beginning after December 15, 2024, and interim periods within those fiscal years with early adoption permitted. Citi does not hold any crypto assets within the scope of the guidance. Income Taxes (Topic 740): Improvements to Income Tax Disclosures In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures , intended to enhance the transparency and decision usefulness of income tax disclosures. This guidance requires that public business entities disclose on an annual basis a tabular rate reconciliation in eight specific categories disaggregated by nature and for foreign tax effects by jurisdiction that meet a 5% of pretax income multiplied by the applicable statutory tax rate or greater threshold annually. The eight categories include state and local income taxes, net of federal income tax effect; foreign tax effects; enactment of new tax laws or tax credits; effect of cross-border tax laws; valuation allowances; nontaxable items and nondeductible items; and changes in unrecognized tax benefits. Additional disclosures include qualitative description of the state and local jurisdictions that contribute to the majority (greater than 50%) of the effect of the state and local income tax category and explanation of the nature and effect of changes in individual reconciling items. The guidance also requires entities annually to disclose income taxes paid (net of refunds received) disaggregated by federal, state and foreign taxes and by jurisdiction identified based on the same 5% quantitative threshold. The standard is effective for fiscal years beginning after December 15, 2024. The transition method is prospective with the retrospective method permitted. Citi plans to adopt the ASU for the annual reporting period beginning on January 1, 2025, and is currently evaluating the impact on disclosures. Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures , intended to improve reportable segments disclosure requirements primarily through enhanced disclosures about significant segment expenses. The ASU includes a requirement to disclose significant segment expenses that are regularly provided to the chief operating decision maker (CODM) and included within each reported measure of segment profit or loss, the title and position of the CODM, an explanation of how the CODM uses the reported measure(s) of segment profit or loss in assessing segment performance and deciding how to allocate resources, and all segments’ profit or loss and assets disclosures currently required annually by Topic 280 along with those introduced by the ASU to be reported on an interim basis. The amendments also clarified that public entities are not precluded from reporting additional measures of a segment’s profit or loss that are regularly used by the CODM. The ASU is required to be adopted on a retrospective basis and will be effective for Citi for its annual period ending December 31, 2024 and interim periods for the interim period beginning on January 1, 2025. Citi is currently evaluating the impact of the standard on its disclosure of reportable segments and related disclosures. |
DISCONTINUED OPERATIONS, SIGNIF
DISCONTINUED OPERATIONS, SIGNIFICANT DISPOSALS AND OTHER BUSINESS EXITS | 6 Months Ended |
Jun. 30, 2024 | |
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 Citi’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 All Other . Citi’s Income (loss) from discontinued operations, net of taxes was $0 million and $(1) million for the three months ended June 30, 2024 and 2023, and $(1) million and $(2) million for the six months ended June 30, 2024 and 2023, respectively. Cash flows from Discontinued operations were not material for the periods presented. Significant Disposals As of June 30, 2024, Citi had closed the sales of nine consumer banking businesses within All Other —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, Taiwan closed in the third quarter of 2023 and Indonesia closed in the fourth quarter of 2023. Of the nine sale agreements, the five included in the table below were identified as significant disposals. The gains and losses included in the footnotes to the table below represent life-to-date amounts, which are periodically updated due to post-closing purchase price adjustments. As of June 30, 2024, 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 Six Months Ended June 30, Consumer banking business in Sale agreement date Closing date 2024 2023 2024 2023 Australia (1) 8/9/2021 6/1/2022 $ — $ — $ — $ — Philippines (2) 12/23/2021 8/1/2022 — — — — Thailand (3) 1/14/2022 11/1/2022 — — — — India (4) 3/30/2022 3/1/2023 — — — 2 Taiwan (5) 1/28/2022 8/12/2023 — 35 — 91 (1) On June 1, 2022, Citi completed the sale of its Australia consumer banking business, which was part of All Other —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 $766 million ($643 million after-tax), subject to closing adjustments, recorded in Other revenue . The loss on sale primarily reflected the impact of an approximate pretax $620 million 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 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 All Other —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), subject to closing adjustments, recorded in Other revenue . The income before taxes 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 All Other —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), subject to closing adjustments, recorded in Other revenue . The income before taxes 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 All Other —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 $1.0 billion ($717 million after-tax), subject to closing adjustments, recorded in Other revenue . The income before taxes 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 All Other —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 $405 million ($286 million after-tax), subject to closing adjustments, recorded in Other revenue . The income before taxes 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 June 30, 2024. As of August 2, 2024, Citi had not entered into sale agreements for the remaining All Other —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 2023 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 All Other —Legacy Franchises. 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 All 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 2023 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 • 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 and fourth quarters of 2023 and the first and second quarters of 2024, as part of the previously disclosed cards referral agreement with a Russian bank, approximately $55 million of credit card receivables were 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 All Other Services, Markets and Banking Total Severance (1) $ 2 $ — $ 2 Vendor termination and other costs (2) — — — Total $ 2 $ — $ 2 Program-to-date In millions of dollars All Other Services, Markets and Banking Total Severance (1) $ 38 $ 10 $ 48 Vendor termination and other costs (2) 19 — 19 Total $ 57 $ 10 $ 67 Estimated additional charges In millions of dollars All Other Services, Markets and Banking Total Severance (1) $ 20 $ 1 $ 21 Vendor termination and other costs (2) 33 — 33 Total $ 53 $ 1 $ 54 (1) Recorded in Compensation and benefits. (2) Recorded in Other operating expenses. |
OPERATING SEGMENTS
OPERATING SEGMENTS | 6 Months Ended |
Jun. 30, 2024 | |
Segment Reporting [Abstract] | |
OPERATING SEGMENTS | OPERATING SEGMENTS The operating segments and reporting units reflect how the CEO, who is the chief operating decision maker (CODM), manages the Company, including allocating resources and measuring performance. Citi is organized into five reportable operating segments: Services , Markets , Banking , U.S. Personal Banking (USPB) and Wealth , with the remaining operations recorded in All Other , which includes activities not assigned to a specific reportable operating segment, as well as discontinued operations. See operating segment details in Note 3 to the Consolidated Financial Statements in Citi’s 2023 Form 10-K. During the second quarter of 2024, Citi realigned businesses engaged in financing and securitization activities within Banking and Markets , transferred the retail banking business in the U.K., which is being wound down, from Wealth to All Other and made other immaterial reclassifications to align with Citi’s transformation and strategy. These reclassifications did not materially change segment or All Other results, and prior periods were conformed to reflect these changes. Citi’s consolidated results remain unchanged for all periods presented. Beginning in the first quarter of 2024, Citi reallocated certain customer balances between All Other— Legacy Franchises, Services , Markets and Banking in preparation for the IPO of the Mexico Consumer/SBMM operations, and made other immaterial reclassifications. These reallocations and reclassifications did not materially change segment or All Other results and prior periods were conformed to reflect these changes. Citi’s consolidated results remain unchanged for all periods presented. 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 attributable to a particular business segment or component are generally allocated from All Other based on respective net revenues, non-interest expenses or other relevant measures. Revenues and expenses from transactions with other operating segments or components are treated as transactions with external parties for purposes of segment disclosures, while funding charges paid by operating segments and funding credits received by Corporate Treasury within All Other are included in net interest income. The Company includes intersegment eliminations within All Other to reconcile the operating segment results to Citi’s consolidated results. The accounting policies of these reportable operating segments are the same as those disclosed in Note 1 to the Consolidated Financial Statements in Citi’s 2023 Form 10-K. The following tables present certain information regarding the Company’s continuing operations by reportable operating segments and All Other on a managed basis that excludes divestiture-related impacts. Performance measurement is based on Income (loss) from continuing operations. These results are used by the CODM, both in evaluating the performance of, and in allocating resources to, each of the segments. Three Months Ended June 30, In millions of dollars, except identifiable assets, average loans Services Markets Banking USPB 2024 2023 2024 2023 2024 2023 2024 2023 Net interest income $ 3,225 $ 3,243 $ 2,038 $ 1,999 $ 527 $ 542 $ 5,103 $ 4,883 Non-interest revenue 1,455 1,312 3,048 2,780 1,100 637 (184) (264) Total revenues, net of interest expense $ 4,680 $ 4,555 $ 5,086 $ 4,779 $ 1,627 $ 1,179 $ 4,919 $ 4,619 Provisions for credit losses and for benefits and claims $ (27) $ 223 $ (11) $ (17) $ (32) $ (148) $ 2,315 $ 1,525 Provision (benefits) for income taxes 475 596 323 312 119 16 41 135 Income (loss) from continuing operations 1,498 1,230 1,469 1,139 409 51 121 461 Identifiable assets (June 30, 2024 and December 31, 2023) $ 569 $ 586 $ 1,023 $ 1,008 $ 147 $ 148 $ 242 $ 242 Average loans 82 80 119 107 89 93 206 189 Average deposits 804 814 25 23 1 1 93 113 Wealth All Other (1) Reconciling Items (1) Total Citi 2024 2023 2024 2023 2024 2023 2024 2023 Net interest income $ 1,047 $ 1,096 $ 1,553 $ 2,137 $ — $ — $ 13,493 $ 13,900 Non-interest revenue 767 680 427 397 33 (6) 6,646 5,536 Total revenues, net of interest expense $ 1,814 $ 1,776 $ 1,980 $ 2,534 $ 33 $ (6) $ 20,139 $ 19,436 Provisions for credit losses and for benefits and claims $ (9) $ 53 $ 243 $ 200 $ (3) $ (12) $ 2,476 $ 1,824 Provision (benefits) for income taxes 71 26 35 (14) (17) 19 1,047 1,090 Income (loss) from continuing operations 210 84 (412) 79 (32) (92) 3,263 2,952 Identifiable assets (June 30, 2024 and December 31, 2023) $ 228 $ 229 $ 197 $ 199 $ 2,406 $ 2,412 Average loans 150 150 34 35 680 654 Average deposits 316 311 71 76 1,310 1,338 Six Months Ended June 30, In millions of dollars, except average loans Services Markets Banking USPB 2024 2023 2024 2023 2024 2023 2024 2023 Net interest income $ 6,542 $ 6,369 $ 3,744 $ 3,551 $ 1,109 $ 1,055 $ 10,329 $ 9,737 Non-interest revenue 2,904 2,580 6,699 6,984 2,254 1,309 (232) (407) Total revenues, net of interest expense $ 9,446 $ 8,949 $ 10,443 $ 10,535 $ 3,363 $ 2,364 $ 10,097 $ 9,330 Provisions for credit losses and for benefits and claims $ 37 $ 209 $ 188 $ 67 $ (161) $ (271) $ 4,519 $ 3,174 Provision (benefits) for income taxes 996 1,286 676 955 278 36 149 266 Income (loss) from continuing operations 3,013 2,539 2,890 3,001 936 108 468 863 Average loans $ 82 $ 80 $ 120 $ 109 $ 89 $ 94 $ 205 $ 186 Average deposits 806 822 25 23 1 1 97 112 Wealth All Other (1) Reconciling Items (1) Total Citi 2024 2023 2024 2023 2024 2023 2024 2023 Net interest income $ 2,028 $ 2,207 $ 3,248 $ 4,329 $ — $ — $ 27,000 $ 27,248 Non-interest revenue 1,479 1,319 1,118 838 21 1,012 14,243 13,635 Total revenues, net of interest expense $ 3,507 $ 3,526 $ 4,366 $ 5,167 $ 21 $ 1,012 $ 41,243 $ 40,883 Provisions for credit losses and for benefits and claims $ (179) $ (5) $ 429 $ 645 $ 8 $ (20) $ 4,841 $ 3,799 Provision (benefits) for income taxes 117 72 23 (318) (56) 324 2,183 2,621 Income (loss) from continuing operations 385 266 (895) 271 (126) 556 6,671 7,604 Average loans $ 150 $ 150 $ 33 $ 35 $ 679 $ 654 Average deposits 316 314 73 79 1,318 1,351 (1) Segment results are presented on a managed basis that excludes divestiture-related impacts related to (i) Citi’s divestitures of its Asia consumer banking businesses and (ii) the planned IPO of Mexico consumer banking and small business and middle-market banking within All Other —Legacy Franchises. Adjustments are included in Legacy Franchises within All Other and are reflected in the reconciliations above to arrive at Citi’s reported results in the Consolidated Statement of Income. The following table presents a reconciliation of total Citigroup income from continuing operations as reported: Three Months Ended June 30, Six Months Ended June 30, In millions of dollars 2024 (1) 2023 (2) 2024 (1)(3) 2023 (2)(4) Total segments and All Other —income from continuing operations (5) $ 3,295 $ 3,044 $ 6,797 $ 7,048 Divestiture-related impact on: Total revenues, net of interest expense 33 (6) 21 1,012 Total operating expenses 85 79 195 152 Provision (release) for credit losses (3) (12) 8 (20) Provision (benefits) for income taxes (17) 19 (56) 324 Income from continuing operations $ 3,263 $ 2,952 $ 6,671 $ 7,604 (1) The three months ended June 30, 2024 includes approximately $85 million in operating expenses (approximately $58 million after-tax), primarily related to separation costs in Mexico and severance costs in the Asia exit markets. (2) The three months ended June 30, 2023 includes approximately $79 million in operating expenses (approximately $57 million after-tax), primarily related to separation costs in Mexico and severance costs in the Asia exit markets. For additional information, see Citi’s Quarterly Report on Form 10-Q for the period ended June 30, 2023. (3) The three months ended March 31, 2024 includes approximately $110 million in operating expenses (approximately $77 million after-tax), primarily related to separation costs in Mexico and severance costs in the Asia exit markets. (4) The three months ended March 31, 2023 includes an approximate $1.059 billion gain on sale recorded in revenue (approximately $727 million after various taxes) related to Citi’s sale of the India consumer banking business. For additional information, see Citi’s Quarterly Report on Form 10-Q for the period ended March 31, 2023. (5) Segment results are presented on a managed basis that excludes divestiture-related impacts related to (i) Citi’s divestitures of its Asia consumer banking businesses and (ii) the planned IPO of Mexico Consumer/SBMM within All Other —Legacy Franchises. Adjustments are included in Legacy Franchises within All Other |
INTEREST INCOME AND EXPENSE
INTEREST INCOME AND EXPENSE | 6 Months Ended |
Jun. 30, 2024 | |
Banking and Thrift, Interest [Abstract] | |
INTEREST INCOME AND EXPENSE | INTEREST INCOME AND EXPENSE Interest income and Interest expense consisted of the following: Three Months Ended June 30, Six Months Ended June 30, In millions of dollars 2024 2023 2024 2023 Interest income Consumer loans $ 9,780 $ 8,962 $ 19,578 $ 17,586 Corporate loans 5,702 5,094 11,446 9,753 Loan interest, including fees $ 15,482 $ 14,056 $ 31,024 $ 27,339 Deposits with banks 2,710 3,049 5,357 6,080 Securities borrowed and purchased under agreements to resell 7,211 6,254 15,033 11,428 Investments, including dividends 4,821 4,451 9,670 8,595 Trading account assets (1) 4,503 3,752 8,631 6,499 Other interest-earning assets (2) 1,260 1,085 2,495 2,101 Total interest income $ 35,987 $ 32,647 $ 72,210 $ 62,042 Interest expense Deposits $ 10,235 $ 8,727 $ 20,646 $ 16,435 Securities loaned and sold under agreements to repurchase 6,962 4,953 13,928 8,519 Trading account liabilities (1) 794 870 1,625 1,657 Short-term borrowings and other interest-bearing liabilities (3) 1,908 1,777 3,864 3,426 Long-term debt 2,595 2,420 5,147 4,757 Total interest expense $ 22,494 $ 18,747 $ 45,210 $ 34,794 Net interest income $ 13,493 $ 13,900 $ 27,000 $ 27,248 Provision for credit losses on loans 2,359 1,761 4,781 3,498 Net interest income after provision for credit losses on loans $ 11,134 $ 12,139 $ 22,219 $ 23,750 (1) Interest expense on Trading account liabilities of Services , Markets and Banking is reported as a reduction of Interest income . Interest income and Interest expense on cash collateral positions are reported in interest on Trading account assets and Trading account liabilities , respectively. (2) Includes assets from businesses held-for-sale (see Note 2) and Brokerage receivables . (3) Includes liabilities from businesses held-for-sale (see Note 2) and Brokerage payables |
COMMISSIONS AND FEES; ADMINISTR
COMMISSIONS AND FEES; ADMINISTRATION AND OTHER FIDUCIARY FEES | 6 Months Ended |
Jun. 30, 2024 | |
Other Income and Expenses [Abstract] | |
COMMISSIONS AND FEES; ADMINISTRATION AND OTHER FIDUCIARY FEES | COMMISSIONS AND FEES; ADMINISTRATION AND OTHER FIDUCIARY FEES Commissions and Fees The primary components of Commissions and fees revenue are investment banking fees, brokerage commissions, credit card and bank card income, deposit-related fees and transactional service fees. See Note 3 for segment results and Note 5 to the Consolidated Financial Statements in Citi’s 2023 Form 10-K for additional information on Citi’s commissions and fees. The following table presents Commissions and fees revenue: Three Months Ended June 30, Six Months Ended June 30, In millions of dollars 2024 2023 2024 2023 Investment banking (1) $ 875 $ 598 $ 1,748 $ 1,324 Brokerage commissions (2) 622 576 1,241 1,211 Credit and bank card income (3) Interchange fees 3,110 3,080 6,022 5,930 Card-related loan fees 147 120 277 238 Card rewards and partner payments (3,189) (3,197) (6,106) (6,126) Deposit-related fees 341 299 681 599 Transactional service fees (4) 359 334 699 652 Corporate finance (5) 150 86 349 188 Insurance distribution revenue (6) 78 88 162 180 Insurance premiums (7) 24 26 49 48 Loan servicing 22 23 35 50 Other 123 99 229 204 Total (8) $ 2,662 $ 2,132 $ 5,386 $ 4,498 (1) Investment banking fees are earned primarily by Banking and Markets. For the periods presented, the contract liability amount was negligible. (2) Brokerage commissions are earned primarily by Markets and Wealth . The Company recognized $44 million and $86 million of revenue related to variable consideration for the three and six months ended June 30, 2024, respectively, and $53 million and $114 million for the three and six months ended June 30, 2023, respectively. These amounts primarily relate to performance obligations satisfied in prior periods. (3) Credit card and bank card income is earned primarily by USPB and Services . (4) Transactional service fees are earned primarily by Services. (5) Consists primarily of fees earned from structuring and underwriting loan syndications or related financing activity. This activity is accounted for under ASC 310. (6) Insurance distribution revenue is earned primarily by Wealth and Legacy Franchises within All Other. (7) Insurance premiums are earned primarily by Legacy Franchises within All Other . (8) Commissions and fees include $(2,833) million and $(5,365) million not accounted for under ASC 606, Revenue from Contracts with Customers , for the three and six months ended June 30, 2024, respectively, and $(2,940) million and $(5,599) million for the three and six months ended June 30, 2023, 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. Administration and Other Fiduciary Fees Administration and other fiduciary fees revenue is primarily composed of custody fees and fiduciary fees. See Note 3 for segment results and Note 5 to the Consolidated Financial Statements in Citi’s 2023 Form 10-K for additional information on Citi’s administration and other fiduciary fees. The following table presents Administration and other fiduciary fees revenue: Three Months Ended June 30, Six Months Ended June 30, In millions of dollars 2024 2023 2024 2023 Custody fees (1) $ 529 $ 510 $ 1,042 $ 955 Fiduciary fees (2) 388 344 780 654 Guarantee fees 129 135 261 276 Total administration and other fiduciary fees (3) $ 1,046 $ 989 $ 2,083 $ 1,885 (1) Custody fees are earned primarily by Services . (2) Fiduciary fees are earned primarily by Wealth and Legacy Franchises within All Other . (3) Administration and other fiduciary fees include $129 million and $135 million for the three months ended June 30, 2024 and 2023, respectively, and $261 million and $276 million for the six months ended June 30, 2024 and 2023, respectively, that are not accounted for under ASC 606, Revenue from Contracts with Customers. These generally include guarantee fees. |
PRINCIPAL TRANSACTIONS
PRINCIPAL TRANSACTIONS | 6 Months Ended |
Jun. 30, 2024 | |
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 the profitability of trading activities (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 Services , Markets and Banking . These adjustments are discussed further in Note 23. In certain transactions, Citi incurs fees and presents these fees paid to third parties in operating expenses. The following table presents Principal transactions revenue: Three Months Ended June 30, Six Months Ended June 30, In millions of dollars 2024 2023 2024 2023 Interest rate risks (1) $ 517 $ 572 $ 1,453 $ 1,969 Foreign exchange risks (2) 1,187 1,353 2,440 2,831 Equity risks (3)(4) 686 206 1,300 839 Commodity and other risks (5) 321 469 624 967 Credit products and risks (6) 163 (72) 331 (139) Total $ 2,874 $ 2,528 $ 6,148 $ 6,467 (1) Includes revenues from government securities, 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) The three and six months ended June 30, 2024 include an approximate $400 million episodic gain related to the Visa B exchange. (5) Primarily includes revenues from crude oil, refined oil products, natural gas and other commodities trades. (6) Includes revenues from corporate debt, secondary trading loans, mortgage securities, single name and index credit default swaps, and structured credit products. |
INCENTIVE PLANS
INCENTIVE PLANS | 6 Months Ended |
Jun. 30, 2024 | |
Share-Based Payment Arrangement [Abstract] | |
INCENTIVE PLANS | INCENTIVE PLANS For information on Citi’s incentive plans, see Note 7 to the Consolidated Financial Statements in Citi’s 2023 Form 10-K. |
RETIREMENT BENEFITS
RETIREMENT BENEFITS | 6 Months Ended |
Jun. 30, 2024 | |
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 2023 Form 10-K. Net Expense (Benefit) The following tables summarize the components of net expense (benefit) recognized in the Consolidated Statement of Income for the Company’s pension and postretirement benefit 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 periodic benefit cost are reported in Other operating expenses in the Consolidated Statement of Income. Three Months Ended June 30, Pension plans Postretirement benefit plans U.S. plans Non-U.S. plans U.S. plans Non-U.S. plans In millions of dollars 2024 2023 2024 2023 2024 2023 2024 2023 Service cost $ — $ — $ 30 $ 30 $ — $ — $ 1 $ — Interest cost on benefit obligation 119 123 109 102 4 4 28 27 Expected return on assets (152) (160) (82) (82) (2) (4) (20) (20) Amortization of unrecognized: Prior service cost (benefit) 1 — (1) (1) (3) (3) (2) (2) Net actuarial loss (gain) 45 41 20 15 (3) (2) 2 (5) Settlement loss (1) — — 2 1 — — — — Total net expense (benefit) $ 13 $ 4 $ 78 $ 65 $ (4) $ (5) $ 9 $ — (1) Settlement loss relates to divestiture activities. Six Months Ended June 30, Pension plans Postretirement benefit plans U.S. plans Non-U.S. plans U.S. plans Non-U.S. plans In millions of dollars 2024 2023 2024 2023 2024 2023 2024 2023 Service cost $ — $ — $ 59 $ 58 $ — $ — $ 1 $ 1 Interest cost on benefit obligation 236 250 218 200 8 9 57 52 Expected return on assets (303) (321) (169) (163) (5) (7) (42) (39) Amortization of unrecognized: Prior service cost (benefit) 1 1 (2) (3) (5) (5) (4) (4) Net actuarial loss (gain) 91 79 43 34 (5) (5) 5 (10) Curtailment (gain) (1) — — — (8) — — — — Settlement loss (1) — — 2 4 — — — — Total net expense (benefit) $ 25 $ 9 $ 151 $ 122 $ (7) $ (8) $ 17 $ — (1) Curtailment and settlement relate to divestiture activities. Funded Status and Accumulated Other Comprehensive Income (AOCI) The following table summarizes the funded status and amounts recognized on the Consolidated Balance Sheet for the Company’s Significant pension and postretirement benefit plans: Six Months Ended June 30, 2024 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 $ 9,640 $ 7,030 $ 343 $ 1,208 Plans measured annually (18) (1,663) — (219) Projected benefit obligation at beginning of year—Significant Plans $ 9,622 $ 5,367 $ 343 $ 989 First-quarter activity (244) (76) (12) (3) Projected benefit obligation at March 31, 2024—Significant Plans $ 9,378 $ 5,291 $ 331 $ 986 Service cost — 12 — — Interest cost on benefit obligation 119 90 4 25 Actuarial (gain) (118) (116) (3) (29) Benefits paid, net of participants’ contributions (232) (81) (12) (20) Foreign exchange impact — (281) — (92) Projected benefit obligation at period end—Significant Plans $ 9,147 $ 4,915 $ 320 $ 870 Change in plan assets Plan assets at fair value at beginning of year $ 10,210 $ 6,426 $ 231 $ 970 Plans measured annually — (1,198) — (9) Plan assets at fair value at beginning of year—Significant Plans $ 10,210 $ 5,228 $ 231 $ 961 First-quarter activity (201) (112) — (8) Plan assets at fair value at March 31, 2024—Significant Plans $ 10,009 $ 5,116 $ 231 $ 953 Actual return on plan assets 15 1 — 22 Company contributions, net of reimbursements 14 8 (2) — Benefits paid, net of participants’ contributions (232) (81) (12) (20) Foreign exchange impact — (203) — (90) Plan assets at fair value at period end—Significant Plans $ 9,806 $ 4,841 $ 217 $ 865 Qualified plans (1) $ 1,147 $ (74) $ (103) $ (5) Nonqualified plans (2) (488) — — — Funded status of the plans at period end—Significant Plans $ 659 $ (74) $ (103) $ (5) Net amount recognized at period end Benefit asset $ 1,147 $ 743 $ — $ — Benefit liability (488) (817) (103) (5) Net amount recognized on the balance sheet—Significant Plans $ 659 $ (74) $ (103) $ (5) Amounts recognized in AOCI at period end (3) Prior service (expense) benefit $ — $ (6) $ 68 $ 27 Net actuarial (loss) gain (6,251) (1,503) 111 (272) Net amount recognized in AOCI (pretax)—Significant Plans $ (6,251) $ (1,509) $ 179 $ (245) Accumulated benefit obligation at period end—Significant Plans $ 9,147 $ 4,721 $ 320 $ 870 (1) The U.S. qualified pension plan is fully funded under Employee Retirement Income Security Act of 1974, as amended, funding rules as of January 1, 2024 and no minimum required funding is expected for 2024. (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. 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 Six Months Ended June 30, 2024 Three Months Ended Six Months Ended June 30, 2023 Beginning of period balance, net of tax (1)(2) $ (5,973) $ (6,050) $ (5,859) $ (5,755) Actuarial assumptions changes and plan experience 256 536 154 (115) Net (loss) due to difference between actual and expected returns (205) (476) (245) (62) Net amortization 61 125 45 88 Curtailment/settlement loss (gain) 4 4 1 (4) Foreign exchange impact and other 133 128 (111) (219) Change in deferred taxes, net (70) (61) 20 72 Change, net of tax $ 179 $ 256 $ (136) $ (240) End of period balance, net of tax (1)(2) $ (5,794) $ (5,794) $ (5,995) $ (5,995) (1) See Note 19 for further discussion of net AOCI balance. (2) Includes net-of-tax amounts for certain profit-sharing plans outside the U.S. Plan Assumptions Certain assumptions used in determining pension and postretirement benefit obligations and net expense (benefit) for the Company’s Significant Plans are presented in the following tables: During the period Three Months Ended Jun. 30, 2024 Mar. 31, 2024 Jun. 30, 2023 Discount rate U.S. plans Qualified pension 5.30% 5.10% 5.15% Nonqualified pension 5.40 5.15 5.20 Postretirement benefit plan 5.40 5.20 5.25 Non-U.S. pension plans Range 1.35–11.00 1.35–10.65 2.05–10.65 Weighted average 7.92 7.57 7.64 Non-U.S. postretirement benefit plan 11.05 10.70 10.70 Expected return on assets U.S. plans Qualified pension 5.70 5.70 5.70 Postretirement benefit plan 5.70/3.00 5.70/3.00 5.70/3.00 Non-U.S. pension plans Range 4.20–9.60 4.30–9.60 4.10–9.90 Weighted average 6.51 6.57 6.26 Non-U.S. postretirement benefit plan 9.40 9.40 8.70 At period ended (1) Jun. 30, 2024 Mar. 31, 2024 Jun. 30, 2023 Discount rate U.S. plans Qualified pension 5.50% 5.30% 5.40% Nonqualified pension 5.60 5.40 5.45 Postretirement benefit plan 5.60 5.40 5.50 Non-U.S. pension plans Range 1.25–11.40 1.35–11.00 1.80–10.40 Weighted average 8.08 7.92 7.72 Non-U.S. postretirement benefit plan 11.40 11.05 10.40 Expected return on assets U.S. plans Qualified pension 5.70 5.70 5.70 Postretirement benefit plan 5.70/3.00 5.70/3.00 5.70/3.00 Non-U.S. pension plans Range 4.30–9.60 4.20–9.60 4.50–9.90 Weighted average 6.48 6.51 6.56 Non-U.S. postretirement benefit plan 9.40 9.40 8.70 (1) Discount rates and expected return on assets at the end of each quarter are utilized in the following quarter’s expense. 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 June 30, 2024 In millions of dollars One-percentage-point increase One-percentage-point decrease Pension U.S. plans $ 6 $ (7) Non-U.S. plans (2) 4 Postretirement Non-U.S. plans (1) 1 Contributions For the U.S. pension plans, there were no required minimum cash contributions during the first six months of 2024. The following table summarizes the Company’s actual contributions for the six months ended June 30, 2024 and 2023, as well as expected Company contributions for the remainder of 2024 and the actual contributions made in 2023: Pension plans Postretirement benefit plans U.S. plans (1) Non-U.S. plans U.S. plans Non-U.S. plans In millions of dollars 2024 2023 2024 2023 2024 2023 2024 2023 Company contributions (2) for the six months ended June 30 $ 29 $ 28 $ 56 $ 60 $ 10 $ 20 $ 5 $ 5 Company net contributions (reimbursements) made during the remainder of the year — 30 — 58 — (12) — 4 Company contributions expected to be made during the remainder of the year 32 — 44 — 3 — 5 — (1) The U.S. plans include benefits paid directly by the Company for the nonqualified pension plans. (2) Company contributions are composed of cash contributions made to the plans and benefits paid directly by the Company. Defined Contribution Plans The following table summarizes the Company’s contributions for the defined contribution plans: Three Months Ended June 30, Six Months Ended June 30, In millions of dollars 2024 2023 2024 2023 U.S. plans $ 149 $ 137 $ 298 $ 275 Non-U.S. plans 118 114 244 228 Post Employment Plans The following table summarizes the net expense recognized in the Consolidated Statement of Income for the Company’s U.S. post employment plans: Three Months Ended June 30, Six Months Ended June 30, In millions of dollars 2024 2023 2024 2023 Service-related expense Amortization of unrecognized: Net actuarial loss $ 1 $ 1 $ 1 $ 1 Total service-related expense $ 1 $ 1 $ 1 $ 1 Non-service-related expense 8 — 13 5 Total net expense $ 9 $ 1 $ 14 $ 6 |
RESTRUCTURING
RESTRUCTURING | 6 Months Ended |
Jun. 30, 2024 | |
Restructuring and Related Activities [Abstract] | |
RESTRUCTURING | RESTRUCTURING As previously disclosed, Citi is pursuing various initiatives to simplify the Company and further align its organizational structure with its business strategy. As part of its overall simplification initiatives, in the fourth quarter of 2023, Citi eliminated the previous Institutional Clients Group and Personal Banking and Wealth Management layers, exited certain institutional business lines, and consolidated its regional structure, creating one international group, while centralizing client capabilities and streamlining its global staff functions. Citi recorded approximately $781 million of restructuring charges in the fourth quarter of 2023 related to the initial implementation of its organizational simplification initiatives. Citi incurred additional net restructuring charges of approximately $225 million and approximately $36 million related to the continued implementation of its organizational simplification initiatives during the first quarter of 2024 and second quarter of 2024, respectively. Citi has recorded net restructuring charges of approximately $1.042 billion program-to-date. Restructuring charges are recorded as a separate line item within Operating expenses in the Company’s Consolidated Statement of Income. These charges were included within All Other —Corporate/Other. The following costs associated with these initiatives are included in restructuring charges: • Personnel costs: severance costs associated with actual headcount reductions (as well as those that were probable and could be reasonably estimated) • Other: costs associated with contract terminations and other direct costs associated with the restructuring, including asset write-downs (non-cash write-downs of capitalized software, which are included in Premises and equipment related to exited businesses) The following table is a rollforward of the liability related to the restructuring charges: In millions of dollars Personnel Other Total Balance at December 31, 2022 $ — $ — $ — 4Q23 restructuring charges 687 94 781 4Q23 payments and utilization — (69) (69) Foreign exchange — — — Balance at December 31, 2023 $ 687 $ 25 $ 712 Restructuring charges $ 237 $ 54 $ 291 Change in estimate (1) (66) — (66) Net restructuring charges $ 171 $ 54 $ 225 Payments and utilization $ (127) $ (46) $ (173) Foreign exchange — — — Balance at March 31, 2024 $ 731 $ 33 $ 764 Restructuring charges $ 81 $ — $ 81 Change in estimate (1)(2) (42) (3) (45) Net restructuring charges $ 39 $ (3) $ 36 Payments and utilization $ (497) $ (30) $ (527) Foreign exchange (1) — (1) Balance at June 30, 2024 $ 272 $ — $ 272 (1) Revisions primarily relate to higher-than-anticipated redeployments of displaced employees to other positions within the Company, job function releveling and employee attrition. (2) Revisions primarily relate to lower-than-anticipated costs associated with contract terminations. |
EARNINGS PER SHARE
EARNINGS PER SHARE | 6 Months Ended |
Jun. 30, 2024 | |
Earnings Per Share [Abstract] | |
EARNINGS PER SHARE | EARNINGS PER SHARE The following table reconciles the income and share data used in the basic and diluted earnings per share (EPS) computations: Three Months Ended June 30, Six Months Ended June 30, In millions of dollars, except per share amounts 2024 2023 2024 2023 Earnings per common share Income from continuing operations before attribution of noncontrolling interests $ 3,263 $ 2,952 $ 6,671 $ 7,604 Less: Noncontrolling interests from continuing operations 46 36 82 81 Net income from continuing operations (for EPS purposes) $ 3,217 $ 2,916 $ 6,589 $ 7,523 Income (loss) from discontinued operations, net of taxes — (1) (1) (2) Citigroup’s net income $ 3,217 $ 2,915 $ 6,588 $ 7,521 Less: Preferred dividends 242 288 521 565 Net income available to common shareholders $ 2,975 $ 2,627 $ 6,067 $ 6,956 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 32 33 77 68 Net income allocated to common shareholders for basic EPS $ 2,943 $ 2,594 $ 5,990 $ 6,888 Weighted-average common shares outstanding applicable to basic EPS (in millions) 1,907.7 1,942.8 1,909.1 1,943.2 Basic earnings per share (2) Income from continuing operations $ 1.54 $ 1.34 $ 3.14 $ 3.55 Discontinued operations — — — — Net income per share—basic (4) $ 1.54 $ 1.34 $ 3.14 $ 3.54 Diluted earnings per share Net income allocated to common shareholders for basic EPS $ 2,943 $ 2,594 $ 5,990 $ 6,888 Add back: Dividends allocated to employee restricted and deferred shares with rights to dividends that are forfeitable 19 15 34 26 Net income allocated to common shareholders for diluted EPS $ 2,962 $ 2,609 $ 6,024 $ 6,914 Weighted-average common shares outstanding applicable to basic EPS (in millions) 1,907.7 1,942.8 1,909.1 1,943.2 Effect of dilutive securities (3) Other employee plans 38.0 25.8 35.3 23.1 Adjusted weighted-average common shares outstanding applicable to diluted EPS (in millions) 1,945.7 1,968.6 1,944.4 1,966.3 Diluted earnings per share (2) Income from continuing operations $ 1.52 $ 1.33 $ 3.10 $ 3.52 Discontinued operations — — — — Net income per share—diluted (4) $ 1.52 $ 1.33 $ 3.10 $ 3.52 (1) Other relevant items include issuance costs of $8 million in the second quarter of 2024 related to the redemption of preferred stock Series D, $12 million in the first quarter of 2024 related to the remaining redemption of preferred stock Series J, and a benefit of $14 million in 2Q24 related to the reversal of the 1% excise tax on preferred stock redemptions during 2023 due to the IRS final regulations issued in June 2024. The issuance costs were reclassified from Additional paid-in capital to Retained earnings upon redemption of the preferred stock. See Note 20. The total for this line also includes dividends and undistributed earnings ($38 million combined for the second quarter of 2024) allocated to employee restricted and deferred shares with rights to dividends. (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 three and six months ended June 30, 2024 and 2023, there were no weighted-average options outstanding. (4) 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 | 6 Months Ended |
Jun. 30, 2024 | |
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 12 to the Consolidated Financial Statements in Citi’s 2023 Form 10-K. Securities borrowed and purchased under agreements to resell , at their respective carrying values, consisted of the following: In millions of dollars June 30, December 31, 2023 Securities purchased under agreements to resell $ 241,098 $ 267,319 Deposits paid for securities borrowed 76,905 78,408 Total, net (1) $ 318,003 $ 345,727 Allowance for credit losses on securities purchased and borrowed (2) (33) (27) Total, net of allowance $ 317,970 $ 345,700 Securities loaned and sold under agreements to repurchase , at their respective carrying values, consisted of the following: In millions of dollars June 30, December 31, 2023 Securities sold under agreements to repurchase $ 291,878 $ 264,958 Deposits received for securities loaned 13,328 13,149 Total, net (1) $ 305,206 $ 278,107 (1) The above tables do not include securities-for-securities lending transactions of $5.3 billion and $4.3 billion at June 30, 2024 and December 31, 2023, 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 15. The Company’s policy is 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 23 and 24. 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 24. With respect to securities loaned, the Company receives cash collateral in an amount generally in excess of the market value of the securities loaned. The Company monitors the market value of securities borrowed and securities loaned on a daily basis and posts or obtains additional collateral in order to maintain contractual margin protection. The following tables present the gross and net resale and repurchase agreements and securities borrowing and lending agreements and the related offsetting amounts permitted under ASC 210-20-45. The tables also include amounts related to financial instruments that are not permitted to be offset under ASC 210-20-45, but would be eligible for offsetting to the extent that an event of default has occurred and a legal opinion supporting enforceability of the offsetting rights has been obtained. Remaining exposures continue to be secured by financial collateral, but the Company may not have sought or been able to obtain a legal opinion evidencing enforceability of the offsetting right. As of June 30, 2024 In millions of dollars Gross amounts Gross amounts (1) Net amounts of Amounts not offset on the Consolidated Balance (2) Net (3) Securities purchased under agreements to resell $ 514,179 $ 273,081 $ 241,098 $ 224,659 $ 16,439 Deposits paid for securities borrowed 97,780 20,875 76,905 23,825 53,080 Total $ 611,959 $ 293,956 $ 318,003 $ 248,484 $ 69,519 In millions of dollars Gross amounts Gross amounts (1) Net amounts of Amounts not offset on the (2) Net amounts (3) Securities sold under agreements to repurchase $ 564,959 $ 273,081 $ 291,878 $ 215,296 $ 76,582 Deposits received for securities loaned 34,203 20,875 13,328 6,693 6,635 Total $ 599,162 $ 293,956 $ 305,206 $ 221,989 $ 83,217 As of December 31, 2023 In millions of dollars Gross amounts Gross amounts (1) Net amounts of Amounts not offset on the (2) Net (3) Securities purchased under agreements to resell $ 515,533 $ 248,214 $ 267,319 $ 244,783 $ 22,536 Deposits paid for securities borrowed 97,881 19,473 78,408 25,433 52,975 Total $ 613,414 $ 267,687 $ 345,727 $ 270,216 $ 75,511 In millions of dollars Gross amounts Gross amounts (1) Net amounts of Amounts not offset on the (2) Net (3) Securities sold under agreements to repurchase $ 513,172 $ 248,214 $ 264,958 $ 181,794 $ 83,164 Deposits received for securities loaned 32,622 19,473 13,149 2,441 10,708 Total $ 545,794 $ 267,687 $ 278,107 $ 184,235 $ 93,872 (1) Includes financial instruments subject to enforceable master netting agreements that are permitted to be offset under ASC 210-20-45. (2) Includes financial instruments subject to enforceable master netting agreements that are not permitted to be offset under ASC 210-20-45, but would be eligible for offsetting to the extent that an event of default has occurred and a legal opinion supporting enforceability of the offsetting right has been obtained. (3) Remaining exposures continue to be secured by financial collateral, but the Company may not have sought or been able to obtain a legal opinion evidencing enforceability of the offsetting right. The following tables present the gross amounts of liabilities associated with repurchase agreements and securities lending agreements by remaining contractual maturity: As of June 30, 2024 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 $ 312,541 $ 153,322 $ 38,433 $ 60,663 $ 564,959 Deposits received for securities loaned 26,184 — 347 7,672 34,203 Total $ 338,725 $ 153,322 $ 38,780 $ 68,335 $ 599,162 As of December 31, 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 $ 289,907 $ 134,870 $ 35,639 $ 52,756 $ 513,172 Deposits received for securities loaned 24,997 — 1,270 6,355 32,622 Total $ 314,904 $ 134,870 $ 36,909 $ 59,111 $ 545,794 The following tables present the gross amounts of liabilities associated with repurchase agreements and securities lending agreements by class of underlying collateral: As of June 30, 2024 In millions of dollars Repurchase agreements Securities lending agreements Total U.S. Treasury and federal agency securities $ 239,500 $ — $ 239,500 State and municipal securities 396 — 396 Foreign government securities 181,907 177 182,084 Corporate bonds 19,209 276 19,485 Equity securities 28,069 33,585 61,654 Mortgage-backed securities 85,582 18 85,600 Asset-backed securities 2,629 12 2,641 Other 7,667 135 7,802 Total $ 564,959 $ 34,203 $ 599,162 As of December 31, 2023 In millions of dollars Repurchase agreements Securities lending agreements Total U.S. Treasury and federal agency securities $ 223,343 $ 461 $ 223,804 State and municipal securities 447 2 449 Foreign government securities 174,661 118 174,779 Corporate bonds 12,403 195 12,598 Equity securities 5,853 31,574 37,427 Mortgage-backed securities 85,014 21 85,035 Asset-backed securities 3,032 178 3,210 Other 8,419 73 8,492 Total $ 513,172 $ 32,622 $ 545,794 |
BROKERAGE RECEIVABLES AND BROKE
BROKERAGE RECEIVABLES AND BROKERAGE PAYABLES | 6 Months Ended |
Jun. 30, 2024 | |
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 13 to the Consolidated Financial Statements in Citi’s 2023 Form 10-K. Brokerage receivables and Brokerage payables consisted of the following: In millions of dollars June 30, December 31, 2023 Receivables from customers $ 19,134 $ 15,986 Receivables from brokers, dealers and clearing organizations 45,429 37,929 Total brokerage receivables (1) $ 64,563 $ 53,915 Payables to customers $ 50,724 $ 49,206 Payables to brokers, dealers and clearing organizations 22,897 14,333 Total brokerage payables (1) $ 73,621 $ 63,539 |
INVESTMENTS
INVESTMENTS | 6 Months Ended |
Jun. 30, 2024 | |
Investments, Debt and Equity Securities [Abstract] | |
INVESTMENTS | INVESTMENTS For additional information regarding Citi’s investment portfolios, including evaluating investments for impairment, see Note 14 to the Consolidated Financial Statements in Citi’s 2023 Form 10-K. The following table presents Citi’s investments by category: In millions of dollars June 30, December 31, 2023 Debt securities available-for-sale (AFS) $ 249,362 $ 256,936 Debt securities held-to-maturity (HTM) (1) 251,125 254,247 Marketable equity securities carried at fair value (2) 165 258 Non-marketable equity securities carried at fair value (2)(5) 531 508 Non-marketable equity securities measured using the measurement alternative (3) 1,717 1,639 Non-marketable equity securities carried at cost (4) 5,376 5,497 Total investments (6) $ 508,276 $ 519,085 (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 $26 million and $25 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 June 30, 2024 and December 31, 2023, respectively. (6) Not included in the balances above is approximately $2 billion of accrued interest receivable at June 30, 2024 and December 31, 2023, 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 June 30, 2024 and 2023. The following table presents interest and dividend income on investments: Three Months Ended June 30, Six Months Ended June 30, In millions of dollars 2024 2023 2024 2023 Taxable interest $ 4,637 $ 4,284 $ 9,328 $ 8,284 Interest exempt from U.S. federal income tax 81 84 161 169 Dividend income 103 83 181 142 Total interest and dividend income on investments $ 4,821 $ 4,451 $ 9,670 $ 8,595 The following table presents realized gains and losses on the sales of investments, which exclude impairment losses: Three Months Ended June 30, Six Months Ended June 30, In millions of dollars 2024 2023 2024 2023 Gross realized investment gains $ 144 $ 91 $ 286 $ 179 Gross realized investment losses (121) (42) (148) (58) Net realized gains on sales of investments $ 23 $ 49 $ 138 $ 121 Debt Securities Available-for-Sale The amortized cost and fair value of AFS debt securities were as follows: June 30, 2024 December 31, 2023 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) $ 32,510 $ 92 $ 832 $ — $ 31,770 $ 30,279 $ 170 $ 734 $ — $ 29,715 Residential 590 — 2 — 588 426 — 3 — 423 Commercial 1 — — — 1 1 — — — 1 Total mortgage-backed securities $ 33,101 $ 92 $ 834 $ — $ 32,359 $ 30,706 $ 170 $ 737 $ — $ 30,139 U.S. Treasury and federal agency securities U.S. Treasury $ 70,604 $ 7 $ 979 $ — $ 69,632 $ 81,684 $ 59 $ 1,382 $ — $ 80,361 Total U.S. Treasury and federal agency securities $ 70,604 $ 7 $ 979 $ — $ 69,632 $ 81,684 $ 59 $ 1,382 $ — $ 80,361 State and municipal $ 1,970 $ 14 $ 95 $ — $ 1,889 $ 2,204 $ 18 $ 91 $ — $ 2,131 Foreign government 135,144 309 1,354 — 134,099 132,045 528 1,375 — 131,198 Corporate 5,471 20 176 13 5,302 5,610 18 208 8 5,412 Asset-backed securities (1) 755 13 — — 768 921 17 — — 938 Other debt securities 5,315 2 4 — 5,313 6,754 4 1 — 6,757 Total debt securities AFS $ 252,360 $ 457 $ 3,442 $ 13 $ 249,362 $ 259,924 $ 814 $ 3,794 $ 8 $ 256,936 (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 21 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 2023 Form 10-K. (3) Amortized cost includes unallocated portfolio layer cumulative basis adjustments of $(0.2) billion as of June 30, 2024. Gross unrealized gains and gross unrealized (losses) on mortgage-backed securities excluding the effect of unallocated portfolio layer cumulative basis adjustments were $75 million and $(1.0) billion, respectively, as of June 30, 2024. 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 June 30, 2024 Debt securities AFS Mortgage-backed securities U.S. government-sponsored agency guaranteed $ 12,369 $ 126 $ 8,991 $ 706 $ 21,360 $ 832 Residential 288 — 227 2 515 2 Total mortgage-backed securities $ 12,657 $ 126 $ 9,218 $ 708 $ 21,875 $ 834 U.S. Treasury and federal agency securities U.S. Treasury $ 18,190 $ 178 $ 45,988 $ 801 $ 64,178 $ 979 Total U.S. Treasury and federal agency securities $ 18,190 $ 178 $ 45,988 $ 801 $ 64,178 $ 979 State and municipal $ 342 $ 13 $ 807 $ 82 $ 1,149 $ 95 Foreign government 44,441 368 34,321 986 78,762 1,354 Corporate 2,345 66 1,801 110 4,146 176 Asset-backed securities 2 — — — 2 — Other debt securities 2,803 4 — — 2,803 4 Total debt securities AFS $ 80,780 $ 755 $ 92,135 $ 2,687 $ 172,915 $ 3,442 December 31, 2023 Debt securities AFS Mortgage-backed securities U.S. government-sponsored agency guaranteed $ 8,602 $ 86 $ 9,734 $ 648 $ 18,336 $ 734 Residential 352 1 34 2 386 3 Total mortgage-backed securities $ 8,954 $ 87 $ 9,768 $ 650 $ 18,722 $ 737 U.S. Treasury and federal agency securities U.S. Treasury $ 11,851 $ 113 $ 57,669 $ 1,269 $ 69,520 $ 1,382 Total U.S. Treasury and federal agency securities $ 11,851 $ 113 $ 57,669 $ 1,269 $ 69,520 $ 1,382 State and municipal $ 906 $ 17 $ 324 $ 74 $ 1,230 $ 91 Foreign government 42,250 540 29,176 835 71,426 1,375 Corporate 2,319 103 1,619 105 3,938 208 Asset-backed securities 154 — 16 — 170 — Other debt securities 1,864 1 228 — 2,092 1 Total debt securities AFS $ 68,298 $ 861 $ 98,800 $ 2,933 $ 167,098 $ 3,794 The following table presents the amortized cost and fair value of AFS debt securities by contractual maturity dates: June 30, 2024 In millions of dollars Amortized cost Fair value Mortgage-backed securities (1) Due within 1 year $ 25 $ 25 After 1 but within 5 years 837 824 After 5 but within 10 years 583 554 After 10 years 31,869 30,956 Total (2) $ 33,314 $ 32,359 U.S. Treasury and federal agency securities Due within 1 year $ 38,155 $ 37,980 After 1 but within 5 years 31,931 31,178 After 5 but within 10 years 518 474 After 10 years — — Total $ 70,604 $ 69,632 State and municipal Due within 1 year $ 12 $ 12 After 1 but within 5 years 129 124 After 5 but within 10 years 372 360 After 10 years 1,457 1,393 Total $ 1,970 $ 1,889 Foreign government Due within 1 year $ 63,763 $ 63,617 After 1 but within 5 years 65,845 65,097 After 5 but within 10 years 4,987 4,914 After 10 years 549 471 Total $ 135,144 $ 134,099 All other (3) Due within 1 year $ 6,450 $ 6,427 After 1 but within 5 years 4,397 4,290 After 5 but within 10 years 634 635 After 10 years 60 31 Total $ 11,541 $ 11,383 Total debt securities AFS (2) $ 252,573 $ 249,362 (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 21 for additional 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 $(0.2) billion as of June 30, 2024. (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 June 30, 2024 Debt securities HTM Mortgage-backed securities (2) U.S. government-sponsored agency guaranteed (3) $ 76,208 $ 8 $ 10,454 $ 65,762 Non-U.S. residential 145 — — 145 Commercial 1,234 2 132 1,104 Total mortgage-backed securities $ 77,587 $ 10 $ 10,586 $ 67,011 U.S. Treasury securities $ 131,507 $ — $ 9,617 $ 121,890 State and municipal 8,999 31 651 8,379 Foreign government 2,533 — 29 2,504 Asset-backed securities (2) 30,499 65 65 30,499 Total debt securities HTM, net $ 251,125 $ 106 $ 20,948 $ 230,283 December 31, 2023 Debt securities HTM Mortgage-backed securities (2) U.S. government-sponsored agency guaranteed $ 79,689 $ 7 $ 8,603 $ 71,093 Non-U.S. residential 198 — — 198 Commercial 1,146 2 156 992 Total mortgage-backed securities $ 81,033 $ 9 $ 8,759 $ 72,283 U.S. Treasury securities $ 131,776 $ — $ 9,908 $ 121,868 State and municipal 9,182 73 477 8,778 Foreign government 2,210 — 58 2,152 Asset-backed securities (2) 30,046 9 135 29,920 Total debt securities HTM, net $ 254,247 $ 91 $ 19,337 $ 235,001 (1) Amortized cost is reported net of ACL of $99 million and $95 million at June 30, 2024 and December 31, 2023, 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 21 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 (amortized cost) 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 2023 Form 10-K. The following table presents the carrying value and fair value of HTM debt securities by contractual maturity dates: June 30, 2024 In millions of dollars Amortized cost (1) Fair value Mortgage-backed securities Due within 1 year $ 34 $ 34 After 1 but within 5 years 1,222 1,151 After 5 but within 10 years 590 534 After 10 years 75,741 65,292 Total $ 77,587 $ 67,011 U.S. Treasury securities Due within 1 year $ 36,532 $ 35,562 After 1 but within 5 years 94,975 86,328 After 5 but within 10 years — — After 10 years — — Total $ 131,507 $ 121,890 State and municipal Due within 1 year $ 33 $ 33 After 1 but within 5 years 150 149 After 5 but within 10 years 1,502 1,415 After 10 years 7,314 6,782 Total $ 8,999 $ 8,379 Foreign government Due within 1 year $ 1,792 $ 1,770 After 1 but within 5 years 741 734 After 5 but within 10 years — — After 10 years — — Total $ 2,533 $ 2,504 All other (2) Due within 1 year $ — $ — After 1 but within 5 years — — After 5 but within 10 years 12,529 12,546 After 10 years 17,970 17,953 Total $ 30,499 $ 30,499 Total debt securities HTM $ 251,125 $ 230,283 (1) Amortized cost is reported net of ACL of $99 million at June 30, 2024. (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 June 30, 2024 and December 31, 2023. There were no purchased credit-deteriorated HTM debt securities held by the Company as of June 30, 2024 and December 31, 2023. 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 14 to the Consolidated Financial Statements in Citi’s 2023 Form 10-K. Recognition and Measurement of Impairment The following table presents total impairment on AFS investments recognized in earnings: Three Months Ended June 30, Six Months Ended June 30, In millions of dollars 2024 2023 2024 2023 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 $ 9 $ 43 $ 23 $ 94 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 $13 million and $8 million as of June 30, 2024 and December 31, 2023, 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 14 to the Consolidated Financial Statements in Citi’s 2023 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 June 30, 2024 and December 31, 2023 : In millions of dollars June 30, 2024 December 31, 2023 Measurement alternative: Carrying value $ 1,717 $ 1,639 Below are amounts recognized in earnings and life-to-date amounts for non-marketable equity securities measured using the measurement alternative: Three Months Ended June 30, Six Months Ended June 30, In millions of dollars 2024 2023 2024 2023 Measurement alternative (1) : Impairment losses $ 8 $ 28 $ 24 $ 63 Downward changes for observable prices 1 — 1 20 Upward changes for observable prices 3 3 52 33 (1) See Note 23 for additional information on these nonrecurring fair value measurements. Life-to-date amounts on securities still held In millions of dollars June 30, 2024 Measurement alternative: Impairment losses $ 356 Downward changes for observable prices 35 Upward changes for observable prices 1,002 A similar impairment analysis is performed for non-marketable equity securities carried at cost. For the three months ended June 30, 2024 and 2023, there was no impairment loss recognized in earnings for non-marketable equity securities carried at cost. |
LOANS
LOANS | 6 Months Ended |
Jun. 30, 2024 | |
Receivables [Abstract] | |
LOANS | LOANS Citigroup 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 Notes 1 and 15 to the Consolidated Financial Statements in Citi’s 2023 Form 10-K. Corporate Loans Corporate loans represent loans and leases managed by Services , Markets , Banking and the Mexico SBMM component of All Other —Legacy Franchises . The following table presents information by corporate loan type: In millions of dollars June 30, December 31, In North America offices (1) Commercial and industrial $ 60,959 $ 61,008 Financial institutions 40,037 39,393 Mortgage and real estate (2) 17,917 17,813 Installment and other 22,929 23,335 Lease financing 231 227 Total $ 142,073 $ 141,776 In offices outside North America (1) Commercial and industrial $ 96,883 $ 93,402 Financial institutions 27,282 26,143 Mortgage and real estate (2) 7,347 7,197 Installment and other 24,342 27,907 Lease financing 37 48 Governments and official institutions 3,664 3,599 Total $ 159,555 $ 158,296 Corporate loans, net of unearned income, excluding portfolio layer cumulative basis adjustments (3)(4)(5) $ 301,628 $ 300,072 Unallocated portfolio layer cumulative basis adjustments (6) $ (23) $ 93 Corporate loans, net of unearned income (3)(4)(5) $ 301,605 $ 300,165 (1) North America includes the U.S., Canada and Puerto Rico. Mexico is included in offices outside North America. The classification between offices in North America and outside North America is based on the domicile of the booking unit. The difference between the domicile of the booking unit and the domicile of the managing unit is not material. (2) Loans secured primarily by real estate. (3) Corporate loans are net of unearned income of ($917) million and ($917) million at June 30, 2024 and December 31, 2023, respectively. Unearned income on corporate loans primarily represents loan origination fees, net of certain direct origination costs, that are deferred and recognized as Interest income over the lives of the related loans. (4) Not included in the balances above is approximately $2 billion of accrued interest receivable at June 30, 2024 and December 31, 2023, which is included in Other assets on the Consolidated Balance Sheet. (5) Accrued interest receivable considered to be uncollectible is reversed through interest income. Amounts reversed were not material for the three and six months ended June 30, 2024 and 2023. (6) 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 22. The Company sold and/or reclassified to held-for-sale $1.5 billion and $2.3 billion of corporate loans during the three and six months ended June 30, 2024, and $1.3 billion and $2.9 billion of corporate loans during the three and six months ended June 30, 2023, respectively. The Company did not have significant purchases of corporate loans classified as held-for-investment for the three and six months ended June 30, 2024 or 2023. Corporate Loan Delinquencies and Non-Accrual Details at June 30, 2024 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 $ 253 $ 124 $ 377 $ 404 $ 153,485 $ 154,266 Financial institutions 6 1 7 38 66,691 66,736 Mortgage and real estate 19 4 23 454 24,722 25,199 Lease financing — — — — 267 267 Other 81 10 91 102 46,735 46,928 Loans at fair value N/A N/A N/A N/A N/A 8,232 Total (5) $ 359 $ 139 $ 498 $ 998 $ 291,900 $ 301,628 Corporate Loan Delinquencies and Non-Accrual Details at December 31, 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 $ 308 $ 118 $ 426 $ 717 $ 150,308 $ 151,451 Financial institutions 9 7 16 51 64,993 65,060 Mortgage and real estate 66 3 69 868 24,001 24,938 Lease financing — — — — 275 275 Other 66 17 83 246 50,738 51,067 Loans at fair value N/A N/A N/A N/A N/A 7,281 Total (5) $ 449 $ 145 $ 594 $ 1,882 $ 290,315 $ 300,072 (1) Corporate loans that are 90 days or more 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 $(23) million and $93 million of unallocated portfolio layer cumulative basis adjustments at June 30, 2024 and December 31, 2023, respectively. N/A Not applicable Corporate Loans Credit Quality Indicators Recorded investment in loans (1) Term loans by year of origination Revolving line of credit arrangements (2) June 30, 2024 In millions of dollars 2024 2023 2022 2021 2020 Prior Investment grade (3) Commercial and industrial (4) $ 36,934 $ 12,455 $ 6,376 $ 3,539 $ 1,920 $ 7,363 $ 35,179 $ 103,766 Financial institutions (4) 8,774 4,555 1,744 2,022 360 2,190 39,235 58,880 Mortgage and real estate 1,436 3,636 3,917 3,380 2,212 2,515 268 17,364 Other (5) 2,343 3,121 4,379 1,013 822 5,035 27,219 43,932 Total investment grade $ 49,487 $ 23,767 $ 16,416 $ 9,954 $ 5,314 $ 17,103 $ 101,901 $ 223,942 Non-investment grade (3) Accrual Commercial and industrial (4) $ 17,439 $ 5,666 $ 3,874 $ 1,962 $ 447 $ 2,546 $ 18,163 $ 50,097 Financial institutions (4) 2,461 948 568 735 39 491 2,575 7,817 Mortgage and real estate 414 1,108 1,729 1,464 918 1,205 543 7,381 Other (5) 305 447 366 307 136 317 1,283 3,161 Non-accrual Commercial and industrial (4) — 22 44 37 4 76 221 404 Financial institutions 9 — — — — 1 28 38 Mortgage and real estate 3 5 56 30 25 290 45 454 Other (5) 4 — 2 16 1 64 15 102 Total non-investment grade $ 20,635 $ 8,196 $ 6,639 $ 4,551 $ 1,570 $ 4,990 $ 22,873 $ 69,454 Loans at fair value (6) $ 8,232 Corporate loans, net of unearned income (7) $ 70,122 $ 31,963 $ 23,055 $ 14,505 $ 6,884 $ 22,093 $ 124,774 $ 301,628 Recorded investment in loans (1) Term loans by year of origination Revolving line of credit arrangements (2) December 31, 2023 In millions of dollars 2023 2022 2021 2020 2019 Prior Investment grade (3) Commercial and industrial (4) $ 47,811 $ 7,738 $ 3,641 $ 2,279 $ 2,604 $ 6,907 $ 34,956 $ 105,936 Financial institutions (4) 11,002 2,356 2,834 424 557 1,847 36,715 55,735 Mortgage and real estate 3,628 4,433 3,595 2,544 1,238 1,582 66 17,086 Other (5) 4,653 5,781 1,072 1,029 812 5,302 29,335 47,984 Total investment grade $ 67,094 $ 20,308 $ 11,142 $ 6,276 $ 5,211 $ 15,638 $ 101,072 $ 226,741 Non-investment grade (3) Accrual Commercial and industrial (4) $ 17,570 $ 4,785 $ 1,914 $ 1,359 $ 732 $ 2,526 $ 15,912 $ 44,798 Financial institutions (4) 4,207 748 1,084 56 194 260 2,725 9,274 Mortgage and real estate 1,034 1,234 1,378 947 755 1,016 620 6,984 Other (5) 653 434 248 158 211 155 1,253 3,112 Non-accrual Commercial and industrial 53 46 84 35 45 93 361 717 Financial institutions (4) — — — — — — 51 51 Mortgage and real estate 118 233 8 38 110 308 53 868 Other (5) 8 — 41 — 55 12 130 246 Total non-investment grade $ 23,643 $ 7,480 $ 4,757 $ 2,593 $ 2,102 $ 4,370 $ 21,105 $ 66,050 Loans at fair value (6) $ 7,281 Corporate loans, net of unearned income $ 90,737 $ 27,788 $ 15,899 $ 8,869 $ 7,313 $ 20,008 $ 122,177 $ 300,072 (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 $(23) million and $93 million of unallocated portfolio layer cumulative basis adjustments at June 30, 2024 and December 31, 2023, respectively. Corporate Gross Credit Losses The table below details gross credit losses recognized during the six months ended June 30, 2024, by year of loan origination: For the Six Months Ended June 30, 2024 In millions of dollars 2024 2023 2022 2021 2020 Prior Revolving line of credit arrangement Total Commercial and industrial $ 2 $ — $ 3 $ 9 $ — $ 3 $ 111 $ 128 Financial institutions — — — — — 1 9 10 Mortgage and real estate 1 37 9 — — 63 20 130 Other (1) — — — — — 15 24 39 Total $ 3 $ 37 $ 12 $ 9 $ — $ 82 $ 164 $ 307 The table below details gross credit losses recognized during the six months ended June 30, 2023, by year of loan origination: For the Six Months Ended June 30, 2023 In millions of dollars 2023 2022 2021 2020 2019 Prior Revolving Total Commercial and industrial $ 8 $ — $ — $ 1 $ — $ 2 $ 48 $ 59 Financial institutions — — — — — — 33 33 Mortgage and real estate — — — 1 — 2 — 3 Other (1) — — — — — — 30 30 Total $ 8 $ — $ — $ 2 $ — $ 4 $ 111 $ 125 (1) Other includes installment and other, lease financing and loans to government and official institutions. Non-Accrual Corporate Loans June 30, 2024 December 31, 2023 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 $ 235 $ 110 $ 507 $ 168 Financial institutions 27 5 48 15 Mortgage and real estate 254 29 697 128 Other 80 27 185 51 Total non-accrual corporate loans with specific allowances $ 596 $ 171 $ 1,437 $ 362 Non-accrual corporate loans without specific allowances Commercial and industrial $ 176 N/A $ 210 N/A Financial institutions 11 N/A 3 N/A Mortgage and real estate 200 N/A 171 N/A Lease financing — N/A — N/A Other 15 N/A 61 N/A Total non-accrual corporate loans without specific allowances $ 402 N/A $ 445 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 six months ended June 30, 2024 was $12 million and $30 million, respectively, and for the three and six months ended June 30, 2023 was $13 million and $24 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 tables detail corporate loan modifications granted during the three and six months ended June 30, 2024 and June 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 Six Months Ended June 30, 2024 In millions of dollars, except for weighted-average Total modifications balance at June 30, 2024 (1)(2)(3) Term Combination: Term extension and payment delay (4) Weighted-average term extension Three Months Ended June 30, 2024 Commercial and industrial $ 50 $ 50 $ — 9 Financial institutions — — — — Mortgage and real estate 91 91 — 8 Other (5) — — — — Total $ 141 $ 141 $ — Six Months Ended June 30, 2024 Commercial and industrial $ 131 $ 131 $ — 13 Financial institutions — — — — Mortgage and real estate 177 177 — 16 Other (5) — — — — Total $ 308 $ 308 $ — For the Three and Six Months Ended June 30, 2023 In millions of dollars, except for weighted-average Total modifications balance at June 30, 2023 (1)(2)(3) Term Combination: Term extension and payment delay (4) Weighted-average term extension Three Months Ended June 30, 2023 Commercial and industrial $ 66 $ 65 $ 1 22 Financial institutions — — — — Mortgage and real estate 47 46 1 24 Other (5) — — — — Total $ 113 $ 111 $ 2 Six Months Ended June 30, 2023 Commercial and industrial $ 121 $ 95 $ 26 21 Financial institutions — — — — Mortgage and real estate 49 48 1 23 Other (5) — — — — Total $ 170 $ 143 $ 27 (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 June 30, 2024 and June 30, 2023. (2) Commitments to lend to borrowers experiencing financial difficulty that were granted modifications totaled $890 million and $492 million as of June 30, 2024 and June 30, 2023, respectively. (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. Performance of Modified Corporate Loans The following tables present the delinquencies of modified corporate loans to borrowers experiencing financial difficulty. It includes loans that were modified during the 12 months ended June 30, 2024 and December 31, 2023: As of June 30, 2024 (1) In millions of dollars Total Current 30–89 days past due 90+ days Commercial and industrial $ 131 $ 131 $ — $ — Financial institutions — — — — Mortgage and real estate 177 177 — — Other (2) — — — — Total $ 308 $ 308 $ — $ — As of December 31, 2023 (1) In millions of dollars Total Current 30–89 days 90+ days Commercial and industrial $ 198 $ 198 $ — $ — Financial institutions — — — — Mortgage and real estate 144 144 — — Other (2) — — — — Total $ 342 $ 342 $ — $ — (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 months ended June 30, 2024 and 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. Consumer Loans Consumer loans represent loans and leases managed primarily by USPB , Wealth and All Other —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 in USPB and Wealth . • Credit cards primarily represent unsecured credit card lending to customers of Branded Cards and Retail Services in USPB . • Personal, small business and other loans are primarily composed of classifiably managed loans to customers of 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 June 30, 2024 In millions of dollars Total current (1)(2) 30–89 days past due (3) ≥ 90 days past due (3) Past due government guaranteed (4) Total loans Non-accrual loans for which there is no ACLL Non-accrual loans for which there is an ACLL Total 90 days In North America offices (5) Residential first mortgages (6) $ 111,763 $ 386 $ 321 $ 240 $ 112,710 $ 115 $ 393 $ 508 $ 117 Home equity loans (7)(8) 3,228 28 82 — 3,338 22 143 165 — Credit cards 158,903 2,119 2,445 — 163,467 — — — 2,445 Personal, small business and other (9) 33,154 115 44 5 33,318 6 40 46 8 Total $ 307,048 $ 2,648 $ 2,892 $ 245 $ 312,833 $ 143 $ 576 $ 719 $ 2,570 In offices outside North America (5) Residential mortgages (6) $ 25,384 $ 40 $ 65 $ — $ 25,489 $ — $ 235 $ 235 $ — Credit cards 12,805 187 205 — 13,197 — 198 198 68 Personal, small business and other (9) 34,504 96 36 — 34,636 — 100 100 — Total $ 72,693 $ 323 $ 306 $ — $ 73,322 $ — $ 533 $ 533 $ 68 Total excluding portfolio layer cumulative basis adjustments $ 379,741 $ 2,971 $ 3,198 $ 245 $ 386,155 $ 143 $ 1,109 $ 1,252 $ 2,638 Unallocated portfolio layer cumulative basis adjustments (10) $ (38) Total Citigroup (11)(12) $ 386,117 Consumer Loans, Delinquencies and Non-Accrual Status at December 31, 2023 In millions of dollars Total current (1)(2) 30–89 days past due (3) ≥ 90 days past due (3) Past due government guaranteed (4) Total 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 (5) Residential first mortgages (6) $ 107,720 $ 462 $ 294 $ 235 $ 108,711 $ 105 $ 384 $ 489 $ 120 Home equity loans (7)(8) 3,471 36 85 — 3,592 48 126 174 — Credit cards 159,966 2,293 2,461 — 164,720 — — — 2,461 Personal, small business and other (9) 35,970 104 57 4 36,135 6 59 65 5 Total $ 307,127 $ 2,895 $ 2,897 $ 239 $ 313,158 $ 159 $ 569 $ 728 $ 2,586 In offices outside North America (5) Residential mortgages (6) $ 26,309 $ 48 $ 69 $ — $ 26,426 $ — $ 243 $ 243 $ — Credit cards 13,797 209 227 — 14,233 — 211 211 88 Personal, small business and other (9) 35,233 107 40 — 35,380 — 133 133 — Total $ 75,339 $ 364 $ 336 $ — $ 76,039 $ — $ 587 $ 587 $ 88 Total Citigroup (11)(12) $ 382,466 $ 3,259 $ 3,233 $ 239 $ 389,197 $ 159 $ 1,156 $ 1,315 $ 2,674 (1) Loans less than 30 days past due are presented as current. (2) Includes $294 million and $313 million at June 30, 2024 and December 31, 2023, respectively, of residential first mortgages recorded at fair value. (3) Excludes loans guaranteed by U.S. government-sponsored agencies. Excludes delinquencies on $26.2 billion and $17.5 billion of classifiably managed Private Bank loans in North America and outside North America, respectively, at June 30, 2024. Excludes delinquencies on $29.2 billion and $17.0 billion of classifiably managed Private Bank loans in North America and outside North America, respectively, at December 31, 2023. (4) 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 $0.1 billion at June 30, 2024 and December 31, 2023, respectively. (5) North America includes the U.S., Canada and Puerto Rico. Mexico is included in offices outside North America. (6) Includes approximately $0.1 billion and less than $0.1 billion of residential first mortgage loans in process of foreclosure in North America and outside North America, respectively, and $19.6 billion of residential mortgages outside North America related to Wealth at June 30, 2024. 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 $19.9 billion of residential mortgages outside North America related to Wealth at December 31, 2023. (7) Includes less than $0.1 billion and less than $0.1 billion at June 30, 2024 and December 31, 2023, respectively, of home equity loans in process of foreclosure. (8) Fixed-rate home equity loans and loans extended under home equity lines of credit, which are typically in junior lien positions. (9) As of June 30, 2024, Wealth in North America includes $28.5 billion of loans, of which $26.2 billion are classifiably managed with 84% rated investment grade, and Wealth outside North America includes $25.0 billion of loans, of which $17.5 billion are classifiably managed with 61% rated investment grade. As of December 31, 2023, Wealth in North America includes $31.6 billion of loans, of which $29.2 billion are classifiably managed with 92% rated investment grade, and Wealth outside North America includes $24.9 billion of loans, of which $17.0 billion are classifiably managed with 74% rated investment grade. Such loans are presented as “current” above. (10) 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 22. (11) Consumer loans were net of unearned income of $852 million and $802 million at June 30, 2024 and December 31, 2023, respectively. Unearned income on consumer loans primarily represents loan origination fees, net of certain direct origination costs, that are deferred and recognized as Interest income over the lives of the related loans. (12) Not included in the balances above is approximately $1 billion and $1 billion of accrued interest receivable at June 30, 2024 and December 31, 2023, respectively, which is included in Other assets on the Consolidated Balance Sheet, except for credit card loans (which include accrued interest and fees). During the three and six months ended June 30, 2024, the Company reversed accrued interest (primarily related to credit cards) of approximately $0.4 billion and $0.8 billion, respectively. During the three and six months ended June 30, 2023, the Company reversed accrued interest (primarily related to credit cards) of approximately $0.3 billion and $0.5 billion, respectively. These reversals of accrued interest are reflected as a reduction to Interest income in the Consolidated Statement of Income. Interest Income Recognized for Non-Accrual Consumer Loans In millions of dollars Three Months Ended June 30, 2024 Three Months Ended June 30, 2023 Six Months Ended June 30, 2024 Six Months Ended June 30, 2023 In North America offices (1) Residential first mortgages $ 2 $ 3 $ 5 $ 6 Home equity loans 2 1 3 3 Credit cards — — — — Personal, small business and other — 1 — 1 Total $ 4 $ 5 $ 8 $ 10 In offices outside North America (1) Residential mortgages $ 3 $ 4 $ 5 $ 5 Credit cards — — — — Personal, small business and other 1 — 1 — Total $ 4 $ 4 $ 6 $ 5 Total Citigroup $ 8 $ 9 $ 14 $ 15 (1) North America includes the U.S., Canada and Puerto Rico. Mexico is included in offices outside North America. During the three and six months ended June 30, 2024, the Company sold and/or reclassified to held-for-sale less than $1 million and $59 million of consumer loans, respectively. During the three and six months ended June 30, 2023, the Company sold and/or reclassified to held-for-sale $2 million and $1,830 million of consumer loans, respectively. The decline was mainly due to the reclassification of a larger mortgage 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 six months ended June 30, 2024 or 2023. 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 June 30, 2024 and December 31, 2023 ($74.7 billion and $77.5 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 (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) June 30, 2024 In millions of dollars Less than 660 Greater Classifiably managed (2) FICO not available (3) Total Residential first mortgages 2024 $ 48 $ 1,068 $ 5,728 2023 204 2,880 13,688 2022 387 3,283 16,506 2021 336 2,906 14,867 2020 250 2,163 12,471 Prior 1,596 5,143 21,546 Total residential first mortgages $ 2,821 $ 17,443 $ 84,806 $ — $ 7,640 $ 112,710 Home equity line of credit (pre-reset) $ 295 $ 816 $ 1,687 Home equity line of credit (post-reset) 62 79 73 Home equity term loans 51 100 122 2024 — — — 2023 — — — 2022 — — — 2021 — — 1 2020 — 1 2 Prior 51 99 119 Total home equity loans $ 408 $ 995 $ 1,882 $ — $ 53 $ 3,338 Credit cards $ 21,559 $ 57,179 $ 79,982 Revolving loans converted to term loans (4) 1,190 560 117 Total credit cards (5) $ 22,749 $ 57,739 $ 80,099 $ — $ 2,271 $ 162,858 Personal, small business and other 2024 $ 25 $ 147 $ 514 2023 133 363 863 2022 167 256 406 2021 39 58 86 2020 4 5 8 Prior 96 158 158 Total personal, small business and other (6)(7) $ 464 $ 987 $ 2,035 $ 26,236 $ 2,753 $ 32,475 Total (8) $ 26,442 $ 77,164 $ 168,822 $ 26,236 $ 12,717 $ 311,381 FICO score distribution—U.S. portfolio (1) December 31, 2023 In millions of dollars Less than 660 Greater Classifiably managed (2) FICO not available (3) Total Residential first mortgages 2023 $ 163 $ 2,758 $ 14,309 2022 339 3,423 16,834 2021 270 3,107 15,094 2020 232 2,143 12,827 2019 138 1,382 6,266 Prior 1,377 4,122 16,164 Total residential first mortgages $ 2,519 $ 16,935 $ 81,494 $ — $ 7,763 $ 108,711 Home equity line of credit (pre-reset) $ 300 $ 905 $ 1,873 Home equity line of credit (post-reset) 61 76 69 Home equity term loans 56 111 136 2023 — — — 2022 — — — 2021 — — 1 2020 2 1 2 2019 — 1 2 Prior 54 109 131 Total home equity loans $ 417 $ 1,092 $ 2,078 $ — $ 5 $ 3,592 Credit cards $ 21,899 $ 57,479 $ 81,168 Revolving loans converted to term loans (4) 1,011 490 108 Total credit cards (5) $ 22,910 $ 57,969 $ 81,276 $ — $ 1,955 $ 164,110 Personal, small business and other 2023 $ 88 $ 343 $ 996 2022 204 351 583 2021 52 83 128 2020 6 9 14 2019 5 7 8 Prior 96 169 168 Total personal, small business and other (6)(7) $ 451 $ 962 $ 1,897 $ 29,209 $ 2,739 $ 35,258 Total $ 26,297 $ 76,958 $ 166,745 $ 29,209 $ 12,462 $ 311,671 (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 $26.2 billion and $29.2 billion of Private Bank loans as of June 30, 2024 and December 31, 2023, respectively, which are classifiably managed within Wealth and are primarily evaluated for credit risk based on their internal risk ratings. As of June 30, 2024 and December 31, 2023, approximately 84% and 92% of these loans, respectively, were rated investment grade. (3) FICO scores not available primarily relates to loans guaranteed by government-sponsored enterprises for which FICO scores are generally not utilized. (4) Not included in the tables above are $33 million and $51 million of revolving credit card loans outside of the U.S. that were converted to term loans as of June 30, 2024 and December 31, 2023, respectively. (5) Excludes $609 million and $610 million of balances related to Canada for June 30, 2024 and December 31, 2023, respectively. (6) Excludes $843 million and $877 million of balances related to Canada for June 30, 2024 and December 31, 2023, respectively. (7) Includes approximately $28 million and $37 million of personal revolving loans that were converted to term loans for June 30, 2024 and December 31, 2023, respectively. (8) Excludes $(38) million of unallocated portfolio layer cumulative basis adjustments at June 30, 2024. Consumer Gross Credit Losses The following tables provide details on gross credit losses recognized during the six months ended June 30, 2024 and 2023, by year of loan origination: In millions of dollars Six Months Ended June 30, 2024 Residential first mortgages 2024 $ — 2023 1 2022 — 2021 — 2020 — Prior 22 Total residential first mortgages $ 23 Home equity line of credit (pre-reset) $ 3 Home equity line of credit (post-reset) 1 Home equity term loans 1 Total home equity loans $ 5 Credit cards $ 4,557 Revolving loans converted to term loans 119 Total credit cards $ 4,676 Personal, small business and other 2024 $ 58 2023 100 2022 95 2021 37 2020 14 Prior 90 Total personal, small business and other $ 394 Total Citigroup $ 5,098 In millions of dollars Six Months Ended Residential first mortgages 2023 $ — 2022 1 2021 — 2020 1 2019 3 Prior 20 Total residential first mortgages $ 25 Home equity line of credit (pre-reset) $ 2 Home equity line of credit (post-reset) — Home equity term loans 1 Total home equity loans $ 3 Credit cards $ 2,925 Revolving loans converted to term loans 87 Total credit cards $ 3,012 Personal, small business and other 2023 $ 69 2022 89 2021 56 2020 23 2019 27 Prior 84 Total personal, small business and other $ 348 Total Citigroup $ 3,388 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 June 30, 2024 In millions of dollars Less than > 80% but less Greater LTV not available (1) Total Residential first mortgages 2024 $ 5,408 $ 1,463 $ — 2023 14,753 2,461 2 2022 18,717 2,445 32 2021 18,620 506 33 2020 15,790 254 1 Prior 30,067 362 26 Total residential first mortgages $ 103,355 $ 7,491 $ 94 $ 1,770 $ 112,710 Home equity loans (pre-reset) $ 2,702 $ 28 $ 50 Home equity loans (post-reset) 460 4 10 Total home equity loans $ 3,162 $ 32 $ 60 $ 84 $ 3,338 Total (2) $ 106,517 $ 7,523 $ 154 $ 1,854 $ 116,048 LTV distribution — U.S. portfolio December 31, 2023 In millions of dollars Less than > 80% but less Greater LTV not available (1) Total Residential first mortgages 2023 $ 13,907 $ 3,769 $ 3 2022 17,736 3,900 52 2021 18,795 728 33 2020 16,094 306 1 2019 8,198 191 26 Prior 23,120 191 23 Total residential first mortgages $ 97,850 $ 9,085 $ 138 $ 1,638 $ 108,711 Home equity loans (pre-reset) $ 2,964 $ 29 $ 57 Home equity loans (post-reset) 476 5 12 Total home equity loans $ 3,440 $ 34 $ 69 $ 49 $ 3,592 Total $ 101,290 $ 9,119 $ 207 $ 1,687 $ 112,303 (1) Residential first mortgages with no LTV information available include government-guaranteed loans that do not require LTV information for credit risk assessment and fair value loans. (2) Excludes $(38) million of unallocated portfolio layer cumulative basis adjustments at June 30, 2024. Loan-to-Value (LTV) Ratios—Outside of U.S. Consumer Mortgages The following tables provide details on the LTV ratios for Citi’s cons |
ALLOWANCE FOR CREDIT LOSSES
ALLOWANCE FOR CREDIT LOSSES | 6 Months Ended |
Jun. 30, 2024 | |
Credit Loss [Abstract] | |
ALLOWANCE FOR CREDIT LOSSES | ALLOWANCE FOR CREDIT LOSSES Three Months Ended June 30, Six Months Ended June 30, In millions of dollars 2024 2023 2024 2023 Allowance for credit losses on loans (ACLL) at beginning of period $ 18,296 $ 17,169 $ 18,145 $ 16,974 Adjustments to opening balance (1) Financial instruments—TDRs and vintage disclosures (1) — — — (352) Adjusted ACLL at beginning of period $ 18,296 $ 17,169 $ 18,145 $ 16,622 Gross credit losses on loans $ (2,715) $ (1,879) $ (5,405) $ (3,513) Gross recoveries on loans 432 375 819 707 Net credit losses on loans (NCLs) $ (2,283) $ (1,504) $ (4,586) $ (2,806) Replenishment of NCLs $ 2,283 $ 1,504 $ 4,586 $ 2,806 Net reserve builds (releases) for loans 136 290 382 687 Net specific reserve builds (releases) for loans (60) (33) (187) 5 Total provision for credit losses on loans (PCLL) $ 2,359 $ 1,761 $ 4,781 $ 3,498 Other, net (see table below) (156) 70 (124) 182 ACLL at end of period $ 18,216 $ 17,496 $ 18,216 $ 17,496 Allowance for credit losses on unfunded lending commitments (ACLUC) at beginning of period (2) $ 1,629 $ 1,959 $ 1,728 $ 2,151 Provision (release) for credit losses on unfunded lending commitments (8) (96) (106) (290) Other, net (2) (1) (3) 1 ACLUC at end of period (2) $ 1,619 $ 1,862 $ 1,619 $ 1,862 Total allowance for credit losses on loans, leases and unfunded lending commitments $ 19,835 $ 19,358 $ 19,835 $ 19,358 Other, net details Three Months Ended June 30, Six Months Ended June 30, In millions of dollars 2024 2023 2024 2023 FX translation and other $ (156) $ 70 $ (124) $ 182 Other, net $ (156) $ 70 $ (124) $ 182 (1) See “Accounting Changes” in Note 1 to the Consolidated Financial Statements in Citi’s 2023 Form 10-K. (2) Represents additional credit loss reserves for unfunded lending commitments and letters of credit recorded in Other liabilities on the Consolidated Balance Sheet. Allowance for Credit Losses on Loans and End-of-Period Loans Three Months Ended June 30, 2024 June 30, 2023 In millions of dollars Corporate Consumer Total Corporate Consumer Total ACLL at beginning of period $ 2,772 $ 15,524 $ 18,296 $ 2,780 $ 14,389 $ 17,169 Charge-offs (129) (2,586) (2,715) (86) (1,793) (1,879) Recoveries 21 411 432 11 364 375 Replenishment of NCLs 108 2,175 2,283 75 1,429 1,504 Net reserve builds (releases) (216) 352 136 (119) 409 290 Net specific reserve builds (releases) (58) (2) (60) (33) — (33) Other (14) (142) (156) 2 68 70 Ending balance $ 2,484 $ 15,732 $ 18,216 $ 2,630 $ 14,866 $ 17,496 Six Months Ended June 30, 2024 June 30, 2023 In millions of dollars Corporate Consumer Total Corporate Consumer Total ACLL at beginning of period $ 2,714 $ 15,431 $ 18,145 $ 2,855 $ 14,119 $ 16,974 Adjustments to opening balance: Financial instruments—TDRs and vintage disclosures (1) — — — — (352) (352) Adjusted ACLL at beginning of period $ 2,714 $ 15,431 $ 18,145 $ 2,855 $ 13,767 $ 16,622 Charge-offs $ (307) $ (5,098) $ (5,405) $ (125) $ (3,388) $ (3,513) Recoveries 35 784 819 28 679 707 Replenishment of NCLs 272 4,314 4,586 97 2,709 2,806 Net reserve builds (releases) (28) 410 382 (209) 896 687 Net specific reserve builds (releases) (189) 2 (187) (28) 33 5 Other (13) (111) (124) 12 170 182 Ending balance $ 2,484 $ 15,732 $ 18,216 $ 2,630 $ 14,866 $ 17,496 June 30, 2024 December 31, 2023 In millions of dollars Corporate Consumer Total Corporate Consumer Total ACLL Collectively evaluated (1) $ 2,313 $ 15,690 $ 18,003 $ 2,352 $ 15,391 $ 17,743 Individually evaluated 171 42 213 362 40 402 Purchased credit deteriorated — — — — — — Total ACLL $ 2,484 $ 15,732 $ 18,216 $ 2,714 $ 15,431 $ 18,145 Loans, net of unearned income Collectively evaluated (1) $ 292,375 $ 385,651 $ 678,026 $ 291,002 $ 388,711 $ 679,713 Individually evaluated 998 60 1,058 1,882 58 1,940 Purchased credit deteriorated — 112 112 — 115 115 Held at fair value 8,232 294 8,526 7,281 313 7,594 Total loans, net of unearned income $ 301,605 $ 386,117 $ 687,722 $ 300,165 $ 389,197 $ 689,362 (1) See “Accounting Changes” in Note 1 to the Consolidated Financial Statements in Citi’s 2023 Form 10-K. 2Q24 Changes in the ACL The total allowance for credit losses on loans, leases and unfunded lending commitments as of June 30, 2024 was $19,835 million, a slight decrease from $19,873 million at December 31, 2023, primarily reflecting an improved macroeconomic outlook, as well as changes in portfolio composition. Consumer ACLL Citi’s total consumer allowance for credit losses on loans (ACLL) as of June 30, 2024 was $15,732 million, an increase from $15,431 million at December 31, 2023. The increase was primarily driven by macroeconomic pressures related to the higher inflationary and interest rate environment. Corporate ACLL Citi’s total corporate ACLL as of June 30, 2024 was $2,484 million, a decrease from $2,714 million at December 31, 2023. The decrease was primarily driven by an improved macroeconomic outlook, as well as changes in portfolio composition. ACLUC As of June 30, 2024, Citi’s total ACLUC, included in Other liabilities , was $1,619 million, a decrease from $1,728 million at December 31, 2023. The decrease was primarily driven by an improved macroeconomic outlook, as well as changes in portfolio composition. 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 $99 million and $95 million as of June 30, 2024 and December 31, 2023, respectively. Allowance for Credit Losses on Other Assets Three Months Ended June 30, 2024 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 $ 28 $ 18 $ 1,676 $ 1,722 Gross credit losses — — (10) (10) Gross recoveries — — 8 8 Net credit losses (NCLs) $ — $ — $ (2) $ (2) Replenishment of NCLs $ — $ — $ 2 $ 2 Net reserve builds (releases) (8) 14 104 110 Total provision for credit losses $ (8) $ 14 $ 106 $ 112 Other, net $ 1 $ 1 $ 77 $ 79 Allowance for credit losses on other assets $ 21 $ 33 $ 1,857 $ 1,911 Six Months Ended June 30, 2024 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 $ 31 $ 27 $ 1,730 $ 1,788 Gross credit losses — — (28) (28) Gross recoveries — — 13 13 Net credit losses (NCLs) $ — $ — $ (15) $ (15) Replenishment of NCLs $ — $ — $ 15 $ 15 Net reserve builds (releases) (11) 5 107 101 Total provision for credit losses $ (11) $ 5 $ 122 $ 116 Other, net $ 1 $ 1 $ 20 $ 22 Allowance for credit losses on other assets $ 21 $ 33 $ 1,857 $ 1,911 (1) Primarily ACL related to transfer risk associated with exposures outside the U.S. driven by safety and soundness considerations under U.S. banking law. Three Months Ended June 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 $ 135 $ 30 $ 363 $ 528 Gross credit losses — — (24) (24) Gross recoveries — — 5 5 Net credit losses (NCLs) $ — $ — $ (19) $ (19) Replenishment of NCLs $ — $ — $ 19 $ 19 Net reserve builds (releases) (114) — 244 130 Total provision for credit losses $ (114) $ — $ 263 $ 149 Other, net $ — $ (4) $ 5 $ 1 Allowance for credit losses on other assets $ 21 $ 26 $ 612 $ 659 Six Months Ended June 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 — — (35) (35) Gross recoveries — — 5 5 Net credit losses (NCLs) $ — $ — $ (30) $ (30) Replenishment of NCLs $ — $ — $ 30 $ 30 Net reserve builds (releases) (29) (3) 576 544 Total provision for credit losses $ (29) $ (3) $ 606 $ 574 Other, net $ (1) $ (7) $ — $ (8) Allowance for credit losses on other assets $ 21 $ 26 $ 612 $ 659 (1) Primarily ACL related to transfer risk associated with exposures outside the U.S. driven by safety and soundness considerations under U.S. banking law. |
GOODWILL AND INTANGIBLE ASSETS
GOODWILL AND INTANGIBLE ASSETS | 6 Months Ended |
Jun. 30, 2024 | |
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 Services Markets (1) Banking (1) USPB Wealth All Other Total Balance at December 31, 2023 $ 2,214 $ 5,870 $ 1,039 $ 5,398 $ 4,469 $ 1,108 $ 20,098 Foreign currency translation (27) (82) 2 23 — 28 (56) Balance at March 31, 2024 $ 2,187 $ 5,788 $ 1,041 $ 5,421 $ 4,469 $ 1,136 $ 20,042 Foreign currency translation (57) (62) (18) (92) (1) (108) (338) Balance at June 30, 2024 $ 2,130 $ 5,726 $ 1,023 $ 5,329 $ 4,468 $ 1,028 $ 19,704 (1) In 2023, goodwill of approximately $537 million was transferred from Banking to Markets related to business realignment. Prior-period amounts have been revised to conform with the current presentation. See Note 3 to the Consolidated Financial Statements in Citi’s 2023 Form 10-K. 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 June 30, 2024. For additional information regarding Citi’s goodwill impairment testing process, see Notes 1 and 17 to the Consolidated Financial Statements in Citi’s 2023 Form 10-K. While the inherent risk of uncertainty is embedded in the key assumptions used in the reporting unit valuations, the economic and business environments continue to evolve as management executes on its transformation and strategy. 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: June 30, 2024 December 31, 2023 In millions of dollars Gross Accumulated Net Gross Accumulated Net Purchased credit card relationships (1) $ 5,302 $ 4,436 $ 866 $ 5,302 $ 4,365 $ 937 Credit card contract-related intangibles (2) 4,177 1,806 2,371 4,177 1,698 2,479 Other customer relationships 325 269 56 363 290 73 Present value of future profits 35 34 1 37 36 1 Indefinite-lived intangible assets 223 — 223 240 — 240 Intangible assets (excluding MSRs) $ 10,062 $ 6,545 $ 3,517 $ 10,119 $ 6,389 $ 3,730 Mortgage servicing rights (MSRs) (3) 709 — 709 691 — 691 Total intangible assets $ 10,771 $ 6,545 $ 4,226 $ 10,810 $ 6,389 $ 4,421 The changes in intangible assets were as follows: In millions of dollars Net carrying amount at December 31, 2023 Acquisitions/renewals/ Amortization Impairments FX translation and other Net carrying amount at June 30, 2024 Purchased credit card relationships (1) $ 937 $ — $ (71) $ — $ — $ 866 Credit card contract-related intangibles (2) 2,479 — (109) — 1 2,371 Other customer relationships 73 — (11) — (6) 56 Present value of future profits 1 — — — — 1 Indefinite-lived intangible assets 240 — — — (17) 223 Intangible assets (excluding MSRs) $ 3,730 $ — $ (191) $ — $ (22) $ 3,517 Mortgage servicing rights (MSRs) (3) 691 709 Total intangible assets $ 4,421 $ 4,226 (1) Reflects intangibles for the value of purchased cardholder relationships, which are discrete from contract-related intangibles. (2) Reflects contract-related intangibles associated with Citi’s credit card program agreements with partners. (3) See Note 21. |
DEPOSITS
DEPOSITS | 6 Months Ended |
Jun. 30, 2024 | |
Banking and Thrift, Interest [Abstract] | |
DEPOSITS | DEPOSITS Deposits consisted of the following: June 30, December 31, In millions of dollars 2024 (1) 2023 Non-interest-bearing deposits in U.S. offices $ 117,607 $ 112,089 Interest-bearing deposits in U.S. offices (including $1,159 and $1,309 as of June 30, 2024 and December 31, 2023, respectively, at fair value) 546,772 576,784 Total deposits in U.S. offices (1) $ 664,379 $ 688,873 Non-interest-bearing deposits in offices outside the U.S. $ 83,150 $ 88,988 Interest-bearing deposits in offices outside the U.S. (including $2,241 and $1,131 as of June 30, 2024 and December 31, 2023, respectively, at fair value) 530,608 530,820 Total deposits in offices outside the U.S. (1) $ 613,758 $ 619,808 Total deposits $ 1,278,137 $ 1,308,681 (1) For information on time deposits that met or exceeded the insured limit at December 31, 2023, see Note 18 to the Consolidated Financial Statements in Citi’s 2023 Form 10-K. For additional information on Citi’s deposits, see Citi’s 2023 Form 10-K. |
DEBT
DEBT | 6 Months Ended |
Jun. 30, 2024 | |
Debt Disclosure [Abstract] | |
DEBT | DEBT For additional information regarding Citi’s short-term borrowings and long-term debt, see Note 19 to the Consolidated Financial Statements in Citi’s 2023 Form 10-K. Short-Term Borrowings In millions of dollars June 30, December 31, Commercial paper Bank (1) $ 11,029 $ 11,116 Broker-dealer and other (2) 7,826 9,106 Total commercial paper $ 18,855 $ 20,222 Other borrowings (3) 19,839 17,235 Total $ 38,694 $ 37,457 (1) Represents Citibank entities as well as other bank entities. (2) Represents broker-dealer and other non-bank subsidiaries that are consolidated into Citigroup Inc., the parent holding company. (3) Includes borrowings from Federal Home Loan Banks and other market participants. At June 30, 2024 and December 31, 2023, collateralized short-term advances from Federal Home Loan Banks were $5.0 billion and $8.0 billion, respectively. Long-Term Debt In millions of dollars June 30, December 31, 2023 Citigroup Inc. (1) $ 163,903 $ 162,309 Bank (2) 32,995 31,673 Broker-dealer and other (3) 83,423 92,637 Total $ 280,321 $ 286,619 (1) Represents the parent holding company. (2) Represents Citibank entities as well as other bank entities. At June 30, 2024 and December 31, 2023, collateralized long-term advances from the Federal Home Loan Banks were $11.5 billion and $11.5 billion, respectively. (3) Represents broker-dealer and other non-bank subsidiaries that are consolidated into Citigroup Inc., the parent holding company. Certain Citigroup consolidated hedging activities are also included in this line. Long-term debt outstanding includes trust preferred securities with a balance sheet carrying value of $1.6 billion at June 30, 2024 and December 31, 2023. The following table summarizes Citi’s outstanding trust preferred securities at June 30, 2024: 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 original contractual spread and a 26.161 bps tenor spread adjustment. |
CHANGES IN ACCUMULATED OTHER CO
CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (AOCI) | 6 Months Ended |
Jun. 30, 2024 | |
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, March 31, 2024 $ (3,644) $ (1,272) $ (914) $ (5,973) $ (33,939) $ (42) $ 55 $ (45,729) Other comprehensive income before reclassifications (24) 254 87 135 (1,634) 4 2 (1,176) Increase (decrease) due to amounts reclassified from AOCI (14) 2 198 44 — (1) (1) 228 Change, net of taxes $ (38) $ 256 $ 285 $ 179 $ (1,634) $ 3 $ 1 $ (948) Balance at June 30, 2024 $ (3,682) $ (1,016) $ (629) $ (5,794) $ (35,573) $ (39) $ 56 $ (46,677) Six Months Ended Balance, December 31, 2023 $ (3,744) $ (709) $ (1,406) $ (6,050) $ (32,885) $ (40) $ 34 $ (44,800) Other comprehensive income before reclassifications 152 (319) 319 163 (2,688) 12 23 (2,338) Increase (decrease) due to amounts reclassified from AOCI (90) 12 458 93 — (11) (1) 461 Change, net of taxes $ 62 $ (307) $ 777 $ 256 $ (2,688) $ 1 $ 22 $ (1,877) Balance at June 30, 2024 $ (3,682) $ (1,016) $ (629) $ (5,794) $ (35,573) $ (39) $ 56 $ (46,677) 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, March 31, 2023 $ (5,162) $ 517 $ (2,161) $ (5,859) $ (32,796) $ (12) $ 32 $ (45,441) Other comprehensive income before reclassifications 133 (613) (206) (170) 23 27 (6) (812) Increase (decrease) due to amounts reclassified from AOCI (7) (6) 377 34 — (10) — 388 Change, net of taxes $ 126 $ (619) $ 171 $ (136) $ 23 $ 17 $ (6) $ (424) Balance at June 30, 2023 $ (5,036) $ (102) $ (1,990) $ (5,995) $ (32,773) $ 5 $ 26 $ (45,865) Six Months Ended 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 988 (940) (200) (302) 864 11 (1) 420 Increase (decrease) due to amounts reclassified from AOCI (26) (4) 732 62 — (14) — 750 Change, net of taxes $ 962 $ (944) $ 532 $ (240) $ 864 $ (3) $ (1) $ 1,170 Balance at June 30, 2023 $ (5,036) $ (102) $ (1,990) $ (5,995) $ (32,773) $ 5 $ 26 $ (45,865) (1) Reflects the after-tax valuation of Citi’s fair value option liabilities. See “Market Valuation Adjustments” in Note 23. (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 movement in (by order of impact) the Mexican peso, Brazilian real, Japanese yen and euro against the U.S. dollar and changes in related tax effects and hedges for the three months ended June 30, 2024. Primarily reflects the movement in (by order of impact) the Mexican peso, Egyptian pound, Brazilian real, euro, Japanese yen, Chilean peso and South Korean won against the U.S. dollar and changes in related tax effects and hedges for the six months ended June 30, 2024. Primarily reflects the movement in (by order of impact) the Mexican peso, Brazilian real, Russian ruble and Japanese yen against the U.S. dollar and changes in related tax effects and hedges for the three months ended June 30, 2023. Primarily reflects the movement in (by order of impact) the Mexican peso, Brazilian real, Polish zloty, Chilean peso, euro, Russian ruble, Japanese yen and South Korean won against the U.S. dollar and changes in related tax effects and hedges for the six months ended June 30, 2023. 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. The balance of the liability for future policyholder benefits, which is recorded within Other Liabilities , for this insurance subsidiary was approximately $474 million and $560 million at June 30, 2024 and June 30, 2023, respectively. (6) See “Accounting Changes” in Note 1 to the Consolidated Financial Statements in Citi’s 2023 Form 10-K. 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 June 30, 2024 Balance, March 31, 2024 $ (53,391) $ 7,662 $ (45,729) Change in net unrealized gains (losses) on debt securities (52) 14 (38) Debt valuation adjustment (DVA) 343 (87) 256 Cash flow hedges 364 (79) 285 Benefit plans 250 (71) 179 Foreign currency translation adjustment (CTA) (1,622) (12) (1,634) Excluded component of fair value hedges 2 1 3 Long-duration insurance contracts 4 (3) 1 Change $ (711) $ (237) $ (948) Balance at June 30, 2024 $ (54,102) $ 7,425 $ (46,677) Six Months Ended June 30, 2024 Balance, December 31, 2023 $ (52,422) $ 7,622 $ (44,800) Change in net unrealized gains (losses) on debt securities 72 (10) 62 DVA (407) 100 (307) Cash flow hedges 1,014 (237) 777 Benefit plans 318 (62) 256 CTA (2,711) 23 (2,688) Excluded component of fair value hedges (2) 3 1 Long-duration insurance contracts 36 (14) 22 Change $ (1,680) $ (197) $ (1,877) Balance at June 30, 2024 $ (54,102) $ 7,425 $ (46,677) In millions of dollars Pretax Tax effect (1) After-tax Three Months Ended June 30, 2023 Balance, March 31, 2023 $ (53,443) $ 8,002 $ (45,441) Change in net unrealized gains (losses) on debt securities 210 (84) 126 DVA (837) 218 (619) Cash flow hedges 233 (62) 171 Benefit plans (156) 20 (136) CTA 15 8 23 Excluded component of fair value hedges 22 (5) 17 Long-duration insurance contracts (8) 2 (6) Change $ (521) $ 97 $ (424) Balance, June 30, 2023 $ (53,964) $ 8,099 $ (45,865) Six Months Ended June 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 1,323 (361) 962 DVA (1,270) 326 (944) Cash flow hedges 712 (180) 532 Benefit plans (312) 72 (240) CTA 803 61 864 Excluded component of fair value hedges (4) 1 (3) Long-duration insurance contracts (2) 1 (1) Change $ 1,250 $ (80) $ 1,170 Balance, June 30, 2023 $ (53,964) $ 8,099 $ (45,865) (1) Income tax effects of these items are released from AOCI contemporaneously with the related gross pretax amount. (2) See Note 1 to the Consolidated Financial Statements in Citi’s 2023 Form 10-K. The Company recognized pretax (gains) losses related to amounts in AOCI reclassified to the Consolidated Statement of Income as follows: Increase (decrease) in AOCI due to amounts reclassified to Three Months Ended June 30, Six Months Ended June 30, In millions of dollars 2024 2023 2024 2023 Realized (gains) losses on sales of investments $ (23) $ (49) $ (138) $ (121) Gross impairment losses 9 43 23 94 Subtotal, pretax $ (14) $ (6) $ (115) $ (27) Tax effect — (1) 25 1 Net realized (gains) losses on investments, after-tax (1) $ (14) $ (7) $ (90) $ (26) Realized DVA (gains) losses on fair value option liabilities, pretax $ 3 $ (7) $ 16 $ (4) Tax effect (1) 1 (4) — Net realized DVA, after-tax $ 2 $ (6) $ 12 $ (4) Interest rate contracts $ 260 $ 495 $ 602 $ 964 Foreign exchange contracts 1 1 2 2 Subtotal, pretax $ 261 $ 496 $ 604 $ 966 Tax effect (63) (119) (146) (234) Amortization of cash flow hedges, after-tax (2) $ 198 $ 377 $ 458 $ 732 Amortization of unrecognized: Prior service cost (benefit) $ (5) $ (5) $ (10) $ (11) Net actuarial loss 64 51 134 100 Curtailment/settlement impact (3) 2 1 2 (4) Subtotal, pretax $ 61 $ 47 $ 126 $ 85 Tax effect (17) (13) (33) (23) Amortization of benefit plans, after-tax (3) $ 44 $ 34 $ 93 $ 62 Excluded component of fair value hedges, pretax $ (1) $ (13) $ (14) $ (19) Tax effect — 3 3 5 Excluded component of fair value hedges, after-tax $ (1) $ (10) $ (11) $ (14) Long-duration contracts, pretax $ (1) $ — $ (1) $ — Tax effect — — — — Long-duration contracts, after-tax $ (1) $ — $ (1) $ — CTA, pretax $ — $ — $ — $ — Tax effect — — — — CTA, after-tax $ — $ — $ — $ — Total amounts reclassified out of AOCI , pretax $ 309 $ 517 $ 616 $ 1,001 Total tax effect (81) (129) (155) (251) Total amounts reclassified out of AOCI , after-tax $ 228 $ 388 $ 461 $ 750 (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 13. (2) See Note 22. (3) See Note 8. |
PREFERRED STOCK
PREFERRED STOCK | 6 Months Ended |
Jun. 30, 2024 | |
Stockholders' Equity Note [Abstract] | |
PREFERRED STOCK | PREFERRED STOCK The following table summarizes the Company’s preferred stock outstanding: Dividend rate as of June 30, 2024 Redemption Carrying value (in millions of dollars) Issuance date Redeemable by issuer beginning Number June 30, December 31, Series D (1) April 30, 2013 May 15, 2023 N/A $ 1,000 1,250,000 $ — $ 1,250 Series J (2) September 19, 2013 September 30, 2023 N/A 25 22,000,000 — 550 Series M (3) April 30, 2014 May 15, 2024 3-mo. SOFR+ 3.68461 1,000 1,750,000 1,750 1,750 Series P (4) April 24, 2015 May 15, 2025 5.950 % 1,000 2,000,000 2,000 2,000 Series T (5) April 25, 2016 August 15, 2026 6.250 1,000 1,500,000 1,500 1,500 Series U (6) September 12, 2019 September 12, 2024 5.000 1,000 1,500,000 1,500 1,500 Series V (7) January 23, 2020 January 30, 2025 4.700 1,000 1,500,000 1,500 1,500 Series W (8) December 10, 2020 December 10, 2025 4.000 1,000 1,500,000 1,500 1,500 Series X (9) February 18, 2021 February 18, 2026 3.875 1,000 2,300,000 2,300 2,300 Series Y (10) October 27, 2021 November 15, 2026 4.150 1,000 1,000,000 1,000 1,000 Series Z (11) March 7, 2023 May 15, 2028 7.375 1,000 1,250,000 1,250 1,250 Series AA (12) September 21, 2023 November 15, 2028 7.625 1,000 1,500,000 1,500 1,500 Series BB (13) March 6, 2024 May 15, 2029 7.200 1,000 550,000 550 — Series CC (14) May 29, 2024 August 15, 2029 7.125 1,000 1,750,000 1,750 — $ 18,100 $ 17,600 Note: On July 30, 2024, Citi issued $1.5 billion of preferred stock Series DD. (1) Citi redeemed Series D in its entirety on May 15, 2024. (2) Citi redeemed the remaining Series J in its entirety on March 29, 2024. (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. 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. The spread incorporates the original contractual spread and a 0.26161% tenor spread adjustment. As previously announced, Citi will be redeeming Series M in its entirety on August 15, 2024. (4) 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. (5) 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. (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 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. (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 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. (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 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. (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 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. (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 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. (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 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. (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 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. (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, May 15, 2029, 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, August 15, 2029, 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 | 6 Months Ended |
Jun. 30, 2024 | |
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 23 to the Consolidated Financial Statements in Citi’s 2023 Form 10-K. Citigroup’s involvement with consolidated and unconsolidated VIEs with which the Company holds significant variable interests or has continuing involvement through servicing a majority of the assets in a VIE is presented below: As of June 30, 2024 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 $ 29,915 $ 29,915 $ — $ — $ — $ — $ — $ — Mortgage securitizations (4) U.S. agency-sponsored 113,959 — 113,959 2,501 — — 130 2,631 Non-agency-sponsored 59,901 — 59,901 3,299 — 157 — 3,456 Citi-administered asset-backed commercial paper conduits 20,413 20,093 320 3 — 34 — 37 Collateralized loan obligations (CLOs) 4,932 — 4,932 1,924 — — — 1,924 Asset-based financing (5) 211,948 8,502 203,446 47,104 831 13,233 — 61,168 Municipal securities tender option bond trusts (TOBs) 1,025 1,025 — — — — — — Municipal investments 20,528 3 20,525 2,333 2,611 2,459 — 7,403 Client intermediation 388 79 309 28 — — 45 73 Investment funds 632 65 567 4 13 94 — 111 Total $ 463,641 $ 59,682 $ 403,959 $ 57,196 $ 3,455 $ 15,977 $ 175 $ 76,803 As of December 31, 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 $ 31,852 $ 31,852 $ — $ — $ — $ — $ — $ — Mortgage securitizations (4) U.S. agency-sponsored 123,787 — 123,787 2,332 — — 136 2,468 Non-agency-sponsored 64,963 — 64,963 3,751 — 129 — 3,880 Citi-administered asset-backed commercial paper conduits 21,097 21,097 — — — — — — Collateralized loan obligations (CLOs) 5,562 — 5,562 2,344 — — — 2,344 Asset-based financing (5) 204,680 12,197 192,483 48,187 902 13,655 — 62,744 Municipal securities tender option bond trusts (TOBs) 1,493 883 610 12 — 417 — 429 Municipal investments 21,317 3 21,314 2,243 2,779 2,587 — 7,609 Client intermediation 368 86 282 37 — — — 37 Investment funds 545 70 475 3 10 95 — 108 Total $ 475,664 $ 66,188 $ 409,476 $ 58,909 $ 3,691 $ 16,883 $ 136 $ 79,619 (1) The definition of maximum exposure to loss is included in the text that follows this table. (2) Included on Citigroup’s June 30, 2024 and December 31, 2023 Consolidated Balance Sheet. (3) A significant unconsolidated VIE is an entity in which the Company has any variable interest or continuing involvement considered to be significant, regardless of the likelihood of loss. (4) Citigroup mortgage securitizations also include agency and non-agency (private label) re-securitization activities. These SPEs are not consolidated. See “Re-securitizations” below for further discussion. (5) Included within this line are loans to third-party-sponsored private equity funds, which represent $6 billion and $6 billion in unconsolidated VIE assets and $245 million and $282 million in maximum exposure to loss as of June 30, 2024 and December 31, 2023, 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 June 30, 2024 and December 31, 2023, the Company’s maximum exposure to loss related to these transactions was $6.6 billion and $8.5 billion, respectively (see Note 14 and Note 28 to the Consolidated Financial Statements in Citi’s 2023 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 13 and 22 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. June 30, 2024 December 31, In millions of dollars (Unaudited) 2023 Assets of consolidated VIEs to be used to settle obligations of consolidated VIEs Cash and due from banks $ 71 $ 44 Trading account assets 7,920 11,350 Investments 923 767 Loans, net of unearned income Consumer 32,956 35,141 Corporate 20,213 21,207 Loans, net of unearned income $ 53,169 $ 56,348 Allowance for credit losses on loans (ACLL) (2,558) (2,481) Total loans, net $ 50,611 $ 53,867 Other assets 157 160 Total assets of consolidated VIEs to be used to settle obligations of consolidated VIEs $ 59,682 $ 66,188 June 30, 2024 December 31, In millions of dollars (Unaudited) 2023 Liabilities of consolidated VIEs for which creditors or beneficial interest holders Short-term borrowings $ 9,754 $ 9,692 Long-term debt 6,085 8,443 Other liabilities 1,438 927 Total liabilities of consolidated VIEs for which creditors or beneficial interest holders $ 17,277 $ 19,062 Funding Commitments for Significant Unconsolidated VIEs—Liquidity Facilities and Loan Commitments The following table presents the notional amount of liquidity facilities and loan commitments that are classified as funding commitments in the VIE tables above: June 30, 2024 December 31, 2023 In millions of dollars Liquidity Loan/equity Liquidity Loan/equity Non-agency-sponsored mortgage securitizations $ — $ 157 $ — $ 129 Citi-administered asset-backed commercial paper conduits — 34 — — Asset-based financing — 13,233 — 13,655 Municipal securities tender option bond trusts (TOBs) — — 417 — Municipal investments — 2,459 — 2,587 Investment funds — 94 — 95 Other — — — — Total funding commitments $ — $ 15,977 $ 417 $ 16,466 Significant Interests in Unconsolidated VIEs—Balance Sheet Classification The following table presents the carrying amounts and classification of significant variable interests in unconsolidated VIEs: In billions of dollars June 30, 2024 December 31, 2023 Cash $ — $ — Trading account assets 3.9 1.9 Investments 5.0 8.3 Total loans, net of allowance 51.1 51.8 Other 0.6 0.6 Total assets $ 60.6 $ 62.6 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 23 to the Consolidated Financial Statements in Citi’s 2023 Form 10-K. There were no material cash flows arising from either proceeds from new securitizations or paydowns of maturing notes during the six months ended June 30, 2024 and 2023. Mortgage Securitizations The following tables summarize selected cash flow information and retained interests related to Citigroup mortgage securitizations: Three Months Ended June 30, 2024 2023 In billions of dollars U.S. agency- Non-agency- U.S. agency- Non-agency- Principal securitized $ 1.5 $ 3.0 $ 1.6 $ 1.0 Proceeds from new securitizations 1.5 2.7 1.6 0.9 Contractual servicing fees received — — — — Cash flows received on retained interests and other net cash flows — — — 0.1 Purchases of previously transferred financial assets — — — — Six Months Ended June 30, 2024 2023 In billions of dollars U.S. agency- Non-agency- U.S. agency- Non-agency- Principal securitized $ 3.0 $ 4.1 $ 2.3 $ 2.3 Proceeds from new securitizations 3.0 3.7 2.4 2.0 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 — — — — Note: Excludes re-securitization transactions. Gains recognized on the securitization of U.S. agency-sponsored mortgages were less than $1 million for the three and six months ended June 30, 2024. Gains recognized on the securitization of non-agency-sponsored mortgages were $45.5 million and $82.0 million for the three and six months ended June 30, 2024, respectively. Gains recognized on the securitization of U.S. agency-sponsored mortgages were less than $1 million for the three and six months ended June 30, 2023. Gains recognized on the securitization of non-agency-sponsored mortgages were $11.3 million and $13.7 million for the three and six months ended June 30, 2023, respectively. June 30, 2024 December 31, 2023 Non-agency-sponsored mortgages (1) Non-agency-sponsored mortgages (1) In millions of dollars U.S. agency- Senior Subordinated U.S. agency- Senior Subordinated Carrying value of retained interests (2) $ 709 $ 855 $ 1,014 $ 689 $ 943 $ 963 (1) Disclosure of non-agency-sponsored mortgages as senior and subordinated interests is indicative of the interests’ position in the capital structure of the securitization. (2) Retained interests consist of Level 2 and Level 3 assets depending on the observability of significant inputs. See Note 23 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 June 30, Six Months Ended June 30, In billions of dollars, except liquidation losses in millions Jun. 30, 2024 Dec. 31, 2023 Jun. 30, 2024 Dec. 31, 2023 2024 2023 2024 2023 Securitized assets Residential mortgages (1) $ 28.2 $ 28.2 $ 0.3 $ 0.5 $ 0.5 $ 2.3 $ 1.2 $ 4.6 Commercial and other 29.5 29.9 — — — — — — Total $ 57.7 $ 58.1 $ 0.3 $ 0.5 $ 0.5 $ 2.3 $ 1.2 $ 4.6 (1) Securitized assets include $0.1 billion of personal loan securitizations as of June 30, 2024. Mortgage Servicing Rights (MSRs) The fair value of Citi’s capitalized MSRs was $709 million and $681 million at June 30, 2024 and 2023, respectively. The MSRs correspond to principal loan balances of $53 billion and $51 billion as of June 30, 2024 and 2023, respectively. The following table summarizes the changes in capitalized MSRs: Three Months Ended June 30, Six Months Ended June 30, In millions of dollars 2024 2023 2024 2023 Balance, beginning of period $ 702 $ 658 $ 691 $ 665 Originations 19 19 36 31 Changes in fair value of MSRs due to changes in inputs and assumptions 5 22 17 19 Other changes (1) (17) (18) (35) (34) Balance, as of June 30 $ 709 $ 681 $ 709 $ 681 (1) Represents changes due to customer payments. The fair value of the MSRs is primarily affected by changes in prepayments of mortgages that result from shifts in mortgage interest rates. Specifically, higher interest rates tend to lead to declining prepayments, which causes the fair value of the MSRs to increase. In managing this risk, Citigroup economically hedges a significant portion of the value of its MSRs through the use of interest rate derivative contracts, forward purchase and sale commitments of mortgage-backed securities and purchased securities, all classified as Trading account assets . The Company receives fees during the course of servicing previously securitized mortgages. The amounts of these fees were as follows: Three Months Ended June 30, Six Months Ended June 30, In millions of dollars 2024 2023 2024 2023 Servicing fees $ 33 $ 32 $ 65 $ 65 Late fees 1 1 1 2 Total MSR fees $ 34 $ 33 $ 66 $ 67 In the Consolidated Statement of Income these fees are primarily classified as Commissions and fees , and changes in MSR fair values are classified as Other revenue . Re-securitizations The Company engages in re-securitization transactions in which debt securities are transferred to a VIE in exchange for new beneficial interests. Citi did not transfer non-agency (private label) securities to re-securitization entities during the three months ended June 30, 2024 and 2023. These securities are backed by either residential or commercial mortgages and are often structured on behalf of clients. As of June 30, 2024 and December 31, 2023, Citi held no retained interests in private label re-securitization transactions structured by Citi. The Company also re-securitizes U.S. government-agency-guaranteed mortgage-backed (agency) securities. During the three and six months ended June 30, 2024, Citi transferred agency securities with a fair value of approximately $6.3 billion and $10.7 billion to re-securitization entities, compared to approximately $3.3 billion and $8.6 billion for the three and six months ended June 30, 2023, respectively. As of June 30, 2024, the fair value of Citi-retained interests in agency re-securitization transactions structured by Citi totaled approximately $1.8 billion (including $942 million related to re-securitization transactions executed in 2024), compared to $1.7 billion as of December 31, 2023 (including $930 million related to re-securitization transactions executed in 2023), which is recorded in Trading account assets . The original fair values of agency re-securitization transactions in which Citi holds a retained interest as of June 30, 2024 and December 31, 2023 were approximately $73.1 billion and $84.1 billion, respectively. As of June 30, 2024 and December 31, 2023, the Company did not consolidate any private label or agency re-securitization entities. Citi-Administered Asset-Backed Commercial Paper Conduits At June 30, 2024 and December 31, 2023, the commercial paper conduits administered by Citi had approximately $20.1 billion and $21.1 billion of purchased assets outstanding, and unfunded commitments with clients of approximately $16.3 billion and $16.7 billion, respectively. Substantially all of the funding of the conduits is in the form of short-term commercial paper. At June 30, 2024 and December 31, 2023, the weighted-average remaining maturities of the commercial paper issued by the conduits were approximately 80 and 68 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 $2.0 billion and $2.1 billion as of June 30, 2024 and December 31, 2023, respectively. The net result across multi-seller conduits administered by the Company is that, in the event that defaulted assets exceed the transaction-specific credit enhancement described above, any losses in each conduit are allocated first to the Company and then to the commercial paper investors. At June 30, 2024 and December 31, 2023, the Company owned $9.3 billion and $10.1 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 June 30, 2024 and December 31, 2023, none of the municipal bonds owned by non-customer TOB trusts were subject to a credit guarantee provided by the Company. The Company 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 $0.7 billion and $1.2 billion as of June 30, 2024 and December 31, 2023, 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. June 30, 2024 December 31, 2023 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 $ 42,185 $ 8,327 $ 42,869 $ 8,831 Corporate loans 37,755 20,631 27,903 18,546 Other (including investment funds, airlines and shipping) 123,506 32,210 121,711 35,367 Total $ 203,446 $ 61,168 $ 192,483 $ 62,744 |
DERIVATIVES
DERIVATIVES | 6 Months Ended |
Jun. 30, 2024 | |
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 24 to the Consolidated Financial Statements in Citi’s 2023 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 presented below do not reflect the netting of offsetting trades. For example, if Citi enters into a receive-fixed interest rate swap with $100 million notional, and offsets this risk with an identical but opposite pay-fixed position with a different counterparty, $200 million in derivative notionals is reported, although these offsetting positions may result in de minimis overall market risk. In addition, aggregate derivative notional amounts can fluctuate from period to period in the normal course of business based on Citi’s market share, levels of client activity and other factors. Derivative Notionals Hedging instruments under ASC 815 Trading derivative instruments In millions of dollars June 30, December 31, June 30, December 31, Interest rate contracts Swaps $ 272,320 $ 277,003 $ 20,423,966 $ 17,077,712 Futures and forwards — — 3,490,013 3,022,127 Written options — — 2,584,344 2,753,912 Purchased options — — 2,439,595 2,687,662 Total interest rate contracts $ 272,320 $ 277,003 $ 28,937,918 $ 25,541,413 Foreign exchange contracts Swaps $ 35,709 $ 45,851 $ 8,298,674 $ 7,943,054 Futures, forwards and spot 49,400 49,779 4,822,868 3,737,063 Written options — — 1,082,059 778,397 Purchased options — — 1,081,014 771,134 Total foreign exchange contracts $ 85,109 $ 95,630 $ 15,284,615 $ 13,229,648 Equity contracts Swaps $ — $ — $ 293,394 $ 317,117 Futures and forwards — — 78,102 72,592 Written options — — 539,076 544,315 Purchased options — — 406,813 428,949 Total equity contracts $ — $ — $ 1,317,385 $ 1,362,973 Commodity and other contracts Swaps $ — $ — $ 77,801 $ 82,009 Futures and forwards 3,093 1,750 167,194 161,811 Written options — — 59,172 49,555 Purchased options — — 58,359 46,742 Total commodity and other contracts $ 3,093 $ 1,750 $ 362,526 $ 340,117 Credit derivatives (1) Protection sold $ — $ — $ 483,472 $ 496,699 Protection purchased — — 562,640 567,627 Total credit derivatives $ — $ — $ 1,046,112 $ 1,064,326 Total derivative notionals $ 360,522 $ 374,383 $ 46,948,556 $ 41,538,477 (1) Credit derivatives are arrangements designed to allow one party (protection purchaser) to transfer the credit risk of a “reference asset” to another party (protection seller). These arrangements allow a protection seller to assume the credit risk associated with the reference asset without directly purchasing that asset. The Company enters into credit derivative positions for purposes such as risk management, yield enhancement, reduction of credit concentrations and diversification of overall risk. The following tables present the gross and net fair values of the Company’s derivative transactions and the related offsetting amounts as of June 30, 2024 and December 31, 2023. 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 in the Company’s balance sheet presentation, 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 June 30, 2024 Assets Liabilities Derivatives instruments designated as ASC 815 hedges Over-the-counter $ 413 $ 109 Cleared 148 37 Interest rate contracts $ 561 $ 146 Over-the-counter $ 1,255 $ 457 Cleared — — Foreign exchange contracts $ 1,255 $ 457 Total derivatives instruments designated as ASC 815 hedges $ 1,816 $ 603 Derivatives instruments not designated as ASC 815 hedges Over-the-counter $ 103,659 $ 94,866 Cleared 39,757 40,710 Exchange traded 89 65 Interest rate contracts $ 143,505 $ 135,641 Over-the-counter $ 136,114 $ 128,529 Cleared 543 603 Exchange traded 5 1 Foreign exchange contracts $ 136,662 $ 129,133 Over-the-counter $ 18,741 $ 31,341 Cleared 2 52 Exchange traded 33,635 33,051 Equity contracts $ 52,378 $ 64,444 Over-the-counter $ 12,688 $ 14,518 Exchange traded 670 870 Commodity and other contracts $ 13,358 $ 15,388 Over-the-counter $ 6,371 $ 5,995 Cleared 1,772 1,735 Credit derivatives $ 8,143 $ 7,730 Total derivatives instruments not designated as ASC 815 hedges $ 354,046 $ 352,336 Total derivatives $ 355,862 $ 352,939 Less: Netting agreements (3) $ (277,223) $ (277,223) Less: Netting cash collateral received/paid (4) (25,575) (28,644) Net receivables/payables included on the Consolidated Balance Sheet (5) $ 53,064 $ 47,072 Additional amounts subject to an enforceable master netting agreement, Less: Cash collateral received/paid $ (558) $ (380) Less: Non-cash collateral received/paid (2,367) (10,060) Total net receivables/payables (5) $ 50,139 $ 36,632 (1) The derivatives fair values are also presented in Note 23. (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 $204 billion, $40 billion and $33 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 with appropriate legal opinion supporting enforceability of netting. 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, 2023 Assets Liabilities Derivatives instruments designated as ASC 815 hedges Over-the-counter $ 458 $ 5 Cleared 99 121 Interest rate contracts $ 557 $ 126 Over-the-counter $ 1,690 $ 1,732 Cleared — — Foreign exchange contracts $ 1,690 $ 1,732 Total derivatives instruments designated as ASC 815 hedges $ 2,247 $ 1,858 Derivatives instruments not designated as ASC 815 hedges Over-the-counter $ 113,993 $ 105,512 Cleared 43,858 47,462 Exchange traded 86 86 Interest rate contracts $ 157,937 $ 153,060 Over-the-counter $ 157,633 $ 155,027 Cleared 368 420 Exchange traded 3 22 Foreign exchange contracts $ 158,004 $ 155,469 Over-the-counter $ 19,515 $ 25,425 Cleared — — Exchange traded 23,763 22,521 Equity contracts $ 43,278 $ 47,946 Over-the-counter $ 16,921 $ 18,086 Exchange traded 648 710 Commodity and other contracts $ 17,569 $ 18,796 Over-the-counter $ 6,094 $ 6,293 Cleared 2,245 1,789 Credit derivatives $ 8,339 $ 8,082 Total derivatives instruments not designated as ASC 815 hedges $ 385,127 $ 383,353 Total derivatives $ 387,374 $ 385,211 Less: Netting agreements (3) $ (308,431) $ (308,431) Less: Netting cash collateral received/paid (4) (21,226) (26,101) Net receivables/payables included on the Consolidated Balance Sheet (5) $ 57,717 $ 50,679 Additional amounts subject to an enforceable master netting agreement, Less: Cash collateral received/paid $ (563) $ (348) Less: Non-cash collateral received/paid (5,208) (12,504) Total net receivables/payables (5) $ 51,946 $ 37,827 (1) The derivatives fair values are also presented in Note 23. (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 $242 billion, $44 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 with appropriate legal opinion supporting enforceability of netting. 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 $10 billion of derivative liability fair values not subject to enforceable master netting agreements, respectively. For the three and six months ended June 30, 2024 and 2023, 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: Gains (losses) included in Three Months Ended June 30, Six Months Ended June 30, In millions of dollars 2024 2023 2024 2023 Interest rate contracts $ (8) $ (22) $ (44) $ (34) Foreign exchange (136) (6) (122) (64) Total $ (144) $ (28) $ (166) $ (98) Fair Value Hedges For additional information regarding Citi’s fair value hedges, see Note 24 to the Consolidated Financial Statements in Citi’s 2023 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 June 30, Six Months Ended June 30, 2024 2023 2024 2023 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 Interest rate hedges $ — $ (436) $ — $ (491) $ — $ (1,040) $ — $ (492) Foreign exchange hedges 145 — 738 — 74 — 1,286 — Commodity hedges (2) (289) — 183 — 1,231 — (325) — Total gain (loss) on the hedging derivatives included in assessment of the effectiveness of fair value hedges $ (144) $ (436) $ 921 $ (491) $ 1,305 $ (1,040) $ 961 $ (492) Gain (loss) on the hedged item in designated and qualifying Interest rate hedges $ — $ 448 $ — $ 488 $ — $ 1,068 $ — $ 481 Foreign exchange hedges (145) — (738) — (74) — (1,286) — Commodity hedges (2) 289 — (183) — (1,231) — 325 — Total gain (loss) on the hedged item in designated and qualifying fair value hedges $ 144 $ 448 $ (921) $ 488 $ (1,305) $ 1,068 $ (961) $ 481 Net gain (loss) on the hedging derivatives excluded from assessment of the effectiveness of fair value hedges Interest rate hedges $ — $ — $ — $ — $ — $ — $ — $ — Foreign exchange hedges (3) 32 — 2 — 3 — 24 — Commodity hedges (2)(4) 70 — 52 — 167 — 101 — Total net gain (loss) on the hedging derivatives excluded from assessment of the effectiveness of fair value hedges $ 102 $ — $ 54 $ — $ 170 $ — $ 125 $ — (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) The gain (loss) amounts for commodity hedges are included in Principal transactions. (3) 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 $2 million and $22 million for the three months ended June 30, 2024 and 2023, respectively. (4) 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 or recorded in AOCI under the amortization approach. The quarter ended June 30, 2024 includes gain (loss) of approximately $51 million and $19 million under the mark-to-market approach and amortization approach, respectively. The quarter ended June 30, 2023 includes gain (loss) of approximately $41 million and $11 million under the mark-to-market approach and amortization approach, respectively. Cumulative Basis Adjustment Upon electing to apply ASC 815 fair value hedge accounting, the carrying value of the hedged item is adjusted to reflect the cumulative changes in the hedged risk. This cumulative 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 June 30, 2024 and December 31, 2023, 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 June 30, 2024 Debt securities AFS (2)(6) $ 98,577 $ (1,096) $ (249) Consumer loans (3) 55,577 (38) — Corporate loans (4) 5,387 (23) (29) Long-term debt 141,883 (1,628) (5,153) As of December 31, 2023 Debt securities AFS (5)(6) $ 111,886 $ (925) $ (282) Corporate loans (7) 4,968 93 (3) Long-term debt 141,449 (908) (5,160) (1) Excludes physical commodities inventories with a carrying value of approximately $7 billion and $8 billion as of June 30, 2024 and December 31, 2023, respectively, which includes cumulative basis adjustments of approximately $(0.2) billion and $1.2 billion, respectively, for active hedges. (2) These amounts include a cumulative basis adjustment of $(213) million for active hedges and $(23) million for de-designated hedges as of June 30, 2024, related to certain prepayable financial assets previously designated as the hedged item in a fair value hedge using the portfolio layer approach. The Company designated approximately $21 billion as the hedged amount (from a closed portfolio of financial assets with a carrying value of $30 billion as of June 30, 2024) in a portfolio layer hedging relationship. (3) All hedged consumer loans are designated in a fair value hedge using the portfolio layer approach. The Company designated approximately $14.9 billion as the hedged amount (from a closed portfolio of financial assets with a carrying value of $56 billion as of June 30, 2024). (4) All hedged corporate loans are designated in a fair value hedge using the portfolio layer approach. The Company designated approximately $3.9 billion as the hedged amount (from a closed portfolio of financial assets with a carrying value of $5.4 billion as of June 30, 2024). (5) These amounts include a cumulative basis adjustment of $248 million for active hedges and $(51) million for de-designated hedges as of December 31, 2023, related to certain prepayable financial assets previously designated as the hedged item in a fair value hedge using the portfolio layer approach. The Company designated approximately $14 billion as the hedged amount (from a closed portfolio of prepayable financial assets with a carrying value of $28 billion as of December 31, 2023) in a portfolio layer hedging relationship. (6) Carrying amount represents the amortized cost. (7) All hedged corporate loans are designated in a fair value hedge using the portfolio layer approach. The Company designated approximately $3.6 billion as the hedged amount (from a closed portfolio of financial assets with a carrying value of $5.0 billion as of December 31, 2023). 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 pretax change in AOCI from cash flow hedges is presented below: Three Months Ended June 30, Six Months Ended June 30, In millions of dollars 2024 2023 2024 2023 Amount of gain (loss) recognized in AOCI on derivatives Interest rate contracts $ 34 $ (280) $ 340 $ (259) Foreign exchange contracts (2) 17 (1) 5 Total gain (loss) recognized in AOCI $ 32 $ (263) $ 339 $ (254) Other Net Other Other Net interest Other Net Amount of gain (loss) reclassified from AOCI to earnings (1) Interest rate contracts $ — $ (260) $ — $ (495) $ — $ (602) $ — $ (964) Foreign exchange contracts (1) — (1) — (2) — (2) — Total gain (loss) reclassified from AOCI into earnings $ (1) $ (260) $ (1) $ (495) $ (2) $ (602) $ (2) $ (964) Net pretax change in cash flow hedges included within AOCI $ 293 $ 233 $ 943 $ 712 (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. The net gain (loss) associated with cash flow hedges expected to be reclassified from AOCI within 12 months of June 30, 2024 is approximately $(0.5) billion. The maximum length of time over which forecasted cash flows are hedged is 14 years. The after-tax impact of cash flow hedges on AOCI is presented in Note 19. 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 $1,057 million and $1,250 million for the three and six months ended June 30, 2024 and $(272) million and $(948) million for the three and six months ended June 30, 2023, respectively. Credit Derivatives The following tables summarize the key characteristics of Citi’s credit derivatives portfolio by counterparty and derivative form: Fair values Notionals In millions of dollars at June 30, 2024 Receivable (1) Payable (2) Protection Protection By instrument Credit default swaps and options $ 7,118 $ 7,221 $ 522,912 $ 476,386 Total return swaps and other 1,025 509 39,728 7,086 Total by instrument $ 8,143 $ 7,730 $ 562,640 $ 483,472 By rating of reference entity Investment grade $ 4,057 $ 3,694 $ 432,898 $ 378,988 Non-investment grade 4,086 4,036 129,742 104,484 Total by rating of reference entity $ 8,143 $ 7,730 $ 562,640 $ 483,472 By maturity Within 1 year $ 988 $ 1,336 $ 170,278 $ 147,932 From 1 to 5 years 5,680 5,071 346,319 310,789 After 5 years 1,475 1,323 46,043 24,751 Total by maturity $ 8,143 $ 7,730 $ 562,640 $ 483,472 (1) The fair value amount receivable is composed of $3,329 million under protection purchased and $4,814 million under protection sold. (2) The fair value amount payable is composed of $5,586 million under protection purchased and $2,144 million under protection sold. Fair values Notionals In millions of dollars at December 31, 2023 Receivable (1) Payable (2) Protection Protection By instrument Credit default swaps and options $ 7,686 $ 7,243 $ 539,522 $ 491,514 Total return swaps and other 653 839 28,105 5,185 Total by instrument $ 8,339 $ 8,082 $ 567,627 $ 496,699 By rating of reference entity Investment grade $ 4,282 $ 4,138 $ 444,989 $ 393,115 Non-investment grade 4,057 3,944 122,638 103,584 Total by rating of reference entity $ 8,339 $ 8,082 $ 567,627 $ 496,699 By maturity Within 1 year $ 986 $ 1,713 $ 155,910 $ 128,874 From 1 to 5 years 5,816 4,939 366,156 337,583 After 5 years 1,537 1,430 45,561 30,242 Total by maturity $ 8,339 $ 8,082 $ 567,627 $ 496,699 (1) The fair value amount receivable is composed of $2,770 million under protection purchased and $5,569 million under protection sold. (2) The fair value amount payable is composed of $6,097 million under protection purchased and $1,985 million under protection sold. Credit Risk-Related Contingent Features in Derivatives Certain derivative instruments contain provisions that require the Company to either post additional collateral or immediately settle any outstanding liability balances upon the occurrence of a specified event related to the credit risk of the Company. These events, which are defined by the existing derivative contracts, are primarily downgrades in the credit ratings of the Company and its affiliates. The fair value (excluding CVA) of all derivative instruments with credit risk-related contingent features that were in a net liability position at June 30, 2024 and December 31, 2023 was $15 billion and $15 billion, respectively. The Company posted $13 billion and $12 billion as collateral for this exposure in the normal course of business as of June 30, 2024 and December 31, 2023, respectively. A downgrade could trigger additional collateral or cash settlement requirements for the Company and certain affiliates. In the event that Citigroup and Citibank were downgraded a single notch by all three major rating agencies as of June 30, 2024, the Company could be required to post an additional $0.2 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 $14 million upon the single notch downgrade, resulting in aggregate cash obligations and collateral requirements of approximately $0.2 billion. Derivatives Accompanied by Financial Asset Transfers For transfers of financial assets accounted for as a sale by the Company, and for which the Company has retained substantially all of the economic exposure to the transferred asset through a total return swap executed with the same counterparty in contemplation of the initial sale (and still outstanding), the asset amounts derecognized and the gross cash proceeds received as of the date of derecognition were $6.1 billion and $4.3 billion as of June 30, 2024 and December 31, 2023, respectively. At June 30, 2024, the fair value of these previously derecognized assets was $5.7 billion. The fair value of the total return swaps as of June 30, 2024 was $89 million recorded as gross derivative assets and $46 million recorded as gross derivative liabilities. At December 31, 2023, the fair value of these previously derecognized assets was $4.3 billion, and the fair value of the total return swaps was $121 million recorded as gross derivative assets and $29 million recorded as gross derivative liabilities. The balances for the total return swaps are on a gross basis, before the application of counterparty and cash collateral netting, and are included primarily as equity derivatives in the tabular disclosures in this Note. |
FAIR VALUE MEASUREMENT
FAIR VALUE MEASUREMENT | 6 Months Ended |
Jun. 30, 2024 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE MEASUREMENT | FAIR VALUE MEASUREMENT For additional information regarding fair value measurement at Citi, see Note 26 to the Consolidated Financial Statements in Citi’s 2023 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 value drivers are observable in the market. • Level 3: Valuations derived from valuation techniques in which one or more significant inputs or 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 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 on 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 June 30, 2024 and December 31, 2023: Credit and funding In millions of dollars June 30, December 31, Counterparty CVA $ (519) $ (580) Asset FVA (466) (562) Citigroup (own credit) CVA 345 381 Liability FVA 226 255 Total CVA and FVA—derivative instruments $ (414) $ (506) The table below summarizes pretax gains (losses) related to changes in CVA on derivative instruments, net of hedges, FVA on derivatives and debt valuation adjustments (DVA) on Citi’s own fair value option (FVO) liabilities for the periods indicated: Credit/funding/debt valuation Three Months Ended June 30, Six Months Ended June 30, In millions of dollars 2024 2023 2024 2023 Counterparty CVA $ (25) $ 4 $ (17) $ (30) Asset FVA 2 100 86 94 Own credit CVA 6 (114) (46) (149) Liability FVA 27 (17) (30) (44) Total CVA and FVA—derivative instruments $ 10 $ (27) $ (7) $ (129) DVA related to own FVO liabilities (1) $ 343 $ (837) $ (407) $ (1,270) Total CVA, DVA and FVA $ 353 $ (864) $ (414) $ (1,399) (1) See Note 21 to the Consolidated Financial Statements in Citi’s 2023 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 June 30, 2024 and December 31, 2023. The Company may hedge positions that have been classified in the Level 3 category with other financial instruments (hedging instruments) that may be classified as Level 3, but also with financial instruments classified as Level 1 or Level 2. The effects of these hedges are presented gross in the following tables: Fair Value Levels In millions of dollars at June 30, 2024 Level 1 Level 2 Level 3 Gross Netting (1) Net Assets Securities borrowed and purchased under agreements to resell $ 1,527 $ 448,459 $ 126 $ 450,112 $ (272,050) $ 178,062 Trading non-derivative assets Trading mortgage-backed securities U.S. government-sponsored agency guaranteed — 80,649 691 81,340 — 81,340 Residential — 560 91 651 — 651 Commercial — 977 166 1,143 — 1,143 Total trading mortgage-backed securities $ — $ 82,186 $ 948 $ 83,134 $ — $ 83,134 U.S. Treasury and federal agency securities $ 109,422 $ 1,320 $ — $ 110,742 $ — $ 110,742 State and municipal — 211 1 212 — 212 Foreign government 54,488 36,023 45 90,556 — 90,556 Corporate 1,467 21,558 315 23,340 — 23,340 Equity securities (2) 56,150 8,380 244 64,774 — 64,774 Asset-backed securities — 1,511 244 1,755 — 1,755 Other trading assets (3) 602 17,377 783 18,762 — 18,762 Total trading non-derivative assets $ 222,129 $ 168,566 $ 2,580 $ 393,275 $ — $ 393,275 Trading derivatives Interest rate contracts $ 57 $ 141,542 $ 2,467 $ 144,066 Foreign exchange contracts — 136,720 1,197 137,917 Equity contracts 66 51,329 983 52,378 Commodity contracts — 12,190 1,168 13,358 Credit derivatives — 7,259 884 8,143 Total trading derivatives—before netting and collateral $ 123 $ 349,040 $ 6,699 $ 355,862 Netting agreements $ (277,223) Netting of cash collateral received (25,575) Total trading derivatives—after netting and collateral $ 123 $ 349,040 $ 6,699 $ 355,862 $ (302,798) $ 53,064 Investments Mortgage-backed securities U.S. government-sponsored agency guaranteed $ — $ 31,742 $ 28 $ 31,770 $ — $ 31,770 Residential — 563 25 588 — 588 Commercial — 1 — 1 — 1 Total investment mortgage-backed securities $ — $ 32,306 $ 53 $ 32,359 $ — $ 32,359 U.S. Treasury and federal agency securities $ 69,632 $ — $ — $ 69,632 $ — $ 69,632 State and municipal — 1,450 439 1,889 — 1,889 Foreign government 62,192 71,893 14 134,099 — 134,099 Corporate 3,208 1,982 112 5,302 — 5,302 Marketable equity securities 142 13 10 165 — 165 Asset-backed securities — 768 — 768 — 768 Other debt securities — 5,313 — 5,313 — 5,313 Non-marketable equity securities — — 505 505 — 505 Total investments $ 135,174 $ 113,725 $ 1,133 $ 250,032 $ — $ 250,032 Table continues on the next page. In millions of dollars at June 30, 2024 Level 1 Level 2 Level 3 Gross Netting (1) Net Loans $ — $ 8,225 $ 301 $ 8,526 $ — $ 8,526 Mortgage servicing rights — — 709 709 — 709 Other financial assets $ 5,589 $ 10,229 $ 21 $ 15,839 $ — $ 15,839 Total assets $ 364,542 $ 1,098,244 $ 11,569 $ 1,474,355 $ (574,848) $ 899,507 Total as a percentage of gross assets (4) 24.7% 74.5% 0.8% Liabilities Interest-bearing deposits $ 82 $ 3,277 $ 41 $ 3,400 $ — $ 3,400 Securities loaned and sold under agreements to repurchase 254 259,766 286 260,306 (190,538) 69,768 Trading account liabilities Securities sold, not yet purchased 88,480 15,664 32 104,176 — 104,176 Other trading liabilities — 11 — 11 — 11 Total trading account liabilities $ 88,480 $ 15,675 $ 32 $ 104,187 $ — $ 104,187 Trading derivatives Interest rate contracts $ 61 $ 132,231 $ 3,495 $ 135,787 Foreign exchange contracts — 128,944 646 129,590 Equity contracts 70 61,341 3,033 64,444 Commodity contracts — 14,624 764 15,388 Credit derivatives — 6,920 810 7,730 Total trading derivatives—before netting and collateral $ 131 $ 344,060 $ 8,748 $ 352,939 Netting agreements $ (277,223) Netting of cash collateral paid (28,644) Total trading derivatives—after netting and collateral $ 131 $ 344,060 $ 8,748 $ 352,939 $ (305,867) $ 47,072 Short-term borrowings $ — $ 11,543 $ 201 $ 11,744 $ — $ 11,744 Long-term debt — 89,031 20,375 109,406 — 109,406 Other financial liabilities $ 4,660 $ 722 $ 3 $ 5,385 $ — $ 5,385 Total liabilities $ 93,607 $ 724,074 $ 29,686 $ 847,367 $ (496,405) $ 350,962 Total as a percentage of gross liabilities (4) 11.0 % 85.5 % 3.5 % (1) Represents netting of (i) the amounts due under securities purchased under agreements to resell and the amounts owed under securities sold under agreements to repurchase and (ii) derivative exposures covered by a qualifying master netting agreement and cash collateral offsetting. (2) Level 2 balance includes $2.2 billion of Visa Class C shares subject to a contractual sale restriction that expires in August 2024. (3) Amounts exclude $26 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, 2023 Level 1 Level 2 Level 3 Gross Netting (1) Net Assets Securities borrowed and purchased under agreements to resell $ — $ 453,715 $ 139 $ 453,854 $ (247,795) $ 206,059 Trading non-derivative assets Trading mortgage-backed securities U.S. government-sponsored agency guaranteed — 79,795 581 80,376 — 80,376 Residential 1 597 116 714 — 714 Commercial — 464 202 666 — 666 Total trading mortgage-backed securities $ 1 $ 80,856 $ 899 $ 81,756 $ — $ 81,756 U.S. Treasury and federal agency securities $ 112,851 $ 2,398 $ 7 $ 115,256 $ — $ 115,256 State and municipal — 594 3 597 — 597 Foreign government 44,203 28,238 54 72,495 — 72,495 Corporate 1,858 16,716 500 19,074 — 19,074 Equity securities 32,966 12,135 292 45,393 — 45,393 Asset-backed securities — 1,223 531 1,754 — 1,754 Other trading assets (2) 97 16,784 833 17,714 — 17,714 Total trading non-derivative assets $ 191,976 $ 158,944 $ 3,119 $ 354,039 $ — $ 354,039 Trading derivatives Interest rate contracts $ 49 $ 156,307 $ 2,138 $ 158,494 Foreign exchange contracts — 158,672 1,022 159,694 Equity contracts 8 41,870 1,400 43,278 Commodity contracts 2 16,456 1,111 17,569 Credit derivatives — 7,564 775 8,339 Total trading derivatives—before netting and collateral $ 59 $ 380,869 $ 6,446 $ 387,374 Netting agreements $ (308,431) Netting of cash collateral received (21,226) Total trading derivatives—after netting and collateral $ 59 $ 380,869 $ 6,446 $ 387,374 $ (329,657) $ 57,717 Investments Mortgage-backed securities U.S. government-sponsored agency guaranteed $ — $ 29,640 $ 75 $ 29,715 $ — $ 29,715 Residential — 307 116 423 — 423 Commercial — 1 — 1 — 1 Total investment mortgage-backed securities $ — $ 29,948 $ 191 $ 30,139 $ — $ 30,139 U.S. Treasury and federal agency securities $ 80,062 $ 299 $ — $ 80,361 $ — $ 80,361 State and municipal — 1,589 542 2,131 — 2,131 Foreign government 60,133 70,871 194 131,198 — 131,198 Corporate 2,680 2,370 362 5,412 — 5,412 Marketable equity securities 159 72 27 258 — 258 Asset-backed securities — 938 — 938 — 938 Other debt securities — 6,757 — 6,757 — 6,757 Non-marketable equity securities (3) — — 483 483 — 483 Total investments $ 143,034 $ 112,844 $ 1,799 $ 257,677 $ — $ 257,677 Table continues on the next page. In millions of dollars at December 31, 2023 Level 1 Level 2 Level 3 Gross Netting (1) Net Loans $ — $ 7,167 $ 427 $ 7,594 $ — $ 7,594 Mortgage servicing rights — — 691 691 — 691 Other financial assets $ 4,677 $ 8,321 $ 30 $ 13,028 $ — $ 13,028 Total assets $ 339,746 $ 1,121,860 $ 12,651 $ 1,474,257 $ (577,452) $ 896,805 Total as a percentage of gross assets (3) 23.0% 76.1% 0.9% Liabilities Interest-bearing deposits $ — $ 2,411 $ 29 $ 2,440 $ — $ 2,440 Securities loaned and sold under agreements to repurchase — 228,048 390 228,438 (165,953) 62,485 Trading account liabilities Securities sold, not yet purchased 91,163 13,460 35 104,658 — 104,658 Other trading liabilities — 8 — 8 — 8 Total trading account liabilities $ 91,163 $ 13,468 $ 35 $ 104,666 $ — $ 104,666 Trading derivatives Interest rate contracts $ 49 $ 149,914 $ 3,223 $ 153,186 Foreign exchange contracts — 156,474 727 157,201 Equity contracts 18 44,894 3,034 47,946 Commodity contracts — 17,964 832 18,796 Credit derivatives — 7,234 848 8,082 Total trading derivatives—before netting and collateral $ 67 $ 376,480 $ 8,664 $ 385,211 Netting agreements $ (308,431) Netting of cash collateral paid (26,101) Total trading derivatives—after netting and collateral $ 67 $ 376,480 $ 8,664 $ 385,211 $ (334,532) $ 50,679 Short-term borrowings $ — $ 6,064 $ 481 $ 6,545 $ — $ 6,545 Long-term debt — 77,958 38,380 116,338 — 116,338 Other financial liabilities $ 4,298 $ 130 $ 6 $ 4,434 $ — $ 4,434 Total liabilities $ 95,528 $ 704,559 $ 47,985 $ 848,072 $ (500,485) $ 347,587 Total as a percentage of gross liabilities (3) 11.3 % 83.0 % 5.7 % (1) Represents netting of (i) the amounts due under securities purchased under agreements to resell and the amounts owed under securities sold under agreements to repurchase and (ii) derivative exposures covered by a qualifying master netting agreement and cash collateral offsetting. (2) Amounts exclude $25 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). (3) Because the amount of the cash collateral paid/received has not been allocated to the Level 1, 2 and 3 subtotals, these percentages are calculated based on total assets and liabilities measured at fair value on a recurring basis, excluding the cash collateral paid/received on derivatives. Changes in Level 3 Fair Value Category The following tables present the changes in the Level 3 fair value category for the three and six months ended June 30, 2024 and 2023. The gains and losses presented below include changes in the fair value related to both observable and unobservable inputs. The Company often hedges positions with offsetting positions that are classified in a different level. For example, the gains and losses for assets and liabilities in the Level 3 category presented in the tables below do not reflect the effect of offsetting losses and gains on hedging instruments that may be classified in the Level 1 or Level 2 categories. In addition, the Company hedges items classified in the Level 3 category with instruments also classified in Level 3 of the fair value hierarchy. The hedged items and related hedges are presented gross in the following tables: Level 3 Fair Value Rollforward Net realized/unrealized gains (losses) incl. in (1) Transfers Unrealized (3) In millions of dollars Mar. 31, 2024 Principal Other (1)(2) into out of Purchases Issuances Sales Settlements Jun. 30, 2024 Assets Securities borrowed and purchased under agreements to resell $ 132 $ (3) $ — $ — $ — $ 21 $ — $ — $ (24) $ 126 $ (3) Trading non-derivative assets Trading mortgage-backed securities U.S. government-sponsored agency guaranteed 531 — — 205 (131) 233 — (147) — 691 5 Residential 170 (2) — 17 (23) 23 — (94) — 91 — Commercial 159 3 — 26 (22) 34 — (34) — 166 2 Total trading mortgage-backed securities $ 860 $ 1 $ — $ 248 $ (176) $ 290 $ — $ (275) $ — $ 948 $ 7 U.S. Treasury and federal agency securities $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — State and municipal 1 — — — — — — — — 1 — Foreign government 113 — — — (9) 38 — (97) — 45 1 Corporate 464 66 — 62 (180) 105 — (202) — 315 65 Marketable equity securities 232 (27) — 101 (26) 29 — (65) — 244 (22) Asset-backed securities 370 (21) — 15 (60) 40 — (100) — 244 (4) Other trading assets 752 98 — 95 (98) 120 2 (184) (2) 783 44 Total trading non-derivative assets $ 2,792 $ 117 $ — $ 521 $ (549) $ 622 $ 2 $ (923) $ (2) $ 2,580 $ 91 Trading derivatives, net (4) Interest rate contracts $ (1,362) $ (198) $ — $ 99 $ 12 $ 107 $ 8 $ (20) $ 326 $ (1,028) $ (293) Foreign exchange contracts 335 553 — 36 (20) 22 — (144) (231) 551 507 Equity contracts (2,222) 123 — 73 324 (298) — (54) 4 (2,050) 141 Commodity contracts 342 79 — 1 (6) 1 — (6) (7) 404 84 Credit derivatives (37) 41 — 5 11 50 — — 4 74 15 Total trading derivatives, net (4) $ (2,944) $ 598 $ — $ 214 $ 321 $ (118) $ 8 $ (224) $ 96 $ (2,049) $ 454 Table continues on the next page. Net realized/unrealized gains (losses) incl. in (1) Transfers Unrealized (3) In millions of dollars Mar. 31, 2024 Principal Other (1)(2) into out of Purchases Issuances Sales Settlements Jun. 30, 2024 Investments Mortgage-backed securities U.S. government-sponsored agency guaranteed $ 27 $ — $ 2 $ — $ — $ — $ — $ (1) $ — $ 28 $ 2 Residential 25 — (1) 1 — — — — — 25 (1) Commercial — — — — — — — — — — — Total investment mortgage-backed securities $ 52 $ — $ 1 $ 1 $ — $ — $ — $ (1) $ — $ 53 $ 1 U.S. Treasury and federal agency securities $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — State and municipal 479 — (5) — (5) — — (30) — 439 (4) Foreign government 24 — (4) — (6) — — — — 14 (3) Corporate 388 — (7) 12 (251) 10 — (40) — 112 10 Marketable equity securities 8 — 2 — — — — — — 10 (1) Asset-backed securities — — — — — — — — — — — Other debt securities — — — — — — — — — — — Non-marketable equity securities 488 — (3) — — 21 — (1) — 505 1 Total investments $ 1,439 $ — $ (16) $ 13 $ (262) $ 31 $ — $ (72) $ — $ 1,133 $ 4 Loans $ 1,057 $ — $ (23) $ — $ (851) $ 1 $ 128 $ — $ (11) $ 301 $ (1) Mortgage servicing rights 702 — 5 — — — 19 — (17) 709 5 Other financial assets 31 — (1) — — 2 — (2) (9) 21 — Liabilities Interest-bearing deposits $ 72 $ — $ 1 $ 5 $ (32) $ — $ 10 $ — $ (13) $ 41 $ (8) Securities loaned and sold under agreements to repurchase 326 — — — — 184 — — (224) 286 — Trading account liabilities Securities sold, not yet purchased 105 (2) — 13 (8) 9 — — (89) 32 — Other trading liabilities — — — — — — — — — — — Short-term borrowings 583 12 — 9 (479) — 177 — (77) 201 — Long-term debt 40,364 832 — 1,680 (20,890) — 1,192 — (1,139) 20,375 394 Other financial liabilities 3 — — — — — 2 — (2) 3 — (1) Net realized/unrealized gains (losses) are presented as increase (decrease) to Level 3 assets, and as (increase) decrease to Level 3 liabilities. Changes in fair value of available-for-sale debt securities are recorded in AOCI , unless related to credit impairment, while gains and losses from sales are recorded in Realized gains (losses) from sales of investments in the Consolidated Statement of Income. (2) Unrealized gains (losses) on MSRs are recorded in Other revenue in the Consolidated Statement of Income. (3) Represents the amount of total gains or losses for the period, included in earnings (and AOCI for changes in fair value of available-for-sale debt securities and DVA on fair value option liabilities), attributable to the change in fair value relating to assets and liabilities classified as Level 3 that are still held at June 30, 2024. (4) Total Level 3 trading derivative assets and liabilities have been netted in these tables for presentation purposes only. Net realized/unrealized gains (losses) incl. in (1) Transfers Unrealized (3) In millions of dollars Dec. 31, 2023 Principal Other (1)(2) into out of Purchases Issuances Sales Settlements Jun. 30, 2024 Assets Securities borrowed and purchased under agreements to resell $ 139 $ (8) $ — $ — $ — $ 66 $ — $ — $ (71) $ 126 $ (6) Trading non-derivative assets Trading mortgage-backed securities U.S. government-sponsored agency guaranteed 581 (39) — 284 (285) 433 — (283) — 691 (13) Residential 116 (3) — 53 (58) 111 — (128) — 91 3 Commercial 202 17 — 39 (89) 131 — (134) — 166 2 Total trading mortgage-backed securities $ 899 $ (25) $ — $ 376 $ (432) $ 675 $ — $ (545) $ — $ 948 $ (8) U.S. Treasury and federal agency securities $ 7 $ 4 $ — $ — $ (1) $ — $ — $ — $ (10) $ — $ — State and municipal 3 — — — — — — (2) — 1 — Foreign government 54 — — 12 (49) 163 — (135) — 45 2 Corporate 500 139 — 75 (388) 365 — (368) (8) 315 71 Marketable equity securities 292 (9) — 130 (49) 60 — (180) — 244 (20) Asset-backed securities 531 (18) — 30 (178) 176 — (297) — 244 (12) Other trading assets 833 165 — 152 (166) 195 6 (399) (3) 783 55 Total trading non-derivative assets $ 3,119 $ 256 $ — $ 775 $ (1,263) $ 1,634 $ 6 $ (1,926) $ (21) $ 2,580 $ 88 Trading derivatives, net (4) Interest rate contracts $ (1,085) $ (683) $ — $ 130 $ (17) $ 80 $ 14 $ (17) $ 550 $ (1,028) $ (810) Foreign exchange contracts 295 507 — 38 73 (73) — (166) (123) 551 414 Equity contracts (1,634) (226) — (71) 537 (568) — (55) (33) (2,050) 35 Commodity contracts 279 161 — 32 (12) 11 — (17) (50) 404 288 Credit derivatives (73) 100 — 2 (20) 58 — — 7 74 (51) Total trading derivatives, net (4) $ (2,218) $ (141) $ — $ 131 $ 561 $ (492) $ 14 $ (255) $ 351 $ (2,049) $ (124) Table continues on the next page. Net realized/unrealized gains (losses) incl. in (1) Transfers Unrealized (3) In millions of dollars Dec. 31, 2023 Principal Other (1)(2) into out of Purchases Issuances Sales Settlements Jun. 30, 2024 Investments Mortgage-backed securities U.S. government-sponsored agency guaranteed $ 75 $ — $ (1) $ — $ — $ 3 $ — $ (49) $ — $ 28 $ (1) Residential 116 — (2) 1 (90) — — — — 25 (2) Commercial — — — — — — — — — — — Total investment mortgage-backed securities $ 191 $ — $ (3) $ 1 $ (90) $ 3 $ — $ (49) $ — $ 53 $ (3) U.S. Treasury and federal agency securities $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — State and municipal 542 — (31) — (6) — — (66) — 439 (13) Foreign government 194 — (12) 6 (174) 36 — (36) — 14 (3) Corporate 362 — (7) 42 (279) 51 — (57) — 112 10 Marketable equity securities 27 — (17) — — — — — — 10 (1) Asset-backed securities — — — — — — — — — — — Other debt securities — — — — — — — — — — — Non-marketable equity securities 483 — (8) — — 60 — (30) — 505 1 Total investments $ 1,799 $ — $ (78) $ 49 $ (549) $ 150 $ — $ (238) $ — $ 1,133 $ (9) Loans $ 427 $ — $ (52) $ 663 $ (891) $ 1 $ 232 $ — $ (79) $ 301 $ 16 Mortgage servicing rights 691 — 17 — — — 36 — (35) 709 23 Other financial assets 30 — (2) — — 5 13 (2) (23) 21 (1) Liabilities Interest-bearing deposits $ 29 $ — $ 4 $ 51 $ (33) $ — $ 15 $ — $ (17) $ 41 $ (8) Securities loaned and sold under agreements to repurchase 390 — — — — 438 — — (542) 286 — Trading account liabilities Securities sold, not yet purchased 35 (8) — 14 (10) 96 — — (111) 32 — Other trading liabilities — — — — — — — — — — — Short-term borrowings 481 (82) — 20 (517) 1 211 — (77) 201 (3) Long-term debt 38,380 1,427 — 3,038 (21,730) — 4,782 — (2,668) 20,375 819 Other financial liabilities 6 — — — — — 5 — (8) 3 — (1) Net realized/unrealized gains (losses) are presented as increase (decrease) to Level 3 assets, and as (increase) decrease to Level 3 liabilities. Changes in fair value of available-for-sale debt securities are recorded in AOCI , unless related to credit impairment, while gains and losses from sales are recorded in Realized gains (losses) from sales of investments in the Consolidated Statement of Income. (2) Unrealized gains (losses) on MSRs are recorded in Other revenue in the Consolidated Statement of Income. (3) Represents the amount of total gains or losses for the period, included in earnings (and AOCI for changes in fair value of available-for-sale debt securities and DVA on fair value option liabilities), attributable to the change in fair value relating to assets and liabilities classified as Level 3 that are still held at June 30, 2024. (4) Total Level 3 trading derivative assets and liabilities have been netted in these tables for presentation purposes only. Net realized/unrealized gains (losses) incl. in (1) Transfers Unrealized (3) In millions of dollars Mar. 31, 2023 Principal Other (1)(2) into out of Purchases Issuances Sales Settlements June. 30, 2023 Assets Securities borrowed and purchased under agreements to resell $ 153 $ (10) $ — $ — $ (2) $ — $ — $ — $ (1) $ 140 $ (8) Trading non-derivative assets Trading mortgage-backed securities U.S. government-sponsored agency guaranteed 658 (32) — 93 (124) 147 — (83) — 659 (24) Residential 162 (2) — 35 (43) 39 — (46) — 145 (3) Commercial 163 (10) — 48 (18) 31 — (32) — 182 (7) Total trading mortgage-backed securities $ 983 $ (44) $ — $ 176 $ (185) $ 217 $ — $ (161) $ — $ 986 $ (34) U.S. Treasury and federal agency securities $ 1 $ (1) $ — $ — $ — $ — $ — $ — $ — $ — $ — State and municipal 23 (1) — — — — — (19) — 3 — Foreign government 53 (1) — 8 (2) 49 — (26) — 81 (1) Corporate 296 46 — 196 (51) 256 — (162) — 581 88 Marketable equity securities 225 6 — 14 (2) 66 — (24) — 285 5 Asset-backed securities 567 (1) — 74 (18) 197 — (280) — 539 (5) Other trading assets 1,094 373 — 16 (74) 178 — (109) — 1,478 378 Total trading non-derivative assets $ 3,242 $ 377 $ — $ 484 $ (332) $ 963 $ — $ (781) $ — $ 3,953 $ 431 Trading derivatives, net (4) Interest rate contracts $ 260 $ (1,550) $ — $ (167) $ (669) $ (17) $ — $ 13 $ 168 $ (1,962) $ (1,486) Foreign exchange contracts 76 503 — 121 50 27 — (42) (35) 700 438 Equity contracts (1,582) (486) — (16) 572 (7) — (21) (23) (1,563) (494) Commodity contracts 230 188 — 74 (83) 9 — (9) (79) 330 18 Credit derivatives (21) (154) — (20) 36 — — — 4 (155) (215) Total trading derivatives, net (4) $ (1,037) $ (1,499) $ — $ (8) $ (94) $ 12 $ — $ (59) $ 35 $ (2,650) $ (1,739) Table continues on the next page. Net realized/unrealized gains (losses) incl. in (1) Transfers Unrealized (3) In millions of dollars Mar. 31, 2023 Principal Other (1)(2) into out of Purchases Issuances Sales Settlements Jun. 30, 2023 Investments Mortgage-backed securities U.S. government-sponsored agency guaranteed $ 28 $ — $ 1 $ — $ — $ 4 $ — $ (1) $ — $ 32 $ (1) Residential 25 — — — — — — — — 25 — Total investment mortgage-backed securities $ 53 $ — $ 1 $ — $ — $ 4 $ — $ (1) $ — $ 57 $ (1) U.S. Treasury and federal agency securities $ 51 $ — $ — $ — $ — $ — $ — $ (30) $ — $ 21 $ — State and municipal 521 — (8) — (2) — — (4) — 507 (8) Foreign government 551 — 7 15 (17) 363 — (505) — 414 7 Corporate 291 — (4) — — 23 — (20) — 290 (4) Marketable equity securities 12 — 1 — — — — — — 13 (7) Asset-backed securities 1 — — — — — — — — 1 — Other debt securities 4 — 1 — (5) 57 — — — 57 — Non-marketable equity securities 409 — (14) — — 10 — (1) — 404 5 Total investments $ 1,893 $ — $ (16) $ 15 $ (24) $ 457 $ — $ (561) $ — $ 1,764 $ (8) Loans $ 640 $ — $ (281) $ 2 $ (119) $ — $ — $ — $ (1) $ 241 $ (146) Mortgage servicing rights 658 — 21 — — — 19 — (17) 681 22 Other financial assets 52 — 1 — (1) 21 — — — 73 — Liabilities Interest-bearing deposits $ 16 $ (7) $ — $ — $ — $ — $ 13 $ — $ (10) $ 26 $ (7) Securities loaned and sold under agreements to repurchase 809 1 — — (24) 511 — — (668) 627 1 Trading account liabilities Securities sold, not yet purchased 72 2 — 5 (15) 33 — — (31) 62 4 Other trading liabilities 1 — — 3 — — — — — 4 (1) Short-term borrowings 281 13 — 19 (11) — 21 — (1) 296 (4) Long-term debt 36,581 893 — 2,130 (1,263) — 808 — (159) 37,204 591 Other financial liabilities 20 — (1) — (1) — 3 — — 23 (1) (1) Net realized/unrealized gains (losses) are presented as increase (decrease) to Level 3 assets, and as (increase) decrease to Level 3 liabilities. Changes in fair value of available-for-sale debt securities are recorded in AOCI , unless related to credit impairment, while gains and losses from sales are recorded in Realized gains (losses) from sales of investments in the Consolidated Statement of Income. (2) Unrealized gains (losses) on MSRs are recorded in Other revenue in the Consolidated Statement of Income. (3) Represents the amount of total gains or losses for the period, included in earnings (and AOCI for changes in fair value of available-for-sale debt securities and DVA on fair value option liabilities), attributable to the change in fair value relating to assets and liabilities classified as Level 3 that are still held at June 30, 2023. (4) Total Level 3 trading derivative assets and liabilities have been netted in these tables for presentation purposes only. Level 3 Fair Value Transfers The following were the significant Level 3 transfers for the period December 31, 2023 to June 30, 2024: • During the three and six months ended June 30, 2024, transfers of Long-term debt were $20.9 billion and $21.7 billion from Level 3 to Level 2, and $1.7 billion and $3.0 billion from Level 2 to Level 3, respectively. The Level 3 to Level 2 transfers were primarily the result of enhanced significance testing of unobservable input for certain structured debt instruments. The Level 2 to Level 3 transfers were primarily the result of certain unobservable inputs becoming more significant to the overall valuation of these instruments. The following were the significant Level 3 transfers for the period December 31, 2022 to June 30, 2023: • During the three and six months ended June 30, 2023, transfers of Long-term debt 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 June 30, 2024 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 $ 126 Model-based Credit spread 11 bps 630 bps 108 bps Interest rate 4.85 % 4.85 % 4.85 % Mortgage-backed securities $ 423 Price-based Price $ 0.18 $ 133.77 $ 34.29 559 Yield analysis Yield 4.91 % 16.18 % 7.94 % State and municipal, foreign government, corporate and other debt securities $ 999 Price-based Price $ — $ 185.42 $ 88.69 679 Model-based Credit spread 35 bps 550 bps 273 bps Marketable equity securities (5) $ 230 Price-based Price $ — $ 14,233.69 $ 430.77 Asset-backed securities $ 184 Price-based Price $ 1.30 $ 629.46 $ 96.20 61 Yield analysis Yield 6.19 % 12.26 % 8.44 % Non-marketable equities $ 310 Comparables analysis Illiquidity discount 7.40 % 33.00 % 13.96 % Revenue multiple 3.26x 15.46x 10.68x PE ratio 8.30x 8.30x 8.30x 90 Price-based Price $ 0.55 $ 164.44 $ 65.60 57 Cash flow Discount rate 9.25 % 17.50 % 12.55 % Derivatives—gross (6) Interest rate contracts (gross) $ 5,221 Model-based IR normal volatility 0.34 % 20.00 % 2.21 % Interest rate 3.06 % 5.34 % 3.59 % $ 734 Price-based Price $ 79.11 $ 98.20 $ 97.60 Foreign exchange contracts (gross) $ 1,766 Model-based IR normal volatility 0.43 % 1.20 % 0.82 % IR basis (1.45) % 111.48 % 4.24 % Equity contracts (gross) (7) $ 3,957 Model-based Equity volatility 0.05 % 288.65 % 39.28 % Equity forward 67.75 % 213.94 % 106.83 % Equity-Equity correlation (36.22) % 99.25 % 71.29 % WAL 2.91 years 2.91 years 2.91 years Recovery (in millions) $ 7,723 $ 7,723 $ 7,723 Equity-FX correlation (95.00) % 70.00 % (6.37) % Commodity and other contracts (gross) $ 1,904 Model-based Forward price 11.40 % 380.73 % 117.20 % Commodity volatility 8.53 % 199.55 % 30.60 % Credit derivatives (gross) $ 973 Model-based Credit spread 11 bps 630 bps 89 bps Recovery rate 10.00 % 40.00 % 36.82 % Upfront points 0.99 % 114.39 % 50.52 % 713 Price-based Price $ 46.28 $ 97.01 $ 83.66 Other financial assets and liabilities (gross) $ 24 Price-based Price $ 0.11 $ 413.66 $ 130.88 Loans and leases $ 213 Model-based Equity volatility 36.06 % 40.99 % 37.46 % As of June 30, 2024 Fair value (1) (in millions) Methodology Input Low (2)(3) High (2)(3) Weighted average (4) Forward price 18.46 % 321.35 % 108.61 % 88 Price-based Price $ 77.24 $ 98.66 $ 86.08 Mortgage servicing rights $ 615 Cash flow Yield (0.50) % 12.00 % 6.22 % 63 Model-based WAL 3.68 years 8.62 years 7.52 years Liabilities Interest-bearing deposits $ 41 Model-based Forward price 100.00 % 100.00 % 100.00 % Equity forward 107.44 % 114.28 % 111.70 % Securities loaned and sold under agreements to repurchase $ 286 Model-based Interest rate 4.34 % 5.26 % 4.52 % Trading account liabilities Securities sold, not yet purchased and other trading liabilities $ 4 Model-based Price $ — $ 14,233.69 $ 200.05 25 Price-based Short-term borrowings and $ 20,111 Model-based IR normal volatility 0.05 % 20.00 % 1.53 % Equity forward 67.75 % 213.94 % 106.71 % Equity volatility 0.05 % 288.65 % 35.69 % Equity-IR correlation (40.00) % 50.00 % 28.04 % As of December 31, 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 $ 139 Model-based Credit spread 15 bps 15 bps 15 bps Interest rate 4.00 % 4.00 % 4.00 % Mortgage-backed securities $ 679 Price-based Price $ 1.67 $ 124.63 $ 55.39 401 Yield analysis Yield 4.63 % 19.08 % 8.93 % State and municipal, foreign government, corporate and other debt securities $ 1,582 Price-based Price $ 0.01 $ 123.74 $ 79.71 778 Model-based Credit spread 35 bps 550 bps 304 bps Marketable equity securities (5) $ 259 Price-based Price $ — $ 12,189.17 $ 1 |
FAIR VALUE ELECTIONS
FAIR VALUE ELECTIONS | 6 Months Ended |
Jun. 30, 2024 | |
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 21 for additional details on Citi’s MSRs. Additional discussion regarding other applicable areas in which fair value elections were made is presented in Note 23. The following table presents the changes in fair value of those items for which the fair value option has been elected: Changes in fair value—gains (losses) Three Months Ended June 30, Six Months Ended June 30, In millions of dollars 2024 2023 2024 2023 Assets Securities borrowed and purchased under agreements to resell $ (6) $ (95) $ (59) $ (10) Trading account assets (5) 18 2 79 Loans Certain corporate loans 160 635 1,378 326 Certain consumer loans (2) (4) (10) 1 Total loans $ 158 $ 631 $ 1,368 $ 327 Other assets MSRs $ 5 $ 22 $ 17 $ 19 Certain mortgage loans HFS (1) 4 (18) 5 (10) Total other assets $ 9 $ 4 $ 22 $ 9 Total assets $ 156 $ 558 $ 1,333 $ 405 Liabilities Interest-bearing deposits $ (21) $ 82 $ (63) $ (52) Securities loaned and sold under agreements to repurchase (10) 49 26 (19) Trading account liabilities (153) 77 (224) 152 Short-term borrowings (2) (79) 230 (381) 88 Long-term debt (2) (194) (2,147) (2,122) (6,496) Total liabilities $ (457) $ (1,709) $ (2,764) $ (6,327) (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 19 and 23. 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 19 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 $343 million and loss of $(837) million for the three months ended June 30, 2024 and 2023, and a loss of $(407) million and $(1,270) million for the six months ended June 30, 2024 and 2023, 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 U.S., the U.K. 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 income and interest expense are measured based on the contractual rates specified in the transactions and are reported as Interest income and Interest expense in the Consolidated Statement of Income. Certain Loans and Other Credit Products Citigroup has also elected the fair value option for certain other originated and purchased loans, including certain unfunded loan products, such as guarantees and letters of credit, executed by Citigroup’s lending and trading businesses. None of these credit products are highly leveraged financing commitments. Significant groups of transactions include loans and unfunded loan products that are expected to be either sold or securitized in the near term, or transactions where the economic risks are hedged with derivative instruments, such as purchased credit default swaps or total return swaps where the Company pays the total return on the underlying loans to a third party. Citigroup has elected the fair value option to mitigate accounting mismatches in cases where hedge accounting is complex and to achieve operational simplifications. Fair value was not elected for most lending transactions across the Company. The following table provides information about certain credit products carried at fair value: June 30, 2024 December 31, 2023 In millions of dollars Trading assets Loans Trading assets Loans Carrying amount reported on the Consolidated Balance Sheet $ 4,552 $ 8,526 $ 4,518 $ 7,594 Aggregate unpaid principal balance in excess of (less than) fair value 191 64 88 10 Balance of non-accrual loans or loans more than 90 days past due — — — 1 Aggregate unpaid principal balance in excess of (less than) fair value for non-accrual loans or loans more than 90 days past due — 1 — 1 In addition to the amounts reported above, $382 million and $391 million of unfunded commitments related to certain credit products selected for fair value accounting were outstanding as of June 30, 2024 and December 31, 2023, 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 income is measured based on the contractual interest rates and reported as Interest income on Trading account assets or loan interest depending on the balance sheet classifications of the credit products. The changes in fair value for the three months ended June 30, 2024 and 2023 due to instrument-specific credit risk were zero and a loss of $(25) 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. 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 June 30, 2024 December 31, 2023 Carrying amount reported on the Consolidated Balance Sheet $ 1,310 $ 571 Aggregate fair value in excess of (less than) unpaid principal balance 29 17 Balance of non-accrual loans or loans more than 90 days past due 1 3 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 six months ended June 30, 2024 and 2023 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 income 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 June 30, 2024 December 31, 2023 Interest rate linked $ 57.1 $ 60.4 Foreign exchange linked 0.1 — Equity linked 41.6 45.9 Commodity linked 5.2 5.3 Credit linked 5.4 4.7 Total $ 109.4 $ 116.3 The portion of the changes in fair value attributable to changes in Citigroup’s own credit spreads (DVA) is reflected as a component of AOCI while all other changes in fair value are reported in Principal transactions . Changes in the fair value of these liabilities include accrued interest, which is also included in the change in fair value reported in Principal transactions . The following table provides information about long-term debt carried at fair value: In millions of dollars June 30, 2024 December 31, 2023 Carrying amount reported on the Consolidated Balance Sheet $ 109,406 $ 116,338 Aggregate unpaid principal balance in excess of (less than) fair value (2,125) (2,842) The following table provides information about short-term borrowings carried at fair value: In millions of dollars June 30, 2024 December 31, 2023 Carrying amount reported on the Consolidated Balance Sheet $ 11,744 $ 6,545 Aggregate unpaid principal balance in excess of (less than) fair value 3 (60) |
GUARANTEES AND COMMITMENTS
GUARANTEES AND COMMITMENTS | 6 Months Ended |
Jun. 30, 2024 | |
Guarantees and Commitments [Abstract] | |
GUARANTEES AND COMMITMENTS | GUARANTEES AND COMMITMENTS The following tables present information about Citi’s guarantees at June 30, 2024 and December 31, 2023. 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 28 to the Consolidated Financial Statements in Citi’s 2023 Form 10-K. Maximum potential amount of future payments In billions of dollars at June 30, 2024 Expire within Expire after Total amount Carrying value (in millions of dollars) Financial standby letters of credit $ 17.3 $ 62.8 $ 80.1 $ 676 Performance guarantees 4.5 5.5 10.0 36 Derivative instruments considered to be guarantees 24.6 16.9 41.5 281 Loans sold with recourse — 1.0 1.0 — Securities lending indemnifications (1) 105.2 — 105.2 — Card merchant processing (2) 128.3 — 128.3 — Credit card arrangements with partners 0.1 0.2 0.3 5 Other (3) 55.2 7.7 62.9 45 Total $ 335.2 $ 94.1 $ 429.3 $ 1,043 Maximum potential amount of future payments In billions of dollars at December 31, 2023 Expire within Expire after Total amount Carrying value ( in millions of dollars) Financial standby letters of credit $ 17.8 $ 63.5 $ 81.3 $ 674 Performance guarantees 4.8 5.8 10.6 49 Derivative instruments considered to be guarantees 24.2 16.3 40.5 362 Loans sold with recourse 0.6 1.2 1.8 16 Securities lending indemnifications (1) 104.1 — 104.1 — Card merchant processing (2) 138.0 — 138.0 — Credit card arrangements with partners 0.2 0.2 0.4 5 Other (3) 27.7 7.7 35.4 50 Total $ 317.4 $ 94.7 $ 412.1 $ 1,156 (1) The carrying values of securities lending indemnifications were not material for either period presented, as the probability of potential liabilities arising from these guarantees is minimal. (2) At June 30, 2024 and December 31, 2023, this maximum potential exposure was estimated to be approximately $128 billion and $138 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. (3) Includes guarantees to the Fixed Income Clearing Corporation under the sponsored member repo program. Loans Sold with Recourse In addition to the amounts presented in the tables above, the repurchase reserve was approximately $12 million and $11 million at June 30, 2024 and December 31, 2023, respectively, and these amounts are included in Other liabilities on the Consolidated Balance Sheet. 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. The total amount of cash initial margin collected and remitted in this manner was approximately $16.1 billion and $17.8 billion as of June 30, 2024 and December 31, 2023, respectively. Carrying Value—Guarantees and Indemnifications At June 30, 2024 and December 31, 2023, the total carrying amounts of the liabilities related to the guarantees and indemnifications included in the tables above amounted to approximately $1.0 billion and $1.2 billion, respectively. The carrying value of financial and performance guarantees is included in Other liabilities . For loans sold with recourse, the carrying value of the liability is included in Other liabilities . Collateral Cash collateral available to Citi to reimburse losses realized under these guarantees and indemnifications amounted to $50.4 billion and $52.5 billion at June 30, 2024 and December 31, 2023, respectively. Securities and other marketable assets held as collateral amounted to $71.2 billion and $67.7 billion at June 30, 2024 and December 31, 2023, 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 $3.0 billion and $3.1 billion at June 30, 2024 and December 31, 2023, respectively. Other property may also be available to Citi to cover losses under certain guarantees and indemnifications; however, the value of such property has not been determined. Performance Risk Presented in the tables below are the maximum potential amounts of future payments that are classified based on internal and external credit ratings. The determination of the maximum potential future payments is based on the notional amount of the guarantees without consideration of possible recoveries under recourse provisions or from collateral held or pledged. As such, Citi believes such amounts bear no relationship to the anticipated losses, if any, on these guarantees. Maximum potential amount of future payments In billions of dollars at June 30, 2024 Investment Non-investment Not Total Financial standby letters of credit $ 68.9 $ 11.0 $ 0.2 $ 80.1 Loans sold with recourse — — 1.0 1.0 Other — 7.7 — 7.7 Total $ 68.9 $ 18.7 $ 1.2 $ 88.8 Maximum potential amount of future payments In billions of dollars at December 31, 2023 Investment Non-investment Not Total Financial standby letters of credit $ 70.5 $ 10.8 $ — $ 81.3 Loans sold with recourse — — 1.8 1.8 Other — 7.7 — 7.7 Total $ 70.5 $ 18.5 $ 1.8 $ 90.8 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) June 30, December 31, 2023 Commercial and similar letters of credit $ 674 $ 3,741 $ 4,415 $ 5,345 One- to four-family residential mortgages 607 580 1,187 1,245 Revolving open-end loans secured by one- to four-family residential properties 5,332 19 5,351 5,495 Commercial real estate, construction and land development 11,673 1,638 13,311 15,266 Credit card lines 617,155 61,474 678,629 677,005 Commercial and other consumer loan commitments 215,894 106,852 322,746 312,300 Other commitments and contingencies (2) 4,942 135 5,077 5,146 Total $ 856,277 $ 174,439 $ 1,030,716 $ 1,021,802 (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 June 30, 2024 and December 31, 2023, 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, Citigroup enters into reverse repurchase and securities borrowing agreements, as well as repurchase and securities lending agreements, which settle at a future date. At June 30, 2024 and December 31, 2023, Citi had approximately $160.3 billion and $120.9 billion of unsettled reverse repurchase and securities borrowing agreements, and approximately $150.2 billion and $96.4 billion of unsettled repurchase and securities lending agreements, respectively. See Note 11 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 June 30, December 31, 2023 Cash and due from banks $ 4,048 $ 3,479 Deposits with banks, net of allowance 16,188 15,538 Total $ 20,236 $ 19,017 In addition to the restricted cash amounts presented above, at June 30, 2024 and December 31, 2023, approximately $5.3 billion and $3.9 billion, respectively, was held at the Russian Deposit Insurance Agency (DIA) 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 | 6 Months Ended |
Jun. 30, 2024 | |
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 June 30, 2024. For additional information regarding Citi’s leases, see Notes 1 and 29 to the Consolidated Financial Statements in Citi’s 2023 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 June 30, December 31, ROU asset $ 2,785 $ 2,801 Lease liability 2,959 2,974 The Company recognizes fixed lease costs on a straight-line basis throughout the lease term in the Consolidated Statement of Income. In addition, variable lease costs are recognized in the period in which the obligation for those payments is incurred. At June 30, 2024, the Company had a future lease commitment scheduled to commence in April 2025 with fixed lease payments (undiscounted) totaling approximately $255 million over a 15-year lease term. |
CONTINGENCIES
CONTINGENCIES | 6 Months Ended |
Jun. 30, 2024 | |
Commitments and Contingencies Disclosure [Abstract] | |
CONTINGENCIES | CONTINGENCIES The following information supplements and amends, as applicable, the disclosure in Note 27 to the Consolidated Financial Statements of Citigroup’s First Quarter of 2024 Form 10-Q and in Note 30 to the Consolidated Financial Statements in Citi’s 2023 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 June 30, 2024, Citigroup estimates that the reasonably possible unaccrued loss for these matters ranges up to approximately $1.2 billion in the aggregate. As available information changes, the matters for which Citigroup is able to estimate will change, and the estimates themselves will change. In addition, while many estimates presented in financial statements and other financial disclosures involve significant judgment and may be subject to significant uncertainty, estimates of the range of reasonably possible loss arising from litigation, regulatory, tax, or other matters are subject to particular uncertainties. For example, at the time of making an estimate, Citigroup may only have preliminary or incomplete information about the facts underlying the claim; its assumptions about the future rulings of the court or other tribunal on significant issues, or the behavior and incentives of adverse parties, regulators, or tax authorities may prove to be wrong; and the outcomes it is attempting to predict are often not amenable to the use of statistical or other quantitative analytical tools. In addition, from time to time an outcome may occur that Citigroup had not accounted for in its estimates because it had deemed such an outcome to be remote. For all these reasons, the amount of loss in excess of amounts accrued in relation to matters for which an estimate has been made could be substantially higher or lower than the range of loss included in the estimate. Subject to the foregoing, it is the opinion of Citigroup’s management, based on current knowledge and after taking into account its current accruals, that the eventual outcome of all matters described in this Note would not be likely to have a material adverse effect on the consolidated financial condition of Citigroup. Nonetheless, given the substantial or indeterminate amounts sought in certain of these matters and the inherent unpredictability of such matters, an adverse outcome in certain of these matters could, from time to time, have a material adverse effect on Citigroup’s consolidated results of operations or cash flows in particular quarterly or annual periods. For further information on ASC 450 and Citigroup’s accounting and disclosure framework for contingencies, including for any litigation, regulatory, and tax matters disclosed herein, see Note 30 to the Consolidated Financial Statements in Citi’s 2023 Form 10-K. Equities Trading Incident Matters On May 21, 2024, Citigroup Global Markets Limited (CGML) entered into resolutions with the U.K. Financial Conduct Authority for £27.77 million and the Prudential Regulation Authority for £33.88 million. On June 20, 2024, the German BaFin announced a resolution with Citigroup Global Markets Europe (CGME) for €12.97 million. Several European regulatory agencies are continuing to conduct investigations or make inquiries. CGML and CGME are cooperating with these investigations and inquiries. Foreign Exchange Matters On May 16, 2024, in NYPL v. JPMORGAN CHASE & CO., ET AL., the United States Court of Appeals for the Second Circuit affirmed the district court’s dismissal of the action. Additional information concerning this action is publicly available in court filings under the docket numbers 15-CV-2290 (N.D. Cal.) (Chhabria, J.), 15-CV-9300 (S.D.N.Y.) (Schofield, J.), 22-698 (2d Cir.), and 23-619 (2d Cir.). On April 17, 2024, in PHILLIP EVANS v. BARCLAYS BANK PLC AND OTHERS, the U.K. Supreme Court granted the defendants permission to appeal the Court of Appeal’s November 9, 2023 decision. Additional information concerning this action is publicly available in court filings under the docket numbers 1336/7/7/19 in the U.K. Competition Appeal Tribunal, CA-2022-002002 in the Court of Appeal, and UKSC 2023/0177 in the U.K. Supreme Court. Greek Pension Claims Beginning in 2015, four claims were filed in the Court of First Instance of Athens by former Citi employees against Citibank Europe PLC (as a successor to Citibank International PLC, Athens branch) regarding the treatment of their pension benefits following the sale of Citi’s consumer operations in Greece. In SOULTANA AGGELAKI & OTHERS v. CITIBANK EUROPE PUBLIC LIMITED COMPANY, in February 2017, the Court of First Instance of Athens issued a decision rejecting the claims. In January 2019, the Athens Court of Appeal affirmed the decision of the Court of First Instance of Athens. On May 14, 2024, following the further appeal by the claimants, the Greek Supreme Court dismissed some claims, allowed others to proceed, and referred others back to the Athens Court of Appeal for further consideration of the calculation methodology. Additional information concerning this action is available in court filings under the docket numbers 70/2019 in the Athens Court of Appeal and 430/2024 in the Greek Supreme Court. In AGGELAKIS CHRISTOS & OTHERS v. CITIBANK EUROPE PUBLIC LIMITED COMPANY, in February 2017, the Court of First Instance of Athens dismissed the claims. On appeal, the Athens Court of Appeal stayed the case pending the outcome of the appeal filed with the Supreme Court in SOULTANA AGGELAKI & OTHERS v. CITIBANK EUROPE PUBLIC LIMITED COMPANY. Additional information is available in court filings under the docket number 4716/2020 in the Athens Court of Appeal. In GIACHOUNTOUDI & OTHERS v. CITIBANK EUROPE PUBLIC LIMITED COMPANY, the first hearing before the Court of First Instance of Athens took place in October 2022 and the next hearing is scheduled for September 18, 2024. This matter is filed under the docket number 2808/92/2019 of the Court of First Instance of Athens. In GLYKAS & OTHERS v. CITIBANK EUROPE PUBLIC LIMITED COMPANY, in August 2017, the Court of First Instance of Athens dismissed the claims. On appeal, the Athens Court of Appeal stayed the action pending the outcome of the appeal filed with the Supreme Court in SOULTANA AGGELAKI & OTHERS v. CITIBANK EUROPE PUBLIC LIMITED COMPANY. Additional information is available in court filings under the docket number 4717/2020 in the Athens Court of Appeal. Interchange Fee Litigation On June 25, 2024, the district court denied the motion of Visa, MasterCard and the injunctive relief class plaintiffs seeking preliminary approval of the parties’ agreement to settle the injunctive relief class claims. In addition, on June 25, July 1, and July 8, 2024, the district court issued orders concluding the multidistrict litigation proceedings and remanding the cases to other districts in GRUBHUB HOLDINGS, INC., ET AL. v. VISA INC., ET AL.; MIRAGE WINE & SPIRITS, INC., ET AL. v. VISA INC., ET AL.; TARGET CORP., ET AL. v. VISA INC., ET AL.; and 7-ELEVEN, INC., ET AL. v. VISA INC., ET AL. Additional information concerning these actions is publicly available in court filings under the docket numbers MDL 05-1720 (E.D.N.Y.) (Brodie, J.); 19-CV-06555 (N.D. Ill.) (Kocoras, J.); 23-CV-3942 (S.D. Ill.) (Dugan, J.); 13-CV-05745 (S.D.N.Y.) (Hellerstein, J.); and 13-CV-05746 (S.D.N.Y.) (Hellerstein, J.). Interest Rate and Credit Default Swap Litigation On July 11, 2024, in IN RE INTEREST RATE SWAPS ANTITRUST LITIGATION, the district court granted preliminary approval of the parties’ settlement of the class action. Additional information concerning these actions is publicly available in court filings under the docket numbers 16-MD-2704 (S.D.N.Y.) (Oetken, J.) and 24-81 (2d Cir.). Sovereign Securities Litigation On June 12, 2024, in IN RE MEXICAN GOVERNMENT BONDS ANTITRUST LITIGATION, plaintiffs filed a third amended complaint, which alleges that defendants, including Citibanamex, colluded to fix prices in the Mexican sovereign bond market. Additional information concerning this action is publicly available in court filings under the docket numbers 18-CV-2830 (S.D.N.Y.) (Oetken, J.) and 22-2039 (2d Cir.). On July 29, 2024, in IN RE EUROPEAN GOVERNMENT BONDS ANTITRUST LITIGATION, the district court granted preliminary approval of plaintiffs’ settlement of the action with certain defendants, including CGMI and CGML. Additional information concerning this action is publicly available in court filings under the docket number 19-CV-2601 (S.D.N.Y.) (Marrero, J.). Settlement Payments |
SUBSIDIARY GUARANTEES
SUBSIDIARY GUARANTEES | 6 Months Ended |
Jun. 30, 2024 | |
Condensed Financial Information Disclosure [Abstract] | |
SUBSIDIARY GUARANTEES | SUBSIDIARY GUARANTEES Citigroup 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 18). 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 Six Months Ended June 30, 2024 In millions of dollars Citigroup parent company CGMHI Total revenues, net of interest expense $ 2,084 $ 5,789 Total operating expenses 172 6,153 Provision for credit losses — 20 Equity in undistributed income of subsidiaries 4,307 — Income (loss) from continuing operations before income taxes $ 6,219 $ (384) Provision (benefit) for income taxes (369) 91 Net income $ 6,588 $ (475) SUMMARIZED BALANCE SHEET June 30, 2024 December 31, 2023 In millions of dollars Citigroup parent company CGMHI Citigroup parent company CGMHI Cash and deposits with banks $ 4,013 $ 21,749 $ 3,011 $ 23,756 Securities borrowed and purchased under resale agreements — 261,565 — 283,174 Trading account assets 492 305,740 461 273,379 Advances to subsidiaries 152,756 — 150,845 — Investments in subsidiary bank holding company 175,038 — 172,125 — Investments in non-bank subsidiaries 46,345 — 46,870 — Other assets 16,256 162,932 14,202 167,609 Total assets $ 394,900 $ 751,986 $ 387,514 $ 747,918 Securities loaned and sold under agreements to repurchase $ — $ 324,352 $ — $ 309,862 Trading account liabilities 397 103,180 300 111,233 Short-term borrowings — 27,377 — 20,481 Long-term debt 163,903 179,936 162,309 184,083 Advances from subsidiaries 19,307 — 16,724 — Other liabilities 2,983 80,973 2,728 85,079 Stockholders’ equity 208,310 36,168 205,453 37,180 Total liabilities and equity $ 394,900 $ 751,986 $ 387,514 $ 747,918 |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Pay vs Performance Disclosure | ||||
Citigroup’s net income | $ 3,217 | $ 2,915 | $ 6,588 | $ 7,521 |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Jun. 30, 2024 | |
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) | 6 Months Ended |
Jun. 30, 2024 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying unaudited Consolidated Financial Statements as of June 30, 2024 and for the three and six months ended June 30, 2024 and 2023 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, 2023 (2023 Form 10-K) and Citigroup’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2024 (First Quarter of 2024 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. |
Accounting Changes and Future Accounting Changes | ACCOUNTING CHANGES 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. Citi adopted the ASU on January 1, 2024, which did not impact the financial statements of the Company. 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 expanded 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 permits the Company to elect to use the proportional amortization method to account for an expanded range of eligible tax-incentivized investments if certain conditions are met. Citi adopted the ASU on January 1, 2024, which did not have a material impact to the financial statements of the Company. See Note 1 to the Consolidated Financial Statements in Citi’s 2023 Form 10-K for a discussion of 2023 accounting changes. FUTURE ACCOUNTING CHANGES Accounting for and Disclosure of Crypto Assets In December 2023, the FASB issued ASU No. 2023-08, Intangibles—Goodwill and Other—Crypto Assets (Subtopic 350-60): Accounting for and Disclosure of Crypto Assets , intended to improve the accounting for certain crypto assets by requiring an entity to measure those assets at fair value each reporting period, with changes in fair value recognized in net income. The amendments also improve the information provided to investors about an entity’s crypto asset holdings by requiring disclosure about significant holdings, contractual sale restrictions and changes during the reporting period. The guidance is effective for fiscal years beginning after December 15, 2024, and interim periods within those fiscal years with early adoption permitted. Citi does not hold any crypto assets within the scope of the guidance. Income Taxes (Topic 740): Improvements to Income Tax Disclosures In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures , intended to enhance the transparency and decision usefulness of income tax disclosures. This guidance requires that public business entities disclose on an annual basis a tabular rate reconciliation in eight specific categories disaggregated by nature and for foreign tax effects by jurisdiction that meet a 5% of pretax income multiplied by the applicable statutory tax rate or greater threshold annually. The eight categories include state and local income taxes, net of federal income tax effect; foreign tax effects; enactment of new tax laws or tax credits; effect of cross-border tax laws; valuation allowances; nontaxable items and nondeductible items; and changes in unrecognized tax benefits. Additional disclosures include qualitative description of the state and local jurisdictions that contribute to the majority (greater than 50%) of the effect of the state and local income tax category and explanation of the nature and effect of changes in individual reconciling items. The guidance also requires entities annually to disclose income taxes paid (net of refunds received) disaggregated by federal, state and foreign taxes and by jurisdiction identified based on the same 5% quantitative threshold. The standard is effective for fiscal years beginning after December 15, 2024. The transition method is prospective with the retrospective method permitted. Citi plans to adopt the ASU for the annual reporting period beginning on January 1, 2025, and is currently evaluating the impact on disclosures. Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures , intended to improve reportable segments disclosure requirements primarily through enhanced disclosures about significant segment expenses. The ASU includes a requirement to disclose significant segment expenses that are regularly provided to the chief operating decision maker (CODM) and included within each reported measure of segment profit or loss, the title and position of the CODM, an explanation of how the CODM uses the reported measure(s) of segment profit or loss in assessing segment performance and deciding how to allocate resources, and all segments’ profit or loss and assets disclosures currently required annually by Topic 280 along with those introduced by the ASU to be reported on an interim basis. The amendments also clarified that public entities are not precluded from reporting additional measures of a segment’s profit or loss that are regularly used by the CODM. The ASU is required to be adopted on a retrospective basis and will be effective for Citi for its annual period ending December 31, 2024 and interim periods for the interim period beginning on January 1, 2025. Citi is currently evaluating the impact of the standard on its disclosure of reportable segments and related disclosures. |
DISCONTINUED OPERATIONS, SIGN_2
DISCONTINUED OPERATIONS, SIGNIFICANT DISPOSALS AND OTHER BUSINESS EXITS (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Summarized financial information disposal groups including discontinued operations | As of June 30, 2024, 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 Six Months Ended June 30, Consumer banking business in Sale agreement date Closing date 2024 2023 2024 2023 Australia (1) 8/9/2021 6/1/2022 $ — $ — $ — $ — Philippines (2) 12/23/2021 8/1/2022 — — — — Thailand (3) 1/14/2022 11/1/2022 — — — — India (4) 3/30/2022 3/1/2023 — — — 2 Taiwan (5) 1/28/2022 8/12/2023 — 35 — 91 (1) On June 1, 2022, Citi completed the sale of its Australia consumer banking business, which was part of All Other —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 $766 million ($643 million after-tax), subject to closing adjustments, recorded in Other revenue . The loss on sale primarily reflected the impact of an approximate pretax $620 million 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 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 All Other —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), subject to closing adjustments, recorded in Other revenue . The income before taxes 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 All Other —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), subject to closing adjustments, recorded in Other revenue . The income before taxes 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 All Other —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 $1.0 billion ($717 million after-tax), subject to closing adjustments, recorded in Other revenue . The income before taxes 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 All Other —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 $405 million ($286 million after-tax), subject to closing adjustments, recorded in Other revenue . The income before taxes 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 All 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. |
Schedule of wind down charges | The following tables provide details on Citi’s Russia wind-down charges: Three Months Ended In millions of dollars All Other Services, Markets and Banking Total Severance (1) $ 2 $ — $ 2 Vendor termination and other costs (2) — — — Total $ 2 $ — $ 2 Program-to-date In millions of dollars All Other Services, Markets and Banking Total Severance (1) $ 38 $ 10 $ 48 Vendor termination and other costs (2) 19 — 19 Total $ 57 $ 10 $ 67 Estimated additional charges In millions of dollars All Other Services, Markets and Banking Total Severance (1) $ 20 $ 1 $ 21 Vendor termination and other costs (2) 33 — 33 Total $ 53 $ 1 $ 54 (1) Recorded in Compensation and benefits. (2) Recorded in Other operating expenses. |
OPERATING SEGMENTS (Tables)
OPERATING SEGMENTS (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Segment Reporting [Abstract] | |
Information regarding the Company's operations by segment | The following tables present certain information regarding the Company’s continuing operations by reportable operating segments and All Other on a managed basis that excludes divestiture-related impacts. Performance measurement is based on Income (loss) from continuing operations. These results are used by the CODM, both in evaluating the performance of, and in allocating resources to, each of the segments. Three Months Ended June 30, In millions of dollars, except identifiable assets, average loans Services Markets Banking USPB 2024 2023 2024 2023 2024 2023 2024 2023 Net interest income $ 3,225 $ 3,243 $ 2,038 $ 1,999 $ 527 $ 542 $ 5,103 $ 4,883 Non-interest revenue 1,455 1,312 3,048 2,780 1,100 637 (184) (264) Total revenues, net of interest expense $ 4,680 $ 4,555 $ 5,086 $ 4,779 $ 1,627 $ 1,179 $ 4,919 $ 4,619 Provisions for credit losses and for benefits and claims $ (27) $ 223 $ (11) $ (17) $ (32) $ (148) $ 2,315 $ 1,525 Provision (benefits) for income taxes 475 596 323 312 119 16 41 135 Income (loss) from continuing operations 1,498 1,230 1,469 1,139 409 51 121 461 Identifiable assets (June 30, 2024 and December 31, 2023) $ 569 $ 586 $ 1,023 $ 1,008 $ 147 $ 148 $ 242 $ 242 Average loans 82 80 119 107 89 93 206 189 Average deposits 804 814 25 23 1 1 93 113 Wealth All Other (1) Reconciling Items (1) Total Citi 2024 2023 2024 2023 2024 2023 2024 2023 Net interest income $ 1,047 $ 1,096 $ 1,553 $ 2,137 $ — $ — $ 13,493 $ 13,900 Non-interest revenue 767 680 427 397 33 (6) 6,646 5,536 Total revenues, net of interest expense $ 1,814 $ 1,776 $ 1,980 $ 2,534 $ 33 $ (6) $ 20,139 $ 19,436 Provisions for credit losses and for benefits and claims $ (9) $ 53 $ 243 $ 200 $ (3) $ (12) $ 2,476 $ 1,824 Provision (benefits) for income taxes 71 26 35 (14) (17) 19 1,047 1,090 Income (loss) from continuing operations 210 84 (412) 79 (32) (92) 3,263 2,952 Identifiable assets (June 30, 2024 and December 31, 2023) $ 228 $ 229 $ 197 $ 199 $ 2,406 $ 2,412 Average loans 150 150 34 35 680 654 Average deposits 316 311 71 76 1,310 1,338 Six Months Ended June 30, In millions of dollars, except average loans Services Markets Banking USPB 2024 2023 2024 2023 2024 2023 2024 2023 Net interest income $ 6,542 $ 6,369 $ 3,744 $ 3,551 $ 1,109 $ 1,055 $ 10,329 $ 9,737 Non-interest revenue 2,904 2,580 6,699 6,984 2,254 1,309 (232) (407) Total revenues, net of interest expense $ 9,446 $ 8,949 $ 10,443 $ 10,535 $ 3,363 $ 2,364 $ 10,097 $ 9,330 Provisions for credit losses and for benefits and claims $ 37 $ 209 $ 188 $ 67 $ (161) $ (271) $ 4,519 $ 3,174 Provision (benefits) for income taxes 996 1,286 676 955 278 36 149 266 Income (loss) from continuing operations 3,013 2,539 2,890 3,001 936 108 468 863 Average loans $ 82 $ 80 $ 120 $ 109 $ 89 $ 94 $ 205 $ 186 Average deposits 806 822 25 23 1 1 97 112 Wealth All Other (1) Reconciling Items (1) Total Citi 2024 2023 2024 2023 2024 2023 2024 2023 Net interest income $ 2,028 $ 2,207 $ 3,248 $ 4,329 $ — $ — $ 27,000 $ 27,248 Non-interest revenue 1,479 1,319 1,118 838 21 1,012 14,243 13,635 Total revenues, net of interest expense $ 3,507 $ 3,526 $ 4,366 $ 5,167 $ 21 $ 1,012 $ 41,243 $ 40,883 Provisions for credit losses and for benefits and claims $ (179) $ (5) $ 429 $ 645 $ 8 $ (20) $ 4,841 $ 3,799 Provision (benefits) for income taxes 117 72 23 (318) (56) 324 2,183 2,621 Income (loss) from continuing operations 385 266 (895) 271 (126) 556 6,671 7,604 Average loans $ 150 $ 150 $ 33 $ 35 $ 679 $ 654 Average deposits 316 314 73 79 1,318 1,351 (1) Segment results are presented on a managed basis that excludes divestiture-related impacts related to (i) Citi’s divestitures of its Asia consumer banking businesses and (ii) the planned IPO of Mexico consumer banking and small business and middle-market banking within All Other —Legacy Franchises. Adjustments are included in Legacy Franchises within All Other and are reflected in the reconciliations above to arrive at Citi’s reported results in the Consolidated Statement of Income. The following table presents a reconciliation of total Citigroup income from continuing operations as reported: Three Months Ended June 30, Six Months Ended June 30, In millions of dollars 2024 (1) 2023 (2) 2024 (1)(3) 2023 (2)(4) Total segments and All Other —income from continuing operations (5) $ 3,295 $ 3,044 $ 6,797 $ 7,048 Divestiture-related impact on: Total revenues, net of interest expense 33 (6) 21 1,012 Total operating expenses 85 79 195 152 Provision (release) for credit losses (3) (12) 8 (20) Provision (benefits) for income taxes (17) 19 (56) 324 Income from continuing operations $ 3,263 $ 2,952 $ 6,671 $ 7,604 (1) The three months ended June 30, 2024 includes approximately $85 million in operating expenses (approximately $58 million after-tax), primarily related to separation costs in Mexico and severance costs in the Asia exit markets. (2) The three months ended June 30, 2023 includes approximately $79 million in operating expenses (approximately $57 million after-tax), primarily related to separation costs in Mexico and severance costs in the Asia exit markets. For additional information, see Citi’s Quarterly Report on Form 10-Q for the period ended June 30, 2023. (3) The three months ended March 31, 2024 includes approximately $110 million in operating expenses (approximately $77 million after-tax), primarily related to separation costs in Mexico and severance costs in the Asia exit markets. (4) The three months ended March 31, 2023 includes an approximate $1.059 billion gain on sale recorded in revenue (approximately $727 million after various taxes) related to Citi’s sale of the India consumer banking business. For additional information, see Citi’s Quarterly Report on Form 10-Q for the period ended March 31, 2023. (5) Segment results are presented on a managed basis that excludes divestiture-related impacts related to (i) Citi’s divestitures of its Asia consumer banking businesses and (ii) the planned IPO of Mexico Consumer/SBMM within All Other —Legacy Franchises. Adjustments are included in Legacy Franchises within All Other |
INTEREST INCOME AND EXPENSE (Ta
INTEREST INCOME AND EXPENSE (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Banking and Thrift, Interest [Abstract] | |
Interest revenue and interest expense | Interest income and Interest expense consisted of the following: Three Months Ended June 30, Six Months Ended June 30, In millions of dollars 2024 2023 2024 2023 Interest income Consumer loans $ 9,780 $ 8,962 $ 19,578 $ 17,586 Corporate loans 5,702 5,094 11,446 9,753 Loan interest, including fees $ 15,482 $ 14,056 $ 31,024 $ 27,339 Deposits with banks 2,710 3,049 5,357 6,080 Securities borrowed and purchased under agreements to resell 7,211 6,254 15,033 11,428 Investments, including dividends 4,821 4,451 9,670 8,595 Trading account assets (1) 4,503 3,752 8,631 6,499 Other interest-earning assets (2) 1,260 1,085 2,495 2,101 Total interest income $ 35,987 $ 32,647 $ 72,210 $ 62,042 Interest expense Deposits $ 10,235 $ 8,727 $ 20,646 $ 16,435 Securities loaned and sold under agreements to repurchase 6,962 4,953 13,928 8,519 Trading account liabilities (1) 794 870 1,625 1,657 Short-term borrowings and other interest-bearing liabilities (3) 1,908 1,777 3,864 3,426 Long-term debt 2,595 2,420 5,147 4,757 Total interest expense $ 22,494 $ 18,747 $ 45,210 $ 34,794 Net interest income $ 13,493 $ 13,900 $ 27,000 $ 27,248 Provision for credit losses on loans 2,359 1,761 4,781 3,498 Net interest income after provision for credit losses on loans $ 11,134 $ 12,139 $ 22,219 $ 23,750 (1) Interest expense on Trading account liabilities of Services , Markets and Banking is reported as a reduction of Interest income . Interest income and Interest expense on cash collateral positions are reported in interest on Trading account assets and Trading account liabilities , respectively. (2) Includes assets from businesses held-for-sale (see Note 2) and Brokerage receivables . (3) Includes liabilities from businesses held-for-sale (see Note 2) and Brokerage payables |
COMMISSIONS AND FEES; ADMINIS_2
COMMISSIONS AND FEES; ADMINISTRATION AND OTHER FIDUCIARY FEES (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Other Income and Expenses [Abstract] | |
Schedule of commissions, fees, administration and other fiduciary fees revenue | The following table presents Commissions and fees revenue: Three Months Ended June 30, Six Months Ended June 30, In millions of dollars 2024 2023 2024 2023 Investment banking (1) $ 875 $ 598 $ 1,748 $ 1,324 Brokerage commissions (2) 622 576 1,241 1,211 Credit and bank card income (3) Interchange fees 3,110 3,080 6,022 5,930 Card-related loan fees 147 120 277 238 Card rewards and partner payments (3,189) (3,197) (6,106) (6,126) Deposit-related fees 341 299 681 599 Transactional service fees (4) 359 334 699 652 Corporate finance (5) 150 86 349 188 Insurance distribution revenue (6) 78 88 162 180 Insurance premiums (7) 24 26 49 48 Loan servicing 22 23 35 50 Other 123 99 229 204 Total (8) $ 2,662 $ 2,132 $ 5,386 $ 4,498 (1) Investment banking fees are earned primarily by Banking and Markets. For the periods presented, the contract liability amount was negligible. (2) Brokerage commissions are earned primarily by Markets and Wealth . The Company recognized $44 million and $86 million of revenue related to variable consideration for the three and six months ended June 30, 2024, respectively, and $53 million and $114 million for the three and six months ended June 30, 2023, respectively. These amounts primarily relate to performance obligations satisfied in prior periods. (3) Credit card and bank card income is earned primarily by USPB and Services . (4) Transactional service fees are earned primarily by Services. (5) Consists primarily of fees earned from structuring and underwriting loan syndications or related financing activity. This activity is accounted for under ASC 310. (6) Insurance distribution revenue is earned primarily by Wealth and Legacy Franchises within All Other. (7) Insurance premiums are earned primarily by Legacy Franchises within All Other . (8) Commissions and fees include $(2,833) million and $(5,365) million not accounted for under ASC 606, Revenue from Contracts with Customers , for the three and six months ended June 30, 2024, respectively, and $(2,940) million and $(5,599) million for the three and six months ended June 30, 2023, respectively. Amounts reported in Commissions and fees accounted for under other guidance primarily include card-related loan fees, card reward programs and certain partner payments, corporate finance fees, insurance premiums and loan servicing fees. The following table presents Administration and other fiduciary fees revenue: Three Months Ended June 30, Six Months Ended June 30, In millions of dollars 2024 2023 2024 2023 Custody fees (1) $ 529 $ 510 $ 1,042 $ 955 Fiduciary fees (2) 388 344 780 654 Guarantee fees 129 135 261 276 Total administration and other fiduciary fees (3) $ 1,046 $ 989 $ 2,083 $ 1,885 (1) Custody fees are earned primarily by Services . (2) Fiduciary fees are earned primarily by Wealth and Legacy Franchises within All Other . (3) Administration and other fiduciary fees include $129 million and $135 million for the three months ended June 30, 2024 and 2023, respectively, and $261 million and $276 million for the six months ended June 30, 2024 and 2023, respectively, that are not accounted for under ASC 606, Revenue from Contracts with Customers. These generally include guarantee fees. |
PRINCIPAL TRANSACTIONS (Tables)
PRINCIPAL TRANSACTIONS (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Principal Transactions Revenue, Net [Abstract] | |
Principal transactions revenue | The following table presents Principal transactions revenue: Three Months Ended June 30, Six Months Ended June 30, In millions of dollars 2024 2023 2024 2023 Interest rate risks (1) $ 517 $ 572 $ 1,453 $ 1,969 Foreign exchange risks (2) 1,187 1,353 2,440 2,831 Equity risks (3)(4) 686 206 1,300 839 Commodity and other risks (5) 321 469 624 967 Credit products and risks (6) 163 (72) 331 (139) Total $ 2,874 $ 2,528 $ 6,148 $ 6,467 (1) Includes revenues from government securities, 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) The three and six months ended June 30, 2024 include an approximate $400 million episodic gain related to the Visa B exchange. (5) Primarily includes revenues from crude oil, refined oil products, natural gas and other commodities trades. (6) Includes revenues from corporate debt, secondary trading loans, mortgage securities, single name and index credit default swaps, and structured credit products. |
RETIREMENT BENEFITS (Tables)
RETIREMENT BENEFITS (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Retirement Benefits [Abstract] | |
Components of net (benefit) expense | The following tables summarize the components of net expense (benefit) recognized in the Consolidated Statement of Income for the Company’s pension and postretirement benefit 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 periodic benefit cost are reported in Other operating expenses in the Consolidated Statement of Income. Three Months Ended June 30, Pension plans Postretirement benefit plans U.S. plans Non-U.S. plans U.S. plans Non-U.S. plans In millions of dollars 2024 2023 2024 2023 2024 2023 2024 2023 Service cost $ — $ — $ 30 $ 30 $ — $ — $ 1 $ — Interest cost on benefit obligation 119 123 109 102 4 4 28 27 Expected return on assets (152) (160) (82) (82) (2) (4) (20) (20) Amortization of unrecognized: Prior service cost (benefit) 1 — (1) (1) (3) (3) (2) (2) Net actuarial loss (gain) 45 41 20 15 (3) (2) 2 (5) Settlement loss (1) — — 2 1 — — — — Total net expense (benefit) $ 13 $ 4 $ 78 $ 65 $ (4) $ (5) $ 9 $ — (1) Settlement loss relates to divestiture activities. Six Months Ended June 30, Pension plans Postretirement benefit plans U.S. plans Non-U.S. plans U.S. plans Non-U.S. plans In millions of dollars 2024 2023 2024 2023 2024 2023 2024 2023 Service cost $ — $ — $ 59 $ 58 $ — $ — $ 1 $ 1 Interest cost on benefit obligation 236 250 218 200 8 9 57 52 Expected return on assets (303) (321) (169) (163) (5) (7) (42) (39) Amortization of unrecognized: Prior service cost (benefit) 1 1 (2) (3) (5) (5) (4) (4) Net actuarial loss (gain) 91 79 43 34 (5) (5) 5 (10) Curtailment (gain) (1) — — — (8) — — — — Settlement loss (1) — — 2 4 — — — — Total net expense (benefit) $ 25 $ 9 $ 151 $ 122 $ (7) $ (8) $ 17 $ — (1) Curtailment and settlement relate to divestiture activities. The following table summarizes the net expense recognized in the Consolidated Statement of Income for the Company’s U.S. post employment plans: Three Months Ended June 30, Six Months Ended June 30, In millions of dollars 2024 2023 2024 2023 Service-related expense Amortization of unrecognized: Net actuarial loss $ 1 $ 1 $ 1 $ 1 Total service-related expense $ 1 $ 1 $ 1 $ 1 Non-service-related expense 8 — 13 5 Total net expense $ 9 $ 1 $ 14 $ 6 |
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 pension and postretirement benefit plans: Six Months Ended June 30, 2024 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 $ 9,640 $ 7,030 $ 343 $ 1,208 Plans measured annually (18) (1,663) — (219) Projected benefit obligation at beginning of year—Significant Plans $ 9,622 $ 5,367 $ 343 $ 989 First-quarter activity (244) (76) (12) (3) Projected benefit obligation at March 31, 2024—Significant Plans $ 9,378 $ 5,291 $ 331 $ 986 Service cost — 12 — — Interest cost on benefit obligation 119 90 4 25 Actuarial (gain) (118) (116) (3) (29) Benefits paid, net of participants’ contributions (232) (81) (12) (20) Foreign exchange impact — (281) — (92) Projected benefit obligation at period end—Significant Plans $ 9,147 $ 4,915 $ 320 $ 870 Change in plan assets Plan assets at fair value at beginning of year $ 10,210 $ 6,426 $ 231 $ 970 Plans measured annually — (1,198) — (9) Plan assets at fair value at beginning of year—Significant Plans $ 10,210 $ 5,228 $ 231 $ 961 First-quarter activity (201) (112) — (8) Plan assets at fair value at March 31, 2024—Significant Plans $ 10,009 $ 5,116 $ 231 $ 953 Actual return on plan assets 15 1 — 22 Company contributions, net of reimbursements 14 8 (2) — Benefits paid, net of participants’ contributions (232) (81) (12) (20) Foreign exchange impact — (203) — (90) Plan assets at fair value at period end—Significant Plans $ 9,806 $ 4,841 $ 217 $ 865 Qualified plans (1) $ 1,147 $ (74) $ (103) $ (5) Nonqualified plans (2) (488) — — — Funded status of the plans at period end—Significant Plans $ 659 $ (74) $ (103) $ (5) Net amount recognized at period end Benefit asset $ 1,147 $ 743 $ — $ — Benefit liability (488) (817) (103) (5) Net amount recognized on the balance sheet—Significant Plans $ 659 $ (74) $ (103) $ (5) Amounts recognized in AOCI at period end (3) Prior service (expense) benefit $ — $ (6) $ 68 $ 27 Net actuarial (loss) gain (6,251) (1,503) 111 (272) Net amount recognized in AOCI (pretax)—Significant Plans $ (6,251) $ (1,509) $ 179 $ (245) Accumulated benefit obligation at period end—Significant Plans $ 9,147 $ 4,721 $ 320 $ 870 (1) The U.S. qualified pension plan is fully funded under Employee Retirement Income Security Act of 1974, as amended, funding rules as of January 1, 2024 and no minimum required funding is expected for 2024. (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. |
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 Six Months Ended June 30, 2024 Three Months Ended Six Months Ended June 30, 2023 Beginning of period balance, net of tax (1)(2) $ (5,973) $ (6,050) $ (5,859) $ (5,755) Actuarial assumptions changes and plan experience 256 536 154 (115) Net (loss) due to difference between actual and expected returns (205) (476) (245) (62) Net amortization 61 125 45 88 Curtailment/settlement loss (gain) 4 4 1 (4) Foreign exchange impact and other 133 128 (111) (219) Change in deferred taxes, net (70) (61) 20 72 Change, net of tax $ 179 $ 256 $ (136) $ (240) End of period balance, net of tax (1)(2) $ (5,794) $ (5,794) $ (5,995) $ (5,995) (1) See Note 19 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 expense (benefit) for the Company’s Significant Plans are presented in the following tables: During the period Three Months Ended Jun. 30, 2024 Mar. 31, 2024 Jun. 30, 2023 Discount rate U.S. plans Qualified pension 5.30% 5.10% 5.15% Nonqualified pension 5.40 5.15 5.20 Postretirement benefit plan 5.40 5.20 5.25 Non-U.S. pension plans Range 1.35–11.00 1.35–10.65 2.05–10.65 Weighted average 7.92 7.57 7.64 Non-U.S. postretirement benefit plan 11.05 10.70 10.70 Expected return on assets U.S. plans Qualified pension 5.70 5.70 5.70 Postretirement benefit plan 5.70/3.00 5.70/3.00 5.70/3.00 Non-U.S. pension plans Range 4.20–9.60 4.30–9.60 4.10–9.90 Weighted average 6.51 6.57 6.26 Non-U.S. postretirement benefit plan 9.40 9.40 8.70 At period ended (1) Jun. 30, 2024 Mar. 31, 2024 Jun. 30, 2023 Discount rate U.S. plans Qualified pension 5.50% 5.30% 5.40% Nonqualified pension 5.60 5.40 5.45 Postretirement benefit plan 5.60 5.40 5.50 Non-U.S. pension plans Range 1.25–11.40 1.35–11.00 1.80–10.40 Weighted average 8.08 7.92 7.72 Non-U.S. postretirement benefit plan 11.40 11.05 10.40 Expected return on assets U.S. plans Qualified pension 5.70 5.70 5.70 Postretirement benefit plan 5.70/3.00 5.70/3.00 5.70/3.00 Non-U.S. pension plans Range 4.30–9.60 4.20–9.60 4.50–9.90 Weighted average 6.48 6.51 6.56 Non-U.S. postretirement benefit plan 9.40 9.40 8.70 (1) Discount rates and expected return on assets at the end of each quarter are utilized in the following quarter’s expense. |
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 June 30, 2024 In millions of dollars One-percentage-point increase One-percentage-point decrease Pension U.S. plans $ 6 $ (7) Non-U.S. plans (2) 4 Postretirement Non-U.S. plans (1) 1 |
Schedule of company contributions | The following table summarizes the Company’s actual contributions for the six months ended June 30, 2024 and 2023, as well as expected Company contributions for the remainder of 2024 and the actual contributions made in 2023: Pension plans Postretirement benefit plans U.S. plans (1) Non-U.S. plans U.S. plans Non-U.S. plans In millions of dollars 2024 2023 2024 2023 2024 2023 2024 2023 Company contributions (2) for the six months ended June 30 $ 29 $ 28 $ 56 $ 60 $ 10 $ 20 $ 5 $ 5 Company net contributions (reimbursements) made during the remainder of the year — 30 — 58 — (12) — 4 Company contributions expected to be made during the remainder of the year 32 — 44 — 3 — 5 — (1) The U.S. plans include benefits paid directly by the Company for the nonqualified pension plans. (2) Company contributions are composed of cash contributions made to the plans and benefits paid directly by the Company. |
Defined contribution plans | The following table summarizes the Company’s contributions for the defined contribution plans: Three Months Ended June 30, Six Months Ended June 30, In millions of dollars 2024 2023 2024 2023 U.S. plans $ 149 $ 137 $ 298 $ 275 Non-U.S. plans 118 114 244 228 |
RESTRUCTURING (Tables)
RESTRUCTURING (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Restructuring and Related Activities [Abstract] | |
Schedule of restructuring reserve | The following table is a rollforward of the liability related to the restructuring charges: In millions of dollars Personnel Other Total Balance at December 31, 2022 $ — $ — $ — 4Q23 restructuring charges 687 94 781 4Q23 payments and utilization — (69) (69) Foreign exchange — — — Balance at December 31, 2023 $ 687 $ 25 $ 712 Restructuring charges $ 237 $ 54 $ 291 Change in estimate (1) (66) — (66) Net restructuring charges $ 171 $ 54 $ 225 Payments and utilization $ (127) $ (46) $ (173) Foreign exchange — — — Balance at March 31, 2024 $ 731 $ 33 $ 764 Restructuring charges $ 81 $ — $ 81 Change in estimate (1)(2) (42) (3) (45) Net restructuring charges $ 39 $ (3) $ 36 Payments and utilization $ (497) $ (30) $ (527) Foreign exchange (1) — (1) Balance at June 30, 2024 $ 272 $ — $ 272 (1) Revisions primarily relate to higher-than-anticipated redeployments of displaced employees to other positions within the Company, job function releveling and employee attrition. (2) Revisions primarily relate to lower-than-anticipated costs associated with contract terminations. |
EARNINGS PER SHARE (Tables)
EARNINGS PER SHARE (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Earnings Per Share [Abstract] | |
Reconciliation of the income and share data used in the basic and diluted earnings per share computations | The following table reconciles the income and share data used in the basic and diluted earnings per share (EPS) computations: Three Months Ended June 30, Six Months Ended June 30, In millions of dollars, except per share amounts 2024 2023 2024 2023 Earnings per common share Income from continuing operations before attribution of noncontrolling interests $ 3,263 $ 2,952 $ 6,671 $ 7,604 Less: Noncontrolling interests from continuing operations 46 36 82 81 Net income from continuing operations (for EPS purposes) $ 3,217 $ 2,916 $ 6,589 $ 7,523 Income (loss) from discontinued operations, net of taxes — (1) (1) (2) Citigroup’s net income $ 3,217 $ 2,915 $ 6,588 $ 7,521 Less: Preferred dividends 242 288 521 565 Net income available to common shareholders $ 2,975 $ 2,627 $ 6,067 $ 6,956 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 32 33 77 68 Net income allocated to common shareholders for basic EPS $ 2,943 $ 2,594 $ 5,990 $ 6,888 Weighted-average common shares outstanding applicable to basic EPS (in millions) 1,907.7 1,942.8 1,909.1 1,943.2 Basic earnings per share (2) Income from continuing operations $ 1.54 $ 1.34 $ 3.14 $ 3.55 Discontinued operations — — — — Net income per share—basic (4) $ 1.54 $ 1.34 $ 3.14 $ 3.54 Diluted earnings per share Net income allocated to common shareholders for basic EPS $ 2,943 $ 2,594 $ 5,990 $ 6,888 Add back: Dividends allocated to employee restricted and deferred shares with rights to dividends that are forfeitable 19 15 34 26 Net income allocated to common shareholders for diluted EPS $ 2,962 $ 2,609 $ 6,024 $ 6,914 Weighted-average common shares outstanding applicable to basic EPS (in millions) 1,907.7 1,942.8 1,909.1 1,943.2 Effect of dilutive securities (3) Other employee plans 38.0 25.8 35.3 23.1 Adjusted weighted-average common shares outstanding applicable to diluted EPS (in millions) 1,945.7 1,968.6 1,944.4 1,966.3 Diluted earnings per share (2) Income from continuing operations $ 1.52 $ 1.33 $ 3.10 $ 3.52 Discontinued operations — — — — Net income per share—diluted (4) $ 1.52 $ 1.33 $ 3.10 $ 3.52 (1) Other relevant items include issuance costs of $8 million in the second quarter of 2024 related to the redemption of preferred stock Series D, $12 million in the first quarter of 2024 related to the remaining redemption of preferred stock Series J, and a benefit of $14 million in 2Q24 related to the reversal of the 1% excise tax on preferred stock redemptions during 2023 due to the IRS final regulations issued in June 2024. The issuance costs were reclassified from Additional paid-in capital to Retained earnings upon redemption of the preferred stock. See Note 20. The total for this line also includes dividends and undistributed earnings ($38 million combined for the second quarter of 2024) allocated to employee restricted and deferred shares with rights to dividends. (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 three and six months ended June 30, 2024 and 2023, there were no weighted-average options outstanding. (4) 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) | 6 Months Ended |
Jun. 30, 2024 | |
Federal Funds Purchased and Securities Sold under Agreements to Repurchase [Abstract] | |
Securities borrowed or purchased under agreements to resell | Securities borrowed and purchased under agreements to resell , at their respective carrying values, consisted of the following: In millions of dollars June 30, December 31, 2023 Securities purchased under agreements to resell $ 241,098 $ 267,319 Deposits paid for securities borrowed 76,905 78,408 Total, net (1) $ 318,003 $ 345,727 Allowance for credit losses on securities purchased and borrowed (2) (33) (27) Total, net of allowance $ 317,970 $ 345,700 |
Securities loaned or sold under agreements to repurchase | Securities loaned and sold under agreements to repurchase , at their respective carrying values, consisted of the following: In millions of dollars June 30, December 31, 2023 Securities sold under agreements to repurchase $ 291,878 $ 264,958 Deposits received for securities loaned 13,328 13,149 Total, net (1) $ 305,206 $ 278,107 (1) The above tables do not include securities-for-securities lending transactions of $5.3 billion and $4.3 billion at June 30, 2024 and December 31, 2023, 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 15. |
Schedule of gross and net resale agreements and securities borrowing agreements and the related offsetting amount permitted as well as not permitted under ASC 210-20-45 | The following tables present the gross and net resale and repurchase agreements and securities borrowing and lending agreements and the related offsetting amounts permitted under ASC 210-20-45. The tables also include amounts related to financial instruments that are not permitted to be offset under ASC 210-20-45, but would be eligible for offsetting to the extent that an event of default has occurred and a legal opinion supporting enforceability of the offsetting rights has been obtained. Remaining exposures continue to be secured by financial collateral, but the Company may not have sought or been able to obtain a legal opinion evidencing enforceability of the offsetting right. As of June 30, 2024 In millions of dollars Gross amounts Gross amounts (1) Net amounts of Amounts not offset on the Consolidated Balance (2) Net (3) Securities purchased under agreements to resell $ 514,179 $ 273,081 $ 241,098 $ 224,659 $ 16,439 Deposits paid for securities borrowed 97,780 20,875 76,905 23,825 53,080 Total $ 611,959 $ 293,956 $ 318,003 $ 248,484 $ 69,519 In millions of dollars Gross amounts Gross amounts (1) Net amounts of Amounts not offset on the (2) Net amounts (3) Securities sold under agreements to repurchase $ 564,959 $ 273,081 $ 291,878 $ 215,296 $ 76,582 Deposits received for securities loaned 34,203 20,875 13,328 6,693 6,635 Total $ 599,162 $ 293,956 $ 305,206 $ 221,989 $ 83,217 As of December 31, 2023 In millions of dollars Gross amounts Gross amounts (1) Net amounts of Amounts not offset on the (2) Net (3) Securities purchased under agreements to resell $ 515,533 $ 248,214 $ 267,319 $ 244,783 $ 22,536 Deposits paid for securities borrowed 97,881 19,473 78,408 25,433 52,975 Total $ 613,414 $ 267,687 $ 345,727 $ 270,216 $ 75,511 In millions of dollars Gross amounts Gross amounts (1) Net amounts of Amounts not offset on the (2) Net (3) Securities sold under agreements to repurchase $ 513,172 $ 248,214 $ 264,958 $ 181,794 $ 83,164 Deposits received for securities loaned 32,622 19,473 13,149 2,441 10,708 Total $ 545,794 $ 267,687 $ 278,107 $ 184,235 $ 93,872 (1) Includes financial instruments subject to enforceable master netting agreements that are permitted to be offset under ASC 210-20-45. (2) Includes financial instruments subject to enforceable master netting agreements that are not permitted to be offset under ASC 210-20-45, but would be eligible for offsetting to the extent that an event of default has occurred and a legal opinion supporting enforceability of the offsetting right has been obtained. (3) Remaining exposures continue to be secured by financial collateral, but the Company may not have sought or been able to obtain a legal opinion evidencing enforceability of the offsetting right. |
Schedule of gross and net repurchase agreements and securities lending agreements and the related offsetting amount permitted as well as not permitted under ASC 210-20-45 | The following tables present the gross and net resale and repurchase agreements and securities borrowing and lending agreements and the related offsetting amounts permitted under ASC 210-20-45. The tables also include amounts related to financial instruments that are not permitted to be offset under ASC 210-20-45, but would be eligible for offsetting to the extent that an event of default has occurred and a legal opinion supporting enforceability of the offsetting rights has been obtained. Remaining exposures continue to be secured by financial collateral, but the Company may not have sought or been able to obtain a legal opinion evidencing enforceability of the offsetting right. As of June 30, 2024 In millions of dollars Gross amounts Gross amounts (1) Net amounts of Amounts not offset on the Consolidated Balance (2) Net (3) Securities purchased under agreements to resell $ 514,179 $ 273,081 $ 241,098 $ 224,659 $ 16,439 Deposits paid for securities borrowed 97,780 20,875 76,905 23,825 53,080 Total $ 611,959 $ 293,956 $ 318,003 $ 248,484 $ 69,519 In millions of dollars Gross amounts Gross amounts (1) Net amounts of Amounts not offset on the (2) Net amounts (3) Securities sold under agreements to repurchase $ 564,959 $ 273,081 $ 291,878 $ 215,296 $ 76,582 Deposits received for securities loaned 34,203 20,875 13,328 6,693 6,635 Total $ 599,162 $ 293,956 $ 305,206 $ 221,989 $ 83,217 As of December 31, 2023 In millions of dollars Gross amounts Gross amounts (1) Net amounts of Amounts not offset on the (2) Net (3) Securities purchased under agreements to resell $ 515,533 $ 248,214 $ 267,319 $ 244,783 $ 22,536 Deposits paid for securities borrowed 97,881 19,473 78,408 25,433 52,975 Total $ 613,414 $ 267,687 $ 345,727 $ 270,216 $ 75,511 In millions of dollars Gross amounts Gross amounts (1) Net amounts of Amounts not offset on the (2) Net (3) Securities sold under agreements to repurchase $ 513,172 $ 248,214 $ 264,958 $ 181,794 $ 83,164 Deposits received for securities loaned 32,622 19,473 13,149 2,441 10,708 Total $ 545,794 $ 267,687 $ 278,107 $ 184,235 $ 93,872 (1) Includes financial instruments subject to enforceable master netting agreements that are permitted to be offset under ASC 210-20-45. (2) Includes financial instruments subject to enforceable master netting agreements that are not permitted to be offset under ASC 210-20-45, but would be eligible for offsetting to the extent that an event of default has occurred and a legal opinion supporting enforceability of the offsetting right has been obtained. (3) Remaining exposures continue to be secured by financial collateral, but the Company may not have sought or been able to obtain a legal opinion evidencing enforceability of the offsetting right. |
Gross amount of liabilities associated with repurchase agreements and securities lending agreements | The following tables present the gross amounts of liabilities associated with repurchase agreements and securities lending agreements by remaining contractual maturity: As of June 30, 2024 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 $ 312,541 $ 153,322 $ 38,433 $ 60,663 $ 564,959 Deposits received for securities loaned 26,184 — 347 7,672 34,203 Total $ 338,725 $ 153,322 $ 38,780 $ 68,335 $ 599,162 As of December 31, 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 $ 289,907 $ 134,870 $ 35,639 $ 52,756 $ 513,172 Deposits received for securities loaned 24,997 — 1,270 6,355 32,622 Total $ 314,904 $ 134,870 $ 36,909 $ 59,111 $ 545,794 The following tables present the gross amounts of liabilities associated with repurchase agreements and securities lending agreements by class of underlying collateral: As of June 30, 2024 In millions of dollars Repurchase agreements Securities lending agreements Total U.S. Treasury and federal agency securities $ 239,500 $ — $ 239,500 State and municipal securities 396 — 396 Foreign government securities 181,907 177 182,084 Corporate bonds 19,209 276 19,485 Equity securities 28,069 33,585 61,654 Mortgage-backed securities 85,582 18 85,600 Asset-backed securities 2,629 12 2,641 Other 7,667 135 7,802 Total $ 564,959 $ 34,203 $ 599,162 As of December 31, 2023 In millions of dollars Repurchase agreements Securities lending agreements Total U.S. Treasury and federal agency securities $ 223,343 $ 461 $ 223,804 State and municipal securities 447 2 449 Foreign government securities 174,661 118 174,779 Corporate bonds 12,403 195 12,598 Equity securities 5,853 31,574 37,427 Mortgage-backed securities 85,014 21 85,035 Asset-backed securities 3,032 178 3,210 Other 8,419 73 8,492 Total $ 513,172 $ 32,622 $ 545,794 |
BROKERAGE RECEIVABLES AND BRO_2
BROKERAGE RECEIVABLES AND BROKERAGE PAYABLES (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Broker-Dealer [Abstract] | |
Brokerage receivables and brokerage payables | Brokerage receivables and Brokerage payables consisted of the following: In millions of dollars June 30, December 31, 2023 Receivables from customers $ 19,134 $ 15,986 Receivables from brokers, dealers and clearing organizations 45,429 37,929 Total brokerage receivables (1) $ 64,563 $ 53,915 Payables to customers $ 50,724 $ 49,206 Payables to brokers, dealers and clearing organizations 22,897 14,333 Total brokerage payables (1) $ 73,621 $ 63,539 |
INVESTMENTS (Tables)
INVESTMENTS (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of investments by category | The following table presents Citi’s investments by category: In millions of dollars June 30, December 31, 2023 Debt securities available-for-sale (AFS) $ 249,362 $ 256,936 Debt securities held-to-maturity (HTM) (1) 251,125 254,247 Marketable equity securities carried at fair value (2) 165 258 Non-marketable equity securities carried at fair value (2)(5) 531 508 Non-marketable equity securities measured using the measurement alternative (3) 1,717 1,639 Non-marketable equity securities carried at cost (4) 5,376 5,497 Total investments (6) $ 508,276 $ 519,085 (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 $26 million and $25 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 June 30, 2024 and December 31, 2023, respectively. (6) Not included in the balances above is approximately $2 billion of accrued interest receivable at June 30, 2024 and December 31, 2023, 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 June 30, 2024 and 2023. |
Interest and dividends on investments | The following table presents interest and dividend income on investments: Three Months Ended June 30, Six Months Ended June 30, In millions of dollars 2024 2023 2024 2023 Taxable interest $ 4,637 $ 4,284 $ 9,328 $ 8,284 Interest exempt from U.S. federal income tax 81 84 161 169 Dividend income 103 83 181 142 Total interest and dividend income on investments $ 4,821 $ 4,451 $ 9,670 $ 8,595 |
Realized gains and losses on investments excluding other-than-temporary impairment | The following table presents realized gains and losses on the sales of investments, which exclude impairment losses: Three Months Ended June 30, Six Months Ended June 30, In millions of dollars 2024 2023 2024 2023 Gross realized investment gains $ 144 $ 91 $ 286 $ 179 Gross realized investment losses (121) (42) (148) (58) Net realized gains on sales of investments $ 23 $ 49 $ 138 $ 121 |
Amortized cost and fair value of AFS debt securities | The amortized cost and fair value of AFS debt securities were as follows: June 30, 2024 December 31, 2023 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) $ 32,510 $ 92 $ 832 $ — $ 31,770 $ 30,279 $ 170 $ 734 $ — $ 29,715 Residential 590 — 2 — 588 426 — 3 — 423 Commercial 1 — — — 1 1 — — — 1 Total mortgage-backed securities $ 33,101 $ 92 $ 834 $ — $ 32,359 $ 30,706 $ 170 $ 737 $ — $ 30,139 U.S. Treasury and federal agency securities U.S. Treasury $ 70,604 $ 7 $ 979 $ — $ 69,632 $ 81,684 $ 59 $ 1,382 $ — $ 80,361 Total U.S. Treasury and federal agency securities $ 70,604 $ 7 $ 979 $ — $ 69,632 $ 81,684 $ 59 $ 1,382 $ — $ 80,361 State and municipal $ 1,970 $ 14 $ 95 $ — $ 1,889 $ 2,204 $ 18 $ 91 $ — $ 2,131 Foreign government 135,144 309 1,354 — 134,099 132,045 528 1,375 — 131,198 Corporate 5,471 20 176 13 5,302 5,610 18 208 8 5,412 Asset-backed securities (1) 755 13 — — 768 921 17 — — 938 Other debt securities 5,315 2 4 — 5,313 6,754 4 1 — 6,757 Total debt securities AFS $ 252,360 $ 457 $ 3,442 $ 13 $ 249,362 $ 259,924 $ 814 $ 3,794 $ 8 $ 256,936 (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 21 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 2023 Form 10-K. (3) Amortized cost includes unallocated portfolio layer cumulative basis adjustments of $(0.2) billion as of June 30, 2024. Gross unrealized gains and gross unrealized (losses) on mortgage-backed securities excluding the effect of unallocated portfolio layer cumulative basis adjustments were $75 million and $(1.0) billion, respectively, as of June 30, 2024. |
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 June 30, 2024 Debt securities AFS Mortgage-backed securities U.S. government-sponsored agency guaranteed $ 12,369 $ 126 $ 8,991 $ 706 $ 21,360 $ 832 Residential 288 — 227 2 515 2 Total mortgage-backed securities $ 12,657 $ 126 $ 9,218 $ 708 $ 21,875 $ 834 U.S. Treasury and federal agency securities U.S. Treasury $ 18,190 $ 178 $ 45,988 $ 801 $ 64,178 $ 979 Total U.S. Treasury and federal agency securities $ 18,190 $ 178 $ 45,988 $ 801 $ 64,178 $ 979 State and municipal $ 342 $ 13 $ 807 $ 82 $ 1,149 $ 95 Foreign government 44,441 368 34,321 986 78,762 1,354 Corporate 2,345 66 1,801 110 4,146 176 Asset-backed securities 2 — — — 2 — Other debt securities 2,803 4 — — 2,803 4 Total debt securities AFS $ 80,780 $ 755 $ 92,135 $ 2,687 $ 172,915 $ 3,442 December 31, 2023 Debt securities AFS Mortgage-backed securities U.S. government-sponsored agency guaranteed $ 8,602 $ 86 $ 9,734 $ 648 $ 18,336 $ 734 Residential 352 1 34 2 386 3 Total mortgage-backed securities $ 8,954 $ 87 $ 9,768 $ 650 $ 18,722 $ 737 U.S. Treasury and federal agency securities U.S. Treasury $ 11,851 $ 113 $ 57,669 $ 1,269 $ 69,520 $ 1,382 Total U.S. Treasury and federal agency securities $ 11,851 $ 113 $ 57,669 $ 1,269 $ 69,520 $ 1,382 State and municipal $ 906 $ 17 $ 324 $ 74 $ 1,230 $ 91 Foreign government 42,250 540 29,176 835 71,426 1,375 Corporate 2,319 103 1,619 105 3,938 208 Asset-backed securities 154 — 16 — 170 — Other debt securities 1,864 1 228 — 2,092 1 Total debt securities AFS $ 68,298 $ 861 $ 98,800 $ 2,933 $ 167,098 $ 3,794 |
Amortized cost and fair value of debt securities by contractual maturity dates | The following table presents the amortized cost and fair value of AFS debt securities by contractual maturity dates: June 30, 2024 In millions of dollars Amortized cost Fair value Mortgage-backed securities (1) Due within 1 year $ 25 $ 25 After 1 but within 5 years 837 824 After 5 but within 10 years 583 554 After 10 years 31,869 30,956 Total (2) $ 33,314 $ 32,359 U.S. Treasury and federal agency securities Due within 1 year $ 38,155 $ 37,980 After 1 but within 5 years 31,931 31,178 After 5 but within 10 years 518 474 After 10 years — — Total $ 70,604 $ 69,632 State and municipal Due within 1 year $ 12 $ 12 After 1 but within 5 years 129 124 After 5 but within 10 years 372 360 After 10 years 1,457 1,393 Total $ 1,970 $ 1,889 Foreign government Due within 1 year $ 63,763 $ 63,617 After 1 but within 5 years 65,845 65,097 After 5 but within 10 years 4,987 4,914 After 10 years 549 471 Total $ 135,144 $ 134,099 All other (3) Due within 1 year $ 6,450 $ 6,427 After 1 but within 5 years 4,397 4,290 After 5 but within 10 years 634 635 After 10 years 60 31 Total $ 11,541 $ 11,383 Total debt securities AFS (2) $ 252,573 $ 249,362 (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 21 for additional 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 $(0.2) billion as of June 30, 2024. (3) Includes corporate, asset-backed and other debt securities. The following table presents the carrying value and fair value of HTM debt securities by contractual maturity dates: June 30, 2024 In millions of dollars Amortized cost (1) Fair value Mortgage-backed securities Due within 1 year $ 34 $ 34 After 1 but within 5 years 1,222 1,151 After 5 but within 10 years 590 534 After 10 years 75,741 65,292 Total $ 77,587 $ 67,011 U.S. Treasury securities Due within 1 year $ 36,532 $ 35,562 After 1 but within 5 years 94,975 86,328 After 5 but within 10 years — — After 10 years — — Total $ 131,507 $ 121,890 State and municipal Due within 1 year $ 33 $ 33 After 1 but within 5 years 150 149 After 5 but within 10 years 1,502 1,415 After 10 years 7,314 6,782 Total $ 8,999 $ 8,379 Foreign government Due within 1 year $ 1,792 $ 1,770 After 1 but within 5 years 741 734 After 5 but within 10 years — — After 10 years — — Total $ 2,533 $ 2,504 All other (2) Due within 1 year $ — $ — After 1 but within 5 years — — After 5 but within 10 years 12,529 12,546 After 10 years 17,970 17,953 Total $ 30,499 $ 30,499 Total debt securities HTM $ 251,125 $ 230,283 (1) Amortized cost is reported net of ACL of $99 million at June 30, 2024. (2) Includes corporate and asset-backed securities. |
Carrying value and fair value of debt securities HTM | The carrying value and fair value of debt securities HTM were as follows: In millions of dollars Amortized cost, net (1) Gross Gross Fair June 30, 2024 Debt securities HTM Mortgage-backed securities (2) U.S. government-sponsored agency guaranteed (3) $ 76,208 $ 8 $ 10,454 $ 65,762 Non-U.S. residential 145 — — 145 Commercial 1,234 2 132 1,104 Total mortgage-backed securities $ 77,587 $ 10 $ 10,586 $ 67,011 U.S. Treasury securities $ 131,507 $ — $ 9,617 $ 121,890 State and municipal 8,999 31 651 8,379 Foreign government 2,533 — 29 2,504 Asset-backed securities (2) 30,499 65 65 30,499 Total debt securities HTM, net $ 251,125 $ 106 $ 20,948 $ 230,283 December 31, 2023 Debt securities HTM Mortgage-backed securities (2) U.S. government-sponsored agency guaranteed $ 79,689 $ 7 $ 8,603 $ 71,093 Non-U.S. residential 198 — — 198 Commercial 1,146 2 156 992 Total mortgage-backed securities $ 81,033 $ 9 $ 8,759 $ 72,283 U.S. Treasury securities $ 131,776 $ — $ 9,908 $ 121,868 State and municipal 9,182 73 477 8,778 Foreign government 2,210 — 58 2,152 Asset-backed securities (2) 30,046 9 135 29,920 Total debt securities HTM, net $ 254,247 $ 91 $ 19,337 $ 235,001 (1) Amortized cost is reported net of ACL of $99 million and $95 million at June 30, 2024 and December 31, 2023, 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 21 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 (amortized cost) 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 2023 Form 10-K. |
Total other-than-temporary impairments recognized | The following table presents total impairment on AFS investments recognized in earnings: Three Months Ended June 30, Six Months Ended June 30, In millions of dollars 2024 2023 2024 2023 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 $ 9 $ 43 $ 23 $ 94 |
Carrying value of non-marketable equity securities measured using the measurement alternative | Below is the carrying value of non-marketable equity securities measured using the measurement alternative at June 30, 2024 and December 31, 2023 : In millions of dollars June 30, 2024 December 31, 2023 Measurement alternative: Carrying value $ 1,717 $ 1,639 Below are amounts recognized in earnings and life-to-date amounts for non-marketable equity securities measured using the measurement alternative: Three Months Ended June 30, Six Months Ended June 30, In millions of dollars 2024 2023 2024 2023 Measurement alternative (1) : Impairment losses $ 8 $ 28 $ 24 $ 63 Downward changes for observable prices 1 — 1 20 Upward changes for observable prices 3 3 52 33 (1) See Note 23 for additional information on these nonrecurring fair value measurements. Life-to-date amounts on securities still held In millions of dollars June 30, 2024 Measurement alternative: Impairment losses $ 356 Downward changes for observable prices 35 Upward changes for observable prices 1,002 |
LOANS (Tables)
LOANS (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Financing Receivable, Credit Quality Indicator [Line Items] | |
Schedule of loan delinquency and non-accrual details | Consumer Loans, Delinquencies and Non-Accrual Status at December 31, 2023 In millions of dollars Total current (1)(2) 30–89 days past due (3) ≥ 90 days past due (3) Past due government guaranteed (4) Total 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 (5) Residential first mortgages (6) $ 107,720 $ 462 $ 294 $ 235 $ 108,711 $ 105 $ 384 $ 489 $ 120 Home equity loans (7)(8) 3,471 36 85 — 3,592 48 126 174 — Credit cards 159,966 2,293 2,461 — 164,720 — — — 2,461 Personal, small business and other (9) 35,970 104 57 4 36,135 6 59 65 5 Total $ 307,127 $ 2,895 $ 2,897 $ 239 $ 313,158 $ 159 $ 569 $ 728 $ 2,586 In offices outside North America (5) Residential mortgages (6) $ 26,309 $ 48 $ 69 $ — $ 26,426 $ — $ 243 $ 243 $ — Credit cards 13,797 209 227 — 14,233 — 211 211 88 Personal, small business and other (9) 35,233 107 40 — 35,380 — 133 133 — Total $ 75,339 $ 364 $ 336 $ — $ 76,039 $ — $ 587 $ 587 $ 88 Total Citigroup (11)(12) $ 382,466 $ 3,259 $ 3,233 $ 239 $ 389,197 $ 159 $ 1,156 $ 1,315 $ 2,674 (1) Loans less than 30 days past due are presented as current. (2) Includes $294 million and $313 million at June 30, 2024 and December 31, 2023, respectively, of residential first mortgages recorded at fair value. (3) Excludes loans guaranteed by U.S. government-sponsored agencies. Excludes delinquencies on $26.2 billion and $17.5 billion of classifiably managed Private Bank loans in North America and outside North America, respectively, at June 30, 2024. Excludes delinquencies on $29.2 billion and $17.0 billion of classifiably managed Private Bank loans in North America and outside North America, respectively, at December 31, 2023. (4) 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 $0.1 billion at June 30, 2024 and December 31, 2023, respectively. (5) North America includes the U.S., Canada and Puerto Rico. Mexico is included in offices outside North America. (6) Includes approximately $0.1 billion and less than $0.1 billion of residential first mortgage loans in process of foreclosure in North America and outside North America, respectively, and $19.6 billion of residential mortgages outside North America related to Wealth at June 30, 2024. 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 $19.9 billion of residential mortgages outside North America related to Wealth at December 31, 2023. (7) Includes less than $0.1 billion and less than $0.1 billion at June 30, 2024 and December 31, 2023, respectively, of home equity loans in process of foreclosure. (8) Fixed-rate home equity loans and loans extended under home equity lines of credit, which are typically in junior lien positions. (9) As of June 30, 2024, Wealth in North America includes $28.5 billion of loans, of which $26.2 billion are classifiably managed with 84% rated investment grade, and Wealth outside North America includes $25.0 billion of loans, of which $17.5 billion are classifiably managed with 61% rated investment grade. As of December 31, 2023, Wealth in North America includes $31.6 billion of loans, of which $29.2 billion are classifiably managed with 92% rated investment grade, and Wealth outside North America includes $24.9 billion of loans, of which $17.0 billion are classifiably managed with 74% rated investment grade. Such loans are presented as “current” above. (10) 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 22. (11) Consumer loans were net of unearned income of $852 million and $802 million at June 30, 2024 and December 31, 2023, respectively. Unearned income on consumer loans primarily represents loan origination fees, net of certain direct origination costs, that are deferred and recognized as Interest income over the lives of the related loans. (12) Not included in the balances above is approximately $1 billion and $1 billion of accrued interest receivable at June 30, 2024 and December 31, 2023, respectively, which is included in Other assets on the Consolidated Balance Sheet, except for credit card loans (which include accrued interest and fees). During the three and six months ended June 30, 2024, the Company reversed accrued interest (primarily related to credit cards) of approximately $0.4 billion and $0.8 billion, respectively. During the three and six months ended June 30, 2023, the Company reversed accrued interest (primarily related to credit cards) of approximately $0.3 billion and $0.5 billion, respectively. These reversals of accrued interest are reflected as a reduction to Interest income in the Consolidated Statement of Income. |
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 June 30, December 31, In North America offices (1) Commercial and industrial $ 60,959 $ 61,008 Financial institutions 40,037 39,393 Mortgage and real estate (2) 17,917 17,813 Installment and other 22,929 23,335 Lease financing 231 227 Total $ 142,073 $ 141,776 In offices outside North America (1) Commercial and industrial $ 96,883 $ 93,402 Financial institutions 27,282 26,143 Mortgage and real estate (2) 7,347 7,197 Installment and other 24,342 27,907 Lease financing 37 48 Governments and official institutions 3,664 3,599 Total $ 159,555 $ 158,296 Corporate loans, net of unearned income, excluding portfolio layer cumulative basis adjustments (3)(4)(5) $ 301,628 $ 300,072 Unallocated portfolio layer cumulative basis adjustments (6) $ (23) $ 93 Corporate loans, net of unearned income (3)(4)(5) $ 301,605 $ 300,165 (1) North America includes the U.S., Canada and Puerto Rico. Mexico is included in offices outside North America. The classification between offices in North America and outside North America is based on the domicile of the booking unit. The difference between the domicile of the booking unit and the domicile of the managing unit is not material. (2) Loans secured primarily by real estate. (3) Corporate loans are net of unearned income of ($917) million and ($917) million at June 30, 2024 and December 31, 2023, respectively. Unearned income on corporate loans primarily represents loan origination fees, net of certain direct origination costs, that are deferred and recognized as Interest income over the lives of the related loans. (4) Not included in the balances above is approximately $2 billion of accrued interest receivable at June 30, 2024 and December 31, 2023, which is included in Other assets on the Consolidated Balance Sheet. (5) Accrued interest receivable considered to be uncollectible is reversed through interest income. Amounts reversed were not material for the three and six months ended June 30, 2024 and 2023. (6) 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 22. |
Schedule of loan delinquency and non-accrual details | Corporate Loan Delinquencies and Non-Accrual Details at June 30, 2024 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 $ 253 $ 124 $ 377 $ 404 $ 153,485 $ 154,266 Financial institutions 6 1 7 38 66,691 66,736 Mortgage and real estate 19 4 23 454 24,722 25,199 Lease financing — — — — 267 267 Other 81 10 91 102 46,735 46,928 Loans at fair value N/A N/A N/A N/A N/A 8,232 Total (5) $ 359 $ 139 $ 498 $ 998 $ 291,900 $ 301,628 Corporate Loan Delinquencies and Non-Accrual Details at December 31, 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 $ 308 $ 118 $ 426 $ 717 $ 150,308 $ 151,451 Financial institutions 9 7 16 51 64,993 65,060 Mortgage and real estate 66 3 69 868 24,001 24,938 Lease financing — — — — 275 275 Other 66 17 83 246 50,738 51,067 Loans at fair value N/A N/A N/A N/A N/A 7,281 Total (5) $ 449 $ 145 $ 594 $ 1,882 $ 290,315 $ 300,072 (1) Corporate loans that are 90 days or more 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 $(23) million and $93 million of unallocated portfolio layer cumulative basis adjustments at June 30, 2024 and December 31, 2023, respectively. N/A Not applicable |
Schedule of loans credit quality indicators | Corporate Loans Credit Quality Indicators Recorded investment in loans (1) Term loans by year of origination Revolving line of credit arrangements (2) June 30, 2024 In millions of dollars 2024 2023 2022 2021 2020 Prior Investment grade (3) Commercial and industrial (4) $ 36,934 $ 12,455 $ 6,376 $ 3,539 $ 1,920 $ 7,363 $ 35,179 $ 103,766 Financial institutions (4) 8,774 4,555 1,744 2,022 360 2,190 39,235 58,880 Mortgage and real estate 1,436 3,636 3,917 3,380 2,212 2,515 268 17,364 Other (5) 2,343 3,121 4,379 1,013 822 5,035 27,219 43,932 Total investment grade $ 49,487 $ 23,767 $ 16,416 $ 9,954 $ 5,314 $ 17,103 $ 101,901 $ 223,942 Non-investment grade (3) Accrual Commercial and industrial (4) $ 17,439 $ 5,666 $ 3,874 $ 1,962 $ 447 $ 2,546 $ 18,163 $ 50,097 Financial institutions (4) 2,461 948 568 735 39 491 2,575 7,817 Mortgage and real estate 414 1,108 1,729 1,464 918 1,205 543 7,381 Other (5) 305 447 366 307 136 317 1,283 3,161 Non-accrual Commercial and industrial (4) — 22 44 37 4 76 221 404 Financial institutions 9 — — — — 1 28 38 Mortgage and real estate 3 5 56 30 25 290 45 454 Other (5) 4 — 2 16 1 64 15 102 Total non-investment grade $ 20,635 $ 8,196 $ 6,639 $ 4,551 $ 1,570 $ 4,990 $ 22,873 $ 69,454 Loans at fair value (6) $ 8,232 Corporate loans, net of unearned income (7) $ 70,122 $ 31,963 $ 23,055 $ 14,505 $ 6,884 $ 22,093 $ 124,774 $ 301,628 Recorded investment in loans (1) Term loans by year of origination Revolving line of credit arrangements (2) December 31, 2023 In millions of dollars 2023 2022 2021 2020 2019 Prior Investment grade (3) Commercial and industrial (4) $ 47,811 $ 7,738 $ 3,641 $ 2,279 $ 2,604 $ 6,907 $ 34,956 $ 105,936 Financial institutions (4) 11,002 2,356 2,834 424 557 1,847 36,715 55,735 Mortgage and real estate 3,628 4,433 3,595 2,544 1,238 1,582 66 17,086 Other (5) 4,653 5,781 1,072 1,029 812 5,302 29,335 47,984 Total investment grade $ 67,094 $ 20,308 $ 11,142 $ 6,276 $ 5,211 $ 15,638 $ 101,072 $ 226,741 Non-investment grade (3) Accrual Commercial and industrial (4) $ 17,570 $ 4,785 $ 1,914 $ 1,359 $ 732 $ 2,526 $ 15,912 $ 44,798 Financial institutions (4) 4,207 748 1,084 56 194 260 2,725 9,274 Mortgage and real estate 1,034 1,234 1,378 947 755 1,016 620 6,984 Other (5) 653 434 248 158 211 155 1,253 3,112 Non-accrual Commercial and industrial 53 46 84 35 45 93 361 717 Financial institutions (4) — — — — — — 51 51 Mortgage and real estate 118 233 8 38 110 308 53 868 Other (5) 8 — 41 — 55 12 130 246 Total non-investment grade $ 23,643 $ 7,480 $ 4,757 $ 2,593 $ 2,102 $ 4,370 $ 21,105 $ 66,050 Loans at fair value (6) $ 7,281 Corporate loans, net of unearned income $ 90,737 $ 27,788 $ 15,899 $ 8,869 $ 7,313 $ 20,008 $ 122,177 $ 300,072 (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 $(23) million and $93 million of unallocated portfolio layer cumulative basis adjustments at June 30, 2024 and December 31, 2023, respectively. The table below details gross credit losses recognized during the six months ended June 30, 2024, by year of loan origination: For the Six Months Ended June 30, 2024 In millions of dollars 2024 2023 2022 2021 2020 Prior Revolving line of credit arrangement Total Commercial and industrial $ 2 $ — $ 3 $ 9 $ — $ 3 $ 111 $ 128 Financial institutions — — — — — 1 9 10 Mortgage and real estate 1 37 9 — — 63 20 130 Other (1) — — — — — 15 24 39 Total $ 3 $ 37 $ 12 $ 9 $ — $ 82 $ 164 $ 307 The table below details gross credit losses recognized during the six months ended June 30, 2023, by year of loan origination: For the Six Months Ended June 30, 2023 In millions of dollars 2023 2022 2021 2020 2019 Prior Revolving Total Commercial and industrial $ 8 $ — $ — $ 1 $ — $ 2 $ 48 $ 59 Financial institutions — — — — — — 33 33 Mortgage and real estate — — — 1 — 2 — 3 Other (1) — — — — — — 30 30 Total $ 8 $ — $ — $ 2 $ — $ 4 $ 111 $ 125 (1) Other includes installment and other, lease financing and loans to government and official institutions. |
Schedule of impaired loans | Non-Accrual Corporate Loans June 30, 2024 December 31, 2023 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 $ 235 $ 110 $ 507 $ 168 Financial institutions 27 5 48 15 Mortgage and real estate 254 29 697 128 Other 80 27 185 51 Total non-accrual corporate loans with specific allowances $ 596 $ 171 $ 1,437 $ 362 Non-accrual corporate loans without specific allowances Commercial and industrial $ 176 N/A $ 210 N/A Financial institutions 11 N/A 3 N/A Mortgage and real estate 200 N/A 171 N/A Lease financing — N/A — N/A Other 15 N/A 61 N/A Total non-accrual corporate loans without specific allowances $ 402 N/A $ 445 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 six months ended June 30, 2024 was $12 million and $30 million, respectively, and for the three and six months ended June 30, 2023 was $13 million and $24 million, respectively. N/A Not applicable |
Schedule of modifications and troubled debt restructurings | The following tables detail corporate loan modifications granted during the three and six months ended June 30, 2024 and June 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 Six Months Ended June 30, 2024 In millions of dollars, except for weighted-average Total modifications balance at June 30, 2024 (1)(2)(3) Term Combination: Term extension and payment delay (4) Weighted-average term extension Three Months Ended June 30, 2024 Commercial and industrial $ 50 $ 50 $ — 9 Financial institutions — — — — Mortgage and real estate 91 91 — 8 Other (5) — — — — Total $ 141 $ 141 $ — Six Months Ended June 30, 2024 Commercial and industrial $ 131 $ 131 $ — 13 Financial institutions — — — — Mortgage and real estate 177 177 — 16 Other (5) — — — — Total $ 308 $ 308 $ — For the Three and Six Months Ended June 30, 2023 In millions of dollars, except for weighted-average Total modifications balance at June 30, 2023 (1)(2)(3) Term Combination: Term extension and payment delay (4) Weighted-average term extension Three Months Ended June 30, 2023 Commercial and industrial $ 66 $ 65 $ 1 22 Financial institutions — — — — Mortgage and real estate 47 46 1 24 Other (5) — — — — Total $ 113 $ 111 $ 2 Six Months Ended June 30, 2023 Commercial and industrial $ 121 $ 95 $ 26 21 Financial institutions — — — — Mortgage and real estate 49 48 1 23 Other (5) — — — — Total $ 170 $ 143 $ 27 (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 June 30, 2024 and June 30, 2023. (2) Commitments to lend to borrowers experiencing financial difficulty that were granted modifications totaled $890 million and $492 million as of June 30, 2024 and June 30, 2023, respectively. (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 tables present the delinquencies of modified corporate loans to borrowers experiencing financial difficulty. It includes loans that were modified during the 12 months ended June 30, 2024 and December 31, 2023: As of June 30, 2024 (1) In millions of dollars Total Current 30–89 days past due 90+ days Commercial and industrial $ 131 $ 131 $ — $ — Financial institutions — — — — Mortgage and real estate 177 177 — — Other (2) — — — — Total $ 308 $ 308 $ — $ — As of December 31, 2023 (1) In millions of dollars Total Current 30–89 days 90+ days Commercial and industrial $ 198 $ 198 $ — $ — Financial institutions — — — — Mortgage and real estate 144 144 — — Other (2) — — — — Total $ 342 $ 342 $ — $ — (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. |
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 June 30, 2024 In millions of dollars Total current (1)(2) 30–89 days past due (3) ≥ 90 days past due (3) Past due government guaranteed (4) Total loans Non-accrual loans for which there is no ACLL Non-accrual loans for which there is an ACLL Total 90 days In North America offices (5) Residential first mortgages (6) $ 111,763 $ 386 $ 321 $ 240 $ 112,710 $ 115 $ 393 $ 508 $ 117 Home equity loans (7)(8) 3,228 28 82 — 3,338 22 143 165 — Credit cards 158,903 2,119 2,445 — 163,467 — — — 2,445 Personal, small business and other (9) 33,154 115 44 5 33,318 6 40 46 8 Total $ 307,048 $ 2,648 $ 2,892 $ 245 $ 312,833 $ 143 $ 576 $ 719 $ 2,570 In offices outside North America (5) Residential mortgages (6) $ 25,384 $ 40 $ 65 $ — $ 25,489 $ — $ 235 $ 235 $ — Credit cards 12,805 187 205 — 13,197 — 198 198 68 Personal, small business and other (9) 34,504 96 36 — 34,636 — 100 100 — Total $ 72,693 $ 323 $ 306 $ — $ 73,322 $ — $ 533 $ 533 $ 68 Total excluding portfolio layer cumulative basis adjustments $ 379,741 $ 2,971 $ 3,198 $ 245 $ 386,155 $ 143 $ 1,109 $ 1,252 $ 2,638 Unallocated portfolio layer cumulative basis adjustments (10) $ (38) Total Citigroup (11)(12) $ 386,117 Interest Income Recognized for Non-Accrual Consumer Loans In millions of dollars Three Months Ended June 30, 2024 Three Months Ended June 30, 2023 Six Months Ended June 30, 2024 Six Months Ended June 30, 2023 In North America offices (1) Residential first mortgages $ 2 $ 3 $ 5 $ 6 Home equity loans 2 1 3 3 Credit cards — — — — Personal, small business and other — 1 — 1 Total $ 4 $ 5 $ 8 $ 10 In offices outside North America (1) Residential mortgages $ 3 $ 4 $ 5 $ 5 Credit cards — — — — Personal, small business and other 1 — 1 — Total $ 4 $ 4 $ 6 $ 5 Total Citigroup $ 8 $ 9 $ 14 $ 15 (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 June 30, 2024 and December 31, 2023 ($74.7 billion and $77.5 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 (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) June 30, 2024 In millions of dollars Less than 660 Greater Classifiably managed (2) FICO not available (3) Total Residential first mortgages 2024 $ 48 $ 1,068 $ 5,728 2023 204 2,880 13,688 2022 387 3,283 16,506 2021 336 2,906 14,867 2020 250 2,163 12,471 Prior 1,596 5,143 21,546 Total residential first mortgages $ 2,821 $ 17,443 $ 84,806 $ — $ 7,640 $ 112,710 Home equity line of credit (pre-reset) $ 295 $ 816 $ 1,687 Home equity line of credit (post-reset) 62 79 73 Home equity term loans 51 100 122 2024 — — — 2023 — — — 2022 — — — 2021 — — 1 2020 — 1 2 Prior 51 99 119 Total home equity loans $ 408 $ 995 $ 1,882 $ — $ 53 $ 3,338 Credit cards $ 21,559 $ 57,179 $ 79,982 Revolving loans converted to term loans (4) 1,190 560 117 Total credit cards (5) $ 22,749 $ 57,739 $ 80,099 $ — $ 2,271 $ 162,858 Personal, small business and other 2024 $ 25 $ 147 $ 514 2023 133 363 863 2022 167 256 406 2021 39 58 86 2020 4 5 8 Prior 96 158 158 Total personal, small business and other (6)(7) $ 464 $ 987 $ 2,035 $ 26,236 $ 2,753 $ 32,475 Total (8) $ 26,442 $ 77,164 $ 168,822 $ 26,236 $ 12,717 $ 311,381 FICO score distribution—U.S. portfolio (1) December 31, 2023 In millions of dollars Less than 660 Greater Classifiably managed (2) FICO not available (3) Total Residential first mortgages 2023 $ 163 $ 2,758 $ 14,309 2022 339 3,423 16,834 2021 270 3,107 15,094 2020 232 2,143 12,827 2019 138 1,382 6,266 Prior 1,377 4,122 16,164 Total residential first mortgages $ 2,519 $ 16,935 $ 81,494 $ — $ 7,763 $ 108,711 Home equity line of credit (pre-reset) $ 300 $ 905 $ 1,873 Home equity line of credit (post-reset) 61 76 69 Home equity term loans 56 111 136 2023 — — — 2022 — — — 2021 — — 1 2020 2 1 2 2019 — 1 2 Prior 54 109 131 Total home equity loans $ 417 $ 1,092 $ 2,078 $ — $ 5 $ 3,592 Credit cards $ 21,899 $ 57,479 $ 81,168 Revolving loans converted to term loans (4) 1,011 490 108 Total credit cards (5) $ 22,910 $ 57,969 $ 81,276 $ — $ 1,955 $ 164,110 Personal, small business and other 2023 $ 88 $ 343 $ 996 2022 204 351 583 2021 52 83 128 2020 6 9 14 2019 5 7 8 Prior 96 169 168 Total personal, small business and other (6)(7) $ 451 $ 962 $ 1,897 $ 29,209 $ 2,739 $ 35,258 Total $ 26,297 $ 76,958 $ 166,745 $ 29,209 $ 12,462 $ 311,671 (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 $26.2 billion and $29.2 billion of Private Bank loans as of June 30, 2024 and December 31, 2023, respectively, which are classifiably managed within Wealth and are primarily evaluated for credit risk based on their internal risk ratings. As of June 30, 2024 and December 31, 2023, approximately 84% and 92% of these loans, respectively, were rated investment grade. (3) FICO scores not available primarily relates to loans guaranteed by government-sponsored enterprises for which FICO scores are generally not utilized. (4) Not included in the tables above are $33 million and $51 million of revolving credit card loans outside of the U.S. that were converted to term loans as of June 30, 2024 and December 31, 2023, respectively. (5) Excludes $609 million and $610 million of balances related to Canada for June 30, 2024 and December 31, 2023, respectively. (6) Excludes $843 million and $877 million of balances related to Canada for June 30, 2024 and December 31, 2023, respectively. (7) Includes approximately $28 million and $37 million of personal revolving loans that were converted to term loans for June 30, 2024 and December 31, 2023, respectively. (8) Excludes $(38) million of unallocated portfolio layer cumulative basis adjustments at June 30, 2024. Consumer Gross Credit Losses The following tables provide details on gross credit losses recognized during the six months ended June 30, 2024 and 2023, by year of loan origination: In millions of dollars Six Months Ended June 30, 2024 Residential first mortgages 2024 $ — 2023 1 2022 — 2021 — 2020 — Prior 22 Total residential first mortgages $ 23 Home equity line of credit (pre-reset) $ 3 Home equity line of credit (post-reset) 1 Home equity term loans 1 Total home equity loans $ 5 Credit cards $ 4,557 Revolving loans converted to term loans 119 Total credit cards $ 4,676 Personal, small business and other 2024 $ 58 2023 100 2022 95 2021 37 2020 14 Prior 90 Total personal, small business and other $ 394 Total Citigroup $ 5,098 In millions of dollars Six Months Ended Residential first mortgages 2023 $ — 2022 1 2021 — 2020 1 2019 3 Prior 20 Total residential first mortgages $ 25 Home equity line of credit (pre-reset) $ 2 Home equity line of credit (post-reset) — Home equity term loans 1 Total home equity loans $ 3 Credit cards $ 2,925 Revolving loans converted to term loans 87 Total credit cards $ 3,012 Personal, small business and other 2023 $ 69 2022 89 2021 56 2020 23 2019 27 Prior 84 Total personal, small business and other $ 348 Total Citigroup $ 3,388 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 June 30, 2024 In millions of dollars Less than > 80% but less Greater LTV not available (1) Total Residential first mortgages 2024 $ 5,408 $ 1,463 $ — 2023 14,753 2,461 2 2022 18,717 2,445 32 2021 18,620 506 33 2020 15,790 254 1 Prior 30,067 362 26 Total residential first mortgages $ 103,355 $ 7,491 $ 94 $ 1,770 $ 112,710 Home equity loans (pre-reset) $ 2,702 $ 28 $ 50 Home equity loans (post-reset) 460 4 10 Total home equity loans $ 3,162 $ 32 $ 60 $ 84 $ 3,338 Total (2) $ 106,517 $ 7,523 $ 154 $ 1,854 $ 116,048 LTV distribution — U.S. portfolio December 31, 2023 In millions of dollars Less than > 80% but less Greater LTV not available (1) Total Residential first mortgages 2023 $ 13,907 $ 3,769 $ 3 2022 17,736 3,900 52 2021 18,795 728 33 2020 16,094 306 1 2019 8,198 191 26 Prior 23,120 191 23 Total residential first mortgages $ 97,850 $ 9,085 $ 138 $ 1,638 $ 108,711 Home equity loans (pre-reset) $ 2,964 $ 29 $ 57 Home equity loans (post-reset) 476 5 12 Total home equity loans $ 3,440 $ 34 $ 69 $ 49 $ 3,592 Total $ 101,290 $ 9,119 $ 207 $ 1,687 $ 112,303 (1) Residential first mortgages with no LTV information available include government-guaranteed loans that do not require LTV information for credit risk assessment and fair value loans. (2) Excludes $(38) million of unallocated portfolio layer cumulative basis adjustments at June 30, 2024. The following tables provide details on the LTV ratios for Citi’s consumer mortgage portfolio outside of the U.S. by year of origination: LTV distribution — outside of U.S. portfolio (1) June 30, 2024 In millions of dollars Less than > 80% but less Greater LTV not available Total Residential mortgages 2024 $ 1,584 $ 267 $ — 2023 2,597 840 246 2022 2,859 674 515 2021 2,821 670 426 2020 1,971 379 125 Prior 8,939 156 7 Total $ 20,771 $ 2,986 $ 1,319 $ 413 $ 25,489 LTV distribution — outside of U.S. portfolio (1) December 31, 2023 In millions of dollars Less than > 80% but less Greater LTV not available Total Residential mortgages 2023 $ 2,756 $ 1,007 $ 112 2022 3,229 807 439 2021 3,257 754 382 2020 2,286 454 62 2019 2,525 84 2 Prior 8,000 84 3 Total $ 22,053 $ 3,190 $ 1,000 $ 183 $ 26,426 (1) Mortgage portfolios outside of the U.S. are primarily in Wealth . As of June 30, 2024 and December 31, 2023, mortgage portfolios outside of the U.S. had an average LTV of approximately 56% and 55%, respectively. Consumer Loans and Ratios Outside of North America Delinquency-managed loans and ratios In millions of dollars at June 30, 2024 Total loans outside of North America (1) Classifiably managed loans (2) Delinquency-managed loans 30–89 ≥ 90 days past due ratio 2Q24 NCL ratio 2Q23 NCL ratio Residential mortgages (3) $ 25,489 $ — $ 25,489 0.16 % 0.26 % 0.04 % (0.01) % Credit cards 13,197 — 13,197 1.42 1.55 4.70 3.98 Personal, small business and other (4) 34,636 17,472 17,164 0.56 0.21 0.96 0.91 Total $ 73,322 $ 17,472 $ 55,850 0.58 % 0.55 % 1.33 % 1.12 % Delinquency-managed loans and ratios In millions of dollars at December 31, 2023 Total loans outside of North America (1) Classifiably managed loans (2) Delinquency-managed loans 30–89 ≥ 90 days past due ratio Residential mortgages (3) $ 26,426 $ — $ 26,426 0.18 % 0.26 % Credit cards 14,233 — 14,233 1.47 1.59 Personal, small business and other (4) 35,380 17,007 18,373 0.58 0.22 Total $ 76,039 $ 17,007 $ 59,032 0.62 % 0.57 % (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 June 30, 2024 and December 31, 2023, approximately 61% and 74% of these loans, respectively, were rated investment grade. (3) Includes $19.6 billion and $19.9 billion as of June 30, 2024 and December 31, 2023, respectively, of residential mortgages related to Wealth . (4) Includes $25.0 billion and $24.9 billion as of June 30, 2024 and December 31, 2023, respectively, of loans related to Wealth . |
Schedule of modifications and troubled debt restructurings | The following tables provide details on permanent consumer loan modifications granted during the three and six months ended June 30, 2024 and 2023 to borrowers experiencing financial difficulty by type of modification granted and the financial effect of those modifications: For the Three Months Ended June 30, 2024 In millions of dollars, except weighted averages Modifications as % of loans Total modifications balance at June 30, 2024 (1)(2)(3) Interest rate reduction Term extension Payment delay Combination: interest rate reduction and term extension Combination: term extension and payment delay Combination: interest rate reduction, term extension and payment delay Weighted-average interest rate reduction % Weighted-average term extension (months) Weighted-average delay in payments (months) In North America offices (4) Residential first mortgages (5) 0.02 % $ 26 $ — $ 17 $ 7 $ 2 $ — $ — — % 190 9 Home equity loans 0.03 1 — — — 1 — — 1 172 — Credit cards 0.25 411 411 — — — — — 24 — — Personal, small business and other 0.02 6 — — — 6 — — 8 17 — Total 0.14 % $ 444 $ 411 $ 17 $ 7 $ 9 $ — $ — In offices outside North America (4) Residential mortgages 0.05 % $ 12 $ — $ — $ 11 $ 1 $ — $ — 2 % 168 12 Credit cards 0.03 4 4 — — — — — 24 — — Personal, small business and other 0.02 8 1 1 — 6 — — 6 24 — Total 0.03 % $ 24 $ 5 $ 1 $ 11 $ 7 $ — $ — For the Three Months Ended June 30, 2023 In millions of dollars, except weighted averages Modifications as % of loans Total modifications balance at June 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 Combination: interest rate reduction, term extension and payment delay Weighted-average interest rate reduction % Weighted-average term extension (months) Weighted-average delay in payments (months) In North America offices (4) Residential first mortgages (5) 0.05 % $ 47 $ 1 $ 15 $ 29 $ 2 $ — $ — 1 % 191 6 Home equity loans 0.23 9 — — 1 8 — — 2 119 6 Credit cards 0.18 275 275 — — — — — 22 — — Personal, small business and other 0.01 4 — 1 — 3 — — 6 13 — Total 0.11 % $ 335 $ 276 $ 16 $ 30 $ 13 $ — $ — In offices outside North America (4) Residential mortgages 1.03 % $ 278 $ 3 $ — $ — $ — $ 275 $ — — % 1 1 Credit cards 0.09 12 12 — — — — — 18 — — Personal, small business and other 0.02 7 1 2 — 4 — — 9 20 — Total 0.38 % $ 297 $ 16 $ 2 $ — $ 4 $ 275 $ — (1) The above tables reflect activity for loans outstanding as of the end of the reporting period. During the three months ended June 30, 2024 and 2023, Citi granted forgiveness of $2 million and less than $1 million, respectively, in residential first mortgage loans, $28 million and $16 million, respectively, in credit card loans and $2 million and $1 million, respectively, in personal, small business and other loans. As a result, there were no outstanding balances as of June 30, 2024 and 2023. (2) Commitments to lend to borrowers experiencing financial difficulty that were granted modifications included in the tables above were immaterial at June 30, 2024 and 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) North America includes the U.S., Canada and Puerto Rico. Mexico is included in offices outside North America. (5) Excludes residential first mortgages discharged in Chapter 7 bankruptcy in the three months ended June 30, 2024 and 2023. For the Six Months Ended June 30, 2024 In millions of dollars, except weighted averages Modifications as % of loans Total modifications balance at June 30, 2024 (1)(2)(3) Interest rate reduction Term extension Payment delay Combination: interest rate reduction and term extension Combination: term extension and payment delay Combination: interest rate reduction, term extension and payment delay Weighted-average interest rate reduction % Weighted-average term extension (months) Weighted-average delay in payments (months) In North America offices (4) Residential first mortgages (5) 0.05 % $ 55 $ — $ 38 $ 14 $ 3 $ — $ — — % 187 9 Home equity loans 0.03 1 — — — 1 — — 2 146 — Credit cards 0.48 777 777 — — — — — 24 — — Personal, small business and other 0.04 13 1 — 1 11 — — 8 18 5 Total 0.27 % $ 846 $ 778 $ 38 $ 15 $ 15 $ — $ — In offices outside North America (4) Residential mortgages 0.09 % $ 24 $ — $ — $ 23 $ 1 $ — $ — 2 % 183 12 Credit cards 0.06 8 8 — — — — — 24 — — Personal, small business and other 0.04 15 3 3 — 9 — — 7 24 — Total 0.06 % $ 47 $ 11 $ 3 $ 23 $ 10 $ — $ — For the Six Months Ended June 30, 2023 In millions of dollars, except weighted averages Modifications as % of loans Total modifications balance at June 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 Combination: interest rate reduction, term extension and payment delay Weighted-average interest rate reduction % Weighted-average term extension (months) Weighted-average delay in payments (months) In North America offices (4) Residential first mortgages (5) 0.10 % $ 100 $ 1 $ 30 $ 64 $ 5 $ — $ — 1 % 187 6 Home equity loans 0.48 19 — — 6 13 — — 2 120 6 Credit cards 0.33 499 499 — — — — — 22 — — Personal, small business and other 0.02 6 1 1 — 4 — — 6 14 — Total 0.21 % $ 624 $ 501 $ 31 $ 70 $ 22 $ — $ — In offices outside North America (4) Residential mortgages 1.09 % $ 296 $ 5 $ — $ — $ 1 $ 290 $ — — % 2 2 Credit cards 0.17 23 23 — — — — — 18 — — Personal, small business and other 0.04 16 3 4 — 9 — — 8 21 — Total 0.43 % $ 335 $ 31 $ 4 $ — $ 10 $ 290 $ — (1) The above tables reflect activity for loans outstanding as of the end of the reporting period. During the six months ended June 30, 2024 and 2023, Citi granted forgiveness of $2 million and less than $1 million, respectively, in residential first mortgage loans, $39 million and $26 million, respectively, in credit card loans and $2 million and $1 million, respectively, in personal, small business and other loans. As a result, there were no outstanding balances as of June 30, 2024 and 2023. (2) Commitments to lend to borrowers experiencing financial difficulty that were granted modifications included in the tables above were immaterial at June 30, 2024 and 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) North America includes the U.S., Canada and Puerto Rico. Mexico is included in offices outside North America. (5) Excludes residential first mortgages discharged in Chapter 7 bankruptcy in the six months ended June 30, 2024 and 2023. Performance of Modified Consumer Loans The following tables present the delinquencies and gross credit losses of permanently modified consumer loans to borrowers experiencing financial difficulty. It includes loans that were modified during the 12 months ended June 30, 2024 and the year ended December 31, 2023: As of June 30, 2024 In millions of dollars Total Current 30 – 89 days past due 90+ days Gross In North America offices (1) Residential first mortgages $ 122 $ 65 $ 24 $ 33 $ — Home equity loans 3 2 — 1 — Credit cards 1,268 955 176 137 262 Personal, small business and other 20 18 1 1 2 Total (2)(3) $ 1,413 $ 1,040 $ 201 $ 172 $ 264 In offices outside North America (1) Residential mortgages $ 297 $ 293 $ 3 $ 1 $ 1 Credit cards 14 13 1 — — Personal, small business and other 24 20 4 — 1 Total (2)(3) $ 335 $ 326 $ 8 $ 1 $ 2 As of December 31, 2023 In millions of dollars Total Current 30 – 89 days past due 90+ days Gross In North America offices (1) Residential first mortgages $ 164 $ 70 $ 22 $ 72 $ — Home equity loans 21 14 1 6 — Credit cards 1,039 740 179 120 204 Personal, small business and other 14 12 1 1 1 Total (2)(3) $ 1,238 $ 836 $ 203 $ 199 $ 205 In offices outside North America (1) Residential mortgages $ 334 $ 331 $ 2 $ 1 $ — Credit cards 43 37 3 3 4 Personal, small business and other 27 24 3 — 1 Total (2)(3) $ 404 $ 392 $ 8 $ 4 $ 5 (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 six months ended June 30, 2024 and 2023. Default is defined as 60 days past due: For the Three Months Ended June 30, 2024 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 $ 9 $ — $ 9 $ — $ — $ — $ — Home equity loans — — — — — — — Credit cards (4) 95 95 — — — — — Personal, small business and other 1 — — — 1 — — Total $ 105 $ 95 $ 9 $ — $ 1 $ — $ — In offices outside North America (3) Residential mortgages $ 1 $ — $ — $ 1 $ — $ — $ — Credit cards (4) — — — — — — — Personal, small business and other 1 — — — 1 — — Total $ 2 $ — $ — $ 1 $ 1 $ — $ — For the Three Months Ended June 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 $ 1 $ 1 $ — $ — $ — $ — $ — Home equity loans — — — — — — — Credit cards (4) 50 50 — — — — — Personal, small business and other — — — — — — — Total $ 51 $ 51 $ — $ — $ — $ — $ — In offices outside North America (3) Residential mortgages $ — $ — $ — $ — $ — $ — $ — Credit cards (4) 1 1 — — — — — Personal, small business and other — — — — — — — Total $ 1 $ 1 $ — $ — $ — $ — $ — For the Six Months Ended June 30, 2024 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 $ 19 $ — $ 17 $ — $ 2 $ — $ — Home equity loans — — — — — — — Credit cards (4) 136 136 — — — — — Personal, small business and other 1 — — — 1 — — Total $ 156 $ 136 $ 17 $ — $ 3 $ — $ — In offices outside North America (3) Residential mortgages $ 2 $ — $ — $ 2 $ — $ — $ — Credit cards (4) — — — — — — — Personal, small business and other 2 — — — 2 — — Total $ 4 $ — $ — $ 2 $ 2 $ — $ — For the Six Months Ended June 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 $ 1 $ 1 $ — $ — $ — $ — $ — Home equity loans — — — — — — — Credit cards (4) 55 55 — — — — — Personal, small business and other — — — — — — — Total $ 56 $ 56 $ — $ — $ — $ — $ — In offices outside North America (3) Residential mortgages $ — $ — $ — $ — $ — $ — $ — Credit cards (4) 1 1 — — — — — Personal, small business and other 1 — — — 1 — — Total $ 2 $ 1 $ — $ — $ 1 $ — $ — (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. |
ALLOWANCE FOR CREDIT LOSSES (Ta
ALLOWANCE FOR CREDIT LOSSES (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Credit Loss [Abstract] | |
Schedule of allowance for credit losses and investment in loans by portfolio segment | Three Months Ended June 30, Six Months Ended June 30, In millions of dollars 2024 2023 2024 2023 Allowance for credit losses on loans (ACLL) at beginning of period $ 18,296 $ 17,169 $ 18,145 $ 16,974 Adjustments to opening balance (1) Financial instruments—TDRs and vintage disclosures (1) — — — (352) Adjusted ACLL at beginning of period $ 18,296 $ 17,169 $ 18,145 $ 16,622 Gross credit losses on loans $ (2,715) $ (1,879) $ (5,405) $ (3,513) Gross recoveries on loans 432 375 819 707 Net credit losses on loans (NCLs) $ (2,283) $ (1,504) $ (4,586) $ (2,806) Replenishment of NCLs $ 2,283 $ 1,504 $ 4,586 $ 2,806 Net reserve builds (releases) for loans 136 290 382 687 Net specific reserve builds (releases) for loans (60) (33) (187) 5 Total provision for credit losses on loans (PCLL) $ 2,359 $ 1,761 $ 4,781 $ 3,498 Other, net (see table below) (156) 70 (124) 182 ACLL at end of period $ 18,216 $ 17,496 $ 18,216 $ 17,496 Allowance for credit losses on unfunded lending commitments (ACLUC) at beginning of period (2) $ 1,629 $ 1,959 $ 1,728 $ 2,151 Provision (release) for credit losses on unfunded lending commitments (8) (96) (106) (290) Other, net (2) (1) (3) 1 ACLUC at end of period (2) $ 1,619 $ 1,862 $ 1,619 $ 1,862 Total allowance for credit losses on loans, leases and unfunded lending commitments $ 19,835 $ 19,358 $ 19,835 $ 19,358 Other, net details Three Months Ended June 30, Six Months Ended June 30, In millions of dollars 2024 2023 2024 2023 FX translation and other $ (156) $ 70 $ (124) $ 182 Other, net $ (156) $ 70 $ (124) $ 182 (1) See “Accounting Changes” in Note 1 to the Consolidated Financial Statements in Citi’s 2023 Form 10-K. (2) Represents additional credit loss reserves for unfunded lending commitments and letters of credit recorded in Other liabilities on the Consolidated Balance Sheet. Allowance for Credit Losses on Loans and End-of-Period Loans Three Months Ended June 30, 2024 June 30, 2023 In millions of dollars Corporate Consumer Total Corporate Consumer Total ACLL at beginning of period $ 2,772 $ 15,524 $ 18,296 $ 2,780 $ 14,389 $ 17,169 Charge-offs (129) (2,586) (2,715) (86) (1,793) (1,879) Recoveries 21 411 432 11 364 375 Replenishment of NCLs 108 2,175 2,283 75 1,429 1,504 Net reserve builds (releases) (216) 352 136 (119) 409 290 Net specific reserve builds (releases) (58) (2) (60) (33) — (33) Other (14) (142) (156) 2 68 70 Ending balance $ 2,484 $ 15,732 $ 18,216 $ 2,630 $ 14,866 $ 17,496 Six Months Ended June 30, 2024 June 30, 2023 In millions of dollars Corporate Consumer Total Corporate Consumer Total ACLL at beginning of period $ 2,714 $ 15,431 $ 18,145 $ 2,855 $ 14,119 $ 16,974 Adjustments to opening balance: Financial instruments—TDRs and vintage disclosures (1) — — — — (352) (352) Adjusted ACLL at beginning of period $ 2,714 $ 15,431 $ 18,145 $ 2,855 $ 13,767 $ 16,622 Charge-offs $ (307) $ (5,098) $ (5,405) $ (125) $ (3,388) $ (3,513) Recoveries 35 784 819 28 679 707 Replenishment of NCLs 272 4,314 4,586 97 2,709 2,806 Net reserve builds (releases) (28) 410 382 (209) 896 687 Net specific reserve builds (releases) (189) 2 (187) (28) 33 5 Other (13) (111) (124) 12 170 182 Ending balance $ 2,484 $ 15,732 $ 18,216 $ 2,630 $ 14,866 $ 17,496 June 30, 2024 December 31, 2023 In millions of dollars Corporate Consumer Total Corporate Consumer Total ACLL Collectively evaluated (1) $ 2,313 $ 15,690 $ 18,003 $ 2,352 $ 15,391 $ 17,743 Individually evaluated 171 42 213 362 40 402 Purchased credit deteriorated — — — — — — Total ACLL $ 2,484 $ 15,732 $ 18,216 $ 2,714 $ 15,431 $ 18,145 Loans, net of unearned income Collectively evaluated (1) $ 292,375 $ 385,651 $ 678,026 $ 291,002 $ 388,711 $ 679,713 Individually evaluated 998 60 1,058 1,882 58 1,940 Purchased credit deteriorated — 112 112 — 115 115 Held at fair value 8,232 294 8,526 7,281 313 7,594 Total loans, net of unearned income $ 301,605 $ 386,117 $ 687,722 $ 300,165 $ 389,197 $ 689,362 (1) See “Accounting Changes” in Note 1 to the Consolidated Financial Statements in Citi’s 2023 Form 10-K. |
Schedule of allowance for credit losses on other assets | Allowance for Credit Losses on Other Assets Three Months Ended June 30, 2024 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 $ 28 $ 18 $ 1,676 $ 1,722 Gross credit losses — — (10) (10) Gross recoveries — — 8 8 Net credit losses (NCLs) $ — $ — $ (2) $ (2) Replenishment of NCLs $ — $ — $ 2 $ 2 Net reserve builds (releases) (8) 14 104 110 Total provision for credit losses $ (8) $ 14 $ 106 $ 112 Other, net $ 1 $ 1 $ 77 $ 79 Allowance for credit losses on other assets $ 21 $ 33 $ 1,857 $ 1,911 Six Months Ended June 30, 2024 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 $ 31 $ 27 $ 1,730 $ 1,788 Gross credit losses — — (28) (28) Gross recoveries — — 13 13 Net credit losses (NCLs) $ — $ — $ (15) $ (15) Replenishment of NCLs $ — $ — $ 15 $ 15 Net reserve builds (releases) (11) 5 107 101 Total provision for credit losses $ (11) $ 5 $ 122 $ 116 Other, net $ 1 $ 1 $ 20 $ 22 Allowance for credit losses on other assets $ 21 $ 33 $ 1,857 $ 1,911 (1) Primarily ACL related to transfer risk associated with exposures outside the U.S. driven by safety and soundness considerations under U.S. banking law. Three Months Ended June 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 $ 135 $ 30 $ 363 $ 528 Gross credit losses — — (24) (24) Gross recoveries — — 5 5 Net credit losses (NCLs) $ — $ — $ (19) $ (19) Replenishment of NCLs $ — $ — $ 19 $ 19 Net reserve builds (releases) (114) — 244 130 Total provision for credit losses $ (114) $ — $ 263 $ 149 Other, net $ — $ (4) $ 5 $ 1 Allowance for credit losses on other assets $ 21 $ 26 $ 612 $ 659 Six Months Ended June 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 — — (35) (35) Gross recoveries — — 5 5 Net credit losses (NCLs) $ — $ — $ (30) $ (30) Replenishment of NCLs $ — $ — $ 30 $ 30 Net reserve builds (releases) (29) (3) 576 544 Total provision for credit losses $ (29) $ (3) $ 606 $ 574 Other, net $ (1) $ (7) $ — $ (8) Allowance for credit losses on other assets $ 21 $ 26 $ 612 $ 659 |
GOODWILL AND INTANGIBLE ASSETS
GOODWILL AND INTANGIBLE ASSETS (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of goodwill | The changes in Goodwill were as follows: In millions of dollars Services Markets (1) Banking (1) USPB Wealth All Other Total Balance at December 31, 2023 $ 2,214 $ 5,870 $ 1,039 $ 5,398 $ 4,469 $ 1,108 $ 20,098 Foreign currency translation (27) (82) 2 23 — 28 (56) Balance at March 31, 2024 $ 2,187 $ 5,788 $ 1,041 $ 5,421 $ 4,469 $ 1,136 $ 20,042 Foreign currency translation (57) (62) (18) (92) (1) (108) (338) Balance at June 30, 2024 $ 2,130 $ 5,726 $ 1,023 $ 5,329 $ 4,468 $ 1,028 $ 19,704 (1) In 2023, goodwill of approximately $537 million was transferred from Banking to Markets related to business realignment. Prior-period amounts have been revised to conform with the current presentation. See Note 3 to the Consolidated Financial Statements in Citi’s 2023 Form 10-K. |
Components of intangible assets, finite-lived | The components of intangible assets were as follows: June 30, 2024 December 31, 2023 In millions of dollars Gross Accumulated Net Gross Accumulated Net Purchased credit card relationships (1) $ 5,302 $ 4,436 $ 866 $ 5,302 $ 4,365 $ 937 Credit card contract-related intangibles (2) 4,177 1,806 2,371 4,177 1,698 2,479 Other customer relationships 325 269 56 363 290 73 Present value of future profits 35 34 1 37 36 1 Indefinite-lived intangible assets 223 — 223 240 — 240 Intangible assets (excluding MSRs) $ 10,062 $ 6,545 $ 3,517 $ 10,119 $ 6,389 $ 3,730 Mortgage servicing rights (MSRs) (3) 709 — 709 691 — 691 Total intangible assets $ 10,771 $ 6,545 $ 4,226 $ 10,810 $ 6,389 $ 4,421 The changes in intangible assets were as follows: In millions of dollars Net carrying amount at December 31, 2023 Acquisitions/renewals/ Amortization Impairments FX translation and other Net carrying amount at June 30, 2024 Purchased credit card relationships (1) $ 937 $ — $ (71) $ — $ — $ 866 Credit card contract-related intangibles (2) 2,479 — (109) — 1 2,371 Other customer relationships 73 — (11) — (6) 56 Present value of future profits 1 — — — — 1 Indefinite-lived intangible assets 240 — — — (17) 223 Intangible assets (excluding MSRs) $ 3,730 $ — $ (191) $ — $ (22) $ 3,517 Mortgage servicing rights (MSRs) (3) 691 709 Total intangible assets $ 4,421 $ 4,226 (1) Reflects intangibles for the value of purchased cardholder relationships, which are discrete from contract-related intangibles. (2) Reflects contract-related intangibles associated with Citi’s credit card program agreements with partners. (3) See Note 21. |
Components of intangible assets, indefinite-lived | The components of intangible assets were as follows: June 30, 2024 December 31, 2023 In millions of dollars Gross Accumulated Net Gross Accumulated Net Purchased credit card relationships (1) $ 5,302 $ 4,436 $ 866 $ 5,302 $ 4,365 $ 937 Credit card contract-related intangibles (2) 4,177 1,806 2,371 4,177 1,698 2,479 Other customer relationships 325 269 56 363 290 73 Present value of future profits 35 34 1 37 36 1 Indefinite-lived intangible assets 223 — 223 240 — 240 Intangible assets (excluding MSRs) $ 10,062 $ 6,545 $ 3,517 $ 10,119 $ 6,389 $ 3,730 Mortgage servicing rights (MSRs) (3) 709 — 709 691 — 691 Total intangible assets $ 10,771 $ 6,545 $ 4,226 $ 10,810 $ 6,389 $ 4,421 The changes in intangible assets were as follows: In millions of dollars Net carrying amount at December 31, 2023 Acquisitions/renewals/ Amortization Impairments FX translation and other Net carrying amount at June 30, 2024 Purchased credit card relationships (1) $ 937 $ — $ (71) $ — $ — $ 866 Credit card contract-related intangibles (2) 2,479 — (109) — 1 2,371 Other customer relationships 73 — (11) — (6) 56 Present value of future profits 1 — — — — 1 Indefinite-lived intangible assets 240 — — — (17) 223 Intangible assets (excluding MSRs) $ 3,730 $ — $ (191) $ — $ (22) $ 3,517 Mortgage servicing rights (MSRs) (3) 691 709 Total intangible assets $ 4,421 $ 4,226 (1) Reflects intangibles for the value of purchased cardholder relationships, which are discrete from contract-related intangibles. (2) Reflects contract-related intangibles associated with Citi’s credit card program agreements with partners. (3) See Note 21. |
Changes in intangible assets | The components of intangible assets were as follows: June 30, 2024 December 31, 2023 In millions of dollars Gross Accumulated Net Gross Accumulated Net Purchased credit card relationships (1) $ 5,302 $ 4,436 $ 866 $ 5,302 $ 4,365 $ 937 Credit card contract-related intangibles (2) 4,177 1,806 2,371 4,177 1,698 2,479 Other customer relationships 325 269 56 363 290 73 Present value of future profits 35 34 1 37 36 1 Indefinite-lived intangible assets 223 — 223 240 — 240 Intangible assets (excluding MSRs) $ 10,062 $ 6,545 $ 3,517 $ 10,119 $ 6,389 $ 3,730 Mortgage servicing rights (MSRs) (3) 709 — 709 691 — 691 Total intangible assets $ 10,771 $ 6,545 $ 4,226 $ 10,810 $ 6,389 $ 4,421 The changes in intangible assets were as follows: In millions of dollars Net carrying amount at December 31, 2023 Acquisitions/renewals/ Amortization Impairments FX translation and other Net carrying amount at June 30, 2024 Purchased credit card relationships (1) $ 937 $ — $ (71) $ — $ — $ 866 Credit card contract-related intangibles (2) 2,479 — (109) — 1 2,371 Other customer relationships 73 — (11) — (6) 56 Present value of future profits 1 — — — — 1 Indefinite-lived intangible assets 240 — — — (17) 223 Intangible assets (excluding MSRs) $ 3,730 $ — $ (191) $ — $ (22) $ 3,517 Mortgage servicing rights (MSRs) (3) 691 709 Total intangible assets $ 4,421 $ 4,226 (1) Reflects intangibles for the value of purchased cardholder relationships, which are discrete from contract-related intangibles. (2) Reflects contract-related intangibles associated with Citi’s credit card program agreements with partners. (3) See Note 21. |
DEPOSITS (Tables)
DEPOSITS (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Banking and Thrift, Interest [Abstract] | |
Schedule of deposits | Deposits consisted of the following: June 30, December 31, In millions of dollars 2024 (1) 2023 Non-interest-bearing deposits in U.S. offices $ 117,607 $ 112,089 Interest-bearing deposits in U.S. offices (including $1,159 and $1,309 as of June 30, 2024 and December 31, 2023, respectively, at fair value) 546,772 576,784 Total deposits in U.S. offices (1) $ 664,379 $ 688,873 Non-interest-bearing deposits in offices outside the U.S. $ 83,150 $ 88,988 Interest-bearing deposits in offices outside the U.S. (including $2,241 and $1,131 as of June 30, 2024 and December 31, 2023, respectively, at fair value) 530,608 530,820 Total deposits in offices outside the U.S. (1) $ 613,758 $ 619,808 Total deposits $ 1,278,137 $ 1,308,681 (1) For information on time deposits that met or exceeded the insured limit at December 31, 2023, see Note 18 to the Consolidated Financial Statements in Citi’s 2023 Form 10-K. |
DEBT (Tables)
DEBT (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Debt Disclosure [Abstract] | |
Schedule of short-term borrowings | In millions of dollars June 30, December 31, Commercial paper Bank (1) $ 11,029 $ 11,116 Broker-dealer and other (2) 7,826 9,106 Total commercial paper $ 18,855 $ 20,222 Other borrowings (3) 19,839 17,235 Total $ 38,694 $ 37,457 (1) Represents Citibank entities as well as other bank entities. (2) Represents broker-dealer and other non-bank subsidiaries that are consolidated into Citigroup Inc., the parent holding company. (3) Includes borrowings from Federal Home Loan Banks and other market participants. At June 30, 2024 and December 31, 2023, collateralized short-term advances from Federal Home Loan Banks were $5.0 billion and $8.0 billion, respectively. |
Schedule of long-term debt | In millions of dollars June 30, December 31, 2023 Citigroup Inc. (1) $ 163,903 $ 162,309 Bank (2) 32,995 31,673 Broker-dealer and other (3) 83,423 92,637 Total $ 280,321 $ 286,619 (1) Represents the parent holding company. (2) Represents Citibank entities as well as other bank entities. At June 30, 2024 and December 31, 2023, collateralized long-term advances from the Federal Home Loan Banks were $11.5 billion and $11.5 billion, respectively. (3) Represents broker-dealer and other non-bank subsidiaries that are consolidated into Citigroup Inc., the parent holding company. Certain Citigroup consolidated hedging activities are also included in this line. |
Summary of outstanding trust preferred securities | The following table summarizes Citi’s outstanding trust preferred securities at June 30, 2024: 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 original contractual spread and a 26.161 bps tenor spread adjustment. |
CHANGES IN ACCUMULATED OTHER _2
CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (AOCI) (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
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, March 31, 2024 $ (3,644) $ (1,272) $ (914) $ (5,973) $ (33,939) $ (42) $ 55 $ (45,729) Other comprehensive income before reclassifications (24) 254 87 135 (1,634) 4 2 (1,176) Increase (decrease) due to amounts reclassified from AOCI (14) 2 198 44 — (1) (1) 228 Change, net of taxes $ (38) $ 256 $ 285 $ 179 $ (1,634) $ 3 $ 1 $ (948) Balance at June 30, 2024 $ (3,682) $ (1,016) $ (629) $ (5,794) $ (35,573) $ (39) $ 56 $ (46,677) Six Months Ended Balance, December 31, 2023 $ (3,744) $ (709) $ (1,406) $ (6,050) $ (32,885) $ (40) $ 34 $ (44,800) Other comprehensive income before reclassifications 152 (319) 319 163 (2,688) 12 23 (2,338) Increase (decrease) due to amounts reclassified from AOCI (90) 12 458 93 — (11) (1) 461 Change, net of taxes $ 62 $ (307) $ 777 $ 256 $ (2,688) $ 1 $ 22 $ (1,877) Balance at June 30, 2024 $ (3,682) $ (1,016) $ (629) $ (5,794) $ (35,573) $ (39) $ 56 $ (46,677) 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, March 31, 2023 $ (5,162) $ 517 $ (2,161) $ (5,859) $ (32,796) $ (12) $ 32 $ (45,441) Other comprehensive income before reclassifications 133 (613) (206) (170) 23 27 (6) (812) Increase (decrease) due to amounts reclassified from AOCI (7) (6) 377 34 — (10) — 388 Change, net of taxes $ 126 $ (619) $ 171 $ (136) $ 23 $ 17 $ (6) $ (424) Balance at June 30, 2023 $ (5,036) $ (102) $ (1,990) $ (5,995) $ (32,773) $ 5 $ 26 $ (45,865) Six Months Ended 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 988 (940) (200) (302) 864 11 (1) 420 Increase (decrease) due to amounts reclassified from AOCI (26) (4) 732 62 — (14) — 750 Change, net of taxes $ 962 $ (944) $ 532 $ (240) $ 864 $ (3) $ (1) $ 1,170 Balance at June 30, 2023 $ (5,036) $ (102) $ (1,990) $ (5,995) $ (32,773) $ 5 $ 26 $ (45,865) (1) Reflects the after-tax valuation of Citi’s fair value option liabilities. See “Market Valuation Adjustments” in Note 23. (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 movement in (by order of impact) the Mexican peso, Brazilian real, Japanese yen and euro against the U.S. dollar and changes in related tax effects and hedges for the three months ended June 30, 2024. Primarily reflects the movement in (by order of impact) the Mexican peso, Egyptian pound, Brazilian real, euro, Japanese yen, Chilean peso and South Korean won against the U.S. dollar and changes in related tax effects and hedges for the six months ended June 30, 2024. Primarily reflects the movement in (by order of impact) the Mexican peso, Brazilian real, Russian ruble and Japanese yen against the U.S. dollar and changes in related tax effects and hedges for the three months ended June 30, 2023. Primarily reflects the movement in (by order of impact) the Mexican peso, Brazilian real, Polish zloty, Chilean peso, euro, Russian ruble, Japanese yen and South Korean won against the U.S. dollar and changes in related tax effects and hedges for the six months ended June 30, 2023. 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. The balance of the liability for future policyholder benefits, which is recorded within Other Liabilities , for this insurance subsidiary was approximately $474 million and $560 million at June 30, 2024 and June 30, 2023, respectively. (6) See “Accounting Changes” in Note 1 to the Consolidated Financial Statements in Citi’s 2023 Form 10-K. |
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 June 30, 2024 Balance, March 31, 2024 $ (53,391) $ 7,662 $ (45,729) Change in net unrealized gains (losses) on debt securities (52) 14 (38) Debt valuation adjustment (DVA) 343 (87) 256 Cash flow hedges 364 (79) 285 Benefit plans 250 (71) 179 Foreign currency translation adjustment (CTA) (1,622) (12) (1,634) Excluded component of fair value hedges 2 1 3 Long-duration insurance contracts 4 (3) 1 Change $ (711) $ (237) $ (948) Balance at June 30, 2024 $ (54,102) $ 7,425 $ (46,677) Six Months Ended June 30, 2024 Balance, December 31, 2023 $ (52,422) $ 7,622 $ (44,800) Change in net unrealized gains (losses) on debt securities 72 (10) 62 DVA (407) 100 (307) Cash flow hedges 1,014 (237) 777 Benefit plans 318 (62) 256 CTA (2,711) 23 (2,688) Excluded component of fair value hedges (2) 3 1 Long-duration insurance contracts 36 (14) 22 Change $ (1,680) $ (197) $ (1,877) Balance at June 30, 2024 $ (54,102) $ 7,425 $ (46,677) In millions of dollars Pretax Tax effect (1) After-tax Three Months Ended June 30, 2023 Balance, March 31, 2023 $ (53,443) $ 8,002 $ (45,441) Change in net unrealized gains (losses) on debt securities 210 (84) 126 DVA (837) 218 (619) Cash flow hedges 233 (62) 171 Benefit plans (156) 20 (136) CTA 15 8 23 Excluded component of fair value hedges 22 (5) 17 Long-duration insurance contracts (8) 2 (6) Change $ (521) $ 97 $ (424) Balance, June 30, 2023 $ (53,964) $ 8,099 $ (45,865) Six Months Ended June 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 1,323 (361) 962 DVA (1,270) 326 (944) Cash flow hedges 712 (180) 532 Benefit plans (312) 72 (240) CTA 803 61 864 Excluded component of fair value hedges (4) 1 (3) Long-duration insurance contracts (2) 1 (1) Change $ 1,250 $ (80) $ 1,170 Balance, June 30, 2023 $ (53,964) $ 8,099 $ (45,865) (1) Income tax effects of these items are released from AOCI contemporaneously with the related gross pretax amount. (2) See Note 1 to the Consolidated Financial Statements in Citi’s 2023 Form 10-K. |
Summary of amounts reclassified out of accumulated other comprehensive income (loss) into the consolidated statement of income | The Company recognized pretax (gains) losses related to amounts in AOCI reclassified to the Consolidated Statement of Income as follows: Increase (decrease) in AOCI due to amounts reclassified to Three Months Ended June 30, Six Months Ended June 30, In millions of dollars 2024 2023 2024 2023 Realized (gains) losses on sales of investments $ (23) $ (49) $ (138) $ (121) Gross impairment losses 9 43 23 94 Subtotal, pretax $ (14) $ (6) $ (115) $ (27) Tax effect — (1) 25 1 Net realized (gains) losses on investments, after-tax (1) $ (14) $ (7) $ (90) $ (26) Realized DVA (gains) losses on fair value option liabilities, pretax $ 3 $ (7) $ 16 $ (4) Tax effect (1) 1 (4) — Net realized DVA, after-tax $ 2 $ (6) $ 12 $ (4) Interest rate contracts $ 260 $ 495 $ 602 $ 964 Foreign exchange contracts 1 1 2 2 Subtotal, pretax $ 261 $ 496 $ 604 $ 966 Tax effect (63) (119) (146) (234) Amortization of cash flow hedges, after-tax (2) $ 198 $ 377 $ 458 $ 732 Amortization of unrecognized: Prior service cost (benefit) $ (5) $ (5) $ (10) $ (11) Net actuarial loss 64 51 134 100 Curtailment/settlement impact (3) 2 1 2 (4) Subtotal, pretax $ 61 $ 47 $ 126 $ 85 Tax effect (17) (13) (33) (23) Amortization of benefit plans, after-tax (3) $ 44 $ 34 $ 93 $ 62 Excluded component of fair value hedges, pretax $ (1) $ (13) $ (14) $ (19) Tax effect — 3 3 5 Excluded component of fair value hedges, after-tax $ (1) $ (10) $ (11) $ (14) Long-duration contracts, pretax $ (1) $ — $ (1) $ — Tax effect — — — — Long-duration contracts, after-tax $ (1) $ — $ (1) $ — CTA, pretax $ — $ — $ — $ — Tax effect — — — — CTA, after-tax $ — $ — $ — $ — Total amounts reclassified out of AOCI , pretax $ 309 $ 517 $ 616 $ 1,001 Total tax effect (81) (129) (155) (251) Total amounts reclassified out of AOCI , after-tax $ 228 $ 388 $ 461 $ 750 (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 13. (2) See Note 22. (3) See Note 8. |
PREFERRED STOCK (Tables)
PREFERRED STOCK (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Stockholders' Equity Note [Abstract] | |
Summary of preferred stock outstanding | The following table summarizes the Company’s preferred stock outstanding: Dividend rate as of June 30, 2024 Redemption Carrying value (in millions of dollars) Issuance date Redeemable by issuer beginning Number June 30, December 31, Series D (1) April 30, 2013 May 15, 2023 N/A $ 1,000 1,250,000 $ — $ 1,250 Series J (2) September 19, 2013 September 30, 2023 N/A 25 22,000,000 — 550 Series M (3) April 30, 2014 May 15, 2024 3-mo. SOFR+ 3.68461 1,000 1,750,000 1,750 1,750 Series P (4) April 24, 2015 May 15, 2025 5.950 % 1,000 2,000,000 2,000 2,000 Series T (5) April 25, 2016 August 15, 2026 6.250 1,000 1,500,000 1,500 1,500 Series U (6) September 12, 2019 September 12, 2024 5.000 1,000 1,500,000 1,500 1,500 Series V (7) January 23, 2020 January 30, 2025 4.700 1,000 1,500,000 1,500 1,500 Series W (8) December 10, 2020 December 10, 2025 4.000 1,000 1,500,000 1,500 1,500 Series X (9) February 18, 2021 February 18, 2026 3.875 1,000 2,300,000 2,300 2,300 Series Y (10) October 27, 2021 November 15, 2026 4.150 1,000 1,000,000 1,000 1,000 Series Z (11) March 7, 2023 May 15, 2028 7.375 1,000 1,250,000 1,250 1,250 Series AA (12) September 21, 2023 November 15, 2028 7.625 1,000 1,500,000 1,500 1,500 Series BB (13) March 6, 2024 May 15, 2029 7.200 1,000 550,000 550 — Series CC (14) May 29, 2024 August 15, 2029 7.125 1,000 1,750,000 1,750 — $ 18,100 $ 17,600 Note: On July 30, 2024, Citi issued $1.5 billion of preferred stock Series DD. (1) Citi redeemed Series D in its entirety on May 15, 2024. (2) Citi redeemed the remaining Series J in its entirety on March 29, 2024. (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. 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. The spread incorporates the original contractual spread and a 0.26161% tenor spread adjustment. As previously announced, Citi will be redeeming Series M in its entirety on August 15, 2024. (4) 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. (5) 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. (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 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. (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 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. (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 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. (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 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. (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 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. (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 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. (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 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. (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, May 15, 2029, 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, August 15, 2029, 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) | 6 Months Ended |
Jun. 30, 2024 | |
Securitizations and Variable Interest Entities [Abstract] | |
Schedule of consolidated and unconsolidated VIEs with which the Company holds significant variable interests | Citigroup’s involvement with consolidated and unconsolidated VIEs with which the Company holds significant variable interests or has continuing involvement through servicing a majority of the assets in a VIE is presented below: As of June 30, 2024 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 $ 29,915 $ 29,915 $ — $ — $ — $ — $ — $ — Mortgage securitizations (4) U.S. agency-sponsored 113,959 — 113,959 2,501 — — 130 2,631 Non-agency-sponsored 59,901 — 59,901 3,299 — 157 — 3,456 Citi-administered asset-backed commercial paper conduits 20,413 20,093 320 3 — 34 — 37 Collateralized loan obligations (CLOs) 4,932 — 4,932 1,924 — — — 1,924 Asset-based financing (5) 211,948 8,502 203,446 47,104 831 13,233 — 61,168 Municipal securities tender option bond trusts (TOBs) 1,025 1,025 — — — — — — Municipal investments 20,528 3 20,525 2,333 2,611 2,459 — 7,403 Client intermediation 388 79 309 28 — — 45 73 Investment funds 632 65 567 4 13 94 — 111 Total $ 463,641 $ 59,682 $ 403,959 $ 57,196 $ 3,455 $ 15,977 $ 175 $ 76,803 As of December 31, 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 $ 31,852 $ 31,852 $ — $ — $ — $ — $ — $ — Mortgage securitizations (4) U.S. agency-sponsored 123,787 — 123,787 2,332 — — 136 2,468 Non-agency-sponsored 64,963 — 64,963 3,751 — 129 — 3,880 Citi-administered asset-backed commercial paper conduits 21,097 21,097 — — — — — — Collateralized loan obligations (CLOs) 5,562 — 5,562 2,344 — — — 2,344 Asset-based financing (5) 204,680 12,197 192,483 48,187 902 13,655 — 62,744 Municipal securities tender option bond trusts (TOBs) 1,493 883 610 12 — 417 — 429 Municipal investments 21,317 3 21,314 2,243 2,779 2,587 — 7,609 Client intermediation 368 86 282 37 — — — 37 Investment funds 545 70 475 3 10 95 — 108 Total $ 475,664 $ 66,188 $ 409,476 $ 58,909 $ 3,691 $ 16,883 $ 136 $ 79,619 (1) The definition of maximum exposure to loss is included in the text that follows this table. (2) Included on Citigroup’s June 30, 2024 and December 31, 2023 Consolidated Balance Sheet. (3) A significant unconsolidated VIE is an entity in which the Company has any variable interest or continuing involvement considered to be significant, regardless of the likelihood of loss. (4) Citigroup mortgage securitizations also include agency and non-agency (private label) re-securitization activities. These SPEs are not consolidated. See “Re-securitizations” below for further discussion. (5) Included within this line are loans to third-party-sponsored private equity funds, which represent $6 billion and $6 billion in unconsolidated VIE assets and $245 million and $282 million in maximum exposure to loss as of June 30, 2024 and December 31, 2023, 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. June 30, 2024 December 31, In millions of dollars (Unaudited) 2023 Assets of consolidated VIEs to be used to settle obligations of consolidated VIEs Cash and due from banks $ 71 $ 44 Trading account assets 7,920 11,350 Investments 923 767 Loans, net of unearned income Consumer 32,956 35,141 Corporate 20,213 21,207 Loans, net of unearned income $ 53,169 $ 56,348 Allowance for credit losses on loans (ACLL) (2,558) (2,481) Total loans, net $ 50,611 $ 53,867 Other assets 157 160 Total assets of consolidated VIEs to be used to settle obligations of consolidated VIEs $ 59,682 $ 66,188 June 30, 2024 December 31, In millions of dollars (Unaudited) 2023 Liabilities of consolidated VIEs for which creditors or beneficial interest holders Short-term borrowings $ 9,754 $ 9,692 Long-term debt 6,085 8,443 Other liabilities 1,438 927 Total liabilities of consolidated VIEs for which creditors or beneficial interest holders $ 17,277 $ 19,062 |
Schedule of funding commitments of unconsolidated Variable Interest Entities | The following table presents the notional amount of liquidity facilities and loan commitments that are classified as funding commitments in the VIE tables above: June 30, 2024 December 31, 2023 In millions of dollars Liquidity Loan/equity Liquidity Loan/equity Non-agency-sponsored mortgage securitizations $ — $ 157 $ — $ 129 Citi-administered asset-backed commercial paper conduits — 34 — — Asset-based financing — 13,233 — 13,655 Municipal securities tender option bond trusts (TOBs) — — 417 — Municipal investments — 2,459 — 2,587 Investment funds — 94 — 95 Other — — — — Total funding commitments $ — $ 15,977 $ 417 $ 16,466 |
Schedule of significant interests in unconsolidated VIEs - balance sheet classification | The following table presents the carrying amounts and classification of significant variable interests in unconsolidated VIEs: In billions of dollars June 30, 2024 December 31, 2023 Cash $ — $ — Trading account assets 3.9 1.9 Investments 5.0 8.3 Total loans, net of allowance 51.1 51.8 Other 0.6 0.6 Total assets $ 60.6 $ 62.6 |
Schedule of cash flow information, mortgage securitizations | The following tables summarize selected cash flow information and retained interests related to Citigroup mortgage securitizations: Three Months Ended June 30, 2024 2023 In billions of dollars U.S. agency- Non-agency- U.S. agency- Non-agency- Principal securitized $ 1.5 $ 3.0 $ 1.6 $ 1.0 Proceeds from new securitizations 1.5 2.7 1.6 0.9 Contractual servicing fees received — — — — Cash flows received on retained interests and other net cash flows — — — 0.1 Purchases of previously transferred financial assets — — — — Six Months Ended June 30, 2024 2023 In billions of dollars U.S. agency- Non-agency- U.S. agency- Non-agency- Principal securitized $ 3.0 $ 4.1 $ 2.3 $ 2.3 Proceeds from new securitizations 3.0 3.7 2.4 2.0 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 — — — — Note: Excludes re-securitization transactions. |
Schedule of carrying value of retained interests | June 30, 2024 December 31, 2023 Non-agency-sponsored mortgages (1) Non-agency-sponsored mortgages (1) In millions of dollars U.S. agency- Senior Subordinated U.S. agency- Senior Subordinated Carrying value of retained interests (2) $ 709 $ 855 $ 1,014 $ 689 $ 943 $ 963 (1) Disclosure of non-agency-sponsored mortgages as senior and subordinated interests is indicative of the interests’ position in the capital structure of the securitization. (2) Retained interests consist of Level 2 and Level 3 assets depending on the observability of significant inputs. See Note 23 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 June 30, Six Months Ended June 30, In billions of dollars, except liquidation losses in millions Jun. 30, 2024 Dec. 31, 2023 Jun. 30, 2024 Dec. 31, 2023 2024 2023 2024 2023 Securitized assets Residential mortgages (1) $ 28.2 $ 28.2 $ 0.3 $ 0.5 $ 0.5 $ 2.3 $ 1.2 $ 4.6 Commercial and other 29.5 29.9 — — — — — — Total $ 57.7 $ 58.1 $ 0.3 $ 0.5 $ 0.5 $ 2.3 $ 1.2 $ 4.6 |
Schedule of changes in capitalized MSRs | The following table summarizes the changes in capitalized MSRs: Three Months Ended June 30, Six Months Ended June 30, In millions of dollars 2024 2023 2024 2023 Balance, beginning of period $ 702 $ 658 $ 691 $ 665 Originations 19 19 36 31 Changes in fair value of MSRs due to changes in inputs and assumptions 5 22 17 19 Other changes (1) (17) (18) (35) (34) Balance, as of June 30 $ 709 $ 681 $ 709 $ 681 (1) Represents changes due to customer payments. |
Schedule of fees received on servicing previously securitized mortgages | The amounts of these fees were as follows: Three Months Ended June 30, Six Months Ended June 30, In millions of dollars 2024 2023 2024 2023 Servicing fees $ 33 $ 32 $ 65 $ 65 Late fees 1 1 1 2 Total MSR fees $ 34 $ 33 $ 66 $ 67 |
Schedule of asset-based financing | June 30, 2024 December 31, 2023 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 $ 42,185 $ 8,327 $ 42,869 $ 8,831 Corporate loans 37,755 20,631 27,903 18,546 Other (including investment funds, airlines and shipping) 123,506 32,210 121,711 35,367 Total $ 203,446 $ 61,168 $ 192,483 $ 62,744 |
DERIVATIVES (Tables)
DERIVATIVES (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
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 presented below do not reflect the netting of offsetting trades. For example, if Citi enters into a receive-fixed interest rate swap with $100 million notional, and offsets this risk with an identical but opposite pay-fixed position with a different counterparty, $200 million in derivative notionals is reported, although these offsetting positions may result in de minimis overall market risk. In addition, aggregate derivative notional amounts can fluctuate from period to period in the normal course of business based on Citi’s market share, levels of client activity and other factors. Derivative Notionals Hedging instruments under ASC 815 Trading derivative instruments In millions of dollars June 30, December 31, June 30, December 31, Interest rate contracts Swaps $ 272,320 $ 277,003 $ 20,423,966 $ 17,077,712 Futures and forwards — — 3,490,013 3,022,127 Written options — — 2,584,344 2,753,912 Purchased options — — 2,439,595 2,687,662 Total interest rate contracts $ 272,320 $ 277,003 $ 28,937,918 $ 25,541,413 Foreign exchange contracts Swaps $ 35,709 $ 45,851 $ 8,298,674 $ 7,943,054 Futures, forwards and spot 49,400 49,779 4,822,868 3,737,063 Written options — — 1,082,059 778,397 Purchased options — — 1,081,014 771,134 Total foreign exchange contracts $ 85,109 $ 95,630 $ 15,284,615 $ 13,229,648 Equity contracts Swaps $ — $ — $ 293,394 $ 317,117 Futures and forwards — — 78,102 72,592 Written options — — 539,076 544,315 Purchased options — — 406,813 428,949 Total equity contracts $ — $ — $ 1,317,385 $ 1,362,973 Commodity and other contracts Swaps $ — $ — $ 77,801 $ 82,009 Futures and forwards 3,093 1,750 167,194 161,811 Written options — — 59,172 49,555 Purchased options — — 58,359 46,742 Total commodity and other contracts $ 3,093 $ 1,750 $ 362,526 $ 340,117 Credit derivatives (1) Protection sold $ — $ — $ 483,472 $ 496,699 Protection purchased — — 562,640 567,627 Total credit derivatives $ — $ — $ 1,046,112 $ 1,064,326 Total derivative notionals $ 360,522 $ 374,383 $ 46,948,556 $ 41,538,477 (1) Credit derivatives are arrangements designed to allow one party (protection purchaser) to transfer the credit risk of a “reference asset” to another party (protection seller). These arrangements allow a protection seller to assume the credit risk associated with the reference asset without directly purchasing that asset. The Company enters into credit derivative positions for purposes such as risk management, yield enhancement, reduction of credit concentrations and diversification of overall risk. |
Derivative mark-to-market (MTM) receivables/payables | The following tables present the gross and net fair values of the Company’s derivative transactions and the related offsetting amounts as of June 30, 2024 and December 31, 2023. 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 in the Company’s balance sheet presentation, 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 June 30, 2024 Assets Liabilities Derivatives instruments designated as ASC 815 hedges Over-the-counter $ 413 $ 109 Cleared 148 37 Interest rate contracts $ 561 $ 146 Over-the-counter $ 1,255 $ 457 Cleared — — Foreign exchange contracts $ 1,255 $ 457 Total derivatives instruments designated as ASC 815 hedges $ 1,816 $ 603 Derivatives instruments not designated as ASC 815 hedges Over-the-counter $ 103,659 $ 94,866 Cleared 39,757 40,710 Exchange traded 89 65 Interest rate contracts $ 143,505 $ 135,641 Over-the-counter $ 136,114 $ 128,529 Cleared 543 603 Exchange traded 5 1 Foreign exchange contracts $ 136,662 $ 129,133 Over-the-counter $ 18,741 $ 31,341 Cleared 2 52 Exchange traded 33,635 33,051 Equity contracts $ 52,378 $ 64,444 Over-the-counter $ 12,688 $ 14,518 Exchange traded 670 870 Commodity and other contracts $ 13,358 $ 15,388 Over-the-counter $ 6,371 $ 5,995 Cleared 1,772 1,735 Credit derivatives $ 8,143 $ 7,730 Total derivatives instruments not designated as ASC 815 hedges $ 354,046 $ 352,336 Total derivatives $ 355,862 $ 352,939 Less: Netting agreements (3) $ (277,223) $ (277,223) Less: Netting cash collateral received/paid (4) (25,575) (28,644) Net receivables/payables included on the Consolidated Balance Sheet (5) $ 53,064 $ 47,072 Additional amounts subject to an enforceable master netting agreement, Less: Cash collateral received/paid $ (558) $ (380) Less: Non-cash collateral received/paid (2,367) (10,060) Total net receivables/payables (5) $ 50,139 $ 36,632 (1) The derivatives fair values are also presented in Note 23. (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 $204 billion, $40 billion and $33 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 with appropriate legal opinion supporting enforceability of netting. 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, 2023 Assets Liabilities Derivatives instruments designated as ASC 815 hedges Over-the-counter $ 458 $ 5 Cleared 99 121 Interest rate contracts $ 557 $ 126 Over-the-counter $ 1,690 $ 1,732 Cleared — — Foreign exchange contracts $ 1,690 $ 1,732 Total derivatives instruments designated as ASC 815 hedges $ 2,247 $ 1,858 Derivatives instruments not designated as ASC 815 hedges Over-the-counter $ 113,993 $ 105,512 Cleared 43,858 47,462 Exchange traded 86 86 Interest rate contracts $ 157,937 $ 153,060 Over-the-counter $ 157,633 $ 155,027 Cleared 368 420 Exchange traded 3 22 Foreign exchange contracts $ 158,004 $ 155,469 Over-the-counter $ 19,515 $ 25,425 Cleared — — Exchange traded 23,763 22,521 Equity contracts $ 43,278 $ 47,946 Over-the-counter $ 16,921 $ 18,086 Exchange traded 648 710 Commodity and other contracts $ 17,569 $ 18,796 Over-the-counter $ 6,094 $ 6,293 Cleared 2,245 1,789 Credit derivatives $ 8,339 $ 8,082 Total derivatives instruments not designated as ASC 815 hedges $ 385,127 $ 383,353 Total derivatives $ 387,374 $ 385,211 Less: Netting agreements (3) $ (308,431) $ (308,431) Less: Netting cash collateral received/paid (4) (21,226) (26,101) Net receivables/payables included on the Consolidated Balance Sheet (5) $ 57,717 $ 50,679 Additional amounts subject to an enforceable master netting agreement, Less: Cash collateral received/paid $ (563) $ (348) Less: Non-cash collateral received/paid (5,208) (12,504) Total net receivables/payables (5) $ 51,946 $ 37,827 (1) The derivatives fair values are also presented in Note 23. (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 $242 billion, $44 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 with appropriate legal opinion supporting enforceability of netting. 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 $10 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: Gains (losses) included in Three Months Ended June 30, Six Months Ended June 30, In millions of dollars 2024 2023 2024 2023 Interest rate contracts $ (8) $ (22) $ (44) $ (34) Foreign exchange (136) (6) (122) (64) Total $ (144) $ (28) $ (166) $ (98) The following table summarizes the gains (losses) on the Company’s fair value hedges: Gains (losses) on fair value hedges (1) Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 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 Interest rate hedges $ — $ (436) $ — $ (491) $ — $ (1,040) $ — $ (492) Foreign exchange hedges 145 — 738 — 74 — 1,286 — Commodity hedges (2) (289) — 183 — 1,231 — (325) — Total gain (loss) on the hedging derivatives included in assessment of the effectiveness of fair value hedges $ (144) $ (436) $ 921 $ (491) $ 1,305 $ (1,040) $ 961 $ (492) Gain (loss) on the hedged item in designated and qualifying Interest rate hedges $ — $ 448 $ — $ 488 $ — $ 1,068 $ — $ 481 Foreign exchange hedges (145) — (738) — (74) — (1,286) — Commodity hedges (2) 289 — (183) — (1,231) — 325 — Total gain (loss) on the hedged item in designated and qualifying fair value hedges $ 144 $ 448 $ (921) $ 488 $ (1,305) $ 1,068 $ (961) $ 481 Net gain (loss) on the hedging derivatives excluded from assessment of the effectiveness of fair value hedges Interest rate hedges $ — $ — $ — $ — $ — $ — $ — $ — Foreign exchange hedges (3) 32 — 2 — 3 — 24 — Commodity hedges (2)(4) 70 — 52 — 167 — 101 — Total net gain (loss) on the hedging derivatives excluded from assessment of the effectiveness of fair value hedges $ 102 $ — $ 54 $ — $ 170 $ — $ 125 $ — (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) The gain (loss) amounts for commodity hedges are included in Principal transactions. (3) 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 $2 million and $22 million for the three months ended June 30, 2024 and 2023, respectively. (4) 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 or recorded in AOCI under the amortization approach. The quarter ended June 30, 2024 includes gain (loss) of approximately $51 million and $19 million under the mark-to-market approach and amortization approach, respectively. The quarter ended June 30, 2023 includes gain (loss) of approximately $41 million and $11 million under the mark-to-market approach and amortization approach, respectively. |
Schedule of amounts recorded on the Balance Sheet related to cumulative basis adjustments for fair value hedges | The table below presents the carrying amount of Citi’s hedged assets and liabilities under qualifying fair value hedges at June 30, 2024 and December 31, 2023, 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 June 30, 2024 Debt securities AFS (2)(6) $ 98,577 $ (1,096) $ (249) Consumer loans (3) 55,577 (38) — Corporate loans (4) 5,387 (23) (29) Long-term debt 141,883 (1,628) (5,153) As of December 31, 2023 Debt securities AFS (5)(6) $ 111,886 $ (925) $ (282) Corporate loans (7) 4,968 93 (3) Long-term debt 141,449 (908) (5,160) (1) Excludes physical commodities inventories with a carrying value of approximately $7 billion and $8 billion as of June 30, 2024 and December 31, 2023, respectively, which includes cumulative basis adjustments of approximately $(0.2) billion and $1.2 billion, respectively, for active hedges. (2) These amounts include a cumulative basis adjustment of $(213) million for active hedges and $(23) million for de-designated hedges as of June 30, 2024, related to certain prepayable financial assets previously designated as the hedged item in a fair value hedge using the portfolio layer approach. The Company designated approximately $21 billion as the hedged amount (from a closed portfolio of financial assets with a carrying value of $30 billion as of June 30, 2024) in a portfolio layer hedging relationship. (3) All hedged consumer loans are designated in a fair value hedge using the portfolio layer approach. The Company designated approximately $14.9 billion as the hedged amount (from a closed portfolio of financial assets with a carrying value of $56 billion as of June 30, 2024). (4) All hedged corporate loans are designated in a fair value hedge using the portfolio layer approach. The Company designated approximately $3.9 billion as the hedged amount (from a closed portfolio of financial assets with a carrying value of $5.4 billion as of June 30, 2024). (5) These amounts include a cumulative basis adjustment of $248 million for active hedges and $(51) million for de-designated hedges as of December 31, 2023, related to certain prepayable financial assets previously designated as the hedged item in a fair value hedge using the portfolio layer approach. The Company designated approximately $14 billion as the hedged amount (from a closed portfolio of prepayable financial assets with a carrying value of $28 billion as of December 31, 2023) in a portfolio layer hedging relationship. (6) Carrying amount represents the amortized cost. (7) All hedged corporate loans are designated in a fair value hedge using the portfolio layer approach. The Company designated approximately $3.6 billion as the hedged amount (from a closed portfolio of financial assets with a carrying value of $5.0 billion as of December 31, 2023). |
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: Three Months Ended June 30, Six Months Ended June 30, In millions of dollars 2024 2023 2024 2023 Amount of gain (loss) recognized in AOCI on derivatives Interest rate contracts $ 34 $ (280) $ 340 $ (259) Foreign exchange contracts (2) 17 (1) 5 Total gain (loss) recognized in AOCI $ 32 $ (263) $ 339 $ (254) Other Net Other Other Net interest Other Net Amount of gain (loss) reclassified from AOCI to earnings (1) Interest rate contracts $ — $ (260) $ — $ (495) $ — $ (602) $ — $ (964) Foreign exchange contracts (1) — (1) — (2) — (2) — Total gain (loss) reclassified from AOCI into earnings $ (1) $ (260) $ (1) $ (495) $ (2) $ (602) $ (2) $ (964) Net pretax change in cash flow hedges included within AOCI $ 293 $ 233 $ 943 $ 712 (1) All amounts reclassified into earnings for interest rate contracts are included in Interest income/Interest expense (Net interest income) . For all other hedges, the amounts reclassified to earnings are included primarily in Other revenue and Net interest income in the Consolidated Statement of Income. |
Schedule of key characteristics of credit derivative portfolio | The following tables summarize the key characteristics of Citi’s credit derivatives portfolio by counterparty and derivative form: Fair values Notionals In millions of dollars at June 30, 2024 Receivable (1) Payable (2) Protection Protection By instrument Credit default swaps and options $ 7,118 $ 7,221 $ 522,912 $ 476,386 Total return swaps and other 1,025 509 39,728 7,086 Total by instrument $ 8,143 $ 7,730 $ 562,640 $ 483,472 By rating of reference entity Investment grade $ 4,057 $ 3,694 $ 432,898 $ 378,988 Non-investment grade 4,086 4,036 129,742 104,484 Total by rating of reference entity $ 8,143 $ 7,730 $ 562,640 $ 483,472 By maturity Within 1 year $ 988 $ 1,336 $ 170,278 $ 147,932 From 1 to 5 years 5,680 5,071 346,319 310,789 After 5 years 1,475 1,323 46,043 24,751 Total by maturity $ 8,143 $ 7,730 $ 562,640 $ 483,472 (1) The fair value amount receivable is composed of $3,329 million under protection purchased and $4,814 million under protection sold. (2) The fair value amount payable is composed of $5,586 million under protection purchased and $2,144 million under protection sold. Fair values Notionals In millions of dollars at December 31, 2023 Receivable (1) Payable (2) Protection Protection By instrument Credit default swaps and options $ 7,686 $ 7,243 $ 539,522 $ 491,514 Total return swaps and other 653 839 28,105 5,185 Total by instrument $ 8,339 $ 8,082 $ 567,627 $ 496,699 By rating of reference entity Investment grade $ 4,282 $ 4,138 $ 444,989 $ 393,115 Non-investment grade 4,057 3,944 122,638 103,584 Total by rating of reference entity $ 8,339 $ 8,082 $ 567,627 $ 496,699 By maturity Within 1 year $ 986 $ 1,713 $ 155,910 $ 128,874 From 1 to 5 years 5,816 4,939 366,156 337,583 After 5 years 1,537 1,430 45,561 30,242 Total by maturity $ 8,339 $ 8,082 $ 567,627 $ 496,699 (1) The fair value amount receivable is composed of $2,770 million under protection purchased and $5,569 million under protection sold. (2) The fair value amount payable is composed of $6,097 million under protection purchased and $1,985 million under protection sold. |
FAIR VALUE MEASUREMENT (Tables)
FAIR VALUE MEASUREMENT (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Fair Value Disclosures [Abstract] | |
Schedule of CVA and FVA applied to fair value of derivative instruments | The table below summarizes the credit valuation adjustments (CVA) and funding valuation adjustments (FVA) applied to the fair value of derivative instruments at June 30, 2024 and December 31, 2023: Credit and funding In millions of dollars June 30, December 31, Counterparty CVA $ (519) $ (580) Asset FVA (466) (562) Citigroup (own credit) CVA 345 381 Liability FVA 226 255 Total CVA and FVA—derivative instruments $ (414) $ (506) |
Schedule of pretax gains (losses) related to changes in CVA, FVA, and DVA | The table below summarizes pretax gains (losses) related to changes in CVA on derivative instruments, net of hedges, FVA on derivatives and debt valuation adjustments (DVA) on Citi’s own fair value option (FVO) liabilities for the periods indicated: Credit/funding/debt valuation Three Months Ended June 30, Six Months Ended June 30, In millions of dollars 2024 2023 2024 2023 Counterparty CVA $ (25) $ 4 $ (17) $ (30) Asset FVA 2 100 86 94 Own credit CVA 6 (114) (46) (149) Liability FVA 27 (17) (30) (44) Total CVA and FVA—derivative instruments $ 10 $ (27) $ (7) $ (129) DVA related to own FVO liabilities (1) $ 343 $ (837) $ (407) $ (1,270) Total CVA, DVA and FVA $ 353 $ (864) $ (414) $ (1,399) |
Items measured at fair value on a recurring basis | The following tables present for each of the fair value hierarchy levels the Company’s assets and liabilities that are measured at fair value on a recurring basis at June 30, 2024 and December 31, 2023. The Company may hedge positions that have been classified in the Level 3 category with other financial instruments (hedging instruments) that may be classified as Level 3, but also with financial instruments classified as Level 1 or Level 2. The effects of these hedges are presented gross in the following tables: Fair Value Levels In millions of dollars at June 30, 2024 Level 1 Level 2 Level 3 Gross Netting (1) Net Assets Securities borrowed and purchased under agreements to resell $ 1,527 $ 448,459 $ 126 $ 450,112 $ (272,050) $ 178,062 Trading non-derivative assets Trading mortgage-backed securities U.S. government-sponsored agency guaranteed — 80,649 691 81,340 — 81,340 Residential — 560 91 651 — 651 Commercial — 977 166 1,143 — 1,143 Total trading mortgage-backed securities $ — $ 82,186 $ 948 $ 83,134 $ — $ 83,134 U.S. Treasury and federal agency securities $ 109,422 $ 1,320 $ — $ 110,742 $ — $ 110,742 State and municipal — 211 1 212 — 212 Foreign government 54,488 36,023 45 90,556 — 90,556 Corporate 1,467 21,558 315 23,340 — 23,340 Equity securities (2) 56,150 8,380 244 64,774 — 64,774 Asset-backed securities — 1,511 244 1,755 — 1,755 Other trading assets (3) 602 17,377 783 18,762 — 18,762 Total trading non-derivative assets $ 222,129 $ 168,566 $ 2,580 $ 393,275 $ — $ 393,275 Trading derivatives Interest rate contracts $ 57 $ 141,542 $ 2,467 $ 144,066 Foreign exchange contracts — 136,720 1,197 137,917 Equity contracts 66 51,329 983 52,378 Commodity contracts — 12,190 1,168 13,358 Credit derivatives — 7,259 884 8,143 Total trading derivatives—before netting and collateral $ 123 $ 349,040 $ 6,699 $ 355,862 Netting agreements $ (277,223) Netting of cash collateral received (25,575) Total trading derivatives—after netting and collateral $ 123 $ 349,040 $ 6,699 $ 355,862 $ (302,798) $ 53,064 Investments Mortgage-backed securities U.S. government-sponsored agency guaranteed $ — $ 31,742 $ 28 $ 31,770 $ — $ 31,770 Residential — 563 25 588 — 588 Commercial — 1 — 1 — 1 Total investment mortgage-backed securities $ — $ 32,306 $ 53 $ 32,359 $ — $ 32,359 U.S. Treasury and federal agency securities $ 69,632 $ — $ — $ 69,632 $ — $ 69,632 State and municipal — 1,450 439 1,889 — 1,889 Foreign government 62,192 71,893 14 134,099 — 134,099 Corporate 3,208 1,982 112 5,302 — 5,302 Marketable equity securities 142 13 10 165 — 165 Asset-backed securities — 768 — 768 — 768 Other debt securities — 5,313 — 5,313 — 5,313 Non-marketable equity securities — — 505 505 — 505 Total investments $ 135,174 $ 113,725 $ 1,133 $ 250,032 $ — $ 250,032 Table continues on the next page. In millions of dollars at June 30, 2024 Level 1 Level 2 Level 3 Gross Netting (1) Net Loans $ — $ 8,225 $ 301 $ 8,526 $ — $ 8,526 Mortgage servicing rights — — 709 709 — 709 Other financial assets $ 5,589 $ 10,229 $ 21 $ 15,839 $ — $ 15,839 Total assets $ 364,542 $ 1,098,244 $ 11,569 $ 1,474,355 $ (574,848) $ 899,507 Total as a percentage of gross assets (4) 24.7% 74.5% 0.8% Liabilities Interest-bearing deposits $ 82 $ 3,277 $ 41 $ 3,400 $ — $ 3,400 Securities loaned and sold under agreements to repurchase 254 259,766 286 260,306 (190,538) 69,768 Trading account liabilities Securities sold, not yet purchased 88,480 15,664 32 104,176 — 104,176 Other trading liabilities — 11 — 11 — 11 Total trading account liabilities $ 88,480 $ 15,675 $ 32 $ 104,187 $ — $ 104,187 Trading derivatives Interest rate contracts $ 61 $ 132,231 $ 3,495 $ 135,787 Foreign exchange contracts — 128,944 646 129,590 Equity contracts 70 61,341 3,033 64,444 Commodity contracts — 14,624 764 15,388 Credit derivatives — 6,920 810 7,730 Total trading derivatives—before netting and collateral $ 131 $ 344,060 $ 8,748 $ 352,939 Netting agreements $ (277,223) Netting of cash collateral paid (28,644) Total trading derivatives—after netting and collateral $ 131 $ 344,060 $ 8,748 $ 352,939 $ (305,867) $ 47,072 Short-term borrowings $ — $ 11,543 $ 201 $ 11,744 $ — $ 11,744 Long-term debt — 89,031 20,375 109,406 — 109,406 Other financial liabilities $ 4,660 $ 722 $ 3 $ 5,385 $ — $ 5,385 Total liabilities $ 93,607 $ 724,074 $ 29,686 $ 847,367 $ (496,405) $ 350,962 Total as a percentage of gross liabilities (4) 11.0 % 85.5 % 3.5 % (1) Represents netting of (i) the amounts due under securities purchased under agreements to resell and the amounts owed under securities sold under agreements to repurchase and (ii) derivative exposures covered by a qualifying master netting agreement and cash collateral offsetting. (2) Level 2 balance includes $2.2 billion of Visa Class C shares subject to a contractual sale restriction that expires in August 2024. (3) Amounts exclude $26 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, 2023 Level 1 Level 2 Level 3 Gross Netting (1) Net Assets Securities borrowed and purchased under agreements to resell $ — $ 453,715 $ 139 $ 453,854 $ (247,795) $ 206,059 Trading non-derivative assets Trading mortgage-backed securities U.S. government-sponsored agency guaranteed — 79,795 581 80,376 — 80,376 Residential 1 597 116 714 — 714 Commercial — 464 202 666 — 666 Total trading mortgage-backed securities $ 1 $ 80,856 $ 899 $ 81,756 $ — $ 81,756 U.S. Treasury and federal agency securities $ 112,851 $ 2,398 $ 7 $ 115,256 $ — $ 115,256 State and municipal — 594 3 597 — 597 Foreign government 44,203 28,238 54 72,495 — 72,495 Corporate 1,858 16,716 500 19,074 — 19,074 Equity securities 32,966 12,135 292 45,393 — 45,393 Asset-backed securities — 1,223 531 1,754 — 1,754 Other trading assets (2) 97 16,784 833 17,714 — 17,714 Total trading non-derivative assets $ 191,976 $ 158,944 $ 3,119 $ 354,039 $ — $ 354,039 Trading derivatives Interest rate contracts $ 49 $ 156,307 $ 2,138 $ 158,494 Foreign exchange contracts — 158,672 1,022 159,694 Equity contracts 8 41,870 1,400 43,278 Commodity contracts 2 16,456 1,111 17,569 Credit derivatives — 7,564 775 8,339 Total trading derivatives—before netting and collateral $ 59 $ 380,869 $ 6,446 $ 387,374 Netting agreements $ (308,431) Netting of cash collateral received (21,226) Total trading derivatives—after netting and collateral $ 59 $ 380,869 $ 6,446 $ 387,374 $ (329,657) $ 57,717 Investments Mortgage-backed securities U.S. government-sponsored agency guaranteed $ — $ 29,640 $ 75 $ 29,715 $ — $ 29,715 Residential — 307 116 423 — 423 Commercial — 1 — 1 — 1 Total investment mortgage-backed securities $ — $ 29,948 $ 191 $ 30,139 $ — $ 30,139 U.S. Treasury and federal agency securities $ 80,062 $ 299 $ — $ 80,361 $ — $ 80,361 State and municipal — 1,589 542 2,131 — 2,131 Foreign government 60,133 70,871 194 131,198 — 131,198 Corporate 2,680 2,370 362 5,412 — 5,412 Marketable equity securities 159 72 27 258 — 258 Asset-backed securities — 938 — 938 — 938 Other debt securities — 6,757 — 6,757 — 6,757 Non-marketable equity securities (3) — — 483 483 — 483 Total investments $ 143,034 $ 112,844 $ 1,799 $ 257,677 $ — $ 257,677 Table continues on the next page. In millions of dollars at December 31, 2023 Level 1 Level 2 Level 3 Gross Netting (1) Net Loans $ — $ 7,167 $ 427 $ 7,594 $ — $ 7,594 Mortgage servicing rights — — 691 691 — 691 Other financial assets $ 4,677 $ 8,321 $ 30 $ 13,028 $ — $ 13,028 Total assets $ 339,746 $ 1,121,860 $ 12,651 $ 1,474,257 $ (577,452) $ 896,805 Total as a percentage of gross assets (3) 23.0% 76.1% 0.9% Liabilities Interest-bearing deposits $ — $ 2,411 $ 29 $ 2,440 $ — $ 2,440 Securities loaned and sold under agreements to repurchase — 228,048 390 228,438 (165,953) 62,485 Trading account liabilities Securities sold, not yet purchased 91,163 13,460 35 104,658 — 104,658 Other trading liabilities — 8 — 8 — 8 Total trading account liabilities $ 91,163 $ 13,468 $ 35 $ 104,666 $ — $ 104,666 Trading derivatives Interest rate contracts $ 49 $ 149,914 $ 3,223 $ 153,186 Foreign exchange contracts — 156,474 727 157,201 Equity contracts 18 44,894 3,034 47,946 Commodity contracts — 17,964 832 18,796 Credit derivatives — 7,234 848 8,082 Total trading derivatives—before netting and collateral $ 67 $ 376,480 $ 8,664 $ 385,211 Netting agreements $ (308,431) Netting of cash collateral paid (26,101) Total trading derivatives—after netting and collateral $ 67 $ 376,480 $ 8,664 $ 385,211 $ (334,532) $ 50,679 Short-term borrowings $ — $ 6,064 $ 481 $ 6,545 $ — $ 6,545 Long-term debt — 77,958 38,380 116,338 — 116,338 Other financial liabilities $ 4,298 $ 130 $ 6 $ 4,434 $ — $ 4,434 Total liabilities $ 95,528 $ 704,559 $ 47,985 $ 848,072 $ (500,485) $ 347,587 Total as a percentage of gross liabilities (3) 11.3 % 83.0 % 5.7 % (1) Represents netting of (i) the amounts due under securities purchased under agreements to resell and the amounts owed under securities sold under agreements to repurchase and (ii) derivative exposures covered by a qualifying master netting agreement and cash collateral offsetting. (2) Amounts exclude $25 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). (3) Because the amount of the cash collateral paid/received has not been allocated to the Level 1, 2 and 3 subtotals, these percentages are calculated based on total assets and liabilities measured at fair value on a recurring basis, excluding the cash collateral paid/received on derivatives. |
Changes in level 3 fair value category | The following tables present the changes in the Level 3 fair value category for the three and six months ended June 30, 2024 and 2023. The gains and losses presented below include changes in the fair value related to both observable and unobservable inputs. The Company often hedges positions with offsetting positions that are classified in a different level. For example, the gains and losses for assets and liabilities in the Level 3 category presented in the tables below do not reflect the effect of offsetting losses and gains on hedging instruments that may be classified in the Level 1 or Level 2 categories. In addition, the Company hedges items classified in the Level 3 category with instruments also classified in Level 3 of the fair value hierarchy. The hedged items and related hedges are presented gross in the following tables: Level 3 Fair Value Rollforward Net realized/unrealized gains (losses) incl. in (1) Transfers Unrealized (3) In millions of dollars Mar. 31, 2024 Principal Other (1)(2) into out of Purchases Issuances Sales Settlements Jun. 30, 2024 Assets Securities borrowed and purchased under agreements to resell $ 132 $ (3) $ — $ — $ — $ 21 $ — $ — $ (24) $ 126 $ (3) Trading non-derivative assets Trading mortgage-backed securities U.S. government-sponsored agency guaranteed 531 — — 205 (131) 233 — (147) — 691 5 Residential 170 (2) — 17 (23) 23 — (94) — 91 — Commercial 159 3 — 26 (22) 34 — (34) — 166 2 Total trading mortgage-backed securities $ 860 $ 1 $ — $ 248 $ (176) $ 290 $ — $ (275) $ — $ 948 $ 7 U.S. Treasury and federal agency securities $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — State and municipal 1 — — — — — — — — 1 — Foreign government 113 — — — (9) 38 — (97) — 45 1 Corporate 464 66 — 62 (180) 105 — (202) — 315 65 Marketable equity securities 232 (27) — 101 (26) 29 — (65) — 244 (22) Asset-backed securities 370 (21) — 15 (60) 40 — (100) — 244 (4) Other trading assets 752 98 — 95 (98) 120 2 (184) (2) 783 44 Total trading non-derivative assets $ 2,792 $ 117 $ — $ 521 $ (549) $ 622 $ 2 $ (923) $ (2) $ 2,580 $ 91 Trading derivatives, net (4) Interest rate contracts $ (1,362) $ (198) $ — $ 99 $ 12 $ 107 $ 8 $ (20) $ 326 $ (1,028) $ (293) Foreign exchange contracts 335 553 — 36 (20) 22 — (144) (231) 551 507 Equity contracts (2,222) 123 — 73 324 (298) — (54) 4 (2,050) 141 Commodity contracts 342 79 — 1 (6) 1 — (6) (7) 404 84 Credit derivatives (37) 41 — 5 11 50 — — 4 74 15 Total trading derivatives, net (4) $ (2,944) $ 598 $ — $ 214 $ 321 $ (118) $ 8 $ (224) $ 96 $ (2,049) $ 454 Table continues on the next page. Net realized/unrealized gains (losses) incl. in (1) Transfers Unrealized (3) In millions of dollars Mar. 31, 2024 Principal Other (1)(2) into out of Purchases Issuances Sales Settlements Jun. 30, 2024 Investments Mortgage-backed securities U.S. government-sponsored agency guaranteed $ 27 $ — $ 2 $ — $ — $ — $ — $ (1) $ — $ 28 $ 2 Residential 25 — (1) 1 — — — — — 25 (1) Commercial — — — — — — — — — — — Total investment mortgage-backed securities $ 52 $ — $ 1 $ 1 $ — $ — $ — $ (1) $ — $ 53 $ 1 U.S. Treasury and federal agency securities $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — State and municipal 479 — (5) — (5) — — (30) — 439 (4) Foreign government 24 — (4) — (6) — — — — 14 (3) Corporate 388 — (7) 12 (251) 10 — (40) — 112 10 Marketable equity securities 8 — 2 — — — — — — 10 (1) Asset-backed securities — — — — — — — — — — — Other debt securities — — — — — — — — — — — Non-marketable equity securities 488 — (3) — — 21 — (1) — 505 1 Total investments $ 1,439 $ — $ (16) $ 13 $ (262) $ 31 $ — $ (72) $ — $ 1,133 $ 4 Loans $ 1,057 $ — $ (23) $ — $ (851) $ 1 $ 128 $ — $ (11) $ 301 $ (1) Mortgage servicing rights 702 — 5 — — — 19 — (17) 709 5 Other financial assets 31 — (1) — — 2 — (2) (9) 21 — Liabilities Interest-bearing deposits $ 72 $ — $ 1 $ 5 $ (32) $ — $ 10 $ — $ (13) $ 41 $ (8) Securities loaned and sold under agreements to repurchase 326 — — — — 184 — — (224) 286 — Trading account liabilities Securities sold, not yet purchased 105 (2) — 13 (8) 9 — — (89) 32 — Other trading liabilities — — — — — — — — — — — Short-term borrowings 583 12 — 9 (479) — 177 — (77) 201 — Long-term debt 40,364 832 — 1,680 (20,890) — 1,192 — (1,139) 20,375 394 Other financial liabilities 3 — — — — — 2 — (2) 3 — (1) Net realized/unrealized gains (losses) are presented as increase (decrease) to Level 3 assets, and as (increase) decrease to Level 3 liabilities. Changes in fair value of available-for-sale debt securities are recorded in AOCI , unless related to credit impairment, while gains and losses from sales are recorded in Realized gains (losses) from sales of investments in the Consolidated Statement of Income. (2) Unrealized gains (losses) on MSRs are recorded in Other revenue in the Consolidated Statement of Income. (3) Represents the amount of total gains or losses for the period, included in earnings (and AOCI for changes in fair value of available-for-sale debt securities and DVA on fair value option liabilities), attributable to the change in fair value relating to assets and liabilities classified as Level 3 that are still held at June 30, 2024. (4) Total Level 3 trading derivative assets and liabilities have been netted in these tables for presentation purposes only. Net realized/unrealized gains (losses) incl. in (1) Transfers Unrealized (3) In millions of dollars Dec. 31, 2023 Principal Other (1)(2) into out of Purchases Issuances Sales Settlements Jun. 30, 2024 Assets Securities borrowed and purchased under agreements to resell $ 139 $ (8) $ — $ — $ — $ 66 $ — $ — $ (71) $ 126 $ (6) Trading non-derivative assets Trading mortgage-backed securities U.S. government-sponsored agency guaranteed 581 (39) — 284 (285) 433 — (283) — 691 (13) Residential 116 (3) — 53 (58) 111 — (128) — 91 3 Commercial 202 17 — 39 (89) 131 — (134) — 166 2 Total trading mortgage-backed securities $ 899 $ (25) $ — $ 376 $ (432) $ 675 $ — $ (545) $ — $ 948 $ (8) U.S. Treasury and federal agency securities $ 7 $ 4 $ — $ — $ (1) $ — $ — $ — $ (10) $ — $ — State and municipal 3 — — — — — — (2) — 1 — Foreign government 54 — — 12 (49) 163 — (135) — 45 2 Corporate 500 139 — 75 (388) 365 — (368) (8) 315 71 Marketable equity securities 292 (9) — 130 (49) 60 — (180) — 244 (20) Asset-backed securities 531 (18) — 30 (178) 176 — (297) — 244 (12) Other trading assets 833 165 — 152 (166) 195 6 (399) (3) 783 55 Total trading non-derivative assets $ 3,119 $ 256 $ — $ 775 $ (1,263) $ 1,634 $ 6 $ (1,926) $ (21) $ 2,580 $ 88 Trading derivatives, net (4) Interest rate contracts $ (1,085) $ (683) $ — $ 130 $ (17) $ 80 $ 14 $ (17) $ 550 $ (1,028) $ (810) Foreign exchange contracts 295 507 — 38 73 (73) — (166) (123) 551 414 Equity contracts (1,634) (226) — (71) 537 (568) — (55) (33) (2,050) 35 Commodity contracts 279 161 — 32 (12) 11 — (17) (50) 404 288 Credit derivatives (73) 100 — 2 (20) 58 — — 7 74 (51) Total trading derivatives, net (4) $ (2,218) $ (141) $ — $ 131 $ 561 $ (492) $ 14 $ (255) $ 351 $ (2,049) $ (124) Table continues on the next page. Net realized/unrealized gains (losses) incl. in (1) Transfers Unrealized (3) In millions of dollars Dec. 31, 2023 Principal Other (1)(2) into out of Purchases Issuances Sales Settlements Jun. 30, 2024 Investments Mortgage-backed securities U.S. government-sponsored agency guaranteed $ 75 $ — $ (1) $ — $ — $ 3 $ — $ (49) $ — $ 28 $ (1) Residential 116 — (2) 1 (90) — — — — 25 (2) Commercial — — — — — — — — — — — Total investment mortgage-backed securities $ 191 $ — $ (3) $ 1 $ (90) $ 3 $ — $ (49) $ — $ 53 $ (3) U.S. Treasury and federal agency securities $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — State and municipal 542 — (31) — (6) — — (66) — 439 (13) Foreign government 194 — (12) 6 (174) 36 — (36) — 14 (3) Corporate 362 — (7) 42 (279) 51 — (57) — 112 10 Marketable equity securities 27 — (17) — — — — — — 10 (1) Asset-backed securities — — — — — — — — — — — Other debt securities — — — — — — — — — — — Non-marketable equity securities 483 — (8) — — 60 — (30) — 505 1 Total investments $ 1,799 $ — $ (78) $ 49 $ (549) $ 150 $ — $ (238) $ — $ 1,133 $ (9) Loans $ 427 $ — $ (52) $ 663 $ (891) $ 1 $ 232 $ — $ (79) $ 301 $ 16 Mortgage servicing rights 691 — 17 — — — 36 — (35) 709 23 Other financial assets 30 — (2) — — 5 13 (2) (23) 21 (1) Liabilities Interest-bearing deposits $ 29 $ — $ 4 $ 51 $ (33) $ — $ 15 $ — $ (17) $ 41 $ (8) Securities loaned and sold under agreements to repurchase 390 — — — — 438 — — (542) 286 — Trading account liabilities Securities sold, not yet purchased 35 (8) — 14 (10) 96 — — (111) 32 — Other trading liabilities — — — — — — — — — — — Short-term borrowings 481 (82) — 20 (517) 1 211 — (77) 201 (3) Long-term debt 38,380 1,427 — 3,038 (21,730) — 4,782 — (2,668) 20,375 819 Other financial liabilities 6 — — — — — 5 — (8) 3 — (1) Net realized/unrealized gains (losses) are presented as increase (decrease) to Level 3 assets, and as (increase) decrease to Level 3 liabilities. Changes in fair value of available-for-sale debt securities are recorded in AOCI , unless related to credit impairment, while gains and losses from sales are recorded in Realized gains (losses) from sales of investments in the Consolidated Statement of Income. (2) Unrealized gains (losses) on MSRs are recorded in Other revenue in the Consolidated Statement of Income. (3) Represents the amount of total gains or losses for the period, included in earnings (and AOCI for changes in fair value of available-for-sale debt securities and DVA on fair value option liabilities), attributable to the change in fair value relating to assets and liabilities classified as Level 3 that are still held at June 30, 2024. (4) Total Level 3 trading derivative assets and liabilities have been netted in these tables for presentation purposes only. Net realized/unrealized gains (losses) incl. in (1) Transfers Unrealized (3) In millions of dollars Mar. 31, 2023 Principal Other (1)(2) into out of Purchases Issuances Sales Settlements June. 30, 2023 Assets Securities borrowed and purchased under agreements to resell $ 153 $ (10) $ — $ — $ (2) $ — $ — $ — $ (1) $ 140 $ (8) Trading non-derivative assets Trading mortgage-backed securities U.S. government-sponsored agency guaranteed 658 (32) — 93 (124) 147 — (83) — 659 (24) Residential 162 (2) — 35 (43) 39 — (46) — 145 (3) Commercial 163 (10) — 48 (18) 31 — (32) — 182 (7) Total trading mortgage-backed securities $ 983 $ (44) $ — $ 176 $ (185) $ 217 $ — $ (161) $ — $ 986 $ (34) U.S. Treasury and federal agency securities $ 1 $ (1) $ — $ — $ — $ — $ — $ — $ — $ — $ — State and municipal 23 (1) — — — — — (19) — 3 — Foreign government 53 (1) — 8 (2) 49 — (26) — 81 (1) Corporate 296 46 — 196 (51) 256 — (162) — 581 88 Marketable equity securities 225 6 — 14 (2) 66 — (24) — 285 5 Asset-backed securities 567 (1) — 74 (18) 197 — (280) — 539 (5) Other trading assets 1,094 373 — 16 (74) 178 — (109) — 1,478 378 Total trading non-derivative assets $ 3,242 $ 377 $ — $ 484 $ (332) $ 963 $ — $ (781) $ — $ 3,953 $ 431 Trading derivatives, net (4) Interest rate contracts $ 260 $ (1,550) $ — $ (167) $ (669) $ (17) $ — $ 13 $ 168 $ (1,962) $ (1,486) Foreign exchange contracts 76 503 — 121 50 27 — (42) (35) 700 438 Equity contracts (1,582) (486) — (16) 572 (7) — (21) (23) (1,563) (494) Commodity contracts 230 188 — 74 (83) 9 — (9) (79) 330 18 Credit derivatives (21) (154) — (20) 36 — — — 4 (155) (215) Total trading derivatives, net (4) $ (1,037) $ (1,499) $ — $ (8) $ (94) $ 12 $ — $ (59) $ 35 $ (2,650) $ (1,739) Table continues on the next page. Net realized/unrealized gains (losses) incl. in (1) Transfers Unrealized (3) In millions of dollars Mar. 31, 2023 Principal Other (1)(2) into out of Purchases Issuances Sales Settlements Jun. 30, 2023 Investments Mortgage-backed securities U.S. government-sponsored agency guaranteed $ 28 $ — $ 1 $ — $ — $ 4 $ — $ (1) $ — $ 32 $ (1) Residential 25 — — — — — — — — 25 — Total investment mortgage-backed securities $ 53 $ — $ 1 $ — $ — $ 4 $ — $ (1) $ — $ 57 $ (1) U.S. Treasury and federal agency securities $ 51 $ — $ — $ — $ — $ — $ — $ (30) $ — $ 21 $ — State and municipal 521 — (8) — (2) — — (4) — 507 (8) Foreign government 551 — 7 15 (17) 363 — (505) — 414 7 Corporate 291 — (4) — — 23 — (20) — 290 (4) Marketable equity securities 12 — 1 — — — — — — 13 (7) Asset-backed securities 1 — — — — — — — — 1 — Other debt securities 4 — 1 — (5) 57 — — — 57 — Non-marketable equity securities 409 — (14) — — 10 — (1) — 404 5 Total investments $ 1,893 $ — $ (16) $ 15 $ (24) $ 457 $ — $ (561) $ — $ 1,764 $ (8) Loans $ 640 $ — $ (281) $ 2 $ (119) $ — $ — $ — $ (1) $ 241 $ (146) Mortgage servicing rights 658 — 21 — — — 19 — (17) 681 22 Other financial assets 52 — 1 — (1) 21 — — — 73 — Liabilities Interest-bearing deposits $ 16 $ (7) $ — $ — $ — $ — $ 13 $ — $ (10) $ 26 $ (7) Securities loaned and sold under agreements to repurchase 809 1 — — (24) 511 — — (668) 627 1 Trading account liabilities Securities sold, not yet purchased 72 2 — 5 (15) 33 — — (31) 62 4 Other trading liabilities 1 — — 3 — — — — — 4 (1) Short-term borrowings 281 13 — 19 (11) — 21 — (1) 296 (4) Long-term debt 36,581 893 — 2,130 (1,263) — 808 — (159) 37,204 591 Other financial liabilities 20 — (1) — (1) — 3 — — 23 (1) (1) Net realized/unrealized gains (losses) are presented as increase (decrease) to Level 3 assets, and as (increase) decrease to Level 3 liabilities. Changes in fair value of available-for-sale debt securities are recorded in AOCI , unless related to credit impairment, while gains and losses from sales are recorded in Realized gains (losses) from sales of investments in the Consolidated Statement of Income. (2) Unrealized gains (losses) on MSRs are recorded in Other revenue in the Consolidated Statement of Income. (3) Represents the amount of total gains or losses for the period, included in earnings (and AOCI for changes in fair value of available-for-sale debt securities and DVA on fair value option liabilities), attributable to the change in fair value relating to assets and liabilities classified as Level 3 that are still held at June 30, 2023. (4) Total Level 3 trading derivative assets and liabilities have been netted in these tables for presentation purposes only. Net realized/unrealized gains (losses) incl. in (1) Transfers Unrealized (3) In millions of dollars Dec. 31, 2022 Principal Other (1)(2) into out of Purchases Issuances Sales Settlements June. 30, 2023 Assets Securities borrowed and purchased under agreements to resell $ 149 $ 3 $ — $ — $ (2) $ 137 $ — $ — $ (147) $ 140 $ 5 Trading non-derivative assets Trading mortgage-backed securities U.S. government-sponsored agency guaranteed 600 (10) — 185 (266) 370 — (220) — 659 (35) Residential 166 (1) — 61 (62) 100 — (119) — 145 (13) Commercial 145 (15) — 104 (31) 50 — (71) — 182 (13) Total trading mortgage-backed securities $ 911 $ (26) $ — $ 350 $ (359) $ 520 $ — $ (410) $ — $ 986 $ (61) U.S. Treasury and federal agency securities $ 1 $ (1) $ — $ — $ — $ — $ — $ — $ — $ — $ — State and municipal 7 (3) — 19 — — — (20) — 3 — Foreign government 119 6 — 8 (27) 61 — (86) — 81 5 Corporate 394 76 — 210 (178) 352 — (273) — 581 153 Marketable equity securities 192 9 — 26 (8) 97 — (31) — 285 10 Asset-backed securities 668 14 — 79 (81) 318 — (459) — 539 — Other trading assets 648 401 — 261 (76) 468 — (224) — 1,478 411 Total trading non-derivative assets $ 2,940 $ 476 $ — $ 953 $ (729) $ 1,816 $ — $ (1,503) $ — $ 3,953 $ 518 Trading derivatives, net (4) Interest rate contracts $ 355 $ (1,689) $ — $ (202) $ (659) $ (13) $ — $ 13 $ 233 $ (1,962) $ (1,713) Foreign exchange contracts 50 546 — 104 48 102 — (81) (69) 700 497 Equity contracts (1,104) (878) — (67) 806 (253) — (44) (23) (1,563) (624) Commodity contracts 278 (137) — 174 240 (58) — (12) (155) 330 (148) Credit derivatives (157) (146) — (3) 136 2 — — 13 (155) (203) Total trading derivatives, net (4) $ (578) $ (2,304) $ — $ 6 $ 571 $ (220) $ — $ (124) $ (1) $ (2,650) $ (2,191) 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 Jun. 30, 2023 Investments Mortgage-backed securities U.S. government-sponsored agency guaranteed $ 30 $ — $ (1) $ — $ — $ 4 $ — $ (1) $ — $ 32 $ (4) Residential 41 — — — — — — (16) — 25 — Total investment mortgage-backed securities $ 71 $ — $ (1) $ — $ — $ 4 $ — $ (17) $ — $ 57 $ (4) U.S. Treasury and federal agency securities $ — $ — $ — $ — $ — $ 51 $ — $ (30) $ — $ 21 $ — State and municipal 586 — 9 1 (77) 1 — (13) — 507 5 Foreign government 608 — 5 25 (18) 523 — (729) — 414 8 Corporate 343 — (1) — (61) 81 — (72) — 290 (4) Marketable equity securities 10 — 3 — — — — — — 13 — Asset-backed securities 1 — — — — — — — — 1 — Other debt securities — — — — (5) 62 — — — 57 — Non-marketable equity securities 430 — (18) 2 — 16 — (26) — 404 5 Total investments $ 2,049 $ — $ (3) $ 28 $ (161) $ 738 $ — $ (887) $ — $ 1,764 $ 10 Loans $ 1,361 $ — $ (264) $ 2 $ (309) $ — $ 106 $ — $ (655) $ 241 $ (133) Mortgage servicing rights 665 — 18 — — — 31 — (33) 681 20 Other financial assets 57 — (2) — (2) 22 — (2) — 73 — Liabilities Interest-bearing deposits $ 15 $ (7) $ (2) $ — $ (1) $ — $ 13 $ — $ (10) $ 26 $ (7) Securities loaned and sold under agreements to repurchase 1,031 (6) — — (24) 1,335 — — (1,721) 627 — Trading account liabilities Securities sold, not yet purchased 50 (13) — 11 (31) 64 — — (45) 62 6 Other trading liabilities 3 2 — 3 — — — — — 4 — Short-term borrowings 38 40 — 19 (16) — 297 — (2) 296 (9) Long-term debt 36,117 (227) — 3,228 (6,106) — 4,344 — (606) 37,204 964 Other financial liabilities 2 — 1 — (1) — 23 — — 23 (1) (1) Net realized/unrealized gains (losses) are presented as increase (decrease) to Level 3 assets, and as (increase) decrease to Level 3 liabilities. Changes in fair value of available-for-sale debt securities are recorded in AOCI , unless related to credit impairment, while gains and losses from sales are recorded in Realized gains (losses) from sales of investments in the Consolidated Statement of Income. (2) Unrealized gains (losses) on MSRs are recorded in Other revenue in the Consolidated Statement of Income. (3) Represents the amount of total gains or losses for the period, included in earnings (and AOCI for changes in fair value of available-for-sale debt securities and DVA on fair value option liabilities), attributable to the change in fair value relating to assets and liabilities classified as Level 3 that are still held at June 30, 2023. (4) Total Level 3 trading derivative assets and liabilities have been netted in these tables for presentation purposes only. |
Significant valuation techniques and most significant unobservable inputs used in Level 3 fair value measurements | The following tables present the valuation techniques covering the majority of Level 3 inventory and the most significant unobservable inputs used in Level 3 fair value measurements. Differences between this table and amounts presented in the Level 3 Fair Value Rollforward table represent individually immaterial items that have been measured using a variety of valuation techniques other than those listed. As of June 30, 2024 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 $ 126 Model-based Credit spread 11 bps 630 bps 108 bps Interest rate 4.85 % 4.85 % 4.85 % Mortgage-backed securities $ 423 Price-based Price $ 0.18 $ 133.77 $ 34.29 559 Yield analysis Yield 4.91 % 16.18 % 7.94 % State and municipal, foreign government, corporate and other debt securities $ 999 Price-based Price $ — $ 185.42 $ 88.69 679 Model-based Credit spread 35 bps 550 bps 273 bps Marketable equity securities (5) $ 230 Price-based Price $ — $ 14,233.69 $ 430.77 Asset-backed securities $ 184 Price-based Price $ 1.30 $ 629.46 $ 96.20 61 Yield analysis Yield 6.19 % 12.26 % 8.44 % Non-marketable equities $ 310 Comparables analysis Illiquidity discount 7.40 % 33.00 % 13.96 % Revenue multiple 3.26x 15.46x 10.68x PE ratio 8.30x 8.30x 8.30x 90 Price-based Price $ 0.55 $ 164.44 $ 65.60 57 Cash flow Discount rate 9.25 % 17.50 % 12.55 % Derivatives—gross (6) Interest rate contracts (gross) $ 5,221 Model-based IR normal volatility 0.34 % 20.00 % 2.21 % Interest rate 3.06 % 5.34 % 3.59 % $ 734 Price-based Price $ 79.11 $ 98.20 $ 97.60 Foreign exchange contracts (gross) $ 1,766 Model-based IR normal volatility 0.43 % 1.20 % 0.82 % IR basis (1.45) % 111.48 % 4.24 % Equity contracts (gross) (7) $ 3,957 Model-based Equity volatility 0.05 % 288.65 % 39.28 % Equity forward 67.75 % 213.94 % 106.83 % Equity-Equity correlation (36.22) % 99.25 % 71.29 % WAL 2.91 years 2.91 years 2.91 years Recovery (in millions) $ 7,723 $ 7,723 $ 7,723 Equity-FX correlation (95.00) % 70.00 % (6.37) % Commodity and other contracts (gross) $ 1,904 Model-based Forward price 11.40 % 380.73 % 117.20 % Commodity volatility 8.53 % 199.55 % 30.60 % Credit derivatives (gross) $ 973 Model-based Credit spread 11 bps 630 bps 89 bps Recovery rate 10.00 % 40.00 % 36.82 % Upfront points 0.99 % 114.39 % 50.52 % 713 Price-based Price $ 46.28 $ 97.01 $ 83.66 Other financial assets and liabilities (gross) $ 24 Price-based Price $ 0.11 $ 413.66 $ 130.88 Loans and leases $ 213 Model-based Equity volatility 36.06 % 40.99 % 37.46 % As of June 30, 2024 Fair value (1) (in millions) Methodology Input Low (2)(3) High (2)(3) Weighted average (4) Forward price 18.46 % 321.35 % 108.61 % 88 Price-based Price $ 77.24 $ 98.66 $ 86.08 Mortgage servicing rights $ 615 Cash flow Yield (0.50) % 12.00 % 6.22 % 63 Model-based WAL 3.68 years 8.62 years 7.52 years Liabilities Interest-bearing deposits $ 41 Model-based Forward price 100.00 % 100.00 % 100.00 % Equity forward 107.44 % 114.28 % 111.70 % Securities loaned and sold under agreements to repurchase $ 286 Model-based Interest rate 4.34 % 5.26 % 4.52 % Trading account liabilities Securities sold, not yet purchased and other trading liabilities $ 4 Model-based Price $ — $ 14,233.69 $ 200.05 25 Price-based Short-term borrowings and $ 20,111 Model-based IR normal volatility 0.05 % 20.00 % 1.53 % Equity forward 67.75 % 213.94 % 106.71 % Equity volatility 0.05 % 288.65 % 35.69 % Equity-IR correlation (40.00) % 50.00 % 28.04 % As of December 31, 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 $ 139 Model-based Credit spread 15 bps 15 bps 15 bps Interest rate 4.00 % 4.00 % 4.00 % Mortgage-backed securities $ 679 Price-based Price $ 1.67 $ 124.63 $ 55.39 401 Yield analysis Yield 4.63 % 19.08 % 8.93 % State and municipal, foreign government, corporate and other debt securities $ 1,582 Price-based Price $ 0.01 $ 123.74 $ 79.71 778 Model-based Credit spread 35 bps 550 bps 304 bps Marketable equity securities (5) $ 259 Price-based Price $ — $ 12,189.17 $ 168.09 38 Model-based WAL 2.24 years 2.24 years 2.24 years Recovery (in millions) $ 7,398 $ 7,398 $ 7,398 Asset-backed securities $ 475 Price-based Price $ 3.50 $ 129.00 $ 65.87 57 Yield analysis Yield 5.93 % 18.86 % 8.57 % Non-marketable equities $ 366 Comparables analysis Illiquidity discount 8.00 % 10.00 % 8.82 % PE ratio 9.30x 16.50x 11.37x Revenue multiple 2.80x 13.40x 12.28x EBITDA multiples 15.80x 15.80x 15.80x 56 Cash flow Discount to price 8.50 % 8.50 % 8.50 % 50 Price-based Price $ 0.40 $ 158.92 $ 56.78 Derivatives—gross (6) Interest rate contracts (gross) $ 5,237 Model-based IR normal volatility (0.07) % 15.00 % 1.44 % Interest rate 2.70 % 5.40 % 3.20 % Foreign exchange contracts (gross) $ 1,652 Model-based IR normal volatility (0.07) % 12.05 % 1.50 % IR basis (1.45) % 147.79 % 7.11 % Equity contracts (gross) (7) $ 4,239 Model-based Equity volatility 0.10 % 334.35 % 38.35 % Equity forward 54.14 % 273.54 % 101.44 % As of December 31, 2023 Fair value (1) (in millions) Methodology Input Low (2)(3) High (2)(3) Weighted average (4) Equity-FX correlation (79.00) % 70.00 % (7.66) % Equity-Equity correlation (6.49) % 97.44 % 80.42 % WAL 2.24 years 2.24 years 2.24 years Recovery (in millions) $ 7,398 $ 7,398 $ 7,398 Commodity and other contracts (gross) $ 1,943 Model-based Forward price 31.70 % 425.51 % 134.65 % Commodity volatility 14.72 % 149.99 % 37.03 % Commodity correlation (45.33) % 93.02 % 45.03 % Credit derivatives (gross) $ 1,135 Model-based Credit spread 11.43 bps 1,519 bps 140.34 bps Credit spread volatility 23.94 % 115.66 % 42.76 % Recovery rate 15.00 % 75.00 % 36.56 % 378 Price-based Upfront points 1.25 % 117.31 % 58.10 % Price $ 37.67 $ 97.00 $ 79.54 Other financial assets and liabilities (gross) $ 36 Price-based Price $ 0.01 $ 104.79 $ 90.87 Loans and leases $ 316 Price-based Price $ 98.80 $ 98.80 $ 98.80 111 Model-based Forward price 33.48 % 348.43 % 115.47 % Commodity volatility 26.51 % 66.80 % 31.79 % Commodity correlation (45.33) % 93.02 % (7.28) % Equity volatility 41.61 % 45.40 % 43.17 % Mortgage servicing rights $ 595 Cash flow WAL 1.00 years 8.76 years 1.29 years 66 Model-based Yield — % 12.00 % 8.06 % Liabilities Interest-bearing deposits $ 29 Model-based Forward price 100.00 % 100.00 % 100.00 % Securities loaned and sold under agreements to repurchase $ 390 Model-based Interest rate 3.92 % 5.27 % 3.96 % Trading account liabilities Securities sold, not yet purchased and other trading liabilities $ 23 Price-based Price $ — $ 12,189.17 $ 28.70 7 Yield analysis Yield 7.46 % 7.46 % 7.46 % 5 Model-based FX volatility 3.56 % 28.13 % 13.17 % Short-term borrowings and $ 38,794 Model-based IR normal volatility 0.32 % 20.00 % 1.25 % (1) The tables above include the fair values for the items listed and may not foot to the total population for each category. (2) Some inputs are shown as zero due to rounding. (3) When the low and high inputs are the same, there is either a constant input applied to all positions, or the methodology involving the input applies to only one large position. (4) Weighted averages are calculated based on the fair values of the instruments. (5) For equity securities, the price inputs are expressed on an absolute basis, not as a percentage of the notional amount. (6) Both trading and non-trading account derivatives—assets and liabilities—are presented on a gross absolute value basis. (7) Includes hybrid products. |
Items measured at fair value of a nonrecurring basis | The following tables present the carrying amounts of all assets that were still held for which a nonrecurring fair value measurement was recorded: In millions of dollars Fair value Level 2 Level 3 June 30, 2024 Loans HFS (1) $ 1,555 $ 1,223 $ 332 Other real estate owned 1 — 1 Loans (2) 176 — 176 Non-marketable equity securities measured using the measurement alternative 31 — 31 Total assets at fair value on a nonrecurring basis $ 1,763 $ 1,223 $ 540 In millions of dollars Fair value Level 2 Level 3 December 31, 2023 Loans HFS (1) $ 1,171 $ 495 $ 676 Other real estate owned 4 — 4 Loans (2) 328 — 328 Non-marketable equity securities measured using the measurement alternative 359 — 359 Total assets at fair value on a nonrecurring basis $ 1,862 $ 495 $ 1,367 (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 June 30, 2024 Fair value (1) (in millions) Methodology Input Low (2) High Weighted average (3) Loans HFS $ 306 Price-based Price $ 49.00 $ 100.00 $ 90.17 Loans (5) $ 98 Recovery analysis Discounted cash flow $ 19,994,171 $ 77,680,848 $ 58,074,015 78 Appraised value (4) $ 12,000 $ 27,279,987 $ 13,015,794 Non-marketable equity securities measured using the measurement alternative $ 27 Price-based Price $ 1.27 $ 1,091.71 $ 115.52 4 Recovery analysis Appraised value (4) $ 750,000 $ 1,749,000 $ 1,529,043 As of December 31, 2023 Fair value (1) (in millions) Methodology Input Low (2) High Weighted average (3) Loans HFS $ 674 Price-based Price $ 67.50 $ 100.00 $ 93.39 Loans (5) $ 296 Recovery analysis Appraised value (4) $ 12,000 $ 75,997,078 $ 46,121,923 Non-marketable equity securities measured using the measurement alternative $ 250 Price-based Price $ 1.57 $ 2,637.00 $ 1,114.06 109 Comparable analysis Revenue multiple 2.30x 35.70x 11.69x Other real estate owned $ 3 Price-based Appraised value (4) $ 401,042 $ 2,061,700 $ 155,696 (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 Six Months Ended In millions of dollars 2024 2023 2024 2023 Loans HFS $ (82) $ (15) $ (123) $ (26) Other real estate owned — — — — Loans (1) 4 (16) 10 (18) Non-marketable equity securities measured using the measurement alternative (5) (27) 28 (54) Total nonrecurring fair value gains (losses) $ (83) $ (58) $ (85) $ (98) (1) Represents loans held for investment whose carrying amount is based on the fair value of the underlying collateral less costs to sell, primarily real estate. |
Estimated fair value of financial instruments | The following tables present the carrying value and fair value of Citigroup’s financial instruments that are not carried at fair value. The tables below therefore exclude items measured at fair value on a recurring basis presented in the tables above. June 30, 2024 Estimated fair value Carrying Estimated In billions of dollars Level 1 Level 2 Level 3 Assets HTM debt securities, net of allowance (1) $ 256.5 $ 235.8 $ 124.6 $ 108.7 $ 2.5 Securities borrowed and purchased under agreements to resell 139.9 139.9 — 139.9 — Loans (2)(3) 660.7 663.8 — — 663.8 Other financial assets (3)(4) 342.5 342.5 228.4 17.8 96.3 Liabilities Deposits (5) $ 1,274.7 $ 1,274.6 $ — $ 1,274.6 $ — Securities loaned and sold under agreements to repurchase 235.4 235.4 — 235.4 — Long-term debt (6) 170.8 174.0 — 169.8 4.2 Other financial liabilities (7) 139.9 139.9 — 25.1 114.8 December 31, 2023 Estimated fair value Carrying Estimated In billions of dollars Level 1 Level 2 Level 3 Assets HTM debt securities, net of allowance (1) $ 259.7 $ 240.6 $ 124.0 $ 114.1 $ 2.5 Securities borrowed and purchased under agreements to resell 139.6 139.7 — 139.7 — Loans (2)(3) 663.3 673.2 — — 673.2 Other financial assets (3)(4) 347.5 347.5 243.1 17.8 86.6 Liabilities Deposits $ 1,306.2 $ 1,305.9 $ — $ 1,116.5 $ 189.4 Securities loaned and sold under agreements to repurchase 215.6 215.6 — 215.6 — Long-term debt (6) 170.3 173.4 — 168.0 5.4 Other financial liabilities (7) 132.8 132.8 — 29.2 103.6 (1) Includes $5.4 billion and $5.5 billion of non-marketable equity securities carried at cost at June 30, 2024 and December 31, 2023, respectively. (2) The carrying value of loans is net of the allowance for credit losses on loans of $18.2 billion for June 30, 2024 and $18.1 billion for December 31, 2023. In addition, the carrying values exclude $0.3 billion and $0.3 billion of lease finance receivables at June 30, 2024 and December 31, 2023, 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) As a result of Citi refining its application of fair value hierarchy methodologies, certain deposit liabilities that were previously classified as Level 3 are now classified as Level 2. (6) The carrying value includes long-term debt balances under qualifying fair value hedges. (7) Includes brokerage payables, separate and variable accounts, short-term borrowings (carried at cost) and other financial instruments included in Other liabilities on the Consolidated Balance Sheet, for all of which the carrying value is a reasonable estimate of fair value. |
FAIR VALUE ELECTIONS (Tables)
FAIR VALUE ELECTIONS (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Fair Value, Option, Aggregate Differences [Abstract] | |
Schedule of financial instruments selected for changes in fair value gains and losses | The following table presents the changes in fair value of those items for which the fair value option has been elected: Changes in fair value—gains (losses) Three Months Ended June 30, Six Months Ended June 30, In millions of dollars 2024 2023 2024 2023 Assets Securities borrowed and purchased under agreements to resell $ (6) $ (95) $ (59) $ (10) Trading account assets (5) 18 2 79 Loans Certain corporate loans 160 635 1,378 326 Certain consumer loans (2) (4) (10) 1 Total loans $ 158 $ 631 $ 1,368 $ 327 Other assets MSRs $ 5 $ 22 $ 17 $ 19 Certain mortgage loans HFS (1) 4 (18) 5 (10) Total other assets $ 9 $ 4 $ 22 $ 9 Total assets $ 156 $ 558 $ 1,333 $ 405 Liabilities Interest-bearing deposits $ (21) $ 82 $ (63) $ (52) Securities loaned and sold under agreements to repurchase (10) 49 26 (19) Trading account liabilities (153) 77 (224) 152 Short-term borrowings (2) (79) 230 (381) 88 Long-term debt (2) (194) (2,147) (2,122) (6,496) Total liabilities $ (457) $ (1,709) $ (2,764) $ (6,327) (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 19 and 23. |
Schedule of fair value of loans and other disclosures for certain credit related products | The following table provides information about certain credit products carried at fair value: June 30, 2024 December 31, 2023 In millions of dollars Trading assets Loans Trading assets Loans Carrying amount reported on the Consolidated Balance Sheet $ 4,552 $ 8,526 $ 4,518 $ 7,594 Aggregate unpaid principal balance in excess of (less than) fair value 191 64 88 10 Balance of non-accrual loans or loans more than 90 days past due — — — 1 Aggregate unpaid principal balance in excess of (less than) fair value for non-accrual loans or loans more than 90 days past due — 1 — 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 June 30, 2024 December 31, 2023 Carrying amount reported on the Consolidated Balance Sheet $ 1,310 $ 571 Aggregate fair value in excess of (less than) unpaid principal balance 29 17 Balance of non-accrual loans or loans more than 90 days past due 1 3 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 June 30, 2024 December 31, 2023 Interest rate linked $ 57.1 $ 60.4 Foreign exchange linked 0.1 — Equity linked 41.6 45.9 Commodity linked 5.2 5.3 Credit linked 5.4 4.7 Total $ 109.4 $ 116.3 |
Schedule of long-term debt carried at fair value, excluding debt issued by consolidated VIEs | The following table provides information about long-term debt carried at fair value: In millions of dollars June 30, 2024 December 31, 2023 Carrying amount reported on the Consolidated Balance Sheet $ 109,406 $ 116,338 Aggregate unpaid principal balance in excess of (less than) fair value (2,125) (2,842) |
Schedule of short-term borrowings carried at fair value | The following table provides information about short-term borrowings carried at fair value: In millions of dollars June 30, 2024 December 31, 2023 Carrying amount reported on the Consolidated Balance Sheet $ 11,744 $ 6,545 Aggregate unpaid principal balance in excess of (less than) fair value 3 (60) |
GUARANTEES AND COMMITMENTS (Tab
GUARANTEES AND COMMITMENTS (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Guarantees and Commitments [Abstract] | |
Schedule of guarantor obligations | Maximum potential amount of future payments In billions of dollars at June 30, 2024 Expire within Expire after Total amount Carrying value (in millions of dollars) Financial standby letters of credit $ 17.3 $ 62.8 $ 80.1 $ 676 Performance guarantees 4.5 5.5 10.0 36 Derivative instruments considered to be guarantees 24.6 16.9 41.5 281 Loans sold with recourse — 1.0 1.0 — Securities lending indemnifications (1) 105.2 — 105.2 — Card merchant processing (2) 128.3 — 128.3 — Credit card arrangements with partners 0.1 0.2 0.3 5 Other (3) 55.2 7.7 62.9 45 Total $ 335.2 $ 94.1 $ 429.3 $ 1,043 Maximum potential amount of future payments In billions of dollars at December 31, 2023 Expire within Expire after Total amount Carrying value ( in millions of dollars) Financial standby letters of credit $ 17.8 $ 63.5 $ 81.3 $ 674 Performance guarantees 4.8 5.8 10.6 49 Derivative instruments considered to be guarantees 24.2 16.3 40.5 362 Loans sold with recourse 0.6 1.2 1.8 16 Securities lending indemnifications (1) 104.1 — 104.1 — Card merchant processing (2) 138.0 — 138.0 — Credit card arrangements with partners 0.2 0.2 0.4 5 Other (3) 27.7 7.7 35.4 50 Total $ 317.4 $ 94.7 $ 412.1 $ 1,156 (1) The carrying values of securities lending indemnifications were not material for either period presented, as the probability of potential liabilities arising from these guarantees is minimal. (2) At June 30, 2024 and December 31, 2023, this maximum potential exposure was estimated to be approximately $128 billion and $138 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. (3) Includes guarantees to the Fixed Income Clearing Corporation under the sponsored member repo program. |
Schedule of guarantor obligations by credit ratings | Presented in the tables below are the maximum potential amounts of future payments that are classified based on internal and external credit ratings. The determination of the maximum potential future payments is based on the notional amount of the guarantees without consideration of possible recoveries under recourse provisions or from collateral held or pledged. As such, Citi believes such amounts bear no relationship to the anticipated losses, if any, on these guarantees. Maximum potential amount of future payments In billions of dollars at June 30, 2024 Investment Non-investment Not Total Financial standby letters of credit $ 68.9 $ 11.0 $ 0.2 $ 80.1 Loans sold with recourse — — 1.0 1.0 Other — 7.7 — 7.7 Total $ 68.9 $ 18.7 $ 1.2 $ 88.8 Maximum potential amount of future payments In billions of dollars at December 31, 2023 Investment Non-investment Not Total Financial standby letters of credit $ 70.5 $ 10.8 $ — $ 81.3 Loans sold with recourse — — 1.8 1.8 Other — 7.7 — 7.7 Total $ 70.5 $ 18.5 $ 1.8 $ 90.8 |
Schedule of credit commitments | The table below summarizes Citigroup’s credit commitments: In millions of dollars U.S. Outside of U.S. (1) June 30, December 31, 2023 Commercial and similar letters of credit $ 674 $ 3,741 $ 4,415 $ 5,345 One- to four-family residential mortgages 607 580 1,187 1,245 Revolving open-end loans secured by one- to four-family residential properties 5,332 19 5,351 5,495 Commercial real estate, construction and land development 11,673 1,638 13,311 15,266 Credit card lines 617,155 61,474 678,629 677,005 Commercial and other consumer loan commitments 215,894 106,852 322,746 312,300 Other commitments and contingencies (2) 4,942 135 5,077 5,146 Total $ 856,277 $ 174,439 $ 1,030,716 $ 1,021,802 (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 June 30, December 31, 2023 Cash and due from banks $ 4,048 $ 3,479 Deposits with banks, net of allowance 16,188 15,538 Total $ 20,236 $ 19,017 |
LEASES (Tables)
LEASES (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
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 June 30, December 31, ROU asset $ 2,785 $ 2,801 Lease liability 2,959 2,974 |
SUBSIDIARY GUARANTEES (Tables)
SUBSIDIARY GUARANTEES (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Condensed Financial Information Disclosure [Abstract] | |
Summarized income statement | Summarized financial information for Citigroup Inc. and CGMHI is presented in the tables below: SUMMARIZED INCOME STATEMENT Six Months Ended June 30, 2024 In millions of dollars Citigroup parent company CGMHI Total revenues, net of interest expense $ 2,084 $ 5,789 Total operating expenses 172 6,153 Provision for credit losses — 20 Equity in undistributed income of subsidiaries 4,307 — Income (loss) from continuing operations before income taxes $ 6,219 $ (384) Provision (benefit) for income taxes (369) 91 Net income $ 6,588 $ (475) |
Summarized balance sheet | SUMMARIZED BALANCE SHEET June 30, 2024 December 31, 2023 In millions of dollars Citigroup parent company CGMHI Citigroup parent company CGMHI Cash and deposits with banks $ 4,013 $ 21,749 $ 3,011 $ 23,756 Securities borrowed and purchased under resale agreements — 261,565 — 283,174 Trading account assets 492 305,740 461 273,379 Advances to subsidiaries 152,756 — 150,845 — Investments in subsidiary bank holding company 175,038 — 172,125 — Investments in non-bank subsidiaries 46,345 — 46,870 — Other assets 16,256 162,932 14,202 167,609 Total assets $ 394,900 $ 751,986 $ 387,514 $ 747,918 Securities loaned and sold under agreements to repurchase $ — $ 324,352 $ — $ 309,862 Trading account liabilities 397 103,180 300 111,233 Short-term borrowings — 27,377 — 20,481 Long-term debt 163,903 179,936 162,309 184,083 Advances from subsidiaries 19,307 — 16,724 — Other liabilities 2,983 80,973 2,728 85,079 Stockholders’ equity 208,310 36,168 205,453 37,180 Total liabilities and equity $ 394,900 $ 751,986 $ 387,514 $ 747,918 |
BASIS OF PRESENTATION, UPDATE_3
BASIS OF PRESENTATION, UPDATED ACCOUNTING POLICIES AND ACCOUNTING CHANGES (Details) - USD ($) $ in Millions | 1 Months Ended | 6 Months Ended | ||||||||
Jan. 31, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Mar. 31, 2024 | Dec. 31, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||
Allowance for credit losses | $ (18,216) | $ (17,496) | $ (18,296) | $ (18,145) | $ (17,169) | $ (16,974) | ||||
Other assets, at fair value | 99,569 | 95,963 | ||||||||
Stockholders’ equity | 209,144 | 209,422 | 206,251 | |||||||
Other liabilities | (69,304) | (75,835) | ||||||||
Transfer of investment securities from HTM to AFS, amortized cost | $ 3,300 | 0 | [1],[2],[3] | 3,324 | [1],[2],[3] | |||||
Cumulative Effect, Period of Adoption, Adjustment | ||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||
Allowance for credit losses | 352 | |||||||||
Retained earnings | ||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||
Stockholders’ equity | 202,913 | 199,976 | 200,956 | 198,905 | 198,353 | 194,734 | ||||
Retained earnings | Cumulative Effect, Period of Adoption, Adjustment | ||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||
Stockholders’ equity | [4] | 290 | ||||||||
Accumulated other comprehensive income (loss) | ||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||
Stockholders’ equity | $ (46,677) | $ (45,865) | $ (45,729) | $ (44,800) | $ (45,441) | (47,062) | ||||
Accumulated other comprehensive income (loss) | Cumulative Effect, Period of Adoption, Adjustment | ||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||
Stockholders’ equity | [5] | $ 27 | ||||||||
[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 26 for more information and balances as of June 30, 2024.[2]See Note 2.[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. |
DISCONTINUED OPERATIONS, SIGN_3
DISCONTINUED OPERATIONS, SIGNIFICANT DISPOSALS AND OTHER BUSINESS EXITS - Narrative (Details) $ in Millions | 3 Months Ended | 6 Months Ended | 7 Months Ended | 9 Months Ended | |||
Jun. 30, 2024 USD ($) business | Jun. 30, 2023 USD ($) | Jun. 30, 2024 USD ($) business | Jun. 30, 2023 USD ($) | Jun. 30, 2023 USD ($) | Mar. 31, 2024 USD ($) | Dec. 31, 2022 USD ($) | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Income (loss) from discontinued operations, net of taxes | $ 0 | $ (1) | $ (1) | $ (2) | |||
Cost incurred to date | $ 1,042 | $ 1,042 | |||||
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) | |||||
Severance | Russian Operations | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Settlement of credit card receivable | $ 55 | ||||||
Citibank Korea Inc. | Severance | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Cost incurred to date | $ 1,100 | ||||||
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 | |||||
Number of businesses sold | business | 5 | 5 |
DISCONTINUED OPERATIONS, SIGN_4
DISCONTINUED OPERATIONS, SIGNIFICANT DISPOSALS AND OTHER BUSINESS EXITS - Income (Loss) Before Taxes (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||||||
Aug. 12, 2023 | Mar. 01, 2023 | Nov. 01, 2022 | Aug. 01, 2022 | Jun. 01, 2022 | Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Australia | |||||||||
Results of Discontinued Operations | |||||||||
Income (loss) before taxes | $ 0 | $ 0 | $ 0 | $ 0 | |||||
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 | (766) | ||||||||
Gain (loss) on sale of business, after-tax | (643) | ||||||||
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 | 0 | 0 | 0 | |||||
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 | 0 | 0 | 0 | |||||
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 | 0 | 0 | 2 | |||||
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 | 1,000 | ||||||||
Gain (loss) on sale of business, after-tax | $ 717 | ||||||||
Taiwan | |||||||||
Results of Discontinued Operations | |||||||||
Income (loss) before taxes | $ 0 | $ 35 | $ 0 | $ 91 | |||||
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 | 405 | ||||||||
Gain (loss) on sale of business, after-tax | $ 286 |
DISCONTINUED OPERATIONS, SIGN_5
DISCONTINUED OPERATIONS, SIGNIFICANT DISPOSALS AND OTHER BUSINESS EXITS - Summarized Reserve Charges (Details) - USD ($) $ in Millions | 2 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||||
Dec. 31, 2021 | Jun. 30, 2024 | Mar. 31, 2024 | Dec. 31, 2023 | Jun. 30, 2023 | Jun. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | |
Employee termination costs | ||||||||||
Beginning of period | $ 764 | $ 712 | $ 712 | $ 0 | $ 0 | |||||
Additional charges | 36 | 225 | $ 781 | $ 0 | 261 | 0 | 781 | |||
Foreign exchange | (1) | 0 | 0 | |||||||
End of period | 272 | 764 | 712 | 272 | 712 | |||||
Severance | ||||||||||
Employee termination costs | ||||||||||
Beginning of period | 731 | 687 | 687 | $ 0 | 0 | |||||
Additional charges | 39 | 171 | 687 | |||||||
Foreign exchange | (1) | 0 | 0 | |||||||
End of period | $ 272 | $ 731 | $ 687 | $ 272 | $ 687 | |||||
Citibank Korea Inc. | Severance | ||||||||||
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_6
DISCONTINUED OPERATIONS, SIGNIFICANT DISPOSALS AND OTHER BUSINESS EXITS - Wind Down Charges (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | 22 Months Ended | ||||
Jun. 30, 2024 | Mar. 31, 2024 | Dec. 31, 2023 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | Jun. 30, 2024 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Restructuring | $ 36 | $ 225 | $ 781 | $ 0 | $ 261 | $ 0 | $ 781 | |
Russian Operations | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Restructuring | 2 | $ 67 | ||||||
Estimated additional charges | 54 | 54 | 54 | |||||
Russian Operations | All Other | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Restructuring | 2 | 57 | ||||||
Estimated additional charges | 53 | 53 | 53 | |||||
Russian Operations | Services, Markets and Banking | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Restructuring | 0 | 10 | ||||||
Estimated additional charges | 1 | 1 | 1 | |||||
Severance | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Restructuring | 39 | $ 171 | $ 687 | |||||
Severance | Russian Operations | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Restructuring | 2 | 48 | ||||||
Estimated additional charges | 21 | 21 | 21 | |||||
Severance | Russian Operations | All Other | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Restructuring | 2 | 38 | ||||||
Estimated additional charges | 20 | 20 | 20 | |||||
Severance | Russian Operations | Services, Markets and Banking | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Restructuring | 0 | 10 | ||||||
Estimated additional charges | 1 | 1 | 1 | |||||
Vendor termination and other costs | Russian Operations | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Restructuring | 0 | 19 | ||||||
Estimated additional charges | 33 | 33 | 33 | |||||
Vendor termination and other costs | Russian Operations | All Other | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Restructuring | 0 | 19 | ||||||
Estimated additional charges | 33 | 33 | 33 | |||||
Vendor termination and other costs | Russian Operations | Services, Markets and Banking | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Restructuring | 0 | 0 | ||||||
Estimated additional charges | $ 0 | $ 0 | $ 0 |
OPERATING SEGMENTS (Details)
OPERATING SEGMENTS (Details) $ in Millions | 3 Months Ended | 6 Months Ended | |||||||
Mar. 01, 2023 USD ($) | Jun. 30, 2024 USD ($) | Mar. 31, 2024 USD ($) | Jun. 30, 2023 USD ($) | Mar. 31, 2023 USD ($) | Jun. 30, 2024 USD ($) segment | Jun. 30, 2023 USD ($) | Dec. 31, 2023 USD ($) | ||
Segment Reporting [Abstract] | |||||||||
Number of operating segments | segment | 5 | ||||||||
Segment Reporting Information [Line Items] | |||||||||
Net interest income | $ 13,493 | $ 13,900 | $ 27,000 | $ 27,248 | |||||
Non-interest revenue | 6,646 | 5,536 | 14,243 | 13,635 | |||||
Total revenues, net of interest expense | 20,139 | 19,436 | 41,243 | 40,883 | |||||
Provisions for credit losses and for benefits and claims | [1] | 2,476 | 1,824 | 4,841 | 3,799 | ||||
Provision (benefits) for income taxes | 1,047 | 1,090 | 2,183 | 2,621 | |||||
Income (loss) from continuing operations | 3,263 | 2,952 | 6,671 | 7,604 | |||||
Identifiable assets | 2,405,686 | 2,405,686 | $ 2,411,834 | ||||||
Average loans | 680,000 | 654,000 | 679,000 | 654,000 | |||||
Average deposits | 1,310,000 | 1,338,000 | 1,318,000 | 1,351,000 | |||||
Sold | India | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Pretax loss on sale of business | $ (1,000) | ||||||||
Loss on sale of business, after-tax | $ (717) | ||||||||
Operating expenses, before tax | $ 1,059 | ||||||||
Operating expenses, after tax | $ 727 | ||||||||
Held for sale | Mexico and Asia Exit Markets | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Operating expenses, before tax | 85 | $ 110 | 79 | ||||||
Operating expenses, after tax | 58 | $ 77 | 57 | ||||||
Operating Segments | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Income (loss) from continuing operations | 3,295 | 3,044 | 6,797 | 7,048 | |||||
Operating Segments | Services | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Net interest income | 3,225 | 3,243 | 6,542 | 6,369 | |||||
Non-interest revenue | 1,455 | 1,312 | 2,904 | 2,580 | |||||
Total revenues, net of interest expense | 4,680 | 4,555 | 9,446 | 8,949 | |||||
Provisions for credit losses and for benefits and claims | (27) | 223 | 37 | 209 | |||||
Provision (benefits) for income taxes | 475 | 596 | 996 | 1,286 | |||||
Income (loss) from continuing operations | 1,498 | 1,230 | 3,013 | 2,539 | |||||
Identifiable assets | 569,000 | 569,000 | 586,000 | ||||||
Average loans | 82,000 | 80,000 | 82,000 | 80,000 | |||||
Average deposits | 804,000 | 814,000 | 806,000 | 822,000 | |||||
Operating Segments | Markets | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Net interest income | 2,038 | 1,999 | 3,744 | 3,551 | |||||
Non-interest revenue | 3,048 | 2,780 | 6,699 | 6,984 | |||||
Total revenues, net of interest expense | 5,086 | 4,779 | 10,443 | 10,535 | |||||
Provisions for credit losses and for benefits and claims | (11) | (17) | 188 | 67 | |||||
Provision (benefits) for income taxes | 323 | 312 | 676 | 955 | |||||
Income (loss) from continuing operations | 1,469 | 1,139 | 2,890 | 3,001 | |||||
Identifiable assets | 1,023,000 | 1,023,000 | 1,008,000 | ||||||
Average loans | 119,000 | 107,000 | 120,000 | 109,000 | |||||
Average deposits | 25,000 | 23,000 | 25,000 | 23,000 | |||||
Operating Segments | Banking | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Net interest income | 527 | 542 | 1,109 | 1,055 | |||||
Non-interest revenue | 1,100 | 637 | 2,254 | 1,309 | |||||
Total revenues, net of interest expense | 1,627 | 1,179 | 3,363 | 2,364 | |||||
Provisions for credit losses and for benefits and claims | (32) | (148) | (161) | (271) | |||||
Provision (benefits) for income taxes | 119 | 16 | 278 | 36 | |||||
Income (loss) from continuing operations | 409 | 51 | 936 | 108 | |||||
Identifiable assets | 147,000 | 147,000 | 148,000 | ||||||
Average loans | 89,000 | 93,000 | 89,000 | 94,000 | |||||
Average deposits | 1,000 | 1,000 | 1,000 | 1,000 | |||||
Operating Segments | USPB | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Net interest income | 5,103 | 4,883 | 10,329 | 9,737 | |||||
Non-interest revenue | (184) | (264) | (232) | (407) | |||||
Total revenues, net of interest expense | 4,919 | 4,619 | 10,097 | 9,330 | |||||
Provisions for credit losses and for benefits and claims | 2,315 | 1,525 | 4,519 | 3,174 | |||||
Provision (benefits) for income taxes | 41 | 135 | 149 | 266 | |||||
Income (loss) from continuing operations | 121 | 461 | 468 | 863 | |||||
Identifiable assets | 242,000 | 242,000 | 242,000 | ||||||
Average loans | 206,000 | 189,000 | 205,000 | 186,000 | |||||
Average deposits | 93,000 | 113,000 | 97,000 | 112,000 | |||||
Operating Segments | Wealth | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Net interest income | 1,047 | 1,096 | 2,028 | 2,207 | |||||
Non-interest revenue | 767 | 680 | 1,479 | 1,319 | |||||
Total revenues, net of interest expense | 1,814 | 1,776 | 3,507 | 3,526 | |||||
Provisions for credit losses and for benefits and claims | (9) | 53 | (179) | (5) | |||||
Provision (benefits) for income taxes | 71 | 26 | 117 | 72 | |||||
Income (loss) from continuing operations | 210 | 84 | 385 | 266 | |||||
Identifiable assets | 228,000 | 228,000 | 229,000 | ||||||
Average loans | 150,000 | 150,000 | 150,000 | 150,000 | |||||
Average deposits | 316,000 | 311,000 | 316,000 | 314,000 | |||||
All Other | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Net interest income | 1,553 | 2,137 | 3,248 | 4,329 | |||||
Non-interest revenue | 427 | 397 | 1,118 | 838 | |||||
Total revenues, net of interest expense | 1,980 | 2,534 | 4,366 | 5,167 | |||||
Provisions for credit losses and for benefits and claims | 243 | 200 | 429 | 645 | |||||
Provision (benefits) for income taxes | 35 | (14) | 23 | (318) | |||||
Income (loss) from continuing operations | (412) | 79 | (895) | 271 | |||||
Identifiable assets | 197,000 | 197,000 | $ 199,000 | ||||||
Average loans | 34,000 | 35,000 | 33,000 | 35,000 | |||||
Average deposits | 71,000 | 76,000 | 73,000 | 79,000 | |||||
Reconciling Items | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Net interest income | 0 | 0 | 0 | 0 | |||||
Non-interest revenue | 33 | (6) | 21 | 1,012 | |||||
Total revenues, net of interest expense | 33 | (6) | 21 | 1,012 | |||||
Provisions for credit losses and for benefits and claims | (3) | (12) | 8 | (20) | |||||
Provision (benefits) for income taxes | (17) | 19 | (56) | 324 | |||||
Income (loss) from continuing operations | $ (32) | $ (92) | $ (126) | $ 556 | |||||
[1]This total excludes the provision for credit losses on AFS debt securities, which is disclosed separately above. |
OPERATING SEGMENTS - Reconcilia
OPERATING SEGMENTS - Reconciliation (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||||
Mar. 01, 2023 | Jun. 30, 2024 | Mar. 31, 2024 | Jun. 30, 2023 | Mar. 31, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Segment Reporting Information [Line Items] | |||||||
Income (loss) from continuing operations | $ 3,263 | $ 2,952 | $ 6,671 | $ 7,604 | |||
Total revenues, net of interest expense | 6,646 | 5,536 | 14,243 | 13,635 | |||
Total operating expenses | 13,353 | 13,570 | 27,548 | 26,859 | |||
Provision (benefits) for income taxes | 1,047 | 1,090 | 2,183 | 2,621 | |||
Held for sale | Mexico and Asia Exit Markets | |||||||
Segment Reporting Information [Line Items] | |||||||
Operating expenses, before tax | 85 | $ 110 | 79 | ||||
Operating expenses, after tax | 58 | $ 77 | 57 | ||||
Sold | India | |||||||
Segment Reporting Information [Line Items] | |||||||
Operating expenses, before tax | $ 1,059 | ||||||
Operating expenses, after tax | $ 727 | ||||||
Pretax gain (loss) on sale of business | $ 1,000 | ||||||
Gain (loss) on sale of business, after-tax | $ 717 | ||||||
Operating Segments | |||||||
Segment Reporting Information [Line Items] | |||||||
Income (loss) from continuing operations | 3,295 | 3,044 | 6,797 | 7,048 | |||
Reconciling Items | |||||||
Segment Reporting Information [Line Items] | |||||||
Income (loss) from continuing operations | (32) | (92) | (126) | 556 | |||
Total revenues, net of interest expense | 33 | (6) | 21 | 1,012 | |||
Total operating expenses | 85 | 79 | 195 | 152 | |||
Provision (release) for credit losses | (3) | (12) | 8 | (20) | |||
Provision (benefits) for income taxes | $ (17) | $ 19 | $ (56) | $ 324 |
INTEREST INCOME AND EXPENSE (De
INTEREST INCOME AND EXPENSE (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Interest income | ||||
Loan interest, including fees | $ 15,482 | $ 14,056 | $ 31,024 | $ 27,339 |
Deposits with banks | 2,710 | 3,049 | 5,357 | 6,080 |
Securities borrowed and purchased under agreements to resell | 7,211 | 6,254 | 15,033 | 11,428 |
Investments, including dividends | 4,821 | 4,451 | 9,670 | 8,595 |
Trading account assets | 4,503 | 3,752 | 8,631 | 6,499 |
Other interest-earning assets | 1,260 | 1,085 | 2,495 | 2,101 |
Total interest income | 35,987 | 32,647 | 72,210 | 62,042 |
Interest expense | ||||
Deposits | 10,235 | 8,727 | 20,646 | 16,435 |
Securities loaned and sold under agreements to repurchase | 6,962 | 4,953 | 13,928 | 8,519 |
Trading account liabilities | 794 | 870 | 1,625 | 1,657 |
Short-term borrowings and other interest-bearing liabilities | 1,908 | 1,777 | 3,864 | 3,426 |
Long-term debt | 2,595 | 2,420 | 5,147 | 4,757 |
Total interest expense | 22,494 | 18,747 | 45,210 | 34,794 |
Net interest income | 13,493 | 13,900 | 27,000 | 27,248 |
Provision for credit losses on loans | 2,359 | 1,761 | 4,781 | 3,498 |
Net interest income after provision for credit losses on loans | 11,134 | 12,139 | 22,219 | 23,750 |
Consumer loans | ||||
Interest income | ||||
Loan interest, including fees | 9,780 | 8,962 | 19,578 | 17,586 |
Corporate loans | ||||
Interest income | ||||
Loan interest, including fees | $ 5,702 | $ 5,094 | $ 11,446 | $ 9,753 |
COMMISSIONS AND FEES; ADMINIS_3
COMMISSIONS AND FEES; ADMINISTRATION AND OTHER FIDUCIARY FEES - Commissions and Fees Revenue (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Commissions and fees | ||||
Total commissions and fees | $ 2,662 | $ 2,132 | $ 5,386 | $ 4,498 |
Investment Banking | ||||
Commissions and fees | ||||
Total commissions and fees | 875 | 598 | 1,748 | 1,324 |
Brokerage Commissions | ||||
Commissions and fees | ||||
Total commissions and fees | 622 | 576 | 1,241 | 1,211 |
Revenue recognized | 44 | 53 | 86 | 114 |
Interchange fees | ||||
Commissions and fees | ||||
Total commissions and fees | 3,110 | 3,080 | 6,022 | 5,930 |
Card-related loan fees | ||||
Commissions and fees | ||||
Total commissions and fees | 147 | 120 | 277 | 238 |
Card rewards and partner payments | ||||
Commissions and fees | ||||
Total commissions and fees | (3,189) | (3,197) | (6,106) | (6,126) |
Deposit-related fees | ||||
Commissions and fees | ||||
Total commissions and fees | 341 | 299 | 681 | 599 |
Transactional service fees | ||||
Commissions and fees | ||||
Total commissions and fees | 359 | 334 | 699 | 652 |
Corporate finance | ||||
Commissions and fees | ||||
Total commissions and fees | 150 | 86 | 349 | 188 |
Insurance distribution revenue | ||||
Commissions and fees | ||||
Total commissions and fees | 78 | 88 | 162 | 180 |
Insurance premiums | ||||
Commissions and fees | ||||
Total commissions and fees | 24 | 26 | 49 | 48 |
Loan servicing | ||||
Commissions and fees | ||||
Total commissions and fees | 22 | 23 | 35 | 50 |
Other | ||||
Commissions and fees | ||||
Total commissions and fees | 123 | 99 | 229 | 204 |
Commissions and fees | ||||
Commissions and fees | ||||
Commissions and fees | $ (2,833) | $ (2,940) | $ (5,365) | $ (5,599) |
COMMISSIONS AND FEES; ADMINIS_4
COMMISSIONS AND FEES; ADMINISTRATION AND OTHER FIDUCIARY FEES - Administration and Other Fiduciary Fees (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Commissions and fees | ||||
Total administration and other fiduciary fees | $ 1,046 | $ 989 | $ 2,083 | $ 1,885 |
Custody fees | ||||
Commissions and fees | ||||
Total administration and other fiduciary fees | 529 | 510 | 1,042 | 955 |
Fiduciary fees | ||||
Commissions and fees | ||||
Total administration and other fiduciary fees | 388 | 344 | 780 | 654 |
Guarantee fees | ||||
Commissions and fees | ||||
Total administration and other fiduciary fees | 129 | 135 | 261 | 276 |
Administration and other fiduciary fees | ||||
Commissions and fees | ||||
Total administration and other fiduciary fees | 1,046 | 989 | 2,083 | 1,885 |
Revenue not accounted for under ASC 606, revenue from contracts with customers | $ 129 | $ 135 | $ 261 | $ 276 |
PRINCIPAL TRANSACTIONS (Details
PRINCIPAL TRANSACTIONS (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Principal transactions revenue | ||||
Principal transactions revenue | $ 2,874 | $ 2,528 | $ 6,148 | $ 6,467 |
Interest rate risks | ||||
Principal transactions revenue | ||||
Principal transactions revenue | 517 | 572 | 1,453 | 1,969 |
Foreign exchange risks | ||||
Principal transactions revenue | ||||
Principal transactions revenue | 1,187 | 1,353 | 2,440 | 2,831 |
Equity risks | ||||
Principal transactions revenue | ||||
Principal transactions revenue | 686 | 206 | 1,300 | 839 |
Equity risks | Visa | ||||
Principal transactions revenue | ||||
Principal transactions revenue | 400 | 400 | ||
Commodity and other risks | ||||
Principal transactions revenue | ||||
Principal transactions revenue | 321 | 469 | 624 | 967 |
Credit products and risks | ||||
Principal transactions revenue | ||||
Principal transactions revenue | $ 163 | $ (72) | $ 331 | $ (139) |
RETIREMENT BENEFITS - Net (Bene
RETIREMENT BENEFITS - Net (Benefit) Expense (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Amortization of unrecognized: | ||||
Total net expense | $ 9 | $ 1 | $ 14 | $ 6 |
U.S. plans | Pension plans | ||||
Service-related expense | ||||
Service cost | 0 | 0 | 0 | 0 |
Interest cost on benefit obligation | 119 | 123 | 236 | 250 |
Expected return on plan assets | (152) | (160) | (303) | (321) |
Amortization of unrecognized: | ||||
Prior service cost (benefit) | 1 | 0 | 1 | 1 |
Net actuarial loss (gain) | 45 | 41 | 91 | 79 |
Curtailment (gain) | 0 | 0 | ||
Settlement loss | 0 | 0 | 0 | 0 |
Total net expense | 13 | 4 | 25 | 9 |
U.S. plans | Postretirement benefit plans | ||||
Service-related expense | ||||
Service cost | 0 | 0 | 0 | 0 |
Interest cost on benefit obligation | 4 | 4 | 8 | 9 |
Expected return on plan assets | (2) | (4) | (5) | (7) |
Amortization of unrecognized: | ||||
Prior service cost (benefit) | (3) | (3) | (5) | (5) |
Net actuarial loss (gain) | (3) | (2) | (5) | (5) |
Curtailment (gain) | 0 | 0 | ||
Settlement loss | 0 | 0 | 0 | 0 |
Total net expense | (4) | (5) | (7) | (8) |
Non-U.S. plans | Pension plans | ||||
Service-related expense | ||||
Service cost | 30 | 30 | 59 | 58 |
Interest cost on benefit obligation | 109 | 102 | 218 | 200 |
Expected return on plan assets | (82) | (82) | (169) | (163) |
Amortization of unrecognized: | ||||
Prior service cost (benefit) | (1) | (1) | (2) | (3) |
Net actuarial loss (gain) | 20 | 15 | 43 | 34 |
Curtailment (gain) | 0 | (8) | ||
Settlement loss | 2 | 1 | 2 | 4 |
Total net expense | 78 | 65 | 151 | 122 |
Non-U.S. plans | Postretirement benefit plans | ||||
Service-related expense | ||||
Service cost | 1 | 0 | 1 | 1 |
Interest cost on benefit obligation | 28 | 27 | 57 | 52 |
Expected return on plan assets | (20) | (20) | (42) | (39) |
Amortization of unrecognized: | ||||
Prior service cost (benefit) | (2) | (2) | (4) | (4) |
Net actuarial loss (gain) | 2 | (5) | 5 | (10) |
Curtailment (gain) | 0 | 0 | ||
Settlement loss | 0 | 0 | 0 | 0 |
Total net expense | $ 9 | $ 0 | $ 17 | $ 0 |
RETIREMENT BENEFITS - Funded St
RETIREMENT BENEFITS - Funded Status and Accumulated Other Comprehensive Income (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2024 | Mar. 31, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Change in projected benefit obligation | |||||
Actuarial (gain) | $ 1 | $ 1 | $ 1 | $ 1 | |
U.S. plans | Pension plans | |||||
Change in projected benefit obligation | |||||
Projected benefit obligation at beginning of year | $ 9,640 | 9,640 | |||
Plans measured annually | |||||
Service cost | 0 | 0 | 0 | 0 | |
Interest cost on benefit obligation | 119 | 123 | 236 | 250 | |
Change in plan assets | |||||
Plan assets at fair value at beginning of year | 10,210 | 10,210 | |||
Net amount recognized at period end | |||||
Benefit asset | 1,147 | 1,147 | |||
Benefit liability | (488) | (488) | |||
Net amount recognized on the balance sheet—Significant Plans | 659 | 659 | |||
Amounts recognized in AOCI at period end(3) | |||||
Prior service (expense) benefit | 0 | 0 | |||
Net actuarial (loss) gain | (6,251) | (6,251) | |||
Net amount recognized in equity-pretax | (6,251) | (6,251) | |||
Accumulated benefit obligation at period end—Significant Plans | 9,147 | 9,147 | |||
U.S. plans | Pension plans | Other than Significant Plans Measured Annually | |||||
Change in projected benefit obligation | |||||
Projected benefit obligation at beginning of year | 18 | 18 | |||
Plans measured annually | |||||
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 | 9,378 | 9,622 | 9,622 | ||
Plans measured annually | (9,147) | (9,378) | (9,147) | ||
Service cost | 0 | ||||
Interest cost on benefit obligation | 119 | ||||
Actuarial (gain) | (118) | ||||
Benefits paid, net of participants’ contributions | (232) | ||||
Foreign exchange impact and other | 0 | ||||
Projected benefit obligation at period end—Significant Plans | 9,147 | 9,378 | 9,147 | ||
Quarter activity | (244) | ||||
Change in plan assets | |||||
Plan assets at fair value at beginning of year | 10,009 | 10,210 | 10,210 | ||
Actual return on plan assets | 15 | ||||
Company contributions, net of reimbursements | 14 | ||||
Benefits paid, net of participants’ contributions | (232) | ||||
Foreign exchange impact | 0 | ||||
Plan assets at fair value at period end—Significant Plans | 9,806 | 10,009 | 9,806 | ||
Quarterly activity | (201) | ||||
Funded status of the Significant Plans | 659 | 659 | |||
U.S. plans | Postretirement benefit plans | |||||
Change in projected benefit obligation | |||||
Projected benefit obligation at beginning of year | 343 | 343 | |||
Plans measured annually | |||||
Service cost | 0 | 0 | 0 | 0 | |
Interest cost on benefit obligation | 4 | 4 | 8 | 9 | |
Change in plan assets | |||||
Plan assets at fair value at beginning of year | 231 | 231 | |||
Net amount recognized at period end | |||||
Benefit asset | 0 | 0 | |||
Benefit liability | (103) | (103) | |||
Net amount recognized on the balance sheet—Significant Plans | (103) | (103) | |||
Amounts recognized in AOCI at period end(3) | |||||
Prior service (expense) benefit | 68 | 68 | |||
Net actuarial (loss) gain | 111 | 111 | |||
Net amount recognized in equity-pretax | 179 | 179 | |||
Accumulated benefit obligation at period end—Significant Plans | 320 | 320 | |||
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 | |||
Plans measured annually | |||||
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 | 331 | 343 | 343 | ||
Plans measured annually | (320) | (331) | (320) | ||
Service cost | 0 | ||||
Interest cost on benefit obligation | 4 | ||||
Actuarial (gain) | (3) | ||||
Benefits paid, net of participants’ contributions | (12) | ||||
Foreign exchange impact and other | 0 | ||||
Projected benefit obligation at period end—Significant Plans | 320 | 331 | 320 | ||
Quarter activity | (12) | ||||
Change in plan assets | |||||
Plan assets at fair value at beginning of year | 231 | 231 | 231 | ||
Actual return on plan assets | 0 | ||||
Company contributions, net of reimbursements | (2) | ||||
Benefits paid, net of participants’ contributions | (12) | ||||
Foreign exchange impact | 0 | ||||
Plan assets at fair value at period end—Significant Plans | 217 | 231 | 217 | ||
Quarterly activity | 0 | ||||
Funded status of the Significant Plans | (103) | (103) | |||
Non-U.S. plans | Pension plans | |||||
Change in projected benefit obligation | |||||
Projected benefit obligation at beginning of year | 7,030 | 7,030 | |||
Plans measured annually | |||||
Service cost | 30 | 30 | 59 | 58 | |
Interest cost on benefit obligation | 109 | 102 | 218 | 200 | |
Change in plan assets | |||||
Plan assets at fair value at beginning of year | 6,426 | 6,426 | |||
Net amount recognized at period end | |||||
Benefit asset | 743 | 743 | |||
Benefit liability | (817) | (817) | |||
Net amount recognized on the balance sheet—Significant Plans | (74) | (74) | |||
Amounts recognized in AOCI at period end(3) | |||||
Prior service (expense) benefit | (6) | (6) | |||
Net actuarial (loss) gain | (1,503) | (1,503) | |||
Net amount recognized in equity-pretax | (1,509) | (1,509) | |||
Accumulated benefit obligation at period end—Significant Plans | 4,721 | 4,721 | |||
Non-U.S. plans | Pension plans | Other than Significant Plans Measured Annually | |||||
Change in projected benefit obligation | |||||
Projected benefit obligation at beginning of year | 1,663 | 1,663 | |||
Plans measured annually | |||||
Change in plan assets | |||||
Plan assets at fair value at beginning of year | (1,198) | (1,198) | |||
Non-U.S. plans | Pension plans | Significant Plans Measured Quarterly | |||||
Change in projected benefit obligation | |||||
Projected benefit obligation at beginning of year | 5,291 | 5,367 | 5,367 | ||
Plans measured annually | (4,915) | (5,291) | (4,915) | ||
Service cost | 12 | ||||
Interest cost on benefit obligation | 90 | ||||
Actuarial (gain) | (116) | ||||
Benefits paid, net of participants’ contributions | (81) | ||||
Foreign exchange impact and other | (281) | ||||
Projected benefit obligation at period end—Significant Plans | 4,915 | 5,291 | 4,915 | ||
Quarter activity | (76) | ||||
Change in plan assets | |||||
Plan assets at fair value at beginning of year | 5,116 | 5,228 | 5,228 | ||
Actual return on plan assets | 1 | ||||
Company contributions, net of reimbursements | 8 | ||||
Benefits paid, net of participants’ contributions | (81) | ||||
Foreign exchange impact | (203) | ||||
Plan assets at fair value at period end—Significant Plans | 4,841 | 5,116 | 4,841 | ||
Quarterly activity | (112) | ||||
Funded status of the Significant Plans | (74) | (74) | |||
Non-U.S. plans | Postretirement benefit plans | |||||
Change in projected benefit obligation | |||||
Projected benefit obligation at beginning of year | 1,208 | 1,208 | |||
Plans measured annually | |||||
Service cost | 1 | 0 | 1 | 1 | |
Interest cost on benefit obligation | 28 | $ 27 | 57 | $ 52 | |
Change in plan assets | |||||
Plan assets at fair value at beginning of year | 970 | 970 | |||
Net amount recognized at period end | |||||
Benefit asset | 0 | 0 | |||
Benefit liability | (5) | (5) | |||
Net amount recognized on the balance sheet—Significant Plans | (5) | (5) | |||
Amounts recognized in AOCI at period end(3) | |||||
Prior service (expense) benefit | 27 | 27 | |||
Net actuarial (loss) gain | (272) | (272) | |||
Net amount recognized in equity-pretax | (245) | (245) | |||
Accumulated benefit obligation at period end—Significant Plans | 870 | 870 | |||
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 | 219 | 219 | |||
Plans measured annually | |||||
Change in plan assets | |||||
Plan assets at fair value at beginning of year | (9) | (9) | |||
Non-U.S. plans | Postretirement benefit plans | Significant Plans Measured Quarterly | |||||
Change in projected benefit obligation | |||||
Projected benefit obligation at beginning of year | 986 | 989 | 989 | ||
Plans measured annually | (870) | (986) | (870) | ||
Service cost | 0 | ||||
Interest cost on benefit obligation | 25 | ||||
Actuarial (gain) | (29) | ||||
Benefits paid, net of participants’ contributions | (20) | ||||
Foreign exchange impact and other | (92) | ||||
Projected benefit obligation at period end—Significant Plans | 870 | 986 | 870 | ||
Quarter activity | (3) | ||||
Change in plan assets | |||||
Plan assets at fair value at beginning of year | 953 | 961 | 961 | ||
Actual return on plan assets | 22 | ||||
Company contributions, net of reimbursements | 0 | ||||
Benefits paid, net of participants’ contributions | (20) | ||||
Foreign exchange impact | (90) | ||||
Plan assets at fair value at period end—Significant Plans | 865 | 953 | 865 | ||
Quarterly activity | $ (8) | ||||
Funded status of the Significant Plans | (5) | (5) | |||
Qualified plans | U.S. plans | Pension plans | Significant Plans Measured Quarterly | |||||
Change in plan assets | |||||
Funded status of the Significant Plans | 1,147 | 1,147 | |||
Qualified plans | U.S. plans | Postretirement benefit plans | Significant Plans Measured Quarterly | |||||
Change in plan assets | |||||
Funded status of the Significant Plans | (103) | (103) | |||
Qualified plans | Non-U.S. plans | Pension plans | Significant Plans Measured Quarterly | |||||
Change in plan assets | |||||
Funded status of the Significant Plans | (74) | (74) | |||
Qualified plans | Non-U.S. plans | Postretirement benefit plans | Significant Plans Measured Quarterly | |||||
Change in plan assets | |||||
Funded status of the Significant Plans | (5) | (5) | |||
Nonqualified plans | U.S. plans | Pension plans | Significant Plans Measured Quarterly | |||||
Change in plan assets | |||||
Funded status of the Significant Plans | (488) | (488) | |||
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 | 6 Months Ended | |||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | ||
Change in accumulated other comprehensive income (loss) | |||||
Balance, beginning of period | $ 206,251 | ||||
Change, net of tax | [1],[2] | $ 179 | $ (136) | 256 | $ (240) |
Balance, end of period | 209,144 | 209,422 | 209,144 | 209,422 | |
Benefit plans | |||||
Change in accumulated other comprehensive income (loss) | |||||
Balance, beginning of period | (5,973) | (5,859) | (6,050) | (5,755) | |
Actuarial assumptions changes and plan experience | 256 | 154 | 536 | (115) | |
Net (loss) due to difference between actual and expected returns | (205) | (245) | (476) | (62) | |
Net amortization | 61 | 45 | 125 | 88 | |
Curtailment/settlement (gain) | 4 | 1 | 4 | (4) | |
Foreign exchange impact and other | 133 | (111) | 128 | (219) | |
Change in deferred taxes, net | (70) | 20 | (61) | 72 | |
Change, net of tax | 179 | (136) | 256 | (240) | |
Balance, end of period | $ (5,794) | $ (5,995) | $ (5,794) | $ (5,995) | |
[1] See Note 8. See Note 19. |
RETIREMENT BENEFITS - Assumptio
RETIREMENT BENEFITS - Assumptions Used (Details) | 3 Months Ended | ||
Jun. 30, 2024 | Mar. 31, 2024 | Jun. 30, 2023 | |
U.S. plans | Postretirement benefit plans | |||
Plan Assumptions - During the year | |||
Discount rate | 5.40% | 5.20% | 5.25% |
Plan Assumptions - At period end | |||
Discount rate | 5.60% | 5.40% | 5.50% |
U.S. plans | Postretirement benefit plans | Minimum | |||
Plan Assumptions - During the year | |||
Expected return on assets | 5.70% | 5.70% | 5.70% |
Plan Assumptions - At period end | |||
Expected return on assets | 5.70% | 5.70% | 5.70% |
U.S. plans | Postretirement benefit plans | Maximum | |||
Plan Assumptions - During the year | |||
Expected return on assets | 3% | 3% | 3% |
Plan Assumptions - At period end | |||
Expected return on assets | 3% | 3% | 3% |
Non-U.S. plans | Pension plans | Weighted Average | |||
Plan Assumptions - During the year | |||
Discount rate | 7.92% | 7.57% | 7.64% |
Expected return on assets | 6.51% | 6.57% | 6.26% |
Plan Assumptions - At period end | |||
Discount rate | 8.08% | 7.92% | 7.72% |
Expected return on assets | 6.48% | 6.51% | 6.56% |
Non-U.S. plans | Pension plans | Minimum | |||
Plan Assumptions - During the year | |||
Discount rate | 1.35% | 1.35% | 2.05% |
Expected return on assets | 4.20% | 4.30% | 4.10% |
Plan Assumptions - At period end | |||
Discount rate | 1.25% | 1.35% | 1.80% |
Expected return on assets | 4.30% | 4.20% | 4.50% |
Non-U.S. plans | Pension plans | Maximum | |||
Plan Assumptions - During the year | |||
Discount rate | 11% | 10.65% | 10.65% |
Expected return on assets | 9.60% | 9.60% | 9.90% |
Plan Assumptions - At period end | |||
Discount rate | 11.40% | 11% | 10.40% |
Expected return on assets | 9.60% | 9.60% | 9.90% |
Non-U.S. plans | Postretirement benefit plans | |||
Plan Assumptions - During the year | |||
Discount rate | 11.05% | 10.70% | 10.70% |
Expected return on assets | 9.40% | 9.40% | 8.70% |
Plan Assumptions - At period end | |||
Discount rate | 11.40% | 11.05% | 10.40% |
Expected return on assets | 9.40% | 9.40% | 8.70% |
Qualified plans | U.S. plans | Pension plans | |||
Plan Assumptions - During the year | |||
Discount rate | 5.30% | 5.10% | 5.15% |
Expected return on assets | 5.70% | 5.70% | 5.70% |
Plan Assumptions - At period end | |||
Discount rate | 5.50% | 5.30% | 5.40% |
Expected return on assets | 5.70% | 5.70% | 5.70% |
Nonqualified plans | U.S. plans | Pension plans | |||
Plan Assumptions - During the year | |||
Discount rate | 5.40% | 5.15% | 5.20% |
Plan Assumptions - At period end | |||
Discount rate | 5.60% | 5.40% | 5.45% |
RETIREMENT BENEFITS - Sensitivi
RETIREMENT BENEFITS - Sensitivities of Certain Key Assumptions (Details) $ in Millions | 3 Months Ended |
Jun. 30, 2024 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 | 4 |
Non-U.S. plans | Postretirement benefit plans | |
Defined Benefit Plans and Other Postretirement Benefit Plans | |
Effect of one-percentage-point increase in discount rates | (1) |
Effect of one-percentage-point decrease in discount rates | $ 1 |
RETIREMENT BENEFITS - Contribut
RETIREMENT BENEFITS - Contributions (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
U.S. plans | Pension plans | ||
Defined Benefit Plan, Expected Future Employer Contributions [Abstract] | ||
Company contributions (reimbursements) | $ 29 | $ 28 |
Company net contributions (reimbursements) made during the remainder of the year | 30 | |
Company contributions expected to be made during the remainder of the year | 32 | |
U.S. plans | Postretirement benefit plans | ||
Defined Benefit Plan, Expected Future Employer Contributions [Abstract] | ||
Company contributions (reimbursements) | 10 | 20 |
Company net contributions (reimbursements) made during the remainder of the year | (12) | |
Company contributions expected to be made during the remainder of the year | 3 | |
Non-U.S. plans | Pension plans | ||
Defined Benefit Plan, Expected Future Employer Contributions [Abstract] | ||
Company contributions (reimbursements) | 56 | 60 |
Company net contributions (reimbursements) made during the remainder of the year | 58 | |
Company contributions expected to be made during the remainder of the year | 44 | |
Non-U.S. plans | Postretirement benefit plans | ||
Defined Benefit Plan, Expected Future Employer Contributions [Abstract] | ||
Company contributions (reimbursements) | 5 | 5 |
Company net contributions (reimbursements) made during the remainder of the year | $ 4 | |
Company contributions expected to be made during the remainder of the year | $ 5 |
RETIREMENT BENEFITS - Defined C
RETIREMENT BENEFITS - Defined Contribution Plans and Postemployment Plans (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Defined Benefit Plan Disclosure | ||||
Net actuarial loss | $ 1 | $ 1 | $ 1 | $ 1 |
Total service-related expense | 1 | 1 | 1 | 1 |
Non-service-related expense | 8 | 0 | 13 | 5 |
Total net expense | 9 | 1 | 14 | 6 |
U.S. plans | ||||
Defined Benefit Plan Disclosure | ||||
Company's contributions for defined contribution plans | 149 | 137 | 298 | 275 |
U.S. plans | Postretirement benefit plans | ||||
Defined Benefit Plan Disclosure | ||||
Total net expense | (4) | (5) | (7) | (8) |
Non-U.S. plans | ||||
Defined Benefit Plan Disclosure | ||||
Company's contributions for defined contribution plans | 118 | 114 | 244 | 228 |
Non-U.S. plans | Postretirement benefit plans | ||||
Defined Benefit Plan Disclosure | ||||
Total net expense | $ 9 | $ 0 | $ 17 | $ 0 |
RESTRUCTURING - Narrative (Deta
RESTRUCTURING - Narrative (Details) $ in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||
Jun. 30, 2024 USD ($) | Mar. 31, 2024 USD ($) | Dec. 31, 2023 USD ($) group | Jun. 30, 2023 USD ($) | Jun. 30, 2024 USD ($) | Jun. 30, 2023 USD ($) | Dec. 31, 2023 USD ($) group | |
Restructuring and Related Activities [Abstract] | |||||||
Number of international groups | group | 1 | 1 | |||||
Restructuring | $ 36 | $ 225 | $ 781 | $ 0 | $ 261 | $ 0 | $ 781 |
Cost incurred to date | $ 1,042 | $ 1,042 |
RESTRUCTURING - Schedule of Res
RESTRUCTURING - Schedule of Restructuring Reserve Activity (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||
Jun. 30, 2024 | Mar. 31, 2024 | Dec. 31, 2023 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | |
Restructuring Reserve [Roll Forward] | |||||||
Beginning of period | $ 764 | $ 712 | $ 712 | $ 0 | $ 0 | ||
Restructuring charges | 81 | 291 | |||||
Change in estimate | (45) | (66) | |||||
Net restructuring charges | 36 | 225 | $ 781 | $ 0 | 261 | 0 | 781 |
Payments and utilization | (527) | (173) | (69) | ||||
Foreign exchange | (1) | 0 | 0 | ||||
End of period | 272 | 764 | 712 | 272 | 712 | ||
Personnel costs | |||||||
Restructuring Reserve [Roll Forward] | |||||||
Beginning of period | 731 | 687 | 687 | 0 | 0 | ||
Restructuring charges | 81 | 237 | |||||
Change in estimate | (42) | (66) | |||||
Net restructuring charges | 39 | 171 | 687 | ||||
Payments and utilization | (497) | (127) | 0 | ||||
Foreign exchange | (1) | 0 | 0 | ||||
End of period | 272 | 731 | 687 | 272 | 687 | ||
Other | |||||||
Restructuring Reserve [Roll Forward] | |||||||
Beginning of period | 33 | 25 | 25 | $ 0 | 0 | ||
Restructuring charges | 0 | 54 | |||||
Change in estimate | (3) | 0 | |||||
Net restructuring charges | (3) | 54 | 94 | ||||
Payments and utilization | (30) | (46) | (69) | ||||
Foreign exchange | 0 | 0 | 0 | ||||
End of period | $ 0 | $ 33 | $ 25 | $ 0 | $ 25 |
EARNINGS PER SHARE (Details)
EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2024 | Mar. 31, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share | ||||||
Income from continuing operations before attribution of noncontrolling interests | $ 3,263 | $ 2,952 | $ 6,671 | $ 7,604 | ||
Noncontrolling interests | 46 | 36 | 82 | 81 | ||
Net income from continuing operations (for EPS purposes) | 3,217 | 2,916 | 6,589 | 7,523 | ||
Income (loss) from discontinued operations, net of taxes | 0 | (1) | (1) | (2) | ||
Citigroup’s net income | 3,217 | 2,915 | 6,588 | 7,521 | ||
Less: Preferred dividends | 242 | 288 | 521 | 565 | ||
Net income available to common shareholders | 2,975 | 2,627 | 6,067 | 6,956 | ||
Less: Dividends and undistributed earnings allocated to employee restricted and deferred shares with rights to dividends, and other relevant items, applicable to basic EPS | 32 | 33 | 77 | 68 | ||
Net income allocated to common shareholders for basic EPS | $ 2,943 | $ 2,594 | $ 5,990 | $ 6,888 | ||
Weighted-average common shares outstanding applicable to basic EPS (in shares) | 1,907.7 | 1,942.8 | 1,909.1 | 1,943.2 | ||
Basic earnings per share | ||||||
Income from continuing operations (in dollars per share) | [1] | $ 1.54 | $ 1.34 | $ 3.14 | $ 3.55 | |
Discontinued operations (in dollars per share) | [1] | 0 | 0 | 0 | 0 | |
Net income (in dollars per share) | [1] | $ 1.54 | $ 1.34 | $ 3.14 | $ 3.54 | |
Add back: Dividends allocated to employee restricted and deferred shares with rights to dividends that are forfeitable | $ 19 | $ 15 | $ 34 | $ 26 | ||
Net income allocated to common shareholders for diluted EPS | $ 2,962 | $ 2,609 | $ 6,024 | $ 6,914 | ||
Effect of dilutive securities | ||||||
Other employee plans (in shares) | 38 | 25.8 | 35.3 | 23.1 | ||
Adjusted weighted-average common shares outstanding applicable to diluted EPS (in shares) | 1,945.7 | 1,968.6 | 1,944.4 | 1,966.3 | ||
Diluted earnings per share | ||||||
Income from continuing operations (in dollars per share) | [1] | $ 1.52 | $ 1.33 | $ 3.10 | $ 3.52 | |
Discontinued operations (in dollars per share) | [1] | 0 | 0 | 0 | 0 | |
Net income (in dollars per share) | [1] | $ 1.52 | $ 1.33 | $ 3.10 | $ 3.52 | |
Excise tax | $ 14 | |||||
Income allocated to employees with no rights to dividends | 38 | |||||
Series D | ||||||
Diluted earnings per share | ||||||
Issuance costs | $ 8 | |||||
Series J | ||||||
Diluted earnings per share | ||||||
Issuance costs | $ 12 | |||||
[1]Due to rounding, earnings per share on continuing operations and discontinued operations may not sum to earnings per share on net income. |
SECURITIES BORROWED, LOANED A_3
SECURITIES BORROWED, LOANED AND SUBJECT TO REPURCHASE AGREEMENTS - Securities (Details) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Federal Funds Purchased and Securities Sold under Agreements to Repurchase [Abstract] | ||
Securities purchased under agreements to resell | $ 241,098 | $ 267,319 |
Deposits paid for securities borrowed | 76,905 | 78,408 |
Total, net | 318,003 | 345,727 |
Allowance for credit losses on securities purchased and borrowed | (33) | (27) |
Total, net of allowance | 317,970 | 345,700 |
Securities sold under agreements to repurchase | 291,878 | 264,958 |
Deposits received for securities loaned | 13,328 | 13,149 |
Total, net | 305,206 | 278,107 |
Securities-for-securities lending transactions | $ 5,300 | $ 4,300 |
SECURITIES BORROWED, LOANED A_4
SECURITIES BORROWED, LOANED AND SUBJECT TO REPURCHASE AGREEMENTS - Offsetting (Details) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Securities purchased under agreements to resell | ||
Gross amounts of recognized assets | $ 514,179 | $ 515,533 |
Gross amounts offset on the Consolidated Balance Sheet | 273,081 | 248,214 |
Net amounts of assets included on the Consolidated Balance Sheet | 241,098 | 267,319 |
Amounts not offset on the Consolidated Balance Sheet but eligible for offsetting upon counterparty default | 224,659 | 244,783 |
Net amounts | 16,439 | 22,536 |
Deposits paid for securities borrowed | ||
Gross amounts of recognized assets | 97,780 | 97,881 |
Gross amounts offset on the Consolidated Balance Sheet | 20,875 | 19,473 |
Net amounts of assets included on the Consolidated Balance Sheet | 76,905 | 78,408 |
Amounts not offset on the Consolidated Balance Sheet but eligible for offsetting upon counterparty default | 23,825 | 25,433 |
Net amounts | 53,080 | 52,975 |
Total | ||
Gross amounts of recognized assets | 611,959 | 613,414 |
Gross amounts offset on the Consolidated Balance Sheet | 293,956 | 267,687 |
Net amounts of assets included on the Consolidated Balance Sheet | 345,727 | |
Amounts not offset on the Consolidated Balance Sheet but eligible for offsetting upon counterparty default | 248,484 | 270,216 |
Net amounts | 69,519 | 75,511 |
Securities sold under agreements to repurchase | ||
Gross amounts of recognized liabilities | 564,959 | 513,172 |
Gross amounts offset on the Consolidated Balance Sheet | 273,081 | 248,214 |
Net amounts of liabilities included on the Consolidated Balance Sheet | 291,878 | 264,958 |
Amounts not offset on the Consolidated Balance Sheet but eligible for offsetting upon counterparty default | 215,296 | 181,794 |
Net amounts | 76,582 | 83,164 |
Deposits received for securities loaned | ||
Gross amounts of recognized liabilities | 34,203 | 32,622 |
Gross amounts offset on the Consolidated Balance Sheet | 20,875 | 19,473 |
Net amounts of liabilities included on the Consolidated Balance Sheet | 13,328 | 13,149 |
Amounts not offset on the Consolidated Balance Sheet but eligible for offsetting upon counterparty default | 6,693 | 2,441 |
Net amounts | 6,635 | 10,708 |
Total | ||
Gross amounts of recognized liabilities | 545,794 | |
Gross amounts offset on the Consolidated Balance Sheet | 293,956 | 267,687 |
Net amounts of liabilities included on the Consolidated Balance Sheet | 305,206 | 278,107 |
Amounts not offset on the Consolidated Balance Sheet but eligible for offsetting upon counterparty default | 221,989 | 184,235 |
Net amounts | $ 83,217 | $ 93,872 |
SECURITIES BORROWED, LOANED A_5
SECURITIES BORROWED, LOANED AND SUBJECT TO REPURCHASE AGREEMENTS - Repurchase Agreements by Contractual Maturity (Details) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Assets Sold under Agreements to Repurchase | ||
Securities sold under agreements to repurchase | $ 564,959 | $ 513,172 |
Deposits received for securities loaned | 34,203 | 32,622 |
Total | 599,162 | 545,794 |
Open and overnight | ||
Assets Sold under Agreements to Repurchase | ||
Securities sold under agreements to repurchase | 312,541 | 289,907 |
Deposits received for securities loaned | 26,184 | 24,997 |
Total | 338,725 | 314,904 |
Up to 30 days | ||
Assets Sold under Agreements to Repurchase | ||
Securities sold under agreements to repurchase | 153,322 | 134,870 |
Deposits received for securities loaned | 0 | 0 |
Total | 153,322 | 134,870 |
31–90 days | ||
Assets Sold under Agreements to Repurchase | ||
Securities sold under agreements to repurchase | 38,433 | 35,639 |
Deposits received for securities loaned | 347 | 1,270 |
Total | 38,780 | 36,909 |
Greater than 90 days | ||
Assets Sold under Agreements to Repurchase | ||
Securities sold under agreements to repurchase | 60,663 | 52,756 |
Deposits received for securities loaned | 7,672 | 6,355 |
Total | $ 68,335 | $ 59,111 |
SECURITIES BORROWED, LOANED A_6
SECURITIES BORROWED, LOANED AND SUBJECT TO REPURCHASE AGREEMENTS - Repurchase Agreements by Class of Collateral (Details) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Assets Sold under Agreements to Repurchase | ||
Repurchase agreements | $ 564,959 | $ 513,172 |
Securities lending agreements | 34,203 | 32,622 |
Total | 599,162 | 545,794 |
U.S. Treasury and federal agency securities | ||
Assets Sold under Agreements to Repurchase | ||
Repurchase agreements | 239,500 | 223,343 |
Securities lending agreements | 0 | 461 |
Total | 239,500 | 223,804 |
State and municipal securities | ||
Assets Sold under Agreements to Repurchase | ||
Repurchase agreements | 396 | 447 |
Securities lending agreements | 0 | 2 |
Total | 396 | 449 |
Foreign government securities | ||
Assets Sold under Agreements to Repurchase | ||
Repurchase agreements | 181,907 | 174,661 |
Securities lending agreements | 177 | 118 |
Total | 182,084 | 174,779 |
Corporate bonds | ||
Assets Sold under Agreements to Repurchase | ||
Repurchase agreements | 19,209 | 12,403 |
Securities lending agreements | 276 | 195 |
Total | 19,485 | 12,598 |
Equity securities | ||
Assets Sold under Agreements to Repurchase | ||
Repurchase agreements | 28,069 | 5,853 |
Securities lending agreements | 33,585 | 31,574 |
Total | 61,654 | 37,427 |
Mortgage-backed securities | ||
Assets Sold under Agreements to Repurchase | ||
Repurchase agreements | 85,582 | 85,014 |
Securities lending agreements | 18 | 21 |
Total | 85,600 | 85,035 |
Asset-backed securities | ||
Assets Sold under Agreements to Repurchase | ||
Repurchase agreements | 2,629 | 3,032 |
Securities lending agreements | 12 | 178 |
Total | 2,641 | 3,210 |
Other | ||
Assets Sold under Agreements to Repurchase | ||
Repurchase agreements | 7,667 | 8,419 |
Securities lending agreements | 135 | 73 |
Total | $ 7,802 | $ 8,492 |
BROKERAGE RECEIVABLES AND BRO_3
BROKERAGE RECEIVABLES AND BROKERAGE PAYABLES (Details) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Broker-Dealer [Abstract] | ||
Receivables from customers | $ 19,134 | $ 15,986 |
Receivables from brokers, dealers and clearing organizations | 45,429 | 37,929 |
Total brokerage receivables | 64,563 | 53,915 |
Payables to customers | 50,724 | 49,206 |
Payables to brokers, dealers and clearing organizations | 22,897 | 14,333 |
Total brokerage payables | $ 73,621 | $ 63,539 |
INVESTMENTS - Overview (Details
INVESTMENTS - Overview (Details) - USD ($) $ in Millions | 1 Months Ended | 3 Months Ended | 6 Months Ended | |||||
Jan. 31, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | |||
Investments | ||||||||
Debt securities available-for-sale (AFS) | $ 249,362 | $ 249,362 | $ 256,936 | |||||
Debt securities held-to-maturity (HTM) | 251,125 | 251,125 | 254,247 | |||||
Marketable equity securities carried at fair value | 165 | 165 | 258 | |||||
Non-marketable equity securities carried at fair value | 531 | 531 | 508 | |||||
Non-marketable equity securities measured using the measurement alternative | 1,717 | 1,717 | 1,639 | |||||
Non-marketable equity securities carried at cost | 5,376 | 5,376 | 5,497 | |||||
Total investments | 508,276 | 508,276 | 519,085 | |||||
Accrued interest receivable | 2,000 | 2,000 | 2,000 | |||||
Interest and dividends on investments | ||||||||
Taxable interest | 4,637 | $ 4,284 | 9,328 | $ 8,284 | ||||
Interest exempt from U.S. federal income tax | 81 | 84 | 161 | 169 | ||||
Dividend income | 103 | 83 | 181 | 142 | ||||
Total interest and dividend income on investments | 4,821 | 4,451 | 9,670 | 8,595 | ||||
Gross realized investments losses, excluding losses from other-than-temporary impairment | ||||||||
Gross realized investment gains | 144 | 91 | 286 | 179 | ||||
Gross realized investment losses | (121) | (42) | (148) | (58) | ||||
Net realized gains on sales of investments | 23 | $ 49 | 138 | 121 | ||||
Debt securities AFS | ||||||||
Allowance for credit losses | 13 | 13 | 8 | |||||
Fair value | 249,362 | 249,362 | 256,936 | |||||
Transfer of investment securities from HTM to AFS, amortized cost | $ 3,300 | 0 | [1],[2],[3] | $ 3,324 | [1],[2],[3] | |||
Transfer of securities from HTM to AFS, unrealized gain | $ 100 | |||||||
Unallocated portfolio layer cumulative basis adjustments | (213) | (213) | 93 | |||||
Gross unrealized gains excluding the effect of unallocated portfolio cumulative basis adjustments | 75 | 75 | ||||||
Gross unrealized losses excluding the effect of unallocated portfolio cumulative basis adjustments | (1,000) | (1,000) | ||||||
Mortgage-backed securities | ||||||||
Investments | ||||||||
Debt securities available-for-sale (AFS) | 32,359 | 32,359 | 30,139 | |||||
Debt securities AFS | ||||||||
Amortized cost | 33,101 | 33,101 | 30,706 | |||||
Gross unrealized gains | 92 | 92 | 170 | |||||
Gross unrealized losses | 834 | 834 | 737 | |||||
Allowance for credit losses | 0 | 0 | 0 | |||||
Fair value | 32,359 | 32,359 | 30,139 | |||||
U.S. government-sponsored agency guaranteed | ||||||||
Investments | ||||||||
Debt securities available-for-sale (AFS) | 31,770 | 31,770 | 29,715 | |||||
Debt securities AFS | ||||||||
Amortized cost | 32,510 | 32,510 | 30,279 | |||||
Gross unrealized gains | 92 | 92 | 170 | |||||
Gross unrealized losses | 832 | 832 | 734 | |||||
Allowance for credit losses | 0 | 0 | 0 | |||||
Fair value | 31,770 | 31,770 | 29,715 | |||||
Residential | ||||||||
Investments | ||||||||
Debt securities available-for-sale (AFS) | 588 | 588 | 423 | |||||
Debt securities AFS | ||||||||
Amortized cost | 590 | 590 | 426 | |||||
Gross unrealized gains | 0 | 0 | 0 | |||||
Gross unrealized losses | 2 | 2 | 3 | |||||
Allowance for credit losses | 0 | 0 | 0 | |||||
Fair value | 588 | 588 | 423 | |||||
Commercial Mortgage-Backed Securities | ||||||||
Investments | ||||||||
Debt securities available-for-sale (AFS) | 1 | 1 | 1 | |||||
Debt securities AFS | ||||||||
Amortized cost | 1 | 1 | 1 | |||||
Gross unrealized gains | 0 | 0 | 0 | |||||
Gross unrealized losses | 0 | 0 | 0 | |||||
Allowance for credit losses | 0 | 0 | 0 | |||||
Fair value | 1 | 1 | 1 | |||||
U.S. Treasury | ||||||||
Investments | ||||||||
Debt securities available-for-sale (AFS) | 69,632 | 69,632 | 80,361 | |||||
Debt securities AFS | ||||||||
Amortized cost | 70,604 | 70,604 | 81,684 | |||||
Gross unrealized gains | 7 | 7 | 59 | |||||
Gross unrealized losses | 979 | 979 | 1,382 | |||||
Allowance for credit losses | 0 | 0 | 0 | |||||
Fair value | 69,632 | 69,632 | 80,361 | |||||
U.S. Treasury and federal agency securities | ||||||||
Investments | ||||||||
Debt securities available-for-sale (AFS) | 69,632 | 69,632 | 80,361 | |||||
Debt securities AFS | ||||||||
Amortized cost | 70,604 | 70,604 | 81,684 | |||||
Gross unrealized gains | 7 | 7 | 59 | |||||
Gross unrealized losses | 979 | 979 | 1,382 | |||||
Allowance for credit losses | 0 | 0 | 0 | |||||
Fair value | 69,632 | 69,632 | 80,361 | |||||
State and municipal | ||||||||
Investments | ||||||||
Debt securities available-for-sale (AFS) | 1,889 | 1,889 | 2,131 | |||||
Debt securities AFS | ||||||||
Amortized cost | 1,970 | 1,970 | 2,204 | |||||
Gross unrealized gains | 14 | 14 | 18 | |||||
Gross unrealized losses | 95 | 95 | 91 | |||||
Allowance for credit losses | 0 | 0 | 0 | |||||
Fair value | 1,889 | 1,889 | 2,131 | |||||
Foreign government | ||||||||
Investments | ||||||||
Debt securities available-for-sale (AFS) | 134,099 | 134,099 | 131,198 | |||||
Debt securities AFS | ||||||||
Amortized cost | 135,144 | 135,144 | 132,045 | |||||
Gross unrealized gains | 309 | 309 | 528 | |||||
Gross unrealized losses | 1,354 | 1,354 | 1,375 | |||||
Allowance for credit losses | 0 | 0 | 0 | |||||
Fair value | 134,099 | 134,099 | 131,198 | |||||
Corporate | ||||||||
Investments | ||||||||
Debt securities available-for-sale (AFS) | 5,302 | 5,302 | 5,412 | |||||
Debt securities AFS | ||||||||
Amortized cost | 5,471 | 5,471 | 5,610 | |||||
Gross unrealized gains | 20 | 20 | 18 | |||||
Gross unrealized losses | 176 | 176 | 208 | |||||
Allowance for credit losses | 13 | 13 | 8 | |||||
Fair value | 5,302 | 5,302 | 5,412 | |||||
Asset-backed securities | ||||||||
Investments | ||||||||
Debt securities available-for-sale (AFS) | 768 | 768 | 938 | |||||
Debt securities AFS | ||||||||
Amortized cost | 755 | 755 | 921 | |||||
Gross unrealized gains | 13 | 13 | 17 | |||||
Gross unrealized losses | 0 | 0 | 0 | |||||
Allowance for credit losses | 0 | 0 | 0 | |||||
Fair value | 768 | 768 | 938 | |||||
Other debt securities | ||||||||
Investments | ||||||||
Debt securities available-for-sale (AFS) | 5,313 | 5,313 | 6,757 | |||||
Debt securities AFS | ||||||||
Amortized cost | 5,315 | 5,315 | 6,754 | |||||
Gross unrealized gains | 2 | 2 | 4 | |||||
Gross unrealized losses | 4 | 4 | 1 | |||||
Allowance for credit losses | 0 | 0 | 0 | |||||
Fair value | 5,313 | 5,313 | 6,757 | |||||
Debt securities AFS | ||||||||
Investments | ||||||||
Debt securities available-for-sale (AFS) | 249,362 | 249,362 | 256,936 | |||||
Debt securities AFS | ||||||||
Amortized cost | 252,360 | 252,360 | 259,924 | |||||
Gross unrealized gains | 457 | 457 | 814 | |||||
Gross unrealized losses | 3,442 | 3,442 | 3,794 | |||||
Allowance for credit losses | 13 | 13 | 8 | |||||
Fair value | 249,362 | 249,362 | 256,936 | |||||
Unallocated portfolio layer cumulative basis adjustments | (200) | (200) | ||||||
Fair value | Non-marketable securities measured using measurement alternative | ||||||||
Investments | ||||||||
Non-marketable equity securities measured using the measurement alternative | 26 | 26 | 25 | |||||
Carried at cost | Non-marketable equity securities | ||||||||
Investments | ||||||||
Total investments | $ 5,400 | $ 5,400 | $ 5,500 | |||||
[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 26 for more information and balances as of June 30, 2024.[2]See Note 2.[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 | Jun. 30, 2024 | Dec. 31, 2023 |
Fair value | ||
Less than 12 months | $ 80,780 | $ 68,298 |
12 months or longer | 92,135 | 98,800 |
Total | 172,915 | 167,098 |
Gross unrealized losses | ||
Less than 12 months | 755 | 861 |
12 months or longer | 2,687 | 2,933 |
Total | 3,442 | 3,794 |
U.S. government-sponsored agency guaranteed | ||
Fair value | ||
Less than 12 months | 12,369 | 8,602 |
12 months or longer | 8,991 | 9,734 |
Total | 21,360 | 18,336 |
Gross unrealized losses | ||
Less than 12 months | 126 | 86 |
12 months or longer | 706 | 648 |
Total | 832 | 734 |
Residential | ||
Fair value | ||
Less than 12 months | 288 | 352 |
12 months or longer | 227 | 34 |
Total | 515 | 386 |
Gross unrealized losses | ||
Less than 12 months | 0 | 1 |
12 months or longer | 2 | 2 |
Total | 2 | 3 |
Mortgage-backed securities | ||
Fair value | ||
Less than 12 months | 12,657 | 8,954 |
12 months or longer | 9,218 | 9,768 |
Total | 21,875 | 18,722 |
Gross unrealized losses | ||
Less than 12 months | 126 | 87 |
12 months or longer | 708 | 650 |
Total | 834 | 737 |
U.S. Treasury | ||
Fair value | ||
Less than 12 months | 18,190 | 11,851 |
12 months or longer | 45,988 | 57,669 |
Total | 64,178 | 69,520 |
Gross unrealized losses | ||
Less than 12 months | 178 | 113 |
12 months or longer | 801 | 1,269 |
Total | 979 | 1,382 |
U.S. Treasury and federal agency securities | ||
Fair value | ||
Less than 12 months | 18,190 | 11,851 |
12 months or longer | 45,988 | 57,669 |
Total | 64,178 | 69,520 |
Gross unrealized losses | ||
Less than 12 months | 178 | 113 |
12 months or longer | 801 | 1,269 |
Total | 979 | 1,382 |
State and municipal | ||
Fair value | ||
Less than 12 months | 342 | 906 |
12 months or longer | 807 | 324 |
Total | 1,149 | 1,230 |
Gross unrealized losses | ||
Less than 12 months | 13 | 17 |
12 months or longer | 82 | 74 |
Total | 95 | 91 |
Foreign government | ||
Fair value | ||
Less than 12 months | 44,441 | 42,250 |
12 months or longer | 34,321 | 29,176 |
Total | 78,762 | 71,426 |
Gross unrealized losses | ||
Less than 12 months | 368 | 540 |
12 months or longer | 986 | 835 |
Total | 1,354 | 1,375 |
Corporate | ||
Fair value | ||
Less than 12 months | 2,345 | 2,319 |
12 months or longer | 1,801 | 1,619 |
Total | 4,146 | 3,938 |
Gross unrealized losses | ||
Less than 12 months | 66 | 103 |
12 months or longer | 110 | 105 |
Total | 176 | 208 |
Asset-backed securities | ||
Fair value | ||
Less than 12 months | 2 | 154 |
12 months or longer | 0 | 16 |
Total | 2 | 170 |
Gross unrealized losses | ||
Less than 12 months | 0 | 0 |
12 months or longer | 0 | 0 |
Total | 0 | 0 |
Other debt securities | ||
Fair value | ||
Less than 12 months | 2,803 | 1,864 |
12 months or longer | 0 | 228 |
Total | 2,803 | 2,092 |
Gross unrealized losses | ||
Less than 12 months | 4 | 1 |
12 months or longer | 0 | 0 |
Total | $ 4 | $ 1 |
INVESTMENTS - Fair Value of A_2
INVESTMENTS - Fair Value of AFS Debt Securities by Contractual Maturity Date (Details) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Fair value | ||
Total fair value | $ 249,362 | $ 256,936 |
Unallocated portfolio layer cumulative basis adjustments | (213) | 93 |
Mortgage-backed securities | ||
Amoritzed cost | ||
Amortized cost, due within 1 year | 25 | |
Amortized cost, after 1 but within 5 years | 837 | |
Amortized cost, after 5 but within 10 years | 583 | |
Amortized cost, after 10 years | 31,869 | |
Amortized cost | 33,314 | |
Fair value | ||
Fair value, due within 1 year | 25 | |
Fair value, after 1 but within 5 years | 824 | |
Fair value, after 5 but within 10 years | 554 | |
Fair value, after 10 years | 30,956 | |
Total fair value | 32,359 | 30,139 |
U.S. Treasury and federal agency securities | ||
Amoritzed cost | ||
Amortized cost, due within 1 year | 38,155 | |
Amortized cost, after 1 but within 5 years | 31,931 | |
Amortized cost, after 5 but within 10 years | 518 | |
Amortized cost, after 10 years | 0 | |
Amortized cost | 70,604 | |
Fair value | ||
Fair value, due within 1 year | 37,980 | |
Fair value, after 1 but within 5 years | 31,178 | |
Fair value, after 5 but within 10 years | 474 | |
Fair value, after 10 years | 0 | |
Total fair value | 69,632 | 80,361 |
State and municipal | ||
Amoritzed cost | ||
Amortized cost, due within 1 year | 12 | |
Amortized cost, after 1 but within 5 years | 129 | |
Amortized cost, after 5 but within 10 years | 372 | |
Amortized cost, after 10 years | 1,457 | |
Amortized cost | 1,970 | |
Fair value | ||
Fair value, due within 1 year | 12 | |
Fair value, after 1 but within 5 years | 124 | |
Fair value, after 5 but within 10 years | 360 | |
Fair value, after 10 years | 1,393 | |
Total fair value | 1,889 | 2,131 |
Foreign government | ||
Amoritzed cost | ||
Amortized cost, due within 1 year | 63,763 | |
Amortized cost, after 1 but within 5 years | 65,845 | |
Amortized cost, after 5 but within 10 years | 4,987 | |
Amortized cost, after 10 years | 549 | |
Amortized cost | 135,144 | |
Fair value | ||
Fair value, due within 1 year | 63,617 | |
Fair value, after 1 but within 5 years | 65,097 | |
Fair value, after 5 but within 10 years | 4,914 | |
Fair value, after 10 years | 471 | |
Total fair value | 134,099 | 131,198 |
All other | ||
Amoritzed cost | ||
Amortized cost, due within 1 year | 6,450 | |
Amortized cost, after 1 but within 5 years | 4,397 | |
Amortized cost, after 5 but within 10 years | 634 | |
Amortized cost, after 10 years | 60 | |
Amortized cost | 11,541 | |
Fair value | ||
Fair value, due within 1 year | 6,427 | |
Fair value, after 1 but within 5 years | 4,290 | |
Fair value, after 5 but within 10 years | 635 | |
Fair value, after 10 years | 31 | |
Total fair value | 11,383 | |
Debt securities AFS | ||
Amoritzed cost | ||
Amortized cost | 252,573 | |
Fair value | ||
Total fair value | 249,362 | $ 256,936 |
Unallocated portfolio layer cumulative basis adjustments | $ (200) |
INVESTMENTS - Debt Securities H
INVESTMENTS - Debt Securities Held-to-Maturity (Details) - USD ($) $ in Millions | 1 Months Ended | ||
Jan. 31, 2023 | Jun. 30, 2024 | Dec. 31, 2023 | |
Held-to-maturity debt securities | |||
Amortized cost, net | $ 251,125 | $ 254,247 | |
Gross unrealized gains | 106 | 91 | |
Gross unrealized losses | 20,948 | 19,337 | |
Fair value | 230,283 | 235,001 | |
Allowance for credit losses on HTM debt securities | 99 | 95 | |
Transfer of securities from HTM to AFS, unrealized gain | $ 100 | ||
Mortgage-backed securities | |||
Held-to-maturity debt securities | |||
Amortized cost, net | 77,587 | 81,033 | |
Gross unrealized gains | 10 | 9 | |
Gross unrealized losses | 10,586 | 8,759 | |
Fair value | 67,011 | 72,283 | |
U.S. government-sponsored agency guaranteed | |||
Held-to-maturity debt securities | |||
Amortized cost, net | 76,208 | 79,689 | |
Gross unrealized gains | 8 | 7 | |
Gross unrealized losses | 10,454 | 8,603 | |
Fair value | 65,762 | 71,093 | |
Mortgage-backed securities - Non-U.S. residential | |||
Held-to-maturity debt securities | |||
Amortized cost, net | 145 | 198 | |
Gross unrealized gains | 0 | 0 | |
Gross unrealized losses | 0 | 0 | |
Fair value | 145 | 198 | |
Commercial Mortgage-Backed Securities | |||
Held-to-maturity debt securities | |||
Amortized cost, net | 1,234 | 1,146 | |
Gross unrealized gains | 2 | 2 | |
Gross unrealized losses | 132 | 156 | |
Fair value | 1,104 | 992 | |
U.S. treasury securities | |||
Held-to-maturity debt securities | |||
Amortized cost, net | 131,507 | 131,776 | |
Gross unrealized gains | 0 | 0 | |
Gross unrealized losses | 9,617 | 9,908 | |
Fair value | 121,890 | 121,868 | |
State and municipal | |||
Held-to-maturity debt securities | |||
Amortized cost, net | 8,999 | 9,182 | |
Gross unrealized gains | 31 | 73 | |
Gross unrealized losses | 651 | 477 | |
Fair value | 8,379 | 8,778 | |
Foreign government | |||
Held-to-maturity debt securities | |||
Amortized cost, net | 2,533 | 2,210 | |
Gross unrealized gains | 0 | 0 | |
Gross unrealized losses | 29 | 58 | |
Fair value | 2,504 | 2,152 | |
Asset-backed securities | |||
Held-to-maturity debt securities | |||
Amortized cost, net | 30,499 | 30,046 | |
Gross unrealized gains | 65 | 9 | |
Gross unrealized losses | 65 | 135 | |
Fair value | $ 30,499 | $ 29,920 |
INVESTMENTS - Carrying Value an
INVESTMENTS - Carrying Value and Fair Value of HTM Debt Securities by Contractual Maturity Dates (Details) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Held-to-maturity Securities, Debt Maturities, Net Carrying Amount; | ||
Amortized cost, net | $ 251,125 | $ 254,247 |
Held-to-maturity Securities, Debt Maturities, Fair Value; | ||
Fair value | 230,283 | 235,001 |
Allowance for credit losses on HTM debt securities | 99 | 95 |
Mortgage-backed securities | ||
Held-to-maturity Securities, Debt Maturities, Net Carrying Amount; | ||
Due within 1 year, amortized cost | 34 | |
After 1 but within 5 years, amortized cost | 1,222 | |
After 5 but within 10 years, amortized cost | 590 | |
After 10 years, amortized cost | 75,741 | |
Amortized cost, net | 77,587 | 81,033 |
Held-to-maturity Securities, Debt Maturities, Fair Value; | ||
Due within 1 year, fair value | 34 | |
After 1 but within 5 years, fair value | 1,151 | |
After 5 but within 10 years, fair value | 534 | |
After 10 years, fair value | 65,292 | |
Fair value | 67,011 | 72,283 |
U.S. treasury securities | ||
Held-to-maturity Securities, Debt Maturities, Net Carrying Amount; | ||
Due within 1 year, amortized cost | 36,532 | |
After 1 but within 5 years, amortized cost | 94,975 | |
After 5 but within 10 years, amortized cost | 0 | |
After 10 years, amortized cost | 0 | |
Amortized cost, net | 131,507 | 131,776 |
Held-to-maturity Securities, Debt Maturities, Fair Value; | ||
Due within 1 year, fair value | 35,562 | |
After 1 but within 5 years, fair value | 86,328 | |
After 5 but within 10 years, fair value | 0 | |
After 10 years, fair value | 0 | |
Fair value | 121,890 | 121,868 |
State and municipal | ||
Held-to-maturity Securities, Debt Maturities, Net Carrying Amount; | ||
Due within 1 year, amortized cost | 33 | |
After 1 but within 5 years, amortized cost | 150 | |
After 5 but within 10 years, amortized cost | 1,502 | |
After 10 years, amortized cost | 7,314 | |
Amortized cost, net | 8,999 | 9,182 |
Held-to-maturity Securities, Debt Maturities, Fair Value; | ||
Due within 1 year, fair value | 33 | |
After 1 but within 5 years, fair value | 149 | |
After 5 but within 10 years, fair value | 1,415 | |
After 10 years, fair value | 6,782 | |
Fair value | 8,379 | 8,778 |
Foreign government | ||
Held-to-maturity Securities, Debt Maturities, Net Carrying Amount; | ||
Due within 1 year, amortized cost | 1,792 | |
After 1 but within 5 years, amortized cost | 741 | |
After 5 but within 10 years, amortized cost | 0 | |
After 10 years, amortized cost | 0 | |
Amortized cost, net | 2,533 | 2,210 |
Held-to-maturity Securities, Debt Maturities, Fair Value; | ||
Due within 1 year, fair value | 1,770 | |
After 1 but within 5 years, fair value | 734 | |
After 5 but within 10 years, fair value | 0 | |
After 10 years, fair value | 0 | |
Fair value | 2,504 | $ 2,152 |
All other | ||
Held-to-maturity Securities, Debt Maturities, Net Carrying Amount; | ||
Due within 1 year, amortized cost | 0 | |
After 1 but within 5 years, amortized cost | 0 | |
After 5 but within 10 years, amortized cost | 12,529 | |
After 10 years, amortized cost | 17,970 | |
Amortized cost, net | 30,499 | |
Held-to-maturity Securities, Debt Maturities, Fair Value; | ||
Due within 1 year, fair value | 0 | |
After 1 but within 5 years, fair value | 0 | |
After 5 but within 10 years, fair value | 12,546 | |
After 10 years, fair value | 17,953 | |
Fair value | $ 30,499 |
INVESTMENTS - Recognition and M
INVESTMENTS - Recognition and Measurement of Impairment (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Investments, Debt and Equity Securities [Abstract] | ||||
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 | $ 9 | $ 43 | $ 23 | $ 94 |
INVESTMENTS - Allowance for Cre
INVESTMENTS - Allowance for Credit Losses on AFS Debt Securities (Details) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Investments, Debt and Equity Securities [Abstract] | ||
Allowance for credit losses | $ 13 | $ 8 |
INVESTMENTS - Carrying Value of
INVESTMENTS - Carrying Value of Non-marketable Equity Securities Measured Using the Measurement Alternative (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | |
Equity Securities without Readily Determinable Fair Value, Annual Amount [Abstract] | |||||
Measurement alternative—carrying value | $ 1,717 | $ 1,717 | $ 1,639 | ||
Measurement alternative—impairment losses | 8 | $ 28 | 24 | $ 63 | |
Measurement alternative—downward changes for observable prices | 1 | 0 | 1 | 20 | |
Measurement alternative—upward changes for observable prices | 3 | 3 | 52 | $ 33 | |
Equity Securities without Readily Determinable Fair Value, Impairment Loss, Cumulative Amount [Abstract] | |||||
Measurement alternative—impairment losses | 356 | 356 | |||
Measurement alternative—downward changes for observable prices | 35 | 35 | |||
Measurement alternative—upward changes for observable prices | 1,002 | $ 1,002 | |||
Non-marketable equity securities, impairment loss recognized in earnings | $ 0 | $ 0 |
LOANS - Corporate Loans (Detail
LOANS - Corporate Loans (Details) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2024 USD ($) category | Jun. 30, 2023 USD ($) | Jun. 30, 2024 USD ($) category | Jun. 30, 2023 USD ($) | Dec. 31, 2023 USD ($) | |
Receivables [Abstract] | |||||
Number of loan categories | category | 2 | 2 | |||
Loans | |||||
Loans, net of unearned income | $ 687,722 | $ 687,722 | $ 689,362 | ||
Unallocated portfolio layer cumulative basis adjustments | (213) | (213) | 93 | ||
Lease financing | |||||
Loans | |||||
Loans, net of unearned income | 300 | 300 | 300 | ||
Corporate loans | |||||
Loans | |||||
Loans sold and/or reclassified to held-for-sale | 1,500 | $ 1,300 | 2,300 | $ 2,900 | |
Loans, net of unearned income | 301,605 | 301,605 | 300,165 | ||
Corporate loans, net of unearned income, excluding portfolio layer cumulative basis adjustments | 301,628 | 301,628 | 300,072 | ||
Unallocated portfolio layer cumulative basis adjustments | (23) | (23) | 93 | ||
Unearned income | (917) | (917) | (917) | ||
Accrued interest receivable | 2,000 | 2,000 | 2,000 | ||
Corporate loans | Commercial and industrial | |||||
Loans | |||||
Loans, net of unearned income | 154,266 | 154,266 | 151,451 | ||
Corporate loans | Financial institutions | |||||
Loans | |||||
Loans, net of unearned income | 66,736 | 66,736 | 65,060 | ||
Corporate loans | Mortgage and real estate | |||||
Loans | |||||
Loans, net of unearned income | 25,199 | 25,199 | 24,938 | ||
Corporate loans | Lease financing | |||||
Loans | |||||
Loans, net of unearned income | 267 | 267 | 275 | ||
Corporate loans | In North America offices | |||||
Loans | |||||
Loans, net of unearned income | 142,073 | 142,073 | 141,776 | ||
Corporate loans | In North America offices | Commercial and industrial | |||||
Loans | |||||
Loans, net of unearned income | 60,959 | 60,959 | 61,008 | ||
Corporate loans | In North America offices | Financial institutions | |||||
Loans | |||||
Loans, net of unearned income | 40,037 | 40,037 | 39,393 | ||
Corporate loans | In North America offices | Mortgage and real estate | |||||
Loans | |||||
Loans, net of unearned income | 17,917 | 17,917 | 17,813 | ||
Corporate loans | In North America offices | Installment and other | |||||
Loans | |||||
Loans, net of unearned income | 22,929 | 22,929 | 23,335 | ||
Corporate loans | In North America offices | Lease financing | |||||
Loans | |||||
Loans, net of unearned income | 231 | 231 | 227 | ||
Corporate loans | In offices outside North America | |||||
Loans | |||||
Loans, net of unearned income | 159,555 | 159,555 | 158,296 | ||
Corporate loans | In offices outside North America | Commercial and industrial | |||||
Loans | |||||
Loans, net of unearned income | 96,883 | 96,883 | 93,402 | ||
Corporate loans | In offices outside North America | Financial institutions | |||||
Loans | |||||
Loans, net of unearned income | 27,282 | 27,282 | 26,143 | ||
Corporate loans | In offices outside North America | Mortgage and real estate | |||||
Loans | |||||
Loans, net of unearned income | 7,347 | 7,347 | 7,197 | ||
Corporate loans | In offices outside North America | Installment and other | |||||
Loans | |||||
Loans, net of unearned income | 24,342 | 24,342 | 27,907 | ||
Corporate loans | In offices outside North America | Lease financing | |||||
Loans | |||||
Loans, net of unearned income | 37 | 37 | 48 | ||
Corporate loans | In offices outside North America | Government and official institutions | |||||
Loans | |||||
Loans, net of unearned income | $ 3,664 | $ 3,664 | $ 3,599 |
LOANS - Corporate Loan Delinque
LOANS - Corporate Loan Delinquency (Details) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | $ 687,722 | $ 689,362 |
Loans at fair value | 8,526 | 7,594 |
Unallocated portfolio layer cumulative basis adjustments | (213) | 93 |
Lease financing | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 300 | 300 |
Corporate loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 301,605 | 300,165 |
90 days past due and accruing | 498 | 594 |
Total non-accrual | 998 | 1,882 |
Loans at fair value | 8,232 | 7,281 |
Loans net of unearned income, before adjustments | 301,628 | 300,072 |
Unallocated portfolio layer cumulative basis adjustments | (23) | 93 |
Corporate loans | Commercial and industrial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 154,266 | 151,451 |
90 days past due and accruing | 377 | 426 |
Total non-accrual | 404 | 717 |
Corporate loans | Financial institutions | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 66,736 | 65,060 |
90 days past due and accruing | 7 | 16 |
Total non-accrual | 38 | 51 |
Corporate loans | Mortgage and real estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 25,199 | 24,938 |
90 days past due and accruing | 23 | 69 |
Total non-accrual | 454 | 868 |
Corporate loans | Lease financing | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 267 | 275 |
90 days past due and accruing | 0 | 0 |
Total non-accrual | 0 | 0 |
Corporate loans | Other | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 46,928 | 51,067 |
90 days past due and accruing | 91 | 83 |
Total non-accrual | 102 | 246 |
Corporate loans | 30–89 days past due | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 359 | 449 |
Corporate loans | 30–89 days past due | Commercial and industrial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 253 | 308 |
Corporate loans | 30–89 days past due | Financial institutions | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 6 | 9 |
Corporate loans | 30–89 days past due | Mortgage and real estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 19 | 66 |
Corporate loans | 30–89 days past due | Lease financing | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 0 | 0 |
Corporate loans | 30–89 days past due | Other | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 81 | 66 |
Corporate loans | Equal to and greater than 90 days past due and accruing | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 139 | 145 |
Corporate loans | Equal to and greater than 90 days past due and accruing | Commercial and industrial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 124 | 118 |
Corporate loans | Equal to and greater than 90 days past due and accruing | Financial institutions | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 1 | 7 |
Corporate loans | Equal to and greater than 90 days past due and accruing | Mortgage and real estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 4 | 3 |
Corporate loans | Equal to and greater than 90 days past due and accruing | Lease financing | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 0 | 0 |
Corporate loans | Equal to and greater than 90 days past due and accruing | Other | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 10 | 17 |
Corporate loans | Current | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 291,900 | 290,315 |
Corporate loans | Current | Commercial and industrial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 153,485 | 150,308 |
Corporate loans | Current | Financial institutions | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 66,691 | 64,993 |
Corporate loans | Current | Mortgage and real estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 24,722 | 24,001 |
Corporate loans | Current | Lease financing | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 267 | 275 |
Corporate loans | Current | Other | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | $ 46,735 | $ 50,738 |
LOANS - Corporate Loans Credit
LOANS - Corporate Loans Credit Quality Indicators (Details) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | $ 687,722 | $ 689,362 |
Loans at fair value | 8,526 | 7,594 |
Unallocated portfolio layer cumulative basis adjustments | (213) | 93 |
Corporate loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 70,122 | 90,737 |
One year prior to current fiscal year | 31,963 | 27,788 |
Two years prior to current fiscal year | 23,055 | 15,899 |
Three years prior to current fiscal year | 14,505 | 8,869 |
Four years prior to current fiscal year | 6,884 | 7,313 |
Prior | 22,093 | 20,008 |
Revolving line of credit arrangements | 124,774 | 122,177 |
Loans, net of unearned income | 301,605 | 300,165 |
Loans at fair value | 8,232 | 7,281 |
Loans net of unearned income, before adjustments | 301,628 | 300,072 |
Unallocated portfolio layer cumulative basis adjustments | (23) | 93 |
Corporate loans | Commercial and industrial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 154,266 | 151,451 |
Corporate loans | Financial institutions | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 66,736 | 65,060 |
Corporate loans | Mortgage and real estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 25,199 | 24,938 |
Corporate loans | Other | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 46,928 | 51,067 |
Corporate loans | Investment grade | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 49,487 | 67,094 |
One year prior to current fiscal year | 23,767 | 20,308 |
Two years prior to current fiscal year | 16,416 | 11,142 |
Three years prior to current fiscal year | 9,954 | 6,276 |
Four years prior to current fiscal year | 5,314 | 5,211 |
Prior | 17,103 | 15,638 |
Revolving line of credit arrangements | 101,901 | 101,072 |
Loans, net of unearned income | 223,942 | 226,741 |
Corporate loans | Investment grade | Commercial and industrial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 36,934 | 47,811 |
One year prior to current fiscal year | 12,455 | 7,738 |
Two years prior to current fiscal year | 6,376 | 3,641 |
Three years prior to current fiscal year | 3,539 | 2,279 |
Four years prior to current fiscal year | 1,920 | 2,604 |
Prior | 7,363 | 6,907 |
Revolving line of credit arrangements | 35,179 | 34,956 |
Loans, net of unearned income | 103,766 | 105,936 |
Corporate loans | Investment grade | Financial institutions | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 8,774 | 11,002 |
One year prior to current fiscal year | 4,555 | 2,356 |
Two years prior to current fiscal year | 1,744 | 2,834 |
Three years prior to current fiscal year | 2,022 | 424 |
Four years prior to current fiscal year | 360 | 557 |
Prior | 2,190 | 1,847 |
Revolving line of credit arrangements | 39,235 | 36,715 |
Loans, net of unearned income | 58,880 | 55,735 |
Corporate loans | Investment grade | Mortgage and real estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 1,436 | 3,628 |
One year prior to current fiscal year | 3,636 | 4,433 |
Two years prior to current fiscal year | 3,917 | 3,595 |
Three years prior to current fiscal year | 3,380 | 2,544 |
Four years prior to current fiscal year | 2,212 | 1,238 |
Prior | 2,515 | 1,582 |
Revolving line of credit arrangements | 268 | 66 |
Loans, net of unearned income | 17,364 | 17,086 |
Corporate loans | Investment grade | Other | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 2,343 | 4,653 |
One year prior to current fiscal year | 3,121 | 5,781 |
Two years prior to current fiscal year | 4,379 | 1,072 |
Three years prior to current fiscal year | 1,013 | 1,029 |
Four years prior to current fiscal year | 822 | 812 |
Prior | 5,035 | 5,302 |
Revolving line of credit arrangements | 27,219 | 29,335 |
Loans, net of unearned income | 43,932 | 47,984 |
Corporate loans | Non-investment grade | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 20,635 | 23,643 |
One year prior to current fiscal year | 8,196 | 7,480 |
Two years prior to current fiscal year | 6,639 | 4,757 |
Three years prior to current fiscal year | 4,551 | 2,593 |
Four years prior to current fiscal year | 1,570 | 2,102 |
Prior | 4,990 | 4,370 |
Revolving line of credit arrangements | 22,873 | 21,105 |
Loans, net of unearned income | 69,454 | 66,050 |
Corporate loans | Non-investment grade, accrual | Commercial and industrial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 17,439 | 17,570 |
One year prior to current fiscal year | 5,666 | 4,785 |
Two years prior to current fiscal year | 3,874 | 1,914 |
Three years prior to current fiscal year | 1,962 | 1,359 |
Four years prior to current fiscal year | 447 | 732 |
Prior | 2,546 | 2,526 |
Revolving line of credit arrangements | 18,163 | 15,912 |
Loans, net of unearned income | 50,097 | 44,798 |
Corporate loans | Non-investment grade, accrual | Financial institutions | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 2,461 | 4,207 |
One year prior to current fiscal year | 948 | 748 |
Two years prior to current fiscal year | 568 | 1,084 |
Three years prior to current fiscal year | 735 | 56 |
Four years prior to current fiscal year | 39 | 194 |
Prior | 491 | 260 |
Revolving line of credit arrangements | 2,575 | 2,725 |
Loans, net of unearned income | 7,817 | 9,274 |
Corporate loans | Non-investment grade, accrual | Mortgage and real estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 414 | 1,034 |
One year prior to current fiscal year | 1,108 | 1,234 |
Two years prior to current fiscal year | 1,729 | 1,378 |
Three years prior to current fiscal year | 1,464 | 947 |
Four years prior to current fiscal year | 918 | 755 |
Prior | 1,205 | 1,016 |
Revolving line of credit arrangements | 543 | 620 |
Loans, net of unearned income | 7,381 | 6,984 |
Corporate loans | Non-investment grade, accrual | Other | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 305 | 653 |
One year prior to current fiscal year | 447 | 434 |
Two years prior to current fiscal year | 366 | 248 |
Three years prior to current fiscal year | 307 | 158 |
Four years prior to current fiscal year | 136 | 211 |
Prior | 317 | 155 |
Revolving line of credit arrangements | 1,283 | 1,253 |
Loans, net of unearned income | 3,161 | 3,112 |
Corporate loans | Non-investment grade, non-accrual | Commercial and industrial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 0 | 53 |
One year prior to current fiscal year | 22 | 46 |
Two years prior to current fiscal year | 44 | 84 |
Three years prior to current fiscal year | 37 | 35 |
Four years prior to current fiscal year | 4 | 45 |
Prior | 76 | 93 |
Revolving line of credit arrangements | 221 | 361 |
Loans, net of unearned income | 404 | 717 |
Corporate loans | Non-investment grade, non-accrual | Financial institutions | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 9 | 0 |
One year prior to current fiscal year | 0 | 0 |
Two years prior to current fiscal year | 0 | 0 |
Three years prior to current fiscal year | 0 | 0 |
Four years prior to current fiscal year | 0 | 0 |
Prior | 1 | 0 |
Revolving line of credit arrangements | 28 | 51 |
Loans, net of unearned income | 38 | 51 |
Corporate loans | Non-investment grade, non-accrual | Mortgage and real estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 3 | 118 |
One year prior to current fiscal year | 5 | 233 |
Two years prior to current fiscal year | 56 | 8 |
Three years prior to current fiscal year | 30 | 38 |
Four years prior to current fiscal year | 25 | 110 |
Prior | 290 | 308 |
Revolving line of credit arrangements | 45 | 53 |
Loans, net of unearned income | 454 | 868 |
Corporate loans | Non-investment grade, non-accrual | Other | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 4 | 8 |
One year prior to current fiscal year | 0 | 0 |
Two years prior to current fiscal year | 2 | 41 |
Three years prior to current fiscal year | 16 | 0 |
Four years prior to current fiscal year | 1 | 55 |
Prior | 64 | 12 |
Revolving line of credit arrangements | 15 | 130 |
Loans, net of unearned income | $ 102 | $ 246 |
LOANS - Corporate Loans Gross C
LOANS - Corporate Loans Gross Credit Losses (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total | $ 2,715 | $ 1,879 | $ 5,405 | $ 3,513 |
Corporate loans | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
2024 | 3 | 8 | ||
2023 | 37 | 0 | ||
2022 | 12 | 0 | ||
2021 | 9 | 2 | ||
2020 | 0 | 0 | ||
Prior | 82 | 4 | ||
Revolving line of credit arrangement | 164 | 111 | ||
Total | $ 129 | $ 86 | 307 | 125 |
Corporate loans | Commercial and industrial | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
2024 | 2 | 8 | ||
2023 | 0 | 0 | ||
2022 | 3 | 0 | ||
2021 | 9 | 1 | ||
2020 | 0 | 0 | ||
Prior | 3 | 2 | ||
Revolving line of credit arrangement | 111 | 48 | ||
Total | 128 | 59 | ||
Corporate loans | Financial institutions | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
2024 | 0 | 0 | ||
2023 | 0 | 0 | ||
2022 | 0 | 0 | ||
2021 | 0 | 0 | ||
2020 | 0 | 0 | ||
Prior | 1 | 0 | ||
Revolving line of credit arrangement | 9 | 33 | ||
Total | 10 | 33 | ||
Corporate loans | Mortgage and real estate | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
2024 | 1 | 0 | ||
2023 | 37 | 0 | ||
2022 | 9 | 0 | ||
2021 | 0 | 1 | ||
2020 | 0 | 0 | ||
Prior | 63 | 2 | ||
Revolving line of credit arrangement | 20 | 0 | ||
Total | 130 | 3 | ||
Corporate loans | Other | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
2024 | 0 | 0 | ||
2023 | 0 | 0 | ||
2022 | 0 | 0 | ||
2021 | 0 | 0 | ||
2020 | 0 | 0 | ||
Prior | 15 | 0 | ||
Revolving line of credit arrangement | 24 | 30 | ||
Total | $ 39 | $ 30 |
LOANS - Non-Accrual Corporate L
LOANS - Non-Accrual Corporate Loans (Details) - Corporate loans - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | |
Financing Receivable, Impaired [Line Items] | |||||
Recorded investment | $ 596 | $ 596 | $ 1,437 | ||
Recorded investment | 402 | 402 | 445 | ||
Related specific allowance | 171 | 171 | 362 | ||
Impaired Financing Receivable, Interest Income, Accrual Method | 12 | $ 13 | 30 | $ 24 | |
Commercial and industrial | |||||
Financing Receivable, Impaired [Line Items] | |||||
Recorded investment | 235 | 235 | 507 | ||
Recorded investment | 176 | 176 | 210 | ||
Related specific allowance | 110 | 110 | 168 | ||
Financial institutions | |||||
Financing Receivable, Impaired [Line Items] | |||||
Recorded investment | 27 | 27 | 48 | ||
Recorded investment | 11 | 11 | 3 | ||
Related specific allowance | 5 | 5 | 15 | ||
Mortgage and real estate | |||||
Financing Receivable, Impaired [Line Items] | |||||
Recorded investment | 254 | 254 | 697 | ||
Recorded investment | 200 | 200 | 171 | ||
Related specific allowance | 29 | 29 | 128 | ||
Lease financing | |||||
Financing Receivable, Impaired [Line Items] | |||||
Recorded investment | 0 | 0 | 0 | ||
Other | |||||
Financing Receivable, Impaired [Line Items] | |||||
Recorded investment | 80 | 80 | 185 | ||
Recorded investment | 15 | 15 | 61 | ||
Related specific allowance | $ 27 | $ 27 | $ 51 |
LOANS - Corporate Loan Modifica
LOANS - Corporate Loan Modifications to Borrowers Experiencing Financial Difficulty (Details) - Corporate loans - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Financing Receivable, Modified [Line Items] | ||||
Total modifications balance | $ 141 | $ 113 | $ 308 | $ 170 |
Commitments to lend | 890 | 492 | 890 | 492 |
Term extension | ||||
Financing Receivable, Modified [Line Items] | ||||
Total modifications balance | 141 | 111 | 308 | 143 |
Combination: term extension and payment delay | ||||
Financing Receivable, Modified [Line Items] | ||||
Total modifications balance | 0 | 2 | 0 | 27 |
Commercial and industrial | ||||
Financing Receivable, Modified [Line Items] | ||||
Total modifications balance | $ 50 | $ 66 | $ 131 | $ 121 |
Weighted average term extension | 9 months | 22 months | 13 months | 21 months |
Commercial and industrial | Term extension | ||||
Financing Receivable, Modified [Line Items] | ||||
Total modifications balance | $ 50 | $ 65 | $ 131 | $ 95 |
Commercial and industrial | Combination: term extension and payment delay | ||||
Financing Receivable, Modified [Line Items] | ||||
Total modifications balance | 0 | 1 | 0 | 26 |
Financial institutions | ||||
Financing Receivable, Modified [Line Items] | ||||
Total modifications balance | 0 | 0 | 0 | 0 |
Financial institutions | Term extension | ||||
Financing Receivable, Modified [Line Items] | ||||
Total modifications balance | 0 | 0 | 0 | 0 |
Financial institutions | Combination: term extension and payment delay | ||||
Financing Receivable, Modified [Line Items] | ||||
Total modifications balance | 0 | 0 | 0 | 0 |
Mortgage and real estate | ||||
Financing Receivable, Modified [Line Items] | ||||
Total modifications balance | $ 91 | $ 47 | $ 177 | $ 49 |
Weighted average term extension | 8 months | 24 months | 16 months | 23 months |
Mortgage and real estate | Term extension | ||||
Financing Receivable, Modified [Line Items] | ||||
Total modifications balance | $ 91 | $ 46 | $ 177 | $ 48 |
Mortgage and real estate | Combination: term extension and payment delay | ||||
Financing Receivable, Modified [Line Items] | ||||
Total modifications balance | 0 | 1 | 0 | 1 |
Other | ||||
Financing Receivable, Modified [Line Items] | ||||
Total modifications balance | 0 | 0 | 0 | 0 |
Other | Term extension | ||||
Financing Receivable, Modified [Line Items] | ||||
Total modifications balance | 0 | 0 | 0 | 0 |
Other | Combination: term extension and payment delay | ||||
Financing Receivable, Modified [Line Items] | ||||
Total modifications balance | $ 0 | $ 0 | $ 0 | $ 0 |
LOANS - Corporate Troubled Debt
LOANS - Corporate Troubled Debt Restructurings (Details) - Corporate loans - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Financing Receivable, Modified [Line Items] | ||||
Total modifications balance | $ 141 | $ 113 | $ 308 | $ 170 |
Commercial and industrial | ||||
Financing Receivable, Modified [Line Items] | ||||
Total modifications balance | 50 | 66 | 131 | 121 |
Mortgage and real estate | ||||
Financing Receivable, Modified [Line Items] | ||||
Total modifications balance | 91 | 47 | 177 | 49 |
Other | ||||
Financing Receivable, Modified [Line Items] | ||||
Total modifications balance | 0 | 0 | 0 | 0 |
Term extension | ||||
Financing Receivable, Modified [Line Items] | ||||
Total modifications balance | 141 | 111 | 308 | 143 |
Term extension | Commercial and industrial | ||||
Financing Receivable, Modified [Line Items] | ||||
Total modifications balance | 50 | 65 | 131 | 95 |
Term extension | Mortgage and real estate | ||||
Financing Receivable, Modified [Line Items] | ||||
Total modifications balance | 91 | 46 | 177 | 48 |
Term extension | Other | ||||
Financing Receivable, Modified [Line Items] | ||||
Total modifications balance | 0 | 0 | 0 | 0 |
Combination: Term extension and payment delay(4) | ||||
Financing Receivable, Modified [Line Items] | ||||
Total modifications balance | 0 | 2 | 0 | 27 |
Combination: Term extension and payment delay(4) | Commercial and industrial | ||||
Financing Receivable, Modified [Line Items] | ||||
Total modifications balance | 0 | 1 | 0 | 26 |
Combination: Term extension and payment delay(4) | Mortgage and real estate | ||||
Financing Receivable, Modified [Line Items] | ||||
Total modifications balance | 0 | 1 | 0 | 1 |
Combination: Term extension and payment delay(4) | Other | ||||
Financing Receivable, Modified [Line Items] | ||||
Total modifications balance | $ 0 | $ 0 | $ 0 | $ 0 |
LOANS - Performance of Modified
LOANS - Performance of Modified Corporate Loans (Details) - Corporate loans - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Financing Receivable, Modified [Line Items] | ||
Total modified loans balance | $ 308 | $ 342 |
Current | ||
Financing Receivable, Modified [Line Items] | ||
Total modified loans balance | 308 | 342 |
30–89 days past due | ||
Financing Receivable, Modified [Line Items] | ||
Total modified loans balance | 0 | 0 |
90+ days past due | ||
Financing Receivable, Modified [Line Items] | ||
Total modified loans balance | 0 | 0 |
Commercial and industrial | ||
Financing Receivable, Modified [Line Items] | ||
Total modified loans balance | 131 | 198 |
Commercial and industrial | Current | ||
Financing Receivable, Modified [Line Items] | ||
Total modified loans balance | 131 | 198 |
Commercial and industrial | 30–89 days past due | ||
Financing Receivable, Modified [Line Items] | ||
Total modified loans balance | 0 | 0 |
Commercial and industrial | 90+ days past due | ||
Financing Receivable, Modified [Line Items] | ||
Total modified loans balance | 0 | 0 |
Financial institutions | ||
Financing Receivable, Modified [Line Items] | ||
Total modified loans balance | 0 | 0 |
Financial institutions | Current | ||
Financing Receivable, Modified [Line Items] | ||
Total modified loans balance | 0 | 0 |
Financial institutions | 30–89 days past due | ||
Financing Receivable, Modified [Line Items] | ||
Total modified loans balance | 0 | 0 |
Financial institutions | 90+ days past due | ||
Financing Receivable, Modified [Line Items] | ||
Total modified loans balance | 0 | 0 |
Mortgage and real estate | ||
Financing Receivable, Modified [Line Items] | ||
Total modified loans balance | 177 | 144 |
Mortgage and real estate | Current | ||
Financing Receivable, Modified [Line Items] | ||
Total modified loans balance | 177 | 144 |
Mortgage and real estate | 30–89 days past due | ||
Financing Receivable, Modified [Line Items] | ||
Total modified loans balance | 0 | 0 |
Mortgage and real estate | 90+ days past due | ||
Financing Receivable, Modified [Line Items] | ||
Total modified loans balance | 0 | 0 |
Other | ||
Financing Receivable, Modified [Line Items] | ||
Total modified loans balance | 0 | 0 |
Other | Current | ||
Financing Receivable, Modified [Line Items] | ||
Total modified loans balance | 0 | 0 |
Other | 30–89 days past due | ||
Financing Receivable, Modified [Line Items] | ||
Total modified loans balance | 0 | 0 |
Other | 90+ days past due | ||
Financing Receivable, Modified [Line Items] | ||
Total modified loans balance | $ 0 | $ 0 |
LOANS - Consumer Loans, Delinqu
LOANS - Consumer Loans, Delinquencies and Non-Accrual Details (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | |
Financing Receivable, Past Due [Line Items] | |||||
Loans, net of unearned income | $ 687,722 | $ 687,722 | $ 689,362 | ||
Unallocated portfolio layer cumulative basis adjustments | (213) | (213) | 93 | ||
Held at fair value | 8,526 | 8,526 | 7,594 | ||
Reversal of accrued interest | 400 | $ 300 | 800 | $ 500 | |
Consumer loans | |||||
Financing Receivable, Past Due [Line Items] | |||||
Loans, net of unearned income | 386,117 | 386,117 | 389,197 | ||
Non-accrual loans for which there is no ACLL | 143 | 143 | 159 | ||
Non-accrual loans for which there is an ACLL | 1,109 | 1,109 | 1,156 | ||
Total non-accrual | 1,252 | 1,252 | 1,315 | ||
90 days past due and accruing | 2,638 | 2,638 | 2,674 | ||
Total excluding portfolio layer cumulative basis adjustments | 386,155 | 386,155 | |||
Unallocated portfolio layer cumulative basis adjustments | (38) | (38) | |||
Held at fair value | 294 | 294 | 313 | ||
Unearned income | 852 | 852 | 802 | ||
Accrued interest receivable | 1,000 | 1,000 | 1,000 | ||
Consumer loans | Current | |||||
Financing Receivable, Past Due [Line Items] | |||||
Loans, net of unearned income | 382,466 | ||||
Total excluding portfolio layer cumulative basis adjustments | 379,741 | 379,741 | |||
Consumer loans | 30–89 days past due | |||||
Financing Receivable, Past Due [Line Items] | |||||
Loans, net of unearned income | 3,259 | ||||
Total excluding portfolio layer cumulative basis adjustments | 2,971 | 2,971 | |||
Consumer loans | 90+ days past due | |||||
Financing Receivable, Past Due [Line Items] | |||||
Loans, net of unearned income | 3,233 | ||||
Total excluding portfolio layer cumulative basis adjustments | 3,198 | 3,198 | |||
Consumer loans | Past Due | Government-guaranteed | |||||
Financing Receivable, Past Due [Line Items] | |||||
Loans, net of unearned income | 239 | ||||
Total excluding portfolio layer cumulative basis adjustments | 245 | 245 | |||
Consumer loans | In North America offices | |||||
Financing Receivable, Past Due [Line Items] | |||||
Loans, net of unearned income | 312,833 | 312,833 | 313,158 | ||
Non-accrual loans for which there is no ACLL | 143 | 143 | 159 | ||
Non-accrual loans for which there is an ACLL | 576 | 576 | 569 | ||
Total non-accrual | 719 | 719 | 728 | ||
90 days past due and accruing | 2,570 | 2,570 | 2,586 | ||
Consumer loans | In North America offices | Current | |||||
Financing Receivable, Past Due [Line Items] | |||||
Loans, net of unearned income | 307,048 | 307,048 | 307,127 | ||
Consumer loans | In North America offices | 30–89 days past due | |||||
Financing Receivable, Past Due [Line Items] | |||||
Loans, net of unearned income | 2,648 | 2,648 | 2,895 | ||
Consumer loans | In North America offices | 90+ days past due | |||||
Financing Receivable, Past Due [Line Items] | |||||
Loans, net of unearned income | 2,892 | 2,892 | 2,897 | ||
Consumer loans | In North America offices | 90+ days past due | Personal Banking and Wealth Management [Member] | |||||
Financing Receivable, Past Due [Line Items] | |||||
Loans, net of unearned income | 26,200 | 26,200 | 29,200 | ||
Consumer loans | In North America offices | Past Due | Government-guaranteed | |||||
Financing Receivable, Past Due [Line Items] | |||||
Loans, net of unearned income | 245 | 245 | 239 | ||
Consumer loans | In offices outside North America | |||||
Financing Receivable, Past Due [Line Items] | |||||
Loans, net of unearned income | 73,322 | 73,322 | 76,039 | ||
Non-accrual loans for which there is no ACLL | 0 | 0 | 0 | ||
Non-accrual loans for which there is an ACLL | 533 | 533 | 587 | ||
Total non-accrual | 533 | 533 | 587 | ||
90 days past due and accruing | 68 | 68 | 88 | ||
Consumer loans | In offices outside North America | Classifiably managed | |||||
Financing Receivable, Past Due [Line Items] | |||||
Loans, net of unearned income | 17,472 | 17,472 | 17,007 | ||
Consumer loans | In offices outside North America | Current | |||||
Financing Receivable, Past Due [Line Items] | |||||
Loans, net of unearned income | 72,693 | 72,693 | 75,339 | ||
Consumer loans | In offices outside North America | 30–89 days past due | |||||
Financing Receivable, Past Due [Line Items] | |||||
Loans, net of unearned income | 323 | 323 | 364 | ||
Consumer loans | In offices outside North America | 90+ days past due | |||||
Financing Receivable, Past Due [Line Items] | |||||
Loans, net of unearned income | 306 | 306 | 336 | ||
Consumer loans | In offices outside North America | 90+ days past due | Personal Banking and Wealth Management [Member] | |||||
Financing Receivable, Past Due [Line Items] | |||||
Loans, net of unearned income | 17,500 | 17,500 | 17,000 | ||
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] | |||||
Held at fair value | 294 | 294 | 313 | ||
Consumer loans | Residential mortgages | In North America offices | |||||
Financing Receivable, Past Due [Line Items] | |||||
Loans, net of unearned income | 112,710 | 112,710 | 108,711 | ||
Non-accrual loans for which there is no ACLL | 115 | 115 | 105 | ||
Non-accrual loans for which there is an ACLL | 393 | 393 | 384 | ||
Total non-accrual | 508 | 508 | 489 | ||
90 days past due and accruing | 117 | 117 | 120 | ||
Mortgage loans in process of foreclosure | 100 | 100 | 100 | ||
Consumer loans | Residential mortgages | In North America offices | Current | |||||
Financing Receivable, Past Due [Line Items] | |||||
Loans, net of unearned income | 111,763 | 111,763 | 107,720 | ||
Consumer loans | Residential mortgages | In North America offices | 30–89 days past due | |||||
Financing Receivable, Past Due [Line Items] | |||||
Loans, net of unearned income | 386 | 386 | 462 | ||
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 | |||
Consumer loans | Residential mortgages | In North America offices | 90+ days past due | |||||
Financing Receivable, Past Due [Line Items] | |||||
Loans, net of unearned income | 321 | 321 | 294 | ||
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 | ||||
Consumer loans | Residential mortgages | In North America offices | Past Due | Government-guaranteed | |||||
Financing Receivable, Past Due [Line Items] | |||||
Loans, net of unearned income | 240 | 240 | 235 | ||
Consumer loans | Residential mortgages | In offices outside North America | |||||
Financing Receivable, Past Due [Line Items] | |||||
Loans, net of unearned income | 25,489 | 25,489 | 26,426 | ||
Non-accrual loans for which there is no ACLL | 0 | 0 | 0 | ||
Non-accrual loans for which there is an ACLL | 235 | 235 | 243 | ||
Total non-accrual | 235 | 235 | 243 | ||
90 days past due and accruing | 0 | 0 | 0 | ||
Mortgage loans in process of foreclosure | 100 | 100 | 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 | 19,600 | 19,600 | 19,900 | ||
Consumer loans | Residential mortgages | In offices outside North America | Current | |||||
Financing Receivable, Past Due [Line Items] | |||||
Loans, net of unearned income | 25,384 | 25,384 | 26,309 | ||
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 | 40 | 40 | 48 | ||
Consumer loans | Residential mortgages | In offices outside North America | 90+ days past due | |||||
Financing Receivable, Past Due [Line Items] | |||||
Loans, net of unearned income | 65 | 65 | 69 | ||
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 | In North America offices | |||||
Financing Receivable, Past Due [Line Items] | |||||
Loans, net of unearned income | 3,338 | 3,338 | 3,592 | ||
Non-accrual loans for which there is no ACLL | 22 | 22 | 48 | ||
Non-accrual loans for which there is an ACLL | 143 | 143 | 126 | ||
Total non-accrual | 165 | 165 | 174 | ||
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 | 3,228 | 3,228 | 3,471 | ||
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 | 28 | 28 | 36 | ||
Consumer loans | Home equity loans | In North America offices | 90+ days past due | |||||
Financing Receivable, Past Due [Line Items] | |||||
Loans, net of unearned income | 82 | 82 | 85 | ||
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 | In North America offices | |||||
Financing Receivable, Past Due [Line Items] | |||||
Loans, net of unearned income | 163,467 | 163,467 | 164,720 | ||
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 | 2,445 | 2,445 | 2,461 | ||
Consumer loans | Credit cards | In North America offices | Current | |||||
Financing Receivable, Past Due [Line Items] | |||||
Loans, net of unearned income | 158,903 | 158,903 | 159,966 | ||
Consumer loans | Credit cards | In North America offices | 30–89 days past due | |||||
Financing Receivable, Past Due [Line Items] | |||||
Loans, net of unearned income | 2,119 | 2,119 | 2,293 | ||
Consumer loans | Credit cards | In North America offices | 90+ days past due | |||||
Financing Receivable, Past Due [Line Items] | |||||
Loans, net of unearned income | 2,445 | 2,445 | 2,461 | ||
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 | 13,197 | 13,197 | 14,233 | ||
Non-accrual loans for which there is no ACLL | 0 | 0 | 0 | ||
Non-accrual loans for which there is an ACLL | 198 | 198 | 211 | ||
Total non-accrual | 198 | 198 | 211 | ||
90 days past due and accruing | 68 | 68 | 88 | ||
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 | 12,805 | 12,805 | 13,797 | ||
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 | 187 | 187 | 209 | ||
Consumer loans | Credit cards | In offices outside North America | 90+ days past due | |||||
Financing Receivable, Past Due [Line Items] | |||||
Loans, net of unearned income | 205 | 205 | 227 | ||
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 | In North America offices | |||||
Financing Receivable, Past Due [Line Items] | |||||
Loans, net of unearned income | 33,318 | 33,318 | 36,135 | ||
Non-accrual loans for which there is no ACLL | 6 | 6 | 6 | ||
Non-accrual loans for which there is an ACLL | 40 | 40 | 59 | ||
Total non-accrual | 46 | 46 | 65 | ||
90 days past due and accruing | 8 | 8 | 5 | ||
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 | $ 28,500 | $ 28,500 | $ 31,600 | ||
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 | 84% | 84% | 92% | ||
Consumer loans | Personal, small business and other | In North America offices | Current | |||||
Financing Receivable, Past Due [Line Items] | |||||
Loans, net of unearned income | $ 33,154 | $ 33,154 | $ 35,970 | ||
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 | 115 | 115 | 104 | ||
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 | 44 | 44 | 57 | ||
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 | 5 | 5 | 4 | ||
Consumer loans | Personal, small business and other | In offices outside North America | |||||
Financing Receivable, Past Due [Line Items] | |||||
Loans, net of unearned income | 34,636 | 34,636 | 35,380 | ||
Non-accrual loans for which there is no ACLL | 0 | 0 | 0 | ||
Non-accrual loans for which there is an ACLL | 100 | 100 | 133 | ||
Total non-accrual | 100 | 100 | 133 | ||
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 | 17,472 | 17,472 | $ 17,007 | ||
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 | 92% | ||||
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 | $ 25,000 | $ 25,000 | $ 24,900 | ||
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 | $ 17,000 | ||||
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 | 61% | 61% | 74% | ||
Consumer loans | Personal, small business and other | In offices outside North America | Current | |||||
Financing Receivable, Past Due [Line Items] | |||||
Loans, net of unearned income | $ 34,504 | $ 34,504 | $ 35,233 | ||
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 | 96 | 96 | 107 | ||
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 | 36 | 36 | 40 | ||
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 | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Financing Receivable, Nonaccrual [Line Items] | ||||
Interest income | $ 8 | $ 9 | $ 14 | $ 15 |
Loans sold and/or reclassified to held-for-sale | 1 | 2 | 59 | 1,830 |
In North America offices | ||||
Financing Receivable, Nonaccrual [Line Items] | ||||
Interest income | 4 | 5 | 8 | 10 |
In offices outside North America | ||||
Financing Receivable, Nonaccrual [Line Items] | ||||
Interest income | 4 | 4 | 6 | 5 |
Residential mortgages | In North America offices | ||||
Financing Receivable, Nonaccrual [Line Items] | ||||
Interest income | 2 | 3 | 5 | 6 |
Residential mortgages | In offices outside North America | ||||
Financing Receivable, Nonaccrual [Line Items] | ||||
Interest income | 3 | 4 | 5 | 5 |
Home equity loans | In North America offices | ||||
Financing Receivable, Nonaccrual [Line Items] | ||||
Interest income | 2 | 1 | 3 | 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 | 0 | 1 | 0 | 1 |
Personal, small business and other | In offices outside North America | ||||
Financing Receivable, Nonaccrual [Line Items] | ||||
Interest income | $ 1 | $ 0 | $ 1 | $ 0 |
LOANS - Consumer Loans Credit S
LOANS - Consumer Loans Credit Scores (Details) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans, net of unearned income | $ 687,722 | $ 689,362 |
Unallocated portfolio layer cumulative basis adjustments | (213) | 93 |
Consumer loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans, net of unearned income | 386,117 | 389,197 |
Unallocated portfolio layer cumulative basis adjustments | (38) | |
Consumer loans | 90+ days past due | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans, net of unearned income | 3,233 | |
Consumer loans | In North America offices | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans, net of unearned income | 312,833 | 313,158 |
Consumer loans | In North America offices | 90+ days past due | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans, net of unearned income | 2,892 | 2,897 |
Consumer loans | In North America offices | 90+ days past due | Personal Banking and Wealth Management [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans, net of unearned income | 26,200 | 29,200 |
Consumer loans | In offices outside North America | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans, net of unearned income | 73,322 | 76,039 |
Consumer loans | In offices outside North America | 90+ days past due | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans, net of unearned income | 306 | 336 |
Consumer loans | In offices outside North America | 90+ days past due | Personal Banking and Wealth Management [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans, net of unearned income | 17,500 | 17,000 |
Consumer loans | U.S. plans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans, net of unearned income | 311,381 | 311,671 |
Consumer loans | Residential mortgages | In North America offices | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans, net of unearned income | 112,710 | 108,711 |
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 | 321 | 294 |
Consumer loans | Residential mortgages | In offices outside North America | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans, net of unearned income | 25,489 | 26,426 |
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 | 65 | 69 |
Consumer loans | Residential mortgages | U.S. plans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans, net of unearned income | 112,710 | 108,711 |
Consumer loans | Home equity loans | In North America offices | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans, net of unearned income | 3,338 | 3,592 |
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 | 82 | 85 |
Consumer loans | Home equity loans | U.S. plans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans, net of unearned income | 3,338 | 3,592 |
Consumer loans | Credit cards | In North America offices | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans, net of unearned income | 163,467 | 164,720 |
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 | 2,445 | 2,461 |
Consumer loans | Credit cards | In offices outside North America | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Revolving loans converted to term loans | 33 | 51 |
Total loans, net of unearned income | 13,197 | 14,233 |
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 | 205 | 227 |
Consumer loans | Credit cards | Canada | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans, net of unearned income | 609 | 610 |
Consumer loans | Credit cards | U.S. plans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans, net of unearned income | 162,858 | 164,110 |
Consumer loans | Personal, small business and other | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Revolving loans converted to term loans | 28 | 37 |
Consumer loans | Personal, small business and other | In North America offices | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans, net of unearned income | 33,318 | 36,135 |
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 | 44 | 57 |
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 | 34,636 | $ 35,380 |
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 | 92% | |
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 | 36 | $ 40 |
Consumer loans | Personal, small business and other | Canada | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans, net of unearned income | 843 | 877 |
Consumer loans | Personal, small business and other | U.S. plans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans, net of unearned income | 32,475 | 35,258 |
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 | 74,700 | 77,500 |
Consumer loans | Less than 660 | U.S. plans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans, net of unearned income | 26,442 | 26,297 |
Consumer loans | Less than 660 | Residential mortgages | U.S. plans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 48 | 163 |
One year prior to current fiscal year | 204 | 339 |
Two years prior to current fiscal year | 387 | 270 |
Three years prior to current fiscal year | 336 | 232 |
Four years prior to current fiscal year | 250 | 138 |
Prior | 1,596 | 1,377 |
Total loans, net of unearned income | 2,821 | 2,519 |
Consumer loans | Less than 660 | Home equity line of credit (pre-reset) | U.S. plans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans, net of unearned income | 295 | 300 |
Consumer loans | Less than 660 | Home equity line of credit (post-reset) | U.S. plans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans, net of unearned income | 62 | 61 |
Consumer loans | Less than 660 | Home equity term loans | U.S. plans | ||
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 | 0 |
Three years prior to current fiscal year | 0 | 2 |
Four years prior to current fiscal year | 0 | 0 |
Prior | 51 | 54 |
Total loans, net of unearned income | 51 | 56 |
Consumer loans | Less than 660 | Home equity loans | U.S. plans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans, net of unearned income | 408 | 417 |
Consumer loans | Less than 660 | Credit cards | U.S. plans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans, net of unearned income | 21,559 | 21,899 |
Consumer loans | Less than 660 | Credit cards | U.S. plans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Revolving loans converted to term loans | 1,190 | 1,011 |
Total loans, net of unearned income | 22,749 | 22,910 |
Consumer loans | Less than 660 | Personal, small business and other | U.S. plans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 25 | 88 |
One year prior to current fiscal year | 133 | 204 |
Two years prior to current fiscal year | 167 | 52 |
Three years prior to current fiscal year | 39 | 6 |
Four years prior to current fiscal year | 4 | 5 |
Prior | 96 | 96 |
Total loans, net of unearned income | 464 | 451 |
Consumer loans | 660 to 739 | U.S. plans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans, net of unearned income | 77,164 | 76,958 |
Consumer loans | 660 to 739 | Residential mortgages | U.S. plans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 1,068 | 2,758 |
One year prior to current fiscal year | 2,880 | 3,423 |
Two years prior to current fiscal year | 3,283 | 3,107 |
Three years prior to current fiscal year | 2,906 | 2,143 |
Four years prior to current fiscal year | 2,163 | 1,382 |
Prior | 5,143 | 4,122 |
Total loans, net of unearned income | 17,443 | 16,935 |
Consumer loans | 660 to 739 | Home equity line of credit (pre-reset) | U.S. plans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans, net of unearned income | 816 | 905 |
Consumer loans | 660 to 739 | Home equity line of credit (post-reset) | U.S. plans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans, net of unearned income | 79 | 76 |
Consumer loans | 660 to 739 | Home equity term loans | U.S. plans | ||
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 | 0 |
Three years prior to current fiscal year | 0 | 1 |
Four years prior to current fiscal year | 1 | 1 |
Prior | 99 | 109 |
Total loans, net of unearned income | 100 | 111 |
Consumer loans | 660 to 739 | Home equity loans | U.S. plans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans, net of unearned income | 995 | 1,092 |
Consumer loans | 660 to 739 | Credit cards | U.S. plans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans, net of unearned income | 57,179 | 57,479 |
Consumer loans | 660 to 739 | Credit cards | U.S. plans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Revolving loans converted to term loans | 560 | 490 |
Total loans, net of unearned income | 57,739 | 57,969 |
Consumer loans | 660 to 739 | Personal, small business and other | U.S. plans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 147 | 343 |
One year prior to current fiscal year | 363 | 351 |
Two years prior to current fiscal year | 256 | 83 |
Three years prior to current fiscal year | 58 | 9 |
Four years prior to current fiscal year | 5 | 7 |
Prior | 158 | 169 |
Total loans, net of unearned income | 987 | 962 |
Consumer loans | Greater than or equal to 740 | U.S. plans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans, net of unearned income | 168,822 | 166,745 |
Consumer loans | Greater than or equal to 740 | Residential mortgages | U.S. plans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 5,728 | 14,309 |
One year prior to current fiscal year | 13,688 | 16,834 |
Two years prior to current fiscal year | 16,506 | 15,094 |
Three years prior to current fiscal year | 14,867 | 12,827 |
Four years prior to current fiscal year | 12,471 | 6,266 |
Prior | 21,546 | 16,164 |
Total loans, net of unearned income | 84,806 | 81,494 |
Consumer loans | Greater than or equal to 740 | Home equity line of credit (pre-reset) | U.S. plans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans, net of unearned income | 1,687 | 1,873 |
Consumer loans | Greater than or equal to 740 | Home equity line of credit (post-reset) | U.S. plans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans, net of unearned income | 73 | 69 |
Consumer loans | Greater than or equal to 740 | Home equity term loans | U.S. plans | ||
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 | 1 | 2 |
Four years prior to current fiscal year | 2 | 2 |
Prior | 119 | 131 |
Total loans, net of unearned income | 122 | 136 |
Consumer loans | Greater than or equal to 740 | Home equity loans | U.S. plans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans, net of unearned income | 1,882 | 2,078 |
Consumer loans | Greater than or equal to 740 | Credit cards | U.S. plans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans, net of unearned income | 79,982 | 81,168 |
Consumer loans | Greater than or equal to 740 | Credit cards | U.S. plans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Revolving loans converted to term loans | 117 | 108 |
Total loans, net of unearned income | 80,099 | 81,276 |
Consumer loans | Greater than or equal to 740 | Personal, small business and other | U.S. plans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 514 | 996 |
One year prior to current fiscal year | 863 | 583 |
Two years prior to current fiscal year | 406 | 128 |
Three years prior to current fiscal year | 86 | 14 |
Four years prior to current fiscal year | 8 | 8 |
Prior | 158 | 168 |
Total loans, net of unearned income | 2,035 | 1,897 |
Consumer loans | Classifiably managed | In offices outside North America | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans, net of unearned income | 17,472 | 17,007 |
Consumer loans | Classifiably managed | U.S. plans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans, net of unearned income | 26,236 | 29,209 |
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 | Residential mortgages | U.S. plans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans, net of unearned income | 0 | 0 |
Consumer loans | Classifiably managed | Home equity loans | U.S. plans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans, net of unearned income | 0 | 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 | Credit cards | U.S. plans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans, net of unearned income | 0 | 0 |
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 | 17,472 | 17,007 |
Consumer loans | Classifiably managed | Personal, small business and other | U.S. plans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans, net of unearned income | 26,236 | 29,209 |
Consumer loans | FICO not available | U.S. plans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans, net of unearned income | 12,717 | 12,462 |
Consumer loans | FICO not available | Residential mortgages | U.S. plans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans, net of unearned income | 7,640 | 7,763 |
Consumer loans | FICO not available | Home equity loans | U.S. plans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans, net of unearned income | 53 | 5 |
Consumer loans | FICO not available | Credit cards | U.S. plans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans, net of unearned income | 2,271 | 1,955 |
Consumer loans | FICO not available | Personal, small business and other | U.S. plans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans, net of unearned income | $ 2,753 | $ 2,739 |
LOANS - Consumer Loans Gross Cr
LOANS - Consumer Loans Gross Credit Losses (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total | $ 2,715 | $ 1,879 | $ 5,405 | $ 3,513 |
Consumer loans | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total | $ 2,586 | $ 1,793 | 5,098 | 3,388 |
Consumer loans | Residential mortgages | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
2024 | 0 | 0 | ||
2023 | 1 | 1 | ||
2022 | 0 | 0 | ||
2021 | 0 | 1 | ||
2020 | 0 | 3 | ||
Prior | 22 | 20 | ||
Total | 23 | 25 | ||
Consumer loans | Home equity loans | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total | 5 | 3 | ||
Consumer loans | Home equity line of credit (pre-reset) | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total | 3 | 2 | ||
Consumer loans | Home equity line of credit (post-reset) | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total | 1 | 0 | ||
Consumer loans | Home equity term loans | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Revolving loans converted to term loans | 1 | 1 | ||
Consumer loans | Credit cards | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Revolving loans converted to term loans | 119 | 87 | ||
Total | 4,557 | 2,925 | ||
Consumer loans | Credit cards | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total | 4,676 | 3,012 | ||
Consumer loans | Personal, small business and other | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
2024 | 58 | 69 | ||
2023 | 100 | 89 | ||
2022 | 95 | 56 | ||
2021 | 37 | 23 | ||
2020 | 14 | 27 | ||
Prior | 90 | 84 | ||
Total | $ 394 | $ 348 |
LOANS - Loan-to-Value Ratios Co
LOANS - Loan-to-Value Ratios Consumer Loans (Details) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans, net of unearned income | $ 687,722 | $ 689,362 |
Unallocated portfolio layer cumulative basis adjustments | (213) | 93 |
Consumer loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans, net of unearned income | 386,117 | 389,197 |
Unallocated portfolio layer cumulative basis adjustments | (38) | |
Consumer loans | UNITED STATES | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans, net of unearned income | 311,381 | 311,671 |
Consumer loans | In offices outside North America | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans, net of unearned income | 73,322 | 76,039 |
Consumer loans | Less than or equal to 80% | UNITED STATES | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans, net of unearned income | 106,517 | 101,290 |
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 | 7,523 | 9,119 |
Consumer loans | Greater than 100% | UNITED STATES | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans, net of unearned income | 154 | 207 |
Consumer loans | LTV not available | UNITED STATES | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans, net of unearned income | 1,854 | 1,687 |
Consumer loans | Total | UNITED STATES | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans, net of unearned income | 116,048 | 112,303 |
Consumer loans | Residential mortgages | UNITED STATES | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans, net of unearned income | 112,710 | 108,711 |
Consumer loans | Residential mortgages | In offices outside North America | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans, net of unearned income | 25,489 | 26,426 |
Consumer loans | Residential mortgages | Less than or equal to 80% | UNITED STATES | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 5,408 | 13,907 |
One year prior to current fiscal year | 14,753 | 17,736 |
Two years prior to current fiscal year | 18,717 | 18,795 |
Three years prior to current fiscal year | 18,620 | 16,094 |
Four years prior to current fiscal year | 15,790 | 8,198 |
Prior | 30,067 | 23,120 |
Total loans, net of unearned income | 103,355 | 97,850 |
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 | 1,584 | 2,756 |
One year prior to current fiscal year | 2,597 | 3,229 |
Two years prior to current fiscal year | 2,859 | 3,257 |
Three years prior to current fiscal year | 2,821 | 2,286 |
Four years prior to current fiscal year | 1,971 | 2,525 |
Prior | 8,939 | 8,000 |
Total loans, net of unearned income | $ 20,771 | $ 22,053 |
Loan to value ratio | 56% | 55% |
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 | $ 1,463 | $ 3,769 |
One year prior to current fiscal year | 2,461 | 3,900 |
Two years prior to current fiscal year | 2,445 | 728 |
Three years prior to current fiscal year | 506 | 306 |
Four years prior to current fiscal year | 254 | 191 |
Prior | 362 | 191 |
Total loans, net of unearned income | 7,491 | 9,085 |
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 | 267 | 1,007 |
One year prior to current fiscal year | 840 | 807 |
Two years prior to current fiscal year | 674 | 754 |
Three years prior to current fiscal year | 670 | 454 |
Four years prior to current fiscal year | 379 | 84 |
Prior | 156 | 84 |
Total loans, net of unearned income | 2,986 | 3,190 |
Consumer loans | Residential mortgages | Greater than 100% | UNITED STATES | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 0 | 3 |
One year prior to current fiscal year | 2 | 52 |
Two years prior to current fiscal year | 32 | 33 |
Three years prior to current fiscal year | 33 | 1 |
Four years prior to current fiscal year | 1 | 26 |
Prior | 26 | 23 |
Total loans, net of unearned income | 94 | 138 |
Consumer loans | Residential mortgages | Greater than 100% | In offices outside North America | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 0 | 112 |
One year prior to current fiscal year | 246 | 439 |
Two years prior to current fiscal year | 515 | 382 |
Three years prior to current fiscal year | 426 | 62 |
Four years prior to current fiscal year | 125 | 2 |
Prior | 7 | 3 |
Total loans, net of unearned income | 1,319 | 1,000 |
Consumer loans | Residential mortgages | LTV not available | UNITED STATES | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans, net of unearned income | 1,770 | 1,638 |
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 | 413 | 183 |
Consumer loans | Home equity loans | UNITED STATES | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans, net of unearned income | 3,338 | 3,592 |
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 | 3,162 | 3,440 |
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 | 32 | 34 |
Consumer loans | Home equity loans | Greater than 100% | UNITED STATES | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans, net of unearned income | 60 | 69 |
Consumer loans | Home equity loans | LTV not available | UNITED STATES | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans, net of unearned income | 84 | 49 |
Consumer loans | Home equity line of credit (pre-reset) | Less than or equal to 80% | UNITED STATES | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans, net of unearned income | 2,702 | 2,964 |
Consumer loans | Home equity line of credit (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 | 28 | 29 |
Consumer loans | Home equity line of credit (pre-reset) | Greater than 100% | UNITED STATES | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans, net of unearned income | 50 | 57 |
Consumer loans | Home equity line of credit (post-reset) | Less than or equal to 80% | UNITED STATES | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans, net of unearned income | 460 | 476 |
Consumer loans | Home equity line of credit (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 | 4 | 5 |
Consumer loans | Home equity line of credit (post-reset) | Greater than 100% | UNITED STATES | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans, net of unearned income | $ 10 | $ 12 |
LOANS - Consumer Loans and Rati
LOANS - Consumer Loans and Ratios Outside of North America (Details) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 | Jun. 30, 2023 |
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans, net of unearned income | $ 687,722 | $ 689,362 | |
Consumer loans | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans, net of unearned income | 386,117 | 389,197 | |
Consumer loans | 30–89 days past due | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans, net of unearned income | 3,259 | ||
Consumer loans | 90+ days past due | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans, net of unearned income | 3,233 | ||
In offices outside North America | Consumer loans | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans, net of unearned income | $ 73,322 | 76,039 | |
NCL ratio | 1.33% | 1.12% | |
In offices outside North America | Consumer loans | 30–89 days past due | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans, net of unearned income | $ 323 | $ 364 | |
Past due ratio | 0.58% | 0.62% | |
In offices outside North America | Consumer loans | 90+ days past due | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans, net of unearned income | $ 306 | $ 336 | |
Past due ratio | 0.55% | 0.57% | |
In offices outside North America | Consumer loans | Classifiably managed | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans, net of unearned income | $ 17,472 | $ 17,007 | |
In offices outside North America | Consumer loans | FICO Score, Delinquency Managed Loans | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans, net of unearned income | 55,850 | 59,032 | |
In offices outside North America | Consumer loans | Classifiably Managed and Delinquency Managed | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans, net of unearned income | 74,700 | 77,500 | |
In offices outside North America | Consumer loans | Residential mortgages | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans, net of unearned income | $ 25,489 | 26,426 | |
NCL ratio | 0.04% | (0.01%) | |
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 | $ 40 | $ 48 | |
Past due ratio | 0.16% | 0.18% | |
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 | $ 65 | $ 69 | |
Past due ratio | 0.26% | 0.26% | |
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 | 25,489 | 26,426 | |
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 | 19,600 | 19,900 | |
In offices outside North America | Consumer loans | Credit cards | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans, net of unearned income | $ 13,197 | 14,233 | |
NCL ratio | 4.70% | 3.98% | |
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 | $ 187 | $ 209 | |
Past due ratio | 1.42% | 1.47% | |
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 | $ 205 | $ 227 | |
Past due ratio | 1.55% | 1.59% | |
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 | 13,197 | 14,233 | |
In offices outside North America | Consumer loans | Personal, small business and other | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans, net of unearned income | $ 34,636 | 35,380 | |
NCL ratio | 0.96% | 0.91% | |
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 | $ 96 | $ 107 | |
Past due ratio | 0.56% | 0.58% | |
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 | $ 36 | $ 40 | |
Past due ratio | 0.21% | 0.22% | |
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 | $ 17,472 | $ 17,007 | |
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 | 17,164 | 18,373 | |
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 | 25,000 | 24,900 | |
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 | 17,000 | ||
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 | $ 25,000 | $ 24,900 |
LOANS - Types of Consumer Loan
LOANS - Types of Consumer Loan Modifications and Their Financial Effect (Details) - Consumer loans - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
In North America offices | ||||
Financing Receivable, Impaired [Line Items] | ||||
Modifications as % of loans | 0.14% | 0.11% | 0.27% | 0.21% |
Total modifications balance | $ 444 | $ 335 | $ 846 | $ 624 |
In North America offices | Interest rate reduction | ||||
Financing Receivable, Impaired [Line Items] | ||||
Total modifications balance | 411 | 276 | 778 | 501 |
In North America offices | Term extension | ||||
Financing Receivable, Impaired [Line Items] | ||||
Total modifications balance | 17 | 16 | 38 | 31 |
In North America offices | Payment delay | ||||
Financing Receivable, Impaired [Line Items] | ||||
Total modifications balance | 7 | 30 | 15 | 70 |
In North America offices | Combination: interest rate reduction and term extension | ||||
Financing Receivable, Impaired [Line Items] | ||||
Total modifications balance | 9 | 13 | 15 | 22 |
In North America offices | Combination: term extension and payment delay | ||||
Financing Receivable, Impaired [Line Items] | ||||
Total modifications balance | 0 | 0 | 0 | 0 |
In North America offices | Combination: interest rate reduction, term extension and payment delay | ||||
Financing Receivable, Impaired [Line Items] | ||||
Total modifications balance | $ 0 | $ 0 | $ 0 | $ 0 |
In offices outside North America | ||||
Financing Receivable, Impaired [Line Items] | ||||
Modifications as % of loans | 0.03% | 0.38% | 0.06% | 0.43% |
Total modifications balance | $ 24 | $ 297 | $ 47 | $ 335 |
In offices outside North America | Interest rate reduction | ||||
Financing Receivable, Impaired [Line Items] | ||||
Total modifications balance | 5 | 16 | 11 | 31 |
In offices outside North America | Term extension | ||||
Financing Receivable, Impaired [Line Items] | ||||
Total modifications balance | 1 | 2 | 3 | 4 |
In offices outside North America | Payment delay | ||||
Financing Receivable, Impaired [Line Items] | ||||
Total modifications balance | 11 | 0 | 23 | 0 |
In offices outside North America | Combination: interest rate reduction and term extension | ||||
Financing Receivable, Impaired [Line Items] | ||||
Total modifications balance | 7 | 4 | 10 | 10 |
In offices outside North America | Combination: term extension and payment delay | ||||
Financing Receivable, Impaired [Line Items] | ||||
Total modifications balance | 0 | 275 | 0 | 290 |
In offices outside North America | Combination: interest rate reduction, term extension and payment delay | ||||
Financing Receivable, Impaired [Line Items] | ||||
Total modifications balance | 0 | 0 | 0 | 0 |
Residential mortgages | ||||
Financing Receivable, Impaired [Line Items] | ||||
Loans forgiven | 2 | 1 | $ 2 | 1 |
Residential mortgages | In North America offices | ||||
Financing Receivable, Impaired [Line Items] | ||||
Trial modifications, period | 3 months | |||
Trial modifications, amount | 11 | 15 | $ 17 | 26 |
Loans that had gone through bankruptcy | $ 1 | $ 1 | $ 3 | $ 2 |
Modifications as % of loans | 0.02% | 0.05% | 0.05% | 0.10% |
Total modifications balance | $ 26 | $ 47 | $ 55 | $ 100 |
Weighted-average interest rate reduction % | 0% | 1% | 0% | 1% |
Weighted average term extension | 190 months | 191 months | 187 months | 187 months |
Weighted average delay in payments | 9 months | 6 months | 9 months | 6 months |
Residential mortgages | In North America offices | Interest rate reduction | ||||
Financing Receivable, Impaired [Line Items] | ||||
Total modifications balance | $ 0 | $ 1 | $ 0 | $ 1 |
Residential mortgages | In North America offices | Term extension | ||||
Financing Receivable, Impaired [Line Items] | ||||
Total modifications balance | 17 | 15 | 38 | 30 |
Residential mortgages | In North America offices | Payment delay | ||||
Financing Receivable, Impaired [Line Items] | ||||
Total modifications balance | 7 | 29 | 14 | 64 |
Residential mortgages | In North America offices | Combination: interest rate reduction and term extension | ||||
Financing Receivable, Impaired [Line Items] | ||||
Total modifications balance | 2 | 2 | 3 | 5 |
Residential mortgages | In North America offices | Combination: term extension and payment delay | ||||
Financing Receivable, Impaired [Line Items] | ||||
Total modifications balance | 0 | 0 | 0 | 0 |
Residential mortgages | In North America offices | Combination: interest rate reduction, term extension and payment delay | ||||
Financing Receivable, Impaired [Line Items] | ||||
Total modifications balance | $ 0 | $ 0 | $ 0 | $ 0 |
Residential mortgages | In offices outside North America | ||||
Financing Receivable, Impaired [Line Items] | ||||
Modifications as % of loans | 0.05% | 1.03% | 0.09% | 1.09% |
Total modifications balance | $ 12 | $ 278 | $ 24 | $ 296 |
Weighted-average interest rate reduction % | 2% | 0% | 2% | 0% |
Weighted average term extension | 168 months | 1 month | 183 months | 2 months |
Weighted average delay in payments | 12 months | 1 month | 12 months | 2 months |
Residential mortgages | In offices outside North America | Interest rate reduction | ||||
Financing Receivable, Impaired [Line Items] | ||||
Total modifications balance | $ 0 | $ 3 | $ 0 | $ 5 |
Residential mortgages | In offices outside North America | Term extension | ||||
Financing Receivable, Impaired [Line Items] | ||||
Total modifications balance | 0 | 0 | 0 | 0 |
Residential mortgages | In offices outside North America | Payment delay | ||||
Financing Receivable, Impaired [Line Items] | ||||
Total modifications balance | 11 | 0 | 23 | 0 |
Residential mortgages | In offices outside North America | Combination: interest rate reduction and term extension | ||||
Financing Receivable, Impaired [Line Items] | ||||
Total modifications balance | 1 | 0 | 1 | 1 |
Residential mortgages | In offices outside North America | Combination: term extension and payment delay | ||||
Financing Receivable, Impaired [Line Items] | ||||
Total modifications balance | 0 | 275 | 0 | 290 |
Residential mortgages | In offices outside North America | Combination: interest rate reduction, term extension and payment delay | ||||
Financing Receivable, Impaired [Line Items] | ||||
Total modifications balance | $ 0 | $ 0 | $ 0 | $ 0 |
Home equity loans | In North America offices | ||||
Financing Receivable, Impaired [Line Items] | ||||
Modifications as % of loans | 0.03% | 0.23% | 0.03% | 0.48% |
Total modifications balance | $ 1 | $ 9 | $ 1 | $ 19 |
Weighted-average interest rate reduction % | 1% | 2% | 2% | 2% |
Weighted average term extension | 172 months | 119 months | 146 months | 120 months |
Weighted average delay in payments | 6 months | 6 months | ||
Home equity loans | In North America offices | Interest rate reduction | ||||
Financing Receivable, Impaired [Line Items] | ||||
Total modifications balance | $ 0 | $ 0 | $ 0 | $ 0 |
Home equity loans | In North America offices | Term extension | ||||
Financing Receivable, Impaired [Line Items] | ||||
Total modifications balance | 0 | 0 | 0 | 0 |
Home equity loans | In North America offices | Payment delay | ||||
Financing Receivable, Impaired [Line Items] | ||||
Total modifications balance | 0 | 1 | 0 | 6 |
Home equity loans | In North America offices | Combination: interest rate reduction and term extension | ||||
Financing Receivable, Impaired [Line Items] | ||||
Total modifications balance | 1 | 8 | 1 | 13 |
Home equity loans | In North America offices | Combination: term extension and payment delay | ||||
Financing Receivable, Impaired [Line Items] | ||||
Total modifications balance | 0 | 0 | 0 | 0 |
Home equity loans | In North America offices | Combination: interest rate reduction, term extension and payment delay | ||||
Financing Receivable, Impaired [Line Items] | ||||
Total modifications balance | 0 | 0 | 0 | 0 |
Credit cards | ||||
Financing Receivable, Impaired [Line Items] | ||||
Loans forgiven | $ 28 | $ 16 | $ 39 | $ 26 |
Credit cards | In North America offices | ||||
Financing Receivable, Impaired [Line Items] | ||||
Modifications as % of loans | 0.25% | 0.18% | 0.48% | 0.33% |
Total modifications balance | $ 411 | $ 275 | $ 777 | $ 499 |
Weighted-average interest rate reduction % | 24% | 22% | 24% | 22% |
Credit cards | In North America offices | Interest rate reduction | ||||
Financing Receivable, Impaired [Line Items] | ||||
Total modifications balance | $ 411 | $ 275 | $ 777 | $ 499 |
Credit cards | In North America offices | Term extension | ||||
Financing Receivable, Impaired [Line Items] | ||||
Total modifications balance | 0 | 0 | 0 | 0 |
Credit cards | In North America offices | Payment delay | ||||
Financing Receivable, Impaired [Line Items] | ||||
Total modifications balance | 0 | 0 | 0 | 0 |
Credit cards | In North America offices | Combination: interest rate reduction and term extension | ||||
Financing Receivable, Impaired [Line Items] | ||||
Total modifications balance | 0 | 0 | 0 | 0 |
Credit cards | In North America offices | Combination: term extension and payment delay | ||||
Financing Receivable, Impaired [Line Items] | ||||
Total modifications balance | 0 | 0 | 0 | 0 |
Credit cards | In North America offices | Combination: interest rate reduction, term extension and payment delay | ||||
Financing Receivable, Impaired [Line Items] | ||||
Total modifications balance | $ 0 | $ 0 | $ 0 | $ 0 |
Credit cards | In offices outside North America | ||||
Financing Receivable, Impaired [Line Items] | ||||
Modifications as % of loans | 0.03% | 0.09% | 0.06% | 0.17% |
Total modifications balance | $ 4 | $ 12 | $ 8 | $ 23 |
Weighted-average interest rate reduction % | 24% | 18% | 24% | 18% |
Credit cards | In offices outside North America | Interest rate reduction | ||||
Financing Receivable, Impaired [Line Items] | ||||
Total modifications balance | $ 4 | $ 12 | $ 8 | $ 23 |
Credit cards | In offices outside North America | Term extension | ||||
Financing Receivable, Impaired [Line Items] | ||||
Total modifications balance | 0 | 0 | 0 | 0 |
Credit cards | In offices outside North America | Payment delay | ||||
Financing Receivable, Impaired [Line Items] | ||||
Total modifications balance | 0 | 0 | 0 | 0 |
Credit cards | In offices outside North America | Combination: interest rate reduction and term extension | ||||
Financing Receivable, Impaired [Line Items] | ||||
Total modifications balance | 0 | 0 | 0 | 0 |
Credit cards | In offices outside North America | Combination: term extension and payment delay | ||||
Financing Receivable, Impaired [Line Items] | ||||
Total modifications balance | 0 | 0 | 0 | 0 |
Credit cards | In offices outside North America | Combination: interest rate reduction, term extension and payment delay | ||||
Financing Receivable, Impaired [Line Items] | ||||
Total modifications balance | 0 | 0 | 0 | 0 |
Personal, small business and other | ||||
Financing Receivable, Impaired [Line Items] | ||||
Loans forgiven | $ 2 | $ 1 | $ 2 | $ 1 |
Personal, small business and other | In North America offices | ||||
Financing Receivable, Impaired [Line Items] | ||||
Modifications as % of loans | 0.02% | 0.01% | 0.04% | 0.02% |
Total modifications balance | $ 6 | $ 4 | $ 13 | $ 6 |
Weighted-average interest rate reduction % | 8% | 6% | 8% | 6% |
Weighted average term extension | 17 months | 13 months | 18 months | 14 months |
Weighted average delay in payments | 5 months | |||
Personal, small business and other | In North America offices | Interest rate reduction | ||||
Financing Receivable, Impaired [Line Items] | ||||
Total modifications balance | $ 0 | $ 0 | $ 1 | $ 1 |
Personal, small business and other | In North America offices | Term extension | ||||
Financing Receivable, Impaired [Line Items] | ||||
Total modifications balance | 0 | 1 | 0 | 1 |
Personal, small business and other | In North America offices | Payment delay | ||||
Financing Receivable, Impaired [Line Items] | ||||
Total modifications balance | 0 | 0 | 1 | 0 |
Personal, small business and other | In North America offices | Combination: interest rate reduction and term extension | ||||
Financing Receivable, Impaired [Line Items] | ||||
Total modifications balance | 6 | 3 | 11 | 4 |
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 | 0 | 0 |
Personal, small business and other | In North America offices | Combination: interest rate reduction, term extension and payment delay | ||||
Financing Receivable, Impaired [Line Items] | ||||
Total modifications balance | $ 0 | $ 0 | $ 0 | $ 0 |
Personal, small business and other | In offices outside North America | ||||
Financing Receivable, Impaired [Line Items] | ||||
Modifications as % of loans | 0.02% | 0.02% | 0.04% | 0.04% |
Total modifications balance | $ 8 | $ 7 | $ 15 | $ 16 |
Weighted-average interest rate reduction % | 6% | 9% | 7% | 8% |
Weighted average term extension | 24 months | 20 months | 24 months | 21 months |
Personal, small business and other | In offices outside North America | Interest rate reduction | ||||
Financing Receivable, Impaired [Line Items] | ||||
Total modifications balance | $ 1 | $ 1 | $ 3 | $ 3 |
Personal, small business and other | In offices outside North America | Term extension | ||||
Financing Receivable, Impaired [Line Items] | ||||
Total modifications balance | 1 | 2 | 3 | 4 |
Personal, small business and other | In offices outside North America | Payment delay | ||||
Financing Receivable, Impaired [Line Items] | ||||
Total modifications balance | 0 | 0 | 0 | 0 |
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 | 6 | 4 | 9 | 9 |
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 | 0 | 0 |
Personal, small business and other | In offices outside North America | Combination: interest rate reduction, term extension and payment delay | ||||
Financing Receivable, Impaired [Line Items] | ||||
Total modifications balance | $ 0 | $ 0 | $ 0 | $ 0 |
LOANS - Performance of Modifi_2
LOANS - Performance of Modified Consumer Loans (Details) - Consumer loans - USD ($) $ in Millions | 6 Months Ended | 12 Months Ended |
Jun. 30, 2024 | Dec. 31, 2023 | |
In North America offices | ||
Financing Receivable, Modified [Line Items] | ||
Total modified loans balance | $ 1,413 | $ 1,238 |
Gross credit losses | 264 | 205 |
In North America offices | Current | ||
Financing Receivable, Modified [Line Items] | ||
Total modified loans balance | 1,040 | 836 |
In North America offices | 30–89 days past due | ||
Financing Receivable, Modified [Line Items] | ||
Total modified loans balance | 201 | 203 |
In North America offices | 90+ days past due | ||
Financing Receivable, Modified [Line Items] | ||
Total modified loans balance | 172 | 199 |
In offices outside North America | ||
Financing Receivable, Modified [Line Items] | ||
Total modified loans balance | 335 | 404 |
Gross credit losses | 2 | 5 |
In offices outside North America | Current | ||
Financing Receivable, Modified [Line Items] | ||
Total modified loans balance | 326 | 392 |
In offices outside North America | 30–89 days past due | ||
Financing Receivable, Modified [Line Items] | ||
Total modified loans balance | 8 | 8 |
In offices outside North America | 90+ days past due | ||
Financing Receivable, Modified [Line Items] | ||
Total modified loans balance | 1 | 4 |
Residential mortgages | In North America offices | ||
Financing Receivable, Modified [Line Items] | ||
Total modified loans balance | 122 | 164 |
Gross credit losses | 0 | 0 |
Residential mortgages | In North America offices | Current | ||
Financing Receivable, Modified [Line Items] | ||
Total modified loans balance | 65 | 70 |
Residential mortgages | In North America offices | 30–89 days past due | ||
Financing Receivable, Modified [Line Items] | ||
Total modified loans balance | 24 | 22 |
Residential mortgages | In North America offices | 90+ days past due | ||
Financing Receivable, Modified [Line Items] | ||
Total modified loans balance | 33 | 72 |
Residential mortgages | In offices outside North America | ||
Financing Receivable, Modified [Line Items] | ||
Total modified loans balance | 297 | 334 |
Gross credit losses | 1 | 0 |
Residential mortgages | In offices outside North America | Current | ||
Financing Receivable, Modified [Line Items] | ||
Total modified loans balance | 293 | 331 |
Residential mortgages | In offices outside North America | 30–89 days past due | ||
Financing Receivable, Modified [Line Items] | ||
Total modified loans balance | 3 | 2 |
Residential mortgages | In offices outside North America | 90+ days past due | ||
Financing Receivable, Modified [Line Items] | ||
Total modified loans balance | 1 | 1 |
Home equity loans | In North America offices | ||
Financing Receivable, Modified [Line Items] | ||
Total modified loans balance | 3 | 21 |
Gross credit losses | 0 | 0 |
Home equity loans | In North America offices | Current | ||
Financing Receivable, Modified [Line Items] | ||
Total modified loans balance | 2 | 14 |
Home equity loans | In North America offices | 30–89 days past due | ||
Financing Receivable, Modified [Line Items] | ||
Total modified loans balance | 0 | 1 |
Home equity loans | In North America offices | 90+ days past due | ||
Financing Receivable, Modified [Line Items] | ||
Total modified loans balance | 1 | 6 |
Credit cards | In North America offices | ||
Financing Receivable, Modified [Line Items] | ||
Total modified loans balance | 1,268 | 1,039 |
Gross credit losses | 262 | 204 |
Credit cards | In North America offices | Current | ||
Financing Receivable, Modified [Line Items] | ||
Total modified loans balance | 955 | 740 |
Credit cards | In North America offices | 30–89 days past due | ||
Financing Receivable, Modified [Line Items] | ||
Total modified loans balance | 176 | 179 |
Credit cards | In North America offices | 90+ days past due | ||
Financing Receivable, Modified [Line Items] | ||
Total modified loans balance | 137 | 120 |
Credit cards | In offices outside North America | ||
Financing Receivable, Modified [Line Items] | ||
Total modified loans balance | 14 | 43 |
Gross credit losses | 0 | 4 |
Credit cards | In offices outside North America | Current | ||
Financing Receivable, Modified [Line Items] | ||
Total modified loans balance | 13 | 37 |
Credit cards | In offices outside North America | 30–89 days past due | ||
Financing Receivable, Modified [Line Items] | ||
Total modified loans balance | 1 | 3 |
Credit cards | In offices outside North America | 90+ days past due | ||
Financing Receivable, Modified [Line Items] | ||
Total modified loans balance | 0 | 3 |
Personal, small business and other | In North America offices | ||
Financing Receivable, Modified [Line Items] | ||
Total modified loans balance | 20 | 14 |
Gross credit losses | 2 | 1 |
Personal, small business and other | In North America offices | Current | ||
Financing Receivable, Modified [Line Items] | ||
Total modified loans balance | 18 | 12 |
Personal, small business and other | In North America offices | 30–89 days past due | ||
Financing Receivable, Modified [Line Items] | ||
Total modified loans balance | 1 | 1 |
Personal, small business and other | In North America offices | 90+ days past due | ||
Financing Receivable, Modified [Line Items] | ||
Total modified loans balance | 1 | 1 |
Personal, small business and other | In offices outside North America | ||
Financing Receivable, Modified [Line Items] | ||
Total modified loans balance | 24 | 27 |
Gross credit losses | 1 | 1 |
Personal, small business and other | In offices outside North America | Current | ||
Financing Receivable, Modified [Line Items] | ||
Total modified loans balance | 20 | 24 |
Personal, small business and other | In offices outside North America | 30–89 days past due | ||
Financing Receivable, Modified [Line Items] | ||
Total modified loans balance | 4 | 3 |
Personal, small business and other | In offices outside North America | 90+ days past due | ||
Financing Receivable, Modified [Line Items] | ||
Total modified loans balance | $ 0 | $ 0 |
LOANS - Defaults of Modified Co
LOANS - Defaults of Modified Consumer Loans (Details) - Consumer loans - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
In North America offices | ||||
Financing Receivable, Modified [Line Items] | ||||
Total loans defaulted within one year of modification | $ 105 | $ 51 | $ 156 | $ 56 |
In North America offices | Interest rate reduction | ||||
Financing Receivable, Modified [Line Items] | ||||
Total loans defaulted within one year of modification | 95 | 51 | 136 | 56 |
In North America offices | Term extension | ||||
Financing Receivable, Modified [Line Items] | ||||
Total loans defaulted within one year of modification | 9 | 0 | 17 | 0 |
In North America offices | Payment delay | ||||
Financing Receivable, Modified [Line Items] | ||||
Total loans defaulted within one year of modification | 0 | 0 | 0 | 0 |
In North America offices | Combination: interest rate reduction and term extension | ||||
Financing Receivable, Modified [Line Items] | ||||
Total loans defaulted within one year of modification | 1 | 0 | 3 | 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 | 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 | 0 | 0 |
In offices outside North America | ||||
Financing Receivable, Modified [Line Items] | ||||
Total loans defaulted within one year of modification | 2 | 1 | 4 | 2 |
In offices outside North America | Interest rate reduction | ||||
Financing Receivable, Modified [Line Items] | ||||
Total loans defaulted within one year of modification | 0 | 1 | 0 | 1 |
In offices outside North America | Term extension | ||||
Financing Receivable, Modified [Line Items] | ||||
Total loans defaulted within one year of modification | 0 | 0 | 0 | 0 |
In offices outside North America | Payment delay | ||||
Financing Receivable, Modified [Line Items] | ||||
Total loans defaulted within one year of modification | 1 | 0 | 2 | 0 |
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 | 1 | 0 | 2 | 1 |
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 | 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 | 0 | 0 |
Residential mortgages | In North America offices | ||||
Financing Receivable, Modified [Line Items] | ||||
Total loans defaulted within one year of modification | 9 | 1 | 19 | 1 |
Residential mortgages | In North America offices | Interest rate reduction | ||||
Financing Receivable, Modified [Line Items] | ||||
Total loans defaulted within one year of modification | 0 | 1 | 0 | 1 |
Residential mortgages | In North America offices | Term extension | ||||
Financing Receivable, Modified [Line Items] | ||||
Total loans defaulted within one year of modification | 9 | 0 | 17 | 0 |
Residential mortgages | In North America offices | Payment delay | ||||
Financing Receivable, Modified [Line Items] | ||||
Total loans defaulted within one year of modification | 0 | 0 | 0 | 0 |
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 | 2 | 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 | 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 | 0 | 0 |
Residential mortgages | In offices outside North America | ||||
Financing Receivable, Modified [Line Items] | ||||
Total loans defaulted within one year of modification | 1 | 0 | 2 | 0 |
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 | 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 | 0 | 0 |
Residential mortgages | In offices outside North America | Payment delay | ||||
Financing Receivable, Modified [Line Items] | ||||
Total loans defaulted within one year of modification | 1 | 0 | 2 | 0 |
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 | 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 | 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 | 0 | 0 |
Home equity loans | In North America offices | ||||
Financing Receivable, Modified [Line Items] | ||||
Total loans defaulted within one year of modification | 0 | 0 | 0 | 0 |
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 | 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 | 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 | 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 | 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 | 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 | 0 | 0 |
Credit cards | In North America offices | ||||
Financing Receivable, Modified [Line Items] | ||||
Total loans defaulted within one year of modification | 95 | 50 | 136 | 55 |
Credit cards | In North America offices | Interest rate reduction | ||||
Financing Receivable, Modified [Line Items] | ||||
Total loans defaulted within one year of modification | 95 | 50 | 136 | 55 |
Credit cards | In North America offices | Term extension | ||||
Financing Receivable, Modified [Line Items] | ||||
Total loans defaulted within one year of modification | 0 | 0 | 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 | 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 | 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 | 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 | 0 | 0 |
Credit cards | In offices outside North America | ||||
Financing Receivable, Modified [Line Items] | ||||
Total loans defaulted within one year of modification | 0 | 1 | 0 | 1 |
Credit cards | In offices outside North America | Interest rate reduction | ||||
Financing Receivable, Modified [Line Items] | ||||
Total loans defaulted within one year of modification | 0 | 1 | 0 | 1 |
Credit cards | In offices outside North America | Term extension | ||||
Financing Receivable, Modified [Line Items] | ||||
Total loans defaulted within one year of modification | 0 | 0 | 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 | 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 | 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 | 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 | 0 | 0 |
Personal, small business and other | In North America offices | ||||
Financing Receivable, Modified [Line Items] | ||||
Total loans defaulted within one year of modification | 1 | 0 | 1 | 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 | 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 | 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 | 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 | 1 | 0 | 1 | 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 | 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 | 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 | 1 | 0 | 2 | 1 |
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 | 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 | 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 | 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 | 1 | 0 | 2 | 1 |
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 | 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 | $ 0 | $ 0 |
ALLOWANCE FOR CREDIT LOSSES - A
ALLOWANCE FOR CREDIT LOSSES - Allowance for Credit Losses Roll Forward (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | |
Allowance for credit losses | |||||
Allowance for credit losses on loans (ACLL) at beginning of period | $ 18,296 | $ 17,169 | $ 18,145 | $ 16,974 | |
Gross credit losses on loans | (2,715) | (1,879) | (5,405) | (3,513) | |
Gross recoveries on loans | 432 | 375 | 819 | 707 | |
Net credit losses on loans (NCLs) | (2,283) | (1,504) | (4,586) | (2,806) | |
Net reserve builds (releases) for loans | 136 | 290 | 382 | 687 | |
Net specific reserve builds (releases) for loans | (60) | (33) | (187) | 5 | |
Total provision for credit losses on loans (PCLL) | 2,359 | 1,761 | 4,781 | 3,498 | |
Other, net (see table below) | (156) | 70 | (124) | 182 | |
ACLL at end of period | 18,216 | 17,496 | 18,216 | 17,496 | |
Allowance for credit losses on unfunded commitments | |||||
Allowance for credit losses on unfunded commitments (ACLUC) at beginning of period | 1,629 | 1,959 | 1,728 | 2,151 | |
Provision (release) for credit losses on unfunded lending commitments | (8) | (96) | (106) | (290) | |
Other, net | (2) | (1) | (3) | 1 | |
ACLUC at end of period | 1,619 | 1,862 | 1,619 | 1,862 | |
Total allowance for credit losses on loans, leases and unfunded lending commitments | 19,835 | 19,358 | 19,835 | 19,358 | $ 19,873 |
Sales or transfers of various consumer loan portfolios to HFS | |||||
FX translation and other | (156) | 70 | (124) | 182 | |
Other, net | (156) | 70 | (124) | 182 | |
Cumulative Effect, Period of Adoption, Adjustment | |||||
Allowance for credit losses | |||||
Allowance for credit losses on loans (ACLL) at beginning of period | (352) | ||||
Cumulative Effect, Period of Adoption, Adjusted Balance | |||||
Allowance for credit losses | |||||
Allowance for credit losses on loans (ACLL) at beginning of period | $ 18,296 | $ 17,169 | $ 18,145 | $ 16,622 |
ALLOWANCE FOR CREDIT LOSSES -_2
ALLOWANCE FOR CREDIT LOSSES - Allowance for Credit Losses Roll Forward by Segment (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | |
Allowance for credit losses | |||||
Allowance for credit losses on loans (ACLL) at beginning of period | $ 18,296 | $ 17,169 | $ 18,145 | $ 16,974 | |
Charge-offs | (2,715) | (1,879) | (5,405) | (3,513) | |
Recoveries | 432 | 375 | 819 | 707 | |
Replenishment of NCLs | 2,283 | 1,504 | 4,586 | 2,806 | |
Net reserve builds (releases) | 136 | 290 | 382 | 687 | |
Net specific reserve builds (releases) | (60) | (33) | (187) | 5 | |
Other | (156) | 70 | (124) | 182 | |
ACLL at end of period | 18,216 | 17,496 | 18,216 | 17,496 | |
ACLL | |||||
Collectively evaluated | 18,003 | 18,003 | $ 17,743 | ||
Individually evaluated | 213 | 213 | 402 | ||
Total ACLL | 18,216 | 17,496 | 18,216 | 17,496 | 18,145 |
Loans, net of unearned income | |||||
Collectively evaluated | 678,026 | 678,026 | 679,713 | ||
Individually evaluated | 1,058 | 1,058 | 1,940 | ||
Held at fair value | 8,526 | 8,526 | 7,594 | ||
Total loans, net of unearned income | 687,722 | 687,722 | 689,362 | ||
Cumulative Effect, Period of Adoption, Adjustment | |||||
Allowance for credit losses | |||||
Allowance for credit losses on loans (ACLL) at beginning of period | (352) | ||||
ACLL | |||||
Total ACLL | |||||
Cumulative Effect, Period of Adoption, Adjusted Balance | |||||
Allowance for credit losses | |||||
Allowance for credit losses on loans (ACLL) at beginning of period | 18,296 | 17,169 | 18,145 | 16,622 | |
ACLL | |||||
Total ACLL | 18,145 | ||||
Purchased credit deteriorated | |||||
ACLL | |||||
Purchased credit deteriorated | 0 | 0 | 0 | ||
Loans, net of unearned income | |||||
Purchased credit deteriorated | 112 | 112 | 115 | ||
Corporate loans | |||||
Allowance for credit losses | |||||
Allowance for credit losses on loans (ACLL) at beginning of period | 2,772 | 2,780 | 2,714 | 2,855 | |
Charge-offs | (129) | (86) | (307) | (125) | |
Recoveries | 21 | 11 | 35 | 28 | |
Replenishment of NCLs | 108 | 75 | 272 | 97 | |
Net reserve builds (releases) | (216) | (119) | (28) | (209) | |
Net specific reserve builds (releases) | (58) | (33) | (189) | (28) | |
Other | (14) | 2 | (13) | 12 | |
ACLL at end of period | 2,484 | 2,630 | 2,484 | 2,630 | |
ACLL | |||||
Collectively evaluated | 2,313 | 2,313 | 2,352 | ||
Individually evaluated | 171 | 171 | 362 | ||
Total ACLL | 2,484 | 2,630 | 2,484 | 2,630 | 2,714 |
Loans, net of unearned income | |||||
Collectively evaluated | 292,375 | 292,375 | 291,002 | ||
Individually evaluated | 998 | 998 | 1,882 | ||
Held at fair value | 8,232 | 8,232 | 7,281 | ||
Total loans, net of unearned income | 301,605 | 301,605 | 300,165 | ||
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 | 2,714 | 2,855 | |||
ACLL | |||||
Total ACLL | 2,714 | ||||
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 | 15,524 | 14,389 | 15,431 | 14,119 | |
Charge-offs | (2,586) | (1,793) | (5,098) | (3,388) | |
Recoveries | 411 | 364 | 784 | 679 | |
Replenishment of NCLs | 2,175 | 1,429 | 4,314 | 2,709 | |
Net reserve builds (releases) | 352 | 409 | 410 | 896 | |
Net specific reserve builds (releases) | (2) | 0 | 2 | 33 | |
Other | (142) | 68 | (111) | 170 | |
ACLL at end of period | 15,732 | 14,866 | 15,732 | 14,866 | |
ACLL | |||||
Collectively evaluated | 15,690 | 15,690 | 15,391 | ||
Individually evaluated | 42 | 42 | 40 | ||
Total ACLL | 15,732 | $ 14,866 | 15,732 | 14,866 | 15,431 |
Loans, net of unearned income | |||||
Collectively evaluated | 385,651 | 385,651 | 388,711 | ||
Individually evaluated | 60 | 60 | 58 | ||
Held at fair value | 294 | 294 | 313 | ||
Total loans, net of unearned income | 386,117 | 386,117 | 389,197 | ||
Consumer loans | Cumulative Effect, Period of Adoption, Adjustment | |||||
Allowance for credit losses | |||||
Allowance for credit losses on loans (ACLL) at beginning of period | 0 | (352) | |||
ACLL | |||||
Total ACLL | 0 | ||||
Consumer loans | Cumulative Effect, Period of Adoption, Adjusted Balance | |||||
Allowance for credit losses | |||||
Allowance for credit losses on loans (ACLL) at beginning of period | 15,431 | $ 13,767 | |||
ACLL | |||||
Total ACLL | 15,431 | ||||
Consumer loans | Purchased credit deteriorated | |||||
ACLL | |||||
Purchased credit deteriorated | 0 | 0 | 0 | ||
Loans, net of unearned income | |||||
Purchased credit deteriorated | $ 112 | $ 112 | $ 115 |
ALLOWANCE FOR CREDIT LOSSES - N
ALLOWANCE FOR CREDIT LOSSES - Narrative (Details) - USD ($) $ in Millions | Jun. 30, 2024 | Mar. 31, 2024 | Dec. 31, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 |
Allowance for loan losses disclosures | ||||||
Allowance for credit losses on loans, leases and unfunded lending commitments | $ 19,835 | $ 19,873 | $ 19,358 | |||
Allowance for credit losses | 18,216 | $ 18,296 | 18,145 | 17,496 | $ 17,169 | $ 16,974 |
Allowance for credit losses on unfunded commitments (ACLUC) | 1,619 | 1,629 | 1,728 | 1,862 | 1,959 | 2,151 |
Allowance for credit losses on HTM debt securities | 99 | 95 | ||||
Cumulative Effect, Period of Adoption, Adjustment | ||||||
Allowance for loan losses disclosures | ||||||
Allowance for credit losses | (352) | |||||
Consumer loans | ||||||
Allowance for loan losses disclosures | ||||||
Allowance for credit losses | 15,732 | 15,524 | 15,431 | 14,866 | 14,389 | 14,119 |
Consumer loans | Cumulative Effect, Period of Adoption, Adjustment | ||||||
Allowance for loan losses disclosures | ||||||
Allowance for credit losses | 0 | (352) | ||||
Corporate loans | ||||||
Allowance for loan losses disclosures | ||||||
Allowance for credit losses | $ 2,484 | $ 2,772 | 2,714 | $ 2,630 | $ 2,780 | 2,855 |
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 | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Financing Receivable, Other Assets, Allowance For Credit Loss [Roll Forward] | ||||
Allowance for credit losses on other assets at beginning of quarter | $ 1,722 | $ 528 | $ 1,788 | $ 123 |
Gross credit losses | (10) | (24) | (28) | (35) |
Gross recoveries | 8 | 5 | 13 | 5 |
Net credit losses (NCLs) | (2) | (19) | (15) | (30) |
Net reserve builds (releases) | 110 | 130 | 101 | 544 |
Total provision for credit losses | 112 | 149 | 116 | 574 |
Other, net | 79 | 1 | 22 | (8) |
Allowance for credit losses on other assets at end of quarter | 1,911 | 659 | 1,911 | 659 |
Deposits with banks | ||||
Financing Receivable, Other Assets, Allowance For Credit Loss [Roll Forward] | ||||
Allowance for credit losses on other assets at beginning of quarter | 28 | 135 | 31 | 51 |
Gross credit losses | 0 | 0 | 0 | 0 |
Gross recoveries | 0 | 0 | 0 | 0 |
Net credit losses (NCLs) | 0 | 0 | 0 | 0 |
Net reserve builds (releases) | (8) | (114) | (11) | (29) |
Total provision for credit losses | (8) | (114) | (11) | (29) |
Other, net | 1 | 0 | 1 | (1) |
Allowance for credit losses on other assets at end of quarter | 21 | 21 | 21 | 21 |
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 | 18 | 30 | 27 | 36 |
Gross credit losses | 0 | 0 | 0 | 0 |
Gross recoveries | 0 | 0 | 0 | 0 |
Net credit losses (NCLs) | 0 | 0 | 0 | 0 |
Net reserve builds (releases) | 14 | 0 | 5 | (3) |
Total provision for credit losses | 14 | 0 | 5 | (3) |
Other, net | 1 | (4) | 1 | (7) |
Allowance for credit losses on other assets at end of quarter | 33 | 26 | 33 | 26 |
All other assets | ||||
Financing Receivable, Other Assets, Allowance For Credit Loss [Roll Forward] | ||||
Allowance for credit losses on other assets at beginning of quarter | 1,676 | 363 | 1,730 | 36 |
Gross credit losses | (10) | (24) | (28) | (35) |
Gross recoveries | 8 | 5 | 13 | 5 |
Net credit losses (NCLs) | (2) | (19) | (15) | (30) |
Net reserve builds (releases) | 104 | 244 | 107 | 576 |
Total provision for credit losses | 106 | 263 | 122 | 606 |
Other, net | 77 | 5 | 20 | 0 |
Allowance for credit losses on other assets at end of quarter | $ 1,857 | $ 612 | $ 1,857 | $ 612 |
GOODWILL AND INTANGIBLE ASSET_2
GOODWILL AND INTANGIBLE ASSETS - Changes in Goodwill (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |
Jun. 30, 2024 | Mar. 31, 2024 | Dec. 31, 2023 | |
Goodwill | |||
Balance at December 31, 2023 | $ 20,042 | $ 20,098 | |
Foreign currency translation | (338) | (56) | |
Balance at March 31, 2024 | 19,704 | 20,042 | $ 20,098 |
All Other | |||
Goodwill | |||
Balance at December 31, 2023 | 1,136 | 1,108 | |
Foreign currency translation | (108) | 28 | |
Balance at March 31, 2024 | 1,028 | 1,136 | 1,108 |
Services | Operating Segments | |||
Goodwill | |||
Balance at December 31, 2023 | 2,187 | 2,214 | |
Foreign currency translation | (57) | (27) | |
Balance at March 31, 2024 | 2,130 | 2,187 | 2,214 |
Markets | |||
Goodwill | |||
Transfers | 537 | ||
Markets | Operating Segments | |||
Goodwill | |||
Balance at December 31, 2023 | 5,788 | 5,870 | |
Foreign currency translation | (62) | (82) | |
Balance at March 31, 2024 | 5,726 | 5,788 | 5,870 |
Banking | |||
Goodwill | |||
Transfers | (537) | ||
Banking | Operating Segments | |||
Goodwill | |||
Balance at December 31, 2023 | 1,041 | 1,039 | |
Foreign currency translation | (18) | 2 | |
Balance at March 31, 2024 | 1,023 | 1,041 | 1,039 |
USPB | Operating Segments | |||
Goodwill | |||
Balance at December 31, 2023 | 5,421 | 5,398 | |
Foreign currency translation | (92) | 23 | |
Balance at March 31, 2024 | 5,329 | 5,421 | 5,398 |
Wealth | Operating Segments | |||
Goodwill | |||
Balance at December 31, 2023 | 4,469 | 4,469 | |
Foreign currency translation | (1) | 0 | |
Balance at March 31, 2024 | $ 4,468 | $ 4,469 | $ 4,469 |
GOODWILL AND INTANGIBLE ASSET_3
GOODWILL AND INTANGIBLE ASSETS - Components of Intangible Assets (Details) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Finite and Indefinite-lived Intangible Assets | ||
Gross carrying amount of Intangible assets (excluding MSRs) | $ 10,062 | $ 10,119 |
Accumulated amortization of Intangible assets (excluding MSRs) | 6,545 | 6,389 |
Net carrying amount of Intangible assets (excluding MSRs) | 3,517 | 3,730 |
Gross carrying amount, Mortgage servicing rights (MSRs) | 709 | 691 |
Mortgage servicing rights (MSRs) | 709 | 691 |
Gross carrying amount of Intangible assets | 10,771 | 10,810 |
Accumulated amortization of Intangible assets | 6,545 | 6,389 |
Total intangible assets | 4,226 | 4,421 |
Indefinite-lived intangible assets | ||
Finite and Indefinite-lived Intangible Assets | ||
Gross carrying amount of Intangible assets (excluding MSRs) | 223 | 240 |
Net carrying amount of Intangible assets (excluding MSRs) | 223 | 240 |
Purchased credit card relationships | ||
Finite and Indefinite-lived Intangible Assets | ||
Gross carrying amount of Intangible assets (excluding MSRs) | 5,302 | 5,302 |
Accumulated amortization of Intangible assets (excluding MSRs) | 4,436 | 4,365 |
Net carrying amount of Intangible assets (excluding MSRs) | 866 | 937 |
Credit card contract related intangibles | ||
Finite and Indefinite-lived Intangible Assets | ||
Gross carrying amount of Intangible assets (excluding MSRs) | 4,177 | 4,177 |
Accumulated amortization of Intangible assets (excluding MSRs) | 1,806 | 1,698 |
Net carrying amount of Intangible assets (excluding MSRs) | 2,371 | 2,479 |
Other customer relationships | ||
Finite and Indefinite-lived Intangible Assets | ||
Gross carrying amount of Intangible assets (excluding MSRs) | 325 | 363 |
Accumulated amortization of Intangible assets (excluding MSRs) | 269 | 290 |
Net carrying amount of Intangible assets (excluding MSRs) | 56 | 73 |
Present value of future profits | ||
Finite and Indefinite-lived Intangible Assets | ||
Gross carrying amount of Intangible assets (excluding MSRs) | 35 | 37 |
Accumulated amortization of Intangible assets (excluding MSRs) | 34 | 36 |
Net carrying amount of Intangible assets (excluding MSRs) | $ 1 | $ 1 |
GOODWILL AND INTANGIBLE ASSET_4
GOODWILL AND INTANGIBLE ASSETS - Changes in Intangible Assets (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2024 | Dec. 31, 2023 | |
Finite and Indefinite-lived Intangible Assets | ||
Beginning balance | $ 3,730 | |
Acquisitions/renewals/ divestitures | 0 | |
Amortization | (191) | |
Impairments | 0 | |
FX translation and other | (22) | |
Ending balance | 3,517 | |
Mortgage servicing rights (MSRs) | 709 | $ 691 |
Total intangible assets | 4,226 | $ 4,421 |
Indefinite-lived intangible assets | ||
Finite and Indefinite-lived Intangible Assets | ||
Beginning balance | 240 | |
Acquisitions/renewals/ divestitures | 0 | |
Amortization | 0 | |
Impairments | 0 | |
FX translation and other | (17) | |
Ending balance | 223 | |
Purchased credit card relationships | ||
Finite and Indefinite-lived Intangible Assets | ||
Beginning balance | 937 | |
Acquisitions/renewals/ divestitures | 0 | |
Amortization | (71) | |
Impairments | 0 | |
FX translation and other | 0 | |
Ending balance | 866 | |
Credit card contract related intangibles | ||
Finite and Indefinite-lived Intangible Assets | ||
Beginning balance | 2,479 | |
Acquisitions/renewals/ divestitures | 0 | |
Amortization | (109) | |
Impairments | 0 | |
FX translation and other | 1 | |
Ending balance | 2,371 | |
Other customer relationships | ||
Finite and Indefinite-lived Intangible Assets | ||
Beginning balance | 73 | |
Acquisitions/renewals/ divestitures | 0 | |
Amortization | (11) | |
Impairments | 0 | |
FX translation and other | (6) | |
Ending balance | 56 | |
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 |
DEPOSITS (Details)
DEPOSITS (Details) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Deposit Liability [Line Items] | ||
Non-interest-bearing deposits in U.S. offices | $ 117,607 | $ 112,089 |
Interest-bearing deposits in U.S. offices (including $1,159 and $1,309 as of June 30, 2024 and December 31, 2023, respectively, at fair value) | 546,772 | 576,784 |
Total deposits in U.S. offices | 664,379 | 688,873 |
Non-interest-bearing deposits in offices outside the U.S. | 83,150 | 88,988 |
Interest-bearing deposits in offices outside the U.S. (including $2,241 and $1,131 as of June 30, 2024 and December 31, 2023, respectively, at fair value) | 530,608 | 530,820 |
Total deposits in offices outside the U.S. | 613,758 | 619,808 |
Total deposits | 1,278,137 | 1,308,681 |
Fair value | ||
Deposit Liability [Line Items] | ||
Interest-bearing deposits in U.S. offices (including $1,159 and $1,309 as of June 30, 2024 and December 31, 2023, respectively, at fair value) | 1,159 | 1,309 |
Interest-bearing deposits in offices outside the U.S. (including $2,241 and $1,131 as of June 30, 2024 and December 31, 2023, respectively, at fair value) | 2,241 | 1,131 |
Total deposits | $ 1,274,600 | $ 1,305,900 |
DEBT - Short-Term Borrowings (D
DEBT - Short-Term Borrowings (Details) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Short-term Debt [Line Items] | ||
Commercial paper | $ 18,855 | $ 20,222 |
Other borrowings | 19,839 | 17,235 |
Total short-term borrowings | 38,694 | 37,457 |
Collateralized short-term advances from Federal Home Loan Bank | 5,000 | 8,000 |
Bank | ||
Short-term Debt [Line Items] | ||
Commercial paper | 11,029 | 11,116 |
Broker-dealer and other | ||
Short-term Debt [Line Items] | ||
Commercial paper | $ 7,826 | $ 9,106 |
DEBT - Long-Term Debt (Details)
DEBT - Long-Term Debt (Details) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Debt Instrument | ||
Long-term debt, at fair value | $ 280,321 | $ 286,619 |
Trust preferred securities | 1,600 | 1,600 |
Citigroup Inc. | ||
Debt Instrument | ||
Long-term debt, at fair value | 163,903 | 162,309 |
Bank | ||
Debt Instrument | ||
Long-term debt, at fair value | 32,995 | 31,673 |
Bank | Senior notes | ||
Debt Instrument | ||
Collateralized long-term advances from Federal Home Loan Bank | 11,500 | 11,500 |
Broker-dealer and other | ||
Debt Instrument | ||
Long-term debt, at fair value | $ 83,423 | $ 92,637 |
DEBT - Trust Preferred Securiti
DEBT - Trust Preferred Securities (Details) $ in Millions | Jun. 30, 2024 USD ($) shares |
Trust Preferred Securities | |
Liquidation value | $ 2,440 |
Notional 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 |
Notional 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 |
Notional 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 | 6 Months Ended | |||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | ||
Change in accumulated other comprehensive income (loss) | |||||
Balance, beginning of period | $ 206,251 | ||||
Balance, end of period | $ 209,144 | $ 209,422 | 209,144 | $ 209,422 | |
Liability for future policyholder benefits | 474 | 560 | 474 | 560 | |
Accumulated other comprehensive income (loss) | |||||
Change in accumulated other comprehensive income (loss) | |||||
Balance, beginning of period | (45,729) | (45,441) | (44,800) | (47,062) | |
Other comprehensive income before reclassifications | (1,176) | (812) | (2,338) | 420 | |
Increase (decrease) due to amounts reclassified from AOCI | 228 | 388 | 461 | 750 | |
Total other comprehensive income | (948) | (424) | (1,877) | 1,170 | |
Balance, end of period | (46,677) | (45,865) | (46,677) | (45,865) | |
Accumulated other comprehensive income (loss) | Cumulative Effect, Period of Adoption, Adjustment | |||||
Change in accumulated other comprehensive income (loss) | |||||
Balance, beginning of period | [1] | 27 | |||
Accumulated other comprehensive income (loss) | Cumulative Effect, Period of Adoption, Adjusted Balance | |||||
Change in accumulated other comprehensive income (loss) | |||||
Balance, beginning of period | (45,729) | (45,441) | (44,800) | (47,035) | |
Net unrealized gains (losses) on debt securities | |||||
Change in accumulated other comprehensive income (loss) | |||||
Balance, beginning of period | (3,644) | (5,162) | (3,744) | (5,998) | |
Other comprehensive income before reclassifications | (24) | 133 | 152 | 988 | |
Increase (decrease) due to amounts reclassified from AOCI | (14) | (7) | (90) | (26) | |
Total other comprehensive income | (38) | 126 | 62 | 962 | |
Balance, end of period | (3,682) | (5,036) | (3,682) | (5,036) | |
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 | (1,272) | 517 | (709) | 842 | |
Other comprehensive income before reclassifications | 254 | (613) | (319) | (940) | |
Increase (decrease) due to amounts reclassified from AOCI | 2 | (6) | 12 | (4) | |
Total other comprehensive income | 256 | (619) | (307) | (944) | |
Balance, end of period | (1,016) | (102) | (1,016) | (102) | |
Cash flow hedges | |||||
Change in accumulated other comprehensive income (loss) | |||||
Balance, beginning of period | (914) | (2,161) | (1,406) | (2,522) | |
Other comprehensive income before reclassifications | 87 | (206) | 319 | (200) | |
Increase (decrease) due to amounts reclassified from AOCI | 198 | 377 | 458 | 732 | |
Total other comprehensive income | 285 | 171 | 777 | 532 | |
Balance, end of period | (629) | (1,990) | (629) | (1,990) | |
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 | (5,973) | (5,859) | (6,050) | (5,755) | |
Other comprehensive income before reclassifications | 135 | (170) | 163 | (302) | |
Increase (decrease) due to amounts reclassified from AOCI | 44 | 34 | 93 | 62 | |
Total other comprehensive income | 179 | (136) | 256 | (240) | |
Balance, end of period | (5,794) | (5,995) | (5,794) | (5,995) | |
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 | (33,939) | (32,796) | (32,885) | (33,637) | |
Other comprehensive income before reclassifications | (1,634) | 23 | (2,688) | 864 | |
Total other comprehensive income | (1,634) | 23 | (2,688) | 864 | |
Balance, end of period | (35,573) | (32,773) | (35,573) | (32,773) | |
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 | (42) | (12) | (40) | 8 | |
Other comprehensive income before reclassifications | 4 | 27 | 12 | 11 | |
Increase (decrease) due to amounts reclassified from AOCI | (1) | (10) | (11) | (14) | |
Total other comprehensive income | 3 | 17 | 1 | (3) | |
Balance, end of period | (39) | 5 | (39) | 5 | |
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 | 55 | 32 | 34 | 0 | |
Other comprehensive income before reclassifications | 2 | (6) | 23 | (1) | |
Increase (decrease) due to amounts reclassified from AOCI | (1) | (1) | |||
Total other comprehensive income | 1 | (6) | 22 | (1) | |
Balance, end of period | $ 56 | $ 26 | $ 56 | 26 | |
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 | ||||
Debt valuation adjustment (DVA) | Cumulative Effect, Period of Adoption, Adjusted Balance | |||||
Change in accumulated other comprehensive income (loss) | |||||
Balance, beginning of period | $ 842 | ||||
[1]See Note 1 to the Consolidated Financial Statements in Citi’s 2023 Form 10-K. |
CHANGES IN ACCUMULATED OTHER _4
CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (AOCI) - Schedule of Pre-Tax and After-Tax (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | ||
Change in accumulated other comprehensive income (loss), after-tax | |||||
Balance, beginning of period | $ 206,251 | ||||
Balance, end of period | $ 209,144 | $ 209,422 | 209,144 | $ 209,422 | |
Citigroup's accumulated other comprehensive income (loss) | |||||
Change in accumulated other comprehensive income (loss), pretax | |||||
Balance, beginning of period, pretax | (53,391) | (53,443) | (52,422) | (55,253) | |
Other comprehensive income (loss), pretax | (711) | (521) | (1,680) | 1,250 | |
Balance, end of period, pretax | (54,102) | (53,964) | (54,102) | (53,964) | |
Change in accumulated other comprehensive income (loss), tax effect | |||||
Balance, beginning of period, tax effect | 7,662 | 8,002 | 7,622 | 8,191 | |
Other comprehensive income (loss), tax effect | (237) | 97 | (197) | (80) | |
Balance, end of period, tax effect | 7,425 | 8,099 | 7,425 | 8,099 | |
Change in accumulated other comprehensive income (loss), after-tax | |||||
Balance, beginning of period | (45,729) | (45,441) | (44,800) | (47,062) | |
Total other comprehensive income | (948) | (424) | (1,877) | 1,170 | |
Balance, end of period | (46,677) | (45,865) | (46,677) | (45,865) | |
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] | 27 | |||
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 | (45,729) | (45,441) | (44,800) | (47,035) | |
Change in net unrealized gains (losses) on debt securities | |||||
Change in accumulated other comprehensive income (loss), pretax | |||||
Other comprehensive income (loss), pretax | (52) | 210 | 72 | 1,323 | |
Change in accumulated other comprehensive income (loss), tax effect | |||||
Other comprehensive income (loss), tax effect | 14 | (84) | (10) | (361) | |
Change in accumulated other comprehensive income (loss), after-tax | |||||
Balance, beginning of period | (3,644) | (5,162) | (3,744) | (5,998) | |
Total other comprehensive income | (38) | 126 | 62 | 962 | |
Balance, end of period | (3,682) | (5,036) | (3,682) | (5,036) | |
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 | 343 | (837) | (407) | (1,270) | |
Change in accumulated other comprehensive income (loss), tax effect | |||||
Other comprehensive income (loss), tax effect | (87) | 218 | 100 | 326 | |
Change in accumulated other comprehensive income (loss), after-tax | |||||
Balance, beginning of period | (1,272) | 517 | (709) | 842 | |
Total other comprehensive income | 256 | (619) | (307) | (944) | |
Balance, end of period | (1,016) | (102) | (1,016) | (102) | |
Excluded component of fair value hedges | |||||
Change in accumulated other comprehensive income (loss), after-tax | |||||
Balance, beginning of period | (42) | (12) | (40) | 8 | |
Total other comprehensive income | 3 | 17 | 1 | (3) | |
Balance, end of period | (39) | 5 | (39) | 5 | |
Excluded component of fair value 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 | 250 | (156) | 318 | (312) | |
Change in accumulated other comprehensive income (loss), tax effect | |||||
Other comprehensive income (loss), tax effect | (71) | 20 | (62) | 72 | |
Change in accumulated other comprehensive income (loss), after-tax | |||||
Balance, beginning of period | (5,973) | (5,859) | (6,050) | (5,755) | |
Total other comprehensive income | 179 | (136) | 256 | (240) | |
Balance, end of period | (5,794) | (5,995) | (5,794) | (5,995) | |
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 | (1,622) | 15 | (2,711) | 803 | |
Change in accumulated other comprehensive income (loss), tax effect | |||||
Other comprehensive income (loss), tax effect | (12) | 8 | 23 | 61 | |
Change in accumulated other comprehensive income (loss), after-tax | |||||
Balance, beginning of period | (33,939) | (32,796) | (32,885) | (33,637) | |
Total other comprehensive income | (1,634) | 23 | (2,688) | 864 | |
Balance, end of period | (35,573) | (32,773) | (35,573) | (32,773) | |
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 | 4 | (8) | 36 | (2) | |
Change in accumulated other comprehensive income (loss), tax effect | |||||
Other comprehensive income (loss), tax effect | (3) | 2 | (14) | 1 | |
Change in accumulated other comprehensive income (loss), after-tax | |||||
Balance, beginning of period | 55 | 32 | 34 | 0 | |
Total other comprehensive income | 1 | (6) | 22 | (1) | |
Balance, end of period | 56 | 26 | 56 | 26 | |
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 | ||||
Cash flow hedges | Excluded component of fair value hedges | |||||
Change in accumulated other comprehensive income (loss), pretax | |||||
Other comprehensive income (loss), pretax | 364 | 233 | 1,014 | 712 | |
Change in accumulated other comprehensive income (loss), tax effect | |||||
Other comprehensive income (loss), tax effect | (79) | (62) | (237) | (180) | |
Change in accumulated other comprehensive income (loss), after-tax | |||||
Total other comprehensive income | 285 | 171 | 777 | 532 | |
Excluded component of fair value hedges | Excluded component of fair value hedges | |||||
Change in accumulated other comprehensive income (loss), pretax | |||||
Other comprehensive income (loss), pretax | 2 | 22 | (2) | (4) | |
Change in accumulated other comprehensive income (loss), tax effect | |||||
Other comprehensive income (loss), tax effect | 1 | (5) | 3 | 1 | |
Change in accumulated other comprehensive income (loss), after-tax | |||||
Total other comprehensive income | $ 3 | $ 17 | $ 1 | $ (3) | |
[1]See Note 1 to the Consolidated Financial Statements in Citi’s 2023 Form 10-K. |
CHANGES IN ACCUMULATED OTHER _5
CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (AOCI) - Reclassification out of AOCI (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Pretax and after-tax amounts reclassified out of accumulated other comprehensive income (loss) | ||||
Realized gains and (losses) | $ 23 | $ 49 | $ 138 | $ 121 |
Impairment losses on investments | (17) | (71) | (47) | (157) |
Income from continuing operations before income taxes | 4,310 | 4,042 | 8,854 | 10,225 |
Tax effect | (1,047) | (1,090) | (2,183) | (2,621) |
Income (loss) from continuing operations | 3,263 | 2,952 | 6,671 | 7,604 |
Subtotal, pretax | 62 | (92) | 539 | 821 |
Other Noninterest Expense | (3,314) | (2,917) | (6,552) | (5,612) |
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, after-tax | 228 | 388 | 461 | 750 |
Citigroup's accumulated other comprehensive income (loss) | (Gain) loss reclassified from AOCI | ||||
Pretax and after-tax amounts reclassified out of accumulated other comprehensive income (loss) | ||||
Total amounts reclassified out of AOCI, after-tax | 228 | 388 | 461 | 750 |
Total tax effect | (81) | (129) | (155) | (251) |
Total amounts reclassified out of AOCI, pretax | 309 | 517 | 616 | 1,001 |
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 | (14) | (7) | (90) | (26) |
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 and (losses) | (23) | (49) | (138) | (121) |
Impairment losses on investments | 9 | 43 | 23 | 94 |
Income from continuing operations before income taxes | (14) | (6) | (115) | (27) |
Tax effect | 0 | (1) | 25 | 1 |
Income (loss) from continuing operations | (14) | (7) | (90) | (26) |
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 | 2 | (6) | 12 | (4) |
Debt valuation adjustment (DVA) | (Gain) loss reclassified from AOCI | ||||
Pretax and after-tax amounts reclassified out of accumulated other comprehensive income (loss) | ||||
Realized gains and (losses) | 3 | (7) | 16 | (4) |
Tax effect | (1) | 1 | (4) | 0 |
Income (loss) from continuing operations | 2 | (6) | 12 | (4) |
Cash flow hedges | ||||
Pretax and after-tax amounts reclassified out of accumulated other comprehensive income (loss) | ||||
Total amounts reclassified out of AOCI, after-tax | 198 | 377 | 458 | 732 |
Cash flow hedges | (Gain) loss reclassified from AOCI | ||||
Pretax and after-tax amounts reclassified out of accumulated other comprehensive income (loss) | ||||
Tax effect | (63) | (119) | (146) | (234) |
Subtotal, pretax | 261 | 496 | 604 | 966 |
Total amounts reclassified out of AOCI, after-tax | 198 | 377 | 458 | 732 |
Cash flow hedges | (Gain) loss reclassified from AOCI | Interest rate contracts | ||||
Pretax and after-tax amounts reclassified out of accumulated other comprehensive income (loss) | ||||
Subtotal, pretax | 260 | 495 | 602 | 964 |
Cash flow hedges | (Gain) loss reclassified from AOCI | Foreign exchange contracts | ||||
Pretax and after-tax amounts reclassified out of accumulated other comprehensive income (loss) | ||||
Subtotal, pretax | 1 | 1 | 2 | 2 |
Benefit plan adjustments | ||||
Pretax and after-tax amounts reclassified out of accumulated other comprehensive income (loss) | ||||
Total amounts reclassified out of AOCI, after-tax | 44 | 34 | 93 | 62 |
Benefit plan adjustments | (Gain) loss reclassified from AOCI | ||||
Pretax and after-tax amounts reclassified out of accumulated other comprehensive income (loss) | ||||
Other Noninterest Expense | 61 | 47 | 126 | 85 |
Total amounts reclassified out of AOCI, after-tax | 44 | 34 | 93 | 62 |
Total tax effect | (17) | (13) | (33) | (23) |
Prior service cost (benefit) | (Gain) loss reclassified from AOCI | ||||
Pretax and after-tax amounts reclassified out of accumulated other comprehensive income (loss) | ||||
Other Noninterest Expense | (5) | (5) | (10) | (11) |
Net actuarial loss | (Gain) loss reclassified from AOCI | ||||
Pretax and after-tax amounts reclassified out of accumulated other comprehensive income (loss) | ||||
Other Noninterest Expense | 64 | 51 | 134 | 100 |
Curtailment/settlement impact | (Gain) loss reclassified from AOCI | ||||
Pretax and after-tax amounts reclassified out of accumulated other comprehensive income (loss) | ||||
Other Noninterest Expense | 2 | 1 | 2 | (4) |
Excluded component of fair value hedges | ||||
Pretax and after-tax amounts reclassified out of accumulated other comprehensive income (loss) | ||||
Total amounts reclassified out of AOCI, after-tax | (1) | (10) | (11) | (14) |
Excluded component of fair value hedges | (Gain) loss reclassified from AOCI | ||||
Pretax and after-tax amounts reclassified out of accumulated other comprehensive income (loss) | ||||
Income from continuing operations before income taxes | (1) | (13) | (14) | (19) |
Tax effect | 0 | 3 | 3 | 5 |
Total amounts reclassified out of AOCI, after-tax | (1) | (10) | (11) | (14) |
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 | 0 | 0 | 0 |
Tax effect | 0 | 0 | 0 | 0 |
Total amounts reclassified out of AOCI, after-tax | 0 | 0 | 0 | 0 |
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 | (1) | (1) | ||
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 | (1) | 0 | (1) | 0 |
Tax effect | 0 | 0 | 0 | 0 |
Total amounts reclassified out of AOCI, after-tax | $ (1) | $ 0 | $ (1) | $ 0 |
PREFERRED STOCK - Schedule of P
PREFERRED STOCK - Schedule of Preferred Stock Outstanding (Details) - USD ($) $ / shares in Units, $ in Millions | 6 Months Ended | |
Jun. 30, 2024 | Dec. 31, 2023 | |
Class of Stock [Line Items] | ||
Carrying value | $ 18,100 | $ 17,600 |
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 | $ 0 | 1,250 |
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) | 22,000,000 | |
Carrying value | $ 0 | 550 |
Series M | ||
Class of Stock [Line Items] | ||
Dividend rate (as a percent) | 3.68461% | |
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 |
Percentage of intrest in corresponding series of preferred stock | 4% | |
Series M | LIBOR | ||
Class of Stock [Line Items] | ||
Dividend rate (as a percent) | 0.26161% | |
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 |
Percentage of intrest in corresponding series of preferred stock | 4% | |
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 |
Percentage of intrest in corresponding series of preferred stock | 4% | |
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 |
Percentage of intrest in corresponding series of preferred stock | 4% | |
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 |
Percentage of intrest in corresponding series of preferred stock | 4% | |
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 |
Percentage of intrest in corresponding series of preferred stock | 4% | |
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 |
Percentage of intrest in corresponding series of preferred stock | 4% | |
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 |
Percentage of intrest in corresponding series of preferred stock | 4% | |
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 | 1,250 |
Percentage of intrest in corresponding series of preferred stock | 4% | |
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 | 1,500 |
Percentage of intrest in corresponding series of preferred stock | 4% | |
Series BB | ||
Class of Stock [Line Items] | ||
Dividend rate (as a percent) | 7.20% | |
Redemption price per depositary share/ preference share (in dollars per share) | $ 1,000 | |
Number of depositary shares (in shares) | 550,000 | |
Carrying value | $ 550 | 0 |
Percentage of intrest in corresponding series of preferred stock | 4% | |
Series CC | ||
Class of Stock [Line Items] | ||
Dividend rate (as a percent) | 7.125% | |
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 | $ 0 |
Percentage of intrest in corresponding series of preferred stock | 4% | |
Series DD | ||
Class of Stock [Line Items] | ||
Carrying value | $ 1,500 |
SECURITIZATIONS AND VARIABLE _3
SECURITIZATIONS AND VARIABLE INTEREST ENTITIES - Schedule of Variable Interest Entities (Details) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Variable Interest Entity | ||
Total involvement with SPE assets | $ 463,641 | $ 475,664 |
Significant unconsolidated VIE assets | 403,959 | 409,476 |
Funded Exposure | ||
Maximum exposure to loss in significant unconsolidated VIEs, debt investments | 57,196 | 58,909 |
Maximum exposure to loss in significant unconsolidated VIEs, equity investments | 3,455 | 3,691 |
Unfunded Exposure | ||
Maximum exposure to loss in significant unconsolidated VIEs, funding commitments | 15,977 | 16,883 |
Maximum exposure to loss in significant unconsolidated VIEs, guarantees and derivatives | 175 | 136 |
Funded and Unfunded Exposure | ||
Maximum exposure to loss in significant unconsolidated VIEs | 76,803 | 79,619 |
Assets | 2,405,686 | 2,411,834 |
Consolidated VIEs | ||
Funded and Unfunded Exposure | ||
Assets | 59,682 | 66,188 |
Private equity | ||
Variable Interest Entity | ||
Significant unconsolidated VIE assets | 6,000 | 6,000 |
Funded and Unfunded Exposure | ||
Maximum exposure to loss in significant unconsolidated VIEs | 245 | 282 |
Venture capital investments | ||
Funded and Unfunded Exposure | ||
Maximum exposure to loss in significant unconsolidated VIEs | 6,600 | 8,500 |
Credit card securitizations | ||
Variable Interest Entity | ||
Total involvement with SPE assets | 29,915 | 31,852 |
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 |
Credit card securitizations | Consolidated VIEs | ||
Funded and Unfunded Exposure | ||
Assets | 29,915 | 31,852 |
Mortgage securitizations - U.S. agency-sponsored | ||
Variable Interest Entity | ||
Total involvement with SPE assets | 113,959 | 123,787 |
Significant unconsolidated VIE assets | 113,959 | 123,787 |
Funded Exposure | ||
Maximum exposure to loss in significant unconsolidated VIEs, debt investments | 2,501 | 2,332 |
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 | 130 | 136 |
Funded and Unfunded Exposure | ||
Maximum exposure to loss in significant unconsolidated VIEs | 2,631 | 2,468 |
Mortgage securitizations - U.S. agency-sponsored | Consolidated VIEs | ||
Funded and Unfunded Exposure | ||
Assets | 0 | 0 |
Mortgage securitizations - Non-agency-sponsored | ||
Variable Interest Entity | ||
Total involvement with SPE assets | 59,901 | 64,963 |
Significant unconsolidated VIE assets | 59,901 | 64,963 |
Funded Exposure | ||
Maximum exposure to loss in significant unconsolidated VIEs, debt investments | 3,299 | 3,751 |
Maximum exposure to loss in significant unconsolidated VIEs, equity investments | 0 | 0 |
Unfunded Exposure | ||
Maximum exposure to loss in significant unconsolidated VIEs, funding commitments | 157 | 129 |
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 | 3,456 | 3,880 |
Mortgage securitizations - Non-agency-sponsored | Consolidated VIEs | ||
Funded and Unfunded Exposure | ||
Assets | 0 | 0 |
Citi-administered asset-backed commercial paper conduits | ||
Variable Interest Entity | ||
Total involvement with SPE assets | 20,413 | 21,097 |
Significant unconsolidated VIE assets | 320 | 0 |
Funded Exposure | ||
Maximum exposure to loss in significant unconsolidated VIEs, debt investments | 3 | 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 | 34 | 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 | 37 | 0 |
Citi-administered asset-backed commercial paper conduits | Consolidated VIEs | ||
Funded and Unfunded Exposure | ||
Assets | 20,093 | 21,097 |
Collateralized loan obligations (CLOs) | ||
Variable Interest Entity | ||
Total involvement with SPE assets | 4,932 | 5,562 |
Significant unconsolidated VIE assets | 4,932 | 5,562 |
Funded Exposure | ||
Maximum exposure to loss in significant unconsolidated VIEs, debt investments | 1,924 | 2,344 |
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 | 1,924 | 2,344 |
Collateralized loan obligations (CLOs) | Consolidated VIEs | ||
Funded and Unfunded Exposure | ||
Assets | 0 | 0 |
Asset-backed securities | ||
Variable Interest Entity | ||
Total involvement with SPE assets | 211,948 | 204,680 |
Significant unconsolidated VIE assets | 203,446 | 192,483 |
Funded Exposure | ||
Maximum exposure to loss in significant unconsolidated VIEs, debt investments | 47,104 | 48,187 |
Maximum exposure to loss in significant unconsolidated VIEs, equity investments | 831 | 902 |
Unfunded Exposure | ||
Maximum exposure to loss in significant unconsolidated VIEs, funding commitments | 13,233 | 13,655 |
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 | 61,168 | 62,744 |
Asset-backed securities | Consolidated VIEs | ||
Funded and Unfunded Exposure | ||
Assets | 8,502 | 12,197 |
Municipal securities tender option bond trusts (TOBs) | ||
Variable Interest Entity | ||
Total involvement with SPE assets | 1,025 | 1,493 |
Significant unconsolidated VIE assets | 0 | 610 |
Funded Exposure | ||
Maximum exposure to loss in significant unconsolidated VIEs, debt investments | 0 | 12 |
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 | 417 |
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 | 429 |
Municipal securities tender option bond trusts (TOBs) | Consolidated VIEs | ||
Funded and Unfunded Exposure | ||
Assets | 1,025 | 883 |
Municipal investments | ||
Variable Interest Entity | ||
Total involvement with SPE assets | 20,528 | 21,317 |
Significant unconsolidated VIE assets | 20,525 | 21,314 |
Funded Exposure | ||
Maximum exposure to loss in significant unconsolidated VIEs, debt investments | 2,333 | 2,243 |
Maximum exposure to loss in significant unconsolidated VIEs, equity investments | 2,611 | 2,779 |
Unfunded Exposure | ||
Maximum exposure to loss in significant unconsolidated VIEs, funding commitments | 2,459 | 2,587 |
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 | 7,403 | 7,609 |
Municipal investments | Consolidated VIEs | ||
Funded and Unfunded Exposure | ||
Assets | 3 | 3 |
Client intermediation | ||
Variable Interest Entity | ||
Total involvement with SPE assets | 388 | 368 |
Significant unconsolidated VIE assets | 309 | 282 |
Funded Exposure | ||
Maximum exposure to loss in significant unconsolidated VIEs, debt investments | 28 | 37 |
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 | 45 | 0 |
Funded and Unfunded Exposure | ||
Maximum exposure to loss in significant unconsolidated VIEs | 73 | 37 |
Client intermediation | Consolidated VIEs | ||
Funded and Unfunded Exposure | ||
Assets | 79 | 86 |
Investment funds | ||
Variable Interest Entity | ||
Total involvement with SPE assets | 632 | 545 |
Significant unconsolidated VIE assets | 567 | 475 |
Funded Exposure | ||
Maximum exposure to loss in significant unconsolidated VIEs, debt investments | 4 | 3 |
Maximum exposure to loss in significant unconsolidated VIEs, equity investments | 13 | 10 |
Unfunded Exposure | ||
Maximum exposure to loss in significant unconsolidated VIEs, funding commitments | 94 | 95 |
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 | 111 | 108 |
Investment funds | Consolidated VIEs | ||
Funded and Unfunded Exposure | ||
Assets | $ 65 | $ 70 |
SECURITIZATIONS AND VARIABLE _4
SECURITIZATIONS AND VARIABLE INTEREST ENTITIES - Assets and Liabilities of VIEs (Details) - USD ($) $ in Millions | Jun. 30, 2024 | Mar. 31, 2024 | Dec. 31, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 |
Assets of consolidated VIEs to be used to settle obligations of consolidated VIEs | ||||||
Cash and due from banks | $ 26,917 | $ 27,342 | $ 25,763 | |||
Trading account assets | 446,339 | 411,756 | ||||
Investments | 508,276 | 519,085 | ||||
Loans, net of unearned income | 687,722 | 689,362 | ||||
Allowance for credit losses on loans (ACLL) | (18,216) | $ (18,296) | (18,145) | (17,496) | $ (17,169) | $ (16,974) |
Total loans, net | 669,506 | 671,217 | ||||
Other assets, at fair value | 99,569 | 95,963 | ||||
Total assets | 2,405,686 | 2,411,834 | ||||
Liabilities of consolidated VIEs for which creditors or beneficial interest holders do not have recourse to the general credit of Citigroup | ||||||
Short-term borrowings | 38,694 | 37,457 | ||||
Long-term debt | 280,321 | 286,619 | ||||
Other liabilities | 69,304 | 75,835 | ||||
Total liabilities | 2,196,542 | 2,205,583 | ||||
Consumer loans | ||||||
Assets of consolidated VIEs to be used to settle obligations of consolidated VIEs | ||||||
Loans, net of unearned income | 386,117 | 389,197 | ||||
Allowance for credit losses on loans (ACLL) | (15,732) | (15,524) | (15,431) | (14,866) | (14,389) | (14,119) |
Corporate loans | ||||||
Assets of consolidated VIEs to be used to settle obligations of consolidated VIEs | ||||||
Loans, net of unearned income | 301,605 | 300,165 | ||||
Allowance for credit losses on loans (ACLL) | (2,484) | $ (2,772) | (2,714) | $ (2,630) | $ (2,780) | $ (2,855) |
Consolidated VIEs | ||||||
Assets of consolidated VIEs to be used to settle obligations of consolidated VIEs | ||||||
Cash and due from banks | 71 | 44 | ||||
Trading account assets | 7,920 | 11,350 | ||||
Investments | 923 | 767 | ||||
Loans, net of unearned income | 53,169 | 56,348 | ||||
Allowance for credit losses on loans (ACLL) | (2,558) | (2,481) | ||||
Total loans, net | 50,611 | 53,867 | ||||
Other assets, at fair value | 157 | 160 | ||||
Total assets | 59,682 | 66,188 | ||||
Liabilities of consolidated VIEs for which creditors or beneficial interest holders do not have recourse to the general credit of Citigroup | ||||||
Short-term borrowings | 9,754 | 9,692 | ||||
Long-term debt | 6,085 | 8,443 | ||||
Other liabilities | 1,438 | 927 | ||||
Total liabilities | 17,277 | 19,062 | ||||
Consolidated VIEs | Consumer loans | ||||||
Assets of consolidated VIEs to be used to settle obligations of consolidated VIEs | ||||||
Loans, net of unearned income | 32,956 | 35,141 | ||||
Consolidated VIEs | Corporate loans | ||||||
Assets of consolidated VIEs to be used to settle obligations of consolidated VIEs | ||||||
Loans, net of unearned income | $ 20,213 | $ 21,207 |
SECURITIZATIONS AND VARIABLE _5
SECURITIZATIONS AND VARIABLE INTEREST ENTITIES - Funding Commitments (Details) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Funding Commitments for Significant Unconsolidated VIEs | ||
Notional amount | $ 15,977 | $ 16,883 |
Liquidity facilities | ||
Funding Commitments for Significant Unconsolidated VIEs | ||
Notional amount | 0 | 417 |
Liquidity facilities | Non-agency-sponsored mortgage securitizations | ||
Funding Commitments for Significant Unconsolidated VIEs | ||
Notional amount | 0 | 0 |
Liquidity facilities | Citi-administered asset-backed commercial paper conduits | ||
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 | 0 | 417 |
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 | 15,977 | 16,466 |
Loan / equity commitments | Non-agency-sponsored mortgage securitizations | ||
Funding Commitments for Significant Unconsolidated VIEs | ||
Notional amount | 157 | 129 |
Loan / equity commitments | Citi-administered asset-backed commercial paper conduits | ||
Funding Commitments for Significant Unconsolidated VIEs | ||
Notional amount | 34 | 0 |
Loan / equity commitments | Asset-backed securities | ||
Funding Commitments for Significant Unconsolidated VIEs | ||
Notional amount | 13,233 | 13,655 |
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 | 2,459 | 2,587 |
Loan / equity commitments | Investment funds | ||
Funding Commitments for Significant Unconsolidated VIEs | ||
Notional amount | 94 | 95 |
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 | Jun. 30, 2024 | Dec. 31, 2023 | Jun. 30, 2023 |
Variable Interest Entity | |||
Cash | $ 26,917 | $ 27,342 | $ 25,763 |
Trading account assets | 446,339 | 411,756 | |
Investments | 508,276 | 519,085 | |
Other assets | 99,569 | 95,963 | |
Total assets | 2,405,686 | 2,411,834 | |
Unconsolidated VIEs | |||
Variable Interest Entity | |||
Cash | 0 | 0 | |
Trading account assets | 3,900 | 1,900 | |
Investments | 5,000 | 8,300 | |
Total loans, net of allowance | 51,100 | 51,800 | |
Other assets | 600 | 600 | |
Total assets | $ 60,600 | $ 62,600 |
SECURITIZATIONS AND VARIABLE _7
SECURITIZATIONS AND VARIABLE INTEREST ENTITIES - Credit Card Securitizations Narrative (Details) | 6 Months Ended |
Jun. 30, 2024 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 | 6 Months Ended | |||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | |
Mortgage securitizations - U.S. agency sponsored | |||||
Cash Flows Between Transferor and Transferee | |||||
Principal securitized | $ 1,500 | $ 1,600 | $ 3,000 | $ 2,300 | |
Proceeds from new securitizations | 1,500 | 1,600 | 3,000 | 2,400 | |
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 | 0 | |
Gains recognized on the securitization | 1 | 1 | |||
Carrying value of retained interests | 709 | 709 | $ 689 | ||
Mortgage securitizations - Non-agency-sponsored | |||||
Cash Flows Between Transferor and Transferee | |||||
Principal securitized | 3,000 | 1,000 | 4,100 | 2,300 | |
Proceeds from new securitizations | 2,700 | 900 | 3,700 | 2,000 | |
Contractual servicing fees received | 0 | 0 | 0 | 0 | |
Cash flows received on retained interests and other net cash flows | 0 | 100 | 100 | 100 | |
Purchases of previously transferred financial assets | 0 | 0 | 0 | 0 | |
Gains recognized on the securitization | 45.5 | $ 11.3 | 82 | $ 13.7 | |
Senior interests | |||||
Cash Flows Between Transferor and Transferee | |||||
Carrying value of retained interests | 855 | 855 | 943 | ||
Subordinated interests | |||||
Cash Flows Between Transferor and Transferee | |||||
Carrying value of retained interests | $ 1,014 | $ 1,014 | $ 963 |
SECURITIZATIONS AND VARIABLE _9
SECURITIZATIONS AND VARIABLE INTEREST ENTITIES - Loan Delinquencies and Liquidation Losses (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | |
Residential | |||||
Variable Interest Entity | |||||
Securitized assets | $ 28,200 | $ 28,200 | $ 28,200 | ||
Liquidation losses | 0.5 | $ 2,300 | 1.2 | $ 4.6 | |
Commercial and other | |||||
Variable Interest Entity | |||||
Securitized assets | 29,500 | 29,500 | 29,900 | ||
Liquidation losses | 0 | 0 | 0 | 0 | |
Mortgage securitizations - Non-agency-sponsored | |||||
Variable Interest Entity | |||||
Securitized assets | 57,700 | 57,700 | 58,100 | ||
Liquidation losses | 0.5 | $ 2,300 | 1.2 | $ 4.6 | |
Personal loan | |||||
Variable Interest Entity | |||||
Securitized assets | 100 | 100 | |||
90+ days past due | Residential | |||||
Variable Interest Entity | |||||
Securitized assets | 300 | 300 | 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 | $ 300 | $ 300 | $ 500 |
SECURITIZATIONS AND VARIABLE_10
SECURITIZATIONS AND VARIABLE INTEREST ENTITIES - Mortgage Servicing Rights (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | |
Mortgage servicing rights | |||||
Classification of Securitizations | |||||
Fair value of capitalized mortgage servicing rights | $ 709,000,000 | $ 681,000,000 | $ 709,000,000 | $ 681,000,000 | |
Principal amount of loans and other financial instruments | 53,000,000,000 | 51,000,000,000 | 53,000,000,000 | 51,000,000,000 | |
Capitalized MSRs | |||||
Balance, at beginning of period | 702,000,000 | 658,000,000 | 691,000,000 | 665,000,000 | |
Originations | 19,000,000 | 19,000,000 | 36,000,000 | 31,000,000 | |
Changes in fair value of MSRs due to changes in inputs and assumptions | 5,000,000 | 22,000,000 | 17,000,000 | 19,000,000 | |
Other changes | (17,000,000) | (18,000,000) | (35,000,000) | (34,000,000) | |
Balance, as of June 30 | 709,000,000 | 681,000,000 | 709,000,000 | 681,000,000 | |
MSR fees | |||||
Servicing fees | 33,000,000 | 32,000,000 | 65,000,000 | 65,000,000 | |
Late fees | 1,000,000 | 1,000,000 | 1,000,000 | 2,000,000 | |
Total MSR fees | 34,000,000 | 33,000,000 | 66,000,000 | 67,000,000 | |
Mortgage securitizations - Non-agency-sponsored | |||||
Classification of Securitizations | |||||
Principal securitized | 3,000,000,000 | 1,000,000,000 | 4,100,000,000 | 2,300,000,000 | |
Proceeds from new securitizations | 2,700,000,000 | 900,000,000 | 3,700,000,000 | 2,000,000,000 | |
Gains recognized on the securitization | 45,500,000 | 11,300,000 | 82,000,000 | 13,700,000 | |
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 | 1,800,000,000 | 1,800,000,000 | 1,700,000,000 | ||
Securities transferred to re-securitization entities | 6,300,000,000 | $ 3,300,000,000 | 10,700,000,000 | $ 8,600,000,000 | |
Market value of retained interest related to re-securitization transaction | 942,000,000 | 942,000,000 | 930,000,000 | ||
Original fair value of re-securitizations deals in which the entity holds a retained interest | $ 73,100,000,000 | $ 73,100,000,000 | $ 84,100,000,000 |
SECURITIZATIONS AND VARIABLE_11
SECURITIZATIONS AND VARIABLE INTEREST ENTITIES - Asset-Backed Commercial Paper Conduits (Details) - USD ($) $ in Millions | 6 Months Ended | 12 Months Ended |
Jun. 30, 2024 | Dec. 31, 2023 | |
Classification of Other Securitization Details | ||
Commercial paper | $ 18,855 | $ 20,222 |
Citi-administered asset-backed commercial paper conduits | ||
Classification of Other Securitization Details | ||
Purchased assets outstanding under conduits | 20,100 | 21,100 |
Incremental funding commitments with clients | $ 16,300 | $ 16,700 |
Weighted average life of commercial paper issued by conduits | 80 days | 68 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 | 2,000 | $ 2,100 |
Commercial paper | $ 9,300 | $ 10,100 |
SECURITIZATIONS AND VARIABLE_12
SECURITIZATIONS AND VARIABLE INTEREST ENTITIES - Municipal Securities Tender Option Bond Trusts (Details) - USD ($) $ in Billions | Jun. 30, 2024 | Dec. 31, 2023 |
Municipal securities tender option bond trusts (TOBs) | ||
Variable Interest Entity | ||
Liquidity agreements, other trusts | $ 0.7 | $ 1.2 |
SECURITIZATIONS AND VARIABLE_13
SECURITIZATIONS AND VARIABLE INTEREST ENTITIES - Asset Based Financing (Details) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Variable Interest Entity | ||
Total unconsolidated VIE assets | $ 403,959 | $ 409,476 |
Commercial and other real estate | Asset-backed securities | ||
Variable Interest Entity | ||
Total unconsolidated VIE assets | 42,185 | 42,869 |
Maximum exposure to unconsolidated VIEs | 8,327 | 8,831 |
Corporate loans | Asset-backed securities | ||
Variable Interest Entity | ||
Total unconsolidated VIE assets | 37,755 | 27,903 |
Maximum exposure to unconsolidated VIEs | 20,631 | 18,546 |
Other (including investment funds, airlines and shipping) | Asset-backed securities | ||
Variable Interest Entity | ||
Total unconsolidated VIE assets | 123,506 | 121,711 |
Maximum exposure to unconsolidated VIEs | 32,210 | 35,367 |
Asset-backed securities | ||
Variable Interest Entity | ||
Total unconsolidated VIE assets | $ 203,446 | $ 192,483 |
DERIVATIVES - Derivative Notion
DERIVATIVES - Derivative Notionals (Details) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Hedging instruments under ASC 815 | ||
Derivatives | ||
Derivative notionals | $ 360,522 | $ 374,383 |
Hedging instruments under ASC 815 | Interest rate contracts | ||
Derivatives | ||
Derivative notionals | 272,320 | 277,003 |
Hedging instruments under ASC 815 | Interest rate swaps | ||
Derivatives | ||
Derivative notionals | 272,320 | 277,003 |
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 | 85,109 | 95,630 |
Hedging instruments under ASC 815 | Foreign exchange swaps | ||
Derivatives | ||
Derivative notionals | 35,709 | 45,851 |
Hedging instruments under ASC 815 | Foreign exchange futures, forwards and spot | ||
Derivatives | ||
Derivative notionals | 49,400 | 49,779 |
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 | 3,093 | 1,750 |
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 | 3,093 | 1,750 |
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 | 46,948,556 | 41,538,477 |
Other derivative instruments, Trading derivatives | Interest rate contracts | ||
Derivatives | ||
Derivative notionals | 28,937,918 | 25,541,413 |
Other derivative instruments, Trading derivatives | Interest rate swaps | ||
Derivatives | ||
Derivative notionals | 20,423,966 | 17,077,712 |
Other derivative instruments, Trading derivatives | Interest rate futures and forwards | ||
Derivatives | ||
Derivative notionals | 3,490,013 | 3,022,127 |
Other derivative instruments, Trading derivatives | Interest rate contract options | Written | ||
Derivatives | ||
Derivative notionals | 2,584,344 | 2,753,912 |
Other derivative instruments, Trading derivatives | Interest rate contract options | Purchased | ||
Derivatives | ||
Derivative notionals | 2,439,595 | 2,687,662 |
Other derivative instruments, Trading derivatives | Foreign exchange contracts | ||
Derivatives | ||
Derivative notionals | 15,284,615 | 13,229,648 |
Other derivative instruments, Trading derivatives | Foreign exchange swaps | ||
Derivatives | ||
Derivative notionals | 8,298,674 | 7,943,054 |
Other derivative instruments, Trading derivatives | Foreign exchange futures, forwards and spot | ||
Derivatives | ||
Derivative notionals | 4,822,868 | 3,737,063 |
Other derivative instruments, Trading derivatives | Foreign exchange contract options | Written | ||
Derivatives | ||
Derivative notionals | 1,082,059 | 778,397 |
Other derivative instruments, Trading derivatives | Foreign exchange contract options | Purchased | ||
Derivatives | ||
Derivative notionals | 1,081,014 | 771,134 |
Other derivative instruments, Trading derivatives | Equity contracts | ||
Derivatives | ||
Derivative notionals | 1,317,385 | 1,362,973 |
Other derivative instruments, Trading derivatives | Equity swaps | ||
Derivatives | ||
Derivative notionals | 293,394 | 317,117 |
Other derivative instruments, Trading derivatives | Equity futures and forwards | ||
Derivatives | ||
Derivative notionals | 78,102 | 72,592 |
Other derivative instruments, Trading derivatives | Equity contract options | Written | ||
Derivatives | ||
Derivative notionals | 539,076 | 544,315 |
Other derivative instruments, Trading derivatives | Equity contract options | Purchased | ||
Derivatives | ||
Derivative notionals | 406,813 | 428,949 |
Other derivative instruments, Trading derivatives | Commodity and other contracts | ||
Derivatives | ||
Derivative notionals | 362,526 | 340,117 |
Other derivative instruments, Trading derivatives | Commodity and other swaps | ||
Derivatives | ||
Derivative notionals | 77,801 | 82,009 |
Other derivative instruments, Trading derivatives | Commodity and other futures and forwards | ||
Derivatives | ||
Derivative notionals | 167,194 | 161,811 |
Other derivative instruments, Trading derivatives | Commodity and other contracts | Written | ||
Derivatives | ||
Derivative notionals | 59,172 | 49,555 |
Other derivative instruments, Trading derivatives | Commodity and other contracts | Purchased | ||
Derivatives | ||
Derivative notionals | 58,359 | 46,742 |
Other derivative instruments, Trading derivatives | Credit derivatives | ||
Derivatives | ||
Derivative notionals | 1,046,112 | 1,064,326 |
Other derivative instruments, Trading derivatives | Credit derivatives | Written | ||
Derivatives | ||
Derivative notionals | 483,472 | 496,699 |
Other derivative instruments, Trading derivatives | Credit derivatives | Purchased | ||
Derivatives | ||
Derivative notionals | $ 562,640 | $ 567,627 |
DERIVATIVES - Derivative Mark-t
DERIVATIVES - Derivative Mark-to-Market (MTM) Receivables/Payables (Details) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Assets | ||
Derivative receivables | $ 355,862 | $ 387,374 |
Less: Netting agreements to assets | (277,223) | (308,431) |
Less: Netting of cash collateral received | (25,575) | (21,226) |
Total trading account derivatives, assets | 53,064 | 57,717 |
Less: Cash collateral received | (558) | (563) |
Less: Non-cash collateral received | (2,367) | (5,208) |
Total net receivables | 50,139 | 51,946 |
Liabilities | ||
Derivative payables | 352,939 | 385,211 |
Less: Netting agreements to liabilities | (277,223) | (308,431) |
Less: Netting of cash collateral paid | (28,644) | (26,101) |
Total derivative liabilities | 47,072 | 50,679 |
Less: Cash collateral paid | (380) | (348) |
Less: Non-cash collateral paid | (10,060) | (12,504) |
Total net payables | 36,632 | 37,827 |
Trading account assets | ||
Liabilities | ||
Does not meet applicable offsetting guidance, assets | 4,000 | 4,000 |
Trading account assets | Over-the-counter | ||
Liabilities | ||
Less: Netting agreements to liabilities | (204,000) | (242,000) |
Trading account assets | Cleared | ||
Liabilities | ||
Less: Netting agreements to liabilities | (40,000) | (44,000) |
Trading account assets | Exchange traded | ||
Liabilities | ||
Less: Netting agreements to liabilities | (33,000) | (22,000) |
Trading accounts liabilities | ||
Liabilities | ||
Does not meet applicable offsetting guidance, liabilities | 9,000 | 10,000 |
Trading accounts liabilities | Over-the-counter | ||
Assets | ||
Less: Netting agreements to assets | (204,000) | (242,000) |
Trading accounts liabilities | Cleared | ||
Assets | ||
Less: Netting agreements to assets | (40,000) | (44,000) |
Trading accounts liabilities | Exchange traded | ||
Assets | ||
Less: Netting agreements to assets | (33,000) | (22,000) |
Derivative instruments designated as ASC 815 hedges | ||
Assets | ||
Derivative receivables | 1,816 | 2,247 |
Liabilities | ||
Derivative payables | 603 | 1,858 |
Derivative instruments designated as ASC 815 hedges | Interest rate contracts | ||
Assets | ||
Derivative receivables | 561 | 557 |
Liabilities | ||
Derivative payables | 146 | 126 |
Derivative instruments designated as ASC 815 hedges | Interest rate contracts | Over-the-counter | ||
Assets | ||
Derivative receivables | 413 | 458 |
Liabilities | ||
Derivative payables | 109 | 5 |
Derivative instruments designated as ASC 815 hedges | Interest rate contracts | Cleared | ||
Assets | ||
Derivative receivables | 148 | 99 |
Liabilities | ||
Derivative payables | 37 | 121 |
Derivative instruments designated as ASC 815 hedges | Foreign exchange contracts | ||
Assets | ||
Derivative receivables | 1,255 | 1,690 |
Liabilities | ||
Derivative payables | 457 | 1,732 |
Derivative instruments designated as ASC 815 hedges | Foreign exchange contracts | Over-the-counter | ||
Assets | ||
Derivative receivables | 1,255 | 1,690 |
Liabilities | ||
Derivative payables | 457 | 1,732 |
Derivative instruments designated as ASC 815 hedges | Foreign exchange contracts | Cleared | ||
Assets | ||
Derivative receivables | 0 | 0 |
Liabilities | ||
Derivative payables | 0 | 0 |
Derivatives instruments not designated as ASC 815 hedges | ||
Assets | ||
Derivative receivables | 354,046 | 385,127 |
Liabilities | ||
Derivative payables | 352,336 | 383,353 |
Derivatives instruments not designated as ASC 815 hedges | Interest rate contracts | ||
Assets | ||
Derivative receivables | 143,505 | 157,937 |
Liabilities | ||
Derivative payables | 135,641 | 153,060 |
Derivatives instruments not designated as ASC 815 hedges | Interest rate contracts | Over-the-counter | ||
Assets | ||
Derivative receivables | 103,659 | 113,993 |
Liabilities | ||
Derivative payables | 94,866 | 105,512 |
Derivatives instruments not designated as ASC 815 hedges | Interest rate contracts | Cleared | ||
Assets | ||
Derivative receivables | 39,757 | 43,858 |
Liabilities | ||
Derivative payables | 40,710 | 47,462 |
Derivatives instruments not designated as ASC 815 hedges | Interest rate contracts | Exchange traded | ||
Assets | ||
Derivative receivables | 89 | 86 |
Liabilities | ||
Derivative payables | 65 | 86 |
Derivatives instruments not designated as ASC 815 hedges | Foreign exchange contracts | ||
Assets | ||
Derivative receivables | 136,662 | 158,004 |
Liabilities | ||
Derivative payables | 129,133 | 155,469 |
Derivatives instruments not designated as ASC 815 hedges | Foreign exchange contracts | Over-the-counter | ||
Assets | ||
Derivative receivables | 136,114 | 157,633 |
Liabilities | ||
Derivative payables | 128,529 | 155,027 |
Derivatives instruments not designated as ASC 815 hedges | Foreign exchange contracts | Cleared | ||
Assets | ||
Derivative receivables | 543 | 368 |
Liabilities | ||
Derivative payables | 603 | 420 |
Derivatives instruments not designated as ASC 815 hedges | Foreign exchange contracts | Trading account assets | Exchange traded | ||
Assets | ||
Derivative receivables | 5 | 3 |
Derivatives instruments not designated as ASC 815 hedges | Foreign exchange contracts | Trading accounts liabilities | Exchange traded | ||
Liabilities | ||
Derivative payables | 1 | 22 |
Derivatives instruments not designated as ASC 815 hedges | Equity contracts | ||
Assets | ||
Derivative receivables | 52,378 | 43,278 |
Liabilities | ||
Derivative payables | 64,444 | 47,946 |
Derivatives instruments not designated as ASC 815 hedges | Equity contracts | Over-the-counter | ||
Assets | ||
Derivative receivables | 18,741 | 19,515 |
Liabilities | ||
Derivative payables | 31,341 | 25,425 |
Derivatives instruments not designated as ASC 815 hedges | Equity contracts | Cleared | ||
Assets | ||
Derivative receivables | 2 | 0 |
Liabilities | ||
Derivative payables | 52 | 0 |
Derivatives instruments not designated as ASC 815 hedges | Equity contracts | Exchange traded | ||
Assets | ||
Derivative receivables | 33,635 | 23,763 |
Liabilities | ||
Derivative payables | 33,051 | 22,521 |
Derivatives instruments not designated as ASC 815 hedges | Commodity and other contracts | ||
Assets | ||
Derivative receivables | 13,358 | 17,569 |
Liabilities | ||
Derivative payables | 15,388 | 18,796 |
Derivatives instruments not designated as ASC 815 hedges | Commodity and other contracts | Over-the-counter | ||
Assets | ||
Derivative receivables | 12,688 | 16,921 |
Liabilities | ||
Derivative payables | 14,518 | 18,086 |
Derivatives instruments not designated as ASC 815 hedges | Commodity and other contracts | Exchange traded | ||
Assets | ||
Derivative receivables | 670 | 648 |
Liabilities | ||
Derivative payables | 870 | 710 |
Derivatives instruments not designated as ASC 815 hedges | Credit derivatives | ||
Assets | ||
Derivative receivables | 8,143 | 8,339 |
Liabilities | ||
Derivative payables | 7,730 | 8,082 |
Derivatives instruments not designated as ASC 815 hedges | Credit derivatives | Over-the-counter | ||
Assets | ||
Derivative receivables | 6,371 | 6,094 |
Liabilities | ||
Derivative payables | 5,995 | 6,293 |
Derivatives instruments not designated as ASC 815 hedges | Credit derivatives | Cleared | ||
Assets | ||
Derivative receivables | 1,772 | 2,245 |
Liabilities | ||
Derivative payables | $ 1,735 | $ 1,789 |
DERIVATIVES - Gains (Losses) In
DERIVATIVES - Gains (Losses) Included in Other Revenue (Details) - Other revenue - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Derivative gain (losses) | ||||
Gains (losses) recognized in Other revenue related to derivatives not designated in a qualifying hedging relationship | $ (144) | $ (28) | $ (166) | $ (98) |
Interest rate contracts | ||||
Derivative gain (losses) | ||||
Gains (losses) recognized in Other revenue related to derivatives not designated in a qualifying hedging relationship | (8) | (22) | (44) | (34) |
Foreign exchange contracts | ||||
Derivative gain (losses) | ||||
Gains (losses) recognized in Other revenue related to derivatives not designated in a qualifying hedging relationship | $ (136) | $ (6) | $ (122) | $ (64) |
DERIVATIVES - Fair Value Hedges
DERIVATIVES - Fair Value Hedges (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Gain (loss) on fair value hedges | ||||
Gain (loss) under mark-to-market approach | $ 51 | $ 41 | ||
Gain (loss) under amortization approach | 19 | 11 | ||
Excluded component of fair value hedges | Excluded component of fair value hedges | ||||
Gain (loss) on fair value hedges | ||||
Other comprehensive income (loss), pretax | 2 | 22 | $ (2) | $ (4) |
Other revenue | ||||
Gain (loss) on fair value hedges | ||||
Gain (loss) on the hedging derivatives included in assessment of the effectiveness of fair value hedges | (144) | 921 | 1,305 | 961 |
Gain (loss) on the hedged item in designated and qualifying fair value hedges | 144 | (921) | (1,305) | (961) |
Net gain (loss) on the hedging derivatives excluded from assessment of the effectiveness of fair value hedges | 102 | 54 | 170 | 125 |
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 | (436) | (491) | (1,040) | (492) |
Gain (loss) on the hedged item in designated and qualifying fair value hedges | 448 | 488 | 1,068 | 481 |
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) | 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 | (436) | (491) | (1,040) | (492) |
Gain (loss) on the hedged item in designated and qualifying fair value hedges | 448 | 488 | 1,068 | 481 |
Net gain (loss) on the hedging derivatives excluded from assessment of the effectiveness of fair value hedges | 0 | 0 | 0 | 0 |
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 | 145 | 738 | 74 | 1,286 |
Gain (loss) on the hedged item in designated and qualifying fair value hedges | (145) | (738) | (74) | (1,286) |
Net gain (loss) on the hedging derivatives excluded from assessment of the effectiveness of fair value hedges | 32 | 2 | 3 | 24 |
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) | 183 | 1,231 | (325) |
Gain (loss) on the hedged item in designated and qualifying fair value hedges | 289 | (183) | (1,231) | 325 |
Net gain (loss) on the hedging derivatives excluded from assessment of the effectiveness of fair value hedges | 70 | 52 | 167 | 101 |
Commodity hedges | Net interest income | ||||
Gain (loss) on fair value hedges | ||||
Gain (loss) on the hedging derivatives included in assessment of the effectiveness of fair value hedges | 0 | 0 | 0 | 0 |
Gain (loss) on the hedged item in designated and qualifying fair value hedges | 0 | 0 | 0 | 0 |
Net gain (loss) on the hedging derivatives excluded from assessment of the effectiveness of fair value hedges | $ 0 | $ 0 | $ 0 | $ 0 |
DERIVATIVES - Cumulative Basis
DERIVATIVES - Cumulative Basis Adjustment (Details) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Derivatives | ||
Hedged Asset, Statement of Financial Position [Extensible Enumeration] | Available-for-sale debt securities (including $2,859 and $11,868 pledged to creditors as of June 30, 2024 and December 31, 2023, respectively), Loans, net of unearned income | Available-for-sale debt securities (including $2,859 and $11,868 pledged to creditors as of June 30, 2024 and December 31, 2023, respectively), Loans, net of unearned income |
Debt securities AFS, carrying amount of hedged asset/liability | $ 98,577 | $ 111,886 |
Debt securities AFS, cumulative fair value hedging adjustment included in the carrying amount, active | (1,096) | (925) |
Debt securities AFS, cumulative fair value hedging adjustment included in the carrying amount, de-designated | $ (249) | $ (282) |
Hedged Liability, Statement of Financial Position [Extensible Enumeration] | Long-term debt (including $109,406 and $116,338 as of June 30, 2024 and December 31, 2023, respectively, at fair value) | Long-term debt (including $109,406 and $116,338 as of June 30, 2024 and December 31, 2023, respectively, at fair value) |
Long-term debt, carrying amount of hedged asset/liability | $ 141,883 | $ 141,449 |
Long-term debt, cumulative fair value hedging adjustment included in the carrying amount, active | (1,628) | (908) |
Long-term debt, cumulative fair value hedging adjustment included in the carrying amount, de-designated | (5,153) | (5,160) |
Physical commodities inventories | 7,000 | 8,000 |
Physical commodities inventories, cumulative basis adjustments | (200) | 1,200 |
Cumulative basis adjustment within active hedges | (213) | 248 |
Cumulative basis adjustment within de-designated hedges | (23) | (51) |
Amount of designated hedged items | 21,000 | 14,000 |
Amortized cost basis of closed portfolios used in hedging relations | 30,000 | 28,000 |
Unallocated portfolio layer cumulative basis adjustments | (213) | 93 |
Consumer loans | ||
Derivatives | ||
Debt securities AFS, carrying amount of hedged asset/liability | 55,577 | |
Debt securities AFS, cumulative fair value hedging adjustment included in the carrying amount, active | (38) | |
Debt securities AFS, cumulative fair value hedging adjustment included in the carrying amount, de-designated | 0 | |
Amount of designated hedged items | 14,900 | 3,600 |
Amortized cost basis of closed portfolios used in hedging relations | 56,000 | 5,000 |
Unallocated portfolio layer cumulative basis adjustments | (38) | |
Corporate loans | ||
Derivatives | ||
Debt securities AFS, carrying amount of hedged asset/liability | 5,387 | 4,968 |
Debt securities AFS, cumulative fair value hedging adjustment included in the carrying amount, active | (23) | 93 |
Debt securities AFS, cumulative fair value hedging adjustment included in the carrying amount, de-designated | (29) | (3) |
Amount of designated hedged items | 3,900 | |
Amortized cost basis of closed portfolios used in hedging relations | 5,400 | |
Unallocated portfolio layer cumulative basis adjustments | $ (23) | $ 93 |
DERIVATIVES - Cash Flow Hedges
DERIVATIVES - Cash Flow Hedges (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Pretax change in accumulated other comprehensive income (loss) | ||||
Amount of gain (loss) recognized in AOCI on derivative | $ 32 | $ (263) | $ 339 | $ (254) |
Cash flow hedge gain expected to be reclassified from AOCI within 12 months | $ (500) | |||
Maximum length of time hedged in cash flow hedge | 14 years | |||
Cash flow hedges | ||||
Pretax change in accumulated other comprehensive income (loss) | ||||
Net pretax change in cash flow hedges included within AOCI | 293 | 233 | $ 943 | 712 |
Interest rate contracts | ||||
Pretax change in accumulated other comprehensive income (loss) | ||||
Amount of gain (loss) recognized in AOCI on derivative | 34 | (280) | 340 | (259) |
Foreign exchange contracts | ||||
Pretax change in accumulated other comprehensive income (loss) | ||||
Amount of gain (loss) recognized in AOCI on derivative | (2) | 17 | (1) | 5 |
Other revenue | ||||
Pretax change in accumulated other comprehensive income (loss) | ||||
Amount of gain (loss) reclassified from AOCI to earnings | (1) | (1) | (2) | (2) |
Other revenue | Interest rate contracts | ||||
Pretax change in accumulated other comprehensive income (loss) | ||||
Amount of gain (loss) reclassified from AOCI to earnings | 0 | 0 | 0 | 0 |
Other revenue | Foreign exchange contracts | ||||
Pretax change in accumulated other comprehensive income (loss) | ||||
Amount of gain (loss) reclassified from AOCI to earnings | (1) | (1) | (2) | (2) |
Net interest income | ||||
Pretax change in accumulated other comprehensive income (loss) | ||||
Amount of gain (loss) reclassified from AOCI to earnings | (260) | (495) | (602) | (964) |
Net interest income | Interest rate contracts | ||||
Pretax change in accumulated other comprehensive income (loss) | ||||
Amount of gain (loss) reclassified from AOCI to earnings | (260) | (495) | (602) | (964) |
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 | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Net investment hedges | Foreign currency translation adjustment (CTA) | ||||
Derivative gain (losses) | ||||
Gain (loss) recognized in AOCI | $ 1,057 | $ (272) | $ 1,250 | $ (948) |
DERIVATIVES - Credit Derivative
DERIVATIVES - Credit Derivatives (Details) $ in Millions | 6 Months Ended | |
Jun. 30, 2024 USD ($) agency | Dec. 31, 2023 USD ($) | |
Credit Risk Derivatives | ||
Fair values, receivable | $ 8,143 | $ 8,339 |
Fair values, payable | 7,730 | 8,082 |
Notionals, protection purchased | 562,640 | 567,627 |
Notionals, protection sold | 483,472 | 496,699 |
Fair value of derivative in liability position | 15,000 | 15,000 |
Fair value of collateral already posted | $ 13,000 | 12,000 |
Number of rating agencies | agency | 3 | |
Additional collateral to be posted | $ 200 | |
Collateral to be segregated | 14 | |
Aggregate cash obligations and collateral requirements | 200 | |
Fair value gross derivative assets | 277,223 | 308,431 |
Purchased | ||
Credit Risk Derivatives | ||
Fair values, receivable | 3,329 | 2,770 |
Fair values, payable | 5,586 | 6,097 |
Sold | ||
Credit Risk Derivatives | ||
Fair values, receivable | 4,814 | 5,569 |
Fair values, payable | 2,144 | 1,985 |
Within 1 year | ||
Credit Risk Derivatives | ||
Fair values, receivable | 988 | 986 |
Fair values, payable | 1,336 | 1,713 |
Notionals, protection purchased | 170,278 | 155,910 |
Notionals, protection sold | 147,932 | 128,874 |
From 1 to 5 years | ||
Credit Risk Derivatives | ||
Fair values, receivable | 5,680 | 5,816 |
Fair values, payable | 5,071 | 4,939 |
Notionals, protection purchased | 346,319 | 366,156 |
Notionals, protection sold | 310,789 | 337,583 |
After 5 years | ||
Credit Risk Derivatives | ||
Fair values, receivable | 1,475 | 1,537 |
Fair values, payable | 1,323 | 1,430 |
Notionals, protection purchased | 46,043 | 45,561 |
Notionals, protection sold | 24,751 | 30,242 |
Investment grade | ||
Credit Risk Derivatives | ||
Fair values, receivable | 4,057 | 4,282 |
Fair values, payable | 3,694 | 4,138 |
Notionals, protection purchased | 432,898 | 444,989 |
Notionals, protection sold | 378,988 | 393,115 |
Non-investment grade | ||
Credit Risk Derivatives | ||
Fair values, receivable | 4,086 | 4,057 |
Fair values, payable | 4,036 | 3,944 |
Notionals, protection purchased | 129,742 | 122,638 |
Notionals, protection sold | 104,484 | 103,584 |
Credit default swaps and options | ||
Credit Risk Derivatives | ||
Fair values, receivable | 7,118 | 7,686 |
Fair values, payable | 7,221 | 7,243 |
Notionals, protection purchased | 522,912 | 539,522 |
Notionals, protection sold | 476,386 | 491,514 |
Total return swaps and other | ||
Credit Risk Derivatives | ||
Fair values, receivable | 1,025 | 653 |
Fair values, payable | 509 | 839 |
Notionals, protection purchased | 39,728 | 28,105 |
Notionals, protection sold | 7,086 | 5,185 |
Interest rate swaps | ||
Credit Risk Derivatives | ||
Cash proceeds received for assets derecognized | 6,100 | 4,300 |
Fair value of derecognized assets | 5,700 | 4,300 |
Fair value gross derivative assets | 89 | 121 |
Trading derivatives, liability | $ 46 | $ 29 |
FAIR VALUE MEASUREMENT - Market
FAIR VALUE MEASUREMENT - Market Valuation Adjustments (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | |
Credit and funding valuation adjustments contra-liability (contra-asset) | |||||
Counterparty CVA | $ (519) | $ (519) | $ (580) | ||
Asset FVA | (466) | (466) | (562) | ||
Citigroup (own credit) CVA | 345 | 345 | 381 | ||
Liability FVA | 226 | 226 | 255 | ||
Total CVA and FVA—derivative instruments | (414) | (414) | $ (506) | ||
Credit, Funding and Debt Valuation Adjustments Gain (Loss) [Abstract] | |||||
Counterparty CVA | (25) | $ 4 | (17) | $ (30) | |
Asset FVA | 2 | 100 | 86 | 94 | |
Own credit CVA | 6 | (114) | (46) | (149) | |
Liability FVA | 27 | (17) | (30) | (44) | |
Derivative Credit Risk and Funding Valuation Adjustment, Gain (Loss), Net | 10 | (27) | (7) | (129) | |
DVA related to own FVO liabilities | 343 | (837) | (407) | (1,270) | |
Total CVA, DVA and FVA | $ 353 | $ (864) | $ (414) | $ (1,399) |
FAIR VALUE MEASUREMENT - Items
FAIR VALUE MEASUREMENT - Items Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Assets, Fair Value Disclosure [Abstract] | ||
Federal funds sold and securities borrowed and purchased under agreements to resell, Netting | $ (273,081) | $ (248,214) |
Trading account assets | 446,339 | 411,756 |
Netting agreements | (277,223) | (308,431) |
Netting of cash collateral received | (25,575) | (21,226) |
Trading derivatives | 53,064 | 57,717 |
Investments | 508,276 | 519,085 |
Held at fair value | 8,526 | 7,594 |
Liabilities, Fair Value Disclosure [Abstract] | ||
Federal funds purchased and securities loaned and sold under agreements to repurchase, Netting | (273,081) | (248,214) |
Netting agreements | (277,223) | (308,431) |
Netting of cash collateral paid | (28,644) | (26,101) |
Total derivative liabilities | 47,072 | 50,679 |
Marketable equity securities carried at fair value | 165 | 258 |
Non-marketable equity securities | Carried at cost | ||
Assets, Fair Value Disclosure [Abstract] | ||
Investments | 5,400 | 5,500 |
Fair Value Measured at Net Asset Value Per Share | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Investments measured at net asset value excluded from Level 3 | 26 | 25 |
Recurring | ||
Assets, Fair Value Disclosure [Abstract] | ||
Federal funds sold and securities borrowed and purchased under agreements to resell | 450,112 | 453,854 |
Federal funds sold and securities borrowed and purchased under agreements to resell, Netting | (272,050) | (247,795) |
Federal funds sold and securities borrowed and purchased under agreements to resell | 178,062 | 206,059 |
Investments | 250,032 | 257,677 |
Held at fair value | 8,526 | 7,594 |
Mortgage servicing rights | 709 | 691 |
Assets before netting | 1,474,355 | 1,474,257 |
Netting, Assets, total of netting agreements and cash collateral received | (574,848) | (577,452) |
Total assets | 899,507 | 896,805 |
Liabilities, Fair Value Disclosure [Abstract] | ||
Interest-bearing deposits | 3,400 | 2,440 |
Federal funds purchased and securities loaned and sold under agreements to repurchase, Gross | 260,306 | 228,438 |
Federal funds purchased and securities loaned and sold under agreements to repurchase, Netting | (190,538) | (165,953) |
Federal funds purchased and securities loaned and sold under agreements to repurchase | 69,768 | 62,485 |
Securities sold, not yet purchased | 104,176 | 104,658 |
Trading liabilities | 104,187 | 104,666 |
Short-term borrowings | 11,744 | 6,545 |
Long-term debt | 109,406 | 116,338 |
Total liabilities, Gross | 847,367 | 848,072 |
Total liabilities, Netting | (496,405) | (500,485) |
Total liabilities | 350,962 | 347,587 |
Recurring | Trading account liabilities | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Trading derivatives, liability | 352,939 | 385,211 |
Total trading derivatives and cash collateral, liability | 352,939 | 385,211 |
Netting agreements | (277,223) | (308,431) |
Netting of cash collateral paid | (28,644) | (26,101) |
Netting, Liabilities, total of netting agreements and cash collateral received | (305,867) | (334,532) |
Total derivative liabilities | 47,072 | 50,679 |
Recurring | Trading account liabilities | Interest rate contracts | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Trading derivatives, liability | 135,787 | 153,186 |
Recurring | Trading account liabilities | Foreign exchange contracts | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Trading derivatives, liability | 129,590 | 157,201 |
Recurring | Trading account liabilities | Equity contracts | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Trading derivatives, liability | 64,444 | 47,946 |
Recurring | Trading account liabilities | Commodity contracts | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Trading derivatives, liability | 15,388 | 18,796 |
Recurring | Trading account liabilities | Credit derivatives | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Trading derivatives, liability | 7,730 | 8,082 |
Recurring | Other financial liabilities | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Netting of cash collateral paid | 0 | |
Netting, Liabilities, total of netting agreements and cash collateral received | 0 | |
Non-trading derivatives and other financial liabilities measured on a recurring basis, gross | 5,385 | 4,434 |
Total other assets and cash collateral, gross | 5,385 | 4,434 |
Recurring | Other trading liabilities | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Trading liabilities | 11 | 8 |
Recurring | Mortgage-backed securities | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 83,134 | 81,756 |
Investments | 32,359 | 30,139 |
Recurring | Mortgage securitizations - U.S. agency-sponsored | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 81,340 | 80,376 |
Investments | 31,770 | 29,715 |
Recurring | Residential | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 651 | 714 |
Investments | 588 | 423 |
Recurring | Commercial Mortgage-Backed Securities | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 1,143 | 666 |
Investments | 1 | 1 |
Recurring | U.S. Treasury and federal agency securities | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 110,742 | 115,256 |
Investments | 69,632 | 80,361 |
Recurring | State and municipal | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 212 | 597 |
Investments | 1,889 | 2,131 |
Recurring | Foreign government | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 90,556 | 72,495 |
Investments | 134,099 | 131,198 |
Recurring | Corporate | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 23,340 | 19,074 |
Investments | 5,302 | 5,412 |
Recurring | Equity securities | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 64,774 | 45,393 |
Investments | 165 | 258 |
Recurring | Asset-backed securities | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 1,755 | 1,754 |
Investments | 768 | 938 |
Recurring | Other debt securities | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 18,762 | 17,714 |
Investments | 5,313 | 6,757 |
Recurring | Non-marketable equity securities | ||
Assets, Fair Value Disclosure [Abstract] | ||
Investments | 505 | 483 |
Recurring | Trading non-derivative assets | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 393,275 | 354,039 |
Recurring | Trading account derivatives | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading derivatives, asset, Gross | 355,862 | 387,374 |
Trading derivative, asset, gross net cash collateral paid | 355,862 | 387,374 |
Netting agreements | (277,223) | (308,431) |
Netting of cash collateral received | (25,575) | (21,226) |
Total trading derivatives, netting | (302,798) | (329,657) |
Trading derivatives | 53,064 | 57,717 |
Recurring | Trading account derivatives | Interest rate contracts | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading derivatives, asset, Gross | 144,066 | 158,494 |
Recurring | Trading account derivatives | Foreign exchange contracts | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading derivatives, asset, Gross | 137,917 | 159,694 |
Recurring | Trading account derivatives | Equity contracts | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading derivatives, asset, Gross | 52,378 | 43,278 |
Recurring | Trading account derivatives | Commodity contracts | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading derivatives, asset, Gross | 13,358 | 17,569 |
Recurring | Trading account derivatives | Credit derivatives | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading derivatives, asset, Gross | 8,143 | 8,339 |
Recurring | Other financial assets | ||
Assets, Fair Value Disclosure [Abstract] | ||
Total trading derivatives, netting | 0 | 0 |
Total other assets and cash collateral, gross | 15,839 | 13,028 |
Other assets | 15,839 | 13,028 |
Recurring | Level 1 | ||
Assets, Fair Value Disclosure [Abstract] | ||
Federal funds sold and securities borrowed and purchased under agreements to resell | 1,527 | 0 |
Investments | 135,174 | 143,034 |
Held at fair value | 0 | 0 |
Mortgage servicing rights | 0 | 0 |
Assets before netting | $ 364,542 | $ 339,746 |
Total as a percentage of gross assets | 24.70% | 23% |
Liabilities, Fair Value Disclosure [Abstract] | ||
Interest-bearing deposits | $ 82 | $ 0 |
Federal funds purchased and securities loaned and sold under agreements to repurchase, Gross | 254 | 0 |
Securities sold, not yet purchased | 88,480 | 91,163 |
Trading liabilities | 88,480 | 91,163 |
Short-term borrowings | 0 | 0 |
Long-term debt | 0 | 0 |
Total liabilities, Gross | $ 93,607 | $ 95,528 |
Total as a percentage of gross liabilities | 11% | 11.30% |
Recurring | Level 1 | Trading account liabilities | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Trading derivatives, liability | $ 131 | $ 67 |
Recurring | Level 1 | Trading account liabilities | Interest rate contracts | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Trading derivatives, liability | 61 | 49 |
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 | 70 | 18 |
Recurring | Level 1 | Trading account liabilities | Commodity contracts | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Trading derivatives, liability | 0 | 0 |
Recurring | Level 1 | Trading account liabilities | Credit derivatives | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Trading derivatives, liability | 0 | 0 |
Recurring | Level 1 | Other financial liabilities | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Other liabilities, gross | 4,660 | 4,298 |
Recurring | Level 1 | Other trading liabilities | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Trading liabilities | 0 | 0 |
Recurring | Level 1 | Mortgage-backed securities | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 0 | 1 |
Investments | 0 | 0 |
Recurring | Level 1 | Mortgage securitizations - U.S. agency-sponsored | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 0 | 0 |
Investments | 0 | 0 |
Recurring | Level 1 | Residential | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 0 | 1 |
Investments | 0 | 0 |
Recurring | Level 1 | Commercial Mortgage-Backed Securities | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 0 | 0 |
Investments | 0 | 0 |
Recurring | Level 1 | U.S. Treasury and federal agency securities | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 109,422 | 112,851 |
Investments | 69,632 | 80,062 |
Recurring | Level 1 | State and municipal | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 0 | 0 |
Investments | 0 | 0 |
Recurring | Level 1 | Foreign government | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 54,488 | 44,203 |
Investments | 62,192 | 60,133 |
Recurring | Level 1 | Corporate | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 1,467 | 1,858 |
Investments | 3,208 | 2,680 |
Recurring | Level 1 | Equity securities | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 56,150 | 32,966 |
Investments | 142 | 159 |
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 | 602 | 97 |
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 | 222,129 | 191,976 |
Recurring | Level 1 | Trading account derivatives | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading derivatives, asset, Gross | 123 | 59 |
Recurring | Level 1 | Trading account derivatives | Interest rate contracts | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading derivatives, asset, Gross | 57 | 49 |
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 | 66 | 8 |
Recurring | Level 1 | Trading account derivatives | Commodity contracts | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading derivatives, asset, Gross | 0 | 2 |
Recurring | Level 1 | Trading account derivatives | Credit derivatives | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading derivatives, asset, Gross | 0 | 0 |
Recurring | Level 1 | Other financial assets | ||
Assets, Fair Value Disclosure [Abstract] | ||
Other assets, gross | 5,589 | 4,677 |
Recurring | Level 2 | ||
Assets, Fair Value Disclosure [Abstract] | ||
Federal funds sold and securities borrowed and purchased under agreements to resell | 448,459 | 453,715 |
Investments | 113,725 | 112,844 |
Held at fair value | 8,225 | 7,167 |
Mortgage servicing rights | 0 | 0 |
Assets before netting | $ 1,098,244 | $ 1,121,860 |
Total as a percentage of gross assets | 74.50% | 76.10% |
Liabilities, Fair Value Disclosure [Abstract] | ||
Interest-bearing deposits | $ 3,277 | $ 2,411 |
Federal funds purchased and securities loaned and sold under agreements to repurchase, Gross | 259,766 | 228,048 |
Securities sold, not yet purchased | 15,664 | 13,460 |
Trading liabilities | 15,675 | 13,468 |
Short-term borrowings | 11,543 | 6,064 |
Long-term debt | 89,031 | 77,958 |
Total liabilities, Gross | $ 724,074 | $ 704,559 |
Total as a percentage of gross liabilities | 85.50% | 83% |
Recurring | Level 2 | Trading account liabilities | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Trading derivatives, liability | $ 344,060 | $ 376,480 |
Recurring | Level 2 | Trading account liabilities | Interest rate contracts | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Trading derivatives, liability | 132,231 | 149,914 |
Recurring | Level 2 | Trading account liabilities | Foreign exchange contracts | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Trading derivatives, liability | 128,944 | 156,474 |
Recurring | Level 2 | Trading account liabilities | Equity contracts | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Trading derivatives, liability | 61,341 | 44,894 |
Recurring | Level 2 | Trading account liabilities | Commodity contracts | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Trading derivatives, liability | 14,624 | 17,964 |
Recurring | Level 2 | Trading account liabilities | Credit derivatives | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Trading derivatives, liability | 6,920 | 7,234 |
Recurring | Level 2 | Other financial liabilities | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Other liabilities, gross | 722 | 130 |
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 | 82,186 | 80,856 |
Investments | 32,306 | 29,948 |
Recurring | Level 2 | Mortgage securitizations - U.S. agency-sponsored | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 80,649 | 79,795 |
Investments | 31,742 | 29,640 |
Recurring | Level 2 | Residential | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 560 | 597 |
Investments | 563 | 307 |
Recurring | Level 2 | Commercial Mortgage-Backed Securities | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 977 | 464 |
Investments | 1 | 1 |
Recurring | Level 2 | U.S. Treasury and federal agency securities | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 1,320 | 2,398 |
Investments | 0 | 299 |
Recurring | Level 2 | State and municipal | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 211 | 594 |
Investments | 1,450 | 1,589 |
Recurring | Level 2 | Foreign government | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 36,023 | 28,238 |
Investments | 71,893 | 70,871 |
Recurring | Level 2 | Corporate | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 21,558 | 16,716 |
Investments | 1,982 | 2,370 |
Recurring | Level 2 | Equity securities | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 8,380 | 12,135 |
Investments | 13 | 72 |
Recurring | Level 2 | Equity Securities Subject To Contractual Sale Restriction | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Marketable equity securities carried at fair value | 2,200 | |
Recurring | Level 2 | Asset-backed securities | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 1,511 | 1,223 |
Investments | 768 | 938 |
Recurring | Level 2 | Other debt securities | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 17,377 | 16,784 |
Investments | 5,313 | 6,757 |
Recurring | Level 2 | Non-marketable equity securities | ||
Assets, Fair Value Disclosure [Abstract] | ||
Investments | 0 | 0 |
Recurring | Level 2 | Trading non-derivative assets | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 168,566 | 158,944 |
Recurring | Level 2 | Trading account derivatives | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading derivatives, asset, Gross | 349,040 | 380,869 |
Recurring | Level 2 | Trading account derivatives | Interest rate contracts | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading derivatives, asset, Gross | 141,542 | 156,307 |
Recurring | Level 2 | Trading account derivatives | Foreign exchange contracts | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading derivatives, asset, Gross | 136,720 | 158,672 |
Recurring | Level 2 | Trading account derivatives | Equity contracts | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading derivatives, asset, Gross | 51,329 | 41,870 |
Recurring | Level 2 | Trading account derivatives | Commodity contracts | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading derivatives, asset, Gross | 12,190 | 16,456 |
Recurring | Level 2 | Trading account derivatives | Credit derivatives | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading derivatives, asset, Gross | 7,259 | 7,564 |
Recurring | Level 2 | Other financial assets | ||
Assets, Fair Value Disclosure [Abstract] | ||
Other assets, gross | 10,229 | 8,321 |
Recurring | Level 3 | ||
Assets, Fair Value Disclosure [Abstract] | ||
Federal funds sold and securities borrowed and purchased under agreements to resell | 126 | 139 |
Investments | 1,133 | 1,799 |
Held at fair value | 301 | 427 |
Mortgage servicing rights | 709 | 691 |
Assets before netting | $ 11,569 | $ 12,651 |
Total as a percentage of gross assets | 0.80% | 0.90% |
Liabilities, Fair Value Disclosure [Abstract] | ||
Interest-bearing deposits | $ 41 | $ 29 |
Federal funds purchased and securities loaned and sold under agreements to repurchase, Gross | 286 | 390 |
Securities sold, not yet purchased | 32 | 35 |
Trading liabilities | 32 | 35 |
Short-term borrowings | 201 | 481 |
Long-term debt | 20,375 | 38,380 |
Total liabilities, Gross | $ 29,686 | $ 47,985 |
Total as a percentage of gross liabilities | 3.50% | 5.70% |
Recurring | Level 3 | Trading account liabilities | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Trading derivatives, liability | $ 8,748 | $ 8,664 |
Recurring | Level 3 | Trading account liabilities | Interest rate contracts | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Trading derivatives, liability | 3,495 | 3,223 |
Recurring | Level 3 | Trading account liabilities | Foreign exchange contracts | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Trading derivatives, liability | 646 | 727 |
Recurring | Level 3 | Trading account liabilities | Equity contracts | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Trading derivatives, liability | 3,033 | 3,034 |
Recurring | Level 3 | Trading account liabilities | Commodity contracts | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Trading derivatives, liability | 764 | 832 |
Recurring | Level 3 | Trading account liabilities | Credit derivatives | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Trading derivatives, liability | 810 | 848 |
Recurring | Level 3 | Other financial liabilities | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Other liabilities, gross | 3 | 6 |
Recurring | Level 3 | Other trading liabilities | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Trading liabilities | 0 | 0 |
Recurring | Level 3 | Mortgage-backed securities | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 948 | 899 |
Investments | 53 | 191 |
Recurring | Level 3 | Mortgage securitizations - U.S. agency-sponsored | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 691 | 581 |
Investments | 28 | 75 |
Recurring | Level 3 | Residential | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 91 | 116 |
Investments | 25 | 116 |
Recurring | Level 3 | Commercial Mortgage-Backed Securities | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 166 | 202 |
Investments | 0 | 0 |
Recurring | Level 3 | U.S. Treasury and federal agency securities | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 0 | 7 |
Investments | 0 | 0 |
Recurring | Level 3 | State and municipal | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 1 | 3 |
Investments | 439 | 542 |
Recurring | Level 3 | Foreign government | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 45 | 54 |
Investments | 14 | 194 |
Recurring | Level 3 | Corporate | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 315 | 500 |
Investments | 112 | 362 |
Recurring | Level 3 | Equity securities | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 244 | 292 |
Investments | 10 | 27 |
Recurring | Level 3 | Asset-backed securities | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 244 | 531 |
Investments | 0 | 0 |
Recurring | Level 3 | Other debt securities | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 783 | 833 |
Investments | 0 | 0 |
Recurring | Level 3 | Non-marketable equity securities | ||
Assets, Fair Value Disclosure [Abstract] | ||
Investments | 505 | 483 |
Recurring | Level 3 | Trading non-derivative assets | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 2,580 | 3,119 |
Recurring | Level 3 | Trading account derivatives | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading derivatives, asset, Gross | 6,699 | 6,446 |
Recurring | Level 3 | Trading account derivatives | Interest rate contracts | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading derivatives, asset, Gross | 2,467 | 2,138 |
Recurring | Level 3 | Trading account derivatives | Foreign exchange contracts | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading derivatives, asset, Gross | 1,197 | 1,022 |
Recurring | Level 3 | Trading account derivatives | Equity contracts | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading derivatives, asset, Gross | 983 | 1,400 |
Recurring | Level 3 | Trading account derivatives | Commodity contracts | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading derivatives, asset, Gross | 1,168 | 1,111 |
Recurring | Level 3 | Trading account derivatives | Credit derivatives | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading derivatives, asset, Gross | 884 | 775 |
Recurring | Level 3 | Other financial assets | ||
Assets, Fair Value Disclosure [Abstract] | ||
Other assets, gross | $ 21 | $ 30 |
FAIR VALUE MEASUREMENT - Level
FAIR VALUE MEASUREMENT - Level 3 Fair Value Rollforward (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
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 | $ (2,944) | $ (1,037) | $ (2,218) | $ (578) |
Net realized/unrealized gains (losses) included in principal transactions | 598 | (1,499) | (141) | (2,304) |
Other | 0 | 0 | 0 | 0 |
Transfers into Level 3 | 214 | (8) | 131 | 6 |
Transfers out of Level 3 | 321 | (94) | 561 | 571 |
Purchases | (118) | 12 | (492) | (220) |
Issuances | 8 | 0 | 14 | 0 |
Sales | (224) | (59) | (255) | (124) |
Settlements | 96 | 35 | 351 | (1) |
Balance at end of period, asset (liability), net | (2,049) | (2,650) | (2,049) | (2,650) |
Unrealized gains (losses) still held | 454 | (1,739) | (124) | (2,191) |
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 | (1,362) | 260 | (1,085) | 355 |
Net realized/unrealized gains (losses) included in principal transactions | (198) | (1,550) | (683) | (1,689) |
Other | 0 | 0 | 0 | 0 |
Transfers into Level 3 | 99 | (167) | 130 | (202) |
Transfers out of Level 3 | 12 | (669) | (17) | (659) |
Purchases | 107 | (17) | 80 | (13) |
Issuances | 8 | 0 | 14 | 0 |
Sales | (20) | 13 | (17) | 13 |
Settlements | 326 | 168 | 550 | 233 |
Balance at end of period, asset (liability), net | (1,028) | (1,962) | (1,028) | (1,962) |
Unrealized gains (losses) still held | (293) | (1,486) | (810) | (1,713) |
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 | 335 | 76 | 295 | 50 |
Net realized/unrealized gains (losses) included in principal transactions | 553 | 503 | 507 | 546 |
Other | 0 | 0 | 0 | 0 |
Transfers into Level 3 | 36 | 121 | 38 | 104 |
Transfers out of Level 3 | (20) | 50 | 73 | 48 |
Purchases | 22 | 27 | (73) | 102 |
Issuances | 0 | 0 | 0 | 0 |
Sales | (144) | (42) | (166) | (81) |
Settlements | (231) | (35) | (123) | (69) |
Balance at end of period, asset (liability), net | 551 | 700 | 551 | 700 |
Unrealized gains (losses) still held | 507 | 438 | 414 | 497 |
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 | (2,222) | (1,582) | (1,634) | (1,104) |
Net realized/unrealized gains (losses) included in principal transactions | 123 | (486) | (226) | (878) |
Other | 0 | 0 | 0 | 0 |
Transfers into Level 3 | 73 | (16) | (71) | (67) |
Transfers out of Level 3 | 324 | 572 | 537 | 806 |
Purchases | (298) | (7) | (568) | (253) |
Issuances | 0 | 0 | 0 | 0 |
Sales | (54) | (21) | (55) | (44) |
Settlements | 4 | (23) | (33) | (23) |
Balance at end of period, asset (liability), net | (2,050) | (1,563) | (2,050) | (1,563) |
Unrealized gains (losses) still held | 141 | (494) | 35 | (624) |
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 | 342 | 230 | 279 | 278 |
Net realized/unrealized gains (losses) included in principal transactions | 79 | 188 | 161 | (137) |
Other | 0 | 0 | 0 | 0 |
Transfers into Level 3 | 1 | 74 | 32 | 174 |
Transfers out of Level 3 | (6) | (83) | (12) | 240 |
Purchases | 1 | 9 | 11 | (58) |
Issuances | 0 | 0 | 0 | 0 |
Sales | (6) | (9) | (17) | (12) |
Settlements | (7) | (79) | (50) | (155) |
Balance at end of period, asset (liability), net | 404 | 330 | 404 | 330 |
Unrealized gains (losses) still held | 84 | 18 | 288 | (148) |
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 | (37) | (21) | (73) | (157) |
Net realized/unrealized gains (losses) included in principal transactions | 41 | (154) | 100 | (146) |
Other | 0 | 0 | 0 | 0 |
Transfers into Level 3 | 5 | (20) | 2 | (3) |
Transfers out of Level 3 | 11 | 36 | (20) | 136 |
Purchases | 50 | 0 | 58 | 2 |
Issuances | 0 | 0 | 0 | 0 |
Sales | 0 | 0 | 0 | 0 |
Settlements | 4 | 4 | 7 | 13 |
Balance at end of period, asset (liability), net | 74 | (155) | 74 | (155) |
Unrealized gains (losses) still held | 15 | (215) | (51) | (203) |
Other financial liabilities | ||||
Fair value, liabilities measured on recurring basis, level 3 fair-value category reconciliation | ||||
Balance at beginning of period, liability | 3 | 6 | ||
Net realized/unrealized gains (losses) included in principal transactions, liabilities | 0 | 0 | ||
Net realized/unrealized gains (losses) included in locations other than principal transactions, liabilities | 0 | 0 | ||
Transfers into Level 3, liabilities | 0 | 0 | ||
Transfers out of Level 3, liabilities | 0 | 0 | ||
Purchases, liability | 0 | 0 | ||
Issuance, liability | 2 | 5 | ||
Sales, liability | 0 | 0 | ||
Settlements, liability | (2) | (8) | ||
Balance at end of period, liability | 3 | 3 | ||
Unrealized gains (losses) still held, liabilities | 0 | 0 | ||
Interest-bearing deposits | ||||
Fair value, liabilities measured on recurring basis, level 3 fair-value category reconciliation | ||||
Balance at beginning of period, liability | 72 | 16 | 29 | 15 |
Net realized/unrealized gains (losses) included in principal transactions, liabilities | 0 | (7) | 0 | (7) |
Net realized/unrealized gains (losses) included in locations other than principal transactions, liabilities | 1 | 0 | 4 | (2) |
Transfers into Level 3, liabilities | 5 | 0 | 51 | 0 |
Transfers out of Level 3, liabilities | (32) | 0 | (33) | (1) |
Purchases, liability | 0 | 0 | 0 | 0 |
Issuance, liability | 10 | 13 | 15 | 13 |
Sales, liability | 0 | 0 | 0 | 0 |
Settlements, liability | (13) | (10) | (17) | (10) |
Balance at end of period, liability | 41 | 26 | 41 | 26 |
Unrealized gains (losses) still held, liabilities | (8) | (7) | (8) | (7) |
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 | 326 | 809 | 390 | 1,031 |
Net realized/unrealized gains (losses) included in principal transactions, liabilities | 0 | 1 | 0 | (6) |
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 | (24) | 0 | (24) |
Purchases, liability | 184 | 511 | 438 | 1,335 |
Issuance, liability | 0 | 0 | 0 | 0 |
Sales, liability | 0 | 0 | 0 | 0 |
Settlements, liability | (224) | (668) | (542) | (1,721) |
Balance at end of period, liability | 286 | 627 | 286 | 627 |
Unrealized gains (losses) still held, liabilities | 0 | 1 | 0 | 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 | 105 | 72 | 35 | 50 |
Net realized/unrealized gains (losses) included in principal transactions, liabilities | (2) | 2 | (8) | (13) |
Net realized/unrealized gains (losses) included in locations other than principal transactions, liabilities | 0 | 0 | 0 | 0 |
Transfers into Level 3, liabilities | 13 | 5 | 14 | 11 |
Transfers out of Level 3, liabilities | (8) | (15) | (10) | (31) |
Purchases, liability | 9 | 33 | 96 | 64 |
Issuance, liability | 0 | 0 | 0 | 0 |
Sales, liability | 0 | 0 | 0 | 0 |
Settlements, liability | (89) | (31) | (111) | (45) |
Balance at end of period, liability | 32 | 62 | 32 | 62 |
Unrealized gains (losses) still held, liabilities | 0 | 4 | 0 | 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 | 0 | 0 | ||
Net realized/unrealized gains (losses) included in principal transactions, liabilities | 0 | 0 | ||
Net realized/unrealized gains (losses) included in locations other than principal transactions, liabilities | 0 | 0 | ||
Transfers into Level 3, liabilities | 0 | 0 | ||
Transfers out of Level 3, liabilities | 0 | 0 | ||
Purchases, liability | 0 | 0 | ||
Issuance, liability | 0 | 0 | ||
Sales, liability | 0 | 0 | ||
Settlements, liability | 0 | 0 | ||
Balance at end of period, liability | 0 | 0 | ||
Unrealized gains (losses) still held, liabilities | 0 | 0 | ||
Other trading liabilities | ||||
Fair value, liabilities measured on recurring basis, level 3 fair-value category reconciliation | ||||
Balance at beginning of period, liability | 1 | 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 | 3 | 3 | ||
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 | 4 | 4 | ||
Unrealized gains (losses) still held, liabilities | (1) | 0 | ||
Short-term borrowings | ||||
Fair value, liabilities measured on recurring basis, level 3 fair-value category reconciliation | ||||
Balance at beginning of period, liability | 583 | 281 | 481 | 38 |
Net realized/unrealized gains (losses) included in principal transactions, liabilities | 12 | 13 | (82) | 40 |
Net realized/unrealized gains (losses) included in locations other than principal transactions, liabilities | 0 | 0 | 0 | 0 |
Transfers into Level 3, liabilities | 9 | 19 | 20 | 19 |
Transfers out of Level 3, liabilities | (479) | (11) | (517) | (16) |
Purchases, liability | 0 | 0 | 1 | 0 |
Issuance, liability | 177 | 21 | 211 | 297 |
Sales, liability | 0 | 0 | 0 | 0 |
Settlements, liability | (77) | (1) | (77) | (2) |
Balance at end of period, liability | 201 | 296 | 201 | 296 |
Unrealized gains (losses) still held, liabilities | 0 | (4) | (3) | (9) |
Long-term debt | ||||
Fair value, liabilities measured on recurring basis, level 3 fair-value category reconciliation | ||||
Balance at beginning of period, liability | 40,364 | 36,581 | 38,380 | 36,117 |
Net realized/unrealized gains (losses) included in principal transactions, liabilities | 832 | 893 | 1,427 | (227) |
Net realized/unrealized gains (losses) included in locations other than principal transactions, liabilities | 0 | 0 | 0 | 0 |
Transfers into Level 3, liabilities | 1,680 | 2,130 | 3,038 | 3,228 |
Transfers out of Level 3, liabilities | (20,890) | (1,263) | (21,730) | (6,106) |
Purchases, liability | 0 | 0 | 0 | 0 |
Issuance, liability | 1,192 | 808 | 4,782 | 4,344 |
Sales, liability | 0 | 0 | 0 | 0 |
Settlements, liability | (1,139) | (159) | (2,668) | (606) |
Balance at end of period, liability | 20,375 | 37,204 | 20,375 | 37,204 |
Unrealized gains (losses) still held, liabilities | 394 | 591 | 819 | 964 |
Other financial liabilities | ||||
Fair value, liabilities measured on recurring basis, level 3 fair-value category reconciliation | ||||
Balance at beginning of period, liability | 20 | 2 | ||
Net realized/unrealized gains (losses) included in principal transactions, liabilities | 0 | 0 | ||
Net realized/unrealized gains (losses) included in locations other than principal transactions, liabilities | (1) | 1 | ||
Transfers into Level 3, liabilities | 0 | 0 | ||
Transfers out of Level 3, liabilities | (1) | (1) | ||
Purchases, liability | 0 | 0 | ||
Issuance, liability | 3 | 23 | ||
Sales, liability | 0 | 0 | ||
Settlements, liability | 0 | 0 | ||
Balance at end of period, liability | 23 | 23 | ||
Unrealized gains (losses) still held, liabilities | (1) | (1) | ||
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 | 132 | 153 | 139 | 149 |
Net realized/unrealized gains (losses) included in principal transactions | (3) | (10) | (8) | 3 |
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 | (2) | 0 | (2) |
Purchases, assets | 21 | 0 | 66 | 137 |
Issuance, assets | 0 | 0 | 0 | 0 |
Sales, assets | 0 | 0 | 0 | 0 |
Settlements, assets | (24) | (1) | (71) | (147) |
Balance at end of period, asset | 126 | 140 | 126 | 140 |
Unrealized gains (losses) still held, assets | (3) | (8) | (6) | 5 |
Trading non-derivative assets | ||||
Fair value, assets measured on recurring basis, level 3 fair-value category reconciliation | ||||
Balance at beginning of period, asset | 2,792 | 3,242 | 3,119 | 2,940 |
Net realized/unrealized gains (losses) included in principal transactions | 117 | 377 | 256 | 476 |
Net realized/unrealized gains (losses) included in locations other than principal transactions, assets | 0 | 0 | 0 | 0 |
Transfers into Level 3 | 521 | 484 | 775 | 953 |
Transfers out of Level 3, assets | (549) | (332) | (1,263) | (729) |
Purchases, assets | 622 | 963 | 1,634 | 1,816 |
Issuance, assets | 2 | 0 | 6 | 0 |
Sales, assets | (923) | (781) | (1,926) | (1,503) |
Settlements, assets | (2) | 0 | (21) | 0 |
Balance at end of period, asset | 2,580 | 3,953 | 2,580 | 3,953 |
Unrealized gains (losses) still held, assets | 91 | 431 | 88 | 518 |
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 | 860 | 983 | 899 | 911 |
Net realized/unrealized gains (losses) included in principal transactions | 1 | (44) | (25) | (26) |
Net realized/unrealized gains (losses) included in locations other than principal transactions, assets | 0 | 0 | 0 | 0 |
Transfers into Level 3 | 248 | 176 | 376 | 350 |
Transfers out of Level 3, assets | (176) | (185) | (432) | (359) |
Purchases, assets | 290 | 217 | 675 | 520 |
Issuance, assets | 0 | 0 | 0 | 0 |
Sales, assets | (275) | (161) | (545) | (410) |
Settlements, assets | 0 | 0 | 0 | 0 |
Balance at end of period, asset | 948 | 986 | 948 | 986 |
Unrealized gains (losses) still held, assets | 7 | (34) | (8) | (61) |
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 | 531 | 658 | 581 | 600 |
Net realized/unrealized gains (losses) included in principal transactions | 0 | (32) | (39) | (10) |
Net realized/unrealized gains (losses) included in locations other than principal transactions, assets | 0 | 0 | 0 | 0 |
Transfers into Level 3 | 205 | 93 | 284 | 185 |
Transfers out of Level 3, assets | (131) | (124) | (285) | (266) |
Purchases, assets | 233 | 147 | 433 | 370 |
Issuance, assets | 0 | 0 | 0 | 0 |
Sales, assets | (147) | (83) | (283) | (220) |
Settlements, assets | 0 | 0 | 0 | 0 |
Balance at end of period, asset | 691 | 659 | 691 | 659 |
Unrealized gains (losses) still held, assets | 5 | (24) | (13) | (35) |
Trading non-derivative assets | Residential | ||||
Fair value, assets measured on recurring basis, level 3 fair-value category reconciliation | ||||
Balance at beginning of period, asset | 170 | 162 | 116 | 166 |
Net realized/unrealized gains (losses) included in principal transactions | (2) | (2) | (3) | (1) |
Net realized/unrealized gains (losses) included in locations other than principal transactions, assets | 0 | 0 | 0 | 0 |
Transfers into Level 3 | 17 | 35 | 53 | 61 |
Transfers out of Level 3, assets | (23) | (43) | (58) | (62) |
Purchases, assets | 23 | 39 | 111 | 100 |
Issuance, assets | 0 | 0 | 0 | 0 |
Sales, assets | (94) | (46) | (128) | (119) |
Settlements, assets | 0 | 0 | 0 | 0 |
Balance at end of period, asset | 91 | 145 | 91 | 145 |
Unrealized gains (losses) still held, assets | 0 | (3) | 3 | (13) |
Trading non-derivative assets | Commercial Mortgage-Backed Securities | ||||
Fair value, assets measured on recurring basis, level 3 fair-value category reconciliation | ||||
Balance at beginning of period, asset | 159 | 163 | 202 | 145 |
Net realized/unrealized gains (losses) included in principal transactions | 3 | (10) | 17 | (15) |
Net realized/unrealized gains (losses) included in locations other than principal transactions, assets | 0 | 0 | 0 | 0 |
Transfers into Level 3 | 26 | 48 | 39 | 104 |
Transfers out of Level 3, assets | (22) | (18) | (89) | (31) |
Purchases, assets | 34 | 31 | 131 | 50 |
Issuance, assets | 0 | 0 | 0 | 0 |
Sales, assets | (34) | (32) | (134) | (71) |
Settlements, assets | 0 | 0 | 0 | 0 |
Balance at end of period, asset | 166 | 182 | 166 | 182 |
Unrealized gains (losses) still held, assets | 2 | (7) | 2 | (13) |
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 | 7 | 1 |
Net realized/unrealized gains (losses) included in principal transactions | 0 | (1) | 4 | (1) |
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 | (1) | 0 |
Purchases, assets | 0 | 0 | 0 | 0 |
Issuance, assets | 0 | 0 | 0 | 0 |
Sales, assets | 0 | 0 | 0 | 0 |
Settlements, assets | 0 | 0 | (10) | 0 |
Balance at end of period, asset | 0 | 0 | 0 | 0 |
Unrealized gains (losses) still held, assets | 0 | 0 | 0 | 0 |
Trading non-derivative assets | State and municipal | ||||
Fair value, assets measured on recurring basis, level 3 fair-value category reconciliation | ||||
Balance at beginning of period, asset | 1 | 23 | 3 | 7 |
Net realized/unrealized gains (losses) included in principal transactions | 0 | (1) | 0 | (3) |
Net realized/unrealized gains (losses) included in locations other than principal transactions, assets | 0 | 0 | 0 | 0 |
Transfers into Level 3 | 0 | 0 | 0 | 19 |
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 | (19) | (2) | (20) |
Settlements, assets | 0 | 0 | 0 | 0 |
Balance at end of period, asset | 1 | 3 | 1 | 3 |
Unrealized gains (losses) still held, assets | 0 | 0 | 0 | 0 |
Trading non-derivative assets | Foreign government | ||||
Fair value, assets measured on recurring basis, level 3 fair-value category reconciliation | ||||
Balance at beginning of period, asset | 113 | 53 | 54 | 119 |
Net realized/unrealized gains (losses) included in principal transactions | 0 | (1) | 0 | 6 |
Net realized/unrealized gains (losses) included in locations other than principal transactions, assets | 0 | 0 | 0 | 0 |
Transfers into Level 3 | 0 | 8 | 12 | 8 |
Transfers out of Level 3, assets | (9) | (2) | (49) | (27) |
Purchases, assets | 38 | 49 | 163 | 61 |
Issuance, assets | 0 | 0 | 0 | 0 |
Sales, assets | (97) | (26) | (135) | (86) |
Settlements, assets | 0 | 0 | 0 | 0 |
Balance at end of period, asset | 45 | 81 | 45 | 81 |
Unrealized gains (losses) still held, assets | 1 | (1) | 2 | 5 |
Trading non-derivative assets | Corporate | ||||
Fair value, assets measured on recurring basis, level 3 fair-value category reconciliation | ||||
Balance at beginning of period, asset | 464 | 296 | 500 | 394 |
Net realized/unrealized gains (losses) included in principal transactions | 66 | 46 | 139 | 76 |
Net realized/unrealized gains (losses) included in locations other than principal transactions, assets | 0 | 0 | 0 | 0 |
Transfers into Level 3 | 62 | 196 | 75 | 210 |
Transfers out of Level 3, assets | (180) | (51) | (388) | (178) |
Purchases, assets | 105 | 256 | 365 | 352 |
Issuance, assets | 0 | 0 | 0 | 0 |
Sales, assets | (202) | (162) | (368) | (273) |
Settlements, assets | 0 | 0 | (8) | 0 |
Balance at end of period, asset | 315 | 581 | 315 | 581 |
Unrealized gains (losses) still held, assets | 65 | 88 | 71 | 153 |
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 | 232 | 225 | 292 | 192 |
Net realized/unrealized gains (losses) included in principal transactions | (27) | 6 | (9) | 9 |
Net realized/unrealized gains (losses) included in locations other than principal transactions, assets | 0 | 0 | 0 | 0 |
Transfers into Level 3 | 101 | 14 | 130 | 26 |
Transfers out of Level 3, assets | (26) | (2) | (49) | (8) |
Purchases, assets | 29 | 66 | 60 | 97 |
Issuance, assets | 0 | 0 | 0 | 0 |
Sales, assets | (65) | (24) | (180) | (31) |
Settlements, assets | 0 | 0 | 0 | 0 |
Balance at end of period, asset | 244 | 285 | 244 | 285 |
Unrealized gains (losses) still held, assets | (22) | 5 | (20) | 10 |
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 | 370 | 567 | 531 | 668 |
Net realized/unrealized gains (losses) included in principal transactions | (21) | (1) | (18) | 14 |
Net realized/unrealized gains (losses) included in locations other than principal transactions, assets | 0 | 0 | 0 | 0 |
Transfers into Level 3 | 15 | 74 | 30 | 79 |
Transfers out of Level 3, assets | (60) | (18) | (178) | (81) |
Purchases, assets | 40 | 197 | 176 | 318 |
Issuance, assets | 0 | 0 | 0 | 0 |
Sales, assets | (100) | (280) | (297) | (459) |
Settlements, assets | 0 | 0 | 0 | 0 |
Balance at end of period, asset | 244 | 539 | 244 | 539 |
Unrealized gains (losses) still held, assets | (4) | (5) | (12) | 0 |
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 | 752 | 1,094 | 833 | 648 |
Net realized/unrealized gains (losses) included in principal transactions | 98 | 373 | 165 | 401 |
Net realized/unrealized gains (losses) included in locations other than principal transactions, assets | 0 | 0 | 0 | 0 |
Transfers into Level 3 | 95 | 16 | 152 | 261 |
Transfers out of Level 3, assets | (98) | (74) | (166) | (76) |
Purchases, assets | 120 | 178 | 195 | 468 |
Issuance, assets | 2 | 0 | 6 | 0 |
Sales, assets | (184) | (109) | (399) | (224) |
Settlements, assets | (2) | 0 | (3) | 0 |
Balance at end of period, asset | 783 | 1,478 | 783 | 1,478 |
Unrealized gains (losses) still held, assets | 44 | 378 | 55 | 411 |
Investments | ||||
Fair value, assets measured on recurring basis, level 3 fair-value category reconciliation | ||||
Balance at beginning of period, asset | 1,439 | 1,893 | 1,799 | 2,049 |
Net realized/unrealized gains (losses) included in principal transactions | 0 | 0 | 0 | 0 |
Net realized/unrealized gains (losses) included in locations other than principal transactions, assets | (16) | (16) | (78) | (3) |
Transfers into Level 3 | 13 | 15 | 49 | 28 |
Transfers out of Level 3, assets | (262) | (24) | (549) | (161) |
Purchases, assets | 31 | 457 | 150 | 738 |
Issuance, assets | 0 | 0 | 0 | 0 |
Sales, assets | (72) | (561) | (238) | (887) |
Settlements, assets | 0 | 0 | 0 | 0 |
Balance at end of period, asset | 1,133 | 1,764 | 1,133 | 1,764 |
Unrealized gains (losses) still held, assets | 4 | (8) | (9) | 10 |
Investments | Mortgage-backed securities | ||||
Fair value, assets measured on recurring basis, level 3 fair-value category reconciliation | ||||
Balance at beginning of period, asset | 52 | 53 | 191 | 71 |
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 | 1 | (3) | (1) |
Transfers into Level 3 | 1 | 0 | 1 | 0 |
Transfers out of Level 3, assets | 0 | 0 | (90) | 0 |
Purchases, assets | 0 | 4 | 3 | 4 |
Issuance, assets | 0 | 0 | 0 | 0 |
Sales, assets | (1) | (1) | (49) | (17) |
Settlements, assets | 0 | 0 | 0 | 0 |
Balance at end of period, asset | 53 | 57 | 53 | 57 |
Unrealized gains (losses) still held, assets | 1 | (1) | (3) | (4) |
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 | 27 | 28 | 75 | 30 |
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 | 1 | (1) | (1) |
Transfers into Level 3 | 0 | 0 | 0 | 0 |
Transfers out of Level 3, assets | 0 | 0 | 0 | 0 |
Purchases, assets | 0 | 4 | 3 | 4 |
Issuance, assets | 0 | 0 | 0 | 0 |
Sales, assets | (1) | (1) | (49) | (1) |
Settlements, assets | 0 | 0 | 0 | 0 |
Balance at end of period, asset | 28 | 32 | 28 | 32 |
Unrealized gains (losses) still held, assets | 2 | (1) | (1) | (4) |
Investments | Residential | ||||
Fair value, assets measured on recurring basis, level 3 fair-value category reconciliation | ||||
Balance at beginning of period, asset | 25 | 25 | 116 | 41 |
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 | (2) | 0 |
Transfers into Level 3 | 1 | 0 | 1 | 0 |
Transfers out of Level 3, assets | 0 | 0 | (90) | 0 |
Purchases, assets | 0 | 0 | 0 | 0 |
Issuance, assets | 0 | 0 | 0 | 0 |
Sales, assets | 0 | 0 | 0 | (16) |
Settlements, assets | 0 | 0 | 0 | 0 |
Balance at end of period, asset | 25 | 25 | 25 | 25 |
Unrealized gains (losses) still held, assets | (1) | 0 | (2) | 0 |
Investments | Commercial Mortgage-Backed Securities | ||||
Fair value, assets measured on recurring basis, level 3 fair-value category reconciliation | ||||
Balance at beginning of period, asset | 0 | 0 | ||
Net realized/unrealized gains (losses) included in principal transactions | 0 | 0 | ||
Net realized/unrealized gains (losses) included in locations other than principal transactions, assets | 0 | 0 | ||
Transfers into Level 3 | 0 | 0 | ||
Transfers out of Level 3, assets | 0 | 0 | ||
Purchases, assets | 0 | 0 | ||
Issuance, assets | 0 | 0 | ||
Sales, assets | 0 | 0 | ||
Settlements, assets | 0 | 0 | ||
Balance at end of period, asset | 0 | 0 | ||
Unrealized gains (losses) still held, assets | 0 | 0 | ||
Investments | 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 | 51 | 0 | 0 |
Net realized/unrealized gains (losses) included in principal transactions | 0 | 0 | 0 | 0 |
Net realized/unrealized gains (losses) included in locations other than principal transactions, assets | 0 | 0 | 0 | 0 |
Transfers into Level 3 | 0 | 0 | 0 | 0 |
Transfers out of Level 3, assets | 0 | 0 | 0 | 0 |
Purchases, assets | 0 | 0 | 0 | 51 |
Issuance, assets | 0 | 0 | 0 | 0 |
Sales, assets | 0 | (30) | 0 | (30) |
Settlements, assets | 0 | 0 | 0 | 0 |
Balance at end of period, asset | 0 | 21 | 0 | 21 |
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 | 479 | 521 | 542 | 586 |
Net realized/unrealized gains (losses) included in principal transactions | 0 | 0 | 0 | 0 |
Net realized/unrealized gains (losses) included in locations other than principal transactions, assets | (5) | (8) | (31) | 9 |
Transfers into Level 3 | 0 | 0 | 0 | 1 |
Transfers out of Level 3, assets | (5) | (2) | (6) | (77) |
Purchases, assets | 0 | 0 | 0 | 1 |
Issuance, assets | 0 | 0 | 0 | 0 |
Sales, assets | (30) | (4) | (66) | (13) |
Settlements, assets | 0 | 0 | 0 | 0 |
Balance at end of period, asset | 439 | 507 | 439 | 507 |
Unrealized gains (losses) still held, assets | (4) | (8) | (13) | 5 |
Investments | Foreign government | ||||
Fair value, assets measured on recurring basis, level 3 fair-value category reconciliation | ||||
Balance at beginning of period, asset | 24 | 551 | 194 | 608 |
Net realized/unrealized gains (losses) included in principal transactions | 0 | 0 | 0 | 0 |
Net realized/unrealized gains (losses) included in locations other than principal transactions, assets | (4) | 7 | (12) | 5 |
Transfers into Level 3 | 0 | 15 | 6 | 25 |
Transfers out of Level 3, assets | (6) | (17) | (174) | (18) |
Purchases, assets | 0 | 363 | 36 | 523 |
Issuance, assets | 0 | 0 | 0 | 0 |
Sales, assets | 0 | (505) | (36) | (729) |
Settlements, assets | 0 | 0 | 0 | 0 |
Balance at end of period, asset | 14 | 414 | 14 | 414 |
Unrealized gains (losses) still held, assets | (3) | 7 | (3) | 8 |
Investments | Corporate | ||||
Fair value, assets measured on recurring basis, level 3 fair-value category reconciliation | ||||
Balance at beginning of period, asset | 388 | 291 | 362 | 343 |
Net realized/unrealized gains (losses) included in principal transactions | 0 | 0 | 0 | 0 |
Net realized/unrealized gains (losses) included in locations other than principal transactions, assets | (7) | (4) | (7) | (1) |
Transfers into Level 3 | 12 | 0 | 42 | 0 |
Transfers out of Level 3, assets | (251) | 0 | (279) | (61) |
Purchases, assets | 10 | 23 | 51 | 81 |
Issuance, assets | 0 | 0 | 0 | 0 |
Sales, assets | (40) | (20) | (57) | (72) |
Settlements, assets | 0 | 0 | 0 | 0 |
Balance at end of period, asset | 112 | 290 | 112 | 290 |
Unrealized gains (losses) still held, assets | 10 | (4) | 10 | (4) |
Investments | Marketable equity securities | ||||
Fair value, assets measured on recurring basis, level 3 fair-value category reconciliation | ||||
Balance at beginning of period, asset | 8 | 12 | 27 | 10 |
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 | 1 | (17) | 3 |
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 | 10 | 13 | 10 | 13 |
Unrealized gains (losses) still held, assets | (1) | (7) | (1) | 0 |
Investments | Asset-backed securities | ||||
Fair value, assets measured on recurring basis, level 3 fair-value category reconciliation | ||||
Balance at beginning of period, asset | 0 | 1 | 0 | 1 |
Net realized/unrealized gains (losses) included in principal transactions | 0 | 0 | 0 | 0 |
Net realized/unrealized gains (losses) included in locations other than principal transactions, assets | 0 | 0 | 0 | 0 |
Transfers into Level 3 | 0 | 0 | 0 | 0 |
Transfers out of Level 3, assets | 0 | 0 | 0 | 0 |
Purchases, assets | 0 | 0 | 0 | 0 |
Issuance, assets | 0 | 0 | 0 | 0 |
Sales, assets | 0 | 0 | 0 | 0 |
Settlements, assets | 0 | 0 | 0 | 0 |
Balance at end of period, asset | 0 | 1 | 0 | 1 |
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 | 0 | 4 | 0 | 0 |
Net realized/unrealized gains (losses) included in principal transactions | 0 | 0 | 0 | 0 |
Net realized/unrealized gains (losses) included in locations other than principal transactions, assets | 0 | 1 | 0 | 0 |
Transfers into Level 3 | 0 | 0 | 0 | 0 |
Transfers out of Level 3, assets | 0 | (5) | 0 | (5) |
Purchases, assets | 0 | 57 | 0 | 62 |
Issuance, assets | 0 | 0 | 0 | 0 |
Sales, assets | 0 | 0 | 0 | 0 |
Settlements, assets | 0 | 0 | 0 | 0 |
Balance at end of period, asset | 0 | 57 | 0 | 57 |
Unrealized gains (losses) still held, assets | 0 | 0 | 0 | 0 |
Investments | Non-marketable equity securities | ||||
Fair value, assets measured on recurring basis, level 3 fair-value category reconciliation | ||||
Balance at beginning of period, asset | 488 | 409 | 483 | 430 |
Net realized/unrealized gains (losses) included in principal transactions | 0 | 0 | 0 | 0 |
Net realized/unrealized gains (losses) included in locations other than principal transactions, assets | (3) | (14) | (8) | (18) |
Transfers into Level 3 | 0 | 0 | 0 | 2 |
Transfers out of Level 3, assets | 0 | 0 | 0 | 0 |
Purchases, assets | 21 | 10 | 60 | 16 |
Issuance, assets | 0 | 0 | 0 | 0 |
Sales, assets | (1) | (1) | (30) | (26) |
Settlements, assets | 0 | 0 | 0 | 0 |
Balance at end of period, asset | 505 | 404 | 505 | 404 |
Unrealized gains (losses) still held, assets | 1 | 5 | 1 | 5 |
Loans | ||||
Fair value, assets measured on recurring basis, level 3 fair-value category reconciliation | ||||
Balance at beginning of period, asset | 1,057 | 640 | 427 | 1,361 |
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 | (23) | (281) | (52) | (264) |
Transfers into Level 3 | 0 | 2 | 663 | 2 |
Transfers out of Level 3, assets | (851) | (119) | (891) | (309) |
Purchases, assets | 1 | 0 | 1 | 0 |
Issuance, assets | 128 | 0 | 232 | 106 |
Sales, assets | 0 | 0 | 0 | 0 |
Settlements, assets | (11) | (1) | (79) | (655) |
Balance at end of period, asset | 301 | 241 | 301 | 241 |
Unrealized gains (losses) still held, assets | (1) | (146) | 16 | (133) |
Mortgage servicing rights | ||||
Fair value, assets measured on recurring basis, level 3 fair-value category reconciliation | ||||
Balance at beginning of period, asset | 702 | 658 | 691 | 665 |
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 | 5 | 21 | 17 | 18 |
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 | 19 | 19 | 36 | 31 |
Sales, assets | 0 | 0 | 0 | 0 |
Settlements, assets | (17) | (17) | (35) | (33) |
Balance at end of period, asset | 709 | 681 | 709 | 681 |
Unrealized gains (losses) still held, assets | 5 | 22 | 23 | 20 |
Other financial assets | ||||
Fair value, assets measured on recurring basis, level 3 fair-value category reconciliation | ||||
Balance at beginning of period, asset | 31 | 52 | 30 | 57 |
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) | 1 | (2) | (2) |
Transfers into Level 3 | 0 | 0 | 0 | 0 |
Transfers out of Level 3, assets | 0 | (1) | 0 | (2) |
Purchases, assets | 2 | 21 | 5 | 22 |
Issuance, assets | 0 | 0 | 13 | 0 |
Sales, assets | (2) | 0 | (2) | (2) |
Settlements, assets | (9) | 0 | (23) | 0 |
Balance at end of period, asset | 21 | 73 | 21 | 73 |
Unrealized gains (losses) still held, assets | $ 0 | $ 0 | $ (1) | $ 0 |
FAIR VALUE MEASUREMENT - Leve_2
FAIR VALUE MEASUREMENT - Level 3 Fair Value Rollforward - Narrative (Details) - Long-term debt - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Fair Value Assets and Liabilities Measured on Recurring Basis Unobservable Input Reconciliation [Line Items] | ||||
Transfers into Level 3, liabilities | $ 1,680 | $ 2,130 | $ 3,038 | $ 3,228 |
Transfers out of Level 3, liabilities | $ 20,890 | $ 1,263 | $ 21,730 | 6,106 |
Option Volatility | ||||
Fair Value Assets and Liabilities Measured on Recurring Basis Unobservable Input Reconciliation [Line Items] | ||||
Transfers into Level 3, liabilities | 2,900 | |||
Equity volatility | ||||
Fair Value Assets and Liabilities Measured on Recurring Basis Unobservable Input Reconciliation [Line Items] | ||||
Transfers into Level 3, liabilities | $ 300 |
FAIR VALUE MEASUREMENT - Valuat
FAIR VALUE MEASUREMENT - Valuation Techniques and Inputs for Level 3 Fair Value Measurements (Details) | Jun. 30, 2024 USD ($) year decimal | Dec. 31, 2023 USD ($) year decimal |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Debt securities available-for-sale (AFS) | $ 249,362,000,000 | $ 256,936,000,000 |
Marketable equity securities | 696,000,000 | 766,000,000 |
Derivative assets | 53,064,000,000 | 57,717,000,000 |
Mortgage-backed securities | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Debt securities available-for-sale (AFS) | 32,359,000,000 | 30,139,000,000 |
Model-based | Level 3 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Securities borrowed and purchased under agreements to resell | 126,000,000 | 139,000,000 |
State and municipal, foreign government, corporate and other debt securities | 778,000,000 | |
Marketable equity securities | 38,000,000 | |
Loans and leases | 213,000,000 | 111,000,000 |
Mortgage servicing rights | 63,000,000 | 66,000,000 |
Interest-bearing deposits | 41,000,000 | 29,000,000 |
Securities loaned and sold under agreement to repurchase | 286,000,000 | |
Securities sold, not yet purchased and other trading liabilities | 4,000,000 | |
Short-term borrowings and long-term debt | 20,111,000,000 | 38,794,000,000 |
Securities loaned or sold under agreements to repurchase | 390,000,000 | |
Securities loaned or sold under agreements to repurchase and other trading liabilities | 5,000,000 | |
Model-based | Level 3 | Interest rate contracts (gross) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 5,221,000,000 | 5,237,000,000 |
Model-based | Level 3 | Foreign exchange contracts (gross) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 1,766,000,000 | 1,652,000,000 |
Model-based | Level 3 | Equity contracts (gross) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 3,957,000,000 | 4,239,000,000 |
Model-based | Level 3 | Commodity and other contracts (gross) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 1,904,000,000 | 1,943,000,000 |
Model-based | Level 3 | Credit derivatives (gross) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 973,000,000 | 1,135,000,000 |
Model-based | Level 3 | State And Municipal, Foreign Government, Corporate And Other Debt Securities | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Debt securities available-for-sale (AFS) | 679,000,000 | |
Price-based | Level 3 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Mortgage-backed securities | 679,000,000 | |
State and municipal, foreign government, corporate and other debt securities | 1,582,000,000 | |
Marketable equity securities | 230,000,000 | 259,000,000 |
Asset-backed securities | 184,000,000 | 475,000,000 |
Non-marketable equities | 90,000,000 | |
Derivative assets | 734,000,000 | |
Nontrading derivatives and other financial assets and liabilities measured on a recurring basis (gross) | 24,000,000 | 36,000,000 |
Loans and leases | 88,000,000 | 316,000,000 |
Securities sold, not yet purchased and other trading liabilities | 25,000,000 | |
Securities loaned or sold under agreements to repurchase and other trading liabilities | 23,000,000 | |
Price-based | Level 3 | Credit derivatives (gross) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 713,000,000 | |
Price-based | Level 3 | Mortgage-backed securities | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Debt securities available-for-sale (AFS) | 423,000,000 | |
Price-based | Level 3 | State And Municipal, Foreign Government, Corporate And Other Debt Securities | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Debt securities available-for-sale (AFS) | 999,000,000 | |
Yield analysis | Level 3 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Mortgage-backed securities | 401,000,000 | |
Asset-backed securities | 61,000,000 | 57,000,000 |
Securities loaned or sold under agreements to repurchase and other trading liabilities | 7,000,000 | |
Yield analysis | Level 3 | Mortgage-backed securities | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Debt securities available-for-sale (AFS) | 559,000,000 | |
Comparables analysis | Level 3 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Non-marketable equities | 310,000,000 | 366,000,000 |
Cash flow | Level 3 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Non-marketable equities | 57,000,000 | 56,000,000 |
Mortgage servicing rights | $ 615,000,000 | $ 595,000,000 |
Minimum | Model-based | Level 3 | Credit spread | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Securities borrowed and purchased under agreements to resell | 0.0011 | 0.0015 |
State and municipal, foreign government, corporate and other debt securities | 0.0035 | |
Minimum | Model-based | Level 3 | Credit spread | Credit derivatives (gross) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.0011 | 0.001143 |
Minimum | Model-based | Level 3 | Credit spread | State And Municipal, Foreign Government, Corporate And Other Debt Securities | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Debt securities, measurement input | 0.0035 | |
Minimum | Model-based | Level 3 | Interest rate | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Securities borrowed and purchased under agreements to resell | 0.0485 | 0.0400 |
Securities loaned and sold under agreement to repurchase | 0.0434 | |
Securities loaned and sold under agreements to repurchase | 0.0392 | |
Minimum | Model-based | Level 3 | Interest rate | Interest rate contracts (gross) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.0306 | 0.0270 |
Minimum | Model-based | Level 3 | Price | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Securities sold, not yet purchased and other trading liabilities | 0 | |
Minimum | Model-based | Level 3 | Yield | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Mortgage servicing rights | 0 | |
Minimum | Model-based | Level 3 | WAL | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Marketable equity securities | year | 2.24 | |
Minimum | Model-based | Level 3 | WAL | Equity contracts (gross) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | year | 2.91 | 2.24 |
Minimum | Model-based | Level 3 | Recovery (in millions) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Marketable equity securities | 7,398,000,000 | |
Derivative assets | 7,723,000,000 | |
Minimum | Model-based | Level 3 | Recovery (in millions) | Equity contracts (gross) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 7,398,000,000 | |
Minimum | Model-based | Level 3 | IR normal volatility | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Short-term borrowings and long-term debt | 0.0005 | 0.0032 |
Minimum | Model-based | Level 3 | IR normal volatility | Interest rate contracts (gross) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.0034 | (0.0007) |
Minimum | Model-based | Level 3 | IR normal volatility | Foreign exchange contracts (gross) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.0043 | (0.0007) |
Minimum | Model-based | Level 3 | IR basis | Foreign exchange contracts (gross) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | (0.0145) | (0.0145) |
Minimum | Model-based | Level 3 | FX volatility | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | (0.9500) | |
Securities loaned or sold under agreements to repurchase and other trading liabilities, measurement | 0.0356 | |
Minimum | Model-based | Level 3 | Equity volatility | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Loans and leases | 0.1846 | 0.4161 |
Interest-bearing deposits | 1 | |
Short-term borrowings and long-term debt | 0.0005 | |
Minimum | Model-based | Level 3 | Equity volatility | Equity contracts (gross) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.0005 | 0.0010 |
Minimum | Model-based | Level 3 | Equity forward | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Loans and leases | 0.3606 | |
Minimum | Model-based | Level 3 | Equity forward | Equity contracts (gross) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.6775 | 0.5414 |
Minimum | Model-based | Level 3 | Equity-FX correlation | Equity contracts (gross) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | (0.7900) | |
Minimum | Model-based | Level 3 | Forward price | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Loans and leases | 0.3348 | |
Interest-bearing deposits | 1.0744 | 1 |
Short-term borrowings and long-term debt | 0.6775 | |
Minimum | Model-based | Level 3 | Forward price | Commodity and other contracts (gross) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.1140 | 0.3170 |
Minimum | Model-based | Level 3 | Commodity volatility | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Loans and leases | 0.2651 | |
Minimum | Model-based | Level 3 | Commodity volatility | Commodity and other contracts (gross) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.0853 | 0.1472 |
Minimum | Model-based | Level 3 | Recovery rate | Credit derivatives (gross) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.1000 | 0.1500 |
Minimum | Model-based | Level 3 | Commodity correlation | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Loans and leases | (0.4533) | |
Minimum | Model-based | Level 3 | Commodity correlation | Commodity and other contracts (gross) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | (0.4533) | |
Minimum | Model-based | Level 3 | Upfront points | Credit derivatives (gross) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.0099 | |
Minimum | Model-based | Level 3 | Equity-Equity correlation | Equity contracts (gross) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | (0.3622) | (0.0649) |
Short-term borrowings and long-term debt | (0.4000) | |
Minimum | Model-based | Level 3 | Credit spread volatility | Credit derivatives (gross) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.2394 | |
Minimum | Price-based | Level 3 | Price | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Mortgage-backed securities | 1.67 | |
State and municipal, foreign government, corporate and other debt securities | 0.01 | |
Marketable equity securities | 0 | |
Marketable equity securities | 0 | |
Asset-backed securities | 3.50 | |
Asset-backed securities | 1.30 | |
Non-marketable equities | 0.55 | |
Non-marketable equities | 0.40 | |
Derivative assets | 79.11 | |
Nontrading derivatives and other financial assets and liabilities measured on a recurring basis (gross) | 0.11 | 0.01 |
Loans and leases | 77.24 | 98.80 |
Securities sold, not yet purchased and other trading liabilities | ||
Securities Loaned Or Sold Under Agreements To Repurchase And Other Trading Liabilities, Measurement Input, Value | 0 | |
Minimum | Price-based | Level 3 | Price | Credit derivatives (gross) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | $ 378,000,000 | |
Derivative assets | 46.28 | |
Derivative assets | 37.67 | |
Minimum | Price-based | Level 3 | Price | Mortgage-backed securities | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Debt securities, measurement input | 0.18 | |
Minimum | Price-based | Level 3 | Price | State And Municipal, Foreign Government, Corporate And Other Debt Securities | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Debt securities, measurement input | 0 | |
Minimum | Price-based | Level 3 | Revenue multiple | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Non-marketable equities | $ 50,000,000 | |
Minimum | Price-based | Level 3 | Upfront points | Credit derivatives (gross) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.0125 | |
Minimum | Yield analysis | Level 3 | Yield | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Mortgage-backed securities | 0.0463 | |
Asset-backed securities | 0.0619 | 0.0593 |
Securities loaned or sold under agreements to repurchase and other trading liabilities, measurement | 0.0746 | |
Minimum | Yield analysis | Level 3 | Yield | Mortgage-backed securities | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Debt securities, measurement input | 0.0491 | |
Minimum | Comparables analysis | Level 3 | Illiquidity discount | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Non-marketable equities | 0.0740 | 0.0800 |
Minimum | Comparables analysis | Level 3 | Revenue multiple | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Non-marketable equities | decimal | 3.26 | 2.80 |
Minimum | Comparables analysis | Level 3 | PE ratio | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Non-marketable equities | decimal | 8.30 | 9.30 |
Minimum | Comparables analysis | Level 3 | EBITDA multiples | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Non-marketable equities | decimal | 15.80 | |
Minimum | Cash flow | Level 3 | Yield | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Mortgage servicing rights | (0.0050) | |
Minimum | Cash flow | Level 3 | WAL | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Mortgage servicing rights | year | 3.68 | 1 |
Minimum | Cash flow | Level 3 | Discount rate | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Non-marketable equities | 0.0925 | 0.0850 |
Maximum | Model-based | Level 3 | Credit spread | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Securities borrowed and purchased under agreements to resell | 0.0630 | 0.0015 |
State and municipal, foreign government, corporate and other debt securities | 0.0550 | |
Maximum | Model-based | Level 3 | Credit spread | Credit derivatives (gross) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.0630 | 0.1519 |
Maximum | Model-based | Level 3 | Credit spread | State And Municipal, Foreign Government, Corporate And Other Debt Securities | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Debt securities, measurement input | 0.0550 | |
Maximum | Model-based | Level 3 | Interest rate | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Securities borrowed and purchased under agreements to resell | 0.0485 | 0.0400 |
Securities loaned and sold under agreement to repurchase | 0.0526 | |
Securities loaned and sold under agreements to repurchase | 0.0527 | |
Maximum | Model-based | Level 3 | Interest rate | Interest rate contracts (gross) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.0534 | 0.0540 |
Maximum | Model-based | Level 3 | Price | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Securities sold, not yet purchased and other trading liabilities | 14,233.69 | |
Maximum | Model-based | Level 3 | Yield | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Mortgage servicing rights | 0.1200 | |
Maximum | Model-based | Level 3 | WAL | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Marketable equity securities | year | 2.24 | |
Maximum | Model-based | Level 3 | WAL | Equity contracts (gross) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | year | 2.91 | 2.24 |
Maximum | Model-based | Level 3 | Recovery (in millions) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Marketable equity securities | 7,398,000,000 | |
Derivative assets | 7,723,000,000 | |
Maximum | Model-based | Level 3 | Recovery (in millions) | Equity contracts (gross) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 7,398,000,000 | |
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 | 0.2000 |
Maximum | Model-based | Level 3 | IR normal volatility | Interest rate contracts (gross) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.2000 | 0.1500 |
Maximum | Model-based | Level 3 | IR normal volatility | Foreign exchange contracts (gross) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.0120 | 0.1205 |
Maximum | Model-based | Level 3 | IR basis | Foreign exchange contracts (gross) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 1.1148 | 1.4779 |
Maximum | Model-based | Level 3 | FX volatility | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.7000 | |
Securities loaned or sold under agreements to repurchase and other trading liabilities, measurement | 0.2813 | |
Maximum | Model-based | Level 3 | Equity volatility | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Loans and leases | 3.2135 | 0.4540 |
Interest-bearing deposits | 1 | |
Short-term borrowings and long-term debt | 2.8865 | |
Maximum | Model-based | Level 3 | Equity volatility | Equity contracts (gross) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 2.8865 | 3.3435 |
Maximum | Model-based | Level 3 | Equity forward | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Loans and leases | 0.4099 | |
Maximum | Model-based | Level 3 | Equity forward | Equity contracts (gross) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 2.1394 | 2.7354 |
Maximum | Model-based | Level 3 | Equity-FX correlation | Equity contracts (gross) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.7000 | |
Maximum | Model-based | Level 3 | Forward price | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Loans and leases | 3.4843 | |
Interest-bearing deposits | 1.1428 | 1 |
Short-term borrowings and long-term debt | 2.1394 | |
Maximum | Model-based | Level 3 | Forward price | Commodity and other contracts (gross) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 3.8073 | 4.2551 |
Maximum | Model-based | Level 3 | Commodity volatility | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Loans and leases | 0.6680 | |
Maximum | Model-based | Level 3 | Commodity volatility | Commodity and other contracts (gross) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 1.9955 | 1.4999 |
Maximum | Model-based | Level 3 | Recovery rate | Credit derivatives (gross) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.4000 | 0.7500 |
Maximum | Model-based | Level 3 | Commodity correlation | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Loans and leases | 0.9302 | |
Maximum | Model-based | Level 3 | Commodity correlation | Commodity and other contracts (gross) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.9302 | |
Maximum | Model-based | Level 3 | Upfront points | Credit derivatives (gross) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 1.1439 | |
Maximum | Model-based | Level 3 | Equity-Equity correlation | Equity contracts (gross) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.9925 | 0.9744 |
Short-term borrowings and long-term debt | 0.5000 | |
Maximum | Model-based | Level 3 | Credit spread volatility | Credit derivatives (gross) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 1.1566 | |
Maximum | Price-based | Level 3 | Price | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Mortgage-backed securities | 124.63 | |
State and municipal, foreign government, corporate and other debt securities | 123.74 | |
Marketable equity securities | 12,189.17 | |
Marketable equity securities | 14,233.69 | |
Asset-backed securities | 129 | |
Asset-backed securities | 629.46 | |
Non-marketable equities | 164.44 | |
Non-marketable equities | 158.92 | |
Derivative assets | 98.20 | |
Nontrading derivatives and other financial assets and liabilities measured on a recurring basis (gross) | 413.66 | 104.79 |
Loans and leases | 98.66 | 98.80 |
Securities sold, not yet purchased and other trading liabilities | ||
Securities Loaned Or Sold Under Agreements To Repurchase And Other Trading Liabilities, Measurement Input, Value | 12,189.17 | |
Maximum | Price-based | Level 3 | Price | Credit derivatives (gross) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 97.01 | |
Derivative assets | 97 | |
Maximum | Price-based | Level 3 | Price | Mortgage-backed securities | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Debt securities, measurement input | 133.77 | |
Maximum | Price-based | Level 3 | Price | State And Municipal, Foreign Government, Corporate And Other Debt Securities | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Debt securities, measurement input | 185.42 | |
Maximum | Price-based | Level 3 | Upfront points | Credit derivatives (gross) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 1.1731 | |
Maximum | Yield analysis | Level 3 | Yield | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Mortgage-backed securities | 0.1908 | |
Asset-backed securities | 0.1226 | 0.1886 |
Securities loaned or sold under agreements to repurchase and other trading liabilities, measurement | 0.0746 | |
Maximum | Yield analysis | Level 3 | Yield | Mortgage-backed securities | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Debt securities, measurement input | 0.1618 | |
Maximum | Comparables analysis | Level 3 | Illiquidity discount | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Non-marketable equities | 0.3300 | 0.1000 |
Maximum | Comparables analysis | Level 3 | Revenue multiple | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Non-marketable equities | decimal | 15.46 | 13.40 |
Maximum | Comparables analysis | Level 3 | PE ratio | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Non-marketable equities | decimal | 8.30 | 16.50 |
Maximum | Comparables analysis | Level 3 | EBITDA multiples | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Non-marketable equities | decimal | 15.80 | |
Maximum | Cash flow | Level 3 | Yield | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Mortgage servicing rights | 0.1200 | |
Maximum | Cash flow | Level 3 | WAL | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Mortgage servicing rights | year | 8.62 | 8.76 |
Maximum | Cash flow | Level 3 | Discount rate | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Non-marketable equities | 0.1750 | 0.0850 |
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 | 0.0108 | 0.0015 |
State and municipal, foreign government, corporate and other debt securities | 0.0304 | |
Weighted Average | Model-based | Level 3 | Credit spread | Credit derivatives (gross) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.0089 | 0.014034 |
Weighted Average | Model-based | Level 3 | Credit spread | State And Municipal, Foreign Government, Corporate And Other Debt Securities | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Debt securities, measurement input | 0.0273 | |
Weighted Average | Model-based | Level 3 | Interest rate | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Securities borrowed and purchased under agreements to resell | 0.0485 | 0.0400 |
Securities loaned and sold under agreement to repurchase | 0.0452 | |
Securities loaned and sold under agreements to repurchase | 0.0396 | |
Weighted Average | Model-based | Level 3 | Interest rate | Interest rate contracts (gross) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.0359 | 0.0320 |
Weighted Average | Model-based | Level 3 | Price | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Securities sold, not yet purchased and other trading liabilities | 200.05 | |
Weighted Average | Model-based | Level 3 | Yield | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Mortgage servicing rights | 0.0806 | |
Weighted Average | Model-based | Level 3 | WAL | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Marketable equity securities | year | 2.24 | |
Weighted Average | Model-based | Level 3 | WAL | Equity contracts (gross) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | year | 2.91 | 2.24 |
Weighted Average | Model-based | Level 3 | Recovery (in millions) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Marketable equity securities | 7,398,000,000 | |
Derivative assets | 7,723,000,000 | |
Weighted Average | Model-based | Level 3 | Recovery (in millions) | Equity contracts (gross) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 7,398,000,000 | |
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 | 0.0153 | 0.0125 |
Weighted Average | Model-based | Level 3 | IR normal volatility | Interest rate contracts (gross) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.0221 | 0.0144 |
Weighted Average | Model-based | Level 3 | IR normal volatility | Foreign exchange contracts (gross) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.0082 | 0.0150 |
Weighted Average | Model-based | Level 3 | IR basis | Foreign exchange contracts (gross) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.0424 | 0.0711 |
Weighted Average | Model-based | Level 3 | FX volatility | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | (0.0637) | |
Securities loaned or sold under agreements to repurchase and other trading liabilities, measurement | 0.1317 | |
Weighted Average | Model-based | Level 3 | Equity volatility | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Loans and leases | 1.0861 | 0.4317 |
Interest-bearing deposits | 1 | |
Short-term borrowings and long-term debt | 0.3569 | |
Weighted Average | Model-based | Level 3 | Equity volatility | Equity contracts (gross) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.3928 | 0.3835 |
Weighted Average | Model-based | Level 3 | Equity forward | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Loans and leases | 0.3746 | |
Weighted Average | Model-based | Level 3 | Equity forward | Equity contracts (gross) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 1.0683 | 1.0144 |
Weighted Average | Model-based | Level 3 | Equity-FX correlation | Equity contracts (gross) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | (0.0766) | |
Weighted Average | Model-based | Level 3 | Forward price | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Loans and leases | 1.1547 | |
Interest-bearing deposits | 1.1170 | 1 |
Short-term borrowings and long-term debt | 1.0671 | |
Weighted Average | Model-based | Level 3 | Forward price | Commodity and other contracts (gross) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 1.1720 | 1.3465 |
Weighted Average | Model-based | Level 3 | Commodity volatility | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Loans and leases | 0.3179 | |
Weighted Average | Model-based | Level 3 | Commodity volatility | Commodity and other contracts (gross) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.3060 | 0.3703 |
Weighted Average | Model-based | Level 3 | Recovery rate | Credit derivatives (gross) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.3682 | 0.3656 |
Weighted Average | Model-based | Level 3 | Commodity correlation | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Loans and leases | (0.0728) | |
Weighted Average | Model-based | Level 3 | Commodity correlation | Commodity and other contracts (gross) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.4503 | |
Weighted Average | Model-based | Level 3 | Upfront points | Credit derivatives (gross) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.5052 | |
Weighted Average | Model-based | Level 3 | Equity-Equity correlation | Equity contracts (gross) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.7129 | 0.8042 |
Short-term borrowings and long-term debt | 0.2804 | |
Weighted Average | Model-based | Level 3 | Credit spread volatility | Credit derivatives (gross) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.4276 | |
Weighted Average | Price-based | Level 3 | Price | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Mortgage-backed securities | 55.39 | |
State and municipal, foreign government, corporate and other debt securities | 79.71 | |
Marketable equity securities | 168.09 | |
Marketable equity securities | 430.77 | |
Asset-backed securities | 65.87 | |
Asset-backed securities | 96.20 | |
Non-marketable equities | 65.60 | |
Non-marketable equities | 56.78 | |
Derivative assets | 97.60 | |
Nontrading derivatives and other financial assets and liabilities measured on a recurring basis (gross) | 130.88 | 90.87 |
Loans and leases | 86.08 | 98.80 |
Securities sold, not yet purchased and other trading liabilities | ||
Securities Loaned Or Sold Under Agreements To Repurchase And Other Trading Liabilities, Measurement Input, Value | 28.70 | |
Weighted Average | Price-based | Level 3 | Price | Credit derivatives (gross) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 83.66 | |
Derivative assets | 79.54 | |
Weighted Average | Price-based | Level 3 | Price | Mortgage-backed securities | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Debt securities, measurement input | 34.29 | |
Weighted Average | Price-based | Level 3 | Price | State And Municipal, Foreign Government, Corporate And Other Debt Securities | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Debt securities, measurement input | 88.69 | |
Weighted Average | Price-based | Level 3 | Upfront points | Credit derivatives (gross) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.5810 | |
Weighted Average | Yield analysis | Level 3 | Yield | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Mortgage-backed securities | 0.0893 | |
Asset-backed securities | 0.0844 | 0.0857 |
Securities loaned or sold under agreements to repurchase and other trading liabilities, measurement | 0.0746 | |
Weighted Average | Yield analysis | Level 3 | Yield | Mortgage-backed securities | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Debt securities, measurement input | 0.0794 | |
Weighted Average | Comparables analysis | Level 3 | Illiquidity discount | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Non-marketable equities | 0.1396 | 0.0882 |
Weighted Average | Comparables analysis | Level 3 | Revenue multiple | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Non-marketable equities | decimal | 10.68 | 12.28 |
Weighted Average | Comparables analysis | Level 3 | PE ratio | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Non-marketable equities | decimal | 8.30 | 11.37 |
Weighted Average | Comparables analysis | Level 3 | EBITDA multiples | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Non-marketable equities | decimal | 15.80 | |
Weighted Average | Cash flow | Level 3 | Yield | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Mortgage servicing rights | 0.0622 | |
Weighted Average | Cash flow | Level 3 | WAL | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Mortgage servicing rights | year | 7.52 | 1.29 |
Weighted Average | Cash flow | Level 3 | Discount rate | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Non-marketable equities | 0.1255 | 0.0850 |
FAIR VALUE MEASUREMENT - Item_2
FAIR VALUE MEASUREMENT - Items Measured at Fair Value on a Nonrecurring Basis (Details) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Items Measured at Fair Value on a Nonrecurring Basis | ||
Non-marketable equity securities measured using the measurement alternative | $ 7,789 | $ 7,902 |
Nonrecurring | Level 2 | ||
Items Measured at Fair Value on a Nonrecurring Basis | ||
Loans HFS | 1,223 | 495 |
Other real estate owned | 0 | 0 |
Loans | 0 | 0 |
Non-marketable equity securities measured using the measurement alternative | 0 | 0 |
Total assets | 1,223 | 495 |
Nonrecurring | Level 3 | ||
Items Measured at Fair Value on a Nonrecurring Basis | ||
Loans HFS | 332 | 676 |
Other real estate owned | 1 | 4 |
Loans | 176 | 328 |
Non-marketable equity securities measured using the measurement alternative | 31 | 359 |
Total assets | 540 | 1,367 |
Fair value | Nonrecurring | ||
Items Measured at Fair Value on a Nonrecurring Basis | ||
Loans HFS | 1,555 | 1,171 |
Other real estate owned | 1 | 4 |
Loans | 176 | 328 |
Non-marketable equity securities measured using the measurement alternative | 31 | 359 |
Total assets | $ 1,763 | $ 1,862 |
FAIR VALUE MEASUREMENT - Valu_2
FAIR VALUE MEASUREMENT - Valuation Techniques and Inputs for Level 3 Nonrecurring Fair Value Measurements (Details) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2024 USD ($) | Jun. 30, 2023 USD ($) | Jun. 30, 2024 USD ($) | Jun. 30, 2023 USD ($) | Dec. 31, 2023 USD ($) year | |
Nonrecurring | |||||
Nonrecurring fair value changes included in earnings | |||||
Nonrecurring fair value measurements included in earnings | $ (83,000,000) | $ (58,000,000) | $ (85,000,000) | $ (98,000,000) | |
Nonrecurring | Level 3 | |||||
Valuation techniques and inputs | |||||
Loans HFS | 332,000,000 | 332,000,000 | $ 676,000,000 | ||
Price-based | Level 3 | |||||
Valuation techniques and inputs | |||||
Non-marketable equities | 90,000,000 | 90,000,000 | |||
Price-based | Nonrecurring | Level 3 | |||||
Valuation techniques and inputs | |||||
Loans HFS | 306,000,000 | 306,000,000 | 674,000,000 | ||
Non-marketable equities | $ 27,000,000 | $ 27,000,000 | 250,000,000 | ||
Other real estate owned | $ 3,000,000 | ||||
Price-based | Price | Level 3 | Minimum | |||||
Valuation techniques and inputs | |||||
Non-marketable equities | 0.40 | ||||
Non-marketable equities | 0.55 | 0.55 | |||
Price-based | Price | Level 3 | Maximum | |||||
Valuation techniques and inputs | |||||
Non-marketable equities | 158.92 | ||||
Non-marketable equities | 164.44 | 164.44 | |||
Price-based | Price | Level 3 | Weighted Average | |||||
Valuation techniques and inputs | |||||
Non-marketable equities | 56.78 | ||||
Non-marketable equities | 65.60 | 65.60 | |||
Price-based | Price | Nonrecurring | Level 3 | Minimum | |||||
Valuation techniques and inputs | |||||
Loans HFS | 49 | 49 | 67.50 | ||
Non-marketable equities | 1.27 | 1.27 | 1.57 | ||
Price-based | Price | Nonrecurring | Level 3 | Maximum | |||||
Valuation techniques and inputs | |||||
Loans HFS | 100 | 100 | 100 | ||
Non-marketable equities | 1,091.71 | 1,091.71 | 2,637 | ||
Price-based | Price | Nonrecurring | Level 3 | Weighted Average | |||||
Valuation techniques and inputs | |||||
Loans HFS | 90.17 | 90.17 | 93.39 | ||
Non-marketable equities | 115.52 | 115.52 | 1,114.06 | ||
Price-based | Appraised value (in millions) | Nonrecurring | Level 3 | Minimum | |||||
Valuation techniques and inputs | |||||
Other real estate owned | 401,042 | ||||
Price-based | Appraised value (in millions) | Nonrecurring | Level 3 | Maximum | |||||
Valuation techniques and inputs | |||||
Other real estate owned | 2,061,700 | ||||
Price-based | Appraised value (in millions) | Nonrecurring | Level 3 | Weighted Average | |||||
Valuation techniques and inputs | |||||
Other real estate owned | 155,696 | ||||
Price-based | Revenue multiple | Level 3 | Minimum | |||||
Valuation techniques and inputs | |||||
Non-marketable equities | $ 50,000,000 | ||||
Recovery analysis | Nonrecurring | Level 3 | |||||
Valuation techniques and inputs | |||||
Loans | $ 98,000,000 | $ 98,000,000 | $ 296,000,000 | ||
Recovery analysis | Appraised value (in millions) | Nonrecurring | Level 3 | Minimum | |||||
Valuation techniques and inputs | |||||
Loans | 12,000 | 12,000 | 12,000 | ||
Recovery analysis | Appraised value (in millions) | Nonrecurring | Level 3 | Maximum | |||||
Valuation techniques and inputs | |||||
Loans | 27,279,987 | 27,279,987 | 75,997,078 | ||
Recovery analysis | Appraised value (in millions) | Nonrecurring | Level 3 | Weighted Average | |||||
Valuation techniques and inputs | |||||
Loans | 13,015,794 | 13,015,794 | 46,121,923 | ||
Recovery analysis | Measurement Input, Discounted Cash Flow | Nonrecurring | Level 3 | Minimum | |||||
Valuation techniques and inputs | |||||
Loans | 19,994,171 | 19,994,171 | |||
Recovery analysis | Measurement Input, Discounted Cash Flow | Nonrecurring | Level 3 | Maximum | |||||
Valuation techniques and inputs | |||||
Loans | 77,680,848 | 77,680,848 | |||
Recovery analysis | Measurement Input, Discounted Cash Flow | Nonrecurring | Level 3 | Weighted Average | |||||
Valuation techniques and inputs | |||||
Loans | 58,074,015 | 58,074,015 | |||
Comparable analysis | Nonrecurring | Level 3 | |||||
Valuation techniques and inputs | |||||
Non-marketable equities | $ 4,000,000 | $ 4,000,000 | $ 109,000,000 | ||
Comparable analysis | Revenue multiple | Nonrecurring | Level 3 | Minimum | |||||
Valuation techniques and inputs | |||||
Non-marketable equities | 750,000 | 750,000 | 2.30 | ||
Comparable analysis | Revenue multiple | Nonrecurring | Level 3 | Maximum | |||||
Valuation techniques and inputs | |||||
Non-marketable equities | 1,749,000 | 1,749,000 | 35.70 | ||
Comparable analysis | Revenue multiple | Nonrecurring | Level 3 | Weighted Average | |||||
Valuation techniques and inputs | |||||
Non-marketable equities | 1,529,043 | 1,529,043 | 11.69 | ||
Appraised value | Nonrecurring | Level 3 | |||||
Valuation techniques and inputs | |||||
Loans | $ 78,000,000 | $ 78,000,000 | |||
Loans held-for-sale | Nonrecurring | |||||
Nonrecurring fair value changes included in earnings | |||||
Nonrecurring fair value measurements included in earnings | (82,000,000) | (15,000,000) | (123,000,000) | (26,000,000) | |
Other real estate owned | Nonrecurring | |||||
Nonrecurring fair value changes included in earnings | |||||
Nonrecurring fair value measurements included in earnings | 0 | 0 | 0 | 0 | |
Loans | Nonrecurring | |||||
Nonrecurring fair value changes included in earnings | |||||
Nonrecurring fair value measurements included in earnings | 4,000,000 | (16,000,000) | 10,000,000 | (18,000,000) | |
Non-marketable equity securities | Nonrecurring | |||||
Nonrecurring fair value changes included in earnings | |||||
Nonrecurring fair value measurements included in earnings | $ (5,000,000) | $ (27,000,000) | $ 28,000,000 | $ (54,000,000) |
FAIR VALUE MEASUREMENT - Estima
FAIR VALUE MEASUREMENT - Estimate Fair Value of Financial Instruments Not Carried at Fair Value (Details) - USD ($) $ in Millions | Jun. 30, 2024 | Mar. 31, 2024 | Dec. 31, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 |
Assets | ||||||
Loans | $ 8,526 | $ 7,594 | ||||
Liabilities | ||||||
Deposits(5) | 1,278,137 | 1,308,681 | ||||
Allowance for credit losses | 18,216 | $ 18,296 | 18,145 | $ 17,496 | $ 17,169 | $ 16,974 |
Loans, net of unearned income | 687,722 | 689,362 | ||||
Corporate loans | ||||||
Assets | ||||||
Loans | 8,232 | 7,281 | ||||
Liabilities | ||||||
Allowance for credit losses | 2,484 | $ 2,772 | 2,714 | $ 2,630 | $ 2,780 | $ 2,855 |
Loans, net of unearned income | 301,605 | 300,165 | ||||
Carrying value | ||||||
Assets | ||||||
HTM debt securities, net of allowance(1) | 256,500 | 259,700 | ||||
Securities borrowed and purchased under agreements to resell | 139,900 | 139,600 | ||||
Loans | 660,700 | 663,300 | ||||
Other financial assets | 342,500 | 347,500 | ||||
Liabilities | ||||||
Deposits(5) | 1,274,700 | 1,306,200 | ||||
Securities loaned and sold under agreements to repurchase | 235,400 | 215,600 | ||||
Long-term debt | 170,800 | 170,300 | ||||
Other financial liabilities | 139,900 | 132,800 | ||||
Allowance for credit losses | 18,200 | 18,100 | ||||
Estimated fair value | ||||||
Assets | ||||||
HTM debt securities, net of allowance(1) | 235,800 | 240,600 | ||||
Securities borrowed and purchased under agreements to resell | 139,900 | 139,700 | ||||
Loans | 663,800 | 673,200 | ||||
Other financial assets | 342,500 | 347,500 | ||||
Liabilities | ||||||
Deposits(5) | 1,274,600 | 1,305,900 | ||||
Securities loaned and sold under agreements to repurchase | 235,400 | 215,600 | ||||
Long-term debt | 174,000 | 173,400 | ||||
Other financial liabilities | 139,900 | 132,800 | ||||
Estimated fair value | Corporate loans | ||||||
Liabilities | ||||||
Loans, net of unearned income | 8,232 | 7,281 | ||||
Estimated fair value | Level 1 | ||||||
Assets | ||||||
HTM debt securities, net of allowance(1) | 124,600 | 124,000 | ||||
Securities borrowed and purchased under agreements to resell | 0 | 0 | ||||
Loans | 0 | 0 | ||||
Other financial assets | 228,400 | 243,100 | ||||
Liabilities | ||||||
Deposits(5) | 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) | 108,700 | 114,100 | ||||
Securities borrowed and purchased under agreements to resell | 139,900 | 139,700 | ||||
Loans | 0 | 0 | ||||
Other financial assets | 17,800 | 17,800 | ||||
Liabilities | ||||||
Deposits(5) | 1,274,600 | 1,116,500 | ||||
Securities loaned and sold under agreements to repurchase | 235,400 | 215,600 | ||||
Long-term debt | 169,800 | 168,000 | ||||
Other financial liabilities | 25,100 | 29,200 | ||||
Estimated fair value | Level 3 | ||||||
Assets | ||||||
HTM debt securities, net of allowance(1) | 2,500 | 2,500 | ||||
Securities borrowed and purchased under agreements to resell | 0 | 0 | ||||
Loans | 663,800 | 673,200 | ||||
Other financial assets | 96,300 | 86,600 | ||||
Liabilities | ||||||
Deposits(5) | 0 | 189,400 | ||||
Securities loaned and sold under agreements to repurchase | 0 | 0 | ||||
Long-term debt | 4,200 | 5,400 | ||||
Other financial liabilities | 114,800 | 103,600 | ||||
Estimated fair value | Level 3 | Corporate loans | ||||||
Fair value measurements additional disclosures | ||||||
Unfunded lending commitments | 13,000 | 14,200 | ||||
Lease financing | ||||||
Liabilities | ||||||
Loans, net of unearned income | 300 | 300 | ||||
Lease financing | Corporate loans | ||||||
Liabilities | ||||||
Loans, net of unearned income | $ 267 | $ 275 |
FAIR VALUE ELECTIONS - Changes
FAIR VALUE ELECTIONS - Changes in Fair Value Gains (Losses) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Securities borrowed and purchased under agreements to resell | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions. | ||||
Gain (loss) from changes in fair value | $ (6) | $ (95) | $ (59) | $ (10) |
Trading account assets | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions. | ||||
Gain (loss) from changes in fair value | (5) | 18 | 2 | 79 |
Certain corporate loans | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions. | ||||
Gain (loss) from changes in fair value | 160 | 635 | 1,378 | 326 |
Certain consumer loans | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions. | ||||
Gain (loss) from changes in fair value | (2) | (4) | (10) | 1 |
Loans | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions. | ||||
Gain (loss) from changes in fair value | 158 | 631 | 1,368 | 327 |
MSRs | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions. | ||||
Gain (loss) from changes in fair value | 5 | 22 | 17 | 19 |
Certain mortgage loans HFS | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions. | ||||
Gain (loss) from changes in fair value | 4 | (18) | 5 | (10) |
Total other assets | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions. | ||||
Gain (loss) from changes in fair value | 9 | 4 | 22 | 9 |
Total assets | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions. | ||||
Gain (loss) from changes in fair value | 156 | 558 | 1,333 | 405 |
Interest-bearing deposits | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions. | ||||
Gain (loss) from changes in fair value | (21) | 82 | (63) | (52) |
Securities loaned and sold under agreements to repurchase | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions. | ||||
Gain (loss) from changes in fair value | (10) | 49 | 26 | (19) |
Trading account liabilities | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions. | ||||
Gain (loss) from changes in fair value | (153) | 77 | (224) | 152 |
Short-term borrowings | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions. | ||||
Gain (loss) from changes in fair value | (79) | 230 | (381) | 88 |
Long-term debt | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions. | ||||
Gain (loss) from changes in fair value | (194) | (2,147) | (2,122) | (6,496) |
Total liabilities | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions. | ||||
Gain (loss) from changes in fair value | $ (457) | $ (1,709) | $ (2,764) | $ (6,327) |
FAIR VALUE ELECTIONS - Valuatio
FAIR VALUE ELECTIONS - Valuation Adjustments, Fair Value Option for Financial Assets and Financial Liabilities (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | |
Fair Value Option Quantitative Disclosures | |||||
Loss on change in estimated fair value of debt liabilities due to change in company's own credit risk | $ 343 | $ (837) | $ (407) | $ (1,270) | |
Balance of non-accrual loans or loans more than 90 days past due | 1 | 1 | $ 3 | ||
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 | 0 | $ (25) | |||
Certain loans and other credit product | Trading assets | |||||
Fair Value Option Quantitative Disclosures | |||||
Aggregate unpaid principal balance in excess of (less than) fair value | 191 | 191 | 88 | ||
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 | 64 | 64 | 10 | ||
Balance of non-accrual loans or loans more than 90 days past due | 0 | 0 | 1 | ||
Aggregate unpaid principal balance in excess of fair value for non-accrual loans or loans more than 90 days past due | 1 | 1 | 1 | ||
Mortgage receivable | |||||
Fair Value Option Quantitative Disclosures | |||||
Aggregate unpaid principal balance in excess of (less than) fair value | 29 | 29 | 17 | ||
Carrying amount | Certain loans and other credit product | Trading assets | |||||
Fair Value Option Quantitative Disclosures | |||||
Carrying amount reported on the Consolidated Balance Sheet | 4,552 | 4,552 | 4,518 | ||
Carrying amount | Certain loans and other credit product | Loans | |||||
Fair Value Option Quantitative Disclosures | |||||
Carrying amount reported on the Consolidated Balance Sheet | 8,526 | 8,526 | 7,594 | ||
Carrying amount | Loans held-for-sale | |||||
Fair Value Option Quantitative Disclosures | |||||
Carrying amount reported on the Consolidated Balance Sheet | 1,310 | 1,310 | 571 | ||
Fair value | Certain loans and other credit product | |||||
Fair Value Option Quantitative Disclosures | |||||
Unfunded lending commitments | $ 382 | $ 382 | $ 391 |
FAIR VALUE ELECTIONS - Certain
FAIR VALUE ELECTIONS - Certain Structured and Non-Structured Liabilities (Details) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Carrying value of structured notes, disaggregated by type of embedded derivative instrument | ||
Carrying value of structured notes | $ 109,400 | $ 116,300 |
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 | (2,125) | (2,842) |
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 | 3 | (60) |
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 | 109,406 | 116,338 |
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 | 11,744 | 6,545 |
Interest rate linked | ||
Carrying value of structured notes, disaggregated by type of embedded derivative instrument | ||
Carrying value of structured notes | 57,100 | 60,400 |
Foreign exchange linked | ||
Carrying value of structured notes, disaggregated by type of embedded derivative instrument | ||
Carrying value of structured notes | 100 | 0 |
Equity linked | ||
Carrying value of structured notes, disaggregated by type of embedded derivative instrument | ||
Carrying value of structured notes | 41,600 | 45,900 |
Commodity linked | ||
Carrying value of structured notes, disaggregated by type of embedded derivative instrument | ||
Carrying value of structured notes | 5,200 | 5,300 |
Credit linked | ||
Carrying value of structured notes, disaggregated by type of embedded derivative instrument | ||
Carrying value of structured notes | $ 5,400 | $ 4,700 |
GUARANTEES AND COMMITMENTS - Gu
GUARANTEES AND COMMITMENTS - Guarantees (Details) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Maximum potential amount of future payments | ||
Expire within 1 year | $ 335,200 | $ 317,400 |
Expire after 1 year | 94,100 | 94,700 |
Total amount outstanding | 429,300 | 412,100 |
Carrying value | 1,043 | 1,156 |
Amount of cash initial margin collected and remitted | 16,100 | 17,800 |
Cash collateral available to reimburse losses realized under guarantees and indemnifications | 50,400 | 52,500 |
Securities and other marketable assets held as collateral | 71,200 | 67,700 |
Letters of credit in favor of the Company held as collateral | 3,000 | 3,100 |
Financial standby letters of credit | ||
Maximum potential amount of future payments | ||
Expire within 1 year | 17,300 | 17,800 |
Expire after 1 year | 62,800 | 63,500 |
Total amount outstanding | 80,100 | 81,300 |
Carrying value | 676 | 674 |
Performance guarantees | ||
Maximum potential amount of future payments | ||
Expire within 1 year | 4,500 | 4,800 |
Expire after 1 year | 5,500 | 5,800 |
Total amount outstanding | 10,000 | 10,600 |
Carrying value | 36 | 49 |
Derivative instruments considered to be guarantees | ||
Maximum potential amount of future payments | ||
Expire within 1 year | 24,600 | 24,200 |
Expire after 1 year | 16,900 | 16,300 |
Total amount outstanding | 41,500 | 40,500 |
Carrying value | 281 | 362 |
Loans sold with recourse | ||
Maximum potential amount of future payments | ||
Expire within 1 year | 0 | 600 |
Expire after 1 year | 1,000 | 1,200 |
Total amount outstanding | 1,000 | 1,800 |
Carrying value | 0 | 16 |
Repurchase reserve for consumer mortgages representations and warranties | 12 | 11 |
Securities lending indemnifications | ||
Maximum potential amount of future payments | ||
Expire within 1 year | 105,200 | 104,100 |
Expire after 1 year | 0 | 0 |
Total amount outstanding | 105,200 | 104,100 |
Carrying value | 0 | 0 |
Credit card merchant processing | ||
Maximum potential amount of future payments | ||
Expire within 1 year | 128,300 | 138,000 |
Expire after 1 year | 0 | 0 |
Total amount outstanding | 128,300 | 138,000 |
Carrying value | 0 | 0 |
Credit card arrangements with partners | ||
Maximum potential amount of future payments | ||
Expire within 1 year | 100 | 200 |
Expire after 1 year | 200 | 200 |
Total amount outstanding | 300 | 400 |
Carrying value | 5 | 5 |
Other | ||
Maximum potential amount of future payments | ||
Expire within 1 year | 55,200 | 27,700 |
Expire after 1 year | 7,700 | 7,700 |
Total amount outstanding | 62,900 | 35,400 |
Carrying value | $ 45 | $ 50 |
GUARANTEES AND COMMITMENTS - Pe
GUARANTEES AND COMMITMENTS - Performance Risk (Details) - USD ($) $ in Billions | Jun. 30, 2024 | Dec. 31, 2023 |
Guarantor Obligations | ||
Maximum potential amount of future payments | $ 429.3 | $ 412.1 |
Classified based on internal and external credit ratings | ||
Guarantor Obligations | ||
Maximum potential amount of future payments | 88.8 | 90.8 |
Investment grade | ||
Guarantor Obligations | ||
Maximum potential amount of future payments | 68.9 | 70.5 |
Non-investment grade | ||
Guarantor Obligations | ||
Maximum potential amount of future payments | 18.7 | 18.5 |
Not rated | ||
Guarantor Obligations | ||
Maximum potential amount of future payments | 1.2 | 1.8 |
Financial standby letters of credit | ||
Guarantor Obligations | ||
Maximum potential amount of future payments | 80.1 | 81.3 |
Financial standby letters of credit | Classified based on internal and external credit ratings | ||
Guarantor Obligations | ||
Maximum potential amount of future payments | 80.1 | 81.3 |
Financial standby letters of credit | Investment grade | ||
Guarantor Obligations | ||
Maximum potential amount of future payments | 68.9 | 70.5 |
Financial standby letters of credit | Non-investment grade | ||
Guarantor Obligations | ||
Maximum potential amount of future payments | 11 | 10.8 |
Financial standby letters of credit | Not rated | ||
Guarantor Obligations | ||
Maximum potential amount of future payments | 0.2 | 0 |
Loans sold with recourse | ||
Guarantor Obligations | ||
Maximum potential amount of future payments | 1 | 1.8 |
Loans sold with recourse | Classified based on internal and external credit ratings | ||
Guarantor Obligations | ||
Maximum potential amount of future payments | 1 | 1.8 |
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 | 1.8 |
Other | ||
Guarantor Obligations | ||
Maximum potential amount of future payments | 62.9 | 35.4 |
Other | Classified based on internal and external credit ratings | ||
Guarantor Obligations | ||
Maximum potential amount of future payments | 7.7 | 7.7 |
Other | Investment grade | ||
Guarantor Obligations | ||
Maximum potential amount of future payments | 0 | 0 |
Other | Non-investment grade | ||
Guarantor Obligations | ||
Maximum potential amount of future payments | 7.7 | 7.7 |
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 | Jun. 30, 2024 | Dec. 31, 2023 |
Guarantor Obligations | ||
Credit commitments | $ 1,030,716 | $ 1,021,802 |
Unsettled reverse repurchase and securities borrowing agreements | 160,300 | 120,900 |
Unsettled repurchase and securities lending agreements | 150,200 | 96,400 |
Commercial and similar letters of credit | ||
Guarantor Obligations | ||
Credit commitments | 4,415 | 5,345 |
One- to four-family residential mortgages | ||
Guarantor Obligations | ||
Credit commitments | 1,187 | 1,245 |
Revolving open-end loans secured by one- to four-family residential properties | ||
Guarantor Obligations | ||
Credit commitments | 5,351 | 5,495 |
Commercial real estate, construction and land development | ||
Guarantor Obligations | ||
Credit commitments | 13,311 | 15,266 |
Credit card lines | ||
Guarantor Obligations | ||
Credit commitments | 678,629 | 677,005 |
Commercial and other consumer loan commitments | ||
Guarantor Obligations | ||
Credit commitments | 322,746 | 312,300 |
Other commitments and contingencies(2) | ||
Guarantor Obligations | ||
Credit commitments | 5,077 | 5,146 |
U.S. | ||
Guarantor Obligations | ||
Credit commitments | 856,277 | |
U.S. | Commercial and similar letters of credit | ||
Guarantor Obligations | ||
Credit commitments | 674 | |
U.S. | One- to four-family residential mortgages | ||
Guarantor Obligations | ||
Credit commitments | 607 | |
U.S. | Revolving open-end loans secured by one- to four-family residential properties | ||
Guarantor Obligations | ||
Credit commitments | 5,332 | |
U.S. | Commercial real estate, construction and land development | ||
Guarantor Obligations | ||
Credit commitments | 11,673 | |
U.S. | Credit card lines | ||
Guarantor Obligations | ||
Credit commitments | 617,155 | |
U.S. | Commercial and other consumer loan commitments | ||
Guarantor Obligations | ||
Credit commitments | 215,894 | |
U.S. | Other commitments and contingencies(2) | ||
Guarantor Obligations | ||
Credit commitments | 4,942 | |
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 | 174,439 | |
In offices outside North America | Commercial and similar letters of credit | ||
Guarantor Obligations | ||
Credit commitments | 3,741 | |
In offices outside North America | One- to four-family residential mortgages | ||
Guarantor Obligations | ||
Credit commitments | 580 | |
In offices outside North America | Revolving open-end loans secured by one- to four-family residential properties | ||
Guarantor Obligations | ||
Credit commitments | 19 | |
In offices outside North America | Commercial real estate, construction and land development | ||
Guarantor Obligations | ||
Credit commitments | 1,638 | |
In offices outside North America | Credit card lines | ||
Guarantor Obligations | ||
Credit commitments | 61,474 | |
In offices outside North America | Commercial and other consumer loan commitments | ||
Guarantor Obligations | ||
Credit commitments | 106,852 | |
In offices outside North America | Other commitments and contingencies(2) | ||
Guarantor Obligations | ||
Credit commitments | $ 135 |
GUARANTEES AND COMMITMENTS - Re
GUARANTEES AND COMMITMENTS - Restricted Cash (Details) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Restricted Cash and Cash Equivalents Items [Line Items] | ||
Restricted cash | $ 20,236 | $ 19,017 |
Asset pledged as collateral | ||
Restricted Cash and Cash Equivalents Items [Line Items] | ||
Financial instruments, owned, at fair value | 5,300 | 3,900 |
Cash and due from banks | ||
Restricted Cash and Cash Equivalents Items [Line Items] | ||
Restricted cash | 4,048 | 3,479 |
Deposits with banks, net of allowance | ||
Restricted Cash and Cash Equivalents Items [Line Items] | ||
Restricted cash | $ 16,188 | $ 15,538 |
LEASES (Details)
LEASES (Details) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
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 | $ 2,785 | $ 2,801 |
Lease liability | 2,959 | $ 2,974 |
Future lease obligation that has not yet commenced | $ 255 | |
Term of lease, not yet commenced | 15 years | |
Weighted Average | ||
Lessee, Lease, Description [Line Items] | ||
Operating lease term | 6 years |
CONTINGENCIES (Details)
CONTINGENCIES (Details) € in Thousands, £ in Thousands, $ in Billions | Jun. 20, 2024 EUR (€) | May 21, 2024 GBP (£) | Jun. 30, 2024 USD ($) |
Loss Contingencies [Line Items] | |||
Reasonably possible unaccrued loss | $ | $ 1.2 | ||
U.K. Financial Conduct Authority | |||
Loss Contingencies [Line Items] | |||
Litigation resolution | £ 27,770 | ||
Prudential Regulation Authority | |||
Loss Contingencies [Line Items] | |||
Litigation resolution | £ 33,880 | ||
German BaFin | |||
Loss Contingencies [Line Items] | |||
Litigation resolution | € | € 12,970 |
SUBSIDIARY GUARANTEES - Summari
SUBSIDIARY GUARANTEES - Summarized Income Statement (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Condensed Income Statements | ||||
Revenues, net of interest expense | $ 20,139 | $ 19,436 | $ 41,243 | $ 40,883 |
Total operating expenses | 13,353 | 13,570 | 27,548 | 26,859 |
Provision for credit losses | 2,359 | 1,761 | 4,781 | 3,498 |
Income from continuing operations before income taxes | 4,310 | 4,042 | 8,854 | 10,225 |
Provision (benefits) for income taxes | 1,047 | 1,090 | 2,183 | 2,621 |
Citigroup’s net income | $ 3,217 | $ 2,915 | 6,588 | $ 7,521 |
Citigroup Inc. | Reportable legal entities | ||||
Condensed Income Statements | ||||
Revenues, net of interest expense | 2,084 | |||
Total operating expenses | 172 | |||
Provision for credit losses | 0 | |||
Equity in undistributed income of subsidiaries | 4,307 | |||
Income from continuing operations before income taxes | 6,219 | |||
Provision (benefits) for income taxes | (369) | |||
Citigroup’s net income | 6,588 | |||
CGMHI | Reportable legal entities | ||||
Condensed Income Statements | ||||
Revenues, net of interest expense | 5,789 | |||
Total operating expenses | 6,153 | |||
Provision for credit losses | 20 | |||
Equity in undistributed income of subsidiaries | 0 | |||
Income from continuing operations before income taxes | (384) | |||
Provision (benefits) for income taxes | 91 | |||
Citigroup’s net income | $ (475) |
SUBSIDIARY GUARANTEES - Summa_2
SUBSIDIARY GUARANTEES - Summarized Balance Sheet (Details) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 | Jun. 30, 2023 |
Condensed Balance Sheet Statements | |||
Cash | $ 26,917 | $ 27,342 | $ 25,763 |
Securities borrowed and purchased under resale agreements | 317,970 | 345,700 | |
Trading account assets | 446,339 | 411,756 | |
Other assets | 99,569 | 95,963 | |
Total assets | 2,405,686 | 2,411,834 | |
Securities loaned and sold under repurchase agreements | 305,206 | 278,107 | |
Trading account liabilities | 151,259 | 155,345 | |
Short-term borrowings | 38,694 | 37,457 | |
Long-term debt | 280,321 | 286,619 | |
Other liabilities | 69,304 | 75,835 | |
Stockholders’ equity | 209,144 | 206,251 | $ 209,422 |
Total liabilities and equity | 2,405,686 | 2,411,834 | |
Citigroup Inc. | |||
Condensed Balance Sheet Statements | |||
Long-term debt | 163,903 | 162,309 | |
Citigroup Inc. | Reportable legal entities | |||
Condensed Balance Sheet Statements | |||
Cash | 4,013 | 3,011 | |
Securities borrowed and purchased under resale agreements | 0 | 0 | |
Trading account assets | 492 | 461 | |
Advances to subsidiaries | 152,756 | 150,845 | |
Other assets | 16,256 | 14,202 | |
Total assets | 394,900 | 387,514 | |
Securities loaned and sold under repurchase agreements | 0 | 0 | |
Trading account liabilities | 397 | 300 | |
Short-term borrowings | 0 | 0 | |
Long-term debt | 163,903 | 162,309 | |
Advances from subsidiaries | 19,307 | 16,724 | |
Other liabilities | 2,983 | 2,728 | |
Stockholders’ equity | 208,310 | 205,453 | |
Total liabilities and equity | 394,900 | 387,514 | |
Citigroup Inc. | Reportable legal entities | Subsidiary Holding Company | |||
Condensed Balance Sheet Statements | |||
Investments in subsidiaries | 175,038 | 172,125 | |
Citigroup Inc. | Reportable legal entities | Non-Bank Subsidiaries | |||
Condensed Balance Sheet Statements | |||
Investments in subsidiaries | 46,345 | 46,870 | |
CGMHI | Reportable legal entities | |||
Condensed Balance Sheet Statements | |||
Cash | 21,749 | 23,756 | |
Securities borrowed and purchased under resale agreements | 261,565 | 283,174 | |
Trading account assets | 305,740 | 273,379 | |
Advances to subsidiaries | 0 | 0 | |
Other assets | 162,932 | 167,609 | |
Total assets | 751,986 | 747,918 | |
Securities loaned and sold under repurchase agreements | 324,352 | 309,862 | |
Trading account liabilities | 103,180 | 111,233 | |
Short-term borrowings | 27,377 | 20,481 | |
Long-term debt | 179,936 | 184,083 | |
Advances from subsidiaries | 0 | 0 | |
Other liabilities | 80,973 | 85,079 | |
Stockholders’ equity | 36,168 | 37,180 | |
Total liabilities and equity | 751,986 | 747,918 | |
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 |
Uncategorized Items - _IXDS
Label | Element | Value |
Accounting Standards Update [Extensible Enumeration] | us-gaap_AccountingStandardsUpdateExtensibleList | Accounting Standards Update 2022-02 [Member] |