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 Emerging growth 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 | |
Global Consumer Banking (GCB) | |
North America GCB | |
Latin America GCB | |
Asia GCB | |
Institutional Clients Group | |
Corporate/Other | |
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 (UNAUDITED) | |
UNREGISTERED SALES OF EQUITY SECURITIES, PURCHASES OF EQUITY SECURITIES AND DIVIDENDS |
* | As previously announced, the remaining businesses and portfolios of assets in Citi Holdings are now reported as part of Corporate/Other for all periods presented andCiti Holdings is no longer a separately reported business segment. For additional information, see Note 3 to the Consolidated Financial Statements below. |
(1) | Asia GCB includes the results of operations of GCB activities in certain EMEA countries for all periods presented. |
(2) | North America includes the U.S., Canada and Puerto Rico, Latin America includes Mexico and Asia includes Japan. |
Third Quarter | Nine Months | First Quarter | ||||||||||||||||||||||
In millions of dollars, except per-share amounts and ratios | 2016 | 2015 | % Change | 2016 | 2015 | % Change | 2017 | 2016 | % Change | |||||||||||||||
Net interest revenue | $ | 11,479 | $ | 11,773 | (2 | )% | $ | 33,942 | $ | 35,167 | (3 | )% | $ | 10,857 | $ | 11,227 | (3 | )% | ||||||
Non-interest revenue | 6,281 | 6,919 | (9 | ) | 18,921 | 22,731 | (17 | ) | 7,263 | 6,328 | 15 | |||||||||||||
Revenues, net of interest expense | $ | 17,760 | $ | 18,692 | (5 | )% | $ | 52,863 | $ | 57,898 | (9 | )% | $ | 18,120 | $ | 17,555 | 3 | % | ||||||
Operating expenses | 10,404 | 10,669 | (2 | ) | 31,296 | 32,481 | (4 | ) | 10,477 | 10,523 | — | |||||||||||||
Provisions for credit losses and for benefits and claims | 1,736 | 1,836 | (5 | ) | 5,190 | 5,399 | (4 | ) | 1,662 | 2,045 | (19 | ) | ||||||||||||
Income from continuing operations before income taxes | $ | 5,620 | $ | 6,187 | (9 | )% | $ | 16,377 | $ | 20,018 | (18 | )% | $ | 5,981 | $ | 4,987 | 20 | % | ||||||
Income taxes | 1,733 | 1,881 | (8 | ) | 4,935 | 6,037 | (18 | ) | 1,863 | 1,479 | 26 | |||||||||||||
Income from continuing operations | $ | 3,887 | $ | 4,306 | (10 | )% | $ | 11,442 | $ | 13,981 | (18 | )% | $ | 4,118 | $ | 3,508 | 17 | % | ||||||
Income (loss) from discontinued operations, net of taxes(1) | (30 | ) | (10 | ) | NM | (55 | ) | (9 | ) | NM | (18 | ) | (2 | ) | NM | |||||||||
Net income before attribution of noncontrolling interests | $ | 3,857 | $ | 4,296 | (10 | )% | $ | 11,387 | $ | 13,972 | (19 | )% | $ | 4,100 | $ | 3,506 | 17 | % | ||||||
Net income attributable to noncontrolling interests | 17 | 5 | NM | 48 | 65 | (26 | ) | 10 | 5 | 100 | ||||||||||||||
Citigroup’s net income | $ | 3,840 | $ | 4,291 | (11 | )% | $ | 11,339 | $ | 13,907 | (18 | )% | $ | 4,090 | $ | 3,501 | 17 | % | ||||||
Less: | ||||||||||||||||||||||||
Preferred dividends—Basic | $ | 225 | $ | 174 | 29 | % | $ | 757 | $ | 504 | 50 | % | $ | 301 | $ | 210 | 43 | % | ||||||
Dividends and undistributed earnings allocated to employee restricted and deferred shares that contain nonforfeitable rights to dividends, applicable to basic EPS | 53 | 56 | (5 | ) | 145 | 182 | (20 | ) | 55 | 40 | 38 | |||||||||||||
Income allocated to unrestricted common shareholders for basic and diluted EPS | $ | 3,562 | $ | 4,061 | (12 | )% | $ | 10,437 | $ | 13,221 | (21 | )% | $ | 3,734 | $ | 3,251 | 15 | % | ||||||
Earnings per share | ||||||||||||||||||||||||
Basic | ||||||||||||||||||||||||
Income from continuing operations | $ | 1.25 | $ | 1.36 | (8 | ) | $ | 3.60 | $ | 4.39 | (18 | ) | $ | 1.36 | $ | 1.11 | 23 | |||||||
Net income | 1.24 | 1.36 | (9 | ) | 3.58 | 4.38 | (18 | ) | 1.35 | 1.10 | 23 | |||||||||||||
Diluted | ||||||||||||||||||||||||
Income from continuing operations | $ | 1.25 | $ | 1.36 | (8 | )% | $ | 3.60 | $ | 4.38 | (18 | )% | $ | 1.36 | $ | 1.11 | 23 | % | ||||||
Net income | 1.24 | 1.35 | (8 | ) | 3.58 | 4.38 | (18 | ) | 1.35 | 1.10 | 23 | |||||||||||||
Dividends declared per common share | 0.16 | 0.05 | NM | 0.26 | 0.11 | NM | 0.16 | 0.05 | NM |
Citigroup Inc. and Consolidated Subsidiaries | |||||||||||||||||||||
Citigroup Inc. and Consolidated Subsidiaries | Citigroup Inc. and Consolidated Subsidiaries | ||||||||||||||||||||
Third Quarter | Nine Months | First Quarter | |||||||||||||||||||
In millions of dollars, except per-share amounts, ratios and direct staff | 2016 | 2015 | % Change | 2016 | 2015 | % Change | 2017 | 2016 | % Change | ||||||||||||
At September 30: | |||||||||||||||||||||
At March 31: | |||||||||||||||||||||
Total assets | $ | 1,818,117 | $ | 1,808,356 | 1 | % | $ | 1,821,635 | $ | 1,800,967 | 1 | % | |||||||||
Total deposits | 940,252 | 904,243 | 4 | 949,990 | 934,591 | 2 | |||||||||||||||
Long-term debt | 209,051 | 213,533 | (2 | ) | 208,530 | 207,835 | — | ||||||||||||||
Citigroup common stockholders’ equity | 212,322 | 205,630 | 3 | 208,879 | 209,769 | — | |||||||||||||||
Total Citigroup stockholders’ equity | 231,575 | 220,848 | 5 | 228,132 | 227,522 | — | |||||||||||||||
Direct staff (in thousands) | 220 | 239 | (8 | ) | 215 | 225 | (4 | ) | |||||||||||||
Performance metrics | |||||||||||||||||||||
Return on average assets | 0.83 | % | 0.94 | % | 0.84 | % | 1.01 | % | 0.91 | % | 0.79 | % | |||||||||
Return on average common stockholders’ equity(2) | 6.8 | 8.0 | 6.7 | 8.8 | 7.4 | 6.4 | |||||||||||||||
Return on average total stockholders’ equity(2) | 6.6 | 7.7 | 6.6 | 8.6 | 7.3 | 6.3 | |||||||||||||||
Efficiency ratio (Total operating expenses/Total revenues) | 59 | 57 | 59 | 56 | 58 | 60 | |||||||||||||||
Basel III ratios—full implementation | |||||||||||||||||||||
Common Equity Tier 1 Capital(3) | 12.63 | % | 11.67 | % | 12.83 | % | 12.34 | % | |||||||||||||
Tier 1 Capital(3) | 14.23 | 12.91 | 14.49 | 13.81 | |||||||||||||||||
Total Capital(3) | 16.34 | 14.60 | 16.54 | 15.71 | |||||||||||||||||
Supplementary Leverage ratio(4) | 7.40 | 6.85 | 7.28 | 7.44 | |||||||||||||||||
Citigroup common stockholders’ equity to assets | 11.68 | % | 11.37 | % | 11.47 | % | 11.65 | % | |||||||||||||
Total Citigroup stockholders’ equity to assets | 12.74 | 12.21 | 12.52 | 12.63 | |||||||||||||||||
Dividend payout ratio(5) | 12.9 | 3.7 | 7.3 | % | 2.5 | % | 11.9 | 4.5 | |||||||||||||
Total payout ratio(6) | 59 | % | 44 | % | |||||||||||||||||
Book value per common share | $ | 74.51 | $ | 69.03 | 8 | % | $ | 75.86 | $ | 71.47 | 6 | % | |||||||||
Tangible book value (TBV) per share(6) | $ | 64.71 | $ | 60.07 | 8 | % | |||||||||||||||
Tangible book value (TBV) per share(7) | $ | 65.94 | $ | 62.58 | 5 | % | |||||||||||||||
Ratio of earnings to fixed charges and preferred stock dividends | 2.61x | 2.92x | 2.60x | 3.04x | 2.51x | 2.54x |
(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. |
(5) | Dividends declared per common share as a percentage of net income per diluted share. |
(6) | Total common dividends declared plus common stock repurchases as a percentage of net income available to common shareholders. See “Consolidated Statement of Changes in Stockholders’ Equity”, Note 9 to the Consolidated Financial Statements, and “Equity Security Repurchases” below for the component details. |
(7) | For information on TBV, see “Capital Resources—Tangible Common Equity, Book Value Per Share, Tangible Book Value Per Share and |
Third Quarter | Nine Months | First Quarter | ||||||||||||||||||||||
In millions of dollars | 2016 | 2015 | % Change | 2016 | 2015 | % Change | 2017 | 2016 | % Change | |||||||||||||||
Income (loss) from continuing operations | ||||||||||||||||||||||||
CITICORP | ||||||||||||||||||||||||
Income from continuing operations | ||||||||||||||||||||||||
Global Consumer Banking | ||||||||||||||||||||||||
North America | $ | 811 | $ | 1,080 | (25 | )% | $ | 2,513 | $ | 3,318 | (24 | )% | $ | 627 | $ | 833 | (25 | )% | ||||||
Latin America | 167 | 306 | (45 | ) | 507 | 716 | (29 | ) | 130 | 146 | (11 | ) | ||||||||||||
Asia(1) | 310 | 305 | 2 | 822 | 980 | (16 | ) | 246 | 215 | 14 | ||||||||||||||
Total | $ | 1,288 | $ | 1,691 | (24 | )% | $ | 3,842 | $ | 5,014 | (23 | )% | $ | 1,003 | $ | 1,194 | (16 | )% | ||||||
Institutional Clients Group | ||||||||||||||||||||||||
North America | $ | 1,119 | $ | 991 | 13 | % | $ | 2,762 | $ | 3,097 | (11 | )% | $ | 1,100 | $ | 546 | NM | |||||||
EMEA | 680 | 499 | 36 | 1,799 | 2,129 | (16 | ) | 855 | 374 | NM | ||||||||||||||
Latin America | 396 | 389 | 2 | 1,129 | 1,194 | (5 | ) | 475 | 330 | 44 | ||||||||||||||
Asia | 577 | 554 | 4 | 1,756 | 1,847 | (5 | ) | 581 | 619 | (6 | ) | |||||||||||||
Total | $ | 2,772 | $ | 2,433 | 14 | % | $ | 7,446 | $ | 8,267 | (10 | )% | $ | 3,011 | $ | 1,869 | 61 | % | ||||||
Corporate/Other | (247 | ) | 183 | NM | (365 | ) | 395 | NM | 104 | 445 | (77 | )% | ||||||||||||
Total Citicorp | $ | 3,813 | $ | 4,307 | (11 | )% | $ | 10,923 | $ | 13,676 | (20 | )% | ||||||||||||
Citi Holdings | $ | 74 | $ | (1 | ) | NM | $ | 519 | $ | 305 | 70 | % | ||||||||||||
Income from continuing operations | $ | 3,887 | $ | 4,306 | (10 | )% | $ | 11,442 | $ | 13,981 | (18 | )% | $ | 4,118 | $ | 3,508 | 17 | % | ||||||
Discontinued operations | $ | (30 | ) | $ | (10 | ) | NM | $ | (55 | ) | $ | (9 | ) | NM | $ | (18 | ) | $ | (2 | ) | NM | |||
Net income attributable to noncontrolling interests | 17 | 5 | NM | 48 | 65 | (26 | )% | 10 | 5 | 100 | % | |||||||||||||
Citigroup’s net income | $ | 3,840 | $ | 4,291 | (11 | )% | $ | 11,339 | $ | 13,907 | (18 | )% | $ | 4,090 | $ | 3,501 | 17 | % |
(1) | Asia GCB includes the results of operations of GCB activities in certain EMEA countries for all periods presented. |
Third Quarter | Nine Months | First Quarter | ||||||||||||||||||||||
In millions of dollars | 2016 | 2015 | % Change | 2016 | 2015 | % Change | 2017 | 2016 | % Change | |||||||||||||||
CITICORP | ||||||||||||||||||||||||
Global Consumer Banking | ||||||||||||||||||||||||
North America | $ | 5,212 | $ | 4,893 | 7 | % | $ | 14,842 | $ | 14,848 | — | % | $ | 4,944 | $ | 4,830 | 2 | % | ||||||
Latin America | 1,257 | 1,545 | (19 | ) | 3,746 | 4,409 | (15 | ) | 1,151 | 1,229 | (6 | ) | ||||||||||||
Asia(1) | 1,758 | 1,696 | 4 | 5,142 | 5,363 | (4 | ) | 1,722 | 1,655 | 4 | ||||||||||||||
Total | $ | 8,227 | $ | 8,134 | 1 | % | $ | 23,730 | $ | 24,620 | (4 | )% | $ | 7,817 | $ | 7,714 | 1 | % | ||||||
Institutional Clients Group | ||||||||||||||||||||||||
North America | $ | 3,276 | $ | 3,440 | (5 | )% | $ | 9,800 | $ | 10,354 | (5 | )% | $ | 3,455 | $ | 2,980 | 16 | % | ||||||
EMEA | 2,554 | 2,393 | 7 | 7,376 | 7,858 | (6 | ) | 2,807 | 2,167 | 30 | ||||||||||||||
Latin America | 1,009 | 1,049 | (4 | ) | 3,017 | 3,067 | (2 | ) | 1,127 | 962 | 17 | |||||||||||||
Asia | 1,789 | 1,777 | 1 | 5,317 | 5,403 | (2 | ) | 1,737 | 1,786 | (3 | ) | |||||||||||||
Total | $ | 8,628 | $ | 8,659 | — | % | $ | 25,510 | $ | 26,682 | (4 | )% | $ | 9,126 | $ | 7,895 | 16 | % | ||||||
Corporate/Other | 28 | 218 | (87 | ) | 428 | 801 | (47 | ) | 1,177 | 1,946 | (40 | ) | ||||||||||||
Total Citicorp | $ | 16,883 | $ | 17,011 | (1 | )% | $ | 49,668 | $ | 52,103 | (5 | )% | ||||||||||||
Citi Holdings | $ | 877 | $ | 1,681 | (48 | )% | $ | 3,195 | $ | 5,795 | (45 | )% | ||||||||||||
Total Citigroup Net Revenues | $ | 17,760 | $ | 18,692 | (5 | )% | $ | 52,863 | $ | 57,898 | (9 | )% | $ | 18,120 | $ | 17,555 | 3 | % |
(1) | Asia GCB includes the results of operations of GCB activities in certain EMEA countries 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) | Citigroup Parent company- issued long-term debt and stockholders’ equity(3) | Total Citigroup consolidated | ||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||||||
Cash and deposits with banks | $ | 10,063 | $ | 69,676 | $ | 75,301 | $ | 155,040 | $ | 950 | $ | — | $ | 155,990 | $ | 9,371 | $ | 64,322 | $ | 106,352 | $ | — | $ | 180,045 | ||||||||||||
Federal funds sold and securities borrowed or purchased under agreements to resell | 282 | 235,138 | — | 235,420 | 625 | — | 236,045 | 302 | 242,241 | 386 | — | 242,929 | ||||||||||||||||||||||||
Trading account assets | 6,466 | 253,487 | 329 | 260,282 | 3,070 | — | 263,352 | 6,512 | 235,799 | 2,592 | — | 244,903 | ||||||||||||||||||||||||
Investments | 9,444 | 114,457 | 225,947 | 349,848 | 5,092 | — | 354,940 | 11,172 | 112,252 | 222,409 | — | 345,833 | ||||||||||||||||||||||||
Loans, net of unearned income and | ||||||||||||||||||||||||||||||||||||
allowance for loan losses | 281,789 | 306,872 | — | 588,661 | 37,335 | — | 625,996 | 282,901 | 305,404 | 28,260 | — | 616,565 | ||||||||||||||||||||||||
Other assets | 42,267 | 86,073 | 41,867 | 170,207 | 11,587 | — | 181,794 | 38,422 | 94,798 | 58,140 | — | 191,360 | ||||||||||||||||||||||||
Liquidity assets(4) | 61,200 | 236,419 | (300,234 | ) | (2,615 | ) | 2,615 | — | — | 63,128 | 259,291 | (322,419 | ) | — | — | |||||||||||||||||||||
Total assets | $ | 411,511 | $ | 1,302,122 | $ | 43,210 | $ | 1,756,843 | $ | 61,274 | $ | — | $ | 1,818,117 | $ | 411,808 | $ | 1,314,107 | $ | 95,720 | $ | — | $ | 1,821,635 | ||||||||||||
Liabilities and equity | ||||||||||||||||||||||||||||||||||||
Total deposits | $ | 306,541 | $ | 617,209 | $ | 10,566 | $ | 934,316 | $ | 5,936 | $ | — | $ | 940,252 | $ | 311,383 | $ | 619,513 | $ | 19,094 | $ | — | $ | 949,990 | ||||||||||||
Federal funds purchased and securities loaned or sold under agreements to repurchase | 3,481 | 149,627 | — | 153,108 | 16 | — | 153,124 | 3,597 | 144,624 | 9 | — | 148,230 | ||||||||||||||||||||||||
Trading account liabilities | 11 | 130,891 | 354 | 131,256 | 393 | — | 131,649 | 24 | 143,464 | 582 | — | 144,070 | ||||||||||||||||||||||||
Short-term borrowings | 45 | 19,434 | 10,047 | 29,526 | 1 | — | 29,527 | 578 | 19,299 | 6,250 | — | 26,127 | ||||||||||||||||||||||||
Long-term debt(3) | 1,296 | 33,980 | 20,602 | 55,878 | 4,131 | 149,042 | 209,051 | 1,225 | 32,739 | 32,940 | 141,626 | 208,530 | ||||||||||||||||||||||||
Other liabilities | 19,234 | 82,910 | 14,951 | 117,095 | 4,729 | — | 121,824 | 17,811 | 77,000 | 20,724 | — | 115,535 | ||||||||||||||||||||||||
Net inter-segment funding (lending)(3) | 80,903 | 268,071 | (14,425 | ) | 334,549 | 46,068 | (380,617 | ) | — | 77,190 | 277,468 | 15,100 | (369,758 | ) | — | |||||||||||||||||||||
Total liabilities | $ | 411,511 | $ | 1,302,122 | $ | 42,095 | $ | 1,755,728 | $ | 61,274 | $ | (231,575 | ) | $ | 1,585,427 | $ | 411,808 | $ | 1,314,107 | $ | 94,699 | $ | (228,132 | ) | $ | 1,592,482 | ||||||||||
Total equity(5) | — | — | 1,115 | 1,115 | — | 231,575 | 232,690 | — | — | 1,021 | 228,132 | 229,153 | ||||||||||||||||||||||||
Total liabilities and equity | $ | 411,511 | $ | 1,302,122 | $ | 43,210 | $ | 1,756,843 | $ | 61,274 | $ | — | $ | 1,818,117 | $ | 411,808 | $ | 1,314,107 | $ | 95,720 | $ | — | $ | 1,821,635 |
(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 |
(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) | Corporate/Other equity represents noncontrolling interests. |
Third Quarter | Nine Months | |||||||||||||||
In millions of dollars except as otherwise noted | 2016 | 2015 | % Change | 2016 | 2015 | % Change | ||||||||||
Net interest revenue | $ | 10,997 | $ | 10,622 | 4 | % | $ | 32,314 | $ | 31,557 | 2 | % | ||||
Non-interest revenue | 5,886 | 6,389 | (8 | ) | 17,354 | 20,546 | (16 | ) | ||||||||
Total revenues, net of interest expense | $ | 16,883 | $ | 17,011 | (1 | )% | $ | 49,668 | $ | 52,103 | (5 | )% | ||||
Provisions for credit losses and for benefits and claims | ||||||||||||||||
Net credit losses | $ | 1,396 | $ | 1,391 | — | % | $ | 4,491 | $ | 4,465 | 1 | % | ||||
Credit reserve build (release) | 343 | 90 | NM | 534 | (160 | ) | NM | |||||||||
Provision for loan losses | $ | 1,739 | $ | 1,481 | 17 | % | $ | 5,025 | $ | 4,305 | 17 | % | ||||
Provision for benefits and claims | 25 | 28 | (11 | ) | 73 | 77 | (5 | ) | ||||||||
Provision for unfunded lending commitments | (45 | ) | 84 | NM | 3 | 2 | 50 | |||||||||
Total provisions for credit losses and for benefits and claims | $ | 1,719 | $ | 1,593 | 8 | % | $ | 5,101 | $ | 4,384 | 16 | % | ||||
Total operating expenses | $ | 9,578 | $ | 9,295 | 3 | % | $ | 28,784 | $ | 28,360 | 1 | % | ||||
Income from continuing operations before taxes | $ | 5,586 | $ | 6,123 | (9 | )% | $ | 15,783 | $ | 19,359 | (18 | )% | ||||
Income taxes | 1,773 | 1,816 | (2 | ) | 4,860 | 5,683 | (14 | ) | ||||||||
Income from continuing operations | $ | 3,813 | $ | 4,307 | (11 | )% | $ | 10,923 | $ | 13,676 | (20 | )% | ||||
Income (loss) from discontinued operations, net of taxes | (30 | ) | (10 | ) | NM | (55 | ) | (9 | ) | NM | ||||||
Noncontrolling interests | 17 | 5 | NM | 42 | 64 | (34 | ) | |||||||||
Net income | $ | 3,766 | $ | 4,292 | (12 | )% | $ | 10,826 | $ | 13,603 | (20 | )% | ||||
Balance sheet data (in billions of dollars) | ||||||||||||||||
Total end-of-period (EOP) assets | $ | 1,757 | $ | 1,691 | 4 | % | ||||||||||
Average assets | $ | 1,766 | $ | 1,698 | 4 | $ | 1,734 | $ | 1,710 | 1 | ||||||
Return on average assets | 0.85 | % | 1.00 | % | 0.83 | % | 1.06 | % | ||||||||
Efficiency ratio | 57 | % | 55 | % | 58 | % | 54 | % | ||||||||
Total EOP loans | $ | 599 | $ | 563 | 6 | |||||||||||
Total EOP deposits | $ | 934 | $ | 894 | 5 |
Third Quarter | Nine Months | First Quarter | ||||||||||||||||||||||
In millions of dollars except as otherwise noted | 2016 | 2015 | % Change | 2016 | 2015 | % Change | 2017 | 2016 | % Change | |||||||||||||||
Net interest revenue | $ | 6,770 | $ | 6,519 | 4 | % | $ | 19,540 | $ | 19,437 | 1 | % | $ | 6,522 | $ | 6,352 | 3 | % | ||||||
Non-interest revenue | 1,457 | 1,615 | (10 | ) | 4,190 | 5,183 | (19 | ) | 1,295 | 1,362 | (5 | ) | ||||||||||||
Total revenues, net of interest expense | $ | 8,227 | $ | 8,134 | 1 | % | $ | 23,730 | $ | 24,620 | (4 | )% | $ | 7,817 | $ | 7,714 | 1 | % | ||||||
Total operating expenses | $ | 4,440 | $ | 4,231 | 5 | % | $ | 13,152 | $ | 12,874 | 2 | % | $ | 4,415 | $ | 4,401 | — | % | ||||||
Net credit losses | $ | 1,351 | $ | 1,354 | — | % | $ | 4,094 | $ | 4,347 | (6 | )% | $ | 1,603 | $ | 1,371 | 17 | % | ||||||
Credit reserve build (release) | 436 | (103 | ) | NM | 545 | (349 | ) | NM | 177 | 85 | NM | |||||||||||||
Provision (release) for unfunded lending commitments | (3 | ) | 1 | NM | 7 | (3 | ) | NM | 6 | 1 | NM | |||||||||||||
Provision for benefits and claims | 25 | 28 | (11 | ) | 73 | 77 | (5 | ) | 29 | 28 | 4 | |||||||||||||
Provisions for credit losses and for benefits and claims | $ | 1,809 | $ | 1,280 | 41 | % | $ | 4,719 | $ | 4,072 | 16 | % | $ | 1,815 | $ | 1,485 | 22 | % | ||||||
Income from continuing operations before taxes | $ | 1,978 | $ | 2,623 | (25 | )% | $ | 5,859 | $ | 7,674 | (24 | )% | $ | 1,587 | $ | 1,828 | (13 | )% | ||||||
Income taxes | 690 | 932 | (26 | ) | 2,017 | 2,660 | (24 | ) | 584 | 634 | (8 | ) | ||||||||||||
Income from continuing operations | $ | 1,288 | $ | 1,691 | (24 | )% | $ | 3,842 | $ | 5,014 | (23 | )% | $ | 1,003 | $ | 1,194 | (16 | )% | ||||||
Noncontrolling interests | 3 | 8 | (63 | ) | 6 | 9 | (33 | ) | 1 | 2 | (50 | ) | ||||||||||||
Net income | $ | 1,285 | $ | 1,683 | (24 | )% | $ | 3,836 | $ | 5,005 | (23 | )% | $ | 1,002 | $ | 1,192 | (16 | )% | ||||||
Balance Sheet data (in billions of dollars) | ||||||||||||||||||||||||
Total EOP assets | $ | 412 | $ | 384 | 7 | % | ||||||||||||||||||
Average assets | $ | 410 | $ | 375 | 9 | % | $ | 392 | $ | 379 | 3 | % | $ | 411 | $ | 377 | 9 | |||||||
Return on average assets | 1.25 | % | 1.78 | % | 1.31 | % | 1.77 | % | 0.99 | % | 1.27 | % | ||||||||||||
Efficiency ratio | 54 | % | 52 | % | 55 | % | 52 | % | 56 | % | 57 | % | ||||||||||||
Total EOP assets | $ | 412 | $ | 377 | 9 | |||||||||||||||||||
Average deposits | $ | 303 | $ | 295 | 3 | $ | 299 | $ | 297 | 1 | $ | 304 | $ | 294 | 3 | |||||||||
Net credit losses as a percentage of average loans | 1.87 | % | 1.99 | % | 1.97 | % | 2.14 | % | 2.24 | % | 2.04 | % | ||||||||||||
Revenue by business | ||||||||||||||||||||||||
Retail banking | $ | 3,361 | $ | 3,514 | (4 | )% | $ | 9,849 | $ | 10,585 | (7 | )% | $ | 3,155 | $ | 3,187 | (1 | )% | ||||||
Cards(1) | 4,866 | 4,620 | 5 | 13,881 | 14,035 | (1 | ) | 4,662 | 4,527 | 3 | ||||||||||||||
Total | $ | 8,227 | $ | 8,134 | 1 | % | $ | 23,730 | $ | 24,620 | (4 | )% | $ | 7,817 | $ | 7,714 | 1 | % | ||||||
Income from continuing operations by business | ||||||||||||||||||||||||
Retail banking | $ | 478 | $ | 574 | (17 | )% | $ | 1,284 | $ | 1,702 | (25 | )% | $ | 339 | $ | 298 | 14 | % | ||||||
Cards(1) | 810 | 1,117 | (27 | ) | 2,558 | 3,312 | (23 | ) | 664 | 896 | (26 | ) | ||||||||||||
Total | $ | 1,288 | $ | 1,691 | (24 | )% | $ | 3,842 | $ | 5,014 | (23 | )% | $ | 1,003 | $ | 1,194 | (16 | )% |
Foreign currency (FX) translation impact | ||||||||||||||||||||||||
Total revenue—as reported | $ | 8,227 | $ | 8,134 | 1 | % | $ | 23,730 | $ | 24,620 | (4 | )% | $ | 7,817 | $ | 7,714 | 1 | % | ||||||
Impact of FX translation(2) | — | (174 | ) | — | (769 | ) | — | (103 | ) | |||||||||||||||
Total revenues—ex-FX(3) | $ | 8,227 | $ | 7,960 | 3 | % | $ | 23,730 | $ | 23,851 | (1 | )% | $ | 7,817 | $ | 7,611 | 3 | % | ||||||
Total operating expenses—as reported | $ | 4,440 | $ | 4,231 | 5 | % | $ | 13,152 | $ | 12,874 | 2 | % | $ | 4,415 | $ | 4,401 | — | % | ||||||
Impact of FX translation(2) | — | (70 | ) | — | (356 | ) | — | (42 | ) | |||||||||||||||
Total operating expenses—ex-FX(3) | $ | 4,440 | $ | 4,161 | 7 | % | $ | 13,152 | $ | 12,518 | 5 | % | $ | 4,415 | $ | 4,359 | 1 | % | ||||||
Total provisions for LLR & PBC—as reported | $ | 1,809 | $ | 1,280 | 41 | % | $ | 4,719 | $ | 4,072 | 16 | % | $ | 1,815 | $ | 1,485 | 22 | % | ||||||
Impact of FX translation(2) | — | (41 | ) | — | (159 | ) | — | (30 | ) | |||||||||||||||
Total provisions for LLR & PBC—ex-FX(3) | $ | 1,809 | $ | 1,239 | 46 | % | $ | 4,719 | $ | 3,913 | 21 | % | $ | 1,815 | $ | 1,455 | 25 | % | ||||||
Net income—as reported | $ | 1,285 | $ | 1,683 | (24 | )% | $ | 3,836 | $ | 5,005 | (23 | )% | $ | 1,002 | $ | 1,192 | (16 | )% | ||||||
Impact of FX translation(2) | — | (49 | ) | — | (182 | ) | — | (25 | ) | |||||||||||||||
Net income—ex-FX(3) | $ | 1,285 | $ | 1,634 | (21 | )% | $ | 3,836 | $ | 4,823 | (20 | )% | $ | 1,002 | $ | 1,167 | (14 | )% |
(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. |
Third Quarter | % Change | Nine Months | % Change | First Quarter | % Change | |||||||||||||||||||
In millions of dollars, except as otherwise noted | 2016 | 2015 | 2016 | 2015 | 2017 | 2016 | ||||||||||||||||||
Net interest revenue | $ | 4,748 | $ | 4,455 | 7 | % | $ | 13,567 | $ | 13,103 | 4 | % | $ | 4,617 | $ | 4,398 | 5 | % | ||||||
Non-interest revenue | 464 | 438 | 6 | 1,275 | 1,745 | (27 | ) | 327 | 432 | (24 | ) | |||||||||||||
Total revenues, net of interest expense | $ | 5,212 | $ | 4,893 | 7 | % | $ | 14,842 | $ | 14,848 | — | % | $ | 4,944 | $ | 4,830 | 2 | % | ||||||
Total operating expenses | $ | 2,600 | $ | 2,319 | 12 | % | $ | 7,538 | $ | 6,976 | 8 | % | $ | 2,576 | $ | 2,500 | 3 | % | ||||||
Net credit losses | $ | 929 | $ | 878 | 6 | % | $ | 2,814 | $ | 2,837 | (1 | )% | $ | 1,190 | $ | 933 | 28 | % | ||||||
Credit reserve build (release) | 408 | (61 | ) | NM | 537 | (268 | ) | NM | 152 | 79 | 92 | |||||||||||||
Provision for unfunded lending commitments | — | — | NM | 8 | 1 | NM | 7 | — | NM | |||||||||||||||
Provisions for benefits and claims | 7 | 11 | (36 | ) | 24 | 30 | (20 | ) | 6 | 9 | (33 | ) | ||||||||||||
Provisions for credit losses and for benefits and claims | $ | 1,344 | $ | 828 | 62 | % | $ | 3,383 | $ | 2,600 | 30 | % | $ | 1,355 | $ | 1,021 | 33 | % | ||||||
Income from continuing operations before taxes | $ | 1,268 | $ | 1,746 | (27 | )% | $ | 3,921 | $ | 5,272 | (26 | )% | $ | 1,013 | $ | 1,309 | (23 | )% | ||||||
Income taxes | 457 | 666 | (31 | ) | 1,408 | 1,954 | (28 | ) | 386 | 476 | (19 | ) | ||||||||||||
Income from continuing operations | $ | 811 | $ | 1,080 | (25 | )% | $ | 2,513 | $ | 3,318 | (24 | )% | $ | 627 | $ | 833 | (25 | )% | ||||||
Noncontrolling interests | — | 1 | (100 | ) | (1 | ) | 2 | NM | — | — | — | |||||||||||||
Net income | $ | 811 | $ | 1,079 | (25 | )% | $ | 2,514 | $ | 3,316 | (24 | )% | $ | 627 | $ | 833 | (25 | )% | ||||||
Balance Sheet data (in billions of dollars) | ||||||||||||||||||||||||
Average assets | $ | 239 | $ | 209 | 14 | % | $ | 223 | $ | 208 | 7 | % | $ | 245 | $ | 211 | 16 | % | ||||||
Return on average assets | 1.35 | % | 2.05 | % | 1.51 | % | 2.13 | % | 1.04 | % | 1.59 | % | ||||||||||||
Efficiency ratio | 50 | % | 47 | % | 51 | % | 47 | % | 52 | % | 52 | % | ||||||||||||
Average deposits | $ | 183.9 | $ | 181.4 | 1 | $ | 182.2 | $ | 180.6 | 1 | $ | 185.5 | $ | 180.6 | 3 | |||||||||
Net credit losses as a percentage of average loans | 2.08 | % | 2.21 | % | 2.24 | % | 2.43 | % | 2.63 | % | 2.32 | % | ||||||||||||
Revenue by business | ||||||||||||||||||||||||
Retail banking | $ | 1,374 | $ | 1,347 | 2 | % | $ | 4,011 | $ | 4,140 | (3 | )% | $ | 1,256 | $ | 1,290 | (3 | )% | ||||||
Citi-branded cards | 2,213 | 1,930 | 15 | 6,000 | 5,872 | 2 | 2,096 | 1,860 | 13 | |||||||||||||||
Citi retail services | 1,625 | 1,616 | 1 | 4,831 | 4,836 | — | 1,592 | 1,680 | (5 | ) | ||||||||||||||
Total | $ | 5,212 | $ | 4,893 | 7 | % | $ | 14,842 | $ | 14,848 | — | % | $ | 4,944 | $ | 4,830 | 2 | % | ||||||
Income from continuing operations by business | ||||||||||||||||||||||||
Retail banking | $ | 196 | $ | 161 | 22 | % | $ | 472 | $ | 578 | (18 | )% | $ | 83 | $ | 89 | (7 | )% | ||||||
Citi-branded cards | 336 | 522 | (36 | ) | 1,036 | 1,560 | (34 | ) | 248 | 353 | (30 | ) | ||||||||||||
Citi retail services | 279 | 397 | (30 | ) | 1,005 | 1,180 | (15 | ) | 296 | 391 | (24 | ) | ||||||||||||
Total | $ | 811 | $ | 1,080 | (25 | )% | $ | 2,513 | $ | 3,318 | (24 | )% | $ | 627 | $ | 833 | (25 | )% |
Third Quarter | % Change | Nine Months | % Change | First Quarter | % Change | |||||||||||||||||||
In millions of dollars, except as otherwise noted | 2016 | 2015 | 2016 | 2015 | 2017 | 2016 | ||||||||||||||||||
Net interest revenue | $ | 886 | $ | 959 | (8 | )% | $ | 2,620 | $ | 2,940 | (11 | )% | $ | 800 | $ | 853 | (6 | )% | ||||||
Non-interest revenue | 371 | 586 | (37 | ) | 1,126 | 1,469 | (23 | ) | 351 | 376 | (7 | ) | ||||||||||||
Total revenues, net of interest expense | $ | 1,257 | $ | 1,545 | (19 | )% | $ | 3,746 | $ | 4,409 | (15 | )% | $ | 1,151 | $ | 1,229 | (6 | )% | ||||||
Total operating expenses | $ | 713 | $ | 795 | (10 | )% | $ | 2,159 | $ | 2,438 | (11 | )% | $ | 659 | $ | 718 | (8 | )% | ||||||
Net credit losses | $ | 254 | $ | 301 | (16 | )% | $ | 792 | $ | 973 | (19 | )% | $ | 253 | $ | 278 | (9 | )% | ||||||
Credit reserve build (release) | 32 | 19 | 68 | 47 | 30 | 57 | 12 | 17 | (29 | ) | ||||||||||||||
Provision (release) for unfunded lending commitments | — | 1 | (100 | ) | 2 | (2 | ) | NM | — | 1 | (100 | ) | ||||||||||||
Provision for benefits and claims | 18 | 17 | 6 | 49 | 47 | 4 | 23 | 19 | 21 | |||||||||||||||
Provisions for credit losses and for benefits and claims (LLR & PBC) | $ | 304 | $ | 338 | (10 | )% | $ | 890 | $ | 1,048 | (15 | )% | $ | 288 | $ | 315 | (9 | )% | ||||||
Income from continuing operations before taxes | $ | 240 | $ | 412 | (42 | )% | $ | 697 | $ | 923 | (24 | )% | $ | 204 | $ | 196 | 4 | % | ||||||
Income taxes | 73 | 106 | (31 | ) | 190 | 207 | (8 | ) | 74 | 50 | 48 | |||||||||||||
Income from continuing operations | $ | 167 | $ | 306 | (45 | )% | $ | 507 | $ | 716 | (29 | )% | $ | 130 | $ | 146 | (11 | )% | ||||||
Noncontrolling interests | 2 | 1 | 100 | 4 | 3 | 33 | 1 | 1 | — | |||||||||||||||
Net income | $ | 165 | $ | 305 | (46 | )% | $ | 503 | $ | 713 | (29 | )% | $ | 129 | $ | 145 | (11 | )% | ||||||
Balance Sheet data (in billions of dollars) | ||||||||||||||||||||||||
Average assets | $ | 50 | $ | 50 | — | % | $ | 50 | $ | 54 | (7 | )% | $ | 43 | $ | 50 | (14 | )% | ||||||
Return on average assets | 1.31 | % | 2.42 | % | 1.34 | % | 1.77 | % | 1.22 | % | 1.17 | % | ||||||||||||
Efficiency ratio | 57 | % | 51 | % | 58 | % | 55 | % | 57 | % | 58 | % | ||||||||||||
Average deposits | $ | 27.2 | $ | 27.1 | — | $ | 27.5 | $ | 28.4 | (3 | ) | $ | 25.3 | $ | 26.1 | (3 | ) | |||||||
Net credit losses as a percentage of average loans | 4.12 | % | 4.65 | % | 4.30 | % | 4.85 | % | 4.44 | % | 4.58 | % | ||||||||||||
Revenue by business | ||||||||||||||||||||||||
Retail banking | $ | 893 | $ | 1,100 | (19 | )% | $ | 2,626 | $ | 3,047 | (14 | )% | $ | 836 | $ | 856 | (2 | )% | ||||||
Citi-branded cards | 364 | 445 | (18 | ) | 1,120 | 1,362 | (18 | ) | 315 | 373 | (16 | ) | ||||||||||||
Total | $ | 1,257 | $ | 1,545 | (19 | )% | $ | 3,746 | $ | 4,409 | (15 | )% | $ | 1,151 | $ | 1,229 | (6 | )% | ||||||
Income from continuing operations by business | ||||||||||||||||||||||||
Retail banking | $ | 91 | $ | 228 | (60 | )% | $ | 297 | $ | 497 | (40 | )% | $ | 86 | $ | 90 | (4 | )% | ||||||
Citi-branded cards | 76 | 78 | (3 | ) | 210 | 219 | (4 | ) | 44 | 56 | (21 | ) | ||||||||||||
Total | $ | 167 | $ | 306 | (45 | )% | $ | 507 | $ | 716 | (29 | )% | $ | 130 | $ | 146 | (11 | )% | ||||||
FX translation impact | ||||||||||||||||||||||||
Total revenues—as reported | $ | 1,257 | $ | 1,545 | (19 | )% | $ | 3,746 | $ | 4,409 | (15 | )% | ||||||||||||
Impact of FX translation(1) | — | (193 | ) | — | (646 | ) | ||||||||||||||||||
Total revenues—ex-FX(2) | $ | 1,257 | $ | 1,352 | (7 | )% | $ | 3,746 | $ | 3,763 | — | % | ||||||||||||
Total operating expenses—as reported | $ | 713 | $ | 795 | (10 | )% | $ | 2,159 | $ | 2,438 | (11 | )% | ||||||||||||
Impact of FX translation(1) | — | (79 | ) | — | (260 | ) | ||||||||||||||||||
Total operating expenses—ex-FX(2) | $ | 713 | $ | 716 | — | % | $ | 2,159 | $ | 2,178 | (1 | )% | ||||||||||||
Provisions for LLR & PBC—as reported | $ | 304 | $ | 338 | (10 | )% | $ | 890 | $ | 1,048 | (15 | )% | ||||||||||||
Impact of FX translation(1) | — | (43 | ) | — | (148 | ) | ||||||||||||||||||
Provisions for LLR & PBC—ex-FX(2) | $ | 304 | $ | 295 | 3 | % | $ | 890 | $ | 900 | (1 | )% | ||||||||||||
Net income—as reported | $ | 165 | $ | 305 | (46 | )% | $ | 503 | $ | 713 | (29 | )% | ||||||||||||
Impact of FX translation(1) | — | (54 | ) | — | (182 | ) | ||||||||||||||||||
Net income—ex-FX(2) | $ | 165 | $ | 251 | (34 | )% | $ | 503 | $ | 531 | (5 | )% |
FX translation impact | ||||||||
Total revenues—as reported | $ | 1,151 | $ | 1,229 | (6 | )% | ||
Impact of FX translation(1) | — | (122 | ) | |||||
Total revenues—ex-FX(2) | $ | 1,151 | $ | 1,107 | 4 | % | ||
Total operating expenses—as reported | $ | 659 | $ | 718 | (8 | )% | ||
Impact of FX translation(1) | — | (57 | ) | |||||
Total operating expenses—ex-FX(2) | $ | 659 | $ | 661 | — | % | ||
Provisions for LLR & PBC—as reported | $ | 288 | $ | 315 | (9 | )% | ||
Impact of FX translation(1) | — | (31 | ) | |||||
Provisions for LLR & PBC—ex-FX(2) | $ | 288 | $ | 284 | 1 | % | ||
Net income—as reported | $ | 129 | $ | 145 | (11 | )% | ||
Impact of FX translation(1) | — | (27 | ) | |||||
Net income—ex-FX(2) | $ | 129 | $ | 118 | 9 | % |
(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. |
Third Quarter | % Change | Nine Months | % Change | First Quarter | % Change | |||||||||||||||||||
In millions of dollars, except as otherwise noted (1) | 2016 | 2015 | 2016 | 2015 | 2017 | 2016 | ||||||||||||||||||
Net interest revenue | $ | 1,136 | $ | 1,105 | 3 | % | $ | 3,353 | $ | 3,394 | (1 | )% | $ | 1,105 | $ | 1,101 | — | % | ||||||
Non-interest revenue | 622 | 591 | 5 | 1,789 | 1,969 | (9 | ) | 617 | 554 | 11 | ||||||||||||||
Total revenues, net of interest expense | $ | 1,758 | $ | 1,696 | 4 | % | $ | 5,142 | $ | 5,363 | (4 | )% | $ | 1,722 | $ | 1,655 | 4 | % | ||||||
Total operating expenses | $ | 1,127 | $ | 1,117 | 1 | % | $ | 3,455 | $ | 3,460 | — | % | $ | 1,180 | $ | 1,183 | — | % | ||||||
Net credit losses | $ | 168 | $ | 175 | (4 | )% | $ | 488 | $ | 537 | (9 | )% | $ | 160 | $ | 160 | — | % | ||||||
Credit reserve build (release) | (4 | ) | (61 | ) | 93 | (39 | ) | (111 | ) | 65 | 13 | (11 | ) | NM | ||||||||||
Provision (release) for unfunded lending commitments | (3 | ) | — | NM | (3 | ) | (2 | ) | (50 | ) | (1 | ) | — | (100 | ) | |||||||||
Provisions for credit losses | $ | 161 | $ | 114 | 41 | % | $ | 446 | $ | 424 | 5 | % | $ | 172 | $ | 149 | 15 | % | ||||||
Income from continuing operations before taxes | $ | 470 | $ | 465 | 1 | % | $ | 1,241 | $ | 1,479 | (16 | )% | $ | 370 | $ | 323 | 15 | % | ||||||
Income taxes | 160 | 160 | — | 419 | 499 | (16 | ) | 124 | 108 | 15 | ||||||||||||||
Income from continuing operations | $ | 310 | $ | 305 | 2 | % | $ | 822 | $ | 980 | (16 | )% | $ | 246 | $ | 215 | 14 | % | ||||||
Noncontrolling interests | 1 | 6 | (83 | ) | 3 | 4 | (25 | ) | — | 1 | (100 | ) | ||||||||||||
Net income | $ | 309 | $ | 299 | 3 | % | $ | 819 | $ | 976 | (16 | )% | $ | 246 | $ | 214 | 15 | % | ||||||
Balance Sheet data (in billions of dollars) | ||||||||||||||||||||||||
Average assets | $ | 121 | $ | 116 | 4 | % | $ | 119 | $ | 117 | 2 | % | $ | 123 | $ | 116 | 6 | % | ||||||
Return on average assets | 1.02 | % | 1.02 | % | 0.92 | % | 1.12 | % | 0.81 | % | 0.74 | % | ||||||||||||
Efficiency ratio | 64 | % | 66 | % | 67 | % | 65 | % | 69 | % | 71 | % | ||||||||||||
Average deposits | $ | 91.6 | $ | 86.4 | 6 | $ | 89.4 | $ | 88.0 | 2 | $ | 92.7 | $ | 87.2 | 6 | |||||||||
Net credit losses as a percentage of average loans | 0.78 | % | 0.80 | % | 0.77 | % | 0.80 | % | 0.78 | % | 0.76 | % | ||||||||||||
Revenue by business | ||||||||||||||||||||||||
Retail banking | $ | 1,094 | $ | 1,067 | 3 | % | $ | 3,212 | $ | 3,398 | (5 | )% | $ | 1,063 | $ | 1,041 | 2 | % | ||||||
Citi-branded cards | 664 | 629 | 6 | 1,930 | 1,965 | (2 | ) | 659 | 614 | 7 | ||||||||||||||
Total | $ | 1,758 | $ | 1,696 | 4 | % | $ | 5,142 | $ | 5,363 | (4 | )% | $ | 1,722 | $ | 1,655 | 4 | % | ||||||
Income from continuing operations by business | ||||||||||||||||||||||||
Retail banking | $ | 191 | $ | 185 | 3 | % | $ | 515 | $ | 627 | (18 | )% | $ | 170 | $ | 119 | 43 | % | ||||||
Citi-branded cards | 119 | 120 | (1 | ) | 307 | 353 | (13 | ) | 76 | 96 | (21 | ) | ||||||||||||
Total | $ | 310 | $ | 305 | 2 | % | $ | 822 | $ | 980 | (16 | )% | $ | 246 | $ | 215 | 14 | % |
FX translation impact | ||||||||||||||||||||||||
Total revenues—as reported | $ | 1,758 | $ | 1,696 | 4 | % | $ | 5,142 | $ | 5,363 | (4 | )% | $ | 1,722 | $ | 1,655 | 4 | % | ||||||
Impact of FX translation(2) | — | 19 | — | (123 | ) | — | 19 | |||||||||||||||||
Total revenues—ex-FX(3) | $ | 1,758 | $ | 1,715 | 3 | % | $ | 5,142 | $ | 5,240 | (2 | )% | $ | 1,722 | $ | 1,674 | 3 | % | ||||||
Total operating expenses—as reported | $ | 1,127 | $ | 1,117 | 1 | % | $ | 3,455 | $ | 3,460 | — | % | $ | 1,180 | $ | 1,183 | — | % | ||||||
Impact of FX translation(2) | — | 9 | — | (96 | ) | — | 15 | |||||||||||||||||
Total operating expenses—ex-FX(3) | $ | 1,127 | $ | 1,126 | — | % | $ | 3,455 | $ | 3,364 | 3 | % | $ | 1,180 | $ | 1,198 | (2 | )% | ||||||
Provisions for loan losses—as reported | $ | 161 | $ | 114 | 41 | % | $ | 446 | $ | 424 | 5 | % | $ | 172 | $ | 149 | 15 | % | ||||||
Impact of FX translation(2) | — | 2 | — | (11 | ) | — | 1 | |||||||||||||||||
Provisions for loan losses—ex-FX(3) | $ | 161 | $ | 116 | 39 | % | $ | 446 | $ | 413 | 8 | % | $ | 172 | $ | 150 | 15 | % | ||||||
Net income—as reported | $ | 309 | $ | 299 | 3 | % | $ | 819 | $ | 976 | (16 | )% | $ | 246 | $ | 214 | 15 | % | ||||||
Impact of FX translation(2) | — | 5 | — | — | — | 2 | ||||||||||||||||||
Net income—ex-FX(3) | $ | 309 | $ | 304 | 2 | % | $ | 819 | $ | 976 | (16 | )% | $ | 246 | $ | 216 | 14 | % |
(1) | Asia GCB includes the results of operations of GCB activities in certain EMEA countries 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 |
Third Quarter | % Change | Nine Months | % Change | |||||||||||||
In millions of dollars, except as otherwise noted | 2016 | 2015 | 2016 | 2015 | ||||||||||||
Commissions and fees | $ | 928 | $ | 958 | (3 | )% | $ | 2,886 | $ | 2,945 | (2 | )% | ||||
Administration and other fiduciary fees | 610 | 594 | 3 | 1,845 | 1,870 | (1 | ) | |||||||||
Investment banking | 917 | 828 | 11 | 2,686 | 3,082 | (13 | ) | |||||||||
Principal transactions | 2,063 | 1,209 | 71 | 5,548 | 5,199 | 7 | ||||||||||
Other(1) | (126 | ) | 903 | NM | (88 | ) | 1,353 | NM | ||||||||
Total non-interest revenue | $ | 4,392 | $ | 4,492 | (2 | )% | $ | 12,877 | $ | 14,449 | (11 | )% | ||||
Net interest revenue (including dividends) | 4,236 | 4,167 | 2 | 12,633 | 12,233 | 3 | ||||||||||
Total revenues, net of interest expense | $ | 8,628 | $ | 8,659 | — | % | $ | 25,510 | $ | 26,682 | (4 | )% | ||||
Total operating expenses | $ | 4,680 | $ | 4,715 | (1 | )% | $ | 14,309 | $ | 14,209 | 1 | % | ||||
Net credit losses | $ | 45 | $ | 37 | 22 | % | $ | 397 | $ | 118 | NM | |||||
Credit reserve build (release) | (93 | ) | 193 | NM | (11 | ) | 189 | NM | ||||||||
Provision (release) for unfunded lending commitments | (42 | ) | 83 | NM | (4 | ) | 5 | NM | ||||||||
Provisions for credit losses | $ | (90 | ) | $ | 313 | NM | $ | 382 | $ | 312 | 22 | % | ||||
Income from continuing operations before taxes | $ | 4,038 | $ | 3,631 | 11 | % | $ | 10,819 | $ | 12,161 | (11 | )% | ||||
Income taxes | 1,266 | 1,198 | 6 | 3,373 | 3,894 | (13 | ) | |||||||||
Income from continuing operations | $ | 2,772 | $ | 2,433 | 14 | % | $ | 7,446 | $ | 8,267 | (10 | )% | ||||
Noncontrolling interests | 19 | (6 | ) | NM | 46 | 44 | 5 | |||||||||
Net income | $ | 2,753 | $ | 2,439 | 13 | % | $ | 7,400 | $ | 8,223 | (10 | )% | ||||
Average assets (in billions of dollars) | $ | 1,309 | $ | 1,264 | 4 | % | $ | 1,293 | $ | 1,276 | 1 | % | ||||
Return on average assets | 0.84 | % | 0.77 | % | 0.76 | % | 0.86 | % | ||||||||
Efficiency ratio | 54 | % | 54 | % | 56 | % | 53 | % | ||||||||
CVA/DVA-after-tax | $ | — | $ | 143 | (100 | )% | $ | — | $ | 289 | (100 | )% | ||||
Net income ex-CVA/DVA (2) | $ | 2,753 | $ | 2,296 | 20 | % | $ | 7,400 | $ | 7,934 | (7 | )% | ||||
Revenues by region | ||||||||||||||||
North America | $ | 3,276 | $ | 3,440 | (5 | )% | $ | 9,800 | $ | 10,354 | (5 | )% | ||||
EMEA | 2,554 | 2,393 | 7 | 7,376 | 7,858 | (6 | ) | |||||||||
Latin America | 1,009 | 1,049 | (4 | ) | 3,017 | 3,067 | (2 | ) | ||||||||
Asia | 1,789 | 1,777 | 1 | 5,317 | 5,403 | (2 | ) | |||||||||
Total | $ | 8,628 | $ | 8,659 | — | % | $ | 25,510 | $ | 26,682 | (4 | )% |
First Quarter | % Change | |||||||||||||||||||||||
In millions of dollars, except as otherwise noted | 2017 | 2016 | ||||||||||||||||||||||
Commissions and fees | $ | 985 | $ | 1,004 | (2 | )% | ||||||||||||||||||
Administration and other fiduciary fees | 644 | 597 | 8 | |||||||||||||||||||||
Investment banking | 1,044 | 740 | 41 | |||||||||||||||||||||
Principal transactions | 2,668 | 1,576 | 69 | |||||||||||||||||||||
Other(1) | (5 | ) | (7 | ) | 29 | |||||||||||||||||||
Total non-interest revenue | $ | 5,336 | $ | 3,910 | 36 | % | ||||||||||||||||||
Net interest revenue (including dividends) | 3,790 | 3,985 | (5 | ) | ||||||||||||||||||||
Total revenues, net of interest expense | $ | 9,126 | $ | 7,895 | 16 | % | ||||||||||||||||||
Total operating expenses | $ | 4,945 | $ | 4,872 | 1 | % | ||||||||||||||||||
Net credit losses | $ | 25 | $ | 211 | (88 | )% | ||||||||||||||||||
Credit reserve build (release) | (176 | ) | 108 | NM | ||||||||||||||||||||
Provision (release) for unfunded lending commitments | (54 | ) | 71 | NM | ||||||||||||||||||||
Provisions for credit losses | $ | (205 | ) | $ | 390 | NM | ||||||||||||||||||
Income from continuing operations before taxes | $ | 4,386 | $ | 2,633 | 67 | % | ||||||||||||||||||
Income taxes | 1,375 | 764 | 80 | |||||||||||||||||||||
Income from continuing operations | $ | 3,011 | $ | 1,869 | 61 | % | ||||||||||||||||||
Noncontrolling interests | 15 | 10 | 50 | |||||||||||||||||||||
Net income | $ | 2,996 | $ | 1,859 | 61 | % | ||||||||||||||||||
EOP assets (in billions of dollars) | $ | 1,314 | $ | 1,293 | 2 | % | ||||||||||||||||||
Average assets (in billions of dollars) | $ | 1,318 | $ | 1,272 | 4 | % | ||||||||||||||||||
Return on average assets | 0.92 | % | 0.59 | % | ||||||||||||||||||||
Efficiency ratio | 54 | % | 62 | % | ||||||||||||||||||||
Revenues by region | ||||||||||||||||||||||||
North America | $ | 3,455 | $ | 2,980 | 16 | % | ||||||||||||||||||
EMEA | 2,807 | 2,167 | 30 | |||||||||||||||||||||
Latin America | 1,127 | 962 | 17 | |||||||||||||||||||||
Asia | 1,737 | 1,786 | (3 | ) | ||||||||||||||||||||
Total | $ | 9,126 | $ | 7,895 | 16 | % | ||||||||||||||||||
Income from continuing operations by region | ||||||||||||||||||||||||
North America | $ | 1,119 | $ | 991 | 13 | % | $ | 2,762 | $ | 3,097 | (11 | )% | $ | 1,100 | $ | 546 | NM | |||||||
EMEA | 680 | 499 | 36 | 1,799 | 2,129 | (16 | ) | 855 | 374 | NM | ||||||||||||||
Latin America | 396 | 389 | 2 | 1,129 | 1,194 | (5 | ) | 475 | 330 | 44 | ||||||||||||||
Asia | 577 | 554 | 4 | 1,756 | 1,847 | (5 | ) | 581 | 619 | (6 | ) | |||||||||||||
Total | $ | 2,772 | $ | 2,433 | 14 | % | $ | 7,446 | $ | 8,267 | (10 | )% | $ | 3,011 | $ | 1,869 | 61 | % | ||||||
Average loans by region (in billions of dollars) | ||||||||||||||||||||||||
North America | $ | 135 | $ | 126 | 7 | % | $ | 132 | $ | 122 | 8 | % | $ | 140 | $ | 133 | 5 | % | ||||||
EMEA | 68 | 63 | 8 | 66 | 62 | 6 | 65 | 63 | 3 | |||||||||||||||
Latin America | 43 | 40 | 8 | 43 | 40 | 8 | 37 | 39 | (5 | ) | ||||||||||||||
Asia | 60 | 62 | (3 | ) | 60 | 62 | (3 | ) | 60 | 60 | — | |||||||||||||
Total | $ | 306 | $ | 291 | 5 | % | $ | 301 | $ | 286 | 5 | % | $ | 302 | $ | 295 | 2 | % | ||||||
EOP deposits by business (in billions of dollars) | ||||||||||||||||||||||||
Treasury and trade solutions | $ | 415 | $ | 399 | 4 | % | $ | 417 | $ | 417 | — | % | ||||||||||||
All other ICG businesses | 202 | 196 | 3 | 203 | 192 | 6 | ||||||||||||||||||
Total | $ | 617 | $ | 595 | 4 | % | $ | 620 | $ | 609 | 2 | % |
(1) | First quarter of 2016 includes a previously disclosed charge of approximately $180 million primarily reflecting the write down of Citi’s net investment in Venezuela as a result of changes in the exchange rate during the quarter. |
Third Quarter | % Change | Nine Months | % Change | First Quarter | % Change | |||||||||||||||||||
In millions of dollars | 2016 | 2015 | 2016 | 2015 | 2017 | 2016 | ||||||||||||||||||
Investment banking revenue details | ||||||||||||||||||||||||
Advisory | $ | 239 | $ | 239 | — | % | $ | 704 | $ | 791 | (11 | )% | $ | 246 | $ | 227 | 8 | % | ||||||
Equity underwriting | 146 | 173 | (16 | ) | 438 | 700 | (37 | ) | 235 | 118 | 99 | |||||||||||||
Debt underwriting | 701 | 532 | 32 | 2,036 | 1,945 | 5 | 733 | 528 | 39 | |||||||||||||||
Total investment banking | $ | 1,086 | $ | 944 | 15 | % | $ | 3,178 | $ | 3,436 | (8 | )% | $ | 1,214 | $ | 873 | 39 | % | ||||||
Treasury and trade solutions | 2,039 | 1,933 | 5 | 6,038 | 5,778 | 4 | 2,075 | 1,903 | 9 | |||||||||||||||
Corporate lending—excluding gain (loss) on loan hedges(2) | 450 | 433 | 4 | 1,294 | 1,385 | (7 | ) | |||||||||||||||||
Corporate lending—excluding (loss) on loan hedges(1) | 434 | 448 | (3 | ) | ||||||||||||||||||||
Private bank | 746 | 715 | 4 | 2,230 | 2,171 | 3 | 744 | 684 | 9 | |||||||||||||||
Total banking revenues (ex-CVA/DVA and gain (loss) on loan hedges)(1) | $ | 4,321 | $ | 4,025 | 7 | % | $ | 12,740 | $ | 12,770 | — | % | ||||||||||||
Corporate lending—gain/(loss) on loan hedges(2) | $ | (218 | ) | $ | 352 | NM | $ | (487 | ) | $ | 338 | NM | ||||||||||||
Total banking revenues (ex-CVA/DVA and including gain (loss) on loan hedges)(1) | $ | 4,103 | $ | 4,377 | (6 | )% | $ | 12,253 | $ | 13,108 | (7 | )% | ||||||||||||
Total banking revenues (ex-(loss) on loan hedges) | $ | 4,467 | $ | 3,908 | 14 | % | ||||||||||||||||||
Corporate lending—(loss) on loan hedges(1) | $ | (115 | ) | $ | (66 | ) | (74 | )% | ||||||||||||||||
Total banking revenues (including (loss) on loan hedges) | $ | 4,352 | $ | 3,842 | 13 | % | ||||||||||||||||||
Fixed income markets | $ | 3,466 | $ | 2,566 | 35 | % | $ | 10,019 | $ | 9,097 | 10 | % | $ | 3,622 | $ | 3,051 | 19 | % | ||||||
Equity markets | 663 | 1,002 | (34 | ) | 2,157 | 2,518 | (14 | ) | 769 | 697 | 10 | |||||||||||||
Securities services | 536 | 513 | 4 | 1,629 | 1,626 | — | 543 | 561 | (3 | ) | ||||||||||||||
Other | (140 | ) | (20 | ) | NM | (548 | ) | (122 | ) | NM | (160 | ) | (256 | ) | 38 | |||||||||
Total Markets and securities services (ex-CVA/DVA)(1) | $ | 4,525 | $ | 4,061 | 11 | % | $ | 13,257 | $ | 13,119 | 1 | % | ||||||||||||
Total ICG (ex-CVA/DVA) | $ | 8,628 | $ | 8,438 | 2 | % | $ | 25,510 | $ | 26,227 | (3 | )% | ||||||||||||
CVA/DVA (excluded as applicable in lines above) | — | 221 | NM | — | 455 | NM | ||||||||||||||||||
Fixed income markets | — | 180 | NM | — | 392 | NM | ||||||||||||||||||
Equity markets | — | 44 | NM | — | 63 | NM | ||||||||||||||||||
Private bank | — | (3 | ) | NM | — | — | NM | |||||||||||||||||
Total markets and securities services revenues | $ | 4,774 | $ | 4,053 | 18 | % | ||||||||||||||||||
Total revenues, net of interest expense | $ | 8,628 | $ | 8,659 | — | % | $ | 25,510 | $ | 26,682 | (4 | )% | $ | 9,126 | $ | 7,895 | 16 | % | ||||||
Commissions and fees | $ | 140 | $ | 124 | 13 | % | ||||||||||||||||||
Principal transactions(3) | 2,318 | 1,344 | 72 | |||||||||||||||||||||
Other | 149 | 216 | (31 | ) | ||||||||||||||||||||
Total non-interest revenue | $ | 2,607 | $ | 1,684 | 55 | % | ||||||||||||||||||
Net interest revenue | 1,015 | 1,367 | (26 | ) | ||||||||||||||||||||
Total fixed income markets | $ | 3,622 | $ | 3,051 | 19 | % | ||||||||||||||||||
Rates and currencies | $ | 2,503 | $ | 2,236 | 12 | % | ||||||||||||||||||
Spread products / other fixed income | 1,119 | 815 | 37 | |||||||||||||||||||||
Total fixed income markets | $ | 3,622 | $ | 3,051 | 19 | % | ||||||||||||||||||
Commissions and fees | $ | 316 | $ | 357 | (11 | )% | ||||||||||||||||||
Principal transactions(3) | 166 | 51 | NM | |||||||||||||||||||||
Other | 8 | 2 | NM | |||||||||||||||||||||
Total non-interest revenue | $ | 490 | $ | 410 | 20 | % | ||||||||||||||||||
Net interest revenue | 279 | 287 | (3 | ) | ||||||||||||||||||||
Total equity markets | $ | 769 | $ | 697 | 10 |
(1) |
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. |
First quarter of 2016 includes the previously disclosed charge of approximately $180 million, primarily reflecting the write down of Citi’s net investment in Venezuela as a result of changes in the exchange rate during the quarter. |
Third Quarter | % Change | Nine Months | % Change | First Quarter | % Change | |||||||||||||||||||
In millions of dollars | 2016 | 2015 | 2016 | 2015 | 2017 | 2016 | ||||||||||||||||||
Net interest revenue | $ | (9 | ) | $ | (64 | ) | 86 | % | $ | 141 | $ | (113 | ) | NM | $ | 545 | $ | 890 | (39 | )% | ||||
Non-interest revenue | 37 | 282 | (87 | )% | 287 | 914 | (69 | )% | 632 | 1,056 | (40 | )% | ||||||||||||
Total revenues, net of interest expense | $ | 28 | $ | 218 | (87 | )% | $ | 428 | $ | 801 | (47 | )% | $ | 1,177 | $ | 1,946 | (40 | )% | ||||||
Total operating expenses | $ | 458 | $ | 349 | 31 | % | $ | 1,323 | $ | 1,277 | 4 | % | $ | 1,117 | $ | 1,250 | (11 | )% | ||||||
Net credit losses | $ | 81 | $ | 142 | (43 | )% | ||||||||||||||||||
Credit reserve build (release) | (35 | ) | (31 | ) | (13 | ) | ||||||||||||||||||
Provision (release) for unfunded lending commitments | 5 | (1 | ) | NM | ||||||||||||||||||||
Provision for benefits and claims | 1 | 60 | (98 | ) | ||||||||||||||||||||
Provisions for loan losses and for benefits and claims | — | — | — | — | — | — | 52 | 170 | (69 | )% | ||||||||||||||
Loss from continuing operations before taxes | $ | (430 | ) | $ | (131 | ) | NM | $ | (895 | ) | $ | (476 | ) | (88 | )% | |||||||||
Income from continuing operations before taxes | $ | 8 | $ | 526 | (98 | )% | ||||||||||||||||||
Income taxes (benefits) | (183 | ) | (314 | ) | 42 | % | (530 | ) | (871 | ) | 39 | % | (96 | ) | 81 | NM | ||||||||
Income (loss) from continuing operations | $ | (247 | ) | $ | 183 | NM | $ | (365 | ) | $ | 395 | NM | ||||||||||||
Income from continuing operations | $ | 104 | $ | 445 | (77 | )% | ||||||||||||||||||
Income (loss) from discontinued operations, net of taxes | (30 | ) | (10 | ) | NM | (55 | ) | (9 | ) | NM | (18 | ) | (2 | ) | NM | |||||||||
Net income (loss) before attribution of noncontrolling interests | $ | (277 | ) | $ | 173 | NM | $ | (420 | ) | $ | 386 | NM | ||||||||||||
Net income before attribution of noncontrolling interests | $ | 86 | $ | 443 | (81 | )% | ||||||||||||||||||
Noncontrolling interests | (5 | ) | 3 | NM | (10 | ) | 11 | NM | (6 | ) | (7 | ) | 14 | % | ||||||||||
Net income (loss) | $ | (272 | ) | $ | 170 | NM | $ | (410 | ) | $ | 375 | NM | ||||||||||||
Net income | $ | 92 | $ | 450 | (80 | )% |
Third Quarter | % Change | Nine Months | % Change | |||||||||||||
In millions of dollars, except as otherwise noted | 2016 | 2015 | 2016 | 2015 | ||||||||||||
Net interest revenue | $ | 482 | $ | 1,151 | (58 | )% | $ | 1,628 | $ | 3,610 | (55 | )% | ||||
Non-interest revenue | 395 | 530 | (25 | ) | 1,567 | 2,185 | (28 | ) | ||||||||
Total revenues, net of interest expense | $ | 877 | $ | 1,681 | (48 | )% | $ | 3,195 | $ | 5,795 | (45 | )% | ||||
Provisions for credit losses and for benefits and claims | ||||||||||||||||
Net credit losses | $ | 129 | $ | 272 | (53 | )% | $ | 374 | $ | 1,075 | (65 | )% | ||||
Credit reserve release | (122 | ) | (171 | ) | 29 | (377 | ) | (528 | ) | 29 | ||||||
Provision for loan losses | $ | 7 | $ | 101 | (93 | )% | $ | (3 | ) | $ | 547 | NM | ||||
Provision for benefits and claims | 10 | 161 | (94 | ) | 99 | 490 | (80 | ) | ||||||||
Release for unfunded lending commitments | — | (19 | ) | 100 | (7 | ) | (22 | ) | 68 | |||||||
Total provisions for credit losses and for benefits and claims | $ | 17 | $ | 243 | (93 | )% | $ | 89 | $ | 1,015 | (91 | )% | ||||
Total operating expenses | $ | 826 | $ | 1,374 | (40 | )% | $ | 2,512 | $ | 4,121 | (39 | )% | ||||
Income from continuing operations before taxes | $ | 34 | $ | 64 | (47 | )% | $ | 594 | $ | 659 | (10 | )% | ||||
Income taxes (benefits) | (40 | ) | 65 | NM | 75 | 354 | (79 | )% | ||||||||
Income from continuing operations | $ | 74 | $ | (1 | ) | NM | $ | 519 | $ | 305 | 70 | % | ||||
Noncontrolling interests | — | — | — | $ | 6 | $ | 1 | NM | ||||||||
Net income (loss) | $ | 74 | $ | (1 | ) | NM | $ | 513 | $ | 304 | 69 | % | ||||
Total revenues, net of interest expense (excluding CVA/DVA)(1) | ||||||||||||||||
Total revenues—as reported | $ | 877 | $ | 1,681 | (48 | )% | $ | 3,195 | $ | 5,795 | (45 | )% | ||||
CVA/DVA | — | (25 | ) | NM | — | (20 | ) | NM | ||||||||
Total revenues-excluding CVA/DVA(1) | $ | 877 | $ | 1,706 | (49 | )% | $ | 3,195 | $ | 5,815 | (45 | )% | ||||
Balance sheet data (in billions of dollars) | ||||||||||||||||
Average assets | $ | 64 | $ | 120 | (47 | )% | $ | 71 | $ | 127 | (44 | )% | ||||
Return on average assets | 0.46 | % | — | % | 0.97 | % | 0.32 | % | ||||||||
Efficiency ratio | 94 | % | 82 | % | 79 | % | 71 | % | ||||||||
Total EOP assets | $ | 61 | $ | 117 | (48 | ) | ||||||||||
Total EOP loans | 39 | 60 | (35 | ) | ||||||||||||
Total EOP deposits | 6 | 11 | (44 | ) |
Variable interests and other obligations, including contingent obligations, arising from variable interests in nonconsolidated VIEs | See Note 18 to the Consolidated Financial Statements. |
Letters of credit, and lending and other commitments | See Note 22 to the Consolidated Financial Statements. |
Guarantees | See Note 22 to the Consolidated Financial Statements. |
September 30, 2016 | December 31, 2015 | March 31, 2017 | December 31, 2016 | |||||||||||||||||||||||
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 | $ | 172,046 | $ | 172,046 | $ | 173,862 | $ | 173,862 | $ | 161,665 | $ | 161,665 | $ | 167,378 | $ | 167,378 | ||||||||||
Tier 1 Capital | 182,171 | 182,171 | 176,420 | 176,420 | 177,104 | 177,104 | 178,387 | 178,387 | ||||||||||||||||||
Total Capital (Tier 1 Capital + Tier 2 Capital)(1) | 208,053 | 221,024 | 198,746 | 211,115 | 201,500 | 214,080 | 202,146 | 214,938 | ||||||||||||||||||
Total Risk-Weighted Assets | 1,204,384 | 1,143,625 | 1,190,853 | 1,138,711 | 1,166,202 | 1,142,579 | 1,166,764 | 1,126,314 | ||||||||||||||||||
Common Equity Tier 1 Capital ratio(2) | 14.28 | % | 15.04 | % | 14.60 | % | 15.27 | % | 13.86 | % | 14.15 | % | 14.35 | % | 14.86 | % | ||||||||||
Tier 1 Capital ratio(2) | 15.13 | 15.93 | 14.81 | 15.49 | 15.19 | 15.50 | 15.29 | 15.84 | ||||||||||||||||||
Total Capital ratio(2) | 17.27 | 19.33 | 16.69 | 18.54 | 17.28 | 18.74 | 17.33 | 19.08 |
In millions of dollars, except ratios | September 30, 2016 | December 31, 2015 | March 31, 2017 | December 31, 2016 | ||||||||||||||
Quarterly Adjusted Average Total Assets(3) | $ | 1,777,662 | $ | 1,732,933 | $ | 1,776,048 | $ | 1,768,415 | ||||||||||
Total Leverage Exposure(4) | 2,366,219 | 2,326,072 | 2,375,616 | 2,351,883 | ||||||||||||||
Tier 1 Leverage ratio | 10.25 | % | 10.18 | % | 9.97 | % | 10.09 | % | ||||||||||
Supplementary Leverage ratio | 7.70 | 7.58 | 7.46 | 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 | September 30, 2016 | December 31, 2015 | March 31, 2017 | December 31, 2016 | ||||||||
Common Equity Tier 1 Capital | ||||||||||||
Citigroup common stockholders’ equity(1) | $ | 212,506 | $ | 205,286 | $ | 209,063 | $ | 206,051 | ||||
Add: Qualifying noncontrolling interests | 275 | 369 | 197 | 259 | ||||||||
Regulatory Capital Adjustments and Deductions: | ||||||||||||
Less: Net unrealized gains (losses) on securities available-for-sale (AFS), net of tax(2)(3) | 649 | (544 | ) | |||||||||
Less: Net unrealized losses on securities available-for-sale (AFS), net of tax(2)(3) | (116 | ) | (320 | ) | ||||||||
Less: Defined benefit plans liability adjustment, net of tax(3) | (2,238 | ) | (3,070 | ) | (1,035 | ) | (2,066 | ) | ||||
Less: Accumulated net unrealized losses on cash flow hedges, net of tax(4) | (232 | ) | (617 | ) | (562 | ) | (560 | ) | ||||
Less: Cumulative unrealized net gain related to changes in fair value of financial liabilities attributable to own creditworthiness, net of tax(3)(5) | 201 | 176 | ||||||||||
Less: Cumulative unrealized net loss related to changes in fair value of financial liabilities attributable to own creditworthiness, net of tax(3)(5) | (138 | ) | (37 | ) | ||||||||
Less: Intangible assets: | ||||||||||||
Goodwill, net of related deferred tax liabilities (DTLs)(6) | 21,763 | 21,980 | 21,448 | 20,858 | ||||||||
Identifiable intangible assets other than mortgage servicing rights (MSRs), net of related DTLs | 3,106 | 1,434 | 3,790 | 2,926 | ||||||||
Less: Defined benefit pension plan net assets(3) | 535 | 318 | 669 | 514 | ||||||||
Less: Deferred tax assets (DTAs) arising from net operating loss, foreign tax credit and general business credit carry-forwards | 13,502 | 9,464 | 16,862 | 12,802 | ||||||||
Less: Excess over 10%/15% limitations for other DTAs, certain common stock investments, and MSRs | 3,449 | 2,652 | 6,677 | 4,815 | ||||||||
Total Common Equity Tier 1 Capital | $ | 172,046 | $ | 173,862 | $ | 161,665 | $ | 167,378 | ||||
Additional Tier 1 Capital | ||||||||||||
Qualifying perpetual preferred stock(1) | $ | 19,069 | $ | 16,571 | $ | 19,069 | $ | 19,069 | ||||
Qualifying trust preferred securities(10) | 1,369 | 1,707 | ||||||||||
Qualifying trust preferred securities(9) | 1,372 | 1,371 | ||||||||||
Qualifying noncontrolling interests | 18 | 12 | 23 | 17 | ||||||||
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) | 134 | 265 | ||||||||||
Less: Cumulative unrealized net loss related to changes in fair value of financial liabilities attributable to own creditworthiness, net of tax(3)(5) | (35 | ) | (24 | ) | ||||||||
Less: Defined benefit pension plan net assets(3) | 356 | 476 | 167 | 343 | ||||||||
Less: DTAs arising from net operating loss, foreign tax credit and general business credit carry-forwards | 9,001 | 14,195 | 4,215 | 8,535 | ||||||||
Less: Permitted ownership interests in covered funds(11) | 759 | 567 | ||||||||||
Less: Minimum regulatory capital requirements of insurance underwriting subsidiaries(12) | 81 | 229 | ||||||||||
Less: Permitted ownership interests in covered funds(10) | 618 | 533 | ||||||||||
Less: Minimum regulatory capital requirements of insurance underwriting subsidiaries(11) | 60 | 61 | ||||||||||
Total Additional Tier 1 Capital | $ | 10,125 | $ | 2,558 | $ | 15,439 | $ | 11,009 | ||||
Total Tier 1 Capital (Common Equity Tier 1 Capital + Additional Tier 1 Capital) | $ | 182,171 | $ | 176,420 | $ | 177,104 | $ | 178,387 | ||||
Tier 2 Capital | ||||||||||||
Qualifying subordinated debt(13)(14) | $ | 25,007 | $ | 21,370 | ||||||||
Qualifying trust preferred securities(10) | 324 | — | ||||||||||
Qualifying subordinated debt | $ | 23,278 | $ | 22,818 | ||||||||
Qualifying trust preferred securities(12) | 319 | 317 | ||||||||||
Qualifying noncontrolling interests | 24 | 17 | 30 | 22 | ||||||||
Excess of eligible credit reserves over expected credit losses(15) | 605 | 1,163 | ||||||||||
Excess of eligible credit reserves over expected credit losses(13) | 827 | 660 | ||||||||||
Regulatory Capital Adjustment and Deduction: | ||||||||||||
Add: Unrealized gains on AFS equity exposures includable in Tier 2 Capital | 3 | 5 | 2 | 3 | ||||||||
Less: Minimum regulatory capital requirements of insurance underwriting subsidiaries(12) | 81 | 229 | ||||||||||
Less: Minimum regulatory capital requirements of insurance underwriting subsidiaries(11) | 60 | 61 | ||||||||||
Total Tier 2 Capital | $ | 25,882 | $ | 22,326 | $ | 24,396 | $ | 23,759 | ||||
Total Capital (Tier 1 Capital + Tier 2 Capital) | $ | 208,053 | $ | 198,746 | $ | 201,500 | $ | 202,146 |
March 31, 2017 | December 31, 2016 | ||||||||||||||||||
In millions of dollars | September 30, 2016 | December 31, 2015 | Advanced Approaches | Standardized Approach | Advanced Approaches | Standardized Approach | |||||||||||||
Credit Risk(16) | $ | 796,200 | $ | 791,036 | |||||||||||||||
Credit Risk(14) | $ | 766,382 | $ | 1,070,053 | $ | 773,483 | $ | 1,061,786 | |||||||||||
Market Risk | 71,070 | 74,817 | 72,247 | 72,526 | 64,006 | 64,528 | |||||||||||||
Operational Risk | 337,114 | 325,000 | 327,573 | — | 329,275 | — | |||||||||||||
Total Risk-Weighted Assets | $ | 1,204,384 | $ | 1,190,853 | $ | 1,166,202 | $ | 1,142,579 | $ | 1,166,764 | $ | 1,126,314 |
(1) | Issuance costs of $184 million |
(2) | In addition, includes the net amount of unamortized loss on |
(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 |
(4) | Common Equity Tier 1 Capital is adjusted for accumulated net unrealized gains (losses) on cash flow hedges included in |
(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) |
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 |
50% of the minimum regulatory capital requirements of insurance underwriting subsidiaries must be deducted from each of Tier 1 Capital and 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 September 30, 2016 | Nine Months Ended September 30, 2016 | Three months ended March 31, 2017 | ||||||
Common Equity Tier 1 Capital | |||||||||
Balance, beginning of period | $ | 171,594 | $ | 173,862 | $ | 167,376 | |||
Net income | 3,840 | 11,339 | 4,090 | ||||||
Common and preferred stock dividends declared | (689 | ) | (1,517 | ) | (746 | ) | |||
Net increase in treasury stock | (2,530 | ) | (4,392 | ) | (1,277 | ) | |||
Net change in common stock and additional paid-in capital(1) | 144 | (376 | ) | ||||||
Net decrease in common stock and additional paid-in capital | (429 | ) | |||||||
Net decrease in foreign currency translation adjustment net of hedges, net of tax | (375 | ) | (273 | ) | 1,318 | ||||
Net change in unrealized gains/losses on securities AFS, net of tax | (259 | ) | 1,336 | ||||||
Net change in defined benefit plans liability adjustment, net of tax | 7 | (1,312 | ) | ||||||
Net decrease in unrealized losses on securities AFS, net of tax | 16 | ||||||||
Net increase in defined benefit plans liability adjustment, net of tax | (1,043 | ) | |||||||
Net change in adjustment related to changes in fair value of financial liabilities attributable to own creditworthiness, net of tax | (57 | ) | (20 | ) | 41 | ||||
Net decrease in goodwill, net of related deferred tax liabilities (DTLs) | 91 | 217 | |||||||
Net change in identifiable intangible assets other than mortgage servicing rights (MSRs), net of related DTLs | 109 | (1,672 | ) | ||||||
Net change in defined benefit pension plan net assets | 43 | (217 | ) | ||||||
Net change in deferred tax assets (DTAs) arising from net operating loss, foreign tax credit and general business credit carry-forwards | 263 | (4,038 | ) | ||||||
Net increase in goodwill, net of related DTLs | (590 | ) | |||||||
Net increase in identifiable intangible assets other than MSRs, net of related DTLs | (864 | ) | |||||||
Net increase in defined benefit pension plan net assets | (155 | ) | |||||||
Net increase in DTAs arising from net operating loss, foreign tax credit and general business credit carry-forwards | (4,034 | ) | |||||||
Net increase in excess over 10%/15% limitations for other DTAs, certain common stock investments and MSRs | (133 | ) | (797 | ) | (1,886 | ) | |||
Other | (2 | ) | (94 | ) | (152 | ) | |||
Net change in Common Equity Tier 1 Capital | $ | 452 | $ | (1,816 | ) | ||||
Net decrease in Common Equity Tier 1 Capital | $ | (5,711 | ) | ||||||
Common Equity Tier 1 Capital Balance, end of period | $ | 172,046 | $ | 172,046 | $ | 161,665 | |||
Additional Tier 1 Capital | |||||||||
Balance, beginning of period | $ | 9,688 | $ | 2,558 | $ | 10,992 | |||
Net increase in qualifying perpetual preferred stock(1) | — | 2,498 | |||||||
Net change in qualifying trust preferred securities | 1 | (338 | ) | ||||||
Net increase in qualifying trust preferred securities | 1 | ||||||||
Net change in adjustment related to changes in fair value of financial liabilities attributable to own creditworthiness, net of tax | 96 | 131 | 11 | ||||||
Net decrease in defined benefit pension plan net assets | 30 | 120 | 176 | ||||||
Net decrease in DTAs arising from net operating loss, foreign tax credit and general business credit carry-forwards | 176 | 5,194 | 4,337 | ||||||
Net change in permitted ownership interests in covered funds | 30 | (192 | ) | ||||||
Net increase in permitted ownership interests in covered funds | (85 | ) | |||||||
Other | 104 | 154 | 7 | ||||||
Net increase in Additional Tier 1 Capital | $ | 437 | $ | 7,567 | $ | 4,447 | |||
Tier 1 Capital Balance, end of period | $ | 182,171 | $ | 182,171 | $ | 177,104 | |||
Tier 2 Capital | |||||||||
Balance, beginning of period | $ | 24,862 | $ | 22,326 | $ | 23,759 | |||
Net increase in qualifying subordinated debt | 1,325 | 3,637 | 460 | ||||||
Net change in qualifying trust preferred securities | (4 | ) | 324 | ||||||
Net decrease in excess of eligible credit reserves over expected credit losses | (406 | ) | (558 | ) | |||||
Net increase in qualifying trust preferred securities | 2 | ||||||||
Net increase in excess of eligible credit reserves over expected credit losses | 167 | ||||||||
Other | 105 | 153 | 8 | ||||||
Net increase in Tier 2 Capital | $ | 1,020 | $ | 3,556 | $ | 637 | |||
Tier 2 Capital Balance, end of period | $ | 25,882 | $ | 25,882 | $ | 24,396 | |||
Total Capital (Tier 1 Capital + Tier 2 Capital) | $ | 208,053 | $ | 208,053 | $ | 201,500 |
In millions of dollars | Three Months Ended September 30, 2016 | Nine Months Ended September 30, 2016 | ||||
Total Risk-Weighted Assets, beginning of period | $ | 1,204,408 | $ | 1,190,853 | ||
Changes in Credit Risk-Weighted Assets | ||||||
Net decrease in retail exposures(1) | (5,468 | ) | (14,660 | ) | ||
Net decrease in wholesale exposures(2) | (4,246 | ) | (522 | ) | ||
Net decrease in repo-style transactions(3) | (3,995 | ) | (3,360 | ) | ||
Net increase in securitization exposures | 694 | 405 | ||||
Net decrease in equity exposures(4) | (2,089 | ) | (1,687 | ) | ||
Net change in over-the-counter (OTC) derivatives(5) | (2,145 | ) | 7,541 | |||
Net increase in derivatives CVA(6) | 4,278 | 17,052 | ||||
Net increase in other exposures(7) | 449 | 1,068 | ||||
Net decrease in supervisory 6% multiplier(8) | (1,008 | ) | (673 | ) | ||
Net change in Credit Risk-Weighted Assets | $ | (13,530 | ) | $ | 5,164 | |
Changes in Market Risk-Weighted Assets | ||||||
Net increase in risk levels(9) | $ | 2,850 | $ | 413 | ||
Net decrease due to model and methodology updates(10) | (1,458 | ) | (4,160 | ) | ||
Net change in Market Risk-Weighted Assets | $ | 1,392 | $ | (3,747 | ) | |
Net increase in Operational Risk-Weighted Assets(11) | $ | 12,114 | $ | 12,114 | ||
Total Risk-Weighted Assets, end of period | $ | 1,204,384 | $ | 1,204,384 |
In millions of dollars | Three months ended March 31, 2017 | ||
Total Risk-Weighted Assets, beginning of period | $ | 1,166,764 | |
Changes in Credit Risk-Weighted Assets | |||
Net decrease in retail exposures(1) | (4,312 | ) | |
Net increase in wholesale exposures(2) | 4,445 | ||
Net decrease in repo-style transactions | (197 | ) | |
Net decrease in securitization exposures | (235 | ) | |
Net increase in equity exposures | 465 | ||
Net decrease in over-the-counter (OTC) derivatives(3) | (4,199 | ) | |
Net decrease in derivatives CVA(4) | (1,061 | ) | |
Net decrease in other exposures(5) | (1,665 | ) | |
Net decrease in supervisory 6% multiplier(6) | (342 | ) | |
Net decrease in Credit Risk-Weighted Assets | $ | (7,101 | ) |
Changes in Market Risk-Weighted Assets | |||
Net increase in risk levels(7) | $ | 10,995 | |
Net decrease due to model and methodology updates(8) | (2,754 | ) | |
Net increase in Market Risk-Weighted Assets | $ | 8,241 | |
Net decrease in Operational Risk-Weighted Assets(9) | $ | (1,702 | ) |
Total Risk-Weighted Assets, end of period | $ | 1,166,202 |
(1) | Retail exposures decreased during the three |
(2) | Wholesale exposures |
(3) |
OTC derivatives decreased during the three months ended |
Derivatives CVA |
Other exposures include cleared transactions, unsettled transactions, assets other than those reportable in specific exposure categories and non-material portfolios. Other exposures decreased during the three months ended March 31, 2017 primarily due to a reduction in assets subject to risk-weighting arising from the transitioning to higher regulatory capital deductions effective January 1, 2017, and from the previously-announced sale of a portion of Citi’s mortgage servicing rights, which were offset, in part, by an increase in exchange-traded exposures. |
Supervisory 6% multiplier does not apply to derivatives CVA. |
Risk levels increased during the three months ended |
Risk-weighted assets declined during the three |
During the |
September 30, 2016 | December 31, 2015 | March 31, 2017 | December 31, 2016 | |||||||||||||||||||||||
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 | $ | 129,444 | $ | 129,444 | $ | 127,323 | $ | 127,323 | $ | 126,543 | $ | 126,543 | $ | 126,220 | $ | 126,220 | ||||||||||
Tier 1 Capital | 129,493 | 129,493 | 127,323 | 127,323 | 127,859 | 127,859 | 126,465 | 126,465 | ||||||||||||||||||
Total Capital (Tier 1 Capital + Tier 2 Capital)(1) | 140,425 | 152,005 | 138,762 | 149,749 | 140,431 | 151,628 | 138,821 | 150,291 | ||||||||||||||||||
Total Risk-Weighted Assets | 991,276 | 999,542 | 898,769 | 999,014 | 984,660 | 1,016,037 | 973,933 | 1,001,016 | ||||||||||||||||||
Common Equity Tier 1 Capital ratio(2)(3) | 13.06 | % | 12.95 | % | 14.17 | % | 12.74 | % | 12.85 | % | 12.45 | % | 12.96 | % | 12.61 | % | ||||||||||
Tier 1 Capital ratio(2)(3) | 13.06 | 12.96 | 14.17 | 12.74 | 12.99 | 12.58 | 12.99 | 12.63 | ||||||||||||||||||
Total Capital ratio(2)(3) | 14.17 | 15.21 | 15.44 | 14.99 | 14.26 | 14.92 | 14.25 | 15.01 |
In millions of dollars, except ratios | September 30, 2016 | December 31, 2015 | March 31, 2017 | December 31, 2016 | ||||||||||||||
Quarterly Adjusted Average Total Assets(4) | $ | 1,345,604 | $ | 1,298,560 | $ | 1,350,921 | $ | 1,333,161 | ||||||||||
Total Leverage Exposure(5) | 1,885,412 | 1,838,941 | 1,885,462 | 1,859,394 | ||||||||||||||
Tier 1 Leverage ratio(3) | 9.62 | % | 9.80 | % | 9.46 | % | 9.49 | % | ||||||||||
Supplementary Leverage ratio | 6.87 | 6.92 | 6.78 | 6.80 |
(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) |
(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 | 1.3 | 0.8 | 1.4 | 0.9 | 1.2 | 0.9 | 1.3 | 0.9 | 1.5 |
Standardized Approach | 0.9 | 1.3 | 0.9 | 1.4 | 0.9 | 1.7 | 0.9 | 1.2 | 0.9 | 1.4 | 0.9 | 1.6 |
Citibank | ||||||||||||
Advanced Approaches | 1.0 | 1.3 | 1.0 | 1.3 | 1.0 | 1.4 | 1.0 | 1.3 | 1.0 | 1.3 | 1.0 | 1.4 |
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 | |||
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 |
Citigroup | 0.6 | 0.6 | 0.4 | 0.3 |
Citibank | 0.7 | 0.7 | 0.5 | 0.4 |
September 30, 2016 | December 31, 2015 | March 31, 2017 | December 31, 2016 | |||||||||||||||||||||||
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 | $ | 155,132 | $ | 155,132 | $ | 146,865 | $ | 146,865 | $ | 152,835 | $ | 152,835 | $ | 149,516 | $ | 149,516 | ||||||||||
Tier 1 Capital | 174,760 | 174,760 | 164,036 | 164,036 | 172,626 | 172,626 | 169,390 | 169,390 | ||||||||||||||||||
Total Capital (Tier 1 Capital + Tier 2 Capital)(1) | 200,654 | 213,833 | 186,097 | 198,655 | 197,027 | 209,607 | 193,160 | 205,975 | ||||||||||||||||||
Total Risk-Weighted Assets | 1,228,283 | 1,166,379 | 1,216,277 | 1,162,884 | 1,191,503 | 1,166,447 | 1,189,680 | 1,147,956 | ||||||||||||||||||
Common Equity Tier 1 Capital ratio(2)(3) | 12.63 | % | 13.30 | % | 12.07 | % | 12.63 | % | 12.83 | % | 13.10 | % | 12.57 | % | 13.02 | % | ||||||||||
Tier 1 Capital ratio(2)(3) | 14.23 | 14.98 | 13.49 | 14.11 | 14.49 | 14.80 | 14.24 | 14.76 | ||||||||||||||||||
Total Capital ratio(2)(3) | 16.34 | 18.33 | 15.30 | 17.08 | 16.54 | 17.97 | 16.24 | 17.94 |
In millions of dollars, except ratios | September 30, 2016 | December 31, 2015 | March 31, 2017 | December 31, 2016 | ||||||||||||||
Quarterly Adjusted Average Total Assets(4) | $ | 1,771,963 | $ | 1,724,710 | $ | 1,772,780 | $ | 1,761,923 | ||||||||||
Total Leverage Exposure(5) | 2,360,520 | 2,317,849 | 2,372,348 | 2,345,391 | ||||||||||||||
Tier 1 Leverage ratio(3) | 9.86 | % | 9.51 | % | 9.74 | % | 9.61 | % | ||||||||||
Supplementary Leverage ratio(3) | 7.40 | 7.08 | 7.28 | 7.22 |
(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 | September 30, 2016 | December 31, 2015 | March 31, 2017 | December 31, 2016 | ||||||||
Common Equity Tier 1 Capital | ||||||||||||
Citigroup common stockholders’ equity(1) | $ | 212,506 | $ | 205,286 | $ | 209,063 | $ | 206,051 | ||||
Add: Qualifying noncontrolling interests | 140 | 145 | 133 | 129 | ||||||||
Regulatory Capital Adjustments and Deductions: | ||||||||||||
Less: Accumulated net unrealized losses on cash flow hedges, net of tax(2) | (232 | ) | (617 | ) | (562 | ) | (560 | ) | ||||
Less: Cumulative unrealized net gain related to changes in fair value of financial liabilities attributable to own creditworthiness, net of tax(3) | 335 | 441 | ||||||||||
Less: Cumulative unrealized net loss related to changes in fair value of financial liabilities attributable to own creditworthiness, net of tax(3) | (173 | ) | (61 | ) | ||||||||
Less: Intangible assets: | ||||||||||||
Goodwill, net of related deferred tax liabilities (DTLs)(4) | 21,763 | 21,980 | ||||||||||
Identifiable intangible assets other than mortgage servicing rights (MSRs), net of related DTLs(5) | 5,177 | 3,586 | ||||||||||
Goodwill, net of related DTLs(4) | 21,448 | 20,858 | ||||||||||
Identifiable intangible assets other than MSRs, net of related DTLs | 4,738 | 4,876 | ||||||||||
Less: Defined benefit pension plan net assets | 891 | 794 | 836 | 857 | ||||||||
Less: Deferred tax assets (DTAs) arising from net operating loss, foreign tax credit and general business credit carry-forwards(6) | 22,503 | 23,659 | ||||||||||
Less: DTAs arising from net operating loss, foreign tax credit and general business credit carry-forwards(5) | 21,077 | 21,337 | ||||||||||
Less: Excess over 10%/15% limitations for other DTAs, certain common stock investments, and MSRs | 7,077 | 8,723 | 8,997 | 9,357 | ||||||||
Total Common Equity Tier 1 Capital | $ | 155,132 | $ | 146,865 | $ | 152,835 | $ | 149,516 | ||||
Additional Tier 1 Capital | ||||||||||||
Qualifying perpetual preferred stock(1) | $ | 19,069 | $ | 16,571 | $ | 19,069 | $ | 19,069 | ||||
Qualifying trust preferred securities | 1,369 | 1,365 | 1,372 | 1,371 | ||||||||
Qualifying noncontrolling interests | 30 | 31 | 28 | 28 | ||||||||
Regulatory Capital Deductions: | ||||||||||||
Less: Permitted ownership interests in covered funds | 759 | 567 | 618 | 533 | ||||||||
Less: Minimum regulatory capital requirements of insurance underwriting subsidiaries(10) | 81 | 229 | ||||||||||
Less: Minimum regulatory capital requirements of insurance underwriting subsidiaries(9) | 60 | 61 | ||||||||||
Total Additional Tier 1 Capital | $ | 19,628 | $ | 17,171 | $ | 19,791 | $ | 19,874 | ||||
Total Tier 1 Capital (Common Equity Tier 1 Capital + Additional Tier 1 Capital) | $ | 174,760 | $ | 164,036 | $ | 172,626 | $ | 169,390 | ||||
Tier 2 Capital | ||||||||||||
Qualifying subordinated debt(11) | $ | 25,007 | $ | 20,744 | ||||||||
Qualifying trust preferred securities(12) | 324 | 342 | ||||||||||
Qualifying subordinated debt | $ | 23,278 | $ | 22,818 | ||||||||
Qualifying trust preferred securities(10) | 319 | 317 | ||||||||||
Qualifying noncontrolling interests | 39 | 41 | 37 | 36 | ||||||||
Excess of eligible credit reserves over expected credit losses(13) | 605 | 1,163 | ||||||||||
Excess of eligible credit reserves over expected credit losses(11) | 827 | 660 | ||||||||||
Regulatory Capital Deduction: | ||||||||||||
Less: Minimum regulatory capital requirements of insurance underwriting subsidiaries(10) | 81 | 229 | ||||||||||
Less: Minimum regulatory capital requirements of insurance underwriting subsidiaries(9) | 60 | 61 | ||||||||||
Total Tier 2 Capital | $ | 25,894 | $ | 22,061 | $ | 24,401 | $ | 23,770 | ||||
Total Capital (Tier 1 Capital + Tier 2 Capital)(14) | $ | 200,654 | $ | 186,097 | ||||||||
Total Capital (Tier 1 Capital + Tier 2 Capital)(12) | $ | 197,027 | $ | 193,160 |
(1) | Issuance costs of $184 million |
(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) |
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. |
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 September 30, 2016 | Nine Months Ended September 30, 2016 | ||||
Common Equity Tier 1 Capital | ||||||
Balance, beginning of period | $ | 154,534 | $ | 146,865 | ||
Net income | 3,840 | 11,339 | ||||
Common and preferred stock dividends declared | (689 | ) | (1,517 | ) | ||
Net increase in treasury stock | (2,530 | ) | (4,392 | ) | ||
Net change in common stock and additional paid-in capital(1) | 144 | (376 | ) | |||
Net decrease in foreign currency translation adjustment net of hedges, net of tax | (375 | ) | (273 | ) | ||
Net change in unrealized gains/losses on securities AFS, net of tax | (432 | ) | 2,529 | |||
Net change in defined benefit plans liability adjustment, net of tax | 12 | (480 | ) | |||
Net change in adjustment related to changes in fair value of financial liabilities attributable to own creditworthiness, net of tax | 39 | 111 | ||||
Net decrease in goodwill, net of related deferred tax liabilities (DTLs) | 91 | 217 | ||||
Net change in identifiable intangible assets other than mortgage servicing rights (MSRs), net of related DTLs | 181 | (1,591 | ) | |||
Net change in defined benefit pension plan net assets | 73 | (97 | ) | |||
Net decrease in deferred tax assets (DTAs) arising from net operating loss, foreign tax credit and general business credit carry-forwards | 439 | 1,156 | ||||
Net change in excess over 10%/15% limitations for other DTAs, certain common stock investments and MSRs | (201 | ) | 1,646 | |||
Other | 6 | (5 | ) | |||
Net increase in Common Equity Tier 1 Capital | $ | 598 | $ | 8,267 | ||
Common Equity Tier 1 Capital Balance, end of period | $ | 155,132 | $ | 155,132 | ||
Additional Tier 1 Capital | ||||||
Balance, beginning of period | $ | 19,493 | $ | 17,171 | ||
Net increase in qualifying perpetual preferred stock(1) | — | 2,498 | ||||
Net increase in qualifying trust preferred securities | 1 | 4 | ||||
Net change in permitted ownership interests in covered funds | 30 | (192 | ) | |||
Other | 104 | 147 | ||||
Net increase in Additional Tier 1 Capital | $ | 135 | $ | 2,457 | ||
Tier 1 Capital Balance, end of period | $ | 174,760 | $ | 174,760 | ||
Tier 2 Capital | ||||||
Balance, beginning of period | $ | 24,893 | $ | 22,061 | ||
Net increase in qualifying subordinated debt | 1,306 | 4,263 | ||||
Net decrease in excess of eligible credit reserves over expected credit losses | (406 | ) | (558 | ) | ||
Other | 101 | 128 | ||||
Net increase in Tier 2 Capital | $ | 1,001 | $ | 3,833 | ||
Tier 2 Capital Balance, end of period | $ | 25,894 | $ | 25,894 | ||
Total Capital (Tier 1 Capital + Tier 2 Capital) | $ | 200,654 | $ | 200,654 |
In millions of dollars | Three months ended March 31, 2017 | ||
Common Equity Tier 1 Capital | |||
Balance, beginning of period | $ | 149,512 | |
Net income | 4,090 | ||
Common and preferred stock dividends declared | (746 | ) | |
Net increase in treasury stock | (1,277 | ) | |
Net decrease in common stock and additional paid-in capital | (429 | ) | |
Net decrease in foreign currency translation adjustment net of hedges, net of tax | 1,318 | ||
Net decrease in unrealized losses on securities AFS, net of tax | 220 | ||
Net increase in defined benefit plans liability adjustment, net of tax | (12 | ) | |
Net change in adjustment related to changes in fair value of financial liabilities attributable to own creditworthiness, net of tax | 52 | ||
Net increase in goodwill, net of related DTLs | (590 | ) | |
Net decrease in identifiable intangible assets other than MSRs, net of related DTLs | 138 | ||
Net decrease in defined benefit pension plan net assets | 21 | ||
Net decrease in DTAs arising from net operating loss, foreign tax credit and general business credit carry-forwards | 303 | ||
Net decrease in excess over 10%/15% limitations for other DTAs, certain common stock investments and MSRs | 321 | ||
Other | (86 | ) | |
Net increase in Common Equity Tier 1 Capital | $ | 3,323 | |
Common Equity Tier 1 Capital Balance, end of period | $ | 152,835 | |
Additional Tier 1 Capital | |||
Balance, beginning of period | $ | 19,874 | |
Net increase in qualifying trust preferred securities | 1 | ||
Net increase in permitted ownership interests in covered funds | (85 | ) | |
Other | 1 | ||
Net decrease in Additional Tier 1 Capital | $ | (83 | ) |
Tier 1 Capital Balance, end of period | $ | 172,626 | |
Tier 2 Capital | |||
Balance, beginning of period | $ | 23,770 | |
Net increase in qualifying subordinated debt | 460 | ||
Net increase in excess of eligible credit reserves over expected credit losses | 167 | ||
Other | 4 | ||
Net increase in Tier 2 Capital | $ | 631 | |
Tier 2 Capital Balance, end of period | $ | 24,401 | |
Total Capital (Tier 1 Capital + Tier 2 Capital) | $ | 197,027 |
Advanced Approaches | Standardized Approach | ||||||||||||||||||
In millions of dollars | Citicorp | Citi Holdings | Total | Citicorp | Citi Holdings | Total | |||||||||||||
Credit Risk | $ | 756,110 | $ | 63,989 | $ | 820,099 | $ | 1,032,872 | $ | 61,845 | $ | 1,094,717 | |||||||
Market Risk | 69,838 | 1,232 | 71,070 | 70,294 | 1,368 | 71,662 | |||||||||||||
Operational Risk | 288,035 | 49,079 | 337,114 | — | — | — | |||||||||||||
Total Risk-Weighted Assets | $ | 1,113,983 | $ | 114,300 | $ | 1,228,283 | $ | 1,103,166 | $ | 63,213 | $ | 1,166,379 |
Advanced Approaches | Standardized Approach | March 31, 2017 | December 31, 2016 | |||||||||||||||||||||||||||||
In millions of dollars | Citicorp | Citi Holdings | Total | Citicorp | Citi Holdings | Total | Advanced Approaches | Standardized Approach | Advanced Approaches | Standardized Approach | ||||||||||||||||||||||
Credit Risk | $ | 731,515 | $ | 84,945 | $ | 816,460 | $ | 1,008,951 | $ | 78,748 | $ | 1,087,699 | $ | 791,683 | $ | 1,093,921 | $ | 796,399 | $ | 1,083,428 | ||||||||||||
Market Risk | 70,701 | 4,116 | 74,817 | 71,015 | 4,170 | 75,185 | 72,247 | 72,526 | 64,006 | 64,528 | ||||||||||||||||||||||
Operational Risk | 275,921 | 49,079 | 325,000 | — | — | — | 327,573 | — | 329,275 | — | ||||||||||||||||||||||
Total Risk-Weighted Assets | $ | 1,078,137 | $ | 138,140 | $ | 1,216,277 | $ | 1,079,966 | $ | 82,918 | $ | 1,162,884 | $ | 1,191,503 | $ | 1,166,447 | $ | 1,189,680 | $ | 1,147,956 |
In millions of dollars | Three Months Ended September 30, 2016 | Nine Months Ended September 30, 2016 | Three months ended March 31, 2017 | ||||||
Total Risk-Weighted Assets, beginning of period | $ | 1,232,856 | $ | 1,216,277 | $ | 1,189,680 | |||
Changes in Credit Risk-Weighted Assets | |||||||||
Net decrease in retail exposures(1) | (5,468 | ) | (14,660 | ) | (4,312 | ) | |||
Net decrease in wholesale exposures(2) | (4,246 | ) | (522 | ) | |||||
Net increase in wholesale exposures(2) | 4,445 | ||||||||
Net decrease in repo-style transactions | (3,995 | ) | (3,360 | ) | (197 | ) | |||
Net increase in securitization exposures | 694 | 405 | |||||||
Net decrease in equity exposures(4) | (6,424 | ) | (5,875 | ) | |||||
Net change in over-the-counter (OTC) derivatives(5) | (2,145 | ) | 7,541 | ||||||
Net increase in derivatives CVA(6) | 4,278 | 17,052 | |||||||
Net decrease in securitization exposures | (235 | ) | |||||||
Net increase in equity exposures | 542 | ||||||||
Net decrease in over-the-counter (OTC) derivatives(3) | (4,199 | ) | |||||||
Net decrease in derivatives CVA(4) | (1,061 | ) | |||||||
Net increase in other exposures | 493 | 3,817 | 508 | ||||||
Net decrease in supervisory 6% multiplier | (1,266 | ) | (759 | ) | (207 | ) | |||
Net change in Credit Risk-Weighted Assets | $ | (18,079 | ) | $ | 3,639 | ||||
Net decrease in Credit Risk-Weighted Assets | $ | (4,716 | ) | ||||||
Changes in Market Risk-Weighted Assets | |||||||||
Net increase in risk levels | $ | 2,850 | $ | 413 | $ | 10,995 | |||
Net decrease due to model and methodology updates(10) | (1,458 | ) | (4,160 | ) | |||||
Net change in Market Risk-Weighted Assets | $ | 1,392 | $ | (3,747 | ) | ||||
Net increase in Operational Risk-Weighted Assets(11) | $ | 12,114 | $ | 12,114 | |||||
Net decrease due to model and methodology updates(8) | (2,754 | ) | |||||||
Net increase in Market Risk-Weighted Assets | $ | 8,241 | |||||||
Net decrease in Operational Risk-Weighted Assets(9) | $ | (1,702 | ) | ||||||
Total Risk-Weighted Assets, end of period | $ | 1,228,283 | $ | 1,228,283 | $ | 1,191,503 |
(1) | Retail exposures decreased during the three |
(2) | Wholesale exposures |
(3) |
OTC derivatives decreased during the three months ended |
Derivatives CVA |
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 increased during the three months ended |
Risk-weighted assets declined during the three |
During the |
In millions of dollars, except ratios | September 30, 2016 | December 31, 2015 | March 31, 2017 | December 31, 2016 | ||||||||
Tier 1 Capital | $ | 174,760 | $ | 164,036 | $ | 172,626 | $ | 169,390 | ||||
Total Leverage Exposure (TLE) | ||||||||||||
On-balance sheet assets(1) | $ | 1,830,215 | $ | 1,784,248 | $ | 1,830,554 | $ | 1,819,802 | ||||
Certain off-balance sheet exposures:(2) | ||||||||||||
Potential future exposure (PFE) on derivative contracts | 213,263 | 206,128 | ||||||||||
Potential future exposure on derivative contracts | 220,573 | 211,009 | ||||||||||
Effective notional of sold credit derivatives, net(3) | 68,440 | 76,923 | 65,584 | 64,366 | ||||||||
Counterparty credit risk for repo-style transactions(4) | 21,372 | 25,939 | 25,205 | 22,002 | ||||||||
Unconditionally cancellable commitments | 67,161 | 58,699 | 67,101 | 66,663 | ||||||||
Other off-balance sheet exposures | 218,320 | 225,450 | 221,105 | 219,428 | ||||||||
Total of certain off-balance sheet exposures | $ | 588,556 | $ | 593,139 | $ | 599,568 | $ | 583,468 | ||||
Less: Tier 1 Capital deductions | 58,251 | 59,538 | 57,774 | 57,879 | ||||||||
Total Leverage Exposure | $ | 2,360,520 | $ | 2,317,849 | $ | 2,372,348 | $ | 2,345,391 | ||||
Supplementary Leverage ratio | 7.40 | % | 7.08 | % | 7.28 | % | 7.22 | % |
(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 | September 30, 2016 | December 31, 2015 | March 31, 2017 | December 31, 2016 | ||||||||
Total Citigroup stockholders’ equity | $ | 231,575 | $ | 221,857 | $ | 228,132 | $ | 225,120 | ||||
Less: Preferred stock | 19,253 | 16,718 | 19,253 | 19,253 | ||||||||
Common equity | $ | 212,322 | $ | 205,139 | ||||||||
Common stockholders’ equity | $ | 208,879 | $ | 205,867 | ||||||||
Less: | ||||||||||||
Goodwill | 22,539 | 22,349 | 22,265 | 21,659 | ||||||||
Intangible assets (other than MSRs)(1) | 5,358 | 3,721 | ||||||||||
Goodwill and intangible assets (other than MSRs) related to assets held-for-sale | 30 | 68 | ||||||||||
Identifiable intangible assets (other than MSRs) | 5,013 | 5,114 | ||||||||||
Goodwill and identifiable intangible assets (other than MSRs) related to assets held-for-sale | 48 | 72 | ||||||||||
Tangible common equity (TCE) | $ | 184,395 | $ | 179,001 | $ | 181,553 | $ | 179,022 | ||||
Common shares outstanding (CSO) | 2,849.7 | 2,953.3 | 2,753.3 | 2,772.4 | ||||||||
Book value per share (common equity/CSO) | $ | 75.86 | $ | 74.26 | ||||||||
Tangible book value per share (TCE/CSO) | $ | 64.71 | $ | 60.61 | 65.94 | 64.57 | ||||||
Book value per share (Common equity/CSO) | $ | 74.51 | $ | 69.46 | ||||||||
In millions of dollars | Three months ended March 31, 2017 | Three months ended March 31, 2016 | ||||||||||
Net income available to common shareholders | $ | 3,789 | $ | 3,291 | ||||||||
Average common stockholders’ equity | $ | 207,040 | $ | 207,084 | ||||||||
Average TCE | $ | 180,288 | $ | 181,336 | ||||||||
Less: Average net DTAs excluded from Common Equity Tier 1 Capital(1) | 28,951 | 29,988 | ||||||||||
Average TCE, excluding average net DTAs excluded from Common Equity Tier 1 Capital | $ | 151,337 | $ | 151,348 | ||||||||
Return on average common stockholders’ equity | 7.4 | % | 6.4 | % | ||||||||
Return on average TCE (ROTCE)(2) | 8.5 | 7.3 | ||||||||||
Return on average TCE, excluding average net DTAs excluded from Common Equity Tier 1 Capital | 10.2 | 8.7 |
(1) |
(2) | ROTCE represents annualized net income available to common shareholders as a |
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. |
In billions of dollars | 1Q’16 | 2Q’16 | 3Q’16 | 4Q’16 | 1Q’17 | ||||||||||
Retail banking: | |||||||||||||||
Mortgages | $ | 82.2 | $ | 81.6 | $ | 81.4 | $ | 79.4 | $ | 81.2 | |||||
Commercial banking | 32.2 | 32.6 | 33.2 | 32.0 | 33.9 | ||||||||||
Personal and other | 27.6 | 27.2 | 27.0 | 24.9 | 26.3 | ||||||||||
Total retail banking | $ | 142.0 | $ | 141.4 | $ | 141.6 | $ | 136.3 | $ | 141.4 | |||||
Cards: | |||||||||||||||
Citi-branded cards(2) | $ | 87.8 | $ | 100.1 | $ | 103.9 | $ | 108.3 | $ | 105.7 | |||||
Citi retail services | 42.5 | 43.3 | 43.9 | 47.3 | 44.2 | ||||||||||
Total cards | $ | 130.3 | $ | 143.4 | $ | 147.8 | $ | 155.6 | $ | 149.9 | |||||
Total GCB | $ | 272.3 | $ | 284.8 | $ | 289.4 | $ | 291.9 | $ | 291.3 | |||||
GCB regional distribution: | |||||||||||||||
North America | 59 | % | 62 | % | 62 | % | 64 | % | 62 | % | |||||
Latin America | 9 | 8 | 8 | 8 | 9 | ||||||||||
Asia(3) | 32 | 30 | 30 | 28 | 29 | ||||||||||
Total GCB | 100 | % | 100 | % | 100 | % | 100 | % | 100 | % | |||||
Corporate / Other | $ | 45.3 | $ | 41.3 | $ | 39.0 | $ | 33.2 | $ | 29.3 | |||||
Total consumer loans | $ | 317.6 | $ | 326.1 | $ | 328.4 | $ | 325.1 | $ | 320.6 |
(1) | End-of-period loans include interest and fees on credit cards. |
(2) | In the second quarter of 2016, Citi completed the acquisition of the $10.6 billion Costco U.S. co-branded credit card portfolio. |
(3) | Asia includes loans and leases in certain EMEA countries for all periods presented. |
Global Consumer Banking |
North America |
Latin America |
Asia(1) |
(1) | Asia includes GCB activities in certain EMEA countries for all periods presented. |
Total Cards |
North America Citi-Branded Cards |
North America Citi Retail Services |
Latin America Citi-Branded Cards |
Asia Citi-Branded Cards(1) |
(1) | Asia includes loans and leases in certain EMEA countries for all periods presented. |
FICO distribution | March 31, 2017 | December 31, 2016 | ||
> 720 | 61 | % | 64 | % |
660 - 720 | 27 | 26 | ||
620 - 660 | 7 | 6 | ||
< 620 | 5 | 4 | ||
Total | 100 | % | 100 | % |
FICO distribution | March 31, 2017 | December 31, 2016 | ||
> 720 | 40 | % | 42 | % |
660 - 720 | 35 | 35 | ||
620 - 660 | 14 | 13 | ||
< 620 | 11 | 10 | ||
Total | 100 | % | 100 | % |
In billions of dollars | September 30, 2016 | June 30, 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 | ||||||||||||
CA | $ | 19.5 | 39 | % | — | % | — | % | 758 | $ | 19.6 | 38 | % | 0.2 | % | — | % | 756 | ||||
NY/NJ/CT(4) | 13.2 | 26 | 0.6 | 1 | 753 | 13.2 | 26 | 0.7 | 1 | 753 | ||||||||||||
IL(4) | 2.3 | 4 | 0.9 | 1 | 738 | 2.3 | 4 | 0.9 | 3 | 737 | ||||||||||||
FL(4) | 2.2 | 4 | 0.7 | 1 | 728 | 2.2 | 4 | 0.7 | 2 | 727 | ||||||||||||
VA/MD | 2.1 | 4 | 1.1 | 1 | 722 | 2.2 | 4 | 1.0 | 3 | 722 | ||||||||||||
TX | 1.7 | 3 | 0.8 | — | 716 | 1.8 | 3 | 0.9 | — | 716 | ||||||||||||
Other | 9.5 | 19 | 1.2 | 1 | 715 | 10.0 | 20 | 1.2 | 2 | 714 | ||||||||||||
Total | $ | 50.6 | 100 | % | 0.6 | % | 1 | % | 743 | $ | 51.3 | 100 | % | 0.6 | % | 1 | % | 742 |
In billions of dollars | 1Q’16 | 2Q’16 | 3Q’16 | 4Q’16 | 1Q’17 | ||||||||||
GCB: | |||||||||||||||
Residential firsts | $ | 39.2 | $ | 40.1 | $ | 40.1 | $ | 40.2 | $ | 40.3 | |||||
Home equity | 3.7 | 3.8 | 3.9 | 4.0 | 4.0 | ||||||||||
Total GCB | $ | 42.9 | $ | 43.9 | $ | 44.0 | $ | 44.2 | $ | 44.3 | |||||
Corporate/Other: | |||||||||||||||
Residential firsts | $ | 17.6 | $ | 15.8 | $ | 14.8 | $ | 13.4 | $ | 12.3 | |||||
Home equity | 18.3 | 17.3 | 16.1 | 15.0 | 13.4 | ||||||||||
Total Corporate/Other | $ | 35.9 | $ | 33.1 | $ | 30.9 | $ | 28.4 | $ | 25.7 | |||||
Total Citigroup— North America | $ | 78.8 | $ | 77.0 | $ | 74.9 | $ | 72.6 | $ | 70.0 |
North America Home Equity Lines of Credit Amortization – Citigroup Total ENR by Reset Year In billions of dollars as of |
In billions of dollars | September 30, 2016 | June 30, 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 | ||||||||||||
CA | $ | 5.4 | 29 | % | 2.1 | % | 4 | % | 732 | $ | 5.7 | 29 | % | 1.9 | % | 4 | % | 731 | ||||
NY/NJ/CT(4) | 5.4 | 29 | 2.8 | 6 | 727 | 5.6 | 28 | 2.7 | 9 | 726 | ||||||||||||
FL(4) | 1.2 | 7 | 2.5 | 14 | 716 | 1.4 | 7 | 2.1 | 16 | 715 | ||||||||||||
VA/MD | 1.1 | 6 | 2.1 | 17 | 715 | 1.2 | 6 | 2.1 | 24 | 714 | ||||||||||||
IL(4) | 0.9 | 4 | 1.7 | 19 | 724 | 0.9 | 4 | 1.7 | 30 | 722 | ||||||||||||
IN/OH/MI(4) | 0.5 | 2 | 1.6 | 13 | 704 | 0.5 | 3 | 1.7 | 25 | 704 | ||||||||||||
Other | 4.2 | 23 | 2.0 | 7 | 713 | 4.5 | 23 | 1.9 | 10 | 712 | ||||||||||||
Total | $ | 18.8 | 100 | % | 2.3 | % | 8 | % | 723 | $ | 19.8 | 100 | % | 2.1 | % | 11 | % | 722 |
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 | September 30, 2016 | September 30, 2016 | June 30, 2016 | September 30, 2015 | September 30, 2016 | June 30, 2016 | September 30, 2015 | March 31, 2017 | March 31, 2017 | December 31, 2016 | March 31, 2016 | March 31, 2017 | December 31, 2016 | March 31, 2016 | ||||||||||||||||||||||||||||
Citicorp(3)(4) | ||||||||||||||||||||||||||||||||||||||||||
Global Consumer Banking(3)(4) | ||||||||||||||||||||||||||||||||||||||||||
Total | $ | 289.7 | $ | 2,169 | $ | 1,965 | $ | 1,981 | $ | 2,552 | $ | 2,318 | $ | 2,427 | $ | 291.3 | $ | 2,241 | $ | 2,293 | $ | 2,022 | $ | 2,516 | $ | 2,540 | $ | 2,360 | ||||||||||||||
Ratio | 0.75 | % | 0.69 | % | 0.74 | % | 0.88 | % | 0.82 | % | 0.90 | % | 0.77 | % | 0.79 | % | 0.75 | % | 0.87 | % | 0.87 | % | 0.87 | % | ||||||||||||||||||
Retail banking | ||||||||||||||||||||||||||||||||||||||||||
Total | $ | 141.9 | $ | 579 | $ | 515 | $ | 529 | $ | 722 | $ | 735 | $ | 764 | $ | 141.4 | $ | 488 | $ | 474 | $ | 498 | $ | 777 | $ | 726 | $ | 793 | ||||||||||||||
Ratio | 0.41 | % | 0.37 | % | 0.38 | % | 0.51 | % | 0.52 | % | 0.55 | % | 0.35 | % | 0.35 | % | 0.35 | % | 0.55 | % | 0.54 | % | 0.56 | % | ||||||||||||||||||
North America | 54.8 | 256 | 180 | 138 | 198 | 192 | 198 | 55.5 | 182 | 181 | 152 | 189 | 214 | 198 | ||||||||||||||||||||||||||||
Ratio | 0.47 | % | 0.33 | % | 0.28 | % | 0.37 | % | 0.36 | % | 0.40 | % | 0.33 | % | 0.33 | % | 0.29 | % | 0.35 | % | 0.39 | % | 0.38 | % | ||||||||||||||||||
Latin America | 19.0 | 160 | 157 | 212 | 196 | 197 | 239 | 19.7 | 141 | 136 | 172 | 246 | 185 | 256 | ||||||||||||||||||||||||||||
Ratio | 0.84 | % | 0.81 | % | 1.07 | % | 1.03 | % | 1.01 | % | 1.21 | % | 0.72 | % | 0.76 | % | 0.87 | % | 1.25 | % | 1.03 | % | 1.29 | % | ||||||||||||||||||
Asia(5) | 68.1 | 163 | 178 | 179 | 328 | 346 | 327 | 66.2 | 165 | 157 | 174 | 342 | 327 | 339 | ||||||||||||||||||||||||||||
Ratio | 0.24 | % | 0.26 | % | 0.26 | % | 0.48 | % | 0.51 | % | 0.48 | % | 0.25 | % | 0.25 | % | 0.25 | % | 0.52 | % | 0.52 | % | 0.49 | % | ||||||||||||||||||
Cards | ||||||||||||||||||||||||||||||||||||||||||
Total | $ | 147.8 | $ | 1,590 | $ | 1,450 | $ | 1,452 | $ | 1,830 | $ | 1,583 | $ | 1,663 | $ | 149.9 | $ | 1,753 | $ | 1,819 | $ | 1,524 | $ | 1,739 | $ | 1,814 | $ | 1,567 | ||||||||||||||
Ratio | 1.08 | % | 1.01 | % | 1.11 | % | 1.24 | % | 1.10 | % | 1.28 | % | 1.17 | % | 1.17 | % | 1.17 | % | 1.16 | % | 1.17 | % | 1.20 | % | ||||||||||||||||||
North America—Citi-branded | 81.3 | 607 | 510 | 491 | 710 | 550 | 504 | 82.2 | 698 | 748 | 530 | 632 | 688 | 492 | ||||||||||||||||||||||||||||
Ratio | 0.75 | % | 0.66 | % | 0.76 | % | 0.87 | % | 0.71 | % | 0.78 | % | 0.85 | % | 0.87 | % | 0.82 | % | 0.77 | % | 0.80 | % | 0.76 | % | ||||||||||||||||||
North America—Citi retail services | 43.9 | 664 | 619 | 621 | 750 | 669 | 758 | 44.2 | 735 | 761 | 665 | 730 | 777 | 688 | ||||||||||||||||||||||||||||
Ratio | 1.51 | % | 1.43 | % | 1.44 | % | 1.71 | % | 1.55 | % | 1.76 | % | 1.66 | % | 1.61 | % | 1.56 | % | 1.65 | % | 1.64 | % | 1.62 | % | ||||||||||||||||||
Latin America | 4.9 | 131 | 145 | 169 | 131 | 137 | 181 | 5.2 | 137 | 130 | 149 | 145 | 125 | 152 | ||||||||||||||||||||||||||||
Ratio | 2.67 | % | 2.90 | % | 3.13 | % | 2.67 | % | 2.74 | % | 3.35 | % | 2.63 | % | 2.71 | % | 2.81 | % | 2.79 | % | 2.60 | % | 2.87 | % | ||||||||||||||||||
Asia(5) | 17.7 | 188 | 176 | 171 | 239 | 227 | 220 | 18.3 | 183 | 180 | 180 | 232 | 224 | 235 | ||||||||||||||||||||||||||||
Ratio | 1.06 | % | 1.00 | % | 1.01 | % | 1.35 | % | 1.29 | % | 1.29 | % | 1.00 | % | 1.03 | % | 1.02 | % | 1.27 | % | 1.28 | % | 1.34 | % | ||||||||||||||||||
Citi Holdings(6)(7) | ||||||||||||||||||||||||||||||||||||||||||
Corporate/Other—Consumer(6)(7) | ||||||||||||||||||||||||||||||||||||||||||
Total | $ | 38.9 | $ | 857 | $ | 878 | $ | 1,528 | $ | 849 | $ | 858 | $ | 1,423 | $ | 29.3 | $ | 684 | $ | 834 | $ | 896 | $ | 615 | $ | 735 | $ | 929 | ||||||||||||||
Ratio | 2.29 | % | 2.23 | % | 2.69 | % | 2.27 | % | 2.18 | % | 2.51 | % | 2.45 | % | 2.62 | % | 2.08 | % | 2.20 | % | 2.31 | % | 2.16 | % | ||||||||||||||||||
International | 5.5 | 164 | 170 | 174 | 135 | 138 | 193 | 2.1 | 77 | 94 | 145 | 60 | 49 | 161 | ||||||||||||||||||||||||||||
Ratio | 2.98 | % | 3.09 | % | 2.00 | % | 2.45 | % | 2.51 | % | 2.22 | % | 3.67 | % | 3.92 | % | 2.27 | % | 2.86 | % | 2.04 | % | 2.52 | % | ||||||||||||||||||
North America | 33.4 | 693 | 708 | 1,354 | 714 | 720 | 1,230 | 27.2 | 607 | 740 | 751 | 555 | 686 | 768 | ||||||||||||||||||||||||||||
Ratio | 2.17 | % | 2.09 | % | 2.81 | % | 2.24 | % | 2.12 | % | 2.56 | % | 2.35 | % | 2.52 | % | 2.05 | % | 2.15 | % | 2.33 | % | 2.09 | % | ||||||||||||||||||
Other (8) | 0.1 | |||||||||||||||||||||||||||||||||||||||||
Total Citigroup | $ | 328.7 | $ | 3,026 | $ | 2,843 | $ | 3,509 | $ | 3,401 | $ | 3,176 | $ | 3,850 | 320.6 | $ | 2,925 | $ | 3,127 | $ | 2,918 | $ | 3,131 | $ | 3,275 | $ | 3,289 | |||||||||||||||
Ratio | 0.93 | % | 0.88 | % | 1.08 | % | 1.04 | % | 0.98 | % | 1.18 | % | 0.92 | % | 0.97 | % | 0.93 | % | 0.98 | % | 1.01 | % | 1.05 | % |
(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 past due and 30–89 days past due and related ratios for |
(5) | Asia includes delinquencies and loans in certain EMEA countries for all periods presented. |
(6) | The 90+ days past due and 30–89 days past due and related ratios for |
(7) | The |
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 | 3Q16 | 2Q16 | 3Q15 | 1Q17 | 4Q16 | 1Q16 | ||||||||||||||||||
Citicorp | ||||||||||||||||||||||||
Global Consumer Banking | ||||||||||||||||||||||||
Total | $ | 287.8 | $ | 1,351 | $ | 1,373 | $ | 1,354 | $ | 289.6 | $ | 1,603 | $ | 1,516 | $ | 1,371 | ||||||||
Ratio | 1.87 | % | 2.02 | % | 1.99 | % | 2.24 | % | 2.10 | % | 2.04 | % | ||||||||||||
Retail banking | ||||||||||||||||||||||||
Total | $ | 142.3 | $ | 259 | $ | 242 | $ | 247 | $ | 138.8 | $ | 236 | $ | 286 | $ | 221 | ||||||||
Ratio | 0.72 | % | 0.69 | % | 0.70 | % | 0.69 | % | 0.82 | % | 0.64 | % | ||||||||||||
North America | 55.0 | 54 | 44 | 34 | 55.4 | 37 | 83 | 25 | ||||||||||||||||
Ratio | 0.39 | % | 0.33 | % | 0.27 | % | 0.27 | % | 0.60 | % | 0.19 | % | ||||||||||||
Latin America | 19.4 | 132 | 137 | 138 | 18.3 | 137 | 138 | 134 | ||||||||||||||||
Ratio | 2.71 | % | 2.83 | % | 2.72 | % | 3.04 | % | 2.97 | % | 2.81 | % | ||||||||||||
Asia(4) | 67.9 | 73 | 61 | 75 | 65.1 | 62 | 65 | 62 | ||||||||||||||||
Ratio | 0.43 | % | 0.36 | % | 0.43 | % | 0.39 | % | 0.40 | % | 0.37 | % | ||||||||||||
Cards | ||||||||||||||||||||||||
Total | $ | 145.5 | $ | 1,092 | $ | 1,131 | $ | 1,107 | $ | 150.8 | $ | 1,367 | $ | 1,230 | $ | 1,150 | ||||||||
Ratio | 2.99 | % | 3.45 | % | 3.39 | % | 3.68 | % | 3.28 | % | 3.52 | % | ||||||||||||
North America—Citi-branded | 79.2 | 448 | 467 | 443 | 82.6 | 633 | 539 | 455 | ||||||||||||||||
Ratio | 2.25 | % | 2.82 | % | 2.75 | % | 3.11 | % | 2.61 | % | 2.83 | % | ||||||||||||
North America—Retail services | 43.6 | 427 | 442 | 401 | 45.3 | 520 | 483 | 453 | ||||||||||||||||
Ratio | 3.90 | % | 4.16 | % | 3.69 | % | 4.66 | % | 4.28 | % | 4.14 | % | ||||||||||||
Latin America | 5.1 | 122 | 123 | 163 | 4.8 | 116 | 110 | 144 | ||||||||||||||||
Ratio | 9.52 | % | 9.70 | % | 11.55 | % | 9.80 | % | 8.75 | % | 11.14 | % | ||||||||||||
Asia(4) | 17.6 | 95 | 99 | 100 | 18.1 | 98 | 98 | 98 | ||||||||||||||||
Ratio | 2.15 | % | 2.29 | % | 2.32 | % | 2.20 | % | 2.25 | % | 2.27 | % | ||||||||||||
Citi Holdings(3) | ||||||||||||||||||||||||
Corporate/Other—Consumer(3) | ||||||||||||||||||||||||
Total | $ | 40.8 | $ | 134 | $ | 101 | $ | 259 | $ | 31.7 | $ | 69 | $ | 60 | $ | 143 | ||||||||
Ratio | 1.31 | % | 0.94 | % | 1.67 | % | 0.88 | % | 0.69 | % | 1.25 | % | ||||||||||||
International | 5.4 | 82 | 77 | 93 | 2.1 | 26 | 32 | 78 | ||||||||||||||||
Ratio | 6.04 | % | 5.08 | % | 4.19 | % | 5.02 | % | 5.30 | % | 4.68 | % | ||||||||||||
North America | 35.4 | 52 | 24 | 166 | 29.6 | 43 | 28 | 65 | ||||||||||||||||
Ratio | 0.58 | % | 0.26 | % | 1.25 | % | 0.59 | % | 0.35 | % | 0.66 | % | ||||||||||||
Total Citigroup | $ | 328.6 | $ | 1,485 | $ | 1,474 | $ | 1,613 | $ | 321.3 | $ | 1,672 | $ | 1,576 | $ | 1,514 | ||||||||
Ratio | 1.80 | % | 1.87 | % | 1.93 | % | 2.11 | % | 1.95 | % | 1.92 | % |
(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 |
(4) | Asia includes NCLs and average loans in certain EMEA countries for all periods presented. |
At September 30, 2016 | At June 30, 2016 | At December 31, 2015 | At March 31, 2017 | At December 31, 2016 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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) | $ | 109 | $ | 102 | $ | 24 | $ | 235 | $ | 111 | $ | 99 | $ | 24 | $ | 234 | $ | 98 | $ | 97 | $ | 25 | $ | 220 | $ | 129 | $ | 82 | $ | 20 | $ | 231 | $ | 109 | $ | 94 | $ | 22 | $ | 225 | ||||||||||||||||||||
Unfunded lending commitments (off-balance sheet)(2) | 102 | 209 | 27 | 338 | 101 | 209 | 32 | 342 | 99 | 231 | 26 | 356 | 113 | 221 | 23 | 357 | 103 | 218 | 23 | 344 | ||||||||||||||||||||||||||||||||||||||||
Total exposure | $ | 211 | $ | 311 | $ | 51 | $ | 573 | $ | 212 | $ | 308 | $ | 56 | $ | 576 | $ | 197 | $ | 328 | $ | 51 | $ | 576 | $ | 242 | $ | 303 | $ | 43 | $ | 588 | $ | 212 | $ | 312 | $ | 45 | $ | 569 |
(1) | Includes drawn loans, overdrafts, bankers’ acceptances and leases. |
(2) | Includes unused commitments to lend, letters of credit and financial guarantees. |
September 30, 2016 | June 30, 2016 | December 31, 2015 | March 31, 2017 | December 31, 2016 | ||||||
North America | 54 | % | 54 | % | 56 | % | 53 | % | 55 | % |
EMEA | 26 | 26 | 25 | 26 | 26 | |||||
Asia | 12 | 12 | 12 | 13 | 12 | |||||
Latin America | 8 | 8 | 7 | 8 | 7 | |||||
Total | 100 | % | 100 | % | 100 | % | 100 | % | 100 | % |
Total Exposure | Total exposure | |||||||||
September 30, 2016 | June 30, 2016 | December 31, 2015 | March 31, 2017 | December 31, 2016 | ||||||
AAA/AA/A | 49 | % | 49 | % | 48 | % | 48 | % | 48 | % |
BBB | 34 | 34 | 35 | 34 | 34 | |||||
BB/B | 15 | 15 | 15 | 16 | 16 | |||||
CCC or below | 2 | 2 | 2 | 2 | 2 | |||||
Unrated | — | — | — | |||||||
Total | 100 | % | 100 | % | 100 | % | 100 | % | 100 | % |
Total Exposure | Total exposure | |||||||||
September 30, 2016 | June 30, 2016 | December 31, 2015 | March 31, 2017 | December 31, 2016 | ||||||
Transportation and industrial | 21 | % | 21 | % | 20 | % | 21 | % | 22 | % |
Consumer retail and health | 16 | 17 | 16 | 16 | 16 | |||||
Power, chemicals, commodities and metals and mining | 11 | 11 | 11 | |||||||
Technology, media and telecom | 11 | 11 | 12 | 12 | 12 | |||||
Energy (1) | 8 | 9 | 9 | |||||||
Power, chemicals, metals and mining | 11 | 11 | ||||||||
Energy and commodities(1) | 8 | 9 | ||||||||
Real estate | 7 | 6 | 6 | 7 | 7 | |||||
Banks/broker-dealers | 6 | 7 | 7 | |||||||
Banks/broker-dealers/finance companies | 6 | 6 | ||||||||
Hedge funds | 5 | 5 | ||||||||
Insurance and special purpose entities | 5 | 5 | ||||||||
Public sector | 5 | 5 | 5 | 5 | 5 | |||||
Insurance and special purpose entities | 5 | 5 | 5 | |||||||
Hedge funds | 5 | 5 | 5 | |||||||
Other industries | 5 | 3 | 4 | 4 | 2 | |||||
Total | 100 | % | 100 | % | 100 | % | 100 | % | 100 | % |
September 30, 2016 | June 30, 2016 | December 31, 2015 | ||||
AAA/AA/A | 20 | % | 20 | % | 21 | % |
BBB | 53 | 51 | 48 | |||
BB/B | 24 | 25 | 27 | |||
CCC or below | 3 | 4 | 4 | |||
Total | 100 | % | 100 | % | 100 | % |
March 31, 2017 | December 31, 2016 | |||
AAA/AA/A | 16 | % | 16 | % |
BBB | 49 | 49 | ||
BB/B | 31 | 31 | ||
CCC or below | 4 | 4 | ||
Total | 100 | % | 100 | % |
September 30, 2016 | June 30, 2016 | December 31, 2015 | March 31, 2017 | December 31, 2016 | ||||||
Transportation and industrial | 28 | % | 26 | % | 28 | % | 28 | % | 29 | % |
Energy and commodities | 19 | 20 | ||||||||
Consumer retail and health | 16 | 16 | 17 | 13 | 10 | |||||
Energy | 16 | 15 | 13 | |||||||
Technology, media and telecom | 14 | 15 | 16 | 13 | 13 | |||||
Power, chemicals, commodities and metals and mining | 12 | 12 | 12 | |||||||
Public Sector | 4 | 5 | 4 | |||||||
Power, chemicals, metals and mining | 12 | 12 | ||||||||
Public sector | 6 | 5 | ||||||||
Banks/broker-dealers | 4 | 4 | ||||||||
Insurance and special purpose entities | 3 | 5 | 5 | 3 | 3 | |||||
Banks/broker-dealers | 3 | 5 | 4 | |||||||
Other industries | 4 | 1 | 1 | 2 | 4 | |||||
Total | 100 | % | 100 | % | 100 | % | 100 | % | 100 | % |
3rd Qtr. | 2nd Qtr. | 1st Qtr. | 4th Qtr. | 3rd Qtr. | 1st Qtr. | 4th Qtr. | 3rd Qtr. | 2nd Qtr. | 1st Qtr. | |||||||||||||||||||||
In millions of dollars | 2016 | 2016 | 2015 | 2017 | 2016 | |||||||||||||||||||||||||
Consumer loans | ||||||||||||||||||||||||||||||
In U.S. offices | ||||||||||||||||||||||||||||||
Mortgage and real estate(1) | $ | 75,057 | $ | 77,242 | $ | 79,128 | $ | 80,281 | $ | 89,155 | $ | 71,170 | $ | 72,957 | $ | 75,057 | $ | 77,242 | $ | 79,128 | ||||||||||
Installment, revolving credit, and other | 3,465 | 3,486 | 3,504 | 3,480 | 4,999 | 3,252 | 3,395 | 3,465 | 3,486 | 3,504 | ||||||||||||||||||||
Cards | 124,637 | 120,113 | 106,892 | 112,800 | 107,244 | 125,799 | 132,654 | 124,637 | 120,113 | 106,892 | ||||||||||||||||||||
Commercial and industrial | 6,989 | 7,041 | 6,793 | 6,407 | 6,437 | 7,434 | 7,159 | 6,989 | 7,041 | 6,793 | ||||||||||||||||||||
$ | 210,148 | $ | 207,882 | $ | 196,317 | $ | 202,968 | $ | 207,835 | |||||||||||||||||||||
Total | $ | 207,655 | $ | 216,165 | $ | 210,148 | $ | 207,882 | $ | 196,317 | ||||||||||||||||||||
In offices outside the U.S. | ||||||||||||||||||||||||||||||
Mortgage and real estate(1) | $ | 45,751 | $ | 46,049 | $ | 47,831 | $ | 47,062 | $ | 47,295 | $ | 43,822 | $ | 42,803 | $ | 45,751 | $ | 46,049 | $ | 47,831 | ||||||||||
Installment, revolving credit, and other | 28,217 | 27,830 | 28,778 | 29,480 | 29,702 | 26,014 | 24,887 | 28,217 | 27,830 | 28,778 | ||||||||||||||||||||
Cards | 25,833 | 25,844 | 26,312 | 27,342 | 26,865 | 24,497 | 23,783 | 25,833 | 25,844 | 26,312 | ||||||||||||||||||||
Commercial and industrial | 17,828 | 17,857 | 17,697 | 17,741 | 17,841 | 17,728 | 16,568 | 17,498 | 17,520 | 17,352 | ||||||||||||||||||||
Lease financing | 113 | 140 | 139 | 362 | 368 | 83 | 81 | 113 | 140 | 139 | ||||||||||||||||||||
$ | 117,742 | $ | 117,720 | $ | 120,757 | $ | 121,987 | $ | 122,071 | |||||||||||||||||||||
Total | $ | 112,144 | $ | 108,122 | $ | 117,412 | $ | 117,383 | $ | 120,412 | ||||||||||||||||||||
Total consumer loans | $ | 327,890 | $ | 325,602 | $ | 317,074 | $ | 324,955 | $ | 329,906 | $ | 319,799 | $ | 324,287 | $ | 327,560 | $ | 325,265 | $ | 316,729 | ||||||||||
Unearned income(2) | 812 | 817 | 826 | 830 | (687 | ) | 757 | 776 | 812 | 817 | 826 | |||||||||||||||||||
Consumer loans, net of unearned income | $ | 328,702 | $ | 326,419 | $ | 317,900 | $ | 325,785 | $ | 329,219 | $ | 320,556 | $ | 325,063 | $ | 328,372 | $ | 326,082 | $ | 317,555 | ||||||||||
Corporate loans | ||||||||||||||||||||||||||||||
In U.S. offices | ||||||||||||||||||||||||||||||
Commercial and industrial | $ | 50,156 | $ | 50,286 | $ | 44,104 | $ | 41,147 | $ | 40,435 | $ | 49,845 | $ | 49,586 | $ | 50,156 | $ | 50,286 | $ | 44,104 | ||||||||||
Loans to financial institutions | 35,801 | 32,001 | 36,865 | 36,396 | 38,034 | 35,734 | 35,517 | 35,801 | 32,001 | 36,865 | ||||||||||||||||||||
Mortgage and real estate(1) | 41,078 | 40,175 | 38,697 | 37,565 | 37,019 | 40,052 | 38,691 | 41,078 | 40,175 | 38,697 | ||||||||||||||||||||
Installment, revolving credit, and other | 32,571 | 32,491 | 33,273 | 33,374 | 32,129 | 32,212 | 34,501 | 32,571 | 32,491 | 33,273 | ||||||||||||||||||||
Lease financing | 1,532 | 1,546 | 1,597 | 1,780 | 1,718 | 1,511 | 1,518 | 1,532 | 1,546 | 1,597 | ||||||||||||||||||||
$ | 161,138 | $ | 156,499 | $ | 154,536 | $ | 150,262 | $ | 149,335 | |||||||||||||||||||||
Total | $ | 159,354 | $ | 159,813 | $ | 161,138 | $ | 156,499 | $ | 154,536 | ||||||||||||||||||||
In offices outside the U.S. | ||||||||||||||||||||||||||||||
Commercial and industrial | $ | 84,162 | $ | 87,125 | $ | 85,491 | $ | 82,358 | $ | 85,628 | $ | 87,258 | $ | 81,882 | $ | 84,492 | $ | 87,432 | $ | 85,836 | ||||||||||
Loans to financial institutions | 27,305 | 27,856 | 28,652 | 28,704 | 28,090 | 33,763 | 26,886 | 27,305 | 27,856 | 28,652 | ||||||||||||||||||||
Mortgage and real estate(1) | 5,595 | 5,455 | 5,769 | 5,106 | 6,602 | 5,527 | 5,363 | 5,595 | 5,455 | 5,769 | ||||||||||||||||||||
Installment, revolving credit, and other | 25,462 | 24,825 | 21,583 | 20,853 | 19,352 | 16,576 | 19,965 | 25,462 | 24,855 | 21,583 | ||||||||||||||||||||
Lease financing | 243 | 255 | 280 | 303 | 329 | 253 | 251 | 243 | 255 | 280 | ||||||||||||||||||||
Governments and official institutions | 6,506 | 5,757 | 5,303 | 4,911 | 4,503 | 5,970 | 5,850 | 6,506 | 5,757 | 5,303 | ||||||||||||||||||||
$ | 149,273 | $ | 151,273 | $ | 147,078 | $ | 142,235 | $ | 144,504 | |||||||||||||||||||||
Total | $ | 149,347 | $ | 140,197 | $ | 149,603 | $ | 151,610 | $ | 147,423 | ||||||||||||||||||||
Total corporate loans | $ | 310,411 | $ | 307,772 | $ | 301,614 | $ | 292,497 | $ | 293,839 | $ | 308,701 | $ | 300,010 | $ | 310,741 | $ | 308,109 | $ | 301,959 | ||||||||||
Unearned income(3) | (678 | ) | (676 | ) | (690 | ) | (665 | ) | (614 | ) | (662 | ) | (704 | ) | (678 | ) | (676 | ) | (690 | ) | ||||||||||
Corporate loans, net of unearned income | $ | 309,733 | $ | 307,096 | $ | 300,924 | $ | 291,832 | $ | 293,225 | $ | 308,039 | $ | 299,306 | $ | 310,063 | $ | 307,433 | $ | 301,269 | ||||||||||
Total loans—net of unearned income | $ | 638,435 | $ | 633,515 | $ | 618,824 | $ | 617,617 | $ | 622,444 | $ | 628,595 | $ | 624,369 | $ | 638,435 | $ | 633,515 | $ | 618,824 | ||||||||||
Allowance for loan losses—on drawn exposures | (12,439 | ) | (12,304 | ) | (12,712 | ) | (12,626 | ) | (13,626 | ) | (12,030 | ) | (12,060 | ) | (12,439 | ) | (12,304 | ) | (12,712 | ) | ||||||||||
Total loans—net of unearned income and allowance for credit losses | $ | 625,996 | $ | 621,211 | $ | 606,112 | $ | 604,991 | $ | 608,818 | $ | 616,565 | $ | 612,309 | $ | 625,996 | $ | 621,211 | $ | 606,112 | ||||||||||
Allowance for loan losses as a percentage of total loans— net of unearned income(4) | 1.97 | % | 1.96 | % | 2.07 | % | 2.06 | % | 2.21 | % | 1.93 | % | 1.94 | % | 1.97 | % | 1.96 | % | 2.07 | % | ||||||||||
Allowance for consumer loan losses as a percentage of total consumer loans—net of unearned income(4) | 2.94 | % | 2.89 | % | 3.09 | % | 3.02 | % | 3.35 | % | 2.96 | % | 2.88 | % | 2.95 | % | 2.89 | % | 3.09 | % | ||||||||||
Allowance for corporate loan losses as a percentage of total corporate loans—net of unearned income(4) | 0.91 | % | 0.95 | % | 0.98 | % | 0.97 | % | 0.90 | % | 0.83 | % | 0.91 | % | 0.90 | % | 0.95 | % | 0.98 | % |
(1) | Loans secured primarily by real estate. |
(2) | Unearned income on consumer loans primarily represents unamortized origination fees, costs, premiums and discounts. |
(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. |
3rd Qtr. | 2nd Qtr. | 1st Qtr. | 4th Qtr. | 3rd Qtr. | 1st Qtr. | 4th Qtr. | 3rd Qtr. | 2nd Qtr. | 1st Qtr. | |||||||||||||||||||||
In millions of dollars | 2016 | 2016 | 2015 | 2017 | 2016 | |||||||||||||||||||||||||
Allowance for loan losses at beginning of period | $ | 12,304 | $ | 12,712 | $ | 12,626 | $ | 13,626 | $ | 14,075 | $ | 12,060 | $ | 12,439 | $ | 12,304 | $ | 12,712 | $ | 12,626 | ||||||||||
Provision for loan losses | ||||||||||||||||||||||||||||||
Consumer | $ | 1,817 | $ | 1,275 | $ | 1,570 | $ | 1,684 | $ | 1,338 | $ | 1,816 | $ | 1,659 | $ | 1,815 | $ | 1,276 | $ | 1,571 | ||||||||||
Corporate | (71 | ) | 115 | 316 | 572 | 244 | (141 | ) | 68 | (69 | ) | 114 | 315 | |||||||||||||||||
$ | 1,746 | $ | 1,390 | $ | 1,886 | $ | 2,256 | $ | 1,582 | |||||||||||||||||||||
Total | $ | 1,675 | $ | 1,727 | $ | 1,746 | $ | 1,390 | $ | 1,886 | ||||||||||||||||||||
Gross credit losses | ||||||||||||||||||||||||||||||
Consumer | ||||||||||||||||||||||||||||||
In U.S. offices | $ | 1,183 | $ | 1,212 | $ | 1,230 | $ | 1,267 | $ | 1,244 | $ | 1,444 | $ | 1,343 | $ | 1,181 | $ | 1,213 | $ | 1,231 | ||||||||||
In offices outside the U.S. | 702 | 678 | 689 | 794 | 746 | 597 | 605 | 702 | 678 | 689 | ||||||||||||||||||||
Corporate | ||||||||||||||||||||||||||||||
In U.S. offices | 27 | 63 | 190 | 75 | 30 | 48 | 32 | 29 | 62 | 189 | ||||||||||||||||||||
In offices outside the U.S. | 36 | 95 | 34 | 44 | 48 | 55 | 103 | 36 | 95 | 34 | ||||||||||||||||||||
$ | 1,948 | $ | 2,048 | $ | 2,143 | $ | 2,180 | $ | 2,068 | |||||||||||||||||||||
Total | $ | 2,144 | $ | 2,083 | $ | 1,948 | $ | 2,048 | $ | 2,143 | ||||||||||||||||||||
Credit recoveries(1) | ||||||||||||||||||||||||||||||
Consumer | ||||||||||||||||||||||||||||||
In U.S. offices | $ | 227 | $ | 262 | $ | 256 | $ | 229 | $ | 222 | $ | 242 | $ | 235 | $ | 227 | $ | 262 | $ | 256 | ||||||||||
In offices outside the U.S. | 173 | 154 | 150 | 164 | 155 | 127 | 137 | 173 | 154 | 150 | ||||||||||||||||||||
Corporate | ||||||||||||||||||||||||||||||
In U.S. offices | 16 | 3 | 4 | 9 | 11 | 2 | 2 | 16 | 3 | 4 | ||||||||||||||||||||
In offices outside the U.S. | 7 | 13 | 9 | 16 | 17 | 64 | 13 | 7 | 13 | 9 | ||||||||||||||||||||
$ | 423 | $ | 432 | $ | 419 | $ | 418 | $ | 405 | |||||||||||||||||||||
Total | $ | 435 | $ | 387 | $ | 423 | $ | 432 | $ | 419 | ||||||||||||||||||||
Net credit losses | ||||||||||||||||||||||||||||||
In U.S. offices | $ | 967 | $ | 1,010 | $ | 1,160 | $ | 1,104 | $ | 1,041 | $ | 1,248 | $ | 1,138 | $ | 967 | $ | 1,010 | $ | 1,160 | ||||||||||
In offices outside the U.S. | 558 | 606 | 564 | 658 | 622 | 461 | 558 | 558 | 606 | 564 | ||||||||||||||||||||
Total | $ | 1,525 | $ | 1,616 | $ | 1,724 | $ | 1,762 | $ | 1,663 | $ | 1,709 | $ | 1,696 | $ | 1,525 | $ | 1,616 | $ | 1,724 | ||||||||||
Other—net | $ | (86 | ) | $ | (182 | ) | $ | (76 | ) | $ | (1,494 | ) | $ | (368 | ) | $ | 4 | $ | (410 | ) | $ | (86 | ) | $ | (182 | ) | $ | (76 | ) | |
Allowance for loan losses at end of period | $ | 12,439 | $ | 12,304 | $ | 12,712 | $ | 12,626 | $ | 13,626 | $ | 12,030 | $ | 12,060 | $ | 12,439 | $ | 12,304 | $ | 12,712 | ||||||||||
Allowance for loan losses as a percentage of total loans | 1.97 | % | 1.96 | % | 2.07 | % | 2.06 | % | 2.21 | % | 1.93 | % | 1.94 | % | 1.97 | % | 1.96 | % | 2.07 | % | ||||||||||
Allowance for unfunded lending commitments(7)(10) | $ | 1,388 | $ | 1,432 | $ | 1,473 | $ | 1,402 | $ | 1,036 | ||||||||||||||||||||
Allowance for unfunded lending commitments(9) | $ | 1,377 | $ | 1,418 | $ | 1,388 | $ | 1,432 | $ | 1,473 | ||||||||||||||||||||
Total allowance for loan losses and unfunded lending commitments | $ | 13,827 | $ | 13,736 | $ | 14,185 | $ | 14,028 | $ | 14,662 | $ | 13,407 | $ | 13,478 | $ | 13,827 | $ | 13,736 | $ | 14,185 | ||||||||||
Net consumer credit losses | $ | 1,485 | $ | 1,474 | $ | 1,513 | $ | 1,668 | $ | 1,613 | $ | 1,672 | $ | 1,576 | $ | 1,483 | $ | 1,475 | $ | 1,514 | ||||||||||
As a percentage of average consumer loans | 1.80 | % | 1.87 | % | 1.90 | % | 2.00 | % | 1.93 | % | 2.11 | % | 1.95 | % | 1.80 | % | 1.87 | % | 1.90 | % | ||||||||||
Net corporate credit losses | $ | 40 | $ | 142 | $ | 211 | $ | 94 | $ | 50 | $ | 37 | $ | 120 | $ | 42 | $ | 141 | $ | 210 | ||||||||||
As a percentage of average corporate loans | 0.05 | % | 0.19 | % | 0.29 | % | 0.13 | % | 0.07 | % | 0.05 | % | 0.16 | % | 0.05 | % | 0.19 | % | 0.29 | % | ||||||||||
Allowance for loan losses at end of period(11) | ||||||||||||||||||||||||||||||
Citicorp | $ | 10,735 | $ | 10,433 | $ | 10,544 | $ | 10,331 | $ | 10,213 | ||||||||||||||||||||
Citi Holdings | 1,704 | 1,871 | 2,168 | 2,295 | 3,413 | |||||||||||||||||||||||||
Total Citigroup | $ | 12,439 | $ | 12,304 | $ | 12,712 | $ | 12,626 | $ | 13,626 | ||||||||||||||||||||
Allowance by type | ||||||||||||||||||||||||||||||
Allowance by type at end of period(10) | ||||||||||||||||||||||||||||||
Consumer | $ | 9,673 | $ | 9,432 | $ | 9,807 | $ | 9,835 | $ | 11,030 | $ | 9,495 | $ | 9,358 | $ | 9,673 | $ | 9,432 | $ | 9,807 | ||||||||||
Corporate | 2,766 | 2,872 | 2,905 | 2,791 | 2,596 | 2,535 | 2,702 | 2,766 | 2,872 | 2,905 | ||||||||||||||||||||
Total Citigroup | $ | 12,439 | $ | 12,304 | $ | 12,712 | $ | 12,626 | $ | 13,626 | ||||||||||||||||||||
Total | $ | 12,030 | $ | 12,060 | $ | 12,439 | $ | 12,304 | $ | 12,712 |
(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 first quarter of 2017 includes a reduction of approximately $161 million related to the sale or transfer to held-for-sale (HFS) of various loan portfolios, including a reduction of $37 million related to the transfer of a real estate loan portfolio to HFS. Additionally, the first quarter includes an increase of approximately $164 million related to FX translation. |
(4) | The fourth quarter of 2016 includes a reduction of approximately $267 million related to the sale or transfer to HFS of various loan portfolios, including a reduction of $3 million related to the transfer of a real estate loan portfolio to HFS. Additionally, the fourth quarter includes a reduction of approximately $141 million related to FX translation. |
(5) | The third quarter of 2016 includes a reduction of approximately $58 million related to the sale or |
The second quarter of 2016 includes a reduction of approximately $101 million related to the sale or |
The first quarter of 2016 includes a reduction of approximately $148 million related to the sale or |
(8) |
March 31, 2017, December 31, 2016, September 30, 2016, June 30, 2016 and March 31, 2016 |
Represents additional credit reserves recorded as Other liabilities on the Consolidated Balance Sheet. |
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 |
September 30, 2016 | March 31, 2017 | |||||||||||||||
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) | $ | 5.0 | $ | 125.3 | 4.0 | % | $ | 5.3 | $ | 126.4 | 4.2 | % | ||||
North America mortgages(3) | 1.2 | 74.7 | 1.6 | 1.0 | 69.9 | 1.4 | ||||||||||
North America other | 0.5 | 13.5 | 3.7 | 0.4 | 12.8 | 3.1 | ||||||||||
International cards | 1.4 | 25.1 | 5.6 | 1.3 | 24.0 | 5.4 | ||||||||||
International other(4) | 1.6 | 90.1 | 1.8 | 1.5 | 87.5 | 1.7 | ||||||||||
Total consumer | $ | 9.7 | $ | 328.7 | 3.0 | % | $ | 9.5 | $ | 320.6 | 3.0 | % | ||||
Total corporate | 2.7 | 309.7 | 0.9 | 2.5 | 308.0 | 0.8 | ||||||||||
Total Citigroup | $ | 12.4 | $ | 638.4 | 2.0 | % | $ | 12.0 | $ | 628.6 | 1.9 | % |
(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 | December 31, 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 | $ | 113.4 | 4.0 | % | $ | 5.2 | $ | 133.3 | 3.9 | % | ||||
North America mortgages(3) | 1.7 | 79.6 | 2.1 | 1.1 | 72.6 | 1.5 | ||||||||||
North America other | 0.5 | 13.0 | 3.8 | 0.5 | 13.6 | 3.7 | ||||||||||
International cards | 1.6 | 26.7 | 6.0 | 1.2 | 23.1 | 5.2 | ||||||||||
International other(4) | 1.5 | 93.1 | 1.6 | 1.4 | 82.8 | 1.7 | ||||||||||
Total consumer | $ | 9.8 | $ | 325.8 | 3.0 | % | $ | 9.4 | $ | 325.4 | 2.9 | % | ||||
Total corporate | 2.8 | 291.8 | 1.0 | 2.7 | 299.0 | 0.9 | ||||||||||
Total Citigroup | $ | 12.6 | $ | 617.6 | 2.1 | % | $ | 12.1 | $ | 624.4 | 1.9 | % |
(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. |
Sept. 30, | Jun. 30, | Mar. 31, | Dec. 31, | Sept. 30, | Mar. 31, | Dec. 31, | Sept. 30, | Jun. 30, | Mar. 31, | |||||||||||||||||||||
In millions of dollars | 2016 | 2016 | 2015 | 2017 | 2016 | |||||||||||||||||||||||||
Citicorp | $ | 3,977 | $ | 4,101 | $ | 3,718 | $ | 2,991 | $ | 2,921 | ||||||||||||||||||||
Citi Holdings | 1,990 | 2,064 | 2,210 | 2,263 | 3,486 | |||||||||||||||||||||||||
Total non-accrual loans | $ | 5,967 | $ | 6,165 | $ | 5,928 | $ | 5,254 | $ | 6,407 | ||||||||||||||||||||
Corporate non-accrual loans(1)(2) | ||||||||||||||||||||||||||||||
Corporate non-accrual loans(1) | ||||||||||||||||||||||||||||||
North America | $ | 1,057 | $ | 1,280 | $ | 1,331 | $ | 818 | $ | 833 | $ | 993 | $ | 984 | $ | 1,057 | $ | 1,280 | $ | 1,331 | ||||||||||
EMEA | 857 | 762 | 469 | 347 | 386 | 828 | 904 | 857 | 762 | 469 | ||||||||||||||||||||
Latin America | 380 | 267 | 410 | 303 | 230 | 342 | 379 | 380 | 267 | 410 | ||||||||||||||||||||
Asia | 121 | 151 | 117 | 128 | 129 | 176 | 154 | 121 | 151 | 117 | ||||||||||||||||||||
Total corporate non-accrual loans | $ | 2,415 | $ | 2,460 | $ | 2,327 | $ | 1,596 | $ | 1,578 | $ | 2,339 | $ | 2,421 | $ | 2,415 | $ | 2,460 | $ | 2,327 | ||||||||||
Citicorp | $ | 2,365 | $ | 2,410 | $ | 2,275 | $ | 1,543 | $ | 1,525 | ||||||||||||||||||||
Citi Holdings | 50 | 50 | 52 | 53 | 53 | |||||||||||||||||||||||||
Total corporate non-accrual loans | $ | 2,415 | $ | 2,460 | $ | 2,327 | $ | 1,596 | $ | 1,578 | ||||||||||||||||||||
Consumer non-accrual loans(1)(3) | ||||||||||||||||||||||||||||||
Consumer non-accrual loans(1) | ||||||||||||||||||||||||||||||
North America | $ | 2,429 | $ | 2,520 | $ | 2,519 | $ | 2,515 | $ | 3,622 | $ | 1,926 | $ | 2,160 | $ | 2,429 | $ | 2,520 | $ | 2,519 | ||||||||||
Latin America | 841 | 884 | 817 | 874 | 935 | 737 | 711 | 841 | 884 | 817 | ||||||||||||||||||||
Asia(4) | 282 | 301 | 265 | 269 | 272 | |||||||||||||||||||||||||
Asia(2) | 292 | 287 | 282 | 301 | 265 | |||||||||||||||||||||||||
Total consumer non-accrual loans | $ | 3,552 | $ | 3,705 | $ | 3,601 | $ | 3,658 | $ | 4,829 | $ | 2,955 | $ | 3,158 | $ | 3,552 | $ | 3,705 | $ | 3,601 | ||||||||||
Citicorp | $ | 1,612 | $ | 1,691 | $ | 1,443 | $ | 1,448 | $ | 1,396 | ||||||||||||||||||||
Citi Holdings | 1,940 | 2,014 | 2,158 | 2,210 | 3,433 | |||||||||||||||||||||||||
Total consumer non-accrual loans | $ | 3,552 | $ | 3,705 | $ | 3,601 | $ | 3,658 | $ | 4,829 | ||||||||||||||||||||
Total non-accrual loans | $ | 5,294 | $ | 5,579 | $ | 5,967 | $ | 6,165 | $ | 5,928 |
(1) | Excludes purchased distressed loans, as they are generally accreting interest. The carrying value of these loans was $194 million at |
Three months ended | Three months ended | |||||||||||||||||
March 31, 2017 | March 31, 2016 | |||||||||||||||||
In millions of dollars | Corporate | Consumer | Total | Corporate | Consumer | Total | ||||||||||||
Non-accrual loans at beginning of period | $ | 2,421 | $ | 3,158 | $ | 5,579 | $ | 1,596 | $ | 3,658 | $ | 5,254 | ||||||
Additions(1) | 253 | 824 | 1,077 | 1,047 | 914 | 1,961 | ||||||||||||
Sales and transfers to held-for-sale | (36 | ) | (135 | ) | (171 | ) | (8 | ) | (162 | ) | (170 | ) | ||||||
Returned to performing | (37 | ) | (164 | ) | (201 | ) | (15 | ) | (141 | ) | (156 | ) | ||||||
Paydowns/settlements | (183 | ) | (280 | ) | (463 | ) | (98 | ) | (245 | ) | (343 | ) | ||||||
Charge-offs | (54 | ) | (524 | ) | (578 | ) | (140 | ) | (439 | ) | (579 | ) | ||||||
Other | (25 | ) | 76 | 51 | (55 | ) | 16 | (39 | ) | |||||||||
Ending balance | $ | 2,339 | $ | 2,955 | $ | 5,294 | $ | 2,327 | $ | 3,601 | $ | 5,928 |
The increases in corporate non-accrual loans in the first quarter of 2016 primarily related to Citi’s North America and EMEA energy and energy-related corporate credit exposure. |
Three months ended | Three months ended | |||||||||||||||||
September 30, 2016 | September 30, 2015 | |||||||||||||||||
In millions of dollars | Corporate | Consumer | Total | Corporate | Consumer | Total | ||||||||||||
Non-accrual loans at beginning of period | $ | 2,460 | $ | 3,705 | $ | 6,165 | $ | 1,223 | $ | 5,261 | $ | 6,484 | ||||||
Additions | 469 | 1,131 | 1,600 | 626 | 1,094 | 1,720 | ||||||||||||
Sales and transfers to held-for-sale | (4 | ) | (102 | ) | (106 | ) | (39 | ) | (275 | ) | (314 | ) | ||||||
Returned to performing | (58 | ) | (149 | ) | (207 | ) | (39 | ) | (258 | ) | (297 | ) | ||||||
Paydowns/settlements | (433 | ) | (562 | ) | (995 | ) | (95 | ) | (323 | ) | (418 | ) | ||||||
Charge-offs | (24 | ) | (455 | ) | (479 | ) | (34 | ) | (573 | ) | (607 | ) | ||||||
Other | 5 | (16 | ) | (11 | ) | (64 | ) | (97 | ) | (161 | ) | |||||||
Ending balance | $ | 2,415 | $ | 3,552 | $ | 5,967 | $ | 1,578 | $ | 4,829 | $ | 6,407 |
Nine months ended | Nine months ended | |||||||||||||||||
September 30, 2016 | September 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 | 2,346 | 3,371 | 5,717 | 1,114 | 4,027 | 5,141 | ||||||||||||
Sales and transfers to held-for-sale | (13 | ) | (473 | ) | (486 | ) | (215 | ) | (1,030 | ) | (1,245 | ) | ||||||
Returned to performing | (141 | ) | (434 | ) | (575 | ) | (60 | ) | (865 | ) | (925 | ) | ||||||
Paydowns/settlements | (1,022 | ) | (1,203 | ) | (2,225 | ) | (337 | ) | (939 | ) | (1,276 | ) | ||||||
Charge-offs | (277 | ) | (1,353 | ) | (1,630 | ) | (92 | ) | (2,059 | ) | (2,151 | ) | ||||||
Other | (74 | ) | (14 | ) | (88 | ) | (34 | ) | (210 | ) | (244 | ) | ||||||
Ending balance | $ | 2,415 | $ | 3,552 | $ | 5,967 | $ | 1,578 | $ | 4,829 | $ | 6,407 |
Sept. 30, | Jun. 30, | Mar. 31, | Dec. 31, | Sept. 30, | |||||||||||
In millions of dollars | 2016 | 2016 | 2015 | 2015 | 2015 | ||||||||||
OREO | |||||||||||||||
Citicorp | $ | 57 | $ | 54 | $ | 74 | $ | 70 | $ | 83 | |||||
Citi Holdings | 104 | 121 | 131 | 139 | 144 | ||||||||||
Total OREO | $ | 161 | $ | 175 | $ | 205 | $ | 209 | $ | 227 | |||||
North America | $ | 132 | $ | 151 | $ | 159 | $ | 166 | $ | 177 | |||||
EMEA | 1 | — | 1 | 1 | 1 | ||||||||||
Latin America | 18 | 19 | 35 | 38 | 44 | ||||||||||
Asia | 10 | 5 | 10 | 4 | 5 | ||||||||||
Total OREO | $ | 161 | $ | 175 | $ | 205 | $ | 209 | $ | 227 | |||||
Non-accrual assets—Total Citigroup | |||||||||||||||
Corporate non-accrual loans | $ | 2,415 | $ | 2,460 | $ | 2,327 | $ | 1,596 | $ | 1,578 | |||||
Consumer non-accrual loans | 3,552 | 3,705 | 3,601 | 3,658 | 4,829 | ||||||||||
Non-accrual loans (NAL) | $ | 5,967 | $ | 6,165 | $ | 5,928 | $ | 5,254 | $ | 6,407 | |||||
OREO | $ | 161 | $ | 175 | $ | 205 | $ | 209 | $ | 227 | |||||
Non-accrual assets (NAA) | $ | 6,128 | $ | 6,340 | $ | 6,133 | $ | 5,463 | $ | 6,634 | |||||
NAL as a percentage of total loans | 0.94 | % | 0.97 | % | 0.96 | % | 0.85 | % | 1.03 | % | |||||
NAA as a percentage of total assets | 0.34 | 0.35 | 0.34 | 0.32 | 0.37 | ||||||||||
Allowance for loan losses as a percentage of NAL(1) | 208 | 200 | 214 | 240 | 213 |
Sept. 30, | Jun. 30, | Mar. 31, | Dec. 31, | Sept. 30, | Mar. 31, | Dec. 31, | Sept. 30, | Jun. 30, | Mar. 31, | |||||||||||||||||||||
Non-accrual assets—Total Citicorp | 2016 | 2016 | 2015 | |||||||||||||||||||||||||||
In millions of dollars | 2017 | 2016 | ||||||||||||||||||||||||||||
OREO | ||||||||||||||||||||||||||||||
North America | $ | 136 | $ | 161 | $ | 132 | $ | 151 | $ | 159 | ||||||||||||||||||||
EMEA | 1 | — | 1 | — | 1 | |||||||||||||||||||||||||
Latin America | 31 | 18 | 18 | 19 | 35 | |||||||||||||||||||||||||
Asia | 5 | 7 | 10 | 5 | 10 | |||||||||||||||||||||||||
Total OREO | $ | 173 | $ | 186 | $ | 161 | $ | 175 | $ | 205 | ||||||||||||||||||||
Non-accrual assets | ||||||||||||||||||||||||||||||
Corporate non-accrual loans | $ | 2,339 | $ | 2,421 | $ | 2,415 | $ | 2,460 | $ | 2,327 | ||||||||||||||||||||
Consumer non-accrual loans | 2,955 | 3,158 | 3,552 | 3,705 | 3,601 | |||||||||||||||||||||||||
Non-accrual loans (NAL) | $ | 3,977 | $ | 4,101 | $ | 3,718 | $ | 2,991 | $ | 2,921 | $ | 5,294 | $ | 5,579 | $ | 5,967 | $ | 6,165 | $ | 5,928 | ||||||||||
OREO | 57 | 54 | 74 | 70 | 83 | $ | 173 | $ | 186 | $ | 161 | $ | 175 | $ | 205 | |||||||||||||||
Non-accrual assets (NAA) | $ | 4,034 | $ | 4,155 | $ | 3,792 | $ | 3,061 | $ | 3,004 | $ | 5,467 | $ | 5,765 | $ | 6,128 | $ | 6,340 | $ | 6,133 | ||||||||||
NAL as a percentage of total loans | 0.84 | % | 0.89 | % | 0.93 | % | 0.97 | % | 0.96 | % | ||||||||||||||||||||
NAA as a percentage of total assets | 0.23 | % | 0.24 | % | 0.22 | % | 0.19 | % | 0.18 | % | 0.30 | 0.32 | 0.34 | 0.35 | 0.34 | |||||||||||||||
Allowance for loan losses as a percentage of NAL(1) | 270 | 254 | 284 | 345 | 350 | 227 | 216 | 208 | 200 | 214 | ||||||||||||||||||||
Non-accrual assets—Total Citi Holdings | ||||||||||||||||||||||||||||||
Non-accrual loans (NAL)(2) | $ | 1,990 | $ | 2,064 | $ | 2,210 | $ | 2,263 | $ | 3,486 | ||||||||||||||||||||
OREO | 104 | 121 | 131 | 139 | 144 | |||||||||||||||||||||||||
Non-accrual assets (NAA) | $ | 2,094 | $ | 2,185 | $ | 2,341 | $ | 2,402 | $ | 3,630 | ||||||||||||||||||||
NAA as a percentage of total assets | 3.43 | % | 3.31 | % | 3.21 | % | 2.97 | % | 3.10 | % | ||||||||||||||||||||
Allowance for loan losses as a percentage of NAL(1) | 86 | 91 | 98 | 101 | 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. |
In millions of dollars | Sep. 30, 2016 | Dec. 31, 2015 | Mar. 31, 2017 | Dec. 31, 2016 | ||||||||
Corporate renegotiated loans(1) | ||||||||||||
In U.S. offices | ||||||||||||
Commercial and industrial(2) | $ | 81 | $ | 25 | $ | 136 | $ | 89 | ||||
Mortgage and real estate(3) | 78 | 104 | ||||||||||
Mortgage and real estate | 80 | 84 | ||||||||||
Loans to financial institutions | 10 | 5 | 9 | 9 | ||||||||
Other | 255 | 273 | 177 | 228 | ||||||||
$ | 424 | $ | 407 | $ | 402 | $ | 410 | |||||
In offices outside the U.S. | ||||||||||||
Commercial and industrial(2) | $ | 313 | $ | 111 | $ | 254 | $ | 319 | ||||
Mortgage and real estate(3) | 2 | 33 | ||||||||||
Other | 36 | 45 | ||||||||||
Mortgage and real estate | 4 | 3 | ||||||||||
Loans to financial institutions | 15 | — | ||||||||||
$ | 351 | $ | 189 | $ | 273 | $ | 322 | |||||
Total corporate renegotiated loans | $ | 775 | $ | 596 | $ | 675 | $ | 732 | ||||
Consumer renegotiated loans | ||||||||||||
In U.S. offices | ||||||||||||
Mortgage and real estate | $ | 5,206 | $ | 7,058 | $ | 4,541 | $ | 4,695 | ||||
Cards | 1,292 | 1,396 | 1,327 | 1,313 | ||||||||
Installment and other | 88 | 79 | 138 | 117 | ||||||||
$ | 6,586 | $ | 8,533 | $ | 6,006 | $ | 6,125 | |||||
In offices outside the U.S. | ||||||||||||
Mortgage and real estate | $ | 496 | $ | 517 | $ | 357 | $ | 447 | ||||
Cards | 539 | 555 | 496 | 435 | ||||||||
Installment and other | 470 | 471 | 379 | 443 | ||||||||
$ | 1,505 | $ | 1,543 | $ | 1,232 | $ | 1,325 | |||||
Total consumer renegotiated loans | $ | 8,091 | $ | 10,076 | $ | 7,238 | $ | 7,450 |
(1) | Includes |
(2) | In addition to modifications reflected as TDRs at |
(3) |
Includes |
Includes |
(5) | Includes $126 million and $105 million of other commercial loans at March 31, 2017 and December 31, 2016, respectively. |
(6) |
Reduction in the |
Citibank | Non-Bank and Other(1) | Total | Citibank | Non-Bank and Other(1) | Total | |||||||||||||||||||||||||||||||||||||||||||||||||
In billions of dollars | Sept. 30, 2016 | Jun. 30, 2016 | Sept. 30, 2015 | Sept. 30, 2016 | Jun. 30, 2016 | Sept. 30, 2015 | Sept. 30, 2016 | Jun. 30, 2016 | Sept. 30, 2015 | Mar. 31, 2017 | Dec. 31, 2016 | Mar. 31, 2016 | Mar. 31, 2017 | Dec. 31, 2016 | Mar. 31, 2016 | Mar. 31, 2017 | Dec. 31, 2016 | Mar. 31, 2016 | ||||||||||||||||||||||||||||||||||||
Available cash | $ | 71.1 | $ | 61.3 | $ | 68.9 | $ | 19.2 | $ | 23.2 | $ | 21.5 | $ | 90.2 | $ | 84.5 | $ | 90.4 | $ | 83.8 | $ | 68.3 | $ | 74.2 | $ | 24.5 | $ | 19.8 | $ | 24.5 | $ | 108.3 | $ | 88.1 | $ | 98.7 | ||||||||||||||||||
U.S. sovereign | 122.3 | 115.0 | 119.6 | 21.8 | 19.6 | 22.4 | 144.1 | 134.6 | 142.0 | 113.8 | 123.0 | 117.7 | 22.7 | 22.5 | 22.6 | 136.5 | 145.5 | 140.3 | ||||||||||||||||||||||||||||||||||||
U.S. agency/agency MBS | 62.6 | 69.2 | 60.1 | 0.2 | 0.3 | 1.0 | 62.8 | 69.5 | 61.1 | 59.2 | 61.7 | 68.9 | 0.8 | 0.6 | 0.5 | 60.0 | 62.3 | 69.4 | ||||||||||||||||||||||||||||||||||||
Foreign government debt(2) | 89.2 | 86.7 | 87.6 | 15.5 | 16.8 | 15.5 | 104.7 | 103.5 | 103.1 | 84.5 | 87.9 | 86.8 | 17.2 | 15.6 | 19.6 | 101.7 | 103.5 | 106.4 | ||||||||||||||||||||||||||||||||||||
Other investment grade | 1.0 | 1.2 | 0.8 | 1.5 | 1.5 | 1.5 | 2.5 | 2.7 | 2.3 | 0.3 | 0.3 | 1.1 | 1.5 | 1.2 | 1.6 | 1.8 | 1.5 | 2.7 | ||||||||||||||||||||||||||||||||||||
Total HQLA (EOP) | $ | 346.2 | $ | 333.4 | $ | 337.0 | $ | 58.2 | $ | 61.4 | $ | 61.9 | $ | 404.3 | $ | 394.8 | $ | 398.9 | $ | 341.6 | $ | 341.2 | $ | 348.7 | $ | 66.7 | $ | 59.7 | $ | 68.8 | $ | 408.3 | $ | 400.9 | $ | 417.5 | ||||||||||||||||||
Total HQLA (AVG) | $ | 344.0 | $ | 342.5 | $ | — | $ | 59.8 | $ | 68.5 | $ | — | $ | 403.8 | $ | 411.0 | $ | — | $ | 353.5 | $ | 345.7 | $ | 335.1 | $ | 59.3 | $ | 58.0 | $ | 65.0 | $ | 412.8 | $ | 403.7 | $ | 400.1 |
(1) |
(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, Taiwan, Korea, Singapore, India, Brazil and Mexico. |
In billions of dollars | Sept. 30, 2016 | Jun. 30, 2016 | Sept. 30, 2015 | Mar. 31, 2017 | Dec. 31, 2016 | Mar. 31, 2016 | ||||||||||||
Global Consumer Banking | ||||||||||||||||||
North America | $ | 180.0 | $ | 175.6 | $ | 158.9 | $ | 183.3 | $ | 182.0 | $ | 161.6 | ||||||
Latin America | 23.9 | 24.5 | 25.2 | 23.1 | 23.5 | 24.4 | ||||||||||||
Asia(1) | 85.8 | 85.1 | 85.6 | 83.2 | 81.9 | 84.9 | ||||||||||||
Total | $ | 289.7 | $ | 285.2 | $ | 269.7 | $ | 289.6 | $ | 287.4 | $ | 270.9 | ||||||
Institutional Clients Group | ||||||||||||||||||
Corporate lending | 120.8 | 123.9 | 120.4 | 118.1 | 118.9 | 121.6 | ||||||||||||
Treasury and trade solutions (TTS) | 72.3 | 73.6 | 73.5 | 70.5 | 71.5 | 70.4 | ||||||||||||
Private bank, markets and securities services and other | 116.5 | 109.4 | 99.1 | 113.2 | 113.9 | 103.0 | ||||||||||||
Total | $ | 309.6 | $ | 306.9 | $ | 293.0 | $ | 301.8 | $ | 304.3 | $ | 295.0 | ||||||
Total Citicorp | 599.3 | 592.1 | 562.7 | |||||||||||||||
Total Citi Holdings | 39.1 | 41.4 | 59.7 | |||||||||||||||
Total Corporate/Other | 31.8 | 34.6 | 46.3 | |||||||||||||||
Total Citigroup loans (AVG) | $ | 623.2 | $ | 626.3 | $ | 612.2 | ||||||||||||
Total Citigroup loans (EOP) | $ | 638.4 | $ | 633.5 | $ | 622.4 | $ | 628.6 | $ | 624.4 | $ | 618.8 | ||||||
Total Citigroup loans (AVG) | $ | 634.9 | $ | 620.6 | $ | 623.2 |
(1) | Includes loans in certain EMEA countries for all periods presented. |
In billions of dollars | Sept. 30, 2016 | Jun. 30, 2016 | Sept. 30, 2015 | Mar. 31, 2017 | Dec. 31, 2016 | Mar. 31, 2016 | ||||||||||||
Global Consumer Banking | ||||||||||||||||||
North America | $ | 185.6 | $ | 183.3 | $ | 180.0 | $ | 185.5 | $ | 186.0 | $ | 180.6 | ||||||
Latin America | 27.4 | 28.2 | 26.2 | 25.3 | 25.2 | 26.1 | ||||||||||||
Asia(1) | 93.6 | 90.5 | 87.0 | 92.7 | 89.9 | 87.2 | ||||||||||||
Total | $ | 306.6 | $ | 302.0 | $ | 293.2 | $ | 303.5 | $ | 301.1 | $ | 293.9 | ||||||
Institutional Clients Group | ||||||||||||||||||
Treasury and trade solutions (TTS) | 415.0 | 405.0 | 398.5 | 416.2 | 415.4 | 402.1 | ||||||||||||
Banking ex-TTS | 118.9 | 116.4 | 117.5 | 120.8 | 122.4 | 113.5 | ||||||||||||
Markets and securities services | 83.3 | 85.4 | 79.1 | 80.1 | 81.7 | 77.4 | ||||||||||||
Total | $ | 617.2 | $ | 606.8 | $ | 595.1 | $ | 617.1 | $ | 619.5 | $ | 593.0 | ||||||
Corporate/Other | 10.6 | 22.7 | 5.3 | 20.3 | 14.5 | 24.8 | ||||||||||||
Total Citicorp | $ | 934.4 | $ | 931.5 | $ | 893.6 | ||||||||||||
Total Citi Holdings | 5.9 | 6.4 | 10.6 | |||||||||||||||
Total Citigroup deposits (AVG) | $ | 940.9 | $ | 935.1 | $ | 911.7 | ||||||||||||
Total Citigroup deposits (EOP) | $ | 940.3 | $ | 937.9 | $ | 904.2 | $ | 950.0 | $ | 929.4 | $ | 934.6 | ||||||
Total Citigroup deposits (AVG) | $ | 944.2 | $ | 935.6 | $ | 903.1 |
(1) | Includes deposits in certain EMEA countries for all periods presented. |
In billions of dollars | Sept. 30, 2016 | Jun. 30, 2016 | Sept. 30, 2015 | Mar. 31, 2017 | Dec. 31, 2016 | Mar. 31, 2016 | ||||||||||||
Parent and other(1) | ||||||||||||||||||
Benchmark debt: | ||||||||||||||||||
Senior debt | $ | 97.1 | $ | 96.1 | $ | 99.5 | $ | 100.2 | $ | 99.9 | $ | 94.0 | ||||||
Subordinated debt | 28.8 | 28.8 | 26.8 | 26.3 | 26.8 | 29.4 | ||||||||||||
Trust preferred | 1.7 | 1.7 | 1.7 | 1.7 | 1.7 | 1.7 | ||||||||||||
Customer-related debt: | ||||||||||||||||||
Structured debt | 23.6 | 22.5 | 23.1 | 24.3 | 22.8 | 23.6 | ||||||||||||
Non-structured debt | 3.5 | 3.3 | 3.6 | 2.9 | 3.0 | 3.3 | ||||||||||||
Local country and other(2) | 2.7 | 2.3 | 2.1 | 2.0 | 2.5 | 4.1 | ||||||||||||
Total parent and other | $ | 157.4 | $ | 154.8 | $ | 156.8 | $ | 157.4 | $ | 156.7 | $ | 156.1 | ||||||
Bank | ||||||||||||||||||
FHLB borrowings | $ | 21.6 | $ | 19.6 | $ | 17.3 | $ | 20.3 | $ | 21.6 | $ | 17.1 | ||||||
Securitizations(3) | 24.4 | 27.3 | 32.0 | 24.0 | 23.5 | 28.7 | ||||||||||||
CBNA Benchmark Debt | 2.5 | — | — | |||||||||||||||
Local country and other(2) | 5.8 | 5.8 | 7.4 | 4.3 | 4.4 | 5.9 | ||||||||||||
Total bank | $ | 51.7 | $ | 52.6 | $ | 56.7 | $ | 51.1 | $ | 49.5 | $ | 51.7 | ||||||
Total long-term debt | $ | 209.1 | $ | 207.4 | $ | 213.5 | $ | 208.5 | $ | 206.2 | $ | 207.8 |
(1) | “Parent and other” includes long-term debt issued to third parties by the parent holding company (Citigroup) and Citi’s non-bank subsidiaries (including broker-dealer subsidiaries) that are consolidated into Citigroup. As of |
(2) | Local country debt includes debt issued by Citi’s affiliates in support of their local operations. |
(3) | Predominantly credit card securitizations, primarily backed by Citi-branded credit card receivables. |
3Q16 | 2Q16 | 3Q15 | 1Q17 | 4Q16 | 1Q16 | |||||||||||||||||||||||||||||||
In billions of dollars | Maturities | Issuances | Maturities | Issuances | Maturities | Issuances | Maturities | Issuances | Maturities | Issuances | Maturities | Issuances | ||||||||||||||||||||||||
Parent and other | ||||||||||||||||||||||||||||||||||||
Benchmark debt: | ||||||||||||||||||||||||||||||||||||
Senior debt | $ | 3.3 | $ | 4.5 | $ | 5.1 | $ | 6.6 | $ | 2.8 | $ | 3.4 | $ | 5.3 | $ | 5.2 | $ | 2.2 | $ | 9.7 | $ | 4.3 | $ | 5.2 | ||||||||||||
Subordinated debt | 1.3 | 1.5 | 1.7 | 1.0 | 0.7 | 2.0 | 1.2 | 0.7 | 0.2 | — | — | 1.5 | ||||||||||||||||||||||||
Trust preferred | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Customer-related debt: | ||||||||||||||||||||||||||||||||||||
Structured debt | 2.2 | 3.0 | 3.4 | 2.0 | 1.5 | 1.6 | 6.6 | 6.2 | 1.8 | 1.6 | 2.0 | 3.6 | ||||||||||||||||||||||||
Non-structured debt | 0.1 | 0.2 | 0.1 | 0.1 | 0.8 | 0.1 | 0.2 | — | 0.3 | — | 0.2 | — | ||||||||||||||||||||||||
Local country and other | 0.1 | 0.4 | 1.9 | — | 0.1 | 0.5 | 0.6 | 0.2 | 0.1 | — | 0.1 | 1.9 | ||||||||||||||||||||||||
Total parent and other | $ | 6.9 | $ | 9.6 | $ | 12.2 | $ | 9.7 | $ | 5.9 | $ | 7.6 | $ | 13.9 | $ | 12.3 | $ | 4.6 | $ | 11.3 | $ | 6.6 | $ | 12.2 | ||||||||||||
Bank | ||||||||||||||||||||||||||||||||||||
FHLB borrowings | $ | 2.8 | $ | 5.8 | $ | 1.0 | $ | 2.5 | $ | 0.5 | $ | 1.0 | $ | 1.8 | $ | 0.5 | $ | 5.1 | $ | 5.1 | $ | 1.7 | $ | 1.0 | ||||||||||||
Securitizations | 3.0 | — | 1.3 | — | 0.7 | 0.8 | 2.0 | 2.5 | 4.1 | 3.3 | 2.3 | — | ||||||||||||||||||||||||
CBNA Benchmark Debt | — | 2.5 | — | — | — | — | ||||||||||||||||||||||||||||||
Local country and other | 0.9 | 0.9 | 1.1 | 1.0 | 0.6 | 0.2 | 1.2 | 0.8 | 1.2 | 0.6 | 0.7 | 0.7 | ||||||||||||||||||||||||
Total bank | $ | 6.7 | $ | 6.7 | $ | 3.4 | $ | 3.5 | $ | 1.8 | $ | 2.0 | $ | 5.0 | $ | 6.3 | $ | 10.4 | $ | 9.0 | $ | 4.7 | $ | 1.7 | ||||||||||||
Total | $ | 13.6 | $ | 16.3 | $ | 15.6 | $ | 13.2 | $ | 7.7 | $ | 9.6 | $ | 18.9 | $ | 18.6 | $ | 15.0 | $ | 20.3 | $ | 11.3 | $ | 13.9 |
Maturities 2016 YTD | Maturities | |||||||||||||||||||||||||||||||||||||||||||||||||||||
In billions of dollars | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | Thereafter | Total | 1Q17 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | Thereafter | Total | |||||||||||||||||||||||||||||||||||||
Parent and other | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Benchmark debt: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Senior debt | $ | 12.7 | $ | 1.8 | $ | 14.3 | $ | 18.4 | $ | 14.6 | $ | 6.6 | $ | 11.2 | $ | 30.3 | $ | 97.1 | $ | 5.3 | $ | 8.8 | $ | 18.2 | $ | 14.1 | $ | 8.9 | $ | 14.0 | $ | 2.5 | $ | 33.7 | $ | 100.2 | ||||||||||||||||||
Subordinated debt | 3.0 | — | 1.2 | 1.0 | 1.3 | — | — | 25.3 | 28.8 | 1.2 | — | 0.9 | 1.3 | — | — | 1.1 | 22.9 | 26.3 | ||||||||||||||||||||||||||||||||||||
Trust preferred | — | — | — | — | — | — | — | 1.7 | 1.7 | — | — | — | — | — | — | — | 1.7 | 1.7 | ||||||||||||||||||||||||||||||||||||
Customer-related debt: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Structured debt | 7.7 | 1.2 | 3.5 | 2.7 | 2.1 | 2.3 | 1.9 | 9.9 | 23.6 | 6.6 | — | 4.6 | 2.7 | 2.0 | 2.3 | 1.2 | 11.4 | 24.3 | ||||||||||||||||||||||||||||||||||||
Non-structured debt | 0.4 | 0.2 | 0.5 | 0.6 | 0.2 | 0.2 | 0.1 | 1.6 | 3.5 | 0.2 | 0.4 | 0.6 | 0.1 | 0.3 | 0.1 | — | 1.4 | 2.9 | ||||||||||||||||||||||||||||||||||||
Local country and other | 2.0 | — | 0.3 | 0.2 | 0.1 | 0.1 | — | 1.9 | 2.7 | 0.6 | — | 0.7 | 0.2 | 0.1 | 0.6 | 0.3 | 0.3 | 2.0 | ||||||||||||||||||||||||||||||||||||
Total parent and other | $ | 25.8 | $ | 3.2 | $ | 19.9 | $ | 22.9 | $ | 18.3 | $ | 9.2 | $ | 13.2 | $ | 70.7 | $ | 157.4 | $ | 13.9 | $ | 9.2 | $ | 25.0 | $ | 18.4 | $ | 11.3 | $ | 17.0 | $ | 5.1 | $ | 71.4 | $ | 157.4 | ||||||||||||||||||
Bank | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
FHLB borrowings | $ | 5.5 | $ | 4.1 | $ | 8.8 | $ | 8.8 | $ | — | $ | — | $ | — | $ | — | $ | 21.6 | $ | 1.8 | $ | 6.0 | $ | 13.8 | $ | 0.6 | $ | — | $ | — | $ | — | $ | — | $ | 20.3 | ||||||||||||||||||
Securitizations | 6.6 | 5.1 | 5.3 | 8.4 | 1.9 | 0.1 | 2.5 | 1.0 | 24.4 | 2.0 | 3.3 | 9.4 | 6.5 | 0.1 | 3.8 | 0.1 | 0.9 | 24.0 | ||||||||||||||||||||||||||||||||||||
CBNA Benchmark Debt | — | — | — | 2.5 | — | — | — | — | 2.5 | |||||||||||||||||||||||||||||||||||||||||||||
Local country and other | 2.7 | 1.1 | 1.9 | 1.0 | 0.4 | 1.0 | 0.2 | 0.2 | 5.8 | 1.2 | 0.4 | 1.8 | 0.6 | 0.8 | 0.1 | 0.1 | 0.3 | 4.3 | ||||||||||||||||||||||||||||||||||||
Total bank | $ | 14.7 | $ | 10.3 | $ | 16.0 | $ | 18.2 | $ | 2.4 | $ | 1.2 | $ | 2.6 | $ | 1.2 | $ | 51.7 | $ | 5.0 | $ | 9.7 | $ | 25.0 | $ | 10.2 | $ | 0.9 | $ | 3.9 | $ | 0.2 | $ | 1.2 | $ | 51.1 | ||||||||||||||||||
Total long-term debt | $ | 40.6 | $ | 13.5 | $ | 35.8 | $ | 41.1 | $ | 20.7 | $ | 10.3 | $ | 15.8 | $ | 71.8 | $ | 209.1 | $ | 18.9 | $ | 18.9 | $ | 50.0 | $ | 28.6 | $ | 12.2 | $ | 20.9 | $ | 5.3 | $ | 72.6 | $ | 208.5 |
In billions of dollars | Sept. 30, 2016 | Jun. 30, 2016 | Sept. 30, 2015 | Mar. 31, 2017 | Dec. 31, 2016 | Mar. 31, 2016 | ||||||||||||
HQLA | $ | 403.8 | $ | 411.0 | $ | 398.9 | $ | 412.8 | $ | 403.7 | $ | 400.1 | ||||||
Net outflows | 335.3 | 339.8 | 355.6 | 334.4 | 332.5 | 333.3 | ||||||||||||
LCR | 120 | % | 121 | % | 112 | % | 123 | % | 121 | % | 120 | % | ||||||
HQLA in excess of net outflows | $ | 68.5 | $ | 71.2 | $ | 43.3 | $ | 78.4 | $ | 71.3 | $ | 66.8 |
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-1 |
In millions of dollars (unless otherwise noted) | Sept. 30, 2016 | Jun. 30, 2016 | Sept. 30, 2015 | Mar. 31, 2017 | Dec. 31, 2016 | Mar. 31, 2016 | ||||||||||||
Estimated annualized impact to net interest revenue | ||||||||||||||||||
U.S. dollar(1) | $ | 1,405 | $ | 1,394 | $ | 1,533 | $ | 1,644 | $ | 1,586 | $ | 1,362 | ||||||
All other currencies | 574 | 590 | 616 | 581 | 550 | 587 | ||||||||||||
Total | $ | 1,979 | $ | 1,984 | $ | 2,149 | $ | 2,225 | $ | 2,136 | $ | 1,949 | ||||||
As a percentage of average interest-earning assets | 0.12 | % | 0.12 | % | 0.13 | % | 0.14 | % | 0.13 | % | 0.13 | % | ||||||
Estimated initial impact to AOCI (after-tax)(2) | $ | (4,868 | ) | $ | (4,628 | ) | $ | (4,450 | ) | $ | (3,830 | ) | $ | (4,671 | ) | $ | (4,950 | ) |
Estimated initial impact on Common Equity Tier 1 Capital ratio (bps)(3) | (53 | ) | (52 | ) | (50 | ) | (43 | ) | (53 | ) | (57 | ) |
(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 DTA 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 | $ | 1,405 | $ | 1,325 | $ | 124 | $ | (167 | ) | $ | 1,644 | $ | 1,533 | $ | 96 | $ | (114 | ) | ||||||
All other currencies | 574 | 561 | 34 | (34 | ) | 581 | 536 | 33 | (33 | ) | ||||||||||||||
Total | $ | 1,979 | $ | 1,886 | $ | 158 | $ | (201 | ) | $ | 2,225 | $ | 2,069 | $ | 129 | $ | (147 | ) | ||||||
Estimated initial impact to AOCI (after-tax)(1) | $ | (4,868 | ) | $ | (3,035 | ) | $ | (1,930 | ) | $ | 1,495 | $ | (3,830 | ) | $ | (2,430 | ) | $ | (1,550 | ) | $ | 1,261 | ||
Estimated initial impact to Common Equity Tier 1 Capital ratio (bps)(2) | (53 | ) | (33 | ) | (22 | ) | 16 | (43 | ) | (27 | ) | (18 | ) | 14 |
(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) | Sept. 30, 2016 | Jun. 30, 2016 | Sept. 30, 2015 | Mar. 31, 2017 | Dec. 31, 2016 | Mar. 31, 2016 | ||||||||||||
Change in FX spot rate(1) | (0.2 | )% | (0.9 | )% | (6.0 | )% | 4.5 | % | (5.2 | )% | 2.1 | % | ||||||
Change in TCE due to FX translation, net of hedges | $ | (412 | ) | $ | (441 | ) | $ | (2,010 | ) | $ | 654 | $ | (1,668 | ) | $ | 396 | ||
As a percentage of TCE | (0.2 | )% | (0.2 | )% | (1.1 | )% | 0.4 | % | (0.9 | )% | 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) | (2 | ) | 2 | (5 | ) | (2 | ) | — | (1 | ) |
(1) | FX spot rate change is a weighted average based upon Citi’s quarterly average GAAP capital exposure to foreign countries. |
3rd Qtr. | 2nd Qtr. | 3rd Qtr. | Change | 1st Qtr. | 4th Qtr. | 1st Qtr. | Change | |||||||||||||||||||||||
In millions of dollars, except as otherwise noted | 2016 | 2016 | 2015 | 3Q16 vs. 3Q15 | 2017 | 2016 | 2016 | 1Q17 vs. 1Q16 | ||||||||||||||||||||||
Interest revenue(1) | $ | 14,767 | $ | 14,473 | $ | 14,832 | — | % | $ | 14,546 | $ | 14,551 | $ | 14,286 | 2 | % | ||||||||||||||
Interest expense | 3,174 | 3,120 | 2,941 | 8 | ||||||||||||||||||||||||||
Interest expense(2) | 3,566 | 3,277 | 2,940 | 21 | ||||||||||||||||||||||||||
Net interest revenue | $ | 11,593 | $ | 11,353 | $ | 11,891 | (3 | )% | $ | 10,980 | $ | 11,274 | $ | 11,346 | (3 | )% | ||||||||||||||
Interest revenue—average rate | 3.65 | % | 3.65 | % | 3.67 | % | (2 | ) | bps | 3.63 | % | 3.60 | % | 3.68 | % | (5 | ) | bps | ||||||||||||
Interest expense—average rate | 1.03 | 1.04 | 0.93 | 10 | bps | 1.16 | 1.06 | 0.99 | 17 | bps | ||||||||||||||||||||
Net interest margin | 2.86 | 2.86 | 2.94 | (8 | ) | bps | 2.74 | 2.79 | 2.92 | (18 | ) | bps | ||||||||||||||||||
Interest-rate benchmarks | ||||||||||||||||||||||||||||||
Two-year U.S. Treasury note—average rate | 0.73 | % | 0.77 | % | 0.69 | % | 4 | bps | 1.24 | % | 1.01 | % | 0.84 | % | 40 | bps | ||||||||||||||
10-year U.S. Treasury note—average rate | 1.56 | 1.75 | 2.22 | (66 | ) | bps | 2.45 | 2.14 | 1.91 | 54 | bps | |||||||||||||||||||
10-year vs. two-year spread | 83 | bps | 98 | bps | 153 | bps | 121 | bps | 113 | bps | 107 | 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 |
(2) |
Average volume | Interest revenue | % Average rate | Average volume | Interest revenue | % Average rate | |||||||||||||||||||||||||||||||||||||||||||
3rd Qtr. | 2nd Qtr. | 3rd Qtr. | 3rd Qtr. | 2nd Qtr. | 3rd Qtr. | 3rd Qtr. | 2nd Qtr. | 3rd Qtr. | 1st Qtr. | 4th Qtr. | 1st Qtr. | 1st Qtr. | 4th Qtr. | 1st Qtr. | 1st Qtr. | 4th Qtr. | 1st Qtr. | |||||||||||||||||||||||||||||||
In millions of dollars, except rates | 2016 | 2016 | 2015 | 2016 | 2016 | 2015 | 2016 | 2016 | 2015 | 2017 | 2016 | 2016 | 2017 | 2016 | 2016 | 2017 | 2016 | |||||||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||||||||||||||||||
Deposits with banks | $ | 131,571 | $ | 135,245 | $ | 139,349 | $ | 247 | $ | 237 | $ | 187 | 0.75 | % | 0.70 | % | 0.53 | % | $ | 154,765 | $ | 143,119 | $ | 117,765 | $ | 295 | $ | 268 | $ | 219 | 0.77 | % | 0.74 | % | 0.75 | % | ||||||||||||
Federal funds sold and securities borrowed or purchased under agreements to resell | ||||||||||||||||||||||||||||||||||||||||||||||||
In U.S. offices | $ | 146,581 | $ | 148,511 | $ | 150,455 | $ | 387 | $ | 362 | $ | 313 | 1.05 | % | 0.98 | % | 0.83 | % | $ | 144,003 | $ | 145,799 | $ | 150,044 | $ | 368 | $ | 360 | $ | 374 | 1.04 | % | 0.98 | % | 1.00 | % | ||||||||||||
In offices outside the U.S.(5) | 88,415 | 84,018 | 83,376 | 249 | 302 | 343 | 1.12 | % | 1.45 | % | 1.63 | % | ||||||||||||||||||||||||||||||||||||
In offices outside the U.S.(4) | 103,032 | 89,565 | 78,571 | 293 | 236 | 273 | 1.15 | % | 1.05 | % | 1.40 | % | ||||||||||||||||||||||||||||||||||||
Total | $ | 234,996 | $ | 232,529 | $ | 233,831 | $ | 636 | $ | 664 | $ | 656 | 1.08 | % | 1.15 | % | 1.11 | % | $ | 247,035 | $ | 235,364 | $ | 228,615 | $ | 661 | $ | 596 | $ | 647 | 1.09 | % | 1.01 | % | 1.14 | % | ||||||||||||
Trading account assets | ||||||||||||||||||||||||||||||||||||||||||||||||
In U.S. offices | $ | 109,039 | $ | 108,602 | $ | 114,360 | $ | 912 | $ | 970 | $ | 1,024 | 3.33 | % | 3.59 | % | 3.55 | % | $ | 101,836 | $ | 100,473 | $ | 104,982 | $ | 884 | $ | 956 | $ | 953 | 3.52 | % | 3.79 | % | 3.65 | % | ||||||||||||
In offices outside the U.S.(5) | 100,825 | 101,075 | 95,827 | 559 | 603 | 507 | 2.21 | % | 2.40 | % | 2.10 | % | ||||||||||||||||||||||||||||||||||||
In offices outside the U.S.(4) | 94,015 | 94,309 | 90,623 | 423 | 415 | 518 | 1.82 | % | 1.75 | % | 2.30 | % | ||||||||||||||||||||||||||||||||||||
Total | $ | 209,864 | $ | 209,677 | $ | 210,187 | $ | 1,471 | $ | 1,573 | $ | 1,531 | 2.79 | % | 3.02 | % | 2.89 | % | $ | 195,851 | $ | 194,782 | $ | 195,605 | $ | 1,307 | $ | 1,371 | $ | 1,471 | 2.71 | % | 2.80 | % | 3.02 | % | ||||||||||||
Investments | ||||||||||||||||||||||||||||||||||||||||||||||||
In U.S. offices | ||||||||||||||||||||||||||||||||||||||||||||||||
Taxable | $ | 228,337 | $ | 225,279 | $ | 211,722 | $ | 990 | $ | 991 | $ | 941 | 1.72 | % | 1.77 | % | 1.76 | % | $ | 221,450 | $ | 220,461 | $ | 228,980 | $ | 1,034 | $ | 999 | $ | 1,000 | 1.89 | % | 1.80 | % | 1.76 | % | ||||||||||||
Exempt from U.S. income tax | 19,102 | 19,010 | 19,745 | 162 | 170 | 101 | 3.37 | % | 3.60 | % | 2.03 | % | 18,680 | 18,802 | 19,400 | 196 | 192 | 169 | 4.26 | % | 4.06 | % | 3.50 | % | ||||||||||||||||||||||||
In offices outside the U.S.(5) | 107,350 | 107,235 | 103,656 | 794 | 837 | 760 | 2.94 | % | 3.14 | % | 2.91 | % | ||||||||||||||||||||||||||||||||||||
In offices outside the U.S.(4) | 107,225 | 106,289 | 103,763 | 789 | 772 | 754 | 2.98 | % | 2.89 | % | 2.92 | % | ||||||||||||||||||||||||||||||||||||
Total | $ | 354,789 | $ | 351,524 | $ | 335,123 | $ | 1,946 | $ | 1,998 | $ | 1,802 | 2.18 | % | 2.29 | % | 2.13 | % | $ | 347,355 | $ | 345,552 | $ | 352,143 | $ | 2,019 | $ | 1,963 | $ | 1,923 | 2.36 | % | 2.26 | % | 2.20 | % | ||||||||||||
Loans (net of unearned income)(9) | ||||||||||||||||||||||||||||||||||||||||||||||||
In U.S. offices | $ | 368,372 | $ | 353,422 | $ | 354,572 | $ | 6,272 | $ | 5,793 | $ | 6,472 | 6.77 | % | 6.59 | % | 7.24 | % | $ | 367,397 | $ | 371,928 | $ | 350,107 | $ | 6,273 | $ | 6,302 | $ | 5,873 | 6.92 | % | 6.74 | % | 6.75 | % | ||||||||||||
In offices outside the U.S.(5) | 267,399 | 267,226 | 268,633 | 3,974 | 3,972 | 3,523 | 5.91 | % | 5.98 | % | 5.20 | % | ||||||||||||||||||||||||||||||||||||
In offices outside the U.S.(4) | 255,941 | 254,100 | 262,133 | 3,697 | 3,731 | 3,901 | 5.86 | % | 5.84 | % | 5.99 | % | ||||||||||||||||||||||||||||||||||||
Total | $ | 635,771 | $ | 620,648 | $ | 623,205 | $ | 10,246 | $ | 9,765 | $ | 9,995 | 6.41 | % | 6.33 | % | 6.36 | % | $ | 623,338 | $ | 626,028 | $ | 612,240 | $ | 9,970 | $ | 10,033 | $ | 9,774 | 6.49 | % | 6.38 | % | 6.42 | % | ||||||||||||
Other interest-earning assets(10) | $ | 44,010 | $ | 45,639 | $ | 60,459 | $ | 221 | $ | 236 | $ | 661 | 2.00 | % | 2.08 | % | 4.34 | % | ||||||||||||||||||||||||||||||
Other interest-earning assets(9) | $ | 56,733 | $ | 62,602 | $ | 56,260 | $ | 294 | $ | 320 | $ | 252 | 2.10 | % | 2.03 | % | 1.80 | % | ||||||||||||||||||||||||||||||
Total interest-earning assets | $ | 1,611,001 | $ | 1,595,262 | $ | 1,602,154 | $ | 14,767 | $ | 14,473 | $ | 14,832 | 3.65 | % | 3.65 | % | 3.67 | % | $ | 1,625,077 | $ | 1,607,447 | $ | 1,562,628 | $ | 14,546 | $ | 14,551 | $ | 14,286 | 3.63 | % | 3.60 | % | 3.68 | % | ||||||||||||
Non-interest-earning assets | $ | 219,213 | $ | 212,050 | $ | 216,136 | $ | 205,477 | $ | 212,355 | $ | 214,943 | ||||||||||||||||||||||||||||||||||||
Total assets | $ | 1,830,214 | $ | 1,807,312 | $ | 1,818,290 | $ | 1,830,554 | $ | 1,819,802 | $ | 1,777,571 |
(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 |
(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) |
Average rates reflect prevailing local interest rates, including inflationary effects and monetary corrections in certain countries. |
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. |
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. |
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. |
Includes cash-basis loans. |
Includes brokerage receivables. |
Average volume | Interest expense | % Average rate | Average volume | Interest expense | % Average rate | |||||||||||||||||||||||||||||||||||||||||||
3rd Qtr. | 2nd Qtr. | 3rd Qtr. | 3rd Qtr. | 2nd Qtr. | 3rd Qtr. | 3rd Qtr. | 2nd Qtr. | 3rd Qtr. | 1st Qtr. | 4th Qtr. | 1st Qtr. | 1st Qtr. | 4th Qtr. | 1st Qtr. | 1st Qtr. | 4th Qtr. | 1st Qtr. | |||||||||||||||||||||||||||||||
In millions of dollars, except rates | 2016 | 2016 | 2015 | 2016 | 2016 | 2015 | 2016 | 2016 | 2015 | 2017 | 2016 | 2016 | 2017 | 2016 | 2016 | 2017 | 2016 | |||||||||||||||||||||||||||||||
Liabilities | ||||||||||||||||||||||||||||||||||||||||||||||||
Deposits | ||||||||||||||||||||||||||||||||||||||||||||||||
In U.S. offices | $ | 296,999 | $ | 286,653 | $ | 271,141 | $ | 470 | $ | 371 | $ | 311 | 0.63 | % | 0.52 | % | 0.46 | % | $ | 302,294 | $ | 293,969 | $ | 277,648 | $ | 507 | $ | 473 | $ | 316 | 0.68 | % | 0.64 | % | 0.46 | % | ||||||||||||
In offices outside the U.S.(6) | 434,232 | 435,242 | 425,741 | 973 | 935 | 904 | 0.89 | % | 0.86 | % | 0.84 | % | ||||||||||||||||||||||||||||||||||||
In offices outside the U.S.(5) | 428,743 | 424,902 | 424,055 | 908 | 874 | 888 | 0.86 | % | 0.82 | % | 0.84 | % | ||||||||||||||||||||||||||||||||||||
Total | $ | 731,231 | $ | 721,895 | $ | 696,882 | $ | 1,443 | $ | 1,306 | $ | 1,215 | 0.79 | % | 0.73 | % | 0.69 | % | $ | 731,037 | $ | 718,871 | $ | 701,703 | $ | 1,415 | $ | 1,347 | $ | 1,204 | 0.78 | % | 0.75 | % | 0.69 | % | ||||||||||||
Federal funds purchased and securities loaned or sold under agreements to repurchase | ||||||||||||||||||||||||||||||||||||||||||||||||
In U.S. offices | $ | 99,924 | $ | 103,517 | $ | 111,629 | $ | 267 | $ | 260 | $ | 177 | 1.06 | % | 1.01 | % | 0.63 | % | $ | 94,461 | $ | 94,922 | $ | 103,523 | $ | 282 | $ | 237 | $ | 260 | 1.21 | % | 0.99 | % | 1.01 | % | ||||||||||||
In offices outside the U.S.(6) | 58,060 | 57,685 | 62,616 | 192 | 267 | 202 | 1.32 | % | 1.86 | % | 1.28 | % | ||||||||||||||||||||||||||||||||||||
In offices outside the U.S.(5) | 54,425 | 55,215 | 59,392 | 211 | 187 | 242 | 1.57 | % | 1.35 | % | 1.64 | % | ||||||||||||||||||||||||||||||||||||
Total | $ | 157,984 | $ | 161,202 | $ | 174,245 | $ | 459 | $ | 527 | $ | 379 | 1.16 | % | 1.31 | % | 0.86 | % | $ | 148,886 | $ | 150,137 | $ | 162,915 | $ | 493 | $ | 424 | $ | 502 | 1.34 | % | 1.12 | % | 1.24 | % | ||||||||||||
Trading account liabilities | ||||||||||||||||||||||||||||||||||||||||||||||||
In U.S. offices | $ | 33,600 | $ | 27,420 | $ | 24,673 | $ | 65 | $ | 64 | $ | 29 | 0.77 | % | 0.94 | % | 0.47 | % | $ | 32,215 | $ | 33,266 | $ | 23,636 | $ | 84 | $ | 61 | $ | 52 | 1.06 | % | 0.73 | % | 0.88 | % | ||||||||||||
In offices outside the U.S.(6) | 42,637 | 45,960 | 45,797 | 37 | 32 | 28 | 0.35 | % | 0.28 | % | 0.24 | % | ||||||||||||||||||||||||||||||||||||
In offices outside the U.S.(5) | 59,667 | 48,404 | 41,676 | 63 | 63 | 36 | 0.43 | % | 0.52 | % | 0.35 | % | ||||||||||||||||||||||||||||||||||||
Total | $ | 76,237 | $ | 73,380 | $ | 70,470 | $ | 102 | $ | 96 | $ | 57 | 0.53 | % | 0.53 | % | 0.32 | % | $ | 91,882 | $ | 81,670 | $ | 65,312 | $ | 147 | $ | 124 | $ | 88 | 0.65 | % | 0.60 | % | 0.54 | % | ||||||||||||
Short-term borrowings(10) | ||||||||||||||||||||||||||||||||||||||||||||||||
Short-term borrowings(9) | ||||||||||||||||||||||||||||||||||||||||||||||||
In U.S. offices | $ | 61,019 | $ | 54,825 | $ | 65,368 | $ | 51 | $ | 43 | $ | 100 | 0.33 | % | 0.32 | % | 0.61 | % | $ | 71,607 | $ | 71,381 | $ | 56,834 | $ | 85 | $ | 79 | $ | 29 | 0.48 | % | 0.44 | % | 0.21 | % | ||||||||||||
In offices outside the U.S.(6) | 20,285 | 10,253 | 66,653 | 39 | 66 | 59 | 0.76 | % | 2.59 | % | 0.35 | % | ||||||||||||||||||||||||||||||||||||
In offices outside the U.S.(5) | 24,006 | 23,554 | 22,642 | 114 | 98 | 71 | 1.93 | % | 1.66 | % | 1.26 | % | ||||||||||||||||||||||||||||||||||||
Total | $ | 81,304 | $ | 65,078 | $ | 132,021 | $ | 90 | $ | 109 | $ | 159 | 0.44 | % | 0.67 | % | 0.48 | % | $ | 95,613 | $ | 94,935 | $ | 79,476 | $ | 199 | $ | 177 | $ | 100 | 0.84 | % | 0.74 | % | 0.51 | % | ||||||||||||
Long-term debt(11) | ||||||||||||||||||||||||||||||||||||||||||||||||
Long-term debt(10) | ||||||||||||||||||||||||||||||||||||||||||||||||
In U.S. offices | $ | 175,427 | $ | 175,506 | $ | 179,575 | $ | 1,028 | $ | 1,009 | $ | 1,080 | 2.33 | % | 2.31 | % | 2.39 | % | $ | 178,656 | $ | 178,006 | $ | 172,429 | $ | 1,255 | $ | 1,148 | $ | 995 | 2.85 | % | 2.57 | % | 2.32 | % | ||||||||||||
In offices outside the U.S.(6) | 6,506 | 6,714 | 8,061 | 52 | 73 | 51 | 3.18 | % | 4.37 | % | 2.51 | % | ||||||||||||||||||||||||||||||||||||
In offices outside the U.S.(5) | 5,313 | 5,631 | 6,854 | 57 | 57 | 51 | 4.35 | % | 4.03 | % | 2.99 | % | ||||||||||||||||||||||||||||||||||||
Total | $ | 181,933 | $ | 182,220 | $ | 187,636 | $ | 1,080 | $ | 1,082 | $ | 1,131 | 2.36 | % | 2.39 | % | 2.39 | % | $ | 183,969 | $ | 183,637 | $ | 179,283 | $ | 1,312 | $ | 1,205 | $ | 1,046 | 2.89 | % | 2.61 | % | 2.35 | % | ||||||||||||
Total interest-bearing liabilities | $ | 1,228,689 | $ | 1,203,775 | $ | 1,261,254 | $ | 3,174 | $ | 3,120 | $ | 2,941 | 1.03 | % | 1.04 | % | 0.93 | % | $ | 1,251,387 | $ | 1,229,250 | $ | 1,188,689 | $ | 3,566 | $ | 3,277 | $ | 2,940 | 1.16 | % | 1.06 | % | 0.99 | % | ||||||||||||
Demand deposits in U.S. offices | $ | 40,466 | $ | 38,979 | $ | 27,781 | $ | 37,748 | $ | 41,699 | $ | 31,336 | ||||||||||||||||||||||||||||||||||||
Other non-interest-bearing liabilities | 328,405 | 335,243 | 308,167 | 314,106 | 319,567 | 332,065 | ||||||||||||||||||||||||||||||||||||||||||
Total liabilities | $ | 1,597,560 | $ | 1,577,997 | $ | 1,597,202 | $ | 1,603,241 | $ | 1,590,516 | $ | 1,552,090 | ||||||||||||||||||||||||||||||||||||
Citigroup stockholders’ equity(12) | $ | 231,574 | $ | 228,149 | $ | 219,839 | ||||||||||||||||||||||||||||||||||||||||||
Citigroup stockholders’ equity(11) | $ | 226,312 | $ | 228,218 | $ | 224,320 | ||||||||||||||||||||||||||||||||||||||||||
Noncontrolling interest | 1,080 | 1,166 | 1,249 | 1,001 | 1,068 | 1,161 | ||||||||||||||||||||||||||||||||||||||||||
Total equity(12) | $ | 232,654 | $ | 229,315 | $ | 221,088 | ||||||||||||||||||||||||||||||||||||||||||
Total equity(11) | $ | 227,313 | $ | 229,286 | $ | 225,481 | ||||||||||||||||||||||||||||||||||||||||||
Total liabilities and stockholders’ equity | $ | 1,830,214 | $ | 1,807,312 | $ | 1,818,290 | $ | 1,830,554 | $ | 1,819,802 | $ | 1,777,571 | ||||||||||||||||||||||||||||||||||||
Net interest revenue as a percentage of average interest-earning assets(13) | ||||||||||||||||||||||||||||||||||||||||||||||||
Net interest revenue as a percentage of average interest-earning assets(12) | ||||||||||||||||||||||||||||||||||||||||||||||||
In U.S. offices | $ | 871,431 | $ | 854,825 | $ | 940,283 | $ | 7,092 | $ | 6,816 | $ | 7,252 | 3.24 | % | 3.21 | % | 3.06 | % | $ | 959,115 | $ | 960,324 | $ | 940,526 | $ | 6,837 | $ | 7,105 | $ | 6,953 | 2.89 | % | 2.94 | % | 2.97 | % | ||||||||||||
In offices outside the U.S.(6) | 739,570 | 740,437 | 661,871 | 4,501 | 4,537 | 4,639 | 2.42 | 2.46 | 2.78 | 665,962 | 647,123 | 622,102 | 4,143 | 4,169 | 4,393 | 2.52 | 2.56 | 2.84 | ||||||||||||||||||||||||||||||
Total | $ | 1,611,001 | $ | 1,595,262 | $ | 1,602,154 | $ | 11,593 | $ | 11,353 | $ | 11,891 | 2.86 | % | 2.86 | % | 2.94 | % | $ | 1,625,077 | $ | 1,607,447 | $ | 1,562,628 | $ | 10,980 | $ | 11,274 | $ | 11,346 | 2.74 | % | 2.79 | % | 2.92 | % |
(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 |
(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) |
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. |
Average rates reflect prevailing local interest rates, including inflationary effects and monetary corrections in certain countries. |
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. |
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. |
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. |
Includes brokerage payables. |
Average volume | Interest revenue | % Average rate | ||||||||||||||
Nine Months | Nine Months | Nine Months | Nine Months | Nine Months | Nine Months | |||||||||||
In millions of dollars, except rates | 2016 | 2015 | 2016 | 2015 | 2016 | 2015 | ||||||||||
Assets | ||||||||||||||||
Deposits with banks(5) | $ | 128,194 | $ | 137,721 | $ | 703 | $ | 538 | 0.73 | % | 0.52 | % | ||||
Federal funds sold and securities borrowed or purchased under agreements to resell(6) | ||||||||||||||||
In U.S. offices | $ | 148,379 | $ | 150,370 | $ | 1,123 | $ | 903 | 1.01 | % | 0.80 | % | ||||
In offices outside the U.S.(5) | 83,668 | 86,645 | 824 | 1,059 | 1.32 | % | 1.63 | % | ||||||||
Total | $ | 232,047 | $ | 237,015 | $ | 1,947 | $ | 1,962 | 1.12 | % | 1.11 | % | ||||
Trading account assets(7)(8) | ||||||||||||||||
In U.S. offices | $ | 107,541 | $ | 116,735 | $ | 2,835 | $ | 2,927 | 3.52 | % | 3.35 | % | ||||
In offices outside the U.S.(5) | 100,339 | 105,942 | 1,680 | 1,694 | 2.24 | % | 2.14 | % | ||||||||
Total | $ | 207,880 | $ | 222,677 | $ | 4,515 | $ | 4,621 | 2.90 | % | 2.77 | % | ||||
Investments | ||||||||||||||||
In U.S. offices | ||||||||||||||||
Taxable | $ | 227,532 | $ | 213,107 | $ | 2,981 | $ | 2,854 | 1.75 | % | 1.79 | % | ||||
Exempt from U.S. income tax | 19,171 | 20,101 | 501 | 283 | 3.49 | % | 1.88 | % | ||||||||
In offices outside the U.S.(5) | 106,116 | 101,623 | 2,385 | 2,289 | 3.00 | % | 3.01 | % | ||||||||
Total | $ | 352,819 | $ | 334,831 | $ | 5,867 | $ | 5,426 | 2.22 | % | 2.17 | % | ||||
Loans (net of unearned income)(9) | ||||||||||||||||
In U.S. offices | $ | 357,300 | $ | 353,434 | $ | 17,938 | $ | 19,132 | 6.71 | % | 7.24 | % | ||||
In offices outside the U.S.(5) | 265,586 | 274,931 | 11,847 | 11,439 | 5.96 | % | 5.56 | % | ||||||||
Total | $ | 622,886 | $ | 628,365 | $ | 29,785 | $ | 30,571 | 6.39 | % | 6.50 | % | ||||
Other interest-earning assets(10) | $ | 45,805 | $ | 56,205 | $ | 709 | $ | 1,432 | 2.07 | % | 3.41 | % | ||||
Total interest-earning assets | $ | 1,589,631 | $ | 1,616,814 | $ | 43,526 | $ | 44,550 | 3.66 | % | 3.68 | % | ||||
Non-interest-earning assets(7) | $ | 215,402 | $ | 220,217 | ||||||||||||
Total assets | $ | 1,805,033 | $ | 1,837,031 |
Average volume | Interest expense | % Average rate | ||||||||||||||
Nine Months | Nine Months | Nine Months | Nine Months | Nine Months | Nine Months | |||||||||||
In millions of dollars, except rates | 2016 | 2015 | 2016 | 2015 | 2016 | 2015 | ||||||||||
Liabilities | ||||||||||||||||
Deposits | ||||||||||||||||
In U.S. offices(5) | $ | 287,100 | $ | 274,111 | $ | 1,157 | $ | 997 | 0.54 | % | 0.49 | % | ||||
In offices outside the U.S.(6) | 431,176 | 424,641 | 2,796 | 2,831 | 0.87 | % | 0.89 | % | ||||||||
Total | $ | 718,276 | $ | 698,752 | $ | 3,953 | $ | 3,828 | 0.74 | % | 0.73 | % | ||||
Federal funds purchased and securities loaned or sold under agreements to repurchase(7) | ||||||||||||||||
In U.S. offices | $ | 102,321 | $ | 110,238 | $ | 787 | $ | 523 | 1.03 | % | 0.63 | % | ||||
In offices outside the U.S.(6) | 58,379 | 67,979 | 701 | 675 | 1.60 | % | 1.33 | % | ||||||||
Total | $ | 160,700 | $ | 178,217 | $ | 1,488 | $ | 1,198 | 1.24 | % | 0.90 | % | ||||
Trading account liabilities(8)(9) | ||||||||||||||||
In U.S. offices | $ | 28,219 | $ | 26,240 | $ | 181 | $ | 79 | 0.86 | % | 0.40 | % | ||||
In offices outside the U.S.(6) | 43,424 | 45,976 | 105 | 79 | 0.32 | % | 0.23 | % | ||||||||
Total | $ | 71,643 | $ | 72,216 | $ | 286 | $ | 158 | 0.53 | % | 0.29 | % | ||||
Short-term borrowings(10) | ||||||||||||||||
In U.S. offices | $ | 57,559 | $ | 67,708 | $ | 123 | $ | 194 | 0.29 | % | 0.38 | % | ||||
In offices outside the U.S.(6) | 17,727 | 57,438 | 177 | 242 | 1.33 | % | 0.56 | % | ||||||||
Total | $ | 75,286 | $ | 125,146 | $ | 300 | $ | 436 | 0.53 | % | 0.47 | % | ||||
Long-term debt(11) | ||||||||||||||||
In U.S. offices | $ | 174,454 | $ | 183,882 | $ | 3,031 | $ | 3,247 | 2.32 | % | 2.36 | % | ||||
In offices outside the U.S.(6) | 6,691 | 7,487 | 176 | 153 | 3.51 | % | 2.73 | % | ||||||||
Total | $ | 181,145 | $ | 191,369 | $ | 3,207 | $ | 3,400 | 2.36 | % | 2.38 | % | ||||
Total interest-bearing liabilities | $ | 1,207,050 | $ | 1,265,700 | $ | 9,234 | $ | 9,020 | 1.02 | % | 0.95 | % | ||||
Demand deposits in U.S. offices | $ | 36,927 | $ | 25,490 | ||||||||||||
Other non-interest-bearing liabilities(8) | 331,906 | 327,998 | ||||||||||||||
Total liabilities | $ | 1,575,883 | $ | 1,619,188 | ||||||||||||
Citigroup stockholders’ equity(12) | $ | 228,014 | $ | 216,498 | ||||||||||||
Noncontrolling interest | 1,136 | 1,345 | ||||||||||||||
Total equity(12) | $ | 229,150 | $ | 217,843 | ||||||||||||
Total liabilities and stockholders’ equity | $ | 1,805,033 | $ | 1,837,031 | ||||||||||||
Net interest revenue as a percentage of average interest-earning assets | ||||||||||||||||
In U.S. offices | $ | 859,924 | $ | 922,720 | $ | 20,894 | $ | 21,342 | 3.25 | % | 3.09 | % | ||||
In offices outside the U.S.(6) | 729,707 | 694,094 | 13,398 | 14,188 | 2.45 | % | 2.73 | % | ||||||||
Total | $ | 1,589,631 | $ | 1,616,814 | $ | 34,292 | $ | 35,530 | 2.88 | % | 2.94 | % |
(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 |
(12) | Includes allocations for capital and funding costs based on the location of the asset. |
3rd Qtr. 2016 vs. 2nd Qtr. 2016 | 3rd Qtr. 2016 vs. 3rd Qtr. 2015 | 1st Qtr. 2017 vs. 4th Qtr. 2016 | 1st Qtr. 2017 vs. 1st Qtr. 2016 | |||||||||||||||||||||||||||||||||
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 | ) | $ | 17 | $ | 10 | $ | (11 | ) | $ | 71 | $ | 60 | $ | 22 | $ | 5 | $ | 27 | $ | 70 | $ | 6 | $ | 76 | ||||||||||
Federal funds sold and securities borrowed or purchased under agreements to resell | ||||||||||||||||||||||||||||||||||||
In U.S. offices | $ | (5 | ) | $ | 30 | $ | 25 | $ | (8 | ) | $ | 82 | $ | 74 | $ | (4 | ) | $ | 12 | $ | 8 | $ | (15 | ) | $ | 9 | $ | (6 | ) | |||||||
In offices outside the U.S.(4) | 15 | (68 | ) | (53 | ) | 20 | (114 | ) | (94 | ) | 37 | 20 | 57 | 75 | (55 | ) | 20 | |||||||||||||||||||
Total | $ | 10 | $ | (38 | ) | $ | (28 | ) | $ | 12 | $ | (32 | ) | $ | (20 | ) | $ | 33 | $ | 32 | $ | 65 | $ | 60 | $ | (46 | ) | $ | 14 | |||||||
Trading account assets(5) | ||||||||||||||||||||||||||||||||||||
In U.S. offices | $ | 4 | $ | (62 | ) | $ | (58 | ) | $ | (46 | ) | $ | (66 | ) | $ | (112 | ) | $ | 13 | $ | (85 | ) | $ | (72 | ) | $ | (28 | ) | $ | (41 | ) | $ | (69 | ) | ||
In offices outside the U.S.(4) | (1 | ) | (43 | ) | (44 | ) | 27 | 25 | 52 | (1 | ) | 9 | 8 | 19 | (114 | ) | (95 | ) | ||||||||||||||||||
Total | $ | 3 | $ | (105 | ) | $ | (102 | ) | $ | (19 | ) | $ | (41 | ) | $ | (60 | ) | $ | 12 | $ | (76 | ) | $ | (64 | ) | $ | (9 | ) | $ | (155 | ) | $ | (164 | ) | ||
Investments(1) | ||||||||||||||||||||||||||||||||||||
In U.S. offices | $ | 15 | $ | (24 | ) | $ | (9 | ) | $ | 74 | $ | 36 | $ | 110 | $ | 4 | $ | 35 | $ | 39 | $ | (40 | ) | $ | 101 | $ | 61 | |||||||||
In offices outside the U.S.(4) | 1 | (44 | ) | (43 | ) | 27 | 7 | 34 | 7 | 10 | 17 | 25 | 10 | 35 | ||||||||||||||||||||||
Total | $ | 16 | $ | (68 | ) | $ | (52 | ) | $ | 101 | $ | 43 | $ | 144 | $ | 11 | $ | 45 | $ | 56 | $ | (15 | ) | $ | 111 | $ | 96 | |||||||||
Loans (net of unearned income)(6) | ||||||||||||||||||||||||||||||||||||
In U.S. offices | $ | 250 | $ | 229 | $ | 479 | $ | 246 | $ | (446 | ) | $ | (200 | ) | $ | (77 | ) | $ | 48 | $ | (29 | ) | $ | 294 | $ | 106 | $ | 400 | ||||||||
In offices outside the U.S.(4) | 3 | (1 | ) | 2 | (16 | ) | 467 | 451 | 27 | (61 | ) | (34 | ) | (91 | ) | (113 | ) | (204 | ) | |||||||||||||||||
Total | $ | 253 | $ | 228 | $ | 481 | $ | 230 | $ | 21 | $ | 251 | $ | (50 | ) | $ | (13 | ) | $ | (63 | ) | $ | 203 | $ | (7 | ) | $ | 196 | ||||||||
Other interest-earning assets(7) | $ | (8 | ) | $ | (7 | ) | $ | (15 | ) | $ | (147 | ) | $ | (293 | ) | $ | (440 | ) | $ | (30 | ) | $ | 4 | $ | (26 | ) | $ | 2 | $ | 40 | $ | 42 | ||||
Total interest revenue | $ | 267 | $ | 27 | $ | 294 | $ | 166 | $ | (231 | ) | $ | (65 | ) | $ | (2 | ) | $ | (3 | ) | $ | (5 | ) | $ | 311 | $ | (51 | ) | $ | 260 |
(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. |
3rd Qtr. 2016 vs. 2nd Qtr. 2016 | 3rd Qtr. 2016 vs. 3rd Qtr. 2015 | 1st Qtr. 2017 vs. 4th Qtr. 2016 | 1st Qtr. 2017 vs. 1st Qtr. 2016 | |||||||||||||||||||||||||||||||||
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 | $ | 14 | $ | 85 | $ | 99 | $ | 32 | $ | 127 | $ | 159 | $ | 14 | $ | 20 | $ | 34 | $ | 30 | $ | 161 | $ | 191 | ||||||||||||
In offices outside the U.S.(4) | (2 | ) | 40 | 38 | 18 | 51 | 69 | 8 | 26 | 34 | 10 | 10 | 20 | |||||||||||||||||||||||
Total | $ | 12 | $ | 125 | $ | 137 | $ | 50 | $ | 178 | $ | 228 | $ | 22 | $ | 46 | $ | 68 | $ | 40 | $ | 171 | $ | 211 | ||||||||||||
Federal funds purchased and securities loaned or sold under agreements to repurchase | ||||||||||||||||||||||||||||||||||||
In U.S. offices | $ | (9 | ) | $ | 16 | $ | 7 | $ | (20 | ) | $ | 110 | $ | 90 | $ | (1 | ) | $ | 46 | $ | 45 | $ | (24 | ) | $ | 46 | $ | 22 | ||||||||
In offices outside the U.S.(4) | 2 | (77 | ) | (75 | ) | (15 | ) | 5 | (10 | ) | (3 | ) | 27 | 24 | (20 | ) | (11 | ) | (31 | ) | ||||||||||||||||
Total | $ | (7 | ) | $ | (61 | ) | $ | (68 | ) | $ | (35 | ) | $ | 115 | $ | 80 | $ | (4 | ) | $ | 73 | $ | 69 | $ | (44 | ) | $ | 35 | $ | (9 | ) | |||||
Trading account liabilities(5) | ||||||||||||||||||||||||||||||||||||
In U.S. offices | $ | 13 | $ | (12 | ) | $ | 1 | $ | 13 | $ | 23 | $ | 36 | $ | (2 | ) | $ | 25 | $ | 23 | $ | 21 | $ | 11 | $ | 32 | ||||||||||
In offices outside the U.S.(4) | (2 | ) | 7 | 5 | (2 | ) | 11 | 9 | 13 | (13 | ) | — | 18 | 9 | 27 | |||||||||||||||||||||
Total | $ | 11 | $ | (5 | ) | $ | 6 | $ | 11 | $ | 34 | $ | 45 | $ | 11 | $ | 12 | $ | 23 | $ | 39 | $ | 20 | $ | 59 | |||||||||||
Short-term borrowings(6) | ||||||||||||||||||||||||||||||||||||
In U.S. offices | $ | 5 | $ | 3 | $ | 8 | $ | (6 | ) | $ | (43 | ) | $ | (49 | ) | $ | — | $ | 6 | $ | 6 | $ | 9 | $ | 47 | $ | 56 | |||||||||
In offices outside the U.S.(4) | 38 | (65 | ) | (27 | ) | (59 | ) | 39 | (20 | ) | 2 | 14 | 16 | 5 | 38 | 43 | ||||||||||||||||||||
Total | $ | 43 | $ | (62 | ) | $ | (19 | ) | $ | (65 | ) | $ | (4 | ) | $ | (69 | ) | $ | 2 | $ | 20 | $ | 22 | $ | 14 | $ | 85 | $ | 99 | |||||||
Long-term debt | ||||||||||||||||||||||||||||||||||||
In U.S. offices | $ | — | $ | 19 | $ | 19 | $ | (25 | ) | $ | (27 | ) | $ | (52 | ) | $ | 4 | $ | 103 | $ | 107 | $ | 37 | $ | 223 | $ | 260 | |||||||||
In offices outside the U.S.(4) | (2 | ) | (19 | ) | (21 | ) | (11 | ) | 12 | 1 | (3 | ) | 3 | — | (13 | ) | 19 | 6 | ||||||||||||||||||
Total | $ | (2 | ) | $ | — | $ | (2 | ) | $ | (36 | ) | $ | (15 | ) | $ | (51 | ) | $ | 1 | $ | 106 | $ | 107 | $ | 24 | $ | 242 | $ | 266 | |||||||
Total interest expense | $ | 55 | $ | (1 | ) | $ | 54 | $ | (75 | ) | $ | 308 | $ | 233 | $ | 32 | $ | 257 | $ | 289 | $ | 73 | $ | 553 | $ | 626 | ||||||||||
Net interest revenue | $ | 212 | $ | 28 | $ | 240 | $ | 241 | $ | (539 | ) | $ | (298 | ) | $ | (34 | ) | $ | (260 | ) | $ | (294 | ) | $ | 238 | $ | (604 | ) | $ | (366 | ) |
(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. |
Nine Months 2016 vs. Nine 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) | $ | (39 | ) | $ | 204 | $ | 165 | ||
Federal funds sold and securities borrowed or purchased under agreements to resell | |||||||||
In U.S. offices | $ | (12 | ) | $ | 232 | $ | 220 | ||
In offices outside the U.S.(4) | (35 | ) | (200 | ) | (235 | ) | |||
Total | $ | (47 | ) | $ | 32 | $ | (15 | ) | |
Trading account assets(5) | |||||||||
In U.S. offices | $ | (238 | ) | $ | 146 | $ | (92 | ) | |
In offices outside the U.S.(4) | (92 | ) | 78 | (14 | ) | ||||
Total | $ | (330 | ) | $ | 224 | $ | (106 | ) | |
Investments(1) | |||||||||
In U.S. offices | $ | 186 | $ | 159 | $ | 345 | |||
In offices outside the U.S.(4) | 101 | (5 | ) | 96 | |||||
Total | $ | 287 | $ | 154 | $ | 441 | |||
Loans (net of unearned income)(6) | |||||||||
In U.S. offices | $ | 207 | $ | (1,401 | ) | $ | (1,194 | ) | |
In offices outside the U.S.(4) | (398 | ) | 806 | 408 | |||||
Total | $ | (191 | ) | $ | (595 | ) | $ | (786 | ) |
Other interest-earning assets | $ | (232 | ) | $ | (491 | ) | $ | (723 | ) |
Total interest revenue | $ | (552 | ) | $ | (472 | ) | $ | (1,024 | ) |
Deposits (7) | |||||||||
In U.S. offices | $ | 49 | $ | 111 | $ | 160 | |||
In offices outside the U.S.(4) | 43 | (78 | ) | (35 | ) | ||||
Total | $ | 92 | $ | 33 | $ | 125 | |||
Federal funds purchased and securities loaned or sold under agreements to repurchase | |||||||||
In U.S. offices | $ | (40 | ) | $ | 304 | $ | 264 | ||
In offices outside the U.S.(4) | (103 | ) | 129 | 26 | |||||
Total | $ | (143 | ) | $ | 433 | $ | 290 | ||
Trading account liabilities(5) | |||||||||
In U.S. offices | $ | 6 | $ | 96 | $ | 102 | |||
In offices outside the U.S.(4) | (5 | ) | 31 | 26 | |||||
Total | $ | 1 | $ | 127 | $ | 128 | |||
Short-term borrowings | |||||||||
In U.S. offices | $ | (26 | ) | $ | (45 | ) | $ | (71 | ) |
In offices outside the U.S.(4) | (244 | ) | 179 | (65 | ) | ||||
Total | $ | (270 | ) | $ | 134 | $ | (136 | ) | |
Long-term debt | |||||||||
In U.S. offices | $ | (164 | ) | $ | (52 | ) | $ | (216 | ) |
In offices outside the U.S.(4) | (18 | ) | 41 | 23 | |||||
Total | $ | (182 | ) | $ | (11 | ) | $ | (193 | ) |
Total interest expense | $ | (502 | ) | $ | 716 | $ | 214 | ||
Net interest revenue | $ | (50 | ) | $ | (1,188 | ) | $ | (1,238 | ) |
Third Quarter | Second Quarter | Third Quarter | First Quarter | Fourth Quarter | First Quarter | |||||||||||||||||||||||||||||||
In millions of dollars | September 30, 2016 | 2016 Average | June 30, 2016 | 2016 Average | September 30, 2015 | 2015 Average | March 31, 2017 | 2017 Average | Dec. 31, 2016 | 2016 Average | March 31, 2016 | 2016 Average | ||||||||||||||||||||||||
Interest rate | $ | 30 | $ | 34 | $ | 32 | $ | 32 | $ | 59 | $ | 40 | $ | 52 | $ | 48 | $ | 37 | $ | 33 | $ | 37 | $ | 41 | ||||||||||||
Credit spread | 73 | 62 | 61 | 60 | 64 | $ | 67 | 54 | 56 | 63 | 64 | 62 | $ | 64 | ||||||||||||||||||||||
Covariance adjustment(1) | (28 | ) | (31 | ) | (30 | ) | (26 | ) | (28 | ) | (22 | ) | (17 | ) | (17 | ) | (17 | ) | (28 | ) | (29 | ) | (27 | ) | ||||||||||||
Fully diversified interest rate and credit spread | $ | 75 | $ | 65 | $ | 63 | $ | 66 | $ | 95 | $ | 85 | $ | 89 | $ | 87 | $ | 83 | $ | 69 | $ | 70 | $ | 78 | ||||||||||||
Foreign exchange | 16 | 26 | 26 | 20 | 43 | 36 | 16 | 24 | 32 | 23 | 25 | 29 | ||||||||||||||||||||||||
Equity | 9 | 12 | 11 | 15 | 18 | 17 | 17 | 15 | 13 | 14 | 9 | 15 | ||||||||||||||||||||||||
Commodity | 22 | 23 | 23 | 20 | 17 | 17 | 23 | 23 | 27 | 27 | 17 | 14 | ||||||||||||||||||||||||
Covariance adjustment(1) | (53 | ) | (62 | ) | (59 | ) | (56 | ) | (62 | ) | (61 | ) | (53 | ) | (63 | ) | (70 | ) | (62 | ) | (62 | ) | (56 | ) | ||||||||||||
Total trading VAR—all market risk factors, including general and specific risk (excluding credit portfolios)(2) | $ | 69 | $ | 64 | $ | 64 | $ | 65 | $ | 111 | $ | 94 | $ | 92 | $ | 86 | $ | 85 | $ | 71 | $ | 59 | $ | 80 | ||||||||||||
Specific risk-only component(3) | $ | 7 | $ | 6 | $ | 9 | $ | 9 | $ | 6 | $ | 5 | $ | — | $ | 2 | $ | 3 | $ | 5 | $ | 7 | $ | 7 | ||||||||||||
Total trading VAR—general market risk factors only (excluding credit portfolios)(2) | $ | 62 | $ | 58 | $ | 55 | $ | 56 | $ | 105 | $ | 89 | $ | 92 | $ | 84 | $ | 82 | $ | 66 | $ | 52 | $ | 73 | ||||||||||||
Incremental impact of the credit portfolio(4) | $ | 21 | $ | 21 | $ | 22 | $ | 23 | $ | 29 | $ | 22 | $ | 15 | $ | 14 | $ | 20 | $ | 18 | $ | 29 | $ | 28 | ||||||||||||
Total trading and credit portfolio VAR | $ | 90 | $ | 85 | $ | 86 | $ | 88 | $ | 140 | $ | 116 | $ | 107 | $ | 100 | $ | 105 | $ | 89 | $ | 88 | $ | 108 |
(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. |
Third Quarter | Second Quarter | Third Quarter | First Quarter | Fourth Quarter | First Quarter | |||||||||||||||||||||||||||||||
2016 | 2016 | 2015 | 2017 | 2016 | ||||||||||||||||||||||||||||||||
In millions of dollars | Low | High | Low | High | Low | High | Low | High | Low | High | Low | High | ||||||||||||||||||||||||
Interest rate | $ | 27 | $ | 47 | $ | 26 | $ | 40 | $ | 30 | $ | 59 | $ | 29 | $ | 70 | $ | 25 | $ | 45 | $ | 29 | $ | 64 | ||||||||||||
Credit spread | 55 | 73 | 56 | 64 | 61 | 73 | 51 | 63 | 57 | 72 | 56 | 69 | ||||||||||||||||||||||||
Fully diversified interest rate and credit spread | $ | 59 | $ | 75 | $ | 60 | $ | 74 | $ | 72 | $ | 99 | $ | 59 | $ | 109 | $ | 61 | $ | 83 | $ | 66 | $ | 97 | ||||||||||||
Foreign exchange | 15 | 46 | 14 | 29 | 22 | 54 | 16 | 35 | 15 | 32 | 24 | 40 | ||||||||||||||||||||||||
Equity | 6 | 22 | 10 | 26 | 11 | 35 | 6 | 25 | 7 | 25 | 9 | 24 | ||||||||||||||||||||||||
Commodity | 19 | 31 | 16 | 25 | 12 | 22 | 18 | 30 | 21 | 33 | 10 | 18 | ||||||||||||||||||||||||
Total trading | $ | 53 | $ | 72 | $ | 55 | $ | 76 | $ | 78 | $ | 111 | $ | 61 | $ | 107 | $ | 58 | $ | 85 | $ | 59 | $ | 106 | ||||||||||||
Total trading and credit portfolio | 72 | 97 | 79 | 98 | 95 | 140 | 75 | 123 | 78 | 105 | 85 | 131 |
In millions of dollars | Sept. 30, 2016 | Mar. 31, 2017 | ||||
Total—all market risk factors, including general and specific risk | $ | 67 | $ | 91 | ||
Average—during quarter | $ | 63 | $ | 81 | ||
High—during quarter | 76 | 95 | ||||
Low—during quarter | 51 | 64 |
In billions of dollars | 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 3Q16 | Total as of 2Q16 | Total as of 4Q15 | 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 1Q17 | Total as of 4Q16 | Total as of 1Q16 | ||||||||||||||||||||||||||||||||||||||||||||
United Kingdom | $ | 33.0 | $ | — | $ | 3.0 | $ | 56.2 | $ | 13.0 | $ | (2.9 | ) | $ | 10.8 | $ | (0.9 | ) | $ | 112.2 | $ | 108.4 | $ | 110.4 | $ | 31.4 | $ | — | $ | 3.4 | $ | 56.3 | $ | 11.5 | $ | (2.1 | ) | $ | 8.4 | $ | (0.3 | ) | $ | 108.6 | $ | 107.5 | $ | 103.5 | ||||||||||||||||||
Mexico | 7.6 | 23.9 | 0.4 | 5.3 | 0.8 | (0.7 | ) | 15.1 | 3.7 | 56.1 | 57.0 | 60.4 | 8.8 | 24.9 | 0.4 | 6.0 | 1.8 | (0.8 | ) | 14.0 | 4.0 | 59.1 | 52.4 | 61.1 | ||||||||||||||||||||||||||||||||||||||||||
Hong Kong | 13.7 | 10.3 | 0.7 | 8.1 | 1.3 | (0.7 | ) | 5.8 | 1.1 | 40.3 | 35.9 | 34.5 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Singapore | 12.2 | 12.0 | 0.1 | 5.6 | 1.1 | (0.3 | ) | 8.5 | 0.6 | 39.8 | 36.4 | 37.2 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
India | 10.6 | 6.4 | 0.7 | 7.5 | 3.0 | (1.3 | ) | 7.9 | 1.4 | 36.2 | 30.9 | 32.8 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Korea | 2.7 | 20.1 | 0.4 | 4.2 | 1.8 | (0.8 | ) | 8.9 | 1.8 | 39.1 | 37.2 | 39.3 | 2.5 | 19.5 | 0.4 | 3.6 | 1.5 | (1.0 | ) | 7.6 | 1.9 | 36.0 | 34.0 | 38.5 | ||||||||||||||||||||||||||||||||||||||||||
Singapore | 12.2 | 13.0 | — | 5.2 | 0.7 | (0.3 | ) | 6.1 | 1.2 | 38.1 | 37.3 | 36.7 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Hong Kong | 12.0 | 10.3 | 0.7 | 5.0 | 0.5 | (0.7 | ) | 5.9 | 1.5 | 35.2 | 35.3 | 35.2 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Brazil | 14.4 | 1.9 | 0.3 | 3.9 | 5.2 | (2.8 | ) | 4.3 | 4.1 | 31.3 | 28.6 | 23.2 | 13.7 | 0.2 | 0.2 | 3.4 | 4.5 | (2.8 | ) | 3.5 | 4.3 | 27.0 | 26.8 | 27.8 | ||||||||||||||||||||||||||||||||||||||||||
India | 9.7 | 6.5 | 0.7 | 5.0 | 0.5 | (1.4 | ) | 7.8 | 1.8 | 30.6 | 31.0 | 33.0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ireland | 8.2 | — | 0.7 | 15.7 | 0.3 | — | — | 0.4 | 25.3 | 24.8 | 24.5 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Australia | 4.6 | 10.2 | 0.1 | 5.1 | 1.4 | (1.0 | ) | 4.5 | (0.5 | ) | 24.4 | 22.6 | 24.5 | 3.9 | 10.8 | 0.1 | 6.0 | 1.0 | (1.0 | ) | 4.1 | (1.0 | ) | 23.9 | 22.4 | 25.9 | ||||||||||||||||||||||||||||||||||||||||
Ireland | 7.5 | — | 0.6 | 15.2 | 0.3 | — | — | 0.6 | 24.2 | 24.1 | 22.0 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Taiwan | 4.5 | 8.4 | 0.1 | 1.1 | 0.7 | (0.2 | ) | 1.8 | 2.1 | 18.5 | 16.6 | 15.5 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Japan | 2.6 | — | 0.2 | 9.4 | 2.8 | (1.7 | ) | 3.8 | 1.2 | 18.3 | 18.3 | 11.1 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Germany | 0.2 | — | — | 4.0 | 4.3 | (3.6 | ) | 11.0 | 2.8 | 18.7 | 17.3 | 18.8 | 0.1 | — | — | 3.9 | 5.1 | (2.9 | ) | 9.4 | 2.4 | 18.0 | 16.0 | 21.9 | ||||||||||||||||||||||||||||||||||||||||||
Japan | 2.6 | — | 0.3 | 6.9 | 3.5 | (1.3 | ) | 3.6 | 2.0 | 17.6 | 15.6 | 9.1 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
China | 5.8 | 4.3 | 0.2 | 1.6 | 1.3 | (1.1 | ) | 4.3 | 1.0 | 17.4 | 17.2 | 22.9 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Canada | 2.2 | 0.6 | 2.3 | 6.5 | 2.2 | (0.9 | ) | 3.9 | 0.2 | 17.0 | 18.1 | 16.5 | 1.8 | 0.6 | 0.5 | 6.1 | 2.0 | (0.7 | ) | 4.6 | 0.1 | 15.0 | 17.0 | 17.4 | ||||||||||||||||||||||||||||||||||||||||||
China | 6.6 | 4.4 | 0.2 | 1.5 | 0.7 | (0.8 | ) | 2.8 | 0.8 | 16.2 | 22.4 | 23.0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Taiwan | 3.8 | 8.2 | 0.1 | 1.0 | 0.3 | (0.3 | ) | 1.2 | 1.6 | 15.9 | 15.4 | 14.8 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Poland | 3.0 | 1.7 | — | 3.3 | 0.1 | (0.3 | ) | 4.0 | 0.3 | 12.1 | 12.2 | 13.1 | 3.1 | 1.6 | — | 3.1 | 0.5 | (0.3 | ) | 4.1 | 0.1 | 12.2 | 11.8 | 14.8 | ||||||||||||||||||||||||||||||||||||||||||
Malaysia | 1.8 | 4.7 | 0.2 | 1.8 | 0.2 | (0.2 | ) | 0.6 | 1.4 | 10.5 | 11.3 | 9.2 | 1.3 | 4.3 | 0.3 | 1.5 | 0.2 | (0.1 | ) | 0.8 | 0.8 | 9.1 | 9.3 | 10.8 | ||||||||||||||||||||||||||||||||||||||||||
Netherlands | — | — | — | — | 1.7 | (0.9 | ) | 5.6 | 0.3 | 6.7 | 7.1 | 7.1 | — | — | — | — | 4.1 | (0.6 | ) | 4.1 | (0.8 | ) | 6.8 | 5.1 | 6.8 | |||||||||||||||||||||||||||||||||||||||||
Italy | 0.3 | — | — | 2.6 | 7.8 | (6.1 | ) | 0.2 | 1.9 | 6.7 | 4.6 | 6.6 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Thailand | 0.8 | 1.9 | — | 1.1 | 0.1 | — | 1.6 | 0.8 | 6.3 | 6.5 | 5.4 | 0.8 | 2.0 | — | 1.3 | 0.1 | — | 1.7 | 0.3 | 6.2 | 5.8 | 6.2 | ||||||||||||||||||||||||||||||||||||||||||||
Russia | 2.3 | 1.0 | — | 1.2 | 0.5 | (0.2 | ) | 0.9 | 0.3 | 6.0 | 5.3 | 5.1 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
United Arab Emirates | 3.2 | 1.4 | 0.1 | 1.6 | 0.5 | (0.4 | ) | — | (0.2 | ) | 6.2 | 6.4 | 6.4 | 3.1 | 1.4 | 0.1 | 1.5 | 0.4 | (0.4 | ) | — | (0.2 | ) | 5.9 | 6.0 | 6.4 | ||||||||||||||||||||||||||||||||||||||||
Colombia | 2.6 | 1.7 | — | 1.1 | 0.1 | (0.1 | ) | 0.5 | (0.1 | ) | 5.8 | 5.6 | 5.9 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Luxembourg | — | — | 0.1 | — | 0.8 | (0.2 | ) | 5.2 | 0.1 | 6.0 | 5.7 | 4.9 | — | — | — | — | 0.6 | (0.3 | ) | 5.2 | 0.2 | 5.7 | 5.4 | 6.2 | ||||||||||||||||||||||||||||||||||||||||||
Colombia | 2.4 | 1.8 | — | 1.0 | 0.2 | (0.1 | ) | 0.3 | — | 5.6 | 5.1 | 5.7 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Indonesia | 1.8 | 1.1 | 0.1 | 1.1 | 0.1 | (0.1 | ) | 1.0 | 0.5 | 5.6 | 5.2 | 4.4 | 1.7 | 1.1 | 0.1 | 1.2 | 0.2 | (0.2 | ) | 1.2 | 0.2 | 5.5 | 5.2 | 5.2 | ||||||||||||||||||||||||||||||||||||||||||
Russia | 2.3 | 0.9 | — | 0.9 | 0.1 | (0.4 | ) | 0.5 | 0.3 | 4.6 | 4.8 | 5.0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Chile | 1.8 | — | 2.0 | 0.1 | 0.2 | — | — | — | 4.1 | 4.0 | 3.8 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Turkey | 3.1 | — | 0.5 | 0.5 | 0.2 | (0.1 | ) | 0.2 | (0.1 | ) | 4.3 | 4.6 | 4.0 | 2.9 | — | 0.4 | 0.4 | 0.3 | (0.2 | ) | 0.3 | (0.1 | ) | 4.0 | 3.9 | 4.8 |
(1) | ICG loans reflect funded corporate loans and private bank loans, net of unearned income. As of |
(2) | GCB loans include funded loans in Brazil and Colombia related to businesses that were transferred to |
(3) | Other funded includes other direct exposure such as accounts receivable, loans held-for-sale, other loans in |
(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 exposure where the underlying reference entity is located in that country. |
Jurisdiction/Component | DTAs balance | DTAs balance | ||||||||||
In billions of dollars | Sept 30, 2016 | December 31, 2015 | Mar. 31, 2017 | December 31, 2016 | ||||||||
Total U.S. | $ | 43.2 | $ | 45.2 | $ | 43.8 | $ | 44.6 | ||||
Total foreign | 2.2 | 2.6 | 2.1 | 2.1 | ||||||||
Total | $ | 45.4 | $ | 47.8 | $ | 45.9 | $ | 46.7 |
CONSOLIDATED FINANCIAL STATEMENTS | |
Consolidated Statement of Income (Unaudited)— For the Three | |
Consolidated Statement of Comprehensive Income(Unaudited)—For the Three | |
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—Investments |
Note 13—Loans | |
Note 14—Allowance for Credit Losses | |
Note 15—Goodwill and Intangible Assets | |
Note 16—Debt | |
Note 17—Changes in Accumulated Other Comprehensive Income (Loss) | |
Note 18—Securitizations and Variable Interest Entities | |
Note 19—Derivatives Activities | |
Note 20—Fair Value Measurement | |
Note 21—Fair Value Elections | |
Note 22—Guarantees and Commitments | |
Note 23—Contingencies | |
Note 24—Condensed Consolidating Financial Statements |
CONSOLIDATED STATEMENT OF INCOME (UNAUDITED) | Citigroup Inc. and Subsidiaries |
Three Months Ended September 30, | Nine Months Ended September 30, | Three months ended March 31, | ||||||||||||||||
In millions of dollars, except per share amounts | 2016 | 2015 | 2016 | 2015 | 2017 | 2016 | ||||||||||||
Revenues | ||||||||||||||||||
Interest revenue | $ | 14,653 | $ | 14,714 | $ | 43,176 | $ | 44,187 | $ | 14,423 | $ | 14,167 | ||||||
Interest expense | 3,174 | 2,941 | 9,234 | 9,020 | 3,566 | 2,940 | ||||||||||||
Net interest revenue | $ | 11,479 | $ | 11,773 | $ | 33,942 | $ | 35,167 | $ | 10,857 | $ | 11,227 | ||||||
Commissions and fees | $ | 2,644 | $ | 2,732 | $ | 7,832 | $ | 9,096 | $ | 2,759 | $ | 2,463 | ||||||
Principal transactions | 2,238 | 1,327 | 5,894 | 5,471 | 3,022 | 1,840 | ||||||||||||
Administration and other fiduciary fees | 862 | 870 | 2,551 | 2,827 | 893 | 811 | ||||||||||||
Realized gains on sales of investments, net | 287 | 151 | 673 | 641 | 192 | 186 | ||||||||||||
Other-than-temporary impairment losses on investments | ||||||||||||||||||
Gross impairment losses | (32 | ) | (80 | ) | (615 | ) | (195 | ) | (12 | ) | (465 | ) | ||||||
Less: Impairments recognized in AOCI | — | — | — | — | — | — | ||||||||||||
Net impairment losses recognized in earnings | $ | (32 | ) | $ | (80 | ) | $ | (615 | ) | $ | (195 | ) | $ | (12 | ) | $ | (465 | ) |
Insurance premiums | $ | 184 | $ | 464 | $ | 665 | $ | 1,443 | $ | 169 | $ | 264 | ||||||
Other revenue | 98 | 1,455 | 1,921 | 3,448 | 240 | 1,229 | ||||||||||||
Total non-interest revenues | $ | 6,281 | $ | 6,919 | $ | 18,921 | $ | 22,731 | $ | 7,263 | $ | 6,328 | ||||||
Total revenues, net of interest expense | $ | 17,760 | $ | 18,692 | $ | 52,863 | $ | 57,898 | $ | 18,120 | $ | 17,555 | ||||||
Provisions for credit losses and for benefits and claims | ||||||||||||||||||
Provision for loan losses | $ | 1,746 | $ | 1,582 | $ | 5,022 | $ | 4,852 | $ | 1,675 | $ | 1,886 | ||||||
Policyholder benefits and claims | 35 | 189 | 172 | 567 | 30 | 88 | ||||||||||||
Provision (release) for unfunded lending commitments | (45 | ) | 65 | (4 | ) | (20 | ) | (43 | ) | 71 | ||||||||
Total provisions for credit losses and for benefits and claims | $ | 1,736 | $ | 1,836 | $ | 5,190 | $ | 5,399 | $ | 1,662 | $ | 2,045 | ||||||
Operating expenses | ||||||||||||||||||
Compensation and benefits | $ | 5,203 | $ | 5,321 | $ | 15,988 | $ | 16,324 | $ | 5,534 | $ | 5,556 | ||||||
Premises and equipment | 624 | 722 | 1,917 | 2,168 | 620 | 651 | ||||||||||||
Technology/communication | 1,694 | 1,628 | 5,000 | 4,884 | 1,659 | 1,649 | ||||||||||||
Advertising and marketing | 403 | 391 | 1,226 | 1,176 | 373 | 390 | ||||||||||||
Other operating | 2,480 | 2,607 | 7,165 | 7,929 | 2,291 | 2,277 | ||||||||||||
Total operating expenses | $ | 10,404 | $ | 10,669 | $ | 31,296 | $ | 32,481 | $ | 10,477 | $ | 10,523 | ||||||
Income from continuing operations before income taxes | $ | 5,620 | $ | 6,187 | $ | 16,377 | $ | 20,018 | $ | 5,981 | $ | 4,987 | ||||||
Provision for income taxes | 1,733 | 1,881 | 4,935 | 6,037 | 1,863 | 1,479 | ||||||||||||
Income from continuing operations | $ | 3,887 | $ | 4,306 | $ | 11,442 | $ | 13,981 | $ | 4,118 | $ | 3,508 | ||||||
Discontinued operations | ||||||||||||||||||
Loss from discontinued operations | $ | (37 | ) | $ | (15 | ) | $ | (76 | ) | $ | (14 | ) | $ | (28 | ) | $ | (3 | ) |
Benefit for income taxes | (7 | ) | (5 | ) | (21 | ) | (5 | ) | (10 | ) | (1 | ) | ||||||
Loss from discontinued operations, net of taxes | $ | (30 | ) | $ | (10 | ) | $ | (55 | ) | $ | (9 | ) | $ | (18 | ) | $ | (2 | ) |
Net income before attribution of noncontrolling interests | $ | 3,857 | $ | 4,296 | $ | 11,387 | $ | 13,972 | $ | 4,100 | $ | 3,506 | ||||||
Noncontrolling interests | 17 | 5 | 48 | 65 | 10 | 5 | ||||||||||||
Citigroup’s net income | $ | 3,840 | $ | 4,291 | $ | 11,339 | $ | 13,907 | $ | 4,090 | $ | 3,501 | ||||||
Basic earnings per share(1) | ||||||||||||||||||
Income from continuing operations | $ | 1.25 | $ | 1.36 | $ | 3.60 | $ | 4.39 | $ | 1.36 | $ | 1.11 | ||||||
Loss from discontinued operations, net of taxes | (0.01 | ) | — | (0.02 | ) | — | (0.01 | ) | — | |||||||||
Net income | $ | 1.24 | $ | 1.36 | $ | 3.58 | $ | 4.38 | $ | 1.35 | $ | 1.10 | ||||||
Weighted average common shares outstanding | 2,879.9 | 2,993.3 | 2,912.9 | 3,015.8 | 2,765.3 | 2,943.0 |
Diluted earnings per share(1) | ||||||||||||||||||
Income from continuing operations | $ | 1.25 | $ | 1.36 | $ | 3.60 | $ | 4.38 | $ | 1.36 | $ | 1.11 | ||||||
Loss from discontinued operations, net of taxes | (0.01 | ) | — | (0.02 | ) | — | (0.01 | ) | — | |||||||||
Net income | $ | 1.24 | $ | 1.35 | $ | 3.58 | $ | 4.38 | $ | 1.35 | $ | 1.10 | ||||||
Adjusted weighted average common shares outstanding | 2,880.1 | 2,996.9 | 2,913.0 | 3,020.4 | 2,765.5 | 2,943.1 |
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME | Citigroup Inc. and Subsidiaries | |
(UNAUDITED) |
Three Months Ended September 30, | Nine Months Ended September 30, | Three months ended March 31, | ||||||||||||||||
In millions of dollars | 2016 | 2015 | 2016 | 2015 | 2017 | 2016 | ||||||||||||
Net income before attribution of noncontrolling interests | $ | 3,857 | $ | 4,296 | $ | 11,387 | $ | 13,972 | ||||||||||
Add: Citigroup’s other comprehensive income (loss) | ||||||||||||||||||
Citigroup's net income | $ | 4,090 | $ | 3,501 | ||||||||||||||
Add: Citigroup's other comprehensive income | ||||||||||||||||||
Net change in unrealized gains and losses on investment securities, net of taxes | $ | (432 | ) | $ | 511 | $ | 2,529 | $ | 167 | $ | 220 | $ | 2,034 | |||||
Net change in debt valuation adjustment (DVA), net of taxes (1) | (200 | ) | — | 5 | — | (60 | ) | 193 | ||||||||||
Net change in cash flow hedges, net of taxes | (83 | ) | 189 | 385 | 367 | (2 | ) | 317 | ||||||||||
Benefit plans liability adjustment, net of taxes | 12 | (360 | ) | (480 | ) | 128 | (12 | ) | (465 | ) | ||||||||
Net change in foreign currency translation adjustment, net of taxes and hedges | (375 | ) | (2,493 | ) | (273 | ) | (4,703 | ) | 1,318 | 654 | ||||||||
Citigroup’s total other comprehensive income (loss) | $ | (1,078 | ) | $ | (2,153 | ) | $ | 2,166 | $ | (4,041 | ) | |||||||
Total comprehensive income before attribution of noncontrolling interests | $ | 2,779 | $ | 2,143 | $ | 13,553 | $ | 9,931 | ||||||||||
Less: Net income attributable to noncontrolling interests | 17 | 5 | 48 | 65 | ||||||||||||||
Citigroup’s comprehensive income | $ | 2,762 | $ | 2,138 | $ | 13,505 | $ | 9,866 | ||||||||||
Citigroup’s total other comprehensive income | $ | 1,464 | $ | 2,733 | ||||||||||||||
Citigroup’s total comprehensive income | $ | 5,554 | $ | 6,234 | ||||||||||||||
Add: Other comprehensive income attributable to noncontrolling interests | $ | 31 | $ | 27 | ||||||||||||||
Add: Net income attributable to noncontrolling interests | 10 | 5 | ||||||||||||||||
Total comprehensive income | $ | 5,595 | $ | 6,266 |
(1) | See Note 1 to the Consolidated Financial |
CONSOLIDATED BALANCE SHEET | Citigroup Inc. and Subsidiaries | |
(UNAUDITED) |
September 30, | March 31, | |||||||||||
2016 | December 31, | 2017 | December 31, | |||||||||
In millions of dollars | (Unaudited) | 2015 | (Unaudited) | 2016 | ||||||||
Assets | ||||||||||||
Cash and due from banks (including segregated cash and other deposits) | $ | 23,419 | $ | 20,900 | $ | 22,272 | $ | 23,043 | ||||
Deposits with banks | 132,571 | 112,197 | 157,773 | 137,451 | ||||||||
Federal funds sold and securities borrowed or purchased under agreements to resell (including $143,618 and $137,964 as of September 30, 2016 and December 31, 2015, respectively, at fair value) | 236,045 | 219,675 | ||||||||||
Federal funds sold and securities borrowed or purchased under agreements to resell (including $137,360 and $133,204 as of March 31, 2017 and December 31, 2016, respectively, at fair value) | 242,929 | 236,813 | ||||||||||
Brokerage receivables | 36,112 | 27,683 | 36,888 | 28,887 | ||||||||
Trading account assets (including $97,370 and $92,123 pledged to creditors at September 30, 2016 and December 31, 2015, respectively) | 263,352 | 249,956 | ||||||||||
Trading account assets (including $82,157 and $80,986 pledged to creditors at March 31, 2017 and December 31, 2016, respectively) | 244,903 | 243,925 | ||||||||||
Investments: | ||||||||||||
Available for sale (including $8,413 and $10,698 pledged to creditors as of September 30, 2016 and December 31, 2015, respectively) | 308,117 | 299,136 | ||||||||||
Held to maturity (including $1,216 and $3,630 pledged to creditors as of September 30, 2016 and December 31, 2015, respectively) | 38,588 | 36,215 | ||||||||||
Non-marketable equity securities (including $1,977 and $2,088 at fair value as of September 30, 2016 and December 31, 2015, respectively) | 8,235 | 7,604 | ||||||||||
Available for sale (including $8,115 and $8,239 pledged to creditors as of March 31, 2017 and December 31, 2016, respectively) | 290,282 | 299,424 | ||||||||||
Held to maturity (including $898 and $843 pledged to creditors as of March 31, 2017 and December 31, 2016, respectively) | 47,942 | 45,667 | ||||||||||
Non-marketable equity securities (including $1,529 and $1,774 at fair value as of March 31, 2017 and December 31, 2016, respectively) | 7,609 | 8,213 | ||||||||||
Total investments | $ | 354,940 | $ | 342,955 | $ | 345,833 | $ | 353,304 | ||||
Loans: | ||||||||||||
Consumer (including $31 and $34 as of September 30, 2016 and December 31, 2015, respectively, at fair value) | 328,702 | 325,785 | ||||||||||
Corporate (including $3,939 and $4,971 as of September 30, 2016 and December 31, 2015, respectively, at fair value) | 309,733 | 291,832 | ||||||||||
Consumer (including $28 and $29 as of March 31, 2017 and December 31, 2016, respectively, at fair value) | 320,556 | 325,063 | ||||||||||
Corporate (including $4,007 and $3,457 as of March 31, 2017 and December 31, 2016, respectively, at fair value) | 308,039 | 299,306 | ||||||||||
Loans, net of unearned income | $ | 638,435 | $ | 617,617 | $ | 628,595 | $ | 624,369 | ||||
Allowance for loan losses | (12,439 | ) | (12,626 | ) | (12,030 | ) | (12,060 | ) | ||||
Total loans, net | $ | 625,996 | $ | 604,991 | $ | 616,565 | $ | 612,309 | ||||
Goodwill | 22,539 | 22,349 | 22,265 | 21,659 | ||||||||
Intangible assets (other than MSRs) | 5,358 | 3,721 | 5,013 | 5,114 | ||||||||
Mortgage servicing rights (MSRs) | 1,270 | 1,781 | 567 | 1,564 | ||||||||
Other assets (including $6,460 and $6,121 as of September 30, 2016 and December 31, 2015, respectively, at fair value) | 116,515 | 125,002 | ||||||||||
Other assets (including $17,281 and $15,729 as of March 31, 2017 and December 31, 2016, respectively, at fair value) | 126,627 | 128,008 | ||||||||||
Total assets | $ | 1,818,117 | $ | 1,731,210 | $ | 1,821,635 | $ | 1,792,077 |
September 30, | March 31, | |||||||||||
2016 | December 31, | 2017 | December 31, | |||||||||
In millions of dollars | (Unaudited) | 2015 | (Unaudited) | 2016 | ||||||||
Assets of consolidated VIEs to be used to settle obligations of consolidated VIEs | ||||||||||||
Cash and due from banks | $ | 262 | $ | 153 | $ | 65 | $ | 142 | ||||
Trading account assets | 585 | 583 | 1,031 | 602 | ||||||||
Investments | 5,057 | 5,263 | 3,397 | 3,636 | ||||||||
Loans, net of unearned income | ||||||||||||
Consumer | 52,837 | 58,772 | 49,815 | 53,401 | ||||||||
Corporate | 20,849 | 22,008 | 19,556 | 20,121 | ||||||||
Loans, net of unearned income | $ | 73,686 | $ | 80,780 | $ | 69,371 | $ | 73,522 | ||||
Allowance for loan losses | (1,800 | ) | (2,135 | ) | (1,860 | ) | (1,769 | ) | ||||
Total loans, net | $ | 71,886 | $ | 78,645 | $ | 67,511 | $ | 71,753 | ||||
Other assets | 166 | 150 | 165 | 158 | ||||||||
Total assets of consolidated VIEs to be used to settle obligations of consolidated VIEs | $ | 77,956 | $ | 84,794 | $ | 72,169 | $ | 76,291 |
September 30, | March 31, | |||||||||||
2016 | December 31, | 2017 | December 31, | |||||||||
In millions of dollars, except shares and per share amounts | (Unaudited) | 2015 | (Unaudited) | 2016 | ||||||||
Liabilities | ||||||||||||
Non-interest-bearing deposits in U.S. offices | $ | 141,899 | $ | 139,249 | $ | 129,436 | $ | 136,698 | ||||
Interest-bearing deposits in U.S. offices (including $479 and $923 as of September 30, 2016 and December 31, 2015, respectively, at fair value) | 288,094 | 280,234 | ||||||||||
Interest-bearing deposits in U.S. offices (including $351 and $434 as of March 31, 2017 and December 31, 2016, respectively, at fair value) | 310,572 | 300,972 | ||||||||||
Non-interest-bearing deposits in offices outside the U.S. | 75,956 | 71,577 | 79,063 | 77,616 | ||||||||
Interest-bearing deposits in offices outside the U.S. (including $941 and $667 as of September 30, 2016 and December 31, 2015, respectively, at fair value) | 434,303 | 416,827 | ||||||||||
Interest-bearing deposits in offices outside the U.S. (including $956 and $778 as of March 31, 2017 and December 31, 2016, respectively, at fair value) | 430,919 | 414,120 | ||||||||||
Total deposits | $ | 940,252 | $ | 907,887 | $ | 949,990 | $ | 929,406 | ||||
Federal funds purchased and securities loaned or sold under agreements to repurchase (including $42,939 and $36,843 as of September 30, 2016 and December 31, 2015, respectively, at fair value) | 153,124 | 146,496 | ||||||||||
Federal funds purchased and securities loaned or sold under agreements to repurchase (including $40,939 and $33,663 as of March 31, 2017 and December 31, 2016, respectively, at fair value) | 148,230 | 141,821 | ||||||||||
Brokerage payables | 61,921 | 53,722 | 59,655 | 57,152 | ||||||||
Trading account liabilities | 131,649 | 117,512 | 144,070 | 139,045 | ||||||||
Short-term borrowings (including $2,599 and $1,207 as of September 30, 2016 and December 31, 2015, respectively, at fair value) | 29,527 | 21,079 | ||||||||||
Long-term debt (including $27,535 and $25,293 as of September 30, 2016 and December 31, 2015, respectively, at fair value) | 209,051 | 201,275 | ||||||||||
Other liabilities (including $2,369 and $1,624 as of September 30, 2016 and December 31, 2015, respectively, at fair value) | 59,903 | 60,147 | ||||||||||
Short-term borrowings (including $3,473 and $2,700 as of March 31, 2017 and December 31, 2016, respectively, at fair value) | 26,127 | 30,701 | ||||||||||
Long-term debt (including $27,526 and $26,254 as of March 31, 2017 and December 31, 2016, respectively, at fair value) | 208,530 | 206,178 | ||||||||||
Other liabilities (including $12,681 and $10,796 as of March 31, 2017 and December 31, 2016, respectively, at fair value) | 55,880 | 61,631 | ||||||||||
Total liabilities | $ | 1,585,427 | $ | 1,508,118 | $ | 1,592,482 | $ | 1,565,934 | ||||
Stockholders’ equity | ||||||||||||
Preferred stock ($1.00 par value; authorized shares: 30 million), issued shares: 770,120 as of September 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 September 30, 2016 and December 31, 2015 | 31 | 31 | ||||||||||
Preferred stock ($1.00 par value; authorized shares: 30 million), issued shares: 770,120 as of March 31, 2017 and as of December 31, 2016, at aggregate liquidation value | $ | 19,253 | $ | 19,253 | ||||||||
Common stock ($0.01 par value; authorized shares: 6 billion), issued shares: 3,099,523,273 and 3,099,482,042 as of March 31, 2017 and December 31, 2016 | 31 | 31 | ||||||||||
Additional paid-in capital | 107,875 | 108,288 | 107,613 | 108,042 | ||||||||
Retained earnings | 143,678 | 133,841 | 149,731 | 146,477 | ||||||||
Treasury stock, at cost: September 30, 2016—249,751,794 shares and December 31, 2015—146,203,311 shares | (12,069 | ) | (7,677 | ) | ||||||||
Treasury stock, at cost: March 31, 2017—346,265,476 shares and December 31, 2016—327,090,192 shares | (17,579 | ) | (16,302 | ) | ||||||||
Accumulated other comprehensive income (loss) | (27,193 | ) | (29,344 | ) | (30,917 | ) | (32,381 | ) | ||||
Total Citigroup stockholders’ equity | $ | 231,575 | $ | 221,857 | $ | 228,132 | $ | 225,120 | ||||
Noncontrolling interest | 1,115 | 1,235 | 1,021 | 1,023 | ||||||||
Total equity | $ | 232,690 | $ | 223,092 | $ | 229,153 | $ | 226,143 | ||||
Total liabilities and equity | $ | 1,818,117 | $ | 1,731,210 | $ | 1,821,635 | $ | 1,792,077 |
September 30, | March 31, | |||||||||||
2016 | December 31, | 2017 | December 31, | |||||||||
In millions of dollars | (Unaudited) | 2015 | (Unaudited) | 2016 | ||||||||
Liabilities of consolidated VIEs for which creditors or beneficial interest holders do not have recourse to the general credit of Citigroup | ||||||||||||
Short-term borrowings | $ | 11,205 | $ | 11,965 | $ | 10,636 | $ | 10,697 | ||||
Long-term debt | 24,780 | 31,273 | 24,062 | 23,919 | ||||||||
Other liabilities | 1,433 | 2,099 | 739 | 1,275 | ||||||||
Total liabilities of consolidated VIEs for which creditors or beneficial interest holders do not have recourse to the general credit of Citigroup | $ | 37,418 | $ | 45,337 | $ | 35,437 | $ | 35,891 |
CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS’ EQUITY | Citigroup Inc. and Subsidiaries | |
(UNAUDITED) |
Nine Months Ended September 30, | Three Months Ended March 31, | |||||||||||
In millions of dollars, except shares in thousands | 2016 | 2015 | 2017 | 2016 | ||||||||
Preferred stock at aggregate liquidation value | ||||||||||||
Balance, beginning of period | $ | 16,718 | $ | 10,468 | $ | 19,253 | $ | 16,718 | ||||
Issuance of new preferred stock | 2,535 | 4,750 | — | 1,035 | ||||||||
Balance, end of period | $ | 19,253 | $ | 15,218 | $ | 19,253 | $ | 17,753 | ||||
Common stock and additional paid-in capital | ||||||||||||
Balance, beginning of period | $ | 108,319 | $ | 108,010 | $ | 108,073 | $ | 108,319 | ||||
Employee benefit plans | (371 | ) | 325 | (426 | ) | (660 | ) | |||||
Preferred stock issuance expense | (37 | ) | (19 | ) | — | (31 | ) | |||||
Other | (5 | ) | (24 | ) | (3 | ) | (7 | ) | ||||
Balance, end of period | $ | 107,906 | $ | 108,292 | $ | 107,644 | $ | 107,621 | ||||
Retained earnings | ||||||||||||
Balance, beginning of period | $ | 133,841 | $ | 118,201 | $ | 146,477 | $ | 133,841 | ||||
Adjustment to opening balance, net of taxes | 15 | (349 | ) | — | 15 | |||||||
Adjusted balance, beginning of period | $ | 133,856 | $ | 117,852 | $ | 146,477 | $ | 133,856 | ||||
Citigroup’s net income | 11,339 | 13,907 | 4,090 | 3,501 | ||||||||
Common dividends | (760 | ) | (334 | ) | (445 | ) | (149 | ) | ||||
Preferred dividends | (757 | ) | (504 | ) | (301 | ) | (210 | ) | ||||
Tax benefit | — | — | — | |||||||||
Other(3) | (90 | ) | — | |||||||||
Balance, end of period | $ | 143,678 | $ | 130,921 | $ | 149,731 | $ | 136,998 | ||||
Treasury stock, at cost | ||||||||||||
Balance, beginning of period | $ | (7,677 | ) | $ | (2,929 | ) | $ | (16,302 | ) | $ | (7,677 | ) |
Employee benefit plans(4) | 775 | 405 | 507 | 765 | ||||||||
Treasury stock acquired(5) | (5,167 | ) | (3,802 | ) | (1,784 | ) | (1,312 | ) | ||||
Balance, end of period | $ | (12,069 | ) | $ | (6,326 | ) | $ | (17,579 | ) | $ | (8,224 | ) |
Citigroup’s accumulated other comprehensive income (loss) | ||||||||||||
Balance, beginning of period | $ | (29,344 | ) | $ | (23,216 | ) | $ | (32,381 | ) | $ | (29,344 | ) |
Adjustment to opening balance, net of taxes(1) | (15 | ) | — | — | (15 | ) | ||||||
Adjusted balance, beginning of period | $ | (29,359 | ) | $ | (23,216 | ) | $ | (32,381 | ) | $ | (29,359 | ) |
Net change in Citigroup’s Accumulated other comprehensive income (loss) | 2,166 | (4,041 | ) | |||||||||
Citigroup’s total other comprehensive income (loss) | 1,464 | 2,733 | ||||||||||
Balance, end of period | $ | (27,193 | ) | $ | (27,257 | ) | $ | (30,917 | ) | $ | (26,626 | ) |
Total Citigroup common stockholders’ equity | $ | 212,322 | $ | 205,630 | $ | 208,879 | $ | 209,769 | ||||
Total Citigroup stockholders’ equity | $ | 231,575 | $ | 220,848 | $ | 228,132 | $ | 227,522 | ||||
Noncontrolling interests | ||||||||||||
Balance, beginning of period | $ | 1,235 | $ | 1,511 | $ | 1,023 | $ | 1,235 | ||||
Transactions between noncontrolling-interest shareholders and the related consolidated subsidiary | (11 | ) | — | |||||||||
Transactions between Citigroup and the noncontrolling-interest shareholders | (69 | ) | (144 | ) | (1 | ) | (27 | ) | ||||
Net income attributable to noncontrolling-interest shareholders | 48 | 65 | 10 | 5 | ||||||||
Dividends paid to noncontrolling-interest shareholders | (42 | ) | (78 | ) | ||||||||
Other comprehensive income (loss) attributable to noncontrolling-interest shareholders | (13 | ) | (67 | ) | 31 | 27 | ||||||
Other | (33 | ) | 2 | (42 | ) | (1 | ) | |||||
Net change in noncontrolling interests | $ | (120 | ) | $ | (222 | ) | $ | (2 | ) | $ | 4 | |
Balance, end of period | $ | 1,115 | $ | 1,289 | $ | 1,021 | $ | 1,239 | ||||
Total equity | $ | 232,690 | $ | 222,137 | $ | 229,153 | $ | 228,761 |
(1) | See Note 1 to the Consolidated Financial Statements for additional details. |
(2) |
(3) | Includes the impact of ASU 2016-09, Compensation-Stock Compensation (Topic 718): Improvements to |
(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. |
CONSOLIDATED STATEMENT OF CASH FLOWS | Citigroup Inc. and Subsidiaries | |
(UNAUDITED) |
Nine Months Ended September 30, | Three months ended March 31, | |||||||||||
In millions of dollars | 2016 | 2015 | 2017 | 2016 | ||||||||
Cash flows from operating activities of continuing operations | ||||||||||||
Net income before attribution of noncontrolling interests | $ | 11,387 | $ | 13,972 | $ | 4,100 | $ | 3,506 | ||||
Net income attributable to noncontrolling interests | 48 | 65 | 10 | 5 | ||||||||
Citigroup’s net income | $ | 11,339 | $ | 13,907 | $ | 4,090 | $ | 3,501 | ||||
Loss from discontinued operations, net of taxes | (55 | ) | (9 | ) | (18 | ) | (2 | ) | ||||
Income from continuing operations—excluding noncontrolling interests | $ | 11,394 | $ | 13,916 | $ | 4,108 | $ | 3,503 | ||||
Adjustments to reconcile net income to net cash provided by operating activities of continuing operations | ||||||||||||
Gains on significant disposals(1) | (422 | ) | — | |||||||||
Net gains on significant disposals(1) | (19 | ) | (422 | ) | ||||||||
Depreciation and amortization | 2,714 | 2,632 | 896 | 908 | ||||||||
Provision for loan losses | 5,022 | 4,852 | 1,675 | 1,886 | ||||||||
Realized gains from sales of investments | (673 | ) | (641 | ) | (192 | ) | (186 | ) | ||||
Net impairment losses on investments, goodwill and intangible assets | 616 | 231 | 40 | 465 | ||||||||
Change in trading account assets | (13,396 | ) | 29,840 | (1,073 | ) | (23,791 | ) | |||||
Change in trading account liabilities | 14,137 | (13,055 | ) | 5,025 | 18,634 | |||||||
Change in brokerage receivables net of brokerage payables | (230 | ) | (2,079 | ) | (5,498 | ) | (3,043 | ) | ||||
Change in loans held-for-sale (HFS) | 3,958 | (814 | ) | 1,949 | 3,896 | |||||||
Change in other assets | (2,009 | ) | 1,037 | (811 | ) | (3,327 | ) | |||||
Change in other liabilities | 1,398 | 1,999 | (5,685 | ) | (179 | ) | ||||||
Other, net | 5,825 | 3,446 | (3,421 | ) | 1,118 | |||||||
Total adjustments | $ | 16,940 | $ | 27,448 | $ | (7,114 | ) | $ | (4,041 | ) | ||
Net cash provided by operating activities of continuing operations | $ | 28,334 | $ | 41,364 | ||||||||
Net cash provided by (used in) operating activities of continuing operations | $ | (3,006 | ) | $ | (538 | ) | ||||||
Cash flows from investing activities of continuing operations | ||||||||||||
Change in deposits with banks | $ | (20,374 | ) | $ | (10,250 | ) | $ | (20,322 | ) | $ | (23,852 | ) |
Change in federal funds sold and securities borrowed or purchased under agreements to resell | (16,370 | ) | 10,875 | (6,116 | ) | (5,418 | ) | |||||
Change in loans | (42,163 | ) | (7,158 | ) | (7,953 | ) | (5,057 | ) | ||||
Proceeds from sales and securitizations of loans | 12,676 | 8,127 | 3,191 | 1,247 | ||||||||
Purchases of investments | (155,804 | ) | (195,421 | ) | (41,584 | ) | (59,715 | ) | ||||
Proceeds from sales of investments | 99,172 | 113,953 | 29,456 | 39,268 | ||||||||
Proceeds from maturities of investments | 52,607 | 64,850 | 24,006 | 16,544 | ||||||||
Proceeds from significant disposals(1) | 265 | — | 2,732 | 265 | ||||||||
Capital expenditures on premises and equipment and capitalized software | (2,092 | ) | (2,472 | ) | (786 | ) | (702 | ) | ||||
Proceeds from sales of premises and equipment, subsidiaries and affiliates, and repossessed assets | 467 | 471 | 133 | 230 | ||||||||
Net cash used in investing activities of continuing operations | $ | (71,616 | ) | $ | (17,025 | ) | $ | (17,243 | ) | $ | (37,190 | ) |
Cash flows from financing activities of continuing operations | ||||||||||||
Dividends paid | $ | (1,517 | ) | $ | (838 | ) | $ | (744 | ) | $ | (359 | ) |
Issuance of preferred stock | 2,498 | 4,731 | — | 1,004 | ||||||||
Treasury stock acquired | (5,167 | ) | (3,800 | ) | (1,858 | ) | (1,312 | ) | ||||
Stock tendered for payment of withholding taxes | (313 | ) | (425 | ) | (397 | ) | (308 | ) | ||||
Change in federal funds purchased and securities loaned or sold under agreements to repurchase | 6,628 | (4,834 | ) | 6,409 | 10,712 | |||||||
Issuance of long-term debt | 43,464 | 35,678 | 18,603 | 13,904 | ||||||||
Payments and redemptions of long-term debt | (40,461 | ) | (33,637 | ) | (18,885 | ) | (11,281 | ) | ||||
Change in deposits | 32,365 | 4,911 | 20,584 | 26,704 | ||||||||
Change in short-term borrowings | 8,448 | (35,756 | ) | (4,574 | ) | (186 | ) |
Net cash provided by (used in) financing activities of continuing operations | $ | 45,945 | $ | (33,970 | ) | |||||||
CONSOLIDATED STATEMENT OF CASH FLOWS | Citigroup Inc. and Subsidiaries | |||||||||||
(UNAUDITED) (CONTINUED) | Three months ended March 31, | |||||||||||
In millions of dollars | 2017 | 2016 | ||||||||||
Net cash provided by financing activities of continuing operations | $ | 19,138 | $ | 38,878 | ||||||||
Effect of exchange rate changes on cash and cash equivalents | $ | (144 | ) | $ | (751 | ) | $ | 340 | $ | 190 | ||
Change in cash and due from banks | $ | 2,519 | $ | (10,382 | ) | $ | (771 | ) | $ | 1,340 | ||
Cash and due from banks at beginning of period | 20,900 | 32,108 | 23,043 | 20,900 | ||||||||
Cash and due from banks at end of period | $ | 23,419 | $ | 21,726 | $ | 22,272 | $ | 22,240 | ||||
Supplemental disclosure of cash flow information for continuing operations | ||||||||||||
Cash paid during the period for income taxes | $ | 2,855 | $ | 4,043 | $ | 913 | $ | 688 | ||||
Cash paid during the period for interest | 9,760 | 8,441 | 3,250 | 2,694 | ||||||||
Non-cash investing activities | ||||||||||||
Decrease in net loans associated with significant disposals reclassified to HFS | — | (9,063 | ) | |||||||||
Decrease in investments associated with significant disposals reclassified to HFS | — | (1,402 | ) | |||||||||
Decrease in goodwill associated with significant disposals reclassified to HFS | — | (216 | ) | — | (30 | ) | ||||||
Decrease in deposits with banks with significant disposals reclassified to HFS | — | (404 | ) | |||||||||
Transfers to loans HFS from loans | 7,900 | 17,900 | 2,800 | 3,200 | ||||||||
Transfers to OREO and other repossessed assets | 138 | 225 | 30 | 56 | ||||||||
Non-cash financing activities | ||||||||||||
Decrease in long-term debt associated with significant disposals reclassified to HFS | $ | — | $ | (6,179 | ) |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||
In millions of dollars | 2016 | 2015 | 2016 | 2015 | ||||||||
Total revenues, net of interest expense(1) | $ | — | $ | — | $ | — | $ | — | ||||
Income (loss) from discontinued operations | $ | (37 | ) | $ | (15 | ) | $ | (76 | ) | $ | (14 | ) |
Provision (benefit) for income taxes | (7 | ) | (5 | ) | (21 | ) | (5 | ) | ||||
Income (loss), from discontinued operations, net of taxes | $ | (30 | ) | $ | (10 | ) | $ | (55 | ) | $ | (9 | ) |
Three months ended March 31, | ||||||
In millions of dollars | 2017 | 2016 | ||||
Total revenues, net of interest expense | $ | — | $ | — | ||
Income (loss) from discontinued operations | $ | (28 | ) | $ | (3 | ) |
Provision (benefit) for income taxes | (10 | ) | (1 | ) | ||
Income (loss) from discontinued operations, net of taxes | $ | (18 | ) | $ | (2 | ) |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||
In millions of dollars | 2016 | 2015 | 2016 | 2015 | ||||||||
Income before taxes | $ | — | $ | 33 | $ | — | $ | 103 |
Three Months Ended September 30, | Nine Months Ended September 30, | Three months ended March 31, | ||||||||||||||||
In millions of dollars | 2016 | 2015 | 2016 | 2015 | 2017 | 2016 | ||||||||||||
Income before taxes | $ | — | $ | 216 | $ | — | $ | 570 | $ | 30 | $ | 21 |
Revenues, net of interest expense(1) | Provision (benefits) for income taxes | Income (loss) from continuing operations(2) | Identifiable assets | |||||||||||||||||||||
Three Months Ended September 30, | ||||||||||||||||||||||||
In millions of dollars, except identifiable assets in billions | 2016 | 2015 | 2016 | 2015 | 2016 | 2015 | September 30, 2016 | December 31, 2015 | ||||||||||||||||
Global Consumer Banking | $ | 8,227 | $ | 8,134 | $ | 690 | $ | 932 | $ | 1,288 | $ | 1,691 | $ | 412 | $ | 381 | ||||||||
Institutional Clients Group | 8,628 | 8,659 | 1,266 | 1,198 | 2,772 | 2,433 | 1,302 | 1,217 | ||||||||||||||||
Corporate/Other | 28 | 218 | (183 | ) | (314 | ) | (247 | ) | 183 | 43 | 52 | |||||||||||||
Total Citicorp | $ | 16,883 | $ | 17,011 | $ | 1,773 | $ | 1,816 | $ | 3,813 | $ | 4,307 | $ | 1,757 | $ | 1,650 | ||||||||
Citi Holdings | 877 | 1,681 | (40 | ) | 65 | 74 | (1 | ) | 61 | 81 | ||||||||||||||
Total | $ | 17,760 | $ | 18,692 | $ | 1,733 | $ | 1,881 | $ | 3,887 | $ | 4,306 | $ | 1,818 | $ | 1,731 |
Revenues, net of interest expense(1) | Provision (benefits) for income taxes | Income (loss) from continuing operations(2) | Three months ended March 31, | |||||||||||||||||||||||||||||||||||||||
Nine Months Ended September 30, | Revenues, net of interest expense(1) | Provision (benefits) for income taxes | Income (loss) from continuing operations(2) | Identifiable assets | ||||||||||||||||||||||||||||||||||||||
In millions of dollars | 2016 | 2015 | 2016 | 2015 | 2016 | 2015 | ||||||||||||||||||||||||||||||||||||
In millions of dollars, except identifiable assets in billions | 2017 | 2016 | 2017 | 2016 | 2017 | 2016 | March 31, 2017 | December 31, 2016 | ||||||||||||||||||||||||||||||||||
Global Consumer Banking | $ | 23,730 | $ | 24,620 | $ | 2,017 | $ | 2,660 | $ | 3,842 | $ | 5,014 | $ | 7,817 | $ | 7,714 | $ | 584 | $ | 634 | $ | 1,003 | $ | 1,194 | $ | 412 | $ | 412 | ||||||||||||||
Institutional Clients Group | 25,510 | 26,682 | 3,373 | 3,894 | 7,446 | 8,267 | 9,126 | 7,895 | 1,375 | 764 | 3,011 | 1,869 | 1,314 | 1,277 | ||||||||||||||||||||||||||||
Corporate/Other | 428 | 801 | (530 | ) | (871 | ) | (365 | ) | 395 | 1,177 | 1,946 | (96 | ) | 81 | 104 | 445 | 96 | 103 | ||||||||||||||||||||||||
Total Citicorp | $ | 49,668 | $ | 52,103 | $ | 4,860 | $ | 5,683 | $ | 10,923 | $ | 13,676 | ||||||||||||||||||||||||||||||
Citi Holdings | 3,195 | 5,795 | 75 | 354 | 519 | 305 | ||||||||||||||||||||||||||||||||||||
Total | $ | 52,863 | $ | 57,898 | $ | 4,935 | $ | 6,037 | $ | 11,442 | $ | 13,981 | $ | 18,120 | $ | 17,555 | $ | 1,863 | $ | 1,479 | $ | 4,118 | $ | 3,508 | $ | 1,822 | $ | 1,792 |
(1) | Includes |
(2) | Includes pretax provisions for credit losses and for benefits and claims in the GCB results of $1.8 billion and |
Three Months Ended September 30, | Nine Months Ended September 30, | Three months ended March 31, | ||||||||||||||||
In millions of dollars | 2016 | 2015 | 2016 | 2015 | 2017 | 2016 | ||||||||||||
Interest revenue | ||||||||||||||||||
Loan interest, including fees | $ | 10,229 | $ | 9,985 | $ | 29,739 | $ | 30,544 | $ | 9,947 | $ | 9,760 | ||||||
Deposits with banks | 247 | 187 | 703 | 538 | 295 | 219 | ||||||||||||
Federal funds sold and securities borrowed or purchased under agreements to resell | 636 | 656 | 1,947 | 1,962 | 661 | 647 | ||||||||||||
Investments, including dividends | 1,887 | 1,727 | 5,679 | 5,194 | 1,960 | 1,855 | ||||||||||||
Trading account assets(1) | 1,433 | 1,498 | 4,399 | 4,517 | 1,266 | 1,434 | ||||||||||||
Other interest | 221 | 661 | 709 | 1,432 | 294 | 252 | ||||||||||||
Total interest revenue | $ | 14,653 | $ | 14,714 | $ | 43,176 | $ | 44,187 | $ | 14,423 | $ | 14,167 | ||||||
Interest expense | ||||||||||||||||||
Deposits | $ | 1,443 | $ | 1,215 | $ | 3,953 | $ | 3,828 | $ | 1,415 | $ | 1,204 | ||||||
Federal funds purchased and securities loaned or sold under agreements to repurchase | 459 | 379 | 1,488 | 1,198 | 493 | 502 | ||||||||||||
Trading account liabilities(1) | 102 | 57 | 286 | 158 | 147 | 88 | ||||||||||||
Short-term borrowings | 90 | 159 | 300 | 436 | 199 | 100 | ||||||||||||
Long-term debt | 1,080 | 1,131 | 3,207 | 3,400 | 1,312 | 1,046 | ||||||||||||
Total interest expense | $ | 3,174 | $ | 2,941 | $ | 9,234 | $ | 9,020 | $ | 3,566 | $ | 2,940 | ||||||
Net interest revenue | $ | 11,479 | $ | 11,773 | $ | 33,942 | $ | 35,167 | $ | 10,857 | $ | 11,227 | ||||||
Provision for loan losses | 1,746 | 1,582 | 5,022 | 4,852 | 1,675 | 1,886 | ||||||||||||
Net interest revenue after provision for loan losses | $ | 9,733 | $ | 10,191 | $ | 28,920 | $ | 30,315 | $ | 9,182 | $ | 9,341 |
(1) | Interest expense on Trading account liabilities of ICG is reported as a reduction of interest revenue from Trading account assets. |
(2) |
Includes deposit insurance fees and charges of |
Three Months Ended September 30, | Nine Months Ended September 30, | Three months ended March 31, | ||||||||||||||||
In millions of dollars | 2016 | 2015 | 2016 | 2015 | 2017 | 2016 | ||||||||||||
Investment banking | $ | 726 | $ | 692 | $ | 2,053 | $ | 2,590 | $ | 862 | $ | 574 | ||||||
Trading-related | 519 | 566 | 1,664 | 1,816 | 572 | 601 | ||||||||||||
Trade and securities services | 384 | 428 | 1,176 | 1,311 | 390 | 406 | ||||||||||||
Credit cards and bank cards | 372 | 415 | 987 | 1,413 | 311 | 271 | ||||||||||||
Corporate finance(1) | 164 | 113 | 528 | 384 | 169 | 123 | ||||||||||||
Other consumer(2) | 173 | 160 | 497 | 522 | 164 | 158 | ||||||||||||
Checking-related | 140 | 128 | 360 | 374 | 120 | 116 | ||||||||||||
Loan servicing | 71 | 103 | 235 | 317 | 86 | 96 | ||||||||||||
Other | 95 | 127 | 332 | 369 | 85 | 118 | ||||||||||||
Total commissions and fees | $ | 2,644 | $ | 2,732 | $ | 7,832 | $ | 9,096 | $ | 2,759 | $ | 2,463 |
(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 September 30, | Nine Months Ended September 30, | |||||||||||
In millions of dollars | 2016 | 2015 | 2016 | 2015 | ||||||||
Global Consumer Banking | $ | 163 | $ | 144 | $ | 473 | $ | 444 | ||||
Institutional Clients Group | 2,063 | 1,209 | 5,548 | 5,199 | ||||||||
Corporate/Other | (37 | ) | (26 | ) | (183 | ) | (265 | ) | ||||
Subtotal Citicorp | $ | 2,189 | $ | 1,327 | $ | 5,838 | $ | 5,378 | ||||
Citi Holdings | 49 | — | 56 | 93 | ||||||||
Total Citigroup | $ | 2,238 | $ | 1,327 | $ | 5,894 | $ | 5,471 | ||||
Interest rate risks(1) | $ | 1,282 | $ | 907 | $ | 3,229 | $ | 3,497 | ||||
Foreign exchange risks(2) | 466 | 432 | 1,481 | 1,236 | ||||||||
Equity risks(3) | 81 | (183 | ) | 76 | (254 | ) | ||||||
Commodity and other risks(4) | 171 | 180 | 436 | 614 | ||||||||
Credit products and risks(5) | 238 | (9 | ) | 672 | 378 | |||||||
Total | $ | 2,238 | $ | 1,327 | $ | 5,894 | $ | 5,471 |
Three months ended March 31, | ||||||
In millions of dollars | 2017 | 2016 | ||||
Global Consumer Banking(1) | $ | 149 | $ | 143 | ||
Institutional Clients Group | 2,668 | 1,576 | ||||
Corporate/Other (1) | 205 | 121 | ||||
Total Citigroup | $ | 3,022 | $ | 1,840 | ||
Interest rate risks(2) | $ | 1,766 | $ | 807 | ||
Foreign exchange risks(3) | 588 | 613 | ||||
Equity risks(4) | 188 | 50 | ||||
Commodity and other risks(5) | 90 | 144 | ||||
Credit products and risks(6) | 390 | 226 | ||||
Total | $ | 3,022 | $ | 1,840 |
(1) | Primarily relates to foreign exchange risks. |
(2) | 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. |
Includes revenues from foreign exchange spot, forward, option and swap contracts, as well as foreign currency translation (FX translation) gains and losses. |
Includes revenues from common, preferred and convertible preferred stock, convertible corporate debt, equity-linked notes and exchange-traded and OTC equity options and warrants. |
Primarily includes revenues from crude oil, refined oil products, natural gas and other commodities trades. |
Includes revenues from structured credit products. |
Three Months Ended September 30, | Three months ended March 31, | |||||||||||||||||||||||||||||||||||||||||||||||||||||
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 | 2017 | 2016 | 2017 | 2016 | 2017 | 2016 | 2017 | 2016 | ||||||||||||||||||||||||||||||||||||||
Qualified plans | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Benefits earned during the period | $ | 1 | $ | 1 | $ | 39 | $ | 42 | $ | — | $ | — | $ | 1 | $ | 3 | $ | 1 | $ | 1 | $ | 36 | $ | 38 | $ | — | $ | — | $ | 2 | $ | 3 | ||||||||||||||||||||||
Interest cost on benefit obligation | 126 | 143 | 70 | 77 | 6 | 8 | 24 | 25 | 132 | 141 | 71 | 73 | 6 | 8 | 24 | 24 | ||||||||||||||||||||||||||||||||||||||
Expected return on plan assets | (224 | ) | (223 | ) | (71 | ) | (81 | ) | (2 | ) | — | (22 | ) | (25 | ) | (216 | ) | (218 | ) | (70 | ) | (72 | ) | (1 | ) | (2 | ) | (21 | ) | (21 | ) | |||||||||||||||||||||||
Amortization of unrecognized | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Prior service benefit | — | — | — | — | — | — | (1 | ) | (3 | ) | — | — | (1 | ) | — | — | — | (2 | ) | (3 | ) | |||||||||||||||||||||||||||||||||
Net actuarial loss | 43 | 31 | 19 | 17 | — | — | 8 | 10 | ||||||||||||||||||||||||||||||||||||||||||||||
Curtailment loss(1) | 10 | 2 | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||
Settlement (gain)(1) | — | — | (2 | ) | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||
Net actuarial loss (gain) | 41 | 36 | 16 | 19 | (1 | ) | — | 8 | 8 | |||||||||||||||||||||||||||||||||||||||||||||
Curtailment gains(1) | — | — | — | (3 | ) | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||
Settlement loss(1) | — | — | — | 1 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||
Net qualified plans (benefit) expense | $ | (44 | ) | $ | (46 | ) | $ | 55 | $ | 55 | $ | 4 | $ | 8 | $ | 10 | $ | 10 | $ | (42 | ) | $ | (40 | ) | $ | 52 | $ | 56 | $ | 4 | $ | 6 | $ | 11 | $ | 11 | ||||||||||||||||||
Nonqualified plans expense | 12 | 11 | — | — | — | — | — | — | 10 | 10 | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||
Total net (benefit) expense | $ | (32 | ) | $ | (35 | ) | $ | 55 | $ | 55 | $ | 4 | $ | 8 | $ | 10 | $ | 10 | $ | (32 | ) | $ | (30 | ) | $ | 52 | $ | 56 | $ | 4 | $ | 6 | $ | 11 | $ | 11 |
Nine Months Ended September 30, | |||||||||||||||||||||||||||
Pension plans | Postretirement benefit plans | ||||||||||||||||||||||||||
U.S. plans | Non-U.S. plans | U.S. plans | Non-U.S. plans | ||||||||||||||||||||||||
In millions of dollars | 2016 | 2015 | 2016 | 2015 | 2016 | 2015 | 2016 | 2015 | |||||||||||||||||||
Qualified plans | |||||||||||||||||||||||||||
Benefits earned during the period | $ | 2 | $ | 3 | $ | 116 | $ | 129 | $ | — | $ | — | $ | 7 | $ | 10 | |||||||||||
Interest cost on benefit obligation | 399 | 411 | 216 | 237 | 19 | 24 | 72 | 82 | |||||||||||||||||||
Expected return on plan assets | (660 | ) | (668 | ) | (217 | ) | (248 | ) | (7 | ) | — | (65 | ) | (81 | ) | ||||||||||||
Amortization of unrecognized | |||||||||||||||||||||||||||
Prior service benefit | — | (2 | ) | (1 | ) | — | — | — | (7 | ) | (9 | ) | |||||||||||||||
Net actuarial loss (gain) | 118 | 106 | 58 | 56 | (1 | ) | — | 24 | 33 | ||||||||||||||||||
Curtailment loss (gain) (1) | 10 | 12 | (3 | ) | — | — | — | — | — | ||||||||||||||||||
Settlement loss(1) | — | — | 2 | — | — | — | — | — | |||||||||||||||||||
Net qualified plans (benefit) expense | $ | (131 | ) | $ | (138 | ) | $ | 171 | $ | 174 | $ | 11 | $ | 24 | $ | 31 | $ | 35 | |||||||||
Nonqualified plans expense | 31 | 33 | — | — | — | — | — | — | |||||||||||||||||||
Total net (benefit) expense | $ | (100 | ) | $ | (105 | ) | $ | 171 | $ | 174 | $ | 11 | $ | 24 | $ | 31 | $ | 35 |
Nine months ended September 30, 2016 | |||||||||||||||
Pension plans | Postretirement benefit plans | ||||||||||||||
In millions of dollars | U.S. plans | Non-U.S. plans | U.S. plans | Non-U.S. plans | |||||||||||
Change in projected benefit obligation (PBO) | |||||||||||||||
Projected benefit obligation at beginning of year | $ | 13,943 | $ | 6,534 | $ | 817 | $ | 1,291 | |||||||
Plans measured annually | — | (1,819 | ) | — | (282 | ) | |||||||||
Projected benefit obligation at beginning of year—Significant Plans | $ | 13,943 | $ | 4,715 | $ | 817 | $ | 1,009 | |||||||
First quarter activity | 574 | 199 | 22 | 30 | |||||||||||
Second quarter activity | 395 | 94 | (106 | ) | (32 | ) | |||||||||
Projected benefit obligation at June 30, 2016—Significant Plans | $ | 14,912 | $ | 5,008 | $ | 733 | $ | 1,007 | |||||||
Benefits earned during the period | 1 | 25 | — | 2 | |||||||||||
Interest cost on benefit obligation | 132 | 57 | 6 | 20 | |||||||||||
Actuarial loss (gain) | 76 | 354 | (2 | ) | (6 | ) | |||||||||
Benefits paid, net of participants’ contributions | (191 | ) | (76 | ) | (8 | ) | (12 | ) | |||||||
Curtailment loss(1) | 10 | — | — | — | |||||||||||
Foreign exchange impact and other | (123 | ) | (104 | ) | — | (47 | ) | ||||||||
Projected benefit obligation at period end—Significant Plans | $ | 14,817 | $ | 5,264 | $ | 729 | $ | 964 |
Three months ended March 31, 2017 | |||||||||||||||
Pension plans | Postretirement benefit plans | ||||||||||||||
In millions of dollars | U.S. plans | Non-U.S. plans | U.S. plans | Non-U.S. plans | |||||||||||
Change in projected benefit obligation | |||||||||||||||
Projected benefit obligation at beginning of year | $ | 14,000 | $ | 6,522 | $ | 686 | $ | 1,141 | |||||||
Plans measured annually | (28 | ) | (1,784 | ) | — | (303 | ) | ||||||||
Projected benefit obligation at beginning of year—Significant Plans | $ | 13,972 | $ | 4,738 | $ | 686 | $ | 838 | |||||||
Benefits earned during the period | 1 | 21 | — | 2 | |||||||||||
Interest cost on benefit obligation | 139 | 60 | 6 | 20 | |||||||||||
Plan amendments | — | 5 | — | — | |||||||||||
Actuarial loss | 72 | 134 | 3 | 39 | |||||||||||
Benefits paid, net of participants’ contributions | (187 | ) | (75 | ) | (16 | ) | (11 | ) | |||||||
Foreign exchange impact and other | — | 657 | — | 84 | |||||||||||
Projected benefit obligation at period end—Significant Plans | $ | 13,997 | $ | 5,540 | $ | 679 | $ | 972 |
Nine months ended September 30, 2016 | Three months ended March 31, 2017 | |||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||
Change in plan assets | ||||||||||||||||||||||||||||||
Plan assets at fair value at beginning of year | $ | 12,137 | $ | 6,104 | $ | 166 | $ | 1,133 | $ | 12,363 | $ | 6,149 | $ | 129 | $ | 1,015 | ||||||||||||||
Plans measured annually | — | (1,175 | ) | — | (8 | ) | — | (1,167 | ) | — | (11 | ) | ||||||||||||||||||
Plan assets at fair value at beginning of year—Significant Plans | $ | 12,137 | $ | 4,929 | $ | 166 | $ | 1,125 | $ | 12,363 | $ | 4,982 | $ | 129 | $ | 1,004 | ||||||||||||||
First quarter activity | (72 | ) | 233 | $ | — | 39 | ||||||||||||||||||||||||
Second quarter activity | 190 | 101 | $ | (21 | ) | (56 | ) | |||||||||||||||||||||||
Plan assets at fair value at June 30, 2016—Significant Plans | $ | 12,255 | $ | 5,263 | $ | 145 | $ | 1,108 | ||||||||||||||||||||||
Actual return on plan assets | 235 | 370 | 8 | 61 | 333 | 179 | 4 | 36 | ||||||||||||||||||||||
Company contributions, net of reimbursements | 513 | 12 | (7 | ) | — | 13 | 13 | 12 | — | |||||||||||||||||||||
Plan participants’ contributions | — | 1 | — | — | — | 1 | — | — | ||||||||||||||||||||||
Benefits paid, net of government subsidy | (191 | ) | (76 | ) | (8 | ) | (12 | ) | (187 | ) | (76 | ) | (16 | ) | (11 | ) | ||||||||||||||
Foreign exchange impact and other | (125 | ) | (157 | ) | — | (53 | ) | — | 786 | — | 99 | |||||||||||||||||||
Plan assets at fair value at period end—Significant Plans | $ | 12,687 | $ | 5,413 | $ | 138 | $ | 1,104 | $ | 12,522 | $ | 5,885 | $ | 129 | $ | 1,128 | ||||||||||||||
Funded status of the Significant plans | ||||||||||||||||||||||||||||||
Funded status of the Significant Plans | ||||||||||||||||||||||||||||||
Qualified plans(1) | $ | (1,387 | ) | $ | 150 | $ | (591 | ) | $ | 140 | $ | (778 | ) | $ | 345 | $ | (550 | ) | $ | 156 | ||||||||||
Nonqualified plans | (743 | ) | — | — | — | (697 | ) | — | — | — | ||||||||||||||||||||
Funded status of the plans at period end—Significant Plans | $ | (2,130 | ) | $ | 150 | $ | (591 | ) | $ | 140 | $ | (1,475 | ) | $ | 345 | $ | (550 | ) | $ | 156 | ||||||||||
Net amount recognized | ||||||||||||||||||||||||||||||
Benefit asset | $ | — | $ | 728 | $ | — | $ | 140 | $ | — | $ | 801 | $ | — | $ | 156 | ||||||||||||||
Benefit liability | (2,130 | ) | (578 | ) | (591 | ) | — | (1,475 | ) | (456 | ) | (550 | ) | — | ||||||||||||||||
Net amount recognized on the balance sheet—Significant Plans | $ | (2,130 | ) | $ | 150 | $ | (591 | ) | $ | 140 | $ | (1,475 | ) | $ | 345 | $ | (550 | ) | $ | 156 | ||||||||||
Amounts recognized in AOCI | Amounts recognized in AOCI | Amounts recognized in AOCI | ||||||||||||||||||||||||||||
Prior service benefit | — | 38 | — | 93 | $ | — | $ | 32 | $ | — | $ | 92 | ||||||||||||||||||
Net actuarial gain (loss) | (7,341 | ) | (991 | ) | 70 | (383 | ) | (6,795 | ) | (921 | ) | 104 | (372 | ) | ||||||||||||||||
Net amount recognized in equity (pretax)—Significant Plans | $ | (7,341 | ) | $ | (953 | ) | $ | 70 | $ | (290 | ) | $ | (6,795 | ) | $ | (889 | ) | $ | 104 | $ | (280 | ) | ||||||||
Accumulated benefit obligation at period end—Significant Plans | $ | 14,810 | $ | 4,935 | $ | 729 | $ | 964 | $ | 13,991 | $ | 5,272 | $ | 679 | $ | 972 |
(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, |
In millions of dollars | Three Months Ended September 30, 2016 | Nine Months Ended September 30, 2016 | Three months ended March 31, 2017 | Year ended December 31, 2016 | ||||||||||
Beginning of period balance, net of tax(1)(2) | $ | (5,608 | ) | $ | (5,116 | ) | $ | (5,164 | ) | $ | (5,116 | ) | ||
Actuarial assumptions changes and plan experience | (415 | ) | (1,962 | ) | (248 | ) | (854 | ) | ||||||
Net asset gain due to difference between actual and expected returns | 367 | 1,038 | 253 | 400 | ||||||||||
Net amortization | 64 | 179 | 56 | 232 | ||||||||||
Prior service cost | — | 33 | ||||||||||||
Prior service (cost) credit | (5 | ) | 28 | |||||||||||
Curtailment/settlement gain(3) | (2 | ) | (2 | ) | — | 17 | ||||||||
Foreign exchange impact and other | (3 | ) | (33 | ) | (58 | ) | 99 | |||||||
Change in deferred taxes, net | 1 | 267 | (10 | ) | 30 | |||||||||
Change, net of tax | $ | 12 | $ | (480 | ) | $ | (12 | ) | $ | (48 | ) | |||
End of period balance, net of tax(1)(2) | $ | (5,596 | ) | $ | (5,596 | ) | $ | (5,176 | ) | $ | (5,164 | ) |
(1) | See Note 17 to the Consolidated Financial Statements for further discussion of net AOCI balance. |
(2) | Includes net-of-tax amounts for certain profit sharing plans outside the U.S. |
(3) | 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 | |||
Sept. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2017 | Dec. 31, 2016 | Mar. 31, 2016 | |
U.S. plans | |||||
Qualified pension | 3.65% | 3.95% | 4.10% | 3.55% | 4.40% |
Nonqualified pension | 3.55 | 3.90 | 4.00 | 3.45 | 4.35 |
Postretirement | 3.40 | 3.75 | 3.90 | 3.30 | 4.20 |
Non-U.S. plans | |||||
Pension | 0.20 - 11.85 | 0.35 to 12.30 | 0.60-11.00 | 0.20-11.55 | 0.75-13.20 |
Weighted average | 4.80 | 5.14 | 5.08 | 4.42 | 5.37 |
Postretirement | 8.20 | 8.45 | 9.65 | 8.25 | 8.60 |
Plan obligations assumed discount rates at period ended | Sept. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Mar. 31, 2017 | Dec. 31, 2016 |
U.S. plans | |||||
Qualified pension | 3.55% | 3.65% | 3.95% | 4.05% | 4.10% |
Nonqualified pension | 3.45 | 3.55 | 3.90 | 3.95 | 4.00 |
Postretirement | 3.30 | 3.40 | 3.75 | 3.85 | 3.90 |
Non-U.S. plans | |||||
Pension | 0.20-11.55 | 0.20-11.85 | 0.35 to 12.30 | 0.55-10.45 | 0.60-11.00 |
Weighted average | 4.42 | 4.80 | 5.14 | 4.83 | 5.08 |
Postretirement | 8.25 | 8.20 | 8.45 | 9.25 | 9.65 |
Three Months Ended September 30, 2016 | ||||||
In millions of dollars | One-percentage-point increase | One-percentage-point decrease | ||||
Pension | ||||||
U.S. plans | $ | 9 | $ | (13 | ) | |
Non-U.S. plans | (6 | ) | 6 | |||
Postretirement | ||||||
U.S. plans | $ | — | $ | (1 | ) | |
Non-U.S. plans | (2 | ) | 2 |
Three months ended March 31, 2017 | ||||||
In millions of dollars | One-percentage-point increase | One-percentage-point decrease | ||||
Pension | ||||||
U.S. plans | $ | 7 | $ | (11 | ) | |
Non-U.S. plans | (5 | ) | 7 | |||
Postretirement | ||||||
U.S. plans | $ | — | $ | — | ||
Non-U.S. plans | (2 | ) | 2 |
Pension plans | Postretirement plans | Pension plans | Postretirement plans | |||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. plans (1) | Non-U.S. plans | U.S. plans | Non-U.S. 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 | 2017 | 2016 | 2017 | 2016 | 2017 | 2016 | 2017 | 2016 | ||||||||||||||||||||||||||||||||||||||
Company contributions(2) for the nine months ended September 30 | $ | 541 | $ | 33 | $ | 48 | $ | 85 | $ | 4 | $ | 217 | $ | 4 | $ | 7 | ||||||||||||||||||||||||||||||||||||||
Company contributions(2) for the three months ended March 31 | $ | 13 | $ | 15 | $ | 34 | $ | 32 | $ | 12 | $ | 6 | $ | 2 | $ | 2 | ||||||||||||||||||||||||||||||||||||||
Company contributions made or expected to be made during the remainder of the year | 12 | 19 | 29 | 49 | — | 18 | 3 | 2 | 43 | 541 | 105 | 94 | — | — | 6 | 7 |
(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 by the Company. |
Three Months Ended September 30, | Nine Months Ended September 30, | Three months ended March 31, | ||||||||||||||||
In millions of dollars | 2016 | 2015 | 2016 | 2015 | 2017 | 2016 | ||||||||||||
U.S. plans | $ | 88 | $ | 94 | $ | 281 | $ | 295 | $ | 98 | $ | 96 | ||||||
Non-U.S. plans | 67 | 67 | 207 | 212 | 69 | 68 |
Three Months Ended September 30, | Nine Months Ended September 30, | Three months ended March 31, | ||||||||||||||||
In millions of dollars | 2016 | 2015 | 2016 | 2015 | 2017 | 2016 | ||||||||||||
Service related expense | ||||||||||||||||||
Service-related expense | ||||||||||||||||||
Interest cost on benefit obligation | $ | — | $ | 1 | $ | 2 | $ | 3 | $ | — | $ | 1 | ||||||
Amortization of unrecognized | ||||||||||||||||||
Prior service benefit | (7 | ) | (8 | ) | (23 | ) | (23 | ) | (8 | ) | (8 | ) | ||||||
Net actuarial loss | 1 | 3 | 3 | 9 | 1 | 1 | ||||||||||||
Total service-related benefit | $ | (6 | ) | $ | (4 | ) | $ | (18 | ) | $ | (11 | ) | $ | (7 | ) | $ | (6 | ) |
Non-service-related expense | $ | 10 | $ | 9 | $ | 23 | $ | 15 | $ | 8 | $ | 8 | ||||||
Total net expense | $ | 4 | $ | 5 | $ | 5 | $ | 4 | ||||||||||
Total net benefit expense | $ | 1 | $ | 2 |
Three Months Ended September 30, | Nine Months Ended September 30, | Three months ended March 31, | ||||||||||||||||
In millions, except per-share amounts | 2016 | 2015 | 2016 | 2015 | 2017 | 2016 | ||||||||||||
Income from continuing operations before attribution of noncontrolling interests | $ | 3,887 | $ | 4,306 | $ | 11,442 | $ | 13,981 | $ | 4,118 | $ | 3,508 | ||||||
Less: Noncontrolling interests from continuing operations | 17 | 5 | 48 | 65 | 10 | 5 | ||||||||||||
Net income from continuing operations (for EPS purposes) | $ | 3,870 | $ | 4,301 | $ | 11,394 | $ | 13,916 | $ | 4,108 | $ | 3,503 | ||||||
Income (loss) from discontinued operations, net of taxes | (30 | ) | (10 | ) | (55 | ) | (9 | ) | (18 | ) | (2 | ) | ||||||
Citigroup's net income | $ | 3,840 | $ | 4,291 | $ | 11,339 | $ | 13,907 | $ | 4,090 | $ | 3,501 | ||||||
Less: Preferred dividends(1) | 225 | 174 | 757 | 504 | 301 | 210 | ||||||||||||
Net income available to common shareholders | $ | 3,615 | $ | 4,117 | $ | 10,582 | $ | 13,403 | $ | 3,789 | $ | 3,291 | ||||||
Less: Dividends and undistributed earnings allocated to employee restricted and deferred shares with nonforfeitable rights to dividends, applicable to basic EPS | 53 | 56 | 145 | 182 | 55 | 40 | ||||||||||||
Net income allocated to common shareholders for basic EPS | $ | 3,562 | $ | 4,061 | $ | 10,437 | $ | 13,221 | $ | 3,734 | $ | 3,251 | ||||||
Net income allocated to common shareholders for diluted EPS | $ | 3,562 | $ | 4,061 | $ | 10,437 | $ | 13,221 | 3,734 | 3,251 | ||||||||
Weighted-average common shares outstanding applicable to basic EPS | 2,879.9 | 2,993.3 | 2,912.9 | 3,015.8 | 2,765.3 | 2,943.0 | ||||||||||||
Effect of dilutive securities(2) | ||||||||||||||||||
Options(3) | 0.1 | 3.4 | 0.1 | 4.4 | 0.2 | 0.1 | ||||||||||||
Other employee plans | 0.1 | 0.2 | 0.1 | 0.2 | ||||||||||||||
Adjusted weighted-average common shares outstanding applicable to diluted EPS(4) | 2,880.1 | 2,996.9 | 2,913.0 | 3,020.4 | 2,765.5 | 2,943.1 | ||||||||||||
Basic earnings per share(5) | ||||||||||||||||||
Income from continuing operations | $ | 1.25 | $ | 1.36 | $ | 3.60 | $ | 4.39 | $ | 1.36 | $ | 1.11 | ||||||
Discontinued operations | (0.01 | ) | — | (0.02 | ) | — | (0.01 | ) | — | |||||||||
Net income | $ | 1.24 | $ | 1.36 | $ | 3.58 | $ | 4.38 | $ | 1.35 | $ | 1.10 | ||||||
Diluted earnings per share(5) | ||||||||||||||||||
Income from continuing operations | $ | 1.25 | $ | 1.36 | $ | 3.60 | $ | 4.38 | $ | 1.36 | $ | 1.11 | ||||||
Discontinued operations | (0.01 | ) | — | (0.02 | ) | — | (0.01 | ) | — | |||||||||
Net income | $ | 1.24 | $ | 1.35 | $ | 3.58 | $ | 4.38 | $ | 1.35 | $ | 1.10 |
(1) | During the |
(2) | 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 |
(3) | During the |
(4) | Due to rounding, common shares outstanding applicable to basic EPS and the effect of dilutive securities may not sum to common shares outstanding applicable to diluted EPS. |
(5) | 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 | September 30, 2016 | December 31, 2015 | March 31, 2017 | December 31, 2016 | ||||||||
Federal funds sold | $ | 41 | $ | 25 | $ | — | $ | — | ||||
Securities purchased under agreements to resell | 135,967 | 119,777 | 134,924 | 131,473 | ||||||||
Deposits paid for securities borrowed | 100,037 | 99,873 | 108,005 | 105,340 | ||||||||
Total | $ | 236,045 | $ | 219,675 | $ | 242,929 | $ | 236,813 |
In millions of dollars | September 30, 2016 | December 31, 2015 | March 31, 2017 | December 31, 2016 | ||||||||
Federal funds purchased | $ | 372 | $ | 189 | $ | 133 | $ | 178 | ||||
Securities sold under agreements to repurchase | 135,907 | 131,650 | 133,129 | 125,685 | ||||||||
Deposits received for securities loaned | 16,845 | 14,657 | 14,968 | 15,958 | ||||||||
Total | $ | 153,124 | $ | 146,496 | $ | 148,230 | $ | 141,821 |
(1) | The above tables do not include securities-for-securities lending transactions of $11.8 billion and $9.3 billion at March 31, 2017 and December 31, 2016, respectively, where the Company acts as lender and receives securities that can be sold or pledged as collateral. In these transactions, the Company recognizes the securities received at fair value within Other assets and the obligation to return those securities as a liability within Brokerage payables. |
As of September 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) | ||||||||||
Securities purchased under agreements to resell | $ | 194,788 | $ | 58,821 | $ | 135,967 | $ | 105,941 | $ | 30,026 | |||||
Deposits paid for securities borrowed | 100,037 | — | 100,037 | 15,835 | 84,202 | ||||||||||
Total | $ | 294,825 | $ | 58,821 | $ | 236,004 | $ | 121,776 | $ | 114,228 |
As of March 31, 2017 | ||||||||||||||||||||||||||||||
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 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 sold under agreements to repurchase | $ | 194,728 | $ | 58,821 | $ | 135,907 | $ | 65,748 | $ | 70,159 | ||||||||||||||||||||
Deposits received for securities loaned | 16,845 | — | 16,845 | 2,871 | 13,974 | |||||||||||||||||||||||||
Securities purchased under agreements to resell | $ | 185,844 | $ | 50,920 | $ | 134,924 | $ | 102,227 | $ | 32,697 | ||||||||||||||||||||
Deposits paid for securities borrowed | 108,005 | — | 108,005 | 20,622 | 87,383 | |||||||||||||||||||||||||
Total | $ | 211,573 | $ | 58,821 | $ | 152,752 | $ | 68,619 | $ | 84,133 | $ | 293,849 | $ | 50,920 | $ | 242,929 | $ | 122,849 | $ | 120,080 |
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) | 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 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 | |||||||||||||||||||||||||
Securities sold under agreements to repurchase | $ | 184,049 | $ | 50,920 | $ | 133,129 | $ | 66,956 | $ | 66,173 | ||||||||||||||||||||
Deposits received for securities loaned | 14,968 | — | 14,968 | 3,447 | 11,521 | |||||||||||||||||||||||||
Total | $ | 276,040 | $ | 56,390 | $ | 219,650 | $ | 108,658 | $ | 110,992 | $ | 199,017 | $ | 50,920 | $ | 148,097 | $ | 70,403 | $ | 77,694 |
As of December 31, 2016 | ||||||||||||||||||||||||||||||
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 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 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 | |||||||||||||||||||||||||
Securities purchased under agreements to resell | $ | 176,284 | $ | 44,811 | $ | 131,473 | $ | 102,874 | $ | 28,599 | ||||||||||||||||||||
Deposits paid for securities borrowed | 105,340 | — | 105,340 | 16,200 | 89,140 | |||||||||||||||||||||||||
Total | $ | 202,697 | $ | 56,390 | $ | 146,307 | $ | 63,867 | $ | 82,440 | $ | 281,624 | $ | 44,811 | $ | 236,813 | $ | 119,074 | $ | 117,739 |
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 | $ | 170,496 | $ | 44,811 | $ | 125,685 | $ | 63,517 | $ | 62,168 | |||||
Deposits received for securities loaned | 15,958 | — | 15,958 | 3,529 | 12,429 | ||||||||||
Total | $ | 186,454 | $ | 44,811 | $ | 141,643 | $ | 67,046 | $ | 74,597 |
(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 September 30, 2016 | As of March 31, 2017 | |||||||||||||||||||||||||||||
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 | $ | 98,771 | $ | 53,335 | $ | 19,329 | $ | 23,293 | $ | 194,728 | $ | 82,260 | $ | 55,581 | $ | 20,438 | $ | 25,770 | $ | 184,049 | ||||||||||
Deposits received for securities loaned | 10,805 | 2,964 | 1,114 | 1,962 | 16,845 | 9,997 | 1,274 | 2,062 | 1,635 | 14,968 | ||||||||||||||||||||
Total | $ | 109,576 | $ | 56,299 | $ | 20,443 | $ | 25,255 | $ | 211,573 | $ | 92,257 | $ | 56,855 | $ | 22,500 | $ | 27,405 | $ | 199,017 |
As of December 31, 2015 | As of December 31, 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 | $ | 89,732 | $ | 54,336 | $ | 21,541 | $ | 22,431 | $ | 188,040 | $ | 79,740 | $ | 50,399 | $ | 19,396 | $ | 20,961 | $ | 170,496 | ||||||||||
Deposits received for securities loaned | 9,096 | 1,823 | 2,324 | 1,414 | 14,657 | 10,813 | 2,169 | 2,044 | 932 | 15,958 | ||||||||||||||||||||
Total | $ | 98,828 | $ | 56,159 | $ | 23,865 | $ | 23,845 | $ | 202,697 | $ | 90,553 | $ | 52,568 | $ | 21,440 | $ | 21,893 | $ | 186,454 |
As of September 30, 2016 | As of March 31, 2017 | |||||||||||||||||
In millions of dollars | Repurchase agreements | Securities lending agreements | Total | Repurchase agreements | Securities lending agreements | Total | ||||||||||||
U.S. Treasury and federal agency | $ | 73,237 | $ | 349 | $ | 73,586 | ||||||||||||
State and municipal | 381 | — | 381 | |||||||||||||||
Foreign government | 63,382 | 958 | 64,340 | |||||||||||||||
U.S. Treasury and federal agency securities | $ | 67,821 | $ | 78 | $ | 67,899 | ||||||||||||
State and municipal securities | 794 | — | 794 | |||||||||||||||
Foreign government securities | 65,167 | 1,145 | 66,312 | |||||||||||||||
Corporate bonds | 18,638 | 725 | 19,363 | 19,098 | 698 | 19,796 | ||||||||||||
Equity securities | 10,707 | 14,171 | 24,878 | 10,756 | 12,593 | 23,349 | ||||||||||||
Mortgage-backed securities | 19,459 | — | 19,459 | 10,428 | — | 10,428 | ||||||||||||
Asset-backed securities | 4,998 | — | 4,998 | 6,016 | — | 6,016 | ||||||||||||
Other | 3,926 | 642 | 4,568 | 3,969 | 454 | 4,423 | ||||||||||||
Total | $ | 194,728 | $ | 16,845 | $ | 211,573 | $ | 184,049 | $ | 14,968 | $ | 199,017 |
As of December 31, 2015 | As of December 31, 2016 | |||||||||||||||||
In millions of dollars | Repurchase agreements | Securities lending agreements | Total | 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 | |||||||||||||||
U.S. Treasury and federal agency securities | $ | 66,263 | $ | — | $ | 66,263 | ||||||||||||
State and municipal securities | 334 | — | 334 | |||||||||||||||
Foreign government securities | 52,988 | 1,390 | 54,378 | |||||||||||||||
Corporate bonds | 15,355 | 1,085 | 16,440 | 17,164 | 630 | 17,794 | ||||||||||||
Equity securities | 10,297 | 12,484 | 22,781 | 12,206 | 13,913 | 26,119 | ||||||||||||
Mortgage-backed securities | 19,913 | — | 19,913 | 11,421 | — | 11,421 | ||||||||||||
Asset-backed securities | 4,572 | — | 4,572 | 5,428 | — | 5,428 | ||||||||||||
Other | 3,862 | 299 | 4,161 | 4,692 | 25 | 4,717 | ||||||||||||
Total | $ | 188,040 | $ | 14,657 | $ | 202,697 | $ | 170,496 | $ | 15,958 | $ | 186,454 |
In millions of dollars | September 30, 2016 | December 31, 2015 | March 31, 2017 | December 31, 2016 | ||||||||
Receivables from customers | $ | 11,004 | $ | 10,435 | $ | 12,452 | $ | 10,374 | ||||
Receivables from brokers, dealers, and clearing organizations | 25,108 | 17,248 | 24,436 | 18,513 | ||||||||
Total brokerage receivables(1) | $ | 36,112 | $ | 27,683 | $ | 36,888 | $ | 28,887 | ||||
Payables to customers | $ | 42,619 | $ | 35,653 | $ | 37,769 | $ | 37,237 | ||||
Payables to brokers, dealers, and clearing organizations | 19,302 | 18,069 | 21,886 | 19,915 | ||||||||
Total brokerage payables(1) | $ | 61,921 | $ | 53,722 | $ | 59,655 | $ | 57,152 |
(1) |
September 30, 2016 | December 31, 2015 | |||||
In millions of dollars | ||||||
Securities available-for-sale (AFS) | $ | 308,117 | $ | 299,136 | ||
Debt securities held-to-maturity (HTM)(1) | 38,588 | 36,215 | ||||
Non-marketable equity securities carried at fair value(2) | 1,977 | 2,088 | ||||
Non-marketable equity securities carried at cost(3) | 6,258 | 5,516 | ||||
Total investments | $ | 354,940 | $ | 342,955 |
In millions of dollars | March 31, 2017 | December 31, 2016 | |||||
Securities available-for-sale (AFS) | $ | 290,282 | $ | 299,424 | |||
Debt securities held-to-maturity (HTM)(1) | 47,942 | 45,667 | |||||
Non-marketable equity securities carried at fair value(2) | 1,529 | 1,774 | |||||
Non-marketable equity securities carried at cost(3) | 6,080 | 6,439 | |||||
Total investments | $ | 345,833 | $ | 353,304 |
(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 |
Three Months Ended September 30, | Nine Months Ended September 30, | Three months ended March 31, | ||||||||||||||||
In millions of dollars | 2016 | 2015 | 2016 | 2015 | 2017 | 2016 | ||||||||||||
Taxable interest | $ | 1,741 | $ | 1,596 | $ | 5,219 | $ | 4,773 | $ | 1,760 | $ | 1,677 | ||||||
Interest exempt from U.S. federal income tax | 111 | 44 | 345 | 116 | 146 | 143 | ||||||||||||
Dividend income | 35 | 87 | 115 | 305 | 54 | 35 | ||||||||||||
Total interest and dividend income | $ | 1,887 | $ | 1,727 | $ | 5,679 | $ | 5,194 | $ | 1,960 | $ | 1,855 |
Three Months Ended September 30, | Nine Months Ended September 30, | Three months ended March 31, | ||||||||||||||||
In millions of dollars | 2016 | 2015 | 2016 | 2015 | 2017 | 2016 | ||||||||||||
Gross realized investment gains | $ | 483 | $ | 213 | $ | 1,105 | $ | 926 | $ | 288 | $ | 379 | ||||||
Gross realized investment losses | (196 | ) | (62 | ) | (432 | ) | (285 | ) | (96 | ) | (193 | ) | ||||||
Net realized gains on sale of investments | $ | 287 | $ | 151 | $ | 673 | $ | 641 | $ | 192 | $ | 186 |
September 30, 2016 | December 31, 2015 | March 31, 2017 | December 31, 2016 | |||||||||||||||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||||||||||||||||||||
Securities AFS | ||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage-backed securities(1) | ||||||||||||||||||||||||||||||||||||||||||||||||
U.S. government-sponsored agency guaranteed | $ | 42,465 | $ | 808 | $ | 71 | $ | 43,202 | $ | 39,584 | $ | 367 | $ | 237 | $ | 39,714 | $ | 35,951 | $ | 241 | $ | 489 | $ | 35,703 | $ | 38,663 | $ | 248 | $ | 506 | $ | 38,405 | ||||||||||||||||
Prime | 5 | — | — | 5 | 2 | — | — | 2 | 2 | — | — | 2 | 2 | — | — | 2 | ||||||||||||||||||||||||||||||||
Alt-A | 45 | 5 | — | 50 | 50 | 5 | — | 55 | 38 | 9 | — | 47 | 43 | 7 | — | 50 | ||||||||||||||||||||||||||||||||
Non-U.S. residential | 4,437 | 19 | 10 | 4,446 | 5,909 | 31 | 11 | 5,929 | 3,416 | 31 | 22 | 3,425 | 3,852 | 13 | 7 | 3,858 | ||||||||||||||||||||||||||||||||
Commercial | 351 | 4 | 1 | 354 | 573 | 2 | 4 | 571 | 360 | 1 | 1 | 360 | 357 | 2 | 1 | 358 | ||||||||||||||||||||||||||||||||
Total mortgage-backed securities | $ | 47,303 | $ | 836 | $ | 82 | $ | 48,057 | $ | 46,118 | $ | 405 | $ | 252 | $ | 46,271 | $ | 39,767 | $ | 282 | $ | 512 | $ | 39,537 | $ | 42,917 | $ | 270 | $ | 514 | $ | 42,673 | ||||||||||||||||
U.S. Treasury and federal agency securities | ||||||||||||||||||||||||||||||||||||||||||||||||
U.S. Treasury | $ | 108,857 | $ | 1,979 | $ | 33 | $ | 110,803 | $ | 113,096 | $ | 254 | $ | 515 | $ | 112,835 | $ | 107,543 | $ | 637 | $ | 396 | $ | 107,784 | $ | 113,606 | $ | 629 | $ | 452 | $ | 113,783 | ||||||||||||||||
Agency obligations | 10,801 | 108 | 6 | 10,903 | 10,095 | 22 | 37 | 10,080 | 9,910 | 23 | 70 | 9,863 | 9,952 | 21 | 85 | 9,888 | ||||||||||||||||||||||||||||||||
Total U.S. Treasury and federal agency securities | $ | 119,658 | $ | 2,087 | $ | 39 | $ | 121,706 | $ | 123,191 | $ | 276 | $ | 552 | $ | 122,915 | $ | 117,453 | $ | 660 | $ | 466 | $ | 117,647 | $ | 123,558 | $ | 650 | $ | 537 | $ | 123,671 | ||||||||||||||||
State and municipal | $ | 11,703 | $ | 201 | $ | 713 | $ | 11,191 | $ | 12,099 | $ | 132 | $ | 772 | $ | 11,459 | $ | 10,228 | $ | 81 | $ | 684 | $ | 9,625 | $ | 10,797 | $ | 80 | $ | 757 | $ | 10,120 | ||||||||||||||||
Foreign government | 97,633 | 708 | 201 | 98,140 | 88,751 | 402 | 479 | 88,674 | 99,974 | 623 | 467 | 100,130 | 98,112 | 590 | 554 | 98,148 | ||||||||||||||||||||||||||||||||
Corporate | 18,982 | 230 | 132 | 19,080 | 19,492 | 129 | 291 | 19,330 | 15,897 | 91 | 109 | 15,879 | 17,195 | 105 | 176 | 17,124 | ||||||||||||||||||||||||||||||||
Asset-backed securities(1) | 7,452 | 6 | 32 | 7,426 | 9,261 | 5 | 92 | 9,174 | 6,522 | 9 | 8 | 6,523 | 6,810 | 6 | 22 | 6,794 | ||||||||||||||||||||||||||||||||
Other debt securities | 1,192 | — | — | 1,192 | 688 | — | — | 688 | 550 | — | — | 550 | 503 | — | — | 503 | ||||||||||||||||||||||||||||||||
Total debt securities AFS | $ | 303,923 | $ | 4,068 | $ | 1,199 | $ | 306,792 | $ | 299,600 | $ | 1,349 | $ | 2,438 | $ | 298,511 | $ | 290,391 | $ | 1,746 | $ | 2,246 | $ | 289,891 | $ | 299,892 | $ | 1,701 | $ | 2,560 | $ | 299,033 | ||||||||||||||||
Marketable equity securities AFS | $ | 1,309 | $ | 18 | $ | 2 | $ | 1,325 | $ | 602 | $ | 26 | $ | 3 | $ | 625 | $ | 368 | $ | 28 | $ | 5 | $ | 391 | $ | 377 | $ | 20 | $ | 6 | $ | 391 | ||||||||||||||||
Total securities AFS | $ | 305,232 | $ | 4,086 | $ | 1,201 | $ | 308,117 | $ | 300,202 | $ | 1,375 | $ | 2,441 | $ | 299,136 | $ | 290,759 | $ | 1,774 | $ | 2,251 | $ | 290,282 | $ | 300,269 | $ | 1,721 | $ | 2,566 | $ | 299,424 |
(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 18 to the Consolidated Financial Statements. |
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 | ||||||||||||||||||||||||
September 30, 2016 | ||||||||||||||||||||||||||||||||||||
March 31, 2017 | ||||||||||||||||||||||||||||||||||||
Securities AFS | ||||||||||||||||||||||||||||||||||||
Mortgage-backed securities | ||||||||||||||||||||||||||||||||||||
U.S. government-sponsored agency guaranteed | $ | 2,325 | $ | 10 | $ | 1,925 | $ | 61 | $ | 4,250 | $ | 71 | $ | 21,496 | $ | 423 | $ | 2,043 | $ | 66 | $ | 23,539 | $ | 489 | ||||||||||||
Non-U.S. residential | 45 | — | 1,899 | 10 | 1,944 | 10 | 423 | 1 | 803 | 21 | 1,226 | 22 | ||||||||||||||||||||||||
Commercial | 38 | — | 44 | 1 | 82 | 1 | 91 | 1 | 49 | — | 140 | 1 | ||||||||||||||||||||||||
Total mortgage-backed securities | $ | 2,408 | $ | 10 | $ | 3,868 | $ | 72 | $ | 6,276 | $ | 82 | $ | 22,010 | $ | 425 | $ | 2,895 | $ | 87 | $ | 24,905 | $ | 512 | ||||||||||||
U.S. Treasury and federal agency securities | ||||||||||||||||||||||||||||||||||||
U.S. Treasury | $ | 7,895 | $ | 33 | $ | 175 | $ | — | $ | 8,070 | $ | 33 | $ | 38,221 | $ | 393 | $ | 955 | $ | 3 | $ | 39,176 | $ | 396 | ||||||||||||
Agency obligations | 1,450 | 3 | 131 | 3 | 1,581 | 6 | 6,099 | 70 | 145 | — | 6,244 | 70 | ||||||||||||||||||||||||
Total U.S. Treasury and federal agency securities | $ | 9,345 | $ | 36 | $ | 306 | $ | 3 | $ | 9,651 | $ | 39 | $ | 44,320 | $ | 463 | $ | 1,100 | $ | 3 | $ | 45,420 | $ | 466 | ||||||||||||
State and municipal | $ | 302 | $ | 14 | $ | 3,632 | $ | 699 | $ | 3,934 | $ | 713 | $ | 1,039 | $ | 47 | $ | 2,883 | $ | 637 | $ | 3,922 | $ | 684 | ||||||||||||
Foreign government | 23,678 | 116 | 8,230 | 85 | 31,908 | 201 | 33,770 | 173 | 11,624 | 294 | 45,394 | 467 | ||||||||||||||||||||||||
Corporate | 2,625 | 84 | 1,831 | 48 | 4,456 | 132 | 6,278 | 93 | 881 | 16 | 7,159 | 109 | ||||||||||||||||||||||||
Asset-backed securities | 522 | — | 4,917 | 32 | 5,439 | 32 | 221 | — | 1,369 | 8 | 1,590 | 8 | ||||||||||||||||||||||||
Other debt securities | 25 | — | — | — | 25 | — | 70 | — | — | — | 70 | — | ||||||||||||||||||||||||
Marketable equity securities AFS | 12 | 2 | 13 | — | 25 | 2 | 13 | 1 | 66 | 4 | 79 | 5 | ||||||||||||||||||||||||
Total securities AFS | $ | 38,917 | $ | 262 | $ | 22,797 | $ | 939 | $ | 61,714 | $ | 1,201 | $ | 107,721 | $ | 1,202 | $ | 20,818 | $ | 1,049 | $ | 128,539 | $ | 2,251 | ||||||||||||
December 31, 2015 | ||||||||||||||||||||||||||||||||||||
December 31, 2016 | ||||||||||||||||||||||||||||||||||||
Securities AFS | ||||||||||||||||||||||||||||||||||||
Mortgage-backed securities | ||||||||||||||||||||||||||||||||||||
U.S. government-sponsored agency guaranteed | $ | 17,816 | $ | 141 | $ | 2,618 | $ | 96 | $ | 20,434 | $ | 237 | $ | 23,534 | $ | 436 | $ | 2,236 | $ | 70 | $ | 25,770 | $ | 506 | ||||||||||||
Prime | — | — | 1 | — | 1 | — | 1 | — | — | — | 1 | — | ||||||||||||||||||||||||
Non-U.S. residential | 2,217 | 7 | 825 | 4 | 3,042 | 11 | 486 | — | 1,276 | 7 | 1,762 | 7 | ||||||||||||||||||||||||
Commercial | 291 | 3 | 55 | 1 | 346 | 4 | 75 | 1 | 58 | — | 133 | 1 | ||||||||||||||||||||||||
Total mortgage-backed securities | $ | 20,324 | $ | 151 | $ | 3,499 | $ | 101 | $ | 23,823 | $ | 252 | $ | 24,096 | $ | 437 | $ | 3,570 | $ | 77 | $ | 27,666 | $ | 514 | ||||||||||||
U.S. Treasury and federal agency securities | ||||||||||||||||||||||||||||||||||||
U.S. Treasury | $ | 59,384 | $ | 505 | $ | 1,204 | $ | 10 | $ | 60,588 | $ | 515 | $ | 44,342 | $ | 445 | $ | 1,335 | $ | 7 | $ | 45,677 | $ | 452 | ||||||||||||
Agency obligations | 6,716 | 30 | 196 | 7 | 6,912 | 37 | 6,552 | 83 | 250 | 2 | 6,802 | 85 | ||||||||||||||||||||||||
Total U.S. Treasury and federal agency securities | $ | 66,100 | $ | 535 | $ | 1,400 | $ | 17 | $ | 67,500 | $ | 552 | $ | 50,894 | $ | 528 | $ | 1,585 | $ | 9 | $ | 52,479 | $ | 537 | ||||||||||||
State and municipal | $ | 635 | $ | 26 | $ | 4,450 | $ | 746 | $ | 5,085 | $ | 772 | $ | 1,616 | $ | 55 | $ | 3,116 | $ | 702 | $ | 4,732 | $ | 757 | ||||||||||||
Foreign government | 34,053 | 371 | 4,021 | 108 | 38,074 | 479 | 38,226 | 243 | 8,973 | 311 | 47,199 | 554 | ||||||||||||||||||||||||
Corporate | 7,024 | 190 | 1,919 | 101 | 8,943 | 291 | 7,011 | 129 | 1,877 | 47 | 8,888 | 176 | ||||||||||||||||||||||||
Asset-backed securities | 5,311 | 58 | 2,247 | 34 | 7,558 | 92 | 411 | — | 3,213 | 22 | 3,624 | 22 | ||||||||||||||||||||||||
Other debt securities | 27 | — | — | — | 27 | — | 5 | — | — | — | 5 | — | ||||||||||||||||||||||||
Marketable equity securities AFS | 132 | 3 | 1 | — | 133 | 3 | 19 | 2 | 24 | 4 | 43 | 6 | ||||||||||||||||||||||||
Total securities AFS | $ | 133,606 | $ | 1,334 | $ | 17,537 | $ | 1,107 | $ | 151,143 | $ | 2,441 | $ | 122,278 | $ | 1,394 | $ | 22,358 | $ | 1,172 | $ | 144,636 | $ | 2,566 |
September 30, 2016 | December 31, 2015 | March 31, 2017 | December 31, 2016 | |||||||||||||||||||||
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 | $ | 176 | $ | 176 | $ | 114 | $ | 114 | $ | 127 | $ | 127 | $ | 132 | $ | 132 | ||||||||
After 1 but within 5 years | 843 | 850 | 1,408 | 1,411 | 633 | 635 | 736 | 738 | ||||||||||||||||
After 5 but within 10 years | 2,246 | 2,300 | 1,750 | 1,751 | 1,888 | 1,877 | 2,279 | 2,265 | ||||||||||||||||
After 10 years(2) | 44,038 | 44,731 | 42,846 | 42,995 | 37,119 | 36,898 | 39,770 | 39,538 | ||||||||||||||||
Total | $ | 47,303 | $ | 48,057 | $ | 46,118 | $ | 46,271 | $ | 39,767 | $ | 39,537 | $ | 42,917 | $ | 42,673 | ||||||||
U.S. Treasury and federal agency securities | ||||||||||||||||||||||||
Due within 1 year | $ | 3,020 | $ | 3,022 | $ | 3,016 | $ | 3,014 | $ | 4,182 | $ | 4,161 | $ | 4,945 | $ | 4,945 | ||||||||
After 1 but within 5 years | 104,323 | 105,934 | 107,034 | 106,878 | 101,314 | 101,367 | 101,369 | 101,323 | ||||||||||||||||
After 5 but within 10 years | 12,217 | 12,655 | 12,786 | 12,684 | 11,920 | 12,082 | 17,153 | 17,314 | ||||||||||||||||
After 10 years(2) | 98 | 95 | 355 | 339 | 37 | 37 | 91 | 89 | ||||||||||||||||
Total | $ | 119,658 | $ | 121,706 | $ | 123,191 | $ | 122,915 | $ | 117,453 | $ | 117,647 | $ | 123,558 | $ | 123,671 | ||||||||
State and municipal | ||||||||||||||||||||||||
Due within 1 year | $ | 2,157 | $ | 2,155 | $ | 3,289 | $ | 3,287 | $ | 2,057 | $ | 2,057 | $ | 2,093 | $ | 2,092 | ||||||||
After 1 but within 5 years | 2,685 | 2,693 | 1,781 | 1,781 | 2,675 | 2,674 | 2,668 | 2,662 | ||||||||||||||||
After 5 but within 10 years | 459 | 469 | 502 | 516 | 319 | 316 | 335 | 334 | ||||||||||||||||
After 10 years(2) | 6,402 | 5,874 | 6,527 | 5,875 | 5,177 | 4,578 | 5,701 | 5,032 | ||||||||||||||||
Total | $ | 11,703 | $ | 11,191 | $ | 12,099 | $ | 11,459 | $ | 10,228 | $ | 9,625 | $ | 10,797 | $ | 10,120 | ||||||||
Foreign government | ||||||||||||||||||||||||
Due within 1 year | $ | 28,878 | $ | 28,898 | $ | 25,898 | $ | 25,905 | $ | 31,111 | $ | 31,140 | $ | 32,540 | $ | 32,547 | ||||||||
After 1 but within 5 years | 53,253 | 53,089 | 43,514 | 43,464 | 53,827 | 53,747 | 51,008 | 50,881 | ||||||||||||||||
After 5 but within 10 years | 12,952 | 13,479 | 17,013 | 16,968 | 12,402 | 12,478 | 12,388 | 12,440 | ||||||||||||||||
After 10 years(2) | 2,550 | 2,674 | 2,326 | 2,337 | 2,634 | 2,765 | 2,176 | 2,280 | ||||||||||||||||
Total | $ | 97,633 | $ | 98,140 | $ | 88,751 | $ | 88,674 | $ | 99,974 | $ | 100,130 | $ | 98,112 | $ | 98,148 | ||||||||
All other(3) | ||||||||||||||||||||||||
Due within 1 year | $ | 3,065 | $ | 3,068 | $ | 2,354 | $ | 2,355 | $ | 3,443 | $ | 3,243 | $ | 2,629 | $ | 2,628 | ||||||||
After 1 but within 5 years | 13,637 | 13,758 | 14,035 | 14,054 | 10,306 | 10,526 | 12,339 | 12,334 | ||||||||||||||||
After 5 but within 10 years | 7,833 | 7,818 | 9,789 | 9,593 | 6,250 | 6,242 | 6,566 | 6,528 | ||||||||||||||||
After 10 years(2) | 3,091 | 3,054 | 3,263 | 3,190 | 2,970 | 2,941 | 2,974 | 2,931 | ||||||||||||||||
Total | $ | 27,626 | $ | 27,698 | $ | 29,441 | $ | 29,192 | $ | 22,969 | $ | 22,952 | $ | 24,508 | $ | 24,421 | ||||||||
Total debt securities AFS | $ | 303,923 | $ | 306,792 | $ | 299,600 | $ | 298,511 | $ | 290,391 | $ | 289,891 | $ | 299,892 | $ | 299,033 |
(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 | ||||||||||||||||||||||||
September 30, 2016 | ||||||||||||||||||||||||||||||||||||
March 31, 2017 | March 31, 2017 | |||||||||||||||||||||||||||||||||||
Debt securities held-to-maturity | ||||||||||||||||||||||||||||||||||||
Mortgage-backed securities(3) | ||||||||||||||||||||||||||||||||||||
U.S. government agency guaranteed | $ | 16,888 | $ | 125 | $ | 17,013 | $ | 414 | $ | (3 | ) | $ | 17,424 | $ | 23,998 | $ | 27 | $ | 24,025 | $ | 46 | $ | (204 | ) | $ | 23,867 | ||||||||||
Prime | 41 | (8 | ) | 33 | 3 | — | 36 | 7 | — | 7 | 10 | — | 17 | |||||||||||||||||||||||
Alt-A | 343 | (28 | ) | 315 | 85 | (1 | ) | 399 | 303 | (25 | ) | 278 | 78 | — | 356 | |||||||||||||||||||||
Subprime | — | — | — | — | — | — | ||||||||||||||||||||||||||||||
Non-U.S. residential | 2,058 | (53 | ) | 2,005 | 45 | (6 | ) | 2,044 | 1,828 | (46 | ) | 1,782 | 60 | — | 1,842 | |||||||||||||||||||||
Commercial | 26 | — | 26 | — | — | 26 | ||||||||||||||||||||||||||||||
Total mortgage-backed securities | $ | 19,330 | $ | 36 | $ | 19,366 | $ | 547 | $ | (10 | ) | $ | 19,903 | $ | 26,162 | $ | (44 | ) | $ | 26,118 | $ | 194 | $ | (204 | ) | $ | 26,108 | |||||||||
State and municipal | $ | 8,304 | $ | (380 | ) | $ | 7,924 | $ | 402 | $ | (77 | ) | $ | 8,249 | $ | 9,530 | $ | (468 | ) | $ | 9,062 | $ | 163 | $ | (224 | ) | $ | 9,001 | ||||||||
Foreign government | 2,120 | — | 2,120 | — | (9 | ) | 2,111 | 1,202 | — | 1,202 | — | (21 | ) | 1,181 | ||||||||||||||||||||||
Asset-backed securities(3) | 9,184 | (6 | ) | 9,178 | 25 | (10 | ) | 9,193 | 11,565 | (5 | ) | 11,560 | 63 | (6 | ) | 11,617 | ||||||||||||||||||||
Total debt securities held-to-maturity | $ | 38,938 | $ | (350 | ) | $ | 38,588 | $ | 974 | $ | (106 | ) | $ | 39,456 | $ | 48,459 | $ | (517 | ) | $ | 47,942 | $ | 420 | $ | (455 | ) | $ | 47,907 | ||||||||
December 31, 2015 | ||||||||||||||||||||||||||||||||||||
December 31, 2016 | ||||||||||||||||||||||||||||||||||||
Debt securities held-to-maturity | ||||||||||||||||||||||||||||||||||||
Mortgage-backed securities(3) | ||||||||||||||||||||||||||||||||||||
U.S. government agency guaranteed | $ | 17,648 | $ | 138 | $ | 17,786 | $ | 71 | $ | (100 | ) | $ | 17,757 | $ | 22,462 | $ | 33 | $ | 22,495 | $ | 47 | $ | (186 | ) | $ | 22,356 | ||||||||||
Prime | 121 | (78 | ) | 43 | 3 | (1 | ) | 45 | 31 | (7 | ) | 24 | 10 | (1 | ) | 33 | ||||||||||||||||||||
Alt-A | 433 | (1 | ) | 432 | 259 | (162 | ) | 529 | 314 | (27 | ) | 287 | 69 | (1 | ) | 355 | ||||||||||||||||||||
Subprime | 2 | — | 2 | 13 | — | 15 | ||||||||||||||||||||||||||||||
Non-U.S. residential | 1,330 | (60 | ) | 1,270 | 37 | — | 1,307 | 1,871 | (47 | ) | 1,824 | 49 | — | 1,873 | ||||||||||||||||||||||
Commercial | 14 | — | 14 | — | — | 14 | ||||||||||||||||||||||||||||||
Total mortgage-backed securities | $ | 19,534 | $ | (1 | ) | $ | 19,533 | $ | 383 | $ | (263 | ) | $ | 19,653 | $ | 24,692 | $ | (48 | ) | $ | 24,644 | $ | 175 | $ | (188 | ) | $ | 24,631 | ||||||||
State and municipal | $ | 8,581 | $ | (438 | ) | $ | 8,143 | $ | 245 | $ | (87 | ) | $ | 8,301 | $ | 9,025 | $ | (442 | ) | $ | 8,583 | $ | 129 | $ | (238 | ) | $ | 8,474 | ||||||||
Foreign government | 4,068 | — | 4,068 | 28 | (3 | ) | 4,093 | 1,339 | — | 1,339 | — | (26 | ) | 1,313 | ||||||||||||||||||||||
Asset-backed securities(3) | 4,485 | (14 | ) | 4,471 | 34 | (41 | ) | 4,464 | 11,107 | (6 | ) | 11,101 | 41 | (5 | ) | 11,137 | ||||||||||||||||||||
Total debt securities held-to-maturity | $ | 36,668 | $ | (453 | ) | $ | 36,215 | $ | 690 | $ | (394 | ) | $ | 36,511 | $ | 46,163 | $ | (496 | ) | $ | 45,667 | $ | 345 | $ | (457 | ) | $ | 45,555 |
(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 18 to the Consolidated Financial Statements. |
(4) | During the fourth quarter of 2016, securities with a total fair value of approximately $5.8 billion were transferred from AFS to HTM, composed of $5 billion of U.S. government agency mortgage-backed securities and $830 million of municipal securities. The transfer reflects the Company’s intent to hold these securities to maturity or to issuer call, in part, 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 | ||||||||||||||||||||||||
September 30, 2016 | ||||||||||||||||||||||||||||||||||||
March 31, 2017 | ||||||||||||||||||||||||||||||||||||
Debt securities held-to-maturity | ||||||||||||||||||||||||||||||||||||
Mortgage-backed securities | $ | 695 | $ | 3 | $ | 553 | $ | 7 | $ | 1,248 | $ | 10 | $ | 3 | $ | — | $ | 18,784 | $ | 204 | $ | 18,787 | $ | 204 | ||||||||||||
State and municipal | 365 | 4 | 1,435 | 73 | 1,800 | 77 | 2,005 | 52 | 1,199 | 172 | 3,204 | 224 | ||||||||||||||||||||||||
Foreign government | 1,853 | 9 | — | — | 1,853 | 9 | 1,181 | 21 | — | — | 1,181 | 21 | ||||||||||||||||||||||||
Asset-backed securities | 10 | 1 | 2,213 | 9 | 2,223 | 10 | — | — | 1,348 | 6 | 1,348 | 6 | ||||||||||||||||||||||||
Total debt securities held-to-maturity | $ | 2,923 | $ | 17 | $ | 4,201 | $ | 89 | $ | 7,124 | $ | 106 | $ | 3,189 | $ | 73 | $ | 21,331 | $ | 382 | $ | 24,520 | $ | 455 | ||||||||||||
December 31, 2015 | ||||||||||||||||||||||||||||||||||||
December 31, 2016 | ||||||||||||||||||||||||||||||||||||
Debt securities held-to-maturity | ||||||||||||||||||||||||||||||||||||
Mortgage-backed securities | $ | 935 | $ | 1 | $ | 10,301 | $ | 262 | $ | 11,236 | $ | 263 | $ | 17 | $ | — | $ | 17,176 | $ | 188 | $ | 17,193 | $ | 188 | ||||||||||||
State and municipal | 881 | 20 | 1,826 | 67 | 2,707 | 87 | 2,200 | 58 | 1,210 | 180 | 3,410 | 238 | ||||||||||||||||||||||||
Foreign government | 180 | 3 | — | — | 180 | 3 | 1,313 | 26 | — | — | 1,313 | 26 | ||||||||||||||||||||||||
Asset-backed securities | 132 | 13 | 3,232 | 28 | 3,364 | 41 | 2 | — | 2,503 | 5 | 2,505 | 5 | ||||||||||||||||||||||||
Total debt securities held-to-maturity | $ | 2,128 | $ | 37 | $ | 15,359 | $ | 357 | $ | 17,487 | $ | 394 | $ | 3,532 | $ | 84 | $ | 20,889 | $ | 373 | $ | 24,421 | $ | 457 |
September 30, 2016 | December 31, 2015 | March 31, 2017 | December 31, 2016 | |||||||||||||||||||||
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 | 766 | 788 | 172 | 172 | 755 | 758 | 760 | 766 | ||||||||||||||||
After 5 but within 10 years | 57 | 59 | 660 | 663 | 53 | 54 | 54 | 55 | ||||||||||||||||
After 10 years(1) | 18,543 | 19,056 | 18,701 | 18,818 | 25,310 | 25,296 | 23,830 | 23,810 | ||||||||||||||||
Total | $ | 19,366 | $ | 19,903 | $ | 19,533 | $ | 19,653 | $ | 26,118 | $ | 26,108 | $ | 24,644 | $ | 24,631 | ||||||||
State and municipal | ||||||||||||||||||||||||
Due within 1 year | $ | 535 | $ | 534 | $ | 309 | $ | 305 | $ | 358 | $ | 358 | $ | 406 | $ | 406 | ||||||||
After 1 but within 5 years | 139 | 140 | 336 | 335 | 147 | 148 | 112 | 110 | ||||||||||||||||
After 5 but within 10 years | 234 | 247 | 262 | 270 | 344 | 349 | 363 | 367 | ||||||||||||||||
After 10 years(1) | 7,016 | 7,328 | 7,236 | 7,391 | 8,213 | 8,146 | 7,702 | 7,591 | ||||||||||||||||
Total | $ | 7,924 | $ | 8,249 | $ | 8,143 | $ | 8,301 | $ | 9,062 | $ | 9,001 | $ | 8,583 | $ | 8,474 | ||||||||
Foreign government | ||||||||||||||||||||||||
Due within 1 year | $ | 1,571 | $ | 1,572 | $ | — | $ | — | $ | 637 | $ | 637 | $ | 824 | $ | 818 | ||||||||
After 1 but within 5 years | 549 | 539 | 4,068 | 4,093 | 565 | 544 | 515 | 495 | ||||||||||||||||
After 5 but within 10 years | — | — | — | — | — | — | — | — | ||||||||||||||||
After 10 years(1) | — | — | — | — | — | — | — | — | ||||||||||||||||
Total | $ | 2,120 | $ | 2,111 | $ | 4,068 | $ | 4,093 | $ | 1,202 | $ | 1,181 | $ | 1,339 | $ | 1,313 | ||||||||
All other(2) | ||||||||||||||||||||||||
Due within 1 year | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||
After 1 but within 5 years | — | — | — | — | — | — | — | — | ||||||||||||||||
After 5 but within 10 years | 508 | 508 | — | — | 500 | 501 | 513 | 514 | ||||||||||||||||
After 10 years(1) | 8,670 | 8,685 | 4,471 | 4,464 | 11,060 | 11,116 | 10,588 | 10,623 | ||||||||||||||||
Total | $ | 9,178 | $ | 9,193 | $ | 4,471 | $ | 4,464 | $ | 11,560 | $ | 11,617 | $ | 11,101 | $ | 11,137 | ||||||||
Total debt securities held-to-maturity | $ | 38,588 | $ | 39,456 | $ | 36,215 | $ | 36,511 | $ | 47,942 | $ | 47,907 | $ | 45,667 | $ | 45,555 |
(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 September 30, 2016 | Nine Months Ended September 30, 2016 | ||||||||||||||||||||||||||||||||||
OTTI on Investments and Other assets | Three months ended March 31, 2017 | |||||||||||||||||||||||||||||||||||
In millions of dollars | AFS(1) | HTM | Other Assets | Total | AFS(1)(2) | HTM | Other Assets(3) | 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 | $ | — | $ | — | $ | — | $ | — | $ | 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 | $ | — | $ | — | $ | — | $ | — | $ | 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 | 20 | 12 | — | 32 | 243 | 36 | 332 | 611 | ||||||||||||||||||||||||||||
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 | 11 | 1 | — | 12 | ||||||||||||||||||||||||||||||||
Total impairment losses recognized in earnings | $ | 20 | $ | 12 | $ | — | $ | 32 | $ | 246 | $ | 37 | $ | 332 | $ | 615 | $ | 11 | $ | 1 | $ | — | $ | 12 |
(1) | Includes OTTI on non-marketable equity securities. |
OTTI on Investments and Other assets | Three months ended March 31, 2016 | |||||||||||
In millions of dollars | 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 | ||||
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 | ||||
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 | ||||||||
Total impairment losses recognized in earnings | $ | 196 | $ | 7 | $ | 262 | $ | 465 |
(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 September 30, 2015 | Nine Months Ended September 30, 2015 | ||||||||||||||||||||||
In millions of dollars | 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 | $ | 1 | $ | — | $ | — | $ | 1 | $ | 1 | $ | — | $ | — | $ | 1 | ||||||||
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 | $ | 1 | $ | — | $ | — | $ | 1 | ||||||||
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 | 64 | 14 | 1 | 79 | 152 | 36 | 6 | 194 | ||||||||||||||||
Total impairment losses recognized in earnings | $ | 65 | $ | 14 | $ | 1 | $ | 80 | $ | 153 | $ | 36 | $ | 6 | $ | 195 |
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 | Jun. 30, 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 | September 30, 2016 balance | Dec. 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 | March 31, 2017 balance | ||||||||||||||||||||
AFS debt securities | ||||||||||||||||||||||||||||||
Mortgage-backed securities | $ | 294 | $ | — | $ | — | $ | — | $ | 294 | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||
State and municipal | — | — | — | — | — | 4 | — | — | — | 4 | ||||||||||||||||||||
Foreign government securities | 170 | — | — | (5 | ) | 165 | — | — | — | — | — | |||||||||||||||||||
Corporate | 110 | — | — | (1 | ) | 109 | 5 | — | — | (1 | ) | 4 | ||||||||||||||||||
All other debt securities | 144 | — | — | (20 | ) | 124 | 22 | — | — | — | 22 | |||||||||||||||||||
Total OTTI credit losses recognized for AFS debt securities | $ | 718 | $ | — | $ | — | $ | (26 | ) | $ | 692 | $ | 31 | $ | — | $ | — | $ | (1 | ) | $ | 30 | ||||||||
HTM debt securities | ||||||||||||||||||||||||||||||
Mortgage-backed securities(1) | $ | 532 | $ | — | $ | — | $ | (2 | ) | $ | 530 | $ | 101 | $ | — | $ | — | $ | (4 | ) | $ | 97 | ||||||||
State and municipal | 1 | — | — | — | 1 | 3 | — | — | — | 3 | ||||||||||||||||||||
All other debt securities | 131 | — | — | — | 131 | |||||||||||||||||||||||||
Total OTTI credit losses recognized for HTM debt securities | $ | 664 | $ | — | $ | — | $ | (2 | ) | $ | 662 | $ | 104 | $ | — | $ | — | $ | (4 | ) | $ | 100 |
(1) | Primarily consists of Alt-A securities. |
Cumulative OTTI credit losses recognized in earnings on securities still held | |||||||||||||||
In millions of dollars | Jun. 30, 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 | Sep. 30, 2015 balance | ||||||||||
AFS debt securities | |||||||||||||||
Mortgage-backed securities | $ | 295 | $ | — | $ | — | $ | — | $ | 295 | |||||
State and municipal | — | — | — | — | — | ||||||||||
Foreign government securities | 170 | — | — | — | 170 | ||||||||||
Corporate | 112 | 1 | — | — | 113 | ||||||||||
All other debt securities | 149 | — | — | — | 149 | ||||||||||
Total OTTI credit losses recognized for AFS debt securities | $ | 726 | $ | 1 | $ | — | $ | — | $ | 727 | |||||
HTM debt securities | |||||||||||||||
Mortgage-backed securities(1) | $ | 650 | $ | — | $ | — | $ | (30 | ) | $ | 620 | ||||
All other debt securities | 133 | — | — | (1 | ) | 132 | |||||||||
Total OTTI credit losses recognized for HTM debt securities | $ | 783 | $ | — | $ | — | $ | (31 | ) | $ | 752 |
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 | September 30, 2016 balance | ||||||||||
AFS debt securities | |||||||||||||||
Mortgage-backed securities | $ | 294 | $ | 1 | $ | — | $ | (1 | ) | $ | 294 | ||||
State and municipal | 8 | — | — | (8 | ) | — | |||||||||
Foreign government securities | 170 | — | — | (5 | ) | 165 | |||||||||
Corporate | 112 | 1 | 2 | (6 | ) | 109 | |||||||||
All other debt securities | 148 | — | — | (24 | ) | 124 | |||||||||
Total OTTI credit losses recognized for AFS debt securities | $ | 732 | $ | 2 | $ | 2 | $ | (44 | ) | $ | 692 | ||||
HTM debt securities | |||||||||||||||
Mortgage-backed securities(1) | $ | 556 | $ | — | $ | — | $ | (26 | ) | $ | 530 | ||||
State and municipal | — | 1 | — | — | 1 | ||||||||||
All other debt securities | 132 | — | — | (1 | ) | 131 | |||||||||
Total OTTI credit losses recognized for HTM debt securities | $ | 688 | $ | 1 | $ | — | $ | (27 | ) | $ | 662 |
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 | September 30, 2015 balance | 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 | ||||||||||||||||||||
AFS debt securities | ||||||||||||||||||||||||||||||
Mortgage-backed securities | $ | 295 | $ | — | $ | — | $ | — | $ | 295 | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||
State and municipal | — | — | — | — | — | 12 | — | — | (8 | ) | 4 | |||||||||||||||||||
Foreign government securities | 171 | — | — | (1 | ) | 170 | 5 | — | — | — | 5 | |||||||||||||||||||
Corporate | 118 | 1 | — | (6 | ) | 113 | 9 | 1 | — | (3 | ) | 7 | ||||||||||||||||||
All other debt securities | 149 | — | — | — | 149 | 47 | — | — | (4 | ) | 43 | |||||||||||||||||||
Total OTTI credit losses recognized for AFS debt securities | $ | 733 | $ | 1 | $ | — | $ | (7 | ) | $ | 727 | $ | 73 | $ | 1 | $ | — | $ | (15 | ) | $ | 59 | ||||||||
HTM debt securities | ||||||||||||||||||||||||||||||
Mortgage-backed securities(1) | $ | 670 | $ | — | $ | — | $ | (50 | ) | $ | 620 | $ | 132 | $ | — | $ | — | $ | — | $ | 132 | |||||||||
All other debt securities | 133 | — | — | (1 | ) | 132 | ||||||||||||||||||||||||
State and municipal | 4 | — | — | — | 4 | |||||||||||||||||||||||||
Total OTTI credit losses recognized for HTM debt securities | $ | 803 | $ | — | $ | — | $ | (51 | ) | $ | 752 | $ | 136 | $ | — | $ | — | $ | — | $ | 136 |
(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 | September 30, 2016 | December 31, 2015 | September 30, 2016 | December 31, 2015 | March 31, 2017 | December 31, 2016 | March 31, 2017 | December 31, 2016 | ||||||||||||||||||||
Hedge funds | $ | 3 | $ | 3 | $ | — | $ | — | Generally quarterly | 10–95 days | $ | 3 | $ | 4 | $ | — | $ | — | Generally quarterly | 10–95 days | ||||||||
Private equity funds(1)(2) | 675 | 762 | 129 | 173 | — | 359 | 348 | 82 | 82 | — | ||||||||||||||||||
Real estate funds (2)(3) | 69 | 130 | 22 | 21 | — | 54 | 56 | 21 | 20 | — | ||||||||||||||||||
Total | $ | 747 | $ | 895 | $ | 151 | $ | 194 | — | $ | 416 | $ | 408 | $ | 103 | $ | 102 | — |
(1) | Private equity funds include funds that invest in infrastructure, |
(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. |
In millions of dollars | September 30, 2016 | December 31, 2015 | March 31, 2017 | December 31, 2016 | ||||||||
In U.S. offices | ||||||||||||
Mortgage and real estate(1) | $ | 75,057 | $ | 80,281 | $ | 71,170 | $ | 72,957 | ||||
Installment, revolving credit, and other | 3,465 | 3,480 | 3,252 | 3,395 | ||||||||
Cards(2) | 124,637 | 112,800 | ||||||||||
Cards | 125,799 | 132,654 | ||||||||||
Commercial and industrial | 6,989 | 6,407 | 7,434 | 7,159 | ||||||||
$ | 210,148 | $ | 202,968 | $ | 207,655 | $ | 216,165 | |||||
In offices outside the U.S. | ||||||||||||
Mortgage and real estate(1) | $ | 45,751 | $ | 47,062 | $ | 43,822 | $ | 42,803 | ||||
Installment, revolving credit, and other | 28,217 | 29,480 | 26,014 | 24,887 | ||||||||
Cards | 25,833 | 27,342 | 24,497 | 23,783 | ||||||||
Commercial and industrial | 17,828 | 17,741 | 17,728 | 16,568 | ||||||||
Lease financing | 113 | 362 | 83 | 81 | ||||||||
$ | 117,742 | $ | 121,987 | $ | 112,144 | $ | 108,122 | |||||
Total consumer loans | $ | 327,890 | $ | 324,955 | $ | 319,799 | $ | 324,287 | ||||
Net unearned income | $ | 812 | 830 | $ | 757 | $ | 776 | |||||
Consumer loans, net of unearned income | $ | 328,702 | $ | 325,785 | $ | 320,556 | $ | 325,063 |
(1) | Loans secured primarily by real estate. |
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 | $ | 52,266 | $ | 564 | $ | 336 | $ | 1,499 | $ | 54,665 | $ | 1,225 | $ | 1,267 | $ | 50,423 | $ | 447 | $ | 299 | $ | 1,368 | $ | 52,537 | $ | 763 | $ | 1,117 | ||||||||||||||
Home equity loans | 19,324 | 261 | 434 | — | 20,019 | 728 | — | 16,694 | 233 | 404 | — | 17,331 | 848 | — | ||||||||||||||||||||||||||||
Credit cards | 122,592 | 1,460 | 1,271 | — | 125,323 | — | 1,271 | 123,638 | 1,362 | 1,433 | — | 126,433 | — | 1,433 | ||||||||||||||||||||||||||||
Installment and other | 4,647 | 64 | 38 | — | 4,749 | 69 | — | 3,537 | 46 | 18 | — | 3,601 | 24 | 1 | ||||||||||||||||||||||||||||
Commercial banking loans | 8,627 | 23 | 141 | — | 8,791 | 407 | 12 | 9,128 | 18 | 68 | — | 9,214 | 291 | 12 | ||||||||||||||||||||||||||||
Total | $ | 207,456 | $ | 2,372 | $ | 2,220 | $ | 1,499 | $ | 213,547 | $ | 2,429 | $ | 2,550 | $ | 203,420 | $ | 2,106 | $ | 2,222 | $ | 1,368 | $ | 209,116 | $ | 1,926 | $ | 2,563 | ||||||||||||||
In offices outside North America | ||||||||||||||||||||||||||||||||||||||||||
Residential first mortgages | $ | 38,433 | $ | 244 | $ | 158 | $ | — | $ | 38,835 | $ | 392 | $ | — | $ | 36,624 | $ | 245 | $ | 156 | $ | — | $ | 37,025 | $ | 400 | $ | — | ||||||||||||||
Credit cards | 24,270 | 438 | 391 | — | 25,099 | 258 | 260 | 23,272 | 394 | 331 | — | 23,997 | 272 | 242 | ||||||||||||||||||||||||||||
Installment and other | 25,632 | 334 | 140 | — | 26,106 | 314 | — | 24,088 | 295 | 123 | — | 24,506 | 149 | — | ||||||||||||||||||||||||||||
Commercial banking loans | 24,981 | 13 | 117 | — | 25,111 | 158 | — | 25,726 | 91 | 93 | — | 25,910 | 208 | — | ||||||||||||||||||||||||||||
Total | $ | 113,316 | $ | 1,029 | $ | 806 | $ | — | $ | 115,151 | $ | 1,122 | $ | 260 | $ | 109,710 | $ | 1,025 | $ | 703 | $ | — | $ | 111,438 | $ | 1,029 | $ | 242 | ||||||||||||||
Total GCB and Citi Holdings consumer | $ | 320,772 | $ | 3,401 | $ | 3,026 | $ | 1,499 | $ | 328,698 | $ | 3,551 | $ | 2,810 | ||||||||||||||||||||||||||||
Total GCB and Corporate/Other consumer | $ | 313,130 | $ | 3,131 | $ | 2,925 | $ | 1,368 | $ | 320,554 | $ | 2,955 | $ | 2,805 | ||||||||||||||||||||||||||||
Other | 4 | — | — | — | 4 | 1 | — | 2 | — | — | — | 2 | — | — | ||||||||||||||||||||||||||||
Total Citigroup | $ | 320,776 | $ | 3,401 | $ | 3,026 | $ | 1,499 | $ | 328,702 | $ | 3,552 | $ | 2,810 | $ | 313,132 | $ | 3,131 | $ | 2,925 | $ | 1,368 | $ | 320,556 | $ | 2,955 | $ | 2,805 |
(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 $0.2 billion and 90 days or more past due of $1.2 billion. |
(5) | Includes approximately $0.1 billion of residential first mortgage loans in process of foreclosure. |
(6) | Includes approximately $0.1 billion of home equity loans in process of foreclosure. |
(7) | Fixed-rate home equity loans and loans extended under home equity lines of credit, which are typically in junior lien positions. |
(8) | Represents loans classified as consumer loans on the Consolidated Balance Sheet that are not included in the Corporate/Other 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(5) | $ | 50,766 | $ | 522 | $ | 371 | $ | 1,474 | $ | 53,133 | $ | 848 | $ | 1,227 | |||||||
Home equity loans(6)(7) | 18,767 | 249 | 438 | — | 19,454 | 914 | — | ||||||||||||||
Credit cards | 130,327 | 1,465 | 1,509 | — | 133,301 | — | 1,509 | ||||||||||||||
Installment and other | 4,486 | 106 | 38 | — | 4,630 | 70 | 2 | ||||||||||||||
Commercial banking loans | 8,876 | 23 | 74 | — | 8,973 | 328 | 14 | ||||||||||||||
Total | $ | 213,222 | $ | 2,365 | $ | 2,430 | $ | 1,474 | $ | 219,491 | $ | 2,160 | $ | 2,752 | |||||||
In offices outside North America | |||||||||||||||||||||
Residential first mortgages(5) | $ | 35,862 | $ | 206 | $ | 135 | $ | — | $ | 36,203 | $ | 360 | $ | — | |||||||
Credit cards | 22,363 | 368 | 324 | — | 23,055 | 258 | 239 | ||||||||||||||
Installment and other | 22,683 | 264 | 126 | — | 23,073 | 163 | — | ||||||||||||||
Commercial banking loans | 23,054 | 72 | 112 | — | 23,238 | 217 | — | ||||||||||||||
Total | $ | 103,962 | $ | 910 | $ | 697 | $ | — | $ | 105,569 | $ | 998 | $ | 239 | |||||||
Total GCB and Corporate/Other consumer | $ | 317,184 | $ | 3,275 | $ | 3,127 | $ | 1,474 | $ | 325,060 | $ | 3,158 | $ | 2,991 | |||||||
Other(8) | 3 | — | — | — | 3 | — | — | ||||||||||||||
Total Citigroup | $ | 317,187 | $ | 3,275 | $ | 3,127 | $ | 1,474 | $ | 325,063 | $ | 3,158 | $ | 2,991 |
(1) | Loans less than 30 days past due are presented as current. |
(2) | Includes $29 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 $0.2 billion and 90 days or more past due of $1.3 billion. |
(5) | Includes approximately $0.1 billion of residential first mortgage loans in process of foreclosure. |
(6) | Includes approximately $0.1 billion of home equity loans in process of foreclosure. |
(7) | Fixed-rate home equity loans and loans extended under home equity lines of credit, which are typically in junior lien positions. |
Represents loans classified as consumer loans on the Consolidated Balance Sheet that are not included in the |
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 |
FICO score distribution in U.S. portfolio(1)(2) | March 31, 2017 | ||||||||
In millions of dollars | Less than 620 | ≥ 620 but less than 660 | Equal to or greater than 660 | ||||||
Residential first mortgages | $ | 2,643 | $ | 2,323 | $ | 43,848 | |||
Home equity loans | 1,650 | 1,330 | 13,935 | ||||||
Credit cards | 8,631 | 11,270 | 103,156 | ||||||
Installment and other | 281 | 274 | 2,479 | ||||||
Total | $ | 13,205 | $ | 15,197 | $ | 163,418 |
FICO score distribution in U.S. portfolio(1)(2) | September 30, 2016 | ||||||||
In millions of dollars | Less than 620 | ≥ 620 but less than 660 | Equal to or greater than 660 | ||||||
Residential first mortgages | $ | 2,817 | $ | 2,615 | $ | 45,203 | |||
Home equity loans | 1,751 | 1,502 | 15,600 | ||||||
Credit cards | 7,660 | 10,484 | 103,781 | ||||||
Installment and other | 326 | 269 | 2,649 | ||||||
Total | $ | 12,554 | $ | 14,870 | $ | 167,233 |
FICO score distribution in U.S. portfolio(1)(2) | December 31, 2015 | December 31, 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 | $ | 3,483 | $ | 3,036 | $ | 45,047 | $ | 2,744 | $ | 2,422 | $ | 44,279 | ||||||
Home equity loans | 2,067 | 1,782 | 17,837 | 1,750 | 1,418 | 14,743 | ||||||||||||
Credit cards | 7,341 | 10,072 | 93,194 | 8,310 | 11,320 | 110,522 | ||||||||||||
Installment and other | 337 | 270 | 2,662 | 284 | 271 | 2,601 | ||||||||||||
Total | $ | 13,228 | $ | 15,160 | $ | 158,740 | $ | 13,088 | $ | 15,431 | $ | 172,145 |
(1) | Excludes loans guaranteed by U.S. government entities, loans subject to |
(2) | Excludes balances where FICO was not available. Such amounts are not material. |
LTV distribution in U.S. portfolio(1)(2) | September 30, 2016 | March 31, 2017 | ||||||||||||||||
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 | $ | 47,092 | $ | 3,299 | $ | 315 | $ | 45,335 | $ | 3,358 | $ | 312 | ||||||
Home equity loans | 13,358 | 3,974 | 1,425 | 12,344 | 3,305 | 1,183 | ||||||||||||
Total | $ | 60,450 | $ | 7,273 | $ | 1,740 | $ | 57,679 | $ | 6,663 | $ | 1,495 |
LTV distribution in U.S. portfolio(1)(2) | December 31, 2015 | December 31, 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 | $ | 46,559 | $ | 4,478 | $ | 626 | $ | 45,849 | $ | 3,467 | $ | 324 | ||||||
Home equity loans | 13,904 | 5,147 | 2,527 | 12,869 | 3,653 | 1,305 | ||||||||||||
Total | $ | 60,463 | $ | 9,625 | $ | 3,153 | $ | 58,718 | $ | 7,120 | $ | 1,629 |
(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 September 30, | Nine months ended September 30, | Three months ended March 31, | ||||||||||||||||||||||||||||||||||||||||
Balance at September 30, 2016 | 2016 | 2015 | 2016 | 2015 | Balance at March 31, 2017 | 2017 | 2016 | |||||||||||||||||||||||||||||||||||
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) | 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) | ||||||||||||||||||||||||||||
Mortgage and real estate | ||||||||||||||||||||||||||||||||||||||||||
Residential first mortgages | $ | 4,314 | $ | 4,752 | $ | 578 | $ | 5,195 | $ | 31 | $ | 107 | $ | 135 | $ | 359 | $ | 3,632 | $ | 3,995 | $ | 402 | $ | 4,116 | $ | 36 | $ | 61 | ||||||||||||||
Home equity loans | 1,311 | 1,830 | 200 | 1,351 | 8 | 16 | 26 | 50 | 1,219 | 1,720 | 281 | 1,289 | 8 | 9 | ||||||||||||||||||||||||||||
Credit cards | 1,830 | 1,865 | 580 | 1,882 | 42 | 47 | 122 | 135 | 1,824 | 1,858 | 588 | 1,813 | 38 | 41 | ||||||||||||||||||||||||||||
Installment and other | ||||||||||||||||||||||||||||||||||||||||||
Individual installment and other | 480 | 516 | 236 | 478 | 8 | 8 | 22 | 47 | 391 | 411 | 176 | 449 | 8 | 7 | ||||||||||||||||||||||||||||
Commercial banking loans | 589 | 918 | 113 | 498 | 7 | 4 | 11 | 10 | 507 | 710 | 122 | 549 | 6 | 2 | ||||||||||||||||||||||||||||
Total | $ | 8,524 | $ | 9,881 | $ | 1,707 | $ | 9,404 | $ | 96 | $ | 182 | $ | 316 | $ | 601 | $ | 7,573 | $ | 8,694 | $ | 1,569 | $ | 8,216 | $ | 96 | $ | 120 |
(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 | Balance, December 31, 2016 | |||||||||||||||||||||||
In millions of dollars | Recorded investment(1)(2) | Unpaid principal balance | Related specific allowance(3) | Average carrying value(4) | 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 | $ | 3,786 | $ | 4,157 | $ | 540 | $ | 4,632 | ||||||||
Home equity loans | 1,399 | 1,972 | 406 | 1,778 | 1,298 | 1,824 | 189 | 1,326 | ||||||||||||||||
Credit cards | 1,950 | 1,986 | 604 | 2,079 | 1,747 | 1,781 | 566 | 1,831 | ||||||||||||||||
Installment and other | ||||||||||||||||||||||||
Individual installment and other | 464 | 519 | 197 | 449 | 455 | 481 | 215 | 475 | ||||||||||||||||
Commercial banking loans | 341 | 572 | 100 | 361 | 513 | 744 | 98 | 538 | ||||||||||||||||
Total | $ | 10,192 | $ | 11,659 | $ | 2,046 | $ | 13,599 | $ | 7,799 | $ | 8,987 | $ | 1,608 | $ | 8,802 |
(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) | $ |
(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, 2017 | ||||||||||||||||
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 | 966 | $ | 130 | $ | 3 | $ | — | $ | 1 | 1 | % | |||||
Home equity loans | 679 | 56 | 3 | — | — | 1 | ||||||||||
Credit cards | 59,337 | 231 | — | — | — | 17 | ||||||||||
Installment and other revolving | 221 | 2 | — | — | — | 5 | ||||||||||
Commercial markets(6) | 26 | 5 | — | — | — | — | ||||||||||
Total(8) | 61,229 | $ | 424 | $ | 6 | $ | — | $ | 1 | |||||||
International | ||||||||||||||||
Residential first mortgages | 613 | 27 | — | — | — | — | % | |||||||||
Credit cards | 25,237 | 85 | — | — | 2 | 14 | ||||||||||
Installment and other revolving | 11,307 | 60 | — | — | 4 | 7 | ||||||||||
Commercial markets(6) | 32 | 13 | — | — | — | 2 | ||||||||||
Total(8) | 37,189 | $ | 185 | $ | — | $ | — | $ | 6 |
At and for the three months ended September 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 | 1,165 | $ | 165 | $ | 1 | $ | — | $ | 1 | 1 | % | |||||
Home equity loans | 1,117 | 61 | — | — | — | 2 | ||||||||||
Credit cards | 51,260 | 199 | — | — | — | 18 | ||||||||||
Installment and other revolving | 1,421 | 12 | — | — | — | 14 | ||||||||||
Commercial markets(6) | 30 | 36 | — | — | — | — | ||||||||||
Total(8) | 54,993 | $ | 473 | $ | 1 | $ | — | $ | 1 | |||||||
International | ||||||||||||||||
Residential first mortgages | 973 | 24 | — | — | — | — | % | |||||||||
Credit cards | 28,530 | 94 | — | — | 2 | 12 | ||||||||||
Installment and other revolving | 12,283 | 69 | — | — | 2 | 8 | ||||||||||
Commercial markets(6) | 44 | 39 | — | — | — | — | ||||||||||
Total(8) | 41,830 | $ | 226 | $ | — | $ | — | $ | 4 |
At and for the three months ended September 30, 2015 | At and for the three months ended March 31, 2016 | |||||||||||||||||||||||||||||||
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 | 2,282 | $ | 305 | $ | 2 | $ | 1 | $ | 7 | 1 | % | 1,468 | $ | 212 | $ | 2 | $ | — | $ | 1 | 1 | % | ||||||||||
Home equity loans | 1,021 | 36 | — | — | — | 2 | 858 | 30 | — | — | — | 3 | ||||||||||||||||||||
Credit cards | 44,972 | 186 | — | — | — | 16 | 49,109 | 188 | — | — | — | 17 | ||||||||||||||||||||
Installment and other revolving | 1,035 | 9 | — | — | — | 13 | 1,385 | 12 | — | — | — | 14 | ||||||||||||||||||||
Commercial markets(6) | 89 | 10 | — | — | — | — | 23 | 5 | — | — | — | — | ||||||||||||||||||||
Total(8) | 49,399 | $ | 546 | $ | 2 | $ | 1 | $ | 7 | 52,843 | $ | 447 | $ | 2 | $ | — | $ | 1 | ||||||||||||||
International | ||||||||||||||||||||||||||||||||
Residential first mortgages | 1,322 | 30 | — | — | — | — | % | 419 | 15 | — | — | — | — | % | ||||||||||||||||||
Credit cards | 32,774 | 87 | — | — | 2 | 13 | 52,207 | 123 | — | — | 2 | 13 | ||||||||||||||||||||
Installment and other revolving | 19,283 | 76 | — | — | 1 | 5 | 21,644 | 82 | — | — | 2 | 7 | ||||||||||||||||||||
Commercial markets(6) | 37 | 11 | — | — | — | — | 28 | 20 | — | — | — | — | ||||||||||||||||||||
Total(8) | 53,416 | $ | 204 | $ | — | $ | — | $ | 3 | 74,298 | $ | 240 | $ | — | $ | — | $ | 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 nine months ended September 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 | 3,979 | $ | 582 | $ | 4 | $ | — | $ | 3 | 1 | % | |||||
Home equity loans | 2,789 | 121 | 1 | — | — | 2 | ||||||||||
Credit cards | 143,161 | 552 | — | — | — | 17 | ||||||||||
Installment and other revolving | 4,187 | 35 | — | — | — | 14 | ||||||||||
Commercial banking(6) | 94 | 47 | — | — | — | — | ||||||||||
Total(8) | 154,210 | $ | 1,337 | $ | 5 | $ | — | $ | 3 | |||||||
International | ||||||||||||||||
Residential first mortgages | 2,005 | $ | 62 | $ | — | $ | — | $ | — | — | % | |||||
Credit cards | 109,365 | 307 | — | — | 7 | 12 | ||||||||||
Installment and other revolving | 45,125 | 208 | — | — | 6 | 7 | ||||||||||
Commercial banking(6) | 117 | 90 | — | — | — | — | ||||||||||
Total(8) | 156,612 | $ | 667 | $ | — | $ | — | $ | 13 |
At and for the nine months ended September 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 | 8,084 | $ | 1,078 | $ | 7 | $ | 3 | $ | 23 | 1 | % | |||||
Home equity loans | 3,571 | 126 | 1 | — | 3 | 2 | ||||||||||
Credit cards | 140,130 | 582 | — | — | — | 16 | ||||||||||
Installment and other revolving | 3,111 | 27 | — | — | — | 13 | ||||||||||
Commercial banking(6) | 245 | 39 | — | — | — | — | ||||||||||
Total(8) | 155,141 | $ | 1,852 | $ | 8 | $ | 3 | $ | 26 | |||||||
International | ||||||||||||||||
Residential first mortgages | 2,963 | $ | 80 | $ | — | $ | — | $ | — | — | % | |||||
Credit cards | 110,792 | 288 | — | — | 5 | 13 | ||||||||||
Installment and other revolving | 48,397 | 207 | — | — | 5 | 5 | ||||||||||
Commercial banking(6) | 163 | 61 | — | — | — | 1 | ||||||||||
Total(8) | 162,315 | $ | 636 | $ | — | $ | — | $ | 10 |
Three Months Ended September 30, | Nine Months Ended September 30, | Three months ended March 31, | ||||||||||||||||
In millions of dollars | 2016 | 2015 | 2016 | 2015 | 2017 | 2016 | ||||||||||||
North America | ||||||||||||||||||
Residential first mortgages | $ | 49 | $ | 101 | $ | 188 | $ | 329 | $ | 51 | $ | 87 | ||||||
Home equity loans | 6 | 9 | 20 | 30 | 9 | 9 | ||||||||||||
Credit cards | 43 | 47 | 139 | 139 | 52 | 49 | ||||||||||||
Installment and other revolving | 3 | 2 | 7 | 6 | — | 2 | ||||||||||||
Commercial banking | 12 | 1 | 14 | 5 | 2 | 1 | ||||||||||||
Total | $ | 113 | $ | 160 | $ | 368 | $ | 509 | $ | 114 | $ | 148 | ||||||
International | ||||||||||||||||||
Residential first mortgages | $ | 3 | $ | 5 | $ | 9 | $ | 17 | $ | 2 | $ | 3 | ||||||
Credit cards | 41 | 34 | 115 | 106 | 42 | 37 | ||||||||||||
Installment and other revolving | 24 | 20 | 70 | 66 | 23 | 22 | ||||||||||||
Commercial banking | 21 | 7 | 36 | 16 | — | 3 | ||||||||||||
Total | $ | 89 | $ | 66 | $ | 230 | $ | 205 | $ | 67 | $ | 65 |
In millions of dollars | September 30, 2016 | December 31, 2015 | March 31, 2017 | December 31, 2016 | ||||||||
In U.S. offices | ||||||||||||
Commercial and industrial | $ | 50,156 | $ | 41,147 | $ | 49,845 | $ | 49,586 | ||||
Financial institutions | 35,801 | 36,396 | 35,734 | 35,517 | ||||||||
Mortgage and real estate(1) | 41,078 | 37,565 | 40,052 | 38,691 | ||||||||
Installment, revolving credit and other | 32,571 | 33,374 | 32,212 | 34,501 | ||||||||
Lease financing | 1,532 | 1,780 | 1,511 | 1,518 | ||||||||
$ | 161,138 | $ | 150,262 | $ | 159,354 | $ | 159,813 | |||||
In offices outside the U.S. | ||||||||||||
Commercial and industrial | $ | 84,162 | $ | 82,358 | $ | 87,258 | $ | 81,882 | ||||
Financial institutions | 27,305 | 28,704 | 33,763 | 26,886 | ||||||||
Mortgage and real estate(1) | 5,595 | 5,106 | 5,527 | 5,363 | ||||||||
Installment, revolving credit and other | 25,462 | 20,853 | 16,576 | 19,965 | ||||||||
Lease financing | 243 | 303 | 253 | 251 | ||||||||
Governments and official institutions | 6,506 | 4,911 | 5,970 | 5,850 | ||||||||
$ | 149,273 | $ | 142,235 | $ | 149,347 | $ | 140,197 | |||||
Total corporate loans | $ | 310,411 | $ | 292,497 | $ | 308,701 | $ | 300,010 | ||||
Net unearned income | (678 | ) | (665 | ) | (662 | ) | (704 | ) | ||||
Corporate loans, net of unearned income | $ | 309,733 | $ | 291,832 | $ | 308,039 | $ | 299,306 |
(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 | $ | 208 | $ | 4 | $ | 212 | $ | 1,940 | $ | 129,531 | $ | 131,683 | $ | 170 | $ | — | $ | 170 | $ | 1,692 | $ | 132,583 | $ | 134,445 | ||||||||||||
Financial institutions | — | — | — | 189 | 62,283 | 62,472 | 215 | 18 | 233 | 301 | 67,478 | 68,012 | ||||||||||||||||||||||||
Mortgage and real estate | 351 | — | 351 | 169 | 46,051 | 46,571 | 211 | — | 211 | 181 | 45,172 | 45,564 | ||||||||||||||||||||||||
Leases | 131 | 48 | 179 | 58 | 1,537 | 1,774 | 98 | 8 | 106 | 67 | 1,591 | 1,764 | ||||||||||||||||||||||||
Other | 269 | 1 | 270 | 59 | 62,965 | 63,294 | 427 | 3 | 430 | 98 | 53,719 | 54,247 | ||||||||||||||||||||||||
Loans at fair value | 3,939 | 4,007 | ||||||||||||||||||||||||||||||||||
Purchased distressed loans | — | — | ||||||||||||||||||||||||||||||||||
Total | $ | 959 | $ | 53 | $ | 1,012 | $ | 2,415 | $ | 302,367 | $ | 309,733 | $ | 1,121 | $ | 29 | $ | 1,150 | $ | 2,339 | $ | 300,543 | $ | 308,039 |
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 | $ | 118,465 | $ | 119,627 | $ | 143 | $ | 52 | $ | 195 | $ | 1,909 | $ | 127,012 | $ | 129,116 | ||||||||||||
Financial institutions | 16 | — | 16 | 173 | 64,128 | 64,317 | 119 | 2 | 121 | 185 | 61,254 | 61,560 | ||||||||||||||||||||||||
Mortgage and real estate | 137 | 7 | 144 | 232 | 42,095 | 42,471 | 148 | 137 | 285 | 139 | 43,607 | 44,031 | ||||||||||||||||||||||||
Leases | — | — | — | 76 | 2,006 | 2,082 | 27 | 8 | 35 | 56 | 1,678 | 1,769 | ||||||||||||||||||||||||
Other | 29 | — | 29 | 44 | 58,286 | 58,359 | 349 | 12 | 361 | 132 | 58,880 | 59,373 | ||||||||||||||||||||||||
Loans at fair value | 4,971 | 3,457 | ||||||||||||||||||||||||||||||||||
Purchased distressed loans | 5 | — | ||||||||||||||||||||||||||||||||||
Total | $ | 269 | $ | 11 | $ | 280 | $ | 1,596 | $ | 284,980 | $ | 291,832 | $ | 786 | $ | 211 | $ | 997 | $ | 2,421 | $ | 292,431 | $ | 299,306 |
(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 | September 30, 2016 | December 31, 2015 | March 31, 2017 | December 31, 2016 | ||||||||
Investment grade(2) | ||||||||||||
Commercial and industrial | $ | 88,871 | $ | 85,828 | $ | 90,753 | $ | 85,369 | ||||
Financial institutions | 50,485 | 53,522 | 55,422 | 49,915 | ||||||||
Mortgage and real estate | 21,477 | 18,869 | 19,901 | 18,718 | ||||||||
Leases | 1,283 | 1,725 | 1,169 | 1,303 | ||||||||
Other | 55,215 | 51,449 | 47,307 | 51,930 | ||||||||
Total investment grade | $ | 217,331 | $ | 211,393 | $ | 214,552 | $ | 207,235 | ||||
Non-investment grade(2) | ||||||||||||
Accrual | ||||||||||||
Commercial and industrial | $ | 40,871 | $ | 32,726 | $ | 41,999 | $ | 41,838 | ||||
Financial institutions | 11,799 | 10,622 | 12,288 | 11,459 | ||||||||
Mortgage and real estate | 2,145 | 2,800 | 1,865 | 1,821 | ||||||||
Leases | 434 | 282 | 528 | 410 | ||||||||
Other | 8,019 | 6,867 | 6,843 | 7,312 | ||||||||
Non-accrual | ||||||||||||
Commercial and industrial | 1,940 | 1,071 | 1,692 | 1,909 | ||||||||
Financial institutions | 189 | 173 | 301 | 185 | ||||||||
Mortgage and real estate | 169 | 232 | 181 | 139 | ||||||||
Leases | 58 | 76 | 67 | 56 | ||||||||
Other | 59 | 44 | 98 | 132 | ||||||||
Total non-investment grade | $ | 65,683 | $ | 54,893 | $ | 65,862 | $ | 65,261 | ||||
Private bank loans managed on a delinquency basis(2) | $ | 22,780 | $ | 20,575 | $ | 23,618 | $ | 23,353 | ||||
Loans at fair value | 3,939 | 4,971 | 4,007 | 3,457 | ||||||||
Corporate loans, net of unearned income | $ | 309,733 | $ | 291,832 | $ | 308,039 | $ | 299,306 |
(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. |
September 30, 2016 | Three Months Ended September 30, 2016 | Nine Months Ended September 30, 2016 | March 31, 2017 | ||||||||||||||||||||||||||||||
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) | Recorded investment(1) | Unpaid principal balance | Related specific allowance | Average carrying value(2) | Interest income recognized(3) | ||||||||||||||||||||||
Non-accrual corporate loans | |||||||||||||||||||||||||||||||||
Commercial and industrial | $ | 1,940 | $ | 2,216 | $ | 427 | $ | 1,709 | $ | 5 | $ | 22 | $ | 1,692 | $ | 2,040 | $ | 332 | $ | 1,876 | $ | 2 | |||||||||||
Financial institutions | 189 | 196 | 8 | 180 | — | 3 | 301 | 324 | 37 | 217 | — | ||||||||||||||||||||||
Mortgage and real estate | 169 | 288 | 18 | 197 | 3 | 6 | 181 | 309 | 9 | 168 | — | ||||||||||||||||||||||
Lease financing | 58 | 58 | 1 | 49 | — | — | 67 | 67 | 4 | 60 | — | ||||||||||||||||||||||
Other | 59 | 142 | 27 | 65 | 2 | 5 | 98 | 205 | — | 88 | — | ||||||||||||||||||||||
Total non-accrual corporate loans | $ | 2,415 | $ | 2,900 | $ | 481 | $ | 2,200 | $ | 10 | $ | 36 | $ | 2,339 | $ | 2,945 | $ | 382 | $ | 2,409 | $ | 2 |
December 31, 2015 | December 31, 2016 | |||||||||||||||||||||||
In millions of dollars | Recorded investment(1) | Unpaid principal balance | Related specific allowance | Average carrying value(2) | 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 | $ | 1,909 | $ | 2,259 | $ | 362 | $ | 1,919 | ||||||||
Financial institutions | 173 | 196 | 10 | 194 | 185 | 192 | 16 | 183 | ||||||||||||||||
Mortgage and real estate | 232 | 336 | 21 | 240 | 139 | 250 | 10 | 174 | ||||||||||||||||
Lease financing | 76 | 76 | 54 | 62 | 56 | 56 | 4 | 44 | ||||||||||||||||
Other | 44 | 114 | 32 | 39 | 132 | 197 | — | 87 | ||||||||||||||||
Total non-accrual corporate loans | $ | 1,596 | $ | 1,946 | $ | 363 | $ | 1,394 | $ | 2,421 | $ | 2,954 | $ | 392 | $ | 2,407 |
September 30, 2016 | December 31, 2015 | March 31, 2017 | December 31, 2016 | |||||||||||||||||||||
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 | $ | 1,616 | $ | 427 | $ | 571 | $ | 246 | $ | 1,103 | $ | 332 | $ | 1,343 | $ | 362 | ||||||||
Financial institutions | 37 | 8 | 18 | 10 | 87 | 37 | 45 | 16 | ||||||||||||||||
Mortgage and real estate | 50 | 18 | 60 | 21 | 35 | 9 | 41 | 10 | ||||||||||||||||
Lease financing | 58 | 1 | 75 | 54 | 53 | 4 | 55 | 4 | ||||||||||||||||
Other | 53 | 27 | 40 | 32 | 1 | — | 1 | — | ||||||||||||||||
Total non-accrual corporate loans with specific allowance | $ | 1,814 | $ | 481 | $ | 764 | $ | 363 | $ | 1,279 | $ | 382 | $ | 1,485 | $ | 392 | ||||||||
Non-accrual corporate loans without specific allowance | ||||||||||||||||||||||||
Commercial and industrial | $ | 324 | $ | 500 | $ | 589 | $ | 566 | ||||||||||||||||
Financial institutions | 152 | 155 | 214 | 140 | ||||||||||||||||||||
Mortgage and real estate | 119 | 172 | 146 | 98 | ||||||||||||||||||||
Lease financing | — | 1 | 14 | 1 | ||||||||||||||||||||
Other | 6 | 4 | 97 | 131 | ||||||||||||||||||||
Total non-accrual corporate loans without specific allowance | $ | 601 | N/A | $ | 832 | N/A | $ | 1,060 | N/A | $ | 936 | 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 | ||||||||
Commercial and industrial | $ | 55 | $ | — | $ | — | $ | 55 | ||||
Financial institutions | 15 | — | — | 15 | ||||||||
Mortgage and real estate | 1 | — | — | 1 | ||||||||
Total | $ | 71 | $ | — | $ | — | $ | 71 |
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 | $ | 112 | $ | 103 | $ | 2 | $ | 7 | ||||
Financial institutions | 10 | 10 | — | — | ||||||||
Mortgage and real estate | 2 | 1 | — | 1 | ||||||||
Other | — | — | — | — | ||||||||
Total | $ | 124 | $ | 114 | $ | 2 | $ | 8 |
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 | $ | 13 | $ | 12 | $ | — | $ | 1 | ||||
Mortgage and real estate | 35 | 1 | — | 34 | ||||||||
Total | $ | 48 | $ | 13 | $ | — | $ | 35 |
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 | $ | 316 | $ | 176 | $ | 34 | $ | 106 | ||||
Financial institutions | 10 | 10 | — | — | ||||||||
Mortgage and real estate | 7 | 1 | — | 6 | ||||||||
Other | 142 | — | 142 | — | ||||||||
Total | $ | 475 | $ | 187 | $ | 176 | $ | 112 |
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 | $ | 79 | $ | 45 | $ | — | $ | 34 | $ | 98 | $ | — | $ | — | $ | 98 | ||||||||
Mortgage and real estate | 47 | 3 | — | 44 | 4 | — | — | 4 | ||||||||||||||||
Total | $ | 126 | $ | 48 | $ | — | $ | 78 | $ | 102 | $ | — | $ | — | $ | 102 |
(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 |
(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 September 30, 2016 | TDR loans in payment default during the three months ended September 30, 2016 | TDR loans in payment default nine months ended September 30, 2016 | TDR balances at September 30, 2015 | TDR loans in payment default during the three months ended September 30, 2015 | TDR loans in payment default nine months ended September 30, 2015 | TDR balances at March 31, 2017 | TDR loans in payment default during the three months ended March 31, 2017 | TDR balances at March 31, 2016 | TDR loans in payment default during the three months ended March 31, 2016 | ||||||||||||||||||||
Commercial and industrial | $ | 394 | $ | — | $ | 7 | $ | 126 | $ | — | $ | — | $ | 390 | $ | 9 | $ | 219 | $ | — | ||||||||||
Loans to financial institutions | 10 | — | — | 1 | — | 1 | 24 | 3 | 2 | — | ||||||||||||||||||||
Mortgage and real estate | 80 | — | — | 144 | — | — | 84 | — | 139 | — | ||||||||||||||||||||
Other | 291 | — | — | 316 | — | — | 177 | — | 303 | — | ||||||||||||||||||||
Total(1) | $ | 775 | $ | — | $ | 7 | $ | 587 | $ | — | $ | 1 | $ | 675 | $ | 12 | $ | 663 | $ | — |
(1) | The above tables reflect activity for loans outstanding as of the end of the reporting period that were considered TDRs. |
Three Months Ended September 30, | Nine Months Ended September 30, | Three months ended March 31, | ||||||||||||||||
In millions of dollars | 2016 | 2015 | 2016 | 2015 | 2017 | 2016 | ||||||||||||
Allowance for loan losses at beginning of period | $ | 12,304 | $ | 14,075 | $ | 12,626 | $ | 15,994 | $ | 12,060 | $ | 12,626 | ||||||
Gross credit losses | (1,948 | ) | (2,068 | ) | (6,139 | ) | (6,861 | ) | (2,144 | ) | (2,143 | ) | ||||||
Gross recoveries(1) | 423 | 405 | 1,274 | 1,321 | 435 | 419 | ||||||||||||
Net credit losses (NCLs) | $ | (1,525 | ) | $ | (1,663 | ) | $ | (4,865 | ) | $ | (5,540 | ) | $ | (1,709 | ) | $ | (1,724 | ) |
NCLs | $ | 1,525 | $ | 1,663 | $ | 4,865 | $ | 5,540 | $ | 1,709 | $ | 1,724 | ||||||
Net reserve builds (releases) | 258 | 43 | 210 | (247 | ) | (20 | ) | 42 | ||||||||||
Net specific reserve releases | (37 | ) | (124 | ) | (53 | ) | (441 | ) | ||||||||||
Net specific reserve builds (releases) | (14 | ) | 120 | |||||||||||||||
Total provision for loan losses | $ | 1,746 | $ | 1,582 | $ | 5,022 | $ | 4,852 | $ | 1,675 | $ | 1,886 | ||||||
Other, net (see table below) | (86 | ) | (368 | ) | (344 | ) | (1,680 | ) | 4 | (76 | ) | |||||||
Allowance for loan losses at end of period | $ | 12,439 | $ | 13,626 | $ | 12,439 | $ | 13,626 | $ | 12,030 | $ | 12,712 | ||||||
Allowance for credit losses on unfunded lending commitments at beginning of period | $ | 1,432 | $ | 973 | $ | 1,402 | $ | 1,063 | $ | 1,418 | $ | 1,402 | ||||||
Provision (release) for unfunded lending commitments | (45 | ) | 65 | (4 | ) | (20 | ) | (43 | ) | 71 | ||||||||
Other, net | 1 | (2 | ) | (10 | ) | (7 | ) | 2 | — | |||||||||
Allowance for credit losses on unfunded lending commitments at end of period | $ | 1,388 | $ | 1,036 | $ | 1,388 | $ | 1,036 | $ | 1,377 | $ | 1,473 | ||||||
Total allowance for loans, leases, and unfunded lending commitments | $ | 13,827 | $ | 14,662 | $ | 13,827 | $ | 14,662 | $ | 13,407 | $ | 14,185 | ||||||
Other, net details | Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||
In millions of dollars | 2016 | 2015 | 2016 | 2015 | ||||||||||||||
Sales or transfers of various Consumer loan portfolios to held-for-sale | ||||||||||||||||||
Transfer of real estate loan portfolios | $ | (50 | ) | $ | (14 | ) | $ | (103 | ) | $ | (329 | ) | ||||||
Transfer of other loan portfolios | (8 | ) | (96 | ) | (204 | ) | (901 | ) | ||||||||||
Sales or transfers of various Consumer loan portfolios to held-for-sale | $ | (58 | ) | $ | (110 | ) | $ | (307 | ) | $ | (1,230 | ) | ||||||
FX translation, Consumer | (46 | ) | (255 | ) | (58 | ) | (439 | ) | ||||||||||
Other, Corporate | 18 | (3 | ) | 21 | (11 | ) | ||||||||||||
Other, net | $ | (86 | ) | $ | (368 | ) | $ | (344 | ) | $ | (1,680 | ) |
(1) | Recoveries have been reduced by certain collection costs that are incurred only if collection efforts are successful. |
(2) |
Represents additional credit loss reserves for unfunded lending commitments and letters of credit recorded in Other liabilities on the Consolidated Balance Sheet. |
Other, net details | Three months ended March 31, | |||||
In millions of dollars | 2017 | 2016 | ||||
Sales or transfers of various consumer loan portfolios to held-for-sale | ||||||
Transfer of real estate loan portfolios | $ | (37 | ) | $ | (29 | ) |
Transfer of other loan portfolios | (124 | ) | (119 | ) | ||
Sales or transfers of various consumer loan portfolios to held-for-sale | $ | (161 | ) | $ | (148 | ) |
FX translation, consumer | 164 | 63 | ||||
Other | 1 | 9 | ||||
Other, net | $ | 4 | $ | (76 | ) |
Three Months Ended | Three Months Ended | |||||||||||||||||||||||||||||||||||
September 30, 2016 | September 30, 2015 | March 31, 2017 | March 31, 2016 | |||||||||||||||||||||||||||||||||
In millions of dollars | Corporate | Consumer | Total | Corporate | Consumer | Total | Corporate | Consumer | Total | Corporate | Consumer | Total | ||||||||||||||||||||||||
Allowance for loan losses at beginning of period | $ | 2,872 | $ | 9,432 | $ | 12,304 | $ | 2,406 | $ | 11,669 | $ | 14,075 | $ | 2,702 | $ | 9,358 | $ | 12,060 | $ | 2,791 | $ | 9,835 | $ | 12,626 | ||||||||||||
Charge-offs | (63 | ) | (1,885 | ) | (1,948 | ) | (78 | ) | (1,990 | ) | (2,068 | ) | (103 | ) | (2,041 | ) | (2,144 | ) | (223 | ) | (1,920 | ) | (2,143 | ) | ||||||||||||
Recoveries | 23 | 400 | 423 | 28 | 377 | 405 | 66 | 369 | 435 | 13 | 406 | 419 | ||||||||||||||||||||||||
Replenishment of net charge-offs | 40 | 1,485 | 1,525 | 50 | 1,613 | 1,663 | 37 | 1,672 | 1,709 | 210 | 1,514 | 1,724 | ||||||||||||||||||||||||
Net reserve builds (releases) | (110 | ) | 368 | 258 | 116 | (73 | ) | 43 | (166 | ) | 146 | (20 | ) | 4 | 38 | 42 | ||||||||||||||||||||
Net specific reserve builds (releases) | (1 | ) | (36 | ) | (37 | ) | 78 | (202 | ) | (124 | ) | (12 | ) | (2 | ) | (14 | ) | 101 | 19 | 120 | ||||||||||||||||
Other | 5 | (91 | ) | (86 | ) | (4 | ) | (364 | ) | (368 | ) | 11 | (7 | ) | 4 | 9 | (85 | ) | (76 | ) | ||||||||||||||||
Ending balance | $ | 2,766 | $ | 9,673 | $ | 12,439 | $ | 2,596 | $ | 11,030 | $ | 13,626 | $ | 2,535 | $ | 9,495 | $ | 12,030 | $ | 2,905 | $ | 9,807 | $ | 12,712 |
Nine Months Ended | ||||||||||||||||||
September 30, 2016 | September 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 | (445 | ) | (5,694 | ) | (6,139 | ) | (230 | ) | (6,631 | ) | (6,861 | ) | ||||||
Recoveries | 52 | 1,222 | 1,274 | 80 | 1,241 | 1,321 | ||||||||||||
Replenishment of net charge-offs | 393 | 4,472 | 4,865 | 150 | 5,390 | 5,540 | ||||||||||||
Net reserve builds (releases) | (122 | ) | 332 | 210 | 196 | (443 | ) | (247 | ) | |||||||||
Net specific reserve builds (releases) | 89 | (142 | ) | (53 | ) | (38 | ) | (403 | ) | (441 | ) | |||||||
Other | 8 | (352 | ) | (344 | ) | (9 | ) | (1,671 | ) | (1,680 | ) | |||||||
Ending balance | $ | 2,766 | $ | 9,673 | $ | 12,439 | $ | 2,596 | $ | 11,030 | $ | 13,626 |
Three Months Ended | ||||||||||||||||||||||||||||||||||||
September 30, 2016 | December 31, 2015 | March 31, 2017 | December 31, 2016 | |||||||||||||||||||||||||||||||||
In millions of dollars | Corporate | Consumer | Total | Corporate | Consumer | Total | Corporate | Consumer | Total | Corporate | Consumer | Total | ||||||||||||||||||||||||
Allowance for loan losses | ||||||||||||||||||||||||||||||||||||
Determined in accordance with ASC 450 | $ | 2,285 | $ | 7,960 | $ | 10,245 | $ | 2,408 | $ | 7,776 | $ | 10,184 | $ | 2,153 | $ | 7,921 | $ | 10,074 | $ | 2,310 | $ | 7,744 | $ | 10,054 | ||||||||||||
Determined in accordance with ASC 310-10-35 | 481 | 1,707 | 2,188 | 380 | 2,046 | 2,426 | 382 | 1,569 | 1,951 | 392 | 1,608 | 2,000 | ||||||||||||||||||||||||
Determined in accordance with ASC 310-30 | — | 6 | 6 | 3 | 13 | 16 | — | 5 | 5 | — | 6 | 6 | ||||||||||||||||||||||||
Total allowance for loan losses | $ | 2,766 | $ | 9,673 | $ | 12,439 | $ | 2,791 | $ | 9,835 | $ | 12,626 | $ | 2,535 | $ | 9,495 | $ | 12,030 | $ | 2,702 | $ | 9,358 | $ | 12,060 | ||||||||||||
Loans, net of unearned income | ||||||||||||||||||||||||||||||||||||
Loans collectively evaluated for impairment in accordance with ASC 450 | $ | 303,179 | $ | 319,953 | $ | 623,132 | $ | 285,053 | $ | 315,314 | $ | 600,367 | $ | 301,561 | $ | 312,761 | $ | 614,322 | $ | 293,218 | $ | 317,048 | $ | 610,266 | ||||||||||||
Loans individually evaluated for impairment in accordance with ASC 310-10-35 | 2,615 | 8,524 | 11,139 | 1,803 | 10,192 | 11,995 | 2,471 | 7,573 | 10,044 | 2,631 | 7,799 | 10,430 | ||||||||||||||||||||||||
Loans acquired with deteriorated credit quality in accordance with ASC 310-30 | — | 194 | 194 | 5 | 245 | 250 | — | 194 | 194 | — | 187 | 187 | ||||||||||||||||||||||||
Loans held at fair value | 3,939 | 31 | 3,970 | 4,971 | 34 | 5,005 | 4,007 | 28 | 4,035 | 3,457 | 29 | 3,486 | ||||||||||||||||||||||||
Total loans, net of unearned income | $ | 309,733 | $ | 328,702 | $ | 638,435 | $ | 291,832 | $ | 325,785 | $ | 617,617 | $ | 308,039 | $ | 320,556 | $ | 628,595 | $ | 299,306 | $ | 325,063 | $ | 624,369 |
In millions of dollars | |||
Balance, December 31, 2015 | $ | 22,349 | |
Foreign exchange translation and other | 239 | ||
Divestitures | (13 | ) | |
Balance at March 31, 2016 | $ | 22,575 | |
Foreign exchange translation and other | (79 | ) | |
Balance at June 30, 2016 | $ | 22,496 | |
Foreign exchange translation and other | $ | 43 | |
Balance at September 30, 2016 | $ | 22,539 |
In millions of dollars | |||
Balance, December 31, 2016 | $ | 21,659 | |
Foreign exchange translation and other | 634 | ||
Impairment of goodwill | (28 | ) | |
Balance at March 31, 2017 | $ | 22,265 |
In millions of dollars | ||||||||||
Reporting unit | Goodwill | Fair value as a % of allocated book value | Goodwill | Fair value as a % of allocated book value | ||||||
North America Global Consumer Banking | $ | 6,763 | 148 | % | $ | 6,732 | 148 | % | ||
Asia Global Consumer Banking | 5,092 | 157 | 4,910 | 157 | ||||||
Latin America Global Consumer Banking | 1,142 | 180 | 1,151 | 180 | ||||||
ICG—Banking | 2,791 | 194 | 2,902 | 194 | ||||||
ICG—Markets and Securities Services | 6,671 | 115 | 6,554 | 115 | ||||||
Citi Holdings—Consumer Latin America | 80 | 127 | 16 | 103 | ||||||
Total as of September 30, 2016 | $ | 22,539 | ||||||||
Total as of March 31, 2017 | $ | 22,265 |
(1) | Other Citi Holdings |
(2) | All Citi Holdings |
September 30, 2016 | December 31, 2015 | March 31, 2017 | December 31, 2016 | |||||||||||||||||||||||||||||||||
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 | $ | 8,396 | $ | 6,596 | $ | 1,800 | $ | 7,606 | $ | 6,520 | $ | 1,086 | $ | 5,703 | $ | 4,049 | $ | 1,654 | $ | 8,215 | $ | 6,549 | $ | 1,666 | ||||||||||||
Credit card contract related intangibles | 5,255 | 2,249 | 3,006 | 3,922 | 2,021 | 1,901 | 5,044 | 2,159 | 2,885 | 5,149 | 2,177 | 2,972 | ||||||||||||||||||||||||
Core deposit intangibles | 854 | 811 | 43 | 1,050 | 969 | 81 | 776 | 750 | 26 | 801 | 771 | 30 | ||||||||||||||||||||||||
Other customer relationships | 536 | 298 | 238 | 471 | 252 | 219 | 480 | 275 | 205 | 474 | 272 | 202 | ||||||||||||||||||||||||
Present value of future profits | 33 | 28 | 5 | 37 | 31 | 6 | 34 | 29 | 5 | 31 | 27 | 4 | ||||||||||||||||||||||||
Indefinite-lived intangible assets | 228 | — | 228 | 284 | — | 284 | 227 | — | 227 | 210 | — | 210 | ||||||||||||||||||||||||
Other | 515 | 477 | 38 | 737 | 593 | 144 | 170 | 159 | 11 | 504 | 474 | 30 | ||||||||||||||||||||||||
Intangible assets (excluding MSRs) | $ | 15,817 | $ | 10,459 | $ | 5,358 | $ | 14,107 | $ | 10,386 | $ | 3,721 | $ | 12,434 | $ | 7,421 | $ | 5,013 | $ | 15,384 | $ | 10,270 | $ | 5,114 | ||||||||||||
Mortgage servicing rights (MSRs) | 1,270 | — | 1,270 | 1,781 | — | 1,781 | 567 | — | 567 | 1,564 | — | 1,564 | ||||||||||||||||||||||||
Total intangible assets | $ | 17,087 | $ | 10,459 | $ | 6,628 | $ | 15,888 | $ | 10,386 | $ | 5,502 | $ | 13,001 | $ | 7,421 | $ | 5,580 | $ | 16,948 | $ | 10,270 | $ | 6,678 |
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 (1) | Amortization | Impairments | FX translation and other | September 30, 2016 | December 31, 2016 | Acquisitions/ divestitures | Amortization | FX translation and other | March 31, 2017 | ||||||||||||||||||||||
Purchased credit card relationships | $ | 1,086 | $ | 848 | $ | (149 | ) | $ | — | $ | 15 | $ | 1,800 | $ | 1,666 | $ | 20 | $ | (33 | ) | $ | 1 | $ | 1,654 | |||||||||
Credit card contract related intangibles | 1,901 | 1,314 | (227 | ) | — | 18 | 3,006 | 2,972 | 9 | (98 | ) | 2 | 2,885 | ||||||||||||||||||||
Core deposit intangibles | 81 | (13 | ) | (22 | ) | — | (3 | ) | 43 | 30 | — | (6 | ) | 2 | 26 | ||||||||||||||||||
Other customer relationships | 219 | — | (19 | ) | — | 38 | 238 | 202 | — | (6 | ) | 9 | 205 | ||||||||||||||||||||
Present value of future profits | 6 | — | — | — | (1 | ) | 5 | 4 | — | — | 1 | 5 | |||||||||||||||||||||
Indefinite-lived intangible assets | 284 | (18 | ) | — | (1 | ) | (37 | ) | 228 | 210 | — | — | 17 | 227 | |||||||||||||||||||
Other | 144 | (106 | ) | (7 | ) | — | 7 | 38 | 30 | (14 | ) | (4 | ) | (1 | ) | 11 | |||||||||||||||||
Intangible assets (excluding MSRs) | $ | 3,721 | $ | 2,025 | $ | (424 | ) | $ | (1 | ) | $ | 37 | $ | 5,358 | $ | 5,114 | $ | 15 | $ | (147 | ) | $ | 31 | $ | 5,013 | ||||||||
Mortgage servicing rights (MSRs)(2) | 1,781 | 1,270 | 1,564 | 567 | |||||||||||||||||||||||||||||
Total intangible assets | $ | 5,502 | $ | 6,628 | $ | 6,678 | $ | 5,580 |
(1) |
(2) | For additional information on Citi’s MSRs, including the |
In millions of dollars | September 30, 2016 | December 31, 2015 | March 31, 2017 | December 31, 2016 | ||||||||
Balance | Balance | Balance | Balance | |||||||||
Commercial paper | $ | 10,109 | $ | 9,995 | $ | 10,088 | $ | 9,989 | ||||
Other borrowings(1) | 19,418 | 11,084 | 16,039 | 20,712 | ||||||||
Total | $ | 29,527 | $ | 21,079 | $ | 26,127 | $ | 30,701 |
(1) | Includes borrowings from Federal Home Loan Banks and other market participants. At |
In millions of dollars | September 30, 2016 | December 31, 2015 | March 31, 2017 | December 31, 2016 | ||||||||
Citigroup Inc.(1) | $ | 149,042 | $ | 142,157 | $ | 141,626 | $ | 147,333 | ||||
Bank(2) | 51,688 | 55,131 | 51,085 | 49,454 | ||||||||
Broker-dealer(3) | 8,321 | 3,987 | 15,819 | 9,391 | ||||||||
Total | $ | 209,051 | $ | 201,275 | $ | 208,530 | $ | 206,178 |
(1) | Represents the parent holding company. |
(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 | 3 mo LIBOR + 637 bps | 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 | 130 | 6.829 | 50 | 130 | June 28, 2067 | June 28, 2017 | June 2007 | 99,901 | 125 | 6.829 | 50 | 125 | June 28, 2067 | June 28, 2017 | ||||||||||||||
Total obligated | $ | 2,570 | $ | 2,576 | $ | 2,565 | $ | 2,571 |
(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, 2016 | $ | (799 | ) | $ | (352 | ) | $ | (560 | ) | $ | (5,164 | ) | $ | (25,506 | ) | $ | (32,381 | ) |
Other comprehensive income before reclassifications | 334 | (55 | ) | 24 | (49 | ) | 1,465 | 1,719 | ||||||||||
Increase (decrease) due to amounts reclassified from AOCI | (114 | ) | (5 | ) | (26 | ) | 37 | (147 | ) | (255 | ) | |||||||
Change, net of taxes | $ | 220 | $ | (60 | ) | $ | (2 | ) | $ | (12 | ) | $ | 1,318 | $ | 1,464 | |||
Balance at March 31, 2017 | $ | (579 | ) | $ | (412 | ) | $ | (562 | ) | $ | (5,176 | ) | $ | (24,188 | ) | $ | (30,917 | ) |
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, June 30, 2016 | $ | 2,054 | $ | 190 | $ | (149 | ) | $ | (5,608 | ) | $ | (22,602 | ) | $ | (26,115 | ) | ||
Other comprehensive income before reclassifications | (270 | ) | (197 | ) | (136 | ) | (28 | ) | (375 | ) | (1,006 | ) | ||||||
Increase (decrease) due to amounts reclassified from AOCI | (162 | ) | (3 | ) | 53 | 40 | — | (72 | ) | |||||||||
Change, net of taxes | $ | (432 | ) | $ | (200 | ) | $ | (83 | ) | $ | 12 | $ | (375 | ) | $ | (1,078 | ) | |
Balance at September 30, 2016 | $ | 1,622 | $ | (10 | ) | $ | (232 | ) | $ | (5,596 | ) | $ | (22,977 | ) | $ | (27,193 | ) |
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 | 2,781 | 11 | 270 | (594 | ) | (273 | ) | 2,195 | ||||||||||
Increase (decrease) due to amounts reclassified from AOCI | (252 | ) | (6 | ) | 115 | 114 | — | (29 | ) | |||||||||
Change, net of taxes | $ | 2,529 | $ | 5 | $ | 385 | $ | (480 | ) | $ | (273 | ) | $ | 2,166 | ||||
Balance at September 30, 2016 | $ | 1,622 | $ | (10 | ) | $ | (232 | ) | $ | (5,596 | ) | $ | (22,977 | ) | $ | (27,193 | ) |
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, June 30, 2015 | $ | (287 | ) | $ | (731 | ) | $ | (4,671 | ) | $ | (19,415 | ) | $ | (25,104 | ) |
Other comprehensive income before reclassifications | 556 | 149 | (400 | ) | (2,493 | ) | (2,188 | ) | |||||||
Increase (decrease) due to amounts reclassified from AOCI | (45 | ) | 40 | 40 | — | 35 | |||||||||
Change, net of taxes | $ | 511 | $ | 189 | $ | (360 | ) | $ | (2,493 | ) | $ | (2,153 | ) | ||
Balance, September 30, 2015 | $ | 224 | $ | (542 | ) | $ | (5,031 | ) | $ | (21,908 | ) | $ | (27,257 | ) |
Balance, December 31, 2014 | $ | 57 | $ | (909 | ) | $ | (5,159 | ) | $ | (17,205 | ) | $ | (23,216 | ) | |
Other comprehensive income before reclassifications | 453 | 203 | 7 | (4,703 | ) | (4,040 | ) | ||||||||
Increase (decrease) due to amounts reclassified from AOCI | (286 | ) | 164 | 121 | — | (1 | ) | ||||||||
Change, net of taxes | $ | 167 | $ | 367 | $ | 128 | $ | (4,703 | ) | $ | (4,041 | ) | |||
Balance, September 30, 2015 | $ | 224 | $ | (542 | ) | $ | (5,031 | ) | $ | (21,908 | ) | $ | (27,257 | ) |
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, March 31, 2016 | $ | 1,127 | $ | 178 | $ | (300 | ) | $ | (5,581 | ) | $ | (22,050 | ) | $ | (26,626 | ) |
(1) | Beginning in the first quarter of 2016, changes in DVA are reflected as a component of AOCI, pursuant to the early adoption of only the provisions of ASU 2016-01 relating to the presentation of DVA on fair value option liabilities. See Note 1 to the Consolidated Financial Statements for further information regarding this change. |
(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 |
(4) | Primarily reflects the movements in (by order of impact) the Mexican peso, Korean Won, and Japanese Yen |
In millions of dollars | Pretax | Tax effect | After-tax | ||||||
Balance, December 31, 2016 | $ | (42,035 | ) | $ | 9,654 | $ | (32,381 | ) | |
Change in net unrealized gains (losses) on investment securities | 346 | (126 | ) | 220 | |||||
Debt valuation adjustment (DVA) | (95 | ) | 35 | (60 | ) | ||||
Cash flow hedges | 1 | (3 | ) | (2 | ) | ||||
Benefit plans | (2 | ) | (10 | ) | (12 | ) | |||
Foreign currency translation adjustment | 1,468 | (150 | ) | 1,318 | |||||
Change | $ | 1,718 | $ | (254 | ) | $ | 1,464 | ||
Balance, March 31, 2017 | $ | (40,317 | ) | $ | 9,400 | $ | (30,917 | ) |
In millions of dollars | Pretax | Tax effect | After-tax | Pretax | Tax effect | After-tax | ||||||||||||
Balance, June 30, 2016 | $ | (33,714 | ) | $ | 7,599 | $ | (26,115 | ) | ||||||||||
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 | (686 | ) | 254 | (432 | ) | 3,224 | (1,190 | ) | 2,034 | |||||||||
Debt valuation adjustment (DVA) | (319 | ) | 119 | (200 | ) | 307 | (114 | ) | 193 | |||||||||
Cash flow hedges | (131 | ) | 48 | (83 | ) | 481 | (164 | ) | 317 | |||||||||
Benefit plans | 11 | 1 | 12 | (727 | ) | 262 | (465 | ) | ||||||||||
Foreign currency translation adjustment | (313 | ) | (62 | ) | (375 | ) | 513 | 141 | 654 | |||||||||
Change | $ | (1,438 | ) | $ | 360 | $ | (1,078 | ) | $ | 3,798 | $ | (1,065 | ) | $ | 2,733 | |||
Balance, September 30, 2016 | $ | (35,152 | ) | $ | 7,959 | $ | (27,193 | ) | ||||||||||
Balance, March 31, 2016 | $ | (34,668 | ) | $ | 8,042 | $ | (26,626 | ) |
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 | 4,020 | (1,491 | ) | 2,529 | |||||
Debt valuation adjustment (DVA) | 8 | (3 | ) | 5 | |||||
Cash flow hedges | 607 | (222 | ) | 385 | |||||
Benefit plans | (747 | ) | 267 | (480 | ) | ||||
Foreign currency translation adjustment | (574 | ) | 301 | (273 | ) | ||||
Change | $ | 3,314 | $ | (1,148 | ) | $ | 2,166 | ||
Balance, September 30, 2016 | $ | (35,152 | ) | $ | 7,959 | $ | (27,193 | ) |
(1) | Represents the ($15) million adjustment related to the initial adoption of ASU 2016-01. See Note 1 to the Consolidated Financial Statements. |
In millions of dollars | Pretax | Tax effect | After-tax | ||||||
Balance, June 30, 2015 | $ | (33,148 | ) | $ | 8,044 | $ | (25,104 | ) | |
Change in net unrealized gains (losses) on investment securities | 821 | (310 | ) | 511 | |||||
Cash flow hedges | 322 | (133 | ) | 189 | |||||
Benefit plans | (545 | ) | 185 | (360 | ) | ||||
Foreign currency translation adjustment | (2,792 | ) | 299 | (2,493 | ) | ||||
Change | $ | (2,194 | ) | $ | 41 | $ | (2,153 | ) | |
Balance, June 30, 2015 | $ | (35,342 | ) | $ | 8,085 | $ | (27,257 | ) |
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 | 353 | (186 | ) | 167 | |||||
Cash flow hedges | 596 | (229 | ) | 367 | |||||
Benefit plans | 144 | (16 | ) | 128 | |||||
Foreign currency translation adjustment | (5,375 | ) | 672 | (4,703 | ) | ||||
Change | $ | (4,282 | ) | $ | 241 | $ | (4,041 | ) | |
Balance, September 30, 2015 | $ | (35,342 | ) | $ | 8,085 | $ | (27,257 | ) |
Increase (decrease) in AOCI due to amounts reclassified to Consolidated Statement of Income | ||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||
In millions of dollars | 2016 | 2016 | ||||
Realized (gains) losses on sales of investments | $ | (287 | ) | $ | (673 | ) |
OTTI gross impairment losses | 32 | 283 | ||||
Subtotal, pretax | $ | (255 | ) | $ | (390 | ) |
Tax effect | 93 | 138 | ||||
Net realized (gains) losses on investment securities, after-tax(1) | $ | (162 | ) | $ | (252 | ) |
Realized DVA (gains) losses on fair value option liabilities | $ | (5 | ) | $ | (10 | ) |
Subtotal, pretax | $ | (5 | ) | $ | (10 | ) |
Tax effect | 2 | 4 | ||||
Net realized debt valuation adjustment, after-tax | $ | (3 | ) | $ | (6 | ) |
Interest rate contracts | $ | 39 | $ | 96 | ||
Foreign exchange contracts | 46 | 89 | ||||
Subtotal, pretax | $ | 85 | $ | 185 | ||
Tax effect | (32 | ) | (70 | ) | ||
Amortization of cash flow hedges, after-tax(2) | $ | 53 | $ | 115 | ||
Amortization of unrecognized | ||||||
Prior service cost (benefit) | $ | (10 | ) | $ | (31 | ) |
Net actuarial loss | 73 | 208 | ||||
Curtailment/settlement impact(3) | 8 | 9 | ||||
Subtotal, pretax | $ | 71 | $ | 186 | ||
Tax effect | (31 | ) | (72 | ) | ||
Amortization of benefit plans, after-tax(3) | $ | 40 | $ | 114 | ||
Foreign currency translation adjustment | $ | — | $ | — | ||
Total amounts reclassified out of AOCI, pretax | $ | (104 | ) | $ | (29 | ) |
Total tax effect | 32 | — | ||||
Total amounts reclassified out of AOCI, after-tax | $ | (72 | ) | $ | (29 | ) |
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 September 30, | Nine Months Ended September 30, | Three months ended March 31, | ||||||||||
In millions of dollars | 2015 | 2015 | 2017 | 2016 | ||||||||
Realized (gains) losses on sales of investments | $ | (151 | ) | $ | (641 | ) | $ | (192 | ) | $ | (186 | ) |
OTTI gross impairment losses | 80 | 195 | 12 | 203 | ||||||||
Subtotal, pretax | $ | (71 | ) | $ | (446 | ) | $ | (180 | ) | $ | 17 | |
Tax effect | 26 | 160 | 66 | (9 | ) | |||||||
Net realized (gains) losses on investment securities, after-tax(1) | $ | (45 | ) | $ | (286 | ) | $ | (114 | ) | $ | 8 | |
Realized DVA (gains) losses on fair value option liabilities | $ | (8 | ) | $ | 1 | |||||||
Subtotal, pretax | $ | (8 | ) | $ | 1 | |||||||
Tax effect | 3 | — | ||||||||||
Net realized debt valuation adjustment, after-tax | $ | (5 | ) | $ | 1 | |||||||
Interest rate contracts | $ | 28 | $ | 148 | $ | (44 | ) | $ | 16 | |||
Foreign exchange contracts | 35 | 112 | 3 | 26 | ||||||||
Subtotal, pretax | $ | 63 | $ | 260 | $ | (41 | ) | $ | 42 | |||
Tax effect | (23 | ) | (96 | ) | 15 | (16 | ) | |||||
Amortization of cash flow hedges, after-tax(2) | $ | 40 | $ | 164 | $ | (26 | ) | $ | 26 | |||
Amortization of unrecognized | ||||||||||||
Prior service cost (benefit) | $ | (11 | ) | $ | (32 | ) | $ | (10 | ) | $ | (10 | ) |
Net actuarial loss | 64 | 211 | 67 | 66 | ||||||||
Curtailment/settlement impact(3) | 2 | 12 | — | (2 | ) | |||||||
Subtotal, pretax | $ | 55 | $ | 191 | $ | 57 | $ | 54 | ||||
Tax effect | (15 | ) | (70 | ) | (20 | ) | (19 | ) | ||||
Amortization of benefit plans, after-tax(3) | $ | 40 | $ | 121 | $ | 37 | $ | 35 | ||||
Foreign currency translation adjustment | $ | — | $ | — | $ | (232 | ) | $ | — | |||
Tax effect | 85 | — | ||||||||||
Foreign currency translation adjustment | $ | (147 | ) | $ | — | |||||||
Total amounts reclassified out of AOCI, pretax | $ | 47 | $ | 5 | $ | (404 | ) | $ | 114 | |||
Total tax effect | (12 | ) | (6 | ) | 149 | (44 | ) | |||||
Total amounts reclassified out of AOCI, after-tax | $ | 35 | $ | (1 | ) | $ | (255 | ) | $ | 70 |
(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 12 to the Consolidated Financial Statements for additional details. |
(2) | See Note 19 to the Consolidated Financial Statements for additional details. |
(3) | See Note 8 to the Consolidated Financial Statements for additional details. |
As of September 30, 2016 | As of March 31, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||
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 | $ | 50,416 | $ | 50,416 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 46,993 | $ | 46,993 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||
Mortgage securitizations(4) | ||||||||||||||||||||||||||||||||||||||||||||||||
U.S. agency-sponsored | 217,482 | — | 217,482 | 3,678 | — | — | 82 | 3,760 | 117,210 | — | 117,210 | 2,766 | — | — | 74 | 2,840 | ||||||||||||||||||||||||||||||||
Non-agency-sponsored | 15,257 | 1,244 | 14,013 | 232 | 38 | — | 1 | 271 | 20,164 | 1,037 | 19,127 | 284 | 35 | — | 1 | 320 | ||||||||||||||||||||||||||||||||
Citi-administered asset-backed commercial paper conduits (ABCP) | 20,324 | 20,324 | — | — | — | — | — | — | 19,120 | 19,120 | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||
Collateralized loan obligations (CLOs) | 18,592 | — | 18,592 | 4,752 | — | — | 83 | 4,835 | 18,246 | — | 18,246 | 5,071 | — | — | 64 | 5,135 | ||||||||||||||||||||||||||||||||
Asset-based financing | 58,084 | 1,231 | 56,853 | 19,508 | 456 | 5,193 | 437 | 25,594 | 50,939 | 742 | 50,197 | 15,707 | 583 | 4,923 | — | 21,213 | ||||||||||||||||||||||||||||||||
Municipal securities tender option bond trusts (TOBs) | 7,289 | 2,980 | 4,309 | 161 | — | 2,672 | — | 2,833 | 6,927 | 2,659 | 4,268 | 8 | — | 2,914 | — | 2,922 | ||||||||||||||||||||||||||||||||
Municipal investments | 17,371 | 17 | 17,354 | 2,306 | 3,272 | 2,321 | — | 7,899 | 18,463 | 15 | 18,448 | 2,507 | 3,639 | 2,561 | — | 8,707 | ||||||||||||||||||||||||||||||||
Client intermediation | 517 | 337 | 180 | 53 | — | — | — | 53 | 1,504 | 800 | 704 | 462 | — | 208 | — | 670 | ||||||||||||||||||||||||||||||||
Investment funds | 2,744 | 788 | 1,956 | 35 | 156 | 59 | 3 | 253 | 2,177 | 767 | 1,410 | 32 | 34 | 15 | 1 | 82 | ||||||||||||||||||||||||||||||||
Other | 1,346 | 619 | 727 | 149 | — | 119 | 45 | 313 | 767 | 36 | 731 | 115 | 11 | 66 | 44 | 236 | ||||||||||||||||||||||||||||||||
Total | $ | 409,422 | $ | 77,956 | $ | 331,466 | $ | 30,874 | $ | 3,922 | $ | 10,364 | $ | 651 | $ | 45,811 | $ | 302,510 | $ | 72,169 | $ | 230,341 | $ | 26,952 | $ | 4,302 | $ | 10,687 | $ | 184 | $ | 42,125 |
As of December 31, 2015 | As of December 31, 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 | $ | 54,916 | $ | 54,916 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 50,171 | $ | 50,171 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||
Mortgage securitizations(4) | ||||||||||||||||||||||||||||||||||||||||||||||||
U.S. agency-sponsored | 217,291 | — | 217,291 | 3,571 | — | — | 95 | 3,666 | 214,458 | — | 214,458 | 3,852 | — | — | 78 | 3,930 | ||||||||||||||||||||||||||||||||
Non-agency-sponsored | 13,036 | 1,586 | 11,450 | 527 | — | — | 1 | 528 | 15,965 | 1,092 | 14,873 | 312 | 35 | — | 1 | 348 | ||||||||||||||||||||||||||||||||
Citi-administered asset-backed commercial paper conduits (ABCP) | 21,280 | 21,280 | — | — | — | — | — | — | 19,693 | 19,693 | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||
Collateralized loan obligations (CLOs) | 16,719 | — | 16,719 | 3,150 | — | — | 86 | 3,236 | 18,886 | — | 18,886 | 5,128 | — | — | 62 | 5,190 | ||||||||||||||||||||||||||||||||
Asset-based financing | 58,862 | 1,364 | 57,498 | 21,270 | 269 | 3,616 | 436 | 25,591 | 53,168 | 733 | 52,435 | 16,553 | 475 | 4,915 | — | 21,943 | ||||||||||||||||||||||||||||||||
Municipal securities tender option bond trusts (TOBs) | 8,572 | 3,830 | 4,742 | 2 | — | 3,100 | — | 3,102 | 7,070 | 2,843 | 4,227 | 40 | — | 2,842 | — | 2,882 | ||||||||||||||||||||||||||||||||
Municipal investments | 20,290 | 44 | 20,246 | 2,196 | 2,487 | 2,335 | — | 7,018 | 17,679 | 14 | 17,665 | 2,441 | 3,578 | 2,580 | — | 8,599 | ||||||||||||||||||||||||||||||||
Client intermediation | 434 | 335 | 99 | 49 | — | — | — | 49 | 515 | 371 | 144 | 49 | — | — | 3 | 52 | ||||||||||||||||||||||||||||||||
Investment funds | 1,730 | 842 | 888 | 13 | 138 | 102 | — | 253 | 2,788 | 767 | 2,021 | 32 | 120 | 27 | 3 | 182 | ||||||||||||||||||||||||||||||||
Other | 4,915 | 597 | 4,318 | 292 | 554 | — | 52 | 898 | 1,429 | 607 | 822 | 116 | 11 | 58 | 43 | 228 | ||||||||||||||||||||||||||||||||
Total | $ | 418,045 | $ | 84,794 | $ | 333,251 | $ | 31,070 | $ | 3,448 | $ | 9,153 | $ | 670 | $ | 44,341 | $ | 401,822 | $ | 76,291 | $ | 325,531 | $ | 28,523 | $ | 4,219 | $ | 10,422 | $ | 190 | $ | 43,354 |
(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) |
September 30, 2016 | December 31, 2015 | March 31, 2017 | December 31, 2016 | |||||||||||||||||||||
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 | $ | 5,188 | $ | 5 | $ | 3,611 | $ | — | $ | 4,923 | $ | 5 | $ | 4,910 | ||||||||
Municipal securities tender option bond trusts (TOBs) | 2,672 | — | 3,100 | — | 2,914 | — | 2,842 | — | ||||||||||||||||
Municipal investments | — | 2,321 | — | 2,335 | — | 2,561 | — | 2,580 | ||||||||||||||||
Client Intermediation | — | 208 | — | — | ||||||||||||||||||||
Investment funds | — | 59 | — | 102 | — | 15 | — | 27 | ||||||||||||||||
Other | — | 119 | — | — | — | 66 | — | 58 | ||||||||||||||||
Total funding commitments | $ | 2,677 | $ | 7,687 | $ | 3,105 | $ | 6,048 | $ | 2,914 | $ | 7,773 | $ | 2,847 | $ | 7,575 |
In billions of dollars | September 30, 2016 | December 31, 2015 | March 31, 2017 | December 31, 2016 | ||||||||
Cash | $ | 0.1 | $ | 0.1 | $ | 0.1 | $ | 0.1 | ||||
Trading account assets | 7.6 | 6.2 | 8.1 | 8.0 | ||||||||
Investments | 4.1 | 3.0 | 4.4 | 4.4 | ||||||||
Total loans, net of allowance | 21.8 | 23.6 | 18.3 | 18.8 | ||||||||
Other | 1.2 | 1.7 | 0.5 | 1.5 | ||||||||
Total assets | $ | 34.8 | $ | 34.6 | $ | 31.4 | $ | 32.8 |
In billions of dollars | September 30, 2016 | December 31, 2015 | March 31, 2017 | December 31, 2016 | Ownership interests in principal amount of trust credit card receivables | |||||||
Sold to investors via trust-issued securities | $ | 23.4 | $ | 29.7 | $ | 23.2 | $ | 22.7 | ||||
Retained by Citigroup as trust-issued securities | 7.8 | 9.4 | 7.5 | 7.4 | ||||||||
Retained by Citigroup via non-certificated interests | 18.7 | 16.5 | 16.2 | 20.6 | ||||||||
Total | $ | 49.9 | $ | 55.6 | $ | 46.9 | $ | 50.7 |
Three months ended September 30, | ||||||
In billions of dollars | 2016 | 2015 | ||||
Proceeds from new securitizations | $ | — | $ | — | ||
Pay down of maturing notes | (2.8 | ) | (0.7 | ) |
Nine months ended September 30, | Three months ended March 31, | |||||||||||
In billions of dollars | 2016 | 2015 | 2017 | 2016 | ||||||||
Proceeds from new securitizations | $ | — | $ | — | $ | 2.5 | $ | — | ||||
Pay down of maturing notes | (6.3 | ) | (6.5 | ) | (2.0 | ) | (2.2 | ) |
In billions of dollars | September 30, 2016 | Dec. 31, 2015 | March 31, 2017 | Dec. 31, 2016 | ||||||||
Term notes issued to third parties | $ | 22.1 | $ | 28.4 | $ | 22.2 | $ | 21.7 | ||||
Term notes retained by Citigroup affiliates | 5.9 | 7.5 | 5.6 | 5.5 | ||||||||
Total Master Trust liabilities | $ | 28.0 | $ | 35.9 | $ | 27.8 | $ | 27.2 |
In billions of dollars | September 30, 2016 | Dec. 31, 2015 | March 31, 2017 | Dec. 31, 2016 | ||||||||
Term notes issued to third parties | $ | 1.3 | $ | 1.3 | $ | 1.0 | $ | 1.0 | ||||
Term notes retained by Citigroup affiliates | 1.9 | 1.9 | 1.9 | 1.9 | ||||||||
Total Omni Trust liabilities | $ | 3.2 | $ | 3.2 | $ | 2.9 | $ | 2.9 |
Three months ended September 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 | $ | 11.7 | $ | 1.4 | $ | 6.8 | $ | 3.1 | ||||
Contractual servicing fees received | 0.1 | — | 0.1 | — |
Nine months ended September 30, | ||||||||||||||||||||||||
2016 | 2015 | 2017 | 2016 | |||||||||||||||||||||
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(1) | ||||||||||||||||
Proceeds from new securitizations(1) | $ | 32.5 | $ | 8.0 | $ | 19.8 | $ | 9.2 | ||||||||||||||||
Proceeds from new securitizations | $ | 7.2 | $ | 1.4 | $ | 10.6 | $ | 4.2 | ||||||||||||||||
Contractual servicing fees received | 0.3 | — | 0.4 | — | 0.1 | — | 0.1 | — |
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 September 30, 2015 | |||||
Non-agency-sponsored mortgages(1) | |||||
U.S. agency- sponsored mortgages | Senior interests | Subordinated interests | |||
Discount rate | 2.3% to 10.7% | 3.2 | % | — | |
Weighted average discount rate | 8.1 | % | 3.2 | % | — |
Constant prepayment rate | 8.4% to 16.6% | — | — | ||
Weighted average constant prepayment rate | 11.8 | % | — | — | |
Anticipated net credit losses(2) | NM | 40.0 | % | — | |
Weighted average anticipated net credit losses | NM | 40.0 | % | — | |
Weighted average life | 6.3 to 9.3 years | 9.8 years | — |
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 | — | — |
Nine months ended September 30, 2015 | ||||||
Non-agency-sponsored mortgages(1) | ||||||
U.S. agency- sponsored mortgages | Senior interests | Subordinated interests | ||||
Discount rate | 0.0% to 10.7% | 2.8% to 3.2% | 4.4% to 12.1% | |||
Weighted average discount rate | 6.4 | % | 2.9 | % | 7.2 | % |
Constant prepayment rate | 5.7% to 34.9% | 0.0 | % | 3.3% to 8.0% | ||
Weighted average constant prepayment rate | 12.6 | % | 0.0 | % | 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 to 9.8 years | 0.0 to 12.9 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. |
September 30, 2016 | March 31, 2017 | |||||||||||
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 31.3% | 4.8% to 7.8% | 5.2% to 32.7% | 0.7% to 41.8% | 0.0% to 4.4% | 6.2% to 23.8% | ||||||
Weighted average discount rate | 7.0 | % | 6.5 | % | 13.3 | % | 9.5 | % | 0.5 | % | 11.8 | % |
Constant prepayment rate | 7.7% to 36.0% | 4.2% to 9.8% | 0.5% to 37.5% | 6.2% to 20.7% | 8.0% to 13.1% | 0.5% to 23.6% | ||||||
Weighted average constant prepayment rate | 16.4 | % | 5.6 | % | 10.8 | % | 9.8 | % | 12.3 | % | 9.0 | % |
Anticipated net credit losses(2) | NM | 51.5% to 85.6% | 8.0% to 94.4% | NM | 0.5% to 53.0% | 29.7% to 62.7% | ||||||
Weighted average anticipated net credit losses | NM | 76.1 | % | 47.5 | % | NM | 8.7 | % | 49.0 | % | ||
Weighted average life | 0.3 to 17.6 years | 6.5 to 16.9 years | 1.2 to 17.6 years | 0.0 to 28.6 years | 5.3 to 8.6 years | 0.9 to 11.9 years |
December 31, 2015 | December 31, 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 | 0.0% to 27.0% | 1.6% to 67.6% | 2.0% to 24.9% | 0.7% to 28.2% | 0.0% to 8.1% | 5.1% to 26.4% | ||||||
Weighted average discount rate | 4.9 | % | 7.6 | % | 8.4 | % | 9.0 | % | 2.1 | % | 13.1 | % |
Constant prepayment rate | 5.7% to 27.8% | 4.2% to 100.0% | 0.5% to 20.8% | 6.8% to 22.8% | 4.2% to 14.7% | 0.5% to 37.5% | ||||||
Weighted average constant prepayment rate | 12.3 | % | 14.0 | % | 7.5 | % | 10.2 | % | 11.0 | % | 10.8 | % |
Anticipated net credit losses(2) | NM | 0.2% to 89.1% | 3.8% to 92.0% | NM | 0.5% to 85.6% | 8.0% to 63.7% | ||||||
Weighted average anticipated net credit losses | NM | 48.9 | % | 54.4 | % | NM | 31.4 | % | 48.3 | % | ||
Weighted average life | 1.3 to 21.0 years | 0.3 to 18.1 years | 0.9 to 19.0 years | 0.2 to 28.8 years | 5.0 to 8.5 years | 1.2 to 12.1 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. |
September 30, 2016 | March 31, 2017 | |||||||||||||||||
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 | $ | 2,261 | $ | 20 | $ | 166 | $ | 1,211 | $ | 30 | $ | 168 | ||||||
Discount rates | ||||||||||||||||||
Adverse change of 10% | $ | (54 | ) | $ | (6 | ) | $ | (8 | ) | $ | (42 | ) | $ | (8 | ) | $ | (8 | ) |
Adverse change of 20% | (105 | ) | (12 | ) | (16 | ) | (80 | ) | (16 | ) | (15 | ) | ||||||
Constant prepayment rate | ||||||||||||||||||
Adverse change of 10% | (91 | ) | (1 | ) | (4 | ) | (33 | ) | (2 | ) | (3 | ) | ||||||
Adverse change of 20% | (189 | ) | (3 | ) | (9 | ) | (69 | ) | (3 | ) | (7 | ) | ||||||
Anticipated net credit losses | ||||||||||||||||||
Adverse change of 10% | NM | (6 | ) | (2 | ) | NM | (7 | ) | (1 | ) | ||||||||
Adverse change of 20% | NM | (12 | ) | (3 | ) | NM | (14 | ) | (2 | ) |
December 31, 2015 | December 31, 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 | $ | 3,546 | $ | 179 | $ | 533 | $ | 2,258 | $ | 26 | $ | 161 | ||||||
Discount rates | ||||||||||||||||||
Adverse change of 10% | $ | (79 | ) | $ | (8 | ) | $ | (25 | ) | $ | (71 | ) | $ | (7 | ) | $ | (8 | ) |
Adverse change of 20% | (155 | ) | (15 | ) | (49 | ) | (138 | ) | (14 | ) | (16 | ) | ||||||
Constant prepayment rate | ||||||||||||||||||
Adverse change of 10% | (111 | ) | (3 | ) | (9 | ) | (80 | ) | (2 | ) | (4 | ) | ||||||
Adverse change of 20% | (213 | ) | (6 | ) | (18 | ) | (160 | ) | (3 | ) | (8 | ) | ||||||
Anticipated net credit losses | ||||||||||||||||||
Adverse change of 10% | NM | (6 | ) | (7 | ) | NM | (7 | ) | (1 | ) | ||||||||
Adverse change of 20% | NM | (11 | ) | (14 | ) | NM | (14 | ) | (2 | ) |
(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 September 30, | ||||||
In millions of dollars | 2016 | 2015 | ||||
Balance, as of June 30 | $ | 1,324 | $ | 1,924 | ||
Originations | 43 | 57 | ||||
Changes in fair value of MSRs due to changes in inputs and assumptions | 13 | (140 | ) | |||
Other changes(1) | (78 | ) | (79 | ) | ||
Sale of MSRs(2) | (32 | ) | 4 | |||
Balance, as of September 30 | $ | 1,270 | $ | 1,766 |
In millions of dollars | 2017 | 2016 | ||||
Balance, beginning of year | $ | 1,564 | $ | 1,781 | ||
Originations | 35 | 33 | ||||
Changes in fair value of MSRs due to changes in inputs and assumptions | 67 | (225 | ) | |||
Other changes(1) | (53 | ) | (79 | ) | ||
Sale of MSRs(2) | (1,046 | ) | 14 | |||
Balance, as of March 31 | $ | 567 | $ | 1,524 |
Nine months ended September 30, | ||||||
In millions of dollars | 2016 | 2015 | ||||
Balance, beginning of year | $ | 1,781 | $ | 1,845 | ||
Originations | 111 | 168 | ||||
Changes in fair value of MSRs due to changes in inputs and assumptions | (349 | ) | 51 | |||
Other changes(1) | (255 | ) | (261 | ) | ||
Sale of MSRs(2) | (18 | ) | (37 | ) | ||
Balance, as of September 30 | $ | 1,270 | $ | 1,766 |
(1) | Represents changes due to customer payments and passage of time. |
(2) |
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||||
In millions of dollars | 2016 | 2015 | 2016 | 2015 | 2017 | 2016 | ||||||||||||
Servicing fees | $ | 117 | $ | 135 | $ | 371 | $ | 416 | $ | 106 | $ | 128 | ||||||
Late fees | 3 | 4 | 11 | 12 | 3 | 4 | ||||||||||||
Ancillary fees | 4 | 6 | 13 | 28 | 4 | 5 | ||||||||||||
Total MSR fees | $ | 124 | $ | 145 | $ | 395 | $ | 456 | $ | 113 | $ | 137 |
In billions of dollars | Mar. 31, 2017 | Mar. 31, 2016 | ||||
Proceeds from new securitizations | $ | 0.3 | $ | — |
Dec. 31, | ||
Discount rate | 1.1% to |
In millions of dollars | Sept. 30, 2016 | Dec. 31, 2015 | Mar. 31, 2017 | Dec. 31, 2016 | ||||||||
Carrying value of retained interests | $ | 909 | $ | 918 | $ | 4,259 | $ | 4,261 | ||||
Discount rates | ||||||||||||
Adverse change of 10% | $ | (4 | ) | $ | (5 | ) | $ | (28 | ) | $ | (30 | ) |
Adverse change of 20% | (9 | ) | (10 | ) | (55 | ) | (62 | ) |
September 30, 2016 | March 31, 2017 | |||||||||||
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 | $ | 12,608 | $ | 4,811 | $ | 8,194 | $ | 2,164 | ||||
Corporate loans | 1,082 | 2,381 | 3,376 | 2,183 | ||||||||
Hedge funds and equities | 374 | 57 | 417 | 57 | ||||||||
Airplanes, ships and other assets | 42,789 | 18,345 | 38,210 | 16,809 | ||||||||
Total | $ | 56,853 | $ | 25,594 | $ | 50,197 | $ | 21,213 |
December 31, 2015 | December 31, 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 | $ | 17,459 | $ | 6,528 | $ | 8,784 | $ | 2,368 | ||||
Corporate loans | 1,274 | 1,871 | 4,051 | 2,684 | ||||||||
Hedge funds and equities | 385 | 55 | 370 | 54 | ||||||||
Airplanes, ships and other assets | 38,380 | 17,137 | 39,230 | 16,837 | ||||||||
Total | $ | 57,498 | $ | 25,591 | $ | 52,435 | $ | 21,943 |
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 | September 30, 2016 | December 31, 2015 | September 30, 2016 | December 31, 2015 | September 30, 2016 | December 31, 2015 | March 31, 2017 | December 31, 2016 | March 31, 2017 | December 31, 2016 | March 31, 2017 | December 31, 2016 | ||||||||||||||||||||||||
Interest rate contracts | ||||||||||||||||||||||||||||||||||||
Swaps | $ | 213,863 | $ | 166,576 | $ | 20,853,766 | $ | 22,208,794 | $ | 39,537 | $ | 28,969 | $ | 198,753 | $ | 151,331 | $ | 20,669,239 | $ | 19,145,250 | $ | 29,447 | $ | 47,324 | ||||||||||||
Futures and forwards | 414 | — | 6,451,502 | 6,868,340 | 34,147 | 38,421 | 97 | 97 | 8,341,434 | 6,864,276 | 10,143 | 30,834 | ||||||||||||||||||||||||
Written options | — | — | 3,138,417 | 3,033,617 | 4,653 | 2,606 | — | — | 3,645,213 | 2,921,070 | 3,288 | 4,759 | ||||||||||||||||||||||||
Purchased options | — | — | 2,940,738 | 2,887,605 | 3,350 | 4,575 | — | — | 3,501,503 | 2,768,528 | 3,900 | 7,320 | ||||||||||||||||||||||||
Total interest rate contract notionals | $ | 214,277 | $ | 166,576 | $ | 33,384,423 | $ | 34,998,356 | $ | 81,687 | $ | 74,571 | $ | 198,850 | $ | 151,428 | $ | 36,157,389 | $ | 31,699,124 | $ | 46,778 | $ | 90,237 | ||||||||||||
Foreign exchange contracts | ||||||||||||||||||||||||||||||||||||
Swaps | $ | 21,410 | $ | 23,007 | $ | 5,954,717 | $ | 4,765,687 | $ | 22,272 | $ | 23,960 | $ | 36,928 | $ | 19,042 | $ | 6,548,915 | $ | 5,492,145 | $ | 21,420 | $ | 22,676 | ||||||||||||
Futures, forwards and spot | 65,417 | 72,124 | 3,410,229 | 2,563,649 | 3,080 | 3,034 | 38,220 | 56,964 | 4,175,350 | 3,251,132 | 2,333 | 3,419 | ||||||||||||||||||||||||
Written options | — | 448 | 1,271,307 | 1,125,664 | — | — | 1,172 | — | 1,299,018 | 1,194,325 | — | — | ||||||||||||||||||||||||
Purchased options | — | 819 | 1,310,990 | 1,131,816 | — | — | 2,596 | — | 1,308,291 | 1,215,961 | — | — | ||||||||||||||||||||||||
Total foreign exchange contract notionals | $ | 86,827 | $ | 96,398 | $ | 11,947,243 | $ | 9,586,816 | $ | 25,352 | $ | 26,994 | $ | 78,916 | $ | 76,006 | $ | 13,331,574 | $ | 11,153,563 | $ | 23,753 | $ | 26,095 | ||||||||||||
Equity contracts | ||||||||||||||||||||||||||||||||||||
Swaps | $ | — | $ | — | $ | 195,000 | $ | 180,963 | $ | — | $ | — | $ | — | $ | — | $ | 204,137 | $ | 192,366 | $ | — | $ | — | ||||||||||||
Futures and forwards | — | — | 39,964 | 33,735 | — | — | — | — | 42,926 | 37,557 | — | — | ||||||||||||||||||||||||
Written options | — | — | 364,514 | 298,876 | — | — | — | — | 372,759 | 304,579 | — | — | ||||||||||||||||||||||||
Purchased options | — | — | 325,200 | 265,062 | — | — | — | — | 350,655 | 266,070 | — | — | ||||||||||||||||||||||||
Total equity contract notionals | $ | — | $ | — | $ | 924,678 | $ | 778,636 | $ | — | $ | — | $ | — | $ | — | $ | 970,477 | $ | 800,572 | $ | — | $ | — | ||||||||||||
Commodity and other contracts | ||||||||||||||||||||||||||||||||||||
Swaps | $ | — | $ | — | $ | 61,882 | $ | 70,561 | $ | — | $ | — | $ | — | $ | — | $ | 67,942 | $ | 70,774 | $ | — | $ | — | ||||||||||||
Futures and forwards | 891 | 789 | 149,604 | 106,474 | — | — | 155 | 182 | 151,844 | 142,530 | — | — | ||||||||||||||||||||||||
Written options | — | — | 73,673 | 72,648 | — | — | — | — | 74,668 | 74,627 | — | — | ||||||||||||||||||||||||
Purchased options | — | — | 68,829 | 66,051 | — | — | — | — | 70,529 | 69,629 | — | — | ||||||||||||||||||||||||
Total commodity and other contract notionals | $ | 891 | $ | 789 | $ | 353,988 | $ | 315,734 | $ | — | $ | — | $ | 155 | $ | 182 | $ | 364,983 | $ | 357,560 | $ | — | $ | — | ||||||||||||
Credit derivatives(4) | ||||||||||||||||||||||||||||||||||||
Protection sold | $ | — | $ | — | $ | 1,021,118 | $ | 950,922 | $ | — | $ | — | $ | — | $ | — | $ | 876,791 | $ | 859,420 | $ | — | $ | — | ||||||||||||
Protection purchased | — | — | 1,051,146 | 981,586 | 27,800 | 23,628 | — | — | 895,380 | 883,003 | 17,226 | 19,470 | ||||||||||||||||||||||||
Total credit derivatives | $ | — | $ | — | $ | 2,072,264 | $ | 1,932,508 | $ | 27,800 | $ | 23,628 | $ | — | $ | — | $ | 1,772,171 | $ | 1,742,423 | $ | 17,226 | $ | 19,470 | ||||||||||||
Total derivative notionals | $ | 301,995 | $ | 263,763 | $ | 48,682,596 | $ | 47,612,050 | $ | 134,839 | $ | 125,193 | $ | 277,921 | $ | 227,616 | $ | 52,596,594 | $ | 45,753,242 | $ | 87,757 | $ | 135,802 |
(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 September 30, 2016 | Derivatives classified in Trading account assets / liabilities(1)(2)(3) | Derivatives classified in Other assets / liabilities(2)(3) | ||||||||||||||||||||||
In millions of dollars at March 31, 2017 | 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 | $ | 773 | $ | 180 | $ | 2,384 | $ | 27 | $ | 645 | $ | 143 | $ | 1,308 | $ | 34 | ||||||||
Cleared | 6,692 | 1,730 | — | 225 | 3,925 | 2,175 | 53 | 62 | ||||||||||||||||
Interest rate contracts | $ | 7,465 | $ | 1,910 | $ | 2,384 | $ | 252 | $ | 4,570 | $ | 2,318 | $ | 1,361 | $ | 96 | ||||||||
Over-the-counter | $ | 1,485 | $ | 1,132 | $ | 45 | $ | 819 | $ | 1,315 | $ | 923 | $ | 232 | $ | 236 | ||||||||
Foreign exchange contracts | $ | 1,485 | $ | 1,132 | $ | 45 | $ | 819 | $ | 1,315 | $ | 923 | $ | 232 | $ | 236 | ||||||||
Total derivative instruments designated as ASC 815 hedges | $ | 8,950 | $ | 3,042 | $ | 2,429 | $ | 1,071 | ||||||||||||||||
Total derivatives instruments designated as ASC 815 hedges | $ | 5,885 | $ | 3,241 | $ | 1,593 | $ | 332 | ||||||||||||||||
Derivatives instruments not designated as ASC 815 hedges | ||||||||||||||||||||||||
Over-the-counter | $ | 336,753 | $ | 313,154 | $ | 209 | $ | — | $ | 222,212 | $ | 203,860 | $ | 64 | $ | — | ||||||||
Cleared | 175,410 | 182,785 | 581 | 593 | 86,795 | 94,086 | 119 | 164 | ||||||||||||||||
Exchange traded | 75 | 56 | — | — | 150 | 85 | — | — | ||||||||||||||||
Interest rate contracts | $ | 512,238 | $ | 495,995 | $ | 790 | $ | 593 | $ | 309,157 | $ | 298,031 | $ | 183 | $ | 164 | ||||||||
Over-the-counter | $ | 114,573 | $ | 113,454 | $ | — | $ | 45 | $ | 122,726 | $ | 126,685 | $ | — | $ | 59 | ||||||||
Cleared | 579 | 493 | — | — | 1,170 | 1,042 | — | — | ||||||||||||||||
Exchange traded | 69 | 56 | — | — | 25 | 17 | — | — | ||||||||||||||||
Foreign exchange contracts | $ | 115,221 | $ | 114,003 | $ | — | $ | 45 | $ | 123,921 | $ | 127,744 | $ | — | $ | 59 | ||||||||
Over-the-counter | $ | 16,202 | $ | 19,998 | $ | — | $ | — | $ | 16,494 | $ | 20,844 | $ | — | $ | — | ||||||||
Cleared | 876 | 9 | — | — | 19 | 27 | — | — | ||||||||||||||||
Exchange traded | 9,315 | 9,645 | — | — | 8,123 | 7,819 | — | — | ||||||||||||||||
Equity contracts | $ | 26,393 | $ | 29,652 | $ | — | $ | — | $ | 24,636 | $ | 28,690 | $ | — | $ | — | ||||||||
Over-the-counter | $ | 10,757 | $ | 13,271 | $ | — | $ | — | $ | 10,807 | $ | 12,647 | $ | — | $ | — | ||||||||
Exchange traded | 774 | 1,065 | — | — | 642 | 665 | — | — | ||||||||||||||||
Commodity and other contracts | $ | 11,531 | $ | 14,336 | $ | — | $ | — | $ | 11,449 | $ | 13,312 | $ | — | $ | — | ||||||||
Over-the-counter | $ | 23,925 | $ | 24,602 | $ | 213 | $ | 83 | $ | 16,987 | $ | 17,770 | $ | 46 | $ | 87 | ||||||||
Cleared | 5,848 | 5,987 | 85 | 557 | 6,335 | 6,916 | 26 | 325 | ||||||||||||||||
Credit derivatives(4) | $ | 29,773 | $ | 30,589 | $ | 298 | $ | 640 | $ | 23,322 | $ | 24,686 | $ | 72 | $ | 412 | ||||||||
Total derivatives instruments not designated as ASC 815 hedges | $ | 695,156 | $ | 684,575 | $ | 1,088 | $ | 1,278 | $ | 492,485 | $ | 492,463 | $ | 255 | $ | 635 | ||||||||
Total derivatives | $ | 704,106 | $ | 687,617 | $ | 3,517 | $ | 2,349 | $ | 498,370 | $ | 495,704 | $ | 1,848 | $ | 967 | ||||||||
Cash collateral paid/received(5)(6) | $ | 8,348 | $ | 16,459 | $ | 6 | $ | 50 | $ | 10,436 | $ | 13,961 | $ | 5 | $ | 15 | ||||||||
Less: Netting agreements(7) | (596,599 | ) | (596,599 | ) | — | — | (416,229 | ) | (416,229 | ) | — | — | ||||||||||||
Less: Netting cash collateral received/paid(8) | (55,239 | ) | (53,460 | ) | (1,682 | ) | (29 | ) | (36,198 | ) | (40,577 | ) | (940 | ) | (51 | ) | ||||||||
Net receivables/payables included on the consolidated balance sheet(9) | $ | 60,616 | $ | 54,017 | $ | 1,841 | $ | 2,370 | ||||||||||||||||
Additional amounts subject to an enforceable master netting agreement but not offset on the Consolidated Balance Sheet | ||||||||||||||||||||||||
Net receivables/payables included on the Consolidated Balance Sheet(9) | $ | 56,379 | $ | 52,859 | $ | 913 | $ | 931 | ||||||||||||||||
Additional amounts subject to an enforceable master netting agreement, but not offset on the Consolidated Balance Sheet | ||||||||||||||||||||||||
Less: Cash collateral received/paid | $ | (1,254 | ) | $ | (26 | ) | $ | — | $ | — | $ | (653 | ) | $ | (13 | ) | $ | — | $ | — | ||||
Less: Non-cash collateral received/paid | (12,808 | ) | (6,724 | ) | (737 | ) | — | (10,239 | ) | (8,635 | ) | (506 | ) | — | ||||||||||
Total net receivables/payables(9) | $ | 46,554 | $ | 47,267 | $ | 1,104 | $ | 2,370 | $ | 45,487 | $ | 44,211 | $ | 407 | $ | 931 |
(1) | The trading derivatives fair values are presented in Note 20 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 |
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) | ||||||||||||||||||||||
In millions of dollars at December 31, 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 | $ | 262 | $ | 105 | $ | 2,328 | $ | 106 | $ | 716 | $ | 171 | $ | 1,927 | $ | 22 | ||||||||
Cleared | 4,607 | 1,471 | 5 | — | 3,530 | 2,154 | 47 | 82 | ||||||||||||||||
Interest rate contracts | $ | 4,869 | $ | 1,576 | $ | 2,333 | $ | 106 | $ | 4,246 | $ | 2,325 | $ | 1,974 | $ | 104 | ||||||||
Over-the-counter | $ | 2,688 | $ | 364 | $ | 95 | $ | 677 | $ | 2,494 | $ | 393 | $ | 747 | $ | 645 | ||||||||
Foreign exchange contracts | $ | 2,688 | $ | 364 | $ | 95 | $ | 677 | $ | 2,494 | $ | 393 | $ | 747 | $ | 645 | ||||||||
Total derivative instruments designated as ASC 815 hedges | $ | 7,557 | $ | 1,940 | $ | 2,428 | $ | 783 | ||||||||||||||||
Total derivatives instruments designated as ASC 815 hedges | $ | 6,740 | $ | 2,718 | $ | 2,721 | $ | 749 | ||||||||||||||||
Derivatives instruments not designated as ASC 815 hedges | ||||||||||||||||||||||||
Over-the-counter | $ | 289,124 | $ | 267,761 | $ | 182 | $ | 12 | $ | 244,072 | $ | 221,534 | $ | 225 | $ | 5 | ||||||||
Cleared | 120,848 | 126,532 | 244 | 216 | 120,920 | 130,855 | 240 | 349 | ||||||||||||||||
Exchange traded | 53 | 35 | — | — | 87 | 47 | — | — | ||||||||||||||||
Interest rate contracts | $ | 410,025 | $ | 394,328 | $ | 426 | $ | 228 | $ | 365,079 | $ | 352,436 | $ | 465 | $ | 354 | ||||||||
Over-the-counter | $ | 126,474 | $ | 133,361 | $ | — | $ | 66 | $ | 182,659 | $ | 186,867 | $ | — | $ | 60 | ||||||||
Cleared | 134 | 152 | — | — | 482 | 470 | — | — | ||||||||||||||||
Exchange traded | 21 | 36 | — | — | 27 | 31 | — | — | ||||||||||||||||
Foreign exchange contracts | $ | 126,629 | $ | 133,549 | $ | — | $ | 66 | $ | 183,168 | $ | 187,368 | $ | — | $ | 60 | ||||||||
Over-the-counter | $ | 14,560 | $ | 20,107 | $ | — | $ | — | $ | 15,625 | $ | 19,119 | $ | — | $ | — | ||||||||
Cleared | 28 | 3 | — | — | 1 | 21 | — | — | ||||||||||||||||
Exchange traded | 7,297 | 6,406 | — | — | 8,484 | 7,376 | — | — | ||||||||||||||||
Equity contracts | $ | 21,885 | $ | 26,516 | $ | — | $ | — | $ | 24,110 | $ | 26,516 | $ | — | $ | — | ||||||||
Over-the-counter | $ | 16,794 | $ | 18,641 | $ | — | $ | — | $ | 13,046 | $ | 14,234 | $ | — | $ | — | ||||||||
Exchange traded | 1,216 | 1,912 | — | — | 719 | 798 | — | — | ||||||||||||||||
Commodity and other contracts | $ | 18,010 | $ | 20,553 | $ | — | $ | — | $ | 13,765 | $ | 15,032 | $ | — | $ | — | ||||||||
Over-the-counter | $ | 31,072 | $ | 30,608 | $ | 711 | $ | 245 | $ | 19,033 | $ | 19,563 | $ | 159 | $ | 78 | ||||||||
Cleared | 3,803 | 3,560 | 131 | 318 | 5,582 | 5,874 | 47 | 310 | ||||||||||||||||
Credit derivatives(4) | $ | 34,875 | $ | 34,168 | $ | 842 | $ | 563 | $ | 24,615 | $ | 25,437 | $ | 206 | $ | 388 | ||||||||
Total derivatives instruments not designated as ASC 815 hedges | $ | 611,424 | $ | 609,114 | $ | 1,268 | $ | 857 | $ | 610,737 | $ | 606,789 | $ | 671 | $ | 802 | ||||||||
Total derivatives | $ | 618,981 | $ | 611,054 | $ | 3,696 | $ | 1,640 | $ | 617,477 | $ | 609,507 | $ | 3,392 | $ | 1,551 | ||||||||
Cash collateral paid/received(5)(6) | $ | 4,911 | $ | 13,628 | $ | 8 | $ | 37 | $ | 11,188 | $ | 15,731 | $ | 8 | $ | 1 | ||||||||
Less: Netting agreements(7) | (524,481 | ) | (524,481 | ) | — | — | (519,000 | ) | (519,000 | ) | — | — | ||||||||||||
Less: Netting cash collateral received/paid(8) | (43,227 | ) | (42,609 | ) | (1,949 | ) | (53 | ) | (45,912 | ) | (49,811 | ) | (1,345 | ) | (53 | ) | ||||||||
Net receivables/payables included on the Consolidated Balance Sheet(9) | $ | 56,184 | $ | 57,592 | $ | 1,755 | $ | 1,624 | $ | 63,753 | $ | 56,427 | $ | 2,055 | $ | 1,499 | ||||||||
Additional amounts subject to an enforceable master netting agreement but not offset on the Consolidated Balance Sheet | ||||||||||||||||||||||||
Additional amounts subject to an enforceable master netting agreement, but not offset on the Consolidated Balance Sheet | ||||||||||||||||||||||||
Less: Cash collateral received/paid | $ | (779 | ) | $ | (2 | ) | $ | — | $ | — | $ | (819 | ) | $ | (19 | ) | $ | — | $ | — | ||||
Less: Non-cash collateral received/paid | (9,855 | ) | (5,131 | ) | (270 | ) | — | (11,767 | ) | (5,883 | ) | (530 | ) | — | ||||||||||
Total net receivables/payables(9) | $ | 45,550 | $ | 52,459 | $ | 1,485 | $ | 1,624 | $ | 51,167 | $ | 50,525 | $ | 1,525 | $ | 1,499 |
(1) | The trading derivatives fair values are presented in Note 20 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 |
(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 $61 million 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 |
Gains (losses) included in Other revenue | ||||||
Three months ended March 31, | ||||||
In millions of dollars | 2017 | 2016 | ||||
Interest rate contracts | $ | (45 | ) | $ | 15 | |
Foreign exchange | 3 | 4 | ||||
Credit derivatives | (263 | ) | (213 | ) | ||
Total Citigroup | $ | (305 | ) | $ | (194 | ) |
Gains (losses) included in Other revenue | ||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||
In millions of dollars | 2016 | 2015 | 2016 | 2015 | ||||||||
Interest rate contracts | $ | (28 | ) | $ | 163 | $ | (2 | ) | $ | 127 | ||
Foreign exchange | 11 | (19 | ) | 26 | (65 | ) | ||||||
Credit derivatives | (399 | ) | 536 | (960 | ) | 607 | ||||||
Total Citigroup | $ | (416 | ) | $ | 680 | $ | (936 | ) | $ | 669 |
Gains (losses) on fair value hedges(1) | Gains (losses) on fair value hedges(1) | |||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | Three months ended March 31, | ||||||||||||||||
In millions of dollars | 2016 | 2015 | 2016 | 2015 | 2017 | 2016 | ||||||||||||
Gain (loss) on the derivatives in designated and qualifying fair value hedges | ||||||||||||||||||
Interest rate contracts | $ | (450 | ) | $ | 1,111 | $ | 2,747 | $ | 72 | $ | (305 | ) | $ | 2,115 | ||||
Foreign exchange contracts | (602 | ) | (311 | ) | (2,360 | ) | 1,093 | (82 | ) | (1,361 | ) | |||||||
Commodity contracts | (57 | ) | (110 | ) | 381 | (69 | ) | 2 | 349 | |||||||||
Total gain (loss) on the derivatives in designated and qualifying fair value hedges | $ | (1,109 | ) | $ | 690 | $ | 768 | $ | 1,096 | $ | (385 | ) | $ | 1,103 | ||||
Gain (loss) on the hedged item in designated and qualifying fair value hedges | ||||||||||||||||||
Interest rate hedges | $ | 442 | $ | (1,113 | ) | $ | (2,701 | ) | $ | (115 | ) | $ | 296 | $ | (2,090 | ) | ||
Foreign exchange hedges | 664 | 304 | 2,425 | (1,081 | ) | 196 | 1,307 | |||||||||||
Commodity hedges | 59 | 109 | (374 | ) | 81 | (1 | ) | (344 | ) | |||||||||
Total gain (loss) on the hedged item in designated and qualifying fair value hedges | $ | 1,165 | $ | (700 | ) | $ | (650 | ) | $ | (1,115 | ) | $ | 491 | $ | (1,127 | ) | ||
Hedge ineffectiveness recognized in earnings on designated and qualifying fair value hedges | ||||||||||||||||||
Interest rate hedges | $ | (11 | ) | $ | (1 | ) | $ | 48 | $ | (42 | ) | $ | (10 | ) | $ | 27 | ||
Foreign exchange hedges | (3 | ) | (24 | ) | (53 | ) | (41 | ) | 62 | (75 | ) | |||||||
Total hedge ineffectiveness recognized in earnings on designated and qualifying fair value hedges | $ | (14 | ) | $ | (25 | ) | $ | (5 | ) | $ | (83 | ) | $ | 52 | $ | (48 | ) | |
Net gain (loss) excluded from assessment of the effectiveness of fair value hedges | ||||||||||||||||||
Interest rate contracts | $ | 3 | $ | (1 | ) | $ | (2 | ) | $ | (1 | ) | $ | 1 | $ | (2 | ) | ||
Foreign exchange contracts(2) | 65 | 17 | 118 | 53 | 52 | 21 | ||||||||||||
Commodity hedges(2) | 2 | (1 | ) | 7 | 12 | 1 | 5 | |||||||||||
Total net gain (loss) excluded from assessment of the effectiveness of fair value hedges | $ | 70 | $ | 15 | $ | 123 | $ | 64 | $ | 54 | $ | 24 |
(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 September 30, | Nine Months Ended September 30, | Three months ended March 31, | ||||||||||||||||
In millions of dollars | 2016 | 2015 | 2016 | 2015 | 2017 | 2016 | ||||||||||||
Effective portion of cash flow hedges included in AOCI | ||||||||||||||||||
Interest rate contracts | $ | (187 | ) | $ | 357 | $ | 448 | $ | 594 | $ | 41 | $ | 415 | |||||
Foreign exchange contracts | (29 | ) | (98 | ) | (26 | ) | (258 | ) | — | 24 | ||||||||
Total effective portion of cash flow hedges included in AOCI | $ | (216 | ) | $ | 259 | $ | 422 | $ | 336 | $ | 41 | $ | 439 | |||||
Effective portion of cash flow hedges reclassified from AOCI to earnings | ||||||||||||||||||
Interest rate contracts | $ | (39 | ) | $ | (28 | ) | $ | (96 | ) | $ | (148 | ) | $ | 44 | $ | (16 | ) | |
Foreign exchange contracts | (46 | ) | (35 | ) | (89 | ) | (112 | ) | (3 | ) | (26 | ) | ||||||
Total effective portion of cash flow hedges reclassified from AOCI to earnings(1) | $ | (85 | ) | $ | (63 | ) | $ | (185 | ) | $ | (260 | ) | $ | 41 | $ | (42 | ) |
(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 September 30, 2016 | Receivable(1) | Payable(2) | Protection purchased | Protection sold | ||||||||||||||||||||
In millions of dollars at March 31, 2017 | Receivable(1) | Payable(2) | Protection purchased | Protection sold | ||||||||||||||||||||
By industry/counterparty | ||||||||||||||||||||||||
Banks | $ | 14,728 | $ | 13,202 | $ | 501,904 | $ | 515,590 | $ | 10,428 | $ | 9,483 | $ | 383,466 | $ | 393,864 | ||||||||
Broker-dealers | 4,240 | 4,822 | 132,959 | 134,774 | 3,297 | 3,587 | 107,767 | 116,589 | ||||||||||||||||
Non-financial | 89 | 104 | 3,497 | 1,279 | 80 | 187 | 3,164 | 1,430 | ||||||||||||||||
Insurance and other financial institutions | 11,014 | 13,101 | 440,586 | 369,475 | 9,589 | 11,841 | 418,209 | 364,908 | ||||||||||||||||
Total by industry/counterparty | $ | 30,071 | $ | 31,229 | $ | 1,078,946 | $ | 1,021,118 | $ | 23,394 | $ | 25,098 | $ | 912,606 | $ | 876,791 | ||||||||
By instrument | ||||||||||||||||||||||||
Credit default swaps and options | $ | 28,457 | $ | 28,652 | $ | 1,049,969 | $ | 1,006,236 | $ | 23,145 | $ | 23,096 | $ | 889,829 | $ | 868,748 | ||||||||
Total return swaps and other | 1,614 | 2,577 | 28,977 | 14,882 | 249 | 2,002 | 22,777 | 8,043 | ||||||||||||||||
Total by instrument | $ | 30,071 | $ | 31,229 | $ | 1,078,946 | $ | 1,021,118 | $ | 23,394 | $ | 25,098 | $ | 912,606 | $ | 876,791 | ||||||||
By rating | ||||||||||||||||||||||||
Investment grade | $ | 10,860 | $ | 10,914 | $ | 809,822 | $ | 767,629 | $ | 9,951 | $ | 10,142 | $ | 691,002 | $ | 669,241 | ||||||||
Non-investment grade | 19,211 | 20,315 | 269,124 | 253,489 | 13,443 | 14,956 | 221,604 | 207,550 | ||||||||||||||||
Total by rating | $ | 30,071 | $ | 31,229 | $ | 1,078,946 | $ | 1,021,118 | $ | 23,394 | $ | 25,098 | $ | 912,606 | $ | 876,791 | ||||||||
By maturity | ||||||||||||||||||||||||
Within 1 year | $ | 4,759 | $ | 5,642 | $ | 314,629 | $ | 301,906 | $ | 3,008 | $ | 4,108 | $ | 304,227 | $ | 296,731 | ||||||||
From 1 to 5 years | 21,143 | 21,382 | 661,648 | 626,205 | 16,894 | 17,187 | 532,809 | 511,054 | ||||||||||||||||
After 5 years | 4,169 | 4,205 | 102,669 | 93,007 | 3,492 | 3,803 | 75,570 | 69,006 | ||||||||||||||||
Total by maturity | $ | 30,071 | $ | 31,229 | $ | 1,078,946 | $ | 1,021,118 | $ | 23,394 | $ | 25,098 | $ | 912,606 | $ | 876,791 |
(1) | The fair value amount receivable is composed of |
(2) | The fair value amount payable is composed of |
Fair values | Notionals | Fair values | Notionals | |||||||||||||||||||||
In millions of dollars at December 31, 2015 | Receivable(1) | Payable(2) | Protection purchased | Protection sold | ||||||||||||||||||||
In millions of dollars at December 31, 2016 | Receivable(1) | Payable(2) | Protection purchased | Protection sold | ||||||||||||||||||||
By industry/counterparty | ||||||||||||||||||||||||
Banks | $ | 18,377 | $ | 16,988 | $ | 513,335 | $ | 508,459 | $ | 11,895 | $ | 10,930 | $ | 407,992 | $ | 414,720 | ||||||||
Broker-dealers | 5,895 | 6,697 | 155,195 | 152,604 | 3,536 | 3,952 | 115,013 | 119,810 | ||||||||||||||||
Non-financial | 128 | 123 | 3,969 | 2,087 | 82 | 99 | 4,014 | 2,061 | ||||||||||||||||
Insurance and other financial institutions | 11,317 | 10,923 | 332,715 | 287,772 | 9,308 | 10,844 | 375,454 | 322,829 | ||||||||||||||||
Total by industry/counterparty | $ | 35,717 | $ | 34,731 | $ | 1,005,214 | $ | 950,922 | $ | 24,821 | $ | 25,825 | $ | 902,473 | $ | 859,420 | ||||||||
By instrument | ||||||||||||||||||||||||
Credit default swaps and options | $ | 34,849 | $ | 34,158 | $ | 981,999 | $ | 940,650 | $ | 24,502 | $ | 24,631 | $ | 883,719 | $ | 852,900 | ||||||||
Total return swaps and other | 868 | 573 | 23,215 | 10,272 | 319 | 1,194 | 18,754 | 6,520 | ||||||||||||||||
Total by instrument | $ | 35,717 | $ | 34,731 | $ | 1,005,214 | $ | 950,922 | $ | 24,821 | $ | 25,825 | $ | 902,473 | $ | 859,420 | ||||||||
By rating | ||||||||||||||||||||||||
Investment grade | $ | 12,694 | $ | 13,142 | $ | 764,040 | $ | 720,521 | $ | 9,605 | $ | 9,995 | $ | 675,138 | $ | 648,247 | ||||||||
Non-investment grade | 23,023 | 21,589 | 241,174 | 230,401 | 15,216 | 15,830 | 227,335 | 211,173 | ||||||||||||||||
Total by rating | $ | 35,717 | $ | 34,731 | $ | 1,005,214 | $ | 950,922 | $ | 24,821 | $ | 25,825 | $ | 902,473 | $ | 859,420 | ||||||||
By maturity | ||||||||||||||||||||||||
Within 1 year | $ | 3,871 | $ | 3,559 | $ | 265,632 | $ | 254,225 | $ | 4,113 | $ | 4,841 | $ | 293,059 | $ | 287,262 | ||||||||
From 1 to 5 years | 27,991 | 27,488 | 669,834 | 639,460 | 17,735 | 17,986 | 551,155 | 523,371 | ||||||||||||||||
After 5 years | 3,855 | 3,684 | 69,748 | 57,237 | 2,973 | 2,998 | 58,259 | 48,787 | ||||||||||||||||
Total by maturity | $ | 35,717 | $ | 34,731 | $ | 1,005,214 | $ | 950,922 | $ | 24,821 | $ | 25,825 | $ | 902,473 | $ | 859,420 |
(1) | The fair value amount receivable is composed of |
(2) | The fair value amount payable is composed of |
Credit and funding valuation adjustments contra-liability (contra-asset) | Credit and funding valuation adjustments contra-liability (contra-asset) | |||||||||||
In millions of dollars | September 30, 2016 | December 31, 2015 | March 31, 2017 | December 31, 2016 | ||||||||
Counterparty CVA | $ | (1,849 | ) | $ | (1,470 | ) | $ | (1,316 | ) | $ | (1,488 | ) |
Asset FVA | (642 | ) | (584 | ) | (444 | ) | (536 | ) | ||||
Citigroup (own-credit) CVA | 542 | 471 | 377 | 459 | ||||||||
Liability FVA | 94 | 106 | 52 | 62 | ||||||||
Total CVA—derivative instruments(1) | $ | (1,855 | ) | $ | (1,477 | ) | $ | (1,331 | ) | $ | (1,503 | ) |
(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 September 30, | Nine Months Ended September 30, | Three months ended March 31, | ||||||||||||||||
In millions of dollars | 2016 | 2015 | 2016 | 2015 | 2017 | 2016 | ||||||||||||
Counterparty CVA | $ | 112 | $ | (32 | ) | $ | 19 | $ | (191 | ) | $ | 90 | $ | (108 | ) | |||
Asset FVA | 37 | (177 | ) | (59 | ) | (125 | ) | 92 | (80 | ) | ||||||||
Own-credit CVA | (60 | ) | 97 | 65 | 81 | (72 | ) | 135 | ||||||||||
Liability FVA | (59 | ) | 44 | (11 | ) | 89 | (10 | ) | 29 | |||||||||
Total CVA—derivative instruments | $ | 30 | $ | (68 | ) | $ | 14 | $ | (146 | ) | $ | 100 | $ | (24 | ) | |||
DVA related to own FVO liabilities | $ | (319 | ) | $ | 264 | $ | 8 | $ | 582 | $ | (95 | ) | $ | 307 | ||||
Total CVA and DVA(2) | $ | 5 | $ | 283 |
(1) | See Note 1 to the Consolidated Financial Statements. |
(2) | FVA is included with CVA for presentation purposes. |
In millions of dollars at September 30, 2016 | Level 1(1) | Level 2(1) | Level 3 | Gross inventory | Netting(2) | Net balance | ||||||||||||||||||||||||||||||
In millions of dollars at March 31, 2017 | 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 | $ | — | $ | 178,462 | $ | 1,313 | $ | 179,775 | $ | (36,157 | ) | $ | 143,618 | $ | — | $ | 174,962 | $ | 1,187 | $ | 176,149 | $ | (38,789 | ) | $ | 137,360 | ||||||||||
Trading non-derivative assets | ||||||||||||||||||||||||||||||||||||
Trading mortgage-backed securities | ||||||||||||||||||||||||||||||||||||
U.S. government-sponsored agency guaranteed | — | 25,921 | 228 | 26,149 | — | 26,149 | — | 21,410 | 271 | 21,681 | — | 21,681 | ||||||||||||||||||||||||
Residential | — | 335 | 441 | 776 | — | 776 | — | 289 | 368 | 657 | — | 657 | ||||||||||||||||||||||||
Commercial | — | 1,072 | 444 | 1,516 | — | 1,516 | — | 1,052 | 266 | 1,318 | — | 1,318 | ||||||||||||||||||||||||
Total trading mortgage-backed securities | $ | — | $ | 27,328 | $ | 1,113 | $ | 28,441 | $ | — | $ | 28,441 | $ | — | $ | 22,751 | $ | 905 | $ | 23,656 | $ | — | $ | 23,656 | ||||||||||||
U.S. Treasury and federal agency securities | $ | 20,537 | $ | 2,929 | $ | 1 | $ | 23,467 | $ | — | $ | 23,467 | $ | 18,757 | $ | 3,511 | $ | 1 | $ | 22,269 | $ | — | $ | 22,269 | ||||||||||||
State and municipal | — | 3,803 | 157 | 3,960 | — | 3,960 | — | 3,086 | 270 | 3,356 | — | 3,356 | ||||||||||||||||||||||||
Foreign government | 38,147 | 19,388 | 63 | 57,598 | — | 57,598 | 37,588 | 21,152 | 126 | 58,866 | — | 58,866 | ||||||||||||||||||||||||
Corporate | 545 | 16,585 | 685 | 17,815 | — | 17,815 | 240 | 16,011 | 296 | 16,547 | — | 16,547 | ||||||||||||||||||||||||
Equity securities | 50,741 | 1,443 | 3,560 | 55,744 | — | 55,744 | 43,108 | 5,468 | 110 | 48,686 | — | 48,686 | ||||||||||||||||||||||||
Asset-backed securities | — | 850 | 2,749 | 3,599 | — | 3,599 | — | 1,536 | 1,941 | 3,477 | — | 3,477 | ||||||||||||||||||||||||
Other trading assets | 6 | 9,526 | 2,580 | 12,112 | — | 12,112 | 8 | 9,771 | 1,888 | 11,667 | — | 11,667 | ||||||||||||||||||||||||
Total trading non-derivative assets | $ | 109,976 | $ | 81,852 | $ | 10,908 | $ | 202,736 | $ | — | $ | 202,736 | $ | 99,701 | $ | 83,286 | $ | 5,537 | $ | 188,524 | $ | — | $ | 188,524 | ||||||||||||
Trading derivatives | ||||||||||||||||||||||||||||||||||||
Interest rate contracts | $ | 39 | $ | 516,241 | $ | 3,423 | $ | 519,703 | $ | 17 | $ | 311,584 | $ | 2,126 | $ | 313,727 | ||||||||||||||||||||
Foreign exchange contracts | 57 | 115,889 | 760 | 116,706 | 18 | 124,740 | 478 | 125,236 | ||||||||||||||||||||||||||||
Equity contracts | 2,932 | 22,156 | 1,305 | 26,393 | 1,815 | 22,196 | 625 | 24,636 | ||||||||||||||||||||||||||||
Commodity contracts | 215 | 10,716 | 600 | 11,531 | 250 | 10,647 | 552 | 11,449 | ||||||||||||||||||||||||||||
Credit derivatives | — | 27,815 | 1,958 | 29,773 | — | 21,751 | 1,571 | 23,322 | ||||||||||||||||||||||||||||
Total trading derivatives | $ | 3,243 | $ | 692,817 | $ | 8,046 | $ | 704,106 | $ | 2,100 | $ | 490,918 | $ | 5,352 | $ | 498,370 | ||||||||||||||||||||
Cash collateral paid | $ | 8,348 | $ | 10,436 | ||||||||||||||||||||||||||||||||
Netting agreements | $ | (596,599 | ) | $ | (416,229 | ) | ||||||||||||||||||||||||||||||
Netting of cash collateral received | (55,239 | ) | (36,198 | ) | ||||||||||||||||||||||||||||||||
Total trading derivatives | $ | 3,243 | $ | 692,817 | $ | 8,046 | $ | 712,454 | $ | (651,838 | ) | $ | 60,616 | $ | 2,100 | $ | 490,918 | $ | 5,352 | $ | 508,806 | $ | (452,427 | ) | $ | 56,379 | ||||||||||
Investments | ||||||||||||||||||||||||||||||||||||
Mortgage-backed securities | ||||||||||||||||||||||||||||||||||||
U.S. government-sponsored agency guaranteed | $ | — | $ | 43,113 | $ | 89 | $ | 43,202 | $ | — | $ | 43,202 | $ | — | $ | 35,648 | $ | 55 | $ | 35,703 | $ | — | $ | 35,703 | ||||||||||||
Residential | — | 4,448 | 53 | 4,501 | — | 4,501 | — | 3,474 | — | 3,474 | — | 3,474 | ||||||||||||||||||||||||
Commercial | — | 354 | — | 354 | — | 354 | — | 360 | — | 360 | — | 360 | ||||||||||||||||||||||||
Total investment mortgage-backed securities | $ | — | $ | 47,915 | $ | 142 | $ | 48,057 | $ | — | $ | 48,057 | $ | — | $ | 39,482 | $ | 55 | $ | 39,537 | $ | — | $ | 39,537 | ||||||||||||
U.S. Treasury and federal agency securities | $ | 109,926 | $ | 11,778 | $ | 2 | $ | 121,706 | $ | — | $ | 121,706 | $ | 106,915 | $ | 10,731 | $ | 1 | $ | 117,647 | $ | — | $ | 117,647 | ||||||||||||
State and municipal | — | 9,535 | 1,656 | 11,191 | — | 11,191 | — | 8,392 | 1,233 | 9,625 | — | 9,625 | ||||||||||||||||||||||||
Foreign government | 50,131 | 47,864 | 145 | 98,140 | — | 98,140 | 56,398 | 43,497 | 235 | 100,130 | — | 100,130 | ||||||||||||||||||||||||
Corporate | 4,949 | 13,607 | 524 | 19,080 | — | 19,080 | 1,807 | 13,733 | 339 | 15,879 | — | 15,879 | ||||||||||||||||||||||||
Equity securities | 1,274 | 41 | 10 | 1,325 | — | 1,325 | 317 | 65 | 9 | 391 | — | 391 | ||||||||||||||||||||||||
Asset-backed securities | — | 6,744 | 682 | 7,426 | — | 7,426 | — | 5,811 | 712 | 6,523 | — | 6,523 | ||||||||||||||||||||||||
Other debt securities | — | 1,181 | 11 | 1,192 | — | 1,192 | — | 550 | — | 550 | — | 550 | ||||||||||||||||||||||||
Non-marketable equity securities | — | 49 | 1,181 | 1,230 | — | 1,230 | — | 31 | 1,082 | 1,113 | — | 1,113 | ||||||||||||||||||||||||
Total investments | $ | 166,280 | $ | 138,714 | $ | 4,353 | $ | 309,347 | $ | — | $ | 309,347 | $ | 165,437 | $ | 122,292 | $ | 3,666 | $ | 291,395 | $ | — | $ | 291,395 |
In millions of dollars at September 30, 2016 | Level 1(1) | Level 2(1) | Level 3 | Gross inventory | Netting(2) | Net balance | ||||||||||||||||||||||||||||||
In millions of dollars at March 31, 2017 | Level 1(1) | Level 2(1) | Level 3 | Gross inventory | Netting(2) | Net balance | ||||||||||||||||||||||||||||||
Loans | $ | — | $ | 2,888 | $ | 1,082 | $ | 3,970 | $ | — | $ | 3,970 | $ | — | $ | 3,455 | $ | 580 | $ | 4,035 | $ | — | $ | 4,035 | ||||||||||||
Mortgage servicing rights | — | — | 1,270 | 1,270 | — | 1,270 | — | — | 567 | 567 | — | 567 | ||||||||||||||||||||||||
Non-trading derivatives and other financial assets measured on a recurring basis, gross | $ | — | $ | 8,070 | $ | 66 | $ | 8,136 | $ | 11,750 | $ | 6,439 | $ | 27 | $ | 18,216 | ||||||||||||||||||||
Cash collateral paid | 6 | 5 | ||||||||||||||||||||||||||||||||||
Netting of cash collateral received | $ | (1,682 | ) | $ | (940 | ) | ||||||||||||||||||||||||||||||
Non-trading derivatives and other financial assets measured on a recurring basis | $ | — | $ | 8,070 | $ | 66 | $ | 8,142 | $ | (1,682 | ) | $ | 6,460 | $ | 11,750 | $ | 6,439 | $ | 27 | $ | 18,221 | $ | (940 | ) | $ | 17,281 | ||||||||||
Total assets | $ | 279,499 | $ | 1,102,803 | $ | 27,038 | $ | 1,417,694 | $ | (689,677 | ) | $ | 728,017 | $ | 278,988 | $ | 881,352 | $ | 16,916 | $ | 1,187,697 | $ | (492,156 | ) | $ | 695,541 | ||||||||||
Total as a percentage of gross assets | 19.8 | % | 78.2 | % | 1.9 | % | 23.7 | % | 74.9 | % | 1.4 | % | ||||||||||||||||||||||||
Liabilities | ||||||||||||||||||||||||||||||||||||
Interest-bearing deposits | $ | — | $ | 1,160 | $ | 260 | $ | 1,420 | $ | — | $ | 1,420 | $ | — | $ | 1,005 | $ | 302 | $ | 1,307 | $ | — | $ | 1,307 | ||||||||||||
Federal funds purchased and securities loaned or sold under agreements to repurchase | — | 78,173 | 923 | 79,096 | (36,157 | ) | 42,939 | — | 78,919 | 809 | 79,728 | (38,789 | ) | 40,939 | ||||||||||||||||||||||
Trading account liabilities | ||||||||||||||||||||||||||||||||||||
Securities sold, not yet purchased | 67,655 | 9,712 | 159 | 77,526 | — | 77,526 | 80,154 | 7,302 | 1,151 | 88,607 | — | 88,607 | ||||||||||||||||||||||||
Other trading liabilities | — | 105 | 1 | 106 | — | 106 | — | 2,605 | — | 2,605 | — | 2,605 | ||||||||||||||||||||||||
Total trading liabilities | $ | 67,655 | $ | 9,817 | $ | 160 | $ | 77,632 | $ | — | $ | 77,632 | $ | 80,154 | $ | 9,907 | $ | 1,151 | $ | 91,212 | $ | — | $ | 91,212 | ||||||||||||
Trading derivatives | ||||||||||||||||||||||||||||||||||||
Interest rate contracts | $ | 36 | $ | 493,883 | $ | 3,986 | $ | 497,905 | $ | 5 | $ | 297,445 | $ | 2,899 | $ | 300,349 | ||||||||||||||||||||
Foreign exchange contracts | 1 | 114,463 | 671 | 115,135 | 8 | 128,229 | 430 | 128,667 | ||||||||||||||||||||||||||||
Equity contracts | 2,764 | 24,616 | 2,272 | 29,652 | 1,675 | 24,866 | 2,149 | 28,690 | ||||||||||||||||||||||||||||
Commodity contracts | 192 | 11,245 | 2,899 | 14,336 | 155 | 10,531 | 2,626 | 13,312 | ||||||||||||||||||||||||||||
Credit derivatives | — | 27,612 | 2,977 | 30,589 | — | 21,992 | 2,694 | 24,686 | ||||||||||||||||||||||||||||
Total trading derivatives | $ | 2,993 | $ | 671,819 | $ | 12,805 | $ | 687,617 | $ | 1,843 | $ | 483,063 | $ | 10,798 | $ | 495,704 | ||||||||||||||||||||
Cash collateral received | $ | 16,459 | $ | 13,961 | ||||||||||||||||||||||||||||||||
Netting agreements | $ | (596,599 | ) | $ | (416,229 | ) | ||||||||||||||||||||||||||||||
Netting of cash collateral paid | (53,460 | ) | (40,577 | ) | ||||||||||||||||||||||||||||||||
Total trading derivatives | $ | 2,993 | $ | 671,819 | $ | 12,805 | $ | 704,076 | $ | (650,059 | ) | $ | 54,017 | $ | 1,843 | $ | 483,063 | $ | 10,798 | $ | 509,665 | $ | (456,806 | ) | $ | 52,859 | ||||||||||
Short-term borrowings | $ | — | $ | 2,567 | $ | 32 | $ | 2,599 | $ | — | $ | 2,599 | $ | — | $ | 3,413 | $ | 60 | $ | 3,473 | $ | — | $ | 3,473 | ||||||||||||
Long-term debt | — | 18,353 | 9,182 | 27,535 | — | 27,535 | — | 17,350 | 10,176 | 27,526 | — | 27,526 | ||||||||||||||||||||||||
Non-trading derivatives and other financial liabilities measured on a recurring basis, gross | $ | — | $ | 2,316 | $ | 32 | $ | 2,348 | $ | 11,750 | $ | 963 | $ | 4 | $ | 12,717 | ||||||||||||||||||||
Cash collateral received | 50 | 15 | ||||||||||||||||||||||||||||||||||
Netting of cash collateral paid | $ | (29 | ) | $ | (51 | ) | ||||||||||||||||||||||||||||||
Total non-trading derivatives and other financial liabilities measured on a recurring basis | $ | — | $ | 2,316 | $ | 32 | $ | 2,398 | $ | (29 | ) | $ | 2,369 | $ | 11,750 | $ | 963 | $ | 4 | $ | 12,732 | $ | (51 | ) | $ | 12,681 | ||||||||||
Total liabilities | $ | 70,648 | $ | 784,205 | $ | 23,394 | $ | 894,756 | $ | (686,245 | ) | $ | 208,511 | $ | 93,747 | $ | 594,620 | $ | 23,300 | $ | 725,643 | $ | (495,646 | ) | $ | 229,997 | ||||||||||
Total as a percentage of gross liabilities | 8.0 | % | 89.3 | % | 2.7 | % | 13.2 | % | 83.6 | % | 3.3 | % |
(1) | For the three |
(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) | Includes positions related to investments in unallocated precious metals, as discussed in Note 21 to the Consolidated Financial Statements. Also includes physical commodities accounted for at the lower of cost or fair value and unfunded credit products. |
(4) | Reflects the net amount of |
Amounts exclude $ |
Reflects the net amount of |
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. |
Reflects the net amount |
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 | ||||||||||||||||||||||||||||||
In millions of dollars at December 31, 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 | $ | — | $ | 177,538 | $ | 1,337 | $ | 178,875 | $ | (40,911 | ) | $ | 137,964 | $ | — | $ | 172,394 | $ | 1,496 | $ | 173,890 | $ | (40,686 | ) | $ | 133,204 | ||||||||||
Trading non-derivative assets | ||||||||||||||||||||||||||||||||||||
Trading mortgage-backed securities | ||||||||||||||||||||||||||||||||||||
U.S. government-sponsored agency guaranteed | — | 24,023 | 744 | 24,767 | — | 24,767 | — | 22,718 | 176 | 22,894 | — | 22,894 | ||||||||||||||||||||||||
Residential | — | 1,059 | 1,326 | 2,385 | — | 2,385 | — | 291 | 399 | 690 | — | 690 | ||||||||||||||||||||||||
Commercial | — | 2,338 | 517 | 2,855 | — | 2,855 | — | 1,000 | 206 | 1,206 | — | 1,206 | ||||||||||||||||||||||||
Total trading mortgage-backed securities | $ | — | $ | 27,420 | $ | 2,587 | $ | 30,007 | $ | — | $ | 30,007 | $ | — | $ | 24,009 | $ | 781 | $ | 24,790 | $ | — | $ | 24,790 | ||||||||||||
U.S. Treasury and federal agency securities | $ | 14,208 | $ | 3,587 | $ | 1 | $ | 17,796 | $ | — | $ | 17,796 | $ | 17,756 | $ | 3,423 | $ | 1 | $ | 21,180 | $ | — | $ | 21,180 | ||||||||||||
State and municipal | — | 2,345 | 351 | 2,696 | — | 2,696 | — | 3,780 | 296 | 4,076 | — | 4,076 | ||||||||||||||||||||||||
Foreign government | 35,715 | 20,555 | 197 | 56,467 | — | 56,467 | 36,852 | 12,804 | 40 | 49,696 | — | 49,696 | ||||||||||||||||||||||||
Corporate | 302 | 13,901 | 376 | 14,579 | — | 14,579 | 424 | 14,199 | 324 | 14,947 | — | 14,947 | ||||||||||||||||||||||||
Equity securities | 50,429 | 2,382 | 3,684 | 56,495 | — | 56,495 | 45,331 | 4,985 | 127 | 50,443 | — | 50,443 | ||||||||||||||||||||||||
Asset-backed securities | — | 1,217 | 2,739 | 3,956 | — | 3,956 | — | 892 | 1,868 | 2,760 | — | 2,760 | ||||||||||||||||||||||||
Other trading assets | — | 9,293 | 2,483 | 11,776 | — | 11,776 | 2 | 9,464 | 2,814 | 12,280 | — | 12,280 | ||||||||||||||||||||||||
Total trading non-derivative assets | $ | 100,654 | $ | 80,700 | $ | 12,418 | $ | 193,772 | $ | — | $ | 193,772 | $ | 100,365 | $ | 73,556 | $ | 6,251 | $ | 180,172 | $ | — | $ | 180,172 | ||||||||||||
Trading derivatives | ||||||||||||||||||||||||||||||||||||
Interest rate contracts | $ | 9 | $ | 412,802 | $ | 2,083 | $ | 414,894 | $ | 105 | $ | 366,995 | $ | 2,225 | $ | 369,325 | ||||||||||||||||||||
Foreign exchange contracts | 5 | 128,189 | 1,123 | 129,317 | 53 | 184,776 | 833 | 185,662 | ||||||||||||||||||||||||||||
Equity contracts | 2,422 | 17,866 | 1,597 | 21,885 | 2,306 | 21,209 | 595 | 24,110 | ||||||||||||||||||||||||||||
Commodity contracts | 204 | 16,706 | 1,100 | 18,010 | 261 | 12,999 | 505 | 13,765 | ||||||||||||||||||||||||||||
Credit derivatives | — | 31,082 | 3,793 | 34,875 | — | 23,021 | 1,594 | 24,615 | ||||||||||||||||||||||||||||
Total trading derivatives | $ | 2,640 | $ | 606,645 | $ | 9,696 | $ | 618,981 | $ | 2,725 | $ | 609,000 | $ | 5,752 | $ | 617,477 | ||||||||||||||||||||
Cash collateral paid | $ | 4,911 | $ | 11,188 | ||||||||||||||||||||||||||||||||
Netting agreements | $ | (524,481 | ) | $ | (519,000 | ) | ||||||||||||||||||||||||||||||
Netting of cash collateral received | (43,227 | ) | (45,912 | ) | ||||||||||||||||||||||||||||||||
Total trading derivatives | $ | 2,640 | $ | 606,645 | $ | 9,696 | $ | 623,892 | $ | (567,708 | ) | $ | 56,184 | $ | 2,725 | $ | 609,000 | $ | 5,752 | $ | 628,665 | $ | (564,912 | ) | $ | 63,753 | ||||||||||
Investments | ||||||||||||||||||||||||||||||||||||
Mortgage-backed securities | ||||||||||||||||||||||||||||||||||||
U.S. government-sponsored agency guaranteed | $ | — | $ | 39,575 | $ | 139 | $ | 39,714 | $ | — | $ | 39,714 | $ | — | $ | 38,304 | $ | 101 | $ | 38,405 | $ | — | $ | 38,405 | ||||||||||||
Residential | — | 5,982 | 4 | 5,986 | — | 5,986 | — | 3,860 | 50 | 3,910 | — | 3,910 | ||||||||||||||||||||||||
Commercial | — | 569 | 2 | 571 | — | 571 | — | 358 | — | 358 | — | 358 | ||||||||||||||||||||||||
Total investment mortgage-backed securities | $ | — | $ | 46,126 | $ | 145 | $ | 46,271 | $ | — | $ | 46,271 | $ | — | $ | 42,522 | $ | 151 | $ | 42,673 | $ | — | $ | 42,673 | ||||||||||||
U.S. Treasury and federal agency securities | $ | 111,536 | $ | 11,375 | $ | 4 | $ | 122,915 | $ | — | $ | 122,915 | $ | 112,916 | $ | 10,753 | $ | 2 | $ | 123,671 | $ | — | $ | 123,671 | ||||||||||||
State and municipal | — | 9,267 | 2,192 | 11,459 | — | 11,459 | — | 8,909 | 1,211 | 10,120 | — | 10,120 | ||||||||||||||||||||||||
Foreign government | 42,073 | 46,341 | 260 | 88,674 | — | 88,674 | 54,028 | 43,934 | 186 | 98,148 | — | 98,148 | ||||||||||||||||||||||||
Corporate | 3,605 | 15,122 | 603 | 19,330 | — | 19,330 | 3,215 | 13,598 | 311 | 17,124 | — | 17,124 | ||||||||||||||||||||||||
Equity securities | 430 | 71 | 124 | 625 | — | 625 | 336 | 46 | 9 | 391 | — | 391 | ||||||||||||||||||||||||
Asset-backed securities | — | 8,578 | 596 | 9,174 | — | 9,174 | — | 6,134 | 660 | 6,794 | — | 6,794 | ||||||||||||||||||||||||
Other debt securities | — | 688 | — | 688 | — | 688 | — | 503 | — | 503 | — | 503 | ||||||||||||||||||||||||
Non-marketable equity securities | — | 58 | 1,135 | 1,193 | — | 1,193 | — | 35 | 1,331 | 1,366 | — | 1,366 | ||||||||||||||||||||||||
Total investments | $ | 157,644 | $ | 137,626 | $ | 5,059 | $ | 300,329 | $ | — | $ | 300,329 | $ | 170,495 | $ | 126,434 | $ | 3,861 | $ | 300,790 | $ | — | $ | 300,790 |
In millions of dollars at December 31, 2015 | Level 1(1) | Level 2(1) | Level 3 | Gross inventory | Netting(2) | Net balance | ||||||||||||||||||||||||||||||
In millions of dollars at December 31, 2016 | Level 1(1) | Level 2(1) | Level 3 | Gross inventory | Netting(2) | Net balance | ||||||||||||||||||||||||||||||
Loans | $ | — | $ | 2,839 | $ | 2,166 | $ | 5,005 | $ | — | $ | 5,005 | $ | — | $ | 2,918 | $ | 568 | $ | 3,486 | $ | — | $ | 3,486 | ||||||||||||
Mortgage servicing rights | — | — | 1,781 | 1,781 | — | 1,781 | — | — | 1,564 | 1,564 | — | 1,564 | ||||||||||||||||||||||||
Non-trading derivatives and other financial assets measured on a recurring basis, gross | $ | — | $ | 7,882 | $ | 180 | $ | 8,062 | $ | 9,300 | $ | 7,732 | $ | 34 | $ | 17,066 | ||||||||||||||||||||
Cash collateral paid | 8 | 8 | ||||||||||||||||||||||||||||||||||
Netting of cash collateral received | $ | (1,949 | ) | $ | (1,345 | ) | ||||||||||||||||||||||||||||||
Non-trading derivatives and other financial assets measured on a recurring basis | $ | — | $ | 7,882 | $ | 180 | $ | 8,070 | $ | (1,949 | ) | $ | 6,121 | $ | 9,300 | $ | 7,732 | $ | 34 | $ | 17,074 | $ | (1,345 | ) | $ | 15,729 | ||||||||||
Total assets | $ | 260,938 | $ | 1,013,230 | $ | 32,637 | $ | 1,311,724 | $ | (610,568 | ) | $ | 701,156 | $ | 282,885 | $ | 992,034 | $ | 19,526 | $ | 1,305,641 | $ | (606,943 | ) | $ | 698,698 | ||||||||||
Total as a percentage of gross assets | 20.0 | % | 77.5 | % | 2.5 | % | 21.9 | % | 76.6 | % | 1.5 | % | ||||||||||||||||||||||||
Liabilities | ||||||||||||||||||||||||||||||||||||
Interest-bearing deposits | $ | — | $ | 1,156 | $ | 434 | $ | 1,590 | $ | — | $ | 1,590 | $ | — | $ | 919 | $ | 293 | $ | 1,212 | $ | — | $ | 1,212 | ||||||||||||
Federal funds purchased and securities loaned or sold under agreements to repurchase | — | 76,507 | 1,247 | 77,754 | (40,911 | ) | 36,843 | — | 73,500 | 849 | 74,349 | (40,686 | ) | 33,663 | ||||||||||||||||||||||
Trading account liabilities | ||||||||||||||||||||||||||||||||||||
Securities sold, not yet purchased | 48,452 | 9,176 | 199 | 57,827 | — | 57,827 | 73,782 | 5,831 | 1,177 | 80,790 | — | 80,790 | ||||||||||||||||||||||||
Other trading liabilities | — | 2,093 | — | 2,093 | — | 2,093 | — | 1,827 | 1 | 1,828 | — | 1,828 | ||||||||||||||||||||||||
Total trading liabilities | $ | 48,452 | $ | 11,269 | $ | 199 | $ | 59,920 | $ | — | $ | 59,920 | $ | 73,782 | $ | 7,658 | $ | 1,178 | $ | 82,618 | $ | — | $ | 82,618 | ||||||||||||
Trading account derivatives | ||||||||||||||||||||||||||||||||||||
Interest rate contracts | $ | 5 | $ | 393,321 | $ | 2,578 | $ | 395,904 | $ | 107 | $ | 351,766 | $ | 2,888 | $ | 354,761 | ||||||||||||||||||||
Foreign exchange contracts | 6 | 133,404 | 503 | 133,913 | 13 | 187,328 | 420 | 187,761 | ||||||||||||||||||||||||||||
Equity contracts | 2,244 | 21,875 | 2,397 | 26,516 | 2,245 | 22,119 | 2,152 | 26,516 | ||||||||||||||||||||||||||||
Commodity contracts | 263 | 17,329 | 2,961 | 20,553 | 196 | 12,386 | 2,450 | 15,032 | ||||||||||||||||||||||||||||
Credit derivatives | — | 30,682 | 3,486 | 34,168 | — | 22,842 | 2,595 | 25,437 | ||||||||||||||||||||||||||||
Total trading derivatives | $ | 2,518 | $ | 596,611 | $ | 11,925 | $ | 611,054 | $ | 2,561 | $ | 596,441 | $ | 10,505 | $ | 609,507 | ||||||||||||||||||||
Cash collateral received | $ | 13,628 | $ | 15,731 | ||||||||||||||||||||||||||||||||
Netting agreements | $ | (524,481 | ) | $ | (519,000 | ) | ||||||||||||||||||||||||||||||
Netting of cash collateral paid | (42,609 | ) | (49,811 | ) | ||||||||||||||||||||||||||||||||
Total trading derivatives | $ | 2,518 | $ | 596,611 | $ | 11,925 | $ | 624,682 | $ | (567,090 | ) | $ | 57,592 | $ | 2,561 | $ | 596,441 | $ | 10,505 | $ | 625,238 | $ | (568,811 | ) | $ | 56,427 | ||||||||||
Short-term borrowings | $ | — | $ | 1,198 | $ | 9 | $ | 1,207 | $ | — | $ | 1,207 | $ | — | $ | 2,658 | $ | 42 | $ | 2,700 | $ | — | $ | 2,700 | ||||||||||||
Long-term debt | — | 17,750 | 7,543 | 25,293 | — | 25,293 | — | 16,510 | 9,744 | 26,254 | — | 26,254 | ||||||||||||||||||||||||
Non-trading derivatives and other financial liabilities measured on a recurring basis, gross | $ | — | $ | 1,626 | $ | 14 | $ | 1,640 | $ | 9,300 | $ | 1,540 | $ | 8 | $ | 10,848 | ||||||||||||||||||||
Cash collateral received | 37 | 1 | ||||||||||||||||||||||||||||||||||
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 | $ | 9,300 | $ | 1,540 | $ | 8 | $ | 10,849 | $ | (53 | ) | $ | 10,796 | ||||||||||
Total liabilities | $ | 50,970 | $ | 706,117 | $ | 21,371 | $ | 792,123 | $ | (608,054 | ) | $ | 184,069 | $ | 85,643 | $ | 699,226 | $ | 22,619 | $ | 823,220 | $ | (609,550 | ) | $ | 213,670 | ||||||||||
Total as a percentage of gross liabilities | 6.5 | % | 90.7 | % | 2.7 | % | 10.6 | % | 86.6 | % | 2.8 | % |
(1) | In |
(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) | Includes positions related to investments in unallocated precious metals, as discussed in Note 21 to the Consolidated Financial Statements. Also includes physical commodities accounted for at the lower of cost or fair value and unfunded credit products. |
(4) | Reflects the net amount of |
Amounts exclude $ $ |
Reflects the net amount of $61 million of gross cash collateral paid, of which $53 million was used to offset non-trading derivative liabilities. |
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. |
Reflects the net amount of |
Reflects the net amount of |
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 | Jun. 30, 2016 | Principal transactions | Other(1)(2) | into Level 3 | out of Level 3 | Purchases | Issuances | Sales | Settlements | Sept. 30, 2016 | Dec. 31, 2016 | Principal transactions | Other(1)(2) | into Level 3 | out of Level 3 | Purchases | Issuances | Sales | Settlements | Mar. 31, 2017 | ||||||||||||||||||||||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Federal funds sold and securities borrowed or purchased under agreements to resell | $ | 1,819 | $ | (6 | ) | $ | — | $ | — | $ | — | $ | 5 | $ | — | $ | — | $ | (505 | ) | $ | 1,313 | $ | (3 | ) | $ | 1,496 | $ | (56 | ) | $ | — | $ | — | $ | (252 | ) | $ | — | $ | — | $ | — | $ | (1 | ) | $ | 1,187 | $ | 4 | ||||||||||||||||
Trading non-derivative assets | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Trading mortgage-backed securities | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Trading mortgage- backed securities | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. government-sponsored agency guaranteed | 730 | 1 | — | 67 | (387 | ) | 96 | — | (286 | ) | 7 | 228 | — | 176 | 5 | — | 50 | (17 | ) | 161 | — | (104 | ) | — | 271 | — | ||||||||||||||||||||||||||||||||||||||||
Residential | 801 | 116 | — | 5 | (66 | ) | 18 | — | (433 | ) | — | 441 | (58 | ) | 399 | 15 | — | 17 | (29 | ) | 50 | — | (84 | ) | — | 368 | 10 | |||||||||||||||||||||||||||||||||||||||
Commercial | 390 | 2 | — | 1 | (107 | ) | 309 | — | (151 | ) | — | 444 | 6 | 206 | (8 | ) | — | 17 | (13 | ) | 190 | — | (126 | ) | — | 266 | (4 | ) | ||||||||||||||||||||||||||||||||||||||
Total trading mortgage-backed securities | $ | 1,921 | $ | 119 | $ | — | $ | 73 | $ | (560 | ) | $ | 423 | $ | — | $ | (870 | ) | $ | 7 | $ | 1,113 | $ | (52 | ) | |||||||||||||||||||||||||||||||||||||||||
Total trading mortgage- backed securities | $ | 781 | $ | 12 | $ | — | $ | 84 | $ | (59 | ) | $ | 401 | $ | — | $ | (314 | ) | $ | — | $ | 905 | $ | 6 | ||||||||||||||||||||||||||||||||||||||||||
U.S. Treasury and federal agency securities | $ | 3 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | (2 | ) | $ | — | $ | 1 | $ | — | $ | 1 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 1 | $ | — | |||||||||||||||||||||
State and municipal | 117 | 18 | — | 118 | (37 | ) | 56 | — | (115 | ) | — | 157 | (1 | ) | 296 | 2 | — | 2 | (47 | ) | 81 | — | (64 | ) | — | 270 | 2 | |||||||||||||||||||||||||||||||||||||||
Foreign government | 81 | (19 | ) | — | — | — | 24 | — | (23 | ) | — | 63 | 1 | 40 | 4 | — | 78 | (13 | ) | 44 | — | (27 | ) | — | 126 | 6 | ||||||||||||||||||||||||||||||||||||||||
Corporate | 405 | 39 | — | 49 | (26 | ) | 414 | — | (208 | ) | 12 | 685 | (31 | ) | 324 | 91 | — | 27 | (52 | ) | 118 | — | (197 | ) | (15 | ) | 296 | 12 | ||||||||||||||||||||||||||||||||||||||
Equity securities | 3,970 | 348 | — | 12 | (811 | ) | 102 | — | (61 | ) | — | 3,560 | (371 | ) | 127 | 15 | — | 2 | (12 | ) | 7 | — | (29 | ) | — | 110 | 2 | |||||||||||||||||||||||||||||||||||||||
Asset-backed securities | 2,670 | 47 | — | 38 | (42 | ) | 783 | — | (747 | ) | — | 2,749 | (58 | ) | 1,868 | 160 | — | 20 | (16 | ) | 391 | — | (482 | ) | — | 1,941 | 81 | |||||||||||||||||||||||||||||||||||||||
Other trading assets | 2,839 | 12 | — | 296 | (897 | ) | 966 | 9 | (628 | ) | (17 | ) | 2,580 | (63 | ) | 2,814 | (7 | ) | — | 210 | (531 | ) | 287 | 1 | (875 | ) | (11 | ) | 1,888 | (55 | ) | |||||||||||||||||||||||||||||||||||
Total trading non-derivative assets | $ | 12,006 | $ | 564 | $ | — | $ | 586 | $ | (2,373 | ) | $ | 2,768 | $ | 9 | $ | (2,654 | ) | $ | 2 | $ | 10,908 | $ | (575 | ) | |||||||||||||||||||||||||||||||||||||||||
Total trading non- derivative assets | $ | 6,251 | $ | 277 | $ | — | $ | 423 | $ | (730 | ) | $ | 1,329 | $ | 1 | $ | (1,988 | ) | $ | (26 | ) | $ | 5,537 | $ | 54 | |||||||||||||||||||||||||||||||||||||||||
Trading derivatives, net(4) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest rate contracts | $ | (374 | ) | $ | (82 | ) | $ | — | $ | (59 | ) | $ | 77 | $ | 5 | $ | — | $ | (37 | ) | $ | (93 | ) | $ | (563 | ) | $ | (143 | ) | $ | (663 | ) | $ | (37 | ) | $ | — | $ | (38 | ) | $ | 19 | $ | 6 | $ | — | $ | (113 | ) | $ | 53 | $ | (773 | ) | $ | (23 | ) | |||||||||
Foreign exchange contracts | (29 | ) | 10 | — | 69 | (13 | ) | 52 | — | (50 | ) | 50 | 89 | 149 | 413 | (390 | ) | — | 55 | (20 | ) | 34 | — | (32 | ) | (12 | ) | 48 | (341 | ) | ||||||||||||||||||||||||||||||||||||
Equity contracts | (1,071 | ) | 29 | — | 14 | 123 | 17 | — | (28 | ) | (51 | ) | (967 | ) | (189 | ) | (1,557 | ) | (2 | ) | — | — | (16 | ) | 85 | — | (24 | ) | (10 | ) | (1,524 | ) | 202 | |||||||||||||||||||||||||||||||||
Commodity contracts | (2,017 | ) | (76 | ) | — | (379 | ) | 74 | 3 | — | 5 | 91 | (2,299 | ) | (285 | ) | (1,945 | ) | (175 | ) | — | 46 | (2 | ) | — | — | — | 2 | (2,074 | ) | (170 | ) | ||||||||||||||||||||||||||||||||||
Credit derivatives | (754 | ) | (651 | ) | — | 32 | 26 | (4 | ) | — | (35 | ) | 367 | (1,019 | ) | 450 | (1,001 | ) | (92 | ) | — | (24 | ) | (8 | ) | — | — | — | 2 | (1,123 | ) | (108 | ) | |||||||||||||||||||||||||||||||||
Total trading derivatives, net(4) | $ | (4,245 | ) | $ | (770 | ) | $ | — | $ | (323 | ) | $ | 287 | $ | 73 | $ | — | $ | (145 | ) | $ | 364 | $ | (4,759 | ) | $ | (18 | ) | $ | (4,753 | ) | $ | (696 | ) | $ | — | $ | 39 | $ | (27 | ) | $ | 125 | $ | — | $ | (169 | ) | $ | 35 | $ | (5,446 | ) | $ | (440 | ) |
Net realized/unrealized gains (losses) incl. in | Transfers | Unrealized gains (losses) still held(3) | |||||||||||||||||||||||||||||||
In millions of dollars | Jun. 30, 2016 | Principal transactions | Other(1)(2) | into Level 3 | out of Level 3 | Purchases | Issuances | Sales | Settlements | Sept. 30, 2016 | |||||||||||||||||||||||
Investments | |||||||||||||||||||||||||||||||||
Mortgage-backed securities | |||||||||||||||||||||||||||||||||
U.S. government-sponsored agency guaranteed | $ | 94 | $ | — | $ | (4 | ) | $ | 3 | $ | (10 | ) | $ | 6 | $ | — | $ | — | $ | — | $ | 89 | $ | (1 | ) | ||||||||
Residential | 25 | — | 1 | 49 | — | 1 | — | (23 | ) | — | 53 | — | |||||||||||||||||||||
Commercial | 5 | — | (1 | ) | — | (4 | ) | — | — | — | — | — | — | ||||||||||||||||||||
Total investment mortgage-backed securities | $ | 124 | $ | — | $ | (4 | ) | $ | 52 | $ | (14 | ) | $ | 7 | $ | — | $ | (23 | ) | $ | — | $ | 142 | $ | (1 | ) | |||||||
U.S. Treasury and federal agency securities | $ | 3 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | (1 | ) | $ | — | $ | 2 | $ | — | ||||||||||
State and municipal | 2,016 | — | (54 | ) | 5 | (338 | ) | 60 | — | (33 | ) | — | 1,656 | 40 | |||||||||||||||||||
Foreign government | 141 | — | (14 | ) | 5 | — | 42 | — | (29 | ) | — | 145 | (5 | ) | |||||||||||||||||||
Corporate | 460 | — | 42 | 1 | (18 | ) | 412 | — | (8 | ) | (365 | ) | 524 | (1 | ) | ||||||||||||||||||
Equity securities | 128 | — | 11 | — | — | — | — | (129 | ) | — | 10 | — | |||||||||||||||||||||
Asset-backed securities | 597 | — | (88 | ) | 3 | (25 | ) | 121 | — | (7 | ) | 81 | 682 | 88 | |||||||||||||||||||
Other debt securities | 5 | — | — | 10 | — | 1 | — | (5 | ) | — | 11 | — | |||||||||||||||||||||
Non-marketable equity securities | 1,139 | — | 54 | 53 | (23 | ) | 1 | — | (14 | ) | (29 | ) | 1,181 | (9 | ) | ||||||||||||||||||
Total investments | $ | 4,613 | $ | — | $ | (53 | ) | $ | 129 | $ | (418 | ) | $ | 644 | $ | — | $ | (249 | ) | $ | (313 | ) | $ | 4,353 | $ | 112 | |||||||
Loans | $ | 1,234 | $ | — | $ | 89 | $ | 24 | $ | (196 | ) | $ | 93 | $ | — | $ | (137 | ) | $ | (25 | ) | $ | 1,082 | $ | (179 | ) | |||||||
Mortgage servicing rights | 1,324 | — | 13 | — | — | — | 43 | (32 | ) | (78 | ) | 1,270 | 15 | ||||||||||||||||||||
Other financial assets measured on a recurring basis | 111 | — | 31 | 1 | (41 | ) | 1 | 72 | (4 | ) | (105 | ) | 66 | (69 | ) | ||||||||||||||||||
Liabilities | |||||||||||||||||||||||||||||||||
Interest-bearing deposits | $ | 433 | $ | — | $ | 41 | $ | — | $ | (100 | ) | $ | — | $ | — | $ | — | $ | (32 | ) | $ | 260 | $ | 42 | |||||||||
Federal funds purchased and securities loaned or sold under agreements to repurchase | 1,107 | 10 | — | — | (150 | ) | — | — | 11 | (35 | ) | 923 | 8 | ||||||||||||||||||||
Trading account liabilities | |||||||||||||||||||||||||||||||||
Securities sold, not yet purchased | 12 | (30 | ) | — | 21 | (42 | ) | (9 | ) | — | 142 | 5 | 159 | (30 | ) | ||||||||||||||||||
Other trading liabilities | — | — | — | 1 | — | — | — | — | — | 1 | — | ||||||||||||||||||||||
Short-term borrowings | 53 | (9 | ) | — | 1 | (32 | ) | — | 15 | — | (14 | ) | 32 | 2 | |||||||||||||||||||
Long-term debt | 9,138 | (191 | ) | — | 947 | (1,550 | ) | — | 1,719 | — | (1,263 | ) | 9,182 | (191 | ) | ||||||||||||||||||
Other financial liabilities measured on a recurring basis | 5 | — | (26 | ) | 2 | — | (1 | ) | — | — | — | 32 | (2 | ) |
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 | Sept. 30, 2016 | |||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||||||
Federal funds sold and securities borrowed or purchased under agreements to resell | $ | 1,337 | $ | 2 | $ | — | $ | — | $ | (28 | ) | $ | 508 | $ | — | $ | — | $ | (506 | ) | $ | 1,313 | $ | 3 | |||||||||
Trading non-derivative assets | |||||||||||||||||||||||||||||||||
Trading mortgage-backed securities | |||||||||||||||||||||||||||||||||
U.S. government-sponsored agency guaranteed | 744 | 13 | — | 485 | (969 | ) | 857 | — | (920 | ) | 18 | 228 | 4 | ||||||||||||||||||||
Residential | 1,326 | 104 | — | 134 | (153 | ) | 275 | — | (1,239 | ) | (6 | ) | 441 | 23 | |||||||||||||||||||
Commercial | 517 | 15 | — | 180 | (209 | ) | 661 | — | (720 | ) | — | 444 | (23 | ) | |||||||||||||||||||
Total trading mortgage-backed securities | $ | 2,587 | $ | 132 | $ | — | $ | 799 | $ | (1,331 | ) | $ | 1,793 | $ | — | $ | (2,879 | ) | $ | 12 | $ | 1,113 | $ | 4 | |||||||||
U.S. Treasury and federal agency securities | $ | 1 | $ | — | $ | — | $ | 2 | $ | — | $ | — | $ | — | $ | (2 | ) | $ | — | $ | 1 | $ | — | ||||||||||
State and municipal | 351 | 26 | — | 136 | (253 | ) | 224 | — | (327 | ) | — | 157 | — | ||||||||||||||||||||
Foreign government | 197 | (27 | ) | — | 2 | (17 | ) | 99 | — | (191 | ) | — | 63 | (2 | ) | ||||||||||||||||||
Corporate | 376 | 323 | — | 129 | (102 | ) | 748 | — | (796 | ) | 7 | 685 | 58 | ||||||||||||||||||||
Equity securities | 3,684 | (187 | ) | — | 279 | (871 | ) | 851 | — | (196 | ) | — | 3,560 | (125 | ) | ||||||||||||||||||
Asset-backed securities | 2,739 | 181 | — | 195 | (237 | ) | 1,969 | — | (2,098 | ) | — | 2,749 | 87 | ||||||||||||||||||||
Other trading assets | 2,483 | (104 | ) | — | 1,754 | (2,379 | ) | 2,323 | 7 | (1,468 | ) | (36 | ) | 2,580 | 136 | ||||||||||||||||||
Total trading non-derivative assets | $ | 12,418 | $ | 344 | $ | — | $ | 3,296 | $ | (5,190 | ) | $ | 8,007 | $ | 7 | $ | (7,957 | ) | $ | (17 | ) | $ | 10,908 | $ | 158 | ||||||||
Trading derivatives, net(4) | |||||||||||||||||||||||||||||||||
Interest rate contracts | (495 | ) | (408 | ) | — | 250 | 116 | 147 | (18 | ) | (140 | ) | (15 | ) | (563 | ) | 84 | ||||||||||||||||
Foreign exchange contracts | 620 | (667 | ) | — | 73 | (73 | ) | 158 | — | (141 | ) | 119 | 89 | (428 | ) | ||||||||||||||||||
Equity contracts | (800 | ) | 137 | — | 78 | (305 | ) | 63 | 38 | (99 | ) | (79 | ) | (967 | ) | 191 | |||||||||||||||||
Commodity contracts | (1,861 | ) | (357 | ) | — | (428 | ) | 48 | 359 | — | (347 | ) | 287 | (2,299 | ) | 11 | |||||||||||||||||
Credit derivatives | 307 | (1,803 | ) | — | (82 | ) | 3 | 38 | — | (35 | ) | 553 | (1,019 | ) | (1,272 | ) | |||||||||||||||||
Total trading derivatives, net(4) | $ | (2,229 | ) | $ | (3,098 | ) | $ | — | $ | (109 | ) | $ | (211 | ) | $ | 765 | $ | 20 | $ | (762 | ) | $ | 865 | $ | (4,759 | ) | $ | (1,414 | ) |
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 | Sept. 30, 2016 | Dec. 31, 2016 | Principal transactions | Other(1)(2) | into Level 3 | out of Level 3 | Purchases | Issuances | Sales | Settlements | Mar. 31, 2017 | ||||||||||||||||||||||||||||||||||||||||||||||
Investments | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage-backed securities | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. government-sponsored agency guaranteed | $ | 139 | $ | — | $ | (29 | ) | $ | 15 | $ | (72 | ) | $ | 46 | $ | — | $ | (9 | ) | $ | (1 | ) | $ | 89 | $ | 49 | $ | 101 | $ | — | $ | 2 | $ | 1 | $ | (49 | ) | $ | — | $ | — | $ | — | $ | — | $ | 55 | $ | 2 | |||||||||||||||||
Residential | 4 | — | 2 | 49 | — | 26 | — | (28 | ) | — | 53 | 1 | 50 | — | 2 | — | (47 | ) | — | — | (5 | ) | — | — | — | |||||||||||||||||||||||||||||||||||||||||
Commercial | 2 | — | (1 | ) | 6 | (7 | ) | — | — | — | — | — | — | — | — | — | — | — | 8 | — | (8 | ) | — | — | — | |||||||||||||||||||||||||||||||||||||||||
Total investment mortgage-backed securities | $ | 145 | $ | — | $ | (28 | ) | $ | 70 | $ | (79 | ) | $ | 72 | $ | — | $ | (37 | ) | $ | (1 | ) | $ | 142 | $ | 50 | $ | 151 | $ | — | $ | 4 | $ | 1 | $ | (96 | ) | $ | 8 | $ | — | $ | (13 | ) | $ | — | $ | 55 | $ | 2 | ||||||||||||||||
U.S. Treasury and federal agency securities | $ | 4 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | (2 | ) | $ | — | $ | 2 | $ | — | $ | 2 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | (1 | ) | $ | — | $ | 1 | $ | — | ||||||||||||||||||||
State and municipal | 2,192 | — | 108 | 396 | (1,121 | ) | 300 | — | (219 | ) | — | 1,656 | 45 | 1,211 | — | 12 | 37 | (30 | ) | 54 | — | (51 | ) | — | 1,233 | 6 | ||||||||||||||||||||||||||||||||||||||||
Foreign government | 260 | — | 5 | 38 | — | 145 | — | (300 | ) | (3 | ) | 145 | 1 | 186 | — | 1 | 2 | (18 | ) | 142 | — | (78 | ) | — | 235 | 1 | ||||||||||||||||||||||||||||||||||||||||
Corporate | 603 | — | 87 | 6 | (63 | ) | 506 | — | (250 | ) | (365 | ) | 524 | 1 | 311 | — | 2 | 59 | (4 | ) | 91 | — | (120 | ) | — | 339 | 2 | |||||||||||||||||||||||||||||||||||||||
Equity securities | 124 | — | 11 | 4 | — | — | — | (129 | ) | — | 10 | — | 9 | — | — | — | — | — | — | — | — | 9 | — | |||||||||||||||||||||||||||||||||||||||||||
Asset-backed securities | 596 | — | (53 | ) | 3 | (48 | ) | 325 | — | (222 | ) | 81 | 682 | (35 | ) | 660 | — | 9 | 17 | — | 26 | — | — | — | 712 | 3 | ||||||||||||||||||||||||||||||||||||||||
Other debt securities | — | — | — | 10 | — | 6 | — | (5 | ) | — | 11 | — | — | — | — | — | — | 11 | — | (11 | ) | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
Non-marketable equity securities | 1,135 | — | 78 | 104 | (23 | ) | 19 | — | (14 | ) | (118 | ) | 1,181 | 29 | 1,331 | — | (94 | ) | — | — | 8 | — | (73 | ) | (90 | ) | 1,082 | (2 | ) | |||||||||||||||||||||||||||||||||||||
Total investments | $ | 5,059 | $ | — | $ | 208 | $ | 631 | $ | (1,334 | ) | $ | 1,373 | $ | — | $ | (1,178 | ) | $ | (406 | ) | $ | 4,353 | $ | 91 | $ | 3,861 | $ | — | $ | (66 | ) | $ | 116 | $ | (148 | ) | $ | 340 | $ | — | $ | (347 | ) | $ | (90 | ) | $ | 3,666 | $ | 12 | |||||||||||||||
Loans | $ | 2,166 | $ | — | $ | 31 | $ | 113 | $ | (734 | ) | $ | 663 | $ | 219 | $ | (812 | ) | $ | (564 | ) | $ | 1,082 | $ | 383 | $ | 568 | $ | — | $ | (4 | ) | $ | 65 | $ | (16 | ) | $ | 12 | $ | — | $ | (43 | ) | $ | (2 | ) | $ | 580 | $ | 74 | |||||||||||||||
Mortgage servicing rights | $ | 1,781 | $ | — | $ | (349 | ) | $ | — | $ | — | $ | — | $ | 111 | $ | (18 | ) | $ | (255 | ) | $ | 1,270 | $ | (154 | ) | $ | 1,564 | $ | — | $ | 67 | $ | — | $ | — | $ | — | $ | 35 | $ | (1,046 | ) | $ | (53 | ) | $ | 567 | $ | 83 | ||||||||||||||||
Other financial assets measured on a recurring basis | $ | 180 | $ | — | $ | 64 | $ | 41 | $ | (46 | ) | $ | 1 | $ | 202 | $ | (128 | ) | $ | (248 | ) | $ | 66 | $ | (260 | ) | $ | 34 | $ | — | $ | (189 | ) | $ | 3 | $ | (1 | ) | $ | — | $ | 29 | $ | 204 | $ | (53 | ) | $ | 27 | $ | (191 | ) | ||||||||||||||
Liabilities | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest-bearing deposits | $ | 434 | $ | — | $ | 76 | $ | 322 | $ | (309 | ) | $ | — | $ | 5 | $ | — | $ | (116 | ) | $ | 260 | $ | 42 | $ | 293 | $ | — | $ | 11 | $ | 20 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 302 | $ | 25 | ||||||||||||||||||||
Federal funds purchased and securities loaned or sold under agreements to repurchase | 1,247 | (11 | ) | — | — | (150 | ) | — | — | 27 | (212 | ) | 923 | (24 | ) | 849 | 6 | — | — | — | — | — | — | (34 | ) | 809 | 6 | |||||||||||||||||||||||||||||||||||||||
Trading account liabilities | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Securities sold, not yet purchased | 199 | (16 | ) | — | 118 | (85 | ) | (70 | ) | (41 | ) | 212 | (190 | ) | 159 | (61 | ) | 1,177 | 54 | — | 11 | (14 | ) | — | — | 101 | (70 | ) | 1,151 | 2 | ||||||||||||||||||||||||||||||||||||
Other trading liabilities | — | — | — | 1 | — | — | — | — | — | 1 | — | 1 | — | — | — | — | — | — | — | (1 | ) | — | — | |||||||||||||||||||||||||||||||||||||||||||
Short-term borrowings | 9 | (36 | ) | — | 18 | (36 | ) | — | 56 | — | (51 | ) | 32 | 2 | 42 | (9 | ) | — | — | — | — | 11 | — | (2 | ) | 60 | 22 | |||||||||||||||||||||||||||||||||||||||
Long-term debt | 7,543 | (217 | ) | — | 2,168 | (3,393 | ) | — | 4,591 | 61 | (2,005 | ) | 9,182 | (277 | ) | 9,744 | 17 | — | 200 | (409 | ) | — | 929 | — | (271 | ) | 10,176 | 116 | ||||||||||||||||||||||||||||||||||||||
Other financial liabilities measured on a recurring basis | 14 | — | (33 | ) | 2 | (10 | ) | (7 | ) | 2 | — | (2 | ) | 32 | (7 | ) | 8 | — | (2 | ) | — | — | (1 | ) | 1 | — | (6 | ) | 4 | (2 | ) |
(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. |
(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 trading 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 | Jun. 30, 2015 | Principal transactions | Other(1)(2) | into Level 3 | out of Level 3 | Purchases | Issuances | Sales | Settlements | Sept. 30, 2015 | Dec. 31, 2015 | Principal transactions | Other(1)(2) | into Level 3 | out of Level 3 | Purchases | Issuances | Sales | Settlements | Mar. 31, 2016 | ||||||||||||||||||||||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Federal funds sold and securities borrowed or purchased under agreements to resell | $ | 1,070 | $ | 66 | $ | — | $ | 279 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 1,415 | $ | 1 | $ | 1,337 | $ | 70 | $ | — | $ | — | $ | — | $ | 503 | $ | — | $ | — | $ | (1 | ) | $ | 1,909 | $ | — | |||||||||||||||||||||
Trading non-derivative assets | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Trading mortgage-backed securities | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. government-sponsored agency guaranteed | $ | 611 | $ | 1 | $ | — | $ | 208 | $ | (212 | ) | $ | 166 | $ | — | $ | (131 | ) | $ | 9 | $ | 652 | $ | 2 | 744 | 12 | — | 335 | (220 | ) | 356 | — | (191 | ) | 3 | 1,039 | 1 | |||||||||||||||||||||||||||||
Residential | 2,206 | 37 | — | 57 | (119 | ) | 294 | — | (450 | ) | — | 2,025 | 1 | 1,326 | 49 | — | 104 | (43 | ) | 211 | — | (455 | ) | — | 1,192 | — | ||||||||||||||||||||||||||||||||||||||||
Commercial | 368 | 3 | — | 20 | (60 | ) | 30 | — | (139 | ) | — | 222 | 1 | 517 | 9 | — | 56 | (27 | ) | 245 | — | (219 | ) | — | 581 | — | ||||||||||||||||||||||||||||||||||||||||
Total trading mortgage-backed securities | $ | 3,185 | $ | 41 | $ | — | $ | 285 | $ | (391 | ) | $ | 490 | $ | — | $ | (720 | ) | $ | 9 | $ | 2,899 | $ | 4 | $ | 2,587 | $ | 70 | $ | — | $ | 495 | $ | (290 | ) | $ | 812 | $ | — | $ | (865 | ) | $ | 3 | $ | 2,812 | $ | 1 | ||||||||||||||||||
U.S. Treasury and federal agency securities | $ | — | $ | — | $ | — | $ | 1 | $ | — | $ | 2 | $ | — | $ | — | $ | — | $ | 3 | $ | — | $ | 1 | $ | — | $ | — | $ | 2 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 3 | $ | — | ||||||||||||||||||||||
State and municipal | 249 | 9 | — | 8 | (22 | ) | 39 | — | (6 | ) | — | 277 | — | 351 | 7 | — | 13 | (159 | ) | 103 | — | (106 | ) | — | 209 | — | ||||||||||||||||||||||||||||||||||||||||
Foreign government | 82 | (1 | ) | — | 25 | — | 19 | — | (40 | ) | — | 85 | (1 | ) | 197 | (1 | ) | — | 2 | (4 | ) | 41 | — | (16 | ) | — | 219 | — | ||||||||||||||||||||||||||||||||||||||
Corporate | 708 | (19 | ) | — | 53 | (177 | ) | 94 | — | (268 | ) | — | 391 | (6 | ) | 376 | 12 | — | 45 | (16 | ) | 169 | — | (109 | ) | — | 477 | 2 | ||||||||||||||||||||||||||||||||||||||
Equity securities | 2,741 | 75 | — | 148 | (52 | ) | 438 | — | (66 | ) | — | 3,284 | 16 | 3,684 | (44 | ) | — | 93 | (34 | ) | 79 | — | (23 | ) | — | 3,755 | — | |||||||||||||||||||||||||||||||||||||||
Asset-backed securities | 4,236 | 66 | — | 53 | (109 | ) | 827 | — | (1,696 | ) | — | 3,377 | 11 | 2,739 | 128 | — | 117 | (14 | ) | 492 | — | (648 | ) | — | 2,814 | — | ||||||||||||||||||||||||||||||||||||||||
Other trading assets | 3,098 | (45 | ) | — | 124 | (816 | ) | 457 | 9 | (520 | ) | (19 | ) | 2,288 | 27 | 2,483 | (27 | ) | — | 778 | (613 | ) | 283 | 11 | (331 | ) | (10 | ) | 2,574 | (5 | ) | |||||||||||||||||||||||||||||||||||
Total trading non-derivative assets | $ | 14,299 | $ | 126 | $ | — | $ | 697 | $ | (1,567 | ) | $ | 2,366 | $ | 9 | $ | (3,316 | ) | $ | (10 | ) | $ | 12,604 | $ | 51 | $ | 12,418 | $ | 145 | $ | — | $ | 1,545 | $ | (1,130 | ) | $ | 1,979 | $ | 11 | $ | (2,098 | ) | $ | (7 | ) | $ | 12,863 | $ | (2 | ) | |||||||||||||||
Trading derivatives, net(4) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest rate contracts | (423 | ) | (205 | ) | — | (1 | ) | 2 | (5 | ) | — | — | (8 | ) | (640 | ) | (61 | ) | $ | (495 | ) | $ | (508 | ) | $ | — | $ | 165 | $ | 90 | $ | 5 | $ | — | $ | (3 | ) | $ | (9 | ) | $ | (755 | ) | $ | (9 | ) | ||||||||||||||||||||
Foreign exchange contracts | 391 | 206 | — | (4 | ) | 106 | 102 | — | (92 | ) | (42 | ) | 667 | 83 | 620 | (353 | ) | — | 3 | 30 | 17 | — | (39 | ) | 17 | 295 | 2 | |||||||||||||||||||||||||||||||||||||||
Equity contracts | (355 | ) | 272 | — | (31 | ) | (108 | ) | 172 | — | (184 | ) | (218 | ) | (452 | ) | 187 | (800 | ) | 32 | — | 75 | (144 | ) | 24 | — | (59 | ) | (4 | ) | (876 | ) | — | |||||||||||||||||||||||||||||||||
Commodity contracts | (1,727 | ) | (166 | ) | — | 31 | (21 | ) | — | — | — | 36 | (1,847 | ) | (196 | ) | (1,861 | ) | (142 | ) | — | (52 | ) | 10 | — | — | — | 96 | (1,949 | ) | (1 | ) | ||||||||||||||||||||||||||||||||||
Credit derivatives | (574 | ) | 457 | — | 52 | 64 | — | — | — | 90 | 89 | 196 | 307 | (515 | ) | — | (81 | ) | 29 | 1 | — | — | (62 | ) | (321 | ) | (1 | ) | ||||||||||||||||||||||||||||||||||||||
Total trading derivatives, net(4) | $ | (2,688 | ) | $ | 564 | $ | — | $ | 47 | $ | 43 | $ | 269 | $ | — | $ | (276 | ) | $ | (142 | ) | $ | (2,183 | ) | $ | 209 | $ | (2,229 | ) | $ | (1,486 | ) | $ | — | $ | 110 | $ | 15 | $ | 47 | $ | — | $ | (101 | ) | $ | 38 | $ | (3,606 | ) | $ | (9 | ) | |||||||||||||
Investments | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage-backed securities | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. government-sponsored agency guaranteed | $ | 96 | $ | — | $ | (4 | ) | $ | 29 | $ | (68 | ) | $ | 62 | $ | — | $ | (1 | ) | $ | — | $ | 114 | $ | (4 | ) | $ | 139 | $ | — | $ | (31 | ) | $ | 7 | $ | (39 | ) | $ | 39 | $ | — | $ | (3 | ) | $ | (1 | ) | $ | 111 | $ | — | ||||||||||||||
Residential | 10 | — | — | — | — | — | — | (10 | ) | — | — | — | 4 | — | 1 | — | — | — | — | (5 | ) | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
Commercial | — | — | — | 2 | — | — | — | — | — | 2 | — | 2 | — | — | 3 | (2 | ) | — | — | — | — | 3 | — | |||||||||||||||||||||||||||||||||||||||||||
Total investment mortgage-backed securities | $ | 106 | $ | — | $ | (4 | ) | $ | 31 | $ | (68 | ) | $ | 62 | $ | — | $ | (11 | ) | $ | — | $ | 116 | $ | (4 | ) | $ | 145 | $ | — | $ | (30 | ) | $ | 10 | $ | (41 | ) | $ | 39 | $ | — | $ | (8 | ) | $ | (1 | ) | $ | 114 | $ | — | ||||||||||||||
U.S. Treasury and federal agency securities | $ | 5 | $ | — | $ | — | $ | — | $ | — | $ | 6 | $ | — | $ | (1 | ) | $ | — | $ | 10 | $ | — | $ | 4 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | (1 | ) | $ | — | $ | 3 | $ | — | ||||||||||||||||||||
State and municipal | 2,153 | — | 11 | 305 | (268 | ) | 253 | — | (189 | ) | (100 | ) | 2,165 | (4 | ) | 2,192 | — | 35 | 261 | (409 | ) | 151 | — | (132 | ) | — | 2,098 | — | ||||||||||||||||||||||||||||||||||||||
Foreign government | 493 | — | (7 | ) | 3 | (156 | ) | 74 | — | (164 | ) | — | 243 | — | 260 | — | 2 | 33 | — | 62 | — | (182 | ) | — | 175 | — | ||||||||||||||||||||||||||||||||||||||||
Corporate | 698 | — | (38 | ) | 4 | — | 53 | — | (75 | ) | (1 | ) | 641 | (35 | ) | 603 | — | 14 | 5 | (37 | ) | 1 | — | (88 | ) | — | 498 | — | ||||||||||||||||||||||||||||||||||||||
Equity securities | 483 | — | 31 | 5 | — | 7 | — | (81 | ) | — | 445 | 10 | 124 | — | — | 2 | — | — | — | — | — | 126 | — | |||||||||||||||||||||||||||||||||||||||||||
Asset-backed securities | 503 | — | (8 | ) | 45 | — | 18 | — | — | — | 558 | (5 | ) | 596 | — | (26 | ) | — | (1 | ) | 132 | — | — | — | 701 | — | ||||||||||||||||||||||||||||||||||||||||
Other debt securities | — | — | — | — | — | 10 | — | — | — | 10 | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Non-marketable equity securities | 1,238 | — | 14 | 1 | — | 1 | — | — | (12 | ) | 1,242 | 18 | 1,135 | — | (2 | ) | 38 | — | 12 | — | — | (18 | ) | 1,165 | — | |||||||||||||||||||||||||||||||||||||||||
Total investments | $ | 5,679 | $ | — | $ | (1 | ) | $ | 394 | $ | (492 | ) | $ | 484 | $ | — | $ | (521 | ) | $ | (113 | ) | $ | 5,430 | $ | (20 | ) | $ | 5,059 | $ | — | $ | (7 | ) | $ | 349 | $ | (488 | ) | $ | 397 | $ | — | $ | (411 | ) | $ | (19 | ) | $ | 4,880 | $ | — |
Net realized/unrealized gains (losses) incl. in | Transfers | Unrealized gains (losses) still held(3) | |||||||||||||||||||||||||||||||
In millions of dollars | Jun. 30, 2015 | Principal transactions | Other(1)(2) | into Level 3 | out of Level 3 | Purchases | Issuances | Sales | Settlements | Sept. 30, 2015 | |||||||||||||||||||||||
Loans | $ | 3,840 | $ | — | $ | (125 | ) | $ | — | $ | (720 | ) | $ | 162 | $ | 69 | $ | (121 | ) | $ | (450 | ) | $ | 2,655 | $ | (7 | ) | ||||||
Mortgage servicing rights | 1,924 | — | (131 | ) | — | — | — | 55 | 4 | (86 | ) | 1,766 | (129 | ) | |||||||||||||||||||
Other financial assets measured on a recurring basis | 139 | — | 78 | 7 | (11 | ) | 1 | 67 | (7 | ) | (82 | ) | 192 | (12 | ) | ||||||||||||||||||
Liabilities | |||||||||||||||||||||||||||||||||
Interest-bearing deposits | $ | 347 | $ | — | $ | (108 | ) | $ | — | $ | — | $ | — | $ | 12 | $ | — | $ | (9 | ) | $ | 458 | $ | (204 | ) | ||||||||
Federal funds purchased and securities loaned or sold under agreements to repurchase | 965 | (1 | ) | — | — | — | — | — | 292 | 1 | 1,259 | (1 | ) | ||||||||||||||||||||
Trading account liabilities | |||||||||||||||||||||||||||||||||
Securities sold, not yet purchased | 257 | 63 | — | 66 | (9 | ) | — | — | 103 | (120 | ) | 234 | (9 | ) | |||||||||||||||||||
Other trading liabilities | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||
Short-term borrowings | 133 | (9 | ) | — | 4 | (3 | ) | — | 10 | — | (51 | ) | 102 | (12 | ) | ||||||||||||||||||
Long-term debt | 7,665 | 194 | — | 995 | (736 | ) | — | 679 | — | (214 | ) | 8,195 | (180 | ) | |||||||||||||||||||
Other financial liabilities measured on a recurring basis | 4 | — | (1 | ) | 2 | — | (1 | ) | 1 | 2 | (4 | ) | 5 | 1 |
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 | Sept. 30, 2015 | |||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||||||
Federal funds sold and securities borrowed or purchased under agreements to resell | $ | 3,398 | $ | (69 | ) | $ | — | $ | 279 | $ | (2,856 | ) | $ | 784 | $ | — | $ | — | $ | (121 | ) | $ | 1,415 | $ | 1 | ||||||||
Trading non-derivative assets | |||||||||||||||||||||||||||||||||
Trading mortgage-backed securities | |||||||||||||||||||||||||||||||||
U.S. government-sponsored agency guaranteed | 1,085 | 30 | — | 690 | (1,062 | ) | 505 | — | (619 | ) | 23 | 652 | 1 | ||||||||||||||||||||
Residential | 2,680 | 243 | — | 235 | (401 | ) | 1,423 | — | (2,155 | ) | — | 2,025 | (97 | ) | |||||||||||||||||||
Commercial | 440 | 16 | — | 176 | (138 | ) | 442 | — | (714 | ) | — | 222 | (9 | ) | |||||||||||||||||||
Total trading mortgage-backed securities | $ | 4,205 | $ | 289 | $ | — | $ | 1,101 | $ | (1,601 | ) | $ | 2,370 | $ | — | $ | (3,488 | ) | $ | 23 | $ | 2,899 | $ | (105 | ) | ||||||||
U.S. Treasury and federal agency securities | $ | — | $ | — | $ | — | $ | 1 | $ | — | $ | 2 | $ | — | $ | — | $ | — | $ | 3 | $ | — | |||||||||||
State and municipal | 241 | (1 | ) | — | 35 | (29 | ) | 48 | — | (17 | ) | — | 277 | 2 | |||||||||||||||||||
Foreign government | 206 | (4 | ) | — | 52 | (100 | ) | 124 | — | (139 | ) | (54 | ) | 85 | 2 | ||||||||||||||||||
Corporate | 820 | 185 | — | 107 | (262 | ) | 605 | — | (1,053 | ) | (11 | ) | 391 | 24 | |||||||||||||||||||
Equity securities | 2,219 | 29 | — | 310 | (240 | ) | 1,180 | — | (214 | ) | — | 3,284 | 93 | ||||||||||||||||||||
Asset-backed securities | 3,294 | 299 | — | 623 | (224 | ) | 3,586 | — | (4,201 | ) | — | 3,377 | 74 | ||||||||||||||||||||
Other trading assets | 4,372 | 15 | — | 441 | (2,744 | ) | 2,089 | 41 | (1,887 | ) | (39 | ) | 2,288 | 34 | |||||||||||||||||||
Total trading non-derivative assets | $ | 15,357 | $ | 812 | $ | — | $ | 2,670 | $ | (5,200 | ) | $ | 10,004 | $ | 41 | $ | (10,999 | ) | $ | (81 | ) | $ | 12,604 | $ | 124 | ||||||||
Trading derivatives, net(4) | |||||||||||||||||||||||||||||||||
Interest rate contracts | $ | (211 | ) | $ | (633 | ) | $ | — | $ | (137 | ) | $ | (37 | ) | $ | 13 | $ | — | $ | 166 | $ | 199 | $ | (640 | ) | $ | 117 | ||||||
Foreign exchange contracts | 778 | (218 | ) | — | (5 | ) | 25 | 276 | — | (270 | ) | 81 | 667 | 95 | |||||||||||||||||||
Equity contracts | (863 | ) | 594 | — | (54 | ) | 8 | 322 | — | (324 | ) | (135 | ) | (452 | ) | 47 | |||||||||||||||||
Commodity contracts | (1,622 | ) | (556 | ) | — | 214 | (11 | ) | — | — | — | 128 | (1,847 | ) | (361 | ) | |||||||||||||||||
Credit derivatives | (743 | ) | 335 | — | 83 | 72 | — | — | (3 | ) | 345 | 89 | 219 | ||||||||||||||||||||
Total trading derivatives, net(4) | $ | (2,661 | ) | $ | (478 | ) | $ | — | $ | 101 | $ | 57 | $ | 611 | $ | — | $ | (431 | ) | $ | 618 | $ | (2,183 | ) | $ | 117 | |||||||
Investments | |||||||||||||||||||||||||||||||||
Mortgage-backed securities | |||||||||||||||||||||||||||||||||
U.S. government-sponsored agency guaranteed | $ | 38 | $ | — | $ | (4 | ) | $ | 133 | $ | (113 | ) | $ | 62 | $ | — | $ | (2 | ) | $ | — | $ | 114 | $ | (4 | ) | |||||||
Residential | 8 | — | (1 | ) | — | — | 11 | — | (18 | ) | — | — | — | ||||||||||||||||||||
Commercial | 1 | — | — | 4 | (3 | ) | — | — | — | — | 2 | — | |||||||||||||||||||||
Total investment mortgage-backed securities | $ | 47 | $ | — | $ | (5 | ) | $ | 137 | $ | (116 | ) | $ | 73 | $ | — | $ | (20 | ) | $ | — | $ | 116 | $ | (4 | ) | |||||||
U.S. Treasury and federal agency securities | $ | 6 | $ | — | $ | — | $ | — | $ | — | $ | 6 | $ | — | $ | (2 | ) | $ | — | $ | 10 | $ | — | ||||||||||
State and municipal | 2,180 | — | 4 | 464 | (506 | ) | 652 | — | (529 | ) | (100 | ) | 2,165 | (35 | ) | ||||||||||||||||||
Foreign government | 678 | — | 41 | (5 | ) | (261 | ) | 558 | — | (498 | ) | (270 | ) | 243 | — | ||||||||||||||||||
Corporate | 672 | — | 8 | 6 | (44 | ) | 122 | — | (88 | ) | (35 | ) | 641 | (38 | ) | ||||||||||||||||||
Equity securities | 681 | — | (55 | ) | 12 | (10 | ) | 7 | — | (190 | ) | — | 445 | 10 | |||||||||||||||||||
Asset-backed securities | 549 | — | (28 | ) | 45 | (58 | ) | 51 | — | (1 | ) | — | 558 | (6 | ) | ||||||||||||||||||
Other debt securities | — | — | — | — | — | 10 | — | — | — | 10 | — | ||||||||||||||||||||||
Non-marketable equity securities | 1,460 | — | 4 | 76 | 6 | 5 | — | (53 | ) | (256 | ) | 1,242 | 74 | ||||||||||||||||||||
Total investments | $ | 6,273 | $ | — | $ | (31 | ) | $ | 735 | $ | (989 | ) | $ | 1,484 | $ | — | $ | (1,381 | ) | $ | (661 | ) | $ | 5,430 | $ | 1 |
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 | Sept. 30, 2015 | Dec. 31, 2015 | Principal transactions | Other(1)(2) | into Level 3 | out of Level 3 | Purchases | Issuances | Sales | Settlements | Mar. 31, 2016 | ||||||||||||||||||||||||||||||||||||||||||||||
Loans | $ | 3,108 | $ | — | $ | (199 | ) | $ | 689 | $ | (805 | ) | $ | 736 | $ | 432 | $ | (496 | ) | $ | (810 | ) | $ | 2,655 | $ | 16 | $ | 2,166 | $ | — | $ | (77 | ) | $ | 89 | $ | (538 | ) | $ | 359 | $ | 161 | $ | (378 | ) | $ | (59 | ) | $ | 1,723 | $ | 7 | ||||||||||||||
Mortgage servicing rights | 1,845 | — | 62 | — | — | — | 165 | (37 | ) | (269 | ) | 1,766 | (390 | ) | 1,781 | — | (225 | ) | — | — | — | 33 | 14 | (79 | ) | 1,524 | 57 | |||||||||||||||||||||||||||||||||||||||
Other financial assets measured on a recurring basis | 78 | — | 94 | 87 | (18 | ) | 4 | 165 | (21 | ) | (197 | ) | 192 | 453 | 180 | — | 17 | 3 | (3 | ) | — | 63 | (120 | ) | (83 | ) | 57 | (317 | ) | |||||||||||||||||||||||||||||||||||||
Liabilities | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest-bearing deposits | $ | 486 | $ | — | $ | (7 | ) | $ | — | $ | — | $ | — | $ | 12 | $ | — | $ | (47 | ) | $ | 458 | $ | (250 | ) | $ | 434 | $ | — | $ | (4 | ) | $ | 4 | $ | (209 | ) | $ | — | $ | 4 | $ | — | $ | (46 | ) | $ | 191 | $ | — | ||||||||||||||||
Federal funds purchased and securities loaned or sold under agreements to repurchase | 1,043 | (24 | ) | — | — | — | — | — | 285 | (93 | ) | 1,259 | — | 1,247 | (25 | ) | — | — | — | — | — | 16 | (50 | ) | 1,238 | — | ||||||||||||||||||||||||||||||||||||||||
Trading account liabilities | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Securities sold, not yet purchased | 424 | 41 | — | 263 | (196 | ) | — | — | 260 | (476 | ) | 234 | (22 | ) | 199 | 25 | — | 59 | (25 | ) | — | — | 36 | (126 | ) | 118 | (2 | ) | ||||||||||||||||||||||||||||||||||||||
Other trading liabilities | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Short-term borrowings | 344 | 1 | — | 21 | (18 | ) | — | 59 | — | (303 | ) | 102 | (15 | ) | 9 | (3 | ) | — | 5 | (4 | ) | — | 34 | — | (1 | ) | 46 | (4 | ) | |||||||||||||||||||||||||||||||||||||
Long-term debt | 7,290 | 562 | — | 2,081 | (2,774 | ) | — | 3,080 | — | (920 | ) | 8,195 | (230 | ) | 6,951 | 46 | — | 509 | (1,087 | ) | — | 1,440 | — | (89 | ) | 7,678 | — | |||||||||||||||||||||||||||||||||||||||
Other financial liabilities measured on a recurring basis | 7 | — | (8 | ) | 2 | (4 | ) | (3 | ) | 3 | 2 | (10 | ) | 5 | — | 14 | — | (8 | ) | — | (4 | ) | (4 | ) | 1 | — | (1 | ) | 14 | (5 | ) |
(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 September 30, 2016 | Fair value(1) (in millions) | Methodology | Input | Low(2)(3) | High(2)(3) | Weighted average(4) | ||||||||||||||||||||||
As of March 31, 2017 | 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 | $ | 1,313 | Model-based | Interest rate | (0.47 | )% | 1.40 | % | (0.39 | )% | $ | 1,187 | Model-based | IR normal volatility | 13.87 | % | 71.61 | % | 57.55 | % | ||||||||
IR normal volatility | 32.32 | % | 80.41 | % | 68.61 | % | Interest rate | (0.56 | )% | 2.25 | % | (0.39 | )% | |||||||||||||||
Mortgage-backed securities | $ | 659 | Price-based | Price | $ | 6.65 | $ | 118.45 | $ | 75.90 | $ | 890 | Price-based | Price | $ | 5.78 | $ | 113.12 | $ | 70.94 | ||||||||
547 | Yield analysis | Yield | 0.11 | % | 16.08 | % | 4.19 | % | ||||||||||||||||||||
State and municipal, foreign government, corporate and other debt securities | $ | 3,595 | Price-based | Price | $ | 7.00 | $ | 106.00 | $ | 93.73 | $ | 3,136 | Price-based | Price | $ | 15.00 | $ | 108.88 | $ | 92.19 | ||||||||
1,699 | Cash flow | Credit spread | 35 bps | 600 bps | 228 bps | 655 | Cash flow | Credit spread | 35 bps | 600 bps | 236 bps | |||||||||||||||||
Equity securities(5) | $ | 3,404 | Model-based | WAL | 4 years | 4 years | 4 years | $ | 73 | Model-based | Price | $ | — | $ | 158.24 | $ | 7.28 | |||||||||||
30 | Price-based | WAL | 2.50 years | 2.50 years | 2.50 years | |||||||||||||||||||||||
Asset-backed securities | $ | 3,285 | Price-based | Price | $ | 6.25 | $ | 100.00 | $ | 73.98 | $ | 2,617 | Price-based | Price | $ | 3.35 | $ | 101.38 | $ | 72.53 | ||||||||
Non-marketable equity | $ | 603 | Comparables analysis | EBITDA multiples | 7.00 | x | 10.40 | x | 8.66 | x | $ | 527 | Price-based | Discount to price | — | % | 100.00 | % | 12.77 | % | ||||||||
539 | Price-based | Discount to price | — | % | 73.80 | % | 11.23 | % | ||||||||||||||||||||
Price-to-book ratio | 0.32 | % | 2.10 | % | 1.11 | % | 513 | Comparables analysis | EBITDA multiples | 6.50 | x | 10.60 | x | 8.60 | x | |||||||||||||
Price | $ | — | $ | 113.23 | $ | 39.02 | Price-to-book ratio | 0.70 | % | 1.03 | % | 0.92 | % | |||||||||||||||
Derivatives—gross(6) | ||||||||||||||||||||||||||||
Interest rate contracts (gross) | $ | 7,228 | Model-based | IR normal volatility | 15.10 | % | 75.30 | % | 56.39 | % | $ | 4,917 | Model-based | IR normal volatility | 13.87 | % | 86.04 | % | 53.37 | % | ||||||||
Mean reversion | 1.00 | % | 20.00 | % | 10.50 | % | Mean reversion | 1.00 | % | 20.00 | % | 10.50 | % | |||||||||||||||
Foreign exchange contracts (gross) | $ | 1,237 | Model-based | Foreign exchange (FX) volatility | 3.61 | % | 25.47 | % | 9.84 | % | $ | 761 | Model-based | Foreign exchange (FX) volatility | 3.04 | % | 22.77 | % | 10.03 | % | ||||||||
174 | Cash flow | IR-IR correlation | 40.00 | % | 40.00 | % | 40.00 | % | 149 | Cash flow | Yield | 5.62 | % | 14.50 | % | 8.49 | % | |||||||||||
IR-FX correlation | 40.00 | % | 60.00 | % | 50.00 | % | IR-FX correlation | (27.35 | )% | 60.00 | % | 47.42 | % | |||||||||||||||
Credit spread | 15 bps | 537 bps | 179 bps | IR-IR correlation | 40.00 | % | 47.54 | % | 40.22 | % | ||||||||||||||||||
Credit spread | 22 bps | 523 bps | 217 bps | |||||||||||||||||||||||||
Equity contracts (gross)(7) | $ | 3,562 | Model-based | Equity volatility | 0.37 | % | 59.43 | % | 18.82 | % | $ | 2,700 | Model-based | Equity volatility | 3.00 | % | 55.49 | % | 24.77 | % | ||||||||
Equity forward | 66.94 | % | 111.91 | % | 90.91 | % | ||||||||||||||||||||||
Forward price | 22.38 | % | 104.46 | % | 98.37 | % | Forward price | 43.06 | % | 144.61 | % | 93.92 | % | |||||||||||||||
WAL | 4 years | 4 years | 4 years | Equity-Equity correlation | (89.91 | )% | 97.69 | % | 14.44 | % | ||||||||||||||||||
Equity-IR correlation | (35.00 | )% | 71.00 | % | (11.50 | )% | Equity-FX correlation | (70.20 | )% | 29.90 | % | (24.88 | )% | |||||||||||||||
Commodity contracts (gross) | $ | 3,499 | Model-based | Forward price | 42.00 | % | 387.95 | % | 133.57 | % | $ | 3,170 | Model-based | Forward price | 38.85 | % | 299.37 | % | 102.39 | % | ||||||||
Commodity volatility | 2.00 | % | 49.32 | % | 21.38 | % | Commodity volatility | 10.45 | % | 45.13 | % | 26.24 | % | |||||||||||||||
Commodity correlation | (43.68 | )% | 92.17 | % | 20.00 | % | Commodity correlation | (44.00 | )% | 91.00 | % | 56.00 | % | |||||||||||||||
Credit derivatives (gross) | $ | 3,482 | Model-based | Recovery rate | 15.27 | % | 75.00 | % | 37.56 | % | $ | 2,976 | Model-based | Recovery rate | 6.50 | % | 65.00 | % | 35.21 | % | ||||||||
1,449 | Price-based | Credit correlation | 5.00 | % | 65.00 | % | 35.53 | % | 1,287 | Price-based | Credit correlation | 5.00 | % | 95.00 | % | 32.70 | % | |||||||||||
Upfront points | 10.11 | % | 99.95 | % | 67.49 | % | Upfront points | 10.20 | % | 99.00 | % | 54.28 | % | |||||||||||||||
Price | $ | 1.00 | $ | 621.00 | $ | 86.26 | Price | $ | — | $ | 123.67 | $ | 75.18 | |||||||||||||||
Credit spread | 5 bps | 1,613 bps | 285 bps | Credit spread | 4 bps | 2,109 bps | 210 bps | |||||||||||||||||||||
Nontrading derivatives and other financial assets and liabilities measured on a recurring basis (gross)(6) | $ | 99 | Model-based | Redemption rate | 5.05 | % | 99.50 | % | 73.31 | % | ||||||||||||||||||
Interest rate | 0.36 | % | 0.38 | % | 0.37 | % | ||||||||||||||||||||||
Loans | $ | 455 | Model-based | Price | $ | — | $ | 111.68 | $ | 11.12 | ||||||||||||||||||
395 | Price-based | Credit spread | 4 bps | 500 bps | 76 bps | |||||||||||||||||||||||
222 | Yield Analysis | Yield | 1.75 | % | 4.40 | % | 2.92 | % | ||||||||||||||||||||
Mortgage servicing rights | $ | 1,178 | Cash flow | Yield | 1.62 | % | 18.52 | % | 8.64 | % | ||||||||||||||||||
WAL | 3.17 years | 6.07 years | 4.77 years |
As of September 30, 2016 | Fair value(1) (in millions) | Methodology | Input | Low(2)(3) | High(2)(3) | Weighted average(4) | ||||||||||||||||||||||
As of March 31, 2017 | Fair value(1) (in millions) | Methodology | Input | Low(2)(3) | High(2)(3) | Weighted average(4) | ||||||||||||||||||||||
Nontrading derivatives and other financial assets and liabilities measured on a recurring basis (gross)(6) | $ | 30 | Model-based | Redemption rate | 12.52 | % | 99.50 | % | 72.08 | % | ||||||||||||||||||
Recovery rate | 40.00 | % | 40.00 | % | 40.00 | % | ||||||||||||||||||||||
Credit spread | 33 bps | 659 bps | 202 bps | |||||||||||||||||||||||||
Loans | $ | 235 | Model-based | Credit spread | 45 bps | 500 bps | 76 bps | |||||||||||||||||||||
214 | Yield Analysis | Yield | 2.90 | % | 20.00 | % | 11.98 | % | ||||||||||||||||||||
120 | Price-based | |||||||||||||||||||||||||||
Mortgage servicing rights | $ | 475 | Cash flow | Yield | 4.20 | % | 21.22 | % | 12.38 | % | ||||||||||||||||||
92 | Model-based | WAL | 3.53 years | 7.72 years | 6.23 years | |||||||||||||||||||||||
Liabilities | ||||||||||||||||||||||||||||
Interest-bearing deposits | $ | 260 | Model-based | Mean reversion | 1.00 | % | 20.00 | % | 10.50 | % | $ | 282 | Model-based | Mean reversion | 1.00 | % | 20.00 | % | 10.50 | % | ||||||||
Forward price | 99.50 | % | 99.95 | % | 99.62 | % | ||||||||||||||||||||||
Federal funds purchased and securities loaned or sold under agreements to repurchase | $ | 923 | Model-based | Interest rate | 0.15 | % | 1.40 | % | 1.11 | % | $ | 809 | Model-based | Interest rate | 0.73 | % | 2.25 | % | 2.07 | % | ||||||||
Trading account liabilities | ||||||||||||||||||||||||||||
Securities sold, not yet purchased | $ | 195 | Price-based | Price | $ | — | $ | 621.00 | $ | 86.97 | $ | 1,013 | Model-based | IR normal volatility | 13.87 | % | 71.61 | % | 57.55 | % | ||||||||
Forward price | 42.00 | % | 387.95 | % | 131.84 | % | ||||||||||||||||||||||
Commodity correlation | (43.68 | )% | 92.17 | % | 20.00 | % | ||||||||||||||||||||||
Commodity volatility | 2.00 | % | 49.32 | % | 21.30 | % | $ | 138 | Price-based | Price | $ | 1.29 | $ | 121.00 | $ | 98.22 | ||||||||||||
Short-term borrowings and long-term debt | $ | 9,241 | Model-based | Equity volatility | 7.55 | % | 41.94 | % | 19.85 | % | $ | 10,303 | Model-based | Mean Reversion | 1.00 | % | 20.00 | % | 10.50 | % | ||||||||
Mean Reversion | 1.00 | % | 20.00 | % | 10.49 | % | Forward price | 68.46 | % | 235.35 | % | 100.73 | % | |||||||||||||||
Forward price | 88.11 | % | 198.89 | % | 113.04 | % | Equity volatility | 3.00 | % | 50.00 | % | 20.71 | % | |||||||||||||||
Commodity correlation | (43.68 | )% | 92.17 | % | 20.00 | % | IR normal volatility | 0.16 | % | 86.04 | % | 57.73 | % | |||||||||||||||
Commodity volatility | 2.00 | % | 49.32 | % | 21.38 | % |
As of December 31, 2015 | Fair value(1) (in millions) | Methodology | Input | Low(2)(3) | High(2)(3) | Weighted average(4) | ||||||||||||||||||||||
As of December 31, 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 | $ | 1,337 | Model-based | IR log-normal volatility | 29.02 | % | 137.02 | % | 37.90 | % | $ | 1,496 | Model-based | IR log-normal volatility | 12.86 | % | 75.50 | % | 61.73 | % | ||||||||
Interest rate | — | % | 2.03 | % | 0.27 | % | Interest rate | (0.51 | )% | 5.76 | % | 2.80 | % | |||||||||||||||
Mortgage-backed securities | $ | 1,287 | Price-based | Price | $ | 3.45 | $ | 109.21 | $ | 78.25 | $ | 509 | Price-based | Price | $ | 5.50 | $ | 113.48 | $ | 61.74 | ||||||||
1,377 | Yield analysis | Yield | 0.50 | % | 14.07 | % | 4.83 | % | 368 | Yield analysis | Yield | 1.90 | % | 14.54 | % | 4.34 | % | |||||||||||
State and municipal, foreign government, corporate and other debt securities | $ | 3,761 | Price-based | Price | $ | — | $ | 217.00 | $ | 79.41 | $ | 3,308 | Price-based | Price | $ | 15.00 | $ | 103.60 | $ | 89.93 | ||||||||
1,719 | Cash flow | Credit spread | 20 bps | 600 bps | 251 bps | 1,513 | Cash flow | Credit spread | 35 bps | 600 bps | 230 bps | |||||||||||||||||
Equity securities(5) | $ | 3,499 | Model-based | WAL | 1.5 years | 1.5 years | 1.5 years | $ | 69 | Model-based | Price | $ | 0.48 | $ | 104.00 | $ | 22.19 | |||||||||||
Redemption rate | 41.21 | % | 41.21 | % | 41.21 | % | 58 | Price-based | ||||||||||||||||||||
Asset-backed securities | $ | 3,075 | Price-based | Price | $ | 5.55 | $ | 100.21 | $ | 71.57 | $ | 2,454 | Price-based | Price | $ | 4.00 | $ | 100.00 | $ | 71.51 | ||||||||
Non-marketable equity | $ | 633 | Comparables analysis | EBITDA multiples | 6.80 | x | 10.80 | x | 9.05 | x | $ | 726 | Price-based | Discount to price | — | % | 90.00 | % | 13.36 | % | ||||||||
473 | Price-based | Discount to price | — | % | 90.00 | % | 10.89 | % | 565 | Comparables analysis | EBITDA multiples | 6.80 | x | 10.10 | x | 8.62 | x | |||||||||||
Price-to-book ratio | 0.19 | x | 1.09 | x | 0.60 | x | Price-to-book ratio | 0.32 | % | 1.03 | % | 0.87 | % | |||||||||||||||
Price | $ | — | $ | 132.78 | $ | 46.66 | Price | $ | — | $ | 113.23 | $ | 54.40 | |||||||||||||||
Derivatives—gross(6) | ||||||||||||||||||||||||||||
Interest rate contracts (gross) | $ | 4,553 | Model-based | IR log-normal volatility | 17.41 | % | 137.02 | % | 37.60 | % | $ | 4,897 | Model-based | IR log-normal volatility | 1.00 | % | 93.97 | % | 62.72 | % | ||||||||
Mean reversion | (5.52 | )% | 20.00 | % | 0.71 | % | Mean reversion | 1.00 | % | 20.00 | % | 10.50 | % | |||||||||||||||
Foreign exchange contracts (gross) | $ | 1,326 | Model-based | Foreign exchange (FX) volatility | 0.38 | % | 25.73 | % | 11.63 | % | $ | 1,110 | Model-based | Foreign exchange (FX) volatility | 1.39 | % | 26.85 | % | 15.18 | % | ||||||||
275 | Cash flow | Interest rate | 7.50 | % | 7.50 | % | 7.50 | % | 134 | Cash flow | Interest rate | (0.85 | )% | (0.49 | )% | (0.84 | )% | |||||||||||
Forward price | 1.48 | % | 138.09 | % | 56.80 | % | Credit spread | 4 bps | 657 bps | 266 bps | ||||||||||||||||||
Credit spread | 3 bps | 515 bps | 235 bps | |||||||||||||||||||||||||
IR-IR correlation | (51.00 | )% | 77.94 | % | 32.91 | % | ||||||||||||||||||||||
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 | % | ||||||||||||||||||
Equity-FX correlation | (88.17 | )% | 65.00 | % | (21.09 | )% | ||||||||||||||||||||||
Equity forward | 82.72 | % | 100.53 | % | 95.20 | % | ||||||||||||||||||||||
Equity-equity correlation | (80.54 | )% | 100.00 | % | 49.54 | % | ||||||||||||||||||||||
Commodity contracts (gross) | $ | 4,061 | Model-based | Forward price | 35.09 | % | 299.32 | % | 112.98 | % |
As of December 31, 2015 | Fair value(1) (in millions) | Methodology | Input | Low(2)(3) | High(2)(3) | Weighted average(4) | ||||||||||||||||||||||
As of December 31, 2016 | Fair value(1) (in millions) | Methodology | Input | Low(2)(3) | High(2)(3) | Weighted average(4) | ||||||||||||||||||||||
IR-IR correlation | 40.00 | % | 50.00 | % | 41.27 | % | ||||||||||||||||||||||
IR-FX correlation | 16.41 | % | 60.00 | % | 49.52 | % | ||||||||||||||||||||||
Equity contracts (gross)(7) | $ | 2,701 | Model-based | Equity volatility | 3.00 | % | 97.78 | % | 29.52 | % | ||||||||||||||||||
Forward price | 69.05 | % | 144.61 | % | 94.28 | % | ||||||||||||||||||||||
Equity-FX correlation | (60.70 | )% | 28.20 | % | (26.28 | )% | ||||||||||||||||||||||
Equity-IR correlation | (35.00 | )% | 41.00 | % | (15.65 | )% | ||||||||||||||||||||||
Yield volatility | 3.55 | % | 14.77 | % | 9.29 | % | ||||||||||||||||||||||
Equity-equity correlation | (87.70 | )% | 96.50 | % | 67.45 | % | ||||||||||||||||||||||
Commodity contracts (gross) | $ | 2,955 | Model-based | Forward price | 35.74 | % | 235.35 | % | 119.99 | % | ||||||||||||||||||
Commodity volatility | 5.00 | % | 83.00 | % | 24.00 | % | Commodity volatility | 2.00 | % | 32.19 | % | 17.07 | % | |||||||||||||||
Commodity correlation | (57.00 | )% | 91.00 | % | 30.00 | % | Commodity correlation | (41.61 | )% | 90.42 | % | 52.85 | % | |||||||||||||||
Credit derivatives (gross) | $ | 5,849 | Model-based | Recovery rate | 1.00 | % | 75.00 | % | 32.49 | % | $ | 2,786 | Model-based | Recovery rate | 20.00 | % | 75.00 | % | 39.75 | % | ||||||||
1,424 | Price-based | Credit correlation | 5.00 | % | 90.00 | % | 43.48 | % | 1,403 | Price-based | Credit correlation | 5.00 | % | 90.00 | % | 34.27 | % | |||||||||||
Price | $ | 0.33 | $ | 101.00 | $ | 61.52 | Upfront points | 6.00 | % | 99.90 | % | 72.89 | % | |||||||||||||||
Credit spread | 1 bps | 967 bps | 133 bps | Price | $ | 1.00 | $ | 167.00 | $ | 77.35 | ||||||||||||||||||
Upfront points | 7.00 | % | 99.92 | % | 66.75 | % | Credit spread | 3 bps | 1,515 bps | 256 bps | ||||||||||||||||||
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 | % | $ | 42 | Model-based | Recovery rate | 40.00 | % | 40.00 | % | 40.00 | % | ||||||||
Redemption rate | 27.00 | % | 99.50 | % | 74.80 | % | Redemption rate | 3.92 | % | 99.58 | % | 74.69 | % | |||||||||||||||
Interest rate | 5.26 | % | 5.28 | % | 5.27 | % | Upfront points | 16.00 | % | 20.50 | % | 18.78 | % | |||||||||||||||
Loans | $ | 750 | Price-based | Yield | 1.50 | % | 4.50 | % | 2.52 | % | $ | 258 | Price-based | Price | $ | 31.55 | $ | 105.74 | $ | 56.46 | ||||||||
892 | Model-based | Price | $ | — | $ | 106.98 | $ | 40.69 | 221 | Yield analysis | Yield | 2.75 | % | 20.00 | % | 11.09 | % | |||||||||||
524 | Cash flow | Credit spread | 29 bps | 500 bps | 105 bps | 79 | Model-based | |||||||||||||||||||||
Mortgage servicing rights | $ | 1,690 | Cash flow | Yield | — | % | 23.32 | % | 6.83 | % | $ | 1,473 | Cash flow | Yield | 4.20 | % | 20.56 | % | 9.32 | % | ||||||||
WAL | 3.38 years | 7.48 years | 5.5 years | WAL | 3.53 years | 7.24 years | 5.83 years | |||||||||||||||||||||
Liabilities | ||||||||||||||||||||||||||||
Interest-bearing deposits | $ | 434 | Model-based | Equity-IR correlation | 23.00 | % | 39.00 | % | 34.51 | % | $ | 293 | Model-based | Mean reversion | 1.00 | % | 20.00 | % | 10.50 | % | ||||||||
Forward price | 35.09 | % | 299.32 | % | 112.72 | % | Forward price | 98.79 | % | 104.07 | % | 100.19 | % | |||||||||||||||
Commodity correlation | (57.00 | )% | 91.00 | % | 30.00 | % | ||||||||||||||||||||||
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 | % | $ | 849 | Model-based | Interest rate | 0.62 | % | 2.19 | % | 1.99 | % | ||||||||
Trading account liabilities | ||||||||||||||||||||||||||||
Securities sold, not yet purchased | $ | 152 | Price-based | Price | $ | — | $ | 217.00 | $ | 87.78 | $ | 1,056 | Model-based | IR normal volatility | 12.86 | % | 75.50 | % | 61.73 | % | ||||||||
Short-term borrowings and long-term debt | $ | 7,004 | Model-based | Mean reversion | (5.52 | )% | 20.00 | % | 7.80 | % | $ | 9,774 | Model-based | Mean reversion | 1.00 | % | 20.00 | % | 10.50 | % | ||||||||
Equity volatility | 9.55 | % | 42.56 | % | 22.26 | % | Commodity correlation | (41.61 | )% | 90.42 | % | 52.85 | % | |||||||||||||||
Equity forward | 82.72 | % | 100.80 | % | 94.48 | % | Commodity volatility | 2.00 | % | 32.19 | % | 17.07 | % | |||||||||||||||
Equity-equity correlation | (80.54 | )% | 100.00 | % | 49.16 | % | Forward price | 69.05 | % | 235.35 | % | 103.28 | % | |||||||||||||||
Forward price | 35.09 | % | 299.32 | % | 106.32 | % | ||||||||||||||||||||||
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 | ||||||||||||
September 30, 2016 | ||||||||||||||||||
March 31, 2017 | ||||||||||||||||||
Loans held-for-sale | $ | 8,665 | $ | 6,677 | $ | 1,988 | $ | 3,790 | $ | 2,002 | $ | 1,788 | ||||||
Other real estate owned | 80 | 17 | 63 | 70 | 13 | 57 | ||||||||||||
Loans(1) | 983 | 519 | 464 | 1,195 | 630 | 565 | ||||||||||||
Total assets at fair value on a nonrecurring basis | $ | 9,728 | $ | 7,213 | $ | 2,515 | $ | 5,055 | $ | 2,645 | $ | 2,410 |
In millions of dollars | Fair value | Level 2 | Level 3 | Fair value | Level 2 | Level 3 | ||||||||||||
December 31, 2015 | ||||||||||||||||||
December 31, 2016 | ||||||||||||||||||
Loans held-for-sale | $ | 10,326 | $ | 6,752 | $ | 3,574 | $ | 5,802 | $ | 3,389 | $ | 2,413 | ||||||
Other real estate owned | 107 | 15 | 92 | 75 | 15 | 60 | ||||||||||||
Loans(1) | 1,173 | 836 | 337 | 1,376 | 586 | 790 | ||||||||||||
Total assets at fair value on a nonrecurring basis | $ | 11,606 | $ | 7,603 | $ | 4,003 | $ | 7,253 | $ | 3,990 | $ | 3,263 |
(1) | Represents impaired loans held for investment whose carrying amount is based on the fair value of the underlying collateral, primarily real |
As of September 30, 2016 | Fair value(1) (in millions) | Methodology | Input | Low(5) | High | Weighted average(2) | ||||||||
Loans held-for-sale | $ | 1,988 | Price-based | Price | $ | — | $ | 100.00 | $ | 93.47 | ||||
Other real estate owned | $ | 62 | Price-based | Discount to price(4) | 0.34 | % | 13.00 | % | 2.96 | % | ||||
Price | 58.91 | 68.50 | 59.42 | |||||||||||
Loans(3) | $ | 347 | Cashflow | Price | $ | 3.00 | $ | 105.00 | $ | 55.67 | ||||
278 | Price-based | Discount to price(4) | 13.00 | % | 13.00 | % | 13.00 | % |
As of March 31, 2017 | Fair value(1) (in millions) | Methodology | Input | Low(2) | High | Weighted average(3) | ||||||||
Loans held-for-sale | $ | 1,788 | Price-based | Price | $ | 77.93 | $ | 100.00 | $ | 98.03 | ||||
Other real estate owned | $ | 57 | Price-based | Discount to price(4) | 0.34 | % | 0.34 | % | 0.34 | % | ||||
Appraised value | $ | 27,054.05 | $ | 4,514,806.00 | $ | 2,032,098.00 | ||||||||
Price | $ | 62.43 | $ | 85.81 | $ | 65.53 | ||||||||
Loans(5) | $ | 345 | Price-based | Price | $ | 3.20 | $ | 100.00 | $ | 23.67 | ||||
128 | Recovery analysis | Discount to price(4) | 18.67 | % | 28.39 | % | 23.57 | % | ||||||
Recovery rate | 92.68 | % | 92.68 | % | 92.68 | % |
As of December 31, 2015 | Fair value(1) (in millions) | Methodology | Input | Low(5) | High | Weighted average(2) | ||||||||||||||||||||||
As of December 31, 2016 | Fair value(1) (in millions) | Methodology | Input | Low(2) | High | Weighted average(3) | ||||||||||||||||||||||
Loans held-for-sale | $ | 3,486 | Price-based | Price | $ | — | $ | 100.00 | $ | 81.05 | $ | 2,413 | Price-based | Price | $ | — | $ | 100.00 | $ | 93.08 | ||||||||
Other real estate owned | $ | 90 | Price-based | Discount to price(4) | 0.34 | % | 13.00 | % | 2.86 | % | $ | 59 | Price-based | Discount to price(4) | 0.34 | % | 13.00 | % | 3.10 | % | ||||||||
2 | Appraised value | $ | — | $ | 8,518,230 | $ | 3,813,045 | Price | $ | 64.65 | $ | 74.39 | $ | 66.21 | ||||||||||||||
Loans | $ | 157 | Recovery analysis | Recovery rate | 11.79 | % | 60.00 | % | 23.49 | % | $ | 431 | Cash flow | Price | $ | 3.25 | $ | 105.00 | $ | 59.61 | ||||||||
87 | Price-based | Discount to price(4) | 13.00 | % | 34.00 | % | 7.99 | % | 197 | Recovery analysis | Forward price | $ | 2.90 | $ | 210.00 | $ | 156.78 | |||||||||||
135 | Price-based | Discount to price(4) | 0.25 | % | 13.00 | % | 8.34 | % | ||||||||||||||||||||
Appraised value | $ | 25.80 | $ | 26,400,000 | $ | 6,462,735 |
(1) | The fair value amounts presented in this table 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) | Weighted averages are calculated based on the fair values of the instruments. |
(4) | Includes estimated costs to sell. |
(5) |
Three Months Ended September 30, | Three months ended March 31, | ||||||||
In millions of dollars | 2016 | 2015 | 2017 | ||||||
Loans held-for-sale | $ | (17 | ) | $ | (7 | ) | $ | (22 | ) |
Other real estate owned | (4 | ) | (5 | ) | (2 | ) | |||
Loans(1) | (42 | ) | (72 | ) | (28 | ) | |||
Other Assets(2) | $ | — | |||||||
Total nonrecurring fair value gains (losses) | $ | (63 | ) | $ | (84 | ) | $ | (52 | ) |
(1) | Represents loans held for investment whose carrying amount is based on the fair value of the underlying collateral, primarily real |
Three months ended March 31, | |||
In millions of dollars | 2016 | ||
Loans held-for-sale | $ | 3 | |
Other real estate owned | (2 | ) | |
Loans(1) | (63 | ) | |
Other Assets (2) | $ | (262 | ) |
Total nonrecurring fair value gains (losses) | $ | (324 | ) |
Nine Months Ended September 30, | ||||||
In millions of dollars | 2016 | 2015 | ||||
Loans held-for-sale | $ | (15 | ) | $ | (7 | ) |
Other real estate owned | (6 | ) | (12 | ) | ||
Loans(1) | (110 | ) | (220 | ) | ||
Total nonrecurring fair value gains (losses) | $ | (131 | ) | $ | (239 | ) |
(1) | Represents loans held for investment whose carrying amount is based on the fair value of the underlying collateral, primarily real |
(2) | Represents net impairment losses related to an equity investment. |
September 30, 2016 | Estimated fair value | March 31, 2017 | 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 | $ | 44.8 | $ | 46.1 | $ | 1.6 | $ | 42.6 | $ | 1.9 | $ | 54.0 | $ | 53.9 | $ | 0.9 | $ | 50.5 | $ | 2.5 | ||||||||||
Federal funds sold and securities borrowed or purchased under agreements to resell | 92.4 | 92.4 | — | 86.2 | 6.2 | 105.6 | 105.6 | — | 100.6 | 5.0 | ||||||||||||||||||||
Loans(1)(2) | 620.1 | 617.9 | — | 8.4 | 609.5 | 610.7 | 604.0 | — | 7.3 | 596.7 | ||||||||||||||||||||
Other financial assets(2)(3) | 214.6 | 214.6 | 7.2 | 148.8 | 58.6 | 242.3 | 242.8 | 7.0 | 173.2 | 62.6 | ||||||||||||||||||||
Liabilities | ||||||||||||||||||||||||||||||
Deposits | $ | 938.8 | $ | 937.3 | $ | — | $ | 781.9 | $ | 155.4 | $ | 948.7 | $ | 947.1 | $ | — | $ | 800.5 | $ | 146.6 | ||||||||||
Federal funds purchased and securities loaned or sold under agreements to repurchase | 110.2 | 110.2 | — | 109.6 | 0.6 | 107.3 | 107.3 | — | 107.2 | 0.1 | ||||||||||||||||||||
Long-term debt(4) | 181.5 | 186.3 | — | 156.1 | 30.2 | 181.0 | 187.5 | — | 158.7 | 28.8 | ||||||||||||||||||||
Other financial liabilities(5) | 115.3 | 115.3 | — | 15.7 | 99.6 | 110.2 | 110.2 | — | 14.9 | 95.3 |
December 31, 2015 | Estimated fair value | December 31, 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 | $ | 41.7 | $ | 42.7 | $ | 3.5 | $ | 36.4 | $ | 2.8 | $ | 52.1 | $ | 52.0 | $ | 0.8 | $ | 48.6 | $ | 2.6 | ||||||||||
Federal funds sold and securities borrowed or purchased under agreements to resell | 81.7 | 81.7 | — | 77.4 | 4.3 | 103.6 | 103.6 | — | 98.5 | 5.1 | ||||||||||||||||||||
Loans(1)(2) | 597.5 | 599.4 | — | 6.0 | 593.4 | 607.0 | 604.5 | — | 7.0 | 597.5 | ||||||||||||||||||||
Other financial assets(2)(3) | 186.5 | 186.5 | 6.9 | 126.2 | 53.4 | 215.2 | 215.9 | 8.2 | 153.6 | 54.1 | ||||||||||||||||||||
Liabilities | ||||||||||||||||||||||||||||||
Deposits | $ | 906.3 | $ | 896.7 | $ | — | $ | 749.4 | $ | 147.3 | $ | 928.2 | $ | 927.6 | $ | — | $ | 789.7 | $ | 137.9 | ||||||||||
Federal funds purchased and securities loaned or sold under agreements to repurchase | 109.7 | 109.7 | — | 109.4 | 0.3 | 108.2 | 108.2 | — | 107.8 | 0.4 | ||||||||||||||||||||
Long-term debt(4) | 176.0 | 180.8 | — | 153.8 | 27.0 | 179.9 | 185.5 | — | 156.5 | 29.0 | ||||||||||||||||||||
Other financial liabilities(5) | 97.6 | 97.6 | — | 18.0 | 79.6 | 115.3 | 115.3 | — | 16.2 | 99.1 |
(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 September 30, | Nine Months Ended September 30, | three months ended March 31, | ||||||||||||||||
In millions of dollars | 2016 | 2015 | 2016 | 2015 | 2017 | 2016 | ||||||||||||
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 | $ | (54 | ) | $ | 1 | $ | (7 | ) | $ | (92 | ) | |||||||
Federal funds sold and securities borrowed or purchased under agreements to resell - selected portfolios | $ | (33 | ) | $ | 28 | |||||||||||||
Trading account assets | 571 | (676 | ) | 509 | (449 | ) | 430 | 258 | ||||||||||
Investments | (4 | ) | 3 | (25 | ) | 52 | — | 1 | ||||||||||
Loans | ||||||||||||||||||
Certain corporate loans(1) | 5 | (164 | ) | 65 | (173 | ) | 24 | 24 | ||||||||||
Certain consumer loans(1) | 1 | — | — | 2 | — | (1 | ) | |||||||||||
Total loans | $ | 6 | $ | (164 | ) | $ | 65 | $ | (171 | ) | $ | 24 | $ | 23 | ||||
Other assets | ||||||||||||||||||
MSRs | $ | 13 | $ | (140 | ) | $ | (349 | ) | $ | 51 | $ | 67 | $ | (225 | ) | |||
Certain mortgage loans held for sale(2) | 100 | 95 | 271 | 267 | 37 | 80 | ||||||||||||
Other assets | 6 | — | 376 | — | — | 370 | ||||||||||||
Total other assets | $ | 119 | $ | (45 | ) | $ | 298 | $ | 318 | $ | 104 | $ | 225 | |||||
Total assets | $ | 638 | $ | (881 | ) | $ | 840 | $ | (342 | ) | $ | 525 | $ | 535 | ||||
Liabilities | ||||||||||||||||||
Interest-bearing deposits | $ | (16 | ) | $ | (107 | ) | $ | (84 | ) | $ | (74 | ) | $ | (14 | ) | $ | (50 | ) |
Federal funds purchased and securities loaned or sold under agreements to repurchase selected portfolios of securities sold under agreements to repurchase and securities loaned | 32 | (5 | ) | 24 | (3 | ) | ||||||||||||
Federal funds purchased and securities loaned or sold under agreements to repurchase - selected portfolios | 613 | (6 | ) | |||||||||||||||
Trading account liabilities | 4 | (51 | ) | 101 | (66 | ) | 26 | 94 | ||||||||||
Short-term borrowings | (173 | ) | 14 | (207 | ) | (54 | ) | 19 | 80 | |||||||||
Long-term debt | (305 | ) | 246 | (845 | ) | 701 | (332 | ) | (423 | ) | ||||||||
Total liabilities | $ | (458 | ) | $ | 97 | $ | (1,011 | ) | $ | 504 | $ | 312 | $ | (305 | ) |
(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. |
September 30, 2016 | December 31, 2015 | March 31, 2017 | December 31, 2016 | |||||||||||||||||||||
In millions of dollars | Trading assets | Loans | Trading assets | Loans | Trading assets | Loans | Trading assets | Loans | ||||||||||||||||
Carrying amount reported on the Consolidated Balance Sheet | $ | 9,561 | $ | 3,970 | $ | 9,314 | $ | 5,005 | $ | 9,126 | $ | 4,035 | $ | 9,824 | $ | 3,486 | ||||||||
Aggregate unpaid principal balance in excess of fair value | 700 | 47 | 980 | 280 | 532 | — | 758 | 18 | ||||||||||||||||
Balance of non-accrual loans or loans more than 90 days past due | — | 1 | 5 | 2 | — | 2 | — | 1 | ||||||||||||||||
Aggregate unpaid principal balance in excess of fair value for non-accrual loans or loans more than 90 days past due | — | 1 | 13 | 1 | — | 1 | — | 1 |
In millions of dollars | September 30, 2016 | December 31, 2015 | March 31, 2017 | December 31, 2016 | ||||||||
Carrying amount reported on the Consolidated Balance Sheet | $ | 1,031 | $ | 745 | $ | 683 | $ | 915 | ||||
Aggregate fair value in excess of unpaid principal balance | 39 | 20 | 21 | 8 | ||||||||
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 | September 30, 2016 | December 31, 2015 | March 31, 2017 | December 31, 2016 | ||||||||
Interest rate linked | $ | 11.0 | $ | 9.6 | $ | 11.3 | $ | 10.6 | ||||
Foreign exchange linked | 0.2 | 0.3 | 0.2 | 0.2 | ||||||||
Equity linked | 12.1 | 9.9 | 12.0 | 12.3 | ||||||||
Commodity linked | 1.1 | 1.4 | 0.8 | 0.3 | ||||||||
Credit linked | 0.9 | 1.6 | 1.6 | 0.9 | ||||||||
Total | $ | 25.3 | $ | 22.8 | $ | 25.9 | $ | 24.3 |
In millions of dollars | September 30, 2016 | December 31, 2015 | March 31, 2017 | December 31, 2016 | ||||||||
Carrying amount reported on the Consolidated Balance Sheet | $ | 27,535 | $ | 25,293 | $ | 27,526 | $ | 26,254 | ||||
Aggregate unpaid principal balance in excess of (less than) fair value | (148 | ) | 1,569 | (55 | ) | (128 | ) |
In millions of dollars | September 30, 2016 | December 31, 2015 | March 31, 2017 | December 31, 2016 | ||||||||
Carrying amount reported on the Consolidated Balance Sheet | $ | 2,599 | $ | 1,207 | $ | 3,473 | $ | 2,700 | ||||
Aggregate unpaid principal balance in excess of (less than) fair value | (52 | ) | 130 | (9 | ) | (61 | ) |
Maximum potential amount of future payments | Maximum potential amount of future payments | |||||||||||||||||||||||
In billions of dollars at September 30, 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 March 31, 2017 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 | $ | 25.8 | $ | 69.3 | $ | 95.1 | $ | 170 | $ | 28.1 | $ | 66.0 | $ | 94.1 | $ | 205 | ||||||||
Performance guarantees | 7.7 | 3.8 | 11.5 | 19 | 7.6 | 3.7 | 11.3 | 20 | ||||||||||||||||
Derivative instruments considered to be guarantees | 4.5 | 78.4 | 82.9 | 954 | 10.7 | 78.1 | 88.8 | 690 | ||||||||||||||||
Loans sold with recourse | — | 0.2 | 0.2 | 13 | — | 0.2 | 0.2 | 11 | ||||||||||||||||
Securities lending indemnifications(1) | 83.9 | — | 83.9 | — | 97.1 | — | 97.1 | — | ||||||||||||||||
Credit card merchant processing(1)(2) | 83.3 | — | 83.3 | — | 77.6 | — | 77.6 | — | ||||||||||||||||
Credit card arrangements with partners | — | 1.5 | 1.5 | 206 | 0.2 | 1.3 | 1.5 | 206 | ||||||||||||||||
Custody indemnifications and other | 0.1 | 47.1 | 47.2 | 58 | 1.5 | 47.5 | 49.0 | 58 | ||||||||||||||||
Total | $ | 205.3 | $ | 200.3 | $ | 405.6 | $ | 1,420 | $ | 222.8 | $ | 196.8 | $ | 419.6 | $ | 1,190 |
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) | ||||||||||||||||||||
In billions of dollars at December 31, 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 | $ | 23.8 | $ | 73.0 | $ | 96.8 | $ | 152 | $ | 26.0 | $ | 67.1 | $ | 93.1 | $ | 141 | ||||||||
Performance guarantees | 7.4 | 4.1 | 11.5 | 23 | 7.5 | 3.6 | 11.1 | 19 | ||||||||||||||||
Derivative instruments considered to be guarantees | 3.6 | 74.9 | 78.5 | 1,779 | 7.2 | 80.0 | 87.2 | 747 | ||||||||||||||||
Loans sold with recourse | — | 0.2 | 0.2 | 17 | — | 0.2 | 0.2 | 12 | ||||||||||||||||
Securities lending indemnifications(1) | 79.0 | — | 79.0 | — | 80.3 | — | 80.3 | — | ||||||||||||||||
Credit card merchant processing(1)(2) | 84.2 | — | 84.2 | — | 86.4 | — | 86.4 | — | ||||||||||||||||
Credit card arrangements with partners | — | 1.5 | 1.5 | 206 | ||||||||||||||||||||
Custody indemnifications and other | — | 51.7 | 51.7 | 56 | — | 45.4 | 45.4 | 58 | ||||||||||||||||
Total | $ | 198.0 | $ | 203.9 | $ | 401.9 | $ | 2,027 | $ | 207.4 | $ | 197.8 | $ | 405.2 | $ | 1,183 |
(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. |
(2) | At |
Maximum potential amount of future payments | ||||||||||||
In billions of dollars at September 30, 2016 | Investment grade | Non-investment grade | Not rated | Total | ||||||||
Financial standby letters of credit | $ | 68.4 | $ | 14.1 | $ | 12.6 | $ | 95.1 | ||||
Performance guarantees | 6.5 | 4.1 | 0.9 | 11.5 | ||||||||
Derivative instruments deemed to be guarantees | — | — | 82.9 | 82.9 | ||||||||
Loans sold with recourse | — | — | 0.2 | 0.2 | ||||||||
Securities lending indemnifications | — | — | 83.9 | 83.9 | ||||||||
Credit card merchant processing | — | — | 83.3 | 83.3 | ||||||||
Credit card arrangements with partners | — | — | 1.5 | 1.5 | ||||||||
Custody indemnifications and other | 47.1 | 0.1 | — | 47.2 | ||||||||
Total | $ | 122.0 | $ | 18.3 | $ | 265.3 | $ | 405.6 |
Maximum potential amount of future payments | Maximum potential amount of future payments | |||||||||||||||||||||||
In billions of dollars at December 31, 2015 | Investment grade | Non-investment grade | Not rated | Total | ||||||||||||||||||||
In billions of dollars at March 31, 2017 | Investment grade | Non-investment grade | Not rated | Total | ||||||||||||||||||||
Financial standby letters of credit | $ | 69.2 | $ | 15.4 | $ | 12.2 | $ | 96.8 | $ | 65.9 | $ | 14.8 | $ | 13.4 | $ | 94.1 | ||||||||
Performance guarantees | 6.6 | 4.1 | 0.8 | 11.5 | 7.2 | 2.6 | 1.5 | 11.3 | ||||||||||||||||
Derivative instruments deemed to be guarantees | — | — | 78.5 | 78.5 | — | — | 88.8 | 88.8 | ||||||||||||||||
Loans sold with recourse | — | — | 0.2 | 0.2 | — | — | 0.2 | 0.2 | ||||||||||||||||
Securities lending indemnifications | — | — | 79.0 | 79.0 | — | — | 97.1 | 97.1 | ||||||||||||||||
Credit card merchant processing | — | — | 84.2 | 84.2 | — | — | 77.6 | 77.6 | ||||||||||||||||
Credit card arrangements with partners | — | — | 1.5 | 1.5 | ||||||||||||||||||||
Custody indemnifications and other | 51.6 | 0.1 | — | 51.7 | 47.3 | 0.1 | 1.6 | 49.0 | ||||||||||||||||
Total | $ | 127.4 | $ | 19.6 | $ | 254.9 | $ | 401.9 | $ | 120.4 | $ | 17.5 | $ | 281.7 | $ | 419.6 |
Maximum potential amount of future payments | ||||||||||||
In billions of dollars at December 31, 2016 | Investment grade | Non-investment grade | Not rated | Total | ||||||||
Financial standby letters of credit | $ | 66.8 | $ | 13.4 | $ | 12.9 | $ | 93.1 | ||||
Performance guarantees | 6.3 | 4.0 | 0.8 | 11.1 | ||||||||
Derivative instruments deemed to be guarantees | — | — | 87.2 | 87.2 | ||||||||
Loans sold with recourse | — | — | 0.2 | 0.2 | ||||||||
Securities lending indemnifications | — | — | 80.3 | 80.3 | ||||||||
Credit card merchant processing | — | — | 86.4 | 86.4 | ||||||||
Credit card arrangements with partners | — | — | 1.5 | 1.5 | ||||||||
Custody indemnifications and other | 45.3 | 0.1 | — | 45.4 | ||||||||
Total | $ | 118.4 | $ | 17.5 | $ | 269.3 | $ | 405.2 |
In millions of dollars | U.S. | Outside of U.S. | September 30, 2016 | December 31, 2015 | U.S. | Outside of U.S. | March 31, 2017 | December 31, 2016 | ||||||||||||||||
Commercial and similar letters of credit | $ | 1,268 | $ | 4,209 | $ | 5,477 | $ | 6,102 | $ | 795 | $ | 4,790 | $ | 5,585 | $ | 5,736 | ||||||||
One- to four-family residential mortgages | 1,644 | 1,810 | 3,454 | 3,196 | 1,283 | 1,698 | 2,981 | 2,838 | ||||||||||||||||
Revolving open-end loans secured by one- to four-family residential properties | 11,939 | 1,621 | 13,560 | 14,726 | 11,900 | 1,542 | 13,442 | 13,405 | ||||||||||||||||
Commercial real estate, construction and land development | 8,414 | 1,593 | 10,007 | 10,522 | 9,562 | 1,318 | 10,880 | 10,781 | ||||||||||||||||
Credit card lines | 571,251 | 99,088 | 670,339 | 573,057 | 576,402 | 97,286 | 673,688 | 664,335 | ||||||||||||||||
Commercial and other consumer loan commitments | 161,524 | 91,791 | 253,315 | 271,076 | 174,429 | 96,164 | 270,593 | 259,934 | ||||||||||||||||
Other commitments and contingencies | 2,477 | 9,021 | 11,498 | 9,982 | 3,723 | 9,290 | 13,013 | 11,267 | ||||||||||||||||
Total | $ | 758,517 | $ | 209,133 | $ | 967,650 | $ | 888,661 | $ | 778,094 | $ | 212,088 | $ | 990,182 | $ | 968,296 |
Three Months Ended September 30, 2016 | Three months ended March 31, 2017 | |||||||||||||||||||||||||||||||||||||||
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 | $ | 4,000 | $ | — | $ | — | $ | (4,000 | ) | $ | — | $ | 3,750 | $ | — | $ | — | $ | (3,750 | ) | $ | — | ||||||||||||||||||
Interest revenue | 2 | 1,158 | 13,493 | — | 14,653 | 1 | 1,027 | 13,395 | — | 14,423 | ||||||||||||||||||||||||||||||
Interest revenue—intercompany | 695 | 148 | (843 | ) | — | — | 793 | 157 | (950 | ) | — | — | ||||||||||||||||||||||||||||
Interest expense | 1,102 | 345 | 1,727 | — | 3,174 | 1,218 | 396 | 1,952 | — | 3,566 | ||||||||||||||||||||||||||||||
Interest expense—intercompany | 61 | 401 | (462 | ) | — | — | 90 | 426 | (516 | ) | — | — | ||||||||||||||||||||||||||||
Net interest revenue | $ | (466 | ) | $ | 560 | $ | 11,385 | $ | — | $ | 11,479 | $ | (514 | ) | $ | 362 | $ | 11,009 | $ | — | $ | 10,857 | ||||||||||||||||||
Commissions and fees | $ | — | $ | 1,062 | $ | 1,582 | $ | — | $ | 2,644 | $ | — | $ | 1,255 | $ | 1,504 | $ | — | $ | 2,759 | ||||||||||||||||||||
Commissions and fees—intercompany | — | 63 | (63 | ) | — | — | — | 2 | (2 | ) | — | — | ||||||||||||||||||||||||||||
Principal transactions | (1,103 | ) | 1,600 | 1,741 | — | 2,238 | (163 | ) | 1,606 | 1,579 | — | 3,022 | ||||||||||||||||||||||||||||
Principal transactions—intercompany | 977 | (470 | ) | (507 | ) | — | — | 204 | (682 | ) | 478 | — | — | |||||||||||||||||||||||||||
Other income | 482 | 51 | 866 | — | 1,399 | (39 | ) | 74 | 1,447 | — | 1,482 | |||||||||||||||||||||||||||||
Other income—intercompany | (501 | ) | 51 | 450 | — | — | (123 | ) | 34 | 89 | — | — | ||||||||||||||||||||||||||||
Total non-interest revenues | $ | (145 | ) | $ | 2,357 | $ | 4,069 | $ | — | $ | 6,281 | $ | (121 | ) | $ | 2,289 | $ | 5,095 | $ | — | $ | 7,263 | ||||||||||||||||||
Total revenues, net of interest expense | $ | 3,389 | $ | 2,917 | $ | 15,454 | $ | (4,000 | ) | $ | 17,760 | $ | 3,115 | $ | 2,651 | $ | 16,104 | $ | (3,750 | ) | $ | 18,120 | ||||||||||||||||||
Provisions for credit losses and for benefits and claims | $ | — | $ | — | $ | 1,736 | $ | — | $ | 1,736 | $ | — | $ | — | $ | 1,662 | $ | — | $ | 1,662 | ||||||||||||||||||||
Operating expenses | 0 | |||||||||||||||||||||||||||||||||||||||
Compensation and benefits | $ | 26 | $ | 1,150 | $ | 4,027 | $ | — | $ | 5,203 | $ | (14 | ) | $ | 1,262 | $ | 4,286 | $ | — | $ | 5,534 | |||||||||||||||||||
Compensation and benefits—intercompany | 8 | — | (8 | ) | — | — | 31 | — | (31 | ) | — | — | ||||||||||||||||||||||||||||
Other operating | (103 | ) | 444 | 4,860 | — | 5,201 | 28 | 406 | 4,509 | — | 4,943 | |||||||||||||||||||||||||||||
Other operating—intercompany | 133 | 379 | (512 | ) | — | — | (59 | ) | 468 | (409 | ) | — | — | |||||||||||||||||||||||||||
Total operating expenses | $ | 64 | $ | 1,973 | $ | 8,367 | $ | — | $ | 10,404 | $ | (14 | ) | $ | 2,136 | $ | 8,355 | $ | — | $ | 10,477 | |||||||||||||||||||
Income (loss) before income taxes and equity in undistributed income of subsidiaries | $ | 3,325 | $ | 944 | $ | 5,351 | $ | (4,000 | ) | $ | 5,620 | |||||||||||||||||||||||||||||
Equity in undistributed income of subsidiaries | 587 | — | — | (587 | ) | — | ||||||||||||||||||||||||||||||||||
Income (loss) from continuing operations before income taxes | $ | 3,716 | $ | 515 | $ | 6,087 | $ | (4,337 | ) | $ | 5,981 | |||||||||||||||||||||||||||||
Provision (benefit) for income taxes | (395 | ) | 345 | 1,783 | — | 1,733 | (374 | ) | 215 | 2,022 | — | 1,863 | ||||||||||||||||||||||||||||
Equity in undistributed income of subsidiaries | 120 | — | — | (120 | ) | — | ||||||||||||||||||||||||||||||||||
Income (loss) from continuing operations | $ | 3,840 | $ | 599 | $ | 3,568 | $ | (4,120 | ) | $ | 3,887 | $ | 4,090 | $ | 300 | $ | 4,065 | $ | (4,337 | ) | $ | 4,118 | ||||||||||||||||||
Loss from discontinued operations, net of taxes | — | — | (30 | ) | — | (30 | ) | — | — | (18 | ) | — | (18 | ) | ||||||||||||||||||||||||||
Net income (loss) before attribution of noncontrolling interests | $ | 3,840 | $ | 599 | $ | 3,538 | $ | (4,120 | ) | $ | 3,857 | $ | 4,090 | $ | 300 | $ | 4,047 | $ | (4,337 | ) | $ | 4,100 | ||||||||||||||||||
Net income (loss) attributable to noncontrolling interests | — | (9 | ) | 26 | — | 17 | ||||||||||||||||||||||||||||||||||
Net income (loss) after attribution of noncontrolling interests | $ | 3,840 | $ | 608 | $ | 3,512 | $ | (4,120 | ) | $ | 3,840 | |||||||||||||||||||||||||||||
Noncontrolling interests | — | — | 10 | — | 10 | |||||||||||||||||||||||||||||||||||
Net income (loss) | $ | 4,090 | $ | 300 | $ | 4,037 | $ | (4,337 | ) | $ | 4,090 | |||||||||||||||||||||||||||||
Comprehensive income | $ | — | ||||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss) | $ | (1,078 | ) | $ | (86 | ) | $ | (1,019 | ) | $ | 1,105 | $ | (1,078 | ) | ||||||||||||||||||||||||||
Comprehensive income | $ | 2,762 | $ | 522 | $ | 2,493 | $ | (3,015 | ) | $ | 2,762 | |||||||||||||||||||||||||||||
Add: Other comprehensive income (loss) | 1,464 | (20 | ) | (3,721 | ) | 3,741 | 1,464 | |||||||||||||||||||||||||||||||||
Total Citigroup comprehensive income (loss) | $ | 5,554 | $ | 280 | $ | 316 | $ | (596 | ) | $ | 5,554 | |||||||||||||||||||||||||||||
Add: Other comprehensive income attributable to noncontrolling interests | — | — | — | — | 31 | — | 31 | |||||||||||||||||||||||||||||||||
Add: Net income attributable to noncontrolling interests | — | — | — | — | 10 | — | 10 | |||||||||||||||||||||||||||||||||
Total comprehensive income (loss) | $ | 5,554 | $ | 280 | $ | 357 | $ | (596 | ) | $ | 5,595 |
Three Months Ended September 30, 2015 | |||||||||||||||||||
In millions of dollars | Citigroup parent company | CGMHI | Other Citigroup subsidiaries and eliminations | Consolidating adjustments | Citigroup consolidated | ||||||||||||||
Revenues | |||||||||||||||||||
Dividends from subsidiaries | $ | 3,600 | $ | — | $ | — | $ | (3,600 | ) | $ | — | ||||||||
Interest revenue | 2 | 1,116 | 13,596 | — | 14,714 | ||||||||||||||
Interest revenue—intercompany | 739 | 60 | (799 | ) | — | — | |||||||||||||
Interest expense | 1,121 | 236 | 1,584 | — | 2,941 | ||||||||||||||
Interest expense—intercompany | (80 | ) | 334 | (254 | ) | — | — | ||||||||||||
Net interest revenue | $ | (300 | ) | $ | 606 | $ | 11,467 | $ | — | $ | 11,773 | ||||||||
Commissions and fees | $ | — | $ | 1,043 | $ | 1,689 | $ | — | $ | 2,732 | |||||||||
Commissions and fees—intercompany | — | 29 | (29 | ) | — | — | |||||||||||||
Principal transactions | 735 | 4,707 | (4,115 | ) | — | 1,327 | |||||||||||||
Principal transactions—intercompany | (774 | ) | (4,418 | ) | 5,192 | — | — | ||||||||||||
Other income | (713 | ) | 299 | 3,274 | — | 2,860 | |||||||||||||
Other income—intercompany | 1,012 | 464 | (1,476 | ) | — | — | |||||||||||||
Total non-interest revenues | $ | 260 | $ | 2,124 | $ | 4,535 | $ | — | $ | 6,919 | |||||||||
Total revenues, net of interest expense | $ | 3,560 | $ | 2,730 | $ | 16,002 | $ | (3,600 | ) | $ | 18,692 | ||||||||
Provisions for credit losses and for benefits and claims | $ | — | $ | — | $ | 1,836 | $ | — | $ | 1,836 | |||||||||
Operating expenses | |||||||||||||||||||
Compensation and benefits | $ | (70 | ) | $ | 1,253 | $ | 4,138 | $ | — | $ | 5,321 | ||||||||
Compensation and benefits—intercompany | 24 | — | (24 | ) | — | — | |||||||||||||
Other operating | 70 | 514 | 4,764 | — | 5,348 | ||||||||||||||
Other operating—intercompany | 36 | 298 | (334 | ) | — | — | |||||||||||||
Total operating expenses | $ | 60 | $ | 2,065 | $ | 8,544 | $ | — | $ | 10,669 | |||||||||
Income (loss) before income taxes and equity in undistributed income of subsidiaries | $ | 3,500 | $ | 665 | $ | 5,622 | $ | (3,600 | ) | $ | 6,187 | ||||||||
Provision (benefit) for income taxes | (60 | ) | 293 | 1,648 | — | 1,881 | |||||||||||||
Equity in undistributed income of subsidiaries | 731 | — | — | (731 | ) | — | |||||||||||||
Income (loss) from continuing operations | $ | 4,291 | $ | 372 | $ | 3,974 | $ | (4,331 | ) | $ | 4,306 | ||||||||
Income from discontinued operations, net of taxes | — | — | (10 | ) | — | (10 | ) | ||||||||||||
Net income (loss) before attribution of noncontrolling interests | $ | 4,291 | $ | 372 | $ | 3,964 | $ | (4,331 | ) | $ | 4,296 | ||||||||
Net income (loss) attributable to noncontrolling interests | — | 9 | (4 | ) | — | 5 | |||||||||||||
Net income (loss) after attribution of noncontrolling interests | $ | 4,291 | $ | 363 | $ | 3,968 | $ | (4,331 | ) | $ | 4,291 | ||||||||
Comprehensive income | |||||||||||||||||||
Other comprehensive income (loss) | $ | (2,153 | ) | $ | 12 | $ | 5,323 | $ | (5,335 | ) | $ | (2,153 | ) | ||||||
Comprehensive income | $ | 2,138 | $ | 375 | $ | 9,291 | $ | (9,666 | ) | $ | 2,138 |
Nine months ended September 30, 2016 | |||||||||||||||||||
In millions of dollars | Citigroup parent company | CGMHI | Other Citigroup subsidiaries and eliminations | Consolidating adjustments | Citigroup consolidated | ||||||||||||||
Revenues | |||||||||||||||||||
Dividends from subsidiaries | $ | 9,700 | $ | — | $ | — | $ | (9,700 | ) | $ | — | ||||||||
Interest revenue | 5 | 3,555 | 39,616 | — | 43,176 | ||||||||||||||
Interest revenue—intercompany | 2,235 | 423 | (2,658 | ) | — | — | |||||||||||||
Interest expense | 3,266 | 1,110 | 4,858 | — | 9,234 | ||||||||||||||
Interest expense—intercompany | 140 | 1,246 | (1,386 | ) | — | — | |||||||||||||
Net interest revenue | $ | (1,166 | ) | $ | 1,622 | $ | 33,486 | $ | — | $ | 33,942 | ||||||||
Commissions and fees | $ | — | $ | 3,141 | $ | 4,691 | $ | — | $ | 7,832 | |||||||||
Commissions and fees—intercompany | (19 | ) | 33 | (14 | ) | — | — | ||||||||||||
Principal transactions | (1,498 | ) | 3,857 | 3,535 | — | 5,894 | |||||||||||||
Principal transactions—intercompany | 1,018 | (1,513 | ) | 495 | — | — | |||||||||||||
Other income | (3,197 | ) | 178 | 8,214 | — | 5,195 | |||||||||||||
Other income—intercompany | 3,495 | 250 | (3,745 | ) | — | — | |||||||||||||
Total non-interest revenues | $ | (201 | ) | $ | 5,946 | $ | 13,176 | $ | — | $ | 18,921 | ||||||||
Total revenues, net of interest expense | $ | 8,333 | $ | 7,568 | $ | 46,662 | $ | (9,700 | ) | $ | 52,863 | ||||||||
Provisions for credit losses and for benefits and claims | $ | — | $ | — | $ | 5,190 | $ | — | $ | 5,190 | |||||||||
Operating expenses | |||||||||||||||||||
Compensation and benefits | $ | 18 | $ | 3,641 | $ | 12,329 | $ | — | $ | 15,988 | |||||||||
Compensation and benefits—intercompany | 34 | — | (34 | ) | — | — | |||||||||||||
Other operating | 377 | 1,242 | 13,689 | — | 15,308 | ||||||||||||||
Other operating—intercompany | 213 | 1,008 | (1,221 | ) | — | — | |||||||||||||
Total operating expenses | $ | 642 | $ | 5,891 | $ | 24,763 | $ | — | $ | 31,296 | |||||||||
Income (loss) before income taxes and equity in undistributed income of subsidiaries | $ | 7,691 | $ | 1,677 | $ | 16,709 | $ | (9,700 | ) | $ | 16,377 | ||||||||
Provision (benefit) for income taxes | (875 | ) | 539 | 5,271 | — | 4,935 | |||||||||||||
Equity in undistributed income of subsidiaries | 2,773 | — | — | (2,773 | ) | — | |||||||||||||
Income (loss) from continuing operations | $ | 11,339 | $ | 1,138 | $ | 11,438 | $ | (12,473 | ) | $ | 11,442 | ||||||||
Loss from discontinued operations, net of taxes | — | — | (55 | ) | — | (55 | ) | ||||||||||||
Net income (loss) before attribution of noncontrolling interests | $ | 11,339 | $ | 1,138 | $ | 11,383 | $ | (12,473 | ) | $ | 11,387 | ||||||||
Net income (loss) attributable to noncontrolling interests | — | (10 | ) | 58 | — | 48 | |||||||||||||
Net income (loss) after attribution of noncontrolling interests | $ | 11,339 | $ | 1,148 | $ | 11,325 | $ | (12,473 | ) | $ | 11,339 | ||||||||
Comprehensive income | |||||||||||||||||||
Other comprehensive income (loss) | $ | 2,166 | $ | (28 | ) | $ | 2,589 | $ | (2,561 | ) | $ | 2,166 | |||||||
Comprehensive income | $ | 13,505 | $ | 1,120 | $ | 13,914 | $ | (15,034 | ) | $ | 13,505 |
Nine months ended September 30, 2015 | Three months ended March 31, 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 | $ | 8,200 | $ | — | $ | — | $ | (8,200 | ) | $ | — | $ | 2,800 | $ | — | $ | — | $ | (2,800 | ) | $ | — | ||||||||||||||||
Interest revenue | 7 | 3,363 | 40,817 | — | 44,187 | 2 | 1,146 | 13,019 | — | 14,167 | ||||||||||||||||||||||||||||
Interest revenue—intercompany | 2,122 | 180 | (2,302 | ) | — | — | 872 | 136 | (1,008 | ) | — | — | ||||||||||||||||||||||||||
Interest expense | 3,430 | 741 | 4,849 | — | 9,020 | 1,070 | 364 | 1,506 | — | 2,940 | ||||||||||||||||||||||||||||
Interest expense—intercompany | (411 | ) | 935 | (524 | ) | — | — | 41 | 429 | (470 | ) | — | — | |||||||||||||||||||||||||
Net interest revenue | $ | (890 | ) | $ | 1,867 | $ | 34,190 | $ | — | $ | 35,167 | $ | (237 | ) | $ | 489 | $ | 10,975 | $ | — | $ | 11,227 | ||||||||||||||||
Commissions and fees | $ | — | $ | 3,707 | $ | 5,389 | $ | — | $ | 9,096 | $ | — | $ | 960 | $ | 1,503 | $ | — | $ | 2,463 | ||||||||||||||||||
Commissions and fees—intercompany | — | 132 | (132 | ) | — | — | (2 | ) | (6 | ) | 8 | — | — | |||||||||||||||||||||||||
Principal transactions | 1,192 | 6,896 | (2,617 | ) | — | 5,471 | (209 | ) | (137 | ) | 2,186 | — | 1,840 | |||||||||||||||||||||||||
Principal transactions—intercompany | (1,443 | ) | (5,252 | ) | 6,695 | — | — | 258 | 748 | (1,006 | ) | — | — | |||||||||||||||||||||||||
Other income | 2,463 | 326 | 5,375 | — | 8,164 | (3,094 | ) | 76 | 5,043 | — | 2,025 | |||||||||||||||||||||||||||
Other income—intercompany | (1,602 | ) | 1,004 | 598 | — | — | 3,260 | (140 | ) | (3,120 | ) | — | — | |||||||||||||||||||||||||
Total non-interest revenues | $ | 610 | $ | 6,813 | $ | 15,308 | $ | — | $ | 22,731 | $ | 213 | $ | 1,501 | $ | 4,614 | $ | — | $ | 6,328 | ||||||||||||||||||
Total revenues, net of interest expense | $ | 7,920 | $ | 8,680 | $ | 49,498 | $ | (8,200 | ) | $ | 57,898 | $ | 2,776 | $ | 1,990 | $ | 15,589 | $ | (2,800 | ) | $ | 17,555 | ||||||||||||||||
Provisions for credit losses and for benefits and claims | $ | — | $ | — | $ | 5,399 | $ | — | $ | 5,399 | $ | — | $ | — | $ | 2,045 | $ | — | $ | 2,045 | ||||||||||||||||||
Operating expenses | ||||||||||||||||||||||||||||||||||||||
Compensation and benefits | $ | (22 | ) | $ | 3,764 | $ | 12,582 | $ | — | $ | 16,324 | $ | 8 | $ | 1,289 | $ | 4,259 | $ | — | $ | 5,556 | |||||||||||||||||
Compensation and benefits—intercompany | 54 | — | (54 | ) | — | — | 3 | — | (3 | ) | — | — | ||||||||||||||||||||||||||
Other operating | 30 | 1,462 | 14,665 | — | 16,157 | 267 | 386 | 4,314 | — | 4,967 | ||||||||||||||||||||||||||||
Other operating—intercompany | 166 | 903 | (1,069 | ) | — | — | 1 | 307 | (308 | ) | — | — | ||||||||||||||||||||||||||
Total operating expenses | $ | 228 | $ | 6,129 | $ | 26,124 | $ | — | $ | 32,481 | $ | 279 | $ | 1,982 | $ | 8,262 | $ | — | $ | 10,523 | ||||||||||||||||||
Income (loss) before income taxes and equity in undistributed income of subsidiaries | $ | 7,692 | $ | 2,551 | $ | 17,975 | $ | (8,200 | ) | $ | 20,018 | |||||||||||||||||||||||||||
Equity in undistributed income of subsidiaries | 944 | — | — | (944 | ) | — | ||||||||||||||||||||||||||||||||
Income (loss) from continuing operations before income taxes | $ | 3,441 | $ | 8 | $ | 5,282 | $ | (3,744 | ) | $ | 4,987 | |||||||||||||||||||||||||||
Provision (benefit) for income taxes | (786 | ) | 562 | 6,261 | — | 6,037 | (60 | ) | 37 | 1,502 | — | 1,479 | ||||||||||||||||||||||||||
Equity in undistributed income of subsidiaries | 5,429 | — | — | (5,429 | ) | — | ||||||||||||||||||||||||||||||||
Income (loss) from continuing operations | $ | 13,907 | $ | 1,989 | $ | 11,714 | $ | (13,629 | ) | $ | 13,981 | $ | 3,501 | $ | (29 | ) | $ | 3,780 | $ | (3,744 | ) | $ | 3,508 | |||||||||||||||
Income from discontinued operations, net of taxes | — | — | (9 | ) | — | (9 | ) | — | — | (2 | ) | — | (2 | ) | ||||||||||||||||||||||||
Net income (loss) before attribution of noncontrolling interests | $ | 13,907 | $ | 1,989 | $ | 11,705 | $ | (13,629 | ) | $ | 13,972 | $ | 3,501 | $ | (29 | ) | $ | 3,778 | $ | (3,744 | ) | $ | 3,506 | |||||||||||||||
Net income (loss) attributable to noncontrolling interests | — | 6 | 59 | — | 65 | |||||||||||||||||||||||||||||||||
Net income (loss) after attribution of noncontrolling interests | $ | 13,907 | $ | 1,983 | $ | 11,646 | $ | (13,629 | ) | $ | 13,907 | |||||||||||||||||||||||||||
Noncontrolling interests | — | 2 | 3 | — | 5 | |||||||||||||||||||||||||||||||||
Net income (loss) | $ | 3,501 | $ | (31 | ) | $ | 3,775 | $ | (3,744 | ) | $ | 3,501 | ||||||||||||||||||||||||||
Comprehensive income | ||||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss) | $ | (4,041 | ) | $ | (74 | ) | $ | (2,285 | ) | $ | 2,359 | $ | (4,041 | ) | ||||||||||||||||||||||||
Comprehensive income | $ | 9,866 | $ | 1,909 | $ | 9,361 | $ | (11,270 | ) | $ | 9,866 | |||||||||||||||||||||||||||
Add: Other comprehensive income (loss) | $ | 2,733 | $ | 47 | $ | (534 | ) | $ | 487 | $ | 2,733 | |||||||||||||||||||||||||||
Total Citigroup comprehensive income (loss) | $ | 6,234 | $ | 16 | $ | 3,241 | $ | (3,257 | ) | $ | 6,234 | |||||||||||||||||||||||||||
Add: Other comprehensive income attributable to noncontrolling interests | — | — | 27 | — | 27 | |||||||||||||||||||||||||||||||||
Add: Net income attributable to noncontrolling interests | — | 2 | 3 | — | 5 | |||||||||||||||||||||||||||||||||
Total comprehensive income (loss) | $ | 6,234 | $ | 18 | $ | 3,271 | $ | (3,257 | ) | $ | 6,266 |
September 30, 2016 | March 31, 2017 | |||||||||||||||||||||||||||||||||||||
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 | $ | — | $ | 593 | $ | 22,826 | $ | — | $ | 23,419 | $ | — | $ | 480 | $ | 21,792 | $ | — | $ | 22,272 | ||||||||||||||||||
Cash and due from banks—intercompany | 131 | 2,241 | (2,372 | ) | — | — | 352 | 3,167 | (3,519 | ) | — | — | ||||||||||||||||||||||||||
Federal funds sold and resale agreements | — | 197,446 | 38,599 | — | 236,045 | — | 196,387 | 46,542 | — | 242,929 | ||||||||||||||||||||||||||||
Federal funds sold and resale agreements—intercompany | — | 8,164 | (8,164 | ) | — | — | — | 14,742 | (14,742 | ) | — | — | ||||||||||||||||||||||||||
Trading account assets | (97 | ) | 141,187 | 122,262 | — | 263,352 | 1 | 128,414 | 116,488 | — | 244,903 | |||||||||||||||||||||||||||
Trading account assets—intercompany | 656 | 1,148 | (1,804 | ) | — | — | 991 | 3,173 | (4,164 | ) | — | — | ||||||||||||||||||||||||||
Investments | 193 | 353 | 354,394 | — | 354,940 | 43 | 217 | 345,573 | — | 345,833 | ||||||||||||||||||||||||||||
Loans, net of unearned income | — | 749 | 637,686 | — | 638,435 | — | 1,269 | 627,326 | — | 628,595 | ||||||||||||||||||||||||||||
Loans, net of unearned income—intercompany | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||
Allowance for loan losses | — | — | (12,439 | ) | — | (12,439 | ) | — | — | (12,030 | ) | — | (12,030 | ) | ||||||||||||||||||||||||
Total loans, net | $ | — | $ | 749 | $ | 625,247 | $ | — | $ | 625,996 | $ | — | $ | 1,269 | $ | 615,296 | $ | — | $ | 616,565 | ||||||||||||||||||
Advances to subsidiaries | $ | 115,107 | $ | — | $ | (115,107 | ) | $ | — | $ | — | $ | 143,808 | $ | — | $ | (143,808 | ) | $ | — | $ | — | ||||||||||||||||
Investments in subsidiaries | 232,108 | — | — | (232,108 | ) | — | 228,432 | — | — | (228,432 | ) | — | ||||||||||||||||||||||||||
Other assets (1) | 24,243 | 40,433 | 249,689 | — | 314,365 | 23,924 | 51,968 | 273,241 | — | 349,133 | ||||||||||||||||||||||||||||
Other assets—intercompany | 55,500 | 32,526 | (88,026 | ) | — | — | 8,229 | 58,770 | (66,999 | ) | — | — | ||||||||||||||||||||||||||
Total assets | $ | 427,841 | $ | 424,840 | $ | 1,197,544 | $ | (232,108 | ) | $ | 1,818,117 | $ | 405,780 | $ | 458,587 | $ | 1,185,700 | $ | (228,432 | ) | $ | 1,821,635 | ||||||||||||||||
Liabilities and equity | ||||||||||||||||||||||||||||||||||||||
Deposits | $ | — | $ | — | $ | 940,252 | $ | — | $ | 940,252 | $ | — | $ | — | $ | 949,990 | $ | — | $ | 949,990 | ||||||||||||||||||
Deposits—intercompany | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||
Federal funds purchased and securities loaned or sold | — | 133,214 | 19,910 | — | 153,124 | — | 128,196 | 20,034 | — | 148,230 | ||||||||||||||||||||||||||||
Federal funds purchased and securities loaned or sold—intercompany | — | 23,538 | (23,538 | ) | — | — | — | 20,807 | (20,807 | ) | — | — | ||||||||||||||||||||||||||
Trading account liabilities | — | 84,252 | 47,397 | — | 131,649 | 7 | 94,791 | 49,272 | — | 144,070 | ||||||||||||||||||||||||||||
Trading account liabilities—intercompany | 563 | 1,303 | (1,866 | ) | — | — | 819 | 2,834 | (3,653 | ) | — | — | ||||||||||||||||||||||||||
Short-term borrowings | 1 | 1,439 | 28,087 | — | 29,527 | — | 1,961 | 24,166 | — | 26,127 | ||||||||||||||||||||||||||||
Short-term borrowings—intercompany | — | 34,190 | (34,190 | ) | — | — | — | 65,562 | (65,562 | ) | — | — | ||||||||||||||||||||||||||
Long-term debt | 149,042 | 6,993 | 53,016 | — | 209,051 | 141,626 | 15,017 | 51,887 | — | 208,530 | ||||||||||||||||||||||||||||
Long-term debt—intercompany | — | 38,573 | (38,573 | ) | — | — | — | 28,781 | (28,781 | ) | — | — | ||||||||||||||||||||||||||
Advances from subsidiaries | 34,135 | — | (34,135 | ) | — | — | 26,357 | — | (26,357 | ) | — | — | ||||||||||||||||||||||||||
Other liabilities | 3,547 | 68,047 | 50,230 | — | 121,824 | 3,346 | 66,324 | 45,865 | — | 115,535 | ||||||||||||||||||||||||||||
Other liabilities—intercompany | 8,978 | 704 | (9,682 | ) | — | — | 5,493 | 1,263 | (6,756 | ) | — | — | ||||||||||||||||||||||||||
Stockholders’ equity | 231,575 | 32,587 | 200,636 | (232,108 | ) | 232,690 | 228,132 | 33,051 | 196,402 | (228,432 | ) | 229,153 | ||||||||||||||||||||||||||
Total liabilities and equity | $ | 427,841 | $ | 424,840 | $ | 1,197,544 | $ | (232,108 | ) | $ | 1,818,117 | $ | 405,780 | $ | 458,587 | $ | 1,185,700 | $ | (228,432 | ) | $ | 1,821,635 |
(1) | Other assets for Citigroup parent company at |
December 31, 2015 | December 31, 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 | $ | — | $ | 592 | $ | 20,308 | $ | — | $ | 20,900 | $ | — | $ | 870 | $ | 22,173 | $ | — | $ | 23,043 | ||||||||||||||||||
Cash and due from banks—intercompany | 124 | 1,403 | (1,527 | ) | — | — | 142 | 3,820 | (3,962 | ) | — | — | ||||||||||||||||||||||||||
Federal funds sold and resale agreements | — | 178,178 | 41,497 | — | 219,675 | — | 196,236 | 40,577 | — | 236,813 | ||||||||||||||||||||||||||||
Federal funds sold and resale agreements—intercompany | — | 15,035 | (15,035 | ) | — | — | — | 12,270 | (12,270 | ) | — | — | ||||||||||||||||||||||||||
Trading account assets | (8 | ) | 124,731 | 125,233 | — | 249,956 | 6 | 121,484 | 122,435 | — | 243,925 | |||||||||||||||||||||||||||
Trading account assets—intercompany | 1,032 | 1,765 | (2,797 | ) | — | — | 1,173 | 907 | (2,080 | ) | — | — | ||||||||||||||||||||||||||
Investments | 484 | 402 | 342,069 | — | 342,955 | 173 | 335 | 352,796 | — | 353,304 | ||||||||||||||||||||||||||||
Loans, net of unearned income | — | 1,068 | 616,549 | — | 617,617 | — | 575 | 623,794 | — | 624,369 | ||||||||||||||||||||||||||||
Loans, net of unearned income—intercompany | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||
Allowance for loan losses | — | (3 | ) | (12,623 | ) | — | (12,626 | ) | — | — | (12,060 | ) | — | (12,060 | ) | |||||||||||||||||||||||
Total loans, net | $ | — | $ | 1,065 | $ | 603,926 | $ | — | $ | 604,991 | $ | — | $ | 575 | $ | 611,734 | $ | — | $ | 612,309 | ||||||||||||||||||
Advances to subsidiaries | $ | 104,405 | $ | — | $ | (104,405 | ) | $ | — | $ | — | $ | 143,154 | $ | — | $ | (143,154 | ) | $ | — | $ | — | ||||||||||||||||
Investments in subsidiaries | 221,362 | — | — | (221,362 | ) | — | 226,279 | — | — | (226,279 | ) | — | ||||||||||||||||||||||||||
Other assets(1) | 25,819 | 36,860 | 230,054 | — | 292,733 | 23,734 | 46,095 | 252,854 | — | 322,683 | ||||||||||||||||||||||||||||
Other assets—intercompany | 58,207 | 30,737 | (88,944 | ) | �� | — | — | 27,845 | 38,207 | (66,052 | ) | — | — | |||||||||||||||||||||||||
Total assets | $ | 411,425 | $ | 390,768 | $ | 1,150,379 | $ | (221,362 | ) | $ | 1,731,210 | $ | 422,506 | $ | 420,799 | $ | 1,175,051 | $ | (226,279 | ) | $ | 1,792,077 | ||||||||||||||||
Liabilities and equity | ||||||||||||||||||||||||||||||||||||||
Deposits | $ | — | $ | — | $ | 907,887 | $ | — | $ | 907,887 | $ | — | $ | — | $ | 929,406 | $ | — | $ | 929,406 | ||||||||||||||||||
Deposits—intercompany | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||
Federal funds purchased and securities loaned or sold | — | 122,459 | 24,037 | — | 146,496 | — | 122,320 | 19,501 | — | 141,821 | ||||||||||||||||||||||||||||
Federal funds purchased and securities loaned or sold—intercompany | 185 | 22,042 | (22,227 | ) | — | — | — | 25,417 | (25,417 | ) | — | — | ||||||||||||||||||||||||||
Trading account liabilities | — | 62,386 | 55,126 | — | 117,512 | — | 87,714 | 51,331 | — | 139,045 | ||||||||||||||||||||||||||||
Trading account liabilities—intercompany | 1,036 | 2,045 | (3,081 | ) | — | — | 1,006 | 868 | (1,874 | ) | — | — | ||||||||||||||||||||||||||
Short-term borrowings | 146 | 188 | 20,745 | — | 21,079 | — | 1,356 | 29,345 | — | 30,701 | ||||||||||||||||||||||||||||
Short-term borrowings—intercompany | — | 34,916 | (34,916 | ) | — | — | — | 35,596 | (35,596 | ) | — | — | ||||||||||||||||||||||||||
Long-term debt | 141,914 | 2,530 | 56,831 | — | 201,275 | 147,333 | 8,128 | 50,717 | — | 206,178 | ||||||||||||||||||||||||||||
Long-term debt—intercompany | — | 51,171 | (51,171 | ) | — | — | — | 41,287 | (41,287 | ) | — | — | ||||||||||||||||||||||||||
Advances from subsidiaries | 36,453 | — | (36,453 | ) | — | — | 41,258 | — | (41,258 | ) | — | — | ||||||||||||||||||||||||||
Other liabilities | 3,560 | 55,482 | 54,827 | — | 113,869 | 3,466 | 57,430 | 57,887 | — | 118,783 | ||||||||||||||||||||||||||||
Other liabilities—intercompany | 6,274 | 10,967 | (17,241 | ) | — | — | 4,323 | 7,894 | (12,217 | ) | — | — | ||||||||||||||||||||||||||
Stockholders’ equity | 221,857 | 26,582 | 196,015 | (221,362 | ) | 223,092 | 225,120 | 32,789 | 194,513 | (226,279 | ) | 226,143 | ||||||||||||||||||||||||||
Total liabilities and equity | $ | 411,425 | $ | 390,768 | $ | 1,150,379 | $ | (221,362 | ) | $ | 1,731,210 | $ | 422,506 | $ | 420,799 | $ | 1,175,051 | $ | (226,279 | ) | $ | 1,792,077 |
(1) | Other assets for Citigroup parent company at December 31, |
Nine months ended September 30, 2016 | Three months ended March 31, 2017 | |||||||||||||||||||||||||||||||||||||
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 operating activities of continuing operations | $ | 16,685 | $ | 5,285 | $ | 6,364 | $ | — | $ | 28,334 | ||||||||||||||||||||||||||||
Net cash provided by (used in) operating activities of continuing operations | $ | 24,958 | $ | (3,405 | ) | $ | (24,559 | ) | $ | — | $ | (3,006 | ) | |||||||||||||||||||||||||
Cash flows from investing activities of continuing operations | ||||||||||||||||||||||||||||||||||||||
Purchases of investments | $ | — | $ | — | $ | (155,804 | ) | $ | — | $ | (155,804 | ) | $ | — | $ | — | $ | (41,584 | ) | $ | — | $ | (41,584 | ) | ||||||||||||||
Proceeds from sales of investments | 229 | — | 98,943 | — | 99,172 | 116 | — | 29,340 | — | 29,456 | ||||||||||||||||||||||||||||
Proceeds from maturities of investments | 61 | — | 52,546 | — | 52,607 | — | — | 24,006 | — | 24,006 | ||||||||||||||||||||||||||||
Change in deposits with banks | — | (1,464 | ) | (18,910 | ) | — | (20,374 | ) | — | 6,514 | (26,836 | ) | — | (20,322 | ) | |||||||||||||||||||||||
Change in loans | — | — | (42,163 | ) | — | (42,163 | ) | — | — | (7,953 | ) | — | (7,953 | ) | ||||||||||||||||||||||||
Proceeds from sales and securitizations of loans | — | — | 12,676 | — | 12,676 | — | — | 3,191 | — | 3,191 | ||||||||||||||||||||||||||||
Proceeds from significant disposals | — | — | 265 | — | 265 | — | — | 2,732 | — | 2,732 | ||||||||||||||||||||||||||||
Change in federal funds sold and resales | — | (12,398 | ) | (3,972 | ) | — | (16,370 | ) | — | (2,623 | ) | (3,493 | ) | — | (6,116 | ) | ||||||||||||||||||||||
Changes in investments and advances—intercompany | (14,378 | ) | (23 | ) | 14,401 | — | — | (569 | ) | (5,007 | ) | 5,576 | — | — | ||||||||||||||||||||||||
Other investing activities | 2,962 | — | (4,587 | ) | — | (1,625 | ) | — | — | (653 | ) | — | (653 | ) | ||||||||||||||||||||||||
Net cash used in investing activities of continuing operations | $ | (11,126 | ) | $ | (13,885 | ) | $ | (46,605 | ) | $ | — | $ | (71,616 | ) | $ | (453 | ) | $ | (1,116 | ) | $ | (15,674 | ) | $ | — | $ | (17,243 | ) | ||||||||||
Cash flows from financing activities of continuing operations | ||||||||||||||||||||||||||||||||||||||
Dividends paid | $ | (1,517 | ) | $ | — | $ | — | $ | — | $ | (1,517 | ) | $ | (744 | ) | $ | — | $ | — | $ | — | $ | (744 | ) | ||||||||||||||
Issuance of preferred stock | 2,498 | — | — | — | 2,498 | |||||||||||||||||||||||||||||||||
Treasury stock acquired | (5,167 | ) | — | — | — | (5,167 | ) | (1,858 | ) | — | — | — | (1,858 | ) | ||||||||||||||||||||||||
Proceeds (repayments) from issuance of long-term debt, net | 1,613 | 4,196 | (2,806 | ) | — | 3,003 | (6,395 | ) | 5,175 | 938 | — | (282 | ) | |||||||||||||||||||||||||
Proceeds (repayments) from issuance of long-term debt—intercompany, net | — | (12,533 | ) | 12,533 | — | — | — | (12,506 | ) | 12,506 | — | — | ||||||||||||||||||||||||||
Change in deposits | — | — | 32,365 | — | 32,365 | — | — | 20,584 | — | 20,584 | ||||||||||||||||||||||||||||
Change in federal funds purchased and repos | — | 12,251 | (5,623 | ) | — | 6,628 | — | 1,266 | 5,143 | — | 6,409 | |||||||||||||||||||||||||||
Change in short-term borrowings | (163 | ) | 1,251 | 7,360 | — | 8,448 | — | 605 | (5,179 | ) | — | (4,574 | ) | |||||||||||||||||||||||||
Net change in short-term borrowings and other advances—intercompany | (2,503 | ) | (726 | ) | 3,229 | — | — | (14,901 | ) | 8,938 | 5,963 | — | — | |||||||||||||||||||||||||
Capital contributions from parent | — | 5,000 | (5,000 | ) | — | — | ||||||||||||||||||||||||||||||||
Other financing activities | (313 | ) | — | — | — | (313 | ) | (397 | ) | — | — | — | (397 | ) | ||||||||||||||||||||||||
Net cash provided by (used in) financing activities of continuing operations | $ | (5,552 | ) | $ | 9,439 | $ | 42,058 | $ | — | $ | 45,945 | $ | (24,295 | ) | $ | 3,478 | $ | 39,955 | $ | — | $ | 19,138 | ||||||||||||||||
Effect of exchange rate changes on cash and due from banks | $ | — | $ | — | $ | (144 | ) | $ | — | $ | (144 | ) | $ | — | $ | — | $ | 340 | $ | — | $ | 340 | ||||||||||||||||
Change in cash and due from banks | $ | 7 | $ | 839 | $ | 1,673 | $ | — | $ | 2,519 | $ | 210 | $ | (1,043 | ) | $ | 62 | $ | — | $ | (771 | ) | ||||||||||||||||
Cash and due from banks at beginning of period | 124 | 1,995 | 18,781 | — | 20,900 | 142 | 4,690 | 18,211 | — | 23,043 | ||||||||||||||||||||||||||||
Cash and due from banks at end of period | $ | 131 | $ | 2,834 | $ | 20,454 | $ | — | $ | 23,419 | $ | 352 | $ | 3,647 | $ | 18,273 | $ | — | $ | 22,272 | ||||||||||||||||||
Supplemental disclosure of cash flow information for continuing operations | ||||||||||||||||||||||||||||||||||||||
Cash paid (refund) during the year for income taxes | $ | (265 | ) | $ | 81 | $ | 3,039 | $ | — | $ | 2,855 | $ | (139 | ) | $ | 64 | $ | 988 | $ | — | $ | 913 | ||||||||||||||||
Cash paid during the year for interest | 3,402 | 2,378 | 3,980 | — | 9,760 | 1,153 | 822 | 1,275 | — | 3,250 | ||||||||||||||||||||||||||||
Non-cash investing activities | ||||||||||||||||||||||||||||||||||||||
Transfers to loans HFS from loans | — | — | 7,900 | — | 7,900 | — | — | 2,800 | — | 2,800 | ||||||||||||||||||||||||||||
Transfers to OREO and other repossessed assets | — | — | 138 | — | 138 | — | — | 30 | — | 30 |
Nine months ended September 30, 2015 | Three months ended March 31, 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 | $ | 14,915 | $ | (1,849 | ) | $ | 28,298 | $ | — | $ | 41,364 | $ | 5,194 | $ | (2,833 | ) | $ | (2,899 | ) | $ | — | $ | (538 | ) | ||||||||||||||
Cash flows from investing activities of continuing operations | ||||||||||||||||||||||||||||||||||||||
Purchases of investments | $ | — | $ | (4 | ) | $ | (195,417 | ) | $ | — | $ | (195,421 | ) | $ | — | $ | — | $ | (59,715 | ) | $ | — | $ | (59,715 | ) | |||||||||||||
Proceeds from sales of investments | — | 53 | 113,900 | — | 113,953 | — | — | 39,268 | — | 39,268 | ||||||||||||||||||||||||||||
Proceeds from maturities of investments | 210 | — | 64,640 | — | 64,850 | 26 | — | 16,518 | — | 16,544 | ||||||||||||||||||||||||||||
Change in deposits with banks | — | (10,267 | ) | 17 | — | (10,250 | ) | — | (7,380 | ) | (16,472 | ) | — | (23,852 | ) | |||||||||||||||||||||||
Change in loans | — | — | (7,158 | ) | — | (7,158 | ) | — | — | (5,057 | ) | — | (5,057 | ) | ||||||||||||||||||||||||
Proceeds from sales and securitizations of loans | — | — | 8,127 | — | 8,127 | — | — | 1,247 | — | 1,247 | ||||||||||||||||||||||||||||
Proceeds from significant disposals | — | — | 265 | — | 265 | |||||||||||||||||||||||||||||||||
Change in federal funds sold and resales | — | 4,628 | 6,247 | — | 10,875 | — | (1,127 | ) | (4,291 | ) | — | (5,418 | ) | |||||||||||||||||||||||||
Changes in investments and advances—intercompany | (22,517 | ) | 2,207 | 20,310 | — | — | (12,271 | ) | (6,052 | ) | 18,323 | — | — | |||||||||||||||||||||||||
Other investing activities | 1 | (63 | ) | (1,939 | ) | — | (2,001 | ) | — | — | (472 | ) | — | (472 | ) | |||||||||||||||||||||||
Net cash provided by (used in) investing activities of continuing operations | $ | (22,306 | ) | $ | (3,446 | ) | $ | 8,727 | $ | — | $ | (17,025 | ) | |||||||||||||||||||||||||
Net cash used in investing activities of continuing operations | $ | (12,245 | ) | $ | (14,559 | ) | $ | (10,386 | ) | $ | — | $ | (37,190 | ) | ||||||||||||||||||||||||
Cash flows from financing activities of continuing operations | ||||||||||||||||||||||||||||||||||||||
Dividends paid | $ | (838 | ) | $ | — | $ | — | $ | — | $ | (838 | ) | $ | (359 | ) | $ | — | $ | — | $ | — | $ | (359 | ) | ||||||||||||||
Issuance of preferred stock | 4,731 | — | — | — | 4,731 | 1,004 | — | — | — | 1,004 | ||||||||||||||||||||||||||||
Treasury stock acquired | (3,800 | ) | — | — | — | (3,800 | ) | (1,312 | ) | — | — | — | (1,312 | ) | ||||||||||||||||||||||||
Proceeds (repayments) from issuance of long-term debt, net | 8,683 | (98 | ) | (6,544 | ) | — | 2,041 | 2,448 | 1,527 | (1,352 | ) | — | 2,623 | |||||||||||||||||||||||||
Proceeds (repayments) from issuance of long-term debt—intercompany, net | — | 12,514 | (12,514 | ) | — | — | — | (2,692 | ) | 2,692 | — | — | ||||||||||||||||||||||||||
Change in deposits | — | — | 4,911 | — | 4,911 | — | — | 26,704 | — | 26,704 | ||||||||||||||||||||||||||||
Change in federal funds purchased and repos | — | (5,956 | ) | 1,122 | — | (4,834 | ) | — | 12,077 | (1,365 | ) | — | 10,712 | |||||||||||||||||||||||||
Change in short-term borrowings | (529 | ) | (1,752 | ) | (33,475 | ) | — | (35,756 | ) | (109 | ) | 342 | (419 | ) | — | (186 | ) | |||||||||||||||||||||
Net change in short-term borrowings and other advances—intercompany | (434 | ) | 335 | 99 | — | — | 5,926 | 3,711 | (9,637 | ) | — | — | ||||||||||||||||||||||||||
Capital contributions from parent | — | 2,500 | (2,500 | ) | — | — | ||||||||||||||||||||||||||||||||
Other financing activities | (425 | ) | — | — | — | (425 | ) | (308 | ) | — | — | — | (308 | ) | ||||||||||||||||||||||||
Net cash provided by (used in) financing activities of continuing operations | $ | 7,388 | $ | 5,043 | $ | (46,401 | ) | $ | — | $ | (33,970 | ) | ||||||||||||||||||||||||||
Net cash provided by financing activities of continuing operations | $ | 7,290 | $ | 17,465 | $ | 14,123 | $ | — | $ | 38,878 | ||||||||||||||||||||||||||||
Effect of exchange rate changes on cash and due from banks | $ | — | $ | — | $ | (751 | ) | $ | — | $ | (751 | ) | $ | — | $ | — | $ | 190 | $ | — | $ | 190 | ||||||||||||||||
Change in cash and due from banks | $ | (3 | ) | $ | (252 | ) | $ | (10,127 | ) | $ | — | $ | (10,382 | ) | $ | 239 | $ | 73 | $ | 1,028 | $ | — | $ | 1,340 | ||||||||||||||
Cash and due from banks at beginning of period | 125 | 1,751 | 30,232 | — | 32,108 | 124 | 1,995 | 18,781 | — | 20,900 | ||||||||||||||||||||||||||||
Cash and due from banks at end of period | $ | 122 | $ | 1,499 | $ | 20,105 | $ | — | $ | 21,726 | $ | 363 | $ | 2,068 | $ | 19,809 | $ | — | $ | 22,240 | ||||||||||||||||||
Supplemental disclosure of cash flow information for continuing operations | ||||||||||||||||||||||||||||||||||||||
Cash paid (refund) during the year for income taxes | $ | 88 | $ | 157 | $ | 3,798 | $ | — | $ | 4,043 | $ | (231 | ) | $ | 20 | $ | 899 | $ | — | $ | 688 | |||||||||||||||||
Cash paid during the year for interest | 3,759 | 1,704 | 2,978 | — | 8,441 | 1,036 | 637 | 1,021 | — | 2,694 | ||||||||||||||||||||||||||||
Non-cash investing activities | ||||||||||||||||||||||||||||||||||||||
Decrease in net loans associated with significant disposals reclassified to HFS | $ | — | $ | — | $ | (9,063 | ) | $ | — | $ | (9,063 | ) | ||||||||||||||||||||||||||
Decrease in investments associated with significant disposals reclassified to HFS | — | — | (1,402 | ) | — | (1,402 | ) | |||||||||||||||||||||||||||||||
Decrease in goodwill and intangible assets associated with significant disposals reclassified to HFS | — | — | (216 | ) | — | (216 | ) | |||||||||||||||||||||||||||||||
Decrease in deposits with banks associated with significant disposals reclassified to HFS | — | — | (404 | ) | — | (404 | ) | |||||||||||||||||||||||||||||||
Decrease in goodwill associated with significant disposals reclassified to HFS | — | — | (30 | ) | — | (30 | ) | |||||||||||||||||||||||||||||||
Transfers to loans HFS from loans | — | — | 17,900 | — | 17,900 | — | — | 3,200 | — | 3,200 | ||||||||||||||||||||||||||||
Transfers to OREO and other repossessed assets | — | — | 225 | — | 225 | — | — | 56 | — | 56 | ||||||||||||||||||||||||||||
Non-cash financing activities | ||||||||||||||||||||||||||||||||||||||
Decrease in long-term debt associated with significant disposals reclassified to HFS | $ | — | $ | — | $ | (6,179 | ) | $ | — | $ | (6,179 | ) |
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 | ||||||||||
July 2016 | ||||||||||||||||
January 2017 | ||||||||||||||||
Open market repurchases(1) | 16.2 | $ | 43.02 | $ | 7,937 | 10.4 | $ | 57.68 | $ | 2,969 | ||||||
Employee transactions(2) | — | — | N/A | — | — | N/A | ||||||||||
August 2016 | ||||||||||||||||
February 2017 | ||||||||||||||||
Open market repurchases(1) | 15.2 | 45.73 | 7,244 | 9.2 | 58.54 | 2,431 | ||||||||||
Employee transactions(2) | — | — | N/A | — | — | N/A | ||||||||||
September 2016 | ||||||||||||||||
March 2017 | ||||||||||||||||
Open market repurchases(1) | 24.3 | 46.96 | 6,103 | 10.7 | 60.15 | 1,785 | ||||||||||
Employee transactions(2) | — | — | N/A | — | — | N/A | ||||||||||
Total | 55.7 | $ | 45.48 | $ | 6,103 | |||||||||||
Total for 1Q17 and remaining program balance as of March 31, 2017 | 30.3 | $ | 58.82 | $ | 1,785 |
(1) | Represents repurchases under the |
(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 or deferred stock programs where shares are withheld to satisfy tax requirements. |
Exhibit | ||
Number | Description of Exhibit | |
101.01+ |