Delaware (State or other jurisdiction of incorporation or organization) | 52-1568099 (I.R.S. Employer Identification No.) | |
388 Greenwich Street, New York, NY (Address of principal executive offices) | 10013 (Zip code) | |
(212) 559-1000 (Registrant's telephone number, including area code) |
Large accelerated filer x | Accelerated filer o | Non-accelerated filer o (Do not check if a smaller reporting company) | Smaller reporting company o |
OVERVIEW | |
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS | |
Executive Summary | |
Summary of Selected Financial Data | |
SEGMENT AND BUSINESS—INCOME (LOSS) AND REVENUES | |
SEGMENT BALANCE SHEET | |
CITICORP | |
Global Consumer Banking (GCB) | |
North America GCB | |
Latin America GCB | |
Asia GCB | |
Institutional Clients Group | |
Corporate/Other | |
CITI HOLDINGS | |
OFF-BALANCE SHEET ARRANGEMENTS | |
CAPITAL RESOURCES | |
Managing Global Risk Table of Contents | |
MANAGING GLOBAL RISK | |
INCOME TAXES | |
DISCLOSURE CONTROLS AND PROCEDURES | |
DISCLOSURE PURSUANT TO SECTION 219 OF THE IRAN THREAT REDUCTION AND SYRIA HUMAN RIGHTS ACT | |
FORWARD-LOOKING STATEMENTS | |
FINANCIAL STATEMENTS AND NOTES TABLE OF CONTENTS | |
CONSOLIDATED FINANCIAL STATEMENTS | |
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS | |
UNREGISTERED SALES OF EQUITY SECURITIES, PURCHASES OF EQUITY SECURITIES, DIVIDENDS |
(1) | For reporting purposes, Asia GCB includes the results of operations of EMEA GCB for all periods presented. |
(2) | North America includes the U.S., Canada and Puerto Rico, Latin America includes Mexico and Asia includes Japan. |
First Quarter | Second Quarter | Six Months | ||||||||||||||||||||||
In millions of dollars, except per-share amounts and ratios | 2016 | 2015 | % Change | 2016 | 2015 | % Change | 2016 | 2015 | % Change | |||||||||||||||
Net interest revenue | $ | 11,227 | $ | 11,572 | (3 | )% | $ | 11,236 | $ | 11,822 | (5 | )% | $ | 22,463 | $ | 23,394 | (4 | )% | ||||||
Non-interest revenue | 6,328 | 8,164 | (22 | ) | 6,312 | 7,648 | (17 | ) | 12,640 | 15,812 | (20 | ) | ||||||||||||
Revenues, net of interest expense | $ | 17,555 | $ | 19,736 | (11 | )% | $ | 17,548 | $ | 19,470 | (10 | )% | $ | 35,103 | $ | 39,206 | (10 | )% | ||||||
Operating expenses | 10,523 | 10,884 | (3 | ) | 10,369 | 10,928 | (5 | ) | 20,892 | 21,812 | (4 | ) | ||||||||||||
Provisions for credit losses and for benefits and claims | 2,045 | 1,915 | 7 | 1,409 | 1,648 | (15 | ) | 3,454 | 3,563 | (3 | ) | |||||||||||||
Income from continuing operations before income taxes | $ | 4,987 | $ | 6,937 | (28 | )% | $ | 5,770 | $ | 6,894 | (16 | )% | $ | 10,757 | $ | 13,831 | (22 | )% | ||||||
Income taxes | 1,479 | 2,120 | (30 | ) | 1,723 | 2,036 | (15 | ) | 3,202 | 4,156 | (23 | ) | ||||||||||||
Income from continuing operations | $ | 3,508 | $ | 4,817 | (27 | )% | $ | 4,047 | $ | 4,858 | (17 | )% | $ | 7,555 | $ | 9,675 | (22 | )% | ||||||
Income (loss) from discontinued operations, net of taxes(1) | (2 | ) | (5 | ) | 60 | % | (23 | ) | 6 | NM | (25 | ) | 1 | NM | ||||||||||
Net income before attribution of noncontrolling interests | $ | 3,506 | $ | 4,812 | (27 | )% | $ | 4,024 | $ | 4,864 | (17 | )% | $ | 7,530 | $ | 9,676 | (22 | )% | ||||||
Net income attributable to noncontrolling interests | 5 | 42 | (88 | ) | 26 | 18 | 44 | 31 | 60 | (48 | ) | |||||||||||||
Citigroup’s net income | $ | 3,501 | $ | 4,770 | (27 | ) | $ | 3,998 | $ | 4,846 | (17 | )% | $ | 7,499 | $ | 9,616 | (22 | )% | ||||||
Less: | ||||||||||||||||||||||||
Preferred dividends—Basic | $ | 210 | $ | 128 | 64 | % | $ | 322 | $ | 202 | 59 | % | $ | 532 | $ | 330 | 61 | % | ||||||
Dividends and undistributed earnings allocated to employee restricted and deferred shares that contain nonforfeitable rights to dividends, applicable to basic EPS | 40 | 62 | (35 | ) | 53 | 64 | (17 | ) | 93 | 126 | (26 | ) | ||||||||||||
Income allocated to unrestricted common shareholders for basic and diluted EPS | $ | 3,251 | $ | 4,580 | (29 | )% | $ | 3,623 | $ | 4,580 | (21 | )% | $ | 6,874 | $ | 9,160 | (25 | )% | ||||||
Earnings per share | ||||||||||||||||||||||||
Basic | ||||||||||||||||||||||||
Income from continuing operations | $ | 1.11 | $ | 1.51 | (26 | )% | $ | 1.25 | $ | 1.51 | (17 | ) | $ | 2.36 | $ | 3.03 | (22 | ) | ||||||
Net income | 1.10 | 1.51 | (27 | ) | 1.24 | 1.52 | (18 | ) | 2.35 | 3.03 | (22 | ) | ||||||||||||
Diluted | ||||||||||||||||||||||||
Income from continuing operations | $ | 1.11 | $ | 1.51 | (26 | )% | $ | 1.25 | $ | 1.51 | (17 | )% | $ | 2.36 | $ | 3.02 | (22 | )% | ||||||
Net income | 1.10 | 1.51 | (27 | ) | 1.24 | 1.51 | (18 | ) | 2.35 | 3.02 | (22 | ) | ||||||||||||
Dividends declared per common share | 0.05 | 0.01 | NM | 0.05 | 0.05 | — | 0.10 | 0.06 | 67 |
Citigroup Inc. and Consolidated Subsidiaries | |||||||||||||||||||||
Citigroup Inc. and Consolidated Subsidiaries | |||||||||||||||||||||
First Quarter | Second Quarter | Six Months | |||||||||||||||||||
In millions of dollars, except per-share amounts, ratios and direct staff | 2016 | 2015 | % Change | 2016 | 2015 | % Change | 2016 | 2015 | % Change | ||||||||||||
At March 31: | |||||||||||||||||||||
At June 30: | |||||||||||||||||||||
Total assets | $ | 1,800,967 | $ | 1,831,801 | (2 | )% | $ | 1,818,771 | $ | 1,829,370 | (1 | )% | |||||||||
Total deposits | 934,591 | 899,647 | 4 | 937,852 | 908,037 | 3 | |||||||||||||||
Long-term debt | 207,835 | 210,522 | (1 | ) | 207,448 | 211,845 | (2 | ) | |||||||||||||
Citigroup common stockholders’ equity | 209,769 | 202,652 | 4 | 212,635 | 205,472 | 3 | |||||||||||||||
Total Citigroup stockholders’ equity | 227,522 | 214,620 | 6 | 231,888 | 219,440 | 6 | |||||||||||||||
Direct staff (in thousands) | 225 | 239 | (6 | ) | 220 | 238 | (8 | ) | |||||||||||||
Performance metrics | |||||||||||||||||||||
Return on average assets | 0.79 | % | 1.04 | % | 0.89 | % | 1.06 | % | 0.84 | % | 1.05 | % | |||||||||
Return on average common stockholders’ equity(2) | 6.4 | 9.4 | 7.0 | 9.1 | 6.7 | 9.2 | |||||||||||||||
Return on average total stockholders’ equity(2) | 6.3 | 9.1 | 7.0 | 8.9 | 6.7 | 9.0 | |||||||||||||||
Efficiency ratio (Total operating expenses/Total revenues) | 60 | 55 | 59 | 56 | 60 | 56 | |||||||||||||||
Basel III ratios—full implementation | |||||||||||||||||||||
Common Equity Tier 1 Capital(3) | 12.34 | % | 11.06 | % | 12.54 | % | 11.37 | % | |||||||||||||
Tier 1 Capital(3) | 13.81 | 12.07 | 14.12 | 12.54 | |||||||||||||||||
Total Capital(3) | 15.71 | 13.38 | 16.14 | 14.14 | |||||||||||||||||
Supplementary Leverage ratio(4) | 7.44 | 6.44 | 7.48 | 6.72 | |||||||||||||||||
Citigroup common stockholders’ equity to assets | 11.65 | % | 11.06 | % | 11.69 | % | 11.23 | % | |||||||||||||
Total Citigroup stockholders’ equity to assets | 12.63 | 11.72 | 12.75 | 12.00 | |||||||||||||||||
Dividend payout ratio(5) | 4.5 | 0.7 | 4.0 | 3.3 | 4.3 | 2.0 | |||||||||||||||
Book value per common share | $ | 71.47 | $ | 66.79 | 7 | % | $ | 73.19 | $ | 68.27 | 7 | % | |||||||||
Tangible book value (TBV) per share(6) | $ | 63.53 | $ | 59.18 | 7 | % | |||||||||||||||
Ratio of earnings to fixed charges and preferred stock dividends | 2.54x | 3.13x | 2.63x | 3.05x | 2.59x | 3.09x |
(1) | See Note 2 to the Consolidated Financial Statements for additional information on Citi’s discontinued operations. |
(2) | The return on average common stockholders’ equity is calculated using net income less preferred stock dividends divided by average common stockholders’ equity. The return on average total Citigroup stockholders’ equity is calculated using net income divided by average Citigroup stockholders’ equity. |
(3) | Citi’s regulatory capital ratios reflect full implementation of the U.S. Basel III rules. Risk-weighted assets are based on the Basel III Advanced Approaches for determining total risk-weighted assets. |
(4) | Citi’s Supplementary Leverage ratio reflects full implementation of the U.S. Basel III rules. |
First Quarter | Second Quarter | Six Months | ||||||||||||||||||||||
In millions of dollars | 2016 | 2015 | % Change | 2016 | 2015 | % Change | 2016 | 2015 | % Change | |||||||||||||||
Income (loss) from continuing operations | ||||||||||||||||||||||||
CITICORP | ||||||||||||||||||||||||
Global Consumer Banking | ||||||||||||||||||||||||
North America | $ | 860 | $ | 1,153 | (25 | )% | $ | 842 | $ | 1,085 | (22 | )% | $ | 1,702 | $ | 2,238 | (24 | )% | ||||||
Latin America | 156 | 220 | (29 | ) | 184 | 190 | (3 | ) | 340 | 410 | (17 | ) | ||||||||||||
Asia(1) | 215 | 339 | (37 | ) | 297 | 336 | (12 | ) | 512 | 675 | (24 | ) | ||||||||||||
Total | $ | 1,231 | $ | 1,712 | (28 | )% | $ | 1,323 | $ | 1,611 | (18 | )% | $ | 2,554 | $ | 3,323 | (23 | )% | ||||||
Institutional Clients Group | ||||||||||||||||||||||||
North America | $ | 584 | $ | 1,027 | (43 | )% | $ | 1,059 | $ | 1,079 | (2 | )% | $ | 1,643 | $ | 2,106 | (22 | )% | ||||||
EMEA | 399 | 935 | (57 | ) | 720 | 695 | 4 | 1,119 | 1,630 | (31 | ) | |||||||||||||
Latin America | 337 | 375 | (10 | ) | 396 | 430 | (8 | ) | 733 | 805 | (9 | ) | ||||||||||||
Asia | 639 | 637 | — | 540 | 656 | (18 | ) | 1,179 | 1,293 | (9 | ) | |||||||||||||
Total | $ | 1,959 | $ | 2,974 | (34 | )% | $ | 2,715 | $ | 2,860 | (5 | )% | $ | 4,674 | $ | 5,834 | (20 | )% | ||||||
Corporate/Other | $ | (29 | ) | $ | (19 | ) | (53 | )% | (89 | ) | 231 | NM | (118 | ) | 212 | NM | ||||||||
Total Citicorp | $ | 3,161 | $ | 4,667 | (32 | )% | $ | 3,949 | $ | 4,702 | (16 | )% | $ | 7,110 | $ | 9,369 | (24 | )% | ||||||
Citi Holdings | $ | 347 | $ | 150 | NM | $ | 98 | $ | 156 | (37 | )% | $ | 445 | $ | 306 | 45 | % | |||||||
Income from continuing operations | $ | 3,508 | $ | 4,817 | (27 | )% | $ | 4,047 | $ | 4,858 | (17 | )% | $ | 7,555 | $ | 9,675 | (22 | )% | ||||||
Discontinued operations | $ | (2 | ) | $ | (5 | ) | 60 | % | $ | (23 | ) | $ | 6 | NM | $ | (25 | ) | $ | 1 | NM | ||||
Net income attributable to noncontrolling interests | 5 | 42 | (88 | )% | 26 | 18 | 44 | % | 31 | 60 | (48 | )% | ||||||||||||
Citigroup’s net income | $ | 3,501 | $ | 4,770 | (27 | )% | $ | 3,998 | $ | 4,846 | (17 | )% | $ | 7,499 | $ | 9,616 | (22 | )% |
(1) | For reporting purposes, Asia GCB includes the results of operations of EMEA GCB for all periods presented. |
First Quarter | Second Quarter | Six Months | ||||||||||||||||||||||
In millions of dollars | 2016 | 2015 | % Change | 2016 | 2015 | % Change | 2016 | 2015 | % Change | |||||||||||||||
CITICORP | ||||||||||||||||||||||||
Global Consumer Banking | ||||||||||||||||||||||||
North America | $ | 4,874 | $ | 5,060 | (4 | )% | $ | 4,756 | $ | 4,895 | (3 | )% | $ | 9,630 | $ | 9,955 | (3 | )% | ||||||
Latin America | 1,241 | 1,432 | (13 | ) | 1,248 | 1,432 | (13 | ) | 2,489 | 2,864 | (13 | ) | ||||||||||||
Asia(1) | 1,655 | 1,810 | (9 | ) | 1,729 | 1,857 | (7 | ) | 3,384 | 3,667 | (8 | ) | ||||||||||||
Total | $ | 7,770 | $ | 8,302 | (6 | )% | $ | 7,733 | $ | 8,184 | (6 | )% | $ | 15,503 | $ | 16,486 | (6 | )% | ||||||
Institutional Clients Group | ||||||||||||||||||||||||
North America | $ | 3,046 | $ | 3,391 | (10 | )% | $ | 3,478 | $ | 3,523 | (1 | )% | $ | 6,524 | $ | 6,914 | (6 | )% | ||||||
EMEA | 2,207 | 2,900 | (24 | ) | 2,615 | 2,565 | 2 | 4,822 | 5,465 | (12 | ) | |||||||||||||
Latin America | 975 | 991 | (2 | ) | 1,033 | 1,027 | 1 | 2,008 | 2,018 | — | ||||||||||||||
Asia | 1,808 | 1,795 | 1 | 1,720 | 1,831 | (6 | ) | 3,528 | 3,626 | (3 | ) | |||||||||||||
Total | $ | 8,036 | $ | 9,077 | (11 | )% | $ | 8,846 | $ | 8,946 | (1 | )% | $ | 16,882 | $ | 18,023 | (6 | )% | ||||||
Corporate/Other | $ | 274 | $ | 212 | 29 | % | 126 | 371 | (66 | ) | 400 | 583 | (31 | ) | ||||||||||
Total Citicorp | $ | 16,080 | $ | 17,591 | (9 | )% | $ | 16,705 | $ | 17,501 | (5 | )% | $ | 32,785 | $ | 35,092 | (7 | )% | ||||||
Citi Holdings | $ | 1,475 | $ | 2,145 | (31 | )% | $ | 843 | $ | 1,969 | (57 | )% | $ | 2,318 | $ | 4,114 | (44 | )% | ||||||
Total Citigroup Net Revenues | $ | 17,555 | $ | 19,736 | (11 | )% | $ | 17,548 | $ | 19,470 | (10 | )% | $ | 35,103 | $ | 39,206 | (10 | )% |
(1) | For reporting purposes, Asia GCB includes the results of operations of EMEA GCB for all periods presented. |
In millions of dollars | Global Consumer Banking | Institutional Clients Group | Corporate/Other and consolidating eliminations(2) | Subtotal Citicorp | Citi Holdings | Citigroup Parent company- issued long-term debt and stockholders’ equity(3) | Total Citigroup consolidated | Global Consumer Banking | Institutional Clients Group | Corporate/Other and consolidating eliminations(2) | Subtotal Citicorp | Citi Holdings | Citigroup Parent company- issued long-term debt and stockholders’ equity(3) | Total Citigroup consolidated | ||||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||||||||||||
Cash and deposits with banks | $ | 10,788 | $ | 63,444 | $ | 82,736 | $ | 156,968 | $ | 1,321 | $ | — | $ | 158,289 | $ | 9,730 | $ | 63,802 | $ | 75,797 | $ | 149,329 | $ | 804 | $ | — | $ | 150,133 | ||||||||||||||
Federal funds sold and securities borrowed or purchased under agreements to resell | 125 | 224,134 | — | 224,259 | 834 | — | 225,093 | 213 | 227,715 | — | 227,928 | 755 | — | 228,683 | ||||||||||||||||||||||||||||
Trading account assets | 5,962 | 264,092 | 403 | 270,457 | 3,290 | — | 273,747 | 5,859 | 261,906 | 481 | 268,246 | 3,518 | — | 271,764 | ||||||||||||||||||||||||||||
Investments | 8,413 | 115,561 | 223,881 | 347,855 | 5,397 | — | 353,252 | 8,178 | 112,605 | 229,927 | 350,710 | 5,583 | — | 356,293 | ||||||||||||||||||||||||||||
Loans, net of unearned income and | ||||||||||||||||||||||||||||||||||||||||||
allowance for loan losses | 265,100 | 297,874 | — | 562,974 | 43,138 | — | 606,112 | 277,581 | 304,077 | — | 581,658 | 39,553 | — | 621,211 | ||||||||||||||||||||||||||||
Other assets | 41,744 | 83,365 | 45,422 | 170,531 | 13,943 | — | 184,474 | 42,136 | 87,812 | 47,374 | 177,322 | 13,365 | — | 190,687 | ||||||||||||||||||||||||||||
Liquidity assets(4) | 52,897 | 243,928 | (301,779 | ) | (4,954 | ) | 4,954 | — | — | 57,856 | 244,154 | (304,566 | ) | (2,556 | ) | 2,556 | — | — | ||||||||||||||||||||||||
Total assets | $ | 385,029 | $ | 1,292,398 | $ | 50,663 | $ | 1,728,090 | $ | 72,877 | $ | — | $ | 1,800,967 | $ | 401,553 | $ | 1,302,071 | $ | 49,013 | $ | 1,752,637 | $ | 66,134 | $ | — | $ | 1,818,771 | ||||||||||||||
Liabilities and equity | ||||||||||||||||||||||||||||||||||||||||||
Total deposits | $ | 302,672 | $ | 607,111 | $ | 15,569 | $ | 925,352 | $ | 9,239 | $ | — | $ | 934,591 | $ | 301,979 | $ | 606,817 | $ | 22,680 | $ | 931,476 | $ | 6,376 | $ | — | $ | 937,852 | ||||||||||||||
Federal funds purchased and securities loaned or sold under agreements to repurchase | 3,631 | 153,552 | — | 157,183 | 25 | — | 157,208 | 3,885 | 154,076 | — | 157,961 | 40 | — | 158,001 | ||||||||||||||||||||||||||||
Trading account liabilities | 9 | 134,688 | 695 | 135,392 | 754 | — | 136,146 | (3 | ) | 135,064 | 555 | 135,616 | 691 | — | 136,307 | |||||||||||||||||||||||||||
Short-term borrowings | 225 | 20,626 | 32 | 20,883 | 10 | — | 20,893 | 44 | 18,362 | — | 18,406 | 2 | — | 18,408 | ||||||||||||||||||||||||||||
Long-term debt | 1,591 | 33,458 | 19,582 | 54,631 | 4,065 | 149,139 | 207,835 | 1,448 | 32,286 | 20,913 | 54,647 | 4,115 | 148,686 | 207,448 | ||||||||||||||||||||||||||||
Other liabilities | 15,261 | 79,430 | 15,684 | 110,375 | 5,158 | — | 115,533 | 18,037 | 87,108 | 17,508 | 122,653 | 5,081 | — | 127,734 | ||||||||||||||||||||||||||||
Net inter-segment funding (lending)(3) | 61,640 | 263,533 | (2,138 | ) | 323,035 | 53,626 | (376,661 | ) | — | 76,163 | 268,358 | (13,776 | ) | 330,745 | 49,829 | (380,574 | ) | — | ||||||||||||||||||||||||
Total liabilities | $ | 385,029 | $ | 1,292,398 | $ | 49,424 | $ | 1,726,851 | $ | 72,877 | $ | (227,522 | ) | $ | 1,572,206 | $ | 401,553 | $ | 1,302,071 | $ | 47,880 | $ | 1,751,504 | $ | 66,134 | $ | (231,888 | ) | $ | 1,585,750 | ||||||||||||
Total equity | — | — | 1,239 | 1,239 | — | 227,522 | 228,761 | — | — | 1,133 | 1,133 | — | 231,888 | 233,021 | ||||||||||||||||||||||||||||
Total liabilities and equity | $ | 385,029 | $ | 1,292,398 | $ | 50,663 | $ | 1,728,090 | $ | 72,877 | $ | — | $ | 1,800,967 | $ | 401,553 | $ | 1,302,071 | $ | 49,013 | $ | 1,752,637 | $ | 66,134 | $ | — | $ | 1,818,771 |
(1) | The supplemental information presented in the table above reflects Citigroup’s consolidated GAAP balance sheet by reporting segment as of |
(2) | Consolidating eliminations for total Citigroup and Citigroup parent company assets and liabilities are recorded within the Corporate/Other segment. |
(3) | The total stockholders’ equity and the majority of long-term debt of Citigroup reside in the Citigroup parent company Consolidated Balance Sheet. Citigroup allocates stockholders’ equity and long-term debt to its businesses through inter-segment allocations as shown above. |
(4) | Represents the attribution of Citigroup’s liquidity assets (primarily consisting of cash and available-for-sale securities) to the various businesses based on Liquidity Coverage Ratio (LCR) assumptions. |
(5) | Citicorp equity represents noncontrolling interests. |
First Quarter | Second Quarter | Six Months | ||||||||||||||||||||||
In millions of dollars except as otherwise noted | 2016 | 2015 | % Change | 2016 | 2015 | % Change | 2016 | 2015 | % Change | |||||||||||||||
Net interest revenue | $ | 10,630 | $ | 10,313 | 3 | % | $ | 10,687 | $ | 10,622 | 1 | % | $ | 21,317 | $ | 20,935 | 2 | % | ||||||
Non-interest revenue | 5,450 | 7,278 | (25 | ) | 6,018 | 6,879 | (13 | ) | 11,468 | 14,157 | (19 | ) | ||||||||||||
Total revenues, net of interest expense | $ | 16,080 | $ | 17,591 | (9 | )% | $ | 16,705 | $ | 17,501 | (5 | )% | $ | 32,785 | $ | 35,092 | (7 | )% | ||||||
Provisions for credit losses and for benefits and claims | ||||||||||||||||||||||||
Net credit losses | $ | 1,581 | $ | 1,488 | 6 | % | $ | 1,514 | $ | 1,586 | (5 | )% | $ | 3,095 | $ | 3,074 | 1 | % | ||||||
Credit reserve build (release) | 193 | (30 | ) | NM | (2 | ) | (220 | ) | 99 | 191 | (250 | ) | NM | |||||||||||
Provision for loan losses | $ | 1,774 | $ | 1,458 | 22 | % | $ | 1,512 | $ | 1,366 | 11 | % | $ | 3,286 | $ | 2,824 | 16 | % | ||||||
Provision for benefits and claims | 28 | 28 | — | 20 | 21 | (5 | ) | 48 | 49 | (2 | ) | |||||||||||||
Provision for unfunded lending commitments | 73 | (32 | ) | NM | (25 | ) | (50 | ) | 50 | 48 | (82 | ) | NM | |||||||||||
Total provisions for credit losses and for benefits and claims | $ | 1,875 | $ | 1,454 | 29 | % | $ | 1,507 | $ | 1,337 | 13 | % | $ | 3,382 | $ | 2,791 | 21 | % | ||||||
Total operating expenses | $ | 9,695 | $ | 9,499 | 2 | % | $ | 9,511 | $ | 9,566 | (1 | )% | $ | 19,206 | $ | 19,065 | 1 | % | ||||||
Income from continuing operations before taxes | $ | 4,510 | $ | 6,638 | (32 | )% | $ | 5,687 | $ | 6,598 | (14 | )% | $ | 10,197 | $ | 13,236 | (23 | )% | ||||||
Income taxes | 1,349 | 1,971 | (32 | ) | 1,738 | 1,896 | (8 | ) | 3,087 | 3,867 | (20 | ) | ||||||||||||
Income from continuing operations | $ | 3,161 | $ | 4,667 | (32 | )% | $ | 3,949 | $ | 4,702 | (16 | )% | $ | 7,110 | $ | 9,369 | (24 | )% | ||||||
Income (loss) from discontinued operations, net of taxes | (2 | ) | (5 | ) | 60 | (23 | ) | 6 | NM | (25 | ) | 1 | NM | |||||||||||
Noncontrolling interests | 4 | 41 | (90 | ) | 21 | 18 | 17 | 25 | 59 | (58 | ) | |||||||||||||
Net income | $ | 3,155 | $ | 4,621 | (32 | )% | $ | 3,905 | $ | 4,690 | (17 | )% | $ | 7,060 | $ | 9,311 | (24 | )% | ||||||
Balance sheet data (in billions of dollars) | ||||||||||||||||||||||||
Total end-of-period (EOP) assets | $ | 1,728 | $ | 1,702 | 2 | % | $ | 1,753 | $ | 1,705 | 3 | % | ||||||||||||
Average assets | 1,700 | 1,719 | (1 | ) | $ | 1,736 | $ | 1,714 | 1 | $ | 1,718 | $ | 1,717 | — | ||||||||||
Return on average assets | 0.75 | % | 1.09 | % | 0.90 | % | 1.10 | % | 0.83 | % | 1.09 | % | ||||||||||||
Efficiency ratio | 60 | % | 54 | % | 57 | % | 55 | % | 59 | % | 54 | % | ||||||||||||
Total EOP loans | $ | 573 | $ | 554 | 4 | $ | 592 | $ | 568 | 4 | ||||||||||||||
Total EOP deposits | $ | 925 | $ | 884 | 5 | $ | 932 | $ | 896 | 4 |
First Quarter | Second Quarter | Six Months | ||||||||||||||||||||||
In millions of dollars except as otherwise noted | 2016 | 2015 | % Change | 2016 | 2015 | % Change | 2016 | 2015 | % Change | |||||||||||||||
Net interest revenue | $ | 6,406 | $ | 6,461 | (1 | )% | $ | 6,364 | $ | 6,457 | (1 | )% | $ | 12,770 | $ | 12,918 | (1 | )% | ||||||
Non-interest revenue | 1,364 | 1,841 | (26 | ) | 1,369 | 1,727 | (21 | ) | 2,733 | 3,568 | (23 | ) | ||||||||||||
Total revenues, net of interest expense | $ | 7,770 | $ | 8,302 | (6 | )% | $ | 7,733 | $ | 8,184 | (6 | )% | $ | 15,503 | $ | 16,486 | (6 | )% | ||||||
Total operating expenses | $ | 4,408 | $ | 4,305 | 2 | % | $ | 4,304 | $ | 4,338 | (1 | )% | $ | 8,712 | $ | 8,643 | 1 | % | ||||||
Net credit losses | $ | 1,370 | $ | 1,489 | (8 | )% | $ | 1,373 | $ | 1,504 | (9 | )% | $ | 2,743 | $ | 2,993 | (8 | )% | ||||||
Credit reserve build (release) | 85 | (149 | ) | NM | 24 | (97 | ) | NM | 109 | (246 | ) | NM | ||||||||||||
Provision (release) for unfunded lending commitments | 2 | — | NM | 8 | (4 | ) | NM | 10 | (4 | ) | NM | |||||||||||||
Provision for benefits and claims | 28 | 28 | — | 20 | 21 | (5 | ) | 48 | 49 | (2 | ) | |||||||||||||
Provisions for credit losses and for benefits and claims | $ | 1,485 | $ | 1,368 | 9 | % | $ | 1,425 | $ | 1,424 | — | % | $ | 2,910 | $ | 2,792 | 4 | % | ||||||
Income from continuing operations before taxes | $ | 1,877 | $ | 2,629 | (29 | )% | $ | 2,004 | $ | 2,422 | (17 | )% | $ | 3,881 | $ | 5,051 | (23 | )% | ||||||
Income taxes | 646 | 917 | (30 | ) | 681 | 811 | (16 | ) | 1,327 | 1,728 | (23 | ) | ||||||||||||
Income from continuing operations | $ | 1,231 | $ | 1,712 | (28 | )% | $ | 1,323 | $ | 1,611 | (18 | )% | $ | 2,554 | $ | 3,323 | (23 | )% | ||||||
Noncontrolling interests | 2 | (4 | ) | NM | 1 | 5 | (80 | ) | 3 | 1 | NM | |||||||||||||
Net income | $ | 1,229 | $ | 1,716 | (28 | )% | $ | 1,322 | $ | 1,606 | (18 | )% | $ | 2,551 | $ | 3,322 | (23 | )% | ||||||
Balance Sheet data (in billions of dollars) | ||||||||||||||||||||||||
Average assets | $ | 378 | $ | 380 | (1 | )% | $ | 388 | $ | 381 | 2 | % | $ | 383 | $ | 381 | 1 | % | ||||||
Return on average assets | 1.31 | % | 1.83 | % | 1.37 | % | 1.69 | % | 1.34 | % | 1.76 | % | ||||||||||||
Efficiency ratio | 57 | % | 52 | % | 56 | % | 53 | % | 56 | % | 52 | % | ||||||||||||
Total EOP assets | $ | 385 | $ | 374 | 3 | $ | 402 | $ | 382 | 5 | ||||||||||||||
Average deposits | 296 | 298 | (1 | ) | $ | 299 | $ | 298 | — | $ | 297 | $ | 298 | — | ||||||||||
Net credit losses as a percentage of average loans | 2.03 | % | 2.21 | % | 2.02 | % | 2.21 | % | 2.03 | % | 2.21 | % | ||||||||||||
Revenue by business | ||||||||||||||||||||||||
Retail banking | $ | 3,216 | $ | 3,538 | (9 | )% | $ | 3,272 | $ | 3,533 | (7 | )% | $ | 6,488 | $ | 7,071 | (8 | )% | ||||||
Cards(1) | 4,554 | 4,764 | (4 | ) | 4,461 | 4,651 | (4 | ) | 9,015 | 9,415 | (4 | ) | ||||||||||||
Total | $ | 7,770 | $ | 8,302 | (6 | )% | $ | 7,733 | $ | 8,184 | (6 | )% | $ | 15,503 | $ | 16,486 | (6 | )% | ||||||
Income from continuing operations by business | ||||||||||||||||||||||||
Retail banking | $ | 317 | $ | 579 | (45 | )% | $ | 489 | $ | 549 | (11 | )% | $ | 806 | $ | 1,128 | (29 | )% | ||||||
Cards(1) | 914 | 1,133 | (19 | ) | 834 | 1,062 | (21 | ) | 1,748 | 2,195 | (20 | ) | ||||||||||||
Total | $ | 1,231 | $ | 1,712 | (28 | )% | $ | 1,323 | $ | 1,611 | (18 | )% | $ | 2,554 | $ | 3,323 | (23 | )% |
Foreign currency (FX) translation impact | ||||||||||||||||||||||||
Total revenue—as reported | $ | 7,770 | $ | 8,302 | (6 | )% | $ | 7,733 | $ | 8,184 | (6 | )% | $ | 15,503 | $ | 16,486 | (6 | )% | ||||||
Impact of FX translation(2) | — | (295 | ) | — | (299 | ) | — | (597 | ) | |||||||||||||||
Total revenues—ex-FX(3) | $ | 7,770 | $ | 8,007 | (3 | )% | $ | 7,733 | $ | 7,885 | (2 | )% | $ | 15,503 | $ | 15,889 | (2 | )% | ||||||
Total operating expenses—as reported | $ | 4,408 | $ | 4,305 | 2 | % | $ | 4,304 | $ | 4,338 | (1 | )% | $ | 8,712 | $ | 8,643 | 1 | % | ||||||
Impact of FX translation(2) | — | (142 | ) | — | (135 | ) | — | (276 | ) | |||||||||||||||
Total operating expenses—ex-FX(3) | $ | 4,408 | $ | 4,163 | 6 | % | $ | 4,304 | $ | 4,203 | 2 | % | $ | 8,712 | $ | 8,367 | 4 | % | ||||||
Total provisions for LLR & PBC—as reported | $ | 1,485 | $ | 1,368 | 9 | % | $ | 1,425 | $ | 1,424 | — | % | $ | 2,910 | $ | 2,792 | 4 | % | ||||||
Impact of FX translation(2) | — | (64 | ) | — | (57 | ) | — | (121 | ) | |||||||||||||||
Total provisions for LLR & PBC—ex-FX(3) | $ | 1,485 | $ | 1,304 | 14 | % | $ | 1,425 | $ | 1,367 | 4 | % | $ | 2,910 | $ | 2,671 | 9 | % | ||||||
Net income—as reported | $ | 1,229 | $ | 1,716 | (28 | )% | $ | 1,322 | $ | 1,606 | (18 | )% | $ | 2,551 | $ | 3,322 | (23 | )% | ||||||
Impact of FX translation(2) | — | (61 | ) | — | (73 | ) | — | (135 | ) | |||||||||||||||
Net income—ex-FX(3) | $ | 1,229 | $ | 1,655 | (26 | )% | $ | 1,322 | $ | 1,533 | (14 | )% | $ | 2,551 | $ | 3,187 | (20 | )% |
(1) | Includes both Citi-branded cards and Citi retail services. |
(2) | Reflects the impact of FX translation into U.S. dollars at the |
(3) | Presentation of this metric excluding FX translation is a non-GAAP financial measure. |
First Quarter | % Change | Second Quarter | % Change | Six Months | % Change | |||||||||||||||||||
In millions of dollars, except as otherwise noted | 2016 | 2015 | 2016 | 2015 | 2016 | 2015 | ||||||||||||||||||
Net interest revenue | $ | 4,442 | $ | 4,336 | 2 | % | $ | 4,377 | $ | 4,312 | 2 | % | $ | 8,819 | $ | 8,648 | 2 | % | ||||||
Non-interest revenue | 432 | 724 | (40 | ) | 379 | 583 | (35 | ) | 811 | 1,307 | (38 | ) | ||||||||||||
Total revenues, net of interest expense | $ | 4,874 | $ | 5,060 | (4 | )% | $ | 4,756 | $ | 4,895 | (3 | )% | $ | 9,630 | $ | 9,955 | (3 | )% | ||||||
Total operating expenses | $ | 2,506 | $ | 2,341 | 7 | % | $ | 2,432 | $ | 2,316 | 5 | % | $ | 4,938 | $ | 4,657 | 6 | % | ||||||
Net credit losses | $ | 932 | $ | 960 | (3 | )% | $ | 953 | $ | 999 | (5 | )% | $ | 1,885 | $ | 1,959 | (4 | )% | ||||||
Credit reserve build (release) | 79 | (99 | ) | NM | 50 | (108 | ) | NM | 129 | (207 | ) | NM | ||||||||||||
Provision for unfunded lending commitments | 1 | 1 | — | 7 | — | NM | 8 | 1 | NM | |||||||||||||||
Provisions for benefits and claims | 9 | 10 | (10 | ) | 8 | 9 | (11 | ) | 17 | 19 | (11 | ) | ||||||||||||
Provisions for credit losses and for benefits and claims | $ | 1,021 | $ | 872 | 17 | % | $ | 1,018 | $ | 900 | 13 | % | $ | 2,039 | $ | 1,772 | 15 | % | ||||||
Income from continuing operations before taxes | $ | 1,347 | $ | 1,847 | (27 | )% | $ | 1,306 | $ | 1,679 | (22 | )% | $ | 2,653 | $ | 3,526 | (25 | )% | ||||||
Income taxes | 487 | 694 | (30 | ) | 464 | 594 | (22 | ) | 951 | 1,288 | (26 | ) | ||||||||||||
Income from continuing operations | $ | 860 | $ | 1,153 | (25 | )% | $ | 842 | $ | 1,085 | (22 | )% | $ | 1,702 | $ | 2,238 | (24 | )% | ||||||
Noncontrolling interests | — | 1 | (100 | ) | (1 | ) | — | (100 | ) | (1 | ) | 1 | NM | |||||||||||
Net income | $ | 860 | $ | 1,152 | (25 | )% | $ | 843 | $ | 1,085 | (22 | )% | $ | 1,703 | $ | 2,237 | (24 | )% | ||||||
Balance Sheet data (in billions of dollars) | ||||||||||||||||||||||||
Average assets | $ | 212 | $ | 208 | 2 | % | $ | 219 | $ | 207 | 6 | % | $ | 216 | $ | 208 | 4 | % | ||||||
Return on average assets | 1.63 | % | 2.25 | % | 1.55 | % | 2.10 | % | 1.59 | % | 2.17 | % | ||||||||||||
Efficiency ratio | 51 | % | 46 | % | 51 | % | 47 | % | 51 | % | 47 | % | ||||||||||||
Average deposits | $ | 180.6 | $ | 180.4 | — | $ | 182.1 | $ | 179.9 | 1 | $ | 181.4 | $ | 180.2 | 1 | |||||||||
Net credit losses as a percentage of average loans | 2.32 | % | 2.50 | % | 2.34 | % | 2.58 | % | 2.33 | % | 2.54 | % | ||||||||||||
Revenue by business | ||||||||||||||||||||||||
Retail banking | $ | 1,307 | $ | 1,414 | (8 | )% | $ | 1,330 | $ | 1,379 | (4 | )% | $ | 2,637 | $ | 2,793 | (6 | )% | ||||||
Citi-branded cards | 1,880 | 2,009 | (6 | ) | 1,907 | 1,933 | (1 | ) | 3,787 | 3,942 | (4 | ) | ||||||||||||
Citi retail services | 1,687 | 1,637 | 3 | 1,519 | 1,583 | (4 | ) | 3,206 | 3,220 | — | ||||||||||||||
Total | $ | 4,874 | $ | 5,060 | (4 | )% | $ | 4,756 | $ | 4,895 | (3 | )% | $ | 9,630 | $ | 9,955 | (3 | )% | ||||||
Income from continuing operations by business | ||||||||||||||||||||||||
Retail banking | $ | 98 | $ | 210 | (53 | )% | $ | 178 | $ | 207 | (14 | )% | $ | 276 | $ | 417 | (34 | )% | ||||||
Citi-branded cards | 366 | 539 | (32 | ) | 334 | 499 | (33 | ) | 700 | 1,038 | (33 | ) | ||||||||||||
Citi retail services | 396 | 404 | (2 | ) | 330 | 379 | (13 | ) | 726 | 783 | (7 | ) | ||||||||||||
Total | $ | 860 | $ | 1,153 | (25 | )% | $ | 842 | $ | 1,085 | (22 | )% | $ | 1,702 | $ | 2,238 | (24 | )% |
First Quarter | % Change | Second Quarter | % Change | Six Months | % Change | |||||||||||||||||||
In millions of dollars, except as otherwise noted | 2016 | 2015 | 2016 | 2015 | 2016 | 2015 | ||||||||||||||||||
Net interest revenue | $ | 863 | $ | 990 | (13 | )% | $ | 871 | $ | 991 | (12 | )% | $ | 1,734 | $ | 1,981 | (12 | )% | ||||||
Non-interest revenue | 378 | 442 | (14 | ) | 377 | 441 | (15 | ) | 755 | 883 | (14 | ) | ||||||||||||
Total revenues, net of interest expense | $ | 1,241 | $ | 1,432 | (13 | )% | $ | 1,248 | $ | 1,432 | (13 | )% | $ | 2,489 | $ | 2,864 | (13 | )% | ||||||
Total operating expenses | $ | 720 | $ | 797 | (10 | )% | $ | 726 | $ | 846 | (14 | )% | $ | 1,446 | $ | 1,643 | (12 | )% | ||||||
Net credit losses | $ | 278 | $ | 356 | (22 | )% | $ | 260 | $ | 316 | (18 | )% | $ | 538 | $ | 672 | (20 | )% | ||||||
Credit reserve build (release) | 17 | (8 | ) | NM | (2 | ) | 19 | NM | 15 | 11 | 36 | |||||||||||||
Provision (release) for unfunded lending commitments | 1 | (3 | ) | NM | 1 | — | 100 | 2 | (3 | ) | NM | |||||||||||||
Provision for benefits and claims | 19 | 18 | 6 | 12 | 12 | — | 31 | 30 | 3 | |||||||||||||||
Provisions for credit losses and for benefits and claims (LLR & PBC) | $ | 315 | $ | 363 | (13 | )% | $ | 271 | $ | 347 | (22 | )% | $ | 586 | $ | 710 | (17 | )% | ||||||
Income from continuing operations before taxes | $ | 206 | $ | 272 | (24 | )% | $ | 251 | $ | 239 | 5 | % | $ | 457 | $ | 511 | (11 | )% | ||||||
Income taxes | 50 | 52 | (4 | ) | 67 | 49 | 37 | 117 | 101 | 16 | ||||||||||||||
Income from continuing operations | $ | 156 | $ | 220 | (29 | )% | $ | 184 | $ | 190 | (3 | )% | $ | 340 | $ | 410 | (17 | )% | ||||||
Noncontrolling interests | 1 | — | 100 | 1 | 2 | (50 | ) | 2 | 2 | — | ||||||||||||||
Net income | $ | 155 | $ | 220 | (30 | )% | $ | 183 | $ | 188 | (3 | )% | $ | 338 | $ | 408 | (17 | )% | ||||||
Balance Sheet data (in billions of dollars) | ||||||||||||||||||||||||
Average assets | $ | 50 | $ | 57 | (12 | )% | $ | 50 | $ | 55 | (9 | )% | $ | 50 | $ | 56 | (11 | )% | ||||||
Return on average assets | 1.25 | % | 1.57 | % | 1.47 | % | 1.37 | % | 1.36 | % | 1.47 | % | ||||||||||||
Efficiency ratio | 58 | % | 56 | % | 58 | % | 59 | % | 58 | % | 57 | % | ||||||||||||
Average deposits | $ | 27.8 | $ | 29.3 | (5 | ) | $ | 27.4 | $ | 28.7 | (5 | ) | $ | 27.6 | $ | 29.0 | (5 | ) | ||||||
Net credit losses as a percentage of average loans | 4.53 | % | 5.25 | % | 4.25 | % | 4.66 | % | 4.38 | % | 4.95 | % | ||||||||||||
Revenue by business | ||||||||||||||||||||||||
Retail banking | $ | 868 | $ | 972 | (11 | )% | $ | 865 | $ | 975 | (11 | )% | $ | 1,733 | $ | 1,947 | (11 | )% | ||||||
Citi-branded cards | 373 | 460 | (19 | ) | 383 | 457 | (16 | ) | 756 | 917 | (18 | ) | ||||||||||||
Total | $ | 1,241 | $ | 1,432 | (13 | )% | $ | 1,248 | $ | 1,432 | (13 | )% | $ | 2,489 | $ | 2,864 | (13 | )% | ||||||
Income from continuing operations by business | ||||||||||||||||||||||||
Retail banking | $ | 99 | $ | 148 | (33 | )% | $ | 107 | $ | 121 | (12 | )% | $ | 206 | $ | 269 | (23 | )% | ||||||
Citi-branded cards | 57 | 72 | (21 | ) | 77 | 69 | 12 | 134 | 141 | (5 | ) | |||||||||||||
Total | $ | 156 | $ | 220 | (29 | )% | $ | 184 | $ | 190 | (3 | )% | $ | 340 | $ | 410 | (17 | )% | ||||||
FX translation impact | ||||||||||||||||||||||||
Total revenues—as reported | $ | 1,241 | $ | 1,432 | (13 | )% | $ | 1,248 | $ | 1,432 | (13 | )% | $ | 2,489 | $ | 2,864 | (13 | )% | ||||||
Impact of FX translation(1) | — | (217 | ) | — | (234 | ) | — | (453 | ) | |||||||||||||||
Total revenues—ex-FX(2) | $ | 1,241 | $ | 1,215 | 2 | % | $ | 1,248 | $ | 1,198 | 4 | % | $ | 2,489 | $ | 2,411 | 3 | % | ||||||
Total operating expenses—as reported | $ | 720 | $ | 797 | (10 | )% | $ | 726 | $ | 846 | (14 | )% | $ | 1,446 | $ | 1,643 | (12 | )% | ||||||
Impact of FX translation(1) | — | (87 | ) | — | (85 | ) | — | (171 | ) | |||||||||||||||
Total operating expenses—ex-FX(2) | $ | 720 | $ | 710 | 1 | % | $ | 726 | $ | 761 | (5 | )% | $ | 1,446 | $ | 1,472 | (2 | )% | ||||||
Provisions for LLR & PBC—as reported | $ | 315 | $ | 363 | (13 | )% | $ | 271 | $ | 347 | (22 | )% | $ | 586 | $ | 710 | (17 | )% | ||||||
Impact of FX translation(1) | — | (56 | ) | — | (49 | ) | — | (104 | ) | |||||||||||||||
Provisions for LLR & PBC—ex-FX(2) | $ | 315 | $ | 307 | 3 | % | $ | 271 | $ | 298 | (9 | )% | $ | 586 | $ | 606 | (3 | )% | ||||||
Net income—as reported | $ | 155 | $ | 220 | (30 | )% | $ | 183 | $ | 188 | (3 | )% | $ | 338 | $ | 408 | (17 | )% | ||||||
Impact of FX translation(1) | — | (57 | ) | — | (71 | ) | — | (130 | ) | |||||||||||||||
Net income—ex-FX(2) | $ | 155 | $ | 163 | (5 | )% | $ | 183 | $ | 117 | 56 | % | $ | 338 | $ | 278 | 22 | % |
(1) | Reflects the impact of FX translation into U.S. dollars at the |
(2) | Presentation of this metric excluding FX translation is a non-GAAP financial measure. |
First Quarter | % Change | Second Quarter | % Change | Six Months | % Change | |||||||||||||||||||
In millions of dollars, except as otherwise noted(1) | 2016 | 2015 | 2016 | 2015 | 2016 | 2015 | ||||||||||||||||||
Net interest revenue | $ | 1,101 | $ | 1,135 | (3 | )% | $ | 1,116 | $ | 1,154 | (3 | )% | $ | 2,217 | $ | 2,289 | (3 | )% | ||||||
Non-interest revenue | 554 | 675 | (18 | ) | 613 | 703 | (13 | ) | 1,167 | 1,378 | (15 | ) | ||||||||||||
Total revenues, net of interest expense | $ | 1,655 | $ | 1,810 | (9 | )% | $ | 1,729 | $ | 1,857 | (7 | )% | $ | 3,384 | $ | 3,667 | (8 | )% | ||||||
Total operating expenses | $ | 1,182 | $ | 1,167 | 1 | % | $ | 1,146 | $ | 1,176 | (3 | )% | $ | 2,328 | $ | 2,343 | (1 | )% | ||||||
Net credit losses | $ | 160 | $ | 173 | (8 | )% | $ | 160 | $ | 189 | (15 | )% | $ | 320 | $ | 362 | (12 | )% | ||||||
Credit reserve build (release) | (11 | ) | (42 | ) | 74 | (24 | ) | (8 | ) | NM | (35 | ) | (50 | ) | 30 | |||||||||
Provision (release) for unfunded lending commitments | — | 2 | (100 | ) | — | (4 | ) | 100 | — | (2 | ) | 100 | ||||||||||||
Provisions for credit losses | $ | 149 | $ | 133 | 12 | % | $ | 136 | $ | 177 | (23 | )% | $ | 285 | $ | 310 | (8 | )% | ||||||
Income from continuing operations before taxes | $ | 324 | $ | 510 | (36 | )% | $ | 447 | $ | 504 | (11 | )% | $ | 771 | $ | 1,014 | (24 | )% | ||||||
Income taxes | 109 | 171 | (36 | ) | 150 | 168 | (11 | ) | 259 | 339 | (24 | ) | ||||||||||||
Income from continuing operations | $ | 215 | $ | 339 | (37 | )% | $ | 297 | $ | 336 | (12 | )% | $ | 512 | $ | 675 | (24 | )% | ||||||
Noncontrolling interests | 1 | (5 | ) | NM | 1 | 3 | (67 | ) | 2 | (2 | ) | NM | ||||||||||||
Net income | $ | 214 | $ | 344 | (38 | )% | $ | 296 | $ | 333 | (11 | )% | $ | 510 | $ | 677 | (25 | )% | ||||||
Balance Sheet data (in billions of dollars) | ||||||||||||||||||||||||
Average assets | $ | 116 | $ | 115 | 1 | % | $ | 119 | $ | 119 | — | % | $ | 118 | $ | 117 | 1 | % | ||||||
Return on average assets | 0.74 | % | 1.21 | % | 1.00 | % | 1.12 | % | 0.87 | % | 1.17 | % | ||||||||||||
Efficiency ratio | 71 | % | 64 | % | 66 | % | 63 | % | 69 | % | 64 | % | ||||||||||||
Average deposits | $ | 87.2 | $ | 88.2 | (1 | ) | $ | 89.4 | $ | 89.3 | — | $ | 88.3 | $ | 88.8 | (1 | ) | |||||||
Net credit losses as a percentage of average loans | 0.76 | % | 0.78 | % | 0.76 | % | 0.84 | % | 0.76 | % | 0.81 | % | ||||||||||||
Revenue by business | ||||||||||||||||||||||||
Retail banking | $ | 1,041 | $ | 1,152 | (10 | )% | $ | 1,077 | $ | 1,179 | (9 | )% | $ | 2,118 | $ | 2,331 | (9 | )% | ||||||
Citi-branded cards | 614 | 658 | (7 | ) | 652 | 678 | (4 | ) | 1,266 | 1,336 | (5 | ) | ||||||||||||
Total | $ | 1,655 | $ | 1,810 | (9 | )% | $ | 1,729 | $ | 1,857 | (7 | )% | $ | 3,384 | $ | 3,667 | (8 | )% | ||||||
Income from continuing operations by business | ||||||||||||||||||||||||
Retail banking | $ | 120 | $ | 221 | (46 | )% | $ | 204 | $ | 221 | (8 | )% | $ | 324 | $ | 442 | (27 | )% | ||||||
Citi-branded cards | 95 | 118 | (19 | ) | 93 | 115 | (19 | ) | 188 | 233 | (19 | ) | ||||||||||||
Total | $ | 215 | $ | 339 | (37 | )% | $ | 297 | $ | 336 | (12 | )% | $ | 512 | $ | 675 | (24 | )% |
FX translation impact | ||||||||||||||||||||||||
Total revenues—as reported | $ | 1,655 | $ | 1,810 | (9 | )% | $ | 1,729 | $ | 1,857 | (7 | )% | $ | 3,384 | $ | 3,667 | (8 | )% | ||||||
Impact of FX translation(2) | — | (78 | ) | — | (65 | ) | — | (144 | ) | |||||||||||||||
Total revenues—ex-FX(3) | $ | 1,655 | $ | 1,732 | (4 | )% | $ | 1,729 | $ | 1,792 | (4 | )% | $ | 3,384 | $ | 3,523 | (4 | )% | ||||||
Total operating expenses—as reported | $ | 1,182 | $ | 1,167 | 1 | % | $ | 1,146 | $ | 1,176 | (3 | )% | $ | 2,328 | $ | 2,343 | (1 | )% | ||||||
Impact of FX translation(2) | — | (55 | ) | — | (50 | ) | — | (105 | ) | |||||||||||||||
Total operating expenses—ex-FX(3) | $ | 1,182 | $ | 1,112 | 6 | % | $ | 1,146 | $ | 1,126 | 2 | % | $ | 2,328 | $ | 2,238 | 4 | % | ||||||
Provisions for loan losses—as reported | $ | 149 | $ | 133 | 12 | % | $ | 136 | $ | 177 | (23 | )% | $ | 285 | $ | 310 | (8 | )% | ||||||
Impact of FX translation(2) | — | (8 | ) | — | (8 | ) | — | (17 | ) | |||||||||||||||
Provisions for loan losses—ex-FX(3) | $ | 149 | $ | 125 | 19 | % | $ | 136 | $ | 169 | (20 | )% | $ | 285 | $ | 293 | (3 | )% | ||||||
Net income—as reported | $ | 214 | $ | 344 | (38 | )% | $ | 296 | $ | 333 | (11 | )% | $ | 510 | $ | 677 | (25 | )% | ||||||
Impact of FX translation(2) | — | (4 | ) | — | (2 | ) | — | (5 | ) | |||||||||||||||
Net income—ex-FX(3) | $ | 214 | $ | 340 | (37 | )% | $ | 296 | $ | 331 | (11 | )% | $ | 510 | $ | 672 | (24 | )% |
(1) | For reporting purposes, Asia GCB includes the results of operations of EMEA GCB for all periods presented. |
(2) | Reflects the impact of FX translation into U.S. dollars at the |
(3) | Presentation of this metric excluding FX translation is a non-GAAP financial measure. |
NM | Not meaningful |
First Quarter | % Change | Second Quarter | % Change | Six Months | % Change | |||||||||||||||||||
In millions of dollars, except as otherwise noted | 2016 | 2015 | 2016 | 2015 | 2016 | 2015 | ||||||||||||||||||
Commissions and fees | $ | 1,003 | $ | 997 | 1 | % | $ | 955 | $ | 990 | (4 | )% | $ | 1,958 | $ | 1,987 | (1 | )% | ||||||
Administration and other fiduciary fees | 597 | 613 | (3 | )% | 638 | 663 | (4 | ) | 1,235 | 1,276 | (3 | ) | ||||||||||||
Investment banking | 740 | 1,134 | (35 | )% | 1,029 | 1,120 | (8 | ) | 1,769 | 2,254 | (22 | ) | ||||||||||||
Principal transactions | 1,574 | 2,197 | (28 | )% | 1,911 | 1,793 | 7 | 3,485 | 3,990 | (13 | ) | |||||||||||||
Other(1) | (8 | ) | 257 | NM | 46 | 193 | (76 | ) | 38 | 450 | (92 | ) | ||||||||||||
Total non-interest revenue | $ | 3,906 | $ | 5,198 | (25 | )% | $ | 4,579 | $ | 4,759 | (4 | )% | $ | 8,485 | $ | 9,957 | (15 | )% | ||||||
Net interest revenue (including dividends) | 4,130 | 3,879 | 6 | % | 4,267 | 4,187 | 2 | 8,397 | 8,066 | 4 | ||||||||||||||
Total revenues, net of interest expense | $ | 8,036 | $ | 9,077 | (11 | )% | $ | 8,846 | $ | 8,946 | (1 | )% | $ | 16,882 | $ | 18,023 | (6 | )% | ||||||
Total operating expenses | $ | 4,869 | $ | 4,652 | 5 | % | $ | 4,760 | $ | 4,842 | (2 | )% | $ | 9,629 | $ | 9,494 | 1 | % | ||||||
Net credit losses | $ | 211 | $ | (1 | ) | NM | $ | 141 | $ | 82 | 72 | % | $ | 352 | $ | 81 | NM | |||||||
Credit reserve build | 108 | 119 | (9 | )% | ||||||||||||||||||||
Credit reserve build (release) | (26 | ) | (123 | ) | 79 | 82 | (4 | ) | NM | |||||||||||||||
Provision (release) for unfunded lending commitments | 71 | (32 | ) | NM | (33 | ) | (46 | ) | 28 | 38 | (78 | ) | NM | |||||||||||
Provisions for credit losses | $ | 390 | $ | 86 | NM | $ | 82 | $ | (87 | ) | NM | $ | 472 | $ | (1 | ) | NM | |||||||
Income from continuing operations before taxes | $ | 2,777 | $ | 4,339 | (36 | )% | $ | 4,004 | $ | 4,191 | (4 | )% | $ | 6,781 | $ | 8,530 | (21 | )% | ||||||
Income taxes | 818 | 1,365 | (40 | )% | 1,289 | 1,331 | (3 | ) | 2,107 | 2,696 | (22 | ) | ||||||||||||
Income from continuing operations | $ | 1,959 | $ | 2,974 | (34 | )% | $ | 2,715 | $ | 2,860 | (5 | )% | $ | 4,674 | $ | 5,834 | (20 | )% | ||||||
Noncontrolling interests | 10 | 35 | (71 | )% | 17 | 15 | 13 | 27 | 50 | (46 | ) | |||||||||||||
Net income | $ | 1,949 | $ | 2,939 | (34 | )% | $ | 2,698 | $ | 2,845 | (5 | )% | $ | 4,647 | $ | 5,784 | (20 | )% | ||||||
Average assets (in billions of dollars) | $ | 1,271 | $ | 1,279 | (1 | )% | $ | 1,299 | $ | 1,284 | 1 | % | $ | 1,285 | $ | 1,282 | — | % | ||||||
Return on average assets | 0.62 | % | 0.93 | % | 0.84 | % | 0.89 | % | 0.73 | % | 0.91 | % | ||||||||||||
Efficiency ratio | 61 | % | 51 | % | 54 | % | 54 | % | 57 | % | 53 | % | ||||||||||||
CVA/DVA-after-tax | $ | — | $ | 190 | (100 | )% | $ | — | $ | 146 | (100 | )% | ||||||||||||
Net income ex-CVA/DVA (2) | $ | 2,698 | $ | 2,655 | 2 | % | $ | 4,647 | $ | 5,638 | (18 | )% | ||||||||||||
Revenues by region | ||||||||||||||||||||||||
North America | $ | 3,046 | $ | 3,391 | (10 | )% | $ | 3,478 | $ | 3,523 | (1 | )% | $ | 6,524 | $ | 6,914 | (6 | )% | ||||||
EMEA | 2,207 | 2,900 | (24 | )% | 2,615 | 2,565 | 2 | 4,822 | 5,465 | (12 | ) | |||||||||||||
Latin America | 975 | 991 | (2 | )% | 1,033 | 1,027 | 1 | 2,008 | 2,018 | — | ||||||||||||||
Asia | 1,808 | 1,795 | 1 | % | 1,720 | 1,831 | (6 | ) | 3,528 | 3,626 | (3 | ) | ||||||||||||
Total | 8,036 | 9,077 | (11 | )% | $ | 8,846 | $ | 8,946 | (1 | )% | $ | 16,882 | $ | 18,023 | (6 | )% |
Income from continuing operations by region | ||||||||||||||||||||||||
North America | $ | 584 | $ | 1,027 | (43 | )% | $ | 1,059 | $ | 1,079 | (2 | )% | $ | 1,643 | $ | 2,106 | (22 | )% | ||||||
EMEA | 399 | 935 | (57 | )% | 720 | 695 | 4 | 1,119 | 1,630 | (31 | ) | |||||||||||||
Latin America | 337 | 375 | (10 | )% | 396 | 430 | (8 | ) | 733 | 805 | (9 | ) | ||||||||||||
Asia | 639 | 637 | — | % | 540 | 656 | (18 | ) | 1,179 | 1,293 | (9 | ) | ||||||||||||
Total | 1,959 | 2,974 | (34 | )% | $ | 2,715 | $ | 2,860 | (5 | )% | $ | 4,674 | $ | 5,834 | (20 | )% | ||||||||
Average loans by region (in billions of dollars) | ||||||||||||||||||||||||
North America | $ | 129 | $ | 117 | 10 | % | $ | 133 | $ | 121 | 10 | % | $ | 130 | $ | 118 | 10 | % | ||||||
EMEA | 63 | 60 | 5 | % | 67 | 63 | 6 | 65 | 62 | 5 | ||||||||||||||
Latin America | 43 | 40 | 8 | % | 42 | 41 | 2 | 43 | 41 | 5 | ||||||||||||||
Asia | 60 | 62 | (3 | )% | 61 | 63 | (3 | ) | 61 | 63 | (3 | ) | ||||||||||||
Total | $ | 295 | $ | 279 | 6 | % | $ | 303 | $ | 288 | 5 | % | $ | 299 | $ | 284 | 5 | % | ||||||
EOP deposits by business (in billions of dollars) | ||||||||||||||||||||||||
Treasury and trade solutions | $ | 415 | $ | 386 | 8 | % | $ | 405 | $ | 397 | 2 | % | ||||||||||||
All other ICG businesses | 192 | 185 | 4 | % | 202 | 191 | 6 | |||||||||||||||||
Total | $ | 607 | $ | 571 | 6 | % | $ | 607 | $ | 588 | 3 | % |
(1) | First quarter of 2016 includes a previously disclosed charge of approximately $180 million primarily reflecting the write down |
(2) | Excludes CVA/DVA in the second quarter |
First Quarter | % Change | Second Quarter | % Change | Six Months | % Change | |||||||||||||||||||
In millions of dollars | 2016 | 2015 | 2016 | 2015 | 2016 | 2015 | ||||||||||||||||||
Investment banking revenue details | ||||||||||||||||||||||||
Advisory | $ | 227 | $ | 295 | (23 | )% | $ | 238 | $ | 257 | (7 | )% | $ | 465 | $ | 552 | (16 | )% | ||||||
Equity underwriting | 118 | 231 | (49 | ) | 174 | 296 | (41 | ) | 292 | 527 | (45 | ) | ||||||||||||
Debt underwriting | 530 | 676 | (22 | ) | 805 | 737 | 9 | 1,335 | 1,413 | (6 | ) | |||||||||||||
Total investment banking | $ | 875 | $ | 1,202 | (27 | )% | $ | 1,217 | $ | 1,290 | (6 | )% | $ | 2,092 | $ | 2,492 | (16 | )% | ||||||
Treasury and trade solutions | 1,951 | 1,890 | 3 | 2,048 | 1,955 | 5 | 3,999 | 3,845 | 4 | |||||||||||||||
Corporate lending—excluding gain (loss) on loan hedges(2) | 455 | 476 | (4 | ) | 389 | 476 | (18 | ) | 844 | 952 | (11 | ) | ||||||||||||
Private bank | 746 | 709 | 5 | 738 | 747 | (1 | ) | 1,484 | 1,456 | 2 | ||||||||||||||
Total banking revenues (ex-CVA/DVA and gain (loss) on loan hedges)(1) | $ | 4,027 | $ | 4,277 | (6 | )% | $ | 4,392 | $ | 4,468 | (2 | )% | $ | 8,419 | $ | 8,745 | (4 | )% | ||||||
Corporate lending—gain/(loss) on loan hedges(2) | $ | (66 | ) | $ | 52 | NM | $ | (203 | ) | $ | (66 | ) | NM | $ | (269 | ) | $ | (14 | ) | NM | ||||
Total banking revenues (ex-CVA/DVA and including gain (loss) on loan hedges)(1) | $ | 3,961 | $ | 4,329 | (9 | )% | $ | 4,189 | $ | 4,402 | (5 | )% | $ | 8,150 | $ | 8,731 | (7 | )% | ||||||
Fixed income markets | $ | 3,085 | $ | 3,484 | (11 | )% | $ | 3,468 | $ | 3,047 | 14 | % | $ | 6,553 | $ | 6,531 | — | % | ||||||
Equity markets | 706 | 867 | (19 | ) | 788 | 649 | 21 | 1,494 | 1,516 | (1 | ) | |||||||||||||
Securities services | 562 | 543 | 3 | 531 | 570 | (7 | ) | 1,093 | 1,113 | (2 | ) | |||||||||||||
Other(3) | (278 | ) | (77 | ) | NM | (130 | ) | (25 | ) | NM | (408 | ) | (102 | ) | NM | |||||||||
Total Markets and securities services (ex-CVA/DVA)(1) | $ | 4,075 | $ | 4,817 | (15 | )% | $ | 4,657 | $ | 4,241 | 10 | % | $ | 8,732 | $ | 9,058 | (4 | )% | ||||||
Total ICG (ex-CVA/DVA) | $ | 8,036 | $ | 9,146 | (12 | )% | $ | 8,846 | $ | 8,643 | 2 | % | $ | 16,882 | $ | 17,789 | (5 | )% | ||||||
CVA/DVA (excluded as applicable in lines above) | — | (69 | ) | 100 | % | — | 303 | NM | — | 234 | NM | |||||||||||||
Fixed income markets | — | (75 | ) | 100 | % | — | 289 | NM | — | 214 | NM | |||||||||||||
Equity markets | — | 3 | (100 | ) | — | 15 | NM | — | 17 | NM | ||||||||||||||
Private bank | — | 3 | (100 | ) | — | (1 | ) | NM | — | 3 | NM | |||||||||||||
Total revenues, net of interest expense | $ | 8,036 | $ | 9,077 | (11 | )% | $ | 8,846 | $ | 8,946 | (1 | )% | $ | 16,882 | $ | 18,023 | (6 | )% |
(1) | Excludes CVA/DVA in the |
(2) | Hedges on accrual loans reflect the mark-to-market on credit derivatives used to economically hedge the corporate loan accrual portfolio. The fixed premium costs of these hedges are netted against the corporate lending revenues to reflect the cost of credit protection. |
(3) | First quarter of 2016 includes |
First Quarter | % Change | Second Quarter | % Change | Six Months | % Change | |||||||||||||||||||
In millions of dollars | 2016 | 2015 | 2016 | 2015 | 2016 | 2015 | ||||||||||||||||||
Net interest revenue | $ | 94 | $ | (27 | ) | NM | $ | 56 | $ | (22 | ) | NM | $ | 150 | $ | (49 | ) | NM | ||||||
Non-interest revenue | 180 | 239 | (25 | ) | 70 | 393 | (82 | )% | 250 | 632 | (60 | )% | ||||||||||||
Total revenues, net of interest expense | $ | 274 | $ | 212 | 29 | % | $ | 126 | $ | 371 | (66 | )% | $ | 400 | $ | 583 | (31 | )% | ||||||
Total operating expenses | $ | 418 | $ | 542 | (23 | )% | $ | 447 | $ | 386 | 16 | % | $ | 865 | $ | 928 | (7 | )% | ||||||
Provisions for loan losses and for benefits and claims | — | — | — | % | — | — | — | — | — | — | ||||||||||||||
Loss from continuing operations before taxes | $ | (144 | ) | $ | (330 | ) | 56 | % | $ | (321 | ) | $ | (15 | ) | NM | $ | (465 | ) | $ | (345 | ) | (35 | )% | |
Income taxes (benefits) | (115 | ) | (311 | ) | 63 | % | (232 | ) | (246 | ) | 6 | % | (347 | ) | (557 | ) | 38 | % | ||||||
Income (loss) from continuing operations | $ | (29 | ) | $ | (19 | ) | (53 | )% | $ | (89 | ) | $ | 231 | NM | $ | (118 | ) | $ | 212 | NM | ||||
Income (loss) from discontinued operations, net of taxes | (2 | ) | (5 | ) | 60 | % | (23 | ) | 6 | NM | (25 | ) | 1 | NM | ||||||||||
Net income (loss) before attribution of noncontrolling interests | $ | (31 | ) | $ | (24 | ) | (29 | )% | $ | (112 | ) | $ | 237 | NM | $ | (143 | ) | $ | 213 | NM | ||||
Noncontrolling interests | (8 | ) | 10 | NM | 3 | (2 | ) | NM | (5 | ) | 8 | NM | ||||||||||||
Net income (loss) | $ | (23 | ) | $ | (34 | ) | 32 | % | $ | (115 | ) | $ | 239 | NM | $ | (138 | ) | $ | 205 | NM |
First Quarter | % Change | Second Quarter | % Change | Six Months | % Change | |||||||||||||||||||
In millions of dollars, except as otherwise noted | 2016 | 2015 | 2016 | 2015 | 2016 | 2015 | ||||||||||||||||||
Net interest revenue | $ | 597 | $ | 1,259 | (53 | )% | $ | 549 | $ | 1,200 | (54 | )% | $ | 1,146 | $ | 2,459 | (53 | )% | ||||||
Non-interest revenue | 878 | 886 | (1 | ) | 294 | 769 | (62 | ) | 1,172 | 1,655 | (29 | ) | ||||||||||||
Total revenues, net of interest expense | $ | 1,475 | $ | 2,145 | (31 | )% | $ | 843 | $ | 1,969 | (57 | )% | $ | 2,318 | $ | 4,114 | (44 | )% | ||||||
Provisions for credit losses and for benefits and claims | ||||||||||||||||||||||||
Net credit losses | $ | 143 | $ | 469 | (70 | )% | $ | 102 | $ | 334 | (69 | )% | $ | 245 | $ | 803 | (69 | )% | ||||||
Credit reserve release | (31 | ) | (172 | ) | 82 | (224 | ) | (185 | ) | (21 | ) | (255 | ) | (357 | ) | 29 | ||||||||
Provision for loan losses | $ | 112 | $ | 297 | (62 | )% | $ | (122 | ) | $ | 149 | NM | $ | (10 | ) | $ | 446 | NM | ||||||
Provision for benefits and claims | 60 | 169 | (64 | ) | 29 | 160 | (82 | ) | 89 | 329 | (73 | ) | ||||||||||||
Release for unfunded lending commitments | (2 | ) | (5 | ) | 60 | (5 | ) | 2 | NM | (7 | ) | (3 | ) | NM | ||||||||||
Total provisions for credit losses and for benefits and claims | $ | 170 | $ | 461 | (63 | )% | $ | (98 | ) | $ | 311 | NM | $ | 72 | $ | 772 | (91 | )% | ||||||
Total operating expenses | $ | 828 | $ | 1,385 | (40 | )% | $ | 858 | $ | 1,362 | (37 | )% | $ | 1,686 | $ | 2,747 | (39 | )% | ||||||
Income from continuing operations before taxes | $ | 477 | $ | 299 | 60 | % | $ | 83 | $ | 296 | (72 | )% | $ | 560 | $ | 595 | (6 | )% | ||||||
Income taxes | 130 | 149 | (13 | ) | ||||||||||||||||||||
Income taxes (benefits) | (15 | ) | 140 | NM | 115 | 289 | (60 | )% | ||||||||||||||||
Income from continuing operations | $ | 347 | $ | 150 | NM | $ | 98 | $ | 156 | (37 | )% | $ | 445 | $ | 306 | 45 | % | |||||||
Noncontrolling interests | 1 | 1 | — | % | 5 | — | NM | $ | 6 | $ | 1 | NM | ||||||||||||
Net income | $ | 346 | $ | 149 | NM | $ | 93 | $ | 156 | (40 | )% | $ | 439 | $ | 305 | 44 | % | |||||||
Total revenues, net of interest expense (excluding CVA/DVA)(1) | ||||||||||||||||||||||||
Total revenues—as reported | $ | 1,475 | $ | 2,145 | (31 | )% | $ | 843 | $ | 1,969 | (57 | )% | $ | 2,318 | $ | 4,114 | (44 | )% | ||||||
CVA/DVA | — | (4 | ) | 100 | — | 9 | NM | — | 5 | NM | ||||||||||||||
Total revenues-excluding CVA/DVA(1) | $ | 1,475 | $ | 2,149 | (31 | )% | $ | 843 | $ | 1,960 | (57 | )% | $ | 2,318 | $ | 4,109 | (44 | )% | ||||||
Balance sheet data (in billions of dollars) | ||||||||||||||||||||||||
Average assets | $ | 78 | $ | 134 | (42 | )% | $ | 71 | $ | 126 | (44 | )% | $ | 75 | $ | 130 | (42 | )% | ||||||
Return on average assets | 1.78 | % | 0.45 | % | 0.53 | % | 0.50 | % | 1.18 | % | 0.47 | % | ||||||||||||
Efficiency ratio | 56 | % | 65 | % | 102 | % | 69 | % | 73 | % | 67 | % | ||||||||||||
Total EOP assets | $ | 73 | $ | 130 | (44 | )% | $ | 66 | $ | 124 | (47 | ) | ||||||||||||
Total EOP loans | 45 | 67 | (32 | ) | 41 | 64 | (35 | ) | ||||||||||||||||
Total EOP deposits | 9 | 16 | (42 | ) | 6 | 12 | (45 | ) |
(1) | Excludes CVA/DVA in the |
Variable interests and other obligations, including contingent obligations, arising from variable interests in nonconsolidated VIEs | See Note 20 to the Consolidated Financial Statements. |
Letters of credit, and lending and other commitments | See Note 24 to the Consolidated Financial Statements. |
Guarantees | See Note 24 to the Consolidated Financial Statements. |
March 31, 2016 | December 31, 2015 | June 30, 2016 | December 31, 2015 | |||||||||||||||||||||||
In millions of dollars, except ratios | Advanced Approaches | Standardized Approach | Advanced Approaches | Standardized Approach | Advanced Approaches | Standardized Approach | Advanced Approaches | Standardized Approach | ||||||||||||||||||
Common Equity Tier 1 Capital | $ | 169,924 | $ | 169,924 | $ | 173,862 | $ | 173,862 | $ | 171,594 | $ | 171,594 | $ | 173,862 | $ | 173,862 | ||||||||||
Tier 1 Capital | 178,091 | 178,091 | 176,420 | 176,420 | 181,282 | 181,282 | 176,420 | 176,420 | ||||||||||||||||||
Total Capital (Tier 1 Capital + Tier 2 Capital)(1) | 201,658 | 214,472 | 198,746 | 211,115 | 206,163 | 218,860 | 198,746 | 211,115 | ||||||||||||||||||
Total Risk-Weighted Assets | 1,210,107 | 1,148,945 | 1,190,853 | 1,138,711 | 1,204,218 | 1,152,635 | 1,190,853 | 1,138,711 | ||||||||||||||||||
Common Equity Tier 1 Capital ratio(2) | 14.04 | % | 14.79 | % | 14.60 | % | 15.27 | % | 14.25 | % | 14.89 | % | 14.60 | % | 15.27 | % | ||||||||||
Tier 1 Capital ratio(2) | 14.72 | 15.50 | 14.81 | 15.49 | 15.05 | 15.73 | 14.81 | 15.49 | ||||||||||||||||||
Total Capital ratio(2) | 16.66 | 18.67 | 16.69 | 18.54 | 17.12 | 18.99 | 16.69 | 18.54 |
In millions of dollars, except ratios | March 31, 2016 | December 31, 2015 | June 30, 2016 | December 31, 2015 | ||||||||||||||
Quarterly Adjusted Average Total Assets(3) | $ | 1,724,940 | $ | 1,732,933 | $ | 1,754,048 | $ | 1,732,933 | ||||||||||
Total Leverage Exposure(4) | 2,305,454 | 2,326,072 | 2,332,632 | 2,326,072 | ||||||||||||||
Tier 1 Leverage ratio | 10.32 | % | 10.18 | % | 10.34 | % | 10.18 | % | ||||||||||
Supplementary Leverage ratio | 7.72 | 7.58 | 7.77 | 7.58 |
(1) | Under the Advanced Approaches framework eligible credit reserves that exceed expected credit losses are eligible for inclusion in Tier 2 Capital to the extent the excess reserves do not exceed 0.6% of credit risk-weighted assets, which differs from the Standardized Approach in which the allowance for credit losses is eligible for inclusion in Tier 2 Capital up to 1.25% of credit risk-weighted assets, with any excess allowance for credit losses being deducted in arriving at credit risk-weighted assets. |
(2) | As of |
(3) | Tier 1 Leverage ratio denominator. |
(4) | Supplementary Leverage ratio denominator. |
In millions of dollars | March 31, 2016 | December 31, 2015 | June 30, 2016 | December 31, 2015 | ||||||||
Common Equity Tier 1 Capital | ||||||||||||
Citigroup common stockholders’ equity(1) | $ | 209,947 | $ | 205,286 | $ | 212,819 | $ | 205,286 | ||||
Add: Qualifying noncontrolling interests | 297 | 369 | 277 | 369 | ||||||||
Regulatory Capital Adjustments and Deductions: | ||||||||||||
Less: Net unrealized gains (losses) on securities AFS, net of tax(2)(3) | 451 | (544 | ) | |||||||||
Less: Net unrealized gains (losses) on securities available-for-sale (AFS), net of tax(2)(3) | 822 | (544 | ) | |||||||||
Less: Defined benefit plans liability adjustment, net of tax(3) | (2,232 | ) | (3,070 | ) | (2,243 | ) | (3,070 | ) | ||||
Less: Accumulated net unrealized losses on cash flow hedges, net of tax(4) | (300 | ) | (617 | ) | (149 | ) | (617 | ) | ||||
Less: Cumulative unrealized net gain related to changes in fair value of financial liabilities attributable to own creditworthiness, net of tax(3)(5) | 337 | 176 | 344 | 176 | ||||||||
Less: Intangible assets: | ||||||||||||
Goodwill, net of related deferred tax liabilities (DTLs)(6) | 21,935 | 21,980 | 21,854 | 21,980 | ||||||||
Identifiable intangible assets other than mortgage servicing rights (MSRs), net of related DTLs | 1,999 | 1,434 | 3,215 | 1,434 | ||||||||
Less: Defined benefit pension plan net assets(3) | 522 | 318 | 578 | 318 | ||||||||
Less: Deferred tax assets (DTAs) arising from net operating loss, foreign tax credit and general business credit carry-forwards | 14,048 | 9,464 | 13,765 | 9,464 | ||||||||
Less: Excess over 10%/15% limitations for other DTAs, certain common stock investments, and MSRs | 3,560 | 2,652 | 3,316 | 2,652 | ||||||||
Total Common Equity Tier 1 Capital | $ | 169,924 | $ | 173,862 | $ | 171,594 | $ | 173,862 | ||||
Additional Tier 1 Capital | ||||||||||||
Qualifying perpetual preferred stock(1) | $ | 17,575 | $ | 16,571 | $ | 19,069 | $ | 16,571 | ||||
Qualifying trust preferred securities(9) | 1,366 | 1,707 | ||||||||||
Qualifying trust preferred securities(10) | 1,368 | 1,707 | ||||||||||
Qualifying noncontrolling interests | 18 | 12 | 17 | 12 | ||||||||
Regulatory Capital Adjustment and Deductions: | ||||||||||||
Less: Cumulative unrealized net gain related to changes in fair value of financial liabilities attributable to own creditworthiness, net of tax(3)(5) | 225 | 265 | 230 | 265 | ||||||||
Less: Minimum regulatory capital requirements of insurance underwriting subsidiaries(10) | 228 | 229 | ||||||||||
Less: Minimum regulatory capital requirements of insurance underwriting subsidiaries(11) | 184 | 229 | ||||||||||
Less: Defined benefit pension plan net assets(3) | 348 | 476 | 386 | 476 | ||||||||
Less: DTAs arising from net operating loss, foreign tax credit and general business credit carry-forwards | 9,366 | 14,195 | 9,177 | 14,195 | ||||||||
Less: Permitted ownership interests in covered funds(11) | 625 | 567 | ||||||||||
Less: Permitted ownership interests in covered funds(12) | 789 | 567 | ||||||||||
Total Additional Tier 1 Capital | $ | 8,167 | $ | 2,558 | $ | 9,688 | $ | 2,558 | ||||
Total Tier 1 Capital (Common Equity Tier 1 Capital + Additional Tier 1 Capital) | $ | 178,091 | $ | 176,420 | $ | 181,282 | $ | 176,420 | ||||
Tier 2 Capital | ||||||||||||
Qualifying subordinated debt(12) | $ | 22,664 | $ | 21,370 | ||||||||
Qualifying trust preferred securities(9) | 337 | — | ||||||||||
Qualifying subordinated debt(13) | $ | 23,701 | $ | 21,370 | ||||||||
Qualifying trust preferred securities(10) | 328 | — | ||||||||||
Qualifying noncontrolling interests | 25 | 17 | 23 | 17 | ||||||||
Excess of eligible credit reserves over expected credit losses(13) | 766 | 1,163 | ||||||||||
Excess of eligible credit reserves over expected credit losses(14) | 1,011 | 1,163 | ||||||||||
Regulatory Capital Adjustment and Deduction: | ||||||||||||
Add: Unrealized gains on AFS equity exposures includable in Tier 2 Capital | 3 | 5 | 2 | 5 | ||||||||
Less: Minimum regulatory capital requirements of insurance underwriting subsidiaries(10) | 228 | 229 | ||||||||||
Less: Minimum regulatory capital requirements of insurance underwriting subsidiaries(11) | 184 | 229 | ||||||||||
Total Tier 2 Capital | $ | 23,567 | $ | 22,326 | $ | 24,881 | $ | 22,326 | ||||
Total Capital (Tier 1 Capital + Tier 2 Capital) | $ | 201,658 | $ | 198,746 | $ | 206,163 | $ | 198,746 |
In millions of dollars | March 31, 2016 | December 31, 2015 | June 30, 2016 | December 31, 2015 | ||||||||
Credit Risk(14) | $ | 807,758 | $ | 791,036 | ||||||||
Credit Risk(15) | $ | 809,540 | $ | 791,036 | ||||||||
Market Risk | 77,349 | 74,817 | 69,678 | 74,817 | ||||||||
Operational Risk | 325,000 | 325,000 | 325,000 | 325,000 | ||||||||
Total Risk-Weighted Assets | $ | 1,210,107 | $ | 1,190,853 | $ | 1,204,218 | $ | 1,190,853 |
(1) | Issuance costs of |
(2) | In addition, includes the net amount of unamortized loss on HTM securities. This amount relates to securities that were previously transferred from AFS to HTM, and non-credit related factors such as changes in interest rates and liquidity spreads for HTM securities with other-than-temporary impairment. |
(3) | The transition arrangements for significant regulatory capital adjustments and deductions impacting Common Equity Tier 1 Capital and/or Additional Tier 1 Capital are set forth in the chart entitled “Basel III Transition Arrangements: Significant Regulatory Capital Adjustments and Deductions”, as presented in Citigroup’s 2015 Annual Report on Form 10-K. |
(4) | Common Equity Tier 1 Capital is adjusted for accumulated net unrealized gains (losses) on cash flow hedges included in AOCI that relate to the hedging of items not recognized at fair value on the balance sheet. |
(5) | The cumulative impact of changes in Citigroup’s own creditworthiness in valuing liabilities for which the fair value option has been elected and own-credit valuation adjustments on derivatives are excluded from Common Equity Tier 1 Capital, in accordance with the U.S. Basel III rules. |
(6) | Includes goodwill “embedded” in the valuation of significant common stock investments in unconsolidated financial institutions. |
(7) | Identifiable intangible assets other than MSRs increased by approximately $2.2 billion during the second quarter of 2016 as a result of the acquisition of the Costco cards portfolio, as well as the renewal and extension of the co-branded credit card program agreement with American Airlines. For additional information, see Note 16 to the Consolidated Financial Statements. |
(8) | Of Citi’s approximately |
Assets subject to 10%/15% limitations include MSRs, DTAs arising from temporary differences and significant common stock investments in unconsolidated financial institutions. At |
Represents Citigroup Capital XIII trust preferred securities, which are permanently grandfathered as Tier 1 Capital under the U.S. Basel III rules, as well as non-grandfathered trust preferred securities which are eligible for inclusion in Tier 1 Capital during 2015 in an amount up to 25% of the aggregate outstanding principal amounts of such issuances as of January 1, 2014. The remaining 75% of non-grandfathered trust preferred securities are eligible for inclusion in Tier 2 Capital during 2015 in accordance with the transition arrangements for non-qualifying capital instruments under the U.S. Basel III rules. As of December 31, 2015, however, the entire amount of non-grandfathered trust preferred securities was included within Tier 1 Capital, as the amounts outstanding did not exceed the respective threshold for exclusion from Tier 1 Capital. Effective January 1, 2016, non-grandfathered trust preferred securities are not eligible for inclusion in Tier 1 Capital, but are eligible for inclusion in Tier 2 Capital subject to full phase-out by January 1, 2022. During 2016, non-grandfathered trust preferred securities are eligible for inclusion in Tier 2 Capital in an amount up to 60% of the aggregate outstanding principal amounts of such issuances as of January 1, 2014. |
50% of the minimum regulatory capital requirements of insurance underwriting subsidiaries must be deducted from each of Tier 1 Capital and Tier 2 Capital. |
Effective July 2015, banking entities are required to be in compliance with the |
Under the transition arrangements of the U.S. Basel III rules, non-qualifying subordinated debt issuances which consist of those with a fixed-to-floating rate step-up feature where the call/step-up date has not passed are eligible for inclusion in Tier 2 Capital during 2015 up to 25% of the aggregate outstanding principal amounts of such issuances as of January 1, 2014. Effective January 1, 2016, non-qualifying subordinated debt issuances are not eligible for inclusion in Tier 2 Capital. |
Advanced Approaches banking organizations are permitted to include in Tier 2 Capital eligible credit reserves that exceed expected credit losses to the extent that the excess reserves do not exceed 0.6% of credit risk-weighted assets. |
Under the U.S. Basel III rules, credit risk-weighted assets during the transition period reflect the effects of transitional arrangements related to regulatory capital adjustments and deductions and, as a result, will differ from credit risk-weighted assets derived under full implementation of the rules. |
In millions of dollars | Three Months Ended March 31, 2016 | Three Months Ended June 30, 2016 | Six Months Ended June 30, 2016 | ||||||
Common Equity Tier 1 Capital | |||||||||
Balance, beginning of period | $ | 173,862 | $ | 169,924 | $ | 173,862 | |||
Net income | 3,501 | 3,998 | 7,499 | ||||||
Common and preferred dividends declared | (359 | ) | (469 | ) | (828 | ) | |||
Net increase in treasury stock | (547 | ) | (1,315 | ) | (1,862 | ) | |||
Net decrease in common stock and additional paid-in capital(1) | (667 | ) | |||||||
Net increase in foreign currency translation adjustment net of hedges, net of tax | 654 | ||||||||
Net change in common stock and additional paid-in capital(1) | 147 | (520 | ) | ||||||
Net change in foreign currency translation adjustment net of hedges, net of tax | (552 | ) | 102 | ||||||
Net increase in unrealized gains on securities AFS, net of tax | 1,039 | 556 | 1,595 | ||||||
Net increase in defined benefit plans liability adjustment, net of tax | (1,303 | ) | (16 | ) | (1,319 | ) | |||
Net change in adjustment related to changes in fair value of financial liabilities attributable to own creditworthiness, net of tax | 32 | 5 | 37 | ||||||
Net decrease in goodwill, net of related deferred tax liabilities (DTLs) | 45 | 81 | 126 | ||||||
Net increase in identifiable intangible assets other than mortgage servicing rights (MSRs), net of related DTLs | (565 | ) | (1,216 | ) | (1,781 | ) | |||
Net increase in defined benefit pension plan net assets | (204 | ) | (56 | ) | (260 | ) | |||
Net increase in deferred tax assets (DTAs) arising from net operating loss, foreign tax credit and general business credit carry-forwards | (4,584 | ) | |||||||
Net increase in excess over 10%/15% limitations for other DTAs, certain common stock investments and MSRs | (908 | ) | |||||||
Net change in deferred tax assets (DTAs) arising from net operating loss, foreign tax credit and general business credit carry-forwards | 283 | (4,301 | ) | ||||||
Net change in excess over 10%/15% limitations for other DTAs, certain common stock investments and MSRs | 244 | (664 | ) | ||||||
Other | (72 | ) | (20 | ) | (92 | ) | |||
Net decrease in Common Equity Tier 1 Capital | $ | (3,938 | ) | ||||||
Net change in Common Equity Tier 1 Capital | $ | 1,670 | $ | (2,268 | ) | ||||
Common Equity Tier 1 Capital Balance, end of period | $ | 169,924 | $ | 171,594 | $ | 171,594 | |||
Additional Tier 1 Capital | |||||||||
Balance, beginning of period | $ | 2,558 | $ | 8,167 | $ | 2,558 | |||
Net increase in qualifying perpetual preferred stock | 1,004 | 1,494 | 2,498 | ||||||
Net decrease in qualifying trust preferred securities | (341 | ) | |||||||
Net change in qualifying trust preferred securities | 2 | (339 | ) | ||||||
Net change in adjustment related to changes in fair value of financial liabilities attributable to own creditworthiness, net of tax | 40 | (5 | ) | 35 | |||||
Net decrease in defined benefit pension plan net assets | 128 | ||||||||
Net change in defined benefit pension plan net assets | (38 | ) | 90 | ||||||
Net decrease in DTAs arising from net operating loss, foreign tax credit and general business credit carry-forwards | 4,829 | 189 | 5,018 | ||||||
Net increase in permitted ownership interests in covered funds | (58 | ) | (164 | ) | (222 | ) | |||
Other | 7 | 43 | 50 | ||||||
Net increase in Additional Tier 1 Capital | $ | 5,609 | $ | 1,521 | $ | 7,130 | |||
Tier 1 Capital Balance, end of period | $ | 178,091 | $ | 181,282 | $ | 181,282 | |||
Tier 2 Capital | |||||||||
Balance, beginning of period | $ | 22,326 | $ | 23,567 | $ | 22,326 | |||
Net increase in qualifying subordinated debt | 1,294 | 1,037 | 2,331 | ||||||
Net increase in qualifying trust preferred securities | 337 | ||||||||
Net decrease in excess of eligible credit reserves over expected credit losses | (397 | ) | |||||||
Net change in qualifying trust preferred securities | (9 | ) | 328 | ||||||
Net change in excess of eligible credit reserves over expected credit losses | 245 | (152 | ) | ||||||
Other | 7 | 41 | 48 | ||||||
Net increase in Tier 2 Capital | $ | 1,241 | $ | 1,314 | $ | 2,555 | |||
Tier 2 Capital Balance, end of period | $ | 23,567 | $ | 24,881 | $ | 24,881 | |||
Total Capital (Tier 1 Capital + Tier 2 Capital) | $ | 201,658 | $ | 206,163 | $ | 206,163 |
(1) |
In millions of dollars | Three Months Ended March 31, 2016 | Three Months Ended June 30, 2016 | Six Months Ended June 30, 2016 | ||||||
Total Risk-Weighted Assets, beginning of period | $ | 1,190,853 | $ | 1,210,107 | $ | 1,190,853 | |||
Changes in Credit Risk-Weighted Assets | |||||||||
Net decrease in retail exposures(1) | (7,914 | ) | (1,278 | ) | (9,192 | ) | |||
Net increase in wholesale exposures(2) | 2,389 | 1,335 | 3,724 | ||||||
Net increase in repo-style transactions(3) | 3,853 | ||||||||
Net increase in securitization exposures | 1,686 | ||||||||
Net increase in equity exposures | 591 | ||||||||
Net change in repo-style transactions | (3,218 | ) | 635 | ||||||
Net decrease in securitization exposures | (2,154 | ) | (468 | ) | |||||
Net change in equity exposures | (189 | ) | 402 | ||||||
Net increase in over-the-counter (OTC) derivatives | 7,538 | 2,148 | 9,686 | ||||||
Net increase in derivatives CVA | 10,920 | 1,854 | 12,774 | ||||||
Net decrease in other exposures(6) | (2,669 | ) | |||||||
Net increase in supervisory 6% multiplier(7) | 328 | ||||||||
Net increase in other exposures(5) | 3,288 | 619 | |||||||
Net change in supervisory 6% multiplier(6) | (4 | ) | 324 | ||||||
Net increase in Credit Risk-Weighted Assets | $ | 16,722 | $ | 1,782 | $ | 18,504 | |||
Changes in Market Risk-Weighted Assets | |||||||||
Net increase in risk levels(8) | $ | 5,304 | |||||||
Net decrease due to model and methodology updates(9) | (2,772 | ) | |||||||
Net increase in Market Risk-Weighted Assets | $ | 2,532 | |||||||
Net decrease in risk levels(7) | $ | (7,741 | ) | $ | (2,437 | ) | |||
Net change due to model and methodology updates(8) | 70 | (2,702 | ) | ||||||
Net decrease in Market Risk-Weighted Assets | $ | (7,671 | ) | $ | (5,139 | ) | |||
Net change in Operational Risk-Weighted Assets | $ | — | $ | — | $ | — | |||
Total Risk-Weighted Assets, end of period | $ | 1,210,107 | $ | 1,204,218 | $ | 1,204,218 |
(1) | Retail exposures decreased during the three months ended |
(2) | Wholesale exposures increased slightly during the three months ended |
(3) |
(4) |
Derivatives CVA increased during the three months ended |
Other exposures include cleared transactions, unsettled transactions, assets other than those reportable in specific exposure categories and non-material portfolios. |
Supervisory 6% multiplier does not apply to derivatives CVA. |
Risk levels |
Risk-weighted assets declined during the |
March 31, 2016 | December 31, 2015 | June 30, 2016 | December 31, 2015 | |||||||||||||||||||||||
In millions of dollars, except ratios | Advanced Approaches | Standardized Approach | Advanced Approaches | Standardized Approach | Advanced Approaches | Standardized Approach | Advanced Approaches | Standardized Approach | ||||||||||||||||||
Common Equity Tier 1 Capital | $ | 128,899 | $ | 128,899 | $ | 127,323 | $ | 127,323 | $ | 128,824 | $ | 128,824 | $ | 127,323 | $ | 127,323 | ||||||||||
Tier 1 Capital | 128,899 | 128,899 | 127,323 | 127,323 | 128,824 | 128,824 | 127,323 | 127,323 | ||||||||||||||||||
Total Capital (Tier 1 Capital + Tier 2 Capital)(1) | 140,163 | 151,413 | 138,762 | 149,749 | 140,147 | 151,297 | 138,762 | 149,749 | ||||||||||||||||||
Total Risk-Weighted Assets | 920,220 | 1,007,790 | 898,769 | 999,014 | 923,797 | 1,016,761 | 898,769 | 999,014 | ||||||||||||||||||
Common Equity Tier 1 Capital ratio(2)(3) | 14.01 | % | 12.79 | % | 14.17 | % | 12.74 | % | 13.95 | % | 12.67 | % | 14.17 | % | 12.74 | % | ||||||||||
Tier 1 Capital ratio(2)(3) | 14.01 | 12.79 | 14.17 | 12.74 | 13.95 | 12.67 | 14.17 | 12.74 | ||||||||||||||||||
Total Capital ratio(2)(3) | 15.23 | 15.02 | 15.44 | 14.99 | 15.17 | 14.88 | 15.44 | 14.99 |
In millions of dollars, except ratios | March 31, 2016 | December 31, 2015 | June 30, 2016 | December 31, 2015 | ||||||||||||||
Quarterly Adjusted Average Total Assets(4) | $ | 1,305,264 | $ | 1,298,560 | $ | 1,326,486 | $ | 1,298,560 | ||||||||||
Total Leverage Exposure(5) | 1,841,046 | 1,838,941 | 1,856,908 | 1,838,941 | ||||||||||||||
Tier 1 Leverage ratio(3) | 9.88 | % | 9.80 | % | 9.71 | % | 9.80 | % | ||||||||||
Supplementary Leverage ratio | 7.00 | 6.92 | 6.94 | 6.92 |
(1) | Under the Advanced Approaches framework eligible credit reserves that exceed expected credit losses are eligible for inclusion in Tier 2 Capital to the extent the excess reserves do not exceed 0.6% of credit risk-weighted assets, which differs from the Standardized Approach in which the allowance for credit losses is eligible for inclusion in Tier 2 Capital up to 1.25% of credit risk-weighted assets, with any excess allowance for credit losses being deducted in arriving at credit risk-weighted assets. |
(2) | As of |
(3) | Beginning January 1, 2015, Citibank must maintain minimum Common Equity Tier 1 Capital, Tier 1 Capital, Total Capital, and Tier 1 Leverage ratios of 6.5%, 8%, 10% and 5%, respectively, to be considered “well capitalized” under the revised Prompt Corrective Action (PCA) regulations applicable to insured depository institutions as established by the U.S. Basel III rules. For additional information, see “Capital Resources—Current Regulatory Capital Standards—Prompt Corrective Action Framework” in Citigroup’s 2015 Annual Report on Form 10-K. |
(4) | Tier 1 Leverage ratio denominator. |
(5) | Supplementary Leverage ratio denominator. |
Common Equity Tier 1 Capital ratio | Tier 1 Capital ratio | Total Capital ratio | Common Equity Tier 1 Capital ratio | Tier 1 Capital ratio | Total Capital ratio | |||||||
In basis points | Impact of $100 million change in Common Equity Tier 1 Capital | Impact of $1 billion change in risk- weighted assets | Impact of $100 million change in Tier 1 Capital | Impact of $1 billion change in risk- weighted assets | Impact of $100 million change in Total Capital | Impact of $1 billion change in risk- weighted assets | Impact of $100 million change in Common Equity Tier 1 Capital | Impact of $1 billion change in risk- weighted assets | Impact of $100 million change in Tier 1 Capital | Impact of $1 billion change in risk- weighted assets | Impact of $100 million change in Total Capital | Impact of $1 billion change in risk- weighted assets |
Citigroup | ||||||||||||
Advanced Approaches | 0.8 | 1.2 | 0.8 | 1.2 | 0.8 | 1.4 | 0.8 | 1.2 | 0.8 | 1.3 | 0.8 | 1.4 |
Standardized Approach | 0.9 | 1.3 | 0.9 | 1.4 | 0.9 | 1.6 | 0.9 | 1.3 | 0.9 | 1.4 | 0.9 | 1.6 |
Citibank | ||||||||||||
Advanced Approaches | 1.1 | 1.5 | 1.1 | 1.5 | 1.1 | 1.7 | 1.1 | 1.5 | 1.1 | 1.5 | 1.1 | 1.6 |
Standardized Approach | 1.0 | 1.3 | 1.0 | 1.3 | 1.0 | 1.5 | 1.0 | 1.2 | 1.0 | 1.2 | 1.0 | 1.5 |
Tier 1 Leverage ratio | Supplementary Leverage ratio | Tier 1 Leverage ratio | Supplementary Leverage ratio | |||||
In basis points | Impact of $100 million change in Tier 1 Capital | Impact of $1 billion change in quarterly adjusted average total assets | Impact of $100 million change in Tier 1 Capital | Impact of $1 billion change in Total Leverage Exposure | Impact of $100 million change in Tier 1 Capital | Impact of $1 billion change in quarterly adjusted average total assets | Impact of $100 million change in Tier 1 Capital | Impact of $1 billion change in Total Leverage Exposure |
Citigroup | 0.6 | 0.6 | 0.4 | 0.3 | 0.6 | 0.6 | 0.4 | 0.3 |
Citibank | 0.8 | 0.8 | 0.5 | 0.4 | 0.8 | 0.7 | 0.5 | 0.4 |
March 31, 2016 | December 31, 2015 | June 30, 2016 | December 31, 2015 | |||||||||||||||||||||||
In millions of dollars, except ratios | Advanced Approaches | Standardized Approach | Advanced Approaches | Standardized Approach | Advanced Approaches | Standardized Approach | Advanced Approaches | Standardized Approach | ||||||||||||||||||
Common Equity Tier 1 Capital | $ | 153,023 | $ | 153,023 | $ | 146,865 | $ | 146,865 | $ | 154,534 | $ | 154,534 | $ | 146,865 | $ | 146,865 | ||||||||||
Tier 1 Capital | 171,142 | 171,142 | 164,036 | 164,036 | 174,027 | 174,027 | 164,036 | 164,036 | ||||||||||||||||||
Total Capital (Tier 1 Capital + Tier 2 Capital)(1) | 194,721 | 207,805 | 186,097 | 198,655 | 198,920 | 211,641 | 186,097 | 198,655 | ||||||||||||||||||
Total Risk-Weighted Assets | 1,239,575 | 1,177,015 | 1,216,277 | 1,162,884 | 1,232,666 | 1,179,497 | 1,216,277 | 1,162,884 | ||||||||||||||||||
Common Equity Tier 1 Capital ratio(2)(3) | 12.34 | % | 13.00 | % | 12.07 | % | 12.63 | % | 12.54 | % | 13.10 | % | 12.07 | % | 12.63 | % | ||||||||||
Tier 1 Capital ratio(2)(3) | 13.81 | 14.54 | 13.49 | 14.11 | 14.12 | 14.75 | 13.49 | 14.11 | ||||||||||||||||||
Total Capital ratio(2)(3) | 15.71 | 17.66 | 15.30 | 17.08 | 16.14 | 17.94 | 15.30 | 17.08 |
In millions of dollars, except ratios | March 31, 2016 | December 31, 2015 | June 30, 2016 | December 31, 2015 | ||||||||||||||
Quarterly Adjusted Average Total Assets(4) | $ | 1,719,913 | $ | 1,724,710 | $ | 1,748,345 | $ | 1,724,710 | ||||||||||
Total Leverage Exposure(5) | 2,300,427 | 2,317,849 | 2,326,929 | 2,317,849 | ||||||||||||||
Tier 1 Leverage ratio(3) | 9.95 | % | 9.51 | % | 9.95 | % | 9.51 | % | ||||||||||
Supplementary Leverage ratio(3) | 7.44 | 7.08 | 7.48 | 7.08 |
(1) | Under the Advanced Approaches framework eligible credit reserves that exceed expected credit losses are eligible for inclusion in Tier 2 Capital to the extent the excess reserves do not exceed 0.6% of credit risk-weighted assets, which differs from the Standardized Approach in which the allowance for credit losses is eligible for inclusion in Tier 2 Capital up to 1.25% of credit risk-weighted assets, with any excess allowance for credit losses being deducted in arriving at credit risk-weighted assets. |
(2) | As of |
(3) | Citi’s Basel III capital ratios and related components, on a fully implemented basis, are non-GAAP financial measures. |
(4) | Tier 1 Leverage ratio denominator. |
(5) | Supplementary Leverage ratio denominator. |
In millions of dollars | March 31, 2016 | December 31, 2015 | June 30, 2016 | December 31, 2015 | ||||||||
Common Equity Tier 1 Capital | ||||||||||||
Citigroup common stockholders’ equity(1) | $ | 209,947 | $ | 205,286 | $ | 212,819 | $ | 205,286 | ||||
Add: Qualifying noncontrolling interests | 143 | 145 | 134 | 145 | ||||||||
Regulatory Capital Adjustments and Deductions: | ||||||||||||
Less: Accumulated net unrealized losses on cash flow hedges, net of tax(2) | (300 | ) | (617 | ) | (149 | ) | (617 | ) | ||||
Less: Cumulative unrealized net gain related to changes in fair value of financial liabilities attributable to own creditworthiness, net of tax(3) | 562 | 441 | 574 | 441 | ||||||||
Less: Intangible assets: | ||||||||||||
Goodwill, net of related deferred tax liabilities (DTLs)(4) | 21,935 | 21,980 | 21,854 | 21,980 | ||||||||
Identifiable intangible assets other than mortgage servicing rights (MSRs), net of related DTLs | 3,332 | 3,586 | 5,358 | 3,586 | ||||||||
Less: Defined benefit pension plan net assets | 870 | 794 | 964 | 794 | ||||||||
Less: Deferred tax assets (DTAs) arising from net operating loss, foreign tax credit and general business credit carry-forwards | 23,414 | 23,659 | 22,942 | 23,659 | ||||||||
Less: Excess over 10%/15% limitations for other DTAs, certain common stock investments, and MSRs | 7,254 | 8,723 | 6,876 | 8,723 | ||||||||
Total Common Equity Tier 1 Capital | $ | 153,023 | $ | 146,865 | $ | 154,534 | $ | 146,865 | ||||
Additional Tier 1 Capital | ||||||||||||
Qualifying perpetual preferred stock(1) | $ | 17,575 | $ | 16,571 | $ | 19,069 | $ | 16,571 | ||||
Qualifying trust preferred securities | 1,366 | 1,365 | 1,368 | 1,365 | ||||||||
Qualifying noncontrolling interests | 31 | 31 | 29 | 31 | ||||||||
Regulatory Capital Deductions: | ||||||||||||
Less: Minimum regulatory capital requirements of insurance underwriting subsidiaries | 228 | 229 | 184 | 229 | ||||||||
Less: Permitted ownership interests in covered funds(9) | 625 | 567 | ||||||||||
Less: Permitted ownership interests in covered funds(10) | 789 | 567 | ||||||||||
Total Additional Tier 1 Capital | $ | 18,119 | $ | 17,171 | $ | 19,493 | $ | 17,171 | ||||
Total Tier 1 Capital (Common Equity Tier 1 Capital + Additional Tier 1 Capital) | $ | 171,142 | $ | 164,036 | $ | 174,027 | $ | 164,036 | ||||
Tier 2 Capital | ||||||||||||
Qualifying subordinated debt(10) | $ | 22,664 | $ | 20,744 | ||||||||
Qualifying trust preferred securities(11) | 337 | 342 | ||||||||||
Qualifying subordinated debt(11) | $ | 23,701 | $ | 20,744 | ||||||||
Qualifying trust preferred securities(12) | 328 | 342 | ||||||||||
Qualifying noncontrolling interests | 40 | 41 | 37 | 41 | ||||||||
Excess of eligible credit reserves over expected credit losses(12) | 766 | 1,163 | ||||||||||
Excess of eligible credit reserves over expected credit losses(13) | 1,011 | 1,163 | ||||||||||
Regulatory Capital Deduction: | ||||||||||||
Less: Minimum regulatory capital requirements of insurance underwriting subsidiaries | 228 | 229 | 184 | 229 | ||||||||
Total Tier 2 Capital | $ | 23,579 | $ | 22,061 | $ | 24,893 | $ | 22,061 | ||||
Total Capital (Tier 1 Capital + Tier 2 Capital)(13) | $ | 194,721 | $ | 186,097 | ||||||||
Total Capital (Tier 1 Capital + Tier 2 Capital)(14) | $ | 198,920 | $ | 186,097 |
(1) | Issuance costs of |
(2) | Common Equity Tier 1 Capital is adjusted for accumulated net unrealized gains (losses) on cash flow hedges included in AOCI that relate to the hedging of items not recognized at fair value on the balance sheet. |
(3) | The cumulative impact of changes in Citigroup’s own creditworthiness in valuing liabilities for which the fair value option has been elected and own-credit valuation adjustments on derivatives are excluded from Common Equity Tier 1 Capital, in accordance with the U.S. Basel III rules. |
(4) | Includes goodwill “embedded” in the valuation of significant common stock investments in unconsolidated financial institutions. |
(5) | Identifiable intangible assets other than MSRs increased by approximately $2.2 billion during the second quarter of 2016 as a result of the acquisition of the Costco cards portfolio, as well as the renewal and extension of the co-branded credit card program agreement with American Airlines. For additional information, see Note 16 to the Consolidated Financial Statements. |
(6) | Of Citi’s approximately |
Assets subject to 10%/15% limitations include MSRs, DTAs arising from temporary differences and significant common stock investments in unconsolidated financial institutions. At |
Represents Citigroup Capital XIII trust preferred securities, which are permanently grandfathered as Tier 1 Capital under the U.S. Basel III rules. |
50% of the minimum regulatory capital requirements of insurance underwriting subsidiaries must be deducted from each of Tier 1 Capital and Tier 2 Capital. |
Effective July 2015, banking entities are required to be in compliance with the |
Non-qualifying subordinated debt issuances which consist of those with a fixed-to-floating rate step-up feature where the call/step-up date has not passed are excluded from Tier 2 Capital. |
Represents the amount of non-grandfathered trust preferred securities eligible for inclusion in Tier 2 Capital under the U.S. Basel III rules, which will be fully phased-out of Tier 2 Capital by January 1, 2022. |
Advanced Approaches banking organizations are permitted to include in Tier 2 Capital eligible credit reserves that exceed expected credit losses to the extent that the excess reserves do not exceed 0.6% of credit risk-weighted assets. |
Total Capital as calculated under Advanced Approaches, which differs from the Standardized Approach in the treatment of the amount of eligible credit reserves includable in Tier 2 Capital. |
In millions of dollars | Three Months Ended March 31, 2016 | Three Months Ended June 30, 2016 | Six Months Ended June 30, 2016 | ||||||
Common Equity Tier 1 Capital | |||||||||
Balance, beginning of period | $ | 146,865 | $ | 153,023 | $ | 146,865 | |||
Net income | 3,501 | 3,998 | 7,499 | ||||||
Common and preferred dividends declared | (359 | ) | (469 | ) | (828 | ) | |||
Net increase in treasury stock | (547 | ) | (1,315 | ) | (1,862 | ) | |||
Net decrease in common stock and additional paid-in capital(1) | (667 | ) | |||||||
Net increase in foreign currency translation adjustment net of hedges, net of tax | 654 | ||||||||
Net change in common stock and additional paid-in capital(1) | 147 | (520 | ) | ||||||
Net change in foreign currency translation adjustment net of hedges, net of tax | (552 | ) | 102 | ||||||
Net increase in unrealized gains on securities AFS, net of tax | 2,034 | 927 | 2,961 | ||||||
Net increase in defined benefit plans liability adjustment, net of tax | (465 | ) | (27 | ) | (492 | ) | |||
Net change in adjustment related to changes in fair value of financial liabilities attributable to own creditworthiness, net of tax | 72 | — | 72 | ||||||
Net decrease in goodwill, net of related deferred tax liabilities (DTLs) | 45 | 81 | 126 | ||||||
Net decrease in identifiable intangible assets other than mortgage servicing rights (MSRs), net of related DTLs | 254 | ||||||||
Net increase in identifiable intangible assets other than mortgage servicing rights (MSRs), net of related DTLs | (2,026 | ) | (1,772 | ) | |||||
Net increase in defined benefit pension plan net assets | (76 | ) | (94 | ) | (170 | ) | |||
Net decrease in deferred tax assets (DTAs) arising from net operating loss, foreign tax credit and general business credit carry-forwards | 245 | 472 | 717 | ||||||
Net decrease in excess over 10%/15% limitations for other DTAs, certain common stock investments and MSRs | 1,469 | 378 | 1,847 | ||||||
Other | (2 | ) | (9 | ) | (11 | ) | |||
Net increase in Common Equity Tier 1 Capital | $ | 6,158 | $ | 1,511 | $ | 7,669 | |||
Common Equity Tier 1 Capital Balance, end of period | $ | 153,023 | $ | 154,534 | $ | 154,534 | |||
Additional Tier 1 Capital | |||||||||
Balance, beginning of period | $ | 17,171 | $ | 18,119 | $ | 17,171 | |||
Net increase in qualifying perpetual preferred stock | 1,004 | 1,494 | 2,498 | ||||||
Net increase in qualifying trust preferred securities | 1 | 2 | 3 | ||||||
Net increase in permitted ownership interests in covered funds | (58 | ) | (164 | ) | (222 | ) | |||
Other | 1 | 42 | 43 | ||||||
Net increase in Additional Tier 1 Capital | $ | 948 | $ | 1,374 | $ | 2,322 | |||
Tier 1 Capital Balance, end of period | $ | 171,142 | $ | 174,027 | $ | 174,027 | |||
Tier 2 Capital | |||||||||
Balance, beginning of period | $ | 22,061 | $ | 23,579 | $ | 22,061 | |||
Net increase in qualifying subordinated debt | 1,920 | 1,037 | 2,957 | ||||||
Net decrease in excess of eligible credit reserves over expected credit losses | (397 | ) | |||||||
Net change in excess of eligible credit reserves over expected credit losses | 245 | (152 | ) | ||||||
Other | (5 | ) | 32 | 27 | |||||
Net increase in Tier 2 Capital | $ | 1,518 | $ | 1,314 | $ | 2,832 | |||
Tier 2 Capital Balance, end of period | $ | 23,579 | $ | 24,893 | $ | 24,893 | |||
Total Capital (Tier 1 Capital + Tier 2 Capital) | $ | 194,721 | $ | 198,920 | $ | 198,920 |
(1) |
Advanced Approaches | Standardized Approach | Advanced Approaches | Standardized Approach | |||||||||||||||||||||||||||||||||||
In millions of dollars | Citicorp | Citi Holdings | Total | Citicorp | Citi Holdings | Total | Citicorp | Citi Holdings | Total | Citicorp | Citi Holdings | Total | ||||||||||||||||||||||||||
Credit Risk | $ | 757,485 | $ | 79,741 | $ | 837,226 | $ | 1,026,201 | $ | 73,147 | $ | 1,099,348 | $ | 766,959 | $ | 71,029 | $ | 837,988 | $ | 1,043,206 | $ | 66,018 | $ | 1,109,224 | ||||||||||||||
Market Risk | 75,864 | 1,485 | 77,349 | 76,140 | 1,527 | 77,667 | 68,581 | 1,097 | 69,678 | 69,043 | 1,230 | 70,273 | ||||||||||||||||||||||||||
Operational Risk | 275,921 | 49,079 | 325,000 | — | — | — | 275,921 | 49,079 | 325,000 | — | — | — | ||||||||||||||||||||||||||
Total Risk-Weighted Assets | $ | 1,109,270 | $ | 130,305 | $ | 1,239,575 | $ | 1,102,341 | $ | 74,674 | $ | 1,177,015 | $ | 1,111,461 | $ | 121,205 | $ | 1,232,666 | $ | 1,112,249 | $ | 67,248 | $ | 1,179,497 |
Advanced Approaches | Standardized Approach | ||||||||||||||||||
In millions of dollars | Citicorp | Citi Holdings | Total | Citicorp | Citi Holdings | Total | |||||||||||||
Credit Risk | $ | 731,515 | $ | 84,945 | $ | 816,460 | $ | 1,008,951 | $ | 78,748 | $ | 1,087,699 | |||||||
Market Risk | 70,701 | 4,116 | 74,817 | 71,015 | 4,170 | 75,185 | |||||||||||||
Operational Risk | 275,921 | 49,079 | 325,000 | — | — | — | |||||||||||||
Total Risk-Weighted Assets | $ | 1,078,137 | $ | 138,140 | $ | 1,216,277 | $ | 1,079,966 | $ | 82,918 | $ | 1,162,884 |
In millions of dollars | Three Months Ended March 31, 2016 | Three Months Ended June 30, 2016 | Six Months Ended June 30, 2016 | ||||||
Total Risk-Weighted Assets, beginning of period | $ | 1,216,277 | $ | 1,239,575 | $ | 1,216,277 | |||
Changes in Credit Risk-Weighted Assets | |||||||||
Net decrease in retail exposures(1) | (7,914 | ) | (1,278 | ) | (9,192 | ) | |||
Net increase in wholesale exposures(2) | 2,389 | 1,335 | 3,724 | ||||||
Net increase in repo-style transactions(3) | 3,853 | ||||||||
Net increase in securitization exposures | 1,686 | ||||||||
Net increase in equity exposures | 894 | ||||||||
Net change in repo-style transactions | (3,218 | ) | 635 | ||||||
Net decrease in securitization exposures | (2,154 | ) | (468 | ) | |||||
Net change in equity exposures | (345 | ) | 549 | ||||||
Net increase in over-the-counter (OTC) derivatives | 7,538 | 2,148 | 9,686 | ||||||
Net increase in derivatives CVA | 10,920 | 1,854 | 12,774 | ||||||
Net increase in other exposures | 843 | 2,483 | 3,326 | ||||||
Net increase in supervisory 6% multiplier(7) | 557 | ||||||||
Net change in supervisory 6% multiplier(6) | (63 | ) | 494 | ||||||
Net increase in Credit Risk-Weighted Assets | $ | 20,766 | $ | 762 | $ | 21,528 | |||
Changes in Market Risk-Weighted Assets | |||||||||
Net increase in risk levels(8) | $ | 5,304 | |||||||
Net decrease due to model and methodology updates(9) | (2,772 | ) | |||||||
Net increase in Market Risk-Weighted Assets | $ | 2,532 | |||||||
Net decrease in risk levels(7) | $ | (7,741 | ) | $ | (2,437 | ) | |||
Net change due to model and methodology updates(8) | 70 | (2,702 | ) | ||||||
Net decrease in Market Risk-Weighted Assets | $ | (7,671 | ) | $ | (5,139 | ) | |||
Net change in Operational Risk-Weighted Assets | $ | — | $ | — | $ | — | |||
Total Risk-Weighted Assets, end of period | $ | 1,239,575 | $ | 1,232,666 | $ | 1,232,666 |
(1) | Retail exposures decreased during the three months ended |
(2) | Wholesale exposures increased slightly during the three months ended |
(3) |
(4) |
Derivatives CVA increased during the three months ended |
Other exposures include cleared transactions, unsettled transactions, assets other than those reportable in specific exposure categories and non-material portfolios. |
Supervisory 6% multiplier does not apply to derivatives CVA. |
Risk levels |
Risk-weighted assets declined during the |
In millions of dollars, except ratios | March 31, 2016 | December 31, 2015 | June 30, 2016 | December 31, 2015 | ||||||||
Tier 1 Capital | $ | 171,142 | $ | 164,036 | $ | 174,027 | $ | 164,036 | ||||
Total Leverage Exposure (TLE) | ||||||||||||
On-balance sheet assets(1) | $ | 1,777,571 | $ | 1,784,248 | $ | 1,807,312 | $ | 1,784,248 | ||||
Certain off-balance sheet exposures:(2) | ||||||||||||
Potential future exposure (PFE) on derivative contracts | 203,694 | 206,128 | 207,468 | 206,128 | ||||||||
Effective notional of sold credit derivatives, net(3) | 70,973 | 76,923 | 68,412 | 76,923 | ||||||||
Counterparty credit risk for repo-style transactions(4) | 26,381 | 25,939 | 21,457 | 25,939 | ||||||||
Unconditionally cancellable commitments | 57,306 | 58,699 | 60,913 | 58,699 | ||||||||
Other off-balance sheet exposures | 222,160 | 225,450 | 220,334 | 225,450 | ||||||||
Total of certain off-balance sheet exposures | $ | 580,514 | $ | 593,139 | $ | 578,584 | $ | 593,139 | ||||
Less: Tier 1 Capital deductions | 57,658 | 59,538 | 58,967 | 59,538 | ||||||||
Total Leverage Exposure | $ | 2,300,427 | $ | 2,317,849 | $ | 2,326,929 | $ | 2,317,849 | ||||
Supplementary Leverage ratio | 7.44 | % | 7.08 | % | 7.48 | % | 7.08 | % |
(1) | Represents the daily average of on-balance sheet assets for the quarter. |
(2) | Represents the average of certain off-balance sheet exposures calculated as of the last day of each month in the quarter. |
(3) | Under the U.S. Basel III rules, banking organizations are required to include in TLE the effective notional amount of sold credit derivatives, with netting of exposures permitted if certain conditions are met. |
(4) | Repo-style transactions include repurchase or reverse repurchase transactions and securities borrowing or securities lending transactions. |
In millions of dollars or shares, except per share amounts | March 31, 2016 | December 31, 2015 | June 30, 2016 | December 31, 2015 | ||||||||
Total Citigroup stockholders’ equity | $ | 227,522 | $ | 221,857 | $ | 231,888 | $ | 221,857 | ||||
Less: Preferred stock | 17,753 | 16,718 | 19,253 | 16,718 | ||||||||
Common equity | $ | 209,769 | $ | 205,139 | $ | 212,635 | $ | 205,139 | ||||
Less: | ||||||||||||
Goodwill | 22,575 | 22,349 | 22,496 | 22,349 | ||||||||
Intangible assets (other than MSRs) | 3,493 | 3,721 | 5,521 | 3,721 | ||||||||
Goodwill and intangible assets (other than MSRs) related to assets held-for-sale | 30 | 68 | 30 | 68 | ||||||||
Tangible common equity (TCE) | $ | 183,671 | $ | 179,001 | $ | 184,588 | $ | 179,001 | ||||
Common shares outstanding (CSO) | 2,934.9 | 2,953.3 | 2,905.4 | 2,953.3 | ||||||||
Tangible book value per share (TCE/CSO) | $ | 62.58 | $ | 60.61 | $ | 63.53 | $ | 60.61 | ||||
Book value per share (Common equity/CSO) | $ | 71.47 | $ | 69.46 | $ | 73.19 | $ | 69.46 |
(1) | Identifiable intangible assets (other than MSRs) increased by approximately $2.2 billion during the second quarter of 2016 as a result of the acquisition of the Costco cards portfolio, as well as the renewal and extension of the co-branded credit card program agreement with American Airlines. For additional information, see Note 16 to the Consolidated Financial Statements. |
MANAGING GLOBAL RISK | |||
CREDIT RISK(1) | |||
Consumer Credit | |||
Corporate Credit | |||
Additional Consumer and Corporate Credit Details | |||
Loans Outstanding | |||
Details of Credit Loss Experience | |||
Allowance for Loan Losses | |||
Non-Accrual Loans and Assets and Renegotiated Loans | |||
LIQUIDITY RISK | |||
High-Quality Liquid Assets (HQLA) | |||
Loans | |||
Deposits | |||
Long-Term Debt | |||
Secured Funding Transactions and Short-Term Borrowings | |||
Liquidity Coverage Ratio (LCR) | |||
Credit Ratings | |||
MARKET RISK(1) | |||
Market Risk of Non-Trading Portfolios | |||
Market Risk of Trading Portfolios | |||
COUNTRY RISK |
(1) | For additional information regarding certain credit risk, market risk and other quantitative and qualitative information, refer to Citi’s Pillar 3 Basel III Advanced Approaches Disclosures, as required by the rules of the Federal Reserve Board, on Citi’s Investor Relations website. |
North America Residential First Mortgage - EOP Loans In billions of dollars |
North America Residential First Mortgage - Net Credit Losses In millions of dollars |
(1) | Decrease in 4Q’15 EOP loans primarily |
(2) | Decrease in 1Q’16 net credit losses primarily |
(3) | 2Q’16 excludes a $23 million recovery of prior net credit losses related to the sale of CMI residential first mortgages during the quarter. |
(4) | Year-over-year change in the S&P/Case-Shiller U.S. National Home Price Index. |
Year-over-year change as of |
North America Residential First Mortgage Delinquencies-Citi Holdings In billions of dollars |
(1) | Decrease in 4Q’15 delinquencies primarily |
In billions of dollars | March 31, 2016 | December 31, 2015 | June 30, 2016 | March 31, 2016 | ||||||||||||||||||||||||||||||||||||||||
State(1) | ENR(2) | ENR Distribution | 90+DPD % | % LTV > 100%(3) | Refreshed FICO | ENR(2) | ENR Distribution | 90+DPD % | % LTV > 100%(3) | Refreshed FICO | ENR(2) | ENR Distribution | 90+DPD % | % LTV > 100%(3) | Refreshed FICO | ENR(2) | ENR Distribution | 90+DPD % | % LTV > 100%(3) | Refreshed FICO | ||||||||||||||||||||||||
CA | $ | 19.6 | 38 | % | 0.3 | % | 1 | % | 754 | $ | 19.2 | 37 | % | 0.2 | % | 1 | % | 754 | $ | 19.6 | 38 | % | 0.2 | % | — | % | 756 | $ | 19.6 | 38 | % | 0.3 | % | 1 | % | 754 | ||||||||
NY/NJ/CT(4) | 13.0 | 25 | 0.7 | 1 | 752 | 12.7 | 25 | 0.8 | 1 | 751 | 13.2 | 26 | 0.7 | 1 | 753 | 13.0 | 25 | 0.7 | 1 | 752 | ||||||||||||||||||||||||
IL(4) | 2.3 | 4 | 0.9 | 3 | 737 | 2.2 | 4 | 1.0 | 5 | 736 | ||||||||||||||||||||||||||||||||||
VA/MD | 2.2 | 4 | 1.2 | 4 | 719 | 2.2 | 4 | 1.2 | 2 | 719 | 2.2 | 4 | 1.0 | 3 | 722 | 2.2 | 4 | 1.2 | 4 | 719 | ||||||||||||||||||||||||
IL(4) | 2.2 | 4 | 1.0 | 5 | 736 | 2.2 | 4 | 1.0 | 3 | 735 | ||||||||||||||||||||||||||||||||||
FL(4) | 2.2 | 4 | 0.9 | 3 | 725 | 2.2 | 4 | 1.1 | 4 | 723 | 2.2 | 4 | 0.7 | 2 | 727 | 2.2 | 4 | 0.9 | 3 | 725 | ||||||||||||||||||||||||
TX | 1.9 | 4 | 0.9 | — | 713 | 1.9 | 4 | 1.0 | — | 711 | 1.8 | 3 | 0.9 | — | 716 | 1.9 | 4 | 0.9 | — | 713 | ||||||||||||||||||||||||
Other | 10.7 | 21 | 1.2 | 2 | 711 | 11.0 | 21 | 1.3 | 2 | 710 | 10.0 | 20 | 1.2 | 2 | 714 | 10.7 | 21 | 1.2 | 2 | 711 | ||||||||||||||||||||||||
Total | $ | 51.8 | 100 | % | 0.7 | % | 1 | % | 740 | $ | 51.5 | 100 | % | 0.7 | % | 1 | % | 738 | $ | 51.3 | 100 | % | 0.6 | % | 1 | % | 742 | $ | 51.8 | 100 | % | 0.7 | % | 1 | % | 740 |
(1) | Certain of the states are included as part of a region based on Citi’s view of similar HPI within the region. |
(2) | Ending net receivables. Excludes loans in Canada and Puerto Rico, loans guaranteed by U.S. government agencies, loans recorded at fair value and loans subject to long term standby commitments (LTSCs). Excludes balances for which FICO or LTV data are unavailable. |
(3) | LTV ratios (loan balance divided by appraised value) are calculated at origination and updated by applying market price data. |
(4) | New York, New Jersey, Connecticut, Florida and Illinois are judicial states. |
North America Home Equity Lines of Credit Amortization – Citigroup Total ENR by Reset Year In billions of dollars as of |
North America Home Equity - EOP Loans In billions of dollars |
North America Home Equity - Net Credit Losses In millions of dollars |
(1) | 2Q’16 excludes a non-recurring benefit to net credit losses of approximately $13 million associated with certain previously charged-off loans. |
North America Home Equity Loan Delinquencies - Citi Holdings In billions of dollars |
In billions of dollars | March 31, 2016 | December 31, 2015 | June 30, 2016 | March 31, 2016 | ||||||||||||||||||||||||||||||||||||||||
State(1) | ENR(2) | ENR Distribution | 90+DPD % | % CLTV > 100%(3) | Refreshed FICO | ENR(2) | ENR Distribution | 90+DPD % | % CLTV > 100%(3) | Refreshed FICO | ENR(2) | ENR Distribution | 90+DPD % | % CLTV > 100%(3) | Refreshed FICO | ENR(2) | ENR Distribution | 90+DPD % | % CLTV > 100%(3) | Refreshed FICO | ||||||||||||||||||||||||
CA | $ | 6.0 | 29 | % | 1.8 | % | 5 | % | 731 | $ | 6.2 | 29 | % | 1.7 | % | 6 | % | 731 | $ | 5.7 | 29 | % | 1.9 | % | 4 | % | 731 | $ | 6.0 | 29 | % | 1.8 | % | 5 | % | 731 | ||||||||
NY/NJ/CT(4) | 5.8 | 28 | 2.5 | 9 | 725 | 6.0 | 28 | 2.5 | 8 | 725 | 5.6 | 28 | 2.7 | 9 | 726 | 5.8 | 28 | 2.5 | 9 | 725 | ||||||||||||||||||||||||
FL(4) | 1.4 | 7 | 1.9 | 21 | 715 | 1.5 | 7 | 2.0 | 24 | 715 | 1.4 | 7 | 2.1 | 16 | 715 | 1.4 | 7 | 1.9 | 21 | 715 | ||||||||||||||||||||||||
VA/MD | 1.2 | 6 | 1.9 | 26 | 714 | 1.3 | 6 | 2.0 | 23 | 715 | 1.2 | 6 | 2.1 | 24 | 714 | 1.2 | 6 | 1.9 | 26 | 714 | ||||||||||||||||||||||||
IL(4) | 0.9 | 4 | 1.6 | 33 | 722 | 0.9 | 4 | 1.6 | 29 | 722 | 0.9 | 4 | 1.7 | 30 | 722 | 0.9 | 4 | 1.6 | 33 | 722 | ||||||||||||||||||||||||
IN/OH/MI(4) | 0.5 | 3 | 2.0 | 29 | 703 | 0.5 | 3 | 1.9 | 24 | 703 | 0.5 | 2 | 1.7 | 25 | 704 | 0.5 | 3 | 2.0 | 29 | 703 | ||||||||||||||||||||||||
Other | 4.9 | 24 | 1.8 | 13 | 712 | 5.1 | 24 | 1.7 | 12 | 712 | 4.5 | 23 | 1.9 | 10 | 712 | 4.9 | 24 | 1.8 | 13 | 712 | ||||||||||||||||||||||||
Total | $ | 20.6 | 100 | % | 2.0 | % | 12 | % | 722 | $ | 21.5 | 100 | % | 2.0 | % | 12 | % | 722 | $ | 19.8 | 100 | % | 2.1 | % | 11 | % | 722 | $ | 20.6 | 100 | % | 2.0 | % | 12 | % | 722 |
(1) | Certain of the states are included as part of a region based on Citi’s view of similar HPI within the region. |
(2) | Ending net receivables. Excludes loans in Canada and Puerto Rico and loans subject to LTSCs. Excludes balances for which FICO or LTV data are unavailable. |
(3) | Represents combined loan-to-value (CLTV) for both residential first mortgages and home equity loans. CLTV ratios (loan balance divided by appraised value) are calculated at origination and updated by applying market price data. |
(4) | New York, New Jersey, Connecticut, Indiana, Ohio, Florida and Illinois are judicial states. |
EOP loans(1) | 90+ days past due(2) | 30–89 days past due(2) | EOP loans(1) | 90+ days past due(2) | 30–89 days past due(2) | |||||||||||||||||||||||||||||||||||||
In millions of dollars, except EOP loan amounts in billions | March 31, 2016 | March 31, 2016 | December 31, 2015 | March 31, 2015 | March 31, 2016 | December 31, 2015 | March 31, 2015 | June 30, 2016 | June 30, 2016 | March 31, 2016 | June 30, 2015 | June 30, 2016 | March 31, 2016 | June 30, 2015 | ||||||||||||||||||||||||||||
Citicorp(3)(4) | ||||||||||||||||||||||||||||||||||||||||||
Total | $ | 272.6 | $ | 2,022 | $ | 2,119 | $ | 2,132 | $ | 2,360 | $ | 2,418 | $ | 2,414 | $ | 285.2 | $ | 1,965 | $ | 2,022 | $ | 2,020 | $ | 2,318 | $ | 2,360 | $ | 2,290 | ||||||||||||||
Ratio | 0.74 | % | 0.77 | % | 0.79 | % | 0.87 | % | 0.88 | % | 0.90 | % | 0.69 | % | 0.74 | % | 0.74 | % | 0.82 | % | 0.87 | % | 0.84 | % | ||||||||||||||||||
Retail banking | ||||||||||||||||||||||||||||||||||||||||||
Total | $ | 142.3 | $ | 498 | $ | 523 | $ | 540 | $ | 793 | $ | 739 | $ | 791 | $ | 141.8 | $ | 515 | $ | 498 | $ | 567 | $ | 735 | $ | 793 | $ | 746 | ||||||||||||||
Ratio | 0.35 | % | 0.37 | % | 0.39 | % | 0.56 | % | 0.53 | % | 0.57 | % | 0.37 | % | 0.35 | % | 0.40 | % | 0.52 | % | 0.56 | % | 0.53 | % | ||||||||||||||||||
North America | 53.5 | 152 | 165 | 123 | 198 | 221 | 203 | 54.8 | 180 | 152 | 150 | 192 | 198 | 176 | ||||||||||||||||||||||||||||
Ratio | 0.29 | % | 0.32 | % | 0.26 | % | 0.38 | % | 0.43 | % | 0.43 | % | 0.33 | % | 0.29 | % | 0.31 | % | 0.36 | % | 0.38 | % | 0.36 | % | ||||||||||||||||||
Latin America | 20.1 | 172 | 185 | 238 | 256 | 184 | 229 | 19.5 | 157 | 172 | 232 | 197 | 256 | 217 | ||||||||||||||||||||||||||||
Ratio | 0.86 | % | 0.92 | % | 1.13 | % | 1.27 | % | 0.92 | % | 1.09 | % | 0.81 | % | 0.86 | % | 1.10 | % | 1.01 | % | 1.27 | % | 1.03 | % | ||||||||||||||||||
Asia(5) | 68.7 | 174 | 173 | 179 | 339 | 334 | 359 | 67.5 | 178 | 174 | 185 | 346 | 339 | 353 | ||||||||||||||||||||||||||||
Ratio | 0.25 | % | 0.25 | % | 0.25 | % | 0.49 | % | 0.49 | % | 0.50 | % | 0.26 | % | 0.25 | % | 0.26 | % | 0.51 | % | 0.49 | % | 0.49 | % | ||||||||||||||||||
Cards | ||||||||||||||||||||||||||||||||||||||||||
Total | $ | 130.3 | $ | 1,524 | $ | 1,596 | $ | 1,592 | $ | 1,567 | $ | 1,679 | $ | 1,623 | $ | 143.4 | $ | 1,450 | $ | 1,524 | $ | 1,453 | $ | 1,583 | $ | 1,567 | $ | 1,544 | ||||||||||||||
Ratio | 1.17 | % | 1.17 | % | 1.23 | % | 1.20 | % | 1.23 | % | 1.25 | % | 1.01 | % | 1.17 | % | 1.10 | % | 1.10 | % | 1.20 | % | 1.17 | % | ||||||||||||||||||
North America—Citi-branded | 64.9 | 530 | 538 | 569 | 492 | 523 | 497 | 77.5 | 510 | 530 | 495 | 550 | 492 | 462 | ||||||||||||||||||||||||||||
Ratio | 0.82 | % | 0.80 | % | 0.90 | % | 0.76 | % | 0.78 | % | 0.78 | % | 0.66 | % | 0.82 | % | 0.77 | % | 0.71 | % | 0.76 | % | 0.72 | % | ||||||||||||||||||
North America—Citi retail services | 42.5 | 665 | 705 | 629 | 688 | 773 | 673 | 43.3 | 619 | 665 | 567 | 669 | 688 | 652 | ||||||||||||||||||||||||||||
Ratio | 1.56 | % | 1.53 | % | 1.48 | % | 1.62 | % | 1.68 | % | 1.59 | % | 1.43 | % | 1.56 | % | 1.31 | % | 1.55 | % | 1.62 | % | 1.51 | % | ||||||||||||||||||
Latin America | 5.3 | 149 | 173 | 203 | 152 | 157 | 204 | 5.0 | 145 | 149 | 200 | 137 | 152 | 183 | ||||||||||||||||||||||||||||
Ratio | 2.81 | % | 3.20 | % | 3.33 | % | 2.87 | % | 2.91 | % | 3.34 | % | 2.90 | % | 2.81 | % | 3.39 | % | 2.74 | % | 2.87 | % | 3.10 | % | ||||||||||||||||||
Asia(5) | 17.6 | 180 | 180 | 191 | 235 | 226 | 249 | 17.6 | 176 | 180 | 191 | 227 | 235 | 247 | ||||||||||||||||||||||||||||
Ratio | 1.02 | % | 1.02 | % | 1.07 | % | 1.34 | % | 1.28 | % | 1.40 | % | 1.00 | % | 1.02 | % | 1.06 | % | 1.29 | % | 1.34 | % | 1.36 | % | ||||||||||||||||||
Citi Holdings(6)(7) | ||||||||||||||||||||||||||||||||||||||||||
Total | $ | 45.0 | $ | 896 | $ | 927 | $ | 1,801 | $ | 929 | $ | 1,036 | $ | 1,431 | $ | 41.2 | $ | 878 | $ | 896 | $ | 1,647 | $ | 858 | $ | 929 | $ | 1,366 | ||||||||||||||
Ratio | 2.08 | % | 1.99 | % | 2.80 | % | 2.16 | % | 2.23 | % | 2.23 | % | 2.23 | % | 2.08 | % | 2.70 | % | 2.18 | % | 2.16 | % | 2.24 | % | ||||||||||||||||||
International | 6.4 | 145 | 157 | 194 | 161 | 179 | 234 | 5.5 | 170 | 145 | 185 | 138 | 161 | 213 | ||||||||||||||||||||||||||||
Ratio | 2.27 | % | 1.91 | % | 1.90 | % | 2.52 | % | 2.18 | % | 2.29 | % | 3.09 | % | 2.27 | % | 1.97 | % | 2.51 | % | 2.52 | % | 2.27 | % | ||||||||||||||||||
North America | 38.6 | 751 | 770 | 1,607 | 768 | 857 | 1,197 | 35.7 | 708 | 751 | 1,462 | 720 | 768 | 1,153 | ||||||||||||||||||||||||||||
Ratio | 2.05 | % | 2.01 | % | 2.97 | % | 2.09 | % | 2.24 | % | 2.21 | % | 2.09 | % | 2.05 | % | 2.84 | % | 2.12 | % | 2.09 | % | 2.24 | % | ||||||||||||||||||
Other (8) | 0.3 | |||||||||||||||||||||||||||||||||||||||||
Total Citigroup | $ | 317.9 | $ | 2,918 | $ | 3,046 | $ | 3,933 | $ | 3,289 | $ | 3,454 | $ | 3,845 | $ | 326.4 | $ | 2,843 | $ | 2,918 | $ | 3,667 | $ | 3,176 | $ | 3,289 | $ | 3,656 | ||||||||||||||
Ratio | 0.93 | % | 0.94 | % | 1.18 | % | 1.05 | % | 1.07 | % | 1.15 | % | 0.88 | % | 0.93 | % | 1.10 | % | 0.98 | % | 1.05 | % | 1.09 | % |
(1) | End-of-period (EOP) loans include interest and fees on credit cards. |
(2) | The ratios of 90+ days past due and 30–89 days past due are calculated based on EOP loans, net of unearned income. |
(3) | The 90+ days past due balances for North America—Citi-branded and North America—Citi retail services are generally still accruing interest. Citigroup’s policy is generally to accrue interest on credit card loans until 180 days past due, unless notification of bankruptcy filing has been received earlier. |
(4) | The 90+ days and 30–89 days past due and related ratios for Citicorp North America exclude U.S. mortgage loans that are guaranteed by U.S. government-sponsored entities since the potential loss predominantly resides within the U.S. government-sponsored entities. The amounts excluded for loans 90+ days past due and (EOP loans) were |
(5) | For reporting purposes, Asia GCB includes the results of operations of EMEA GCB for all periods presented. |
(6) | The 90+ days and 30–89 days past due and related ratios for Citi Holdings North America exclude U.S. mortgage loans that are guaranteed by U.S. government-sponsored entities since the potential loss predominantly resides within the U.S. government-sponsored entities. The amounts excluded for loans 90+ days past due (and EOP loans) were $1.2 billion ($1.8 billion), $1.3 billion ($1.9 billion) and $1.7 billion ($2.7 billion) at June 30, 2016, March 31, 2016 and June 30, |
(7) | The June 30, 2016, March 31, 2016 |
Average loans(1) | Net credit losses(2)(3) | Average loans(1) | Net credit losses(2)(3) | |||||||||||||||||||||
In millions of dollars, except average loan amounts in billions | 1Q16 | 4Q15 | 1Q15 | 2Q16 | 1Q16 | 2Q15 | ||||||||||||||||||
Citicorp | ||||||||||||||||||||||||
Total | $ | 271.2 | $ | 1,370 | $ | 1,405 | $ | 1,489 | $ | 273.3 | $ | 1,373 | $ | 1,370 | $ | 1,504 | ||||||||
Ratio | 2.03 | % | 2.04 | % | 2.21 | % | 2.02 | % | 2.03 | % | 2.21 | % | ||||||||||||
Retail banking | ||||||||||||||||||||||||
Total | $ | 139.9 | $ | 220 | $ | 295 | $ | 255 | $ | 141.4 | $ | 242 | $ | 220 | $ | 261 | ||||||||
Ratio | 0.63 | % | 0.83 | % | 0.73 | % | 0.69 | % | 0.63 | % | 0.73 | % | ||||||||||||
North America | 52.9 | 24 | 42 | 35 | 54.4 | 44 | 24 | 39 | ||||||||||||||||
Ratio | 0.18 | % | 0.32 | % | 0.30 | % | 0.33 | % | 0.18 | % | 0.32 | % | ||||||||||||
Latin America | 19.5 | 134 | 159 | 150 | 19.5 | 137 | 134 | 142 | ||||||||||||||||
Ratio | 2.76 | % | 3.09 | % | 2.88 | % | 2.83 | % | 2.76 | % | 2.70 | % | ||||||||||||
Asia(4) | 67.5 | 62 | 94 | 70 | 67.5 | 61 | 62 | 80 | ||||||||||||||||
Ratio | 0.37 | % | 0.54 | % | 0.39 | % | 0.36 | % | 0.37 | % | 0.44 | % | ||||||||||||
Cards | ||||||||||||||||||||||||
Total | $ | 131.3 | $ | 1,150 | $ | 1,110 | $ | 1,234 | $ | 131.9 | $ | 1,131 | $ | 1,150 | $ | 1,243 | ||||||||
Ratio | 3.52 | % | 3.35 | % | 3.78 | % | 3.45 | % | 3.52 | % | 3.84 | % | ||||||||||||
North America—Citi-branded | 64.7 | 455 | 454 | 492 | 66.7 | 467 | 455 | 503 | ||||||||||||||||
Ratio | 2.83 | % | 2.79 | % | 3.11 | % | 2.82 | % | 2.83 | % | 3.19 | % | ||||||||||||
North America—Retail services | 44.0 | 453 | 418 | 433 | 42.7 | 442 | 453 | 457 | ||||||||||||||||
Ratio | 4.14 | % | 3.76 | % | 4.00 | % | 4.16 | % | 4.14 | % | 4.30 | % | ||||||||||||
Latin America | 5.2 | 144 | 148 | 206 | 5.1 | 123 | 144 | 174 | ||||||||||||||||
Ratio | 11.14 | % | 10.68 | % | 13.05 | % | 9.70 | % | 11.14 | % | 11.44 | % | ||||||||||||
Asia(4) | 17.4 | 98 | 90 | 103 | 17.4 | 99 | 98 | 109 | ||||||||||||||||
Ratio | 2.27 | % | 2.06 | % | 2.32 | % | 2.29 | % | 2.27 | % | 2.43 | % | ||||||||||||
Citi Holdings(3) | ||||||||||||||||||||||||
Total | $ | 46.1 | $ | 143 | $ | 263 | $ | 475 | $ | 43.3 | $ | 101 | $ | 143 | $ | 309 | ||||||||
Ratio | 1.25 | % | 1.81 | % | 2.35 | % | 0.94 | % | 1.25 | % | 1.90 | % | ||||||||||||
International | 6.7 | 78 | 122 | 112 | 6.1 | 77 | 78 | 116 | ||||||||||||||||
Ratio | 4.68 | % | 5.83 | % | 3.52 | % | 5.08 | % | 4.68 | % | 4.70 | % | ||||||||||||
North America | 39.4 | 65 | 141 | 363 | 37.2 | 24 | 65 | 193 | ||||||||||||||||
Ratio | 0.66 | % | 1.13 | % | 2.14 | % | 0.26 | % | 0.66 | % | 1.39 | % | ||||||||||||
Other(5) | — | — | — | — | ||||||||||||||||||||
Total Citigroup | $ | 317.3 | $ | 1,513 | $ | 1,668 | $ | 1,964 | $ | 316.6 | $ | 1,474 | $ | 1,513 | $ | 1,813 | ||||||||
Ratio | 1.92 | % | 2.00 | % | 2.24 | % | 1.87 | % | 1.92 | % | 2.15 | % |
(1) | Average loans include interest and fees on credit cards. |
(2) | The ratios of net credit losses are calculated based on average loans, net of unearned income. |
(3) | As a result of the entry into an agreement to sell OneMain Financial (OneMain), OneMain was classified as held-for-sale (HFS) beginning March 31, 2015. As a result of HFS accounting treatment, approximately |
(4) | For reporting purposes, Asia GCB includes the results of operations of EMEA GCB for all periods presented. |
. |
At March 31, 2016 | At December 31, 2015 | At June 30, 2016 | At March 31, 2016 | At December 31, 2015 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
In billions of dollars | Due within 1 year | Greater than 1 year but within 5 years | Greater than 5 years | Total exposure | Due within 1 year | Greater than 1 year but within 5 years | Greater than 5 years | Total exposure | Due within 1 year | Greater than 1 year but within 5 years | Greater than 5 years | Total exposure | Due within 1 year | Greater than 1 year but within 5 years | Greater than 5 years | Total exposure | Due within 1 year | Greater than 1 year but within 5 years | Greater than 5 years | Total exposure | ||||||||||||||||||||||||||||||||||||||||
Direct outstandings (on-balance sheet)(1) | $ | 104 | $ | 103 | $ | 24 | $ | 231 | $ | 98 | $ | 97 | $ | 25 | $ | 220 | $ | 111 | $ | 99 | $ | 24 | $ | 234 | $ | 104 | $ | 103 | $ | 24 | $ | 231 | $ | 98 | $ | 97 | $ | 25 | $ | 220 | ||||||||||||||||||||
Unfunded lending commitments (off-balance sheet)(2) | 103 | 225 | 23 | 351 | 99 | 231 | 26 | 356 | 101 | 209 | 32 | 342 | 103 | 225 | 23 | 351 | 99 | 231 | 26 | 356 | ||||||||||||||||||||||||||||||||||||||||
Total exposure | $ | 207 | $ | 328 | $ | 47 | $ | 582 | $ | 197 | $ | 328 | $ | 51 | $ | 576 | $ | 212 | $ | 308 | $ | 56 | $ | 576 | $ | 207 | $ | 328 | $ | 47 | $ | 582 | $ | 197 | $ | 328 | $ | 51 | $ | 576 |
(1) | Includes drawn loans, overdrafts, bankers’ acceptances and leases. |
(2) | Includes unused commitments to lend, letters of credit and financial guarantees. |
March 31, 2016 | December 31, 2015 | June 30, 2016 | March 31, 2016 | December 31, 2015 | ||||||
North America | 56 | % | 56 | % | 54 | % | 56 | % | 56 | % |
EMEA | 25 | 25 | 26 | 25 | 25 | |||||
Asia | 12 | 12 | 12 | 12 | 12 | |||||
Latin America | 7 | 7 | 8 | 7 | 7 | |||||
Total | 100 | % | 100 | % | 100 | % | 100 | % | 100 | % |
Total Exposure | Total Exposure | |||||||||
March 31, 2016 | December 31, 2015 | June 30, 2016 | March 31, 2016 | December 31, 2015 | ||||||
AAA/AA/A | 48 | % | 48 | % | 49 | % | 48 | % | 48 | % |
BBB | 35 | 35 | 34 | 35 | 35 | |||||
BB/B | 15 | 15 | 15 | 15 | 15 | |||||
CCC or below | 2 | 2 | 2 | 2 | 2 | |||||
Unrated | — | — | — | — | — | |||||
Total | 100 | % | 100 | % | 100 | % | 100 | % | 100 | % |
Total Exposure | Total Exposure | |||||||||
March 31, 2016 | December 31, 2015 | June 30, 2016 | March 31, 2016 | December 31, 2015 | ||||||
Transportation and industrial | 21 | % | 20 | % | 21 | % | 21 | % | 20 | % |
Consumer retail and health | 16 | 16 | 17 | 16 | 16 | |||||
Power, chemicals, commodities and metals and mining | 12 | 11 | 11 | 12 | 11 | |||||
Technology, media and telecom | 11 | 12 | 11 | 11 | 12 | |||||
Energy(1) | 8 | 9 | 9 | 8 | 9 | |||||
Banks/broker-dealers/finance companies | 7 | 7 | 7 | 7 | 7 | |||||
Real estate | 6 | 6 | 6 | 6 | 6 | |||||
Hedge funds | 5 | 5 | 5 | 5 | 5 | |||||
Insurance and special purpose entities | 5 | 5 | 5 | 5 | 5 | |||||
Public sector | 5 | 5 | 5 | 5 | 5 | |||||
Other industries | 4 | 4 | 3 | 4 | 4 | |||||
Total | 100 | % | 100 | % | 100 | % | 100 | % | 100 | % |
June 30, 2016 | March 31, 2016 | December 31, 2015 | ||||
AAA/AA/A | 20 | % | 19 | % | 21 | % |
BBB | 51 | 53 | 48 | |||
BB/B | 25 | 25 | 27 | |||
CCC or below | 4 | 3 | 4 | |||
Total | 100 | % | 100 | % | 100 | % |
March 31, 2016 | December 31, 2015 | |||
AAA/AA/A | 19 | % | 21 | % |
BBB | 53 | 48 | ||
BB/B | 25 | 27 | ||
CCC or below | 3 | 4 | ||
Total | 100 | % | 100 | % |
March 31, 2016 | December 31, 2015 | June 30, 2016 | March 31, 2016 | December 31, 2015 | ||||||
Transportation and industrial | 28 | % | 28 | % | 26 | % | 28 | % | 28 | % |
Consumer retail and health | 18 | 17 | 16 | 18 | 17 | |||||
Technology, media and telecom | 16 | 16 | 15 | 16 | 16 | |||||
Energy | 13 | 13 | 15 | 13 | 13 | |||||
Power, chemicals, commodities and metals and mining | 11 | 12 | 12 | 11 | 12 | |||||
Insurance and special purpose entities | 5 | 5 | 5 | 5 | 5 | |||||
Public Sector | 4 | 4 | 5 | 4 | 4 | |||||
Banks/broker-dealers | 4 | 4 | 5 | 4 | 4 | |||||
Other industries | 1 | 1 | 1 | 1 | 1 | |||||
Total | 100 | % | 100 | % | 100 | % | 100 | % | 100 | % |
1st Qtr. | 4th Qtr. | 3rd Qtr. | 2nd Qtr. | 1st Qtr. | 2nd Qtr. | 1st Qtr. | 4th Qtr. | 3rd Qtr. | 2nd Qtr. | |||||||||||||||||||||
In millions of dollars | 2016 | 2015 | 2016 | 2016 | 2015 | |||||||||||||||||||||||||
Consumer loans | ||||||||||||||||||||||||||||||
In U.S. offices | ||||||||||||||||||||||||||||||
Mortgage and real estate(1) | $ | 79,128 | $ | 80,281 | $ | 89,155 | $ | 90,715 | $ | 92,005 | $ | 77,242 | $ | 79,128 | $ | 80,281 | $ | 89,155 | $ | 90,715 | ||||||||||
Installment, revolving credit, and other | 3,504 | 3,480 | 4,999 | 4,956 | 4,861 | 3,486 | 3,504 | 3,480 | 4,999 | 4,956 | ||||||||||||||||||||
Cards | 106,892 | 112,800 | 107,244 | 107,096 | 105,378 | 120,113 | 106,892 | 112,800 | 107,244 | 107,096 | ||||||||||||||||||||
Commercial and industrial | 6,793 | 6,407 | 6,437 | 6,493 | 6,532 | 7,041 | 6,793 | 6,407 | 6,437 | 6,493 | ||||||||||||||||||||
$ | 196,317 | $ | 202,968 | $ | 207,835 | $ | 209,260 | $ | 208,776 | $ | 207,882 | $ | 196,317 | $ | 202,968 | $ | 207,835 | $ | 209,260 | |||||||||||
In offices outside the U.S. | ||||||||||||||||||||||||||||||
Mortgage and real estate(1) | $ | 47,831 | $ | 47,062 | $ | 47,295 | $ | 50,704 | $ | 50,970 | $ | 46,049 | $ | 47,831 | $ | 47,062 | $ | 47,295 | $ | 50,704 | ||||||||||
Installment, revolving credit, and other | 28,778 | 29,480 | 29,702 | 30,958 | 31,396 | 27,830 | 28,778 | 29,480 | 29,702 | 30,958 | ||||||||||||||||||||
Cards | 26,312 | 27,342 | 26,865 | 28,662 | 28,681 | 25,844 | 26,312 | 27,342 | 26,865 | 28,662 | ||||||||||||||||||||
Commercial and industrial | 17,697 | 17,741 | 17,841 | 18,863 | 18,082 | 17,857 | 17,697 | 17,741 | 17,841 | 18,863 | ||||||||||||||||||||
Lease financing | 139 | 362 | 368 | 424 | 479 | 140 | 139 | 362 | 368 | 424 | ||||||||||||||||||||
$ | 120,757 | $ | 121,987 | $ | 122,071 | $ | 129,611 | $ | 129,608 | $ | 117,720 | $ | 120,757 | $ | 121,987 | $ | 122,071 | $ | 129,611 | |||||||||||
Total consumer loans | $ | 317,074 | $ | 324,955 | $ | 329,906 | $ | 338,871 | $ | 338,384 | $ | 325,602 | $ | 317,074 | $ | 324,955 | $ | 329,906 | $ | 338,871 | ||||||||||
Unearned income(2) | 826 | 830 | (687 | ) | (677 | ) | (651 | ) | 817 | 826 | 830 | (687 | ) | (677 | ) | |||||||||||||||
Consumer loans, net of unearned income | $ | 317,900 | $ | 325,785 | $ | 329,219 | $ | 338,194 | $ | 337,733 | $ | 326,419 | $ | 317,900 | $ | 325,785 | $ | 329,219 | $ | 338,194 | ||||||||||
Corporate loans | ||||||||||||||||||||||||||||||
In U.S. offices | ||||||||||||||||||||||||||||||
Commercial and industrial | $ | 44,104 | $ | 41,147 | $ | 40,435 | $ | 40,697 | $ | 37,537 | $ | 50,286 | $ | 44,104 | $ | 41,147 | $ | 40,435 | $ | 40,697 | ||||||||||
Loans to financial institutions | 36,865 | 36,396 | 38,034 | 37,360 | 36,054 | 32,001 | 36,865 | 36,396 | 38,034 | 37,360 | ||||||||||||||||||||
Mortgage and real estate(1) | 38,697 | 37,565 | 37,019 | 34,680 | 33,145 | 40,175 | 38,697 | 37,565 | 37,019 | 34,680 | ||||||||||||||||||||
Installment, revolving credit, and other | 33,273 | 33,374 | 32,129 | 31,882 | 29,267 | 32,491 | 33,273 | 33,374 | 32,129 | 31,882 | ||||||||||||||||||||
Lease financing | 1,597 | 1,780 | 1,718 | 1,707 | 1,755 | 1,546 | 1,597 | 1,780 | 1,718 | 1,707 | ||||||||||||||||||||
$ | 154,536 | $ | 150,262 | $ | 149,335 | $ | 146,326 | $ | 137,758 | $ | 156,499 | $ | 154,536 | $ | 150,262 | $ | 149,335 | $ | 146,326 | |||||||||||
In offices outside the U.S. | ||||||||||||||||||||||||||||||
Commercial and industrial | $ | 85,491 | $ | 82,358 | $ | 85,628 | $ | 87,274 | $ | 85,336 | $ | 87,125 | $ | 85,491 | $ | 82,358 | $ | 85,628 | $ | 87,274 | ||||||||||
Loans to financial institutions | 28,652 | 28,704 | 28,090 | 29,675 | 32,210 | 27,856 | 28,652 | 28,704 | 28,090 | 29,675 | ||||||||||||||||||||
Mortgage and real estate(1) | 5,769 | 5,106 | 6,602 | 5,948 | 6,311 | 5,455 | 5,769 | 5,106 | 6,602 | 5,948 | ||||||||||||||||||||
Installment, revolving credit, and other | 21,583 | 20,853 | 19,352 | 20,214 | 19,687 | 24,825 | 21,583 | 20,853 | 19,352 | 20,214 | ||||||||||||||||||||
Lease financing | 280 | 303 | 329 | 378 | 389 | 255 | 280 | 303 | 329 | 378 | ||||||||||||||||||||
Governments and official institutions | 5,303 | 4,911 | 4,503 | 4,714 | 2,174 | 5,757 | 5,303 | 4,911 | 4,503 | 4,714 | ||||||||||||||||||||
$ | 147,078 | $ | 142,235 | $ | 144,504 | $ | 148,203 | $ | 146,107 | $ | 151,273 | $ | 147,078 | $ | 142,235 | $ | 144,504 | $ | 148,203 | |||||||||||
Total corporate loans | $ | 301,614 | $ | 292,497 | $ | 293,839 | $ | 294,529 | $ | 283,865 | $ | 307,772 | $ | 301,614 | $ | 292,497 | $ | 293,839 | $ | 294,529 | ||||||||||
Unearned income(3) | (690 | ) | (665 | ) | (614 | ) | (605 | ) | (544 | ) | (676 | ) | (690 | ) | (665 | ) | (614 | ) | (605 | ) | ||||||||||
Corporate loans, net of unearned income | $ | 300,924 | $ | 291,832 | $ | 293,225 | $ | 293,924 | $ | 283,321 | $ | 307,096 | $ | 300,924 | $ | 291,832 | $ | 293,225 | $ | 293,924 | ||||||||||
Total loans—net of unearned income | $ | 618,824 | $ | 617,617 | $ | 622,444 | $ | 632,118 | $ | 621,054 | $ | 633,515 | $ | 618,824 | $ | 617,617 | $ | 622,444 | $ | 632,118 | ||||||||||
Allowance for loan losses—on drawn exposures | (12,712 | ) | (12,626 | ) | (13,626 | ) | (14,075 | ) | (14,598 | ) | (12,304 | ) | (12,712 | ) | (12,626 | ) | (13,626 | ) | (14,075 | ) | ||||||||||
Total loans—net of unearned income and allowance for credit losses | $ | 606,112 | $ | 604,991 | $ | 608,818 | $ | 618,043 | $ | 606,456 | $ | 621,211 | $ | 606,112 | $ | 604,991 | $ | 608,818 | $ | 618,043 | ||||||||||
Allowance for loan losses as a percentage of total loans— net of unearned income(4) | 2.07 | % | 2.06 | % | 2.21 | % | 2.25 | % | 2.38 | % | 1.96 | % | 2.07 | % | 2.06 | % | 2.21 | % | 2.25 | % | ||||||||||
Allowance for consumer loan losses as a percentage of total consumer loans—net of unearned income(4) | 3.09 | % | 3.02 | % | 3.35 | % | 3.45 | % | 3.57 | % | 2.89 | % | 3.09 | % | 3.02 | % | 3.35 | % | 3.45 | % | ||||||||||
Allowance for corporate loan losses as a percentage of total corporate loans—net of unearned income(4) | 0.98 | % | 0.97 | % | 0.90 | % | 0.84 | % | 0.92 | % | 0.95 | % | 0.98 | % | 0.97 | % | 0.90 | % | 0.84 | % |
(1) | Loans secured primarily by real estate. |
(2) | Unearned income on consumer loans primarily represents unamortized origination fees, costs, premiums and discounts. Prior to December 31, 2015, these items were more than offset by prepaid interest on loans outstanding issued by OneMain Financial. The sale of OneMain Financial was completed on November 16, 2015. |
(3) | Unearned income on corporate loans primarily represents interest received in advance but not yet earned on loans originated on a discount basis. |
(4) | All periods exclude loans that are carried at fair value. |
1st Qtr. | 4th Qtr. | 3rd Qtr. | 2nd Qtr. | 1st Qtr. | 2nd Qtr. | 1st Qtr. | 4th Qtr. | 3rd Qtr. | 2nd Qtr. | |||||||||||||||||||||
In millions of dollars | 2016 | 2015 | 2016 | 2016 | 2015 | |||||||||||||||||||||||||
Allowance for loan losses at beginning of period | $ | 12,626 | $ | 13,626 | $ | 14,075 | $ | 14,598 | $ | 15,994 | $ | 12,712 | $ | 12,626 | $ | 13,626 | $ | 14,075 | $ | 14,598 | ||||||||||
Provision for loan losses | ||||||||||||||||||||||||||||||
Consumer | $ | 1,570 | $ | 1,684 | $ | 1,338 | $ | 1,559 | $ | 1,647 | $ | 1,275 | $ | 1,570 | $ | 1,684 | $ | 1,338 | $ | 1,559 | ||||||||||
Corporate | 316 | 572 | 244 | (44 | ) | 108 | 115 | 316 | 572 | 244 | (44 | ) | ||||||||||||||||||
$ | 1,886 | $ | 2,256 | $ | 1,582 | $ | 1,515 | $ | 1,755 | $ | 1,390 | $ | 1,886 | $ | 2,256 | $ | 1,582 | $ | 1,515 | |||||||||||
Gross credit losses | ||||||||||||||||||||||||||||||
Consumer | ||||||||||||||||||||||||||||||
In U.S. offices | $ | 1,230 | $ | 1,267 | $ | 1,244 | $ | 1,393 | $ | 1,596 | $ | 1,212 | $ | 1,230 | $ | 1,267 | $ | 1,244 | $ | 1,393 | ||||||||||
In offices outside the U.S. | 689 | 794 | 746 | 816 | 836 | 678 | 689 | 794 | 746 | 816 | ||||||||||||||||||||
Corporate | ||||||||||||||||||||||||||||||
In U.S. offices | 190 | 75 | 30 | 5 | 11 | 63 | 190 | 75 | 30 | 5 | ||||||||||||||||||||
In offices outside the U.S. | 34 | 44 | 48 | 121 | 15 | 95 | 34 | 44 | 48 | 121 | ||||||||||||||||||||
$ | 2,143 | $ | 2,180 | $ | 2,068 | $ | 2,335 | $ | 2,458 | $ | 2,048 | $ | 2,143 | $ | 2,180 | $ | 2,068 | $ | 2,335 | |||||||||||
Credit recoveries(1) | ||||||||||||||||||||||||||||||
Consumer | ||||||||||||||||||||||||||||||
In U.S. offices | $ | 256 | $ | 229 | $ | 222 | $ | 228 | $ | 296 | $ | 262 | $ | 256 | $ | 229 | $ | 222 | $ | 228 | ||||||||||
In offices outside the U.S. | 150 | 164 | 155 | 168 | 172 | 154 | 150 | 164 | 155 | 168 | ||||||||||||||||||||
Corporate | ||||||||||||||||||||||||||||||
In U.S. offices | 4 | 9 | 11 | 4 | 12 | 3 | 4 | 9 | 11 | 4 | ||||||||||||||||||||
In offices outside the U.S. | 9 | 16 | 17 | 15 | 21 | 13 | 9 | 16 | 17 | 15 | ||||||||||||||||||||
$ | 419 | $ | 418 | $ | 405 | $ | 415 | $ | 501 | $ | 432 | $ | 419 | $ | 418 | $ | 405 | $ | 415 | |||||||||||
Net credit losses | ||||||||||||||||||||||||||||||
In U.S. offices | $ | 1,160 | $ | 1,104 | $ | 1,041 | $ | 1,166 | $ | 1,299 | $ | 1,010 | $ | 1,160 | $ | 1,104 | $ | 1,041 | $ | 1,166 | ||||||||||
In offices outside the U.S. | 564 | 658 | 622 | 754 | 658 | 606 | 564 | 658 | 622 | 754 | ||||||||||||||||||||
Total | $ | 1,724 | $ | 1,762 | $ | 1,663 | $ | 1,920 | $ | 1,957 | $ | 1,616 | $ | 1,724 | $ | 1,762 | $ | 1,663 | $ | 1,920 | ||||||||||
Other—net(2)(3)(4)(5)(6)(7)(8) | $ | (76 | ) | $ | (1,494 | ) | $ | (368 | ) | (118 | ) | $ | (1,194 | ) | $ | (182 | ) | $ | (76 | ) | $ | (1,494 | ) | (368 | ) | $ | (118 | ) | ||
Allowance for loan losses at end of period | $ | 12,712 | $ | 12,626 | $ | 13,626 | $ | 14,075 | $ | 14,598 | $ | 12,304 | $ | 12,712 | $ | 12,626 | $ | 13,626 | $ | 14,075 | ||||||||||
Allowance for loan losses as a percentage of total loans(9) | 2.07 | % | 2.06 | % | 2.21 | % | 2.25 | % | 2.38 | % | 1.96 | % | 2.07 | % | 2.06 | % | 2.21 | % | 2.25 | % | ||||||||||
Allowance for unfunded lending commitments(5)(10) | $ | 1,473 | $ | 1,402 | $ | 1,036 | $ | 973 | $ | 1,023 | ||||||||||||||||||||
Allowance for unfunded lending commitments(6)(10) | $ | 1,432 | $ | 1,473 | $ | 1,402 | $ | 1,036 | $ | 973 | ||||||||||||||||||||
Total allowance for loan losses and unfunded lending commitments | $ | 14,185 | $ | 14,028 | $ | 14,662 | $ | 15,048 | $ | 15,621 | $ | 13,736 | $ | 14,185 | $ | 14,028 | $ | 14,662 | $ | 15,048 | ||||||||||
Net consumer credit losses | $ | 1,513 | $ | 1,668 | $ | 1,613 | $ | 1,813 | $ | 1,964 | $ | 1,474 | $ | 1,513 | $ | 1,668 | $ | 1,613 | $ | 1,813 | ||||||||||
As a percentage of average consumer loans | 1.90 | % | 2.00 | % | 1.93 | % | 2.15 | % | 2.24 | % | 1.87 | % | 1.90 | % | 2.00 | % | 1.93 | % | 2.15 | % | ||||||||||
Net corporate credit losses | $ | 211 | $ | 94 | $ | 50 | $ | 107 | $ | (7 | ) | $ | 142 | $ | 211 | $ | 94 | $ | 50 | $ | 107 | |||||||||
As a percentage of average corporate loans | 0.29 | % | 0.13 | % | 0.07 | % | 0.15 | % | (0.01 | )% | 0.19 | % | 0.29 | % | 0.13 | % | 0.07 | % | 0.15 | % | ||||||||||
Allowance for loan losses at end of period(11) | ||||||||||||||||||||||||||||||
Citicorp | $ | 10,544 | $ | 10,331 | $ | 10,213 | $ | 10,368 | $ | 10,662 | $ | 10,433 | $ | 10,544 | $ | 10,331 | $ | 10,213 | $ | 10,368 | ||||||||||
Citi Holdings | 2,168 | 2,295 | 3,413 | 3,707 | 3,936 | 1,871 | 2,168 | 2,295 | 3,413 | 3,707 | ||||||||||||||||||||
Total Citigroup | $ | 12,712 | $ | 12,626 | $ | 13,626 | $ | 14,075 | $ | 14,598 | $ | 12,304 | $ | 12,712 | $ | 12,626 | $ | 13,626 | $ | 14,075 | ||||||||||
Allowance by type | ||||||||||||||||||||||||||||||
Consumer | $ | 9,807 | $ | 9,835 | $ | 11,030 | $ | 11,669 | $ | 12,052 | $ | 9,432 | $ | 9,807 | $ | 9,835 | $ | 11,030 | $ | 11,669 | ||||||||||
Corporate | 2,905 | 2,791 | 2,596 | 2,406 | 2,546 | 2,872 | 2,905 | 2,791 | 2,596 | 2,406 | ||||||||||||||||||||
Total Citigroup | $ | 12,712 | $ | 12,626 | $ | 13,626 | $ | 14,075 | $ | 14,598 | $ | 12,304 | $ | 12,712 | $ | 12,626 | $ | 13,626 | $ | 14,075 |
(1) | Recoveries have been reduced by certain collection costs that are incurred only if collection efforts are successful. |
(2) | Includes all adjustments to the allowance for credit losses, such as changes in the allowance from acquisitions, dispositions, securitizations, FX translation, purchase accounting adjustments, etc. |
(3) | The second quarter of 2016 includes a reduction of approximately $101 million related to the sale or transfers to held-for-sale (HFS) of various loan portfolios, including a reduction of $24 million related to the transfers of a real estate loan portfolio to HFS. Additionally, the second quarter includes a reduction of approximately $75 million related to FX translation. |
(4) | The first quarter of 2016 includes a reduction of approximately $148 million related to the sale or transfers to held-for-sale (HFS) of various loan portfolios, including a reduction of $29 million related to the transfers of a real estate loan portfolio to HFS. Additionally, the first quarter includes an increase of approximately $63 million related to FX translation. |
The fourth quarter of 2015 includes a reduction of approximately $1.1 billion related to the sale or transfers to HFS of various loan portfolios, including a reduction of $1.1 billion related to the transfers of a real estate loan portfolio to HFS. Additionally, the fourth quarter includes a reduction of approximately $35 million related to FX translation. |
The fourth quarter of 2015 includes a reclassification of $271 million of Allowance for loan losses to allowance for unfunded lending commitments, included in the Other line item. This reclassification reflects the re-attribution of $271 million in allowance for credit losses between the funded and unfunded portions of the corporate credit portfolios and does not reflect a change in the underlying credit performance of these portfolios. |
The third quarter of 2015 includes a reduction of approximately $110 million related to the sale or transfers to HFS of various loan portfolios, including a reduction of $14 million related to a transfer of a real estate loan portfolio to HFS. Additionally, the third quarter includes a reduction of approximately $255 million related to FX translation. |
The second quarter of 2015 includes a reduction of approximately $88 million related to the sale or transfers to held-for-sale (HFS) of various loan portfolios, including a reduction of $34 million related to a transfer of a real estate loan portfolio to HFS. Additionally, the second quarter of 2015 includes a reduction of approximately $39 million related to FX translation. |
(9) | June 30, 2016, March 31, 2016, December 31, 2015, September 30, 2015, and June 30, 2015 |
(10) | Represents additional credit reserves recorded as Other liabilities on the Consolidated Balance Sheet. |
(11) | Allowance for loan losses represents management’s best estimate of probable losses inherent in the portfolio, as well as probable losses related to large individually evaluated impaired loans and troubled debt restructurings. See “Significant Accounting Policies and Significant Estimates” and Note 1 to the Consolidated Financial Statements in Citi’s 2015 Annual Report on Form 10-K. Attribution of the allowance is made for analytical purposes only and the entire allowance is available to absorb probable credit losses inherent in the overall portfolio. |
March 31, 2016 | June 30, 2016 | |||||||||||||||
In billions of dollars | Allowance for loan losses | Loans, net of unearned income | Allowance as a percentage of loans(1) | Allowance for loan losses | Loans, net of unearned income | Allowance as a percentage of loans(1) | ||||||||||
North America cards(2) | $ | 4.5 | $ | 107.5 | 4.2 | % | $ | 4.6 | $ | 120.8 | 3.8 | % | ||||
North America mortgages(3) | 1.6 | 78.7 | 2.0 | 1.4 | 76.9 | 1.8 | ||||||||||
North America other | 0.6 | 13.3 | 4.5 | 0.4 | 13.6 | 2.9 | ||||||||||
International cards | 1.5 | 25.6 | 5.9 | 1.5 | 25.1 | 6.0 | ||||||||||
International other(4) | 1.6 | 92.8 | 1.7 | 1.5 | 90.0 | 1.7 | ||||||||||
Total consumer | $ | 9.8 | $ | 317.9 | 3.1 | % | $ | 9.4 | $ | 326.4 | 2.9 | % | ||||
Total corporate | 2.9 | 300.9 | 1.0 | 2.9 | 307.1 | 1.0 | ||||||||||
Total Citigroup | $ | 12.7 | $ | 618.8 | 2.1 | % | $ | 12.3 | $ | 633.5 | 2.0 | % |
(1) | Allowance as a percentage of loans excludes loans that are carried at fair value. |
(2) | Includes both Citi-branded cards and Citi retail services. The |
(3) | Of the |
(4) | Includes mortgages and other retail loans. |
December 31, 2015 | ||||||||
In billions of dollars | Allowance for loan losses | Loans, net of unearned income | Allowance as a percentage of loans(1) | |||||
North America cards(2) | $ | 4.5 | $ | 113.4 | 4.0 | % | ||
North America mortgages(3) | 1.7 | 79.6 | 2.1 | |||||
North America other | 0.5 | 13.0 | 3.8 | |||||
International cards | 1.6 | 26.7 | 6.0 | |||||
International other(4) | 1.5 | 93.1 | 1.6 | |||||
Total consumer | $ | 9.8 | $ | 325.8 | 3.0 | % | ||
Total corporate | 2.8 | 291.8 | 1.0 | |||||
Total Citigroup | $ | 12.6 | $ | 617.6 | 2.1 | % |
(1) | Allowance as a percentage of loans excludes loans that are carried at fair value. |
(2) | Includes both Citi-branded cards and Citi retail services. The $4.5 billion of loan loss reserves represented approximately 15 months of coincident net credit loss coverage. |
(3) | Of the $1.7 billion, approximately $1.6 billion was allocated to North America mortgages in Citi Holdings. Of the $1.7 billion, approximately $0.6 billion and $1.1 billion are determined in accordance with ASC 450-20 and ASC 310-10-35 (troubled debt restructurings), respectively. Of the $79.6 billion in loans, approximately $72.3 billion and $7.1 billion of the loans are evaluated in accordance with ASC 450-20 and ASC 310-10-35 (troubled debt restructurings), respectively. For additional information, see Note 15 to the Consolidated Financial Statements. |
(4) | Includes mortgages and other retail loans. |
Mar. 31, | Dec. 31, | Sept. 30, | Jun. 30, | Mar. 31, | |||||||||||
In millions of dollars | 2016 | 2015 | 2015 | 2015 | 2015 | ||||||||||
Citicorp | $ | 3,718 | $ | 2,991 | $ | 2,921 | $ | 2,684 | $ | 2,674 | |||||
Citi Holdings | 2,210 | 2,263 | 3,486 | 3,800 | 4,080 | ||||||||||
Total non-accrual loans | $ | 5,928 | $ | 5,254 | $ | 6,407 | $ | 6,484 | $ | 6,754 | |||||
Corporate non-accrual loans(1)(2) | |||||||||||||||
North America | $ | 1,331 | $ | 818 | $ | 833 | $ | 467 | $ | 347 | |||||
EMEA | 469 | 347 | 386 | 385 | 305 | ||||||||||
Latin America | 410 | 303 | 230 | 226 | 379 | ||||||||||
Asia | 117 | 128 | 129 | 145 | 151 | ||||||||||
Total corporate non-accrual loans | $ | 2,327 | $ | 1,596 | $ | 1,578 | $ | 1,223 | $ | 1,182 | |||||
Citicorp | $ | 2,275 | $ | 1,543 | $ | 1,525 | $ | 1,168 | $ | 1,129 | |||||
Citi Holdings | 52 | 53 | 53 | 55 | 53 | ||||||||||
Total corporate non-accrual loans | $ | 2,327 | $ | 1,596 | $ | 1,578 | $ | 1,223 | $ | 1,182 | |||||
Consumer non-accrual loans(1)(3) | |||||||||||||||
North America | $ | 2,519 | $ | 2,515 | $ | 3,622 | $ | 3,928 | $ | 4,184 | |||||
Latin America | 817 | 874 | 935 | 1,032 | 1,084 | ||||||||||
Asia(4) | 265 | 269 | 272 | 301 | 304 | ||||||||||
Total consumer non-accrual loans | $ | 3,601 | $ | 3,658 | $ | 4,829 | $ | 5,261 | $ | 5,572 | |||||
Citicorp | $ | 1,443 | $ | 1,448 | $ | 1,396 | $ | 1,516 | $ | 1,545 | |||||
Citi Holdings | 2,158 | 2,210 | 3,433 | 3,745 | 4,027 | ||||||||||
Total consumer non-accrual loans | $ | 3,601 | $ | 3,658 | $ | 4,829 | $ | 5,261 | $ | 5,572 |
Jun. 30, | Mar. 31, | Dec. 31, | Sept. 30, | Jun. 30, | |||||||||||
In millions of dollars | 2016 | 2016 | 2015 | 2015 | 2015 | ||||||||||
Citicorp | $ | 4,101 | $ | 3,718 | $ | 2,991 | $ | 2,921 | $ | 2,684 | |||||
Citi Holdings | 2,064 | 2,210 | 2,263 | 3,486 | 3,800 | ||||||||||
Total non-accrual loans | $ | 6,165 | $ | 5,928 | $ | 5,254 | $ | 6,407 | $ | 6,484 | |||||
Corporate non-accrual loans(1)(2) | |||||||||||||||
North America | $ | 1,280 | $ | 1,331 | $ | 818 | $ | 833 | $ | 467 | |||||
EMEA | 762 | 469 | 347 | 386 | 385 | ||||||||||
Latin America | 267 | 410 | 303 | 230 | 226 | ||||||||||
Asia | 151 | 117 | 128 | 129 | 145 | ||||||||||
Total corporate non-accrual loans | $ | 2,460 | $ | 2,327 | $ | 1,596 | $ | 1,578 | $ | 1,223 | |||||
Citicorp | $ | 2,410 | $ | 2,275 | $ | 1,543 | $ | 1,525 | $ | 1,168 | |||||
Citi Holdings | 50 | 52 | 53 | 53 | 55 | ||||||||||
Total corporate non-accrual loans | $ | 2,460 | $ | 2,327 | $ | 1,596 | $ | 1,578 | $ | 1,223 | |||||
Consumer non-accrual loans(1)(3) | |||||||||||||||
North America | $ | 2,520 | $ | 2,519 | $ | 2,515 | $ | 3,622 | $ | 3,928 | |||||
Latin America | 884 | 817 | 874 | 935 | 1,032 | ||||||||||
Asia(4) | 301 | 265 | 269 | 272 | 301 | ||||||||||
Total consumer non-accrual loans | $ | 3,705 | $ | 3,601 | $ | 3,658 | $ | 4,829 | $ | 5,261 | |||||
Citicorp | $ | 1,691 | $ | 1,443 | $ | 1,448 | $ | 1,396 | $ | 1,516 | |||||
Citi Holdings | 2,014 | 2,158 | 2,210 | 3,433 | 3,745 | ||||||||||
Total consumer non-accrual loans | $ | 3,705 | $ | 3,601 | $ | 3,658 | $ | 4,829 | $ | 5,261 |
(1) | Excludes purchased distressed loans, as they are generally accreting interest. The carrying value of these loans was $212 million at June 30, 2016, $236 million at March 31, 2016, $250 million at December 31, 2015, $320 million at September 30, 2015 and $343 million at June 30, |
(2) | The |
Three months ended | Three months ended | Three months ended | Three months ended | |||||||||||||||||||||||||||||||||
March 31, 2016 | March 31, 2015 | June 30, 2016 | June 30, 2015 | |||||||||||||||||||||||||||||||||
In millions of dollars | Corporate | Consumer | Total | Corporate | Consumer | Total | Corporate | Consumer | Total | Corporate | Consumer | Total | ||||||||||||||||||||||||
Non-accrual loans at beginning of period | $ | 1,596 | $ | 3,658 | $ | 5,254 | $ | 1,202 | $ | 5,905 | $ | 7,107 | $ | 2,327 | $ | 3,601 | $ | 5,928 | $ | 1,182 | $ | 5,572 | $ | 6,754 | ||||||||||||
Additions | 1,047 | 914 | 1,961 | 196 | 1,856 | 2,052 | 830 | 1,326 | 2,156 | 292 | 1,077 | 1,369 | ||||||||||||||||||||||||
Sales and transfers to held-for-sale | (8 | ) | (162 | ) | (170 | ) | (36 | ) | (614 | ) | (650 | ) | (1 | ) | (209 | ) | (210 | ) | (140 | ) | (141 | ) | (281 | ) | ||||||||||||
Returned to performing | (15 | ) | (141 | ) | (156 | ) | (11 | ) | (326 | ) | (337 | ) | (68 | ) | (143 | ) | (211 | ) | (10 | ) | (281 | ) | (291 | ) | ||||||||||||
Paydowns/settlements | (98 | ) | (245 | ) | (343 | ) | (139 | ) | (307 | ) | (446 | ) | (491 | ) | (396 | ) | (887 | ) | (103 | ) | (309 | ) | (412 | ) | ||||||||||||
Charge-offs | (140 | ) | (436 | ) | (576 | ) | (18 | ) | (871 | ) | (889 | ) | (113 | ) | (462 | ) | (575 | ) | (40 | ) | (615 | ) | (655 | ) | ||||||||||||
Other | (55 | ) | 13 | (42 | ) | (12 | ) | (71 | ) | (83 | ) | (24 | ) | (12 | ) | (36 | ) | 42 | (42 | ) | — | |||||||||||||||
Ending balance | $ | 2,327 | $ | 3,601 | $ | 5,928 | $ | 1,182 | $ | 5,572 | $ | 6,754 | $ | 2,460 | $ | 3,705 | $ | 6,165 | $ | 1,223 | $ | 5,261 | $ | 6,484 |
Six months ended | Six months ended | |||||||||||||||||
June 30, 2016 | June 30, 2015 | |||||||||||||||||
In millions of dollars | Corporate | Consumer | Total | Corporate | Consumer | Total | ||||||||||||
Non-accrual loans at beginning of period | $ | 1,596 | $ | 3,658 | $ | 5,254 | $ | 1,202 | $ | 5,905 | $ | 7,107 | ||||||
Additions | 1,877 | 2,240 | 4,117 | 488 | 2,933 | 3,421 | ||||||||||||
Sales and transfers to held-for-sale | (9 | ) | (371 | ) | (380 | ) | (176 | ) | (755 | ) | (931 | ) | ||||||
Returned to performing | (83 | ) | (284 | ) | (367 | ) | (21 | ) | (607 | ) | (628 | ) | ||||||
Paydowns/settlements | (589 | ) | (641 | ) | (1,230 | ) | (242 | ) | (616 | ) | (858 | ) | ||||||
Charge-offs | (253 | ) | (898 | ) | (1,151 | ) | (58 | ) | (1,486 | ) | (1,544 | ) | ||||||
Other | (79 | ) | 1 | (78 | ) | 30 | (113 | ) | (83 | ) | ||||||||
Ending balance | $ | 2,460 | $ | 3,705 | $ | 6,165 | $ | 1,223 | $ | 5,261 | $ | 6,484 |
Mar. 31, | Dec. 31, | Sept. 30, | Jun. 30, | Mar. 31, | Jun. 30, | Mar. 31, | Dec. 31, | Sept. 30, | Jun. 30, | |||||||||||||||||||||
In millions of dollars | 2016 | 2015 | 2016 | 2016 | 2015 | |||||||||||||||||||||||||
OREO | ||||||||||||||||||||||||||||||
Citicorp | $ | 74 | $ | 70 | $ | 83 | $ | 85 | $ | 102 | $ | 54 | $ | 74 | $ | 70 | $ | 83 | $ | 85 | ||||||||||
Citi Holdings | 131 | 139 | 144 | 161 | 172 | 121 | 131 | 139 | 144 | 161 | ||||||||||||||||||||
Total OREO | $ | 205 | $ | 209 | $ | 227 | $ | 246 | $ | 274 | $ | 175 | $ | 205 | $ | 209 | $ | 227 | $ | 246 | ||||||||||
North America | $ | 159 | $ | 166 | $ | 177 | $ | 190 | $ | 220 | $ | 151 | $ | 159 | $ | 166 | $ | 177 | $ | 190 | ||||||||||
EMEA | 1 | 1 | 1 | 1 | 1 | — | 1 | 1 | 1 | 1 | ||||||||||||||||||||
Latin America | 35 | 38 | 44 | 50 | 48 | 19 | 35 | 38 | 44 | 50 | ||||||||||||||||||||
Asia | 10 | 4 | 5 | 5 | 5 | 5 | 10 | 4 | 5 | 5 | ||||||||||||||||||||
Total OREO | $ | 205 | $ | 209 | $ | 227 | $ | 246 | $ | 274 | $ | 175 | $ | 205 | $ | 209 | $ | 227 | $ | 246 | ||||||||||
Non-accrual assets—Total Citigroup | ||||||||||||||||||||||||||||||
Corporate non-accrual loans | $ | 2,327 | $ | 1,596 | $ | 1,578 | $ | 1,223 | $ | 1,182 | $ | 2,460 | $ | 2,327 | $ | 1,596 | $ | 1,578 | $ | 1,223 | ||||||||||
Consumer non-accrual loans | 3,601 | 3,658 | 4,829 | 5,261 | 5,572 | 3,705 | 3,601 | 3,658 | 4,829 | 5,261 | ||||||||||||||||||||
Non-accrual loans (NAL) | $ | 5,928 | $ | 5,254 | $ | 6,407 | $ | 6,484 | $ | 6,754 | $ | 6,165 | $ | 5,928 | $ | 5,254 | $ | 6,407 | $ | 6,484 | ||||||||||
OREO | $ | 205 | $ | 209 | $ | 227 | $ | 246 | $ | 274 | $ | 175 | $ | 205 | $ | 209 | $ | 227 | $ | 246 | ||||||||||
Non-accrual assets (NAA) | $ | 6,133 | $ | 5,463 | $ | 6,634 | $ | 6,730 | $ | 7,028 | $ | 6,340 | $ | 6,133 | $ | 5,463 | $ | 6,634 | $ | 6,730 | ||||||||||
NAL as a percentage of total loans | 0.96 | % | 0.85 | % | 1.03 | % | 1.03 | % | 1.09 | % | 0.97 | % | 0.96 | % | 0.85 | % | 1.03 | % | 1.03 | % | ||||||||||
NAA as a percentage of total assets | 0.34 | 0.32 | 0.37 | 0.37 | 0.38 | 0.35 | 0.34 | 0.32 | 0.37 | 0.37 | ||||||||||||||||||||
Allowance for loan losses as a percentage of NAL(1) | 214 | 240 | 213 | 217 | 216 | 200 | 214 | 240 | 213 | 217 |
Mar. 31, | Dec. 31, | Sept. 30, | Jun. 30, | Mar. 31, | Jun. 30, | Mar. 31, | Dec. 31, | Sept. 30, | Jun. 30, | |||||||||||||||||||||
Non-accrual assets—Total Citicorp | 2016 | 2015 | 2016 | 2016 | 2015 | |||||||||||||||||||||||||
Non-accrual loans (NAL) | $ | 3,718 | $ | 2,991 | $ | 2,921 | $ | 2,684 | $ | 2,674 | $ | 4,101 | $ | 3,718 | $ | 2,991 | $ | 2,921 | $ | 2,684 | ||||||||||
OREO | 74 | 70 | 83 | 85 | 102 | 54 | 74 | 70 | 83 | 85 | ||||||||||||||||||||
Non-accrual assets (NAA) | $ | 3,792 | $ | 3,061 | $ | 3,004 | $ | 2,769 | $ | 2,776 | $ | 4,155 | $ | 3,792 | $ | 3,061 | $ | 3,004 | $ | 2,769 | ||||||||||
NAA as a percentage of total assets | 0.22 | % | 0.19 | % | 0.18 | % | 0.16 | % | 0.16 | % | 0.24 | % | 0.22 | % | 0.19 | % | 0.18 | % | 0.16 | % | ||||||||||
Allowance for loan losses as a percentage of NAL(1) | 284 | 345 | 350 | 386 | 399 | 254 | 284 | 345 | 350 | 386 | ||||||||||||||||||||
Non-accrual assets—Total Citi Holdings | ||||||||||||||||||||||||||||||
Non-accrual loans (NAL)(2) | $ | 2,210 | $ | 2,263 | $ | 3,486 | $ | 3,800 | $ | 4,080 | $ | 2,064 | $ | 2,210 | $ | 2,263 | $ | 3,486 | $ | 3,800 | ||||||||||
OREO | 131 | 139 | 144 | 161 | 172 | 121 | 131 | 139 | 144 | 161 | ||||||||||||||||||||
Non-accrual assets (NAA) | $ | 2,341 | $ | 2,402 | $ | 3,630 | $ | 3,961 | $ | 4,252 | $ | 2,185 | $ | 2,341 | $ | 2,402 | $ | 3,630 | $ | 3,961 | ||||||||||
NAA as a percentage of total assets | 3.21 | % | 2.97 | % | 3.10 | % | 3.19 | % | 3.27 | % | 3.31 | % | 3.21 | % | 2.97 | % | 3.10 | % | 3.19 | % | ||||||||||
Allowance for loan losses as a percentage of NAL(1) | 98 | 101 | 98 | 98 | 96 | 91 | 98 | 101 | 98 | 98 |
(1) | The allowance for loan losses includes the allowance for Citi’s credit card portfolios and purchased distressed loans, while the non-accrual loans exclude credit card balances (with the exception of certain international portfolios) and purchased distressed loans as these continue to accrue interest until charge-off. |
(2) | The December 31, 2015 decline includes the impact related to the transfer of approximately $8 billion of mortgage loans to Loans, held-for-sale (HFS) (included within Other assets). |
In millions of dollars | Mar. 31, 2016 | Dec. 31, 2015 | Jun. 30, 2016 | Dec. 31, 2015 | ||||||||
Corporate renegotiated loans(1) | ||||||||||||
In U.S. offices | ||||||||||||
Commercial and industrial(2) | $ | 20 | $ | 25 | $ | 26 | $ | 25 | ||||
Mortgage and real estate(3) | 105 | 104 | 96 | 104 | ||||||||
Loans to financial institutions | 2 | 5 | — | 5 | ||||||||
Other | 264 | 273 | 252 | 273 | ||||||||
$ | 391 | $ | 407 | $ | 374 | $ | 407 | |||||
In offices outside the U.S. | ||||||||||||
Commercial and industrial(2) | $ | 199 | $ | 111 | $ | 297 | $ | 111 | ||||
Mortgage and real estate(3) | 34 | 33 | 34 | 33 | ||||||||
Other | 39 | 45 | 36 | 45 | ||||||||
$ | 272 | $ | 189 | $ | 367 | $ | 189 | |||||
Total corporate renegotiated loans | $ | 663 | $ | 596 | $ | 741 | $ | 596 | ||||
Consumer renegotiated loans | ||||||||||||
In U.S. offices | ||||||||||||
Mortgage and real estate | $ | 6,633 | $ | 7,058 | $ | 5,643 | $ | 7,058 | ||||
Cards | 1,349 | 1,396 | 1,307 | 1,396 | ||||||||
Installment and other | 74 | 79 | 81 | 79 | ||||||||
$ | 8,056 | $ | 8,533 | $ | 7,031 | $ | 8,533 | |||||
In offices outside the U.S. | ||||||||||||
Mortgage and real estate | $ | 524 | $ | 474 | $ | 463 | $ | 474 | ||||
Cards | 549 | 555 | 542 | 555 | ||||||||
Installment and other | 494 | 514 | 491 | 514 | ||||||||
$ | 1,567 | $ | 1,543 | $ | 1,496 | $ | 1,543 | |||||
Total consumer renegotiated loans | $ | 9,623 | $ | 10,076 | $ | 8,527 | $ | 10,076 |
(1) | Includes |
(2) | In addition to modifications reflected as TDRs at |
(3) | In addition to modifications reflected as TDRs at |
(4) | Includes |
(5) | Includes |
(6) | Includes |
(7) |
Reduction in the |
Citibank | Non-Bank and Other(1) | Total | Citibank | Non-Bank and Other(1) | Total | |||||||||||||||||||||||||||||||||||||||||||||||||
In billions of dollars | Mar. 31, 2016 | Dec. 31, 2015 | Mar. 31, 2015 | Mar. 31, 2016 | Dec. 31, 2015 | Mar. 31, 2015 | Mar. 31, 2016 | Dec. 31, 2015 | Mar. 31, 2015 | Jun. 30, 2016 | Mar. 31, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Mar. 31, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Mar. 31, 2016 | Jun. 30, 2015 | ||||||||||||||||||||||||||||||||||||
Available cash | $ | 74.2 | $ | 52.4 | $ | 76.1 | $ | 24.5 | $ | 16.9 | $ | 18.3 | $ | 98.7 | $ | 69.3 | $ | 94.5 | $ | 61.3 | $ | 74.2 | $ | 71.9 | $ | 23.2 | $ | 24.5 | $ | 17.8 | $ | 84.5 | $ | 98.7 | $ | 89.7 | ||||||||||||||||||
U.S. sovereign | 117.6 | 110.1 | 115.4 | 22.6 | 32.4 | 20.0 | 140.3 | 142.4 | 135.4 | 115.0 | 117.6 | 118.8 | 19.6 | 22.6 | 19.4 | 134.6 | 140.3 | 138.2 | ||||||||||||||||||||||||||||||||||||
U.S. agency/agency MBS | 68.9 | 63.8 | 56.0 | 0.5 | 1.0 | 1.2 | 69.4 | 64.9 | 57.3 | 69.2 | 68.9 | 58.5 | 0.3 | 0.5 | 1.3 | 69.5 | 69.4 | 59.7 | ||||||||||||||||||||||||||||||||||||
Foreign government debt(2) | 86.8 | 84.8 | 96.9 | 19.6 | 14.9 | 13.4 | 106.4 | 99.7 | 110.3 | 86.7 | 86.8 | 80.6 | 16.8 | 19.6 | 13.5 | 103.6 | 106.4 | 94.1 | ||||||||||||||||||||||||||||||||||||
Other investment grade | 1.1 | 1.0 | 1.2 | 1.6 | 1.2 | 1.9 | 2.7 | 2.2 | 3.1 | 1.2 | 1.1 | 2.9 | 1.5 | 1.6 | 1.1 | 2.7 | 2.7 | 4.0 | ||||||||||||||||||||||||||||||||||||
Total HQLA (EOP) | $ | 348.7 | $ | 312.1 | $ | 345.6 | $ | 68.8 | $ | 66.4 | $ | 54.9 | $ | 417.5 | $ | 378.5 | $ | 400.5 | $ | 333.3 | $ | 348.7 | $ | 332.6 | $ | 61.5 | $ | 68.8 | $ | 53.1 | $ | 394.8 | $ | 417.5 | $ | 385.8 | ||||||||||||||||||
Total HQLA (AVG) | $ | 335.1 | $ | 325.8 | — | $ | 65.0 | $ | 63.4 | — | $ | 400.1 | $ | 389.2 | — | $ | 342.5 | $ | 335.1 | $ | — | $ | 68.5 | $ | 65.0 | $ | — | $ | 411.0 | $ | 400.1 | $ | — |
(1) | “Non-Bank and Other” includes the parent holding company (Citigroup), Citi’s broker-dealer subsidiaries and other non-bank subsidiaries that are consolidated into Citigroup as well as Banamex and Citibank (Switzerland) AG. Banamex and Citibank (Switzerland) AG account for approximately $8 billion of the “Non-Bank and Other” HQLA balance as of |
(2) | Foreign government debt includes securities issued or guaranteed by foreign sovereigns, agencies and multilateral development banks. Foreign government debt securities are held largely to support local liquidity requirements and Citi’s local franchises, and principally include government bonds from Hong Kong, Korea, India, |
In billions of dollars | Mar. 31, 2016 | Dec. 31, 2015 | Mar. 31, 2015 | Jun. 30, 2016 | Mar. 31, 2016 | Jun. 30, 2015 | ||||||||||||
Global Consumer Banking | ||||||||||||||||||
North America | $ | 160.9 | $ | 165.5 | $ | 154.0 | $ | 175.6 | $ | 160.9 | $ | 156.9 | ||||||
Latin America | 25.4 | 25.5 | 27.2 | 24.5 | 25.4 | 27.0 | ||||||||||||
Asia(1) | 86.3 | 86.0 | 89.6 | 85.1 | 86.3 | 90.5 | ||||||||||||
Total | $ | 272.6 | $ | 277.0 | $ | 270.8 | $ | 285.2 | $ | 272.6 | $ | 274.4 | ||||||
Institutional Clients Group | ||||||||||||||||||
Corporate lending | 119.6 | 114.9 | 110.5 | 123.9 | 123.0 | 119.1 | ||||||||||||
Treasury and trade solutions (TTS) | 73.0 | 71.4 | 74.8 | 73.6 | 73.0 | 74.7 | ||||||||||||
Private bank, markets and securities services and other | 108.2 | 105.3 | 97.8 | 109.4 | 104.8 | 99.9 | ||||||||||||
Total | $ | 300.8 | $ | 291.6 | $ | 283.1 | $ | 306.9 | $ | 300.8 | $ | 293.6 | ||||||
Total Citicorp | 573.4 | 568.6 | 553.9 | 592.1 | 573.4 | 568.0 | ||||||||||||
Total Citi Holdings | 45.4 | 49.0 | 67.2 | 41.4 | 45.4 | 64.1 | ||||||||||||
Total Citigroup loans (EOP) | $ | 618.8 | $ | 617.6 | $ | 621.1 | $ | 633.5 | $ | 618.8 | $ | 632.1 | ||||||
Total Citigroup loans (AVG) | $ | 612.2 | $ | 625.1 | $ | 634.8 | $ | 620.6 | $ | 612.2 | $ | 627.0 |
(1) | For reporting purposes, includes EMEA GCB for all periods presented. |
In billions of dollars | Mar. 31, 2016 | Dec. 31, 2015 | Mar. 31, 2015 | Jun. 30, 2016 | Mar. 31, 2016 | Jun. 30, 2015 | ||||||||||||
Global Consumer Banking | ||||||||||||||||||
North America | $ | 183.7 | $ | 181.6 | $ | 181.6 | $ | 183.3 | $ | 183.7 | $ | 182.5 | ||||||
Latin America | 28.3 | 28.7 | 29.0 | 28.2 | 28.3 | 29.1 | ||||||||||||
Asia(1) | 90.7 | 87.6 | 89.5 | 90.5 | 90.7 | 89.4 | ||||||||||||
Total | $ | 302.7 | $ | 297.9 | $ | 300.1 | $ | 302.0 | $ | 302.7 | $ | 301.0 | ||||||
Institutional Clients Group | ||||||||||||||||||
Treasury and trade solutions (TTS) | 415.0 | 392.1 | 386.5 | 405.0 | 415.0 | 397.3 | ||||||||||||
Banking ex-TTS | 114.6 | 118.8 | 104.4 | 116.4 | 114.8 | 108.4 | ||||||||||||
Markets and securities services | 77.5 | 76.7 | 80.5 | 85.5 | 77.3 | 82.5 | ||||||||||||
Total | $ | 607.1 | $ | 587.7 | $ | 571.3 | $ | 606.8 | $ | 607.1 | $ | 588.3 | ||||||
Corporate/Other | 15.6 | 12.0 | 12.3 | 22.7 | 15.6 | 7.0 | ||||||||||||
Total Citicorp | $ | 925.4 | $ | 897.6 | $ | 883.7 | $ | 931.5 | $ | 925.4 | $ | 896.3 | ||||||
Total Citi Holdings | 9.2 | 10.3 | 15.9 | 6.4 | 9.2 | 11.7 | ||||||||||||
Total Citigroup deposits (EOP) | $ | 934.6 | $ | 907.9 | $ | 899.6 | $ | 937.9 | $ | 934.6 | $ | 908.0 | ||||||
Total Citigroup deposits (AVG) | $ | 911.7 | $ | 908.8 | $ | 899.5 | $ | 935.6 | $ | 911.7 | $ | 906.4 |
(1) | For reporting purposes, includes EMEA GCB for all periods presented. |
In billions of dollars | Mar. 31, 2016 | Dec. 31, 2015 | Mar. 31, 2015 | Jun. 30, 2016 | Mar. 31, 2016 | Jun. 30, 2015 | ||||||||||||
Parent | ||||||||||||||||||
Benchmark debt: | ||||||||||||||||||
Senior debt | $ | 94.0 | $ | 90.3 | $ | 96.7 | $ | 96.1 | $ | 94.0 | $ | 98.4 | ||||||
Subordinated debt | 29.4 | 26.9 | 25.5 | 28.8 | 29.4 | 25.6 | ||||||||||||
Trust preferred | 1.7 | 1.7 | 1.7 | 1.7 | 1.7 | 1.7 | ||||||||||||
Customer-related debt: | ||||||||||||||||||
Structured debt | 23.6 | 21.8 | 21.9 | 22.5 | 23.6 | 23.7 | ||||||||||||
Non-structured debt | 3.3 | 3.0 | 5.0 | 3.3 | 3.3 | 4.5 | ||||||||||||
Local country and other(1) | 4.1 | 2.4 | 1.0 | 2.3 | 4.1 | 1.2 | ||||||||||||
Total parent | $ | 156.1 | $ | 146.1 | $ | 151.8 | $ | 154.8 | $ | 156.1 | $ | 155.1 | ||||||
Bank | ||||||||||||||||||
FHLB borrowings | $ | 17.1 | $ | 17.8 | $ | 16.3 | $ | 19.6 | $ | 17.1 | $ | 16.8 | ||||||
Securitizations(2) | 28.7 | 30.9 | 35.2 | 27.3 | 28.7 | 32.0 | ||||||||||||
Local country and other(1) | 6.0 | 6.5 | 7.2 | 5.8 | 6.0 | 7.9 | ||||||||||||
Total bank | $ | 51.7 | $ | 55.2 | $ | 58.7 | $ | 52.6 | $ | 51.7 | $ | 56.7 | ||||||
Total long-term debt | $ | 207.8 | $ | 201.3 | $ | 210.5 | $ | 207.4 | $ | 207.8 | $ | 211.8 |
(1) | Local country debt includes debt issued by Citi’s affiliates in support of their local operations. |
(2) | Predominantly credit card securitizations, primarily backed by Citi-branded credit card receivables. |
1Q16 | 4Q15 | 1Q15 | 2Q16 | 1Q16 | 2Q15 | |||||||||||||||||||||||||||||||
In billions of dollars | Maturities | Issuances | Maturities | Issuances | Maturities | Issuances | Maturities | Issuances | Maturities | Issuances | Maturities | Issuances | ||||||||||||||||||||||||
Parent | ||||||||||||||||||||||||||||||||||||
Benchmark debt: | ||||||||||||||||||||||||||||||||||||
Senior debt | $ | 4.3 | $ | 5.2 | $ | 12.8 | $ | 5.2 | $ | 5.1 | $ | 6.1 | $ | 5.1 | $ | 6.6 | $ | 4.3 | $ | 5.2 | $ | 3.2 | $ | 5.4 | ||||||||||||
Subordinated debt | — | 1.5 | 0.9 | 1.5 | 0.4 | 1.0 | 1.7 | 1.0 | — | 1.5 | 2.0 | 3.0 | ||||||||||||||||||||||||
Trust preferred | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Customer-related debt: | ||||||||||||||||||||||||||||||||||||
Structured debt | 2.2 | 3.2 | 2.3 | 0.8 | 2.5 | 2.8 | 3.4 | 2.0 | 2.0 | 3.6 | 1.4 | 3.9 | ||||||||||||||||||||||||
Non-structured debt | 0.2 | — | 0.7 | 0.2 | 0.4 | — | 0.1 | 0.1 | 0.2 | — | 0.3 | 0.1 | ||||||||||||||||||||||||
Local country and other | — | 1.8 | — | 0.1 | 0.2 | 1.2 | 1.9 | — | 0.1 | 1.9 | 0.1 | 0.1 | ||||||||||||||||||||||||
Total parent | $ | 6.8 | $ | 11.7 | $ | 16.7 | $ | 7.8 | $ | 8.6 | $ | 11.1 | $ | 12.2 | $ | 9.7 | $ | 6.6 | $ | 12.2 | $ | 7.0 | $ | 12.5 | ||||||||||||
Bank | ||||||||||||||||||||||||||||||||||||
FHLB borrowings | $ | 1.7 | $ | 1.0 | $ | — | $ | 0.5 | $ | 3.5 | $ | — | $ | 1.0 | $ | 2.5 | $ | 1.7 | $ | 1.0 | $ | — | $ | 0.5 | ||||||||||||
Securitizations | 2.3 | — | 1.2 | — | 2.8 | — | 1.3 | — | 2.3 | — | 3.2 | — | ||||||||||||||||||||||||
Local country and other | 0.7 | 0.7 | 1.3 | 0.7 | 0.5 | 0.6 | 1.1 | 1.0 | 0.7 | 0.7 | 0.4 | 1.2 | ||||||||||||||||||||||||
Total bank | $ | 4.7 | $ | 1.7 | $ | 2.5 | $ | 1.2 | $ | 6.9 | $ | 0.6 | $ | 3.4 | $ | 3.5 | $ | 4.7 | $ | 1.7 | $ | 3.6 | $ | 1.7 | ||||||||||||
Total | $ | 11.5 | $ | 13.4 | $ | 19.2 | $ | 9.0 | $ | 15.5 | $ | 11.7 | $ | 15.6 | $ | 13.2 | $ | 11.3 | $ | 13.9 | $ | 10.6 | $ | 14.2 |
Maturities 1Q16 | Maturities 2016 YTD | |||||||||||||||||||||||||||||||||||||||||||||||||||||
In billions of dollars | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | Thereafter | Total | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | Thereafter | Total | ||||||||||||||||||||||||||||||||||||||
Parent | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Benchmark debt: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Senior debt | $ | 4.3 | $ | 7.6 | $ | 14.5 | $ | 18.2 | $ | 13.5 | $ | 7.0 | $ | 5.9 | $ | 27.3 | $ | 94.0 | $ | 9.4 | $ | 5.1 | $ | 14.4 | $ | 18.5 | $ | 14.6 | $ | 6.6 | $ | 8.7 | $ | 28.2 | $ | 96.1 | ||||||||||||||||||
Subordinated debt | — | 1.5 | 2.4 | 1.1 | 1.4 | — | — | 23.0 | 29.4 | 1.7 | — | 2.4 | 1.0 | 1.3 | — | — | 24.1 | 28.8 | ||||||||||||||||||||||||||||||||||||
Trust preferred | — | — | — | — | — | — | — | 1.7 | 1.7 | — | — | — | — | — | — | — | 1.7 | 1.7 | ||||||||||||||||||||||||||||||||||||
Customer-related debt: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Structured debt | 2.2 | 3.6 | 3.2 | 2.5 | 1.9 | 2.2 | 1.4 | 8.8 | 23.6 | 5.4 | 2.0 | 3.4 | 2.5 | 2.1 | 2.2 | 1.7 | 8.6 | 22.5 | ||||||||||||||||||||||||||||||||||||
Non-structured debt | 0.2 | 0.4 | 0.5 | 0.6 | 0.2 | 0.2 | 0.1 | 1.2 | 3.3 | 0.3 | 0.3 | 0.5 | 0.6 | 0.2 | 0.2 | 0.1 | 1.3 | 3.3 | ||||||||||||||||||||||||||||||||||||
Local country and other | — | 1.8 | 0.3 | 0.2 | 0.2 | 0.1 | 0.1 | 1.5 | 4.1 | 2.0 | — | 0.3 | 0.2 | 0.1 | 0.1 | — | 1.6 | 2.3 | ||||||||||||||||||||||||||||||||||||
Total parent | $ | 6.8 | $ | 14.9 | $ | 21.0 | $ | 22.6 | $ | 17.1 | $ | 9.6 | $ | 7.5 | $ | 63.4 | $ | 156.1 | $ | 18.8 | $ | 7.4 | $ | 20.9 | $ | 22.9 | $ | 18.3 | $ | 9.2 | $ | 10.5 | $ | 65.5 | $ | 154.8 | ||||||||||||||||||
Bank | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
FHLB borrowings | $ | 1.7 | $ | 7.8 | $ | 8.8 | $ | 0.5 | $ | — | $ | — | $ | — | $ | — | $ | 17.1 | $ | 2.7 | $ | 6.8 | $ | 8.8 | $ | 4.0 | $ | — | $ | — | $ | — | $ | — | $ | 19.6 | ||||||||||||||||||
Securitizations | 2.3 | 9.4 | 5.3 | 8.4 | 1.9 | 0.1 | 2.5 | 1.0 | 28.7 | 3.6 | 8.1 | 5.3 | 8.4 | 1.9 | 0.1 | 2.5 | 1.0 | 27.3 | ||||||||||||||||||||||||||||||||||||
Local country and other | 0.7 | 1.6 | 1.9 | 0.4 | 0.6 | 0.9 | 0.2 | 0.3 | 6.0 | 1.8 | 1.4 | 1.8 | 0.8 | 0.4 | 1.0 | 0.2 | 0.2 | 5.8 | ||||||||||||||||||||||||||||||||||||
Total bank | $ | 4.7 | $ | 18.8 | $ | 15.9 | $ | 9.4 | $ | 2.5 | $ | 1.1 | $ | 2.6 | $ | 1.4 | $ | 51.7 | $ | 8.1 | $ | 16.3 | $ | 15.8 | $ | 13.2 | $ | 2.3 | $ | 1.2 | $ | 2.7 | $ | 1.2 | $ | 52.6 | ||||||||||||||||||
Total long-term debt | $ | 11.5 | $ | 33.7 | $ | 37.0 | $ | 31.9 | $ | 19.6 | $ | 10.7 | $ | 10.2 | $ | 64.8 | $ | 207.8 | $ | 26.9 | $ | 23.7 | $ | 36.8 | $ | 36.1 | $ | 20.6 | $ | 10.4 | $ | 13.2 | $ | 66.7 | $ | 207.4 |
In billions of dollars | Mar. 31, 2016 | Dec. 31, 2015 | Mar. 31, 2015 | Jun. 30, 2016 | Mar. 31, 2016 | Jun. 30, 2015 | ||||||||||||
HQLA | $ | 400.1 | $ | 389.2 | $ | 400.5 | $ | 411.0 | $ | 400.1 | $ | 385.8 | ||||||
Net outflows | 333.3 | 344.4 | 361.0 | 339.8 | 333.3 | 347.3 | ||||||||||||
LCR | 120 | % | 113 | % | 111 | % | 121 | % | 120 | % | 111 | % | ||||||
HQLA in excess of net outflows | $ | 66.8 | $ | 44.8 | $ | 39.5 | $ | 71.2 | $ | 66.8 | $ | 38.6 |
Citigroup Inc. | Citibank, N.A. | |||||
Senior debt | Commercial paper | Outlook | Long- term | Short- term | Outlook | |
Fitch Ratings (Fitch) | A | F1 | Stable | A+ | F1 | Stable |
Moody’s Investors Service (Moody’s) | Baa1 | P-2 | Stable | A1 | P-1 | Stable |
Standard & Poor’s (S&P) | BBB+ | A-2 | Stable | A | A-1 | Watch Positive |
In millions of dollars (unless otherwise noted) | Mar. 31, 2016 | Dec. 31, 2015 | Mar. 31, 2015 | Jun. 30, 2016 | Mar. 31, 2016 | Jun. 30, 2015 | ||||||||||||
Estimated annualized impact to net interest revenue | ||||||||||||||||||
U.S. dollar(1) | $ | 1,362 | $ | 1,419 | $ | 1,263 | $ | 1,394 | $ | 1,362 | $ | 1,360 | ||||||
All other currencies | 587 | 635 | 611 | 590 | 587 | 645 | ||||||||||||
Total | $ | 1,949 | $ | 2,054 | $ | 1,874 | $ | 1,984 | $ | 1,949 | $ | 2,005 | ||||||
As a percentage of average interest-earning assets | 0.13 | % | 0.13 | % | 0.12 | % | 0.12 | % | 0.13 | % | 0.12 | % | ||||||
Estimated initial impact to AOCI (after-tax)(2) | $ | (4,950 | ) | $ | (4,837 | ) | $ | (3,931 | ) | $ | (4,628 | ) | $ | (4,950 | ) | $ | (4,213 | ) |
Estimated initial impact on Common Equity Tier 1 Capital ratio (bps)(3) | (57 | ) | (57 | ) | (45 | ) | (52 | ) | (57 | ) | (47 | ) |
(1) | Certain trading-oriented businesses within Citi have accrual-accounted positions that are excluded from the estimated impact to net interest revenue in the table since these exposures are managed economically in combination with mark-to-market positions. The U.S. dollar interest rate exposure associated with these businesses was |
(2) | Includes the effect of changes in interest rates on AOCI related to investment securities, cash flow hedges and pension liability adjustments. |
(3) | The estimated initial impact to the Common Equity Tier 1 Capital ratio considers the effect of Citi’s deferred tax asset position and is based on only the estimated initial AOCI impact above. |
In millions of dollars (unless otherwise noted) | Scenario 1 | Scenario 2 | Scenario 3 | Scenario 4 | Scenario 1 | Scenario 2 | Scenario 3 | Scenario 4 | ||||||||||||||||
Overnight rate change (bps) | 100 | 100 | — | — | 100 | 100 | — | — | ||||||||||||||||
10-year rate change (bps) | 100 | — | 100 | (100 | ) | 100 | — | 100 | (100 | ) | ||||||||||||||
Estimated annualized impact to net interest revenue | ||||||||||||||||||||||||
U.S. dollar | $ | 1,362 | $ | 1,363 | $ | 121 | $ | (211 | ) | $ | 1,394 | $ | 1,380 | $ | 171 | $ | (170 | ) | ||||||
All other currencies | 587 | 544 | 33 | (34 | ) | 590 | 552 | 34 | (33 | ) | ||||||||||||||
Total | $ | 1,949 | $ | 1,907 | $ | 154 | $ | (245 | ) | $ | 1,984 | $ | 1,932 | $ | 205 | $ | (203 | ) | ||||||
Estimated initial impact to AOCI (after-tax)(1) | $ | (4,950 | ) | $ | (3,018 | ) | $ | (2,269 | ) | $ | 1,896 | $ | (4,628 | ) | $ | (2,941 | ) | $ | (1,863 | ) | $ | 1,482 | ||
Estimated initial impact to Common Equity Tier 1 Capital ratio (bps)(2) | (57 | ) | (34 | ) | (27 | ) | 22 | (52 | ) | (33 | ) | (21 | ) | 16 |
(1) | Includes the effect of changes in interest rates on AOCI related to investment securities, cash flow hedges and pension liability adjustments. |
(2) | The estimated initial impact to the Common Equity Tier 1 Capital ratio considers the effect of Citi’s deferred tax asset position and is based on only the estimated AOCI impact above. |
For the quarter ended | For the quarter ended | |||||||||||||||||
In millions of dollars (unless otherwise noted) | Mar. 31, 2016 | Dec. 31, 2015 | Mar. 31, 2015 | Jun. 30, 2016 | Mar. 31, 2016 | Jun. 30, 2015 | ||||||||||||
Change in FX spot rate(1) | 2.1 | % | (1.1 | )% | (4.5 | )% | (0.9 | )% | 2.1 | % | 0.2 | % | ||||||
Change in TCE due to FX translation, net of hedges | $ | 396 | $ | (696 | ) | $ | (1,763 | ) | $ | (441 | ) | $ | 396 | $ | (44 | ) | ||
As a percentage of TCE | 0.2 | % | (0.4 | )% | (1.0 | )% | (0.2 | )% | 0.2 | % | — | % | ||||||
Estimated impact to Common Equity Tier 1 Capital ratio (on a fully implemented basis) due to changes in FX translation, net of hedges (bps) | (1 | ) | — | — | 2 | (1 | ) | (3 | ) |
(1) | FX spot rate change is a weighted average based upon Citi’s quarterly average GAAP capital exposure to foreign countries. |
1st Qtr. | 4th Qtr. | 1st Qtr. | Change | 2nd Qtr. | 1st Qtr. | 2nd Qtr. | Change | |||||||||||||||||||||||
In millions of dollars, except as otherwise noted | 2016 | 2015 | 2015 | 1Q16 vs. 1Q15 | 2016 | 2016 | 2015 | 2Q16 vs. 2Q15 | ||||||||||||||||||||||
Interest revenue(1) | $ | 14,286 | $ | 14,491 | $ | 14,724 | (3 | )% | $ | 14,473 | $ | 14,286 | $ | 14,995 | (3 | )% | ||||||||||||||
Interest expense | 2,940 | 2,900 | 3,028 | (3 | ) | 3,120 | 2,940 | 3,051 | 2 | |||||||||||||||||||||
Net interest revenue(1)(2) | $ | 11,346 | $ | 11,591 | $ | 11,696 | (3 | )% | $ | 11,353 | $ | 11,346 | $ | 11,944 | (5 | )% | ||||||||||||||
Interest revenue—average rate | 3.68 | % | 3.66 | % | 3.67 | % | 1 | bps | 3.65 | % | 3.68 | % | 3.71 | % | (6 | ) | bps | |||||||||||||
Interest expense—average rate | 0.99 | 0.96 | 0.96 | 3 | bps | 1.04 | 0.99 | 0.97 | 7 | bps | ||||||||||||||||||||
Net interest margin | 2.92 | 2.92 | 2.92 | — | bps | 2.86 | 2.92 | 2.95 | (9 | ) | bps | |||||||||||||||||||
Interest-rate benchmarks | ||||||||||||||||||||||||||||||
Two-year U.S. Treasury note—average rate | 0.84 | % | 0.84 | % | 0.60 | % | 24 | bps | 0.77 | % | 0.84 | % | 0.61 | % | 16 | bps | ||||||||||||||
10-year U.S. Treasury note—average rate | 1.91 | 2.19 | 1.97 | (6 | ) | bps | 1.75 | 1.91 | 2.16 | (41 | ) | bps | ||||||||||||||||||
10-year vs. two-year spread | 107 | bps | 135 | bps | 137 | bps | 98 | bps | 107 | bps | 155 | bps |
(1) | Net interest revenue includes the taxable equivalent adjustments related to the tax-exempt bond portfolio (based on the U.S. federal statutory tax rate of 35%) of $117 million, $119 million, |
(2) | Excludes expenses associated with certain hybrid financial instruments, which are classified as Long-term debt and accounted for at fair value. |
Average volume | Interest revenue | % Average rate | Average volume | Interest revenue | % Average rate | |||||||||||||||||||||||||||||||||||||||||||
1st Qtr. | 4th Qtr. | 1st Qtr. | 1st Qtr. | 4th Qtr. | 1st Qtr. | 1st Qtr. | 4th Qtr. | 1st Qtr. | 2nd Qtr. | 1st Qtr. | 2nd Qtr. | 2nd Qtr. | 1st Qtr. | 2nd Qtr. | 2nd Qtr. | 1st Qtr. | 2nd Qtr. | |||||||||||||||||||||||||||||||
In millions of dollars, except rates | 2016 | 2015 | 2015 | 2016 | 2015 | 2015 | 2016 | 2015 | 2016 | 2016 | 2015 | 2016 | 2016 | 2015 | 2016 | 2016 | 2015 | |||||||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||||||||||||||||||
Deposits with banks(5) | $ | 117,765 | $ | 121,995 | $ | 139,173 | $ | 219 | $ | 189 | $ | 183 | 0.75 | % | 0.61 | % | 0.53 | % | $ | 135,245 | $ | 117,765 | $ | 134,641 | $ | 237 | $ | 219 | $ | 168 | 0.70 | % | 0.75 | % | 0.50 | % | ||||||||||||
Federal funds sold and securities borrowed or purchased under agreements to resell(6) | ||||||||||||||||||||||||||||||||||||||||||||||||
In U.S. offices | $ | 150,044 | $ | 150,326 | $ | 151,077 | $ | 374 | $ | 308 | $ | 283 | 1.00 | % | 0.81 | % | 0.76 | % | $ | 148,511 | $ | 150,044 | $ | 149,577 | $ | 362 | $ | 374 | $ | 307 | 0.98 | % | 1.00 | % | 0.82 | % | ||||||||||||
In offices outside the U.S.(5) | 78,571 | 76,087 | 90,102 | 273 | 246 | 359 | 1.40 | % | 1.28 | % | 1.62 | % | 84,018 | 78,571 | 86,458 | 302 | 273 | 357 | 1.45 | % | 1.40 | % | 1.66 | % | ||||||||||||||||||||||||
Total | $ | 228,615 | $ | 226,413 | $ | 241,179 | $ | 647 | $ | 554 | $ | 642 | 1.14 | % | 0.97 | % | 1.08 | % | $ | 232,529 | $ | 228,615 | $ | 236,035 | $ | 664 | $ | 647 | $ | 664 | 1.15 | % | 1.14 | % | 1.13 | % | ||||||||||||
Trading account assets(7)(8) | ||||||||||||||||||||||||||||||||||||||||||||||||
In U.S. offices | $ | 104,982 | $ | 108,349 | $ | 116,950 | $ | 953 | $ | 1,018 | $ | 918 | 3.65 | % | 3.73 | % | 3.18 | % | $ | 108,602 | $ | 104,982 | $ | 118,896 | $ | 970 | $ | 953 | $ | 985 | 3.59 | % | 3.65 | % | 3.32 | % | ||||||||||||
In offices outside the U.S.(5) | 99,118 | 95,566 | 111,309 | 518 | 447 | 516 | 2.10 | % | 1.86 | % | 1.88 | % | 101,075 | 99,118 | 110,691 | 603 | 518 | 671 | 2.40 | % | 2.10 | % | 2.43 | % | ||||||||||||||||||||||||
Total | $ | 204,100 | $ | 203,915 | $ | 228,259 | $ | 1,471 | $ | 1,465 | $ | 1,434 | 2.90 | % | 2.85 | % | 2.55 | % | $ | 209,677 | $ | 204,100 | $ | 229,587 | $ | 1,573 | $ | 1,471 | $ | 1,656 | 3.02 | % | 2.90 | % | 2.89 | % | ||||||||||||
Investments | ||||||||||||||||||||||||||||||||||||||||||||||||
In U.S. offices | ||||||||||||||||||||||||||||||||||||||||||||||||
Taxable | $ | 228,980 | $ | 219,533 | $ | 213,431 | $ | 1,000 | $ | 958 | $ | 940 | 1.76 | % | 1.73 | % | 1.79 | % | $ | 225,279 | $ | 228,980 | $ | 214,168 | $ | 991 | $ | 1,000 | $ | 973 | 1.77 | % | 1.76 | % | 1.82 | % | ||||||||||||
Exempt from U.S. income tax | 19,400 | 19,833 | 20,740 | 169 | 160 | 83 | 3.50 | % | 3.20 | % | 1.62 | % | 19,010 | 19,400 | 19,818 | 170 | 169 | 99 | 3.60 | % | 3.50 | % | 2.00 | % | ||||||||||||||||||||||||
In offices outside the U.S.(5) | 103,763 | 104,633 | 102,168 | 754 | 782 | 769 | 2.92 | % | 2.97 | % | 3.05 | % | 107,235 | 103,763 | 99,045 | 837 | 754 | 760 | 3.14 | % | 2.92 | % | 3.08 | % | ||||||||||||||||||||||||
Total | $ | 352,143 | $ | 343,999 | $ | 336,339 | $ | 1,923 | $ | 1,900 | $ | 1,792 | 2.20 | % | 2.19 | % | 2.16 | % | $ | 351,524 | $ | 352,143 | $ | 333,031 | $ | 1,998 | $ | 1,923 | $ | 1,832 | 2.29 | % | 2.20 | % | 2.21 | % | ||||||||||||
Loans (net of unearned income)(9) | ||||||||||||||||||||||||||||||||||||||||||||||||
In U.S. offices | $ | 350,107 | $ | 357,454 | $ | 357,951 | $ | 5,873 | $ | 5,950 | $ | 6,368 | 6.75 | % | 6.60 | % | 7.21 | % | $ | 353,422 | $ | 350,107 | $ | 347,779 | $ | 5,793 | $ | 5,873 | $ | 6,292 | 6.59 | % | 6.75 | % | 7.26 | % | ||||||||||||
In offices outside the U.S.(5) | 262,133 | 267,493 | 276,914 | 3,901 | 4,025 | 4,195 | 5.99 | % | 5.97 | % | 6.14 | % | 267,226 | 262,133 | 279,247 | 3,972 | 3,901 | 3,721 | 5.98 | % | 5.99 | % | 5.34 | % | ||||||||||||||||||||||||
Total | $ | 612,240 | $ | 624,947 | $ | 634,865 | $ | 9,774 | $ | 9,975 | $ | 10,563 | 6.42 | % | 6.33 | % | 6.75 | % | $ | 620,648 | $ | 612,240 | $ | 627,026 | $ | 9,765 | $ | 9,774 | $ | 10,013 | 6.33 | % | 6.42 | % | 6.41 | % | ||||||||||||
Other interest-earning assets(10) | $ | 47,765 | $ | 51,623 | $ | 45,501 | $ | 252 | $ | 408 | $ | 110 | 2.12 | % | 3.14 | % | 0.98 | % | $ | 45,639 | $ | 47,765 | $ | 62,656 | $ | 236 | $ | 252 | $ | 662 | 2.08 | % | 2.12 | % | 4.24 | % | ||||||||||||
Total interest-earning assets | $ | 1,562,628 | $ | 1,572,892 | $ | 1,625,316 | $ | 14,286 | $ | 14,491 | $ | 14,724 | 3.68 | % | 3.66 | % | 3.67 | % | $ | 1,595,262 | $ | 1,562,628 | $ | 1,622,976 | $ | 14,473 | $ | 14,286 | $ | 14,995 | 3.65 | % | 3.68 | % | 3.71 | % | ||||||||||||
Non-interest-earning assets(7) | $ | 214,943 | $ | 211,356 | $ | 227,808 | $ | 212,050 | $ | 214,943 | $ | 216,708 | ||||||||||||||||||||||||||||||||||||
Total assets from discontinued operations | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
Total assets | $ | 1,777,571 | $ | 1,784,248 | $ | 1,853,124 | $ | 1,807,312 | $ | 1,777,571 | $ | 1,839,684 |
(1) | Net interest revenue includes the taxable equivalent adjustments related to the tax-exempt bond portfolio (based on the U.S. federal statutory tax rate of 35%) of $117 million, $119 million, |
(2) | Interest rates and amounts include the effects of risk management activities associated with the respective asset categories. |
(3) | Monthly or quarterly averages have been used by certain subsidiaries where daily averages are unavailable. |
(4) | Detailed average volume, Interest revenue and Interest expense exclude Discontinued operations. See Note 2 to the Consolidated Financial Statements. |
(5) | Average rates reflect prevailing local interest rates, including inflationary effects and monetary corrections in certain countries. |
(6) | Average volumes of securities borrowed or purchased under agreements to resell are reported net pursuant to ASC 210-20-45. However, Interest revenue excludes the impact of ASC 210-20-45. |
(7) | The fair value carrying amounts of derivative contracts are reported net, pursuant to ASC 815-10-45, in Non-interest-earning assets and Other non-interest-bearing liabilities. |
(8) | Interest expense on Trading account liabilities of ICG is reported as a reduction of Interest revenue. Interest revenue and Interest expense on cash collateral positions are reported in interest on Trading account assets and Trading account liabilities, respectively. |
(9) | Includes cash-basis loans. |
(10) | Includes brokerage receivables. |
Average volume | Interest expense | % Average rate | Average volume | Interest expense | % Average rate | |||||||||||||||||||||||||||||||||||||||||||
1st Qtr. | 4th Qtr. | 1st Qtr. | 1st Qtr. | 4th Qtr. | 1st Qtr. | 1st Qtr. | 4th Qtr. | 1st Qtr. | 2nd Qtr. | 1st Qtr. | 2nd Qtr. | 2nd Qtr. | 1st Qtr. | 2nd Qtr. | 2nd Qtr. | 1st Qtr. | 2nd Qtr. | |||||||||||||||||||||||||||||||
In millions of dollars, except rates | 2016 | 2015 | 2015 | 2016 | 2015 | 2015 | 2016 | 2015 | 2016 | 2016 | 2015 | 2016 | 2016 | 2015 | 2016 | 2016 | 2015 | |||||||||||||||||||||||||||||||
Liabilities | ||||||||||||||||||||||||||||||||||||||||||||||||
Deposits | ||||||||||||||||||||||||||||||||||||||||||||||||
In U.S. offices(5) | $ | 277,648 | $ | 270,156 | $ | 281,518 | $ | 316 | $ | 294 | $ | 356 | 0.46 | % | 0.43 | % | 0.51 | % | $ | 286,653 | $ | 277,648 | $ | 269,673 | $ | 371 | $ | 316 | $ | 330 | 0.52 | % | 0.46 | % | 0.49 | % | ||||||||||||
In offices outside the U.S.(6) | 424,055 | 426,288 | 416,878 | 888 | 929 | 970 | 0.84 | % | 0.86 | % | 0.94 | % | 435,242 | 424,055 | 431,305 | 935 | 888 | 958 | 0.86 | % | 0.84 | % | 0.89 | % | ||||||||||||||||||||||||
Total | $ | 701,703 | $ | 696,444 | $ | 698,396 | $ | 1,204 | $ | 1,223 | $ | 1,326 | 0.69 | % | 0.70 | % | 0.77 | % | $ | 721,895 | $ | 701,703 | $ | 700,978 | $ | 1,306 | $ | 1,204 | $ | 1,288 | 0.73 | % | 0.69 | % | 0.74 | % | ||||||||||||
Federal funds purchased and securities loaned or sold under agreements to repurchase(7) | ||||||||||||||||||||||||||||||||||||||||||||||||
In U.S. offices | $ | 103,523 | $ | 102,429 | $ | 106,394 | $ | 260 | $ | 198 | $ | 163 | 1.01 | % | 0.77 | % | 0.62 | % | $ | 103,517 | $ | 103,523 | $ | 112,690 | $ | 260 | $ | 260 | $ | 183 | 1.01 | % | 1.01 | % | 0.65 | % | ||||||||||||
In offices outside the U.S.(6) | 59,392 | 60,861 | 70,720 | 242 | 218 | 213 | 1.64 | % | 1.42 | % | 1.22 | % | 57,685 | 59,392 | 70,602 | 267 | 242 | 260 | 1.86 | % | 1.64 | % | 1.48 | % | ||||||||||||||||||||||||
Total | $ | 162,915 | $ | 163,290 | $ | 177,114 | $ | 502 | $ | 416 | $ | 376 | 1.24 | % | 1.01 | % | 0.86 | % | $ | 161,202 | $ | 162,915 | $ | 183,292 | $ | 527 | $ | 502 | $ | 443 | 1.31 | % | 1.24 | % | 0.97 | % | ||||||||||||
Trading account liabilities(8)(9) | ||||||||||||||||||||||||||||||||||||||||||||||||
In U.S. offices | $ | 23,636 | $ | 24,627 | $ | 28,040 | $ | 52 | $ | 32 | $ | 23 | 0.88 | % | 0.52 | % | 0.33 | % | $ | 27,420 | $ | 23,636 | $ | 26,008 | $ | 64 | $ | 52 | $ | 27 | 0.94 | % | 0.88 | % | 0.42 | % | ||||||||||||
In offices outside the U.S.(6) | 41,676 | 38,575 | 45,159 | 36 | 26 | 24 | 0.35 | % | 0.27 | % | 0.22 | % | 45,960 | 41,676 | 46,972 | 32 | 36 | 27 | 0.28 | % | 0.35 | % | 0.23 | % | ||||||||||||||||||||||||
Total | $ | 65,312 | $ | 63,202 | $ | 73,199 | $ | 88 | $ | 58 | $ | 47 | 0.54 | % | 0.36 | % | 0.26 | % | $ | 73,380 | $ | 65,312 | $ | 72,980 | $ | 96 | $ | 88 | $ | 54 | 0.53 | % | 0.54 | % | 0.30 | % | ||||||||||||
Short-term borrowings(10) | ||||||||||||||||||||||||||||||||||||||||||||||||
In U.S. offices | $ | 56,834 | $ | 62,123 | $ | 72,060 | $ | 29 | $ | 40 | $ | 21 | 0.21 | % | 0.26 | % | 0.12 | % | $ | 54,825 | $ | 56,834 | $ | 65,695 | $ | 43 | $ | 29 | $ | 73 | 0.32 | % | 0.21 | % | 0.45 | % | ||||||||||||
In offices outside the U.S.(6) | 22,642 | 27,856 | 57,078 | 71 | 46 | 98 | 1.26 | % | 0.66 | % | 0.70 | % | 10,253 | 22,642 | 48,584 | 66 | 71 | 84 | 2.59 | % | 1.26 | % | 0.69 | % | ||||||||||||||||||||||||
Total | $ | 79,476 | $ | 89,979 | $ | 129,138 | $ | 100 | $ | 86 | $ | 119 | 0.51 | % | 0.38 | % | 0.37 | % | $ | 65,078 | $ | 79,476 | $ | 114,279 | $ | 109 | $ | 100 | $ | 157 | 0.67 | % | 0.51 | % | 0.55 | % | ||||||||||||
Long-term debt(11) | ||||||||||||||||||||||||||||||||||||||||||||||||
In U.S. offices | $ | 172,429 | $ | 177,836 | $ | 191,555 | $ | 995 | $ | 1,062 | $ | 1,110 | 2.32 | % | 2.37 | % | 2.35 | % | $ | 175,506 | $ | 172,429 | $ | 180,517 | $ | 1,009 | $ | 995 | $ | 1,057 | 2.31 | % | 2.32 | % | 2.35 | % | ||||||||||||
In offices outside the U.S.(6) | 6,854 | 8,111 | 7,007 | 51 | 55 | 50 | 2.99 | % | 2.69 | % | 2.89 | % | 6,714 | 6,854 | 7,393 | 73 | 51 | 52 | 4.37 | % | 2.99 | % | 2.82 | % | ||||||||||||||||||||||||
Total | $ | 179,283 | $ | 185,947 | $ | 198,562 | $ | 1,046 | $ | 1,117 | $ | 1,160 | 2.35 | % | 2.38 | % | 2.37 | % | $ | 182,220 | $ | 179,283 | $ | 187,910 | $ | 1,082 | $ | 1,046 | $ | 1,109 | 2.39 | % | 2.35 | % | 2.37 | % | ||||||||||||
Total interest-bearing liabilities | $ | 1,188,689 | $ | 1,198,862 | $ | 1,276,409 | $ | 2,940 | $ | 2,900 | $ | 3,028 | 0.99 | % | 0.96 | % | 0.96 | % | $ | 1,203,775 | $ | 1,188,689 | $ | 1,259,439 | $ | 3,120 | $ | 2,940 | $ | 3,051 | 1.04 | % | 0.99 | % | 0.97 | % | ||||||||||||
Demand deposits in U.S. offices | $ | 31,336 | $ | 28,025 | $ | 24,018 | $ | 38,979 | $ | 31,336 | $ | 24,670 | ||||||||||||||||||||||||||||||||||||
Other non-interest-bearing liabilities(8) | 332,065 | 334,132 | 339,129 | 335,243 | 332,065 | 336,701 | ||||||||||||||||||||||||||||||||||||||||||
Total liabilities from discontinued operations | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||
Total liabilities | $ | 1,552,090 | $ | 1,561,019 | $ | 1,639,556 | $ | 1,577,997 | $ | 1,552,090 | $ | 1,620,810 | ||||||||||||||||||||||||||||||||||||
Citigroup stockholders’ equity(12) | $ | 224,320 | $ | 222,006 | $ | 212,133 | $ | 228,149 | $ | 224,320 | $ | 217,522 | ||||||||||||||||||||||||||||||||||||
Noncontrolling interest | 1,161 | 1,223 | 1,435 | 1,166 | 1,161 | 1,352 | ||||||||||||||||||||||||||||||||||||||||||
Total equity(12) | $ | 225,481 | $ | 223,229 | $ | 213,568 | $ | 229,315 | $ | 225,481 | $ | 218,874 | ||||||||||||||||||||||||||||||||||||
Total liabilities and stockholders’ equity | $ | 1,777,571 | $ | 1,784,248 | $ | 1,853,124 | $ | 1,807,312 | $ | 1,777,571 | $ | 1,839,684 | ||||||||||||||||||||||||||||||||||||
Net interest revenue as a percentage of average interest-earning assets(13) | ||||||||||||||||||||||||||||||||||||||||||||||||
In U.S. offices | $ | 853,513 | $ | 925,159 | $ | 942,923 | $ | 6,986 | $ | 7,152 | $ | 7,004 | 3.29 | % | 3.07 | % | 3.01 | % | $ | 854,825 | $ | 853,513 | $ | 884,959 | $ | 6,816 | $ | 6,986 | $ | 7,087 | 3.21 | % | 3.29 | % | 3.21 | % | ||||||||||||
In offices outside the U.S.(6) | 709,115 | 647,733 | 682,393 | 4,360 | 4,439 | 4,692 | 2.47 | 2.72 | 2.79 | 740,437 | 709,115 | 738,017 | 4,537 | 4,360 | 4,857 | 2.46 | 2.47 | 2.64 | ||||||||||||||||||||||||||||||
Total | $ | 1,562,628 | $ | 1,572,892 | $ | 1,625,316 | $ | 11,346 | $ | 11,591 | $ | 11,696 | 2.92 | % | 2.92 | % | 2.92 | % | $ | 1,595,262 | $ | 1,562,628 | $ | 1,622,976 | $ | 11,353 | $ | 11,346 | $ | 11,944 | 2.86 | % | 2.92 | % | 2.95 | % |
(1) | Net interest revenue includes the taxable equivalent adjustments related to the tax-exempt bond portfolio (based on the U.S. federal statutory tax rate of 35%) of $117 million, $119 million, |
(2) | Interest rates and amounts include the effects of risk management activities associated with the respective liability categories. |
(3) | Monthly or quarterly averages have been used by certain subsidiaries where daily averages are unavailable. |
(4) | Detailed average volume, Interest revenue and Interest expense exclude Discontinued operations. See Note 2 to the Consolidated Financial Statements. |
(5) | Consists of other time deposits and savings deposits. Savings deposits are made up of insured money market accounts, NOW accounts, and other savings deposits. The interest expense on savings deposits includes FDIC deposit insurance assessments. |
(6) | Average rates reflect prevailing local interest rates, including inflationary effects and monetary corrections in certain countries. |
(7) | Average volumes of securities sold under agreements to repurchase are reported net pursuant to ASC 210-20-45. However, Interest expense excludes the impact of ASC 210-20-45. |
(8) | The fair value carrying amounts of derivative contracts are reported net, pursuant to ASC 815-10-45, in Non-interest-earning assets and Other non-interest-bearing liabilities. |
(9) | Interest expense on Trading account liabilities of ICG is reported as a reduction of Interest revenue. Interest revenue and Interest expense on cash collateral positions are reported in interest on Trading account assets and Trading account liabilities, respectively. |
(10) | Includes brokerage payables. |
(11) | Excludes hybrid financial instruments and beneficial interests in consolidated VIEs that are classified as Long-term debt, as these obligations are accounted for in changes in fair value recorded in Principal transactions. |
(12) | Includes stockholders’ equity from discontinued operations. |
(13) | Includes allocations for capital and funding costs based on the location of the asset. |
Average volume | Interest revenue | % Average rate | ||||||||||||||
Six Months | Six Months | Six Months | Six Months | Six Months | Six Months | |||||||||||
In millions of dollars, except rates | 2016 | 2015 | 2016 | 2015 | 2016 | 2015 | ||||||||||
Assets | ||||||||||||||||
Deposits with banks(5) | $ | 126,505 | $ | 136,907 | $ | 456 | $ | 351 | 0.72 | % | 0.52 | % | ||||
Federal funds sold and securities borrowed or purchased under agreements to resell(6) | ||||||||||||||||
In U.S. offices | $ | 149,278 | $ | 150,327 | $ | 736 | $ | 590 | 0.99 | % | 0.79 | % | ||||
In offices outside the U.S.(5) | 81,295 | 88,280 | 575 | 716 | 1.42 | % | 1.64 | % | ||||||||
Total | $ | 230,573 | $ | 238,607 | $ | 1,311 | $ | 1,306 | 1.14 | % | 1.10 | % | ||||
Trading account assets(7)(8) | ||||||||||||||||
In U.S. offices | $ | 106,792 | $ | 117,923 | $ | 1,923 | $ | 1,903 | 3.62 | % | 3.25 | % | ||||
In offices outside the U.S.(5) | 100,097 | 111,000 | 1,121 | 1,187 | 2.25 | % | 2.16 | % | ||||||||
Total | $ | 206,889 | $ | 228,923 | $ | 3,044 | $ | 3,090 | 2.96 | % | 2.72 | % | ||||
Investments | ||||||||||||||||
In U.S. offices | ||||||||||||||||
Taxable | $ | 227,130 | $ | 213,800 | $ | 1,991 | $ | 1,913 | 1.76 | % | 1.80 | % | ||||
Exempt from U.S. income tax | 19,205 | 20,279 | 339 | 182 | 3.55 | % | 1.81 | % | ||||||||
In offices outside the U.S.(5) | 105,499 | 100,607 | 1,591 | 1,529 | 3.03 | % | 3.06 | % | ||||||||
Total | $ | 351,834 | $ | 334,686 | $ | 3,921 | $ | 3,624 | 2.24 | % | 2.18 | % | ||||
Loans (net of unearned income)(9) | ||||||||||||||||
In U.S. offices | $ | 351,765 | $ | 352,865 | $ | 11,666 | $ | 12,660 | 6.67 | % | 7.24 | % | ||||
In offices outside the U.S.(5) | 264,680 | 278,081 | 7,873 | 7,916 | 5.98 | % | 5.74 | % | ||||||||
Total | $ | 616,445 | $ | 630,946 | $ | 19,539 | $ | 20,576 | 6.37 | % | 6.58 | % | ||||
Other interest-earning assets(10) | $ | 46,702 | $ | 54,080 | $ | 488 | $ | 772 | 2.10 | % | 2.88 | % | ||||
Total interest-earning assets | $ | 1,578,948 | $ | 1,624,149 | $ | 28,759 | $ | 29,719 | 3.66 | % | 3.69 | % | ||||
Non-interest-earning assets(7) | $ | 213,496 | $ | 222,258 | ||||||||||||
Total assets from discontinued operations | — | — | ||||||||||||||
Total assets | $ | 1,792,444 | $ | 1,846,407 |
(1) | Net interestrevenue includes the taxable equivalent adjustments (based on the U.S. federal statutory tax rate of 35%) of $236 million and $244 million for the six months ended June 30, 2016 and 2015, respectively. |
(2) | Interest rates and amounts include the effects of risk management activities associated with the respective asset and liability categories. |
(3) | Monthly or quarterly averages have been used by certain subsidiaries where daily averages are unavailable. |
(4) | Detailed average volume, Interest revenue and Interest expense exclude Discontinued operations. See Note 2 to the Consolidated Financial Statements. |
(5) | Average rates reflect prevailing local interest rates, including inflationary effects and monetary corrections in certain countries. |
(6) | Average volumes of securities borrowed or purchased under agreements to resell are reported net pursuant to FIN 41 (ASC 210-20-45). However, Interest revenue excludes the impact of FIN 41 (ASC 210-20-45). |
(7) | The fair value carrying amounts of derivative contracts are reported in Non-interest-earning assets and Other non-interest-bearing liabilities. |
(8) | Interest expense on Trading account liabilities of ICG is reported as a reduction of Interest revenue. Interest revenue and Interest expense on cash collateral positions are reported in interest on Trading account assets and Trading account liabilities, respectively. |
(9) | Includes cash-basis loans. |
(10) | Includes brokerage receivables. |
Average volume | Interest expense | % Average rate | ||||||||||||||
Six Months | Six Months | Six Months | Six Months | Six Months | Six Months | |||||||||||
In millions of dollars, except rates | 2016 | 2015 | 2016 | 2015 | 2016 | 2015 | ||||||||||
Liabilities | ||||||||||||||||
Deposits | ||||||||||||||||
In U.S. offices(5) | $ | 282,151 | $ | 275,596 | $ | 687 | $ | 686 | 0.49 | % | 0.50 | % | ||||
In offices outside the U.S.(6) | 429,649 | 424,092 | 1,823 | 1,927 | 0.85 | % | 0.92 | % | ||||||||
Total | $ | 711,800 | $ | 699,688 | $ | 2,510 | $ | 2,613 | 0.71 | % | 0.75 | % | ||||
Federal funds purchased and securities loaned or sold under agreements to repurchase(7) | ||||||||||||||||
In U.S. offices | $ | 103,520 | $ | 109,542 | $ | 520 | $ | 346 | 1.01 | % | 0.64 | % | ||||
In offices outside the U.S.(6) | 58,539 | 70,661 | 509 | 473 | 1.75 | % | 1.35 | % | ||||||||
Total | $ | 162,059 | $ | 180,203 | $ | 1,029 | $ | 819 | 1.28 | % | 0.92 | % | ||||
Trading account liabilities(8)(9) | ||||||||||||||||
In U.S. offices | $ | 25,528 | $ | 27,024 | $ | 116 | $ | 50 | 0.91 | % | 0.37 | % | ||||
In offices outside the U.S.(6) | 43,818 | 46,066 | 68 | 51 | 0.31 | % | 0.22 | % | ||||||||
Total | $ | 69,346 | $ | 73,090 | $ | 184 | $ | 101 | 0.53 | % | 0.28 | % | ||||
Short-term borrowings(10) | ||||||||||||||||
In U.S. offices | $ | 55,830 | $ | 68,878 | $ | 72 | $ | 94 | 0.26 | % | 0.28 | % | ||||
In offices outside the U.S.(6) | 16,448 | 52,831 | 138 | 183 | 1.69 | % | 0.70 | % | ||||||||
Total | $ | 72,278 | $ | 121,709 | $ | 210 | $ | 277 | 0.58 | % | 0.46 | % | ||||
Long-term debt(11) | ||||||||||||||||
In U.S. offices | $ | 173,968 | $ | 186,036 | $ | 2,003 | $ | 2,167 | 2.32 | % | 2.35 | % | ||||
In offices outside the U.S.(6) | 6,784 | 7,200 | 124 | 102 | 3.68 | % | 2.86 | % | ||||||||
Total | $ | 180,752 | $ | 193,236 | $ | 2,127 | $ | 2,269 | 2.37 | % | 2.37 | % | ||||
Total interest-bearing liabilities | $ | 1,196,235 | $ | 1,267,926 | $ | 6,060 | $ | 6,079 | 1.02 | % | 0.97 | % | ||||
Demand deposits in U.S. offices | $ | 35,158 | $ | 24,344 | ||||||||||||
Other non-interest-bearing liabilities(8) | 333,653 | 337,915 | ||||||||||||||
Total liabilities from discontinued operations | — | — | ||||||||||||||
Total liabilities | $ | 1,565,046 | $ | 1,630,185 | ||||||||||||
Citigroup stockholders’ equity(12) | $ | 226,235 | $ | 214,828 | ||||||||||||
Noncontrolling interest | 1,164 | 1,394 | ||||||||||||||
Total equity(12) | $ | 227,399 | $ | 216,222 | ||||||||||||
Total liabilities and stockholders’ equity | $ | 1,792,445 | $ | 1,846,407 | ||||||||||||
Net interest revenue as a percentage of average interest-earning assets | ||||||||||||||||
In U.S. offices | $ | 854,172 | $ | 913,944 | $ | 13,802 | $ | 14,091 | 3.25 | % | 3.11 | % | ||||
In offices outside the U.S.(6) | 724,776 | 710,205 | 8,897 | 9,549 | 2.47 | % | 2.71 | % | ||||||||
Total | $ | 1,578,948 | $ | 1,624,149 | $ | 22,699 | $ | 23,640 | 2.89 | % | 2.94 | % |
(1) | Net interestrevenue includes the taxable equivalent adjustments (based on the U.S. federal statutory tax rate of 35%) of $236 million and $244 million for the six months ended June 30, 2016 and 2015, respectively. |
(2) | Interest rates and amounts include the effects of risk management activities associated with the respective asset and liability categories. |
(3) | Monthly or quarterly averages have been used by certain subsidiaries where daily averages are unavailable. |
(4) | Detailed average volume, Interest revenue and Interest expense exclude Discontinued operations. See Note 2 to the Consolidated Financial Statements. |
(5) | Consists of other time deposits and savings deposits. Savings deposits are made up of insured money market accounts, NOW accounts, and other savings deposits. The interest expense on savings deposits includes FDIC deposit insurance fees and charges. |
(6) | Average rates reflect prevailing local interest rates, including inflationary effects and monetary corrections in certain countries. |
(7) | Average volumes of securities loaned or sold under agreements to repurchase are reported net pursuant to FIN 41 (ASC 210-20-45). However, Interest expense excludes the impact of FIN 41 (ASC 210-20-45). |
(8) | The fair value carrying amounts of derivative contracts are reported in Non-interest-earning assets and Other non-interest-bearing liabilities. |
(9) | Interest expense on Trading account liabilities of ICG is reported as a reduction of Interest revenue. Interest revenue and Interest expense on cash collateral positions are reported in interest on Trading account assets and Trading account liabilities, respectively. |
(10) | Excludes hybrid financial instruments and beneficial interests in consolidated VIEs that are classified as Long-term debt, as these obligations are accounted for in changes in fair value recorded in Principal transactions. |
(11) | Includes stockholders' equity from discontinued operations. |
(12) | Includes allocations for capital and funding costs based on the location of the asset. |
1st Qtr. 2016 vs. 4th Qtr. 2015 | 1st Qtr. 2016 vs. 1st Qtr. 2015 | 2nd Qtr. 2016 vs. 1st Qtr. 2016 | 2nd Qtr. 2016 vs. 2nd Qtr. 2015 | |||||||||||||||||||||||||||||||||
Increase (decrease) due to change in: | Increase (decrease) due to change in: | Increase (decrease) due to change in: | Increase (decrease) due to change in: | |||||||||||||||||||||||||||||||||
In millions of dollars | Average volume | Average rate | Net change | Average volume | Average rate | Net change | Average volume | Average rate | Net change | Average volume | Average rate | Net change | ||||||||||||||||||||||||
Deposits with banks(4) | $ | (7 | ) | $ | 37 | $ | 30 | $ | (31 | ) | $ | 67 | $ | 36 | $ | 31 | $ | (13 | ) | $ | 18 | $ | 1 | $ | 68 | $ | 69 | |||||||||
Federal funds sold and securities borrowed or purchased under agreements to resell | ||||||||||||||||||||||||||||||||||||
In U.S. offices | $ | (1 | ) | $ | 67 | $ | 66 | $ | (2 | ) | $ | 93 | $ | 91 | $ | (4 | ) | $ | (8 | ) | $ | (12 | ) | $ | (2 | ) | $ | 57 | $ | 55 | ||||||
In offices outside the U.S.(4) | 8 | 19 | 27 | (43 | ) | (43 | ) | (86 | ) | 19 | 10 | 29 | (10 | ) | (45 | ) | (55 | ) | ||||||||||||||||||
Total | $ | 7 | $ | 86 | $ | 93 | $ | (45 | ) | $ | 50 | $ | 5 | $ | 15 | $ | 2 | $ | 17 | $ | (12 | ) | $ | 12 | $ | — | ||||||||||
Trading account assets(5) | ||||||||||||||||||||||||||||||||||||
In U.S. offices | $ | (31 | ) | $ | (34 | ) | $ | (65 | ) | $ | (100 | ) | $ | 135 | $ | 35 | $ | 33 | $ | (16 | ) | $ | 17 | $ | (89 | ) | $ | 74 | $ | (15 | ) | |||||
In offices outside the U.S.(4) | 17 | 54 | 71 | (60 | ) | 62 | 2 | 10 | 75 | 85 | (58 | ) | (10 | ) | (68 | ) | ||||||||||||||||||||
Total | $ | (14 | ) | $ | 20 | $ | 6 | $ | (160 | ) | $ | 197 | $ | 37 | $ | 43 | $ | 59 | $ | 102 | $ | (147 | ) | $ | 64 | $ | (83 | ) | ||||||||
Investments(1) | ||||||||||||||||||||||||||||||||||||
In U.S. offices | $ | 42 | $ | 9 | $ | 51 | $ | 64 | $ | 82 | $ | 146 | $ | (19 | ) | $ | 11 | $ | (8 | ) | $ | 48 | $ | 41 | $ | 89 | ||||||||||
In offices outside the U.S.(4) | (6 | ) | (22 | ) | (28 | ) | 12 | (27 | ) | (15 | ) | 26 | 57 | 83 | 64 | 13 | 77 | |||||||||||||||||||
Total | $ | 36 | $ | (13 | ) | $ | 23 | $ | 76 | $ | 55 | $ | 131 | $ | 7 | $ | 68 | $ | 75 | $ | 112 | $ | 54 | $ | 166 | |||||||||||
Loans (net of unearned income)(6) | ||||||||||||||||||||||||||||||||||||
In U.S. offices | $ | (123 | ) | $ | 46 | $ | (77 | ) | $ | (137 | ) | $ | (358 | ) | $ | (495 | ) | $ | 55 | $ | (135 | ) | $ | (80 | ) | $ | 101 | $ | (600 | ) | $ | (499 | ) | |||
In offices outside the U.S.(4) | (80 | ) | (44 | ) | (124 | ) | (221 | ) | (73 | ) | (294 | ) | 76 | (5 | ) | 71 | (165 | ) | 416 | 251 | ||||||||||||||||
Total | $ | (203 | ) | $ | 2 | $ | (201 | ) | $ | (358 | ) | $ | (431 | ) | $ | (789 | ) | $ | 131 | $ | (140 | ) | $ | (9 | ) | $ | (64 | ) | $ | (184 | ) | $ | (248 | ) | ||
Other interest-earning assets(7) | $ | (29 | ) | $ | (128 | ) | $ | (157 | ) | $ | 6 | $ | 136 | $ | 142 | $ | (11 | ) | $ | (5 | ) | $ | (16 | ) | $ | (148 | ) | $ | (278 | ) | $ | (426 | ) | |||
Total interest revenue | $ | (210 | ) | $ | 4 | $ | (206 | ) | $ | (512 | ) | $ | 74 | $ | (438 | ) | $ | 216 | $ | (29 | ) | $ | 187 | $ | (258 | ) | $ | (264 | ) | $ | (522 | ) |
(1) | The taxable equivalent adjustment is related to the tax-exempt bond portfolio based on the U.S. federal statutory tax rate of 35% and is included in this presentation. |
(2) | Rate/volume variance is allocated based on the percentage relationship of changes in volume and changes in rate to the total net change. |
(3) | Detailed average volume, Interest revenue and Interest expense exclude Discontinued operations. See Note 2 to the Consolidated Financial Statements. |
(4) | Changes in average rates reflect changes in prevailing local interest rates, including inflationary effects and monetary corrections in certain countries. |
(5) | Interest expense on Trading account liabilities of ICG is reported as a reduction of Interest revenue. Interest revenue and Interest expense on cash collateral positions are reported in interest on Trading account assets and Trading account liabilities, respectively. |
(6) | Includes cash-basis loans. |
(7) | Includes brokerage receivables. |
1st Qtr. 2016 vs. 4th Qtr. 2015 | 1st Qtr. 2016 vs. 1st Qtr. 2015 | 2nd Qtr. 2016 vs. 1st Qtr. 2016 | 2nd Qtr. 2016 vs. 2nd Qtr. 2015 | |||||||||||||||||||||||||||||||||
Increase (decrease) due to change in: | Increase (decrease) due to change in: | Increase (decrease) due to change in: | Increase (decrease) due to change in: | |||||||||||||||||||||||||||||||||
In millions of dollars | Average volume | Average rate | Net change | Average volume | Average rate | Net change | Average volume | Average rate | Net change | Average volume | Average rate | Net change | ||||||||||||||||||||||||
Deposits | ||||||||||||||||||||||||||||||||||||
In U.S. offices | $ | 8 | $ | 14 | $ | 22 | $ | (5 | ) | $ | (35 | ) | $ | (40 | ) | $ | 11 | $ | 44 | $ | 55 | $ | 21 | $ | 20 | $ | 41 | |||||||||
In offices outside the U.S.(4) | (5 | ) | (36 | ) | (41 | ) | 16 | (98 | ) | (82 | ) | 24 | 23 | 47 | 9 | (32 | ) | (23 | ) | |||||||||||||||||
Total | $ | 3 | $ | (22 | ) | $ | (19 | ) | $ | 11 | $ | (133 | ) | $ | (122 | ) | $ | 35 | $ | 67 | $ | 102 | $ | 30 | $ | (12 | ) | $ | 18 | |||||||
Federal funds purchased and securities loaned or sold under agreements to repurchase | ||||||||||||||||||||||||||||||||||||
In U.S. offices | $ | 2 | $ | 60 | $ | 62 | $ | (5 | ) | $ | 102 | $ | 97 | $ | — | $ | — | $ | — | $ | (16 | ) | $ | 93 | $ | 77 | ||||||||||
In offices outside the U.S.(4) | (5 | ) | 29 | 24 | (38 | ) | 67 | 29 | (7 | ) | 32 | 25 | (53 | ) | 60 | 7 | ||||||||||||||||||||
Total | $ | (3 | ) | $ | 89 | $ | 86 | $ | (43 | ) | $ | 169 | $ | 126 | $ | (7 | ) | $ | 32 | $ | 25 | $ | (69 | ) | $ | 153 | $ | 84 | ||||||||
Trading account liabilities(5) | ||||||||||||||||||||||||||||||||||||
In U.S. offices | $ | (1 | ) | $ | 21 | $ | 20 | $ | (4 | ) | $ | 33 | $ | 29 | $ | 9 | $ | 3 | $ | 12 | $ | 2 | $ | 35 | $ | 37 | ||||||||||
In offices outside the U.S.(4) | 2 | 8 | 10 | (2 | ) | 14 | 12 | 3 | (7 | ) | (4 | ) | (1 | ) | 6 | 5 | ||||||||||||||||||||
Total | $ | 1 | $ | 29 | $ | 30 | $ | (6 | ) | $ | 47 | $ | 41 | $ | 12 | $ | (4 | ) | $ | 8 | $ | 1 | $ | 41 | $ | 42 | ||||||||||
Short-term borrowings(6) | ||||||||||||||||||||||||||||||||||||
In U.S. offices | $ | (3 | ) | $ | (8 | ) | $ | (11 | ) | $ | (5 | ) | $ | 13 | $ | 8 | $ | (1 | ) | $ | 15 | $ | 14 | $ | (11 | ) | $ | (19 | ) | $ | (30 | ) | ||||
In offices outside the U.S.(4) | (10 | ) | 35 | 25 | (80 | ) | 53 | (27 | ) | (53 | ) | 48 | (5 | ) | (107 | ) | 89 | (18 | ) | |||||||||||||||||
Total | $ | (13 | ) | $ | 27 | $ | 14 | $ | (85 | ) | $ | 66 | $ | (19 | ) | $ | (54 | ) | $ | 63 | $ | 9 | $ | (118 | ) | $ | 70 | $ | (48 | ) | ||||||
Long-term debt | ||||||||||||||||||||||||||||||||||||
In U.S. offices | $ | (32 | ) | $ | (35 | ) | $ | (67 | ) | $ | (110 | ) | $ | (5 | ) | $ | (115 | ) | $ | 18 | $ | (4 | ) | $ | 14 | $ | (29 | ) | $ | (19 | ) | $ | (48 | ) | ||
In offices outside the U.S.(4) | (9 | ) | 5 | (4 | ) | (1 | ) | 2 | 1 | (1 | ) | 23 | 22 | (5 | ) | 26 | 21 | |||||||||||||||||||
Total | $ | (41 | ) | $ | (30 | ) | $ | (71 | ) | $ | (111 | ) | $ | (3 | ) | $ | (114 | ) | $ | 17 | $ | 19 | $ | 36 | $ | (34 | ) | $ | 7 | $ | (27 | ) | ||||
Total interest expense | $ | (53 | ) | $ | 93 | $ | 40 | $ | (234 | ) | $ | 146 | $ | (88 | ) | $ | 3 | $ | 177 | $ | 180 | $ | (190 | ) | $ | 259 | $ | 69 | ||||||||
Net interest revenue | $ | (157 | ) | $ | (89 | ) | $ | (246 | ) | $ | (278 | ) | $ | (72 | ) | $ | (350 | ) | $ | 213 | $ | (206 | ) | $ | 7 | $ | (68 | ) | $ | (523 | ) | $ | (591 | ) |
(1) | The taxable equivalent adjustment is related to the tax-exempt bond portfolio based on the U.S. federal statutory tax rate of 35% and is included in this presentation. |
(2) | Rate/volume variance is allocated based on the percentage relationship of changes in volume and changes in rate to the total net change. |
(3) | Detailed average volume, Interest revenue and Interest expense exclude Discontinued operations. See Note 2 to the Consolidated Financial Statements. |
(4) | Changes in average rates reflect changes in prevailing local interest rates, including inflationary effects and monetary corrections in certain countries. |
(5) | Interest expense on Trading account liabilities of ICG is reported as a reduction of Interest revenue. Interest revenue and Interest expense on cash collateral positions are reported in interest on Trading account assets and Trading account liabilities, respectively. |
(6) | Includes brokerage payables. |
Six Months 2016 vs. Six Months 2015 | |||||||||
Increase (decrease) due to change in: | |||||||||
In millions of dollars | Average volume | Average rate | Net change(2) | ||||||
Deposits at interest with banks(4) | $ | (28 | ) | $ | 133 | $ | 105 | ||
Federal funds sold and securities borrowed or purchased under agreements to resell | |||||||||
In U.S. offices | $ | (4 | ) | $ | 150 | $ | 146 | ||
In offices outside the U.S.(4) | (54 | ) | (87 | ) | (141 | ) | |||
Total | $ | (58 | ) | $ | 63 | $ | 5 | ||
Trading account assets(5) | |||||||||
In U.S. offices | $ | (189 | ) | $ | 209 | $ | 20 | ||
In offices outside the U.S.(4) | (120 | ) | 54 | (66 | ) | ||||
Total | $ | (309 | ) | $ | 263 | $ | (46 | ) | |
Investments(1) | |||||||||
In U.S. offices | $ | 113 | $ | 122 | $ | 235 | |||
In offices outside the U.S.(4) | 74 | (12 | ) | 62 | |||||
Total | $ | 187 | $ | 110 | $ | 297 | |||
Loans (net of unearned income)(6) | |||||||||
In U.S. offices | $ | (39 | ) | $ | (955 | ) | $ | (994 | ) |
In offices outside the U.S.(4) | (390 | ) | 347 | (43 | ) | ||||
Total | $ | (429 | ) | $ | (608 | ) | $ | (1,037 | ) |
Other interest-earning assets | $ | (96 | ) | $ | (188 | ) | $ | (284 | ) |
Total interest revenue | $ | (733 | ) | $ | (227 | ) | $ | (960 | ) |
Deposits (7) | |||||||||
In U.S. offices | $ | 16 | $ | (15 | ) | $ | 1 | ||
In offices outside the U.S.(4) | 25 | (129 | ) | (104 | ) | ||||
Total | $ | 41 | $ | (144 | ) | $ | (103 | ) | |
Federal funds purchased and securities loaned or sold under agreements to repurchase | |||||||||
In U.S. offices | $ | (20 | ) | $ | 194 | $ | 174 | ||
In offices outside the U.S.(4) | (90 | ) | 126 | 36 | |||||
Total | $ | (110 | ) | $ | 320 | $ | 210 | ||
Trading account liabilities(5) | |||||||||
In U.S. offices | $ | (3 | ) | $ | 69 | $ | 66 | ||
In offices outside the U.S.(4) | (3 | ) | 20 | 17 | |||||
Total | $ | (6 | ) | $ | 89 | $ | 83 | ||
Short-term borrowings | |||||||||
In U.S. offices | $ | (17 | ) | $ | (5 | ) | $ | (22 | ) |
In offices outside the U.S.(4) | (185 | ) | 140 | (45 | ) | ||||
Total | $ | (202 | ) | $ | 135 | $ | (67 | ) | |
Long-term debt | |||||||||
In U.S. offices | $ | (139 | ) | $ | (25 | ) | $ | (164 | ) |
In offices outside the U.S.(4) | (6 | ) | 28 | 22 | |||||
Total | $ | (145 | ) | $ | 3 | $ | (142 | ) | |
Total interest expense | $ | (422 | ) | $ | 403 | $ | (19 | ) | |
Net interest revenue | $ | (311 | ) | $ | (630 | ) | $ | (941 | ) |
(1) | The taxable equivalent adjustment is based on the U.S. Federal statutory tax rate of 35% and is included in this presentation. |
(2) | Rate/volume variance is allocated based on the percentage relationship of changes in volume and changes in rate to the total net change. |
(3) | Detailed average volume, Interest revenue and Interest expense exclude Discontinued operations. |
(4) | Changes in average rates reflect changes in prevailing local interest rates, including inflationary effects and monetary corrections in certain countries. |
(5) | Interest expense on Trading account liabilities of ICG is reported as a reduction of Interest revenue. Interest revenue and Interest expense on cash collateral positions are reported in Trading account assets and Trading account liabilities, respectively. |
(6) | Includes cash-basis loans. |
(7) | The interest expense on deposits includes the FDIC assessment and deposit insurance fees and charges of $502 million and $585 million for the six months ended June 30, 2016 and 2015, respectively. |
First Quarter | Fourth Quarter | First Quarter | Second Quarter | First Quarter | Second Quarter | |||||||||||||||||||||||||||||||
In millions of dollars | March 31, 2016 | 2016 Average | Dec. 31, 2015 | 2015 Average | March 31, 2015 | 2015 Average | June 30, 2016 | 2016 Average | March 31, 2016 | 2016 Average | June 30, 2015 | 2015 Average | ||||||||||||||||||||||||
Interest rate | $ | 37 | $ | 41 | $ | 37 | $ | 35 | $ | 63 | $ | 60 | $ | 32 | $ | 32 | $ | 37 | $ | 41 | $ | 33 | $ | 42 | ||||||||||||
Credit spread | 62 | 64 | 56 | 64 | 71 | $ | 75 | 61 | 60 | 62 | 64 | 64 | $ | 70 | ||||||||||||||||||||||
Covariance adjustment(1) | (29 | ) | (27 | ) | (25 | ) | (25 | ) | (34 | ) | (33 | ) | (30 | ) | (26 | ) | (29 | ) | (27 | ) | (22 | ) | (25 | ) | ||||||||||||
Fully diversified interest rate and credit spread | $ | 70 | $ | 78 | $ | 68 | $ | 74 | $ | 100 | $ | 102 | $ | 63 | $ | 66 | $ | 70 | $ | 78 | $ | 75 | $ | 87 | ||||||||||||
Foreign exchange | 25 | 29 | 27 | 35 | 29 | 31 | 26 | 20 | 25 | 29 | 32 | 34 | ||||||||||||||||||||||||
Equity | 9 | 15 | 17 | 15 | 25 | 16 | 11 | 15 | 9 | 15 | 24 | 21 | ||||||||||||||||||||||||
Commodity | 17 | 14 | 17 | 16 | 22 | 24 | 23 | 20 | 17 | 14 | 18 | 18 | ||||||||||||||||||||||||
Covariance adjustment(1) | (62 | ) | (56 | ) | (53 | ) | (61 | ) | (69 | ) | (66 | ) | (59 | ) | (56 | ) | (62 | ) | (56 | ) | (66 | ) | (70 | ) | ||||||||||||
Total trading VAR—all market risk factors, including general and specific risk (excluding credit portfolios)(2) | $ | 59 | $ | 80 | $ | 76 | $ | 79 | $ | 107 | $ | 107 | $ | 64 | $ | 65 | $ | 59 | $ | 80 | $ | 83 | $ | 90 | ||||||||||||
Specific risk-only component(3) | $ | 7 | $ | 7 | $ | 11 | $ | 7 | $ | 8 | $ | 6 | $ | 9 | $ | 9 | $ | 7 | $ | 7 | $ | 7 | $ | 6 | ||||||||||||
Total trading VAR—general market risk factors only (excluding credit portfolios)(2) | $ | 52 | $ | 73 | $ | 65 | $ | 72 | $ | 99 | $ | 101 | $ | 55 | $ | 56 | $ | 52 | $ | 73 | $ | 76 | $ | 84 | ||||||||||||
Incremental impact of the credit portfolio(4) | $ | 29 | $ | 28 | $ | 22 | $ | 28 | $ | 30 | $ | 24 | $ | 22 | $ | 23 | $ | 29 | $ | 28 | $ | 15 | $ | 23 | ||||||||||||
Total trading and credit portfolio VAR | $ | 88 | $ | 108 | $ | 98 | $ | 107 | $ | 137 | $ | 131 | $ | 86 | $ | 88 | $ | 88 | $ | 108 | $ | 98 | $ | 113 |
(1) | Covariance adjustment (also known as diversification benefit) equals the difference between the total VAR and the sum of the VARs tied to each individual risk type. The benefit reflects the fact that the risks within each and across risk types are not perfectly correlated and, consequently, the total VAR on a given day will be lower than the sum of the VARs relating to each individual risk type. The determination of the primary drivers of changes to the covariance adjustment is made by an examination of the impact of both model parameter and position changes. |
(3) | The specific risk-only component represents the level of equity and fixed income issuer-specific risk embedded in VAR. |
(4) | The credit portfolio is composed of mark-to-market positions associated with non-trading business units including Citi Treasury, the CVA relating to derivative counterparties and all associated CVA hedges. FVA and DVA are not included. The credit portfolio also includes hedges to the loan portfolio, fair value option loans and hedges to the leveraged finance pipeline within capital markets origination in ICG. |
First Quarter | Fourth Quarter | First Quarter | Second Quarter | First Quarter | Second Quarter | |||||||||||||||||||||||||||||||
2016 | 2015 | 2016 | 2016 | 2015 | ||||||||||||||||||||||||||||||||
In millions of dollars | Low | High | Low | High | Low | High | Low | High | Low | High | Low | High | ||||||||||||||||||||||||
Interest rate | $ | 29 | $ | 64 | $ | 28 | $ | 54 | $ | 39 | $ | 84 | $ | 26 | $ | 40 | $ | 29 | $ | 64 | $ | 29 | $ | 73 | ||||||||||||
Credit spread | 56 | 69 | 56 | 74 | 66 | 94 | 56 | 64 | 56 | 69 | 63 | 77 | ||||||||||||||||||||||||
Fully diversified interest rate and credit spread | $ | 66 | $ | 97 | $ | 65 | $ | 93 | $ | 86 | $ | 127 | $ | 60 | $ | 74 | $ | 66 | $ | 97 | $ | 71 | $ | 106 | ||||||||||||
Foreign exchange | 24 | 40 | 23 | 52 | 20 | 43 | 14 | 29 | 24 | 40 | 22 | 51 | ||||||||||||||||||||||||
Equity | 9 | 24 | 12 | 23 | 9 | 26 | 10 | 26 | 9 | 24 | 12 | 32 | ||||||||||||||||||||||||
Commodity | 10 | 18 | 14 | 20 | 18 | 37 | 16 | 25 | 10 | 18 | 15 | 22 | ||||||||||||||||||||||||
Total trading | $ | 59 | $ | 106 | $ | 70 | $ | 104 | $ | 85 | $ | 140 | $ | 55 | $ | 76 | $ | 59 | $ | 106 | $ | 71 | $ | 107 | ||||||||||||
Total trading and credit portfolio | 85 | 131 | 93 | 133 | 108 | 158 | 79 | 98 | 85 | 131 | 89 | 141 |
In millions of dollars | Mar. 31, 2016 | Jun. 30, 2016 | ||||
Total—all market risk factors, including general and specific risk | $ | 56 | $ | 62 | ||
Average—during quarter | $ | 75 | $ | 61 | ||
High—during quarter | 99 | 72 | ||||
Low—during quarter | 56 | 53 |
As of March 31, 2016 | As of Dec. 31, 2015 | As of Mar. 31, 2015 | GCB NCL Rate(4) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
In billions of dollars | Trading account assets(1) | Investment securities(2) | Corporate loans(3) | GCB loans(4) | Aggregate(5) | Aggregate(5) | Aggregate(5) | 1Q'16 | 4Q'15 | 1Q'15 | ICG loans(1) | GCB loans(2) | Other funded(3) | Unfunded(4) | Net MTM on Derivatives/Repos(5) | Total hedges (on loans and CVA) | Investment securities(6) | Trading account assets(7) | Total as of 2Q16 | Total as of 1Q16 | Total as of 4Q15 | |||||||||||||||||||||||||||||||||||||||
United Kingdom | $ | 33.1 | $ | — | $ | 3.7 | $ | 51.8 | $ | 13.5 | $ | (3.0 | ) | $ | 8.9 | $ | 0.4 | $ | 108.4 | $ | 103.5 | $ | 110.4 | |||||||||||||||||||||||||||||||||||||
Mexico | $ | 5.4 | $ | 16.9 | $ | 7.1 | $ | 25.4 | $ | 54.8 | $ | 54.5 | $ | 57.9 | 4.5 | % | 4.7 | % | 5.3 | % | 7.2 | 24.5 | 0.4 | 5.3 | 0.8 | (0.6 | ) | 15.9 | 3.5 | 57.0 | 61.1 | 60.4 | ||||||||||||||||||||||||||||
Singapore | 12.0 | 13.3 | 0.5 | 5.1 | 0.8 | (0.3 | ) | 5.7 | 0.2 | 37.3 | 37.2 | 36.7 | ||||||||||||||||||||||||||||||||||||||||||||||||
Korea | 1.1 | 9.6 | 3.0 | 19.8 | 33.5 | 33.5 | 37.3 | 0.4 | 0.4 | 0.6 | 2.9 | 19.3 | 0.4 | 4.4 | 1.4 | (1.0 | ) | 8.6 | 1.2 | 37.2 | 38.5 | 39.3 | ||||||||||||||||||||||||||||||||||||||
Hong Kong | 11.7 | 10.4 | 0.7 | 5.3 | 0.5 | (0.9 | ) | 5.0 | 2.6 | 35.3 | 34.5 | 35.2 | ||||||||||||||||||||||||||||||||||||||||||||||||
India | 2.5 | 8.6 | 9.6 | 6.2 | 27.0 | 26.6 | 25.5 | 0.7 | 0.8 | 0.7 | 10.2 | 6.3 | 0.7 | 4.5 | 0.4 | (1.3 | ) | 7.1 | 3.1 | 31.0 | 32.8 | 33.0 | ||||||||||||||||||||||||||||||||||||||
Singapore | 0.2 | 6.5 | 5.1 | 13.4 | 25.1 | 24.4 | 25.5 | 0.3 | 0.3 | 0.2 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Brazil(4) | 3.6 | 3.7 | 14.6 | 2.1 | 23.9 | 21.8 | 21.6 | 7.4 | 12.6 | 6.3 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Hong Kong | 0.7 | 5.3 | 7.3 | 10.4 | 23.7 | 24.6 | 23.7 | 0.3 | 0.7 | 0.4 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Brazil | 14.3 | 1.9 | 0.2 | 3.8 | 2.9 | (2.8 | ) | 4.1 | 4.2 | 28.6 | 27.8 | 23.2 | ||||||||||||||||||||||||||||||||||||||||||||||||
Ireland | 7.7 | — | 0.4 | 15.1 | 0.3 | — | — | 0.6 | 24.1 | 24.5 | 22.0 | |||||||||||||||||||||||||||||||||||||||||||||||||
Australia | 3.9 | 10.2 | — | 4.9 | 1.0 | (0.9 | ) | 4.6 | (1.1 | ) | 22.6 | 25.9 | 24.5 | |||||||||||||||||||||||||||||||||||||||||||||||
China | 2.7 | 2.5 | 8.1 | 4.7 | 17.9 | 17.5 | 17.4 | 0.5 | 0.9 | 1.0 | 7.3 | 4.5 | 3.2 | 1.6 | 1.3 | (1.1 | ) | 3.0 | 2.6 | 22.4 | 22.9 | 23.0 | ||||||||||||||||||||||||||||||||||||||
Canada | 2.5 | 0.6 | 2.3 | 6.3 | 2.8 | (0.9 | ) | 4.3 | 0.2 | 18.1 | 17.4 | 16.5 | ||||||||||||||||||||||||||||||||||||||||||||||||
Germany | 0.2 | — | — | 4.2 | 3.7 | (3.5 | ) | 9.8 | 2.9 | 17.3 | 21.9 | 18.8 | ||||||||||||||||||||||||||||||||||||||||||||||||
Japan | 2.8 | — | 0.4 | 2.9 | 4.1 | (1.2 | ) | 2.4 | 4.2 | 15.6 | 11.1 | 9.1 | ||||||||||||||||||||||||||||||||||||||||||||||||
Taiwan | 0.9 | 1.6 | 3.7 | 7.8 | 14.0 | 13.1 | 13.0 | 0.4 | 0.4 | 0.2 | 3.8 | 8.0 | 0.1 | 1.4 | 0.2 | (0.2 | ) | 1.2 | 0.9 | 15.4 | 15.5 | 14.8 | ||||||||||||||||||||||||||||||||||||||
Poland | 1.6 | 5.4 | 2.8 | 1.6 | 11.4 | 9.0 | 8.6 | 0.7 | (1.3 | ) | 0.5 | 2.7 | 1.6 | 0.1 | 3.2 | 0.1 | (0.3 | ) | 4.7 | 0.1 | 12.2 | 14.8 | 13.1 | |||||||||||||||||||||||||||||||||||||
Malaysia | 1.0 | 0.7 | 1.9 | 4.9 | 8.5 | 6.9 | 7.1 | 0.7 | 0.7 | 0.7 | 2.0 | 4.8 | 0.2 | 1.8 | 0.2 | (0.1 | ) | 0.8 | 1.6 | 11.3 | 10.8 | 9.2 | ||||||||||||||||||||||||||||||||||||||
Netherlands | — | — | — | — | 1.6 | (1.0 | ) | 6.1 | 0.4 | 7.1 | 6.8 | 7.1 | ||||||||||||||||||||||||||||||||||||||||||||||||
Thailand | 0.7 | 1.5 | 0.8 | 1.9 | 4.9 | 4.2 | 4.5 | 2.8 | 3.2 | 2.8 | 0.9 | 1.9 | — | 1.1 | 0.1 | — | 1.7 | 0.8 | 6.5 | 6.2 | 5.4 | |||||||||||||||||||||||||||||||||||||||
Colombia(4) | 0.2 | 0.4 | 2.5 | 1.7 | 4.7 | 4.4 | 4.2 | 3.5 | 3.5 | 3.5 | ||||||||||||||||||||||||||||||||||||||||||||||||||
UAE | (0.2 | ) | — | 3.3 | 1.3 | 4.5 | 4.0 | 3.6 | 4.0 | 3.2 | 2.2 | |||||||||||||||||||||||||||||||||||||||||||||||||
United Arab Emirates | 3.5 | 1.3 | 0.2 | 1.6 | 0.4 | (0.4 | ) | — | (0.2 | ) | 6.4 | 6.4 | 6.4 | |||||||||||||||||||||||||||||||||||||||||||||||
Luxembourg | 0.1 | — | — | — | 0.5 | (0.2 | ) | 5.1 | 0.2 | 5.7 | 6.2 | 4.9 | ||||||||||||||||||||||||||||||||||||||||||||||||
Indonesia | 1.9 | 1.1 | 0.1 | 1.0 | — | (0.2 | ) | 0.9 | 0.4 | 5.2 | 5.2 | 4.4 | ||||||||||||||||||||||||||||||||||||||||||||||||
Colombia | 2.3 | 1.7 | — | 0.9 | 0.3 | (0.1 | ) | 0.3 | (0.3 | ) | 5.1 | 5.9 | 5.7 | |||||||||||||||||||||||||||||||||||||||||||||||
Russia | 0.5 | 0.5 | 2.5 | 0.9 | 4.3 | 4.0 | 5.7 | 3.1 | 3.1 | 3.0 | 2.4 | 0.9 | — | 0.8 | 0.2 | (0.5 | ) | 0.6 | 0.4 | 4.8 | 5.1 | 5.0 | ||||||||||||||||||||||||||||||||||||||
Indonesia | 0.3 | 1.0 | 1.6 | 1.2 | 4.2 | 3.7 | 4.4 | 3.0 | 7.8 | 2.2 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Turkey | (0.2 | ) | 0.4 | 3.7 | — | 3.9 | 3.2 | 3.9 | — | — | — | 3.3 | — | 0.4 | 0.5 | 0.3 | (0.1 | ) | 0.4 | (0.2 | ) | 4.6 | 4.8 | 4.0 | ||||||||||||||||||||||||||||||||||||
Argentina(4)(6) | 0.4 | 0.4 | 1.5 | 0.7 | 3.0 | 3.2 | 3.1 | 0.7 | 0.8 | 1.1 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Philippines | 0.5 | 0.4 | 0.6 | 1.1 | 2.5 | 2.1 | 2.5 | 3.6 | 3.6 | 4.6 | ||||||||||||||||||||||||||||||||||||||||||||||||||
South Africa | (0.2 | ) | 0.7 | 1.4 | — | 1.9 | 1.9 | 3.2 | — | — | — | 1.3 | — | — | 2.2 | 0.3 | (0.3 | ) | 1.1 | (0.1 | ) | 4.5 | 2.8 | 2.8 | ||||||||||||||||||||||||||||||||||||
Hungary | 0.4 | 0.8 | 0.6 | — | 1.8 | 1.5 | 1.6 | — | — | — |
(1) | ICG loans reflect funded corporate loans and private bank loans, net of unearned income. As of June 30, 2016, private bank loans in the table above totaled $16.5 billion, concentrated in the U.K. ($4.3 billion), Singapore ($6.6 billion) and Hong Kong ($4.5 billion). |
(2) | GCB loans include funded loans in Brazil and Colombia related to businesses that were transferred to Citi Holdings as of January 1, 2016. |
(3) | Other funded includes other direct exposure such as accounts receivable, loans held-for-sale, other loans in Citi Holdings and investments accounted for under the equity method. |
(4) | Unfunded exposure includes unfunded corporate lending commitments, letters of credit and other contingencies. |
(5) | Net mark-to-market (MTM) on derivatives and securities lending/borrowing transactions (repos). Exposures are shown net of collateral and inclusive of CVA. Includes margin loans. |
(6) | Investment securities include securities available-for-sale, recorded at fair market value, and securities held-to-maturity, recorded at historical cost. |
(7) | Trading account assets are shown on a net basis and include derivative exposures where the underlying reference entity is located in that country. |
Jurisdiction/Component | DTAs balance | DTAs balance | ||||||||||
In billions of dollars | March 31, 2016 | December 31, 2015 | June 30, 2016 | December 31, 2015 | ||||||||
Total U.S. | $ | 43.9 | $ | 45.2 | $ | 43.1 | $ | 45.2 | ||||
Total foreign | 2.4 | 2.6 | 2.3 | 2.6 | ||||||||
Total | $ | 46.3 | $ | 47.8 | $ | 45.4 | $ | 47.8 |
CONSOLIDATED FINANCIAL STATEMENTS | |
Consolidated Statement of Income (Unaudited)— For the Three and Six Months Ended | |
Consolidated Statement of Comprehensive Income(Unaudited)—For the Three and Six Months Ended | |
Consolidated Balance Sheet— | |
Consolidated Statement of Changes in Stockholders’ Equity(Unaudited)—For the | |
Consolidated Statement of Cash Flows (Unaudited)— For the |
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) | |
Note 1—Basis of Presentation and Accounting Changes | |
Note 2—Discontinued Operations and Significant Disposals | |
Note 3—Business Segments | |
Note 4—Interest Revenue and Expense | |
Note 5—Commissions and Fees | |
Note 6—Principal Transactions | |
Note 7—Incentive Plans | |
Note 8—Retirement Benefits | |
Note 9—Earnings per Share | |
Note 10—Federal Funds, Securities Borrowed, Loaned and Subject to Repurchase Agreements | |
Note 11—Brokerage Receivables and Brokerage Payables | |
Note 12—Trading Account Assets and Liabilities | |
Note 13—Investments | |
Note 14—Loans |
Note 15—Allowance for Credit Losses | |
Note 16—Goodwill and Intangible Assets | |
Note 17—Debt | |
Note 18—Changes in Accumulated Other Comprehensive Income (Loss) | |
Note 19—Preferred Stock | |
Note 20—Securitizations and Variable Interest Entities | |
Note 21—Derivatives Activities | |
Note 22—Fair Value Measurement | |
Note 23—Fair Value Elections | |
Note 24—Guarantees and Commitments | |
Note 25—Contingencies | |
Note 26—Condensed Consolidating Financial Statements |
CONSOLIDATED STATEMENT OF INCOME | Citigroup Inc. and Subsidiaries |
Three Months Ended March 31, | Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||
In millions of dollars, except per share amounts | 2016 | 2015 | 2016 | 2015 | 2016 | 2015 | ||||||||||||
Revenues | ||||||||||||||||||
Interest revenue | $ | 14,167 | $ | 14,600 | $ | 14,356 | $ | 14,873 | $ | 28,523 | $ | 29,473 | ||||||
Interest expense | 2,940 | 3,028 | 3,120 | 3,051 | 6,060 | 6,079 | ||||||||||||
Net interest revenue | $ | 11,227 | $ | 11,572 | $ | 11,236 | $ | 11,822 | $ | 22,463 | $ | 23,394 | ||||||
Commissions and fees | $ | 2,463 | $ | 3,170 | $ | 2,725 | $ | 3,194 | $ | 5,188 | $ | 6,364 | ||||||
Principal transactions | 1,840 | 1,971 | 1,816 | 2,173 | 3,656 | 4,144 | ||||||||||||
Administration and other fiduciary fees | 811 | 962 | 878 | 995 | 1,689 | 1,957 | ||||||||||||
Realized gains on sales of investments, net | 186 | 307 | 200 | 183 | 386 | 490 | ||||||||||||
Other-than-temporary impairment losses on investments | ||||||||||||||||||
Gross impairment losses | (465 | ) | (72 | ) | (118 | ) | (43 | ) | (583 | ) | (115 | ) | ||||||
Less: Impairments recognized in AOCI | — | — | — | — | — | — | ||||||||||||
Net impairment losses recognized in earnings | $ | (465 | ) | $ | (72 | ) | $ | (118 | ) | $ | (43 | ) | $ | (583 | ) | $ | (115 | ) |
Insurance premiums | $ | 264 | $ | 497 | $ | 217 | $ | 482 | $ | 481 | $ | 979 | ||||||
Other revenue | 1,229 | 1,329 | 594 | 664 | 1,823 | 1,993 | ||||||||||||
Total non-interest revenues | $ | 6,328 | $ | 8,164 | $ | 6,312 | $ | 7,648 | $ | 12,640 | $ | 15,812 | ||||||
Total revenues, net of interest expense | $ | 17,555 | $ | 19,736 | $ | 17,548 | $ | 19,470 | $ | 35,103 | $ | 39,206 | ||||||
Provisions for credit losses and for benefits and claims | ||||||||||||||||||
Provision for loan losses | $ | 1,886 | $ | 1,755 | $ | 1,390 | $ | 1,515 | $ | 3,276 | $ | 3,270 | ||||||
Policyholder benefits and claims | 88 | 197 | 49 | 181 | 137 | 378 | ||||||||||||
Provision (release) for unfunded lending commitments | 71 | (37 | ) | (30 | ) | (48 | ) | 41 | (85 | ) | ||||||||
Total provisions for credit losses and for benefits and claims | $ | 2,045 | $ | 1,915 | $ | 1,409 | $ | 1,648 | $ | 3,454 | $ | 3,563 | ||||||
Operating expenses | ||||||||||||||||||
Compensation and benefits | $ | 5,556 | $ | 5,520 | $ | 5,229 | $ | 5,483 | $ | 10,785 | $ | 11,003 | ||||||
Premises and equipment | 651 | 709 | 642 | 737 | 1,293 | 1,446 | ||||||||||||
Technology/communication | 1,649 | 1,600 | 1,657 | 1,656 | 3,306 | 3,256 | ||||||||||||
Advertising and marketing | 390 | 392 | 433 | 393 | 823 | 785 | ||||||||||||
Other operating | 2,277 | 2,663 | 2,408 | 2,659 | 4,685 | 5,322 | ||||||||||||
Total operating expenses | $ | 10,523 | $ | 10,884 | $ | 10,369 | $ | 10,928 | $ | 20,892 | $ | 21,812 | ||||||
Income from continuing operations before income taxes | $ | 4,987 | $ | 6,937 | $ | 5,770 | $ | 6,894 | $ | 10,757 | $ | 13,831 | ||||||
Provision for income taxes | 1,479 | 2,120 | 1,723 | 2,036 | 3,202 | 4,156 | ||||||||||||
Income from continuing operations | $ | 3,508 | $ | 4,817 | $ | 4,047 | $ | 4,858 | $ | 7,555 | $ | 9,675 | ||||||
Discontinued operations | ||||||||||||||||||
Loss from discontinued operations | $ | (3 | ) | $ | (8 | ) | ||||||||||||
Gain on sale | — | — | ||||||||||||||||
Benefit for income taxes | (1 | ) | (3 | ) | ||||||||||||||
Loss from discontinued operations, net of taxes | $ | (2 | ) | $ | (5 | ) | ||||||||||||
Income (loss) from discontinued operations | $ | (36 | ) | $ | 9 | $ | (39 | ) | $ | 1 | ||||||||
Provision (benefit) for income taxes | (13 | ) | 3 | (14 | ) | — | ||||||||||||
Income (loss) from discontinued operations, net of taxes | $ | (23 | ) | $ | 6 | $ | (25 | ) | $ | 1 | ||||||||
Net income before attribution of noncontrolling interests | $ | 3,506 | $ | 4,812 | $ | 4,024 | $ | 4,864 | $ | 7,530 | $ | 9,676 | ||||||
Noncontrolling interests | 5 | 42 | 26 | 18 | 31 | 60 | ||||||||||||
Citigroup’s net income | $ | 3,501 | $ | 4,770 | $ | 3,998 | $ | 4,846 | $ | 7,499 | $ | 9,616 | ||||||
Basic earnings per share(1) | ||||||||||||||||||
Income from continuing operations | $ | 1.11 | $ | 1.51 | $ | 1.25 | $ | 1.51 | $ | 2.36 | $ | 3.03 | ||||||
Loss from discontinued operations, net of taxes | — | — | (0.01 | ) | — | (0.01 | ) | — | ||||||||||
Net income | $ | 1.10 | $ | 1.51 | $ | 1.24 | $ | 1.52 | $ | 2.35 | $ | 3.03 | ||||||
Weighted average common shares outstanding | 2,943.0 | 3,034.2 | 2,915.8 | 3,020.0 | 2,929.4 | 3,027.1 |
Diluted earnings per share(1) | ||||||||||||||||||
Income from continuing operations | $ | 1.11 | $ | 1.51 | $ | 1.25 | $ | 1.51 | $ | 2.36 | $ | 3.02 | ||||||
Loss from discontinued operations, net of taxes | — | — | (0.01 | ) | — | (0.01 | ) | — | ||||||||||
Net income | $ | 1.10 | $ | 1.51 | $ | 1.24 | $ | 1.51 | $ | 2.35 | $ | 3.02 | ||||||
Adjusted weighted average common shares outstanding | 2,943.1 | 3,039.3 | 2,915.9 | 3,025.0 | 2,929.5 | 3,032.1 |
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME | Citigroup Inc. and Subsidiaries | |
Three Months Ended March 31, | Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||
In millions of dollars | 2016 | 2015 | 2016 | 2015 | 2016 | 2015 | ||||||||||||
Net income before attribution of noncontrolling interests | $ | 3,506 | $ | 4,812 | $ | 4,024 | $ | 4,864 | $ | 7,530 | $ | 9,676 | ||||||
Add: Citigroup’s other comprehensive income (loss) | ||||||||||||||||||
Net change in unrealized gains and losses on investment securities, net of taxes | $ | 2,034 | $ | 591 | $ | 927 | $ | (935 | ) | $ | 2,961 | $ | (344 | ) | ||||
Net change in debt valuation adjustment (DVA), net of taxes (1) | 193 | — | 12 | — | 205 | — | ||||||||||||
Net change in cash flow hedges, net of taxes | 317 | 86 | 151 | 92 | 468 | 178 | ||||||||||||
Benefit plans liability adjustment, net of taxes | (465 | ) | (90 | ) | (27 | ) | 578 | (492 | ) | 488 | ||||||||
Net change in foreign currency translation adjustment, net of taxes and hedges | 654 | (2,062 | ) | (552 | ) | (148 | ) | 102 | (2,210 | ) | ||||||||
Citigroup’s total other comprehensive income (loss) | $ | 2,733 | $ | (1,475 | ) | $ | 511 | $ | (413 | ) | $ | 3,244 | $ | (1,888 | ) | |||
Total comprehensive income before attribution of noncontrolling interests | $ | 6,239 | $ | 3,337 | $ | 4,535 | $ | 4,451 | $ | 10,774 | $ | 7,788 | ||||||
Less: Net income attributable to noncontrolling interests | 5 | 42 | 26 | 18 | 31 | 60 | ||||||||||||
Citigroup’s comprehensive income | $ | 6,234 | $ | 3,295 | $ | 4,509 | $ | 4,433 | $ | 10,743 | $ | 7,728 |
(1) | Effective January 1, 2016, Citigroup early adopted only the provisions of the amendment in ASU No. 2016-01, Financial Instruments - Overall (Subtopic |
CONSOLIDATED BALANCE SHEET | Citigroup Inc. and Subsidiaries | |
March 31, | June 30, | |||||||||||
2016 | December 31, | 2016 | December 31, | |||||||||
In millions of dollars | (Unaudited) | 2015 | (Unaudited) | 2015 | ||||||||
Assets | ||||||||||||
Cash and due from banks (including segregated cash and other deposits) | $ | 22,240 | $ | 20,900 | $ | 22,140 | $ | 20,900 | ||||
Deposits with banks | 136,049 | 112,197 | 127,993 | 112,197 | ||||||||
Federal funds sold and securities borrowed or purchased under agreements to resell (including $141,780 and $137,964 as of March 31, 2016 and December 31, 2015, respectively, at fair value) | 225,093 | 219,675 | ||||||||||
Federal funds sold and securities borrowed or purchased under agreements to resell (including $144,816 and $137,964 as of June 30, 2016 and December 31, 2015, respectively, at fair value) | 228,683 | 219,675 | ||||||||||
Brokerage receivables | 35,261 | 27,683 | 36,851 | 27,683 | ||||||||
Trading account assets (including $99,314 and $92,123 pledged to creditors at March 31, 2016 and December 31, 2015, respectively) | 273,747 | 249,956 | ||||||||||
Trading account assets (including $92,869 and $92,123 pledged to creditors at June 30, 2016 and December 31, 2015, respectively) | 271,764 | 249,956 | ||||||||||
Investments: | ||||||||||||
Available for sale (including $10,174 and $10,698 pledged to creditors as of March 31, 2016 and December 31, 2015, respectively) | 308,774 | 299,136 | ||||||||||
Held to maturity (including $2,814 and $3,630 pledged to creditors as of March 31, 2016 and December 31, 2015, respectively) | 36,890 | 36,215 | ||||||||||
Non-marketable equity securities (including $2,044 and $2,088 at fair value as of March 31, 2016 and December 31, 2015, respectively) | 7,588 | 7,604 | ||||||||||
Available for sale (including $8,659 and $10,698 pledged to creditors as of June 30, 2016 and December 31, 2015, respectively) | 312,765 | 299,136 | ||||||||||
Held to maturity (including $1,487 and $3,630 pledged to creditors as of June 30, 2016 and December 31, 2015, respectively) | 35,903 | 36,215 | ||||||||||
Non-marketable equity securities (including $1,973 and $2,088 at fair value as of June 30, 2016 and December 31, 2015, respectively) | 7,625 | 7,604 | ||||||||||
Total investments | $ | 353,252 | $ | 342,955 | $ | 356,293 | $ | 342,955 | ||||
Loans: | ||||||||||||
Consumer (including $33 and $34 as of March 31, 2016 and December 31, 2015, respectively, at fair value) | 317,900 | 325,785 | ||||||||||
Corporate (including $4,760 and $4,971 as of March 31, 2016 and December 31, 2015, respectively, at fair value) | 300,924 | 291,832 | ||||||||||
Consumer (including $32 and $34 as of June 30, 2016 and December 31, 2015, respectively, at fair value) | 326,419 | 325,785 | ||||||||||
Corporate (including $4,102 and $4,971 as of June 30, 2016 and December 31, 2015, respectively, at fair value) | 307,096 | 291,832 | ||||||||||
Loans, net of unearned income | $ | 618,824 | $ | 617,617 | $ | 633,515 | $ | 617,617 | ||||
Allowance for loan losses | (12,712 | ) | (12,626 | ) | (12,304 | ) | (12,626 | ) | ||||
Total loans, net | $ | 606,112 | $ | 604,991 | $ | 621,211 | $ | 604,991 | ||||
Goodwill | 22,575 | 22,349 | 22,496 | 22,349 | ||||||||
Intangible assets (other than MSRs) | 3,493 | 3,721 | 5,521 | 3,721 | ||||||||
Mortgage servicing rights (MSRs) | 1,524 | 1,781 | 1,324 | 1,781 | ||||||||
Other assets (including $7,063 and $6,121 as of March 31, 2016 and December 31, 2015, respectively, at fair value) | 121,621 | 125,002 | ||||||||||
Other assets (including $7,432 and $6,121 as of June 30, 2016 and December 31, 2015, respectively, at fair value) | 124,495 | 125,002 | ||||||||||
Total assets | $ | 1,800,967 | $ | 1,731,210 | $ | 1,818,771 | $ | 1,731,210 |
March 31, | June 30, | |||||||||||
2016 | December 31, | 2016 | December 31, | |||||||||
In millions of dollars | (Unaudited) | 2015 | (Unaudited) | 2015 | ||||||||
Assets of consolidated VIEs to be used to settle obligations of consolidated VIEs | ||||||||||||
Cash and due from banks | $ | 153 | $ | 153 | $ | 112 | $ | 153 | ||||
Trading account assets | 601 | 583 | 427 | 583 | ||||||||
Investments | 5,162 | 5,263 | 4,755 | 5,263 | ||||||||
Loans, net of unearned income | ||||||||||||
Consumer | 54,889 | 58,772 | 54,211 | 58,772 | ||||||||
Corporate | 22,047 | 22,008 | 21,832 | 22,008 | ||||||||
Loans, net of unearned income | $ | 76,936 | $ | 80,780 | $ | 76,043 | $ | 80,780 | ||||
Allowance for loan losses | (2,013 | ) | (2,135 | ) | (1,751 | ) | (2,135 | ) | ||||
Total loans, net | $ | 74,923 | $ | 78,645 | $ | 74,292 | $ | 78,645 | ||||
Other assets | 198 | 150 | 150 | 150 | ||||||||
Total assets of consolidated VIEs to be used to settle obligations of consolidated VIEs | $ | 81,037 | $ | 84,794 | $ | 79,736 | $ | 84,794 |
March 31, | June 30, | |||||||||||
2016 | December 31, | 2016 | December 31, | |||||||||
In millions of dollars, except shares and per share amounts | (Unaudited) | 2015 | (Unaudited) | 2015 | ||||||||
Liabilities | ||||||||||||
Non-interest-bearing deposits in U.S. offices | $ | 138,153 | $ | 139,249 | $ | 140,145 | $ | 139,249 | ||||
Interest-bearing deposits in U.S. offices (including $856 and $923 as of March 31, 2016 and December 31, 2015, respectively, at fair value) | 284,969 | 280,234 | ||||||||||
Interest-bearing deposits in U.S. offices (including $685 and $923 as of June 30, 2016 and December 31, 2015, respectively, at fair value) | 295,589 | 280,234 | ||||||||||
Non-interest-bearing deposits in offices outside the U.S. | 77,865 | 71,577 | 76,574 | 71,577 | ||||||||
Interest-bearing deposits in offices outside the U.S. (including $711 and $667 as of March 31, 2016 and December 31, 2015, respectively, at fair value) | 433,604 | 416,827 | ||||||||||
Interest-bearing deposits in offices outside the U.S. (including $786 and $667 as of June 30, 2016 and December 31, 2015, respectively, at fair value) | 425,544 | 416,827 | ||||||||||
Total deposits | $ | 934,591 | $ | 907,887 | $ | 937,852 | $ | 907,887 | ||||
Federal funds purchased and securities loaned or sold under agreements to repurchase (including $37,585 and $36,843 as of March 31, 2016 and December 31, 2015, respectively, at fair value) | 157,208 | 146,496 | ||||||||||
Federal funds purchased and securities loaned or sold under agreements to repurchase (including $46,144 and $36,843 as of June 30, 2016 and December 31, 2015, respectively, at fair value) | 158,001 | 146,496 | ||||||||||
Brokerage payables | 58,257 | 53,722 | 62,054 | 53,722 | ||||||||
Trading account liabilities | 136,146 | 117,512 | 136,307 | 117,512 | ||||||||
Short-term borrowings (including $1,376 and $1,207 as of March 31, 2016 and December 31, 2015, respectively, at fair value) | 20,893 | 21,079 | ||||||||||
Long-term debt (including $27,103 and $25,293 as of March 31, 2016 and December 31, 2015, respectively, at fair value) | 207,835 | 201,275 | ||||||||||
Other liabilities (including $2,157 and $1,624 as of March 31, 2016 and December 31, 2015, respectively, at fair value) | 57,276 | 60,147 | ||||||||||
Short-term borrowings (including $1,850 and $1,207 as of June 30, 2016 and December 31, 2015, respectively, at fair value) | 18,408 | 21,079 | ||||||||||
Long-term debt (including $25,931 and $25,293 as of June 30, 2016 and December 31, 2015, respectively, at fair value) | 207,448 | 201,275 | ||||||||||
Other liabilities (including $2,822 and $1,624 as of June 30, 2016 and December 31, 2015, respectively, at fair value) | 65,680 | 60,147 | ||||||||||
Total liabilities | $ | 1,572,206 | $ | 1,508,118 | $ | 1,585,750 | $ | 1,508,118 | ||||
Stockholders’ equity | ||||||||||||
Preferred stock ($1.00 par value; authorized shares: 30 million), issued shares: 710,120 as of March 31, 2016 and 668,720 as of December 31, 2015, at aggregate liquidation value | $ | 17,753 | $ | 16,718 | ||||||||
Common stock ($0.01 par value; authorized shares: 6 billion), issued shares: 3,099,482,042 as of March 31, 2016 and December 31, 2015 | 31 | 31 | ||||||||||
Preferred stock ($1.00 par value; authorized shares: 30 million), issued shares: 770,120 as of June 30, 2016 and 668,720 as of December 31, 2015, at aggregate liquidation value | $ | 19,253 | $ | 16,718 | ||||||||
Common stock ($0.01 par value; authorized shares: 6 billion), issued shares: 3,099,482,042 as of June 30, 2016 and December 31, 2015 | 31 | 31 | ||||||||||
Additional paid-in capital | 107,590 | 108,288 | 107,730 | 108,288 | ||||||||
Retained earnings | 136,998 | 133,841 | 140,527 | 133,841 | ||||||||
Treasury stock, at cost: March 31, 2016—164,552,906 shares and December 31, 2015—146,203,311 shares | (8,224 | ) | (7,677 | ) | ||||||||
Treasury stock, at cost: June 30, 2016—194,108,004 shares and December 31, 2015—146,203,311 shares | (9,538 | ) | (7,677 | ) | ||||||||
Accumulated other comprehensive income (loss) | (26,626 | ) | (29,344 | ) | (26,115 | ) | (29,344 | ) | ||||
Total Citigroup stockholders’ equity | $ | 227,522 | $ | 221,857 | $ | 231,888 | $ | 221,857 | ||||
Noncontrolling interest | 1,239 | 1,235 | 1,133 | 1,235 | ||||||||
Total equity | $ | 228,761 | $ | 223,092 | $ | 233,021 | $ | 223,092 | ||||
Total liabilities and equity | $ | 1,800,967 | $ | 1,731,210 | $ | 1,818,771 | $ | 1,731,210 |
March 31, | June 30, | |||||||||||
2016 | December 31, | 2016 | December 31, | |||||||||
In millions of dollars | (Unaudited) | 2015 | (Unaudited) | 2015 | ||||||||
Liabilities of consolidated VIEs for which creditors or beneficial interest holders do not have recourse to the general credit of Citigroup | ||||||||||||
Short-term borrowings | $ | 11,626 | $ | 11,965 | $ | 10,986 | $ | 11,965 | ||||
Long-term debt | 29,098 | 31,273 | 27,723 | 31,273 | ||||||||
Other liabilities | 2,013 | 2,099 | 2,072 | 2,099 | ||||||||
Total liabilities of consolidated VIEs for which creditors or beneficial interest holders do not have recourse to the general credit of Citigroup | $ | 42,737 | $ | 45,337 | $ | 40,781 | $ | 45,337 |
CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS’ EQUITY | Citigroup Inc. and Subsidiaries | |
Three Months Ended March 31, | Six Months Ended June 30, | |||||||||||
In millions of dollars, except shares in thousands | 2016 | 2015 | 2016 | 2015 | ||||||||
Preferred stock at aggregate liquidation value | ||||||||||||
Balance, beginning of period | $ | 16,718 | $ | 10,468 | $ | 16,718 | $ | 10,468 | ||||
Issuance of new preferred stock | 1,035 | 1,500 | 2,535 | 3,500 | ||||||||
Balance, end of period | $ | 17,753 | $ | 11,968 | $ | 19,253 | $ | 13,968 | ||||
Common stock and additional paid-in capital | ||||||||||||
Balance, beginning of period | $ | 108,319 | $ | 108,010 | $ | 108,319 | $ | 108,010 | ||||
Employee benefit plans | (660 | ) | 176 | (516 | ) | 279 | ||||||
Preferred stock issuance expense | (31 | ) | (6 | ) | (37 | ) | (14 | ) | ||||
Other | (7 | ) | (25 | ) | (5 | ) | (25 | ) | ||||
Balance, end of period | $ | 107,621 | $ | 108,155 | $ | 107,761 | $ | 108,250 | ||||
Retained earnings | ||||||||||||
Balance, beginning of period | $ | 133,841 | $ | 118,201 | $ | 133,841 | $ | 118,201 | ||||
Adjustment to opening balance, net of taxes(1)(2) | 15 | (349 | ) | 15 | (349 | ) | ||||||
Adjusted balance, beginning of period | $ | 133,856 | $ | 117,852 | $ | 133,856 | $ | 117,852 | ||||
Citigroup’s net income | 3,501 | 4,770 | 7,499 | 9,616 | ||||||||
Common dividends(3) | (149 | ) | (31 | ) | (296 | ) | (184 | ) | ||||
Preferred dividends | (210 | ) | (128 | ) | (532 | ) | (330 | ) | ||||
Tax benefit | — | — | ||||||||||
Balance, end of period | $ | 136,998 | $ | 122,463 | $ | 140,527 | $ | 126,954 | ||||
Treasury stock, at cost | ||||||||||||
Balance, beginning of period | $ | (7,677 | ) | $ | (2,929 | ) | $ | (7,677 | ) | $ | (2,929 | ) |
Employee benefit plans(4) | 765 | (49 | ) | 773 | 151 | |||||||
Treasury stock acquired(5) | (1,312 | ) | (297 | ) | (2,634 | ) | (1,850 | ) | ||||
Balance, end of period | $ | (8,224 | ) | $ | (3,275 | ) | $ | (9,538 | ) | $ | (4,628 | ) |
Citigroup’s accumulated other comprehensive income (loss) | ||||||||||||
Balance, beginning of period | $ | (29,344 | ) | $ | (23,216 | ) | $ | (29,344 | ) | $ | (23,216 | ) |
Adjustment to opening balance, net of taxes(1) | (15 | ) | — | (15 | ) | — | ||||||
Adjusted balance, beginning of period | $ | (29,359 | ) | $ | (23,216 | ) | $ | (29,359 | ) | $ | (23,216 | ) |
Net change in Citigroup’s Accumulated other comprehensive income (loss) | 2,733 | (1,475 | ) | 3,244 | (1,888 | ) | ||||||
Balance, end of period | $ | (26,626 | ) | $ | (24,691 | ) | $ | (26,115 | ) | $ | (25,104 | ) |
Total Citigroup common stockholders’ equity | $ | 209,769 | $ | 202,652 | $ | 212,635 | $ | 205,472 | ||||
Total Citigroup stockholders’ equity | $ | 227,522 | $ | 214,620 | $ | 231,888 | $ | 219,440 | ||||
Noncontrolling interests | ||||||||||||
Balance, beginning of period | $ | 1,235 | $ | 1,511 | $ | 1,235 | $ | 1,511 | ||||
Transactions between noncontrolling-interest shareholders and the related consolidated subsidiary | (11 | ) | — | |||||||||
Transactions between Citigroup and the noncontrolling-interest shareholders | (27 | ) | (118 | ) | (73 | ) | (114 | ) | ||||
Net income attributable to noncontrolling-interest shareholders | 5 | 42 | 31 | 60 | ||||||||
Dividends paid to noncontrolling-interest shareholders | — | (3 | ) | (1 | ) | (10 | ) | |||||
Other comprehensive income (loss) attributable to noncontrolling-interest shareholders | 27 | (56 | ) | (23 | ) | (61 | ) | |||||
Other | (1 | ) | 27 | (25 | ) | (1 | ) | |||||
Net change in noncontrolling interests | $ | 4 | $ | (108 | ) | $ | (102 | ) | $ | (126 | ) | |
Balance, end of period | $ | 1,239 | $ | 1,403 | $ | 1,133 | $ | 1,385 | ||||
Total equity | $ | 228,761 | $ | 216,023 | $ | 233,021 | $ | 220,825 |
(1) | Effective January 1, 2016, Citigroup early adopted the provisions of the amendment in ASU No. 2016-01, Financial Instruments—Overall (Subtopic |
(2) | Citi adopted ASU 2014-01 Investments-Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Affordable Housing, in the first quarter of 2015 on a retrospective basis. This adjustment to opening Retained earnings represents the impact to periods prior to January 1, 2013 and is shown as an adjustment to the opening balance since 2015 is the earliest period presented in this statement. See Note 1 to the Consolidated Financial Statements for additional information. |
(3) | Common dividends declared were $0.05 per share in thefirst and second quarter of 2016 and $0.01 per share in the first quarter and $0.05 per share in the second quarter of 2015. |
(4) | Includes treasury stock related to (i) certain activity on employee stock option program exercises where the employee delivers existing shares to cover the option exercise, or (ii) under Citi’s employee restricted or deferred stock programs where shares are withheld to satisfy tax requirements. |
(5) | For the |
CONSOLIDATED STATEMENT OF CASH FLOWS | Citigroup Inc. and Subsidiaries | |
Three Months Ended March 31, | Six Months Ended June 30, | |||||||||||
In millions of dollars | 2016 | 2015 | 2016 | 2015 | ||||||||
Cash flows from operating activities of continuing operations | ||||||||||||
Net income before attribution of noncontrolling interests | $ | 3,506 | $ | 4,812 | $ | 7,530 | $ | 9,676 | ||||
Net income attributable to noncontrolling interests | 5 | 42 | 31 | 60 | ||||||||
Citigroup’s net income | $ | 3,501 | $ | 4,770 | $ | 7,499 | $ | 9,616 | ||||
Loss from discontinued operations, net of taxes | (2 | ) | (5 | ) | ||||||||
Gain (loss) from discontinued operations, net of taxes | (25 | ) | 1 | |||||||||
Income from continuing operations—excluding noncontrolling interests | $ | 3,503 | $ | 4,775 | $ | 7,524 | $ | 9,615 | ||||
Adjustments to reconcile net income to net cash provided by operating activities of continuing operations | ||||||||||||
Gains on significant disposals(1) | (422 | ) | — | (422 | ) | — | ||||||
Depreciation and amortization | 908 | 885 | 1,776 | 1,767 | ||||||||
Provision for loan losses | 1,886 | 1,755 | 3,276 | 3,270 | ||||||||
Realized gains from sales of investments | (186 | ) | (307 | ) | (386 | ) | (490 | ) | ||||
Net impairment losses on investments, goodwill and intangible assets | 465 | 93 | 583 | 136 | ||||||||
Change in trading account assets | (23,791 | ) | (6,197 | ) | (21,808 | ) | 17,589 | |||||
Change in trading account liabilities | 18,634 | 3,402 | 18,795 | (2,741 | ) | |||||||
Change in brokerage receivables net of brokerage payables | (3,043 | ) | (1,146 | ) | (836 | ) | (12,815 | ) | ||||
Change in loans held-for-sale (HFS) | 3,896 | (2,881 | ) | 1,786 | (1,869 | ) | ||||||
Change in other assets | (3,327 | ) | (730 | ) | (4,345 | ) | (1,382 | ) | ||||
Change in other liabilities | (179 | ) | 386 | 7,175 | 3,575 | |||||||
Other, net | 1,800 | 2,058 | 7,949 | 1,691 | ||||||||
Total adjustments | $ | (3,359 | ) | $ | (2,682 | ) | $ | 13,543 | $ | 8,731 | ||
Net cash provided by (used in) operating activities of continuing operations | $ | 144 | $ | 2,093 | ||||||||
Net cash provided by operating activities of continuing operations | $ | 21,067 | $ | 18,346 | ||||||||
Cash flows from investing activities of continuing operations | ||||||||||||
Change in deposits with banks | $ | (23,852 | ) | $ | (5,807 | ) | $ | (15,796 | ) | $ | (2,911 | ) |
Change in federal funds sold and securities borrowed or purchased under agreements to resell | (5,418 | ) | 3,555 | (9,008 | ) | 5,516 | ||||||
Change in loans | (5,057 | ) | 6,831 | (30,170 | ) | (9,945 | ) | |||||
Proceeds from sales and securitizations of loans | 1,247 | 3,259 | 7,021 | 6,377 | ||||||||
Purchases of investments | (59,715 | ) | (76,463 | ) | (108,359 | ) | (140,945 | ) | ||||
Proceeds from sales of investments | 39,268 | 56,928 | 66,138 | 89,707 | ||||||||
Proceeds from maturities of investments | 16,544 | 19,897 | 33,383 | 44,732 | ||||||||
Proceeds from significant disposals(1) | 265 | — | 265 | — | ||||||||
Capital expenditures on premises and equipment and capitalized software | (702 | ) | (740 | ) | (1,377 | ) | (1,471 | ) | ||||
Proceeds from sales of premises and equipment, subsidiaries and affiliates, and repossessed assets | 230 | 135 | 390 | 328 | ||||||||
Net cash provided by (used in) investing activities of continuing operations | $ | (37,190 | ) | $ | 7,595 | |||||||
Net cash used in investing activities of continuing operations | $ | (57,513 | ) | $ | (8,612 | ) | ||||||
Cash flows from financing activities of continuing operations | ||||||||||||
Dividends paid | $ | (359 | ) | $ | (159 | ) | $ | (828 | ) | $ | (514 | ) |
Issuance of preferred stock | 1,004 | 1,494 | 2,498 | 3,486 | ||||||||
Treasury stock acquired | (1,312 | ) | (297 | ) | (2,634 | ) | (1,850 | ) | ||||
Stock tendered for payment of withholding taxes | (308 | ) | (419 | ) | (312 | ) | (423 | ) | ||||
Change in federal funds purchased and securities loaned or sold under agreements to repurchase | 10,712 | 1,933 | 11,505 | 3,574 | ||||||||
Issuance of long-term debt | 13,439 | 11,704 | 27,142 | 27,183 | ||||||||
Payments and redemptions of long-term debt | (11,498 | ) | (15,493 | ) | (26,855 | ) | (26,059 | ) | ||||
Change in deposits | 26,704 | 315 | 29,965 | 8,705 | ||||||||
Change in short-term borrowings | (186 | ) | (18,930 | ) | (2,671 | ) | (32,428 | ) | ||||
Net cash provided by (used in) financing activities of continuing operations | $ | 38,196 | $ | (19,852 | ) | $ | 37,810 | $ | (18,326 | ) |
Effect of exchange rate changes on cash and cash equivalents | $ | 190 | $ | (64 | ) | $ | (124 | ) | $ | (103 | ) | |
Change in cash and due from banks | $ | 1,340 | $ | (10,228 | ) | $ | 1,240 | $ | (8,695 | ) | ||
Cash and due from banks at beginning of period | 20,900 | 32,108 | 20,900 | 32,108 | ||||||||
Cash and due from banks at end of period | $ | 22,240 | $ | 21,880 | $ | 22,140 | $ | 23,413 | ||||
Supplemental disclosure of cash flow information for continuing operations | ||||||||||||
Cash paid during the period for income taxes | $ | 688 | $ | 1,100 | $ | 2,045 | $ | 2,863 | ||||
Cash paid during the period for interest | 2,694 | 2,908 | 5,726 | 5,478 | ||||||||
Non-cash investing activities | ||||||||||||
Decrease in net loans associated with significant disposals reclassified to HFS | — | (8,735 | ) | — | (8,874 | ) | ||||||
Decrease in investments associated with significant disposals reclassified to HFS | — | (1,499 | ) | — | (1,444 | ) | ||||||
Decrease in goodwill associated with significant disposals reclassified to HFS | (30 | ) | (184 | ) | ||||||||
Transfers to loans HFS from loans | 3,200 | 14,600 | 6,000 | 15,900 | ||||||||
Transfers to OREO and other repossessed assets | 56 | 88 | 97 | 158 | ||||||||
Non-cash financing activities | ||||||||||||
Decrease in long-term debt associated with significant disposals reclassified to HFS | $ | — | $ | (4,673 | ) | $ | — | $ | (5,923 | ) |
Three Months Ended March 31, | ||||||
In millions of dollars | 2016 | 2015 | ||||
Total revenues, net of interest expense(1) | $ | — | $ | — | ||
Losses from discontinued operations | $ | (3 | ) | $ | (8 | ) |
Gain on sale | — | — | ||||
Provision for income taxes | (1 | ) | (3 | ) | ||
Losses from discontinued operations, net of taxes | $ | (2 | ) | $ | (5 | ) |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||
In millions of dollars | 2016 | 2015 | 2016 | 2015 | ||||||||
Total revenues, net of interest expense(1) | $ | — | $ | — | $ | — | $ | — | ||||
Income (loss) from discontinued operations | $ | (36 | ) | $ | 9 | $ | (39 | ) | $ | 1 | ||
Provision (benefit) for income taxes | (13 | ) | 3 | (14 | ) | — | ||||||
Income (loss), from discontinued operations, net of taxes | $ | (23 | ) | $ | 6 | $ | (25 | ) | $ | 1 |
Three Months Ended March 31, | Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||
In millions of dollars | 2016 | 2015 | 2016 | 2015 | 2016 | 2015 | ||||||||||||
Income before taxes | $ | — | $ | 35 | $ | — | $ | 42 | $ | — | $ | 77 |
Three Months Ended March 31, | Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||
In millions of dollars | 2016 | 2015 | 2016 | 2015 | 2016 | 2015 | ||||||||||||
Income before taxes | $ | — | $ | 177 | $ | — | $ | 177 | $ | — | $ | 354 |
Revenues, net of interest expense(1) | Provision (benefits) for income taxes | Income (loss) from continuing operations(2) | Identifiable assets | Revenues, net of interest expense(1) | Provision (benefits) for income taxes | Income (loss) from continuing operations(2) | Identifiable assets | |||||||||||||||||||||||||||||||||||||||||
Three Months Ended March 31, | Three Months Ended June 30, | |||||||||||||||||||||||||||||||||||||||||||||||
In millions of dollars, except identifiable assets in billions | 2016 | 2015 | 2016 | 2015 | 2016 | 2015 | March 31, 2016 | December 31, 2015 | 2016 | 2015 | 2016 | 2015 | 2016 | 2015 | June 30, 2016 | December 31, 2015 | ||||||||||||||||||||||||||||||||
Global Consumer Banking | $ | 7,770 | $ | 8,302 | $ | 646 | $ | 917 | $ | 1,231 | $ | 1,712 | $ | 385 | $ | 381 | $ | 7,733 | $ | 8,184 | $ | 681 | $ | 811 | $ | 1,323 | $ | 1,611 | $ | 402 | $ | 381 | ||||||||||||||||
Institutional Clients Group | 8,036 | 9,077 | 818 | 1,365 | 1,959 | 2,974 | 1,292 | 1,217 | 8,846 | 8,946 | 1,289 | 1,331 | 2,715 | 2,860 | 1,302 | 1,217 | ||||||||||||||||||||||||||||||||
Corporate/Other | 274 | 212 | (115 | ) | (311 | ) | (29 | ) | (19 | ) | 51 | 52 | 126 | 371 | (232 | ) | (246 | ) | (89 | ) | 231 | 49 | 52 | |||||||||||||||||||||||||
Total Citicorp | $ | 16,080 | $ | 17,591 | $ | 1,349 | $ | 1,971 | $ | 3,161 | $ | 4,667 | $ | 1,728 | $ | 1,650 | $ | 16,705 | $ | 17,501 | $ | 1,738 | $ | 1,896 | $ | 3,949 | $ | 4,702 | $ | 1,753 | $ | 1,650 | ||||||||||||||||
Citi Holdings | 1,475 | 2,145 | 130 | 149 | 347 | 150 | 73 | 81 | 843 | 1,969 | (15 | ) | 140 | 98 | 156 | 66 | 81 | |||||||||||||||||||||||||||||||
Total | $ | 17,555 | $ | 19,736 | $ | 1,479 | $ | 2,120 | $ | 3,508 | $ | 4,817 | $ | 1,801 | $ | 1,731 | $ | 17,548 | $ | 19,470 | $ | 1,723 | $ | 2,036 | $ | 4,047 | $ | 4,858 | $ | 1,819 | $ | 1,731 |
Revenues, net of interest expense(1) | Provision (benefits) for income taxes | Income (loss) from continuing operations(2) | ||||||||||||||||
Six Months Ended June 30, | ||||||||||||||||||
In millions of dollars, except identifiable assets in billions | 2016 | 2015 | 2016 | 2015 | 2016 | 2015 | ||||||||||||
Global Consumer Banking | $ | 15,503 | $ | 16,486 | $ | 1,327 | $ | 1,728 | $ | 2,554 | $ | 3,323 | ||||||
Institutional Clients Group | 16,882 | 18,023 | 2,107 | 2,696 | 4,674 | 5,834 | ||||||||||||
Corporate/Other | 400 | 583 | (347 | ) | (557 | ) | (118 | ) | 212 | |||||||||
Total Citicorp | $ | 32,785 | $ | 35,092 | $ | 3,087 | $ | 3,867 | $ | 7,110 | $ | 9,369 | ||||||
Citi Holdings | 2,318 | 4,114 | 115 | 289 | 445 | 306 | ||||||||||||
Total | $ | 35,103 | $ | 39,206 | $ | 3,202 | $ | 4,156 | $ | 7,555 | $ | 9,675 |
(1) | Includes Citicorp (excluding Corporate/Other) total revenues, net of interest expense, in North America of |
(2) | Includes pretax provisions for credit losses and for benefits and claims in the GCB results of |
Three Months Ended March 31, | Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||
In millions of dollars | 2016 | 2015 | 2016 | 2015 | 2016 | 2015 | ||||||||||||
Interest revenue | ||||||||||||||||||
Loan interest, including fees | $ | 9,760 | $ | 10,555 | $ | 9,750 | $ | 10,529 | $ | 19,510 | $ | 21,084 | ||||||
Deposits with banks | 219 | 183 | 237 | 168 | 456 | 351 | ||||||||||||
Federal funds sold and securities borrowed or purchased under agreements to resell | 647 | 642 | 664 | 664 | 1,311 | 1,306 | ||||||||||||
Investments, including dividends | 1,855 | 1,711 | 1,937 | 1,770 | 3,792 | 3,481 | ||||||||||||
Trading account assets(1) | 1,434 | 1,399 | 1,532 | 1,620 | 2,966 | 3,019 | ||||||||||||
Other interest(2) | 252 | 110 | 236 | 122 | 488 | 232 | ||||||||||||
Total interest revenue | $ | 14,167 | $ | 14,600 | $ | 14,356 | $ | 14,873 | $ | 28,523 | $ | 29,473 | ||||||
Interest expense | ||||||||||||||||||
Deposits(3) | $ | 1,204 | $ | 1,326 | $ | 1,306 | $ | 1,288 | $ | 2,510 | $ | 2,613 | ||||||
Federal funds purchased and securities loaned or sold under agreements to repurchase | 502 | 376 | 527 | 443 | 1,029 | 819 | ||||||||||||
Trading account liabilities(1) | 88 | 47 | 96 | 54 | 184 | 101 | ||||||||||||
Short-term borrowings | 100 | 119 | 109 | 157 | 210 | 277 | ||||||||||||
Long-term debt | 1,046 | 1,160 | 1,082 | 1,109 | 2,127 | 2,269 | ||||||||||||
Total interest expense | $ | 2,940 | $ | 3,028 | $ | 3,120 | $ | 3,051 | $ | 6,060 | $ | 6,079 | ||||||
Net interest revenue | $ | 11,227 | $ | 11,572 | $ | 11,236 | $ | 11,822 | $ | 22,463 | $ | 23,394 | ||||||
Provision for loan losses | 1,886 | 1,755 | 1,390 | 1,515 | 3,276 | 3,270 | ||||||||||||
Net interest revenue after provision for loan losses | $ | 9,341 | $ | 9,817 | $ | 9,846 | $ | 10,307 | $ | 19,187 | $ | 20,124 |
(1) | Interest expense on Trading account liabilities of ICG is reported as a reduction of interest revenue from Trading account assets. |
(2) | During 2015, interest earned related to assets of significant disposals (primarily OneMain Financial) were reclassified into Other interest. |
(3) | Includes deposit insurance fees and charges of |
Three Months Ended March 31, | Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||
In millions of dollars | 2016 | 2015 | 2016 | 2015 | 2016 | 2015 | ||||||||||||
Investment banking | $ | 753 | $ | 960 | $ | 1,327 | $ | 1,898 | ||||||||||
Trading-related | $ | 601 | $ | 634 | 544 | 616 | 1,145 | 1,250 | ||||||||||
Investment banking | 574 | 938 | ||||||||||||||||
Trade and securities services | 406 | 435 | 386 | 448 | 792 | 883 | ||||||||||||
Credit cards and bank cards | 271 | 501 | 344 | 497 | 615 | 998 | ||||||||||||
Other consumer(1) | 158 | 180 | ||||||||||||||||
Corporate finance(2) | 123 | 145 | ||||||||||||||||
Corporate finance(1) | 241 | 126 | 364 | 271 | ||||||||||||||
Other consumer(2) | 166 | 182 | 324 | 362 | ||||||||||||||
Checking-related | 116 | 116 | 104 | 130 | 220 | 246 | ||||||||||||
Loan servicing | 96 | 95 | 68 | 119 | 164 | 214 | ||||||||||||
Other | 118 | 126 | 119 | 116 | 237 | 242 | ||||||||||||
Total commissions and fees | $ | 2,463 | $ | 3,170 | $ | 2,725 | $ | 3,194 | $ | 5,188 | $ | 6,364 |
(1) | Consists primarily of fees earned from structuring and underwriting loan syndications. |
(2) | Primarily consists of fees for investment fund administration and management, third-party collections, commercial demand deposit accounts and certain credit card services. |
Three Months Ended March 31, | Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||
In millions of dollars | 2016 | 2015 | 2016 | 2015 | 2016 | 2015 | ||||||||||||
Global Consumer Banking | $ | 145 | $ | 156 | $ | 165 | $ | 144 | $ | 310 | $ | 300 | ||||||
Institutional Clients Group | 1,574 | 2,197 | 1,911 | 1,793 | 3,485 | 3,990 | ||||||||||||
Corporate/Other | 110 | (421 | ) | (256 | ) | 182 | (146 | ) | (239 | ) | ||||||||
Subtotal Citicorp | $ | 1,829 | $ | 1,932 | $ | 1,820 | $ | 2,119 | $ | 3,649 | $ | 4,051 | ||||||
Citi Holdings | 11 | 39 | (4 | ) | 54 | 7 | 93 | |||||||||||
Total Citigroup | $ | 1,840 | $ | 1,971 | $ | 1,816 | $ | 2,173 | $ | 3,656 | $ | 4,144 | ||||||
Interest rate risks(1) | $ | 807 | $ | 1,197 | $ | 1,140 | $ | 1,393 | $ | 1,947 | $ | 2,590 | ||||||
Foreign exchange risks(2) | 613 | 86 | 402 | 718 | 1,015 | 804 | ||||||||||||
Equity risks(3) | 50 | 114 | (55 | ) | (185 | ) | (5 | ) | (71 | ) | ||||||||
Commodity and other risks(4) | 144 | 317 | 121 | 117 | 265 | 434 | ||||||||||||
Credit products and risks(5) | 226 | 257 | 208 | 130 | 434 | 387 | ||||||||||||
Total | $ | 1,840 | $ | 1,971 | $ | 1,816 | $ | 2,173 | $ | 3,656 | $ | 4,144 |
(1) | Includes revenues from government securities and corporate debt, municipal securities, mortgage securities and other debt instruments. Also includes spot and forward trading of currencies and exchange-traded and over-the-counter (OTC) currency options, options on fixed income securities, interest rate swaps, currency swaps, swap options, caps and floors, financial futures, OTC options and forward contracts on fixed income securities. |
(2) | Includes revenues from foreign exchange spot, forward, option and swap contracts, as well as foreign currency translation (FX translation) gains and losses. |
(3) | Includes revenues from common, preferred and convertible preferred stock, convertible corporate debt, equity-linked notes and exchange-traded and OTC equity options and warrants. |
(4) | Primarily includes revenues from crude oil, refined oil products, natural gas and other commodities trades. |
(5) | Includes revenues from structured credit products. |
Three Months Ended March 31, | Three Months Ended June 30, | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Pension plans | Postretirement benefit plans | Pension plans | Postretirement benefit plans | |||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. plans | Non-U.S. plans | U.S. plans | Non-U.S. plans | U.S. plans | Non-U.S. plans | U.S. plans | Non-U.S. plans | |||||||||||||||||||||||||||||||||||||||||||||||
In millions of dollars | 2016 | 2015 | 2016 | 2015 | 2016 | 2015 | 2016 | 2015 | 2016 | 2015 | 2016 | 2015 | 2016 | 2015 | 2016 | 2015 | ||||||||||||||||||||||||||||||||||||||
Qualified plans | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Benefits earned during the period | $ | 1 | $ | 2 | $ | 38 | $ | 44 | $ | — | $ | — | $ | 3 | $ | 4 | $ | — | $ | — | $ | 39 | $ | 43 | $ | — | $ | — | $ | 3 | $ | 3 | ||||||||||||||||||||||
Interest cost on benefit obligation | 141 | 137 | 73 | 80 | 8 | 8 | 24 | 27 | 132 | 131 | 73 | 80 | 5 | 8 | 24 | 30 | ||||||||||||||||||||||||||||||||||||||
Expected return on plan assets | (218 | ) | (222 | ) | (72 | ) | (84 | ) | (2 | ) | — | (21 | ) | (29 | ) | (218 | ) | (223 | ) | (74 | ) | (83 | ) | (3 | ) | — | (22 | ) | (27 | ) | ||||||||||||||||||||||||
Amortization of unrecognized | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Prior service benefit | — | (1 | ) | — | — | — | — | (3 | ) | (3 | ) | — | (1 | ) | (1 | ) | — | — | — | (3 | ) | (3 | ) | |||||||||||||||||||||||||||||||
Net actuarial loss | 36 | 37 | 19 | 21 | — | — | 8 | 11 | ||||||||||||||||||||||||||||||||||||||||||||||
Curtailment gain(1) | — | — | (3 | ) | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||
Net actuarial loss (gain) | 39 | 38 | 20 | 18 | (1 | ) | — | 8 | 12 | |||||||||||||||||||||||||||||||||||||||||||||
Curtailment loss(1) | — | 10 | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||
Settlement loss(1) | — | — | 1 | — | — | — | — | — | — | — | 3 | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||
Net qualified plans (benefit) expense | $ | (40 | ) | $ | (47 | ) | $ | 56 | $ | 61 | $ | 6 | $ | 8 | $ | 11 | $ | 10 | $ | (47 | ) | $ | (45 | ) | $ | 60 | $ | 58 | $ | 1 | $ | 8 | $ | 10 | $ | 15 | ||||||||||||||||||
Nonqualified plans expense | 10 | 12 | — | — | — | — | — | — | 9 | 10 | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||
Total net (benefit) expense | $ | (30 | ) | $ | (35 | ) | $ | 56 | $ | 61 | $ | 6 | $ | 8 | $ | 11 | $ | 10 | $ | (38 | ) | $ | (35 | ) | $ | 60 | $ | 58 | $ | 1 | $ | 8 | $ | 10 | $ | 15 |
(1) |
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 | 2016 | 2015 | 2016 | 2015 | 2016 | 2015 | 2016 | 2015 | |||||||||||||||||||
Qualified plans | |||||||||||||||||||||||||||
Benefits earned during the period | $ | 1 | $ | 2 | $ | 77 | $ | 87 | $ | — | $ | — | $ | 6 | $ | 7 | |||||||||||
Interest cost on benefit obligation | 273 | 268 | 146 | 160 | 13 | 16 | 48 | 57 | |||||||||||||||||||
Expected return on plan assets | (436 | ) | (445 | ) | (146 | ) | (167 | ) | (5 | ) | — | (43 | ) | (56 | ) | ||||||||||||
Amortization of unrecognized | |||||||||||||||||||||||||||
Prior service benefit | — | (2 | ) | (1 | ) | — | — | — | (6 | ) | (6 | ) | |||||||||||||||
Net actuarial loss (gain) | 75 | 75 | 39 | 39 | (1 | ) | — | 16 | 23 | ||||||||||||||||||
Curtailment loss (gain) (1) | — | 10 | (3 | ) | — | — | — | — | — | ||||||||||||||||||
Settlement loss(1) | — | — | 4 | — | — | — | — | — | |||||||||||||||||||
Net qualified plans (benefit) expense | $ | (87 | ) | $ | (92 | ) | $ | 116 | $ | 119 | $ | 7 | $ | 16 | $ | 21 | $ | 25 | |||||||||
Nonqualified plans expense | 19 | 22 | — | — | — | — | — | — | |||||||||||||||||||
Total net (benefit) expense | $ | (68 | ) | $ | (70 | ) | $ | 116 | $ | 119 | $ | 7 | $ | 16 | $ | 21 | $ | 25 |
Three Months Ended March 31, | Six Months Ended June 30, 2016 | |||||||||||||||||||||||||||||
Pension plans | Postretirement benefit plans | Pension plans | Postretirement benefit plans | |||||||||||||||||||||||||||
In millions of dollars | U.S. plans | Non-U.S. plans | U.S. plans | Non-U.S. plans | U.S. plans | Non-U.S. plans | U.S. plans | Non-U.S. plans | ||||||||||||||||||||||
2016 | 2016 | 2016 | 2016 | |||||||||||||||||||||||||||
Change in projected benefit obligation (PBO) | ||||||||||||||||||||||||||||||
Projected benefit obligation at beginning of period | $ | 13,943 | $ | 6,534 | $ | 817 | $ | 1,291 | ||||||||||||||||||||||
Projected benefit obligation at beginning of year | $ | 13,943 | $ | 6,534 | $ | 817 | $ | 1,291 | ||||||||||||||||||||||
Plans measured annually | — | (1,819 | ) | — | (282 | ) | — | (1,819 | ) | — | (282 | ) | ||||||||||||||||||
Projected benefit obligation at beginning of period—Significant Plans | $ | 13,943 | $ | 4,715 | $ | 817 | $ | 1,009 | ||||||||||||||||||||||
Projected benefit obligation at beginning of year—Significant Plans | $ | 13,943 | $ | 4,715 | $ | 817 | $ | 1,009 | ||||||||||||||||||||||
First quarter activity | 574 | 199 | 22 | 30 | ||||||||||||||||||||||||||
Projected benefit obligation at March 31, 2016—Significant Plans | $ | 14,517 | $ | 4,914 | $ | 839 | $ | 1,039 | ||||||||||||||||||||||
Benefits earned during the period | 2 | 22 | — | 2 | — | 24 | — | 2 | ||||||||||||||||||||||
Interest cost on benefit obligation | 148 | 60 | 8 | 20 | 139 | 60 | 5 | 20 | ||||||||||||||||||||||
Plan amendments | — | (30 | ) | — | — | — | — | — | — | |||||||||||||||||||||
Actuarial loss | 632 | 196 | 30 | 17 | ||||||||||||||||||||||||||
Actuarial loss (gain) | 459 | 272 | (88 | ) | 29 | |||||||||||||||||||||||||
Benefits paid, net of participants’ contributions | (208 | ) | (55 | ) | (16 | ) | (11 | ) | (203 | ) | (55 | ) | (23 | ) | (13 | ) | ||||||||||||||
Foreign exchange impact and other | — | 6 | — | 2 | — | (207 | ) | — | (70 | ) | ||||||||||||||||||||
Projected benefit obligation at period end—Significant Plans | $ | 14,517 | $ | 4,914 | $ | 839 | $ | 1,039 | $ | 14,912 | $ | 5,008 | $ | 733 | $ | 1,007 |
Three Months Ended March 31, | Six Months Ended June 30, 2016 | |||||||||||||||||||||||||||||
Pension plans | Postretirement benefit plans | Pension plans | Postretirement benefit plans | |||||||||||||||||||||||||||
In millions of dollars | U.S. plans | Non-U.S. plans | U.S. plans | Non-U.S. plans | U.S. plans | Non-U.S. plans | U.S. plans | Non-U.S. plans | ||||||||||||||||||||||
2016 | 2016 | 2016 | 2016 | |||||||||||||||||||||||||||
Change in plan assets | ||||||||||||||||||||||||||||||
Plan assets at fair value at beginning of period | $ | 12,137 | $ | 6,104 | $ | 166 | $ | 1,133 | ||||||||||||||||||||||
Plan assets at fair value at beginning of year | $ | 12,137 | $ | 6,104 | $ | 166 | $ | 1,133 | ||||||||||||||||||||||
Plans measured annually | — | (1,175 | ) | — | (8 | ) | — | (1,175 | ) | — | (8 | ) | ||||||||||||||||||
Plan assets at fair value at beginning of period—Significant Plans | $ | 12,137 | $ | 4,929 | $ | 166 | $ | 1,125 | ||||||||||||||||||||||
Plan assets at fair value at beginning of year—Significant Plans | $ | 12,137 | $ | 4,929 | $ | 166 | $ | 1,125 | ||||||||||||||||||||||
First quarter activity | (72 | ) | 233 | $ | — | 39 | ||||||||||||||||||||||||
Plan assets at fair value at March 31, 2016—Significant Plans | $ | 12,065 | $ | 5,162 | $ | 166 | $ | 1,164 | ||||||||||||||||||||||
Actual return on plan assets | 120 | 294 | 2 | 48 | 380 | 394 | 5 | 35 | ||||||||||||||||||||||
Company contributions | 15 | 12 | 14 | — | 13 | 13 | (3 | ) | — | |||||||||||||||||||||
Plan participants’ contributions | — | 1 | — | — | — | 1 | — | — | ||||||||||||||||||||||
Benefits paid, net of government subsidy | (207 | ) | (55 | ) | (16 | ) | (11 | ) | (203 | ) | (56 | ) | (23 | ) | (13 | ) | ||||||||||||||
Foreign exchange impact and other | — | (19 | ) | — | 2 | — | (251 | ) | — | (78 | ) | |||||||||||||||||||
Plan assets at fair value at period end—Significant Plans | $ | 12,065 | $ | 5,162 | $ | 166 | $ | 1,164 | $ | 12,255 | $ | 5,263 | $ | 145 | $ | 1,108 | ||||||||||||||
Funded status of the plans at period end—Significant Plans(1)(2) | $ | (2,452 | ) | $ | 248 | $ | (673 | ) | $ | 125 | ||||||||||||||||||||
Funded status of the Significant plans | ||||||||||||||||||||||||||||||
Qualified plans(1) | $ | (1,915 | ) | $ | 255 | $ | (588 | ) | $ | 101 | ||||||||||||||||||||
Nonqualified plans | (742 | ) | — | — | — | |||||||||||||||||||||||||
Funded status of the plans at period end—Significant Plans | $ | (2,657 | ) | $ | 255 | $ | (588 | ) | $ | 101 | ||||||||||||||||||||
Net amount recognized | ||||||||||||||||||||||||||||||
Benefit asset | $ | — | $ | 758 | $ | — | $ | 125 | $ | — | $ | 807 | $ | — | $ | 101 | ||||||||||||||
Benefit liability | (2,452 | ) | (510 | ) | (673 | ) | — | (2,657 | ) | (552 | ) | (588 | ) | — | ||||||||||||||||
Net amount recognized on the balance sheet—Significant Plans | $ | (2,452 | ) | $ | 248 | $ | (673 | ) | $ | 125 | $ | (2,657 | ) | $ | 255 | $ | (588 | ) | $ | 101 | ||||||||||
Amounts recognized in Accumulated other comprehensive income (loss) | ||||||||||||||||||||||||||||||
Amounts recognized in AOCI | Amounts recognized in AOCI | |||||||||||||||||||||||||||||
Prior service benefit | — | 43 | — | 109 | — | 40 | — | 100 | ||||||||||||||||||||||
Net actuarial loss | (7,065 | ) | (1,089 | ) | (27 | ) | (478 | ) | ||||||||||||||||||||||
Net actuarial gain (loss) | (7,322 | ) | (979 | ) | 63 | (456 | ) | |||||||||||||||||||||||
Net amount recognized in equity (pretax)—Significant Plans | $ | (7,065 | ) | $ | (1,046 | ) | $ | (27 | ) | $ | (369 | ) | $ | (7,322 | ) | $ | (939 | ) | $ | 63 | $ | (356 | ) | |||||||
Accumulated benefit obligation at period end—Significant Plans | $ | 14,506 | $ | 4,618 | $ | 839 | $ | 1,039 | $ | 14,904 | $ | 4,691 | $ | 733 | $ | 1,007 |
(1) |
The U.S. qualified pension plan is fully funded under specified Employee Retirement Income Security Act of 1974, as amended (ERISA), funding rules as of January 1, 2016 and no minimum required funding is expected for 2016. |
In millions of dollars | Three Months Ended March 31, 2016 | Year Ended December 31, 2015 | Three Months Ended June 30, 2016 | Six Months Ended June 30, 2016 | ||||||||||
Beginning of period balance, net of tax(1)(2) | $ | (5,116 | ) | $ | (5,159 | ) | $ | (5,581 | ) | $ | (5,116 | ) | ||
Actuarial assumptions changes and plan experience | (875 | ) | 898 | (672 | ) | (1,547 | ) | |||||||
Net asset gain (loss) due to difference between actual and expected returns | 163 | (1,457 | ) | |||||||||||
Net amortizations | 56 | 236 | ||||||||||||
Prior service (cost) credit | 30 | (6 | ) | |||||||||||
Net asset gain due to difference between actual and expected returns | 508 | 671 | ||||||||||||
Net amortization | 59 | 115 | ||||||||||||
Prior service cost | (1 | ) | 29 | |||||||||||
Curtailment/settlement gain(3) | 1 | 57 | 3 | 4 | ||||||||||
Foreign exchange impact and other | (102 | ) | 291 | 72 | (30 | ) | ||||||||
Change in deferred taxes, net | 262 | 24 | 4 | 266 | ||||||||||
Change, net of tax | $ | (465 | ) | $ | 43 | $ | (27 | ) | $ | (492 | ) | |||
End of period balance, net of tax(1)(2) | $ | (5,581 | ) | $ | (5,116 | ) | $ | (5,608 | ) | $ | (5,608 | ) |
(1) | See Note 18 to the Consolidated Financial Statements for further discussion of net AOCI balance. |
(2) | Includes net-of-tax amounts for certain profit sharing plans outside the U.S. |
(3) | Gains due to curtailment and settlement relate to repositioning and divestiture activities. |
Net benefit (expense) assumed discount rates during the period | Three months ended | Three Months Ended | ||
Mar. 31, 2016 | Dec. 31, 2015 | Jun. 30, 2016 | Mar. 31, 2016 | |
U.S. plans | ||||
Qualified pension | 4.40% | 4.35% | 3.95% | 4.40% |
Nonqualified pension | 4.35 | 4.25 | 3.90 | 4.35 |
Postretirement | 4.20 | 4.10 | 3.75 | 4.20 |
Non-U.S. plans | ||||
Pension | 0.75 to 13.20 | 0.75 to 13.30 | 0.35 - 12.30 | 0.75 to 13.20 |
Weighted average | 5.37 | 5.30 | 5.14 | 5.37 |
Postretirement | 8.60 | 8.55 | 8.45 | 8.60 |
Plan obligations assumed discount rates at period ended | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 |
U.S. plans | |||
Qualified pension | 3.65% | 3.95% | 4.40% |
Nonqualified pension | 3.55 | 3.90 | 4.35 |
Postretirement | 3.40 | 3.75 | 4.20 |
Non-U.S. plans | |||
Pension | 0.20-11.85 | 0.35-12.30 | 0.75 to 13.20 |
Weighted average | 4.80 | 5.14 | 5.37 |
Postretirement | 8.20 | 8.45 | 8.60 |
Plan obligations assumed discount rates at period ended | Mar. 31, 2016 | Dec. 31, 2015 |
U.S. plans | ||
Qualified pension | 3.95% | 4.40% |
Nonqualified pension | 3.90 | 4.35 |
Postretirement | 3.75 | 4.20 |
Non-U.S. plans | ||
Pension | 0.35 - 12.30 | 0.75 to 13.20 |
Weighted average | 5.14 | 5.37 |
Postretirement | 8.45 | 8.60 |
Three Months Ended March 31, 2016 | Three Months Ended June 30, 2016 | |||||||
In millions of dollars | One-percentage-point increase | One-percentage-point decrease | One-percentage-point increase | One-percentage-point decrease | ||||
Pension | ||||||||
U.S. plans | $5 | $(10) | $ | 7 | $ | (11 | ) | |
Non-U.S. plans | (5) | 8 | (5 | ) | 7 | |||
Postretirement | ||||||||
U.S. plans | $1 | $(1) | $ | — | $ | (1 | ) | |
Non-U.S. plans | (2) | 3 | (2 | ) | 2 |
Pension plans | Postretirement plans | ||||||||||||||||||||||||||
U.S. plans (1) | Non-U.S. plans | U.S. plans | Non-U.S. plans | ||||||||||||||||||||||||
In millions of dollars | 2016 | 2015 | 2016 | 2015 | 2016 | 2015 | 2016 | 2015 | |||||||||||||||||||
Company contributions(2) for the three months ended March 31 | $ | 15 | $ | 11 | $ | 32 | $ | 26 | $ | 14 | $ | 20 | $ | 2 | $ | 7 | |||||||||||
Company contributions made or expected to be made expected during the remainder of the year | $ | 40 | $ | 41 | $ | 103 | $ | 108 | $ | — | $ | 215 | $ | 7 | $ | 2 |
Pension plans | Postretirement plans | ||||||||||||||||||||||||||
U.S. plans (1) | Non-U.S. plans | U.S. plans | Non-U.S. plans | ||||||||||||||||||||||||
In millions of dollars | 2016 | 2015 | 2016 | 2015 | 2016 | 2015 | 2016 | 2015 | |||||||||||||||||||
Company contributions(2) for the six months ended June 30 | $ | 28 | $ | 22 | $ | 58 | $ | 29 | $ | 11 | $ | 32 | $ | 3 | $ | 5 | |||||||||||
Company contributions made or expected to be made during the remainder of the year | 26 | 30 | 78 | 105 | — | 203 | 5 | 4 |
(1) | The U.S. pension 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 |
Three Months Ended March 31, | Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||
In millions of dollars | 2016 | 2015 | 2016 | 2015 | 2016 | 2015 | ||||||||
U.S. plans | $96 | $101 | $ | 97 | $ | 99 | $ | 193 | $ | 200 | ||||
Non-U.S. plans | 68 | 74 | 72 | 71 | 140 | 145 |
Three Months Ended March 31, | |||||||
In millions of dollars | 2016 | 2015 | |||||
Service-related expense | |||||||
Interest cost on benefit obligation | 1 | 1 | |||||
Amortization of unrecognized | |||||||
Prior service benefit | (8 | ) | (7 | ) | |||
Net actuarial loss | 1 | 3 | |||||
Total service-related benefit | $ | (6 | ) | $ | (3 | ) | |
Non-service-related expense | $ | 8 | $ | 9 | |||
Total net expense | $ | 2 | $ | 6 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
In millions of dollars | 2016 | 2015 | 2016 | 2015 | |||||||||||
Service-related expense | |||||||||||||||
Interest cost on benefit obligation | $ | 1 | $ | 1 | $ | 2 | $ | 2 | |||||||
Amortization of unrecognized | |||||||||||||||
Prior service benefit | (8 | ) | (8 | ) | (16 | ) | (15 | ) | |||||||
Net actuarial loss | 1 | 3 | 2 | 6 | |||||||||||
Total service-related benefit | $ | (6 | ) | $ | (4 | ) | $ | (12 | ) | $ | (7 | ) | |||
Non-service-related expense (benefit) | $ | 5 | $ | (3 | ) | $ | 13 | $ | 6 | ||||||
Total net expense (benefit) | $ | (1 | ) | $ | (7 | ) | $ | 1 | $ | (1 | ) |
Three Months Ended March 31, | Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||
In millions, except per-share amounts | 2016 | 2015 | 2016 | 2015 | 2016 | 2015 | ||||||||||||
Income from continuing operations before attribution of noncontrolling interests | $ | 3,508 | $ | 4,817 | $ | 4,047 | $ | 4,858 | $ | 7,555 | $ | 9,675 | ||||||
Less: Noncontrolling interests from continuing operations | 5 | 42 | 26 | 18 | 31 | 60 | ||||||||||||
Net income from continuing operations (for EPS purposes) | $ | 3,503 | $ | 4,775 | $ | 4,021 | $ | 4,840 | $ | 7,524 | $ | 9,615 | ||||||
Income (loss) from discontinued operations, net of taxes | (2 | ) | (5 | ) | (23 | ) | 6 | (25 | ) | 1 | ||||||||
Citigroup's net income | $ | 3,501 | $ | 4,770 | $ | 3,998 | $ | 4,846 | $ | 7,499 | $ | 9,616 | ||||||
Less: Preferred dividends(1) | 210 | 128 | 322 | 202 | 532 | 330 | ||||||||||||
Net income available to common shareholders | $ | 3,291 | $ | 4,642 | $ | 3,676 | $ | 4,644 | $ | 6,967 | $ | 9,286 | ||||||
Less: Dividends and undistributed earnings allocated to employee restricted and deferred shares with nonforfeitable rights to dividends, applicable to basic EPS | 40 | 62 | 53 | 64 | 93 | 126 | ||||||||||||
Net income allocated to common shareholders for basic EPS | $ | 3,251 | $ | 4,580 | $ | 3,623 | $ | 4,580 | $ | 6,874 | $ | 9,160 | ||||||
Net income allocated to common shareholders for diluted EPS | $ | 3,251 | $ | 4,580 | $ | 3,623 | $ | 4,580 | $ | 6,874 | $ | 9,160 | ||||||
Weighted-average common shares outstanding applicable to basic EPS | 2,943.0 | 3,034.2 | 2,915.8 | 3,020.0 | 2,929.4 | 3,027.1 | ||||||||||||
Effect of dilutive securities(3) | ||||||||||||||||||
Options(2) | 0.1 | 4.9 | 0.1 | 4.9 | 0.1 | 4.9 | ||||||||||||
Other employee plans | — | 0.2 | — | 0.1 | — | 0.1 | ||||||||||||
Adjusted weighted-average common shares outstanding applicable to diluted EPS | 2,943.1 | 3,039.3 | 2,915.9 | 3,025.0 | 2,929.5 | 3,032.1 | ||||||||||||
Basic earnings per share(4) | ||||||||||||||||||
Income from continuing operations | $ | 1.11 | $ | 1.51 | $ | 1.25 | $ | 1.51 | $ | 2.36 | $ | 3.03 | ||||||
Discontinued operations | — | — | (0.01 | ) | — | (0.01 | ) | — | ||||||||||
Net income | $ | 1.10 | $ | 1.51 | $ | 1.24 | $ | 1.52 | $ | 2.35 | $ | 3.03 | ||||||
Diluted earnings per share(4) | ||||||||||||||||||
Income from continuing operations | $ | 1.11 | $ | 1.51 | $ | 1.25 | $ | 1.51 | $ | 2.36 | $ | 3.02 | ||||||
Discontinued operations | — | — | (0.01 | ) | — | (0.01 | ) | — | ||||||||||
Net income | $ | 1.10 | $ | 1.51 | $ | 1.24 | $ | 1.51 | $ | 2.35 | $ | 3.02 |
(1) | See Note 19 to the Consolidated Financial Statements for the potential future impact of preferred stock dividends. |
(2) | During the |
(3) | Warrants issued to the U.S. Treasury as part of the Troubled Asset Relief Program (TARP) and the loss-sharing agreement (all of which were subsequently sold to the public in January 2011), with exercise prices of $178.50 and $106.10 per share for approximately 21.0 million and 25.5 million shares of Citigroup common stock, respectively. Both warrants were not included in the computation of earnings per share in the |
(4) | Due to rounding, earnings per share on continuing operations and discontinued operations may not sum to earnings per share on net income. |
In millions of dollars | March 31, 2016 | December 31, 2015 | June 30, 2016 | December 31, 2015 | ||||||||
Federal funds sold | $ | — | $ | 25 | $ | — | $ | 25 | ||||
Securities purchased under agreements to resell | 121,819 | 119,777 | 133,019 | 119,777 | ||||||||
Deposits paid for securities borrowed | 103,274 | 99,873 | 95,664 | 99,873 | ||||||||
Total | $ | 225,093 | $ | 219,675 | $ | 228,683 | $ | 219,675 |
In millions of dollars | March 31, 2016 | December 31, 2015 | June 30, 2016 | December 31, 2015 | ||||||||
Federal funds purchased | $ | 376 | $ | 189 | $ | 547 | $ | 189 | ||||
Securities sold under agreements to repurchase | 140,267 | 131,650 | 141,056 | 131,650 | ||||||||
Deposits received for securities loaned | 16,565 | 14,657 | 16,398 | 14,657 | ||||||||
Total | $ | 157,208 | $ | 146,496 | $ | 158,001 | $ | 146,496 |
As of March 31, 2016 | As of June 30, 2016 | |||||||||||||||||||||||||||||
In millions of dollars | Gross amounts of recognized assets | Gross amounts offset on the Consolidated Balance Sheet(1) | Net amounts of assets included on the Consolidated Balance Sheet(2) | Amounts not offset on the Consolidated Balance Sheet but eligible for offsetting upon counterparty default(3) | Net amounts(4) | Gross amounts of recognized assets | Gross amounts offset on the Consolidated Balance Sheet(1) | Net amounts of assets included on the Consolidated Balance Sheet(2) | Amounts not offset on the Consolidated Balance Sheet but eligible for offsetting upon counterparty default(3) | Net amounts(4) | ||||||||||||||||||||
Securities purchased under agreements to resell | $ | 177,767 | $ | 55,948 | $ | 121,819 | $ | 87,866 | $ | 33,953 | $ | 186,000 | $ | 52,981 | $ | 133,019 | $ | 100,605 | $ | 32,414 | ||||||||||
Deposits paid for securities borrowed | 103,274 | — | 103,274 | 16,291 | 86,983 | 95,664 | — | 95,664 | 14,402 | 81,262 | ||||||||||||||||||||
Total | $ | 281,041 | $ | 55,948 | $ | 225,093 | $ | 104,157 | $ | 120,936 | $ | 281,664 | $ | 52,981 | $ | 228,683 | $ | 115,007 | $ | 113,676 |
In millions of dollars | Gross amounts of recognized liabilities | Gross amounts offset on the Consolidated Balance Sheet(1) | Net amounts of liabilities included on the Consolidated Balance Sheet(2) | Amounts not offset on the Consolidated Balance Sheet but eligible for offsetting upon counterparty default(3) | Net amounts(4) | Gross amounts of recognized liabilities | Gross amounts offset on the Consolidated Balance Sheet(1) | Net amounts of liabilities included on the Consolidated Balance Sheet(2) | Amounts not offset on the Consolidated Balance Sheet but eligible for offsetting upon counterparty default(3) | Net amounts(4) | ||||||||||||||||||||
Securities sold under agreements to repurchase | $ | 196,215 | $ | 55,948 | $ | 140,267 | $ | 67,435 | $ | 72,832 | $ | 194,037 | $ | 52,981 | $ | 141,056 | $ | 74,448 | $ | 66,608 | ||||||||||
Deposits received for securities loaned | 16,565 | — | 16,565 | 3,843 | 12,722 | 16,398 | — | 16,398 | 1,761 | 14,637 | ||||||||||||||||||||
Total | $ | 212,780 | $ | 55,948 | $ | 156,832 | $ | 71,278 | $ | 85,554 | $ | 210,435 | $ | 52,981 | $ | 157,454 | $ | 76,209 | $ | 81,245 |
As of December 31, 2015 | |||||||||||||||
In millions of dollars | Gross amounts of recognized assets | Gross amounts offset on the Consolidated Balance Sheet(1) | Net amounts of assets included on the Consolidated Balance Sheet(2) | Amounts not offset on the Consolidated Balance Sheet but eligible for offsetting upon counterparty default(3) | Net amounts(4) | ||||||||||
Securities purchased under agreements to resell | $ | 176,167 | $ | 56,390 | $ | 119,777 | $ | 92,039 | $ | 27,738 | |||||
Deposits paid for securities borrowed | 99,873 | — | 99,873 | 16,619 | 83,254 | ||||||||||
Total | $ | 276,040 | $ | 56,390 | $ | 219,650 | $ | 108,658 | $ | 110,992 |
In millions of dollars | Gross amounts of recognized liabilities | Gross amounts offset on the Consolidated Balance Sheet(1) | Net amounts of liabilities included on the Consolidated Balance Sheet(2) | Amounts not offset on the Consolidated Balance Sheet but eligible for offsetting upon counterparty default(3) | Net amounts(4) | ||||||||||
Securities sold under agreements to repurchase | $ | 188,040 | $ | 56,390 | $ | 131,650 | $ | 60,641 | $ | 71,009 | |||||
Deposits received for securities loaned | 14,657 | — | 14,657 | 3,226 | 11,431 | ||||||||||
Total | $ | 202,697 | $ | 56,390 | $ | 146,307 | $ | 63,867 | $ | 82,440 |
(1) | Includes financial instruments subject to enforceable master netting agreements that are permitted to be offset under ASC 210-20-45. |
(2) | The total of this column for each period excludes Federal funds sold/purchased. See tables above. |
(3) | 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. |
(4) | 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 March 31, 2016 | As of June 30, 2016 | |||||||||||||||||||||||||||||
In millions of dollars | Open and overnight | Up to 30 days | 31–90 days | Greater than 90 days | Total | Open and overnight | Up to 30 days | 31–90 days | Greater than 90 days | Total | ||||||||||||||||||||
Securities sold under agreements to repurchase | $ | 106,370 | $ | 46,934 | $ | 17,933 | $ | 24,978 | $ | 196,215 | $ | 104,435 | $ | 45,117 | $ | 19,486 | $ | 24,999 | $ | 194,037 | ||||||||||
Deposits received for securities loaned | 12,199 | 785 | 1,506 | 2,075 | 16,565 | 10,877 | 2,514 | 1,540 | 1,467 | 16,398 | ||||||||||||||||||||
Total | $ | 118,569 | $ | 47,719 | $ | 19,439 | $ | 27,053 | $ | 212,780 | $ | 115,312 | $ | 47,631 | $ | 21,026 | $ | 26,466 | $ | 210,435 |
As of December 31, 2015 | |||||||||||||||
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 | $ | 89,732 | $ | 54,336 | $ | 21,541 | $ | 22,431 | $ | 188,040 | |||||
Deposits received for securities loaned | 9,096 | 1,823 | 2,324 | 1,414 | 14,657 | ||||||||||
Total | $ | 98,828 | $ | 56,159 | $ | 23,865 | $ | 23,845 | $ | 202,697 |
As of March 31, 2016 | As of June 30, 2016 | |||||||||||||||||
In millions of dollars | Repurchase agreements | Securities lending agreements | Total | Repurchase agreements | Securities lending agreements | Total | ||||||||||||
U.S. Treasury and federal agency | $ | 78,972 | $ | 16 | $ | 78,988 | $ | 82,556 | $ | 29 | $ | 82,585 | ||||||
State and municipal | 414 | — | 414 | 356 | — | 356 | ||||||||||||
Foreign government | 62,520 | 499 | 63,019 | 60,023 | 928 | 60,951 | ||||||||||||
Corporate bonds | 16,596 | 1,220 | 17,816 | 17,062 | 1,033 | 18,095 | ||||||||||||
Equity securities | 9,707 | 14,802 | 24,509 | 8,599 | 14,365 | 22,964 | ||||||||||||
Mortgage-backed securities | 18,712 | — | 18,712 | 17,523 | — | 17,523 | ||||||||||||
Asset-backed securities | 4,941 | — | 4,941 | 4,345 | — | 4,345 | ||||||||||||
Other | 4,353 | 28 | 4,381 | 3,573 | 43 | 3,616 | ||||||||||||
Total | $ | 196,215 | $ | 16,565 | $ | 212,780 | $ | 194,037 | $ | 16,398 | $ | 210,435 |
As of December 31, 2015 | |||||||||
In millions of dollars | Repurchase agreements | Securities lending agreements | Total | ||||||
U.S. Treasury and federal agency | $ | 67,005 | $ | — | $ | 67,005 | |||
State and municipal | 403 | — | 403 | ||||||
Foreign government | 66,633 | 789 | 67,422 | ||||||
Corporate bonds | 15,355 | 1,085 | 16,440 | ||||||
Equity securities | 10,297 | 12,484 | 22,781 | ||||||
Mortgage-backed securities | 19,913 | — | 19,913 | ||||||
Asset-backed securities | 4,572 | — | 4,572 | ||||||
Other | 3,862 | 299 | 4,161 | ||||||
Total | $ | 188,040 | $ | 14,657 | $ | 202,697 |
In millions of dollars | March 31, 2016 | December 31, 2015 | June 30, 2016 | December 31, 2015 | ||||||||
Receivables from customers | $ | 9,552 | $ | 10,435 | $ | 8,878 | $ | 10,435 | ||||
Receivables from brokers, dealers, and clearing organizations | 25,709 | 17,248 | 27,973 | 17,248 | ||||||||
Total brokerage receivables(1) | $ | 35,261 | $ | 27,683 | $ | 36,851 | $ | 27,683 | ||||
Payables to customers | $ | 38,014 | $ | 35,653 | $ | 38,788 | $ | 35,653 | ||||
Payables to brokers, dealers, and clearing organizations | 20,243 | 18,069 | 23,266 | 18,069 | ||||||||
Total brokerage payables(1) | $ | 58,257 | $ | 53,722 | $ | 62,054 | $ | 53,722 |
(1) | Brokerage receivables and payables are accounted for in accordance with the AICPA Audit and Accounting Guide for Brokers and Dealers in Securities as codified in ASC 940-320. |
In millions of dollars | March 31, 2016 | December 31, 2015 | June 30, 2016 | December 31, 2015 | ||||||||
Trading account assets | ||||||||||||
Mortgage-backed securities(1) | ||||||||||||
U.S. government-sponsored agency guaranteed | $ | 28,026 | $ | 24,767 | $ | 27,562 | $ | 24,767 | ||||
Prime | 372 | 803 | 212 | 803 | ||||||||
Alt-A | 226 | 543 | 135 | 543 | ||||||||
Subprime | 570 | 516 | 477 | 516 | ||||||||
Non-U.S. residential | 312 | 523 | 171 | 523 | ||||||||
Commercial | 2,372 | 2,855 | 1,536 | 2,855 | ||||||||
Total mortgage-backed securities | $ | 31,878 | $ | 30,007 | $ | 30,093 | $ | 30,007 | ||||
U.S. Treasury and federal agency securities | ||||||||||||
U.S. Treasury | $ | 29,716 | $ | 15,791 | $ | 23,069 | $ | 15,791 | ||||
Agency obligations | 2,447 | 2,005 | 2,574 | 2,005 | ||||||||
Total U.S. Treasury and federal agency securities | $ | 32,163 | $ | 17,796 | $ | 25,643 | $ | 17,796 | ||||
State and municipal securities | $ | 3,642 | $ | 2,696 | $ | 3,179 | $ | 2,696 | ||||
Foreign government securities | 62,923 | 56,609 | 63,118 | 56,467 | ||||||||
Corporate | 15,389 | 14,437 | 15,156 | 14,579 | ||||||||
Derivatives(2) | 63,044 | 56,184 | 72,213 | 56,184 | ||||||||
Equity securities | 49,108 | 56,495 | 47,007 | 56,495 | ||||||||
Asset-backed securities(1) | 3,567 | 3,956 | 3,540 | 3,956 | ||||||||
Other trading assets(3) | 12,033 | 11,776 | 11,815 | 11,776 | ||||||||
Total trading account assets | $ | 273,747 | $ | 249,956 | $ | 271,764 | $ | 249,956 | ||||
Trading account liabilities | ||||||||||||
Securities sold, not yet purchased | $ | 73,241 | $ | 57,827 | $ | 72,003 | $ | 57,827 | ||||
Derivatives(2) | 62,769 | 57,592 | 63,204 | 57,592 | ||||||||
Other trading liabilities(3) | 136 | 2,093 | 1,100 | 2,093 | ||||||||
Total trading account liabilities | $ | 136,146 | $ | 117,512 | $ | 136,307 | $ | 117,512 |
(1) | The Company invests in mortgage-backed and asset-backed securities. These securitizations are generally considered VIEs. The Company’s maximum exposure to loss from these VIEs is equal to the carrying amount of the securities, which is reflected in the table above. For mortgage-backed and asset-backed securitizations in which the Company has other involvement, see Note 20 to the Consolidated Financial Statements. |
(2) | Presented net, pursuant to enforceable master netting agreements. See Note 21 to the Consolidated Financial Statements for a discussion regarding the accounting and reporting for derivatives. |
(3) | Includes positions related to investments in unallocated precious metals, as discussed in Note 23 to the Consolidated Financial Statements. Also includes physical commodities accounted for at the lower of cost or fair |
March 31, 2016 | December 31, 2015 | June 30, 2016 | December 31, 2015 | |||||||||
In millions of dollars | ||||||||||||
Securities available-for-sale (AFS) | $ | 308,774 | $ | 299,136 | $ | 312,765 | $ | 299,136 | ||||
Debt securities held-to-maturity (HTM)(1) | 36,890 | 36,215 | 35,903 | 36,215 | ||||||||
Non-marketable equity securities carried at fair value(2) | 2,044 | 2,088 | 1,973 | 2,088 | ||||||||
Non-marketable equity securities carried at cost(3) | 5,544 | 5,516 | 5,652 | 5,516 | ||||||||
Total investments | $ | 353,252 | $ | 342,955 | $ | 356,293 | $ | 342,955 |
(1) | Carried at adjusted amortized cost basis, net of any credit-related impairment. |
(2) | Unrealized gains and losses for non-marketable equity securities carried at fair value are recognized in earnings. |
(3) | Primarily consists of shares issued by the Federal Reserve Bank, Federal Home Loan Banks, foreign central banks and various clearing houses of which Citigroup is a member. |
Three Months Ended March 31, | Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||
In millions of dollars | 2016 | 2015 | 2016 | 2015 | 2016 | 2015 | ||||||||||||
Taxable interest | $ | 1,704 | $ | 1,593 | $ | 1,774 | $ | 1,598 | $ | 3,478 | $ | 3,191 | ||||||
Interest exempt from U.S. federal income tax | 116 | 23 | 118 | 49 | 234 | 72 | ||||||||||||
Dividend income | 35 | 95 | 45 | 123 | 80 | 218 | ||||||||||||
Total interest and dividend income | $ | 1,855 | $ | 1,711 | $ | 1,937 | $ | 1,770 | $ | 3,792 | $ | 3,481 |
Three Months Ended March 31, | Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||
In millions of dollars | 2016 | 2015 | 2016 | 2015 | 2016 | 2015 | ||||||||||||
Gross realized investment gains | $ | 379 | $ | 356 | $ | 244 | $ | 357 | $ | 623 | $ | 714 | ||||||
Gross realized investment losses | (193 | ) | (49 | ) | (44 | ) | (174 | ) | (237 | ) | (224 | ) | ||||||
Net realized gains on sale of investments | $ | 186 | $ | 307 | $ | 200 | $ | 183 | $ | 386 | $ | 490 |
Three Months Ended March 31, | Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||
In millions of dollars | 2016 | 2015 | 2016 | 2015 | 2016 | 2015 | ||||||||||||
Carrying value of HTM securities sold | $ | — | $ | 27 | $ | 7 | $ | 22 | $ | 7 | $ | 49 | ||||||
Net realized gain (loss) on sale of HTM securities | — | 2 | (1 | ) | 3 | (1 | ) | 5 | ||||||||||
Carrying value of securities reclassified to AFS | 126 | 94 | 24 | — | 150 | 94 | ||||||||||||
OTTI losses on securities reclassified to AFS | (5 | ) | (5 | ) | (1 | ) | — | (6 | ) | (5 | ) |
March 31, 2016 | December 31, 2015 | June 30, 2016 | December 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||||
In millions of dollars | Amortized cost | Gross unrealized gains | Gross unrealized losses | Fair value | Amortized cost | Gross unrealized gains | Gross unrealized losses | Fair value | Amortized cost | Gross unrealized gains | Gross unrealized losses | Fair value | Amortized cost | Gross unrealized gains | Gross unrealized losses | Fair value | ||||||||||||||||||||||||||||||||
Debt securities AFS | ||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage-backed securities(1) | ||||||||||||||||||||||||||||||||||||||||||||||||
U.S. government-sponsored agency guaranteed | $ | 43,670 | $ | 649 | $ | 90 | $ | 44,229 | $ | 39,584 | $ | 367 | $ | 237 | $ | 39,714 | $ | 44,698 | $ | 864 | $ | 65 | $ | 45,497 | $ | 39,584 | $ | 367 | $ | 237 | $ | 39,714 | ||||||||||||||||
Prime | 2 | — | — | 2 | 2 | — | — | 2 | 5 | — | — | 5 | 2 | — | — | 2 | ||||||||||||||||||||||||||||||||
Alt-A | 95 | 4 | — | 99 | 50 | 5 | — | 55 | 66 | 7 | — | 73 | 50 | 5 | — | 55 | ||||||||||||||||||||||||||||||||
Non-U.S. residential | 5,450 | 27 | 25 | 5,452 | 5,909 | 31 | 11 | 5,929 | 4,986 | 23 | 22 | 4,987 | 5,909 | 31 | 11 | 5,929 | ||||||||||||||||||||||||||||||||
Commercial | 381 | 4 | 1 | 384 | 573 | 2 | 4 | 571 | 361 | 5 | — | 366 | 573 | 2 | 4 | 571 | ||||||||||||||||||||||||||||||||
Total mortgage-backed securities | $ | 49,598 | $ | 684 | $ | 116 | $ | 50,166 | $ | 46,118 | $ | 405 | $ | 252 | $ | 46,271 | $ | 50,116 | $ | 899 | $ | 87 | $ | 50,928 | $ | 46,118 | $ | 405 | $ | 252 | $ | 46,271 | ||||||||||||||||
U.S. Treasury and federal agency securities | ||||||||||||||||||||||||||||||||||||||||||||||||
U.S. Treasury | $ | 108,760 | $ | 1,910 | $ | 7 | $ | 110,663 | $ | 113,096 | $ | 254 | $ | 515 | $ | 112,835 | $ | 111,902 | $ | 2,587 | $ | 13 | $ | 114,476 | $ | 113,096 | $ | 254 | $ | 515 | $ | 112,835 | ||||||||||||||||
Agency obligations | 10,218 | 120 | 7 | 10,331 | 10,095 | 22 | 37 | 10,080 | 10,940 | 157 | 5 | 11,092 | 10,095 | 22 | 37 | 10,080 | ||||||||||||||||||||||||||||||||
Total U.S. Treasury and federal agency securities | $ | 118,978 | $ | 2,030 | $ | 14 | $ | 120,994 | $ | 123,191 | $ | 276 | $ | 552 | $ | 122,915 | $ | 122,842 | $ | 2,744 | $ | 18 | $ | 125,568 | $ | 123,191 | $ | 276 | $ | 552 | $ | 122,915 | ||||||||||||||||
State and municipal(2) | $ | 11,614 | $ | 154 | $ | 767 | $ | 11,001 | $ | 12,099 | $ | 132 | $ | 772 | $ | 11,459 | $ | 11,667 | $ | 255 | $ | 669 | $ | 11,253 | $ | 12,099 | $ | 132 | $ | 772 | $ | 11,459 | ||||||||||||||||
Foreign government | 99,182 | 583 | 423 | 99,342 | 92,384 | 410 | 593 | 92,201 | 93,408 | 657 | 226 | 93,839 | 88,751 | 402 | 479 | 88,674 | ||||||||||||||||||||||||||||||||
Corporate | 16,438 | 181 | 109 | 16,510 | 15,859 | 121 | 177 | 15,803 | 20,505 | 242 | 160 | 20,587 | 19,492 | 129 | 291 | 19,330 | ||||||||||||||||||||||||||||||||
Asset-backed securities(1) | 8,882 | 14 | 109 | 8,787 | 9,261 | 5 | 92 | 9,174 | 8,121 | 7 | 85 | 8,043 | 9,261 | 5 | 92 | 9,174 | ||||||||||||||||||||||||||||||||
Other debt securities | 1,125 | — | — | 1,125 | 688 | — | — | 688 | 1,123 | — | — | 1,123 | 688 | — | — | 688 | ||||||||||||||||||||||||||||||||
Total debt securities AFS | $ | 305,817 | $ | 3,646 | $ | 1,538 | $ | 307,925 | $ | 299,600 | $ | 1,349 | $ | 2,438 | $ | 298,511 | $ | 307,782 | $ | 4,804 | $ | 1,245 | $ | 311,341 | $ | 299,600 | $ | 1,349 | $ | 2,438 | $ | 298,511 | ||||||||||||||||
Marketable equity securities AFS | $ | 830 | $ | 22 | $ | 3 | $ | 849 | $ | 602 | $ | 26 | $ | 3 | $ | 625 | $ | 1,411 | $ | 18 | $ | 5 | $ | 1,424 | $ | 602 | $ | 26 | $ | 3 | $ | 625 | ||||||||||||||||
Total securities AFS | $ | 306,647 | $ | 3,668 | $ | 1,541 | $ | 308,774 | $ | 300,202 | $ | 1,375 | $ | 2,441 | $ | 299,136 | $ | 309,193 | $ | 4,822 | $ | 1,250 | $ | 312,765 | $ | 300,202 | $ | 1,375 | $ | 2,441 | $ | 299,136 |
(1) | The Company invests in mortgage-backed and asset-backed securities. These securitizations are generally considered VIEs. The Company’s maximum exposure to loss from these VIEs is equal to the carrying amount of the securities, which is reflected in the table above. For mortgage-backed and asset-backed securitizations in which the Company has other involvement, see Note 20 to the Consolidated Financial Statements. |
(2) | The gross unrealized losses on state and municipal debt securities are primarily attributable to the effects of fair value hedge accounting. Specifically, Citi hedges the LIBOR-benchmark interest rate component of certain fixed-rate tax-exempt state and municipal debt securities utilizing LIBOR-based interest rate swaps. During the hedge period, losses incurred on the LIBOR-hedging swaps recorded in earnings were substantially offset by gains on the state and municipal debt securities attributable to changes in the LIBOR swap rate being hedged. However, because the LIBOR swap rate decreased significantly during the hedge period while the overall fair value of the municipal debt securities was relatively unchanged, the effect of reclassifying fair value gains on these securities from AOCI to earnings, attributable solely to changes in the LIBOR swap rate, resulted in net unrealized losses remaining in AOCI that relate to the unhedged components of these securities. |
Less than 12 months | 12 months or longer | Total | Less than 12 months | 12 months or longer | Total | |||||||||||||||||||||||||||||||
In millions of dollars | Fair value | Gross unrealized losses | Fair value | Gross unrealized losses | Fair value | Gross unrealized losses | Fair value | Gross unrealized losses | Fair value | Gross unrealized losses | Fair value | Gross unrealized losses | ||||||||||||||||||||||||
March 31, 2016 | ||||||||||||||||||||||||||||||||||||
June 30, 2016 | ||||||||||||||||||||||||||||||||||||
Securities AFS | ||||||||||||||||||||||||||||||||||||
Mortgage-backed securities | ||||||||||||||||||||||||||||||||||||
U.S. government-sponsored agency guaranteed | $ | 4,069 | $ | 22 | $ | 2,487 | $ | 68 | $ | 6,556 | $ | 90 | $ | 2,398 | $ | 9 | $ | 1,764 | $ | 56 | $ | 4,162 | $ | 65 | ||||||||||||
Prime | 1 | — | 1 | — | 2 | — | 4 | — | 1 | — | 5 | — | ||||||||||||||||||||||||
Alt-A | 22 | — | — | — | 22 | — | ||||||||||||||||||||||||||||||
Non-U.S. residential | 1,909 | 13 | 1,047 | 12 | 2,956 | 25 | 365 | 2 | 2,214 | 20 | 2,579 | 22 | ||||||||||||||||||||||||
Commercial | 64 | — | 50 | 1 | 114 | 1 | 29 | — | 50 | — | 79 | — | ||||||||||||||||||||||||
Total mortgage-backed securities | $ | 6,043 | $ | 35 | $ | 3,585 | $ | 81 | $ | 9,628 | $ | 116 | $ | 2,818 | $ | 11 | $ | 4,029 | $ | 76 | $ | 6,847 | $ | 87 | ||||||||||||
U.S. Treasury and federal agency securities | ||||||||||||||||||||||||||||||||||||
U.S. Treasury | $ | 1,487 | $ | 7 | $ | 156 | $ | — | $ | 1,643 | $ | 7 | $ | 3,398 | $ | 13 | $ | — | $ | — | $ | 3,398 | $ | 13 | ||||||||||||
Agency obligations | 162 | — | 192 | 7 | 354 | 7 | 188 | — | 137 | 5 | 325 | 5 | ||||||||||||||||||||||||
Total U.S. Treasury and federal agency securities | $ | 1,649 | $ | 7 | $ | 348 | $ | 7 | $ | 1,997 | $ | 14 | $ | 3,586 | $ | 13 | $ | 137 | $ | 5 | $ | 3,723 | $ | 18 | ||||||||||||
State and municipal | $ | 341 | $ | 19 | $ | 4,456 | $ | 748 | $ | 4,797 | $ | 767 | $ | 226 | $ | 8 | $ | 3,751 | $ | 661 | $ | 3,977 | $ | 669 | ||||||||||||
Foreign government | 24,755 | 298 | 4,784 | 125 | 29,539 | 423 | 21,672 | 170 | 4,086 | 56 | 25,758 | 226 | ||||||||||||||||||||||||
Corporate | 4,359 | 73 | 1,303 | 36 | 5,662 | 109 | 3,452 | 85 | 1,623 | 75 | 5,075 | 160 | ||||||||||||||||||||||||
Asset-backed securities | 4,567 | 72 | 2,527 | 37 | 7,094 | 109 | 2,937 | 46 | 3,778 | 39 | 6,715 | 85 | ||||||||||||||||||||||||
Other debt securities | 204 | — | — | — | 204 | — | ||||||||||||||||||||||||||||||
Marketable equity securities AFS | 17 | 3 | 1 | — | 18 | 3 | 30 | 5 | 1 | — | 31 | 5 | ||||||||||||||||||||||||
Total securities AFS | $ | 41,731 | $ | 507 | $ | 17,004 | $ | 1,034 | $ | 58,735 | $ | 1,541 | $ | 34,925 | $ | 338 | $ | 17,405 | $ | 912 | $ | 52,330 | $ | 1,250 | ||||||||||||
December 31, 2015 | ||||||||||||||||||||||||||||||||||||
Securities AFS | ||||||||||||||||||||||||||||||||||||
Mortgage-backed securities | ||||||||||||||||||||||||||||||||||||
U.S. government-sponsored agency guaranteed | $ | 17,816 | $ | 141 | $ | 2,618 | $ | 96 | $ | 20,434 | $ | 237 | $ | 17,816 | $ | 141 | $ | 2,618 | $ | 96 | $ | 20,434 | $ | 237 | ||||||||||||
Prime | — | — | 1 | — | 1 | — | — | — | 1 | — | 1 | — | ||||||||||||||||||||||||
Non-U.S. residential | 2,217 | 7 | 825 | 4 | 3,042 | 11 | 2,217 | 7 | 825 | 4 | 3,042 | 11 | ||||||||||||||||||||||||
Commercial | 291 | 3 | 55 | 1 | 346 | 4 | 291 | 3 | 55 | 1 | 346 | 4 | ||||||||||||||||||||||||
Total mortgage-backed securities | $ | 20,324 | $ | 151 | $ | 3,499 | $ | 101 | $ | 23,823 | $ | 252 | $ | 20,324 | $ | 151 | $ | 3,499 | $ | 101 | $ | 23,823 | $ | 252 | ||||||||||||
U.S. Treasury and federal agency securities | ||||||||||||||||||||||||||||||||||||
U.S. Treasury | $ | 59,384 | $ | 505 | $ | 1,204 | $ | 10 | $ | 60,588 | $ | 515 | $ | 59,384 | $ | 505 | $ | 1,204 | $ | 10 | $ | 60,588 | $ | 515 | ||||||||||||
Agency obligations | 6,716 | 30 | 196 | 7 | 6,912 | 37 | 6,716 | 30 | 196 | 7 | 6,912 | 37 | ||||||||||||||||||||||||
Total U.S. Treasury and federal agency securities | $ | 66,100 | $ | 535 | $ | 1,400 | $ | 17 | $ | 67,500 | $ | 552 | $ | 66,100 | $ | 535 | $ | 1,400 | $ | 17 | $ | 67,500 | $ | 552 | ||||||||||||
State and municipal | $ | 635 | $ | 26 | $ | 4,450 | $ | 746 | $ | 5,085 | $ | 772 | $ | 635 | $ | 26 | $ | 4,450 | $ | 746 | $ | 5,085 | $ | 772 | ||||||||||||
Foreign government | 35,491 | 429 | 4,642 | 164 | 40,133 | 593 | 34,053 | 371 | 4,021 | 108 | 38,074 | 479 | ||||||||||||||||||||||||
Corporate | 5,586 | 132 | 1,298 | 45 | 6,884 | 177 | 7,024 | 190 | 1,919 | 101 | 8,943 | 291 | ||||||||||||||||||||||||
Asset-backed securities | 5,311 | 58 | 2,247 | 34 | 7,558 | 92 | 5,311 | 58 | 2,247 | 34 | 7,558 | 92 | ||||||||||||||||||||||||
Other debt securities | 27 | — | — | — | 27 | — | 27 | — | — | — | 27 | — | ||||||||||||||||||||||||
Marketable equity securities AFS | 132 | 3 | 1 | — | 133 | 3 | 132 | 3 | 1 | — | 133 | 3 | ||||||||||||||||||||||||
Total securities AFS | $ | 133,606 | $ | 1,334 | $ | 17,537 | $ | 1,107 | $ | 151,143 | $ | 2,441 | $ | 133,606 | $ | 1,334 | $ | 17,537 | $ | 1,107 | $ | 151,143 | $ | 2,441 |
March 31, 2016 | December 31, 2015 | June 30, 2016 | December 31, 2015 | |||||||||||||||||||||
In millions of dollars | Amortized cost | Fair value | Amortized cost | Fair value | Amortized cost | Fair value | Amortized cost | Fair value | ||||||||||||||||
Mortgage-backed securities(1) | ||||||||||||||||||||||||
Due within 1 year | $ | 218 | $ | 217 | $ | 114 | $ | 114 | $ | 171 | $ | 171 | $ | 114 | $ | 114 | ||||||||
After 1 but within 5 years | 1,166 | 1,176 | 1,408 | 1,411 | 1,218 | 1,230 | 1,408 | 1,411 | ||||||||||||||||
After 5 but within 10 years | 1,997 | 2,023 | 1,750 | 1,751 | 2,260 | 2,314 | 1,750 | 1,751 | ||||||||||||||||
After 10 years(2) | 46,217 | 46,750 | 42,846 | 42,995 | 46,467 | 47,213 | 42,846 | 42,995 | ||||||||||||||||
Total | $ | 49,598 | $ | 50,166 | $ | 46,118 | $ | 46,271 | $ | 50,116 | $ | 50,928 | $ | 46,118 | $ | 46,271 | ||||||||
U.S. Treasury and federal agency securities | ||||||||||||||||||||||||
Due within 1 year | $ | 3,299 | $ | 3,301 | $ | 3,016 | $ | 3,014 | $ | 3,903 | $ | 3,907 | $ | 3,016 | $ | 3,014 | ||||||||
After 1 but within 5 years | 101,506 | 103,123 | 107,034 | 106,878 | 106,077 | 108,292 | 107,034 | 106,878 | ||||||||||||||||
After 5 but within 10 years | 14,072 | 14,476 | 12,786 | 12,684 | 12,764 | 13,275 | 12,786 | 12,684 | ||||||||||||||||
After 10 years(2) | 101 | 94 | 355 | 339 | 98 | 94 | 355 | 339 | ||||||||||||||||
Total | $ | 118,978 | $ | 120,994 | $ | 123,191 | $ | 122,915 | $ | 122,842 | $ | 125,568 | $ | 123,191 | $ | 122,915 | ||||||||
State and municipal | ||||||||||||||||||||||||
Due within 1 year | $ | 2,597 | $ | 2,590 | $ | 3,289 | $ | 3,287 | $ | 769 | $ | 763 | $ | 3,289 | $ | 3,287 | ||||||||
After 1 but within 5 years | 2,153 | 2,160 | 1,781 | 1,781 | 4,109 | 4,118 | 1,781 | 1,781 | ||||||||||||||||
After 5 but within 10 years | 407 | 421 | 502 | 516 | 322 | 337 | 502 | 516 | ||||||||||||||||
After 10 years(2) | 6,457 | 5,830 | 6,527 | 5,875 | 6,467 | 6,035 | 6,527 | 5,875 | ||||||||||||||||
Total | $ | 11,614 | $ | 11,001 | $ | 12,099 | $ | 11,459 | $ | 11,667 | $ | 11,253 | $ | 12,099 | $ | 11,459 | ||||||||
Foreign government | ||||||||||||||||||||||||
Due within 1 year | $ | 25,817 | $ | 25,818 | $ | 26,322 | $ | 26,329 | $ | 25,129 | $ | 25,129 | $ | 25,898 | $ | 25,905 | ||||||||
After 1 but within 5 years | 52,519 | 52,645 | 44,801 | 44,756 | 50,290 | 50,457 | 43,514 | 43,464 | ||||||||||||||||
After 5 but within 10 years | 18,224 | 18,221 | 18,935 | 18,779 | 15,399 | 15,563 | 17,013 | 16,968 | ||||||||||||||||
After 10 years(2) | 2,622 | 2,658 | 2,326 | 2,337 | 2,590 | 2,690 | 2,326 | 2,337 | ||||||||||||||||
Total | $ | 99,182 | $ | 99,342 | $ | 92,384 | $ | 92,201 | $ | 93,408 | $ | 93,839 | $ | 88,751 | $ | 88,674 | ||||||||
All other(3) | ||||||||||||||||||||||||
Due within 1 year | $ | 2,314 | $ | 2,318 | $ | 1,930 | $ | 1,931 | $ | 2,821 | $ | 2,824 | $ | 2,354 | $ | 2,355 | ||||||||
After 1 but within 5 years | 13,666 | 13,739 | 12,748 | 12,762 | 15,670 | 15,814 | 14,035 | 14,054 | ||||||||||||||||
After 5 but within 10 years | 7,359 | 7,342 | 7,867 | 7,782 | 8,455 | 8,387 | 9,789 | 9,593 | ||||||||||||||||
After 10 years(2) | 3,106 | 3,023 | 3,263 | 3,190 | 2,803 | 2,728 | 3,263 | 3,190 | ||||||||||||||||
Total | $ | 26,445 | $ | 26,422 | $ | 25,808 | $ | 25,665 | $ | 29,749 | $ | 29,753 | $ | 29,441 | $ | 29,192 | ||||||||
Total debt securities AFS | $ | 305,817 | $ | 307,925 | $ | 299,600 | $ | 298,511 | $ | 307,782 | $ | 311,341 | $ | 299,600 | $ | 298,511 |
(1) | Includes mortgage-backed securities of U.S. government-sponsored agencies. |
(2) | Investments with no stated maturities are included as contractual maturities of greater than 10 years. Actual maturities may differ due to call or prepayment rights. |
(3) | Includes corporate, asset-backed and other debt securities. |
In millions of dollars | Amortized cost basis(1) | Net unrealized gains (losses) recognized in AOCI | Carrying value(2) | Gross unrealized gains | Gross unrealized (losses) | Fair value | Amortized cost basis(1) | Net unrealized gains (losses) recognized in AOCI | Carrying value(2) | Gross unrealized gains | Gross unrealized (losses) | Fair value | ||||||||||||||||||||||||
March 31, 2016 | ||||||||||||||||||||||||||||||||||||
June 30, 2016 | June 30, 2016 | |||||||||||||||||||||||||||||||||||
Debt securities held-to-maturity | ||||||||||||||||||||||||||||||||||||
Mortgage-backed securities(3) | ||||||||||||||||||||||||||||||||||||
U.S. government agency guaranteed | $ | 17,771 | $ | 134 | $ | 17,905 | $ | 264 | $ | (2 | ) | $ | 18,167 | $ | 17,158 | $ | 129 | $ | 17,287 | $ | 424 | $ | — | $ | 17,711 | |||||||||||
Prime | 51 | (10 | ) | 41 | 3 | (2 | ) | 42 | 43 | (8 | ) | 35 | 4 | (1 | ) | 38 | ||||||||||||||||||||
Alt-A | 427 | (51 | ) | 376 | 228 | (157 | ) | 447 | 371 | (43 | ) | 328 | 73 | (2 | ) | 399 | ||||||||||||||||||||
Subprime | 2 | — | 2 | 11 | — | 13 | 2 | — | 2 | 10 | — | 12 | ||||||||||||||||||||||||
Non-U.S. residential | 1,290 | (58 | ) | 1,232 | 35 | — | 1,267 | 1,166 | (54 | ) | 1,112 | 35 | (3 | ) | 1,144 | |||||||||||||||||||||
Total mortgage-backed securities | $ | 19,541 | $ | 15 | $ | 19,556 | $ | 541 | $ | (161 | ) | $ | 19,936 | $ | 18,740 | $ | 24 | $ | 18,764 | $ | 546 | $ | (6 | ) | $ | 19,304 | ||||||||||
State and municipal(4) | $ | 8,521 | $ | (421 | ) | $ | 8,100 | $ | 309 | $ | (85 | ) | $ | 8,324 | $ | 8,476 | $ | (403 | ) | $ | 8,073 | $ | 495 | $ | (68 | ) | $ | 8,500 | ||||||||
Foreign government | 4,057 | — | 4,057 | 14 | — | 4,071 | 2,231 | — | 2,231 | 2 | (1 | ) | 2,232 | |||||||||||||||||||||||
Asset-backed securities(3) | 5,185 | (8 | ) | 5,177 | 14 | (72 | ) | 5,119 | 6,842 | (7 | ) | 6,835 | 15 | (37 | ) | 6,813 | ||||||||||||||||||||
Total debt securities held-to-maturity | $ | 37,304 | $ | (414 | ) | $ | 36,890 | $ | 878 | $ | (318 | ) | $ | 37,450 | $ | 36,289 | $ | (386 | ) | $ | 35,903 | $ | 1,058 | $ | (112 | ) | $ | 36,849 | ||||||||
December 31, 2015 | ||||||||||||||||||||||||||||||||||||
Debt securities held-to-maturity | ||||||||||||||||||||||||||||||||||||
Mortgage-backed securities(3) | ||||||||||||||||||||||||||||||||||||
U.S. government agency guaranteed | $ | 17,648 | $ | 138 | $ | 17,786 | $ | 71 | $ | (100 | ) | $ | 17,757 | $ | 17,648 | $ | 138 | $ | 17,786 | $ | 71 | $ | (100 | ) | $ | 17,757 | ||||||||||
Prime | 121 | (78 | ) | 43 | 3 | (1 | ) | 45 | 121 | (78 | ) | 43 | 3 | (1 | ) | 45 | ||||||||||||||||||||
Alt-A | 433 | (1 | ) | 432 | 259 | (162 | ) | 529 | 433 | (1 | ) | 432 | 259 | (162 | ) | 529 | ||||||||||||||||||||
Subprime | 2 | — | 2 | 13 | — | 15 | 2 | — | 2 | 13 | — | 15 | ||||||||||||||||||||||||
Non-U.S. residential | 1,330 | (60 | ) | 1,270 | 37 | — | 1,307 | 1,330 | (60 | ) | 1,270 | 37 | — | 1,307 | ||||||||||||||||||||||
Total mortgage-backed securities | $ | 19,534 | $ | (1 | ) | $ | 19,533 | $ | 383 | $ | (263 | ) | $ | 19,653 | $ | 19,534 | $ | (1 | ) | $ | 19,533 | $ | 383 | $ | (263 | ) | $ | 19,653 | ||||||||
State and municipal | $ | 8,581 | $ | (438 | ) | $ | 8,143 | $ | 245 | $ | (87 | ) | $ | 8,301 | $ | 8,581 | $ | (438 | ) | $ | 8,143 | $ | 245 | $ | (87 | ) | $ | 8,301 | ||||||||
Foreign government | 4,068 | — | 4,068 | 28 | (3 | ) | 4,093 | 4,068 | — | 4,068 | 28 | (3 | ) | 4,093 | ||||||||||||||||||||||
Asset-backed securities(3) | 4,485 | (14 | ) | 4,471 | 34 | (41 | ) | 4,464 | 4,485 | (14 | ) | 4,471 | 34 | (41 | ) | 4,464 | ||||||||||||||||||||
Total debt securities held-to-maturity(5) | $ | 36,668 | $ | (453 | ) | $ | 36,215 | $ | 690 | $ | (394 | ) | $ | 36,511 | $ | 36,668 | $ | (453 | ) | $ | 36,215 | $ | 690 | $ | (394 | ) | $ | 36,511 |
(1) | For securities transferred to HTM from Trading account assets, amortized cost basis is defined as the fair value of the securities at the date of transfer plus any accretion income and less any impairments recognized in earnings subsequent to transfer. For securities transferred to HTM from AFS, amortized cost is defined as the original purchase cost, adjusted for the cumulative accretion or amortization of any purchase discount or premium, plus or minus any cumulative fair value hedge adjustments, net of accretion or amortization, and less any other-than-temporary impairment recognized in earnings. |
(2) | HTM securities are carried on the Consolidated Balance Sheet at amortized cost basis, plus or minus any unamortized unrealized gains and losses and fair value hedge adjustments recognized in AOCI prior to reclassifying the securities from AFS to HTM. Changes in the values of these securities are not reported in the financial statements, except for the amortization of any difference between the carrying value at the transfer date and par value of the securities, and the recognition of any non-credit fair value adjustments in AOCI in connection with the recognition of any credit impairment in earnings related to securities the Company continues to intend to hold until maturity. |
(3) | The Company invests in mortgage-backed and asset-backed securities. These securitizations are generally considered VIEs. The Company’s maximum exposure to loss from these VIEs is equal to the carrying amount of the securities, which is reflected in the table above. For mortgage-backed and asset-backed securitizations in which the Company has other involvement, see Note 20 to the Consolidated Financial Statements. |
(4) | The net unrealized losses recognized in AOCI on state and municipal debt securities are primarily attributable to the effects of fair value hedge accounting applied when these debt securities were classified as AFS. Specifically, Citi hedged the LIBOR-benchmark interest rate component of certain fixed-rate tax-exempt state and municipal debt securities utilizing LIBOR-based interest rate swaps. During the hedge period, losses incurred on the LIBOR-hedging swaps recorded in earnings were substantially offset by gains on the state and municipal debt securities attributable to changes in the LIBOR swap rate being hedged. However, because the LIBOR swap rate decreased significantly during the hedge period while the overall fair value of the municipal debt securities was relatively unchanged, the effect of reclassifying fair value gains on these securities from AOCI to earnings attributable solely to changes in the LIBOR swap rate resulted in net unrealized losses remaining in AOCI that relate to the unhedged components of these securities. Upon transfer of these debt securities to HTM, all hedges have been de-designated and hedge accounting has ceased. |
(5) | During the second quarter of 2015, securities with a total fair value of approximately $7.1 billion were transferred from AFS to HTM, consisting of $7.0 billion of U.S. government agency mortgage-backed securities and $0.1 billion of obligations of U.S. states and municipalities. The transfer reflects the Company’s intent to hold these securities to maturity or to issuer call in order to reduce the impact of price volatility on AOCI and certain capital measures under Basel III. While these securities were transferred to HTM at fair value as of the transfer date, no subsequent changes in value may be recorded, other than in connection with the recognition of any subsequent other-than-temporary impairment and the amortization of differences between the carrying values at the transfer date and the par values of each security as an adjustment of yield over the remaining contractual life of each security. Any net unrealized holding losses within AOCI related to the respective securities at the date of transfer, inclusive of any cumulative fair value hedge adjustments, will be amortized over the remaining contractual life of each security as an adjustment of yield in a manner consistent with the amortization of any premium or discount. |
Less than 12 months | 12 months or longer | Total | Less than 12 months | 12 months or longer | Total | |||||||||||||||||||||||||||||||
In millions of dollars | Fair value | Gross unrecognized losses | Fair value | Gross unrecognized losses | Fair value | Gross unrecognized losses | Fair value | Gross unrecognized losses | Fair value | Gross unrecognized losses | Fair value | Gross unrecognized losses | ||||||||||||||||||||||||
March 31, 2016 | ||||||||||||||||||||||||||||||||||||
June 30, 2016 | ||||||||||||||||||||||||||||||||||||
Debt securities held-to-maturity | ||||||||||||||||||||||||||||||||||||
Mortgage-backed securities | $ | 106 | $ | 2 | $ | 633 | $ | 159 | $ | 739 | $ | 161 | $ | 48 | $ | 3 | $ | 77 | $ | 3 | $ | 125 | $ | 6 | ||||||||||||
State and municipal | 610 | 6 | 1,669 | 79 | 2,279 | 85 | 224 | 8 | 1,755 | 60 | 1,979 | 68 | ||||||||||||||||||||||||
Foreign government | — | — | — | — | — | — | 278 | 1 | — | — | 278 | 1 | ||||||||||||||||||||||||
Asset-backed securities | 182 | 24 | 4,830 | 48 | 5,012 | 72 | 2 | — | 5,693 | 37 | 5,695 | 37 | ||||||||||||||||||||||||
Total debt securities held-to-maturity | $ | 898 | $ | 32 | $ | 7,132 | $ | 286 | $ | 8,030 | $ | 318 | $ | 552 | $ | 12 | $ | 7,525 | $ | 100 | $ | 8,077 | $ | 112 | ||||||||||||
December 31, 2015 | ||||||||||||||||||||||||||||||||||||
Debt securities held-to-maturity | ||||||||||||||||||||||||||||||||||||
Mortgage-backed securities | $ | 935 | $ | 1 | $ | 10,301 | $ | 262 | $ | 11,236 | $ | 263 | $ | 935 | $ | 1 | $ | 10,301 | $ | 262 | $ | 11,236 | $ | 263 | ||||||||||||
State and municipal | 881 | 20 | 1,826 | 67 | 2,707 | 87 | 881 | 20 | 1,826 | 67 | 2,707 | 87 | ||||||||||||||||||||||||
Foreign government | 180 | 3 | — | — | 180 | 3 | 180 | 3 | — | — | 180 | 3 | ||||||||||||||||||||||||
Asset-backed securities | 132 | 13 | 3,232 | 28 | 3,364 | 41 | 132 | 13 | 3,232 | 28 | 3,364 | 41 | ||||||||||||||||||||||||
Total debt securities held-to-maturity | $ | 2,128 | $ | 37 | $ | 15,359 | $ | 357 | $ | 17,487 | $ | 394 | $ | 2,128 | $ | 37 | $ | 15,359 | $ | 357 | $ | 17,487 | $ | 394 |
March 31, 2016 | December 31, 2015 | June 30, 2016 | December 31, 2015 | |||||||||||||||||||||
In millions of dollars | Carrying value | Fair value | Carrying value | Fair value | Carrying value | Fair value | Carrying value | Fair value | ||||||||||||||||
Mortgage-backed securities | ||||||||||||||||||||||||
Due within 1 year | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||
After 1 but within 5 years | 403 | 413 | 172 | 172 | 456 | 471 | 172 | 172 | ||||||||||||||||
After 5 but within 10 years | 420 | 432 | 660 | 663 | 347 | 360 | 660 | 663 | ||||||||||||||||
After 10 years(1) | 18,733 | 19,091 | 18,701 | 18,818 | 17,961 | 18,473 | 18,701 | 18,818 | ||||||||||||||||
Total | $ | 19,556 | $ | 19,936 | $ | 19,533 | $ | 19,653 | $ | 18,764 | $ | 19,304 | $ | 19,533 | $ | 19,653 | ||||||||
State and municipal | ||||||||||||||||||||||||
Due within 1 year | $ | 367 | $ | 353 | $ | 309 | $ | 305 | $ | 441 | $ | 434 | $ | 309 | $ | 305 | ||||||||
After 1 but within 5 years | 312 | 316 | 336 | 335 | 262 | 263 | 336 | 335 | ||||||||||||||||
After 5 but within 10 years | 260 | 270 | 262 | 270 | 216 | 231 | 262 | 270 | ||||||||||||||||
After 10 years(1) | 7,161 | 7,385 | 7,236 | 7,391 | 7,154 | 7,572 | 7,236 | 7,391 | ||||||||||||||||
Total | $ | 8,100 | $ | 8,324 | $ | 8,143 | $ | 8,301 | $ | 8,073 | $ | 8,500 | $ | 8,143 | $ | 8,301 | ||||||||
Foreign government | ||||||||||||||||||||||||
Due within 1 year | $ | 2,742 | $ | 2,750 | $ | — | $ | — | $ | 1,655 | $ | 1,657 | $ | — | $ | — | ||||||||
After 1 but within 5 years | 1,132 | 1,138 | 4,068 | 4,093 | 576 | 575 | 4,068 | 4,093 | ||||||||||||||||
After 5 but within 10 years | 183 | 183 | — | — | — | — | — | — | ||||||||||||||||
After 10 years(1) | — | — | — | — | — | — | — | — | ||||||||||||||||
Total | $ | 4,057 | $ | 4,071 | $ | 4,068 | $ | 4,093 | $ | 2,231 | $ | 2,232 | $ | 4,068 | $ | 4,093 | ||||||||
All other(2) | ||||||||||||||||||||||||
Due within 1 year | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||
After 1 but within 5 years | — | — | — | — | — | — | — | — | ||||||||||||||||
After 5 but within 10 years | 134 | 134 | — | — | 134 | 134 | — | — | ||||||||||||||||
After 10 years(1) | 5,043 | 4,985 | 4,471 | 4,464 | 6,701 | 6,679 | 4,471 | 4,464 | ||||||||||||||||
Total | $ | 5,177 | $ | 5,119 | $ | 4,471 | $ | 4,464 | $ | 6,835 | $ | 6,813 | $ | 4,471 | $ | 4,464 | ||||||||
Total debt securities held-to-maturity | $ | 36,890 | $ | 37,450 | $ | 36,215 | $ | 36,511 | $ | 35,903 | $ | 36,849 | $ | 36,215 | $ | 36,511 |
(1) | Investments with no stated maturities are included as contractual maturities of greater than 10 years. Actual maturities may differ due to call or prepayment rights. |
(2) | Includes corporate and asset-backed securities. |
OTTI on Investments and Other Assets | Three Months Ended March 31, 2016 | Three Months Ended June 30, 2016 | Six Months Ended June 30, 2016 | |||||||||||||||||||||||||||||||||
In millions of dollars | AFS(1)(2) | HTM | Other assets (3) | Total | AFS(1) | HTM | Other Assets | Total | AFS(1)(2) | HTM | Other Assets(3) | Total | ||||||||||||||||||||||||
Impairment losses related to securities that the Company does not intend to sell nor will likely be required to sell: | ||||||||||||||||||||||||||||||||||||
Total OTTI losses recognized during the period | $ | 1 | $ | — | $ | — | $ | 1 | $ | 2 | $ | 1 | $ | — | $ | 3 | $ | 3 | $ | 1 | $ | — | $ | 4 | ||||||||||||
Less: portion of impairment loss recognized in AOCI (before taxes) | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Net impairment losses recognized in earnings for securities that the Company does not intend to sell nor will likely be required to sell | $ | 1 | $ | — | $ | — | $ | 1 | $ | 2 | $ | 1 | $ | — | $ | 3 | $ | 3 | $ | 1 | $ | — | $ | 4 | ||||||||||||
Impairment losses recognized in earnings for securities that the Company intends to sell, would be more likely than not required to sell or will be subject to an issuer call deemed probable of exercise and FX losses | 195 | 7 | 262 | 464 | 28 | 17 | 70 | 115 | 223 | 24 | 332 | 579 | ||||||||||||||||||||||||
Total impairment losses recognized in earnings | $ | 196 | $ | 7 | $ | 262 | $ | 465 | $ | 30 | $ | 18 | $ | 70 | $ | 118 | $ | 226 | $ | 25 | $ | 332 | $ | 583 |
(1) | Includes OTTI on non-marketable equity securities. |
(2) | Includes a $160 million impairment related to AFS securities affected by changes in the Venezuela exchange rate during the |
(3) | The impairment charge is related to the carrying value of an equity investment. |
OTTI on Investments and Other Assets | Three Months Ended March 31, 2015 | Three Months Ended June 30, 2015 | Six Months Ended June 30, 2015 | |||||||||||||||||||||||||||||||||
In millions of dollars | AFS(1) | HTM | Other assets | Total | AFS(1) | HTM | Other Assets | Total | AFS(1) | HTM | Other assets | Total | ||||||||||||||||||||||||
Impairment losses related to securities that the Company does not intend to sell nor will likely be required to sell: | ||||||||||||||||||||||||||||||||||||
Total OTTI losses recognized during the period | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||
Less: portion of impairment loss recognized in AOCI (before taxes) | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Net impairment losses recognized in earnings for securities that the Company does not intend to sell nor will likely be required to sell | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||
Impairment losses recognized in earnings for securities that the Company intends to sell, would be more likely than not required to sell or will be subject to an issuer call deemed probable of exercise and FX losses | 69 | 3 | — | 72 | 19 | 19 | 5 | 43 | 88 | 22 | 5 | 115 | ||||||||||||||||||||||||
Total impairment losses recognized in earnings | $ | 69 | $ | 3 | $ | — | $ | 72 | $ | 19 | $ | 19 | $ | 5 | $ | 43 | $ | 88 | $ | 22 | $ | 5 | $ | 115 |
(1) | Includes OTTI on non-marketable equity securities. |
Cumulative OTTI credit losses recognized in earnings on securities still held | Cumulative OTTI credit losses recognized in earnings on securities still held | |||||||||||||||||||||||||||||
In millions of dollars | Dec. 31, 2015 balance | Credit impairments recognized in earnings on securities not previously impaired | Credit impairments recognized in earnings on securities that have been previously impaired | Reductions due to credit-impaired securities sold, transferred or matured | Mar. 31, 2016 balance | Mar. 31, 2016 balance | Credit impairments recognized in earnings on securities not previously impaired | Credit impairments recognized in earnings on securities that have been previously impaired | Reductions due to credit-impaired securities sold, transferred or matured | June 30, 2016 balance | ||||||||||||||||||||
AFS debt securities | ||||||||||||||||||||||||||||||
Mortgage-backed securities | $ | 294 | $ | — | $ | — | $ | — | $ | 294 | $ | 294 | $ | 1 | $ | — | $ | — | $ | 295 | ||||||||||
State and municipal | 8 | — | — | (8 | ) | — | — | — | — | — | — | |||||||||||||||||||
Foreign government securities | 170 | — | — | — | 170 | 170 | — | — | — | 170 | ||||||||||||||||||||
Corporate | 112 | 1 | — | (3 | ) | 110 | 110 | — | 2 | (2 | ) | 110 | ||||||||||||||||||
All other debt securities | 170 | — | — | (4 | ) | 166 | 166 | — | — | — | 166 | |||||||||||||||||||
Total OTTI credit losses recognized for AFS debt securities | $ | 754 | $ | 1 | $ | — | $ | (15 | ) | $ | 740 | $ | 740 | $ | 1 | $ | 2 | $ | (2 | ) | $ | 741 | ||||||||
HTM debt securities | ||||||||||||||||||||||||||||||
Mortgage-backed securities(1) | $ | 668 | $ | — | $ | — | $ | — | $ | 668 | $ | 668 | $ | — | $ | — | $ | (24 | ) | $ | 644 | |||||||||
State and municipal | — | 1 | — | — | 1 | |||||||||||||||||||||||||
All other debt securities | 132 | — | — | — | 132 | 132 | — | — | (1 | ) | 131 | |||||||||||||||||||
Total OTTI credit losses recognized for HTM debt securities | $ | 800 | $ | — | $ | — | $ | — | $ | 800 | $ | 800 | $ | 1 | $ | — | $ | (25 | ) | $ | 776 |
(1) | Primarily consists of Alt-A securities. |
Cumulative OTTI credit losses recognized in earnings on securities still held | Cumulative OTTI credit losses recognized in earnings on securities still held | |||||||||||||||||||||||||||||
In millions of dollars | Dec. 31, 2014 balance | Credit impairments recognized in earnings on securities not previously impaired | Credit impairments recognized in earnings on securities that have been previously impaired | Reductions due to credit-impaired securities sold, transferred or matured | Mar. 31, 2015 balance | Mar. 31, 2015 balance | Credit impairments recognized in earnings on securities not previously impaired | Credit impairments recognized in earnings on securities that have been previously impaired | Reductions due to credit-impaired securities sold, transferred or matured | June 30, 2015 balance | ||||||||||||||||||||
AFS debt securities | ||||||||||||||||||||||||||||||
Mortgage-backed securities | $ | 295 | $ | — | $ | — | $ | — | $ | 295 | $ | 295 | $ | — | $ | — | $ | — | $ | 295 | ||||||||||
State and municipal | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Foreign government securities | 171 | — | — | (1 | ) | 170 | 170 | — | — | — | 170 | |||||||||||||||||||
Corporate | 118 | — | — | (6 | ) | 112 | 112 | — | — | — | 112 | |||||||||||||||||||
All other debt securities | 149 | — | — | — | 149 | 149 | — | — | — | 149 | ||||||||||||||||||||
Total OTTI credit losses recognized for AFS debt securities | $ | 733 | $ | — | $ | — | $ | (7 | ) | $ | 726 | $ | 726 | $ | — | $ | — | $ | — | $ | 726 | |||||||||
HTM debt securities | ||||||||||||||||||||||||||||||
Mortgage-backed securities(1) | $ | 670 | $ | — | $ | — | $ | (2 | ) | $ | 668 | $ | 668 | $ | — | $ | — | $ | — | $ | 668 | |||||||||
All other debt securities | 133 | — | — | — | 133 | 133 | — | — | — | 133 | ||||||||||||||||||||
Total OTTI credit losses recognized for HTM debt securities | $ | 803 | $ | — | $ | — | $ | (2 | ) | $ | 801 | $ | 801 | $ | — | $ | — | $ | — | $ | 801 |
(1) | Primarily consists of Alt-A securities. |
Cumulative OTTI credit losses recognized in earnings on securities still held | |||||||||||||||
In millions of dollars | Dec. 31, 2015 balance | Credit impairments recognized in earnings on securities not previously impaired | Credit impairments recognized in earnings on securities that have been previously impaired | Reductions due to credit-impaired securities sold, transferred or matured | June 30, 2016 balance | ||||||||||
AFS debt securities | |||||||||||||||
Mortgage-backed securities | $ | 294 | $ | 1 | $ | — | $ | — | $ | 295 | |||||
State and municipal | 8 | — | — | (8 | ) | — | |||||||||
Foreign government securities | 170 | — | — | — | 170 | ||||||||||
Corporate | 112 | 1 | 2 | (5 | ) | 110 | |||||||||
All other debt securities | 170 | — | — | (4 | ) | 166 | |||||||||
Total OTTI credit losses recognized for AFS debt securities | $ | 754 | $ | 2 | $ | 2 | $ | (17 | ) | $ | 741 | ||||
HTM debt securities | |||||||||||||||
Mortgage-backed securities(1) | $ | 668 | $ | — | $ | — | $ | (24 | ) | $ | 644 | ||||
State and municipal | — | 1 | — | — | 1 | ||||||||||
All other debt securities | 132 | — | — | (1 | ) | 131 | |||||||||
Total OTTI credit losses recognized for HTM debt securities | $ | 800 | $ | 1 | $ | — | $ | (25 | ) | $ | 776 |
(1) | Primarily consists of Alt-A securities. |
Cumulative OTTI credit losses recognized in earnings on securities still held | |||||||||||||||
In millions of dollars | Dec. 31, 2014 balance | Credit impairments recognized in earnings on securities not previously impaired | Credit impairments recognized in earnings on securities that have been previously impaired | Reductions due to credit-impaired securities sold, transferred or matured | June 30, 2015 balance | ||||||||||
AFS debt securities | |||||||||||||||
Mortgage-backed securities | $ | 295 | $ | — | $ | — | $ | — | $ | 295 | |||||
Foreign government securities | 171 | — | — | (1 | ) | 170 | |||||||||
Corporate | 118 | — | — | (6 | ) | 112 | |||||||||
All other debt securities | 149 | — | — | — | 149 | ||||||||||
Total OTTI credit losses recognized for AFS debt securities | $ | 733 | $ | — | $ | — | $ | (7 | ) | $ | 726 | ||||
HTM debt securities | |||||||||||||||
Mortgage-backed securities(1) | $ | 670 | $ | — | $ | — | $ | (2 | ) | $ | 668 | ||||
All other debt securities | 133 | — | — | — | 133 | ||||||||||
Total OTTI credit losses recognized for HTM debt securities | $ | 803 | $ | — | $ | — | $ | (2 | ) | $ | 801 |
(1) | Primarily consists of Alt-A securities. |
Fair value | Unfunded commitments | Redemption frequency (if currently eligible) monthly, quarterly, annually | Redemption notice period | Fair value | Unfunded commitments | Redemption frequency (if currently eligible) monthly, quarterly, annually | Redemption notice period | |||||||||||||||||||||
In millions of dollars | March 31, 2016 | December 31, 2015 | March 31, 2016 | December 31, 2015 | June 30, 2016 | December 31, 2015 | June 30, 2016 | December 31, 2015 | ||||||||||||||||||||
Hedge funds | $ | 2 | $ | 3 | $ | — | $ | — | Generally quarterly | 10–95 days | $ | 2 | $ | 3 | $ | — | $ | — | Generally quarterly | 10–95 days | ||||||||
Private equity funds(1)(2) | 748 | 762 | 183 | 173 | — | 714 | 762 | 136 | 173 | — | ||||||||||||||||||
Real estate funds (2)(3) | 89 | 130 | 22 | 21 | — | 71 | 130 | 22 | 21 | — | ||||||||||||||||||
Total(4) | $ | 839 | $ | 895 | $ | 205 | $ | 194 | — | $ | 787 | $ | 895 | $ | 158 | $ | 194 | — |
(1) | Private equity funds include funds that invest in infrastructure, leveraged buyout transactions, emerging markets and venture capital. |
(2) | With respect to the Company’s investments in private equity funds and real estate funds, distributions from each fund will be received as the underlying assets held by these funds are liquidated. It is estimated that the underlying assets of these funds will be liquidated over a period of several years as market conditions allow. Private equity and real estate funds do not allow redemption of investments by their investors. Investors are permitted to sell or transfer their investments, subject to the approval of the general partner or investment manager of these funds, which generally may not be unreasonably withheld. |
(3) | Includes several real estate funds that invest primarily in commercial real estate in the U.S., Europe and Asia. |
(4) | Included in the total fair value of investments above are $0.8 billion and $0.9 billion of fund assets that are valued using NAVs provided by third-party asset managers as of |
In millions of dollars | March 31, 2016 | December 31, 2015 | June 30, 2016 | December 31, 2015 | ||||||||
In U.S. offices | ||||||||||||
Mortgage and real estate(1) | $ | 79,128 | $ | 80,281 | $ | 77,242 | $ | 80,281 | ||||
Installment, revolving credit, and other | 3,504 | 3,480 | 3,486 | 3,480 | ||||||||
Cards | 106,892 | 112,800 | ||||||||||
Cards(2) | 120,113 | 112,800 | ||||||||||
Commercial and industrial | 6,793 | 6,407 | 7,041 | 6,407 | ||||||||
$ | 196,317 | $ | 202,968 | $ | 207,882 | $ | 202,968 | |||||
In offices outside the U.S. | ||||||||||||
Mortgage and real estate(1) | $ | 47,831 | $ | 47,062 | $ | 46,049 | $ | 47,062 | ||||
Installment, revolving credit, and other | 28,778 | 29,480 | 27,830 | 29,480 | ||||||||
Cards | 26,312 | 27,342 | 25,844 | 27,342 | ||||||||
Commercial and industrial | 17,697 | 17,741 | 17,857 | 17,741 | ||||||||
Lease financing | 139 | 362 | 140 | 362 | ||||||||
$ | 120,757 | $ | 121,987 | $ | 117,720 | $ | 121,987 | |||||
Total consumer loans | $ | 317,074 | $ | 324,955 | $ | 325,602 | $ | 324,955 | ||||
Net unearned income | $ | 826 | 830 | $ | 817 | 830 | ||||||
Consumer loans, net of unearned income | $ | 317,900 | $ | 325,785 | $ | 326,419 | $ | 325,785 |
(1) | Loans secured primarily by real estate. |
(2) | Includes $11.3 billion of loans related to the acquisition of the Costco U.S. co-branded credit card portfolio, completed on June 17, 2016. |
In millions of dollars | Total current(1)(2) | 30–89 days past due(3) | ≥ 90 days past due(3) | Past due government guaranteed(4) | Total loans(2) | Total non-accrual | 90 days past due and accruing | Total current(1)(2) | 30–89 days past due(3) | ≥ 90 days past due(3) | Past due government guaranteed(4) | Total loans(2) | Total non-accrual | 90 days past due and accruing | ||||||||||||||||||||||||||||
In North America offices | ||||||||||||||||||||||||||||||||||||||||||
Residential first mortgages | $ | 53,482 | $ | 733 | $ | 545 | $ | 2,049 | $ | 56,809 | $ | 1,185 | $ | 1,779 | $ | 53,014 | $ | 583 | $ | 350 | $ | 1,885 | $ | 55,832 | $ | 1,281 | $ | 1,600 | ||||||||||||||
Home equity loans(5) | 21,454 | 164 | 281 | — | 21,899 | 990 | — | 20,391 | 252 | 433 | — | 21,076 | 740 | — | ||||||||||||||||||||||||||||
Credit cards | 105,118 | 1,180 | 1,195 | — | 107,493 | — | 1,195 | 118,460 | 1,219 | 1,129 | — | 120,808 | — | 1,128 | ||||||||||||||||||||||||||||
Installment and other | 4,638 | 56 | 32 | — | 4,726 | 60 | — | 4,695 | 62 | 36 | — | 4,793 | 64 | — | ||||||||||||||||||||||||||||
Commercial banking loans | 8,563 | 13 | 45 | — | 8,621 | 281 | 16 | 8,731 | 15 | 69 | — | 8,815 | 433 | 11 | ||||||||||||||||||||||||||||
Total | $ | 193,255 | $ | 2,146 | $ | 2,098 | $ | 2,049 | $ | 199,548 | $ | 2,516 | $ | 2,990 | $ | 205,291 | $ | 2,131 | $ | 2,017 | $ | 1,885 | $ | 211,324 | $ | 2,518 | $ | 2,739 | ||||||||||||||
In offices outside North America | ||||||||||||||||||||||||||||||||||||||||||
Residential first mortgages | $ | 40,293 | $ | 310 | $ | 164 | $ | — | $ | 40,767 | $ | 389 | $ | — | $ | 38,849 | $ | 235 | $ | 161 | $ | — | $ | 39,245 | $ | 399 | $ | — | ||||||||||||||
Credit cards | 24,774 | 470 | 404 | — | 25,648 | 226 | 266 | 24,276 | 434 | 396 | — | 25,106 | 282 | 256 | ||||||||||||||||||||||||||||
Installment and other | 27,739 | 325 | 223 | — | 28,287 | 213 | — | 25,611 | 357 | 138 | — | 26,106 | 308 | — | ||||||||||||||||||||||||||||
Commercial banking loans | 23,415 | 38 | 29 | — | 23,482 | 234 | — | 24,473 | 19 | 131 | — | 24,623 | 195 | — | ||||||||||||||||||||||||||||
Total | $ | 116,221 | $ | 1,143 | $ | 820 | $ | — | $ | 118,184 | $ | 1,062 | $ | 266 | $ | 113,209 | $ | 1,045 | $ | 826 | $ | — | $ | 115,080 | $ | 1,184 | $ | 256 | ||||||||||||||
Total GCB and Citi Holdings consumer | $ | 309,476 | $ | 3,289 | $ | 2,918 | $ | 2,049 | $ | 317,732 | $ | 3,578 | $ | 3,256 | $ | 318,500 | $ | 3,176 | $ | 2,843 | $ | 1,885 | $ | 326,404 | $ | 3,702 | $ | 2,995 | ||||||||||||||
Other(6) | 156 | 6 | 6 | — | 168 | 23 | — | 14 | 1 | — | — | 15 | 3 | — | ||||||||||||||||||||||||||||
Total Citigroup | $ | 309,632 | $ | 3,295 | $ | 2,924 | $ | 2,049 | $ | 317,900 | $ | 3,601 | $ | 3,256 | $ | 318,514 | $ | 3,177 | $ | 2,843 | $ | 1,885 | $ | 326,419 | $ | 3,705 | $ | 2,995 |
(1) | Loans less than 30 days past due are presented as current. |
(2) | Includes |
(3) | Excludes loans guaranteed by U.S. government-sponsored entities. |
(4) | Consists of residential first mortgages that are guaranteed by U.S. government-sponsored entities that are 30–89 days past due of |
(5) | Fixed-rate home equity loans and loans extended under home equity lines of credit, which are typically in junior lien positions. |
(6) | Represents loans classified as consumer loans on the Consolidated Balance Sheet that are not included in the Citi Holdings consumer credit metrics. |
In millions of dollars | Total current(1)(2) | 30–89 days past due(3) | ≥ 90 days past due(3) | Past due government guaranteed(4) | Total loans(2) | Total non-accrual | 90 days past due and accruing | ||||||||||||||
In North America offices | |||||||||||||||||||||
Residential first mortgages | $ | 53,146 | $ | 846 | $ | 564 | $ | 2,318 | $ | 56,874 | $ | 1,216 | $ | 1,997 | |||||||
Home equity loans(5) | 22,335 | 136 | 277 | — | 22,748 | 1,017 | — | ||||||||||||||
Credit cards | 110,814 | 1,296 | 1,243 | — | 113,353 | — | 1,243 | ||||||||||||||
Installment and other | 4,576 | 80 | 33 | — | 4,689 | 56 | 2 | ||||||||||||||
Commercial banking loans | 8,241 | 16 | 61 | — | 8,318 | 222 | 17 | ||||||||||||||
Total | $ | 199,112 | $ | 2,374 | $ | 2,178 | $ | 2,318 | $ | 205,982 | $ | 2,511 | $ | 3,259 | |||||||
In offices outside North America | |||||||||||||||||||||
Residential first mortgages | $ | 39,551 | $ | 240 | $ | 175 | $ | — | $ | 39,966 | $ | 388 | $ | — | |||||||
Credit cards | 25,698 | 477 | 442 | — | 26,617 | 261 | 278 | ||||||||||||||
Installment and other | 27,664 | 317 | 220 | — | 28,201 | 226 | — | ||||||||||||||
Commercial banking loans | 24,764 | 46 | 31 | — | 24,841 | 247 | — | ||||||||||||||
Total | $ | 117,677 | $ | 1,080 | $ | 868 | $ | — | $ | 119,625 | $ | 1,122 | $ | 278 | |||||||
Total GCB and Citi Holdings | $ | 316,789 | $ | 3,454 | $ | 3,046 | $ | 2,318 | $ | 325,607 | $ | 3,633 | $ | 3,537 | |||||||
Other(6) | 164 | 7 | 7 | — | 178 | 25 | — | ||||||||||||||
Total Citigroup | $ | 316,953 | $ | 3,461 | $ | 3,053 | $ | 2,318 | $ | 325,785 | $ | 3,658 | $ | 3,537 |
(1) | Loans less than 30 days past due are presented as current. |
(2) | Includes $34 million of residential first mortgages recorded at fair value. |
(3) | Excludes loans guaranteed by U.S. government-sponsored entities. |
(4) | Consists of residential first mortgages that are guaranteed by U.S. government-sponsored entities that are 30–89 days past due of $0.3 billion and 90 days or more past due of $2.0 billion. |
(5) | Fixed-rate home equity loans and loans extended under home equity lines of credit, which are typically in junior lien positions. |
(6) | Represents loans classified as consumer loans on the Consolidated Balance Sheet that are not included in the Citi Holdings consumer credit metrics. |
FICO score distribution in U.S. portfolio(1)(2) | March 31, 2016 | June 30, 2016 | ||||||||||||||||
In millions of dollars | Less than 620 | ≥ 620 but less than 660 | Equal to or greater than 660 | Less than 620 | ≥ 620 but less than 660 | Equal to or greater than 660 | ||||||||||||
Residential first mortgages | $ | 3,387 | $ | 3,024 | $ | 45,437 | $ | 2,978 | $ | 2,742 | $ | 45,580 | ||||||
Home equity loans | 2,032 | 1,700 | 16,995 | 1,884 | 1,584 | 16,360 | ||||||||||||
Credit cards | 7,430 | 9,837 | 87,333 | 7,332 | 10,234 | 100,186 | ||||||||||||
Installment and other | 337 | 271 | 2,581 | 310 | 265 | 2,643 | ||||||||||||
Total | $ | 13,186 | $ | 14,832 | $ | 152,346 | $ | 12,504 | $ | 14,825 | $ | 164,769 |
(1) | Excludes loans guaranteed by U.S. government entities, loans subject to long-term standby commitments (LTSCs) with U.S. government-sponsored entities and loans recorded at fair value. |
(2) | Excludes balances where FICO was not available. Such amounts are not material. |
FICO score distribution in U.S. portfolio(1)(2) | December 31, 2015 | ||||||||
In millions of dollars | Less than 620 | ≥ 620 but less than 660 | Equal to or greater than 660 | ||||||
Residential first mortgages | $ | 3,483 | $ | 3,036 | $ | 45,047 | |||
Home equity loans | 2,067 | 1,782 | 17,837 | ||||||
Credit cards | 7,341 | 10,072 | 93,194 | ||||||
Installment and other | 337 | 270 | 2,662 | ||||||
Total | $ | 13,228 | $ | 15,160 | $ | 158,740 |
(1) | Excludes loans guaranteed by U.S. government entities, loans subject to LTSCs with U.S. government-sponsored entities and loans recorded at fair value. |
(2) | Excludes balances where FICO was not available. Such amounts are not material. |
LTV distribution in U.S. portfolio(1)(2) | March 31, 2016 | June 30, 2016 | ||||||||||||||||
In millions of dollars | Less than or equal to 80% | > 80% but less than or equal to 100% | Greater than 100% | Less than or equal to 80% | > 80% but less than or equal to 100% | Greater than 100% | ||||||||||||
Residential first mortgages | $ | 46,181 | $ | 5,034 | $ | 720 | $ | 46,838 | $ | 4,032 | $ | 502 | ||||||
Home equity loans | 13,246 | 4,813 | 2,561 | 13,283 | 4,341 | 2,104 | ||||||||||||
Total | $ | 59,427 | $ | 9,847 | $ | 3,281 | $ | 60,121 | $ | 8,373 | $ | 2,606 |
(1) | Excludes loans guaranteed by U.S. government entities, loans subject to LTSCs with U.S. government-sponsored entities and loans recorded at fair value. |
(2) | Excludes balances where LTV was not available. Such amounts are not material. |
LTV distribution in U.S. portfolio(1)(2) | December 31, 2015 | ||||||||
In millions of dollars | Less than or equal to 80% | > 80% but less than or equal to 100% | Greater than 100% | ||||||
Residential first mortgages | $ | 46,559 | $ | 4,478 | $ | 626 | |||
Home equity loans | 13,904 | 5,147 | 2,527 | ||||||
Total | $ | 60,463 | $ | 9,625 | $ | 3,153 |
(1) | Excludes loans guaranteed by U.S. government entities, loans subject to LTSCs with U.S. government-sponsored entities and loans recorded at fair value. |
(2) | Excludes balances where LTV was not available. Such amounts are not material. |
Three months ended March 31, | Three months ended June 30, | Six months ended June 30, | ||||||||||||||||||||||||||||||||||||||||
Balance at March 31, 2016 | 2016 | 2015 | Balance at June 30, 2016 | 2016 | 2015 | 2016 | 2015 | |||||||||||||||||||||||||||||||||||
In millions of dollars | Recorded investment(1)(2) | Unpaid principal balance | Related specific allowance(3) | Average carrying value (4) | Interest income recognized(5) | Interest income recognized(5) | Recorded investment(1)(2) | Unpaid principal balance | Related specific allowance(3) | Average carrying value (4) | Interest income recognized(5) | Interest income recognized(5) | Interest income recognized(5) | Interest income recognized(5) | ||||||||||||||||||||||||||||
Mortgage and real estate | ||||||||||||||||||||||||||||||||||||||||||
Residential first mortgages | $ | 5,696 | $ | 6,248 | $ | 691 | $ | 7,697 | $ | 61 | $ | 141 | $ | 4,732 | $ | 5,183 | $ | 532 | $ | 6,366 | $ | 43 | $ | 111 | $ | 104 | $ | 252 | ||||||||||||||
Home equity loans | 1,364 | 1,921 | 408 | 1,629 | 9 | 17 | 1,329 | 1,858 | 311 | 1,483 | 9 | 17 | 18 | 34 | ||||||||||||||||||||||||||||
Credit cards | 1,899 | 1,935 | 601 | 1,991 | 41 | 44 | 1,849 | 1,884 | 581 | 1,924 | 39 | 45 | 80 | 89 | ||||||||||||||||||||||||||||
Installment and other | ||||||||||||||||||||||||||||||||||||||||||
Individual installment and other | 498 | 531 | 200 | 465 | 7 | 9 | 468 | 552 | 226 | 469 | 7 | 8 | 14 | 39 | ||||||||||||||||||||||||||||
Commercial banking loans | 462 | 603 | 122 | 389 | 2 | 3 | 587 | 945 | 125 | 442 | 2 | 3 | 4 | 6 | ||||||||||||||||||||||||||||
Total | $ | 9,919 | $ | 11,238 | $ | 2,022 | $ | 12,171 | $ | 120 | $ | 214 | $ | 8,965 | $ | 10,422 | $ | 1,775 | $ | 10,684 | $ | 100 | $ | 184 | $ | 220 | $ | 420 |
(1) | Recorded investment in a loan includes net deferred loan fees and costs, unamortized premium or discount and direct write-downs and includes accrued interest only on credit card loans. |
(2) | $ |
Balance, December 31, 2015 | ||||||||||||
In millions of dollars | Recorded investment(1)(2) | Unpaid principal balance | Related specific allowance(3) | Average carrying value(4) | ||||||||
Mortgage and real estate | ||||||||||||
Residential first mortgages | $ | 6,038 | $ | 6,610 | $ | 739 | $ | 8,932 | ||||
Home equity loans | 1,399 | 1,972 | 406 | 1,778 | ||||||||
Credit cards | 1,950 | 1,986 | 604 | 2,079 | ||||||||
Installment and other | ||||||||||||
Individual installment and other | 464 | 519 | 197 | 449 | ||||||||
Commercial banking loans | 341 | 572 | 100 | 361 | ||||||||
Total | $ | 10,192 | $ | 11,659 | $ | 2,046 | $ | 13,599 |
(1) | Recorded investment in a loan includes net deferred loan fees and costs, unamortized premium or discount and direct write-downs and includes accrued interest only on credit card loans. |
(2) | $1,151 million of residential first mortgages, $459 million of home equity loans and $86 million of commercial market loans do not have a specific allowance. |
(3) | Included in the Allowance for loan losses. |
(4) | Average carrying value represents the average recorded investment ending balance for the last four quarters and does not include the related specific allowance. |
At and for the three months ended March 31, 2016 | At and for the three months ended June 30, 2016 | |||||||||||||||||||||||||||||||
In millions of dollars except number of loans modified | Number of loans modified | Post- modification recorded investment(1)(2) | Deferred principal(3) | Contingent principal forgiveness(4) | Principal forgiveness(5) | Average interest rate reduction | Number of loans modified | Post- modification recorded investment(1)(2) | Deferred principal(3) | Contingent principal forgiveness(4) | Principal forgiveness(5) | Average interest rate reduction | ||||||||||||||||||||
North America | ||||||||||||||||||||||||||||||||
Residential first mortgages | 1,468 | $ | 212 | $ | 2 | $ | — | $ | 1 | 1 | % | 1,346 | $ | 205 | $ | 1 | $ | — | $ | 1 | 1 | % | ||||||||||
Home equity loans | 858 | 30 | — | — | — | 3 | 814 | 30 | — | — | — | 3 | ||||||||||||||||||||
Credit cards | 49,109 | 188 | — | — | — | 17 | 42,792 | 164 | — | — | — | 17 | ||||||||||||||||||||
Installment and other revolving | 1,385 | 12 | — | — | — | 14 | 1,381 | 12 | — | — | — | 14 | ||||||||||||||||||||
Commercial banking(6) | 23 | 5 | — | — | — | — | ||||||||||||||||||||||||||
Commercial markets(6) | 41 | 6 | — | — | — | — | ||||||||||||||||||||||||||
Total(8) | 52,843 | $ | 447 | $ | 2 | $ | — | $ | 1 | 46,374 | $ | 417 | $ | 1 | $ | — | $ | 1 | ||||||||||||||
International | ||||||||||||||||||||||||||||||||
Residential first mortgages | 419 | $ | 15 | $ | — | $ | — | $ | — | — | % | 613 | 23 | — | — | — | 1 | % | ||||||||||||||
Credit cards | 52,207 | 123 | — | — | 2 | 13 | 28,628 | 90 | — | — | 2 | 12 | ||||||||||||||||||||
Installment and other revolving | 21,644 | 82 | — | — | 2 | 7 | 11,198 | 58 | — | — | 2 | 7 | ||||||||||||||||||||
Commercial banking(6) | 28 | 20 | — | — | — | — | ||||||||||||||||||||||||||
Commercial markets(6) | 42 | 20 | — | — | — | — | ||||||||||||||||||||||||||
Total(8) | 74,298 | $ | 240 | $ | — | $ | — | $ | 4 | 40,481 | $ | 191 | $ | — | $ | — | $ | 4 |
At and for the three months ended March 31, 2015 | At and for the three months ended June 30, 2015 | |||||||||||||||||||||||||||||||
In millions of dollars except number of loans modified | Number of loans modified | Post- modification recorded investment(1)(7) | Deferred principal(3) | Contingent principal forgiveness(4) | Principal forgiveness(5) | Average interest rate reduction | Number of loans modified | Post- modification recorded investment(1)(7) | Deferred principal(3) | Contingent principal forgiveness(4) | Principal forgiveness(5) | Average interest rate reduction | ||||||||||||||||||||
North America | ||||||||||||||||||||||||||||||||
Residential first mortgages | 3,093 | $ | 407 | $ | 4 | $ | 2 | $ | 8 | 1 | % | 2,709 | $ | 366 | $ | 2 | $ | 1 | $ | 8 | 1 | % | ||||||||||
Home equity loans | 1,258 | 46 | — | — | 1 | 2 | 1,292 | 45 | — | — | 1 | 2 | ||||||||||||||||||||
Credit cards | 50,310 | 211 | — | — | — | 16 | 44,848 | 184 | — | — | — | 16 | ||||||||||||||||||||
Installment and other revolving | 984 | 9 | — | — | — | 12 | 1,092 | 9 | — | — | — | 14 | ||||||||||||||||||||
Commercial banking(6) | 57 | 11 | — | — | — | — | ||||||||||||||||||||||||||
Commercial markets(6) | 99 | 17 | — | — | — | — | ||||||||||||||||||||||||||
Total(8) | 55,702 | $ | 684 | $ | 4 | $ | 2 | $ | 9 | 50,040 | $ | 621 | $ | 2 | $ | 1 | $ | 9 | ||||||||||||||
International | ||||||||||||||||||||||||||||||||
Residential first mortgages | 883 | $ | 24 | $ | — | $ | — | $ | — | — | % | 758 | 25 | — | — | — | — | % | ||||||||||||||
Credit cards | 40,431 | 98 | — | — | 2 | 13 | 37,587 | 103 | — | — | 2 | 12 | ||||||||||||||||||||
Installment and other revolving | 15,947 | 69 | — | — | 2 | 5 | 13,167 | 61 | — | — | 2 | 6 | ||||||||||||||||||||
Commercial banking(6) | 77 | 27 | — | — | — | 3 | ||||||||||||||||||||||||||
Commercial markets(6) | 48 | 22 | — | — | — | 1 | ||||||||||||||||||||||||||
Total(8) | 57,338 | $ | 218 | $ | — | $ | — | $ | 4 | 51,560 | $ | 211 | $ | — | $ | — | $ | 4 |
(1) | Post-modification balances include past due amounts that are capitalized at the modification date. |
(2) | Post-modification balances in North America include |
(3) | Represents portion of contractual loan principal that is non-interest bearing but still due from the borrower. Such deferred principal is charged off at the time of permanent modification to the extent that the related loan balance exceeds the underlying collateral value. |
(4) | Represents portion of contractual loan principal that is non-interest bearing and, depending upon borrower performance, eligible for forgiveness. |
(5) | Represents portion of contractual loan principal that was forgiven at the time of permanent modification. |
At and for the six months ended June 30, 2016 | ||||||||||||||||
In millions of dollars except number of loans modified | Number of loans modified | Post- modification recorded investment(1)(2) | Deferred principal(3) | Contingent principal forgiveness(4) | Principal forgiveness(5) | Average interest rate reduction | ||||||||||
North America | ||||||||||||||||
Residential first mortgages | 2,814 | $ | 417 | $ | 3 | $ | — | $ | 2 | 1 | % | |||||
Home equity loans | 1,672 | 60 | — | — | — | 3 | ||||||||||
Credit cards | 91,901 | 353 | — | — | — | 17 | ||||||||||
Installment and other revolving | 2,766 | 24 | — | — | — | 14 | ||||||||||
Commercial banking(6) | 64 | 11 | — | — | — | — | ||||||||||
Total(8) | 99,217 | $ | 865 | $ | 3 | $ | — | $ | 2 | |||||||
International | ||||||||||||||||
Residential first mortgages | 1,032 | $ | 38 | $ | — | $ | — | $ | — | 1 | % | |||||
Credit cards | 80,835 | 213 | — | — | 4 | 12 | ||||||||||
Installment and other revolving | 32,842 | 140 | — | — | 4 | 7 | ||||||||||
Commercial banking(6) | 73 | 52 | — | — | — | — | ||||||||||
Total(8) | 114,782 | $ | 443 | $ | — | $ | — | $ | 8 |
At and for the six months ended June 30, 2015 | ||||||||||||||||
In millions of dollars except number of loans modified | Number of loans modified | Post- modification recorded investment(1)(7) | Deferred principal(3) | Contingent principal forgiveness(4) | Principal forgiveness(5) | Average interest rate reduction | ||||||||||
North America | ||||||||||||||||
Residential first mortgages | 5,802 | $ | 773 | $ | 6 | $ | 3 | $ | 17 | 1 | % | |||||
Home equity loans | 2,550 | 90 | 1 | — | 2 | 2 | ||||||||||
Credit cards | 95,158 | 396 | — | — | — | 16 | ||||||||||
Installment and other revolving | 2,076 | 18 | — | — | — | 13 | ||||||||||
Commercial banking(6) | 156 | 28 | — | — | — | — | ||||||||||
Total(8) | 105,742 | $ | 1,305 | $ | 7 | $ | 3 | $ | 19 | |||||||
International | ||||||||||||||||
Residential first mortgages | 1,641 | $ | 49 | $ | — | $ | — | $ | — | — | % | |||||
Credit cards | 78,018 | 201 | — | — | 4 | 13 | ||||||||||
Installment and other revolving | 29,114 | 131 | — | — | 4 | 5 | ||||||||||
Commercial banking(6) | 125 | 49 | — | — | — | 1 | ||||||||||
Total(8) | 108,898 | $ | 430 | $ | — | $ | — | $ | 8 |
(1) | Post-modification balances include past due amounts that are capitalized at the modification date. |
(2) | Post-modification balances in North America include $41 million of residential first mortgages and $9 million of home equity loans to borrowers who have gone through Chapter 7 bankruptcy in the six months ended June 30, 2016. These amounts include $27 million of residential first mortgages and $9 million of home equity loans that were newly classified as TDRs in the six months ended June 30, 2016, based on previously received OCC guidance. |
(3) | Represents portion of contractual loan principal that is non-interest bearing but still due from the borrower. Such deferred principal is charged off at the time of permanent modification to the extent that the related loan balance exceeds the underlying collateral value. |
(4) | Represents portion of contractual loan principal that is non-interest bearing and, depending upon borrower performance, eligible for forgiveness. |
(5) | Represents portion of contractual loan principal that was forgiven at the time of permanent modification. |
Three Months Ended March 31, | Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||
In millions of dollars | 2016 | 2015 | 2016 | 2015 | 2016 | 2015 | ||||||||||||
North America | ||||||||||||||||||
Residential first mortgages | $ | 87 | $ | 110 | $ | 52 | $ | 117 | $ | 139 | $ | 227 | ||||||
Home equity loans | 9 | 11 | 6 | 10 | 14 | 21 | ||||||||||||
Credit cards | 49 | 43 | 46 | 49 | 95 | 92 | ||||||||||||
Installment and other revolving | 2 | 2 | 2 | 2 | 4 | 3 | ||||||||||||
Commercial banking | 1 | 2 | 1 | 1 | 2 | 3 | ||||||||||||
Total | $ | 148 | $ | 168 | $ | 107 | $ | 179 | $ | 254 | $ | 346 | ||||||
International | ||||||||||||||||||
Residential first mortgages | $ | 3 | $ | 6 | $ | 3 | $ | 6 | $ | 6 | $ | 12 | ||||||
Credit cards | 37 | 35 | 37 | 36 | 73 | 71 | ||||||||||||
Installment and other revolving | 22 | 23 | 24 | 23 | 47 | 46 | ||||||||||||
Commercial banking | 3 | 8 | 6 | 7 | 15 | 15 | ||||||||||||
Total | $ | 65 | $ | 72 | $ | 70 | $ | 72 | $ | 141 | $ | 144 |
In millions of dollars | March 31, 2016 | December 31, 2015 | June 30, 2016 | December 31, 2015 | ||||||||
In U.S. offices | ||||||||||||
Commercial and industrial | $ | 44,104 | $ | 41,147 | $ | 50,286 | $ | 41,147 | ||||
Financial institutions | 36,865 | 36,396 | 32,001 | 36,396 | ||||||||
Mortgage and real estate(1) | 38,697 | 37,565 | 40,175 | 37,565 | ||||||||
Installment, revolving credit and other | 33,273 | 33,374 | 32,491 | 33,374 | ||||||||
Lease financing | 1,597 | 1,780 | 1,546 | 1,780 | ||||||||
$ | 154,536 | $ | 150,262 | $ | 156,499 | $ | 150,262 | |||||
In offices outside the U.S. | ||||||||||||
Commercial and industrial | $ | 85,491 | $ | 82,358 | $ | 87,125 | $ | 82,358 | ||||
Financial institutions | 28,652 | 28,704 | 27,856 | 28,704 | ||||||||
Mortgage and real estate(1) | 5,769 | 5,106 | 5,455 | 5,106 | ||||||||
Installment, revolving credit and other | 21,583 | 20,853 | 24,825 | 20,853 | ||||||||
Lease financing | 280 | 303 | 255 | 303 | ||||||||
Governments and official institutions | 5,303 | 4,911 | 5,757 | 4,911 | ||||||||
$ | 147,078 | $ | 142,235 | $ | 151,273 | $ | 142,235 | |||||
Total corporate loans | $ | 301,614 | $ | 292,497 | $ | 307,772 | $ | 292,497 | ||||
Net unearned income | (690 | ) | (665 | ) | (676 | ) | (665 | ) | ||||
Corporate loans, net of unearned income | $ | 300,924 | $ | 291,832 | $ | 307,096 | $ | 291,832 |
(1) | Loans secured primarily by real estate. |
In millions of dollars | 30–89 days past due and accruing(1) | ≥ 90 days past due and accruing(1) | Total past due and accruing | Total non-accrual(2) | Total current(3) | Total loans (4) | 30–89 days past due and accruing(1) | ≥ 90 days past due and accruing(1) | Total past due and accruing | Total non-accrual(2) | Total current(3) | Total loans (4) | ||||||||||||||||||||||||
Commercial and industrial | $ | 57 | $ | — | $ | 57 | $ | 1,863 | $ | 124,241 | $ | 126,161 | $ | 44 | $ | — | $ | 44 | $ | 1,962 | $ | 132,551 | $ | 134,557 | ||||||||||||
Financial institutions | — | — | — | 164 | 64,273 | 64,437 | 51 | — | 51 | 194 | 59,147 | 59,392 | ||||||||||||||||||||||||
Mortgage and real estate | 119 | — | 119 | 204 | 43,943 | 44,266 | 325 | — | 325 | 183 | 44,940 | 45,448 | ||||||||||||||||||||||||
Leases | — | — | — | 1 | 1,877 | 1,878 | 35 | 9 | 44 | 60 | 1,697 | 1,801 | ||||||||||||||||||||||||
Other | 17 | 1 | 18 | 95 | 59,303 | 59,416 | 65 | 71 | 136 | 61 | 61,599 | 61,796 | ||||||||||||||||||||||||
Loans at fair value | 4,760 | 4,102 | ||||||||||||||||||||||||||||||||||
Purchased distressed loans | 6 | — | ||||||||||||||||||||||||||||||||||
Total | $ | 193 | $ | 1 | $ | 194 | $ | 2,327 | $ | 293,637 | $ | 300,924 | $ | 520 | $ | 80 | $ | 600 | $ | 2,460 | $ | 299,934 | $ | 307,096 |
In millions of dollars | 30–89 days past due and accruing(1) | ≥ 90 days past due and accruing(1) | Total past due and accruing | Total non-accrual(2) | Total current(3) | Total loans (4) | 30–89 days past due and accruing(1) | ≥ 90 days past due and accruing(1) | Total past due and accruing | Total non-accrual(2) | Total current(3) | Total loans (4) | ||||||||||||||||||||||||
Commercial and industrial | $ | 87 | $ | 4 | $ | 91 | $ | 1,071 | $ | 118,530 | $ | 119,692 | $ | 87 | $ | 4 | $ | 91 | $ | 1,071 | $ | 118,465 | $ | 119,627 | ||||||||||||
Financial institutions | 16 | — | 16 | 173 | 64,128 | 64,317 | 16 | — | 16 | 173 | 64,128 | 64,317 | ||||||||||||||||||||||||
Mortgage and real estate | 137 | 7 | 144 | 232 | 42,095 | 42,471 | 137 | 7 | 144 | 232 | 42,095 | 42,471 | ||||||||||||||||||||||||
Leases | — | — | — | 76 | 1,941 | 2,017 | — | — | — | 76 | 2,006 | 2,082 | ||||||||||||||||||||||||
Other | 29 | — | 29 | 44 | 58,286 | 58,359 | 29 | — | 29 | 44 | 58,286 | 58,359 | ||||||||||||||||||||||||
Loans at fair value | 4,971 | 4,971 | ||||||||||||||||||||||||||||||||||
Purchased distressed loans | 5 | 5 | ||||||||||||||||||||||||||||||||||
Total | $ | 269 | $ | 11 | $ | 280 | $ | 1,596 | $ | 284,980 | $ | 291,832 | $ | 269 | $ | 11 | $ | 280 | $ | 1,596 | $ | 284,980 | $ | 291,832 |
(1) | Corporate loans that are 90 days past due are generally classified as non-accrual. Corporate loans are considered past due when principal or interest is contractually due but unpaid. |
(2) | Non-accrual loans generally include those loans that are ≥ 90 days past due or those loans for which Citi believes, based on actual experience and a forward-looking assessment of the collectability of the loan in full, that the payment of interest or principal is doubtful. |
(3) | Corporate loans are past due when principal or interest is contractually due but unpaid. Loans less than 30 days past due are presented as current. |
(4) | Total loans include loans at fair value, which are not included in the various delinquency columns. |
Recorded investment in loans(1) | Recorded investment in loans(1) | |||||||||||
In millions of dollars | March 31, 2016 | December 31, 2015 | June 30, 2016 | December 31, 2015 | ||||||||
Investment grade(2) | ||||||||||||
Commercial and industrial | $ | 88,145 | $ | 85,893 | $ | 92,775 | $ | 85,828 | ||||
Financial institutions | 54,961 | 53,522 | 50,507 | 53,522 | ||||||||
Mortgage and real estate | 20,540 | 18,869 | 21,066 | 18,869 | ||||||||
Leases | 1,548 | 1,660 | 1,289 | 1,725 | ||||||||
Other | 52,113 | 51,449 | 55,129 | 51,449 | ||||||||
Total investment grade | $ | 217,307 | $ | 211,393 | $ | 220,766 | $ | 211,393 | ||||
Non-investment grade(2) | ||||||||||||
Accrual | ||||||||||||
Commercial and industrial | $ | 36,153 | $ | 32,726 | $ | 39,819 | $ | 32,726 | ||||
Financial institutions | 9,312 | 10,622 | 8,691 | 10,622 | ||||||||
Mortgage and real estate | 2,556 | 2,800 | 2,263 | 2,800 | ||||||||
Leases | 329 | 282 | 452 | 282 | ||||||||
Other | 7,209 | 6,867 | 6,607 | 6,867 | ||||||||
Non-accrual | ||||||||||||
Commercial and industrial | 1,863 | 1,071 | 1,962 | 1,071 | ||||||||
Financial institutions | 164 | 173 | 194 | 173 | ||||||||
Mortgage and real estate | 204 | 232 | 183 | 232 | ||||||||
Leases | 1 | 76 | 60 | 76 | ||||||||
Other | 95 | 44 | 61 | 44 | ||||||||
Total non-investment grade | $ | 57,886 | $ | 54,893 | $ | 60,292 | $ | 54,893 | ||||
Private bank loans managed on a delinquency basis(2) | $ | 20,971 | $ | 20,575 | $ | 21,936 | $ | 20,575 | ||||
Loans at fair value | 4,760 | 4,971 | 4,102 | 4,971 | ||||||||
Corporate loans, net of unearned income | $ | 300,924 | $ | 291,832 | $ | 307,096 | $ | 291,832 |
(1) | Recorded investment in a loan includes net deferred loan fees and costs, unamortized premium or discount, less any direct write-downs. |
(2) | Held-for-investment loans are accounted for on an amortized cost basis. |
June 30, 2016 | Three Months Ended June 30, 2016 | Six Months Ended June 30, 2016 | ||||||||||||||||
In millions of dollars | Recorded investment(1) | Unpaid principal balance | Related specific allowance | Average carrying value(2) | Interest income recognized(3) | Interest income recognized(3) | ||||||||||||
Non-accrual corporate loans | ||||||||||||||||||
Commercial and industrial | $ | 1,962 | $ | 2,343 | $ | 417 | $ | 1,490 | $ | 7 | $ | 17 | ||||||
Financial institutions | 194 | 203 | 9 | 174 | 1 | 3 | ||||||||||||
Mortgage and real estate | 183 | 304 | 11 | 214 | 1 | 2 | ||||||||||||
Lease financing | 60 | 60 | 1 | 53 | — | — | ||||||||||||
Other | 61 | 117 | 47 | 60 | 3 | 3 | ||||||||||||
Total non-accrual corporate loans | $ | 2,460 | $ | 3,027 | $ | 485 | $ | 1,991 | $ | 12 | $ | 25 |
At and for the three months March 31, 2016 | December 31, 2015 | ||||||||||||||||||||||||||
In millions of dollars | Recorded investment(1) | Unpaid principal balance | Related specific allowance | Average carrying value(2) | Interest income recognized(3) | Recorded investment(1) | Unpaid principal balance | Related specific allowance | Average carrying value(2) | ||||||||||||||||||
Non-accrual corporate loans | |||||||||||||||||||||||||||
Commercial and industrial | $ | 1,863 | $ | 2,147 | $ | 423 | $ | 1,172 | $ | 10 | $ | 1,071 | $ | 1,224 | $ | 246 | $ | 859 | |||||||||
Financial institutions | 164 | 188 | 12 | 176 | 2 | 173 | 196 | 10 | 194 | ||||||||||||||||||
Mortgage and real estate | 204 | 324 | 11 | 230 | 1 | 232 | 336 | 21 | 240 | ||||||||||||||||||
Lease financing | 1 | 1 | — | 50 | — | 76 | 76 | 54 | 62 | ||||||||||||||||||
Other | 95 | 185 | 37 | 54 | — | 44 | 114 | 32 | 39 | ||||||||||||||||||
Total non-accrual corporate loans | $ | 2,327 | $ | 2,845 | $ | 483 | $ | 1,682 | $ | 13 | $ | 1,596 | $ | 1,946 | $ | 363 | $ | 1,394 |
At and for the year ended December 31, 2015 | ||||||||||||
In millions of dollars | Recorded investment(1) | Unpaid principal balance | Related specific allowance | Average carrying value(2) | ||||||||
Non-accrual corporate loans | ||||||||||||
Commercial and industrial | $ | 1,071 | $ | 1,224 | $ | 246 | $ | 859 | ||||
Financial institutions | 173 | 196 | 10 | 194 | ||||||||
Mortgage and real estate | 232 | 336 | 21 | 240 | ||||||||
Lease financing | 76 | 76 | 54 | 62 | ||||||||
Other | 44 | 114 | 32 | 39 | ||||||||
Total non-accrual corporate loans | $ | 1,596 | $ | 1,946 | $ | 363 | $ | 1,394 |
March 31, 2016 | December 31, 2015 | June 30, 2016 | December 31, 2015 | |||||||||||||||||||||
In millions of dollars | Recorded investment(1) | Related specific allowance | Recorded investment(1) | Related specific allowance | Recorded investment(1) | Related specific allowance | Recorded investment(1) | Related specific allowance | ||||||||||||||||
Non-accrual corporate loans with valuation allowances | ||||||||||||||||||||||||
Commercial and industrial | $ | 1,571 | $ | 423 | $ | 571 | $ | 246 | $ | 941 | $ | 417 | $ | 571 | $ | 246 | ||||||||
Financial institutions | 26 | 12 | 18 | 10 | 14 | 9 | 18 | 10 | ||||||||||||||||
Mortgage and real estate | 51 | 11 | 60 | 21 | 34 | 11 | 60 | 21 | ||||||||||||||||
Lease financing | — | — | 75 | 54 | 59 | 1 | 75 | 54 | ||||||||||||||||
Other | 42 | 37 | 40 | 32 | 55 | 47 | 40 | 32 | ||||||||||||||||
Total non-accrual corporate loans with specific allowance | $ | 1,690 | $ | 483 | $ | 764 | $ | 363 | $ | 1,103 | $ | 485 | $ | 764 | $ | 363 | ||||||||
Non-accrual corporate loans without specific allowance | ||||||||||||||||||||||||
Commercial and industrial | $ | 292 | $ | 500 | $ | 1,021 | $ | 500 | ||||||||||||||||
Financial institutions | 138 | 155 | 180 | 155 | ||||||||||||||||||||
Mortgage and real estate | 153 | 172 | 149 | 172 | ||||||||||||||||||||
Lease financing | 1 | 1 | 1 | 1 | ||||||||||||||||||||
Other | 53 | 4 | 6 | 4 | ||||||||||||||||||||
Total non-accrual corporate loans without specific allowance | $ | 637 | N/A | $ | 832 | N/A | $ | 1,357 | N/A | $ | 832 | N/A |
(1) | Recorded investment in a loan includes net deferred loan fees and costs, unamortized premium or discount, less any direct write-downs. |
(2) | Average carrying value represents the average recorded investment balance and does not include related specific allowance. |
(3) | Interest income recognized for the |
In millions of dollars | Carrying Value | TDRs involving changes in the amount and/or timing of principal payments(1) | TDRs involving changes in the amount and/or timing of interest payments(2) | TDRs involving changes in the amount and/or timing of both principal and interest payments | Carrying Value | TDRs involving changes in the amount and/or timing of principal payments(1) | TDRs involving changes in the amount and/or timing of interest payments(2) | TDRs involving changes in the amount and/or timing of both principal and interest payments | ||||||||||||||||
Commercial and industrial | $ | 98 | $ | — | $ | — | $ | 98 | $ | 105 | $ | 73 | $ | 32 | $ | — | ||||||||
Mortgage and real estate | 4 | — | — | 4 | 1 | — | — | 1 | ||||||||||||||||
Other | 142 | — | 142 | — | ||||||||||||||||||||
Total | $ | 102 | $ | — | $ | — | $ | 102 | $ | 248 | $ | 73 | $ | 174 | $ | 1 |
(1) | TDRs involving changes in the amount or timing of principal payments may involve principal forgiveness or deferral of periodic and/or final principal payments. Because forgiveness of principal is rare for commercial loans, modifications typically have little to no impact on the loans’ projected cash flows and thus little to no impact on the allowance established for the loans. Charge-offs for amounts deemed uncollectable may be recorded at the time of the restructuring or may have already been recorded in prior periods such that no charge-off is required at the time of the modification. |
(2) | TDRs involving changes in the amount or timing of interest payments may involve a below-market interest rate. |
In millions of dollars | Carrying Value | TDRs involving changes in the amount and/or timing of principal payments(1) | TDRs involving changes in the amount and/or timing of interest payments(2) | TDRs involving changes in the amount and/or timing of both principal and interest payments | Carrying Value | TDRs involving changes in the amount and/or timing of principal payments(1) | TDRs involving changes in the amount and/or timing of interest payments(2) | TDRs involving changes in the amount and/or timing of both principal and interest payments | ||||||||||||||||
Commercial and industrial | $ | — | $ | — | $ | — | $ | — | $ | 66 | $ | 33 | $ | — | $ | 33 | ||||||||
Mortgage and real estate | 1 | 1 | — | — | 11 | 1 | — | 10 | ||||||||||||||||
Total | $ | 1 | $ | 1 | $ | — | $ | — | $ | 77 | $ | 34 | $ | — | $ | 43 |
(1) | TDRs involving changes in the amount or timing of principal payments may involve principal forgiveness or deferral of periodic and/or final principal payments. Because forgiveness of principal is rare for commercial loans, modifications typically have little to no impact on the loans’ projected cash flows and thus little to no impact on the allowance established for the loans. Charge-offs for amounts deemed uncollectable may be recorded at the time of the restructuring or may have already been recorded in prior periods such that no charge-off is required at the time of the modification. |
(2) | TDRs involving changes in the amount or timing of interest payments may involve a below-market interest rate. |
In millions of dollars | Carrying Value | TDRs involving changes in the amount and/or timing of principal payments(1) | TDRs involving changes in the amount and/or timing of interest payments(2) | TDRs involving changes in the amount and/or timing of both principal and interest payments | ||||||||
Commercial and industrial | $ | 203 | $ | 73 | $ | 32 | $ | 98 | ||||
Mortgage and real estate | 5 | — | — | 5 | ||||||||
Other | 142 | — | 142 | — | ||||||||
Total | $ | 350 | $ | 73 | $ | 174 | $ | 103 |
(1) | TDRs involving changes in the amount or timing of principal payments may involve principal forgiveness or deferral of periodic and/or final principal payments. Because forgiveness of principal is rare for commercial loans, modifications typically have little to no impact on the loans’ projected cash flows and thus little to no impact on the allowance established for the loans. Charge-offs for amounts deemed uncollectable may be recorded at the time of the restructuring or may have already been recorded in prior periods such that no charge-off is required at the time of the modification. |
(2) | TDRs involving changes in the amount or timing of interest payments may involve a below-market interest rate. |
In millions of dollars | Carrying Value | TDRs involving changes in the amount and/or timing of principal payments(1) | TDRs involving changes in the amount and/or timing of interest payments(2) | TDRs involving changes in the amount and/or timing of both principal and interest payments | ||||||||
Commercial and industrial | $ | 66 | $ | 33 | $ | — | $ | 33 | ||||
Mortgage and real estate | 12 | 2 | — | 10 | ||||||||
Total | $ | 78 | $ | 35 | $ | — | $ | 43 |
(1) | TDRs involving changes in the amount or timing of principal payments may involve principal forgiveness or deferral of periodic and/or final principal payments. Because forgiveness of principal is rare for commercial loans, modifications typically have little to no impact on the loans’ projected cash flows and thus little to no impact on the allowance established for the loans. Charge-offs for amounts deemed uncollectable may be recorded at the time of the restructuring or may have already been recorded in prior periods such that no charge-off is required at the time of the modification. |
(2) | TDRs involving changes in the amount or timing of interest payments may involve a below-market interest rate. |
In millions of dollars | TDR balances at March 31, 2016 | TDR loans in payment default during the three months ended March 31, 2016 | TDR balances at March 31, 2015 | TDR loans in payment default during the three months ended March 31, 2015 | TDR balances at June 30, 2016 | TDR loans in payment default during the three months ended June 30, 2016 | TDR loans in payment default six months ended June 30, 2016 | TDR balances at June 30, 2015 | TDR loans in payment default during the three months ended June 30, 2015 | TDR loans in payment default six months ended June 30, 2015 | ||||||||||||||||||||
Commercial and industrial | $ | 219 | $ | — | $ | 88 | $ | — | $ | 323 | $ | 7 | $ | 7 | $ | 118 | $ | — | $ | — | ||||||||||
Loans to financial institutions | 2 | — | — | — | — | — | — | 1 | 1 | 1 | ||||||||||||||||||||
Mortgage and real estate | 139 | — | 105 | — | 130 | — | — | 113 | — | — | ||||||||||||||||||||
Other | 303 | — | 336 | — | 288 | — | — | 326 | — | — | ||||||||||||||||||||
Total(1) | $ | 663 | $ | — | $ | 529 | $ | — | $ | 741 | $ | 7 | $ | 7 | $ | 558 | $ | 1 | $ | 1 |
(1) | The above tables reflect activity for loans outstanding as of the end of the reporting period that were considered TDRs. |
Three Months Ended March 31, | Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||
In millions of dollars | 2016 | 2015 | 2016 | 2015 | 2016 | 2015 | ||||||||||||
Allowance for loan losses at beginning of period | $ | 12,626 | $ | 15,994 | $ | 12,712 | $ | 14,598 | $ | 12,626 | $ | 15,994 | ||||||
Gross credit losses | (2,143 | ) | (2,458 | ) | (2,048 | ) | (2,335 | ) | (4,191 | ) | (4,793 | ) | ||||||
Gross recoveries(1) | 419 | 501 | 432 | 415 | 851 | 916 | ||||||||||||
Net credit losses (NCLs) | $ | (1,724 | ) | $ | (1,957 | ) | $ | (1,616 | ) | $ | (1,920 | ) | $ | (3,340 | ) | $ | (3,877 | ) |
NCLs | $ | 1,724 | $ | 1,957 | $ | 1,616 | $ | 1,920 | $ | 3,340 | $ | 3,877 | ||||||
Net reserve builds (releases) | 42 | (91 | ) | |||||||||||||||
Net specific reserve builds (releases) | 120 | (111 | ) | |||||||||||||||
Net reserve releases | (90 | ) | (199 | ) | (48 | ) | (290 | ) | ||||||||||
Net specific reserve releases | (136 | ) | (206 | ) | (16 | ) | (317 | ) | ||||||||||
Total provision for loan losses | $ | 1,886 | $ | 1,755 | $ | 1,390 | $ | 1,515 | $ | 3,276 | $ | 3,270 | ||||||
Other, net | (76 | ) | (1,194 | ) | (182 | ) | (118 | ) | (258 | ) | (1,312 | ) | ||||||
Allowance for loan losses at end of period | $ | 12,712 | $ | 14,598 | $ | 12,304 | $ | 14,075 | $ | 12,304 | $ | 14,075 | ||||||
Allowance for credit losses on unfunded lending commitments at beginning of period | $ | 1,402 | $ | 1,063 | $ | 1,473 | $ | 1,023 | $ | 1,402 | $ | 1,063 | ||||||
Provision (release) for unfunded lending commitments | 71 | (37 | ) | (30 | ) | (48 | ) | 41 | (85 | ) | ||||||||
Other, net | — | (3 | ) | (11 | ) | (2 | ) | (11 | ) | (5 | ) | |||||||
Allowance for credit losses on unfunded lending commitments at end of period | $ | 1,473 | $ | 1,023 | $ | 1,432 | $ | 973 | $ | 1,432 | $ | 973 | ||||||
Total allowance for loans, leases, and unfunded lending commitments | $ | 14,185 | $ | 15,621 | $ | 13,736 | $ | 15,048 | $ | 13,736 | $ | 15,048 |
(1) | Recoveries have been reduced by certain collection costs that are incurred only if collection efforts are successful. |
(2) | As a result of the entry into an agreement in March 2015 to sell OneMain Financial (OneMain), OneMain was classified as held-for-sale (HFS) at the end of the first quarter of 2015. As a result of HFS accounting treatment, approximately $160 million of net credit losses were recorded as a reduction in revenue (Other revenue) during the second quarter of 2015. |
(3) | The second quarter of 2016 includes a reduction of approximately $101 million related to the sale or transfer to HFS of various loan portfolios, including a reduction of $24 million related to the transfer of a real estate loan portfolio to HFS. Additionally, the second quarter includes a reduction of approximately $75 million related to FX translation. The first quarter of 2016 includes a reduction of approximately $148 million related to the sale or |
Represents additional credit loss reserves for unfunded lending commitments and letters of credit recorded in Other liabilities on the Consolidated Balance Sheet. |
Three Months Ended | Three Months Ended | |||||||||||||||||||||||||||||||||||
March 31, 2016 | March 31, 2015 | June 30, 2016 | June 30, 2015 | |||||||||||||||||||||||||||||||||
In millions of dollars | Corporate | Consumer | Total | Corporate | Consumer | Total | Corporate | Consumer | Total | Corporate | Consumer | Total | ||||||||||||||||||||||||
Allowance for loan losses at beginning of period | $ | 2,791 | $ | 9,835 | $ | 12,626 | $ | 2,447 | $ | 13,547 | $ | 15,994 | $ | 2,905 | $ | 9,807 | $ | 12,712 | $ | 2,546 | $ | 12,052 | $ | 14,598 | ||||||||||||
Charge-offs | (224 | ) | (1,919 | ) | (2,143 | ) | (26 | ) | (2,432 | ) | (2,458 | ) | (158 | ) | (1,890 | ) | (2,048 | ) | (126 | ) | (2,209 | ) | (2,335 | ) | ||||||||||||
Recoveries | 13 | 406 | 419 | 33 | 468 | 501 | 16 | 416 | 432 | 19 | 396 | 415 | ||||||||||||||||||||||||
Replenishment of net charge-offs | 211 | 1,513 | 1,724 | (7 | ) | 1,964 | 1,957 | 142 | 1,474 | 1,616 | 107 | 1,813 | 1,920 | |||||||||||||||||||||||
Net reserve builds (releases) | 4 | 38 | 42 | 112 | (203 | ) | (91 | ) | ||||||||||||||||||||||||||||
Net specific reserve builds (releases) | 101 | 19 | 120 | 3 | (114 | ) | (111 | ) | ||||||||||||||||||||||||||||
Net reserve releases | (16 | ) | (74 | ) | (90 | ) | (32 | ) | (167 | ) | (199 | ) | ||||||||||||||||||||||||
Net specific reserve releases | (11 | ) | (125 | ) | (136 | ) | (119 | ) | (87 | ) | (206 | ) | ||||||||||||||||||||||||
Other | 9 | (85 | ) | (76 | ) | (16 | ) | (1,178 | ) | (1,194 | ) | (6 | ) | (176 | ) | (182 | ) | 11 | (129 | ) | (118 | ) | ||||||||||||||
Ending balance | $ | 2,905 | $ | 9,807 | $ | 12,712 | $ | 2,546 | $ | 12,052 | $ | 14,598 | $ | 2,872 | $ | 9,432 | $ | 12,304 | $ | 2,406 | $ | 11,669 | $ | 14,075 |
Three Months Ended | ||||||||||||||||||
March 31, 2016 | December 31, 2015 | |||||||||||||||||
In millions of dollars | Corporate | Consumer | Total | Corporate | Consumer | Total | ||||||||||||
Allowance for loan losses | ||||||||||||||||||
Determined in accordance with ASC 450 | $ | 2,418 | $ | 7,777 | $ | 10,195 | $ | 2,408 | $ | 7,776 | $ | 10,184 | ||||||
Determined in accordance with ASC 310-10-35 | 483 | 2,022 | 2,505 | 380 | 2,046 | 2,426 | ||||||||||||
Determined in accordance with ASC 310-30 | 4 | 8 | 12 | 3 | 13 | 16 | ||||||||||||
Total allowance for loan losses | $ | 2,905 | $ | 9,807 | $ | 12,712 | $ | 2,791 | $ | 9,835 | $ | 12,626 | ||||||
Loans, net of unearned income | ||||||||||||||||||
Loans collectively evaluated for impairment in accordance with ASC 450 | $ | 293,631 | $ | 307,718 | $ | 601,349 | $ | 285,053 | $ | 315,314 | $ | 600,367 | ||||||
Loans individually evaluated for impairment in accordance with ASC 310-10-35 | 2,527 | 9,919 | 12,446 | 1,803 | 10,192 | 11,995 | ||||||||||||
Loans acquired with deteriorated credit quality in accordance with ASC 310-30 | 6 | 230 | 236 | 5 | 245 | 250 | ||||||||||||
Loans held at fair value | 4,760 | 33 | 4,793 | 4,971 | 34 | 5,005 | ||||||||||||
Total loans, net of unearned income | $ | 300,924 | $ | 317,900 | $ | 618,824 | $ | 291,832 | $ | 325,785 | $ | 617,617 |
Six Months Ended | ||||||||||||||||||
June 30, 2016 | June 30, 2015 | |||||||||||||||||
In millions of dollars | Corporate | Consumer | Total | Corporate | Consumer | Total | ||||||||||||
Allowance for loan losses at beginning of period | $ | 2,791 | $ | 9,835 | $ | 12,626 | $ | 2,447 | $ | 13,547 | $ | 15,994 | ||||||
Charge-offs | (382 | ) | (3,809 | ) | (4,191 | ) | (152 | ) | (4,641 | ) | (4,793 | ) | ||||||
Recoveries | 29 | 822 | 851 | 52 | 864 | 916 | ||||||||||||
Replenishment of net charge-offs | 353 | 2,987 | 3,340 | 100 | 3,777 | 3,877 | ||||||||||||
Net reserve releases | (12 | ) | (36 | ) | (48 | ) | 80 | (370 | ) | (290 | ) | |||||||
Net specific reserve builds (releases) | 90 | (106 | ) | (16 | ) | (116 | ) | (201 | ) | (317 | ) | |||||||
Other | 3 | (261 | ) | (258 | ) | (5 | ) | (1,307 | ) | (1,312 | ) | |||||||
Ending balance | $ | 2,872 | $ | 9,432 | $ | 12,304 | $ | 2,406 | $ | 11,669 | $ | 14,075 |
June 30, 2016 | December 31, 2015 | |||||||||||||||||
In millions of dollars | Corporate | Consumer | Total | Corporate | Consumer | Total | ||||||||||||
Allowance for loan losses | ||||||||||||||||||
Determined in accordance with ASC 450 | $ | 2,386 | $ | 7,650 | $ | 10,036 | $ | 2,408 | $ | 7,776 | $ | 10,184 | ||||||
Determined in accordance with ASC 310-10-35 | 486 | 1,775 | 2,261 | 380 | 2,046 | 2,426 | ||||||||||||
Determined in accordance with ASC 310-30 | — | 7 | 7 | 3 | 13 | 16 | ||||||||||||
Total allowance for loan losses | $ | 2,872 | $ | 9,432 | $ | 12,304 | $ | 2,791 | $ | 9,835 | $ | 12,626 | ||||||
Loans, net of unearned income | ||||||||||||||||||
Loans collectively evaluated for impairment in accordance with ASC 450 | $ | 300,328 | $ | 317,210 | $ | 617,538 | $ | 285,053 | $ | 315,314 | $ | 600,367 | ||||||
Loans individually evaluated for impairment in accordance with ASC 310-10-35 | 2,666 | 8,965 | 11,631 | 1,803 | 10,192 | 11,995 | ||||||||||||
Loans acquired with deteriorated credit quality in accordance with ASC 310-30 | — | 212 | 212 | 5 | 245 | 250 | ||||||||||||
Loans held at fair value | 4,102 | 32 | 4,134 | 4,971 | 34 | 5,005 | ||||||||||||
Total loans, net of unearned income | $ | 307,096 | $ | 326,419 | $ | 633,515 | $ | 291,832 | $ | 325,785 | $ | 617,617 |
In millions of dollars | ||||||
Balance, December 31, 2015 | $ | 22,349 | $ | 22,349 | ||
Foreign exchange translation and other | 239 | 239 | ||||
Divestitures | (13 | ) | (13 | ) | ||
Balance at March 31, 2016 | $ | 22,575 | $ | 22,575 | ||
Foreign exchange translation and other | (79 | ) | ||||
Balance at June 30, 2016 | $ | 22,496 |
In millions of dollars | ||||||
Reporting unit(1)(2) | Goodwill | Goodwill | ||||
North America Global Consumer Banking | $ | 6,764 | $ | 6,766 | ||
Asia Global Consumer Banking (3) | 4,895 | 5,002 | ||||
Latin America Global Consumer Banking (4) | 1,220 | 1,176 | ||||
ICG—Banking | 3,091 | 2,892 | ||||
ICG—Markets and Securities Services | 6,536 | 6,580 | ||||
Citi Holdings—Consumer Latin America | 69 | 80 | ||||
Total | $ | 22,575 | $ | 22,496 |
(1) | Citi Holdings—Other and Citi Holdings—ICG are excluded from the table as there is no goodwill allocated to them. |
(2) | Citi Holdings—Consumer EMEA, is excluded from the table as the entire reporting unit, together with allocated goodwill, is classified as held-for-sale as of |
(3) | Asia Global Consumer Banking includes the consumer businesses in UK, Russia, Poland, UAE and Bahrain beginning the first quarter of 2016. |
(4) | Latin America Global Consumer Banking contains only the consumer business in Mexico beginning the first quarter of 2016. |
March 31, 2016 | December 31, 2015 | June 30, 2016 | December 31, 2015 | |||||||||||||||||||||||||||||||||
In millions of dollars | Gross carrying amount | Accumulated amortization | Net carrying amount | Gross carrying amount | Accumulated amortization | Net carrying amount | Gross carrying amount | Accumulated amortization | Net carrying amount | Gross carrying amount | Accumulated amortization | Net carrying amount | ||||||||||||||||||||||||
Purchased credit card relationships | $ | 7,585 | $ | 6,542 | $ | 1,043 | $ | 7,606 | $ | 6,520 | $ | 1,086 | $ | 8,394 | $ | 6,543 | $ | 1,851 | $ | 7,606 | $ | 6,520 | $ | 1,086 | ||||||||||||
Core deposit intangibles | 984 | 917 | 67 | 1,050 | 969 | 81 | 869 | 818 | 51 | 1,050 | 969 | 81 | ||||||||||||||||||||||||
Other customer relationships | 496 | 268 | 228 | 471 | 252 | 219 | 530 | 289 | 241 | 471 | 252 | 219 | ||||||||||||||||||||||||
Present value of future profits | 37 | 32 | 5 | 37 | 31 | 6 | 35 | 30 | 5 | 37 | 31 | 6 | ||||||||||||||||||||||||
Indefinite-lived intangible assets | 228 | — | 228 | 234 | — | 234 | 238 | — | 238 | 284 | — | 284 | ||||||||||||||||||||||||
Other(1) | 4,493 | 2,571 | 1,922 | 4,709 | 2,614 | 2,095 | 5,764 | 2,629 | 3,135 | 4,659 | 2,614 | 2,045 | ||||||||||||||||||||||||
Intangible assets (excluding MSRs) | $ | 13,823 | $ | 10,330 | $ | 3,493 | $ | 14,107 | $ | 10,386 | $ | 3,721 | $ | 15,830 | $ | 10,309 | $ | 5,521 | $ | 14,107 | $ | 10,386 | $ | 3,721 | ||||||||||||
Mortgage servicing rights (MSRs) | 1,524 | — | 1,524 | 1,781 | — | 1,781 | 1,324 | — | 1,324 | 1,781 | — | 1,781 | ||||||||||||||||||||||||
Total intangible assets | $ | 15,347 | $ | 10,330 | $ | 5,017 | $ | 15,888 | $ | 10,386 | $ | 5,502 | $ | 17,154 | $ | 10,309 | $ | 6,845 | $ | 15,888 | $ | 10,386 | $ | 5,502 |
(1) | Includes contract-related intangible assets. |
Net carrying amount at | Net carrying amount at | Net carrying amount at | Net carrying amount at | |||||||||||||||||||||||||||
In millions of dollars | December 31, 2015 | Acquisitions/ divestitures | Amortization | FX translation and other | March 31, 2016 | December 31, 2015 | Acquisitions/ divestitures (1) | Amortization | FX translation and other | June 30, 2016 | ||||||||||||||||||||
Purchased credit card relationships | $ | 1,086 | $ | (9 | ) | $ | (49 | ) | $ | 15 | $ | 1,043 | $ | 1,086 | $ | 848 | $ | (98 | ) | $ | 15 | $ | 1,851 | |||||||
Core deposit intangibles | 81 | (7 | ) | (7 | ) | — | 67 | 81 | (13 | ) | (15 | ) | (2 | ) | 51 | |||||||||||||||
Other customer relationships | 219 | — | (6 | ) | 15 | 228 | 219 | — | (12 | ) | 34 | 241 | ||||||||||||||||||
Present value of future profits | 6 | — | — | (1 | ) | 5 | 6 | — | — | (1 | ) | 5 | ||||||||||||||||||
Indefinite-lived intangible assets | 234 | (6 | ) | — | — | 228 | 284 | (18 | ) | — | (28 | ) | 238 | |||||||||||||||||
Other | 2,095 | (101 | ) | (67 | ) | (5 | ) | 1,922 | 2,045 | 1,205 | (133 | ) | 18 | 3,135 | ||||||||||||||||
Intangible assets (excluding MSRs) | $ | 3,721 | $ | (123 | ) | $ | (129 | ) | $ | 24 | $ | 3,493 | $ | 3,721 | $ | 2,022 | $ | (258 | ) | $ | 36 | $ | 5,521 | |||||||
Mortgage servicing rights (MSRs) | 1,781 | 1,524 | 1,781 | 1,324 | ||||||||||||||||||||||||||
Total intangible assets | $ | 5,502 | $ | 5,017 | $ | 5,502 | $ | 6,845 |
(1) | Reflects the recognition during the second quarter of 2016 of additional purchased credit card relationships and contract-related intangible assets as a result of the acquisition of the Costco cards portfolio, as well as the renewal and extension of the co-branded credit card program agreement with American Airlines. |
(2) | For additional information on Citi’s MSRs, including the |
In millions of dollars | March 31, 2016 | December 31, 2015 | June 30, 2016 | December 31, 2015 | ||||||||
Balance | Balance | Balance | Balance | |||||||||
Commercial paper | $ | 9,994 | $ | 9,995 | $ | 9,982 | $ | 9,995 | ||||
Other borrowings | 10,899 | 11,084 | 8,426 | 11,084 | ||||||||
Total | $ | 20,893 | $ | 21,079 | $ | 18,408 | $ | 21,079 |
In millions of dollars | March 31, 2016 | December 31, 2015 | June 30, 2016 | December 31, 2015 | ||||||||
Citigroup Inc.(1) | $ | 149,140 | $ | 142,157 | $ | 148,686 | $ | 142,157 | ||||
Bank(2) | 51,718 | 55,131 | 52,627 | 55,131 | ||||||||
Broker-dealer(3) | 6,977 | 3,987 | 6,135 | 3,987 | ||||||||
Total | $ | 207,835 | $ | 201,275 | $ | 207,448 | $ | 201,275 |
(1) | Parent holding company, Citigroup Inc. |
(2) | Represents Citibank entities as well as other bank entities. At |
(3) | Represents broker-dealer subsidiaries that are consolidated into Citigroup Inc., the parent holding company. |
Junior subordinated debentures owned by trust | Junior subordinated debentures owned by trust | |||||||||||||||||||||||||||||
Trust | Issuance date | Securities issued | Liquidation value(1) | Coupon rate(2) | Common shares issued to parent | Amount | Maturity | Redeemable by issuer beginning | Issuance date | Securities issued | Liquidation value(1) | Coupon rate(2) | Common shares issued to parent | Amount | Maturity | Redeemable by issuer beginning | ||||||||||||||
In millions of dollars, except share amounts | In millions of dollars, except share amounts | In millions of dollars, except share amounts | ||||||||||||||||||||||||||||
Citigroup Capital III | Dec. 1996 | 194,053 | $ | 194 | 7.625 | % | 6,003 | $ | 200 | Dec. 1, 2036 | Not redeemable | Dec. 1996 | 194,053 | $ | 194 | 7.625 | % | 6,003 | $ | 200 | Dec. 1, 2036 | Not redeemable | ||||||||
Citigroup Capital XIII | Sept. 2010 | 89,840,000 | 2,246 | 7.875 | 1,000 | 2,246 | Oct. 30, 2040 | Oct. 30, 2015 | Sept. 2010 | 89,840,000 | 2,246 | 3 mo LIBOR + 637 bps | 1,000 | 2,246 | Oct. 30, 2040 | Oct. 30, 2015 | ||||||||||||||
Citigroup Capital XVIII | June 2007 | 99,901 | 144 | 6.829 | 50 | 144 | June 28, 2067 | June 28, 2017 | June 2007 | 99,901 | 134 | 6.829 | 50 | 134 | June 28, 2067 | June 28, 2017 | ||||||||||||||
Total obligated | $ | 2,584 | $ | 2,590 | $ | 2,574 | $ | 2,580 |
(1) | Represents the notional value received by investors from the trusts at the time of issuance. |
(2) | In each case, the coupon rate on the subordinated debentures is the same as that on the trust preferred securities. |
In millions of dollars | Net unrealized gains (losses) on investment securities | Debt valuation adjustment (DVA)(1) | Cash flow hedges(2) | Benefit plans(3) | Foreign currency translation adjustment (CTA), net of hedges(4) | Accumulated other comprehensive income (loss) | ||||||||||||
Balance, December 31, 2015 | $ | (907 | ) | $ | — | $ | (617 | ) | $ | (5,116 | ) | $ | (22,704 | ) | $ | (29,344 | ) | |
Adjustment to opening balance, net of taxes(1) | — | (15 | ) | — | — | — | (15 | ) | ||||||||||
Adjusted balance, beginning of period | $ | (907 | ) | $ | (15 | ) | $ | (617 | ) | $ | (5,116 | ) | $ | (22,704 | ) | $ | (29,359 | ) |
Other comprehensive income before reclassifications | 2,026 | 192 | 291 | (500 | ) | 654 | 2,663 | |||||||||||
Increase (decrease) due to amounts reclassified from AOCI | 8 | 1 | 26 | 35 | — | 70 | ||||||||||||
Change, net of taxes | $ | 2,034 | $ | 193 | $ | 317 | $ | (465 | ) | $ | 654 | $ | 2,733 | |||||
Balance at March 31, 2016 | $ | 1,127 | $ | 178 | $ | (300 | ) | $ | (5,581 | ) | $ | (22,050 | ) | $ | (26,626 | ) |
In millions of dollars | Net unrealized gains (losses) on investment securities | Cash flow hedges(2) | Benefit plans(3) | Foreign currency translation adjustment (CTA), net of hedges(4) | Accumulated other comprehensive income (loss) | Net unrealized gains (losses) on investment securities | Debt valuation adjustment (DVA)(1) | Cash flow hedges(2) | Benefit plans(3) | Foreign currency translation adjustment (CTA), net of hedges(4) | Accumulated other comprehensive income (loss) | ||||||||||||||||||||||
Balance, December 31, 2014 | $ | 57 | $ | (909 | ) | $ | (5,159 | ) | $ | (17,205 | ) | $ | (23,216 | ) | |||||||||||||||||||
Balance, March 31, 2016 | $ | 1,127 | $ | 178 | $ | (300 | ) | $ | (5,581 | ) | $ | (22,050 | ) | $ | (26,626 | ) | |||||||||||||||||
Other comprehensive income before reclassifications | 742 | 32 | (131 | ) | (2,062 | ) | (1,419 | ) | 1,025 | 16 | 115 | (66 | ) | (552 | ) | 538 | |||||||||||||||||
Increase (decrease) due to amounts reclassified from AOCI | (151 | ) | 54 | 41 | — | (56 | ) | (98 | ) | (4 | ) | 36 | 39 | — | (27 | ) | |||||||||||||||||
Change, net of taxes | $ | 591 | $ | 86 | $ | (90 | ) | $ | (2,062 | ) | $ | (1,475 | ) | $ | 927 | $ | 12 | $ | 151 | $ | (27 | ) | $ | (552 | ) | $ | 511 | ||||||
Balance, March 31, 2015 | $ | 648 | $ | (823 | ) | $ | (5,249 | ) | $ | (19,267 | ) | $ | (24,691 | ) | |||||||||||||||||||
Balance at June 30, 2016 | $ | 2,054 | $ | 190 | $ | (149 | ) | $ | (5,608 | ) | $ | (22,602 | ) | $ | (26,115 | ) |
Balance, December 31, 2015 | $ | (907 | ) | $ | — | $ | (617 | ) | $ | (5,116 | ) | $ | (22,704 | ) | $ | (29,344 | ) | |
Adjustment to opening balance, net of taxes(1) | — | (15 | ) | — | — | — | (15 | ) | ||||||||||
Adjusted balance, beginning of period | $ | (907 | ) | $ | (15 | ) | $ | (617 | ) | $ | (5,116 | ) | $ | (22,704 | ) | $ | (29,359 | ) |
Other comprehensive income before reclassifications | 3,051 | 208 | 406 | (566 | ) | 102 | 3,201 | |||||||||||
Increase (decrease) due to amounts reclassified from AOCI | (90 | ) | (3 | ) | 62 | 74 | — | 43 | ||||||||||
Change, net of taxes | $ | 2,961 | $ | 205 | $ | 468 | $ | (492 | ) | $ | 102 | $ | 3,244 | |||||
Balance at June 30, 2016 | $ | 2,054 | $ | 190 | $ | (149 | ) | $ | (5,608 | ) | $ | (22,602 | ) | $ | (26,115 | ) |
In millions of dollars | Net unrealized gains (losses) on investment securities | Cash flow hedges(2) | Benefit plans(3) | Foreign currency translation adjustment (CTA), net of hedges(4) | Accumulated other comprehensive income (loss) | ||||||||||
Balance, March 31, 2015 | $ | 648 | $ | (823 | ) | $ | (5,249 | ) | $ | (19,267 | ) | $ | (24,691 | ) | |
Other comprehensive income before reclassifications | (844 | ) | 22 | 539 | (148 | ) | (431 | ) | |||||||
Increase (decrease) due to amounts reclassified from AOCI | (91 | ) | 70 | 39 | — | 18 | |||||||||
Change, net of taxes | $ | (935 | ) | $ | 92 | $ | 578 | $ | (148 | ) | $ | (413 | ) | ||
Balance, June 30, 2015 | $ | (287 | ) | $ | (731 | ) | $ | (4,671 | ) | $ | (19,415 | ) | $ | (25,104 | ) |
Balance, December 31, 2014 | $ | 57 | $ | (909 | ) | $ | (5,159 | ) | $ | (17,205 | ) | $ | (23,216 | ) | |
Other comprehensive income before reclassifications | (103 | ) | 54 | 408 | (2,210 | ) | (1,851 | ) | |||||||
Increase (decrease) due to amounts reclassified from AOCI | (241 | ) | 124 | 80 | — | (37 | ) | ||||||||
Change, net of taxes | $ | (344 | ) | $ | 178 | $ | 488 | $ | (2,210 | ) | $ | (1,888 | ) | ||
Balance, June 30, 2015 | $ | (287 | ) | $ | (731 | ) | $ | (4,671 | ) | $ | (19,415 | ) | $ | (25,104 | ) |
(1) | Beginning in the first quarter of 2016, changes in DVA are reflected as a component of AOCI, pursuant to the adoption of only the provisions of ASU 2016-01 relating to the presentation of DVA on fair value option liabilities. See Note 1 |
(2) | Primarily driven by Citigroup’s pay fixed/receive floating interest rate swap programs that hedge the floating rates on liabilities. |
(3) | Primarily reflects adjustments based on the quarterly actuarial valuations of the Company’s significant pension and postretirement plans, annual actuarial valuations of all other plans, and amortization of amounts previously recognized in other comprehensive income. |
(4) | Primarily reflects the movements in (by order of impact) the Mexican peso, Japanese yen, euro, and Brazilian real against the U.S. dollar, and changes in related tax effects and hedges for the quarter ended June 30, 2016. Primarily reflects the movements in (by order of impact) the Japanese yen, euro, Brazilian real and Chilean peso against the U.S. dollar, and changes in related tax effects and hedges for |
In millions of dollars | Pretax | Tax effect | After-tax | Pretax | Tax effect | After-tax | ||||||||||||
Balance, December 31, 2015 | $ | (38,440 | ) | $ | 9,096 | $ | (29,344 | ) | ||||||||||
Adjustment to opening balance (1) | (26 | ) | 11 | (15 | ) | |||||||||||||
Adjusted balance, beginning of period | $ | (38,466 | ) | $ | 9,107 | $ | (29,359 | ) | ||||||||||
Balance, March 31, 2016 | $ | (34,668 | ) | $ | 8,042 | $ | (26,626 | ) | ||||||||||
Change in net unrealized gains (losses) on investment securities | 3,224 | (1,190 | ) | 2,034 | 1,482 | (555 | ) | 927 | ||||||||||
Debt valuation adjustment (DVA) | 307 | (114 | ) | 193 | 20 | (8 | ) | 12 | ||||||||||
Cash flow hedges | 481 | (164 | ) | 317 | 257 | (106 | ) | 151 | ||||||||||
Benefit plans | (727 | ) | 262 | (465 | ) | (31 | ) | 4 | (27 | ) | ||||||||
Foreign currency translation adjustment | 513 | 141 | 654 | (774 | ) | 222 | (552 | ) | ||||||||||
Change | $ | 3,798 | $ | (1,065 | ) | $ | 2,733 | $ | 954 | $ | (443 | ) | $ | 511 | ||||
Balance, March 31, 2016 | $ | (34,668 | ) | $ | 8,042 | $ | (26,626 | ) | ||||||||||
Balance, June 30, 2016 | $ | (33,714 | ) | $ | 7,599 | $ | (26,115 | ) |
In millions of dollars | Pretax | Tax effect | After-tax | ||||||
Balance, December 31, 2015 | $ | (38,440 | ) | $ | 9,096 | $ | (29,344 | ) | |
Adjustment to opening balance (1) | (26 | ) | 11 | (15 | ) | ||||
Adjusted balance, beginning of period | $ | (38,466 | ) | $ | 9,107 | $ | (29,359 | ) | |
Change in net unrealized gains (losses) on investment securities | 4,706 | (1,745 | ) | 2,961 | |||||
Debt valuation adjustment (DVA) | 327 | (122 | ) | 205 | |||||
Cash flow hedges | 739 | (271 | ) | 468 | |||||
Benefit plans | (758 | ) | 266 | (492 | ) | ||||
Foreign currency translation adjustment | (262 | ) | 364 | 102 | |||||
Change | $ | 4,752 | $ | (1,508 | ) | $ | 3,244 | ||
Balance, June 30, 2016 | $ | (33,714 | ) | $ | 7,599 | $ | (26,115 | ) |
(1) | Represents the ($15) million adjustment related to the initial adoption of ASU 2016-01. See Note 1 |
In millions of dollars | Pretax | Tax effect | After-tax | ||||||
Balance, December 31, 2014 | $ | (31,060 | ) | $ | 7,844 | $ | (23,216 | ) | |
Change in net unrealized gains (losses) on investment securities | 1,048 | (457 | ) | 591 | |||||
Cash flow hedges | 156 | (70 | ) | 86 | |||||
Benefit plans | (121 | ) | 31 | (90 | ) | ||||
Foreign currency translation adjustment | (2,302 | ) | 240 | (2,062 | ) | ||||
Change | $ | (1,219 | ) | $ | (256 | ) | $ | (1,475 | ) |
Balance, March 31, 2015 | $ | (32,279 | ) | $ | 7,588 | $ | (24,691 | ) |
In millions of dollars | Pretax | Tax effect | After-tax | ||||||
Balance, March 31, 2015 | $ | (32,279 | ) | $ | 7,588 | $ | (24,691 | ) | |
Change in net unrealized gains (losses) on investment securities | (1,517 | ) | 582 | (935 | ) | ||||
Cash flow hedges | 118 | (26 | ) | 92 | |||||
Benefit plans | 810 | (232 | ) | 578 | |||||
Foreign currency translation adjustment | (280 | ) | 132 | (148 | ) | ||||
Change | $ | (869 | ) | $ | 456 | $ | (413 | ) | |
Balance, June 30, 2015 | $ | (33,148 | ) | $ | 8,044 | $ | (25,104 | ) |
In millions of dollars | Pretax | Tax effect | After-tax | ||||||
Balance, December 31, 2014 | $ | (31,060 | ) | $ | 7,844 | $ | (23,216 | ) | |
Change in net unrealized gains (losses) on investment securities | (468 | ) | 124 | (344 | ) | ||||
Cash flow hedges | 274 | (96 | ) | 178 | |||||
Benefit plans | 689 | (201 | ) | 488 | |||||
Foreign currency translation adjustment | (2,583 | ) | 373 | (2,210 | ) | ||||
Change | $ | (2,088 | ) | $ | 200 | $ | (1,888 | ) | |
Balance, June 30, 2015 | $ | (33,148 | ) | $ | 8,044 | $ | (25,104 | ) |
Increase (decrease) in AOCI due to amounts reclassified to Consolidated Statement of Income | Increase (decrease) in AOCI due to amounts reclassified to Consolidated Statement of Income | |||||||||||
Three Months Ended March 31, | Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||
In millions of dollars | 2016 | 2015 | 2016 | 2016 | ||||||||
Realized (gains) losses on sales of investments | $ | (186 | ) | $ | (307 | ) | $ | (200 | ) | $ | (386 | ) |
OTTI gross impairment losses | 203 | 72 | 48 | 251 | ||||||||
Subtotal, pretax | $ | 17 | $ | (235 | ) | $ | (152 | ) | $ | (135 | ) | |
Tax effect | (9 | ) | 84 | 54 | 45 | |||||||
Net realized (gains) losses on investment securities, after-tax(1) | $ | 8 | $ | (151 | ) | $ | (98 | ) | $ | (90 | ) | |
Realized DVA (gains) losses on fair value option liabilities | $ | 1 | $ | — | $ | (6 | ) | $ | (5 | ) | ||
Subtotal, pretax | $ | 1 | $ | — | $ | (6 | ) | $ | (5 | ) | ||
Tax effect | — | — | 2 | 2 | ||||||||
Net realized debt valuation adjustment, after-tax | $ | 1 | $ | — | $ | (4 | ) | $ | (3 | ) | ||
Interest rate contracts | $ | 16 | $ | 46 | $ | 41 | $ | 57 | ||||
Foreign exchange contracts | 26 | 40 | 17 | 43 | ||||||||
Subtotal, pretax | $ | 42 | $ | 86 | $ | 58 | $ | 100 | ||||
Tax effect | (16 | ) | (32 | ) | (22 | ) | (38 | ) | ||||
Amortization of cash flow hedges, after-tax(2) | $ | 26 | $ | 54 | $ | 36 | $ | 62 | ||||
Amortization of unrecognized | ||||||||||||
Prior service cost (benefit) | $ | (10 | ) | $ | (11 | ) | $ | (11 | ) | $ | (21 | ) |
Net actuarial loss | 66 | 75 | 69 | 135 | ||||||||
Curtailment/settlement impact(3) | (2 | ) | — | 3 | 1 | |||||||
Subtotal, pretax | $ | 54 | $ | 64 | $ | 61 | $ | 115 | ||||
Tax effect | (19 | ) | (23 | ) | (22 | ) | (41 | ) | ||||
Amortization of benefit plans, after-tax(3) | $ | 35 | $ | 41 | $ | 39 | $ | 74 | ||||
Foreign currency translation adjustment | $ | — | $ | — | $ | — | $ | — | ||||
Total amounts reclassified out of AOCI, pretax | $ | 114 | $ | (85 | ) | $ | (39 | ) | $ | 75 | ||
Total tax effect | (44 | ) | 29 | 12 | (32 | ) | ||||||
Total amounts reclassified out of AOCI, after-tax | $ | 70 | $ | (56 | ) | $ | (27 | ) | $ | 43 |
(1) | The pretax amount is reclassified to Realized gains (losses) on sales of investments, net and Gross impairment losses on the Consolidated Statement of Income. See Note 13 to the Consolidated Financial Statements for additional details. |
(2) | See Note 21 to the Consolidated Financial Statements for additional details. |
(3) | See Note 8 to the Consolidated Financial Statements for additional details. |
Increase (decrease) in AOCI due to amounts reclassified to Consolidated Statement of Income | ||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||
In millions of dollars | 2015 | 2015 | ||||
Realized (gains) losses on sales of investments | $ | (183 | ) | $ | (490 | ) |
OTTI gross impairment losses | 43 | 115 | ||||
Subtotal, pretax | $ | (140 | ) | $ | (375 | ) |
Tax effect | 49 | 134 | ||||
Net realized (gains) losses on investment securities, after-tax(1) | $ | (91 | ) | $ | (241 | ) |
Interest rate contracts | $ | 74 | $ | 120 | ||
Foreign exchange contracts | 37 | 77 | ||||
Subtotal, pretax | $ | 111 | $ | 197 | ||
Tax effect | (41 | ) | (73 | ) | ||
Amortization of cash flow hedges, after-tax(2) | $ | 70 | $ | 124 | ||
Amortization of unrecognized | ||||||
Prior service cost (benefit) | $ | (10 | ) | $ | (21 | ) |
Net actuarial loss | 72 | 147 | ||||
Curtailment/settlement impact(3) | 10 | 10 | ||||
Subtotal, pretax | $ | 72 | $ | 136 | ||
Tax effect | (33 | ) | (56 | ) | ||
Amortization of benefit plans, after-tax(3) | $ | 39 | $ | 80 | ||
Foreign currency translation adjustment | $ | — | $ | — | ||
Total amounts reclassified out of AOCI, pretax | $ | 43 | $ | (42 | ) | |
Total tax effect | (25 | ) | 5 | |||
Total amounts reclassified out of AOCI, after-tax | $ | 18 | $ | (37 | ) |
(1) | The pretax amount is reclassified to Realized gains (losses) on sales of investments, net and Gross impairment losses on the Consolidated Statement of Income. See Note 13 to the Consolidated Financial Statements for additional details. |
(2) | See Note 21 to the Consolidated Financial Statements for additional details. |
(3) | See Note 8 to the Consolidated Financial Statements for additional details. |
Redemption price per depositary share/preference share | Carrying value in millions of dollars | Redemption price per depositary share/preference share | Carrying value in millions of dollars | |||||||||||||||||||||||||||
Issuance date | Redeemable by issuer beginning | Dividend rate | Number of depositary shares | March 31, 2016 | December 31, 2015 | Issuance date | Redeemable by issuer beginning | Dividend rate | Number of depositary shares | June 30, 2016 | December 31, 2015 | |||||||||||||||||||
Series AA(1) | January 25, 2008 | February 15, 2018 | 8.125 | % | $ | 25 | 3,870,330 | $ | 97 | $ | 97 | January 25, 2008 | February 15, 2018 | 8.125 | % | $ | 25 | 3,870,330 | $ | 97 | $ | 97 | ||||||||
Series E(2) | April 28, 2008 | April 30, 2018 | 8.400 | 1,000 | 121,254 | 121 | 121 | April 28, 2008 | April 30, 2018 | 8.400 | 1,000 | 121,254 | 121 | 121 | ||||||||||||||||
Series A(3) | October 29, 2012 | January 30, 2023 | 5.950 | 1,000 | 1,500,000 | 1,500 | 1,500 | October 29, 2012 | January 30, 2023 | 5.950 | 1,000 | 1,500,000 | 1,500 | 1,500 | ||||||||||||||||
Series B(4) | December 13, 2012 | February 15, 2023 | 5.900 | 1,000 | 750,000 | 750 | 750 | December 13, 2012 | February 15, 2023 | 5.900 | 1,000 | 750,000 | 750 | 750 | ||||||||||||||||
Series C(5) | March 26, 2013 | April 22, 2018 | 5.800 | 25 | 23,000,000 | 575 | 575 | March 26, 2013 | April 22, 2018 | 5.800 | 25 | 23,000,000 | 575 | 575 | ||||||||||||||||
Series D(6) | April 30, 2013 | May 15, 2023 | 5.350 | 1,000 | 1,250,000 | 1,250 | 1,250 | April 30, 2013 | May 15, 2023 | 5.350 | 1,000 | 1,250,000 | 1,250 | 1,250 | ||||||||||||||||
Series J(7) | September 19, 2013 | September 30, 2023 | 7.125 | 25 | 38,000,000 | 950 | 950 | September 19, 2013 | September 30, 2023 | 7.125 | 25 | 38,000,000 | 950 | 950 | ||||||||||||||||
Series K(8) | October 31, 2013 | November 15, 2023 | 6.875 | 25 | 59,800,000 | 1,495 | 1,495 | October 31, 2013 | November 15, 2023 | 6.875 | 25 | 59,800,000 | 1,495 | 1,495 | ||||||||||||||||
Series L(9) | February 12, 2014 | February 12, 2019 | 6.875 | 25 | 19,200,000 | 480 | 480 | February 12, 2014 | February 12, 2019 | 6.875 | 25 | 19,200,000 | 480 | 480 | ||||||||||||||||
Series M(10) | April 30, 2014 | May 15, 2024 | 6.300 | 1,000 | 1,750,000 | 1,750 | 1,750 | April 30, 2014 | May 15, 2024 | 6.300 | 1,000 | 1,750,000 | 1,750 | 1,750 | ||||||||||||||||
Series N(11) | October 29, 2014 | November 15, 2019 | 5.800 | 1,000 | 1,500,000 | 1,500 | 1,500 | October 29, 2014 | November 15, 2019 | 5.800 | 1,000 | 1,500,000 | 1,500 | 1,500 | ||||||||||||||||
Series O(12) | March 20, 2015 | March 27, 2020 | 5.875 | 1,000 | 1,500,000 | 1,500 | 1,500 | March 20, 2015 | March 27, 2020 | 5.875 | 1,000 | 1,500,000 | 1,500 | 1,500 | ||||||||||||||||
Series P(13) | April 24, 2015 | May 15, 2025 | 5.950 | 1,000 | 2,000,000 | 2,000 | 2,000 | April 24, 2015 | May 15, 2025 | 5.950 | 1,000 | 2,000,000 | 2,000 | 2,000 | ||||||||||||||||
Series Q(14) | August 12, 2015 | August 15, 2020 | 5.950 | 1,000 | 1,250,000 | 1,250 | 1,250 | August 12, 2015 | August 15, 2020 | 5.950 | 1,000 | 1,250,000 | 1,250 | 1,250 | ||||||||||||||||
Series R(15) | November 13, 2015 | November 15, 2020 | 6.125 | 1,000 | 1,500,000 | 1,500 | 1,500 | November 13, 2015 | November 15, 2020 | 6.125 | 1,000 | 1,500,000 | 1,500 | 1,500 | ||||||||||||||||
Series S(16) | February 2, 2016 | February 12, 2021 | 6.300 | 25 | 41,400,000 | 1,035 | $ | — | February 2, 2016 | February 12, 2021 | 6.300 | 25 | 41,400,000 | 1,035 | $ | — | ||||||||||||||
Series T(17) | April 25, 2016 | August 15, 2026 | 6.250 | 1,000 | 1,500,000 | 1,500 | $ | — | ||||||||||||||||||||||
$ | 17,753 | $ | 16,718 | $ | 19,253 | $ | 16,718 |
(1) | Issued as depositary shares, each representing a 1/1,000th 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, in each case when, as and if declared by the Citi Board of Directors. |
(2) | Issued as depositary shares, each representing a 1/25th interest in a share of the corresponding series of non-cumulative perpetual preferred stock. Dividends are payable semi-annually on April 30 and October 30 at a fixed rate until April 30, 2018, 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. |
(3) | Issued as depositary shares, each representing a 1/25th interest in a share of the corresponding series of non-cumulative perpetual preferred stock. Dividends are payable semi-annually on January 30 and July 30 at a fixed rate until January 30, 2023, 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. |
(4) | Issued as depositary shares, each representing a 1/25th interest in a share of the corresponding series of non-cumulative perpetual preferred stock. Dividends are payable semi-annually on February 15 and August 15 at a fixed rate until February 15, 2023, 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 1/1,000th interest in a share of the corresponding series of non-cumulative perpetual preferred stock. Dividends are payable quarterly on January 22, April 22, July 22 and October 22 when, as and if declared by the Citi Board of Directors. |
(6) | Issued as depositary shares, each representing a 1/25th interest in a share of the corresponding series of non-cumulative perpetual preferred stock. Dividends are payable semi-annually on May 15 and November 15 at a fixed rate until May 15, 2023, thereafter payable quarterly on February 15, May 15, August 15 and November 15 at a floating rate, in each case when, as and if declared by the Citi Board of Directors. |
(7) | Issued as depositary shares, each representing a 1/1,000th interest in a share of the corresponding series of non-cumulative perpetual preferred stock. Dividends are payable quarterly on March 30, June 30, September 30 and December 30 at a fixed rate until September 30, 2023, thereafter payable quarterly on the same dates at a floating rate, in each case when, as and if declared by the Citi Board of Directors. |
(8) | Issued as depositary shares, each representing a 1/1,000th 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 November 15, 2023, thereafter payable quarterly on the same dates at a floating rate, in each case when, as and if declared by the Citi Board of Directors. |
(9) | Issued as depositary shares, each representing a 1/1,000th interest in a share of the corresponding series of non-cumulative perpetual preferred stock. Dividends are payable quarterly on February 12, May 12, August 12 and November 12 at a fixed rate, in each case when, as and if declared by the Citi Board of Directors. |
(10) | Issued as depositary shares, each representing a 1/25th interest in a share of the corresponding series of non-cumulative perpetual preferred stock. Dividends are payable semi-annually on May 15 and November 15 at a fixed rate until 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. |
(11) | Issued as depositary shares, each representing a 1/25th interest in a share of the corresponding series of non-cumulative perpetual preferred stock. Dividends are payable semi-annually on May 15 and November 15 at a fixed rate until, but excluding, November 15, 2019, 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. |
(12) | Issued as depositary shares, each representing a 1/25th interest in a share of the corresponding series of non-cumulative perpetual preferred stock. Dividends are payable semi-annually on March 27 and September 27 at a fixed rate until, but excluding, March 27, 2020, and thereafter payable quarterly on March 27, June 27, September 27 and December 27 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 1/25th interest in a share of the corresponding series of non-cumulative perpetual preferred stock. Dividends are payable semi-annually 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. |
(14) | Issued as depository shares, each representing 1/25th interest in a share of the corresponding series of non-cumulative perpetual preferred stock. Dividends are payable semi-annually on February 15 and August 15 at a fixed |
(15) | Issued as depository shares, each representing 1/25th interest in a share of the corresponding series of non-cumulative perpetual preferred stock. Dividends are payable semi-annually on May 15 and November 15 at a fixed |
(16) | Issued as depository shares, each representing 1/1,000th interest in a share of the corresponding series of non-cumulative perpetual preferred stock. Dividends are payable quarterly on February 12, May 12, August 12, and November 12 at a fixed rate, in each case when, as and if declared by the Citi Board of Directors. |
(17) | Issued as depository shares, each representing 1/25th interest in a share of the corresponding series of non-cumulative perpetual preferred stock. Dividends are payable semi-annually on February 15 and August 15 at a fixed rate until 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. |
As of March 31, 2016 | As of June 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||
Maximum exposure to loss in significant unconsolidated VIEs(1) | Maximum exposure to loss in significant unconsolidated VIEs(1) | |||||||||||||||||||||||||||||||||||||||||||||||
Funded exposures(2) | Unfunded exposures | Funded exposures(2) | Unfunded exposures | |||||||||||||||||||||||||||||||||||||||||||||
In millions of dollars | Total involvement with SPE assets | Consolidated VIE / SPE assets | Significant unconsolidated VIE assets(3) | Debt investments | Equity investments | Funding commitments | Guarantees and derivatives | Total | Total involvement with SPE assets | Consolidated VIE / SPE assets | Significant unconsolidated VIE assets(3) | Debt investments | Equity investments | Funding commitments | Guarantees and derivatives | Total | ||||||||||||||||||||||||||||||||
Credit card securitizations | $ | 51,365 | $ | 51,365 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 51,457 | $ | 51,457 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||
Mortgage securitizations(4) | ||||||||||||||||||||||||||||||||||||||||||||||||
U.S. agency-sponsored | 232,273 | — | 232,273 | 4,541 | — | — | 91 | 4,632 | 230,600 | — | 230,600 | 4,177 | — | — | 87 | 4,264 | ||||||||||||||||||||||||||||||||
Non-agency-sponsored | 20,368 | 1,540 | 18,828 | 425 | 35 | — | 1 | 461 | 16,563 | 1,391 | 15,172 | 295 | 35 | — | 1 | 331 | ||||||||||||||||||||||||||||||||
Citi-administered asset-backed commercial paper conduits (ABCP) | 21,437 | 21,437 | — | — | — | — | — | — | 21,245 | 21,245 | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||
Collateralized loan obligations (CLOs) | 15,071 | — | 15,071 | 3,502 | — | — | 84 | 3,586 | 15,743 | — | 15,743 | 3,708 | — | — | 83 | 3,791 | ||||||||||||||||||||||||||||||||
Asset-based financing | 56,719 | 1,263 | 55,456 | 19,211 | 406 | 3,998 | 451 | 24,066 | 57,543 | 1,228 | 56,315 | 20,045 | 413 | 5,051 | 363 | 25,872 | ||||||||||||||||||||||||||||||||
Municipal securities tender option bond trusts (TOBs) | 8,167 | 3,574 | 4,593 | 50 | — | 2,962 | — | 3,012 | 7,379 | 2,819 | 4,560 | 113 | — | 2,831 | — | 2,944 | ||||||||||||||||||||||||||||||||
Municipal investments | 19,274 | 42 | 19,232 | 2,339 | 2,757 | 2,399 | — | 7,495 | 18,304 | 36 | 18,268 | 2,392 | 2,946 | 2,451 | — | 7,789 | ||||||||||||||||||||||||||||||||
Client intermediation | 502 | 352 | 150 | 50 | — | — | — | 50 | 408 | 179 | 229 | 54 | — | — | — | 54 | ||||||||||||||||||||||||||||||||
Investment funds | 2,533 | 828 | 1,705 | 25 | 157 | 78 | — | 260 | 2,710 | 789 | 1,921 | 31 | 156 | 68 | — | 255 | ||||||||||||||||||||||||||||||||
Other | 4,865 | 636 | 4,229 | 301 | 550 | 71 | 50 | 972 | 4,402 | 592 | 3,810 | 210 | 550 | 77 | 47 | 884 | ||||||||||||||||||||||||||||||||
Total(5) | $ | 432,574 | $ | 81,037 | $ | 351,537 | $ | 30,444 | $ | 3,905 | $ | 9,508 | $ | 677 | $ | 44,534 | $ | 426,354 | $ | 79,736 | $ | 346,618 | $ | 31,025 | $ | 4,100 | $ | 10,478 | $ | 581 | $ | 46,184 |
As of December 31, 2015 | ||||||||||||||||||||||||
Maximum exposure to loss in significant unconsolidated VIEs(1) | ||||||||||||||||||||||||
Funded exposures(2) | Unfunded exposures | |||||||||||||||||||||||
In millions of dollars | Total involvement with SPE assets | Consolidated VIE / SPE assets | Significant unconsolidated VIE assets(3) | Debt investments | Equity investments | Funding commitments | Guarantees and derivatives | Total | ||||||||||||||||
Credit card securitizations | $ | 54,916 | $ | 54,916 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||
Mortgage securitizations(4) | ||||||||||||||||||||||||
U.S. agency-sponsored | 217,291 | — | 217,291 | 3,571 | — | — | 95 | 3,666 | ||||||||||||||||
Non-agency-sponsored | 13,036 | 1,586 | 11,450 | 527 | — | — | 1 | 528 | ||||||||||||||||
Citi-administered asset-backed commercial paper conduits (ABCP) | 21,280 | 21,280 | — | — | — | — | — | — | ||||||||||||||||
Collateralized loan obligations (CLOs) | 16,719 | — | 16,719 | 3,150 | — | — | 86 | 3,236 | ||||||||||||||||
Asset-based financing | 58,862 | 1,364 | 57,498 | 21,270 | 269 | 3,616 | 436 | 25,591 | ||||||||||||||||
Municipal securities tender option bond trusts (TOBs) | 8,572 | 3,830 | 4,742 | 2 | — | 3,100 | — | 3,102 | ||||||||||||||||
Municipal investments | 20,290 | 44 | 20,246 | 2,196 | 2,487 | 2,335 | — | 7,018 | ||||||||||||||||
Client intermediation | 434 | 335 | 99 | 49 | — | — | — | 49 | ||||||||||||||||
Investment funds | 1,730 | 842 | 888 | 13 | 138 | 102 | — | 253 | ||||||||||||||||
Other | 4,915 | 597 | 4,318 | 292 | 554 | — | 52 | 898 | ||||||||||||||||
Total(5) | $ | 418,045 | $ | 84,794 | $ | 333,251 | $ | 31,070 | $ | 3,448 | $ | 9,153 | $ | 670 | $ | 44,341 |
(2) | Included on Citigroup’s |
(3) | A significant unconsolidated VIE is an entity where 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) | Citi’s total involvement with Citicorp SPE assets was $398.2 billion and $383.2 billion as of June 30, 2016 and December 31, 2015, respectively, with the remainder related to Citi Holdings. |
March 31, 2016 | December 31, 2015 | June 30, 2016 | December 31, 2015 | |||||||||||||||||||||
In millions of dollars | Liquidity facilities | Loan / equity commitments | Liquidity facilities | Loan / equity commitments | Liquidity facilities | Loan / equity commitments | Liquidity facilities | Loan / equity commitments | ||||||||||||||||
Asset-based financing | $ | 5 | $ | 3,993 | $ | 5 | $ | 3,611 | $ | 5 | $ | 5,046 | $ | 5 | $ | 3,611 | ||||||||
Municipal securities tender option bond trusts (TOBs) | 2,962 | — | 3,100 | — | 2,831 | — | 3,100 | — | ||||||||||||||||
Municipal investments | — | 2,399 | — | 2,335 | — | 2,451 | — | 2,335 | ||||||||||||||||
Investment funds | — | 78 | — | 102 | — | 68 | — | 102 | ||||||||||||||||
Other | — | 71 | — | — | — | 77 | — | — | ||||||||||||||||
Total funding commitments | $ | 2,967 | $ | 6,541 | $ | 3,105 | $ | 6,048 | $ | 2,836 | $ | 7,642 | $ | 3,105 | $ | 6,048 |
In billions of dollars | March 31, 2016 | December 31, 2015 | June 30, 2016 | December 31, 2015 | ||||||||
Cash | $ | 0.2 | $ | 0.2 | $ | 0.1 | $ | 0.2 | ||||
Trading account assets | 0.6 | 0.6 | 0.4 | 0.6 | ||||||||
Investments | 5.2 | 5.3 | 4.8 | 5.3 | ||||||||
Total loans, net of allowance | 74.9 | 78.6 | 74.3 | 78.6 | ||||||||
Other | 0.1 | 0.1 | 0.1 | 0.1 | ||||||||
Total assets | $ | 81.0 | $ | 84.8 | $ | 79.7 | $ | 84.8 | ||||
Short-term borrowings | $ | 13.6 | $ | 14.0 | $ | 13.0 | $ | 14.0 | ||||
Long-term debt | 29.1 | 31.3 | 27.7 | 31.3 | ||||||||
Other liabilities | 2.0 | 2.1 | 2.1 | 2.1 | ||||||||
Total liabilities(1) | $ | 44.7 | $ | 47.4 | $ | 42.8 | $ | 47.4 |
(1) | The total liabilities of consolidated VIEs for which creditors or beneficial interest holders do not have recourse to the general credit of Citi were |
In billions of dollars | March 31, 2016 | December 31, 2015 | June 30, 2016 | December 31, 2015 | ||||||||
Cash | $ | 0.1 | $ | 0.1 | $ | 0.1 | $ | 0.1 | ||||
Trading account assets | 7.7 | 6.2 | 7.6 | 6.2 | ||||||||
Investments | 3.5 | 3.0 | 3.7 | 3.0 | ||||||||
Total loans, net of allowance | 21.7 | 23.6 | 22.5 | 23.6 | ||||||||
Other | 1.4 | 1.7 | 1.3 | 1.7 | ||||||||
Total assets | $ | 34.4 | $ | 34.6 | $ | 35.2 | $ | 34.6 |
In billions of dollars | March 31, 2016 | December 31, 2015 | June 30, 2016 | December 31, 2015 | Ownership interests in principal amount of trust credit card receivables | |||||||
Sold to investors via trust-issued securities | $ | 27.5 | $ | 29.7 | $ | 26.2 | $ | 29.7 | ||||
Retained by Citigroup as trust-issued securities | 8.1 | 9.4 | 7.9 | 9.4 | ||||||||
Retained by Citigroup via non-certificated interests | 16.1 | 16.5 | 17.0 | 16.5 | ||||||||
Total | $ | 51.7 | $ | 55.6 | $ | 51.1 | $ | 55.6 |
Three months ended March 31, | Three months ended June 30, | |||||||||||
In billions of dollars | 2016 | 2015 | 2016 | 2015 | ||||||||
Proceeds from new securitizations | $ | — | $ | — | $ | — | $ | — | ||||
Pay down of maturing notes | (2.2 | ) | (2.7 | ) | (1.3 | ) | (3.1 | ) |
Six months ended June 30, | ||||||
In billions of dollars | 2016 | 2015 | ||||
Proceeds from new securitizations | $ | — | $ | — | ||
Pay down of maturing notes | (3.5 | ) | (5.8 | ) |
In billions of dollars | March 31, 2016 | Dec. 31, 2015 | June 30, 2016 | Dec. 31, 2015 | ||||||||
Term notes issued to third parties | $ | 26.2 | $ | 28.4 | $ | 25.0 | $ | 28.4 | ||||
Term notes retained by Citigroup affiliates | 6.3 | 7.5 | 6.1 | 7.5 | ||||||||
Total Master Trust liabilities | $ | 32.5 | $ | 35.9 | $ | 31.1 | $ | 35.9 |
In billions of dollars | March 31, 2016 | Dec. 31, 2015 | June 30, 2016 | Dec. 31, 2015 | ||||||||
Term notes issued to third parties | $ | 1.3 | $ | 1.3 | $ | 1.3 | $ | 1.3 | ||||
Term notes retained by Citigroup affiliates | 1.9 | 1.9 | 1.9 | 1.9 | ||||||||
Total Omni Trust liabilities | $ | 3.2 | $ | 3.2 | $ | 3.2 | $ | 3.2 |
Three months ended June 30, | ||||||||||||||||||||||||
2016 | 2015 | 2016 | 2015 | |||||||||||||||||||||
In billions of dollars | U.S. agency- sponsored mortgages | Non-agency- sponsored mortgages | U.S. agency- sponsored mortgages | Non-agency- sponsored mortgages | U.S. agency- sponsored mortgages | Non-agency- sponsored mortgages | U.S. agency- sponsored mortgages | Non-agency- sponsored mortgages | ||||||||||||||||
Proceeds from new securitizations(1) | $ | 10.6 | $ | 4.2 | $ | 8.3 | $ | 3.6 | ||||||||||||||||
Proceeds from new securitizations | $ | 10.3 | $ | 2.3 | $ | 10.1 | $ | 2.5 | ||||||||||||||||
Contractual servicing fees received | 0.1 | — | 0.1 | — | 0.1 | — | 0.1 | — | ||||||||||||||||
Cash flows received on retained interests and other net cash flows | — | — | — | — |
Six months ended June 30, | ||||||||||||
2016 | 2015 | |||||||||||
In billions of dollars | U.S. agency- sponsored mortgages | Non-agency- sponsored mortgages | U.S. agency- sponsored mortgages | Non-agency- sponsored mortgages | ||||||||
Proceeds from new securitizations(1) | $ | 20.9 | $ | 6.5 | $ | 18.5 | $ | 6.1 | ||||
Contractual servicing fees received | 0.2 | — | 0.2 | — |
Non-agency-sponsored mortgages(1) | ||||||
U.S. agency- sponsored mortgages | Senior interests | Subordinated interests | ||||
Discount rate | — | — | ||||
Weighted average discount rate | % | — | — | |||
Constant prepayment rate | — | — | ||||
Weighted average constant prepayment rate | % | — | — | |||
Anticipated net credit losses(2) | NM | — | — | |||
Weighted average anticipated net credit losses | NM | — | — | |||
Weighted average life | — | — |
Three months ended June 30, 2015 | ||||||
Non-agency-sponsored mortgages(1) | ||||||
U.S. agency- sponsored mortgages | Senior interests | Subordinated interests | ||||
Discount rate | 0.0% to 8.2% | — | 11.2% to 12.1% | |||
Weighted average discount rate | 5.3 | % | — | 11.6 | % | |
Constant prepayment rate | 5.7% to 15.5% | — | 3.5% to 8.0% | |||
Weighted average constant prepayment rate | 9.5 | % | — | 5.6 | % | |
Anticipated net credit losses(2) | NM | — | 38.1% to 52.1% | |||
Weighted average anticipated net credit losses | NM | — | 45.7 | % | ||
Weighted average life | 3.5 to 12.8 years | — | 8.9 to 12.9 years |
Six months ended June 30, 2016 | ||||||
Non-agency-sponsored mortgages(1) | ||||||
U.S. agency- sponsored mortgages | Senior interests | Subordinated interests | ||||
Discount rate | 0.8% to 11.5% | — | — | |||
Weighted average discount rate | 8.7 | % | — | — | ||
Constant prepayment rate | 8.6% to 26.8% | — | — | |||
Weighted average constant prepayment rate | 12.5 | % | — | — | ||
Anticipated net credit losses(2) | NM | — | — | |||
Weighted average anticipated net credit losses | NM | — | — | |||
Weighted average life | 0.5 to 17.5 years | — | — |
Six months ended June 30, 2015 | ||||||
Non-agency-sponsored mortgages(1) | ||||||
U.S. agency- sponsored mortgages | Senior interests | Subordinated interests | ||||
Discount rate | 0.0% to 8.2% | 2.8 | % | 4.4% to 12.1% | ||
Weighted average discount rate | 5.6 | % | 2.8 | % | 7.2 | % |
Constant prepayment rate | 5.7% to 34.9% | — | 3.3% to 8.0% | |||
Weighted average constant prepayment rate | 12.9 | % | — | 4.2 | % | |
Anticipated net credit losses(2) | NM | 40.0 | % | 38.1% to 55.9% | ||
Weighted average anticipated net credit losses | NM | 40.0 | % | 52.0 | % | |
Weighted average life | 3.5 to 12.8 years | 9.7 years | 0.0 to 12.9 years |
March 31, 2015 | ||||||
Non-agency-sponsored mortgages(1) | ||||||
U.S. agency- sponsored mortgages | Senior interests | Subordinated interests | ||||
Discount rate | 0.0% to 8.0% | 2.8 | % | 4.4 | % | |
Weighted average discount rate | 6.0 | % | 2.8 | % | 4.4 | % |
Constant prepayment rate | 11.7% to 34.9% | 0.0 | % | 3.3 | % | |
Weighted average constant prepayment rate | 17.6 | % | 0.0 | % | 3.3 | % |
Anticipated net credit losses(2) | NM | 40.0 | % | 55.9 | % | |
Weighted average anticipated net credit losses | NM | 40.0 | % | 55.9 | % | |
Weighted average life | 3.5 to 11.4 years | 9.7 years | 0.0 to 12.2 years |
(1) | Disclosure of non-agency-sponsored mortgages as senior and subordinated interests is indicative of the interests’ position in the capital structure of the securitization. |
(2) | Anticipated net credit losses represent estimated loss severity associated with defaulted mortgage loans underlying the mortgage securitizations disclosed above. Anticipated net credit losses, in this instance, do not represent total credit losses incurred to date, nor do they represent credit losses expected on retained interests in mortgage securitizations. |
NM | Anticipated net credit losses are not meaningful due to U.S. agency guarantees. |
March 31, 2016 | June 30, 2016 | |||||||||||
Non-agency-sponsored mortgages(1) | Non-agency-sponsored mortgages(1) | |||||||||||
U.S. agency- sponsored mortgages | Senior interests | Subordinated interests | U.S. agency- sponsored mortgages | Senior interests | Subordinated interests | |||||||
Discount rate | 0.3% to 25.4% | 1.5% to 20.3% | 2.5% to 27.1% | 0.3% to 27.0% | 0.3% to 8.5% | 1.6% to 30.1% | ||||||
Weighted average discount rate | 5.3 | % | 5.8 | % | 9.2 | % | 5.4 | % | 5.2 | % | 12.3 | % |
Constant prepayment rate | 7.0% to 44.6% | 4.6% to 100.0% | 0.5% to 40.2% | 10.0% to 46.5% | 4.7% to 19.7% | 0.5% to 42.0% | ||||||
Weighted average constant prepayment rate | 16.3 | % | 15.7 | % | 7.5 | % | 20.0 | % | 5.2 | % | 8.7 | % |
Anticipated net credit losses(2) | NM | 0.4% to 87.4% | 3.2% to 94.6% | NM | 0.5% to 90.2% | 2.8% to 93.0% | ||||||
Weighted average anticipated net credit losses | NM | 50.7 | % | 55.5 | % | NM | 83.8 | % | 48.3 | % | ||
Weighted average life | 0.7 to 19.5 years | 0.3 to 18.5 years | 1.2 to 18.8 years | 0.5 to 18.5 years | 4.3 to 14.8 years | 1.5 to 11.3 years |
December 31, 2015 | ||||||
Non-agency-sponsored mortgages(1) | ||||||
U.S. agency- sponsored mortgages | Senior interests | Subordinated interests | ||||
Discount rate | 0.0% to 27.0% | 1.6% to 67.6% | 2.0% to 24.9% | |||
Weighted average discount rate | 4.9 | % | 7.6 | % | 8.4 | % |
Constant prepayment rate | 5.7% to 27.8% | 4.2% to 100.0% | 0.5% to 20.8% | |||
Weighted average constant prepayment rate | 12.3 | % | 14.0 | % | 7.5 | % |
Anticipated net credit losses(2) | NM | 0.2% to 89.1% | 3.8% to 92.0% | |||
Weighted average anticipated net credit losses | NM | 48.9 | % | 54.4 | % | |
Weighted average life | 1.3 to 21.0 years | 0.3 to 18.1 years | 0.9 to 19.0 years |
(1) | Disclosure of non-agency-sponsored mortgages as senior and subordinated interests is indicative of the interests’ position in the capital structure of the securitization. |
(2) | Anticipated net credit losses represent estimated loss severity associated with defaulted mortgage loans underlying the mortgage securitizations disclosed above. Anticipated net credit losses, in this instance, do not represent total credit losses incurred to date, nor do they represent credit losses expected on retained interests in mortgage securitizations. |
NM | Anticipated net credit losses are not meaningful due to U.S. agency guarantees. |
March 31, 2016 | June 30, 2016 | |||||||||||||||||
Non-agency-sponsored mortgages(1) | Non-agency-sponsored mortgages(1) | |||||||||||||||||
In millions of dollars | U.S. agency- sponsored mortgages | Senior interests | Subordinated interests | U.S. agency- sponsored mortgages | Senior interests | Subordinated interests | ||||||||||||
Carrying value of retained interests | $ | 3,186 | $ | 100 | $ | 297 | $ | 2,555 | $ | 33 | $ | 190 | ||||||
Discount rates | ||||||||||||||||||
Adverse change of 10% | $ | (62 | ) | $ | (9 | ) | $ | (15 | ) | $ | (45 | ) | $ | (7 | ) | $ | (11 | ) |
Adverse change of 20% | (121 | ) | (19 | ) | (28 | ) | (90 | ) | (13 | ) | (20 | ) | ||||||
Constant prepayment rate | ||||||||||||||||||
Adverse change of 10% | (113 | ) | (1 | ) | (6 | ) | (104 | ) | (2 | ) | (5 | ) | ||||||
Adverse change of 20% | (217 | ) | (2 | ) | (12 | ) | (204 | ) | (3 | ) | (10 | ) | ||||||
Anticipated net credit losses | ||||||||||||||||||
Adverse change of 10% | NM | (8 | ) | (6 | ) | NM | (10 | ) | (2 | ) | ||||||||
Adverse change of 20% | NM | (16 | ) | (11 | ) | NM | (18 | ) | (4 | ) |
December 31, 2015 | |||||||||
Non-agency-sponsored mortgages(1) | |||||||||
In millions of dollars | U.S. agency- sponsored mortgages | Senior interests | Subordinated interests | ||||||
Carrying value of retained interests | $ | 3,546 | $ | 179 | $ | 533 | |||
Discount rates | |||||||||
Adverse change of 10% | $ | (79 | ) | $ | (8 | ) | $ | (25 | ) |
Adverse change of 20% | (155 | ) | (15 | ) | (49 | ) | |||
Constant prepayment rate | |||||||||
Adverse change of 10% | (111 | ) | (3 | ) | (9 | ) | |||
Adverse change of 20% | (213 | ) | (6 | ) | (18 | ) | |||
Anticipated net credit losses | |||||||||
Adverse change of 10% | NM | (6 | ) | (7 | ) | ||||
Adverse change of 20% | NM | (11 | ) | (14 | ) |
(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. |
NM | Anticipated net credit losses are not meaningful due to U.S. agency guarantees. |
Three months ended June 30, | ||||||||||||
In millions of dollars | 2016 | 2015 | 2016 | 2015 | ||||||||
Balance, beginning of year | $ | 1,781 | $ | 1,845 | ||||||||
Balance, as of March 31 | $ | 1,524 | $ | 1,685 | ||||||||
Originations | 33 | 43 | 35 | 68 | ||||||||
Changes in fair value of MSRs due to changes in inputs and assumptions | (225 | ) | (71 | ) | (137 | ) | 262 | |||||
Other changes(1) | (79 | ) | (100 | ) | (98 | ) | (82 | ) | ||||
Sale of MSRs(2) | 14 | (32 | ) | |||||||||
Balance, as of March 31 | $ | 1,524 | $ | 1,685 | ||||||||
Sale of MSRs | — | (9 | ) | |||||||||
Balance, as of June 30 | $ | 1,324 | $ | 1,924 |
Six months ended June 30, | ||||||
In millions of dollars | 2016 | 2015 | ||||
Balance, beginning of year | $ | 1,781 | $ | 1,845 | ||
Originations | 68 | 111 | ||||
Changes in fair value of MSRs due to changes in inputs and assumptions | (362 | ) | 191 | |||
Other changes(1) | (177 | ) | (182 | ) | ||
Sale of MSRs(2) | 14 | (41 | ) | |||
Balance, as of June 30 | $ | 1,324 | $ | 1,924 |
(1) | Represents changes due to customer payments and passage of time. |
(2) | Current period’s amount is related to a sale of credit challenged MSRs for which Citi paid the new servicer. |
Three months ended June 30, | Six months ended June 30, | |||||||||||||||||
In millions of dollars | 2016 | 2015 | 2016 | 2015 | 2016 | 2015 | ||||||||||||
Servicing fees | $ | 128 | $ | 140 | $ | 126 | $ | 141 | $ | 254 | $ | 281 | ||||||
Late fees | 4 | 4 | 4 | 4 | 8 | 8 | ||||||||||||
Ancillary fees | 5 | 7 | 4 | 15 | 9 | 22 | ||||||||||||
Total MSR fees | $ | 137 | $ | 151 | $ | 134 | $ | 160 | $ | 271 | $ | 311 |
Dec. 31, 2015 | ||
Discount rate | 1.1% to 41.9% | 1.4% to 49.6% |
In millions of dollars | Mar. 31, 2016 | Dec. 31, 2015 | June 30, 2016 | Dec. 31, 2015 | ||||||||
Carrying value of retained interests | $ | 907 | $ | 918 | $ | 908 | $ | 918 | ||||
Discount rates | ||||||||||||
Adverse change of 10% | $ | (5 | ) | $ | (5 | ) | $ | (5 | ) | $ | (5 | ) |
Adverse change of 20% | (10 | ) | (10 | ) | (10 | ) | (10 | ) |
March 31, 2016 | June 30, 2016 | |||||||||||
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 | $ | 14,633 | $ | 4,071 | $ | 14,981 | $ | 5,483 | ||||
Corporate loans | 1,529 | 2,284 | 1,050 | 1,948 | ||||||||
Hedge funds and equities | 377 | 56 | 386 | 56 | ||||||||
Airplanes, ships and other assets | 38,917 | 17,655 | 39,898 | 18,385 | ||||||||
Total | $ | 55,456 | $ | 24,066 | $ | 56,315 | $ | 25,872 |
December 31, 2015 | ||||||
In millions of dollars | Total unconsolidated VIE assets | Maximum exposure to unconsolidated VIEs | ||||
Type | ||||||
Commercial and other real estate | $ | 17,459 | $ | 6,528 | ||
Corporate loans | 1,274 | 1,871 | ||||
Hedge funds and equities | 385 | 55 | ||||
Airplanes, ships and other assets | 38,380 | 17,137 | ||||
Total | $ | 57,498 | $ | 25,591 |
Hedging instruments under ASC 815(1)(2) | Other derivative instruments | Hedging instruments under ASC 815(1)(2) | Other derivative instruments | |||||||||||||||||||||||||||||||||
Trading derivatives | Management hedges(3) | Trading derivatives | Management hedges(3) | |||||||||||||||||||||||||||||||||
In millions of dollars | March 31, 2016 | December 31, 2015 | March 31, 2016 | December 31, 2015 | March 31, 2016 | December 31, 2015 | June 30, 2016 | December 31, 2015 | June 30, 2016 | December 31, 2015 | June 30, 2016 | December 31, 2015 | ||||||||||||||||||||||||
Interest rate contracts | ||||||||||||||||||||||||||||||||||||
Swaps | $ | 176,364 | $ | 166,576 | $ | 24,947,131 | $ | 22,208,794 | $ | 36,223 | $ | 28,969 | $ | 190,434 | $ | 166,576 | $ | 22,790,256 | $ | 22,208,794 | $ | 34,575 | $ | 28,969 | ||||||||||||
Futures and forwards | — | — | 6,680,954 | 6,868,340 | 29,459 | 38,421 | — | — | 5,944,024 | 6,868,340 | 33,385 | 38,421 | ||||||||||||||||||||||||
Written options | — | — | 3,292,207 | 3,033,617 | 2,642 | 2,606 | — | — | 3,197,007 | 3,033,617 | 5,616 | 2,606 | ||||||||||||||||||||||||
Purchased options | — | — | 3,119,380 | 2,887,605 | 3,660 | 4,575 | — | — | 2,941,662 | 2,887,605 | 5,450 | 4,575 | ||||||||||||||||||||||||
Total interest rate contract notionals | $ | 176,364 | $ | 166,576 | $ | 38,039,672 | $ | 34,998,356 | $ | 71,984 | $ | 74,571 | $ | 190,434 | $ | 166,576 | $ | 34,872,949 | $ | 34,998,356 | $ | 79,026 | $ | 74,571 | ||||||||||||
Foreign exchange contracts | ||||||||||||||||||||||||||||||||||||
Swaps | $ | 22,922 | $ | 23,007 | $ | 5,069,925 | $ | 4,765,687 | $ | 21,944 | $ | 23,960 | $ | 21,384 | $ | 23,007 | $ | 5,576,865 | $ | 4,765,687 | $ | 23,098 | $ | 23,960 | ||||||||||||
Futures, forwards and spot | 74,594 | 72,124 | 3,475,559 | 2,563,649 | 3,858 | 3,034 | 71,422 | 72,124 | 3,510,377 | 2,563,649 | 4,472 | 3,034 | ||||||||||||||||||||||||
Written options | — | 448 | 1,465,953 | 1,125,664 | — | — | — | 448 | 1,449,764 | 1,125,664 | — | — | ||||||||||||||||||||||||
Purchased options | 260 | 819 | 1,500,304 | 1,131,816 | — | — | — | 819 | 1,485,184 | 1,131,816 | — | — | ||||||||||||||||||||||||
Total foreign exchange contract notionals | $ | 97,776 | $ | 96,398 | $ | 11,511,741 | $ | 9,586,816 | $ | 25,802 | $ | 26,994 | $ | 92,806 | $ | 96,398 | $ | 12,022,190 | $ | 9,586,816 | $ | 27,570 | $ | 26,994 | ||||||||||||
Equity contracts | ||||||||||||||||||||||||||||||||||||
Swaps | $ | — | $ | — | $ | 179,249 | $ | 180,963 | $ | — | $ | — | $ | — | $ | — | $ | 171,361 | $ | 180,963 | $ | — | $ | — | ||||||||||||
Futures and forwards | — | — | 37,778 | 33,735 | — | — | — | — | 29,938 | 33,735 | — | — | ||||||||||||||||||||||||
Written options | — | — | 193,117 | 298,876 | — | — | — | — | 376,780 | 298,876 | — | — | ||||||||||||||||||||||||
Purchased options | — | — | 156,571 | 265,062 | — | — | — | — | 341,476 | 265,062 | — | — | ||||||||||||||||||||||||
Total equity contract notionals | $ | — | $ | — | $ | 566,715 | $ | 778,636 | $ | — | $ | — | $ | — | $ | — | $ | 919,555 | $ | 778,636 | $ | — | $ | — | ||||||||||||
Commodity and other contracts | ||||||||||||||||||||||||||||||||||||
Swaps | $ | — | $ | — | $ | 64,768 | $ | 70,561 | $ | — | $ | — | $ | — | $ | — | $ | 71,194 | $ | 70,561 | $ | — | $ | — | ||||||||||||
Futures and forwards | 773 | 789 | 115,817 | 106,474 | — | — | 783 | 789 | 135,979 | 106,474 | — | — | ||||||||||||||||||||||||
Written options | — | — | 72,600 | 72,648 | — | — | — | — | 79,109 | 72,648 | — | — | ||||||||||||||||||||||||
Purchased options | — | — | 67,377 | 66,051 | — | — | — | — | 73,843 | 66,051 | — | — | ||||||||||||||||||||||||
Total commodity and other contract notionals | $ | 773 | $ | 789 | $ | 320,562 | $ | 315,734 | $ | — | $ | — | $ | 783 | $ | 789 | $ | 360,125 | $ | 315,734 | $ | — | $ | — | ||||||||||||
Credit derivatives(4) | ||||||||||||||||||||||||||||||||||||
Protection sold | $ | — | $ | — | $ | 1,006,498 | $ | 950,922 | $ | — | $ | — | $ | — | $ | — | $ | 1,071,410 | $ | 950,922 | $ | — | $ | — | ||||||||||||
Protection purchased | — | — | 1,049,078 | 981,586 | 26,319 | 23,628 | — | — | 1,108,387 | 981,586 | 26,901 | 23,628 | ||||||||||||||||||||||||
Total credit derivatives | $ | — | $ | — | $ | 2,055,576 | $ | 1,932,508 | $ | 26,319 | $ | 23,628 | $ | — | $ | — | $ | 2,179,797 | $ | 1,932,508 | $ | 26,901 | $ | 23,628 | ||||||||||||
Total derivative notionals | $ | 274,913 | $ | 263,763 | $ | 52,494,266 | $ | 47,612,050 | $ | 124,105 | $ | 125,193 | $ | 284,023 | $ | 263,763 | $ | 50,354,616 | $ | 47,612,050 | $ | 133,497 | $ | 125,193 |
(1) | The notional amounts presented in this table do not include hedge accounting relationships under ASC 815 where Citigroup is hedging the foreign currency risk of a net investment in a foreign operation by issuing a foreign-currency-denominated debt instrument. The notional amount of such debt was |
(2) | Derivatives in hedge accounting relationships accounted for under ASC 815 are recorded in either Other assets/Other liabilities or Trading account assets/Trading account liabilities on the Consolidated Balance Sheet. |
(3) | Management hedges represent derivative instruments used to mitigate certain economic risks, but for which hedge accounting is not applied. These derivatives are recorded in either Other assets/Other liabilities or Trading account assets/Trading account liabilities on the Consolidated Balance Sheet. |
(4) | Credit derivatives are arrangements designed to allow one party (protection buyer) 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. |
In millions of dollars at March 31, 2016 | Derivatives classified in Trading account assets / liabilities(1)(2)(3) | Derivatives classified in Other assets / liabilities(2)(3) | ||||||||||||||||||||||
In millions of dollars at June 30, 2016 | Derivatives classified in Trading account assets / liabilities(1)(2)(3) | Derivatives classified in Other assets / liabilities(2)(3) | ||||||||||||||||||||||
Derivatives instruments designated as ASC 815 hedges | Assets | Liabilities | Assets | Liabilities | Assets | Liabilities | Assets | Liabilities | ||||||||||||||||
Over-the-counter | $ | 859 | $ | 131 | $ | 2,514 | $ | 29 | $ | 914 | $ | 168 | $ | 2,553 | $ | 86 | ||||||||
Cleared | 6,552 | 1,780 | — | 154 | 7,596 | 1,945 | — | 185 | ||||||||||||||||
Interest rate contracts | $ | 7,411 | $ | 1,911 | $ | 2,514 | $ | 183 | $ | 8,510 | $ | 2,113 | $ | 2,553 | $ | 271 | ||||||||
Over-the-counter | $ | 1,534 | $ | 1,475 | $ | 78 | $ | 735 | $ | 1,849 | $ | 1,175 | $ | 142 | $ | 1,335 | ||||||||
Cleared | — | 4 | — | — | ||||||||||||||||||||
Foreign exchange contracts | $ | 1,534 | $ | 1,475 | $ | 78 | $ | 735 | $ | 1,849 | $ | 1,179 | $ | 142 | $ | 1,335 | ||||||||
Total derivative instruments designated as ASC 815 hedges | $ | 8,945 | $ | 3,386 | $ | 2,592 | $ | 918 | $ | 10,359 | $ | 3,292 | $ | 2,695 | $ | 1,606 | ||||||||
Derivatives instruments not designated as ASC 815 hedges | ||||||||||||||||||||||||
Over-the-counter | $ | 354,499 | $ | 332,557 | $ | 219 | $ | — | $ | 358,279 | $ | 336,680 | $ | 200 | $ | 17 | ||||||||
Cleared | 180,934 | 185,598 | 642 | 606 | 199,439 | 204,020 | 673 | 694 | ||||||||||||||||
Exchange traded | 84 | 84 | — | — | 109 | 75 | — | — | ||||||||||||||||
Interest rate contracts | $ | 535,517 | $ | 518,239 | $ | 861 | $ | 606 | $ | 557,827 | $ | 540,775 | $ | 873 | $ | 711 | ||||||||
Over-the-counter | $ | 156,611 | $ | 161,132 | $ | — | $ | 63 | $ | 173,386 | $ | 169,489 | $ | — | $ | 54 | ||||||||
Cleared | 465 | 389 | — | — | 266 | 230 | — | — | ||||||||||||||||
Exchange traded | 30 | 9 | — | — | 52 | 22 | — | — | ||||||||||||||||
Foreign exchange contracts | $ | 157,106 | $ | 161,530 | $ | — | $ | 63 | $ | 173,704 | $ | 169,741 | $ | — | $ | 54 | ||||||||
Over-the-counter | $ | 15,606 | $ | 20,648 | $ | — | $ | — | $ | 16,150 | $ | 21,209 | $ | — | $ | — | ||||||||
Cleared | 19 | 11 | — | — | 987 | 67 | — | — | ||||||||||||||||
Exchange traded | 8,555 | 8,739 | — | — | 8,378 | 8,378 | — | — | ||||||||||||||||
Equity contracts | $ | 24,180 | $ | 29,398 | $ | — | $ | — | $ | 25,515 | $ | 29,654 | $ | — | $ | — | ||||||||
Over-the-counter | $ | 14,819 | $ | 16,738 | $ | — | $ | — | $ | 11,411 | $ | 13,356 | $ | — | $ | — | ||||||||
Exchange traded | 1,214 | 1,923 | — | — | 1,006 | 1,399 | — | — | ||||||||||||||||
Commodity and other contracts | $ | 16,033 | $ | 18,661 | $ | — | $ | — | $ | 12,417 | $ | 14,755 | $ | — | $ | — | ||||||||
Over-the-counter | $ | 28,356 | $ | 28,705 | $ | 587 | $ | 253 | $ | 29,440 | $ | 30,066 | $ | 394 | $ | 229 | ||||||||
Cleared | 4,167 | 3,825 | 150 | 320 | 3,492 | 3,169 | 118 | 302 | ||||||||||||||||
Credit derivatives(4) | $ | 32,523 | $ | 32,530 | $ | 737 | $ | 573 | $ | 32,932 | $ | 33,235 | $ | 512 | $ | 531 | ||||||||
Total derivatives instruments not designated as ASC 815 hedges | $ | 765,359 | $ | 760,358 | $ | 1,598 | $ | 1,242 | $ | 802,395 | $ | 788,160 | $ | 1,385 | $ | 1,296 | ||||||||
Total derivatives | $ | 774,304 | $ | 763,744 | $ | 4,190 | $ | 2,160 | $ | 812,754 | $ | 791,452 | $ | 4,080 | $ | 2,902 | ||||||||
Cash collateral paid/received(5)(6) | $ | 6,424 | $ | 13,891 | $ | 11 | $ | 40 | $ | 9,292 | $ | 16,592 | $ | 7 | $ | — | ||||||||
Less: Netting agreements(7) | (663,872 | ) | (663,872 | ) | — | — | (690,888 | ) | (690,888 | ) | — | — | ||||||||||||
Less: Netting cash collateral received/paid(8) | (53,812 | ) | (50,994 | ) | (2,102 | ) | (44 | ) | (58,945 | ) | (53,952 | ) | (1,793 | ) | (40 | ) | ||||||||
Net receivables/payables included on the consolidated balance sheet(9) | $ | 63,044 | $ | 62,769 | $ | 2,099 | $ | 2,156 | $ | 72,213 | $ | 63,204 | $ | 2,294 | $ | 2,862 | ||||||||
Additional amounts subject to an enforceable master netting agreement but not offset on the Consolidated Balance Sheet | ||||||||||||||||||||||||
Less: Cash collateral received/paid | $ | (1,182 | ) | $ | (8 | ) | $ | — | $ | — | $ | (1,236 | ) | $ | (24 | ) | $ | — | $ | — | ||||
Less: Non-cash collateral received/paid | (11,787 | ) | (6,353 | ) | (364 | ) | — | (14,754 | ) | (7,696 | ) | (758 | ) | — | ||||||||||
Total net receivables/payables(9) | $ | 50,075 | $ | 56,408 | $ | 1,735 | $ | 2,156 | $ | 56,223 | $ | 55,484 | $ | 1,536 | $ | 2,862 |
(1) | The trading derivatives fair values are presented in Note 12 to the Consolidated Financial Statements. |
(2) | Derivative mark-to-market receivables/payables related to management hedges are recorded in either Other assets/Other liabilities or Trading account assets/Trading account liabilities. |
(3) | 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. |
(4) | The credit derivatives trading assets comprise |
(5) | For the trading account assets/liabilities, reflects the net amount of the |
(6) | For cash collateral paid with respect to non-trading derivative assets, reflects the net amount of |
(7) | Represents the netting of derivative receivable and payable balances with the same counterparty under enforceable netting agreements. Approximately |
(8) | Represents the netting of cash collateral paid and received by counterparty under enforceable credit support agreements. Substantially all cash collateral received and paid is netted against OTC derivative assets and liabilities, respectively. |
(9) | The net receivables/payables include approximately $9 billion of derivative asset and $9 billion of derivative liability fair values not subject to enforceable master netting agreements, respectively. |
In millions of dollars at December 31, 2015 | Derivatives classified in Trading account assets / liabilities(1)(2)(3) | Derivatives classified in Other assets / liabilities(2)(3) | Derivatives classified in Trading account assets / liabilities(1)(2)(3) | Derivatives classified in Other assets / liabilities(2)(3) | ||||||||||||||||||||
Derivatives instruments designated as ASC 815 hedges | Assets | Liabilities | Assets | Liabilities | Assets | Liabilities | Assets | Liabilities | ||||||||||||||||
Over-the-counter | $ | 262 | $ | 105 | $ | 2,328 | $ | 106 | $ | 262 | $ | 105 | $ | 2,328 | $ | 106 | ||||||||
Cleared | 4,607 | 1,471 | 5 | — | 4,607 | 1,471 | 5 | — | ||||||||||||||||
Interest rate contracts | $ | 4,869 | $ | 1,576 | $ | 2,333 | $ | 106 | $ | 4,869 | $ | 1,576 | $ | 2,333 | $ | 106 | ||||||||
Over-the-counter | $ | 2,688 | $ | 364 | $ | 95 | $ | 677 | $ | 2,688 | $ | 364 | $ | 95 | $ | 677 | ||||||||
Cleared | — | — | — | — | ||||||||||||||||||||
Foreign exchange contracts | $ | 2,688 | $ | 364 | $ | 95 | $ | 677 | $ | 2,688 | $ | 364 | $ | 95 | $ | 677 | ||||||||
Total derivative instruments designated as ASC 815 hedges | $ | 7,557 | $ | 1,940 | $ | 2,428 | $ | 783 | $ | 7,557 | $ | 1,940 | $ | 2,428 | $ | 783 | ||||||||
Derivatives instruments not designated as ASC 815 hedges | ||||||||||||||||||||||||
Over-the-counter | $ | 289,124 | $ | 267,761 | $ | 182 | $ | 12 | $ | 289,124 | $ | 267,761 | $ | 182 | $ | 12 | ||||||||
Cleared | 120,848 | 126,532 | 244 | 216 | 120,848 | 126,532 | 244 | 216 | ||||||||||||||||
Exchange traded | 53 | 35 | — | — | 53 | 35 | — | — | ||||||||||||||||
Interest rate contracts | $ | 410,025 | $ | 394,328 | $ | 426 | $ | 228 | $ | 410,025 | $ | 394,328 | $ | 426 | $ | 228 | ||||||||
Over-the-counter | $ | 126,474 | $ | 133,361 | $ | — | $ | 66 | $ | 126,474 | $ | 133,361 | $ | — | $ | 66 | ||||||||
Cleared | 134 | 152 | — | — | 134 | 152 | — | — | ||||||||||||||||
Exchange traded | 21 | 36 | — | — | 21 | 36 | — | — | ||||||||||||||||
Foreign exchange contracts | $ | 126,629 | $ | 133,549 | $ | — | $ | 66 | $ | 126,629 | $ | 133,549 | $ | — | $ | 66 | ||||||||
Over-the-counter | $ | 14,560 | $ | 20,107 | $ | — | $ | — | $ | 14,560 | $ | 20,107 | $ | — | $ | — | ||||||||
Cleared | 28 | 3 | — | — | 28 | 3 | — | — | ||||||||||||||||
Exchange traded | 7,297 | 6,406 | — | — | 7,297 | 6,406 | — | — | ||||||||||||||||
Equity contracts | $ | 21,885 | $ | 26,516 | $ | — | $ | — | $ | 21,885 | $ | 26,516 | $ | — | $ | — | ||||||||
Over-the-counter | $ | 16,794 | $ | 18,641 | $ | — | $ | — | $ | 16,794 | $ | 18,641 | $ | — | $ | — | ||||||||
Exchange traded | 1,216 | 1,912 | — | — | 1,216 | 1,912 | — | — | ||||||||||||||||
Commodity and other contracts | $ | 18,010 | $ | 20,553 | $ | — | $ | — | $ | 18,010 | $ | 20,553 | $ | — | $ | — | ||||||||
Over-the-counter | $ | 31,072 | $ | 30,608 | $ | 711 | $ | 245 | $ | 31,072 | $ | 30,608 | $ | 711 | $ | 245 | ||||||||
Cleared | 3,803 | 3,560 | 131 | 318 | 3,803 | 3,560 | 131 | 318 | ||||||||||||||||
Credit derivatives(4) | $ | 34,875 | $ | 34,168 | $ | 842 | $ | 563 | $ | 34,875 | $ | 34,168 | $ | 842 | $ | 563 | ||||||||
Total derivatives instruments not designated as ASC 815 hedges | $ | 611,424 | $ | 609,114 | $ | 1,268 | $ | 857 | $ | 611,424 | $ | 609,114 | $ | 1,268 | $ | 857 | ||||||||
Total derivatives | $ | 618,981 | $ | 611,054 | $ | 3,696 | $ | 1,640 | $ | 618,981 | $ | 611,054 | $ | 3,696 | $ | 1,640 | ||||||||
Cash collateral paid/received(5)(6) | $ | 4,911 | $ | 13,628 | $ | 8 | $ | 37 | $ | 4,911 | $ | 13,628 | $ | 8 | $ | 37 | ||||||||
Less: Netting agreements(7) | (524,481 | ) | (524,481 | ) | — | — | (524,481 | ) | (524,481 | ) | — | — | ||||||||||||
Less: Netting cash collateral received/paid(8) | (43,227 | ) | (42,609 | ) | (1,949 | ) | (53 | ) | (43,227 | ) | (42,609 | ) | (1,949 | ) | (53 | ) | ||||||||
Net receivables/payables included on the Consolidated Balance Sheet(9) | $ | 56,184 | $ | 57,592 | $ | 1,755 | $ | 1,624 | $ | 56,184 | $ | 57,592 | $ | 1,755 | $ | 1,624 | ||||||||
Additional amounts subject to an enforceable master netting agreement but not offset on the Consolidated Balance Sheet | ||||||||||||||||||||||||
Less: Cash collateral received/paid | $ | (779 | ) | $ | (2 | ) | $ | — | $ | — | $ | (779 | ) | $ | (2 | ) | $ | — | $ | — | ||||
Less: Non-cash collateral received/paid | (9,855 | ) | (5,131 | ) | (270 | ) | — | (9,855 | ) | (5,131 | ) | (270 | ) | — | ||||||||||
Total net receivables/payables(9) | $ | 45,550 | $ | 52,459 | $ | 1,485 | $ | 1,624 | $ | 45,550 | $ | 52,459 | $ | 1,485 | $ | 1,624 |
(1) | The trading derivatives fair values are presented in Note 12 to the Consolidated Financial Statements. |
(2) | Derivative mark-to-market receivables/payables related to management hedges are recorded in either Other assets/Other liabilities or Trading account assets/Trading account liabilities. |
(3) | Over-the-counter (OTC) derivatives include 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. |
(4) | The credit derivatives trading assets comprise $17,957 million related to protection purchased and $16,918 million related to protection sold as of December 31, 2015. The credit derivatives trading liabilities comprise $16,968 million related to protection purchased and $17,200 million related to protection sold as of December 31, 2015. |
(5) | For the trading account assets/liabilities, reflects the net amount of the $47,520 million and $56,855 million of gross cash collateral paid and received, respectively. Of the gross cash collateral paid, $42,609 million was used to offset derivative liabilities and, of the gross cash collateral received, $43,227 million was used to offset derivative assets. |
(6) | For cash collateral paid with respect to non-trading derivative assets, reflects the net amount of $61 million of the gross cash collateral received, of which $53 million is netted against non-trading derivative positions within Other liabilities. For cash collateral received with respect to non-trading derivative liabilities, reflects the net amount of $1,986 million of gross cash collateral received, of which $1,949 million is netted against non-trading derivative positions within Other assets. |
(7) | Represents the netting of derivative receivable and payable balances with the same counterparty under enforceable netting agreements. Approximately $391 billion, $126 billion and $7 billion of the netting against trading account asset/liability balances is attributable to each of the OTC, cleared and exchange-traded derivatives, respectively. |
(8) | Represents the netting of cash collateral paid and received by counterparty under enforceable credit support agreements. Substantially all cash collateral received and paid is netted against OTC derivative assets and liabilities, respectively. |
(9) | The net receivables/payables include approximately $10 billion of derivative asset and $10 billion of liability fair values not subject to enforceable master netting agreements, respectively. |
Gains (losses) included in Other revenue | Gains (losses) included in Other revenue | |||||||||||||||||
Three Months Ended March 31, | Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||
In millions of dollars | 2016 | 2015 | 2016 | 2015 | 2016 | 2015 | ||||||||||||
Interest rate contracts | $ | 15 | $ | 15 | $ | 11 | $ | (51 | ) | $ | 26 | $ | (36 | ) | ||||
Foreign exchange | 4 | (15 | ) | 11 | (31 | ) | 15 | (46 | ) | |||||||||
Credit derivatives | (213 | ) | 10 | (348 | ) | 61 | (562 | ) | 71 | |||||||||
Total Citigroup | $ | (194 | ) | $ | 10 | $ | (326 | ) | $ | (21 | ) | $ | (521 | ) | $ | (11 | ) |
Gains (losses) on fair value hedges(1) | Gains (losses) on fair value hedges(1) | |||||||||||||||||
Three Months Ended March 31, | Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||
In millions of dollars | 2016 | 2015 | 2016 | 2015 | 2016 | 2015 | ||||||||||||
Gain (loss) on the derivatives in designated and qualifying fair value hedges | ||||||||||||||||||
Interest rate contracts | $ | 2,115 | $ | 641 | $ | 1,082 | $ | (1,680 | ) | $ | 3,197 | $ | (1,039 | ) | ||||
Foreign exchange contracts | (1,361 | ) | 1,388 | (397 | ) | 16 | (1,758 | ) | 1,404 | |||||||||
Commodity contracts | 349 | 116 | 89 | (75 | ) | 438 | 41 | |||||||||||
Total gain (loss) on the derivatives in designated and qualifying fair value hedges | $ | 1,103 | $ | 2,145 | $ | 774 | $ | (1,739 | ) | $ | 1,877 | $ | 406 | |||||
Gain (loss) on the hedged item in designated and qualifying fair value hedges | ||||||||||||||||||
Interest rate hedges | $ | (2,090 | ) | $ | (608 | ) | $ | (1,053 | ) | $ | 1,606 | $ | (3,143 | ) | $ | 998 | ||
Foreign exchange hedges | 1,307 | (1,421 | ) | 454 | 36 | 1,761 | (1,385 | ) | ||||||||||
Commodity hedges | (344 | ) | (104 | ) | (89 | ) | 76 | (433 | ) | (28 | ) | |||||||
Total gain (loss) on the hedged item in designated and qualifying fair value hedges | $ | (1,127 | ) | $ | (2,133 | ) | $ | (688 | ) | $ | 1,718 | $ | (1,815 | ) | $ | (415 | ) | |
Hedge ineffectiveness recognized in earnings on designated and qualifying fair value hedges | ||||||||||||||||||
Interest rate hedges | $ | 27 | $ | 33 | $ | 32 | $ | (74 | ) | $ | 59 | $ | (41 | ) | ||||
Foreign exchange hedges | (75 | ) | (38 | ) | 25 | 21 | (50 | ) | (17 | ) | ||||||||
Total hedge ineffectiveness recognized in earnings on designated and qualifying fair value hedges | $ | (48 | ) | $ | (5 | ) | $ | 57 | $ | (53 | ) | $ | 9 | $ | (58 | ) | ||
Net gain (loss) excluded from assessment of the effectiveness of fair value hedges | ||||||||||||||||||
Interest rate contracts | $ | (2 | ) | $ | — | $ | (3 | ) | $ | — | $ | (5 | ) | $ | — | |||
Foreign exchange contracts(2) | 21 | 5 | 32 | 31 | 53 | 36 | ||||||||||||
Commodity hedges(2) | 5 | 12 | — | 1 | 5 | 13 | ||||||||||||
Total net gain (loss) excluded from assessment of the effectiveness of fair value hedges | $ | 24 | $ | 17 | $ | 29 | $ | 32 | $ | 53 | $ | 49 |
(1) | Amounts are included in Other revenue on the Consolidated Statement of Income. The accrued interest income on fair value hedges is recorded in Net interest revenue and is excluded from this table. |
(2) | Amounts relate to the premium associated with forward contracts (differential between spot and contractual forward rates). These amounts are excluded from the assessment of hedge effectiveness and are reflected directly in earnings. |
Three Months Ended March 31, | Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||
In millions of dollars | 2016 | 2015 | 2016 | 2015 | 2016 | 2015 | ||||||||||||
Effective portion of cash flow hedges included in AOCI | ||||||||||||||||||
Interest rate contracts | $ | 415 | $ | 220 | $ | 220 | $ | 17 | $ | 635 | $ | 237 | ||||||
Foreign exchange contracts | 24 | (150 | ) | (21 | ) | (10 | ) | 3 | (160 | ) | ||||||||
Total effective portion of cash flow hedges included in AOCI | $ | 439 | $ | 70 | $ | 199 | $ | 7 | $ | 638 | $ | 77 | ||||||
Effective portion of cash flow hedges reclassified from AOCI to earnings | ||||||||||||||||||
Interest rate contracts | $ | (16 | ) | $ | (46 | ) | $ | (41 | ) | $ | (74 | ) | $ | (57 | ) | $ | (120 | ) |
Foreign exchange contracts | (26 | ) | (40 | ) | (17 | ) | (37 | ) | (43 | ) | (77 | ) | ||||||
Total effective portion of cash flow hedges reclassified from AOCI to earnings(1) | $ | (42 | ) | $ | (86 | ) | $ | (58 | ) | $ | (111 | ) | $ | (100 | ) | $ | (197 | ) |
(1) | Included primarily in Other revenue and Net interest revenue on the Consolidated Income Statement. |
Fair values | Notionals | Fair values | Notionals | |||||||||||||||||||||
In millions of dollars at March 31, 2016 | Receivable(1) | Payable(2) | Protection purchased | Protection sold | ||||||||||||||||||||
In millions of dollars at June 30, 2016 | Receivable(1) | Payable(2) | Protection purchased | Protection sold | ||||||||||||||||||||
By industry/counterparty | ||||||||||||||||||||||||
Banks | $ | 16,687 | $ | 14,947 | $ | 518,134 | $ | 524,815 | $ | 17,816 | $ | 15,918 | $ | 571,921 | $ | 577,825 | ||||||||
Broker-dealers | 5,261 | 6,266 | 158,619 | 154,137 | 4,473 | 5,254 | 144,346 | 139,533 | ||||||||||||||||
Non-financial | 121 | 127 | 4,129 | 1,995 | 99 | 127 | 4,200 | 2,120 | ||||||||||||||||
Insurance and other financial institutions | 11,191 | 11,763 | 394,515 | 325,551 | 11,056 | 12,467 | 414,821 | 351,932 | ||||||||||||||||
Total by industry/counterparty | $ | 33,260 | $ | 33,103 | $ | 1,075,397 | $ | 1,006,498 | $ | 33,444 | $ | 33,766 | $ | 1,135,288 | $ | 1,071,410 | ||||||||
By instrument | ||||||||||||||||||||||||
Credit default swaps and options | $ | 32,171 | $ | 31,941 | $ | 1,048,679 | $ | 995,312 | $ | 31,520 | $ | 31,321 | $ | 1,106,801 | $ | 1,057,519 | ||||||||
Total return swaps and other | 1,089 | 1,162 | 26,718 | 11,186 | 1,924 | 2,445 | 28,487 | 13,891 | ||||||||||||||||
Total by instrument | $ | 33,260 | $ | 33,103 | $ | 1,075,397 | $ | 1,006,498 | $ | 33,444 | $ | 33,766 | $ | 1,135,288 | $ | 1,071,410 | ||||||||
By rating | ||||||||||||||||||||||||
Investment grade | $ | 11,220 | $ | 11,411 | $ | 821,334 | $ | 768,464 | $ | 13,072 | $ | 13,254 | $ | 859,824 | $ | 810,124 | ||||||||
Non-investment grade | 22,040 | 21,692 | 254,063 | 238,034 | 20,372 | 20,512 | 275,464 | 261,286 | ||||||||||||||||
Total by rating | $ | 33,260 | $ | 33,103 | $ | 1,075,397 | $ | 1,006,498 | $ | 33,444 | $ | 33,766 | $ | 1,135,288 | $ | 1,071,410 | ||||||||
By maturity | ||||||||||||||||||||||||
Within 1 year | $ | 3,844 | $ | 4,220 | $ | 288,191 | $ | 274,738 | $ | 5,641 | $ | 6,412 | $ | 346,615 | $ | 328,419 | ||||||||
From 1 to 5 years | 24,509 | 24,076 | 678,565 | 637,045 | 23,864 | 23,655 | 720,154 | 689,587 | ||||||||||||||||
After 5 years | 4,907 | 4,807 | 108,641 | 94,715 | 3,939 | 3,699 | 68,519 | 53,404 | ||||||||||||||||
Total by maturity | $ | 33,260 | $ | 33,103 | $ | 1,075,397 | $ | 1,006,498 | $ | 33,444 | $ | 33,766 | $ | 1,135,288 | $ | 1,071,410 |
(1) | The fair value amount receivable is composed of |
(2) | The fair value amount payable is composed of |
Fair values | Notionals | |||||||||||
In millions of dollars at December 31, 2015 | Receivable(1) | Payable(2) | Protection purchased | Protection sold | ||||||||
By industry/counterparty | ||||||||||||
Banks | $ | 18,377 | $ | 16,988 | $ | 513,335 | $ | 508,459 | ||||
Broker-dealers | 5,895 | 6,697 | 155,195 | 152,604 | ||||||||
Non-financial | 128 | 123 | 3,969 | 2,087 | ||||||||
Insurance and other financial institutions | 11,317 | 10,923 | 332,715 | 287,772 | ||||||||
Total by industry/counterparty | $ | 35,717 | $ | 34,731 | $ | 1,005,214 | $ | 950,922 | ||||
By instrument | ||||||||||||
Credit default swaps and options | $ | 34,849 | $ | 34,158 | $ | 981,999 | $ | 940,650 | ||||
Total return swaps and other | 868 | 573 | 23,215 | 10,272 | ||||||||
Total by instrument | $ | 35,717 | $ | 34,731 | $ | 1,005,214 | $ | 950,922 | ||||
By rating | ||||||||||||
Investment grade | $ | 12,694 | $ | 13,142 | $ | 764,040 | $ | 720,521 | ||||
Non-investment grade | 23,023 | 21,589 | 241,174 | 230,401 | ||||||||
Total by rating | $ | 35,717 | $ | 34,731 | $ | 1,005,214 | $ | 950,922 | ||||
By maturity | ||||||||||||
Within 1 year | $ | 3,871 | $ | 3,559 | $ | 265,632 | $ | 254,225 | ||||
From 1 to 5 years | 27,991 | 27,488 | 669,834 | 639,460 | ||||||||
After 5 years | 3,855 | 3,684 | 69,748 | 57,237 | ||||||||
Total by maturity | $ | 35,717 | $ | 34,731 | $ | 1,005,214 | $ | 950,922 |
(1) | The fair value amount receivable is composed of $18,799 million under protection purchased and $16,918 million under protection sold. |
(2) | The fair value amount payable is composed of $17,531 million under protection purchased and $17,200 million under protection sold. |
Credit and funding valuation adjustments contra-liability (contra-asset) | Credit and funding valuation adjustments contra-liability (contra-asset) | |||||||||||
In millions of dollars | March 31, 2016 | December 31, 2015 | June 30, 2016 | December 31, 2015 | ||||||||
Counterparty CVA | $ | (1,889 | ) | $ | (1,470 | ) | $ | (2,015 | ) | $ | (1,470 | ) |
Asset FVA | (664 | ) | (584 | ) | (679 | ) | (584 | ) | ||||
Citigroup (own-credit) CVA | 609 | 471 | 603 | 471 | ||||||||
Liability FVA | 135 | 106 | 154 | 106 | ||||||||
Total CVA—derivative instruments(1) | $ | (1,809 | ) | $ | (1,477 | ) | $ | (1,937 | ) | $ | (1,477 | ) |
(1) | FVA is included with CVA for presentation purposes. |
Credit/funding/debt valuation adjustments gain (loss) | Credit/funding/debt valuation adjustments gain (loss) | |||||||||||||||||
Three Months Ended March 31, | Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||
In millions of dollars | 2016 | 2015 | 2016 | 2015 | 2016 | 2015 | ||||||||||||
Counterparty CVA | $ | (108 | ) | $ | (139 | ) | $ | 14 | $ | (20 | ) | $ | (93 | ) | $ | (159 | ) | |
Asset FVA | (80 | ) | (42 | ) | (15 | ) | 94 | (95 | ) | 52 | ||||||||
Own-credit CVA | 135 | (36 | ) | (13 | ) | 20 | 121 | (16 | ) | |||||||||
Liability FVA | 29 | 57 | 18 | (12 | ) | 48 | 45 | |||||||||||
Total CVA—derivative instruments(1) | $ | (24 | ) | $ | (160 | ) | $ | 4 | $ | 82 | $ | (19 | ) | $ | (78 | ) | ||
DVA related to own FVO liabilities (2) | $ | 307 | $ | 87 | $ | 20 | $ | 230 | $ | 327 | $ | 318 |
(1) | FVA is included with CVA for presentation purposes. |
(2) | Effective January 1, 2016, Citigroup early adopted on a prospective basis only the provisions of ASU No. 2016-01, Financial Instruments - Overall (Subtopic |
In millions of dollars at March 31, 2016 | Level 1(1) | Level 2(1) | Level 3 | Gross inventory | Netting(2) | Net balance | ||||||||||||||||||||||||||||||
In millions of dollars at June 30, 2016 | Level 1(1) | Level 2(1) | Level 3 | Gross inventory | Netting(2) | Net balance | ||||||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||||||
Federal funds sold and securities borrowed or purchased under agreements to resell | $ | — | $ | 172,582 | $ | 1,909 | $ | 174,491 | $ | (32,711 | ) | $ | 141,780 | $ | — | $ | 171,688 | $ | 1,819 | $ | 173,507 | $ | (28,691 | ) | $ | 144,816 | ||||||||||
Trading non-derivative assets | ||||||||||||||||||||||||||||||||||||
Trading mortgage-backed securities | ||||||||||||||||||||||||||||||||||||
U.S. government-sponsored agency guaranteed | — | 26,987 | 1,039 | 28,026 | — | 28,026 | — | 26,832 | 730 | 27,562 | — | 27,562 | ||||||||||||||||||||||||
Residential | — | 288 | 1,192 | 1,480 | — | 1,480 | — | 194 | 801 | 995 | — | 995 | ||||||||||||||||||||||||
Commercial | — | 1,791 | 581 | 2,372 | — | 2,372 | — | 1,146 | 390 | 1,536 | — | 1,536 | ||||||||||||||||||||||||
Total trading mortgage-backed securities | $ | — | $ | 29,066 | $ | 2,812 | $ | 31,878 | $ | — | $ | 31,878 | $ | — | $ | 28,172 | $ | 1,921 | $ | 30,093 | $ | — | $ | 30,093 | ||||||||||||
U.S. Treasury and federal agency securities | $ | 28,196 | $ | 3,964 | $ | 3 | $ | 32,163 | $ | — | $ | 32,163 | $ | 21,287 | $ | 4,353 | $ | 3 | $ | 25,643 | $ | — | $ | 25,643 | ||||||||||||
State and municipal | — | 3,433 | 209 | 3,642 | — | 3,642 | — | 3,062 | 117 | 3,179 | — | 3,179 | ||||||||||||||||||||||||
Foreign government | 40,982 | 21,722 | 219 | 62,923 | — | 62,923 | 43,274 | 19,763 | 81 | 63,118 | — | 63,118 | ||||||||||||||||||||||||
Corporate | 357 | 14,555 | 477 | 15,389 | — | 15,389 | 553 | 14,198 | 405 | 15,156 | — | 15,156 | ||||||||||||||||||||||||
Equity securities | 42,925 | 2,428 | 3,755 | 49,108 | — | 49,108 | 41,219 | 1,818 | 3,970 | 47,007 | — | 47,007 | ||||||||||||||||||||||||
Asset-backed securities | — | 753 | 2,814 | 3,567 | — | 3,567 | — | 870 | 2,670 | 3,540 | — | 3,540 | ||||||||||||||||||||||||
Other trading assets | — | 9,459 | 2,574 | 12,033 | — | 12,033 | 3 | 8,973 | 2,839 | 11,815 | — | 11,815 | ||||||||||||||||||||||||
Total trading non-derivative assets | $ | 112,460 | $ | 85,380 | $ | 12,863 | $ | 210,703 | $ | — | $ | 210,703 | $ | 106,336 | $ | 81,209 | $ | 12,006 | $ | 199,551 | $ | — | $ | 199,551 | ||||||||||||
Trading derivatives | ||||||||||||||||||||||||||||||||||||
Interest rate contracts | $ | 52 | $ | 540,555 | $ | 2,321 | $ | 542,928 | $ | 48 | $ | 562,908 | $ | 3,381 | $ | 566,337 | ||||||||||||||||||||
Foreign exchange contracts | 49 | 157,654 | 937 | 158,640 | 58 | 174,695 | 800 | 175,553 | ||||||||||||||||||||||||||||
Equity contracts | 2,837 | 19,807 | 1,536 | 24,180 | 2,672 | 21,520 | 1,323 | 25,515 | ||||||||||||||||||||||||||||
Commodity contracts | 179 | 14,964 | 890 | 16,033 | 175 | 11,290 | 952 | 12,417 | ||||||||||||||||||||||||||||
Credit derivatives | — | 29,056 | 3,467 | 32,523 | — | 29,847 | 3,085 | 32,932 | ||||||||||||||||||||||||||||
Total trading derivatives | $ | 3,117 | $ | 762,036 | $ | 9,151 | $ | 774,304 | $ | 2,953 | $ | 800,260 | $ | 9,541 | $ | 812,754 | ||||||||||||||||||||
Cash collateral paid(3) | $ | 6,424 | $ | 9,292 | ||||||||||||||||||||||||||||||||
Netting agreements | $ | (663,872 | ) | $ | (690,888 | ) | ||||||||||||||||||||||||||||||
Netting of cash collateral received | (53,812 | ) | (58,945 | ) | ||||||||||||||||||||||||||||||||
Total trading derivatives | $ | 3,117 | $ | 762,036 | $ | 9,151 | $ | 780,728 | $ | (717,684 | ) | $ | 63,044 | $ | 2,953 | $ | 800,260 | $ | 9,541 | $ | 822,046 | $ | (749,833 | ) | $ | 72,213 | ||||||||||
Investments | ||||||||||||||||||||||||||||||||||||
Mortgage-backed securities | ||||||||||||||||||||||||||||||||||||
U.S. government-sponsored agency guaranteed | $ | — | $ | 44,118 | $ | 111 | $ | 44,229 | $ | — | $ | 44,229 | $ | — | $ | 45,403 | $ | 94 | $ | 45,497 | $ | — | $ | 45,497 | ||||||||||||
Residential | — | 5,553 | — | 5,553 | — | 5,553 | — | 5,040 | 25 | 5,065 | — | 5,065 | ||||||||||||||||||||||||
Commercial | — | 381 | 3 | 384 | — | 384 | — | 361 | 5 | 366 | — | 366 | ||||||||||||||||||||||||
Total investment mortgage-backed securities | $ | — | $ | 50,052 | $ | 114 | $ | 50,166 | $ | — | $ | 50,166 | $ | — | $ | 50,804 | $ | 124 | $ | 50,928 | $ | — | $ | 50,928 | ||||||||||||
U.S. Treasury and federal agency securities | $ | 109,792 | $ | 11,199 | $ | 3 | $ | 120,994 | $ | — | $ | 120,994 | $ | 113,604 | $ | 11,961 | $ | 3 | $ | 125,568 | $ | — | $ | 125,568 | ||||||||||||
State and municipal | — | 8,903 | 2,098 | 11,001 | — | 11,001 | — | 9,237 | 2,016 | 11,253 | — | 11,253 | ||||||||||||||||||||||||
Foreign government | 44,586 | 54,581 | 175 | 99,342 | — | 99,342 | 44,585 | 49,113 | 141 | 93,839 | — | 93,839 | ||||||||||||||||||||||||
Corporate | 4,067 | 12,476 | 498 | 17,041 | — | 17,041 | 4,607 | 15,520 | 460 | 20,587 | — | 20,587 | ||||||||||||||||||||||||
Equity securities | 646 | 77 | 126 | 849 | — | 849 | 1,251 | 45 | 128 | 1,424 | — | 1,424 | ||||||||||||||||||||||||
Asset-backed securities | — | 8,086 | 701 | 8,787 | — | 8,787 | — | 7,446 | 597 | 8,043 | — | 8,043 | ||||||||||||||||||||||||
Other debt securities | — | 594 | — | 594 | — | 594 | — | 1,118 | 5 | 1,123 | — | 1,123 | ||||||||||||||||||||||||
Non-marketable equity securities(4) | — | 40 | 1,165 | 1,205 | — | 1,205 | — | 47 | 1,139 | 1,186 | — | 1,186 | ||||||||||||||||||||||||
Total investments | $ | 159,091 | $ | 146,008 | $ | 4,880 | $ | 309,979 | $ | — | $ | 309,979 | $ | 164,047 | $ | 145,291 | $ | 4,613 | $ | 313,951 | $ | — | $ | 313,951 |
In millions of dollars at March 31, 2016 | Level 1(1) | Level 2(1) | Level 3 | Gross inventory | Netting(2) | Net balance | ||||||||||||||||||||||||||||||
In millions of dollars at June 30, 2016 | Level 1(1) | Level 2(1) | Level 3 | Gross inventory | Netting(2) | Net balance | ||||||||||||||||||||||||||||||
Loans(5) | $ | — | $ | 3,070 | $ | 1,723 | $ | 4,793 | $ | — | $ | 4,793 | $ | — | $ | 2,900 | $ | 1,234 | $ | 4,134 | $ | — | $ | 4,134 | ||||||||||||
Mortgage servicing rights | — | — | 1,524 | 1,524 | — | 1,524 | — | — | 1,324 | 1,324 | — | 1,324 | ||||||||||||||||||||||||
Non-trading derivatives and other financial assets measured on a recurring basis, gross | $ | — | $ | 9,097 | $ | 57 | $ | 9,154 | $ | — | $ | 9,107 | $ | 111 | $ | 9,218 | ||||||||||||||||||||
Cash collateral paid(6) | 11 | 7 | ||||||||||||||||||||||||||||||||||
Netting of cash collateral received | $ | (2,102 | ) | $ | (1,793 | ) | ||||||||||||||||||||||||||||||
Non-trading derivatives and other financial assets measured on a recurring basis | $ | — | $ | 9,097 | $ | 57 | $ | 9,165 | $ | (2,102 | ) | $ | 7,063 | $ | — | $ | 9,107 | $ | 111 | $ | 9,225 | $ | (1,793 | ) | $ | 7,432 | ||||||||||
Total assets | $ | 274,668 | $ | 1,178,173 | $ | 32,107 | $ | 1,491,383 | $ | (752,497 | ) | $ | 738,886 | $ | 273,336 | $ | 1,210,455 | $ | 30,648 | $ | 1,523,738 | $ | (780,317 | ) | $ | 743,421 | ||||||||||
Total as a percentage of gross assets(7) | 18.5 | % | 79.3 | % | 2.2 | % | 18.0 | % | 79.9 | % | 2.0 | % | ||||||||||||||||||||||||
Liabilities | ||||||||||||||||||||||||||||||||||||
Interest-bearing deposits | $ | — | $ | 1,376 | $ | 191 | $ | 1,567 | $ | — | $ | 1,567 | $ | — | $ | 1,038 | $ | 433 | $ | 1,471 | $ | — | $ | 1,471 | ||||||||||||
Federal funds purchased and securities loaned or sold under agreements to repurchase | — | 69,058 | 1,238 | 70,296 | (32,711 | ) | 37,585 | — | 73,728 | 1,107 | 74,835 | (28,691 | ) | 46,144 | ||||||||||||||||||||||
Trading account liabilities | ||||||||||||||||||||||||||||||||||||
Securities sold, not yet purchased | $ | 65,618 | $ | 7,505 | $ | 118 | $ | 73,241 | $ | — | $ | 73,241 | 62,396 | 9,595 | 12 | 72,003 | — | 72,003 | ||||||||||||||||||
Other trading liabilities | — | 136 | — | 136 | — | 136 | — | 1,100 | — | 1,100 | — | 1,100 | ||||||||||||||||||||||||
Total trading liabilities | $ | 65,618 | $ | 7,641 | $ | 118 | $ | 73,377 | $ | — | $ | 73,377 | $ | 62,396 | $ | 10,695 | $ | 12 | $ | 73,103 | $ | — | $ | 73,103 | ||||||||||||
Trading derivatives | ||||||||||||||||||||||||||||||||||||
Interest rate contracts | $ | 54 | $ | 517,020 | $ | 3,076 | $ | 520,150 | $ | 20 | $ | 539,113 | $ | 3,755 | $ | 542,888 | ||||||||||||||||||||
Foreign exchange contracts | 13 | 162,350 | 642 | 163,005 | 10 | 170,081 | 829 | 170,920 | ||||||||||||||||||||||||||||
Equity contracts | 2,743 | 24,243 | 2,412 | 29,398 | 2,503 | 24,757 | 2,394 | 29,654 | ||||||||||||||||||||||||||||
Commodity contracts | 242 | 15,580 | 2,839 | 18,661 | 209 | 11,577 | 2,969 | 14,755 | ||||||||||||||||||||||||||||
Credit derivatives | — | 28,742 | 3,788 | 32,530 | — | 29,396 | 3,839 | 33,235 | ||||||||||||||||||||||||||||
Total trading derivatives | $ | 3,052 | $ | 747,935 | $ | 12,757 | $ | 763,744 | $ | 2,742 | $ | 774,924 | $ | 13,786 | $ | 791,452 | ||||||||||||||||||||
Cash collateral received(8) | $ | 13,891 | $ | 16,592 | ||||||||||||||||||||||||||||||||
Netting agreements | $ | (663,872 | ) | $ | (690,888 | ) | ||||||||||||||||||||||||||||||
Netting of cash collateral paid | (50,994 | ) | (53,952 | ) | ||||||||||||||||||||||||||||||||
Total trading derivatives | $ | 3,052 | $ | 747,935 | $ | 12,757 | $ | 777,635 | $ | (714,866 | ) | $ | 62,769 | $ | 2,742 | $ | 774,924 | $ | 13,786 | $ | 808,044 | $ | (744,840 | ) | $ | 63,204 | ||||||||||
Short-term borrowings | $ | — | $ | 1,330 | $ | 46 | $ | 1,376 | $ | — | $ | 1,376 | $ | — | $ | 1,797 | $ | 53 | $ | 1,850 | $ | — | $ | 1,850 | ||||||||||||
Long-term debt | — | 19,425 | 7,678 | 27,103 | — | 27,103 | — | 16,793 | 9,138 | 25,931 | — | 25,931 | ||||||||||||||||||||||||
Non-trading derivatives and other financial liabilities measured on a recurring basis, gross | $ | — | $ | 2,147 | $ | 14 | $ | 2,161 | $ | — | $ | 2,897 | $ | 5 | $ | 2,902 | ||||||||||||||||||||
Cash collateral received(9) | 40 | — | ||||||||||||||||||||||||||||||||||
Netting of cash collateral paid | $ | (44 | ) | $ | (40 | ) | ||||||||||||||||||||||||||||||
Total non-trading derivatives and other financial liabilities measured on a recurring basis | $ | — | $ | 2,147 | $ | 14 | $ | 2,201 | $ | (44 | ) | $ | 2,157 | $ | — | $ | 2,897 | $ | 5 | $ | 2,902 | $ | (40 | ) | $ | 2,862 | ||||||||||
Total liabilities | $ | 68,670 | $ | 848,912 | $ | 22,042 | $ | 953,555 | $ | (747,621 | ) | $ | 205,934 | $ | 65,138 | $ | 881,872 | $ | 24,534 | $ | 988,136 | $ | (773,571 | ) | $ | 214,565 | ||||||||||
Total as a percentage of gross liabilities(7) | 7.3 | % | 90.3 | % | 2.3 | % | 6.7 | % | 90.8 | % | 2.5 | % |
(1) | For the three and six months ended |
(2) | 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. |
(3) | Reflects the net amount of |
(4) | Amounts exclude $0.8 billion investments measured at Net Asset Value (NAV) in accordance with ASU No. 2015-07, Fair Value Measurement (Topic 820): Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent). |
(5) | There is no allowance for loan losses recorded for loans reported at fair value. |
(6) | Reflects the net amount of |
(7) | 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. |
(8) | Reflects the net amount of |
(9) | Reflects the net amount of |
In millions of dollars at December 31, 2015 | Level 1(1) | Level 2(1) | Level 3 | Gross inventory | Netting(2) | Net balance | Level 1(1) | Level 2(1) | Level 3 | Gross inventory | Netting(2) | Net balance | ||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||||||
Federal funds sold and securities borrowed or purchased under agreements to resell | $ | — | $ | 177,538 | $ | 1,337 | $ | 178,875 | $ | (40,911 | ) | $ | 137,964 | $ | — | $ | 177,538 | $ | 1,337 | $ | 178,875 | $ | (40,911 | ) | $ | 137,964 | ||||||||||
Trading non-derivative assets | ||||||||||||||||||||||||||||||||||||
Trading mortgage-backed securities | ||||||||||||||||||||||||||||||||||||
U.S. government-sponsored agency guaranteed | — | 24,023 | 744 | 24,767 | — | 24,767 | — | 24,023 | 744 | 24,767 | — | 24,767 | ||||||||||||||||||||||||
Residential | — | 1,059 | 1,326 | 2,385 | — | 2,385 | — | 1,059 | 1,326 | 2,385 | — | 2,385 | ||||||||||||||||||||||||
Commercial | — | 2,338 | 517 | 2,855 | — | 2,855 | — | 2,338 | 517 | 2,855 | — | 2,855 | ||||||||||||||||||||||||
Total trading mortgage-backed securities | $ | — | $ | 27,420 | $ | 2,587 | $ | 30,007 | $ | — | $ | 30,007 | $ | — | $ | 27,420 | $ | 2,587 | $ | 30,007 | $ | — | $ | 30,007 | ||||||||||||
U.S. Treasury and federal agency securities | $ | 14,208 | $ | 3,587 | $ | 1 | $ | 17,796 | $ | — | $ | 17,796 | $ | 14,208 | $ | 3,587 | $ | 1 | $ | 17,796 | $ | — | $ | 17,796 | ||||||||||||
State and municipal | — | 2,345 | 351 | 2,696 | — | 2,696 | — | 2,345 | 351 | 2,696 | — | 2,696 | ||||||||||||||||||||||||
Foreign government | 35,715 | 20,697 | 197 | 56,609 | — | 56,609 | 35,715 | 20,555 | 197 | 56,467 | — | 56,467 | ||||||||||||||||||||||||
Corporate | 302 | 13,759 | 376 | 14,437 | — | 14,437 | 302 | 13,901 | 376 | 14,579 | — | 14,579 | ||||||||||||||||||||||||
Equity securities | 50,429 | 2,382 | 3,684 | 56,495 | — | 56,495 | 50,429 | 2,382 | 3,684 | 56,495 | — | 56,495 | ||||||||||||||||||||||||
Asset-backed securities | — | 1,217 | 2,739 | 3,956 | — | 3,956 | — | 1,217 | 2,739 | 3,956 | — | 3,956 | ||||||||||||||||||||||||
Other trading assets | — | 9,293 | 2,483 | 11,776 | — | 11,776 | — | 9,293 | 2,483 | 11,776 | — | 11,776 | ||||||||||||||||||||||||
Total trading non-derivative assets | $ | 100,654 | $ | 80,700 | $ | 12,418 | $ | 193,772 | $ | — | $ | 193,772 | $ | 100,654 | $ | 80,700 | $ | 12,418 | $ | 193,772 | $ | — | $ | 193,772 | ||||||||||||
Trading derivatives | ||||||||||||||||||||||||||||||||||||
Interest rate contracts | $ | 9 | $ | 412,802 | $ | 2,083 | $ | 414,894 | $ | 9 | $ | 412,802 | $ | 2,083 | $ | 414,894 | ||||||||||||||||||||
Foreign exchange contracts | 5 | 128,189 | 1,123 | 129,317 | 5 | 128,189 | 1,123 | 129,317 | ||||||||||||||||||||||||||||
Equity contracts | 2,422 | 17,866 | 1,597 | 21,885 | 2,422 | 17,866 | 1,597 | 21,885 | ||||||||||||||||||||||||||||
Commodity contracts | 204 | 16,706 | 1,100 | 18,010 | 204 | 16,706 | 1,100 | 18,010 | ||||||||||||||||||||||||||||
Credit derivatives | — | 31,082 | 3,793 | 34,875 | — | 31,082 | 3,793 | 34,875 | ||||||||||||||||||||||||||||
Total trading derivatives | $ | 2,640 | $ | 606,645 | $ | 9,696 | $ | 618,981 | $ | 2,640 | $ | 606,645 | $ | 9,696 | $ | 618,981 | ||||||||||||||||||||
Cash collateral paid(3) | $ | 4,911 | $ | 4,911 | ||||||||||||||||||||||||||||||||
Netting agreements | $ | (524,481 | ) | $ | (524,481 | ) | ||||||||||||||||||||||||||||||
Netting of cash collateral received | (43,227 | ) | (43,227 | ) | ||||||||||||||||||||||||||||||||
Total trading derivatives | $ | 2,640 | $ | 606,645 | $ | 9,696 | $ | 623,892 | $ | (567,708 | ) | $ | 56,184 | $ | 2,640 | $ | 606,645 | $ | 9,696 | $ | 623,892 | $ | (567,708 | ) | $ | 56,184 | ||||||||||
Investments | ||||||||||||||||||||||||||||||||||||
Mortgage-backed securities | ||||||||||||||||||||||||||||||||||||
U.S. government-sponsored agency guaranteed | $ | — | $ | 39,575 | $ | 139 | $ | 39,714 | $ | — | $ | 39,714 | $ | — | $ | 39,575 | $ | 139 | $ | 39,714 | $ | — | $ | 39,714 | ||||||||||||
Residential | — | 5,982 | 4 | 5,986 | — | 5,986 | — | 5,982 | 4 | 5,986 | — | 5,986 | ||||||||||||||||||||||||
Commercial | — | 569 | 2 | 571 | — | 571 | — | 569 | 2 | 571 | — | 571 | ||||||||||||||||||||||||
Total investment mortgage-backed securities | $ | — | $ | 46,126 | $ | 145 | $ | 46,271 | $ | — | $ | 46,271 | $ | — | $ | 46,126 | $ | 145 | $ | 46,271 | $ | — | $ | 46,271 | ||||||||||||
U.S. Treasury and federal agency securities | $ | 111,536 | $ | 11,375 | $ | 4 | $ | 122,915 | $ | — | $ | 122,915 | $ | 111,536 | $ | 11,375 | $ | 4 | $ | 122,915 | $ | — | $ | 122,915 | ||||||||||||
State and municipal | — | 9,267 | 2,192 | 11,459 | — | 11,459 | — | 9,267 | 2,192 | 11,459 | — | 11,459 | ||||||||||||||||||||||||
Foreign government | 42,073 | 49,868 | 260 | 92,201 | — | 92,201 | 42,073 | 46,341 | 260 | 88,674 | — | 88,674 | ||||||||||||||||||||||||
Corporate | 3,605 | 11,595 | 603 | 15,803 | — | 15,803 | 3,605 | 15,122 | 603 | 19,330 | — | 19,330 | ||||||||||||||||||||||||
Equity securities | 430 | 71 | 124 | 625 | — | 625 | 430 | 71 | 124 | 625 | — | 625 | ||||||||||||||||||||||||
Asset-backed securities | — | 8,578 | 596 | 9,174 | — | 9,174 | — | 8,578 | 596 | 9,174 | — | 9,174 | ||||||||||||||||||||||||
Other debt securities | — | 688 | — | 688 | — | 688 | — | 688 | — | 688 | — | 688 | ||||||||||||||||||||||||
Non-marketable equity securities(4) | — | 58 | 1,135 | 1,193 | — | 1,193 | — | 58 | 1,135 | 1,193 | — | 1,193 | ||||||||||||||||||||||||
Total investments | $ | 157,644 | $ | 137,626 | $ | 5,059 | $ | 300,329 | $ | — | $ | 300,329 | $ | 157,644 | $ | 137,626 | $ | 5,059 | $ | 300,329 | $ | — | $ | 300,329 |
In millions of dollars at December 31, 2015 | Level 1(1) | Level 2(1) | Level 3 | Gross inventory | Netting(2) | Net balance | Level 1(1) | Level 2(1) | Level 3 | Gross inventory | Netting(2) | Net balance | ||||||||||||||||||||||||
Loans(5) | $ | — | $ | 2,839 | $ | 2,166 | $ | 5,005 | $ | — | $ | 5,005 | $ | — | $ | 2,839 | $ | 2,166 | $ | 5,005 | $ | — | $ | 5,005 | ||||||||||||
Mortgage servicing rights | — | — | 1,781 | 1,781 | — | 1,781 | — | — | 1,781 | 1,781 | — | 1,781 | ||||||||||||||||||||||||
Non-trading derivatives and other financial assets measured on a recurring basis, gross | $ | — | $ | 7,882 | $ | 180 | $ | 8,062 | $ | — | $ | 7,882 | $ | 180 | $ | 8,062 | ||||||||||||||||||||
Cash collateral paid(6) | 8 | 8 | ||||||||||||||||||||||||||||||||||
Netting of cash collateral received | $ | (1,949 | ) | $ | (1,949 | ) | ||||||||||||||||||||||||||||||
Non-trading derivatives and other financial assets measured on a recurring basis | $ | — | $ | 7,882 | $ | 180 | $ | 8,070 | $ | (1,949 | ) | $ | 6,121 | $ | — | $ | 7,882 | $ | 180 | $ | 8,070 | $ | (1,949 | ) | $ | 6,121 | ||||||||||
Total assets | $ | 260,938 | $ | 1,013,230 | $ | 32,637 | $ | 1,311,724 | $ | (610,568 | ) | $ | 701,156 | $ | 260,938 | $ | 1,013,230 | $ | 32,637 | $ | 1,311,724 | $ | (610,568 | ) | $ | 701,156 | ||||||||||
Total as a percentage of gross assets(7) | 20.0 | % | 77.5 | % | 2.5 | % | 20.0 | % | 77.5 | % | 2.5 | % | ||||||||||||||||||||||||
Liabilities | ||||||||||||||||||||||||||||||||||||
Interest-bearing deposits | $ | — | $ | 1,156 | $ | 434 | $ | 1,590 | $ | — | $ | 1,590 | $ | — | $ | 1,156 | $ | 434 | $ | 1,590 | $ | — | $ | 1,590 | ||||||||||||
Federal funds purchased and securities loaned or sold under agreements to repurchase | — | 76,507 | 1,247 | 77,754 | (40,911 | ) | 36,843 | — | 76,507 | 1,247 | 77,754 | (40,911 | ) | 36,843 | ||||||||||||||||||||||
Trading account liabilities | ||||||||||||||||||||||||||||||||||||
Securities sold, not yet purchased | 48,452 | 9,176 | 199 | 57,827 | — | 57,827 | 48,452 | 9,176 | 199 | 57,827 | — | 57,827 | ||||||||||||||||||||||||
Other trading liabilities | — | 2,093 | — | 2,093 | — | 2,093 | — | 2,093 | — | 2,093 | — | 2,093 | ||||||||||||||||||||||||
Total trading liabilities | $ | 48,452 | $ | 11,269 | $ | 199 | $ | 59,920 | $ | — | $ | 59,920 | $ | 48,452 | $ | 11,269 | $ | 199 | $ | 59,920 | $ | — | $ | 59,920 | ||||||||||||
Trading account derivatives | ||||||||||||||||||||||||||||||||||||
Interest rate contracts | $ | 5 | $ | 393,321 | $ | 2,578 | $ | 395,904 | $ | 5 | $ | 393,321 | $ | 2,578 | $ | 395,904 | ||||||||||||||||||||
Foreign exchange contracts | 6 | 133,404 | 503 | 133,913 | 6 | 133,404 | 503 | 133,913 | ||||||||||||||||||||||||||||
Equity contracts | 2,244 | 21,875 | 2,397 | 26,516 | 2,244 | 21,875 | 2,397 | 26,516 | ||||||||||||||||||||||||||||
Commodity contracts | 263 | 17,329 | 2,961 | 20,553 | 263 | 17,329 | 2,961 | 20,553 | ||||||||||||||||||||||||||||
Credit derivatives | — | 30,682 | 3,486 | 34,168 | — | 30,682 | 3,486 | 34,168 | ||||||||||||||||||||||||||||
Total trading derivatives | $ | 2,518 | $ | 596,611 | $ | 11,925 | $ | 611,054 | $ | 2,518 | $ | 596,611 | $ | 11,925 | $ | 611,054 | ||||||||||||||||||||
Cash collateral received(8) | $ | 13,628 | $ | 13,628 | ||||||||||||||||||||||||||||||||
Netting agreements | $ | (524,481 | ) | $ | (524,481 | ) | ||||||||||||||||||||||||||||||
Netting of cash collateral paid | (42,609 | ) | (42,609 | ) | ||||||||||||||||||||||||||||||||
Total trading derivatives | $ | 2,518 | $ | 596,611 | $ | 11,925 | $ | 624,682 | $ | (567,090 | ) | $ | 57,592 | $ | 2,518 | $ | 596,611 | $ | 11,925 | $ | 624,682 | $ | (567,090 | ) | $ | 57,592 | ||||||||||
Short-term borrowings | $ | — | $ | 1,198 | $ | 9 | $ | 1,207 | $ | — | $ | 1,207 | $ | — | $ | 1,198 | $ | 9 | $ | 1,207 | $ | — | $ | 1,207 | ||||||||||||
Long-term debt | — | 18,342 | 6,951 | 25,293 | — | 25,293 | — | 17,750 | 7,543 | 25,293 | — | 25,293 | ||||||||||||||||||||||||
Non-trading derivatives and other financial liabilities measured on a recurring basis, gross | $ | — | $ | 1,626 | $ | 14 | $ | 1,640 | $ | — | $ | 1,626 | $ | 14 | $ | 1,640 | ||||||||||||||||||||
Cash collateral received(9) | 37 | 37 | ||||||||||||||||||||||||||||||||||
Netting of cash collateral paid | $ | (53 | ) | $ | (53 | ) | ||||||||||||||||||||||||||||||
Non-trading derivatives and other financial liabilities measured on a recurring basis | $ | — | $ | 1,626 | $ | 14 | $ | 1,677 | $ | (53 | ) | $ | 1,624 | $ | — | $ | 1,626 | $ | 14 | $ | 1,677 | $ | (53 | ) | $ | 1,624 | ||||||||||
Total liabilities | $ | 50,970 | $ | 706,709 | $ | 20,779 | $ | 792,123 | $ | (608,054 | ) | $ | 184,069 | $ | 50,970 | $ | 706,117 | $ | 21,371 | $ | 792,123 | $ | (608,054 | ) | $ | 184,069 | ||||||||||
Total as a percentage of gross liabilities(7) | 6.5 | % | 90.8 | % | 2.7 | % | 6.5 | % | 90.7 | % | 2.7 | % |
(1) | In 2015, the Company transferred assets of approximately $3.3 billion from Level 1 to Level 2, respectively, primarily related to foreign government securities and equity securities not traded in active markets. In 2015, the Company transferred assets of approximately $4.4 billion from Level 2 to Level 1, respectively, primarily related to foreign government bonds and equity securities traded with sufficient frequency to constitute a liquid market. In 2015, the Company transferred liabilities of approximately $0.6 billion from Level 2 to Level 1. In 2015, the Company transferred liabilities of approximately $0.4 billion from Level 1 to Level 2. |
(2) | 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. |
(3) | Reflects the net amount of $47,520 million of gross cash collateral paid, of which $42,609 million was used to offset trading derivative liabilities. |
(4) | Amounts exclude $0.9 billion investments measured at Net Asset Value (NAV) in accordance with ASU No. 2015-07, Fair Value Measurement (Topic 820): Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent). |
(5) | There is no allowance for loan losses recorded for loans reported at fair value. |
(6) | Reflects the net amount of $61 million of gross cash collateral paid, of which $53 million was used to offset non-trading derivative liabilities. |
(7) | 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. |
(8) | Reflects the net amount of $56,855 million of gross cash collateral received, of which $43,227 million was used to offset trading derivative assets. |
(9) | Reflects the net amount of $1,986 million of gross cash collateral received, of which $1,949 million was used to offset non-trading derivative assets. |
Net realized/unrealized gains (losses) incl. in | Transfers | Unrealized gains (losses) still held(3) | Net realized/unrealized gains (losses) incl. in | Transfers | Unrealized gains (losses) still held(3) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
In millions of dollars | Dec. 31, 2015 | Principal transactions | Other(1)(2) | into Level 3 | out of Level 3 | Purchases | Issuances | Sales | Settlements | Mar. 31, 2016 | Mar. 31, 2016 | Principal transactions | Other(1)(2) | into Level 3 | out of Level 3 | Purchases | Issuances | Sales | Settlements | Jun. 30, 2016 | ||||||||||||||||||||||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Federal funds sold and securities borrowed or purchased under agreements to resell | $ | 1,337 | $ | 70 | $ | — | $ | — | $ | — | $ | 503 | $ | — | $ | — | $ | (1 | ) | $ | 1,909 | $ | — | $ | 1,909 | $ | (62 | ) | $ | — | $ | — | $ | (28 | ) | $ | — | $ | — | $ | — | $ | — | $ | 1,819 | $ | (54 | ) | ||||||||||||||||||
Trading non-derivative assets | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Trading mortgage-backed securities | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. government-sponsored agency guaranteed | 744 | 12 | — | 335 | (220 | ) | 356 | — | (191 | ) | 3 | 1,039 | 1 | 1,039 | — | — | 83 | (362 | ) | 405 | — | (443 | ) | 8 | 730 | — | ||||||||||||||||||||||||||||||||||||||||
Residential | 1,326 | 49 | — | 104 | (43 | ) | 211 | — | (455 | ) | — | 1,192 | — | 1,192 | (61 | ) | — | 25 | (44 | ) | 46 | — | (351 | ) | (6 | ) | 801 | (72 | ) | |||||||||||||||||||||||||||||||||||||
Commercial | 517 | 9 | — | 56 | (27 | ) | 245 | — | (219 | ) | — | 581 | — | 581 | 4 | — | 123 | (75 | ) | 107 | — | (350 | ) | — | 390 | (5 | ) | |||||||||||||||||||||||||||||||||||||||
Total trading mortgage-backed securities | $ | 2,587 | $ | 70 | $ | — | $ | 495 | $ | (290 | ) | $ | 812 | $ | — | $ | (865 | ) | $ | 3 | $ | 2,812 | $ | 1 | $ | 2,812 | $ | (57 | ) | $ | — | $ | 231 | $ | (481 | ) | $ | 558 | $ | — | $ | (1,144 | ) | $ | 2 | $ | 1,921 | $ | (77 | ) | ||||||||||||||||
U.S. Treasury and federal agency securities | $ | 1 | $ | — | $ | — | $ | 2 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 3 | $ | — | $ | 3 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 3 | $ | — | ||||||||||||||||||||||
State and municipal | 351 | 7 | — | 13 | (159 | ) | 103 | — | (106 | ) | — | 209 | — | 209 | 1 | — | 5 | (57 | ) | 65 | — | (106 | ) | — | 117 | (2 | ) | |||||||||||||||||||||||||||||||||||||||
Foreign government | 197 | (1 | ) | — | 2 | (4 | ) | 41 | — | (16 | ) | — | 219 | — | 219 | (7 | ) | — | — | (13 | ) | 34 | — | (152 | ) | — | 81 | (2 | ) | |||||||||||||||||||||||||||||||||||||
Corporate | 376 | 12 | — | 45 | (16 | ) | 169 | — | (109 | ) | — | 477 | 2 | 477 | 272 | — | 35 | (60 | ) | 165 | — | (479 | ) | (5 | ) | 405 | 77 | |||||||||||||||||||||||||||||||||||||||
Equity securities | 3,684 | (44 | ) | — | 93 | (34 | ) | 79 | — | (23 | ) | — | 3,755 | — | 3,755 | (491 | ) | — | 174 | (26 | ) | 670 | — | (112 | ) | — | 3,970 | (438 | ) | |||||||||||||||||||||||||||||||||||||
Asset-backed securities | 2,739 | 128 | — | 117 | (14 | ) | 492 | — | (648 | ) | — | 2,814 | — | 2,814 | 6 | — | 40 | (181 | ) | 694 | — | (703 | ) | — | 2,670 | 5 | ||||||||||||||||||||||||||||||||||||||||
Other trading assets | 2,483 | (27 | ) | — | 778 | (613 | ) | 283 | 11 | (331 | ) | (10 | ) | 2,574 | (5 | ) | 2,574 | (89 | ) | — | 680 | (869 | ) | 1,074 | (13 | ) | (509 | ) | (9 | ) | 2,839 | (125 | ) | |||||||||||||||||||||||||||||||||
Total trading non-derivative assets | $ | 12,418 | $ | 145 | $ | — | $ | 1,545 | $ | (1,130 | ) | $ | 1,979 | $ | 11 | $ | (2,098 | ) | $ | (7 | ) | $ | 12,863 | $ | (2 | ) | $ | 12,863 | $ | (365 | ) | $ | — | $ | 1,165 | $ | (1,687 | ) | $ | 3,260 | $ | (13 | ) | $ | (3,205 | ) | $ | (12 | ) | $ | 12,006 | $ | (562 | ) | ||||||||||||
Trading derivatives, net(4) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest rate contracts | $ | (495 | ) | $ | (508 | ) | $ | — | $ | 165 | $ | 90 | $ | 5 | $ | — | $ | (3 | ) | $ | (9 | ) | $ | (755 | ) | $ | (9 | ) | $ | (755 | ) | $ | 182 | $ | — | $ | 144 | $ | (51 | ) | $ | 137 | $ | (18 | ) | $ | (100 | ) | $ | 87 | $ | (374 | ) | $ | 136 | |||||||||||
Foreign exchange contracts | 620 | (353 | ) | — | 3 | 30 | 17 | — | (39 | ) | 17 | 295 | 2 | 295 | (324 | ) | — | 1 | (90 | ) | 89 | — | (52 | ) | 52 | (29 | ) | (428 | ) | |||||||||||||||||||||||||||||||||||||
Equity contracts | (800 | ) | 32 | — | 75 | (144 | ) | 24 | — | (59 | ) | (4 | ) | (876 | ) | — | (876 | ) | 76 | — | (11 | ) | (284 | ) | 22 | 38 | (12 | ) | (24 | ) | (1,071 | ) | 108 | |||||||||||||||||||||||||||||||||
Commodity contracts | (1,861 | ) | (142 | ) | — | (52 | ) | 10 | — | — | — | 96 | (1,949 | ) | (1 | ) | (1,949 | ) | (139 | ) | — | 3 | (36 | ) | 356 | — | (352 | ) | 100 | (2,017 | ) | (122 | ) | |||||||||||||||||||||||||||||||||
Credit derivatives | 307 | (515 | ) | — | (81 | ) | 29 | 1 | — | — | (62 | ) | (321 | ) | (1 | ) | (321 | ) | (637 | ) | — | (33 | ) | (52 | ) | 41 | — | — | 248 | (754 | ) | (603 | ) | |||||||||||||||||||||||||||||||||
Total trading derivatives, net(4) | $ | (2,229 | ) | $ | (1,486 | ) | $ | — | $ | 110 | $ | 15 | $ | 47 | $ | — | $ | (101 | ) | $ | 38 | $ | (3,606 | ) | $ | (9 | ) | $ | (3,606 | ) | $ | (842 | ) | $ | — | $ | 104 | $ | (513 | ) | $ | 645 | $ | 20 | $ | (516 | ) | $ | 463 | $ | (4,245 | ) | $ | (909 | ) |
Net realized/unrealized gains (losses) incl. in | Transfers | Unrealized gains (losses) still held(3) | Net realized/unrealized gains (losses) incl. in | Transfers | Unrealized gains (losses) still held(3) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
In millions of dollars | Dec. 31, 2015 | Principal transactions | Other(1)(2) | into Level 3 | out of Level 3 | Purchases | Issuances | Sales | Settlements | Mar. 31, 2016 | Mar. 31, 2016 | Principal transactions | Other(1)(2) | into Level 3 | out of Level 3 | Purchases | Issuances | Sales | Settlements | Jun. 30, 2016 | ||||||||||||||||||||||||||||||||||||||||||||||
Investments | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage-backed securities | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. government-sponsored agency guaranteed | $ | 139 | $ | — | $ | (31 | ) | $ | 7 | $ | (39 | ) | $ | 39 | $ | — | $ | (3 | ) | $ | (1 | ) | $ | 111 | $ | — | $ | 111 | $ | — | $ | 6 | $ | 5 | $ | (23 | ) | $ | 1 | $ | — | $ | (6 | ) | $ | — | $ | 94 | $ | 1 | ||||||||||||||||
Residential | 4 | — | 1 | — | — | — | — | (5 | ) | — | — | — | — | — | — | — | — | 25 | — | — | — | 25 | — | |||||||||||||||||||||||||||||||||||||||||||
Commercial | 2 | — | — | 3 | (2 | ) | — | — | — | — | 3 | — | 3 | — | — | 3 | (1 | ) | — | — | — | — | 5 | — | ||||||||||||||||||||||||||||||||||||||||||
Total investment mortgage-backed securities | $ | 145 | $ | — | $ | (30 | ) | $ | 10 | $ | (41 | ) | $ | 39 | $ | — | $ | (8 | ) | $ | (1 | ) | $ | 114 | $ | — | $ | 114 | $ | — | $ | 6 | $ | 8 | $ | (24 | ) | $ | 26 | $ | — | $ | (6 | ) | $ | — | $ | 124 | $ | 1 | ||||||||||||||||
U.S. Treasury and federal agency securities | $ | 4 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | (1 | ) | $ | — | $ | 3 | $ | — | $ | 3 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 3 | $ | — | |||||||||||||||||||||
State and municipal | 2,192 | — | 35 | 261 | (409 | ) | 151 | — | (132 | ) | — | 2,098 | — | 2,098 | — | 127 | 130 | (374 | ) | 89 | — | (54 | ) | — | 2,016 | 99 | ||||||||||||||||||||||||||||||||||||||||
Foreign government | 260 | — | 2 | 33 | — | 62 | — | (182 | ) | — | 175 | — | 175 | — | 17 | — | — | 41 | — | (89 | ) | (3 | ) | 141 | — | |||||||||||||||||||||||||||||||||||||||||
Corporate | 603 | — | 14 | 5 | (37 | ) | 1 | — | (88 | ) | — | 498 | — | 498 | — | 31 | — | (8 | ) | 93 | — | (154 | ) | — | 460 | (5 | ) | |||||||||||||||||||||||||||||||||||||||
Equity securities | 124 | — | — | 2 | — | — | — | — | — | 126 | — | 126 | — | — | 2 | — | — | — | — | — | 128 | — | ||||||||||||||||||||||||||||||||||||||||||||
Asset-backed securities | 596 | — | (26 | ) | — | (1 | ) | 132 | — | — | — | 701 | — | 701 | — | 61 | — | (22 | ) | 72 | — | (215 | ) | — | 597 | 51 | ||||||||||||||||||||||||||||||||||||||||
Other debt securities | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | 5 | — | — | — | 5 | — | ||||||||||||||||||||||||||||||||||||||||||||
Non-marketable equity securities | 1,135 | — | (2 | ) | 38 | — | 12 | — | — | (18 | ) | 1,165 | — | 1,165 | — | 26 | 13 | — | 6 | — | — | (71 | ) | 1,139 | 26 | |||||||||||||||||||||||||||||||||||||||||
Total investments | $ | 5,059 | $ | — | $ | (7 | ) | $ | 349 | $ | (488 | ) | $ | 397 | $ | — | $ | (411 | ) | $ | (19 | ) | $ | 4,880 | $ | — | $ | 4,880 | $ | — | $ | 268 | $ | 153 | $ | (428 | ) | $ | 332 | $ | — | $ | (518 | ) | $ | (74 | ) | $ | 4,613 | $ | 172 | |||||||||||||||
Loans | $ | 2,166 | $ | — | $ | (77 | ) | $ | 89 | $ | (538 | ) | $ | 359 | $ | 161 | $ | (378 | ) | $ | (59 | ) | $ | 1,723 | $ | 7 | $ | 1,723 | $ | — | $ | 19 | $ | — | $ | — | $ | 211 | $ | 58 | $ | (297 | ) | $ | (480 | ) | $ | 1,234 | $ | (34 | ) | |||||||||||||||
Mortgage servicing rights | 1,781 | — | (225 | ) | — | — | — | 33 | 14 | (79 | ) | 1,524 | 57 | 1,524 | — | (137 | ) | — | — | — | 35 | — | (98 | ) | 1,324 | (154 | ) | |||||||||||||||||||||||||||||||||||||||
Other financial assets measured on a recurring basis | 180 | — | 17 | 3 | (3 | ) | — | 63 | (120 | ) | (83 | ) | 57 | (317 | ) | 57 | — | 16 | 37 | (2 | ) | — | 67 | (4 | ) | (60 | ) | 111 | (61 | ) | ||||||||||||||||||||||||||||||||||||
Liabilities | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest-bearing deposits | $ | 434 | $ | — | $ | (4 | ) | $ | 4 | $ | (209 | ) | $ | — | $ | 4 | $ | — | $ | (46 | ) | $ | 191 | $ | — | $ | 191 | $ | — | $ | 39 | $ | 318 | $ | — | $ | — | $ | 1 | $ | — | $ | (38 | ) | $ | 433 | $ | 39 | ||||||||||||||||||
Federal funds purchased and securities loaned or sold under agreements to repurchase | 1,247 | (25 | ) | — | — | — | — | — | 16 | (50 | ) | 1,238 | — | 1,238 | 4 | — | — | — | — | — | — | (127 | ) | 1,107 | 4 | |||||||||||||||||||||||||||||||||||||||||
Trading account liabilities | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Securities sold, not yet purchased | 199 | 25 | — | 59 | (25 | ) | — | — | 36 | (126 | ) | 118 | (2 | ) | 118 | (11 | ) | — | 38 | (18 | ) | (61 | ) | (41 | ) | 34 | (69 | ) | 12 | (30 | ) | |||||||||||||||||||||||||||||||||||
Short-term borrowings | 9 | (3 | ) | — | 5 | (4 | ) | — | 34 | — | (1 | ) | 46 | (4 | ) | 46 | (24 | ) | — | 12 | — | — | 7 | — | (36 | ) | 53 | (15 | ) | |||||||||||||||||||||||||||||||||||||
Long-term debt | 6,951 | 46 | — | 509 | (1,087 | ) | — | 1,440 | — | (89 | ) | 7,678 | — | 8,736 | (48 | ) | — | 712 | (756 | ) | — | 990 | 61 | (653 | ) | 9,138 | (48 | ) | ||||||||||||||||||||||||||||||||||||||
Other financial liabilities measured on a recurring basis | 14 | — | (8 | ) | — | (4 | ) | (4 | ) | 1 | — | (1 | ) | 14 | (5 | ) | 14 | — | 1 | — | (6 | ) | (2 | ) | 1 | — | (1 | ) | 5 | (1 | ) |
Net realized/unrealized gains (losses) incl. in | Transfers | Unrealized gains (losses) still held(3) | |||||||||||||||||||||||||||||||
In millions of dollars | Dec. 31, 2015 | Principal transactions | Other(1)(2) | into Level 3 | out of Level 3 | Purchases | Issuances | Sales | Settlements | Jun. 30, 2016 | |||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||||||
Federal funds sold and securities borrowed or purchased under agreements to resell | $ | 1,337 | $ | 8 | $ | — | $ | — | $ | (28 | ) | $ | 503 | $ | — | $ | — | $ | (1 | ) | $ | 1,819 | $ | (55 | ) | ||||||||
Trading non-derivative assets | |||||||||||||||||||||||||||||||||
Trading mortgage-backed securities | |||||||||||||||||||||||||||||||||
U.S. government-sponsored agency guaranteed | 744 | 12 | — | 418 | (582 | ) | 761 | — | (634 | ) | 11 | 730 | (3 | ) | |||||||||||||||||||
Residential | 1,326 | (12 | ) | — | 129 | (87 | ) | 257 | — | (806 | ) | (6 | ) | 801 | (40 | ) | |||||||||||||||||
Commercial | 517 | 13 | — | 179 | (102 | ) | 352 | — | (569 | ) | — | 390 | (13 | ) | |||||||||||||||||||
Total trading mortgage-backed securities | $ | 2,587 | $ | 13 | $ | — | $ | 726 | $ | (771 | ) | $ | 1,370 | $ | — | $ | (2,009 | ) | $ | 5 | $ | 1,921 | $ | (56 | ) | ||||||||
U.S. Treasury and federal agency securities | $ | 1 | $ | — | $ | — | $ | 2 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 3 | $ | (1 | ) | ||||||||||
State and municipal | 351 | 8 | — | 18 | (216 | ) | 168 | — | (212 | ) | — | 117 | (1 | ) | |||||||||||||||||||
Foreign government | 197 | (8 | ) | — | 2 | (17 | ) | 75 | — | (168 | ) | — | 81 | 1 | |||||||||||||||||||
Corporate | 376 | 284 | — | 80 | (76 | ) | 334 | — | (588 | ) | (5 | ) | 405 | 89 | |||||||||||||||||||
Equity securities | 3,684 | (535 | ) | — | 267 | (60 | ) | 749 | — | (135 | ) | — | 3,970 | (474 | ) | ||||||||||||||||||
Asset-backed securities | 2,739 | 134 | — | 157 | (195 | ) | 1,186 | — | (1,351 | ) | — | 2,670 | 29 | ||||||||||||||||||||
Other trading assets | 2,483 | (116 | ) | — | 1,458 | (1,482 | ) | 1,357 | (2 | ) | (840 | ) | (19 | ) | 2,839 | (223 | ) | ||||||||||||||||
Total trading non-derivative assets | $ | 12,418 | $ | (220 | ) | $ | — | $ | 2,710 | $ | (2,817 | ) | $ | 5,239 | $ | (2 | ) | $ | (5,303 | ) | $ | (19 | ) | $ | 12,006 | $ | (636 | ) | |||||
Trading derivatives, net(4) | |||||||||||||||||||||||||||||||||
Interest rate contracts | (495 | ) | (326 | ) | — | 309 | 39 | 142 | (18 | ) | (103 | ) | 78 | (374 | ) | (154 | ) | ||||||||||||||||
Foreign exchange contracts | 620 | (677 | ) | — | 4 | (60 | ) | 106 | — | (91 | ) | 69 | (29 | ) | (572 | ) | |||||||||||||||||
Equity contracts | (800 | ) | 108 | — | 64 | (428 | ) | 46 | 38 | (71 | ) | (28 | ) | (1,071 | ) | 107 | |||||||||||||||||
Commodity contracts | (1,861 | ) | (281 | ) | — | (49 | ) | (26 | ) | 356 | — | (352 | ) | 196 | (2,017 | ) | (288 | ) | |||||||||||||||
Credit derivatives | 307 | (1,152 | ) | — | (114 | ) | (23 | ) | 42 | — | — | 186 | (754 | ) | (1,086 | ) | |||||||||||||||||
Total trading derivatives, net(4) | $ | (2,229 | ) | $ | (2,328 | ) | $ | — | $ | 214 | $ | (498 | ) | $ | 692 | $ | 20 | $ | (617 | ) | $ | 501 | $ | (4,245 | ) | $ | (1,993 | ) |
Net realized/unrealized gains (losses) incl. in | Transfers | Unrealized gains (losses) still held(3) | |||||||||||||||||||||||||||||||
In millions of dollars | Dec. 31, 2015 | Principal transactions | Other(1)(2) | into Level 3 | out of Level 3 | Purchases | Issuances | Sales | Settlements | Jun. 30, 2016 | |||||||||||||||||||||||
Investments | |||||||||||||||||||||||||||||||||
Mortgage-backed securities | |||||||||||||||||||||||||||||||||
U.S. government-sponsored agency guaranteed | $ | 139 | $ | — | $ | (25 | ) | $ | 12 | $ | (62 | ) | $ | 40 | $ | — | $ | (9 | ) | $ | (1 | ) | $ | 94 | $ | 41 | |||||||
Residential | 4 | — | 1 | — | — | 25 | — | (5 | ) | — | 25 | — | |||||||||||||||||||||
Commercial | 2 | — | — | 6 | (3 | ) | — | — | — | — | 5 | — | |||||||||||||||||||||
Total investment mortgage-backed securities | $ | 145 | $ | — | $ | (24 | ) | $ | 18 | $ | (65 | ) | $ | 65 | $ | — | $ | (14 | ) | $ | (1 | ) | $ | 124 | $ | 41 | |||||||
U.S. Treasury and federal agency securities | $ | 4 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | (1 | ) | $ | — | $ | 3 | $ | — | ||||||||||
State and municipal | 2,192 | — | 162 | 391 | (783 | ) | 240 | — | (186 | ) | — | 2,016 | 118 | ||||||||||||||||||||
Foreign government | 260 | — | 19 | 33 | — | 103 | — | (271 | ) | (3 | ) | 141 | (106 | ) | |||||||||||||||||||
Corporate | 603 | — | 45 | 5 | (45 | ) | 94 | — | (242 | ) | — | 460 | (1 | ) | |||||||||||||||||||
Equity securities | 124 | — | — | 4 | — | — | — | — | — | 128 | — | ||||||||||||||||||||||
Asset-backed securities | 596 | — | 35 | — | (23 | ) | 204 | — | (215 | ) | — | 597 | 24 | ||||||||||||||||||||
Other debt securities | — | — | — | — | — | 5 | — | — | — | 5 | — | ||||||||||||||||||||||
Non-marketable equity securities | 1,135 | — | 24 | 51 | — | 18 | — | — | (89 | ) | 1,139 | 20 | |||||||||||||||||||||
Total investments | $ | 5,059 | $ | — | $ | 261 | $ | 502 | $ | (916 | ) | $ | 729 | $ | — | $ | (929 | ) | $ | (93 | ) | $ | 4,613 | $ | 96 | ||||||||
Loans | $ | 2,166 | $ | — | $ | (58 | ) | $ | 89 | $ | (538 | ) | $ | 570 | $ | 219 | $ | (675 | ) | $ | (539 | ) | $ | 1,234 | $ | (63 | ) | ||||||
Mortgage servicing rights | $ | 1,781 | $ | — | $ | (362 | ) | $ | — | $ | — | $ | — | $ | 68 | $ | 14 | $ | (177 | ) | $ | 1,324 | $ | (154 | ) | ||||||||
Other financial assets measured on a recurring basis | $ | 180 | $ | — | $ | 33 | $ | 40 | $ | (5 | ) | $ | — | $ | 130 | $ | (124 | ) | $ | (143 | ) | $ | 111 | $ | (277 | ) | |||||||
Liabilities | |||||||||||||||||||||||||||||||||
Interest-bearing deposits | $ | 434 | $ | — | $ | 35 | $ | 322 | $ | (209 | ) | $ | — | $ | 5 | $ | — | $ | (84 | ) | $ | 433 | $ | 39 | |||||||||
Federal funds purchased and securities loaned or sold under agreements to repurchase | 1,247 | (21 | ) | — | — | — | — | — | 16 | (177 | ) | 1,107 | (25 | ) | |||||||||||||||||||
Trading account liabilities | |||||||||||||||||||||||||||||||||
Securities sold, not yet purchased | 199 | 14 | — | 97 | (43 | ) | (61 | ) | (41 | ) | 70 | (195 | ) | 12 | (29 | ) | |||||||||||||||||
Short-term borrowings | 9 | (27 | ) | — | 17 | (4 | ) | — | 41 | — | (37 | ) | 53 | (19 | ) | ||||||||||||||||||
Long-term debt | 7,543 | (26 | ) | — | 1,221 | (1,843 | ) | — | 2,872 | 61 | (742 | ) | 9,138 | (86 | ) | ||||||||||||||||||
Other financial liabilities measured on a recurring basis | 14 | — | (7 | ) | — | (10 | ) | (6 | ) | 2 | — | (2 | ) | 5 | (3 | ) |
(1) | Changes in fair value for available-for-sale investments are recorded in AOCI, unless related to other-than-temporary impairment, while gains and losses from sales are recorded in Realized gains (losses) from sales of investments on the Consolidated Statement of Income. Effective January 1, 2016, 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 Accumulated other comprehensive income (AOCI). |
(2) | Unrealized gains (losses) on MSRs are recorded in Other revenue on the Consolidated Statement of Income. |
(3) | Represents the amount of total gains or losses for the period, included in earnings (and AOCI for changes in fair value of available-for-sale investments), attributable to the change in fair value relating to assets and liabilities classified as Level 3 that are still held at |
(4) | Total Level 3 derivative assets and liabilities have been netted in these tables for presentation purposes only. |
Net realized/unrealized gains (losses) incl. in | Transfers | Unrealized gains (losses) still held(3) | Net realized/unrealized gains (losses) incl. in | Transfers | Unrealized gains (losses) still held(3) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
In millions of dollars | Dec. 31, 2014 | Principal transactions | Other(1)(2) | into Level 3 | out of Level 3 | Purchases | Issuances | Sales | Settlements | Mar. 31, 2015 | Mar. 31, 2015 | Principal transactions | Other(1)(2) | into Level 3 | out of Level 3 | Purchases | Issuances | Sales | Settlements | Jun. 30, 2015 | ||||||||||||||||||||||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Federal funds sold and securities borrowed or purchased under agreements to resell | $ | 3,398 | $ | (40 | ) | $ | — | $ | — | $ | (100 | ) | $ | 764 | $ | — | $ | — | $ | — | $ | 4,022 | $ | 71 | $ | 4,022 | $ | (95 | ) | $ | — | $ | — | $ | (2,756 | ) | $ | 20 | $ | — | $ | — | $ | (121 | ) | $ | 1,070 | $ | — | |||||||||||||||||
Trading non-derivative assets | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Trading mortgage-backed securities | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. government-sponsored agency guaranteed | 1,085 | 3 | — | 294 | (510 | ) | 167 | — | (221 | ) | — | 818 | (2 | ) | $ | 818 | $ | 26 | $ | — | $ | 188 | $ | (340 | ) | $ | 172 | $ | — | $ | (267 | ) | $ | 14 | $ | 611 | $ | 7 | ||||||||||||||||||||||||||||
Residential | 2,680 | 77 | — | 45 | (216 | ) | 498 | — | (954 | ) | — | 2,130 | (106 | ) | 2,130 | 129 | — | 133 | (66 | ) | 631 | — | (751 | ) | — | 2,206 | 14 | |||||||||||||||||||||||||||||||||||||||
Commercial | 440 | 15 | — | 88 | (13 | ) | 320 | — | (251 | ) | — | 599 | (4 | ) | 599 | (2 | ) | — | 68 | (65 | ) | 92 | — | (324 | ) | — | 368 | (1 | ) | |||||||||||||||||||||||||||||||||||||
Total trading mortgage-backed securities | $ | 4,205 | $ | 95 | $ | — | $ | 427 | $ | (739 | ) | $ | 985 | $ | — | $ | (1,426 | ) | $ | — | $ | 3,547 | $ | (112 | ) | $ | 3,547 | $ | 153 | $ | — | $ | 389 | $ | (471 | ) | $ | 895 | $ | — | $ | (1,342 | ) | $ | 14 | $ | 3,185 | $ | 20 | |||||||||||||||||
U.S. Treasury and federal agency securities | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||||
State and municipal | 241 | (8 | ) | — | 14 | (7 | ) | 9 | — | (2 | ) | — | 247 | (7 | ) | 247 | (2 | ) | — | 13 | — | — | — | (9 | ) | — | 249 | 1 | ||||||||||||||||||||||||||||||||||||||
Foreign government | 206 | (3 | ) | — | 27 | (92 | ) | 66 | — | (40 | ) | (49 | ) | 115 | 1 | 115 | — | — | — | (8 | ) | 39 | — | (59 | ) | (5 | ) | 82 | (2 | ) | ||||||||||||||||||||||||||||||||||||
Corporate | 820 | 76 | — | 13 | (59 | ) | 347 | — | (430 | ) | — | 767 | 32 | 767 | 128 | — | 41 | (26 | ) | 164 | — | (355 | ) | (11 | ) | 708 | (45 | ) | ||||||||||||||||||||||||||||||||||||||
Equity securities | 2,219 | (21 | ) | — | 124 | (15 | ) | 382 | — | (91 | ) | — | 2,598 | 5 | 2,598 | (25 | ) | — | 38 | (173 | ) | 360 | — | (57 | ) | — | 2,741 | 66 | ||||||||||||||||||||||||||||||||||||||
Asset-backed securities | 3,294 | 127 | — | 65 | (34 | ) | 1,063 | — | (962 | ) | — | 3,553 | 194 | 3,553 | 106 | — | 505 | (81 | ) | 1,696 | — | (1,543 | ) | — | 4,236 | 181 | ||||||||||||||||||||||||||||||||||||||||
Other trading assets | 4,372 | (141 | ) | — | 210 | (392 | ) | 1,002 | 13 | (663 | ) | (8 | ) | 4,393 | (15 | ) | 4,393 | 201 | — | 107 | (1,536 | ) | 630 | 19 | (704 | ) | (12 | ) | 3,098 | 29 | ||||||||||||||||||||||||||||||||||||
Total trading non-derivative assets | $ | 15,357 | $ | 125 | $ | — | $ | 880 | $ | (1,338 | ) | $ | 3,854 | $ | 13 | $ | (3,614 | ) | $ | (57 | ) | $ | 15,220 | $ | 98 | $ | 15,220 | $ | 561 | $ | — | $ | 1,093 | $ | (2,295 | ) | $ | 3,784 | $ | 19 | $ | (4,069 | ) | $ | (14 | ) | $ | 14,299 | $ | 250 | ||||||||||||||||
Trading derivatives, net(4) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest rate contracts | $ | (211 | ) | $ | (70 | ) | $ | — | $ | (134 | ) | $ | 7 | $ | 6 | $ | — | $ | (3 | ) | $ | 71 | $ | (334 | ) | $ | (282 | ) | (334 | ) | (358 | ) | — | (2 | ) | (46 | ) | 12 | — | 169 | 136 | (423 | ) | (152 | ) | |||||||||||||||||||||
Foreign exchange contracts | 778 | (301 | ) | — | 41 | 4 | 91 | — | (95 | ) | 128 | 646 | 174 | 646 | (123 | ) | — | (42 | ) | (85 | ) | 83 | — | (83 | ) | (5 | ) | 391 | (153 | ) | ||||||||||||||||||||||||||||||||||||
Equity contracts | (863 | ) | (29 | ) | — | (23 | ) | 101 | 89 | — | (65 | ) | 16 | (774 | ) | 110 | (774 | ) | 351 | — | — | 15 | 61 | — | (75 | ) | 67 | (355 | ) | (70 | ) | |||||||||||||||||||||||||||||||||||
Commodity contracts | (1,622 | ) | (334 | ) | — | 182 | 16 | — | — | — | 29 | (1,729 | ) | (263 | ) | (1,729 | ) | (56 | ) | — | 1 | (6 | ) | — | — | — | 63 | (1,727 | ) | 89 | ||||||||||||||||||||||||||||||||||||
Credit derivatives | (743 | ) | (98 | ) | — | 82 | 53 | — | — | — | 43 | (663 | ) | (187 | ) | (663 | ) | (24 | ) | — | (51 | ) | (45 | ) | — | — | (3 | ) | 212 | (574 | ) | (228 | ) | |||||||||||||||||||||||||||||||||
Total trading derivatives, net(4) | $ | (2,661 | ) | $ | (832 | ) | $ | — | $ | 148 | $ | 181 | $ | 186 | $ | — | $ | (163 | ) | $ | 287 | $ | (2,854 | ) | $ | (448 | ) | $ | (2,854 | ) | $ | (210 | ) | $ | — | $ | (94 | ) | $ | (167 | ) | $ | 156 | $ | — | $ | 8 | $ | 473 | $ | (2,688 | ) | $ | (514 | ) | |||||||||||
Investments | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage-backed securities | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. government-sponsored agency guaranteed | $ | 38 | $ | — | $ | (1 | ) | $ | 45 | $ | (12 | ) | $ | — | $ | — | $ | — | $ | — | $ | 70 | $ | (2 | ) | $ | 70 | $ | — | $ | 1 | $ | 59 | $ | (33 | ) | $ | — | $ | — | $ | (1 | ) | $ | — | $ | 96 | $ | 1 | |||||||||||||||||
Residential | 8 | — | 2 | — | — | — | — | — | — | 10 | 2 | 10 | — | (3 | ) | — | — | 11 | — | (8 | ) | — | 10 | — | ||||||||||||||||||||||||||||||||||||||||||
Commercial | 1 | — | — | 2 | (1 | ) | — | — | — | — | 2 | — | 2 | — | — | — | (2 | ) | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
Total investment mortgage-backed securities | $ | 47 | $ | — | $ | 1 | $ | 47 | $ | (13 | ) | $ | — | $ | — | $ | — | $ | — | $ | 82 | $ | — | $ | 82 | $ | — | $ | (2 | ) | $ | 59 | $ | (35 | ) | $ | 11 | $ | — | $ | (9 | ) | $ | — | $ | 106 | $ | 1 | ||||||||||||||||||
U.S. Treasury and federal agency securities | $ | 6 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | (1 | ) | $ | — | $ | 5 | $ | — | $ | 5 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 5 | $ | — | |||||||||||||||||||||
State and municipal | 2,180 | — | 32 | 105 | (139 | ) | 233 | — | (164 | ) | — | 2,247 | 13 | 2,247 | — | (39 | ) | 54 | (99 | ) | 166 | — | (176 | ) | — | 2,153 | (43 | ) | ||||||||||||||||||||||||||||||||||||||
Foreign government | 678 | — | 51 | — | (105 | ) | 174 | — | (111 | ) | (112 | ) | 575 | (22 | ) | 575 | — | (3 | ) | (8 | ) | — | 310 | — | (223 | ) | (158 | ) | 493 | 4 | ||||||||||||||||||||||||||||||||||||
Corporate | 672 | — | (26 | ) | 2 | (41 | ) | 14 | — | (4 | ) | (33 | ) | 584 | (20 | ) | 584 | — | 72 | — | (3 | ) | 55 | — | (9 | ) | (1 | ) | 698 | — | ||||||||||||||||||||||||||||||||||||
Equity securities | 681 | — | (88 | ) | 7 | (3 | ) | — | — | (78 | ) | — | 519 | (3 | ) | 519 | — | 2 | — | (7 | ) | — | — | (31 | ) | — | 483 | (1 | ) | |||||||||||||||||||||||||||||||||||||
Asset-backed securities | 549 | — | (40 | ) | — | (10 | ) | 19 | — | (1 | ) | — | 517 | (39 | ) | 517 | — | 20 | — | (48 | ) | 14 | — | — | — | 503 | 22 | |||||||||||||||||||||||||||||||||||||||
Other debt securities | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Non-marketable equity securities | 2,525 | — | 22 | — | (1 | ) | 1 | — | — | (262 | ) | 2,285 | 25 | 1,289 | — | (53 | ) | 75 | (6 | ) | 4 | — | (53 | ) | (18 | ) | 1,238 | 11 | ||||||||||||||||||||||||||||||||||||||
Total investments | $ | 7,338 | $ | — | $ | (48 | ) | $ | 161 | $ | (312 | ) | $ | 441 | $ | — | $ | (359 | ) | $ | (407 | ) | $ | 6,814 | $ | (46 | ) | $ | 5,818 | $ | — | $ | (3 | ) | $ | 180 | $ | (198 | ) | $ | 560 | $ | — | $ | (501 | ) | $ | (177 | ) | $ | 5,679 | $ | (6 | ) |
Net realized/unrealized gains (losses) incl. in | Transfers | Unrealized gains (losses) still held(3) | Net realized/unrealized gains (losses) incl. in | Transfers | Unrealized gains (losses) still held(3) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
In millions of dollars | Dec. 31, 2014 | Principal transactions | Other(1)(2) | into Level 3 | out of Level 3 | Purchases | Issuances | Sales | Settlements | Mar. 31, 2015 | Mar. 31, 2015 | Principal transactions | Other(1)(2) | into Level 3 | out of Level 3 | Purchases | Issuances | Sales | Settlements | Jun. 30, 2015 | ||||||||||||||||||||||||||||||||||||||||||||||
Loans | $ | 3,108 | $ | — | $ | (54 | ) | $ | 689 | $ | — | $ | 209 | $ | 321 | $ | (97 | ) | $ | (270 | ) | $ | 3,906 | $ | (4 | ) | $ | 3,906 | $ | — | $ | (20 | ) | $ | — | $ | (85 | ) | $ | 365 | $ | 42 | $ | (278 | ) | $ | (90 | ) | $ | 3,840 | $ | 26 | ||||||||||||||
Mortgage servicing rights | 1,845 | — | (77 | ) | — | — | — | 43 | (32 | ) | (94 | ) | 1,685 | (77 | ) | 1,685 | — | 270 | — | — | — | 68 | (9 | ) | (90 | ) | 1,924 | (77 | ) | |||||||||||||||||||||||||||||||||||||
Other financial assets measured on a recurring basis | 78 | — | 6 | 66 | (2 | ) | 3 | 60 | (5 | ) | (58 | ) | 148 | (33 | ) | 148 | — | 10 | 14 | (5 | ) | — | 38 | (9 | ) | (57 | ) | 139 | 348 | |||||||||||||||||||||||||||||||||||||
Liabilities | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest-bearing deposits | $ | 486 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | (21 | ) | $ | 465 | $ | 2 | $ | 465 | $ | — | $ | 101 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | (17 | ) | $ | 347 | $ | (164 | ) | |||||||||||||||||||
Federal funds purchased and securities loaned or sold under agreements to repurchase | 1,043 | (52 | ) | — | — | — | — | — | 1 | (36 | ) | 1,060 | (11 | ) | 1,060 | 29 | — | — | — | — | — | (8 | ) | (58 | ) | 965 | 25 | |||||||||||||||||||||||||||||||||||||||
Trading account liabilities | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Securities sold, not yet purchased | 424 | (10 | ) | — | 92 | (43 | ) | — | — | 70 | (330 | ) | 223 | (29 | ) | 223 | (12 | ) | — | 105 | (144 | ) | — | — | 87 | (26 | ) | 257 | (38 | ) | ||||||||||||||||||||||||||||||||||||
Short-term borrowings | 344 | (7 | ) | — | 1 | (12 | ) | — | 16 | — | (236 | ) | 120 | (21 | ) | 120 | 17 | — | 16 | (3 | ) | — | 33 | — | (16 | ) | 133 | (1 | ) | |||||||||||||||||||||||||||||||||||||
Long-term debt | 7,290 | 286 | — | 712 | (947 | ) | — | 949 | — | (522 | ) | 7,196 | (193 | ) | 7,196 | 82 | — | 374 | (1,091 | ) | — | 1,452 | — | (184 | ) | 7,665 | 213 | |||||||||||||||||||||||||||||||||||||||
Other financial liabilities measured on a recurring basis | 7 | — | (3 | ) | — | — | (1 | ) | — | — | (1 | ) | 8 | (1 | ) | 8 | — | (4 | ) | — | (4 | ) | (1 | ) | 2 | — | (5 | ) | 4 | (4 | ) |
Net realized/unrealized gains (losses) incl. in | Transfers | Unrealized gains (losses) still held(3) | |||||||||||||||||||||||||||||||
In millions of dollars | Dec. 31, 2014 | Principal transactions | Other(1)(2) | into Level 3 | out of Level 3 | Purchases | Issuances | Sales | Settlements | Jun. 30, 2015 | |||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||||||
Federal funds sold and securities borrowed or purchased under agreements to resell | $ | 3,398 | $ | (135 | ) | $ | — | $ | — | $ | (2,856 | ) | $ | 784 | $ | — | $ | — | $ | (121 | ) | $ | 1,070 | $ | — | ||||||||
Trading non-derivative assets | |||||||||||||||||||||||||||||||||
Trading mortgage-backed securities | |||||||||||||||||||||||||||||||||
U.S. government-sponsored agency guaranteed | 1,085 | 29 | — | 482 | (850 | ) | 339 | — | (488 | ) | 14 | 611 | 5 | ||||||||||||||||||||
Residential | 2,680 | 206 | — | 178 | (282 | ) | 1,129 | — | (1,705 | ) | — | 2,206 | (91 | ) | |||||||||||||||||||
Commercial | 440 | 13 | — | 156 | (78 | ) | 412 | — | (575 | ) | — | 368 | (8 | ) | |||||||||||||||||||
Total trading mortgage-backed securities | $ | 4,205 | $ | 248 | $ | — | $ | 816 | $ | (1,210 | ) | $ | 1,880 | $ | — | $ | (2,768 | ) | $ | 14 | $ | 3,185 | $ | (94 | ) | ||||||||
U.S. Treasury and federal agency securities | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||
State and municipal | 241 | (10 | ) | — | 27 | (7 | ) | 9 | — | (11 | ) | — | 249 | 2 | |||||||||||||||||||
Foreign government | 206 | (3 | ) | — | 27 | (100 | ) | 105 | — | (99 | ) | (54 | ) | 82 | 4 | ||||||||||||||||||
Corporate | 820 | 204 | — | 54 | (85 | ) | 511 | — | (785 | ) | (11 | ) | 708 | 48 | |||||||||||||||||||
Equity securities | 2,219 | (46 | ) | — | 162 | (188 | ) | 742 | — | (148 | ) | — | 2,741 | 55 | |||||||||||||||||||
Asset-backed securities | 3,294 | 233 | — | 570 | (115 | ) | 2,759 | — | (2,505 | ) | — | 4,236 | 179 | ||||||||||||||||||||
Other trading assets | 4,372 | 60 | — | 317 | (1,928 | ) | 1,632 | 32 | (1,367 | ) | (20 | ) | 3,098 | 15 | |||||||||||||||||||
Total trading non-derivative assets | $ | 15,357 | $ | 686 | $ | — | $ | 1,973 | $ | (3,633 | ) | $ | 7,638 | $ | 32 | $ | (7,683 | ) | $ | (71 | ) | $ | 14,299 | $ | 209 | ||||||||
Trading derivatives, net(4) | |||||||||||||||||||||||||||||||||
Interest rate contracts | $ | (211 | ) | $ | (428 | ) | $ | — | $ | (136 | ) | $ | (39 | ) | $ | 18 | $ | — | $ | 166 | $ | 207 | $ | (423 | ) | $ | (58 | ) | |||||
Foreign exchange contracts | 778 | (424 | ) | — | (1 | ) | (81 | ) | 174 | — | (178 | ) | 123 | 391 | (63 | ) | |||||||||||||||||
Equity contracts | (863 | ) | 322 | — | (23 | ) | 116 | 150 | — | (140 | ) | 83 | (355 | ) | (166 | ) | |||||||||||||||||
Commodity contracts | (1,622 | ) | (390 | ) | — | 183 | 10 | — | — | — | 92 | (1,727 | ) | (158 | ) | ||||||||||||||||||
Credit derivatives | (743 | ) | (122 | ) | — | 31 | 8 | — | — | (3 | ) | 255 | (574 | ) | (191 | ) | |||||||||||||||||
Total trading derivatives, net(4) | $ | (2,661 | ) | $ | (1,042 | ) | $ | — | $ | 54 | $ | 14 | $ | 342 | $ | — | $ | (155 | ) | $ | 760 | $ | (2,688 | ) | $ | (636 | ) | ||||||
Investments | |||||||||||||||||||||||||||||||||
Mortgage-backed securities | |||||||||||||||||||||||||||||||||
U.S. government-sponsored agency guaranteed | $ | 38 | $ | — | $ | — | $ | 104 | $ | (45 | ) | $ | — | $ | — | $ | (1 | ) | $ | — | $ | 96 | $ | (1 | ) | ||||||||
Residential | 8 | — | (1 | ) | — | — | 11 | — | (8 | ) | — | 10 | 1 | ||||||||||||||||||||
Commercial | 1 | — | — | 2 | (3 | ) | — | — | — | — | — | — | |||||||||||||||||||||
Total investment mortgage-backed securities | $ | 47 | $ | — | $ | (1 | ) | $ | 106 | $ | (48 | ) | $ | 11 | $ | — | $ | (9 | ) | $ | — | $ | 106 | $ | — | ||||||||
U.S. Treasury and federal agency securities | $ | 6 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | (1 | ) | $ | — | $ | 5 | $ | — | ||||||||||
State and municipal | 2,180 | — | (7 | ) | 159 | (238 | ) | 399 | — | (340 | ) | — | 2,153 | (31 | ) | ||||||||||||||||||
Foreign government | 678 | — | 48 | (8 | ) | (105 | ) | 484 | — | (334 | ) | (270 | ) | 493 | 5 | ||||||||||||||||||
Corporate | 672 | — | 46 | 2 | (44 | ) | 69 | — | (13 | ) | (34 | ) | 698 | — | |||||||||||||||||||
Equity securities | 681 | — | (86 | ) | 7 | (10 | ) | — | — | (109 | ) | — | 483 | — | |||||||||||||||||||
Asset-backed securities | 549 | — | (20 | ) | — | (58 | ) | 33 | — | (1 | ) | — | 503 | 22 | |||||||||||||||||||
Other debt securities | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||
Non-marketable equity securities | 1,460 | — | (10 | ) | 75 | 6 | 4 | — | (53 | ) | (244 | ) | 1,238 | 74 | |||||||||||||||||||
Total investments | $ | 6,273 | $ | — | $ | (30 | ) | $ | 341 | $ | (497 | ) | $ | 1,000 | $ | — | $ | (860 | ) | $ | (548 | ) | $ | 5,679 | $ | 70 |
Net realized/unrealized gains (losses) incl. in | Transfers | Unrealized gains (losses) still held(3) | |||||||||||||||||||||||||||||||
In millions of dollars | Dec. 31, 2014 | Principal transactions | Other(1)(2) | into Level 3 | out of Level 3 | Purchases | Issuances | Sales | Settlements | Jun. 30, 2015 | |||||||||||||||||||||||
Loans | $ | 3,108 | $ | — | $ | (74 | ) | $ | 689 | $ | (85 | ) | $ | 574 | $ | 363 | $ | (375 | ) | $ | (360 | ) | $ | 3,840 | $ | 29 | |||||||
Mortgage servicing rights | 1,845 | — | 193 | — | — | — | 111 | (41 | ) | (184 | ) | 1,924 | (390 | ) | |||||||||||||||||||
Other financial assets measured on a recurring basis | 78 | — | 16 | 80 | (7 | ) | 3 | 98 | (14 | ) | (115 | ) | 139 | 596 | |||||||||||||||||||
Liabilities | |||||||||||||||||||||||||||||||||
Interest-bearing deposits | $ | 486 | $ | — | $ | 101 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | (38 | ) | $ | 347 | $ | (265 | ) | |||||||||
Federal funds purchased and securities loaned or sold under agreements to repurchase | 1,043 | (23 | ) | — | — | — | — | — | (7 | ) | (94 | ) | 965 | 15 | |||||||||||||||||||
Trading account liabilities | |||||||||||||||||||||||||||||||||
Securities sold, not yet purchased | 424 | (22 | ) | — | 197 | (187 | ) | — | — | 157 | (356 | ) | 257 | (50 | ) | ||||||||||||||||||
Short-term borrowings | 344 | 10 | — | 17 | (15 | ) | — | 49 | — | (252 | ) | 133 | (3 | ) | |||||||||||||||||||
Long-term debt | 7,290 | 368 | — | 1,086 | (2,038 | ) | — | 2,401 | — | (706 | ) | 7,665 | (17 | ) | |||||||||||||||||||
Other financial liabilities measured on a recurring basis | 7 | — | (7 | ) | — | (4 | ) | (2 | ) | 2 | — | (6 | ) | 4 | (3 | ) |
(1) | Changes in fair value of available-for-sale investments are recorded in AOCI, unless related to other-than-temporary impairment, while gains and losses from sales are recorded in Realized gains (losses) from sales of investments on the Consolidated Statement of Income. |
(2) | Unrealized gains (losses) on MSRs are recorded in Other revenue on the Consolidated Statement of Income. |
(3) | Represents the amount of total gains or losses for the period, included in earnings (and AOCI for changes in fair value of available-for-sale investments), attributable to the change in fair value relating to assets and liabilities classified as Level 3 that are still held at |
(4) | Total Level 3 derivative assets and liabilities have been netted in these tables for presentation purposes only. |
As of March 31, 2016 | Fair value(1) (in millions) | Methodology | Input | Low(2)(3) | High(2)(3) | Weighted average(4) | ||||||||||||||||||||||
As of June 30, 2016 | Fair value(1) (in millions) | Methodology | Input | Low(2)(3) | High(2)(3) | Weighted average(4) | ||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||
Federal funds sold and securities borrowed or purchased under agreements to resell | $ | 1,909 | Model-based | IR log-normal volatility | 29.02 | % | 137.02 | % | 37.90 | % | $ | 804 | Model-based | Interest rate | (0.44 | )% | 2.74 | % | 1.61 | % | ||||||||
Interest rate | (0.36 | )% | 5.23 | % | 3.11 | % | ||||||||||||||||||||||
Mortgage-backed securities | $ | 1,550 | Price-based | Price | $ | 4.50 | $ | 118.31 | $ | 77.20 | $ | 1,021 | Price-based | Price | $ | 6.00 | $ | 119.62 | $ | 76.52 | ||||||||
1,318 | Yield analysis | Yield | 0.91 | % | 11.91 | % | 3.35 | % | 972 | Yield analysis | Yield | 0.90 | % | 14.62 | % | 4.06 | % | |||||||||||
State and municipal, foreign government, corporate and other debt securities | $ | 4,279 | Price-based | Price | $ | — | $ | 139.29 | $ | 83.52 | $ | 3,828 | Price-based | Price | $ | 0.01 | $ | 141.45 | $ | 92.24 | ||||||||
1,062 | Cash flow | Credit spread | 20 bps | 600 bps | 224 bps | 1,750 | Cash flow | Credit spread | 35 bps | 600 bps | 229 bps | |||||||||||||||||
Equity securities(5) | $ | 3,539 | Model-based | WAL | 1.25 years | 29 years | 1.76 years | $ | 3,796 | Model-based | WAL | 4 years | 29 years | 4.49 years | ||||||||||||||
Redemption rate | 60.67 | % | 60.67 | % | 60.67 | % | Interest rate | 2.86 | % | 10.75 | % | 3.63 | % | |||||||||||||||
Asset-backed securities | $ | 3,276 | Price-based | Price | $ | 6.00 | $ | 101.00 | $ | 62.80 | $ | 3,008 | Price-based | Price | $ | 5.00 | $ | 100.00 | $ | 70.39 | ||||||||
Non-marketable equity | $ | 656 | Comparables analysis | Discount to price | — | % | 90.00 | % | 22.07 | % | $ | 581 | Comparables analysis | EBITDA multiples | 7.00 | x | 10.35 | x | 8.79 | x | ||||||||
468 | Price-based | EBITDA multiples | 6.70 | x | 10.70 | x | 8.68 | x | 519 | Price-based | Discount to price | — | % | 90.00 | % | 10.85 | % | |||||||||||
Price-to-book ratio | 0.10 | x | 2.25 | x | 1.07 | x | Price-to-book ratio | — | % | 2.16 | % | 1.10 | % | |||||||||||||||
Price | $ | — | $ | 127.57 | $ | 58.26 | Price | $ | — | $ | 28.28 | $ | 2.32 | |||||||||||||||
Derivatives—gross(6) | ||||||||||||||||||||||||||||
Interest rate contracts (gross) | $ | 5,187 | Model-based | IR log-normal volatility | 29.02 | % | 137.02 | % | 53.89 | % | $ | 7,548 | Model-based | IR log-normal volatility | 61.89 | % | 151.86 | % | 82.56 | % | ||||||||
Mean reversion | (5.60 | )% | 20.00 | % | 0.13 | % | Mean reversion | 1.00 | % | 20.00 | % | 10.50 | % | |||||||||||||||
Foreign exchange contracts (gross) | $ | 1,294 | Model-based | Foreign exchange (FX) volatility | 4.08 | % | 31.85 | % | 13.21 | % | $ | 1,457 | Model-based | Foreign exchange (FX) volatility | 3.64 | % | 58.13 | % | 17.05 | % | ||||||||
239 | Cash flow | Interest rate | 6.96 | % | 7.50 | % | 7.50 | % | 172 | Cash flow | IR-IR correlation | (51.00 | )% | 40.00 | % | 35.23 | % | |||||||||||
Forward price | 9.90 | % | 138.09 | % | 59.90 | % | IR-FX correlation | 40.00 | % | 60.00 | % | 50.00 | % | |||||||||||||||
IR-IR correlation | (51.00 | )% | 72.49 | % | 35.14 | % | IR basis | (0.90 | )% | (0.40 | )% | (0.83 | )% | |||||||||||||||
Credit spread | 9 bps | 515 bps | 238 bps | |||||||||||||||||||||||||
Equity contracts (gross)(7) | $ | 3,930 | Model-based | Equity volatility | 4.83 | % | 60.23 | % | 25.99 | % | $ | 3,370 | Model-based | Equity volatility | 12.05 | % | 61.31 | % | 30.75 | % | ||||||||
Equity forward | 64.59 | % | 116.77 | % | 91.62 | % | ||||||||||||||||||||||
Commodity contracts (gross) | $ | 3,729 | Model-based | Forward price | 35.44 | % | 274.18 | % | 128.34 | % | ||||||||||||||||||
Credit derivatives (gross) | $ | 6,361 | Model-based | Recovery rate | 5.00 | % | 75.00 | % | 30.06 | % | ||||||||||||||||||
890 | Price-based | Credit correlation | 5.00 | % | 95.00 | % | 47.32 | % | Equity forward | 66.94 | % | 106.31 | % | 95.53 | % | |||||||||||||
Upfront points | 6.89 | % | 100.00 | % | 65.11 | % | Equity-Equity correlation | (81.18 | )% | 100.00 | % | 57.09 | % | |||||||||||||||
Price | $ | 0.09 | $ | 101.72 | $ | 76.34 | Equity - FX correlation | (88.20 | )% | 56.90 | % | (21.74 | )% | |||||||||||||||
Credit spread | 4 bps | 1,470 bps | 221 bps | WAL | 4 years | 4 years | 4 years | |||||||||||||||||||||
Commodity contracts (gross) | $ | 3,921 | Model-based | Forward price | 42.87 | % | 191.93 | % | 115.58 | % | ||||||||||||||||||
Commodity volatility | 2.00 | % | 53.36 | % | 23.44 | % | ||||||||||||||||||||||
Commodity correlation | (51.05 | )% | 92.17 | % | 56.68 | % | ||||||||||||||||||||||
Credit derivatives (gross) | $ | 6,195 | Model-based | Recovery rate | 10.00 | % | 75.00 | % | 33.49 | % | ||||||||||||||||||
927 | Price-based | Credit correlation | 50.00 | % | 95.00 | % | 52.14 | % | ||||||||||||||||||||
Upfront points | 4.48 | % | 100.00 | % | 64.24 | % |
As of March 31, 2016 | Fair value(1) (in millions) | Methodology | Input | Low(2)(3) | High(2)(3) | Weighted average(4) | ||||||||||||||||||||||
As of June 30, 2016 | Fair value(1) (in millions) | Methodology | Input | Low(2)(3) | High(2)(3) | Weighted average(4) | ||||||||||||||||||||||
Price | $ | — | $ | 105.00 | $ | 45.43 | ||||||||||||||||||||||
Credit spread | 1 bps | 1,705 bps | 449 bps | |||||||||||||||||||||||||
Nontrading derivatives and other financial assets and liabilities measured on a recurring basis (gross)(6) | $ | 72 | Model-based | Redemption rate | 5.05 | % | 99.50 | % | 73.25 | % | $ | 117 | Model-based | Redemption rate | 6.10 | % | 99.50 | % | 74.35 | % | ||||||||
Recovery rate | 40.00 | % | 40.00 | % | 40.00 | % | ||||||||||||||||||||||
Credit spread | 11 bps | 194 bps | 101 bps | Recovery rate | 33.00 | % | 40.00 | % | 33.59 | % | ||||||||||||||||||
Interest rate | 3.26 | % | 3.28 | % | 3.27 | % | Upfront points | 22.00 | % | 22.00 | % | 22.00 | % | |||||||||||||||
Loans | $ | 930 | Model-based | Price | $ | — | $ | 108.53 | $ | 30.81 | $ | 624 | Model-based | Price | $ | — | $ | 107.39 | $ | 31.68 | ||||||||
$ | 669 | Price-based | Yield | 1.50 | % | 4.50 | % | 2.46 | % | 598 | Price-based | Credit spread | 46 bps | 500 bps | 108 bps | |||||||||||||
Mortgage servicing rights | $ | 1,433 | Cash flow | Yield | — | % | 23.74 | % | 6.95 | % | $ | 1,232 | Cash flow | Yield | — | % | 23.32 | % | 6.85 | % | ||||||||
WAL | 3.15 years | 7.56 years | 4.94 years | 289 | Model-based | WAL | 3.01 years | 5.88 years | 4.49 years | |||||||||||||||||||
Liabilities | ||||||||||||||||||||||||||||
Interest-bearing deposits | $ | 191 | Model-based | Forward price | 35.44 | % | 274.18 | % | 129.66 | % | $ | 433 | Model-based | IR log-normal volatility | 61.89 | % | 151.86 | % | 82.56 | % | ||||||||
Commodity correlation | (43.68 | )% | 92.17 | % | 31.00 | % | Interest rate | 0.47 | % | 1.83 | % | 1.55 | % | |||||||||||||||
Commodity volatility | 2.00 | % | 61.00 | % | 17.40 | % | ||||||||||||||||||||||
Equity-IR correlation | 26.00 | % | 41.00 | % | 35.73 | % | ||||||||||||||||||||||
Federal funds purchased and securities loaned or sold under agreements to repurchase | $ | 1,238 | Model-based | Interest rate | 1.01 | % | 1.42 | % | 1.35 | % | $ | 1,107 | Model-based | Interest rate | 0.99 | % | 1.14 | % | 1.10 | % | ||||||||
Trading account liabilities | ||||||||||||||||||||||||||||
Securities sold, not yet purchased | $ | 104 | Price-based | Price | $ | — | $ | 100.63 | $ | 52.44 | $ | 7 | Yield analysis | Price | $ | — | $ | 109.29 | $ | 199.85 | ||||||||
Commodity correlation | (51.05 | )% | 92.17 | % | 56.68 | % | ||||||||||||||||||||||
Commodity volatility | 2.00 | % | 53.36 | % | 23.44 | % | ||||||||||||||||||||||
Forward price | $ | 42.87 | $ | 191.93 | $ | 112.58 | ||||||||||||||||||||||
Equity volatility | 10.15 | % | 40.42 | % | 23.29 | % | ||||||||||||||||||||||
Yield | 1.51 | % | 2.22 | % | 1.83 | % | ||||||||||||||||||||||
Short-term borrowings and long-term debt | $ | 7,780 | Model-based | Equity volatility | 4.83 | % | 51.52 | % | 23.68 | % | $ | 9,279 | Model-based | Equity volatility | 15.05 | % | 61.31 | % | 27.89 | % | ||||||||
Equity forward | 64.59 | % | 116.77 | % | 93.61 | % | Equity forward | 66.94 | % | 102.58 | % | 94.32 | % | |||||||||||||||
Equity-equity correlation | (5.00 | )% | 97.00 | % | 60.61 | % | Equity-equity correlation | (81.18 | )% | 100.00 | % | 49.17 | % | |||||||||||||||
Equity-FX correlation | (88.00 | )% | 58.00 | % | (19.12 | )% | Equity-FX correlation | (88.20 | )% | 56.90 | % | (21.73 | )% | |||||||||||||||
Mean Reversion | (5.60 | )% | 20.00 | % | 9.82 | % | Mean Reversion | 1.00 | % | 20.00 | % | 10.50 | % | |||||||||||||||
Forward price | 35.44 | % | 274.18 | % | 126.75 | % | IR log-normal volatility | 61.89 | % | 151.86 | % | 82.56 | % |
As of December 31, 2015 | Fair value(1) (in millions) | Methodology | Input | Low(2)(3) | High(2)(3) | Weighted average(4) | Fair value(1) (in millions) | Methodology | Input | Low(2)(3) | High(2)(3) | Weighted average(4) | ||||||||||||||||
Assets | ||||||||||||||||||||||||||||
Federal funds sold and securities borrowed or purchased under agreements to resell | $ | 1,337 | Model-based | IR log-normal volatility | 29.02 | % | 137.02 | % | 37.90 | % | $ | 1,337 | Model-based | IR log-normal volatility | 29.02 | % | 137.02 | % | 37.90 | % | ||||||||
Interest rate | — | % | 2.03 | % | 0.27 | % | Interest rate | — | % | 2.03 | % | 0.27 | % | |||||||||||||||
Mortgage-backed securities | $ | 1,287 | Price-based | Price | $ | 3.45 | $ | 109.21 | $ | 78.25 | $ | 1,287 | Price-based | Price | $ | 3.45 | $ | 109.21 | $ | 78.25 | ||||||||
1,377 | Yield analysis | Yield | 0.50 | % | 14.07 | % | 4.83 | % | 1,377 | Yield analysis | Yield | 0.50 | % | 14.07 | % | 4.83 | % | |||||||||||
State and municipal, foreign government, corporate and other debt securities | $ | 3,761 | Price-based | Price | $ | — | $ | 217.00 | $ | 79.41 | $ | 3,761 | Price-based | Price | $ | — | $ | 217.00 | $ | 79.41 | ||||||||
1,719 | Cash flow | Credit spread | 20 bps | 600 bps | 251 bps | 1,719 | Cash flow | Credit spread | 20 bps | 600 bps | 251 bps | |||||||||||||||||
Equity securities(5) | $ | 3,499 | Model-based | WAL | 1.5 years | 1.5 years | 1.5 years | $ | 3,499 | Model-based | WAL | 1.5 years | 1.5 years | 1.5 years | ||||||||||||||
Redemption rate | 41.21 | % | 41.21 | % | 41.21 | % | Redemption rate | 41.21 | % | 41.21 | % | 41.21 | % | |||||||||||||||
Asset-backed securities | $ | 3,075 | Price-based | Price | $ | 5.55 | $ | 100.21 | $ | 71.57 | $ | 3,075 | Price-based | Price | $ | 5.55 | $ | 100.21 | $ | 71.57 | ||||||||
Non-marketable equity | $ | 633 | Comparables analysis | EBITDA multiples | 6.80 | x | 10.80 | x | 9.05 | x | $ | 633 | Comparables analysis | EBITDA multiples | 6.80 | x | 10.80 | x | 9.05 | x | ||||||||
473 | Price-based | Discount to price | — | % | 90.00 | % | 10.89 | % | 473 | Price-based | Discount to price | — | % | 90.00 | % | 10.89 | % | |||||||||||
Price-to-book ratio | 0.19 | x | 1.09 | x | 0.60 | x | Price-to-book ratio | 0.19 | x | 1.09 | x | 0.60 | x | |||||||||||||||
Price | $ | — | $ | 132.78 | $ | 46.66 | Price | $ | — | $ | 132.78 | $ | 46.66 | |||||||||||||||
Derivatives—gross(6) | ||||||||||||||||||||||||||||
Interest rate contracts (gross) | $ | 4,553 | Model-based | IR log-normal volatility | 17.41 | % | 137.02 | % | 37.60 | % | ||||||||||||||||||
Mean reversion | (5.52 | )% | 20.00 | % | 0.71 | % |
As of December 31, 2015 | Fair value(1) (in millions) | Methodology | Input | Low(2)(3) | High(2)(3) | Weighted average(4) | Fair value(1) (in millions) | Methodology | Input | Low(2)(3) | High(2)(3) | Weighted average(4) | ||||||||||||||||
Derivatives—gross(6) | ||||||||||||||||||||||||||||
Interest rate contracts (gross) | $ | 4,553 | Model-based | IR log-normal volatility | 17.41 | % | 137.02 | % | 37.60 | % | ||||||||||||||||||
Mean reversion | (5.52 | )% | 20.00 | % | 0.71 | % | ||||||||||||||||||||||
Foreign exchange contracts (gross) | $ | 1,326 | Model-based | Foreign exchange (FX) volatility | 0.38 | % | 25.73 | % | 11.63 | % | $ | 1,326 | Model-based | Foreign exchange (FX) volatility | 0.38 | % | 25.73 | % | 11.63 | % | ||||||||
275 | Cash flow | Interest rate | 7.50 | % | 7.50 | % | 7.50 | % | 275 | Cash flow | Interest rate | 7.50 | % | 7.50 | % | 7.50 | % | |||||||||||
Forward price | 1.48 | % | 138.09 | % | 56.80 | % | Forward price | 1.48 | % | 138.09 | % | 56.80 | % | |||||||||||||||
Credit spread | 3 bps | 515 bps | 235 bps | Credit spread | 3 bps | 515 bps | 235 bps | |||||||||||||||||||||
IR-IR correlation | (51.00 | )% | 77.94 | % | 32.91 | % | IR-IR correlation | (51.00 | )% | 77.94 | % | 32.91 | % | |||||||||||||||
IR-FX correlation | (20.30 | )% | 60.00 | % | 48.85 | % | IR-FX correlation | (20.30 | )% | 60.00 | % | 48.85 | % | |||||||||||||||
Equity contracts (gross)(7) | $ | 3,976 | Model-based | Equity volatility | 11.87 | % | 49.57 | % | 27.33 | % | $ | 3,976 | Model-based | Equity volatility | 11.87 | % | 49.57 | % | 27.33 | % | ||||||||
Equity-FX correlation | (88.17 | )% | 65.00 | % | (21.09 | )% | Equity-FX correlation | (88.17 | )% | 65.00 | % | (21.09 | )% | |||||||||||||||
Equity forward | 82.72 | % | 100.53 | % | 95.20 | % | Equity forward | 82.72 | % | 100.53 | % | 95.20 | % | |||||||||||||||
Equity-equity correlation | (80.54 | )% | 100.00 | % | 49.54 | % | Equity-equity correlation | (80.54 | )% | 100.00 | % | 49.54 | % | |||||||||||||||
Commodity contracts (gross) | $ | 4,061 | Model-based | Forward price | 35.09 | % | 299.32 | % | 112.98 | % | $ | 4,061 | Model-based | Forward price | 35.09 | % | 299.32 | % | 112.98 | % | ||||||||
Commodity volatility | 5.00 | % | 83.00 | % | 24.00 | % | Commodity volatility | 5.00 | % | 83.00 | % | 24.00 | % | |||||||||||||||
Commodity correlation | (57.00 | )% | 91.00 | % | 30.00 | % | Commodity correlation | (57.00 | )% | 91.00 | % | 30.00 | % | |||||||||||||||
Credit derivatives (gross) | $ | 5,849 | Model-based | Recovery rate | 1.00 | % | 75.00 | % | 32.49 | % | $ | 5,849 | Model-based | Recovery rate | 1.00 | % | 75.00 | % | 32.49 | % | ||||||||
1,424 | Price-based | Credit correlation | 5.00 | % | 90.00 | % | 43.48 | % | 1,424 | Price-based | Credit correlation | 5.00 | % | 90.00 | % | 43.48 | % | |||||||||||
Price | $ | 0.33 | $ | 101.00 | $ | 61.52 | Price | $ | 0.33 | $ | 101.00 | $ | 61.52 | |||||||||||||||
Credit spread | 1 bps | 967 bps | 133 bps | Credit spread | 1 bps | 967 bps | 133 bps | |||||||||||||||||||||
Upfront points | 7.00 | % | 99.92 | % | 66.75 | % | Upfront points | 7.00 | % | 99.92 | % | 66.75 | % | |||||||||||||||
Nontrading derivatives and other financial assets and liabilities measured on a recurring basis (gross)(6) | $ | 194 | Model-based | Recovery rate | 7.00 | % | 40.00 | % | 10.72 | % | $ | 194 | Model-based | Recovery rate | 7.00 | % | 40.00 | % | 10.72 | % | ||||||||
Redemption rate | 27.00 | % | 99.50 | % | 74.80 | % | Redemption rate | 27.00 | % | 99.50 | % | 74.80 | % | |||||||||||||||
Interest rate | 5.26 | % | 5.28 | % | 5.27 | % | Interest rate | 5.26 | % | 5.28 | % | 5.27 | % | |||||||||||||||
Loans | $ | 750 | Price-based | Yield | 1.50 | % | 4.50 | % | 2.52 | % | $ | 750 | Price-based | Yield | 1.50 | % | 4.50 | % | 2.52 | % | ||||||||
892 | Model-based | Price | $ | — | $ | 106.98 | $ | 40.69 | 892 | Model-based | Price | $ | — | $ | 106.98 | $ | 40.69 | |||||||||||
524 | Cash flow | Credit spread | 29 bps | 500 bps | 105 bps | 524 | Cash flow | Credit spread | 29 bps | 500 bps | 105 bps | |||||||||||||||||
Mortgage servicing rights | $ | 1,690 | Cash flow | Yield | — | % | 23.32 | % | 6.83 | % | $ | 1,690 | Cash flow | Yield | — | % | 23.32 | % | 6.83 | % | ||||||||
WAL | 3.38 years | 7.48 years | 5.5 years | WAL | 3.38 years | 7.48 years | 5.5 years | |||||||||||||||||||||
Liabilities | ||||||||||||||||||||||||||||
Interest-bearing deposits | $ | 434 | Model-based | Equity-IR correlation | 23.00 | % | 39.00 | % | 34.51 | % | $ | 434 | Model-based | Equity-IR correlation | 23.00 | % | 39.00 | % | 34.51 | % | ||||||||
Forward price | 35.09 | % | 299.32 | % | 112.72 | % | Forward price | 35.09 | % | 299.32 | % | 112.72 | % | |||||||||||||||
Commodity correlation | (57.00 | )% | 91.00 | % | 30.00 | % | Commodity correlation | (57.00 | )% | 91.00 | % | 30.00 | % | |||||||||||||||
Commodity volatility | 5.00 | % | 83.00 | % | 24.00 | % | Commodity volatility | 5.00 | % | 83.00 | % | 24.00 | % | |||||||||||||||
Federal funds purchased and securities loaned or sold under agreements to repurchase | $ | 1,245 | Model-based | Interest rate | 1.27 | % | 2.02 | % | 1.92 | % | $ | 1,245 | Model-based | Interest rate | 1.27 | % | 2.02 | % | 1.92 | % | ||||||||
Trading account liabilities | ||||||||||||||||||||||||||||
Securities sold, not yet purchased | $ | 152 | Price-based | Price | $ | — | $ | 217.00 | $ | 87.78 | $ | 152 | Price-based | Price | $ | — | $ | 217.00 | $ | 87.78 | ||||||||
Short-term borrowings and long-term debt | $ | 7,004 | Model-based | Mean reversion | (5.52 | )% | 20.00 | % | 7.80 | % | $ | 7,004 | Model-based | Mean reversion | (5.52 | )% | 20.00 | % | 7.80 | % | ||||||||
Equity volatility | 9.55 | % | 42.56 | % | 22.26 | % | Equity volatility | 9.55 | % | 42.56 | % | 22.26 | % | |||||||||||||||
Equity forward | 82.72 | % | 100.80 | % | 94.48 | % | Equity forward | 82.72 | % | 100.80 | % | 94.48 | % | |||||||||||||||
Equity-equity correlation | (80.54 | )% | 100.00 | % | 49.16 | % | Equity-equity correlation | (80.54 | )% | 100.00 | % | 49.16 | % | |||||||||||||||
Forward price | 35.09 | % | 299.32 | % | 106.32 | % | Forward price | 35.09 | % | 299.32 | % | 106.32 | % | |||||||||||||||
Equity-FX correlation | (88.20 | )% | 56.85 | % | (31.76 | )% | Equity-FX correlation | (88.20 | )% | 56.85 | % | (31.76 | )% |
(1) | The fair value amounts presented in these tables represent the primary valuation technique or techniques for each class of assets or liabilities. |
(2) | Some inputs are shown as zero due to rounding. |
(3) | When the low and high inputs are the same, there is either a constant input applied to all positions, or the methodology involving the input applies to only one large position. |
(4) | Weighted averages are calculated based on the fair values of the instruments. |
(5) | For equity securities, the price and fund NAV inputs are expressed on an absolute basis, not as a percentage of the notional amount. |
(6) | Both trading and nontrading account derivatives—assets and liabilities—are presented on a gross absolute value basis. |
(7) | Includes hybrid products. |
In millions of dollars | Fair value | Level 2 | Level 3 | Fair value | Level 2 | Level 3 | ||||||||||||
March 31, 2016 | ||||||||||||||||||
June 30, 2016 | ||||||||||||||||||
Loans held-for-sale | $ | 8,799 | $ | 5,935 | $ | 2,864 | $ | 7,549 | $ | 5,814 | $ | 1,735 | ||||||
Other real estate owned | 103 | 16 | 87 | 85 | 16 | 69 | ||||||||||||
Loans(1) | 987 | 275 | 712 | 1,502 | 464 | 1,038 | ||||||||||||
Other Assets(2) | 3,087 | 3,087 | — | 2,991 | 2,991 | — | ||||||||||||
Total assets at fair value on a nonrecurring basis | $ | 12,976 | $ | 9,313 | $ | 3,663 | $ | 12,127 | $ | 9,285 | $ | 2,842 |
In millions of dollars | Fair value | Level 2 | Level 3 | ||||||
December 31, 2015 | |||||||||
Loans held-for-sale | $ | 10,326 | $ | 6,752 | $ | 3,574 | |||
Other real estate owned | 107 | 15 | 92 | ||||||
Loans(1) | 1,173 | 836 | 337 | ||||||
Other Assets | — | — | — | ||||||
Total assets at fair value on a nonrecurring basis | $ | 11,606 | $ | 7,603 | $ | 4,003 |
(1) | Represents impaired loans held for investment whose carrying amount is based on the fair value of the underlying collateral, primarily real estate secured loans. |
(2) | Represents the carrying value of an equity investment which was |
As of March 31, 2016 | Fair value(1) (in millions) | Methodology | Input | Low(5) | High | Weighted average(2) | ||||||||||||||||||||||
As of June 30, 2016 | Fair value(1) (in millions) | Methodology | Input | Low(5) | High | Weighted average(2) | ||||||||||||||||||||||
Loans held-for-sale | $ | 2,735 | Price-based | Price | $ | — | $ | 100.00 | $ | 77.32 | $ | 2,047 | Price-based | Price | $ | — | $ | 100.00 | $ | 33.27 | ||||||||
Credit spread | 90 bps | 436 bps | 356 bps | |||||||||||||||||||||||||
Other real estate owned | $ | 85 | Price-based | Discount to price(4) | 0.34 | % | 13.00 | % | 2.93 | % | $ | 68 | Price-based | Discount to price(4) | 0.34 | % | 13.00 | % | 2.45 | % | ||||||||
Appraised value | $ | — | $ | 8,894,122 | $ | 4,437,154 | ||||||||||||||||||||||
Loans(3) | $ | 151 | Price-based | Discount to price(4) | 13.00 | % | 35.00 | % | 8.04 | % | $ | 576 | Recovery analysis | Recovery rates | — | % | 97.85 | % | 83.69 | % | ||||||||
55 | Cash flow | Price | $ | 2.25 | $ | 58.00 | $ | 24.00 | 183 | Price-based | Discount to price(4) | 13.00 | % | 35.00 | % | 8.90 | % |
(1) | The fair value amounts presented in this table represent the primary valuation technique or techniques for each class of assets or liabilities. |
(2) | Weighted averages are calculated based on the fair values of the instruments. |
(3) | Represents loans held for investment whose carrying amounts are based on the fair value of the underlying collateral. |
(4) | Includes estimated costs to sell. |
(5) | Some inputs are shown as zero due to rounding. |
As of December 31, 2015 | Fair value(1) (in millions) | Methodology | Input | Low(5) | High | Weighted average(2) | ||||||||
Loans held-for-sale | $ | 3,486 | Price-based | Price | $ | — | $ | 100.00 | $ | 81.05 | ||||
Other real estate owned | $ | 90 | Price-based | Discount to price(4) | 0.34 | % | 13.00 | % | 2.86 | % | ||||
2 | Appraised value | $ | — | $ | 8,518,230 | $ | 3,813,045 | |||||||
Loans(3) | $ | 157 | Recovery analysis | Recovery rate | 11.79 | % | 60.00 | % | 23.49 | % | ||||
87 | Price-based | Discount to price(4) | 13.00 | % | 34.00 | % | 7.99 | % |
(1) | The fair value amounts presented in this table represent the primary valuation technique or techniques for each class of assets or liabilities. |
(2) | Weighted averages are calculated based on the fair values of the instruments. |
(3) | Represents loans held for investment whose carrying amounts are based on the fair value of the underlying collateral. |
(4) | Includes estimated costs to sell. |
(5) | Some inputs are shown as zero due to rounding. |
Three Months Ended March 31, | Three Months Ended June 30, | ||||||||
In millions of dollars | 2016 | 2016 | 2015 | ||||||
Loans held-for-sale | $ | 3 | $ | (35 | ) | $ | (20 | ) | |
Other real estate owned | (2 | ) | (4 | ) | (3 | ) | |||
Loans(1) | (63 | ) | (48 | ) | (61 | ) | |||
Other Assets(2) | (262 | ) | $ | (23 | ) | $ | — | ||
Total nonrecurring fair value gains (losses) | $ | (324 | ) | $ | (110 | ) | $ | (84 | ) |
(1) | Represents loans held for investment whose carrying amount is based on the fair value of the underlying collateral, primarily real estate loans. |
(2) | Represents |
Three Months Ended March 31, | Six Months Ended June 30, | ||||||||
In millions of dollars | 2015 | 2016 | 2015 | ||||||
Loans held-for-sale | $ | (6 | ) | $ | (32 | ) | $ | (20 | ) |
Other real estate owned | (6 | ) | (5 | ) | (4 | ) | |||
Loans(1) | (87 | ) | (105 | ) | (107 | ) | |||
Other Assets | — | $ | (211 | ) | — | ||||
Total nonrecurring fair value gains (losses) | $ | (99 | ) | $ | (353 | ) | $ | (131 | ) |
(1) | Represents loans held for investment whose carrying amount is based on the fair value of the underlying collateral, primarily real estate loans. |
(2) | Represents net impairment losses related to an equity investment. |
March 31, 2016 | Estimated fair value | June 30, 2016 | Estimated fair value | |||||||||||||||||||||||||||
Carrying value | Estimated fair value | Carrying value | Estimated fair value | |||||||||||||||||||||||||||
In billions of dollars | Level 1 | Level 2 | Level 3 | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||
Investments | $ | 42.4 | $ | 43.6 | $ | 3.5 | $ | 37.9 | $ | 2.2 | $ | 41.6 | $ | 43.1 | $ | 1.7 | $ | 37.5 | $ | 3.9 | ||||||||||
Federal funds sold and securities borrowed or purchased under agreements to resell | 83.3 | 83.3 | — | 79.0 | 4.3 | 83.9 | 83.9 | — | 80.8 | 3.1 | ||||||||||||||||||||
Loans(1)(2) | 599.3 | 603.4 | — | 6.4 | 597.0 | 615.1 | 617.5 | — | 6.8 | 610.7 | ||||||||||||||||||||
Other financial assets(2)(3) | 217.2 | 217.2 | 6.9 | 151.4 | 58.9 | 215.4 | 215.4 | 6.5 | 143.6 | 65.3 | ||||||||||||||||||||
Liabilities | ||||||||||||||||||||||||||||||
Deposits | $ | 933.0 | $ | 925.0 | $ | — | $ | 774.2 | $ | 150.8 | $ | 936.4 | $ | 935.1 | $ | — | $ | 784.1 | $ | 151.0 | ||||||||||
Federal funds purchased and securities loaned or sold under agreements to repurchase | 119.6 | 119.6 | — | 119.3 | 0.3 | 111.9 | 111.9 | — | 111.5 | 0.4 | ||||||||||||||||||||
Long-term debt(4) | 180.7 | 182.7 | — | 155.4 | 27.3 | 181.5 | 185.1 | — | 158.6 | 26.5 | ||||||||||||||||||||
Other financial liabilities(5) | 103.3 | 103.3 | — | 18.1 | 85.2 | 108.2 | 108.2 | — | 14.7 | 93.5 |
December 31, 2015 | Estimated fair value | ||||||||||||||
Carrying value | Estimated fair value | ||||||||||||||
In billions of dollars | Level 1 | Level 2 | Level 3 | ||||||||||||
Assets | |||||||||||||||
Investments | $ | 41.7 | $ | 42.7 | $ | 3.5 | $ | 36.4 | $ | 2.8 | |||||
Federal funds sold and securities borrowed or purchased under agreements to resell | 81.7 | 81.7 | — | 77.4 | 4.3 | ||||||||||
Loans(1)(2) | 597.5 | 599.4 | — | 6.0 | 593.4 | ||||||||||
Other financial assets(2)(3) | 186.5 | 186.5 | 6.9 | 126.2 | 53.4 | ||||||||||
Liabilities | |||||||||||||||
Deposits | $ | 906.3 | $ | 896.7 | $ | — | $ | 749.4 | $ | 147.3 | |||||
Federal funds purchased and securities loaned or sold under agreements to repurchase | 109.7 | 109.7 | — | 109.4 | 0.3 | ||||||||||
Long-term debt(4) | 176.0 | 180.8 | — | 153.8 | 27.0 | ||||||||||
Other financial liabilities(5) | 97.6 | 97.6 | — | 18.0 | 79.6 |
(1) | The carrying value of loans is net of the Allowance for loan losses of |
(2) | Includes items measured at fair value on a nonrecurring basis. |
(3) | Includes cash and due from banks, deposits with banks, brokerage receivables, reinsurance recoverable and other financial instruments included in Other assets on the Consolidated Balance Sheet, for all of which the carrying value is a reasonable estimate of fair value. |
(4) | The carrying value includes long-term debt balances under qualifying fair value hedges. |
(5) | Includes brokerage payables, separate and variable accounts, short-term borrowings (carried at cost) and other financial instruments included in Other liabilities on the Consolidated Balance Sheet, for all of which the carrying value is a reasonable estimate of fair value. |
Changes in fair value gains (losses) for the | Changes in fair value gains (losses) for the | |||||||||||||||||
Three Months Ended March 31, | Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||
In millions of dollars | 2016 | 2015 | 2016 | 2015 | 2016 | 2015 | ||||||||||||
Assets | ||||||||||||||||||
Federal funds sold and securities borrowed or purchased under agreements to resell selected portfolios of securities purchased under agreements to resell and securities borrowed | $ | 28 | $ | 2 | $ | 19 | $ | (95 | ) | $ | 47 | $ | (93 | ) | ||||
Trading account assets | 258 | 91 | (320 | ) | 136 | (62 | ) | 227 | ||||||||||
Investments | 1 | 45 | (22 | ) | 4 | (21 | ) | 49 | ||||||||||
Loans | ||||||||||||||||||
Certain corporate loans(1) | 24 | (49 | ) | 36 | 40 | 60 | (9 | ) | ||||||||||
Certain consumer loans(1) | (1 | ) | 2 | — | — | (1 | ) | 2 | ||||||||||
Total loans | $ | 23 | $ | (47 | ) | $ | 36 | $ | 40 | $ | 59 | $ | (7 | ) | ||||
Other assets | ||||||||||||||||||
MSRs | (225 | ) | (71 | ) | (137 | ) | 262 | $ | (362 | ) | $ | 191 | ||||||
Certain mortgage loans held for sale(2) | 80 | 102 | 91 | 70 | 171 | 172 | ||||||||||||
Other assets | 370 | — | — | — | 370 | — | ||||||||||||
Total other assets | $ | 225 | $ | 31 | $ | (46 | ) | $ | 332 | $ | 179 | $ | 363 | |||||
Total assets | $ | 535 | $ | 122 | $ | (333 | ) | $ | 417 | $ | 202 | $ | 539 | |||||
Liabilities | ||||||||||||||||||
Interest-bearing deposits | $ | (50 | ) | $ | 10 | $ | (18 | ) | $ | 23 | $ | (68 | ) | $ | 33 | |||
Federal funds purchased and securities loaned or sold under agreements to repurchase selected portfolios of securities sold under agreements to repurchase and securities loaned | (6 | ) | 2 | (2 | ) | — | (8 | ) | 2 | |||||||||
Trading account liabilities | 94 | 29 | 3 | (44 | ) | 97 | (15 | ) | ||||||||||
Short-term borrowings | 80 | (1 | ) | (114 | ) | (67 | ) | (34 | ) | (68 | ) | |||||||
Long-term debt | (423 | ) | 189 | (117 | ) | 707 | (540 | ) | 896 | |||||||||
Total liabilities | $ | (305 | ) | $ | 229 | $ | (248 | ) | $ | 619 | $ | (553 | ) | $ | 848 |
(1) | Includes mortgage loans held by mortgage loan securitization VIEs consolidated upon the adoption of ASC 810, Consolidation (SFAS 167), on January 1, 2010. |
(2) | Includes gains (losses) associated with interest rate lock-commitments for those loans that have been originated and elected under the fair value option. |
March 31, 2016 | December 31, 2015 | June 30, 2016 | December 31, 2015 | |||||||||||||||||||||
In millions of dollars | Trading assets | Loans | Trading assets | Loans | Trading assets | Loans | Trading assets | Loans | ||||||||||||||||
Carrying amount reported on the Consolidated Balance Sheet | $ | 9,712 | $ | 4,793 | $ | 9,314 | $ | 5,005 | $ | 9,321 | $ | 4,134 | $ | 9,314 | $ | 5,005 | ||||||||
Aggregate unpaid principal balance in excess of fair value | 851 | 169 | 980 | 280 | 744 | 84 | 980 | 280 | ||||||||||||||||
Balance of non-accrual loans or loans more than 90 days past due | 3 | 2 | 5 | 2 | 4 | 2 | 5 | 2 | ||||||||||||||||
Aggregate unpaid principal balance in excess of fair value for non-accrual loans or loans more than 90 days past due | 10 | 1 | 13 | 1 | 9 | 1 | 13 | 1 |
In millions of dollars | March 31, 2016 | December 31, 2015 | June 30, 2016 | December 31, 2015 | ||||||||
Carrying amount reported on the Consolidated Balance Sheet | $ | 889 | $ | 745 | $ | 1,122 | $ | 745 | ||||
Aggregate fair value in excess of unpaid principal balance | 36 | 20 | 49 | 20 | ||||||||
Balance of non-accrual loans or loans more than 90 days past due | — | — | — | — | ||||||||
Aggregate unpaid principal balance in excess of fair value for non-accrual loans or loans more than 90 days past due | — | — | — | — |
In billions of dollars | March 31, 2016 | December 31, 2015 | June 30, 2016 | December 31, 2015 | ||||||||
Interest rate linked | $ | 10.3 | $ | 9.6 | $ | 10.3 | $ | 9.6 | ||||
Foreign exchange linked | 0.3 | 0.3 | 0.2 | 0.3 | ||||||||
Equity linked | 11.4 | 9.9 | 11.1 | 9.9 | ||||||||
Commodity linked | 1.3 | 1.4 | 1.1 | 1.4 | ||||||||
Credit linked | 1.6 | 1.6 | 1.0 | 1.6 | ||||||||
Total | $ | 24.9 | $ | 22.8 | $ | 23.7 | $ | 22.8 |
In millions of dollars | March 31, 2016 | December 31, 2015 | June 30, 2016 | December 31, 2015 | ||||||||
Carrying amount reported on the Consolidated Balance Sheet | $ | 27,103 | $ | 25,293 | $ | 25,931 | $ | 25,293 | ||||
Aggregate unpaid principal balance in excess of fair value | 556 | 1,569 | 564 | 1,569 |
In millions of dollars | March 31, 2016 | December 31, 2015 | June 30, 2016 | December 31, 2015 | ||||||||
Carrying amount reported on the Consolidated Balance Sheet | $ | 1,375 | $ | 1,207 | $ | 1,850 | $ | 1,207 | ||||
Aggregate unpaid principal balance in excess of fair value | 199 | 130 | 6 | 130 |
Maximum potential amount of future payments | Maximum potential amount of future payments | |||||||||||||||||||||||
In billions of dollars at March 31, 2016 except carrying value in millions | Expire within 1 year | Expire after 1 year | Total amount outstanding | Carrying value (in millions of dollars) | ||||||||||||||||||||
In billions of dollars at June 30, 2016 except carrying value in millions | Expire within 1 year | Expire after 1 year | Total amount outstanding | Carrying value (in millions of dollars) | ||||||||||||||||||||
Financial standby letters of credit | $ | 27.6 | $ | 66.3 | $ | 93.9 | $ | 167 | $ | 25.5 | $ | 69.9 | $ | 95.4 | $ | 146 | ||||||||
Performance guarantees | 7.7 | 3.9 | 11.6 | 23 | 7.7 | 3.8 | 11.5 | 21 | ||||||||||||||||
Derivative instruments considered to be guarantees | 3.9 | 74.8 | 78.7 | 1,594 | 4.6 | 73.9 | 78.5 | 1,113 | ||||||||||||||||
Loans sold with recourse | — | 0.2 | 0.2 | 15 | — | 0.2 | 0.2 | 14 | ||||||||||||||||
Securities lending indemnifications(1) | 88.0 | — | 88.0 | — | 83.2 | — | 83.2 | — | ||||||||||||||||
Credit card merchant processing(1) | 76.7 | — | 76.7 | — | 81.1 | — | 81.1 | — | ||||||||||||||||
Credit card arrangements with partners | — | 1.5 | 1.5 | 206 | ||||||||||||||||||||
Custody indemnifications and other | — | 48.2 | 48.2 | 56 | 0.3 | 46.6 | 46.9 | 58 | ||||||||||||||||
Total | $ | 203.9 | $ | 193.4 | $ | 397.3 | $ | 1,855 | $ | 202.4 | $ | 195.9 | $ | 398.3 | $ | 1,558 |
Maximum potential amount of future payments | Maximum potential amount of future payments | |||||||||||||||||||||||
In billions of dollars at December 31, 2015 except carrying value in millions | Expire within 1 year | Expire after 1 year | Total amount outstanding | Carrying value (in millions of dollars) | Expire within 1 year | Expire after 1 year | Total amount outstanding | Carrying value (in millions of dollars) | ||||||||||||||||
Financial standby letters of credit | $ | 23.8 | $ | 73.0 | $ | 96.8 | $ | 153 | $ | 23.8 | $ | 73.0 | $ | 96.8 | $ | 152 | ||||||||
Performance guarantees | 7.4 | 4.1 | 11.5 | 24 | 7.4 | 4.1 | 11.5 | 23 | ||||||||||||||||
Derivative instruments considered to be guarantees | 3.6 | 74.9 | 78.5 | 1,779 | 3.6 | 74.9 | 78.5 | 1,779 | ||||||||||||||||
Loans sold with recourse | — | 0.2 | 0.2 | 17 | — | 0.2 | 0.2 | 17 | ||||||||||||||||
Securities lending indemnifications(1) | 79.0 | — | 79.0 | — | 79.0 | — | 79.0 | — | ||||||||||||||||
Credit card merchant processing(1) | 84.2 | — | 84.2 | — | 84.2 | — | 84.2 | — | ||||||||||||||||
Custody indemnifications and other | — | 51.7 | 51.7 | 56 | — | 51.7 | 51.7 | 56 | ||||||||||||||||
Total | $ | 198.0 | $ | 203.9 | $ | 401.9 | $ | 2,029 | $ | 198.0 | $ | 203.9 | $ | 401.9 | $ | 2,027 |
(1) | The carrying values of securities lending indemnifications and credit card merchant processing were not material for either period presented, as the probability of potential liabilities arising from these guarantees is minimal. |
Maximum potential amount of future payments | Maximum potential amount of future payments | |||||||||||||||||||||||
In billions of dollars at March 31, 2016 | Investment grade | Non-investment grade | Not rated | Total | ||||||||||||||||||||
In billions of dollars at June 30, 2016 | Investment grade | Non-investment grade | Not rated | Total | ||||||||||||||||||||
Financial standby letters of credit | $ | 68.7 | $ | 15.1 | $ | 10.1 | $ | 93.9 | $ | 63.8 | $ | 18.9 | $ | 12.7 | $ | 95.4 | ||||||||
Performance guarantees | 6.5 | 4.3 | 0.8 | 11.6 | 6.4 | 4.3 | 0.8 | 11.5 | ||||||||||||||||
Derivative instruments deemed to be guarantees | — | — | 78.7 | 78.7 | — | — | 78.5 | 78.5 | ||||||||||||||||
Loans sold with recourse | — | — | 0.2 | 0.2 | — | — | 0.2 | 0.2 | ||||||||||||||||
Securities lending indemnifications | — | — | 88.0 | 88.0 | — | — | 83.2 | 83.2 | ||||||||||||||||
Credit card merchant processing | — | — | 76.7 | 76.7 | — | — | 81.1 | 81.1 | ||||||||||||||||
Credit card arrangements with partners | — | — | 1.5 | 1.5 | ||||||||||||||||||||
Custody indemnifications and other | 48.1 | 0.1 | — | 48.2 | 46.8 | 0.1 | — | 46.9 | ||||||||||||||||
Total | $ | 123.3 | $ | 19.5 | $ | 254.5 | $ | 397.3 | $ | 117.0 | $ | 23.3 | $ | 258.0 | $ | 398.3 |
Maximum potential amount of future payments | ||||||||||||
In billions of dollars at December 31, 2015 | Investment grade | Non-investment grade | Not rated | Total | ||||||||
Financial standby letters of credit | $ | 69.2 | $ | 15.4 | $ | 12.2 | $ | 96.8 | ||||
Performance guarantees | 6.6 | 4.1 | 0.8 | 11.5 | ||||||||
Derivative instruments deemed to be guarantees | — | — | 78.5 | 78.5 | ||||||||
Loans sold with recourse | — | — | 0.2 | 0.2 | ||||||||
Securities lending indemnifications | — | — | 79.0 | 79.0 | ||||||||
Credit card merchant processing | — | — | 84.2 | 84.2 | ||||||||
Custody indemnifications and other | 51.6 | 0.1 | — | 51.7 | ||||||||
Total | $ | 127.4 | $ | 19.6 | $ | 254.9 | $ | 401.9 |
In millions of dollars | U.S. | Outside of U.S. | March 31, 2016 | December 31, 2015 | U.S. | Outside of U.S. | June 30, 2016 | December 31, 2015 | ||||||||||||||||
Commercial and similar letters of credit | $ | 1,114 | $ | 3,833 | $ | 4,947 | $ | 6,102 | $ | 1,204 | $ | 4,121 | $ | 5,325 | $ | 6,102 | ||||||||
One- to four-family residential mortgages | 1,790 | 1,842 | 3,632 | 3,196 | 1,604 | 1,807 | 3,411 | 3,196 | ||||||||||||||||
Revolving open-end loans secured by one- to four-family residential properties | 12,600 | 2,152 | 14,752 | 14,726 | 12,361 | 2,088 | 14,449 | 14,726 | ||||||||||||||||
Commercial real estate, construction and land development | 7,813 | 1,253 | 9,066 | 10,522 | 7,940 | 1,280 | 9,220 | 10,522 | ||||||||||||||||
Credit card lines | 482,008 | 93,413 | 575,421 | 573,057 | 571,146 | 98,243 | 669,389 | 573,057 | ||||||||||||||||
Commercial and other consumer loan commitments | 178,710 | 89,547 | 268,257 | 271,076 | 167,467 | 89,125 | 256,592 | 271,076 | ||||||||||||||||
Other commitments and contingencies | 4,901 | 4,358 | 9,259 | 9,982 | 2,838 | 6,888 | 9,726 | 9,982 | ||||||||||||||||
Total | $ | 688,936 | $ | 196,398 | $ | 885,334 | $ | 888,661 | $ | 764,560 | $ | 203,552 | $ | 968,112 | $ | 888,661 |
Three months ended March 31, 2016 | Three Months Ended June 30, 2016 | |||||||||||||||||||||||||||||||||||||
In millions of dollars | Citigroup parent company | CGMHI | Other Citigroup subsidiaries and eliminations | Consolidating adjustments | Citigroup consolidated | Citigroup parent company | CGMHI | Other Citigroup subsidiaries and eliminations | Consolidating adjustments | Citigroup consolidated | ||||||||||||||||||||||||||||
Revenues | ||||||||||||||||||||||||||||||||||||||
Dividends from subsidiaries | $ | 2,800 | $ | — | $ | — | $ | (2,800 | ) | $ | — | $ | 2,900 | $ | — | $ | — | $ | (2,900 | ) | $ | — | ||||||||||||||||
Interest revenue | 2 | 1,146 | 13,019 | — | 14,167 | 1 | 1,251 | 13,104 | — | 14,356 | ||||||||||||||||||||||||||||
Interest revenue—intercompany | 872 | 136 | (1,008 | ) | — | — | 668 | 139 | (807 | ) | — | — | ||||||||||||||||||||||||||
Interest expense | 1,070 | 364 | 1,506 | — | 2,940 | 1,094 | 401 | 1,625 | — | 3,120 | ||||||||||||||||||||||||||||
Interest expense—intercompany | 41 | 429 | (470 | ) | — | — | 38 | 416 | (454 | ) | — | — | ||||||||||||||||||||||||||
Net interest revenue | $ | (237 | ) | $ | 489 | $ | 10,975 | $ | — | $ | 11,227 | $ | (463 | ) | $ | 573 | $ | 11,126 | $ | — | $ | 11,236 | ||||||||||||||||
Commissions and fees | $ | — | $ | 960 | $ | 1,503 | $ | — | $ | 2,463 | $ | — | $ | 1,119 | $ | 1,606 | $ | — | $ | 2,725 | ||||||||||||||||||
Commissions and fees—intercompany | (2 | ) | (6 | ) | 8 | — | — | (17 | ) | (24 | ) | 41 | — | — | ||||||||||||||||||||||||
Principal transactions | (209 | ) | (137 | ) | 2,186 | — | 1,840 | (186 | ) | 2,394 | (392 | ) | — | 1,816 | ||||||||||||||||||||||||
Principal transactions—intercompany | 258 | 748 | (1,006 | ) | — | — | (217 | ) | (1,791 | ) | 2,008 | — | — | |||||||||||||||||||||||||
Other income | (3,094 | ) | 76 | 5,043 | — | 2,025 | (585 | ) | 51 | 2,305 | — | 1,771 | ||||||||||||||||||||||||||
Other income—intercompany | 3,260 | (140 | ) | (3,120 | ) | — | — | 736 | 339 | (1,075 | ) | — | — | |||||||||||||||||||||||||
Total non-interest revenues | $ | 213 | $ | 1,501 | $ | 4,614 | $ | — | $ | 6,328 | $ | (269 | ) | $ | 2,088 | $ | 4,493 | $ | — | $ | 6,312 | |||||||||||||||||
Total revenues, net of interest expense | $ | 2,776 | $ | 1,990 | $ | 15,589 | $ | (2,800 | ) | $ | 17,555 | $ | 2,168 | $ | 2,661 | $ | 15,619 | $ | (2,900 | ) | $ | 17,548 | ||||||||||||||||
Provisions for credit losses and for benefits and claims | $ | — | $ | — | $ | 2,045 | $ | — | $ | 2,045 | $ | — | $ | — | $ | 1,409 | $ | — | $ | 1,409 | ||||||||||||||||||
Operating expenses | ||||||||||||||||||||||||||||||||||||||
Compensation and benefits | $ | 8 | $ | 1,289 | $ | 4,259 | $ | — | $ | 5,556 | $ | (16 | ) | $ | 1,202 | $ | 4,043 | $ | — | $ | 5,229 | |||||||||||||||||
Compensation and benefits—intercompany | 3 | — | (3 | ) | — | — | 23 | — | (23 | ) | — | — | ||||||||||||||||||||||||||
Other operating | 267 | 386 | 4,314 | — | 4,967 | 213 | 412 | 4,515 | — | 5,140 | ||||||||||||||||||||||||||||
Other operating—intercompany | 1 | 307 | (308 | ) | — | — | 79 | 322 | (401 | ) | — | — | ||||||||||||||||||||||||||
Total operating expenses | $ | 279 | $ | 1,982 | $ | 8,262 | $ | — | $ | 10,523 | $ | 299 | $ | 1,936 | $ | 8,134 | $ | — | $ | 10,369 | ||||||||||||||||||
Income (loss) before income taxes and equity in undistributed income of subsidiaries | $ | 2,497 | $ | 8 | $ | 5,282 | $ | (2,800 | ) | $ | 4,987 | $ | 1,869 | $ | 725 | $ | 6,076 | $ | (2,900 | ) | $ | 5,770 | ||||||||||||||||
Provision (benefit) for income taxes | (60 | ) | 37 | 1,502 | — | 1,479 | (420 | ) | 157 | 1,986 | — | 1,723 | ||||||||||||||||||||||||||
Equity in undistributed income of subsidiaries | 944 | — | — | (944 | ) | — | 1,709 | — | — | (1,709 | ) | — | ||||||||||||||||||||||||||
Income (loss) from continuing operations | $ | 3,501 | $ | (29 | ) | $ | 3,780 | $ | (3,744 | ) | $ | 3,508 | $ | 3,998 | $ | 568 | $ | 4,090 | $ | (4,609 | ) | $ | 4,047 | |||||||||||||||
Loss from discontinued operations, net of taxes | — | — | (2 | ) | — | (2 | ) | — | — | (23 | ) | — | (23 | ) | ||||||||||||||||||||||||
Net income (loss) before attribution of noncontrolling interests | $ | 3,501 | $ | (29 | ) | $ | 3,778 | $ | (3,744 | ) | $ | 3,506 | $ | 3,998 | $ | 568 | $ | 4,067 | $ | (4,609 | ) | $ | 4,024 | |||||||||||||||
Net income attributable to noncontrolling interests | — | 2 | 3 | — | 5 | |||||||||||||||||||||||||||||||||
Net income (loss) attributable to noncontrolling interests | — | (3 | ) | 29 | — | 26 | ||||||||||||||||||||||||||||||||
Net income (loss) after attribution of noncontrolling interests | $ | 3,501 | $ | (31 | ) | $ | 3,775 | $ | (3,744 | ) | $ | 3,501 | $ | 3,998 | $ | 571 | $ | 4,038 | $ | (4,609 | ) | $ | 3,998 | |||||||||||||||
Comprehensive income | ||||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss) | $ | 2,733 | $ | 47 | $ | 3,039 | $ | (3,086 | ) | $ | 2,733 | $ | 511 | $ | 58 | $ | 569 | $ | (627 | ) | $ | 511 | ||||||||||||||||
Comprehensive income | $ | 6,234 | $ | 16 | $ | 6,814 | $ | (6,830 | ) | $ | 6,234 | $ | 4,509 | $ | 629 | $ | 4,607 | $ | (5,236 | ) | $ | 4,509 |
Three months ended March 31, 2015 | Three Months Ended June 30, 2015 | |||||||||||||||||||||||||||||||||||||
In millions of dollars | Citigroup parent company | CGMHI | Other Citigroup subsidiaries and eliminations | Consolidating adjustments | Citigroup consolidated | Citigroup parent company | CGMHI | Other Citigroup subsidiaries and eliminations | Consolidating adjustments | Citigroup consolidated | ||||||||||||||||||||||||||||
Revenues | ||||||||||||||||||||||||||||||||||||||
Dividends from subsidiaries | $ | 1,100 | $ | — | $ | — | $ | (1,100 | ) | $ | — | $ | 3,500 | $ | — | $ | — | $ | (3,500 | ) | $ | — | ||||||||||||||||
Interest revenue | 3 | 1,007 | 13,590 | — | 14,600 | 2 | 1,240 | 13,631 | — | 14,873 | ||||||||||||||||||||||||||||
Interest revenue—intercompany | 672 | 53 | (725 | ) | — | — | 711 | 67 | (778 | ) | — | — | ||||||||||||||||||||||||||
Interest expense | 1,155 | 228 | 1,645 | — | 3,028 | 1,154 | 277 | 1,620 | — | 3,051 | ||||||||||||||||||||||||||||
Interest expense—intercompany | (176 | ) | 297 | (121 | ) | — | — | (155 | ) | 304 | (149 | ) | — | — | ||||||||||||||||||||||||
Net interest revenue | $ | (304 | ) | $ | 535 | $ | 11,341 | $ | — | $ | 11,572 | $ | (286 | ) | $ | 726 | $ | 11,382 | $ | — | $ | 11,822 | ||||||||||||||||
Commissions and fees | $ | — | $ | 1,345 | $ | 1,825 | $ | — | $ | 3,170 | $ | — | $ | 1,319 | $ | 1,875 | $ | — | $ | 3,194 | ||||||||||||||||||
Commissions and fees—intercompany | — | 59 | (59 | ) | — | — | — | 44 | (44 | ) | — | — | ||||||||||||||||||||||||||
Principal transactions | (333 | ) | 1,316 | 988 | — | 1,971 | 790 | 873 | 510 | — | 2,173 | |||||||||||||||||||||||||||
Principal transactions—intercompany | (329 | ) | (259 | ) | 588 | — | — | (340 | ) | (575 | ) | 915 | — | — | ||||||||||||||||||||||||
Other income | 2,015 | 98 | 910 | — | 3,023 | 1,161 | (71 | ) | 1,191 | — | 2,281 | |||||||||||||||||||||||||||
Other income—intercompany | (1,420 | ) | 493 | 927 | — | — | (1,194 | ) | 47 | 1,147 | — | — | ||||||||||||||||||||||||||
Total non-interest revenues | $ | (67 | ) | $ | 3,052 | $ | 5,179 | $ | — | $ | 8,164 | $ | 417 | $ | 1,637 | $ | 5,594 | $ | — | $ | 7,648 | |||||||||||||||||
Total revenues, net of interest expense | $ | 729 | $ | 3,587 | $ | 16,520 | $ | (1,100 | ) | $ | 19,736 | $ | 3,631 | $ | 2,363 | $ | 16,976 | $ | (3,500 | ) | $ | 19,470 | ||||||||||||||||
Provisions for credit losses and for benefits and claims | $ | — | $ | — | $ | 1,915 | $ | — | $ | 1,915 | $ | — | $ | — | $ | 1,648 | $ | — | $ | 1,648 | ||||||||||||||||||
Operating expenses | ||||||||||||||||||||||||||||||||||||||
Compensation and benefits | $ | 35 | $ | 1,268 | $ | 4,217 | $ | — | $ | 5,520 | $ | 13 | $ | 1,243 | $ | 4,227 | $ | — | $ | 5,483 | ||||||||||||||||||
Compensation and benefits—intercompany | 7 | — | (7 | ) | — | — | 23 | — | (23 | ) | — | — | ||||||||||||||||||||||||||
Other operating | 149 | 457 | 4,758 | — | 5,364 | (189 | ) | 491 | 5,143 | — | 5,445 | |||||||||||||||||||||||||||
Other operating—intercompany | 57 | 405 | (462 | ) | — | — | 73 | 200 | (273 | ) | — | — | ||||||||||||||||||||||||||
Total operating expenses | $ | 248 | $ | 2,130 | $ | 8,506 | $ | — | $ | 10,884 | $ | (80 | ) | $ | 1,934 | $ | 9,074 | $ | — | $ | 10,928 | |||||||||||||||||
Income (loss) before income taxes and equity in undistributed income of subsidiaries | $ | 481 | $ | 1,457 | $ | 6,099 | $ | (1,100 | ) | $ | 6,937 | $ | 3,711 | $ | 429 | $ | 6,254 | $ | (3,500 | ) | $ | 6,894 | ||||||||||||||||
Provision (benefit) for income taxes | (629 | ) | 524 | 2,225 | — | 2,120 | (97 | ) | (255 | ) | 2,388 | — | 2,036 | |||||||||||||||||||||||||
Equity in undistributed income of subsidiaries | 3,660 | — | — | (3,660 | ) | — | 1,038 | — | — | (1,038 | ) | — | ||||||||||||||||||||||||||
Income (loss) from continuing operations | $ | 4,770 | $ | 933 | $ | 3,874 | $ | (4,760 | ) | $ | 4,817 | $ | 4,846 | $ | 684 | $ | 3,866 | $ | (4,538 | ) | $ | 4,858 | ||||||||||||||||
Loss from discontinued operations, net of taxes | — | — | (5 | ) | — | (5 | ) | |||||||||||||||||||||||||||||||
Income from discontinued operations, net of taxes | — | — | 6 | — | 6 | |||||||||||||||||||||||||||||||||
Net income (loss) before attribution of noncontrolling interests | $ | 4,770 | $ | 933 | $ | 3,869 | $ | (4,760 | ) | $ | 4,812 | $ | 4,846 | $ | 684 | $ | 3,872 | $ | (4,538 | ) | $ | 4,864 | ||||||||||||||||
Net income attributable to noncontrolling interests | — | (2 | ) | 44 | — | 42 | ||||||||||||||||||||||||||||||||
Net income (loss) attributable to noncontrolling interests | — | (1 | ) | 19 | — | 18 | ||||||||||||||||||||||||||||||||
Net income (loss) after attribution of noncontrolling interests | $ | 4,770 | $ | 935 | $ | 3,825 | $ | (4,760 | ) | $ | 4,770 | $ | 4,846 | $ | 685 | $ | 3,853 | $ | (4,538 | ) | $ | 4,846 | ||||||||||||||||
Comprehensive income | ||||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss) | $ | (1,475 | ) | $ | (38 | ) | $ | (1,586 | ) | $ | 1,624 | $ | (1,475 | ) | $ | (413 | ) | $ | (48 | ) | $ | (711 | ) | $ | 759 | $ | (413 | ) | ||||||||||
Comprehensive income | $ | 3,295 | $ | 897 | $ | 2,239 | $ | (3,136 | ) | $ | 3,295 | $ | 4,433 | $ | 637 | $ | 3,142 | $ | (3,779 | ) | $ | 4,433 |
Six Months Ended June 30, 2016 | |||||||||||||||||||
In millions of dollars | Citigroup parent company | CGMHI | Other Citigroup subsidiaries and eliminations | Consolidating adjustments | Citigroup consolidated | ||||||||||||||
Revenues | |||||||||||||||||||
Dividends from subsidiaries | $ | 5,700 | $ | — | $ | — | $ | (5,700 | ) | $ | — | ||||||||
Interest revenue | 3 | 2,397 | 26,123 | — | 28,523 | ||||||||||||||
Interest revenue—intercompany | 1,540 | 275 | (1,815 | ) | — | — | |||||||||||||
Interest expense | 2,164 | 765 | 3,131 | — | 6,060 | ||||||||||||||
Interest expense—intercompany | 79 | 845 | (924 | ) | — | — | |||||||||||||
Net interest revenue | $ | (700 | ) | $ | 1,062 | $ | 22,101 | $ | — | $ | 22,463 | ||||||||
Commissions and fees | $ | — | $ | 2,079 | $ | 3,109 | $ | — | $ | 5,188 | |||||||||
Commissions and fees—intercompany | (19 | ) | (30 | ) | 49 | — | — | ||||||||||||
Principal transactions | (395 | ) | 2,257 | 1,794 | — | 3,656 | |||||||||||||
Principal transactions—intercompany | 41 | (1,043 | ) | 1,002 | — | — | |||||||||||||
Other income | (3,679 | ) | 127 | 7,348 | — | 3,796 | |||||||||||||
Other income—intercompany | 3,996 | 199 | (4,195 | ) | — | — | |||||||||||||
Total non-interest revenues | $ | (56 | ) | $ | 3,589 | $ | 9,107 | $ | — | $ | 12,640 | ||||||||
Total revenues, net of interest expense | $ | 4,944 | $ | 4,651 | $ | 31,208 | $ | (5,700 | ) | $ | 35,103 | ||||||||
Provisions for credit losses and for benefits and claims | $ | — | $ | — | $ | 3,454 | $ | — | $ | 3,454 | |||||||||
Operating expenses | |||||||||||||||||||
Compensation and benefits | $ | (8 | ) | $ | 2,491 | $ | 8,302 | $ | — | $ | 10,785 | ||||||||
Compensation and benefits—intercompany | 26 | — | (26 | ) | — | — | |||||||||||||
Other operating | 480 | 798 | 8,829 | — | 10,107 | ||||||||||||||
Other operating—intercompany | 80 | 629 | (709 | ) | — | — | |||||||||||||
Total operating expenses | $ | 578 | $ | 3,918 | $ | 16,396 | $ | — | $ | 20,892 | |||||||||
Income (loss) before income taxes and equity in undistributed income of subsidiaries | $ | 4,366 | $ | 733 | $ | 11,358 | $ | (5,700 | ) | $ | 10,757 | ||||||||
Provision (benefit) for income taxes | (480 | ) | 194 | 3,488 | — | 3,202 | |||||||||||||
Equity in undistributed income of subsidiaries | 2,653 | — | — | (2,653 | ) | — | |||||||||||||
Income (loss) from continuing operations | $ | 7,499 | $ | 539 | $ | 7,870 | $ | (8,353 | ) | $ | 7,555 | ||||||||
Loss from discontinued operations, net of taxes | — | — | (25 | ) | — | (25 | ) | ||||||||||||
Net income (loss) before attribution of noncontrolling interests | $ | 7,499 | $ | 539 | $ | 7,845 | $ | (8,353 | ) | $ | 7,530 | ||||||||
Net income (loss) attributable to noncontrolling interests | — | (1 | ) | 32 | — | 31 | |||||||||||||
Net income (loss) after attribution of noncontrolling interests | $ | 7,499 | $ | 540 | $ | 7,813 | $ | (8,353 | ) | $ | 7,499 | ||||||||
Comprehensive income | |||||||||||||||||||
Other comprehensive income (loss) | $ | 3,244 | $ | 105 | $ | 3,608 | $ | (3,713 | ) | $ | 3,244 | ||||||||
Comprehensive income | $ | 10,743 | $ | 645 | $ | 11,421 | $ | (12,066 | ) | $ | 10,743 |
Six Months Ended June 30, 2015 | |||||||||||||||||||
In millions of dollars | Citigroup parent company | CGMHI | Other Citigroup subsidiaries and eliminations | Consolidating adjustments | Citigroup consolidated | ||||||||||||||
Revenues | |||||||||||||||||||
Dividends from subsidiaries | $ | 4,600 | $ | — | $ | — | $ | (4,600 | ) | $ | — | ||||||||
Interest revenue | 5 | 2,247 | 27,221 | — | 29,473 | ||||||||||||||
Interest revenue—intercompany | 1,383 | 120 | (1,503 | ) | — | — | |||||||||||||
Interest expense | 2,309 | 505 | 3,265 | — | 6,079 | ||||||||||||||
Interest expense—intercompany | (331 | ) | 601 | (270 | ) | — | — | ||||||||||||
Net interest revenue | $ | (590 | ) | $ | 1,261 | $ | 22,723 | $ | — | $ | 23,394 | ||||||||
Commissions and fees | $ | — | $ | 2,664 | $ | 3,700 | $ | — | $ | 6,364 | |||||||||
Commissions and fees—intercompany | — | 103 | (103 | ) | — | — | |||||||||||||
Principal transactions | 457 | 2,189 | 1,498 | — | 4,144 | ||||||||||||||
Principal transactions—intercompany | (669 | ) | (834 | ) | 1,503 | — | — | ||||||||||||
Other income | 3,176 | 27 | 2,101 | — | 5,304 | ||||||||||||||
Other income—intercompany | (2,614 | ) | 540 | 2,074 | — | — | |||||||||||||
Total non-interest revenues | $ | 350 | $ | 4,689 | $ | 10,773 | $ | — | $ | 15,812 | |||||||||
Total revenues, net of interest expense | $ | 4,360 | $ | 5,950 | $ | 33,496 | $ | (4,600 | ) | $ | 39,206 | ||||||||
Provisions for credit losses and for benefits and claims | $ | — | $ | — | $ | 3,563 | $ | — | $ | 3,563 | |||||||||
Operating expenses | |||||||||||||||||||
Compensation and benefits | $ | 48 | $ | 2,511 | $ | 8,444 | $ | — | $ | 11,003 | |||||||||
Compensation and benefits—intercompany | 30 | — | (30 | ) | — | — | |||||||||||||
Other operating | (40 | ) | 948 | 9,901 | — | 10,809 | |||||||||||||
Other operating—intercompany | 130 | 605 | (735 | ) | — | — | |||||||||||||
Total operating expenses | $ | 168 | $ | 4,064 | $ | 17,580 | $ | — | $ | 21,812 | |||||||||
Income (loss) before income taxes and equity in undistributed income of subsidiaries | $ | 4,192 | $ | 1,886 | $ | 12,353 | $ | (4,600 | ) | $ | 13,831 | ||||||||
Provision (benefit) for income taxes | (726 | ) | 269 | 4,613 | — | 4,156 | |||||||||||||
Equity in undistributed income of subsidiaries | 4,698 | — | — | (4,698 | ) | — | |||||||||||||
Income (loss) from continuing operations | $ | 9,616 | $ | 1,617 | $ | 7,740 | $ | (9,298 | ) | $ | 9,675 | ||||||||
Income from discontinued operations, net of taxes | — | — | 1 | — | 1 | ||||||||||||||
Net income (loss) before attribution of noncontrolling interests | $ | 9,616 | $ | 1,617 | $ | 7,741 | $ | (9,298 | ) | $ | 9,676 | ||||||||
Net income (loss) attributable to noncontrolling interests | — | (3 | ) | 63 | — | 60 | |||||||||||||
Net income (loss) after attribution of noncontrolling interests | $ | 9,616 | $ | 1,620 | $ | 7,678 | $ | (9,298 | ) | $ | 9,616 | ||||||||
Comprehensive income | |||||||||||||||||||
Other comprehensive income (loss) | $ | (1,888 | ) | $ | (86 | ) | $ | (2,297 | ) | $ | 2,383 | $ | (1,888 | ) | |||||
Comprehensive income | $ | 7,728 | $ | 1,534 | $ | 5,381 | $ | (6,915 | ) | $ | 7,728 |
March 31, 2016 | June 30, 2016 | |||||||||||||||||||||||||||||||||||||
In millions of dollars | Citigroup parent company | CGMHI | Other Citigroup subsidiaries and eliminations | Consolidating adjustments | Citigroup consolidated | Citigroup parent company | CGMHI | Other Citigroup subsidiaries and eliminations | Consolidating adjustments | Citigroup consolidated | ||||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||||||||
Cash and due from banks | $ | — | $ | 197 | $ | 22,043 | $ | — | $ | 22,240 | $ | — | $ | 348 | $ | 21,792 | $ | — | $ | 22,140 | ||||||||||||||||||
Cash and due from banks—intercompany | 363 | 1,871 | (2,234 | ) | — | — | 133 | 2,644 | (2,777 | ) | — | — | ||||||||||||||||||||||||||
Federal funds sold and resale agreements | — | 186,860 | 38,233 | — | 225,093 | — | 188,567 | 40,116 | — | 228,683 | ||||||||||||||||||||||||||||
Federal funds sold and resale agreements—intercompany | — | 7,479 | (7,479 | ) | — | — | — | 8,901 | (8,901 | ) | — | — | ||||||||||||||||||||||||||
Trading account assets | (4 | ) | 139,392 | 134,359 | — | 273,747 | 20 | 136,124 | 135,620 | — | 271,764 | |||||||||||||||||||||||||||
Trading account assets—intercompany | 759 | 1,432 | (2,191 | ) | — | — | 801 | 3,676 | (4,477 | ) | — | — | ||||||||||||||||||||||||||
Investments | 458 | 355 | 352,439 | — | 353,252 | 438 | 357 | 355,498 | — | 356,293 | ||||||||||||||||||||||||||||
Loans, net of unearned income | — | 1,063 | 617,761 | — | 618,824 | — | 845 | 632,670 | — | 633,515 | ||||||||||||||||||||||||||||
Loans, net of unearned income—intercompany | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||
Allowance for loan losses | — | (4 | ) | (12,708 | ) | — | (12,712 | ) | — | — | (12,304 | ) | — | (12,304 | ) | |||||||||||||||||||||||
Total loans, net | $ | — | $ | 1,059 | $ | 605,053 | $ | — | $ | 606,112 | $ | — | $ | 845 | $ | 620,366 | $ | — | $ | 621,211 | ||||||||||||||||||
Advances to subsidiaries | $ | 113,515 | $ | — | $ | (113,515 | ) | $ | — | $ | — | $ | 117,175 | $ | — | $ | (117,175 | ) | $ | — | $ | — | ||||||||||||||||
Investments in subsidiaries | 227,612 | — | — | �� | (227,612 | ) | — | 232,490 | — | — | (232,490 | ) | — | |||||||||||||||||||||||||
Other assets (1) | 26,474 | 40,830 | 253,219 | — | 320,523 | 27,200 | 42,046 | 249,434 | — | 318,680 | ||||||||||||||||||||||||||||
Other assets—intercompany | 62,966 | 44,693 | (107,659 | ) | — | — | 55,579 | 40,706 | (96,285 | ) | — | — | ||||||||||||||||||||||||||
Total assets | $ | 432,143 | $ | 424,168 | $ | 1,172,268 | $ | (227,612 | ) | $ | 1,800,967 | $ | 433,836 | $ | 424,214 | $ | 1,193,211 | $ | (232,490 | ) | $ | 1,818,771 | ||||||||||||||||
Liabilities and equity | ||||||||||||||||||||||||||||||||||||||
Deposits | $ | — | $ | — | $ | 934,591 | $ | — | $ | 934,591 | $ | — | $ | — | $ | 937,852 | $ | — | $ | 937,852 | ||||||||||||||||||
Deposits—intercompany | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||
Federal funds purchased and securities loaned or sold | — | 133,899 | 23,309 | — | 157,208 | — | 137,985 | 20,016 | — | 158,001 | ||||||||||||||||||||||||||||
Federal funds purchased and securities loaned or sold—intercompany | 185 | 22,679 | (22,864 | ) | — | — | 185 | 20,066 | (20,251 | ) | — | — | ||||||||||||||||||||||||||
Trading account liabilities | — | 79,313 | 56,833 | — | 136,146 | — | 78,093 | 58,214 | — | 136,307 | ||||||||||||||||||||||||||||
Trading account liabilities—intercompany | 587 | 1,290 | (1,877 | ) | — | — | 612 | 2,973 | (3,585 | ) | — | — | ||||||||||||||||||||||||||
Short-term borrowings | 45 | 530 | 20,318 | — | 20,893 | 4 | 771 | 17,633 | — | 18,408 | ||||||||||||||||||||||||||||
Short-term borrowings—intercompany | — | 38,627 | (38,627 | ) | — | — | — | 36,771 | (36,771 | ) | — | — | ||||||||||||||||||||||||||
Long-term debt | 148,892 | 4,025 | 54,918 | — | 207,835 | 148,431 | 5,094 | 53,923 | — | 207,448 | ||||||||||||||||||||||||||||
Long-term debt—intercompany | — | 48,642 | (48,642 | ) | — | — | — | 40,990 | (40,990 | ) | — | — | ||||||||||||||||||||||||||
Advances from subsidiaries | 42,379 | — | (42,379 | ) | — | — | 39,579 | — | (39,579 | ) | — | — | ||||||||||||||||||||||||||
Other liabilities | 3,957 | 54,921 | 56,655 | — | 115,533 | 3,766 | 59,368 | 64,600 | — | 127,734 | ||||||||||||||||||||||||||||
Other liabilities—intercompany | 8,576 | 11,223 | (19,799 | ) | — | — | 9,371 | 9,974 | (19,345 | ) | — | — | ||||||||||||||||||||||||||
Stockholders’ equity | 227,522 | 29,019 | 199,832 | (227,612 | ) | 228,761 | 231,888 | 32,129 | 201,494 | (232,490 | ) | 233,021 | ||||||||||||||||||||||||||
Total liabilities and equity | $ | 432,143 | $ | 424,168 | $ | 1,172,268 | $ | (227,612 | ) | $ | 1,800,967 | $ | 433,836 | $ | 424,214 | $ | 1,193,211 | $ | (232,490 | ) | $ | 1,818,771 |
(1) | Other assets for Citigroup parent company at |
December 31, 2015 | |||||||||||||||||||
In millions of dollars | Citigroup parent company | CGMHI | Other Citigroup subsidiaries and eliminations | Consolidating adjustments | Citigroup consolidated | ||||||||||||||
Assets | |||||||||||||||||||
Cash and due from banks | $ | — | $ | 592 | $ | 20,308 | $ | — | $ | 20,900 | |||||||||
Cash and due from banks—intercompany | 124 | 1,403 | (1,527 | ) | — | — | |||||||||||||
Federal funds sold and resale agreements | — | 178,178 | 41,497 | — | 219,675 | ||||||||||||||
Federal funds sold and resale agreements—intercompany | — | 15,035 | (15,035 | ) | — | — | |||||||||||||
Trading account assets | (8 | ) | 124,731 | 125,233 | — | 249,956 | |||||||||||||
Trading account assets—intercompany | 1,032 | 1,765 | (2,797 | ) | — | — | |||||||||||||
Investments | 484 | 402 | 342,069 | — | 342,955 | ||||||||||||||
Loans, net of unearned income | — | 1,068 | 616,549 | — | 617,617 | ||||||||||||||
Loans, net of unearned income—intercompany | — | — | — | — | — | ||||||||||||||
Allowance for loan losses | — | (3 | ) | (12,623 | ) | — | (12,626 | ) | |||||||||||
Total loans, net | $ | — | $ | 1,065 | $ | 603,926 | $ | — | $ | 604,991 | |||||||||
Advances to subsidiaries | $ | 104,405 | $ | — | $ | (104,405 | ) | $ | — | $ | — | ||||||||
Investments in subsidiaries | 221,362 | — | — | (221,362 | ) | — | |||||||||||||
Other assets(1) | 25,819 | 36,860 | 230,054 | — | 292,733 | ||||||||||||||
Other assets—intercompany | 58,207 | 30,737 | (88,944 | ) | — | — | |||||||||||||
Total assets | $ | 411,425 | $ | 390,768 | $ | 1,150,379 | $ | (221,362 | ) | $ | 1,731,210 | ||||||||
Liabilities and equity | |||||||||||||||||||
Deposits | $ | — | $ | — | $ | 907,887 | $ | — | $ | 907,887 | |||||||||
Deposits—intercompany | — | — | — | — | — | ||||||||||||||
Federal funds purchased and securities loaned or sold | — | 122,459 | 24,037 | — | 146,496 | ||||||||||||||
Federal funds purchased and securities loaned or sold—intercompany | 185 | 22,042 | (22,227 | ) | — | — | |||||||||||||
Trading account liabilities | — | 62,386 | 55,126 | — | 117,512 | ||||||||||||||
Trading account liabilities—intercompany | 1,036 | 2,045 | (3,081 | ) | — | — | |||||||||||||
Short-term borrowings | 146 | 188 | 20,745 | — | 21,079 | ||||||||||||||
Short-term borrowings—intercompany | — | 34,916 | (34,916 | ) | — | — | |||||||||||||
Long-term debt | 141,914 | 2,530 | 56,831 | — | 201,275 | ||||||||||||||
Long-term debt—intercompany | — | 51,171 | (51,171 | ) | — | — | |||||||||||||
Advances from subsidiaries | 36,453 | — | (36,453 | ) | — | — | |||||||||||||
Other liabilities | 3,560 | 55,482 | 54,827 | — | 113,869 | ||||||||||||||
Other liabilities—intercompany | 6,274 | 10,967 | (17,241 | ) | — | — | |||||||||||||
Stockholders’ equity | 221,857 | 26,582 | 196,015 | (221,362 | ) | 223,092 | |||||||||||||
Total liabilities and equity | $ | 411,425 | $ | 390,768 | $ | 1,150,379 | $ | (221,362 | ) | $ | 1,731,210 |
(1) | Other assets for Citigroup parent company at December 31, 2015 included |
Three months ended March 31, 2016 | Six Months Ended June 30, 2016 | |||||||||||||||||||||||||||||||||||||
In millions of dollars | Citigroup parent company | CGMHI | Other Citigroup subsidiaries and eliminations | Consolidating adjustments | Citigroup consolidated | Citigroup parent company | CGMHI | Other Citigroup subsidiaries and eliminations | Consolidating adjustments | Citigroup consolidated | ||||||||||||||||||||||||||||
Net cash provided by (used in) operating activities of continuing operations | $ | 5,194 | $ | (2,833 | ) | $ | (2,217 | ) | $ | — | $ | 144 | ||||||||||||||||||||||||||
Net cash provided by operating activities of continuing operations | $ | 13,794 | $ | 2,380 | $ | 4,893 | $ | — | $ | 21,067 | ||||||||||||||||||||||||||||
Cash flows from investing activities of continuing operations | ||||||||||||||||||||||||||||||||||||||
Purchases of investments | $ | — | $ | — | $ | (59,715 | ) | $ | — | $ | (59,715 | ) | $ | — | $ | — | $ | (108,359 | ) | $ | — | $ | (108,359 | ) | ||||||||||||||
Proceeds from sales of investments | — | — | 39,268 | — | 39,268 | — | — | 66,138 | — | 66,138 | ||||||||||||||||||||||||||||
Proceeds from maturities of investments | 26 | — | 16,518 | — | 16,544 | 46 | — | 33,337 | — | 33,383 | ||||||||||||||||||||||||||||
Change in deposits with banks | — | (7,380 | ) | (16,472 | ) | — | (23,852 | ) | — | (5,390 | ) | (10,406 | ) | — | (15,796 | ) | ||||||||||||||||||||||
Change in loans | — | — | (5,057 | ) | — | (5,057 | ) | — | — | (30,170 | ) | — | (30,170 | ) | ||||||||||||||||||||||||
Proceeds from sales and securitizations of loans | — | — | 1,247 | — | 1,247 | — | — | 7,021 | — | 7,021 | ||||||||||||||||||||||||||||
Proceeds from significant disposals | — | — | 265 | — | 265 | — | — | 265 | — | 265 | ||||||||||||||||||||||||||||
Change in federal funds sold and resales | — | (1,127 | ) | (4,291 | ) | — | (5,418 | ) | — | (4,256 | ) | (4,752 | ) | — | (9,008 | ) | ||||||||||||||||||||||
Changes in investments and advances—intercompany | (12,271 | ) | (6,052 | ) | 18,323 | — | — | (16,412 | ) | (5,125 | ) | 21,537 | — | — | ||||||||||||||||||||||||
Other investing activities | — | — | (472 | ) | — | (472 | ) | — | — | (987 | ) | — | (987 | ) | ||||||||||||||||||||||||
Net cash used in investing activities of continuing operations | $ | (12,245 | ) | $ | (14,559 | ) | $ | (10,386 | ) | $ | — | $ | (37,190 | ) | $ | (16,366 | ) | $ | (14,771 | ) | $ | (26,376 | ) | $ | — | $ | (57,513 | ) | ||||||||||
Cash flows from financing activities of continuing operations | ||||||||||||||||||||||||||||||||||||||
Dividends paid | $ | (359 | ) | $ | — | $ | — | $ | — | $ | (359 | ) | $ | (828 | ) | $ | — | $ | — | $ | — | $ | (828 | ) | ||||||||||||||
Issuance of preferred stock | 1,004 | — | — | — | 1,004 | 2,498 | — | — | — | 2,498 | ||||||||||||||||||||||||||||
Treasury stock acquired | (1,312 | ) | — | — | — | (1,312 | ) | (2,634 | ) | — | — | — | (2,634 | ) | ||||||||||||||||||||||||
Proceeds (repayments) from issuance of long-term debt, net | 2,448 | 1,527 | (2,034 | ) | — | 1,941 | 890 | 2,512 | (3,115 | ) | — | 287 | ||||||||||||||||||||||||||
Proceeds (repayments) from issuance of long-term debt—intercompany, net | — | (2,692 | ) | 2,692 | — | — | — | (10,112 | ) | 10,112 | — | — | ||||||||||||||||||||||||||
Change in deposits | — | — | 26,704 | — | 26,704 | — | — | 29,965 | ��� | 29,965 | ||||||||||||||||||||||||||||
Change in federal funds purchased and repos | — | 12,077 | (1,365 | ) | — | 10,712 | — | 13,550 | (2,045 | ) | — | 11,505 | ||||||||||||||||||||||||||
Change in short-term borrowings | (109 | ) | 342 | (419 | ) | — | (186 | ) | (160 | ) | 583 | (3,094 | ) | — | (2,671 | ) | ||||||||||||||||||||||
Net change in short-term borrowings and other advances—intercompany | 5,926 | 3,711 | (9,637 | ) | — | — | 3,127 | 1,855 | (4,982 | ) | — | — | ||||||||||||||||||||||||||
Capital contributions from parent | — | 2,500 | (2,500 | ) | — | — | — | 5,000 | (5,000 | ) | — | — | ||||||||||||||||||||||||||
Other financing activities | (308 | ) | — | — | — | (308 | ) | (312 | ) | — | — | — | (312 | ) | ||||||||||||||||||||||||
Net cash provided by financing activities of continuing operations | $ | 7,290 | $ | 17,465 | $ | 13,441 | $ | — | $ | 38,196 | $ | 2,581 | $ | 13,388 | $ | 21,841 | $ | — | $ | 37,810 | ||||||||||||||||||
Effect of exchange rate changes on cash and due from banks | $ | — | $ | — | $ | 190 | $ | — | $ | 190 | $ | — | $ | — | $ | (124 | ) | $ | — | $ | (124 | ) | ||||||||||||||||
Change in cash and due from banks | $ | 239 | $ | 73 | $ | 1,028 | $ | — | $ | 1,340 | $ | 9 | $ | 997 | $ | 234 | $ | — | $ | 1,240 | ||||||||||||||||||
Cash and due from banks at beginning of period | 124 | 1,995 | 18,781 | — | 20,900 | 124 | 1,995 | 18,781 | — | 20,900 | ||||||||||||||||||||||||||||
Cash and due from banks at end of period | $ | 363 | $ | 2,068 | $ | 19,809 | $ | — | $ | 22,240 | $ | 133 | $ | 2,992 | $ | 19,015 | $ | — | $ | 22,140 | ||||||||||||||||||
Supplemental disclosure of cash flow information for continuing operations | ||||||||||||||||||||||||||||||||||||||
Cash paid during the year for income taxes | $ | (231 | ) | $ | 20 | $ | 899 | $ | — | $ | 688 | |||||||||||||||||||||||||||
Cash paid (refund) during the year for income taxes | $ | (323 | ) | $ | 40 | $ | 2,328 | $ | — | $ | 2,045 | |||||||||||||||||||||||||||
Cash paid during the year for interest | 1,036 | 637 | 1,021 | — | 2,694 | 2,040 | 1,666 | 2,020 | — | 5,726 | ||||||||||||||||||||||||||||
Non-cash investing activities | ||||||||||||||||||||||||||||||||||||||
Decrease in goodwill associated with significant disposals reclassified to HFS | $ | — | $ | — | $ | (30 | ) | $ | — | $ | (30 | ) | ||||||||||||||||||||||||||
Transfers to loans HFS from loans | — | — | 3,200 | — | 3,200 | — | — | 6,000 | — | 6,000 | ||||||||||||||||||||||||||||
Transfers to OREO and other repossessed assets | — | — | 56 | — | 56 | — | — | 97 | — | 97 |
Three months ended March 31, 2015 | Six Months Ended June 30, 2015 | |||||||||||||||||||||||||||||||||||||
In millions of dollars | Citigroup parent company | CGMHI | Other Citigroup subsidiaries and eliminations | Consolidating adjustments | Citigroup consolidated | Citigroup parent company | CGMHI | Other Citigroup subsidiaries and eliminations | Consolidating adjustments | Citigroup consolidated | ||||||||||||||||||||||||||||
Net cash provided by (used in) operating activities of continuing operations | $ | (1,688 | ) | $ | (2,682 | ) | $ | 6,463 | $ | — | $ | 2,093 | $ | 16,287 | $ | (9,008 | ) | $ | 11,067 | $ | — | $ | 18,346 | |||||||||||||||
Cash flows from investing activities of continuing operations | ||||||||||||||||||||||||||||||||||||||
Purchases of investments | $ | — | $ | — | $ | (76,463 | ) | $ | — | $ | (76,463 | ) | $ | — | $ | (4 | ) | $ | (140,941 | ) | $ | — | $ | (140,945 | ) | |||||||||||||
Proceeds from sales of investments | — | — | 56,928 | — | 56,928 | — | 53 | 89,654 | — | 89,707 | ||||||||||||||||||||||||||||
Proceeds from maturities of investments | 31 | — | 19,866 | — | 19,897 | 181 | — | 44,551 | — | 44,732 | ||||||||||||||||||||||||||||
Change in deposits with banks | — | (1,453 | ) | (4,354 | ) | — | (5,807 | ) | — | (10,181 | ) | 7,270 | — | (2,911 | ) | |||||||||||||||||||||||
Change in loans | — | — | 6,831 | — | 6,831 | — | — | (9,945 | ) | — | (9,945 | ) | ||||||||||||||||||||||||||
Proceeds from sales and securitizations of loans | — | — | 3,259 | — | 3,259 | — | — | 6,377 | — | 6,377 | ||||||||||||||||||||||||||||
Change in federal funds sold and resales | — | 3,929 | (374 | ) | — | 3,555 | — | 2,883 | 2,633 | — | 5,516 | |||||||||||||||||||||||||||
Changes in investments and advances—intercompany | (7,034 | ) | (12,268 | ) | 19,302 | — | — | (20,724 | ) | 2,602 | 18,122 | — | — | |||||||||||||||||||||||||
Other investing activities | 2 | (20 | ) | (587 | ) | — | (605 | ) | 1 | (43 | ) | (1,101 | ) | — | (1,143 | ) | ||||||||||||||||||||||
Net cash provided by (used in) investing activities of continuing operations | $ | (7,001 | ) | $ | (9,812 | ) | $ | 24,408 | $ | — | $ | 7,595 | $ | (20,542 | ) | $ | (4,690 | ) | $ | 16,620 | $ | — | $ | (8,612 | ) | |||||||||||||
Cash flows from financing activities of continuing operations | ||||||||||||||||||||||||||||||||||||||
Dividends paid | $ | (159 | ) | $ | — | $ | — | $ | — | $ | (159 | ) | $ | (514 | ) | $ | — | $ | — | $ | — | $ | (514 | ) | ||||||||||||||
Issuance of preferred stock | 1,494 | — | — | — | 1,494 | 3,486 | — | — | — | 3,486 | ||||||||||||||||||||||||||||
Treasury stock acquired | (297 | ) | — | — | — | (297 | ) | (1,850 | ) | — | — | — | (1,850 | ) | ||||||||||||||||||||||||
Proceeds (repayments) from issuance of long-term debt, net | 1,515 | (255 | ) | (5,049 | ) | — | (3,789 | ) | 7,046 | 12,514 | (18,436 | ) | — | 1,124 | ||||||||||||||||||||||||
Proceeds (repayments) from issuance of long-term debt—intercompany, net | — | 13,014 | (13,014 | ) | — | — | — | (232 | ) | 232 | — | — | ||||||||||||||||||||||||||
Change in deposits | — | — | 315 | — | 315 | — | — | 8,705 | — | 8,705 | ||||||||||||||||||||||||||||
Change in federal funds purchased and repos | — | 2,322 | (389 | ) | — | 1,933 | — | 4,511 | (937 | ) | — | 3,574 | ||||||||||||||||||||||||||
Change in short-term borrowings | (400 | ) | 795 | (19,325 | ) | — | (18,930 | ) | (349 | ) | (1,212 | ) | (30,867 | ) | — | (32,428 | ) | |||||||||||||||||||||
Net change in short-term borrowings and other advances—intercompany | 6,966 | (2,545 | ) | (4,421 | ) | — | — | (3,126 | ) | (1,144 | ) | 4,270 | — | — | ||||||||||||||||||||||||
Other financing activities | (419 | ) | — | — | — | (419 | ) | (423 | ) | — | — | — | (423 | ) | ||||||||||||||||||||||||
Net cash provided by (used in) financing activities of continuing operations | $ | 8,700 | $ | 13,331 | $ | (41,883 | ) | $ | — | $ | (19,852 | ) | $ | 4,270 | $ | 14,437 | $ | (37,033 | ) | $ | — | $ | (18,326 | ) | ||||||||||||||
Effect of exchange rate changes on cash and due from banks | $ | — | $ | — | $ | (64 | ) | $ | — | $ | (64 | ) | $ | — | $ | — | $ | (103 | ) | $ | — | $ | (103 | ) | ||||||||||||||
Change in cash and due from banks | $ | 11 | $ | 837 | $ | (11,076 | ) | $ | — | $ | (10,228 | ) | $ | 15 | $ | 739 | $ | (9,449 | ) | $ | — | $ | (8,695 | ) | ||||||||||||||
Cash and due from banks at beginning of period | 125 | 1,751 | 30,232 | — | 32,108 | 125 | 1,751 | 30,232 | — | 32,108 | ||||||||||||||||||||||||||||
Cash and due from banks at end of period | $ | 136 | $ | 2,588 | $ | 19,156 | $ | — | $ | 21,880 | $ | 140 | $ | 2,490 | $ | 20,783 | $ | — | $ | 23,413 | ||||||||||||||||||
Supplemental disclosure of cash flow information for continuing operations | ||||||||||||||||||||||||||||||||||||||
Cash paid during the year for income taxes | $ | 4 | $ | 44 | $ | 1,052 | $ | — | $ | 1,100 | ||||||||||||||||||||||||||||
Cash paid (refund) during the year for income taxes | $ | (248 | ) | $ | 348 | $ | 2,763 | $ | — | $ | 2,863 | |||||||||||||||||||||||||||
Cash paid during the year for interest | 1,206 | 210 | 1,492 | — | 2,908 | 2,332 | 1,101 | 2,045 | — | 5,478 | ||||||||||||||||||||||||||||
Non-cash investing activities | ||||||||||||||||||||||||||||||||||||||
Decrease in net loans associated with significant disposals reclassified to HFS | $ | — | $ | — | $ | (8,735 | ) | $ | — | $ | (8,735 | ) | $ | — | $ | — | $ | (8,874 | ) | $ | — | $ | (8,874 | ) | ||||||||||||||
Decrease in investments associated with significant disposals reclassified to HFS | — | — | (1,499 | ) | — | (1,499 | ) | — | — | (1,444 | ) | — | (1,444 | ) | ||||||||||||||||||||||||
Decrease in goodwill and intangible assets associated with significant disposals reclassified to HFS | — | — | (184 | ) | — | (184 | ) | |||||||||||||||||||||||||||||||
Transfers to loans HFS from loans | — | — | 14,600 | — | 14,600 | — | — | 15,900 | — | 15,900 | ||||||||||||||||||||||||||||
Transfers to OREO and other repossessed assets | — | — | 88 | — | 88 | — | — | 158 | — | 158 | ||||||||||||||||||||||||||||
Non-cash financing activities | ||||||||||||||||||||||||||||||||||||||
Decrease in long-term debt due to deconsolidation of VIEs | $ | — | $ | — | $ | (4,673 | ) | $ | — | $ | (4,673 | ) | ||||||||||||||||||||||||||
Decrease in long-term debt associated with significant disposals reclassified to HFS | $ | — | $ | — | $ | (5,923 | ) | $ | — | $ | (5,923 | ) |
In millions, except per share amounts | Total shares purchased | Average price paid per share | Approximate dollar value of shares that may yet be purchased under the plan or programs | Total shares purchased | Average price paid per share | Approximate dollar value of shares that may yet be purchased under the plan or programs | ||||||||||
January 2016 | ||||||||||||||||
April 2016 | ||||||||||||||||
Open market repurchases(1) | 15.7 | $ | 44.18 | $ | 1,939 | 14.3 | $ | 43.82 | $ | 695 | ||||||
Employee transactions(2) | — | — | N/A | — | — | N/A | ||||||||||
February 2016 | ||||||||||||||||
May 2016 | ||||||||||||||||
Open market repurchases(1) | 9.8 | 38.69 | 1,558 | 8.7 | 44.91 | 304 | ||||||||||
Employee transactions(2) | 0.8 | 37.56 | N/A | — | — | N/A | ||||||||||
March 2016 | ||||||||||||||||
June 2016 | ||||||||||||||||
Open market repurchases(1) | 5.6 | 42.11 | 1,322 | 6.7 | 45.50 | — | ||||||||||
Employee transactions(2) | — | — | N/A | — | — | N/A | ||||||||||
Amounts as of March 31, 2016 | 31.9 | $ | 41.97 | $ | 1,322 | |||||||||||
Total | 29.7 | $ | 44.52 | $ | — |
(1) | Represents repurchases under the $7.8 billion 2015 common stock repurchase program (2015 Repurchase Program) that was approved by Citigroup’s Board of Directors and announced on March 11, 2015, which was part of the planned capital actions included by Citi in its 2015 Comprehensive Capital Analysis and Review (CCAR). |
(2) | Consisted of shares added to treasury stock related to (i) certain activity on employee stock option program exercises where the employee delivers existing shares to cover the option exercise, or (ii) under Citi’s employee restricted stock programs where shares are withheld to satisfy tax requirements. |
Exhibit | ||
Number | Description of Exhibit | |
Restated Certificate of Incorporation of the Company, as | ||
12.01+ | Calculation of Ratio of Income to Fixed Charges. | |
12.02+ | Calculation of Ratio of Income to Fixed Charges Including Preferred Stock Dividends. | |
31.01+ | Certification of principal executive officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. | |
31.02+ | Certification of principal financial officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. | |
32.01+ | Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. | |
101.01+ | Financial statements from the Annual Report on Form 10-Q of the Company for the quarter ended |