Document_and_Entity_Informatio
Document and Entity Information | 6 Months Ended |
Jun. 30, 2014 | |
Document and Entity Information | ' |
Entity Registrant Name | 'CITIGROUP INC |
Entity Central Index Key | '0000831001 |
Document Type | '10-Q |
Document Period End Date | 30-Jun-14 |
Amendment Flag | 'false |
Current Fiscal Year End Date | '--12-31 |
Entity Current Reporting Status | 'Yes |
Entity Filer Category | 'Large Accelerated Filer |
Entity Common Stock, Shares Outstanding | 3,031,772,710 |
Document Fiscal Year Focus | '2014 |
Document Fiscal Period Focus | 'Q2 |
CONSOLIDATED_STATEMENT_OF_INCO
CONSOLIDATED STATEMENT OF INCOME (Unaudited) (USD $) | 3 Months Ended | 6 Months Ended | ||||||
In Millions, except Per Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | ||||
Revenues | ' | ' | ' | ' | ||||
Interest revenue | $15,561 | $15,840 | $30,911 | $31,800 | ||||
Interest expense | 3,615 | 4,158 | 7,206 | 8,488 | ||||
Net interest revenue | 11,946 | 11,682 | 23,705 | 23,312 | ||||
Commissions and fees | 3,491 | 3,293 | 6,625 | 6,728 | ||||
Principal transactions | 1,843 | 2,684 | 4,731 | 5,188 | ||||
Administration and other fiduciary fees | 1,029 | 1,083 | 2,038 | 2,151 | ||||
Realized gains on sales of investments, net | 84 | 251 | 212 | 701 | ||||
Other-than-temporary impairment losses on investments | ' | ' | ' | ' | ||||
Gross impairment losses | -37 | [1] | -162 | [1] | -238 | [1] | -434 | [1] |
Less: Impairments recognized in AOCI | 0 | 0 | 0 | 11 | ||||
Net impairment losses recognized in earnings | -37 | -162 | -238 | -423 | ||||
Insurance premiums | 488 | 582 | 1,083 | 1,172 | ||||
Other revenue | 498 | [1] | 1,075 | [1] | 1,310 | [1] | 1,907 | [1] |
Total non-interest revenues | 7,396 | 8,806 | 15,761 | 17,424 | ||||
Total revenues, net of interest expense | 19,342 | [2],[3] | 20,488 | [2],[3] | 39,466 | [2],[3] | 40,736 | [2],[3] |
Provisions for credit losses and for benefits and claims | ' | ' | ' | ' | ||||
Provision for loan losses | 1,579 | 1,827 | 3,372 | 4,041 | ||||
Policyholder benefits and claims | 182 | 200 | 390 | 431 | ||||
Provision (release) for unfunded lending commitments | -31 | -3 | -58 | 11 | ||||
Total provisions for credit losses and for benefits and claims | 1,730 | 2,024 | 3,704 | 4,483 | ||||
Operating expenses | ' | ' | ' | ' | ||||
Compensation and benefits | 6,028 | 6,075 | 12,038 | 12,410 | ||||
Premises and equipment | 819 | 762 | 1,624 | 1,606 | ||||
Technology/communication | 1,619 | 1,486 | 3,149 | 3,016 | ||||
Advertising and marketing | 460 | 480 | 918 | 929 | ||||
Other operating | 6,595 | 3,346 | 9,941 | 6,476 | ||||
Total operating expenses | 15,521 | [4] | 12,149 | [4] | 27,670 | [4] | 24,437 | [4] |
Income from continuing operations before income taxes | 2,091 | 6,315 | 8,092 | 11,816 | ||||
Provision for income taxes | 1,838 | 2,127 | 3,888 | 3,697 | ||||
Income from continuing operations | 253 | [5] | 4,188 | [5] | 4,204 | [5] | 8,119 | [5] |
Discontinued operations | ' | ' | ' | ' | ||||
Income (loss) from discontinued operations | -3 | 51 | 37 | -52 | ||||
Gain on sale | 0 | 0 | 0 | 56 | ||||
Provision for income taxes | 19 | 21 | 22 | 7 | ||||
Income (loss) from discontinued operations, net of taxes | -22 | 30 | 15 | -3 | ||||
Net income before attribution of noncontrolling interests | 231 | 4,218 | 4,219 | 8,116 | ||||
Noncontrolling interests | 50 | 36 | 95 | 126 | ||||
Citigroup’s net income | $181 | $4,182 | $4,124 | $7,990 | ||||
Basic earnings per share | ' | ' | ' | ' | ||||
Income from continuing operations (in dollars per share) | $0.03 | [4] | $1.34 | [4] | $1.26 | $2.57 | ||
Income (loss) from discontinued operations, net of taxes (in dollars per share) | ($0.01) | [4] | $0.01 | [4] | $0 | $0 | ||
Net income (in dollars per share) | $0.03 | [4] | $1.35 | [4] | $1.26 | [4] | $2.57 | [4] |
Weighted average common shares outstanding (in shares) | 3,033.80 | 3,040.70 | 3,035.60 | 3,040.40 | ||||
Diluted earnings per share | ' | ' | ' | ' | ||||
Income from continuing operations (in dollars per share) | $0.03 | $1.33 | $1.26 | $2.57 | ||||
Income (loss) from discontinued operations, net of taxes (in dollars per share) | ($0.01) | $0.01 | $0 | $0 | ||||
Net income (in dollars per share) | $0.03 | $1.34 | $1.26 | $2.57 | ||||
Adjusted weighted average common shares outstanding (in shares) | 3,038.30 | 3,046.30 | 3,040.80 | 3,045.50 | ||||
[1] | The three and six months ended June 30, 2013, respectively, included the recognition of a $87 million and $192 million impairment charge related to the carrying value of Citi’s then-remaining 35% interest in the Morgan Stanley Smith Barney joint venture (MSSB). These amounts were offset by the equity pickup from MSSB recorded in Other revenue, for each respective period. | |||||||
[2] | Includes Citicorp (excluding Corporate/Other) total revenues, net of interest expense, in North America of $7.9 billion and $8.2 billion; in EMEA of $2.8 billion and $3.5 billion; in Latin America of $3.5 billion and $3.6 billion; and in Asia of $3.6 billion and $4.0 billion for the three months ended June 30, 2014 and 2013, respectively. Includes Citicorp (excluding Corporate/Other) total revenues, net of interest expense, in North America of $16.4 billion and $16.9 billion; in EMEA of $5.9 billion and $6.6 billion; in Latin America of $6.8 billion and $7.1 billion; and in Asia of $7.3 billion and $8.0 billion for the six months ended June 30, 2014 and 2013, respectively. Regional numbers exclude Citi Holdings and Corporate/Other, which largely operate within the U.S. | |||||||
[3] | Certain prior period revenue and expense lines and totals were reclassified to conform to the current period’s presentation. See Note 3 to Notes to Consolidated Financial Statements. | |||||||
[4] | Due to rounding, earnings per share on continuing operations and discontinued operations may not sum to earnings per share on net income. | |||||||
[5] | Includes pretax provisions (credits) for credit losses and for benefits and claims in the GCB results of $1.5 billion and $1.6 billion; in the ICG results of $(112) million and $(30) million; and in Citi Holdings results of $0.3 billion and $0.5 billion for the three months ended June 30, 2014 and 2013, respectively. Includes pretax provisions (credits) for credit losses and for benefits and claims in the GCB results of $3.1 billion and $3.3 billion; in the ICG results of $(85) million and $35.0 million; and in Citi Holdings results of $0.7 billion and $1.2 billion for the six months ended June 30, 2014 and 2013, respectively. |
CONSOLIDATED_STATEMENT_OF_INCO1
CONSOLIDATED STATEMENT OF INCOME (Unaudited) (Parenthetical) (MSSB, USD $) | 3 Months Ended | 6 Months Ended |
In Millions, unless otherwise specified | Jun. 30, 2013 | Jun. 30, 2013 |
MSSB | ' | ' |
Impairment charge related to investment | $87 | $192 |
Percentage of ownership interest held | 35.00% | 35.00% |
CONSOLIDATED_STATEMENT_OF_COMP
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (Unaudited) (USD $) | 3 Months Ended | 6 Months Ended | ||||||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | ||||
Statement of Comprehensive Income [Abstract] | ' | ' | ' | ' | ||||
Net income before attribution of noncontrolling interests | $231 | $4,218 | $4,219 | $8,116 | ||||
Citigroup’s other comprehensive income (loss) | ' | ' | ' | ' | ||||
Net change in unrealized gains and losses on investment securities, net of taxes | 1,006 | -2,043 | 1,434 | -1,898 | ||||
Net change in cash flow hedges, net of taxes | 120 | 497 | 238 | 622 | ||||
Benefit plans liability adjustment, net of taxes | -144 | [1] | 401 | [1] | -177 | [1] | 655 | [1] |
Net change in foreign currency translation adjustment, net of taxes and hedges | 17 | -1,720 | -509 | -2,407 | ||||
Citigroup’s total other comprehensive income (loss) | 999 | -2,865 | 986 | -3,028 | ||||
Other comprehensive income (loss) attributable to noncontrolling interests | ' | ' | ' | ' | ||||
Net change in unrealized gains and losses on investment securities, net of taxes | 8 | -10 | 6 | -26 | ||||
Net change in foreign currency translation adjustment, net of taxes | -2 | -14 | -8 | -49 | ||||
Total other comprehensive income (loss) attributable to noncontrolling interests | 6 | -24 | -2 | -75 | ||||
Total comprehensive income before attribution of noncontrolling interests | 1,236 | 1,329 | 5,203 | 5,013 | ||||
Total comprehensive income (loss) attributable to noncontrolling interests | 50 | 12 | 95 | 51 | ||||
Citigroup’s comprehensive income | $1,186 | $1,317 | $5,108 | $4,962 | ||||
[1] | Primarily reflects adjustments based on the quarterly actuarial valuations of the Company’s significant pension and postretirement plans and amortization of amounts previously recognized in Other comprehensive income. |
CONSOLIDATED_BALANCE_SHEET
CONSOLIDATED BALANCE SHEET (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | ||
In Millions, unless otherwise specified | ||||
Assets | ' | ' | ||
Cash and due from banks | $35,268 | $29,885 | ||
Deposits with banks | 153,817 | 169,005 | ||
Federal funds sold and securities borrowed or purchased under agreements to resell (including $153,166 and $144,083 as of June 30, 2014 and December 31, 2013, respectively, at fair value) | 250,353 | 257,037 | ||
Brokerage receivables | 41,864 | [1] | 25,674 | [1] |
Trading account assets | 290,776 | 285,928 | ||
Investments | 325,623 | 308,980 | ||
Loans: | ' | ' | ||
Loans, net of unearned income | 667,504 | 665,472 | ||
Allowance for loan losses | -17,890 | -19,648 | ||
Total loans, net | 649,614 | 645,824 | ||
Goodwill | 25,087 | [2] | 25,009 | |
Intangible assets (other than MSRs) | 4,702 | 5,056 | ||
Mortgage servicing rights (MSRs) | 2,282 | 2,718 | ||
Other assets | 130,329 | 125,266 | ||
Total assets | 1,909,715 | 1,880,382 | ||
Liabilities | ' | ' | ||
Non-interest-bearing deposits in U.S. offices | 130,653 | 128,399 | ||
Interest-bearing deposits in U.S. offices (including $1,017 and $988 as of June 30, 2014 and December 31, 2013, respectively, at fair value) | 289,035 | 284,164 | ||
Non-interest-bearing deposits in offices outside the U.S. | 73,991 | 69,406 | ||
Interest-bearing deposits in offices outside the U.S. (including $870 and $689 as of June 30, 2014 and December 31, 2013, respectively, at fair value) | 472,046 | 486,304 | ||
Total deposits | 965,725 | 968,273 | ||
Federal funds purchased and securities loaned or sold under agreements to repurchase (including $52,544 and $54,147 as of June 30, 2014 and December 31, 2013, respectively, at fair value) | 183,912 | 203,512 | ||
Brokerage payables | 62,323 | [1] | 53,707 | [1] |
Trading account liabilities | 123,370 | 108,762 | ||
Short-term borrowings | 59,534 | 58,944 | ||
Long-term debt | 226,984 | [3] | 221,116 | [3] |
Other liabilities | 74,768 | 59,935 | ||
Total liabilities | 1,696,616 | 1,674,249 | ||
Stockholders' equity | ' | ' | ||
Preferred stock ($1.00 par value; authorized shares: 30 million), issued shares: 358,720 as of June 30, 2014 and 269,520 as of December 31, 2013, at aggregate liquidation value | 8,968 | 6,738 | ||
Common stock ($0.01 par value; authorized shares: 6 billion), issued shares: 3,082,031,578 as of June 30, 2014 and 3,062,098,976 as of December 31, 2013 | 31 | 31 | ||
Additional paid-in capital | 107,669 | 107,193 | ||
Retained earnings | 115,361 | 111,168 | ||
Treasury stock, at cost: June 30, 2014—50,258,868 shares and December 31, 2013—32,856,062 shares | -2,520 | -1,658 | ||
Accumulated other comprehensive income (loss) | -18,147 | -19,133 | ||
Total Citigroup stockholders’ equity | 211,362 | 204,339 | ||
Noncontrolling interest | 1,737 | 1,794 | ||
Total equity | 213,099 | 206,133 | ||
Total liabilities and equity | 1,909,715 | 1,880,382 | ||
Consumer | ' | ' | ||
Loans: | ' | ' | ||
Loans, net of unearned income | 384,345 | [4] | 393,831 | [5] |
Corporate | ' | ' | ||
Loans: | ' | ' | ||
Loans, net of unearned income | 283,159 | [6] | 271,641 | [6] |
Consolidated VIEs | ' | ' | ||
Assets | ' | ' | ||
Cash and due from banks | 238 | 362 | ||
Trading account assets | 984 | 977 | ||
Investments | 12,525 | 10,950 | ||
Loans: | ' | ' | ||
Loans, net of unearned income | 95,900 | 95,412 | ||
Allowance for loan losses | -3,138 | -3,502 | ||
Total loans, net | 92,762 | 91,910 | ||
Other assets | 1,196 | 1,234 | ||
Total assets | 107,705 | 105,433 | ||
Liabilities | ' | ' | ||
Short-term borrowings | 18,981 | 21,793 | ||
Long-term debt | 39,063 | 34,743 | ||
Other liabilities | 902 | 999 | ||
Total liabilities | 58,946 | 57,535 | ||
Consolidated VIEs | Consumer | ' | ' | ||
Loans: | ' | ' | ||
Loans, net of unearned income | 65,014 | 63,493 | ||
Consolidated VIEs | Corporate | ' | ' | ||
Loans: | ' | ' | ||
Loans, net of unearned income | $30,886 | $31,919 | ||
[1] | Brokerage receivables and payables are accounted for in accordance with ASC 940-320. | |||
[2] | Citi Holdings—Other is excluded from the table as there is no goodwill allocated to it. | |||
[3] | Includes senior notes with carrying values of $8 million issued to outstanding Safety First Trusts at June 30, 2014 and $87 million issued to these trusts at December 31, 2013. Citigroup owns all of the voting securities of the Safety First Trusts. The Safety First Trusts have no assets, operations, revenues or cash flows other than those related to the issuance, administration and repayment of the Safety First Trust securities and the Safety First Trusts’ common securities. | |||
[4] | Includes $46 million of residential first mortgages recorded at fair value. | |||
[5] | Includes $0.9 billion of residential first mortgages recorded at fair value. | |||
[6] | Total loans include loans at fair value, which are not included in the various delinquency columns. |
CONSOLIDATED_BALANCE_SHEET_Par
CONSOLIDATED BALANCE SHEET (Parenthetical) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | ||
In Millions, except Share data, unless otherwise specified | ||||
Federal funds sold and securities borrowed or purchased under agreements to resell (including $153,166 and $144,083 as of June 30, 2014 and December 31, 2013, respectively, at fair value) | $250,353 | $257,037 | ||
Trading account assets, pledged to creditors | 111,918 | 106,695 | ||
Investments, pledged to creditors | 22,637 | 26,989 | ||
Investments | 325,623 | 308,980 | ||
Loans, net of unearned income | 667,504 | 665,472 | ||
Other assets | 130,329 | 125,266 | ||
Interest-bearing deposits in U.S. offices | 289,035 | 284,164 | ||
Interest-bearing deposits in offices outside the U.S. | 472,046 | 486,304 | ||
Federal funds purchased and securities loaned or sold under agreements to repurchase (including $52,544 and $54,147 as of June 30, 2014 and December 31, 2013, respectively, at fair value) | 183,912 | 203,512 | ||
Short-term borrowings | 59,534 | 58,944 | ||
Long-term debt | 226,984 | [1] | 221,116 | [1] |
Other liabilities | 74,768 | 59,935 | ||
Preferred stock, par value (in dollars per share) | $1 | $1 | ||
Preferred stock, authorized shares (in shares) | 30,000,000 | 30,000,000 | ||
Preferred stock, issued shares, at aggregate liquidation value (in shares) | 358,720 | 269,520 | ||
Common stock, par value (in dollars per share) | $0.01 | $0.01 | ||
Common stock, authorized shares (in shares) | 6,000,000,000 | 6,000,000,000 | ||
Common stock, issued shares (in shares) | 3,082,031,578 | 3,062,098,976 | ||
Treasury stock, shares (in shares) | 50,258,868 | 32,856,062 | ||
Consumer | ' | ' | ||
Loans, net of unearned income | 384,345 | [2] | 393,831 | [3] |
Corporate | ' | ' | ||
Loans, net of unearned income | 283,159 | [4] | 271,641 | [4] |
Fair value | ' | ' | ||
Federal funds sold and securities borrowed or purchased under agreements to resell (including $153,166 and $144,083 as of June 30, 2014 and December 31, 2013, respectively, at fair value) | 153,166 | 144,083 | ||
Other assets | 7,619 | 7,123 | ||
Interest-bearing deposits in U.S. offices | 1,017 | 988 | ||
Interest-bearing deposits in offices outside the U.S. | 870 | 689 | ||
Federal funds purchased and securities loaned or sold under agreements to repurchase (including $52,544 and $54,147 as of June 30, 2014 and December 31, 2013, respectively, at fair value) | 52,544 | 54,147 | ||
Short-term borrowings | 1,236 | 3,692 | ||
Long-term debt | 27,414 | 26,877 | ||
Other liabilities | 2,739 | 2,011 | ||
Fair value | Investments (available-for-sale and nonmarketable equity securities) | ' | ' | ||
Investments | 296,498 | 291,216 | ||
Fair value | Consumer | ' | ' | ||
Loans, net of unearned income | 46 | 957 | ||
Fair value | Corporate | ' | ' | ||
Loans, net of unearned income | 4,758 | 4,072 | ||
Consolidated VIEs | ' | ' | ||
Investments | 12,525 | 10,950 | ||
Loans, net of unearned income | 95,900 | 95,412 | ||
Other assets | 1,196 | 1,234 | ||
Short-term borrowings | 18,981 | 21,793 | ||
Long-term debt | 39,063 | 34,743 | ||
Other liabilities | 902 | 999 | ||
Consolidated VIEs | Consumer | ' | ' | ||
Loans, net of unearned income | 65,014 | 63,493 | ||
Consolidated VIEs | Corporate | ' | ' | ||
Loans, net of unearned income | 30,886 | 31,919 | ||
Consolidated VIEs | Fair value | ' | ' | ||
Long-term debt | 5 | 909 | ||
Consolidated VIEs | Fair value | Consumer | ' | ' | ||
Loans, net of unearned income | 0 | 910 | ||
Consolidated VIEs | Fair value | Corporate | ' | ' | ||
Loans, net of unearned income | $5 | $14 | ||
[1] | Includes senior notes with carrying values of $8 million issued to outstanding Safety First Trusts at June 30, 2014 and $87 million issued to these trusts at December 31, 2013. Citigroup owns all of the voting securities of the Safety First Trusts. The Safety First Trusts have no assets, operations, revenues or cash flows other than those related to the issuance, administration and repayment of the Safety First Trust securities and the Safety First Trusts’ common securities. | |||
[2] | Includes $46 million of residential first mortgages recorded at fair value. | |||
[3] | Includes $0.9 billion of residential first mortgages recorded at fair value. | |||
[4] | Total loans include loans at fair value, which are not included in the various delinquency columns. |
CONSOLIDATED_STATEMENT_OF_CHAN
CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY (Unaudited) (USD $) | Total | Citigroup stockholders' equity | Preferred stock at aggregate liquidation value | Citigroup common stockholders' equity | Common stock and additional paid-in capital | Retained earnings | Treasury stock, at cost | Citigroup's accumulated other comprehensive income (loss) | Noncontrolling interests | |
In Millions, unless otherwise specified | ||||||||||
Balance, beginning of year at Dec. 31, 2012 | ' | ' | $2,562 | ' | $106,421 | ' | ($847) | ($16,896) | $1,948 | |
Increase (Decrease) in Stockholders' Equity | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Net Income including portion attributable to noncontrolling interest | 8,116 | ' | ' | ' | ' | 7,990 | ' | ' | 126 | |
Net change in Accumulated other comprehensive income (loss) | ' | ' | ' | ' | ' | ' | ' | -3,028 | -75 | |
Issuance of new preferred stock | ' | ' | 1,825 | ' | ' | ' | ' | ' | ' | |
Redemption of preferred stock | ' | ' | -94 | ' | ' | ' | ' | ' | ' | |
Employee benefit plans | ' | ' | ' | ' | 510 | ' | ' | ' | ' | |
Preferred stock issuance expense | ' | ' | ' | ' | 0 | ' | ' | ' | ' | |
Common dividends | [1] | ' | ' | ' | ' | ' | -61 | ' | ' | ' |
Preferred dividends | -13 | ' | ' | ' | ' | -13 | ' | ' | ' | |
Employee benefit plans | [2] | ' | ' | ' | ' | ' | ' | -46 | ' | ' |
Treasury stock acquired | [3] | ' | ' | ' | ' | ' | ' | -182 | ' | ' |
Initial origination of a noncontrolling interest | ' | ' | ' | ' | ' | ' | ' | ' | 5 | |
Transactions between noncontrolling-interest shareholders and the related consolidated subsidiary | ' | ' | ' | ' | ' | ' | ' | ' | -2 | |
Transactions between Citigroup and the noncontrolling-interest shareholders | ' | ' | ' | ' | ' | ' | ' | ' | 25 | |
Dividends paid to noncontrolling-interest shareholders | ' | ' | ' | ' | ' | ' | ' | ' | -4 | |
Other | ' | ' | ' | ' | -24 | 0 | ' | ' | -123 | |
Net change in noncontrolling interests | ' | ' | ' | ' | ' | ' | ' | ' | -48 | |
Balance, end of period at Jun. 30, 2013 | 197,826 | 195,926 | 4,293 | 191,633 | 106,907 | 105,725 | -1,075 | -19,924 | 1,900 | |
Balance, beginning of year at Mar. 31, 2013 | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Increase (Decrease) in Stockholders' Equity | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Net Income including portion attributable to noncontrolling interest | 4,218 | ' | ' | ' | ' | ' | ' | ' | ' | |
Net change in Accumulated other comprehensive income (loss) | ' | ' | ' | ' | ' | ' | ' | -2,865 | ' | |
Preferred dividends | [4] | -9 | ' | ' | ' | ' | ' | ' | ' | ' |
Balance, end of period at Jun. 30, 2013 | 197,826 | 195,926 | ' | 191,633 | ' | ' | ' | -19,924 | ' | |
Balance, beginning of year at Dec. 31, 2013 | 206,133 | ' | 6,738 | ' | 107,224 | ' | -1,658 | -19,133 | 1,794 | |
Increase (Decrease) in Stockholders' Equity | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Net Income including portion attributable to noncontrolling interest | 4,219 | ' | ' | ' | ' | 4,124 | ' | ' | 95 | |
Net change in Accumulated other comprehensive income (loss) | ' | ' | ' | ' | ' | ' | ' | 986 | -2 | |
Issuance of new preferred stock | ' | ' | 2,230 | ' | ' | ' | ' | ' | ' | |
Redemption of preferred stock | ' | ' | 0 | ' | ' | ' | ' | ' | ' | |
Employee benefit plans | ' | ' | ' | ' | 492 | ' | ' | ' | ' | |
Preferred stock issuance expense | ' | ' | ' | ' | -24 | ' | ' | ' | ' | |
Common dividends | [1] | ' | ' | ' | ' | ' | -60 | ' | ' | ' |
Preferred dividends | -224 | ' | ' | ' | ' | -224 | ' | ' | ' | |
Employee benefit plans | [2] | ' | ' | ' | ' | ' | ' | -196 | ' | ' |
Treasury stock acquired | [3] | ' | ' | ' | ' | ' | ' | -666 | ' | ' |
Initial origination of a noncontrolling interest | ' | ' | ' | ' | ' | ' | ' | ' | 0 | |
Transactions between noncontrolling-interest shareholders and the related consolidated subsidiary | ' | ' | ' | ' | ' | ' | ' | ' | 0 | |
Transactions between Citigroup and the noncontrolling-interest shareholders | ' | ' | ' | ' | ' | ' | ' | ' | -68 | |
Dividends paid to noncontrolling-interest shareholders | ' | ' | ' | ' | ' | ' | ' | ' | -17 | |
Other | ' | ' | ' | ' | 8 | 353 | ' | ' | -65 | |
Net change in noncontrolling interests | ' | ' | ' | ' | ' | ' | ' | ' | -57 | |
Balance, end of period at Jun. 30, 2014 | 213,099 | 211,362 | 8,968 | 202,394 | 107,700 | 115,361 | -2,520 | -18,147 | 1,737 | |
Balance, beginning of year at Mar. 31, 2014 | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Increase (Decrease) in Stockholders' Equity | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Net Income including portion attributable to noncontrolling interest | 231 | ' | ' | ' | ' | ' | ' | ' | ' | |
Net change in Accumulated other comprehensive income (loss) | ' | ' | ' | ' | ' | ' | ' | 999 | ' | |
Preferred dividends | [4] | -100 | ' | ' | ' | ' | ' | ' | ' | ' |
Balance, end of period at Jun. 30, 2014 | $213,099 | $211,362 | ' | $202,394 | ' | ' | ' | ($18,147) | ' | |
[1] | Common dividends declared were $0.01 per share in the first and second quarter of 2014 and 2013. | |||||||||
[2] | Includes treasury stock related to (i) certain activity on employee stock option program exercises where the employee delivers existing shares to cover the option exercise, or (ii) under Citi’s employee restricted or deferred stock programs where shares are withheld to satisfy tax requirements. | |||||||||
[3] | For the six months ended June 30, 2014, primarily consists of open market purchases under Citi’s Board of Directors-approved common stock repurchase program. | |||||||||
[4] | See Note 19 to the Consolidated Financial Statements for the potential future impact of preferred stock dividends. |
CONSOLIDATED_STATEMENT_OF_CHAN1
CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY (Unaudited) (Parenthetical) (USD $) | 3 Months Ended | |
Jun. 30, 2014 | Jun. 30, 2013 | |
Statement of Stockholders' Equity [Abstract] | ' | ' |
Common dividends declared (in dollars per share) | $0.01 | $0.01 |
CONSOLIDATED_STATEMENT_OF_CASH
CONSOLIDATED STATEMENT OF CASH FLOWS (Unaudited) (USD $) | 6 Months Ended | |
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
Cash flows from operating activities of continuing operations | ' | ' |
Net income before attribution of noncontrolling interests | $4,219 | $8,116 |
Net income attributable to noncontrolling interests | 95 | 126 |
Citigroup’s net income | 4,124 | 7,990 |
Income (loss) from discontinued operations, net of taxes | 15 | -41 |
Gain on sale, net of taxes | 0 | 38 |
Income from continuing operations-excluding noncontrolling interests | 4,109 | 7,993 |
Adjustments to reconcile net income to net cash provided by operating activities of continuing operations | ' | ' |
Depreciation and amortization | 1,739 | 1,625 |
Provision for credit losses | 3,314 | 4,052 |
Realized gains from sales of investments | -212 | -701 |
Net impairment losses recognized in earnings | 238 | 423 |
Change in trading account assets | -4,848 | 14,359 |
Change in trading account liabilities | 14,608 | 7,473 |
Change in federal funds sold and securities borrowed or purchased under agreements to resell | 6,684 | -1,894 |
Change in federal funds purchased and securities loaned or sold under agreements to repurchase | -19,600 | 7,016 |
Change in brokerage receivables net of brokerage payables | -7,574 | -6,302 |
Change in loans held-for-sale | -1,854 | -3,383 |
Change in other assets | -2,829 | 15,352 |
Change in other liabilities | 14,833 | -4,887 |
Other, net | 3,248 | 3,939 |
Total adjustments | 7,747 | 37,072 |
Net cash provided by operating activities of continuing operations | 11,856 | 45,065 |
Cash flows from investing activities of continuing operations | ' | ' |
Change in deposits with banks | 15,188 | -55,894 |
Change in loans | -11,576 | -5,567 |
Proceeds from sales and securitizations of loans | 2,158 | 4,912 |
Purchases of investments | -138,510 | -122,776 |
Proceeds from sales of investments | 81,041 | 79,832 |
Proceeds from maturities of investments | 44,670 | 45,479 |
Capital expenditures on premises and equipment and capitalized software | -2,207 | -1,475 |
Proceeds from sales of premises and equipment, subsidiaries and affiliates, and repossessed assets | 231 | 295 |
Net cash used in investing activities of continuing operations | -9,005 | -55,194 |
Cash flows from financing activities of continuing operations | ' | ' |
Dividends paid | -284 | -74 |
Issuance of preferred stock | 2,230 | 1,825 |
Redemption of preferred stock | ' | -94 |
Treasury stock acquired | -666 | -182 |
Stock tendered for payment of withholding taxes | -504 | -448 |
Issuance of long-term debt | 29,246 | 18,994 |
Payments and redemptions of long-term debt | -24,966 | -28,646 |
Change in deposits | -2,548 | 7,867 |
Change in short-term borrowings | 100 | 6,780 |
Net cash provided by financing activities of continuing operations | 2,608 | 6,022 |
Effect of exchange rate changes on cash and cash equivalents | -76 | -1,186 |
Discontinued operations | ' | ' |
Net cash used in discontinued operations | 0 | -15 |
Change in cash and due from banks | 5,383 | -5,308 |
Cash and due from banks at beginning of period | 29,885 | 36,453 |
Cash and due from banks at end of period | 35,268 | 31,145 |
Supplemental disclosure of cash flow information for continuing operations | ' | ' |
Cash paid during the year for income taxes | 3,086 | 2,452 |
Cash paid during the year for interest | 5,834 | 6,568 |
Non-cash investing activities | ' | ' |
Change in loans due to consolidation/deconsolidation of VIEs | -374 | 6,718 |
Transfers to loans held-for-sale from loans | 9,000 | 12,400 |
Transfers to OREO and other repossessed assets | 142 | 122 |
Non-cash financing activities | ' | ' |
Increase in short-term borrowings due to consolidation of VIEs | 500 | 6,718 |
Decrease in long-term debt due to deconsolidation of VIEs | ($864) | $0 |
BASIS_OF_PRESENTATION
BASIS OF PRESENTATION | 6 Months Ended |
Jun. 30, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
BASIS OF PRESENTATION | ' |
BASIS OF PRESENTATION | |
The accompanying unaudited Consolidated Financial Statements as of June 30, 2014 and for the three- and six-month periods ended June 30, 2014 and 2013 include the accounts of Citigroup Inc. (Citigroup) and its consolidated subsidiaries (collectively, the Company, Citi or Citigroup). In the opinion of management, all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation have been reflected. The accompanying unaudited Consolidated Financial Statements should be read in conjunction with the Consolidated Financial Statements and related notes included in Citigroup’s Annual Report on Form 10-K for the fiscal year ended December 31, 2013 (2013 Annual Report on Form 10-K) and Citigroup’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2014 filed with the SEC on May 2, 2014 (First Quarter of 2014 Form 10-Q). | |
Certain financial information that is normally included in annual financial statements prepared in accordance with U.S. generally accepted accounting principles (GAAP), but is not required for interim reporting purposes, has been condensed or omitted. | |
Management must make estimates and assumptions that affect the Consolidated Financial Statements and the related footnote disclosures. While management makes its best judgment, actual results could differ from those estimates. Current market conditions increase the risk and complexity of the judgments in these estimates. | |
Certain reclassifications have been made to the prior-period’s financial statements and notes to conform to the current period’s presentation. | |
As noted above, the Notes to Consolidated Financial Statements are unaudited. | |
Principles of Consolidation | |
The Consolidated Financial Statements include the accounts of Citigroup and its subsidiaries prepared in accordance with GAAP. The Company consolidates subsidiaries in which it holds, directly or indirectly, more than 50% of the voting rights or where it exercises control. Entities where the Company holds 20% to 50% of the voting rights and/or has the ability to exercise significant influence, other than investments of designated venture capital subsidiaries or investments accounted for at fair value under the fair value option, are accounted for under the equity method, and the pro rata share of their income (loss) is included in Other revenue. Income from investments in less than 20% owned companies is recognized when dividends are received. As discussed in more detail in Note 20 to the Consolidated Financial Statements, Citigroup consolidates entities deemed to be variable interest entities when Citigroup is determined to be the primary beneficiary. Gains and losses on the disposition of branches, subsidiaries, affiliates, buildings, and other investments are included in Other revenue. | |
Citibank, N.A. | |
Citibank, N.A. is a commercial bank and wholly owned subsidiary of Citigroup Inc. Citibank’s principal offerings include: consumer finance, mortgage lending, and retail banking products and services; investment banking, commercial banking, cash management, trade finance and e-commerce products and services; and private banking products and services. | |
Significant Accounting Policies | |
The Company’s accounting policies are fundamental to understanding management’s discussion and analysis of the results of operations and financial condition. The Company has identified six policies as being significant because they require management to make subjective and/or complex judgments about matters that are inherently uncertain. These policies relate to Valuations of Financial Instruments, Allowance for Credit Losses, Securitizations, Goodwill, Income Taxes and Litigation Accruals. The Company, in consultation with the Audit Committee of the Board of Directors, has reviewed and approved these significant accounting policies, which are further described under “Significant Accounting Policies and Significant Estimates” and Note 1 to the Consolidated Financial Statements in the Company’s 2013 Annual Report on Form 10-K. | |
ACCOUNTING CHANGES | |
Discontinued Operations and Significant Disposals | |
The FASB issued Accounting Standards Update No. 2014-08, Presentation of Financial Statements (Topic 810) and Property, Plant, and Equipment (Topic 360), Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity (ASU 2014-08) in the second quarter of 2014. ASU 2014-08 changes the criteria for reporting discontinued operations while enhancing disclosures. Under the ASU, only disposals representing a strategic shift having a major effect on an entity’s operations and financial results, such as a disposal of a major geographic area, a major line of business or a major equity method investment may be presented as discontinued operations. Additionally, the ASU requires expanded disclosures about discontinued operations that will provide more information about the assets, liabilities, income, and expenses of discontinued operations. | |
The Company elected to early-adopt the ASU in the second quarter of 2014 on a prospective basis for all disposals (or classifications as held-for-sale) of components of an entity that occurred on or after April 1, 2014. As a result of the adoption of the ASU, fewer disposals will now qualify for reporting as discontinued operations; however, disclosure of the pretax income attributable to a disposal of a significant part of an organization that does not qualify for discontinued operations reporting is required. The impact of adopting the ASU was not material. | |
Investment Companies | |
In June 2013, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2013-08, Financial Services Investment Companies (Topic 946): Amendments to the Scope, Measurement, and Disclosure Requirements. This ASU introduced a new approach for assessing whether an entity is an investment company. To determine whether an entity is an investment company for accounting purposes, Citi is now required to evaluate the fundamental and typical characteristics of the entity, including its purpose and design. | |
The ASU became effective for Citi on January 1, 2014. There was no impact from the adoption of this ASU. As of June 30, 2014, Citi has approximately $4.4 billion of assets held by consolidated investment companies which are accounted for in accordance with the Investment Company Audit Guide (codified in Accounting Standards Codification (ASC) 946). | |
Accounting for the Cumulative Translation Adjustment upon Derecognition of Certain Foreign Subsidiaries | |
In March 2013, the FASB issued ASU No. 2013-05, Foreign Currency Matters (Topic 830): Parent’s Accounting for the Cumulative Translation Adjustment upon Derecognition of Certain Subsidiaries or Groups of Assets within a Foreign Entity or of an Investment in a Foreign Entity (a consensus of the FASB Emerging Issues Task Force). This ASU resolved diversity that existed in practice and requires that, for transactions within a foreign entity, a parent should not reclassify into earnings an allocated portion of the cumulative translation adjustment (CTA) when its foreign entity sells a controlling financial interest in a subsidiary or group of assets that is a business within the foreign entity, unless the sale represents a complete or substantially complete liquidation of the foreign entity. This guidance requires the CTA to remain in equity until the foreign entity is disposed of or it is completely or substantially liquidated. | |
Sales or other transactions that result in the parent company’s loss of control over the foreign entity, irrespective of any retained investment, would be accounted for as a sale; thus, the entire CTA would be reclassified into earnings. A partial sale of an equity method investment in a foreign entity would result in a pro rata share of CTA being reclassified into earnings. Consistent with the accounting for step acquisitions, the ASU requires that the CTA be reclassified into earnings when a parent company obtains a controlling financial interest in a foreign entity that was previously an equity method investment. | |
This ASU was effective for Citi on January 1, 2014 and was applied on a prospective basis. The accounting prescribed in this ASU is consistent with Citi’s prior practice and, as a result, adoption did not result in any impact to Citi. | |
Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carry-forward, a Similar Tax Loss, or a Tax Credit Carry-forward Exists | |
In July 2013, the FASB issued ASU No. 2013-11, Income Taxes (Topic 740): Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carry-forward, a Similar Tax Loss, or a Tax Credit Carry-forward Exists (a consensus of the FASB Emerging Issues Task Force). As a result of applying this ASU, an unrecognized tax benefit is presented as a reduction of a deferred tax asset for a net operating loss (NOL) or other tax credit carry-forward when settlement in this manner is available under the tax law. The assessment of whether settlement is available under the tax law is based on facts and circumstances as of the balance sheet reporting date and does not consider future events (e.g., upcoming expiration of related NOL carry-forwards). This classification does not affect an entity’s analysis of the realization of its deferred tax assets. Gross presentation in the rollforward of unrecognized tax positions in the notes to the financial statements is still required. | |
This ASU was effective for Citi on January 1, 2014 and was applied on a prospective basis to all unrecognized tax benefits that existed at the effective date. The impact of adopting this ASU was not material to Citi. | |
OIS Benchmark Rate | |
In July 2013, the FASB issued ASU No. 2013-10, Derivatives and Hedging (Topic 815): Inclusion of the Fed Funds Effective Swap Rate (or Overnight Index Swap Rate) as a Benchmark Interest Rate for Hedge Accounting Purposes. This ASU permits the Fed funds effective swap rate (OIS) to be used as a U.S. benchmark interest rate, in addition to the U.S. Treasury rate and LIBOR, for hedge accounting purposes. The ASU also permits using different benchmark rates for similar hedges. | |
This ASU became effective upon issuance and permitted prospective application for qualifying new or redesignated hedging relationships commencing on or after July 17, 2013. Introducing a new benchmark interest rate eligible for hedging under ASC 815 improves the Company’s ability to manage interest rate risk by allowing the designation of hedging derivatives that are more closely aligned with the interest rate risk profile of certain assets and liabilities. | |
Remeasurement of Significant Pension and Postretirement Benefit Plans | |
In the second quarter of 2013, the Company changed the method of accounting for its most significant pension and postretirement benefit plans (Significant Plans) such that plan obligations, plan assets and periodic plan expense are remeasured and disclosed quarterly, instead of annually. The effect of remeasuring the Significant Plan obligations and assets by updating plan actuarial assumptions on a quarterly basis is reflected in Accumulated other comprehensive income (loss) and periodic plan expense. The Significant Plans captured approximately 80% of the Company’s global pension and postretirement plan obligations at December 31, 2012 and 2013. All other plans (All Other Plans) will continue to be remeasured annually. Quarterly measurement for the Significant Plans provides a more timely measurement of the funded status and periodic plan expense for the Company’s significant pension and postretirement benefit plans. | |
The cumulative effect of this change in accounting policy was an approximate $20 million (pretax) decrease in net periodic plan expense in the second quarter of 2013, as well as a pretax increase of approximately $22 million to Accumulated other comprehensive income as of April 1, 2013. The change in accounting methodology had an immaterial impact on prior periods. For additional information, see Note 8 to the Consolidated Financial Statements. | |
FUTURE APPLICATION OF ACCOUNTING STANDARDS | |
Accounting for Investments in Tax Credit Partnerships | |
In January 2014, the FASB issued ASU 2014-01, Investments-Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Qualified Affordable Housing Projects, which is effective for Citi for interim and annual reporting periods beginning after December 15, 2014. Any transition adjustment would be reflected as an adjustment to retained earnings in the earliest period presented (retrospective application). | |
The ASU will be applicable to Citi’s portfolio of low income housing tax credit (LIHTC) partnership interests. The new standard widens the scope of investments eligible to elect to apply a new alternative method, the proportional amortization method, under which the cost of the investment is amortized to tax expense in proportion to the amount of tax credits and other tax benefits received. Citi anticipates that its entire LIHTC portfolio will qualify to elect the proportional amortization method under the ASU. These investments are currently accounted for under the equity method, which results in losses (due to amortization of the investment) being recognized in Other revenue and tax credits and benefits being recognized in the Income tax expense line. In contrast, the proportional amortization method combines the amortization of the investment and receipt of the tax credits/benefits into one line, Income tax expense. | |
The adoption of this ASU is estimated to reduce Retained earnings by approximately $350 million, reduce Other assets by approximately $220 million, and reduce deferred tax assets by approximately $130 million. Early adoption of this new standard is permitted. | |
Revenue Recognition | |
On May 28, 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers, which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. The ASU will replace most existing revenue recognition guidance in GAAP when it becomes effective. The new standard is effective for the Company on January 1, 2017. Early application is not permitted. The standard permits the use of either the retrospective or cumulative effect transition method. The Company is evaluating the effect that ASU 2014-09 will have on its consolidated financial statements and related disclosures. The Company has not yet selected a transition method nor has it determined the effect of the standard on its ongoing financial reporting. | |
Accounting for Repurchase-to-Maturity Transactions | |
In June 2014, the FASB issued ASU No. 2014-11, Transfers and Servicing (Topic 860): Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures. The ASU changes the accounting for repurchase-to-maturity transactions and linked repurchase financings to secured borrowed accounting, which is consistent with the accounting for other repurchase agreements. The ASU also requires disclosures about transfers accounted for as sales in transactions that are economically similar to repurchase agreements and about the types of collateral pledged in repurchase agreements and similar transactions accounted for as secured borrowings. The ASU’s provisions will be effective for the first interim or annual period beginning after December 31, 2014, with the exception of the collateral disclosures which will be effective for interim periods beginning after March 15, 2015. The effect of adopting the ASU is required to be reflected as a cumulative effect adjustment to retained earnings as of the beginning of the period of adoption. Early adoption is not permitted. The Company expects the effect of adopting the ASU to be immaterial. | |
Accounting for Share-Based Payments with Performance Targets | |
In June 2014, the FASB issued ASU No. 2014-12, Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period (a consensus of the FASB Emerging Issues Task Force). The ASU prescribes the accounting to be applied to share-based awards that contain performance targets, the outcome of which will only be confirmed after the employee’s service period associated with the award has ended. The ASU will be effective for the first interim or annual period beginning after December 31, 2015. The ASU may be applied either prospectively or retrospectively and may be early adopted. The Company expects the effect of adopting the ASU to be immaterial. | |
Accounting for Financial Instruments-Credit Losses | |
In December 2012, the FASB issued a proposed ASU, Financial Instruments-Credit Losses. This proposed ASU, or exposure draft, was issued for public comment in order to allow stakeholders the opportunity to review the proposal and provide comments to the FASB and does not constitute accounting guidance until a final ASU is issued. | |
The exposure draft contains proposed guidance developed by the FASB with the goal of improving financial reporting about expected credit losses on loans, securities and other financial assets held by banks, financial institutions, and other public and private organizations. The exposure draft proposes a new accounting model intended to require earlier recognition of credit losses, while also providing additional transparency about credit risk. | |
The FASB’s proposed model would utilize a single “expected credit loss” measurement objective for the recognition of credit losses for loans and other receivables at the time the financial asset is originated or acquired and for securities where fair value is less than cost, replacing the multiple existing impairment models in GAAP, which generally require that a loss be “incurred” before it is recognized. | |
The FASB’s proposed model represents a significant departure from existing GAAP, and may result in material changes to the Company’s accounting for financial instruments. The impact of the FASB’s final ASU on the Company’s financial statements will be assessed when it is issued. The exposure draft does not contain a proposed effective date; this would be included in the final ASU, when issued. | |
Other Potential Amendments to Current Accounting Standards | |
The FASB and International Accounting Standards Board, either jointly or separately, are currently working on several major projects, including amendments to existing accounting standards governing financial instruments discussed above. The FASB is working on a joint project with the IASB that would require substantially all leases to be capitalized on the balance sheet. Additionally, the FASB has issued a proposal on principal-agent considerations that would change the way the Company needs to evaluate whether to consolidate VIEs and non-VIE partnerships. The principal-agent consolidation proposal would require all VIEs, including those that are investment companies, to be evaluated for consolidation under the same requirements. | |
All of these projects may have significant impacts for the Company. Upon completion of the standards, the Company will need to re-evaluate its accounting and disclosures. However, due to ongoing deliberations of the standard setters, the Company is currently unable to determine the effect of future amendments or proposals. |
DISCONTINUED_OPERATIONS_AND_SI
DISCONTINUED OPERATIONS AND SIGNIFICANT DISPOSALS | 6 Months Ended | ||||||||||||
Jun. 30, 2014 | |||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | ' | ||||||||||||
DISCONTINUED OPERATIONS AND SIGNIFICANT DISPOSALS | ' | ||||||||||||
DISCONTINUED OPERATIONS AND SIGNIFICANT DISPOSALS | |||||||||||||
Discontinued Operations | |||||||||||||
The following Discontinued operations are recorded within the Corporate/Other segment. | |||||||||||||
Sale of Brazil Credicard Business | |||||||||||||
On December 20, 2013, Citi sold its non-Citibank branded cards and consumer finance business in Brazil (Credicard) for approximately $1.24 billion. The sale resulted in a pretax gain of $206 million ($325 million after-tax). In the second quarter of 2014, resolution of certain contingencies related to the disposal are reported as Income (loss) from discontinued operations. Credicard is reported as Discontinued operations for all periods presented. | |||||||||||||
Summarized financial information for Discontinued operations for Credicard follows: | |||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||
In millions of dollars | 2014 | 2013 | 2014 | 2013 | |||||||||
Total revenues, net of interest expense(1) | $ | — | $ | 251 | $ | 69 | $ | 515 | |||||
Income from discontinued operations | $ | 5 | $ | 55 | $ | 69 | $ | 107 | |||||
Income taxes | 2 | 19 | 13 | 37 | |||||||||
Income from discontinued operations, net of taxes | $ | 3 | $ | 36 | $ | 56 | $ | 70 | |||||
-1 | Total revenues include gain or loss on sale, if applicable. | ||||||||||||
Cash Flows from Discontinued Operations | |||||||||||||
Six Months Ended June 30, | |||||||||||||
In millions of dollars | 2014 | 2013 | |||||||||||
Cash flows from operating activities | $ | — | $ | (296 | ) | ||||||||
Cash flows from investing activities | — | 282 | |||||||||||
Cash flows from financing activities | — | (1 | ) | ||||||||||
Net cash provided by discontinued operations | $ | — | $ | (15 | ) | ||||||||
Sale of Certain Citi Capital Advisors Business | |||||||||||||
During the third quarter of 2012, Citi executed definitive agreements to transition a carve-out of its liquid strategies business within Citi Capital Advisors (CCA). The sale occurred pursuant to two separate transactions in 2013, creating two separate management companies. The first transaction closed in February 2013, and Citigroup retained a 24.9% passive equity interest in the management company (which is held in Citi’s Institutional Clients Group segment). The second transaction closed in August 2013. CCA is reported as Discontinued operations for all periods presented. | |||||||||||||
Summarized financial information for Discontinued operations for the operations related to CCA follows: | |||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||
In millions of dollars | 2014 | 2013 | 2014 | 2013 | |||||||||
Total revenues, net of interest expense(1) | $ | — | $ | 7 | $ | — | 65 | ||||||
Loss from discontinued operations | $ | (1 | ) | $ | (3 | ) | $ | (4 | ) | (131 | ) | ||
Gain on sale | — | — | — | 56 | |||||||||
Benefit for income taxes | (1 | ) | (1 | ) | (2 | ) | (23 | ) | |||||
Loss from discontinued operations, net of taxes | $ | — | $ | (2 | ) | $ | (2 | ) | (52 | ) | |||
-1 | Total revenues include gain or loss on sale, if applicable. | ||||||||||||
Cash Flows from Discontinued Operations | |||||||||||||
Six Months Ended June 30, | |||||||||||||
In millions of dollars | 2014 | 2013 | |||||||||||
Cash flows from operating activities | $ | — | $ | (42 | ) | ||||||||
Cash flows from investing activities | — | — | |||||||||||
Cash flows from financing activities | — | 42 | |||||||||||
Net cash provided by discontinued operations | $ | — | $ | — | |||||||||
Sale of Egg Banking plc Credit Card Business | |||||||||||||
On March 1, 2011, Citi announced that Egg Banking plc (Egg), an indirect subsidiary that was part of Citi Holdings, entered into a definitive agreement to sell its credit card business. The sale closed in April 2011. | |||||||||||||
Summarized financial information for Discontinued operations for the operations related to Egg follows: | |||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||
In millions of dollars | 2014 | 2013 | 2014 | 2013 | |||||||||
Total revenues, net of interest expense(1) | $ | 4 | $ | — | $ | 4 | $ | — | |||||
Income (loss) from discontinued operations | $ | (7 | ) | $ | (1 | ) | $ | (28 | ) | $ | (28 | ) | |
(Benefit) provision for income taxes | (2 | ) | — | (9 | ) | (10 | ) | ||||||
Loss from discontinued operations, net of taxes | $ | (5 | ) | $ | (1 | ) | $ | (19 | ) | $ | (18 | ) | |
-1 | Total revenues include gain or loss on sale, if applicable. | ||||||||||||
Cash flows from Discontinued operations related to Egg were not material for all periods presented. | |||||||||||||
Audit of Citi German Consumer Tax Group | |||||||||||||
Citi sold its German retail banking operations in 2007 and reported them as Discontinued operations. During the third quarter of 2013, German tax authorities concluded their audit of Citi’s German consumer tax group for the years 2005-2008. This resolution resulted in a pretax benefit of $27 million and a tax benefit of $57 million ($85 million total net income benefit) during the third quarter of 2013, all of which was included in Discontinued operations. During 2014, residual costs associated with German retail banking operations resulted in a tax expense of $20 million. | |||||||||||||
Combined Results for Discontinued Operations | |||||||||||||
The following is summarized financial information for Credicard, CCA, Egg and previous Discontinued operations for which Citi continues to have minimal residual costs associated with the sales: | |||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||
In millions of dollars | 2014 | 2013 | 2014 | 2013 | |||||||||
Total revenues, net of interest expense(1) | $ | 4 | $ | 258 | $ | 73 | $ | 580 | |||||
Income (loss) from discontinued operations | $ | (3 | ) | $ | 51 | $ | 37 | $ | (52 | ) | |||
Gain (loss) on sale | — | — | — | 56 | |||||||||
Provision (benefit) for income taxes | 19 | 21 | 22 | 7 | |||||||||
Income (loss) from discontinued operations, net of taxes | $ | (22 | ) | $ | 30 | $ | 15 | $ | (3 | ) | |||
-1 | Total revenues include gain or loss on sale, if applicable. | ||||||||||||
Cash Flows from Discontinued Operations | |||||||||||||
Six Months Ended June 30, | |||||||||||||
In millions of dollars | 2014 | 2013 | |||||||||||
Cash flows used in operating activities | $ | — | $ | (338 | ) | ||||||||
Cash flows from investing activities | — | 282 | |||||||||||
Cash flows from financing activities | — | 41 | |||||||||||
Net cash provided by discontinued operations | $ | — | $ | (15 | ) | ||||||||
Significant Disposals | |||||||||||||
Beginning on April 1, 2014, Citi elected to early-adopt ASU 2014-08 (see Note 1 to the Consolidated Financial Statements). The following sales were identified as disposals of individually significant components under ASU 2014-08, including the assets and liabilities that were reclassified to HFS (within Other assets and Other liabilities) on the Consolidated Balance Sheet and the Income (loss) before taxes (benefits) related to each business. | |||||||||||||
Sale of Spain Consumer Business | |||||||||||||
On June 23, 2014, Citi entered into a definitive agreement to sell its consumer business in Spain, which is part of Citi Holdings. The sale, which is subject to regulatory approvals and other customary closing conditions, is expected to result in an after-tax gain upon completion of the sale (expected to occur in the third quarter of 2014). | |||||||||||||
In millions of dollars | June 30, 2014 | ||||||||||||
Assets | |||||||||||||
Cash and deposits with banks | $ | 61 | |||||||||||
Loans (net of allowance of $177 million) | 1,804 | ||||||||||||
Goodwill | 116 | ||||||||||||
Other assets | 53 | ||||||||||||
Total assets | $ | 2,034 | |||||||||||
Liabilities | |||||||||||||
Deposits | $ | 2,455 | |||||||||||
Other liabilities | 84 | ||||||||||||
Total liabilities | $ | 2,539 | |||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||
In millions of dollars | 2014 | 2013 | 2014 | 2013 | |||||||||
Income before taxes | $ | 12 | $ | 15 | $ | 33 | $ | 26 | |||||
Sale of Greece Consumer Business | |||||||||||||
On June 13, 2014, Citi entered into a definitive agreement to sell its consumer business in Greece, which is part of Citi Holdings. The sale, which is subject to regulatory approvals and other customary closing conditions, is expected to result in an after-tax gain upon closing (expected to occur in the third quarter of 2014) and is subject to regulatory approvals. | |||||||||||||
In millions of dollars | June 30, 2014 | ||||||||||||
Assets | |||||||||||||
Cash and deposits with banks | $ | 24 | |||||||||||
Loans (net of allowance of $204 million) | 298 | ||||||||||||
Other assets | 8 | ||||||||||||
Total assets | $ | 330 | |||||||||||
Liabilities | |||||||||||||
Deposits | $ | 1,280 | |||||||||||
Other liabilities | 35 | ||||||||||||
Total liabilities | $ | 1,315 | |||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||
In millions of dollars | 2014 | 2013 | 2014 | 2013 | |||||||||
Income before taxes | ($25) | ($78) | ($40) | ($134) |
BUSINESS_SEGMENTS
BUSINESS SEGMENTS | 6 Months Ended | ||||||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||||||||||
BUSINESS SEGMENTS | ' | ||||||||||||||||||||||||
BUSINESS SEGMENTS | |||||||||||||||||||||||||
Citigroup is a diversified bank holding company whose businesses provide a broad range of financial services to consumer and corporate customers around the world. The Company’s activities are conducted through the Global Consumer Banking (GCB), Institutional Clients Group (ICG), Corporate/Other and Citi Holdings business segments. | |||||||||||||||||||||||||
The GCB segment includes a global, full-service consumer franchise delivering a wide array of banking, credit card lending and investment services through a network of local branches, offices and electronic delivery systems and is composed of four Global Consumer Banking (GCB) businesses: North America, EMEA, Latin America and Asia. | |||||||||||||||||||||||||
The Company’s ICG segment is composed of Banking and Markets and Securities Services and provides corporate, institutional, public sector and high-net-worth clients in approximately 100 countries with a broad range of banking and financial products and services. | |||||||||||||||||||||||||
Corporate/Other includes net treasury results, unallocated corporate expenses, offsets to certain line-item reclassifications and eliminations, the results of discontinued operations and unallocated taxes. | |||||||||||||||||||||||||
The Citi Holdings segment is composed of businesses and portfolios of assets that Citigroup has determined are not central to its core Citicorp businesses. | |||||||||||||||||||||||||
The accounting policies of these reportable segments are the same as those disclosed in Note 1 to the Consolidated Financial Statements in Citi’s 2013 Annual Report on Form 10-K. | |||||||||||||||||||||||||
The prior-period balances reflect reclassifications to conform the presentation in those periods to the current period’s presentation. Effective January 1, 2014, certain business activities within the former Securities and Banking and Transaction Services were realigned and aggregated as Banking and Markets and Securities Services within ICG. This change was due to the realignment of the management structure within the ICG segment and did not have an impact any total segment-level information. In addition, during the first quarter of 2014, reclassifications were made related to Citi’s re-allocation of certain administrative, operations and technology costs among Citi’s businesses, the allocation of certain costs from the Corporate/Other segment to Citi’s businesses as well as certain immaterial reclassifications between revenues and expenses affecting ICG. | |||||||||||||||||||||||||
The following table presents certain information regarding the Company’s continuing operations by segment: | |||||||||||||||||||||||||
Revenues, | Provision (benefits) | Income (loss) from | Identifiable assets | ||||||||||||||||||||||
net of interest expense (1) | for income taxes | continuing operations (2) | |||||||||||||||||||||||
Three Months Ended June 30, | |||||||||||||||||||||||||
In millions of dollars, except identifiable assets in billions | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | June 30, | December 31, | |||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
Global Consumer Banking | $ | 9,381 | $ | 9,718 | $ | 816 | $ | 968 | $ | 1,605 | $ | 1,862 | $ | 406 | $ | 405 | |||||||||
Institutional Clients Group | 8,463 | 9,560 | 1,122 | 1,448 | 2,562 | 3,136 | 1,067 | 1,045 | |||||||||||||||||
Corporate/Other | 35 | 114 | (188 | ) | 49 | (432 | ) | (229 | ) | 326 | 313 | ||||||||||||||
Total Citicorp | $ | 17,879 | $ | 19,392 | $ | 1,750 | $ | 2,465 | $ | 3,735 | $ | 4,769 | $ | 1,799 | $ | 1,763 | |||||||||
Citi Holdings | 1,463 | 1,096 | 88 | (338 | ) | (3,482 | ) | (581 | ) | 111 | 117 | ||||||||||||||
Total | $ | 19,342 | $ | 20,488 | $ | 1,838 | $ | 2,127 | $ | 253 | $ | 4,188 | $ | 1,910 | $ | 1,880 | |||||||||
Revenues, | Provision (benefits) | Income (loss) from | |||||||||||||||||||||||
net of interest expense (1) | for income taxes | continuing operations (2) | |||||||||||||||||||||||
Six Months Ended June 30, | |||||||||||||||||||||||||
In millions of dollars | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||
Global Consumer Banking | $ | 18,674 | $ | 19,464 | $ | 1,574 | $ | 1,890 | $ | 3,332 | $ | 3,687 | |||||||||||||
Institutional Clients Group | 17,697 | 19,151 | 2,370 | 2,825 | 5,527 | 6,206 | |||||||||||||||||||
Corporate/Other | 176 | 120 | (10 | ) | (120 | ) | (890 | ) | (394 | ) | |||||||||||||||
Total Citicorp | $ | 36,547 | $ | 38,735 | $ | 3,934 | $ | 4,595 | $ | 7,969 | $ | 9,499 | |||||||||||||
Citi Holdings | 2,919 | 2,001 | (46 | ) | (898 | ) | (3,765 | ) | (1,380 | ) | |||||||||||||||
Total | $ | 39,466 | $ | 40,736 | $ | 3,888 | $ | 3,697 | $ | 4,204 | $ | 8,119 | |||||||||||||
(1) | Includes Citicorp (excluding Corporate/Other) total revenues, net of interest expense, in North America of $7.9 billion and $8.2 billion; in EMEA of $2.8 billion and $3.5 billion; in Latin America of $3.5 billion and $3.6 billion; and in Asia of $3.6 billion and $4.0 billion for the three months ended June 30, 2014 and 2013, respectively. Includes Citicorp (excluding Corporate/Other) total revenues, net of interest expense, in North America of $16.4 billion and $16.9 billion; in EMEA of $5.9 billion and $6.6 billion; in Latin America of $6.8 billion and $7.1 billion; and in Asia of $7.3 billion and $8.0 billion for the six months ended June 30, 2014 and 2013, respectively. Regional numbers exclude Citi Holdings and Corporate/Other, which largely operate within the U.S. | ||||||||||||||||||||||||
(2) | Includes pretax provisions (credits) for credit losses and for benefits and claims in the GCB results of $1.5 billion and $1.6 billion; in the ICG results of $(112) million and $(30) million; and in Citi Holdings results of $0.3 billion and $0.5 billion for the three months ended June 30, 2014 and 2013, respectively. Includes pretax provisions (credits) for credit losses and for benefits and claims in the GCB results of $3.1 billion and $3.3 billion; in the ICG results of $(85) million and $35.0 million; and in Citi Holdings results of $0.7 billion and $1.2 billion for the six months ended June 30, 2014 and 2013, respectively. |
INTEREST_REVENUE_AND_EXPENSE
INTEREST REVENUE AND EXPENSE | 6 Months Ended | ||||||||||||
Jun. 30, 2014 | |||||||||||||
Interest Revenue (Expense), Net [Abstract] | ' | ||||||||||||
INTEREST REVENUE AND EXPENSE | ' | ||||||||||||
INTEREST REVENUE AND EXPENSE | |||||||||||||
For the three and six months ended June 30, 2014 and 2013, Interest revenue and Interest expense consisted of the following: | |||||||||||||
Three Months Ended | Six Months Ended June 30, | ||||||||||||
June 30, | |||||||||||||
In millions of dollars | 2014 | 2013 | 2014 | 2013 | |||||||||
Interest revenue | |||||||||||||
Loan interest, including fees | $ | 11,361 | $ | 11,300 | $ | 22,542 | $ | 22,725 | |||||
Deposits with banks | 250 | 252 | 502 | 508 | |||||||||
Federal funds sold and securities borrowed or purchased under agreements to resell | 592 | 702 | 1,186 | 1,390 | |||||||||
Investments, including dividends | 1,807 | 1,687 | 3,564 | 3,489 | |||||||||
Trading account assets(1) | 1,454 | 1,669 | 2,940 | 3,299 | |||||||||
Other interest | 97 | 230 | 177 | 389 | |||||||||
Total interest revenue | $ | 15,561 | $ | 15,840 | $ | 30,911 | $ | 31,800 | |||||
Interest expense | |||||||||||||
Deposits(2) | $ | 1,469 | $ | 1,583 | $ | 2,918 | $ | 3,259 | |||||
Federal funds purchased and securities loaned or sold under agreements to repurchase | 537 | 630 | 1,062 | 1,239 | |||||||||
Trading account liabilities(1) | 48 | 43 | 89 | 85 | |||||||||
Short-term borrowings | 162 | 148 | 299 | 311 | |||||||||
Long-term debt | 1,399 | 1,754 | 2,838 | 3,594 | |||||||||
Total interest expense | $ | 3,615 | $ | 4,158 | $ | 7,206 | $ | 8,488 | |||||
Net interest revenue | $ | 11,946 | $ | 11,682 | $ | 23,705 | $ | 23,312 | |||||
Provision for loan losses | 1,579 | 1,827 | 3,372 | 4,041 | |||||||||
Net interest revenue after provision for loan losses | $ | 10,367 | $ | 9,855 | $ | 20,333 | $ | 19,271 | |||||
-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 $251 million and $289 million for the three months ended June 30, 2014 and 2013, respectively, and $532 million and $588 million for the six months ended June 30, 2014 and 2013, respectively. |
COMMISSIONS_AND_FEES
COMMISSIONS AND FEES | 6 Months Ended | ||||||||||||
Jun. 30, 2014 | |||||||||||||
Fees and Commissions [Abstract] | ' | ||||||||||||
COMMISSIONS AND FEES | ' | ||||||||||||
COMMISSIONS AND FEES | |||||||||||||
The primary components of Commissions and fees revenue for the three and six months ended June 30, 2014 and 2013 were investment banking fees, credit card and bank card fees, trading-related fees and fees related to treasury and trade solutions and securities services in ICG. | |||||||||||||
Investment banking fees are substantially composed of underwriting and advisory revenues and are recognized when Citigroup’s performance under the terms of a contractual arrangement is completed, which is typically at the closing of the transaction. Underwriting revenue is recorded in Commissions and fees, net of both reimbursable and non-reimbursable expenses, consistent with the AICPA Audit and Accounting Guide for Brokers and Dealers in Securities (codified in ASC 940-605-05-1). Expenses associated with advisory transactions are recorded in Other operating expenses, net of client reimbursements. Out-of-pocket expenses are deferred and recognized at the time the related revenue is recognized. In general, expenses incurred related to investment banking transactions that fail to close (are not consummated) are recorded gross in Other operating expenses. | |||||||||||||
Credit card and bank card fees are primarily composed of interchange revenue and certain card fees, including annual fees, reduced by reward program costs and certain partner payments. Interchange revenue and fees are recognized when earned, including annual card fees that are deferred and amortized on a straight-line basis over a 12-month period. Reward costs are recognized when points are earned by the customers. | |||||||||||||
Trading-related fees primarily include commissions and fees from the following: executing transactions for clients on exchanges and over-the-counter markets; sale of mutual funds, insurance and other annuity products; and assisting clients in clearing transactions, providing brokerage services and other such activities. Trading-related fees are recognized when earned in Commissions and fees. Gains or losses, if any, on these transactions are included in Principal transactions (see Note 6 to the Consolidated Financial Statements). | |||||||||||||
The following table presents Commissions and fees revenue for the three and six months ended June 30: | |||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||
In millions of dollars | 2014 | 2013 | 2014 | 2013 | |||||||||
Investment banking | $ | 1,084 | $ | 841 | $ | 1,917 | $ | 1,767 | |||||
Credit cards and bank cards | 564 | 632 | 1,128 | 1,256 | |||||||||
Trading-related | 695 | 671 | 1,346 | 1,372 | |||||||||
Trade and securities services | 473 | 536 | 926 | 920 | |||||||||
Other Consumer(1) | 229 | 230 | 442 | 458 | |||||||||
Checking-related | 135 | 72 | 270 | 278 | |||||||||
Corporate finance(2) | 152 | 132 | 276 | 291 | |||||||||
Loan servicing | 98 | 115 | 186 | 252 | |||||||||
Other | 61 | 64 | 134 | 134 | |||||||||
Total commissions and fees | $ | 3,491 | $ | 3,293 | $ | 6,625 | $ | 6,728 | |||||
-1 | Primarily consists of fees for investment fund administration and management, third-party collections, commercial demand deposit accounts and certain credit card services. | ||||||||||||
-2 | Consists primarily of fees earned from structuring and underwriting loan syndications. |
PRINCIPAL_TRANSACTIONS
PRINCIPAL TRANSACTIONS | 6 Months Ended | ||||||||||||
Jun. 30, 2014 | |||||||||||||
Principal Transactions Revenue, Net [Abstract] | ' | ||||||||||||
PRINCIPAL TRANSACTIONS | ' | ||||||||||||
PRINCIPAL TRANSACTIONS | |||||||||||||
Principal transactions revenue consists of realized and unrealized gains and losses from trading activities. Trading activities include revenues from fixed income, equities, credit and commodities products and foreign exchange transactions. Not included in the table below is the impact of net interest revenue related to trading activities, which is an integral part of trading activities’ profitability. See Note 4 to the Consolidated Financial Statements for information about net interest revenue related to trading activities. Principal transactions include CVA (credit valuation adjustments on derivatives) and DVA (debt valuation adjustments on issued liabilities, for which the fair value option has been elected). | |||||||||||||
The following table presents principal transactions revenue for the three and six months ended June 30: | |||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||
In millions of dollars | 2014 | 2013 | 2014 | 2013 | |||||||||
Global Consumer Banking | $ | 189 | $ | 244 | $ | 384 | $ | 454 | |||||
Institutional Clients Group | 1,576 | 2,451 | 4,183 | 4,924 | |||||||||
Corporate/Other | 1 | (25 | ) | 16 | (167 | ) | |||||||
Subtotal Citicorp | $ | 1,766 | $ | 2,670 | $ | 4,583 | $ | 5,211 | |||||
Citi Holdings | 77 | 14 | 148 | (23 | ) | ||||||||
Total Citigroup | $ | 1,843 | $ | 2,684 | $ | 4,731 | $ | 5,188 | |||||
Interest rate contracts(1) | $ | 939 | $ | 1,673 | $ | 2,329 | $ | 3,175 | |||||
Foreign exchange contracts(2) | 625 | 697 | 1,173 | 1,158 | |||||||||
Equity contracts(3) | (92 | ) | 222 | 46 | 380 | ||||||||
Commodity and other contracts(4) | 98 | 93 | 322 | 212 | |||||||||
Credit derivatives(5) | 273 | (1 | ) | 861 | 263 | ||||||||
Total | $ | 1,843 | $ | 2,684 | $ | 4,731 | $ | 5,188 | |||||
-1 | Includes revenues from government securities and corporate debt, municipal securities, mortgage securities and other debt instruments. Also includes spot and forward trading of currencies and exchange-traded and over-the-counter (OTC) currency options, options on fixed income securities, interest rate swaps, currency swaps, swap options, caps and floors, financial futures, OTC options and forward contracts on fixed income securities. | ||||||||||||
-2 | Includes revenues from foreign exchange spot, forward, option and swap contracts, as well as FX translation gains and losses. | ||||||||||||
-3 | Includes revenues from common, preferred and convertible preferred stock, convertible corporate debt, equity-linked notes and exchange-traded and OTC equity options and warrants. | ||||||||||||
-4 | Primarily includes revenues from crude oil, refined oil products, natural gas and other commodities trades. | ||||||||||||
-5 | Includes revenues from structured credit products. |
INCENTIVE_PLANS
INCENTIVE PLANS | 6 Months Ended |
Jun. 30, 2014 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' |
INCENTIVE PLANS | ' |
INCENTIVE PLANS | |
All equity awards granted since April 19, 2005 have been made pursuant to stockholder-approved stock incentive plans that are administered by the Personnel and Compensation Committee of the Citigroup Board of Directors, which is composed entirely of independent non-employee directors. For additional information on Citi’s incentive plans, see Note 7 to the Consolidated Financial Statements in Citi’s 2013 Annual Report on Form 10-K. |
RETIREMENT_BENEFITS
RETIREMENT BENEFITS | 6 Months Ended | |||||||||||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | |||||||||||||||||||||||||||
RETIREMENT BENEFITS | ' | |||||||||||||||||||||||||||
RETIREMENT BENEFITS | ||||||||||||||||||||||||||||
For additional information on Citi’s retirement benefits, see Note 8 to the Consolidated Financial Statements in the Company’s 2013 Annual Report on Form 10-K. | ||||||||||||||||||||||||||||
Pension and Postretirement Plans | ||||||||||||||||||||||||||||
The Company has several noncontributory defined benefit pension plans covering certain U.S. employees and has various defined benefit pension and termination indemnity plans covering employees outside the United States. The U.S. qualified defined benefit plan was frozen effective January 1, 2008 for most employees. Accordingly, no additional compensation-based contributions were credited to the cash balance portion of the plan for existing plan participants after 2007. However, certain employees covered under the prior final pay plan formula continue to accrue benefits. The Company also offers postretirement health care and life insurance benefits to certain eligible U.S. retired employees, as well as to certain eligible employees outside the United States. | ||||||||||||||||||||||||||||
The Company also sponsors a number of noncontributory, nonqualified pension plans. These plans, which are unfunded, provide supplemental defined pension benefits to certain U.S. employees. With the exception of certain employees covered under the prior final pay plan formula, the benefits under these plans were frozen in prior years. | ||||||||||||||||||||||||||||
In the second quarter of 2013, the Company changed the method of accounting for its most significant pension and postretirement benefit plans (Significant Plans) such that plan obligations, plan assets and periodic plan expense are remeasured and disclosed quarterly, instead of annually. The Significant Plans capture approximately 80% of the Company’s global pension and postretirement plan obligations as of December 31, 2013. All other plans (All Other Plans) are remeasured annually with a December 31 measurement date. For additional information, see Note 1 to the Consolidated Financial Statements. | ||||||||||||||||||||||||||||
Net (Benefit) Expense | ||||||||||||||||||||||||||||
The following table summarizes the components of net (benefit) expense recognized in the Consolidated Statement of Income for the Company’s U.S. qualified and nonqualified pension plans, postretirement plans and plans outside the United States, for Significant Plans and All Other Plans, for the periods indicated. | ||||||||||||||||||||||||||||
Three Months Ended June 30, | ||||||||||||||||||||||||||||
Pension plans | Postretirement benefit plans | |||||||||||||||||||||||||||
U.S. plans | Non-U.S. plans | U.S. plans | Non-U.S. plans | |||||||||||||||||||||||||
In millions of dollars | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||
Qualified plans | ||||||||||||||||||||||||||||
Benefits earned during the period | $ | 1 | $ | 3 | $ | 47 | $ | 53 | $ | — | $ | — | $ | 3 | $ | 15 | ||||||||||||
Interest cost on benefit obligation | 138 | 132 | 98 | 97 | 9 | 8 | 31 | 39 | ||||||||||||||||||||
Expected return on plan assets | (219 | ) | (215 | ) | (98 | ) | (104 | ) | — | (1 | ) | (31 | ) | (41 | ) | |||||||||||||
Amortization of unrecognized | ||||||||||||||||||||||||||||
Prior service (benefit) cost | (1 | ) | (1 | ) | 1 | 1 | — | — | (3 | ) | — | |||||||||||||||||
Net actuarial loss | 26 | 28 | 20 | 24 | 1 | — | 11 | 11 | ||||||||||||||||||||
Curtailment loss (1) | — | — | 17 | — | — | — | — | — | ||||||||||||||||||||
Settlement (gain) loss (1) | — | — | 13 | — | — | — | (2 | ) | — | |||||||||||||||||||
Net qualified plans (benefit) expense | $ | (55 | ) | $ | (53 | ) | $ | 98 | $ | 71 | $ | 10 | $ | 7 | $ | 9 | $ | 24 | ||||||||||
Nonqualified plans expense | $ | 12 | $ | 12 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||
Total net (benefit) expense | $ | (43 | ) | $ | (41 | ) | $ | 98 | $ | 71 | $ | 10 | $ | 7 | $ | 9 | $ | 24 | ||||||||||
Cumulative effect of change in accounting policy(2) | — | (23 | ) | — | — | — | — | — | 3 | |||||||||||||||||||
Total adjusted net (benefit) expense | $ | (43 | ) | $ | (64 | ) | $ | 98 | $ | 71 | $ | 10 | $ | 7 | $ | 9 | $ | 27 | ||||||||||
-1 | Curtailment and settlement losses relate to repositioning actions in certain countries outside the U.S. | |||||||||||||||||||||||||||
-2 | See Note 1 to the Consolidated Financial Statements for additional information on the change in accounting policy. | |||||||||||||||||||||||||||
Six Months Ended June 30, | ||||||||||||||||||||||||||||
Pension plans | Postretirement benefit plans | |||||||||||||||||||||||||||
U.S. plans | Non-U.S. plans | U.S. plans | Non-U.S. plans | |||||||||||||||||||||||||
In millions of dollars | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||
Qualified plans | ||||||||||||||||||||||||||||
Benefits earned during the period | $ | 3 | $ | 6 | $ | 93 | $ | 107 | $ | — | $ | — | $ | 7 | $ | 25 | ||||||||||||
Interest cost on benefit obligation | 278 | 258 | 194 | 192 | 17 | 17 | 60 | 76 | ||||||||||||||||||||
Expected return on plan assets | (436 | ) | (429 | ) | (193 | ) | (205 | ) | (1 | ) | (2 | ) | (61 | ) | (72 | ) | ||||||||||||
Amortization of unrecognized | ||||||||||||||||||||||||||||
Prior service (benefit) cost | (2 | ) | (2 | ) | 2 | 2 | — | — | (6 | ) | — | |||||||||||||||||
Net actuarial loss | 49 | 59 | 40 | 46 | — | — | 20 | 22 | ||||||||||||||||||||
Curtailment loss (1) | — | — | 17 | — | — | — | — | — | ||||||||||||||||||||
Settlement (gain) loss (1) | — | — | 13 | — | — | — | (2 | ) | — | |||||||||||||||||||
Net qualified plans (benefit) expense | $ | (108 | ) | $ | (108 | ) | $ | 166 | $ | 142 | $ | 16 | $ | 15 | $ | 18 | $ | 51 | ||||||||||
Nonqualified plans expense | $ | 24 | $ | 24 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||
Total net (benefit) expense | $ | (84 | ) | $ | (84 | ) | $ | 166 | $ | 142 | $ | 16 | $ | 15 | $ | 18 | $ | 51 | ||||||||||
Cumulative effect of change in accounting policy(2) | — | (23 | ) | — | — | — | — | — | 3 | |||||||||||||||||||
Total adjusted net (benefit) expense | $ | (84 | ) | $ | (107 | ) | $ | 166 | $ | 142 | $ | 16 | $ | 15 | $ | 18 | $ | 54 | ||||||||||
-1 | Curtailment and settlement losses relate to voluntary early retirement programs in certain countries outside the U.S. | |||||||||||||||||||||||||||
-2 | See Note 1 to the Consolidated Financial Statements for additional information on the change in accounting policy. | |||||||||||||||||||||||||||
Funded Status and Accumulated Other Comprehensive Income | ||||||||||||||||||||||||||||
The following table summarizes the funded status and amounts recognized in the Consolidated Balance Sheet for the Company’s Significant Plans. | ||||||||||||||||||||||||||||
Net Amount Recognized | ||||||||||||||||||||||||||||
Six months ended June 30, 2014 | ||||||||||||||||||||||||||||
Pension plans | Postretirement benefit plans | |||||||||||||||||||||||||||
In millions of dollars | U.S. plans | Non-U.S. plans | U.S. plans | Non-U.S. plans | ||||||||||||||||||||||||
Change in projected benefit obligation | ||||||||||||||||||||||||||||
Projected benefit obligation at beginning of year | $ | 12,829 | $ | 7,194 | $ | 780 | $ | 1,411 | ||||||||||||||||||||
Plans measured annually | (692 | ) | (3,473 | ) | — | (357 | ) | |||||||||||||||||||||
Projected benefit obligation at beginning of year - Significant plans | $ | 12,137 | $ | 3,721 | $ | 780 | $ | 1,054 | ||||||||||||||||||||
First quarter activity | 215 | 69 | 1 | 56 | ||||||||||||||||||||||||
Projected benefit obligation at March 31, 2014 - Significant plans | $ | 12,352 | $ | 3,790 | $ | 781 | $ | 1,110 | ||||||||||||||||||||
Benefits earned during the period | 1 | 10 | — | 3 | ||||||||||||||||||||||||
Interest cost on benefit obligation | 138 | 58 | 9 | 25 | ||||||||||||||||||||||||
Actuarial (gain) loss | 383 | 98 | 68 | 86 | ||||||||||||||||||||||||
Benefits paid, net of participants’ contributions | (172 | ) | (41 | ) | (15 | ) | (16 | ) | ||||||||||||||||||||
Foreign exchange impact and other | — | 66 | — | 8 | ||||||||||||||||||||||||
Projected benefit obligation at period end - Significant plans | $ | 12,702 | $ | 3,981 | $ | 843 | $ | 1,216 | ||||||||||||||||||||
Six Months Ended June 30, 2014 | ||||||||||||||||||||||||||||
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 plan assets | ||||||||||||||||||||||||||||
Plan assets at fair value at beginning of year | $ | 12,731 | $ | 6,918 | $ | 32 | $ | 1,472 | ||||||||||||||||||||
Plans measured annually | — | (2,589 | ) | — | (11 | ) | ||||||||||||||||||||||
Plan assets at fair value at beginning of year - Significant Plans | $ | 12,731 | $ | 4,329 | $ | 32 | $ | 1,461 | ||||||||||||||||||||
First quarter activity | 96 | 69 | (4 | ) | (10 | ) | ||||||||||||||||||||||
Plan assets at fair value at March 31, 2014 - Significant Plans | $ | 12,827 | $ | 4,398 | $ | 28 | $ | 1,451 | ||||||||||||||||||||
Actual return on plan assets | 364 | 190 | 1 | 95 | ||||||||||||||||||||||||
Company contributions | — | 13 | 10 | — | ||||||||||||||||||||||||
Benefits paid | (172 | ) | (41 | ) | (15 | ) | (16 | ) | ||||||||||||||||||||
Foreign exchange impact and other | — | 79 | — | 10 | ||||||||||||||||||||||||
Plan assets at fair value at period end - Significant plans | $ | 13,019 | $ | 4,639 | $ | 24 | $ | 1,540 | ||||||||||||||||||||
Funded status of the plans at period end (1) - Significant plans | $ | 317 | $ | 658 | $ | (819 | ) | $ | 324 | |||||||||||||||||||
Net amount recognized | ||||||||||||||||||||||||||||
Benefit asset | $ | 317 | $ | 658 | $ | — | $ | 324 | ||||||||||||||||||||
Benefit liability | — | — | (819 | ) | — | |||||||||||||||||||||||
Net amount recognized on the balance sheet - Significant plans | $ | 317 | $ | 658 | $ | (819 | ) | $ | 324 | |||||||||||||||||||
Amounts recognized in Accumulated other comprehensive income (loss) | ||||||||||||||||||||||||||||
Prior service benefit (cost) | $ | 5 | $ | 28 | $ | — | $ | 166 | ||||||||||||||||||||
Net actuarial gain (loss) | (4,294 | ) | (1,136 | ) | 52 | (520 | ) | |||||||||||||||||||||
Net amount recognized in equity (pretax) - Significant plans | $ | (4,289 | ) | $ | (1,108 | ) | $ | 52 | $ | (354 | ) | |||||||||||||||||
Accumulated benefit obligation at period end - Significant plans | $ | 12,694 | $ | 3,867 | N/A | N/A | ||||||||||||||||||||||
-1 | The U.S. qualified pension plan is fully funded under specified Employee Retirement Income Security Act (ERISA) funding rules as of January 1, 2014 and no minimum required funding is expected for 2014. | |||||||||||||||||||||||||||
The following table shows the change in Accumulated other comprehensive income (loss) related to pension and postretirement benefit plans, for Significant Plans and All Other Plans, for the periods indicated. | ||||||||||||||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||||||||||||||
In millions of dollars | 30-Jun-14 | 30-Jun-14 | ||||||||||||||||||||||||||
Beginning of period balance, net of tax (1) (2) | $ | (4,022 | ) | $ | (3,989 | ) | ||||||||||||||||||||||
Actuarial assumptions changes and plan experience | (635 | ) | (1,011 | ) | ||||||||||||||||||||||||
Net asset gain (loss) due to difference between actual and expected returns | 336 | 431 | ||||||||||||||||||||||||||
Net amortizations | 54 | 99 | ||||||||||||||||||||||||||
Curtailment/ settlement loss (3) | 28 | 28 | ||||||||||||||||||||||||||
Foreign exchange impact and other | (22 | ) | 159 | |||||||||||||||||||||||||
Change in deferred taxes, net | 95 | 117 | ||||||||||||||||||||||||||
Change, net of tax | $ | (144 | ) | $ | (177 | ) | ||||||||||||||||||||||
End of period balance, net of tax (1) (2) | $ | (4,166 | ) | $ | (4,166 | ) | ||||||||||||||||||||||
(1) See Note 18 to the Consolidated Financial Statements for further discussion of net Accumulated other comprehensive income (loss) balance. | ||||||||||||||||||||||||||||
(2) Includes net-of-tax amounts for certain profit sharing plans outside the United States. | ||||||||||||||||||||||||||||
-3 | Curtailment and settlement losses relate to repositioning actions in certain countries outside the U.S. | |||||||||||||||||||||||||||
Plan Assumptions | ||||||||||||||||||||||||||||
The Company utilizes a number of assumptions to determine plan obligations and expenses. Changes in one or a combination of these assumptions will have an impact on the Company’s pension and postretirement projected benefit obligation, funded status and (benefit) expense. Changes in the plans’ funded status resulting from changes in the projected benefit obligation and fair value of plan assets will have a corresponding impact on Accumulated other comprehensive income (loss). | ||||||||||||||||||||||||||||
The discount rates used in determining the pension and postretirement net (benefit) expense and benefit obligations for the Significant Plans are shown in the following tables: | ||||||||||||||||||||||||||||
Three Months Ended | Year Ended | |||||||||||||||||||||||||||
During the period(1) | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | |||||||||||||||||||||||||
U.S. plans | ||||||||||||||||||||||||||||
Pension | 4.55% | 4.75% | 4.80% | |||||||||||||||||||||||||
Postretirement | 4.15 | 4.35 | 4.3 | |||||||||||||||||||||||||
Non-U.S. plans | ||||||||||||||||||||||||||||
Pension | 4.40-8.50 | 4.50 - 8.80 | 4.50 - 8.90 | |||||||||||||||||||||||||
Weighted average | 6.21 | 6.41 | 6.49 | |||||||||||||||||||||||||
Postretirement | 8.9 | 9.4 | 8.9 | |||||||||||||||||||||||||
-1 | Effective April 1, 2013, the Company changed to a quarterly remeasurement approach for its six largest plans, including the U.S. qualified pension and postretirement plans. For the Significant Plans, the 2013 rates shown above were utilized to calculate the fourth quarter expense in 2013. The 2014 rates shown above for the three months ended March 31, 2014 and June 30, 2014 were utilized to calculate the first and second quarter expense for 2014, respectively. | |||||||||||||||||||||||||||
Three Months Ended | Year Ended | |||||||||||||||||||||||||||
At period ended (1) | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | |||||||||||||||||||||||||
U.S. plans | ||||||||||||||||||||||||||||
Pension | 4.25% | 4.55% | 4.75% | |||||||||||||||||||||||||
Postretirement | 3.95 | 4.15 | 4.35 | |||||||||||||||||||||||||
Non-U.S. plans | ||||||||||||||||||||||||||||
Pension | 4.30-8.00 | 4.40 - 8.50 | 4.50 - 8.80 | |||||||||||||||||||||||||
Weighted average | 5.95 | 6.21 | 6.41 | |||||||||||||||||||||||||
Postretirement | 8.4 | 8.9 | 9.4 | |||||||||||||||||||||||||
-1 | For the Significant Plans, the June 30, 2014 rates shown above are utilized to calculate the June 30, 2014 benefit obligation and will be utilized to calculate the 2014 third quarter expense. The rates shown above for the year ended 2013 were utilized to calculate the first quarter 2014 expense. The March 31, 2014 rates were utilized to calculate the 2014 second quarter expense. | |||||||||||||||||||||||||||
Sensitivities of Certain Key Assumptions | ||||||||||||||||||||||||||||
The following table summarizes the estimated effect on the Company’s Significant Plans quarterly pension expense of a one-percentage-point change in the discount rate: | ||||||||||||||||||||||||||||
Three Months Ended June 30, 2014 | ||||||||||||||||||||||||||||
In millions of dollars | One-percentage-point increase | One-percentage-point decrease | ||||||||||||||||||||||||||
U.S. plans | $6 | ($10) | ||||||||||||||||||||||||||
Non-U.S. plans | -3 | 4 | ||||||||||||||||||||||||||
Since the U.S. qualified pension plan was frozen, the majority of the prospective service cost has been eliminated and the gain/loss amortization period was changed to the life expectancy for inactive participants. As a result, pension expense for the U.S. qualified pension plan is driven more by interest costs than service costs, and an increase in the discount rate would increase pension expense, while a decrease in the discount rate would decrease pension expense. | ||||||||||||||||||||||||||||
Contributions | ||||||||||||||||||||||||||||
The Company’s funding practice for U.S. and non-U.S. pension plans is generally to fund to minimum funding requirements in accordance with applicable local laws and regulations. The Company may increase its contributions above the minimum required contribution, if appropriate. In addition, management has the ability to change its funding practices. For the U.S. pension plans, there were no required minimum cash contributions during the second quarter of 2014. | ||||||||||||||||||||||||||||
The following table summarizes the actual Company contributions for the six months ended June 30, 2014 and 2013, as well as estimated expected Company contributions for the remainder of the year. Expected contributions are subject to change since contribution decisions are affected by various factors, such as market performance and regulatory requirements. | ||||||||||||||||||||||||||||
Summary of Company Contributions | ||||||||||||||||||||||||||||
Pension plans | Postretirement benefit plans | |||||||||||||||||||||||||||
U.S. plans (1) | Non-U.S. plans | U.S. plans | Non-U.S. plans | |||||||||||||||||||||||||
In millions of dollars | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||
Company contributions(2) for the six months ended June 30 | $ | 23 | $ | 21 | $ | 87 | $ | 125 | $ | 20 | $ | 28 | $ | 8 | $ | 168 | ||||||||||||
Company contributions expected for the remainder of the year | $ | 22 | $ | 21 | $ | 95 | $ | 88 | $ | 29 | $ | 28 | $ | 91 | $ | 5 | ||||||||||||
-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 to participants by the Company. | |||||||||||||||||||||||||||
Defined Contribution Plans | ||||||||||||||||||||||||||||
The Company sponsors defined contribution plans in the U.S. and in certain non-U.S. locations, all of which are administered in accordance with local laws. The most significant defined contribution plan is the Citigroup 401(k) Plan sponsored by the Company in the U.S. | ||||||||||||||||||||||||||||
Under the Citigroup 401(k) Plan, eligible U.S. employees receive matching contributions of up to 6% of their eligible compensation for 2014 and 2013, subject to statutory limits. Additionally, for eligible employees whose eligible compensation is $100,000 or less, a fixed contribution of up to 2% of eligible compensation is provided. All company | ||||||||||||||||||||||||||||
contributions are invested according to participants’ individual | ||||||||||||||||||||||||||||
elections. The pretax expense associated with this plan amounted to approximately $101 million and $98 million in the three months ended June 30, 2014 and 2013, respectively, and $204 million and $202 million in the six months ended June 30, 2014 and 2013, respectively. | ||||||||||||||||||||||||||||
Postemployment Plans | ||||||||||||||||||||||||||||
The Company sponsors U.S. postemployment plans that provide income continuation and health and welfare benefits to certain eligible U.S. employees on long-term disability. | ||||||||||||||||||||||||||||
The following table summarizes the components of net expense recognized in the Consolidated Statement of Income for the Company’s U.S. postemployment plans. | ||||||||||||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||||
In millions of dollars | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||||
Service related expense | ||||||||||||||||||||||||||||
Benefits earned during the period | $ | — | $ | 6 | $ | — | $ | 13 | ||||||||||||||||||||
Interest cost on benefit obligation | 1 | 3 | 2 | 6 | ||||||||||||||||||||||||
Amortization of unrecognized | ||||||||||||||||||||||||||||
Prior service cost | (8 | ) | 2 | (15 | ) | 4 | ||||||||||||||||||||||
Net actuarial loss | 3 | 3 | 7 | 6 | ||||||||||||||||||||||||
Total service related expense | $ | (4 | ) | $ | 14 | $ | (6 | ) | $ | 29 | ||||||||||||||||||
Non-service related expense | $ | 8 | $ | 6 | $ | 17 | $ | 13 | ||||||||||||||||||||
Total net expense | $ | 4 | $ | 20 | $ | 11 | $ | 42 | ||||||||||||||||||||
EARNINGS_PER_SHARE
EARNINGS PER SHARE | 6 Months Ended | ||||||||||||
Jun. 30, 2014 | |||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||
EARNINGS PER SHARE | ' | ||||||||||||
EARNINGS PER SHARE | |||||||||||||
The following is a reconciliation of the income and share data used in the basic and diluted earnings per share (EPS) computations for the three and six months ended June 30: | |||||||||||||
Three Months Ended | Six Months Ended June 30, | ||||||||||||
June 30, | |||||||||||||
In millions, except shares and per-share amounts | 2014 | 2013 | 2014 | 2013 | |||||||||
Income from continuing operations before attribution of noncontrolling interests | $ | 253 | $ | 4,188 | $ | 4,204 | $ | 8,119 | |||||
Less: Noncontrolling interests from continuing operations | 50 | 36 | 95 | 126 | |||||||||
Net income from continuing operations (for EPS purposes) | $ | 203 | $ | 4,152 | $ | 4,109 | $ | 7,993 | |||||
Income (loss) from discontinued operations, net of taxes | (22 | ) | 30 | 15 | (3 | ) | |||||||
Citigroup's net income | $ | 181 | $ | 4,182 | $ | 4,124 | $ | 7,990 | |||||
Less: Preferred dividends(1) | 100 | 9 | 224 | 13 | |||||||||
Net income available to common shareholders | $ | 81 | $ | 4,173 | $ | 3,900 | $ | 7,977 | |||||
Less: Dividends and undistributed earnings allocated to employee restricted and deferred shares with nonforfeitable rights to dividends, applicable to basic EPS | 1 | 83 | 64 | 155 | |||||||||
Net income allocated to common shareholders for basic EPS | $ | 80 | $ | 4,090 | $ | 3,836 | $ | 7,822 | |||||
Add: Interest expense, net of tax, and dividends on convertible securities and adjustment of undistributed earnings allocated to employee restricted and deferred shares with nonforfeitable rights to dividends, applicable to diluted EPS | — | 1 | — | 1 | |||||||||
Net income allocated to common shareholders for diluted EPS | $ | 80 | $ | 4,091 | $ | 3,836 | $ | 7,823 | |||||
Weighted-average common shares outstanding applicable to basic EPS | 3,033.80 | 3,040.70 | 3,035.60 | 3,040.40 | |||||||||
Effect of dilutive securities | |||||||||||||
Options(2) | 4.3 | 5 | 4.9 | 4.5 | |||||||||
Other employee plans | 0.2 | 0.5 | 0.3 | 0.5 | |||||||||
Convertible securities(3) | — | 0.1 | — | 0.1 | |||||||||
Adjusted weighted-average common shares outstanding applicable to diluted EPS | 3,038.30 | 3,046.30 | 3,040.80 | 3,045.50 | |||||||||
Basic earnings per share(4) | |||||||||||||
Income from continuing operations | $ | 0.03 | $ | 1.34 | $ | 1.26 | $ | 2.57 | |||||
Discontinued operations | (0.01 | ) | 0.01 | — | — | ||||||||
Net income | $ | 0.03 | $ | 1.35 | $ | 1.26 | $ | 2.57 | |||||
Diluted earnings per share(4) | |||||||||||||
Income from continuing operations | $ | 0.03 | $ | 1.33 | $ | 1.26 | $ | 2.57 | |||||
Discontinued operations | (0.01 | ) | 0.01 | — | — | ||||||||
Net income | $ | 0.03 | $ | 1.34 | $ | 1.26 | $ | 2.57 | |||||
-1 | See Note 19 to the Consolidated Financial Statements for the potential future impact of preferred stock dividends. | ||||||||||||
-2 | During the second quarters of 2014 and 2013, weighted-average options to purchase 7.5 million and 8.2 million shares of common stock, respectively, were outstanding but not included in the computation of earnings per share because the weighted-average exercise prices of $117.33 and $79.80, respectively, were anti-dilutive. | ||||||||||||
-3 | Warrants issued to the U.S. Treasury as part of the Troubled Asset Relief Program (TARP) and the loss-sharing agreement (all of which were subsequently sold to the public in January 2011), with an exercise price of $178.50 and $106.10 for approximately 21.0 million and 25.5 million shares of Citigroup common stock, respectively, were not included in the computation of earnings per share in the second quarters of 2014 and 2013 because they were anti-dilutive. | ||||||||||||
-4 | Due to rounding, earnings per share on continuing operations and discontinued operations may not sum to earnings per share on net income. |
FEDERAL_FUNDS_SECURITIES_BORRO
FEDERAL FUNDS, SECURITIES BORROWED, LOANED, AND SUBJECT TO REPURCHASE AGREEMENTS | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Federal Funds Purchased and Securities Sold under Agreements to Repurchase [Abstract] | ' | |||||||||||||||
FEDERAL FUNDS, SECURITIES BORROWED, LOANED, AND SUBJECT TO REPURCHASE AGREEMENTS | ' | |||||||||||||||
FEDERAL FUNDS, SECURITIES BORROWED, LOANED, AND SUBJECT TO REPURCHASE AGREEMENTS | ||||||||||||||||
Federal funds sold and securities borrowed or purchased under agreements to resell, at their respective carrying values, consisted of the following at June 30, 2014 and December 31, 2013: | ||||||||||||||||
In millions of dollars | June 30, | December 31, | ||||||||||||||
2014 | 2013 | |||||||||||||||
Federal funds sold | $ | — | $ | 20 | ||||||||||||
Securities purchased under agreements to resell | 128,421 | 136,649 | ||||||||||||||
Deposits paid for securities borrowed | 121,932 | 120,368 | ||||||||||||||
Total | $ | 250,353 | $ | 257,037 | ||||||||||||
Federal funds purchased and securities loaned or sold under agreements to repurchase, at their respective carrying values, consisted of the following: | ||||||||||||||||
In millions of dollars | June 30, | December 31, | ||||||||||||||
2014 | 2013 | |||||||||||||||
Federal funds purchased | $ | 663 | $ | 910 | ||||||||||||
Securities sold under agreements to repurchase | 159,598 | 175,691 | ||||||||||||||
Deposits received for securities loaned | 23,651 | 26,911 | ||||||||||||||
Total | $ | 183,912 | $ | 203,512 | ||||||||||||
The resale and repurchase agreements represent collateralized financing transactions. The Company executes these transactions primarily through its broker-dealer subsidiaries to facilitate customer matched-book activity and to efficiently fund a portion of the Company’s trading inventory. Transactions executed by the Company’s bank subsidiaries primarily facilitate customer financing activity. | ||||||||||||||||
It is the Company’s policy to take possession of the underlying collateral, monitor its market value relative to the amounts due under the agreements and, when necessary, require prompt transfer of additional collateral in order to maintain contractual margin protection. Collateral typically consists of government and government-agency securities, corporate and municipal bonds, and mortgage-backed and other asset-backed securities. | ||||||||||||||||
The resale and repurchase agreements are generally documented under industry standard agreements that allow the prompt close-out of all transactions (including the liquidation of securities held) and the offsetting of obligations to return cash or securities by the non-defaulting party, following a payment or other type of default under the relevant master agreement. Events of default generally include: (i) failure to deliver cash or securities as required under the transaction, (ii) failure to provide or return cash or securities as used for margining purposes, (iii) breach of representation, (iv) cross-default to another transaction entered into among the parties, or, in some cases, their affiliates, and (v) a repudiation of obligations under the agreement. The counterparty that receives the securities in these transactions is generally unrestricted in its use of the securities, with the exception of transactions executed on a tri-party basis. | ||||||||||||||||
A substantial portion of the resale and repurchase agreements is recorded at fair value, as described in Note 22 to the Consolidated Financial Statements. The remaining portion is carried at the amount of cash initially advanced or received, plus accrued interest, as specified in the respective agreements. | ||||||||||||||||
The securities borrowing and lending agreements also represent collateralized financing transactions similar to the resale and repurchase agreements. Collateral typically consists of government and government-agency securities and corporate debt and equity securities. | ||||||||||||||||
Similar to the resale and repurchase agreements, securities borrowing and lending agreements are generally documented under industry standard agreements that allow the prompt close-out of all transactions (including the liquidation of securities held) and the offsetting of obligations to return cash or securities by the non-defaulting party, following a payment or other default by the other party under the relevant master agreement. Events of default and rights to use securities under the securities borrowing and lending agreements are similar to the resale and repurchase agreements referenced above. | ||||||||||||||||
A substantial portion of securities borrowing and lending agreements is recorded at the amount of cash advanced or received. The remaining portion is recorded at fair value as the Company elected the fair value option for certain securities borrowed and loaned portfolios, as described in Note 23 to the Consolidated Financial Statements. With respect to securities loaned, the Company receives cash collateral in an amount generally in excess of the market value of the securities loaned. The Company monitors the market value of securities borrowed and securities loaned on a daily basis and obtains or posts additional collateral in order to maintain contractual margin protection. | ||||||||||||||||
The enforceability of offsetting rights incorporated in the master netting agreements for resale and repurchase agreements and securities borrowing and lending agreements is evidenced to the extent that a supportive legal opinion has been obtained from counsel of recognized standing which provides the requisite level of certainty regarding the enforceability of these agreements and that the exercise of rights by the non-defaulting party to terminate and close-out transactions on a net basis under these agreements will not be stayed, or avoided under applicable law upon an event of default including bankruptcy, insolvency or similar proceeding. | ||||||||||||||||
A legal opinion may not have been sought or obtained for certain jurisdictions where local law is silent or sufficiently ambiguous to determine the enforceability of offsetting rights or where adverse case law or conflicting regulation may cast doubt on the enforceability of such rights. In some jurisdictions and for some counterparty types, the insolvency law for a particular counterparty type may be nonexistent or unclear as overlapping regimes may exist. For example, this may be the case for certain sovereigns, municipalities, central banks and U.S. pension plans. | ||||||||||||||||
The following tables present the gross and net resale and repurchase agreements and securities borrowing and lending | ||||||||||||||||
agreements and the related offsetting amount permitted under ASC 210-20-45, as of June 30, 2014 and December 31, 2013. The tables also include amounts related to financial instruments that are not permitted to be offset under ASC 210-20-45 but would be eligible for offsetting to the extent an event of default occurred and a legal opinion supporting enforceability of the offsetting rights has been obtained. Remaining exposures continue to be secured by financial collateral, but the Company may not have sought or been able to obtain a legal opinion evidencing enforceability of the offsetting right. | ||||||||||||||||
As of June 30, 2014 | ||||||||||||||||
In millions of dollars | Gross amounts | Gross amounts | Net amounts of | Amounts | Net | |||||||||||
of recognized | offset on the | assets included on | not offset on the | amounts(4) | ||||||||||||
assets | Consolidated | the Consolidated | Consolidated Balance | |||||||||||||
Balance Sheet(1) | Balance Sheet(2) | Sheet but eligible for | ||||||||||||||
offsetting upon | ||||||||||||||||
counterparty default(3) | ||||||||||||||||
Securities purchased under agreements to resell | $ | 193,940 | $ | 65,519 | $ | 128,421 | $ | 97,663 | $ | 30,758 | ||||||
Deposits paid for securities borrowed | 121,932 | — | 121,932 | 21,309 | 100,623 | |||||||||||
Total | $ | 315,872 | $ | 65,519 | $ | 250,353 | $ | 118,972 | $ | 131,381 | ||||||
In millions of dollars | Gross amounts | Gross amounts | Net amounts of | Amounts | Net | |||||||||||
of recognized | offset on the | liabilities included on | not offset on the | amounts(4) | ||||||||||||
liabilities | Consolidated | the Consolidated | Consolidated Balance | |||||||||||||
Balance Sheet(1) | Balance Sheet(2) | Sheet but eligible for | ||||||||||||||
offsetting upon | ||||||||||||||||
counterparty default(3) | ||||||||||||||||
Securities sold under agreements to repurchase | $ | 225,117 | $ | 65,519 | $ | 159,598 | $ | 71,095 | $ | 88,503 | ||||||
Deposits received for securities loaned | 23,651 | — | 23,651 | 7,082 | 16,569 | |||||||||||
Total | $ | 248,768 | $ | 65,519 | $ | 183,249 | $ | 78,177 | $ | 105,072 | ||||||
As of December 31, 2013 | ||||||||||||||||
In millions of dollars | Gross amounts | Gross amounts | Net amounts of | Amounts | Net | |||||||||||
of recognized | offset on the | assets included on | not offset on the | amounts(4) | ||||||||||||
assets | Consolidated | the Consolidated | Consolidated Balance | |||||||||||||
Balance Sheet(1) | Balance Sheet(2) | Sheet but eligible for | ||||||||||||||
offsetting upon | ||||||||||||||||
counterparty default(3) | ||||||||||||||||
Securities purchased under agreements to resell | $ | 179,894 | $ | 43,245 | $ | 136,649 | $ | 105,226 | $ | 31,423 | ||||||
Deposits paid for securities borrowed | 120,368 | — | 120,368 | 26,728 | 93,640 | |||||||||||
Total | $ | 300,262 | $ | 43,245 | $ | 257,017 | $ | 131,954 | $ | 125,063 | ||||||
In millions of dollars | Gross amounts | Gross amounts | Net amounts of | Amounts | Net | |||||||||||
of recognized | offset on the | liabilities included on | not offset on the | amounts(4) | ||||||||||||
liabilities | Consolidated | the Consolidated | Consolidated Balance | |||||||||||||
Balance Sheet(1) | Balance Sheet(2) | Sheet but eligible for | ||||||||||||||
offsetting upon | ||||||||||||||||
counterparty default(3) | ||||||||||||||||
Securities sold under agreements to repurchase | $ | 218,936 | $ | 43,245 | $ | 175,691 | $ | 80,082 | $ | 95,609 | ||||||
Deposits received for securities loaned | 26,911 | — | 26,911 | 3,833 | 23,078 | |||||||||||
Total | $ | 245,847 | $ | 43,245 | $ | 202,602 | $ | 83,915 | $ | 118,687 | ||||||
-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 table on prior page. | |||||||||||||||
-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 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. |
BROKERAGE_RECEIVABLES_AND_BROK
BROKERAGE RECEIVABLES AND BROKERAGE PAYABLES | 6 Months Ended | ||||||
Jun. 30, 2014 | |||||||
Brokers and Dealers [Abstract] | ' | ||||||
BROKERAGE RECEIVABLES AND BROKERAGE PAYABLES | ' | ||||||
BROKERAGE RECEIVABLES AND BROKERAGE | |||||||
PAYABLES | |||||||
The Company has receivables and payables for financial instruments sold to and purchased from brokers, dealers and customers, which arise in the ordinary course of business. The Company is exposed to risk of loss from the inability of brokers, dealers or customers to pay for purchases or to deliver the financial instruments sold, in which case the Company would have to sell or purchase the financial instruments at prevailing market prices. Credit risk is reduced to the extent that an exchange or clearing organization acts as a counterparty to the transaction and replaces the broker, dealer or customer in question. | |||||||
The Company seeks to protect itself from the risks associated with customer activities by requiring customers to maintain margin collateral in compliance with regulatory and internal guidelines. Margin levels are monitored daily, and customers deposit additional collateral as required. Where customers cannot meet collateral requirements, the Company will liquidate sufficient underlying financial instruments to bring the customer into compliance with the required margin level. | |||||||
Exposure to credit risk is impacted by market volatility, which may impair the ability of clients to satisfy their obligations to the Company. Credit limits are established and closely monitored for customers and for brokers and dealers engaged in forwards, futures and other transactions deemed to be credit sensitive. | |||||||
Brokerage receivables and Brokerage payables consisted of the following at June 30, 2014 and December 31, 2013: | |||||||
In millions of dollars | June 30, | December 31, | |||||
2014 | 2013 | ||||||
Receivables from customers | $ | 13,602 | $ | 5,811 | |||
Receivables from brokers, dealers, and clearing organizations | 28,262 | 19,863 | |||||
Total brokerage receivables (1) | $ | 41,864 | $ | 25,674 | |||
Payables to customers | $ | 36,214 | $ | 34,751 | |||
Payables to brokers, dealers, and clearing organizations | 26,109 | 18,956 | |||||
Total brokerage payables (1) | $ | 62,323 | $ | 53,707 | |||
-1 | Brokerage receivables and payables are accounted for in accordance with ASC 940-320. |
TRADING_ACCOUNT_ASSETS_AND_LIA
TRADING ACCOUNT ASSETS AND LIABILITIES | 6 Months Ended | ||||||
Jun. 30, 2014 | |||||||
Trading Securities [Abstract] | ' | ||||||
TRADING ACCOUNT ASSETS AND LIABILITIES | ' | ||||||
TRADING ACCOUNT ASSETS AND LIABILITIES | |||||||
Trading account assets and Trading account liabilities are carried at fair value, other than physical commodities accounted for at the lower of cost or fair value, and consist of the following at June 30, 2014 and December 31, 2013: | |||||||
In millions of dollars | June 30, | December 31, | |||||
2014 | 2013 | ||||||
Trading account assets | |||||||
Mortgage-backed securities(1) | |||||||
U.S. government-sponsored agency guaranteed | $ | 21,138 | $ | 23,955 | |||
Prime | 2,059 | 1,422 | |||||
Alt-A | 702 | 721 | |||||
Subprime | 541 | 1,211 | |||||
Non-U.S. residential | 733 | 723 | |||||
Commercial | 2,367 | 2,574 | |||||
Total mortgage-backed securities | $ | 27,540 | $ | 30,606 | |||
U.S. Treasury and federal agency securities | |||||||
U.S. Treasury | $ | 18,640 | $ | 13,537 | |||
Agency obligations | 1,678 | 1,300 | |||||
Total U.S. Treasury and federal agency securities | $ | 20,318 | $ | 14,837 | |||
State and municipal securities | $ | 2,726 | $ | 3,207 | |||
Foreign government securities | 80,985 | 74,856 | |||||
Corporate | 29,946 | 30,534 | |||||
Derivatives(2) | 50,502 | 52,821 | |||||
Equity securities | 59,579 | 61,776 | |||||
Asset-backed securities(1) | 4,504 | 5,616 | |||||
Other trading assets(3) | 14,676 | 11,675 | |||||
Total trading account assets | $ | 290,776 | $ | 285,928 | |||
Trading account liabilities | |||||||
Securities sold, not yet purchased | $ | 75,827 | $ | 61,508 | |||
Derivatives(2) | 47,543 | 47,254 | |||||
Total trading account liabilities | $ | 123,370 | $ | 108,762 | |||
-1 | The Company invests in mortgage-backed and asset-backed securities. These securitizations are generally considered VIEs. The Company’s maximum exposure to loss from these VIEs is equal to the carrying amount of the securities, which is reflected in the table above. For mortgage-backed and asset-backed securitizations in which the Company has other involvement, see Note 20 to the Consolidated Financial Statements. | ||||||
-2 | Presented net, pursuant to enforceable master netting agreements. See Note 21 to the Consolidated Financial Statements for a discussion regarding the accounting and reporting for derivatives. | ||||||
-3 | Includes investments in unallocated precious metals, as discussed in Note 23 to the Consolidated Financial Statements. Also includes physical commodities accounted for at the lower of cost or fair value. |
INVESTMENTS
INVESTMENTS | 6 Months Ended | ||||||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||||||
Investments [Abstract] | ' | ||||||||||||||||||||||||
INVESTMENTS | ' | ||||||||||||||||||||||||
INVESTMENTS | |||||||||||||||||||||||||
Overview | |||||||||||||||||||||||||
In millions of dollars | June 30, | December 31, | |||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
Securities available-for-sale (AFS) | $ | 292,578 | $ | 286,511 | |||||||||||||||||||||
Debt securities held-to-maturity (HTM)(1) | 22,330 | 10,599 | |||||||||||||||||||||||
Non-marketable equity securities carried at fair value(2) | 3,920 | 4,705 | |||||||||||||||||||||||
Non-marketable equity securities carried at cost(3) | 6,795 | 7,165 | |||||||||||||||||||||||
Total investments | $ | 325,623 | $ | 308,980 | |||||||||||||||||||||
-1 | Recorded at amortized cost less impairment for securities that have credit-related impairment. | ||||||||||||||||||||||||
-2 | Unrealized gains and losses for non-marketable equity securities carried at fair value are recognized in earnings. | ||||||||||||||||||||||||
-3 | Non-marketable equity securities carried at cost primarily consist of shares issued by the Federal Reserve Bank, Federal Home Loan Banks, foreign central banks and various clearing houses of which Citigroup is a member. | ||||||||||||||||||||||||
The following table presents interest and dividends on investments for the three and six months ended June 30, 2014 and 2013: | |||||||||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||
In millions of dollars | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||
Taxable interest | $ | 1,544 | $ | 1,381 | $ | 3,011 | $ | 2,891 | |||||||||||||||||
Interest exempt from U.S. federal income tax | 147 | 198 | 311 | 370 | |||||||||||||||||||||
Dividends | 116 | 108 | 242 | 228 | |||||||||||||||||||||
Total interest and dividends | $ | 1,807 | $ | 1,687 | $ | 3,564 | $ | 3,489 | |||||||||||||||||
The following table presents realized gains and losses on the sale of investments for the three and six months ended June 30, 2014 and 2013. The gross realized investment losses exclude losses from other-than-temporary impairment (OTTI): | |||||||||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||
In millions of dollars | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||
Gross realized investment gains | $ | 168 | $ | 620 | $ | 460 | $ | 1,114 | |||||||||||||||||
Gross realized investment losses | (84 | ) | (369 | ) | (248 | ) | (413 | ) | |||||||||||||||||
Net realized gains on sale of investments | $ | 84 | $ | 251 | $ | 212 | $ | 701 | |||||||||||||||||
The Company has sold various debt securities that were classified as HTM. These sales were in response to a significant deterioration in the creditworthiness of the issuers or securities. In addition, certain securities were reclassified to AFS investments in response to significant credit deterioration and, because the Company intends to sell the securities, Citi recorded OTTI on the securities. The following table sets forth, for the periods indicated, gain (loss) on HTM securities sold, securities reclassified to AFS and OTTI recorded on AFS securities reclassified. | |||||||||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||
In millions of dollars | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||
Carrying value of HTM securities sold | $ | 5 | $ | 318 | $ | 5 | $ | 485 | |||||||||||||||||
Net realized gain (loss) on sale of HTM securities | — | (56 | ) | — | $ | (66 | ) | ||||||||||||||||||
Carrying value of securities reclassified to AFS | 14 | 300 | 66 | $ | 902 | ||||||||||||||||||||
OTTI losses on securities reclassified to AFS | (1 | ) | (61 | ) | (9 | ) | $ | (155 | ) | ||||||||||||||||
Securities Available-for-Sale | |||||||||||||||||||||||||
The amortized cost and fair value of AFS securities at June 30, 2014 and December 31, 2013 were as follows: | |||||||||||||||||||||||||
June 30, 2014 | December 31, 2013 | ||||||||||||||||||||||||
In millions of dollars | Amortized | Gross | Gross | Fair | Amortized | Gross | Gross | Fair | |||||||||||||||||
cost | unrealized | unrealized | value | cost | unrealized | unrealized | value | ||||||||||||||||||
gains(1) | losses(1) | gains(1) | losses(1) | ||||||||||||||||||||||
Debt securities AFS | |||||||||||||||||||||||||
Mortgage-backed securities(2) | |||||||||||||||||||||||||
U.S. government-sponsored agency guaranteed | $ | 37,295 | $ | 567 | $ | 317 | $ | 37,545 | $ | 42,494 | $ | 391 | $ | 888 | $ | 41,997 | |||||||||
Prime | 15 | — | — | 15 | 33 | 2 | 3 | 32 | |||||||||||||||||
Alt-A | 2 | — | — | 2 | 84 | 10 | — | 94 | |||||||||||||||||
Subprime | — | — | — | — | 12 | — | — | 12 | |||||||||||||||||
Non-U.S. residential | 9,475 | 95 | 8 | 9,562 | 9,976 | 95 | 4 | 10,067 | |||||||||||||||||
Commercial | 516 | 8 | 3 | 521 | 455 | 6 | 8 | 453 | |||||||||||||||||
Total mortgage-backed securities | $ | 47,303 | $ | 670 | $ | 328 | $ | 47,645 | $ | 53,054 | $ | 504 | $ | 903 | $ | 52,655 | |||||||||
U.S. Treasury and federal agency securities | |||||||||||||||||||||||||
U.S. Treasury | $ | 88,218 | $ | 475 | $ | 61 | $ | 88,632 | $ | 68,891 | $ | 476 | $ | 147 | $ | 69,220 | |||||||||
Agency obligations | 15,095 | 104 | 19 | 15,180 | 18,320 | 123 | 67 | 18,376 | |||||||||||||||||
Total U.S. Treasury and federal agency securities | $ | 103,313 | $ | 579 | $ | 80 | $ | 103,812 | $ | 87,211 | $ | 599 | $ | 214 | $ | 87,596 | |||||||||
State and municipal(3) | $ | 13,903 | $ | 745 | $ | 1,756 | $ | 12,892 | $ | 20,761 | $ | 184 | $ | 2,005 | $ | 18,940 | |||||||||
Foreign government | 95,580 | 654 | 254 | 95,980 | 96,608 | 403 | 540 | 96,471 | |||||||||||||||||
Corporate | 10,815 | 270 | 82 | 11,003 | 11,039 | 210 | 119 | 11,130 | |||||||||||||||||
Asset-backed securities(2) | 14,452 | 54 | 83 | 14,423 | 15,352 | 42 | 120 | 15,274 | |||||||||||||||||
Other debt securities | 711 | — | 1 | 710 | 710 | 1 | — | 711 | |||||||||||||||||
Total debt securities AFS | $ | 286,077 | $ | 2,972 | $ | 2,584 | $ | 286,465 | $ | 284,735 | $ | 1,943 | $ | 3,901 | $ | 282,777 | |||||||||
Marketable equity securities AFS | $ | 5,914 | $ | 270 | $ | 71 | $ | 6,113 | $ | 3,832 | $ | 85 | $ | 183 | $ | 3,734 | |||||||||
Total securities AFS | $ | 291,991 | $ | 3,242 | $ | 2,655 | $ | 292,578 | $ | 288,567 | $ | 2,028 | $ | 4,084 | $ | 286,511 | |||||||||
-1 | Gross unrealized gains and losses, as presented, do not include the impact of minority investments and the related allocations and pick-up of unrealized gains and losses of AFS securities. These amounts totaled $3 million of unrealized loss and $36 million of unrealized gains as of June 30, 2014 and December 31, 2013, respectively. | ||||||||||||||||||||||||
-2 | The Company invests in mortgage-backed and asset-backed securities. These securitizations are generally considered VIEs. The Company’s maximum exposure to loss from these VIEs is equal to the carrying amount of the securities, which is reflected in the table above. For mortgage-backed and asset-backed securitizations in which the Company has other involvement, see Note 20 to the Consolidated Financial Statements. | ||||||||||||||||||||||||
-3 | The gross unrealized losses on state and municipal debt securities are primarily attributable to the effects of fair value hedge accounting. Specifically, Citi hedges the LIBOR-benchmark interest rate component of certain fixed-rate tax-exempt state and municipal debt securities utilizing LIBOR-based interest rate swaps. During the hedge period, losses incurred on the LIBOR-hedging swaps recorded in earnings were substantially offset by gains on the state and municipal debt securities attributable to changes in the LIBOR swap rate being hedged. However, because the LIBOR swap rate decreased significantly during the hedge period while the overall fair value of the municipal debt securities was relatively unchanged, the effect of reclassifying fair value gains on these securities from Accumulated other comprehensive income (loss) (AOCI) to earnings, attributable solely to changes in the LIBOR swap rate, resulted in net unrealized losses remaining in AOCI that relate to the unhedged components of these securities. | ||||||||||||||||||||||||
As discussed in more detail below, the Company conducts and documents periodic reviews of all securities with unrealized losses to evaluate whether the impairment is other-than-temporary. Any credit-related impairment related to debt securities that the Company does not plan to sell and is not likely to be required to sell is recognized in the Consolidated Statement of Income, with the non-credit-related impairment recognized in AOCI. For other debt securities with OTTI, the entire impairment is recognized in the Consolidated Statement of Income. | |||||||||||||||||||||||||
The table below shows the fair value of AFS securities that have been in an unrealized loss position for less than 12 months or for 12 months or longer as of June 30, 2014 and December 31, 2013: | |||||||||||||||||||||||||
Less than 12 months | 12 months or longer | Total | |||||||||||||||||||||||
In millions of dollars | Fair | Gross | Fair | Gross | Fair | Gross | |||||||||||||||||||
value | unrealized | value | unrealized | value | unrealized | ||||||||||||||||||||
losses | losses | losses | |||||||||||||||||||||||
30-Jun-14 | |||||||||||||||||||||||||
Securities AFS | |||||||||||||||||||||||||
Mortgage-backed securities | |||||||||||||||||||||||||
U.S. government-sponsored agency guaranteed | $ | 3,970 | $ | 26 | $ | 11,912 | $ | 291 | $ | 15,882 | $ | 317 | |||||||||||||
Prime | 2 | — | 3 | — | 5 | — | |||||||||||||||||||
Alt-A | 1 | — | — | — | 1 | — | |||||||||||||||||||
Non-U.S. residential | 504 | 2 | 545 | 6 | 1,049 | 8 | |||||||||||||||||||
Commercial | 44 | — | 128 | 3 | 172 | 3 | |||||||||||||||||||
Total mortgage-backed securities | $ | 4,521 | $ | 28 | $ | 12,588 | $ | 300 | $ | 17,109 | $ | 328 | |||||||||||||
U.S. Treasury and federal agency securities | |||||||||||||||||||||||||
U.S. Treasury | $ | 20,663 | $ | 45 | $ | 1,085 | $ | 16 | $ | 21,748 | $ | 61 | |||||||||||||
Agency obligations | 2,203 | 10 | 1,484 | 9 | 3,687 | 19 | |||||||||||||||||||
Total U.S. Treasury and federal agency securities | $ | 22,866 | $ | 55 | $ | 2,569 | $ | 25 | $ | 25,435 | $ | 80 | |||||||||||||
State and municipal | $ | 489 | $ | 19 | $ | 5,932 | $ | 1,737 | $ | 6,421 | $ | 1,756 | |||||||||||||
Foreign government | 17,858 | 154 | 7,124 | 100 | 24,982 | 254 | |||||||||||||||||||
Corporate | 1,402 | 60 | 1,428 | 22 | 2,830 | 82 | |||||||||||||||||||
Asset-backed securities | 4,025 | 24 | 2,429 | 59 | 6,454 | 83 | |||||||||||||||||||
Other debt securities | 49 | 1 | — | — | 49 | 1 | |||||||||||||||||||
Marketable equity securities AFS | 22 | 2 | 677 | 69 | 699 | 71 | |||||||||||||||||||
Total securities AFS | $ | 51,232 | $ | 343 | $ | 32,747 | $ | 2,312 | $ | 83,979 | $ | 2,655 | |||||||||||||
31-Dec-13 | |||||||||||||||||||||||||
Securities AFS | |||||||||||||||||||||||||
Mortgage-backed securities | |||||||||||||||||||||||||
U.S. government-sponsored agency guaranteed | $ | 19,377 | $ | 533 | $ | 5,643 | $ | 355 | $ | 25,020 | $ | 888 | |||||||||||||
Prime | 85 | 3 | 3 | — | 88 | 3 | |||||||||||||||||||
Non-U.S. residential | 2,103 | 4 | 5 | — | 2,108 | 4 | |||||||||||||||||||
Commercial | 206 | 6 | 28 | 2 | 234 | 8 | |||||||||||||||||||
Total mortgage-backed securities | $ | 21,771 | $ | 546 | $ | 5,679 | $ | 357 | $ | 27,450 | $ | 903 | |||||||||||||
U.S. Treasury and federal agency securities | |||||||||||||||||||||||||
U.S. Treasury | $ | 34,780 | $ | 133 | $ | 268 | $ | 14 | $ | 35,048 | $ | 147 | |||||||||||||
Agency obligations | 6,692 | 66 | 101 | 1 | 6,793 | 67 | |||||||||||||||||||
Total U.S. Treasury and federal agency securities | $ | 41,472 | $ | 199 | $ | 369 | $ | 15 | $ | 41,841 | $ | 214 | |||||||||||||
State and municipal | $ | 595 | $ | 29 | $ | 11,447 | $ | 1,976 | $ | 12,042 | $ | 2,005 | |||||||||||||
Foreign government | 35,783 | 477 | 5,778 | 63 | 41,561 | 540 | |||||||||||||||||||
Corporate | 4,565 | 108 | 387 | 11 | 4,952 | 119 | |||||||||||||||||||
Asset-backed securities | 11,207 | 57 | 1,931 | 63 | 13,138 | 120 | |||||||||||||||||||
Marketable equity securities AFS | 1,271 | 92 | 806 | 91 | 2,077 | 183 | |||||||||||||||||||
Total securities AFS | $ | 116,664 | $ | 1,508 | $ | 26,397 | $ | 2,576 | $ | 143,061 | $ | 4,084 | |||||||||||||
The following table presents the amortized cost and fair value of AFS debt securities by contractual maturity dates as of June 30, 2014 and December 31, 2013: | |||||||||||||||||||||||||
June 30, 2014 | December 31, 2013 | ||||||||||||||||||||||||
In millions of dollars | Amortized | Fair | Amortized | Fair | |||||||||||||||||||||
cost | value | cost | value | ||||||||||||||||||||||
Mortgage-backed securities(1) | |||||||||||||||||||||||||
Due within 1 year | $ | 72 | $ | 72 | $ | 87 | $ | 87 | |||||||||||||||||
After 1 but within 5 years | 468 | 475 | 346 | 354 | |||||||||||||||||||||
After 5 but within 10 years | 1,972 | 2,000 | 2,898 | 2,932 | |||||||||||||||||||||
After 10 years(2) | 44,791 | 45,098 | 49,723 | 49,282 | |||||||||||||||||||||
Total | $ | 47,303 | $ | 47,645 | $ | 53,054 | $ | 52,655 | |||||||||||||||||
U.S. Treasury and federal agency securities | |||||||||||||||||||||||||
Due within 1 year | $ | 11,751 | $ | 11,789 | $ | 15,789 | $ | 15,853 | |||||||||||||||||
After 1 but within 5 years | 86,111 | 86,470 | 66,232 | 66,457 | |||||||||||||||||||||
After 5 but within 10 years | 2,280 | 2,312 | 2,129 | 2,185 | |||||||||||||||||||||
After 10 years(2) | 3,171 | 3,241 | 3,061 | 3,101 | |||||||||||||||||||||
Total | $ | 103,313 | $ | 103,812 | $ | 87,211 | $ | 87,596 | |||||||||||||||||
State and municipal | |||||||||||||||||||||||||
Due within 1 year | $ | 208 | $ | 208 | $ | 576 | $ | 581 | |||||||||||||||||
After 1 but within 5 years | 3,903 | 3,909 | 3,731 | 3,735 | |||||||||||||||||||||
After 5 but within 10 years | 378 | 485 | 439 | 482 | |||||||||||||||||||||
After 10 years(2) | 9,414 | 8,290 | 16,015 | 14,142 | |||||||||||||||||||||
Total | $ | 13,903 | $ | 12,892 | $ | 20,761 | $ | 18,940 | |||||||||||||||||
Foreign government | |||||||||||||||||||||||||
Due within 1 year | $ | 36,840 | $ | 36,845 | $ | 37,005 | $ | 36,959 | |||||||||||||||||
After 1 but within 5 years | 44,717 | 44,877 | 51,344 | 51,304 | |||||||||||||||||||||
After 5 but within 10 years | 12,833 | 12,984 | 7,314 | 7,216 | |||||||||||||||||||||
After 10 years(2) | 1,190 | 1,274 | 945 | 992 | |||||||||||||||||||||
Total | $ | 95,580 | $ | 95,980 | $ | 96,608 | $ | 96,471 | |||||||||||||||||
All other(3) | |||||||||||||||||||||||||
Due within 1 year | $ | 2,911 | $ | 2,873 | $ | 2,786 | $ | 2,733 | |||||||||||||||||
After 1 but within 5 years | 10,034 | 10,168 | 10,934 | 11,020 | |||||||||||||||||||||
After 5 but within 10 years | 6,213 | 6,290 | 5,632 | 5,641 | |||||||||||||||||||||
After 10 years(2) | 6,820 | 6,805 | 7,749 | 7,721 | |||||||||||||||||||||
Total | $ | 25,978 | $ | 26,136 | $ | 27,101 | $ | 27,115 | |||||||||||||||||
Total debt securities AFS | $ | 286,077 | $ | 286,465 | $ | 284,735 | $ | 282,777 | |||||||||||||||||
-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. | ||||||||||||||||||||||||
Debt Securities Held-to-Maturity | |||||||||||||||||||||||||
During the second quarter of 2014, securities with a total fair value of approximately $11.8 billion were transferred from AFS to HTM, comprised of $5.4 billion of U.S. government agency mortgage-backed securities and $6.4 billion of obligations of U.S. states and municipalities. The transfer reflects the Company’s intent to hold these securities to maturity or to issuer call in order to reduce the impact of price volatility on AOCI and certain capital measures under Basel III. While these securities were transferred to HTM at fair value as of the transfer date, no subsequent changes in value may be recorded, other than in connection with the recognition of any subsequent other-than-temporary impairment and the amortization of differences between the carrying values at the transfer date and the par values of each security as an adjustment of yield over the remaining contractual life of each security. Any net unrealized holding losses within AOCI related to the respective securities at the date of transfer, inclusive of any cumulative fair value hedge adjustments, will be amortized over the remaining contractual life of each security as an adjustment of yield in a manner consistent with the amortization of any premium or discount. | |||||||||||||||||||||||||
The carrying value and fair value of debt securities HTM at June 30, 2014 and December 31, 2013 were as follows: | |||||||||||||||||||||||||
In millions of dollars | Amortized | Net unrealized gains | Carrying | Gross | Gross | Fair | |||||||||||||||||||
cost(1) | (losses) | value(2) | unrealized | unrealized | value | ||||||||||||||||||||
recognized in | gains | (losses) | |||||||||||||||||||||||
AOCI | |||||||||||||||||||||||||
30-Jun-14 | |||||||||||||||||||||||||
Debt securities held-to-maturity | |||||||||||||||||||||||||
Mortgage-backed securities(3) | |||||||||||||||||||||||||
U.S. government agency guaranteed | $ | 5,316 | $ | 97 | $ | 5,413 | $ | 12 | $ | (11 | ) | $ | 5,414 | ||||||||||||
Prime | 63 | (13 | ) | 50 | 6 | (2 | ) | 54 | |||||||||||||||||
Alt-A | 1,261 | (256 | ) | 1,005 | 519 | (266 | ) | 1,258 | |||||||||||||||||
Subprime | 2 | — | 2 | 1 | — | 3 | |||||||||||||||||||
Non-U.S. residential | 1,293 | (191 | ) | 1,102 | 93 | (2 | ) | 1,193 | |||||||||||||||||
Commercial | 11 | — | 11 | 1 | — | 12 | |||||||||||||||||||
Total mortgage-backed securities | $ | 7,946 | $ | (363 | ) | $ | 7,583 | $ | 632 | $ | (281 | ) | $ | 7,934 | |||||||||||
State and municipal(4) | $ | 8,339 | $ | (543 | ) | $ | 7,796 | $ | 271 | $ | (218 | ) | $ | 7,849 | |||||||||||
Foreign government | 5,641 | — | 5,641 | 133 | — | 5,774 | |||||||||||||||||||
Corporate | 816 | (65 | ) | 751 | 120 | — | 871 | ||||||||||||||||||
Asset-backed securities(3) | 580 | (21 | ) | 559 | 50 | (10 | ) | 599 | |||||||||||||||||
Total debt securities held-to-maturity | $ | 23,322 | $ | (992 | ) | $ | 22,330 | $ | 1,206 | $ | (509 | ) | $ | 23,027 | |||||||||||
31-Dec-13 | |||||||||||||||||||||||||
Debt securities held-to-maturity | |||||||||||||||||||||||||
Mortgage-backed securities(3) | |||||||||||||||||||||||||
Prime | $ | 72 | $ | (16 | ) | $ | 56 | $ | 5 | $ | (2 | ) | $ | 59 | |||||||||||
Alt-A | 1,379 | (287 | ) | 1,092 | 449 | (263 | ) | 1,278 | |||||||||||||||||
Subprime | 2 | — | 2 | 1 | — | 3 | |||||||||||||||||||
Non-U.S. residential | 1,372 | (206 | ) | 1,166 | 60 | (20 | ) | 1,206 | |||||||||||||||||
Commercial | 10 | — | 10 | 1 | — | 11 | |||||||||||||||||||
Total mortgage-backed securities | $ | 2,835 | $ | (509 | ) | $ | 2,326 | $ | 516 | $ | (285 | ) | $ | 2,557 | |||||||||||
State and municipal | $ | 1,394 | $ | (62 | ) | $ | 1,332 | $ | 50 | $ | (70 | ) | $ | 1,312 | |||||||||||
Foreign government | 5,628 | — | 5,628 | 70 | (10 | ) | 5,688 | ||||||||||||||||||
Corporate | 818 | (78 | ) | 740 | 111 | — | 851 | ||||||||||||||||||
Asset-backed securities(3) | 599 | (26 | ) | 573 | 22 | (10 | ) | 585 | |||||||||||||||||
Total debt securities held-to-maturity | $ | 11,274 | $ | (675 | ) | $ | 10,599 | $ | 769 | $ | (375 | ) | $ | 10,993 | |||||||||||
-1 | For securities transferred to HTM from Trading account assets, amortized cost 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, plus or minus any unamortized unrealized gains and losses and fair value hedge adjustments recognized in AOCI prior to reclassifying the securities from AFS to HTM. Changes in the values of these securities are not reported in the financial statements, except for the amortization of any difference between the carrying value at the transfer date and par value of the securities, and the recognition of any non-credit fair value adjustments in AOCI in connection with the recognition of any credit impairment in earnings related to securities the Company continues to intend to hold until maturity. | ||||||||||||||||||||||||
-3 | The Company invests in mortgage-backed and asset-backed securities. These securitizations are generally considered VIEs. The Company’s maximum exposure to loss from these VIEs is equal to the carrying amount of the securities, which is reflected in the table above. For mortgage-backed and asset-backed securitizations in which the Company has other involvement, see Note 20 to the Consolidated Financial Statements. | ||||||||||||||||||||||||
-4 | The net unrealized losses recognized in AOCI on state and municipal debt securities are primarily attributable to the effects of fair value hedge accounting applied when these debt securities were classified as AFS. Specifically, Citi hedged the LIBOR-benchmark interest rate component of certain fixed-rate tax-exempt state and municipal debt securities utilizing LIBOR-based interest rate swaps. During the hedge period, losses incurred on the LIBOR-hedging swaps recorded in earnings were substantially offset by gains on the state and municipal debt securities attributable to changes in the LIBOR swap rate being hedged. However, because the LIBOR swap rate decreased significantly during the hedge period while the overall fair value of the municipal debt securities was relatively unchanged, the effect of reclassifying fair value gains on these securities from AOCI to earnings attributable solely to changes in the LIBOR swap rate resulted in net unrealized losses remaining in AOCI that relate to the unhedged components of these securities. Upon transfer of these debt securities to HTM, all hedges have been de-designated and hedge accounting has ceased. | ||||||||||||||||||||||||
The Company has the positive intent and ability to hold these securities to maturity or, where applicable, the exercise of any issuer call options, absent any unforeseen significant changes in circumstances, including deterioration in credit or changes in regulatory capital requirements. | |||||||||||||||||||||||||
The net unrealized losses classified in AOCI primarily relate to debt securities previously classified as AFS that have been transferred to HTM, and include any cumulative fair value hedge adjustments. The net unrealized loss amount also includes any non-credit-related changes in fair value of HTM securities that have suffered credit impairment recorded in earnings. The AOCI balance related to HTM securities is amortized over the remaining contractual life of the related securities as an adjustment of yield in a manner consistent with the accretion of any difference between the carrying value at the transfer date and par value of the same debt securities. | |||||||||||||||||||||||||
The table below shows the fair value of debt securities in HTM that have been in an unrecognized loss position as of June 30, 2014 and December 31, 2013 for less than 12 months or 12 months or longer: | |||||||||||||||||||||||||
Less than 12 months | 12 months or longer | Total | |||||||||||||||||||||||
In millions of dollars | Fair | Gross | Fair | Gross | Fair | Gross | |||||||||||||||||||
value | unrecognized | value | unrecognized | value | unrecognized | ||||||||||||||||||||
losses | losses | losses | |||||||||||||||||||||||
30-Jun-14 | |||||||||||||||||||||||||
Debt securities held-to-maturity | |||||||||||||||||||||||||
Mortgage-backed securities | $ | 4 | $ | — | $ | 3,364 | $ | 281 | $ | 3,368 | $ | 281 | |||||||||||||
State and municipal | 10 | — | 5,054 | 218 | 5,064 | 218 | |||||||||||||||||||
Foreign government | — | — | — | — | — | — | |||||||||||||||||||
Asset-backed securities | 12 | — | 175 | 10 | 187 | 10 | |||||||||||||||||||
Total debt securities held-to-maturity | $ | 26 | $ | — | $ | 8,593 | $ | 509 | $ | 8,619 | $ | 509 | |||||||||||||
31-Dec-13 | |||||||||||||||||||||||||
Debt securities held-to-maturity | |||||||||||||||||||||||||
Mortgage-backed securities | $ | — | $ | — | $ | 358 | $ | 285 | $ | 358 | $ | 285 | |||||||||||||
State and municipal | 235 | 20 | 302 | 50 | 537 | 70 | |||||||||||||||||||
Foreign government | 920 | 10 | — | — | 920 | 10 | |||||||||||||||||||
Asset-backed securities | 98 | 6 | 198 | 4 | 296 | 10 | |||||||||||||||||||
Total debt securities held-to-maturity | $ | 1,253 | $ | 36 | $ | 858 | $ | 339 | $ | 2,111 | $ | 375 | |||||||||||||
Excluded from the gross unrecognized losses presented in the above table are the $(992) million and $(675) million of net unrealized losses recorded in AOCI as of June 30, 2014 and December 31, 2013, respectively, primarily related to the difference between the amortized cost and carrying value of HTM securities that were reclassified from AFS. Virtually all of these net unrecognized losses relate to securities that have been in a loss position for 12 months or longer at June 30, 2014 and December 31, 2013. | |||||||||||||||||||||||||
The following table presents the carrying value and fair value of HTM debt securities by contractual maturity dates as of June 30, 2014 and December 31, 2013: | |||||||||||||||||||||||||
June 30, 2014 | December 31, 2013 | ||||||||||||||||||||||||
In millions of dollars | Carrying value | Fair value | Carrying value | Fair value | |||||||||||||||||||||
Mortgage-backed securities | |||||||||||||||||||||||||
Due within 1 year | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||
After 1 but within 5 years | — | — | — | — | |||||||||||||||||||||
After 5 but within 10 years | 786 | 789 | 10 | 11 | |||||||||||||||||||||
After 10 years(1) | 6,797 | 7,145 | 2,316 | 2,546 | |||||||||||||||||||||
Total | $ | 7,583 | $ | 7,934 | $ | 2,326 | $ | 2,557 | |||||||||||||||||
State and municipal | |||||||||||||||||||||||||
Due within 1 year | $ | 4 | $ | 4 | $ | 8 | $ | 9 | |||||||||||||||||
After 1 but within 5 years | 14 | 14 | 17 | 17 | |||||||||||||||||||||
After 5 but within 10 years | 104 | 109 | 69 | 72 | |||||||||||||||||||||
After 10 years(1) | 7,674 | 7,722 | 1,238 | 1,214 | |||||||||||||||||||||
Total | $ | 7,796 | $ | 7,849 | $ | 1,332 | $ | 1,312 | |||||||||||||||||
Foreign government | |||||||||||||||||||||||||
Due within 1 year | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||
After 1 but within 5 years | 5,641 | 5,774 | 5,628 | 5,688 | |||||||||||||||||||||
After 5 but within 10 years | — | — | — | — | |||||||||||||||||||||
After 10 years(1) | — | — | — | — | |||||||||||||||||||||
Total | $ | 5,641 | $ | 5,774 | $ | 5,628 | $ | 5,688 | |||||||||||||||||
All other(2) | |||||||||||||||||||||||||
Due within 1 year | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||
After 1 but within 5 years | 751 | 871 | 740 | 851 | |||||||||||||||||||||
After 5 but within 10 years | — | — | — | — | |||||||||||||||||||||
After 10 years(1) | 559 | 599 | 573 | 585 | |||||||||||||||||||||
Total | $ | 1,310 | $ | 1,470 | $ | 1,313 | $ | 1,436 | |||||||||||||||||
Total debt securities held-to-maturity | $ | 22,330 | $ | 23,027 | $ | 10,599 | $ | 10,993 | |||||||||||||||||
-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. | ||||||||||||||||||||||||
Evaluating Investments for Other-Than-Temporary Impairment | |||||||||||||||||||||||||
Overview | |||||||||||||||||||||||||
The Company conducts and documents periodic reviews of all securities with unrealized losses to evaluate whether the impairment is other-than-temporary. | |||||||||||||||||||||||||
An unrealized loss exists when the current fair value of an individual security is less than its amortized cost basis. Unrealized losses that are determined to be temporary in nature are recorded, net of tax, in AOCI for AFS securities. Losses related to HTM securities generally are not recorded, as these investments are carried at amortized cost. However, for HTM securities with credit-related losses, the credit loss is recognized in earnings as OTTI, and any remainder between the cost basis adjusted for the OTTI and fair value is recognized in AOCI and amortized as an adjustment of yield over the remaining contractual life of the security. For securities transferred to HTM from Trading account assets, amortized cost is defined as the fair value of the securities at the date of transfer, plus any accretion income and less any impairment 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 impairment recognized in earnings. | |||||||||||||||||||||||||
Regardless of the classification of the securities as AFS or HTM, the Company assesses each position with an unrealized loss for OTTI. Factors considered in determining whether a loss is temporary include: | |||||||||||||||||||||||||
• | the length of time and the extent to which fair value has been below cost; | ||||||||||||||||||||||||
• | the severity of the impairment; | ||||||||||||||||||||||||
• | the cause of the impairment and the financial condition and near-term prospects of the issuer; | ||||||||||||||||||||||||
• | activity in the market of the issuer that may indicate adverse credit conditions; and | ||||||||||||||||||||||||
• | the Company’s ability and intent to hold the investment for a period of time sufficient to allow for any anticipated recovery. | ||||||||||||||||||||||||
The Company’s review for impairment generally entails: | |||||||||||||||||||||||||
• | identification and evaluation of investments that have indications of possible impairment; | ||||||||||||||||||||||||
• | analysis of individual investments that have fair values less than amortized cost, including consideration of the length of time the investment has been in an unrealized loss position and the expected recovery period; | ||||||||||||||||||||||||
• | discussion of evidential matter, including an evaluation of factors or triggers that could cause individual investments to qualify as having other-than-temporary impairment and those that would not support other-than-temporary impairment; and | ||||||||||||||||||||||||
• | documentation of the results of these analyses, as required under business policies. | ||||||||||||||||||||||||
Debt | |||||||||||||||||||||||||
The entire difference between amortized cost and fair value is recognized in earnings as OTTI for impaired debt securities that the Company has an intent to sell or for which the Company believes it is more-likely-than-not that it will be required to sell prior to recovery of the amortized cost basis. However, for those securities that the Company does not intend to sell and is not likely to be required to sell, only the credit-related impairment is recognized in earnings, and any non-credit-related impairment is recorded in AOCI. | |||||||||||||||||||||||||
For debt securities, credit impairment exists where management does not expect to receive contractual principal and interest cash flows sufficient to recover the entire amortized cost basis of a security. | |||||||||||||||||||||||||
Equity | |||||||||||||||||||||||||
For equity securities, management considers the various factors described above, including its intent and ability to hold the equity security for a period of time sufficient for recovery to cost or whether it is more-likely-than-not that the Company will be required to sell the security prior to recovery of its cost basis. Where management lacks that intent or ability, the security’s decline in fair value is deemed to be other-than-temporary and is recorded in earnings. AFS equity securities deemed other-than-temporarily impaired are written down to fair value, with the full difference between fair value and cost recognized in earnings. | |||||||||||||||||||||||||
Management assesses equity method investments that have fair values that are less than their respective carrying values for OTTI. Fair value is measured as price multiplied by quantity if the investee has publicly listed securities. If the investee is not publicly listed, other methods are used (see Note 22 to the Consolidated Financial Statements). | |||||||||||||||||||||||||
For impaired equity method investments that Citi plans to sell prior to recovery of value or would likely be required to sell, with no expectation that the fair value will recover prior to the expected sale date, the full impairment is recognized in earnings as OTTI regardless of severity and duration. The measurement of the OTTI does not include partial projected recoveries subsequent to the balance sheet date. | |||||||||||||||||||||||||
For impaired equity method investments that management does not plan to sell prior to recovery of value and is not likely to be required to sell, the evaluation of whether an impairment is other-than-temporary is based on (i) whether and when an equity method investment will recover in value and (ii) whether the investor has the intent and ability to hold that investment for a period of time sufficient to recover the value. The determination of whether the impairment is considered other-than-temporary considers the following indicators, regardless of the time and extent of impairment: | |||||||||||||||||||||||||
• | the cause of the impairment and the financial condition and near-term prospects of the issuer, including any specific events that may influence the operations of the issuer; | ||||||||||||||||||||||||
• | the intent and ability to hold the investment for a period of time sufficient to allow for any anticipated recovery in market value; and | ||||||||||||||||||||||||
• | the length of time and extent to which fair value has been less than the carrying value. | ||||||||||||||||||||||||
The sections below describe the Company’s process for identifying credit-related impairments in its security types with the most significant unrealized losses as of June 30, 2014. | |||||||||||||||||||||||||
Mortgage-backed securities | |||||||||||||||||||||||||
For U.S. mortgage-backed securities (and in particular for Alt-A and other mortgage-backed securities that have significant unrealized losses as a percentage of amortized cost), credit impairment is assessed using a cash flow model that estimates the principal and interest cash flows on the underlying mortgages using the security-specific collateral and transaction structure. The model distributes the estimated cash flows to the various tranches of securities, considering the transaction structure and any subordination and credit enhancements that exist in that structure. The cash flow model incorporates actual cash flows on the mortgage-backed securities through the current period and then estimates the remaining cash flows using a number of assumptions, including default rates, prepayment rates, recovery rates (on foreclosed properties) and loss severity rates (on non-agency mortgage-backed securities). | |||||||||||||||||||||||||
Management develops specific assumptions using market data, internal estimates, and estimates published by rating agencies and other third-party sources. Default rates are projected by considering current underlying mortgage loan performance, generally assuming the default of (i) 10% of current loans, (ii) 25% of 30-59 day delinquent loans, (iii) 70% of 60-90 day delinquent loans and (iv) 100% of 91+ day delinquent loans. These estimates are extrapolated along a default timing curve to estimate the total lifetime pool default rate. Other assumptions contemplate the actual collateral attributes, including geographic concentrations, rating actions and current market prices. | |||||||||||||||||||||||||
Cash flow projections are developed using different stress test scenarios. Management evaluates the results of those stress tests (including the severity of any cash shortfall indicated and the likelihood of the stress scenarios actually occurring based on the underlying pool’s characteristics and performance) to assess whether management expects to recover the amortized cost basis of the security. If cash flow projections indicate that the Company does not expect to recover its amortized cost basis, the Company recognizes the estimated credit loss in earnings. | |||||||||||||||||||||||||
State and municipal securities | |||||||||||||||||||||||||
The process for identifying credit impairments in Citigroup’s AFS and HTM state and municipal bonds is primarily based on a credit analysis that incorporates third-party credit ratings. Citigroup monitors the bond issuers and any insurers providing default protection in the form of financial guarantee insurance. The average external credit rating, ignoring any insurance, is Aa3/AA-. In the event of an external rating downgrade or other indicator of credit impairment (i.e., based on instrument-specific estimates of cash flows or probability of issuer default), the subject bond is specifically reviewed for adverse changes in the amount or timing of expected contractual principal and interest. | |||||||||||||||||||||||||
For state and municipal bonds with unrealized losses that Citigroup plans to sell (for AFS only), would likely be required to sell (for AFS only) or will be subject to an issuer call deemed probable of exercise prior to the expected recovery of its amortized cost basis (for AFS or HTM), the full impairment is recognized in earnings. | |||||||||||||||||||||||||
Recognition and Measurement of OTTI | |||||||||||||||||||||||||
The following table presents the total OTTI recognized in earnings for the three and six months ended June 30, 2014: | |||||||||||||||||||||||||
OTTI on Investments and Other Assets | Three Months Ended June 30, 2014 | Six months ended June 30, 2014 | |||||||||||||||||||||||
In millions of dollars | AFS(1) | HTM | Other | Total | AFS(1) | HTM | Other | Total | |||||||||||||||||
Assets | Assets | ||||||||||||||||||||||||
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 | $ | 2 | $ | — | $ | — | $ | 2 | $ | 2 | $ | — | $ | — | $ | 2 | |||||||||
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 | $ | 2 | $ | — | $ | — | $ | 2 | $ | 2 | $ | — | $ | — | $ | 2 | |||||||||
Impairment losses recognized in earnings for securities that the Company intends to sell or more-likely-than-not will be required to sell before recovery | 35 | — | — | 35 | 236 | — | — | 236 | |||||||||||||||||
Total impairment losses recognized in earnings | $ | 37 | $ | — | $ | — | $ | 37 | $ | 238 | $ | — | $ | — | $ | 238 | |||||||||
-1 | Includes OTTI on non-marketable equity securities. | ||||||||||||||||||||||||
The following table presents the total OTTI recognized in earnings for the three and six months ended June 30, 2013: | |||||||||||||||||||||||||
OTTI on Investments and Other Assets | Three Months Ended June 30, 2013 | Six months ended June 30, 2013 | |||||||||||||||||||||||
In millions of dollars | AFS(1) | HTM | Other | Total | AFS(1) | HTM | Other | Total | |||||||||||||||||
Assets (2) | Assets (2) | ||||||||||||||||||||||||
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 | $ | 5 | $ | 23 | $ | — | $ | 28 | |||||||||
Less: portion of impairment loss recognized in AOCI (before taxes) | — | — | — | — | — | 11 | — | 11 | |||||||||||||||||
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 | $ | 5 | $ | 12 | $ | — | $ | 17 | |||||||||
Impairment losses recognized in earnings for securities that the Company intends to sell or more-likely-than-not will be required to sell before recovery (2) | 71 | — | 87 | 158 | 214 | — | 192 | 406 | |||||||||||||||||
Total impairment losses recognized in earnings | $ | 74 | $ | 1 | $ | 87 | $ | 162 | $ | 219 | $ | 12 | $ | 192 | $ | 423 | |||||||||
-1 | Includes OTTI on non-marketable equity securities. | ||||||||||||||||||||||||
-2 | The impairment charge relates to the carrying value of Citi’s then-remaining 35% interest in the Morgan Stanley Smith Barney joint venture (MSSB), offset by the equity pickup from MSSB during the respective periods which was recorded in Other revenue. | ||||||||||||||||||||||||
The following is a three-month roll-forward of the credit-related impairments recognized in earnings for AFS and HTM debt securities held as of June 30, 2014 that the Company does not intend to sell nor likely will be required to sell: | |||||||||||||||||||||||||
Cumulative OTTI credit losses recognized in earnings | |||||||||||||||||||||||||
In millions of dollars | Mar. 31, 2014 balance | Credit | Credit | Reductions due to | Jun. 30, 2014 balance | ||||||||||||||||||||
impairments | impairments | credit-impaired | |||||||||||||||||||||||
recognized in | recognized in | securities sold, | |||||||||||||||||||||||
earnings on | earnings on | transferred or | |||||||||||||||||||||||
securities not | securities that | matured | |||||||||||||||||||||||
previously | have | ||||||||||||||||||||||||
impaired | been previously | ||||||||||||||||||||||||
impaired | |||||||||||||||||||||||||
AFS debt securities | |||||||||||||||||||||||||
Mortgage-backed securities | $ | 295 | $ | — | $ | — | $ | — | $ | 295 | |||||||||||||||
Foreign government securities | 171 | — | — | — | 171 | ||||||||||||||||||||
Corporate | 113 | — | — | (1 | ) | 112 | |||||||||||||||||||
All other debt securities | 144 | 2 | — | — | 146 | ||||||||||||||||||||
Total OTTI credit losses recognized for AFS debt securities | $ | 723 | $ | 2 | $ | — | $ | (1 | ) | $ | 724 | ||||||||||||||
HTM debt securities | |||||||||||||||||||||||||
Mortgage-backed securities(1) | $ | 665 | $ | — | $ | — | $ | — | $ | 665 | |||||||||||||||
Corporate | 56 | — | — | — | 56 | ||||||||||||||||||||
All other debt securities | 133 | — | — | — | 133 | ||||||||||||||||||||
Total OTTI credit losses recognized for HTM debt securities | $ | 854 | $ | — | $ | — | $ | — | $ | 854 | |||||||||||||||
(1) Primarily consists of Alt-A securities. | |||||||||||||||||||||||||
The following is a six-month roll-forward of the credit-related impairments recognized in earnings for AFS and HTM debt securities held as of June 30, 2014 that the Company does not intend to sell nor likely will be required to sell: | |||||||||||||||||||||||||
Cumulative OTTI credit losses recognized in earnings | |||||||||||||||||||||||||
In millions of dollars | Dec. 31, 2013 balance | Credit | Credit | Reductions due to | Jun. 30, 2014 balance | ||||||||||||||||||||
impairments | impairments | credit-impaired | |||||||||||||||||||||||
recognized in | recognized in | securities sold, | |||||||||||||||||||||||
earnings on | earnings on | transferred or | |||||||||||||||||||||||
securities not | securities that | matured | |||||||||||||||||||||||
previously | have | ||||||||||||||||||||||||
impaired | been previously | ||||||||||||||||||||||||
impaired | |||||||||||||||||||||||||
AFS debt securities | |||||||||||||||||||||||||
Mortgage-backed securities | $ | 295 | $ | — | $ | — | $ | — | $ | 295 | |||||||||||||||
Foreign government securities | 171 | — | — | — | 171 | ||||||||||||||||||||
Corporate | 113 | — | — | (1 | ) | 112 | |||||||||||||||||||
All other debt securities | 144 | 2 | — | — | 146 | ||||||||||||||||||||
Total OTTI credit losses recognized for AFS debt securities | $ | 723 | $ | 2 | $ | — | $ | (1 | ) | $ | 724 | ||||||||||||||
HTM debt securities | |||||||||||||||||||||||||
Mortgage-backed securities(1) | $ | 678 | $ | — | $ | — | $ | (13 | ) | $ | 665 | ||||||||||||||
Corporate | 56 | — | — | — | 56 | ||||||||||||||||||||
All other debt securities | 133 | — | — | — | 133 | ||||||||||||||||||||
Total OTTI credit losses recognized for HTM debt securities | $ | 867 | $ | — | $ | — | $ | (13 | ) | $ | 854 | ||||||||||||||
(1) Primarily consists of Alt-A securities. | |||||||||||||||||||||||||
Investments in Alternative Investment Funds That Calculate Net Asset Value per Share | |||||||||||||||||||||||||
The Company holds investments in certain alternative investment funds that calculate net asset value (NAV) per share, including hedge funds, private equity funds, funds of funds and real estate funds. The Company’s investments include co-investments in funds that are managed by the Company and investments in funds that are managed by third parties. Investments in funds are generally classified as non-marketable equity securities carried at fair value. The fair values of these investments are estimated using the NAV per share of the Company’s ownership interest in the funds, where it is not probable that the Company will sell an investment at a price other than the NAV. | |||||||||||||||||||||||||
Fair value | Unfunded | Redemption frequency | Redemption notice | ||||||||||||||||||||||
commitments | (if currently eligible) | period | |||||||||||||||||||||||
monthly, quarterly, annually | |||||||||||||||||||||||||
In millions of dollars | June 30, | December 31, | June 30, | December 31, | |||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||
Hedge funds | $ | 17 | $ | 751 | $ | — | $ | — | Generally quarterly | 10-95 days | |||||||||||||||
Private equity funds(1)(2) | 894 | 794 | 157 | 170 | — | — | |||||||||||||||||||
Real estate funds (2)(3) | 191 | 294 | 24 | 36 | — | — | |||||||||||||||||||
Total(4) | $ | 1,102 | $ | 1,839 | $ | 181 | $ | 206 | — | — | |||||||||||||||
-1 | Private equity funds include funds that invest in infrastructure, leveraged buyout transactions, emerging markets and venture capital. | ||||||||||||||||||||||||
-2 | With respect to the Company’s investments in private equity funds and real estate funds, distributions from each fund will be received as the underlying assets held by these funds are liquidated. It is estimated that the underlying assets of these funds will be liquidated over a period of several years as market conditions allow. Private equity and real estate funds do not allow redemption of investments by their investors. Investors are permitted to sell or transfer their investments, subject to the approval of the general partner or investment manager of these funds, which generally may not be unreasonably withheld. | ||||||||||||||||||||||||
-3 | Includes several real estate funds that invest primarily in commercial real estate in the U.S., Europe and Asia. | ||||||||||||||||||||||||
-4 | Included in the total fair value of investments above are $0.9 billion and $1.6 billion of fund assets that are valued using NAVs provided by third-party asset managers as of June 30, 2014 and December 31, 2013, respectively. |
LOANS
LOANS | 6 Months Ended | ||||||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||||||
Loans and Leases Receivable Disclosure [Abstract] | ' | ||||||||||||||||||||||||
LOANS | ' | ||||||||||||||||||||||||
LOANS | |||||||||||||||||||||||||
Citigroup loans are reported in two categories—consumer and corporate. These categories are classified primarily according to the segment and subsegment that manage the loans. | |||||||||||||||||||||||||
Consumer Loans | |||||||||||||||||||||||||
Consumer loans represent loans and leases managed primarily by the Global Consumer Banking businesses in Citicorp and in Citi Holdings. The following table provides information by loan type for the periods indicated: | |||||||||||||||||||||||||
In millions of dollars | June 30, | December 31, | |||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
Consumer loans | |||||||||||||||||||||||||
In U.S. offices | |||||||||||||||||||||||||
Mortgage and real estate(1) | $ | 103,905 | $ | 108,453 | |||||||||||||||||||||
Installment, revolving credit, and other | 13,192 | 13,398 | |||||||||||||||||||||||
Cards | 109,138 | 115,651 | |||||||||||||||||||||||
Commercial and industrial | 6,972 | 6,592 | |||||||||||||||||||||||
$ | 233,207 | $ | 244,094 | ||||||||||||||||||||||
In offices outside the U.S. | |||||||||||||||||||||||||
Mortgage and real estate(1) | $ | 57,291 | $ | 55,511 | |||||||||||||||||||||
Installment, revolving credit, and other | 34,560 | 33,182 | |||||||||||||||||||||||
Cards | 34,252 | 36,740 | |||||||||||||||||||||||
Commercial and industrial | 24,916 | 24,107 | |||||||||||||||||||||||
Lease financing | 735 | 769 | |||||||||||||||||||||||
$ | 151,754 | $ | 150,309 | ||||||||||||||||||||||
Total Consumer loans | $ | 384,961 | $ | 394,403 | |||||||||||||||||||||
Net unearned income | (616 | ) | (572 | ) | |||||||||||||||||||||
Consumer loans, net of unearned income | $ | 384,345 | $ | 393,831 | |||||||||||||||||||||
-1 | Loans secured primarily by real estate. | ||||||||||||||||||||||||
Citigroup has established a risk management process to monitor, evaluate and manage the principal risks associated with its consumer loan portfolio. Credit quality indicators that are actively monitored include delinquency status, consumer credit scores (FICO), and loan to value (LTV) ratios, each as discussed in more detail below. | |||||||||||||||||||||||||
Included in the loan table above are lending products whose terms may give rise to greater credit issues. Credit cards with below-market introductory interest rates and interest-only loans are examples of such products. These products are closely managed using credit techniques that are intended to mitigate their higher inherent risk. | |||||||||||||||||||||||||
During the three and six months ended June 30, 2014 and 2013, the Company sold and/or reclassified to held-for-sale $3.4 billion and $6.5 billion, and $3.8 billion and $10.2 billion respectively, of consumer loans. The Company did not have significant purchases of consumer loans during the three and six months ended June 30, 2014 and 2013. | |||||||||||||||||||||||||
Delinquency Status | |||||||||||||||||||||||||
Delinquency status is monitored and considered a key indicator of credit quality of consumer loans. Substantially all of the U.S. residential first mortgage loans use the Mortgage Banking Association (MBA) method of reporting delinquencies, which considers a loan delinquent if a monthly payment has not been received by the end of the day immediately preceding the loan’s next due date. All other loans use the Office of Thrift Supervision (OTS) method of reporting delinquencies, which considers a loan delinquent if a monthly payment has not been received by the close of business on the loan’s next due date. | |||||||||||||||||||||||||
As a general policy, residential first mortgages, home equity loans and installment loans are classified as non-accrual when loan payments are 90 days contractually past due. Credit cards and unsecured revolving loans generally accrue interest until payments are 180 days past due. Home equity loans in regulated bank entities are classified as non-accrual if the related residential first mortgage is 90 days or more past due. Mortgage loans in regulated bank entities discharged through Chapter 7 bankruptcy, other than FHA-insured loans, are classified as non-accrual. Commercial market loans are placed on a cash (non-accrual) basis when it is determined, 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 or when interest or principal is 90 days past due. | |||||||||||||||||||||||||
The policy for re-aging modified U.S. consumer loans to current status varies by product. Generally, one of the conditions to qualify for these modifications is that a minimum number of payments (typically ranging from one to three) be made. Upon modification, the loan is re-aged to current status. However, re-aging practices for certain open-ended consumer loans, such as credit cards, are governed by Federal Financial Institutions Examination Council (FFIEC) guidelines. For open-ended consumer loans subject to FFIEC guidelines, one of the conditions for the loan to be re-aged to current status is that at least three consecutive minimum monthly payments, or the equivalent amount, must be received. In addition, under FFIEC guidelines, the number of times that such a loan can be re-aged is subject to limitations (generally once in 12 months and twice in five years). Furthermore, Federal Housing Administration (FHA) and Department of Veterans Affairs (VA) loans are modified under those respective agencies’ guidelines and payments are not always required in order to re-age a modified loan to current. | |||||||||||||||||||||||||
The following tables provide details on Citigroup’s consumer loan delinquency and non-accrual loans as of June 30, 2014 and December 31, 2013: | |||||||||||||||||||||||||
Consumer Loan Delinquency and Non-Accrual Details at June 30, 2014 | |||||||||||||||||||||||||
In millions of dollars | Total | 30-89 days | ≥ 90 days | Past due | Total | Total | 90 days past due | ||||||||||||||||||
current(1)(2) | past due(3) | past due(3) | government | loans(2) | non-accrual | and accruing | |||||||||||||||||||
guaranteed(4) | |||||||||||||||||||||||||
In North America offices | |||||||||||||||||||||||||
Residential first mortgages | $ | 65,254 | $ | 1,796 | $ | 1,922 | $ | 4,406 | $ | 73,378 | $ | 3,273 | $ | 3,517 | |||||||||||
Home equity loans(5) | 28,987 | 353 | 578 | — | 29,918 | 1,329 | — | ||||||||||||||||||
Credit cards | 108,031 | 1,223 | 1,189 | — | 110,443 | — | 1,192 | ||||||||||||||||||
Installment and other | 12,404 | 200 | 173 | — | 12,777 | 90 | 4 | ||||||||||||||||||
Commercial market loans | 8,489 | 28 | 18 | — | 8,535 | 217 | 7 | ||||||||||||||||||
Total | $ | 223,165 | $ | 3,600 | $ | 3,880 | $ | 4,406 | $ | 235,051 | $ | 4,909 | $ | 4,720 | |||||||||||
In offices outside North America | |||||||||||||||||||||||||
Residential first mortgages | $ | 47,675 | $ | 404 | $ | 299 | $ | — | $ | 48,378 | $ | 554 | $ | — | |||||||||||
Home equity loans(5) | — | — | — | — | — | — | — | ||||||||||||||||||
Credit cards | 32,235 | 717 | 601 | — | 33,553 | 451 | 429 | ||||||||||||||||||
Installment and other | 31,569 | 413 | 174 | — | 32,156 | 252 | — | ||||||||||||||||||
Commercial market loans | 34,445 | 98 | 381 | — | 34,924 | 517 | — | ||||||||||||||||||
Total | $ | 145,924 | $ | 1,632 | $ | 1,455 | $ | — | $ | 149,011 | $ | 1,774 | $ | 429 | |||||||||||
Total GCB and Citi Holdings | $ | 369,089 | $ | 5,232 | $ | 5,335 | $ | 4,406 | $ | 384,062 | $ | 6,683 | $ | 5,149 | |||||||||||
Other | 283 | — | — | — | 283 | 33 | — | ||||||||||||||||||
Total Citigroup | $ | 369,372 | $ | 5,232 | $ | 5,335 | $ | 4,406 | $ | 384,345 | $ | 6,716 | $ | 5,149 | |||||||||||
-1 | Loans less than 30 days past due are presented as current. | ||||||||||||||||||||||||
-2 | Includes $46 million of residential first mortgages recorded at fair value. | ||||||||||||||||||||||||
-3 | Excludes loans guaranteed by U.S. government entities. | ||||||||||||||||||||||||
-4 | Consists of residential first mortgages that are guaranteed by U.S. government entities that are 30-89 days past due of $0.9 billion and 90 days past due of $3.5 billion. | ||||||||||||||||||||||||
-5 | Fixed rate home equity loans and loans extended under home equity lines of credit, which are typically in junior lien positions. | ||||||||||||||||||||||||
Consumer Loan Delinquency and Non-Accrual Details at December 31, 2013 | |||||||||||||||||||||||||
In millions of dollars | Total | 30-89 days | ≥ 90 days | Past due | Total | Total | 90 days past due | ||||||||||||||||||
current(1)(2) | past due(3) | past due(3) | government | loans(2) | non-accrual | and accruing | |||||||||||||||||||
guaranteed(4) | |||||||||||||||||||||||||
In North America offices | |||||||||||||||||||||||||
Residential first mortgages | $ | 66,612 | $ | 2,044 | $ | 1,975 | $ | 5,271 | $ | 75,902 | $ | 3,415 | $ | 3,997 | |||||||||||
Home equity loans(5) | 30,603 | 434 | 605 | — | 31,642 | 1,452 | — | ||||||||||||||||||
Credit cards | 113,886 | 1,491 | 1,452 | — | 116,829 | — | 1,456 | ||||||||||||||||||
Installment and other | 12,609 | 225 | 243 | — | 13,077 | 247 | 7 | ||||||||||||||||||
Commercial market loans | 8,630 | 26 | 28 | — | 8,684 | 112 | 7 | ||||||||||||||||||
Total | $ | 232,340 | $ | 4,220 | $ | 4,303 | $ | 5,271 | $ | 246,134 | $ | 5,226 | $ | 5,467 | |||||||||||
In offices outside North America | |||||||||||||||||||||||||
Residential first mortgages | $ | 46,067 | $ | 435 | $ | 332 | $ | — | $ | 46,834 | $ | 584 | $ | — | |||||||||||
Home equity loans(5) | — | — | — | — | — | — | — | ||||||||||||||||||
Credit cards | 34,733 | 780 | 641 | — | 36,154 | 402 | 413 | ||||||||||||||||||
Installment and other | 30,138 | 398 | 158 | — | 30,694 | 230 | — | ||||||||||||||||||
Commercial market loans | 33,242 | 111 | 295 | — | 33,648 | 610 | — | ||||||||||||||||||
Total | $ | 144,180 | $ | 1,724 | $ | 1,426 | $ | — | $ | 147,330 | $ | 1,826 | $ | 413 | |||||||||||
Total GCB and Citi Holdings | $ | 376,520 | $ | 5,944 | $ | 5,729 | $ | 5,271 | $ | 393,464 | $ | 7,052 | $ | 5,880 | |||||||||||
Other | 367 | — | — | — | 367 | 43 | — | ||||||||||||||||||
Total Citigroup | $ | 376,887 | $ | 5,944 | $ | 5,729 | $ | 5,271 | $ | 393,831 | $ | 7,095 | $ | 5,880 | |||||||||||
-1 | Loans less than 30 days past due are presented as current. | ||||||||||||||||||||||||
-2 | Includes $0.9 billion of residential first mortgages recorded at fair value. | ||||||||||||||||||||||||
-3 | Excludes loans guaranteed by U.S. government entities. | ||||||||||||||||||||||||
-4 | Consists of residential first mortgages that are guaranteed by U.S. government entities that are 30-89 days past due of $1.2 billion and 90 days past due of $4.1 billion. | ||||||||||||||||||||||||
-5 | Fixed rate home equity loans and loans extended under home equity lines of credit, which are typically in junior lien positions. | ||||||||||||||||||||||||
Consumer Credit Scores (FICO) | |||||||||||||||||||||||||
In the U.S., independent credit agencies rate an individual’s risk for assuming debt based on the individual’s credit history and assign every consumer a “FICO” (Fair Issac’s Corporation) credit score. These scores are continually updated by the agencies based upon an individual’s credit actions (e.g., taking out a loan or missed or late payments). | |||||||||||||||||||||||||
The following table provides details on the FICO scores attributable to Citi’s U.S. consumer loan portfolio as of June 30, 2014 and December 31, 2013 (commercial market loans are not included in the table since they are business-based and FICO scores are not a primary driver in their credit evaluation). FICO scores are updated monthly for substantially all of the portfolio or, otherwise, on a quarterly basis. | |||||||||||||||||||||||||
FICO score distribution in U.S. portfolio(1)(2) | 30-Jun-14 | ||||||||||||||||||||||||
In millions of dollars | Less than | ≥ 620 but less | Equal to or | ||||||||||||||||||||||
620 | than 660 | greater | |||||||||||||||||||||||
than 660 | |||||||||||||||||||||||||
Residential first mortgages | $ | 10,853 | $ | 6,165 | $ | 46,910 | |||||||||||||||||||
Home equity loans | 3,612 | 2,620 | 22,110 | ||||||||||||||||||||||
Credit cards | 7,242 | 9,922 | 89,795 | ||||||||||||||||||||||
Installment and other | 3,812 | 2,497 | 5,107 | ||||||||||||||||||||||
Total | $ | 25,519 | $ | 21,204 | $ | 163,922 | |||||||||||||||||||
-1 | Excludes loans guaranteed by U.S. government entities, loans subject to long-term standby commitments (LTSCs) with U.S. government-sponsored entities and loans recorded at fair value. | ||||||||||||||||||||||||
-2 | Excludes balances where FICO was not available. Such amounts are not material. | ||||||||||||||||||||||||
FICO score distribution in U.S. portfolio(1)(2) | 31-Dec-13 | ||||||||||||||||||||||||
In millions of dollars | Less than | ≥ 620 but less | Equal to or | ||||||||||||||||||||||
620 | than 660 | greater | |||||||||||||||||||||||
than 660 | |||||||||||||||||||||||||
Residential first mortgages | $ | 11,860 | $ | 6,426 | $ | 46,207 | |||||||||||||||||||
Home equity loans | 4,093 | 2,779 | 23,152 | ||||||||||||||||||||||
Credit cards | 8,125 | 10,693 | 94,437 | ||||||||||||||||||||||
Installment and other | 3,900 | 2,399 | 5,186 | ||||||||||||||||||||||
Total | $ | 27,978 | $ | 22,297 | $ | 168,982 | |||||||||||||||||||
-1 | Excludes loans guaranteed by U.S. government entities, loans subject to LTSCs with U.S. government-sponsored entities and loans recorded at fair value. | ||||||||||||||||||||||||
-2 | Excludes balances where FICO was not available. Such amounts are not material. | ||||||||||||||||||||||||
Loan to Value (LTV) Ratios | |||||||||||||||||||||||||
LTV ratios (loan balance divided by appraised value) are calculated at origination and updated by applying market price data. | |||||||||||||||||||||||||
The following tables provide details on the LTV ratios attributable to Citi’s U.S. consumer mortgage portfolios as of June 30, 2014 and December 31, 2013. LTV ratios are updated monthly using the most recent Core Logic HPI data available for substantially all of the portfolio applied at the Metropolitan Statistical Area level, if available, or the state level if not. The remainder of the portfolio is updated in a similar manner using the Office of Federal Housing Enterprise Oversight indices. | |||||||||||||||||||||||||
LTV distribution in U.S. portfolio(1)(2) | 30-Jun-14 | ||||||||||||||||||||||||
In millions of dollars | Less than or | > 80% but less | Greater | ||||||||||||||||||||||
equal to 80% | than or equal to | than | |||||||||||||||||||||||
100% | 100% | ||||||||||||||||||||||||
Residential first mortgages | $ | 47,929 | $ | 13,555 | $ | 2,603 | |||||||||||||||||||
Home equity loans | 14,429 | 8,254 | 5,534 | ||||||||||||||||||||||
Total | $ | 62,358 | $ | 21,809 | $ | 8,137 | |||||||||||||||||||
-1 | Excludes loans guaranteed by U.S. government entities, loans subject to LTSCs with U.S. government-sponsored entities and loans recorded at fair value. | ||||||||||||||||||||||||
-2 | Excludes balances where LTV was not available. Such amounts are not material. | ||||||||||||||||||||||||
LTV distribution in U.S. portfolio(1)(2) | 31-Dec-13 | ||||||||||||||||||||||||
In millions of dollars | Less than or | > 80% but less | Greater | ||||||||||||||||||||||
equal to 80% | than or equal to | than | |||||||||||||||||||||||
100% | 100% | ||||||||||||||||||||||||
Residential first mortgages | $ | 45,809 | $ | 13,458 | $ | 5,269 | |||||||||||||||||||
Home equity loans | 14,216 | 8,685 | 6,935 | ||||||||||||||||||||||
Total | $ | 60,025 | $ | 22,143 | $ | 12,204 | |||||||||||||||||||
-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. | ||||||||||||||||||||||||
Impaired Consumer Loans | |||||||||||||||||||||||||
Impaired loans are those loans that Citigroup believes it is probable all amounts due according to the original contractual terms of the loan will not be collected. Impaired consumer loans include non-accrual commercial market loans, as well as smaller-balance homogeneous loans whose terms have been modified due to the borrower’s financial difficulties and where Citigroup has granted a concession to the borrower. These modifications may include interest rate reductions and/or principal forgiveness. Impaired consumer loans exclude smaller-balance homogeneous loans that have not been modified and are carried on a non-accrual basis. In addition, impaired consumer loans exclude substantially all loans modified pursuant to Citi’s short-term modification programs (i.e., for periods of 12 months or less) that were modified prior to January 1, 2011. | |||||||||||||||||||||||||
As a result of OCC guidance issued in the third quarter of 2012, mortgage loans to borrowers that have gone through Chapter 7 bankruptcy are classified as troubled debt restructurings (TDRs). These TDRs, other than FHA-insured loans, are written down to collateral value less cost to sell. FHA-insured loans are reserved based on a discounted cash flow model (see Note 1 to the Consolidated Financial Statements in Citi’s 2013 Annual Report on Form 10-K). | |||||||||||||||||||||||||
The following tables present information about total impaired consumer loans at and for the periods ended June 30, 2014 and December 31, 2013, respectively, and for the three and six months ended June 30, 2014 and June 30, 2013 for interest income recognized on impaired consumer loans: | |||||||||||||||||||||||||
Three months ended June 30, | Six months ended June 30, | ||||||||||||||||||||||||
Balance at June 30, 2014 | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||
In millions of dollars | Recorded | Unpaid | Related | Average | Interest income | Interest income | Interest income | Interest income | |||||||||||||||||
investment(1)(2) | principal balance | specific allowance(3) | carrying value(4) | recognized(5)(6) | recognized(5)(6) | recognized(5)(6) | recognized(5)(6) | ||||||||||||||||||
Mortgage and real estate | |||||||||||||||||||||||||
Residential first mortgages | $ | 15,965 | $ | 16,962 | $ | 2,215 | $ | 16,660 | $ | 181 | $ | 207 | $ | 365 | $ | 424 | |||||||||
Home equity loans | 2,087 | 2,729 | 562 | 2,147 | 19 | 18 | 38 | 39 | |||||||||||||||||
Credit cards | 2,826 | 2,868 | 965 | 3,192 | 50 | 61 | 101 | 126 | |||||||||||||||||
Installment and other | |||||||||||||||||||||||||
Individual installment and other | 986 | 999 | 476 | 1,043 | 29 | 34 | 63 | 83 | |||||||||||||||||
Commercial market loans | 367 | 565 | 182 | 375 | 4 | 8 | 15 | 12 | |||||||||||||||||
Total(7) | $ | 22,231 | $ | 24,123 | $ | 4,400 | $ | 23,417 | $ | 283 | $ | 328 | $ | 582 | $ | 684 | |||||||||
-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 | $2,106 million of residential first mortgages, $564 million of home equity loans and $86 million of commercial market loans do not have a specific allowance. | ||||||||||||||||||||||||
(3) Included in the Allowance for loan losses. | |||||||||||||||||||||||||
(4) Average carrying value represents the average recorded investment ending balance for the last four quarters and does not include the related specific allowance. | |||||||||||||||||||||||||
(5) Includes amounts recognized on both an accrual and cash basis. | |||||||||||||||||||||||||
(6) Cash interest receipts on smaller-balance homogeneous loans are generally recorded as revenue. The interest recognition policy for commercial market loans is identical to that for corporate loans, as described below. | |||||||||||||||||||||||||
(7) Prior to 2008, the Company’s financial accounting systems did not separately track impaired smaller-balance, homogeneous consumer loans whose terms were modified due to the borrowers’ financial difficulties and where it was determined that a concession was granted to the borrower. Smaller-balance consumer loans modified since January 1, 2008 amounted to $21.9 billion at June 30, 2014. However, information derived from Citi’s risk management systems indicates that the amounts of outstanding modified loans, including those modified prior to 2008, approximated $22.5 billion at June 30, 2014. | |||||||||||||||||||||||||
Balance at December 31, 2013 | |||||||||||||||||||||||||
In millions of dollars | Recorded | Unpaid | Related | Average | |||||||||||||||||||||
investment(1)(2) | principal balance | specific allowance(3) | carrying value(4) | ||||||||||||||||||||||
Mortgage and real estate | |||||||||||||||||||||||||
Residential first mortgages | $ | 16,801 | $ | 17,788 | $ | 2,309 | $ | 17,616 | |||||||||||||||||
Home equity loans | 2,141 | 2,806 | 427 | 2,116 | |||||||||||||||||||||
Credit cards | 3,339 | 3,385 | 1,178 | 3,720 | |||||||||||||||||||||
Installment and other | |||||||||||||||||||||||||
Individual installment and other | 1,114 | 1,143 | 536 | 1,094 | |||||||||||||||||||||
Commercial market loans | 398 | 605 | 183 | 404 | |||||||||||||||||||||
Total(5) | $ | 23,793 | $ | 25,727 | $ | 4,633 | $ | 24,950 | |||||||||||||||||
-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 | $2,169 million of residential first mortgages, $568 million of home equity loans and $111 million of commercial market loans do not have a specific allowance. | ||||||||||||||||||||||||
-3 | Included in the Allowance for loan losses. | ||||||||||||||||||||||||
-4 | Average carrying value represents the average recorded investment ending balance for last four quarters and does not include related specific allowance. | ||||||||||||||||||||||||
(5) Prior to 2008, the Company’s financial accounting systems did not separately track impaired smaller-balance, homogeneous consumer loans whose terms were modified due to the borrowers’ financial difficulties and where it was determined that a concession was granted to the borrower. Smaller-balance consumer loans modified since January 1, 2008 amounted to $23.4 billion at December 31, 2013. However, information derived from Citi’s risk management systems indicates that the amounts of outstanding modified loans, including those modified prior to 2008, approximated $24.0 billion at December 31, 2013. | |||||||||||||||||||||||||
Consumer Troubled Debt Restructurings | |||||||||||||||||||||||||
The following tables present consumer TDRs occurring during the three and six months ended June 30, 2014 and 2013: | |||||||||||||||||||||||||
At and for the three months ended June 30, 2014 | |||||||||||||||||||||||||
In millions of dollars except number of loans modified | Number of | Post- | Deferred | Contingent | Principal | Average | |||||||||||||||||||
loans modified | modification | principal(3) | principal | forgiveness(5) | interest rate | ||||||||||||||||||||
recorded | forgiveness(4) | reduction | |||||||||||||||||||||||
investment(1)(2) | |||||||||||||||||||||||||
North America | |||||||||||||||||||||||||
Residential first mortgages | 4,568 | $ | 534 | $ | 10 | $ | 7 | $ | 2 | 1 | % | ||||||||||||||
Home equity loans | 1,741 | 63 | 1 | — | 2 | 3 | |||||||||||||||||||
Credit cards | 42,750 | 190 | — | — | — | 15 | |||||||||||||||||||
Installment and other revolving | 10,830 | 81 | — | — | — | 6 | |||||||||||||||||||
Commercial markets(6) | 53 | 9 | — | — | — | — | |||||||||||||||||||
Total(8) | 59,942 | $ | 877 | $ | 11 | $ | 7 | $ | 4 | ||||||||||||||||
International | |||||||||||||||||||||||||
Residential first mortgages | 743 | $ | 27 | $ | — | $ | — | $ | — | 1 | % | ||||||||||||||
Home equity loans | 6 | 1 | — | — | — | — | |||||||||||||||||||
Credit cards | 51,536 | 141 | — | — | 10 | 21 | |||||||||||||||||||
Installment and other revolving | 18,774 | 78 | — | — | 4 | 15 | |||||||||||||||||||
Commercial markets(6) | 124 | 41 | — | — | — | 1 | |||||||||||||||||||
Total(8) | 71,183 | $ | 288 | $ | — | $ | — | $ | 14 | ||||||||||||||||
At and for the three months ended June 30, 2013 | |||||||||||||||||||||||||
In millions of dollars except number of loans modified | Number of | Post- | Deferred | Contingent | Principal | Average | |||||||||||||||||||
loans modified | modification | principal(3) | principal | forgiveness(5) | interest rate | ||||||||||||||||||||
recorded | forgiveness(4) | reduction | |||||||||||||||||||||||
investment(1)(7) | |||||||||||||||||||||||||
North America | |||||||||||||||||||||||||
Residential first mortgages | 9,071 | $ | 1,208 | $ | 12 | $ | 2 | $ | 42 | 1 | % | ||||||||||||||
Home equity loans | 4,235 | 283 | — | 8 | 1 | ||||||||||||||||||||
Credit cards | 36,785 | 182 | — | — | — | 14 | |||||||||||||||||||
Installment and other revolving | 10,335 | 74 | — | — | — | 6 | |||||||||||||||||||
Commercial markets(6) | 65 | 5 | — | — | — | — | |||||||||||||||||||
Total(8) | 60,491 | $ | 1,752 | $ | 12 | $ | 2 | $ | 50 | ||||||||||||||||
International | |||||||||||||||||||||||||
Residential first mortgages | 1,147 | $ | 57 | $ | — | $ | — | $ | 1 | 1 | % | ||||||||||||||
Home equity loans | 1 | — | — | — | — | — | |||||||||||||||||||
Credit cards | 34,632 | 139 | — | — | 3 | 14 | |||||||||||||||||||
Installment and other revolving | 13,668 | 80 | — | — | 2 | 8 | |||||||||||||||||||
Commercial markets(6) | 122 | 36 | 1 | — | — | — | |||||||||||||||||||
Total(8) | 49,570 | $ | 312 | $ | 1 | $ | — | $ | 6 | ||||||||||||||||
-1 | Post-modification balances include past due amounts that are capitalized at the modification date. | ||||||||||||||||||||||||
-2 | Post-modification balances in North America include $54 million of residential first mortgages and $15 million of home equity loans to borrowers who have gone through Chapter 7 bankruptcy in the three months ended June 30, 2014. These amounts include $30 million of residential first mortgages and $12 million of home equity loans that are newly classified as TDRs in the three months ended June 30, 2014 as a result of OCC guidance, as described above. | ||||||||||||||||||||||||
-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. | ||||||||||||||||||||||||
(6) Commercial markets loans are generally borrower-specific modifications and incorporate changes in the amount and/or timing of principal and/or interest. | |||||||||||||||||||||||||
(7) Post-modification balances in North America include $126 million of residential first mortgages and $25 million of home equity loans to borrowers who have gone through Chapter 7 bankruptcy in the three months ended June 30, 2013. These amounts include $82 million of residential first mortgages and $22 million of home equity loans that are newly classified as TDRs in the three months ended June 30, 2013 as a result of OCC guidance, as described above. | |||||||||||||||||||||||||
(8) The above tables reflect activity for loans outstanding as of the end of the reporting period that were considered TDRs. | |||||||||||||||||||||||||
At and for the six months ended June 30, 2014 | |||||||||||||||||||||||||
In millions of dollars except number of loans modified | Number of | Post- | Deferred | Contingent | Principal | Average | |||||||||||||||||||
loans modified | modification | principal(3) | principal | forgiveness(5) | interest rate | ||||||||||||||||||||
recorded | forgiveness(4) | reduction | |||||||||||||||||||||||
investment(1)(2) | |||||||||||||||||||||||||
North America | |||||||||||||||||||||||||
Residential first mortgages | 10,347 | $ | 1,219 | $ | 28 | $ | 19 | $ | 5 | 1 | % | ||||||||||||||
Home equity loans | 4,060 | 147 | 2 | — | 11 | 2 | |||||||||||||||||||
Credit cards | 87,726 | 390 | — | — | — | 15 | |||||||||||||||||||
Installment and other revolving | 23,314 | 174 | — | — | — | 6 | |||||||||||||||||||
Commercial markets(6) | 91 | 22 | — | — | — | — | |||||||||||||||||||
Total(8) | 125,538 | $ | 1,952 | $ | 30 | $ | 19 | $ | 16 | ||||||||||||||||
International | |||||||||||||||||||||||||
Residential first mortgages | 1,286 | $ | 49 | $ | — | $ | — | $ | 1 | 1 | % | ||||||||||||||
Home equity loans | 38 | 6 | — | — | — | — | |||||||||||||||||||
Credit cards | 106,357 | 291 | — | — | 19 | 21 | |||||||||||||||||||
Installment and other revolving | 37,904 | 158 | — | — | 7 | 12 | |||||||||||||||||||
Commercial markets(6) | 220 | 134 | — | — | — | 1 | |||||||||||||||||||
Total(8) | 145,805 | $ | 638 | $ | — | $ | — | $ | 27 | ||||||||||||||||
At and for the six months ended June 30, 2013 | |||||||||||||||||||||||||
In millions of dollars except number of loans modified | Number of | Post- | Deferred | Contingent | Principal | Average | |||||||||||||||||||
loans modified | modification | principal(3) | principal | forgiveness(5) | interest rate | ||||||||||||||||||||
recorded | forgiveness(4) | reduction | |||||||||||||||||||||||
investment(1)(2) | |||||||||||||||||||||||||
North America | |||||||||||||||||||||||||
Residential first mortgages | 18,382 | $ | 2,454 | $ | 17 | $ | 2 | $ | 102 | 1 | % | ||||||||||||||
Home equity loans | 7,357 | 370 | 1 | — | 38 | 1 | |||||||||||||||||||
Credit cards | 79,761 | 406 | — | — | — | 14 | |||||||||||||||||||
Installment and other revolving | 21,941 | 159 | — | — | — | 6 | |||||||||||||||||||
Commercial markets(6) | 122 | 19 | — | — | — | — | |||||||||||||||||||
Total(8) | 127,563 | $ | 3,408 | $ | 18 | $ | 2 | $ | 140 | ||||||||||||||||
International | |||||||||||||||||||||||||
Residential first mortgages | 2,181 | $ | 105 | $ | — | $ | — | $ | 1 | 1 | % | ||||||||||||||
Home equity loans | 4 | — | — | — | — | ||||||||||||||||||||
Credit cards | 66,571 | 270 | — | — | 6 | 15 | |||||||||||||||||||
Installment and other revolving | 27,487 | 179 | — | — | 4 | 8 | |||||||||||||||||||
Commercial markets(6) | 208 | 46 | 1 | — | — | — | |||||||||||||||||||
Total(8) | 96,451 | $ | 600 | $ | 1 | $ | — | $ | 11 | ||||||||||||||||
-1 | Post-modification balances include past due amounts that are capitalized at modification date. | ||||||||||||||||||||||||
-2 | Post-modification balances in North America include $145 million of residential first mortgages and $37 million of home equity loans to borrowers who have gone through Chapter 7 bankruptcy in the six months ended June 30, 2014. These amounts include $87 million of residential first mortgages and $31 million of home equity loans that are newly classified as TDRs as a result of OCC guidance received in the six months ended June 30, 2014, as described above. | ||||||||||||||||||||||||
-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. | ||||||||||||||||||||||||
(6) Commercial markets loans are generally borrower-specific modifications and incorporate changes in the amount and/or timing of principal and/or interest. | |||||||||||||||||||||||||
(7) Post-modification balances in North America include $249 million of residential first mortgages and $45 million of home equity loans to borrowers who have gone through Chapter 7 bankruptcy in the six months ended June 30, 2013. These amounts include $178 million of residential first mortgages and $38 million of home equity loans that are newly classified as TDRs as a result of OCC guidance received in the six months ended June 30, 2013, as described above. | |||||||||||||||||||||||||
(8) The above tables reflect activity for loans outstanding as of the end of the reporting period that were considered TDRs. | |||||||||||||||||||||||||
The following table presents consumer TDRs that defaulted during the three months and six months ended June 30, 2014 and 2013, for which the payment default occurred within one year of a permanent modification. Default is defined as 60 days past due, except for classifiably managed commercial markets loans, where default is defined as 90 days past due. | |||||||||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||
In millions of dollars | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||
North America | |||||||||||||||||||||||||
Residential first mortgages | $ | 168 | $ | 391 | $ | 413 | $ | 781 | |||||||||||||||||
Home equity loans | 17 | 47 | 40 | 103 | |||||||||||||||||||||
Credit cards | 48 | 49 | 99 | 114 | |||||||||||||||||||||
Installment and other revolving | 21 | 19 | 40 | 42 | |||||||||||||||||||||
Commercial markets | 1 | 2 | 7 | 2 | |||||||||||||||||||||
Total | $ | 255 | $ | 508 | $ | 599 | $ | 1,042 | |||||||||||||||||
International | |||||||||||||||||||||||||
Residential first mortgages | $ | 6 | $ | 18 | $ | 13 | $ | 35 | |||||||||||||||||
Home equity loans | — | — | — | — | |||||||||||||||||||||
Credit cards | 69 | 61 | 139 | 113 | |||||||||||||||||||||
Installment and other revolving | 29 | 28 | 58 | 57 | |||||||||||||||||||||
Commercial markets | 95 | 2 | 100 | 4 | |||||||||||||||||||||
Total | $ | 199 | $ | 109 | $ | 310 | $ | 209 | |||||||||||||||||
Corporate Loans | |||||||||||||||||||||||||
Corporate loans represent loans and leases managed by the Institutional Clients Group in Citicorp or, to a much lesser extent, in Citi Holdings. The following table presents information by corporate loan type as of June 30, 2014 and December 31, 2013: | |||||||||||||||||||||||||
In millions of dollars | June 30, | December 31, | |||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
Corporate | |||||||||||||||||||||||||
In U.S. offices | |||||||||||||||||||||||||
Commercial and industrial | $ | 36,293 | $ | 32,704 | |||||||||||||||||||||
Financial institutions | 29,195 | 25,102 | |||||||||||||||||||||||
Mortgage and real estate(1) | 31,417 | 29,425 | |||||||||||||||||||||||
Installment, revolving credit and other | 32,646 | 34,434 | |||||||||||||||||||||||
Lease financing | 1,668 | 1,647 | |||||||||||||||||||||||
$ | 131,219 | $ | 123,312 | ||||||||||||||||||||||
In offices outside the U.S. | |||||||||||||||||||||||||
Commercial and industrial | $ | 82,945 | $ | 82,663 | |||||||||||||||||||||
Financial institutions | 40,541 | 38,372 | |||||||||||||||||||||||
Mortgage and real estate(1) | 6,309 | 6,274 | |||||||||||||||||||||||
Installment, revolving credit and other | 20,095 | 18,714 | |||||||||||||||||||||||
Lease financing | 430 | 527 | |||||||||||||||||||||||
Governments and official institutions | 2,176 | 2,341 | |||||||||||||||||||||||
$ | 152,496 | $ | 148,891 | ||||||||||||||||||||||
Total Corporate loans | $ | 283,715 | $ | 272,203 | |||||||||||||||||||||
Net unearned income | (556 | ) | (562 | ) | |||||||||||||||||||||
Corporate loans, net of unearned income | $ | 283,159 | $ | 271,641 | |||||||||||||||||||||
-1 | Loans secured primarily by real estate. | ||||||||||||||||||||||||
The Company sold and/or reclassified (to held-for-sale) $1.4 billion and $2.5 billion of corporate loans during the three and six months ended June 30, 2014, respectively and $1.2 billion and $2.2 billion during the three and six months ended June 30, 2013, respectively. The Company did not have significant purchases of corporate loans classified as held-for-investment for the three and six months ended June 30, 2014 or 2013. | |||||||||||||||||||||||||
Corporate loans are identified as impaired and placed on a cash (non-accrual) basis when it is determined, 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 or when interest or principal is 90 days past due, except when the loan is well collateralized and in the process of collection. Any interest accrued on impaired corporate loans and leases is reversed at 90 days and charged against current earnings, and interest is thereafter included in earnings only to the extent actually received in cash. When there is doubt regarding the ultimate collectability of principal, all cash receipts are thereafter applied to reduce the recorded investment in the loan. While corporate loans are generally managed based on their internally assigned risk rating (see further discussion below), the following tables present delinquency information by corporate loan type as of June 30, 2014 and December 31, 2013. | |||||||||||||||||||||||||
Corporate Loan Delinquency and Non-Accrual Details at June 30, 2014 | |||||||||||||||||||||||||
In millions of dollars | 30-89 days | ≥ 90 days | Total past due | Total | Total | Total | |||||||||||||||||||
past due | past due and | and accruing | non-accrual(2) | current(3) | loans (4) | ||||||||||||||||||||
and accruing(1) | accruing(1) | ||||||||||||||||||||||||
Commercial and industrial | $ | 229 | $ | 1 | $ | 230 | $ | 618 | $ | 116,070 | $ | 116,918 | |||||||||||||
Financial institutions | — | — | — | 257 | 67,475 | 67,732 | |||||||||||||||||||
Mortgage and real estate | 111 | 185 | 296 | 242 | 37,084 | 37,622 | |||||||||||||||||||
Leases | 9 | — | 9 | 49 | 2,038 | 2,096 | |||||||||||||||||||
Other | 52 | 28 | 80 | 52 | 53,901 | 54,033 | |||||||||||||||||||
Loans at fair value | 4,758 | ||||||||||||||||||||||||
Total | $ | 401 | $ | 214 | $ | 615 | $ | 1,218 | $ | 276,568 | $ | 283,159 | |||||||||||||
-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 | Citi generally does not manage corporate loans on a delinquency basis. 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. | ||||||||||||||||||||||||
Corporate Loan Delinquency and Non-Accrual Details at December 31, 2013 | |||||||||||||||||||||||||
In millions of dollars | 30-89 days | ≥ 90 days | Total past due | Total | Total | Total | |||||||||||||||||||
past due | past due and | and accruing | non-accrual(2) | current(3) | loans (4) | ||||||||||||||||||||
and accruing(1) | accruing(1) | ||||||||||||||||||||||||
Commercial and industrial | $ | 72 | $ | 5 | $ | 77 | $ | 769 | $ | 112,985 | $ | 113,831 | |||||||||||||
Financial institutions | — | — | — | 365 | 61,704 | 62,069 | |||||||||||||||||||
Mortgage and real estate | 183 | 175 | 358 | 515 | 34,027 | 34,900 | |||||||||||||||||||
Leases | 9 | 1 | 10 | 189 | 1,975 | 2,174 | |||||||||||||||||||
Other | 47 | 2 | 49 | 70 | 54,476 | 54,595 | |||||||||||||||||||
Loans at fair value | 4,072 | ||||||||||||||||||||||||
Total | $ | 311 | $ | 183 | $ | 494 | $ | 1,908 | $ | 265,167 | $ | 271,641 | |||||||||||||
-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 | Citi generally does not manage corporate loans on a delinquency basis. 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. | ||||||||||||||||||||||||
Citigroup has a risk management process to monitor, evaluate and manage the principal risks associated with its corporate loan portfolio. As part of its risk management process, Citi assigns numeric risk ratings to its corporate loan facilities based on quantitative and qualitative assessments of the obligor and facility. These risk ratings are reviewed at least annually or more often if material events related to the obligor or facility warrant. Factors considered in assigning the risk ratings include: financial condition of the obligor, qualitative assessment of management and strategy, amount and sources of repayment, amount and type of collateral and guarantee arrangements, amount and type of any contingencies associated with the obligor, and the obligor’s industry and geography. | |||||||||||||||||||||||||
The obligor risk ratings are defined by ranges of default probabilities. The facility risk ratings are defined by ranges of loss norms, which are the product of the probability of default and the loss given default. The investment grade rating categories are similar to the category BBB-/Baa3 and above as defined by S&P and Moody’s. Loans classified according to the bank regulatory definitions as special mention, substandard and doubtful will have risk ratings within the non-investment grade categories. | |||||||||||||||||||||||||
Corporate Loans Credit Quality Indicators at June 30, 2014 and December 31, 2013 | |||||||||||||||||||||||||
Recorded investment in loans(1) | |||||||||||||||||||||||||
In millions of dollars | June 30, 2014 | December 31, | |||||||||||||||||||||||
2013 | |||||||||||||||||||||||||
Investment grade(2) | |||||||||||||||||||||||||
Commercial and industrial | $ | 83,110 | $ | 79,360 | |||||||||||||||||||||
Financial institutions | 52,123 | 49,699 | |||||||||||||||||||||||
Mortgage and real estate | 15,460 | 13,178 | |||||||||||||||||||||||
Leases | 1,553 | 1,600 | |||||||||||||||||||||||
Other | 49,824 | 51,370 | |||||||||||||||||||||||
Total investment grade | $ | 202,070 | $ | 195,207 | |||||||||||||||||||||
Non-investment grade(2) | |||||||||||||||||||||||||
Accrual | |||||||||||||||||||||||||
Commercial and industrial | $ | 33,190 | $ | 33,702 | |||||||||||||||||||||
Financial institutions | 15,352 | 12,005 | |||||||||||||||||||||||
Mortgage and real estate | 4,184 | 4,205 | |||||||||||||||||||||||
Leases | 494 | 385 | |||||||||||||||||||||||
Other | 4,157 | 3,155 | |||||||||||||||||||||||
Non-accrual | |||||||||||||||||||||||||
Commercial and industrial | 618 | 769 | |||||||||||||||||||||||
Financial institutions | 257 | 365 | |||||||||||||||||||||||
Mortgage and real estate | 242 | 515 | |||||||||||||||||||||||
Leases | 49 | 189 | |||||||||||||||||||||||
Other | 52 | 70 | |||||||||||||||||||||||
Total non-investment grade | $ | 58,595 | $ | 55,360 | |||||||||||||||||||||
Private Banking loans managed on a delinquency basis (2) | $ | 17,736 | $ | 17,002 | |||||||||||||||||||||
Loans at fair value | 4,758 | 4,072 | |||||||||||||||||||||||
Corporate loans, net of unearned income | $ | 283,159 | $ | 271,641 | |||||||||||||||||||||
-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. | ||||||||||||||||||||||||
Corporate loans and leases identified as impaired and placed on non-accrual status are written down to the extent that principal is judged to be uncollectible. Impaired collateral-dependent loans and leases, where repayment is expected to be provided solely by the sale of the underlying collateral and there are no other available and reliable sources of repayment, are written down to the lower of cost or collateral value, less cost to sell. Cash-basis loans are returned to an accrual status when all contractual principal and interest amounts are reasonably assured of repayment and there is a sustained period of repayment performance, generally six months, in accordance with the contractual terms of the loan. | |||||||||||||||||||||||||
The following tables present non-accrual loan information by corporate loan type at June 30, 2014 and December 31, 2013 and interest income recognized on non-accrual corporate loans for the three- and six-month periods ended June 30, 2014 and 2013, respectively: | |||||||||||||||||||||||||
Non-Accrual Corporate Loans | |||||||||||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||||||||||
30-Jun-14 | June 30, 2014 | June 30, 2014 | |||||||||||||||||||||||
In millions of dollars | Recorded | Unpaid | Related specific | Average | Interest income | Interest income | |||||||||||||||||||
investment(1) | principal balance | allowance | carrying value(2) | recognized(3) | recognized(3) | ||||||||||||||||||||
Non-accrual Corporate loans | |||||||||||||||||||||||||
Commercial and industrial | $ | 618 | $ | 979 | $ | 119 | $ | 776 | $ | 9 | $ | 14 | |||||||||||||
Financial institutions | 257 | 277 | 1 | 325 | — | 4 | |||||||||||||||||||
Mortgage and real estate | 242 | 282 | 17 | 415 | 6 | 7 | |||||||||||||||||||
Lease financing | 49 | 50 | 29 | 154 | — | — | |||||||||||||||||||
Other | 52 | 188 | 17 | 61 | — | — | |||||||||||||||||||
Total non-accrual Corporate loans | $ | 1,218 | $ | 1,776 | $ | 183 | $ | 1,731 | $ | 15 | $ | 25 | |||||||||||||
Balance at December 31, 2013 | |||||||||||||||||||||||||
In millions of dollars | Recorded | Unpaid | Related specific | Average | |||||||||||||||||||||
investment(1) | principal balance | allowance | carrying value(2) | ||||||||||||||||||||||
Non-accrual Corporate loans | |||||||||||||||||||||||||
Commercial and industrial | $ | 769 | $ | 1,074 | $ | 79 | $ | 967 | |||||||||||||||||
Financial institutions | 365 | 382 | 3 | 378 | |||||||||||||||||||||
Mortgage and real estate | 515 | 651 | 35 | 585 | |||||||||||||||||||||
Lease financing | 189 | 190 | 131 | 189 | |||||||||||||||||||||
Other | 70 | 216 | 20 | 64 | |||||||||||||||||||||
Total non-accrual Corporate loans | $ | 1,908 | $ | 2,513 | $ | 268 | $ | 2,183 | |||||||||||||||||
30-Jun-14 | 31-Dec-13 | ||||||||||||||||||||||||
In millions of dollars | Recorded | Related specific | Recorded | Related specific | |||||||||||||||||||||
investment(1) | allowance | investment(1) | allowance | ||||||||||||||||||||||
Non-accrual Corporate loans with valuation allowances | |||||||||||||||||||||||||
Commercial and industrial | $ | 301 | $ | 119 | $ | 401 | $ | 79 | |||||||||||||||||
Financial institutions | 7 | 1 | 24 | 3 | |||||||||||||||||||||
Mortgage and real estate | 33 | 17 | 253 | 35 | |||||||||||||||||||||
Lease financing | 47 | 29 | 186 | 131 | |||||||||||||||||||||
Other | 46 | 17 | 61 | 20 | |||||||||||||||||||||
Total non-accrual Corporate loans with specific allowance | $ | 434 | $ | 183 | $ | 925 | $ | 268 | |||||||||||||||||
Non-accrual Corporate loans without specific allowance | |||||||||||||||||||||||||
Commercial and industrial | $ | 316 | $ | 368 | |||||||||||||||||||||
Financial institutions | 250 | 341 | |||||||||||||||||||||||
Mortgage and real estate | 209 | 262 | |||||||||||||||||||||||
Lease financing | 2 | 3 | |||||||||||||||||||||||
Other | 7 | 9 | |||||||||||||||||||||||
Total non-accrual Corporate loans without specific allowance | $ | 784 | N/A | $ | 983 | 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 three- and six-month periods ended June 30, 2013 was $10 million and $18 million, respectively. | ||||||||||||||||||||||||
N/A Not Applicable | |||||||||||||||||||||||||
Corporate Troubled Debt Restructurings | |||||||||||||||||||||||||
The following table presents corporate TDR activity at and for the three months ended June 30, 2014. | |||||||||||||||||||||||||
In millions of dollars | Carrying | TDRs | TDRs | TDRs | Balance of | Net | |||||||||||||||||||
Value | involving changes | involving changes | involving changes | principal forgiven | P&L | ||||||||||||||||||||
in the amount | in the amount | in the amount | or deferred | impact(3) | |||||||||||||||||||||
and/or timing of | and/or timing of | and/or timing of | |||||||||||||||||||||||
principal payments(1) | interest payments(2) | both principal and | |||||||||||||||||||||||
interest payments | |||||||||||||||||||||||||
Commercial and industrial | $ | 7 | $ | 7 | $ | — | $ | — | $ | — | $ | — | |||||||||||||
Financial institutions | — | — | — | — | — | — | |||||||||||||||||||
Mortgage and real estate | 1 | — | 1 | — | — | — | |||||||||||||||||||
Other | — | — | — | — | — | — | |||||||||||||||||||
Total | $ | 8 | $ | 7 | $ | 1 | $ | — | $ | — | $ | — | |||||||||||||
-1 | TDRs involving changes in the amount or timing of principal payments may involve principal forgiveness or deferral of periodic and/or final principal payments. | ||||||||||||||||||||||||
-2 | TDRs involving changes in the amount or timing of interest payments may involve a below-market interest rate. | ||||||||||||||||||||||||
-3 | Balances reflect charge-offs and reserves recorded during the three months ended June 30, 2014 on loans subject to a TDR during the period then ended. | ||||||||||||||||||||||||
The following table presents corporate TDR activity at and for the three months ended June 30, 2013. | |||||||||||||||||||||||||
In millions of dollars | Carrying | TDRs | TDRs | TDRs | Balance of | Net | |||||||||||||||||||
Value | involving changes | involving changes | involving changes | principal forgiven | P&L | ||||||||||||||||||||
in the amount | in the amount | in the amount | or deferred | impact(3) | |||||||||||||||||||||
and/or timing of | and/or timing of | and/or timing of | |||||||||||||||||||||||
principal payments(1) | interest payments(2) | both principal and | |||||||||||||||||||||||
interest payments | |||||||||||||||||||||||||
Commercial and industrial | $ | 42 | $ | 14 | $ | 28 | $ | — | $ | — | $ | — | |||||||||||||
Financial institutions | — | — | — | — | — | — | |||||||||||||||||||
Mortgage and real estate | — | — | — | — | — | — | |||||||||||||||||||
Other | — | — | — | — | — | — | |||||||||||||||||||
Total | $ | 42 | $ | 14 | $ | 28 | $ | — | $ | — | $ | — | |||||||||||||
-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. | ||||||||||||||||||||||||
-2 | TDRs involving changes in the amount or timing of interest payments may involve a below-market interest rate. | ||||||||||||||||||||||||
-3 | Balances reflect charge-offs and reserves recorded during the three months ended June 30, 2013 on loans subject to a TDR during the period then ended. | ||||||||||||||||||||||||
The following table presents corporate TDR activity at and for the six months ended June 30, 2014. | |||||||||||||||||||||||||
In millions of dollars | Carrying | TDRs | TDRs | TDRs | Balance of | Net | |||||||||||||||||||
Value | involving changes | involving changes | involving changes | principal forgiven | P&L | ||||||||||||||||||||
in the amount | in the amount | in the amount | or deferred | impact(3) | |||||||||||||||||||||
and/or timing of | and/or timing of | and/or timing of | |||||||||||||||||||||||
principal payments(1) | interest payments(2) | both principal and | |||||||||||||||||||||||
interest payments | |||||||||||||||||||||||||
Commercial and industrial | $ | 47 | $ | 30 | $ | 17 | $ | — | $ | — | $ | — | |||||||||||||
Financial institutions | — | — | — | — | — | — | |||||||||||||||||||
Mortgage and real estate | 5 | 4 | 1 | — | — | — | |||||||||||||||||||
Other | — | — | — | — | — | — | |||||||||||||||||||
Total | $ | 52 | $ | 34 | $ | 18 | $ | — | $ | — | $ | — | |||||||||||||
-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. | ||||||||||||||||||||||||
-2 | TDRs involving changes in the amount or timing of interest payments may involve a below-market interest rate. | ||||||||||||||||||||||||
-3 | Balances reflect charge-offs and reserves recorded during the six months ended June 30, 2014 on loans subject to a TDR during the period then ended. | ||||||||||||||||||||||||
The following table presents corporate TDR activity at and for the six months ended June 30, 2013. | |||||||||||||||||||||||||
In millions of dollars | Carrying | TDRs | TDRs | TDRs | Balance of | Net | |||||||||||||||||||
Value | involving changes | involving changes | involving changes | principal forgiven | P&L | ||||||||||||||||||||
in the amount | in the amount | in the amount | or deferred | impact(3) | |||||||||||||||||||||
and/or timing of | and/or timing of | and/or timing of | |||||||||||||||||||||||
principal payments(1) | interest payments(2) | both principal and | |||||||||||||||||||||||
interest payments | |||||||||||||||||||||||||
Commercial and industrial | $ | 89 | $ | 55 | $ | 28 | $ | 6 | $ | — | $ | — | |||||||||||||
Financial institutions | |||||||||||||||||||||||||
Mortgage and real estate | 14 | — | 14 | — | — | — | |||||||||||||||||||
Other | $ | 4 | $ | — | $ | — | $ | 4 | $ | — | $ | — | |||||||||||||
Total | $ | 107 | $ | 55 | $ | 42 | $ | 10 | $ | — | $ | — | |||||||||||||
-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. | ||||||||||||||||||||||||
-2 | TDRs involving changes in the amount or timing of interest payments may involve a below-market interest rate. | ||||||||||||||||||||||||
-3 | Balances reflect charge-offs and reserves recorded during the six months ended June 30, 2013 on loans subject to a TDR during the period then ended. | ||||||||||||||||||||||||
The following table presents total corporate loans modified in a TDR at June 30, 2014 and 2013, as well as those TDRs that defaulted during the three months ended June 30, 2014 and 2013, and for which the payment default occurred within one year of a permanent modification. Default is defined as 60 days past due, except for classifiably managed commercial markets loans, where default is defined as 90 days past due. | |||||||||||||||||||||||||
TDR balances at | TDR loans in payment default | TDR loans in | TDR balances at | TDR loans in | TDR loans in | ||||||||||||||||||||
during the three months ended | payment default | payment default | payment default | ||||||||||||||||||||||
six months ended | during the three months ended | six months ended | |||||||||||||||||||||||
In millions of dollars | 30-Jun-14 | 30-Jun-14 | 30-Jun-14 | 30-Jun-13 | 30-Jun-13 | 30-Jun-13 | |||||||||||||||||||
Commercial and industrial | $ | 203 | $ | — | $ | — | $ | 173 | $ | — | $ | 15 | |||||||||||||
Loans to financial institutions | — | — | — | 16 | — | — | |||||||||||||||||||
Mortgage and real estate | 130 | — | — | 218 | 2 | 2 | |||||||||||||||||||
Other | 340 | — | — | 418 | — | — | |||||||||||||||||||
Total | $ | 673 | $ | — | $ | — | $ | 825 | $ | 2 | $ | 17 | |||||||||||||
ALLOWANCE_FOR_CREDIT_LOSSES
ALLOWANCE FOR CREDIT LOSSES | 6 Months Ended | ||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||
Loans and Leases Receivable, Allowance [Abstract] | ' | ||||||||||||||||||
ALLOWANCE FOR CREDIT LOSSES | ' | ||||||||||||||||||
ALLOWANCE FOR CREDIT LOSSES | |||||||||||||||||||
Three Months Ended June 30, | Six Months Ended | ||||||||||||||||||
June 30, | |||||||||||||||||||
In millions of dollars | 2014 | 2013 | 2014 | 2013 | |||||||||||||||
Allowance for loan losses at beginning of period | $ | 18,923 | $ | 23,727 | $ | 19,648 | $ | 25,455 | |||||||||||
Gross credit losses | (2,812 | ) | (3,257 | ) | (5,795 | ) | (6,701 | ) | |||||||||||
Gross recoveries (1) | 623 | 649 | 1,167 | 1,215 | |||||||||||||||
Net credit losses (NCLs) | $ | (2,189 | ) | $ | (2,608 | ) | $ | (4,628 | ) | $ | (5,486 | ) | |||||||
NCLs | $ | 2,189 | $ | 2,608 | $ | 4,628 | $ | 5,486 | |||||||||||
Net reserve releases | (521 | ) | (642 | ) | (1,081 | ) | (948 | ) | |||||||||||
Net specific reserve builds (releases) | (89 | ) | (139 | ) | (175 | ) | (497 | ) | |||||||||||
Total provision for credit losses | $ | 1,579 | $ | 1,827 | $ | 3,372 | $ | 4,041 | |||||||||||
Other, net (2) | (423 | ) | (1,366 | ) | (502 | ) | (2,430 | ) | |||||||||||
Allowance for loan losses at end of period | $ | 17,890 | $ | 21,580 | $ | 17,890 | $ | 21,580 | |||||||||||
Allowance for credit losses on unfunded lending commitments at beginning of period (3) | $ | 1,202 | $ | 1,132 | $ | 1,229 | $ | 1,119 | |||||||||||
Provision for unfunded lending commitments | (31 | ) | (3 | ) | (58 | ) | 11 | ||||||||||||
Other, net | 5 | 4 | 5 | 3 | |||||||||||||||
Allowance for credit losses on unfunded lending commitments at end of period (3) | $ | 1,176 | $ | 1,133 | $ | 1,176 | $ | 1,133 | |||||||||||
Total allowance for loans, leases, and unfunded lending commitments | $ | 19,066 | $ | 22,713 | $ | 19,066 | $ | 22,713 | |||||||||||
-1 | Recoveries have been reduced by certain collection costs that are incurred only if collection efforts are successful. | ||||||||||||||||||
-2 | The second quarter of 2014 includes a reduction of approximately $480 million related to the sale or transfers to held-for-sale (HFS) of various loan portfolios, including a reduction of approximately $204 million and $177 million related to the transfers to HFS of businesses in Greece and Spain and $29 million related to the sale of the Honduras business, and $66 million related to a transfer of a real estate loan portfolio to HFS. These amounts are partially offset by foreign currency translation on the entire allowance balance. The first quarter of 2014 includes reductions of approximately $79 million related to the sale or transfer to HFS of various loan portfolios. The second quarter of 2013 includes a reduction of approximately $650 million related to the sale or transfer to HFS of various U.S. loan portfolios and a reduction of approximately $360 million related to the transfer of Credicard to discontinued operations held for sale. Additionally, a reduction of approximately $90 million related to a transfer to HFS of a loan portfolio in Greece and a reduction of approximately $220 million related to foreign currency translation. The first quarter of 2013 includes reductions of approximately $855 million related to the sale or transfer to HFS of various U.S. loan portfolios and a reduction of approximately $165 million related to a transfer to HFS of a loan portfolio in Greece. | ||||||||||||||||||
-3 | Represents additional credit loss reserves for unfunded lending commitments and letters of credit recorded in Other liabilities on the Consolidated Balance Sheet. | ||||||||||||||||||
Allowance for Credit Losses and Investment in Loans | |||||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||||
June 30, 2014 | June 30, 2014 | ||||||||||||||||||
In millions of dollars | Corporate | Consumer | Total | Corporate | Consumer | Total | |||||||||||||
Allowance for loan losses at beginning of period | $ | 2,472 | $ | 16,451 | $ | 18,923 | $ | 2,584 | $ | 17,064 | $ | 19,648 | |||||||
Charge-offs | (47 | ) | (2,765 | ) | (2,812 | ) | (221 | ) | (5,574 | ) | (5,795 | ) | |||||||
Recoveries | 36 | 587 | 623 | 65 | 1,102 | 1,167 | |||||||||||||
Replenishment of net charge-offs | 11 | 2,178 | 2,189 | 156 | 4,472 | 4,628 | |||||||||||||
Net reserve releases | (26 | ) | (495 | ) | (521 | ) | (127 | ) | (954 | ) | (1,081 | ) | |||||||
Net specific reserve releases | (75 | ) | (14 | ) | (89 | ) | (85 | ) | (90 | ) | (175 | ) | |||||||
Other | (1 | ) | (422 | ) | (423 | ) | (2 | ) | (500 | ) | (502 | ) | |||||||
Ending balance | $ | 2,370 | $ | 15,520 | $ | 17,890 | $ | 2,370 | $ | 15,520 | $ | 17,890 | |||||||
Three Months Ended | Six Months Ended | ||||||||||||||||||
June 30, 2013 | June 30, 2013 | ||||||||||||||||||
In millions of dollars | Corporate | Consumer | Total | Corporate | Consumer | Total | |||||||||||||
Allowance for loan losses at beginning of period | $ | 2,779 | $ | 20,948 | $ | 23,727 | $ | 2,776 | $ | 22,679 | $ | 25,455 | |||||||
Charge-offs | (97 | ) | (3,160 | ) | (3,257 | ) | (157 | ) | (6,544 | ) | (6,701 | ) | |||||||
Recoveries | 52 | 597 | 649 | 67 | 1,148 | 1,215 | |||||||||||||
Replenishment of net charge-offs | 45 | 2,563 | 2,608 | 90 | 5,396 | 5,486 | |||||||||||||
Net reserve releases | (98 | ) | (544 | ) | (642 | ) | (129 | ) | (819 | ) | (948 | ) | |||||||
Net specific reserve builds (releases) | 30 | (169 | ) | (139 | ) | 72 | (569 | ) | (497 | ) | |||||||||
Other | (3 | ) | (1,363 | ) | (1,366 | ) | (11 | ) | (2,419 | ) | (2,430 | ) | |||||||
Ending balance | $ | 2,708 | $ | 18,872 | $ | 21,580 | $ | 2,708 | $ | 18,872 | $ | 21,580 | |||||||
30-Jun-14 | 31-Dec-13 | ||||||||||||||||||
In millions of dollars | Corporate | Consumer | Total | Corporate | Consumer | Total | |||||||||||||
Allowance for loan losses | |||||||||||||||||||
Determined in accordance with ASC 450-20 | $ | 2,103 | $ | 11,094 | $ | 13,197 | $ | 2,232 | $ | 12,402 | $ | 14,634 | |||||||
Determined in accordance with ASC 310-10-35 | 183 | 4,400 | 4,583 | 268 | 4,633 | 4,901 | |||||||||||||
Determined in accordance with ASC 310-30 | 84 | 26 | 110 | 84 | 29 | 113 | |||||||||||||
Total allowance for loan losses | $ | 2,370 | $ | 15,520 | $ | 17,890 | $ | 2,584 | $ | 17,064 | $ | 19,648 | |||||||
Loans, net of unearned income | |||||||||||||||||||
Loans collectively evaluated for impairment in accordance with ASC 450-20 | $ | 276,784 | $ | 361,598 | $ | 638,382 | $ | 265,230 | $ | 368,449 | $ | 633,679 | |||||||
Loans individually evaluated for impairment in accordance with ASC 310-10-35 | 1,512 | 22,231 | 23,743 | 2,222 | 23,793 | 26,015 | |||||||||||||
Loans acquired with deteriorated credit quality in accordance with ASC 310-30 | 105 | 470 | 575 | 117 | 632 | 749 | |||||||||||||
Loans held at fair value | 4,758 | 46 | 4,804 | 4,072 | 957 | 5,029 | |||||||||||||
Total loans, net of unearned income | $ | 283,159 | $ | 384,345 | $ | 667,504 | $ | 271,641 | $ | 393,831 | $ | 665,472 | |||||||
GOODWILL_AND_INTANGIBLE_ASSETS
GOODWILL AND INTANGIBLE ASSETS | 6 Months Ended | ||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ||||||||||||||||||
GOODWILL AND INTANGIBLE ASSETS | ' | ||||||||||||||||||
GOODWILL AND INTANGIBLE ASSETS | |||||||||||||||||||
Goodwill | |||||||||||||||||||
The changes in Goodwill during the first six months of 2014 were as follows: | |||||||||||||||||||
In millions of dollars | |||||||||||||||||||
Balance at December 31, 2013 | $ | 25,009 | |||||||||||||||||
Foreign exchange translation and other | 1 | ||||||||||||||||||
Divestitures | (2 | ) | |||||||||||||||||
Balance at March 31, 2014 | $ | 25,008 | |||||||||||||||||
Foreign exchange translation and other | 208 | ||||||||||||||||||
Divestitures | (129 | ) | |||||||||||||||||
Balance at June 30, 2014 | 25,087 | ||||||||||||||||||
Goodwill is tested for impairment annually during the third quarter at the reporting unit level and between annual tests if an event occurs or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying amount. During the first six months of 2014, an interim impairment test on goodwill was performed and no goodwill was written off due to impairment. | |||||||||||||||||||
As discussed in Note 3 to the Consolidated Financial Statements, effective January 1, 2014, the businesses within the legacy ICG reporting units, Securities and Banking and Transaction Services, were realigned and aggregated within two new ICG reporting units—Banking and Markets and Securities Services (Markets). The ICG reorganization was identified as a triggering event for purposes of goodwill impairment testing. Consistent with the requirements of ASC 350, goodwill was assessed for impairment as of January 1, 2014. The total goodwill associated with the legacy reporting units was allocated among the component businesses based on their relative fair values, and these allocated goodwill amounts were then re-aggregated based on the new classification within either Banking or Markets reporting units. The fair values of the legacy and new ICG reporting units exceeded their respective carrying values, resulting in no impairment of goodwill. Subsequent to January 1, 2014, goodwill will be allocated to disposals and tested for impairment under Banking and Markets. | |||||||||||||||||||
Furthermore, during the second quarter of 2014, the Company signed an agreement to sell the Spain consumer business including the entire Citi Holdings—Cards reporting unit. As a result, 100% of the Citi Holdings—Cards goodwill balance was allocated to the sale and transferred to assets held for sale as of June 30, 2014. | |||||||||||||||||||
There were no other triggering events during the second quarter of 2014 and therefore no additional goodwill impairment test was performed. The fair values of the Company’s reporting units as of the most recent goodwill impairment tests substantially exceeded their carrying values and did not indicate a more likely than not risk of impairment. | |||||||||||||||||||
The following table shows reporting units with goodwill balances as of June 30, 2014. | |||||||||||||||||||
In millions of dollars | |||||||||||||||||||
Reporting Unit(1) | Goodwill | ||||||||||||||||||
North America Global Consumer Banking | $ | 6,778 | |||||||||||||||||
EMEA Global Consumer Banking | 366 | ||||||||||||||||||
Asia Global Consumer Banking | 5,182 | ||||||||||||||||||
Latin America Global Consumer Banking | 1,782 | ||||||||||||||||||
Banking | 3,915 | ||||||||||||||||||
Markets and Securities Services | 7,022 | ||||||||||||||||||
Latin America Retirement Services | 42 | ||||||||||||||||||
Citi Holdings—Cards(2) | — | ||||||||||||||||||
Total | $ | 25,087 | |||||||||||||||||
-1 | Citi Holdings—Other is excluded from the table as there is no goodwill allocated to it. | ||||||||||||||||||
-2 | Citi Holdings—Cards goodwill of $116 million was reclassified to assets held for sale as of June 30, 2014. | ||||||||||||||||||
Intangible Assets | |||||||||||||||||||
The components of intangible assets as of June 30, 2014 and December 31, 2013 were as follows: | |||||||||||||||||||
30-Jun-14 | 31-Dec-13 | ||||||||||||||||||
In millions of dollars | Gross | Accumulated | Net | Gross | Accumulated | Net | |||||||||||||
carrying | amortization | carrying | carrying | amortization | carrying | ||||||||||||||
amount | amount | amount | amount | ||||||||||||||||
Purchased credit card relationships | $ | 7,531 | $ | 6,156 | $ | 1,375 | $ | 7,552 | $ | 6,006 | $ | 1,546 | |||||||
Core deposit intangibles | 1,238 | 1,071 | 167 | 1,255 | 1,052 | 203 | |||||||||||||
Other customer relationships | 705 | 407 | 298 | 675 | 389 | 286 | |||||||||||||
Present value of future profits | 238 | 152 | 86 | 238 | 146 | 92 | |||||||||||||
Indefinite-lived intangible assets | 323 | — | 323 | 323 | — | 323 | |||||||||||||
Other(1) | 5,066 | 2,613 | 2,453 | 5,073 | 2,467 | 2,606 | |||||||||||||
Intangible assets (excluding MSRs) | $ | 15,101 | $ | 10,399 | $ | 4,702 | $ | 15,116 | $ | 10,060 | $ | 5,056 | |||||||
Mortgage servicing rights (MSRs) | 2,282 | — | 2,282 | 2,718 | — | 2,718 | |||||||||||||
Total intangible assets | $ | 17,383 | $ | 10,399 | $ | 6,984 | $ | 17,834 | $ | 10,060 | $ | 7,774 | |||||||
-1 | Includes contract-related intangible assets. | ||||||||||||||||||
The changes in intangible assets during the six months ended June 30, 2014 were as follows: | |||||||||||||||||||
Net carrying | Net carrying | ||||||||||||||||||
amount at | amount at | ||||||||||||||||||
In millions of dollars | 31-Dec-13 | Acquisitions/ | Amortization | Impairments | FX and | 30-Jun-14 | |||||||||||||
divestitures | other (1) | ||||||||||||||||||
Purchased credit card relationships | $ | 1,546 | $ | (9 | ) | $ | (166 | ) | $ | — | $ | 4 | $ | 1,375 | |||||
Core deposit intangibles | 203 | (6 | ) | (30 | ) | — | — | 167 | |||||||||||
Other customer relationships | 286 | 14 | (14 | ) | — | 12 | 298 | ||||||||||||
Present value of future profits | 92 | — | (6 | ) | — | — | 86 | ||||||||||||
Indefinite-lived intangible assets | 323 | (2 | ) | — | — | 2 | 323 | ||||||||||||
Other | 2,606 | — | (165 | ) | 2 | 10 | 2,453 | ||||||||||||
Intangible assets (excluding MSRs) | $ | 5,056 | $ | (3 | ) | $ | (381 | ) | $ | 2 | $ | 28 | $ | 4,702 | |||||
Mortgage servicing rights (MSRs) (2) | 2,718 | 2,282 | |||||||||||||||||
Total intangible assets | $ | 7,774 | $ | 6,984 | |||||||||||||||
-1 | Includes foreign exchange translation and purchase accounting adjustments. | ||||||||||||||||||
-2 | See Note 20 to the Consolidated Financial Statements for the roll-forward of MSRs. |
DEBT
DEBT | 6 Months Ended | ||||||||||||||
Jun. 30, 2014 | |||||||||||||||
Debt Disclosure [Abstract] | ' | ||||||||||||||
DEBT | ' | ||||||||||||||
DEBT | |||||||||||||||
Short-Term Borrowings | |||||||||||||||
In millions of dollars | June 30, | December 31, | |||||||||||||
2014 | 2013 | ||||||||||||||
Commercial paper | |||||||||||||||
Significant Citibank Entities(1) | $ | 14,623 | $ | 17,677 | |||||||||||
Parent(2) | 230 | 201 | |||||||||||||
Total Commercial paper | $ | 14,853 | $ | 17,878 | |||||||||||
Other borrowings (3) | 44,681 | 41,066 | |||||||||||||
Total | $ | 59,534 | $ | 58,944 | |||||||||||
-1 | Significant Citibank Entities consist of Citibank, N.A. units domiciled in the U.S., Western Europe, Hong Kong and Singapore. | ||||||||||||||
-2 | Parent includes the parent holding company (Citigroup Inc.) and Citi’s broker-dealer subsidiaries that are consolidated into Citigroup. | ||||||||||||||
-3 | At both June 30, 2014 and December 31, 2013, collateralized short-term advances from the Federal Home Loan Banks were $11 billion. | ||||||||||||||
Borrowings under bank lines of credit may be at interest rates based on LIBOR, CD rates, the prime rate or bids submitted by the banks. Citigroup pays commitment fees for its lines of credit. | |||||||||||||||
Some of Citigroup’s non-bank subsidiaries have credit facilities with Citigroup’s subsidiary depository institutions, including Citibank, N.A. Borrowings under these facilities are secured in accordance with Section 23A of the Federal Reserve Act. | |||||||||||||||
Citigroup Global Markets Holdings Inc. (CGMHI) has borrowing agreements consisting of facilities that CGMHI has been advised are available, but where no contractual lending obligation exists. These arrangements are reviewed on an ongoing basis to ensure flexibility in meeting CGMHI’s short-term requirements. | |||||||||||||||
Long-Term Debt | |||||||||||||||
In millions of dollars | 30-Jun-14 | 31-Dec-13 | |||||||||||||
Citigroup Inc.(1) | $ | 154,945 | $ | 156,804 | |||||||||||
Bank(2) | 64,072 | 56,457 | |||||||||||||
Broker-dealer(3) | 7,967 | 7,855 | |||||||||||||
Total(4) | $ | 226,984 | $ | 221,116 | |||||||||||
-1 | Parent holding company, Citigroup Inc. | ||||||||||||||
-2 | Represents the Significant Citibank Entities as well as other Citibank and Banamex entities. At June 30, 2014 and December 31, 2013, collateralized long-term advances from the Federal Home Loan Banks were $19.1 billion and $14.0 billion, respectively. | ||||||||||||||
-3 | Represents broker-dealer subsidiaries that are consolidated into Citigroup Inc., the parent holding company. | ||||||||||||||
-4 | Includes senior notes with carrying values of $8 million issued to outstanding Safety First Trusts at June 30, 2014 and $87 million issued to these trusts at December 31, 2013. Citigroup owns all of the voting securities of the Safety First Trusts. The Safety First Trusts have no assets, operations, revenues or cash flows other than those related to the issuance, administration and repayment of the Safety First Trust securities and the Safety First Trusts’ common securities. | ||||||||||||||
Long-term debt outstanding includes trust preferred securities with a balance sheet carrying value of $1.8 billion and $3.9 billion at June 30, 2014 and December 31, 2013, respectively. In issuing these trust preferred securities, Citi formed statutory business trusts under the laws of the State of Delaware. The trusts exist for the exclusive purposes of (i) issuing trust preferred securities representing undivided beneficial interests in the assets of the trust; (ii) investing the gross proceeds of the trust preferred securities in junior subordinated deferrable interest debentures (subordinated debentures) of its parent; and (iii) engaging in only those activities necessary or incidental thereto. Generally, upon receipt of certain regulatory approvals, Citigroup has the right, but not the obligation, to redeem these securities upon the date specified in the respective security. The respective common securities issued by each trust and held by Citigroup are redeemed concurrently with the redemption of the applicable trust preferred securities. | |||||||||||||||
The following table summarizes the Company’s outstanding trust preferred securities at June 30, 2014: | |||||||||||||||
Junior subordinated debentures owned by trust | |||||||||||||||
Trust | Issuance | Securities | Liquidation | Coupon | Common | Amount | Maturity | Redeemable | |||||||
date | issued | value(1) | rate | shares | by issuer | ||||||||||
issued | beginning | ||||||||||||||
to parent | |||||||||||||||
In millions of dollars, except share amounts | |||||||||||||||
Citigroup Capital III | Dec. 1996 | 194,053 | $ | 194 | 7.63% | 6,003 | $ | 200 | Dec. 1, 2036 | Not redeemable | |||||
Citigroup Capital XIII | Sept. 2010 | 89,840,000 | 2,246 | 7.88% | 1,000 | 2,246 | Oct. 30, 2040 | Oct. 30, 2015 | |||||||
Citigroup Capital XVIII | Jun. 2007 | 99,901 | 171 | 6.83% | 50 | 171 | June 28, 2067 | June 28, 2017 | |||||||
Adam Capital Trust III(2) | Dec. 2002 | 17,500 | 18 | 3 mo. LIB | 542 | 18 | Jan. 7, 2033 | Jan. 7, 2008 | |||||||
+335 bp. | |||||||||||||||
Total obligated | $ | 2,629 | $ | 2,635 | |||||||||||
-1 | Represents the notional value received by investors from the trusts at the time of issuance. | ||||||||||||||
-2 | Redeemed in full on July 7, 2014. | ||||||||||||||
In each case, the coupon rate on the subordinated debentures is the same as that on the trust preferred securities. Distributions on the trust preferred securities and interest on the subordinated debentures are payable semiannually for Citigroup Capital III and Citigroup Capital XVIII and quarterly for Citigroup Capital XIII and Adam Capital Trust III. |
CHANGES_IN_ACCUMULATED_OTHER_C
CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract] | ' | |||||||||||||||
CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) | ' | |||||||||||||||
CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) | ||||||||||||||||
Changes in each component of Citigroup’s Accumulated other comprehensive income (loss) for the three and six months ended June 30, 2014 and 2013 are as follows: | ||||||||||||||||
Three months ended June 30, 2014: | ||||||||||||||||
In millions of dollars | Net | Cash flow hedges (1) | Benefit plans (2) | Foreign | Accumulated | |||||||||||
unrealized | currency | other | ||||||||||||||
gains (losses) | translation | comprehensive income (loss) | ||||||||||||||
on investment securities | adjustment, | |||||||||||||||
net of hedges (CTA)(3)(4) | ||||||||||||||||
Balance, March 31, 2014 | $ | (1,212 | ) | $ | (1,127 | ) | $ | (4,022 | ) | $ | (12,785 | ) | $ | (19,146 | ) | |
Other comprehensive income before reclassifications | $ | 1,037 | $ | 58 | $ | (195 | ) | $ | 17 | $ | 917 | |||||
Increase (decrease) due to amounts reclassified from AOCI | (31 | ) | 62 | 51 | — | 82 | ||||||||||
Change, net of taxes | $ | 1,006 | $ | 120 | $ | (144 | ) | $ | 17 | $ | 999 | |||||
Balance at June 30, 2014 | $ | (206 | ) | $ | (1,007 | ) | $ | (4,166 | ) | $ | (12,768 | ) | $ | (18,147 | ) | |
Six months ended June 30, 2014: | ||||||||||||||||
In millions of dollars | ||||||||||||||||
Balance, December 31, 2013 | $ | (1,640 | ) | $ | (1,245 | ) | $ | (3,989 | ) | $ | (12,259 | ) | $ | (19,133 | ) | |
Other comprehensive income before reclassifications | $ | 1,415 | $ | 104 | $ | (257 | ) | $ | (509 | ) | $ | 753 | ||||
Increase (decrease) due to amounts reclassified from AOCI | 19 | 134 | 80 | — | 233 | |||||||||||
Change, net of taxes | $ | 1,434 | $ | 238 | $ | (177 | ) | $ | (509 | ) | $ | 986 | ||||
Balance at June 30, 2014 | $ | (206 | ) | $ | (1,007 | ) | $ | (4,166 | ) | $ | (12,768 | ) | $ | (18,147 | ) | |
Three months ended June 30, 2013 : | ||||||||||||||||
In millions of dollars | ||||||||||||||||
Balance, March 31, 2013 | $ | 742 | $ | (2,168 | ) | $ | (5,016 | ) | $ | (10,617 | ) | $ | (17,059 | ) | ||
Other comprehensive income before reclassifications | $ | (1,927 | ) | $ | 346 | $ | 368 | $ | (1,720 | ) | $ | (2,933 | ) | |||
Increase (decrease) due to amounts reclassified from AOCI | (116 | ) | 151 | 33 | — | 68 | ||||||||||
Change, net of taxes | $ | (2,043 | ) | $ | 497 | $ | 401 | $ | (1,720 | ) | $ | (2,865 | ) | |||
Balance at June 30, 2013 | $ | (1,301 | ) | $ | (1,671 | ) | $ | (4,615 | ) | $ | (12,337 | ) | $ | (19,924 | ) | |
Six months ended June 30, 2013: | ||||||||||||||||
In millions of dollars | ||||||||||||||||
Balance, December 31, 2012 | $ | 597 | $ | (2,293 | ) | $ | (5,270 | ) | $ | (9,930 | ) | $ | (16,896 | ) | ||
Other comprehensive income before reclassifications | $ | (1,589 | ) | $ | 332 | $ | 575 | $ | (2,407 | ) | $ | (3,089 | ) | |||
Increase (decrease) due to amounts reclassified from AOCI | (309 | ) | 290 | 80 | — | 61 | ||||||||||
Change, net of taxes | $ | (1,898 | ) | $ | 622 | $ | 655 | $ | (2,407 | ) | $ | (3,028 | ) | |||
Balance at June 30, 2013 | $ | (1,301 | ) | $ | (1,671 | ) | $ | (4,615 | ) | $ | (12,337 | ) | $ | (19,924 | ) | |
-1 | Primarily driven by Citigroup’s pay fixed/receive floating interest rate swap programs that hedge the floating rates on liabilities. | |||||||||||||||
-2 | Primarily reflects adjustments based on the quarterly actuarial valuations of the Company’s significant pension and postretirement plans and amortization of amounts previously recognized in other comprehensive income. | |||||||||||||||
-3 | Primarily reflects the movements in (by order of impact) the Korean won, British pound, Euro, and Mexican peso against the U.S. dollar, and changes in related tax effects and hedges for the quarter ended June 30, 2014. Primarily reflects the movements in the Russian ruble, Argentine peso, Korean won, and Japanese yen against the U.S. dollar, and changes in related tax effects and hedges for the quarter ended March 31, 2014. Primarily reflects the movements in (by order of impact) the Mexican peso, Australian dollar, Indian rupee, and Brazilian real against the U.S. dollar, and changes in related tax effects and hedges for the quarter ended June 30, 2013. Primarily reflects the movements in (by order of impact) the Mexican peso, Japanese yen, British pound, and Korean won against the U.S. dollar, and changes in related tax effects and hedges for the quarter ended March 31, 2013. | |||||||||||||||
-4 | Reclassified to reflect the allocation of foreign currency translation between net unrealized gains (losses) on investment securities to CTA. | |||||||||||||||
The pretax and after-tax changes in each component of Accumulated other comprehensive income (loss) for the three and six months ended June 30, 2014 and 2013 are as follows: | ||||||||||||||||
Three months ended June 30, 2014: | ||||||||||||||||
In millions of dollars | Pretax | Tax effect | After-tax | |||||||||||||
Balance, March 31, 2014 | $ | (27,297 | ) | $ | 8,151 | $ | (19,146 | ) | ||||||||
Change in net unrealized gains (losses) on investment securities | 1,585 | (579 | ) | 1,006 | ||||||||||||
Cash flow hedges | 205 | (85 | ) | 120 | ||||||||||||
Benefit plans | (239 | ) | 95 | (144 | ) | |||||||||||
Foreign currency translation adjustment | 101 | (84 | ) | 17 | ||||||||||||
Change | $ | 1,652 | $ | (653 | ) | $ | 999 | |||||||||
Balance, June 30, 2014 | $ | (25,645 | ) | $ | 7,498 | $ | (18,147 | ) | ||||||||
Six months ended June 30, 2014: | ||||||||||||||||
In millions of dollars | Pretax | Tax effect | After-tax | |||||||||||||
Balance, December 31, 2013 | $ | (27,596 | ) | $ | 8,463 | $ | (19,133 | ) | ||||||||
Change in net unrealized gains (losses) on investment securities | 2,288 | (854 | ) | 1,434 | ||||||||||||
Cash flow hedges | 386 | (148 | ) | 238 | ||||||||||||
Benefit plans | (294 | ) | 117 | (177 | ) | |||||||||||
Foreign currency translation adjustment | (429 | ) | (80 | ) | (509 | ) | ||||||||||
Change | $ | 1,951 | $ | (965 | ) | $ | 986 | |||||||||
Balance, June 30, 2014 | $ | (25,645 | ) | $ | 7,498 | $ | (18,147 | ) | ||||||||
Three months ended June 30, 2013: | ||||||||||||||||
In millions of dollars | Pretax | Tax effect | After-tax | |||||||||||||
Balance, March 31, 2013 | $ | (25,201 | ) | $ | 8,142 | $ | (17,059 | ) | ||||||||
Change in net unrealized gains (losses) on investment securities | (3,235 | ) | 1,192 | (2,043 | ) | |||||||||||
Cash flow hedges | 804 | (307 | ) | 497 | ||||||||||||
Benefit plans | 649 | (248 | ) | 401 | ||||||||||||
Foreign currency translation adjustment | (1,863 | ) | 143 | (1,720 | ) | |||||||||||
Change | $ | (3,645 | ) | $ | 780 | $ | (2,865 | ) | ||||||||
Balance, June 30, 2013 | $ | (28,846 | ) | $ | 8,922 | $ | (19,924 | ) | ||||||||
Six months ended June 30, 2013: | ||||||||||||||||
In millions of dollars | Pretax | Tax effect | After-tax | |||||||||||||
Balance, December 31, 2012 | $ | (25,334 | ) | $ | 8,438 | $ | (16,896 | ) | ||||||||
Change in net unrealized gains (losses) on investment securities | (2,993 | ) | 1,095 | (1,898 | ) | |||||||||||
Cash flow hedges | 1,005 | (383 | ) | 622 | ||||||||||||
Benefit plans | 997 | (342 | ) | 655 | ||||||||||||
Foreign currency translation adjustment | (2,521 | ) | 114 | (2,407 | ) | |||||||||||
Change | $ | (3,512 | ) | $ | 484 | $ | (3,028 | ) | ||||||||
Balance, June 30, 2013 | $ | (28,846 | ) | $ | 8,922 | $ | (19,924 | ) | ||||||||
During the three and six months ended June 30, 2014 , respectively, the Company recognized a pretax loss of $136 million ($82 million net of tax) and a pretax loss of $373 million ($233 million net of tax) related to amounts reclassified out of Accumulated other comprehensive income (loss) into the Consolidated Statement of Income. See details in the table below: | ||||||||||||||||
Increase (decrease) in AOCI due to amounts reclassified to Consolidated Statement of Income | ||||||||||||||||
In millions of dollars | Three Months Ended | Six Months Ended | ||||||||||||||
June 30, 2014 | June 30, 2014 | |||||||||||||||
Realized (gains) losses on sales of investments | $ | (84 | ) | $ | (212 | ) | ||||||||||
OTTI gross impairment losses | 37 | 238 | ||||||||||||||
Subtotal, pretax | $ | (47 | ) | $ | 26 | |||||||||||
Tax effect | 16 | (7 | ) | |||||||||||||
Net realized (gains) losses on investment securities, after-tax(1) | $ | (31 | ) | $ | 19 | |||||||||||
Interest rate contracts | $ | 73 | $ | 134 | ||||||||||||
Foreign exchange contracts | 28 | 84 | ||||||||||||||
Subtotal, pretax | $ | 101 | $ | 218 | ||||||||||||
Tax effect | (39 | ) | (84 | ) | ||||||||||||
Amortization of cash flow hedges, after-tax(2) | $ | 62 | $ | 134 | ||||||||||||
Amortization of unrecognized | ||||||||||||||||
Prior service cost (benefit) | $ | (10 | ) | $ | (19 | ) | ||||||||||
Net actuarial loss | 64 | 120 | ||||||||||||||
Curtailment/settlement impact (3)(4) | 28 | 28 | ||||||||||||||
Subtotal, pretax | $ | 82 | $ | 129 | ||||||||||||
Tax effect | (31 | ) | (49 | ) | ||||||||||||
Amortization of benefit plans, after-tax(3) | $ | 51 | $ | 80 | ||||||||||||
Foreign currency translation adjustment | $ | — | $ | — | ||||||||||||
Total amounts reclassified out of AOCI, pretax | $ | 136 | $ | 373 | ||||||||||||
Total tax effect | (54 | ) | (140 | ) | ||||||||||||
Total amounts reclassified out of AOCI, after-tax | $ | 82 | $ | 233 | ||||||||||||
-1 | The pretax amount is reclassified to Realized gains (losses) on sales of investments, net and Gross impairment losses on the Consolidated Statement of Income. See Note 13 to the Consolidated Financial Statements for additional details. | |||||||||||||||
-2 | See Note 21 to the Consolidated Financial Statements for additional details. | |||||||||||||||
-3 | See Note 8 to the Consolidated Financial Statements for additional details. | |||||||||||||||
-4 | See Note 1 to the Consolidated Financial Statements for additional details. | |||||||||||||||
During the three and six months ended June 30, 2013 , respectively, the Company recognized a pretax loss of $122 million ($68 million net of tax) and a pretax loss of $130 million ($61 million net of tax) related to amounts reclassified out of Accumulated other comprehensive income (loss) into the Consolidated Statement of Income. See details in the table below: | ||||||||||||||||
Increase (decrease) in AOCI due to amounts reclassified to Consolidated Statement of Income | ||||||||||||||||
In millions of dollars | Three Months Ended June 30, 2013 | Six months ended June 30, 2013 | ||||||||||||||
Realized (gains) losses on sales of investments | $ | (251 | ) | $ | (701 | ) | ||||||||||
OTTI gross impairment losses | 75 | 231 | ||||||||||||||
Subtotal, pretax | $ | (176 | ) | $ | (470 | ) | ||||||||||
Tax effect | 60 | 161 | ||||||||||||||
Net realized (gains) losses on investment securities, after-tax(1) | $ | (116 | ) | $ | (309 | ) | ||||||||||
Interest rate contracts | $ | 202 | $ | 385 | ||||||||||||
Foreign exchange contracts | 43 | 86 | ||||||||||||||
Subtotal, pretax | $ | 245 | $ | 471 | ||||||||||||
Tax effect | (94 | ) | (181 | ) | ||||||||||||
Amortization of cash flow hedges, after-tax(2) | $ | 151 | $ | 290 | ||||||||||||
Amortization of unrecognized | ||||||||||||||||
Prior service cost (benefit) | $ | 2 | $ | 5 | ||||||||||||
Net actuarial loss | 71 | 144 | ||||||||||||||
Cumulative effect of change in accounting policy(3)(4) | (20 | ) | (20 | ) | ||||||||||||
Subtotal, pretax | $ | 53 | $ | 129 | ||||||||||||
Tax effect | (20 | ) | (49 | ) | ||||||||||||
Amortization of benefit plans, after-tax(3) | $ | 33 | $ | 80 | ||||||||||||
Foreign currency translation adjustment | $ | — | $ | — | ||||||||||||
Total amounts reclassified out of AOCI, pretax | $ | 122 | $ | 130 | ||||||||||||
Total tax effect | (54 | ) | (69 | ) | ||||||||||||
Total amounts reclassified out of AOCI, after-tax | $ | 68 | $ | 61 | ||||||||||||
-1 | The pretax amount is reclassified to Realized gains (losses) on sales of investments, net and Gross impairment losses on the Consolidated Statement of Income. See Note 13 to the Consolidated Financial Statements for additional details. | |||||||||||||||
-2 | See Note 21 to the Consolidated Financial Statements for additional details. | |||||||||||||||
-3 | See Note 8 to the Consolidated Financial Statements for additional details. | |||||||||||||||
-4 | See Note 1 to the Consolidated Financial Statements for additional details. |
PREFERRED_STOCK
PREFERRED STOCK | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Stockholders' Equity Note [Abstract] | ' | |||||||||||||||
PREFERRED STOCK | ' | |||||||||||||||
PREFERRED STOCK | ||||||||||||||||
The following table summarizes the Company’s preferred stock outstanding at June 30, 2014 and December 31, 2013: | ||||||||||||||||
Carrying value | ||||||||||||||||
in millions of dollars | ||||||||||||||||
Issuance date | Redeemable by issuer beginning | Dividend | Redemption | Number | June 30, | December 31, | ||||||||||
rate | price per depositary | of depositary | 2014 | 2013 | ||||||||||||
share/preference share | shares | |||||||||||||||
Series AA(1) | 25-Jan-08 | 15-Feb-18 | 8.125 | % | $ | 25 | 3,870,330 | $ | 97 | $ | 97 | |||||
Series E(2) | 28-Apr-08 | 30-Apr-18 | 8.4 | % | 1,000 | 121,254 | 121 | 121 | ||||||||
Series A(3) | 29-Oct-12 | 30-Jan-23 | 5.95 | % | 1,000 | 1,500,000 | 1,500 | 1,500 | ||||||||
Series B(4) | 13-Dec-12 | 15-Feb-23 | 5.9 | % | 1,000 | 750,000 | 750 | 750 | ||||||||
Series C(5) | 26-Mar-13 | 22-Apr-18 | 5.8 | % | 25 | 23,000,000 | 575 | 575 | ||||||||
Series D(6) | 30-Apr-13 | 15-May-23 | 5.35 | % | 1,000 | 1,250,000 | 1,250 | 1,250 | ||||||||
Series J(7) | 19-Sep-13 | 30-Sep-23 | 7.125 | % | 25 | 38,000,000 | 950 | 950 | ||||||||
Series K(8) | 31-Oct-13 | 15-Nov-23 | 6.875 | % | 25 | 59,800,000 | 1,495 | 1,495 | ||||||||
Series L(9) | 12-Feb-14 | 12-Feb-19 | 6.875 | % | 25 | 19,200,000 | 480 | — | ||||||||
Series M(10) | 30-Apr-14 | 15-May-24 | 6.3 | % | 1,000 | 1,750,000 | 1,750 | — | ||||||||
$ | 8,968 | $ | 6,738 | |||||||||||||
-1 | Issued as depositary shares, each representing a 1/1,000th interest in a share of the corresponding series of non-cumulative perpetual preferred stock. Dividends payable quarterly on February 15, May 15, August 15 and November 15 when, as and if declared by the Citi Board of Directors. | |||||||||||||||
-2 | Issued as depositary shares, each representing a 1/25th interest in a share of the corresponding series of non-cumulative perpetual preferred stock. Dividends payable semi-annually on April 30 and October 30 at a fixed rate until April 30, 2018, thereafter payable quarterly on January 30, April 30, July 30 and October 30 at a floating rate, in each case when, as and if declared by the Citi Board of Directors. | |||||||||||||||
-3 | Issued as depositary shares, each representing a 1/25th interest in a share of the corresponding series of non-cumulative perpetual preferred stock. Dividends payable semi-annually on January 30 and July 30 at a fixed rate until January 30, 2023, thereafter payable quarterly on January 30, April 30, July 30 and October 30 at a floating rate, in each case when, as and if declared by the Citi Board of Directors. | |||||||||||||||
-4 | Issued as depositary shares, each representing a 1/25th interest in a share of the corresponding series of non-cumulative perpetual preferred stock. Dividends payable semi-annually on February 15 and August 15 at a fixed rate until February 15, 2023, thereafter payable quarterly on February 15, May 15, August 15 and November 15 at a floating rate, in each case when, as and if declared by the Citi Board of Directors. | |||||||||||||||
-5 | Issued as depositary shares, each representing a 1/1,000th interest in a share of the corresponding series of non-cumulative perpetual preferred stock. Dividends payable quarterly on January 22, April 22, July 22 and October 22 when, as and if declared by the Citi Board of Directors. | |||||||||||||||
-6 | Issued as depositary shares, each representing a 1/25th interest in a share of the corresponding series of non-cumulative perpetual preferred stock. Dividends payable semi-annually on May 15 and November 15 at a fixed rate until May 15, 2023, thereafter payable quarterly on February 15, May 15, August 15 and November 15 at a floating rate, in each case when, as and if declared by the Citi Board of Directors. | |||||||||||||||
-7 | Issued as depositary shares, each representing a 1/1,000th interest in a share of the corresponding series of non-cumulative perpetual preferred stock. Dividends payable quarterly on March 30, June 30, September 30 and December 30 at a fixed rate until September 30, 2023, thereafter payable quarterly on the same dates at a floating rate, in each case when, as and if declared by the Citi Board of Directors. | |||||||||||||||
-8 | Issued as depositary shares, each representing a 1/1,000th interest in a share of the corresponding series of non-cumulative perpetual preferred stock. Dividends payable quarterly on February 15, May 15, August 15 and November 15 at a fixed rate until November 15, 2023, thereafter payable quarterly on the same dates at a floating rate, in each case when, as and if declared by the Citi Board of Directors. | |||||||||||||||
-9 | Issued as depositary shares, each representing a 1/1,000th interest in a share of the corresponding series of non-cumulative perpetual preferred stock. Dividends payable quarterly on February 12, May 12, August 12 and November 12 at a fixed rate, in each case when, as and if declared by the Citi Board of Directors. | |||||||||||||||
-10 | Issued as depository shares, each representing a 1/25th interest in a share of the corresponding series of non-cumulative perpetual preferred stock. Dividends payable semi-annually on May 15 and November 15 at a fixed rate until May 15, 2024, thereafter payable quarterly on February 15, May 15, August 15, and November 15 at a floating rate, in each case when, as and if declared by the Citi Board of Directors. | |||||||||||||||
Through the second quarter of 2014, Citi had distributed approximately $224 million in dividends on its outstanding preferred stock during the year. Based on its preferred stock outstanding as of June 30, 2014, Citi estimates it will distribute preferred dividends of approximately $287 million during the remainder of 2014, in each case assuming such dividends are approved by the Citi Board of Directors. |
SECURITIZATIONS_AND_VARIABLE_I
SECURITIZATIONS AND VARIABLE INTEREST ENTITIES | 6 Months Ended | ||||||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||||||
SECURITIZATIONS AND VARIABLE INTEREST ENTITIES | ' | ||||||||||||||||||||||||
SECURITIZATIONS AND VARIABLE INTEREST ENTITIES | ' | ||||||||||||||||||||||||
SECURITIZATIONS AND VARIABLE INTEREST ENTITIES | |||||||||||||||||||||||||
Uses of Special Purpose Entities | |||||||||||||||||||||||||
A special purpose entity (SPE) is an entity designed to fulfill a specific limited need of the company that organized it. The principal uses of SPEs are to obtain liquidity and favorable capital treatment by securitizing certain of Citigroup’s financial assets, to assist clients in securitizing their financial assets, and to create investment products for clients. SPEs may be organized in various legal forms, including trusts, partnerships or corporations. In a securitization, the company transferring assets to an SPE converts all (or a portion) of those assets into cash before they would have been realized in the normal course of business through the SPE’s issuance of debt and equity instruments, certificates, commercial paper and other notes of indebtedness. These issuances are recorded on the balance sheet of the SPE, which may or may not be consolidated onto the balance sheet of the company that organized the SPE. | |||||||||||||||||||||||||
Investors usually have recourse only to the assets in the SPE and often benefit from other credit enhancements, such as a collateral account or over-collateralization in the form of excess assets in the SPE, a line of credit, or a liquidity facility, such as a liquidity put option or asset purchase agreement. Because of these enhancements, the SPE issuances can typically obtain a more favorable credit rating from rating agencies than the transferor could obtain for its own debt issuances. This results in less expensive financing costs than unsecured debt. The SPE may also enter into derivative contracts in order to convert the yield or currency of the underlying assets to match the needs of the SPE investors or to limit or change the credit risk of the SPE. Citigroup may be the provider of certain credit enhancements as well as the counterparty to any related derivative contracts. | |||||||||||||||||||||||||
Most of Citigroup’s SPEs are variable interest entities (VIEs), as described below. | |||||||||||||||||||||||||
Variable Interest Entities | |||||||||||||||||||||||||
VIEs are entities that have either a total equity investment that is insufficient to permit the entity to finance its activities without additional subordinated financial support, or whose equity investors lack the characteristics of a controlling financial interest (i.e., ability to make significant decisions through voting rights and a right to receive the expected residual returns of the entity or an obligation to absorb the expected losses of the entity). Investors that finance the VIE through debt or equity interests or other counterparties providing other forms of support, such as guarantees, subordinated fee arrangements or certain types of derivative contracts are variable interest holders in the entity. | |||||||||||||||||||||||||
The variable interest holder, if any, that has a controlling financial interest in a VIE is deemed to be the primary beneficiary and must consolidate the VIE. Citigroup would be deemed to have a controlling financial interest and be the primary beneficiary if it has both of the following characteristics: | |||||||||||||||||||||||||
• | power to direct the activities of the VIE that most significantly impact the entity’s economic performance; and | ||||||||||||||||||||||||
• | an obligation to absorb losses of the entity that could potentially be significant to the VIE, or a right to receive benefits from the entity that could potentially be significant to the VIE. | ||||||||||||||||||||||||
The Company must evaluate its involvement in each VIE to understand the purpose and design of the entity, the role the Company had in the entity’s design and its involvement in the VIE’s ongoing activities. The Company then must evaluate which activities most significantly impact the economic performance of the VIE and who has the power to direct such activities. | |||||||||||||||||||||||||
For those VIEs where the Company determines that it has the power to direct the activities that most significantly impact the VIE’s economic performance, the Company then must evaluate its economic interests, if any, and determine whether it could absorb losses or receive benefits that could potentially be significant to the VIE. When evaluating whether the Company has an obligation to absorb losses that could potentially be significant, it considers the maximum exposure to such loss without consideration of probability. Such obligations could be in various forms, including, but not limited to, debt and equity investments, guarantees, liquidity agreements and certain derivative contracts. | |||||||||||||||||||||||||
In various other transactions, the Company may: (i) act as a derivative counterparty (for example, interest rate swap, cross-currency swap, or purchaser of credit protection under a credit default swap or total return swap where the Company pays the total return on certain assets to the SPE); (ii) act as underwriter or placement agent; (iii) provide administrative, trustee or other services; or (iv) make a market in debt securities or other instruments issued by VIEs. The Company generally considers such involvement, by itself, not to be variable interests and thus not an indicator of power or potentially significant benefits or losses. | |||||||||||||||||||||||||
Citigroup’s involvement with consolidated and unconsolidated VIEs with which the Company holds significant variable interests or has continuing involvement through servicing a majority of the assets in a VIE, each as of June 30, 2014 and December 31, 2013, is presented below: | |||||||||||||||||||||||||
As of June 30, 2014 | |||||||||||||||||||||||||
Maximum exposure to loss in significant unconsolidated VIEs (1) | |||||||||||||||||||||||||
Funded exposures (2) | Unfunded exposures | ||||||||||||||||||||||||
In millions of dollars | Total | Consolidated | Significant | Debt | Equity | Funding | Guarantees | Total | |||||||||||||||||
involvement | VIE / SPE assets | unconsolidated | investments | investments | commitments | and | |||||||||||||||||||
with SPE | VIE assets (3) | derivatives | |||||||||||||||||||||||
assets | |||||||||||||||||||||||||
Citicorp | |||||||||||||||||||||||||
Credit card securitizations | $ | 62,332 | $ | 62,332 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||
Mortgage securitizations (4) | |||||||||||||||||||||||||
U.S. agency-sponsored | 241,660 | — | 241,660 | 3,126 | — | — | 26 | 3,152 | |||||||||||||||||
Non-agency-sponsored | 6,200 | 453 | 5,747 | 405 | — | — | — | 405 | |||||||||||||||||
Citi-administered asset-backed commercial paper conduits (ABCP) | 30,079 | 30,079 | — | — | — | — | — | — | |||||||||||||||||
Collateralized debt obligations (CDOs) | 4,749 | — | 4,749 | 31 | — | — | — | 31 | |||||||||||||||||
Collateralized loan obligations (CLOs) | 12,443 | — | 12,443 | 1,689 | — | — | — | 1,689 | |||||||||||||||||
Asset-based financing | 55,927 | 1,560 | 54,367 | 20,209 | 68 | 1,748 | 296 | 22,321 | |||||||||||||||||
Municipal securities tender option bond trusts (TOBs) | 12,431 | 6,919 | 5,512 | 18 | — | 3,602 | — | 3,620 | |||||||||||||||||
Municipal investments | 16,551 | 160 | 16,391 | 1,908 | 1,997 | 1,127 | — | 5,032 | |||||||||||||||||
Client intermediation | 1,933 | 376 | 1,557 | 26 | — | — | — | 26 | |||||||||||||||||
Investment funds (5) | 34,283 | 2,208 | 32,075 | 17 | 416 | 74 | — | 507 | |||||||||||||||||
Trust preferred securities | 2,667 | — | 2,667 | — | 7 | — | — | 7 | |||||||||||||||||
Other | 2,362 | 334 | 2,028 | 82 | 590 | 60 | 80 | 812 | |||||||||||||||||
Total | $ | 483,617 | $ | 104,421 | $ | 379,196 | $ | 27,511 | $ | 3,078 | $ | 6,611 | $ | 402 | $ | 37,602 | |||||||||
Citi Holdings | |||||||||||||||||||||||||
Credit card securitizations | $ | 1,690 | $ | 1,379 | $ | 311 | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||
Mortgage securitizations | |||||||||||||||||||||||||
U.S. agency-sponsored | 48,184 | — | 48,184 | 343 | — | — | 107 | 450 | |||||||||||||||||
Non-agency-sponsored | 11,703 | 675 | 11,028 | 38 | — | — | 2 | 40 | |||||||||||||||||
Student loan securitizations | — | — | — | — | — | — | — | — | |||||||||||||||||
Collateralized debt obligations (CDOs) | 3,028 | — | 3,028 | 259 | — | — | 129 | 388 | |||||||||||||||||
Collateralized loan obligations (CLOs) | 2,254 | — | 2,254 | 269 | — | 7 | 119 | 395 | |||||||||||||||||
Asset-based financing | 2,068 | 3 | 2,065 | 269 | 3 | 95 | — | 367 | |||||||||||||||||
Municipal investments | 7,086 | — | 7,086 | 2 | 196 | 926 | — | 1,124 | |||||||||||||||||
Investment funds | 694 | — | 694 | — | — | — | — | — | |||||||||||||||||
Other | 1,232 | 1,227 | 5 | — | — | — | — | — | |||||||||||||||||
Total | $ | 77,939 | $ | 3,284 | $ | 74,655 | $ | 1,180 | $ | 199 | $ | 1,028 | $ | 357 | $ | 2,764 | |||||||||
Total Citigroup | $ | 561,556 | $ | 107,705 | $ | 453,851 | $ | 28,691 | $ | 3,277 | $ | 7,639 | $ | 759 | $ | 40,366 | |||||||||
(1) The definition of maximum exposure to loss is included in the text that follows this table. | |||||||||||||||||||||||||
-2 | Included on Citigroup’s June 30, 2014 Consolidated Balance Sheet. | ||||||||||||||||||||||||
-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 or the notional amount of exposure. | ||||||||||||||||||||||||
-4 | Citicorp 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) Substantially all of the unconsolidated investment funds’ assets are related to retirement funds in Mexico managed by Citi. See “Investment Funds” below for further discussion. | |||||||||||||||||||||||||
As of December 31, 2013 | |||||||||||||||||||||||||
Maximum exposure to loss in significant unconsolidated VIEs (1) | |||||||||||||||||||||||||
Funded exposures (2) | Unfunded exposures | ||||||||||||||||||||||||
In millions of dollars | Total | Consolidated | Significant | Debt | Equity | Funding | Guarantees | Total | |||||||||||||||||
involvement | VIE / SPE assets | unconsolidated | investments | investments | commitments | and | |||||||||||||||||||
with SPE | VIE assets (3) | derivatives | |||||||||||||||||||||||
assets | |||||||||||||||||||||||||
Citicorp | |||||||||||||||||||||||||
Credit card securitizations | $ | 52,229 | $ | 52,229 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||
Mortgage securitizations (4) | |||||||||||||||||||||||||
U.S. agency-sponsored | 239,204 | — | 239,204 | 3,583 | — | — | 36 | 3,619 | |||||||||||||||||
Non-agency-sponsored | 7,711 | 598 | 7,113 | 583 | — | — | — | 583 | |||||||||||||||||
Citi-administered asset-backed commercial paper conduits (ABCP) | 31,759 | 31,759 | — | — | — | — | — | — | |||||||||||||||||
Collateralized debt obligations (CDOs) | 4,204 | — | 4,204 | 34 | — | — | — | 34 | |||||||||||||||||
Collateralized loan obligations (CLOs) | 16,883 | — | 16,883 | 1,938 | — | — | — | 1,938 | |||||||||||||||||
Asset-based financing | 45,884 | 971 | 44,913 | 17,452 | 74 | 1,132 | 195 | 18,853 | |||||||||||||||||
Municipal securities tender option bond trusts (TOBs) | 12,716 | 7,039 | 5,677 | 29 | — | 3,881 | — | 3,910 | |||||||||||||||||
Municipal investments | 15,962 | 223 | 15,739 | 1,846 | 2,073 | 1,173 | — | 5,092 | |||||||||||||||||
Client intermediation | 1,778 | 195 | 1,583 | 145 | — | — | — | 145 | |||||||||||||||||
Investment funds (5) | 32,324 | 3,094 | 29,230 | 191 | 264 | 81 | — | 536 | |||||||||||||||||
Trust preferred securities | 4,822 | — | 4,822 | — | 51 | — | — | 51 | |||||||||||||||||
Other | 2,439 | 225 | 2,214 | 143 | 649 | 20 | 78 | 890 | |||||||||||||||||
Total | $ | 467,915 | $ | 96,333 | $ | 371,582 | $ | 25,944 | $ | 3,111 | $ | 6,287 | $309 | $ | 35,651 | ||||||||||
Citi Holdings | |||||||||||||||||||||||||
Credit card securitizations | $ | 1,867 | $ | 1,448 | $ | 419 | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||
Mortgage securitizations | |||||||||||||||||||||||||
U.S. agency-sponsored | 73,549 | — | 73,549 | 549 | — | — | 77 | 626 | |||||||||||||||||
Non-agency-sponsored | 13,193 | 1,695 | 11,498 | 35 | — | — | 2 | 37 | |||||||||||||||||
Student loan securitizations | 1,520 | 1,520 | — | — | — | — | — | — | |||||||||||||||||
Collateralized debt obligations (CDOs) | 3,879 | — | 3,879 | 273 | — | — | 87 | 360 | |||||||||||||||||
Collateralized loan obligations (CLOs) | 2,733 | — | 2,733 | 358 | — | — | 111 | 469 | |||||||||||||||||
Asset-based financing | 3,508 | 3 | 3,505 | 629 | 3 | 258 | — | 890 | |||||||||||||||||
Municipal investments | 7,304 | — | 7,304 | 3 | 204 | 939 | — | 1,146 | |||||||||||||||||
Investment funds | 1,237 | — | 1,237 | — | 61 | — | — | 61 | |||||||||||||||||
Other | 4,494 | 4,434 | 60 | — | — | — | — | — | |||||||||||||||||
Total | $ | 113,284 | $ | 9,100 | $ | 104,184 | $ | 1,847 | $ | 268 | $ | 1,197 | $ | 277 | $ | 3,589 | |||||||||
Total Citigroup | $ | 581,199 | $ | 105,433 | $ | 475,766 | $ | 27,791 | $ | 3,379 | $ | 7,484 | $ | 586 | $ | 39,240 | |||||||||
-1 | The definition of maximum exposure to loss is included in the text that follows this table. | ||||||||||||||||||||||||
-2 | Included on Citigroup’s December 31, 2013 Consolidated Balance Sheet. | ||||||||||||||||||||||||
-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 or the notional amount of exposure. | ||||||||||||||||||||||||
-4 | Citicorp 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) Substantially all of the unconsolidated investment funds’ assets are related to retirement funds in Mexico managed by Citi. See “Investment Funds” below for further discussion. | |||||||||||||||||||||||||
The previous tables do not include: | |||||||||||||||||||||||||
• | certain venture capital investments made by some of the Company’s private equity subsidiaries, as the Company accounts for these investments in accordance with the Investment Company Audit Guide (codified in ASC 946); | ||||||||||||||||||||||||
• | certain limited partnerships that are investment funds that qualify for the deferral from the requirements of ASC 810 where the Company is the general partner and the limited partners have the right to replace the general partner or liquidate the funds; | ||||||||||||||||||||||||
• | certain investment funds for which the Company provides investment management services and personal estate trusts for which the Company provides administrative, trustee and/or investment management services; | ||||||||||||||||||||||||
• | VIEs structured by third parties where the Company holds securities in inventory, as these investments are made on arm’s-length terms; | ||||||||||||||||||||||||
• | certain positions in mortgage-backed and asset-backed securities held by the Company, which are classified as Trading account assets or Investments, where the Company has no other involvement with the related securitization entity deemed to be significant (for more information on these positions, see Notes 12 and 13 to the Consolidated Financial Statements); | ||||||||||||||||||||||||
• | certain representations and warranties exposures in legacy Securities and Banking-sponsored mortgage-backed and asset-backed securitizations, where the Company has no variable interest or continuing involvement as servicer. The outstanding balance of mortgage loans securitized during 2005 to 2008 where the Company has no variable interest or continuing involvement as servicer was approximately $15 billion and $16 billion at June 30, 2014 and December 31, 2013, respectively; and | ||||||||||||||||||||||||
• | certain representations and warranties exposures in Citigroup residential mortgage securitizations, where the original mortgage loan balances are no longer outstanding. | ||||||||||||||||||||||||
The asset balances for consolidated VIEs represent the carrying amounts of the assets consolidated by the Company. The carrying amount may represent the amortized cost or the current fair value of the assets depending on the legal form of the asset (e.g., security or loan) and the Company’s standard accounting policies for the asset type and line of business. | |||||||||||||||||||||||||
The asset balances for unconsolidated VIEs where the Company has significant involvement represent the most current information available to the Company. In most cases, the asset balances represent an amortized cost basis without regard to impairments in fair value, unless fair value information is readily available to the Company. For VIEs that obtain asset exposures synthetically through derivative instruments (for example, synthetic CDOs), the tables generally include the full original notional amount of the derivative as an asset balance. | |||||||||||||||||||||||||
The maximum funded exposure represents the balance sheet carrying amount of the Company’s investment in the VIE. It reflects the initial amount of cash invested in the VIE adjusted for any accrued interest and cash principal payments received. The carrying amount may also be adjusted for increases or declines in fair value or any impairment in value recognized in earnings. The maximum exposure of unfunded positions represents the remaining undrawn committed amount, including liquidity and credit facilities provided by the Company, or the notional amount of a derivative instrument considered to be a variable interest. In certain transactions, the Company has entered into derivative instruments or other arrangements that are not considered variable interests in the VIE (e.g., interest rate swaps, cross-currency swaps, or where the Company is the purchaser of credit protection under a credit default swap or total return swap where the Company pays the total return on certain assets to the SPE). Receivables under such arrangements are not included in the maximum exposure amounts. | |||||||||||||||||||||||||
Funding Commitments for Significant Unconsolidated VIEs—Liquidity Facilities and Loan Commitments | |||||||||||||||||||||||||
The following table presents the notional amount of liquidity facilities and loan commitments that are classified as funding commitments in the VIE tables above as of June 30, 2014 and December 31, 2013: | |||||||||||||||||||||||||
June 30, 2014 | December 31, 2013 | ||||||||||||||||||||||||
Liquidity | Loan | Liquidity | Loan | ||||||||||||||||||||||
In millions of dollars | facilities | commitments | facilities | commitments | |||||||||||||||||||||
Citicorp | |||||||||||||||||||||||||
Asset-based financing | $ | 5 | $ | 1,743 | $ | 5 | $ | 1,127 | |||||||||||||||||
Municipal securities tender option bond trusts (TOBs) | 3,602 | — | 3,881 | — | |||||||||||||||||||||
Municipal investments | — | 1,127 | — | 1,173 | |||||||||||||||||||||
Investment funds | — | 74 | — | 81 | |||||||||||||||||||||
Other | — | 60 | — | 20 | |||||||||||||||||||||
Total Citicorp | $ | 3,607 | $ | 3,004 | $ | 3,886 | $ | 2,401 | |||||||||||||||||
Citi Holdings | |||||||||||||||||||||||||
Collateralized loan obligations (CLOs) | $ | — | $ | 7 | $ | — | $ | — | |||||||||||||||||
Asset-based financing | — | 95 | — | 258 | |||||||||||||||||||||
Municipal investments | — | 926 | — | 939 | |||||||||||||||||||||
Total Citi Holdings | $ | — | $ | 1,028 | $ | — | $ | 1,197 | |||||||||||||||||
Total Citigroup funding commitments | $ | 3,607 | $ | 4,032 | $ | 3,886 | $ | 3,598 | |||||||||||||||||
Citicorp and Citi Holdings Consolidated VIEs | |||||||||||||||||||||||||
The Company engages in on-balance-sheet securitizations, which are securitizations that do not qualify for sales treatment; thus, the assets remain on the Company’s balance sheet, and any proceeds received are recognized as secured liabilities. The consolidated VIEs included in the tables below represent hundreds of separate entities with which the Company is involved. In general, the third-party investors in the obligations of consolidated VIEs have legal recourse only to the assets of the respective VIEs and do not have such recourse to the Company, except where the Company has provided a guarantee to the investors or is the counterparty to certain derivative transactions involving the VIE. Thus, the | |||||||||||||||||||||||||
Company’s maximum legal exposure to loss related to consolidated VIEs is significantly less than the carrying value of the consolidated VIE assets due to outstanding third-party financing. Intercompany assets and liabilities are excluded from the table. All VIE assets are restricted from being sold or pledged as collateral. The cash flows from these assets are the only source used to pay down the associated liabilities, which are non-recourse to the Company’s general assets. | |||||||||||||||||||||||||
The following table presents the carrying amounts and classifications of consolidated assets that are collateral for consolidated VIE obligations as of June 30, 2014 and December 31, 2013: | |||||||||||||||||||||||||
June 30, 2014 | December 31, 2013 | ||||||||||||||||||||||||
In billions of dollars | Citicorp | Citi Holdings | Citigroup | Citicorp | Citi Holdings | Citigroup | |||||||||||||||||||
Cash | $ | 0.2 | $ | 0.1 | $ | 0.3 | $ | 0.2 | $ | 0.2 | $ | 0.4 | |||||||||||||
Trading account assets | 1 | — | 1 | 1 | — | 1 | |||||||||||||||||||
Investments | 12.5 | — | 12.5 | 10.9 | — | 10.9 | |||||||||||||||||||
Total loans, net | 89.6 | 3.1 | 92.7 | 83.2 | 8.7 | 91.9 | |||||||||||||||||||
Other | 1.2 | — | 1.2 | 1.1 | 0.2 | 1.3 | |||||||||||||||||||
Total assets | $ | 104.5 | $ | 3.2 | $ | 107.7 | $ | 96.4 | $ | 9.1 | $ | 105.5 | |||||||||||||
Short-term borrowings | $ | 21.5 | $ | — | $ | 21.5 | $ | 24.3 | $ | — | $ | 24.3 | |||||||||||||
Long-term debt | 38.1 | 1 | 39.1 | 32.8 | 2 | 34.8 | |||||||||||||||||||
Other liabilities | 0.8 | 0.1 | 0.9 | 0.9 | 0.1 | 1 | |||||||||||||||||||
Total liabilities | $ | 60.4 | $ | 1.1 | $ | 61.5 | $ | 58 | $ | 2.1 | $ | 60.1 | |||||||||||||
Citicorp and Citi Holdings Significant Interests in Unconsolidated VIEs—Balance Sheet Classification | |||||||||||||||||||||||||
The following table presents the carrying amounts and classification of significant variable interests in unconsolidated VIEs as of June 30, 2014 and December 31, 2013: | |||||||||||||||||||||||||
June 30, 2014 | December 31, 2013 | ||||||||||||||||||||||||
In billions of dollars | Citicorp | Citi Holdings | Citigroup | Citicorp | Citi Holdings | Citigroup | |||||||||||||||||||
Trading account assets | $ | 4.1 | $ | 0.5 | $ | 4.6 | $ | 4.8 | $ | 0.6 | $ | 5.4 | |||||||||||||
Investments | 3.6 | 0.2 | 3.8 | 3.7 | 0.4 | 4.1 | |||||||||||||||||||
Total loans, net | 20.9 | 0.3 | 21.2 | 18.3 | 0.6 | 18.9 | |||||||||||||||||||
Other | 2 | 0.4 | 2.4 | 2.2 | 0.5 | 2.7 | |||||||||||||||||||
Total assets | $ | 30.6 | $ | 1.4 | $ | 32 | $ | 29 | $ | 2.1 | $ | 31.1 | |||||||||||||
Credit Card Securitizations | |||||||||||||||||||||||||
The Company securitizes credit card receivables through trusts established to purchase the receivables. Citigroup transfers receivables into the trusts on a non-recourse basis. Credit card securitizations are revolving securitizations; as customers pay their credit card balances, the cash proceeds are used to purchase new receivables and replenish the receivables in the trust. | |||||||||||||||||||||||||
Substantially all of the Company’s credit card securitization activity is through two trusts—Citibank Credit Card Master Trust (Master Trust) and the Citibank Omni Master Trust (Omni Trust), with the substantial majority through the Master Trust. These trusts are consolidated entities because, as servicer, Citigroup has the power to direct the activities that most significantly impact the economic performance of the trusts, Citigroup holds a seller’s interest and certain securities issued by the trusts, and also provides liquidity facilities to the trusts, which could result in potentially significant losses or benefits from the trusts. Accordingly, the transferred credit card receivables remain on Citi’s Consolidated Balance Sheet with no gain or loss recognized. The debt issued by the trusts to third parties is included in Citi’s Consolidated Balance Sheet. | |||||||||||||||||||||||||
The Company utilizes securitizations as one of the sources of funding for its business in North America. The following table reflects amounts related to the Company’s securitized credit card receivables as of June 30, 2014 and December 31, 2013: | |||||||||||||||||||||||||
Citicorp | Citi Holdings | ||||||||||||||||||||||||
In billions of dollars | June 30, | December 31, 2013 | June 30, | December 31, 2013 | |||||||||||||||||||||
2014 | 2014 | ||||||||||||||||||||||||
Ownership interests in principal amount of trust credit card receivables | |||||||||||||||||||||||||
Sold to investors via trust-issued securities | $ | 37.7 | $ | 32.3 | $ | — | $ | — | |||||||||||||||||
Retained by Citigroup as trust-issued securities | 9.4 | 8.1 | 1.3 | 1.3 | |||||||||||||||||||||
Retained by Citigroup via non-certificated interests | 12.9 | 12.1 | — | — | |||||||||||||||||||||
Total ownership interests in principal amount of trust credit card receivables | $ | 60 | $ | 52.5 | $ | 1.3 | $ | 1.3 | |||||||||||||||||
Credit Card Securitizations—Citicorp | |||||||||||||||||||||||||
The following tables summarize selected cash flow information related to Citicorp’s credit card securitizations for the three and six months ended June 30, 2014 and 2013: | |||||||||||||||||||||||||
Three months ended | |||||||||||||||||||||||||
June 30, | |||||||||||||||||||||||||
In billions of dollars | 2014 | 2013 | |||||||||||||||||||||||
Proceeds from new securitizations | $ | 2.4 | $ | 2.5 | |||||||||||||||||||||
Pay down of maturing notes | (1.3 | ) | (0.8 | ) | |||||||||||||||||||||
Six months ended June 30, | |||||||||||||||||||||||||
In billions of dollars | 2014 | 2013 | |||||||||||||||||||||||
Proceeds from new securitizations | $ | 6.7 | $ | 2.5 | |||||||||||||||||||||
Pay down of maturing notes | (1.3 | ) | (1.6 | ) | |||||||||||||||||||||
Credit Card Securitizations—Citi Holdings | |||||||||||||||||||||||||
The following tables summarize selected cash flow information related to Citi Holdings’ credit card securitizations for the three and six months ended June 30, 2014 and 2013: | |||||||||||||||||||||||||
Three months ended | |||||||||||||||||||||||||
June 30, | |||||||||||||||||||||||||
In billions of dollars | 2014 | 2013 | |||||||||||||||||||||||
Proceeds from new securitizations | $ | — | $ | — | |||||||||||||||||||||
Pay down of maturing notes | — | — | |||||||||||||||||||||||
Six months ended June 30, | |||||||||||||||||||||||||
In billions of dollars | 2014 | 2013 | |||||||||||||||||||||||
Proceeds from new securitizations | $ | 0.1 | $ | — | |||||||||||||||||||||
Pay down of maturing notes | — | (0.1 | ) | ||||||||||||||||||||||
Managed Loans | |||||||||||||||||||||||||
After securitization of credit card receivables, the Company continues to maintain credit card customer account relationships and provides servicing for receivables transferred to the trusts. As a result, the Company considers the securitized credit card receivables to be part of the business it manages. As Citigroup consolidates the credit card trusts, all managed securitized card receivables are on-balance sheet. | |||||||||||||||||||||||||
Funding, Liquidity Facilities and Subordinated Interests | |||||||||||||||||||||||||
As noted above, Citigroup securitizes credit card receivables through two securitization trusts—Master Trust, which is part of Citicorp, and Omni Trust, which is also substantially part of Citicorp. The liabilities of the trusts are included in the Consolidated Balance Sheet, excluding those retained by Citigroup. | |||||||||||||||||||||||||
Master Trust issues fixed- and floating-rate term notes. Some of the term notes are issued to multi-seller commercial paper conduits. The weighted average maturity of the term notes issued by the Master Trust was 3.0 years as of June 30, 2014 and 3.1 years as of December 31, 2013. | |||||||||||||||||||||||||
Master Trust Liabilities (at par value) | |||||||||||||||||||||||||
In billions of dollars | 30-Jun-14 | Dec. 31, 2013 | |||||||||||||||||||||||
Term notes issued to third parties | $ | 33.4 | $ | 27.9 | |||||||||||||||||||||
Term notes retained by Citigroup affiliates | 7.5 | 6.2 | |||||||||||||||||||||||
Total Master Trust liabilities | $ | 40.9 | $ | 34.1 | |||||||||||||||||||||
The Omni Trust issues fixed- and floating-rate term notes, some of which are purchased by multi-seller commercial paper conduits. The weighted average maturity of the third-party term notes issued by the Omni Trust was 0.2 years as of June 30, 2014 and 0.7 years as of December 31, 2013. | |||||||||||||||||||||||||
Omni Trust Liabilities (at par value) | |||||||||||||||||||||||||
In billions of dollars | 30-Jun-14 | Dec. 31, 2013 | |||||||||||||||||||||||
Term notes issued to third parties | $ | 4.3 | $ | 4.4 | |||||||||||||||||||||
Term notes retained by Citigroup affiliates | 1.9 | 1.9 | |||||||||||||||||||||||
Total Omni Trust liabilities | $ | 6.2 | $ | 6.3 | |||||||||||||||||||||
Mortgage Securitizations | |||||||||||||||||||||||||
The Company provides a wide range of mortgage loan products to a diverse customer base. Once originated, the Company often securitizes these loans through the use of VIEs. These VIEs are funded through the issuance of trust certificates backed solely by the transferred assets. These certificates have the same life as the transferred assets. In addition to providing a source of liquidity and less expensive funding, securitizing these assets also reduces the Company’s credit exposure to the borrowers. These mortgage loan securitizations are primarily non-recourse, thereby effectively transferring the risk of future credit losses to the purchasers of the securities issued by the trust. However, the Company’s consumer business generally retains the servicing rights and in certain instances retains investment securities, interest-only strips and residual interests in future cash flows from the trusts and also provides servicing for a limited number of ICG securitizations. ICG and Citi Holdings do not retain servicing for their mortgage securitizations. | |||||||||||||||||||||||||
The Company securitizes mortgage loans generally through either a government-sponsored agency, such as Ginnie Mae, Fannie Mae or Freddie Mac (U.S. agency-sponsored mortgages), or private-label (non-agency-sponsored mortgages) securitization. The Company is not the primary beneficiary of its U.S. agency-sponsored mortgage securitizations because Citigroup does not have the power to direct the activities of the VIE that most significantly impact the entities’ economic performance. Therefore, Citi does not consolidate these U.S. agency-sponsored mortgage securitizations. | |||||||||||||||||||||||||
The Company does not consolidate certain non-agency-sponsored mortgage securitizations, because Citi is either not the servicer with the power to direct the significant activities of the entity or Citi is the servicer but the servicing relationship is deemed to be a fiduciary relationship and, therefore, Citi is not deemed to be the primary beneficiary of the entity. | |||||||||||||||||||||||||
In certain instances, the Company has (i) the power to direct the activities and (ii) the obligation to either absorb losses or the right to receive benefits that could be potentially significant to its non-agency-sponsored mortgage securitizations and, therefore, is the primary beneficiary and thus consolidates the VIE. | |||||||||||||||||||||||||
Mortgage Securitizations—Citicorp | |||||||||||||||||||||||||
The following table summarizes selected cash flow information related to Citicorp mortgage securitizations for the three and six months ended June 30, 2014 and 2013: | |||||||||||||||||||||||||
Three months ended June 30, | |||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
In billions of dollars | U.S. agency- | Non-agency- | U.S. agency- | Non-agency- | |||||||||||||||||||||
sponsored | sponsored | sponsored | sponsored | ||||||||||||||||||||||
mortgages | mortgages | mortgages | mortgages | ||||||||||||||||||||||
Proceeds from new securitizations | $ | 6 | $ | 3.6 | $ | 20.4 | $ | 2.6 | |||||||||||||||||
Contractual servicing fees received | 0.1 | — | 0.1 | — | |||||||||||||||||||||
Six months ended June 30, | |||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
In billions of dollars | U.S. agency- | Non-agency- | U.S. agency- | Non-agency- | |||||||||||||||||||||
sponsored | sponsored | sponsored | sponsored | ||||||||||||||||||||||
mortgages | mortgages | mortgages | mortgages | ||||||||||||||||||||||
Proceeds from new securitizations | $ | 13.1 | $ | 5.2 | $ | 38.8 | $ | 3 | |||||||||||||||||
Contractual servicing fees received | 0.2 | — | 0.2 | — | |||||||||||||||||||||
Gains recognized on the securitization of U.S. agency-sponsored mortgages were $6 million and $12 million for the three and six months ended June 30, 2014, respectively. For the three and six months ended June 30, 2014, gains recognized on the securitization of non-agency sponsored mortgages were $25 million and $29 million, respectively. | |||||||||||||||||||||||||
Gains recognized on the securitization of U.S. agency-sponsored mortgages were $143 million and $144 million for the three and six months ended June 30, 2013, respectively. For the three and six months ended June 30, 2013, gains recognized on the securitization of non-agency sponsored mortgages were $24 million and $32 million, respectively. | |||||||||||||||||||||||||
Key assumptions used in measuring the fair value of retained interests at the date of sale or securitization of mortgage receivables for the three and six months ended June 30, 2014 and 2013 were as follows: | |||||||||||||||||||||||||
Three months ended June 30, 2014 | |||||||||||||||||||||||||
Non-agency-sponsored mortgages (1) | |||||||||||||||||||||||||
U.S. agency- | Senior | Subordinated | |||||||||||||||||||||||
sponsored mortgages | interests | interests | |||||||||||||||||||||||
Discount rate | 0.7% to 12.0% | 4.6 | % | 2.6% to 7.0% | |||||||||||||||||||||
Weighted average discount rate | 10.8 | % | 4.6 | % | 6.1 | % | |||||||||||||||||||
Constant prepayment rate | 4.7% to 13.3% | 0 | % | 3.3 | % | ||||||||||||||||||||
Weighted average constant prepayment rate | 5.6 | % | 0 | % | 3.3 | % | |||||||||||||||||||
Anticipated net credit losses (2) | NM | 40 | % | 58.5 | % | ||||||||||||||||||||
Weighted average anticipated net credit losses | NM | 40 | % | 58.5 | % | ||||||||||||||||||||
Weighted average life | 7.4 to 9.4 years | 8.6 years | 4.0 to 10.1 years | ||||||||||||||||||||||
Three months ended June 30, 2013 | |||||||||||||||||||||||||
Non-agency-sponsored mortgages (1) | |||||||||||||||||||||||||
U.S. agency- | Senior | Subordinated | |||||||||||||||||||||||
sponsored mortgages | interests | interests | |||||||||||||||||||||||
Discount rate | 1.1% to 10.4% | 2.3% to 4.3% | 5.5% to 12.0% | ||||||||||||||||||||||
Weighted average discount rate | 9.1 | % | 3.3 | % | 8.2 | % | |||||||||||||||||||
Constant prepayment rate | 4.3% to 19.0% | 5.5% to 10.0% | 5.5% to 10.0% | ||||||||||||||||||||||
Weighted average constant prepayment rate | 5.8 | % | 7.9 | % | 8.6 | % | |||||||||||||||||||
Anticipated net credit losses (2) | NM | 47.2% to 53.0% | 47.2% to 53.0% | ||||||||||||||||||||||
Weighted average anticipated net credit losses | NM | 49.8 | % | 48.9 | % | ||||||||||||||||||||
Weighted average life | 0.1 to 11.8 years | 2.9 to 9.7 years | 2.5 to 10.7 years | ||||||||||||||||||||||
Six months ended June 30, 2014 | |||||||||||||||||||||||||
Non-agency-sponsored mortgages (1) | |||||||||||||||||||||||||
U.S. agency- | Senior | Subordinated | |||||||||||||||||||||||
sponsored mortgages | interests | interests | |||||||||||||||||||||||
Discount rate | 0.0% to 12.0% | 1.4% to 4.6% | 2.6% to 9.1% | ||||||||||||||||||||||
Weighted average discount rate | 10.5 | % | 3.8 | % | 6.8 | % | |||||||||||||||||||
Constant prepayment rate | 0.0% to 16.0% | 0 | % | 3.3% to 6.1% | |||||||||||||||||||||
Weighted average constant prepayment rate | 5.1 | % | 0 | % | 5.2 | % | |||||||||||||||||||
Anticipated net credit losses (2) | NM | 40 | % | 40.0% to 58.5% | |||||||||||||||||||||
Weighted average anticipated net credit losses | NM | 40 | % | 52.9 | % | ||||||||||||||||||||
Weighted average life | 0.0 to 9.7 years | 2.6 to 8.6 years | 3.0 to 14.5 years | ||||||||||||||||||||||
Six months ended June 30, 2013 | |||||||||||||||||||||||||
Non-agency-sponsored mortgages (1) | |||||||||||||||||||||||||
U.S. agency- | Senior | Subordinated | |||||||||||||||||||||||
sponsored mortgages | interests | interests | |||||||||||||||||||||||
Discount rate | 1.1% to 12.4% | 2.3% to 4.3% | 5.5% to 19.2% | ||||||||||||||||||||||
Weighted average discount rate | 10 | % | 3.3 | % | 8.2 | % | |||||||||||||||||||
Constant prepayment rate | 4.0% to 21.4% | 5.5% to 10.0% | 1.3% to 10.0% | ||||||||||||||||||||||
Weighted average constant prepayment rate | 5.8 | % | 7.9 | % | 7 | % | |||||||||||||||||||
Anticipated net credit losses (2) | NM | 47.2% to 53.0% | 44.7% to 89.0% | ||||||||||||||||||||||
Weighted average anticipated net credit losses | NM | 49.8 | % | 57.9 | % | ||||||||||||||||||||
Weighted average life | 0.1 to 11.8 years | 2.9 to 9.7 years | 2.5 to 16.5 years | ||||||||||||||||||||||
-1 | Disclosure of non-agency-sponsored mortgages as senior and subordinated interests is indicative of the interests’ position in the capital structure of the securitization. | ||||||||||||||||||||||||
-2 | Anticipated net credit losses represent estimated loss severity associated with defaulted mortgage loans underlying the mortgage securitizations disclosed above. Anticipated net credit losses, in this instance, do not represent total credit losses incurred to date, nor do they represent credit losses expected on retained interests in mortgage securitizations. | ||||||||||||||||||||||||
NM Not meaningful. Anticipated net credit losses are not meaningful due to U.S. agency guarantees. | |||||||||||||||||||||||||
The interests retained by the Company range from highly rated and/or senior in the capital structure to unrated and/or residual interests. | |||||||||||||||||||||||||
At June 30, 2014 and December 31, 2013, the key assumptions used to value retained interests, and the sensitivity of the fair value to adverse changes of 10% and 20% in each of the key assumptions, are set forth in the tables | |||||||||||||||||||||||||
below. The negative effect of each change is calculated independently, holding all other assumptions constant. Because the key assumptions may not be independent, the net effect of simultaneous adverse changes in the key assumptions may be less than the sum of the individual effects shown below. | |||||||||||||||||||||||||
June 30, 2014 | |||||||||||||||||||||||||
Non-agency-sponsored mortgages (1) | |||||||||||||||||||||||||
U.S. agency- | Senior | Subordinated | |||||||||||||||||||||||
sponsored mortgages | interests | interests | |||||||||||||||||||||||
Discount rate | 0.0% to 52.5% | 2.0% to 15.8% | 1.3% to 18.6% | ||||||||||||||||||||||
Weighted average discount rate | 6.9 | % | 5.1 | % | 9.2 | % | |||||||||||||||||||
Constant prepayment rate | 5.4% to 38.5% | 1.8% to 100.0% | 1.2% to 22.4% | ||||||||||||||||||||||
Weighted average constant prepayment rate | 11.8 | % | 14.3 | % | 6.5 | % | |||||||||||||||||||
Anticipated net credit losses (2) | NM | 0.1% to 71.7% | 10.4% to 90.0% | ||||||||||||||||||||||
Weighted average anticipated net credit losses | NM | 50.1 | % | 54.3 | % | ||||||||||||||||||||
Weighted average life | 0.1 to 10.9 years | 0.5 to 11.7 years | 0.0 to 24.7 years | ||||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||
Non-agency-sponsored mortgages (1) | |||||||||||||||||||||||||
U.S. agency- | Senior | Subordinated | |||||||||||||||||||||||
sponsored mortgages | interests | interests | |||||||||||||||||||||||
Discount rate | 0.1% to 20.9% | 0.5% to 17.4% | 2.1% to 19.6% | ||||||||||||||||||||||
Weighted average discount rate | 6.9 | % | 5.5 | % | 11.2 | % | |||||||||||||||||||
Constant prepayment rate | 6.2% to 30.4% | 1.3% to 100.0% | 1.4% to 23.1% | ||||||||||||||||||||||
Weighted average constant prepayment rate | 11.1 | % | 6.4 | % | 7.4 | % | |||||||||||||||||||
Anticipated net credit losses (2) | NM | 0.1% to 80.0% | 25.5% to 81.9% | ||||||||||||||||||||||
Weighted average anticipated net credit losses | NM | 49.5 | % | 52.8 | % | ||||||||||||||||||||
Weighted average life | 2.1 to 14.1 years | 0.0 to 11.9 years | 0.0 to 26.0 years | ||||||||||||||||||||||
-1 | Disclosure of non-agency-sponsored mortgages as senior and subordinated interests is indicative of the interests’ position in the capital structure of the securitization. | ||||||||||||||||||||||||
-2 | Anticipated net credit losses represent estimated loss severity associated with defaulted mortgage loans underlying the mortgage securitizations disclosed above. Anticipated net credit losses, in this instance, do not represent total credit losses incurred to date, nor do they represent credit losses expected on retained interests in mortgage securitizations. | ||||||||||||||||||||||||
NM Not meaningful. Anticipated net credit losses are not meaningful due to U.S. agency guarantees. | |||||||||||||||||||||||||
Non-agency-sponsored mortgages (1) | |||||||||||||||||||||||||
In millions of dollars at June 30, 2014 | U.S. agency- | Senior | Subordinated | ||||||||||||||||||||||
sponsored mortgages | interests | interests | |||||||||||||||||||||||
Carrying value of retained interests | $ | 2,408 | $ | 211 | $ | 451 | |||||||||||||||||||
Discount rates | |||||||||||||||||||||||||
Adverse change of 10% | $ | (70 | ) | $ | (4 | ) | $ | (28 | ) | ||||||||||||||||
Adverse change of 20% | (136 | ) | (8 | ) | (54 | ) | |||||||||||||||||||
Constant prepayment rate | |||||||||||||||||||||||||
Adverse change of 10% | (87 | ) | (1 | ) | (9 | ) | |||||||||||||||||||
Adverse change of 20% | (168 | ) | (2 | ) | (18 | ) | |||||||||||||||||||
Anticipated net credit losses | |||||||||||||||||||||||||
Adverse change of 10% | NM | (2 | ) | (10 | ) | ||||||||||||||||||||
Adverse change of 20% | NM | (3 | ) | (19 | ) | ||||||||||||||||||||
Non-agency-sponsored mortgages (1) | |||||||||||||||||||||||||
In millions of dollars at December 31, 2013 | U.S. agency- | Senior | Subordinated | ||||||||||||||||||||||
sponsored mortgages | interests | interests | |||||||||||||||||||||||
Carrying value of retained interests | $ | 2,519 | $ | 293 | $ | 429 | |||||||||||||||||||
Discount rates | |||||||||||||||||||||||||
Adverse change of 10% | $ | (76 | ) | $ | (6 | ) | $ | (25 | ) | ||||||||||||||||
Adverse change of 20% | (148 | ) | (11 | ) | (48 | ) | |||||||||||||||||||
Constant prepayment rate | |||||||||||||||||||||||||
Adverse change of 10% | (96 | ) | (1 | ) | (7 | ) | |||||||||||||||||||
Adverse change of 20% | (187 | ) | (2 | ) | (14 | ) | |||||||||||||||||||
Anticipated net credit losses | |||||||||||||||||||||||||
Adverse change of 10% | NM | (2 | ) | (7 | ) | ||||||||||||||||||||
Adverse change of 20% | NM | (3 | ) | (14 | ) | ||||||||||||||||||||
-1 | Disclosure of non-agency-sponsored mortgages as senior and subordinated interests is indicative of the interests’ position in the capital structure of the securitization. | ||||||||||||||||||||||||
NM Not meaningful. Anticipated net credit losses are not meaningful due to U.S. agency guarantees. | |||||||||||||||||||||||||
Mortgage Securitizations—Citi Holdings | |||||||||||||||||||||||||
The following table summarizes selected cash flow information related to Citi Holdings mortgage securitizations for the three and six months ended June 30, 2014 and 2013: | |||||||||||||||||||||||||
Three months ended June 30, | |||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
In billions of dollars | U.S. agency- | Non-agency- | U.S. agency- | Non-agency- | |||||||||||||||||||||
sponsored | sponsored | sponsored | sponsored | ||||||||||||||||||||||
mortgages | mortgages | mortgages | mortgages | ||||||||||||||||||||||
Proceeds from new securitizations | $ | 0.1 | $ | — | $ | — | $ | — | |||||||||||||||||
Contractual servicing fees received | — | — | 0.1 | — | |||||||||||||||||||||
Six months ended June 30, | |||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
In billions of dollars | U.S. agency- | Non-agency- | U.S. agency- | Non-agency- | |||||||||||||||||||||
sponsored | sponsored | sponsored | sponsored | ||||||||||||||||||||||
mortgages | mortgages | mortgages | mortgages | ||||||||||||||||||||||
Proceeds from new securitizations | $ | 0.2 | $ | — | $ | — | $ | — | |||||||||||||||||
Contractual servicing fees received | 0.1 | — | 0.1 | — | |||||||||||||||||||||
Gains recognized on the securitization of U.S. agency-sponsored mortgages were $13 million and $20 million for the three and six months ended June 30, 2014, respectively. Gains recognized on the securitization of U.S. agency-sponsored mortgages were $4 million and $7 million for the three and six months ended June 30, 2013, respectively. | |||||||||||||||||||||||||
The Company did not securitize non-agency-sponsored mortgages for the quarters ended June 30, 2014 and 2013. | |||||||||||||||||||||||||
Similar to Citicorp mortgage securitizations discussed above, the range in the key assumptions is due to the different characteristics of the interests retained by the Company. The interests retained range from highly rated and/or senior in the capital structure to unrated and/or residual interests. | |||||||||||||||||||||||||
At June 30, 2014 and December 31, 2013, the key assumptions used to value retained interests, and the sensitivity of the fair value to adverse changes of 10% and 20% in each of the key assumptions, are set forth in the tables below. The negative effect of each change is calculated independently, holding all other assumptions constant. Because the key assumptions may not in fact be independent, the net effect of simultaneous adverse changes in the key assumptions may be less than the sum of the individual effects shown below. | |||||||||||||||||||||||||
June 30, 2014 | |||||||||||||||||||||||||
Non-agency-sponsored mortgages (1) | |||||||||||||||||||||||||
U.S. agency- | Senior | Subordinated | |||||||||||||||||||||||
sponsored mortgages | interests | interests (2) | |||||||||||||||||||||||
Discount rate | 0.0% to 50.8% | 0 | % | — | |||||||||||||||||||||
Weighted average discount rate | 10.9 | % | 0 | % | — | ||||||||||||||||||||
Constant prepayment rate | 7.5% to 27.2% | 17.2 | % | — | |||||||||||||||||||||
Weighted average constant prepayment rate | 18.7 | % | 17.2 | % | — | ||||||||||||||||||||
Anticipated net credit losses | NM | 0.3 | % | — | |||||||||||||||||||||
Weighted average anticipated net credit losses | NM | 0.3 | % | — | |||||||||||||||||||||
Weighted average life | 4.1 to 11.0 years | 4.5 years | — | ||||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||
Non-agency-sponsored mortgages (1) | |||||||||||||||||||||||||
U.S. agency- | Senior | Subordinated | |||||||||||||||||||||||
sponsored mortgages | interests | interests (2) | |||||||||||||||||||||||
Discount rate | 0.0% to 49.3% | 9.9 | % | — | |||||||||||||||||||||
Weighted average discount rate | 9.5 | % | 9.9 | % | — | ||||||||||||||||||||
Constant prepayment rate | 9.6% to 26.2% | 12.3% to 27.3% | — | ||||||||||||||||||||||
Weighted average constant prepayment rate | 20 | % | 15.6 | % | — | ||||||||||||||||||||
Anticipated net credit losses | NM | 0.3 | % | — | |||||||||||||||||||||
Weighted average anticipated net credit losses | NM | 0.3 | % | — | |||||||||||||||||||||
Weighted average life | 2.3 to 7.6 years | 5.2 years | — | ||||||||||||||||||||||
-1 | Disclosure of non-agency-sponsored mortgages as senior and subordinated interests is indicative of the interests’ position in the capital structure of the securitization. | ||||||||||||||||||||||||
-2 | Citi Holdings held no subordinated interests in mortgage securitizations as of June 30, 2014 and December 31, 2013. | ||||||||||||||||||||||||
NM Not meaningful. Anticipated net credit losses are not meaningful due to U.S. agency guarantees. | |||||||||||||||||||||||||
Non-agency-sponsored mortgages (1) | |||||||||||||||||||||||||
In millions of dollars at June 30, 2014 | U.S. agency- | Senior | Subordinated | ||||||||||||||||||||||
sponsored mortgages | interests | interests | |||||||||||||||||||||||
Carrying value of retained interests | $ | 353 | $ | 41 | $ | — | |||||||||||||||||||
Discount rates | |||||||||||||||||||||||||
Adverse change of 10% | $ | (16 | ) | $ | — | $ | — | ||||||||||||||||||
Adverse change of 20% | (31 | ) | (1 | ) | — | ||||||||||||||||||||
Constant prepayment rate | |||||||||||||||||||||||||
Adverse change of 10% | (21 | ) | (3 | ) | — | ||||||||||||||||||||
Adverse change of 20% | (41 | ) | (6 | ) | — | ||||||||||||||||||||
Anticipated net credit losses | |||||||||||||||||||||||||
Adverse change of 10% | NM | (5 | ) | — | |||||||||||||||||||||
Adverse change of 20% | NM | (11 | ) | — | |||||||||||||||||||||
Non-agency-sponsored mortgages (1) | |||||||||||||||||||||||||
In millions of dollars at December 31, 2013 | U.S. agency- | Senior | Subordinated | ||||||||||||||||||||||
sponsored mortgages | interests | interests | |||||||||||||||||||||||
Carrying value of retained interests | $ | 585 | $ | 50 | $ | — | |||||||||||||||||||
Discount rates | |||||||||||||||||||||||||
Adverse change of 10% | $ | (16 | ) | $ | (3 | ) | $ | — | |||||||||||||||||
Adverse change of 20% | (32 | ) | (5 | ) | — | ||||||||||||||||||||
Constant prepayment rate | — | ||||||||||||||||||||||||
Adverse change of 10% | (33 | ) | (3 | ) | — | ||||||||||||||||||||
Adverse change of 20% | (65 | ) | (6 | ) | — | ||||||||||||||||||||
Anticipated net credit losses | |||||||||||||||||||||||||
Adverse change of 10% | NM | (5 | ) | — | |||||||||||||||||||||
Adverse change of 20% | NM | (11 | ) | — | |||||||||||||||||||||
-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 Not meaningful. Anticipated net credit losses are not meaningful due to U.S. agency guarantees. | |||||||||||||||||||||||||
Mortgage Servicing Rights | |||||||||||||||||||||||||
In connection with the securitization of mortgage loans, the Company’s U.S. consumer mortgage business generally retains the servicing rights, which entitle the Company to a future stream of cash flows based on the outstanding principal balances of the loans and the contractual servicing fee. Failure to service the loans in accordance with contractual requirements may lead to a termination of the servicing rights and the loss of future servicing fees. | |||||||||||||||||||||||||
These transactions create an intangible asset referred to as mortgage servicing rights (MSRs), which are recorded at fair value on Citi’s Consolidated Balance Sheet. The fair value of Citi’s capitalized MSRs was $2.3 billion and $2.5 billion at June 30, 2014 and 2013, respectively. Of these amounts, approximately $1.8 billion and $1.9 billion, respectively, were specific to Citicorp, with the remainder to Citi Holdings. The MSRs correspond to principal loan balances of $250 billion and $301 billion as of June 30, 2014 and 2013, respectively. The following tables summarize the changes in capitalized MSRs for the three and six months ended June 30, 2014 and 2013: | |||||||||||||||||||||||||
Three months ended | |||||||||||||||||||||||||
June 30, | |||||||||||||||||||||||||
In millions of dollars | 2014 | 2013 | |||||||||||||||||||||||
Balance, as of March 31 | $ | 2,586 | $ | 2,203 | |||||||||||||||||||||
Originations | 49 | 204 | |||||||||||||||||||||||
Changes in fair value of MSRs due to changes in inputs and assumptions | (91 | ) | 247 | ||||||||||||||||||||||
Other changes (1) | (99 | ) | (130 | ) | |||||||||||||||||||||
Sale of MSRs | (163 | ) | — | ||||||||||||||||||||||
Balance, as of June 30 | $ | 2,282 | $ | 2,524 | |||||||||||||||||||||
Six months ended June 30, | |||||||||||||||||||||||||
In millions of dollars | 2014 | 2013 | |||||||||||||||||||||||
Balance, beginning of year | $ | 2,718 | $ | 1,942 | |||||||||||||||||||||
Originations | 99 | 376 | |||||||||||||||||||||||
Changes in fair value of MSRs due to changes in inputs and assumptions | (175 | ) | 470 | ||||||||||||||||||||||
Other changes (1) | (225 | ) | (263 | ) | |||||||||||||||||||||
Sale of MSRs (2) | (135 | ) | (1 | ) | |||||||||||||||||||||
Balance, as of June 30 | $ | 2,282 | $ | 2,524 | |||||||||||||||||||||
-1 | Represents changes due to customer payments and passage of time. | ||||||||||||||||||||||||
-2 | Includes a sale of credit challenged MSRs for which Citi paid the new servicer. | ||||||||||||||||||||||||
The fair value of the MSRs is primarily affected by changes in prepayments of mortgages that result from shifts in mortgage interest rates. Specifically, higher interest rates tend to lead to declining prepayments which causes the fair value of the MSRs to increase. In managing this risk, the Company economically hedges a significant portion of the value of its MSRs through the use of interest rate derivative contracts, forward purchase and sale commitments of mortgage-backed securities and purchased securities classified as Trading account assets. | |||||||||||||||||||||||||
The Company receives fees during the course of servicing previously securitized mortgages. The amounts of these fees for the three and six months ended June 30, 2014 and 2013 were as follows: | |||||||||||||||||||||||||
Three months ended | Six months ended June 30, | ||||||||||||||||||||||||
June 30, | |||||||||||||||||||||||||
In millions of dollars | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||
Servicing fees | $ | 162 | $ | 198 | $ | 332 | $ | 415 | |||||||||||||||||
Late fees | 5 | 11 | 15 | 19 | |||||||||||||||||||||
Ancillary fees | 16 | 21 | 36 | 52 | |||||||||||||||||||||
Total MSR fees | $ | 183 | $ | 230 | $ | 383 | $ | 486 | |||||||||||||||||
These fees are classified in the Consolidated Statement of Income as Other revenue. | |||||||||||||||||||||||||
Re-securitizations | |||||||||||||||||||||||||
The Company engages in re-securitization transactions in which debt securities are transferred to a VIE in exchange for new beneficial interests. During the three and six months ended June 30, 2014, Citi transferred non-agency (private-label) securities with an original par value of approximately $251 million and $389 million, respectively, to re-securitization entities, compared to $152 million and $396 million for the three and six months ended June 30, 2013. These securities are backed by either residential or commercial mortgages and are often structured on behalf of clients. | |||||||||||||||||||||||||
As of June 30, 2014, the fair value of Citi-retained interests in private-label re-securitization transactions structured by Citi totaled approximately $403 million (including $40 million related to re-securitization transactions executed in 2014), which has been recorded in Trading account assets. Of this amount, approximately $27 million was related to senior beneficial interests, and approximately $376 million was related to subordinated beneficial interests. As of December 31, 2013, the fair value of Citi-retained interests in private-label re-securitization transactions structured by Citi totaled approximately $425 million (including $131 million related to re-securitization transactions executed in 2013). Of this amount, approximately $58 million was related to senior beneficial interests, and approximately $367 million was related to subordinated beneficial interests. The original par value of private-label re-securitization transactions in which Citi holds a retained interest as of June 30, 2014 and December 31, 2013 was approximately $5.1 billion and $6.1 billion, respectively. | |||||||||||||||||||||||||
The Company also re-securitizes U.S. government-agency guaranteed mortgage-backed (agency) securities. During the three and six months ended June 30, 2014, Citi transferred agency securities with a fair value of approximately $4.9 billion and $11.3 billion, respectively, to re-securitization entities compared to approximately $7.3 billion and $14.8 billion for the three and six months ended June 30, 2013. | |||||||||||||||||||||||||
As of June 30, 2014, the fair value of Citi-retained interests in agency re-securitization transactions structured by Citi totaled approximately $1.2 billion (including $779 million related to re-securitization transactions executed in 2014) compared to $1.5 billion as of December 31, 2013 (including $1.2 billion related to re-securitization transactions executed in 2013), which is recorded in Trading account assets. The original fair value of agency re-securitization transactions in which Citi holds a retained interest as of June 30, 2014 and December 31, 2013 was approximately $78.2 billion and $75.5 billion, respectively. | |||||||||||||||||||||||||
As of June 30, 2014 and December 31, 2013, the Company did not consolidate any private-label or agency re-securitization entities. | |||||||||||||||||||||||||
Citi-Administered Asset-Backed Commercial Paper Conduits | |||||||||||||||||||||||||
The Company is active in the asset-backed commercial paper conduit business as administrator of several multi-seller commercial paper conduits and also as a service provider to single-seller and other commercial paper conduits sponsored by third parties. | |||||||||||||||||||||||||
Citi’s multi-seller commercial paper conduits are designed to provide the Company’s clients access to low-cost funding in the commercial paper markets. The conduits purchase assets from or provide financing facilities to clients and are funded by issuing commercial paper to third-party investors. The conduits generally do not purchase assets originated by the Company. The funding of the conduits is facilitated by the liquidity support and credit enhancements provided by the Company. | |||||||||||||||||||||||||
As administrator to Citi’s conduits, the Company is generally responsible for selecting and structuring assets purchased or financed by the conduits, making decisions regarding the funding of the conduits, including determining the tenor and other features of the commercial paper issued, monitoring the quality and performance of the conduits’ assets, and facilitating the operations and cash flows of the conduits. In return, the Company earns structuring fees from customers for individual transactions and earns an administration fee from the conduit, which is equal to the income from the client program and liquidity fees of the conduit after payment of conduit expenses. This administration fee is fairly stable, since most risks and rewards of the underlying assets are passed back to the clients. Once the asset pricing is negotiated, most ongoing income, costs and fees are relatively stable as a percentage of the conduit’s size. | |||||||||||||||||||||||||
The conduits administered by the Company do not generally invest in liquid securities that are formally rated by third parties. The assets are privately negotiated and structured transactions that are generally designed to be held by the conduit, rather than actively traded and sold. The yield earned by the conduit on each asset is generally tied to the rate on the commercial paper issued by the conduit, thus passing interest rate risk to the client. Each asset purchased by the conduit is structured with transaction-specific credit enhancement features provided by the third-party client seller, including over collateralization, cash and excess spread collateral accounts, direct recourse or third-party guarantees. These credit enhancements are sized with the objective of approximating a credit rating of A or above, based on the Company’s internal risk ratings. At June 30, 2014 and December 31, 2013, the conduits had approximately $30 billion and $32 billion of purchased assets outstanding, respectively, and had incremental funding commitments with clients of approximately $14.5 billion and $13.5 billion, respectively. | |||||||||||||||||||||||||
Substantially all of the funding of the conduits is in the form of short-term commercial paper. At the respective periods ended June 30, 2014 and December 31, 2013, the weighted average remaining lives of the commercial paper issued by the conduits were approximately 52 and 67 days, respectively. | |||||||||||||||||||||||||
The primary credit enhancement provided to the conduit investors is in the form of transaction-specific credit enhancements described above. One conduit holds only loans that are fully guaranteed primarily by AAA-rated government agencies that support export and development financing programs. In addition to the transaction-specific credit enhancements, the conduits, other than the government guaranteed loan conduit, have obtained a letter of credit from the Company, which is equal to at least 8% to 10% of the conduit’s assets with a minimum of $200 million. The letters of credit provided by the Company to the conduits total approximately $2.3 billion as of June 30, 2014 and December 31, 2013. The net result across multi-seller conduits administered by the Company, other than the government guaranteed loan conduit, is that, in the event defaulted assets exceed the transaction-specific credit enhancements described above, any losses in each conduit are allocated first to the Company and then the commercial paper investors. | |||||||||||||||||||||||||
The Company also provides the conduits with two forms of liquidity agreements that are used to provide funding to the conduits in the event of a market disruption, among other events. Each asset of the conduits is supported by a transaction-specific liquidity facility in the form of an asset purchase agreement (APA). Under the APA, the Company has generally agreed to purchase non-defaulted eligible receivables from the conduit at par. The APA is not generally designed to provide credit support to the conduit, as it generally does not permit the purchase of defaulted or impaired assets. Any funding under the APA will likely subject the underlying conduit clients to increased interest costs. In addition, the Company provides the conduits with program-wide liquidity in the form of short-term lending commitments. Under these commitments, the Company has agreed to lend to the conduits in the event of a short-term disruption in the commercial paper market, subject to specified conditions. The Company receives fees for providing both types of liquidity agreements and considers these fees to be on fair market terms. | |||||||||||||||||||||||||
Finally, the Company is one of several named dealers in the commercial paper issued by the conduits and earns a market-based fee for providing such services. Along with third-party dealers, the Company makes a market in the commercial paper and may from time to time fund commercial paper pending sale to a third party. On specific dates with less liquidity in the market, the Company may hold in inventory commercial paper issued by conduits administered by the Company, as well as conduits administered by third parties. The amount of commercial paper issued by its administered conduits held in inventory fluctuates based on market conditions and activity. At June 30, 2014 and December 31, 2013, the Company owned $15.2 billion and $13.9 billion, respectively, of the commercial paper issued by its administered conduits. | |||||||||||||||||||||||||
The asset-backed commercial paper conduits are consolidated by the Company. The Company determined that, through its roles as administrator and liquidity provider, it had the power to direct the activities that most significantly impacted the entities’ economic performance. These powers included its ability to structure and approve the assets purchased by the conduits, its ongoing surveillance and credit mitigation activities, its ability to sell or repurchase assets out of the conduits, and its liability management. In addition, as a result of all the Company’s involvement described above, it was concluded that the Company had an economic interest that could potentially be significant. However, the assets and | |||||||||||||||||||||||||
liabilities of the conduits are separate and apart from those of Citigroup. No assets of any conduit are available to satisfy the creditors of Citigroup or any of its other subsidiaries. | |||||||||||||||||||||||||
During the second quarter of 2013, Citi consolidated the government guaranteed loan conduit it administers that was previously not consolidated due to changes in the primary risks and design of the conduit that were identified as a reconsideration event. Citi, as the administrator and liquidity provider, previously determined it had an economic interest that could potentially be significant. Upon the reconsideration event, it was determined that Citi had the power to direct the activities that most significantly impacted the conduit’s economic performance. The impact of the consolidation resulted in an increase of assets and liabilities of approximately $7 billion each and a net pretax gain to the Consolidated Statement of Income of approximately $40 million. | |||||||||||||||||||||||||
Collateralized Debt and Loan Obligations | |||||||||||||||||||||||||
A securitized collateralized debt obligation (CDO) is a VIE that purchases a pool of assets consisting of asset-backed securities and synthetic exposures through derivatives on asset-backed securities and issues multiple tranches of equity and notes to investors. | |||||||||||||||||||||||||
A cash CDO, or arbitrage CDO, is a CDO designed to take advantage of the difference between the yield on a portfolio of selected assets, typically residential mortgage-backed securities, and the cost of funding the CDO through the sale of notes to investors. “Cash flow” CDOs are entities in which the CDO passes on cash flows from a pool of assets, while “market value” CDOs pay to investors the market value of the pool of assets owned by the CDO at maturity. In these transactions, all of the equity and notes issued by the CDO are funded, as the cash is needed to purchase the debt securities. | |||||||||||||||||||||||||
A synthetic CDO is similar to a cash CDO, except that the CDO obtains exposure to all or a portion of the referenced assets synthetically through derivative instruments, such as credit default swaps. Because the CDO does not need to raise cash sufficient to purchase the entire referenced portfolio, a substantial portion of the senior tranches of risk is typically passed on to CDO investors in the form of unfunded liabilities or derivative instruments. The CDO writes credit protection on select referenced debt securities to the Company or third parties. Risk is then passed on to the CDO investors in the form of funded notes or purchased credit protection through derivative instruments. Any cash raised from investors is invested in a portfolio of collateral securities or investment contracts. The collateral is then used to support the obligations of the CDO on the credit default swaps written to counterparties. | |||||||||||||||||||||||||
A securitized collateralized loan obligation (CLO) is substantially similar to the CDO transactions described above, except that the assets owned by the VIE (either cash instruments or synthetic exposures through derivative instruments) are corporate loans and to a lesser extent corporate bonds, rather than asset-backed debt securities. | |||||||||||||||||||||||||
A third-party asset manager is typically retained by the CDO/CLO to select the pool of assets and manage those assets over the term of the VIE. The Company is the manager for a limited number of CLO transactions over the term of the VIE. | |||||||||||||||||||||||||
The Company earns fees for warehousing assets prior to the creation of a “cash flow” or “market value” CDO/CLO, structuring CDOs/CLOs and placing debt securities with investors. In addition, the Company has retained interests in many of the CDOs/CLOs it has structured and makes a market in the issued notes. | |||||||||||||||||||||||||
The Company’s continuing involvement in synthetic | |||||||||||||||||||||||||
CDOs/CLOs generally includes purchasing credit protection through credit default swaps with the CDO/CLO, owning a portion of the capital structure of the CDO/CLO in the form of both unfunded derivative positions (primarily “super-senior” exposures discussed below) and funded notes, entering into interest-rate swap and total-return swap transactions with the CDO/CLO, lending to the CDO/CLO, and making a market in the funded notes. | |||||||||||||||||||||||||
Where a CDO/CLO entity issues preferred shares (or subordinated notes that are the equivalent form), the preferred shares generally represent an insufficient amount of equity (less than 10%) and create the presumption that preferred shares are insufficient to finance the entity’s activities without subordinated financial support. In addition, although the preferred shareholders generally have full exposure to expected losses on the collateral and uncapped potential to receive expected residual returns, they generally do not have the ability to make decisions significantly affecting the entity’s financial results because of their limited role in making day-to-day decisions and their limited ability to remove the asset manager. Because one or both of the above conditions will generally be met, the Company has concluded, even where a CDO/CLO entity issued preferred shares, the entity should be classified as a VIE. | |||||||||||||||||||||||||
In general, the asset manager, through its ability to purchase and sell assets or—where the reinvestment period of a CDO/CLO has expired—the ability to sell assets, will have the power to direct the activities of the entity that most significantly impact the economic performance of the CDO/CLO. However, where a CDO/CLO has experienced an event of default or an optional redemption period has gone into effect, the activities of the asset manager may be curtailed and/or certain additional rights will generally be provided to the investors in a CDO/CLO entity, including the right to direct the liquidation of the CDO/CLO entity. | |||||||||||||||||||||||||
The Company has retained significant portions of the “super-senior” positions issued by certain CDOs. These positions are referred to as “super-senior” because they represent the most senior positions in the CDO and, at the time of structuring, were senior to tranches rated AAA by independent rating agencies. | |||||||||||||||||||||||||
The Company does not generally have the power to direct the activities of the entity that most significantly impact the economic performance of the CDOs/CLOs, as this power is generally held by a third-party asset manager of the CDO/CLO. As such, those CDOs/CLOs are not consolidated. The Company may consolidate the CDO/CLO when: (i) the Company is the asset manager and no other single investor has the unilateral ability to remove the Company or unilaterally cause the liquidation of the CDO/CLO, or the Company is not the asset manager but has a unilateral right to remove the third-party asset manager or unilaterally liquidate the CDO/CLO and receive the underlying assets, and (ii) the Company | |||||||||||||||||||||||||
has economic exposure to the entity that could be potentially significant to the entity. | |||||||||||||||||||||||||
The Company continues to monitor its involvement in unconsolidated CDOs/CLOs to assess future consolidation risk. For example, if the Company were to acquire additional interests in these entities and obtain the right, due to an event of default trigger being met, to unilaterally liquidate or direct the activities of a CDO/CLO, the Company may be required to consolidate the asset entity. For cash CDOs/CLOs, the net result of such consolidation would be to gross up the Company’s balance sheet by the current fair value of the securities held by third parties and assets held by the CDO/CLO, which amounts are not considered material. For synthetic CDOs/CLOs, the net result of such consolidation may reduce the Company’s balance sheet, because intercompany derivative receivables and payables would be eliminated in consolidation, and other assets held by the CDO/CLO and the securities held by third parties would be recognized at their current fair values. | |||||||||||||||||||||||||
Key Assumptions and Retained Interests—Citicorp | |||||||||||||||||||||||||
At June 30, 2014 and December 31, 2013, the key assumptions used to value retained interests in CLOs, and the sensitivity of the fair value to adverse changes of 10% and 20% are set forth in the tables below: | |||||||||||||||||||||||||
30-Jun-14 | 31-Dec-13 | ||||||||||||||||||||||||
Discount rate | 1.4% to 1.6% | 1.5% to 1.6% | |||||||||||||||||||||||
June 30, 2014 | |||||||||||||||||||||||||
In millions of dollars | CLO | ||||||||||||||||||||||||
Carrying value of retained interests | $ | 1,536 | |||||||||||||||||||||||
Value of underlying portfolio | |||||||||||||||||||||||||
Adverse change of 10% | $ | (10 | ) | ||||||||||||||||||||||
Adverse change of 20% | (20 | ) | |||||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||
In millions of dollars | CLO | ||||||||||||||||||||||||
Carrying value of retained interests | $ | 1,333 | |||||||||||||||||||||||
Value of underlying portfolio | |||||||||||||||||||||||||
Adverse change of 10% | $ | (7 | ) | ||||||||||||||||||||||
Adverse change of 20% | (14 | ) | |||||||||||||||||||||||
Key Assumptions and Retained Interests—Citi Holdings | |||||||||||||||||||||||||
At June 30, 2014 and December 31, 2013, the key assumptions used to value retained interests, and the sensitivity of the fair value to adverse changes of 10% and 20% are set forth in the tables below: | |||||||||||||||||||||||||
June 30, 2014 | |||||||||||||||||||||||||
CDOs | CLOs | ||||||||||||||||||||||||
Discount rate | 44.4% to 48.9% | 4.5% to 5.0% | |||||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||
CDOs | CLOs | ||||||||||||||||||||||||
Discount rate | 44.3% to 48.7% | 4.5% to 5.0% | |||||||||||||||||||||||
June 30, 2014 | |||||||||||||||||||||||||
In millions of dollars | CDOs | CLOs | |||||||||||||||||||||||
Carrying value of retained interests | $ | 6 | $ | 25 | |||||||||||||||||||||
Discount rates | |||||||||||||||||||||||||
Adverse change of 10% | $ | (1 | ) | $ | — | ||||||||||||||||||||
Adverse change of 20% | (2 | ) | — | ||||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||
In millions of dollars | CDOs | CLOs | |||||||||||||||||||||||
Carrying value of retained interests | $ | 19 | $ | 31 | |||||||||||||||||||||
Discount rates | |||||||||||||||||||||||||
Adverse change of 10% | $ | (1 | ) | $ | — | ||||||||||||||||||||
Adverse change of 20% | (2 | ) | — | ||||||||||||||||||||||
Asset-Based Financing | |||||||||||||||||||||||||
The Company provides loans and other forms of financing to VIEs that hold assets. Those loans are subject to the same credit approvals as all other loans originated or purchased by the Company. Financings in the form of debt securities or derivatives are, in most circumstances, reported in Trading account assets and accounted for at fair value through earnings. The Company generally does not have the power to direct the activities that most significantly impact these VIEs’ economic performance and thus it does not consolidate them. | |||||||||||||||||||||||||
Asset-Based Financing—Citicorp | |||||||||||||||||||||||||
The primary types of Citicorp’s asset-based financings, total assets of the unconsolidated VIEs with significant involvement and the Company’s maximum exposure to loss at June 30, 2014 and December 31, 2013 are shown below. For the Company to realize the maximum loss, the VIE (borrower) would have to default with no recovery from the assets held by the VIE. | |||||||||||||||||||||||||
June 30, 2014 | |||||||||||||||||||||||||
In millions of dollars | Total | Maximum | |||||||||||||||||||||||
unconsolidated | exposure to | ||||||||||||||||||||||||
VIE assets | unconsolidated VIEs | ||||||||||||||||||||||||
Type | |||||||||||||||||||||||||
Commercial and other real estate | $ | 21,852 | $ | 6,616 | |||||||||||||||||||||
Corporate loans | 2,073 | 1,657 | |||||||||||||||||||||||
Airplanes, ships and other assets | 30,442 | 14,048 | |||||||||||||||||||||||
Total | $ | 54,367 | $ | 22,321 | |||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||
In millions of dollars | Total | Maximum | |||||||||||||||||||||||
unconsolidated | exposure to | ||||||||||||||||||||||||
VIE assets | unconsolidated VIEs | ||||||||||||||||||||||||
Type | |||||||||||||||||||||||||
Commercial and other real estate | $ | 14,042 | $ | 3,902 | |||||||||||||||||||||
Corporate loans | 2,221 | 1,754 | |||||||||||||||||||||||
Airplanes, ships and other assets | 28,650 | 13,197 | |||||||||||||||||||||||
Total | $ | 44,913 | $ | 18,853 | |||||||||||||||||||||
The following table summarizes selected cash flow information related to asset-based financings for the three and six months ended June 30, 2014 and 2013: | |||||||||||||||||||||||||
Three months ended | |||||||||||||||||||||||||
June 30, | |||||||||||||||||||||||||
In billions of dollars | 2014 | 2013 | |||||||||||||||||||||||
Proceeds from new securitizations | $ | — | $ | — | |||||||||||||||||||||
Cash flows received on retained interest and other net cash flows | $ | 0.2 | $ | 0.3 | |||||||||||||||||||||
Six months ended June 30, | |||||||||||||||||||||||||
In billions of dollars | 2014 | 2013 | |||||||||||||||||||||||
Proceeds from new securitizations | $ | 0.5 | $ | — | |||||||||||||||||||||
Cash flows received on retained interest and other net cash flows | $ | 0.2 | $ | 0.6 | |||||||||||||||||||||
The key assumption used to value retained interests, and the sensitivity of the fair value to adverse changes of 10% and 20% are set forth in the tables below for the following periods presented: | |||||||||||||||||||||||||
30-Jun-14 | Dec. 31, 2013 | ||||||||||||||||||||||||
Discount rate | 3.00% | 3.00% | |||||||||||||||||||||||
June 30, 2014 | |||||||||||||||||||||||||
In millions of dollars | Asset-based | ||||||||||||||||||||||||
financing | |||||||||||||||||||||||||
Carrying value of retained interests | $ | 1,157 | |||||||||||||||||||||||
Value of underlying portfolio | |||||||||||||||||||||||||
Adverse change of 10% | $ | (9 | ) | ||||||||||||||||||||||
Adverse change of 20% | (18 | ) | |||||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||
In millions of dollars | Asset-based | ||||||||||||||||||||||||
financing | |||||||||||||||||||||||||
Carrying value of retained interests | $ | 1,316 | |||||||||||||||||||||||
Value of underlying portfolio | |||||||||||||||||||||||||
Adverse change of 10% | $ | (11 | ) | ||||||||||||||||||||||
Adverse change of 20% | (23 | ) | |||||||||||||||||||||||
Asset-Based Financing—Citi Holdings | |||||||||||||||||||||||||
The primary types of Citi Holdings’ asset-based financing, total assets of the unconsolidated VIEs with significant involvement and the Company’s maximum exposure to loss at June 30, 2014 and December 31, 2013 are shown below. For the Company to realize the maximum loss, the VIE (borrower) would have to default with no recovery from the assets held by the VIE. | |||||||||||||||||||||||||
June 30, 2014 | |||||||||||||||||||||||||
In millions of dollars | Total | Maximum | |||||||||||||||||||||||
unconsolidated | exposure to | ||||||||||||||||||||||||
VIE assets | unconsolidated VIEs | ||||||||||||||||||||||||
Type | |||||||||||||||||||||||||
Commercial and other real estate | $ | 774 | $ | 282 | |||||||||||||||||||||
Corporate loans | — | — | |||||||||||||||||||||||
Airplanes, ships and other assets | 1,291 | 85 | |||||||||||||||||||||||
Total | $ | 2,065 | $ | 367 | |||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||
In millions of dollars | Total | Maximum | |||||||||||||||||||||||
unconsolidated | exposure to | ||||||||||||||||||||||||
VIE assets | unconsolidated VIEs | ||||||||||||||||||||||||
Type | |||||||||||||||||||||||||
Commercial and other real estate | $ | 774 | $ | 298 | |||||||||||||||||||||
Corporate loans | 112 | 96 | |||||||||||||||||||||||
Airplanes, ships and other assets | 2,619 | 496 | |||||||||||||||||||||||
Total | $ | 3,505 | $ | 890 | |||||||||||||||||||||
The following table summarizes selected cash flow information related to asset-based financings for the three and six months ended June 30, 2014 and 2013: | |||||||||||||||||||||||||
Three months ended | |||||||||||||||||||||||||
June 30, | |||||||||||||||||||||||||
In billions of dollars | 2014 | 2013 | |||||||||||||||||||||||
Cash flows received on retained interest and other net cash flows | $ | — | $ | 0.2 | |||||||||||||||||||||
Six months ended June 30, | |||||||||||||||||||||||||
In billions of dollars | 2014 | 2013 | |||||||||||||||||||||||
Cash flows received on retained interest and other net cash flows | $ | 0.1 | $ | 0.2 | |||||||||||||||||||||
At June 30, 2014 and December 31, 2013, the effects of adverse changes of 10% and 20% in the discount rate used to determine the fair value of retained interests are set forth in the tables below: | |||||||||||||||||||||||||
June 30, 2014 | |||||||||||||||||||||||||
In millions of dollars | Asset-based | ||||||||||||||||||||||||
financing | |||||||||||||||||||||||||
Carrying value of retained interests | $ | — | |||||||||||||||||||||||
Value of underlying portfolio | |||||||||||||||||||||||||
Adverse change of 10% | $ | — | |||||||||||||||||||||||
Adverse change of 20% | — | ||||||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||
In millions of dollars | Asset-based | ||||||||||||||||||||||||
financing | |||||||||||||||||||||||||
Carrying value of retained interests | $ | 95 | |||||||||||||||||||||||
Value of underlying portfolio | |||||||||||||||||||||||||
Adverse change of 10% | $ | — | |||||||||||||||||||||||
Adverse change of 20% | — | ||||||||||||||||||||||||
Municipal Securities Tender Option Bond (TOB) Trusts | |||||||||||||||||||||||||
TOB trusts hold fixed- and floating-rate, taxable and tax-exempt securities issued by state and local governments and municipalities. The trusts are typically single-issuer trusts whose assets are purchased from the Company or from other investors in the municipal securities market. The TOB trusts fund the purchase of their assets by issuing long-term, putable floating rate certificates (Floaters) and residual certificates (Residuals). The trusts are referred to as TOB trusts because the Floater holders have the ability to tender their interests periodically back to the issuing trust, as described further below. The Floaters and Residuals evidence beneficial ownership interests in, and are collateralized by, the underlying assets of the trust. The Floaters are held by third-party investors, typically tax-exempt money market funds. The Residuals are typically held by the original owner of the municipal securities being financed. | |||||||||||||||||||||||||
The Floaters and the Residuals have a tenor that is equal to or shorter than the tenor of the underlying municipal bonds. The Residuals entitle their holders to the residual cash flows from the issuing trust, the interest income generated by the underlying municipal securities net of interest paid on the Floaters and trust expenses. The Residuals are rated based on the long-term rating of the underlying municipal bond. The Floaters bear variable interest rates that are reset periodically to a new market rate based on a spread to a high grade, short-term, tax-exempt index. The Floaters have a long-term rating based on the long-term rating of the underlying municipal bond and a short-term rating based on that of the liquidity provider to the trust. | |||||||||||||||||||||||||
There are two kinds of TOB trusts: customer TOB trusts and non-customer TOB trusts. Customer TOB trusts are trusts through which customers finance their investments in municipal securities. The Residuals are held by customers and the Floaters by third-party investors, typically tax-exempt money market funds. Non-customer TOB trusts are trusts through which the Company finances its own investments in municipal securities. In such trusts, the Company holds the Residuals, and third-party investors, typically tax-exempt money market funds, hold the Floaters. | |||||||||||||||||||||||||
The Company serves as remarketing agent to the trusts, placing the Floaters with third-party investors at inception, facilitating the periodic reset of the variable rate of interest on the Floaters, and remarketing any tendered Floaters. If Floaters are tendered and the Company (in its role as remarketing agent) is unable to find a new investor within a specified period of time, it can declare a failed remarketing, in which case the trust is unwound. The Company may, but is not obligated to, buy the Floaters into its own inventory. The level of the Company’s inventory of Floaters fluctuates over time. At June 30, 2014 and December 31, 2013, the Company held $91 million and $176 million, respectively, of Floaters related to both customer and non-customer TOB trusts. | |||||||||||||||||||||||||
For certain non-customer trusts, the Company also provides credit enhancement. At June 30, 2014 and December 31, 2013 approximately $231 million and $230 million, respectively, of the municipal bonds owned by TOB trusts have a credit guarantee provided by the Company. | |||||||||||||||||||||||||
The Company provides liquidity to many of the outstanding trusts. If a trust is unwound early due to an event other than a credit event on the underlying municipal bond, the underlying municipal bonds are sold in the market. If there is a shortfall in the trust’s cash flows between the redemption price of the tendered Floaters and the proceeds from the sale of the | |||||||||||||||||||||||||
underlying municipal bonds, the trust draws on a liquidity agreement in an amount equal to the shortfall. For customer TOBs where the Residual is less than 25% of the trust’s capital structure, the Company has a reimbursement agreement with the Residual holder under which the Residual holder reimburses the Company for any payment made under the liquidity arrangement. Through this reimbursement agreement, the Residual holder remains economically exposed to fluctuations in value of the underlying municipal bonds. These reimbursement agreements are generally subject to daily margining based on changes in value of the underlying municipal bond. In cases where a third party provides liquidity to a non-customer TOB trust, a similar reimbursement arrangement is made whereby the Company (or a consolidated subsidiary of the Company) as Residual holder absorbs any losses incurred by the liquidity provider. | |||||||||||||||||||||||||
At June 30, 2014 and December 31, 2013, liquidity agreements provided with respect to customer TOB trusts totaled $3.6 billion and $3.9 billion, respectively, of which $2.5 billion and $2.8 billion, respectively, were offset by reimbursement agreements. For the remaining exposure related to TOB transactions, where the Residual owned by the customer was at least 25% of the bond value at the inception of the transaction, no reimbursement agreement was executed. The Company also provides other liquidity agreements or letters of credit to customer-sponsored municipal investment funds, which are not variable interest entities, and municipality-related issuers that totaled $7.6 billion and $5.4 billion as of June 30, 2014 and December 31, 2013, respectively. These liquidity agreements and letters of credit are offset by reimbursement agreements with various term-out provisions. | |||||||||||||||||||||||||
The Company considers the customer and non-customer TOB trusts to be VIEs. Customer TOB trusts are not consolidated by the Company. The Company has concluded that the power to direct the activities that most significantly impact the economic performance of the customer TOB trusts is primarily held by the customer Residual holder, which may unilaterally cause the sale of the trust’s bonds. | |||||||||||||||||||||||||
Non-customer TOB trusts generally are consolidated. Similar to customer TOB trusts, the Company has concluded that the power over the non-customer TOB trusts is primarily held by the Residual holder, which may unilaterally cause the sale of the trust’s bonds. Because the Company holds the Residual interest, and thus has the power to direct the activities that most significantly impact the trust’s economic performance, it consolidates the non-customer TOB trusts. | |||||||||||||||||||||||||
Municipal Investments | |||||||||||||||||||||||||
Municipal investment transactions include debt and equity interests in partnerships that finance the construction and rehabilitation of low-income housing, facilitate lending in new or underserved markets, or finance the construction or operation of renewable municipal energy facilities. The Company generally invests in these partnerships as a limited partner and earns a return primarily through the receipt of tax credits and grants earned from the investments made by the partnership. The Company may also provide construction loans or permanent loans for the development or operation of real estate properties held by partnerships. These entities are generally considered VIEs. The power to direct the activities of these entities is typically held by the general partner. Accordingly, these entities are not consolidated by the Company. | |||||||||||||||||||||||||
Client Intermediation | |||||||||||||||||||||||||
Client intermediation transactions represent a range of transactions designed to provide investors with specified returns based on the returns of an underlying security, referenced asset or index. These transactions include credit-linked notes and equity-linked notes. In these transactions, the VIE typically obtains exposure to the underlying security, referenced asset or index through a derivative instrument, such as a total-return swap or a credit-default swap. In turn the VIE issues notes to investors that pay a return based on the specified underlying security, referenced asset or index. The VIE invests the proceeds in a financial asset or a guaranteed insurance contract that serves as collateral for the derivative contract over the term of the transaction. The Company’s involvement in these transactions includes being the counterparty to the VIE’s derivative instruments and investing in a portion of the notes issued by the VIE. In certain transactions, the investor’s maximum risk of loss is limited and the Company absorbs risk of loss above a specified level. The Company does not have the power to direct the activities of the VIEs that most significantly impact their economic performance and thus it does not consolidate them. | |||||||||||||||||||||||||
The Company’s maximum risk of loss in these transactions is defined as the amount invested in notes issued by the VIE and the notional amount of any risk of loss absorbed by the Company through a separate instrument issued by the VIE. The derivative instrument held by the Company may generate a receivable from the VIE (for example, where the Company purchases credit protection from the VIE in connection with the VIE’s issuance of a credit-linked note), which is collateralized by the assets owned by the VIE. These derivative instruments are not considered variable interests and any associated receivables are not included in the calculation of maximum exposure to the VIE. | |||||||||||||||||||||||||
The proceeds from new securitizations related to the Company’s client intermediation transactions for the three and six months ended June 30, 2014 totaled approximately $0.3 billion and $1.2 billion, respectively. | |||||||||||||||||||||||||
Investment Funds | |||||||||||||||||||||||||
The Company is the investment manager for certain investment funds and retirement funds that invest in various asset classes including private equity, hedge funds, real estate, fixed income and infrastructure. The Company earns a management fee, which is a percentage of capital under management, and may earn performance fees. In addition, for some of these funds the Company has an ownership interest in the investment funds. The Company has also established a number of investment funds as opportunities for qualified employees to invest in private equity investments. The Company acts as investment manager to these funds and may provide employees with financing on both recourse and non-recourse bases for a portion of the employees’ investment commitments. | |||||||||||||||||||||||||
The Company has determined that a majority of the investment entities managed by Citigroup are provided a deferral from the requirements of SFAS 167, Amendments to FASB Interpretation No. 46(R), because they meet the criteria in Accounting Standards Update No. 2010-10, Consolidation (Topic 810), Amendments for Certain Investment Funds (ASU 2010-10). These entities continue to be evaluated under the requirements of ASC 810-10, prior to the implementation of SFAS 167 (FIN 46(R), Consolidation of Variable Interest Entities), which required that a VIE be consolidated by the party with a variable interest that will absorb a majority of the entity’s expected losses or residual returns, or both. | |||||||||||||||||||||||||
Trust Preferred Securities | |||||||||||||||||||||||||
The Company has previously raised financing through the issuance of trust preferred securities. In these transactions, the Company forms a statutory business trust and owns all of the voting equity shares of the trust. The trust issues preferred equity securities to third-party investors and invests the gross proceeds in junior subordinated deferrable interest debentures issued by the Company. The trusts have no assets, operations, revenues or cash flows other than those related to the issuance, administration and repayment of the preferred equity securities held by third-party investors. Obligations of the trusts are fully and unconditionally guaranteed by the Company. | |||||||||||||||||||||||||
Because the sole asset of each of the trusts is a receivable from the Company and the proceeds to the Company from the receivable exceed the Company’s investment in the VIE’s equity shares, the Company is not permitted to consolidate the trusts, even though it owns all of the voting equity shares of the trust, has fully guaranteed the trusts’ obligations, and has the right to redeem the preferred securities in certain circumstances. The Company recognizes the subordinated debentures on its Consolidated Balance Sheet as long-term liabilities. For additional information, see Note 17 to the Consolidated Financial Statements. |
DERIVATIVES_ACTIVITIES
DERIVATIVES ACTIVITIES | 6 Months Ended | ||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | ||||||||||||||||||
DERIVATIVES ACTIVITIES | ' | ||||||||||||||||||
DERIVATIVES ACTIVITIES | |||||||||||||||||||
In the ordinary course of business, Citigroup enters into various types of derivative transactions. These derivative transactions include: | |||||||||||||||||||
• | Futures and forward contracts, which are commitments to buy or sell at a future date a financial instrument, commodity or currency at a contracted price and may be settled in cash or through delivery. | ||||||||||||||||||
• | Swap contracts, which are commitments to settle in cash at a future date or dates that may range from a few days to a number of years, based on differentials between specified financial indices, as applied to a notional principal amount. | ||||||||||||||||||
• | Option contracts, which give the purchaser, for a premium, the right, but not the obligation, to buy or sell within a specified time a financial instrument, commodity or currency at a contracted price that may also be settled in cash, based on differentials between specified indices or prices. | ||||||||||||||||||
The swap and forward contracts are over-the-counter (OTC) derivatives that are bilaterally negotiated with counterparties and settled with those counterparties, except for swap contracts that are novated and "cleared" through central counterparties (CCPs). Futures and option contracts are generally standardized contracts that are traded on an exchange with a CCP as the counterparty from the inception of the transaction. Citigroup enters into these derivative contracts relating to interest rate, foreign currency, commodity and other market/credit risks for the following reasons: | |||||||||||||||||||
• | Trading Purposes—Customer Needs: Citigroup offers its customers derivatives in connection with their risk-management actions to transfer, modify or reduce their interest rate, foreign exchange and other market/credit risks or for their own trading purposes. As part of this process, Citigroup considers the customers’ suitability for the risk involved and the business purpose for the transaction. Citigroup also manages its derivative risk positions through offsetting trade activities, controls focused on price verification, and daily reporting of positions to senior managers. | ||||||||||||||||||
• | Trading Purposes—Citigroup trades derivatives as an active market maker. Trading limits and price verification controls are key aspects of this activity. | ||||||||||||||||||
• | Hedging—Citigroup uses derivatives in connection with its risk-management activities to hedge certain risks or reposition the risk profile of the Company. For example, Citigroup issues fixed-rate long-term debt and then enters into a receive-fixed, pay-variable-rate interest rate swap with the same tenor and notional amount to convert the interest payments to a net variable-rate basis. This strategy is the most common form of an interest rate hedge, as it minimizes interest cost in certain yield curve environments. Derivatives are also used to manage risks inherent in specific groups of on-balance-sheet assets and liabilities, including AFS securities and borrowings, as well as other interest-sensitive assets and liabilities. In addition, foreign-exchange contracts are used to hedge non-U.S.-dollar-denominated debt, foreign-currency-denominated AFS securities and net investment exposures. | ||||||||||||||||||
Derivatives may expose Citigroup to market, credit or liquidity risks in excess of the amounts recorded on the Consolidated Balance Sheet. Market risk on a derivative product is the exposure created by potential fluctuations in interest rates, foreign-exchange rates and other factors and is a function of the type of product, the volume of transactions, the tenor and terms of the agreement and the underlying volatility. Credit risk is the exposure to loss in the event of nonperformance by the other party to the transaction where the value of any collateral held is not adequate to cover such losses. The recognition in earnings of unrealized gains on these transactions is subject to management’s assessment as to collectability. Liquidity risk is the potential exposure that arises when the size of the derivative position may not be able to be rapidly adjusted at a reasonable cost in periods of high volatility and financial stress. | |||||||||||||||||||
Derivative transactions are customarily documented under industry standard master agreements and credit support annexes, which provide that following an uncured payment default or other event of default the non-defaulting party may promptly terminate all transactions between the parties and determine a net amount due to be paid to, or by, the defaulting party. Events of default generally include: (i) failure to make a payment on a derivatives transaction (which remains uncured following applicable notice and grace periods), (ii) breach of a covenant (which remains uncured after applicable notice and grace periods), (iii) breach of a representation, (iv) cross default, either to third-party debt or to another derivatives transaction entered into among the parties, or, in some cases, their affiliates, (v) the occurrence of a merger or consolidation which results in a party’s becoming a materially weaker credit, and (vi) the cessation or repudiation of any applicable guarantee or other credit support document. An event of default may also occur under a credit support annex if a party fails to make a collateral delivery (which remains uncured following applicable notice and grace periods). | |||||||||||||||||||
The enforceability of offsetting rights incorporated in the master netting agreements for derivative transactions is evidenced to the extent that a supportive legal opinion has been obtained from counsel of recognized standing that provides the requisite level of certainty regarding the enforceability of these agreements and that the exercise of rights by the non-defaulting party to terminate and close-out transactions on a net basis under these agreements will not be stayed or avoided under applicable law upon an event of default including bankruptcy, insolvency or similar proceeding. | |||||||||||||||||||
A legal opinion may not have been sought or obtained for certain jurisdictions where local law is silent or sufficiently ambiguous to determine the enforceability of offsetting rights or where adverse case law or conflicting regulation may cast doubt on the enforceability of such rights. In some jurisdictions and for some counterparty types, the insolvency law for a particular counterparty type may be nonexistent or | |||||||||||||||||||
unclear as overlapping regimes may exist. For example, this may be the case for certain sovereigns, municipalities, central banks and U.S. pension plans. | |||||||||||||||||||
Exposure to credit risk on derivatives is impacted by market volatility, which may impair the ability of clients to satisfy their obligations to the Company. Credit limits are established and closely monitored for customers engaged in derivatives transactions. Citi considers the level of legal certainty regarding enforceability of its offsetting rights under master netting agreements and credit support annexes to be an important factor in its risk management process. For example, because derivatives executed under master netting agreements where Citi does not have the requisite level of legal certainty regarding enforceability, consume much greater amounts of single counterparty credit limits, than those executed under enforceable master netting agreements, Citi generally transacts much lower volumes of derivatives under master netting agreements where Citi does not have the requisite level of legal certainty regarding enforceability. | |||||||||||||||||||
Cash collateral and security collateral in the form of G10 government debt securities generally is posted to secure the net open exposure of derivative transactions, at a counterparty level, whereby the receiving party is free to commingle/rehypothecate such collateral in the ordinary course of its business. Nonstandard collateral such as corporate bonds, municipal bonds, U.S. agency securities and/or MBS may also be pledged as collateral for derivative transactions. Security collateral posted to open and maintain a master netting agreement with a counterparty, in the form of cash and securities, may from time to time be segregated in an account at a third-party custodian pursuant to a tri-party Account Control Agreement. | |||||||||||||||||||
Information pertaining to the volume of derivative activity is provided in the table below. The notional amounts, for both long and short derivative positions, of Citigroup’s derivative instruments as of June 30, 2014 and December 31, 2013 are presented in the table below. | |||||||||||||||||||
Derivative Notionals | |||||||||||||||||||
Hedging instruments under | Other derivative instruments | ||||||||||||||||||
ASC 815(1)(2) | |||||||||||||||||||
Trading derivatives | Management hedges(3) | ||||||||||||||||||
In millions of dollars | June 30, | December 31, | June 30, | December 31, | June 30, | December 31, | |||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | ||||||||||||||
Interest rate contracts | |||||||||||||||||||
Swaps | $ | 167,214 | $ | 132,823 | $ | 33,752,329 | $ | 36,370,196 | $ | 98,387 | $ | 93,286 | |||||||
Futures and forwards | — | 20 | 6,983,430 | 6,129,742 | 51,977 | 61,398 | |||||||||||||
Written options | — | — | 3,277,387 | 3,342,832 | 3,985 | 3,103 | |||||||||||||
Purchased options | — | — | 3,205,327 | 3,240,990 | 4,310 | 3,185 | |||||||||||||
Total interest rate contract notionals | $ | 167,214 | $ | 132,843 | $ | 47,218,473 | $ | 49,083,760 | $ | 158,659 | $ | 160,972 | |||||||
Foreign exchange contracts | |||||||||||||||||||
Swaps | $ | 22,121 | $ | 22,402 | $ | 3,883,974 | $ | 3,298,500 | $ | 21,939 | $ | 20,013 | |||||||
Futures and forwards | 76,884 | 79,646 | 1,775,752 | 1,982,303 | 10,828 | 14,226 | |||||||||||||
Written options | 256 | 101 | 1,162,387 | 1,037,433 | — | — | |||||||||||||
Purchased options | 256 | 106 | 1,175,379 | 1,029,872 | — | 71 | |||||||||||||
Total foreign exchange contract notionals | $ | 99,517 | $ | 102,255 | $ | 7,997,492 | $ | 7,348,108 | $ | 32,767 | $ | 34,310 | |||||||
Equity contracts | |||||||||||||||||||
Swaps | $ | — | $ | — | $ | 113,909 | $ | 100,019 | $ | — | $ | — | |||||||
Futures and forwards | — | — | 31,090 | 23,161 | — | — | |||||||||||||
Written options | — | — | 356,016 | 333,945 | — | — | |||||||||||||
Purchased options | — | — | 317,595 | 266,570 | — | — | |||||||||||||
Total equity contract notionals | $ | — | $ | — | $ | 818,610 | $ | 723,695 | $ | — | $ | — | |||||||
Commodity and other contracts | |||||||||||||||||||
Swaps | $ | — | $ | — | $ | 91,693 | $ | 81,112 | $ | — | $ | — | |||||||
Futures and forwards | 851 | — | 124,636 | 98,265 | — | — | |||||||||||||
Written options | — | — | 112,096 | 100,482 | — | — | |||||||||||||
Purchased options | — | — | 97,029 | 97,626 | — | — | |||||||||||||
Total commodity and other contract notionals | $ | 851 | $ | — | $ | 425,454 | $ | 377,485 | $ | — | $ | — | |||||||
Credit derivatives(4) | |||||||||||||||||||
Protection sold | $ | — | $ | — | $ | 1,107,165 | $ | 1,143,363 | $ | — | $ | — | |||||||
Protection purchased | — | 95 | 1,154,177 | 1,195,223 | 15,409 | 19,744 | |||||||||||||
Total credit derivatives | $ | — | $ | 95 | $ | 2,261,342 | $ | 2,338,586 | $ | 15,409 | $ | 19,744 | |||||||
Total derivative notionals | $ | 267,582 | $ | 235,193 | $ | 58,721,371 | $ | 59,871,634 | $ | 206,835 | $ | 215,026 | |||||||
-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 $4,735 million and $6,450 million at June 30, 2014 and December 31, 2013, respectively. | ||||||||||||||||||
-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 in certain economic hedging relationships that are identified for management purposes, 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 has entered into credit derivative positions for purposes such as risk management, yield enhancement, reduction of credit concentrations and diversification of overall risk. | ||||||||||||||||||
The following tables present the gross and net fair values of the Company’s derivative transactions, and the related offsetting amount permitted under ASC 210-20-45 and 815-10-45, as of June 30, 2014 and December 31, 2013. Under ASC 210-20-45, gross positive fair values are offset against gross negative fair values by counterparty pursuant to enforceable master netting agreements. Under ASC 815-10-45, payables and receivables in respect of cash collateral received from or paid to a given counterparty pursuant to an enforceable credit support annex are included in the offsetting amount. GAAP does not permit offsetting for security collateral posted. The table also includes amounts that are not permitted to be offset under ASC 210-20-45 and 815-10-45, such as security collateral posted or cash collateral posted at third-party custodians, but would be eligible for offsetting to the extent an event of default occurred and a legal opinion supporting enforceability of the offsetting rights has been obtained. | |||||||||||||||||||
Derivative Mark-to-Market (MTM) Receivables/Payables | |||||||||||||||||||
In millions of dollars at June 30, 2014 | Derivatives classified | Derivatives classified | |||||||||||||||||
in Trading accounts | in Other | ||||||||||||||||||
assets / liabilities(1)(2)(3) | assets / liabilities(2)(3) | ||||||||||||||||||
Derivatives instruments designated as ASC 815 hedges | Assets | Liabilities | Assets | Liabilities | |||||||||||||||
Over-the-counter | $ | 998 | $ | 243 | $ | 3,169 | $ | 547 | |||||||||||
Cleared | 3,110 | 428 | 3 | 6 | |||||||||||||||
Interest rate contracts | $ | 4,108 | $ | 671 | $ | 3,172 | $ | 553 | |||||||||||
Over-the-counter | $ | 333 | $ | 1,297 | $ | 540 | $ | 293 | |||||||||||
Foreign exchange contracts | $ | 333 | $ | 1,297 | $ | 540 | $ | 293 | |||||||||||
Total derivative instruments designated as ASC 815 hedges | $ | 4,441 | $ | 1,968 | $ | 3,712 | $ | 846 | |||||||||||
Derivatives instruments not designated as ASC 815 hedges | |||||||||||||||||||
Over-the-counter | $ | 334,519 | $ | 315,776 | $ | 65 | $ | — | |||||||||||
Cleared | 206,455 | 214,368 | 10 | 26 | |||||||||||||||
Exchange traded | 38 | 34 | 955 | 1,014 | |||||||||||||||
Interest rate contracts | $ | 541,012 | $ | 530,178 | $ | 1,030 | $ | 1,040 | |||||||||||
Over-the-counter | $ | 64,672 | $ | 63,051 | $ | 84 | $ | — | |||||||||||
Cleared | 1,375 | 1,322 | — | — | |||||||||||||||
Exchange traded | 26 | 23 | — | — | |||||||||||||||
Foreign exchange contracts | $ | 66,073 | $ | 64,396 | $ | 84 | $ | — | |||||||||||
Over-the-counter | $ | 21,306 | $ | 30,930 | $ | — | $ | — | |||||||||||
Exchange traded | 2,706 | 2,724 | — | — | |||||||||||||||
Equity contracts | $ | 24,012 | $ | 33,654 | $ | — | $ | — | |||||||||||
Over-the-counter | $ | 11,676 | $ | 11,986 | $ | — | $ | — | |||||||||||
Exchange traded | 704 | 840 | — | — | |||||||||||||||
Commodity and other contracts | $ | 12,380 | $ | 12,826 | $ | — | $ | — | |||||||||||
Over-the-counter | $ | 36,775 | $ | 36,394 | $ | 76 | $ | 526 | |||||||||||
Cleared | 2,479 | 2,585 | 1 | 89 | |||||||||||||||
Credit derivatives(4) | $ | 39,254 | $ | 38,979 | $ | 77 | $ | 615 | |||||||||||
Total derivatives instruments not designated as ASC 815 hedges | $ | 682,731 | $ | 680,033 | $ | 1,191 | $ | 1,655 | |||||||||||
Total derivatives | $ | 687,172 | $ | 682,001 | $ | 4,903 | $ | 2,501 | |||||||||||
Cash collateral paid/received(5)(6) | $ | 5,078 | $ | 12,080 | $ | 214 | $ | 239 | |||||||||||
Less: Netting agreements(7) | (604,913 | ) | (604,913 | ) | — | — | |||||||||||||
Less: Netting cash collateral received/paid(8) | (36,835 | ) | (41,625 | ) | (3,181 | ) | — | ||||||||||||
Net receivables/payables included on the Consolidated Balance Sheet(9) | $ | 50,502 | $ | 47,543 | $ | 1,936 | $ | 2,740 | |||||||||||
Additional amounts subject to an enforceable master netting agreement but not offset on the Consolidated Balance Sheet | |||||||||||||||||||
Less: Cash collateral received/paid | $ | (479 | ) | $ | (12 | ) | $ | — | $ | — | |||||||||
Less: Non-cash collateral received/paid | (7,139 | ) | (4,483 | ) | (319 | ) | — | ||||||||||||
Total Net receivables/payables(9) | $ | 42,884 | $ | 43,048 | $ | 1,617 | $ | 2,740 | |||||||||||
-1 | The trading derivatives fair values are presented in Note 12 to the Consolidated Financial Statements. | ||||||||||||||||||
-2 | Derivative mark-to-market receivables/payables related to management hedges are recorded in either Other assets/Other liabilities or Trading account assets/Trading account liabilities. | ||||||||||||||||||
-3 | Over-the-counter (OTC) derivatives include derivatives executed and settled bilaterally with counterparties without the use of an organized exchange or central clearing house. Cleared derivatives include derivatives executed bilaterally with a counterparty in the OTC market but then novated to a central clearing house, whereby the central clearing house becomes the counterparty to both of the original counterparties. Exchange traded derivatives include derivatives executed directly on an organized exchange that provides pre-trade price transparency. | ||||||||||||||||||
-4 | The credit derivatives trading assets comprise $11,388 million related to protection purchased and $27,866 million related to protection sold as of June 30, 2014. The credit derivatives trading liabilities comprise $28,565 million related to protection purchased and $10,414 million related to protection sold as of June 30, 2014. | ||||||||||||||||||
-5 | For the trading assets/liabilities, this is the net amount of the $46,703 million and $48,915 million of gross cash collateral paid and received, respectively. Of the gross cash collateral paid, $41,625 million was used to offset trading derivative liabilities and, of the gross cash collateral received, $36,835 million was used to offset trading derivative assets. | ||||||||||||||||||
-6 | For the other assets/liabilities, this is the net amount of the $214 million and $3,420 million of the gross cash collateral paid and received, respectively. Of the gross cash collateral received, $3,181 million was used to offset derivative assets. | ||||||||||||||||||
-7 | Represents the netting of derivative receivable and payable balances for the same counterparty under enforceable netting agreements. Approximately $390 billion, $213 billion and $2 billion of the netting against trading account asset/liability balances is attributable to each of the OTC, cleared and exchange traded derivatives, respectively. | ||||||||||||||||||
-8 | Represents the netting of cash collateral paid and received by counterparty under enforceable credit support agreements. Substantially all cash collateral received is netted against OTC derivative assets. Cash collateral paid of approximately $38 billion and $4 billion is netted against each of the OTC and Cleared derivative liabilities, respectively. | ||||||||||||||||||
-9 | The net receivables/payables include approximately $13 billion and $17 billion of derivative asset and liability fair values as of June 30, 2014, respectively, not subject to enforceable master netting agreements. | ||||||||||||||||||
In millions of dollars at December 31, 2013 | Derivatives classified in Trading | Derivatives classified in Other assets / liabilities(2)(3) | |||||||||||||||||
accounts assets / liabilities(1)(2)(3) | |||||||||||||||||||
Derivatives instruments designated as ASC 815 hedges | Assets | Liabilities | Assets | Liabilities | |||||||||||||||
Over-the-counter | $ | 956 | $ | 306 | $ | 3,082 | $ | 854 | |||||||||||
Cleared | 2,505 | 585 | 5 | — | |||||||||||||||
Interest Rate contracts | $ | 3,461 | $ | 891 | $ | 3,087 | $ | 854 | |||||||||||
Over-the-counter | $ | 1,540 | $ | 1,244 | $ | 989 | $ | 293 | |||||||||||
Foreign exchange contracts | $ | 1,540 | $ | 1,244 | $ | 989 | $ | 293 | |||||||||||
Over-the-counter | $ | — | $ | — | $ | — | $ | 2 | |||||||||||
Credit derivatives | $ | — | $ | — | $ | — | $ | 2 | |||||||||||
Total derivative instruments designated as ASC 815 hedges | $ | 5,001 | $ | 2,135 | $ | 4,076 | $ | 1,149 | |||||||||||
Derivatives instruments not designated as ASC 815 hedges | |||||||||||||||||||
Over-the-counter | $ | 313,772 | $ | 297,115 | $ | 37 | $ | 9 | |||||||||||
Cleared | 311,114 | 319,190 | 27 | 5 | |||||||||||||||
Exchange traded | 33 | 30 | — | — | |||||||||||||||
Interest Rate contracts | $ | 624,919 | $ | 616,335 | $ | 64 | $ | 14 | |||||||||||
Over-the-counter | $ | 89,847 | $ | 86,147 | $ | 79 | $ | 3 | |||||||||||
Cleared | 1,119 | 1,191 | — | — | |||||||||||||||
Exchange traded | 48 | 55 | — | — | |||||||||||||||
Foreign exchange contracts | $ | 91,014 | $ | 87,393 | $ | 79 | $ | 3 | |||||||||||
Over-the-counter | $ | 19,080 | $ | 28,458 | $ | — | $ | — | |||||||||||
Exchange traded | 5,797 | 5,834 | — | — | |||||||||||||||
Equity contracts | $ | 24,877 | $ | 34,292 | $ | — | $ | — | |||||||||||
Over-the-counter | $ | 7,921 | $ | 9,059 | $ | — | $ | — | |||||||||||
Exchange traded | 1,161 | 1,111 | — | — | |||||||||||||||
Commodity and other Contracts | $ | 9,082 | $ | 10,170 | $ | — | $ | — | |||||||||||
Over-the-counter | $ | 38,496 | $ | 38,247 | $ | 71 | $ | 563 | |||||||||||
Cleared | 1,850 | 2,547 | — | — | |||||||||||||||
Credit derivatives(4) | $ | 40,346 | $ | 40,794 | $ | 71 | $ | 563 | |||||||||||
Total Derivatives instruments not designated as ASC 815 hedges | $ | 790,238 | $ | 788,984 | $ | 214 | $ | 580 | |||||||||||
Total derivatives | $ | 795,239 | $ | 791,119 | $ | 4,290 | $ | 1,729 | |||||||||||
Cash collateral paid/received(5)(6) | $ | 6,073 | $ | 8,827 | $ | 82 | $ | 282 | |||||||||||
Less: Netting agreements(7) | (713,598 | ) | (713,598 | ) | — | — | |||||||||||||
Less: Netting cash collateral received/paid(8) | (34,893 | ) | (39,094 | ) | (2,951 | ) | — | ||||||||||||
Net receivables/payables included on the Consolidated Balance Sheet(9) | $ | 52,821 | $ | 47,254 | $ | 1,421 | $ | 2,011 | |||||||||||
Additional amounts subject to an enforceable master netting agreement but not offset on the Consolidated Balance Sheet | |||||||||||||||||||
Less: Cash collateral received/paid | $ | (365 | ) | $ | (5 | ) | $ | — | $ | — | |||||||||
Less: Non-cash collateral received/paid | (7,478 | ) | (3,345 | ) | (341 | ) | — | ||||||||||||
Total Net receivables/payables(9) | $ | 44,978 | $ | 43,904 | $ | 1,080 | $ | 2,011 | |||||||||||
-1 | The trading derivatives fair values are presented in Note 12 to the Consolidated Financial Statements. | ||||||||||||||||||
-2 | Derivative mark-to-market receivables/payables related to management hedges are recorded in either Other assets/Other liabilities or Trading account assets/Trading account liabilities. | ||||||||||||||||||
-3 | Over-the-counter (OTC) derivatives include derivatives executed and settled bilaterally with counterparties without the use of an organized exchange or central clearing house. Cleared derivatives include derivatives executed bilaterally with a counterparty in the OTC market but then novated to a central clearing house, whereby the central clearing house becomes the counterparty to both of the original counterparties. Exchange traded derivatives include derivatives executed directly on an organized exchange that provides pre-trade price transparency. | ||||||||||||||||||
-4 | The credit derivatives trading assets comprise $13,673 million related to protection purchased and $26,673 million related to protection sold as of December 31, 2013. The credit derivatives trading liabilities comprise $28,158 million related to protection purchased and $12,636 million related to protection sold as of December 31, 2013. | ||||||||||||||||||
-5 | For the trading assets/liabilities, this is the net amount of the $45,167 million and $43,720 million of gross cash collateral paid and received, respectively. Of the gross cash collateral paid, $39,094 million was used to offset derivative liabilities and, of the gross cash collateral received, $34,893 million was used to offset derivative assets. | ||||||||||||||||||
-6 | For the other assets/liabilities, this is the net amount of the $82 million and $3,233 million of the gross cash collateral paid and received, respectively. Of the gross cash collateral received, $2,951 million was used to offset derivative assets. | ||||||||||||||||||
-7 | Represents the netting of derivative receivable and payable balances for the same counterparty under enforceable netting agreements. Approximately $392 billion, $317 billion and $5 billion of the netting against trading account asset/liability balances is attributable to each of the OTC, Cleared and Exchange-traded derivatives, respectively. | ||||||||||||||||||
-8 | Represents the netting of cash collateral paid and received by counterparty under enforceable credit support agreements. Substantially all cash collateral received is netted against OTC derivative assets. Cash collateral paid of approximately $33 billion and $6 billion is netted against OTC and Cleared derivative liabilities, respectively. | ||||||||||||||||||
-9 | The net receivables/payables include approximately $16 billion of both derivative asset and liability fair values not subject to enforceable master netting agreements. | ||||||||||||||||||
The amounts recognized in Principal transactions in the Consolidated Statement of Income for the three and six months ended June 30, 2014 and 2013 related to derivatives not designated in a qualifying hedging relationship as well as the underlying non-derivative instruments are presented in Note 6 to the Consolidated Financial Statements. Citigroup presents this disclosure by business classification, showing derivative gains and losses related to its trading activities together with gains and losses related to non-derivative instruments within the same trading portfolios, as this represents the way these portfolios are risk managed. | |||||||||||||||||||
The amounts recognized in Other revenue in the Consolidated Statement of Income for the three and six months ended June 30, 2014 and 2013 related to derivatives not designated in a qualifying hedging relationship are shown below. The table below does not include the offsetting gains/losses on the economically hedged items to the extent such amounts are also recorded in Other revenue. | |||||||||||||||||||
Gains (losses) included in Other revenue | |||||||||||||||||||
Three Months Ended June 30, | Six months ended June 30, | ||||||||||||||||||
In millions of dollars | 2014 | 2013 | 2014 | 2013 | |||||||||||||||
Interest rate contracts | $ | 20 | $ | (65 | ) | $ | 121 | $ | (250 | ) | |||||||||
Foreign exchange | (56 | ) | 169 | 40 | (902 | ) | |||||||||||||
Credit derivatives | (133 | ) | (59 | ) | (228 | ) | (170 | ) | |||||||||||
Total Citigroup | $ | (169 | ) | $ | 45 | $ | (67 | ) | $ | (1,322 | ) | ||||||||
Accounting for Derivative Hedging | |||||||||||||||||||
Citigroup accounts for its hedging activities in accordance with ASC 815, Derivatives and Hedging. As a general rule, hedge accounting is permitted where the Company is exposed to a particular risk, such as interest-rate or foreign-exchange risk, that causes changes in the fair value of an asset or liability or variability in the expected future cash flows of an existing asset, liability or a forecasted transaction that may affect earnings. | |||||||||||||||||||
Derivative contracts hedging the risks associated with changes in fair value are referred to as fair value hedges, while contracts hedging the variability of expected future cash flows are called cash flow hedges. Hedges that utilize derivatives or debt instruments to manage the foreign exchange risk associated with equity investments in non-U.S.-dollar-functional-currency foreign subsidiaries (net investment in a foreign operation) are called net investment hedges. | |||||||||||||||||||
If certain hedging criteria specified in ASC 815 are met, including testing for hedge effectiveness, special hedge accounting may be applied. The hedge effectiveness assessment methodologies for similar hedges are performed in a similar manner and are used consistently throughout the hedging relationships. For fair value hedges, changes in the value of the hedging derivative, as well as changes in the value of the related hedged item due to the risk being hedged are reflected in current earnings. For cash flow hedges and net investment hedges, changes in the value of the hedging derivative are reflected in Accumulated other comprehensive income (loss) in Citigroup’s stockholders’ equity to the extent the hedge is effective. Hedge ineffectiveness, in either case, is reflected in current earnings. | |||||||||||||||||||
For asset/liability management hedging, fixed-rate long-term debt is recorded at amortized cost under current GAAP. However, by designating an interest rate contract as a hedging instrument and electing to apply ASC 815 fair value hedge accounting, the carrying value of the debt is adjusted for changes in the benchmark interest rate, with such changes in value recorded in current earnings. The related interest-rate swap also is recorded on the balance sheet at fair value, with any changes in fair value reflected in earnings. Thus, any ineffectiveness resulting from the hedging relationship is captured in current earnings. Alternatively, a management hedge, which does not meet the ASC 815 hedging criteria, would allow recording only the derivative at fair value on the balance sheet, with its associated changes in fair value recorded in earnings, while the debt would continue to be carried at amortized cost. Therefore, current earnings would be impacted only by the interest rate shifts and other factors that cause a change in the swap’s value. This type of hedge is undertaken when hedging requirements cannot be achieved or management decides not to apply ASC 815 hedge accounting. Another alternative for the Company is to elect to carry the debt at fair value under the fair value option. Once the irrevocable election is made upon issuance of the debt, the full change in fair value of the debt would be reported in earnings. The related interest rate swap, with changes in fair value, would also be reflected in earnings, and provides a natural offset to the debt’s fair value change. To the extent the two | |||||||||||||||||||
offsets are not exactly equal because the full change in the fair value of the debt includes risks not offset by the interest rate swap, the difference is captured in current earnings. | |||||||||||||||||||
Key aspects of achieving ASC 815 hedge accounting are documentation of a hedging strategy and specific hedge relationships at hedge inception and substantiating hedge effectiveness on an ongoing basis. A derivative must be highly effective in accomplishing the hedge objective of offsetting either changes in the fair value or cash flows of the hedged item for the risk being hedged. Any ineffectiveness in the hedge relationship is recognized in current earnings. The assessment of effectiveness excludes changes in the value of the hedged item that are unrelated to the risks being hedged. Similarly, the assessment of effectiveness may exclude changes in the fair value of a derivative related to time value that, if excluded, are recognized in current earnings. | |||||||||||||||||||
Fair Value Hedges | |||||||||||||||||||
Hedging of benchmark interest rate risk | |||||||||||||||||||
Citigroup hedges exposure to changes in the fair value of outstanding fixed-rate issued debt and certificates of deposit. These types of hedges are designated as fair value hedges of the benchmark interest rate risk associated with the benchmark interest rate commensurate with the currency of the hedged liability. The fixed cash flows of the hedged item are converted to benchmark variable-rate cash flows by entering into receive-fixed, pay-variable interest rate swaps. These fair value hedge relationships use either regression or dollar-offset ratio analysis to determine whether the hedging relationships are highly effective at inception and on an ongoing basis. | |||||||||||||||||||
Citigroup also hedges exposure to changes in the fair value of fixed-rate assets, including available-for-sale debt securities and loans. The hedging instruments used are receive-variable, pay-fixed interest rate swaps. These fair value hedging relationships use either regression or dollar-offset ratio analysis to determine whether the hedging relationships are highly effective at inception and on an ongoing basis. | |||||||||||||||||||
Hedging of foreign exchange risk | |||||||||||||||||||
Citigroup hedges the change in fair value attributable to foreign-exchange rate movements in available-for-sale securities that are denominated in currencies other than the functional currency of the entity holding the securities, which may be within or outside the U.S. The hedging instrument employed is generally a forward foreign-exchange contract. In this type of hedge, the change in fair value of the hedged available-for-sale security attributable to the portion of foreign exchange risk hedged is reported in earnings and not Accumulated other comprehensive income—a process that serves to offset substantially the change in fair value of the forward contract that is also reflected in earnings. Citigroup considers the premium associated with forward contracts (i.e., the differential between spot and contractual forward rates) as the cost of hedging; this is excluded from the assessment of hedge effectiveness and reflected directly in earnings. The dollar-offset method is used to assess hedge effectiveness. Since that assessment is based on changes in fair value attributable to changes in spot rates on both the available-for-sale securities and the forward contracts for the portion of the relationship hedged, the amount of hedge ineffectiveness is not significant. | |||||||||||||||||||
The following table summarizes the gains (losses) on the Company’s fair value hedges for the three and six months ended June 30, 2014 and 2013: | |||||||||||||||||||
Gains (losses) on fair value hedges(1) | |||||||||||||||||||
Three Months Ended June 30, | Six months ended June 30, | ||||||||||||||||||
In millions of dollars | 2014 | 2013 | 2014 | 2013 | |||||||||||||||
Gain (loss) on the derivatives in designated and qualifying fair value hedges | |||||||||||||||||||
Interest rate contracts | $ | 344 | $ | (1,557 | ) | $ | 608 | $ | (2,491 | ) | |||||||||
Foreign exchange contracts | 321 | 39 | 330 | (253 | ) | ||||||||||||||
Commodity contracts | (103 | ) | — | (103 | ) | — | |||||||||||||
Total gain (loss) on the derivatives in designated and qualifying fair value hedges | $ | 562 | $ | (1,518 | ) | $ | 835 | $ | (2,744 | ) | |||||||||
Gain (loss) on the hedged item in designated and qualifying fair value hedges | |||||||||||||||||||
Interest rate hedges | $ | (368 | ) | $ | 1,536 | $ | (654 | ) | $ | 2,468 | |||||||||
Foreign exchange hedges | (360 | ) | (4 | ) | (368 | ) | 302 | ||||||||||||
Commodity hedges | 106 | — | 106 | — | |||||||||||||||
Total gain (loss) on the hedged item in designated and qualifying fair value hedges | $ | (622 | ) | $ | 1,532 | $ | (916 | ) | $ | 2,770 | |||||||||
Hedge ineffectiveness recognized in earnings on designated and qualifying fair value hedges | |||||||||||||||||||
Interest rate hedges | $ | (25 | ) | $ | (21 | ) | $ | (46 | ) | $ | (23 | ) | |||||||
Foreign exchange hedges | (4 | ) | 6 | — | (6 | ) | |||||||||||||
Total hedge ineffectiveness recognized in earnings on designated and qualifying fair value hedges | $ | (29 | ) | $ | (15 | ) | $ | (46 | ) | $ | (29 | ) | |||||||
Net gain (loss) excluded from assessment of the effectiveness of fair value hedges | |||||||||||||||||||
Interest rate contracts | $ | 1 | $ | — | $ | — | $ | — | |||||||||||
Foreign exchange contracts(2) | (35 | ) | 29 | (38 | ) | 55 | |||||||||||||
Commodity hedges | 3 | — | 3 | — | |||||||||||||||
Total net gain (loss) excluded from assessment of the effectiveness of fair value hedges | $ | (31 | ) | $ | 29 | $ | (35 | ) | $ | 55 | |||||||||
-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. | ||||||||||||||||||
Cash Flow Hedges | |||||||||||||||||||
Hedging of benchmark interest rate risk | |||||||||||||||||||
Citigroup hedges variable cash flows associated with floating-rate liabilities and the rollover (re-issuance) of liabilities. Variable cash flows from those liabilities are converted to fixed-rate cash flows by entering into receive-variable, pay-fixed interest rate swaps and receive-variable, pay-fixed forward-starting interest rate swaps. Citi also hedges variable cash flows from recognized and forecasted floating-rate assets. Variable cash flows from those assets are converted to fixed-rate cash flows by entering into receive-fixed, pay-variable interest rate swaps. These cash-flow hedging relationships use either regression analysis or dollar-offset ratio analysis to assess whether the hedging relationships are highly effective at inception and on an ongoing basis. When certain interest rates do not qualify as a benchmark interest rate, Citigroup designates the risk being hedged as the risk of overall changes in the hedged cash flows. Since efforts are made to match the terms of the derivatives to those of the hedged forecasted cash flows as closely as possible, the amount of hedge ineffectiveness is not significant. | |||||||||||||||||||
Hedging of foreign exchange risk | |||||||||||||||||||
Citigroup locks in the functional currency equivalent cash flows of long-term debt and short-term borrowings that are denominated in currencies other than the functional currency of the issuing entity. Depending on the risk management objectives, these types of hedges are designated as either cash flow hedges of only foreign exchange risk or cash flow hedges of both foreign exchange and interest rate risk, and the hedging instruments used are foreign exchange cross-currency swaps and forward contracts. These cash flow hedge relationships use dollar-offset ratio analysis to determine whether the hedging relationships are highly effective at inception and on an ongoing basis. | |||||||||||||||||||
Hedging of overall changes in cash flows | |||||||||||||||||||
Citigroup hedges the overall exposure to variability in cash flows related to the future acquisition of mortgage-backed securities using “to be announced” forward contracts. Since | |||||||||||||||||||
the hedged transaction is the gross settlement of the forward contract, the assessment of hedge effectiveness is based on assuring that the terms of the hedging instrument and the hedged forecasted transaction are the same. | |||||||||||||||||||
Hedging total return | |||||||||||||||||||
Citigroup generally manages the risk associated with leveraged loans it has originated or in which it participates by transferring a majority of its exposure to the market through SPEs prior to or shortly after funding. Retained exposures to | |||||||||||||||||||
leveraged loans receivable are generally hedged using total return swaps. | |||||||||||||||||||
The amount of hedge ineffectiveness on the cash flow hedges recognized in earnings for the three and six months ended June 30, 2014 and 2013 is not significant. The pretax change in Accumulated other comprehensive income (loss) from cash flow hedges is presented below: | |||||||||||||||||||
Three Months Ended June 30, | Six months ended June 30, | ||||||||||||||||||
In millions of dollars | 2014 | 2013 | 2014 | 2013 | |||||||||||||||
Effective portion of cash flow hedges included in AOCI | |||||||||||||||||||
Interest rate contracts | $ | 155 | $ | 474 | $ | 223 | $ | 513 | |||||||||||
Foreign exchange contracts | (51 | ) | 71 | (57 | ) | 3 | |||||||||||||
Credit derivatives | — | 14 | 2 | 18 | |||||||||||||||
Total effective portion of cash flow hedges included in AOCI | $ | 104 | $ | 559 | $ | 168 | $ | 534 | |||||||||||
Effective portion of cash flow hedges reclassified from AOCI to earnings | |||||||||||||||||||
Interest rate contracts | $ | (73 | ) | $ | (202 | ) | $ | (134 | ) | $ | (385 | ) | |||||||
Foreign exchange contracts | (28 | ) | (43 | ) | (84 | ) | (86 | ) | |||||||||||
Total effective portion of cash flow hedges reclassified from AOCI to earnings(1) | $ | (101 | ) | $ | (245 | ) | $ | (218 | ) | $ | (471 | ) | |||||||
-1 | Included primarily in Other revenue and Net interest revenue on the Consolidated Income Statement. | ||||||||||||||||||
For cash flow hedges, any changes in the fair value of the end-user derivative remaining in Accumulated other comprehensive income (loss) on the Consolidated Balance Sheet will be included in earnings of future periods to offset the variability of the hedged cash flows when such cash flows affect earnings. The net loss associated with cash flow hedges expected to be reclassified from Accumulated other comprehensive income (loss) within 12 months of June 30, 2014 is approximately $0.3 billion. The maximum length of time over which forecasted cash flows are hedged is 10 years. | |||||||||||||||||||
The after-tax impact of cash flow hedges on AOCI is shown in Note 18 to the Consolidated Financial Statements. | |||||||||||||||||||
Net Investment Hedges | |||||||||||||||||||
Consistent with ASC 830-20, Foreign Currency Matters—Foreign Currency Transactions, ASC 815 allows hedging of the foreign currency risk of a net investment in a foreign operation. Citigroup uses foreign currency forwards, options and foreign-currency-denominated debt instruments to manage the foreign exchange risk associated with Citigroup’s equity investments in several non-U.S.-dollar-functional-currency foreign subsidiaries. Citigroup records the change in the carrying amount of these investments in the Foreign currency translation adjustment account within Accumulated other comprehensive income (loss). Simultaneously, the effective portion of the hedge of this exposure is also recorded in the Foreign currency translation adjustment account and the ineffective portion, if any, is immediately recorded in earnings. | |||||||||||||||||||
For derivatives designated as net investment hedges, Citigroup follows the forward-rate method outlined in ASC 815-35-35-16 through 35-26. According to that method, all changes in fair value, including changes related to the forward-rate component of the foreign currency forward contracts and the time value of foreign currency options, are recorded in the Foreign currency translation adjustment account within Accumulated other comprehensive income (loss). | |||||||||||||||||||
For foreign-currency-denominated debt instruments that are designated as hedges of net investments, the translation gain or loss that is recorded in the Foreign currency translation adjustment account is based on the spot exchange rate between the functional currency of the respective subsidiary and the U.S. dollar, which is the functional currency of Citigroup. To the extent the notional amount of the hedging instrument exactly matches the hedged net investment and the underlying exchange rate of the derivative hedging instrument relates to the exchange rate between the functional currency of the net investment and Citigroup’s functional currency (or, in the case of a non-derivative debt instrument, such instrument is denominated in the functional currency of the net investment), no ineffectiveness is recorded in earnings. | |||||||||||||||||||
The pretax gain (loss) recorded in the Foreign currency translation adjustment account within Accumulated other comprehensive income (loss), related to the effective portion of the net investment hedges, is $(1,141) million and $(1,618) million for the three and six months ended June 30, 2014, respectively and $1,833 million and $2,322 million for the three and six months ended June 30, 2013, respectively. | |||||||||||||||||||
Credit Derivatives | |||||||||||||||||||
A credit derivative is a bilateral contract between a buyer and a seller under which the seller agrees to provide protection to the buyer against the credit risk of a particular entity (“reference entity” or “reference credit”). Credit derivatives generally require that the seller of credit protection make payments to the buyer upon the occurrence of predefined credit events (commonly referred to as “settlement triggers”). These settlement triggers are defined by the form of the derivative and the reference credit and are generally limited to the market standard of failure to pay on indebtedness and bankruptcy of the reference credit and, in a more limited range of transactions, debt restructuring. Credit derivative | |||||||||||||||||||
transactions referring to emerging market reference credits will also typically include additional settlement triggers to cover the acceleration of indebtedness and the risk of repudiation or a payment moratorium. In certain transactions, protection may be provided on a portfolio of reference credits or asset-backed securities. The seller of such protection may not be required to make payment until a specified amount of losses has occurred with respect to the portfolio and/or may only be required to pay for losses up to a specified amount. | |||||||||||||||||||
The Company is a market maker and trades a range of credit derivatives. Through these contracts, the Company either purchases or writes protection on either a single name or a portfolio of reference credits. The Company also uses credit derivatives to help mitigate credit risk in its corporate and consumer loan portfolios and other cash positions, and to facilitate client transactions. | |||||||||||||||||||
The range of credit derivatives sold includes credit default swaps, total return swaps, credit options and credit-linked notes. | |||||||||||||||||||
A credit default swap is a contract in which, for a fee, a protection seller agrees to reimburse a protection buyer for any losses that occur due to a credit event on a reference entity. If there is no credit default event or settlement trigger, as defined by the specific derivative contract, then the protection seller makes no payments to the protection buyer and receives only the contractually specified fee. However, if a credit event occurs as defined in the specific derivative contract sold, the protection seller will be required to make a payment to the protection buyer. | |||||||||||||||||||
A total return swap transfers the total economic performance of a reference asset, which includes all associated cash flows, as well as capital appreciation or depreciation. The protection buyer receives a floating rate of interest and any depreciation on the reference asset from the protection seller and, in return, the protection seller receives the cash flows associated with the reference asset plus any appreciation. Thus, according to the total return swap agreement, the protection seller will be obligated to make a payment any time the floating interest rate payment and any depreciation of the reference asset exceed the cash flows associated with the underlying asset. A total return swap may terminate upon a default of the reference asset subject to the provisions of the related total return swap agreement between the protection seller and the protection buyer. | |||||||||||||||||||
A credit option is a credit derivative that allows investors to trade or hedge changes in the credit quality of the reference asset. For example, in a credit spread option, the option writer assumes the obligation to purchase or sell the reference asset at a specified “strike” spread level. The option purchaser buys the right to sell the reference asset to, or purchase it from, the option writer at the strike spread level. The payments on credit spread options depend either on a particular credit spread or the price of the underlying credit-sensitive asset. The options usually terminate if the underlying assets default. | |||||||||||||||||||
A credit-linked note is a form of credit derivative structured as a debt security with an embedded credit default swap. The purchaser of the note writes credit protection to the issuer and receives a return that could be negatively affected by credit events on the underlying reference credit. If the reference entity defaults, the purchaser of the credit-linked note may assume the long position in the debt security and any future cash flows from it but will lose the amount paid to the issuer of the credit-linked note. Thus, the maximum amount of the exposure is the carrying amount of the credit-linked note. As of June 30, 2014 and December 31, 2013, the amount of credit-linked notes held by the Company in trading inventory was immaterial. | |||||||||||||||||||
The following tables summarize the key characteristics of the Company’s credit derivative portfolio as protection seller as of June 30, 2014 and December 31, 2013: | |||||||||||||||||||
In millions of dollars at June 30, 2014 | Maximum potential | Fair | |||||||||||||||||
amount of | value | ||||||||||||||||||
future payments | payable(1)(2) | ||||||||||||||||||
By industry/counterparty | |||||||||||||||||||
Bank | $ | 651,837 | $ | 5,665 | |||||||||||||||
Broker-dealer | 212,273 | 2,934 | |||||||||||||||||
Non-financial | 5,922 | 80 | |||||||||||||||||
Insurance and other financial institutions | 237,133 | 1,735 | |||||||||||||||||
Total by industry/counterparty | $ | 1,107,165 | $ | 10,414 | |||||||||||||||
By instrument | |||||||||||||||||||
Credit default swaps and options | $ | 1,104,211 | $ | 10,387 | |||||||||||||||
Total return swaps and other | 2,954 | 27 | |||||||||||||||||
Total by instrument | $ | 1,107,165 | $ | 10,414 | |||||||||||||||
By rating | |||||||||||||||||||
Investment grade | $ | 845,147 | $ | 1,502 | |||||||||||||||
Non-investment grade | 262,018 | 8,912 | |||||||||||||||||
Total by rating | $ | 1,107,165 | $ | 10,414 | |||||||||||||||
By maturity | |||||||||||||||||||
Within 1 year | $ | 243,972 | $ | 786 | |||||||||||||||
From 1 to 5 years | 791,921 | 6,703 | |||||||||||||||||
After 5 years | 71,272 | 2,925 | |||||||||||||||||
Total by maturity | $ | 1,107,165 | $ | 10,414 | |||||||||||||||
-1 | In addition, fair value amounts payable under credit derivatives purchased were $29,180 million. | ||||||||||||||||||
-2 | In addition, fair value amounts receivable under credit derivatives sold were $27,866 million. | ||||||||||||||||||
In millions of dollars at December 31, 2013 | Maximum potential | Fair | |||||||||||||||||
amount of | value | ||||||||||||||||||
future payments | payable(1)(2) | ||||||||||||||||||
By industry/counterparty | |||||||||||||||||||
Bank | $ | 727,748 | $ | 6,520 | |||||||||||||||
Broker-dealer | 224,073 | 4,001 | |||||||||||||||||
Non-financial | 2,820 | 56 | |||||||||||||||||
Insurance and other financial institutions | 188,722 | 2,059 | |||||||||||||||||
Total by industry/counterparty | $ | 1,143,363 | $ | 12,636 | |||||||||||||||
By instrument | |||||||||||||||||||
Credit default swaps and options | $ | 1,141,864 | $ | 12,607 | |||||||||||||||
Total return swaps and other | 1,499 | 29 | |||||||||||||||||
Total by instrument | $ | 1,143,363 | $ | 12,636 | |||||||||||||||
By rating | |||||||||||||||||||
Investment grade | $ | 752,640 | $ | 3,242 | |||||||||||||||
Non-investment grade | 390,723 | 9,394 | |||||||||||||||||
Total by rating | $ | 1,143,363 | $ | 12,636 | |||||||||||||||
By maturity | |||||||||||||||||||
Within 1 year | $ | 221,562 | $ | 858 | |||||||||||||||
From 1 to 5 years | 853,391 | 7,492 | |||||||||||||||||
After 5 years | 68,410 | 4,286 | |||||||||||||||||
Total by maturity | $ | 1,143,363 | $ | 12,636 | |||||||||||||||
-1 | In addition, fair value amounts payable under credit derivatives purchased were $28,723 million. | ||||||||||||||||||
-2 | In addition, fair value amounts receivable under credit derivatives sold were $26,673 million. | ||||||||||||||||||
Citigroup evaluates the payment/performance risk of the credit derivatives for which it stands as a protection seller based on the credit rating assigned to the underlying referenced credit. Where external ratings by nationally recognized statistical rating organizations (such as Moody’s and S&P) are used, investment grade ratings are considered to be Baa/BBB or above, while anything below is considered non-investment grade. The Citigroup internal ratings are in line with the related external credit rating system. Credit derivatives written on an underlying non-investment grade reference credit represent greater payment risk to the Company. The non-investment grade category in the table above also includes credit derivatives where the underlying referenced entity has been downgraded subsequent to the inception of the derivative. | |||||||||||||||||||
The maximum potential amount of future payments under credit derivative contracts presented in the table above is based on the notional value of the derivatives. The Company believes that the maximum potential amount of future payments for credit protection sold is not representative of the actual loss exposure based on historical experience. This amount has not been reduced by the Company’s rights to the underlying assets and the related cash flows. In accordance with most credit derivative contracts, should a credit event (or settlement trigger) occur, the Company usually is liable for the difference between the protection sold and the recourse it holds in the value of the underlying assets. Thus, if the reference entity defaults, Citi will have a right to collect on the underlying reference credit and any related cash flows, while being liable for the full notional amount of credit protection sold to the buyer. Furthermore, this maximum potential amount of future payments for credit protection sold has not been reduced for any cash collateral paid to a given counterparty, as such payments would be calculated after netting all derivative exposures, including any credit derivatives with that counterparty in accordance with a related master netting agreement. Due to such netting processes, determining the amount of collateral that corresponds to credit derivative exposures alone is not possible. The Company actively monitors open credit-risk exposures and manages this exposure by using a variety of strategies, including purchased credit derivatives, cash collateral or direct holdings of the referenced assets. This risk mitigation activity is not captured in the table above. | |||||||||||||||||||
Credit-Risk-Related Contingent Features in Derivatives | |||||||||||||||||||
Certain derivative instruments contain provisions that require the Company to either post additional collateral or immediately settle any outstanding liability balances upon the occurrence of a specified credit-risk-related event. These events, which are defined by the existing derivative contracts, are primarily downgrades in the credit ratings of the Company and its affiliates. The fair value (excluding CVA) of all derivative instruments with credit-risk-related contingent features that are in a net liability position at June 30, 2014 and December 31, 2013 was $26 billion and $26 billion, respectively. The Company has posted $23 billion and $24 billion as collateral for this exposure in the normal course of business as of June 30, 2014 and December 31, 2013, respectively. | |||||||||||||||||||
Each downgrade would trigger additional collateral or cash settlement requirements for the Company and its affiliates. In the event that each legal entity was downgraded a single notch by the three rating agencies as of June 30, 2014, the Company would be required to post an additional $2.3 billion as either collateral or settlement of the derivative transactions. Additionally, the Company would be required to segregate with third-party custodians collateral previously received from existing derivative counterparties in the amount of $0.1 billion upon the single notch downgrade, resulting in aggregate cash obligations and collateral requirements of approximately $2.4 billion. |
FAIR_VALUE_MEASUREMENT
FAIR VALUE MEASUREMENT | 6 Months Ended | |||||||||||||||||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||||||||||||||||||||
FAIR VALUE MEASUREMENT | ' | |||||||||||||||||||||||||||||||||
FAIR VALUE MEASUREMENT | ||||||||||||||||||||||||||||||||||
ASC 820-10 Fair Value Measurement, defines fair value, establishes a consistent framework for measuring fair value and requires disclosures about fair value measurements. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Among other things, the standard requires the Company to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. | ||||||||||||||||||||||||||||||||||
Under ASC 820-10, the probability of default of a counterparty is factored into the valuation of derivative positions and includes the impact of Citigroup’s own credit risk on derivatives and other liabilities measured at fair value. | ||||||||||||||||||||||||||||||||||
Fair Value Hierarchy | ||||||||||||||||||||||||||||||||||
ASC 820-10 specifies a hierarchy of inputs based on whether the inputs are observable or unobservable. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect the Company’s market assumptions. These two types of inputs have created the following fair value hierarchy: | ||||||||||||||||||||||||||||||||||
• | Level 1: Quoted prices for identical instruments in active markets. | |||||||||||||||||||||||||||||||||
• | Level 2: Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which all significant inputs and significant value drivers are observable in active markets. | |||||||||||||||||||||||||||||||||
• | Level 3: Valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable. | |||||||||||||||||||||||||||||||||
This hierarchy requires the use of observable market data when available. The Company considers relevant and observable market prices in its valuations where possible. The frequency of transactions, the size of the bid-ask spread and the amount of adjustment necessary when comparing similar transactions are all factors in determining the liquidity of markets and the relevance of observed prices in those markets. | ||||||||||||||||||||||||||||||||||
The Company’s policy with respect to transfers between levels of the fair value hierarchy is to recognize transfers into and out of each level as of the end of the reporting period. | ||||||||||||||||||||||||||||||||||
Determination of Fair Value | ||||||||||||||||||||||||||||||||||
For assets and liabilities carried at fair value, the Company measures such value using the procedures set out below, irrespective of whether these assets and liabilities are carried at fair value as a result of an election or whether they are required to be carried at fair value. | ||||||||||||||||||||||||||||||||||
When available, the Company generally uses quoted market prices to determine fair value and classifies such items as Level 1. In some cases where a market price is available, the Company will make use of acceptable practical expedients (such as matrix pricing) to calculate fair value, in which case the items are classified as Level 2. | ||||||||||||||||||||||||||||||||||
If quoted market prices are not available, fair value is based upon internally developed valuation techniques that use, where possible, current market-based parameters, such as interest rates, currency rates, option volatilities, etc. Items valued using such internally generated valuation techniques are classified according to the lowest level input or value driver that is significant to the valuation. Thus, an item may be classified as Level 3 even though there may be some significant inputs that are readily observable. | ||||||||||||||||||||||||||||||||||
The Company may also apply a price-based methodology, which utilizes, where available, quoted prices or other market information obtained from recent trading activity in positions with the same or similar characteristics to the position being valued. The market activity and the amount of the bid-ask spread are among the factors considered in determining the liquidity of markets and the relevance of observed prices from those markets. If relevant and observable prices are available, those valuations may be classified as Level 2. When less liquidity exists for a security or loan, a quoted price is stale, a significant adjustment to the price of a similar security is necessary to reflect differences in the terms of the actual security or loan being valued, or prices from independent sources are insufficient to corroborate the valuation, the “price” inputs are considered unobservable and the fair value measurements are classified as Level 3. | ||||||||||||||||||||||||||||||||||
Fair value estimates from internal valuation techniques are verified, where possible, to prices obtained from independent vendors or brokers. Vendors and brokers’ valuations may be based on a variety of inputs ranging from observed prices to proprietary valuation models. | ||||||||||||||||||||||||||||||||||
The following section describes the valuation methodologies used by the Company to measure various financial instruments at fair value, including an indication of the level in the fair value hierarchy in which each instrument is generally classified. Where appropriate, the description includes details of the valuation models, the key inputs to those models and any significant assumptions. | ||||||||||||||||||||||||||||||||||
Market valuation adjustments | ||||||||||||||||||||||||||||||||||
Liquidity adjustments are applied to items in Level 2 and Level 3 of the fair value hierarchy to ensure that the fair value reflects the liquidity or illiquidity of the market. The liquidity reserve may utilize the bid-offer spread for an instrument as one of the factors. | ||||||||||||||||||||||||||||||||||
Counterparty credit-risk adjustments are applied to derivatives, such as over-the-counter uncollateralized derivatives, where the base valuation uses market parameters based on the relevant base interest rate curves. Not all counterparties have the same credit risk as that implied by the relevant base curve, so it is necessary to consider the market view of the credit risk of a counterparty in order to estimate the fair value of such an item. | ||||||||||||||||||||||||||||||||||
Bilateral or “own” credit-risk adjustments are applied to reflect the Company’s own credit risk when valuing derivatives and liabilities measured at fair value. Counterparty and own credit adjustments consider the expected future cash flows between Citi and its counterparties under the terms of the instrument and the effect of credit risk on the valuation of those cash flows, rather than a point-in-time assessment of the | ||||||||||||||||||||||||||||||||||
current recognized net asset or liability. Furthermore, the credit-risk adjustments take into account the effect of credit-risk mitigants, such as pledged collateral and any legal right of offset (to the extent such offset exists) with a counterparty through arrangements such as netting agreements. | ||||||||||||||||||||||||||||||||||
Generally, the unit of account for a financial instrument is the individual financial instrument. The Company applies market valuation adjustments that are consistent with the unit of account, which does not include adjustment due to the size of the Company’s position, except as follows. ASC 820-10 permits an exception, through an accounting policy election, to measure the fair value of a portfolio of financial assets and financial liabilities on the basis of the net open risk position when certain criteria are met. Citi has elected to measure certain portfolios of financial instruments, such as derivatives, that meet those criteria on the basis of the net open risk position. The Company applies market valuation adjustments, including adjustments to account for the size of the net open risk position, consistent with market participant assumptions and in accordance with the unit of account. | ||||||||||||||||||||||||||||||||||
Valuation Process for Fair Value Measurements | ||||||||||||||||||||||||||||||||||
Price verification procedures and related internal control procedures are governed by the Citigroup Pricing and Price Verification Policy and Standards, which is jointly owned by Finance and Risk Management. Finance has implemented the ICG Pricing and Price Verification Standards and Procedures to facilitate compliance with this policy. | ||||||||||||||||||||||||||||||||||
For fair value measurements of substantially all assets and liabilities held by the Company, individual business units are responsible for valuing the trading account assets and liabilities, and Product Control within Finance performs independent price verification procedures to evaluate those fair value measurements. Product Control is independent of the individual business units and reports to the Global Head of Product Control. It has authority over the valuation of financial assets and liabilities. Fair value measurements of assets and liabilities are determined using various techniques, including, but not limited to, discounted cash flows and internal models, such as option and correlation models. | ||||||||||||||||||||||||||||||||||
Based on the observability of inputs used, Product Control classifies the inventory as Level 1, Level 2 or Level 3 of the fair value hierarchy. When a position involves one or more significant inputs that are not directly observable, additional price verification procedures are applied. These procedures may include reviewing relevant historical data, analyzing profit and loss, valuing each component of a structured trade individually, and benchmarking, among others. | ||||||||||||||||||||||||||||||||||
Reports of inventory that is classified within Level 3 of the fair value hierarchy are distributed to senior management in Finance, Risk and the individual business. This inventory is also discussed in Risk Committees and in monthly meetings with senior trading management. As deemed necessary, reports may go to the Audit Committee of the Board of Directors or to the full Board of Directors. Whenever a valuation adjustment is needed to bring the price of an asset or liability to its exit price, Product Control reports it to management along with other price verification results. | ||||||||||||||||||||||||||||||||||
In addition, the pricing models used in measuring fair value are governed by an independent control framework. Although the models are developed and tested by the individual business units, they are independently validated by the Model Validation Group within Risk Management and reviewed by Finance with respect to their impact on the price verification procedures. The purpose of this independent control framework is to assess model risk arising from models’ theoretical soundness, calibration techniques where needed, and the appropriateness of the model for a specific product in a defined market. Valuation adjustments, if any, go through a similar independent review process as the valuation models. To ensure their continued applicability, models are independently reviewed annually. In addition, Risk Management approves and maintains a list of products permitted to be valued under each approved model for a given business. | ||||||||||||||||||||||||||||||||||
Securities purchased under agreements to resell and securities sold under agreements to repurchase | ||||||||||||||||||||||||||||||||||
No quoted prices exist for such instruments, so fair value is determined using a discounted cash-flow technique. Cash flows are estimated based on the terms of the contract, taking into account any embedded derivative or other features. Expected cash flows are discounted using interest rates appropriate to the maturity of the instrument as well as the nature of the underlying collateral. Generally, when such instruments are held at fair value, they are classified within Level 2 of the fair value hierarchy, as the inputs used in the valuation are readily observable. However, certain long-dated positions are classified within Level 3 of the fair value hierarchy. | ||||||||||||||||||||||||||||||||||
Trading account assets and liabilities—trading securities and trading loans | ||||||||||||||||||||||||||||||||||
When available, the Company uses quoted market prices to determine the fair value of trading securities; such items are classified as Level 1 of the fair value hierarchy. Examples include some government securities and exchange-traded equity securities. | ||||||||||||||||||||||||||||||||||
For bonds and secondary market loans traded over the counter, the Company generally determines fair value utilizing valuation techniques, including discounted cash flows, price-based and internal models, such as Black-Scholes and Monte Carlo simulation. Fair value estimates from these internal valuation techniques are verified, where possible, to prices obtained from independent vendors. Vendors compile prices from various sources and may apply matrix pricing for similar bonds or loans where no price is observable. A price-based methodology utilizes, where available, quoted prices or other market information obtained from recent trading activity of assets with similar characteristics to the bond or loan being valued. The yields used in discounted cash flow models are derived from the same price information. Trading securities and loans priced using such methods are generally classified as Level 2. However, when less liquidity exists for a security or loan, a quoted price is stale, a significant adjustment to the | ||||||||||||||||||||||||||||||||||
price of a similar security or loan is necessary to reflect differences in the terms of the actual security or loan being valued, or prices from independent sources are insufficient to corroborate valuation, a loan or security is generally classified as Level 3. The price input used in a price-based methodology may be zero for a security, such as a subprime CDO, that is not receiving any principal or interest and is currently written down to zero. | ||||||||||||||||||||||||||||||||||
Where the Company’s principal market for a portfolio of loans is the securitization market, the Company uses the securitization price to determine the fair value of the portfolio. The securitization price is determined from the assumed proceeds of a hypothetical securitization in the current market, adjusted for transformation costs (i.e., direct costs other than transaction costs) and securitization uncertainties such as market conditions and liquidity. As a result of the severe reduction in the level of activity in certain securitization markets since the second half of 2007, observable securitization prices for certain directly comparable portfolios of loans have not been readily available. Therefore, such portfolios of loans are generally classified as Level 3 of the fair value hierarchy. However, for other loan securitization markets, such as commercial real estate loans, price verification of the hypothetical securitizations has been possible, since these markets have remained active. Accordingly, this loan portfolio is classified as Level 2 of the fair value hierarchy. | ||||||||||||||||||||||||||||||||||
Trading account assets and liabilities—derivatives | ||||||||||||||||||||||||||||||||||
Exchange-traded derivatives are generally measured at fair value using quoted market (i.e., exchange) prices and are classified as Level 1 of the fair value hierarchy. | ||||||||||||||||||||||||||||||||||
The majority of derivatives entered into by the Company are executed over the counter and are valued using internal valuation techniques, as no quoted market prices exist for such instruments. The valuation techniques and inputs depend on the type of derivative and the nature of the underlying instrument. The principal techniques used to value these instruments are discounted cash flows and internal models, including Black-Scholes and Monte Carlo simulation. The fair values of derivative contracts reflect cash the Company has paid or received (for example, option premiums paid and received). | ||||||||||||||||||||||||||||||||||
The key inputs depend upon the type of derivative and the nature of the underlying instrument and include interest rate yield curves, foreign-exchange rates, volatilities and correlation. The Company uses overnight indexed swap (OIS) curves as fair value measurement inputs for the valuation of certain collateralized derivatives. Citi uses the relevant benchmark curve for the currency of the derivative (e.g., the London Interbank Offered Rate for U.S. dollar derivatives) as the discount rate for uncollateralized derivatives. As of June 30, 2014, Citi had not recognized a funding valuation adjustment (FVA) in its fair value measurements for over-the-counter derivative instruments, beyond that implied by the relevant benchmark curve. Citi continues to analyze evolving market practices with respect to FVA methodology and inputs, as well as discounting in OTC derivative valuation generally. | ||||||||||||||||||||||||||||||||||
The derivative instruments are classified as either Level 2 or Level 3 depending upon the observability of the significant inputs to the model. | ||||||||||||||||||||||||||||||||||
Subprime-related direct exposures in CDOs | ||||||||||||||||||||||||||||||||||
The valuation of high-grade and mezzanine asset-backed security (ABS) CDO positions utilizes prices based on the underlying assets of each high-grade and mezzanine ABS CDO. The high-grade and mezzanine positions are largely hedged through the ABS and bond short positions. This results in closer symmetry in the way these long and short positions are valued by the Company. Citigroup uses trader marks to value this portion of the portfolio and will do so as long as it remains largely hedged. | ||||||||||||||||||||||||||||||||||
For most of the lending and structured direct subprime exposures, fair value is determined utilizing observable transactions where available, other market data for similar assets in markets that are not active and other internal valuation techniques. | ||||||||||||||||||||||||||||||||||
Investments | ||||||||||||||||||||||||||||||||||
The investments category includes available-for-sale debt and marketable equity securities whose fair value is generally determined by utilizing similar procedures described for trading securities above or, in some cases, using consensus pricing as the primary source. | ||||||||||||||||||||||||||||||||||
Also included in investments are nonpublic investments in private equity and real estate entities held by ICG. Determining the fair value of nonpublic securities involves a significant degree of management resources and judgment, as no quoted prices exist and such securities are generally very thinly traded. In addition, there may be transfer restrictions on private equity securities. The Company’s process for determining the fair value of such securities utilizes commonly accepted valuation techniques, including comparables analysis. In determining the fair value of nonpublic securities, the Company also considers events such as a proposed sale of the investee company, initial public offerings, equity issuances or other observable transactions. As discussed in Note 13 to the Consolidated Financial Statements, the Company uses net asset value to value certain of these investments. | ||||||||||||||||||||||||||||||||||
Private equity securities are generally classified as Level 3 of the fair value hierarchy. | ||||||||||||||||||||||||||||||||||
Short-term borrowings and long-term debt | ||||||||||||||||||||||||||||||||||
Where fair value accounting has been elected, the fair value of non-structured liabilities is determined by utilizing internal models using the appropriate discount rate for the applicable maturity. Such instruments are generally classified as Level 2 of the fair value hierarchy, as all inputs are readily observable. | ||||||||||||||||||||||||||||||||||
The Company determines the fair value of structured liabilities (where performance is linked to structured interest rates, inflation or currency risks) and hybrid financial instruments (where performance is linked to risks other than interest rates, inflation or currency risks) using the appropriate derivative valuation methodology (described above in “Trading account assets and liabilities—derivatives”) given the nature of the embedded risk profile. Such instruments are | ||||||||||||||||||||||||||||||||||
classified as Level 2 or Level 3 depending on the observability of significant inputs to the model. | ||||||||||||||||||||||||||||||||||
Alt-A mortgage securities | ||||||||||||||||||||||||||||||||||
The Company classifies its Alt-A mortgage securities as held-to-maturity, available-for-sale or trading investments. The securities classified as trading and available-for-sale are recorded at fair value with changes in fair value reported in current earnings and AOCI, respectively. For these purposes, Citi defines Alt-A mortgage securities as non-agency residential mortgage-backed securities (RMBS) where (i) the underlying collateral has weighted average FICO scores between 680 and 720 or (ii) for instances where FICO scores are greater than 720, RMBS have 30% or less of the underlying collateral composed of full documentation loans. | ||||||||||||||||||||||||||||||||||
Similar to the valuation methodologies used for other trading securities and trading loans, the Company generally determines the fair values of Alt-A mortgage securities utilizing internal valuation techniques. Fair value estimates from internal valuation techniques are verified, where possible, to prices obtained from independent vendors. Consensus data providers compile prices from various sources. Where available, the Company may also make use of quoted prices for recent trading activity in securities with the same or similar characteristics to the security being valued. | ||||||||||||||||||||||||||||||||||
The valuation techniques used for Alt-A mortgage securities, as with other mortgage exposures, are price-based and yield analysis. The primary market-derived input is yield. Cash flows are based on current collateral performance with prepayment rates and loss projections reflective of current economic conditions of housing price change, unemployment rates, interest rates, borrower attributes and other market indicators. | ||||||||||||||||||||||||||||||||||
Alt-A mortgage securities that are valued using these methods are generally classified as Level 2. However, Alt-A mortgage securities backed by Alt-A mortgages of lower quality or subordinated tranches in the capital structure are mostly classified as Level 3 due to the reduced liquidity that exists for such positions, which reduces the reliability of prices available from independent sources. | ||||||||||||||||||||||||||||||||||
Items Measured at Fair Value on a Recurring Basis | ||||||||||||||||||||||||||||||||||
The following tables present for each of the fair value hierarchy levels the Company’s assets and liabilities that are measured at fair value on a recurring basis at June 30, 2014 and December 31, 2013. The Company’s hedging of positions that have been classified in the Level 3 category is not limited to other financial instruments (hedging instruments) that have been classified as Level 3, but also instruments classified as Level 1 or Level 2 of the fair value hierarchy. The effects of these hedges are presented gross in the following table. | ||||||||||||||||||||||||||||||||||
Fair Value Levels | ||||||||||||||||||||||||||||||||||
In millions of dollars at June 30, 2014 | Level 1(1) | Level 2(1) | Level 3 | Gross | Netting(2) | Net | ||||||||||||||||||||||||||||
inventory | balance | |||||||||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||||
Federal funds sold and securities borrowed or purchased under agreements to resell | $ | — | $ | 188,049 | $ | 3,363 | $ | 191,412 | $ | (38,246 | ) | $ | 153,166 | |||||||||||||||||||||
Trading non-derivative assets | ||||||||||||||||||||||||||||||||||
Trading mortgage-backed securities | ||||||||||||||||||||||||||||||||||
U.S. government-sponsored agency guaranteed | $ | — | $ | 20,441 | $ | 697 | $ | 21,138 | $ | — | $ | 21,138 | ||||||||||||||||||||||
Residential | — | 1,425 | 2,610 | 4,035 | — | 4,035 | ||||||||||||||||||||||||||||
Commercial | — | 1,958 | 409 | 2,367 | — | 2,367 | ||||||||||||||||||||||||||||
Total trading mortgage-backed securities | $ | — | $ | 23,824 | $ | 3,716 | $ | 27,540 | $ | — | $ | 27,540 | ||||||||||||||||||||||
U.S. Treasury and federal agency securities | $ | 16,197 | $ | 4,121 | $ | — | $ | 20,318 | $ | — | $ | 20,318 | ||||||||||||||||||||||
State and municipal | — | 2,484 | 242 | 2,726 | — | 2,726 | ||||||||||||||||||||||||||||
Foreign government | 52,449 | 28,071 | 465 | 80,985 | — | 80,985 | ||||||||||||||||||||||||||||
Corporate | — | 28,684 | 1,262 | 29,946 | — | 29,946 | ||||||||||||||||||||||||||||
Equity securities | 55,357 | 2,359 | 1,863 | 59,579 | — | 59,579 | ||||||||||||||||||||||||||||
Asset-backed securities | — | 1,128 | 3,376 | 4,504 | — | 4,504 | ||||||||||||||||||||||||||||
Other trading assets | — | 10,660 | 4,016 | 14,676 | — | 14,676 | ||||||||||||||||||||||||||||
Total trading non-derivative assets | $ | 124,003 | $ | 101,331 | $ | 14,940 | $ | 240,274 | $ | — | $ | 240,274 | ||||||||||||||||||||||
Trading derivatives | ||||||||||||||||||||||||||||||||||
Interest rate contracts | $ | 10 | $ | 541,340 | $ | 3,770 | $ | 545,120 | ||||||||||||||||||||||||||
Foreign exchange contracts | 38 | 65,183 | 1,185 | 66,406 | ||||||||||||||||||||||||||||||
Equity contracts | 2,706 | 19,520 | 1,786 | 24,012 | ||||||||||||||||||||||||||||||
Commodity contracts | 206 | 11,521 | 653 | 12,380 | ||||||||||||||||||||||||||||||
Credit derivatives | — | 36,429 | 2,825 | 39,254 | ||||||||||||||||||||||||||||||
Total trading derivatives | $ | 2,960 | $ | 673,993 | $ | 10,219 | $ | 687,172 | ||||||||||||||||||||||||||
Cash collateral paid(3) | $ | 5,078 | ||||||||||||||||||||||||||||||||
Netting agreements | $ | (604,913 | ) | |||||||||||||||||||||||||||||||
Netting of cash collateral received | (36,835 | ) | ||||||||||||||||||||||||||||||||
Total trading derivatives | $ | 2,960 | $ | 673,993 | $ | 10,219 | $ | 692,250 | $ | (641,748 | ) | $ | 50,502 | |||||||||||||||||||||
Investments | ||||||||||||||||||||||||||||||||||
Mortgage-backed securities | ||||||||||||||||||||||||||||||||||
U.S. government-sponsored agency guaranteed | $ | — | $ | 37,382 | $ | 163 | $ | 37,545 | $ | — | $ | 37,545 | ||||||||||||||||||||||
Residential | — | 9,562 | 17 | 9,579 | — | 9,579 | ||||||||||||||||||||||||||||
Commercial | — | 514 | 7 | 521 | — | 521 | ||||||||||||||||||||||||||||
Total investment mortgage-backed securities | $ | — | $ | 47,458 | $ | 187 | $ | 47,645 | $ | — | $ | 47,645 | ||||||||||||||||||||||
U.S. Treasury and federal agency securities | $ | 88,629 | $ | 15,176 | $ | 7 | $ | 103,812 | $ | — | $ | 103,812 | ||||||||||||||||||||||
State and municipal | $ | — | $ | 10,790 | $ | 2,102 | $ | 12,892 | $ | — | $ | 12,892 | ||||||||||||||||||||||
Foreign government | 34,059 | 61,306 | 615 | 95,980 | — | 95,980 | ||||||||||||||||||||||||||||
Corporate | 6 | 10,485 | 512 | 11,003 | — | 11,003 | ||||||||||||||||||||||||||||
Equity securities | 5,011 | 276 | 826 | 6,113 | — | 6,113 | ||||||||||||||||||||||||||||
Asset-backed securities | — | 12,684 | 1,739 | 14,423 | — | 14,423 | ||||||||||||||||||||||||||||
Other debt securities | — | 662 | 48 | 710 | — | 710 | ||||||||||||||||||||||||||||
Non-marketable equity securities | — | 198 | 3,722 | 3,920 | — | 3,920 | ||||||||||||||||||||||||||||
Total investments | $ | 127,705 | $ | 159,035 | $ | 9,758 | $ | 296,498 | $ | — | $ | 296,498 | ||||||||||||||||||||||
In millions of dollars at June 30, 2014 | Level 1(1) | Level 2(1) | Level 3 | Gross | Netting(2) | Net | ||||||||||||||||||||||||||||
inventory | balance | |||||||||||||||||||||||||||||||||
Loans(4) | $ | — | $ | 1,494 | $ | 3,310 | $ | 4,804 | $ | — | $ | 4,804 | ||||||||||||||||||||||
Mortgage servicing rights | — | — | 2,282 | 2,282 | — | 2,282 | ||||||||||||||||||||||||||||
Non-trading derivatives and other financial assets measured on a recurring basis, gross | $ | — | $ | 10,385 | $ | 201 | $ | 10,586 | ||||||||||||||||||||||||||
Cash collateral paid | $ | 214 | ||||||||||||||||||||||||||||||||
Netting of cash collateral received | $ | (3,181 | ) | |||||||||||||||||||||||||||||||
Non-trading derivatives and other financial assets measured on a recurring basis | $ | — | $ | 10,385 | $ | 201 | $ | 10,800 | $ | (3,181 | ) | $ | 7,619 | |||||||||||||||||||||
Total assets | $ | 254,668 | $ | 1,134,287 | $ | 44,073 | $ | 1,438,320 | $ | (683,175 | ) | $ | 755,145 | |||||||||||||||||||||
Total as a percentage of gross assets(5) | 17.8 | % | 79.1 | % | 3.1 | % | ||||||||||||||||||||||||||||
Liabilities | ||||||||||||||||||||||||||||||||||
Interest-bearing deposits | $ | — | $ | 978 | $ | 909 | $ | 1,887 | $ | — | $ | 1,887 | ||||||||||||||||||||||
Federal funds purchased and securities loaned or sold under agreements to repurchase | $ | — | $ | 89,758 | $ | 1,032 | $ | 90,790 | $ | (38,246 | ) | $ | 52,544 | |||||||||||||||||||||
Trading account liabilities | ||||||||||||||||||||||||||||||||||
Securities sold, not yet purchased | 63,507 | 11,848 | 472 | 75,827 | 75,827 | |||||||||||||||||||||||||||||
Trading derivatives | ||||||||||||||||||||||||||||||||||
Interest rate contracts | $ | 5 | $ | 527,091 | $ | 3,753 | $ | 530,849 | ||||||||||||||||||||||||||
Foreign exchange contracts | — | 65,355 | 338 | 65,693 | ||||||||||||||||||||||||||||||
Equity contracts | 2,724 | 28,251 | 2,679 | 33,654 | ||||||||||||||||||||||||||||||
Commodity contracts | 233 | 10,711 | 1,882 | 12,826 | ||||||||||||||||||||||||||||||
Credit derivatives | — | 35,955 | 3,024 | 38,979 | ||||||||||||||||||||||||||||||
Total trading derivatives | $ | 2,962 | $ | 667,363 | $ | 11,676 | $ | 682,001 | ||||||||||||||||||||||||||
Cash collateral received(6) | $ | 12,080 | ||||||||||||||||||||||||||||||||
Netting agreements | $ | (604,913 | ) | |||||||||||||||||||||||||||||||
Netting of cash collateral paid | (41,625 | ) | ||||||||||||||||||||||||||||||||
Total trading derivatives | $ | 2,962 | $ | 667,363 | $ | 11,676 | $ | 694,081 | $ | (646,538 | ) | $ | 47,543 | |||||||||||||||||||||
Short-term borrowings | $ | — | $ | 1,107 | $ | 129 | $ | 1,236 | $ | — | $ | 1,236 | ||||||||||||||||||||||
Long-term debt | — | 19,567 | 7,847 | 27,414 | — | 27,414 | ||||||||||||||||||||||||||||
Non-trading derivatives and other financial liabilities measured on a recurring basis, gross | $ | — | $ | 2,494 | $ | 6 | $ | 2,500 | ||||||||||||||||||||||||||
Cash collateral received(7) | $ | 239 | ||||||||||||||||||||||||||||||||
Total non-trading derivatives and other financial liabilities measured on a recurring basis | $ | — | $ | 2,494 | $ | 6 | $ | 2,739 | $ | 2,739 | ||||||||||||||||||||||||
Total liabilities | $ | 66,469 | $ | 793,115 | $ | 22,071 | $ | 893,974 | $ | (684,784 | ) | $ | 209,190 | |||||||||||||||||||||
Total as a percentage of gross liabilities(5) | 7.5 | % | 90 | % | 2.5 | % | ||||||||||||||||||||||||||||
-1 | For the three and six months ended June 30, 2014, the Company transferred assets of approximately $0.7 billion and $1.9 billion, respectively, from Level 1 to Level 2, primarily related to foreign government securities not traded in active markets during the respective periods and Citi refining its methodology for certain equity contracts to reflect the prevalence of off-exchange trading. During the three and six months ended June 30, 2014, the Company transferred assets of approximately $0.8 billion and $3.0 billion, respectively, from Level 2 to Level 1, almost all related to foreign government bonds traded with sufficient frequency to constitute a liquid market. During the three months ended June 30, 2014, there were no material transfers of liabilities between Level 1 and Level 2. During the six months ended June 30, 2014, the Company transferred liabilities of approximately $1.4 billion from Level 1 to Level 2, as Citi refined its methodology for certain equity contracts to reflect the prevalence of off-exchange trading. | |||||||||||||||||||||||||||||||||
-2 | Represents netting of: (i) the amounts due under securities purchased under agreements to resell and the amounts owed under securities sold under agreements to repurchase; and (ii) derivative exposures covered by a qualifying master netting agreement and cash collateral offsetting. | |||||||||||||||||||||||||||||||||
-3 | Reflects the net amount of $46,703 million of gross cash collateral paid, of which $41,625 million was used to offset derivative liabilities. | |||||||||||||||||||||||||||||||||
-4 | There is no allowance for loan losses recorded for loans reported at fair value. | |||||||||||||||||||||||||||||||||
-5 | Because the amount of the cash collateral paid/received has not been allocated to the Level 1, 2 and 3 subtotals, these percentages are calculated based on total assets and liabilities measured at fair value on a recurring basis, excluding the cash collateral paid/received on derivatives. | |||||||||||||||||||||||||||||||||
-6 | Reflects the net amount of $48,915 million of gross cash collateral received, of which $36,835 million was used to offset derivative assets. | |||||||||||||||||||||||||||||||||
-7 | Reflects the net amount of $3,420 million of gross cash collateral received, of which $3,181 million was used to offset derivative assets. | |||||||||||||||||||||||||||||||||
Fair Value Levels | ||||||||||||||||||||||||||||||||||
In millions of dollars at December 31, 2013 | Level 1(1) | Level 2(1) | Level 3 | Gross | Netting(2) | Net | ||||||||||||||||||||||||||||
inventory | balance | |||||||||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||||
Federal funds sold and securities borrowed or purchased under agreements to resell | $ | — | $ | 172,848 | $ | 3,566 | $ | 176,414 | $ | (34,933 | ) | $ | 141,481 | |||||||||||||||||||||
Trading non-derivative assets | ||||||||||||||||||||||||||||||||||
Trading mortgage-backed securities | ||||||||||||||||||||||||||||||||||
U.S. government-sponsored agency guaranteed | — | 22,861 | 1,094 | 23,955 | — | 23,955 | ||||||||||||||||||||||||||||
Residential | — | 1,223 | 2,854 | 4,077 | — | 4,077 | ||||||||||||||||||||||||||||
Commercial | — | 2,318 | 256 | 2,574 | — | 2,574 | ||||||||||||||||||||||||||||
Total trading mortgage-backed securities | $ | — | $ | 26,402 | $ | 4,204 | $ | 30,606 | $ | — | $ | 30,606 | ||||||||||||||||||||||
U.S. Treasury and federal agency securities | $ | 12,080 | $ | 2,757 | $ | — | $ | 14,837 | $ | — | $ | 14,837 | ||||||||||||||||||||||
State and municipal | — | 2,985 | 222 | 3,207 | — | 3,207 | ||||||||||||||||||||||||||||
Foreign government | 49,220 | 25,220 | 416 | 74,856 | — | 74,856 | ||||||||||||||||||||||||||||
Corporate | — | 28,699 | 1,835 | 30,534 | — | 30,534 | ||||||||||||||||||||||||||||
Equity securities | 58,761 | 1,958 | 1,057 | 61,776 | — | 61,776 | ||||||||||||||||||||||||||||
Asset-backed securities | — | 1,274 | 4,342 | 5,616 | — | 5,616 | ||||||||||||||||||||||||||||
Other trading assets | — | 8,491 | 3,184 | 11,675 | — | 11,675 | ||||||||||||||||||||||||||||
Total trading non-derivative assets | $ | 120,061 | $ | 97,786 | $ | 15,260 | $ | 233,107 | $ | — | $ | 233,107 | ||||||||||||||||||||||
Trading derivatives | ||||||||||||||||||||||||||||||||||
Interest rate contracts | $ | 11 | $ | 624,902 | $ | 3,467 | $ | 628,380 | ||||||||||||||||||||||||||
Foreign exchange contracts | 40 | 91,189 | 1,325 | 92,554 | ||||||||||||||||||||||||||||||
Equity contracts | 5,793 | 17,611 | 1,473 | 24,877 | ||||||||||||||||||||||||||||||
Commodity contracts | 506 | 7,775 | 801 | 9,082 | ||||||||||||||||||||||||||||||
Credit derivatives | — | 37,336 | 3,010 | 40,346 | ||||||||||||||||||||||||||||||
Total trading derivatives | $ | 6,350 | $ | 778,813 | $ | 10,076 | $ | 795,239 | ||||||||||||||||||||||||||
Cash collateral paid(3) | $ | 6,073 | ||||||||||||||||||||||||||||||||
Netting agreements | $ | (713,598 | ) | |||||||||||||||||||||||||||||||
Netting of cash collateral received | (34,893 | ) | ||||||||||||||||||||||||||||||||
Total trading derivatives | $ | 6,350 | $ | 778,813 | $ | 10,076 | $ | 801,312 | $ | (748,491 | ) | $ | 52,821 | |||||||||||||||||||||
Investments | ||||||||||||||||||||||||||||||||||
Mortgage-backed securities | ||||||||||||||||||||||||||||||||||
U.S. government-sponsored agency guaranteed | $ | — | $ | 41,810 | $ | 187 | $ | 41,997 | $ | — | $ | 41,997 | ||||||||||||||||||||||
Residential | — | 10,103 | 102 | 10,205 | — | 10,205 | ||||||||||||||||||||||||||||
Commercial | — | 453 | — | 453 | — | 453 | ||||||||||||||||||||||||||||
Total investment mortgage-backed securities | $ | — | $ | 52,366 | $ | 289 | $ | 52,655 | $ | — | $ | 52,655 | ||||||||||||||||||||||
U.S. Treasury and federal agency securities | $ | 69,139 | $ | 18,449 | $ | 8 | $ | 87,596 | $ | — | $ | 87,596 | ||||||||||||||||||||||
State and municipal | $ | — | $ | 17,297 | $ | 1,643 | $ | 18,940 | $ | — | $ | 18,940 | ||||||||||||||||||||||
Foreign government | 35,179 | 60,948 | 344 | 96,471 | — | 96,471 | ||||||||||||||||||||||||||||
Corporate | 4 | 10,841 | 285 | 11,130 | — | 11,130 | ||||||||||||||||||||||||||||
Equity securities | 2,583 | 336 | 815 | 3,734 | — | 3,734 | ||||||||||||||||||||||||||||
Asset-backed securities | — | 13,314 | 1,960 | 15,274 | — | 15,274 | ||||||||||||||||||||||||||||
Other debt securities | — | 661 | 50 | 711 | — | 711 | ||||||||||||||||||||||||||||
Non-marketable equity securities | — | 358 | 4,347 | 4,705 | — | 4,705 | ||||||||||||||||||||||||||||
Total investments | $ | 106,905 | $ | 174,570 | $ | 9,741 | $ | 291,216 | $ | — | $ | 291,216 | ||||||||||||||||||||||
In millions of dollars at December 31, 2013 | Level 1(1) | Level 2(1) | Level 3 | Gross | Netting(2) | Net | ||||||||||||||||||||||||||||
inventory | balance | |||||||||||||||||||||||||||||||||
Loans(4) | $ | — | $ | 886 | $ | 4,143 | $ | 5,029 | $ | — | $ | 5,029 | ||||||||||||||||||||||
Mortgage servicing rights | — | — | 2,718 | 2,718 | — | 2,718 | ||||||||||||||||||||||||||||
Non-trading derivatives and other financial assets measured on a recurring basis, gross | $ | — | $ | 9,811 | $ | 181 | $ | 9,992 | ||||||||||||||||||||||||||
Cash collateral paid | $ | 82 | ||||||||||||||||||||||||||||||||
Netting of cash collateral received | $ | (2,951 | ) | |||||||||||||||||||||||||||||||
Non-trading derivatives and other financial assets measured on a recurring basis | $ | — | $ | 9,811 | $ | 181 | $ | 10,074 | $ | (2,951 | ) | $ | 7,123 | |||||||||||||||||||||
Total assets | $ | 233,316 | $ | 1,234,714 | $ | 45,685 | $ | 1,519,870 | $ | (786,375 | ) | $ | 733,495 | |||||||||||||||||||||
Total as a percentage of gross assets(5) | 15.4 | % | 81.6 | % | 3 | % | ||||||||||||||||||||||||||||
Liabilities | ||||||||||||||||||||||||||||||||||
Interest-bearing deposits | $ | — | $ | 787 | $ | 890 | $ | 1,677 | $ | — | $ | 1,677 | ||||||||||||||||||||||
Federal funds purchased and securities loaned or sold under agreements to repurchase | — | 85,576 | 902 | 86,478 | (34,933 | ) | 51,545 | |||||||||||||||||||||||||||
Trading account liabilities | ||||||||||||||||||||||||||||||||||
Securities sold, not yet purchased | 51,035 | 9,883 | 590 | 61,508 | 61,508 | |||||||||||||||||||||||||||||
Trading account derivatives | ||||||||||||||||||||||||||||||||||
Interest rate contracts | $ | 12 | $ | 614,586 | $ | 2,628 | $ | 617,226 | ||||||||||||||||||||||||||
Foreign exchange contracts | 29 | 87,978 | 630 | 88,637 | ||||||||||||||||||||||||||||||
Equity contracts | 5,783 | 26,178 | 2,331 | 34,292 | ||||||||||||||||||||||||||||||
Commodity contracts | 363 | 7,613 | 2,194 | 10,170 | ||||||||||||||||||||||||||||||
Credit derivatives | — | 37,510 | 3,284 | 40,794 | ||||||||||||||||||||||||||||||
Total trading derivatives | $ | 6,187 | $ | 773,865 | $ | 11,067 | $ | 791,119 | ||||||||||||||||||||||||||
Cash collateral received(6) | $ | 8,827 | ||||||||||||||||||||||||||||||||
Netting agreements | $ | (713,598 | ) | |||||||||||||||||||||||||||||||
Netting of cash collateral paid | (39,094 | ) | ||||||||||||||||||||||||||||||||
Total trading derivatives | $ | 6,187 | $ | 773,865 | $ | 11,067 | $ | 799,946 | $ | (752,692 | ) | $ | 47,254 | |||||||||||||||||||||
Short-term borrowings | — | 3,663 | 29 | 3,692 | — | 3,692 | ||||||||||||||||||||||||||||
Long-term debt | — | 19,256 | 7,621 | 26,877 | — | 26,877 | ||||||||||||||||||||||||||||
Non-trading derivatives and other financial liabilities measured on a recurring basis, gross | $ | — | $ | 1,719 | $ | 10 | $ | 1,729 | ||||||||||||||||||||||||||
Cash collateral received(7) | $ | 282 | ||||||||||||||||||||||||||||||||
Non-trading derivatives and other financial liabilities measured on a recurring basis | $ | — | $ | 1,719 | $ | 10 | $ | 2,011 | $ | 2,011 | ||||||||||||||||||||||||
Total liabilities | $ | 57,222 | $ | 894,749 | $ | 21,109 | $ | 982,189 | $ | (787,625 | ) | $ | 194,564 | |||||||||||||||||||||
Total as a percentage of gross liabilities(5) | 5.9 | % | 91.9 | % | 2.2 | % | ||||||||||||||||||||||||||||
-1 | For the three and six months ended June 30, 2013, the Company transferred assets of $0.5 billion and $0.9 billion, respectively, from Level 1 to Level 2, primarily related to foreign government bonds, which were traded with less frequency. During the three and six months ended June 30, 2013, the Company transferred assets of approximately $0.2 billion and $49.0 billion, respectively, from Level 2 to Level 1. Almost all of the transfers during the six months ended June 30, 2013 were related to U.S. Treasury securities held across the Company’s major investment portfolios where Citi obtained additional information from its external pricing sources to meet the criteria for Level 1 classification. There were no material liability transfers between Level 1 and Level 2 during the three and six months ended June 30, 2013. | |||||||||||||||||||||||||||||||||
-2 | Represents netting of: (i) the amounts due under securities purchased under agreements to resell and the amounts owed under securities sold under agreements to repurchase; and (ii) derivative exposures covered by a qualifying master netting agreement and cash collateral offsetting. | |||||||||||||||||||||||||||||||||
-3 | Reflects the net amount of $45,167 million of gross cash collateral paid, of which $39,094 million was used to offset derivative liabilities. | |||||||||||||||||||||||||||||||||
-4 | There is no allowance for loan losses recorded for loans reported at fair value. | |||||||||||||||||||||||||||||||||
-5 | Because the amount of the cash collateral paid/received has not been allocated to the Level 1, 2 and 3 subtotals, these percentages are calculated based on total assets and liabilities measured at fair value on a recurring basis, excluding the cash collateral paid/received on derivatives. | |||||||||||||||||||||||||||||||||
-6 | Reflects the net amount of $43,720 million of gross cash collateral received, of which $34,893 million was used to offset derivative assets. | |||||||||||||||||||||||||||||||||
-7 | Reflects the net amount of $3,233 million of gross cash collateral received, of which $2,951 million was used to offset derivative assets. | |||||||||||||||||||||||||||||||||
Changes in Level 3 Fair Value Category | ||||||||||||||||||||||||||||||||||
The following tables present the changes in the Level 3 fair value category for the three and six months ended June 30, 2014 and 2013. As discussed above, the Company classifies financial instruments as Level 3 of the fair value hierarchy when there is reliance on at least one significant unobservable input to the valuation model. In addition to these unobservable inputs, the valuation models for Level 3 financial instruments typically also rely on a number of inputs that are readily observable either directly or indirectly. The gains and losses presented below include changes in the fair value related to both observable and unobservable inputs. | ||||||||||||||||||||||||||||||||||
The Company often hedges positions with offsetting positions that are classified in a different level. For example, the gains and losses for assets and liabilities in the Level 3 category presented in the tables below do not reflect the effect of offsetting losses and gains on hedging instruments that have been classified by the Company in the Level 1 and Level 2 categories. In addition, the Company hedges items classified in the Level 3 category with instruments also classified in Level 3 of the fair value hierarchy. The effects of these hedges are presented gross in the following tables. | ||||||||||||||||||||||||||||||||||
Level 3 Fair Value Rollforward | ||||||||||||||||||||||||||||||||||
Net realized/unrealized | Transfers | Unrealized | ||||||||||||||||||||||||||||||||
gains (losses) incl. in | gains | |||||||||||||||||||||||||||||||||
(losses) | ||||||||||||||||||||||||||||||||||
In millions of dollars | Mar. 31, 2014 | Principal | Other(1)(2) | into | out of | Purchases | Issuances | Sales | Settlements | Jun. 30, 2014 | still held(3) | |||||||||||||||||||||||
transactions | Level 3 | Level 3 | ||||||||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||||
Federal funds sold and securities borrowed or purchased under agreements to resell | $ | 3,451 | $ | (78 | ) | $ | — | $ | 16 | $ | (8 | ) | $ | 75 | $ | — | $ | — | $ | (93 | ) | $ | 3,363 | $ | 129 | |||||||||
Trading non-derivative assets | ||||||||||||||||||||||||||||||||||
Trading mortgage-backed securities | ||||||||||||||||||||||||||||||||||
U.S. government-sponsored agency guaranteed | $ | 788 | $ | 17 | $ | — | $ | 198 | $ | (213 | ) | $ | 107 | $ | 4 | $ | (196 | ) | $ | (8 | ) | $ | 697 | $ | 8 | |||||||||
Residential | 2,744 | 160 | — | 79 | (129 | ) | 704 | — | (948 | ) | — | 2,610 | 98 | |||||||||||||||||||||
Commercial | 241 | 6 | — | 41 | (38 | ) | 204 | — | (45 | ) | — | 409 | 2 | |||||||||||||||||||||
Total trading mortgage-backed securities | $ | 3,773 | $ | 183 | $ | — | $ | 318 | $ | (380 | ) | $ | 1,015 | $ | 4 | $ | (1,189 | ) | $ | (8 | ) | $ | 3,716 | $ | 108 | |||||||||
U.S. Treasury and federal agency securities | $ | — | $ | 3 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | (3 | ) | $ | — | $ | — | $ | — | |||||||||||
State and municipal | 121 | 2 | — | 134 | — | 9 | — | (24 | ) | — | 242 | (17 | ) | |||||||||||||||||||||
Foreign government | 373 | (10 | ) | — | 37 | (17 | ) | 221 | — | (139 | ) | — | 465 | (1 | ) | |||||||||||||||||||
Corporate | 1,665 | (109 | ) | — | 66 | (195 | ) | 679 | — | (840 | ) | (4 | ) | 1,262 | (28 | ) | ||||||||||||||||||
Equity securities | 1,385 | (42 | ) | — | 1 | (55 | ) | 654 | — | (80 | ) | — | 1,863 | (160 | ) | |||||||||||||||||||
Asset-backed securities | 3,441 | 339 | — | 50 | (53 | ) | 759 | — | (1,160 | ) | — | 3,376 | 296 | |||||||||||||||||||||
Other trading assets | 3,452 | 58 | — | 456 | (715 | ) | 1,811 | — | (1,046 | ) | — | 4,016 | 21 | |||||||||||||||||||||
Total trading non-derivative assets | $ | 14,210 | $ | 424 | $ | — | $ | 1,062 | $ | (1,415 | ) | $ | 5,148 | $ | 4 | $ | (4,481 | ) | $ | (12 | ) | $ | 14,940 | $ | 219 | |||||||||
Trading derivatives, net(4) | ||||||||||||||||||||||||||||||||||
Interest rate contracts | 233 | (236 | ) | — | 116 | (133 | ) | 24 | — | (52 | ) | 65 | 17 | (293 | ) | |||||||||||||||||||
Foreign exchange contracts | 829 | (41 | ) | — | 32 | 11 | — | — | (1 | ) | 17 | 847 | 3 | |||||||||||||||||||||
Equity contracts | (1,236 | ) | 90 | — | (73 | ) | 278 | 112 | — | (43 | ) | (21 | ) | (893 | ) | (415 | ) | |||||||||||||||||
Commodity contracts | (1,329 | ) | 173 | — | (5 | ) | (39 | ) | — | — | — | (29 | ) | (1,229 | ) | 128 | ||||||||||||||||||
Credit derivatives | (257 | ) | (164 | ) | — | (23 | ) | (15 | ) | 102 | — | — | 158 | (199 | ) | (20 | ) | |||||||||||||||||
Total trading derivatives, net(4) | $ | (1,760 | ) | $ | (178 | ) | $ | — | $ | 47 | $ | 102 | $ | 238 | $ | — | $ | (96 | ) | $ | 190 | $ | (1,457 | ) | $ | (597 | ) | |||||||
Net realized/unrealized | Transfers | Unrealized | ||||||||||||||||||||||||||||||||
gains (losses) incl. in | gains | |||||||||||||||||||||||||||||||||
(losses) | ||||||||||||||||||||||||||||||||||
In millions of dollars | Mar. 31, 2014 | Principal | Other(1)(2) | into | out of | Purchases | Issuances | Sales | Settlements | Jun. 30, 2014 | still held(3) | |||||||||||||||||||||||
transactions | Level 3 | Level 3 | ||||||||||||||||||||||||||||||||
Investments | ||||||||||||||||||||||||||||||||||
Mortgage-backed securities | ||||||||||||||||||||||||||||||||||
U.S. government-sponsored agency guaranteed | $ | 199 | $ | — | $ | (3 | ) | $ | 11 | $ | (17 | ) | $ | — | $ | — | $ | (27 | ) | $ | — | $ | 163 | $ | (3 | ) | ||||||||
Residential | 30 | — | 10 | 17 | (1 | ) | — | — | (39 | ) | — | 17 | — | |||||||||||||||||||||
Commercial | 1 | — | — | 3 | — | 3 | — | — | — | 7 | — | |||||||||||||||||||||||
Total investment mortgage-backed securities | $ | 230 | $ | — | $ | 7 | $ | 31 | $ | (18 | ) | $ | 3 | $ | — | $ | (66 | ) | $ | — | $ | 187 | $ | (3 | ) | |||||||||
U.S. Treasury and federal agency securities | $ | 7 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 7 | $ | — | ||||||||||||
State and municipal | 1,903 | — | 29 | 463 | (180 | ) | 125 | — | (238 | ) | — | 2,102 | 37 | |||||||||||||||||||||
Foreign government | 274 | — | (7 | ) | 160 | — | 280 | — | (29 | ) | (63 | ) | 615 | — | ||||||||||||||||||||
Corporate | 531 | — | 14 | 16 | — | 19 | — | (48 | ) | (20 | ) | 512 | (2 | ) | ||||||||||||||||||||
Equity securities | 831 | — | (4 | ) | 6 | (12 | ) | 5 | — | — | — | 826 | (9 | ) | ||||||||||||||||||||
Asset-backed securities | 1,877 | — | 3 | — | — | 7 | — | — | (148 | ) | 1,739 | 10 | ||||||||||||||||||||||
Other debt securities | 99 | — | — | — | — | — | — | (1 | ) | (50 | ) | 48 | — | |||||||||||||||||||||
Non-marketable equity securities | 4,108 | — | (17 | ) | — | — | 367 | — | (176 | ) | (560 | ) | 3,722 | 12 | ||||||||||||||||||||
Total investments | $ | 9,860 | $ | — | $ | 25 | $ | 676 | $ | (210 | ) | $ | 806 | $ | — | $ | (558 | ) | $ | (841 | ) | $ | 9,758 | $ | 45 | |||||||||
Loans | $ | 4,142 | $ | — | $ | (124 | ) | $ | 84 | $ | 6 | $ | 113 | $ | 15 | $ | (38 | ) | $ | (888 | ) | $ | 3,310 | $ | 17 | |||||||||
Mortgage servicing rights | 2,586 | — | (101 | ) | — | — | — | 62 | (163 | ) | (102 | ) | 2,282 | (101 | ) | |||||||||||||||||||
Other financial assets measured on a recurring basis | 179 | — | 27 | — | — | 1 | 51 | (5 | ) | (52 | ) | 201 | 23 | |||||||||||||||||||||
Liabilities | ||||||||||||||||||||||||||||||||||
Interest-bearing deposits | $ | 935 | $ | — | $ | (20 | ) | $ | — | $ | — | $ | — | $ | — | $ | — | $ | (46 | ) | $ | 909 | $ | 12 | ||||||||||
Federal funds purchased and securities loaned or sold under agreements to repurchase | 940 | (2 | ) | — | 54 | — | 47 | — | (11 | ) | — | 1,032 | (8 | ) | ||||||||||||||||||||
Trading account liabilities | ||||||||||||||||||||||||||||||||||
Securities sold, not yet purchased | 482 | 5 | — | 31 | (22 | ) | — | — | 144 | (158 | ) | 472 | (9 | ) | ||||||||||||||||||||
Short-term borrowings | 27 | (14 | ) | — | 80 | — | 8 | — | — | — | 129 | (1 | ) | |||||||||||||||||||||
Long-term debt | 8,646 | (97 | ) | 24 | 654 | (1,384 | ) | — | 1,006 | — | (1,148 | ) | 7,847 | (311 | ) | |||||||||||||||||||
Other financial liabilities measured on a recurring basis | 3 | — | (1 | ) | 4 | — | (1 | ) | — | — | (1 | ) | 6 | — | ||||||||||||||||||||
Net realized/unrealized | Transfers | Unrealized | ||||||||||||||||||||||||||||||||
gains (losses) incl. in | gains | |||||||||||||||||||||||||||||||||
(losses) | ||||||||||||||||||||||||||||||||||
In millions of dollars | Dec. 31, 2013 | Principal | Other(1)(2) | into | out of | Purchases | Issuances | Sales | Settlements | Jun. 30, 2014 | still held(3) | |||||||||||||||||||||||
transactions | Level 3 | Level 3 | ||||||||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||||
Federal funds sold and securities borrowed or purchased under agreements to resell | $ | 3,566 | $ | (79 | ) | $ | — | $ | 67 | $ | (8 | ) | $ | 75 | $ | — | $ | — | $ | (258 | ) | $ | 3,363 | $ | 153 | |||||||||
Trading non-derivative assets | ||||||||||||||||||||||||||||||||||
Trading mortgage-backed securities | ||||||||||||||||||||||||||||||||||
U.S. government-sponsored agency guaranteed | $ | 1,094 | $ | 98 | $ | — | $ | 377 | $ | (598 | ) | $ | 261 | $ | 7 | $ | (517 | ) | $ | (25 | ) | $ | 697 | $ | 14 | |||||||||
Residential | 2,854 | 317 | — | 153 | (282 | ) | 1,680 | — | (2,112 | ) | — | 2,610 | 124 | |||||||||||||||||||||
Commercial | 256 | 11 | — | 76 | (62 | ) | 236 | — | (108 | ) | — | 409 | 5 | |||||||||||||||||||||
Total trading mortgage-backed securities | $ | 4,204 | $ | 426 | $ | — | $ | 606 | $ | (942 | ) | $ | 2,177 | $ | 7 | $ | (2,737 | ) | $ | (25 | ) | $ | 3,716 | $ | 143 | |||||||||
U.S. Treasury and federal agency securities | $ | — | $ | 3 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | (3 | ) | $ | — | $ | — | $ | — | |||||||||||
State and municipal | 222 | 4 | — | 145 | (104 | ) | 18 | — | (43 | ) | — | 242 | (20 | ) | ||||||||||||||||||||
Foreign government | 416 | (16 | ) | — | 86 | (102 | ) | 359 | — | (278 | ) | — | 465 | 39 | ||||||||||||||||||||
Corporate | 1,835 | (82 | ) | — | 253 | (340 | ) | 1,271 | — | (1,668 | ) | (7 | ) | 1,262 | (56 | ) | ||||||||||||||||||
Equity securities | 1,057 | (213 | ) | — | 36 | (60 | ) | 1,186 | — | (143 | ) | — | 1,863 | (58 | ) | |||||||||||||||||||
Asset-backed securities | 4,342 | 608 | — | 83 | (228 | ) | 1,702 | — | (3,131 | ) | — | 3,376 | 448 | |||||||||||||||||||||
Other trading assets | 3,184 | 81 | — | 1,031 | (1,179 | ) | 2,875 | — | (1,910 | ) | (66 | ) | 4,016 | 22 | ||||||||||||||||||||
Total trading non-derivative assets | $ | 15,260 | $ | 811 | $ | — | $ | 2,240 | $ | (2,955 | ) | $ | 9,588 | $ | 7 | $ | (9,913 | ) | $ | (98 | ) | $ | 14,940 | $ | 518 | |||||||||
Trading derivatives, net(4) | ||||||||||||||||||||||||||||||||||
Interest rate contracts | 839 | (584 | ) | — | 152 | (124 | ) | 42 | — | (98 | ) | (210 | ) | 17 | (225 | ) | ||||||||||||||||||
Foreign exchange contracts | 695 | 97 | — | 21 | 30 | 1 | — | (1 | ) | 4 | 847 | 145 | ||||||||||||||||||||||
Equity contracts | (858 | ) | 242 | — | (591 | ) | 330 | 262 | — | (137 | ) | (141 | ) | (893 | ) | (431 | ) | |||||||||||||||||
Commodity contracts | (1,393 | ) | 248 | — | 25 | (8 | ) | — | — | — | (101 | ) | (1,229 | ) | 197 | |||||||||||||||||||
Credit derivatives | (274 | ) | (227 | ) | — | (84 | ) | (45 | ) | 103 | — | (3 | ) | 331 | (199 | ) | (325 | ) | ||||||||||||||||
Total trading derivatives, net(4) | $ | (991 | ) | $ | (224 | ) | $ | — | $ | (477 | ) | $ | 183 | $ | 408 | $ | — | $ | (239 | ) | $ | (117 | ) | $ | (1,457 | ) | $ | (639 | ) | |||||
Net realized/unrealized | Transfers | Unrealized | ||||||||||||||||||||||||||||||||
gains (losses) incl. in | gains | |||||||||||||||||||||||||||||||||
(losses) | ||||||||||||||||||||||||||||||||||
In millions of dollars | Dec. 31, 2013 | Principal | Other(1)(2) | into | out of | Purchases | Issuances | Sales | Settlements | Jun. 30, 2014 | still held(3) | |||||||||||||||||||||||
transactions | Level 3 | Level 3 | ||||||||||||||||||||||||||||||||
Investments | ||||||||||||||||||||||||||||||||||
Mortgage-backed securities | ||||||||||||||||||||||||||||||||||
U.S. government-sponsored agency guaranteed | $ | 187 | $ | — | $ | 45 | $ | 35 | $ | (54 | ) | $ | 17 | $ | — | $ | (66 | ) | $ | (1 | ) | $ | 163 | $ | (3 | ) | ||||||||
Residential | 102 | — | 33 | 30 | (1 | ) | 17 | — | (164 | ) | — | 17 | — | |||||||||||||||||||||
Commercial | — | — | — | 4 | — | 3 | — | — | — | 7 | — | |||||||||||||||||||||||
Total investment mortgage-backed securities | $ | 289 | $ | — | $ | 78 | $ | 69 | $ | (55 | ) | $ | 37 | $ | — | $ | (230 | ) | $ | (1 | ) | $ | 187 | $ | (3 | ) | ||||||||
U.S. Treasury and federal agency securities | $ | 8 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | (1 | ) | $ | — | $ | 7 | $ | — | |||||||||||
State and municipal | 1,643 | — | 65 | 717 | (465 | ) | 498 | — | (356 | ) | — | 2,102 | 72 | |||||||||||||||||||||
Foreign government | 344 | — | (5 | ) | 182 | (42 | ) | 329 | — | (107 | ) | (86 | ) | 615 | — | |||||||||||||||||||
Corporate | 285 | — | 13 | 18 | (1 | ) | 266 | — | (49 | ) | (20 | ) | 512 | (4 | ) | |||||||||||||||||||
Equity securities | 815 | — | 12 | 12 | (12 | ) | 6 | — | (7 | ) | — | 826 | 7 | |||||||||||||||||||||
Asset-backed securities | 1,960 | — | 11 | — | (42 | ) | 55 | — | (97 | ) | (148 | ) | 1,739 | 5 | ||||||||||||||||||||
Other debt securities | 50 | — | (1 | ) | — | — | 50 | — | (1 | ) | (50 | ) | 48 | — | ||||||||||||||||||||
Non-marketable equity securities | 4,347 | — | 32 | 67 | — | 619 | — | (259 | ) | (1,084 | ) | 3,722 | 15 | |||||||||||||||||||||
Total investments | $ | 9,741 | $ | — | $ | 205 | $ | 1,065 | $ | (617 | ) | $ | 1,860 | $ | — | $ | (1,107 | ) | $ | (1,389 | ) | $ | 9,758 | $ | 92 | |||||||||
Loans | $ | 4,143 | $ | — | $ | (152 | ) | $ | 84 | $ | 6 | $ | 266 | $ | 65 | $ | (117 | ) | $ | (985 | ) | $ | 3,310 | $ | 17 | |||||||||
Mortgage servicing rights | 2,718 | — | (215 | ) | — | — | — | 112 | (135 | ) | (198 | ) | 2,282 | (216 | ) | |||||||||||||||||||
Other financial assets measured on a recurring basis | 181 | — | 25 | — | — | 1 | 87 | (9 | ) | (84 | ) | 201 | 17 | |||||||||||||||||||||
Liabilities | ||||||||||||||||||||||||||||||||||
Interest-bearing deposits | $ | 890 | $ | — | $ | (90 | ) | $ | — | $ | — | $ | — | $ | — | $ | — | $ | (71 | ) | $ | 909 | $ | 3 | ||||||||||
Federal funds purchased and securities loaned or sold under agreements to repurchase | 902 | (9 | ) | — | 54 | — | 78 | — | (11 | ) | — | 1,032 | (21 | ) | ||||||||||||||||||||
Trading account liabilities | ||||||||||||||||||||||||||||||||||
Securities sold, not yet purchased | 590 | 15 | — | 49 | (51 | ) | — | — | 294 | (395 | ) | 472 | (6 | ) | ||||||||||||||||||||
Short-term borrowings | 29 | (31 | ) | — | 80 | — | 8 | 1 | — | (20 | ) | 129 | (6 | ) | ||||||||||||||||||||
Long-term debt | 7,621 | (381 | ) | 49 | 1,613 | (2,238 | ) | — | 1,946 | — | (1,427 | ) | 7,847 | (521 | ) | |||||||||||||||||||
Other financial liabilities measured on a recurring basis | 10 | — | (1 | ) | 4 | — | (1 | ) | 1 | (3 | ) | (6 | ) | 6 | — | |||||||||||||||||||
-1 | Changes in fair value for available-for-sale investments are recorded in Accumulated other comprehensive income (loss), unless other-than-temporarily impaired, 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 Accumulated other comprehensive income (loss) 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 June 30, 2014. | |||||||||||||||||||||||||||||||||
-4 | Total Level 3 derivative assets and liabilities have been netted in these tables for presentation purposes only. | |||||||||||||||||||||||||||||||||
Net realized/unrealized | Transfers | Unrealized | ||||||||||||||||||||||||||||||||
gains (losses) incl. in | gains | |||||||||||||||||||||||||||||||||
(losses) | ||||||||||||||||||||||||||||||||||
In millions of dollars | Mar. 31, 2013 | Principal | Other(1)(2) | into | out of | Purchases | Issuances | Sales | Settlements | Jun. 30, 2013 | still held(3) | |||||||||||||||||||||||
transactions | Level 3 | Level 3 | ||||||||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||||
Federal funds sold and securities borrowed or purchased under agreements to resell | $ | 4,349 | $ | (150 | ) | $ | — | $ | — | $ | (39 | ) | $ | 17 | $ | — | $ | — | $ | — | $ | 4,177 | $ | 365 | ||||||||||
Trading non-derivative assets | ||||||||||||||||||||||||||||||||||
Trading mortgage-backed securities | ||||||||||||||||||||||||||||||||||
U.S. government-sponsored agency guaranteed | $ | 1,278 | $ | 27 | $ | — | $ | 345 | $ | (303 | ) | $ | 689 | $ | 29 | $ | (339 | ) | $ | (22 | ) | $ | 1,704 | $ | (9 | ) | ||||||||
Residential | 2,112 | 187 | — | 219 | (36 | ) | 1,171 | — | (715 | ) | — | 2,938 | 44 | |||||||||||||||||||||
Commercial | 410 | 38 | — | 66 | (148 | ) | 79 | — | (119 | ) | — | 326 | 7 | |||||||||||||||||||||
Total trading mortgage-backed securities | $ | 3,800 | $ | 252 | $ | — | $ | 630 | $ | (487 | ) | $ | 1,939 | $ | 29 | $ | (1,173 | ) | $ | (22 | ) | $ | 4,968 | $ | 42 | |||||||||
U.S. Treasury and federal agency securities | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||
State and municipal | 209 | 18 | — | — | — | 56 | — | (42 | ) | — | 241 | (6 | ) | |||||||||||||||||||||
Foreign government | 228 | (4 | ) | — | 47 | (25 | ) | 52 | — | (58 | ) | — | 240 | (2 | ) | |||||||||||||||||||
Corporate | 1,736 | 74 | — | 62 | (83 | ) | 811 | — | (376 | ) | (536 | ) | 1,688 | 65 | ||||||||||||||||||||
Equity securities | 279 | (33 | ) | — | 25 | (96 | ) | 62 | — | (47 | ) | — | 190 | (24 | ) | |||||||||||||||||||
Asset-backed securities | 4,410 | 144 | — | 48 | (23 | ) | 1,449 | — | (1,552 | ) | (217 | ) | 4,259 | (2 | ) | |||||||||||||||||||
Other trading assets | 2,260 | 8 | — | 369 | (571 | ) | 789 | — | (480 | ) | (99 | ) | 2,276 | (3 | ) | |||||||||||||||||||
Total trading non-derivative assets | $ | 12,922 | $ | 459 | $ | — | $ | 1,181 | $ | (1,285 | ) | $ | 5,158 | $ | 29 | $ | (3,728 | ) | $ | (874 | ) | $ | 13,862 | $ | 70 | |||||||||
Trading derivatives, net(4) | ||||||||||||||||||||||||||||||||||
Interest rate contracts | 298 | 339 | — | 235 | 275 | 52 | — | (67 | ) | (49 | ) | 1,083 | 434 | |||||||||||||||||||||
Foreign exchange contracts | 140 | 213 | — | 20 | 13 | 6 | — | (1 | ) | (24 | ) | 367 | (64 | ) | ||||||||||||||||||||
Equity contracts | (1,474 | ) | 169 | — | (2 | ) | 265 | 67 | — | 5 | (122 | ) | (1,092 | ) | (389 | ) | ||||||||||||||||||
Commodity contracts | (637 | ) | 357 | — | (1 | ) | 7 | 12 | — | (18 | ) | 62 | (218 | ) | 528 | |||||||||||||||||||
Credit derivatives | (156 | ) | (43 | ) | — | 102 | (49 | ) | 4 | — | — | 101 | (41 | ) | 7 | |||||||||||||||||||
Total trading derivatives, net(4) | $ | (1,829 | ) | $ | 1,035 | $ | — | $ | 354 | $ | 511 | $ | 141 | $ | — | $ | (81 | ) | $ | (32 | ) | $ | 99 | $ | 516 | |||||||||
Investments | ||||||||||||||||||||||||||||||||||
Mortgage-backed securities | ||||||||||||||||||||||||||||||||||
U.S. government-sponsored agency guaranteed | $ | 2,526 | $ | — | $ | (1 | ) | $ | 264 | $ | (2,319 | ) | $ | (1 | ) | $ | — | $ | — | $ | (49 | ) | $ | 420 | $ | 5 | ||||||||
Residential | 186 | — | 14 | — | (60 | ) | — | — | (140 | ) | — | — | — | |||||||||||||||||||||
Commercial | — | — | — | 3 | (12 | ) | 12 | — | — | — | 3 | — | ||||||||||||||||||||||
Total investment mortgage-backed securities | $ | 2,712 | $ | — | $ | 13 | $ | 267 | $ | (2,391 | ) | $ | 11 | $ | — | $ | (140 | ) | $ | (49 | ) | $ | 423 | $ | 5 | |||||||||
U.S. Treasury and federal agency securities | $ | 11 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | (2 | ) | $ | — | $ | 9 | $ | — | |||||||||||
State and municipal | 748 | — | 15 | — | — | 126 | — | (80 | ) | (125 | ) | 684 | 13 | |||||||||||||||||||||
Foreign government | 268 | — | (5 | ) | 83 | (27 | ) | 159 | — | (84 | ) | (27 | ) | 367 | — | |||||||||||||||||||
Corporate | 345 | — | (4 | ) | 191 | (104 | ) | 2 | — | (4 | ) | (22 | ) | 404 | 1 | |||||||||||||||||||
Equity securities | 767 | — | (5 | ) | 17 | — | — | — | — | — | 779 | (38 | ) | |||||||||||||||||||||
Asset-backed securities | 3,815 | — | 12 | — | (1,684 | ) | 233 | — | — | (618 | ) | 1,758 | 6 | |||||||||||||||||||||
Other debt securities | 52 | — | — | — | — | — | — | (1 | ) | — | 51 | — | ||||||||||||||||||||||
Non-marketable equity securities | 5,287 | — | 109 | — | — | 513 | — | (62 | ) | (484 | ) | 5,363 | 72 | |||||||||||||||||||||
Total investments | $ | 14,005 | $ | — | $ | 135 | $ | 558 | $ | (4,206 | ) | $ | 1,044 | $ | — | $ | (373 | ) | $ | (1,325 | ) | $ | 9,838 | $ | 59 | |||||||||
Net realized/unrealized | Transfers | Unrealized | ||||||||||||||||||||||||||||||||
gains (losses) incl. in | gains | |||||||||||||||||||||||||||||||||
(losses) | ||||||||||||||||||||||||||||||||||
In millions of dollars | Mar. 31, 2013 | Principal | Other(1)(2) | into | out of | Purchases | Issuances | Sales | Settlements | Jun. 30, 2013 | still held(3) | |||||||||||||||||||||||
transactions | Level 3 | Level 3 | ||||||||||||||||||||||||||||||||
Loans | $ | 4,514 | $ | — | $ | (3 | ) | $ | 353 | $ | — | $ | (36 | ) | $ | 6 | $ | 57 | $ | (570 | ) | $ | 4,321 | $ | — | |||||||||
Mortgage servicing rights | 2,203 | — | 227 | — | — | — | 205 | — | (111 | ) | 2,524 | 228 | ||||||||||||||||||||||
Other financial assets measured on a recurring basis | 2,428 | — | (30 | ) | — | — | 78 | 50 | (2,005 | ) | (276 | ) | 245 | (35 | ) | |||||||||||||||||||
Liabilities | ||||||||||||||||||||||||||||||||||
Interest-bearing deposits | $ | 834 | $ | — | $ | (51 | ) | $ | — | $ | — | $ | — | $ | 38 | $ | — | $ | (92 | ) | $ | 831 | $ | (23 | ) | |||||||||
Federal funds purchased and securities loaned or sold under agreements to repurchase | 1,053 | 33 | — | — | (15 | ) | — | — | 2 | — | 1,007 | 29 | ||||||||||||||||||||||
Trading account liabilities | ||||||||||||||||||||||||||||||||||
Securities sold, not yet purchased | 335 | (8 | ) | — | 4 | (6 | ) | — | — | 130 | (21 | ) | 450 | (40 | ) | |||||||||||||||||||
Short-term borrowings | 53 | (16 | ) | — | — | (4 | ) | — | 290 | — | (20 | ) | 335 | (45 | ) | |||||||||||||||||||
Long-term debt | 6,847 | 380 | 36 | 730 | (549 | ) | — | 621 | — | (422 | ) | 6,811 | (464 | ) | ||||||||||||||||||||
Other financial liabilities measured on a recurring basis | 16 | — | (186 | ) | 3 | — | (1 | ) | 88 | — | (197 | ) | 95 | (196 | ) | |||||||||||||||||||
Net realized/unrealized | Transfers | Unrealized | ||||||||||||||||||||||||||||||||
gains (losses) incl. in | gains | |||||||||||||||||||||||||||||||||
(losses) | ||||||||||||||||||||||||||||||||||
In millions of dollars | Dec. 31, 2012 | Principal | Other(1)(2) | into | out of | Purchases | Issuances | Sales | Settlements | Jun. 30, 2013 | still held(3) | |||||||||||||||||||||||
transactions | Level 3 | Level 3 | ||||||||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||||
Federal funds sold and securities borrowed or purchased under agreements to resell | $ | 5,043 | $ | (163 | ) | $ | — | $ | 598 | $ | (1,318 | ) | $ | 17 | $ | — | $ | — | $ | — | $ | 4,177 | $ | 123 | ||||||||||
Trading non-derivative assets | ||||||||||||||||||||||||||||||||||
Trading mortgage-backed securities | ||||||||||||||||||||||||||||||||||
U.S. government-sponsored agency guaranteed | $ | 1,325 | $ | 76 | $ | — | $ | 737 | $ | (705 | ) | $ | 969 | $ | 55 | $ | (707 | ) | $ | (46 | ) | $ | 1,704 | $ | 43 | |||||||||
Residential | 1,805 | 358 | — | 317 | (212 | ) | 1,898 | — | (1,221 | ) | (7 | ) | 2,938 | 99 | ||||||||||||||||||||
Commercial | 1,119 | 92 | — | 155 | (184 | ) | 146 | — | (985 | ) | (17 | ) | 326 | 8 | ||||||||||||||||||||
Total trading mortgage-backed securities | $ | 4,249 | $ | 526 | $ | — | $ | 1,209 | $ | (1,101 | ) | $ | 3,013 | $ | 55 | $ | (2,913 | ) | $ | (70 | ) | $ | 4,968 | $ | 150 | |||||||||
State and municipal | 195 | 19 | — | — | — | 75 | — | (48 | ) | — | 241 | (6 | ) | |||||||||||||||||||||
Foreign government | 311 | (2 | ) | — | 53 | (61 | ) | 117 | — | (178 | ) | — | 240 | (2 | ) | |||||||||||||||||||
Corporate | 2,030 | (30 | ) | — | 138 | (100 | ) | 1,379 | — | (819 | ) | (910 | ) | 1,688 | (406 | ) | ||||||||||||||||||
Equity securities | 264 | 4 | — | 48 | (159 | ) | 140 | — | (107 | ) | — | 190 | 286 | |||||||||||||||||||||
Asset-backed securities | 4,453 | 368 | — | 86 | (55 | ) | 3,032 | — | (3,408 | ) | (217 | ) | 4,259 | 13 | ||||||||||||||||||||
Other trading assets | 2,321 | 106 | — | 508 | (998 | ) | 1,533 | — | (996 | ) | (198 | ) | 2,276 | 13 | ||||||||||||||||||||
Total trading non-derivative assets | $ | 13,823 | $ | 991 | $ | — | $ | 2,042 | $ | (2,474 | ) | $ | 9,289 | $ | 55 | $ | (8,469 | ) | $ | (1,395 | ) | $ | 13,862 | $ | 48 | |||||||||
Trading derivatives, net(4) | ||||||||||||||||||||||||||||||||||
Interest rate contracts | 181 | 312 | — | 749 | 108 | 143 | — | (82 | ) | (328 | ) | 1,083 | 983 | |||||||||||||||||||||
Foreign exchange contracts | — | 311 | — | 30 | 3 | 15 | — | (8 | ) | 16 | 367 | (151 | ) | |||||||||||||||||||||
Equity contracts | (1,448 | ) | 261 | — | (24 | ) | 346 | 116 | — | (56 | ) | (287 | ) | (1,092 | ) | (589 | ) | |||||||||||||||||
Commodity contracts | (771 | ) | 411 | — | 7 | 5 | 15 | — | (25 | ) | 140 | (218 | ) | 669 | ||||||||||||||||||||
Credit derivatives | (342 | ) | (146 | ) | — | 110 | (178 | ) | 12 | — | — | 503 | (41 | ) | 217 | |||||||||||||||||||
Total trading derivatives, net(4) | $ | (2,380 | ) | $ | 1,149 | $ | — | $ | 872 | $ | 284 | $ | 301 | $ | — | $ | (171 | ) | $ | 44 | $ | 99 | $ | 1,129 | ||||||||||
Investments | ||||||||||||||||||||||||||||||||||
Mortgage-backed securities | ||||||||||||||||||||||||||||||||||
U.S. government-sponsored agency guaranteed | $ | 1,458 | $ | — | $ | 2 | $ | 1,897 | $ | (3,350 | ) | $ | 470 | $ | — | $ | — | $ | (57 | ) | $ | 420 | $ | 2 | ||||||||||
Residential | 205 | — | 23 | 60 | (265 | ) | 117 | — | (140 | ) | — | — | — | |||||||||||||||||||||
Commercial | — | — | — | 3 | (12 | ) | 12 | — | — | — | 3 | — | ||||||||||||||||||||||
Total investment mortgage-backed securities | $ | 1,663 | $ | — | $ | 25 | $ | 1,960 | $ | (3,627 | ) | $ | 599 | $ | — | $ | (140 | ) | $ | (57 | ) | $ | 423 | $ | 2 | |||||||||
U.S. Treasury and federal agency securities | $ | 12 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | (3 | ) | $ | — | $ | 9 | $ | — | |||||||||||
State and municipal | 849 | — | (2 | ) | 7 | (117 | ) | 207 | — | (135 | ) | (125 | ) | 684 | (6 | ) | ||||||||||||||||||
Foreign government | 383 | — | (4 | ) | 105 | (201 | ) | 289 | — | (151 | ) | (54 | ) | 367 | (6 | ) | ||||||||||||||||||
Corporate | 385 | — | (3 | ) | 291 | (116 | ) | 16 | — | (147 | ) | (22 | ) | 404 | 3 | |||||||||||||||||||
Equity securities | 773 | — | (3 | ) | 17 | — | 1 | — | (9 | ) | — | 779 | (38 | ) | ||||||||||||||||||||
Asset-backed securities | 2,220 | — | 50 | 1,192 | (1,684 | ) | 925 | — | (17 | ) | (928 | ) | 1,758 | 6 | ||||||||||||||||||||
Other debt securities | 258 | — | — | — | (205 | ) | — | — | (2 | ) | — | 51 | — | |||||||||||||||||||||
Non-marketable equity securities | 5,364 | — | 178 | — | — | 553 | — | (83 | ) | (649 | ) | 5,363 | 207 | |||||||||||||||||||||
Total investments | $ | 11,907 | $ | — | $ | 241 | $ | 3,572 | $ | (5,950 | ) | $ | 2,590 | $ | — | $ | (687 | ) | $ | (1,835 | ) | $ | 9,838 | $ | 168 | |||||||||
Net realized/unrealized | Transfers | Unrealized | ||||||||||||||||||||||||||||||||
gains (losses) incl. in | gains | |||||||||||||||||||||||||||||||||
(losses) | ||||||||||||||||||||||||||||||||||
In millions of dollars | Dec. 31, 2012 | Principal | Other(1)(2) | into | out of | Purchases | Issuances | Sales | Settlements | Jun. 30, 2013 | still held(3) | |||||||||||||||||||||||
transactions | Level 3 | Level 3 | ||||||||||||||||||||||||||||||||
Loans | $ | 4,931 | $ | — | $ | (78 | ) | $ | 353 | $ | — | $ | 59 | $ | 13 | $ | (6 | ) | $ | (951 | ) | $ | 4,321 | $ | 178 | |||||||||
Mortgage servicing rights | 1,942 | — | 417 | — | — | — | 377 | (1 | ) | (211 | ) | 2,524 | 191 | |||||||||||||||||||||
Other financial assets measured on a recurring basis | 2,452 | — | 6 | 1 | — | 216 | 340 | (2,010 | ) | (760 | ) | 245 | 194 | |||||||||||||||||||||
Liabilities | ||||||||||||||||||||||||||||||||||
Interest-bearing deposits | $ | 786 | $ | — | $ | (67 | ) | $ | 22 | $ | — | $ | — | $ | 63 | $ | — | $ | (107 | ) | $ | 831 | $ | (164 | ) | |||||||||
Federal funds purchased and securities loaned or sold under agreements to repurchase | 841 | 60 | — | 201 | (15 | ) | — | — | 40 | — | 1,007 | 41 | ||||||||||||||||||||||
Trading account liabilities | ||||||||||||||||||||||||||||||||||
Securities sold, not yet purchased | 365 | 11 | — | 24 | (11 | ) | — | — | 176 | (93 | ) | 450 | 88 | |||||||||||||||||||||
Short-term borrowings | 112 | 26 | — | — | (4 | ) | — | 291 | — | (38 | ) | 335 | (44 | ) | ||||||||||||||||||||
Long-term debt | 6,726 | 371 | 69 | 1,365 | (1,014 | ) | — | 905 | (1 | ) | (730 | ) | 6,811 | (907 | ) | |||||||||||||||||||
Other financial liabilities measured on a recurring basis | 24 | — | (185 | ) | 5 | (2 | ) | (3 | ) | 90 | — | (204 | ) | 95 | (198 | ) | ||||||||||||||||||
-1 | Changes in fair value for available-for-sale investments are recorded in Accumulated other comprehensive income (loss), unless other-than-temporarily impaired, 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 Accumulated other comprehensive income (loss) 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 June 30, 2013. | |||||||||||||||||||||||||||||||||
-4 | Total Level 3 derivative assets and liabilities have been netted in these tables for presentation purposes only. | |||||||||||||||||||||||||||||||||
Level 3 Fair Value Rollforward | ||||||||||||||||||||||||||||||||||
The following were the significant Level 3 transfers for the period March 31, 2014 to June 30, 2014: | ||||||||||||||||||||||||||||||||||
• | Transfers of Long-term debt of $1.4 billion from Level 3 to Level 2 mainly related to structured debt, reflecting changes in the significance of unobservable inputs as well as certain underlying market inputs becoming less or more observable. | |||||||||||||||||||||||||||||||||
The following were the significant Level 3 transfers for the period December 31, 2013 to June 30, 2014: | ||||||||||||||||||||||||||||||||||
• | Transfers of Long-term debt of $1.6 billion from Level 2 to Level 3, and of $2.2 billion from Level 3 to Level 2, mainly related to structured debt, reflecting changes in the significance of unobservable inputs as well as certain underlying market inputs becoming less or more observable. | |||||||||||||||||||||||||||||||||
• | Transfers of Other trading assets of $1.0 billion from Level 2 to Level 3, and of $1.2 billion from Level 3 to Level 2, related to trading loans, reflecting changes in the volume of market quotations. | |||||||||||||||||||||||||||||||||
The following were the significant Level 3 transfers from March 31, 2013 to June 30, 2013: | ||||||||||||||||||||||||||||||||||
• | Transfers of U.S. government-sponsored agency guaranteed mortgage-backed securities in Investments of $2.3 billion from Level 3 to Level 2 due to an increase in price observability. | |||||||||||||||||||||||||||||||||
• | Transfers of asset-backed securities in Investments of $1.7 billion from Level 3 to Level 2 related to collateralized loan obligations where increased trading activity and new issuances resulted in greater price observability. | |||||||||||||||||||||||||||||||||
The following were the significant Level 3 transfers from December 31, 2012 to June 30, 2013: | ||||||||||||||||||||||||||||||||||
• | Transfers of Federal funds sold and securities borrowed or purchased under agreements to resell of $1.3 billion from Level 3 to Level 2 related to shortening of the remaining tenor of certain reverse repos. There is more transparency and observability for repo curves used in the valuation of structured reverse repos with tenors up to five years; thus, structured reverse repos maturing within five years are generally classified as Level 2. | |||||||||||||||||||||||||||||||||
• | Transfers of U.S. government-sponsored agency guaranteed mortgage-backed securities in Investments of $1.9 billion from Level 2 to Level 3, and of $3.4 billion from Level 3 to Level 2, due to changes in the level of price observability for the specific securities. | |||||||||||||||||||||||||||||||||
• | Transfers of asset-backed securities in Investments of $1.2 billion from Level 2 to Level 3, and of $1.7 billion from Level 3 to Level 2. These transfers were related to collateralized loan obligations, reflecting changes in the level of price observability. | |||||||||||||||||||||||||||||||||
• | Transfers of Long-term debt of $1.4 billion from Level 2 to Level 3, and of $1.0 billion from Level 3 to Level 2, mainly related to structured debt, reflecting changes in the significance of unobservable inputs as well as certain underlying market inputs becoming less or more observable. | |||||||||||||||||||||||||||||||||
Valuation Techniques and Inputs for Level 3 Fair Value Measurements | ||||||||||||||||||||||||||||||||||
The Company’s Level 3 inventory consists of both cash securities and derivatives of varying complexities. The valuation methodologies applied to measure the fair value of these positions include discounted cash flow analyses, internal models and comparative analysis. A position is classified within Level 3 of the fair value hierarchy when at least one input is unobservable and is considered significant to its valuation. The specific reason an input is deemed unobservable varies. For example, at least one significant input to the pricing model is not observable in the market, at least one significant input has been adjusted to make it more representative of the position being valued, or the price quote available does not reflect sufficient trading activities. | ||||||||||||||||||||||||||||||||||
The following tables present the valuation techniques covering the majority of Level 3 inventory and the most significant unobservable inputs used in Level 3 fair value measurements as of June 30, 2014 and December 31, 2013. Differences between this table and amounts presented in the Level 3 Fair Value Rollforward table represent individually immaterial items that have been measured using a variety of valuation techniques other than those listed. | ||||||||||||||||||||||||||||||||||
Valuation Techniques and Inputs for Level 3 Fair Value Measurements | ||||||||||||||||||||||||||||||||||
As of June 30, 2014 | Fair Value(1) | Methodology | Input | Low(2)(3) | High(2)(3) | Weighted | ||||||||||||||||||||||||||||
(in millions) | Average(4) | |||||||||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||||
Federal funds sold and securities | $ | 3,212 | Model-based | Interest rate | 1.38 | % | 1.99 | % | 1.85 | % | ||||||||||||||||||||||||
borrowed or purchased under | ||||||||||||||||||||||||||||||||||
agreements to resell | ||||||||||||||||||||||||||||||||||
Mortgage-backed securities | $ | 2,573 | Price-based | Price | $ | 0.05 | $ | 116.37 | $ | 80.89 | ||||||||||||||||||||||||
1,028 | Yield analysis | Yield | 0.11 | % | 22.73 | % | 7.95 | % | ||||||||||||||||||||||||||
State and municipal, foreign | $ | 6,482 | Price-based | Price | $ | — | $ | 141.75 | $ | 89.19 | ||||||||||||||||||||||||
government, corporate and other debt | ||||||||||||||||||||||||||||||||||
securities | ||||||||||||||||||||||||||||||||||
1,834 | Cash flow | Credit spread | 60 bps | 600 bps | 226 bps | |||||||||||||||||||||||||||||
Equity securities(5) | $ | 1,800 | Price-based | Price (5) | $ | — | $ | 163 | $ | 73.92 | ||||||||||||||||||||||||
831 | Cash Flow | Yield | 4 | % | 5 | % | 4.5 | % | ||||||||||||||||||||||||||
WAL | 0.01 years | 3.25 years | 1.36 years | |||||||||||||||||||||||||||||||
Asset-backed securities | $ | 3,732 | Price-based | Price | $ | — | $ | 105 | $ | 71.79 | ||||||||||||||||||||||||
1,185 | Model-based | Credit spread | 294 bps | 294 bps | 294 bps | |||||||||||||||||||||||||||||
Non-marketable equity | $ | 1,773 | Price-based | Discount to price | — | % | 90 | % | 5.66 | % | ||||||||||||||||||||||||
1,461 | Comparables analysis | EBITDA multiples | 4.4 | x | 13.9 | x | 9.66 | x | ||||||||||||||||||||||||||
472 | Cash flow | PE ratio | 8.8 | x | 8.8 | x | 8.8 | x | ||||||||||||||||||||||||||
Price-to-book ratio | 0.9 | x | 1.6 | x | 1.25 | x | ||||||||||||||||||||||||||||
Fund NAV | $ | 550 | $ | 78,234,268 | $ | 34,691,460 | ||||||||||||||||||||||||||||
Derivatives—Gross(6) | ||||||||||||||||||||||||||||||||||
Interest rate contracts (gross) | $ | 7,344 | Model-based | Interest rate (IR) lognormal volatility | 11.86 | % | 87.59 | % | 21.85 | % | ||||||||||||||||||||||||
Mean reversion | 1 | % | 20 | % | 10.39 | % | ||||||||||||||||||||||||||||
Foreign exchange contracts (gross) | $ | 1,216 | Model-based | Foreign exchange (FX) volatility | 1.96 | % | 23.1 | % | 11.25 | % | ||||||||||||||||||||||||
264 | Cash flow | Interest rate | 3.2 | % | 12.16 | % | 6.24 | % | ||||||||||||||||||||||||||
Credit spread | 31 bps | 395 bps | 126 bps | |||||||||||||||||||||||||||||||
IR-FX correlation | 40 | % | 60 | % | 50 | % | ||||||||||||||||||||||||||||
IR-IR correlation | 40 | % | 40 | % | 40 | % | ||||||||||||||||||||||||||||
Equity contracts (gross)(7) | $ | 3,983 | Model-based | Equity volatility | 9.1 | % | 124.17 | % | 22.78 | % | ||||||||||||||||||||||||
480 | Price-based | Equity forward | 89.56 | % | 121.29 | % | 101.81 | % | ||||||||||||||||||||||||||
Equity-FX correlation | (90.00 | )% | 65 | % | (20.48 | )% | ||||||||||||||||||||||||||||
Equity-equity correlation | 8.2 | % | 95.3 | % | 57.16 | % | ||||||||||||||||||||||||||||
Price | $ | 0.01 | $ | 130 | $ | 81.39 | ||||||||||||||||||||||||||||
As of June 30, 2014 | Fair Value(1) | Methodology | Input | Low(2)(3) | High(2)(3) | Weighted | ||||||||||||||||||||||||||||
(in millions) | Average(4) | |||||||||||||||||||||||||||||||||
Commodity contracts (gross) | $ | 2,525 | Model-based | Commodity volatility | 5 | % | 124 | % | 15 | % | ||||||||||||||||||||||||
Forward price | 45.31 | % | 190.53 | % | 107.17 | % | ||||||||||||||||||||||||||||
Commodity correlation | (52.00 | )% | 90 | % | 26 | % | ||||||||||||||||||||||||||||
Credit derivatives (gross) | $ | 4,125 | Model-based | Credit correlation | — | % | 95 | % | 52.12 | % | ||||||||||||||||||||||||
1,716 | Price-based | Recovery rate | 10 | % | 61.12 | % | 36.73 | % | ||||||||||||||||||||||||||
Price | $ | — | $ | 130 | $ | 42.2 | ||||||||||||||||||||||||||||
Upfront points | 1.01 | 98.96 | 76.54 | |||||||||||||||||||||||||||||||
Nontrading derivatives and other financial | $ | 94 | Price-based | Redemption rate | 3 | % | 99.5 | % | 64.71 | % | ||||||||||||||||||||||||
assets and liabilities measured on a | ||||||||||||||||||||||||||||||||||
recurring basis (gross)(6) | ||||||||||||||||||||||||||||||||||
60 | Model-based | EBITDA multiples | 4.5 | x | 12.5 | x | 11.73 | x | ||||||||||||||||||||||||||
53 | Comparables analysis | PE ratio | 10.8 | x | 10.8 | x | 10.8 | x | ||||||||||||||||||||||||||
Fund NAV | $ | 1 | $ | 9,847,972 | $ | 8,381,450 | ||||||||||||||||||||||||||||
Price | $ | — | $ | 108.7 | $ | 73.72 | ||||||||||||||||||||||||||||
Discount to price | — | 35 | 17.44 | |||||||||||||||||||||||||||||||
Price-to-book ratio | 1 | x | 1 | x | 1 | x | ||||||||||||||||||||||||||||
Loans | $ | 491 | Model-based | Credit spread | 39 bps | 1,600 bps | 350 bps | |||||||||||||||||||||||||||
1,203 | Price-based | Price | $ | 5 | $ | 106.51 | $ | 99.26 | ||||||||||||||||||||||||||
1,168 | Cash flow | Yield | 1.6 | % | 4.5 | % | 2.23 | % | ||||||||||||||||||||||||||
448 | Yield analysis | |||||||||||||||||||||||||||||||||
Mortgage servicing rights | $ | 2,185 | Cash flow | Yield | — | % | 51.05 | % | 7.66 | % | ||||||||||||||||||||||||
WAL | 3.50 years | 10.98 years | 5.81 years | |||||||||||||||||||||||||||||||
Liabilities | ||||||||||||||||||||||||||||||||||
Interest-bearing deposits | $ | 909 | Model-based | Mean reversion | 1 | % | 20 | % | 10.5 | % | ||||||||||||||||||||||||
Equity volatility | 19.08 | % | 26.61 | % | 26.31 | % | ||||||||||||||||||||||||||||
Equity-IR correlation | 28 | % | 32 | % | 28.08 | % | ||||||||||||||||||||||||||||
Forward price | 45.31 | % | 190.53 | % | 107.17 | % | ||||||||||||||||||||||||||||
Commodity correlation | (52.00 | )% | 90 | % | 26 | % | ||||||||||||||||||||||||||||
Commodity volatility | 5 | % | 124 | % | 15 | % | ||||||||||||||||||||||||||||
Federal funds purchased and securities | $ | 1,032 | Model-based | Interest rate | 1.04 | % | 2.81 | % | 2.35 | % | ||||||||||||||||||||||||
loaned or sold under agreements to | ||||||||||||||||||||||||||||||||||
repurchase | ||||||||||||||||||||||||||||||||||
Trading account liabilities | ||||||||||||||||||||||||||||||||||
Securities sold, not yet purchased | $ | 284 | Model-based | Credit IR correlation | (70.49 | )% | 7.47 | % | (41.41 | )% | ||||||||||||||||||||||||
$ | 144 | Price-based | Price | $ | — | $ | 120 | $ | 76.64 | |||||||||||||||||||||||||
Yield | (0.67 | )% | 9.5 | % | 0.74 | % | ||||||||||||||||||||||||||||
Short-term borrowings and long-term | $ | 7,917 | Model-based | Equity volatility | 9.1 | % | 27.5 | % | 9.43 | % | ||||||||||||||||||||||||
debt | ||||||||||||||||||||||||||||||||||
Forward price | 45.31 | % | 190.53 | % | 107.17 | % | ||||||||||||||||||||||||||||
Equity forward | 96.5 | % | 119.7 | % | 101.36 | % | ||||||||||||||||||||||||||||
Equity-FX correlation | (90.00 | )% | 65 | % | (21.40 | )% | ||||||||||||||||||||||||||||
Equity-equity correlation | 8.2 | % | 95.3 | % | 57 | % | ||||||||||||||||||||||||||||
IR lognormal volatility | 11.86 | % | 87.59 | % | 21.85 | % | ||||||||||||||||||||||||||||
Mean reversion | 1 | % | 20 | % | 10.71 | % | ||||||||||||||||||||||||||||
Commodity correlation | (52.00 | )% | 90 | % | 26 | % | ||||||||||||||||||||||||||||
Commodity volatility | 5 | % | 124 | % | 15 | % | ||||||||||||||||||||||||||||
Interest rate | 2.61 | % | 2.81 | % | 2.67 | % | ||||||||||||||||||||||||||||
As of December 31, 2013 | Fair Value(1) | Methodology | Input | Low(2)(3) | High(2)(3) | Weighted | ||||||||||||||||||||||||||||
(in millions) | Average(4) | |||||||||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||||
Federal funds sold and securities | $ | 3,299 | Model-based | Interest rate | 1.33 | % | 2.19 | % | 2.04 | % | ||||||||||||||||||||||||
borrowed or purchased under | ||||||||||||||||||||||||||||||||||
agreements to resell | ||||||||||||||||||||||||||||||||||
Mortgage-backed securities | $ | 2,869 | Price-based | Price | $ | 0.1 | $ | 117.78 | 77.6 | |||||||||||||||||||||||||
1,241 | Yield analysis | Yield | 0.03 | % | 21.8 | % | 8.66 | % | ||||||||||||||||||||||||||
State and municipal, foreign | $ | 5,361 | Price-based | Price | $ | — | $ | 126.49 | $ | 87.47 | ||||||||||||||||||||||||
government, corporate and other debt | ||||||||||||||||||||||||||||||||||
securities | ||||||||||||||||||||||||||||||||||
2,014 | Cash flow | Credit spread | 11 bps | 375 bps | 213 bps | |||||||||||||||||||||||||||||
Equity securities(5) | $ | 947 | Price-based | Price (5) | $ | 0.31 | $ | 93.66 | $ | 86.9 | ||||||||||||||||||||||||
827 | Cash flow | Yield | 4 | % | 5 | % | 4.5 | % | ||||||||||||||||||||||||||
WAL | 0.01 years | 3.55 years | 1.38 years | |||||||||||||||||||||||||||||||
Asset-backed securities | $ | 4,539 | Price-based | Price | $ | — | $ | 135.83 | $ | 70.89 | ||||||||||||||||||||||||
1,300 | Model-based | Credit spread | 25 bps | 378 bps | 302 bps | |||||||||||||||||||||||||||||
Non-marketable equity | $ | 2,324 | Price-based | Fund NAV | $ | 612 | $336,559,340 | $124,080,454 | ||||||||||||||||||||||||||
1,470 | Comparables analysis | EBITDA multiples | 4.2 | x | 16.9 | x | 9.78 | x | ||||||||||||||||||||||||||
533 | Cash flow | Discount to price | — | % | 75 | % | 3.47 | % | ||||||||||||||||||||||||||
Price-to-book ratio | 0.9 | x | 1.05 | x | 1.02 | x | ||||||||||||||||||||||||||||
PE ratio | 9.1 | x | 9.1 | x | 9.1 | x | ||||||||||||||||||||||||||||
Derivatives—Gross(6) | ||||||||||||||||||||||||||||||||||
Interest rate contracts (gross) | $ | 5,721 | Model-based | Interest rate (IR) lognormal volatility | 10.6 | % | 87.2 | % | 21.16 | % | ||||||||||||||||||||||||
Foreign exchange contracts (gross) | $ | 1,727 | Model-based | Foreign exchange (FX) volatility | 1 | % | 28 | % | 13.45 | % | ||||||||||||||||||||||||
189 | Cash flow | Interest rate | 0.11 | % | 13.88 | % | 6.02 | % | ||||||||||||||||||||||||||
IR-FX correlation | 40 | % | 60 | % | 50 | % | ||||||||||||||||||||||||||||
IR-IR correlation | 40 | % | 68.79 | % | 40.52 | % | ||||||||||||||||||||||||||||
Credit spread | 25 bps | 419 bps | 162 bps | |||||||||||||||||||||||||||||||
Equity contracts (gross)(7) | $ | 3,189 | Model-based | Equity volatility | 10.02 | % | 73.48 | % | 29.87 | % | ||||||||||||||||||||||||
563 | Price-based | Equity forward | 79.1 | % | 141 | % | 100.24 | % | ||||||||||||||||||||||||||
Equity-equity correlation | (81.30 | )% | 99.4 | % | 48.45 | % | ||||||||||||||||||||||||||||
Equity-FX correlation | (70.00 | )% | 55 | % | 0.6 | % | ||||||||||||||||||||||||||||
Price | $ | — | $ | 118.75 | $ | 88.1 | ||||||||||||||||||||||||||||
Commodity contracts (gross) | $ | 2,988 | Model-based | Commodity volatility | 4 | % | 146 | % | 15 | % | ||||||||||||||||||||||||
Commodity correlation | (75.00 | )% | 90 | % | 32 | % | ||||||||||||||||||||||||||||
Forward price | 23 | % | 242 | % | 105 | % | ||||||||||||||||||||||||||||
Credit derivatives (gross) | $ | 4,767 | Model-based | Recovery rate | 20 | % | 64 | % | 38.11 | % | ||||||||||||||||||||||||
1,520 | Price-based | Credit correlation | 5 | % | 95 | % | 47.43 | % | ||||||||||||||||||||||||||
Price | $ | 0.02 | $ | 115.2 | $ | 29.83 | ||||||||||||||||||||||||||||
Credit spread | 3 bps | 1,335 bps | 203 bps | |||||||||||||||||||||||||||||||
Upfront points | 2.31 | 100 | 57.69 | |||||||||||||||||||||||||||||||
Nontrading derivatives and other financial | $ | 82 | Price-based | EBITDA multiples | 5.2 | x | 12.6 | x | 12.08 | x | ||||||||||||||||||||||||
assets and liabilities measured on a | ||||||||||||||||||||||||||||||||||
recurring basis (gross)(6) | ||||||||||||||||||||||||||||||||||
60 | Comparables analysis | PE ratio | 6.9 | x | 6.9 | x | 6.9 | x | ||||||||||||||||||||||||||
38 | Model-based | Price-to-book Ratio | 1.05 | x | 1.05 | x | 1.05 | x | ||||||||||||||||||||||||||
Price | $ | — | $ | 105.1 | $ | 71.25 | ||||||||||||||||||||||||||||
Fund NAV | $ | 1 | $ | 10,688,600 | $ | 9,706,488 | ||||||||||||||||||||||||||||
As of December 31, 2013 | Fair Value(1) | Methodology | Input | Low(2)(3) | High(2)(3) | Weighted | ||||||||||||||||||||||||||||
(in millions) | Average(4) | |||||||||||||||||||||||||||||||||
Discount to price | — | % | 35 | % | 16.36 | % | ||||||||||||||||||||||||||||
Loans | $ | 2,153 | Price-based | Price | $ | — | $ | 103.75 | $ | 91.19 | ||||||||||||||||||||||||
1,422 | Model-based | Yield | 1.6 | % | 4.5 | % | 2.1 | % | ||||||||||||||||||||||||||
549 | Yield analysis | Credit spread | 49 bps | 1,600 bps | 302 bps | |||||||||||||||||||||||||||||
Mortgage servicing rights | $ | 2,625 | Cash flow | Yield | 3.64 | % | 12 | % | 7.19 | % | ||||||||||||||||||||||||
WAL | 2.27 years | 9.44 years | 6.12 years | |||||||||||||||||||||||||||||||
Liabilities | ||||||||||||||||||||||||||||||||||
Interest-bearing deposits | $ | 890 | Model-based | Equity volatility | 14.79 | % | 42.15 | % | 27.74 | % | ||||||||||||||||||||||||
Mean reversion | 1 | % | 20 | % | 10.5 | % | ||||||||||||||||||||||||||||
Equity-IR correlation | 9 | % | 20.5 | % | 19.81 | % | ||||||||||||||||||||||||||||
Forward price | 23 | % | 242 | % | 105 | % | ||||||||||||||||||||||||||||
Commodity correlation | (75.00 | )% | 90 | % | 32 | % | ||||||||||||||||||||||||||||
Commodity volatility | 4 | % | 146 | % | 15 | % | ||||||||||||||||||||||||||||
Federal funds purchased and securities | $ | 902 | Model-based | Interest rate | 0.47 | % | 3.66 | % | 2.71 | % | ||||||||||||||||||||||||
loaned or sold under agreements to | ||||||||||||||||||||||||||||||||||
repurchase | ||||||||||||||||||||||||||||||||||
Trading account liabilities | ||||||||||||||||||||||||||||||||||
Securities sold, not yet purchased | $ | 289 | Model-based | Credit spread | 166 bps | 180 bps | 175 bps | |||||||||||||||||||||||||||
$ | 273 | Price-based | Credit-IR correlation | (68.00 | )% | 5 | % | (50.00 | )% | |||||||||||||||||||||||||
Price | $ | — | $ | 124.25 | $ | 99.75 | ||||||||||||||||||||||||||||
Short-term borrowings and long-term | $ | 6,781 | Model-based | IR lognormal volatility | 10.6 | % | 87.2 | % | 20.97 | % | ||||||||||||||||||||||||
debt | ||||||||||||||||||||||||||||||||||
868 | Price-based | Equity forward | 79.1 | % | 141 | % | 99.51 | % | ||||||||||||||||||||||||||
Equity volatility | 10.7 | % | 57.2 | % | 19.41 | % | ||||||||||||||||||||||||||||
Equity-FX correlation | (70.00 | )% | 55 | % | 0.6 | % | ||||||||||||||||||||||||||||
Equity-equity correlation | (81.30 | )% | 99.4 | % | 48.3 | % | ||||||||||||||||||||||||||||
Interest rate | 4 | % | 10 | % | 5 | % | ||||||||||||||||||||||||||||
Price | $ | 0.63 | $ | 103.75 | $ | 80.73 | ||||||||||||||||||||||||||||
Forward price | 23 | % | 242 | % | 101 | % | ||||||||||||||||||||||||||||
-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 | 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 one large position only. | |||||||||||||||||||||||||||||||||
-4 | Weighted averages are calculated based on the fair value of the instrument. | |||||||||||||||||||||||||||||||||
-5 | For equity securities, the price input is 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. | |||||||||||||||||||||||||||||||||
Sensitivity to Unobservable Inputs and Interrelationships between Unobservable Inputs | ||||||||||||||||||||||||||||||||||
The impact of key unobservable inputs on the Level 3 fair value measurements may not be independent of one another. In addition, the amount and direction of the impact on a fair value measurement for a given change in an unobservable input depends on the nature of the instrument as well as whether the Company holds the instrument as an asset or a liability. For certain instruments, the pricing hedging and risk management are sensitive to the correlation between various inputs rather than on the analysis and aggregation of the individual inputs. | ||||||||||||||||||||||||||||||||||
The following section describes the sensitivities and interrelationships of the most significant unobservable inputs used by the Company in Level 3 fair value measurements. | ||||||||||||||||||||||||||||||||||
Correlation | ||||||||||||||||||||||||||||||||||
Correlation is a measure of the co-movement between two or more variables. A variety of correlation-related assumptions are required for a wide range of instruments, including equity and credit baskets, foreign-exchange options, CDOs backed by loans or bonds, mortgages, subprime mortgages and many other instruments. For almost all of these instruments, correlations are not observable in the market and must be estimated using historical information. Estimating correlation can be especially difficult where it may vary over time. Extracting correlation information from market data requires significant assumptions regarding the informational efficiency of the market (for example, swaption markets). Changes in correlation levels can have a major impact, favorable or unfavorable, on the value of an instrument, depending on its nature. A change in the default correlation of the fair value of the underlying bonds comprising a CDO structure would affect the fair value of the senior tranche. For example, an increase in the default correlation of the underlying bonds would reduce the fair value of the senior tranche, because highly correlated instruments produce larger losses in the event of default and a part of these losses would become attributable to the senior tranche. That same change in default correlation would have a different impact on junior tranches of the same structure. | ||||||||||||||||||||||||||||||||||
Volatility | ||||||||||||||||||||||||||||||||||
Volatility represents the speed and severity of market price changes and is a key factor in pricing options. Typically, instruments can become more expensive if volatility increases. For example, as an index becomes more volatile, the cost to Citi of maintaining a given level of exposure increases because more frequent rebalancing of the portfolio is required. Volatility generally depends on the tenor of the underlying instrument and the strike price or level defined in the contract. Volatilities for certain combinations of tenor and strike are not observable. The general relationship between changes in the value of a portfolio to changes in volatility also depends on changes in interest rates and the level of the underlying index. Generally, long option positions (assets) benefit from increases in volatility, whereas short option positions (liabilities) will suffer losses. Some instruments are more sensitive to changes in volatility than others. For example, an at-the-money option would experience a larger percentage change in its fair value than a deep-in-the-money option. In addition, the fair value of an option with more than one underlying security (for example, an option on a basket of bonds) depends on the volatility of the individual underlying securities as well as their correlations. | ||||||||||||||||||||||||||||||||||
Yield | ||||||||||||||||||||||||||||||||||
Adjusted yield is generally used to discount the projected future principal and interest cash flows on instruments, such as asset-backed securities. Adjusted yield is impacted by changes in the interest rate environment and relevant credit spreads. | ||||||||||||||||||||||||||||||||||
In some circumstances, the yield of an instrument is not observable in the market and must be estimated from historical data or from yields of similar securities. This estimated yield may need to be adjusted to capture the characteristics of the security being valued. In other situations, the estimated yield may not represent sufficient market liquidity and must be adjusted as well. Whenever the amount of the adjustment is significant to the value of the security, the fair value measurement is classified as Level 3. | ||||||||||||||||||||||||||||||||||
Prepayment | ||||||||||||||||||||||||||||||||||
Voluntary unscheduled payments (prepayments) change the future cash flows for the investor and thereby change the fair value of the security. The effect of prepayments is more pronounced for residential mortgage-backed securities. An increase in prepayments—in speed or magnitude—generally creates losses for the holder of these securities. Prepayment is generally negatively correlated with delinquency and interest rate. A combination of low prepayment and high delinquencies amplify each input’s negative impact on mortgage securities’ valuation. As prepayment speeds change, the weighted average life of the security changes, which impacts the valuation either positively or negatively, depending upon the nature of the security and the direction of the change in the weighted average life. | ||||||||||||||||||||||||||||||||||
Recovery | ||||||||||||||||||||||||||||||||||
Recovery is the proportion of the total outstanding balance of a bond or loan that is expected to be collected in a liquidation scenario. For many credit securities (such as asset-backed securities), there is no directly observable market input for recovery, but indications of recovery levels are available from pricing services. The assumed recovery of a security may differ from its actual recovery that will be observable in the future. The recovery rate impacts the valuation of credit securities. Generally, an increase in the recovery rate assumption increases the fair value of the security. An increase in loss severity, the inverse of the recovery rate, reduces the amount of principal available for distribution and, as a result, decreases the fair value of the security. | ||||||||||||||||||||||||||||||||||
Credit Spread | ||||||||||||||||||||||||||||||||||
Credit spread is a component of the security representing its credit quality. Credit spread reflects the market perception of changes in prepayment, delinquency and recovery rates, therefore capturing the impact of other variables on the fair value. Changes in credit spread affect the fair value of | ||||||||||||||||||||||||||||||||||
securities differently depending on the characteristics and maturity profile of the security. For example, credit spread is a more significant driver of the fair value measurement of a high yield bond as compared to an investment grade bond. Generally, the credit spread for an investment grade bond is also more observable and less volatile than its high yield counterpart. | ||||||||||||||||||||||||||||||||||
Qualitative Discussion of the Ranges of Significant Unobservable Inputs | ||||||||||||||||||||||||||||||||||
The following section describes the ranges of the most significant unobservable inputs used by the Company in Level 3 fair value measurements. The level of aggregation and the diversity of instruments held by the Company lead to a wide range of unobservable inputs that may not be evenly distributed across the Level 3 inventory. | ||||||||||||||||||||||||||||||||||
Correlation | ||||||||||||||||||||||||||||||||||
There are many different types of correlation inputs, including credit correlation, cross-asset correlation (such as equity-interest rate correlation), and same-asset correlation (such as interest rate-interest rate correlation). Correlation inputs are generally used to value hybrid and exotic instruments. Generally, same-asset correlation inputs have a narrower range than cross-asset correlation inputs. However, due to the complex and unique nature of these instruments, the ranges for correlation inputs can vary widely across portfolios. | ||||||||||||||||||||||||||||||||||
Volatility | ||||||||||||||||||||||||||||||||||
Similar to correlation, asset-specific volatility inputs vary widely by asset type. For example, ranges for foreign exchange volatility are generally lower and narrower than equity volatility. Equity volatilities are wider due to the nature of the equities market and the terms of certain exotic instruments. For most instruments, the interest rate volatility input is on the lower end of the range; however, for certain structured or exotic instruments (such as market-linked deposits or exotic interest rate derivatives), the range is much wider. | ||||||||||||||||||||||||||||||||||
Yield | ||||||||||||||||||||||||||||||||||
Ranges for the yield inputs vary significantly depending upon the type of security. For example, securities that typically have lower yields, such as municipal bonds, will fall on the lower end of the range, while more illiquid securities or securities with lower credit quality, such as certain residual tranche asset-backed securities, will have much higher yield inputs. | ||||||||||||||||||||||||||||||||||
Credit Spread | ||||||||||||||||||||||||||||||||||
Credit spread is relevant primarily for fixed income and credit instruments; however, the ranges for the credit spread input can vary across instruments. For example, certain fixed income instruments, such as certificates of deposit, typically have lower credit spreads, whereas certain derivative instruments with high-risk counterparties are typically subject to higher credit spreads when they are uncollateralized or have a longer tenor. Other instruments, such as credit default swaps, also have credit spreads that vary with the attributes of the underlying obligor. Stronger companies have tighter credit spreads, and weaker companies have wider credit spreads. | ||||||||||||||||||||||||||||||||||
Price | ||||||||||||||||||||||||||||||||||
The price input is a significant unobservable input for certain fixed income instruments. For these instruments, the price input is expressed as a percentage of the notional amount, with a price of $100 meaning that the instrument is valued at par. For most of these instruments, the price varies between zero to $100, or slightly above $100. Relatively illiquid assets that have experienced significant losses since issuance, such as certain asset-backed securities, are at the lower end of the range, whereas most investment grade corporate bonds will fall in the middle to the higher end of the range. For certain structured debt instruments with embedded derivatives, the price input may be above $100 to reflect the embedded features of the instrument (for example, a step-up coupon or a conversion option). | ||||||||||||||||||||||||||||||||||
The price input is also a significant unobservable input for certain equity securities; however, the range of price inputs varies depending on the nature of the position, the number of shares outstanding and other factors. | ||||||||||||||||||||||||||||||||||
Items Measured at Fair Value on a Nonrecurring Basis | ||||||||||||||||||||||||||||||||||
Certain assets and liabilities are measured at fair value on a nonrecurring basis and therefore are not included in the tables above. These include assets measured at cost that have been written down to fair value during the periods as a result of an impairment. In addition, these assets include loans held-for-sale and other real estate owned that are measured at the lower of cost or market. | ||||||||||||||||||||||||||||||||||
The following table presents the carrying amounts of all assets that were still held as of June 30, 2014 and December 31, 2013, for which a nonrecurring fair value measurement was recorded: | ||||||||||||||||||||||||||||||||||
In millions of dollars | Fair value | Level 2 | Level 3 | |||||||||||||||||||||||||||||||
30-Jun-14 | ||||||||||||||||||||||||||||||||||
Loans held-for-sale | $ | 5,200 | $ | 1,992 | $ | 3,208 | ||||||||||||||||||||||||||||
Other real estate owned | 121 | 19 | 102 | |||||||||||||||||||||||||||||||
Loans(1) | 3,278 | 2,882 | 396 | |||||||||||||||||||||||||||||||
Total assets at fair value on a nonrecurring basis | $ | 8,599 | $ | 4,893 | $ | 3,706 | ||||||||||||||||||||||||||||
-1 | Represents impaired loans held for investment whose carrying amount is based on the fair value of the underlying collateral, including primarily real-estate secured loans. | |||||||||||||||||||||||||||||||||
In millions of dollars | Fair value | Level 2 | Level 3 | |||||||||||||||||||||||||||||||
31-Dec-13 | ||||||||||||||||||||||||||||||||||
Loans held-for-sale | $ | 3,483 | $ | 2,165 | $ | 1,318 | ||||||||||||||||||||||||||||
Other real estate owned | 138 | 15 | 123 | |||||||||||||||||||||||||||||||
Loans(1) | 4,713 | 3,947 | 766 | |||||||||||||||||||||||||||||||
Total assets at fair value on a nonrecurring basis | $ | 8,334 | $ | 6,127 | $ | 2,207 | ||||||||||||||||||||||||||||
-1 | Represents impaired loans held for investment whose carrying amount is based on the fair value of the underlying collateral, including primarily real-estate secured loans. | |||||||||||||||||||||||||||||||||
The fair value of loans-held-for-sale is determined where possible using quoted secondary-market prices. If no such quoted price exists, the fair value of a loan is determined using quoted prices for a similar asset or assets, adjusted for the specific attributes of that loan. Fair value for the other real estate owned is based on appraisals. For loans whose carrying amount is based on the fair value of the underlying collateral, the fair values depend on the type of collateral. Fair value of the collateral is typically estimated based on quoted market prices if available, appraisals or other internal valuation techniques. | ||||||||||||||||||||||||||||||||||
Where the fair value of the related collateral is based on an unadjusted appraised value, the loan is generally classified as Level 2. Where significant adjustments are made to the appraised value, the loan is classified as Level 3. Additionally, for corporate loans, appraisals of the collateral are often based on sales of similar assets; however, because the prices of similar assets require significant adjustments to reflect the unique features of the underlying collateral, these fair value measurements are generally classified as Level 3. | ||||||||||||||||||||||||||||||||||
Valuation Techniques and Inputs for Level 3 Nonrecurring Fair Value Measurements | ||||||||||||||||||||||||||||||||||
The following tables present the valuation techniques covering the majority of Level 3 nonrecurring fair value measurements and the most significant unobservable inputs used in those measurements as of June 30, 2014 and December 31, 2013: | ||||||||||||||||||||||||||||||||||
As of June 30, 2014 | Fair Value(1) | Methodology | Input | Low | High | Weighted | ||||||||||||||||||||||||||||
(in millions) | average(2) | |||||||||||||||||||||||||||||||||
Loans held-for-sale | $ | 2,924 | Price-based | Price | $ | 66.9 | $ | 100 | $ | 93.49 | ||||||||||||||||||||||||
Other real estate owned | $ | 95 | Price-based | Discount to price(4) | 34 | % | 60 | % | 42 | % | ||||||||||||||||||||||||
Appraised value | $ | — | $ | 8,518,229 | $ | 3,531,396 | ||||||||||||||||||||||||||||
Loans(3) | $ | 345 | Price-based | Discount to price(4) | 34 | % | 39 | % | 35 | % | ||||||||||||||||||||||||
Price | $ | 36.63 | $ | 100 | $ | 44.91 | ||||||||||||||||||||||||||||
-1 | The fair value amounts presented in this table represent the primary valuation technique or techniques for each class of assets or liabilities. | |||||||||||||||||||||||||||||||||
-2 | Weighted averages are calculated based on the fair value of the instrument. | |||||||||||||||||||||||||||||||||
-3 | Represents loans held for investment whose carrying amounts are based on the fair value of the underlying collateral. | |||||||||||||||||||||||||||||||||
-4 | Includes estimated costs to sell. | |||||||||||||||||||||||||||||||||
As of December 31, 2013 | Fair Value(1) | Methodology | Input | Low | High | Weighted | ||||||||||||||||||||||||||||
(in millions) | average(2) | |||||||||||||||||||||||||||||||||
Loans held-for-sale | $ | 912 | Price-based | Price | $ | 60 | $ | 100 | $ | 98.77 | ||||||||||||||||||||||||
393 | Cash Flow | Credit Spread | 45 bps | 80 bps | 64 bps | |||||||||||||||||||||||||||||
Other real estate owned | $ | 98 | Price-based | Discount to price(4) | 34 | % | 59 | % | 39 | % | ||||||||||||||||||||||||
17 | Cash Flow | Price | $ | 60.46 | $ | 100 | $ | 96.67 | ||||||||||||||||||||||||||
Appraised Value | $ | 636,249 | $ | 15,897,503 | $ | 11,392,478 | ||||||||||||||||||||||||||||
Loans(3) | $ | 581 | Price-based | Discount to price(4) | 34 | % | 39 | % | 35 | % | ||||||||||||||||||||||||
109 | Model-based | Price | $ | 52.4 | $ | 68 | $ | 65.32 | ||||||||||||||||||||||||||
Appraised Value | $ | 6,500,000 | $ | 86,000,000 | $ | 43,532,719 | ||||||||||||||||||||||||||||
-1 | The fair value amounts presented in this table represent the primary valuation technique or techniques for each class of assets or liabilities. | |||||||||||||||||||||||||||||||||
-2 | Prices are based on appraised values. | |||||||||||||||||||||||||||||||||
-3 | Represents loans held for investment whose carrying amounts are based on the fair value of the underlying collateral. | |||||||||||||||||||||||||||||||||
-4 | Includes estimated costs to sell. | |||||||||||||||||||||||||||||||||
Nonrecurring Fair Value Changes | ||||||||||||||||||||||||||||||||||
The following table presents total nonrecurring fair value measurements for the period, included in earnings, attributable to the change in fair value relating to assets that are still held at June 30, 2014 and June 30, 2013: | ||||||||||||||||||||||||||||||||||
Three months ended June 30, | ||||||||||||||||||||||||||||||||||
In millions of dollars | 2014 | 2013 | ||||||||||||||||||||||||||||||||
Loans held-for-sale | $ | (3 | ) | $ | (63 | ) | ||||||||||||||||||||||||||||
Other real estate owned | 1 | (6 | ) | |||||||||||||||||||||||||||||||
Loans(1) | (147 | ) | (177 | ) | ||||||||||||||||||||||||||||||
Total nonrecurring fair value gains (losses) | $ | (149 | ) | $ | (246 | ) | ||||||||||||||||||||||||||||
-1 | Represents loans held for investment whose carrying amount is based on the fair value of the underlying collateral, including primarily real-estate loans. | |||||||||||||||||||||||||||||||||
Six months ended June 30, | ||||||||||||||||||||||||||||||||||
In millions of dollars | 2014 | 2013 | ||||||||||||||||||||||||||||||||
Loans held-for-sale | $ | 71 | $ | (63 | ) | |||||||||||||||||||||||||||||
Other real estate owned | (5 | ) | (10 | ) | ||||||||||||||||||||||||||||||
Loans(1) | (367 | ) | (343 | ) | ||||||||||||||||||||||||||||||
Total nonrecurring fair value gains (losses) | $ | (301 | ) | $ | (416 | ) | ||||||||||||||||||||||||||||
-1 | Represents loans held for investment whose carrying amount is based on the fair value of the underlying collateral, including primarily real-estate loans. | |||||||||||||||||||||||||||||||||
Estimated Fair Value of Financial Instruments Not Carried at Fair Value | ||||||||||||||||||||||||||||||||||
The table below presents the carrying value and fair value of Citigroup’s financial instruments that are not carried at fair value. The table below therefore excludes items measured at fair value on a recurring basis presented in the tables above. | ||||||||||||||||||||||||||||||||||
The disclosure also excludes leases, affiliate investments, pension and benefit obligations and insurance policy claim reserves. In addition, contract-holder fund amounts exclude certain insurance contracts. Also, as required, the disclosure excludes the effect of taxes, any premium or discount that could result from offering for sale at one time the entire holdings of a particular instrument, excess fair value associated with deposits with no fixed maturity, and other expenses that would be incurred in a market transaction. In addition, the table excludes the values of non-financial assets and liabilities, as well as a wide range of franchise, relationship and intangible values, which are integral to a full assessment of Citigroup’s financial position and the value of its net assets. | ||||||||||||||||||||||||||||||||||
The fair value represents management’s best estimates based on a range of methodologies and assumptions. The carrying value of short-term financial instruments not accounted for at fair value, as well as receivables and payables arising in the ordinary course of business, approximates fair value because of the relatively short period of time between their origination and expected realization. Quoted market prices are used when available for investments and for liabilities, such as long-term debt not carried at fair value. For loans not accounted for at fair value, cash flows are discounted at quoted secondary market rates or estimated market rates if available. Otherwise, sales of comparable loan portfolios or current market origination rates for loans with similar terms and risk characteristics are used. Expected credit losses are either embedded in the estimated future cash flows or incorporated as an adjustment to the discount rate used. The value of collateral is also considered. For liabilities such as long-term debt not accounted for at fair value and without quoted market prices, market borrowing rates of interest are used to discount contractual cash flows. | ||||||||||||||||||||||||||||||||||
30-Jun-14 | Estimated fair value | |||||||||||||||||||||||||||||||||
Carrying | Estimated | |||||||||||||||||||||||||||||||||
In billions of dollars | value | fair value | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||||
Investments | $ | 29.1 | $ | 30.7 | $ | 5.4 | $ | 22.7 | $ | 2.6 | ||||||||||||||||||||||||
Federal funds sold and securities borrowed or purchased under agreements to resell | 97.2 | 97.2 | — | 88.3 | 8.9 | |||||||||||||||||||||||||||||
Loans(1)(2) | 642 | 642.5 | — | 5 | 637.5 | |||||||||||||||||||||||||||||
Other financial assets(2)(3) | 263.8 | 263.8 | 10.7 | 180.4 | 72.7 | |||||||||||||||||||||||||||||
Liabilities | ||||||||||||||||||||||||||||||||||
Deposits | $ | 963.8 | $ | 962.4 | $ | — | $ | 773 | $ | 189.4 | ||||||||||||||||||||||||
Federal funds purchased and securities loaned or sold under agreements to repurchase | 131.4 | 131.4 | — | 131.2 | 0.2 | |||||||||||||||||||||||||||||
Long-term debt(4) | 199.6 | 206.8 | — | 178.3 | 28.5 | |||||||||||||||||||||||||||||
Other financial liabilities(5) | 151.5 | 151.5 | — | 41.3 | 110.2 | |||||||||||||||||||||||||||||
31-Dec-13 | Estimated fair value | |||||||||||||||||||||||||||||||||
Carrying | Estimated | |||||||||||||||||||||||||||||||||
In billions of dollars | value | fair value | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||||
Investments | $ | 17.8 | $ | 19.3 | $ | 5.3 | $ | 11.9 | $ | 2.1 | ||||||||||||||||||||||||
Federal funds sold and securities borrowed or purchased under agreements to resell | 115.6 | 115.6 | — | 107.2 | 8.4 | |||||||||||||||||||||||||||||
Loans(1)(2) | 637.9 | 635.1 | — | 5.6 | 629.5 | |||||||||||||||||||||||||||||
Other financial assets(2)(3) | 254.2 | 254.2 | 9.4 | 191.7 | 53.1 | |||||||||||||||||||||||||||||
Liabilities | ||||||||||||||||||||||||||||||||||
Deposits | $ | 966.6 | $ | 965.6 | $ | — | $ | 776.4 | $ | 189.2 | ||||||||||||||||||||||||
Federal funds purchased and securities loaned or sold under agreements to repurchase | 152 | 152 | — | 151.8 | 0.2 | |||||||||||||||||||||||||||||
Long-term debt(4) | 194.2 | 201.3 | — | 175.6 | 25.7 | |||||||||||||||||||||||||||||
Other financial liabilities(5) | 136.2 | 136.2 | — | 41.2 | 95 | |||||||||||||||||||||||||||||
-1 | The carrying value of loans is net of the Allowance for loan losses of $17.9 billion for June 30, 2014 and $19.6 billion for December 31, 2013. In addition, the carrying values exclude $2.8 billion and $2.9 billion of lease finance receivables at June 30, 2014 and December 31, 2013, respectively. | |||||||||||||||||||||||||||||||||
-2 | Includes items measured at fair value on a nonrecurring basis. | |||||||||||||||||||||||||||||||||
-3 | Includes cash and due from banks, deposits with banks, brokerage receivables, reinsurance 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. | |||||||||||||||||||||||||||||||||
Fair values vary from period to period based on changes in a wide range of factors, including interest rates, credit quality and market perceptions of value, and as existing assets and liabilities run off and new transactions are entered into. The estimated fair values of loans reflect changes in credit status since the loans were made, changes in interest rates in the case of fixed-rate loans, and premium values at origination of certain loans. | ||||||||||||||||||||||||||||||||||
The estimated fair values of the Company’s corporate unfunded lending commitments at June 30, 2014 and December 31, 2013 were liabilities of $5.1 billion and $5.2 billion, respectively, substantially all of which are classified as Level 3. The Company does not estimate the fair values of consumer unfunded lending commitments, which are generally cancelable by providing notice to the borrower. |
FAIR_VALUE_ELECTIONS
FAIR VALUE ELECTIONS | 6 Months Ended | ||||||||||||
Jun. 30, 2014 | |||||||||||||
Fair Value, Option, Aggregate Differences [Abstract] | ' | ||||||||||||
FAIR VALUE ELECTIONS | ' | ||||||||||||
FAIR VALUE ELECTIONS | |||||||||||||
The Company may elect to report most financial instruments and certain other items at fair value on an instrument-by-instrument basis with changes in fair value reported in earnings. The election is made upon the initial recognition of an eligible financial asset, financial liability or firm commitment or when certain specified reconsideration events occur. The fair value election may not be revoked once an election is made. The changes in fair value are recorded in current earnings. Additional discussion regarding the applicable areas in which fair value elections were made is presented in Note 22 to the Consolidated Financial Statements. | |||||||||||||
All servicing rights are recognized initially at fair value. The Company has elected fair value accounting for its mortgage servicing rights. See Note 20 to the Consolidated Financial Statements for further discussions regarding the accounting and reporting of MSRs. | |||||||||||||
The following table presents the changes in fair value gains and losses for the three and six months ended June 30, 2014 and 2013 associated with those items for which the fair value option was elected: | |||||||||||||
Changes in fair value gains (losses) for the | |||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||
In millions of dollars | 2014 | 2013 | 2014 | 2013 | |||||||||
Assets | |||||||||||||
Federal funds sold and securities borrowed or purchased under agreements to resell | $ | (53 | ) | $ | (299 | ) | $ | 973 | $ | (468 | ) | ||
Selected portfolios of securities purchased under agreements to resell and securities borrowed | |||||||||||||
Trading account assets | (428 | ) | (179 | ) | (238 | ) | (170 | ) | |||||
Investments | 20 | (15 | ) | 52 | (57 | ) | |||||||
Loans | |||||||||||||
Certain corporate loans(1) | (1 | ) | 264 | 13 | 287 | ||||||||
Certain consumer loans(1) | (22 | ) | (33 | ) | (46 | ) | (67 | ) | |||||
Total loans | $ | (23 | ) | $ | 231 | (33 | ) | 220 | |||||
Other assets | |||||||||||||
MSRs | $ | (91 | ) | $ | 226 | $ | (175 | ) | $ | 416 | |||
Certain mortgage loans held for sale(2) | 138 | (29 | ) | 258 | 514 | ||||||||
Certain equity method investments | 1 | (2 | ) | (2 | ) | (1 | ) | ||||||
Total other assets | $ | 48 | $ | 195 | $ | 81 | $ | 929 | |||||
Total assets | $ | (436 | ) | $ | (67 | ) | $ | 835 | $ | 454 | |||
Liabilities | |||||||||||||
Interest-bearing deposits | $ | (12 | ) | $ | 100 | $ | (17 | ) | $ | 119 | |||
Federal funds purchased and securities loaned or sold under agreements to repurchase | — | 50 | (6 | ) | 73 | ||||||||
Selected portfolios of securities sold under agreements to repurchase and securities loaned | |||||||||||||
Trading account liabilities | (2 | ) | 66 | 4 | 38 | ||||||||
Short-term borrowings | (14 | ) | 61 | (10 | ) | 88 | |||||||
Long-term debt | (558 | ) | 507 | (728 | ) | 394 | |||||||
Total liabilities | $ | (586 | ) | $ | 784 | $ | (757 | ) | $ | 712 | |||
-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. | ||||||||||||
Own Debt Valuation Adjustments | |||||||||||||
Own debt valuation adjustments are recognized on Citi’s liabilities for which the fair value option has been elected using Citi’s credit spreads observed in the bond market. The fair value of liabilities for which the fair value option is elected (other than non-recourse and similar liabilities) is impacted by the narrowing or widening of the Company’s credit spreads. The estimated change in the fair value of these liabilities due to such changes in the Company’s own credit risk (or instrument-specific credit risk) was a loss of $44 million and a gain of $202 million for the three months ended June 30, 2014 and 2013, respectively and losses of $10 million and $8 million for the six months ended June 30, 2014 and 2013. Changes in fair value resulting from changes in instrument-specific credit risk were estimated by incorporating the Company’s current credit spreads observable in the bond market into the relevant valuation technique used to value each liability as described above. | |||||||||||||
The Fair Value Option for Financial Assets and Financial Liabilities | |||||||||||||
Selected portfolios of securities purchased under agreements to resell, securities borrowed, securities sold under agreements to repurchase, securities loaned and certain non-collateralized short-term borrowings | |||||||||||||
The Company elected the fair value option for certain portfolios of fixed-income securities purchased under agreements to resell and fixed-income securities sold under agreements to repurchase, securities borrowed, securities loaned, and certain non-collateralized short-term borrowings held primarily by broker-dealer entities in the United States, United Kingdom and Japan. In each case, the election was made because the related interest-rate risk is managed on a portfolio basis, primarily with derivative instruments that are accounted for at fair value through earnings. | |||||||||||||
Changes in fair value for transactions in these portfolios are recorded in Principal transactions. The related interest revenue and interest expense are measured based on the contractual rates specified in the transactions and are reported as interest revenue and expense in the Consolidated Statement of Income. | |||||||||||||
Certain loans and other credit products | |||||||||||||
Citigroup has elected the fair value option for certain originated and purchased loans, including certain unfunded loan products, such as guarantees and letters of credit, executed by Citigroup’s lending and trading businesses. None of these credit products are highly leveraged financing commitments. Significant groups of transactions include loans and unfunded loan products that are expected to be either sold or securitized in the near term, or transactions where the economic risks are hedged with derivative instruments, such as purchased credit default swaps or total return swaps where the Company pays the total return on the underlying loans to a third party. Citigroup has elected the fair value option to mitigate accounting mismatches in cases where hedge accounting is complex and to achieve operational simplifications. Fair value was not elected for most lending transactions across the Company. | |||||||||||||
The following table provides information about certain credit products carried at fair value at June 30, 2014 and December 31, 2013: | |||||||||||||
30-Jun-14 | 31-Dec-13 | ||||||||||||
In millions of dollars | Trading assets | Loans | Trading assets | Loans | |||||||||
Carrying amount reported on the Consolidated Balance Sheet | $ | 10,287 | $ | 4,753 | $ | 9,262 | $ | 4,058 | |||||
Aggregate unpaid principal balance in excess of (less than) fair value | 55 | (74 | ) | 4 | (94 | ) | |||||||
Balance of non-accrual loans or loans more than 90 days past due | 68 | — | 97 | — | |||||||||
Aggregate unpaid principal balance in excess of fair value for non-accrual loans or loans more than 90 days past due | 84 | — | 41 | — | |||||||||
In addition to the amounts reported above, $2,601 million and $2,308 million of unfunded loan commitments related to certain credit products selected for fair value accounting were outstanding as of June 30, 2014 and December 31, 2013, respectively. | |||||||||||||
Changes in fair value of funded and unfunded credit products are classified in Principal transactions in the Company’s Consolidated Statement of Income. Related interest revenue is measured based on the contractual interest rates and reported as Interest revenue on Trading account assets or loan interest depending on the balance sheet classifications of the credit products. The changes in fair value for the six months ended June 30, 2014 and 2013 due to instrument-specific credit risk totaled to a loss of $29 million and a loss of $17 million, respectively. | |||||||||||||
Certain investments in unallocated precious metals | |||||||||||||
Citigroup invests in unallocated precious metals accounts (gold, silver, platinum and palladium) as part of its commodity and foreign currency trading activities or to economically hedge certain exposures from issuing structured liabilities. Under ASC 815, the investment is bifurcated into a debt host contract and a commodity forward derivative instrument. Citigroup elects the fair value option for the debt host contract, and reports the debt host contract within Trading account assets on the Company’s Consolidated Balance Sheet. The total carrying amount of debt host contracts across unallocated precious metals accounts was approximately $1.4 billion at June 30, 2014 and approximately $1.3 billion at December 31, 2013. The amounts are expected to fluctuate based on trading activity in future periods. | |||||||||||||
As part of its commodity and foreign currency trading activities, Citi sells (buys) unallocated precious metals investments and executes forward purchase (sale) derivative contracts with trading counterparties. When Citi sells an unallocated precious metals investment, Citi’s receivable from its depository bank is repaid and Citi derecognizes its investment in the unallocated precious metal. The forward purchase (sale) contract with the trading counterparty indexed to unallocated precious metals is accounted for as a derivative, at fair value through earnings. As of June 30, 2014, there were approximately $13.3 billion and $6.6 billion notional amounts of such forward purchase and forward sale derivative contracts outstanding, respectively. | |||||||||||||
Certain investments in private equity and real estate ventures and certain equity method and other investments | |||||||||||||
Citigroup invests in private equity and real estate ventures for the purpose of earning investment returns and for capital | |||||||||||||
appreciation. The Company has elected the fair value option for certain of these ventures, because such investments are considered similar to many private equity or hedge fund activities in Citi’s investment companies, which are reported at fair value. The fair value option brings consistency in the accounting and evaluation of these investments. All investments (debt and equity) in such private equity and real estate entities are accounted for at fair value. These investments are classified as Investments on Citigroup’s Consolidated Balance Sheet. | |||||||||||||
Citigroup also holds various non-strategic investments in leveraged buyout funds and other hedge funds for which the Company elected fair value accounting to reduce operational and accounting complexity. Since the funds account for all of their underlying assets at fair value, the impact of applying the equity method to Citigroup’s investment in these funds was equivalent to fair value accounting. These investments are classified as Other assets on Citigroup’s Consolidated Balance Sheet. | |||||||||||||
Changes in the fair values of these investments are classified in Other revenue in the Company’s Consolidated Statement of Income. | |||||||||||||
Citigroup also elects the fair value option for certain non-marketable equity securities whose risk is managed with derivative instruments that are accounted for at fair value through earnings. These securities are classified as Trading account assets on Citigroup’s Consolidated Balance Sheet. Changes in the fair value of these securities and the related derivative instruments are recorded in Principal transactions. | |||||||||||||
Certain mortgage loans (HFS) | |||||||||||||
Citigroup has elected the fair value option for certain purchased and originated prime fixed-rate and conforming adjustable-rate first mortgage loans HFS. These loans are intended for sale or securitization and are hedged with derivative instruments. The Company has elected the fair value option to mitigate accounting mismatches in cases where hedge accounting is complex and to achieve operational simplifications. | |||||||||||||
The following table provides information about certain mortgage loans HFS carried at fair value at June 30, 2014 and December 31, 2013: | |||||||||||||
In millions of dollars | June 30, | 31-Dec-13 | |||||||||||
2014 | |||||||||||||
Carrying amount reported on the Consolidated Balance Sheet | $ | 1,501 | $ | 2,089 | |||||||||
Aggregate fair value in excess of unpaid principal balance | 74 | 48 | |||||||||||
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 | — | — | |||||||||||
The changes in fair values of these mortgage loans are reported in Other revenue in the Company’s Consolidated Statement of Income. There was no net change in fair value during the six months ended June 30, 2014 and 2013 due to instrument-specific credit risk. Related interest income continues to be measured based on the contractual interest rates and reported as Interest revenue in the Consolidated Statement of Income. | |||||||||||||
Certain consolidated VIEs | |||||||||||||
The Company has elected the fair value option for all qualified assets and liabilities of certain VIEs that were consolidated upon the adoption of SFAS 167 on January 1, 2010, including certain private label mortgage securitizations, mutual fund deferred sales commissions and collateralized loan obligation VIEs. The Company elected the fair value option for these VIEs, as the Company believes this method better reflects the economic risks, since substantially all of the Company’s retained interests in these entities are carried at fair value. | |||||||||||||
With respect to the consolidated mortgage VIEs, the Company determined the fair value for the mortgage loans and long-term debt utilizing internal valuation techniques. The fair value of the long-term debt measured using internal valuation techniques is verified, where possible, to prices obtained from independent vendors. Vendors compile prices from various sources and may apply matrix pricing for similar securities when no price is observable. Security pricing associated with long-term debt that is valued using observable inputs is classified as Level 2, and debt that is valued using one or more significant unobservable inputs is classified as Level 3. The fair value of mortgage loans in each VIE is derived from the security pricing. When substantially all of the long-term debt of a VIE is valued using Level 2 inputs, the corresponding mortgage loans are classified as Level 2. Otherwise, the mortgage loans of a VIE are classified as Level 3. | |||||||||||||
With respect to the consolidated mortgage VIEs for which the fair value option was elected, the mortgage loans are classified as Loans on Citigroup’s Consolidated Balance Sheet. The changes in fair value of the loans are reported as Other revenue in the Company’s Consolidated Statement of Income. Related interest revenue is measured based on the contractual interest rates and reported as Interest revenue in the Company’s Consolidated Statement of Income. Information about these mortgage loans is included in the table below. The change in fair value of these loans due to instrument-specific credit risk was a loss of $48 million and $69 million for the six months ended June 30, 2014 and 2013, respectively. | |||||||||||||
The debt issued by these consolidated VIEs is classified as long-term debt on Citigroup’s Consolidated Balance Sheet. The changes in fair value for the majority of these liabilities are reported in Other revenue in the Company’s Consolidated Statement of Income. Related interest expense is measured based on the contractual interest rates and reported as Interest | |||||||||||||
expense in the Consolidated Statement of Income. The aggregate unpaid principal balance of long-term debt of these consolidated VIEs exceeded the aggregate fair value by $9 million and $223 million as of June 30, 2014 and December 31, 2013, respectively. | |||||||||||||
The following table provides information about corporate and consumer loans of consolidated VIEs carried at fair value at June 30, 2014 and December 31, 2013: | |||||||||||||
June 30, 2014 | December 31, 2013 | ||||||||||||
In millions of dollars | Corporate loans | Consumer loans | Corporate loans | Consumer loans | |||||||||
Carrying amount reported on the Consolidated Balance Sheet | $ | 5 | $ | — | $ | 14 | $ | 910 | |||||
Aggregate unpaid principal balance in excess of fair value | 9 | — | 7 | 212 | |||||||||
Balance of non-accrual loans or loans more than 90 days past due | — | — | — | 81 | |||||||||
Aggregate unpaid principal balance in excess of fair value for non-accrual loans or loans more than 90 days past due | — | — | — | 106 | |||||||||
Certain structured liabilities | |||||||||||||
The Company has elected the fair value option for certain structured liabilities whose performance is linked to structured interest rates, inflation, currency, equity, referenced credit or commodity risks (structured liabilities). The Company elected the fair value option, because these exposures are considered to be trading-related positions and, therefore, are managed on a fair value basis. These positions will continue to be classified as debt, deposits or derivatives (Trading account liabilities) on the Company’s Consolidated Balance Sheet according to their legal form. | |||||||||||||
The following table provides information about the carrying value of structured notes, disaggregated by type of embedded derivative instrument at June 30, 2014 and December 31, 2013: | |||||||||||||
In billions of dollars | June 30, 2014 | December 31, 2013 | |||||||||||
Interest rate linked | $ | 10.6 | $ | 9.8 | |||||||||
Foreign exchange linked | 0.4 | 0.5 | |||||||||||
Equity linked | 6.9 | 7 | |||||||||||
Commodity linked | 2.1 | 1.8 | |||||||||||
Credit linked | 3.4 | 3.5 | |||||||||||
Total | $ | 23.4 | $ | 22.6 | |||||||||
The change in fair value for these structured liabilities is reported in Principal transactions in the Company’s Consolidated Statement of Income. Changes in fair value for these structured liabilities include an economic component for accrued interest, which is included in the change in fair value reported in Principal transactions. | |||||||||||||
Certain non-structured liabilities | |||||||||||||
The Company has elected the fair value option for certain non-structured liabilities with fixed and floating interest rates (non-structured liabilities). The Company has elected the fair value option where the interest-rate risk of such liabilities is economically hedged with derivative contracts or the proceeds are used to purchase financial assets that will also be accounted for at fair value through earnings. The election has been made to mitigate accounting mismatches and to achieve operational simplifications. These positions are reported in Short-term borrowings and Long-term debt on the Company’s Consolidated Balance Sheet. The change in fair value for these non-structured liabilities is reported in Principal transactions in the Company’s Consolidated Statement of Income. Related interest expense on non-structured liabilities is measured based on the contractual interest rates and reported as Interest expense in the Consolidated Statement of Income. | |||||||||||||
The following table provides information about long-term debt carried at fair value, excluding debt issued by consolidated VIEs, at June 30, 2014 and December 31, 2013: | |||||||||||||
In millions of dollars | June 30, 2014 | December 31, 2013 | |||||||||||
Carrying amount reported on the Consolidated Balance Sheet | $ | 27,409 | $ | 25,968 | |||||||||
Aggregate unpaid principal balance in excess of (less than) fair value | (1,322 | ) | (866 | ) | |||||||||
The following table provides information about short-term borrowings carried at fair value at June 30, 2014 and December 31, 2013: | |||||||||||||
In millions of dollars | June 30, 2014 | December 31, 2013 | |||||||||||
Carrying amount reported on the Consolidated Balance Sheet | $ | 1,236 | $ | 3,692 | |||||||||
Aggregate unpaid principal balance in excess of (less than) fair value | (33 | ) | (38 | ) | |||||||||
GUARANTEES_AND_COMMITMENTS
GUARANTEES AND COMMITMENTS | 6 Months Ended | ||||||||||||
Jun. 30, 2014 | |||||||||||||
Guarantees and Commitments [Abstract] | ' | ||||||||||||
GUARANTEES AND COMMITMENTS | ' | ||||||||||||
GUARANTEES AND COMMITMENTS | |||||||||||||
Citi provides a variety of guarantees and indemnifications to its customers to enhance their credit standing and enable them to complete a wide variety of business transactions. For certain contracts meeting the definition of a guarantee, the guarantor must recognize, at inception, a liability for the fair value of the obligation undertaken in issuing the guarantee. | |||||||||||||
In addition, the guarantor must disclose the maximum potential amount of future payments that the guarantor could be required to make under the guarantee, if there were a total | |||||||||||||
default by the guaranteed parties. The determination of the maximum potential future payments is based on the notional amount of the guarantees without consideration of possible recoveries under recourse provisions or from collateral held or pledged. As such, Citi believes such amounts bear no relationship to the anticipated losses, if any, on these guarantees. | |||||||||||||
The following tables present information about Citi’s guarantees at June 30, 2014 and December 31, 2013: | |||||||||||||
Maximum potential amount of future payments | |||||||||||||
In billions of dollars at June 30, 2014 except carrying value in millions | Expire within | Expire after | Total amount | Carrying value | |||||||||
1 year | 1 year | outstanding | (in millions of dollars) | ||||||||||
Financial standby letters of credit | $ | 25 | $ | 75.5 | $ | 100.5 | $ | 320 | |||||
Performance guarantees | 7.6 | 4.7 | 12.3 | 37 | |||||||||
Derivative instruments considered to be guarantees | 15.9 | 72.5 | 88.4 | 1,213 | |||||||||
Loans sold with recourse | — | 0.2 | 0.2 | 18 | |||||||||
Securities lending indemnifications(1) | 109.4 | — | 109.4 | — | |||||||||
Credit card merchant processing(1) | 86.3 | — | 86.3 | — | |||||||||
Custody indemnifications and other | — | 41.2 | 41.2 | 54 | |||||||||
Total | $ | 244.2 | $ | 194.1 | $ | 438.3 | $ | 1,642 | |||||
Maximum potential amount of future payments | |||||||||||||
In billions of dollars at December 31, 2013 except carrying value in millions | Expire within | Expire after | Total amount | Carrying value | |||||||||
1 year | 1 year | outstanding | (in millions of dollars) | ||||||||||
Financial standby letters of credit | $ | 28.8 | $ | 71.4 | $ | 100.2 | $ | 429 | |||||
Performance guarantees | 7.6 | 4.9 | 12.5 | 42 | |||||||||
Derivative instruments considered to be guarantees | 6 | 61.6 | 67.6 | 797 | |||||||||
Loans sold with recourse | — | 0.3 | 0.3 | 22 | |||||||||
Securities lending indemnifications(1) | 79.2 | — | 79.2 | — | |||||||||
Credit card merchant processing(1) | 85.9 | — | 85.9 | — | |||||||||
Custody indemnifications and other | — | 36.3 | 36.3 | 53 | |||||||||
Total | $ | 207.5 | $ | 174.5 | $ | 382 | $ | 1,343 | |||||
-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. | ||||||||||||
Financial standby letters of credit | |||||||||||||
Citi issues standby letters of credit which substitute its own credit for that of the borrower. If a letter of credit is drawn down, the borrower is obligated to repay Citi. Standby letters of credit protect a third party from defaults on contractual obligations. Financial standby letters of credit include: (i) guarantees of payment of insurance premiums and reinsurance risks that support industrial revenue bond underwriting; (ii) settlement of payment obligations to clearing houses, including futures and over-the-counter derivatives clearing (see further discussion below); (iii) support options and purchases of securities in lieu of escrow deposit accounts; and (iv) letters of credit that backstop loans, credit facilities, promissory notes and trade acceptances. | |||||||||||||
Performance guarantees | |||||||||||||
Performance guarantees and letters of credit are issued to guarantee a customer’s tender bid on a construction or systems-installation project or to guarantee completion of such projects in accordance with contract terms. They are also issued to support a customer’s obligation to supply specified products, commodities, or maintenance or warranty services to a third party. | |||||||||||||
Derivative instruments considered to be guarantees | |||||||||||||
Derivatives are financial instruments whose cash flows are based on a notional amount and an underlying instrument, reference credit or index, where there is little or no initial investment, and whose terms require or permit net settlement. For a discussion of Citi’s derivatives activities, see Note 21 to the Consolidated Financial Statements. | |||||||||||||
Derivative instruments considered to be guarantees include only those instruments that require Citi to make payments to the counterparty based on changes in an underlying instrument, that is related to an asset, a liability or an equity security held by the guaranteed party. More specifically, derivative instruments considered to be guarantees include certain over-the-counter written put options where the counterparty is not a bank, hedge fund or broker-dealer (such counterparties are considered to be dealers in these markets and may, therefore, not hold the underlying instruments). Credit derivatives sold by Citi are excluded from the tables above as they are disclosed separately in Note 21 to the Consolidated Financial Statements. In instances where Citi’s maximum potential future payment is unlimited, the notional amount of the contract is disclosed. | |||||||||||||
Loans sold with recourse | |||||||||||||
Loans sold with recourse represent Citi’s obligations to reimburse the buyers for loan losses under certain circumstances. Recourse refers to the clause in a sales agreement under which a seller/lender will fully reimburse the buyer/investor for any losses resulting from the purchased loans. This may be accomplished by the seller taking back any loans that become delinquent. | |||||||||||||
In addition to the amounts shown in the tables above, Citi has recorded a repurchase reserve for its potential repurchases or make-whole liability regarding residential mortgage representation and warranty claims related to its whole loan sales to the U.S. government-sponsored enterprises (GSEs) and, to a lesser extent, private investors. The repurchase reserve was approximately $281 million and $341 million at June 30, 2014 and December 31, 2013, respectively, and these amounts are included in Other liabilities on the Consolidated Balance Sheet. | |||||||||||||
Securities lending indemnifications | |||||||||||||
Owners of securities frequently lend those securities for a fee to other parties who may sell them short or deliver them to another party to satisfy some other obligation. Banks may administer such securities lending programs for their clients. Securities lending indemnifications are issued by the bank to guarantee that a securities lending customer will be made whole in the event that the security borrower does not return the security subject to the lending agreement and collateral held is insufficient to cover the market value of the security. | |||||||||||||
Credit card merchant processing | |||||||||||||
Credit card merchant processing guarantees represent the Company’s indirect obligations in connection with: (i) providing transaction processing services to various merchants with respect to its private-label cards; and (ii) potential liability for bank card transaction processing services. The nature of the liability in either case arises as a result of a billing dispute between a merchant and a cardholder that is ultimately resolved in the cardholder’s favor. The merchant is liable to refund the amount to the cardholder. In general, if the credit card processing company is unable to collect this amount from the merchant, the credit card processing company bears the loss for the amount of the credit or refund paid to the cardholder. | |||||||||||||
With regard to (i) above, Citi has the primary contingent liability with respect to its portfolio of private-label merchants. The risk of loss is mitigated as the cash flows between Citi and the merchant are settled on a net basis and Citi has the right to offset any payments with cash flows otherwise due to the merchant. To further mitigate this risk, Citi may delay settlement, require a merchant to make an escrow deposit, include event triggers to provide Citi with more financial and operational control in the event of the financial deterioration of the merchant or require various credit enhancements (including letters of credit and bank guarantees). In the unlikely event that a private-label merchant is unable to deliver products, services or a refund to its private-label cardholders, Citi is contingently liable to credit or refund cardholders. | |||||||||||||
With regard to (ii) above, Citi has a potential liability for bank card transactions where Citi provides the transaction processing services as well as those where a third party provides the services and Citi acts as a secondary guarantor, should that processor fail to perform. | |||||||||||||
Citi’s maximum potential contingent liability related to both bank card and private-label merchant processing services is estimated to be the total volume of credit card transactions that meet the requirements to be valid charge-back transactions at any given time. At June 30, 2014 and December 31, 2013, this maximum potential exposure was estimated to be $86 billion and $86 billion, respectively. | |||||||||||||
However, Citi believes that the maximum exposure is not representative of the actual potential loss exposure based on its historical experience. This contingent liability is unlikely to arise, as most products and services are delivered when purchased and amounts are refunded when items are returned to merchants. Citi assesses the probability and amount of its contingent liability related to merchant processing based on the financial strength of the primary guarantor, the extent and nature of unresolved charge-backs and its historical loss experience. At June 30, 2014 and December 31, 2013, the losses incurred and the carrying amounts of Citi’s contingent obligations related to merchant processing activities were immaterial. | |||||||||||||
Custody indemnifications | |||||||||||||
Custody indemnifications are issued to guarantee that custody clients will be made whole in the event that a third-party subcustodian or depository institution fails to safeguard clients’ assets. | |||||||||||||
Other guarantees and indemnifications | |||||||||||||
Credit Card Protection Programs | |||||||||||||
Citi, through its credit card businesses, provides various cardholder protection programs on several of its card products, including programs that provide insurance coverage for rental cars, coverage for certain losses associated with purchased products, price protection for certain purchases and protection for lost luggage. These guarantees are not included in the table, since the total outstanding amount of the guarantees and Citi’s maximum exposure to loss cannot be quantified. The protection is limited to certain types of purchases and losses, and it is not possible to quantify the purchases that would qualify for these benefits at any given time. Citi assesses the probability and amount of its potential liability related to these programs based on the extent and nature of its historical loss experience. At June 30, 2014 and December 31, 2013, the actual and estimated losses incurred and the carrying value of Citi’s obligations related to these programs were immaterial. | |||||||||||||
Other Representation and Warranty Indemnifications | |||||||||||||
In the normal course of business, Citi provides standard representations and warranties to counterparties in contracts in connection with numerous transactions and also provides indemnifications, including indemnifications that protect the counterparties to the contracts in the event that additional taxes are owed due either to a change in the tax law or an adverse interpretation of the tax law. Counterparties to these transactions provide Citi with comparable indemnifications. While such representations, warranties and indemnifications are essential components of many contractual relationships, they do not represent the underlying business purpose for the transactions. The indemnification clauses are often standard contractual terms related to Citi’s own performance under the terms of a contract and are entered into in the normal course of business based on an assessment that the risk of loss is remote. Often these clauses are intended to ensure that terms of a contract are met at inception. No compensation is received for these standard representations and warranties, and it is not possible to determine their fair value because they rarely, if ever, result in a payment. In many cases, there are no stated or notional amounts included in the indemnification clauses, and the contingencies potentially triggering the obligation to indemnify have not occurred and are not expected to occur. As a result, these indemnifications are not included in the tables above. | |||||||||||||
Value-Transfer Networks | |||||||||||||
Citi is a member of, or shareholder in, hundreds of value-transfer networks (VTNs) (payment, clearing and settlement systems as well as exchanges) around the world. As a condition of membership, many of these VTNs require that members stand ready to pay a pro rata share of the losses incurred by the organization due to another member’s default on its obligations. Citi’s potential obligations may be limited to its membership interests in the VTNs, contributions to the VTN’s funds, or, in limited cases, the obligation may be unlimited. The maximum exposure cannot be estimated as this would require an assessment of future claims that have not yet occurred. Citi believes the risk of loss is remote given historical experience with the VTNs. Accordingly, Citi’s participation in VTNs is not reported in the guarantees tables above, and there are no amounts reflected on the Consolidated Balance Sheet as of June 30, 2014 or December 31, 2013 for potential obligations that could arise from Citi’s involvement with VTN associations. | |||||||||||||
Long-Term Care Insurance Indemnification | |||||||||||||
In the sale of an insurance subsidiary, the Company provided an indemnification to an insurance company for policyholder claims and other liabilities relating to a book of long-term care (LTC) business (for the entire term of the LTC policies) that is fully reinsured by another insurance company. The reinsurer has funded two trusts with securities whose fair value (approximately $5.9 billion at June 30, 2014, compared to $5.4 billion at December 31, 2013) is designed to cover the insurance company’s statutory liabilities for the LTC policies. The assets in these trusts are evaluated and adjusted periodically to ensure that the fair value of the assets continues to cover the estimated statutory liabilities related to the LTC policies, as those statutory liabilities change over time. | |||||||||||||
If the reinsurer fails to perform under the reinsurance agreement for any reason, including insolvency, and the assets in the two trusts are insufficient or unavailable to the ceding insurance company, then Citi must indemnify the ceding insurance company for any losses actually incurred in connection with the LTC policies. Since both events would have to occur before Citi would become responsible for any payment to the ceding insurance company pursuant to its indemnification obligation, and the likelihood of such events occurring is currently not probable, there is no liability reflected in the Consolidated Balance Sheet as of June 30, 2014 and December 31, 2013 related to this indemnification. Citi continues to closely monitor its potential exposure under this indemnification obligation. | |||||||||||||
Carrying Value—Guarantees and Indemnifications | |||||||||||||
At June 30, 2014 and December 31, 2013, the total carrying amounts of the liabilities related to the guarantees and indemnifications included in the tables above amounted to approximately $1.6 billion and $1.3 billion, respectively. The carrying value of financial and performance guarantees is included in Other liabilities. For loans sold with recourse, the carrying value of the liability is included in Other liabilities. | |||||||||||||
Futures and over-the-counter derivatives clearing | |||||||||||||
Citi provides clearing services for clients executing exchange-traded futures and over-the-counter (OTC) derivatives contracts with central counterparties (CCPs). Based on all relevant facts and circumstances, Citi has concluded that it acts as an agent for accounting purposes in its role as clearing member for these client transactions. As such, Citi does not reflect the underlying exchange-traded futures or OTC derivatives contracts in its Consolidated Financial Statements. See Note 21 for a discussion of Citi’s derivatives activities that are reflected in its Consolidated Financial Statements. | |||||||||||||
As a clearing member, Citi collects and remits cash and securities collateral (margin) between its clients and the respective CCP. There are two types of margin: initial margin and variation margin. Where Citi obtains benefits from or controls cash initial margin (e.g., retains an interest spread), cash initial margin collected from clients and remitted to the CCP is reflected within Brokerage Payables (payables to customers) and Brokerage Receivables (receivables from brokers, dealers and clearing organizations), respectively. However, for OTC derivatives contracts where Citi has contractually agreed with the client that (a) Citi will pass through to the client all interest paid by the CCP on cash initial margin; (b) Citi will not utilize its right as clearing member to transform cash margin into other assets; and (c) Citi does not guarantee and is not liable to the client for the performance of the CCP, cash initial margin collected from clients and remitted to the CCP is not reflected on Citi’s Consolidated Balance Sheet. The total amount of cash initial margin collected and remitted in this manner was approximately $2.9 billion and $1.4 billion as of June 30, 2014 and December 31, 2013, respectively. | |||||||||||||
Variation margin due from clients to the respective CCP, or from the CCP to clients, reflects changes in the value of the client’s derivative contracts for each trading day. As a clearing member, Citi is exposed to the risk of non-performance by clients (e.g., failure of a client to post variation margin to the CCP for negative changes in the value of the client’s derivative contracts). In the event of non-performance by a client, Citi would move to close out the client’s positions. The CCP would typically utilize initial margin posted by the client and held by the CCP, with any remaining shortfalls required to be paid by Citi as clearing member. Citi generally holds incremental cash or securities margin posted by the client, which would typically be expected to be sufficient to mitigate Citi’s credit risk in the event the client fails to perform. | |||||||||||||
As required by ASC 860-30-25-5, securities collateral posted by clients is not recognized on Citi’s Consolidated Balance Sheet. | |||||||||||||
Collateral | |||||||||||||
Cash collateral available to Citi to reimburse losses realized under these guarantees and indemnifications amounted to $69 billion and $52 billion at June 30, 2014 and December 31, 2013, respectively. Securities and other marketable assets held as collateral amounted to $52 billion and $39 billion at June 30, 2014 and December 31, 2013, respectively. The majority of collateral is held to reimburse losses realized under securities lending indemnifications. Additionally, letters of credit in favor of Citi held as collateral amounted to $4.5 billion and $5.3 billion at June 30, 2014 and December 31, 2013, respectively. Other property may also be available to Citi to cover losses under certain guarantees and indemnifications; however, the value of such property has not been determined. | |||||||||||||
Performance risk | |||||||||||||
Citi evaluates the performance risk of its guarantees based on the assigned referenced counterparty internal or external ratings. Where external ratings are used, investment-grade ratings are considered to be Baa/BBB and above, while anything below is considered non-investment grade. Citi’s internal ratings are in line with the related external rating system. On certain underlying referenced assets or entities, ratings are not available. Such referenced assets are included in the “not rated” category. The maximum potential amount of the future payments related to the outstanding guarantees is determined to be the notional amount of these contracts, which is the par amount of the assets guaranteed. | |||||||||||||
Presented in the tables below are the maximum potential amounts of future payments that are classified based upon internal and external credit ratings as of June 30, 2014 and December 31, 2013. As previously mentioned, the determination of the maximum potential future payments is based on the notional amount of the guarantees without consideration of possible recoveries under recourse provisions or from collateral held or pledged. As such, Citi believes such amounts bear no relationship to the anticipated losses, if any, on these guarantees. | |||||||||||||
Maximum potential amount of future payments | |||||||||||||
In billions of dollars at June 30, 2014 | Investment | Non-investment | Not | Total | |||||||||
grade | grade | rated | |||||||||||
Financial standby letters of credit | $ | 75.1 | $ | 15.6 | $ | 9.8 | $ | 100.5 | |||||
Performance guarantees | 7.3 | 4.1 | 0.9 | 12.3 | |||||||||
Derivative instruments deemed to be guarantees | — | — | 88.4 | 88.4 | |||||||||
Loans sold with recourse | — | — | 0.2 | 0.2 | |||||||||
Securities lending indemnifications | — | — | 109.4 | 109.4 | |||||||||
Credit card merchant processing | — | — | 86.3 | 86.3 | |||||||||
Custody indemnifications and other | 40.9 | 0.3 | — | 41.2 | |||||||||
Total | $ | 123.3 | $ | 20 | $ | 295 | $ | 438.3 | |||||
Maximum potential amount of future payments | |||||||||||||
In billions of dollars at December 31, 2013 | Investment | Non-investment | Not | Total | |||||||||
grade | grade | rated | |||||||||||
Financial standby letters of credit | $ | 76.2 | $ | 14.8 | $ | 9.2 | $ | 100.2 | |||||
Performance guarantees | 7.4 | 3.6 | 1.5 | 12.5 | |||||||||
Derivative instruments deemed to be guarantees | — | — | 67.6 | 67.6 | |||||||||
Loans sold with recourse | — | — | 0.3 | 0.3 | |||||||||
Securities lending indemnifications | — | — | 79.2 | 79.2 | |||||||||
Credit card merchant processing | — | — | 85.9 | 85.9 | |||||||||
Custody indemnifications and other | 36.2 | 0.1 | — | 36.3 | |||||||||
Total | $ | 119.8 | $ | 18.5 | $ | 243.7 | $ | 382 | |||||
Credit Commitments and Lines of Credit | |||||||||||||
The table below summarizes Citigroup’s credit commitments as of June 30, 2014 and December 31, 2013: | |||||||||||||
In millions of dollars | U.S. | Outside of | June 30, | December 31, | |||||||||
U.S. | 2014 | 2013 | |||||||||||
Commercial and similar letters of credit | $ | 1,551 | $ | 5,892 | $ | 7,443 | $ | 7,341 | |||||
One- to four-family residential mortgages | 2,782 | 2,708 | 5,490 | 4,946 | |||||||||
Revolving open-end loans secured by one- to four-family residential properties | 13,641 | 2,857 | 16,498 | 16,781 | |||||||||
Commercial real estate, construction and land development | 1,619 | 1,107 | 2,726 | 2,725 | |||||||||
Credit card lines | 504,462 | 134,459 | 638,921 | 641,111 | |||||||||
Commercial and other consumer loan commitments | 156,841 | 90,851 | 247,692 | 231,071 | |||||||||
Other commitments and contingencies | 2,479 | 8,214 | 10,693 | 7,863 | |||||||||
Total | $ | 683,375 | $ | 246,088 | $ | 929,463 | $ | 911,838 | |||||
The majority of unused commitments are contingent upon customers’ maintaining specific credit standards. Commercial commitments generally have floating interest rates and fixed expiration dates and may require payment of fees. Such fees (net of certain direct costs) are deferred and, upon exercise of the commitment, amortized over the life of the loan or, if exercise is deemed remote, amortized over the commitment period. | |||||||||||||
Commercial and similar letters of credit | |||||||||||||
A commercial letter of credit is an instrument by which Citigroup substitutes its credit for that of a customer to enable the customer to finance the purchase of goods or to incur other commitments. Citigroup issues a letter on behalf of its client to a supplier and agrees to pay the supplier upon presentation of documentary evidence that the supplier has performed in accordance with the terms of the letter of credit. When a letter of credit is drawn, the customer is then required to reimburse Citigroup. | |||||||||||||
One- to four-family residential mortgages | |||||||||||||
A one- to four-family residential mortgage commitment is a written confirmation from Citigroup to a seller of a property that the bank will advance the specified sums enabling the buyer to complete the purchase. | |||||||||||||
Revolving open-end loans secured by one- to four-family | |||||||||||||
residential properties | |||||||||||||
Revolving open-end loans secured by one- to four-family residential properties are essentially home equity lines of credit. A home equity line of credit is a loan secured by a primary residence or second home to the extent of the excess of fair market value over the debt outstanding for the first mortgage. | |||||||||||||
Commercial real estate, construction and land development | |||||||||||||
Commercial real estate, construction and land development include unused portions of commitments to extend credit for the purpose of financing commercial and multifamily residential properties as well as land development projects. | |||||||||||||
Both secured-by-real-estate and unsecured commitments are included in this line, as well as undistributed loan proceeds, where there is an obligation to advance for construction progress payments. However, this line only includes those extensions of credit that, once funded, will be classified as Total loans, net on the Consolidated Balance Sheet. | |||||||||||||
Credit card lines | |||||||||||||
Citigroup provides credit to customers by issuing credit cards. The credit card lines are cancellable by providing notice to the cardholder or without such notice as permitted by local law. | |||||||||||||
Commercial and other consumer loan commitments | |||||||||||||
Commercial and other consumer loan commitments include overdraft and liquidity facilities, as well as commercial commitments to make or purchase loans, to purchase third-party receivables, to provide note issuance or revolving underwriting facilities and to invest in the form of equity. Amounts include $51 billion and $58 billion with an original maturity of less than one year at June 30, 2014 and December 31, 2013, respectively. | |||||||||||||
In addition, included in this line item are highly leveraged financing commitments, which are agreements that provide funding to a borrower with higher levels of debt (measured by the ratio of debt capital to equity capital of the borrower) than is generally considered normal for other companies. This type of financing is commonly employed in corporate acquisitions, management buy-outs and similar transactions. | |||||||||||||
Other commitments and contingencies | |||||||||||||
Other commitments and contingencies include committed or unsettled regular-way reverse repurchase agreements and all other transactions related to commitments and contingencies not reported on the lines above. |
CONTINGENCIES
CONTINGENCIES | 6 Months Ended |
Jun. 30, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
CONTINGENCIES | ' |
CONTINGENCIES | |
The following information supplements and amends, as applicable, the disclosures in Note 28 to the Consolidated Financial Statements of Citigroup's 2013 Annual Report on Form 10-K and Note 25 to the Consolidated Financial Statements of Citigroup’s Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2014. For purposes of this Note, Citigroup, its affiliates and subsidiaries, and current and former officers, directors and employees, are sometimes collectively referred to as Citigroup and Related Parties. | |
In accordance with ASC 450, Citigroup establishes accruals for contingencies, including the litigation and regulatory matters disclosed herein, when Citigroup believes it is probable that a loss has been incurred and the amount of the loss can be reasonably estimated. Once established, accruals are adjusted from time to time, as appropriate, in light of additional information. The amount of loss ultimately incurred in relation to those matters may be substantially higher or lower than the amounts accrued for those matters. | |
If Citigroup has not accrued for a matter because the matter does not meet the criteria for accrual (as set forth above), or Citigroup believes an exposure to loss exists in excess of the amount accrued for a particular matter, in each case assuming a material loss is reasonably possible, Citigroup discloses the matter. In addition, for such matters, Citigroup discloses an estimate of the aggregate reasonably possible loss or range of loss in excess of the amounts accrued for those matters as to which an estimate can be made. At June 30, 2014, Citigroup's estimate was materially unchanged from its estimate of approximately $5 billion at December 31, 2013, as more fully described in Note 28 to the Consolidated Financial Statements in the 2013 Annual Report on Form 10-K. | |
As available information changes, the matters for which Citigroup is able to estimate will change, and the estimates themselves will change. In addition, while many estimates presented in financial statements and other financial disclosure involve significant judgment and may be subject to significant uncertainty, estimates of the range of reasonably possible loss arising from litigation and regulatory proceedings are subject to particular uncertainties. For example, at the time of making an estimate, Citigroup may have only preliminary, incomplete or inaccurate information about the facts underlying the claim; its assumptions about the future rulings of the court or other tribunal on significant issues, or the behavior and incentives of adverse parties or regulators, may prove to be wrong; and the outcomes it is attempting to predict are often not amenable to the use of statistical or other quantitative analytical tools. In addition, from time to time an outcome may occur that Citigroup had not accounted for in its estimates because it had deemed such an outcome to be remote. For all these reasons, the amount of loss in excess of accruals ultimately incurred for the matters as to which an estimate has been made could be substantially higher or lower than the range of loss included in the estimate. | |
Subject to the foregoing, it is the opinion of Citigroup's management, based on current knowledge and after taking into account its current legal accruals, that the eventual outcome of all matters described in this Note would not be likely to have a material adverse effect on the consolidated financial condition of Citigroup. Nonetheless, given the substantial or indeterminate amounts sought in certain of these matters, and the inherent unpredictability of such matters, an adverse outcome in certain of these matters could, from time to time, have a material adverse effect on Citigroup’s consolidated results of operations or cash flows in particular quarterly or annual periods. | |
For further information on ASC 450 and Citigroup's accounting and disclosure framework for contingencies, including for litigation and regulatory matters disclosed herein, see Note 28 to the Consolidated Financial Statements of Citigroup’s 2013 Annual Report on Form 10-K. | |
Commodities Financing Contracts | |
Beginning in May 2014, Citigroup became aware of reports of potential fraud relating to the financing of physical metal stored at the Qingdao and Penglai ports in China. Citigroup has contracts with a counterparty in relation to Citigroup’s providing financing collateralized by physical metal stored at these ports. On July 22, 2014, Citigroup commenced proceedings in the Commercial Court in London to enforce its rights against that counterparty under the relevant agreements in relation to approximately $285 million in financing. That counterparty and a Chinese warehouse provider previously brought actions in the English courts to establish the parties’ rights and obligations under these agreements. | |
Credit Crisis-Related Litigation and Other Matters | |
Mortgage-Related Litigation and Other Matters | |
Regulatory Actions: On June 4, 2014, the United States Court of Appeals for the Second Circuit issued an opinion and order reversing the district court’s order in UNITED STATES SECURITIES & EXCHANGE COMMISSION v. CITIGROUP GLOBAL MARKETS INC. refusing to approve Citigroup’s proposed settlement with the U.S. Securities and Exchange Commission (SEC). The action has been remanded for further proceedings consistent with the Second Circuit’s decision. Additional information relating to this action is publicly available in court filings under the docket numbers 11 Civ. 7387 (S.D.N.Y.) (Rakoff, J.) and 11-5227 (2d Cir.). | |
As of July 30, 2014, the SEC had advised Citigroup that it had concluded its investigation of Citigroup’s mortgage-backed securities (MBS) practices and did not intend to recommend an enforcement action. | |
As previously disclosed, on July 14, 2014, Citigroup reached a settlement of an investigation by the Residential Mortgage-Backed Securities Working Group. The settlement resolved actual and potential civil claims by the Department of Justice, several state attorneys general, and the Federal Deposit Insurance Corporation (FDIC) relating to MBS and collateralized debt obligations (CDOs) issued, structured, or underwritten by Citigroup between 2003 and 2008. The settlement included a $4.0 billion civil monetary payment to the Department of Justice, $500 million in payments to certain state attorneys general and the FDIC, and $2.5 billion in consumer relief (to be provided by the end of 2018). The consumer relief will be in the form of financing provided for the construction and preservation of affordable multifamily rental housing, principal reduction and forbearance for residential loans, as well as other direct consumer benefits from various relief programs. | |
Mortgage-Backed Securities and CDO Investor Actions: | |
Certain of the actions brought by purchasers of MBS sponsored, underwritten, or sold by Citigroup have been resolved through settlement and dismissed with prejudice. Additional information relating to these actions is publicly available in court filings under the docket numbers 11 Civ. 2890 (S.D.N.Y.) (Daniels, J.), 653100/2012 (N.Y. Sup. Ct.) (Friedman, J.), and 11 Civ. 10952 (D. Mass) (O’Toole, J.). | |
As of June 30, 2014, the aggregate original purchase amount of the purchases at issue in the pending MBS and CDO investor suits was approximately $7.1 billion, and the aggregate original purchase amount of the purchases covered by tolling agreements with MBS and CDO investors threatening litigation was approximately $1.4 billion. | |
On May 20, 2014, Commerzbank A.G. London Branch filed a complaint in COMMERZBANK A.G. LONDON BRANCH v. UBS AG, ET AL., alleging fraud and other claims in connection with various financial institutions’, including Citigroup’s, issuance and underwriting of MBS. Additional information relating to this action is publicly available in court filings under the docket number 654464/2013 (N.Y. Sup. Ct.) (Friedman, J.). | |
Mortgage-Backed Security Repurchase Claims: The deadline for trustees to accept or reject Citigroup’s April 7, 2014 offer of settlement to resolve representation and warranty repurchase claims related to certain legacy securitizations initially was extended to August 14, 2014. Citigroup subsequently agreed to further extend that deadline to October 31, 2014. | |
Mortgage-Backed Securities Trustee Actions: On June 18, 2014, a group of investors in 48 MBS trusts for which Citibank, N.A. served or currently serves as trustee filed a complaint in New York Supreme Court in BLACKROCK ALLOCATION TARGET SHARES: SERIES S. PORTFOLIO, ET AL. v. CITIBANK, N.A. The complaint, like those filed against other MBS trustees, alleges that Citibank, N.A. failed to pursue contractual remedies against loan originators, securitization sponsors, and servicers. The securitizations at issue were sponsored by American Home Mortgage, BNC, Countryplace, First Franklin, Goldman Sachs, Lehman Brothers, Merrill Lynch, PHH Mortgage, Wachovia and Washington Mutual. Additional information concerning this action is publicly available in court filings under the docket number 651868/2014 (N.Y. Sup. Ct.) (Friedman, J.). On June 27, 2014, a separate group of MBS investors filed a summons with notice in FEDERAL HOME LOAN BANK OF TOPEKA, ET AL. v. CITIBANK, N.A. The summons with notice alleges that Citibank, N.A., as trustee for an unspecified number of MBS, failed to pursue remedies on behalf of the securitization trusts. Additional information concerning this action is publicly available in court filings under the docket number 651973/2014 (N.Y. Sup. Ct.). | |
Counterparty and Investor Actions | |
On June 18, 2014, Abu Dhabi Investment Authority (ADIA) filed a petition for a writ of certiorari in the United States Supreme Court seeking review of the Second Circuit’s affirmance of the District Court’s confirmation of the arbitration award in favor of Citigroup. The petition is pending. Additional information concerning this action is publicly available in court filings under the docket numbers 12 Civ. 283 (S.D.N.Y.) (Daniels, J.), 13-1068-cv (2d Cir.) and No. 13-1500 (U.S.). | |
KIKOs | |
As of June 30, 2014, there were 103 civil lawsuits filed by small and medium sized export businesses against Citibank Korea Inc. (CKI). To date, 96 decisions have been rendered at the district court level, and CKI has prevailed in 76 of those decisions. In the other 20 decisions, plaintiffs were awarded only a portion of the damages sought. The damage awards total in the aggregate approximately $38.7 million. CKI is appealing the 20 adverse decisions. A significant number of plaintiffs that had decisions rendered against them are also filing appeals, including plaintiffs that were awarded less than all of the damages they sought. | |
Of the 96 cases decided at the district court level, 65 have been appealed to the high court, including the 20 in which an adverse decision was rendered against CKI in the district court. Of the 62 appeals decided or settled at high court level, CKI prevailed in 45 cases, and in the other 17 cases plaintiffs were awarded partial damages. As a result, the aggregate damages awarded against CKI decreased by approximately $10.5 million. CKI is appealing nine of the adverse decisions to the Korean Supreme Court and many plaintiffs have filed appeals to the Supreme Court as well. | |
As of June 30, 2014, the Supreme Court has rendered 24 judgments relating to CKI. CKI prevailed in 21 cases. The Supreme Court confirmed lower court judgments in which plaintiffs were awarded partial damages in three cases. As a result, the aggregate damages awarded against CKI decreased by approximately $0.3 million. | |
After taking into account all decisions rendered through June 30, 2014 at the district court, high court, or Supreme Court levels, the damages awarded against CKI currently total in the aggregate approximately $27.9 million. | |
Lehman Brothers Bankruptcy Proceedings | |
On July 21, 2014, PricewaterhouseCoopers, AG Zurich, as Foreign Representative and Liquidator of Lehman Brothers Finance AG, a/k/a Lehman Brothers Finance SA, filed a complaint in LEHMAN BROTHERS FINANCE AG, IN LIQUIDATION, ET AL. v. CITIBANK, N.A., ET AL. against Citibank, N.A., CKI and Citigroup Global Markets Ltd., asserting that the Citigroup defendants have improperly withheld termination payments under certain derivatives contracts. Plaintiffs seek to recover approximately $70 million, plus interest. Additional information concerning this action is publicly available in court filings under the docket number 14-2050 (Bankr. S.D.N.Y.) (Chapman, J.). | |
Foreign Exchange Matters | |
Antitrust and Other Litigation: On April 30, 2014, plaintiff in the putative class action LARSEN v. BARCLAYS BANK PLC, ET AL. filed an amended complaint. On May 30, 2014, Citigroup and Citibank, N.A., along with other defendants, moved to dismiss that action, as well as the putative class actions that are proceeding on a consolidated basis under the caption IN RE FOREIGN EXCHANGE BENCHMARK RATES ANTITRUST LITIGATION and the putative class action captioned SIMMTECH CO. v. BARCLAYS BANK PLC, ET AL. Additional information concerning these actions is publicly available in court filings under the docket numbers 1:14-cv-1364 (S.D.N.Y.) (Schofield, J.), 1:13-cv-7789 (S.D.N.Y.) (Schofield, J.) and 1:13-cv-7953 (S.D.N.Y.) (Schofield, J.). | |
Interbank Offered Rates-Related Litigation and Other Matters | |
Antitrust and Other Litigation: On June 23, 2014, the United States District Court for the Southern District of New York issued an opinion in IN RE LIBOR-BASED FINANCIAL INSTRUMENTS ANTITRUST LITIGATION (LIBOR MDL), (i) granting a motion by the putative class of purchasers of exchange-traded derivative instruments for leave to amend their complaint; (ii) denying the defendants’ motion for reconsideration of portions of the court’s March 29, 2013 order; (iii) granting defendants’ motion to dismiss claims based on contracts purchased between May 2008 and April 2009; and (iv) denying the motion by Citigroup, Citibank, N.A., and certain other defendants to dismiss unjust enrichment and contract-based claims of the putative class of OTC purchasers of derivative instruments. Additional information concerning this consolidated action is publicly available in court filings under the docket number 1:11-md-2262 (S.D.N.Y.) (Buchwald, J.). | |
On June 30, 2014, the United States Supreme Court granted a petition for a writ of certiorari in GELBOIM, ET AL. v. BANK OF AMERICA CORP., ET AL. with respect to the dismissal by the Second Circuit of an appeal by the plaintiff class of indirect OTC purchasers of U.S. debt securities. Additional information concerning this action is publicly available in court filings under the docket numbers 13-3565 (2d Cir.), 13-3636 (2d Cir.), and 13-1174 (U.S.). | |
On May 19, 2014, Prudential Investment Portfolios filed a lawsuit in the United States District Court for the District of New Jersey against Citigroup, Citibank, N.A., Citigroup Funding Inc. and Citigroup Global Markets Inc., as well as other USD LIBOR panel banks, seeking to recover losses as a result of purported LIBOR manipulation. Plaintiff asserts federal antitrust and RICO claims, as well as various common law claims. On June 11, 2014, this action was transferred to the United States District Court for the Southern District of New York for consolidation in the LIBOR MDL. Additional information concerning this action is publicly available under the docket number 1:14-cv-04189 (S.D.N.Y.) (Buchwald, J.). | |
Separately, on June 17, 2014, plaintiff in the putative class action LAYDON v. MIZUHO BANK LTD. ET AL. filed a motion for leave to amend the second amended complaint and a proposed third amended complaint. Additional information concerning this action is publicly available in court filings under the docket number 1:12-cv-3419 (S.D.N.Y.) (Daniels, J.). | |
On May 2, 2014, plaintiffs in the class action SULLIVAN v. BARCLAYS PLC, ET AL. filed a second amended complaint naming Citigroup and Citibank, N.A. as defendants. Plaintiffs claim to have suffered losses as a result of purported EURIBOR manipulation and assert claims under the Commodity Exchange Act, the Sherman Act and RICO, and for unjust enrichment. Additional information concerning this action is publicly available in court filings under the docket number 1:13-cv-2811 (S.D.N.Y.) (Castel, J.). | |
Interchange Fees Litigation | |
On July 18, 2014, the United States District Court for the Eastern District of New York denied defendants’, including Citigroup’s, motions to dismiss complaints filed by opt-out merchants in IN RE PAYMENT CARD INTERCHANGE FEE AND MERCHANT DISCOUNT ANTITRUST LITIGTATION. Two of the opt-out suits, 7-ELEVEN, INC., ET AL. v. VISA INC., ET AL. and SPEEDY STOP FOOD STORES, LLC, ET AL. v. VISA INC., ET AL. name Citigroup as a defendant. Additional information concerning these actions is publicly available in court filings under the docket numbers 05-md-1720 (E.D.N.Y.) (Gleeson, J.); 13-cv-4442 (S.D.N.Y.) (Hellerstein, J.), and 13-10-75377A (Tex. Dist. Ct.). | |
Oceanografía Fraud and Related Matters | |
Derivative Actions and Related Proceedings: On April 28, 2014, Oklahoma Firefighters Pension & Retirement System filed a complaint in Delaware Chancery Court in OKLAHOMA FIREFIGHTERS PENSION & RETIREMENT SYSTEM v. CITIGROUP INC., seeking to inspect Citigroup’s books and records pursuant to 8 Del. C.§ 220, for the stated purpose of investigating possible mismanagement and breaches of fiduciary duty by the Citigroup Board of Directors and/or senior management in connection with various matters, including Citigroup’s February 28, 2014 announcement of a fraud discovered in connection with an extension of credit to Oceanografía S.A. de C.V. by Citigroup affiliate Banamex. On June 27, 2014, the Master in Chancery issued a draft report recommending that the court enter an order granting in part and denying in part plaintiff’s request for inspection. On July 7, 2014, Citigroup filed a notice of exception to the Master’s draft report. Additional information concerning this action is publicly available in court filings under the docket number C.A. No. 9587-ML (Del. Ch.) (LeGrow, M.). | |
Settlement Payments | |
Payments required in settlement agreements described above have been made or are covered by existing litigation accruals. |
BASIS_OF_PRESENTATION_Policies
BASIS OF PRESENTATION (Policies) | 6 Months Ended |
Jun. 30, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Principles of Consolidation | ' |
Principles of Consolidation | |
The Consolidated Financial Statements include the accounts of Citigroup and its subsidiaries prepared in accordance with GAAP. The Company consolidates subsidiaries in which it holds, directly or indirectly, more than 50% of the voting rights or where it exercises control. Entities where the Company holds 20% to 50% of the voting rights and/or has the ability to exercise significant influence, other than investments of designated venture capital subsidiaries or investments accounted for at fair value under the fair value option, are accounted for under the equity method, and the pro rata share of their income (loss) is included in Other revenue. Income from investments in less than 20% owned companies is recognized when dividends are received. As discussed in more detail in Note 20 to the Consolidated Financial Statements, Citigroup consolidates entities deemed to be variable interest entities when Citigroup is determined to be the primary beneficiary. Gains and losses on the disposition of branches, subsidiaries, affiliates, buildings, and other investments are included in Other revenue. | |
Citibank, N.A. | |
Citibank, N.A. is a commercial bank and wholly owned subsidiary of Citigroup Inc. Citibank’s principal offerings include: consumer finance, mortgage lending, and retail banking products and services; investment banking, commercial banking, cash management, trade finance and e-commerce products and services; and private banking products and services. |
DISCONTINUED_OPERATIONS_AND_SI1
DISCONTINUED OPERATIONS AND SIGNIFICANT DISPOSALS (Tables) | 6 Months Ended | ||||||||||||
Jun. 30, 2014 | |||||||||||||
Discontinued operations | ' | ||||||||||||
Summarized financial information for Combined Results of Discontinued Operations | ' | ||||||||||||
The following is summarized financial information for Credicard, CCA, Egg and previous Discontinued operations for which Citi continues to have minimal residual costs associated with the sales: | |||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||
In millions of dollars | 2014 | 2013 | 2014 | 2013 | |||||||||
Total revenues, net of interest expense(1) | $ | 4 | $ | 258 | $ | 73 | $ | 580 | |||||
Income (loss) from discontinued operations | $ | (3 | ) | $ | 51 | $ | 37 | $ | (52 | ) | |||
Gain (loss) on sale | — | — | — | 56 | |||||||||
Provision (benefit) for income taxes | 19 | 21 | 22 | 7 | |||||||||
Income (loss) from discontinued operations, net of taxes | $ | (22 | ) | $ | 30 | $ | 15 | $ | (3 | ) | |||
-1 | Total revenues include gain or loss on sale, if applicable. | ||||||||||||
Cash Flows from Discontinued Operations | |||||||||||||
Six Months Ended June 30, | |||||||||||||
In millions of dollars | 2014 | 2013 | |||||||||||
Cash flows used in operating activities | $ | — | $ | (338 | ) | ||||||||
Cash flows from investing activities | — | 282 | |||||||||||
Cash flows from financing activities | — | 41 | |||||||||||
Net cash provided by discontinued operations | $ | — | $ | (15 | ) | ||||||||
Brazil Creditcard | ' | ||||||||||||
Discontinued operations | ' | ||||||||||||
Summarized financial information for Combined Results of Discontinued Operations | ' | ||||||||||||
Summarized financial information for Discontinued operations for Credicard follows: | |||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||
In millions of dollars | 2014 | 2013 | 2014 | 2013 | |||||||||
Total revenues, net of interest expense(1) | $ | — | $ | 251 | $ | 69 | $ | 515 | |||||
Income from discontinued operations | $ | 5 | $ | 55 | $ | 69 | $ | 107 | |||||
Income taxes | 2 | 19 | 13 | 37 | |||||||||
Income from discontinued operations, net of taxes | $ | 3 | $ | 36 | $ | 56 | $ | 70 | |||||
-1 | Total revenues include gain or loss on sale, if applicable. | ||||||||||||
Cash Flows from Discontinued Operations | |||||||||||||
Six Months Ended June 30, | |||||||||||||
In millions of dollars | 2014 | 2013 | |||||||||||
Cash flows from operating activities | $ | — | $ | (296 | ) | ||||||||
Cash flows from investing activities | — | 282 | |||||||||||
Cash flows from financing activities | — | (1 | ) | ||||||||||
Net cash provided by discontinued operations | $ | — | $ | (15 | ) | ||||||||
CCA business | ' | ||||||||||||
Discontinued operations | ' | ||||||||||||
Summarized financial information for Combined Results of Discontinued Operations | ' | ||||||||||||
Summarized financial information for Discontinued operations for the operations related to CCA follows: | |||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||
In millions of dollars | 2014 | 2013 | 2014 | 2013 | |||||||||
Total revenues, net of interest expense(1) | $ | — | $ | 7 | $ | — | 65 | ||||||
Loss from discontinued operations | $ | (1 | ) | $ | (3 | ) | $ | (4 | ) | (131 | ) | ||
Gain on sale | — | — | — | 56 | |||||||||
Benefit for income taxes | (1 | ) | (1 | ) | (2 | ) | (23 | ) | |||||
Loss from discontinued operations, net of taxes | $ | — | $ | (2 | ) | $ | (2 | ) | (52 | ) | |||
-1 | Total revenues include gain or loss on sale, if applicable. | ||||||||||||
Cash Flows from Discontinued Operations | |||||||||||||
Six Months Ended June 30, | |||||||||||||
In millions of dollars | 2014 | 2013 | |||||||||||
Cash flows from operating activities | $ | — | $ | (42 | ) | ||||||||
Cash flows from investing activities | — | — | |||||||||||
Cash flows from financing activities | — | 42 | |||||||||||
Net cash provided by discontinued operations | $ | — | $ | — | |||||||||
Egg Banking PLC | ' | ||||||||||||
Discontinued operations | ' | ||||||||||||
Summarized financial information for Combined Results of Discontinued Operations | ' | ||||||||||||
Summarized financial information for Discontinued operations for the operations related to Egg follows: | |||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||
In millions of dollars | 2014 | 2013 | 2014 | 2013 | |||||||||
Total revenues, net of interest expense(1) | $ | 4 | $ | — | $ | 4 | $ | — | |||||
Income (loss) from discontinued operations | $ | (7 | ) | $ | (1 | ) | $ | (28 | ) | $ | (28 | ) | |
(Benefit) provision for income taxes | (2 | ) | — | (9 | ) | (10 | ) | ||||||
Loss from discontinued operations, net of taxes | $ | (5 | ) | $ | (1 | ) | $ | (19 | ) | $ | (18 | ) | |
-1 | Total revenues include gain or loss on sale, if applicable. | ||||||||||||
Cash flows from Discontinued operations related to Egg were not material for all periods presented. | |||||||||||||
Spain Consumer Business | ' | ||||||||||||
Discontinued operations | ' | ||||||||||||
Summarized financial information for Combined Results of Discontinued Operations | ' | ||||||||||||
In millions of dollars | June 30, 2014 | ||||||||||||
Assets | |||||||||||||
Cash and deposits with banks | $ | 61 | |||||||||||
Loans (net of allowance of $177 million) | 1,804 | ||||||||||||
Goodwill | 116 | ||||||||||||
Other assets | 53 | ||||||||||||
Total assets | $ | 2,034 | |||||||||||
Liabilities | |||||||||||||
Deposits | $ | 2,455 | |||||||||||
Other liabilities | 84 | ||||||||||||
Total liabilities | $ | 2,539 | |||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||
In millions of dollars | 2014 | 2013 | 2014 | 2013 | |||||||||
Income before taxes | $ | 12 | $ | 15 | $ | 33 | $ | 26 | |||||
Greece Consumer Business | ' | ||||||||||||
Discontinued operations | ' | ||||||||||||
Summarized financial information for Combined Results of Discontinued Operations | ' | ||||||||||||
In millions of dollars | June 30, 2014 | ||||||||||||
Assets | |||||||||||||
Cash and deposits with banks | $ | 24 | |||||||||||
Loans (net of allowance of $204 million) | 298 | ||||||||||||
Other assets | 8 | ||||||||||||
Total assets | $ | 330 | |||||||||||
Liabilities | |||||||||||||
Deposits | $ | 1,280 | |||||||||||
Other liabilities | 35 | ||||||||||||
Total liabilities | $ | 1,315 | |||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||
In millions of dollars | 2014 | 2013 | 2014 | 2013 | |||||||||
Income before taxes | ($25) | ($78) | ($40) | ($134) |
BUSINESS_SEGMENTS_Tables
BUSINESS SEGMENTS (Tables) | 6 Months Ended | ||||||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||||||||||
Information regarding the Company's operations by segment | ' | ||||||||||||||||||||||||
The following table presents certain information regarding the Company’s continuing operations by segment: | |||||||||||||||||||||||||
Revenues, | Provision (benefits) | Income (loss) from | Identifiable assets | ||||||||||||||||||||||
net of interest expense (1) | for income taxes | continuing operations (2) | |||||||||||||||||||||||
Three Months Ended June 30, | |||||||||||||||||||||||||
In millions of dollars, except identifiable assets in billions | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | June 30, | December 31, | |||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
Global Consumer Banking | $ | 9,381 | $ | 9,718 | $ | 816 | $ | 968 | $ | 1,605 | $ | 1,862 | $ | 406 | $ | 405 | |||||||||
Institutional Clients Group | 8,463 | 9,560 | 1,122 | 1,448 | 2,562 | 3,136 | 1,067 | 1,045 | |||||||||||||||||
Corporate/Other | 35 | 114 | (188 | ) | 49 | (432 | ) | (229 | ) | 326 | 313 | ||||||||||||||
Total Citicorp | $ | 17,879 | $ | 19,392 | $ | 1,750 | $ | 2,465 | $ | 3,735 | $ | 4,769 | $ | 1,799 | $ | 1,763 | |||||||||
Citi Holdings | 1,463 | 1,096 | 88 | (338 | ) | (3,482 | ) | (581 | ) | 111 | 117 | ||||||||||||||
Total | $ | 19,342 | $ | 20,488 | $ | 1,838 | $ | 2,127 | $ | 253 | $ | 4,188 | $ | 1,910 | $ | 1,880 | |||||||||
Revenues, | Provision (benefits) | Income (loss) from | |||||||||||||||||||||||
net of interest expense (1) | for income taxes | continuing operations (2) | |||||||||||||||||||||||
Six Months Ended June 30, | |||||||||||||||||||||||||
In millions of dollars | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||
Global Consumer Banking | $ | 18,674 | $ | 19,464 | $ | 1,574 | $ | 1,890 | $ | 3,332 | $ | 3,687 | |||||||||||||
Institutional Clients Group | 17,697 | 19,151 | 2,370 | 2,825 | 5,527 | 6,206 | |||||||||||||||||||
Corporate/Other | 176 | 120 | (10 | ) | (120 | ) | (890 | ) | (394 | ) | |||||||||||||||
Total Citicorp | $ | 36,547 | $ | 38,735 | $ | 3,934 | $ | 4,595 | $ | 7,969 | $ | 9,499 | |||||||||||||
Citi Holdings | 2,919 | 2,001 | (46 | ) | (898 | ) | (3,765 | ) | (1,380 | ) | |||||||||||||||
Total | $ | 39,466 | $ | 40,736 | $ | 3,888 | $ | 3,697 | $ | 4,204 | $ | 8,119 | |||||||||||||
(1) | Includes Citicorp (excluding Corporate/Other) total revenues, net of interest expense, in North America of $7.9 billion and $8.2 billion; in EMEA of $2.8 billion and $3.5 billion; in Latin America of $3.5 billion and $3.6 billion; and in Asia of $3.6 billion and $4.0 billion for the three months ended June 30, 2014 and 2013, respectively. Includes Citicorp (excluding Corporate/Other) total revenues, net of interest expense, in North America of $16.4 billion and $16.9 billion; in EMEA of $5.9 billion and $6.6 billion; in Latin America of $6.8 billion and $7.1 billion; and in Asia of $7.3 billion and $8.0 billion for the six months ended June 30, 2014 and 2013, respectively. Regional numbers exclude Citi Holdings and Corporate/Other, which largely operate within the U.S. | ||||||||||||||||||||||||
(2) | Includes pretax provisions (credits) for credit losses and for benefits and claims in the GCB results of $1.5 billion and $1.6 billion; in the ICG results of $(112) million and $(30) million; and in Citi Holdings results of $0.3 billion and $0.5 billion for the three months ended June 30, 2014 and 2013, respectively. Includes pretax provisions (credits) for credit losses and for benefits and claims in the GCB results of $3.1 billion and $3.3 billion; in the ICG results of $(85) million and $35.0 million; and in Citi Holdings results of $0.7 billion and $1.2 billion for the six months ended June 30, 2014 and 2013, respectively. |
INTEREST_REVENUE_AND_EXPENSE_T
INTEREST REVENUE AND EXPENSE (Tables) | 6 Months Ended | ||||||||||||
Jun. 30, 2014 | |||||||||||||
Interest Revenue (Expense), Net [Abstract] | ' | ||||||||||||
Interest revenue and expense | ' | ||||||||||||
For the three and six months ended June 30, 2014 and 2013, Interest revenue and Interest expense consisted of the following: | |||||||||||||
Three Months Ended | Six Months Ended June 30, | ||||||||||||
June 30, | |||||||||||||
In millions of dollars | 2014 | 2013 | 2014 | 2013 | |||||||||
Interest revenue | |||||||||||||
Loan interest, including fees | $ | 11,361 | $ | 11,300 | $ | 22,542 | $ | 22,725 | |||||
Deposits with banks | 250 | 252 | 502 | 508 | |||||||||
Federal funds sold and securities borrowed or purchased under agreements to resell | 592 | 702 | 1,186 | 1,390 | |||||||||
Investments, including dividends | 1,807 | 1,687 | 3,564 | 3,489 | |||||||||
Trading account assets(1) | 1,454 | 1,669 | 2,940 | 3,299 | |||||||||
Other interest | 97 | 230 | 177 | 389 | |||||||||
Total interest revenue | $ | 15,561 | $ | 15,840 | $ | 30,911 | $ | 31,800 | |||||
Interest expense | |||||||||||||
Deposits(2) | $ | 1,469 | $ | 1,583 | $ | 2,918 | $ | 3,259 | |||||
Federal funds purchased and securities loaned or sold under agreements to repurchase | 537 | 630 | 1,062 | 1,239 | |||||||||
Trading account liabilities(1) | 48 | 43 | 89 | 85 | |||||||||
Short-term borrowings | 162 | 148 | 299 | 311 | |||||||||
Long-term debt | 1,399 | 1,754 | 2,838 | 3,594 | |||||||||
Total interest expense | $ | 3,615 | $ | 4,158 | $ | 7,206 | $ | 8,488 | |||||
Net interest revenue | $ | 11,946 | $ | 11,682 | $ | 23,705 | $ | 23,312 | |||||
Provision for loan losses | 1,579 | 1,827 | 3,372 | 4,041 | |||||||||
Net interest revenue after provision for loan losses | $ | 10,367 | $ | 9,855 | $ | 20,333 | $ | 19,271 | |||||
-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 $251 million and $289 million for the three months ended June 30, 2014 and 2013, respectively, and $532 million and $588 million for the six months ended June 30, 2014 and 2013, respectively. |
COMMISSIONS_AND_FEES_Tables
COMMISSIONS AND FEES (Tables) | 6 Months Ended | ||||||||||||
Jun. 30, 2014 | |||||||||||||
Fees and Commissions [Abstract] | ' | ||||||||||||
Commissions and fees revenues | ' | ||||||||||||
The following table presents Commissions and fees revenue for the three and six months ended June 30: | |||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||
In millions of dollars | 2014 | 2013 | 2014 | 2013 | |||||||||
Investment banking | $ | 1,084 | $ | 841 | $ | 1,917 | $ | 1,767 | |||||
Credit cards and bank cards | 564 | 632 | 1,128 | 1,256 | |||||||||
Trading-related | 695 | 671 | 1,346 | 1,372 | |||||||||
Trade and securities services | 473 | 536 | 926 | 920 | |||||||||
Other Consumer(1) | 229 | 230 | 442 | 458 | |||||||||
Checking-related | 135 | 72 | 270 | 278 | |||||||||
Corporate finance(2) | 152 | 132 | 276 | 291 | |||||||||
Loan servicing | 98 | 115 | 186 | 252 | |||||||||
Other | 61 | 64 | 134 | 134 | |||||||||
Total commissions and fees | $ | 3,491 | $ | 3,293 | $ | 6,625 | $ | 6,728 | |||||
-1 | Primarily consists of fees for investment fund administration and management, third-party collections, commercial demand deposit accounts and certain credit card services. | ||||||||||||
-2 | Consists primarily of fees earned from structuring and underwriting loan syndications. |
PRINCIPAL_TRANSACTIONS_Tables
PRINCIPAL TRANSACTIONS (Tables) | 6 Months Ended | ||||||||||||
Jun. 30, 2014 | |||||||||||||
Principal Transactions Revenue, Net [Abstract] | ' | ||||||||||||
Principal transactions revenue | ' | ||||||||||||
The following table presents principal transactions revenue for the three and six months ended June 30: | |||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||
In millions of dollars | 2014 | 2013 | 2014 | 2013 | |||||||||
Global Consumer Banking | $ | 189 | $ | 244 | $ | 384 | $ | 454 | |||||
Institutional Clients Group | 1,576 | 2,451 | 4,183 | 4,924 | |||||||||
Corporate/Other | 1 | (25 | ) | 16 | (167 | ) | |||||||
Subtotal Citicorp | $ | 1,766 | $ | 2,670 | $ | 4,583 | $ | 5,211 | |||||
Citi Holdings | 77 | 14 | 148 | (23 | ) | ||||||||
Total Citigroup | $ | 1,843 | $ | 2,684 | $ | 4,731 | $ | 5,188 | |||||
Interest rate contracts(1) | $ | 939 | $ | 1,673 | $ | 2,329 | $ | 3,175 | |||||
Foreign exchange contracts(2) | 625 | 697 | 1,173 | 1,158 | |||||||||
Equity contracts(3) | (92 | ) | 222 | 46 | 380 | ||||||||
Commodity and other contracts(4) | 98 | 93 | 322 | 212 | |||||||||
Credit derivatives(5) | 273 | (1 | ) | 861 | 263 | ||||||||
Total | $ | 1,843 | $ | 2,684 | $ | 4,731 | $ | 5,188 | |||||
-1 | Includes revenues from government securities and corporate debt, municipal securities, mortgage securities and other debt instruments. Also includes spot and forward trading of currencies and exchange-traded and over-the-counter (OTC) currency options, options on fixed income securities, interest rate swaps, currency swaps, swap options, caps and floors, financial futures, OTC options and forward contracts on fixed income securities. | ||||||||||||
-2 | Includes revenues from foreign exchange spot, forward, option and swap contracts, as well as FX translation gains and losses. | ||||||||||||
-3 | Includes revenues from common, preferred and convertible preferred stock, convertible corporate debt, equity-linked notes and exchange-traded and OTC equity options and warrants. | ||||||||||||
-4 | Primarily includes revenues from crude oil, refined oil products, natural gas and other commodities trades. | ||||||||||||
-5 | Includes revenues from structured credit products. |
RETIREMENT_BENEFITS_Tables
RETIREMENT BENEFITS (Tables) | 6 Months Ended | |||||||||||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||||||||||
Defined Benefit Plan Disclosure | ' | |||||||||||||||||||||||||||
Assumptions used in determining benefit obligations and net benefit expense | ' | |||||||||||||||||||||||||||
The discount rates used in determining the pension and postretirement net (benefit) expense and benefit obligations for the Significant Plans are shown in the following tables: | ||||||||||||||||||||||||||||
Three Months Ended | Year Ended | |||||||||||||||||||||||||||
During the period(1) | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | |||||||||||||||||||||||||
U.S. plans | ||||||||||||||||||||||||||||
Pension | 4.55% | 4.75% | 4.80% | |||||||||||||||||||||||||
Postretirement | 4.15 | 4.35 | 4.3 | |||||||||||||||||||||||||
Non-U.S. plans | ||||||||||||||||||||||||||||
Pension | 4.40-8.50 | 4.50 - 8.80 | 4.50 - 8.90 | |||||||||||||||||||||||||
Weighted average | 6.21 | 6.41 | 6.49 | |||||||||||||||||||||||||
Postretirement | 8.9 | 9.4 | 8.9 | |||||||||||||||||||||||||
-1 | Effective April 1, 2013, the Company changed to a quarterly remeasurement approach for its six largest plans, including the U.S. qualified pension and postretirement plans. For the Significant Plans, the 2013 rates shown above were utilized to calculate the fourth quarter expense in 2013. The 2014 rates shown above for the three months ended March 31, 2014 and June 30, 2014 were utilized to calculate the first and second quarter expense for 2014, respectively. | |||||||||||||||||||||||||||
Three Months Ended | Year Ended | |||||||||||||||||||||||||||
At period ended (1) | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | |||||||||||||||||||||||||
U.S. plans | ||||||||||||||||||||||||||||
Pension | 4.25% | 4.55% | 4.75% | |||||||||||||||||||||||||
Postretirement | 3.95 | 4.15 | 4.35 | |||||||||||||||||||||||||
Non-U.S. plans | ||||||||||||||||||||||||||||
Pension | 4.30-8.00 | 4.40 - 8.50 | 4.50 - 8.80 | |||||||||||||||||||||||||
Weighted average | 5.95 | 6.21 | 6.41 | |||||||||||||||||||||||||
Postretirement | 8.4 | 8.9 | 9.4 | |||||||||||||||||||||||||
-1 | For the Significant Plans, the June 30, 2014 rates shown above are utilized to calculate the June 30, 2014 benefit obligation and will be utilized to calculate the 2014 third quarter expense. The rates shown above for the year ended 2013 were utilized to calculate the first quarter 2014 expense. The March 31, 2014 rates were utilized to calculate the 2014 second quarter expense. | |||||||||||||||||||||||||||
Effect of one-percentage-point change in the discount rates on pension expense | ' | |||||||||||||||||||||||||||
The following table summarizes the estimated effect on the Company’s Significant Plans quarterly pension expense of a one-percentage-point change in the discount rate: | ||||||||||||||||||||||||||||
Three Months Ended June 30, 2014 | ||||||||||||||||||||||||||||
In millions of dollars | One-percentage-point increase | One-percentage-point decrease | ||||||||||||||||||||||||||
U.S. plans | $6 | ($10) | ||||||||||||||||||||||||||
Non-U.S. plans | -3 | 4 | ||||||||||||||||||||||||||
Significant Plans Measured Quarterly | ' | |||||||||||||||||||||||||||
Defined Benefit Plan Disclosure | ' | |||||||||||||||||||||||||||
Summary of the funded status and amounts recognized in the Consolidated Balance Sheet for the Company's U.S. qualified, non-qualified plans and plans outside the U.S. | ' | |||||||||||||||||||||||||||
The following table summarizes the funded status and amounts recognized in the Consolidated Balance Sheet for the Company’s Significant Plans. | ||||||||||||||||||||||||||||
Net Amount Recognized | ||||||||||||||||||||||||||||
Six months ended June 30, 2014 | ||||||||||||||||||||||||||||
Pension plans | Postretirement benefit plans | |||||||||||||||||||||||||||
In millions of dollars | U.S. plans | Non-U.S. plans | U.S. plans | Non-U.S. plans | ||||||||||||||||||||||||
Change in projected benefit obligation | ||||||||||||||||||||||||||||
Projected benefit obligation at beginning of year | $ | 12,829 | $ | 7,194 | $ | 780 | $ | 1,411 | ||||||||||||||||||||
Plans measured annually | (692 | ) | (3,473 | ) | — | (357 | ) | |||||||||||||||||||||
Projected benefit obligation at beginning of year - Significant plans | $ | 12,137 | $ | 3,721 | $ | 780 | $ | 1,054 | ||||||||||||||||||||
First quarter activity | 215 | 69 | 1 | 56 | ||||||||||||||||||||||||
Projected benefit obligation at March 31, 2014 - Significant plans | $ | 12,352 | $ | 3,790 | $ | 781 | $ | 1,110 | ||||||||||||||||||||
Benefits earned during the period | 1 | 10 | — | 3 | ||||||||||||||||||||||||
Interest cost on benefit obligation | 138 | 58 | 9 | 25 | ||||||||||||||||||||||||
Actuarial (gain) loss | 383 | 98 | 68 | 86 | ||||||||||||||||||||||||
Benefits paid, net of participants’ contributions | (172 | ) | (41 | ) | (15 | ) | (16 | ) | ||||||||||||||||||||
Foreign exchange impact and other | — | 66 | — | 8 | ||||||||||||||||||||||||
Projected benefit obligation at period end - Significant plans | $ | 12,702 | $ | 3,981 | $ | 843 | $ | 1,216 | ||||||||||||||||||||
Six Months Ended June 30, 2014 | ||||||||||||||||||||||||||||
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 plan assets | ||||||||||||||||||||||||||||
Plan assets at fair value at beginning of year | $ | 12,731 | $ | 6,918 | $ | 32 | $ | 1,472 | ||||||||||||||||||||
Plans measured annually | — | (2,589 | ) | — | (11 | ) | ||||||||||||||||||||||
Plan assets at fair value at beginning of year - Significant Plans | $ | 12,731 | $ | 4,329 | $ | 32 | $ | 1,461 | ||||||||||||||||||||
First quarter activity | 96 | 69 | (4 | ) | (10 | ) | ||||||||||||||||||||||
Plan assets at fair value at March 31, 2014 - Significant Plans | $ | 12,827 | $ | 4,398 | $ | 28 | $ | 1,451 | ||||||||||||||||||||
Actual return on plan assets | 364 | 190 | 1 | 95 | ||||||||||||||||||||||||
Company contributions | — | 13 | 10 | — | ||||||||||||||||||||||||
Benefits paid | (172 | ) | (41 | ) | (15 | ) | (16 | ) | ||||||||||||||||||||
Foreign exchange impact and other | — | 79 | — | 10 | ||||||||||||||||||||||||
Plan assets at fair value at period end - Significant plans | $ | 13,019 | $ | 4,639 | $ | 24 | $ | 1,540 | ||||||||||||||||||||
Funded status of the plans at period end (1) - Significant plans | $ | 317 | $ | 658 | $ | (819 | ) | $ | 324 | |||||||||||||||||||
Net amount recognized | ||||||||||||||||||||||||||||
Benefit asset | $ | 317 | $ | 658 | $ | — | $ | 324 | ||||||||||||||||||||
Benefit liability | — | — | (819 | ) | — | |||||||||||||||||||||||
Net amount recognized on the balance sheet - Significant plans | $ | 317 | $ | 658 | $ | (819 | ) | $ | 324 | |||||||||||||||||||
Amounts recognized in Accumulated other comprehensive income (loss) | ||||||||||||||||||||||||||||
Prior service benefit (cost) | $ | 5 | $ | 28 | $ | — | $ | 166 | ||||||||||||||||||||
Net actuarial gain (loss) | (4,294 | ) | (1,136 | ) | 52 | (520 | ) | |||||||||||||||||||||
Net amount recognized in equity (pretax) - Significant plans | $ | (4,289 | ) | $ | (1,108 | ) | $ | 52 | $ | (354 | ) | |||||||||||||||||
Accumulated benefit obligation at period end - Significant plans | $ | 12,694 | $ | 3,867 | N/A | N/A | ||||||||||||||||||||||
-1 | The U.S. qualified pension plan is fully funded under specified Employee Retirement Income Security Act (ERISA) funding rules as of January 1, 2014 and no minimum required funding is expected for 2014. | |||||||||||||||||||||||||||
Pension Plans and Postretirement Benefit Plans | ' | |||||||||||||||||||||||||||
Defined Benefit Plan Disclosure | ' | |||||||||||||||||||||||||||
Components of net (benefit) expense | ' | |||||||||||||||||||||||||||
Net (Benefit) Expense | ||||||||||||||||||||||||||||
The following table summarizes the components of net (benefit) expense recognized in the Consolidated Statement of Income for the Company’s U.S. qualified and nonqualified pension plans, postretirement plans and plans outside the United States, for Significant Plans and All Other Plans, for the periods indicated. | ||||||||||||||||||||||||||||
Three Months Ended June 30, | ||||||||||||||||||||||||||||
Pension plans | Postretirement benefit plans | |||||||||||||||||||||||||||
U.S. plans | Non-U.S. plans | U.S. plans | Non-U.S. plans | |||||||||||||||||||||||||
In millions of dollars | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||
Qualified plans | ||||||||||||||||||||||||||||
Benefits earned during the period | $ | 1 | $ | 3 | $ | 47 | $ | 53 | $ | — | $ | — | $ | 3 | $ | 15 | ||||||||||||
Interest cost on benefit obligation | 138 | 132 | 98 | 97 | 9 | 8 | 31 | 39 | ||||||||||||||||||||
Expected return on plan assets | (219 | ) | (215 | ) | (98 | ) | (104 | ) | — | (1 | ) | (31 | ) | (41 | ) | |||||||||||||
Amortization of unrecognized | ||||||||||||||||||||||||||||
Prior service (benefit) cost | (1 | ) | (1 | ) | 1 | 1 | — | — | (3 | ) | — | |||||||||||||||||
Net actuarial loss | 26 | 28 | 20 | 24 | 1 | — | 11 | 11 | ||||||||||||||||||||
Curtailment loss (1) | — | — | 17 | — | — | — | — | — | ||||||||||||||||||||
Settlement (gain) loss (1) | — | — | 13 | — | — | — | (2 | ) | — | |||||||||||||||||||
Net qualified plans (benefit) expense | $ | (55 | ) | $ | (53 | ) | $ | 98 | $ | 71 | $ | 10 | $ | 7 | $ | 9 | $ | 24 | ||||||||||
Nonqualified plans expense | $ | 12 | $ | 12 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||
Total net (benefit) expense | $ | (43 | ) | $ | (41 | ) | $ | 98 | $ | 71 | $ | 10 | $ | 7 | $ | 9 | $ | 24 | ||||||||||
Cumulative effect of change in accounting policy(2) | — | (23 | ) | — | — | — | — | — | 3 | |||||||||||||||||||
Total adjusted net (benefit) expense | $ | (43 | ) | $ | (64 | ) | $ | 98 | $ | 71 | $ | 10 | $ | 7 | $ | 9 | $ | 27 | ||||||||||
-1 | Curtailment and settlement losses relate to repositioning actions in certain countries outside the U.S. | |||||||||||||||||||||||||||
-2 | See Note 1 to the Consolidated Financial Statements for additional information on the change in accounting policy. | |||||||||||||||||||||||||||
Six Months Ended June 30, | ||||||||||||||||||||||||||||
Pension plans | Postretirement benefit plans | |||||||||||||||||||||||||||
U.S. plans | Non-U.S. plans | U.S. plans | Non-U.S. plans | |||||||||||||||||||||||||
In millions of dollars | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||
Qualified plans | ||||||||||||||||||||||||||||
Benefits earned during the period | $ | 3 | $ | 6 | $ | 93 | $ | 107 | $ | — | $ | — | $ | 7 | $ | 25 | ||||||||||||
Interest cost on benefit obligation | 278 | 258 | 194 | 192 | 17 | 17 | 60 | 76 | ||||||||||||||||||||
Expected return on plan assets | (436 | ) | (429 | ) | (193 | ) | (205 | ) | (1 | ) | (2 | ) | (61 | ) | (72 | ) | ||||||||||||
Amortization of unrecognized | ||||||||||||||||||||||||||||
Prior service (benefit) cost | (2 | ) | (2 | ) | 2 | 2 | — | — | (6 | ) | — | |||||||||||||||||
Net actuarial loss | 49 | 59 | 40 | 46 | — | — | 20 | 22 | ||||||||||||||||||||
Curtailment loss (1) | — | — | 17 | — | — | — | — | — | ||||||||||||||||||||
Settlement (gain) loss (1) | — | — | 13 | — | — | — | (2 | ) | — | |||||||||||||||||||
Net qualified plans (benefit) expense | $ | (108 | ) | $ | (108 | ) | $ | 166 | $ | 142 | $ | 16 | $ | 15 | $ | 18 | $ | 51 | ||||||||||
Nonqualified plans expense | $ | 24 | $ | 24 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||
Total net (benefit) expense | $ | (84 | ) | $ | (84 | ) | $ | 166 | $ | 142 | $ | 16 | $ | 15 | $ | 18 | $ | 51 | ||||||||||
Cumulative effect of change in accounting policy(2) | — | (23 | ) | — | — | — | — | — | 3 | |||||||||||||||||||
Total adjusted net (benefit) expense | $ | (84 | ) | $ | (107 | ) | $ | 166 | $ | 142 | $ | 16 | $ | 15 | $ | 18 | $ | 54 | ||||||||||
-1 | Curtailment and settlement losses relate to voluntary early retirement programs in certain countries outside the U.S. | |||||||||||||||||||||||||||
-2 | See Note 1 to the Consolidated Financial Statements for additional information on the change in accounting policy. | |||||||||||||||||||||||||||
Change in Accumulated other comprehensive income (loss) | ' | |||||||||||||||||||||||||||
The following table shows the change in Accumulated other comprehensive income (loss) related to pension and postretirement benefit plans, for Significant Plans and All Other Plans, for the periods indicated. | ||||||||||||||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||||||||||||||
In millions of dollars | 30-Jun-14 | 30-Jun-14 | ||||||||||||||||||||||||||
Beginning of period balance, net of tax (1) (2) | $ | (4,022 | ) | $ | (3,989 | ) | ||||||||||||||||||||||
Actuarial assumptions changes and plan experience | (635 | ) | (1,011 | ) | ||||||||||||||||||||||||
Net asset gain (loss) due to difference between actual and expected returns | 336 | 431 | ||||||||||||||||||||||||||
Net amortizations | 54 | 99 | ||||||||||||||||||||||||||
Curtailment/ settlement loss (3) | 28 | 28 | ||||||||||||||||||||||||||
Foreign exchange impact and other | (22 | ) | 159 | |||||||||||||||||||||||||
Change in deferred taxes, net | 95 | 117 | ||||||||||||||||||||||||||
Change, net of tax | $ | (144 | ) | $ | (177 | ) | ||||||||||||||||||||||
End of period balance, net of tax (1) (2) | $ | (4,166 | ) | $ | (4,166 | ) | ||||||||||||||||||||||
(1) See Note 18 to the Consolidated Financial Statements for further discussion of net Accumulated other comprehensive income (loss) balance. | ||||||||||||||||||||||||||||
(2) Includes net-of-tax amounts for certain profit sharing plans outside the United States. | ||||||||||||||||||||||||||||
-3 | Curtailment and settlement losses relate to repositioning actions in certain countries outside the U.S. | |||||||||||||||||||||||||||
Summary of entity's contributions | ' | |||||||||||||||||||||||||||
Summary of Company Contributions | ||||||||||||||||||||||||||||
Pension plans | Postretirement benefit plans | |||||||||||||||||||||||||||
U.S. plans (1) | Non-U.S. plans | U.S. plans | Non-U.S. plans | |||||||||||||||||||||||||
In millions of dollars | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||
Company contributions(2) for the six months ended June 30 | $ | 23 | $ | 21 | $ | 87 | $ | 125 | $ | 20 | $ | 28 | $ | 8 | $ | 168 | ||||||||||||
Company contributions expected for the remainder of the year | $ | 22 | $ | 21 | $ | 95 | $ | 88 | $ | 29 | $ | 28 | $ | 91 | $ | 5 | ||||||||||||
-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 to participants by the Company. | |||||||||||||||||||||||||||
Postemployment Plans | ' | |||||||||||||||||||||||||||
Defined Benefit Plan Disclosure | ' | |||||||||||||||||||||||||||
Components of net (benefit) expense | ' | |||||||||||||||||||||||||||
The following table summarizes the components of net expense recognized in the Consolidated Statement of Income for the Company’s U.S. postemployment plans. | ||||||||||||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||||
In millions of dollars | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||||
Service related expense | ||||||||||||||||||||||||||||
Benefits earned during the period | $ | — | $ | 6 | $ | — | $ | 13 | ||||||||||||||||||||
Interest cost on benefit obligation | 1 | 3 | 2 | 6 | ||||||||||||||||||||||||
Amortization of unrecognized | ||||||||||||||||||||||||||||
Prior service cost | (8 | ) | 2 | (15 | ) | 4 | ||||||||||||||||||||||
Net actuarial loss | 3 | 3 | 7 | 6 | ||||||||||||||||||||||||
Total service related expense | $ | (4 | ) | $ | 14 | $ | (6 | ) | $ | 29 | ||||||||||||||||||
Non-service related expense | $ | 8 | $ | 6 | $ | 17 | $ | 13 | ||||||||||||||||||||
Total net expense | $ | 4 | $ | 20 | $ | 11 | $ | 42 | ||||||||||||||||||||
EARNINGS_PER_SHARE_Tables
EARNINGS PER SHARE (Tables) | 6 Months Ended | ||||||||||||
Jun. 30, 2014 | |||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||
Reconciliation of the income and share data used in the basic and diluted earnings per share computations | ' | ||||||||||||
The following is a reconciliation of the income and share data used in the basic and diluted earnings per share (EPS) computations for the three and six months ended June 30: | |||||||||||||
Three Months Ended | Six Months Ended June 30, | ||||||||||||
June 30, | |||||||||||||
In millions, except shares and per-share amounts | 2014 | 2013 | 2014 | 2013 | |||||||||
Income from continuing operations before attribution of noncontrolling interests | $ | 253 | $ | 4,188 | $ | 4,204 | $ | 8,119 | |||||
Less: Noncontrolling interests from continuing operations | 50 | 36 | 95 | 126 | |||||||||
Net income from continuing operations (for EPS purposes) | $ | 203 | $ | 4,152 | $ | 4,109 | $ | 7,993 | |||||
Income (loss) from discontinued operations, net of taxes | (22 | ) | 30 | 15 | (3 | ) | |||||||
Citigroup's net income | $ | 181 | $ | 4,182 | $ | 4,124 | $ | 7,990 | |||||
Less: Preferred dividends(1) | 100 | 9 | 224 | 13 | |||||||||
Net income available to common shareholders | $ | 81 | $ | 4,173 | $ | 3,900 | $ | 7,977 | |||||
Less: Dividends and undistributed earnings allocated to employee restricted and deferred shares with nonforfeitable rights to dividends, applicable to basic EPS | 1 | 83 | 64 | 155 | |||||||||
Net income allocated to common shareholders for basic EPS | $ | 80 | $ | 4,090 | $ | 3,836 | $ | 7,822 | |||||
Add: Interest expense, net of tax, and dividends on convertible securities and adjustment of undistributed earnings allocated to employee restricted and deferred shares with nonforfeitable rights to dividends, applicable to diluted EPS | — | 1 | — | 1 | |||||||||
Net income allocated to common shareholders for diluted EPS | $ | 80 | $ | 4,091 | $ | 3,836 | $ | 7,823 | |||||
Weighted-average common shares outstanding applicable to basic EPS | 3,033.80 | 3,040.70 | 3,035.60 | 3,040.40 | |||||||||
Effect of dilutive securities | |||||||||||||
Options(2) | 4.3 | 5 | 4.9 | 4.5 | |||||||||
Other employee plans | 0.2 | 0.5 | 0.3 | 0.5 | |||||||||
Convertible securities(3) | — | 0.1 | — | 0.1 | |||||||||
Adjusted weighted-average common shares outstanding applicable to diluted EPS | 3,038.30 | 3,046.30 | 3,040.80 | 3,045.50 | |||||||||
Basic earnings per share(4) | |||||||||||||
Income from continuing operations | $ | 0.03 | $ | 1.34 | $ | 1.26 | $ | 2.57 | |||||
Discontinued operations | (0.01 | ) | 0.01 | — | — | ||||||||
Net income | $ | 0.03 | $ | 1.35 | $ | 1.26 | $ | 2.57 | |||||
Diluted earnings per share(4) | |||||||||||||
Income from continuing operations | $ | 0.03 | $ | 1.33 | $ | 1.26 | $ | 2.57 | |||||
Discontinued operations | (0.01 | ) | 0.01 | — | — | ||||||||
Net income | $ | 0.03 | $ | 1.34 | $ | 1.26 | $ | 2.57 | |||||
-1 | See Note 19 to the Consolidated Financial Statements for the potential future impact of preferred stock dividends. | ||||||||||||
-2 | During the second quarters of 2014 and 2013, weighted-average options to purchase 7.5 million and 8.2 million shares of common stock, respectively, were outstanding but not included in the computation of earnings per share because the weighted-average exercise prices of $117.33 and $79.80, respectively, were anti-dilutive. | ||||||||||||
-3 | Warrants issued to the U.S. Treasury as part of the Troubled Asset Relief Program (TARP) and the loss-sharing agreement (all of which were subsequently sold to the public in January 2011), with an exercise price of $178.50 and $106.10 for approximately 21.0 million and 25.5 million shares of Citigroup common stock, respectively, were not included in the computation of earnings per share in the second quarters of 2014 and 2013 because they were anti-dilutive. | ||||||||||||
-4 | Due to rounding, earnings per share on continuing operations and discontinued operations may not sum to earnings per share on net income. |
FEDERAL_FUNDS_SECURITIES_BORRO1
FEDERAL FUNDS, SECURITIES BORROWED, LOANED, AND SUBJECT TO REPURCHASE AGREEMENTS (Tables) | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Federal Funds Purchased and Securities Sold under Agreements to Repurchase [Abstract] | ' | |||||||||||||||
Federal funds sold and securities borrowed or purchased under agreements to resell | ' | |||||||||||||||
Federal funds sold and securities borrowed or purchased under agreements to resell, at their respective carrying values, consisted of the following at June 30, 2014 and December 31, 2013: | ||||||||||||||||
In millions of dollars | June 30, | December 31, | ||||||||||||||
2014 | 2013 | |||||||||||||||
Federal funds sold | $ | — | $ | 20 | ||||||||||||
Securities purchased under agreements to resell | 128,421 | 136,649 | ||||||||||||||
Deposits paid for securities borrowed | 121,932 | 120,368 | ||||||||||||||
Total | $ | 250,353 | $ | 257,037 | ||||||||||||
Federal funds purchased and securities loaned or sold under agreements to repurchase | ' | |||||||||||||||
Federal funds purchased and securities loaned or sold under agreements to repurchase, at their respective carrying values, consisted of the following: | ||||||||||||||||
In millions of dollars | June 30, | December 31, | ||||||||||||||
2014 | 2013 | |||||||||||||||
Federal funds purchased | $ | 663 | $ | 910 | ||||||||||||
Securities sold under agreements to repurchase | 159,598 | 175,691 | ||||||||||||||
Deposits received for securities loaned | 23,651 | 26,911 | ||||||||||||||
Total | $ | 183,912 | $ | 203,512 | ||||||||||||
Schedule of gross and net resale agreements and securities borrowing agreements and the related offsetting amount permitted as well as not permitted under ASC 210-20-45 | ' | |||||||||||||||
As of June 30, 2014 | ||||||||||||||||
In millions of dollars | Gross amounts | Gross amounts | Net amounts of | Amounts | Net | |||||||||||
of recognized | offset on the | assets included on | not offset on the | amounts(4) | ||||||||||||
assets | Consolidated | the Consolidated | Consolidated Balance | |||||||||||||
Balance Sheet(1) | Balance Sheet(2) | Sheet but eligible for | ||||||||||||||
offsetting upon | ||||||||||||||||
counterparty default(3) | ||||||||||||||||
Securities purchased under agreements to resell | $ | 193,940 | $ | 65,519 | $ | 128,421 | $ | 97,663 | $ | 30,758 | ||||||
Deposits paid for securities borrowed | 121,932 | — | 121,932 | 21,309 | 100,623 | |||||||||||
Total | $ | 315,872 | $ | 65,519 | $ | 250,353 | $ | 118,972 | $ | 131,381 | ||||||
In millions of dollars | Gross amounts | Gross amounts | Net amounts of | Amounts | Net | |||||||||||
of recognized | offset on the | liabilities included on | not offset on the | amounts(4) | ||||||||||||
liabilities | Consolidated | the Consolidated | Consolidated Balance | |||||||||||||
Balance Sheet(1) | Balance Sheet(2) | Sheet but eligible for | ||||||||||||||
offsetting upon | ||||||||||||||||
counterparty default(3) | ||||||||||||||||
Securities sold under agreements to repurchase | $ | 225,117 | $ | 65,519 | $ | 159,598 | $ | 71,095 | $ | 88,503 | ||||||
Deposits received for securities loaned | 23,651 | — | 23,651 | 7,082 | 16,569 | |||||||||||
Total | $ | 248,768 | $ | 65,519 | $ | 183,249 | $ | 78,177 | $ | 105,072 | ||||||
Schedule of gross and net repurchase agreements and securities lending agreements and the related offsetting amount permitted as well as not permitted under ASC 210-20-45 | ' | |||||||||||||||
As of December 31, 2013 | ||||||||||||||||
In millions of dollars | Gross amounts | Gross amounts | Net amounts of | Amounts | Net | |||||||||||
of recognized | offset on the | assets included on | not offset on the | amounts(4) | ||||||||||||
assets | Consolidated | the Consolidated | Consolidated Balance | |||||||||||||
Balance Sheet(1) | Balance Sheet(2) | Sheet but eligible for | ||||||||||||||
offsetting upon | ||||||||||||||||
counterparty default(3) | ||||||||||||||||
Securities purchased under agreements to resell | $ | 179,894 | $ | 43,245 | $ | 136,649 | $ | 105,226 | $ | 31,423 | ||||||
Deposits paid for securities borrowed | 120,368 | — | 120,368 | 26,728 | 93,640 | |||||||||||
Total | $ | 300,262 | $ | 43,245 | $ | 257,017 | $ | 131,954 | $ | 125,063 | ||||||
In millions of dollars | Gross amounts | Gross amounts | Net amounts of | Amounts | Net | |||||||||||
of recognized | offset on the | liabilities included on | not offset on the | amounts(4) | ||||||||||||
liabilities | Consolidated | the Consolidated | Consolidated Balance | |||||||||||||
Balance Sheet(1) | Balance Sheet(2) | Sheet but eligible for | ||||||||||||||
offsetting upon | ||||||||||||||||
counterparty default(3) | ||||||||||||||||
Securities sold under agreements to repurchase | $ | 218,936 | $ | 43,245 | $ | 175,691 | $ | 80,082 | $ | 95,609 | ||||||
Deposits received for securities loaned | 26,911 | — | 26,911 | 3,833 | 23,078 | |||||||||||
Total | $ | 245,847 | $ | 43,245 | $ | 202,602 | $ | 83,915 | $ | 118,687 | ||||||
-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 table on prior page. | |||||||||||||||
-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 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. |
BROKERAGE_RECEIVABLES_AND_BROK1
BROKERAGE RECEIVABLES AND BROKERAGE PAYABLES (Tables) | 6 Months Ended | ||||||
Jun. 30, 2014 | |||||||
Brokers and Dealers [Abstract] | ' | ||||||
Brokerage receivables and Brokerage payables | ' | ||||||
Brokerage receivables and Brokerage payables consisted of the following at June 30, 2014 and December 31, 2013: | |||||||
In millions of dollars | June 30, | December 31, | |||||
2014 | 2013 | ||||||
Receivables from customers | $ | 13,602 | $ | 5,811 | |||
Receivables from brokers, dealers, and clearing organizations | 28,262 | 19,863 | |||||
Total brokerage receivables (1) | $ | 41,864 | $ | 25,674 | |||
Payables to customers | $ | 36,214 | $ | 34,751 | |||
Payables to brokers, dealers, and clearing organizations | 26,109 | 18,956 | |||||
Total brokerage payables (1) | $ | 62,323 | $ | 53,707 | |||
-1 | Brokerage receivables and payables are accounted for in accordance with ASC 940-320. |
TRADING_ACCOUNT_ASSETS_AND_LIA1
TRADING ACCOUNT ASSETS AND LIABILITIES (Tables) | 6 Months Ended | ||||||
Jun. 30, 2014 | |||||||
Trading Securities [Abstract] | ' | ||||||
Trading account assets and liabilities | ' | ||||||
Trading account assets and Trading account liabilities are carried at fair value, other than physical commodities accounted for at the lower of cost or fair value, and consist of the following at June 30, 2014 and December 31, 2013: | |||||||
In millions of dollars | June 30, | December 31, | |||||
2014 | 2013 | ||||||
Trading account assets | |||||||
Mortgage-backed securities(1) | |||||||
U.S. government-sponsored agency guaranteed | $ | 21,138 | $ | 23,955 | |||
Prime | 2,059 | 1,422 | |||||
Alt-A | 702 | 721 | |||||
Subprime | 541 | 1,211 | |||||
Non-U.S. residential | 733 | 723 | |||||
Commercial | 2,367 | 2,574 | |||||
Total mortgage-backed securities | $ | 27,540 | $ | 30,606 | |||
U.S. Treasury and federal agency securities | |||||||
U.S. Treasury | $ | 18,640 | $ | 13,537 | |||
Agency obligations | 1,678 | 1,300 | |||||
Total U.S. Treasury and federal agency securities | $ | 20,318 | $ | 14,837 | |||
State and municipal securities | $ | 2,726 | $ | 3,207 | |||
Foreign government securities | 80,985 | 74,856 | |||||
Corporate | 29,946 | 30,534 | |||||
Derivatives(2) | 50,502 | 52,821 | |||||
Equity securities | 59,579 | 61,776 | |||||
Asset-backed securities(1) | 4,504 | 5,616 | |||||
Other trading assets(3) | 14,676 | 11,675 | |||||
Total trading account assets | $ | 290,776 | $ | 285,928 | |||
Trading account liabilities | |||||||
Securities sold, not yet purchased | $ | 75,827 | $ | 61,508 | |||
Derivatives(2) | 47,543 | 47,254 | |||||
Total trading account liabilities | $ | 123,370 | $ | 108,762 | |||
-1 | The Company invests in mortgage-backed and asset-backed securities. These securitizations are generally considered VIEs. The Company’s maximum exposure to loss from these VIEs is equal to the carrying amount of the securities, which is reflected in the table above. For mortgage-backed and asset-backed securitizations in which the Company has other involvement, see Note 20 to the Consolidated Financial Statements. | ||||||
-2 | Presented net, pursuant to enforceable master netting agreements. See Note 21 to the Consolidated Financial Statements for a discussion regarding the accounting and reporting for derivatives. | ||||||
-3 | Includes investments in unallocated precious metals, as discussed in Note 23 to the Consolidated Financial Statements. Also includes physical commodities accounted for at the lower of cost or fair value. |
INVESTMENTS_Tables
INVESTMENTS (Tables) | 6 Months Ended | ||||||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||||||
Schedule of Investments disclosures | ' | ||||||||||||||||||||||||
Schedule of Investments | ' | ||||||||||||||||||||||||
In millions of dollars | June 30, | December 31, | |||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
Securities available-for-sale (AFS) | $ | 292,578 | $ | 286,511 | |||||||||||||||||||||
Debt securities held-to-maturity (HTM)(1) | 22,330 | 10,599 | |||||||||||||||||||||||
Non-marketable equity securities carried at fair value(2) | 3,920 | 4,705 | |||||||||||||||||||||||
Non-marketable equity securities carried at cost(3) | 6,795 | 7,165 | |||||||||||||||||||||||
Total investments | $ | 325,623 | $ | 308,980 | |||||||||||||||||||||
-1 | Recorded at amortized cost less impairment for securities that have credit-related impairment. | ||||||||||||||||||||||||
-2 | Unrealized gains and losses for non-marketable equity securities carried at fair value are recognized in earnings. | ||||||||||||||||||||||||
-3 | Non-marketable equity securities carried at cost primarily consist of shares issued by the Federal Reserve Bank, Federal Home Loan Banks, foreign central banks and various clearing houses of which Citigroup is a member. | ||||||||||||||||||||||||
Interest and dividends on investments | ' | ||||||||||||||||||||||||
The following table presents interest and dividends on investments for the three and six months ended June 30, 2014 and 2013: | |||||||||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||
In millions of dollars | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||
Taxable interest | $ | 1,544 | $ | 1,381 | $ | 3,011 | $ | 2,891 | |||||||||||||||||
Interest exempt from U.S. federal income tax | 147 | 198 | 311 | 370 | |||||||||||||||||||||
Dividends | 116 | 108 | 242 | 228 | |||||||||||||||||||||
Total interest and dividends | $ | 1,807 | $ | 1,687 | $ | 3,564 | $ | 3,489 | |||||||||||||||||
Realized gains and losses on investments | ' | ||||||||||||||||||||||||
The following table presents realized gains and losses on the sale of investments for the three and six months ended June 30, 2014 and 2013. The gross realized investment losses exclude losses from other-than-temporary impairment (OTTI): | |||||||||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||
In millions of dollars | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||
Gross realized investment gains | $ | 168 | $ | 620 | $ | 460 | $ | 1,114 | |||||||||||||||||
Gross realized investment losses | (84 | ) | (369 | ) | (248 | ) | (413 | ) | |||||||||||||||||
Net realized gains on sale of investments | $ | 84 | $ | 251 | $ | 212 | $ | 701 | |||||||||||||||||
Schedule of gain (loss) on HTM securities sold, securities reclassified to AFS and OTTI recorded on AFS securities reclassified | ' | ||||||||||||||||||||||||
The following table sets forth, for the periods indicated, gain (loss) on HTM securities sold, securities reclassified to AFS and OTTI recorded on AFS securities reclassified. | |||||||||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||
In millions of dollars | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||
Carrying value of HTM securities sold | $ | 5 | $ | 318 | $ | 5 | $ | 485 | |||||||||||||||||
Net realized gain (loss) on sale of HTM securities | — | (56 | ) | — | $ | (66 | ) | ||||||||||||||||||
Carrying value of securities reclassified to AFS | 14 | 300 | 66 | $ | 902 | ||||||||||||||||||||
OTTI losses on securities reclassified to AFS | (1 | ) | (61 | ) | (9 | ) | $ | (155 | ) | ||||||||||||||||
Amortized cost and fair value of AFS | ' | ||||||||||||||||||||||||
The amortized cost and fair value of AFS securities at June 30, 2014 and December 31, 2013 were as follows: | |||||||||||||||||||||||||
June 30, 2014 | December 31, 2013 | ||||||||||||||||||||||||
In millions of dollars | Amortized | Gross | Gross | Fair | Amortized | Gross | Gross | Fair | |||||||||||||||||
cost | unrealized | unrealized | value | cost | unrealized | unrealized | value | ||||||||||||||||||
gains(1) | losses(1) | gains(1) | losses(1) | ||||||||||||||||||||||
Debt securities AFS | |||||||||||||||||||||||||
Mortgage-backed securities(2) | |||||||||||||||||||||||||
U.S. government-sponsored agency guaranteed | $ | 37,295 | $ | 567 | $ | 317 | $ | 37,545 | $ | 42,494 | $ | 391 | $ | 888 | $ | 41,997 | |||||||||
Prime | 15 | — | — | 15 | 33 | 2 | 3 | 32 | |||||||||||||||||
Alt-A | 2 | — | — | 2 | 84 | 10 | — | 94 | |||||||||||||||||
Subprime | — | — | — | — | 12 | — | — | 12 | |||||||||||||||||
Non-U.S. residential | 9,475 | 95 | 8 | 9,562 | 9,976 | 95 | 4 | 10,067 | |||||||||||||||||
Commercial | 516 | 8 | 3 | 521 | 455 | 6 | 8 | 453 | |||||||||||||||||
Total mortgage-backed securities | $ | 47,303 | $ | 670 | $ | 328 | $ | 47,645 | $ | 53,054 | $ | 504 | $ | 903 | $ | 52,655 | |||||||||
U.S. Treasury and federal agency securities | |||||||||||||||||||||||||
U.S. Treasury | $ | 88,218 | $ | 475 | $ | 61 | $ | 88,632 | $ | 68,891 | $ | 476 | $ | 147 | $ | 69,220 | |||||||||
Agency obligations | 15,095 | 104 | 19 | 15,180 | 18,320 | 123 | 67 | 18,376 | |||||||||||||||||
Total U.S. Treasury and federal agency securities | $ | 103,313 | $ | 579 | $ | 80 | $ | 103,812 | $ | 87,211 | $ | 599 | $ | 214 | $ | 87,596 | |||||||||
State and municipal(3) | $ | 13,903 | $ | 745 | $ | 1,756 | $ | 12,892 | $ | 20,761 | $ | 184 | $ | 2,005 | $ | 18,940 | |||||||||
Foreign government | 95,580 | 654 | 254 | 95,980 | 96,608 | 403 | 540 | 96,471 | |||||||||||||||||
Corporate | 10,815 | 270 | 82 | 11,003 | 11,039 | 210 | 119 | 11,130 | |||||||||||||||||
Asset-backed securities(2) | 14,452 | 54 | 83 | 14,423 | 15,352 | 42 | 120 | 15,274 | |||||||||||||||||
Other debt securities | 711 | — | 1 | 710 | 710 | 1 | — | 711 | |||||||||||||||||
Total debt securities AFS | $ | 286,077 | $ | 2,972 | $ | 2,584 | $ | 286,465 | $ | 284,735 | $ | 1,943 | $ | 3,901 | $ | 282,777 | |||||||||
Marketable equity securities AFS | $ | 5,914 | $ | 270 | $ | 71 | $ | 6,113 | $ | 3,832 | $ | 85 | $ | 183 | $ | 3,734 | |||||||||
Total securities AFS | $ | 291,991 | $ | 3,242 | $ | 2,655 | $ | 292,578 | $ | 288,567 | $ | 2,028 | $ | 4,084 | $ | 286,511 | |||||||||
-1 | Gross unrealized gains and losses, as presented, do not include the impact of minority investments and the related allocations and pick-up of unrealized gains and losses of AFS securities. These amounts totaled $3 million of unrealized loss and $36 million of unrealized gains as of June 30, 2014 and December 31, 2013, respectively. | ||||||||||||||||||||||||
-2 | The Company invests in mortgage-backed and asset-backed securities. These securitizations are generally considered VIEs. The Company’s maximum exposure to loss from these VIEs is equal to the carrying amount of the securities, which is reflected in the table above. For mortgage-backed and asset-backed securitizations in which the Company has other involvement, see Note 20 to the Consolidated Financial Statements. | ||||||||||||||||||||||||
-3 | The gross unrealized losses on state and municipal debt securities are primarily attributable to the effects of fair value hedge accounting. Specifically, Citi hedges the LIBOR-benchmark interest rate component of certain fixed-rate tax-exempt state and municipal debt securities utilizing LIBOR-based interest rate swaps. During the hedge period, losses incurred on the LIBOR-hedging swaps recorded in earnings were substantially offset by gains on the state and municipal debt securities attributable to changes in the LIBOR swap rate being hedged. However, because the LIBOR swap rate decreased significantly during the hedge period while the overall fair value of the municipal debt securities was relatively unchanged, the effect of reclassifying fair value gains on these securities from Accumulated other comprehensive income (loss) (AOCI) to earnings, attributable solely to changes in the LIBOR swap rate, resulted in net unrealized losses remaining in AOCI that relate to the unhedged components of these securities. | ||||||||||||||||||||||||
Carrying value and fair value of debt securities HTM | ' | ||||||||||||||||||||||||
The carrying value and fair value of debt securities HTM at June 30, 2014 and December 31, 2013 were as follows: | |||||||||||||||||||||||||
In millions of dollars | Amortized | Net unrealized gains | Carrying | Gross | Gross | Fair | |||||||||||||||||||
cost(1) | (losses) | value(2) | unrealized | unrealized | value | ||||||||||||||||||||
recognized in | gains | (losses) | |||||||||||||||||||||||
AOCI | |||||||||||||||||||||||||
30-Jun-14 | |||||||||||||||||||||||||
Debt securities held-to-maturity | |||||||||||||||||||||||||
Mortgage-backed securities(3) | |||||||||||||||||||||||||
U.S. government agency guaranteed | $ | 5,316 | $ | 97 | $ | 5,413 | $ | 12 | $ | (11 | ) | $ | 5,414 | ||||||||||||
Prime | 63 | (13 | ) | 50 | 6 | (2 | ) | 54 | |||||||||||||||||
Alt-A | 1,261 | (256 | ) | 1,005 | 519 | (266 | ) | 1,258 | |||||||||||||||||
Subprime | 2 | — | 2 | 1 | — | 3 | |||||||||||||||||||
Non-U.S. residential | 1,293 | (191 | ) | 1,102 | 93 | (2 | ) | 1,193 | |||||||||||||||||
Commercial | 11 | — | 11 | 1 | — | 12 | |||||||||||||||||||
Total mortgage-backed securities | $ | 7,946 | $ | (363 | ) | $ | 7,583 | $ | 632 | $ | (281 | ) | $ | 7,934 | |||||||||||
State and municipal(4) | $ | 8,339 | $ | (543 | ) | $ | 7,796 | $ | 271 | $ | (218 | ) | $ | 7,849 | |||||||||||
Foreign government | 5,641 | — | 5,641 | 133 | — | 5,774 | |||||||||||||||||||
Corporate | 816 | (65 | ) | 751 | 120 | — | 871 | ||||||||||||||||||
Asset-backed securities(3) | 580 | (21 | ) | 559 | 50 | (10 | ) | 599 | |||||||||||||||||
Total debt securities held-to-maturity | $ | 23,322 | $ | (992 | ) | $ | 22,330 | $ | 1,206 | $ | (509 | ) | $ | 23,027 | |||||||||||
31-Dec-13 | |||||||||||||||||||||||||
Debt securities held-to-maturity | |||||||||||||||||||||||||
Mortgage-backed securities(3) | |||||||||||||||||||||||||
Prime | $ | 72 | $ | (16 | ) | $ | 56 | $ | 5 | $ | (2 | ) | $ | 59 | |||||||||||
Alt-A | 1,379 | (287 | ) | 1,092 | 449 | (263 | ) | 1,278 | |||||||||||||||||
Subprime | 2 | — | 2 | 1 | — | 3 | |||||||||||||||||||
Non-U.S. residential | 1,372 | (206 | ) | 1,166 | 60 | (20 | ) | 1,206 | |||||||||||||||||
Commercial | 10 | — | 10 | 1 | — | 11 | |||||||||||||||||||
Total mortgage-backed securities | $ | 2,835 | $ | (509 | ) | $ | 2,326 | $ | 516 | $ | (285 | ) | $ | 2,557 | |||||||||||
State and municipal | $ | 1,394 | $ | (62 | ) | $ | 1,332 | $ | 50 | $ | (70 | ) | $ | 1,312 | |||||||||||
Foreign government | 5,628 | — | 5,628 | 70 | (10 | ) | 5,688 | ||||||||||||||||||
Corporate | 818 | (78 | ) | 740 | 111 | — | 851 | ||||||||||||||||||
Asset-backed securities(3) | 599 | (26 | ) | 573 | 22 | (10 | ) | 585 | |||||||||||||||||
Total debt securities held-to-maturity | $ | 11,274 | $ | (675 | ) | $ | 10,599 | $ | 769 | $ | (375 | ) | $ | 10,993 | |||||||||||
-1 | For securities transferred to HTM from Trading account assets, amortized cost 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, plus or minus any unamortized unrealized gains and losses and fair value hedge adjustments recognized in AOCI prior to reclassifying the securities from AFS to HTM. Changes in the values of these securities are not reported in the financial statements, except for the amortization of any difference between the carrying value at the transfer date and par value of the securities, and the recognition of any non-credit fair value adjustments in AOCI in connection with the recognition of any credit impairment in earnings related to securities the Company continues to intend to hold until maturity. | ||||||||||||||||||||||||
-3 | The Company invests in mortgage-backed and asset-backed securities. These securitizations are generally considered VIEs. The Company’s maximum exposure to loss from these VIEs is equal to the carrying amount of the securities, which is reflected in the table above. For mortgage-backed and asset-backed securitizations in which the Company has other involvement, see Note 20 to the Consolidated Financial Statements. | ||||||||||||||||||||||||
-4 | The net unrealized losses recognized in AOCI on state and municipal debt securities are primarily attributable to the effects of fair value hedge accounting applied when these debt securities were classified as AFS. Specifically, Citi hedged the LIBOR-benchmark interest rate component of certain fixed-rate tax-exempt state and municipal debt securities utilizing LIBOR-based interest rate swaps. During the hedge period, losses incurred on the LIBOR-hedging swaps recorded in earnings were substantially offset by gains on the state and municipal debt securities attributable to changes in the LIBOR swap rate being hedged. However, because the LIBOR swap rate decreased significantly during the hedge period while the overall fair value of the municipal debt securities was relatively unchanged, the effect of reclassifying fair value gains on these securities from AOCI to earnings attributable solely to changes in the LIBOR swap rate resulted in net unrealized losses remaining in AOCI that relate to the unhedged components of these securities. Upon transfer of these debt securities to HTM, all hedges have been de-designated and hedge accounting has ceased. | ||||||||||||||||||||||||
Total other-than-temporary impairments recognized | ' | ||||||||||||||||||||||||
The following table presents the total OTTI recognized in earnings for the three and six months ended June 30, 2014: | |||||||||||||||||||||||||
OTTI on Investments and Other Assets | Three Months Ended June 30, 2014 | Six months ended June 30, 2014 | |||||||||||||||||||||||
In millions of dollars | AFS(1) | HTM | Other | Total | AFS(1) | HTM | Other | Total | |||||||||||||||||
Assets | Assets | ||||||||||||||||||||||||
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 | $ | 2 | $ | — | $ | — | $ | 2 | $ | 2 | $ | — | $ | — | $ | 2 | |||||||||
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 | $ | 2 | $ | — | $ | — | $ | 2 | $ | 2 | $ | — | $ | — | $ | 2 | |||||||||
Impairment losses recognized in earnings for securities that the Company intends to sell or more-likely-than-not will be required to sell before recovery | 35 | — | — | 35 | 236 | — | — | 236 | |||||||||||||||||
Total impairment losses recognized in earnings | $ | 37 | $ | — | $ | — | $ | 37 | $ | 238 | $ | — | $ | — | $ | 238 | |||||||||
-1 | Includes OTTI on non-marketable equity securities. | ||||||||||||||||||||||||
The following table presents the total OTTI recognized in earnings for the three and six months ended June 30, 2013: | |||||||||||||||||||||||||
OTTI on Investments and Other Assets | Three Months Ended June 30, 2013 | Six months ended June 30, 2013 | |||||||||||||||||||||||
In millions of dollars | AFS(1) | HTM | Other | Total | AFS(1) | HTM | Other | Total | |||||||||||||||||
Assets (2) | Assets (2) | ||||||||||||||||||||||||
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 | $ | 5 | $ | 23 | $ | — | $ | 28 | |||||||||
Less: portion of impairment loss recognized in AOCI (before taxes) | — | — | — | — | — | 11 | — | 11 | |||||||||||||||||
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 | $ | 5 | $ | 12 | $ | — | $ | 17 | |||||||||
Impairment losses recognized in earnings for securities that the Company intends to sell or more-likely-than-not will be required to sell before recovery (2) | 71 | — | 87 | 158 | 214 | — | 192 | 406 | |||||||||||||||||
Total impairment losses recognized in earnings | $ | 74 | $ | 1 | $ | 87 | $ | 162 | $ | 219 | $ | 12 | $ | 192 | $ | 423 | |||||||||
-1 | Includes OTTI on non-marketable equity securities. | ||||||||||||||||||||||||
-2 | The impairment charge relates to the carrying value of Citi’s then-remaining 35% interest in the Morgan Stanley Smith Barney joint venture (MSSB), offset by the equity pickup from MSSB during the respective periods which was recorded in Other revenue. | ||||||||||||||||||||||||
Cumulative Other-Than-Temporary Impairment Credit Losses Recognized in Earnings | ' | ||||||||||||||||||||||||
The following is a three-month roll-forward of the credit-related impairments recognized in earnings for AFS and HTM debt securities held as of June 30, 2014 that the Company does not intend to sell nor likely will be required to sell: | |||||||||||||||||||||||||
Cumulative OTTI credit losses recognized in earnings | |||||||||||||||||||||||||
In millions of dollars | Mar. 31, 2014 balance | Credit | Credit | Reductions due to | Jun. 30, 2014 balance | ||||||||||||||||||||
impairments | impairments | credit-impaired | |||||||||||||||||||||||
recognized in | recognized in | securities sold, | |||||||||||||||||||||||
earnings on | earnings on | transferred or | |||||||||||||||||||||||
securities not | securities that | matured | |||||||||||||||||||||||
previously | have | ||||||||||||||||||||||||
impaired | been previously | ||||||||||||||||||||||||
impaired | |||||||||||||||||||||||||
AFS debt securities | |||||||||||||||||||||||||
Mortgage-backed securities | $ | 295 | $ | — | $ | — | $ | — | $ | 295 | |||||||||||||||
Foreign government securities | 171 | — | — | — | 171 | ||||||||||||||||||||
Corporate | 113 | — | — | (1 | ) | 112 | |||||||||||||||||||
All other debt securities | 144 | 2 | — | — | 146 | ||||||||||||||||||||
Total OTTI credit losses recognized for AFS debt securities | $ | 723 | $ | 2 | $ | — | $ | (1 | ) | $ | 724 | ||||||||||||||
HTM debt securities | |||||||||||||||||||||||||
Mortgage-backed securities(1) | $ | 665 | $ | — | $ | — | $ | — | $ | 665 | |||||||||||||||
Corporate | 56 | — | — | — | 56 | ||||||||||||||||||||
All other debt securities | 133 | — | — | — | 133 | ||||||||||||||||||||
Total OTTI credit losses recognized for HTM debt securities | $ | 854 | $ | — | $ | — | $ | — | $ | 854 | |||||||||||||||
(1) Primarily consists of Alt-A securities. | |||||||||||||||||||||||||
The following is a six-month roll-forward of the credit-related impairments recognized in earnings for AFS and HTM debt securities held as of June 30, 2014 that the Company does not intend to sell nor likely will be required to sell: | |||||||||||||||||||||||||
Cumulative OTTI credit losses recognized in earnings | |||||||||||||||||||||||||
In millions of dollars | Dec. 31, 2013 balance | Credit | Credit | Reductions due to | Jun. 30, 2014 balance | ||||||||||||||||||||
impairments | impairments | credit-impaired | |||||||||||||||||||||||
recognized in | recognized in | securities sold, | |||||||||||||||||||||||
earnings on | earnings on | transferred or | |||||||||||||||||||||||
securities not | securities that | matured | |||||||||||||||||||||||
previously | have | ||||||||||||||||||||||||
impaired | been previously | ||||||||||||||||||||||||
impaired | |||||||||||||||||||||||||
AFS debt securities | |||||||||||||||||||||||||
Mortgage-backed securities | $ | 295 | $ | — | $ | — | $ | — | $ | 295 | |||||||||||||||
Foreign government securities | 171 | — | — | — | 171 | ||||||||||||||||||||
Corporate | 113 | — | — | (1 | ) | 112 | |||||||||||||||||||
All other debt securities | 144 | 2 | — | — | 146 | ||||||||||||||||||||
Total OTTI credit losses recognized for AFS debt securities | $ | 723 | $ | 2 | $ | — | $ | (1 | ) | $ | 724 | ||||||||||||||
HTM debt securities | |||||||||||||||||||||||||
Mortgage-backed securities(1) | $ | 678 | $ | — | $ | — | $ | (13 | ) | $ | 665 | ||||||||||||||
Corporate | 56 | — | — | — | 56 | ||||||||||||||||||||
All other debt securities | 133 | — | — | — | 133 | ||||||||||||||||||||
Total OTTI credit losses recognized for HTM debt securities | $ | 867 | $ | — | $ | — | $ | (13 | ) | $ | 854 | ||||||||||||||
(1) Primarily consists of Alt-A securities. | |||||||||||||||||||||||||
Investments in Alternative Investment Funds | ' | ||||||||||||||||||||||||
Fair value | Unfunded | Redemption frequency | Redemption notice | ||||||||||||||||||||||
commitments | (if currently eligible) | period | |||||||||||||||||||||||
monthly, quarterly, annually | |||||||||||||||||||||||||
In millions of dollars | June 30, | December 31, | June 30, | December 31, | |||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||
Hedge funds | $ | 17 | $ | 751 | $ | — | $ | — | Generally quarterly | 10-95 days | |||||||||||||||
Private equity funds(1)(2) | 894 | 794 | 157 | 170 | — | — | |||||||||||||||||||
Real estate funds (2)(3) | 191 | 294 | 24 | 36 | — | — | |||||||||||||||||||
Total(4) | $ | 1,102 | $ | 1,839 | $ | 181 | $ | 206 | — | — | |||||||||||||||
-1 | Private equity funds include funds that invest in infrastructure, leveraged buyout transactions, emerging markets and venture capital. | ||||||||||||||||||||||||
-2 | With respect to the Company’s investments in private equity funds and real estate funds, distributions from each fund will be received as the underlying assets held by these funds are liquidated. It is estimated that the underlying assets of these funds will be liquidated over a period of several years as market conditions allow. Private equity and real estate funds do not allow redemption of investments by their investors. Investors are permitted to sell or transfer their investments, subject to the approval of the general partner or investment manager of these funds, which generally may not be unreasonably withheld. | ||||||||||||||||||||||||
-3 | Includes several real estate funds that invest primarily in commercial real estate in the U.S., Europe and Asia. | ||||||||||||||||||||||||
-4 | Included in the total fair value of investments above are $0.9 billion and $1.6 billion of fund assets that are valued using NAVs provided by third-party asset managers as of June 30, 2014 and December 31, 2013, respectively. | ||||||||||||||||||||||||
AFS debt securities | ' | ||||||||||||||||||||||||
Schedule of Investments disclosures | ' | ||||||||||||||||||||||||
Fair value of securities in unrealized loss position | ' | ||||||||||||||||||||||||
The table below shows the fair value of AFS securities that have been in an unrealized loss position for less than 12 months or for 12 months or longer as of June 30, 2014 and December 31, 2013: | |||||||||||||||||||||||||
Less than 12 months | 12 months or longer | Total | |||||||||||||||||||||||
In millions of dollars | Fair | Gross | Fair | Gross | Fair | Gross | |||||||||||||||||||
value | unrealized | value | unrealized | value | unrealized | ||||||||||||||||||||
losses | losses | losses | |||||||||||||||||||||||
30-Jun-14 | |||||||||||||||||||||||||
Securities AFS | |||||||||||||||||||||||||
Mortgage-backed securities | |||||||||||||||||||||||||
U.S. government-sponsored agency guaranteed | $ | 3,970 | $ | 26 | $ | 11,912 | $ | 291 | $ | 15,882 | $ | 317 | |||||||||||||
Prime | 2 | — | 3 | — | 5 | — | |||||||||||||||||||
Alt-A | 1 | — | — | — | 1 | — | |||||||||||||||||||
Non-U.S. residential | 504 | 2 | 545 | 6 | 1,049 | 8 | |||||||||||||||||||
Commercial | 44 | — | 128 | 3 | 172 | 3 | |||||||||||||||||||
Total mortgage-backed securities | $ | 4,521 | $ | 28 | $ | 12,588 | $ | 300 | $ | 17,109 | $ | 328 | |||||||||||||
U.S. Treasury and federal agency securities | |||||||||||||||||||||||||
U.S. Treasury | $ | 20,663 | $ | 45 | $ | 1,085 | $ | 16 | $ | 21,748 | $ | 61 | |||||||||||||
Agency obligations | 2,203 | 10 | 1,484 | 9 | 3,687 | 19 | |||||||||||||||||||
Total U.S. Treasury and federal agency securities | $ | 22,866 | $ | 55 | $ | 2,569 | $ | 25 | $ | 25,435 | $ | 80 | |||||||||||||
State and municipal | $ | 489 | $ | 19 | $ | 5,932 | $ | 1,737 | $ | 6,421 | $ | 1,756 | |||||||||||||
Foreign government | 17,858 | 154 | 7,124 | 100 | 24,982 | 254 | |||||||||||||||||||
Corporate | 1,402 | 60 | 1,428 | 22 | 2,830 | 82 | |||||||||||||||||||
Asset-backed securities | 4,025 | 24 | 2,429 | 59 | 6,454 | 83 | |||||||||||||||||||
Other debt securities | 49 | 1 | — | — | 49 | 1 | |||||||||||||||||||
Marketable equity securities AFS | 22 | 2 | 677 | 69 | 699 | 71 | |||||||||||||||||||
Total securities AFS | $ | 51,232 | $ | 343 | $ | 32,747 | $ | 2,312 | $ | 83,979 | $ | 2,655 | |||||||||||||
31-Dec-13 | |||||||||||||||||||||||||
Securities AFS | |||||||||||||||||||||||||
Mortgage-backed securities | |||||||||||||||||||||||||
U.S. government-sponsored agency guaranteed | $ | 19,377 | $ | 533 | $ | 5,643 | $ | 355 | $ | 25,020 | $ | 888 | |||||||||||||
Prime | 85 | 3 | 3 | — | 88 | 3 | |||||||||||||||||||
Non-U.S. residential | 2,103 | 4 | 5 | — | 2,108 | 4 | |||||||||||||||||||
Commercial | 206 | 6 | 28 | 2 | 234 | 8 | |||||||||||||||||||
Total mortgage-backed securities | $ | 21,771 | $ | 546 | $ | 5,679 | $ | 357 | $ | 27,450 | $ | 903 | |||||||||||||
U.S. Treasury and federal agency securities | |||||||||||||||||||||||||
U.S. Treasury | $ | 34,780 | $ | 133 | $ | 268 | $ | 14 | $ | 35,048 | $ | 147 | |||||||||||||
Agency obligations | 6,692 | 66 | 101 | 1 | 6,793 | 67 | |||||||||||||||||||
Total U.S. Treasury and federal agency securities | $ | 41,472 | $ | 199 | $ | 369 | $ | 15 | $ | 41,841 | $ | 214 | |||||||||||||
State and municipal | $ | 595 | $ | 29 | $ | 11,447 | $ | 1,976 | $ | 12,042 | $ | 2,005 | |||||||||||||
Foreign government | 35,783 | 477 | 5,778 | 63 | 41,561 | 540 | |||||||||||||||||||
Corporate | 4,565 | 108 | 387 | 11 | 4,952 | 119 | |||||||||||||||||||
Asset-backed securities | 11,207 | 57 | 1,931 | 63 | 13,138 | 120 | |||||||||||||||||||
Marketable equity securities AFS | 1,271 | 92 | 806 | 91 | 2,077 | 183 | |||||||||||||||||||
Total securities AFS | $ | 116,664 | $ | 1,508 | $ | 26,397 | $ | 2,576 | $ | 143,061 | $ | 4,084 | |||||||||||||
Amortized cost and fair value of debt securities by contractual maturity dates | ' | ||||||||||||||||||||||||
The following table presents the amortized cost and fair value of AFS debt securities by contractual maturity dates as of June 30, 2014 and December 31, 2013: | |||||||||||||||||||||||||
June 30, 2014 | December 31, 2013 | ||||||||||||||||||||||||
In millions of dollars | Amortized | Fair | Amortized | Fair | |||||||||||||||||||||
cost | value | cost | value | ||||||||||||||||||||||
Mortgage-backed securities(1) | |||||||||||||||||||||||||
Due within 1 year | $ | 72 | $ | 72 | $ | 87 | $ | 87 | |||||||||||||||||
After 1 but within 5 years | 468 | 475 | 346 | 354 | |||||||||||||||||||||
After 5 but within 10 years | 1,972 | 2,000 | 2,898 | 2,932 | |||||||||||||||||||||
After 10 years(2) | 44,791 | 45,098 | 49,723 | 49,282 | |||||||||||||||||||||
Total | $ | 47,303 | $ | 47,645 | $ | 53,054 | $ | 52,655 | |||||||||||||||||
U.S. Treasury and federal agency securities | |||||||||||||||||||||||||
Due within 1 year | $ | 11,751 | $ | 11,789 | $ | 15,789 | $ | 15,853 | |||||||||||||||||
After 1 but within 5 years | 86,111 | 86,470 | 66,232 | 66,457 | |||||||||||||||||||||
After 5 but within 10 years | 2,280 | 2,312 | 2,129 | 2,185 | |||||||||||||||||||||
After 10 years(2) | 3,171 | 3,241 | 3,061 | 3,101 | |||||||||||||||||||||
Total | $ | 103,313 | $ | 103,812 | $ | 87,211 | $ | 87,596 | |||||||||||||||||
State and municipal | |||||||||||||||||||||||||
Due within 1 year | $ | 208 | $ | 208 | $ | 576 | $ | 581 | |||||||||||||||||
After 1 but within 5 years | 3,903 | 3,909 | 3,731 | 3,735 | |||||||||||||||||||||
After 5 but within 10 years | 378 | 485 | 439 | 482 | |||||||||||||||||||||
After 10 years(2) | 9,414 | 8,290 | 16,015 | 14,142 | |||||||||||||||||||||
Total | $ | 13,903 | $ | 12,892 | $ | 20,761 | $ | 18,940 | |||||||||||||||||
Foreign government | |||||||||||||||||||||||||
Due within 1 year | $ | 36,840 | $ | 36,845 | $ | 37,005 | $ | 36,959 | |||||||||||||||||
After 1 but within 5 years | 44,717 | 44,877 | 51,344 | 51,304 | |||||||||||||||||||||
After 5 but within 10 years | 12,833 | 12,984 | 7,314 | 7,216 | |||||||||||||||||||||
After 10 years(2) | 1,190 | 1,274 | 945 | 992 | |||||||||||||||||||||
Total | $ | 95,580 | $ | 95,980 | $ | 96,608 | $ | 96,471 | |||||||||||||||||
All other(3) | |||||||||||||||||||||||||
Due within 1 year | $ | 2,911 | $ | 2,873 | $ | 2,786 | $ | 2,733 | |||||||||||||||||
After 1 but within 5 years | 10,034 | 10,168 | 10,934 | 11,020 | |||||||||||||||||||||
After 5 but within 10 years | 6,213 | 6,290 | 5,632 | 5,641 | |||||||||||||||||||||
After 10 years(2) | 6,820 | 6,805 | 7,749 | 7,721 | |||||||||||||||||||||
Total | $ | 25,978 | $ | 26,136 | $ | 27,101 | $ | 27,115 | |||||||||||||||||
Total debt securities AFS | $ | 286,077 | $ | 286,465 | $ | 284,735 | $ | 282,777 | |||||||||||||||||
-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. | ||||||||||||||||||||||||
HTM debt securities | ' | ||||||||||||||||||||||||
Schedule of Investments disclosures | ' | ||||||||||||||||||||||||
Carrying value and fair value of debt securities HTM | ' | ||||||||||||||||||||||||
The following table presents the carrying value and fair value of HTM debt securities by contractual maturity dates as of June 30, 2014 and December 31, 2013: | |||||||||||||||||||||||||
June 30, 2014 | December 31, 2013 | ||||||||||||||||||||||||
In millions of dollars | Carrying value | Fair value | Carrying value | Fair value | |||||||||||||||||||||
Mortgage-backed securities | |||||||||||||||||||||||||
Due within 1 year | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||
After 1 but within 5 years | — | — | — | — | |||||||||||||||||||||
After 5 but within 10 years | 786 | 789 | 10 | 11 | |||||||||||||||||||||
After 10 years(1) | 6,797 | 7,145 | 2,316 | 2,546 | |||||||||||||||||||||
Total | $ | 7,583 | $ | 7,934 | $ | 2,326 | $ | 2,557 | |||||||||||||||||
State and municipal | |||||||||||||||||||||||||
Due within 1 year | $ | 4 | $ | 4 | $ | 8 | $ | 9 | |||||||||||||||||
After 1 but within 5 years | 14 | 14 | 17 | 17 | |||||||||||||||||||||
After 5 but within 10 years | 104 | 109 | 69 | 72 | |||||||||||||||||||||
After 10 years(1) | 7,674 | 7,722 | 1,238 | 1,214 | |||||||||||||||||||||
Total | $ | 7,796 | $ | 7,849 | $ | 1,332 | $ | 1,312 | |||||||||||||||||
Foreign government | |||||||||||||||||||||||||
Due within 1 year | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||
After 1 but within 5 years | 5,641 | 5,774 | 5,628 | 5,688 | |||||||||||||||||||||
After 5 but within 10 years | — | — | — | — | |||||||||||||||||||||
After 10 years(1) | — | — | — | — | |||||||||||||||||||||
Total | $ | 5,641 | $ | 5,774 | $ | 5,628 | $ | 5,688 | |||||||||||||||||
All other(2) | |||||||||||||||||||||||||
Due within 1 year | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||
After 1 but within 5 years | 751 | 871 | 740 | 851 | |||||||||||||||||||||
After 5 but within 10 years | — | — | — | — | |||||||||||||||||||||
After 10 years(1) | 559 | 599 | 573 | 585 | |||||||||||||||||||||
Total | $ | 1,310 | $ | 1,470 | $ | 1,313 | $ | 1,436 | |||||||||||||||||
Total debt securities held-to-maturity | $ | 22,330 | $ | 23,027 | $ | 10,599 | $ | 10,993 | |||||||||||||||||
-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. | ||||||||||||||||||||||||
Total other-than-temporary impairments recognized | ' | ||||||||||||||||||||||||
The table below shows the fair value of debt securities in HTM that have been in an unrecognized loss position as of June 30, 2014 and December 31, 2013 for less than 12 months or 12 months or longer: | |||||||||||||||||||||||||
Less than 12 months | 12 months or longer | Total | |||||||||||||||||||||||
In millions of dollars | Fair | Gross | Fair | Gross | Fair | Gross | |||||||||||||||||||
value | unrecognized | value | unrecognized | value | unrecognized | ||||||||||||||||||||
losses | losses | losses | |||||||||||||||||||||||
30-Jun-14 | |||||||||||||||||||||||||
Debt securities held-to-maturity | |||||||||||||||||||||||||
Mortgage-backed securities | $ | 4 | $ | — | $ | 3,364 | $ | 281 | $ | 3,368 | $ | 281 | |||||||||||||
State and municipal | 10 | — | 5,054 | 218 | 5,064 | 218 | |||||||||||||||||||
Foreign government | — | — | — | — | — | — | |||||||||||||||||||
Asset-backed securities | 12 | — | 175 | 10 | 187 | 10 | |||||||||||||||||||
Total debt securities held-to-maturity | $ | 26 | $ | — | $ | 8,593 | $ | 509 | $ | 8,619 | $ | 509 | |||||||||||||
31-Dec-13 | |||||||||||||||||||||||||
Debt securities held-to-maturity | |||||||||||||||||||||||||
Mortgage-backed securities | $ | — | $ | — | $ | 358 | $ | 285 | $ | 358 | $ | 285 | |||||||||||||
State and municipal | 235 | 20 | 302 | 50 | 537 | 70 | |||||||||||||||||||
Foreign government | 920 | 10 | — | — | 920 | 10 | |||||||||||||||||||
Asset-backed securities | 98 | 6 | 198 | 4 | 296 | 10 | |||||||||||||||||||
Total debt securities held-to-maturity | $ | 1,253 | $ | 36 | $ | 858 | $ | 339 | $ | 2,111 | $ | 375 | |||||||||||||
LOANS_Tables
LOANS (Tables) | 6 Months Ended | ||||||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||||||
Consumer | ' | ||||||||||||||||||||||||
Loans receivable | ' | ||||||||||||||||||||||||
Schedule of loans | ' | ||||||||||||||||||||||||
The following table provides information by loan type for the periods indicated: | |||||||||||||||||||||||||
In millions of dollars | June 30, | December 31, | |||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
Consumer loans | |||||||||||||||||||||||||
In U.S. offices | |||||||||||||||||||||||||
Mortgage and real estate(1) | $ | 103,905 | $ | 108,453 | |||||||||||||||||||||
Installment, revolving credit, and other | 13,192 | 13,398 | |||||||||||||||||||||||
Cards | 109,138 | 115,651 | |||||||||||||||||||||||
Commercial and industrial | 6,972 | 6,592 | |||||||||||||||||||||||
$ | 233,207 | $ | 244,094 | ||||||||||||||||||||||
In offices outside the U.S. | |||||||||||||||||||||||||
Mortgage and real estate(1) | $ | 57,291 | $ | 55,511 | |||||||||||||||||||||
Installment, revolving credit, and other | 34,560 | 33,182 | |||||||||||||||||||||||
Cards | 34,252 | 36,740 | |||||||||||||||||||||||
Commercial and industrial | 24,916 | 24,107 | |||||||||||||||||||||||
Lease financing | 735 | 769 | |||||||||||||||||||||||
$ | 151,754 | $ | 150,309 | ||||||||||||||||||||||
Total Consumer loans | $ | 384,961 | $ | 394,403 | |||||||||||||||||||||
Net unearned income | (616 | ) | (572 | ) | |||||||||||||||||||||
Consumer loans, net of unearned income | $ | 384,345 | $ | 393,831 | |||||||||||||||||||||
-1 | Loans secured primarily by real estate. | ||||||||||||||||||||||||
Schedule of loan delinquency and non-accrual details | ' | ||||||||||||||||||||||||
Consumer Loan Delinquency and Non-Accrual Details at June 30, 2014 | |||||||||||||||||||||||||
In millions of dollars | Total | 30-89 days | ≥ 90 days | Past due | Total | Total | 90 days past due | ||||||||||||||||||
current(1)(2) | past due(3) | past due(3) | government | loans(2) | non-accrual | and accruing | |||||||||||||||||||
guaranteed(4) | |||||||||||||||||||||||||
In North America offices | |||||||||||||||||||||||||
Residential first mortgages | $ | 65,254 | $ | 1,796 | $ | 1,922 | $ | 4,406 | $ | 73,378 | $ | 3,273 | $ | 3,517 | |||||||||||
Home equity loans(5) | 28,987 | 353 | 578 | — | 29,918 | 1,329 | — | ||||||||||||||||||
Credit cards | 108,031 | 1,223 | 1,189 | — | 110,443 | — | 1,192 | ||||||||||||||||||
Installment and other | 12,404 | 200 | 173 | — | 12,777 | 90 | 4 | ||||||||||||||||||
Commercial market loans | 8,489 | 28 | 18 | — | 8,535 | 217 | 7 | ||||||||||||||||||
Total | $ | 223,165 | $ | 3,600 | $ | 3,880 | $ | 4,406 | $ | 235,051 | $ | 4,909 | $ | 4,720 | |||||||||||
In offices outside North America | |||||||||||||||||||||||||
Residential first mortgages | $ | 47,675 | $ | 404 | $ | 299 | $ | — | $ | 48,378 | $ | 554 | $ | — | |||||||||||
Home equity loans(5) | — | — | — | — | — | — | — | ||||||||||||||||||
Credit cards | 32,235 | 717 | 601 | — | 33,553 | 451 | 429 | ||||||||||||||||||
Installment and other | 31,569 | 413 | 174 | — | 32,156 | 252 | — | ||||||||||||||||||
Commercial market loans | 34,445 | 98 | 381 | — | 34,924 | 517 | — | ||||||||||||||||||
Total | $ | 145,924 | $ | 1,632 | $ | 1,455 | $ | — | $ | 149,011 | $ | 1,774 | $ | 429 | |||||||||||
Total GCB and Citi Holdings | $ | 369,089 | $ | 5,232 | $ | 5,335 | $ | 4,406 | $ | 384,062 | $ | 6,683 | $ | 5,149 | |||||||||||
Other | 283 | — | — | — | 283 | 33 | — | ||||||||||||||||||
Total Citigroup | $ | 369,372 | $ | 5,232 | $ | 5,335 | $ | 4,406 | $ | 384,345 | $ | 6,716 | $ | 5,149 | |||||||||||
-1 | Loans less than 30 days past due are presented as current. | ||||||||||||||||||||||||
-2 | Includes $46 million of residential first mortgages recorded at fair value. | ||||||||||||||||||||||||
-3 | Excludes loans guaranteed by U.S. government entities. | ||||||||||||||||||||||||
-4 | Consists of residential first mortgages that are guaranteed by U.S. government entities that are 30-89 days past due of $0.9 billion and 90 days past due of $3.5 billion. | ||||||||||||||||||||||||
-5 | Fixed rate home equity loans and loans extended under home equity lines of credit, which are typically in junior lien positions. | ||||||||||||||||||||||||
Consumer Loan Delinquency and Non-Accrual Details at December 31, 2013 | |||||||||||||||||||||||||
In millions of dollars | Total | 30-89 days | ≥ 90 days | Past due | Total | Total | 90 days past due | ||||||||||||||||||
current(1)(2) | past due(3) | past due(3) | government | loans(2) | non-accrual | and accruing | |||||||||||||||||||
guaranteed(4) | |||||||||||||||||||||||||
In North America offices | |||||||||||||||||||||||||
Residential first mortgages | $ | 66,612 | $ | 2,044 | $ | 1,975 | $ | 5,271 | $ | 75,902 | $ | 3,415 | $ | 3,997 | |||||||||||
Home equity loans(5) | 30,603 | 434 | 605 | — | 31,642 | 1,452 | — | ||||||||||||||||||
Credit cards | 113,886 | 1,491 | 1,452 | — | 116,829 | — | 1,456 | ||||||||||||||||||
Installment and other | 12,609 | 225 | 243 | — | 13,077 | 247 | 7 | ||||||||||||||||||
Commercial market loans | 8,630 | 26 | 28 | — | 8,684 | 112 | 7 | ||||||||||||||||||
Total | $ | 232,340 | $ | 4,220 | $ | 4,303 | $ | 5,271 | $ | 246,134 | $ | 5,226 | $ | 5,467 | |||||||||||
In offices outside North America | |||||||||||||||||||||||||
Residential first mortgages | $ | 46,067 | $ | 435 | $ | 332 | $ | — | $ | 46,834 | $ | 584 | $ | — | |||||||||||
Home equity loans(5) | — | — | — | — | — | — | — | ||||||||||||||||||
Credit cards | 34,733 | 780 | 641 | — | 36,154 | 402 | 413 | ||||||||||||||||||
Installment and other | 30,138 | 398 | 158 | — | 30,694 | 230 | — | ||||||||||||||||||
Commercial market loans | 33,242 | 111 | 295 | — | 33,648 | 610 | — | ||||||||||||||||||
Total | $ | 144,180 | $ | 1,724 | $ | 1,426 | $ | — | $ | 147,330 | $ | 1,826 | $ | 413 | |||||||||||
Total GCB and Citi Holdings | $ | 376,520 | $ | 5,944 | $ | 5,729 | $ | 5,271 | $ | 393,464 | $ | 7,052 | $ | 5,880 | |||||||||||
Other | 367 | — | — | — | 367 | 43 | — | ||||||||||||||||||
Total Citigroup | $ | 376,887 | $ | 5,944 | $ | 5,729 | $ | 5,271 | $ | 393,831 | $ | 7,095 | $ | 5,880 | |||||||||||
-1 | Loans less than 30 days past due are presented as current. | ||||||||||||||||||||||||
-2 | Includes $0.9 billion of residential first mortgages recorded at fair value. | ||||||||||||||||||||||||
-3 | Excludes loans guaranteed by U.S. government entities. | ||||||||||||||||||||||||
-4 | Consists of residential first mortgages that are guaranteed by U.S. government entities that are 30-89 days past due of $1.2 billion and 90 days past due of $4.1 billion. | ||||||||||||||||||||||||
-5 | Fixed rate home equity loans and loans extended under home equity lines of credit, which are typically in junior lien positions. | ||||||||||||||||||||||||
Schedule of loans credit quality indicators | ' | ||||||||||||||||||||||||
FICO score distribution in U.S. portfolio(1)(2) | 30-Jun-14 | ||||||||||||||||||||||||
In millions of dollars | Less than | ≥ 620 but less | Equal to or | ||||||||||||||||||||||
620 | than 660 | greater | |||||||||||||||||||||||
than 660 | |||||||||||||||||||||||||
Residential first mortgages | $ | 10,853 | $ | 6,165 | $ | 46,910 | |||||||||||||||||||
Home equity loans | 3,612 | 2,620 | 22,110 | ||||||||||||||||||||||
Credit cards | 7,242 | 9,922 | 89,795 | ||||||||||||||||||||||
Installment and other | 3,812 | 2,497 | 5,107 | ||||||||||||||||||||||
Total | $ | 25,519 | $ | 21,204 | $ | 163,922 | |||||||||||||||||||
-1 | Excludes loans guaranteed by U.S. government entities, loans subject to long-term standby commitments (LTSCs) with U.S. government-sponsored entities and loans recorded at fair value. | ||||||||||||||||||||||||
-2 | Excludes balances where FICO was not available. Such amounts are not material. | ||||||||||||||||||||||||
FICO score distribution in U.S. portfolio(1)(2) | 31-Dec-13 | ||||||||||||||||||||||||
In millions of dollars | Less than | ≥ 620 but less | Equal to or | ||||||||||||||||||||||
620 | than 660 | greater | |||||||||||||||||||||||
than 660 | |||||||||||||||||||||||||
Residential first mortgages | $ | 11,860 | $ | 6,426 | $ | 46,207 | |||||||||||||||||||
Home equity loans | 4,093 | 2,779 | 23,152 | ||||||||||||||||||||||
Credit cards | 8,125 | 10,693 | 94,437 | ||||||||||||||||||||||
Installment and other | 3,900 | 2,399 | 5,186 | ||||||||||||||||||||||
Total | $ | 27,978 | $ | 22,297 | $ | 168,982 | |||||||||||||||||||
-1 | Excludes loans guaranteed by U.S. government entities, loans subject to LTSCs with U.S. government-sponsored entities and loans recorded at fair value. | ||||||||||||||||||||||||
-2 | Excludes balances where FICO was not available. Such amounts are not material. | ||||||||||||||||||||||||
Schedule of impaired loans | ' | ||||||||||||||||||||||||
The following tables present information about total impaired consumer loans at and for the periods ended June 30, 2014 and December 31, 2013, respectively, and for the three and six months ended June 30, 2014 and June 30, 2013 for interest income recognized on impaired consumer loans: | |||||||||||||||||||||||||
Three months ended June 30, | Six months ended June 30, | ||||||||||||||||||||||||
Balance at June 30, 2014 | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||
In millions of dollars | Recorded | Unpaid | Related | Average | Interest income | Interest income | Interest income | Interest income | |||||||||||||||||
investment(1)(2) | principal balance | specific allowance(3) | carrying value(4) | recognized(5)(6) | recognized(5)(6) | recognized(5)(6) | recognized(5)(6) | ||||||||||||||||||
Mortgage and real estate | |||||||||||||||||||||||||
Residential first mortgages | $ | 15,965 | $ | 16,962 | $ | 2,215 | $ | 16,660 | $ | 181 | $ | 207 | $ | 365 | $ | 424 | |||||||||
Home equity loans | 2,087 | 2,729 | 562 | 2,147 | 19 | 18 | 38 | 39 | |||||||||||||||||
Credit cards | 2,826 | 2,868 | 965 | 3,192 | 50 | 61 | 101 | 126 | |||||||||||||||||
Installment and other | |||||||||||||||||||||||||
Individual installment and other | 986 | 999 | 476 | 1,043 | 29 | 34 | 63 | 83 | |||||||||||||||||
Commercial market loans | 367 | 565 | 182 | 375 | 4 | 8 | 15 | 12 | |||||||||||||||||
Total(7) | $ | 22,231 | $ | 24,123 | $ | 4,400 | $ | 23,417 | $ | 283 | $ | 328 | $ | 582 | $ | 684 | |||||||||
-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 | $2,106 million of residential first mortgages, $564 million of home equity loans and $86 million of commercial market loans do not have a specific allowance. | ||||||||||||||||||||||||
(3) Included in the Allowance for loan losses. | |||||||||||||||||||||||||
(4) Average carrying value represents the average recorded investment ending balance for the last four quarters and does not include the related specific allowance. | |||||||||||||||||||||||||
(5) Includes amounts recognized on both an accrual and cash basis. | |||||||||||||||||||||||||
(6) Cash interest receipts on smaller-balance homogeneous loans are generally recorded as revenue. The interest recognition policy for commercial market loans is identical to that for corporate loans, as described below. | |||||||||||||||||||||||||
(7) Prior to 2008, the Company’s financial accounting systems did not separately track impaired smaller-balance, homogeneous consumer loans whose terms were modified due to the borrowers’ financial difficulties and where it was determined that a concession was granted to the borrower. Smaller-balance consumer loans modified since January 1, 2008 amounted to $21.9 billion at June 30, 2014. However, information derived from Citi’s risk management systems indicates that the amounts of outstanding modified loans, including those modified prior to 2008, approximated $22.5 billion at June 30, 2014. | |||||||||||||||||||||||||
Balance at December 31, 2013 | |||||||||||||||||||||||||
In millions of dollars | Recorded | Unpaid | Related | Average | |||||||||||||||||||||
investment(1)(2) | principal balance | specific allowance(3) | carrying value(4) | ||||||||||||||||||||||
Mortgage and real estate | |||||||||||||||||||||||||
Residential first mortgages | $ | 16,801 | $ | 17,788 | $ | 2,309 | $ | 17,616 | |||||||||||||||||
Home equity loans | 2,141 | 2,806 | 427 | 2,116 | |||||||||||||||||||||
Credit cards | 3,339 | 3,385 | 1,178 | 3,720 | |||||||||||||||||||||
Installment and other | |||||||||||||||||||||||||
Individual installment and other | 1,114 | 1,143 | 536 | 1,094 | |||||||||||||||||||||
Commercial market loans | 398 | 605 | 183 | 404 | |||||||||||||||||||||
Total(5) | $ | 23,793 | $ | 25,727 | $ | 4,633 | $ | 24,950 | |||||||||||||||||
-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 | $2,169 million of residential first mortgages, $568 million of home equity loans and $111 million of commercial market loans do not have a specific allowance. | ||||||||||||||||||||||||
-3 | Included in the Allowance for loan losses. | ||||||||||||||||||||||||
-4 | Average carrying value represents the average recorded investment ending balance for last four quarters and does not include related specific allowance. | ||||||||||||||||||||||||
(5) Prior to 2008, the Company’s financial accounting systems did not separately track impaired smaller-balance, homogeneous consumer loans whose terms were modified due to the borrowers’ financial difficulties and where it was determined that a concession was granted to the borrower. Smaller-balance consumer loans modified since January 1, 2008 amounted to $23.4 billion at December 31, 2013. However, information derived from Citi’s risk management systems indicates that the amounts of outstanding modified loans, including those modified prior to 2008, approximated $24.0 billion at December 31, 2013. | |||||||||||||||||||||||||
Schedule of troubled debt restructurings | ' | ||||||||||||||||||||||||
The following tables present consumer TDRs occurring during the three and six months ended June 30, 2014 and 2013: | |||||||||||||||||||||||||
At and for the three months ended June 30, 2014 | |||||||||||||||||||||||||
In millions of dollars except number of loans modified | Number of | Post- | Deferred | Contingent | Principal | Average | |||||||||||||||||||
loans modified | modification | principal(3) | principal | forgiveness(5) | interest rate | ||||||||||||||||||||
recorded | forgiveness(4) | reduction | |||||||||||||||||||||||
investment(1)(2) | |||||||||||||||||||||||||
North America | |||||||||||||||||||||||||
Residential first mortgages | 4,568 | $ | 534 | $ | 10 | $ | 7 | $ | 2 | 1 | % | ||||||||||||||
Home equity loans | 1,741 | 63 | 1 | — | 2 | 3 | |||||||||||||||||||
Credit cards | 42,750 | 190 | — | — | — | 15 | |||||||||||||||||||
Installment and other revolving | 10,830 | 81 | — | — | — | 6 | |||||||||||||||||||
Commercial markets(6) | 53 | 9 | — | — | — | — | |||||||||||||||||||
Total(8) | 59,942 | $ | 877 | $ | 11 | $ | 7 | $ | 4 | ||||||||||||||||
International | |||||||||||||||||||||||||
Residential first mortgages | 743 | $ | 27 | $ | — | $ | — | $ | — | 1 | % | ||||||||||||||
Home equity loans | 6 | 1 | — | — | — | — | |||||||||||||||||||
Credit cards | 51,536 | 141 | — | — | 10 | 21 | |||||||||||||||||||
Installment and other revolving | 18,774 | 78 | — | — | 4 | 15 | |||||||||||||||||||
Commercial markets(6) | 124 | 41 | — | — | — | 1 | |||||||||||||||||||
Total(8) | 71,183 | $ | 288 | $ | — | $ | — | $ | 14 | ||||||||||||||||
At and for the three months ended June 30, 2013 | |||||||||||||||||||||||||
In millions of dollars except number of loans modified | Number of | Post- | Deferred | Contingent | Principal | Average | |||||||||||||||||||
loans modified | modification | principal(3) | principal | forgiveness(5) | interest rate | ||||||||||||||||||||
recorded | forgiveness(4) | reduction | |||||||||||||||||||||||
investment(1)(7) | |||||||||||||||||||||||||
North America | |||||||||||||||||||||||||
Residential first mortgages | 9,071 | $ | 1,208 | $ | 12 | $ | 2 | $ | 42 | 1 | % | ||||||||||||||
Home equity loans | 4,235 | 283 | — | 8 | 1 | ||||||||||||||||||||
Credit cards | 36,785 | 182 | — | — | — | 14 | |||||||||||||||||||
Installment and other revolving | 10,335 | 74 | — | — | — | 6 | |||||||||||||||||||
Commercial markets(6) | 65 | 5 | — | — | — | — | |||||||||||||||||||
Total(8) | 60,491 | $ | 1,752 | $ | 12 | $ | 2 | $ | 50 | ||||||||||||||||
International | |||||||||||||||||||||||||
Residential first mortgages | 1,147 | $ | 57 | $ | — | $ | — | $ | 1 | 1 | % | ||||||||||||||
Home equity loans | 1 | — | — | — | — | — | |||||||||||||||||||
Credit cards | 34,632 | 139 | — | — | 3 | 14 | |||||||||||||||||||
Installment and other revolving | 13,668 | 80 | — | — | 2 | 8 | |||||||||||||||||||
Commercial markets(6) | 122 | 36 | 1 | — | — | — | |||||||||||||||||||
Total(8) | 49,570 | $ | 312 | $ | 1 | $ | — | $ | 6 | ||||||||||||||||
-1 | Post-modification balances include past due amounts that are capitalized at the modification date. | ||||||||||||||||||||||||
-2 | Post-modification balances in North America include $54 million of residential first mortgages and $15 million of home equity loans to borrowers who have gone through Chapter 7 bankruptcy in the three months ended June 30, 2014. These amounts include $30 million of residential first mortgages and $12 million of home equity loans that are newly classified as TDRs in the three months ended June 30, 2014 as a result of OCC guidance, as described above. | ||||||||||||||||||||||||
-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. | ||||||||||||||||||||||||
(6) Commercial markets loans are generally borrower-specific modifications and incorporate changes in the amount and/or timing of principal and/or interest. | |||||||||||||||||||||||||
(7) Post-modification balances in North America include $126 million of residential first mortgages and $25 million of home equity loans to borrowers who have gone through Chapter 7 bankruptcy in the three months ended June 30, 2013. These amounts include $82 million of residential first mortgages and $22 million of home equity loans that are newly classified as TDRs in the three months ended June 30, 2013 as a result of OCC guidance, as described above. | |||||||||||||||||||||||||
(8) The above tables reflect activity for loans outstanding as of the end of the reporting period that were considered TDRs. | |||||||||||||||||||||||||
At and for the six months ended June 30, 2014 | |||||||||||||||||||||||||
In millions of dollars except number of loans modified | Number of | Post- | Deferred | Contingent | Principal | Average | |||||||||||||||||||
loans modified | modification | principal(3) | principal | forgiveness(5) | interest rate | ||||||||||||||||||||
recorded | forgiveness(4) | reduction | |||||||||||||||||||||||
investment(1)(2) | |||||||||||||||||||||||||
North America | |||||||||||||||||||||||||
Residential first mortgages | 10,347 | $ | 1,219 | $ | 28 | $ | 19 | $ | 5 | 1 | % | ||||||||||||||
Home equity loans | 4,060 | 147 | 2 | — | 11 | 2 | |||||||||||||||||||
Credit cards | 87,726 | 390 | — | — | — | 15 | |||||||||||||||||||
Installment and other revolving | 23,314 | 174 | — | — | — | 6 | |||||||||||||||||||
Commercial markets(6) | 91 | 22 | — | — | — | — | |||||||||||||||||||
Total(8) | 125,538 | $ | 1,952 | $ | 30 | $ | 19 | $ | 16 | ||||||||||||||||
International | |||||||||||||||||||||||||
Residential first mortgages | 1,286 | $ | 49 | $ | — | $ | — | $ | 1 | 1 | % | ||||||||||||||
Home equity loans | 38 | 6 | — | — | — | — | |||||||||||||||||||
Credit cards | 106,357 | 291 | — | — | 19 | 21 | |||||||||||||||||||
Installment and other revolving | 37,904 | 158 | — | — | 7 | 12 | |||||||||||||||||||
Commercial markets(6) | 220 | 134 | — | — | — | 1 | |||||||||||||||||||
Total(8) | 145,805 | $ | 638 | $ | — | $ | — | $ | 27 | ||||||||||||||||
At and for the six months ended June 30, 2013 | |||||||||||||||||||||||||
In millions of dollars except number of loans modified | Number of | Post- | Deferred | Contingent | Principal | Average | |||||||||||||||||||
loans modified | modification | principal(3) | principal | forgiveness(5) | interest rate | ||||||||||||||||||||
recorded | forgiveness(4) | reduction | |||||||||||||||||||||||
investment(1)(2) | |||||||||||||||||||||||||
North America | |||||||||||||||||||||||||
Residential first mortgages | 18,382 | $ | 2,454 | $ | 17 | $ | 2 | $ | 102 | 1 | % | ||||||||||||||
Home equity loans | 7,357 | 370 | 1 | — | 38 | 1 | |||||||||||||||||||
Credit cards | 79,761 | 406 | — | — | — | 14 | |||||||||||||||||||
Installment and other revolving | 21,941 | 159 | — | — | — | 6 | |||||||||||||||||||
Commercial markets(6) | 122 | 19 | — | — | — | — | |||||||||||||||||||
Total(8) | 127,563 | $ | 3,408 | $ | 18 | $ | 2 | $ | 140 | ||||||||||||||||
International | |||||||||||||||||||||||||
Residential first mortgages | 2,181 | $ | 105 | $ | — | $ | — | $ | 1 | 1 | % | ||||||||||||||
Home equity loans | 4 | — | — | — | — | ||||||||||||||||||||
Credit cards | 66,571 | 270 | — | — | 6 | 15 | |||||||||||||||||||
Installment and other revolving | 27,487 | 179 | — | — | 4 | 8 | |||||||||||||||||||
Commercial markets(6) | 208 | 46 | 1 | — | — | — | |||||||||||||||||||
Total(8) | 96,451 | $ | 600 | $ | 1 | $ | — | $ | 11 | ||||||||||||||||
-1 | Post-modification balances include past due amounts that are capitalized at modification date. | ||||||||||||||||||||||||
-2 | Post-modification balances in North America include $145 million of residential first mortgages and $37 million of home equity loans to borrowers who have gone through Chapter 7 bankruptcy in the six months ended June 30, 2014. These amounts include $87 million of residential first mortgages and $31 million of home equity loans that are newly classified as TDRs as a result of OCC guidance received in the six months ended June 30, 2014, as described above. | ||||||||||||||||||||||||
-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. | ||||||||||||||||||||||||
(6) Commercial markets loans are generally borrower-specific modifications and incorporate changes in the amount and/or timing of principal and/or interest. | |||||||||||||||||||||||||
(7) Post-modification balances in North America include $249 million of residential first mortgages and $45 million of home equity loans to borrowers who have gone through Chapter 7 bankruptcy in the six months ended June 30, 2013. These amounts include $178 million of residential first mortgages and $38 million of home equity loans that are newly classified as TDRs as a result of OCC guidance received in the six months ended June 30, 2013, as described above. | |||||||||||||||||||||||||
(8) The above tables reflect activity for loans outstanding as of the end of the reporting period that were considered TDRs. | |||||||||||||||||||||||||
Schedule of troubled debt restructuring loans that defaulted | ' | ||||||||||||||||||||||||
The following table presents consumer TDRs that defaulted during the three months and six months ended June 30, 2014 and 2013, for which the payment default occurred within one year of a permanent modification. Default is defined as 60 days past due, except for classifiably managed commercial markets loans, where default is defined as 90 days past due. | |||||||||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||
In millions of dollars | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||
North America | |||||||||||||||||||||||||
Residential first mortgages | $ | 168 | $ | 391 | $ | 413 | $ | 781 | |||||||||||||||||
Home equity loans | 17 | 47 | 40 | 103 | |||||||||||||||||||||
Credit cards | 48 | 49 | 99 | 114 | |||||||||||||||||||||
Installment and other revolving | 21 | 19 | 40 | 42 | |||||||||||||||||||||
Commercial markets | 1 | 2 | 7 | 2 | |||||||||||||||||||||
Total | $ | 255 | $ | 508 | $ | 599 | $ | 1,042 | |||||||||||||||||
International | |||||||||||||||||||||||||
Residential first mortgages | $ | 6 | $ | 18 | $ | 13 | $ | 35 | |||||||||||||||||
Home equity loans | — | — | — | — | |||||||||||||||||||||
Credit cards | 69 | 61 | 139 | 113 | |||||||||||||||||||||
Installment and other revolving | 29 | 28 | 58 | 57 | |||||||||||||||||||||
Commercial markets | 95 | 2 | 100 | 4 | |||||||||||||||||||||
Total | $ | 199 | $ | 109 | $ | 310 | $ | 209 | |||||||||||||||||
Corporate | ' | ||||||||||||||||||||||||
Loans receivable | ' | ||||||||||||||||||||||||
Schedule of loans | ' | ||||||||||||||||||||||||
In millions of dollars | June 30, | December 31, | |||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
Corporate | |||||||||||||||||||||||||
In U.S. offices | |||||||||||||||||||||||||
Commercial and industrial | $ | 36,293 | $ | 32,704 | |||||||||||||||||||||
Financial institutions | 29,195 | 25,102 | |||||||||||||||||||||||
Mortgage and real estate(1) | 31,417 | 29,425 | |||||||||||||||||||||||
Installment, revolving credit and other | 32,646 | 34,434 | |||||||||||||||||||||||
Lease financing | 1,668 | 1,647 | |||||||||||||||||||||||
$ | 131,219 | $ | 123,312 | ||||||||||||||||||||||
In offices outside the U.S. | |||||||||||||||||||||||||
Commercial and industrial | $ | 82,945 | $ | 82,663 | |||||||||||||||||||||
Financial institutions | 40,541 | 38,372 | |||||||||||||||||||||||
Mortgage and real estate(1) | 6,309 | 6,274 | |||||||||||||||||||||||
Installment, revolving credit and other | 20,095 | 18,714 | |||||||||||||||||||||||
Lease financing | 430 | 527 | |||||||||||||||||||||||
Governments and official institutions | 2,176 | 2,341 | |||||||||||||||||||||||
$ | 152,496 | $ | 148,891 | ||||||||||||||||||||||
Total Corporate loans | $ | 283,715 | $ | 272,203 | |||||||||||||||||||||
Net unearned income | (556 | ) | (562 | ) | |||||||||||||||||||||
Corporate loans, net of unearned income | $ | 283,159 | $ | 271,641 | |||||||||||||||||||||
-1 | Loans secured primarily by real estate. | ||||||||||||||||||||||||
Schedule of loan delinquency and non-accrual details | ' | ||||||||||||||||||||||||
In millions of dollars | 30-89 days | ≥ 90 days | Total past due | Total | Total | Total | |||||||||||||||||||
past due | past due and | and accruing | non-accrual(2) | current(3) | loans (4) | ||||||||||||||||||||
and accruing(1) | accruing(1) | ||||||||||||||||||||||||
Commercial and industrial | $ | 229 | $ | 1 | $ | 230 | $ | 618 | $ | 116,070 | $ | 116,918 | |||||||||||||
Financial institutions | — | — | — | 257 | 67,475 | 67,732 | |||||||||||||||||||
Mortgage and real estate | 111 | 185 | 296 | 242 | 37,084 | 37,622 | |||||||||||||||||||
Leases | 9 | — | 9 | 49 | 2,038 | 2,096 | |||||||||||||||||||
Other | 52 | 28 | 80 | 52 | 53,901 | 54,033 | |||||||||||||||||||
Loans at fair value | 4,758 | ||||||||||||||||||||||||
Total | $ | 401 | $ | 214 | $ | 615 | $ | 1,218 | $ | 276,568 | $ | 283,159 | |||||||||||||
-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 | Citi generally does not manage corporate loans on a delinquency basis. 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. | ||||||||||||||||||||||||
Corporate Loan Delinquency and Non-Accrual Details at December 31, 2013 | |||||||||||||||||||||||||
In millions of dollars | 30-89 days | ≥ 90 days | Total past due | Total | Total | Total | |||||||||||||||||||
past due | past due and | and accruing | non-accrual(2) | current(3) | loans (4) | ||||||||||||||||||||
and accruing(1) | accruing(1) | ||||||||||||||||||||||||
Commercial and industrial | $ | 72 | $ | 5 | $ | 77 | $ | 769 | $ | 112,985 | $ | 113,831 | |||||||||||||
Financial institutions | — | — | — | 365 | 61,704 | 62,069 | |||||||||||||||||||
Mortgage and real estate | 183 | 175 | 358 | 515 | 34,027 | 34,900 | |||||||||||||||||||
Leases | 9 | 1 | 10 | 189 | 1,975 | 2,174 | |||||||||||||||||||
Other | 47 | 2 | 49 | 70 | 54,476 | 54,595 | |||||||||||||||||||
Loans at fair value | 4,072 | ||||||||||||||||||||||||
Total | $ | 311 | $ | 183 | $ | 494 | $ | 1,908 | $ | 265,167 | $ | 271,641 | |||||||||||||
-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 | Citi generally does not manage corporate loans on a delinquency basis. 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. | ||||||||||||||||||||||||
Schedule of loans credit quality indicators | ' | ||||||||||||||||||||||||
Recorded investment in loans(1) | |||||||||||||||||||||||||
In millions of dollars | June 30, 2014 | December 31, | |||||||||||||||||||||||
2013 | |||||||||||||||||||||||||
Investment grade(2) | |||||||||||||||||||||||||
Commercial and industrial | $ | 83,110 | $ | 79,360 | |||||||||||||||||||||
Financial institutions | 52,123 | 49,699 | |||||||||||||||||||||||
Mortgage and real estate | 15,460 | 13,178 | |||||||||||||||||||||||
Leases | 1,553 | 1,600 | |||||||||||||||||||||||
Other | 49,824 | 51,370 | |||||||||||||||||||||||
Total investment grade | $ | 202,070 | $ | 195,207 | |||||||||||||||||||||
Non-investment grade(2) | |||||||||||||||||||||||||
Accrual | |||||||||||||||||||||||||
Commercial and industrial | $ | 33,190 | $ | 33,702 | |||||||||||||||||||||
Financial institutions | 15,352 | 12,005 | |||||||||||||||||||||||
Mortgage and real estate | 4,184 | 4,205 | |||||||||||||||||||||||
Leases | 494 | 385 | |||||||||||||||||||||||
Other | 4,157 | 3,155 | |||||||||||||||||||||||
Non-accrual | |||||||||||||||||||||||||
Commercial and industrial | 618 | 769 | |||||||||||||||||||||||
Financial institutions | 257 | 365 | |||||||||||||||||||||||
Mortgage and real estate | 242 | 515 | |||||||||||||||||||||||
Leases | 49 | 189 | |||||||||||||||||||||||
Other | 52 | 70 | |||||||||||||||||||||||
Total non-investment grade | $ | 58,595 | $ | 55,360 | |||||||||||||||||||||
Private Banking loans managed on a delinquency basis (2) | $ | 17,736 | $ | 17,002 | |||||||||||||||||||||
Loans at fair value | 4,758 | 4,072 | |||||||||||||||||||||||
Corporate loans, net of unearned income | $ | 283,159 | $ | 271,641 | |||||||||||||||||||||
-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. | ||||||||||||||||||||||||
Schedule of impaired loans | ' | ||||||||||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||||||||||
30-Jun-14 | June 30, 2014 | June 30, 2014 | |||||||||||||||||||||||
In millions of dollars | Recorded | Unpaid | Related specific | Average | Interest income | Interest income | |||||||||||||||||||
investment(1) | principal balance | allowance | carrying value(2) | recognized(3) | recognized(3) | ||||||||||||||||||||
Non-accrual Corporate loans | |||||||||||||||||||||||||
Commercial and industrial | $ | 618 | $ | 979 | $ | 119 | $ | 776 | $ | 9 | $ | 14 | |||||||||||||
Financial institutions | 257 | 277 | 1 | 325 | — | 4 | |||||||||||||||||||
Mortgage and real estate | 242 | 282 | 17 | 415 | 6 | 7 | |||||||||||||||||||
Lease financing | 49 | 50 | 29 | 154 | — | — | |||||||||||||||||||
Other | 52 | 188 | 17 | 61 | — | — | |||||||||||||||||||
Total non-accrual Corporate loans | $ | 1,218 | $ | 1,776 | $ | 183 | $ | 1,731 | $ | 15 | $ | 25 | |||||||||||||
Balance at December 31, 2013 | |||||||||||||||||||||||||
In millions of dollars | Recorded | Unpaid | Related specific | Average | |||||||||||||||||||||
investment(1) | principal balance | allowance | carrying value(2) | ||||||||||||||||||||||
Non-accrual Corporate loans | |||||||||||||||||||||||||
Commercial and industrial | $ | 769 | $ | 1,074 | $ | 79 | $ | 967 | |||||||||||||||||
Financial institutions | 365 | 382 | 3 | 378 | |||||||||||||||||||||
Mortgage and real estate | 515 | 651 | 35 | 585 | |||||||||||||||||||||
Lease financing | 189 | 190 | 131 | 189 | |||||||||||||||||||||
Other | 70 | 216 | 20 | 64 | |||||||||||||||||||||
Total non-accrual Corporate loans | $ | 1,908 | $ | 2,513 | $ | 268 | $ | 2,183 | |||||||||||||||||
30-Jun-14 | 31-Dec-13 | ||||||||||||||||||||||||
In millions of dollars | Recorded | Related specific | Recorded | Related specific | |||||||||||||||||||||
investment(1) | allowance | investment(1) | allowance | ||||||||||||||||||||||
Non-accrual Corporate loans with valuation allowances | |||||||||||||||||||||||||
Commercial and industrial | $ | 301 | $ | 119 | $ | 401 | $ | 79 | |||||||||||||||||
Financial institutions | 7 | 1 | 24 | 3 | |||||||||||||||||||||
Mortgage and real estate | 33 | 17 | 253 | 35 | |||||||||||||||||||||
Lease financing | 47 | 29 | 186 | 131 | |||||||||||||||||||||
Other | 46 | 17 | 61 | 20 | |||||||||||||||||||||
Total non-accrual Corporate loans with specific allowance | $ | 434 | $ | 183 | $ | 925 | $ | 268 | |||||||||||||||||
Non-accrual Corporate loans without specific allowance | |||||||||||||||||||||||||
Commercial and industrial | $ | 316 | $ | 368 | |||||||||||||||||||||
Financial institutions | 250 | 341 | |||||||||||||||||||||||
Mortgage and real estate | 209 | 262 | |||||||||||||||||||||||
Lease financing | 2 | 3 | |||||||||||||||||||||||
Other | 7 | 9 | |||||||||||||||||||||||
Total non-accrual Corporate loans without specific allowance | $ | 784 | N/A | $ | 983 | 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 three- and six-month periods ended June 30, 2013 was $10 million and $18 million, respectively. | ||||||||||||||||||||||||
N/A Not Applicable | |||||||||||||||||||||||||
Schedule of troubled debt restructurings | ' | ||||||||||||||||||||||||
The following table presents corporate TDR activity at and for the three months ended June 30, 2014. | |||||||||||||||||||||||||
In millions of dollars | Carrying | TDRs | TDRs | TDRs | Balance of | Net | |||||||||||||||||||
Value | involving changes | involving changes | involving changes | principal forgiven | P&L | ||||||||||||||||||||
in the amount | in the amount | in the amount | or deferred | impact(3) | |||||||||||||||||||||
and/or timing of | and/or timing of | and/or timing of | |||||||||||||||||||||||
principal payments(1) | interest payments(2) | both principal and | |||||||||||||||||||||||
interest payments | |||||||||||||||||||||||||
Commercial and industrial | $ | 7 | $ | 7 | $ | — | $ | — | $ | — | $ | — | |||||||||||||
Financial institutions | — | — | — | — | — | — | |||||||||||||||||||
Mortgage and real estate | 1 | — | 1 | — | — | — | |||||||||||||||||||
Other | — | — | — | — | — | — | |||||||||||||||||||
Total | $ | 8 | $ | 7 | $ | 1 | $ | — | $ | — | $ | — | |||||||||||||
-1 | TDRs involving changes in the amount or timing of principal payments may involve principal forgiveness or deferral of periodic and/or final principal payments. | ||||||||||||||||||||||||
-2 | TDRs involving changes in the amount or timing of interest payments may involve a below-market interest rate. | ||||||||||||||||||||||||
-3 | Balances reflect charge-offs and reserves recorded during the three months ended June 30, 2014 on loans subject to a TDR during the period then ended. | ||||||||||||||||||||||||
The following table presents corporate TDR activity at and for the three months ended June 30, 2013. | |||||||||||||||||||||||||
In millions of dollars | Carrying | TDRs | TDRs | TDRs | Balance of | Net | |||||||||||||||||||
Value | involving changes | involving changes | involving changes | principal forgiven | P&L | ||||||||||||||||||||
in the amount | in the amount | in the amount | or deferred | impact(3) | |||||||||||||||||||||
and/or timing of | and/or timing of | and/or timing of | |||||||||||||||||||||||
principal payments(1) | interest payments(2) | both principal and | |||||||||||||||||||||||
interest payments | |||||||||||||||||||||||||
Commercial and industrial | $ | 42 | $ | 14 | $ | 28 | $ | — | $ | — | $ | — | |||||||||||||
Financial institutions | — | — | — | — | — | — | |||||||||||||||||||
Mortgage and real estate | — | — | — | — | — | — | |||||||||||||||||||
Other | — | — | — | — | — | — | |||||||||||||||||||
Total | $ | 42 | $ | 14 | $ | 28 | $ | — | $ | — | $ | — | |||||||||||||
-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. | ||||||||||||||||||||||||
-2 | TDRs involving changes in the amount or timing of interest payments may involve a below-market interest rate. | ||||||||||||||||||||||||
-3 | Balances reflect charge-offs and reserves recorded during the three months ended June 30, 2013 on loans subject to a TDR during the period then ended. | ||||||||||||||||||||||||
The following table presents corporate TDR activity at and for the six months ended June 30, 2014. | |||||||||||||||||||||||||
In millions of dollars | Carrying | TDRs | TDRs | TDRs | Balance of | Net | |||||||||||||||||||
Value | involving changes | involving changes | involving changes | principal forgiven | P&L | ||||||||||||||||||||
in the amount | in the amount | in the amount | or deferred | impact(3) | |||||||||||||||||||||
and/or timing of | and/or timing of | and/or timing of | |||||||||||||||||||||||
principal payments(1) | interest payments(2) | both principal and | |||||||||||||||||||||||
interest payments | |||||||||||||||||||||||||
Commercial and industrial | $ | 47 | $ | 30 | $ | 17 | $ | — | $ | — | $ | — | |||||||||||||
Financial institutions | — | — | — | — | — | — | |||||||||||||||||||
Mortgage and real estate | 5 | 4 | 1 | — | — | — | |||||||||||||||||||
Other | — | — | — | — | — | — | |||||||||||||||||||
Total | $ | 52 | $ | 34 | $ | 18 | $ | — | $ | — | $ | — | |||||||||||||
-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. | ||||||||||||||||||||||||
-2 | TDRs involving changes in the amount or timing of interest payments may involve a below-market interest rate. | ||||||||||||||||||||||||
-3 | Balances reflect charge-offs and reserves recorded during the six months ended June 30, 2014 on loans subject to a TDR during the period then ended. | ||||||||||||||||||||||||
The following table presents corporate TDR activity at and for the six months ended June 30, 2013. | |||||||||||||||||||||||||
In millions of dollars | Carrying | TDRs | TDRs | TDRs | Balance of | Net | |||||||||||||||||||
Value | involving changes | involving changes | involving changes | principal forgiven | P&L | ||||||||||||||||||||
in the amount | in the amount | in the amount | or deferred | impact(3) | |||||||||||||||||||||
and/or timing of | and/or timing of | and/or timing of | |||||||||||||||||||||||
principal payments(1) | interest payments(2) | both principal and | |||||||||||||||||||||||
interest payments | |||||||||||||||||||||||||
Commercial and industrial | $ | 89 | $ | 55 | $ | 28 | $ | 6 | $ | — | $ | — | |||||||||||||
Financial institutions | |||||||||||||||||||||||||
Mortgage and real estate | 14 | — | 14 | — | — | — | |||||||||||||||||||
Other | $ | 4 | $ | — | $ | — | $ | 4 | $ | — | $ | — | |||||||||||||
Total | $ | 107 | $ | 55 | $ | 42 | $ | 10 | $ | — | $ | — | |||||||||||||
-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. | ||||||||||||||||||||||||
-2 | TDRs involving changes in the amount or timing of interest payments may involve a below-market interest rate. | ||||||||||||||||||||||||
-3 | Balances reflect charge-offs and reserves recorded during the six months ended June 30, 2013 on loans subject to a TDR during the period then ended. | ||||||||||||||||||||||||
Schedule of troubled debt restructuring loans that defaulted | ' | ||||||||||||||||||||||||
The following table presents total corporate loans modified in a TDR at June 30, 2014 and 2013, as well as those TDRs that defaulted during the three months ended June 30, 2014 and 2013, and for which the payment default occurred within one year of a permanent modification. Default is defined as 60 days past due, except for classifiably managed commercial markets loans, where default is defined as 90 days past due. | |||||||||||||||||||||||||
TDR balances at | TDR loans in payment default | TDR loans in | TDR balances at | TDR loans in | TDR loans in | ||||||||||||||||||||
during the three months ended | payment default | payment default | payment default | ||||||||||||||||||||||
six months ended | during the three months ended | six months ended | |||||||||||||||||||||||
In millions of dollars | 30-Jun-14 | 30-Jun-14 | 30-Jun-14 | 30-Jun-13 | 30-Jun-13 | 30-Jun-13 | |||||||||||||||||||
Commercial and industrial | $ | 203 | $ | — | $ | — | $ | 173 | $ | — | $ | 15 | |||||||||||||
Loans to financial institutions | — | — | — | 16 | — | — | |||||||||||||||||||
Mortgage and real estate | 130 | — | — | 218 | 2 | 2 | |||||||||||||||||||
Other | 340 | — | — | 418 | — | — | |||||||||||||||||||
Total | $ | 673 | $ | — | $ | — | $ | 825 | $ | 2 | $ | 17 | |||||||||||||
Mortgage and real estate | ' | ||||||||||||||||||||||||
Loans receivable | ' | ||||||||||||||||||||||||
Schedule of loans credit quality indicators | ' | ||||||||||||||||||||||||
LTV distribution in U.S. portfolio(1)(2) | 30-Jun-14 | ||||||||||||||||||||||||
In millions of dollars | Less than or | > 80% but less | Greater | ||||||||||||||||||||||
equal to 80% | than or equal to | than | |||||||||||||||||||||||
100% | 100% | ||||||||||||||||||||||||
Residential first mortgages | $ | 47,929 | $ | 13,555 | $ | 2,603 | |||||||||||||||||||
Home equity loans | 14,429 | 8,254 | 5,534 | ||||||||||||||||||||||
Total | $ | 62,358 | $ | 21,809 | $ | 8,137 | |||||||||||||||||||
-1 | Excludes loans guaranteed by U.S. government entities, loans subject to LTSCs with U.S. government-sponsored entities and loans recorded at fair value. | ||||||||||||||||||||||||
-2 | Excludes balances where LTV was not available. Such amounts are not material. | ||||||||||||||||||||||||
LTV distribution in U.S. portfolio(1)(2) | 31-Dec-13 | ||||||||||||||||||||||||
In millions of dollars | Less than or | > 80% but less | Greater | ||||||||||||||||||||||
equal to 80% | than or equal to | than | |||||||||||||||||||||||
100% | 100% | ||||||||||||||||||||||||
Residential first mortgages | $ | 45,809 | $ | 13,458 | $ | 5,269 | |||||||||||||||||||
Home equity loans | 14,216 | 8,685 | 6,935 | ||||||||||||||||||||||
Total | $ | 60,025 | $ | 22,143 | $ | 12,204 | |||||||||||||||||||
-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. |
ALLOWANCE_FOR_CREDIT_LOSSES_Ta
ALLOWANCE FOR CREDIT LOSSES (Tables) | 6 Months Ended | ||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||
Loans and Leases Receivable, Allowance [Abstract] | ' | ||||||||||||||||||
Allowance for credit losses | ' | ||||||||||||||||||
Three Months Ended June 30, | Six Months Ended | ||||||||||||||||||
June 30, | |||||||||||||||||||
In millions of dollars | 2014 | 2013 | 2014 | 2013 | |||||||||||||||
Allowance for loan losses at beginning of period | $ | 18,923 | $ | 23,727 | $ | 19,648 | $ | 25,455 | |||||||||||
Gross credit losses | (2,812 | ) | (3,257 | ) | (5,795 | ) | (6,701 | ) | |||||||||||
Gross recoveries (1) | 623 | 649 | 1,167 | 1,215 | |||||||||||||||
Net credit losses (NCLs) | $ | (2,189 | ) | $ | (2,608 | ) | $ | (4,628 | ) | $ | (5,486 | ) | |||||||
NCLs | $ | 2,189 | $ | 2,608 | $ | 4,628 | $ | 5,486 | |||||||||||
Net reserve releases | (521 | ) | (642 | ) | (1,081 | ) | (948 | ) | |||||||||||
Net specific reserve builds (releases) | (89 | ) | (139 | ) | (175 | ) | (497 | ) | |||||||||||
Total provision for credit losses | $ | 1,579 | $ | 1,827 | $ | 3,372 | $ | 4,041 | |||||||||||
Other, net (2) | (423 | ) | (1,366 | ) | (502 | ) | (2,430 | ) | |||||||||||
Allowance for loan losses at end of period | $ | 17,890 | $ | 21,580 | $ | 17,890 | $ | 21,580 | |||||||||||
Allowance for credit losses on unfunded lending commitments at beginning of period (3) | $ | 1,202 | $ | 1,132 | $ | 1,229 | $ | 1,119 | |||||||||||
Provision for unfunded lending commitments | (31 | ) | (3 | ) | (58 | ) | 11 | ||||||||||||
Other, net | 5 | 4 | 5 | 3 | |||||||||||||||
Allowance for credit losses on unfunded lending commitments at end of period (3) | $ | 1,176 | $ | 1,133 | $ | 1,176 | $ | 1,133 | |||||||||||
Total allowance for loans, leases, and unfunded lending commitments | $ | 19,066 | $ | 22,713 | $ | 19,066 | $ | 22,713 | |||||||||||
-1 | Recoveries have been reduced by certain collection costs that are incurred only if collection efforts are successful. | ||||||||||||||||||
-2 | The second quarter of 2014 includes a reduction of approximately $480 million related to the sale or transfers to held-for-sale (HFS) of various loan portfolios, including a reduction of approximately $204 million and $177 million related to the transfers to HFS of businesses in Greece and Spain and $29 million related to the sale of the Honduras business, and $66 million related to a transfer of a real estate loan portfolio to HFS. These amounts are partially offset by foreign currency translation on the entire allowance balance. The first quarter of 2014 includes reductions of approximately $79 million related to the sale or transfer to HFS of various loan portfolios. The second quarter of 2013 includes a reduction of approximately $650 million related to the sale or transfer to HFS of various U.S. loan portfolios and a reduction of approximately $360 million related to the transfer of Credicard to discontinued operations held for sale. Additionally, a reduction of approximately $90 million related to a transfer to HFS of a loan portfolio in Greece and a reduction of approximately $220 million related to foreign currency translation. The first quarter of 2013 includes reductions of approximately $855 million related to the sale or transfer to HFS of various U.S. loan portfolios and a reduction of approximately $165 million related to a transfer to HFS of a loan portfolio in Greece. | ||||||||||||||||||
-3 | Represents additional credit loss reserves for unfunded lending commitments and letters of credit recorded in Other liabilities on the Consolidated Balance Sheet. | ||||||||||||||||||
Schedule of allowance for credit losses and investment in loans by portfolio segment | ' | ||||||||||||||||||
Allowance for Credit Losses and Investment in Loans | |||||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||||
June 30, 2014 | June 30, 2014 | ||||||||||||||||||
In millions of dollars | Corporate | Consumer | Total | Corporate | Consumer | Total | |||||||||||||
Allowance for loan losses at beginning of period | $ | 2,472 | $ | 16,451 | $ | 18,923 | $ | 2,584 | $ | 17,064 | $ | 19,648 | |||||||
Charge-offs | (47 | ) | (2,765 | ) | (2,812 | ) | (221 | ) | (5,574 | ) | (5,795 | ) | |||||||
Recoveries | 36 | 587 | 623 | 65 | 1,102 | 1,167 | |||||||||||||
Replenishment of net charge-offs | 11 | 2,178 | 2,189 | 156 | 4,472 | 4,628 | |||||||||||||
Net reserve releases | (26 | ) | (495 | ) | (521 | ) | (127 | ) | (954 | ) | (1,081 | ) | |||||||
Net specific reserve releases | (75 | ) | (14 | ) | (89 | ) | (85 | ) | (90 | ) | (175 | ) | |||||||
Other | (1 | ) | (422 | ) | (423 | ) | (2 | ) | (500 | ) | (502 | ) | |||||||
Ending balance | $ | 2,370 | $ | 15,520 | $ | 17,890 | $ | 2,370 | $ | 15,520 | $ | 17,890 | |||||||
Three Months Ended | Six Months Ended | ||||||||||||||||||
June 30, 2013 | June 30, 2013 | ||||||||||||||||||
In millions of dollars | Corporate | Consumer | Total | Corporate | Consumer | Total | |||||||||||||
Allowance for loan losses at beginning of period | $ | 2,779 | $ | 20,948 | $ | 23,727 | $ | 2,776 | $ | 22,679 | $ | 25,455 | |||||||
Charge-offs | (97 | ) | (3,160 | ) | (3,257 | ) | (157 | ) | (6,544 | ) | (6,701 | ) | |||||||
Recoveries | 52 | 597 | 649 | 67 | 1,148 | 1,215 | |||||||||||||
Replenishment of net charge-offs | 45 | 2,563 | 2,608 | 90 | 5,396 | 5,486 | |||||||||||||
Net reserve releases | (98 | ) | (544 | ) | (642 | ) | (129 | ) | (819 | ) | (948 | ) | |||||||
Net specific reserve builds (releases) | 30 | (169 | ) | (139 | ) | 72 | (569 | ) | (497 | ) | |||||||||
Other | (3 | ) | (1,363 | ) | (1,366 | ) | (11 | ) | (2,419 | ) | (2,430 | ) | |||||||
Ending balance | $ | 2,708 | $ | 18,872 | $ | 21,580 | $ | 2,708 | $ | 18,872 | $ | 21,580 | |||||||
30-Jun-14 | 31-Dec-13 | ||||||||||||||||||
In millions of dollars | Corporate | Consumer | Total | Corporate | Consumer | Total | |||||||||||||
Allowance for loan losses | |||||||||||||||||||
Determined in accordance with ASC 450-20 | $ | 2,103 | $ | 11,094 | $ | 13,197 | $ | 2,232 | $ | 12,402 | $ | 14,634 | |||||||
Determined in accordance with ASC 310-10-35 | 183 | 4,400 | 4,583 | 268 | 4,633 | 4,901 | |||||||||||||
Determined in accordance with ASC 310-30 | 84 | 26 | 110 | 84 | 29 | 113 | |||||||||||||
Total allowance for loan losses | $ | 2,370 | $ | 15,520 | $ | 17,890 | $ | 2,584 | $ | 17,064 | $ | 19,648 | |||||||
Loans, net of unearned income | |||||||||||||||||||
Loans collectively evaluated for impairment in accordance with ASC 450-20 | $ | 276,784 | $ | 361,598 | $ | 638,382 | $ | 265,230 | $ | 368,449 | $ | 633,679 | |||||||
Loans individually evaluated for impairment in accordance with ASC 310-10-35 | 1,512 | 22,231 | 23,743 | 2,222 | 23,793 | 26,015 | |||||||||||||
Loans acquired with deteriorated credit quality in accordance with ASC 310-30 | 105 | 470 | 575 | 117 | 632 | 749 | |||||||||||||
Loans held at fair value | 4,758 | 46 | 4,804 | 4,072 | 957 | 5,029 | |||||||||||||
Total loans, net of unearned income | $ | 283,159 | $ | 384,345 | $ | 667,504 | $ | 271,641 | $ | 393,831 | $ | 665,472 | |||||||
GOODWILL_AND_INTANGIBLE_ASSETS1
GOODWILL AND INTANGIBLE ASSETS (Tables) | 6 Months Ended | ||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ||||||||||||||||||
Changes in Goodwill | ' | ||||||||||||||||||
The changes in Goodwill during the first six months of 2014 were as follows: | |||||||||||||||||||
In millions of dollars | |||||||||||||||||||
Balance at December 31, 2013 | $ | 25,009 | |||||||||||||||||
Foreign exchange translation and other | 1 | ||||||||||||||||||
Divestitures | (2 | ) | |||||||||||||||||
Balance at March 31, 2014 | $ | 25,008 | |||||||||||||||||
Foreign exchange translation and other | 208 | ||||||||||||||||||
Divestitures | (129 | ) | |||||||||||||||||
Balance at June 30, 2014 | 25,087 | ||||||||||||||||||
Goodwill by reporting units | ' | ||||||||||||||||||
The following table shows reporting units with goodwill balances as of June 30, 2014. | |||||||||||||||||||
In millions of dollars | |||||||||||||||||||
Reporting Unit(1) | Goodwill | ||||||||||||||||||
North America Global Consumer Banking | $ | 6,778 | |||||||||||||||||
EMEA Global Consumer Banking | 366 | ||||||||||||||||||
Asia Global Consumer Banking | 5,182 | ||||||||||||||||||
Latin America Global Consumer Banking | 1,782 | ||||||||||||||||||
Banking | 3,915 | ||||||||||||||||||
Markets and Securities Services | 7,022 | ||||||||||||||||||
Latin America Retirement Services | 42 | ||||||||||||||||||
Citi Holdings—Cards(2) | — | ||||||||||||||||||
Total | $ | 25,087 | |||||||||||||||||
-1 | Citi Holdings—Other is excluded from the table as there is no goodwill allocated to it. | ||||||||||||||||||
-2 | Citi Holdings—Cards goodwill of $116 million was reclassified to assets held for sale as of June 30, 2014. | ||||||||||||||||||
Components of intangible assets | ' | ||||||||||||||||||
The components of intangible assets as of June 30, 2014 and December 31, 2013 were as follows: | |||||||||||||||||||
30-Jun-14 | 31-Dec-13 | ||||||||||||||||||
In millions of dollars | Gross | Accumulated | Net | Gross | Accumulated | Net | |||||||||||||
carrying | amortization | carrying | carrying | amortization | carrying | ||||||||||||||
amount | amount | amount | amount | ||||||||||||||||
Purchased credit card relationships | $ | 7,531 | $ | 6,156 | $ | 1,375 | $ | 7,552 | $ | 6,006 | $ | 1,546 | |||||||
Core deposit intangibles | 1,238 | 1,071 | 167 | 1,255 | 1,052 | 203 | |||||||||||||
Other customer relationships | 705 | 407 | 298 | 675 | 389 | 286 | |||||||||||||
Present value of future profits | 238 | 152 | 86 | 238 | 146 | 92 | |||||||||||||
Indefinite-lived intangible assets | 323 | — | 323 | 323 | — | 323 | |||||||||||||
Other(1) | 5,066 | 2,613 | 2,453 | 5,073 | 2,467 | 2,606 | |||||||||||||
Intangible assets (excluding MSRs) | $ | 15,101 | $ | 10,399 | $ | 4,702 | $ | 15,116 | $ | 10,060 | $ | 5,056 | |||||||
Mortgage servicing rights (MSRs) | 2,282 | — | 2,282 | 2,718 | — | 2,718 | |||||||||||||
Total intangible assets | $ | 17,383 | $ | 10,399 | $ | 6,984 | $ | 17,834 | $ | 10,060 | $ | 7,774 | |||||||
-1 | Includes contract-related intangible assets. | ||||||||||||||||||
Changes in intangible assets | ' | ||||||||||||||||||
The changes in intangible assets during the six months ended June 30, 2014 were as follows: | |||||||||||||||||||
Net carrying | Net carrying | ||||||||||||||||||
amount at | amount at | ||||||||||||||||||
In millions of dollars | 31-Dec-13 | Acquisitions/ | Amortization | Impairments | FX and | 30-Jun-14 | |||||||||||||
divestitures | other (1) | ||||||||||||||||||
Purchased credit card relationships | $ | 1,546 | $ | (9 | ) | $ | (166 | ) | $ | — | $ | 4 | $ | 1,375 | |||||
Core deposit intangibles | 203 | (6 | ) | (30 | ) | — | — | 167 | |||||||||||
Other customer relationships | 286 | 14 | (14 | ) | — | 12 | 298 | ||||||||||||
Present value of future profits | 92 | — | (6 | ) | — | — | 86 | ||||||||||||
Indefinite-lived intangible assets | 323 | (2 | ) | — | — | 2 | 323 | ||||||||||||
Other | 2,606 | — | (165 | ) | 2 | 10 | 2,453 | ||||||||||||
Intangible assets (excluding MSRs) | $ | 5,056 | $ | (3 | ) | $ | (381 | ) | $ | 2 | $ | 28 | $ | 4,702 | |||||
Mortgage servicing rights (MSRs) (2) | 2,718 | 2,282 | |||||||||||||||||
Total intangible assets | $ | 7,774 | $ | 6,984 | |||||||||||||||
-1 | Includes foreign exchange translation and purchase accounting adjustments. | ||||||||||||||||||
-2 | See Note 20 to the Consolidated Financial Statements for the roll-forward of MSRs. |
DEBT_Tables
DEBT (Tables) | 6 Months Ended | ||||||||||||||
Jun. 30, 2014 | |||||||||||||||
Debt Disclosure [Abstract] | ' | ||||||||||||||
Schedule of Short-Term Borrowings | ' | ||||||||||||||
In millions of dollars | June 30, | December 31, | |||||||||||||
2014 | 2013 | ||||||||||||||
Commercial paper | |||||||||||||||
Significant Citibank Entities(1) | $ | 14,623 | $ | 17,677 | |||||||||||
Parent(2) | 230 | 201 | |||||||||||||
Total Commercial paper | $ | 14,853 | $ | 17,878 | |||||||||||
Other borrowings (3) | 44,681 | 41,066 | |||||||||||||
Total | $ | 59,534 | $ | 58,944 | |||||||||||
-1 | Significant Citibank Entities consist of Citibank, N.A. units domiciled in the U.S., Western Europe, Hong Kong and Singapore. | ||||||||||||||
-2 | Parent includes the parent holding company (Citigroup Inc.) and Citi’s broker-dealer subsidiaries that are consolidated into Citigroup. | ||||||||||||||
-3 | At both June 30, 2014 and December 31, 2013, collateralized short-term advances from the Federal Home Loan Banks were $11 billion. | ||||||||||||||
Schedule of Long-Term Debt | ' | ||||||||||||||
In millions of dollars | 30-Jun-14 | 31-Dec-13 | |||||||||||||
Citigroup Inc.(1) | $ | 154,945 | $ | 156,804 | |||||||||||
Bank(2) | 64,072 | 56,457 | |||||||||||||
Broker-dealer(3) | 7,967 | 7,855 | |||||||||||||
Total(4) | $ | 226,984 | $ | 221,116 | |||||||||||
-1 | Parent holding company, Citigroup Inc. | ||||||||||||||
-2 | Represents the Significant Citibank Entities as well as other Citibank and Banamex entities. At June 30, 2014 and December 31, 2013, collateralized long-term advances from the Federal Home Loan Banks were $19.1 billion and $14.0 billion, respectively. | ||||||||||||||
-3 | Represents broker-dealer subsidiaries that are consolidated into Citigroup Inc., the parent holding company. | ||||||||||||||
-4 | Includes senior notes with carrying values of $8 million issued to outstanding Safety First Trusts at June 30, 2014 and $87 million issued to these trusts at December 31, 2013. Citigroup owns all of the voting securities of the Safety First Trusts. The Safety First Trusts have no assets, operations, revenues or cash flows other than those related to the issuance, administration and repayment of the Safety First Trust securities and the Safety First Trusts’ common securities. | ||||||||||||||
Summary of outstanding trust preferred securities | ' | ||||||||||||||
The following table summarizes the Company’s outstanding trust preferred securities at June 30, 2014: | |||||||||||||||
Junior subordinated debentures owned by trust | |||||||||||||||
Trust | Issuance | Securities | Liquidation | Coupon | Common | Amount | Maturity | Redeemable | |||||||
date | issued | value(1) | rate | shares | by issuer | ||||||||||
issued | beginning | ||||||||||||||
to parent | |||||||||||||||
In millions of dollars, except share amounts | |||||||||||||||
Citigroup Capital III | Dec. 1996 | 194,053 | $ | 194 | 7.63% | 6,003 | $ | 200 | Dec. 1, 2036 | Not redeemable | |||||
Citigroup Capital XIII | Sept. 2010 | 89,840,000 | 2,246 | 7.88% | 1,000 | 2,246 | Oct. 30, 2040 | Oct. 30, 2015 | |||||||
Citigroup Capital XVIII | Jun. 2007 | 99,901 | 171 | 6.83% | 50 | 171 | June 28, 2067 | June 28, 2017 | |||||||
Adam Capital Trust III(2) | Dec. 2002 | 17,500 | 18 | 3 mo. LIB | 542 | 18 | Jan. 7, 2033 | Jan. 7, 2008 | |||||||
+335 bp. | |||||||||||||||
Total obligated | $ | 2,629 | $ | 2,635 | |||||||||||
-1 | Represents the notional value received by investors from the trusts at the time of issuance. | ||||||||||||||
-2 | Redeemed in full on July 7, 2014. |
CHANGES_IN_ACCUMULATED_OTHER_C1
CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Tables) | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract] | ' | |||||||||||||||
Changes in each component of Accumulated Other Comprehensive Income (Loss) | ' | |||||||||||||||
Changes in each component of Citigroup’s Accumulated other comprehensive income (loss) for the three and six months ended June 30, 2014 and 2013 are as follows: | ||||||||||||||||
Three months ended June 30, 2014: | ||||||||||||||||
In millions of dollars | Net | Cash flow hedges (1) | Benefit plans (2) | Foreign | Accumulated | |||||||||||
unrealized | currency | other | ||||||||||||||
gains (losses) | translation | comprehensive income (loss) | ||||||||||||||
on investment securities | adjustment, | |||||||||||||||
net of hedges (CTA)(3)(4) | ||||||||||||||||
Balance, March 31, 2014 | $ | (1,212 | ) | $ | (1,127 | ) | $ | (4,022 | ) | $ | (12,785 | ) | $ | (19,146 | ) | |
Other comprehensive income before reclassifications | $ | 1,037 | $ | 58 | $ | (195 | ) | $ | 17 | $ | 917 | |||||
Increase (decrease) due to amounts reclassified from AOCI | (31 | ) | 62 | 51 | — | 82 | ||||||||||
Change, net of taxes | $ | 1,006 | $ | 120 | $ | (144 | ) | $ | 17 | $ | 999 | |||||
Balance at June 30, 2014 | $ | (206 | ) | $ | (1,007 | ) | $ | (4,166 | ) | $ | (12,768 | ) | $ | (18,147 | ) | |
Six months ended June 30, 2014: | ||||||||||||||||
In millions of dollars | ||||||||||||||||
Balance, December 31, 2013 | $ | (1,640 | ) | $ | (1,245 | ) | $ | (3,989 | ) | $ | (12,259 | ) | $ | (19,133 | ) | |
Other comprehensive income before reclassifications | $ | 1,415 | $ | 104 | $ | (257 | ) | $ | (509 | ) | $ | 753 | ||||
Increase (decrease) due to amounts reclassified from AOCI | 19 | 134 | 80 | — | 233 | |||||||||||
Change, net of taxes | $ | 1,434 | $ | 238 | $ | (177 | ) | $ | (509 | ) | $ | 986 | ||||
Balance at June 30, 2014 | $ | (206 | ) | $ | (1,007 | ) | $ | (4,166 | ) | $ | (12,768 | ) | $ | (18,147 | ) | |
Three months ended June 30, 2013 : | ||||||||||||||||
In millions of dollars | ||||||||||||||||
Balance, March 31, 2013 | $ | 742 | $ | (2,168 | ) | $ | (5,016 | ) | $ | (10,617 | ) | $ | (17,059 | ) | ||
Other comprehensive income before reclassifications | $ | (1,927 | ) | $ | 346 | $ | 368 | $ | (1,720 | ) | $ | (2,933 | ) | |||
Increase (decrease) due to amounts reclassified from AOCI | (116 | ) | 151 | 33 | — | 68 | ||||||||||
Change, net of taxes | $ | (2,043 | ) | $ | 497 | $ | 401 | $ | (1,720 | ) | $ | (2,865 | ) | |||
Balance at June 30, 2013 | $ | (1,301 | ) | $ | (1,671 | ) | $ | (4,615 | ) | $ | (12,337 | ) | $ | (19,924 | ) | |
Six months ended June 30, 2013: | ||||||||||||||||
In millions of dollars | ||||||||||||||||
Balance, December 31, 2012 | $ | 597 | $ | (2,293 | ) | $ | (5,270 | ) | $ | (9,930 | ) | $ | (16,896 | ) | ||
Other comprehensive income before reclassifications | $ | (1,589 | ) | $ | 332 | $ | 575 | $ | (2,407 | ) | $ | (3,089 | ) | |||
Increase (decrease) due to amounts reclassified from AOCI | (309 | ) | 290 | 80 | — | 61 | ||||||||||
Change, net of taxes | $ | (1,898 | ) | $ | 622 | $ | 655 | $ | (2,407 | ) | $ | (3,028 | ) | |||
Balance at June 30, 2013 | $ | (1,301 | ) | $ | (1,671 | ) | $ | (4,615 | ) | $ | (12,337 | ) | $ | (19,924 | ) | |
-1 | Primarily driven by Citigroup’s pay fixed/receive floating interest rate swap programs that hedge the floating rates on liabilities. | |||||||||||||||
-2 | Primarily reflects adjustments based on the quarterly actuarial valuations of the Company’s significant pension and postretirement plans and amortization of amounts previously recognized in other comprehensive income. | |||||||||||||||
-3 | Primarily reflects the movements in (by order of impact) the Korean won, British pound, Euro, and Mexican peso against the U.S. dollar, and changes in related tax effects and hedges for the quarter ended June 30, 2014. Primarily reflects the movements in the Russian ruble, Argentine peso, Korean won, and Japanese yen against the U.S. dollar, and changes in related tax effects and hedges for the quarter ended March 31, 2014. Primarily reflects the movements in (by order of impact) the Mexican peso, Australian dollar, Indian rupee, and Brazilian real against the U.S. dollar, and changes in related tax effects and hedges for the quarter ended June 30, 2013. Primarily reflects the movements in (by order of impact) the Mexican peso, Japanese yen, British pound, and Korean won against the U.S. dollar, and changes in related tax effects and hedges for the quarter ended March 31, 2013. | |||||||||||||||
-4 | Reclassified to reflect the allocation of foreign currency translation between net unrealized gains (losses) on investment securities to CTA. | |||||||||||||||
Schedule of pretax and after-tax changes in each component of Accumulated other comprehensive income (loss) | ' | |||||||||||||||
The pretax and after-tax changes in each component of Accumulated other comprehensive income (loss) for the three and six months ended June 30, 2014 and 2013 are as follows: | ||||||||||||||||
Three months ended June 30, 2014: | ||||||||||||||||
In millions of dollars | Pretax | Tax effect | After-tax | |||||||||||||
Balance, March 31, 2014 | $ | (27,297 | ) | $ | 8,151 | $ | (19,146 | ) | ||||||||
Change in net unrealized gains (losses) on investment securities | 1,585 | (579 | ) | 1,006 | ||||||||||||
Cash flow hedges | 205 | (85 | ) | 120 | ||||||||||||
Benefit plans | (239 | ) | 95 | (144 | ) | |||||||||||
Foreign currency translation adjustment | 101 | (84 | ) | 17 | ||||||||||||
Change | $ | 1,652 | $ | (653 | ) | $ | 999 | |||||||||
Balance, June 30, 2014 | $ | (25,645 | ) | $ | 7,498 | $ | (18,147 | ) | ||||||||
Six months ended June 30, 2014: | ||||||||||||||||
In millions of dollars | Pretax | Tax effect | After-tax | |||||||||||||
Balance, December 31, 2013 | $ | (27,596 | ) | $ | 8,463 | $ | (19,133 | ) | ||||||||
Change in net unrealized gains (losses) on investment securities | 2,288 | (854 | ) | 1,434 | ||||||||||||
Cash flow hedges | 386 | (148 | ) | 238 | ||||||||||||
Benefit plans | (294 | ) | 117 | (177 | ) | |||||||||||
Foreign currency translation adjustment | (429 | ) | (80 | ) | (509 | ) | ||||||||||
Change | $ | 1,951 | $ | (965 | ) | $ | 986 | |||||||||
Balance, June 30, 2014 | $ | (25,645 | ) | $ | 7,498 | $ | (18,147 | ) | ||||||||
Three months ended June 30, 2013: | ||||||||||||||||
In millions of dollars | Pretax | Tax effect | After-tax | |||||||||||||
Balance, March 31, 2013 | $ | (25,201 | ) | $ | 8,142 | $ | (17,059 | ) | ||||||||
Change in net unrealized gains (losses) on investment securities | (3,235 | ) | 1,192 | (2,043 | ) | |||||||||||
Cash flow hedges | 804 | (307 | ) | 497 | ||||||||||||
Benefit plans | 649 | (248 | ) | 401 | ||||||||||||
Foreign currency translation adjustment | (1,863 | ) | 143 | (1,720 | ) | |||||||||||
Change | $ | (3,645 | ) | $ | 780 | $ | (2,865 | ) | ||||||||
Balance, June 30, 2013 | $ | (28,846 | ) | $ | 8,922 | $ | (19,924 | ) | ||||||||
Six months ended June 30, 2013: | ||||||||||||||||
In millions of dollars | Pretax | Tax effect | After-tax | |||||||||||||
Balance, December 31, 2012 | $ | (25,334 | ) | $ | 8,438 | $ | (16,896 | ) | ||||||||
Change in net unrealized gains (losses) on investment securities | (2,993 | ) | 1,095 | (1,898 | ) | |||||||||||
Cash flow hedges | 1,005 | (383 | ) | 622 | ||||||||||||
Benefit plans | 997 | (342 | ) | 655 | ||||||||||||
Foreign currency translation adjustment | (2,521 | ) | 114 | (2,407 | ) | |||||||||||
Change | $ | (3,512 | ) | $ | 484 | $ | (3,028 | ) | ||||||||
Balance, June 30, 2013 | $ | (28,846 | ) | $ | 8,922 | $ | (19,924 | ) | ||||||||
Summary of amounts reclassified out of Accumulated other comprehensive income (loss) into the Consolidated Statement of income | ' | |||||||||||||||
During the three and six months ended June 30, 2014 , respectively, the Company recognized a pretax loss of $136 million ($82 million net of tax) and a pretax loss of $373 million ($233 million net of tax) related to amounts reclassified out of Accumulated other comprehensive income (loss) into the Consolidated Statement of Income. See details in the table below: | ||||||||||||||||
Increase (decrease) in AOCI due to amounts reclassified to Consolidated Statement of Income | ||||||||||||||||
In millions of dollars | Three Months Ended | Six Months Ended | ||||||||||||||
June 30, 2014 | June 30, 2014 | |||||||||||||||
Realized (gains) losses on sales of investments | $ | (84 | ) | $ | (212 | ) | ||||||||||
OTTI gross impairment losses | 37 | 238 | ||||||||||||||
Subtotal, pretax | $ | (47 | ) | $ | 26 | |||||||||||
Tax effect | 16 | (7 | ) | |||||||||||||
Net realized (gains) losses on investment securities, after-tax(1) | $ | (31 | ) | $ | 19 | |||||||||||
Interest rate contracts | $ | 73 | $ | 134 | ||||||||||||
Foreign exchange contracts | 28 | 84 | ||||||||||||||
Subtotal, pretax | $ | 101 | $ | 218 | ||||||||||||
Tax effect | (39 | ) | (84 | ) | ||||||||||||
Amortization of cash flow hedges, after-tax(2) | $ | 62 | $ | 134 | ||||||||||||
Amortization of unrecognized | ||||||||||||||||
Prior service cost (benefit) | $ | (10 | ) | $ | (19 | ) | ||||||||||
Net actuarial loss | 64 | 120 | ||||||||||||||
Curtailment/settlement impact (3)(4) | 28 | 28 | ||||||||||||||
Subtotal, pretax | $ | 82 | $ | 129 | ||||||||||||
Tax effect | (31 | ) | (49 | ) | ||||||||||||
Amortization of benefit plans, after-tax(3) | $ | 51 | $ | 80 | ||||||||||||
Foreign currency translation adjustment | $ | — | $ | — | ||||||||||||
Total amounts reclassified out of AOCI, pretax | $ | 136 | $ | 373 | ||||||||||||
Total tax effect | (54 | ) | (140 | ) | ||||||||||||
Total amounts reclassified out of AOCI, after-tax | $ | 82 | $ | 233 | ||||||||||||
-1 | The pretax amount is reclassified to Realized gains (losses) on sales of investments, net and Gross impairment losses on the Consolidated Statement of Income. See Note 13 to the Consolidated Financial Statements for additional details. | |||||||||||||||
-2 | See Note 21 to the Consolidated Financial Statements for additional details. | |||||||||||||||
-3 | See Note 8 to the Consolidated Financial Statements for additional details. | |||||||||||||||
-4 | See Note 1 to the Consolidated Financial Statements for additional details. | |||||||||||||||
During the three and six months ended June 30, 2013 , respectively, the Company recognized a pretax loss of $122 million ($68 million net of tax) and a pretax loss of $130 million ($61 million net of tax) related to amounts reclassified out of Accumulated other comprehensive income (loss) into the Consolidated Statement of Income. See details in the table below: | ||||||||||||||||
Increase (decrease) in AOCI due to amounts reclassified to Consolidated Statement of Income | ||||||||||||||||
In millions of dollars | Three Months Ended June 30, 2013 | Six months ended June 30, 2013 | ||||||||||||||
Realized (gains) losses on sales of investments | $ | (251 | ) | $ | (701 | ) | ||||||||||
OTTI gross impairment losses | 75 | 231 | ||||||||||||||
Subtotal, pretax | $ | (176 | ) | $ | (470 | ) | ||||||||||
Tax effect | 60 | 161 | ||||||||||||||
Net realized (gains) losses on investment securities, after-tax(1) | $ | (116 | ) | $ | (309 | ) | ||||||||||
Interest rate contracts | $ | 202 | $ | 385 | ||||||||||||
Foreign exchange contracts | 43 | 86 | ||||||||||||||
Subtotal, pretax | $ | 245 | $ | 471 | ||||||||||||
Tax effect | (94 | ) | (181 | ) | ||||||||||||
Amortization of cash flow hedges, after-tax(2) | $ | 151 | $ | 290 | ||||||||||||
Amortization of unrecognized | ||||||||||||||||
Prior service cost (benefit) | $ | 2 | $ | 5 | ||||||||||||
Net actuarial loss | 71 | 144 | ||||||||||||||
Cumulative effect of change in accounting policy(3)(4) | (20 | ) | (20 | ) | ||||||||||||
Subtotal, pretax | $ | 53 | $ | 129 | ||||||||||||
Tax effect | (20 | ) | (49 | ) | ||||||||||||
Amortization of benefit plans, after-tax(3) | $ | 33 | $ | 80 | ||||||||||||
Foreign currency translation adjustment | $ | — | $ | — | ||||||||||||
Total amounts reclassified out of AOCI, pretax | $ | 122 | $ | 130 | ||||||||||||
Total tax effect | (54 | ) | (69 | ) | ||||||||||||
Total amounts reclassified out of AOCI, after-tax | $ | 68 | $ | 61 | ||||||||||||
-1 | The pretax amount is reclassified to Realized gains (losses) on sales of investments, net and Gross impairment losses on the Consolidated Statement of Income. See Note 13 to the Consolidated Financial Statements for additional details. | |||||||||||||||
-2 | See Note 21 to the Consolidated Financial Statements for additional details. | |||||||||||||||
-3 | See Note 8 to the Consolidated Financial Statements for additional details. | |||||||||||||||
-4 | See Note 1 to the Consolidated Financial Statements for additional details. |
PREFERRED_STOCK_Tables
PREFERRED STOCK (Tables) | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Stockholders' Equity Note [Abstract] | ' | |||||||||||||||
Summary of preferred stock outstanding | ' | |||||||||||||||
The following table summarizes the Company’s preferred stock outstanding at June 30, 2014 and December 31, 2013: | ||||||||||||||||
Carrying value | ||||||||||||||||
in millions of dollars | ||||||||||||||||
Issuance date | Redeemable by issuer beginning | Dividend | Redemption | Number | June 30, | December 31, | ||||||||||
rate | price per depositary | of depositary | 2014 | 2013 | ||||||||||||
share/preference share | shares | |||||||||||||||
Series AA(1) | 25-Jan-08 | 15-Feb-18 | 8.125 | % | $ | 25 | 3,870,330 | $ | 97 | $ | 97 | |||||
Series E(2) | 28-Apr-08 | 30-Apr-18 | 8.4 | % | 1,000 | 121,254 | 121 | 121 | ||||||||
Series A(3) | 29-Oct-12 | 30-Jan-23 | 5.95 | % | 1,000 | 1,500,000 | 1,500 | 1,500 | ||||||||
Series B(4) | 13-Dec-12 | 15-Feb-23 | 5.9 | % | 1,000 | 750,000 | 750 | 750 | ||||||||
Series C(5) | 26-Mar-13 | 22-Apr-18 | 5.8 | % | 25 | 23,000,000 | 575 | 575 | ||||||||
Series D(6) | 30-Apr-13 | 15-May-23 | 5.35 | % | 1,000 | 1,250,000 | 1,250 | 1,250 | ||||||||
Series J(7) | 19-Sep-13 | 30-Sep-23 | 7.125 | % | 25 | 38,000,000 | 950 | 950 | ||||||||
Series K(8) | 31-Oct-13 | 15-Nov-23 | 6.875 | % | 25 | 59,800,000 | 1,495 | 1,495 | ||||||||
Series L(9) | 12-Feb-14 | 12-Feb-19 | 6.875 | % | 25 | 19,200,000 | 480 | — | ||||||||
Series M(10) | 30-Apr-14 | 15-May-24 | 6.3 | % | 1,000 | 1,750,000 | 1,750 | — | ||||||||
$ | 8,968 | $ | 6,738 | |||||||||||||
-1 | Issued as depositary shares, each representing a 1/1,000th interest in a share of the corresponding series of non-cumulative perpetual preferred stock. Dividends payable quarterly on February 15, May 15, August 15 and November 15 when, as and if declared by the Citi Board of Directors. | |||||||||||||||
-2 | Issued as depositary shares, each representing a 1/25th interest in a share of the corresponding series of non-cumulative perpetual preferred stock. Dividends payable semi-annually on April 30 and October 30 at a fixed rate until April 30, 2018, thereafter payable quarterly on January 30, April 30, July 30 and October 30 at a floating rate, in each case when, as and if declared by the Citi Board of Directors. | |||||||||||||||
-3 | Issued as depositary shares, each representing a 1/25th interest in a share of the corresponding series of non-cumulative perpetual preferred stock. Dividends payable semi-annually on January 30 and July 30 at a fixed rate until January 30, 2023, thereafter payable quarterly on January 30, April 30, July 30 and October 30 at a floating rate, in each case when, as and if declared by the Citi Board of Directors. | |||||||||||||||
-4 | Issued as depositary shares, each representing a 1/25th interest in a share of the corresponding series of non-cumulative perpetual preferred stock. Dividends payable semi-annually on February 15 and August 15 at a fixed rate until February 15, 2023, thereafter payable quarterly on February 15, May 15, August 15 and November 15 at a floating rate, in each case when, as and if declared by the Citi Board of Directors. | |||||||||||||||
-5 | Issued as depositary shares, each representing a 1/1,000th interest in a share of the corresponding series of non-cumulative perpetual preferred stock. Dividends payable quarterly on January 22, April 22, July 22 and October 22 when, as and if declared by the Citi Board of Directors. | |||||||||||||||
-6 | Issued as depositary shares, each representing a 1/25th interest in a share of the corresponding series of non-cumulative perpetual preferred stock. Dividends payable semi-annually on May 15 and November 15 at a fixed rate until May 15, 2023, thereafter payable quarterly on February 15, May 15, August 15 and November 15 at a floating rate, in each case when, as and if declared by the Citi Board of Directors. | |||||||||||||||
-7 | Issued as depositary shares, each representing a 1/1,000th interest in a share of the corresponding series of non-cumulative perpetual preferred stock. Dividends payable quarterly on March 30, June 30, September 30 and December 30 at a fixed rate until September 30, 2023, thereafter payable quarterly on the same dates at a floating rate, in each case when, as and if declared by the Citi Board of Directors. | |||||||||||||||
-8 | Issued as depositary shares, each representing a 1/1,000th interest in a share of the corresponding series of non-cumulative perpetual preferred stock. Dividends payable quarterly on February 15, May 15, August 15 and November 15 at a fixed rate until November 15, 2023, thereafter payable quarterly on the same dates at a floating rate, in each case when, as and if declared by the Citi Board of Directors. | |||||||||||||||
-9 | Issued as depositary shares, each representing a 1/1,000th interest in a share of the corresponding series of non-cumulative perpetual preferred stock. Dividends payable quarterly on February 12, May 12, August 12 and November 12 at a fixed rate, in each case when, as and if declared by the Citi Board of Directors. | |||||||||||||||
-10 | Issued as depository shares, each representing a 1/25th interest in a share of the corresponding series of non-cumulative perpetual preferred stock. Dividends payable semi-annually on May 15 and November 15 at a fixed rate until May 15, 2024, thereafter payable quarterly on February 15, May 15, August 15, and November 15 at a floating rate, in each case when, as and if declared by the Citi Board of Directors. |
SECURITIZATIONS_AND_VARIABLE_I1
SECURITIZATIONS AND VARIABLE INTEREST ENTITIES (Tables) | 6 Months Ended | ||||||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||||||
Variable Interest Entity | ' | ||||||||||||||||||||||||
Schedule of consolidated and unconsolidated VIEs with which the Company holds significant variable interests | ' | ||||||||||||||||||||||||
Citigroup’s involvement with consolidated and unconsolidated VIEs with which the Company holds significant variable interests or has continuing involvement through servicing a majority of the assets in a VIE, each as of June 30, 2014 and December 31, 2013, is presented below: | |||||||||||||||||||||||||
As of June 30, 2014 | |||||||||||||||||||||||||
Maximum exposure to loss in significant unconsolidated VIEs (1) | |||||||||||||||||||||||||
Funded exposures (2) | Unfunded exposures | ||||||||||||||||||||||||
In millions of dollars | Total | Consolidated | Significant | Debt | Equity | Funding | Guarantees | Total | |||||||||||||||||
involvement | VIE / SPE assets | unconsolidated | investments | investments | commitments | and | |||||||||||||||||||
with SPE | VIE assets (3) | derivatives | |||||||||||||||||||||||
assets | |||||||||||||||||||||||||
Citicorp | |||||||||||||||||||||||||
Credit card securitizations | $ | 62,332 | $ | 62,332 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||
Mortgage securitizations (4) | |||||||||||||||||||||||||
U.S. agency-sponsored | 241,660 | — | 241,660 | 3,126 | — | — | 26 | 3,152 | |||||||||||||||||
Non-agency-sponsored | 6,200 | 453 | 5,747 | 405 | — | — | — | 405 | |||||||||||||||||
Citi-administered asset-backed commercial paper conduits (ABCP) | 30,079 | 30,079 | — | — | — | — | — | — | |||||||||||||||||
Collateralized debt obligations (CDOs) | 4,749 | — | 4,749 | 31 | — | — | — | 31 | |||||||||||||||||
Collateralized loan obligations (CLOs) | 12,443 | — | 12,443 | 1,689 | — | — | — | 1,689 | |||||||||||||||||
Asset-based financing | 55,927 | 1,560 | 54,367 | 20,209 | 68 | 1,748 | 296 | 22,321 | |||||||||||||||||
Municipal securities tender option bond trusts (TOBs) | 12,431 | 6,919 | 5,512 | 18 | — | 3,602 | — | 3,620 | |||||||||||||||||
Municipal investments | 16,551 | 160 | 16,391 | 1,908 | 1,997 | 1,127 | — | 5,032 | |||||||||||||||||
Client intermediation | 1,933 | 376 | 1,557 | 26 | — | — | — | 26 | |||||||||||||||||
Investment funds (5) | 34,283 | 2,208 | 32,075 | 17 | 416 | 74 | — | 507 | |||||||||||||||||
Trust preferred securities | 2,667 | — | 2,667 | — | 7 | — | — | 7 | |||||||||||||||||
Other | 2,362 | 334 | 2,028 | 82 | 590 | 60 | 80 | 812 | |||||||||||||||||
Total | $ | 483,617 | $ | 104,421 | $ | 379,196 | $ | 27,511 | $ | 3,078 | $ | 6,611 | $ | 402 | $ | 37,602 | |||||||||
Citi Holdings | |||||||||||||||||||||||||
Credit card securitizations | $ | 1,690 | $ | 1,379 | $ | 311 | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||
Mortgage securitizations | |||||||||||||||||||||||||
U.S. agency-sponsored | 48,184 | — | 48,184 | 343 | — | — | 107 | 450 | |||||||||||||||||
Non-agency-sponsored | 11,703 | 675 | 11,028 | 38 | — | — | 2 | 40 | |||||||||||||||||
Student loan securitizations | — | — | — | — | — | — | — | — | |||||||||||||||||
Collateralized debt obligations (CDOs) | 3,028 | — | 3,028 | 259 | — | — | 129 | 388 | |||||||||||||||||
Collateralized loan obligations (CLOs) | 2,254 | — | 2,254 | 269 | — | 7 | 119 | 395 | |||||||||||||||||
Asset-based financing | 2,068 | 3 | 2,065 | 269 | 3 | 95 | — | 367 | |||||||||||||||||
Municipal investments | 7,086 | — | 7,086 | 2 | 196 | 926 | — | 1,124 | |||||||||||||||||
Investment funds | 694 | — | 694 | — | — | — | — | — | |||||||||||||||||
Other | 1,232 | 1,227 | 5 | — | — | — | — | — | |||||||||||||||||
Total | $ | 77,939 | $ | 3,284 | $ | 74,655 | $ | 1,180 | $ | 199 | $ | 1,028 | $ | 357 | $ | 2,764 | |||||||||
Total Citigroup | $ | 561,556 | $ | 107,705 | $ | 453,851 | $ | 28,691 | $ | 3,277 | $ | 7,639 | $ | 759 | $ | 40,366 | |||||||||
(1) The definition of maximum exposure to loss is included in the text that follows this table. | |||||||||||||||||||||||||
-2 | Included on Citigroup’s June 30, 2014 Consolidated Balance Sheet. | ||||||||||||||||||||||||
-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 or the notional amount of exposure. | ||||||||||||||||||||||||
-4 | Citicorp 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) Substantially all of the unconsolidated investment funds’ assets are related to retirement funds in Mexico managed by Citi. See “Investment Funds” below for further discussion. | |||||||||||||||||||||||||
As of December 31, 2013 | |||||||||||||||||||||||||
Maximum exposure to loss in significant unconsolidated VIEs (1) | |||||||||||||||||||||||||
Funded exposures (2) | Unfunded exposures | ||||||||||||||||||||||||
In millions of dollars | Total | Consolidated | Significant | Debt | Equity | Funding | Guarantees | Total | |||||||||||||||||
involvement | VIE / SPE assets | unconsolidated | investments | investments | commitments | and | |||||||||||||||||||
with SPE | VIE assets (3) | derivatives | |||||||||||||||||||||||
assets | |||||||||||||||||||||||||
Citicorp | |||||||||||||||||||||||||
Credit card securitizations | $ | 52,229 | $ | 52,229 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||
Mortgage securitizations (4) | |||||||||||||||||||||||||
U.S. agency-sponsored | 239,204 | — | 239,204 | 3,583 | — | — | 36 | 3,619 | |||||||||||||||||
Non-agency-sponsored | 7,711 | 598 | 7,113 | 583 | — | — | — | 583 | |||||||||||||||||
Citi-administered asset-backed commercial paper conduits (ABCP) | 31,759 | 31,759 | — | — | — | — | — | — | |||||||||||||||||
Collateralized debt obligations (CDOs) | 4,204 | — | 4,204 | 34 | — | — | — | 34 | |||||||||||||||||
Collateralized loan obligations (CLOs) | 16,883 | — | 16,883 | 1,938 | — | — | — | 1,938 | |||||||||||||||||
Asset-based financing | 45,884 | 971 | 44,913 | 17,452 | 74 | 1,132 | 195 | 18,853 | |||||||||||||||||
Municipal securities tender option bond trusts (TOBs) | 12,716 | 7,039 | 5,677 | 29 | — | 3,881 | — | 3,910 | |||||||||||||||||
Municipal investments | 15,962 | 223 | 15,739 | 1,846 | 2,073 | 1,173 | — | 5,092 | |||||||||||||||||
Client intermediation | 1,778 | 195 | 1,583 | 145 | — | — | — | 145 | |||||||||||||||||
Investment funds (5) | 32,324 | 3,094 | 29,230 | 191 | 264 | 81 | — | 536 | |||||||||||||||||
Trust preferred securities | 4,822 | — | 4,822 | — | 51 | — | — | 51 | |||||||||||||||||
Other | 2,439 | 225 | 2,214 | 143 | 649 | 20 | 78 | 890 | |||||||||||||||||
Total | $ | 467,915 | $ | 96,333 | $ | 371,582 | $ | 25,944 | $ | 3,111 | $ | 6,287 | $309 | $ | 35,651 | ||||||||||
Citi Holdings | |||||||||||||||||||||||||
Credit card securitizations | $ | 1,867 | $ | 1,448 | $ | 419 | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||
Mortgage securitizations | |||||||||||||||||||||||||
U.S. agency-sponsored | 73,549 | — | 73,549 | 549 | — | — | 77 | 626 | |||||||||||||||||
Non-agency-sponsored | 13,193 | 1,695 | 11,498 | 35 | — | — | 2 | 37 | |||||||||||||||||
Student loan securitizations | 1,520 | 1,520 | — | — | — | — | — | — | |||||||||||||||||
Collateralized debt obligations (CDOs) | 3,879 | — | 3,879 | 273 | — | — | 87 | 360 | |||||||||||||||||
Collateralized loan obligations (CLOs) | 2,733 | — | 2,733 | 358 | — | — | 111 | 469 | |||||||||||||||||
Asset-based financing | 3,508 | 3 | 3,505 | 629 | 3 | 258 | — | 890 | |||||||||||||||||
Municipal investments | 7,304 | — | 7,304 | 3 | 204 | 939 | — | 1,146 | |||||||||||||||||
Investment funds | 1,237 | — | 1,237 | — | 61 | — | — | 61 | |||||||||||||||||
Other | 4,494 | 4,434 | 60 | — | — | — | — | — | |||||||||||||||||
Total | $ | 113,284 | $ | 9,100 | $ | 104,184 | $ | 1,847 | $ | 268 | $ | 1,197 | $ | 277 | $ | 3,589 | |||||||||
Total Citigroup | $ | 581,199 | $ | 105,433 | $ | 475,766 | $ | 27,791 | $ | 3,379 | $ | 7,484 | $ | 586 | $ | 39,240 | |||||||||
-1 | The definition of maximum exposure to loss is included in the text that follows this table. | ||||||||||||||||||||||||
-2 | Included on Citigroup’s December 31, 2013 Consolidated Balance Sheet. | ||||||||||||||||||||||||
-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 or the notional amount of exposure. | ||||||||||||||||||||||||
-4 | Citicorp 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) Substantially all of the unconsolidated investment funds’ assets are related to retirement funds in Mexico managed by Citi. See “Investment Funds” below for further discussion. | |||||||||||||||||||||||||
Schedule of funding commitments of unconsolidated Variable Interest Entities | ' | ||||||||||||||||||||||||
The following table presents the notional amount of liquidity facilities and loan commitments that are classified as funding commitments in the VIE tables above as of June 30, 2014 and December 31, 2013: | |||||||||||||||||||||||||
June 30, 2014 | December 31, 2013 | ||||||||||||||||||||||||
Liquidity | Loan | Liquidity | Loan | ||||||||||||||||||||||
In millions of dollars | facilities | commitments | facilities | commitments | |||||||||||||||||||||
Citicorp | |||||||||||||||||||||||||
Asset-based financing | $ | 5 | $ | 1,743 | $ | 5 | $ | 1,127 | |||||||||||||||||
Municipal securities tender option bond trusts (TOBs) | 3,602 | — | 3,881 | — | |||||||||||||||||||||
Municipal investments | — | 1,127 | — | 1,173 | |||||||||||||||||||||
Investment funds | — | 74 | — | 81 | |||||||||||||||||||||
Other | — | 60 | — | 20 | |||||||||||||||||||||
Total Citicorp | $ | 3,607 | $ | 3,004 | $ | 3,886 | $ | 2,401 | |||||||||||||||||
Citi Holdings | |||||||||||||||||||||||||
Collateralized loan obligations (CLOs) | $ | — | $ | 7 | $ | — | $ | — | |||||||||||||||||
Asset-based financing | — | 95 | — | 258 | |||||||||||||||||||||
Municipal investments | — | 926 | — | 939 | |||||||||||||||||||||
Total Citi Holdings | $ | — | $ | 1,028 | $ | — | $ | 1,197 | |||||||||||||||||
Total Citigroup funding commitments | $ | 3,607 | $ | 4,032 | $ | 3,886 | $ | 3,598 | |||||||||||||||||
Schedule of carrying amounts and classifications of consolidated assets that are collateral for consolidated VIE and SPE obligations | ' | ||||||||||||||||||||||||
The following table presents the carrying amounts and classifications of consolidated assets that are collateral for consolidated VIE obligations as of June 30, 2014 and December 31, 2013: | |||||||||||||||||||||||||
June 30, 2014 | December 31, 2013 | ||||||||||||||||||||||||
In billions of dollars | Citicorp | Citi Holdings | Citigroup | Citicorp | Citi Holdings | Citigroup | |||||||||||||||||||
Cash | $ | 0.2 | $ | 0.1 | $ | 0.3 | $ | 0.2 | $ | 0.2 | $ | 0.4 | |||||||||||||
Trading account assets | 1 | — | 1 | 1 | — | 1 | |||||||||||||||||||
Investments | 12.5 | — | 12.5 | 10.9 | — | 10.9 | |||||||||||||||||||
Total loans, net | 89.6 | 3.1 | 92.7 | 83.2 | 8.7 | 91.9 | |||||||||||||||||||
Other | 1.2 | — | 1.2 | 1.1 | 0.2 | 1.3 | |||||||||||||||||||
Total assets | $ | 104.5 | $ | 3.2 | $ | 107.7 | $ | 96.4 | $ | 9.1 | $ | 105.5 | |||||||||||||
Short-term borrowings | $ | 21.5 | $ | — | $ | 21.5 | $ | 24.3 | $ | — | $ | 24.3 | |||||||||||||
Long-term debt | 38.1 | 1 | 39.1 | 32.8 | 2 | 34.8 | |||||||||||||||||||
Other liabilities | 0.8 | 0.1 | 0.9 | 0.9 | 0.1 | 1 | |||||||||||||||||||
Total liabilities | $ | 60.4 | $ | 1.1 | $ | 61.5 | $ | 58 | $ | 2.1 | $ | 60.1 | |||||||||||||
Schedule of significant interests in unconsolidated VIEs - balance sheet classification | ' | ||||||||||||||||||||||||
The following table presents the carrying amounts and classification of significant variable interests in unconsolidated VIEs as of June 30, 2014 and December 31, 2013: | |||||||||||||||||||||||||
June 30, 2014 | December 31, 2013 | ||||||||||||||||||||||||
In billions of dollars | Citicorp | Citi Holdings | Citigroup | Citicorp | Citi Holdings | Citigroup | |||||||||||||||||||
Trading account assets | $ | 4.1 | $ | 0.5 | $ | 4.6 | $ | 4.8 | $ | 0.6 | $ | 5.4 | |||||||||||||
Investments | 3.6 | 0.2 | 3.8 | 3.7 | 0.4 | 4.1 | |||||||||||||||||||
Total loans, net | 20.9 | 0.3 | 21.2 | 18.3 | 0.6 | 18.9 | |||||||||||||||||||
Other | 2 | 0.4 | 2.4 | 2.2 | 0.5 | 2.7 | |||||||||||||||||||
Total assets | $ | 30.6 | $ | 1.4 | $ | 32 | $ | 29 | $ | 2.1 | $ | 31.1 | |||||||||||||
Schedule of securitized credit card receivables | ' | ||||||||||||||||||||||||
The following table reflects amounts related to the Company’s securitized credit card receivables as of June 30, 2014 and December 31, 2013: | |||||||||||||||||||||||||
Citicorp | Citi Holdings | ||||||||||||||||||||||||
In billions of dollars | June 30, | December 31, 2013 | June 30, | December 31, 2013 | |||||||||||||||||||||
2014 | 2014 | ||||||||||||||||||||||||
Ownership interests in principal amount of trust credit card receivables | |||||||||||||||||||||||||
Sold to investors via trust-issued securities | $ | 37.7 | $ | 32.3 | $ | — | $ | — | |||||||||||||||||
Retained by Citigroup as trust-issued securities | 9.4 | 8.1 | 1.3 | 1.3 | |||||||||||||||||||||
Retained by Citigroup via non-certificated interests | 12.9 | 12.1 | — | — | |||||||||||||||||||||
Total ownership interests in principal amount of trust credit card receivables | $ | 60 | $ | 52.5 | $ | 1.3 | $ | 1.3 | |||||||||||||||||
Schedule of Master Trust liabilities (at par value) | ' | ||||||||||||||||||||||||
Master Trust Liabilities (at par value) | |||||||||||||||||||||||||
In billions of dollars | 30-Jun-14 | Dec. 31, 2013 | |||||||||||||||||||||||
Term notes issued to third parties | $ | 33.4 | $ | 27.9 | |||||||||||||||||||||
Term notes retained by Citigroup affiliates | 7.5 | 6.2 | |||||||||||||||||||||||
Total Master Trust liabilities | $ | 40.9 | $ | 34.1 | |||||||||||||||||||||
Schedule of Omni Trust liabilities (at par value) | ' | ||||||||||||||||||||||||
Omni Trust Liabilities (at par value) | |||||||||||||||||||||||||
In billions of dollars | 30-Jun-14 | Dec. 31, 2013 | |||||||||||||||||||||||
Term notes issued to third parties | $ | 4.3 | $ | 4.4 | |||||||||||||||||||||
Term notes retained by Citigroup affiliates | 1.9 | 1.9 | |||||||||||||||||||||||
Total Omni Trust liabilities | $ | 6.2 | $ | 6.3 | |||||||||||||||||||||
Schedule of changes in capitalized MSRs | ' | ||||||||||||||||||||||||
The following tables summarize the changes in capitalized MSRs for the three and six months ended June 30, 2014 and 2013: | |||||||||||||||||||||||||
Three months ended | |||||||||||||||||||||||||
June 30, | |||||||||||||||||||||||||
In millions of dollars | 2014 | 2013 | |||||||||||||||||||||||
Balance, as of March 31 | $ | 2,586 | $ | 2,203 | |||||||||||||||||||||
Originations | 49 | 204 | |||||||||||||||||||||||
Changes in fair value of MSRs due to changes in inputs and assumptions | (91 | ) | 247 | ||||||||||||||||||||||
Other changes (1) | (99 | ) | (130 | ) | |||||||||||||||||||||
Sale of MSRs | (163 | ) | — | ||||||||||||||||||||||
Balance, as of June 30 | $ | 2,282 | $ | 2,524 | |||||||||||||||||||||
Six months ended June 30, | |||||||||||||||||||||||||
In millions of dollars | 2014 | 2013 | |||||||||||||||||||||||
Balance, beginning of year | $ | 2,718 | $ | 1,942 | |||||||||||||||||||||
Originations | 99 | 376 | |||||||||||||||||||||||
Changes in fair value of MSRs due to changes in inputs and assumptions | (175 | ) | 470 | ||||||||||||||||||||||
Other changes (1) | (225 | ) | (263 | ) | |||||||||||||||||||||
Sale of MSRs (2) | (135 | ) | (1 | ) | |||||||||||||||||||||
Balance, as of June 30 | $ | 2,282 | $ | 2,524 | |||||||||||||||||||||
-1 | Represents changes due to customer payments and passage of time. | ||||||||||||||||||||||||
-2 | Includes a sale of credit challenged MSRs for which Citi paid the new servicer. | ||||||||||||||||||||||||
Schedule of fees received on servicing previously securitized mortgages | ' | ||||||||||||||||||||||||
The Company receives fees during the course of servicing previously securitized mortgages. The amounts of these fees for the three and six months ended June 30, 2014 and 2013 were as follows: | |||||||||||||||||||||||||
Three months ended | Six months ended June 30, | ||||||||||||||||||||||||
June 30, | |||||||||||||||||||||||||
In millions of dollars | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||
Servicing fees | $ | 162 | $ | 198 | $ | 332 | $ | 415 | |||||||||||||||||
Late fees | 5 | 11 | 15 | 19 | |||||||||||||||||||||
Ancillary fees | 16 | 21 | 36 | 52 | |||||||||||||||||||||
Total MSR fees | $ | 183 | $ | 230 | $ | 383 | $ | 486 | |||||||||||||||||
Citicorp | ' | ||||||||||||||||||||||||
Variable Interest Entity | ' | ||||||||||||||||||||||||
Schedule of securitized credit card receivables | ' | ||||||||||||||||||||||||
The following tables summarize selected cash flow information related to Citicorp’s credit card securitizations for the three and six months ended June 30, 2014 and 2013: | |||||||||||||||||||||||||
Three months ended | |||||||||||||||||||||||||
June 30, | |||||||||||||||||||||||||
In billions of dollars | 2014 | 2013 | |||||||||||||||||||||||
Proceeds from new securitizations | $ | 2.4 | $ | 2.5 | |||||||||||||||||||||
Pay down of maturing notes | (1.3 | ) | (0.8 | ) | |||||||||||||||||||||
Six months ended June 30, | |||||||||||||||||||||||||
In billions of dollars | 2014 | 2013 | |||||||||||||||||||||||
Proceeds from new securitizations | $ | 6.7 | $ | 2.5 | |||||||||||||||||||||
Pay down of maturing notes | (1.3 | ) | (1.6 | ) | |||||||||||||||||||||
Schedule of cash flow information, mortgage securitizations | ' | ||||||||||||||||||||||||
The following table summarizes selected cash flow information related to Citicorp mortgage securitizations for the three and six months ended June 30, 2014 and 2013: | |||||||||||||||||||||||||
Three months ended June 30, | |||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
In billions of dollars | U.S. agency- | Non-agency- | U.S. agency- | Non-agency- | |||||||||||||||||||||
sponsored | sponsored | sponsored | sponsored | ||||||||||||||||||||||
mortgages | mortgages | mortgages | mortgages | ||||||||||||||||||||||
Proceeds from new securitizations | $ | 6 | $ | 3.6 | $ | 20.4 | $ | 2.6 | |||||||||||||||||
Contractual servicing fees received | 0.1 | — | 0.1 | — | |||||||||||||||||||||
Six months ended June 30, | |||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
In billions of dollars | U.S. agency- | Non-agency- | U.S. agency- | Non-agency- | |||||||||||||||||||||
sponsored | sponsored | sponsored | sponsored | ||||||||||||||||||||||
mortgages | mortgages | mortgages | mortgages | ||||||||||||||||||||||
Proceeds from new securitizations | $ | 13.1 | $ | 5.2 | $ | 38.8 | $ | 3 | |||||||||||||||||
Contractual servicing fees received | 0.2 | — | 0.2 | — | |||||||||||||||||||||
Schedule of key assumptions used in measuring fair value of retained interest at the date of sale or securitization of mortgage receivables | ' | ||||||||||||||||||||||||
Key assumptions used in measuring the fair value of retained interests at the date of sale or securitization of mortgage receivables for the three and six months ended June 30, 2014 and 2013 were as follows: | |||||||||||||||||||||||||
Three months ended June 30, 2014 | |||||||||||||||||||||||||
Non-agency-sponsored mortgages (1) | |||||||||||||||||||||||||
U.S. agency- | Senior | Subordinated | |||||||||||||||||||||||
sponsored mortgages | interests | interests | |||||||||||||||||||||||
Discount rate | 0.7% to 12.0% | 4.6 | % | 2.6% to 7.0% | |||||||||||||||||||||
Weighted average discount rate | 10.8 | % | 4.6 | % | 6.1 | % | |||||||||||||||||||
Constant prepayment rate | 4.7% to 13.3% | 0 | % | 3.3 | % | ||||||||||||||||||||
Weighted average constant prepayment rate | 5.6 | % | 0 | % | 3.3 | % | |||||||||||||||||||
Anticipated net credit losses (2) | NM | 40 | % | 58.5 | % | ||||||||||||||||||||
Weighted average anticipated net credit losses | NM | 40 | % | 58.5 | % | ||||||||||||||||||||
Weighted average life | 7.4 to 9.4 years | 8.6 years | 4.0 to 10.1 years | ||||||||||||||||||||||
Three months ended June 30, 2013 | |||||||||||||||||||||||||
Non-agency-sponsored mortgages (1) | |||||||||||||||||||||||||
U.S. agency- | Senior | Subordinated | |||||||||||||||||||||||
sponsored mortgages | interests | interests | |||||||||||||||||||||||
Discount rate | 1.1% to 10.4% | 2.3% to 4.3% | 5.5% to 12.0% | ||||||||||||||||||||||
Weighted average discount rate | 9.1 | % | 3.3 | % | 8.2 | % | |||||||||||||||||||
Constant prepayment rate | 4.3% to 19.0% | 5.5% to 10.0% | 5.5% to 10.0% | ||||||||||||||||||||||
Weighted average constant prepayment rate | 5.8 | % | 7.9 | % | 8.6 | % | |||||||||||||||||||
Anticipated net credit losses (2) | NM | 47.2% to 53.0% | 47.2% to 53.0% | ||||||||||||||||||||||
Weighted average anticipated net credit losses | NM | 49.8 | % | 48.9 | % | ||||||||||||||||||||
Weighted average life | 0.1 to 11.8 years | 2.9 to 9.7 years | 2.5 to 10.7 years | ||||||||||||||||||||||
Six months ended June 30, 2014 | |||||||||||||||||||||||||
Non-agency-sponsored mortgages (1) | |||||||||||||||||||||||||
U.S. agency- | Senior | Subordinated | |||||||||||||||||||||||
sponsored mortgages | interests | interests | |||||||||||||||||||||||
Discount rate | 0.0% to 12.0% | 1.4% to 4.6% | 2.6% to 9.1% | ||||||||||||||||||||||
Weighted average discount rate | 10.5 | % | 3.8 | % | 6.8 | % | |||||||||||||||||||
Constant prepayment rate | 0.0% to 16.0% | 0 | % | 3.3% to 6.1% | |||||||||||||||||||||
Weighted average constant prepayment rate | 5.1 | % | 0 | % | 5.2 | % | |||||||||||||||||||
Anticipated net credit losses (2) | NM | 40 | % | 40.0% to 58.5% | |||||||||||||||||||||
Weighted average anticipated net credit losses | NM | 40 | % | 52.9 | % | ||||||||||||||||||||
Weighted average life | 0.0 to 9.7 years | 2.6 to 8.6 years | 3.0 to 14.5 years | ||||||||||||||||||||||
Six months ended June 30, 2013 | |||||||||||||||||||||||||
Non-agency-sponsored mortgages (1) | |||||||||||||||||||||||||
U.S. agency- | Senior | Subordinated | |||||||||||||||||||||||
sponsored mortgages | interests | interests | |||||||||||||||||||||||
Discount rate | 1.1% to 12.4% | 2.3% to 4.3% | 5.5% to 19.2% | ||||||||||||||||||||||
Weighted average discount rate | 10 | % | 3.3 | % | 8.2 | % | |||||||||||||||||||
Constant prepayment rate | 4.0% to 21.4% | 5.5% to 10.0% | 1.3% to 10.0% | ||||||||||||||||||||||
Weighted average constant prepayment rate | 5.8 | % | 7.9 | % | 7 | % | |||||||||||||||||||
Anticipated net credit losses (2) | NM | 47.2% to 53.0% | 44.7% to 89.0% | ||||||||||||||||||||||
Weighted average anticipated net credit losses | NM | 49.8 | % | 57.9 | % | ||||||||||||||||||||
Weighted average life | 0.1 to 11.8 years | 2.9 to 9.7 years | 2.5 to 16.5 years | ||||||||||||||||||||||
-1 | Disclosure of non-agency-sponsored mortgages as senior and subordinated interests is indicative of the interests’ position in the capital structure of the securitization. | ||||||||||||||||||||||||
-2 | Anticipated net credit losses represent estimated loss severity associated with defaulted mortgage loans underlying the mortgage securitizations disclosed above. Anticipated net credit losses, in this instance, do not represent total credit losses incurred to date, nor do they represent credit losses expected on retained interests in mortgage securitizations. | ||||||||||||||||||||||||
NM Not meaningful. Anticipated net credit losses are not meaningful due to U.S. agency guarantees. | |||||||||||||||||||||||||
Schedule of key assumptions used to value retained interests and sensitivity of adverse changes of 10% and 20%, mortgage securitizations | ' | ||||||||||||||||||||||||
At June 30, 2014 and December 31, 2013, the key assumptions used to value retained interests, and the sensitivity of the fair value to adverse changes of 10% and 20% in each of the key assumptions, are set forth in the tables | |||||||||||||||||||||||||
below. The negative effect of each change is calculated independently, holding all other assumptions constant. Because the key assumptions may not be independent, the net effect of simultaneous adverse changes in the key assumptions may be less than the sum of the individual effects shown below. | |||||||||||||||||||||||||
June 30, 2014 | |||||||||||||||||||||||||
Non-agency-sponsored mortgages (1) | |||||||||||||||||||||||||
U.S. agency- | Senior | Subordinated | |||||||||||||||||||||||
sponsored mortgages | interests | interests | |||||||||||||||||||||||
Discount rate | 0.0% to 52.5% | 2.0% to 15.8% | 1.3% to 18.6% | ||||||||||||||||||||||
Weighted average discount rate | 6.9 | % | 5.1 | % | 9.2 | % | |||||||||||||||||||
Constant prepayment rate | 5.4% to 38.5% | 1.8% to 100.0% | 1.2% to 22.4% | ||||||||||||||||||||||
Weighted average constant prepayment rate | 11.8 | % | 14.3 | % | 6.5 | % | |||||||||||||||||||
Anticipated net credit losses (2) | NM | 0.1% to 71.7% | 10.4% to 90.0% | ||||||||||||||||||||||
Weighted average anticipated net credit losses | NM | 50.1 | % | 54.3 | % | ||||||||||||||||||||
Weighted average life | 0.1 to 10.9 years | 0.5 to 11.7 years | 0.0 to 24.7 years | ||||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||
Non-agency-sponsored mortgages (1) | |||||||||||||||||||||||||
U.S. agency- | Senior | Subordinated | |||||||||||||||||||||||
sponsored mortgages | interests | interests | |||||||||||||||||||||||
Discount rate | 0.1% to 20.9% | 0.5% to 17.4% | 2.1% to 19.6% | ||||||||||||||||||||||
Weighted average discount rate | 6.9 | % | 5.5 | % | 11.2 | % | |||||||||||||||||||
Constant prepayment rate | 6.2% to 30.4% | 1.3% to 100.0% | 1.4% to 23.1% | ||||||||||||||||||||||
Weighted average constant prepayment rate | 11.1 | % | 6.4 | % | 7.4 | % | |||||||||||||||||||
Anticipated net credit losses (2) | NM | 0.1% to 80.0% | 25.5% to 81.9% | ||||||||||||||||||||||
Weighted average anticipated net credit losses | NM | 49.5 | % | 52.8 | % | ||||||||||||||||||||
Weighted average life | 2.1 to 14.1 years | 0.0 to 11.9 years | 0.0 to 26.0 years | ||||||||||||||||||||||
-1 | Disclosure of non-agency-sponsored mortgages as senior and subordinated interests is indicative of the interests’ position in the capital structure of the securitization. | ||||||||||||||||||||||||
-2 | Anticipated net credit losses represent estimated loss severity associated with defaulted mortgage loans underlying the mortgage securitizations disclosed above. Anticipated net credit losses, in this instance, do not represent total credit losses incurred to date, nor do they represent credit losses expected on retained interests in mortgage securitizations. | ||||||||||||||||||||||||
NM Not meaningful. Anticipated net credit losses are not meaningful due to U.S. agency guarantees. | |||||||||||||||||||||||||
Non-agency-sponsored mortgages (1) | |||||||||||||||||||||||||
In millions of dollars at June 30, 2014 | U.S. agency- | Senior | Subordinated | ||||||||||||||||||||||
sponsored mortgages | interests | interests | |||||||||||||||||||||||
Carrying value of retained interests | $ | 2,408 | $ | 211 | $ | 451 | |||||||||||||||||||
Discount rates | |||||||||||||||||||||||||
Adverse change of 10% | $ | (70 | ) | $ | (4 | ) | $ | (28 | ) | ||||||||||||||||
Adverse change of 20% | (136 | ) | (8 | ) | (54 | ) | |||||||||||||||||||
Constant prepayment rate | |||||||||||||||||||||||||
Adverse change of 10% | (87 | ) | (1 | ) | (9 | ) | |||||||||||||||||||
Adverse change of 20% | (168 | ) | (2 | ) | (18 | ) | |||||||||||||||||||
Anticipated net credit losses | |||||||||||||||||||||||||
Adverse change of 10% | NM | (2 | ) | (10 | ) | ||||||||||||||||||||
Adverse change of 20% | NM | (3 | ) | (19 | ) | ||||||||||||||||||||
Non-agency-sponsored mortgages (1) | |||||||||||||||||||||||||
In millions of dollars at December 31, 2013 | U.S. agency- | Senior | Subordinated | ||||||||||||||||||||||
sponsored mortgages | interests | interests | |||||||||||||||||||||||
Carrying value of retained interests | $ | 2,519 | $ | 293 | $ | 429 | |||||||||||||||||||
Discount rates | |||||||||||||||||||||||||
Adverse change of 10% | $ | (76 | ) | $ | (6 | ) | $ | (25 | ) | ||||||||||||||||
Adverse change of 20% | (148 | ) | (11 | ) | (48 | ) | |||||||||||||||||||
Constant prepayment rate | |||||||||||||||||||||||||
Adverse change of 10% | (96 | ) | (1 | ) | (7 | ) | |||||||||||||||||||
Adverse change of 20% | (187 | ) | (2 | ) | (14 | ) | |||||||||||||||||||
Anticipated net credit losses | |||||||||||||||||||||||||
Adverse change of 10% | NM | (2 | ) | (7 | ) | ||||||||||||||||||||
Adverse change of 20% | NM | (3 | ) | (14 | ) | ||||||||||||||||||||
-1 | Disclosure of non-agency-sponsored mortgages as senior and subordinated interests is indicative of the interests’ position in the capital structure of the securitization. | ||||||||||||||||||||||||
NM Not meaningful. Anticipated net credit losses are not meaningful due to U.S. agency guarantees. | |||||||||||||||||||||||||
Schedule of key assumptions for measuring fair value of retained interests at the date of sale or securitization of CDOs and CLOs | ' | ||||||||||||||||||||||||
At June 30, 2014 and December 31, 2013, the key assumptions used to value retained interests in CLOs, and the sensitivity of the fair value to adverse changes of 10% and 20% are set forth in the tables below: | |||||||||||||||||||||||||
30-Jun-14 | 31-Dec-13 | ||||||||||||||||||||||||
Discount rate | 1.4% to 1.6% | 1.5% to 1.6% | |||||||||||||||||||||||
Schedule of sensitivity of adverse changes of 10% and 20% to discount rate, CDOs and CLOs | ' | ||||||||||||||||||||||||
June 30, 2014 | |||||||||||||||||||||||||
In millions of dollars | CLO | ||||||||||||||||||||||||
Carrying value of retained interests | $ | 1,536 | |||||||||||||||||||||||
Value of underlying portfolio | |||||||||||||||||||||||||
Adverse change of 10% | $ | (10 | ) | ||||||||||||||||||||||
Adverse change of 20% | (20 | ) | |||||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||
In millions of dollars | CLO | ||||||||||||||||||||||||
Carrying value of retained interests | $ | 1,333 | |||||||||||||||||||||||
Value of underlying portfolio | |||||||||||||||||||||||||
Adverse change of 10% | $ | (7 | ) | ||||||||||||||||||||||
Adverse change of 20% | (14 | ) | |||||||||||||||||||||||
30-Jun-14 | Dec. 31, 2013 | ||||||||||||||||||||||||
Discount rate | 3.00% | 3.00% | |||||||||||||||||||||||
June 30, 2014 | |||||||||||||||||||||||||
In millions of dollars | Asset-based | ||||||||||||||||||||||||
financing | |||||||||||||||||||||||||
Carrying value of retained interests | $ | 1,157 | |||||||||||||||||||||||
Value of underlying portfolio | |||||||||||||||||||||||||
Adverse change of 10% | $ | (9 | ) | ||||||||||||||||||||||
Adverse change of 20% | (18 | ) | |||||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||
In millions of dollars | Asset-based | ||||||||||||||||||||||||
financing | |||||||||||||||||||||||||
Carrying value of retained interests | $ | 1,316 | |||||||||||||||||||||||
Value of underlying portfolio | |||||||||||||||||||||||||
Adverse change of 10% | $ | (11 | ) | ||||||||||||||||||||||
Adverse change of 20% | (23 | ) | |||||||||||||||||||||||
Schedule of asset-based financing | ' | ||||||||||||||||||||||||
June 30, 2014 | |||||||||||||||||||||||||
In millions of dollars | Total | Maximum | |||||||||||||||||||||||
unconsolidated | exposure to | ||||||||||||||||||||||||
VIE assets | unconsolidated VIEs | ||||||||||||||||||||||||
Type | |||||||||||||||||||||||||
Commercial and other real estate | $ | 21,852 | $ | 6,616 | |||||||||||||||||||||
Corporate loans | 2,073 | 1,657 | |||||||||||||||||||||||
Airplanes, ships and other assets | 30,442 | 14,048 | |||||||||||||||||||||||
Total | $ | 54,367 | $ | 22,321 | |||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||
In millions of dollars | Total | Maximum | |||||||||||||||||||||||
unconsolidated | exposure to | ||||||||||||||||||||||||
VIE assets | unconsolidated VIEs | ||||||||||||||||||||||||
Type | |||||||||||||||||||||||||
Commercial and other real estate | $ | 14,042 | $ | 3,902 | |||||||||||||||||||||
Corporate loans | 2,221 | 1,754 | |||||||||||||||||||||||
Airplanes, ships and other assets | 28,650 | 13,197 | |||||||||||||||||||||||
Total | $ | 44,913 | $ | 18,853 | |||||||||||||||||||||
Schedule of selected cash flow information related to asset-based financing | ' | ||||||||||||||||||||||||
Three months ended | |||||||||||||||||||||||||
June 30, | |||||||||||||||||||||||||
In billions of dollars | 2014 | 2013 | |||||||||||||||||||||||
Proceeds from new securitizations | $ | — | $ | — | |||||||||||||||||||||
Cash flows received on retained interest and other net cash flows | $ | 0.2 | $ | 0.3 | |||||||||||||||||||||
Six months ended June 30, | |||||||||||||||||||||||||
In billions of dollars | 2014 | 2013 | |||||||||||||||||||||||
Proceeds from new securitizations | $ | 0.5 | $ | — | |||||||||||||||||||||
Cash flows received on retained interest and other net cash flows | $ | 0.2 | $ | 0.6 | |||||||||||||||||||||
Citi Holdings | ' | ||||||||||||||||||||||||
Variable Interest Entity | ' | ||||||||||||||||||||||||
Schedule of securitized credit card receivables | ' | ||||||||||||||||||||||||
The following tables summarize selected cash flow information related to Citi Holdings’ credit card securitizations for the three and six months ended June 30, 2014 and 2013: | |||||||||||||||||||||||||
Three months ended | |||||||||||||||||||||||||
June 30, | |||||||||||||||||||||||||
In billions of dollars | 2014 | 2013 | |||||||||||||||||||||||
Proceeds from new securitizations | $ | — | $ | — | |||||||||||||||||||||
Pay down of maturing notes | — | — | |||||||||||||||||||||||
Six months ended June 30, | |||||||||||||||||||||||||
In billions of dollars | 2014 | 2013 | |||||||||||||||||||||||
Proceeds from new securitizations | $ | 0.1 | $ | — | |||||||||||||||||||||
Pay down of maturing notes | — | (0.1 | ) | ||||||||||||||||||||||
Schedule of cash flow information, mortgage securitizations | ' | ||||||||||||||||||||||||
The following table summarizes selected cash flow information related to Citi Holdings mortgage securitizations for the three and six months ended June 30, 2014 and 2013: | |||||||||||||||||||||||||
Three months ended June 30, | |||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
In billions of dollars | U.S. agency- | Non-agency- | U.S. agency- | Non-agency- | |||||||||||||||||||||
sponsored | sponsored | sponsored | sponsored | ||||||||||||||||||||||
mortgages | mortgages | mortgages | mortgages | ||||||||||||||||||||||
Proceeds from new securitizations | $ | 0.1 | $ | — | $ | — | $ | — | |||||||||||||||||
Contractual servicing fees received | — | — | 0.1 | — | |||||||||||||||||||||
Six months ended June 30, | |||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
In billions of dollars | U.S. agency- | Non-agency- | U.S. agency- | Non-agency- | |||||||||||||||||||||
sponsored | sponsored | sponsored | sponsored | ||||||||||||||||||||||
mortgages | mortgages | mortgages | mortgages | ||||||||||||||||||||||
Proceeds from new securitizations | $ | 0.2 | $ | — | $ | — | $ | — | |||||||||||||||||
Contractual servicing fees received | 0.1 | — | 0.1 | — | |||||||||||||||||||||
Schedule of key assumptions used to value retained interests and sensitivity of adverse changes of 10% and 20%, mortgage securitizations | ' | ||||||||||||||||||||||||
June 30, 2014 | |||||||||||||||||||||||||
Non-agency-sponsored mortgages (1) | |||||||||||||||||||||||||
U.S. agency- | Senior | Subordinated | |||||||||||||||||||||||
sponsored mortgages | interests | interests (2) | |||||||||||||||||||||||
Discount rate | 0.0% to 50.8% | 0 | % | — | |||||||||||||||||||||
Weighted average discount rate | 10.9 | % | 0 | % | — | ||||||||||||||||||||
Constant prepayment rate | 7.5% to 27.2% | 17.2 | % | — | |||||||||||||||||||||
Weighted average constant prepayment rate | 18.7 | % | 17.2 | % | — | ||||||||||||||||||||
Anticipated net credit losses | NM | 0.3 | % | — | |||||||||||||||||||||
Weighted average anticipated net credit losses | NM | 0.3 | % | — | |||||||||||||||||||||
Weighted average life | 4.1 to 11.0 years | 4.5 years | — | ||||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||
Non-agency-sponsored mortgages (1) | |||||||||||||||||||||||||
U.S. agency- | Senior | Subordinated | |||||||||||||||||||||||
sponsored mortgages | interests | interests (2) | |||||||||||||||||||||||
Discount rate | 0.0% to 49.3% | 9.9 | % | — | |||||||||||||||||||||
Weighted average discount rate | 9.5 | % | 9.9 | % | — | ||||||||||||||||||||
Constant prepayment rate | 9.6% to 26.2% | 12.3% to 27.3% | — | ||||||||||||||||||||||
Weighted average constant prepayment rate | 20 | % | 15.6 | % | — | ||||||||||||||||||||
Anticipated net credit losses | NM | 0.3 | % | — | |||||||||||||||||||||
Weighted average anticipated net credit losses | NM | 0.3 | % | — | |||||||||||||||||||||
Weighted average life | 2.3 to 7.6 years | 5.2 years | — | ||||||||||||||||||||||
-1 | Disclosure of non-agency-sponsored mortgages as senior and subordinated interests is indicative of the interests’ position in the capital structure of the securitization. | ||||||||||||||||||||||||
-2 | Citi Holdings held no subordinated interests in mortgage securitizations as of June 30, 2014 and December 31, 2013. | ||||||||||||||||||||||||
NM Not meaningful. Anticipated net credit losses are not meaningful due to U.S. agency guarantees. | |||||||||||||||||||||||||
Non-agency-sponsored mortgages (1) | |||||||||||||||||||||||||
In millions of dollars at June 30, 2014 | U.S. agency- | Senior | Subordinated | ||||||||||||||||||||||
sponsored mortgages | interests | interests | |||||||||||||||||||||||
Carrying value of retained interests | $ | 353 | $ | 41 | $ | — | |||||||||||||||||||
Discount rates | |||||||||||||||||||||||||
Adverse change of 10% | $ | (16 | ) | $ | — | $ | — | ||||||||||||||||||
Adverse change of 20% | (31 | ) | (1 | ) | — | ||||||||||||||||||||
Constant prepayment rate | |||||||||||||||||||||||||
Adverse change of 10% | (21 | ) | (3 | ) | — | ||||||||||||||||||||
Adverse change of 20% | (41 | ) | (6 | ) | — | ||||||||||||||||||||
Anticipated net credit losses | |||||||||||||||||||||||||
Adverse change of 10% | NM | (5 | ) | — | |||||||||||||||||||||
Adverse change of 20% | NM | (11 | ) | — | |||||||||||||||||||||
Non-agency-sponsored mortgages (1) | |||||||||||||||||||||||||
In millions of dollars at December 31, 2013 | U.S. agency- | Senior | Subordinated | ||||||||||||||||||||||
sponsored mortgages | interests | interests | |||||||||||||||||||||||
Carrying value of retained interests | $ | 585 | $ | 50 | $ | — | |||||||||||||||||||
Discount rates | |||||||||||||||||||||||||
Adverse change of 10% | $ | (16 | ) | $ | (3 | ) | $ | — | |||||||||||||||||
Adverse change of 20% | (32 | ) | (5 | ) | — | ||||||||||||||||||||
Constant prepayment rate | — | ||||||||||||||||||||||||
Adverse change of 10% | (33 | ) | (3 | ) | — | ||||||||||||||||||||
Adverse change of 20% | (65 | ) | (6 | ) | — | ||||||||||||||||||||
Anticipated net credit losses | |||||||||||||||||||||||||
Adverse change of 10% | NM | (5 | ) | — | |||||||||||||||||||||
Adverse change of 20% | NM | (11 | ) | — | |||||||||||||||||||||
-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 Not meaningful. Anticipated net credit losses are not meaningful due to U.S. agency guarantees. | |||||||||||||||||||||||||
Schedule of key assumptions for measuring fair value of retained interests at the date of sale or securitization of CDOs and CLOs | ' | ||||||||||||||||||||||||
At June 30, 2014 and December 31, 2013, the key assumptions used to value retained interests, and the sensitivity of the fair value to adverse changes of 10% and 20% are set forth in the tables below: | |||||||||||||||||||||||||
June 30, 2014 | |||||||||||||||||||||||||
CDOs | CLOs | ||||||||||||||||||||||||
Discount rate | 44.4% to 48.9% | 4.5% to 5.0% | |||||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||
CDOs | CLOs | ||||||||||||||||||||||||
Discount rate | 44.3% to 48.7% | 4.5% to 5.0% | |||||||||||||||||||||||
Schedule of sensitivity of adverse changes of 10% and 20% to discount rate, CDOs and CLOs | ' | ||||||||||||||||||||||||
June 30, 2014 | |||||||||||||||||||||||||
In millions of dollars | CDOs | CLOs | |||||||||||||||||||||||
Carrying value of retained interests | $ | 6 | $ | 25 | |||||||||||||||||||||
Discount rates | |||||||||||||||||||||||||
Adverse change of 10% | $ | (1 | ) | $ | — | ||||||||||||||||||||
Adverse change of 20% | (2 | ) | — | ||||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||
In millions of dollars | CDOs | CLOs | |||||||||||||||||||||||
Carrying value of retained interests | $ | 19 | $ | 31 | |||||||||||||||||||||
Discount rates | |||||||||||||||||||||||||
Adverse change of 10% | $ | (1 | ) | $ | — | ||||||||||||||||||||
Adverse change of 20% | (2 | ) | — | ||||||||||||||||||||||
Schedule of asset-based financing | ' | ||||||||||||||||||||||||
June 30, 2014 | |||||||||||||||||||||||||
In millions of dollars | Total | Maximum | |||||||||||||||||||||||
unconsolidated | exposure to | ||||||||||||||||||||||||
VIE assets | unconsolidated VIEs | ||||||||||||||||||||||||
Type | |||||||||||||||||||||||||
Commercial and other real estate | $ | 774 | $ | 282 | |||||||||||||||||||||
Corporate loans | — | — | |||||||||||||||||||||||
Airplanes, ships and other assets | 1,291 | 85 | |||||||||||||||||||||||
Total | $ | 2,065 | $ | 367 | |||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||
In millions of dollars | Total | Maximum | |||||||||||||||||||||||
unconsolidated | exposure to | ||||||||||||||||||||||||
VIE assets | unconsolidated VIEs | ||||||||||||||||||||||||
Type | |||||||||||||||||||||||||
Commercial and other real estate | $ | 774 | $ | 298 | |||||||||||||||||||||
Corporate loans | 112 | 96 | |||||||||||||||||||||||
Airplanes, ships and other assets | 2,619 | 496 | |||||||||||||||||||||||
Total | $ | 3,505 | $ | 890 | |||||||||||||||||||||
Schedule of selected cash flow information related to asset-based financing | ' | ||||||||||||||||||||||||
The following table summarizes selected cash flow information related to asset-based financings for the three and six months ended June 30, 2014 and 2013: | |||||||||||||||||||||||||
Three months ended | |||||||||||||||||||||||||
June 30, | |||||||||||||||||||||||||
In billions of dollars | 2014 | 2013 | |||||||||||||||||||||||
Cash flows received on retained interest and other net cash flows | $ | — | $ | 0.2 | |||||||||||||||||||||
Six months ended June 30, | |||||||||||||||||||||||||
In billions of dollars | 2014 | 2013 | |||||||||||||||||||||||
Cash flows received on retained interest and other net cash flows | $ | 0.1 | $ | 0.2 | |||||||||||||||||||||
Schedule of sensitivity of adverse changes of 10% and 20% to discount rate, asset-based financing | ' | ||||||||||||||||||||||||
June 30, 2014 | |||||||||||||||||||||||||
In millions of dollars | Asset-based | ||||||||||||||||||||||||
financing | |||||||||||||||||||||||||
Carrying value of retained interests | $ | — | |||||||||||||||||||||||
Value of underlying portfolio | |||||||||||||||||||||||||
Adverse change of 10% | $ | — | |||||||||||||||||||||||
Adverse change of 20% | — | ||||||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||
In millions of dollars | Asset-based | ||||||||||||||||||||||||
financing | |||||||||||||||||||||||||
Carrying value of retained interests | $ | 95 | |||||||||||||||||||||||
Value of underlying portfolio | |||||||||||||||||||||||||
Adverse change of 10% | $ | — | |||||||||||||||||||||||
Adverse change of 20% | — | ||||||||||||||||||||||||
DERIVATIVES_ACTIVITIES_Tables
DERIVATIVES ACTIVITIES (Tables) | 6 Months Ended | ||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | ||||||||||||||||||
Derivative Notionals | ' | ||||||||||||||||||
The notional amounts, for both long and short derivative positions, of Citigroup’s derivative instruments as of June 30, 2014 and December 31, 2013 are presented in the table below. | |||||||||||||||||||
Derivative Notionals | |||||||||||||||||||
Hedging instruments under | Other derivative instruments | ||||||||||||||||||
ASC 815(1)(2) | |||||||||||||||||||
Trading derivatives | Management hedges(3) | ||||||||||||||||||
In millions of dollars | June 30, | December 31, | June 30, | December 31, | June 30, | December 31, | |||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | ||||||||||||||
Interest rate contracts | |||||||||||||||||||
Swaps | $ | 167,214 | $ | 132,823 | $ | 33,752,329 | $ | 36,370,196 | $ | 98,387 | $ | 93,286 | |||||||
Futures and forwards | — | 20 | 6,983,430 | 6,129,742 | 51,977 | 61,398 | |||||||||||||
Written options | — | — | 3,277,387 | 3,342,832 | 3,985 | 3,103 | |||||||||||||
Purchased options | — | — | 3,205,327 | 3,240,990 | 4,310 | 3,185 | |||||||||||||
Total interest rate contract notionals | $ | 167,214 | $ | 132,843 | $ | 47,218,473 | $ | 49,083,760 | $ | 158,659 | $ | 160,972 | |||||||
Foreign exchange contracts | |||||||||||||||||||
Swaps | $ | 22,121 | $ | 22,402 | $ | 3,883,974 | $ | 3,298,500 | $ | 21,939 | $ | 20,013 | |||||||
Futures and forwards | 76,884 | 79,646 | 1,775,752 | 1,982,303 | 10,828 | 14,226 | |||||||||||||
Written options | 256 | 101 | 1,162,387 | 1,037,433 | — | — | |||||||||||||
Purchased options | 256 | 106 | 1,175,379 | 1,029,872 | — | 71 | |||||||||||||
Total foreign exchange contract notionals | $ | 99,517 | $ | 102,255 | $ | 7,997,492 | $ | 7,348,108 | $ | 32,767 | $ | 34,310 | |||||||
Equity contracts | |||||||||||||||||||
Swaps | $ | — | $ | — | $ | 113,909 | $ | 100,019 | $ | — | $ | — | |||||||
Futures and forwards | — | — | 31,090 | 23,161 | — | — | |||||||||||||
Written options | — | — | 356,016 | 333,945 | — | — | |||||||||||||
Purchased options | — | — | 317,595 | 266,570 | — | — | |||||||||||||
Total equity contract notionals | $ | — | $ | — | $ | 818,610 | $ | 723,695 | $ | — | $ | — | |||||||
Commodity and other contracts | |||||||||||||||||||
Swaps | $ | — | $ | — | $ | 91,693 | $ | 81,112 | $ | — | $ | — | |||||||
Futures and forwards | 851 | — | 124,636 | 98,265 | — | — | |||||||||||||
Written options | — | — | 112,096 | 100,482 | — | — | |||||||||||||
Purchased options | — | — | 97,029 | 97,626 | — | — | |||||||||||||
Total commodity and other contract notionals | $ | 851 | $ | — | $ | 425,454 | $ | 377,485 | $ | — | $ | — | |||||||
Credit derivatives(4) | |||||||||||||||||||
Protection sold | $ | — | $ | — | $ | 1,107,165 | $ | 1,143,363 | $ | — | $ | — | |||||||
Protection purchased | — | 95 | 1,154,177 | 1,195,223 | 15,409 | 19,744 | |||||||||||||
Total credit derivatives | $ | — | $ | 95 | $ | 2,261,342 | $ | 2,338,586 | $ | 15,409 | $ | 19,744 | |||||||
Total derivative notionals | $ | 267,582 | $ | 235,193 | $ | 58,721,371 | $ | 59,871,634 | $ | 206,835 | $ | 215,026 | |||||||
-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 $4,735 million and $6,450 million at June 30, 2014 and December 31, 2013, respectively. | ||||||||||||||||||
-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 in certain economic hedging relationships that are identified for management purposes, 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 has entered into credit derivative positions for purposes such as risk management, yield enhancement, reduction of credit concentrations and diversification of overall risk. | ||||||||||||||||||
Derivative Mark-to-Market (MTM) Receivables/Payables | ' | ||||||||||||||||||
In millions of dollars at June 30, 2014 | Derivatives classified | Derivatives classified | |||||||||||||||||
in Trading accounts | in Other | ||||||||||||||||||
assets / liabilities(1)(2)(3) | assets / liabilities(2)(3) | ||||||||||||||||||
Derivatives instruments designated as ASC 815 hedges | Assets | Liabilities | Assets | Liabilities | |||||||||||||||
Over-the-counter | $ | 998 | $ | 243 | $ | 3,169 | $ | 547 | |||||||||||
Cleared | 3,110 | 428 | 3 | 6 | |||||||||||||||
Interest rate contracts | $ | 4,108 | $ | 671 | $ | 3,172 | $ | 553 | |||||||||||
Over-the-counter | $ | 333 | $ | 1,297 | $ | 540 | $ | 293 | |||||||||||
Foreign exchange contracts | $ | 333 | $ | 1,297 | $ | 540 | $ | 293 | |||||||||||
Total derivative instruments designated as ASC 815 hedges | $ | 4,441 | $ | 1,968 | $ | 3,712 | $ | 846 | |||||||||||
Derivatives instruments not designated as ASC 815 hedges | |||||||||||||||||||
Over-the-counter | $ | 334,519 | $ | 315,776 | $ | 65 | $ | — | |||||||||||
Cleared | 206,455 | 214,368 | 10 | 26 | |||||||||||||||
Exchange traded | 38 | 34 | 955 | 1,014 | |||||||||||||||
Interest rate contracts | $ | 541,012 | $ | 530,178 | $ | 1,030 | $ | 1,040 | |||||||||||
Over-the-counter | $ | 64,672 | $ | 63,051 | $ | 84 | $ | — | |||||||||||
Cleared | 1,375 | 1,322 | — | — | |||||||||||||||
Exchange traded | 26 | 23 | — | — | |||||||||||||||
Foreign exchange contracts | $ | 66,073 | $ | 64,396 | $ | 84 | $ | — | |||||||||||
Over-the-counter | $ | 21,306 | $ | 30,930 | $ | — | $ | — | |||||||||||
Exchange traded | 2,706 | 2,724 | — | — | |||||||||||||||
Equity contracts | $ | 24,012 | $ | 33,654 | $ | — | $ | — | |||||||||||
Over-the-counter | $ | 11,676 | $ | 11,986 | $ | — | $ | — | |||||||||||
Exchange traded | 704 | 840 | — | — | |||||||||||||||
Commodity and other contracts | $ | 12,380 | $ | 12,826 | $ | — | $ | — | |||||||||||
Over-the-counter | $ | 36,775 | $ | 36,394 | $ | 76 | $ | 526 | |||||||||||
Cleared | 2,479 | 2,585 | 1 | 89 | |||||||||||||||
Credit derivatives(4) | $ | 39,254 | $ | 38,979 | $ | 77 | $ | 615 | |||||||||||
Total derivatives instruments not designated as ASC 815 hedges | $ | 682,731 | $ | 680,033 | $ | 1,191 | $ | 1,655 | |||||||||||
Total derivatives | $ | 687,172 | $ | 682,001 | $ | 4,903 | $ | 2,501 | |||||||||||
Cash collateral paid/received(5)(6) | $ | 5,078 | $ | 12,080 | $ | 214 | $ | 239 | |||||||||||
Less: Netting agreements(7) | (604,913 | ) | (604,913 | ) | — | — | |||||||||||||
Less: Netting cash collateral received/paid(8) | (36,835 | ) | (41,625 | ) | (3,181 | ) | — | ||||||||||||
Net receivables/payables included on the Consolidated Balance Sheet(9) | $ | 50,502 | $ | 47,543 | $ | 1,936 | $ | 2,740 | |||||||||||
Additional amounts subject to an enforceable master netting agreement but not offset on the Consolidated Balance Sheet | |||||||||||||||||||
Less: Cash collateral received/paid | $ | (479 | ) | $ | (12 | ) | $ | — | $ | — | |||||||||
Less: Non-cash collateral received/paid | (7,139 | ) | (4,483 | ) | (319 | ) | — | ||||||||||||
Total Net receivables/payables(9) | $ | 42,884 | $ | 43,048 | $ | 1,617 | $ | 2,740 | |||||||||||
-1 | The trading derivatives fair values are presented in Note 12 to the Consolidated Financial Statements. | ||||||||||||||||||
-2 | Derivative mark-to-market receivables/payables related to management hedges are recorded in either Other assets/Other liabilities or Trading account assets/Trading account liabilities. | ||||||||||||||||||
-3 | Over-the-counter (OTC) derivatives include derivatives executed and settled bilaterally with counterparties without the use of an organized exchange or central clearing house. Cleared derivatives include derivatives executed bilaterally with a counterparty in the OTC market but then novated to a central clearing house, whereby the central clearing house becomes the counterparty to both of the original counterparties. Exchange traded derivatives include derivatives executed directly on an organized exchange that provides pre-trade price transparency. | ||||||||||||||||||
-4 | The credit derivatives trading assets comprise $11,388 million related to protection purchased and $27,866 million related to protection sold as of June 30, 2014. The credit derivatives trading liabilities comprise $28,565 million related to protection purchased and $10,414 million related to protection sold as of June 30, 2014. | ||||||||||||||||||
-5 | For the trading assets/liabilities, this is the net amount of the $46,703 million and $48,915 million of gross cash collateral paid and received, respectively. Of the gross cash collateral paid, $41,625 million was used to offset trading derivative liabilities and, of the gross cash collateral received, $36,835 million was used to offset trading derivative assets. | ||||||||||||||||||
-6 | For the other assets/liabilities, this is the net amount of the $214 million and $3,420 million of the gross cash collateral paid and received, respectively. Of the gross cash collateral received, $3,181 million was used to offset derivative assets. | ||||||||||||||||||
-7 | Represents the netting of derivative receivable and payable balances for the same counterparty under enforceable netting agreements. Approximately $390 billion, $213 billion and $2 billion of the netting against trading account asset/liability balances is attributable to each of the OTC, cleared and exchange traded derivatives, respectively. | ||||||||||||||||||
-8 | Represents the netting of cash collateral paid and received by counterparty under enforceable credit support agreements. Substantially all cash collateral received is netted against OTC derivative assets. Cash collateral paid of approximately $38 billion and $4 billion is netted against each of the OTC and Cleared derivative liabilities, respectively. | ||||||||||||||||||
-9 | The net receivables/payables include approximately $13 billion and $17 billion of derivative asset and liability fair values as of June 30, 2014, respectively, not subject to enforceable master netting agreements. | ||||||||||||||||||
In millions of dollars at December 31, 2013 | Derivatives classified in Trading | Derivatives classified in Other assets / liabilities(2)(3) | |||||||||||||||||
accounts assets / liabilities(1)(2)(3) | |||||||||||||||||||
Derivatives instruments designated as ASC 815 hedges | Assets | Liabilities | Assets | Liabilities | |||||||||||||||
Over-the-counter | $ | 956 | $ | 306 | $ | 3,082 | $ | 854 | |||||||||||
Cleared | 2,505 | 585 | 5 | — | |||||||||||||||
Interest Rate contracts | $ | 3,461 | $ | 891 | $ | 3,087 | $ | 854 | |||||||||||
Over-the-counter | $ | 1,540 | $ | 1,244 | $ | 989 | $ | 293 | |||||||||||
Foreign exchange contracts | $ | 1,540 | $ | 1,244 | $ | 989 | $ | 293 | |||||||||||
Over-the-counter | $ | — | $ | — | $ | — | $ | 2 | |||||||||||
Credit derivatives | $ | — | $ | — | $ | — | $ | 2 | |||||||||||
Total derivative instruments designated as ASC 815 hedges | $ | 5,001 | $ | 2,135 | $ | 4,076 | $ | 1,149 | |||||||||||
Derivatives instruments not designated as ASC 815 hedges | |||||||||||||||||||
Over-the-counter | $ | 313,772 | $ | 297,115 | $ | 37 | $ | 9 | |||||||||||
Cleared | 311,114 | 319,190 | 27 | 5 | |||||||||||||||
Exchange traded | 33 | 30 | — | — | |||||||||||||||
Interest Rate contracts | $ | 624,919 | $ | 616,335 | $ | 64 | $ | 14 | |||||||||||
Over-the-counter | $ | 89,847 | $ | 86,147 | $ | 79 | $ | 3 | |||||||||||
Cleared | 1,119 | 1,191 | — | — | |||||||||||||||
Exchange traded | 48 | 55 | — | — | |||||||||||||||
Foreign exchange contracts | $ | 91,014 | $ | 87,393 | $ | 79 | $ | 3 | |||||||||||
Over-the-counter | $ | 19,080 | $ | 28,458 | $ | — | $ | — | |||||||||||
Exchange traded | 5,797 | 5,834 | — | — | |||||||||||||||
Equity contracts | $ | 24,877 | $ | 34,292 | $ | — | $ | — | |||||||||||
Over-the-counter | $ | 7,921 | $ | 9,059 | $ | — | $ | — | |||||||||||
Exchange traded | 1,161 | 1,111 | — | — | |||||||||||||||
Commodity and other Contracts | $ | 9,082 | $ | 10,170 | $ | — | $ | — | |||||||||||
Over-the-counter | $ | 38,496 | $ | 38,247 | $ | 71 | $ | 563 | |||||||||||
Cleared | 1,850 | 2,547 | — | — | |||||||||||||||
Credit derivatives(4) | $ | 40,346 | $ | 40,794 | $ | 71 | $ | 563 | |||||||||||
Total Derivatives instruments not designated as ASC 815 hedges | $ | 790,238 | $ | 788,984 | $ | 214 | $ | 580 | |||||||||||
Total derivatives | $ | 795,239 | $ | 791,119 | $ | 4,290 | $ | 1,729 | |||||||||||
Cash collateral paid/received(5)(6) | $ | 6,073 | $ | 8,827 | $ | 82 | $ | 282 | |||||||||||
Less: Netting agreements(7) | (713,598 | ) | (713,598 | ) | — | — | |||||||||||||
Less: Netting cash collateral received/paid(8) | (34,893 | ) | (39,094 | ) | (2,951 | ) | — | ||||||||||||
Net receivables/payables included on the Consolidated Balance Sheet(9) | $ | 52,821 | $ | 47,254 | $ | 1,421 | $ | 2,011 | |||||||||||
Additional amounts subject to an enforceable master netting agreement but not offset on the Consolidated Balance Sheet | |||||||||||||||||||
Less: Cash collateral received/paid | $ | (365 | ) | $ | (5 | ) | $ | — | $ | — | |||||||||
Less: Non-cash collateral received/paid | (7,478 | ) | (3,345 | ) | (341 | ) | — | ||||||||||||
Total Net receivables/payables(9) | $ | 44,978 | $ | 43,904 | $ | 1,080 | $ | 2,011 | |||||||||||
-1 | The trading derivatives fair values are presented in Note 12 to the Consolidated Financial Statements. | ||||||||||||||||||
-2 | Derivative mark-to-market receivables/payables related to management hedges are recorded in either Other assets/Other liabilities or Trading account assets/Trading account liabilities. | ||||||||||||||||||
-3 | Over-the-counter (OTC) derivatives include derivatives executed and settled bilaterally with counterparties without the use of an organized exchange or central clearing house. Cleared derivatives include derivatives executed bilaterally with a counterparty in the OTC market but then novated to a central clearing house, whereby the central clearing house becomes the counterparty to both of the original counterparties. Exchange traded derivatives include derivatives executed directly on an organized exchange that provides pre-trade price transparency. | ||||||||||||||||||
-4 | The credit derivatives trading assets comprise $13,673 million related to protection purchased and $26,673 million related to protection sold as of December 31, 2013. The credit derivatives trading liabilities comprise $28,158 million related to protection purchased and $12,636 million related to protection sold as of December 31, 2013. | ||||||||||||||||||
-5 | For the trading assets/liabilities, this is the net amount of the $45,167 million and $43,720 million of gross cash collateral paid and received, respectively. Of the gross cash collateral paid, $39,094 million was used to offset derivative liabilities and, of the gross cash collateral received, $34,893 million was used to offset derivative assets. | ||||||||||||||||||
-6 | For the other assets/liabilities, this is the net amount of the $82 million and $3,233 million of the gross cash collateral paid and received, respectively. Of the gross cash collateral received, $2,951 million was used to offset derivative assets. | ||||||||||||||||||
-7 | Represents the netting of derivative receivable and payable balances for the same counterparty under enforceable netting agreements. Approximately $392 billion, $317 billion and $5 billion of the netting against trading account asset/liability balances is attributable to each of the OTC, Cleared and Exchange-traded derivatives, respectively. | ||||||||||||||||||
-8 | Represents the netting of cash collateral paid and received by counterparty under enforceable credit support agreements. Substantially all cash collateral received is netted against OTC derivative assets. Cash collateral paid of approximately $33 billion and $6 billion is netted against OTC and Cleared derivative liabilities, respectively. | ||||||||||||||||||
-9 | The net receivables/payables include approximately $16 billion of both derivative asset and liability fair values not subject to enforceable master netting agreements. | ||||||||||||||||||
Derivative gains (losses) | ' | ||||||||||||||||||
Schedule of gains (losses) on derivatives not designated in a qualifying hedging relationship recognized in Other revenue and gains (losses) on fair value hedges | ' | ||||||||||||||||||
The following table summarizes the gains (losses) on the Company’s fair value hedges for the three and six months ended June 30, 2014 and 2013: | |||||||||||||||||||
Gains (losses) on fair value hedges(1) | |||||||||||||||||||
Three Months Ended June 30, | Six months ended June 30, | ||||||||||||||||||
In millions of dollars | 2014 | 2013 | 2014 | 2013 | |||||||||||||||
Gain (loss) on the derivatives in designated and qualifying fair value hedges | |||||||||||||||||||
Interest rate contracts | $ | 344 | $ | (1,557 | ) | $ | 608 | $ | (2,491 | ) | |||||||||
Foreign exchange contracts | 321 | 39 | 330 | (253 | ) | ||||||||||||||
Commodity contracts | (103 | ) | — | (103 | ) | — | |||||||||||||
Total gain (loss) on the derivatives in designated and qualifying fair value hedges | $ | 562 | $ | (1,518 | ) | $ | 835 | $ | (2,744 | ) | |||||||||
Gain (loss) on the hedged item in designated and qualifying fair value hedges | |||||||||||||||||||
Interest rate hedges | $ | (368 | ) | $ | 1,536 | $ | (654 | ) | $ | 2,468 | |||||||||
Foreign exchange hedges | (360 | ) | (4 | ) | (368 | ) | 302 | ||||||||||||
Commodity hedges | 106 | — | 106 | — | |||||||||||||||
Total gain (loss) on the hedged item in designated and qualifying fair value hedges | $ | (622 | ) | $ | 1,532 | $ | (916 | ) | $ | 2,770 | |||||||||
Hedge ineffectiveness recognized in earnings on designated and qualifying fair value hedges | |||||||||||||||||||
Interest rate hedges | $ | (25 | ) | $ | (21 | ) | $ | (46 | ) | $ | (23 | ) | |||||||
Foreign exchange hedges | (4 | ) | 6 | — | (6 | ) | |||||||||||||
Total hedge ineffectiveness recognized in earnings on designated and qualifying fair value hedges | $ | (29 | ) | $ | (15 | ) | $ | (46 | ) | $ | (29 | ) | |||||||
Net gain (loss) excluded from assessment of the effectiveness of fair value hedges | |||||||||||||||||||
Interest rate contracts | $ | 1 | $ | — | $ | — | $ | — | |||||||||||
Foreign exchange contracts(2) | (35 | ) | 29 | (38 | ) | 55 | |||||||||||||
Commodity hedges | 3 | — | 3 | — | |||||||||||||||
Total net gain (loss) excluded from assessment of the effectiveness of fair value hedges | $ | (31 | ) | $ | 29 | $ | (35 | ) | $ | 55 | |||||||||
-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. | ||||||||||||||||||
Schedule of key characteristics of credit derivative portfolio | ' | ||||||||||||||||||
The following tables summarize the key characteristics of the Company’s credit derivative portfolio as protection seller as of June 30, 2014 and December 31, 2013: | |||||||||||||||||||
In millions of dollars at June 30, 2014 | Maximum potential | Fair | |||||||||||||||||
amount of | value | ||||||||||||||||||
future payments | payable(1)(2) | ||||||||||||||||||
By industry/counterparty | |||||||||||||||||||
Bank | $ | 651,837 | $ | 5,665 | |||||||||||||||
Broker-dealer | 212,273 | 2,934 | |||||||||||||||||
Non-financial | 5,922 | 80 | |||||||||||||||||
Insurance and other financial institutions | 237,133 | 1,735 | |||||||||||||||||
Total by industry/counterparty | $ | 1,107,165 | $ | 10,414 | |||||||||||||||
By instrument | |||||||||||||||||||
Credit default swaps and options | $ | 1,104,211 | $ | 10,387 | |||||||||||||||
Total return swaps and other | 2,954 | 27 | |||||||||||||||||
Total by instrument | $ | 1,107,165 | $ | 10,414 | |||||||||||||||
By rating | |||||||||||||||||||
Investment grade | $ | 845,147 | $ | 1,502 | |||||||||||||||
Non-investment grade | 262,018 | 8,912 | |||||||||||||||||
Total by rating | $ | 1,107,165 | $ | 10,414 | |||||||||||||||
By maturity | |||||||||||||||||||
Within 1 year | $ | 243,972 | $ | 786 | |||||||||||||||
From 1 to 5 years | 791,921 | 6,703 | |||||||||||||||||
After 5 years | 71,272 | 2,925 | |||||||||||||||||
Total by maturity | $ | 1,107,165 | $ | 10,414 | |||||||||||||||
-1 | In addition, fair value amounts payable under credit derivatives purchased were $29,180 million. | ||||||||||||||||||
-2 | In addition, fair value amounts receivable under credit derivatives sold were $27,866 million. | ||||||||||||||||||
In millions of dollars at December 31, 2013 | Maximum potential | Fair | |||||||||||||||||
amount of | value | ||||||||||||||||||
future payments | payable(1)(2) | ||||||||||||||||||
By industry/counterparty | |||||||||||||||||||
Bank | $ | 727,748 | $ | 6,520 | |||||||||||||||
Broker-dealer | 224,073 | 4,001 | |||||||||||||||||
Non-financial | 2,820 | 56 | |||||||||||||||||
Insurance and other financial institutions | 188,722 | 2,059 | |||||||||||||||||
Total by industry/counterparty | $ | 1,143,363 | $ | 12,636 | |||||||||||||||
By instrument | |||||||||||||||||||
Credit default swaps and options | $ | 1,141,864 | $ | 12,607 | |||||||||||||||
Total return swaps and other | 1,499 | 29 | |||||||||||||||||
Total by instrument | $ | 1,143,363 | $ | 12,636 | |||||||||||||||
By rating | |||||||||||||||||||
Investment grade | $ | 752,640 | $ | 3,242 | |||||||||||||||
Non-investment grade | 390,723 | 9,394 | |||||||||||||||||
Total by rating | $ | 1,143,363 | $ | 12,636 | |||||||||||||||
By maturity | |||||||||||||||||||
Within 1 year | $ | 221,562 | $ | 858 | |||||||||||||||
From 1 to 5 years | 853,391 | 7,492 | |||||||||||||||||
After 5 years | 68,410 | 4,286 | |||||||||||||||||
Total by maturity | $ | 1,143,363 | $ | 12,636 | |||||||||||||||
-1 | In addition, fair value amounts payable under credit derivatives purchased were $28,723 million. | ||||||||||||||||||
-2 | In addition, fair value amounts receivable under credit derivatives sold were $26,673 million. | ||||||||||||||||||
Fair value hedges | ' | ||||||||||||||||||
Derivative gains (losses) | ' | ||||||||||||||||||
Schedule of pretax change in Accumulated other comprehensive income (loss) from cash flow hedges | ' | ||||||||||||||||||
The pretax change in Accumulated other comprehensive income (loss) from cash flow hedges is presented below: | |||||||||||||||||||
Three Months Ended June 30, | Six months ended June 30, | ||||||||||||||||||
In millions of dollars | 2014 | 2013 | 2014 | 2013 | |||||||||||||||
Effective portion of cash flow hedges included in AOCI | |||||||||||||||||||
Interest rate contracts | $ | 155 | $ | 474 | $ | 223 | $ | 513 | |||||||||||
Foreign exchange contracts | (51 | ) | 71 | (57 | ) | 3 | |||||||||||||
Credit derivatives | — | 14 | 2 | 18 | |||||||||||||||
Total effective portion of cash flow hedges included in AOCI | $ | 104 | $ | 559 | $ | 168 | $ | 534 | |||||||||||
Effective portion of cash flow hedges reclassified from AOCI to earnings | |||||||||||||||||||
Interest rate contracts | $ | (73 | ) | $ | (202 | ) | $ | (134 | ) | $ | (385 | ) | |||||||
Foreign exchange contracts | (28 | ) | (43 | ) | (84 | ) | (86 | ) | |||||||||||
Total effective portion of cash flow hedges reclassified from AOCI to earnings(1) | $ | (101 | ) | $ | (245 | ) | $ | (218 | ) | $ | (471 | ) | |||||||
-1 | Included primarily in Other revenue and Net interest revenue on the Consolidated Income Statement. | ||||||||||||||||||
Derivatives not designated in a qualifying hedging relationship | ' | ||||||||||||||||||
Derivative gains (losses) | ' | ||||||||||||||||||
Schedule of gains (losses) on derivatives not designated in a qualifying hedging relationship recognized in Other revenue and gains (losses) on fair value hedges | ' | ||||||||||||||||||
Gains (losses) included in Other revenue | |||||||||||||||||||
Three Months Ended June 30, | Six months ended June 30, | ||||||||||||||||||
In millions of dollars | 2014 | 2013 | 2014 | 2013 | |||||||||||||||
Interest rate contracts | $ | 20 | $ | (65 | ) | $ | 121 | $ | (250 | ) | |||||||||
Foreign exchange | (56 | ) | 169 | 40 | (902 | ) | |||||||||||||
Credit derivatives | (133 | ) | (59 | ) | (228 | ) | (170 | ) | |||||||||||
Total Citigroup | $ | (169 | ) | $ | 45 | $ | (67 | ) | $ | (1,322 | ) | ||||||||
FAIR_VALUE_MEASUREMENT_Tables
FAIR VALUE MEASUREMENT (Tables) | 6 Months Ended | |||||||||||||||||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||||||||||||||||||||
Items measured at fair value on a recurring basis | ' | |||||||||||||||||||||||||||||||||
Fair Value Levels | ||||||||||||||||||||||||||||||||||
In millions of dollars at June 30, 2014 | Level 1(1) | Level 2(1) | Level 3 | Gross | Netting(2) | Net | ||||||||||||||||||||||||||||
inventory | balance | |||||||||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||||
Federal funds sold and securities borrowed or purchased under agreements to resell | $ | — | $ | 188,049 | $ | 3,363 | $ | 191,412 | $ | (38,246 | ) | $ | 153,166 | |||||||||||||||||||||
Trading non-derivative assets | ||||||||||||||||||||||||||||||||||
Trading mortgage-backed securities | ||||||||||||||||||||||||||||||||||
U.S. government-sponsored agency guaranteed | $ | — | $ | 20,441 | $ | 697 | $ | 21,138 | $ | — | $ | 21,138 | ||||||||||||||||||||||
Residential | — | 1,425 | 2,610 | 4,035 | — | 4,035 | ||||||||||||||||||||||||||||
Commercial | — | 1,958 | 409 | 2,367 | — | 2,367 | ||||||||||||||||||||||||||||
Total trading mortgage-backed securities | $ | — | $ | 23,824 | $ | 3,716 | $ | 27,540 | $ | — | $ | 27,540 | ||||||||||||||||||||||
U.S. Treasury and federal agency securities | $ | 16,197 | $ | 4,121 | $ | — | $ | 20,318 | $ | — | $ | 20,318 | ||||||||||||||||||||||
State and municipal | — | 2,484 | 242 | 2,726 | — | 2,726 | ||||||||||||||||||||||||||||
Foreign government | 52,449 | 28,071 | 465 | 80,985 | — | 80,985 | ||||||||||||||||||||||||||||
Corporate | — | 28,684 | 1,262 | 29,946 | — | 29,946 | ||||||||||||||||||||||||||||
Equity securities | 55,357 | 2,359 | 1,863 | 59,579 | — | 59,579 | ||||||||||||||||||||||||||||
Asset-backed securities | — | 1,128 | 3,376 | 4,504 | — | 4,504 | ||||||||||||||||||||||||||||
Other trading assets | — | 10,660 | 4,016 | 14,676 | — | 14,676 | ||||||||||||||||||||||||||||
Total trading non-derivative assets | $ | 124,003 | $ | 101,331 | $ | 14,940 | $ | 240,274 | $ | — | $ | 240,274 | ||||||||||||||||||||||
Trading derivatives | ||||||||||||||||||||||||||||||||||
Interest rate contracts | $ | 10 | $ | 541,340 | $ | 3,770 | $ | 545,120 | ||||||||||||||||||||||||||
Foreign exchange contracts | 38 | 65,183 | 1,185 | 66,406 | ||||||||||||||||||||||||||||||
Equity contracts | 2,706 | 19,520 | 1,786 | 24,012 | ||||||||||||||||||||||||||||||
Commodity contracts | 206 | 11,521 | 653 | 12,380 | ||||||||||||||||||||||||||||||
Credit derivatives | — | 36,429 | 2,825 | 39,254 | ||||||||||||||||||||||||||||||
Total trading derivatives | $ | 2,960 | $ | 673,993 | $ | 10,219 | $ | 687,172 | ||||||||||||||||||||||||||
Cash collateral paid(3) | $ | 5,078 | ||||||||||||||||||||||||||||||||
Netting agreements | $ | (604,913 | ) | |||||||||||||||||||||||||||||||
Netting of cash collateral received | (36,835 | ) | ||||||||||||||||||||||||||||||||
Total trading derivatives | $ | 2,960 | $ | 673,993 | $ | 10,219 | $ | 692,250 | $ | (641,748 | ) | $ | 50,502 | |||||||||||||||||||||
Investments | ||||||||||||||||||||||||||||||||||
Mortgage-backed securities | ||||||||||||||||||||||||||||||||||
U.S. government-sponsored agency guaranteed | $ | — | $ | 37,382 | $ | 163 | $ | 37,545 | $ | — | $ | 37,545 | ||||||||||||||||||||||
Residential | — | 9,562 | 17 | 9,579 | — | 9,579 | ||||||||||||||||||||||||||||
Commercial | — | 514 | 7 | 521 | — | 521 | ||||||||||||||||||||||||||||
Total investment mortgage-backed securities | $ | — | $ | 47,458 | $ | 187 | $ | 47,645 | $ | — | $ | 47,645 | ||||||||||||||||||||||
U.S. Treasury and federal agency securities | $ | 88,629 | $ | 15,176 | $ | 7 | $ | 103,812 | $ | — | $ | 103,812 | ||||||||||||||||||||||
State and municipal | $ | — | $ | 10,790 | $ | 2,102 | $ | 12,892 | $ | — | $ | 12,892 | ||||||||||||||||||||||
Foreign government | 34,059 | 61,306 | 615 | 95,980 | — | 95,980 | ||||||||||||||||||||||||||||
Corporate | 6 | 10,485 | 512 | 11,003 | — | 11,003 | ||||||||||||||||||||||||||||
Equity securities | 5,011 | 276 | 826 | 6,113 | — | 6,113 | ||||||||||||||||||||||||||||
Asset-backed securities | — | 12,684 | 1,739 | 14,423 | — | 14,423 | ||||||||||||||||||||||||||||
Other debt securities | — | 662 | 48 | 710 | — | 710 | ||||||||||||||||||||||||||||
Non-marketable equity securities | — | 198 | 3,722 | 3,920 | — | 3,920 | ||||||||||||||||||||||||||||
Total investments | $ | 127,705 | $ | 159,035 | $ | 9,758 | $ | 296,498 | $ | — | $ | 296,498 | ||||||||||||||||||||||
In millions of dollars at June 30, 2014 | Level 1(1) | Level 2(1) | Level 3 | Gross | Netting(2) | Net | ||||||||||||||||||||||||||||
inventory | balance | |||||||||||||||||||||||||||||||||
Loans(4) | $ | — | $ | 1,494 | $ | 3,310 | $ | 4,804 | $ | — | $ | 4,804 | ||||||||||||||||||||||
Mortgage servicing rights | — | — | 2,282 | 2,282 | — | 2,282 | ||||||||||||||||||||||||||||
Non-trading derivatives and other financial assets measured on a recurring basis, gross | $ | — | $ | 10,385 | $ | 201 | $ | 10,586 | ||||||||||||||||||||||||||
Cash collateral paid | $ | 214 | ||||||||||||||||||||||||||||||||
Netting of cash collateral received | $ | (3,181 | ) | |||||||||||||||||||||||||||||||
Non-trading derivatives and other financial assets measured on a recurring basis | $ | — | $ | 10,385 | $ | 201 | $ | 10,800 | $ | (3,181 | ) | $ | 7,619 | |||||||||||||||||||||
Total assets | $ | 254,668 | $ | 1,134,287 | $ | 44,073 | $ | 1,438,320 | $ | (683,175 | ) | $ | 755,145 | |||||||||||||||||||||
Total as a percentage of gross assets(5) | 17.8 | % | 79.1 | % | 3.1 | % | ||||||||||||||||||||||||||||
Liabilities | ||||||||||||||||||||||||||||||||||
Interest-bearing deposits | $ | — | $ | 978 | $ | 909 | $ | 1,887 | $ | — | $ | 1,887 | ||||||||||||||||||||||
Federal funds purchased and securities loaned or sold under agreements to repurchase | $ | — | $ | 89,758 | $ | 1,032 | $ | 90,790 | $ | (38,246 | ) | $ | 52,544 | |||||||||||||||||||||
Trading account liabilities | ||||||||||||||||||||||||||||||||||
Securities sold, not yet purchased | 63,507 | 11,848 | 472 | 75,827 | 75,827 | |||||||||||||||||||||||||||||
Trading derivatives | ||||||||||||||||||||||||||||||||||
Interest rate contracts | $ | 5 | $ | 527,091 | $ | 3,753 | $ | 530,849 | ||||||||||||||||||||||||||
Foreign exchange contracts | — | 65,355 | 338 | 65,693 | ||||||||||||||||||||||||||||||
Equity contracts | 2,724 | 28,251 | 2,679 | 33,654 | ||||||||||||||||||||||||||||||
Commodity contracts | 233 | 10,711 | 1,882 | 12,826 | ||||||||||||||||||||||||||||||
Credit derivatives | — | 35,955 | 3,024 | 38,979 | ||||||||||||||||||||||||||||||
Total trading derivatives | $ | 2,962 | $ | 667,363 | $ | 11,676 | $ | 682,001 | ||||||||||||||||||||||||||
Cash collateral received(6) | $ | 12,080 | ||||||||||||||||||||||||||||||||
Netting agreements | $ | (604,913 | ) | |||||||||||||||||||||||||||||||
Netting of cash collateral paid | (41,625 | ) | ||||||||||||||||||||||||||||||||
Total trading derivatives | $ | 2,962 | $ | 667,363 | $ | 11,676 | $ | 694,081 | $ | (646,538 | ) | $ | 47,543 | |||||||||||||||||||||
Short-term borrowings | $ | — | $ | 1,107 | $ | 129 | $ | 1,236 | $ | — | $ | 1,236 | ||||||||||||||||||||||
Long-term debt | — | 19,567 | 7,847 | 27,414 | — | 27,414 | ||||||||||||||||||||||||||||
Non-trading derivatives and other financial liabilities measured on a recurring basis, gross | $ | — | $ | 2,494 | $ | 6 | $ | 2,500 | ||||||||||||||||||||||||||
Cash collateral received(7) | $ | 239 | ||||||||||||||||||||||||||||||||
Total non-trading derivatives and other financial liabilities measured on a recurring basis | $ | — | $ | 2,494 | $ | 6 | $ | 2,739 | $ | 2,739 | ||||||||||||||||||||||||
Total liabilities | $ | 66,469 | $ | 793,115 | $ | 22,071 | $ | 893,974 | $ | (684,784 | ) | $ | 209,190 | |||||||||||||||||||||
Total as a percentage of gross liabilities(5) | 7.5 | % | 90 | % | 2.5 | % | ||||||||||||||||||||||||||||
-1 | For the three and six months ended June 30, 2014, the Company transferred assets of approximately $0.7 billion and $1.9 billion, respectively, from Level 1 to Level 2, primarily related to foreign government securities not traded in active markets during the respective periods and Citi refining its methodology for certain equity contracts to reflect the prevalence of off-exchange trading. During the three and six months ended June 30, 2014, the Company transferred assets of approximately $0.8 billion and $3.0 billion, respectively, from Level 2 to Level 1, almost all related to foreign government bonds traded with sufficient frequency to constitute a liquid market. During the three months ended June 30, 2014, there were no material transfers of liabilities between Level 1 and Level 2. During the six months ended June 30, 2014, the Company transferred liabilities of approximately $1.4 billion from Level 1 to Level 2, as Citi refined its methodology for certain equity contracts to reflect the prevalence of off-exchange trading. | |||||||||||||||||||||||||||||||||
-2 | Represents netting of: (i) the amounts due under securities purchased under agreements to resell and the amounts owed under securities sold under agreements to repurchase; and (ii) derivative exposures covered by a qualifying master netting agreement and cash collateral offsetting. | |||||||||||||||||||||||||||||||||
-3 | Reflects the net amount of $46,703 million of gross cash collateral paid, of which $41,625 million was used to offset derivative liabilities. | |||||||||||||||||||||||||||||||||
-4 | There is no allowance for loan losses recorded for loans reported at fair value. | |||||||||||||||||||||||||||||||||
-5 | Because the amount of the cash collateral paid/received has not been allocated to the Level 1, 2 and 3 subtotals, these percentages are calculated based on total assets and liabilities measured at fair value on a recurring basis, excluding the cash collateral paid/received on derivatives. | |||||||||||||||||||||||||||||||||
-6 | Reflects the net amount of $48,915 million of gross cash collateral received, of which $36,835 million was used to offset derivative assets. | |||||||||||||||||||||||||||||||||
-7 | Reflects the net amount of $3,420 million of gross cash collateral received, of which $3,181 million was used to offset derivative assets. | |||||||||||||||||||||||||||||||||
Fair Value Levels | ||||||||||||||||||||||||||||||||||
In millions of dollars at December 31, 2013 | Level 1(1) | Level 2(1) | Level 3 | Gross | Netting(2) | Net | ||||||||||||||||||||||||||||
inventory | balance | |||||||||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||||
Federal funds sold and securities borrowed or purchased under agreements to resell | $ | — | $ | 172,848 | $ | 3,566 | $ | 176,414 | $ | (34,933 | ) | $ | 141,481 | |||||||||||||||||||||
Trading non-derivative assets | ||||||||||||||||||||||||||||||||||
Trading mortgage-backed securities | ||||||||||||||||||||||||||||||||||
U.S. government-sponsored agency guaranteed | — | 22,861 | 1,094 | 23,955 | — | 23,955 | ||||||||||||||||||||||||||||
Residential | — | 1,223 | 2,854 | 4,077 | — | 4,077 | ||||||||||||||||||||||||||||
Commercial | — | 2,318 | 256 | 2,574 | — | 2,574 | ||||||||||||||||||||||||||||
Total trading mortgage-backed securities | $ | — | $ | 26,402 | $ | 4,204 | $ | 30,606 | $ | — | $ | 30,606 | ||||||||||||||||||||||
U.S. Treasury and federal agency securities | $ | 12,080 | $ | 2,757 | $ | — | $ | 14,837 | $ | — | $ | 14,837 | ||||||||||||||||||||||
State and municipal | — | 2,985 | 222 | 3,207 | — | 3,207 | ||||||||||||||||||||||||||||
Foreign government | 49,220 | 25,220 | 416 | 74,856 | — | 74,856 | ||||||||||||||||||||||||||||
Corporate | — | 28,699 | 1,835 | 30,534 | — | 30,534 | ||||||||||||||||||||||||||||
Equity securities | 58,761 | 1,958 | 1,057 | 61,776 | — | 61,776 | ||||||||||||||||||||||||||||
Asset-backed securities | — | 1,274 | 4,342 | 5,616 | — | 5,616 | ||||||||||||||||||||||||||||
Other trading assets | — | 8,491 | 3,184 | 11,675 | — | 11,675 | ||||||||||||||||||||||||||||
Total trading non-derivative assets | $ | 120,061 | $ | 97,786 | $ | 15,260 | $ | 233,107 | $ | — | $ | 233,107 | ||||||||||||||||||||||
Trading derivatives | ||||||||||||||||||||||||||||||||||
Interest rate contracts | $ | 11 | $ | 624,902 | $ | 3,467 | $ | 628,380 | ||||||||||||||||||||||||||
Foreign exchange contracts | 40 | 91,189 | 1,325 | 92,554 | ||||||||||||||||||||||||||||||
Equity contracts | 5,793 | 17,611 | 1,473 | 24,877 | ||||||||||||||||||||||||||||||
Commodity contracts | 506 | 7,775 | 801 | 9,082 | ||||||||||||||||||||||||||||||
Credit derivatives | — | 37,336 | 3,010 | 40,346 | ||||||||||||||||||||||||||||||
Total trading derivatives | $ | 6,350 | $ | 778,813 | $ | 10,076 | $ | 795,239 | ||||||||||||||||||||||||||
Cash collateral paid(3) | $ | 6,073 | ||||||||||||||||||||||||||||||||
Netting agreements | $ | (713,598 | ) | |||||||||||||||||||||||||||||||
Netting of cash collateral received | (34,893 | ) | ||||||||||||||||||||||||||||||||
Total trading derivatives | $ | 6,350 | $ | 778,813 | $ | 10,076 | $ | 801,312 | $ | (748,491 | ) | $ | 52,821 | |||||||||||||||||||||
Investments | ||||||||||||||||||||||||||||||||||
Mortgage-backed securities | ||||||||||||||||||||||||||||||||||
U.S. government-sponsored agency guaranteed | $ | — | $ | 41,810 | $ | 187 | $ | 41,997 | $ | — | $ | 41,997 | ||||||||||||||||||||||
Residential | — | 10,103 | 102 | 10,205 | — | 10,205 | ||||||||||||||||||||||||||||
Commercial | — | 453 | — | 453 | — | 453 | ||||||||||||||||||||||||||||
Total investment mortgage-backed securities | $ | — | $ | 52,366 | $ | 289 | $ | 52,655 | $ | — | $ | 52,655 | ||||||||||||||||||||||
U.S. Treasury and federal agency securities | $ | 69,139 | $ | 18,449 | $ | 8 | $ | 87,596 | $ | — | $ | 87,596 | ||||||||||||||||||||||
State and municipal | $ | — | $ | 17,297 | $ | 1,643 | $ | 18,940 | $ | — | $ | 18,940 | ||||||||||||||||||||||
Foreign government | 35,179 | 60,948 | 344 | 96,471 | — | 96,471 | ||||||||||||||||||||||||||||
Corporate | 4 | 10,841 | 285 | 11,130 | — | 11,130 | ||||||||||||||||||||||||||||
Equity securities | 2,583 | 336 | 815 | 3,734 | — | 3,734 | ||||||||||||||||||||||||||||
Asset-backed securities | — | 13,314 | 1,960 | 15,274 | — | 15,274 | ||||||||||||||||||||||||||||
Other debt securities | — | 661 | 50 | 711 | — | 711 | ||||||||||||||||||||||||||||
Non-marketable equity securities | — | 358 | 4,347 | 4,705 | — | 4,705 | ||||||||||||||||||||||||||||
Total investments | $ | 106,905 | $ | 174,570 | $ | 9,741 | $ | 291,216 | $ | — | $ | 291,216 | ||||||||||||||||||||||
In millions of dollars at December 31, 2013 | Level 1(1) | Level 2(1) | Level 3 | Gross | Netting(2) | Net | ||||||||||||||||||||||||||||
inventory | balance | |||||||||||||||||||||||||||||||||
Loans(4) | $ | — | $ | 886 | $ | 4,143 | $ | 5,029 | $ | — | $ | 5,029 | ||||||||||||||||||||||
Mortgage servicing rights | — | — | 2,718 | 2,718 | — | 2,718 | ||||||||||||||||||||||||||||
Non-trading derivatives and other financial assets measured on a recurring basis, gross | $ | — | $ | 9,811 | $ | 181 | $ | 9,992 | ||||||||||||||||||||||||||
Cash collateral paid | $ | 82 | ||||||||||||||||||||||||||||||||
Netting of cash collateral received | $ | (2,951 | ) | |||||||||||||||||||||||||||||||
Non-trading derivatives and other financial assets measured on a recurring basis | $ | — | $ | 9,811 | $ | 181 | $ | 10,074 | $ | (2,951 | ) | $ | 7,123 | |||||||||||||||||||||
Total assets | $ | 233,316 | $ | 1,234,714 | $ | 45,685 | $ | 1,519,870 | $ | (786,375 | ) | $ | 733,495 | |||||||||||||||||||||
Total as a percentage of gross assets(5) | 15.4 | % | 81.6 | % | 3 | % | ||||||||||||||||||||||||||||
Liabilities | ||||||||||||||||||||||||||||||||||
Interest-bearing deposits | $ | — | $ | 787 | $ | 890 | $ | 1,677 | $ | — | $ | 1,677 | ||||||||||||||||||||||
Federal funds purchased and securities loaned or sold under agreements to repurchase | — | 85,576 | 902 | 86,478 | (34,933 | ) | 51,545 | |||||||||||||||||||||||||||
Trading account liabilities | ||||||||||||||||||||||||||||||||||
Securities sold, not yet purchased | 51,035 | 9,883 | 590 | 61,508 | 61,508 | |||||||||||||||||||||||||||||
Trading account derivatives | ||||||||||||||||||||||||||||||||||
Interest rate contracts | $ | 12 | $ | 614,586 | $ | 2,628 | $ | 617,226 | ||||||||||||||||||||||||||
Foreign exchange contracts | 29 | 87,978 | 630 | 88,637 | ||||||||||||||||||||||||||||||
Equity contracts | 5,783 | 26,178 | 2,331 | 34,292 | ||||||||||||||||||||||||||||||
Commodity contracts | 363 | 7,613 | 2,194 | 10,170 | ||||||||||||||||||||||||||||||
Credit derivatives | — | 37,510 | 3,284 | 40,794 | ||||||||||||||||||||||||||||||
Total trading derivatives | $ | 6,187 | $ | 773,865 | $ | 11,067 | $ | 791,119 | ||||||||||||||||||||||||||
Cash collateral received(6) | $ | 8,827 | ||||||||||||||||||||||||||||||||
Netting agreements | $ | (713,598 | ) | |||||||||||||||||||||||||||||||
Netting of cash collateral paid | (39,094 | ) | ||||||||||||||||||||||||||||||||
Total trading derivatives | $ | 6,187 | $ | 773,865 | $ | 11,067 | $ | 799,946 | $ | (752,692 | ) | $ | 47,254 | |||||||||||||||||||||
Short-term borrowings | — | 3,663 | 29 | 3,692 | — | 3,692 | ||||||||||||||||||||||||||||
Long-term debt | — | 19,256 | 7,621 | 26,877 | — | 26,877 | ||||||||||||||||||||||||||||
Non-trading derivatives and other financial liabilities measured on a recurring basis, gross | $ | — | $ | 1,719 | $ | 10 | $ | 1,729 | ||||||||||||||||||||||||||
Cash collateral received(7) | $ | 282 | ||||||||||||||||||||||||||||||||
Non-trading derivatives and other financial liabilities measured on a recurring basis | $ | — | $ | 1,719 | $ | 10 | $ | 2,011 | $ | 2,011 | ||||||||||||||||||||||||
Total liabilities | $ | 57,222 | $ | 894,749 | $ | 21,109 | $ | 982,189 | $ | (787,625 | ) | $ | 194,564 | |||||||||||||||||||||
Total as a percentage of gross liabilities(5) | 5.9 | % | 91.9 | % | 2.2 | % | ||||||||||||||||||||||||||||
-1 | For the three and six months ended June 30, 2013, the Company transferred assets of $0.5 billion and $0.9 billion, respectively, from Level 1 to Level 2, primarily related to foreign government bonds, which were traded with less frequency. During the three and six months ended June 30, 2013, the Company transferred assets of approximately $0.2 billion and $49.0 billion, respectively, from Level 2 to Level 1. Almost all of the transfers during the six months ended June 30, 2013 were related to U.S. Treasury securities held across the Company’s major investment portfolios where Citi obtained additional information from its external pricing sources to meet the criteria for Level 1 classification. There were no material liability transfers between Level 1 and Level 2 during the three and six months ended June 30, 2013. | |||||||||||||||||||||||||||||||||
-2 | Represents netting of: (i) the amounts due under securities purchased under agreements to resell and the amounts owed under securities sold under agreements to repurchase; and (ii) derivative exposures covered by a qualifying master netting agreement and cash collateral offsetting. | |||||||||||||||||||||||||||||||||
-3 | Reflects the net amount of $45,167 million of gross cash collateral paid, of which $39,094 million was used to offset derivative liabilities. | |||||||||||||||||||||||||||||||||
-4 | There is no allowance for loan losses recorded for loans reported at fair value. | |||||||||||||||||||||||||||||||||
-5 | Because the amount of the cash collateral paid/received has not been allocated to the Level 1, 2 and 3 subtotals, these percentages are calculated based on total assets and liabilities measured at fair value on a recurring basis, excluding the cash collateral paid/received on derivatives. | |||||||||||||||||||||||||||||||||
-6 | Reflects the net amount of $43,720 million of gross cash collateral received, of which $34,893 million was used to offset derivative assets. | |||||||||||||||||||||||||||||||||
-7 | Reflects the net amount of $3,233 million of gross cash collateral received, of which $2,951 million was used to offset derivative assets. | |||||||||||||||||||||||||||||||||
Changes in level 3 fair value category | ' | |||||||||||||||||||||||||||||||||
Level 3 Fair Value Rollforward | ||||||||||||||||||||||||||||||||||
Net realized/unrealized | Transfers | Unrealized | ||||||||||||||||||||||||||||||||
gains (losses) incl. in | gains | |||||||||||||||||||||||||||||||||
(losses) | ||||||||||||||||||||||||||||||||||
In millions of dollars | Mar. 31, 2014 | Principal | Other(1)(2) | into | out of | Purchases | Issuances | Sales | Settlements | Jun. 30, 2014 | still held(3) | |||||||||||||||||||||||
transactions | Level 3 | Level 3 | ||||||||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||||
Federal funds sold and securities borrowed or purchased under agreements to resell | $ | 3,451 | $ | (78 | ) | $ | — | $ | 16 | $ | (8 | ) | $ | 75 | $ | — | $ | — | $ | (93 | ) | $ | 3,363 | $ | 129 | |||||||||
Trading non-derivative assets | ||||||||||||||||||||||||||||||||||
Trading mortgage-backed securities | ||||||||||||||||||||||||||||||||||
U.S. government-sponsored agency guaranteed | $ | 788 | $ | 17 | $ | — | $ | 198 | $ | (213 | ) | $ | 107 | $ | 4 | $ | (196 | ) | $ | (8 | ) | $ | 697 | $ | 8 | |||||||||
Residential | 2,744 | 160 | — | 79 | (129 | ) | 704 | — | (948 | ) | — | 2,610 | 98 | |||||||||||||||||||||
Commercial | 241 | 6 | — | 41 | (38 | ) | 204 | — | (45 | ) | — | 409 | 2 | |||||||||||||||||||||
Total trading mortgage-backed securities | $ | 3,773 | $ | 183 | $ | — | $ | 318 | $ | (380 | ) | $ | 1,015 | $ | 4 | $ | (1,189 | ) | $ | (8 | ) | $ | 3,716 | $ | 108 | |||||||||
U.S. Treasury and federal agency securities | $ | — | $ | 3 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | (3 | ) | $ | — | $ | — | $ | — | |||||||||||
State and municipal | 121 | 2 | — | 134 | — | 9 | — | (24 | ) | — | 242 | (17 | ) | |||||||||||||||||||||
Foreign government | 373 | (10 | ) | — | 37 | (17 | ) | 221 | — | (139 | ) | — | 465 | (1 | ) | |||||||||||||||||||
Corporate | 1,665 | (109 | ) | — | 66 | (195 | ) | 679 | — | (840 | ) | (4 | ) | 1,262 | (28 | ) | ||||||||||||||||||
Equity securities | 1,385 | (42 | ) | — | 1 | (55 | ) | 654 | — | (80 | ) | — | 1,863 | (160 | ) | |||||||||||||||||||
Asset-backed securities | 3,441 | 339 | — | 50 | (53 | ) | 759 | — | (1,160 | ) | — | 3,376 | 296 | |||||||||||||||||||||
Other trading assets | 3,452 | 58 | — | 456 | (715 | ) | 1,811 | — | (1,046 | ) | — | 4,016 | 21 | |||||||||||||||||||||
Total trading non-derivative assets | $ | 14,210 | $ | 424 | $ | — | $ | 1,062 | $ | (1,415 | ) | $ | 5,148 | $ | 4 | $ | (4,481 | ) | $ | (12 | ) | $ | 14,940 | $ | 219 | |||||||||
Trading derivatives, net(4) | ||||||||||||||||||||||||||||||||||
Interest rate contracts | 233 | (236 | ) | — | 116 | (133 | ) | 24 | — | (52 | ) | 65 | 17 | (293 | ) | |||||||||||||||||||
Foreign exchange contracts | 829 | (41 | ) | — | 32 | 11 | — | — | (1 | ) | 17 | 847 | 3 | |||||||||||||||||||||
Equity contracts | (1,236 | ) | 90 | — | (73 | ) | 278 | 112 | — | (43 | ) | (21 | ) | (893 | ) | (415 | ) | |||||||||||||||||
Commodity contracts | (1,329 | ) | 173 | — | (5 | ) | (39 | ) | — | — | — | (29 | ) | (1,229 | ) | 128 | ||||||||||||||||||
Credit derivatives | (257 | ) | (164 | ) | — | (23 | ) | (15 | ) | 102 | — | — | 158 | (199 | ) | (20 | ) | |||||||||||||||||
Total trading derivatives, net(4) | $ | (1,760 | ) | $ | (178 | ) | $ | — | $ | 47 | $ | 102 | $ | 238 | $ | — | $ | (96 | ) | $ | 190 | $ | (1,457 | ) | $ | (597 | ) | |||||||
Net realized/unrealized | Transfers | Unrealized | ||||||||||||||||||||||||||||||||
gains (losses) incl. in | gains | |||||||||||||||||||||||||||||||||
(losses) | ||||||||||||||||||||||||||||||||||
In millions of dollars | Mar. 31, 2014 | Principal | Other(1)(2) | into | out of | Purchases | Issuances | Sales | Settlements | Jun. 30, 2014 | still held(3) | |||||||||||||||||||||||
transactions | Level 3 | Level 3 | ||||||||||||||||||||||||||||||||
Investments | ||||||||||||||||||||||||||||||||||
Mortgage-backed securities | ||||||||||||||||||||||||||||||||||
U.S. government-sponsored agency guaranteed | $ | 199 | $ | — | $ | (3 | ) | $ | 11 | $ | (17 | ) | $ | — | $ | — | $ | (27 | ) | $ | — | $ | 163 | $ | (3 | ) | ||||||||
Residential | 30 | — | 10 | 17 | (1 | ) | — | — | (39 | ) | — | 17 | — | |||||||||||||||||||||
Commercial | 1 | — | — | 3 | — | 3 | — | — | — | 7 | — | |||||||||||||||||||||||
Total investment mortgage-backed securities | $ | 230 | $ | — | $ | 7 | $ | 31 | $ | (18 | ) | $ | 3 | $ | — | $ | (66 | ) | $ | — | $ | 187 | $ | (3 | ) | |||||||||
U.S. Treasury and federal agency securities | $ | 7 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 7 | $ | — | ||||||||||||
State and municipal | 1,903 | — | 29 | 463 | (180 | ) | 125 | — | (238 | ) | — | 2,102 | 37 | |||||||||||||||||||||
Foreign government | 274 | — | (7 | ) | 160 | — | 280 | — | (29 | ) | (63 | ) | 615 | — | ||||||||||||||||||||
Corporate | 531 | — | 14 | 16 | — | 19 | — | (48 | ) | (20 | ) | 512 | (2 | ) | ||||||||||||||||||||
Equity securities | 831 | — | (4 | ) | 6 | (12 | ) | 5 | — | — | — | 826 | (9 | ) | ||||||||||||||||||||
Asset-backed securities | 1,877 | — | 3 | — | — | 7 | — | — | (148 | ) | 1,739 | 10 | ||||||||||||||||||||||
Other debt securities | 99 | — | — | — | — | — | — | (1 | ) | (50 | ) | 48 | — | |||||||||||||||||||||
Non-marketable equity securities | 4,108 | — | (17 | ) | — | — | 367 | — | (176 | ) | (560 | ) | 3,722 | 12 | ||||||||||||||||||||
Total investments | $ | 9,860 | $ | — | $ | 25 | $ | 676 | $ | (210 | ) | $ | 806 | $ | — | $ | (558 | ) | $ | (841 | ) | $ | 9,758 | $ | 45 | |||||||||
Loans | $ | 4,142 | $ | — | $ | (124 | ) | $ | 84 | $ | 6 | $ | 113 | $ | 15 | $ | (38 | ) | $ | (888 | ) | $ | 3,310 | $ | 17 | |||||||||
Mortgage servicing rights | 2,586 | — | (101 | ) | — | — | — | 62 | (163 | ) | (102 | ) | 2,282 | (101 | ) | |||||||||||||||||||
Other financial assets measured on a recurring basis | 179 | — | 27 | — | — | 1 | 51 | (5 | ) | (52 | ) | 201 | 23 | |||||||||||||||||||||
Liabilities | ||||||||||||||||||||||||||||||||||
Interest-bearing deposits | $ | 935 | $ | — | $ | (20 | ) | $ | — | $ | — | $ | — | $ | — | $ | — | $ | (46 | ) | $ | 909 | $ | 12 | ||||||||||
Federal funds purchased and securities loaned or sold under agreements to repurchase | 940 | (2 | ) | — | 54 | — | 47 | — | (11 | ) | — | 1,032 | (8 | ) | ||||||||||||||||||||
Trading account liabilities | ||||||||||||||||||||||||||||||||||
Securities sold, not yet purchased | 482 | 5 | — | 31 | (22 | ) | — | — | 144 | (158 | ) | 472 | (9 | ) | ||||||||||||||||||||
Short-term borrowings | 27 | (14 | ) | — | 80 | — | 8 | — | — | — | 129 | (1 | ) | |||||||||||||||||||||
Long-term debt | 8,646 | (97 | ) | 24 | 654 | (1,384 | ) | — | 1,006 | — | (1,148 | ) | 7,847 | (311 | ) | |||||||||||||||||||
Other financial liabilities measured on a recurring basis | 3 | — | (1 | ) | 4 | — | (1 | ) | — | — | (1 | ) | 6 | — | ||||||||||||||||||||
Net realized/unrealized | Transfers | Unrealized | ||||||||||||||||||||||||||||||||
gains (losses) incl. in | gains | |||||||||||||||||||||||||||||||||
(losses) | ||||||||||||||||||||||||||||||||||
In millions of dollars | Dec. 31, 2013 | Principal | Other(1)(2) | into | out of | Purchases | Issuances | Sales | Settlements | Jun. 30, 2014 | still held(3) | |||||||||||||||||||||||
transactions | Level 3 | Level 3 | ||||||||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||||
Federal funds sold and securities borrowed or purchased under agreements to resell | $ | 3,566 | $ | (79 | ) | $ | — | $ | 67 | $ | (8 | ) | $ | 75 | $ | — | $ | — | $ | (258 | ) | $ | 3,363 | $ | 153 | |||||||||
Trading non-derivative assets | ||||||||||||||||||||||||||||||||||
Trading mortgage-backed securities | ||||||||||||||||||||||||||||||||||
U.S. government-sponsored agency guaranteed | $ | 1,094 | $ | 98 | $ | — | $ | 377 | $ | (598 | ) | $ | 261 | $ | 7 | $ | (517 | ) | $ | (25 | ) | $ | 697 | $ | 14 | |||||||||
Residential | 2,854 | 317 | — | 153 | (282 | ) | 1,680 | — | (2,112 | ) | — | 2,610 | 124 | |||||||||||||||||||||
Commercial | 256 | 11 | — | 76 | (62 | ) | 236 | — | (108 | ) | — | 409 | 5 | |||||||||||||||||||||
Total trading mortgage-backed securities | $ | 4,204 | $ | 426 | $ | — | $ | 606 | $ | (942 | ) | $ | 2,177 | $ | 7 | $ | (2,737 | ) | $ | (25 | ) | $ | 3,716 | $ | 143 | |||||||||
U.S. Treasury and federal agency securities | $ | — | $ | 3 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | (3 | ) | $ | — | $ | — | $ | — | |||||||||||
State and municipal | 222 | 4 | — | 145 | (104 | ) | 18 | — | (43 | ) | — | 242 | (20 | ) | ||||||||||||||||||||
Foreign government | 416 | (16 | ) | — | 86 | (102 | ) | 359 | — | (278 | ) | — | 465 | 39 | ||||||||||||||||||||
Corporate | 1,835 | (82 | ) | — | 253 | (340 | ) | 1,271 | — | (1,668 | ) | (7 | ) | 1,262 | (56 | ) | ||||||||||||||||||
Equity securities | 1,057 | (213 | ) | — | 36 | (60 | ) | 1,186 | — | (143 | ) | — | 1,863 | (58 | ) | |||||||||||||||||||
Asset-backed securities | 4,342 | 608 | — | 83 | (228 | ) | 1,702 | — | (3,131 | ) | — | 3,376 | 448 | |||||||||||||||||||||
Other trading assets | 3,184 | 81 | — | 1,031 | (1,179 | ) | 2,875 | — | (1,910 | ) | (66 | ) | 4,016 | 22 | ||||||||||||||||||||
Total trading non-derivative assets | $ | 15,260 | $ | 811 | $ | — | $ | 2,240 | $ | (2,955 | ) | $ | 9,588 | $ | 7 | $ | (9,913 | ) | $ | (98 | ) | $ | 14,940 | $ | 518 | |||||||||
Trading derivatives, net(4) | ||||||||||||||||||||||||||||||||||
Interest rate contracts | 839 | (584 | ) | — | 152 | (124 | ) | 42 | — | (98 | ) | (210 | ) | 17 | (225 | ) | ||||||||||||||||||
Foreign exchange contracts | 695 | 97 | — | 21 | 30 | 1 | — | (1 | ) | 4 | 847 | 145 | ||||||||||||||||||||||
Equity contracts | (858 | ) | 242 | — | (591 | ) | 330 | 262 | — | (137 | ) | (141 | ) | (893 | ) | (431 | ) | |||||||||||||||||
Commodity contracts | (1,393 | ) | 248 | — | 25 | (8 | ) | — | — | — | (101 | ) | (1,229 | ) | 197 | |||||||||||||||||||
Credit derivatives | (274 | ) | (227 | ) | — | (84 | ) | (45 | ) | 103 | — | (3 | ) | 331 | (199 | ) | (325 | ) | ||||||||||||||||
Total trading derivatives, net(4) | $ | (991 | ) | $ | (224 | ) | $ | — | $ | (477 | ) | $ | 183 | $ | 408 | $ | — | $ | (239 | ) | $ | (117 | ) | $ | (1,457 | ) | $ | (639 | ) | |||||
Net realized/unrealized | Transfers | Unrealized | ||||||||||||||||||||||||||||||||
gains (losses) incl. in | gains | |||||||||||||||||||||||||||||||||
(losses) | ||||||||||||||||||||||||||||||||||
In millions of dollars | Dec. 31, 2013 | Principal | Other(1)(2) | into | out of | Purchases | Issuances | Sales | Settlements | Jun. 30, 2014 | still held(3) | |||||||||||||||||||||||
transactions | Level 3 | Level 3 | ||||||||||||||||||||||||||||||||
Investments | ||||||||||||||||||||||||||||||||||
Mortgage-backed securities | ||||||||||||||||||||||||||||||||||
U.S. government-sponsored agency guaranteed | $ | 187 | $ | — | $ | 45 | $ | 35 | $ | (54 | ) | $ | 17 | $ | — | $ | (66 | ) | $ | (1 | ) | $ | 163 | $ | (3 | ) | ||||||||
Residential | 102 | — | 33 | 30 | (1 | ) | 17 | — | (164 | ) | — | 17 | — | |||||||||||||||||||||
Commercial | — | — | — | 4 | — | 3 | — | — | — | 7 | — | |||||||||||||||||||||||
Total investment mortgage-backed securities | $ | 289 | $ | — | $ | 78 | $ | 69 | $ | (55 | ) | $ | 37 | $ | — | $ | (230 | ) | $ | (1 | ) | $ | 187 | $ | (3 | ) | ||||||||
U.S. Treasury and federal agency securities | $ | 8 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | (1 | ) | $ | — | $ | 7 | $ | — | |||||||||||
State and municipal | 1,643 | — | 65 | 717 | (465 | ) | 498 | — | (356 | ) | — | 2,102 | 72 | |||||||||||||||||||||
Foreign government | 344 | — | (5 | ) | 182 | (42 | ) | 329 | — | (107 | ) | (86 | ) | 615 | — | |||||||||||||||||||
Corporate | 285 | — | 13 | 18 | (1 | ) | 266 | — | (49 | ) | (20 | ) | 512 | (4 | ) | |||||||||||||||||||
Equity securities | 815 | — | 12 | 12 | (12 | ) | 6 | — | (7 | ) | — | 826 | 7 | |||||||||||||||||||||
Asset-backed securities | 1,960 | — | 11 | — | (42 | ) | 55 | — | (97 | ) | (148 | ) | 1,739 | 5 | ||||||||||||||||||||
Other debt securities | 50 | — | (1 | ) | — | — | 50 | — | (1 | ) | (50 | ) | 48 | — | ||||||||||||||||||||
Non-marketable equity securities | 4,347 | — | 32 | 67 | — | 619 | — | (259 | ) | (1,084 | ) | 3,722 | 15 | |||||||||||||||||||||
Total investments | $ | 9,741 | $ | — | $ | 205 | $ | 1,065 | $ | (617 | ) | $ | 1,860 | $ | — | $ | (1,107 | ) | $ | (1,389 | ) | $ | 9,758 | $ | 92 | |||||||||
Loans | $ | 4,143 | $ | — | $ | (152 | ) | $ | 84 | $ | 6 | $ | 266 | $ | 65 | $ | (117 | ) | $ | (985 | ) | $ | 3,310 | $ | 17 | |||||||||
Mortgage servicing rights | 2,718 | — | (215 | ) | — | — | — | 112 | (135 | ) | (198 | ) | 2,282 | (216 | ) | |||||||||||||||||||
Other financial assets measured on a recurring basis | 181 | — | 25 | — | — | 1 | 87 | (9 | ) | (84 | ) | 201 | 17 | |||||||||||||||||||||
Liabilities | ||||||||||||||||||||||||||||||||||
Interest-bearing deposits | $ | 890 | $ | — | $ | (90 | ) | $ | — | $ | — | $ | — | $ | — | $ | — | $ | (71 | ) | $ | 909 | $ | 3 | ||||||||||
Federal funds purchased and securities loaned or sold under agreements to repurchase | 902 | (9 | ) | — | 54 | — | 78 | — | (11 | ) | — | 1,032 | (21 | ) | ||||||||||||||||||||
Trading account liabilities | ||||||||||||||||||||||||||||||||||
Securities sold, not yet purchased | 590 | 15 | — | 49 | (51 | ) | — | — | 294 | (395 | ) | 472 | (6 | ) | ||||||||||||||||||||
Short-term borrowings | 29 | (31 | ) | — | 80 | — | 8 | 1 | — | (20 | ) | 129 | (6 | ) | ||||||||||||||||||||
Long-term debt | 7,621 | (381 | ) | 49 | 1,613 | (2,238 | ) | — | 1,946 | — | (1,427 | ) | 7,847 | (521 | ) | |||||||||||||||||||
Other financial liabilities measured on a recurring basis | 10 | — | (1 | ) | 4 | — | (1 | ) | 1 | (3 | ) | (6 | ) | 6 | — | |||||||||||||||||||
-1 | Changes in fair value for available-for-sale investments are recorded in Accumulated other comprehensive income (loss), unless other-than-temporarily impaired, 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 Accumulated other comprehensive income (loss) 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 June 30, 2014. | |||||||||||||||||||||||||||||||||
-4 | Total Level 3 derivative assets and liabilities have been netted in these tables for presentation purposes only. | |||||||||||||||||||||||||||||||||
Net realized/unrealized | Transfers | Unrealized | ||||||||||||||||||||||||||||||||
gains (losses) incl. in | gains | |||||||||||||||||||||||||||||||||
(losses) | ||||||||||||||||||||||||||||||||||
In millions of dollars | Mar. 31, 2013 | Principal | Other(1)(2) | into | out of | Purchases | Issuances | Sales | Settlements | Jun. 30, 2013 | still held(3) | |||||||||||||||||||||||
transactions | Level 3 | Level 3 | ||||||||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||||
Federal funds sold and securities borrowed or purchased under agreements to resell | $ | 4,349 | $ | (150 | ) | $ | — | $ | — | $ | (39 | ) | $ | 17 | $ | — | $ | — | $ | — | $ | 4,177 | $ | 365 | ||||||||||
Trading non-derivative assets | ||||||||||||||||||||||||||||||||||
Trading mortgage-backed securities | ||||||||||||||||||||||||||||||||||
U.S. government-sponsored agency guaranteed | $ | 1,278 | $ | 27 | $ | — | $ | 345 | $ | (303 | ) | $ | 689 | $ | 29 | $ | (339 | ) | $ | (22 | ) | $ | 1,704 | $ | (9 | ) | ||||||||
Residential | 2,112 | 187 | — | 219 | (36 | ) | 1,171 | — | (715 | ) | — | 2,938 | 44 | |||||||||||||||||||||
Commercial | 410 | 38 | — | 66 | (148 | ) | 79 | — | (119 | ) | — | 326 | 7 | |||||||||||||||||||||
Total trading mortgage-backed securities | $ | 3,800 | $ | 252 | $ | — | $ | 630 | $ | (487 | ) | $ | 1,939 | $ | 29 | $ | (1,173 | ) | $ | (22 | ) | $ | 4,968 | $ | 42 | |||||||||
U.S. Treasury and federal agency securities | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||
State and municipal | 209 | 18 | — | — | — | 56 | — | (42 | ) | — | 241 | (6 | ) | |||||||||||||||||||||
Foreign government | 228 | (4 | ) | — | 47 | (25 | ) | 52 | — | (58 | ) | — | 240 | (2 | ) | |||||||||||||||||||
Corporate | 1,736 | 74 | — | 62 | (83 | ) | 811 | — | (376 | ) | (536 | ) | 1,688 | 65 | ||||||||||||||||||||
Equity securities | 279 | (33 | ) | — | 25 | (96 | ) | 62 | — | (47 | ) | — | 190 | (24 | ) | |||||||||||||||||||
Asset-backed securities | 4,410 | 144 | — | 48 | (23 | ) | 1,449 | — | (1,552 | ) | (217 | ) | 4,259 | (2 | ) | |||||||||||||||||||
Other trading assets | 2,260 | 8 | — | 369 | (571 | ) | 789 | — | (480 | ) | (99 | ) | 2,276 | (3 | ) | |||||||||||||||||||
Total trading non-derivative assets | $ | 12,922 | $ | 459 | $ | — | $ | 1,181 | $ | (1,285 | ) | $ | 5,158 | $ | 29 | $ | (3,728 | ) | $ | (874 | ) | $ | 13,862 | $ | 70 | |||||||||
Trading derivatives, net(4) | ||||||||||||||||||||||||||||||||||
Interest rate contracts | 298 | 339 | — | 235 | 275 | 52 | — | (67 | ) | (49 | ) | 1,083 | 434 | |||||||||||||||||||||
Foreign exchange contracts | 140 | 213 | — | 20 | 13 | 6 | — | (1 | ) | (24 | ) | 367 | (64 | ) | ||||||||||||||||||||
Equity contracts | (1,474 | ) | 169 | — | (2 | ) | 265 | 67 | — | 5 | (122 | ) | (1,092 | ) | (389 | ) | ||||||||||||||||||
Commodity contracts | (637 | ) | 357 | — | (1 | ) | 7 | 12 | — | (18 | ) | 62 | (218 | ) | 528 | |||||||||||||||||||
Credit derivatives | (156 | ) | (43 | ) | — | 102 | (49 | ) | 4 | — | — | 101 | (41 | ) | 7 | |||||||||||||||||||
Total trading derivatives, net(4) | $ | (1,829 | ) | $ | 1,035 | $ | — | $ | 354 | $ | 511 | $ | 141 | $ | — | $ | (81 | ) | $ | (32 | ) | $ | 99 | $ | 516 | |||||||||
Investments | ||||||||||||||||||||||||||||||||||
Mortgage-backed securities | ||||||||||||||||||||||||||||||||||
U.S. government-sponsored agency guaranteed | $ | 2,526 | $ | — | $ | (1 | ) | $ | 264 | $ | (2,319 | ) | $ | (1 | ) | $ | — | $ | — | $ | (49 | ) | $ | 420 | $ | 5 | ||||||||
Residential | 186 | — | 14 | — | (60 | ) | — | — | (140 | ) | — | — | — | |||||||||||||||||||||
Commercial | — | — | — | 3 | (12 | ) | 12 | — | — | — | 3 | — | ||||||||||||||||||||||
Total investment mortgage-backed securities | $ | 2,712 | $ | — | $ | 13 | $ | 267 | $ | (2,391 | ) | $ | 11 | $ | — | $ | (140 | ) | $ | (49 | ) | $ | 423 | $ | 5 | |||||||||
U.S. Treasury and federal agency securities | $ | 11 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | (2 | ) | $ | — | $ | 9 | $ | — | |||||||||||
State and municipal | 748 | — | 15 | — | — | 126 | — | (80 | ) | (125 | ) | 684 | 13 | |||||||||||||||||||||
Foreign government | 268 | — | (5 | ) | 83 | (27 | ) | 159 | — | (84 | ) | (27 | ) | 367 | — | |||||||||||||||||||
Corporate | 345 | — | (4 | ) | 191 | (104 | ) | 2 | — | (4 | ) | (22 | ) | 404 | 1 | |||||||||||||||||||
Equity securities | 767 | — | (5 | ) | 17 | — | — | — | — | — | 779 | (38 | ) | |||||||||||||||||||||
Asset-backed securities | 3,815 | — | 12 | — | (1,684 | ) | 233 | — | — | (618 | ) | 1,758 | 6 | |||||||||||||||||||||
Other debt securities | 52 | — | — | — | — | — | — | (1 | ) | — | 51 | — | ||||||||||||||||||||||
Non-marketable equity securities | 5,287 | — | 109 | — | — | 513 | — | (62 | ) | (484 | ) | 5,363 | 72 | |||||||||||||||||||||
Total investments | $ | 14,005 | $ | — | $ | 135 | $ | 558 | $ | (4,206 | ) | $ | 1,044 | $ | — | $ | (373 | ) | $ | (1,325 | ) | $ | 9,838 | $ | 59 | |||||||||
Net realized/unrealized | Transfers | Unrealized | ||||||||||||||||||||||||||||||||
gains (losses) incl. in | gains | |||||||||||||||||||||||||||||||||
(losses) | ||||||||||||||||||||||||||||||||||
In millions of dollars | Mar. 31, 2013 | Principal | Other(1)(2) | into | out of | Purchases | Issuances | Sales | Settlements | Jun. 30, 2013 | still held(3) | |||||||||||||||||||||||
transactions | Level 3 | Level 3 | ||||||||||||||||||||||||||||||||
Loans | $ | 4,514 | $ | — | $ | (3 | ) | $ | 353 | $ | — | $ | (36 | ) | $ | 6 | $ | 57 | $ | (570 | ) | $ | 4,321 | $ | — | |||||||||
Mortgage servicing rights | 2,203 | — | 227 | — | — | — | 205 | — | (111 | ) | 2,524 | 228 | ||||||||||||||||||||||
Other financial assets measured on a recurring basis | 2,428 | — | (30 | ) | — | — | 78 | 50 | (2,005 | ) | (276 | ) | 245 | (35 | ) | |||||||||||||||||||
Liabilities | ||||||||||||||||||||||||||||||||||
Interest-bearing deposits | $ | 834 | $ | — | $ | (51 | ) | $ | — | $ | — | $ | — | $ | 38 | $ | — | $ | (92 | ) | $ | 831 | $ | (23 | ) | |||||||||
Federal funds purchased and securities loaned or sold under agreements to repurchase | 1,053 | 33 | — | — | (15 | ) | — | — | 2 | — | 1,007 | 29 | ||||||||||||||||||||||
Trading account liabilities | ||||||||||||||||||||||||||||||||||
Securities sold, not yet purchased | 335 | (8 | ) | — | 4 | (6 | ) | — | — | 130 | (21 | ) | 450 | (40 | ) | |||||||||||||||||||
Short-term borrowings | 53 | (16 | ) | — | — | (4 | ) | — | 290 | — | (20 | ) | 335 | (45 | ) | |||||||||||||||||||
Long-term debt | 6,847 | 380 | 36 | 730 | (549 | ) | — | 621 | — | (422 | ) | 6,811 | (464 | ) | ||||||||||||||||||||
Other financial liabilities measured on a recurring basis | 16 | — | (186 | ) | 3 | — | (1 | ) | 88 | — | (197 | ) | 95 | (196 | ) | |||||||||||||||||||
Net realized/unrealized | Transfers | Unrealized | ||||||||||||||||||||||||||||||||
gains (losses) incl. in | gains | |||||||||||||||||||||||||||||||||
(losses) | ||||||||||||||||||||||||||||||||||
In millions of dollars | Dec. 31, 2012 | Principal | Other(1)(2) | into | out of | Purchases | Issuances | Sales | Settlements | Jun. 30, 2013 | still held(3) | |||||||||||||||||||||||
transactions | Level 3 | Level 3 | ||||||||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||||
Federal funds sold and securities borrowed or purchased under agreements to resell | $ | 5,043 | $ | (163 | ) | $ | — | $ | 598 | $ | (1,318 | ) | $ | 17 | $ | — | $ | — | $ | — | $ | 4,177 | $ | 123 | ||||||||||
Trading non-derivative assets | ||||||||||||||||||||||||||||||||||
Trading mortgage-backed securities | ||||||||||||||||||||||||||||||||||
U.S. government-sponsored agency guaranteed | $ | 1,325 | $ | 76 | $ | — | $ | 737 | $ | (705 | ) | $ | 969 | $ | 55 | $ | (707 | ) | $ | (46 | ) | $ | 1,704 | $ | 43 | |||||||||
Residential | 1,805 | 358 | — | 317 | (212 | ) | 1,898 | — | (1,221 | ) | (7 | ) | 2,938 | 99 | ||||||||||||||||||||
Commercial | 1,119 | 92 | — | 155 | (184 | ) | 146 | — | (985 | ) | (17 | ) | 326 | 8 | ||||||||||||||||||||
Total trading mortgage-backed securities | $ | 4,249 | $ | 526 | $ | — | $ | 1,209 | $ | (1,101 | ) | $ | 3,013 | $ | 55 | $ | (2,913 | ) | $ | (70 | ) | $ | 4,968 | $ | 150 | |||||||||
State and municipal | 195 | 19 | — | — | — | 75 | — | (48 | ) | — | 241 | (6 | ) | |||||||||||||||||||||
Foreign government | 311 | (2 | ) | — | 53 | (61 | ) | 117 | — | (178 | ) | — | 240 | (2 | ) | |||||||||||||||||||
Corporate | 2,030 | (30 | ) | — | 138 | (100 | ) | 1,379 | — | (819 | ) | (910 | ) | 1,688 | (406 | ) | ||||||||||||||||||
Equity securities | 264 | 4 | — | 48 | (159 | ) | 140 | — | (107 | ) | — | 190 | 286 | |||||||||||||||||||||
Asset-backed securities | 4,453 | 368 | — | 86 | (55 | ) | 3,032 | — | (3,408 | ) | (217 | ) | 4,259 | 13 | ||||||||||||||||||||
Other trading assets | 2,321 | 106 | — | 508 | (998 | ) | 1,533 | — | (996 | ) | (198 | ) | 2,276 | 13 | ||||||||||||||||||||
Total trading non-derivative assets | $ | 13,823 | $ | 991 | $ | — | $ | 2,042 | $ | (2,474 | ) | $ | 9,289 | $ | 55 | $ | (8,469 | ) | $ | (1,395 | ) | $ | 13,862 | $ | 48 | |||||||||
Trading derivatives, net(4) | ||||||||||||||||||||||||||||||||||
Interest rate contracts | 181 | 312 | — | 749 | 108 | 143 | — | (82 | ) | (328 | ) | 1,083 | 983 | |||||||||||||||||||||
Foreign exchange contracts | — | 311 | — | 30 | 3 | 15 | — | (8 | ) | 16 | 367 | (151 | ) | |||||||||||||||||||||
Equity contracts | (1,448 | ) | 261 | — | (24 | ) | 346 | 116 | — | (56 | ) | (287 | ) | (1,092 | ) | (589 | ) | |||||||||||||||||
Commodity contracts | (771 | ) | 411 | — | 7 | 5 | 15 | — | (25 | ) | 140 | (218 | ) | 669 | ||||||||||||||||||||
Credit derivatives | (342 | ) | (146 | ) | — | 110 | (178 | ) | 12 | — | — | 503 | (41 | ) | 217 | |||||||||||||||||||
Total trading derivatives, net(4) | $ | (2,380 | ) | $ | 1,149 | $ | — | $ | 872 | $ | 284 | $ | 301 | $ | — | $ | (171 | ) | $ | 44 | $ | 99 | $ | 1,129 | ||||||||||
Investments | ||||||||||||||||||||||||||||||||||
Mortgage-backed securities | ||||||||||||||||||||||||||||||||||
U.S. government-sponsored agency guaranteed | $ | 1,458 | $ | — | $ | 2 | $ | 1,897 | $ | (3,350 | ) | $ | 470 | $ | — | $ | — | $ | (57 | ) | $ | 420 | $ | 2 | ||||||||||
Residential | 205 | — | 23 | 60 | (265 | ) | 117 | — | (140 | ) | — | — | — | |||||||||||||||||||||
Commercial | — | — | — | 3 | (12 | ) | 12 | — | — | — | 3 | — | ||||||||||||||||||||||
Total investment mortgage-backed securities | $ | 1,663 | $ | — | $ | 25 | $ | 1,960 | $ | (3,627 | ) | $ | 599 | $ | — | $ | (140 | ) | $ | (57 | ) | $ | 423 | $ | 2 | |||||||||
U.S. Treasury and federal agency securities | $ | 12 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | (3 | ) | $ | — | $ | 9 | $ | — | |||||||||||
State and municipal | 849 | — | (2 | ) | 7 | (117 | ) | 207 | — | (135 | ) | (125 | ) | 684 | (6 | ) | ||||||||||||||||||
Foreign government | 383 | — | (4 | ) | 105 | (201 | ) | 289 | — | (151 | ) | (54 | ) | 367 | (6 | ) | ||||||||||||||||||
Corporate | 385 | — | (3 | ) | 291 | (116 | ) | 16 | — | (147 | ) | (22 | ) | 404 | 3 | |||||||||||||||||||
Equity securities | 773 | — | (3 | ) | 17 | — | 1 | — | (9 | ) | — | 779 | (38 | ) | ||||||||||||||||||||
Asset-backed securities | 2,220 | — | 50 | 1,192 | (1,684 | ) | 925 | — | (17 | ) | (928 | ) | 1,758 | 6 | ||||||||||||||||||||
Other debt securities | 258 | — | — | — | (205 | ) | — | — | (2 | ) | — | 51 | — | |||||||||||||||||||||
Non-marketable equity securities | 5,364 | — | 178 | — | — | 553 | — | (83 | ) | (649 | ) | 5,363 | 207 | |||||||||||||||||||||
Total investments | $ | 11,907 | $ | — | $ | 241 | $ | 3,572 | $ | (5,950 | ) | $ | 2,590 | $ | — | $ | (687 | ) | $ | (1,835 | ) | $ | 9,838 | $ | 168 | |||||||||
Net realized/unrealized | Transfers | Unrealized | ||||||||||||||||||||||||||||||||
gains (losses) incl. in | gains | |||||||||||||||||||||||||||||||||
(losses) | ||||||||||||||||||||||||||||||||||
In millions of dollars | Dec. 31, 2012 | Principal | Other(1)(2) | into | out of | Purchases | Issuances | Sales | Settlements | Jun. 30, 2013 | still held(3) | |||||||||||||||||||||||
transactions | Level 3 | Level 3 | ||||||||||||||||||||||||||||||||
Loans | $ | 4,931 | $ | — | $ | (78 | ) | $ | 353 | $ | — | $ | 59 | $ | 13 | $ | (6 | ) | $ | (951 | ) | $ | 4,321 | $ | 178 | |||||||||
Mortgage servicing rights | 1,942 | — | 417 | — | — | — | 377 | (1 | ) | (211 | ) | 2,524 | 191 | |||||||||||||||||||||
Other financial assets measured on a recurring basis | 2,452 | — | 6 | 1 | — | 216 | 340 | (2,010 | ) | (760 | ) | 245 | 194 | |||||||||||||||||||||
Liabilities | ||||||||||||||||||||||||||||||||||
Interest-bearing deposits | $ | 786 | $ | — | $ | (67 | ) | $ | 22 | $ | — | $ | — | $ | 63 | $ | — | $ | (107 | ) | $ | 831 | $ | (164 | ) | |||||||||
Federal funds purchased and securities loaned or sold under agreements to repurchase | 841 | 60 | — | 201 | (15 | ) | — | — | 40 | — | 1,007 | 41 | ||||||||||||||||||||||
Trading account liabilities | ||||||||||||||||||||||||||||||||||
Securities sold, not yet purchased | 365 | 11 | — | 24 | (11 | ) | — | — | 176 | (93 | ) | 450 | 88 | |||||||||||||||||||||
Short-term borrowings | 112 | 26 | — | — | (4 | ) | — | 291 | — | (38 | ) | 335 | (44 | ) | ||||||||||||||||||||
Long-term debt | 6,726 | 371 | 69 | 1,365 | (1,014 | ) | — | 905 | (1 | ) | (730 | ) | 6,811 | (907 | ) | |||||||||||||||||||
Other financial liabilities measured on a recurring basis | 24 | — | (185 | ) | 5 | (2 | ) | (3 | ) | 90 | — | (204 | ) | 95 | (198 | ) | ||||||||||||||||||
-1 | Changes in fair value for available-for-sale investments are recorded in Accumulated other comprehensive income (loss), unless other-than-temporarily impaired, 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 Accumulated other comprehensive income (loss) 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 June 30, 2013. | |||||||||||||||||||||||||||||||||
-4 | Total Level 3 derivative assets and liabilities have been netted in these tables for presentation purposes only. | |||||||||||||||||||||||||||||||||
Significant valuation techniques and most significant unobservable inputs used in Level 3 fair value measurements | ' | |||||||||||||||||||||||||||||||||
Valuation Techniques and Inputs for Level 3 Fair Value Measurements | ||||||||||||||||||||||||||||||||||
As of June 30, 2014 | Fair Value(1) | Methodology | Input | Low(2)(3) | High(2)(3) | Weighted | ||||||||||||||||||||||||||||
(in millions) | Average(4) | |||||||||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||||
Federal funds sold and securities | $ | 3,212 | Model-based | Interest rate | 1.38 | % | 1.99 | % | 1.85 | % | ||||||||||||||||||||||||
borrowed or purchased under | ||||||||||||||||||||||||||||||||||
agreements to resell | ||||||||||||||||||||||||||||||||||
Mortgage-backed securities | $ | 2,573 | Price-based | Price | $ | 0.05 | $ | 116.37 | $ | 80.89 | ||||||||||||||||||||||||
1,028 | Yield analysis | Yield | 0.11 | % | 22.73 | % | 7.95 | % | ||||||||||||||||||||||||||
State and municipal, foreign | $ | 6,482 | Price-based | Price | $ | — | $ | 141.75 | $ | 89.19 | ||||||||||||||||||||||||
government, corporate and other debt | ||||||||||||||||||||||||||||||||||
securities | ||||||||||||||||||||||||||||||||||
1,834 | Cash flow | Credit spread | 60 bps | 600 bps | 226 bps | |||||||||||||||||||||||||||||
Equity securities(5) | $ | 1,800 | Price-based | Price (5) | $ | — | $ | 163 | $ | 73.92 | ||||||||||||||||||||||||
831 | Cash Flow | Yield | 4 | % | 5 | % | 4.5 | % | ||||||||||||||||||||||||||
WAL | 0.01 years | 3.25 years | 1.36 years | |||||||||||||||||||||||||||||||
Asset-backed securities | $ | 3,732 | Price-based | Price | $ | — | $ | 105 | $ | 71.79 | ||||||||||||||||||||||||
1,185 | Model-based | Credit spread | 294 bps | 294 bps | 294 bps | |||||||||||||||||||||||||||||
Non-marketable equity | $ | 1,773 | Price-based | Discount to price | — | % | 90 | % | 5.66 | % | ||||||||||||||||||||||||
1,461 | Comparables analysis | EBITDA multiples | 4.4 | x | 13.9 | x | 9.66 | x | ||||||||||||||||||||||||||
472 | Cash flow | PE ratio | 8.8 | x | 8.8 | x | 8.8 | x | ||||||||||||||||||||||||||
Price-to-book ratio | 0.9 | x | 1.6 | x | 1.25 | x | ||||||||||||||||||||||||||||
Fund NAV | $ | 550 | $ | 78,234,268 | $ | 34,691,460 | ||||||||||||||||||||||||||||
Derivatives—Gross(6) | ||||||||||||||||||||||||||||||||||
Interest rate contracts (gross) | $ | 7,344 | Model-based | Interest rate (IR) lognormal volatility | 11.86 | % | 87.59 | % | 21.85 | % | ||||||||||||||||||||||||
Mean reversion | 1 | % | 20 | % | 10.39 | % | ||||||||||||||||||||||||||||
Foreign exchange contracts (gross) | $ | 1,216 | Model-based | Foreign exchange (FX) volatility | 1.96 | % | 23.1 | % | 11.25 | % | ||||||||||||||||||||||||
264 | Cash flow | Interest rate | 3.2 | % | 12.16 | % | 6.24 | % | ||||||||||||||||||||||||||
Credit spread | 31 bps | 395 bps | 126 bps | |||||||||||||||||||||||||||||||
IR-FX correlation | 40 | % | 60 | % | 50 | % | ||||||||||||||||||||||||||||
IR-IR correlation | 40 | % | 40 | % | 40 | % | ||||||||||||||||||||||||||||
Equity contracts (gross)(7) | $ | 3,983 | Model-based | Equity volatility | 9.1 | % | 124.17 | % | 22.78 | % | ||||||||||||||||||||||||
480 | Price-based | Equity forward | 89.56 | % | 121.29 | % | 101.81 | % | ||||||||||||||||||||||||||
Equity-FX correlation | (90.00 | )% | 65 | % | (20.48 | )% | ||||||||||||||||||||||||||||
Equity-equity correlation | 8.2 | % | 95.3 | % | 57.16 | % | ||||||||||||||||||||||||||||
Price | $ | 0.01 | $ | 130 | $ | 81.39 | ||||||||||||||||||||||||||||
As of June 30, 2014 | Fair Value(1) | Methodology | Input | Low(2)(3) | High(2)(3) | Weighted | ||||||||||||||||||||||||||||
(in millions) | Average(4) | |||||||||||||||||||||||||||||||||
Commodity contracts (gross) | $ | 2,525 | Model-based | Commodity volatility | 5 | % | 124 | % | 15 | % | ||||||||||||||||||||||||
Forward price | 45.31 | % | 190.53 | % | 107.17 | % | ||||||||||||||||||||||||||||
Commodity correlation | (52.00 | )% | 90 | % | 26 | % | ||||||||||||||||||||||||||||
Credit derivatives (gross) | $ | 4,125 | Model-based | Credit correlation | — | % | 95 | % | 52.12 | % | ||||||||||||||||||||||||
1,716 | Price-based | Recovery rate | 10 | % | 61.12 | % | 36.73 | % | ||||||||||||||||||||||||||
Price | $ | — | $ | 130 | $ | 42.2 | ||||||||||||||||||||||||||||
Upfront points | 1.01 | 98.96 | 76.54 | |||||||||||||||||||||||||||||||
Nontrading derivatives and other financial | $ | 94 | Price-based | Redemption rate | 3 | % | 99.5 | % | 64.71 | % | ||||||||||||||||||||||||
assets and liabilities measured on a | ||||||||||||||||||||||||||||||||||
recurring basis (gross)(6) | ||||||||||||||||||||||||||||||||||
60 | Model-based | EBITDA multiples | 4.5 | x | 12.5 | x | 11.73 | x | ||||||||||||||||||||||||||
53 | Comparables analysis | PE ratio | 10.8 | x | 10.8 | x | 10.8 | x | ||||||||||||||||||||||||||
Fund NAV | $ | 1 | $ | 9,847,972 | $ | 8,381,450 | ||||||||||||||||||||||||||||
Price | $ | — | $ | 108.7 | $ | 73.72 | ||||||||||||||||||||||||||||
Discount to price | — | 35 | 17.44 | |||||||||||||||||||||||||||||||
Price-to-book ratio | 1 | x | 1 | x | 1 | x | ||||||||||||||||||||||||||||
Loans | $ | 491 | Model-based | Credit spread | 39 bps | 1,600 bps | 350 bps | |||||||||||||||||||||||||||
1,203 | Price-based | Price | $ | 5 | $ | 106.51 | $ | 99.26 | ||||||||||||||||||||||||||
1,168 | Cash flow | Yield | 1.6 | % | 4.5 | % | 2.23 | % | ||||||||||||||||||||||||||
448 | Yield analysis | |||||||||||||||||||||||||||||||||
Mortgage servicing rights | $ | 2,185 | Cash flow | Yield | — | % | 51.05 | % | 7.66 | % | ||||||||||||||||||||||||
WAL | 3.50 years | 10.98 years | 5.81 years | |||||||||||||||||||||||||||||||
Liabilities | ||||||||||||||||||||||||||||||||||
Interest-bearing deposits | $ | 909 | Model-based | Mean reversion | 1 | % | 20 | % | 10.5 | % | ||||||||||||||||||||||||
Equity volatility | 19.08 | % | 26.61 | % | 26.31 | % | ||||||||||||||||||||||||||||
Equity-IR correlation | 28 | % | 32 | % | 28.08 | % | ||||||||||||||||||||||||||||
Forward price | 45.31 | % | 190.53 | % | 107.17 | % | ||||||||||||||||||||||||||||
Commodity correlation | (52.00 | )% | 90 | % | 26 | % | ||||||||||||||||||||||||||||
Commodity volatility | 5 | % | 124 | % | 15 | % | ||||||||||||||||||||||||||||
Federal funds purchased and securities | $ | 1,032 | Model-based | Interest rate | 1.04 | % | 2.81 | % | 2.35 | % | ||||||||||||||||||||||||
loaned or sold under agreements to | ||||||||||||||||||||||||||||||||||
repurchase | ||||||||||||||||||||||||||||||||||
Trading account liabilities | ||||||||||||||||||||||||||||||||||
Securities sold, not yet purchased | $ | 284 | Model-based | Credit IR correlation | (70.49 | )% | 7.47 | % | (41.41 | )% | ||||||||||||||||||||||||
$ | 144 | Price-based | Price | $ | — | $ | 120 | $ | 76.64 | |||||||||||||||||||||||||
Yield | (0.67 | )% | 9.5 | % | 0.74 | % | ||||||||||||||||||||||||||||
Short-term borrowings and long-term | $ | 7,917 | Model-based | Equity volatility | 9.1 | % | 27.5 | % | 9.43 | % | ||||||||||||||||||||||||
debt | ||||||||||||||||||||||||||||||||||
Forward price | 45.31 | % | 190.53 | % | 107.17 | % | ||||||||||||||||||||||||||||
Equity forward | 96.5 | % | 119.7 | % | 101.36 | % | ||||||||||||||||||||||||||||
Equity-FX correlation | (90.00 | )% | 65 | % | (21.40 | )% | ||||||||||||||||||||||||||||
Equity-equity correlation | 8.2 | % | 95.3 | % | 57 | % | ||||||||||||||||||||||||||||
IR lognormal volatility | 11.86 | % | 87.59 | % | 21.85 | % | ||||||||||||||||||||||||||||
Mean reversion | 1 | % | 20 | % | 10.71 | % | ||||||||||||||||||||||||||||
Commodity correlation | (52.00 | )% | 90 | % | 26 | % | ||||||||||||||||||||||||||||
Commodity volatility | 5 | % | 124 | % | 15 | % | ||||||||||||||||||||||||||||
Interest rate | 2.61 | % | 2.81 | % | 2.67 | % | ||||||||||||||||||||||||||||
As of December 31, 2013 | Fair Value(1) | Methodology | Input | Low(2)(3) | High(2)(3) | Weighted | ||||||||||||||||||||||||||||
(in millions) | Average(4) | |||||||||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||||
Federal funds sold and securities | $ | 3,299 | Model-based | Interest rate | 1.33 | % | 2.19 | % | 2.04 | % | ||||||||||||||||||||||||
borrowed or purchased under | ||||||||||||||||||||||||||||||||||
agreements to resell | ||||||||||||||||||||||||||||||||||
Mortgage-backed securities | $ | 2,869 | Price-based | Price | $ | 0.1 | $ | 117.78 | 77.6 | |||||||||||||||||||||||||
1,241 | Yield analysis | Yield | 0.03 | % | 21.8 | % | 8.66 | % | ||||||||||||||||||||||||||
State and municipal, foreign | $ | 5,361 | Price-based | Price | $ | — | $ | 126.49 | $ | 87.47 | ||||||||||||||||||||||||
government, corporate and other debt | ||||||||||||||||||||||||||||||||||
securities | ||||||||||||||||||||||||||||||||||
2,014 | Cash flow | Credit spread | 11 bps | 375 bps | 213 bps | |||||||||||||||||||||||||||||
Equity securities(5) | $ | 947 | Price-based | Price (5) | $ | 0.31 | $ | 93.66 | $ | 86.9 | ||||||||||||||||||||||||
827 | Cash flow | Yield | 4 | % | 5 | % | 4.5 | % | ||||||||||||||||||||||||||
WAL | 0.01 years | 3.55 years | 1.38 years | |||||||||||||||||||||||||||||||
Asset-backed securities | $ | 4,539 | Price-based | Price | $ | — | $ | 135.83 | $ | 70.89 | ||||||||||||||||||||||||
1,300 | Model-based | Credit spread | 25 bps | 378 bps | 302 bps | |||||||||||||||||||||||||||||
Non-marketable equity | $ | 2,324 | Price-based | Fund NAV | $ | 612 | $336,559,340 | $124,080,454 | ||||||||||||||||||||||||||
1,470 | Comparables analysis | EBITDA multiples | 4.2 | x | 16.9 | x | 9.78 | x | ||||||||||||||||||||||||||
533 | Cash flow | Discount to price | — | % | 75 | % | 3.47 | % | ||||||||||||||||||||||||||
Price-to-book ratio | 0.9 | x | 1.05 | x | 1.02 | x | ||||||||||||||||||||||||||||
PE ratio | 9.1 | x | 9.1 | x | 9.1 | x | ||||||||||||||||||||||||||||
Derivatives—Gross(6) | ||||||||||||||||||||||||||||||||||
Interest rate contracts (gross) | $ | 5,721 | Model-based | Interest rate (IR) lognormal volatility | 10.6 | % | 87.2 | % | 21.16 | % | ||||||||||||||||||||||||
Foreign exchange contracts (gross) | $ | 1,727 | Model-based | Foreign exchange (FX) volatility | 1 | % | 28 | % | 13.45 | % | ||||||||||||||||||||||||
189 | Cash flow | Interest rate | 0.11 | % | 13.88 | % | 6.02 | % | ||||||||||||||||||||||||||
IR-FX correlation | 40 | % | 60 | % | 50 | % | ||||||||||||||||||||||||||||
IR-IR correlation | 40 | % | 68.79 | % | 40.52 | % | ||||||||||||||||||||||||||||
Credit spread | 25 bps | 419 bps | 162 bps | |||||||||||||||||||||||||||||||
Equity contracts (gross)(7) | $ | 3,189 | Model-based | Equity volatility | 10.02 | % | 73.48 | % | 29.87 | % | ||||||||||||||||||||||||
563 | Price-based | Equity forward | 79.1 | % | 141 | % | 100.24 | % | ||||||||||||||||||||||||||
Equity-equity correlation | (81.30 | )% | 99.4 | % | 48.45 | % | ||||||||||||||||||||||||||||
Equity-FX correlation | (70.00 | )% | 55 | % | 0.6 | % | ||||||||||||||||||||||||||||
Price | $ | — | $ | 118.75 | $ | 88.1 | ||||||||||||||||||||||||||||
Commodity contracts (gross) | $ | 2,988 | Model-based | Commodity volatility | 4 | % | 146 | % | 15 | % | ||||||||||||||||||||||||
Commodity correlation | (75.00 | )% | 90 | % | 32 | % | ||||||||||||||||||||||||||||
Forward price | 23 | % | 242 | % | 105 | % | ||||||||||||||||||||||||||||
Credit derivatives (gross) | $ | 4,767 | Model-based | Recovery rate | 20 | % | 64 | % | 38.11 | % | ||||||||||||||||||||||||
1,520 | Price-based | Credit correlation | 5 | % | 95 | % | 47.43 | % | ||||||||||||||||||||||||||
Price | $ | 0.02 | $ | 115.2 | $ | 29.83 | ||||||||||||||||||||||||||||
Credit spread | 3 bps | 1,335 bps | 203 bps | |||||||||||||||||||||||||||||||
Upfront points | 2.31 | 100 | 57.69 | |||||||||||||||||||||||||||||||
Nontrading derivatives and other financial | $ | 82 | Price-based | EBITDA multiples | 5.2 | x | 12.6 | x | 12.08 | x | ||||||||||||||||||||||||
assets and liabilities measured on a | ||||||||||||||||||||||||||||||||||
recurring basis (gross)(6) | ||||||||||||||||||||||||||||||||||
60 | Comparables analysis | PE ratio | 6.9 | x | 6.9 | x | 6.9 | x | ||||||||||||||||||||||||||
38 | Model-based | Price-to-book Ratio | 1.05 | x | 1.05 | x | 1.05 | x | ||||||||||||||||||||||||||
Price | $ | — | $ | 105.1 | $ | 71.25 | ||||||||||||||||||||||||||||
Fund NAV | $ | 1 | $ | 10,688,600 | $ | 9,706,488 | ||||||||||||||||||||||||||||
As of December 31, 2013 | Fair Value(1) | Methodology | Input | Low(2)(3) | High(2)(3) | Weighted | ||||||||||||||||||||||||||||
(in millions) | Average(4) | |||||||||||||||||||||||||||||||||
Discount to price | — | % | 35 | % | 16.36 | % | ||||||||||||||||||||||||||||
Loans | $ | 2,153 | Price-based | Price | $ | — | $ | 103.75 | $ | 91.19 | ||||||||||||||||||||||||
1,422 | Model-based | Yield | 1.6 | % | 4.5 | % | 2.1 | % | ||||||||||||||||||||||||||
549 | Yield analysis | Credit spread | 49 bps | 1,600 bps | 302 bps | |||||||||||||||||||||||||||||
Mortgage servicing rights | $ | 2,625 | Cash flow | Yield | 3.64 | % | 12 | % | 7.19 | % | ||||||||||||||||||||||||
WAL | 2.27 years | 9.44 years | 6.12 years | |||||||||||||||||||||||||||||||
Liabilities | ||||||||||||||||||||||||||||||||||
Interest-bearing deposits | $ | 890 | Model-based | Equity volatility | 14.79 | % | 42.15 | % | 27.74 | % | ||||||||||||||||||||||||
Mean reversion | 1 | % | 20 | % | 10.5 | % | ||||||||||||||||||||||||||||
Equity-IR correlation | 9 | % | 20.5 | % | 19.81 | % | ||||||||||||||||||||||||||||
Forward price | 23 | % | 242 | % | 105 | % | ||||||||||||||||||||||||||||
Commodity correlation | (75.00 | )% | 90 | % | 32 | % | ||||||||||||||||||||||||||||
Commodity volatility | 4 | % | 146 | % | 15 | % | ||||||||||||||||||||||||||||
Federal funds purchased and securities | $ | 902 | Model-based | Interest rate | 0.47 | % | 3.66 | % | 2.71 | % | ||||||||||||||||||||||||
loaned or sold under agreements to | ||||||||||||||||||||||||||||||||||
repurchase | ||||||||||||||||||||||||||||||||||
Trading account liabilities | ||||||||||||||||||||||||||||||||||
Securities sold, not yet purchased | $ | 289 | Model-based | Credit spread | 166 bps | 180 bps | 175 bps | |||||||||||||||||||||||||||
$ | 273 | Price-based | Credit-IR correlation | (68.00 | )% | 5 | % | (50.00 | )% | |||||||||||||||||||||||||
Price | $ | — | $ | 124.25 | $ | 99.75 | ||||||||||||||||||||||||||||
Short-term borrowings and long-term | $ | 6,781 | Model-based | IR lognormal volatility | 10.6 | % | 87.2 | % | 20.97 | % | ||||||||||||||||||||||||
debt | ||||||||||||||||||||||||||||||||||
868 | Price-based | Equity forward | 79.1 | % | 141 | % | 99.51 | % | ||||||||||||||||||||||||||
Equity volatility | 10.7 | % | 57.2 | % | 19.41 | % | ||||||||||||||||||||||||||||
Equity-FX correlation | (70.00 | )% | 55 | % | 0.6 | % | ||||||||||||||||||||||||||||
Equity-equity correlation | (81.30 | )% | 99.4 | % | 48.3 | % | ||||||||||||||||||||||||||||
Interest rate | 4 | % | 10 | % | 5 | % | ||||||||||||||||||||||||||||
Price | $ | 0.63 | $ | 103.75 | $ | 80.73 | ||||||||||||||||||||||||||||
Forward price | 23 | % | 242 | % | 101 | % | ||||||||||||||||||||||||||||
-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 | 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 one large position only. | |||||||||||||||||||||||||||||||||
-4 | Weighted averages are calculated based on the fair value of the instrument. | |||||||||||||||||||||||||||||||||
-5 | For equity securities, the price input is 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. | |||||||||||||||||||||||||||||||||
Items measured at fair value of a nonrecurring basis | ' | |||||||||||||||||||||||||||||||||
The following table presents the carrying amounts of all assets that were still held as of June 30, 2014 and December 31, 2013, for which a nonrecurring fair value measurement was recorded: | ||||||||||||||||||||||||||||||||||
In millions of dollars | Fair value | Level 2 | Level 3 | |||||||||||||||||||||||||||||||
30-Jun-14 | ||||||||||||||||||||||||||||||||||
Loans held-for-sale | $ | 5,200 | $ | 1,992 | $ | 3,208 | ||||||||||||||||||||||||||||
Other real estate owned | 121 | 19 | 102 | |||||||||||||||||||||||||||||||
Loans(1) | 3,278 | 2,882 | 396 | |||||||||||||||||||||||||||||||
Total assets at fair value on a nonrecurring basis | $ | 8,599 | $ | 4,893 | $ | 3,706 | ||||||||||||||||||||||||||||
-1 | Represents impaired loans held for investment whose carrying amount is based on the fair value of the underlying collateral, including primarily real-estate secured loans. | |||||||||||||||||||||||||||||||||
In millions of dollars | Fair value | Level 2 | Level 3 | |||||||||||||||||||||||||||||||
31-Dec-13 | ||||||||||||||||||||||||||||||||||
Loans held-for-sale | $ | 3,483 | $ | 2,165 | $ | 1,318 | ||||||||||||||||||||||||||||
Other real estate owned | 138 | 15 | 123 | |||||||||||||||||||||||||||||||
Loans(1) | 4,713 | 3,947 | 766 | |||||||||||||||||||||||||||||||
Total assets at fair value on a nonrecurring basis | $ | 8,334 | $ | 6,127 | $ | 2,207 | ||||||||||||||||||||||||||||
-1 | Represents impaired loans held for investment whose carrying amount is based on the fair value of the underlying collateral, including primarily real-estate secured loans. | |||||||||||||||||||||||||||||||||
Valuation techniques and inputs for Level 3 nonrecurring fair value measurements | ' | |||||||||||||||||||||||||||||||||
The following tables present the valuation techniques covering the majority of Level 3 nonrecurring fair value measurements and the most significant unobservable inputs used in those measurements as of June 30, 2014 and December 31, 2013: | ||||||||||||||||||||||||||||||||||
As of June 30, 2014 | Fair Value(1) | Methodology | Input | Low | High | Weighted | ||||||||||||||||||||||||||||
(in millions) | average(2) | |||||||||||||||||||||||||||||||||
Loans held-for-sale | $ | 2,924 | Price-based | Price | $ | 66.9 | $ | 100 | $ | 93.49 | ||||||||||||||||||||||||
Other real estate owned | $ | 95 | Price-based | Discount to price(4) | 34 | % | 60 | % | 42 | % | ||||||||||||||||||||||||
Appraised value | $ | — | $ | 8,518,229 | $ | 3,531,396 | ||||||||||||||||||||||||||||
Loans(3) | $ | 345 | Price-based | Discount to price(4) | 34 | % | 39 | % | 35 | % | ||||||||||||||||||||||||
Price | $ | 36.63 | $ | 100 | $ | 44.91 | ||||||||||||||||||||||||||||
-1 | The fair value amounts presented in this table represent the primary valuation technique or techniques for each class of assets or liabilities. | |||||||||||||||||||||||||||||||||
-2 | Weighted averages are calculated based on the fair value of the instrument. | |||||||||||||||||||||||||||||||||
-3 | Represents loans held for investment whose carrying amounts are based on the fair value of the underlying collateral. | |||||||||||||||||||||||||||||||||
-4 | Includes estimated costs to sell. | |||||||||||||||||||||||||||||||||
As of December 31, 2013 | Fair Value(1) | Methodology | Input | Low | High | Weighted | ||||||||||||||||||||||||||||
(in millions) | average(2) | |||||||||||||||||||||||||||||||||
Loans held-for-sale | $ | 912 | Price-based | Price | $ | 60 | $ | 100 | $ | 98.77 | ||||||||||||||||||||||||
393 | Cash Flow | Credit Spread | 45 bps | 80 bps | 64 bps | |||||||||||||||||||||||||||||
Other real estate owned | $ | 98 | Price-based | Discount to price(4) | 34 | % | 59 | % | 39 | % | ||||||||||||||||||||||||
17 | Cash Flow | Price | $ | 60.46 | $ | 100 | $ | 96.67 | ||||||||||||||||||||||||||
Appraised Value | $ | 636,249 | $ | 15,897,503 | $ | 11,392,478 | ||||||||||||||||||||||||||||
Loans(3) | $ | 581 | Price-based | Discount to price(4) | 34 | % | 39 | % | 35 | % | ||||||||||||||||||||||||
109 | Model-based | Price | $ | 52.4 | $ | 68 | $ | 65.32 | ||||||||||||||||||||||||||
Appraised Value | $ | 6,500,000 | $ | 86,000,000 | $ | 43,532,719 | ||||||||||||||||||||||||||||
-1 | The fair value amounts presented in this table represent the primary valuation technique or techniques for each class of assets or liabilities. | |||||||||||||||||||||||||||||||||
-2 | Prices are based on appraised values. | |||||||||||||||||||||||||||||||||
-3 | Represents loans held for investment whose carrying amounts are based on the fair value of the underlying collateral. | |||||||||||||||||||||||||||||||||
-4 | Includes estimated costs to sell. | |||||||||||||||||||||||||||||||||
Changes in total nonrecurring fair value measurements | ' | |||||||||||||||||||||||||||||||||
The following table presents total nonrecurring fair value measurements for the period, included in earnings, attributable to the change in fair value relating to assets that are still held at June 30, 2014 and June 30, 2013: | ||||||||||||||||||||||||||||||||||
Three months ended June 30, | ||||||||||||||||||||||||||||||||||
In millions of dollars | 2014 | 2013 | ||||||||||||||||||||||||||||||||
Loans held-for-sale | $ | (3 | ) | $ | (63 | ) | ||||||||||||||||||||||||||||
Other real estate owned | 1 | (6 | ) | |||||||||||||||||||||||||||||||
Loans(1) | (147 | ) | (177 | ) | ||||||||||||||||||||||||||||||
Total nonrecurring fair value gains (losses) | $ | (149 | ) | $ | (246 | ) | ||||||||||||||||||||||||||||
-1 | Represents loans held for investment whose carrying amount is based on the fair value of the underlying collateral, including primarily real-estate loans. | |||||||||||||||||||||||||||||||||
Six months ended June 30, | ||||||||||||||||||||||||||||||||||
In millions of dollars | 2014 | 2013 | ||||||||||||||||||||||||||||||||
Loans held-for-sale | $ | 71 | $ | (63 | ) | |||||||||||||||||||||||||||||
Other real estate owned | (5 | ) | (10 | ) | ||||||||||||||||||||||||||||||
Loans(1) | (367 | ) | (343 | ) | ||||||||||||||||||||||||||||||
Total nonrecurring fair value gains (losses) | $ | (301 | ) | $ | (416 | ) | ||||||||||||||||||||||||||||
-1 | Represents loans held for investment whose carrying amount is based on the fair value of the underlying collateral, including primarily real-estate loans. | |||||||||||||||||||||||||||||||||
Estimated Fair Value of Financial Instruments | ' | |||||||||||||||||||||||||||||||||
30-Jun-14 | Estimated fair value | |||||||||||||||||||||||||||||||||
Carrying | Estimated | |||||||||||||||||||||||||||||||||
In billions of dollars | value | fair value | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||||
Investments | $ | 29.1 | $ | 30.7 | $ | 5.4 | $ | 22.7 | $ | 2.6 | ||||||||||||||||||||||||
Federal funds sold and securities borrowed or purchased under agreements to resell | 97.2 | 97.2 | — | 88.3 | 8.9 | |||||||||||||||||||||||||||||
Loans(1)(2) | 642 | 642.5 | — | 5 | 637.5 | |||||||||||||||||||||||||||||
Other financial assets(2)(3) | 263.8 | 263.8 | 10.7 | 180.4 | 72.7 | |||||||||||||||||||||||||||||
Liabilities | ||||||||||||||||||||||||||||||||||
Deposits | $ | 963.8 | $ | 962.4 | $ | — | $ | 773 | $ | 189.4 | ||||||||||||||||||||||||
Federal funds purchased and securities loaned or sold under agreements to repurchase | 131.4 | 131.4 | — | 131.2 | 0.2 | |||||||||||||||||||||||||||||
Long-term debt(4) | 199.6 | 206.8 | — | 178.3 | 28.5 | |||||||||||||||||||||||||||||
Other financial liabilities(5) | 151.5 | 151.5 | — | 41.3 | 110.2 | |||||||||||||||||||||||||||||
31-Dec-13 | Estimated fair value | |||||||||||||||||||||||||||||||||
Carrying | Estimated | |||||||||||||||||||||||||||||||||
In billions of dollars | value | fair value | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||||
Investments | $ | 17.8 | $ | 19.3 | $ | 5.3 | $ | 11.9 | $ | 2.1 | ||||||||||||||||||||||||
Federal funds sold and securities borrowed or purchased under agreements to resell | 115.6 | 115.6 | — | 107.2 | 8.4 | |||||||||||||||||||||||||||||
Loans(1)(2) | 637.9 | 635.1 | — | 5.6 | 629.5 | |||||||||||||||||||||||||||||
Other financial assets(2)(3) | 254.2 | 254.2 | 9.4 | 191.7 | 53.1 | |||||||||||||||||||||||||||||
Liabilities | ||||||||||||||||||||||||||||||||||
Deposits | $ | 966.6 | $ | 965.6 | $ | — | $ | 776.4 | $ | 189.2 | ||||||||||||||||||||||||
Federal funds purchased and securities loaned or sold under agreements to repurchase | 152 | 152 | — | 151.8 | 0.2 | |||||||||||||||||||||||||||||
Long-term debt(4) | 194.2 | 201.3 | — | 175.6 | 25.7 | |||||||||||||||||||||||||||||
Other financial liabilities(5) | 136.2 | 136.2 | — | 41.2 | 95 | |||||||||||||||||||||||||||||
-1 | The carrying value of loans is net of the Allowance for loan losses of $17.9 billion for June 30, 2014 and $19.6 billion for December 31, 2013. In addition, the carrying values exclude $2.8 billion and $2.9 billion of lease finance receivables at June 30, 2014 and December 31, 2013, respectively. | |||||||||||||||||||||||||||||||||
-2 | Includes items measured at fair value on a nonrecurring basis. | |||||||||||||||||||||||||||||||||
-3 | Includes cash and due from banks, deposits with banks, brokerage receivables, reinsurance 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. |
FAIR_VALUE_ELECTIONS_Tables
FAIR VALUE ELECTIONS (Tables) | 6 Months Ended | ||||||||||||
Jun. 30, 2014 | |||||||||||||
Fair Value, Option, Aggregate Differences [Abstract] | ' | ||||||||||||
Schedule of financial instruments selected for changes in fair value gains and losses | ' | ||||||||||||
The following table presents the changes in fair value gains and losses for the three and six months ended June 30, 2014 and 2013 associated with those items for which the fair value option was elected: | |||||||||||||
Changes in fair value gains (losses) for the | |||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||
In millions of dollars | 2014 | 2013 | 2014 | 2013 | |||||||||
Assets | |||||||||||||
Federal funds sold and securities borrowed or purchased under agreements to resell | $ | (53 | ) | $ | (299 | ) | $ | 973 | $ | (468 | ) | ||
Selected portfolios of securities purchased under agreements to resell and securities borrowed | |||||||||||||
Trading account assets | (428 | ) | (179 | ) | (238 | ) | (170 | ) | |||||
Investments | 20 | (15 | ) | 52 | (57 | ) | |||||||
Loans | |||||||||||||
Certain corporate loans(1) | (1 | ) | 264 | 13 | 287 | ||||||||
Certain consumer loans(1) | (22 | ) | (33 | ) | (46 | ) | (67 | ) | |||||
Total loans | $ | (23 | ) | $ | 231 | (33 | ) | 220 | |||||
Other assets | |||||||||||||
MSRs | $ | (91 | ) | $ | 226 | $ | (175 | ) | $ | 416 | |||
Certain mortgage loans held for sale(2) | 138 | (29 | ) | 258 | 514 | ||||||||
Certain equity method investments | 1 | (2 | ) | (2 | ) | (1 | ) | ||||||
Total other assets | $ | 48 | $ | 195 | $ | 81 | $ | 929 | |||||
Total assets | $ | (436 | ) | $ | (67 | ) | $ | 835 | $ | 454 | |||
Liabilities | |||||||||||||
Interest-bearing deposits | $ | (12 | ) | $ | 100 | $ | (17 | ) | $ | 119 | |||
Federal funds purchased and securities loaned or sold under agreements to repurchase | — | 50 | (6 | ) | 73 | ||||||||
Selected portfolios of securities sold under agreements to repurchase and securities loaned | |||||||||||||
Trading account liabilities | (2 | ) | 66 | 4 | 38 | ||||||||
Short-term borrowings | (14 | ) | 61 | (10 | ) | 88 | |||||||
Long-term debt | (558 | ) | 507 | (728 | ) | 394 | |||||||
Total liabilities | $ | (586 | ) | $ | 784 | $ | (757 | ) | $ | 712 | |||
-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. | ||||||||||||
Schedule of fair value of loans and other disclosures for certain credit related products | ' | ||||||||||||
The following table provides information about certain credit products carried at fair value at June 30, 2014 and December 31, 2013: | |||||||||||||
30-Jun-14 | 31-Dec-13 | ||||||||||||
In millions of dollars | Trading assets | Loans | Trading assets | Loans | |||||||||
Carrying amount reported on the Consolidated Balance Sheet | $ | 10,287 | $ | 4,753 | $ | 9,262 | $ | 4,058 | |||||
Aggregate unpaid principal balance in excess of (less than) fair value | 55 | (74 | ) | 4 | (94 | ) | |||||||
Balance of non-accrual loans or loans more than 90 days past due | 68 | — | 97 | — | |||||||||
Aggregate unpaid principal balance in excess of fair value for non-accrual loans or loans more than 90 days past due | 84 | — | 41 | — | |||||||||
Schedule of fair value of loans and other disclosures for certain mortgage loans | ' | ||||||||||||
The following table provides information about certain mortgage loans HFS carried at fair value at June 30, 2014 and December 31, 2013: | |||||||||||||
In millions of dollars | June 30, | 31-Dec-13 | |||||||||||
2014 | |||||||||||||
Carrying amount reported on the Consolidated Balance Sheet | $ | 1,501 | $ | 2,089 | |||||||||
Aggregate fair value in excess of unpaid principal balance | 74 | 48 | |||||||||||
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 | — | — | |||||||||||
Corporate and consumer loans of consolidated VIEs carried at fair value | ' | ||||||||||||
The following table provides information about corporate and consumer loans of consolidated VIEs carried at fair value at June 30, 2014 and December 31, 2013: | |||||||||||||
June 30, 2014 | December 31, 2013 | ||||||||||||
In millions of dollars | Corporate loans | Consumer loans | Corporate loans | Consumer loans | |||||||||
Carrying amount reported on the Consolidated Balance Sheet | $ | 5 | $ | — | $ | 14 | $ | 910 | |||||
Aggregate unpaid principal balance in excess of fair value | 9 | — | 7 | 212 | |||||||||
Balance of non-accrual loans or loans more than 90 days past due | — | — | — | 81 | |||||||||
Aggregate unpaid principal balance in excess of fair value for non-accrual loans or loans more than 90 days past due | — | — | — | 106 | |||||||||
Schedule of carrying value of structured notes, disaggregated by type of embedded derivative instrument | ' | ||||||||||||
The following table provides information about the carrying value of structured notes, disaggregated by type of embedded derivative instrument at June 30, 2014 and December 31, 2013: | |||||||||||||
In billions of dollars | June 30, 2014 | December 31, 2013 | |||||||||||
Interest rate linked | $ | 10.6 | $ | 9.8 | |||||||||
Foreign exchange linked | 0.4 | 0.5 | |||||||||||
Equity linked | 6.9 | 7 | |||||||||||
Commodity linked | 2.1 | 1.8 | |||||||||||
Credit linked | 3.4 | 3.5 | |||||||||||
Total | $ | 23.4 | $ | 22.6 | |||||||||
Schedule of long-term debt carried at fair value, excluding debt issued by consolidated VIEs | ' | ||||||||||||
The following table provides information about long-term debt carried at fair value, excluding debt issued by consolidated VIEs, at June 30, 2014 and December 31, 2013: | |||||||||||||
In millions of dollars | June 30, 2014 | December 31, 2013 | |||||||||||
Carrying amount reported on the Consolidated Balance Sheet | $ | 27,409 | $ | 25,968 | |||||||||
Aggregate unpaid principal balance in excess of (less than) fair value | (1,322 | ) | (866 | ) | |||||||||
Schedule of short-term borrowings carried at fair value | ' | ||||||||||||
The following table provides information about short-term borrowings carried at fair value at June 30, 2014 and December 31, 2013: | |||||||||||||
In millions of dollars | June 30, 2014 | December 31, 2013 | |||||||||||
Carrying amount reported on the Consolidated Balance Sheet | $ | 1,236 | $ | 3,692 | |||||||||
Aggregate unpaid principal balance in excess of (less than) fair value | (33 | ) | (38 | ) | |||||||||
GUARANTEES_AND_COMMITMENTS_Tab
GUARANTEES AND COMMITMENTS (Tables) | 6 Months Ended | ||||||||||||
Jun. 30, 2014 | |||||||||||||
Guarantees and Commitments [Abstract] | ' | ||||||||||||
Schedule of Guarantor Obligations by Expiration Date, Amount Outstanding and Carrying Value | ' | ||||||||||||
The following tables present information about Citi’s guarantees at June 30, 2014 and December 31, 2013: | |||||||||||||
Maximum potential amount of future payments | |||||||||||||
In billions of dollars at June 30, 2014 except carrying value in millions | Expire within | Expire after | Total amount | Carrying value | |||||||||
1 year | 1 year | outstanding | (in millions of dollars) | ||||||||||
Financial standby letters of credit | $ | 25 | $ | 75.5 | $ | 100.5 | $ | 320 | |||||
Performance guarantees | 7.6 | 4.7 | 12.3 | 37 | |||||||||
Derivative instruments considered to be guarantees | 15.9 | 72.5 | 88.4 | 1,213 | |||||||||
Loans sold with recourse | — | 0.2 | 0.2 | 18 | |||||||||
Securities lending indemnifications(1) | 109.4 | — | 109.4 | — | |||||||||
Credit card merchant processing(1) | 86.3 | — | 86.3 | — | |||||||||
Custody indemnifications and other | — | 41.2 | 41.2 | 54 | |||||||||
Total | $ | 244.2 | $ | 194.1 | $ | 438.3 | $ | 1,642 | |||||
Maximum potential amount of future payments | |||||||||||||
In billions of dollars at December 31, 2013 except carrying value in millions | Expire within | Expire after | Total amount | Carrying value | |||||||||
1 year | 1 year | outstanding | (in millions of dollars) | ||||||||||
Financial standby letters of credit | $ | 28.8 | $ | 71.4 | $ | 100.2 | $ | 429 | |||||
Performance guarantees | 7.6 | 4.9 | 12.5 | 42 | |||||||||
Derivative instruments considered to be guarantees | 6 | 61.6 | 67.6 | 797 | |||||||||
Loans sold with recourse | — | 0.3 | 0.3 | 22 | |||||||||
Securities lending indemnifications(1) | 79.2 | — | 79.2 | — | |||||||||
Credit card merchant processing(1) | 85.9 | — | 85.9 | — | |||||||||
Custody indemnifications and other | — | 36.3 | 36.3 | 53 | |||||||||
Total | $ | 207.5 | $ | 174.5 | $ | 382 | $ | 1,343 | |||||
-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. | ||||||||||||
Schedule of Guarantor Obligations by Credit Ratings | ' | ||||||||||||
Presented in the tables below are the maximum potential amounts of future payments that are classified based upon internal and external credit ratings as of June 30, 2014 and December 31, 2013. As previously mentioned, the determination of the maximum potential future payments is based on the notional amount of the guarantees without consideration of possible recoveries under recourse provisions or from collateral held or pledged. As such, Citi believes such amounts bear no relationship to the anticipated losses, if any, on these guarantees. | |||||||||||||
Maximum potential amount of future payments | |||||||||||||
In billions of dollars at June 30, 2014 | Investment | Non-investment | Not | Total | |||||||||
grade | grade | rated | |||||||||||
Financial standby letters of credit | $ | 75.1 | $ | 15.6 | $ | 9.8 | $ | 100.5 | |||||
Performance guarantees | 7.3 | 4.1 | 0.9 | 12.3 | |||||||||
Derivative instruments deemed to be guarantees | — | — | 88.4 | 88.4 | |||||||||
Loans sold with recourse | — | — | 0.2 | 0.2 | |||||||||
Securities lending indemnifications | — | — | 109.4 | 109.4 | |||||||||
Credit card merchant processing | — | — | 86.3 | 86.3 | |||||||||
Custody indemnifications and other | 40.9 | 0.3 | — | 41.2 | |||||||||
Total | $ | 123.3 | $ | 20 | $ | 295 | $ | 438.3 | |||||
Maximum potential amount of future payments | |||||||||||||
In billions of dollars at December 31, 2013 | Investment | Non-investment | Not | Total | |||||||||
grade | grade | rated | |||||||||||
Financial standby letters of credit | $ | 76.2 | $ | 14.8 | $ | 9.2 | $ | 100.2 | |||||
Performance guarantees | 7.4 | 3.6 | 1.5 | 12.5 | |||||||||
Derivative instruments deemed to be guarantees | — | — | 67.6 | 67.6 | |||||||||
Loans sold with recourse | — | — | 0.3 | 0.3 | |||||||||
Securities lending indemnifications | — | — | 79.2 | 79.2 | |||||||||
Credit card merchant processing | — | — | 85.9 | 85.9 | |||||||||
Custody indemnifications and other | 36.2 | 0.1 | — | 36.3 | |||||||||
Total | $ | 119.8 | $ | 18.5 | $ | 243.7 | $ | 382 | |||||
Schedule of Credit Commitments | ' | ||||||||||||
The table below summarizes Citigroup’s credit commitments as of June 30, 2014 and December 31, 2013: | |||||||||||||
In millions of dollars | U.S. | Outside of | June 30, | December 31, | |||||||||
U.S. | 2014 | 2013 | |||||||||||
Commercial and similar letters of credit | $ | 1,551 | $ | 5,892 | $ | 7,443 | $ | 7,341 | |||||
One- to four-family residential mortgages | 2,782 | 2,708 | 5,490 | 4,946 | |||||||||
Revolving open-end loans secured by one- to four-family residential properties | 13,641 | 2,857 | 16,498 | 16,781 | |||||||||
Commercial real estate, construction and land development | 1,619 | 1,107 | 2,726 | 2,725 | |||||||||
Credit card lines | 504,462 | 134,459 | 638,921 | 641,111 | |||||||||
Commercial and other consumer loan commitments | 156,841 | 90,851 | 247,692 | 231,071 | |||||||||
Other commitments and contingencies | 2,479 | 8,214 | 10,693 | 7,863 | |||||||||
Total | $ | 683,375 | $ | 246,088 | $ | 929,463 | $ | 911,838 | |||||
BASIS_OF_PRESENTATION_BASIS_OF
BASIS OF PRESENTATION BASIS OF PRESENTATION (Details 1) | Jun. 30, 2014 |
policy | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Number of significant accounting policies | 6 |
Ownership percentage, if less than this amount then income from investments is recognized when dividends are received | 20.00% |
BASIS_OF_PRESENTATION_BASIS_OF1
BASIS OF PRESENTATION BASIS OF PRESENTATION (Details 2) (USD $) | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Apr. 01, 2014 |
ASU No. 2013-08 | Effect of change in the measurement policy from annually to quarterly | Effect of change in the measurement policy from annually to quarterly | Effect of change in the measurement policy from annually to quarterly | Effect of change in the measurement policy from annually to quarterly | |
Pension liability adjustments | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ' | ' | ' | ' | ' |
Assets Held by Consolidated Investment Entities | $4,400,000,000 | ' | ' | ' | ' |
Percentage of The Significant Plans over global pension and postretirement liabilities, which utilize quarterly measurement policy | ' | ' | 80.00% | 80.00% | ' |
Pretax decrease in net periodic plan expense | ' | -20,000,000 | ' | ' | ' |
Pretax increase of approximately to accumulated other comprehensive income | ' | ' | ' | ' | $22,000,000 |
BASIS_OF_PRESENTATION_BASIS_OF2
BASIS OF PRESENTATION BASIS OF PRESENTATION (Details 3) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
FUTURE APPLICATION OF ACCOUNTING STANDARDS | ' | ' |
Reduction in Retained earnings | $115,361 | $111,168 |
Reduction in Other assets | 130,329 | 125,266 |
ASU No. 2014-01 | ' | ' |
FUTURE APPLICATION OF ACCOUNTING STANDARDS | ' | ' |
Reduction in Retained earnings | -350 | ' |
Reduction in Other assets | -220 | ' |
Reduction in deferred tax assets | ($130) | ' |
DISCONTINUED_OPERATIONS_AND_SI2
DISCONTINUED OPERATIONS AND SIGNIFICANT DISPOSALS (Details) (USD $) | 3 Months Ended | 6 Months Ended | 0 Months Ended | 3 Months Ended | 6 Months Ended | 1 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | |||||||||||||||||||||||||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 20, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 20, 2013 | Feb. 28, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Sep. 30, 2013 | Jun. 30, 2014 | |||||||||||||||||
Brazil Creditcard | Brazil Creditcard | Brazil Creditcard | Brazil Creditcard | Brazil Creditcard | Brazil Creditcard | Citi Capital Advisors Business | Citi Capital Advisors Business | Citi Capital Advisors Business | Citi Capital Advisors Business | Citi Capital Advisors Business | Citi Capital Advisors Business | Egg Banking PLC | Egg Banking PLC | Egg Banking PLC | Egg Banking PLC | German retail banking operations | German retail banking operations | |||||||||||||||||||||
company | ||||||||||||||||||||||||||||||||||||||
transaction | ||||||||||||||||||||||||||||||||||||||
Discontinued operations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||
Amount to be received on sale of discontinued operation | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1,240,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||
Gain on sale | 0 | 0 | 0 | 56,000,000 | 206,000,000 | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | ' | 56,000,000 | ' | ' | ' | ' | ' | ' | ||||||||||||||||
After tax gain on sale of discontinued operations | 0 | 0 | 0 | 56,000,000 | 325,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||
Results of Discontinued Operations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||
Total revenues, net of interest expense | 4,000,000 | [1] | 258,000,000 | [1] | 73,000,000 | [1] | 580,000,000 | [1] | ' | 0 | [1] | 251,000,000 | [1] | 69,000,000 | [1] | 515,000,000 | [1] | ' | ' | 0 | [1] | 7,000,000 | [1] | 0 | [1] | ' | 65,000,000 | [1] | 4,000,000 | [1] | 0 | [1] | 4,000,000 | [1] | 0 | [1] | ' | ' |
Income (loss) from discontinued operations | -3,000,000 | 51,000,000 | 37,000,000 | -52,000,000 | ' | 5,000,000 | 55,000,000 | 69,000,000 | 107,000,000 | ' | ' | -1,000,000 | -3,000,000 | -4,000,000 | ' | -131,000,000 | -7,000,000 | -1,000,000 | -28,000,000 | -28,000,000 | 27,000,000 | ' | ||||||||||||||||
Income tax (Benefits) | 19,000,000 | 21,000,000 | 22,000,000 | 7,000,000 | ' | 2,000,000 | 19,000,000 | 13,000,000 | 37,000,000 | ' | ' | -1,000,000 | -1,000,000 | -2,000,000 | ' | -23,000,000 | -2,000,000 | 0 | -9,000,000 | -10,000,000 | -57,000,000 | ' | ||||||||||||||||
Income (loss) from discontinued operations, net of taxes | -22,000,000 | 30,000,000 | 15,000,000 | -3,000,000 | ' | 3,000,000 | 36,000,000 | 56,000,000 | 70,000,000 | ' | ' | 0 | -2,000,000 | -2,000,000 | ' | -52,000,000 | -5,000,000 | -1,000,000 | -19,000,000 | -18,000,000 | 85,000,000 | ' | ||||||||||||||||
Discontinued operations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||
Cash flows from operating activities | ' | ' | 0 | -338,000,000 | ' | ' | ' | 0 | -296,000,000 | ' | ' | ' | ' | 0 | -42,000,000 | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||
Cash flows from investing activities | ' | ' | 0 | 282,000,000 | ' | ' | ' | 0 | 282,000,000 | ' | ' | ' | ' | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||
Cash flows from financing activities | ' | ' | 0 | 41,000,000 | ' | ' | ' | 0 | -1,000,000 | ' | ' | ' | ' | 0 | 42,000,000 | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||
Net cash provided by (used in) discontinued operations | ' | ' | 0 | -15,000,000 | ' | ' | ' | 0 | -15,000,000 | ' | ' | ' | ' | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||
Number of transactions | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2 | ' | ' | ' | ' | ' | ' | ||||||||||||||||
Number of management companies resulting from the sale of business | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2 | ' | ' | ' | ' | ' | ' | ||||||||||||||||
Ownership interest (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 24.90% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||
Disposal Group Including Discontinued Operation Residual Costs Associated with Banking Operations Tax Effect | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $20,000,000 | ||||||||||||||||
[1] | Total revenues include gain or loss on sale, if applicable. |
DISCONTINUED_OPERATIONS_AND_SI3
DISCONTINUED OPERATIONS AND SIGNIFICANT DISPOSALS (Details 2) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Liabilities | ' | ' | ' | ' |
Income (loss) before tax | ($3) | $51 | $37 | ($52) |
Spain Consumer Business | ' | ' | ' | ' |
Assets | ' | ' | ' | ' |
Cash and deposits with banks | 61 | ' | 61 | ' |
Loans (net of allowance of $177 million) | 1,804 | ' | 1,804 | ' |
Allowance | 177 | ' | 177 | ' |
Goodwill | 116 | ' | 116 | ' |
Other assets | 53 | ' | 53 | ' |
Total assets | 2,034 | ' | 2,034 | ' |
Liabilities | ' | ' | ' | ' |
Deposits | 2,455 | ' | 2,455 | ' |
Other liabilities | 84 | ' | 84 | ' |
Total liabilities | 2,539 | ' | 2,539 | ' |
Income (loss) before tax | 12 | 15 | 33 | 26 |
Greece Consumer Business | ' | ' | ' | ' |
Assets | ' | ' | ' | ' |
Cash and deposits with banks | 24 | ' | 24 | ' |
Loans (net of allowance of $177 million) | 298 | ' | 298 | ' |
Allowance | 204 | ' | 204 | ' |
Other assets | 8 | ' | 8 | ' |
Total assets | 330 | ' | 330 | ' |
Liabilities | ' | ' | ' | ' |
Deposits | 1,280 | ' | 1,280 | ' |
Other liabilities | 35 | ' | 35 | ' |
Total liabilities | 1,315 | ' | 1,315 | ' |
Income (loss) before tax | ($25) | ($78) | ($40) | ($134) |
BUSINESS_SEGMENTS_Details
BUSINESS SEGMENTS (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||||||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | ||||
Segment reporting information | ' | ' | ' | ' | ||||
Revenues, net of interest expense | $19,342 | [1],[2] | $20,488 | [1],[2] | $39,466 | [1],[2] | $40,736 | [1],[2] |
Provision for income taxes | 1,838 | 2,127 | 3,888 | 3,697 | ||||
Income (loss) from continuing operations | 253 | [3] | 4,188 | [3] | 4,204 | [3] | 8,119 | [3] |
Pretax provisions (credits) for credit losses and for benefits and claims | 1,730 | 2,024 | 3,704 | 4,483 | ||||
Citicorp | North America | ' | ' | ' | ' | ||||
Segment reporting information | ' | ' | ' | ' | ||||
Revenues, net of interest expense | 7,900 | 8,200 | 16,400 | 16,900 | ||||
Citicorp | EMEA | ' | ' | ' | ' | ||||
Segment reporting information | ' | ' | ' | ' | ||||
Revenues, net of interest expense | 2,800 | 3,500 | 5,900 | 6,600 | ||||
Citicorp | Latin America | ' | ' | ' | ' | ||||
Segment reporting information | ' | ' | ' | ' | ||||
Revenues, net of interest expense | 3,500 | 3,600 | 6,800 | 7,100 | ||||
Citicorp | Asia | ' | ' | ' | ' | ||||
Segment reporting information | ' | ' | ' | ' | ||||
Revenues, net of interest expense | 3,600 | 4,000 | 7,300 | 8,000 | ||||
Global Consumer Banking | ' | ' | ' | ' | ||||
Segment reporting information | ' | ' | ' | ' | ||||
Regional business | 4 | ' | 4 | ' | ||||
Pretax provisions (credits) for credit losses and for benefits and claims | 1,500 | 1,600 | 3,100 | 3,300 | ||||
Institutional Clients Group | ' | ' | ' | ' | ||||
Segment reporting information | ' | ' | ' | ' | ||||
Number of countries where the entity provides a broad range of banking and financial products and services | 100 | ' | 100 | ' | ||||
Pretax provisions (credits) for credit losses and for benefits and claims | -112 | -30 | -85 | 35 | ||||
Citi Holdings | ' | ' | ' | ' | ||||
Segment reporting information | ' | ' | ' | ' | ||||
Pretax provisions (credits) for credit losses and for benefits and claims | 300 | 500 | 700 | 1,200 | ||||
Operating Segments | Total Citicorp and Corporate/Other | ' | ' | ' | ' | ||||
Segment reporting information | ' | ' | ' | ' | ||||
Revenues, net of interest expense | 17,879 | [1] | 19,392 | [1] | 36,547 | [1] | 38,735 | [1] |
Provision for income taxes | 1,750 | 2,465 | 3,934 | 4,595 | ||||
Income (loss) from continuing operations | 3,735 | [3] | 4,769 | [3] | 7,969 | [3] | 9,499 | [3] |
Operating Segments | Global Consumer Banking | ' | ' | ' | ' | ||||
Segment reporting information | ' | ' | ' | ' | ||||
Revenues, net of interest expense | 9,381 | [1] | 9,718 | [1] | 18,674 | [1] | 19,464 | [1] |
Provision for income taxes | 816 | 968 | 1,574 | 1,890 | ||||
Income (loss) from continuing operations | 1,605 | [3] | 1,862 | [3] | 3,332 | [3] | 3,687 | [3] |
Operating Segments | Institutional Clients Group | ' | ' | ' | ' | ||||
Segment reporting information | ' | ' | ' | ' | ||||
Revenues, net of interest expense | 8,463 | [1] | 9,560 | [1] | 17,697 | [1] | 19,151 | [1] |
Provision for income taxes | 1,122 | 1,448 | 2,370 | 2,825 | ||||
Income (loss) from continuing operations | 2,562 | [3] | 3,136 | [3] | 5,527 | [3] | 6,206 | [3] |
Operating Segments | Corporate/Other | ' | ' | ' | ' | ||||
Segment reporting information | ' | ' | ' | ' | ||||
Revenues, net of interest expense | 35 | [1] | 114 | [1] | 176 | [1] | 120 | [1] |
Provision for income taxes | -188 | 49 | -10 | -120 | ||||
Income (loss) from continuing operations | -432 | [3] | -229 | [3] | -890 | [3] | -394 | [3] |
Operating Segments | Citi Holdings | ' | ' | ' | ' | ||||
Segment reporting information | ' | ' | ' | ' | ||||
Revenues, net of interest expense | 1,463 | [1] | 1,096 | [1] | 2,919 | [1] | 2,001 | [1] |
Provision for income taxes | 88 | -338 | -46 | -898 | ||||
Income (loss) from continuing operations | ($3,482) | [3] | ($581) | [3] | ($3,765) | [3] | ($1,380) | [3] |
[1] | Includes Citicorp (excluding Corporate/Other) total revenues, net of interest expense, in North America of $7.9 billion and $8.2 billion; in EMEA of $2.8 billion and $3.5 billion; in Latin America of $3.5 billion and $3.6 billion; and in Asia of $3.6 billion and $4.0 billion for the three months ended June 30, 2014 and 2013, respectively. Includes Citicorp (excluding Corporate/Other) total revenues, net of interest expense, in North America of $16.4 billion and $16.9 billion; in EMEA of $5.9 billion and $6.6 billion; in Latin America of $6.8 billion and $7.1 billion; and in Asia of $7.3 billion and $8.0 billion for the six months ended June 30, 2014 and 2013, respectively. Regional numbers exclude Citi Holdings and Corporate/Other, which largely operate within the U.S. | |||||||
[2] | Certain prior period revenue and expense lines and totals were reclassified to conform to the current period’s presentation. See Note 3 to Notes to Consolidated Financial Statements. | |||||||
[3] | Includes pretax provisions (credits) for credit losses and for benefits and claims in the GCB results of $1.5 billion and $1.6 billion; in the ICG results of $(112) million and $(30) million; and in Citi Holdings results of $0.3 billion and $0.5 billion for the three months ended June 30, 2014 and 2013, respectively. Includes pretax provisions (credits) for credit losses and for benefits and claims in the GCB results of $3.1 billion and $3.3 billion; in the ICG results of $(85) million and $35.0 million; and in Citi Holdings results of $0.7 billion and $1.2 billion for the six months ended June 30, 2014 and 2013, respectively. |
BUSINESS_SEGMENTS_Details_2
BUSINESS SEGMENTS (Details 2) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Segment reporting information | ' | ' |
Identifiable assets | $1,909,715 | $1,880,382 |
Operating Segments | Total Citicorp and Corporate/Other | ' | ' |
Segment reporting information | ' | ' |
Identifiable assets | 1,799,000 | 1,763,000 |
Operating Segments | Global Consumer Banking | ' | ' |
Segment reporting information | ' | ' |
Identifiable assets | 406,000 | 405,000 |
Operating Segments | Institutional Clients Group | ' | ' |
Segment reporting information | ' | ' |
Identifiable assets | 1,067,000 | 1,045,000 |
Operating Segments | Corporate/Other | ' | ' |
Segment reporting information | ' | ' |
Identifiable assets | 326,000 | 313,000 |
Operating Segments | Citi Holdings | ' | ' |
Segment reporting information | ' | ' |
Identifiable assets | $111,000 | $117,000 |
INTEREST_REVENUE_AND_EXPENSE_D
INTEREST REVENUE AND EXPENSE (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||||||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | ||||
Interest revenue | ' | ' | ' | ' | ||||
Loan interest, including fees | $11,361 | $11,300 | $22,542 | $22,725 | ||||
Deposits with banks | 250 | 252 | 502 | 508 | ||||
Federal funds sold and securities borrowed or purchased under agreements to resell | 592 | 702 | 1,186 | 1,390 | ||||
Investments, including dividends | 1,807 | 1,687 | 3,564 | 3,489 | ||||
Trading account assets | 1,454 | [1] | 1,669 | [1] | 2,940 | [1] | 3,299 | [1] |
Other interest | 97 | 230 | 177 | 389 | ||||
Total interest revenue | 15,561 | 15,840 | 30,911 | 31,800 | ||||
Interest expense | ' | ' | ' | ' | ||||
Deposits | 1,469 | [2] | 1,583 | [2] | 2,918 | [2] | 3,259 | [2] |
Federal funds purchased and securities loaned or sold under agreements to repurchase | 537 | 630 | 1,062 | 1,239 | ||||
Trading account liabilities | 48 | [1] | 43 | [1] | 89 | [1] | 85 | [1] |
Short-term borrowings | 162 | 148 | 299 | 311 | ||||
Long-term debt | 1,399 | 1,754 | 2,838 | 3,594 | ||||
Total interest expense | 3,615 | 4,158 | 7,206 | 8,488 | ||||
Net interest revenue | 11,946 | 11,682 | 23,705 | 23,312 | ||||
Provision for loan losses | 1,579 | 1,827 | 3,372 | 4,041 | ||||
Net interest revenue after provision for loan losses | 10,367 | 9,855 | 20,333 | 19,271 | ||||
Insurance fees and charges | $251 | $289 | $532 | $588 | ||||
[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 $251 million and $289 million for the three months ended June 30, 2014 and 2013, respectively, and $532 million and $588 million for the six months ended June 30, 2014 and 2013, respectively. |
COMMISSIONS_AND_FEES_Details
COMMISSIONS AND FEES (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||||||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | ||||
Commissions and fees | ' | ' | ' | ' | ||||
Total commissions and fees | $3,491 | $3,293 | $6,625 | $6,728 | ||||
Transaction Services | ' | ' | ' | ' | ||||
Commissions and fees | ' | ' | ' | ' | ||||
Total commissions and fees | 473 | 536 | 926 | 920 | ||||
Investment banking | ' | ' | ' | ' | ||||
Commissions and fees | ' | ' | ' | ' | ||||
Total commissions and fees | 1,084 | 841 | 1,917 | 1,767 | ||||
Credit cards and bank cards | ' | ' | ' | ' | ||||
Commissions and fees | ' | ' | ' | ' | ||||
Total commissions and fees | 564 | 632 | 1,128 | 1,256 | ||||
Trading-related | ' | ' | ' | ' | ||||
Commissions and fees | ' | ' | ' | ' | ||||
Total commissions and fees | 695 | 671 | 1,346 | 1,372 | ||||
Other Consumer | ' | ' | ' | ' | ||||
Commissions and fees | ' | ' | ' | ' | ||||
Total commissions and fees | 229 | [1] | 230 | [1] | 442 | [1] | 458 | [1] |
Checking-related | ' | ' | ' | ' | ||||
Commissions and fees | ' | ' | ' | ' | ||||
Total commissions and fees | 135 | 72 | 270 | 278 | ||||
Corporate finance | ' | ' | ' | ' | ||||
Commissions and fees | ' | ' | ' | ' | ||||
Total commissions and fees | 152 | [2] | 132 | [2] | 276 | [2] | 291 | [2] |
Loan servicing | ' | ' | ' | ' | ||||
Commissions and fees | ' | ' | ' | ' | ||||
Total commissions and fees | 98 | 115 | 186 | 252 | ||||
Other | ' | ' | ' | ' | ||||
Commissions and fees | ' | ' | ' | ' | ||||
Total commissions and fees | $61 | $64 | $134 | $134 | ||||
[1] | Primarily consists of fees for investment fund administration and management, third-party collections, commercial demand deposit accounts and certain credit card services. | |||||||
[2] | Consists primarily of fees earned from structuring and underwriting loan syndications |
PRINCIPAL_TRANSACTIONS_Details
PRINCIPAL TRANSACTIONS (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||||||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | ||||
Principal transactions revenue | ' | ' | ' | ' | ||||
Principal transactions revenue | $1,843 | $2,684 | $4,731 | $5,188 | ||||
Interest rate contracts | ' | ' | ' | ' | ||||
Principal transactions revenue | ' | ' | ' | ' | ||||
Principal transactions revenue | 939 | [1] | 1,673 | [1] | 2,329 | [1] | 3,175 | [1] |
Foreign exchange contracts | ' | ' | ' | ' | ||||
Principal transactions revenue | ' | ' | ' | ' | ||||
Principal transactions revenue | 625 | [2] | 697 | [2] | 1,173 | [2] | 1,158 | [2] |
Equity contracts | ' | ' | ' | ' | ||||
Principal transactions revenue | ' | ' | ' | ' | ||||
Principal transactions revenue | -92 | [3] | 222 | [3] | 46 | [3] | 380 | [3] |
Commodity and other contracts | ' | ' | ' | ' | ||||
Principal transactions revenue | ' | ' | ' | ' | ||||
Principal transactions revenue | 98 | [4] | 93 | [4] | 322 | [4] | 212 | [4] |
Credit derivatives | ' | ' | ' | ' | ||||
Principal transactions revenue | ' | ' | ' | ' | ||||
Principal transactions revenue | 273 | [5] | -1 | [5] | 861 | [5] | 263 | [5] |
Citicorp | ' | ' | ' | ' | ||||
Principal transactions revenue | ' | ' | ' | ' | ||||
Principal transactions revenue | 1,766 | 2,670 | 4,583 | 5,211 | ||||
Global Consumer Banking | ' | ' | ' | ' | ||||
Principal transactions revenue | ' | ' | ' | ' | ||||
Principal transactions revenue | 189 | 244 | 384 | 454 | ||||
Institutional Clients Group | ' | ' | ' | ' | ||||
Principal transactions revenue | ' | ' | ' | ' | ||||
Principal transactions revenue | 1,576 | 2,451 | 4,183 | 4,924 | ||||
Corporate/Other | ' | ' | ' | ' | ||||
Principal transactions revenue | ' | ' | ' | ' | ||||
Principal transactions revenue | 1 | -25 | 16 | -167 | ||||
Citi Holdings | ' | ' | ' | ' | ||||
Principal transactions revenue | ' | ' | ' | ' | ||||
Principal transactions revenue | $77 | $14 | $148 | ($23) | ||||
[1] | Includes revenues from government securities and corporate debt, municipal securities, mortgage securities and other debt instruments. Also includes spot and forward trading of currencies and exchange-traded and over-the-counter (OTC) currency options, options on fixed income securities, interest rate swaps, currency swaps, swap options, caps and floors, financial futures, OTC options and forward contracts on fixed income securities. | |||||||
[2] | Includes revenues from foreign exchange spot, forward, option and swap contracts, as well as FX translation gains and losses. | |||||||
[3] | Includes revenues from common, preferred and convertible preferred stock, convertible corporate debt, equity-linked notes and exchange-traded and OTC equity options and warrants. | |||||||
[4] | Primarily includes revenues from crude oil, refined oil products, natural gas and other commodities trades. | |||||||
[5] | Includes revenues from structured credit products. |
RETIREMENT_BENEFITS_Details
RETIREMENT BENEFITS (Details) (USD $) | 3 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | ||||||||||||||||||||||||||||||||
In Millions, unless otherwise specified | Jun. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2013 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2013 | Jun. 30, 2013 | ||||||||
Effect of change in the measurement policy from annually to quarterly | Effect of change in the measurement policy from annually to quarterly | Effect of change in the measurement policy from annually to quarterly | U.S. Pension Plans | U.S. Pension Plans | U.S. Pension Plans | U.S. Pension Plans | U.S. Pension Plans | U.S. Pension Plans | U.S. Pension Plans | U.S. Pension Plans | U.S. Pension Plans | U.S. Pension Plans | U.S. Qualified Pension Plan | U.S. Qualified Pension Plan | U.S. Qualified Pension Plan | U.S. Qualified Pension Plan | U.S. Qualified Pension Plan | U.S. Qualified Pension Plan | U.S. Qualified Pension Plan | U.S. Qualified Pension Plan | U.S. Nonqualified Pension Plan | U.S. Nonqualified Pension Plan | U.S. Nonqualified Pension Plan | U.S. Nonqualified Pension Plan | Non - U.S. Pension Plans | Non - U.S. Pension Plans | Non - U.S. Pension Plans | Non - U.S. Pension Plans | Non - U.S. Pension Plans | Non - U.S. Pension Plans | Non - U.S. Pension Plans | Non - U.S. Pension Plans | U.S. Postretirement Benefit Plans | U.S. Postretirement Benefit Plans | U.S. Postretirement Benefit Plans | U.S. Postretirement Benefit Plans | U.S. Postretirement Benefit Plans | U.S. Postretirement Benefit Plans | U.S. Postretirement Benefit Plans | U.S. Postretirement Benefit Plans | Non-U.S. Postretirement Benefit Plans | Non-U.S. Postretirement Benefit Plans | Non-U.S. Postretirement Benefit Plans | Non-U.S. Postretirement Benefit Plans | Non-U.S. Postretirement Benefit Plans | Non-U.S. Postretirement Benefit Plans | Non-U.S. Postretirement Benefit Plans | Non-U.S. Postretirement Benefit Plans | Non-U.S. Postretirement Benefit Plans | Non-U.S. Postretirement Benefit Plans | |||||||||
Before adjustment due to change in accounting policy | Before adjustment due to change in accounting policy | Before adjustment due to change in accounting policy | Before adjustment due to change in accounting policy | Effect of change in the measurement policy from annually to quarterly | Effect of change in the measurement policy from annually to quarterly | Before adjustment due to change in accounting policy | Before adjustment due to change in accounting policy | Before adjustment due to change in accounting policy | Before adjustment due to change in accounting policy | Before adjustment due to change in accounting policy | Before adjustment due to change in accounting policy | Before adjustment due to change in accounting policy | Before adjustment due to change in accounting policy | Before adjustment due to change in accounting policy | Before adjustment due to change in accounting policy | Before adjustment due to change in accounting policy | Before adjustment due to change in accounting policy | Before adjustment due to change in accounting policy | Before adjustment due to change in accounting policy | Before adjustment due to change in accounting policy | Before adjustment due to change in accounting policy | Before adjustment due to change in accounting policy | Before adjustment due to change in accounting policy | Before adjustment due to change in accounting policy | Before adjustment due to change in accounting policy | Effect of change in the measurement policy from annually to quarterly | Effect of change in the measurement policy from annually to quarterly | ||||||||||||||||||||||||||||||||
Defined Benefit Plan Disclosure | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Percentage of The Significant Plans over global pension and postretirement liabilities, which utilize quarterly measurement policy | ' | 80.00% | 80.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Defined Benefit Plan, Net Periodic Benefit Cost [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Benefits earned during the period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1 | $3 | $3 | $6 | ' | ' | ' | ' | ' | ' | ' | ' | $47 | $53 | $93 | $107 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $3 | $15 | $7 | $25 | ' | ' | ' | ' | ' | ' | ||||||||
Interest cost on benefit obligation | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 138 | 132 | 278 | 258 | ' | ' | ' | ' | ' | ' | ' | ' | 98 | 97 | 194 | 192 | ' | ' | ' | ' | 9 | 8 | 17 | 17 | ' | ' | ' | ' | 31 | 39 | 60 | 76 | ' | ' | ' | ' | ' | ' | ||||||||
Expected return on plan assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -219 | -215 | -436 | -429 | ' | ' | ' | ' | ' | ' | ' | ' | -98 | -104 | -193 | -205 | ' | ' | ' | ' | ' | -1 | -1 | -2 | ' | ' | ' | ' | -31 | -41 | -61 | -72 | ' | ' | ' | ' | ' | ' | ||||||||
Amortization of unrecognized | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Prior service (benefit) cost | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1 | 1 | 2 | 2 | ' | ' | ' | ' | ' | ' | ' | ' | -1 | -1 | -2 | -2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3 | ' | 6 | ' | ' | ' | ' | ' | ' | ' | ||||||||
Net actuarial loss | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 26 | 28 | 49 | 59 | ' | ' | ' | ' | ' | ' | ' | ' | 20 | 24 | 40 | 46 | ' | ' | ' | ' | 1 | ' | ' | ' | ' | ' | ' | ' | 11 | 11 | 20 | 22 | ' | ' | ' | ' | ' | ' | ||||||||
Curtailment loss | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 17 | [1] | ' | 17 | [2] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Settlement loss | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 13 | [1] | ' | 13 | [2] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -2 | [1] | ' | -2 | [2] | ' | ' | ' | ' | ' | ' | ' | ||||
Total net (benefit) expense | ($20) | ' | ' | ($43) | ($64) | ($84) | ($107) | ($43) | ($41) | ($84) | ($84) | ($23) | [3] | ($23) | [3] | ' | ' | ' | ' | ($55) | ($53) | ($108) | ($108) | $12 | $12 | $24 | $24 | $98 | $71 | $166 | $142 | $98 | $71 | $166 | $142 | $10 | $7 | $16 | $15 | $10 | $7 | $16 | $15 | $9 | $27 | $18 | $54 | $9 | $24 | $18 | $51 | $3 | [3] | $3 | [3] | ||||
[1] | Curtailment and settlement losses relate to repositioning actions in certain countries outside the U.S. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[2] | Curtailment and settlement losses relate to voluntary early retirement programs in certain countries outside the U.S. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[3] | See Note 1 to the Consolidated Financial Statements for additional information on the change in accounting policy. |
RETIREMENT_BENEFITS_Details_2
RETIREMENT BENEFITS (Details 2) (USD $) | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | ||||||||||||||||||||||||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Mar. 31, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Mar. 31, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Mar. 31, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Mar. 31, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | ||||||||||||
U.S. Pension Plans | U.S. Pension Plans | U.S. Pension Plans | U.S. Pension Plans | U.S. Pension Plans | U.S. Qualified Pension Plan | U.S. Qualified Pension Plan | U.S. Qualified Pension Plan | U.S. Qualified Pension Plan | Non - U.S. Pension Plans | Non - U.S. Pension Plans | Non - U.S. Pension Plans | Non - U.S. Pension Plans | Non - U.S. Pension Plans | Non - U.S. Pension Plans | Non - U.S. Pension Plans | U.S. Postretirement Benefit Plans | U.S. Postretirement Benefit Plans | U.S. Postretirement Benefit Plans | U.S. Postretirement Benefit Plans | U.S. Postretirement Benefit Plans | U.S. Postretirement Benefit Plans | Non-U.S. Postretirement Benefit Plans | Non-U.S. Postretirement Benefit Plans | Non-U.S. Postretirement Benefit Plans | Non-U.S. Postretirement Benefit Plans | Non-U.S. Postretirement Benefit Plans | Non-U.S. Postretirement Benefit Plans | Non-U.S. Postretirement Benefit Plans | |||||||||||||
Significant Plans Measured Quarterly | Significant Plans Measured Quarterly | Plans Measured Annually | Significant Plans Measured Quarterly | Significant Plans Measured Quarterly | Plans Measured Annually | Significant Plans Measured Quarterly | Significant Plans Measured Quarterly | Significant Plans Measured Quarterly | Significant Plans Measured Quarterly | Plans Measured Annually | |||||||||||||||||||||||||||||||
Change in projected benefit obligation | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||
Projected benefit obligation at beginning of period | $12,829 | ' | $12,137 | $12,137 | $692 | ' | ' | ' | ' | ' | ' | $7,194 | ' | $3,721 | $3,721 | $3,473 | ' | ' | $780 | ' | $780 | $780 | ' | ' | $1,411 | ' | $1,054 | $1,054 | $357 | ||||||||||||
Benefits earned during the period | ' | ' | ' | 1 | ' | 1 | 3 | 3 | 6 | 47 | 53 | 93 | 107 | ' | 10 | ' | ' | ' | ' | ' | ' | ' | 3 | 15 | 7 | 25 | ' | 3 | ' | ||||||||||||
Interest cost on benefit obligation | ' | ' | ' | 138 | ' | 138 | 132 | 278 | 258 | 98 | 97 | 194 | 192 | ' | 58 | ' | 9 | 8 | 17 | 17 | ' | 9 | 31 | 39 | 60 | 76 | ' | 25 | ' | ||||||||||||
Actuarial (gain) loss | ' | ' | ' | 383 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 98 | ' | ' | ' | ' | ' | ' | 68 | ' | ' | ' | ' | ' | 86 | ' | ||||||||||||
Benefits paid net of participatants contributions | ' | ' | ' | -172 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -41 | ' | ' | ' | ' | ' | ' | -15 | ' | ' | ' | ' | ' | -16 | ' | ||||||||||||
Foreign exchange impact and other | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 66 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8 | ' | ||||||||||||
Benefit obligation, period activity | ' | ' | 215 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 69 | ' | ' | ' | ' | ' | ' | 1 | ' | ' | ' | ' | ' | 56 | ' | ' | ||||||||||||
Projected benefit obligation at end of period | ' | ' | -12,352 | -12,702 | -692 | ' | ' | ' | ' | ' | ' | ' | ' | -3,790 | -3,981 | -3,473 | ' | ' | ' | ' | -781 | -843 | ' | ' | ' | ' | -1,110 | -1,216 | -357 | ||||||||||||
Change in plan assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||
Plan assets at fair value at beginning of period | 12,731 | ' | 12,731 | 12,731 | ' | ' | ' | ' | ' | ' | ' | 6,918 | ' | 4,329 | 4,329 | 2,589 | ' | ' | 32 | ' | 32 | 32 | ' | ' | 1,472 | ' | 1,461 | 1,461 | 11 | ||||||||||||
Actual return on plan assets | ' | ' | ' | 364 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 190 | ' | ' | ' | ' | ' | ' | 1 | ' | ' | ' | ' | ' | 95 | ' | ||||||||||||
Company contributions | 23 | [1],[2] | 21 | [1],[2] | ' | ' | ' | ' | ' | ' | ' | ' | ' | 87 | [1] | 125 | [1] | ' | 13 | ' | ' | ' | 20 | [1] | 28 | [1] | ' | 10 | ' | ' | 8 | [1] | 168 | [1] | ' | ' | ' | ||||
Benefits paid | ' | ' | ' | -172 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -41 | ' | ' | ' | ' | ' | ' | -15 | ' | ' | ' | ' | ' | -16 | ' | ||||||||||||
Foreign exchange impact and other | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 79 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10 | ' | ||||||||||||
Plan assets, period activity | ' | ' | 96 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 69 | ' | ' | ' | ' | ' | ' | -4 | ' | ' | ' | ' | ' | -10 | ' | ' | ||||||||||||
Plan assets at fair value at end of period | ' | ' | -12,827 | -13,019 | ' | ' | ' | ' | ' | ' | ' | ' | ' | -4,398 | -4,639 | -2,589 | ' | ' | ' | ' | -28 | -24 | ' | ' | ' | ' | -1,451 | -1,540 | -11 | ||||||||||||
Funded status of significant plans at period end | ' | ' | ' | 317 | [3] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 658 | [3] | ' | ' | ' | ' | ' | ' | -819 | [3] | ' | ' | ' | ' | ' | 324 | [3] | ' | ||||||||
Net amount recognized | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||
Benefit asset | ' | ' | ' | 317 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 658 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 324 | ' | ||||||||||||
Benefit liability | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -819 | ' | ' | ' | ' | ' | ' | ' | ||||||||||||
Net amount recognized on the balance sheet | ' | ' | ' | 317 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 658 | ' | ' | ' | ' | ' | ' | -819 | ' | ' | ' | ' | ' | 324 | ' | ||||||||||||
Amounts recognized in Accumulated other comprehensive income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||
Prior service benefit (cost) | ' | ' | ' | 5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 28 | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | 166 | ' | ||||||||||||
Net actuarial gain (loss) | ' | ' | ' | -4,294 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -1,136 | ' | ' | ' | ' | ' | ' | 52 | ' | ' | ' | ' | ' | -520 | ' | ||||||||||||
Net amount recognized in equity-pretax | ' | ' | ' | -4,289 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -1,108 | ' | ' | ' | ' | ' | ' | 52 | ' | ' | ' | ' | ' | -354 | ' | ||||||||||||
Accumulated benefit obligation at period end | ' | ' | ' | $12,694 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $3,867 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||
[1] | Company contributions are composed of cash contributions made to the plans and benefits paid directly to participants by the Company. | ||||||||||||||||||||||||||||||||||||||||
[2] | The U.S. pension plans include benefits paid directly by the Company for the nonqualified pension plans. | ||||||||||||||||||||||||||||||||||||||||
[3] | The U.S. qualified pension plan is fully funded under specified Employee Retirement Income Security Act (ERISA) funding rules as of January 1, 2014 and no minimum required funding is expected for 2014. |
RETIREMENT_BENEFITS_Details_3
RETIREMENT BENEFITS (Details 3) (USD $) | 3 Months Ended | 6 Months Ended | ||||||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | ||||
Change in accumulated other comprehensive income (loss) | ' | ' | ' | ' | ||||
Change in deferred taxes, net | $95 | ($248) | $117 | ($342) | ||||
Benefit plans, after-tax | -144 | [1] | 401 | [1] | -177 | [1] | 655 | [1] |
Pension Plans and Postretirement Benefit Plans | ' | ' | ' | ' | ||||
Change in accumulated other comprehensive income (loss) | ' | ' | ' | ' | ||||
Beginning-of-period balance, net of tax | -4,022 | [2],[3] | ' | -3,989 | [2],[3] | ' | ||
Actuarial assumptions changes and plan experience | -635 | ' | -1,011 | ' | ||||
Net asset gain (loss) due to difference between actual and expected returns | 336 | ' | 431 | ' | ||||
Net amortizations | 54 | ' | 99 | ' | ||||
Curtailment/settlement loss | 28 | [4] | ' | 28 | [4] | ' | ||
Foreign exchange impact and other | -22 | ' | 159 | ' | ||||
Change in deferred taxes, net | 95 | ' | 117 | ' | ||||
Benefit plans, after-tax | -144 | ' | -177 | ' | ||||
End-of-period balance, net of tax | ($4,166) | [2],[3] | ' | ($4,166) | [2],[3] | ' | ||
[1] | Primarily reflects adjustments based on the quarterly actuarial valuations of the Company’s significant pension and postretirement plans and amortization of amounts previously recognized in Other comprehensive income. | |||||||
[2] | Includes net-of-tax amounts for certain profit sharing plans outside the United States. | |||||||
[3] | See Note 18 to the Consolidated Financial Statements for further discussion of net Accumulated other comprehensive income (loss) balance. | |||||||
[4] | Curtailment and settlement losses relate to repositioning actions in certain countries outside the U.S. |
RETIREMENT_BENEFITS_Details_4
RETIREMENT BENEFITS (Details 4) (USD $) | 6 Months Ended | 3 Months Ended | 12 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 12 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | 6 Months Ended | 3 Months Ended | 12 Months Ended | |||||||||||||||||||||||||||||||||||||||||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Mar. 31, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | |||||||||||||||||||||||||||
U.S. Pension Plans | U.S. Pension Plans | U.S. Pension Plans | U.S. Pension Plans | U.S. Pension Plans | Non - U.S. Pension Plans | Non - U.S. Pension Plans | Non - U.S. Pension Plans | Non - U.S. Pension Plans | Non - U.S. Pension Plans | Non - U.S. Pension Plans | Non - U.S. Pension Plans | Non - U.S. Pension Plans | Non - U.S. Pension Plans | Non - U.S. Pension Plans | Non - U.S. Pension Plans | Non - U.S. Pension Plans | Non - U.S. Pension Plans | U.S. Postretirement Benefit Plans | U.S. Postretirement Benefit Plans | U.S. Postretirement Benefit Plans | U.S. Postretirement Benefit Plans | U.S. Postretirement Benefit Plans | U.S. Postretirement Benefit Plans | Non-U.S. Postretirement Benefit Plans | Non-U.S. Postretirement Benefit Plans | Non-U.S. Postretirement Benefit Plans | Non-U.S. Postretirement Benefit Plans | Non-U.S. Postretirement Benefit Plans | ||||||||||||||||||||||||||||
Significant Plans Measured Quarterly | Significant Plans Measured Quarterly | Significant Plans Measured Quarterly | Significant Plans Measured Quarterly | Significant Plans Measured Quarterly | Minimum | Minimum | Minimum | Maximum | Maximum | Maximum | Weighted Average | Weighted Average | Weighted Average | Significant Plans Measured Quarterly | Significant Plans Measured Quarterly | Significant Plans Measured Quarterly | Significant Plans Measured Quarterly | Significant Plans Measured Quarterly | Significant Plans Measured Quarterly | Significant Plans Measured Quarterly | ||||||||||||||||||||||||||||||||||||
Significant Plans Measured Quarterly | Significant Plans Measured Quarterly | Significant Plans Measured Quarterly | Significant Plans Measured Quarterly | Significant Plans Measured Quarterly | Significant Plans Measured Quarterly | Significant Plans Measured Quarterly | Significant Plans Measured Quarterly | Significant Plans Measured Quarterly | ||||||||||||||||||||||||||||||||||||||||||||||||
Assumptions used in determining pension and postretirement benefit obligations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||||||||||||||||
Discount rate (as a percent) | ' | ' | 4.55% | [1] | 4.75% | [1] | 4.80% | [1] | ' | ' | ' | ' | 4.40% | [1] | 4.50% | [1] | 4.50% | [1] | 8.50% | [1] | 8.80% | [1] | 8.90% | [1] | 6.21% | [1] | 6.41% | [1] | 6.49% | [1] | ' | ' | 4.15% | [1] | 4.35% | [1] | ' | 4.30% | [1] | ' | ' | 8.90% | [1] | 9.40% | [1] | 8.90% | [1] | |||||||||
Assumptions used in determining benefit obligations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||||||||||||||||
Discount rate (as a percent) | ' | ' | 4.25% | [2] | 4.55% | [2] | 4.75% | [2] | ' | ' | ' | ' | 4.30% | [2] | 4.40% | [2] | 4.50% | [2] | 8.00% | [2] | 8.50% | [2] | 8.80% | [2] | 5.95% | [2] | 6.21% | [2] | 6.41% | [2] | ' | ' | 3.95% | [2] | 4.15% | [2] | 3.95% | [2] | 4.35% | [2] | ' | ' | 8.40% | [2] | 8.90% | [2] | 9.40% | [2] | ||||||||
Effect of one-percentage-point change in the discount rates | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||||||||||||||||
Effect of one-percentage-point increase in the discount rates | ' | ' | $6 | ' | ' | ' | ' | ($3) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||||||||||||||||
Effect of one-percentage-point decrease in the discount rates | ' | ' | 10 | ' | ' | ' | ' | -4 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||||||||||||||||
Summary of company contributions | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||||||||||||||||
Company contributions | 23 | [3],[4] | 21 | [3],[4] | ' | ' | ' | 87 | [3] | 125 | [3] | ' | 13 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 20 | [3] | 28 | [3] | ' | ' | 10 | ' | 8 | [3] | 168 | [3] | ' | ' | ' | |||||||||||||||||||
Company contributions expected for the remainder of the year | $22 | [4] | $21 | [4] | ' | ' | ' | $95 | $88 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $29 | $28 | ' | ' | ' | ' | $91 | $5 | ' | ' | ' | |||||||||||||||||||||||||
[1] | Effective April 1, 2013, the Company changed to a quarterly remeasurement approach for its six largest plans, including the U.S. qualified pension and postretirement plans. For the Significant Plans, the 2013 rates shown above were utilized to calculate the fourth quarter expense in 2013. The 2014 rates shown above for the three months ended March 31, 2014 and June 30, 2014 were utilized to calculate the first and second quarter expense for 2014, respectively. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
[2] | For the Significant Plans, the June 30, 2014 rates shown above are utilized to calculate the June 30, 2014 benefit obligation and will be utilized to calculate the 2014 third quarter expense. The rates shown above for the year ended 2013 were utilized to calculate the first quarter 2014 expense. The March 31, 2014 rates were utilized to calculate the 2014 second quarter expense. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
[3] | Company contributions are composed of cash contributions made to the plans and benefits paid directly to participants by the Company. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
[4] | The U.S. pension plans include benefits paid directly by the Company for the nonqualified pension plans. |
RETIREMENT_BENEFITS_Details_5
RETIREMENT BENEFITS (Details 5) (USD $) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | |
Defined Contribution Plans | ' | ' | ' | ' |
Maximum percentage contribution by employer of employees eligible pay | ' | ' | 6.00% | 6.00% |
Maximum compensation to be eligible for fixed contribution from employer | ' | ' | $100,000 | ' |
Percentage of fixed contribution by employer, for eligible employees whose compensation is $100,000 or less | ' | ' | 2.00% | ' |
Pretax expense associated with Citigroup 401(k) plan | 101,000,000 | 98,000,000 | 204,000,000 | 202,000,000 |
Postemployment Plans | ' | ' | ' | ' |
Postemployment Plans | ' | ' | ' | ' |
Benefits earned during the period | 0 | 6,000,000 | 0 | 13,000,000 |
Interest cost on benefit obligation | 1,000,000 | 3,000,000 | 2,000,000 | 6,000,000 |
Amortization of unrecognized | ' | ' | ' | ' |
Prior service cost (benefit) | -8,000,000 | 2,000,000 | -15,000,000 | 4,000,000 |
Net actuarial loss | 3,000,000 | 3,000,000 | 7,000,000 | 6,000,000 |
Total service related expense | -4,000,000 | 14,000,000 | -6,000,000 | 29,000,000 |
Non-service related expense (benefit) | 8,000,000 | 6,000,000 | 17,000,000 | 13,000,000 |
Total net (benefit) expense | $4,000,000 | $20,000,000 | $11,000,000 | $42,000,000 |
EARNINGS_PER_SHARE_Details
EARNINGS PER SHARE (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||||||
In Millions, except Per Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | ||||
Earnings Per Share [Abstract] | ' | ' | ' | ' | ||||
Income from continuing operations before attribution of noncontrolling interests | $253 | [1] | $4,188 | [1] | $4,204 | [1] | $8,119 | [1] |
Less: Noncontrolling interests from continuing operations | 50 | 36 | 95 | 126 | ||||
Net income from continuing operations (for EPS purposes) | 203 | 4,152 | 4,109 | 7,993 | ||||
Income (loss) from discontinued operations, net of taxes | -22 | 30 | 15 | -3 | ||||
Citigroup’s net income | 181 | 4,182 | 4,124 | 7,990 | ||||
Less: Preferred dividends | 100 | [2] | 9 | [2] | 224 | 13 | ||
Net income available to common shareholders | 81 | 4,173 | 3,900 | 7,977 | ||||
Less: Dividends and undistributed earnings allocated to employee restricted and deferred shares with nonforfeitable rights to dividends, applicable to basic EPS | 1 | 83 | 64 | 155 | ||||
Net income allocated to common shareholders for basic EPS | 80 | 4,090 | 3,836 | 7,822 | ||||
Add: Interest expense, net of tax, and dividends on convertible securities and adjustment of undistributed earnings allocated to employee restricted and deferred shares with nonforfeitable rights to dividends, applicable to diluted EPS | 0 | 1 | 0 | 1 | ||||
Net income allocated to common shareholders for diluted EPS | $80 | $4,091 | $3,836 | $7,823 | ||||
Weighted-average common shares outstanding applicable to basic EPS | 3,033.80 | 3,040.70 | 3,035.60 | 3,040.40 | ||||
Effect of dilutive securities | ' | ' | ' | ' | ||||
Options (in shares) | 4.3 | [3] | 5 | [3] | 4.9 | 4.5 | ||
Other employee plans (in shares) | 0.2 | 0.5 | 0.3 | 0.5 | ||||
Convertible securities (in shares) | 0 | 0.1 | [4] | 0 | 0.1 | |||
Adjusted weighted-average common shares outstanding applicable to diluted EPS | 3,038.30 | 3,046.30 | 3,040.80 | 3,045.50 | ||||
Basic earnings per share | ' | ' | ' | ' | ||||
Income from continuing operations (in dollars per share) | $0.03 | [5] | $1.34 | [5] | $1.26 | $2.57 | ||
Discontinued operations (in dollars per share) | ($0.01) | [5] | $0.01 | [5] | $0 | $0 | ||
Net income (in dollars per share) | $0.03 | [5] | $1.35 | [5] | $1.26 | [5] | $2.57 | [5] |
Diluted earnings per share | ' | ' | ' | ' | ||||
Income from continuing operations (in dollars per share) | $0.03 | $1.33 | $1.26 | $2.57 | ||||
Discontinued operations (in dollars per share) | ($0.01) | $0.01 | $0 | $0 | ||||
Net income (in dollars per share) | $0.03 | $1.34 | $1.26 | $2.57 | ||||
Weighted-average options to purchase common stock | ' | ' | ' | ' | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share | ' | ' | ' | ' | ||||
Antidilutive securities excluded from computation of earnings per common share (in shares) | 7.5 | 8.2 | ' | ' | ||||
Antidilutive securities exercise price (in dollars per share) | 117.33 | 79.8 | 117.33 | 79.8 | ||||
Warrants issued to U.S. Treasury as part of TARP and loss-sharing agreement | Warrant with the exercise price of $178.50 | ' | ' | ' | ' | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share | ' | ' | ' | ' | ||||
Antidilutive securities excluded from computation of earnings per common share (in shares) | 21 | ' | ' | ' | ||||
Antidilutive securities exercise price (in dollars per share) | 178.5 | ' | 178.5 | ' | ||||
Warrants issued to U.S. Treasury as part of TARP and loss-sharing agreement | Warrant with the exercise price of $106.10 | ' | ' | ' | ' | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share | ' | ' | ' | ' | ||||
Antidilutive securities excluded from computation of earnings per common share (in shares) | ' | 25.5 | ' | ' | ||||
Antidilutive securities exercise price (in dollars per share) | 106.1 | ' | 106.1 | ' | ||||
[1] | Includes pretax provisions (credits) for credit losses and for benefits and claims in the GCB results of $1.5 billion and $1.6 billion; in the ICG results of $(112) million and $(30) million; and in Citi Holdings results of $0.3 billion and $0.5 billion for the three months ended June 30, 2014 and 2013, respectively. Includes pretax provisions (credits) for credit losses and for benefits and claims in the GCB results of $3.1 billion and $3.3 billion; in the ICG results of $(85) million and $35.0 million; and in Citi Holdings results of $0.7 billion and $1.2 billion for the six months ended June 30, 2014 and 2013, respectively. | |||||||
[2] | See Note 19 to the Consolidated Financial Statements for the potential future impact of preferred stock dividends. | |||||||
[3] | During the second quarters of 2014 and 2013, weighted-average options to purchase 7.5 million and 8.2 million shares of common stock, respectively, were outstanding but not included in the computation of earnings per share because the weighted-average exercise prices of $117.33 and $79.80, respectively, were anti-dilutive. | |||||||
[4] | 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 an exercise price of $178.50 and $106.10 for approximately 21.0 million and 25.5 million shares of Citigroup common stock, respectively, were not included in the computation of earnings per share in the second quarters of 2014 and 2013 because they were anti-dilutive. | |||||||
[5] | Due to rounding, earnings per share on continuing operations and discontinued operations may not sum to earnings per share on net income. |
FEDERAL_FUNDS_SECURITIES_BORRO2
FEDERAL FUNDS, SECURITIES BORROWED, LOANED, AND SUBJECT TO REPURCHASE AGREEMENTS (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | ||
In Millions, unless otherwise specified | ||||
Federal Funds Purchased and Securities Sold under Agreements to Repurchase [Abstract] | ' | ' | ||
Federal funds sold | $0 | $20 | ||
Securities purchased under agreements to resell | 128,421 | [1] | 136,649 | [1] |
Deposits paid for securities borrowed | 121,932 | [1] | 120,368 | [1] |
Total | 250,353 | 257,037 | ||
Federal funds purchased | 663 | 910 | ||
Securities sold under agreements to repurchase | 159,598 | [1] | 175,691 | [1] |
Deposits received for securities loaned | 23,651 | [1] | 26,911 | [1] |
Total | $183,912 | $203,512 | ||
[1] | The total of this column for each period excludes Federal funds sold/purchased. See table on prior page. |
FEDERAL_FUNDS_SECURITIES_BORRO3
FEDERAL FUNDS, SECURITIES BORROWED, LOANED, AND SUBJECT TO REPURCHASE AGREEMENTS (Details 2) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | ||
In Millions, unless otherwise specified | ||||
Securities purchased under agreements to resell | ' | ' | ||
Gross amounts of recognized assets | $193,940 | $179,894 | ||
Gross amounts offset on the Consolidated Balance Sheet | 65,519 | [1] | 43,245 | [1] |
Net amounts of assets included on the Consolidated Balance Sheet | 128,421 | [2] | 136,649 | [2] |
Amounts not offset on the Consolidated Balance Sheet but eligible for offsetting upon counterparty default | 97,663 | [3] | 105,226 | [3] |
Net amounts | 30,758 | [4] | 31,423 | [4] |
Deposits paid for securities borrowed | ' | ' | ||
Gross amounts of recognized assets | 121,932 | 120,368 | ||
Net amounts of assets included on the Consolidated Balance Sheet | 121,932 | [2] | 120,368 | [2] |
Amounts not offset on the Consolidated Balance Sheet but eligible for offsetting upon counterparty default | 21,309 | [3] | 26,728 | [3] |
Net amounts | 100,623 | [4] | 93,640 | [4] |
Total | ' | ' | ||
Total | 315,872 | 300,262 | ||
Gross amounts offset on the Consolidated Balance Sheet | 65,519 | [1] | 43,245 | [1] |
Net amounts of assets included on the Consolidated Balance Sheet | 250,353 | [2] | 257,017 | [2] |
Amounts not offset on the Consolidated Balance Sheet but eligible for offsetting upon counterparty default | 118,972 | [3] | 131,954 | [3] |
Net amounts | 131,381 | [4] | 125,063 | [4] |
Securities sold under agreements to repurchase | ' | ' | ||
Gross amounts of recognized liabilities | 225,117 | 218,936 | ||
Gross amounts offset on the Consolidated Balance Sheet | 65,519 | [1] | 43,245 | [1] |
Net amounts of liabilities included on the Consolidated Balance Sheet | 159,598 | [2] | 175,691 | [2] |
Amounts not offset on the Consolidated Balance Sheet but eligible for offsetting upon counterparty default | 71,095 | [3] | 80,082 | [3] |
Net amounts | 88,503 | [4] | 95,609 | [4] |
Deposits received for securities loaned | ' | ' | ||
Gross amounts of recognized liabilities | 23,651 | 26,911 | ||
Net amounts of liabilities included on the Consolidated Balance Sheet | 23,651 | [2] | 26,911 | [2] |
Amounts not offset on the Consolidated Balance Sheet but eligible for offsetting upon counterparty default | 7,082 | [3] | 3,833 | [3] |
Net amounts | 16,569 | [4] | 23,078 | [4] |
Total | ' | ' | ||
Gross amounts of recognized liabilities | 248,768 | 245,847 | ||
Gross amounts offset on the Consolidated Balance Sheet | 65,519 | [1] | 43,245 | [1] |
Net amounts of liabilities included on the Consolidated Balance Sheet | 183,249 | [2] | 202,602 | [2] |
Amounts not offset on the Consolidated Balance Sheet but eligible for offsetting upon counterparty default | 78,177 | [3] | 83,915 | [3] |
Net amounts | $105,072 | [4] | $118,687 | [4] |
[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 table on prior page. | |||
[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 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. |
BROKERAGE_RECEIVABLES_AND_BROK2
BROKERAGE RECEIVABLES AND BROKERAGE PAYABLES (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | ||
In Millions, unless otherwise specified | ||||
Brokers and Dealers [Abstract] | ' | ' | ||
Receivables from customers | $13,602 | $5,811 | ||
Receivables from brokers, dealers, and clearing organization | 28,262 | 19,863 | ||
Total brokerage receivable | 41,864 | [1] | 25,674 | [1] |
Payables to customers | 36,214 | 34,751 | ||
Payables to brokers, dealers, and clearing organization | 26,109 | 18,956 | ||
Total brokerage payable | $62,323 | [1] | $53,707 | [1] |
[1] | Brokerage receivables and payables are accounted for in accordance with ASC 940-320. |
TRADING_ACCOUNT_ASSETS_AND_LIA2
TRADING ACCOUNT ASSETS AND LIABILITIES (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | ||
In Millions, unless otherwise specified | ||||
Trading account assets and Trading account liabilities | ' | ' | ||
Trading account assets | $290,776 | $285,928 | ||
Trading account liabilities | 123,370 | 108,762 | ||
Securities sold, not yet purchased | ' | ' | ||
Trading account assets and Trading account liabilities | ' | ' | ||
Trading account liabilities | 75,827 | 61,508 | ||
Derivatives, liabilities | ' | ' | ||
Trading account assets and Trading account liabilities | ' | ' | ||
Trading account liabilities | 47,543 | [1] | 47,254 | [1] |
Derivatives, assets | ' | ' | ||
Trading account assets and Trading account liabilities | ' | ' | ||
Trading account assets | 50,502 | [1] | 52,821 | [1] |
Mortgage-backed securities - U.S. government-sponsored agency guaranteed | ' | ' | ||
Trading account assets and Trading account liabilities | ' | ' | ||
Trading account assets | 21,138 | [2] | 23,955 | [2] |
Mortgage-backed securities - Prime | ' | ' | ||
Trading account assets and Trading account liabilities | ' | ' | ||
Trading account assets | 2,059 | [2] | 1,422 | [2] |
Mortgage-backed securities - Alt-A | ' | ' | ||
Trading account assets and Trading account liabilities | ' | ' | ||
Trading account assets | 702 | [2] | 721 | [2] |
Mortgage-backed securities - Subprime | ' | ' | ||
Trading account assets and Trading account liabilities | ' | ' | ||
Trading account assets | 541 | [2] | 1,211 | [2] |
Mortgage-backed securities - Non-U.S. residential | ' | ' | ||
Trading account assets and Trading account liabilities | ' | ' | ||
Trading account assets | 733 | [2] | 723 | [2] |
Mortgage-backed securities - Commercial | ' | ' | ||
Trading account assets and Trading account liabilities | ' | ' | ||
Trading account assets | 2,367 | [2] | 2,574 | [2] |
Mortgage-backed securities | ' | ' | ||
Trading account assets and Trading account liabilities | ' | ' | ||
Trading account assets | 27,540 | [2] | 30,606 | [2] |
U.S. Treasury and federal agency securities | ' | ' | ||
Trading account assets and Trading account liabilities | ' | ' | ||
Trading account assets | 20,318 | 14,837 | ||
U.S. Treasury | ' | ' | ||
Trading account assets and Trading account liabilities | ' | ' | ||
Trading account assets | 18,640 | 13,537 | ||
Agency obligations | ' | ' | ||
Trading account assets and Trading account liabilities | ' | ' | ||
Trading account assets | 1,678 | 1,300 | ||
State and municipal securities | ' | ' | ||
Trading account assets and Trading account liabilities | ' | ' | ||
Trading account assets | 2,726 | 3,207 | ||
Foreign government securities | ' | ' | ||
Trading account assets and Trading account liabilities | ' | ' | ||
Trading account assets | 80,985 | 74,856 | ||
Corporate | ' | ' | ||
Trading account assets and Trading account liabilities | ' | ' | ||
Trading account assets | 29,946 | 30,534 | ||
Equity securities | ' | ' | ||
Trading account assets and Trading account liabilities | ' | ' | ||
Trading account assets | 59,579 | 61,776 | ||
Asset-backed securities | ' | ' | ||
Trading account assets and Trading account liabilities | ' | ' | ||
Trading account assets | 4,504 | [2] | 5,616 | [2] |
Other trading assets | ' | ' | ||
Trading account assets and Trading account liabilities | ' | ' | ||
Trading account assets | $14,676 | [3] | $11,675 | [3] |
[1] | Presented net, pursuant to enforceable master netting agreements. See Note 21 to the Consolidated Financial Statements for a discussion regarding the accounting and reporting for derivatives. | |||
[2] | The Company invests in mortgage-backed and asset-backed securities. These securitizations are generally considered VIEs. The Company’s maximum exposure to loss from these VIEs is equal to the carrying amount of the securities, which is reflected in the table above. For mortgage-backed and asset-backed securitizations in which the Company has other involvement, see Note 20 to the Consolidated Financial Statements. | |||
[3] | Includes investments in unallocated precious metals, as discussed in Note 23 to the Consolidated Financial Statements. Also includes physical commodities accounted for at the lower of cost or fair value. |
INVESTMENTS_Details
INVESTMENTS (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||||||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | |||
Investment Holdings | ' | ' | ' | ' | ' | |||
Investments | $325,623 | ' | $325,623 | ' | $308,980 | |||
Interest and dividends on investments | ' | ' | ' | ' | ' | |||
Taxable interest | 1,544 | 1,381 | 3,011 | 2,891 | ' | |||
Interest exempt from U.S. federal income tax | 147 | 198 | 311 | 370 | ' | |||
Dividends | 116 | 108 | 242 | 228 | ' | |||
Total interest and dividends | 1,807 | 1,687 | 3,564 | 3,489 | ' | |||
Gross realized investments losses, excluding losses from other-than-temporary impairment | ' | ' | ' | ' | ' | |||
Gross realized investment gains | 168 | 620 | 460 | 1,114 | ' | |||
Gross realized investment losses | -84 | -369 | -248 | -413 | ' | |||
Net realized gains (losses) | 84 | 251 | 212 | 701 | ' | |||
Available-for-sale Securities transferred from Held-to-maturity | ' | ' | ' | ' | ' | |||
Carrying value of HTM securities sold | 5 | 318 | 5 | 485 | ' | |||
Net realized gain (loss) on sale of held-to-maturity securities | ' | -56 | ' | -66 | ' | |||
Carrying value of securities reclassified as available-for-sale | 14 | 300 | 66 | 902 | ' | |||
OTTI losses on securities reclassified to available-for-sale | -1 | -61 | -9 | -155 | ' | |||
Securities available-for-sale | ' | ' | ' | ' | ' | |||
Amortized cost | 291,991 | ' | 291,991 | ' | 288,567 | |||
Gross unrealized gains | 3,242 | [1] | ' | 3,242 | [1] | ' | 2,028 | [1] |
Gross unrealized losses | 2,655 | [1] | ' | 2,655 | [1] | ' | 4,084 | [1] |
Fair value | 292,578 | ' | 292,578 | ' | 286,511 | |||
Unrealized loss from impact of minority investments and related allocations and pick up of unrealized losses of AFS securities | 3 | ' | 3 | ' | ' | |||
Unrealized gains from impact of minority investments and the related allocations and pick up of unrealized gains and losses of AFS securities | ' | ' | ' | ' | 36 | |||
Mortgage-backed securities - U.S. government-sponsored agency guaranteed | ' | ' | ' | ' | ' | |||
Securities available-for-sale | ' | ' | ' | ' | ' | |||
Amortized cost | 37,295 | [2] | ' | 37,295 | [2] | ' | 42,494 | [2] |
Gross unrealized gains | 567 | [1],[2] | ' | 567 | [1],[2] | ' | 391 | [1],[2] |
Gross unrealized losses | 317 | [1],[2] | ' | 317 | [1],[2] | ' | 888 | [1],[2] |
Fair value | 37,545 | [2] | ' | 37,545 | [2] | ' | 41,997 | [2] |
Mortgage-backed securities - Prime | ' | ' | ' | ' | ' | |||
Securities available-for-sale | ' | ' | ' | ' | ' | |||
Amortized cost | 15 | [2] | ' | 15 | [2] | ' | 33 | [2] |
Gross unrealized gains | ' | ' | ' | ' | 2 | [1],[2] | ||
Gross unrealized losses | ' | ' | ' | ' | 3 | [1] | ||
Fair value | 15 | [2] | ' | 15 | [2] | ' | 32 | [2] |
Mortgage-backed securities - Alt-A | ' | ' | ' | ' | ' | |||
Securities available-for-sale | ' | ' | ' | ' | ' | |||
Amortized cost | 2 | [2] | ' | 2 | [2] | ' | 84 | [2] |
Gross unrealized gains | ' | ' | ' | ' | 10 | [1] | ||
Fair value | 2 | [2] | ' | 2 | [2] | ' | 94 | [2] |
Mortgage-backed securities - Subprime | ' | ' | ' | ' | ' | |||
Securities available-for-sale | ' | ' | ' | ' | ' | |||
Amortized cost | 0 | [2] | ' | 0 | [2] | ' | 12 | |
Fair value | 0 | [2] | ' | 0 | [2] | ' | 12 | |
Mortgage-backed securities - Non-U.S. residential | ' | ' | ' | ' | ' | |||
Securities available-for-sale | ' | ' | ' | ' | ' | |||
Amortized cost | 9,475 | [2] | ' | 9,475 | [2] | ' | 9,976 | [2] |
Gross unrealized gains | 95 | [1],[2] | ' | 95 | [1],[2] | ' | 95 | [1],[2] |
Gross unrealized losses | 8 | [1],[2] | ' | 8 | [1],[2] | ' | 4 | [1] |
Fair value | 9,562 | [2] | ' | 9,562 | [2] | ' | 10,067 | [2] |
Mortgage-backed securities - Commercial | ' | ' | ' | ' | ' | |||
Securities available-for-sale | ' | ' | ' | ' | ' | |||
Amortized cost | 516 | [2] | ' | 516 | [2] | ' | 455 | [2] |
Gross unrealized gains | 8 | [1],[2] | ' | 8 | [1],[2] | ' | 6 | [1],[2] |
Gross unrealized losses | 3 | [1],[2] | ' | 3 | [1],[2] | ' | 8 | [1],[2] |
Fair value | 521 | [2] | ' | 521 | [2] | ' | 453 | [2] |
Mortgage-backed securities | ' | ' | ' | ' | ' | |||
Securities available-for-sale | ' | ' | ' | ' | ' | |||
Amortized cost | 47,303 | [2] | ' | 47,303 | [2] | ' | 53,054 | [2] |
Gross unrealized gains | 670 | [1],[2] | ' | 670 | [1],[2] | ' | 504 | [1],[2] |
Gross unrealized losses | 328 | [1],[2] | ' | 328 | [1],[2] | ' | 903 | [1],[2] |
Fair value | 47,645 | [2] | ' | 47,645 | [2] | ' | 52,655 | [2] |
U.S. Treasury | ' | ' | ' | ' | ' | |||
Securities available-for-sale | ' | ' | ' | ' | ' | |||
Amortized cost | 88,218 | ' | 88,218 | ' | 68,891 | |||
Gross unrealized gains | 475 | [1] | ' | 475 | [1] | ' | 476 | [1] |
Gross unrealized losses | 61 | [1] | ' | 61 | [1] | ' | 147 | [1] |
Fair value | 88,632 | ' | 88,632 | ' | 69,220 | |||
Agency obligations | ' | ' | ' | ' | ' | |||
Securities available-for-sale | ' | ' | ' | ' | ' | |||
Amortized cost | 15,095 | ' | 15,095 | ' | 18,320 | |||
Gross unrealized gains | 104 | [1] | ' | 104 | [1] | ' | 123 | [1] |
Gross unrealized losses | 19 | [1] | ' | 19 | [1] | ' | 67 | [1] |
Fair value | 15,180 | ' | 15,180 | ' | 18,376 | |||
U.S. Treasury and federal agency securities | ' | ' | ' | ' | ' | |||
Securities available-for-sale | ' | ' | ' | ' | ' | |||
Amortized cost | 103,313 | ' | 103,313 | ' | 87,211 | |||
Gross unrealized gains | 579 | [1] | ' | 579 | [1] | ' | 599 | [1] |
Gross unrealized losses | 80 | [1] | ' | 80 | [1] | ' | 214 | [1] |
Fair value | 103,812 | ' | 103,812 | ' | 87,596 | |||
State and municipal securities | ' | ' | ' | ' | ' | |||
Securities available-for-sale | ' | ' | ' | ' | ' | |||
Amortized cost | 13,903 | [3] | ' | 13,903 | [3] | ' | 20,761 | [3] |
Gross unrealized gains | 745 | [1],[3] | ' | 745 | [1],[3] | ' | 184 | [1],[3] |
Gross unrealized losses | 1,756 | [1],[3] | ' | 1,756 | [1],[3] | ' | 2,005 | [1],[3] |
Fair value | 12,892 | [3] | ' | 12,892 | [3] | ' | 18,940 | [3] |
Foreign government | ' | ' | ' | ' | ' | |||
Securities available-for-sale | ' | ' | ' | ' | ' | |||
Amortized cost | 95,580 | ' | 95,580 | ' | 96,608 | |||
Gross unrealized gains | 654 | [1] | ' | 654 | [1] | ' | 403 | [1] |
Gross unrealized losses | 254 | [1] | ' | 254 | [1] | ' | 540 | [1] |
Fair value | 95,980 | ' | 95,980 | ' | 96,471 | |||
Corporate | ' | ' | ' | ' | ' | |||
Securities available-for-sale | ' | ' | ' | ' | ' | |||
Amortized cost | 10,815 | ' | 10,815 | ' | 11,039 | |||
Gross unrealized gains | 270 | [1] | ' | 270 | [1] | ' | 210 | [1] |
Gross unrealized losses | 82 | [1] | ' | 82 | [1] | ' | 119 | [1] |
Fair value | 11,003 | ' | 11,003 | ' | 11,130 | |||
Asset-backed securities | ' | ' | ' | ' | ' | |||
Securities available-for-sale | ' | ' | ' | ' | ' | |||
Amortized cost | 14,452 | [2] | ' | 14,452 | [2] | ' | 15,352 | [2] |
Gross unrealized gains | 54 | [1],[2] | ' | 54 | [1],[2] | ' | 42 | [1],[2] |
Gross unrealized losses | 83 | [1],[2] | ' | 83 | [1],[2] | ' | 120 | [1],[2] |
Fair value | 14,423 | [2] | ' | 14,423 | [2] | ' | 15,274 | [2] |
Other debt securities | ' | ' | ' | ' | ' | |||
Securities available-for-sale | ' | ' | ' | ' | ' | |||
Amortized cost | 711 | ' | 711 | ' | 710 | |||
Gross unrealized gains | ' | ' | ' | ' | 1 | [1] | ||
Gross unrealized losses | 1 | [1] | ' | 1 | [1] | ' | ' | |
Fair value | 710 | ' | 710 | ' | 711 | |||
Debt securities | ' | ' | ' | ' | ' | |||
Securities available-for-sale | ' | ' | ' | ' | ' | |||
Amortized cost | 286,077 | ' | 286,077 | ' | 284,735 | |||
Gross unrealized gains | 2,972 | [1] | ' | 2,972 | [1] | ' | 1,943 | [1] |
Gross unrealized losses | 2,584 | [1] | ' | 2,584 | [1] | ' | 3,901 | [1] |
Fair value | 286,465 | ' | 286,465 | ' | 282,777 | |||
Equity securities | ' | ' | ' | ' | ' | |||
Securities available-for-sale | ' | ' | ' | ' | ' | |||
Amortized cost | 5,914 | ' | 5,914 | ' | 3,832 | |||
Gross unrealized gains | 270 | [1] | ' | 270 | [1] | ' | 85 | [1] |
Gross unrealized losses | 71 | [1] | ' | 71 | [1] | ' | 183 | [1] |
Fair value | 6,113 | ' | 6,113 | ' | 3,734 | |||
Securities available-for-sale (AFS) | ' | ' | ' | ' | ' | |||
Investment Holdings | ' | ' | ' | ' | ' | |||
Investments | 292,578 | ' | 292,578 | ' | 286,511 | |||
Held-to-maturity Securities | ' | ' | ' | ' | ' | |||
Investment Holdings | ' | ' | ' | ' | ' | |||
Investments | 22,330 | [4] | ' | 22,330 | [4] | ' | 10,599 | [4] |
Non-marketable equity securities | Fair value | ' | ' | ' | ' | ' | |||
Investment Holdings | ' | ' | ' | ' | ' | |||
Investments | 3,920 | [5] | ' | 3,920 | [5] | ' | 4,705 | [5] |
Non-marketable equity securities | Carried at cost | ' | ' | ' | ' | ' | |||
Investment Holdings | ' | ' | ' | ' | ' | |||
Investments | $6,795 | [6] | ' | $6,795 | [6] | ' | $7,165 | [6] |
[1] | Gross unrealized gains and losses, as presented, do not include the impact of minority investments and the related allocations and pick-up of unrealized gains and losses of AFS securities. These amounts totaled $3 million of unrealized loss and $36 million of unrealized gains as of June 30, 2014 and December 31, 2013, respectively. | |||||||
[2] | The Company invests in mortgage-backed and asset-backed securities. These securitizations are generally considered VIEs. The Company’s maximum exposure to loss from these VIEs is equal to the carrying amount of the securities, which is reflected in the table above. For mortgage-backed and asset-backed securitizations in which the Company has other involvement, see Note 20 to the Consolidated Financial Statements. | |||||||
[3] | The gross unrealized losses on state and municipal debt securities are primarily attributable to the effects of fair value hedge accounting. Specifically, Citi hedges the LIBOR-benchmark interest rate component of certain fixed-rate tax-exempt state and municipal debt securities utilizing LIBOR-based interest rate swaps. During the hedge period, losses incurred on the LIBOR-hedging swaps recorded in earnings were substantially offset by gains on the state and municipal debt securities attributable to changes in the LIBOR swap rate being hedged. However, because the LIBOR swap rate decreased significantly during the hedge period while the overall fair value of the municipal debt securities was relatively unchanged, the effect of reclassifying fair value gains on these securities from Accumulated other comprehensive income (loss) (AOCI) to earnings, attributable solely to changes in the LIBOR swap rate, resulted in net unrealized losses remaining in AOCI that relate to the unhedged components of these securities. | |||||||
[4] | Recorded at amortized cost less impairment for securities that have credit-related impairment. | |||||||
[5] | Unrealized gains and losses for non-marketable equity securities carried at fair value are recognized in earnings. | |||||||
[6] | Non-marketable equity securities carried at cost primarily consist of shares issued by the Federal Reserve Bank, Federal Home Loan Banks, foreign central banks and various clearing houses of which Citigroup is a member. |
INVESTMENTS_Details_2
INVESTMENTS (Details 2) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Available for Sale Securities Continuous Unrealized Loss Position | ' | ' |
Fair value of available for sale securities that have been in an unrealized loss position for less than twelve months | $51,232 | $116,664 |
Gross unrealized losses of available for sale securities that have been in an unrealized loss position for less than twelve months | 343 | 1,508 |
Fair value of available for sale securities that have been in an unrealized loss position for twelve months or longer | 32,747 | 26,397 |
Gross unrealized losses of available for sale securities that have been in an unrealized loss position for twelve months or longer | 2,312 | 2,576 |
Total fair value of available for sale securities that have been in an unrealized loss position | 83,979 | 143,061 |
Total gross unrealized losses of available for sale securities that have been in an unrealized loss position | 2,655 | 4,084 |
Mortgage-backed securities - U.S. government-sponsored agency guaranteed | ' | ' |
Available for Sale Securities Continuous Unrealized Loss Position | ' | ' |
Fair value of available for sale securities that have been in an unrealized loss position for less than twelve months | 3,970 | 19,377 |
Gross unrealized losses of available for sale securities that have been in an unrealized loss position for less than twelve months | 26 | 533 |
Fair value of available for sale securities that have been in an unrealized loss position for twelve months or longer | 11,912 | 5,643 |
Gross unrealized losses of available for sale securities that have been in an unrealized loss position for twelve months or longer | 291 | 355 |
Total fair value of available for sale securities that have been in an unrealized loss position | 15,882 | 25,020 |
Total gross unrealized losses of available for sale securities that have been in an unrealized loss position | 317 | 888 |
Mortgage-backed securities - Prime | ' | ' |
Available for Sale Securities Continuous Unrealized Loss Position | ' | ' |
Fair value of available for sale securities that have been in an unrealized loss position for less than twelve months | 2 | 85 |
Gross unrealized losses of available for sale securities that have been in an unrealized loss position for less than twelve months | ' | 3 |
Fair value of available for sale securities that have been in an unrealized loss position for twelve months or longer | 3 | 3 |
Total fair value of available for sale securities that have been in an unrealized loss position | 5 | 88 |
Total gross unrealized losses of available for sale securities that have been in an unrealized loss position | ' | 3 |
Mortgage-backed securities - Alt-A | ' | ' |
Available for Sale Securities Continuous Unrealized Loss Position | ' | ' |
Fair value of available for sale securities that have been in an unrealized loss position for less than twelve months | 1 | ' |
Total fair value of available for sale securities that have been in an unrealized loss position | 1 | ' |
Mortgage-backed securities - Non-U.S. residential | ' | ' |
Available for Sale Securities Continuous Unrealized Loss Position | ' | ' |
Fair value of available for sale securities that have been in an unrealized loss position for less than twelve months | 504 | 2,103 |
Gross unrealized losses of available for sale securities that have been in an unrealized loss position for less than twelve months | 2 | 4 |
Fair value of available for sale securities that have been in an unrealized loss position for twelve months or longer | 545 | 5 |
Gross unrealized losses of available for sale securities that have been in an unrealized loss position for twelve months or longer | 6 | ' |
Total fair value of available for sale securities that have been in an unrealized loss position | 1,049 | 2,108 |
Total gross unrealized losses of available for sale securities that have been in an unrealized loss position | 8 | 4 |
Mortgage-backed securities - Commercial | ' | ' |
Available for Sale Securities Continuous Unrealized Loss Position | ' | ' |
Fair value of available for sale securities that have been in an unrealized loss position for less than twelve months | 44 | 206 |
Gross unrealized losses of available for sale securities that have been in an unrealized loss position for less than twelve months | ' | 6 |
Fair value of available for sale securities that have been in an unrealized loss position for twelve months or longer | 128 | 28 |
Gross unrealized losses of available for sale securities that have been in an unrealized loss position for twelve months or longer | 3 | 2 |
Total fair value of available for sale securities that have been in an unrealized loss position | 172 | 234 |
Total gross unrealized losses of available for sale securities that have been in an unrealized loss position | 3 | 8 |
Mortgage-backed securities | ' | ' |
Available for Sale Securities Continuous Unrealized Loss Position | ' | ' |
Fair value of available for sale securities that have been in an unrealized loss position for less than twelve months | 4,521 | 21,771 |
Gross unrealized losses of available for sale securities that have been in an unrealized loss position for less than twelve months | 28 | 546 |
Fair value of available for sale securities that have been in an unrealized loss position for twelve months or longer | 12,588 | 5,679 |
Gross unrealized losses of available for sale securities that have been in an unrealized loss position for twelve months or longer | 300 | 357 |
Total fair value of available for sale securities that have been in an unrealized loss position | 17,109 | 27,450 |
Total gross unrealized losses of available for sale securities that have been in an unrealized loss position | 328 | 903 |
U.S. Treasury | ' | ' |
Available for Sale Securities Continuous Unrealized Loss Position | ' | ' |
Fair value of available for sale securities that have been in an unrealized loss position for less than twelve months | 20,663 | 34,780 |
Gross unrealized losses of available for sale securities that have been in an unrealized loss position for less than twelve months | 45 | 133 |
Fair value of available for sale securities that have been in an unrealized loss position for twelve months or longer | 1,085 | 268 |
Gross unrealized losses of available for sale securities that have been in an unrealized loss position for twelve months or longer | 16 | 14 |
Total fair value of available for sale securities that have been in an unrealized loss position | 21,748 | 35,048 |
Total gross unrealized losses of available for sale securities that have been in an unrealized loss position | 61 | 147 |
Agency obligations | ' | ' |
Available for Sale Securities Continuous Unrealized Loss Position | ' | ' |
Fair value of available for sale securities that have been in an unrealized loss position for less than twelve months | 2,203 | 6,692 |
Gross unrealized losses of available for sale securities that have been in an unrealized loss position for less than twelve months | 10 | 66 |
Fair value of available for sale securities that have been in an unrealized loss position for twelve months or longer | 1,484 | 101 |
Gross unrealized losses of available for sale securities that have been in an unrealized loss position for twelve months or longer | 9 | 1 |
Total fair value of available for sale securities that have been in an unrealized loss position | 3,687 | 6,793 |
Total gross unrealized losses of available for sale securities that have been in an unrealized loss position | 19 | 67 |
U.S. Treasury and federal agency securities | ' | ' |
Available for Sale Securities Continuous Unrealized Loss Position | ' | ' |
Fair value of available for sale securities that have been in an unrealized loss position for less than twelve months | 22,866 | 41,472 |
Gross unrealized losses of available for sale securities that have been in an unrealized loss position for less than twelve months | 55 | 199 |
Fair value of available for sale securities that have been in an unrealized loss position for twelve months or longer | 2,569 | 369 |
Gross unrealized losses of available for sale securities that have been in an unrealized loss position for twelve months or longer | 25 | 15 |
Total fair value of available for sale securities that have been in an unrealized loss position | 25,435 | 41,841 |
Total gross unrealized losses of available for sale securities that have been in an unrealized loss position | 80 | 214 |
State and municipal securities | ' | ' |
Available for Sale Securities Continuous Unrealized Loss Position | ' | ' |
Fair value of available for sale securities that have been in an unrealized loss position for less than twelve months | 489 | 595 |
Gross unrealized losses of available for sale securities that have been in an unrealized loss position for less than twelve months | 19 | 29 |
Fair value of available for sale securities that have been in an unrealized loss position for twelve months or longer | 5,932 | 11,447 |
Gross unrealized losses of available for sale securities that have been in an unrealized loss position for twelve months or longer | 1,737 | 1,976 |
Total fair value of available for sale securities that have been in an unrealized loss position | 6,421 | 12,042 |
Total gross unrealized losses of available for sale securities that have been in an unrealized loss position | 1,756 | 2,005 |
Foreign government | ' | ' |
Available for Sale Securities Continuous Unrealized Loss Position | ' | ' |
Fair value of available for sale securities that have been in an unrealized loss position for less than twelve months | 17,858 | 35,783 |
Gross unrealized losses of available for sale securities that have been in an unrealized loss position for less than twelve months | 154 | 477 |
Fair value of available for sale securities that have been in an unrealized loss position for twelve months or longer | 7,124 | 5,778 |
Gross unrealized losses of available for sale securities that have been in an unrealized loss position for twelve months or longer | 100 | 63 |
Total fair value of available for sale securities that have been in an unrealized loss position | 24,982 | 41,561 |
Total gross unrealized losses of available for sale securities that have been in an unrealized loss position | 254 | 540 |
Corporate | ' | ' |
Available for Sale Securities Continuous Unrealized Loss Position | ' | ' |
Fair value of available for sale securities that have been in an unrealized loss position for less than twelve months | 1,402 | 4,565 |
Gross unrealized losses of available for sale securities that have been in an unrealized loss position for less than twelve months | 60 | 108 |
Fair value of available for sale securities that have been in an unrealized loss position for twelve months or longer | 1,428 | 387 |
Gross unrealized losses of available for sale securities that have been in an unrealized loss position for twelve months or longer | 22 | 11 |
Total fair value of available for sale securities that have been in an unrealized loss position | 2,830 | 4,952 |
Total gross unrealized losses of available for sale securities that have been in an unrealized loss position | 82 | 119 |
Asset-backed securities | ' | ' |
Available for Sale Securities Continuous Unrealized Loss Position | ' | ' |
Fair value of available for sale securities that have been in an unrealized loss position for less than twelve months | 4,025 | 11,207 |
Gross unrealized losses of available for sale securities that have been in an unrealized loss position for less than twelve months | 24 | 57 |
Fair value of available for sale securities that have been in an unrealized loss position for twelve months or longer | 2,429 | 1,931 |
Gross unrealized losses of available for sale securities that have been in an unrealized loss position for twelve months or longer | 59 | 63 |
Total fair value of available for sale securities that have been in an unrealized loss position | 6,454 | 13,138 |
Total gross unrealized losses of available for sale securities that have been in an unrealized loss position | 83 | 120 |
Other debt securities | ' | ' |
Available for Sale Securities Continuous Unrealized Loss Position | ' | ' |
Fair value of available for sale securities that have been in an unrealized loss position for less than twelve months | 49 | ' |
Gross unrealized losses of available for sale securities that have been in an unrealized loss position for less than twelve months | 1 | ' |
Total fair value of available for sale securities that have been in an unrealized loss position | 49 | ' |
Total gross unrealized losses of available for sale securities that have been in an unrealized loss position | 1 | ' |
Equity securities | ' | ' |
Available for Sale Securities Continuous Unrealized Loss Position | ' | ' |
Fair value of available for sale securities that have been in an unrealized loss position for less than twelve months | 22 | 1,271 |
Gross unrealized losses of available for sale securities that have been in an unrealized loss position for less than twelve months | 2 | 92 |
Fair value of available for sale securities that have been in an unrealized loss position for twelve months or longer | 677 | 806 |
Gross unrealized losses of available for sale securities that have been in an unrealized loss position for twelve months or longer | 69 | 91 |
Total fair value of available for sale securities that have been in an unrealized loss position | 699 | 2,077 |
Total gross unrealized losses of available for sale securities that have been in an unrealized loss position | $71 | $183 |
INVESTMENTS_Details_3
INVESTMENTS (Details 3) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | ||
In Millions, unless otherwise specified | ||||
Available-for-sale Securities, Debt Maturities | ' | ' | ||
Total amortized cost | $286,077 | $284,735 | ||
Total fair value | 286,465 | 282,777 | ||
Mortgage-backed securities | ' | ' | ||
Available-for-sale Securities, Debt Maturities | ' | ' | ||
Due within 1 year, amortized cost | 72 | [1] | 87 | [1] |
After 1 but within 5 years, amortized cost | 468 | [1] | 346 | [1] |
After 5 but within 10 years, amortized cost | 1,972 | [1] | 2,898 | [1] |
After 10 years, amortized cost | 44,791 | [1],[2] | 49,723 | [1],[2] |
Total amortized cost | 47,303 | [1] | 53,054 | [1] |
Fair value, due within 1 year | 72 | [1] | 87 | [1] |
Fair value, after 1 but within 5 years | 475 | [1] | 354 | [1] |
Fair value, after 5 but within 10 years | 2,000 | [1] | 2,932 | [1] |
Fair value, after 10 years | 45,098 | [1],[2] | 49,282 | [1],[2] |
Total fair value | 47,645 | [1] | 52,655 | [1] |
U.S. Treasury and federal agency securities | ' | ' | ||
Available-for-sale Securities, Debt Maturities | ' | ' | ||
Due within 1 year, amortized cost | 11,751 | 15,789 | ||
After 1 but within 5 years, amortized cost | 86,111 | 66,232 | ||
After 5 but within 10 years, amortized cost | 2,280 | 2,129 | ||
After 10 years, amortized cost | 3,171 | [2] | 3,061 | [2] |
Total amortized cost | 103,313 | 87,211 | ||
Fair value, due within 1 year | 11,789 | 15,853 | ||
Fair value, after 1 but within 5 years | 86,470 | 66,457 | ||
Fair value, after 5 but within 10 years | 2,312 | 2,185 | ||
Fair value, after 10 years | 3,241 | [2] | 3,101 | [2] |
Total fair value | 103,812 | 87,596 | ||
State and municipal securities | ' | ' | ||
Available-for-sale Securities, Debt Maturities | ' | ' | ||
Due within 1 year, amortized cost | 208 | 576 | ||
After 1 but within 5 years, amortized cost | 3,903 | 3,731 | ||
After 5 but within 10 years, amortized cost | 378 | 439 | ||
After 10 years, amortized cost | 9,414 | [2] | 16,015 | [2] |
Total amortized cost | 13,903 | 20,761 | ||
Fair value, due within 1 year | 208 | 581 | ||
Fair value, after 1 but within 5 years | 3,909 | 3,735 | ||
Fair value, after 5 but within 10 years | 485 | 482 | ||
Fair value, after 10 years | 8,290 | [2] | 14,142 | [2] |
Total fair value | 12,892 | 18,940 | ||
Foreign government | ' | ' | ||
Available-for-sale Securities, Debt Maturities | ' | ' | ||
Due within 1 year, amortized cost | 36,840 | 37,005 | ||
After 1 but within 5 years, amortized cost | 44,717 | 51,344 | ||
After 5 but within 10 years, amortized cost | 12,833 | 7,314 | ||
After 10 years, amortized cost | 1,190 | [2] | 945 | [2] |
Total amortized cost | 95,580 | 96,608 | ||
Fair value, due within 1 year | 36,845 | 36,959 | ||
Fair value, after 1 but within 5 years | 44,877 | 51,304 | ||
Fair value, after 5 but within 10 years | 12,984 | 7,216 | ||
Fair value, after 10 years | 1,274 | [2] | 992 | [2] |
Total fair value | 95,980 | 96,471 | ||
All other | ' | ' | ||
Available-for-sale Securities, Debt Maturities | ' | ' | ||
Due within 1 year, amortized cost | 2,911 | [3] | 2,786 | [3] |
After 1 but within 5 years, amortized cost | 10,034 | [3] | 10,934 | [3] |
After 5 but within 10 years, amortized cost | 6,213 | [3] | 5,632 | [3] |
After 10 years, amortized cost | 6,820 | [2],[3] | 7,749 | [2],[3] |
Total amortized cost | 25,978 | [3] | 27,101 | [3] |
Fair value, due within 1 year | 2,873 | [3] | 2,733 | [3] |
Fair value, after 1 but within 5 years | 10,168 | [3] | 11,020 | [3] |
Fair value, after 5 but within 10 years | 6,290 | [3] | 5,641 | [3] |
Fair value, after 10 years | 6,805 | [2],[3] | 7,721 | [2],[3] |
Total fair value | $26,136 | [3] | $27,115 | [3] |
[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 10Â years. Actual maturities may differ due to call or prepayment rights. | |||
[3] | Includes corporate, asset-backed and other debt securities. |
INVESTMENTS_Details_4
INVESTMENTS (Details 4) (USD $) | 3 Months Ended | |||
Jun. 30, 2014 | Dec. 31, 2013 | |||
Schedule of Held-to-maturity Securities | ' | ' | ||
Fair value of AFS securities transferred to HTM | $11,800,000,000 | ' | ||
Debt Securities Held-to-maturity | ' | ' | ||
Amortized cost | 23,322,000,000 | [1] | 11,274,000,000 | [1] |
Net unrealized losses recognized in AOCI | -992,000,000 | -675,000,000 | ||
Carrying value | 22,330,000,000 | [2] | 10,599,000,000 | [2] |
Gross unrecognized gains | 1,206,000,000 | 769,000,000 | ||
Gross unrecognized losses | -509,000,000 | -375,000,000 | ||
Fair value | 23,027,000,000 | 10,993,000,000 | ||
Mortgage-backed securities - U.S. government-sponsored agency guaranteed | ' | ' | ||
Schedule of Held-to-maturity Securities | ' | ' | ||
Fair value of AFS securities transferred to HTM | 5,400,000,000 | ' | ||
Debt Securities Held-to-maturity | ' | ' | ||
Amortized cost | 5,316,000,000 | [1],[3] | ' | |
Net unrealized losses recognized in AOCI | 97,000,000 | [3] | ' | |
Carrying value | 5,413,000,000 | [2],[3] | ' | |
Gross unrecognized gains | 12,000,000 | [3] | ' | |
Gross unrecognized losses | -11,000,000 | [3] | ' | |
Fair value | 5,414,000,000 | [3] | ' | |
Mortgage-backed securities - Prime | ' | ' | ||
Debt Securities Held-to-maturity | ' | ' | ||
Amortized cost | 63,000,000 | [1],[3] | 72,000,000 | [1],[3] |
Net unrealized losses recognized in AOCI | -13,000,000 | [3] | -16,000,000 | [3] |
Carrying value | 50,000,000 | [2],[3] | 56,000,000 | [2],[3] |
Gross unrecognized gains | 6,000,000 | [3] | 5,000,000 | [3] |
Gross unrecognized losses | -2,000,000 | [3] | -2,000,000 | [3] |
Fair value | 54,000,000 | [3] | 59,000,000 | [3] |
Mortgage-backed securities - Alt-A | ' | ' | ||
Debt Securities Held-to-maturity | ' | ' | ||
Amortized cost | 1,261,000,000 | [1],[3] | 1,379,000,000 | [1],[3] |
Net unrealized losses recognized in AOCI | -256,000,000 | [3] | -287,000,000 | [3] |
Carrying value | 1,005,000,000 | [2],[3] | 1,092,000,000 | [2],[3] |
Gross unrecognized gains | 519,000,000 | [3] | 449,000,000 | [3] |
Gross unrecognized losses | -266,000,000 | [3] | -263,000,000 | [3] |
Fair value | 1,258,000,000 | [3] | 1,278,000,000 | [3] |
Mortgage-backed securities - Subprime | ' | ' | ||
Debt Securities Held-to-maturity | ' | ' | ||
Amortized cost | 2,000,000 | [1],[3] | 2,000,000 | [1],[3] |
Carrying value | 2,000,000 | [2],[3] | 2,000,000 | [2],[3] |
Gross unrecognized gains | 1,000,000 | [3] | 1,000,000 | [3] |
Fair value | 3,000,000 | [3] | 3,000,000 | [3] |
Mortgage-backed securities - Non-U.S. residential | ' | ' | ||
Debt Securities Held-to-maturity | ' | ' | ||
Amortized cost | 1,293,000,000 | [1],[3] | 1,372,000,000 | [1],[3] |
Net unrealized losses recognized in AOCI | -191,000,000 | [3] | -206,000,000 | [3] |
Carrying value | 1,102,000,000 | [2],[3] | 1,166,000,000 | [2],[3] |
Gross unrecognized gains | 93,000,000 | [3] | 60,000,000 | [3] |
Gross unrecognized losses | -2,000,000 | [3] | -20,000,000 | [3] |
Fair value | 1,193,000,000 | [3] | 1,206,000,000 | [3] |
Mortgage-backed securities - Commercial | ' | ' | ||
Debt Securities Held-to-maturity | ' | ' | ||
Amortized cost | 11,000,000 | [1],[3] | 10,000,000 | [1],[3] |
Carrying value | 11,000,000 | [2],[3] | 10,000,000 | [2],[3] |
Gross unrecognized gains | 1,000,000 | [3] | 1,000,000 | [3] |
Fair value | 12,000,000 | [3] | 11,000,000 | [3] |
Mortgage-backed securities | ' | ' | ||
Debt Securities Held-to-maturity | ' | ' | ||
Amortized cost | 7,946,000,000 | [1],[3] | 2,835,000,000 | [1],[3] |
Net unrealized losses recognized in AOCI | -363,000,000 | [3] | -509,000,000 | [3] |
Carrying value | 7,583,000,000 | [2],[3] | 2,326,000,000 | [2],[3] |
Gross unrecognized gains | 632,000,000 | [3] | 516,000,000 | [3] |
Gross unrecognized losses | -281,000,000 | [3] | -285,000,000 | [3] |
Fair value | 7,934,000,000 | [3] | 2,557,000,000 | [3] |
State and municipal securities | ' | ' | ||
Schedule of Held-to-maturity Securities | ' | ' | ||
Fair value of AFS securities transferred to HTM | 6,400,000,000 | ' | ||
Debt Securities Held-to-maturity | ' | ' | ||
Amortized cost | 8,339,000,000 | [1] | 1,394,000,000 | [1],[4] |
Net unrealized losses recognized in AOCI | -543,000,000 | -62,000,000 | [4] | |
Carrying value | 7,796,000,000 | [2] | 1,332,000,000 | [2],[4] |
Gross unrecognized gains | 271,000,000 | 50,000,000 | [4] | |
Gross unrecognized losses | -218,000,000 | -70,000,000 | [4] | |
Fair value | 7,849,000,000 | 1,312,000,000 | [4] | |
Foreign government | ' | ' | ||
Debt Securities Held-to-maturity | ' | ' | ||
Amortized cost | 5,641,000,000 | [1] | 5,628,000,000 | [1] |
Carrying value | 5,641,000,000 | [2] | 5,628,000,000 | [2] |
Gross unrecognized gains | 133,000,000 | 70,000,000 | ||
Gross unrecognized losses | ' | -10,000,000 | ||
Fair value | 5,774,000,000 | 5,688,000,000 | ||
Corporate | ' | ' | ||
Debt Securities Held-to-maturity | ' | ' | ||
Amortized cost | 816,000,000 | [1] | 818,000,000 | [1] |
Net unrealized losses recognized in AOCI | -65,000,000 | -78,000,000 | ||
Carrying value | 751,000,000 | [2] | 740,000,000 | [2] |
Gross unrecognized gains | 120,000,000 | 111,000,000 | ||
Fair value | 871,000,000 | 851,000,000 | ||
Asset-backed securities | ' | ' | ||
Debt Securities Held-to-maturity | ' | ' | ||
Amortized cost | 580,000,000 | [1],[3] | 599,000,000 | [1],[3] |
Net unrealized losses recognized in AOCI | -21,000,000 | [3] | -26,000,000 | [3] |
Carrying value | 559,000,000 | [2],[3] | 573,000,000 | [2],[3] |
Gross unrecognized gains | 50,000,000 | [3] | 22,000,000 | [3] |
Gross unrecognized losses | -10,000,000 | [3] | -10,000,000 | [3] |
Fair value | $599,000,000 | [3] | $585,000,000 | [3] |
[1] | For securities transferred to HTM from Trading account assets, amortized cost 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, plus or minus any unamortized unrealized gains and losses and fair value hedge adjustments recognized in AOCI prior to reclassifying the securities from AFS to HTM. Changes in the values of these securities are not reported in the financial statements, except for the amortization of any difference between the carrying value at the transfer date and par value of the securities, and the recognition of any non-credit fair value adjustments in AOCI in connection with the recognition of any credit impairment in earnings related to securities the Company continues to intend to hold until maturity. | |||
[3] | The Company invests in mortgage-backed and asset-backed securities. These securitizations are generally considered VIEs. The Company’s maximum exposure to loss from these VIEs is equal to the carrying amount of the securities, which is reflected in the table above. For mortgage-backed and asset-backed securitizations in which the Company has other involvement, see Note 20 to the Consolidated Financial Statements. | |||
[4] | The net unrealized losses recognized in AOCI on state and municipal debt securities are primarily attributable to the effects of fair value hedge accounting applied when these debt securities were classified as AFS. Specifically, Citi hedged the LIBOR-benchmark interest rate component of certain fixed-rate tax-exempt state and municipal debt securities utilizing LIBOR-based interest rate swaps. During the hedge period, losses incurred on the LIBOR-hedging swaps recorded in earnings were substantially offset by gains on the state and municipal debt securities attributable to changes in the LIBOR swap rate being hedged. However, because the LIBOR swap rate decreased significantly during the hedge period while the overall fair value of the municipal debt securities was relatively unchanged, the effect of reclassifying fair value gains on these securities from AOCI to earnings attributable solely to changes in the LIBOR swap rate resulted in net unrealized losses remaining in AOCI that relate to the unhedged components of these securities. Upon transfer of these debt securities to HTM, all hedges have been de-designated and hedge accounting has ceased. |
INVESTMENTS_Details_5
INVESTMENTS (Details 5) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Held-to-maturity Securities, Continuous Unrealized Loss Position | ' | ' |
Fair value less than 12 months | $26 | $1,253 |
Gross unrecognized losses less than 12 months | ' | 36 |
Fair value 12 months or longer | 8,593 | 858 |
Gross unrecognized losses 12 months or longer | 509 | 339 |
Fair value, total | 8,619 | 2,111 |
Gross unrecognized losses, total | 509 | 375 |
Unrealized loss, other than temporary impairment, not credit loss, recorded in AOCI | -992 | -675 |
Mortgage-backed securities | ' | ' |
Held-to-maturity Securities, Continuous Unrealized Loss Position | ' | ' |
Fair value less than 12 months | 4 | ' |
Fair value 12 months or longer | 3,364 | 358 |
Gross unrecognized losses 12 months or longer | 281 | 285 |
Fair value, total | 3,368 | 358 |
Gross unrecognized losses, total | 281 | 285 |
State and municipal securities | ' | ' |
Held-to-maturity Securities, Continuous Unrealized Loss Position | ' | ' |
Fair value less than 12 months | 10 | 235 |
Gross unrecognized losses less than 12 months | ' | 20 |
Fair value 12 months or longer | 5,054 | 302 |
Gross unrecognized losses 12 months or longer | 218 | 50 |
Fair value, total | 5,064 | 537 |
Gross unrecognized losses, total | 218 | 70 |
Foreign government | ' | ' |
Held-to-maturity Securities, Continuous Unrealized Loss Position | ' | ' |
Fair value less than 12 months | ' | 920 |
Gross unrecognized losses less than 12 months | ' | 10 |
Fair value, total | ' | 920 |
Gross unrecognized losses, total | ' | 10 |
Asset-backed securities | ' | ' |
Held-to-maturity Securities, Continuous Unrealized Loss Position | ' | ' |
Fair value less than 12 months | 12 | 98 |
Gross unrecognized losses less than 12 months | ' | 6 |
Fair value 12 months or longer | 175 | 198 |
Gross unrecognized losses 12 months or longer | 10 | 4 |
Fair value, total | 187 | 296 |
Gross unrecognized losses, total | $10 | $10 |
INVESTMENTS_Details_6
INVESTMENTS (Details 6) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | ||
In Millions, unless otherwise specified | ||||
Held-to-maturity Securities, Debt Maturities, Net Carrying Amount; | ' | ' | ||
Carrying value | $22,330 | [1] | $10,599 | [1] |
Held-to-maturity Securities, Debt Maturities, Fair Value; | ' | ' | ||
Fair value | 23,027 | 10,993 | ||
Mortgage-backed securities | ' | ' | ||
Held-to-maturity Securities, Debt Maturities, Net Carrying Amount; | ' | ' | ||
After 5 but within 10 years, carrying value | 786 | 10 | ||
After 10 years, carrying value | 6,797 | [2] | 2,316 | [2] |
Carrying value | 7,583 | [1],[3] | 2,326 | [1],[3] |
Held-to-maturity Securities, Debt Maturities, Fair Value; | ' | ' | ||
After 5 but within 10 years, fair value | 789 | 11 | ||
After 10 years, fair value | 7,145 | [2] | 2,546 | [2] |
Fair value | 7,934 | [3] | 2,557 | [3] |
State and municipal securities | ' | ' | ||
Held-to-maturity Securities, Debt Maturities, Net Carrying Amount; | ' | ' | ||
Due within 1 year, carrying value | 4 | 8 | ||
After 1 but within 5 years, carrying value | 14 | 17 | ||
After 5 but within 10 years, carrying value | 104 | 69 | ||
After 10 years, carrying value | 7,674 | [2] | 1,238 | [2] |
Carrying value | 7,796 | [1] | 1,332 | [1],[4] |
Held-to-maturity Securities, Debt Maturities, Fair Value; | ' | ' | ||
Due within 1 year, fair value | 4 | 9 | ||
After 1 but within 5 years, fair value | 14 | 17 | ||
After 5 but within 10 years, fair value | 109 | 72 | ||
After 10 years, fair value | 7,722 | [2] | 1,214 | [2] |
Fair value | 7,849 | 1,312 | [4] | |
Foreign government | ' | ' | ||
Held-to-maturity Securities, Debt Maturities, Net Carrying Amount; | ' | ' | ||
After 1 but within 5 years, carrying value | 5,641 | 5,628 | ||
Carrying value | 5,641 | [1] | 5,628 | [1] |
Held-to-maturity Securities, Debt Maturities, Fair Value; | ' | ' | ||
After 1 but within 5 years, fair value | 5,774 | 5,688 | ||
Fair value | 5,774 | 5,688 | ||
All other | ' | ' | ||
Held-to-maturity Securities, Debt Maturities, Net Carrying Amount; | ' | ' | ||
After 1 but within 5 years, carrying value | 751 | [5] | 740 | [5] |
After 10 years, carrying value | 559 | [2],[5] | 573 | [2],[5] |
Carrying value | 1,310 | [5] | 1,313 | [5] |
Held-to-maturity Securities, Debt Maturities, Fair Value; | ' | ' | ||
After 1 but within 5 years, fair value | 871 | [5] | 851 | [5] |
After 10 years, fair value | 599 | [2],[5] | 585 | [2],[5] |
Fair value | $1,470 | [5] | $1,436 | [5] |
[1] | HTM securities are carried on the Consolidated Balance Sheet at amortized cost, 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. | |||
[2] | Investments with no stated maturities are included as contractual maturities of greater than 10Â years. Actual maturities may differ due to call or prepayment rights. | |||
[3] | The Company invests in mortgage-backed and asset-backed securities. These securitizations are generally considered VIEs. The Company’s maximum exposure to loss from these VIEs is equal to the carrying amount of the securities, which is reflected in the table above. For mortgage-backed and asset-backed securitizations in which the Company has other involvement, see Note 20 to the Consolidated Financial Statements. | |||
[4] | The net unrealized losses recognized in AOCI on state and municipal debt securities are primarily attributable to the effects of fair value hedge accounting applied when these debt securities were classified as AFS. Specifically, Citi hedged the LIBOR-benchmark interest rate component of certain fixed-rate tax-exempt state and municipal debt securities utilizing LIBOR-based interest rate swaps. During the hedge period, losses incurred on the LIBOR-hedging swaps recorded in earnings were substantially offset by gains on the state and municipal debt securities attributable to changes in the LIBOR swap rate being hedged. However, because the LIBOR swap rate decreased significantly during the hedge period while the overall fair value of the municipal debt securities was relatively unchanged, the effect of reclassifying fair value gains on these securities from AOCI to earnings attributable solely to changes in the LIBOR swap rate resulted in net unrealized losses remaining in AOCI that relate to the unhedged components of these securities. Upon transfer of these debt securities to HTM, all hedges have been de-designated and hedge accounting has ceased. | |||
[5] | Includes corporate and asset-backed securities. |
INVESTMENTS_Details_7
INVESTMENTS (Details 7) (Mortgage-backed securities) | 6 Months Ended |
Jun. 30, 2014 | |
Current loans | ' |
Key assumptions for mortgage-backed securities | ' |
Default rate projection (as a percent) | 10.00% |
30-59 day deliquent loans | ' |
Key assumptions for mortgage-backed securities | ' |
Default rate projection (as a percent) | 25.00% |
60-90 day deliquent loans | ' |
Key assumptions for mortgage-backed securities | ' |
Default rate projection (as a percent) | 70.00% |
91+ day deliquent loans | ' |
Key assumptions for mortgage-backed securities | ' |
Default rate projection (as a percent) | 100.00% |
INVESTMENTS_Details_8
INVESTMENTS (Details 8) (USD $) | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | ||||||||||||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Mar. 31, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2013 | Jun. 30, 2013 | Jun. 30, 2013 | Jun. 30, 2013 | ||||||
MSSB | MSSB | Securities available-for-sale (AFS) | Securities available-for-sale (AFS) | Securities available-for-sale (AFS) | Securities available-for-sale (AFS) | Held-to-maturity Securities | Held-to-maturity Securities | Other assets | Other assets | |||||||||||
OTTI on Investments disclosures | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Total OTTI losses recognized during the period | $2 | $4 | $2 | $28 | ' | ' | $2 | [1] | $3 | [1] | $2 | [1] | $5 | [1] | $1 | $23 | ' | ' | ||
Less: Impairments recognized in AOCI | 0 | 0 | 0 | 11 | ' | ' | ' | ' | ' | ' | ' | 11 | ' | ' | ||||||
Net impairment losses recognized in earnings for securities that the Company does not intend to sell nor will likely be required to sell | 2 | 4 | 2 | 17 | ' | ' | 2 | [1] | 3 | [1] | 2 | [1] | 5 | [1] | 1 | 12 | ' | ' | ||
Impairment losses recognized in earnings for securities that the Company intends to sell or more- likely-than-not will be required to sell before recovery | 35 | 158 | 236 | 406 | ' | ' | 35 | [1] | 71 | [1] | 236 | [1] | 214 | [1] | ' | ' | 87 | [2] | 192 | [2] |
Net impairment losses recognized in earnings | $37 | $162 | $238 | $423 | ' | ' | $37 | [1] | $74 | [1] | $238 | [1] | $219 | [1] | $1 | $12 | $87 | [2] | $192 | [2] |
Percentage of ownership interest held | ' | ' | ' | ' | 35.00% | 35.00% | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
[1] | Includes OTTI on non-marketable equity securities. | |||||||||||||||||||
[2] | The impairment charge relates to the carrying value of Citi’s then-remaining 35% interest in the Morgan Stanley Smith Barney joint venture (MSSB), offset by the equity pickup from MSSB during the respective periods which was recorded in Other revenue. |
INVESTMENTS_Details_9
INVESTMENTS (Details 9) (USD $) | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 6 Months Ended | |||||||||||||||||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | ||
AFS debt securities | AFS debt securities | AFS debt securities | AFS debt securities | AFS debt securities | AFS debt securities | AFS debt securities | AFS debt securities | AFS debt securities | AFS debt securities | AFS debt securities | AFS debt securities | HTM debt securities | HTM debt securities | HTM debt securities | HTM debt securities | HTM debt securities | HTM debt securities | HTM debt securities | HTM debt securities | HTM debt securities | HTM debt securities | |||
Mortgage-backed securities | Mortgage-backed securities | Mortgage-backed securities | Foreign government securities | Foreign government securities | Foreign government securities | Corporate | Corporate | Other debt securities | Other debt securities | Mortgage-backed securities | Mortgage-backed securities | Corporate | Corporate | Corporate | Other debt securities | Other debt securities | Other debt securities | |||||||
Schedule of other-than-temporary impairment, credit losses recognized in earnings, roll forward | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Balance at beginning of period | $723 | $723 | $295 | $295 | $295 | $171 | $171 | $171 | $113 | $113 | $144 | $144 | $867 | $854 | $678 | [1] | $665 | [1] | $56 | $56 | $56 | $133 | $133 | $133 |
Credit impairments recognized in earnings on securities not previously impaired | 2 | 2 | ' | ' | ' | ' | ' | ' | ' | ' | 2 | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Reductions due to credit impaired securities sold, transferred or matured | -1 | -1 | ' | ' | ' | ' | ' | ' | -1 | -1 | ' | ' | -13 | ' | -13 | [1] | ' | ' | ' | ' | ' | ' | ' | |
Balance at end of period | $724 | $724 | $295 | $295 | $295 | $171 | $171 | $171 | $112 | $112 | $146 | $146 | $854 | $854 | $665 | [1] | $665 | [1] | $56 | $56 | $56 | $133 | $133 | $133 |
[1] | Primarily consists of Alt-A securities. |
INVESTMENTS_Details_10
INVESTMENTS (Details 10) (USD $) | 6 Months Ended | |||
Jun. 30, 2014 | Dec. 31, 2013 | |||
Investments in Alternative Investment Funds | ' | ' | ||
Alternative investment funds, fair value | $1,102,000,000 | [1],[2] | $1,839,000,000 | [1],[2] |
Alternative investment funds, unfunded commitments | 181,000,000 | [1],[2] | 206,000,000 | [2],[3] |
Amount of fund assets valued using net asset values provided by third party asset managers which is included in the total fair value amount of alternative investment funds | 900,000,000 | 1,600,000,000 | ||
Hedge funds | ' | ' | ||
Investments in Alternative Investment Funds | ' | ' | ||
Alternative investment funds, fair value | 17,000,000 | 751,000,000 | ||
Alternative investment funds, redemption frequency (if currently eligible) | 'Generally quarterly | ' | ||
Hedge funds | Minimum | ' | ' | ||
Investments in Alternative Investment Funds | ' | ' | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Notice Period | '10 days | ' | ||
Hedge funds | Maximum | ' | ' | ||
Investments in Alternative Investment Funds | ' | ' | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Notice Period | '95 days | ' | ||
Private equity funds | ' | ' | ||
Investments in Alternative Investment Funds | ' | ' | ||
Alternative investment funds, fair value | 894,000,000 | [4] | 794,000,000 | [4] |
Alternative investment funds, unfunded commitments | 157,000,000 | [4] | 170,000,000 | [3] |
Real estate funds | ' | ' | ||
Investments in Alternative Investment Funds | ' | ' | ||
Alternative investment funds, fair value | 191,000,000 | [5] | 294,000,000 | [5] |
Alternative investment funds, unfunded commitments | $24,000,000 | [5] | $36,000,000 | [3] |
[1] | Included in the total fair value of investments above are $0.9 billion and $1.6 billion of fund assets that are valued using NAVs provided by third-party asset managers as of June 30, 2014 and December 31, 2013, respectively. | |||
[2] | Corporate loans are past due when principal or interest is contractually due but unpaid. Loans less than 30Â days past due are presented as current. | |||
[3] | Citi generally does not manage corporate loans on a delinquency basis. 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. | |||
[4] | Private equity funds include funds that invest in infrastructure, leveraged buyout transactions, emerging markets and venture capital. | |||
[5] | Includes several real estate funds that invest primarily in commercial real estate in the U.S., Europe and Asia. |
LOANS_Details
LOANS (Details) (USD $) | 6 Months Ended | 3 Months Ended | ||||||||||||||||||||||||||||||||
Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | |||||||
category | Consumer | Consumer | Consumer | In U.S. offices | In U.S. offices | In U.S. offices | In U.S. offices | In U.S. offices | In U.S. offices | In U.S. offices | In U.S. offices | In U.S. offices | In U.S. offices | In offices outside the U.S. | In offices outside the U.S. | In offices outside the U.S. | In offices outside the U.S. | In offices outside the U.S. | In offices outside the U.S. | In offices outside the U.S. | In offices outside the U.S. | In offices outside the U.S. | In offices outside the U.S. | In offices outside the U.S. | In offices outside the U.S. | |||||||||
Consumer | Consumer | Consumer | Consumer | Consumer | Consumer | Consumer | Consumer | Consumer | Consumer | Consumer | Consumer | Consumer | Consumer | Consumer | Consumer | Consumer | Consumer | Consumer | Consumer | Consumer | Consumer | |||||||||||||
Mortgage and real estate | Mortgage and real estate | Installment, revolving credit and other | Installment, revolving credit and other | Credit cards | Credit cards | Commercial and industrial | Commercial and industrial | Mortgage and real estate | Mortgage and real estate | Installment, revolving credit and other | Installment, revolving credit and other | Credit cards | Credit cards | Commercial and industrial | Commercial and industrial | Lease financing | Lease financing | |||||||||||||||||
Loans | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Number of loan categories | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Total loans | ' | ' | ' | $384,961,000,000 | ' | $394,403,000,000 | $233,207,000,000 | $244,094,000,000 | $103,905,000,000 | [1] | $108,453,000,000 | [1] | $13,192,000,000 | $13,398,000,000 | $109,138,000,000 | $115,651,000,000 | $6,972,000,000 | $6,592,000,000 | $151,754,000,000 | $150,309,000,000 | $57,291,000,000 | [1] | $55,511,000,000 | [1] | $34,560,000,000 | $33,182,000,000 | $34,252,000,000 | $36,740,000,000 | $24,916,000,000 | $24,107,000,000 | $735,000,000 | $769,000,000 | ||
Net unearned income | ' | ' | ' | -616,000,000 | ' | -572,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Loans, net of unearned income | 667,504,000,000 | ' | 665,472,000,000 | 384,345,000,000 | [2] | ' | 393,831,000,000 | [3] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Loans sold and/or reclassified to held-for-sale | $3,800,000,000 | $10,200,000,000 | ' | $3,400,000,000 | $6,500,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
[1] | Loans secured primarily by real estate. | |||||||||||||||||||||||||||||||||
[2] | Includes $46 million of residential first mortgages recorded at fair value. | |||||||||||||||||||||||||||||||||
[3] | Includes $0.9 billion of residential first mortgages recorded at fair value. |
LOANS_Details_2
LOANS (Details 2) (USD $) | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | |||
Delinquency status | ' | ' | ' | ||
Loans, net of unearned income | $667,504,000,000 | ' | $665,472,000,000 | ||
Loans at fair value | 4,804,000,000 | ' | 5,029,000,000 | ||
Residential First Mortgage Loans | Loan to Values (LTVs) | ' | ' | ' | ||
Residential Mortgage Loan to Values | ' | ' | ' | ||
Loan, credit indicator ratio less than or equal to 80% | 47,929,000,000 | [1],[2] | ' | 45,809,000,000 | [1],[2] |
Loan, credit indicator ratio greater than 80% but less than or equal to 100% | 13,555,000,000 | [1],[2] | ' | 13,458,000,000 | [1],[2] |
Loan, credit indicator ratio greater than 100% | 2,603,000,000 | [1],[2] | ' | 5,269,000,000 | [1],[2] |
Residential First Mortgage Loans | Consumer Credit Scores (FICOs) | ' | ' | ' | ||
Consumer Loans Credit Quality Indicators, FICO score | ' | ' | ' | ||
Loan, credit score less than 620 | 10,853,000,000 | [3],[4] | ' | 11,860,000,000 | [1],[3] |
Loan, credit score equal to or greater than 620 but less than 660 | 6,165,000,000 | [3],[4] | ' | 6,426,000,000 | [1],[3] |
Loan, credit score equal to or greater than 660 | 46,910,000,000 | [3],[4] | ' | 46,207,000,000 | [1],[3] |
Home equity loans | Loan to Values (LTVs) | ' | ' | ' | ||
Residential Mortgage Loan to Values | ' | ' | ' | ||
Loan, credit indicator ratio less than or equal to 80% | 14,429,000,000 | [1],[2] | ' | 14,216,000,000 | [1],[2] |
Loan, credit indicator ratio greater than 80% but less than or equal to 100% | 8,254,000,000 | [1],[2] | ' | 8,685,000,000 | [1],[2] |
Loan, credit indicator ratio greater than 100% | 5,534,000,000 | [1],[2] | ' | 6,935,000,000 | [1],[2] |
Home equity loans | Consumer Credit Scores (FICOs) | ' | ' | ' | ||
Consumer Loans Credit Quality Indicators, FICO score | ' | ' | ' | ||
Loan, credit score less than 620 | 3,612,000,000 | [3],[4] | ' | 4,093,000,000 | [1],[3] |
Loan, credit score equal to or greater than 620 but less than 660 | 2,620,000,000 | [3],[4] | ' | 2,779,000,000 | [1],[3] |
Loan, credit score equal to or greater than 660 | 22,110,000,000 | [3],[4] | ' | 23,152,000,000 | [1],[3] |
Credit cards | Consumer Credit Scores (FICOs) | ' | ' | ' | ||
Consumer Loans Credit Quality Indicators, FICO score | ' | ' | ' | ||
Loan, credit score less than 620 | 7,242,000,000 | [3],[4] | ' | 8,125,000,000 | [1],[3] |
Loan, credit score equal to or greater than 620 but less than 660 | 9,922,000,000 | [3],[4] | ' | 10,693,000,000 | [1],[3] |
Loan, credit score equal to or greater than 660 | 89,795,000,000 | [3],[4] | ' | 94,437,000,000 | [1],[3] |
Installment and other | Consumer Credit Scores (FICOs) | ' | ' | ' | ||
Consumer Loans Credit Quality Indicators, FICO score | ' | ' | ' | ||
Loan, credit score less than 620 | 3,812,000,000 | [3],[4] | ' | 3,900,000,000 | [1],[3] |
Loan, credit score equal to or greater than 620 but less than 660 | 2,497,000,000 | [3],[4] | ' | 2,399,000,000 | [1],[3] |
Loan, credit score equal to or greater than 660 | 5,107,000,000 | [3],[4] | ' | 5,186,000,000 | [1],[3] |
Consumer | ' | ' | ' | ||
Delinquency status | ' | ' | ' | ||
Number of days past due, non-accrual status | '60 days | '60 days | ' | ||
Loans, current | 369,372,000,000 | [5],[6] | ' | 376,887,000,000 | [5],[7] |
Loans, 30-89 days past due | 5,232,000,000 | [8] | ' | 5,944,000,000 | [8] |
Loans, greater than or equal to 90 days past due | 5,335,000,000 | [8] | ' | 5,729,000,000 | [8] |
Loans, Past due government guaranteed | 4,406,000,000 | [9] | ' | 5,271,000,000 | |
Loans, net of unearned income | 384,345,000,000 | [6] | ' | 393,831,000,000 | [7] |
Loans, total non-accrual | 6,716,000,000 | ' | 7,095,000,000 | ||
Loans, 90 days past due and accruing | 5,149,000,000 | ' | 5,880,000,000 | ||
Loans less than this number of days past due are considered current | '30 days | ' | '30 days | ||
Consumer | Minimum | ' | ' | ' | ||
Delinquency status | ' | ' | ' | ||
Minimum number of payments made consecutively for the loans to be re-aged | 1 | ' | 1 | ||
Consumer | Maximum | ' | ' | ' | ||
Delinquency status | ' | ' | ' | ||
Minimum number of payments made consecutively for the loans to be re-aged | 3 | ' | 3 | ||
Consumer | Loan to Values (LTVs) | ' | ' | ' | ||
Residential Mortgage Loan to Values | ' | ' | ' | ||
Loan, credit indicator ratio less than or equal to 80% | 62,358,000,000 | [1],[2] | ' | 60,025,000,000 | [1],[2] |
Loan, credit indicator ratio greater than 80% but less than or equal to 100% | 21,809,000,000 | [1],[2] | ' | 22,143,000,000 | [1],[2] |
Loan, credit indicator ratio greater than 100% | 8,137,000,000 | [1],[2] | ' | 12,204,000,000 | [1],[2] |
Consumer | Consumer Credit Scores (FICOs) | ' | ' | ' | ||
Consumer Loans Credit Quality Indicators, FICO score | ' | ' | ' | ||
Loan, credit score less than 620 | 25,519,000,000 | [3],[4] | ' | 27,978,000,000 | [1],[3] |
Loan, credit score equal to or greater than 620 but less than 660 | 21,204,000,000 | [3],[4] | ' | 22,297,000,000 | [1],[3] |
Loan, credit score equal to or greater than 660 | 163,922,000,000 | [3],[4] | ' | 168,982,000,000 | [1],[3] |
Consumer | Residential First Mortgage Loans | ' | ' | ' | ||
Delinquency status | ' | ' | ' | ||
Number of days past due, non-accrual status | '90 days | ' | '90 days | ||
Loans at fair value | 46,000,000 | ' | 900,000,000 | ||
Consumer | Home equity loans | ' | ' | ' | ||
Delinquency status | ' | ' | ' | ||
Number of days past due, non-accrual status | '90 days | ' | '90 days | ||
Consumer | Credit cards | ' | ' | ' | ||
Delinquency status | ' | ' | ' | ||
Number of days past due, non-accrual status | '180 days | ' | '180 days | ||
Consumer | Installment and other | ' | ' | ' | ||
Delinquency status | ' | ' | ' | ||
Number of days past due, non-accrual status | '90 days | ' | '90 days | ||
Consumer | Commercial market loans | ' | ' | ' | ||
Delinquency status | ' | ' | ' | ||
Number of days past due, non-accrual status | '90 days | ' | '90 days | ||
Consumer | Total GCB and Citi Holdings Consumer | ' | ' | ' | ||
Delinquency status | ' | ' | ' | ||
Loans, current | 369,089,000,000 | [5],[6] | ' | 376,520,000,000 | [5],[7] |
Loans, 30-89 days past due | 5,232,000,000 | [8] | ' | 5,944,000,000 | [8] |
Loans, greater than or equal to 90 days past due | 5,335,000,000 | [8] | ' | 5,729,000,000 | [8] |
Loans, Past due government guaranteed | 4,406,000,000 | [9] | ' | 5,271,000,000 | |
Loans, net of unearned income | 384,062,000,000 | [6] | ' | 393,464,000,000 | [7] |
Loans, total non-accrual | 6,683,000,000 | ' | 7,052,000,000 | ||
Loans, 90 days past due and accruing | 5,149,000,000 | ' | 5,880,000,000 | ||
Consumer | Other | ' | ' | ' | ||
Delinquency status | ' | ' | ' | ||
Loans, current | 283,000,000 | [5],[6] | ' | 367,000,000 | [5],[7] |
Loans, 30-89 days past due | 0 | [8] | ' | 0 | [8] |
Loans, greater than or equal to 90 days past due | 0 | [8] | ' | 0 | [8] |
Loans, net of unearned income | 283,000,000 | [6] | ' | 367,000,000 | [7] |
Loans, total non-accrual | 33,000,000 | ' | 43,000,000 | ||
Consumer | Unsecured Revolving Loans | ' | ' | ' | ||
Delinquency status | ' | ' | ' | ||
Number of days past due, non-accrual status | '180 days | ' | '180 days | ||
Consumer | In North America Offices | ' | ' | ' | ||
Delinquency status | ' | ' | ' | ||
Loans, current | 223,165,000,000 | [5],[6] | ' | 232,340,000,000 | [5],[7] |
Loans, 30-89 days past due | 3,600,000,000 | [8] | ' | 4,220,000,000 | [8] |
Loans, greater than or equal to 90 days past due | 3,880,000,000 | [8] | ' | 4,303,000,000 | [8] |
Loans, Past due government guaranteed | 4,406,000,000 | [9] | ' | 5,271,000,000 | |
Loans, net of unearned income | 235,051,000,000 | [6] | ' | 246,134,000,000 | [7] |
Loans, total non-accrual | 4,909,000,000 | ' | 5,226,000,000 | ||
Loans, 90 days past due and accruing | 4,720,000,000 | ' | 5,467,000,000 | ||
Consumer | In North America Offices | Residential First Mortgage Loans | ' | ' | ' | ||
Delinquency status | ' | ' | ' | ||
Loans, current | 65,254,000,000 | [5],[6] | ' | 66,612,000,000 | [5],[7] |
Loans, 30-89 days past due | 1,796,000,000 | [8] | ' | 2,044,000,000 | [8] |
Loans, greater than or equal to 90 days past due | 1,922,000,000 | [8] | ' | 1,975,000,000 | [8] |
Loans, Past due government guaranteed | 4,406,000,000 | [9] | ' | 5,271,000,000 | |
Loans, net of unearned income | 73,378,000,000 | [6] | ' | 75,902,000,000 | [7] |
Loans, total non-accrual | 3,273,000,000 | ' | 3,415,000,000 | ||
Loans, 90 days past due and accruing | 3,517,000,000 | ' | 3,997,000,000 | ||
Loans, 30-89 days past due, guaranteed by U.S. government-sponsored agencies | 900,000,000 | ' | 1,200,000,000 | ||
Loans, greater than or equal to 90 days past due, guaranteed by U.S. government-sponsored agencies | 3,500,000,000 | ' | 4,100,000,000 | ||
Consumer | In North America Offices | Home equity loans | ' | ' | ' | ||
Delinquency status | ' | ' | ' | ||
Loans, current | 28,987,000,000 | [10],[5],[6] | ' | 30,603,000,000 | [10],[5],[7] |
Loans, 30-89 days past due | 353,000,000 | [10],[8] | ' | 434,000,000 | [10],[8] |
Loans, greater than or equal to 90 days past due | 578,000,000 | [10],[8] | ' | 605,000,000 | [10],[8] |
Loans, net of unearned income | 29,918,000,000 | [10],[6] | ' | 31,642,000,000 | [10],[7] |
Loans, total non-accrual | 1,329,000,000 | [10] | ' | 1,452,000,000 | [10] |
Consumer | In North America Offices | Credit cards | ' | ' | ' | ||
Delinquency status | ' | ' | ' | ||
Loans, current | 108,031,000,000 | [5],[6] | ' | 113,886,000,000 | [10],[5],[7] |
Loans, 30-89 days past due | 1,223,000,000 | [8] | ' | 1,491,000,000 | [10],[8] |
Loans, greater than or equal to 90 days past due | 1,189,000,000 | [8] | ' | 1,452,000,000 | [10],[8] |
Loans, net of unearned income | 110,443,000,000 | [6] | ' | 116,829,000,000 | [10],[7] |
Loans, 90 days past due and accruing | 1,192,000,000 | ' | 1,456,000,000 | [10] | |
Consumer | In North America Offices | Installment and other | ' | ' | ' | ||
Delinquency status | ' | ' | ' | ||
Loans, current | 12,404,000,000 | [5],[6] | ' | 12,609,000,000 | [5],[7] |
Loans, 30-89 days past due | 200,000,000 | [8] | ' | 225,000,000 | [8] |
Loans, greater than or equal to 90 days past due | 173,000,000 | [8] | ' | 243,000,000 | [8] |
Loans, net of unearned income | 12,777,000,000 | [6] | ' | 13,077,000,000 | [7] |
Loans, total non-accrual | 90,000,000 | ' | 247,000,000 | ||
Loans, 90 days past due and accruing | 4,000,000 | ' | 7,000,000 | ||
Consumer | In North America Offices | Commercial market loans | ' | ' | ' | ||
Delinquency status | ' | ' | ' | ||
Loans, current | 8,489,000,000 | [5],[6] | ' | 8,630,000,000 | [5],[7] |
Loans, 30-89 days past due | 28,000,000 | [8] | ' | 26,000,000 | [8] |
Loans, greater than or equal to 90 days past due | 18,000,000 | [8] | ' | 28,000,000 | [8] |
Loans, net of unearned income | 8,535,000,000 | [6] | ' | 8,684,000,000 | [7] |
Loans, total non-accrual | 217,000,000 | ' | 112,000,000 | ||
Loans, 90 days past due and accruing | 7,000,000 | ' | 7,000,000 | ||
Consumer | In offices outside North America | ' | ' | ' | ||
Delinquency status | ' | ' | ' | ||
Loans, current | 145,924,000,000 | [5],[6] | ' | 144,180,000,000 | [5],[7] |
Loans, 30-89 days past due | 1,632,000,000 | [8] | ' | 1,724,000,000 | [8] |
Loans, greater than or equal to 90 days past due | 1,455,000,000 | [8] | ' | 1,426,000,000 | [8] |
Loans, net of unearned income | 149,011,000,000 | [6] | ' | 147,330,000,000 | [7] |
Loans, total non-accrual | 1,774,000,000 | ' | 1,826,000,000 | ||
Loans, 90 days past due and accruing | 429,000,000 | ' | 413,000,000 | ||
Consumer | In offices outside North America | Residential First Mortgage Loans | ' | ' | ' | ||
Delinquency status | ' | ' | ' | ||
Loans, current | 47,675,000,000 | [5],[6] | ' | 46,067,000,000 | [5],[7] |
Loans, 30-89 days past due | 404,000,000 | [8] | ' | 435,000,000 | [8] |
Loans, greater than or equal to 90 days past due | 299,000,000 | [8] | ' | 332,000,000 | [8] |
Loans, net of unearned income | 48,378,000,000 | [6] | ' | 46,834,000,000 | [7] |
Loans, total non-accrual | 554,000,000 | ' | 584,000,000 | ||
Consumer | In offices outside North America | Credit cards | ' | ' | ' | ||
Delinquency status | ' | ' | ' | ||
Loans, current | 32,235,000,000 | [5],[6] | ' | 34,733,000,000 | [5],[7] |
Loans, 30-89 days past due | 717,000,000 | [8] | ' | 780,000,000 | [8] |
Loans, greater than or equal to 90 days past due | 601,000,000 | [8] | ' | 641,000,000 | [8] |
Loans, net of unearned income | 33,553,000,000 | [6] | ' | 36,154,000,000 | [7] |
Loans, total non-accrual | 451,000,000 | ' | 402,000,000 | ||
Loans, 90 days past due and accruing | 429,000,000 | ' | 413,000,000 | ||
Consumer | In offices outside North America | Installment and other | ' | ' | ' | ||
Delinquency status | ' | ' | ' | ||
Loans, current | 31,569,000,000 | [5],[6] | ' | 30,138,000,000 | [5],[7] |
Loans, 30-89 days past due | 413,000,000 | [8] | ' | 398,000,000 | [8] |
Loans, greater than or equal to 90 days past due | 174,000,000 | [8] | ' | 158,000,000 | [8] |
Loans, net of unearned income | 32,156,000,000 | [6] | ' | 30,694,000,000 | [7] |
Loans, total non-accrual | 252,000,000 | ' | 230,000,000 | ||
Consumer | In offices outside North America | Commercial market loans | ' | ' | ' | ||
Delinquency status | ' | ' | ' | ||
Loans, current | 34,445,000,000 | [5],[6] | ' | 33,242,000,000 | [5],[7] |
Loans, 30-89 days past due | 98,000,000 | [8] | ' | 111,000,000 | [8] |
Loans, greater than or equal to 90 days past due | 381,000,000 | [8] | ' | 295,000,000 | [8] |
Loans, net of unearned income | 34,924,000,000 | [6] | ' | 33,648,000,000 | [7] |
Loans, total non-accrual | $517,000,000 | ' | $610,000,000 | ||
Open-ended consumer loans | ' | ' | ' | ||
Delinquency status | ' | ' | ' | ||
Minimum number of payments made consecutively for the loans to be re-aged | 3 | ' | 3 | ||
Number of re-age modification limitations in twelve months | 1 | ' | 1 | ||
Number of re-age modification limitations in five years | 2 | ' | 2 | ||
[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. | ||||
[3] | Excludes balances where FICO was not available. Such amounts are not material. | ||||
[4] | Excludes loans guaranteed by U.S. government entities, loans subject to long-term standby commitments (LTSCs) with U.S. government-sponsored entities and loans recorded at fair value. | ||||
[5] | Loans less than 30Â days past due are presented as current. | ||||
[6] | Includes $46 million of residential first mortgages recorded at fair value. | ||||
[7] | Includes $0.9 billion of residential first mortgages recorded at fair value. | ||||
[8] | Excludes loans guaranteed by U.S. government entities. | ||||
[9] | Consists of residential first mortgages that are guaranteed by U.S. government entities that are 30-89 days past due of $0.9 billion and 90 days past due of $3.5 billion. | ||||
[10] | Fixed rate home equity loans and loans extended under home equity lines of credit, which are typically in junior lien positions. |
LOANS_Details_3
LOANS (Details 3) (USD $) | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||||||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | ||||||
Financing receivable impaired | ' | ' | ' | ' | ' | |||||
Maximum period of loan modification under Citi's short-term modification programs | ' | ' | '12 months | ' | ' | |||||
Loans individually evaluated for impairment in accordance with ASC 310-10-35 | $23,743,000,000 | ' | $23,743,000,000 | ' | $26,015,000,000 | |||||
Number of quarters used to calculate the average recorded investment balance | 4 | ' | 4 | ' | 4 | |||||
Consumer | ' | ' | ' | ' | ' | |||||
Financing receivable impaired | ' | ' | ' | ' | ' | |||||
Recorded investment | ' | ' | ' | ' | 23,793,000,000 | [1],[2],[3] | ||||
Unpaid principal balance | 24,123,000,000 | [4] | ' | 24,123,000,000 | [4] | ' | 25,727,000,000 | [3] | ||
Related specific allowance | 4,400,000,000 | [4],[5] | ' | 4,400,000,000 | [4],[5] | ' | 4,633,000,000 | [3],[5] | ||
Average carrying value | ' | ' | 23,417,000,000 | [4],[6] | ' | 24,950,000,000 | [3],[7] | |||
Interest income recognized | 283,000,000 | [4],[8],[9] | 328,000,000 | [4],[8],[9] | 582,000,000 | [4],[8],[9] | 684,000,000 | [4],[8],[9] | ' | |
Smaller-balance impaired consumer loans modified since January 1, 2008, dollar amount | 21,900,000,000 | ' | 21,900,000,000 | ' | 23,400,000,000 | |||||
Amounts of such outstanding modified consumer loans, including those modified prior to 2008 | 22,500,000,000 | ' | 22,500,000,000 | ' | 24,000,000,000 | |||||
Consumer | Residential First Mortgage Loans | ' | ' | ' | ' | ' | |||||
Financing receivable impaired | ' | ' | ' | ' | ' | |||||
Recorded investment | 15,965,000,000 | [10],[2] | ' | 15,965,000,000 | [10],[2] | ' | 16,801,000,000 | [1],[2] | ||
Unpaid principal balance | 16,962,000,000 | ' | 16,962,000,000 | ' | 17,788,000,000 | |||||
Related specific allowance | 2,215,000,000 | [5] | ' | 2,215,000,000 | [5] | ' | 2,309,000,000 | [5] | ||
Average carrying value | ' | ' | 16,660,000,000 | [6] | ' | 17,616,000,000 | [7] | |||
Interest income recognized | 181,000,000 | [8],[9] | 207,000,000 | [8],[9] | 365,000,000 | [8],[9] | 424,000,000 | [8],[9] | ' | |
Impaired financing receivable without specific allowance | 2,106,000,000 | ' | 2,106,000,000 | ' | 2,169,000,000 | |||||
Consumer | Home equity loans | ' | ' | ' | ' | ' | |||||
Financing receivable impaired | ' | ' | ' | ' | ' | |||||
Recorded investment | 2,087,000,000 | [10],[2] | ' | 2,087,000,000 | [10],[2] | ' | 2,141,000,000 | [1],[2] | ||
Unpaid principal balance | 2,729,000,000 | ' | 2,729,000,000 | ' | 2,806,000,000 | |||||
Related specific allowance | 562,000,000 | [5] | ' | 562,000,000 | [5] | ' | 427,000,000 | [5] | ||
Average carrying value | ' | ' | 2,147,000,000 | [6] | ' | 2,116,000,000 | [7] | |||
Interest income recognized | 19,000,000 | [8],[9] | 18,000,000 | [8],[9] | 38,000,000 | [8],[9] | 39,000,000 | [8],[9] | ' | |
Impaired financing receivable without specific allowance | 564,000,000 | ' | 564,000,000 | ' | 568,000,000 | |||||
Consumer | Credit cards | ' | ' | ' | ' | ' | |||||
Financing receivable impaired | ' | ' | ' | ' | ' | |||||
Recorded investment | 2,826,000,000 | [10],[2] | ' | 2,826,000,000 | [10],[2] | ' | 3,339,000,000 | [1],[2] | ||
Unpaid principal balance | 2,868,000,000 | ' | 2,868,000,000 | ' | 3,385,000,000 | |||||
Related specific allowance | 965,000,000 | [5] | ' | 965,000,000 | [5] | ' | 1,178,000,000 | [5] | ||
Average carrying value | ' | ' | 3,192,000,000 | [6] | ' | 3,720,000,000 | [7] | |||
Interest income recognized | 50,000,000 | [8],[9] | 61,000,000 | [8],[9] | 101,000,000 | [8],[9] | 126,000,000 | [8],[9] | ' | |
Consumer | Individual installment and other | ' | ' | ' | ' | ' | |||||
Financing receivable impaired | ' | ' | ' | ' | ' | |||||
Recorded investment | 986,000,000 | [10],[2] | ' | 986,000,000 | [10],[2] | ' | 1,114,000,000 | [1],[2] | ||
Unpaid principal balance | 999,000,000 | ' | 999,000,000 | ' | 1,143,000,000 | |||||
Related specific allowance | 476,000,000 | [5] | ' | 476,000,000 | [5] | ' | 536,000,000 | [5] | ||
Average carrying value | ' | ' | 1,043,000,000 | [6] | ' | 1,094,000,000 | [7] | |||
Interest income recognized | 29,000,000 | [8],[9] | 34,000,000 | [8],[9] | 63,000,000 | [8],[9] | 83,000,000 | [8],[9] | ' | |
Consumer | Commercial market loans | ' | ' | ' | ' | ' | |||||
Financing receivable impaired | ' | ' | ' | ' | ' | |||||
Recorded investment | 367,000,000 | [10],[2] | ' | 367,000,000 | [10],[2] | ' | 398,000,000 | [1],[2] | ||
Unpaid principal balance | 565,000,000 | ' | 565,000,000 | ' | 605,000,000 | |||||
Related specific allowance | 182,000,000 | [5] | ' | 182,000,000 | [5] | ' | 183,000,000 | [5] | ||
Average carrying value | ' | ' | 375,000,000 | [6] | ' | 404,000,000 | [7] | |||
Interest income recognized | 4,000,000 | [8],[9] | 8,000,000 | [8],[9] | 15,000,000 | [8],[9] | 12,000,000 | [8],[9] | ' | |
Impaired financing receivable without specific allowance | $86,000,000 | ' | $86,000,000 | ' | $111,000,000 | |||||
[1] | $2,169 million of residential first mortgages, $568 million of home equity loans and $111 million of commercial market loans do not have a specific allowance. | |||||||||
[2] | 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. | |||||||||
[3] | Prior to 2008, the Company’s financial accounting systems did not separately track impaired smaller-balance, homogeneous consumer loans whose terms were modified due to the borrowers’ financial difficulties and where it was determined that a concession was granted to the borrower. Smaller-balance consumer loans modified since January 1, 2008 amounted to $23.4 billion at December 31, 2013. However, information derived from Citi’s risk management systems indicates that the amounts of outstanding modified loans, including those modified prior to 2008, approximated $24.0 billion at December 31, 2013. | |||||||||
[4] | Prior to 2008, the Company’s financial accounting systems did not separately track impaired smaller-balance, homogeneous consumer loans whose terms were modified due to the borrowers’ financial difficulties and where it was determined that a concession was granted to the borrower. Smaller-balance consumer loans modified since January 1, 2008 amounted to $21.9 billion at June 30, 2014. However, information derived from Citi’s risk management systems indicates that the amounts of outstanding modified loans, including those modified prior to 2008, approximated $22.5 billion at June 30, 2014. | |||||||||
[5] | Included in the Allowance for loan losses. | |||||||||
[6] | Average carrying value represents the average recorded investment ending balance for the last four quarters and does not include the related specific allowance. | |||||||||
[7] | Average carrying value represents the average recorded investment ending balance for last four quarters and does not include related specific allowance. | |||||||||
[8] | Cash interest receipts on smaller-balance homogeneous loans are generally recorded as revenue. The interest recognition policy for commercial market loans is identical to that for corporate loans, as described below. | |||||||||
[9] | Includes amounts recognized on both an accrual and cash basis. | |||||||||
[10] | $2,106 million of residential first mortgages, $564 million of home equity loans and $86 million of commercial market loans do not have a specific allowance. |
LOANS_Details_4
LOANS (Details 4) (Consumer, USD $) | 3 Months Ended | 6 Months Ended | ||||||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | ||||
loan | loan | loan | loan | |||||
Loans receivable | ' | ' | ' | ' | ||||
Period within which default occurred post-modification | ' | ' | '1 year | ' | ||||
Number of days past due, non-accrual status | ' | ' | '60 days | '60 days | ||||
Commercial market loans | ' | ' | ' | ' | ||||
Loans receivable | ' | ' | ' | ' | ||||
Number of days past due, non-accrual status | ' | ' | '90 days | '90 days | ||||
In North America Offices | ' | ' | ' | ' | ||||
Loans receivable | ' | ' | ' | ' | ||||
Number of loans modified | 59,942 | [1] | 60,491 | [1] | 125,538 | [1] | 127,563 | [1] |
Post-modification recorded investment | $877 | [1],[2],[3] | $1,752 | [1],[2],[4] | $1,952 | [1],[5],[6] | $3,408 | [1],[5],[6] |
Deferred principal | 11 | [1],[7] | 12 | [1],[7] | 30 | [1],[8] | 18 | [1],[8] |
Contingent principal forgiveness | 7 | 2 | [1],[9] | 19 | [1],[9] | 2 | [1],[9] | |
Principal forgiveness | 4 | [1],[10] | 50 | [1],[10] | 16 | [1],[10] | 140 | [1],[10] |
Loans in default | 255 | 508 | 599 | 1,042 | ||||
In North America Offices | Residential First Mortgage Loans | ' | ' | ' | ' | ||||
Loans receivable | ' | ' | ' | ' | ||||
Number of loans modified | 4,568 | 9,071 | 10,347 | 18,382 | ||||
Post-modification recorded investment | 534 | [2],[3] | 1,208 | [2],[4] | 1,219 | [5],[6] | 2,454 | [5],[6] |
Deferred principal | 10 | [7] | 12 | [7] | 28 | [8] | 17 | [8] |
Contingent principal forgiveness | 7 | 2 | [9] | 19 | [9] | 2 | [9] | |
Principal forgiveness | 2 | [10] | 42 | [10] | 5 | [10] | 102 | [10] |
Average interest rate reduction (as a percent) | 1.00% | 1.00% | 1.00% | 1.00% | ||||
Post-modification recorded investment for borrowers that have gone through Chapter 7 bankruptcy | 54 | 126 | 145 | 249 | ||||
Loans in default | 168 | 391 | 413 | 781 | ||||
In North America Offices | Residential First Mortgage Loans | New OCC guidance | ' | ' | ' | ' | ||||
Loans receivable | ' | ' | ' | ' | ||||
Post-modification recorded investment for borrowers that have gone through Chapter 7 bankruptcy | 30 | 82 | 87 | 178 | ||||
In North America Offices | Home equity loans | ' | ' | ' | ' | ||||
Loans receivable | ' | ' | ' | ' | ||||
Number of loans modified | 1,741 | 4,235 | 4,060 | 7,357 | ||||
Post-modification recorded investment | 63 | [2],[3] | 283 | [2],[4] | 147 | [5],[6] | 370 | [5],[6] |
Deferred principal | 1 | 0 | [7] | 2 | [8] | 1 | [8] | |
Principal forgiveness | 2 | [10] | 8 | [10] | 11 | [10] | 38 | [10] |
Average interest rate reduction (as a percent) | 3.00% | 1.00% | 2.00% | 1.00% | ||||
Post-modification recorded investment for borrowers that have gone through Chapter 7 bankruptcy | 15 | 25 | 37 | 45 | ||||
Loans in default | 17 | 47 | 40 | 103 | ||||
In North America Offices | Home equity loans | New OCC guidance | ' | ' | ' | ' | ||||
Loans receivable | ' | ' | ' | ' | ||||
Post-modification recorded investment for borrowers that have gone through Chapter 7 bankruptcy | 12 | 22 | 31 | 38 | ||||
In North America Offices | Credit cards | ' | ' | ' | ' | ||||
Loans receivable | ' | ' | ' | ' | ||||
Number of loans modified | 42,750 | 36,785 | 87,726 | 79,761 | ||||
Post-modification recorded investment | 190 | [2],[3] | 182 | [2],[4] | 390 | [5],[6] | 406 | [5],[6] |
Average interest rate reduction (as a percent) | 15.00% | 14.00% | 15.00% | 14.00% | ||||
Loans in default | 48 | 49 | 99 | 114 | ||||
In North America Offices | Installment and other | ' | ' | ' | ' | ||||
Loans receivable | ' | ' | ' | ' | ||||
Number of loans modified | 10,830 | 10,335 | 23,314 | 21,941 | ||||
Post-modification recorded investment | 81 | [2],[3] | 74 | [2],[4] | 174 | [5],[6] | 159 | [5],[6] |
Average interest rate reduction (as a percent) | 6.00% | 6.00% | 6.00% | 6.00% | ||||
Loans in default | 21 | 19 | 40 | 42 | ||||
In North America Offices | Commercial market loans | ' | ' | ' | ' | ||||
Loans receivable | ' | ' | ' | ' | ||||
Number of loans modified | 53 | [11] | 65 | [11] | 91 | [11] | 122 | [11] |
Post-modification recorded investment | 9 | [11],[2],[3] | 5 | [11] | 22 | [11],[5],[6] | 19 | [11],[5],[6] |
Loans in default | 1 | 2 | 7 | 2 | ||||
In offices outside North America | ' | ' | ' | ' | ||||
Loans receivable | ' | ' | ' | ' | ||||
Number of loans modified | 71,183 | [1] | 49,570 | [1] | 145,805 | [1] | 96,451 | [1] |
Post-modification recorded investment | 288 | [1],[2],[3] | 312 | [1],[2],[4] | 638 | [1],[5],[6] | 600 | [1],[5],[6] |
Deferred principal | 0 | 1 | [1],[7] | 0 | [1],[8] | 1 | [1],[8] | |
Contingent principal forgiveness | 0 | 0 | [1],[9] | 0 | [1],[9] | 0 | [1],[9] | |
Principal forgiveness | 14 | [1],[10] | 6 | [1],[10] | 27 | [1],[10] | 11 | [1],[10] |
Loans in default | 199 | 109 | 310 | 209 | ||||
In offices outside North America | Residential First Mortgage Loans | ' | ' | ' | ' | ||||
Loans receivable | ' | ' | ' | ' | ||||
Number of loans modified | 743 | 1,147 | 1,286 | 2,181 | ||||
Post-modification recorded investment | 27 | [2],[3] | 57 | [2],[4] | 49 | [5],[6] | 105 | [5],[6] |
Principal forgiveness | 0 | [10] | 1 | [10] | 1 | [10] | 1 | [10] |
Average interest rate reduction (as a percent) | 1.00% | 1.00% | 1.00% | 1.00% | ||||
Loans in default | 6 | 18 | 13 | 35 | ||||
In offices outside North America | Home equity loans | ' | ' | ' | ' | ||||
Loans receivable | ' | ' | ' | ' | ||||
Number of loans modified | 6 | 1 | 38 | 4 | ||||
Post-modification recorded investment | 1 | 0 | [2],[4] | 6 | [5],[6] | ' | ||
In offices outside North America | Credit cards | ' | ' | ' | ' | ||||
Loans receivable | ' | ' | ' | ' | ||||
Number of loans modified | 51,536 | 34,632 | 106,357 | 66,571 | ||||
Post-modification recorded investment | 141 | [2],[3] | 139 | [2],[4] | 291 | [5],[6] | 270 | [5],[6] |
Principal forgiveness | 10 | [10] | 3 | [10] | 19 | [10] | 6 | [10] |
Average interest rate reduction (as a percent) | 21.00% | 14.00% | 21.00% | 15.00% | ||||
Loans in default | 69 | 61 | 139 | 113 | ||||
In offices outside North America | Installment and other | ' | ' | ' | ' | ||||
Loans receivable | ' | ' | ' | ' | ||||
Number of loans modified | 18,774 | 13,668 | 37,904 | 27,487 | ||||
Post-modification recorded investment | 78 | [2],[3] | 80 | [2],[4] | 158 | [5],[6] | 179 | [5],[6] |
Principal forgiveness | 4 | [10] | 2 | [10] | 7 | [10] | 4 | [10] |
Average interest rate reduction (as a percent) | 15.00% | 8.00% | 12.00% | 8.00% | ||||
Loans in default | 29 | 28 | 58 | 57 | ||||
In offices outside North America | Commercial market loans | ' | ' | ' | ' | ||||
Loans receivable | ' | ' | ' | ' | ||||
Number of loans modified | 124 | [11] | 122 | [11] | 220 | [11] | 208 | [11] |
Post-modification recorded investment | 41 | [11],[2],[3] | 36 | [11],[2],[4] | 134 | [11],[5],[6] | 46 | [11],[5],[6] |
Deferred principal | ' | 1 | [11] | ' | 1 | [11],[8] | ||
Average interest rate reduction (as a percent) | 1.00% | ' | 1.00% | ' | ||||
Loans in default | $95 | $2 | $100 | $4 | ||||
[1] | The above tables reflect activity for loans outstanding as of the end of the reporting period that were considered TDRs. | |||||||
[2] | Post-modification balances include past due amounts that are capitalized at the modification date. | |||||||
[3] | Post-modification balances in North America include $54 million of residential first mortgages and $15 million of home equity loans to borrowers who have gone through Chapter 7 bankruptcy in the three months ended June 30, 2014. These amounts include $30 million of residential first mortgages and $12 million of home equity loans that are newly classified as TDRs in the three months ended June 30, 2014 as a result of OCC guidance, as described above. | |||||||
[4] | Post-modification balances in North America include $126 million of residential first mortgages and $25 million of home equity loans to borrowers who have gone through Chapter 7 bankruptcy in the three months ended June 30, 2013. These amounts include $82 million of residential first mortgages and $22 million of home equity loans that are newly classified as TDRs in the three months ended June 30, 2013 as a result of OCC guidance, as described above. | |||||||
[5] | Post-modification balances in North America include $145 million of residential first mortgages and $37 million of home equity loans to borrowers who have gone through Chapter 7 bankruptcy in the six months ended June 30, 2014. These amounts include $87 million of residential first mortgages and $31 million of home equity loans that are newly classified as TDRs as a result of OCC guidance received in the six months ended June 30, 2014, as described above. | |||||||
[6] | Post-modification balances include past due amounts that are capitalized at modification date. | |||||||
[7] | 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. | |||||||
[8] | epresents 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. | |||||||
[9] | Represents portion of contractual loan principal that is non-interest bearing and, depending upon borrower performance, eligible for forgiveness. | |||||||
[10] | Represents portion of contractual loan principal that was forgiven at the time of permanent modification. | |||||||
[11] | Commercial markets loans are generally borrower-specific modifications and incorporate changes in the amount and/or timing of principal and/or interest. |
LOANS_Details_5
LOANS (Details 5) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | ||
In Millions, unless otherwise specified | ||||
Loans | ' | ' | ||
Loans, net of unearned income | $667,504 | $665,472 | ||
Corporate | ' | ' | ||
Loans | ' | ' | ||
Total loans | 283,715 | 272,203 | ||
Net unearned income (loss) | -556 | -562 | ||
Loans, net of unearned income | 283,159 | [1] | 271,641 | [1] |
Corporate | Commercial and industrial | ' | ' | ||
Loans | ' | ' | ||
Loans, net of unearned income | 116,918 | [1] | 113,831 | [1] |
Corporate | Financial institutions | ' | ' | ||
Loans | ' | ' | ||
Loans, net of unearned income | 67,732 | [1] | 62,069 | [1] |
Corporate | Mortgage and real estate | ' | ' | ||
Loans | ' | ' | ||
Loans, net of unearned income | 37,622 | [1] | 34,900 | [1] |
Corporate | Lease financing | ' | ' | ||
Loans | ' | ' | ||
Loans, net of unearned income | 2,096 | [1] | 2,174 | [1] |
In U.S. offices | Corporate | ' | ' | ||
Loans | ' | ' | ||
Total loans | 131,219 | 123,312 | ||
In U.S. offices | Corporate | Commercial and industrial | ' | ' | ||
Loans | ' | ' | ||
Total loans | 36,293 | 32,704 | ||
In U.S. offices | Corporate | Financial institutions | ' | ' | ||
Loans | ' | ' | ||
Total loans | 29,195 | 25,102 | ||
In U.S. offices | Corporate | Mortgage and real estate | ' | ' | ||
Loans | ' | ' | ||
Total loans | 31,417 | [2] | 29,425 | [2] |
In U.S. offices | Corporate | Installment, revolving credit and other | ' | ' | ||
Loans | ' | ' | ||
Total loans | 32,646 | 34,434 | ||
In U.S. offices | Corporate | Lease financing | ' | ' | ||
Loans | ' | ' | ||
Total loans | 1,668 | 1,647 | ||
In offices outside the U.S. | Corporate | ' | ' | ||
Loans | ' | ' | ||
Total loans | 152,496 | 148,891 | ||
In offices outside the U.S. | Corporate | Commercial and industrial | ' | ' | ||
Loans | ' | ' | ||
Total loans | 82,945 | 82,663 | ||
In offices outside the U.S. | Corporate | Financial institutions | ' | ' | ||
Loans | ' | ' | ||
Total loans | 40,541 | 38,372 | ||
In offices outside the U.S. | Corporate | Mortgage and real estate | ' | ' | ||
Loans | ' | ' | ||
Total loans | 6,309 | [2] | 6,274 | [2] |
In offices outside the U.S. | Corporate | Installment, revolving credit and other | ' | ' | ||
Loans | ' | ' | ||
Total loans | 20,095 | 18,714 | ||
In offices outside the U.S. | Corporate | Lease financing | ' | ' | ||
Loans | ' | ' | ||
Total loans | 430 | 527 | ||
In offices outside the U.S. | Corporate | Government and official institutions | ' | ' | ||
Loans | ' | ' | ||
Total loans | $2,176 | $2,341 | ||
[1] | Total loans include loans at fair value, which are not included in the various delinquency columns. | |||
[2] | Loans secured primarily by real estate. |
LOANS_Details_6
LOANS (Details 6) (USD $) | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | ||||
Loans receivable | ' | ' | ' | ' | ' | |||
Loans sold and/or reclassified to held-for-sale | ' | ' | $3,800,000,000 | $10,200,000,000 | ' | |||
Loans at fair value | 4,804,000,000 | ' | 4,804,000,000 | ' | 5,029,000,000 | |||
Loans, net of unearned income | 667,504,000,000 | ' | 667,504,000,000 | ' | 665,472,000,000 | |||
Corporate | ' | ' | ' | ' | ' | |||
Loans receivable | ' | ' | ' | ' | ' | |||
Loans sold and/or reclassified to held-for-sale | 1,400,000,000 | 1,200,000,000 | 2,500,000,000 | 2,200,000,000 | ' | |||
Number of days past due for reversal of accrued interest and charging to earnings | ' | ' | '90 days | '90 days | ' | |||
Loans, equal to 30- 89 days past due and accruing | 401,000,000 | [1] | ' | 401,000,000 | [1] | ' | 311,000,000 | [1] |
Loans, greater than or equal to 90 days past due and accruing | 214,000,000 | [1] | ' | 214,000,000 | [1] | ' | 183,000,000 | [1] |
Loans, total Past due and accruing | 615,000,000 | ' | 615,000,000 | ' | 494,000,000 | |||
Loans, total non-accrual | 1,218,000,000 | [2] | ' | 1,218,000,000 | [2] | ' | 1,908,000,000 | [2] |
Loans, total current | 276,568,000,000 | [3] | ' | 276,568,000,000 | [3] | ' | 265,167,000,000 | [3] |
Loans at fair value | 4,758,000,000 | [4] | ' | 4,758,000,000 | [4] | ' | 4,072,000,000 | [4] |
Loans, net of unearned income | 283,159,000,000 | [4] | ' | 283,159,000,000 | [4] | ' | 271,641,000,000 | [4] |
Number of days past due, non-accrual status | ' | ' | '90 days | ' | '90 days | |||
Loans less than this number of days past due are considered current | ' | ' | '30 days | ' | '30 days | |||
Corporate | Commercial and industrial | ' | ' | ' | ' | ' | |||
Loans receivable | ' | ' | ' | ' | ' | |||
Loans, equal to 30- 89 days past due and accruing | 229,000,000 | [1] | ' | 229,000,000 | [1] | ' | 72,000,000 | [1] |
Loans, greater than or equal to 90 days past due and accruing | 1,000,000 | [1] | ' | 1,000,000 | [1] | ' | 5,000,000 | [1] |
Loans, total Past due and accruing | 230,000,000 | ' | 230,000,000 | ' | 77,000,000 | |||
Loans, total non-accrual | 618,000,000 | [2] | ' | 618,000,000 | [2] | ' | 769,000,000 | [2] |
Loans, total current | 116,070,000,000 | [3] | ' | 116,070,000,000 | [3] | ' | 112,985,000,000 | [3] |
Loans, net of unearned income | 116,918,000,000 | [4] | ' | 116,918,000,000 | [4] | ' | 113,831,000,000 | [4] |
Corporate | Financial institutions | ' | ' | ' | ' | ' | |||
Loans receivable | ' | ' | ' | ' | ' | |||
Loans, equal to 30- 89 days past due and accruing | 0 | [1] | ' | 0 | [1] | ' | 0 | [1] |
Loans, greater than or equal to 90 days past due and accruing | 0 | [1] | ' | 0 | [1] | ' | ' | |
Loans, total Past due and accruing | 0 | ' | 0 | ' | 0 | |||
Loans, total non-accrual | 257,000,000 | [2] | ' | 257,000,000 | [2] | ' | 365,000,000 | [2] |
Loans, total current | 67,475,000,000 | [3] | ' | 67,475,000,000 | [3] | ' | 61,704,000,000 | [3] |
Loans, net of unearned income | 67,732,000,000 | [4] | ' | 67,732,000,000 | [4] | ' | 62,069,000,000 | [4] |
Corporate | Mortgage and real estate | ' | ' | ' | ' | ' | |||
Loans receivable | ' | ' | ' | ' | ' | |||
Loans, equal to 30- 89 days past due and accruing | 111,000,000 | [1] | ' | 111,000,000 | [1] | ' | 183,000,000 | [1] |
Loans, greater than or equal to 90 days past due and accruing | 185,000,000 | [1] | ' | 185,000,000 | [1] | ' | 175,000,000 | [1] |
Loans, total Past due and accruing | 296,000,000 | ' | 296,000,000 | ' | 358,000,000 | |||
Loans, total non-accrual | 242,000,000 | [2] | ' | 242,000,000 | [2] | ' | 515,000,000 | [2] |
Loans, total current | 37,084,000,000 | [3] | ' | 37,084,000,000 | [3] | ' | 34,027,000,000 | [3] |
Loans, net of unearned income | 37,622,000,000 | [4] | ' | 37,622,000,000 | [4] | ' | 34,900,000,000 | [4] |
Corporate | Leases | ' | ' | ' | ' | ' | |||
Loans receivable | ' | ' | ' | ' | ' | |||
Loans, equal to 30- 89 days past due and accruing | 9,000,000 | [1] | ' | 9,000,000 | [1] | ' | 9,000,000 | [1] |
Loans, greater than or equal to 90 days past due and accruing | 0 | [1] | ' | 0 | [1] | ' | 1,000,000 | [1] |
Loans, total Past due and accruing | 9,000,000 | ' | 9,000,000 | ' | 10,000,000 | |||
Loans, total non-accrual | 49,000,000 | [2] | ' | 49,000,000 | [2] | ' | 189,000,000 | [2] |
Loans, total current | 2,038,000,000 | [3] | ' | 2,038,000,000 | [3] | ' | 1,975,000,000 | [3] |
Loans, net of unearned income | 2,096,000,000 | [4] | ' | 2,096,000,000 | [4] | ' | 2,174,000,000 | [4] |
Corporate | Other | ' | ' | ' | ' | ' | |||
Loans receivable | ' | ' | ' | ' | ' | |||
Loans, equal to 30- 89 days past due and accruing | 52,000,000 | [1] | ' | 52,000,000 | [1] | ' | 47,000,000 | [1] |
Loans, greater than or equal to 90 days past due and accruing | 28,000,000 | [1] | ' | 28,000,000 | [1] | ' | 2,000,000 | [1] |
Loans, total Past due and accruing | 80,000,000 | ' | 80,000,000 | ' | 49,000,000 | |||
Loans, total non-accrual | 52,000,000 | [2] | ' | 52,000,000 | [2] | ' | 70,000,000 | [2] |
Loans, total current | 53,901,000,000 | [3] | ' | 53,901,000,000 | [3] | ' | 54,476,000,000 | [3] |
Loans, net of unearned income | $54,033,000,000 | [4] | ' | $54,033,000,000 | [4] | ' | $54,595,000,000 | [4] |
[1] | Corporate loans that are 90Â 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] | Citi generally does not manage corporate loans on a delinquency basis. 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 30Â days past due are presented as current. | |||||||
[4] | Total loans include loans at fair value, which are not included in the various delinquency columns. |
LOANS_Details_7
LOANS (Details 7) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | ||
In Millions, unless otherwise specified | ||||
Loans receivable | ' | ' | ||
Loans, net of unearned income | $667,504 | $665,472 | ||
Loans at fair value | 4,804 | 5,029 | ||
Private Banking loans managed on a delinquency basis | ' | ' | ||
Loans receivable | ' | ' | ||
Loans, net of unearned income | 17,736 | [1] | 17,002 | [1] |
Corporate | ' | ' | ||
Loans receivable | ' | ' | ||
Loans, net of unearned income | 283,159 | [2] | 271,641 | [2] |
Loans, total non-accrual | 1,218 | [3] | 1,908 | [3] |
Loans at fair value | 4,758 | [2] | 4,072 | [2] |
Corporate | Commercial and industrial | ' | ' | ||
Loans receivable | ' | ' | ||
Loans, net of unearned income | 116,918 | [2] | 113,831 | [2] |
Loans, total non-accrual | 618 | [3] | 769 | [3] |
Corporate | Financial institutions | ' | ' | ||
Loans receivable | ' | ' | ||
Loans, net of unearned income | 67,732 | [2] | 62,069 | [2] |
Loans, total non-accrual | 257 | [3] | 365 | [3] |
Corporate | Mortgage and real estate | ' | ' | ||
Loans receivable | ' | ' | ||
Loans, net of unearned income | 37,622 | [2] | 34,900 | [2] |
Loans, total non-accrual | 242 | [3] | 515 | [3] |
Corporate | Lease financing | ' | ' | ||
Loans receivable | ' | ' | ||
Loans, net of unearned income | 2,096 | [2] | 2,174 | [2] |
Loans, total non-accrual | 49 | [3] | 189 | [3] |
Corporate | Other | ' | ' | ||
Loans receivable | ' | ' | ||
Loans, net of unearned income | 54,033 | [2] | 54,595 | [2] |
Loans, total non-accrual | 52 | [3] | 70 | [3] |
Corporate | Investment Grade | ' | ' | ||
Loans receivable | ' | ' | ||
Loans, net of unearned income | 202,070 | [1] | 195,207 | [1] |
Corporate | Investment Grade | Commercial and industrial | ' | ' | ||
Loans receivable | ' | ' | ||
Loans, net of unearned income | 83,110 | [1] | 79,360 | [1] |
Corporate | Investment Grade | Financial institutions | ' | ' | ||
Loans receivable | ' | ' | ||
Loans, net of unearned income | 52,123 | [1] | 49,699 | [1] |
Corporate | Investment Grade | Mortgage and real estate | ' | ' | ||
Loans receivable | ' | ' | ||
Loans, net of unearned income | 15,460 | [1] | 13,178 | [1] |
Corporate | Investment Grade | Lease financing | ' | ' | ||
Loans receivable | ' | ' | ||
Loans, net of unearned income | 1,553 | [1] | 1,600 | [1] |
Corporate | Investment Grade | Other | ' | ' | ||
Loans receivable | ' | ' | ||
Loans, net of unearned income | 49,824 | [1] | 51,370 | [1] |
Corporate | Non-Investment Grade | ' | ' | ||
Loans receivable | ' | ' | ||
Loans, net of unearned income | 58,595 | [1] | 55,360 | [1] |
Corporate | Non-Investment Grade | Commercial and industrial | ' | ' | ||
Loans receivable | ' | ' | ||
Loans, net of unearned income | 33,190 | [1] | 33,702 | [1] |
Loans, total non-accrual | 618 | [1] | 769 | [1] |
Corporate | Non-Investment Grade | Financial institutions | ' | ' | ||
Loans receivable | ' | ' | ||
Loans, net of unearned income | 15,352 | [1] | 12,005 | [1] |
Loans, total non-accrual | 257 | [1] | 365 | [1] |
Corporate | Non-Investment Grade | Mortgage and real estate | ' | ' | ||
Loans receivable | ' | ' | ||
Loans, net of unearned income | 4,184 | [1] | 4,205 | [1] |
Loans, total non-accrual | 242 | [1] | 515 | [1] |
Corporate | Non-Investment Grade | Lease financing | ' | ' | ||
Loans receivable | ' | ' | ||
Loans, net of unearned income | 494 | [1] | 385 | [1] |
Loans, total non-accrual | 49 | [1] | 189 | [1] |
Corporate | Non-Investment Grade | Other | ' | ' | ||
Loans receivable | ' | ' | ||
Loans, net of unearned income | 4,157 | [1] | 3,155 | [1] |
Loans, total non-accrual | $52 | [1] | $70 | [1] |
[1] | Held-for-investment loans are accounted for on an amortized cost basis. | |||
[2] | Total loans include loans at fair value, which are not included in the various delinquency columns. | |||
[3] | Citi generally does not manage corporate loans on a delinquency basis. 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. |
LOANS_Details_8
LOANS (Details 8) (USD $) | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | |||
Financing receivable impaired | ' | ' | ' | ' | ' | |||
Number of months in sustained period of repayment performance for cash-basis loans to return to an accrual status | ' | ' | '6 months | ' | ' | |||
Corporate | ' | ' | ' | ' | ' | |||
Financing receivable impaired | ' | ' | ' | ' | ' | |||
Recorded investment | $1,218 | [1] | ' | $1,218 | [1] | ' | $1,908 | [1] |
Unpaid principal balance | 1,776 | ' | 1,776 | ' | 2,513 | |||
Related specific allowance | 183 | ' | 183 | ' | 268 | |||
Average carrying value | ' | ' | 1,731 | [2] | ' | 2,183 | [2] | |
Interest Income Recognized | 15 | [3] | 10 | 25 | [3] | 18 | ' | |
Impaired financing receivable with specific allowance | 434 | [1] | ' | 434 | [1] | ' | 925 | [1] |
Impaired financing receivable without specific allowance | 784 | [1] | ' | 784 | [1] | ' | 983 | [1] |
Corporate | Commercial and industrial | ' | ' | ' | ' | ' | |||
Financing receivable impaired | ' | ' | ' | ' | ' | |||
Recorded investment | 618 | [1] | ' | 618 | [1] | ' | 769 | [1] |
Unpaid principal balance | 979 | ' | 979 | ' | 1,074 | |||
Related specific allowance | 119 | ' | 119 | ' | 79 | |||
Average carrying value | ' | ' | 776 | [2] | ' | 967 | [2] | |
Interest Income Recognized | 9 | [3] | ' | 14 | [3] | ' | ' | |
Impaired financing receivable with specific allowance | 301 | [1] | ' | 301 | [1] | ' | 401 | [1] |
Impaired financing receivable without specific allowance | 316 | [1] | ' | 316 | [1] | ' | 368 | [1] |
Corporate | Financial institutions | ' | ' | ' | ' | ' | |||
Financing receivable impaired | ' | ' | ' | ' | ' | |||
Recorded investment | 257 | [1] | ' | 257 | [1] | ' | 365 | [1] |
Unpaid principal balance | 277 | ' | 277 | ' | 382 | |||
Related specific allowance | 1 | ' | 1 | ' | 3 | |||
Average carrying value | ' | ' | 325 | [2] | ' | 378 | [2] | |
Interest Income Recognized | 0 | [3] | ' | 4 | [3] | ' | ' | |
Impaired financing receivable with specific allowance | 7 | [1] | ' | 7 | [1] | ' | 24 | [1] |
Impaired financing receivable without specific allowance | 250 | [1] | ' | 250 | [1] | ' | 341 | [1] |
Corporate | Mortgage and real estate | ' | ' | ' | ' | ' | |||
Financing receivable impaired | ' | ' | ' | ' | ' | |||
Recorded investment | 242 | [1] | ' | 242 | [1] | ' | 515 | [1] |
Unpaid principal balance | 282 | ' | 282 | ' | 651 | |||
Related specific allowance | 17 | ' | 17 | ' | 35 | |||
Average carrying value | ' | ' | 415 | [2] | ' | 585 | [2] | |
Interest Income Recognized | 6 | [3] | ' | 7 | [3] | ' | ' | |
Impaired financing receivable with specific allowance | 33 | [1] | ' | 33 | [1] | ' | 253 | [1] |
Impaired financing receivable without specific allowance | 209 | [1] | ' | 209 | [1] | ' | 262 | [1] |
Corporate | Lease financing | ' | ' | ' | ' | ' | |||
Financing receivable impaired | ' | ' | ' | ' | ' | |||
Recorded investment | 49 | [1] | ' | 49 | [1] | ' | 189 | [1] |
Unpaid principal balance | 50 | ' | 50 | ' | 190 | |||
Related specific allowance | 29 | ' | 29 | ' | 131 | |||
Average carrying value | ' | ' | 154 | [2] | ' | 189 | [2] | |
Impaired financing receivable with specific allowance | 47 | [1] | ' | 47 | [1] | ' | 186 | [1] |
Impaired financing receivable without specific allowance | 2 | [1] | ' | 2 | [1] | ' | 3 | [1] |
Corporate | Other | ' | ' | ' | ' | ' | |||
Financing receivable impaired | ' | ' | ' | ' | ' | |||
Recorded investment | 52 | [1] | ' | 52 | [1] | ' | 70 | [1] |
Unpaid principal balance | 188 | ' | 188 | ' | 216 | |||
Related specific allowance | 17 | ' | 17 | ' | 20 | |||
Average carrying value | ' | ' | 61 | [2] | ' | 64 | [2] | |
Interest Income Recognized | 0 | [3] | ' | 0 | [3] | ' | ' | |
Impaired financing receivable with specific allowance | 46 | [1] | ' | 46 | [1] | ' | 61 | [1] |
Impaired financing receivable without specific allowance | $7 | [1] | ' | $7 | [1] | ' | $9 | [1] |
[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 three- and six-month periods ended June 30, 2013 was $10 million and $18 million, respectively. |
LOANS_Details_9
LOANS (Details 9) (Corporate, USD $) | 3 Months Ended | 6 Months Ended | ||||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | ||
Financing receivable impaired | ' | ' | ' | ' | ||
Carrying Value | $8 | $42 | $52 | $107 | ||
TDRs involving changes in the amount and/or timing of principal payments | 7 | [1] | 14 | [2] | 34 | 55 |
TDRs involving changes in the amount and/or timing of interest payments | 1 | [3] | 28 | [4] | 18 | 42 |
TDRs involving changes in the amount and/or timing of both principal and interest payments | ' | 0 | 0 | 10 | ||
Period within which default occurred post-modification | ' | ' | '1 year | ' | ||
Number of days past due, default status | ' | ' | '60 days | ' | ||
Carrying Value | 673 | 825 | 673 | 825 | ||
TDR in payment default | ' | 2 | ' | 17 | ||
Commercial market loans | ' | ' | ' | ' | ||
Financing receivable impaired | ' | ' | ' | ' | ||
Number of days past due, default status | ' | ' | '90 days | ' | ||
Commercial and industrial | ' | ' | ' | ' | ||
Financing receivable impaired | ' | ' | ' | ' | ||
Carrying Value | 7 | 42 | 47 | 89 | ||
TDRs involving changes in the amount and/or timing of principal payments | 7 | [1] | 14 | [2] | 30 | 55 |
TDRs involving changes in the amount and/or timing of interest payments | 0 | [3] | 28 | [4] | 17 | 28 |
TDRs involving changes in the amount and/or timing of both principal and interest payments | ' | 0 | 0 | 6 | ||
Carrying Value | 203 | 173 | 203 | 173 | ||
TDR in payment default | ' | ' | ' | 15 | ||
Financial institutions | ' | ' | ' | ' | ||
Financing receivable impaired | ' | ' | ' | ' | ||
Carrying Value | ' | 16 | ' | 16 | ||
Mortgage and real estate | ' | ' | ' | ' | ||
Financing receivable impaired | ' | ' | ' | ' | ||
Carrying Value | 1 | ' | 5 | 14 | ||
TDRs involving changes in the amount and/or timing of principal payments | ' | ' | 4 | ' | ||
TDRs involving changes in the amount and/or timing of interest payments | 1 | ' | 1 | 14 | ||
Carrying Value | 130 | 218 | 130 | 218 | ||
TDR in payment default | ' | 2 | ' | 2 | ||
Other | ' | ' | ' | ' | ||
Financing receivable impaired | ' | ' | ' | ' | ||
Carrying Value | ' | ' | ' | 4 | ||
TDRs involving changes in the amount and/or timing of both principal and interest payments | ' | ' | ' | 4 | ||
Carrying Value | $340 | $418 | $340 | $418 | ||
[1] | Recorded investment in a loan includes net deferred loan fees and costs, unamortized premium or discount, less any direct write-downs. | |||||
[2] | TDRs involving changes in the amount or timing of principal payments may involve principal forgiveness or deferral of periodic and/or final principal payments. | |||||
[3] | Average carrying value represents the average recorded investment balance and does not include related specific allowance. | |||||
[4] | TDRs involving changes in the amount or timing of interest payments may involve a below-market interest rate. |
ALLOWANCE_FOR_CREDIT_LOSSES_De
ALLOWANCE FOR CREDIT LOSSES (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||||||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | ||||
Allowance for credit losses | ' | ' | ' | ' | ||||
Allowance for loan losses at beginning of period | $18,923 | $23,727 | $19,648 | $25,455 | ||||
Gross credit losses | -2,812 | -3,257 | -5,795 | -6,701 | ||||
Gross recoveries | 623 | 649 | 1,167 | 1,215 | ||||
NCLs | -2,189 | -2,608 | -4,628 | -5,486 | ||||
Net reserve builds (releases) | -521 | -642 | -1,081 | -948 | ||||
Net specific reserve builds (releases) | -89 | -139 | -175 | -497 | ||||
Total provision for credit losses | 1,579 | 1,827 | 3,372 | 4,041 | ||||
Other, net | -423 | [1] | -1,366 | [1] | -502 | [1] | -2,430 | [1] |
Allowance for loan losses at the end of year | 17,890 | 21,580 | 17,890 | 21,580 | ||||
Allowance for credit losses on unfunded lending commitments | ' | ' | ' | ' | ||||
Allowance for credit losses on unfunded lending commitments at beginning of year | 1,202 | [2] | 1,132 | [2] | 1,229 | [2] | 1,119 | [2] |
Provision (release) for unfunded lending commitments | -31 | -3 | -58 | 11 | ||||
Other, net | 5 | 4 | 5 | 3 | ||||
Allowance for credit losses on unfunded lending commitments at end of year | 1,176 | [2] | 1,133 | [2] | 1,176 | [2] | 1,133 | [2] |
Total allowance for loans, leases, and unfunded lending commitments at end of period | $19,066 | $22,713 | $19,066 | $22,713 | ||||
[1] | The second quarter of 2014 includes a reduction of approximately $480 million related to the sale or transfers to held-for-sale (HFS) of various loan portfolios, including a reduction of approximately $204 million and $177 million related to the transfers to HFS of businesses in Greece and Spain and $29 million related to the sale of the Honduras business, and $66 million related to a transfer of a real estate loan portfolio to HFS. These amounts are partially offset by foreign currency translation on the entire allowance balance. The first quarter of 2014 includes reductions of approximately $79 million related to the sale or transfer to HFS of various loan portfolios. The second quarter of 2013 includes a reduction of approximately $650 million related to the sale or transfer to HFS of various U.S. loan portfolios and a reduction of approximately $360 million related to the transfer of Credicard to discontinued operations held for sale. Additionally, a reduction of approximately $90 million related to a transfer to HFS of a loan portfolio in Greece and a reduction of approximately $220 million related to foreign currency translation. The first quarter of 2013 includes reductions of approximately $855 million related to the sale or transfer to HFS of various U.S. loan portfolios and a reduction of approximately $165 million related to a transfer to HFS of a loan portfolio in Greece. | |||||||
[2] | Represents additional credit loss reserves for unfunded lending commitments and letters of credit recorded in Other liabilities on the Consolidated Balance Sheet. |
ALLOWANCE_FOR_CREDIT_LOSSES_De1
ALLOWANCE FOR CREDIT LOSSES (Details 2) (USD $) | 3 Months Ended | |||||||||
In Millions, unless otherwise specified | Jun. 30, 2014 | Mar. 31, 2014 | Jun. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Mar. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2014 |
U.S. | U.S. | Greece | Greece | Greece | Spain | Honduras | ||||
Allowance for loan losses disclosures | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Reduction of allowance for loan and leases losses due to loans sold or transferred to held-for-sale or to discontinued operations | $480 | $79 | $360 | $650 | $855 | $204 | $90 | $165 | $177 | $29 |
Reduction of allowance for loan and leases losses due to transfer to real estate loan portfolio | 66 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Reduction of allowance related to foreign currency translation | ' | ' | $220 | ' | ' | ' | ' | ' | ' | ' |
ALLOWANCE_FOR_CREDIT_LOSSES_De2
ALLOWANCE FOR CREDIT LOSSES (Details 3) (USD $) | 3 Months Ended | 6 Months Ended | |||||||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | ||||
Allowance for credit losses | ' | ' | ' | ' | ' | ||||
Allowance for loan losses at beginning of period | $18,923 | $23,727 | $19,648 | $25,455 | ' | ||||
Charge-offs | -2,812 | -3,257 | -5,795 | -6,701 | ' | ||||
Recoveries | 623 | 649 | 1,167 | 1,215 | ' | ||||
Replenishment of net charge-offs | 2,189 | 2,608 | 4,628 | 5,486 | ' | ||||
Net reserve builds (releases) | -521 | -642 | -1,081 | -948 | ' | ||||
Net specific reserve builds (releases) | -89 | -139 | -175 | -497 | ' | ||||
Other | -423 | [1] | -1,366 | [1] | -502 | [1] | -2,430 | [1] | ' |
Allowance for loan losses at the end of year | 17,890 | 21,580 | 17,890 | 21,580 | ' | ||||
Allowance for loan losses: | ' | ' | ' | ' | ' | ||||
Determined in accordance with ASC 450-20 | 13,197 | ' | 13,197 | ' | 14,634 | ||||
Determined in accordance with ASC 310-10-35 | 4,583 | ' | 4,583 | ' | 4,901 | ||||
Determined in accordance with ASC 310-30 | 110 | ' | 110 | ' | 113 | ||||
Total allowance for loan losses | 17,890 | 21,580 | 17,890 | 21,580 | ' | ||||
Loans, net of unearned income: | ' | ' | ' | ' | ' | ||||
Loans collectively evaluated for impairment in accordance with ASC 450-20 | 638,382 | ' | 638,382 | ' | 633,679 | ||||
Loans individually evaluated for impairment in accordance with ASC 310-10-35 | 23,743 | ' | 23,743 | ' | 26,015 | ||||
Loans acquired with deteriorated credit quality in accordance with ASC 310-30 | 575 | ' | 575 | ' | 749 | ||||
Loans held at fair value | 4,804 | ' | 4,804 | ' | 5,029 | ||||
Loans, net of unearned income | 667,504 | ' | 667,504 | ' | 665,472 | ||||
Corporate | ' | ' | ' | ' | ' | ||||
Allowance for credit losses | ' | ' | ' | ' | ' | ||||
Allowance for loan losses at beginning of period | 2,472 | 2,779 | 2,584 | 2,776 | ' | ||||
Charge-offs | -47 | -97 | -221 | -157 | ' | ||||
Recoveries | 36 | 52 | 65 | 67 | ' | ||||
Replenishment of net charge-offs | 11 | 45 | 156 | 90 | ' | ||||
Net reserve builds (releases) | -26 | -98 | -127 | -129 | ' | ||||
Net specific reserve builds (releases) | -75 | 30 | -85 | 72 | ' | ||||
Other | -1 | -3 | -2 | -11 | ' | ||||
Allowance for loan losses at the end of year | 2,370 | 2,708 | 2,370 | 2,708 | ' | ||||
Allowance for loan losses: | ' | ' | ' | ' | ' | ||||
Determined in accordance with ASC 450-20 | 2,103 | ' | 2,103 | ' | 2,232 | ||||
Determined in accordance with ASC 310-10-35 | 183 | ' | 183 | ' | 268 | ||||
Determined in accordance with ASC 310-30 | 84 | ' | 84 | ' | 84 | ||||
Total allowance for loan losses | 2,370 | 2,708 | 2,370 | 2,708 | ' | ||||
Loans, net of unearned income: | ' | ' | ' | ' | ' | ||||
Loans collectively evaluated for impairment in accordance with ASC 450-20 | 276,784 | ' | 276,784 | ' | 265,230 | ||||
Loans individually evaluated for impairment in accordance with ASC 310-10-35 | 1,512 | ' | 1,512 | ' | 2,222 | ||||
Loans acquired with deteriorated credit quality in accordance with ASC 310-30 | 105 | ' | 105 | ' | 117 | ||||
Loans held at fair value | 4,758 | ' | 4,758 | ' | 4,072 | ||||
Loans, net of unearned income | 283,159 | ' | 283,159 | ' | 271,641 | ||||
Consumer | ' | ' | ' | ' | ' | ||||
Allowance for credit losses | ' | ' | ' | ' | ' | ||||
Allowance for loan losses at beginning of period | 16,451 | 20,948 | 17,064 | 22,679 | ' | ||||
Charge-offs | -2,765 | -3,160 | -5,574 | -6,544 | ' | ||||
Recoveries | 587 | 597 | 1,102 | 1,148 | ' | ||||
Replenishment of net charge-offs | 2,178 | 2,563 | 4,472 | 5,396 | ' | ||||
Net reserve builds (releases) | -495 | -544 | -954 | -819 | ' | ||||
Net specific reserve builds (releases) | -14 | -169 | -90 | -569 | ' | ||||
Other | -422 | -1,363 | -500 | -2,419 | ' | ||||
Allowance for loan losses at the end of year | 15,520 | 18,872 | 15,520 | 18,872 | ' | ||||
Allowance for loan losses: | ' | ' | ' | ' | ' | ||||
Determined in accordance with ASC 450-20 | 11,094 | ' | 11,094 | ' | 12,402 | ||||
Determined in accordance with ASC 310-10-35 | 4,400 | ' | 4,400 | ' | 4,633 | ||||
Determined in accordance with ASC 310-30 | 26 | ' | 26 | ' | 29 | ||||
Total allowance for loan losses | 15,520 | 18,872 | 15,520 | 18,872 | ' | ||||
Loans, net of unearned income: | ' | ' | ' | ' | ' | ||||
Loans collectively evaluated for impairment in accordance with ASC 450-20 | 361,598 | ' | 361,598 | ' | 368,449 | ||||
Loans individually evaluated for impairment in accordance with ASC 310-10-35 | 22,231 | [2],[3],[4] | ' | 22,231 | [2],[3],[4] | ' | 23,793 | ||
Loans acquired with deteriorated credit quality in accordance with ASC 310-30 | 470 | ' | 470 | ' | 632 | ||||
Loans held at fair value | 46 | ' | 46 | ' | 957 | ||||
Loans, net of unearned income | $384,345 | ' | $384,345 | ' | $393,831 | ||||
[1] | The second quarter of 2014 includes a reduction of approximately $480 million related to the sale or transfers to held-for-sale (HFS) of various loan portfolios, including a reduction of approximately $204 million and $177 million related to the transfers to HFS of businesses in Greece and Spain and $29 million related to the sale of the Honduras business, and $66 million related to a transfer of a real estate loan portfolio to HFS. These amounts are partially offset by foreign currency translation on the entire allowance balance. The first quarter of 2014 includes reductions of approximately $79 million related to the sale or transfer to HFS of various loan portfolios. The second quarter of 2013 includes a reduction of approximately $650 million related to the sale or transfer to HFS of various U.S. loan portfolios and a reduction of approximately $360 million related to the transfer of Credicard to discontinued operations held for sale. Additionally, a reduction of approximately $90 million related to a transfer to HFS of a loan portfolio in Greece and a reduction of approximately $220 million related to foreign currency translation. The first quarter of 2013 includes reductions of approximately $855 million related to the sale or transfer to HFS of various U.S. loan portfolios and a reduction of approximately $165 million related to a transfer to HFS of a loan portfolio in Greece. | ||||||||
[2] | $2,106 million of residential first mortgages, $564 million of home equity loans and $86 million of commercial market loans do not have a specific allowance. | ||||||||
[3] | 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. | ||||||||
[4] | Prior to 2008, the Company’s financial accounting systems did not separately track impaired smaller-balance, homogeneous consumer loans whose terms were modified due to the borrowers’ financial difficulties and where it was determined that a concession was granted to the borrower. Smaller-balance consumer loans modified since January 1, 2008 amounted to $21.9 billion at June 30, 2014. However, information derived from Citi’s risk management systems indicates that the amounts of outstanding modified loans, including those modified prior to 2008, approximated $22.5 billion at June 30, 2014. |
GOODWILL_AND_INTANGIBLE_ASSETS2
GOODWILL AND INTANGIBLE ASSETS (Details) (USD $) | 3 Months Ended | ||
In Millions, unless otherwise specified | Jun. 30, 2014 | Mar. 31, 2014 | |
Goodwill | ' | ' | |
Balance of goodwill at beginning of period | $25,008 | $25,009 | |
Foreign exchange translation and other | 208 | 1 | |
Divestitures | -129 | -2 | |
Balance of goodwill at end of period | $25,087 | [1] | $25,008 |
[1] | Citi Holdings—Other is excluded from the table as there is no goodwill allocated to it. |
GOODWILL_AND_INTANGIBLE_ASSETS3
GOODWILL AND INTANGIBLE ASSETS (Details 2) (USD $) | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | |||
Goodwill: | ' | ' | ' | ' | ||
Goodwill written off due to impairment | $0 | ' | ' | ' | ||
Goodwill | 25,087,000,000 | [1] | 25,087,000,000 | [1] | 25,008,000,000 | 25,009,000,000 |
Goodwill reclassified to assets held for sale | ' | 116,000,000 | ' | ' | ||
North America Regional Consumer Banking | ' | ' | ' | ' | ||
Goodwill: | ' | ' | ' | ' | ||
Goodwill | 6,778,000,000 | [1] | 6,778,000,000 | [1] | ' | ' |
EMEA Regional Consumer Banking | ' | ' | ' | ' | ||
Goodwill: | ' | ' | ' | ' | ||
Goodwill | 366,000,000 | [1] | 366,000,000 | [1] | ' | ' |
Asia Regional Consumer Banking | ' | ' | ' | ' | ||
Goodwill: | ' | ' | ' | ' | ||
Goodwill | 5,182,000,000 | [1] | 5,182,000,000 | [1] | ' | ' |
LATAM America Regional Consumer Banking | ' | ' | ' | ' | ||
Goodwill: | ' | ' | ' | ' | ||
Goodwill | 1,782,000,000 | [1] | 1,782,000,000 | [1] | ' | ' |
Banking | ' | ' | ' | ' | ||
Goodwill: | ' | ' | ' | ' | ||
Goodwill | 3,915,000,000 | [1] | 3,915,000,000 | [1] | ' | ' |
Markets and Securities Services | ' | ' | ' | ' | ||
Goodwill: | ' | ' | ' | ' | ||
Goodwill | 7,022,000,000 | [1] | 7,022,000,000 | [1] | ' | ' |
Latin America Retirement Services | ' | ' | ' | ' | ||
Goodwill: | ' | ' | ' | ' | ||
Goodwill | 42,000,000 | [1] | 42,000,000 | [1] | ' | ' |
Citi Holdings- Cards | ' | ' | ' | ' | ||
Goodwill: | ' | ' | ' | ' | ||
Goodwill | $0 | [1],[2] | $0 | [1],[2] | ' | ' |
[1] | Citi Holdings—Other is excluded from the table as there is no goodwill allocated to it. | |||||
[2] | Citi Holdings—Cards goodwill of $116 million was reclassified to assets held for sale as of June 30, 2014. |
GOODWILL_AND_INTANGIBLE_ASSETS4
GOODWILL AND INTANGIBLE ASSETS (Details 3) (USD $) | 6 Months Ended | |||
In Millions, unless otherwise specified | Jun. 30, 2014 | Dec. 31, 2013 | ||
Finite and indefinite-lived intangible assets. | ' | ' | ||
Gross carrying amount of Intangible assets (excluding MSRs) | $15,101 | $15,116 | ||
Accumulated amortization of Intangible assets (excluding MSRs) | 10,399 | 10,060 | ||
Gross carrying amount of Mortgage servicing rights (MSRs) | 2,282 | 2,718 | ||
Gross carrying amount of Intangible assets | 17,383 | 17,834 | ||
Accumulated amortization of Intangible assets | 10,399 | 10,060 | ||
Finite and indefinite-lived intangible assets: | ' | ' | ||
Net carrying amount of Intangible assets (excluding MSRs), balance at beginning of period | 5,056 | ' | ||
Net carrying amount of MSRs, balance at beginning of period | 2,718 | [1] | ' | |
Net carrying amount of Intangible assets, balance at beginning of period | 7,774 | ' | ||
Acquisitions/divestitures | -3 | ' | ||
Amortization | -381 | ' | ||
Impairments | 2 | ' | ||
FX and other | 28 | [2] | ' | |
Net carrying amount of Intangible assets (excluding MSRs), balance at end of period | 4,702 | ' | ||
Net carrying amount of MSRs, balance at end of period | 2,282 | [1] | ' | |
Net carrying amount of Intangible assets, balance at end of period | 6,984 | ' | ||
Indefinite-lived intangible assets | ' | ' | ||
Finite and indefinite-lived intangible assets. | ' | ' | ||
Gross carrying amount of Intangible assets (excluding MSRs) | 323 | 323 | ||
Finite and indefinite-lived intangible assets: | ' | ' | ||
Net carrying amount of Intangible assets (excluding MSRs), balance at beginning of period | 323 | ' | ||
Acquisitions/divestitures | -2 | ' | ||
Amortization | 0 | ' | ||
FX and other | 2 | [2] | ' | |
Net carrying amount of Intangible assets (excluding MSRs), balance at end of period | 323 | ' | ||
Purchased credit card relationships | ' | ' | ||
Finite and indefinite-lived intangible assets. | ' | ' | ||
Gross carrying amount of Intangible assets (excluding MSRs) | 7,531 | 7,552 | ||
Accumulated amortization of Intangible assets (excluding MSRs) | 6,156 | 6,006 | ||
Finite and indefinite-lived intangible assets: | ' | ' | ||
Net carrying amount of Intangible assets (excluding MSRs), balance at beginning of period | 1,546 | ' | ||
Acquisitions/divestitures | -9 | ' | ||
Amortization | -166 | ' | ||
FX and other | 4 | [2] | ' | |
Net carrying amount of Intangible assets (excluding MSRs), balance at end of period | 1,375 | ' | ||
Core deposit intangibles | ' | ' | ||
Finite and indefinite-lived intangible assets. | ' | ' | ||
Gross carrying amount of Intangible assets (excluding MSRs) | 1,238 | 1,255 | ||
Accumulated amortization of Intangible assets (excluding MSRs) | 1,071 | 1,052 | ||
Finite and indefinite-lived intangible assets: | ' | ' | ||
Net carrying amount of Intangible assets (excluding MSRs), balance at beginning of period | 203 | ' | ||
Acquisitions/divestitures | -6 | ' | ||
Amortization | -30 | ' | ||
Net carrying amount of Intangible assets (excluding MSRs), balance at end of period | 167 | ' | ||
Other customer relationships | ' | ' | ||
Finite and indefinite-lived intangible assets. | ' | ' | ||
Gross carrying amount of Intangible assets (excluding MSRs) | 705 | 675 | ||
Accumulated amortization of Intangible assets (excluding MSRs) | 407 | 389 | ||
Finite and indefinite-lived intangible assets: | ' | ' | ||
Net carrying amount of Intangible assets (excluding MSRs), balance at beginning of period | 286 | ' | ||
Acquisitions/divestitures | 14 | ' | ||
Amortization | -14 | ' | ||
FX and other | 12 | [2] | ' | |
Net carrying amount of Intangible assets (excluding MSRs), balance at end of period | 298 | ' | ||
Present value of future profits | ' | ' | ||
Finite and indefinite-lived intangible assets. | ' | ' | ||
Gross carrying amount of Intangible assets (excluding MSRs) | 238 | 238 | ||
Accumulated amortization of Intangible assets (excluding MSRs) | 152 | 146 | ||
Finite and indefinite-lived intangible assets: | ' | ' | ||
Net carrying amount of Intangible assets (excluding MSRs), balance at beginning of period | 92 | ' | ||
Amortization | -6 | ' | ||
Net carrying amount of Intangible assets (excluding MSRs), balance at end of period | 86 | ' | ||
Other | ' | ' | ||
Finite and indefinite-lived intangible assets. | ' | ' | ||
Gross carrying amount of Intangible assets (excluding MSRs) | 5,066 | [3] | 5,073 | [3] |
Accumulated amortization of Intangible assets (excluding MSRs) | 2,613 | [3] | 2,467 | [3] |
Finite and indefinite-lived intangible assets: | ' | ' | ||
Net carrying amount of Intangible assets (excluding MSRs), balance at beginning of period | 2,606 | [3] | ' | |
Amortization | -165 | ' | ||
Impairments | 2 | ' | ||
FX and other | 10 | [2] | ' | |
Net carrying amount of Intangible assets (excluding MSRs), balance at end of period | $2,453 | [3] | ' | |
[1] | See Note 20 to the Consolidated Financial Statements for the roll-forward of MSRs. | |||
[2] | Includes foreign exchange translation and purchase accounting adjustments. | |||
[3] | Includes contract-related intangible assets. |
DEBT_Details
DEBT (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | ||
Short-Term Borrowings: | ' | ' | ||
Commercial paper | $14,853,000,000 | $17,878,000,000 | ||
Other borrowings | 44,681,000,000 | [1] | 41,066,000,000 | [1] |
Total short-term borrowings | 59,534,000,000 | 58,944,000,000 | ||
Collateralized short-term advances from Federal Home Loan Bank | 11,000,000,000 | 11,000,000,000 | ||
Significant Citibank Entities | ' | ' | ||
Short-Term Borrowings: | ' | ' | ||
Commercial paper | 14,623,000,000 | [2] | 17,677,000,000 | [2] |
Parent | ' | ' | ||
Short-Term Borrowings: | ' | ' | ||
Commercial paper | $230,000,000 | [3] | $201,000,000 | [3] |
[1] | At both June 30, 2014 and December 31, 2013, collateralized short-term advances from the Federal Home Loan Banks were $11 billion. | |||
[2] | Significant Citibank Entities consist of Citibank, N.A. units domiciled in the U.S., Western Europe, Hong Kong and Singapore. | |||
[3] | Parent includes the parent holding company (Citigroup Inc.) and Citi’s broker-dealer subsidiaries that are consolidated into Citigroup. |
DEBT_Details_2
DEBT (Details 2) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | ||
Long-Term Debt: | ' | ' | ||
Total long-term debt | $226,984,000,000 | [1] | $221,116,000,000 | [1] |
Trust assets | 0 | ' | ||
Trust preferred securities | ' | ' | ||
Long-Term Debt: | ' | ' | ||
Total long-term debt | 1,800,000,000 | 3,900,000,000 | ||
Citigroup Inc. | ' | ' | ||
Long-Term Debt: | ' | ' | ||
Total long-term debt | 154,945,000,000 | [2] | 156,804,000,000 | [2] |
Bank | ' | ' | ||
Long-Term Debt: | ' | ' | ||
Total long-term debt | 64,072,000,000 | [3] | 56,457,000,000 | [3] |
Bank | Senior debt | ' | ' | ||
Long-Term Debt: | ' | ' | ||
Collateralized long-term advances from Federal Home Loan Bank | 19,100,000,000 | 14,000,000,000 | ||
Broker-dealer | ' | ' | ||
Long-Term Debt: | ' | ' | ||
Total long-term debt | 7,967,000,000 | [4] | 7,855,000,000 | [4] |
Citigroup Funding Inc. (CFI) | ' | ' | ||
Long-Term Debt: | ' | ' | ||
Carrying value of Principal-Protected Trust Securities | $8,000,000 | $87,000,000 | ||
[1] | Includes senior notes with carrying values of $8 million issued to outstanding Safety First Trusts at June 30, 2014 and $87 million issued to these trusts at December 31, 2013. Citigroup owns all of the voting securities of the Safety First Trusts. The Safety First Trusts have no assets, operations, revenues or cash flows other than those related to the issuance, administration and repayment of the Safety First Trust securities and the Safety First Trusts’ common securities. | |||
[2] | Parent holding company, Citigroup Inc. | |||
[3] | Represents the Significant Citibank Entities as well as other Citibank and Banamex entities. At June 30, 2014 and December 31, 2013, collateralized long-term advances from the Federal Home Loan Banks were $19.1 billion and $14.0 billion, respectively. | |||
[4] | Represents broker-dealer subsidiaries that are consolidated into Citigroup Inc., the parent holding company. |
DEBT_Details_3
DEBT (Details 3) (USD $) | 6 Months Ended | |
In Millions, except Share data, unless otherwise specified | Jun. 30, 2014 | |
Trust Preferred Securities | ' | |
Liquidation value | $2,629 | [1] |
Junior subordinated debentures owned by the Trust, amount | 2,635 | |
Citigroup Capital III | ' | |
Trust Preferred Securities | ' | |
Securities issued (in shares) | 194,053 | |
Liquidation value | 194 | [1] |
Coupon rate (as a percent) | 7.63% | |
Common shares issued to parent (in shares) | 6,003 | |
Junior subordinated debentures owned by the Trust, amount | 200 | |
Citigroup Capital XIII | ' | |
Trust Preferred Securities | ' | |
Securities issued (in shares) | 89,840,000 | |
Liquidation value | 2,246 | [1] |
Coupon rate (as a percent) | 7.88% | |
Common shares issued to parent (in shares) | 1,000 | |
Junior subordinated debentures owned by the Trust, amount | 2,246 | |
Citigroup Capital XVIII | ' | |
Trust Preferred Securities | ' | |
Securities issued (in shares) | 99,901 | |
Liquidation value | 171 | [1] |
Coupon rate (as a percent) | 6.83% | |
Common shares issued to parent (in shares) | 50 | |
Junior subordinated debentures owned by the Trust, amount | 171 | |
Adam Capital Trust III | ' | |
Trust Preferred Securities | ' | |
Securities issued (in shares) | 17,500 | [2] |
Liquidation value | 18 | [1],[2] |
Description of coupon rate basis | 'three months LIBOR | |
Coupon rate, basis spread (as a percent) | 3.35% | |
Common shares issued to parent (in shares) | 542 | [2] |
Junior subordinated debentures owned by the Trust, amount | $18 | [2] |
[1] | Represents the notional value received by investors from the trusts at the time of issuance. | |
[2] | Redeemed in full on July 7, 2014. |
CHANGES_IN_ACCUMULATED_OTHER_C2
CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Details) (USD $) | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | ||||||||||||
In Millions, unless otherwise specified | Net unrealized gains (losses) on investment securities | Net unrealized gains (losses) on investment securities | Net unrealized gains (losses) on investment securities | Net unrealized gains (losses) on investment securities | Cash flow hedges | Cash flow hedges | Cash flow hedges | Cash flow hedges | Benefit plans | Benefit plans | Benefit plans | Benefit plans | Foreign currency translation adjustment | Foreign currency translation adjustment | Foreign currency translation adjustment | Foreign currency translation adjustment | Accumulated other comprehensive income (loss) | Accumulated other comprehensive income (loss) | Accumulated other comprehensive income (loss) | Accumulated other comprehensive income (loss) | ||||||||||||||||||
Change in accumulated other comprehensive income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||
Beginning-of-period balance, net of tax | ($18,147) | ($19,146) | ($19,133) | ($19,924) | ($17,059) | ($16,896) | ($1,212) | $742 | ($1,640) | $597 | ($1,127) | [1] | ($2,168) | [1] | ($1,245) | [1] | ($2,293) | [1] | ($4,022) | [2] | ($5,016) | [2] | ($3,989) | [2] | ($5,270) | [2] | ($12,785) | [3],[4] | ($10,617) | [3],[4] | ($12,259) | [3],[4] | ($9,930) | [3],[4] | ($19,146) | ($17,059) | ($19,133) | ($16,896) |
Other comprehensive income before reclassifications | ' | ' | ' | ' | ' | ' | 1,037 | -1,927 | 1,415 | -1,589 | 58 | [1] | 346 | [1] | 104 | [1] | 332 | [1] | -195 | [2] | 368 | [2] | -257 | [2] | 575 | [2] | 17 | [3],[4] | -1,720 | [3],[4] | -509 | [3],[4] | -2,407 | [3],[4] | 917 | -2,933 | 753 | -3,089 |
Increase (decrease) due to amounts reclassified from AOCI | ' | ' | ' | ' | ' | ' | -31 | -116 | 19 | -309 | 62 | [1] | 151 | [1] | 134 | [1] | 290 | [1] | 51 | [2] | 33 | [2] | 80 | [2] | 80 | [2] | ' | ' | ' | ' | 82 | 68 | 233 | 61 | ||||
Change, net of taxes | ' | ' | ' | ' | ' | ' | 1,006 | -2,043 | 1,434 | -1,898 | 120 | [1] | 497 | [1] | 238 | [1] | 622 | [1] | -144 | [2] | 401 | [2] | -177 | [2] | 655 | [2] | 17 | [3],[4] | -1,720 | [3],[4] | -509 | [3],[4] | -2,407 | [3],[4] | 999 | -2,865 | 986 | -3,028 |
End-of-period balance, net of tax | ($18,147) | ($19,146) | ($19,133) | ($19,924) | ($17,059) | ($16,896) | ($206) | ($1,301) | ($206) | ($1,301) | ($1,007) | [1] | ($1,671) | [1] | ($1,007) | [1] | ($1,671) | [1] | ($4,166) | [2] | ($4,615) | [2] | ($4,166) | [2] | ($4,615) | [2] | ($12,768) | [3],[4] | ($12,337) | [3],[4] | ($12,768) | [3],[4] | ($12,337) | [3],[4] | ($18,147) | ($19,924) | ($18,147) | ($19,924) |
[1] | Primarily driven by Citigroup’s pay fixed/receive floating interest rate swap programs that hedge the floating rates on liabilities. | |||||||||||||||||||||||||||||||||||||
[2] | Primarily reflects adjustments based on the quarterly actuarial valuations of the Company’s significant pension and postretirement plans and amortization of amounts previously recognized in other comprehensive income. | |||||||||||||||||||||||||||||||||||||
[3] | Primarily reflects the movements in (by order of impact) the Korean won, British pound, Euro, and Mexican peso against the U.S. dollar, and changes in related tax effects and hedges for the quarter ended June 30, 2014. Primarily reflects the movements in the Russian ruble, Argentine peso, Korean won, and Japanese yen against the U.S. dollar, and changes in related tax effects and hedges for the quarter ended March 31, 2014. Primarily reflects the movements in (by order of impact) the Mexican peso, Australian dollar, Indian rupee, and Brazilian real against the U.S. dollar, and changes in related tax effects and hedges for the quarter ended June 30, 2013. Primarily reflects the movements in (by order of impact) the Mexican peso, Japanese yen, British pound, and Korean won against the U.S. dollar, and changes in related tax effects and hedges for the quarter ended March 31, 2013. | |||||||||||||||||||||||||||||||||||||
[4] | Reclassified to reflect the allocation of foreign currency translation between net unrealized gains (losses) on investment securities to CTA. |
CHANGES_IN_ACCUMULATED_OTHER_C3
CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Details 2) (USD $) | 3 Months Ended | 6 Months Ended | ||||||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | ||||
Change in accumulated other comprehensive income (loss), pretax | ' | ' | ' | ' | ||||
Balance at the beginning of the period, pretax | ($27,297) | ($25,201) | ($27,596) | ($25,334) | ||||
Change in net unrealized gains (losses) on investment securities, pretax | 1,585 | -3,235 | 2,288 | -2,993 | ||||
Cash flow hedges, pretax | 205 | 804 | 386 | 1,005 | ||||
Benefit plans, pretax | -239 | 649 | -294 | 997 | ||||
Foreign currency translation adjustment, pretax | 101 | -1,863 | -429 | -2,521 | ||||
Change, pretax | 1,652 | -3,645 | 1,951 | -3,512 | ||||
Balance at the end of the period, pretax | -25,645 | -28,846 | -25,645 | -28,846 | ||||
Change in accumulated other comprehensive income (loss), tax effect | ' | ' | ' | ' | ||||
Balance at the beginning of the period, tax effect | 8,151 | 8,142 | 8,463 | 8,438 | ||||
Change in net unrealized gains (losses) on investment securities, tax effect | -579 | 1,192 | -854 | 1,095 | ||||
Cash flow hedges, tax effect | -85 | -307 | -148 | -383 | ||||
Benefit plans, tax effect | 95 | -248 | 117 | -342 | ||||
Foreign currency translation adjustment, tax effect | -84 | 143 | -80 | 114 | ||||
Change, tax effect | -653 | 780 | -965 | 484 | ||||
Balance at the end of the period, tax effect | 7,498 | 8,922 | 7,498 | 8,922 | ||||
Change in accumulated other comprehensive income (loss), after-tax | ' | ' | ' | ' | ||||
Beginning-of-period balance, net of tax | -19,146 | -17,059 | -19,133 | -16,896 | ||||
Change in net unrealized gains (losses) on investment securities, after-tax | 1,006 | -2,043 | 1,434 | -1,898 | ||||
Cash flow hedges, after-tax | 120 | 497 | 238 | 622 | ||||
Benefit plans, after-tax | -144 | [1] | 401 | [1] | -177 | [1] | 655 | [1] |
Foreign currency translation adjustment, after-tax | 17 | -1,720 | -509 | -2,407 | ||||
Citigroup’s total other comprehensive income (loss) | 999 | -2,865 | 986 | -3,028 | ||||
End-of-period balance, net of tax | ($18,147) | ($19,924) | ($18,147) | ($19,924) | ||||
[1] | Primarily reflects adjustments based on the quarterly actuarial valuations of the Company’s significant pension and postretirement plans and amortization of amounts previously recognized in Other comprehensive income. |
CHANGES_IN_ACCUMULATED_OTHER_C4
CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Details 3) (USD $) | 3 Months Ended | 6 Months Ended | ||||||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | ||||
Pretax and after-tax amounts reclassified out of accumulated other comprehensive income (loss) | ' | ' | ' | ' | ||||
Realized (gains) losses on sales of investments | ($84) | ($251) | ($212) | ($701) | ||||
Income from continuing operations before income taxes | -2,091 | -6,315 | -8,092 | -11,816 | ||||
Tax effect | 1,838 | 2,127 | 3,888 | 3,697 | ||||
Income from continuing operations | 253 | [1] | 4,188 | [1] | 4,204 | [1] | 8,119 | [1] |
(Gain) loss reclassified from AOCI | ' | ' | ' | ' | ||||
Pretax and after-tax amounts reclassified out of accumulated other comprehensive income (loss) | ' | ' | ' | ' | ||||
Income from continuing operations before income taxes | 136 | 122 | 373 | 130 | ||||
Tax effect | -54 | -54 | -140 | -69 | ||||
Income from continuing operations | -82 | -68 | -233 | -61 | ||||
Realized gains (losses) on investment securities | (Gain) loss reclassified from AOCI | ' | ' | ' | ' | ||||
Pretax and after-tax amounts reclassified out of accumulated other comprehensive income (loss) | ' | ' | ' | ' | ||||
Realized (gains) losses on sales of investments | -84 | -251 | -212 | -701 | ||||
OTTI gross impairment losses | 37 | 75 | 238 | 231 | ||||
Income from continuing operations before income taxes | -47 | -176 | 26 | -470 | ||||
Tax effect | 16 | 60 | -7 | 161 | ||||
Income from continuing operations | 31 | [2] | 116 | [2] | -19 | [2] | 309 | [2] |
Cash flow hedges | (Gain) loss reclassified from AOCI | ' | ' | ' | ' | ||||
Pretax and after-tax amounts reclassified out of accumulated other comprehensive income (loss) | ' | ' | ' | ' | ||||
Income from continuing operations before income taxes | 101 | 245 | 218 | 471 | ||||
Tax effect | -39 | -94 | -84 | -181 | ||||
Income from continuing operations | -62 | [3] | -151 | [3] | -134 | [3] | -290 | [3] |
Cash flow hedges | Interest rate | (Gain) loss reclassified from AOCI | ' | ' | ' | ' | ||||
Pretax and after-tax amounts reclassified out of accumulated other comprehensive income (loss) | ' | ' | ' | ' | ||||
Income from continuing operations before income taxes | 73 | 202 | 134 | 385 | ||||
Cash flow hedges | Foreign exchange contracts | (Gain) loss reclassified from AOCI | ' | ' | ' | ' | ||||
Pretax and after-tax amounts reclassified out of accumulated other comprehensive income (loss) | ' | ' | ' | ' | ||||
Income from continuing operations before income taxes | 28 | 43 | 84 | 86 | ||||
Pension liability adjustments | (Gain) loss reclassified from AOCI | ' | ' | ' | ' | ||||
Pretax and after-tax amounts reclassified out of accumulated other comprehensive income (loss) | ' | ' | ' | ' | ||||
Amortization of unrecognized prior service cost (benefit) | -10 | 2 | -19 | 5 | ||||
Amortization of unrecognized Net actuarial loss | 64 | 71 | 120 | 144 | ||||
Curtailment/settlement impact | 28 | [4],[5] | ' | 28 | [4],[5] | ' | ||
Cumulative effect of change in accounting policy | ' | -20 | [4],[5] | ' | -20 | [4],[5] | ||
Income from continuing operations before income taxes | 82 | 53 | 129 | 129 | ||||
Tax effect | -31 | -20 | -49 | -49 | ||||
Income from continuing operations | ($51) | [4] | ($33) | [4] | ($80) | [4] | ($80) | [4] |
[1] | Includes pretax provisions (credits) for credit losses and for benefits and claims in the GCB results of $1.5 billion and $1.6 billion; in the ICG results of $(112) million and $(30) million; and in Citi Holdings results of $0.3 billion and $0.5 billion for the three months ended June 30, 2014 and 2013, respectively. Includes pretax provisions (credits) for credit losses and for benefits and claims in the GCB results of $3.1 billion and $3.3 billion; in the ICG results of $(85) million and $35.0 million; and in Citi Holdings results of $0.7 billion and $1.2 billion for the six months ended June 30, 2014 and 2013, respectively. | |||||||
[2] | The pretax amount is reclassified to Realized gains (losses) on sales of investments, net and Gross impairment losses on the Consolidated Statement of Income. See Note 13 to the Consolidated Financial Statements for additional details. | |||||||
[3] | See Note 21 to the Consolidated Financial Statements for additional details. | |||||||
[4] | See Note 8 to the Consolidated Financial Statements for additional details. | |||||||
[5] | See Note 1 to the Consolidated Financial Statements for additional details. |
PREFERRED_STOCK_Details
PREFERRED STOCK (Details) (USD $) | 3 Months Ended | 12 Months Ended | 0 Months Ended | 6 Months Ended | 12 Months Ended | 0 Months Ended | 6 Months Ended | 12 Months Ended | 0 Months Ended | 6 Months Ended | 12 Months Ended | 0 Months Ended | 6 Months Ended | 12 Months Ended | 0 Months Ended | 6 Months Ended | 12 Months Ended | 0 Months Ended | 6 Months Ended | 12 Months Ended | 0 Months Ended | 6 Months Ended | 12 Months Ended | 0 Months Ended | 6 Months Ended | 12 Months Ended | 0 Months Ended | 6 Months Ended | 12 Months Ended | 0 Months Ended | 6 Months Ended | 12 Months Ended | |||||||||||||||||||||
In Millions, except Share data, unless otherwise specified | Jun. 30, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Jan. 25, 2008 | Jun. 30, 2014 | Dec. 31, 2013 | Apr. 28, 2008 | Jun. 30, 2014 | Dec. 31, 2013 | Oct. 29, 2012 | Jun. 30, 2014 | Dec. 31, 2013 | Dec. 13, 2012 | Jun. 30, 2014 | Dec. 31, 2013 | Mar. 26, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Apr. 30, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Sep. 19, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Oct. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Feb. 12, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | Apr. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | ||||||||||||||||||||
Forecast | Series AA | Series AA | Series AA | Series E | Series E | Series E | Series A | Series A | Series A | Series B | Series B | Series B | Series C | Series C | Series C | Series D | Series D | Series D | Series J | Series J | Series J | Series K | Series K | Series K | Series L | Series L | Series L | Series M | Series M | Series M | |||||||||||||||||||||||
Preferred stock | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||
Dividend rate (as a percent) | ' | ' | ' | ' | 8.13% | [1] | 8.13% | ' | 8.40% | [2] | 8.40% | ' | 5.95% | [3] | 5.95% | ' | 5.90% | [4] | 5.90% | ' | 5.80% | [4] | 5.80% | ' | 5.35% | [4] | 5.35% | ' | 7.13% | [4] | 7.13% | ' | 6.88% | [4] | 6.88% | ' | 6.88% | [4] | 6.88% | ' | 6.30% | [4] | 6.30% | ||||||||||
Redemption price per depositary share/ preference share (in dollars per share) | ' | ' | ' | ' | $25 | [1] | $25 | ' | $1,000 | [2] | $1,000 | ' | $1,000 | [3] | $1,000 | ' | $1,000 | [5] | $1,000 | ' | $25 | [6] | $25 | ' | $1,000 | [7] | $1,000 | ' | $25 | [8] | $25 | ' | $25 | [9] | $25 | ' | $25 | [10] | $25 | ' | $1,000 | [11] | $1,000 | ||||||||||
Number of depositary shares (in shares) | ' | ' | ' | ' | 3,870,330 | [1] | 3,870,330 | ' | 121,254 | [2] | 121,254 | ' | 1,500,000 | [3] | 1,500,000 | ' | 750,000 | [5] | 750,000 | ' | 23,000,000 | [6] | 23,000,000 | ' | 1,250,000 | [7] | 1,250,000 | ' | 38,000,000 | [8] | 38,000,000 | ' | 59,800,000 | [9] | 59,800,000 | ' | 19,200,000 | [10] | 19,200,000 | ' | 1,750,000 | [11] | 1,750,000 | ||||||||||
Carrying value | $8,968 | $6,738 | ' | ' | $97 | [1] | $97 | [1] | ' | $121 | [2] | $121 | [2] | ' | $1,500 | [3] | $1,500 | [3] | ' | $750 | [5] | $750 | [5] | ' | $575 | [6] | $575 | [6] | ' | $1,250 | [7] | $1,250 | [7] | ' | $950 | [8] | $950 | [8] | ' | $1,495 | [9] | $1,495 | [9] | ' | $480 | [10] | $0 | [10] | ' | $1,750 | [11] | $0 | [11] |
Depositary Shares, Interest in Corresponding Series of Preferred Stock | ' | ' | ' | 0.001 | ' | ' | 0.04 | ' | ' | 0.04 | ' | ' | 0.04 | ' | ' | 0.001 | ' | ' | 0.04 | ' | ' | 0.001 | ' | ' | 0.001 | ' | ' | 0.001 | ' | ' | 0.04 | ' | ' | ||||||||||||||||||||
Distribution of preferred dividends | $224 | ' | $287 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||
[1] | Issued as depositary shares, each representing a 1/1,000th interest in a share of the corresponding series of non-cumulative perpetual preferred stock. Dividends payable quarterly on February 15, May 15, August 15 and November 15 when, as and if declared by the Citi Board of Directors. | ||||||||||||||||||||||||||||||||||||||||||||||||||||
[2] | Issued as depositary shares, each representing a 1/25th interest in a share of the corresponding series of non-cumulative perpetual preferred stock. Dividends payable semi-annually on April 30 and October 30 at a fixed rate until April 30, 2018, thereafter payable quarterly on January 30, April 30, July 30 and October 30 at a floating rate, in each case when, as and if declared by the Citi Board of Directors. | ||||||||||||||||||||||||||||||||||||||||||||||||||||
[3] | Issued as depositary shares, each representing a 1/25th interest in a share of the corresponding series of non-cumulative perpetual preferred stock. Dividends payable semi-annually on January 30 and July 30 at a fixed rate until January 30, 2023, thereafter payable quarterly on January 30, April 30, July 30 and October 30 at a floating rate, in each case when, as and if declared by the Citi Board of Directors. | ||||||||||||||||||||||||||||||||||||||||||||||||||||
[4] | 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 or the notional amount of exposure. | ||||||||||||||||||||||||||||||||||||||||||||||||||||
[5] | Issued as depositary shares, each representing a 1/25th interest in a share of the corresponding series of non-cumulative perpetual preferred stock. Dividends payable semi-annually on February 15 and August 15 at a fixed rate until February 15, 2023, thereafter payable quarterly on February 15, May 15, August 15 and November 15 at a floating rate, in each case when, as and if declared by the Citi Board of Directors. | ||||||||||||||||||||||||||||||||||||||||||||||||||||
[6] | Issued as depositary shares, each representing a 1/1,000th interest in a share of the corresponding series of non-cumulative perpetual preferred stock. Dividends payable quarterly on January 22, April 22, July 22 and October 22 when, as and if declared by the Citi Board of Directors. | ||||||||||||||||||||||||||||||||||||||||||||||||||||
[7] | Issued as depositary shares, each representing a 1/25th interest in a share of the corresponding series of non-cumulative perpetual preferred stock. Dividends payable semi-annually on May 15 and November 15 at a fixed rate until May 15, 2023, thereafter payable quarterly on February 15, May 15, August 15 and November 15 at a floating rate, in each case when, as and if declared by the Citi Board of Directors. | ||||||||||||||||||||||||||||||||||||||||||||||||||||
[8] | Issued as depositary shares, each representing a 1/1,000th interest in a share of the corresponding series of non-cumulative perpetual preferred stock. Dividends payable quarterly on March 30, June 30, September 30 and December 30 at a fixed rate until September 30, 2023, thereafter payable quarterly on the same dates at a floating rate, in each case when, as and if declared by the Citi Board of Directors. | ||||||||||||||||||||||||||||||||||||||||||||||||||||
[9] | Issued as depositary shares, each representing a 1/1,000th interest in a share of the corresponding series of non-cumulative perpetual preferred stock. Dividends payable quarterly on February 15, May 15, August 15 and November 15 at a fixed rate until November 15, 2023, thereafter payable quarterly on the same dates at a floating rate, in each case when, as and if declared by the Citi Board of Directors. | ||||||||||||||||||||||||||||||||||||||||||||||||||||
[10] | Issued as depositary shares, each representing a 1/1,000th interest in a share of the corresponding series of non-cumulative perpetual preferred stock. Dividends payable quarterly on February 12, May 12, August 12 and November 12 at a fixed rate, in each case when, as and if declared by the Citi Board of Directors. | ||||||||||||||||||||||||||||||||||||||||||||||||||||
[11] | Issued as depository shares, each representing a 1/25th interest in a share of the corresponding series of non-cumulative perpetual preferred stock. Dividends payable semi-annually on May 15 and November 15 at a fixed rate until May 15, 2024, thereafter payable quarterly on February 15, May 15, August 15, and November 15 at a floating rate, in each case when, as and if declared by the Citi Board of Directors. |
SECURITIZATIONS_AND_VARIABLE_I2
SECURITIZATIONS AND VARIABLE INTEREST ENTITIES (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | ||
Variable Interest Entity | ' | ' | ||
Total involvement with SPE assets | $561,556,000,000 | $581,199,000,000 | ||
Consolidated VIE / SPE assets | 107,705,000,000 | 105,433,000,000 | ||
Significant unconsolidated VIE assets | 453,851,000,000 | [1] | 475,766,000,000 | |
Funded Exposure | ' | ' | ||
Maximum exposure to loss in significant unconsolidated VIEs, debt investments | 28,691,000,000 | [2],[3] | 27,791,000,000 | [2],[4] |
Maximum exposure to loss in significant unconsolidated VIEs, equity investments | 3,277,000,000 | [2],[3] | 3,379,000,000 | [2],[4] |
Unfunded Exposure | ' | ' | ||
Maximum exposure to loss in significant unconsolidated VIEs, funding commitments | 7,639,000,000 | [2] | 7,484,000,000 | [2] |
Maximum exposure to loss in significant unconsolidated VIEs, guarantees and derivatives | 759,000,000 | [2] | 586,000,000 | [2] |
Funded and Unfunded Exposure | ' | ' | ||
Maximum exposure to loss in significant unconsolidated VIEs | 40,366,000,000 | [2] | 39,240,000,000 | [2] |
Citicorp | ' | ' | ||
Variable Interest Entity | ' | ' | ||
Total involvement with SPE assets | 483,617,000,000 | 467,915,000,000 | ||
Consolidated VIE / SPE assets | 104,421,000,000 | 96,333,000,000 | ||
Significant unconsolidated VIE assets | 379,196,000,000 | [1] | 371,582,000,000 | |
Funded Exposure | ' | ' | ||
Maximum exposure to loss in significant unconsolidated VIEs, debt investments | 27,511,000,000 | [2],[3] | 25,944,000,000 | [2],[4] |
Maximum exposure to loss in significant unconsolidated VIEs, equity investments | 3,078,000,000 | [2],[3] | 3,111,000,000 | [2],[4] |
Unfunded Exposure | ' | ' | ||
Maximum exposure to loss in significant unconsolidated VIEs, funding commitments | 6,611,000,000 | [2] | 6,287,000,000 | [2] |
Maximum exposure to loss in significant unconsolidated VIEs, guarantees and derivatives | 402,000,000 | [2] | 309,000,000 | [2] |
Funded and Unfunded Exposure | ' | ' | ||
Maximum exposure to loss in significant unconsolidated VIEs | 37,602,000,000 | [2] | 35,651,000,000 | [2] |
Citicorp | Credit card securitizations | ' | ' | ||
Variable Interest Entity | ' | ' | ||
Total involvement with SPE assets | 62,332,000,000 | 52,229,000,000 | ||
Consolidated VIE / SPE assets | 62,332,000,000 | 52,229,000,000 | ||
Citicorp | U.S. government-sponsored agency guaranteed | ' | ' | ||
Variable Interest Entity | ' | ' | ||
Total involvement with SPE assets | 241,660,000,000 | [5] | 239,204,000,000 | [6] |
Significant unconsolidated VIE assets | 241,660,000,000 | [1],[5] | 239,204,000,000 | [6] |
Funded Exposure | ' | ' | ||
Maximum exposure to loss in significant unconsolidated VIEs, debt investments | 3,126,000,000 | [2],[3],[5] | 3,583,000,000 | [2],[4],[6] |
Unfunded Exposure | ' | ' | ||
Maximum exposure to loss in significant unconsolidated VIEs, guarantees and derivatives | 26,000,000 | [2],[5] | 36,000,000 | [2],[6] |
Funded and Unfunded Exposure | ' | ' | ||
Maximum exposure to loss in significant unconsolidated VIEs | 3,152,000,000 | [2],[5] | 3,619,000,000 | [2],[6] |
Citicorp | Non-agency-sponsored mortgages | ' | ' | ||
Variable Interest Entity | ' | ' | ||
Total involvement with SPE assets | 6,200,000,000 | [5] | 7,711,000,000 | [6] |
Consolidated VIE / SPE assets | 453,000,000 | [5] | 598,000,000 | [6] |
Significant unconsolidated VIE assets | 5,747,000,000 | [1],[5] | 7,113,000,000 | [6] |
Funded Exposure | ' | ' | ||
Maximum exposure to loss in significant unconsolidated VIEs, debt investments | 405,000,000 | [2],[3],[5] | 583,000,000 | [2],[4],[6] |
Funded and Unfunded Exposure | ' | ' | ||
Maximum exposure to loss in significant unconsolidated VIEs | 405,000,000 | [2],[5] | 583,000,000 | [2],[6] |
Citicorp | Citi-administered asset-backed commercial paper conduits (ABCP) | ' | ' | ||
Variable Interest Entity | ' | ' | ||
Total involvement with SPE assets | 30,079,000,000 | 31,759,000,000 | ||
Consolidated VIE / SPE assets | 30,079,000,000 | 31,759,000,000 | ||
Citicorp | Collateralized debt obligations (CDOs) | ' | ' | ||
Variable Interest Entity | ' | ' | ||
Total involvement with SPE assets | 4,749,000,000 | 4,204,000,000 | ||
Significant unconsolidated VIE assets | 4,749,000,000 | [1] | 4,204,000,000 | |
Funded Exposure | ' | ' | ||
Maximum exposure to loss in significant unconsolidated VIEs, debt investments | 31,000,000 | [2],[3] | 34,000,000 | [2],[4] |
Funded and Unfunded Exposure | ' | ' | ||
Maximum exposure to loss in significant unconsolidated VIEs | 31,000,000 | [2] | 34,000,000 | [2] |
Citicorp | Collateralized loan obligations (CLOs) | ' | ' | ||
Variable Interest Entity | ' | ' | ||
Total involvement with SPE assets | 12,443,000,000 | 16,883,000,000 | ||
Significant unconsolidated VIE assets | 12,443,000,000 | [1] | 16,883,000,000 | |
Funded Exposure | ' | ' | ||
Maximum exposure to loss in significant unconsolidated VIEs, debt investments | 1,689,000,000 | [2],[3] | 1,938,000,000 | [2],[4] |
Funded and Unfunded Exposure | ' | ' | ||
Maximum exposure to loss in significant unconsolidated VIEs | 1,689,000,000 | [2] | 1,938,000,000 | [2] |
Citicorp | Asset-based financing | ' | ' | ||
Variable Interest Entity | ' | ' | ||
Total involvement with SPE assets | 55,927,000,000 | 45,884,000,000 | ||
Consolidated VIE / SPE assets | 1,560,000,000 | 971,000,000 | ||
Significant unconsolidated VIE assets | 54,367,000,000 | [1] | 44,913,000,000 | |
Funded Exposure | ' | ' | ||
Maximum exposure to loss in significant unconsolidated VIEs, debt investments | 20,209,000,000 | [2],[3] | 17,452,000,000 | [2],[4] |
Maximum exposure to loss in significant unconsolidated VIEs, equity investments | 68,000,000 | [2],[3] | 74,000,000 | [2],[4] |
Unfunded Exposure | ' | ' | ||
Maximum exposure to loss in significant unconsolidated VIEs, funding commitments | 1,748,000,000 | [2] | 1,132,000,000 | [2] |
Maximum exposure to loss in significant unconsolidated VIEs, guarantees and derivatives | 296,000,000 | [2] | 195,000,000 | [2] |
Funded and Unfunded Exposure | ' | ' | ||
Maximum exposure to loss in significant unconsolidated VIEs | 22,321,000,000 | [2] | 18,853,000,000 | [2] |
Citicorp | Municipal securities tender option bond trusts (TOBs) | ' | ' | ||
Variable Interest Entity | ' | ' | ||
Total involvement with SPE assets | 12,431,000,000 | 12,716,000,000 | ||
Consolidated VIE / SPE assets | 6,919,000,000 | 7,039,000,000 | ||
Significant unconsolidated VIE assets | 5,512,000,000 | [1] | 5,677,000,000 | |
Funded Exposure | ' | ' | ||
Maximum exposure to loss in significant unconsolidated VIEs, debt investments | 18,000,000 | [2],[3] | 29,000,000 | [2],[4] |
Unfunded Exposure | ' | ' | ||
Maximum exposure to loss in significant unconsolidated VIEs, funding commitments | 3,602,000,000 | [2] | 3,881,000,000 | [2] |
Funded and Unfunded Exposure | ' | ' | ||
Maximum exposure to loss in significant unconsolidated VIEs | 3,620,000,000 | [2] | 3,910,000,000 | [2] |
Citicorp | Municipal investments | ' | ' | ||
Variable Interest Entity | ' | ' | ||
Total involvement with SPE assets | 16,551,000,000 | 15,962,000,000 | ||
Consolidated VIE / SPE assets | 160,000,000 | 223,000,000 | ||
Significant unconsolidated VIE assets | 16,391,000,000 | [1] | 15,739,000,000 | |
Funded Exposure | ' | ' | ||
Maximum exposure to loss in significant unconsolidated VIEs, debt investments | 1,908,000,000 | [2],[3] | 1,846,000,000 | [2],[4] |
Maximum exposure to loss in significant unconsolidated VIEs, equity investments | 1,997,000,000 | [2],[3] | 2,073,000,000 | [2],[4] |
Unfunded Exposure | ' | ' | ||
Maximum exposure to loss in significant unconsolidated VIEs, funding commitments | 1,127,000,000 | [2] | 1,173,000,000 | [2] |
Funded and Unfunded Exposure | ' | ' | ||
Maximum exposure to loss in significant unconsolidated VIEs | 5,032,000,000 | [2] | 5,092,000,000 | [2] |
Citicorp | Client intermediation | ' | ' | ||
Variable Interest Entity | ' | ' | ||
Total involvement with SPE assets | 1,933,000,000 | 1,778,000,000 | ||
Consolidated VIE / SPE assets | 376,000,000 | 195,000,000 | ||
Significant unconsolidated VIE assets | 1,557,000,000 | [1] | 1,583,000,000 | |
Funded Exposure | ' | ' | ||
Maximum exposure to loss in significant unconsolidated VIEs, debt investments | 26,000,000 | [2],[3] | 145,000,000 | [2],[4] |
Funded and Unfunded Exposure | ' | ' | ||
Maximum exposure to loss in significant unconsolidated VIEs | 26,000,000 | [2] | 145,000,000 | [2] |
Citicorp | Investment funds | ' | ' | ||
Variable Interest Entity | ' | ' | ||
Total involvement with SPE assets | 34,283,000,000 | [7] | 32,324,000,000 | [7] |
Consolidated VIE / SPE assets | 2,208,000,000 | [7] | 3,094,000,000 | [7] |
Significant unconsolidated VIE assets | 32,075,000,000 | [1],[7] | 29,230,000,000 | [7] |
Funded Exposure | ' | ' | ||
Maximum exposure to loss in significant unconsolidated VIEs, debt investments | 17,000,000 | [2],[3],[7] | 191,000,000 | [2],[4],[7] |
Maximum exposure to loss in significant unconsolidated VIEs, equity investments | 416,000,000 | [2],[3],[7] | 264,000,000 | [2],[4],[7] |
Unfunded Exposure | ' | ' | ||
Maximum exposure to loss in significant unconsolidated VIEs, funding commitments | 74,000,000 | [2],[7] | 81,000,000 | [2],[7] |
Funded and Unfunded Exposure | ' | ' | ||
Maximum exposure to loss in significant unconsolidated VIEs | 507,000,000 | [2],[7] | 536,000,000 | [2],[7] |
Citicorp | Trust preferred securities | ' | ' | ||
Variable Interest Entity | ' | ' | ||
Total involvement with SPE assets | 2,667,000,000 | 4,822,000,000 | ||
Significant unconsolidated VIE assets | 2,667,000,000 | [1] | 4,822,000,000 | |
Funded Exposure | ' | ' | ||
Maximum exposure to loss in significant unconsolidated VIEs, equity investments | 7,000,000 | [2],[3] | 51,000,000 | [2],[4] |
Funded and Unfunded Exposure | ' | ' | ||
Maximum exposure to loss in significant unconsolidated VIEs | 7,000,000 | [2] | 51,000,000 | [2] |
Citicorp | Other | ' | ' | ||
Variable Interest Entity | ' | ' | ||
Total involvement with SPE assets | 2,362,000,000 | 2,439,000,000 | ||
Consolidated VIE / SPE assets | 334,000,000 | 225,000,000 | ||
Significant unconsolidated VIE assets | 2,028,000,000 | [1] | 2,214,000,000 | |
Funded Exposure | ' | ' | ||
Maximum exposure to loss in significant unconsolidated VIEs, debt investments | 82,000,000 | [2],[3] | 143,000,000 | [2],[4] |
Maximum exposure to loss in significant unconsolidated VIEs, equity investments | 590,000,000 | [2],[3] | 649,000,000 | [2],[4] |
Unfunded Exposure | ' | ' | ||
Maximum exposure to loss in significant unconsolidated VIEs, funding commitments | 60,000,000 | [2] | 20,000,000 | [2] |
Maximum exposure to loss in significant unconsolidated VIEs, guarantees and derivatives | 80,000,000 | [2] | 78,000,000 | [2] |
Funded and Unfunded Exposure | ' | ' | ||
Maximum exposure to loss in significant unconsolidated VIEs | 812,000,000 | [2] | 890,000,000 | [2] |
Citicorp | Mortgage-backed securities | ' | ' | ||
Funded and Unfunded Exposure | ' | ' | ||
Private label mortgage-backed securities, outstanding | 15,000,000,000 | 16,000,000,000 | ||
Citi Holdings | ' | ' | ||
Variable Interest Entity | ' | ' | ||
Total involvement with SPE assets | 77,939,000,000 | 113,284,000,000 | ||
Consolidated VIE / SPE assets | 3,284,000,000 | 9,100,000,000 | ||
Significant unconsolidated VIE assets | 74,655,000,000 | [1] | 104,184,000,000 | |
Funded Exposure | ' | ' | ||
Maximum exposure to loss in significant unconsolidated VIEs, debt investments | 1,180,000,000 | [2],[3] | 1,847,000,000 | [2],[4] |
Maximum exposure to loss in significant unconsolidated VIEs, equity investments | 199,000,000 | [2],[3] | 268,000,000 | [2],[4] |
Unfunded Exposure | ' | ' | ||
Maximum exposure to loss in significant unconsolidated VIEs, funding commitments | 1,028,000,000 | [2] | 1,197,000,000 | [2] |
Maximum exposure to loss in significant unconsolidated VIEs, guarantees and derivatives | 357,000,000 | [2] | 277,000,000 | [2] |
Funded and Unfunded Exposure | ' | ' | ||
Maximum exposure to loss in significant unconsolidated VIEs | 2,764,000,000 | [2] | 3,589,000,000 | [2] |
Citi Holdings | Credit card securitizations | ' | ' | ||
Variable Interest Entity | ' | ' | ||
Total involvement with SPE assets | 1,690,000,000 | 1,867,000,000 | ||
Consolidated VIE / SPE assets | 1,379,000,000 | 1,448,000,000 | ||
Significant unconsolidated VIE assets | 311,000,000 | [1] | 419,000,000 | |
Citi Holdings | U.S. government-sponsored agency guaranteed | ' | ' | ||
Variable Interest Entity | ' | ' | ||
Total involvement with SPE assets | 48,184,000,000 | 73,549,000,000 | ||
Significant unconsolidated VIE assets | 48,184,000,000 | [1] | 73,549,000,000 | |
Funded Exposure | ' | ' | ||
Maximum exposure to loss in significant unconsolidated VIEs, debt investments | 343,000,000 | [2],[3] | 549,000,000 | [2],[4] |
Unfunded Exposure | ' | ' | ||
Maximum exposure to loss in significant unconsolidated VIEs, guarantees and derivatives | 107,000,000 | [2] | 77,000,000 | [2] |
Funded and Unfunded Exposure | ' | ' | ||
Maximum exposure to loss in significant unconsolidated VIEs | 450,000,000 | [2] | 626,000,000 | [2] |
Citi Holdings | Non-agency-sponsored mortgages | ' | ' | ||
Variable Interest Entity | ' | ' | ||
Total involvement with SPE assets | 11,703,000,000 | 13,193,000,000 | ||
Consolidated VIE / SPE assets | 675,000,000 | 1,695,000,000 | ||
Significant unconsolidated VIE assets | 11,028,000,000 | [1] | 11,498,000,000 | |
Funded Exposure | ' | ' | ||
Maximum exposure to loss in significant unconsolidated VIEs, debt investments | 38,000,000 | [2],[3] | 35,000,000 | [2],[4] |
Unfunded Exposure | ' | ' | ||
Maximum exposure to loss in significant unconsolidated VIEs, guarantees and derivatives | 2,000,000 | [2] | 2,000,000 | [2] |
Funded and Unfunded Exposure | ' | ' | ||
Maximum exposure to loss in significant unconsolidated VIEs | 40,000,000 | [2] | 37,000,000 | [2] |
Citi Holdings | Student loan securitizations | ' | ' | ||
Variable Interest Entity | ' | ' | ||
Total involvement with SPE assets | ' | 1,520,000,000 | ||
Consolidated VIE / SPE assets | ' | 1,520,000,000 | ||
Citi Holdings | Collateralized debt obligations (CDOs) | ' | ' | ||
Variable Interest Entity | ' | ' | ||
Total involvement with SPE assets | 3,028,000,000 | 3,879,000,000 | ||
Significant unconsolidated VIE assets | 3,028,000,000 | [1] | 3,879,000,000 | |
Funded Exposure | ' | ' | ||
Maximum exposure to loss in significant unconsolidated VIEs, debt investments | 259,000,000 | [2],[3] | 273,000,000 | [2],[4] |
Unfunded Exposure | ' | ' | ||
Maximum exposure to loss in significant unconsolidated VIEs, guarantees and derivatives | 129,000,000 | [2] | 87,000,000 | [2] |
Funded and Unfunded Exposure | ' | ' | ||
Maximum exposure to loss in significant unconsolidated VIEs | 388,000,000 | [2] | 360,000,000 | [2] |
Citi Holdings | Collateralized loan obligations (CLOs) | ' | ' | ||
Variable Interest Entity | ' | ' | ||
Total involvement with SPE assets | 2,254,000,000 | 2,733,000,000 | ||
Significant unconsolidated VIE assets | 2,254,000,000 | [1] | 2,733,000,000 | |
Funded Exposure | ' | ' | ||
Maximum exposure to loss in significant unconsolidated VIEs, debt investments | 269,000,000 | [2],[3] | 358,000,000 | [2],[4] |
Unfunded Exposure | ' | ' | ||
Maximum exposure to loss in significant unconsolidated VIEs, funding commitments | 7,000,000 | ' | ||
Maximum exposure to loss in significant unconsolidated VIEs, guarantees and derivatives | 119,000,000 | [2] | 111,000,000 | [2] |
Funded and Unfunded Exposure | ' | ' | ||
Maximum exposure to loss in significant unconsolidated VIEs | 395,000,000 | [2] | 469,000,000 | [2] |
Citi Holdings | Asset-based financing | ' | ' | ||
Variable Interest Entity | ' | ' | ||
Total involvement with SPE assets | 2,068,000,000 | 3,508,000,000 | ||
Consolidated VIE / SPE assets | 3,000,000 | 3,000,000 | ||
Significant unconsolidated VIE assets | 2,065,000,000 | [1] | 3,505,000,000 | |
Funded Exposure | ' | ' | ||
Maximum exposure to loss in significant unconsolidated VIEs, debt investments | 269,000,000 | [2],[3] | 629,000,000 | [2],[4] |
Maximum exposure to loss in significant unconsolidated VIEs, equity investments | 3,000,000 | [2],[3] | 3,000,000 | [2],[4] |
Unfunded Exposure | ' | ' | ||
Maximum exposure to loss in significant unconsolidated VIEs, funding commitments | 95,000,000 | [2] | 258,000,000 | [2] |
Funded and Unfunded Exposure | ' | ' | ||
Maximum exposure to loss in significant unconsolidated VIEs | 367,000,000 | [2] | 890,000,000 | [2] |
Citi Holdings | Municipal investments | ' | ' | ||
Variable Interest Entity | ' | ' | ||
Total involvement with SPE assets | 7,086,000,000 | 7,304,000,000 | ||
Significant unconsolidated VIE assets | 7,086,000,000 | [1] | 7,304,000,000 | |
Funded Exposure | ' | ' | ||
Maximum exposure to loss in significant unconsolidated VIEs, debt investments | 2,000,000 | [2],[3] | 3,000,000 | [2],[4] |
Maximum exposure to loss in significant unconsolidated VIEs, equity investments | 196,000,000 | [2],[3] | 204,000,000 | [2],[4] |
Unfunded Exposure | ' | ' | ||
Maximum exposure to loss in significant unconsolidated VIEs, funding commitments | 926,000,000 | [2] | 939,000,000 | [2] |
Funded and Unfunded Exposure | ' | ' | ||
Maximum exposure to loss in significant unconsolidated VIEs | 1,124,000,000 | [2] | 1,146,000,000 | [2] |
Citi Holdings | Investment funds | ' | ' | ||
Variable Interest Entity | ' | ' | ||
Total involvement with SPE assets | 694,000,000 | 1,237,000,000 | ||
Significant unconsolidated VIE assets | 694,000,000 | [1] | 1,237,000,000 | |
Funded Exposure | ' | ' | ||
Maximum exposure to loss in significant unconsolidated VIEs, equity investments | ' | 61,000,000 | [2],[4] | |
Funded and Unfunded Exposure | ' | ' | ||
Maximum exposure to loss in significant unconsolidated VIEs | ' | 61,000,000 | [2] | |
Citi Holdings | Other | ' | ' | ||
Variable Interest Entity | ' | ' | ||
Total involvement with SPE assets | 1,232,000,000 | 4,494,000,000 | ||
Consolidated VIE / SPE assets | 1,227,000,000 | 4,434,000,000 | ||
Significant unconsolidated VIE assets | $5,000,000 | [1] | $60,000,000 | |
[1] | 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 or the notional amount of exposure. | |||
[2] | The definition of maximum exposure to loss is included in the text that follows this table. | |||
[3] | Included on Citigroup’s June 30, 2014 Consolidated Balance Sheet. | |||
[4] | Included on Citigroup’s December 31, 2013 Consolidated Balance Sheet. | |||
[5] | Citicorp 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 | |||
[6] | Citicorp 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. | |||
[7] | Substantially all of the unconsolidated investment funds’ assets are related to retirement funds in Mexico managed by Citi. See “Investment Funds†below for further discussion. |
SECURITIZATIONS_AND_VARIABLE_I3
SECURITIZATIONS AND VARIABLE INTEREST ENTITIES (Details 2) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | ||
In Millions, unless otherwise specified | ||||
Funding Commitments for Significant Unconsolidated VIEs | ' | ' | ||
Notional amount | $7,639 | [1] | $7,484 | [1] |
Liquidity facilities Citigroup | ' | ' | ||
Funding Commitments for Significant Unconsolidated VIEs | ' | ' | ||
Notional amount | 3,607 | 3,886 | ||
Loan commitments Citigroup | ' | ' | ||
Funding Commitments for Significant Unconsolidated VIEs | ' | ' | ||
Notional amount | 4,032 | 3,598 | ||
Citicorp | ' | ' | ||
Funding Commitments for Significant Unconsolidated VIEs | ' | ' | ||
Notional amount | 6,611 | [1] | 6,287 | [1] |
Citicorp | Liquidity facilities Citigroup | ' | ' | ||
Funding Commitments for Significant Unconsolidated VIEs | ' | ' | ||
Notional amount | 3,607 | 3,886 | ||
Citicorp | Liquidity facilities Citigroup | Asset-based financing | ' | ' | ||
Funding Commitments for Significant Unconsolidated VIEs | ' | ' | ||
Notional amount | 5 | 5 | ||
Citicorp | Liquidity facilities Citigroup | Municipal securities tender option bond trusts (TOBs) | ' | ' | ||
Funding Commitments for Significant Unconsolidated VIEs | ' | ' | ||
Notional amount | 3,602 | 3,881 | ||
Citicorp | Loan commitments Citigroup | ' | ' | ||
Funding Commitments for Significant Unconsolidated VIEs | ' | ' | ||
Notional amount | 3,004 | 2,401 | ||
Citicorp | Loan commitments Citigroup | Asset-based financing | ' | ' | ||
Funding Commitments for Significant Unconsolidated VIEs | ' | ' | ||
Notional amount | 1,743 | 1,127 | ||
Citicorp | Loan commitments Citigroup | Municipal investments | ' | ' | ||
Funding Commitments for Significant Unconsolidated VIEs | ' | ' | ||
Notional amount | 1,127 | 1,173 | ||
Citicorp | Loan commitments Citigroup | Investment funds | ' | ' | ||
Funding Commitments for Significant Unconsolidated VIEs | ' | ' | ||
Notional amount | 74 | 81 | ||
Citicorp | Loan commitments Citigroup | Other | ' | ' | ||
Funding Commitments for Significant Unconsolidated VIEs | ' | ' | ||
Notional amount | 60 | 20 | ||
Citi Holdings | ' | ' | ||
Funding Commitments for Significant Unconsolidated VIEs | ' | ' | ||
Notional amount | 1,028 | [1] | 1,197 | [1] |
Citi Holdings | Liquidity facilities Citigroup | ' | ' | ||
Funding Commitments for Significant Unconsolidated VIEs | ' | ' | ||
Notional amount | ' | 0 | ||
Citi Holdings | Loan commitments Citigroup | ' | ' | ||
Funding Commitments for Significant Unconsolidated VIEs | ' | ' | ||
Notional amount | 1,028 | 1,197 | ||
Citi Holdings | Loan commitments Citigroup | Collateralized loan obligations (CLOs) | ' | ' | ||
Funding Commitments for Significant Unconsolidated VIEs | ' | ' | ||
Notional amount | 7 | ' | ||
Citi Holdings | Loan commitments Citigroup | Asset-based financing | ' | ' | ||
Funding Commitments for Significant Unconsolidated VIEs | ' | ' | ||
Notional amount | 95 | 258 | ||
Citi Holdings | Loan commitments Citigroup | Municipal investments | ' | ' | ||
Funding Commitments for Significant Unconsolidated VIEs | ' | ' | ||
Notional amount | $926 | $939 | ||
[1] | The definition of maximum exposure to loss is included in the text that follows this table. |
SECURITIZATIONS_AND_VARIABLE_I4
SECURITIZATIONS AND VARIABLE INTEREST ENTITIES (Details 3) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2013 | Dec. 31, 2012 |
Variable Interest Entity | ' | ' | ' | ' |
Cash and due from banks (including segregated cash and other deposits) | $35,268,000,000 | $29,885,000,000 | $31,145,000,000 | $36,453,000,000 |
Trading account assets | 290,776,000,000 | 285,928,000,000 | ' | ' |
Investments | 325,623,000,000 | 308,980,000,000 | ' | ' |
Total loans, net | 649,614,000,000 | 645,824,000,000 | ' | ' |
Other assets | 130,329,000,000 | 125,266,000,000 | ' | ' |
Total assets | 1,909,715,000,000 | 1,880,382,000,000 | ' | ' |
Consolidated VIEs | ' | ' | ' | ' |
Variable Interest Entity | ' | ' | ' | ' |
Cash and due from banks (including segregated cash and other deposits) | 300,000,000 | 400,000,000 | ' | ' |
Trading account assets | 1,000,000,000 | 1,000,000,000 | ' | ' |
Investments | 12,500,000,000 | 10,900,000,000 | ' | ' |
Total loans, net | 92,700,000,000 | 91,900,000,000 | ' | ' |
Other assets | 1,200,000,000 | 1,300,000,000 | ' | ' |
Total assets | 107,700,000,000 | 105,500,000,000 | ' | ' |
Short-term borrowings | 21,500,000,000 | 24,300,000,000 | ' | ' |
Long-term debt | 39,100,000,000 | 34,800,000,000 | ' | ' |
Other liabilities | 900,000,000 | 1,000,000,000 | ' | ' |
Total Liabilities | 61,500,000,000 | 60,100,000,000 | ' | ' |
Significant unconsolidated VIE assets | ' | ' | ' | ' |
Variable Interest Entity | ' | ' | ' | ' |
Trading account assets | 4,600,000,000 | 5,400,000,000 | ' | ' |
Investments | 3,800,000,000 | 4,100,000,000 | ' | ' |
Total loans, net | 21,200,000,000 | 18,900,000,000 | ' | ' |
Other assets | 2,400,000,000 | 2,700,000,000 | ' | ' |
Total assets | 32,000,000,000 | 31,100,000,000 | ' | ' |
Citicorp | Consolidated VIEs | ' | ' | ' | ' |
Variable Interest Entity | ' | ' | ' | ' |
Cash and due from banks (including segregated cash and other deposits) | 200,000,000 | 200,000,000 | ' | ' |
Trading account assets | 1,000,000,000 | 1,000,000,000 | ' | ' |
Investments | 12,500,000,000 | 10,900,000,000 | ' | ' |
Total loans, net | 89,600,000,000 | 83,200,000,000 | ' | ' |
Other assets | 1,200,000,000 | 1,100,000,000 | ' | ' |
Total assets | 104,500,000,000 | 96,400,000,000 | ' | ' |
Short-term borrowings | 21,500,000,000 | 24,300,000,000 | ' | ' |
Long-term debt | 38,100,000,000 | 32,800,000,000 | ' | ' |
Other liabilities | 800,000,000 | 900,000,000 | ' | ' |
Total Liabilities | 60,400,000,000 | 58,000,000,000 | ' | ' |
Citicorp | Significant unconsolidated VIE assets | ' | ' | ' | ' |
Variable Interest Entity | ' | ' | ' | ' |
Trading account assets | 4,100,000,000 | 4,800,000,000 | ' | ' |
Investments | 3,600,000,000 | 3,700,000,000 | ' | ' |
Total loans, net | 20,900,000,000 | 18,300,000,000 | ' | ' |
Other assets | 2,000,000,000 | 2,200,000,000 | ' | ' |
Total assets | 30,600,000,000 | 29,000,000,000 | ' | ' |
Citi Holdings | Consolidated VIEs | ' | ' | ' | ' |
Variable Interest Entity | ' | ' | ' | ' |
Cash and due from banks (including segregated cash and other deposits) | 100,000,000 | 200,000,000 | ' | ' |
Total loans, net | 3,100,000,000 | 8,700,000,000 | ' | ' |
Other assets | ' | 200,000,000 | ' | ' |
Total assets | 3,200,000,000 | 9,100,000,000 | ' | ' |
Long-term debt | 1,000,000,000 | 2,000,000,000 | ' | ' |
Other liabilities | 100,000,000 | 100,000,000 | ' | ' |
Total Liabilities | 1,100,000,000 | 2,100,000,000 | ' | ' |
Citi Holdings | Significant unconsolidated VIE assets | ' | ' | ' | ' |
Variable Interest Entity | ' | ' | ' | ' |
Trading account assets | 500,000,000 | 600,000,000 | ' | ' |
Investments | 200,000,000 | 400,000,000 | ' | ' |
Total loans, net | 300,000,000 | 600,000,000 | ' | ' |
Other assets | 400,000,000 | 500,000,000 | ' | ' |
Total assets | $1,400,000,000 | $2,100,000,000 | ' | ' |
SECURITIZATIONS_AND_VARIABLE_I5
SECURITIZATIONS AND VARIABLE INTEREST ENTITIES (Details 4) (USD $) | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | ||||||||
Jun. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | |
Citicorp | Citicorp | Citicorp | Citicorp | Citicorp | Citicorp | Citi Holdings | Citi Holdings | Citi Holdings | Citi Holdings | Citi Holdings | Citi Holdings | ||
Credit card securitizations | Credit card securitizations | Credit card securitizations | Credit card securitizations | Credit card securitizations | Credit card securitizations | Credit card securitizations | Credit card securitizations | ||||||
Securitized credit card receivables | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gains (losses) recognized on the securitization | $0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Ownership interests in principal amount of trust credit card receivables | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sold to investors via trust-issued securities | ' | 37,700,000,000 | 32,300,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Retained by Citigroup as trust-issued securities | ' | 9,400,000,000 | 8,100,000,000 | ' | ' | ' | ' | 1,300,000,000 | 1,300,000,000 | ' | ' | ' | ' |
Retained by Citigroup via non-certificated interests | ' | 12,900,000,000 | 12,100,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total ownership interests in principal amount of trust credit card receivables | ' | 60,000,000,000 | 52,500,000,000 | ' | ' | ' | ' | 1,300,000,000 | 1,300,000,000 | ' | ' | ' | ' |
Cash Flows Between Transferor and Transferee | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from new securitizations | ' | ' | ' | 2,400,000,000 | 2,500,000,000 | 6,700,000,000 | 2,500,000,000 | ' | ' | 0 | 0 | 100,000,000 | 0 |
Pay down of maturing notes | ' | ' | ' | ($1,300,000,000) | ($800,000,000) | ($1,300,000,000) | ($1,600,000,000) | ' | ' | $0 | $0 | $0 | ($100,000,000) |
SECURITIZATIONS_AND_VARIABLE_I6
SECURITIZATIONS AND VARIABLE INTEREST ENTITIES (Details 5) (USD $) | 6 Months Ended | 12 Months Ended |
In Billions, unless otherwise specified | Jun. 30, 2014 | Dec. 31, 2013 |
Funding, Liquidity Facilities and Subordinated Interests | ' | ' |
Number of trusts to hold securitized credit card receivables | 2 | ' |
Citibank Credit Card Master Trust (Master Trust) | ' | ' |
Funding, Liquidity Facilities and Subordinated Interests | ' | ' |
Weighted average maturity of term notes | '3 years | '3 years 1 month 6 days |
Term notes issued to third parties | $33.40 | $27.90 |
Term notes retained by Citigroup affiliates | 7.5 | 6.2 |
Total Trust liabilities | 40.9 | 34.1 |
Citibank OMNI Master Trust (Omni Trust) | ' | ' |
Funding, Liquidity Facilities and Subordinated Interests | ' | ' |
Weighted average maturity of term notes | '2 months | '8 months 12 days |
Term notes issued to third parties | 4.3 | 4.4 |
Term notes retained by Citigroup affiliates | 1.9 | 1.9 |
Total Trust liabilities | $6.20 | $6.30 |
SECURITIZATIONS_AND_VARIABLE_I7
SECURITIZATIONS AND VARIABLE INTEREST ENTITIES (Details 6) (USD $) | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||||||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | ||||||
Cash Flows Between Transferor and Transferee | ' | ' | ' | ' | ' | |||||
Gains recognized on the securitization | ' | ' | $0 | ' | ' | |||||
U.S. government-sponsored agency guaranteed | Citi Holdings | ' | ' | ' | ' | ' | |||||
Cash Flows Between Transferor and Transferee | ' | ' | ' | ' | ' | |||||
Proceeds from new securitizations | 100,000,000 | ' | 200,000,000 | ' | ' | |||||
Contractual servicing fees received | ' | 100,000,000 | 100,000,000 | 100,000,000 | ' | |||||
Gains recognized on the securitization | 13,000,000 | 4,000,000 | 20,000,000 | 7,000,000 | ' | |||||
Key assumptions used in measuring fair value related to transferor's continuing involvement | ' | ' | ' | ' | ' | |||||
Weighted average discount rate, transferor's continuing involvement (as a percent) | ' | ' | 10.90% | ' | 9.50% | |||||
Weighted average constant prepayment rate, transferor's continuing involvement (as a percent) | ' | ' | 18.70% | ' | 20.00% | |||||
Sensitivity analysis of fair value of interests continued to be held by transferor | ' | ' | ' | ' | ' | |||||
Carrying value of retained interests | 353,000,000 | ' | 353,000,000 | ' | 585,000,000 | |||||
Carrying value of retained interests, impact of 10% adverse change in discount rate | -16,000,000 | ' | -16,000,000 | ' | -16,000,000 | |||||
Carrying value of retained interests, impact of 20% adverse change in discount rate | -31,000,000 | ' | -31,000,000 | ' | -32,000,000 | |||||
Carrying value of retained interests, impact of 10% adverse change in constant prepayment rate | -21,000,000 | ' | -21,000,000 | ' | -33,000,000 | |||||
Carrying value of retained interests, impact of 20% adverse change in constant prepayment rate | -41,000,000 | ' | -41,000,000 | ' | -65,000,000 | |||||
U.S. government-sponsored agency guaranteed | Citi Holdings | Low end of range | ' | ' | ' | ' | ' | |||||
Key assumptions used in measuring fair value related to transferor's continuing involvement | ' | ' | ' | ' | ' | |||||
Discount rate, transferor's continuing involvement (as a percent) | ' | ' | 0.00% | ' | 0.00% | |||||
Constant prepayment rate, transferor's continuing involvement (as a percent) | ' | ' | 7.50% | ' | 9.60% | |||||
Weighted average life, transferor's continuing involvement | ' | ' | '4 years 1 month 6 days | ' | '2 years 3 months 18 days | |||||
U.S. government-sponsored agency guaranteed | Citi Holdings | High end of range | ' | ' | ' | ' | ' | |||||
Key assumptions used in measuring fair value related to transferor's continuing involvement | ' | ' | ' | ' | ' | |||||
Discount rate, transferor's continuing involvement (as a percent) | ' | ' | 50.80% | ' | 49.30% | |||||
Constant prepayment rate, transferor's continuing involvement (as a percent) | ' | ' | 27.20% | ' | 26.20% | |||||
Weighted average life, transferor's continuing involvement | ' | ' | '11 years | ' | '7 years 7 months 6 days | |||||
U.S. government-sponsored agency guaranteed | Citicorp | ' | ' | ' | ' | ' | |||||
Cash Flows Between Transferor and Transferee | ' | ' | ' | ' | ' | |||||
Proceeds from new securitizations | 6,000,000,000 | 20,400,000,000 | 13,100,000,000 | 38,800,000,000 | ' | |||||
Contractual servicing fees received | 100,000,000 | 100,000,000 | 200,000,000 | 200,000,000 | ' | |||||
Gains recognized on the securitization | 6,000,000 | 143,000,000 | 12,000,000 | 144,000,000 | ' | |||||
Key assumptions used in measuring fair value of retained interests at date of sale or securitization of mortgage receivables | ' | ' | ' | ' | ' | |||||
Weighted average discount rate, date of sale or securitization (as a percent) | 10.80% | 9.10% | 10.50% | 10.00% | ' | |||||
Weighted average constant prepayment rate, date of sale or securitization (as a percent) | 5.60% | 5.80% | 5.10% | 5.80% | ' | |||||
Key assumptions used in measuring fair value related to transferor's continuing involvement | ' | ' | ' | ' | ' | |||||
Weighted average discount rate, transferor's continuing involvement (as a percent) | ' | ' | 6.90% | ' | 6.90% | |||||
Weighted average constant prepayment rate, transferor's continuing involvement (as a percent) | ' | ' | 11.80% | ' | 11.10% | |||||
Sensitivity analysis of fair value of interests continued to be held by transferor | ' | ' | ' | ' | ' | |||||
Carrying value of retained interests | 2,408,000,000 | ' | 2,408,000,000 | ' | 2,519,000,000 | |||||
Carrying value of retained interests, impact of 10% adverse change in discount rate | -70,000,000 | ' | -70,000,000 | ' | -76,000,000 | |||||
Carrying value of retained interests, impact of 20% adverse change in discount rate | -136,000,000 | ' | -136,000,000 | ' | -148,000,000 | |||||
Carrying value of retained interests, impact of 10% adverse change in constant prepayment rate | -87,000,000 | ' | -87,000,000 | ' | -96,000,000 | |||||
Carrying value of retained interests, impact of 20% adverse change in constant prepayment rate | -168,000,000 | ' | -168,000,000 | ' | -187,000,000 | |||||
U.S. government-sponsored agency guaranteed | Citicorp | Low end of range | ' | ' | ' | ' | ' | |||||
Key assumptions used in measuring fair value of retained interests at date of sale or securitization of mortgage receivables | ' | ' | ' | ' | ' | |||||
Discount rate, date of sale or securitization (as a percent) | 0.70% | 1.10% | 0.00% | 1.10% | ' | |||||
Constant prepayment rate, date of sale or securitization (as a percent) | 4.70% | 4.30% | 0.00% | 4.00% | ' | |||||
Weighted average life, date of sale or securitization | '7 years 4 months 24 days | '1 month 6 days | '0 years | '1 month 6 days | ' | |||||
Key assumptions used in measuring fair value related to transferor's continuing involvement | ' | ' | ' | ' | ' | |||||
Discount rate, transferor's continuing involvement (as a percent) | 0.00% | ' | ' | ' | 0.10% | |||||
Constant prepayment rate, transferor's continuing involvement (as a percent) | 5.40% | ' | ' | ' | 6.20% | |||||
Weighted average life, transferor's continuing involvement | '1 month 6 days | ' | ' | ' | '2 years 1 month 6 days | |||||
U.S. government-sponsored agency guaranteed | Citicorp | High end of range | ' | ' | ' | ' | ' | |||||
Key assumptions used in measuring fair value of retained interests at date of sale or securitization of mortgage receivables | ' | ' | ' | ' | ' | |||||
Discount rate, date of sale or securitization (as a percent) | 12.00% | 10.40% | 12.00% | 12.40% | ' | |||||
Constant prepayment rate, date of sale or securitization (as a percent) | 13.30% | 19.00% | 16.00% | 21.40% | ' | |||||
Weighted average life, date of sale or securitization | '9 years 4 months 24 days | '11 years 9 months 18 days | '9 years 8 months 12 days | '11 years 9 months 18 days | ' | |||||
Key assumptions used in measuring fair value related to transferor's continuing involvement | ' | ' | ' | ' | ' | |||||
Discount rate, transferor's continuing involvement (as a percent) | 52.50% | ' | ' | ' | 20.90% | |||||
Constant prepayment rate, transferor's continuing involvement (as a percent) | 38.50% | ' | ' | ' | 30.40% | |||||
Weighted average life, transferor's continuing involvement | '10 years 10 months 24 days | ' | ' | ' | '14 years 1 month 6 days | |||||
Non-agency-sponsored mortgages | Citicorp | ' | ' | ' | ' | ' | |||||
Cash Flows Between Transferor and Transferee | ' | ' | ' | ' | ' | |||||
Proceeds from new securitizations | 3,600,000,000 | 2,600,000,000 | 5,200,000,000 | 3,000,000,000 | ' | |||||
Gains recognized on the securitization | 25,000,000 | 24,000,000 | 29,000,000 | 32,000,000 | ' | |||||
Senior interests | Citi Holdings | ' | ' | ' | ' | ' | |||||
Key assumptions used in measuring fair value related to transferor's continuing involvement | ' | ' | ' | ' | ' | |||||
Discount rate, transferor's continuing involvement (as a percent) | ' | ' | 0.00% | [1] | ' | 9.90% | [2] | |||
Weighted average discount rate, transferor's continuing involvement (as a percent) | ' | ' | 0.00% | [1] | ' | 9.90% | [2] | |||
Constant prepayment rate, transferor's continuing involvement (as a percent) | ' | ' | 17.20% | [1] | ' | ' | ||||
Weighted average constant prepayment rate, transferor's continuing involvement (as a percent) | ' | ' | 17.20% | [1] | ' | 15.60% | [2] | |||
Anticipated credit losses, transferor's continuing involvement (as a percent) | ' | ' | 0.30% | [1] | ' | 0.30% | [2] | |||
Weighted average anticipated credit losses, transferor's continuing involvement (as a percent) | ' | ' | 0.30% | [1] | ' | 0.30% | [2] | |||
Weighted average life, transferor's continuing involvement | ' | ' | '4 years 6 months | [1] | ' | '5 years 2 months | [2] | |||
Sensitivity analysis of fair value of interests continued to be held by transferor | ' | ' | ' | ' | ' | |||||
Carrying value of retained interests | 41,000,000 | ' | 41,000,000 | ' | 50,000,000 | [1] | ||||
Carrying value of retained interests, impact of 10% adverse change in discount rate | 0 | ' | 0 | ' | -3,000,000 | [1] | ||||
Carrying value of retained interests, impact of 20% adverse change in discount rate | -1,000,000 | ' | -1,000,000 | ' | -5,000,000 | [1] | ||||
Carrying value of retained interests, impact of 10% adverse change in constant prepayment rate | -3,000,000 | ' | -3,000,000 | ' | -3,000,000 | [1] | ||||
Carrying value of retained interests, impact of 20% adverse change in constant prepayment rate | -6,000,000 | ' | -6,000,000 | ' | -6,000,000 | [1] | ||||
Carrying value of retained interests, impact of 10% adverse change in anticipated net credit losses | -5,000,000 | ' | -5,000,000 | ' | -5,000,000 | [1] | ||||
Carrying value of retained interests, impact of 20% adverse change in anticipated net credit losses | -11,000,000 | ' | -11,000,000 | ' | -11,000,000 | [1] | ||||
Senior interests | Citi Holdings | Low end of range | ' | ' | ' | ' | ' | |||||
Key assumptions used in measuring fair value related to transferor's continuing involvement | ' | ' | ' | ' | ' | |||||
Constant prepayment rate, transferor's continuing involvement (as a percent) | ' | ' | ' | ' | 12.30% | [1] | ||||
Senior interests | Citi Holdings | High end of range | ' | ' | ' | ' | ' | |||||
Key assumptions used in measuring fair value related to transferor's continuing involvement | ' | ' | ' | ' | ' | |||||
Constant prepayment rate, transferor's continuing involvement (as a percent) | ' | ' | ' | ' | 27.30% | [1] | ||||
Senior interests | Citicorp | ' | ' | ' | ' | ' | |||||
Key assumptions used in measuring fair value of retained interests at date of sale or securitization of mortgage receivables | ' | ' | ' | ' | ' | |||||
Discount rate, date of sale or securitization (as a percent) | 4.60% | [1] | ' | ' | ' | ' | ||||
Weighted average discount rate, date of sale or securitization (as a percent) | 4.60% | [1] | 3.30% | [1] | 3.80% | [1] | 3.30% | [1] | ' | |
Constant prepayment rate, date of sale or securitization (as a percent) | 0.00% | [1] | ' | 0.00% | ' | ' | ||||
Weighted average constant prepayment rate, date of sale or securitization (as a percent) | 0.00% | [1] | 7.90% | [1] | 0.00% | [1] | 7.90% | [1] | ' | |
Anticipated net credit losses, date of sale or securitization (as a percent) | 40.00% | [1],[3] | ' | 40.00% | ' | ' | ||||
Weighted average anticipated net credit losses, date of sale or securitization (as a percent) | 40.00% | [1] | 49.80% | [1] | 40.00% | [1] | 49.80% | [1] | ' | |
Weighted average life, date of sale or securitization | '8 years 7 months 6 days | [1] | ' | ' | ' | ' | ||||
Key assumptions used in measuring fair value related to transferor's continuing involvement | ' | ' | ' | ' | ' | |||||
Weighted average discount rate, transferor's continuing involvement (as a percent) | ' | ' | 5.10% | [1] | ' | 5.50% | [1] | |||
Weighted average constant prepayment rate, transferor's continuing involvement (as a percent) | ' | ' | 14.30% | [1] | ' | 6.40% | [1] | |||
Weighted average anticipated credit losses, transferor's continuing involvement (as a percent) | ' | ' | 50.10% | [1] | ' | 49.50% | [1] | |||
Sensitivity analysis of fair value of interests continued to be held by transferor | ' | ' | ' | ' | ' | |||||
Carrying value of retained interests | 211,000,000 | [1] | ' | 211,000,000 | [1] | ' | 293,000,000 | [1] | ||
Carrying value of retained interests, impact of 10% adverse change in discount rate | -4,000,000 | [1] | ' | -4,000,000 | [1] | ' | -6,000,000 | [1] | ||
Carrying value of retained interests, impact of 20% adverse change in discount rate | -8,000,000 | [1] | ' | -8,000,000 | [1] | ' | -11,000,000 | [1] | ||
Carrying value of retained interests, impact of 10% adverse change in constant prepayment rate | -1,000,000 | [1] | ' | -1,000,000 | [1] | ' | -1,000,000 | [1] | ||
Carrying value of retained interests, impact of 20% adverse change in constant prepayment rate | -2,000,000 | [1] | ' | -2,000,000 | [1] | ' | -2,000,000 | [1] | ||
Carrying value of retained interests, impact of 10% adverse change in anticipated net credit losses | -2,000,000 | [1] | ' | -2,000,000 | [1] | ' | -2,000,000 | [1] | ||
Carrying value of retained interests, impact of 20% adverse change in anticipated net credit losses | -3,000,000 | [1] | ' | -3,000,000 | [1] | ' | -3,000,000 | [1] | ||
Senior interests | Citicorp | Low end of range | ' | ' | ' | ' | ' | |||||
Key assumptions used in measuring fair value of retained interests at date of sale or securitization of mortgage receivables | ' | ' | ' | ' | ' | |||||
Discount rate, date of sale or securitization (as a percent) | ' | 2.30% | [1] | 1.40% | [1] | 2.30% | [1] | ' | ||
Constant prepayment rate, date of sale or securitization (as a percent) | ' | 5.50% | [1] | ' | 5.50% | [1] | ' | |||
Anticipated net credit losses, date of sale or securitization (as a percent) | ' | 47.20% | [1] | ' | 47.20% | [1] | ' | |||
Weighted average life, date of sale or securitization | ' | '2 years 10 months 24 days | [1] | '2 years 7 months 6 days | [1] | '2 years 10 months 24 days | [1] | ' | ||
Key assumptions used in measuring fair value related to transferor's continuing involvement | ' | ' | ' | ' | ' | |||||
Discount rate, transferor's continuing involvement (as a percent) | 2.00% | [1] | ' | ' | ' | 0.50% | [1] | |||
Constant prepayment rate, transferor's continuing involvement (as a percent) | 1.80% | [1] | ' | ' | ' | 1.30% | [1] | |||
Anticipated credit losses, transferor's continuing involvement (as a percent) | 0.10% | [1],[3] | ' | ' | ' | 0.10% | [1],[3] | |||
Weighted average life, transferor's continuing involvement | '6 months | [1] | ' | ' | ' | '0 years | [1] | |||
Senior interests | Citicorp | High end of range | ' | ' | ' | ' | ' | |||||
Key assumptions used in measuring fair value of retained interests at date of sale or securitization of mortgage receivables | ' | ' | ' | ' | ' | |||||
Discount rate, date of sale or securitization (as a percent) | ' | 4.30% | [1] | 4.60% | [1] | 4.30% | [1] | ' | ||
Constant prepayment rate, date of sale or securitization (as a percent) | ' | 10.00% | [1] | ' | 10.00% | [1] | ' | |||
Anticipated net credit losses, date of sale or securitization (as a percent) | ' | 53.00% | [1] | ' | 53.00% | [1] | ' | |||
Weighted average life, date of sale or securitization | ' | '9 years 8 months 12 days | [1] | '8 years 7 months 6 days | [1] | '9 years 8 months 12 days | [1] | ' | ||
Key assumptions used in measuring fair value related to transferor's continuing involvement | ' | ' | ' | ' | ' | |||||
Discount rate, transferor's continuing involvement (as a percent) | 15.80% | [1] | ' | ' | ' | 17.40% | [1] | |||
Constant prepayment rate, transferor's continuing involvement (as a percent) | 100.00% | [1] | ' | ' | ' | 100.00% | [1] | |||
Anticipated credit losses, transferor's continuing involvement (as a percent) | 71.70% | [1],[3] | ' | ' | ' | 80.00% | [1],[3] | |||
Weighted average life, transferor's continuing involvement | '11 years 8 months 12 days | [1] | ' | ' | ' | '11 years 10 months 24 days | [1] | |||
Subordinated interests | Citicorp | ' | ' | ' | ' | ' | |||||
Key assumptions used in measuring fair value of retained interests at date of sale or securitization of mortgage receivables | ' | ' | ' | ' | ' | |||||
Weighted average discount rate, date of sale or securitization (as a percent) | 6.10% | [1] | 8.20% | [1] | 6.80% | [1] | 8.20% | [1] | ' | |
Constant prepayment rate, date of sale or securitization (as a percent) | 3.30% | [1] | ' | ' | ' | ' | ||||
Weighted average constant prepayment rate, date of sale or securitization (as a percent) | 3.30% | [1] | 8.60% | [1] | 5.20% | [1] | 7.00% | [1] | ' | |
Anticipated net credit losses, date of sale or securitization (as a percent) | 58.50% | [1],[3] | ' | ' | ' | ' | ||||
Weighted average anticipated net credit losses, date of sale or securitization (as a percent) | 58.50% | [1] | 48.90% | [1] | 52.90% | [1] | 57.90% | [1] | ' | |
Key assumptions used in measuring fair value related to transferor's continuing involvement | ' | ' | ' | ' | ' | |||||
Weighted average discount rate, transferor's continuing involvement (as a percent) | ' | ' | 9.20% | [1] | ' | 11.20% | [1] | |||
Weighted average constant prepayment rate, transferor's continuing involvement (as a percent) | ' | ' | 6.50% | [1] | ' | 7.40% | [1] | |||
Weighted average anticipated credit losses, transferor's continuing involvement (as a percent) | ' | ' | 54.30% | [1] | ' | 52.80% | [1] | |||
Sensitivity analysis of fair value of interests continued to be held by transferor | ' | ' | ' | ' | ' | |||||
Carrying value of retained interests | 451,000,000 | [1] | ' | 451,000,000 | [1] | ' | 429,000,000 | [1] | ||
Carrying value of retained interests, impact of 10% adverse change in discount rate | -28,000,000 | [1] | ' | -28,000,000 | [1] | ' | -25,000,000 | [1] | ||
Carrying value of retained interests, impact of 20% adverse change in discount rate | -54,000,000 | [1] | ' | -54,000,000 | [1] | ' | -48,000,000 | [1] | ||
Carrying value of retained interests, impact of 10% adverse change in constant prepayment rate | -9,000,000 | [1] | ' | -9,000,000 | [1] | ' | -7,000,000 | [1] | ||
Carrying value of retained interests, impact of 20% adverse change in constant prepayment rate | -18,000,000 | [1] | ' | -18,000,000 | [1] | ' | -14,000,000 | [1] | ||
Carrying value of retained interests, impact of 10% adverse change in anticipated net credit losses | -10,000,000 | [1] | ' | -10,000,000 | [1] | ' | -7,000,000 | [1] | ||
Carrying value of retained interests, impact of 20% adverse change in anticipated net credit losses | -19,000,000 | [1] | ' | -19,000,000 | [1] | ' | -14,000,000 | [1] | ||
Subordinated interests | Citicorp | Low end of range | ' | ' | ' | ' | ' | |||||
Key assumptions used in measuring fair value of retained interests at date of sale or securitization of mortgage receivables | ' | ' | ' | ' | ' | |||||
Discount rate, date of sale or securitization (as a percent) | 2.60% | [1] | 5.50% | [1] | 2.60% | [1] | 5.50% | [1] | ' | |
Constant prepayment rate, date of sale or securitization (as a percent) | ' | 5.50% | [1] | 3.30% | [1] | 1.30% | [1] | ' | ||
Anticipated net credit losses, date of sale or securitization (as a percent) | ' | 47.20% | [1],[3] | 40.00% | [1],[3] | 44.70% | [1],[3] | ' | ||
Weighted average life, date of sale or securitization | '4 years | [1] | '2 years 6 months | [1] | '3 years | [1] | '2 years 6 months | [1] | ' | |
Key assumptions used in measuring fair value related to transferor's continuing involvement | ' | ' | ' | ' | ' | |||||
Discount rate, transferor's continuing involvement (as a percent) | 1.30% | [1] | ' | ' | ' | 2.10% | [1] | |||
Constant prepayment rate, transferor's continuing involvement (as a percent) | 1.20% | [1] | ' | ' | ' | 1.40% | [1] | |||
Anticipated credit losses, transferor's continuing involvement (as a percent) | 10.40% | [1],[3] | ' | ' | ' | 25.50% | [1],[3] | |||
Weighted average life, transferor's continuing involvement | '0 years | [1] | ' | ' | ' | '0 years | [1] | |||
Subordinated interests | Citicorp | High end of range | ' | ' | ' | ' | ' | |||||
Key assumptions used in measuring fair value of retained interests at date of sale or securitization of mortgage receivables | ' | ' | ' | ' | ' | |||||
Discount rate, date of sale or securitization (as a percent) | 7.00% | [1] | 12.00% | [1] | 9.10% | [1] | 19.20% | [1] | ' | |
Constant prepayment rate, date of sale or securitization (as a percent) | ' | 10.00% | [1] | 6.10% | [1] | 10.00% | [1] | ' | ||
Anticipated net credit losses, date of sale or securitization (as a percent) | ' | 53.00% | [1],[3] | 58.50% | [1],[3] | 89.00% | [1],[3] | ' | ||
Weighted average life, date of sale or securitization | '10 years 1 month 6 days | [1] | '10 years 8 months 12 days | [1] | '14 years 6 months | [1] | '16 years 6 months | [1] | ' | |
Key assumptions used in measuring fair value related to transferor's continuing involvement | ' | ' | ' | ' | ' | |||||
Discount rate, transferor's continuing involvement (as a percent) | 18.60% | [1] | ' | ' | ' | 19.60% | [1] | |||
Constant prepayment rate, transferor's continuing involvement (as a percent) | 22.40% | [1] | ' | ' | ' | 23.10% | [1] | |||
Anticipated credit losses, transferor's continuing involvement (as a percent) | 90.00% | [1],[3] | ' | ' | ' | 81.90% | [1],[3] | |||
Weighted average life, transferor's continuing involvement | '24 years 8 months 12 days | [1] | ' | ' | ' | '26 years | [1] | |||
Collateralized debt obligations (CDOs) | Citi Holdings | ' | ' | ' | ' | ' | |||||
Sensitivity analysis of fair value of interests continued to be held by transferor | ' | ' | ' | ' | ' | |||||
Carrying value of retained interests | 6,000,000 | ' | 6,000,000 | ' | 19,000,000 | |||||
Carrying value of retained interests, impact of 10% adverse change in discount rate | -1,000,000 | ' | -1,000,000 | ' | -1,000,000 | |||||
Carrying value of retained interests, impact of 20% adverse change in discount rate | -2,000,000 | ' | -2,000,000 | ' | -2,000,000 | |||||
Collateralized debt obligations (CDOs) | Citi Holdings | Low end of range | ' | ' | ' | ' | ' | |||||
Key assumptions used in measuring fair value of retained interests at date of sale or securitization of mortgage receivables | ' | ' | ' | ' | ' | |||||
Discount rate, date of sale or securitization (as a percent) | ' | ' | 44.40% | ' | 44.30% | |||||
Collateralized debt obligations (CDOs) | Citi Holdings | High end of range | ' | ' | ' | ' | ' | |||||
Key assumptions used in measuring fair value of retained interests at date of sale or securitization of mortgage receivables | ' | ' | ' | ' | ' | |||||
Discount rate, date of sale or securitization (as a percent) | ' | ' | 48.90% | ' | 48.70% | |||||
Collateralized loan obligations (CLOs) | Low end of range | ' | ' | ' | ' | ' | |||||
Key assumptions used in measuring fair value of retained interests at date of sale or securitization of mortgage receivables | ' | ' | ' | ' | ' | |||||
Discount rate, date of sale or securitization (as a percent) | ' | ' | 1.40% | ' | 1.50% | |||||
Collateralized loan obligations (CLOs) | High end of range | ' | ' | ' | ' | ' | |||||
Key assumptions used in measuring fair value of retained interests at date of sale or securitization of mortgage receivables | ' | ' | ' | ' | ' | |||||
Discount rate, date of sale or securitization (as a percent) | ' | ' | 1.60% | ' | 1.60% | |||||
Collateralized loan obligations (CLOs) | Citi Holdings | ' | ' | ' | ' | ' | |||||
Sensitivity analysis of fair value of interests continued to be held by transferor | ' | ' | ' | ' | ' | |||||
Carrying value of retained interests | 25,000,000 | ' | 25,000,000 | ' | 31,000,000 | |||||
Collateralized loan obligations (CLOs) | Citi Holdings | Low end of range | ' | ' | ' | ' | ' | |||||
Key assumptions used in measuring fair value of retained interests at date of sale or securitization of mortgage receivables | ' | ' | ' | ' | ' | |||||
Discount rate, date of sale or securitization (as a percent) | ' | ' | 4.50% | ' | 4.50% | |||||
Collateralized loan obligations (CLOs) | Citi Holdings | High end of range | ' | ' | ' | ' | ' | |||||
Key assumptions used in measuring fair value of retained interests at date of sale or securitization of mortgage receivables | ' | ' | ' | ' | ' | |||||
Discount rate, date of sale or securitization (as a percent) | ' | ' | 5.00% | ' | 5.00% | |||||
Collateralized loan obligations (CLOs) | Citicorp | ' | ' | ' | ' | ' | |||||
Sensitivity analysis of fair value of interests continued to be held by transferor | ' | ' | ' | ' | ' | |||||
Carrying value of retained interests | 1,536,000,000 | ' | 1,536,000,000 | ' | 1,333,000,000 | |||||
Carrying value of retained interests, impact of 10% adverse change in discount rate | -10,000,000 | ' | -10,000,000 | ' | -7,000,000 | |||||
Carrying value of retained interests, impact of 20% adverse change in discount rate | -20,000,000 | ' | -20,000,000 | ' | -14,000,000 | |||||
Asset-backed securities | Citi Holdings | ' | ' | ' | ' | ' | |||||
Sensitivity analysis of fair value of interests continued to be held by transferor | ' | ' | ' | ' | ' | |||||
Carrying value of retained interests | 0 | ' | 0 | ' | 95,000,000 | |||||
Asset-backed securities | Citicorp | ' | ' | ' | ' | ' | |||||
Cash Flows Between Transferor and Transferee | ' | ' | ' | ' | ' | |||||
Proceeds from new securitizations | 0 | ' | 500,000,000 | ' | ' | |||||
Key assumptions used in measuring fair value of retained interests at date of sale or securitization of mortgage receivables | ' | ' | ' | ' | ' | |||||
Discount rate, date of sale or securitization (as a percent) | ' | ' | 3.00% | ' | 3.00% | |||||
Sensitivity analysis of fair value of interests continued to be held by transferor | ' | ' | ' | ' | ' | |||||
Carrying value of retained interests | 1,157,000,000 | ' | 1,157,000,000 | ' | 1,316,000,000 | |||||
Carrying value of retained interests, impact of 10% adverse change in discount rate | -9,000,000 | ' | -9,000,000 | ' | -11,000,000 | |||||
Carrying value of retained interests, impact of 20% adverse change in discount rate | ($18,000,000) | ' | ($18,000,000) | ' | ($23,000,000) | |||||
[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] | Citi Holdings held no subordinated interests in mortgage securitizations as of June 30, 2014 and December 31, 2013. | |||||||||
[3] | 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. |
SECURITIZATIONS_AND_VARIABLE_I8
SECURITIZATIONS AND VARIABLE INTEREST ENTITIES (Details 7) (USD $) | 3 Months Ended | 6 Months Ended | |||||||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | |||||
Re-securitizations | ' | ' | ' | ' | ' | ||||
Balance at beginning of period | ' | ' | ' | ' | $2,718,000,000 | ||||
Balance at end of period | 2,282,000,000 | ' | 2,282,000,000 | ' | 2,718,000,000 | ||||
Mortgage servicing rights | ' | ' | ' | ' | ' | ||||
Classification of Securitizations | ' | ' | ' | ' | ' | ||||
Fair value of capitalized mortgage servicing rights | 2,300,000,000 | 2,500,000,000 | 2,300,000,000 | 2,500,000,000 | ' | ||||
Principal amount of loans and other financial instruments | 250,000,000,000 | 301,000,000,000 | 250,000,000,000 | 301,000,000,000 | ' | ||||
Re-securitizations | ' | ' | ' | ' | ' | ||||
Balance at beginning of period | 2,586,000,000 | 2,203,000,000 | 2,718,000,000 | 1,942,000,000 | ' | ||||
Originations | 49,000,000 | 204,000,000 | 99,000,000 | 376,000,000 | ' | ||||
Changes in fair value of MSRs due to changes in inputs and assumptions | -91,000,000 | 247,000,000 | -175,000,000 | 470,000,000 | ' | ||||
Other changes | -99,000,000 | [1] | -130,000,000 | [1] | -225,000,000 | [1] | -263,000,000 | [1] | ' |
Sale of MSRs | -163,000,000 | 0 | -135,000,000 | [2] | -1,000,000 | [2] | ' | ||
Balance at end of period | 2,282,000,000 | 2,524,000,000 | 2,282,000,000 | 2,524,000,000 | ' | ||||
Servicing fees | 162,000,000 | 198,000,000 | 332,000,000 | 415,000,000 | ' | ||||
Late fees | 5,000,000 | 11,000,000 | 15,000,000 | 19,000,000 | ' | ||||
Ancillary fees | 16,000,000 | 21,000,000 | 36,000,000 | 52,000,000 | ' | ||||
Total MSR fees | 183,000,000 | 230,000,000 | 383,000,000 | 486,000,000 | ' | ||||
Non-agency-sponsored mortgages | ' | ' | ' | ' | ' | ||||
Re-securitizations | ' | ' | ' | ' | ' | ||||
Original par value of securities transferred to re-securitization entities | 251,000,000 | 152,000,000 | 389,000,000 | 396,000,000 | ' | ||||
Fair value of re-securitizations deals in which the entity holds a retained interest | 403,000,000 | ' | 403,000,000 | ' | 425,000,000 | ||||
Market value of retained interest related to re-securitization transaction | 40,000,000 | ' | 40,000,000 | ' | 131,000,000 | ||||
Original par value of re-securitizations deals in which the entity holds a retained interest | 5,100,000,000 | ' | 5,100,000,000 | ' | 6,100,000,000 | ||||
Senior interests | ' | ' | ' | ' | ' | ||||
Re-securitizations | ' | ' | ' | ' | ' | ||||
Fair value of re-securitizations deals in which the entity holds a retained interest | 27,000,000 | ' | 27,000,000 | ' | 58,000,000 | ||||
Subordinated interests | ' | ' | ' | ' | ' | ||||
Re-securitizations | ' | ' | ' | ' | ' | ||||
Fair value of re-securitizations deals in which the entity holds a retained interest | 376,000,000 | ' | 376,000,000 | ' | 367,000,000 | ||||
U.S. government-sponsored agency guaranteed | ' | ' | ' | ' | ' | ||||
Re-securitizations | ' | ' | ' | ' | ' | ||||
Fair value of re-securitizations deals in which the entity holds a retained interest | 1,200,000,000 | ' | 1,200,000,000 | ' | 1,500,000,000 | ||||
Market value of retained interest related to re-securitization transaction | 779,000,000 | ' | 779,000,000 | ' | 1,200,000,000 | ||||
Securities transferred to re-securitization entities | 4,900,000,000 | 7,300,000,000 | 11,300,000,000 | 14,800,000,000 | ' | ||||
Original fair value of re-securitizations deals in which the entity holds a retained interest | 78,200,000,000 | ' | 78,200,000,000 | ' | 75,500,000,000 | ||||
Citicorp | Mortgage servicing rights | ' | ' | ' | ' | ' | ||||
Classification of Securitizations | ' | ' | ' | ' | ' | ||||
Fair value of capitalized mortgage servicing rights | 1,800,000,000 | ' | 1,800,000,000 | ' | ' | ||||
Citi Holdings | Mortgage servicing rights | ' | ' | ' | ' | ' | ||||
Classification of Securitizations | ' | ' | ' | ' | ' | ||||
Fair value of capitalized mortgage servicing rights | ' | $1,900,000,000 | ' | $1,900,000,000 | ' | ||||
[1] | Represents changes due to customer payments and passage of time. | ||||||||
[2] | Includes a sale of credit challenged MSRs for which Citi paid the new servicer. |
SECURITIZATIONS_AND_VARIABLE_I9
SECURITIZATIONS AND VARIABLE INTEREST ENTITIES (Details 8) (USD $) | 3 Months Ended | 6 Months Ended | ||||||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | ||||
Variable Interest Entity | ' | ' | ' | ' | ' | |||
Total unconsolidated VIE assets | $453,851,000,000 | [1] | ' | $453,851,000,000 | [1] | ' | $475,766,000,000 | |
Maximum exposure to unconsolidated VIEs | 40,366,000,000 | [2] | ' | 40,366,000,000 | [2] | ' | 39,240,000,000 | [2] |
Citicorp | ' | ' | ' | ' | ' | |||
Variable Interest Entity | ' | ' | ' | ' | ' | |||
Total unconsolidated VIE assets | 379,196,000,000 | [1] | ' | 379,196,000,000 | [1] | ' | 371,582,000,000 | |
Maximum exposure to unconsolidated VIEs | 37,602,000,000 | [2] | ' | 37,602,000,000 | [2] | ' | 35,651,000,000 | [2] |
Citicorp | Asset-based financing | ' | ' | ' | ' | ' | |||
Variable Interest Entity | ' | ' | ' | ' | ' | |||
Total unconsolidated VIE assets | 54,367,000,000 | ' | 54,367,000,000 | ' | 44,913,000,000 | |||
Maximum exposure to unconsolidated VIEs | 22,321,000,000 | ' | 22,321,000,000 | ' | 18,853,000,000 | |||
Proceeds from new securitizations | 0 | ' | 500,000,000 | ' | ' | |||
Cash flows received on retained interest and other net cash flows | 200,000,000 | 300,000,000 | 200,000,000 | 600,000,000 | ' | |||
Citi Holdings | ' | ' | ' | ' | ' | |||
Variable Interest Entity | ' | ' | ' | ' | ' | |||
Total unconsolidated VIE assets | 74,655,000,000 | [1] | ' | 74,655,000,000 | [1] | ' | 104,184,000,000 | |
Maximum exposure to unconsolidated VIEs | 2,764,000,000 | [2] | ' | 2,764,000,000 | [2] | ' | 3,589,000,000 | [2] |
Citi Holdings | Asset-based financing | ' | ' | ' | ' | ' | |||
Variable Interest Entity | ' | ' | ' | ' | ' | |||
Total unconsolidated VIE assets | 2,065,000,000 | ' | 2,065,000,000 | ' | 3,505,000,000 | |||
Maximum exposure to unconsolidated VIEs | 367,000,000 | ' | 367,000,000 | ' | 890,000,000 | |||
Cash flows received on retained interest and other net cash flows | 0 | 200,000,000 | 100,000,000 | 200,000,000 | ' | |||
Commercial and other real estate | Citicorp | Asset-based financing | ' | ' | ' | ' | ' | |||
Variable Interest Entity | ' | ' | ' | ' | ' | |||
Total unconsolidated VIE assets | 21,852,000,000 | ' | 21,852,000,000 | ' | 14,042,000,000 | |||
Maximum exposure to unconsolidated VIEs | 6,616,000,000 | ' | 6,616,000,000 | ' | 3,902,000,000 | |||
Commercial and other real estate | Citi Holdings | Asset-based financing | ' | ' | ' | ' | ' | |||
Variable Interest Entity | ' | ' | ' | ' | ' | |||
Total unconsolidated VIE assets | 774,000,000 | ' | 774,000,000 | ' | 774,000,000 | |||
Maximum exposure to unconsolidated VIEs | 282,000,000 | ' | 282,000,000 | ' | 298,000,000 | |||
Corporate loans | Citicorp | Asset-based financing | ' | ' | ' | ' | ' | |||
Variable Interest Entity | ' | ' | ' | ' | ' | |||
Total unconsolidated VIE assets | 2,073,000,000 | ' | 2,073,000,000 | ' | 2,221,000,000 | |||
Maximum exposure to unconsolidated VIEs | 1,657,000,000 | ' | 1,657,000,000 | ' | 1,754,000,000 | |||
Corporate loans | Citi Holdings | Asset-based financing | ' | ' | ' | ' | ' | |||
Variable Interest Entity | ' | ' | ' | ' | ' | |||
Total unconsolidated VIE assets | 0 | ' | 0 | ' | 112,000,000 | |||
Maximum exposure to unconsolidated VIEs | 0 | ' | 0 | ' | 96,000,000 | |||
Airplanes, ships and other assets | Citicorp | Asset-based financing | ' | ' | ' | ' | ' | |||
Variable Interest Entity | ' | ' | ' | ' | ' | |||
Total unconsolidated VIE assets | 30,442,000,000 | ' | 30,442,000,000 | ' | 28,650,000,000 | |||
Maximum exposure to unconsolidated VIEs | 14,048,000,000 | ' | 14,048,000,000 | ' | 13,197,000,000 | |||
Airplanes, ships and other assets | Citi Holdings | Asset-based financing | ' | ' | ' | ' | ' | |||
Variable Interest Entity | ' | ' | ' | ' | ' | |||
Total unconsolidated VIE assets | 1,291,000,000 | ' | 1,291,000,000 | ' | 2,619,000,000 | |||
Maximum exposure to unconsolidated VIEs | $85,000,000 | ' | $85,000,000 | ' | $496,000,000 | |||
[1] | 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 or the notional amount of exposure. | |||||||
[2] | The definition of maximum exposure to loss is included in the text that follows this table. |
Recovered_Sheet1
SECURITIZATIONS AND VARIABLE INTEREST ENTITIES (Details 9) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 |
trust | Citi-administered asset-backed commercial paper conduits (ABCP) | Citi-administered asset-backed commercial paper conduits (ABCP) | Citi-administered asset-backed commercial paper conduits (ABCP) | Citi-administered asset-backed commercial paper conduits (ABCP) | Citi-administered asset-backed consolidated commercial paper conduits (ABCP) | Citi-administered asset-backed consolidated commercial paper conduits (ABCP) | Citi-administered asset-backed consolidated commercial paper conduits (ABCP) | Municipal securities tender option bond trusts (TOBs) | Municipal securities tender option bond trusts (TOBs) | Municipal securities tender option bond trusts (TOBs) | Client intermediation | Client intermediation | ||
item | Minimum | Maximum | Maximum | |||||||||||
Classification of Other Securitization Details | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Purchased assets outstanding under conduits | ' | ' | $30,000,000,000 | $32,000,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Incremental funding commitments with clients | ' | ' | 14,500,000,000 | 13,500,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted Average Life of Commercial Paper Issued by Conduits | ' | ' | '52 days | '67 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of conduit which holds only loans that are fully guaranteed primarily by AAA-rated government agencies | ' | ' | 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Letters of credit as percentage of conduit assets | ' | ' | ' | ' | 8.00% | 10.00% | ' | ' | ' | ' | ' | ' | ' | ' |
Floor price of conduit's assets | ' | ' | ' | ' | 200,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Letters of credit provided to conduits | ' | ' | ' | ' | ' | ' | ' | ' | 2,300,000,000 | ' | ' | ' | ' | ' |
Commercial paper | 14,853,000,000 | 17,878,000,000 | ' | ' | ' | ' | ' | 15,200,000,000 | 13,900,000,000 | ' | ' | ' | ' | ' |
Increase in the amount of assets due to consolidation of loan because of changes in the primary risks and design of the conduit | ' | ' | ' | ' | ' | ' | 7,000,000,000 | ' | ' | ' | ' | ' | ' | ' |
Net pretax gain due to consolidation of loan because of changes in the primary risks and design of the conduit | ' | ' | ' | ' | ' | ' | 40,000,000 | ' | ' | ' | ' | ' | ' | ' |
Increase in the amount of liabilities due to consolidation of loan because of changes in the primary risks and design of the conduit | ' | ' | ' | ' | ' | ' | ' | 7,000,000,000 | ' | ' | ' | ' | ' | ' |
Floater inventory held by entity | ' | ' | ' | ' | ' | ' | ' | ' | ' | 91,000,000 | 176,000,000 | ' | ' | ' |
Municipal bonds owned by trusts, that have credit guarantee provided by the Company | ' | ' | ' | ' | ' | ' | ' | ' | ' | 231,000,000 | 230,000,000 | ' | ' | ' |
The threshold ownership percentage on Residual value of customers TOBs for which the reimbursement agreement applied | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 25.00% | ' | ' |
Number of TOB trusts | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Liquidity agreements, customer TOB trust | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,600,000,000 | 3,900,000,000 | ' | ' | ' |
Notional amount of offsetting reimbursement agreements | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,500,000,000 | 2,800,000,000 | ' | ' | ' |
Liquidity agreements, other trusts | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7,600,000,000 | 5,400,000,000 | ' | ' | ' |
Proceeds from new securitizations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $300,000,000 | $1,200,000,000 |
DERIVATIVES_ACTIVITIES_Details
DERIVATIVES ACTIVITIES (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | ||
In Millions, unless otherwise specified | ||||
Net investment hedge under ASC 815 (SFAS 133) | ' | ' | ||
Derivatives | ' | ' | ||
Derivative notionals | $4,735 | $6,450 | ||
Hedging instruments under ASC 815 (SFAS 133) | ' | ' | ||
Derivatives | ' | ' | ||
Derivative notionals | 267,582 | [1],[2] | 235,193 | [1],[2] |
Hedging instruments under ASC 815 (SFAS 133) | Interest rate contracts | ' | ' | ||
Derivatives | ' | ' | ||
Derivative notionals | 167,214 | [1],[2] | 132,843 | [1],[2] |
Hedging instruments under ASC 815 (SFAS 133) | Interest rate contracts | Swaps | ' | ' | ||
Derivatives | ' | ' | ||
Derivative notionals | 167,214 | [1],[2] | 132,823 | [1],[2] |
Hedging instruments under ASC 815 (SFAS 133) | Interest rate contracts | Futures and forwards | ' | ' | ||
Derivatives | ' | ' | ||
Derivative notionals | 0 | [1],[2] | 20 | [1],[2] |
Hedging instruments under ASC 815 (SFAS 133) | Foreign exchange contracts | ' | ' | ||
Derivatives | ' | ' | ||
Derivative notionals | 99,517 | [1],[2] | 102,255 | [1],[2] |
Hedging instruments under ASC 815 (SFAS 133) | Foreign exchange contracts | Swaps | ' | ' | ||
Derivatives | ' | ' | ||
Derivative notionals | 22,121 | [1],[2] | 22,402 | [1],[2] |
Hedging instruments under ASC 815 (SFAS 133) | Foreign exchange contracts | Futures and forwards | ' | ' | ||
Derivatives | ' | ' | ||
Derivative notionals | 76,884 | [1],[2] | 79,646 | [1],[2] |
Hedging instruments under ASC 815 (SFAS 133) | Foreign exchange contract options | Written or Sold | ' | ' | ||
Derivatives | ' | ' | ||
Derivative notionals | 256 | [1],[2] | 101 | [1],[2] |
Hedging instruments under ASC 815 (SFAS 133) | Foreign exchange contract options | Purchased | ' | ' | ||
Derivatives | ' | ' | ||
Derivative notionals | 256 | [1],[2] | 106 | [1],[2] |
Hedging instruments under ASC 815 (SFAS 133) | Commodity and other contracts | ' | ' | ||
Derivatives | ' | ' | ||
Derivative notionals | 851 | [1],[2] | ' | |
Hedging instruments under ASC 815 (SFAS 133) | Commodity and other contracts | Futures and forwards | ' | ' | ||
Derivatives | ' | ' | ||
Derivative notionals | 851 | [1],[2] | ' | |
Hedging instruments under ASC 815 (SFAS 133) | Credit derivatives | ' | ' | ||
Derivatives | ' | ' | ||
Derivative notionals | 0 | [1],[2],[3] | 95 | [1],[2],[3] |
Hedging instruments under ASC 815 (SFAS 133) | Credit derivatives | Purchased | ' | ' | ||
Derivatives | ' | ' | ||
Derivative notionals | 0 | [1],[2],[3] | 95 | [1],[2],[3] |
Other derivative instruments, Trading derivatives | ' | ' | ||
Derivatives | ' | ' | ||
Derivative notionals | 58,721,371 | 59,871,634 | ||
Other derivative instruments, Trading derivatives | Interest rate contracts | ' | ' | ||
Derivatives | ' | ' | ||
Derivative notionals | 47,218,473 | 49,083,760 | ||
Other derivative instruments, Trading derivatives | Interest rate contracts | Swaps | ' | ' | ||
Derivatives | ' | ' | ||
Derivative notionals | 33,752,329 | 36,370,196 | ||
Other derivative instruments, Trading derivatives | Interest rate contracts | Futures and forwards | ' | ' | ||
Derivatives | ' | ' | ||
Derivative notionals | 6,983,430 | 6,129,742 | ||
Other derivative instruments, Trading derivatives | Interest rate contract options | Written or Sold | ' | ' | ||
Derivatives | ' | ' | ||
Derivative notionals | 3,277,387 | 3,342,832 | ||
Other derivative instruments, Trading derivatives | Interest rate contract options | Purchased | ' | ' | ||
Derivatives | ' | ' | ||
Derivative notionals | 3,205,327 | 3,240,990 | ||
Other derivative instruments, Trading derivatives | Foreign exchange contracts | ' | ' | ||
Derivatives | ' | ' | ||
Derivative notionals | 7,997,492 | 7,348,108 | ||
Other derivative instruments, Trading derivatives | Foreign exchange contracts | Swaps | ' | ' | ||
Derivatives | ' | ' | ||
Derivative notionals | 3,883,974 | 3,298,500 | ||
Other derivative instruments, Trading derivatives | Foreign exchange contracts | Futures and forwards | ' | ' | ||
Derivatives | ' | ' | ||
Derivative notionals | 1,775,752 | 1,982,303 | ||
Other derivative instruments, Trading derivatives | Foreign exchange contract options | Written or Sold | ' | ' | ||
Derivatives | ' | ' | ||
Derivative notionals | 1,162,387 | 1,037,433 | ||
Other derivative instruments, Trading derivatives | Foreign exchange contract options | Purchased | ' | ' | ||
Derivatives | ' | ' | ||
Derivative notionals | 1,175,379 | 1,029,872 | ||
Other derivative instruments, Trading derivatives | Equity contracts | ' | ' | ||
Derivatives | ' | ' | ||
Derivative notionals | 818,610 | 723,695 | ||
Other derivative instruments, Trading derivatives | Equity contracts | Swaps | ' | ' | ||
Derivatives | ' | ' | ||
Derivative notionals | 113,909 | 100,019 | ||
Other derivative instruments, Trading derivatives | Equity contracts | Futures and forwards | ' | ' | ||
Derivatives | ' | ' | ||
Derivative notionals | 31,090 | 23,161 | ||
Other derivative instruments, Trading derivatives | Equity contract options | Written or Sold | ' | ' | ||
Derivatives | ' | ' | ||
Derivative notionals | 356,016 | 333,945 | ||
Other derivative instruments, Trading derivatives | Equity contract options | Purchased | ' | ' | ||
Derivatives | ' | ' | ||
Derivative notionals | 317,595 | 266,570 | ||
Other derivative instruments, Trading derivatives | Commodity and other contracts | ' | ' | ||
Derivatives | ' | ' | ||
Derivative notionals | 425,454 | 377,485 | ||
Other derivative instruments, Trading derivatives | Commodity and other contracts | Swaps | ' | ' | ||
Derivatives | ' | ' | ||
Derivative notionals | 91,693 | 81,112 | ||
Other derivative instruments, Trading derivatives | Commodity and other contracts | Futures and forwards | ' | ' | ||
Derivatives | ' | ' | ||
Derivative notionals | 124,636 | 98,265 | ||
Other derivative instruments, Trading derivatives | Commodity and other contract options | Written or Sold | ' | ' | ||
Derivatives | ' | ' | ||
Derivative notionals | 112,096 | 100,482 | ||
Other derivative instruments, Trading derivatives | Commodity and other contract options | Purchased | ' | ' | ||
Derivatives | ' | ' | ||
Derivative notionals | 97,029 | 97,626 | ||
Other derivative instruments, Trading derivatives | Credit derivatives | ' | ' | ||
Derivatives | ' | ' | ||
Derivative notionals | 2,261,342 | [3] | 2,338,586 | [3] |
Other derivative instruments, Trading derivatives | Credit derivatives | Written or Sold | ' | ' | ||
Derivatives | ' | ' | ||
Derivative notionals | 1,107,165 | [3] | 1,143,363 | [3] |
Other derivative instruments, Trading derivatives | Credit derivatives | Purchased | ' | ' | ||
Derivatives | ' | ' | ||
Derivative notionals | 1,154,177 | [3] | 1,195,223 | [3] |
Other derivative instruments, Management hedges | ' | ' | ||
Derivatives | ' | ' | ||
Derivative notionals | 206,835 | [4] | 215,026 | [4] |
Other derivative instruments, Management hedges | Interest rate contracts | ' | ' | ||
Derivatives | ' | ' | ||
Derivative notionals | 158,659 | [4] | 160,972 | [4] |
Other derivative instruments, Management hedges | Interest rate contracts | Swaps | ' | ' | ||
Derivatives | ' | ' | ||
Derivative notionals | 98,387 | [4] | 93,286 | [4] |
Other derivative instruments, Management hedges | Interest rate contracts | Futures and forwards | ' | ' | ||
Derivatives | ' | ' | ||
Derivative notionals | 51,977 | [4] | 61,398 | [4] |
Other derivative instruments, Management hedges | Interest rate contract options | Written or Sold | ' | ' | ||
Derivatives | ' | ' | ||
Derivative notionals | 3,985 | [4] | 3,103 | [4] |
Other derivative instruments, Management hedges | Interest rate contract options | Purchased | ' | ' | ||
Derivatives | ' | ' | ||
Derivative notionals | 4,310 | [4] | 3,185 | [4] |
Other derivative instruments, Management hedges | Foreign exchange contracts | ' | ' | ||
Derivatives | ' | ' | ||
Derivative notionals | 32,767 | [4] | 34,310 | [4] |
Other derivative instruments, Management hedges | Foreign exchange contracts | Swaps | ' | ' | ||
Derivatives | ' | ' | ||
Derivative notionals | 21,939 | [4] | 20,013 | [4] |
Other derivative instruments, Management hedges | Foreign exchange contracts | Futures and forwards | ' | ' | ||
Derivatives | ' | ' | ||
Derivative notionals | 10,828 | [4] | 14,226 | [4] |
Other derivative instruments, Management hedges | Foreign exchange contract options | Written or Sold | ' | ' | ||
Derivatives | ' | ' | ||
Derivative notionals | ' | 0 | [4] | |
Other derivative instruments, Management hedges | Foreign exchange contract options | Purchased | ' | ' | ||
Derivatives | ' | ' | ||
Derivative notionals | 0 | [4] | 71 | [4] |
Other derivative instruments, Management hedges | Credit derivatives | ' | ' | ||
Derivatives | ' | ' | ||
Derivative notionals | 15,409 | [3],[4] | 19,744 | [3],[4] |
Other derivative instruments, Management hedges | Credit derivatives | Purchased | ' | ' | ||
Derivatives | ' | ' | ||
Derivative notionals | $15,409 | [3],[4] | $19,744 | [3],[4] |
[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 $4,735 million and $6,450 million at June 30, 2014 and December 31, 2013, respectively. | |||
[2] | Derivatives in hedge accounting relationships accounted for under ASCÂ 815 are recorded in either Other assets/Other liabilities or Trading account assets/Trading account liabilities on the Consolidated Balance Sheet. | |||
[3] | 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 has entered into credit derivative positions for purposes such as risk management, yield enhancement, reduction of credit concentrations and diversification of overall risk. | |||
[4] | Management hedges represent derivative instruments used in certain economic hedging relationships that are identified for management purposes, 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. |
DERIVATIVES_ACTIVITIES_Details1
DERIVATIVES ACTIVITIES (Details 2) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ' | ' | ||
Netting of cash collateral received | ($36,835,000,000) | ($34,893,000,000) | ||
Netting of cash collateral paid | -41,625,000,000 | -39,094,000,000 | ||
Trading accounts assets | ' | ' | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ' | ' | ||
Derivative receivables | 687,172,000,000 | [1],[2],[3] | 795,239,000,000 | [1],[2],[3] |
Cash collateral paid, net of amount used to offset derivative liabilities | 5,078,000,000 | [1],[2],[3],[4],[5] | 6,073,000,000 | [1],[2],[3],[6],[7] |
Less: Netting agreements to assets | -604,913,000,000 | [1],[2],[3],[8] | -713,598,000,000 | [1],[2],[3],[9] |
Netting of cash collateral received | -36,835,000,000 | [1],[10],[2],[3] | -34,893,000,000 | [1],[11],[2],[3] |
Total trading account derivatives, assets | 50,502,000,000 | [1],[12],[2],[3] | 52,821,000,000 | [1],[13],[2],[3] |
Cash collateral received | -479,000,000 | [1],[2],[3] | -365,000,000 | [1],[2],[3] |
Non-cash collateral received | -7,139,000,000 | [1],[2],[3] | -7,478,000,000 | [1],[2],[3] |
Total Net receivables | 42,884,000,000 | [1],[12],[2],[3] | 44,978,000,000 | [1],[13],[2],[3] |
Cash collateral paid, gross | 46,703,000,000 | 45,167,000,000 | ||
Does not meet applicable offsetting guidance, assets | 13,000,000,000 | 16,000,000,000 | ||
Trading accounts assets | Over-the-counter | ' | ' | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ' | ' | ||
Less: Netting agreements to assets | ' | -392,000,000,000 | ||
Less: Netting agreements to liabilities | ' | -392,000,000,000 | [1],[2],[3],[9] | |
Trading accounts assets | Cleared | ' | ' | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ' | ' | ||
Less: Netting agreements to assets | ' | -317,000,000,000 | ||
Less: Netting agreements to liabilities | ' | -317,000,000,000 | [1],[2],[3],[9] | |
Trading accounts assets | Exchange traded | ' | ' | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ' | ' | ||
Less: Netting agreements to assets | ' | -5,000,000,000 | ||
Less: Netting agreements to liabilities | ' | -5,000,000,000 | [1],[2],[3],[9] | |
Trading accounts liabilities | ' | ' | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ' | ' | ||
Derivative payables | 682,001,000,000 | [1],[2],[3] | 791,119,000,000 | [1],[2],[3] |
Cash collateral received, net of amount used to offset derivative assets | 12,080,000,000 | [1],[2],[3],[4],[5] | 8,827,000,000 | [1],[2],[3],[6],[7] |
Less: Netting agreements to liabilities | -604,913,000,000 | [1],[2],[3],[8] | -713,598,000,000 | [1],[2],[3],[9] |
Netting of cash collateral paid | -41,625,000,000 | [1],[10],[2],[3] | -39,094,000,000 | [1],[11],[2],[3] |
Total derivative liabilities | 47,543,000,000 | [1],[12],[2],[3] | 47,254,000,000 | [1],[13],[2],[3] |
Cash collateral paid | -12,000,000 | [1],[2],[3] | -5,000,000 | [1],[2],[3] |
Non-cash collateral paid | -4,483,000,000 | [1],[2],[3] | -3,345,000,000 | [1],[2],[3] |
Total Net payables | 43,048,000,000 | [1],[12],[2],[3] | 43,904,000,000 | [1],[13],[2],[3] |
Cash collateral received, gross | 48,915,000,000 | 43,720,000,000 | ||
Does not meet applicable offsetting guidance, liabilities | 17,000,000,000 | ' | ||
Trading accounts liabilities | Over-the-counter | ' | ' | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ' | ' | ||
Less: Netting agreements to assets | -390,000,000,000 | ' | ||
Less: Netting agreements to liabilities | -390,000,000,000 | ' | ||
Netting of cash collateral paid | -38,000,000,000 | -33,000,000,000 | ||
Trading accounts liabilities | Cleared | ' | ' | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ' | ' | ||
Less: Netting agreements to assets | -213,000,000,000 | ' | ||
Less: Netting agreements to liabilities | -213,000,000,000 | ' | ||
Netting of cash collateral paid | -4,000,000,000 | -6,000,000,000 | ||
Trading accounts liabilities | Exchange traded | ' | ' | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ' | ' | ||
Less: Netting agreements to assets | -2,000,000,000 | ' | ||
Less: Netting agreements to liabilities | -2,000,000,000 | ' | ||
Other assets | ' | ' | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ' | ' | ||
Derivative receivables | 4,903,000,000 | [1],[2] | 4,290,000,000 | [1],[2] |
Cash collateral paid, net of amount used to offset derivative liabilities | 214,000,000 | [1],[2],[4],[5] | 82,000,000 | [1],[2],[6],[7] |
Netting of cash collateral received | -3,181,000,000 | [1],[10],[2] | -2,951,000,000 | [1],[11],[2] |
Total trading account derivatives, assets | 1,936,000,000 | [1],[12],[2] | 1,421,000,000 | [1],[13],[2] |
Non-cash collateral received | -319,000,000 | [1],[2] | -341,000,000 | [1],[2] |
Total Net receivables | 1,617,000,000 | [1],[12],[2] | 1,080,000,000 | [1],[13],[2] |
Cash collateral paid, gross | 214,000,000 | 82,000,000 | ||
Other liabilities | ' | ' | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ' | ' | ||
Derivative payables | 2,501,000,000 | [1],[2] | 1,729,000,000 | [1],[2] |
Cash collateral received, net of amount used to offset derivative assets | 239,000,000 | [1],[2],[4],[5] | 282,000,000 | [1],[2],[6],[7] |
Total derivative liabilities | 2,740,000,000 | [1],[12],[2] | 2,011,000,000 | [1],[13],[2] |
Total Net payables | 2,740,000,000 | [1],[12],[2] | 2,011,000,000 | [1],[13],[2] |
Cash collateral received, gross | 3,420,000,000 | 3,233,000,000 | ||
Derivative instruments designated as ASC 815 (SFAS 133) hedges | Trading accounts assets | ' | ' | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ' | ' | ||
Derivative receivables | 4,441,000,000 | [1],[2],[3] | 5,001,000,000 | [1],[2],[3] |
Derivative instruments designated as ASC 815 (SFAS 133) hedges | Trading accounts liabilities | ' | ' | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ' | ' | ||
Derivative payables | 1,968,000,000 | [1],[2],[3] | 2,135,000,000 | [1],[2],[3] |
Derivative instruments designated as ASC 815 (SFAS 133) hedges | Other assets | ' | ' | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ' | ' | ||
Derivative receivables | 3,712,000,000 | [1],[2] | 4,076,000,000 | [1],[2] |
Derivative instruments designated as ASC 815 (SFAS 133) hedges | Other liabilities | ' | ' | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ' | ' | ||
Derivative payables | 846,000,000 | [1],[2] | 1,149,000,000 | [1],[2] |
Derivative instruments designated as ASC 815 (SFAS 133) hedges | Interest rate contracts | Trading accounts assets | ' | ' | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ' | ' | ||
Derivative receivables | 4,108,000,000 | [1],[2],[3] | 3,461,000,000 | [1],[2],[3] |
Derivative instruments designated as ASC 815 (SFAS 133) hedges | Interest rate contracts | Trading accounts assets | Over-the-counter | ' | ' | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ' | ' | ||
Derivative receivables | 998,000,000 | [1],[2],[3] | 956,000,000 | [1],[2],[3] |
Derivative instruments designated as ASC 815 (SFAS 133) hedges | Interest rate contracts | Trading accounts assets | Cleared | ' | ' | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ' | ' | ||
Derivative receivables | 3,110,000,000 | [1],[2],[3] | 2,505,000,000 | [1],[2],[3] |
Derivative instruments designated as ASC 815 (SFAS 133) hedges | Interest rate contracts | Trading accounts liabilities | ' | ' | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ' | ' | ||
Derivative payables | 671,000,000 | [1],[2],[3] | 891,000,000 | [1],[2],[3] |
Derivative instruments designated as ASC 815 (SFAS 133) hedges | Interest rate contracts | Trading accounts liabilities | Over-the-counter | ' | ' | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ' | ' | ||
Derivative payables | 243,000,000 | [1],[2],[3] | 306,000,000 | [1],[2],[3] |
Derivative instruments designated as ASC 815 (SFAS 133) hedges | Interest rate contracts | Trading accounts liabilities | Cleared | ' | ' | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ' | ' | ||
Derivative payables | 428,000,000 | [1],[2],[3] | 585,000,000 | [1],[2],[3] |
Derivative instruments designated as ASC 815 (SFAS 133) hedges | Interest rate contracts | Other assets | ' | ' | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ' | ' | ||
Derivative receivables | 3,172,000,000 | [1],[2] | 3,087,000,000 | [1],[2] |
Derivative instruments designated as ASC 815 (SFAS 133) hedges | Interest rate contracts | Other assets | Over-the-counter | ' | ' | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ' | ' | ||
Derivative receivables | 3,169,000,000 | [1],[2] | 3,082,000,000 | [1],[2] |
Derivative instruments designated as ASC 815 (SFAS 133) hedges | Interest rate contracts | Other assets | Cleared | ' | ' | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ' | ' | ||
Derivative receivables | 3,000,000 | [1],[2] | 5,000,000 | [1],[2] |
Derivative instruments designated as ASC 815 (SFAS 133) hedges | Interest rate contracts | Other liabilities | ' | ' | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ' | ' | ||
Derivative payables | 553,000,000 | [1],[2] | 854,000,000 | [1],[2] |
Derivative instruments designated as ASC 815 (SFAS 133) hedges | Interest rate contracts | Other liabilities | Over-the-counter | ' | ' | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ' | ' | ||
Derivative payables | 547,000,000 | [1],[2] | 854,000,000 | [1],[2] |
Derivative instruments designated as ASC 815 (SFAS 133) hedges | Interest rate contracts | Other liabilities | Cleared | ' | ' | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ' | ' | ||
Derivative payables | 6,000,000 | [1],[2] | 0 | [1],[2] |
Derivative instruments designated as ASC 815 (SFAS 133) hedges | Foreign exchange contracts | Trading accounts assets | ' | ' | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ' | ' | ||
Derivative receivables | 333,000,000 | [1],[2],[3] | 1,540,000,000 | [1],[2],[3] |
Derivative instruments designated as ASC 815 (SFAS 133) hedges | Foreign exchange contracts | Trading accounts assets | Over-the-counter | ' | ' | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ' | ' | ||
Derivative receivables | 333,000,000 | [1],[2],[3] | 1,540,000,000 | [1],[2],[3] |
Derivative instruments designated as ASC 815 (SFAS 133) hedges | Foreign exchange contracts | Trading accounts liabilities | ' | ' | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ' | ' | ||
Derivative payables | 1,297,000,000 | [1],[2],[3] | 1,244,000,000 | [1],[2],[3] |
Derivative instruments designated as ASC 815 (SFAS 133) hedges | Foreign exchange contracts | Trading accounts liabilities | Over-the-counter | ' | ' | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ' | ' | ||
Derivative payables | 1,297,000,000 | [1],[2],[3] | 1,244,000,000 | [1],[2],[3] |
Derivative instruments designated as ASC 815 (SFAS 133) hedges | Foreign exchange contracts | Other assets | ' | ' | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ' | ' | ||
Derivative receivables | 540,000,000 | [1],[2] | 989,000,000 | [1],[2] |
Derivative instruments designated as ASC 815 (SFAS 133) hedges | Foreign exchange contracts | Other assets | Over-the-counter | ' | ' | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ' | ' | ||
Derivative receivables | 540,000,000 | [1],[2] | 989,000,000 | [1],[2] |
Derivative instruments designated as ASC 815 (SFAS 133) hedges | Foreign exchange contracts | Other liabilities | ' | ' | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ' | ' | ||
Derivative payables | 293,000,000 | [1],[2] | 293,000,000 | [1],[2] |
Derivative instruments designated as ASC 815 (SFAS 133) hedges | Foreign exchange contracts | Other liabilities | Over-the-counter | ' | ' | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ' | ' | ||
Derivative payables | 293,000,000 | [1],[2] | 293,000,000 | [1],[2] |
Derivative instruments designated as ASC 815 (SFAS 133) hedges | Credit derivatives | Other liabilities | ' | ' | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ' | ' | ||
Derivative payables | ' | 2,000,000 | [1],[2] | |
Derivative instruments designated as ASC 815 (SFAS 133) hedges | Credit derivatives | Other liabilities | Over-the-counter | ' | ' | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ' | ' | ||
Derivative payables | ' | 2,000,000 | [1],[2] | |
Derivative instruments not designated as ASC 815 (SFAS 133) hedges | Trading accounts assets | ' | ' | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ' | ' | ||
Derivative receivables | 682,731,000,000 | [1],[2],[3] | 790,238,000,000 | [1],[2],[3] |
Derivative instruments not designated as ASC 815 (SFAS 133) hedges | Trading accounts liabilities | ' | ' | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ' | ' | ||
Derivative payables | 680,033,000,000 | [1],[2],[3] | 788,984,000,000 | [1],[2],[3] |
Derivative instruments not designated as ASC 815 (SFAS 133) hedges | Other assets | ' | ' | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ' | ' | ||
Derivative receivables | 1,191,000,000 | [1],[2] | 214,000,000 | [1],[2] |
Derivative instruments not designated as ASC 815 (SFAS 133) hedges | Other liabilities | ' | ' | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ' | ' | ||
Derivative payables | 1,655,000,000 | [1],[2] | 580,000,000 | [1],[2] |
Derivative instruments not designated as ASC 815 (SFAS 133) hedges | Interest rate contracts | Trading accounts assets | ' | ' | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ' | ' | ||
Derivative receivables | 541,012,000,000 | [1],[2],[3] | 624,919,000,000 | [1],[2],[3] |
Derivative instruments not designated as ASC 815 (SFAS 133) hedges | Interest rate contracts | Trading accounts assets | Over-the-counter | ' | ' | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ' | ' | ||
Derivative receivables | 334,519,000,000 | [1],[2],[3] | 313,772,000,000 | [1],[2],[3] |
Derivative instruments not designated as ASC 815 (SFAS 133) hedges | Interest rate contracts | Trading accounts assets | Cleared | ' | ' | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ' | ' | ||
Derivative receivables | 206,455,000,000 | [1],[2],[3] | 311,114,000,000 | [1],[2],[3] |
Derivative instruments not designated as ASC 815 (SFAS 133) hedges | Interest rate contracts | Trading accounts assets | Exchange traded | ' | ' | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ' | ' | ||
Derivative receivables | 38,000,000 | [1],[2],[3] | 33,000,000 | [1],[2],[3] |
Derivative instruments not designated as ASC 815 (SFAS 133) hedges | Interest rate contracts | Trading accounts liabilities | ' | ' | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ' | ' | ||
Derivative payables | 530,178,000,000 | [1],[2],[3] | 616,335,000,000 | [1],[2],[3] |
Derivative instruments not designated as ASC 815 (SFAS 133) hedges | Interest rate contracts | Trading accounts liabilities | Over-the-counter | ' | ' | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ' | ' | ||
Derivative payables | 315,776,000,000 | [1],[2],[3] | 297,115,000,000 | [1],[2],[3] |
Derivative instruments not designated as ASC 815 (SFAS 133) hedges | Interest rate contracts | Trading accounts liabilities | Cleared | ' | ' | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ' | ' | ||
Derivative payables | 214,368,000,000 | [1],[2],[3] | 319,190,000,000 | [1],[2],[3] |
Derivative instruments not designated as ASC 815 (SFAS 133) hedges | Interest rate contracts | Trading accounts liabilities | Exchange traded | ' | ' | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ' | ' | ||
Derivative payables | 34,000,000 | [1],[2],[3] | 30,000,000 | [1],[2],[3] |
Derivative instruments not designated as ASC 815 (SFAS 133) hedges | Interest rate contracts | Other assets | ' | ' | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ' | ' | ||
Derivative receivables | 1,030,000,000 | [1],[2] | 64,000,000 | [1],[2] |
Derivative instruments not designated as ASC 815 (SFAS 133) hedges | Interest rate contracts | Other assets | Over-the-counter | ' | ' | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ' | ' | ||
Derivative receivables | 65,000,000 | [1],[2] | 37,000,000 | [1],[2] |
Derivative instruments not designated as ASC 815 (SFAS 133) hedges | Interest rate contracts | Other assets | Cleared | ' | ' | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ' | ' | ||
Derivative receivables | 10,000,000 | [1],[2] | 27,000,000 | [1],[2] |
Derivative instruments not designated as ASC 815 (SFAS 133) hedges | Interest rate contracts | Other assets | Exchange traded | ' | ' | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ' | ' | ||
Derivative receivables | 955,000,000 | ' | ||
Derivative instruments not designated as ASC 815 (SFAS 133) hedges | Interest rate contracts | Other liabilities | ' | ' | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ' | ' | ||
Derivative payables | 1,040,000,000 | [1],[2] | 14,000,000 | [1],[2] |
Derivative instruments not designated as ASC 815 (SFAS 133) hedges | Interest rate contracts | Other liabilities | Over-the-counter | ' | ' | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ' | ' | ||
Derivative payables | 0 | [1],[2] | 9,000,000 | [1],[2] |
Derivative instruments not designated as ASC 815 (SFAS 133) hedges | Interest rate contracts | Other liabilities | Cleared | ' | ' | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ' | ' | ||
Derivative payables | 26,000,000 | [1],[2] | 5,000,000 | [1],[2] |
Derivative instruments not designated as ASC 815 (SFAS 133) hedges | Interest rate contracts | Other liabilities | Exchange traded | ' | ' | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ' | ' | ||
Derivative payables | 1,014,000,000 | ' | ||
Derivative instruments not designated as ASC 815 (SFAS 133) hedges | Foreign exchange contracts | Trading accounts assets | ' | ' | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ' | ' | ||
Derivative receivables | 66,073,000,000 | [1],[2],[3] | 91,014,000,000 | [1],[2],[3] |
Derivative instruments not designated as ASC 815 (SFAS 133) hedges | Foreign exchange contracts | Trading accounts assets | Over-the-counter | ' | ' | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ' | ' | ||
Derivative receivables | 64,672,000,000 | [1],[2],[3] | 89,847,000,000 | [1],[2],[3] |
Derivative instruments not designated as ASC 815 (SFAS 133) hedges | Foreign exchange contracts | Trading accounts assets | Cleared | ' | ' | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ' | ' | ||
Derivative receivables | 1,375,000,000 | [1],[2],[3] | 1,119,000,000 | [1],[2],[3] |
Derivative instruments not designated as ASC 815 (SFAS 133) hedges | Foreign exchange contracts | Trading accounts assets | Exchange traded | ' | ' | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ' | ' | ||
Derivative receivables | 26,000,000 | [1],[2],[3] | 48,000,000 | [1],[2],[3] |
Derivative instruments not designated as ASC 815 (SFAS 133) hedges | Foreign exchange contracts | Trading accounts liabilities | ' | ' | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ' | ' | ||
Derivative payables | 64,396,000,000 | [1],[2],[3] | 87,393,000,000 | [1],[2],[3] |
Derivative instruments not designated as ASC 815 (SFAS 133) hedges | Foreign exchange contracts | Trading accounts liabilities | Over-the-counter | ' | ' | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ' | ' | ||
Derivative payables | 63,051,000,000 | [1],[2],[3] | 86,147,000,000 | [1],[2],[3] |
Derivative instruments not designated as ASC 815 (SFAS 133) hedges | Foreign exchange contracts | Trading accounts liabilities | Cleared | ' | ' | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ' | ' | ||
Derivative payables | 1,322,000,000 | [1],[2],[3] | 1,191,000,000 | [1],[2],[3] |
Derivative instruments not designated as ASC 815 (SFAS 133) hedges | Foreign exchange contracts | Trading accounts liabilities | Exchange traded | ' | ' | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ' | ' | ||
Derivative payables | 23,000,000 | [1],[2],[3] | 55,000,000 | [1],[2],[3] |
Derivative instruments not designated as ASC 815 (SFAS 133) hedges | Foreign exchange contracts | Other assets | ' | ' | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ' | ' | ||
Derivative receivables | 84,000,000 | [1],[2] | 79,000,000 | [1],[2] |
Derivative instruments not designated as ASC 815 (SFAS 133) hedges | Foreign exchange contracts | Other assets | Over-the-counter | ' | ' | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ' | ' | ||
Derivative receivables | 84,000,000 | [1],[2] | 79,000,000 | [1],[2] |
Derivative instruments not designated as ASC 815 (SFAS 133) hedges | Foreign exchange contracts | Other liabilities | ' | ' | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ' | ' | ||
Derivative payables | 0 | [1],[2] | 3,000,000 | [1],[2] |
Derivative instruments not designated as ASC 815 (SFAS 133) hedges | Foreign exchange contracts | Other liabilities | Over-the-counter | ' | ' | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ' | ' | ||
Derivative payables | 0 | [1],[2] | 3,000,000 | [1],[2] |
Derivative instruments not designated as ASC 815 (SFAS 133) hedges | Equity contracts | Trading accounts assets | ' | ' | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ' | ' | ||
Derivative receivables | 24,012,000,000 | [1],[2],[3] | 24,877,000,000 | [1],[2],[3] |
Derivative instruments not designated as ASC 815 (SFAS 133) hedges | Equity contracts | Trading accounts assets | Over-the-counter | ' | ' | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ' | ' | ||
Derivative receivables | 21,306,000,000 | [1],[2],[3] | 19,080,000,000 | [1],[2],[3] |
Derivative instruments not designated as ASC 815 (SFAS 133) hedges | Equity contracts | Trading accounts assets | Exchange traded | ' | ' | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ' | ' | ||
Derivative receivables | 2,706,000,000 | [1],[2],[3] | 5,797,000,000 | [1],[2],[3] |
Derivative instruments not designated as ASC 815 (SFAS 133) hedges | Equity contracts | Trading accounts liabilities | ' | ' | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ' | ' | ||
Derivative payables | 33,654,000,000 | [1],[2],[3] | 34,292,000,000 | [1],[2],[3] |
Derivative instruments not designated as ASC 815 (SFAS 133) hedges | Equity contracts | Trading accounts liabilities | Over-the-counter | ' | ' | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ' | ' | ||
Derivative payables | 30,930,000,000 | [1],[2],[3] | 28,458,000,000 | [1],[2],[3] |
Derivative instruments not designated as ASC 815 (SFAS 133) hedges | Equity contracts | Trading accounts liabilities | Exchange traded | ' | ' | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ' | ' | ||
Derivative payables | 2,724,000,000 | [1],[2],[3] | 5,834,000,000 | [1],[2],[3] |
Derivative instruments not designated as ASC 815 (SFAS 133) hedges | Commodity and other contract options | Trading accounts assets | ' | ' | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ' | ' | ||
Derivative receivables | 12,380,000,000 | [1],[2],[3] | 9,082,000,000 | [1],[2],[3] |
Derivative instruments not designated as ASC 815 (SFAS 133) hedges | Commodity and other contract options | Trading accounts assets | Over-the-counter | ' | ' | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ' | ' | ||
Derivative receivables | 11,676,000,000 | [1],[2],[3] | 7,921,000,000 | [1],[2],[3] |
Derivative instruments not designated as ASC 815 (SFAS 133) hedges | Commodity and other contract options | Trading accounts assets | Exchange traded | ' | ' | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ' | ' | ||
Derivative receivables | 704,000,000 | [1],[2],[3] | 1,161,000,000 | [1],[2],[3] |
Derivative instruments not designated as ASC 815 (SFAS 133) hedges | Commodity and other contract options | Trading accounts liabilities | ' | ' | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ' | ' | ||
Derivative payables | 12,826,000,000 | [1],[2],[3] | 10,170,000,000 | [1],[2],[3] |
Derivative instruments not designated as ASC 815 (SFAS 133) hedges | Commodity and other contract options | Trading accounts liabilities | Over-the-counter | ' | ' | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ' | ' | ||
Derivative payables | 11,986,000,000 | [1],[2],[3] | 9,059,000,000 | [1],[2],[3] |
Derivative instruments not designated as ASC 815 (SFAS 133) hedges | Commodity and other contract options | Trading accounts liabilities | Exchange traded | ' | ' | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ' | ' | ||
Derivative payables | 840,000,000 | [1],[2],[3] | 1,111,000,000 | [1],[2],[3] |
Derivative instruments not designated as ASC 815 (SFAS 133) hedges | Credit derivatives | Trading accounts assets | ' | ' | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ' | ' | ||
Derivative receivables | 39,254,000,000 | [1],[2],[3] | 40,346,000,000 | [1],[14],[2],[3] |
Derivative instruments not designated as ASC 815 (SFAS 133) hedges | Credit derivatives | Trading accounts assets | Over-the-counter | ' | ' | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ' | ' | ||
Derivative receivables | 36,775,000,000 | [1],[2],[3] | 38,496,000,000 | [1],[2],[3] |
Derivative instruments not designated as ASC 815 (SFAS 133) hedges | Credit derivatives | Trading accounts assets | Cleared | ' | ' | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ' | ' | ||
Derivative receivables | 2,479,000,000 | [1],[2],[3] | 1,850,000,000 | [1],[2],[3] |
Derivative instruments not designated as ASC 815 (SFAS 133) hedges | Credit derivatives | Trading accounts liabilities | ' | ' | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ' | ' | ||
Derivative payables | 38,979,000,000 | [1],[2],[3] | 40,794,000,000 | [1],[14],[2],[3] |
Derivative instruments not designated as ASC 815 (SFAS 133) hedges | Credit derivatives | Trading accounts liabilities | Over-the-counter | ' | ' | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ' | ' | ||
Derivative payables | 36,394,000,000 | [1],[2],[3] | 38,247,000,000 | [1],[2],[3] |
Derivative instruments not designated as ASC 815 (SFAS 133) hedges | Credit derivatives | Trading accounts liabilities | Cleared | ' | ' | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ' | ' | ||
Derivative payables | 2,585,000,000 | [1],[2],[3] | 2,547,000,000 | [1],[2],[3] |
Derivative instruments not designated as ASC 815 (SFAS 133) hedges | Credit derivatives | Other assets | ' | ' | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ' | ' | ||
Derivative receivables | 77,000,000 | [1],[2] | 71,000,000 | [1],[14],[2] |
Derivative instruments not designated as ASC 815 (SFAS 133) hedges | Credit derivatives | Other assets | Over-the-counter | ' | ' | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ' | ' | ||
Derivative receivables | 76,000,000 | [1],[2] | 71,000,000 | [1],[2] |
Derivative instruments not designated as ASC 815 (SFAS 133) hedges | Credit derivatives | Other assets | Cleared | ' | ' | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ' | ' | ||
Derivative receivables | 1,000,000 | ' | ||
Derivative instruments not designated as ASC 815 (SFAS 133) hedges | Credit derivatives | Other liabilities | ' | ' | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ' | ' | ||
Derivative payables | 615,000,000 | [1],[2] | 563,000,000 | [1],[14],[2] |
Derivative instruments not designated as ASC 815 (SFAS 133) hedges | Credit derivatives | Other liabilities | Over-the-counter | ' | ' | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ' | ' | ||
Derivative payables | 526,000,000 | [1],[2] | 563,000,000 | [1],[2] |
Derivative instruments not designated as ASC 815 (SFAS 133) hedges | Credit derivatives | Other liabilities | Cleared | ' | ' | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ' | ' | ||
Derivative payables | 89,000,000 | ' | ||
Derivative instruments not designated as ASC 815 (SFAS 133) hedges | Credit derivatives | Purchased | Trading accounts assets | ' | ' | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ' | ' | ||
Derivative receivables | 11,388,000,000 | 13,673,000,000 | ||
Derivative payables | ' | 28,158,000,000 | ||
Derivative instruments not designated as ASC 815 (SFAS 133) hedges | Credit derivatives | Purchased | Trading accounts liabilities | ' | ' | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ' | ' | ||
Derivative payables | 28,565,000,000 | ' | ||
Derivative instruments not designated as ASC 815 (SFAS 133) hedges | Credit derivatives | Sold | Trading accounts assets | ' | ' | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ' | ' | ||
Derivative receivables | 27,866,000,000 | 26,673,000,000 | ||
Derivative payables | ' | 12,636,000,000 | ||
Derivative instruments not designated as ASC 815 (SFAS 133) hedges | Credit derivatives | Sold | Trading accounts liabilities | ' | ' | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ' | ' | ||
Derivative payables | $10,414,000,000 | ' | ||
[1] | Over-the-counter (OTC) derivatives include derivatives executed and settled bilaterally with counterparties without the use of an organized exchange or central clearing house. Cleared derivatives include derivatives executed bilaterally with a counterparty in the OTC market but then novated to a central clearing house, whereby the central clearing house becomes the counterparty to both of the original counterparties. Exchange traded derivatives include derivatives executed directly on an organized exchange that provides pre-trade price transparency. | |||
[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] | The trading derivatives fair values are presented in Note 12 to the Consolidated Financial Statements. | |||
[4] | For the trading assets/liabilities, this is the net amount of the $46,703 million and $48,915 million of gross cash collateral paid and received, respectively. Of the gross cash collateral paid, $41,625 million was used to offset trading derivative liabilities and, of the gross cash collateral received, $36,835 million was used to offset trading derivative assets. | |||
[5] | For the other assets/liabilities, this is the net amount of the $214 million and $3,420 million of the gross cash collateral paid and received, respectively. Of the gross cash collateral received, $3,181 million was used to offset derivative assets. | |||
[6] | For the trading assets/liabilities, this is the net amount of the $45,167 million and $43,720 million of gross cash collateral paid and received, respectively. Of the gross cash collateral paid, $39,094 million was used to offset derivative liabilities and, of the gross cash collateral received, $34,893 million was used to offset derivative assets. | |||
[7] | For the other assets/liabilities, this is the net amount of the $82 million and $3,233 million of the gross cash collateral paid and received, respectively. Of the gross cash collateral received, $2,951 million was used to offset derivative assets. | |||
[8] | Represents the netting of derivative receivable and payable balances for the same counterparty under enforceable netting agreements. Approximately $390 billion, $213 billion and $2 billion of the netting against trading account asset/liability balances is attributable to each of the OTC, cleared and exchange traded derivatives, respectively. | |||
[9] | Represents the netting of derivative receivable and payable balances for the same counterparty under enforceable netting agreements. Approximately $392 billion, $317 billion and $5 billion of the netting against trading account asset/liability balances is attributable to each of the OTC, Cleared and Exchange-traded derivatives, respectively. | |||
[10] | Represents the netting of cash collateral paid and received by counterparty under enforceable credit support agreements. Substantially all cash collateral received is netted against OTC derivative assets. Cash collateral paid of approximately $38 billion and $4 billion is netted against each of the OTC and Cleared derivative liabilities, respectively. | |||
[11] | Represents the netting of cash collateral paid and received by counterparty under enforceable credit support agreements. Substantially all cash collateral received is netted against OTC derivative assets. Cash collateral paid of approximately $33 billion and $6 billion is netted against OTC and Cleared derivative liabilities, respectively. | |||
[12] | The net receivables/payables include approximately $13 billion and $17 billion of derivative asset and liability fair values as of June 30, 2014, respectively, not subject to enforceable master netting agreements. | |||
[13] | The net receivables/payables include approximately $16 billion of both derivative asset and liability fair values not subject to enforceable master netting agreements. | |||
[14] | The credit derivatives trading assets comprise $13,673 million related to protection purchased and $26,673 million related to protection sold as of December 31, 2013. The credit derivatives trading liabilities comprise $28,158 million related to protection purchased and $12,636 million related to protection sold as of December 31, 2013. |
DERIVATIVES_ACTIVITIES_Details2
DERIVATIVES ACTIVITIES (Details 3) (USD $) | 3 Months Ended | 6 Months Ended | ||||||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | |||||
Pretax change in accumulated other comprehensive income (loss) | ' | ' | ' | ' | ||||
Cash flow hedges expected to be reclassified within 12 months | ' | ' | $300,000,000 | ' | ||||
Maximum length of time hedged in cash flow hedge | ' | ' | '10 years | ' | ||||
Other revenue | ' | ' | ' | ' | ||||
Derivative gain (loss) | ' | ' | ' | ' | ||||
Gains (losses) recognized in Other revenue related to derivatives not designated in a qualifying hedging relationship | -169,000,000 | 45,000,000 | -67,000,000 | -1,322,000,000 | ||||
Gain (loss) on fair value hedges | ' | ' | ' | ' | ||||
Gain (loss) on the derivatives in designated and qualifying fair value hedges | 562,000,000 | [1] | -1,518,000,000 | [1] | 835,000,000 | [1] | -2,744,000,000 | [1] |
Gain (loss) on the hedged item in designated and qualifying fair value hedges | -622,000,000 | [1] | 1,532,000,000 | [1] | -916,000,000 | [1] | 2,770,000,000 | [1] |
Hedge ineffectiveness recognized in earnings on designated and qualifying fair value hedges | -29,000,000 | [1] | -15,000,000 | [1] | -46,000,000 | [1] | -29,000,000 | [1] |
Net gain (loss) excluded from assessment of the effectiveness of fair value hedges | -31,000,000 | [1] | 29,000,000 | [1] | -35,000,000 | [1] | 55,000,000 | [1] |
Interest rate contracts | Other revenue | ' | ' | ' | ' | ||||
Derivative gain (loss) | ' | ' | ' | ' | ||||
Gains (losses) recognized in Other revenue related to derivatives not designated in a qualifying hedging relationship | 20,000,000 | -65,000,000 | 121,000,000 | -250,000,000 | ||||
Gain (loss) on fair value hedges | ' | ' | ' | ' | ||||
Gain (loss) on the derivatives in designated and qualifying fair value hedges | 344,000,000 | [1] | -1,557,000,000 | [1] | 608,000,000 | [1] | -2,491,000,000 | [1] |
Gain (loss) on the hedged item in designated and qualifying fair value hedges | -368,000,000 | [1] | 1,536,000,000 | [1] | -654,000,000 | [1] | 2,468,000,000 | [1] |
Hedge ineffectiveness recognized in earnings on designated and qualifying fair value hedges | -25,000,000 | [1] | -21,000,000 | [1] | -46,000,000 | [1] | -23,000,000 | [1] |
Net gain (loss) excluded from assessment of the effectiveness of fair value hedges | 1,000,000 | ' | 0 | ' | ||||
Foreign exchange contracts | Other revenue | ' | ' | ' | ' | ||||
Derivative gain (loss) | ' | ' | ' | ' | ||||
Gains (losses) recognized in Other revenue related to derivatives not designated in a qualifying hedging relationship | -56,000,000 | 169,000,000 | 40,000,000 | -902,000,000 | ||||
Gain (loss) on fair value hedges | ' | ' | ' | ' | ||||
Gain (loss) on the derivatives in designated and qualifying fair value hedges | 321,000,000 | [1] | 39,000,000 | [1] | 330,000,000 | [1] | -253,000,000 | [1] |
Gain (loss) on the hedged item in designated and qualifying fair value hedges | -360,000,000 | [1] | -4,000,000 | [1] | -368,000,000 | [1] | 302,000,000 | [1] |
Hedge ineffectiveness recognized in earnings on designated and qualifying fair value hedges | -4,000,000 | [1] | 6,000,000 | [1] | ' | -6,000,000 | [1] | |
Net gain (loss) excluded from assessment of the effectiveness of fair value hedges | -35,000,000 | [1],[2] | 29,000,000 | [1],[2] | -38,000,000 | [1],[2] | 55,000,000 | [1],[2] |
Commodity and other contract options | Other revenue | ' | ' | ' | ' | ||||
Gain (loss) on fair value hedges | ' | ' | ' | ' | ||||
Gain (loss) on the derivatives in designated and qualifying fair value hedges | -103,000,000 | [1] | ' | -103,000,000 | [1] | ' | ||
Gain (loss) on the hedged item in designated and qualifying fair value hedges | 106,000,000 | [1] | ' | 106,000,000 | [1] | ' | ||
Net gain (loss) excluded from assessment of the effectiveness of fair value hedges | 3,000,000 | [1],[2] | ' | 3,000,000 | [1],[2] | ' | ||
Credit derivatives | Other revenue | ' | ' | ' | ' | ||||
Derivative gain (loss) | ' | ' | ' | ' | ||||
Gains (losses) recognized in Other revenue related to derivatives not designated in a qualifying hedging relationship | -133,000,000 | -59,000,000 | -228,000,000 | -170,000,000 | ||||
Cash Flow Hedges | ' | ' | ' | ' | ||||
Pretax change in accumulated other comprehensive income (loss) | ' | ' | ' | ' | ||||
Effective portion of cash flow hedges included in AOCI | 104,000,000 | 559,000,000 | 168,000,000 | 534,000,000 | ||||
Effective portion of cash flow hedges reclassified from AOCI to earnings | -101,000,000 | [3] | -245,000,000 | [3] | -218,000,000 | [3] | -471,000,000 | [3] |
Cash Flow Hedges | Interest rate contracts | ' | ' | ' | ' | ||||
Pretax change in accumulated other comprehensive income (loss) | ' | ' | ' | ' | ||||
Effective portion of cash flow hedges included in AOCI | 155,000,000 | 474,000,000 | 223,000,000 | 513,000,000 | ||||
Effective portion of cash flow hedges reclassified from AOCI to earnings | -73,000,000 | -202,000,000 | -134,000,000 | -385,000,000 | ||||
Cash Flow Hedges | Foreign exchange contracts | ' | ' | ' | ' | ||||
Pretax change in accumulated other comprehensive income (loss) | ' | ' | ' | ' | ||||
Effective portion of cash flow hedges included in AOCI | -51,000,000 | 71,000,000 | -57,000,000 | 3,000,000 | ||||
Effective portion of cash flow hedges reclassified from AOCI to earnings | -28,000,000 | -43,000,000 | -84,000,000 | -86,000,000 | ||||
Cash Flow Hedges | Credit derivatives | ' | ' | ' | ' | ||||
Pretax change in accumulated other comprehensive income (loss) | ' | ' | ' | ' | ||||
Effective portion of cash flow hedges included in AOCI | ' | 14,000,000 | 2,000,000 | 18,000,000 | ||||
Net Investment Hedges | ' | ' | ' | ' | ||||
Pretax change in accumulated other comprehensive income (loss) | ' | ' | ' | ' | ||||
Effective portion of cash flow hedges included in AOCI | -1,141,000,000 | 1,833,000,000 | -1,618,000,000 | 2,322,000,000 | ||||
Net investment hedge ineffectiveness recorded in earnings | ' | ' | $0 | ' | ||||
[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. | |||||||
[3] | Included primarily in Other revenue and Net interest revenue on the Consolidated Income Statement. |
DERIVATIVES_ACTIVITIES_Details3
DERIVATIVES ACTIVITIES (Details 4) (USD $) | 6 Months Ended | |||
Jun. 30, 2014 | Dec. 31, 2013 | |||
agency | ||||
Credit Derivative | ' | ' | ||
Fair value of derivative in liability position | $26,000,000,000 | $26,000,000,000 | ||
Fair value of collateral already posted | 23,000,000,000 | 24,000,000,000 | ||
Number of rating agencies | 3 | ' | ||
Additional collateral to be posted | 2,300,000,000 | ' | ||
Collateral to be segregated | 100,000,000 | ' | ||
Aggregate cash obligations and collateral requirements | 2,400,000,000 | ' | ||
Sold | ' | ' | ||
Credit Derivative | ' | ' | ||
Maximum potential amount of future payments | 1,107,165,000,000 | 1,143,363,000,000 | ||
Credit derivative, fair value payable | 10,414,000,000 | [1],[2] | 12,636,000,000 | [3],[4] |
Credit derivative, fair value receivable | 27,866,000,000 | 26,673,000,000 | ||
Sold | Within 1 year | ' | ' | ||
Credit Derivative | ' | ' | ||
Maximum potential amount of future payments | 243,972,000,000 | 221,562,000,000 | ||
Credit derivative, fair value payable | 786,000,000 | [1],[2] | 858,000,000 | [3],[4] |
Sold | From 1 to 5 years | ' | ' | ||
Credit Derivative | ' | ' | ||
Maximum potential amount of future payments | 791,921,000,000 | 853,391,000,000 | ||
Credit derivative, fair value payable | 6,703,000,000 | [1],[2] | 7,492,000,000 | [3],[4] |
Sold | After 5 years | ' | ' | ||
Credit Derivative | ' | ' | ||
Maximum potential amount of future payments | 71,272,000,000 | 68,410,000,000 | ||
Credit derivative, fair value payable | 2,925,000,000 | [1],[2] | 4,286,000,000 | [3],[4] |
Sold | Investment Grade | ' | ' | ||
Credit Derivative | ' | ' | ||
Maximum potential amount of future payments | 845,147,000,000 | 752,640,000,000 | ||
Credit derivative, fair value payable | 1,502,000,000 | [1],[2] | 3,242,000,000 | [3],[4] |
Sold | Non-Investment Grade | ' | ' | ||
Credit Derivative | ' | ' | ||
Maximum potential amount of future payments | 262,018,000,000 | 390,723,000,000 | ||
Credit derivative, fair value payable | 8,912,000,000 | [1],[2] | 9,394,000,000 | [3],[4] |
Sold | Credit default swaps and options | ' | ' | ||
Credit Derivative | ' | ' | ||
Maximum potential amount of future payments | 1,104,211,000,000 | 1,141,864,000,000 | ||
Credit derivative, fair value payable | 10,387,000,000 | [1],[2] | 12,607,000,000 | [3],[4] |
Sold | Total return swaps and other | ' | ' | ||
Credit Derivative | ' | ' | ||
Maximum potential amount of future payments | 2,954,000,000 | 1,499,000,000 | ||
Credit derivative, fair value payable | 27,000,000 | [1],[2] | 29,000,000 | [3],[4] |
Sold | Bank | ' | ' | ||
Credit Derivative | ' | ' | ||
Maximum potential amount of future payments | 651,837,000,000 | 727,748,000,000 | ||
Credit derivative, fair value payable | 5,665,000,000 | [1],[2] | 6,520,000,000 | [3],[4] |
Sold | Broker-dealer | ' | ' | ||
Credit Derivative | ' | ' | ||
Maximum potential amount of future payments | 212,273,000,000 | 224,073,000,000 | ||
Credit derivative, fair value payable | 2,934,000,000 | [1],[2] | 4,001,000,000 | [3],[4] |
Sold | Non-financial | ' | ' | ||
Credit Derivative | ' | ' | ||
Maximum potential amount of future payments | 5,922,000,000 | 2,820,000,000 | ||
Credit derivative, fair value payable | 80,000,000 | [1],[2] | 56,000,000 | [3],[4] |
Sold | Insurance and other financial institutions | ' | ' | ||
Credit Derivative | ' | ' | ||
Maximum potential amount of future payments | 237,133,000,000 | 188,722,000,000 | ||
Credit derivative, fair value payable | 1,735,000,000 | [1],[2] | 2,059,000,000 | [3],[4] |
Purchased | ' | ' | ||
Credit Derivative | ' | ' | ||
Credit derivative, fair value payable | $29,180,000,000 | $28,723,000,000 | ||
[1] | In addition, fair value amounts receivable under credit derivatives sold were $27,866 million. | |||
[2] | In addition, fair value amounts payable under credit derivatives purchased were $29,180 million. | |||
[3] | In addition, fair value amounts receivable under credit derivatives sold were $26,673 million. | |||
[4] | In addition, fair value amounts payable under credit derivatives purchased were $28,723 million. |
FAIR_VALUE_MEASUREMENT_Details
FAIR VALUE MEASUREMENT (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||||||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | ||||
item | ||||||||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ' | ' | ' | ' | ' | |||
Weighted average FICO score of the underlying collateral for Alt-A mortgage securities recorded at fair value, low end of range | ' | ' | 680 | ' | ' | |||
Weighted average FICO score of the underlying collateral for Alt-A mortgage securities recorded at fair value, high end of range | ' | ' | 720 | ' | ' | |||
Maximum percentage of underlying collateral where FICO scores are greater than 720 | ' | ' | 30.00% | ' | ' | |||
Federal funds sold and securities borrowed or purchased under agreements to resell, selected portfolios of securities purchased under agreements to resell, Netting | ($65,519,000,000) | [1] | ' | ($65,519,000,000) | [1] | ' | ($43,245,000,000) | [1] |
Trading securities | 290,776,000,000 | ' | 290,776,000,000 | ' | 285,928,000,000 | |||
Netting of cash collateral received | -36,835,000,000 | ' | -36,835,000,000 | ' | -34,893,000,000 | |||
Investments | 325,623,000,000 | ' | 325,623,000,000 | ' | 308,980,000,000 | |||
Loans | 4,804,000,000 | ' | 4,804,000,000 | ' | 5,029,000,000 | |||
Mortgage servicing rights (MSRs) | 2,282,000,000 | ' | 2,282,000,000 | ' | 2,718,000,000 | |||
Federal funds purchased and securities loaned or sold under agreements to repurchase, selected portfolios of securities sold under agreements to repurchase, Netting | -65,519,000,000 | [1] | ' | -65,519,000,000 | [1] | ' | -43,245,000,000 | [1] |
Assets transferred from Level 1 to Level 2 | 700,000,000 | 500,000,000 | 1,900,000,000 | 900,000,000 | ' | |||
Assets transferred from Level 2 to Level 1 | 800,000,000 | 200,000,000 | 3,000,000,000 | 49,000,000,000 | ' | |||
Liabilities transferred from Level 1 to Level 2 | ' | ' | 1,400,000,000 | ' | ' | |||
Netting of cash collateral paid | -41,625,000,000 | ' | -41,625,000,000 | ' | -39,094,000,000 | |||
Mortgage-backed securities - U.S. government-sponsored agency guaranteed | ' | ' | ' | ' | ' | |||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ' | ' | ' | ' | ' | |||
Trading securities | 21,138,000,000 | [2] | ' | 21,138,000,000 | [2] | ' | 23,955,000,000 | [2] |
Mortgage-backed securities - Commercial | ' | ' | ' | ' | ' | |||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ' | ' | ' | ' | ' | |||
Trading securities | 2,367,000,000 | [2] | ' | 2,367,000,000 | [2] | ' | 2,574,000,000 | [2] |
Mortgage-backed securities | ' | ' | ' | ' | ' | |||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ' | ' | ' | ' | ' | |||
Trading securities | 27,540,000,000 | [2] | ' | 27,540,000,000 | [2] | ' | 30,606,000,000 | [2] |
U.S. Treasury and federal agency securities | ' | ' | ' | ' | ' | |||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ' | ' | ' | ' | ' | |||
Trading securities | 20,318,000,000 | ' | 20,318,000,000 | ' | 14,837,000,000 | |||
State and municipal securities | ' | ' | ' | ' | ' | |||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ' | ' | ' | ' | ' | |||
Trading securities | 2,726,000,000 | ' | 2,726,000,000 | ' | 3,207,000,000 | |||
Foreign government | ' | ' | ' | ' | ' | |||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ' | ' | ' | ' | ' | |||
Trading securities | 80,985,000,000 | ' | 80,985,000,000 | ' | 74,856,000,000 | |||
Corporate | ' | ' | ' | ' | ' | |||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ' | ' | ' | ' | ' | |||
Trading securities | 29,946,000,000 | ' | 29,946,000,000 | ' | 30,534,000,000 | |||
Equity securities | ' | ' | ' | ' | ' | |||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ' | ' | ' | ' | ' | |||
Trading securities | 59,579,000,000 | ' | 59,579,000,000 | ' | 61,776,000,000 | |||
Asset-backed securities | ' | ' | ' | ' | ' | |||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ' | ' | ' | ' | ' | |||
Trading securities | 4,504,000,000 | [2] | ' | 4,504,000,000 | [2] | ' | 5,616,000,000 | [2] |
Other debt securities | ' | ' | ' | ' | ' | |||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ' | ' | ' | ' | ' | |||
Trading securities | 14,676,000,000 | [3] | ' | 14,676,000,000 | [3] | ' | 11,675,000,000 | [3] |
Recurring | ' | ' | ' | ' | ' | |||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ' | ' | ' | ' | ' | |||
Loans | 4,804,000,000 | [4] | ' | 4,804,000,000 | [4] | ' | 5,029,000,000 | [4] |
Mortgage servicing rights (MSRs) | 2,282,000,000 | ' | 2,282,000,000 | ' | 2,718,000,000 | |||
Recurring | Mortgage-backed securities - U.S. government-sponsored agency guaranteed | ' | ' | ' | ' | ' | |||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ' | ' | ' | ' | ' | |||
Trading securities | 21,138,000,000 | ' | 21,138,000,000 | ' | ' | |||
Recurring | Mortgage-backed securities - Residential | ' | ' | ' | ' | ' | |||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ' | ' | ' | ' | ' | |||
Trading securities | 4,035,000,000 | ' | 4,035,000,000 | ' | ' | |||
Recurring | Mortgage-backed securities - Commercial | ' | ' | ' | ' | ' | |||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ' | ' | ' | ' | ' | |||
Trading securities | 2,367,000,000 | ' | 2,367,000,000 | ' | ' | |||
Recurring | Mortgage-backed securities | ' | ' | ' | ' | ' | |||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ' | ' | ' | ' | ' | |||
Trading securities | 27,540,000,000 | ' | 27,540,000,000 | ' | ' | |||
Recurring | U.S. Treasury and federal agency securities | ' | ' | ' | ' | ' | |||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ' | ' | ' | ' | ' | |||
Trading securities | 20,318,000,000 | ' | 20,318,000,000 | ' | ' | |||
Recurring | State and municipal securities | ' | ' | ' | ' | ' | |||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ' | ' | ' | ' | ' | |||
Trading securities | 2,726,000,000 | ' | 2,726,000,000 | ' | ' | |||
Recurring | Foreign government | ' | ' | ' | ' | ' | |||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ' | ' | ' | ' | ' | |||
Trading securities | 80,985,000,000 | ' | 80,985,000,000 | ' | ' | |||
Recurring | Corporate | ' | ' | ' | ' | ' | |||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ' | ' | ' | ' | ' | |||
Trading securities | 29,946,000,000 | ' | 29,946,000,000 | ' | ' | |||
Recurring | Equity securities | ' | ' | ' | ' | ' | |||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ' | ' | ' | ' | ' | |||
Trading securities | 59,579,000,000 | ' | 59,579,000,000 | ' | ' | |||
Recurring | Asset-backed securities | ' | ' | ' | ' | ' | |||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ' | ' | ' | ' | ' | |||
Trading securities | 4,504,000,000 | ' | 4,504,000,000 | ' | ' | |||
Recurring | Other debt securities | ' | ' | ' | ' | ' | |||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ' | ' | ' | ' | ' | |||
Trading securities | 14,676,000,000 | ' | 14,676,000,000 | ' | ' | |||
Recurring | Level 1 | ' | ' | ' | ' | ' | |||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ' | ' | ' | ' | ' | |||
Investments | 127,705,000,000 | [5] | ' | 127,705,000,000 | [5] | ' | 106,905,000,000 | [6] |
Total assets, Gross | 254,668,000,000 | [5] | ' | 254,668,000,000 | [5] | ' | 233,316,000,000 | [6] |
Total as a percentage of gross assets | 17.80% | [5],[7] | ' | 17.80% | [5],[7] | ' | 15.40% | [6],[7] |
Securities sold, not yet purchased | 63,507,000,000 | [5] | ' | 63,507,000,000 | [5] | ' | 51,035,000,000 | [6] |
Total liabilities, Gross | 66,469,000,000 | [5] | ' | 66,469,000,000 | [5] | ' | 57,222,000,000 | [6] |
Total as a percentage of gross liabilities | 7.50% | [5],[7] | ' | 7.50% | [5],[7] | ' | 5.90% | [6],[7] |
Recurring | Level 1 | Trading derivatives liabilities | ' | ' | ' | ' | ' | |||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ' | ' | ' | ' | ' | |||
Derivatives, Gross inventory | 2,962,000,000 | [5] | ' | 2,962,000,000 | [5] | ' | 6,187,000,000 | [6] |
Recurring | Level 1 | Trading derivatives liabilities | Interest rate contracts | ' | ' | ' | ' | ' | |||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ' | ' | ' | ' | ' | |||
Derivatives, Gross inventory | 5,000,000 | [5] | ' | 5,000,000 | [5] | ' | 12,000,000 | [6] |
Recurring | Level 1 | Trading derivatives liabilities | Foreign exchange contracts | ' | ' | ' | ' | ' | |||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ' | ' | ' | ' | ' | |||
Derivatives, Gross inventory | 0 | [5] | ' | 0 | [5] | ' | 29,000,000 | [6] |
Recurring | Level 1 | Trading derivatives liabilities | Equity contracts | ' | ' | ' | ' | ' | |||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ' | ' | ' | ' | ' | |||
Derivatives, Gross inventory | 2,724,000,000 | [5] | ' | 2,724,000,000 | [5] | ' | 5,783,000,000 | [6] |
Recurring | Level 1 | Trading derivatives liabilities | Commodity contracts | ' | ' | ' | ' | ' | |||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ' | ' | ' | ' | ' | |||
Derivatives, Gross inventory | 233,000,000 | [5] | ' | 233,000,000 | [5] | ' | 363,000,000 | [6] |
Recurring | Level 1 | Mortgage-backed securities - U.S. government-sponsored agency guaranteed | ' | ' | ' | ' | ' | |||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ' | ' | ' | ' | ' | |||
Investments | ' | ' | ' | ' | 0 | [6] | ||
Recurring | Level 1 | Mortgage-backed securities | ' | ' | ' | ' | ' | |||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ' | ' | ' | ' | ' | |||
Investments | ' | ' | ' | ' | 0 | [6] | ||
Recurring | Level 1 | U.S. Treasury and federal agency securities | ' | ' | ' | ' | ' | |||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ' | ' | ' | ' | ' | |||
Trading securities | 16,197,000,000 | [5] | ' | 16,197,000,000 | [5] | ' | 12,080,000,000 | [6] |
Investments | 88,629,000,000 | [5] | ' | 88,629,000,000 | [5] | ' | 69,139,000,000 | [6] |
Recurring | Level 1 | Foreign government | ' | ' | ' | ' | ' | |||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ' | ' | ' | ' | ' | |||
Trading securities | 52,449,000,000 | [5] | ' | 52,449,000,000 | [5] | ' | 49,220,000,000 | [6] |
Investments | 34,059,000,000 | [5] | ' | 34,059,000,000 | [5] | ' | 35,179,000,000 | [6] |
Recurring | Level 1 | Corporate | ' | ' | ' | ' | ' | |||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ' | ' | ' | ' | ' | |||
Investments | 6,000,000 | [5] | ' | 6,000,000 | [5] | ' | 4,000,000 | [6] |
Recurring | Level 1 | Equity securities | ' | ' | ' | ' | ' | |||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ' | ' | ' | ' | ' | |||
Trading securities | 55,357,000,000 | [5] | ' | 55,357,000,000 | [5] | ' | 58,761,000,000 | [6] |
Investments | 5,011,000,000 | [5] | ' | 5,011,000,000 | [5] | ' | 2,583,000,000 | [6] |
Recurring | Level 1 | Trading account assets | ' | ' | ' | ' | ' | |||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ' | ' | ' | ' | ' | |||
Total Gross Trading account derivatives, Assets | 2,960,000,000 | [5] | ' | 2,960,000,000 | [5] | ' | 6,350,000,000 | [6] |
Recurring | Level 1 | Trading account assets | Interest rate contracts | ' | ' | ' | ' | ' | |||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ' | ' | ' | ' | ' | |||
Total Gross Trading account derivatives, Assets | 10,000,000 | [5] | ' | 10,000,000 | [5] | ' | 11,000,000 | [6] |
Recurring | Level 1 | Trading account assets | Foreign exchange contracts | ' | ' | ' | ' | ' | |||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ' | ' | ' | ' | ' | |||
Total Gross Trading account derivatives, Assets | 38,000,000 | [5] | ' | 38,000,000 | [5] | ' | 40,000,000 | [6] |
Recurring | Level 1 | Trading account assets | Equity contracts | ' | ' | ' | ' | ' | |||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ' | ' | ' | ' | ' | |||
Total Gross Trading account derivatives, Assets | 2,706,000,000 | [5] | ' | 2,706,000,000 | [5] | ' | 5,793,000,000 | [6] |
Recurring | Level 1 | Trading account assets | Commodity contracts | ' | ' | ' | ' | ' | |||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ' | ' | ' | ' | ' | |||
Total Gross Trading account derivatives, Assets | 206,000,000 | [5] | ' | 206,000,000 | [5] | ' | 506,000,000 | [6] |
Recurring | Level 1 | Trading securities (excluding trading account derivatives) | ' | ' | ' | ' | ' | |||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ' | ' | ' | ' | ' | |||
Trading securities | 124,003,000,000 | [5] | ' | 124,003,000,000 | [5] | ' | 120,061,000,000 | [6] |
Recurring | Level 2 | ' | ' | ' | ' | ' | |||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ' | ' | ' | ' | ' | |||
Federal funds sold and securities borrowed or purchased under agreements to resell, selected portfolios of securities purchased under agreements to resell, Gross | 188,049,000,000 | [5] | ' | 188,049,000,000 | [5] | ' | 172,848,000,000 | [6] |
Investments | 159,035,000,000 | [5] | ' | 159,035,000,000 | [5] | ' | 174,570,000,000 | [6] |
Loans | 1,494,000,000 | [4],[5] | ' | 1,494,000,000 | [4],[5] | ' | 886,000,000 | [4],[6] |
Total assets, Gross | 1,134,287,000,000 | [5] | ' | 1,134,287,000,000 | [5] | ' | 1,234,714,000,000 | [6] |
Total as a percentage of gross assets | 79.10% | [5],[7] | ' | 79.10% | [5],[7] | ' | 81.60% | [6],[7] |
Interest-bearing deposits | 978,000,000 | [5] | ' | 978,000,000 | [5] | ' | 787,000,000 | [6] |
Federal funds purchased and securities loaned or sold under agreements to repurchase, selected portfolios of securities sold under agreements to repurchase, Gross | 89,758,000,000 | [5] | ' | 89,758,000,000 | [5] | ' | 85,576,000,000 | [6] |
Securities sold, not yet purchased | 11,848,000,000 | [5] | ' | 11,848,000,000 | [5] | ' | 9,883,000,000 | [6] |
Short-term borrowings | 1,107,000,000 | [5] | ' | 1,107,000,000 | [5] | ' | 3,663,000,000 | [6] |
Long-term debt, at fair value | 19,567,000,000 | [5] | ' | 19,567,000,000 | [5] | ' | 19,256,000,000 | [6] |
Total liabilities, Gross | 793,115,000,000 | [5] | ' | 793,115,000,000 | [5] | ' | 894,749,000,000 | [6] |
Total as a percentage of gross liabilities | 90.00% | [5],[7] | ' | 90.00% | [5],[7] | ' | 91.90% | [6],[7] |
Recurring | Level 2 | Trading derivatives liabilities | ' | ' | ' | ' | ' | |||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ' | ' | ' | ' | ' | |||
Derivatives, Gross inventory | 667,363,000,000 | [5] | ' | 667,363,000,000 | [5] | ' | 773,865,000,000 | [6] |
Recurring | Level 2 | Trading derivatives liabilities | Interest rate contracts | ' | ' | ' | ' | ' | |||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ' | ' | ' | ' | ' | |||
Derivatives, Gross inventory | 527,091,000,000 | [5] | ' | 527,091,000,000 | [5] | ' | 614,586,000,000 | [6] |
Recurring | Level 2 | Trading derivatives liabilities | Foreign exchange contracts | ' | ' | ' | ' | ' | |||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ' | ' | ' | ' | ' | |||
Derivatives, Gross inventory | 65,355,000,000 | [5] | ' | 65,355,000,000 | [5] | ' | 87,978,000,000 | [6] |
Recurring | Level 2 | Trading derivatives liabilities | Equity contracts | ' | ' | ' | ' | ' | |||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ' | ' | ' | ' | ' | |||
Derivatives, Gross inventory | 28,251,000,000 | [5] | ' | 28,251,000,000 | [5] | ' | 26,178,000,000 | [6] |
Recurring | Level 2 | Trading derivatives liabilities | Commodity contracts | ' | ' | ' | ' | ' | |||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ' | ' | ' | ' | ' | |||
Derivatives, Gross inventory | 10,711,000,000 | [5] | ' | 10,711,000,000 | [5] | ' | 7,613,000,000 | [6] |
Recurring | Level 2 | Trading derivatives liabilities | Credit derivatives | ' | ' | ' | ' | ' | |||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ' | ' | ' | ' | ' | |||
Derivatives, Gross inventory | 35,955,000,000 | [5] | ' | 35,955,000,000 | [5] | ' | 37,510,000,000 | [6] |
Recurring | Level 2 | Non-trading derivatives and other financial liabilities | ' | ' | ' | ' | ' | |||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ' | ' | ' | ' | ' | |||
Other liabilities, gross | 2,494,000,000 | [5] | ' | 2,494,000,000 | [5] | ' | 1,719,000,000 | [6] |
Recurring | Level 2 | Mortgage-backed securities - U.S. government-sponsored agency guaranteed | ' | ' | ' | ' | ' | |||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ' | ' | ' | ' | ' | |||
Trading securities | 20,441,000,000 | [5] | ' | 20,441,000,000 | [5] | ' | 22,861,000,000 | [6] |
Investments | 37,382,000,000 | [5] | ' | 37,382,000,000 | [5] | ' | 41,810,000,000 | [6] |
Recurring | Level 2 | Mortgage-backed securities - Residential | ' | ' | ' | ' | ' | |||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ' | ' | ' | ' | ' | |||
Trading securities | 1,425,000,000 | [5] | ' | 1,425,000,000 | [5] | ' | 1,223,000,000 | [6] |
Investments | 9,562,000,000 | [5] | ' | 9,562,000,000 | [5] | ' | 10,103,000,000 | [6] |
Recurring | Level 2 | Mortgage-backed securities - Commercial | ' | ' | ' | ' | ' | |||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ' | ' | ' | ' | ' | |||
Trading securities | 1,958,000,000 | [5] | ' | 1,958,000,000 | [5] | ' | 2,318,000,000 | [6] |
Investments | 514,000,000 | [5] | ' | 514,000,000 | [5] | ' | 453,000,000 | [6] |
Recurring | Level 2 | Mortgage-backed securities | ' | ' | ' | ' | ' | |||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ' | ' | ' | ' | ' | |||
Trading securities | 23,824,000,000 | [5] | ' | 23,824,000,000 | [5] | ' | 26,402,000,000 | [6] |
Investments | 47,458,000,000 | [5] | ' | 47,458,000,000 | [5] | ' | 52,366,000,000 | [6] |
Recurring | Level 2 | U.S. Treasury and federal agency securities | ' | ' | ' | ' | ' | |||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ' | ' | ' | ' | ' | |||
Trading securities | 4,121,000,000 | [5] | ' | 4,121,000,000 | [5] | ' | 2,757,000,000 | [6] |
Investments | 15,176,000,000 | [5] | ' | 15,176,000,000 | [5] | ' | 18,449,000,000 | [6] |
Recurring | Level 2 | State and municipal securities | ' | ' | ' | ' | ' | |||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ' | ' | ' | ' | ' | |||
Trading securities | 2,484,000,000 | [5] | ' | 2,484,000,000 | [5] | ' | 2,985,000,000 | [6] |
Investments | 10,790,000,000 | [5] | ' | 10,790,000,000 | [5] | ' | 17,297,000,000 | [6] |
Recurring | Level 2 | Foreign government | ' | ' | ' | ' | ' | |||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ' | ' | ' | ' | ' | |||
Trading securities | 28,071,000,000 | [5] | ' | 28,071,000,000 | [5] | ' | 25,220,000,000 | [6] |
Investments | 61,306,000,000 | [5] | ' | 61,306,000,000 | [5] | ' | 60,948,000,000 | [6] |
Recurring | Level 2 | Corporate | ' | ' | ' | ' | ' | |||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ' | ' | ' | ' | ' | |||
Trading securities | 28,684,000,000 | [5] | ' | 28,684,000,000 | [5] | ' | 28,699,000,000 | [6] |
Investments | 10,485,000,000 | [5] | ' | 10,485,000,000 | [5] | ' | 10,841,000,000 | [6] |
Recurring | Level 2 | Equity securities | ' | ' | ' | ' | ' | |||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ' | ' | ' | ' | ' | |||
Trading securities | 2,359,000,000 | [5] | ' | 2,359,000,000 | [5] | ' | 1,958,000,000 | [6] |
Investments | 276,000,000 | [5] | ' | 276,000,000 | [5] | ' | 336,000,000 | [6] |
Recurring | Level 2 | Asset-backed securities | ' | ' | ' | ' | ' | |||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ' | ' | ' | ' | ' | |||
Trading securities | 1,128,000,000 | [5] | ' | 1,128,000,000 | [5] | ' | 1,274,000,000 | [6] |
Investments | 12,684,000,000 | [5] | ' | 12,684,000,000 | [5] | ' | 13,314,000,000 | [6] |
Recurring | Level 2 | Other debt securities | ' | ' | ' | ' | ' | |||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ' | ' | ' | ' | ' | |||
Trading securities | 10,660,000,000 | [5] | ' | 10,660,000,000 | [5] | ' | 8,491,000,000 | [6] |
Investments | 662,000,000 | [5] | ' | 662,000,000 | [5] | ' | 661,000,000 | |
Recurring | Level 2 | Non-marketable equity securities | ' | ' | ' | ' | ' | |||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ' | ' | ' | ' | ' | |||
Investments | 198,000,000 | [5] | ' | 198,000,000 | [5] | ' | 358,000,000 | [6] |
Recurring | Level 2 | Trading account assets | ' | ' | ' | ' | ' | |||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ' | ' | ' | ' | ' | |||
Total Gross Trading account derivatives, Assets | 673,993,000,000 | [5] | ' | 673,993,000,000 | [5] | ' | 778,813,000,000 | [6] |
Recurring | Level 2 | Trading account assets | Interest rate contracts | ' | ' | ' | ' | ' | |||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ' | ' | ' | ' | ' | |||
Total Gross Trading account derivatives, Assets | 541,340,000,000 | [5] | ' | 541,340,000,000 | [5] | ' | 624,902,000,000 | [6] |
Recurring | Level 2 | Trading account assets | Foreign exchange contracts | ' | ' | ' | ' | ' | |||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ' | ' | ' | ' | ' | |||
Total Gross Trading account derivatives, Assets | 65,183,000,000 | [5] | ' | 65,183,000,000 | [5] | ' | 91,189,000,000 | [6] |
Recurring | Level 2 | Trading account assets | Equity contracts | ' | ' | ' | ' | ' | |||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ' | ' | ' | ' | ' | |||
Total Gross Trading account derivatives, Assets | 19,520,000,000 | [5] | ' | 19,520,000,000 | [5] | ' | 17,611,000,000 | [6] |
Recurring | Level 2 | Trading account assets | Commodity contracts | ' | ' | ' | ' | ' | |||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ' | ' | ' | ' | ' | |||
Total Gross Trading account derivatives, Assets | 11,521,000,000 | [5] | ' | 11,521,000,000 | [5] | ' | 7,775,000,000 | [6] |
Recurring | Level 2 | Trading account assets | Credit derivatives | ' | ' | ' | ' | ' | |||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ' | ' | ' | ' | ' | |||
Total Gross Trading account derivatives, Assets | 36,429,000,000 | [5] | ' | 36,429,000,000 | [5] | ' | 37,336,000,000 | [6] |
Recurring | Level 2 | Non-trading derivatives and other financial assets | ' | ' | ' | ' | ' | |||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ' | ' | ' | ' | ' | |||
Other assets, gross | 10,385,000,000 | [5] | ' | 10,385,000,000 | [5] | ' | 9,811,000,000 | [6] |
Recurring | Level 2 | Trading securities (excluding trading account derivatives) | ' | ' | ' | ' | ' | |||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ' | ' | ' | ' | ' | |||
Trading securities | 101,331,000,000 | [5] | ' | 101,331,000,000 | [5] | ' | 97,786,000,000 | [6] |
Recurring | Level 3 | ' | ' | ' | ' | ' | |||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ' | ' | ' | ' | ' | |||
Federal funds sold and securities borrowed or purchased under agreements to resell, selected portfolios of securities purchased under agreements to resell, Gross | 3,363,000,000 | ' | 3,363,000,000 | ' | 3,566,000,000 | |||
Investments | 9,758,000,000 | ' | 9,758,000,000 | ' | 9,741,000,000 | |||
Loans | 3,310,000,000 | [4] | ' | 3,310,000,000 | [4] | ' | 4,143,000,000 | [4] |
Mortgage servicing rights (MSRs) | 2,282,000,000 | ' | 2,282,000,000 | ' | 2,718,000,000 | |||
Total assets, Gross | 44,073,000,000 | ' | 44,073,000,000 | ' | 45,685,000,000 | |||
Total as a percentage of gross assets | 3.10% | [7] | ' | 3.10% | [7] | ' | 3.00% | [7] |
Interest-bearing deposits | 909,000,000 | ' | 909,000,000 | ' | 890,000,000 | |||
Federal funds purchased and securities loaned or sold under agreements to repurchase, selected portfolios of securities sold under agreements to repurchase, Gross | 1,032,000,000 | ' | 1,032,000,000 | ' | 902,000,000 | |||
Securities sold, not yet purchased | 472,000,000 | ' | 472,000,000 | ' | 590,000,000 | |||
Short-term borrowings | 129,000,000 | ' | 129,000,000 | ' | 29,000,000 | |||
Long-term debt, at fair value | 7,847,000,000 | ' | 7,847,000,000 | ' | 7,621,000,000 | |||
Total liabilities, Gross | 22,071,000,000 | ' | 22,071,000,000 | ' | 21,109,000,000 | |||
Total as a percentage of gross liabilities | 2.50% | [7] | ' | 2.50% | [7] | ' | 2.20% | [7] |
Recurring | Level 3 | Trading derivatives liabilities | ' | ' | ' | ' | ' | |||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ' | ' | ' | ' | ' | |||
Derivatives, Gross inventory | 11,676,000,000 | ' | 11,676,000,000 | ' | 11,067,000,000 | |||
Recurring | Level 3 | Trading derivatives liabilities | Interest rate contracts | ' | ' | ' | ' | ' | |||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ' | ' | ' | ' | ' | |||
Derivatives, Gross inventory | 3,753,000,000 | ' | 3,753,000,000 | ' | 2,628,000,000 | |||
Recurring | Level 3 | Trading derivatives liabilities | Foreign exchange contracts | ' | ' | ' | ' | ' | |||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ' | ' | ' | ' | ' | |||
Derivatives, Gross inventory | 338,000,000 | ' | 338,000,000 | ' | 630,000,000 | |||
Recurring | Level 3 | Trading derivatives liabilities | Equity contracts | ' | ' | ' | ' | ' | |||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ' | ' | ' | ' | ' | |||
Derivatives, Gross inventory | 2,679,000,000 | ' | 2,679,000,000 | ' | 2,331,000,000 | |||
Recurring | Level 3 | Trading derivatives liabilities | Commodity contracts | ' | ' | ' | ' | ' | |||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ' | ' | ' | ' | ' | |||
Derivatives, Gross inventory | 1,882,000,000 | ' | 1,882,000,000 | ' | 2,194,000,000 | |||
Recurring | Level 3 | Trading derivatives liabilities | Credit derivatives | ' | ' | ' | ' | ' | |||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ' | ' | ' | ' | ' | |||
Derivatives, Gross inventory | 3,024,000,000 | ' | 3,024,000,000 | ' | 3,284,000,000 | |||
Recurring | Level 3 | Non-trading derivatives and other financial liabilities | ' | ' | ' | ' | ' | |||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ' | ' | ' | ' | ' | |||
Other liabilities, gross | 6,000,000 | ' | 6,000,000 | ' | 10,000,000 | |||
Recurring | Level 3 | Mortgage-backed securities - U.S. government-sponsored agency guaranteed | ' | ' | ' | ' | ' | |||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ' | ' | ' | ' | ' | |||
Trading securities | 697,000,000 | ' | 697,000,000 | ' | 1,094,000,000 | |||
Investments | 163,000,000 | ' | 163,000,000 | ' | 187,000,000 | |||
Recurring | Level 3 | Mortgage-backed securities - Residential | ' | ' | ' | ' | ' | |||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ' | ' | ' | ' | ' | |||
Trading securities | 2,610,000,000 | ' | 2,610,000,000 | ' | 2,854,000,000 | |||
Investments | 17,000,000 | ' | 17,000,000 | ' | 102,000,000 | |||
Recurring | Level 3 | Mortgage-backed securities - Commercial | ' | ' | ' | ' | ' | |||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ' | ' | ' | ' | ' | |||
Trading securities | 409,000,000 | ' | 409,000,000 | ' | 256,000,000 | |||
Investments | 7,000,000 | ' | 7,000,000 | ' | ' | |||
Recurring | Level 3 | Mortgage-backed securities | ' | ' | ' | ' | ' | |||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ' | ' | ' | ' | ' | |||
Trading securities | 3,716,000,000 | ' | 3,716,000,000 | ' | 4,204,000,000 | |||
Investments | 187,000,000 | ' | 187,000,000 | ' | 289,000,000 | |||
Recurring | Level 3 | U.S. Treasury and federal agency securities | ' | ' | ' | ' | ' | |||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ' | ' | ' | ' | ' | |||
Investments | 7,000,000 | ' | 7,000,000 | ' | 8,000,000 | |||
Recurring | Level 3 | State and municipal securities | ' | ' | ' | ' | ' | |||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ' | ' | ' | ' | ' | |||
Trading securities | 242,000,000 | ' | 242,000,000 | ' | 222,000,000 | |||
Investments | 2,102,000,000 | ' | 2,102,000,000 | ' | 1,643,000,000 | |||
Recurring | Level 3 | Foreign government | ' | ' | ' | ' | ' | |||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ' | ' | ' | ' | ' | |||
Trading securities | 465,000,000 | ' | 465,000,000 | ' | 416,000,000 | |||
Investments | 615,000,000 | ' | 615,000,000 | ' | 344,000,000 | |||
Recurring | Level 3 | Corporate | ' | ' | ' | ' | ' | |||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ' | ' | ' | ' | ' | |||
Trading securities | 1,262,000,000 | ' | 1,262,000,000 | ' | 1,835,000,000 | |||
Investments | 512,000,000 | ' | 512,000,000 | ' | 285,000,000 | |||
Recurring | Level 3 | Equity securities | ' | ' | ' | ' | ' | |||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ' | ' | ' | ' | ' | |||
Trading securities | 1,863,000,000 | ' | 1,863,000,000 | ' | 1,057,000,000 | |||
Investments | 826,000,000 | ' | 826,000,000 | ' | 815,000,000 | |||
Recurring | Level 3 | Asset-backed securities | ' | ' | ' | ' | ' | |||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ' | ' | ' | ' | ' | |||
Trading securities | 3,376,000,000 | ' | 3,376,000,000 | ' | 4,342,000,000 | |||
Investments | 1,739,000,000 | ' | 1,739,000,000 | ' | 1,960,000,000 | |||
Recurring | Level 3 | Other debt securities | ' | ' | ' | ' | ' | |||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ' | ' | ' | ' | ' | |||
Trading securities | 4,016,000,000 | ' | 4,016,000,000 | ' | 3,184,000,000 | |||
Investments | 48,000,000 | ' | 48,000,000 | ' | 50,000,000 | |||
Recurring | Level 3 | Non-marketable equity securities | ' | ' | ' | ' | ' | |||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ' | ' | ' | ' | ' | |||
Investments | 3,722,000,000 | ' | 3,722,000,000 | ' | 4,347,000,000 | |||
Recurring | Level 3 | Trading account assets | ' | ' | ' | ' | ' | |||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ' | ' | ' | ' | ' | |||
Total Gross Trading account derivatives, Assets | 10,219,000,000 | ' | 10,219,000,000 | ' | 10,076,000,000 | |||
Recurring | Level 3 | Trading account assets | Interest rate contracts | ' | ' | ' | ' | ' | |||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ' | ' | ' | ' | ' | |||
Total Gross Trading account derivatives, Assets | 3,770,000,000 | ' | 3,770,000,000 | ' | 3,467,000,000 | |||
Recurring | Level 3 | Trading account assets | Foreign exchange contracts | ' | ' | ' | ' | ' | |||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ' | ' | ' | ' | ' | |||
Total Gross Trading account derivatives, Assets | 1,185,000,000 | ' | 1,185,000,000 | ' | 1,325,000,000 | |||
Recurring | Level 3 | Trading account assets | Equity contracts | ' | ' | ' | ' | ' | |||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ' | ' | ' | ' | ' | |||
Total Gross Trading account derivatives, Assets | 1,786,000,000 | ' | 1,786,000,000 | ' | 1,473,000,000 | |||
Recurring | Level 3 | Trading account assets | Commodity contracts | ' | ' | ' | ' | ' | |||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ' | ' | ' | ' | ' | |||
Total Gross Trading account derivatives, Assets | 653,000,000 | ' | 653,000,000 | ' | 801,000,000 | |||
Recurring | Level 3 | Trading account assets | Credit derivatives | ' | ' | ' | ' | ' | |||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ' | ' | ' | ' | ' | |||
Total Gross Trading account derivatives, Assets | 2,825,000,000 | ' | 2,825,000,000 | ' | 3,010,000,000 | |||
Recurring | Level 3 | Non-trading derivatives and other financial assets | ' | ' | ' | ' | ' | |||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ' | ' | ' | ' | ' | |||
Other assets, gross | 201,000,000 | ' | 201,000,000 | ' | 181,000,000 | |||
Recurring | Level 3 | Trading securities (excluding trading account derivatives) | ' | ' | ' | ' | ' | |||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ' | ' | ' | ' | ' | |||
Trading securities | 14,940,000,000 | ' | 14,940,000,000 | ' | 15,260,000,000 | |||
Recurring | Fair value | ' | ' | ' | ' | ' | |||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ' | ' | ' | ' | ' | |||
Federal funds sold and securities borrowed or purchased under agreements to resell, selected portfolios of securities purchased under agreements to resell, Gross | 191,412,000,000 | ' | 191,412,000,000 | ' | 176,414,000,000 | |||
Federal funds sold and securities borrowed or purchased under agreements to resell, selected portfolios of securities purchased under agreements to resell, Netting | -38,246,000,000 | [8] | ' | -38,246,000,000 | [8] | ' | -34,933,000,000 | [8] |
Federal funds sold and securities borrowed or purchased under agreements to resell, selected portfolios of securities purchased under agreements to resell | 153,166,000,000 | ' | 153,166,000,000 | ' | 141,481,000,000 | |||
Investments | 296,498,000,000 | ' | 296,498,000,000 | ' | 291,216,000,000 | |||
Loans | 4,804,000,000 | [4] | ' | 4,804,000,000 | [4] | ' | 5,029,000,000 | [4] |
Mortgage servicing rights (MSRs) | 2,282,000,000 | ' | 2,282,000,000 | ' | 2,718,000,000 | |||
Total assets, Gross | 1,438,320,000,000 | ' | 1,438,320,000,000 | ' | 1,519,870,000,000 | |||
Total assets, Netting | -683,175,000,000 | [8] | ' | -683,175,000,000 | [8] | ' | -786,375,000,000 | [8] |
Total assets | 755,145,000,000 | ' | 755,145,000,000 | ' | 733,495,000,000 | |||
Interest-bearing deposits | 1,887,000,000 | ' | 1,887,000,000 | ' | 1,677,000,000 | |||
Federal funds purchased and securities loaned or sold under agreements to repurchase, selected portfolios of securities sold under agreements to repurchase, Gross | 90,790,000,000 | ' | 90,790,000,000 | ' | 86,478,000,000 | |||
Federal funds purchased and securities loaned or sold under agreements to repurchase, selected portfolios of securities sold under agreements to repurchase, Netting | -38,246,000,000 | [8] | ' | -38,246,000,000 | [8] | ' | -34,933,000,000 | [8] |
Federal funds purchased and securities loaned or sold under agreements to repurchase, selected portfolios of securities sold under agreements to repurchase | 52,544,000,000 | ' | 52,544,000,000 | ' | 51,545,000,000 | |||
Securities sold, not yet purchased | 75,827,000,000 | ' | 75,827,000,000 | ' | 61,508,000,000 | |||
Short-term borrowings | 1,236,000,000 | ' | 1,236,000,000 | ' | 3,692,000,000 | |||
Long-term debt, at fair value | 27,414,000,000 | ' | 27,414,000,000 | ' | 26,877,000,000 | |||
Total liabilities, Gross | 893,974,000,000 | ' | 893,974,000,000 | ' | 982,189,000,000 | |||
Total liabilities, Netting | -684,784,000,000 | [8] | ' | -684,784,000,000 | [8] | ' | -787,625,000,000 | [8] |
Total liabilities | 209,190,000,000 | ' | 209,190,000,000 | ' | 194,564,000,000 | |||
Recurring | Fair value | Trading derivatives liabilities | ' | ' | ' | ' | ' | |||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ' | ' | ' | ' | ' | |||
Derivatives, Gross inventory | 682,001,000,000 | ' | 682,001,000,000 | ' | 791,119,000,000 | |||
Cash collateral received, net of amount used to offset derivative assets | 12,080,000,000 | ' | 12,080,000,000 | ' | 8,827,000,000 | [9] | ||
Total derivatives and cash collateral | 694,081,000,000 | ' | 694,081,000,000 | ' | 799,946,000,000 | |||
Netting agreements | -604,913,000,000 | [8] | ' | -604,913,000,000 | [8] | ' | -713,598,000,000 | [8] |
Netting, Liabilities, total of netting agreements and cash collateral received | -646,538,000,000 | [8] | ' | -646,538,000,000 | [8] | ' | -752,692,000,000 | [8] |
Total derivative liabilities | 47,543,000,000 | ' | 47,543,000,000 | ' | 47,254,000,000 | |||
Netting of cash collateral paid | -41,625,000,000 | [8] | ' | -41,625,000,000 | [8] | ' | -39,094,000,000 | [8] |
Cash collateral received, gross | 48,915,000,000 | ' | 48,915,000,000 | ' | 43,720,000,000 | |||
Recurring | Fair value | Trading derivatives liabilities | Interest rate contracts | ' | ' | ' | ' | ' | |||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ' | ' | ' | ' | ' | |||
Derivatives, Gross inventory | 530,849,000,000 | ' | 530,849,000,000 | ' | 617,226,000,000 | |||
Recurring | Fair value | Trading derivatives liabilities | Foreign exchange contracts | ' | ' | ' | ' | ' | |||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ' | ' | ' | ' | ' | |||
Derivatives, Gross inventory | 65,693,000,000 | ' | 65,693,000,000 | ' | 88,637,000,000 | |||
Recurring | Fair value | Trading derivatives liabilities | Equity contracts | ' | ' | ' | ' | ' | |||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ' | ' | ' | ' | ' | |||
Derivatives, Gross inventory | 33,654,000,000 | ' | 33,654,000,000 | ' | 34,292,000,000 | |||
Recurring | Fair value | Trading derivatives liabilities | Commodity contracts | ' | ' | ' | ' | ' | |||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ' | ' | ' | ' | ' | |||
Derivatives, Gross inventory | 12,826,000,000 | ' | 12,826,000,000 | ' | 10,170,000,000 | |||
Recurring | Fair value | Trading derivatives liabilities | Credit derivatives | ' | ' | ' | ' | ' | |||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ' | ' | ' | ' | ' | |||
Derivatives, Gross inventory | 38,979,000,000 | ' | 38,979,000,000 | ' | 40,794,000,000 | |||
Recurring | Fair value | Non-trading derivatives and other financial liabilities | ' | ' | ' | ' | ' | |||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ' | ' | ' | ' | ' | |||
Netting of cash collateral received | -3,181,000,000 | ' | -3,181,000,000 | ' | -2,951,000,000 | |||
Cash collateral received, net of amount used to offset derivative assets | 239,000,000 | [10] | ' | 239,000,000 | [10] | ' | 282,000,000 | [11] |
Other liabilities, gross | 2,500,000,000 | ' | 2,500,000,000 | ' | 1,729,000,000 | |||
Non-trading derivatives and other financial liabilities measured on a recurring basis, gross | 2,739,000,000 | ' | 2,739,000,000 | ' | 2,011,000,000 | |||
Total other assets and cash collateral, gross | 2,739,000,000 | ' | 2,739,000,000 | ' | 2,011,000,000 | |||
Cash collateral received, gross | 3,420,000,000 | ' | 3,420,000,000 | ' | 3,233,000,000 | |||
Recurring | Fair value | Mortgage-backed securities - U.S. government-sponsored agency guaranteed | ' | ' | ' | ' | ' | |||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ' | ' | ' | ' | ' | |||
Trading securities | 21,138,000,000 | ' | 21,138,000,000 | ' | 23,955,000,000 | |||
Investments | 37,545,000,000 | ' | 37,545,000,000 | ' | 41,997,000,000 | |||
Recurring | Fair value | Mortgage-backed securities - Residential | ' | ' | ' | ' | ' | |||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ' | ' | ' | ' | ' | |||
Trading securities | 4,035,000,000 | ' | 4,035,000,000 | ' | 4,077,000,000 | |||
Investments | 9,579,000,000 | ' | 9,579,000,000 | ' | 10,205,000,000 | |||
Recurring | Fair value | Mortgage-backed securities - Commercial | ' | ' | ' | ' | ' | |||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ' | ' | ' | ' | ' | |||
Trading securities | 2,367,000,000 | ' | 2,367,000,000 | ' | 2,574,000,000 | |||
Investments | 521,000,000 | ' | 521,000,000 | ' | 453,000,000 | |||
Recurring | Fair value | Mortgage-backed securities | ' | ' | ' | ' | ' | |||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ' | ' | ' | ' | ' | |||
Trading securities | 27,540,000,000 | ' | 27,540,000,000 | ' | 30,606,000,000 | |||
Investments | 47,645,000,000 | ' | 47,645,000,000 | ' | 52,655,000,000 | |||
Recurring | Fair value | U.S. Treasury and federal agency securities | ' | ' | ' | ' | ' | |||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ' | ' | ' | ' | ' | |||
Trading securities | 20,318,000,000 | ' | 20,318,000,000 | ' | 14,837,000,000 | |||
Investments | 103,812,000,000 | ' | 103,812,000,000 | ' | 87,596,000,000 | |||
Recurring | Fair value | State and municipal securities | ' | ' | ' | ' | ' | |||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ' | ' | ' | ' | ' | |||
Trading securities | 2,726,000,000 | ' | 2,726,000,000 | ' | 3,207,000,000 | |||
Investments | 12,892,000,000 | ' | 12,892,000,000 | ' | 18,940,000,000 | |||
Recurring | Fair value | Foreign government | ' | ' | ' | ' | ' | |||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ' | ' | ' | ' | ' | |||
Trading securities | 80,985,000,000 | ' | 80,985,000,000 | ' | 74,856,000,000 | |||
Investments | 95,980,000,000 | ' | 95,980,000,000 | ' | 96,471,000,000 | |||
Recurring | Fair value | Corporate | ' | ' | ' | ' | ' | |||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ' | ' | ' | ' | ' | |||
Trading securities | 29,946,000,000 | ' | 29,946,000,000 | ' | 30,534,000,000 | |||
Investments | 11,003,000,000 | ' | 11,003,000,000 | ' | 11,130,000,000 | |||
Recurring | Fair value | Equity securities | ' | ' | ' | ' | ' | |||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ' | ' | ' | ' | ' | |||
Trading securities | 59,579,000,000 | ' | 59,579,000,000 | ' | 61,776,000,000 | |||
Investments | 6,113,000,000 | ' | 6,113,000,000 | ' | 3,734,000,000 | |||
Recurring | Fair value | Asset-backed securities | ' | ' | ' | ' | ' | |||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ' | ' | ' | ' | ' | |||
Trading securities | 4,504,000,000 | ' | 4,504,000,000 | ' | 5,616,000,000 | |||
Investments | 14,423,000,000 | ' | 14,423,000,000 | ' | 15,274,000,000 | |||
Recurring | Fair value | Other debt securities | ' | ' | ' | ' | ' | |||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ' | ' | ' | ' | ' | |||
Trading securities | 14,676,000,000 | ' | 14,676,000,000 | ' | 11,675,000,000 | |||
Investments | 710,000,000 | ' | 710,000,000 | ' | 711,000,000 | |||
Recurring | Fair value | Non-marketable equity securities | ' | ' | ' | ' | ' | |||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ' | ' | ' | ' | ' | |||
Investments | 3,920,000,000 | ' | 3,920,000,000 | ' | 4,705,000,000 | |||
Recurring | Fair value | Trading account assets | ' | ' | ' | ' | ' | |||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ' | ' | ' | ' | ' | |||
Total Gross Trading account derivatives, Assets | 687,172,000,000 | ' | 687,172,000,000 | ' | 795,239,000,000 | |||
Gross cash collateral paid | 5,078,000,000 | [12] | ' | 5,078,000,000 | [12] | ' | 6,073,000,000 | [13] |
Total derivatives and cash collateral | 692,250,000,000 | ' | 692,250,000,000 | ' | 801,312,000,000 | |||
Less: Netting agreements to assets | -604,913,000,000 | [8] | ' | -604,913,000,000 | [8] | ' | -713,598,000,000 | [8] |
Netting of cash collateral received | -36,835,000,000 | [8] | ' | -36,835,000,000 | [8] | ' | -34,893,000,000 | [8] |
Netting, Assets, total of netting agreements and cash collateral received | -641,748,000,000 | [8] | ' | -641,748,000,000 | [8] | ' | -748,491,000,000 | [8] |
Total trading account derivatives, assets | 50,502,000,000 | ' | 50,502,000,000 | ' | 52,821,000,000 | |||
Cash collateral paid, gross | 46,703,000,000 | ' | 46,703,000,000 | ' | 45,167,000,000 | |||
Recurring | Fair value | Trading account assets | Interest rate contracts | ' | ' | ' | ' | ' | |||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ' | ' | ' | ' | ' | |||
Total Gross Trading account derivatives, Assets | 545,120,000,000 | ' | 545,120,000,000 | ' | 628,380,000,000 | |||
Recurring | Fair value | Trading account assets | Foreign exchange contracts | ' | ' | ' | ' | ' | |||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ' | ' | ' | ' | ' | |||
Total Gross Trading account derivatives, Assets | 66,406,000,000 | ' | 66,406,000,000 | ' | 92,554,000,000 | |||
Recurring | Fair value | Trading account assets | Equity contracts | ' | ' | ' | ' | ' | |||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ' | ' | ' | ' | ' | |||
Total Gross Trading account derivatives, Assets | 24,012,000,000 | ' | 24,012,000,000 | ' | 24,877,000,000 | |||
Recurring | Fair value | Trading account assets | Commodity contracts | ' | ' | ' | ' | ' | |||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ' | ' | ' | ' | ' | |||
Total Gross Trading account derivatives, Assets | 12,380,000,000 | ' | 12,380,000,000 | ' | 9,082,000,000 | |||
Recurring | Fair value | Trading account assets | Credit derivatives | ' | ' | ' | ' | ' | |||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ' | ' | ' | ' | ' | |||
Total Gross Trading account derivatives, Assets | 39,254,000,000 | ' | 39,254,000,000 | ' | 40,346,000,000 | |||
Recurring | Fair value | Non-trading derivatives and other financial assets | ' | ' | ' | ' | ' | |||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ' | ' | ' | ' | ' | |||
Netting of cash collateral received | -3,181,000,000 | [8] | ' | -3,181,000,000 | [8] | ' | -2,951,000,000 | [8] |
Netting, Assets, total of netting agreements and cash collateral received | -3,181,000,000 | [8] | ' | -3,181,000,000 | [8] | ' | -2,951,000,000 | [8] |
Other assets, gross | 10,586,000,000 | ' | 10,586,000,000 | ' | 9,992,000,000 | |||
Cash collateral paid, gross | 214,000,000 | ' | 214,000,000 | ' | 82,000,000 | |||
Total other assets and cash collateral, gross | 10,800,000,000 | ' | 10,800,000,000 | ' | 10,074,000,000 | |||
Other assets | 7,619,000,000 | ' | 7,619,000,000 | ' | 7,123,000,000 | |||
Recurring | Fair value | Trading securities (excluding trading account derivatives) | ' | ' | ' | ' | ' | |||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ' | ' | ' | ' | ' | |||
Trading securities | $240,274,000,000 | ' | $240,274,000,000 | ' | $233,107,000,000 | |||
[1] | Includes financial instruments subject to enforceable master netting agreements that are permitted to be offset under ASC 210-20-45. | |||||||
[2] | The Company invests in mortgage-backed and asset-backed securities. These securitizations are generally considered VIEs. The Company’s maximum exposure to loss from these VIEs is equal to the carrying amount of the securities, which is reflected in the table above. For mortgage-backed and asset-backed securitizations in which the Company has other involvement, see Note 20 to the Consolidated Financial Statements. | |||||||
[3] | Includes investments in unallocated precious metals, as discussed in Note 23 to the Consolidated Financial Statements. Also includes physical commodities accounted for at the lower of cost or fair value. | |||||||
[4] | There is no allowance for loan losses recorded for loans reported at fair value. | |||||||
[5] | For the three and six months ended June 30, 2014, the Company transferred assets of approximately $0.7 billion and $1.9 billion, respectively, from Level 1 to Level 2, primarily related to foreign government securities not traded in active markets during the respective periods and Citi refining its methodology for certain equity contracts to reflect the prevalence of off-exchange trading. During the three and six months ended June 30, 2014, the Company transferred assets of approximately $0.8 billion and $3.0 billion, respectively, from Level 2 to Level 1, almost all related to foreign government bonds traded with sufficient frequency to constitute a liquid market. During the three months ended June 30, 2014, there were no material transfers of liabilities between Level 1 and Level 2. During the six months ended June 30, 2014, the Company transferred liabilities of approximately $1.4 billion from Level 1 to Level 2, as Citi refined its methodology for certain equity contracts to reflect the prevalence of off-exchange trading. | |||||||
[6] | For the three and six months ended June 30, 2013, the Company transferred assets of $0.5 billion and $0.9 billion, respectively, from Level 1 to Level 2, primarily related to foreign government bonds, which were traded with less frequency. During the three and six months ended June 30, 2013, the Company transferred assets of approximately $0.2 billion and $49.0 billion, respectively, from Level 2 to Level 1. Almost all of the transfers during the six months ended June 30, 2013 were related to U.S. Treasury securities held across the Company’s major investment portfolios where Citi obtained additional information from its external pricing sources to meet the criteria for Level 1 classification. There were no material liability transfers between Level 1 and Level 2 during the three and six months ended June 30, 2013. | |||||||
[7] | Because the amount of the cash collateral paid/received has not been allocated to the Level 1, 2 and 3 subtotals, these percentages are calculated based on total assets and liabilities measured at fair value on a recurring basis, excluding the cash collateral paid/received on derivatives. | |||||||
[8] | Represents netting of: (i)Â the amounts due under securities purchased under agreements to resell and the amounts owed under securities sold under agreements to repurchase; and (ii)Â derivative exposures covered by a qualifying master netting agreement and cash collateral offsetting. | |||||||
[9] | Reflects the net amount of $43,720 million of gross cash collateral received, of which $34,893 million was used to offset derivative assets. | |||||||
[10] | Reflects the net amount of $3,420 million of gross cash collateral received, of which $3,181 million was used to offset derivative assets. | |||||||
[11] | Reflects the net amount of $3,233 million of gross cash collateral received, of which $2,951 million was used to offset derivative assets. | |||||||
[12] | Reflects the net amount of $46,703 million of gross cash collateral paid, of which $41,625 million was used to offset derivative liabilities. | |||||||
[13] | Reflects the net amount of $45,167 million of gross cash collateral paid, of which $39,094 million was used to offset derivative liabilities. |
FAIR_VALUE_MEASUREMENT_Details1
FAIR VALUE MEASUREMENT (Details 2) (USD $) | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Mar. 31, 2014 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Trading account assets and liabilities | Trading account assets and liabilities | Trading account assets and liabilities | Trading account assets and liabilities | Trading account assets and liabilities | Trading account assets and liabilities | Trading account assets and liabilities | Trading account assets and liabilities | Trading account assets and liabilities | Trading account assets and liabilities | Trading account assets and liabilities | Trading account assets and liabilities | Trading account assets and liabilities | Trading account assets and liabilities | Trading account assets and liabilities | Trading account assets and liabilities | Trading account assets and liabilities | Trading account assets and liabilities | Trading account assets and liabilities | Trading account assets and liabilities | Trading account assets and liabilities | Trading account assets and liabilities | Trading account assets and liabilities | Trading account assets and liabilities | Trading account assets and liabilities | Trading account assets and liabilities | Trading account assets and liabilities | Trading account assets and liabilities | Trading account assets and liabilities | Trading account assets and liabilities | Trading account assets and liabilities | Trading account assets and liabilities | Trading account assets and liabilities | Trading account assets and liabilities | Trading account assets and liabilities | Trading account assets and liabilities | Trading account assets and liabilities | Trading account assets and liabilities | Trading account assets and liabilities | Trading account assets and liabilities | Trading account assets and liabilities | Trading account assets and liabilities | Trading account assets and liabilities | Trading account assets and liabilities | Trading account assets and liabilities | Trading account assets and liabilities | Trading account assets and liabilities | Trading account assets and liabilities | Interest-bearing deposits | Interest-bearing deposits | Interest-bearing deposits | Interest-bearing deposits | Interest-bearing deposits | Interest-bearing deposits | Interest-bearing deposits | Interest-bearing deposits | Federal funds purchased and securities loaned or sold under agreements to repurchase | Federal funds purchased and securities loaned or sold under agreements to repurchase | Federal funds purchased and securities loaned or sold under agreements to repurchase | Federal funds purchased and securities loaned or sold under agreements to repurchase | Federal funds purchased and securities loaned or sold under agreements to repurchase | Federal funds purchased and securities loaned or sold under agreements to repurchase | Federal funds purchased and securities loaned or sold under agreements to repurchase | Federal funds purchased and securities loaned or sold under agreements to repurchase | Trading account liabilities | Trading account liabilities | Trading account liabilities | Trading account liabilities | Trading account liabilities | Trading account liabilities | Trading account liabilities | Trading account liabilities | Short-term borrowings | Short-term borrowings | Short-term borrowings | Short-term borrowings | Short-term borrowings | Short-term borrowings | Short-term borrowings | Short-term borrowings | Long-term debt | Long-term debt | Long-term debt | Long-term debt | Long-term debt | Long-term debt | Long-term debt | Long-term debt | Long-term debt | Long-term debt | Long-term debt | Long-term debt | Other financial liabilities | Other financial liabilities | Other financial liabilities | Other financial liabilities | Other financial liabilities | Other financial liabilities | Other financial liabilities | Other financial liabilities | Federal funds sold and securities borrowed or purchased under agreements to resell | Federal funds sold and securities borrowed or purchased under agreements to resell | Federal funds sold and securities borrowed or purchased under agreements to resell | Federal funds sold and securities borrowed or purchased under agreements to resell | Federal funds sold and securities borrowed or purchased under agreements to resell | Federal funds sold and securities borrowed or purchased under agreements to resell | Federal funds sold and securities borrowed or purchased under agreements to resell | Federal funds sold and securities borrowed or purchased under agreements to resell | Trading non-derivative assets | Trading non-derivative assets | Trading non-derivative assets | Trading non-derivative assets | Trading non-derivative assets | Trading non-derivative assets | Trading non-derivative assets | Trading non-derivative assets | Trading non-derivative assets | Trading non-derivative assets | Trading non-derivative assets | Trading non-derivative assets | Trading non-derivative assets | Trading non-derivative assets | Trading non-derivative assets | Trading non-derivative assets | Trading non-derivative assets | Trading non-derivative assets | Trading non-derivative assets | Trading non-derivative assets | Trading non-derivative assets | Trading non-derivative assets | Trading non-derivative assets | Trading non-derivative assets | Trading non-derivative assets | Trading non-derivative assets | Trading non-derivative assets | Trading non-derivative assets | Trading non-derivative assets | Trading non-derivative assets | Trading non-derivative assets | Trading non-derivative assets | Trading non-derivative assets | Trading non-derivative assets | Trading non-derivative assets | Trading non-derivative assets | Trading non-derivative assets | Trading non-derivative assets | Trading non-derivative assets | Trading non-derivative assets | Trading non-derivative assets | Trading non-derivative assets | Trading non-derivative assets | Trading non-derivative assets | Trading non-derivative assets | Trading non-derivative assets | Trading non-derivative assets | Trading non-derivative assets | Trading non-derivative assets | Trading non-derivative assets | Trading non-derivative assets | Trading non-derivative assets | Trading non-derivative assets | Trading non-derivative assets | Trading non-derivative assets | Trading non-derivative assets | Trading non-derivative assets | Trading non-derivative assets | Trading non-derivative assets | Trading non-derivative assets | Trading non-derivative assets | Trading non-derivative assets | Trading non-derivative assets | Trading non-derivative assets | Trading non-derivative assets | Trading non-derivative assets | Trading non-derivative assets | Trading non-derivative assets | Trading non-derivative assets | Trading non-derivative assets | Trading non-derivative assets | Trading non-derivative assets | Trading non-derivative assets | Trading non-derivative assets | Trading non-derivative assets | Trading non-derivative assets | Trading non-derivative assets | Trading non-derivative assets | Trading non-derivative assets | Trading non-derivative assets | Trading non-derivative assets | Trading non-derivative assets | Trading non-derivative assets | Trading non-derivative assets | Trading non-derivative assets | Trading non-derivative assets | Trading non-derivative assets | Trading non-derivative assets | Trading non-derivative assets | Trading non-derivative assets | Trading non-derivative assets | Trading non-derivative assets | Investments | Investments | Investments | Investments | Investments | Investments | Investments | Investments | Investments | Investments | Investments | Investments | Investments | Investments | Investments | Investments | Investments | Investments | Investments | Investments | Investments | Investments | Investments | Investments | Investments | Investments | Investments | Investments | Investments | Investments | Investments | Investments | Investments | Investments | Investments | Investments | Investments | Investments | Investments | Investments | Investments | Investments | Investments | Investments | Investments | Investments | Investments | Investments | Investments | Investments | Investments | Investments | Investments | Investments | Investments | Investments | Investments | Investments | Investments | Investments | Investments | Investments | Investments | Investments | Investments | Investments | Investments | Investments | Investments | Investments | Investments | Investments | Investments | Investments | Investments | Investments | Investments | Investments | Investments | Investments | Investments | Investments | Investments | Investments | Investments | Investments | Investments | Investments | Investments | Investments | Investments | Investments | Investments | Loans | Loans | Loans | Loans | Loans | Loans | Loans | Loans | Mortgage servicing rights | Mortgage servicing rights | Mortgage servicing rights | Mortgage servicing rights | Mortgage servicing rights | Mortgage servicing rights | Mortgage servicing rights | Mortgage servicing rights | Other financial assets measured on a recurring basis | Other financial assets measured on a recurring basis | Other financial assets measured on a recurring basis | Other financial assets measured on a recurring basis | Other financial assets measured on a recurring basis | Other financial assets measured on a recurring basis | Other financial assets measured on a recurring basis | Other financial assets measured on a recurring basis | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Principal transactions | Principal transactions | Principal transactions | Principal transactions | Interest rate contracts | Interest rate contracts | Interest rate contracts | Interest rate contracts | Interest rate contracts | Interest rate contracts | Interest rate contracts | Interest rate contracts | Foreign exchange contracts | Foreign exchange contracts | Foreign exchange contracts | Foreign exchange contracts | Foreign exchange contracts | Foreign exchange contracts | Foreign exchange contracts | Foreign exchange contracts | Equity contracts | Equity contracts | Equity contracts | Equity contracts | Equity contracts | Equity contracts | Equity contracts | Equity contracts | Commodity contracts | Commodity contracts | Commodity contracts | Commodity contracts | Commodity contracts | Commodity contracts | Commodity contracts | Commodity contracts | Credit derivatives | Credit derivatives | Credit derivatives | Credit derivatives | Credit derivatives | Credit derivatives | Credit derivatives | Credit derivatives | Other | Other | Other | Other | Principal transactions | Principal transactions | Principal transactions | Principal transactions | Securities sold, not yet purchased | Securities sold, not yet purchased | Securities sold, not yet purchased | Securities sold, not yet purchased | Securities sold, not yet purchased | Securities sold, not yet purchased | Securities sold, not yet purchased | Securities sold, not yet purchased | Principal transactions | Principal transactions | Principal transactions | Principal transactions | Principal transactions | Principal transactions | Principal transactions | Principal transactions | Other | Other | Other | Other | Other | Other | Other | Other | Principal transactions | Principal transactions | Principal transactions | Principal transactions | Principal transactions | Principal transactions | Principal transactions | Principal transactions | U.S. government-sponsored agency guaranteed | U.S. government-sponsored agency guaranteed | U.S. government-sponsored agency guaranteed | U.S. government-sponsored agency guaranteed | U.S. government-sponsored agency guaranteed | U.S. government-sponsored agency guaranteed | U.S. government-sponsored agency guaranteed | U.S. government-sponsored agency guaranteed | Mortgage-backed securities - Residential | Mortgage-backed securities - Residential | Mortgage-backed securities - Residential | Mortgage-backed securities - Residential | Mortgage-backed securities - Residential | Mortgage-backed securities - Residential | Mortgage-backed securities - Residential | Mortgage-backed securities - Residential | Mortgage-backed securities - Commercial | Mortgage-backed securities - Commercial | Mortgage-backed securities - Commercial | Mortgage-backed securities - Commercial | Mortgage-backed securities - Commercial | Mortgage-backed securities - Commercial | Mortgage-backed securities - Commercial | Mortgage-backed securities - Commercial | Mortgage-backed securities | Mortgage-backed securities | Mortgage-backed securities | Mortgage-backed securities | Mortgage-backed securities | Mortgage-backed securities | Mortgage-backed securities | Mortgage-backed securities | U.S. Treasury and federal agency securities | U.S. Treasury and federal agency securities | U.S. Treasury and federal agency securities | U.S. Treasury and federal agency securities | State and municipal securities | State and municipal securities | State and municipal securities | State and municipal securities | State and municipal securities | State and municipal securities | State and municipal securities | State and municipal securities | Foreign government | Foreign government | Foreign government | Foreign government | Foreign government | Foreign government | Foreign government | Foreign government | Corporate | Corporate | Corporate | Corporate | Corporate | Corporate | Corporate | Corporate | Equity securities | Equity securities | Equity securities | Equity securities | Equity securities | Equity securities | Equity securities | Equity securities | Asset-backed securities | Asset-backed securities | Asset-backed securities | Asset-backed securities | Asset-backed securities | Asset-backed securities | Asset-backed securities | Asset-backed securities | Other debt securities | Other debt securities | Other debt securities | Other debt securities | Other debt securities | Other debt securities | Other debt securities | Other debt securities | Other | Other | Other | Other | U.S. government-sponsored agency guaranteed | U.S. government-sponsored agency guaranteed | U.S. government-sponsored agency guaranteed | U.S. government-sponsored agency guaranteed | U.S. government-sponsored agency guaranteed | U.S. government-sponsored agency guaranteed | U.S. government-sponsored agency guaranteed | U.S. government-sponsored agency guaranteed | Mortgage-backed securities - Residential | Mortgage-backed securities - Residential | Mortgage-backed securities - Residential | Mortgage-backed securities - Residential | Mortgage-backed securities - Residential | Mortgage-backed securities - Residential | Mortgage-backed securities - Residential | Mortgage-backed securities - Residential | Mortgage-backed securities - Commercial | Mortgage-backed securities - Commercial | Mortgage-backed securities - Commercial | Mortgage-backed securities - Commercial | Mortgage-backed securities | Mortgage-backed securities | Mortgage-backed securities | Mortgage-backed securities | Mortgage-backed securities | Mortgage-backed securities | Mortgage-backed securities | Mortgage-backed securities | U.S. Treasury and federal agency securities | U.S. Treasury and federal agency securities | U.S. Treasury and federal agency securities | U.S. Treasury and federal agency securities | State and municipal securities | State and municipal securities | State and municipal securities | State and municipal securities | State and municipal securities | State and municipal securities | State and municipal securities | State and municipal securities | Foreign government | Foreign government | Foreign government | Foreign government | Foreign government | Foreign government | Foreign government | Foreign government | Corporate | Corporate | Corporate | Corporate | Corporate | Corporate | Corporate | Corporate | Equity securities | Equity securities | Equity securities | Equity securities | Equity securities | Equity securities | Equity securities | Equity securities | Asset-backed securities | Asset-backed securities | Asset-backed securities | Asset-backed securities | Asset-backed securities | Asset-backed securities | Asset-backed securities | Asset-backed securities | Other debt securities | Other debt securities | Other debt securities | Other debt securities | Other debt securities | Non-marketable equity securities | Non-marketable equity securities | Non-marketable equity securities | Non-marketable equity securities | Non-marketable equity securities | Non-marketable equity securities | Non-marketable equity securities | Non-marketable equity securities | Other | Other | Other | Other | Other | Other | Other | Other | Other | Other | Other | Other | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Principal transactions | Principal transactions | Principal transactions | Principal transactions | Principal transactions | Principal transactions | Principal transactions | Principal transactions | Principal transactions | Principal transactions | Principal transactions | Principal transactions | Principal transactions | Principal transactions | Principal transactions | Principal transactions | Principal transactions | Principal transactions | Principal transactions | Principal transactions | Principal transactions | Principal transactions | Principal transactions | Principal transactions | Principal transactions | Principal transactions | Principal transactions | Principal transactions | Principal transactions | Principal transactions | Principal transactions | Principal transactions | Principal transactions | Principal transactions | Principal transactions | Principal transactions | Principal transactions | Principal transactions | Principal transactions | Principal transactions | Principal transactions | Principal transactions | Principal transactions | Principal transactions | Principal transactions | Principal transactions | Principal transactions | Principal transactions | Principal transactions | Principal transactions | Principal transactions | Principal transactions | Principal transactions | Principal transactions | Principal transactions | Principal transactions | Principal transactions | Principal transactions | Principal transactions | Principal transactions | Principal transactions | Principal transactions | Principal transactions | Principal transactions | Principal transactions | Principal transactions | Other | Other | Other | Other | Other | Other | Other | Other | Other | Other | Other | Other | Other | Other | Other | Other | Other | Other | Other | Other | Other | Other | Other | Other | Other | Other | Other | Other | Other | Other | Other | Other | Other | Other | Other | Other | Other | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair value, assets measured on recurring basis, level 3 fair-value category reconciliation | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at beginning of period, asset | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $3,451 | $4,349 | $3,566 | $5,043 | ' | ' | ' | ' | $14,210 | $12,922 | $15,260 | $13,823 | ' | ' | ' | ' | $788 | $1,278 | $1,094 | $1,325 | ' | ' | ' | ' | $2,744 | $2,112 | $2,854 | $1,805 | ' | ' | ' | ' | $241 | $410 | $256 | $1,119 | ' | ' | ' | ' | $3,773 | $3,800 | $4,204 | $4,249 | ' | ' | ' | ' | ' | ' | ' | ' | $121 | $209 | $222 | $195 | ' | ' | ' | ' | $373 | $228 | $416 | $311 | ' | ' | ' | ' | $1,665 | $1,736 | $1,835 | $2,030 | ' | ' | ' | ' | $1,385 | $279 | $1,057 | $264 | ' | ' | ' | ' | $3,441 | $4,410 | $4,342 | $4,453 | ' | ' | ' | ' | $3,452 | $2,260 | $3,184 | $2,321 | ' | ' | ' | ' | $9,860 | $14,005 | $9,741 | $11,907 | ' | ' | ' | ' | $199 | $2,526 | $187 | $1,458 | ' | ' | ' | ' | $30 | $186 | $102 | $205 | ' | ' | ' | ' | $1 | ' | ' | ' | $230 | $2,712 | $289 | $1,663 | ' | ' | ' | ' | $11 | $8 | $12 | $7 | $1,903 | $748 | $1,643 | $849 | ' | ' | ' | ' | $274 | $268 | $344 | $383 | ' | ' | ' | ' | $531 | $345 | $285 | $385 | ' | ' | ' | ' | $831 | $767 | $815 | $773 | ' | ' | ' | ' | $1,877 | $3,815 | $1,960 | $2,220 | ' | ' | ' | ' | $99 | $52 | $50 | $258 | ' | $4,108 | $5,287 | $4,347 | $5,364 | ' | ' | ' | ' | $4,142 | $4,514 | $4,143 | $4,931 | ' | ' | ' | ' | $2,586 | $2,203 | $2,718 | $1,942 | ' | ' | ' | ' | $179 | $2,428 | $181 | $2,452 | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net realized/unrealized gains (losses) included in earnings, assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -78 | -150 | -79 | -163 | ' | ' | ' | ' | 424 | 459 | 811 | 991 | ' | ' | ' | ' | 17 | 27 | 98 | 76 | ' | ' | ' | ' | 160 | 187 | 317 | 358 | ' | ' | ' | ' | 6 | 38 | 11 | 92 | ' | ' | ' | ' | 183 | 252 | 426 | 526 | ' | ' | 3 | 3 | ' | ' | ' | ' | 2 | 18 | 4 | 19 | ' | ' | ' | ' | -10 | -4 | -16 | -2 | ' | ' | ' | ' | -109 | 74 | -82 | -30 | ' | ' | ' | ' | -42 | -33 | -213 | 4 | ' | ' | ' | ' | 339 | 144 | 608 | 368 | ' | ' | ' | ' | 58 | 8 | 81 | 106 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -17 | [1],[2] | 109 | [1],[2] | 32 | [1],[2] | ' | ' | ' | ' | ' | -124 | [1],[2] | -3 | [1],[2] | -152 | [1],[2] | ' | ' | ' | ' | ' | -101 | [1],[2] | 227 | [1],[2] | -215 | [1],[2] | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net realized/unrealized gains (losses) included in locations other than principal transactions, assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 25 | [1],[2] | 135 | [1],[2] | 205 | [1],[2] | 241 | ' | ' | ' | ' | -3 | [1],[2] | -1 | [1],[2] | 45 | [1],[2] | 2 | ' | ' | ' | ' | 10 | [1],[2] | 14 | [1],[2] | 33 | [1],[2] | 23 | ' | ' | ' | ' | ' | ' | ' | ' | 7 | [1],[2] | 13 | [1],[2] | 78 | [1],[2] | 25 | ' | ' | ' | ' | ' | ' | ' | ' | 29 | [1],[2] | 15 | [1],[2] | 65 | [1],[2] | -2 | ' | ' | ' | ' | -7 | [1],[2] | -5 | [1],[2] | -5 | [1],[2] | -4 | ' | ' | ' | ' | 14 | [1],[2] | -4 | [1],[2] | 13 | [1],[2] | -3 | ' | ' | ' | ' | -4 | [1],[2] | -5 | [1],[2] | 12 | [1],[2] | -3 | ' | ' | ' | ' | 3 | [1],[2] | 12 | [1],[2] | 11 | [1],[2] | 50 | ' | ' | ' | ' | -1 | ' | ' | ' | ' | ' | ' | ' | 178 | ' | ' | ' | ' | ' | ' | ' | -78 | ' | ' | ' | ' | ' | ' | ' | 417 | ' | ' | ' | ' | 27 | [1],[2] | -30 | [1],[2] | 25 | [1],[2] | 6 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transfers into Level 3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 16 | ' | 67 | 598 | ' | ' | ' | ' | 1,062 | 1,181 | 2,240 | 2,042 | ' | ' | ' | ' | 198 | 345 | 377 | 737 | ' | ' | ' | ' | 79 | 219 | 153 | 317 | ' | ' | ' | ' | 41 | 66 | 76 | 155 | ' | ' | ' | ' | 318 | 630 | 606 | 1,209 | ' | ' | ' | ' | ' | ' | ' | ' | 134 | ' | 145 | ' | ' | ' | ' | ' | 37 | 47 | 86 | 53 | ' | ' | ' | ' | 66 | 62 | 253 | 138 | ' | ' | ' | ' | 1 | 25 | 36 | 48 | ' | ' | ' | ' | 50 | 48 | 83 | 86 | ' | ' | ' | ' | 456 | 369 | 1,031 | 508 | ' | ' | ' | ' | 676 | 558 | 1,065 | 3,572 | ' | ' | ' | ' | 11 | 264 | 35 | 1,897 | ' | ' | ' | ' | 17 | ' | 30 | 60 | ' | ' | ' | ' | 3 | 3 | 4 | 3 | 31 | 267 | 69 | 1,960 | ' | ' | ' | ' | ' | ' | ' | ' | 463 | ' | 717 | 7 | ' | ' | ' | ' | 160 | 83 | 182 | 105 | ' | ' | ' | ' | 16 | 191 | 18 | 291 | ' | ' | ' | ' | 6 | 17 | 12 | 17 | ' | ' | ' | ' | ' | ' | ' | 1,192 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 67 | ' | ' | ' | ' | ' | 84 | 353 | 84 | 353 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1 | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transfers out of Level 3, assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -8 | -39 | -8 | -1,318 | ' | ' | ' | ' | -1,415 | -1,285 | -2,955 | -2,474 | ' | ' | ' | ' | -213 | -303 | -598 | -705 | ' | ' | ' | ' | -129 | -36 | -282 | -212 | ' | ' | ' | ' | -38 | -148 | -62 | -184 | ' | ' | ' | ' | -380 | -487 | -942 | -1,101 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -104 | ' | ' | ' | ' | ' | -17 | -25 | -102 | -61 | ' | ' | ' | ' | -195 | -83 | -340 | -100 | ' | ' | ' | ' | -55 | -96 | -60 | -159 | ' | ' | ' | ' | -53 | -23 | -228 | -55 | ' | ' | ' | ' | -715 | -571 | -1,179 | -998 | ' | ' | ' | ' | -210 | -4,206 | -617 | -5,950 | ' | ' | ' | ' | -17 | -2,319 | -54 | -3,350 | ' | ' | ' | ' | -1 | -60 | -1 | -265 | ' | ' | ' | ' | ' | -12 | ' | -12 | -18 | -2,391 | -55 | -3,627 | ' | ' | ' | ' | ' | ' | ' | ' | -180 | ' | -465 | -117 | ' | ' | ' | ' | ' | -27 | -42 | -201 | ' | ' | ' | ' | ' | -104 | -1 | -116 | ' | ' | ' | ' | -12 | ' | -12 | ' | ' | ' | ' | ' | ' | -1,684 | -42 | -1,684 | ' | ' | ' | ' | ' | ' | ' | -205 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6 | ' | 6 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Purchases, assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 75 | 17 | 75 | 17 | ' | ' | ' | ' | 5,148 | 5,158 | 9,588 | 9,289 | ' | ' | ' | ' | 107 | 689 | 261 | 969 | ' | ' | ' | ' | 704 | 1,171 | 1,680 | 1,898 | ' | ' | ' | ' | 204 | 79 | 236 | 146 | ' | ' | ' | ' | 1,015 | 1,939 | 2,177 | 3,013 | ' | ' | ' | ' | ' | ' | ' | ' | 9 | 56 | 18 | 75 | ' | ' | ' | ' | 221 | 52 | 359 | 117 | ' | ' | ' | ' | 679 | 811 | 1,271 | 1,379 | ' | ' | ' | ' | 654 | 62 | 1,186 | 140 | ' | ' | ' | ' | 759 | 1,449 | 1,702 | 3,032 | ' | ' | ' | ' | 1,811 | 789 | 2,875 | 1,533 | ' | ' | ' | ' | 806 | 1,044 | 1,860 | 2,590 | ' | ' | ' | ' | ' | -1 | 17 | 470 | ' | ' | ' | ' | ' | ' | 17 | 117 | ' | ' | ' | ' | 3 | 12 | 3 | 12 | 3 | 11 | 37 | 599 | ' | ' | ' | ' | ' | ' | ' | ' | 125 | 126 | 498 | 207 | ' | ' | ' | ' | 280 | 159 | 329 | 289 | ' | ' | ' | ' | 19 | 2 | 266 | 16 | ' | ' | ' | ' | 5 | ' | 6 | 1 | ' | ' | ' | ' | 7 | 233 | 55 | 925 | ' | ' | ' | ' | ' | ' | 50 | ' | ' | 367 | 513 | 619 | 553 | ' | ' | ' | ' | 113 | -36 | 266 | 59 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1 | 78 | 1 | 216 | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance, assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4 | 29 | 7 | 55 | ' | ' | ' | ' | 4 | 29 | 7 | 55 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4 | 29 | 7 | 55 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15 | 6 | 65 | 13 | ' | ' | ' | ' | 62 | 205 | 112 | 377 | ' | ' | ' | ' | 51 | 50 | 87 | 340 | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Sales, assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -4,481 | -3,728 | -9,913 | -8,469 | ' | ' | ' | ' | -196 | -339 | -517 | -707 | ' | ' | ' | ' | -948 | -715 | -2,112 | -1,221 | ' | ' | ' | ' | -45 | -119 | -108 | -985 | ' | ' | ' | ' | -1,189 | -1,173 | -2,737 | -2,913 | ' | ' | ' | ' | -3 | -3 | ' | ' | -24 | -42 | -43 | -48 | ' | ' | ' | ' | -139 | -58 | -278 | -178 | ' | ' | ' | ' | -840 | -376 | -1,668 | -819 | ' | ' | ' | ' | -80 | -47 | -143 | -107 | ' | ' | ' | ' | -1,160 | -1,552 | -3,131 | -3,408 | ' | ' | ' | ' | -1,046 | -480 | -1,910 | -996 | ' | ' | ' | ' | -558 | -373 | -1,107 | -687 | ' | ' | ' | ' | -27 | ' | -66 | ' | ' | ' | ' | ' | -39 | -140 | -164 | -140 | ' | ' | ' | ' | ' | ' | ' | ' | -66 | -140 | -230 | -140 | ' | ' | ' | ' | -2 | -1 | -3 | ' | -238 | -80 | -356 | -135 | ' | ' | ' | ' | -29 | -84 | -107 | -151 | ' | ' | ' | ' | -48 | -4 | -49 | -147 | ' | ' | ' | ' | ' | ' | -7 | -9 | ' | ' | ' | ' | ' | ' | -97 | -17 | ' | ' | ' | ' | -1 | -1 | -1 | -2 | ' | -176 | -62 | -259 | -83 | ' | ' | ' | ' | -38 | 57 | -117 | -6 | ' | ' | ' | ' | -163 | ' | -135 | -1 | ' | ' | ' | ' | -5 | -2,005 | -9 | -2,010 | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Settlements, assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -93 | ' | -258 | ' | ' | ' | ' | ' | -12 | -874 | -98 | -1,395 | ' | ' | ' | ' | -8 | -22 | -25 | -46 | ' | ' | ' | ' | ' | ' | ' | -7 | ' | ' | ' | ' | ' | ' | ' | -17 | ' | ' | ' | ' | -8 | -22 | -25 | -70 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -4 | -536 | -7 | -910 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -217 | ' | -217 | ' | ' | ' | ' | ' | -99 | -66 | -198 | ' | ' | ' | ' | -841 | -1,325 | -1,389 | -1,835 | ' | ' | ' | ' | ' | -49 | -1 | -57 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -49 | -1 | -57 | ' | ' | ' | ' | ' | ' | ' | ' | ' | -125 | ' | -125 | ' | ' | ' | ' | -63 | -27 | -86 | -54 | ' | ' | ' | ' | -20 | -22 | -20 | -22 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -148 | -618 | -148 | -928 | ' | ' | ' | ' | -50 | ' | -50 | ' | ' | -560 | -484 | -1,084 | -649 | ' | ' | ' | ' | -888 | -570 | -985 | -951 | ' | ' | ' | ' | -102 | -111 | -198 | -211 | ' | ' | ' | ' | -52 | -276 | -84 | -760 | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at end of period, asset | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,363 | 4,177 | 3,363 | 4,177 | ' | ' | ' | ' | 14,940 | 13,862 | 14,940 | 13,862 | ' | ' | ' | ' | 697 | 1,704 | 697 | 1,704 | ' | ' | ' | ' | 2,610 | 2,938 | 2,610 | 2,938 | ' | ' | ' | ' | 409 | 326 | 409 | 326 | ' | ' | ' | ' | 3,716 | 4,968 | 3,716 | 4,968 | ' | ' | ' | ' | ' | ' | ' | ' | 242 | 241 | 242 | 241 | ' | ' | ' | ' | 465 | 240 | 465 | 240 | ' | ' | ' | ' | 1,262 | 1,688 | 1,262 | 1,688 | ' | ' | ' | ' | 1,863 | 190 | 1,863 | 190 | ' | ' | ' | ' | 3,376 | 4,259 | 3,376 | 4,259 | ' | ' | ' | ' | 4,016 | 2,276 | 4,016 | 2,276 | ' | ' | ' | ' | 9,758 | 9,838 | 9,758 | 9,838 | ' | ' | ' | ' | 163 | 420 | 163 | 420 | ' | ' | ' | ' | 17 | ' | 17 | ' | ' | ' | ' | ' | 7 | 3 | 7 | 3 | 187 | 423 | 187 | 423 | ' | ' | ' | ' | 9 | 7 | 9 | 7 | 2,102 | 684 | 2,102 | 684 | ' | ' | ' | ' | 615 | 367 | 615 | 367 | ' | ' | ' | ' | 512 | 404 | 512 | 404 | ' | ' | ' | ' | 826 | 779 | 826 | 779 | ' | ' | ' | ' | 1,739 | 1,758 | 1,739 | 1,758 | ' | ' | ' | ' | 48 | 51 | 48 | 51 | ' | 3,722 | 5,363 | 3,722 | 5,363 | ' | ' | ' | ' | 3,310 | 4,321 | 3,310 | 4,321 | ' | ' | ' | ' | 2,282 | 2,524 | 2,282 | 2,524 | ' | ' | ' | ' | 201 | 245 | 201 | 245 | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Unrealized gains (losses) still held, assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 129 | [3] | 365 | [4] | 153 | 123 | ' | ' | ' | ' | 219 | [3] | 70 | [4] | 518 | 48 | ' | ' | ' | ' | 8 | [3] | -9 | [4] | 14 | 43 | ' | ' | ' | ' | 98 | [3] | 44 | [4] | 124 | 99 | ' | ' | ' | ' | 2 | [3] | 7 | [4] | 5 | 8 | ' | ' | ' | ' | 108 | [3] | 42 | [4] | 143 | 150 | ' | ' | ' | ' | ' | ' | ' | ' | -17 | [3] | -6 | [4] | -20 | -6 | ' | ' | ' | ' | -1 | [3] | -2 | [4] | 39 | -2 | ' | ' | ' | ' | -28 | [3] | 65 | [4] | -56 | -406 | ' | ' | ' | ' | -160 | [3] | -24 | [4] | -58 | 286 | ' | ' | ' | ' | 296 | [3] | -2 | [4] | 448 | 13 | ' | ' | ' | ' | 21 | [3] | -3 | [4] | 22 | 13 | ' | ' | ' | ' | 45 | [3] | 59 | [4] | 92 | [3] | 168 | ' | ' | ' | ' | -3 | 5 | [4] | -3 | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -3 | [3] | 5 | [4] | -3 | [3] | 2 | ' | ' | ' | ' | ' | ' | ' | ' | 37 | [3] | 13 | [4] | 72 | [3] | -6 | ' | ' | ' | ' | ' | ' | ' | -6 | ' | ' | ' | ' | -2 | [3] | 1 | [4] | -4 | [3] | 3 | ' | ' | ' | ' | -9 | [3] | -38 | [4] | 7 | [3] | -38 | ' | ' | ' | ' | 10 | [3] | 6 | [4] | 5 | [3] | 6 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 12 | [3] | 72 | [4] | 15 | [3] | 207 | ' | ' | ' | ' | 17 | [3] | ' | 17 | [3] | 178 | ' | ' | ' | ' | -101 | [3] | 228 | [4] | -216 | [3] | 191 | ' | ' | ' | ' | 23 | [3] | -35 | [4] | 17 | [3] | 194 | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair value, Derivative assets (liabilities) measured on recurring basis, level 3 fair-value category reconciliation | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at beginning of period, asset (liability), net | -1,760 | [5] | -1,829 | [5] | -991 | -2,380 | ' | ' | ' | ' | 233 | [5] | 298 | [5] | 839 | 181 | ' | ' | ' | ' | 829 | [5] | 140 | [5] | 695 | ' | ' | ' | ' | ' | -1,236 | [5] | -1,474 | [5] | -858 | -1,448 | ' | ' | ' | ' | -1,329 | [5] | -637 | [5] | -1,393 | -771 | ' | ' | ' | ' | -257 | [5] | -156 | [5] | -274 | -342 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net realized/unrealized gains (losses) included in earnings | ' | ' | ' | ' | -178 | [5] | 1,035 | [5] | -224 | 1,149 | ' | ' | ' | ' | -236 | [5] | 339 | [5] | -584 | 312 | ' | ' | ' | ' | -41 | [5] | 213 | [5] | 97 | 311 | ' | ' | ' | ' | 90 | [5] | 169 | [5] | 242 | 261 | ' | ' | ' | ' | 173 | [5] | 357 | [5] | 248 | 411 | ' | ' | ' | ' | -164 | [5] | -43 | [5] | -227 | -146 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transfers into Level 3 | 47 | [5] | 354 | [5] | -477 | 872 | ' | ' | ' | ' | 116 | [5] | 235 | [5] | 152 | 749 | ' | ' | ' | ' | 32 | [5] | 20 | [5] | 21 | 30 | ' | ' | ' | ' | -73 | [5] | -2 | [5] | -591 | -24 | ' | ' | ' | ' | -5 | [5] | -1 | [5] | 25 | 7 | ' | ' | ' | ' | -23 | [5] | 102 | [5] | -84 | 110 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transfers out of Level 3 | 102 | [5] | 511 | [5] | 183 | 284 | ' | ' | ' | ' | -133 | [5] | 275 | [5] | -124 | 108 | ' | ' | ' | ' | 11 | [5] | 13 | [5] | 30 | 3 | ' | ' | ' | ' | 278 | [5] | 265 | [5] | 330 | 346 | ' | ' | ' | ' | -39 | [5] | 7 | [5] | -8 | 5 | ' | ' | ' | ' | -15 | [5] | -49 | [5] | -45 | -178 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Purchases | 238 | [5] | 141 | [5] | 408 | 301 | ' | ' | ' | ' | 24 | [5] | 52 | [5] | 42 | 143 | ' | ' | ' | ' | ' | 6 | [5] | 1 | 15 | ' | ' | ' | ' | 112 | [5] | 67 | [5] | 262 | 116 | ' | ' | ' | ' | ' | 12 | [5] | ' | 15 | ' | ' | ' | ' | 102 | [5] | 4 | [5] | 103 | 12 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Sales | -96 | [5] | -81 | [5] | -239 | -171 | ' | ' | ' | ' | -52 | [5] | -67 | [5] | -98 | -82 | ' | ' | ' | ' | -1 | [5] | -1 | [5] | -1 | -8 | ' | ' | ' | ' | -43 | [5] | 5 | [5] | -137 | -56 | ' | ' | ' | ' | ' | -18 | [5] | ' | -25 | ' | ' | ' | ' | 0 | [5] | ' | -3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Settlements | 190 | [5] | -32 | [5] | -117 | 44 | ' | ' | ' | ' | 65 | [5] | -49 | [5] | -210 | -328 | ' | ' | ' | ' | 17 | [5] | -24 | [5] | 4 | 16 | ' | ' | ' | ' | -21 | [5] | -122 | [5] | -141 | -287 | ' | ' | ' | ' | -29 | [5] | 62 | [5] | -101 | 140 | ' | ' | ' | ' | 158 | [5] | 101 | [5] | 331 | 503 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at end of period, asset (liability), net | -1,457 | [5] | 99 | [5] | -1,457 | [5] | 99 | [5] | ' | ' | ' | ' | 17 | [5] | 1,083 | [5] | 17 | [5] | 1,083 | [5] | ' | ' | ' | ' | 847 | [5] | 367 | [5] | 847 | [5] | 367 | [5] | ' | ' | ' | ' | -893 | [5] | -1,092 | [5] | -893 | [5] | -1,092 | [5] | ' | ' | ' | ' | -1,229 | [5] | -218 | [5] | -1,229 | [5] | -218 | [5] | ' | ' | ' | ' | -199 | [5] | -41 | [5] | -199 | [5] | -41 | [5] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Unrealized gains (losses) still held | -597 | [3],[5] | 516 | [4],[5] | -639 | 1,129 | ' | ' | ' | ' | -293 | [3],[5] | 434 | [4],[5] | -225 | 983 | ' | ' | ' | ' | 3 | [3],[5] | -64 | [4],[5] | 145 | -151 | ' | ' | ' | ' | -415 | [3],[5] | -389 | [4],[5] | -431 | -589 | ' | ' | ' | ' | 128 | [3],[5] | 528 | [4],[5] | 197 | 669 | ' | ' | ' | ' | -20 | [3],[5] | 7 | [4],[5] | -325 | 217 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair value, liabilities measured on recurring basis, level 3 fair-value category reconciliation | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at beginning of period, liability | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 935 | 834 | 890 | 786 | ' | ' | ' | ' | 940 | 1,053 | 902 | 841 | ' | ' | ' | ' | 482 | 335 | 590 | 365 | ' | ' | ' | ' | 27 | 53 | 29 | 112 | ' | ' | ' | ' | 8,646 | 6,847 | 7,621 | 6,726 | ' | ' | ' | ' | ' | ' | ' | ' | 3 | 16 | 10 | 24 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net realized/unrealized gains (losses) included in earnings, liabilities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -2 | 33 | -9 | 60 | ' | ' | ' | ' | 5 | -8 | 15 | 11 | ' | ' | ' | ' | -14 | -16 | -31 | 26 | ' | ' | ' | ' | -97 | 380 | -381 | 371 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net realized/unrealized gains (losses) included in locations other than principal transactions, liabilities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -20 | [1],[2] | -51 | [1],[2] | -90 | [1],[2] | -67 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 24 | [1],[2] | 36 | [1],[2] | 49 | [1],[2] | 69 | ' | ' | ' | ' | -1 | -186 | [1],[2] | -1 | -185 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transfers into Level 3, liabilities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 22 | ' | ' | ' | ' | 54 | ' | 54 | 201 | ' | ' | ' | ' | 31 | 4 | 49 | 24 | ' | ' | ' | ' | 80 | ' | 80 | ' | ' | ' | ' | ' | 654 | 730 | 1,613 | 1,365 | ' | ' | ' | ' | ' | ' | ' | ' | 4 | 3 | 4 | 5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transfers out of Level 3, liabilities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -15 | ' | -15 | ' | ' | ' | ' | -22 | -6 | -51 | -11 | ' | ' | ' | ' | ' | -4 | ' | -4 | ' | ' | ' | ' | -1,384 | -549 | -2,238 | -1,014 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Purchases, liability | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 47 | ' | 78 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8 | ' | 8 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -1 | -1 | -1 | -3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance, liability | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 38 | ' | 63 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 290 | 1 | 291 | ' | ' | ' | ' | 1,006 | 621 | 1,946 | 905 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 88 | 1 | 90 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Sales, liability | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -11 | 2 | -11 | 40 | ' | ' | ' | ' | 144 | 130 | 294 | 176 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Settlements, liability | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -46 | -92 | -71 | -107 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -158 | -21 | -395 | -93 | ' | ' | ' | ' | ' | -20 | -20 | -38 | ' | ' | ' | ' | -1,148 | -422 | -1,427 | -730 | ' | ' | ' | ' | ' | ' | ' | ' | -1 | -197 | -6 | -204 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at end of period, liability | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 909 | 831 | 909 | 831 | ' | ' | ' | ' | 1,032 | 1,007 | 1,032 | 1,007 | ' | ' | ' | ' | 472 | 450 | 472 | 450 | ' | ' | ' | ' | 129 | 335 | 129 | 335 | ' | ' | ' | ' | 7,847 | 6,811 | 7,847 | 6,811 | ' | ' | ' | ' | ' | ' | ' | ' | 6 | 95 | 6 | 95 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Unrealized gains (losses) still held, liabilities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $12 | [3] | ($23) | [4] | $3 | [3] | ($164) | ' | ' | ' | ' | ($8) | [3] | $29 | [4] | ($21) | [3] | $41 | ' | ' | ' | ' | ($9) | [3] | ($40) | [4] | ($6) | [3] | $88 | ' | ' | ' | ' | ($1) | ($45) | [4] | ($6) | ($44) | ' | ' | ' | ' | ($311) | [3] | ($464) | [4] | ($521) | [3] | ($907) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ($196) | [4] | ' | ($198) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[1] | Changes in fair value for available-for-sale investments are recorded in Accumulated other comprehensive income (loss), unless other-than-temporarily impaired, 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 Accumulated other comprehensive income (loss) 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 June 30, 2014. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[4] | Represents the amount of total gains or losses for the period, included in earnings (and Accumulated other comprehensive income (loss) 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 June 30, 2013. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[5] | Total Level 3 derivative assets and liabilities have been netted in these tables for presentation purposes only. |
FAIR_VALUE_MEASUREMENT_Details2
FAIR VALUE MEASUREMENT (Details 3) (Level 3, USD $) | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2014 | Dec. 31, 2013 | |||
Mortgage-backed securities | Price-based | ' | ' | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ' | ' | ||
Total assets | 2,573,000,000 | [1] | 2,869,000,000 | [1] |
Mortgage-backed securities | Price-based | Minimum | ' | ' | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ' | ' | ||
Price | 0.05 | [2],[3] | 0.1 | [2],[3] |
Mortgage-backed securities | Price-based | Maximum | ' | ' | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ' | ' | ||
Price | 116.37 | [2],[3] | 117.78 | [2],[3] |
Mortgage-backed securities | Price-based | Weighted Average | ' | ' | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ' | ' | ||
Price | 80.89 | [4] | 77.6 | [4] |
Mortgage-backed securities | Yield analysis | ' | ' | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ' | ' | ||
Total assets | 1,028,000,000 | [1] | 1,241,000,000 | [1] |
Mortgage-backed securities | Yield analysis | Minimum | ' | ' | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ' | ' | ||
Yield (as a percent) | 0.11% | [2],[3] | 0.03% | [2],[3] |
Mortgage-backed securities | Yield analysis | Maximum | ' | ' | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ' | ' | ||
Yield (as a percent) | 22.73% | [2],[3] | 21.80% | [2],[3] |
Mortgage-backed securities | Yield analysis | Weighted Average | ' | ' | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ' | ' | ||
Yield (as a percent) | 7.95% | [4] | 8.66% | [4] |
State and municipal, foreign government, corporate, and other debt securities | Cash flow | ' | ' | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ' | ' | ||
Total assets | 1,834,000,000 | [1] | 2,014,000,000 | [1] |
State and municipal, foreign government, corporate, and other debt securities | Cash flow | Minimum | ' | ' | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ' | ' | ||
Fair Value Inputs Credit Spread | 0.60% | [4],[5] | 0.11% | |
State and municipal, foreign government, corporate, and other debt securities | Cash flow | Maximum | ' | ' | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ' | ' | ||
Fair Value Inputs Credit Spread | 6.00% | [4],[5] | 3.75% | |
State and municipal, foreign government, corporate, and other debt securities | Cash flow | Weighted Average | ' | ' | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ' | ' | ||
Fair Value Inputs Credit Spread | 2.26% | 2.13% | [6] | |
State and municipal, foreign government, corporate, and other debt securities | Price-based | ' | ' | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ' | ' | ||
Total assets | 6,482,000,000 | [1] | 5,361,000,000 | [1] |
State and municipal, foreign government, corporate, and other debt securities | Price-based | Maximum | ' | ' | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ' | ' | ||
Price | 141.75 | [2],[3] | 126.49 | [2],[3] |
State and municipal, foreign government, corporate, and other debt securities | Price-based | Weighted Average | ' | ' | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ' | ' | ||
Price | 89.19 | [4] | 87.47 | [4] |
Equity securities | Cash flow | ' | ' | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ' | ' | ||
Total assets | 831,000,000 | [1],[7] | 827,000,000 | [1],[7] |
Equity securities | Cash flow | Minimum | ' | ' | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ' | ' | ||
Yield (as a percent) | 4.00% | [2],[3],[7] | 4.00% | [2],[3],[7] |
WAL | '4 days | [2],[3],[7] | '4 days | [2],[3],[7] |
Equity securities | Cash flow | Maximum | ' | ' | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ' | ' | ||
Yield (as a percent) | 5.00% | [2],[3],[7] | 5.00% | [2],[3],[7] |
WAL | '3 years 3 months | [2],[3],[7] | '3 years 6 months 18 days | [2],[3],[7] |
Equity securities | Cash flow | Weighted Average | ' | ' | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ' | ' | ||
Yield (as a percent) | 4.50% | [4],[7] | 4.50% | [4],[7] |
WAL | '1 year 4 months 10 days | [4],[7] | '1 year 4 months 17 days | [4],[7] |
Equity securities | Price-based | ' | ' | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ' | ' | ||
Total assets | 1,800,000,000 | [1],[7] | 947,000,000 | [1],[7] |
Equity securities | Price-based | Minimum | ' | ' | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ' | ' | ||
Price | ' | 0.31 | [2],[3],[7] | |
Equity securities | Price-based | Maximum | ' | ' | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ' | ' | ||
Price | 163 | [2],[3],[7] | 93.66 | [2],[3],[7] |
Equity securities | Price-based | Weighted Average | ' | ' | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ' | ' | ||
Price | 73.92 | [4],[7] | 86.9 | [4],[7] |
Asset-backed securities | Price-based | ' | ' | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ' | ' | ||
Total assets | 3,732,000,000 | [1] | 4,539,000,000 | [1] |
Asset-backed securities | Price-based | Maximum | ' | ' | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ' | ' | ||
Price | 105 | [2],[3] | 135.83 | [2],[3] |
Asset-backed securities | Price-based | Weighted Average | ' | ' | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ' | ' | ||
Price | 71.79 | [4] | 70.89 | [4] |
Asset-backed securities | Model-based | ' | ' | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ' | ' | ||
Total assets | 1,185,000,000 | [1] | 1,300,000,000 | [1] |
Asset-backed securities | Model-based | Minimum | ' | ' | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ' | ' | ||
Fair Value Inputs Credit Spread | 2.94% | [4],[5] | 0.25% | |
Asset-backed securities | Model-based | Maximum | ' | ' | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ' | ' | ||
Fair Value Inputs Credit Spread | 2.94% | [4],[5] | 3.78% | |
Asset-backed securities | Model-based | Weighted Average | ' | ' | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ' | ' | ||
Fair Value Inputs Credit Spread | 2.94% | 3.02% | [6] | |
Non-marketable equity securities | Cash flow | ' | ' | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ' | ' | ||
Total assets | 472,000,000 | [1] | 533,000,000 | [1] |
Non-marketable equity securities | Cash flow | Minimum | ' | ' | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ' | ' | ||
Fund NAV | 550 | [2],[3] | ' | |
Price-to-book ratio | 0.9 | 0.9 | [2],[3] | |
Price-earnings ratio | 8.8 | 9.1 | [2],[3] | |
Non-marketable equity securities | Cash flow | Maximum | ' | ' | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ' | ' | ||
Discount to price (as a percent) | ' | 75.00% | [2],[3] | |
Fund NAV | 78,234,268 | [2],[3] | ' | |
Price-to-book ratio | 1.6 | 1.05 | [2],[3] | |
Price-earnings ratio | 8.8 | [2],[3] | 9.1 | [2],[3] |
Non-marketable equity securities | Cash flow | Weighted Average | ' | ' | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ' | ' | ||
Discount to price (as a percent) | ' | 3.47% | [4] | |
Fund NAV | 34,691,460 | [4] | ' | |
Price-to-book ratio | 1.25 | 1.02 | [4] | |
Price-earnings ratio | 8.8 | [4] | 9.1 | [4] |
Non-marketable equity securities | Price-based | ' | ' | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ' | ' | ||
Total assets | 1,773,000,000 | [1] | 2,324,000,000 | [1] |
Non-marketable equity securities | Price-based | Minimum | ' | ' | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ' | ' | ||
Fund NAV | ' | 612 | [2],[3] | |
Non-marketable equity securities | Price-based | Maximum | ' | ' | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ' | ' | ||
Discount to price (as a percent) | 90.00% | [2],[3] | ' | |
Fund NAV | ' | 336,559,340 | [2],[3] | |
Non-marketable equity securities | Price-based | Weighted Average | ' | ' | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ' | ' | ||
Discount to price (as a percent) | 5.66% | [4] | ' | |
Fund NAV | ' | 124,080,454 | [4] | |
Non-marketable equity securities | Comparables Analysis | ' | ' | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ' | ' | ||
Total assets | 1,461,000,000 | [1] | 1,470,000,000 | [1] |
Non-marketable equity securities | Comparables Analysis | Minimum | ' | ' | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ' | ' | ||
EBITDA multiples | 4.4 | [2],[3] | 4.2 | [2],[3] |
Non-marketable equity securities | Comparables Analysis | Maximum | ' | ' | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ' | ' | ||
EBITDA multiples | 13.9 | [2],[3] | 16.9 | [2],[3] |
Non-marketable equity securities | Comparables Analysis | Weighted Average | ' | ' | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ' | ' | ||
EBITDA multiples | 9.66 | [4] | 9.78 | [4] |
Nontrading derivatives and other financial assets and liabilities | Comparables Analysis | Maximum | ' | ' | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ' | ' | ||
Discount to price (as a percent) | 35.00% | [2],[3] | ' | |
Nontrading derivatives and other financial assets and liabilities | Comparables Analysis | Weighted Average | ' | ' | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ' | ' | ||
Discount to price (as a percent) | 17.44% | [4] | ' | |
Fixed Income Securities | ' | ' | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ' | ' | ||
Fair Value Inputs Price for Instrument Valued at Par | 100 | ' | ||
Trading account assets and liabilities | Interest rate contracts | Model-based | ' | ' | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ' | ' | ||
Fair value (gross) | 7,344,000,000 | [1],[8] | 5,721,000,000 | [1],[8] |
Trading account assets and liabilities | Interest rate contracts | Model-based | Minimum | ' | ' | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ' | ' | ||
IR lognormal volatility | 11.86% | [2],[3],[8] | 10.60% | [2],[3],[8] |
Mean reversion | 1.00% | ' | ||
Trading account assets and liabilities | Interest rate contracts | Model-based | Maximum | ' | ' | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ' | ' | ||
IR lognormal volatility | 87.59% | [2],[3],[8] | 87.20% | [2],[3],[8] |
Mean reversion | 20.00% | ' | ||
Trading account assets and liabilities | Interest rate contracts | Model-based | Weighted Average | ' | ' | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ' | ' | ||
IR lognormal volatility | 21.85% | [4],[8] | 21.16% | [4],[8] |
Mean reversion | 10.39% | ' | ||
Trading account assets and liabilities | Foreign exchange contracts | Cash flow | ' | ' | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ' | ' | ||
Fair value (gross) | 264,000,000 | [1],[8] | 189,000,000 | [1],[8] |
Trading account assets and liabilities | Foreign exchange contracts | Cash flow | Minimum | ' | ' | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ' | ' | ||
Interest rate (as a percent) | 3.20% | [2],[3],[8] | 0.11% | [2],[3],[8] |
Fair Value Inputs Credit Spread | 0.31% | [4],[5] | 0.25% | |
IR-FX correlation | 40.00% | 40.00% | [2],[3],[8] | |
IR-IR correlation | 40.00% | [2],[3],[8] | 40.00% | [2],[3],[8] |
Trading account assets and liabilities | Foreign exchange contracts | Cash flow | Maximum | ' | ' | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ' | ' | ||
Interest rate (as a percent) | 12.16% | [2],[3],[8] | 13.88% | [2],[3],[8] |
Fair Value Inputs Credit Spread | 3.95% | [4],[5] | 4.19% | |
IR-FX correlation | 60.00% | 60.00% | [2],[3],[8] | |
IR-IR correlation | 40.00% | [2],[3],[8] | 68.79% | [2],[3],[8] |
Trading account assets and liabilities | Foreign exchange contracts | Cash flow | Weighted Average | ' | ' | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ' | ' | ||
Interest rate (as a percent) | 6.24% | [4],[8] | 6.02% | [4],[8] |
Fair Value Inputs Credit Spread | 1.26% | 1.62% | [6] | |
IR-FX correlation | 50.00% | 50.00% | [4],[8] | |
IR-IR correlation | 40.00% | [4],[8] | 40.52% | [4],[8] |
Trading account assets and liabilities | Foreign exchange contracts | Model-based | ' | ' | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ' | ' | ||
Fair value (gross) | 1,216,000,000 | [1],[8] | 1,727,000,000 | [1],[8] |
Trading account assets and liabilities | Foreign exchange contracts | Model-based | Minimum | ' | ' | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ' | ' | ||
Foreign exchange (FX) volatility (as a Percent) | 1.96% | [2],[3],[8] | 1.00% | [2],[3],[8] |
Trading account assets and liabilities | Foreign exchange contracts | Model-based | Maximum | ' | ' | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ' | ' | ||
Foreign exchange (FX) volatility (as a Percent) | 23.10% | [2],[3],[8] | 28.00% | [2],[3],[8] |
Trading account assets and liabilities | Foreign exchange contracts | Model-based | Weighted Average | ' | ' | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ' | ' | ||
Foreign exchange (FX) volatility (as a Percent) | 11.25% | [4],[8] | 13.45% | [4],[8] |
Trading account assets and liabilities | Equity contracts | Price-based | ' | ' | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ' | ' | ||
Fair value (gross) | 480,000,000 | [1],[8],[9] | 563,000,000 | [1],[8],[9] |
Trading account assets and liabilities | Equity contracts | Price-based | Minimum | ' | ' | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ' | ' | ||
Equity forward | 89.56% | [2],[3],[8],[9] | 79.10% | [2],[3],[8],[9] |
Equity-Equity correlation | 8.20% | [2],[3],[8],[9] | -81.30% | [2],[3],[8],[9] |
Equity-FX correlation | -90.00% | [2],[3],[8],[9] | -70.00% | [2],[3],[8],[9] |
Trading account assets and liabilities | Equity contracts | Price-based | Maximum | ' | ' | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ' | ' | ||
Price | 130 | [2],[3] | 118.75 | [2],[3],[8],[9] |
Equity forward | 121.29% | [2],[3],[8],[9] | 141.00% | [2],[3],[8],[9] |
Equity-Equity correlation | 95.30% | [2],[3],[8],[9] | 99.40% | [2],[3],[8],[9] |
Equity-FX correlation | 65.00% | [2],[3],[8],[9] | 55.00% | [2],[3],[8],[9] |
Trading account assets and liabilities | Equity contracts | Price-based | Weighted Average | ' | ' | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ' | ' | ||
Price | 81.39 | [4] | 88.1 | [4],[8],[9] |
Equity forward | 101.81% | [4],[8],[9] | 100.24% | [4],[8],[9] |
Equity-Equity correlation | 57.16% | [4],[8],[9] | 48.45% | [4],[8],[9] |
Equity-FX correlation | -20.48% | [4],[8],[9] | 0.60% | [4],[8],[9] |
Trading account assets and liabilities | Equity contracts | Model-based | ' | ' | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ' | ' | ||
Fair value (gross) | 3,983,000,000 | [1],[8],[9] | 3,189,000,000 | [1],[8],[9] |
Trading account assets and liabilities | Equity contracts | Model-based | Minimum | ' | ' | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ' | ' | ||
Price | 0.01 | ' | ||
Equity volatility | 9.10% | [2],[3],[8],[9] | 10.02% | [2],[3],[8],[9] |
Trading account assets and liabilities | Equity contracts | Model-based | Maximum | ' | ' | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ' | ' | ||
Equity volatility | 124.17% | [2],[3],[8],[9] | 73.48% | [2],[3],[8],[9] |
Trading account assets and liabilities | Equity contracts | Model-based | Weighted Average | ' | ' | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ' | ' | ||
Equity volatility | 22.78% | [4],[8],[9] | 29.87% | [4],[8],[9] |
Trading account assets and liabilities | Commodity contracts | Model-based | ' | ' | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ' | ' | ||
Fair value (gross) | 2,525,000,000 | [1] | 2,988,000,000 | [1],[8] |
Trading account assets and liabilities | Commodity contracts | Model-based | Minimum | ' | ' | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ' | ' | ||
Forward price | 45.31% | [2],[3] | 23.00% | [2],[3],[8] |
Commodity correlation | -52.00% | [2],[3] | -75.00% | [2],[3],[8] |
Commodity volatility (as a percent) | 5.00% | [2],[3] | 4.00% | [2],[3],[8] |
Trading account assets and liabilities | Commodity contracts | Model-based | Maximum | ' | ' | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ' | ' | ||
Forward price | 190.53% | [2],[3] | 242.00% | [2],[3],[8] |
Commodity correlation | 90.00% | [2],[3] | 90.00% | [2],[3],[8] |
Commodity volatility (as a percent) | 124.00% | [2],[3] | 146.00% | [2],[3],[8] |
Trading account assets and liabilities | Commodity contracts | Model-based | Weighted Average | ' | ' | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ' | ' | ||
Forward price | 107.17% | [4] | 105.00% | [4],[8] |
Commodity correlation | 26.00% | [4] | 32.00% | [4],[8] |
Commodity volatility (as a percent) | 15.00% | [4] | 15.00% | [4],[8] |
Trading account assets and liabilities | Credit derivatives | Price-based | ' | ' | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ' | ' | ||
Fair value (gross) | 1,716,000,000 | [1] | 1,520,000,000 | [1],[8] |
Trading account assets and liabilities | Credit derivatives | Price-based | Minimum | ' | ' | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ' | ' | ||
Price | 0 | 0.02 | [2],[3],[8] | |
Fair Value Inputs Credit Spread | ' | 0.03% | ||
Recovery rate (as a percent) | 10.00% | [2],[3] | ' | |
Credit correlation | ' | 5.00% | [2],[3],[8] | |
Upfront points | 1.01 | 2.31 | [2],[3],[8] | |
Trading account assets and liabilities | Credit derivatives | Price-based | Maximum | ' | ' | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ' | ' | ||
Price | 130 | [2],[3] | 115.2 | [2],[3],[8] |
Fair Value Inputs Credit Spread | ' | 13.35% | ||
Recovery rate (as a percent) | 61.12% | [2],[3] | ' | |
Credit correlation | ' | 95.00% | [2],[3],[8] | |
Upfront points | 98.96 | 100 | [2],[3],[8] | |
Trading account assets and liabilities | Credit derivatives | Price-based | Weighted Average | ' | ' | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ' | ' | ||
Price | 42.2 | [4] | 29.83 | [4],[8] |
Fair Value Inputs Credit Spread | ' | 2.03% | [6] | |
Recovery rate (as a percent) | 36.73% | [4] | ' | |
Credit correlation | ' | 47.43% | [4],[8] | |
Upfront points | 76.54 | 57.69 | [4],[8] | |
Trading account assets and liabilities | Credit derivatives | Model-based | ' | ' | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ' | ' | ||
Fair value (gross) | 4,125,000,000 | [1] | 4,767,000,000 | [1],[8] |
Trading account assets and liabilities | Credit derivatives | Model-based | Minimum | ' | ' | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ' | ' | ||
Fair Value Inputs Credit Spread | 0.39% | [4],[5] | ' | |
Recovery rate (as a percent) | ' | 20.00% | [2],[3],[8] | |
Credit correlation | 0.00% | [2],[3] | ' | |
Trading account assets and liabilities | Credit derivatives | Model-based | Maximum | ' | ' | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ' | ' | ||
Fair Value Inputs Credit Spread | 16.00% | [4],[5] | ' | |
Recovery rate (as a percent) | ' | 64.00% | [2],[3],[8] | |
Credit correlation | 95.00% | [2],[3] | ' | |
Trading account assets and liabilities | Credit derivatives | Model-based | Weighted Average | ' | ' | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ' | ' | ||
Fair Value Inputs Credit Spread | 3.50% | ' | ||
Recovery rate (as a percent) | ' | 38.11% | [4],[8] | |
Credit correlation | 52.12% | [4] | ' | |
Nontrading derivatives and other financial assets and liabilities | Price-based | ' | ' | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ' | ' | ||
Fair value (gross) | 94,000,000 | [1] | 82,000,000 | [1],[8] |
Nontrading derivatives and other financial assets and liabilities | Price-based | Minimum | ' | ' | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ' | ' | ||
EBITDA multiples | ' | 5.2 | [2],[3],[8] | |
Redemption rate (as a percent) | 3.00% | [2],[3] | ' | |
Nontrading derivatives and other financial assets and liabilities | Price-based | Maximum | ' | ' | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ' | ' | ||
EBITDA multiples | ' | 12.6 | [2],[3],[8] | |
Redemption rate (as a percent) | 99.50% | [2],[3] | ' | |
Nontrading derivatives and other financial assets and liabilities | Price-based | Weighted Average | ' | ' | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ' | ' | ||
EBITDA multiples | ' | 12.08 | [4],[8] | |
Redemption rate (as a percent) | 64.71% | [4] | ' | |
Nontrading derivatives and other financial assets and liabilities | Model-based | ' | ' | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ' | ' | ||
Fair value (gross) | 60,000,000 | [1] | 38,000,000 | [1],[8] |
Nontrading derivatives and other financial assets and liabilities | Model-based | Minimum | ' | ' | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ' | ' | ||
Price | ' | 0 | [2],[3],[8] | |
Fund NAV | ' | 1 | [2],[3],[8] | |
EBITDA multiples | 4.5 | [2],[3] | ' | |
Price-to-book ratio | ' | 1.05 | [2],[3],[8] | |
Nontrading derivatives and other financial assets and liabilities | Model-based | Maximum | ' | ' | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ' | ' | ||
Price | ' | 105.1 | [2],[3],[8] | |
Discount to price (as a percent) | ' | 35.00% | [2],[3],[8] | |
Fund NAV | ' | 10,688,600 | [2],[3],[8] | |
EBITDA multiples | 12.5 | [2],[3] | ' | |
Price-to-book ratio | ' | 1.05 | [2],[3],[8] | |
Nontrading derivatives and other financial assets and liabilities | Model-based | Weighted Average | ' | ' | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ' | ' | ||
Price | ' | 71.25 | [4],[8] | |
Discount to price (as a percent) | ' | 16.36% | [4],[8] | |
Fund NAV | ' | 9,706,488 | [4],[8] | |
EBITDA multiples | 11.73 | [4] | ' | |
Price-to-book ratio | ' | 1.05 | [4],[8] | |
Nontrading derivatives and other financial assets and liabilities | Comparables Analysis | ' | ' | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ' | ' | ||
Fair value (gross) | 53,000,000 | [1] | 60,000,000 | [1],[8] |
Nontrading derivatives and other financial assets and liabilities | Comparables Analysis | Minimum | ' | ' | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ' | ' | ||
Price | 0 | [2],[3] | ' | |
Fund NAV | 1 | [2],[3] | ' | |
Price-to-book ratio | 1 | [2],[3],[8] | ' | |
Price-earnings ratio | 10.8 | [2],[3] | 6.9 | [2],[3],[8] |
Nontrading derivatives and other financial assets and liabilities | Comparables Analysis | Maximum | ' | ' | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ' | ' | ||
Price | 108.7 | [2],[3] | ' | |
Fund NAV | 9,847,972 | [2],[3] | ' | |
Price-to-book ratio | 1 | [2],[3],[8] | ' | |
Price-earnings ratio | 10.8 | [2],[3] | 6.9 | [2],[3],[8] |
Nontrading derivatives and other financial assets and liabilities | Comparables Analysis | Weighted Average | ' | ' | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ' | ' | ||
Price | 73.72 | [4] | ' | |
Fund NAV | 8,381,450 | [4] | ' | |
Price-to-book ratio | 1 | [4],[8] | ' | |
Price-earnings ratio | 10.8 | [4] | 6.9 | [4],[8] |
Interest-bearing deposits | Model-based | ' | ' | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ' | ' | ||
Carrying amount reported on the Consolidated Balance Sheet | 909,000,000 | [1] | 890,000,000 | [1] |
Interest-bearing deposits | Model-based | Minimum | ' | ' | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ' | ' | ||
Equity volatility | 19.08% | [2],[3] | 14.79% | [2],[3] |
Equity-IR correlation | 28.00% | [2],[3] | 9.00% | [2],[3] |
Forward price | 45.31% | [2],[3] | 23.00% | [2],[3] |
Commodity correlation | -52.00% | [2],[3] | -75.00% | [2],[3] |
Commodity volatility (as a percent) | 5.00% | [2],[3] | 4.00% | [2],[3] |
Mean reversion | 1.00% | [2],[3] | 1.00% | [2],[3] |
Interest-bearing deposits | Model-based | Maximum | ' | ' | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ' | ' | ||
Equity volatility | 26.61% | [2],[3] | 42.15% | [2],[3] |
Equity-IR correlation | 32.00% | [2],[3] | 20.50% | [2],[3] |
Forward price | 190.53% | [2],[3] | 242.00% | [2],[3] |
Commodity correlation | 90.00% | [2],[3] | 90.00% | [2],[3] |
Commodity volatility (as a percent) | 124.00% | [2],[3] | 146.00% | [2],[3] |
Mean reversion | 20.00% | [2],[3] | 20.00% | [2],[3] |
Interest-bearing deposits | Model-based | Weighted Average | ' | ' | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ' | ' | ||
Equity volatility | 26.31% | [4] | 27.74% | [4] |
Equity-IR correlation | 28.08% | [4] | 19.81% | [4] |
Forward price | 107.17% | [4] | 105.00% | [4] |
Commodity correlation | 26.00% | [4] | 32.00% | [4] |
Commodity volatility (as a percent) | 15.00% | [4] | 15.00% | [4] |
Mean reversion | 10.50% | [4] | 10.50% | [4] |
Federal funds purchased and securities loaned or sold under agreements to repurchase | Model-based | ' | ' | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ' | ' | ||
Carrying amount reported on the Consolidated Balance Sheet | 1,032,000,000 | [1] | 902,000,000 | [1] |
Federal funds purchased and securities loaned or sold under agreements to repurchase | Model-based | Minimum | ' | ' | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ' | ' | ||
Interest rate (as a percent) | 1.04% | [2],[3] | 0.47% | [2],[3] |
Federal funds purchased and securities loaned or sold under agreements to repurchase | Model-based | Maximum | ' | ' | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ' | ' | ||
Interest rate (as a percent) | 2.81% | [2],[3] | 3.66% | [2],[3] |
Federal funds purchased and securities loaned or sold under agreements to repurchase | Model-based | Weighted Average | ' | ' | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ' | ' | ||
Interest rate (as a percent) | 2.35% | [4] | 2.71% | [4] |
Trading account liabilities | Securities sold, not yet purchased | Price-based | ' | ' | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ' | ' | ||
Carrying amount reported on the Consolidated Balance Sheet | ' | 273,000,000 | [1] | |
Trading account liabilities | Securities sold, not yet purchased | Price-based | Minimum | ' | ' | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ' | ' | ||
Yield (as a percent) | -0.67% | ' | ||
Credit IR correlation | ' | -68.00% | [2],[3] | |
Trading account liabilities | Securities sold, not yet purchased | Price-based | Maximum | ' | ' | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ' | ' | ||
Carrying amount reported on the Consolidated Balance Sheet | 144,000,000 | [1] | ' | |
Price | 120 | [2],[3] | 124.25 | [2],[3] |
Yield (as a percent) | 9.50% | ' | ||
Credit IR correlation | ' | 5.00% | [2],[3] | |
Trading account liabilities | Securities sold, not yet purchased | Price-based | Weighted Average | ' | ' | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ' | ' | ||
Price | 76.64 | [4] | 99.75 | [4] |
Yield (as a percent) | 0.74% | ' | ||
Credit IR correlation | ' | -50.00% | [4] | |
Trading account liabilities | Securities sold, not yet purchased | Model-based | ' | ' | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ' | ' | ||
Carrying amount reported on the Consolidated Balance Sheet | 284,000,000 | [1] | 289,000,000 | [1] |
Trading account liabilities | Securities sold, not yet purchased | Model-based | Minimum | ' | ' | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ' | ' | ||
Fair Value Inputs Credit Spread | ' | 1.66% | ||
Credit IR correlation | -70.49% | [2],[3] | ' | |
Trading account liabilities | Securities sold, not yet purchased | Model-based | Maximum | ' | ' | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ' | ' | ||
Fair Value Inputs Credit Spread | ' | 1.80% | ||
Credit IR correlation | 7.47% | [2],[3] | ' | |
Trading account liabilities | Securities sold, not yet purchased | Model-based | Weighted Average | ' | ' | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ' | ' | ||
Fair Value Inputs Credit Spread | ' | 1.75% | [6] | |
Credit IR correlation | -41.41% | [4] | ' | |
Short-term borrowings and long-term debt | Price-based | ' | ' | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ' | ' | ||
Carrying amount reported on the Consolidated Balance Sheet | ' | 868,000,000 | [1] | |
Short-term borrowings and long-term debt | Price-based | Minimum | ' | ' | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ' | ' | ||
Interest rate (as a percent) | ' | 4.00% | [2],[3] | |
Price | ' | 0.63 | [2],[3] | |
Equity volatility | ' | 10.70% | [2],[3] | |
Equity forward | ' | 79.10% | [2],[3] | |
Equity-Equity correlation | ' | -81.30% | [2],[3] | |
Forward price | ' | 23.00% | [2],[3] | |
Equity-FX correlation | ' | -70.00% | [2],[3] | |
Short-term borrowings and long-term debt | Price-based | Maximum | ' | ' | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ' | ' | ||
Interest rate (as a percent) | ' | 10.00% | [2],[3] | |
Price | ' | 103.75 | [2],[3] | |
Equity volatility | ' | 57.20% | [2],[3] | |
Equity forward | ' | 141.00% | [2],[3] | |
Equity-Equity correlation | ' | 99.40% | [2],[3] | |
Forward price | ' | 242.00% | [2],[3] | |
Equity-FX correlation | ' | 55.00% | [2],[3] | |
Short-term borrowings and long-term debt | Price-based | Weighted Average | ' | ' | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ' | ' | ||
Interest rate (as a percent) | ' | 5.00% | [4] | |
Price | ' | 80.73 | [4] | |
Equity volatility | ' | 19.41% | [4] | |
Equity forward | ' | 99.51% | [4] | |
Equity-Equity correlation | ' | 48.30% | [4] | |
Forward price | ' | 101.00% | [4] | |
Equity-FX correlation | ' | 0.60% | [4] | |
Short-term borrowings and long-term debt | Model-based | ' | ' | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ' | ' | ||
Carrying amount reported on the Consolidated Balance Sheet | 7,917,000,000 | [1] | 6,781,000,000 | [1] |
Short-term borrowings and long-term debt | Model-based | Minimum | ' | ' | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ' | ' | ||
Interest rate (as a percent) | 2.61% | [2],[3] | ' | |
IR lognormal volatility | 11.86% | [2],[3] | 10.60% | [2],[3] |
Equity volatility | 9.10% | [2],[3] | ' | |
Equity forward | 96.50% | ' | ||
Equity-Equity correlation | 8.20% | [2],[3] | ' | |
Forward price | 45.31% | [2],[3] | ' | |
Commodity correlation | -52.00% | [2],[3] | ' | |
Commodity volatility (as a percent) | 5.00% | [2],[3] | ' | |
Equity-FX correlation | -90.00% | ' | ||
Mean reversion | 1.00% | [2],[3] | ' | |
Short-term borrowings and long-term debt | Model-based | Maximum | ' | ' | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ' | ' | ||
Interest rate (as a percent) | 2.81% | [2],[3] | ' | |
IR lognormal volatility | 87.59% | [2],[3] | 87.20% | [2],[3] |
Equity volatility | 27.50% | [2],[3] | ' | |
Equity forward | 119.70% | ' | ||
Equity-Equity correlation | 95.30% | [2],[3] | ' | |
Forward price | 190.53% | [2],[3] | ' | |
Commodity correlation | 90.00% | [2],[3] | ' | |
Commodity volatility (as a percent) | 124.00% | [2],[3] | ' | |
Equity-FX correlation | 65.00% | ' | ||
Mean reversion | 20.00% | [2],[3] | ' | |
Short-term borrowings and long-term debt | Model-based | Weighted Average | ' | ' | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ' | ' | ||
Interest rate (as a percent) | 2.67% | [4] | ' | |
IR lognormal volatility | 21.85% | [4] | 20.97% | [4] |
Equity volatility | 9.43% | [4] | ' | |
Equity forward | 101.36% | ' | ||
Equity-Equity correlation | 57.00% | [4] | ' | |
Forward price | 107.17% | [4] | ' | |
Commodity correlation | 26.00% | [4] | ' | |
Commodity volatility (as a percent) | 15.00% | [4] | ' | |
Equity-FX correlation | -21.40% | ' | ||
Mean reversion | 10.71% | [4] | ' | |
Federal funds sold and securities borrowed or purchased under agreements to resell | Model-based | ' | ' | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ' | ' | ||
Total assets | 3,212,000,000 | [1] | 3,299,000,000 | [1] |
Federal funds sold and securities borrowed or purchased under agreements to resell | Model-based | Minimum | ' | ' | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ' | ' | ||
Interest rate (as a percent) | 1.38% | [2],[3] | 1.33% | [2],[3] |
Federal funds sold and securities borrowed or purchased under agreements to resell | Model-based | Maximum | ' | ' | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ' | ' | ||
Interest rate (as a percent) | 1.99% | [2],[3] | 2.19% | [2],[3] |
Federal funds sold and securities borrowed or purchased under agreements to resell | Model-based | Weighted Average | ' | ' | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ' | ' | ||
Interest rate (as a percent) | 1.85% | [4] | 2.04% | [4] |
Loans | Cash flow | ' | ' | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ' | ' | ||
Total assets | 1,168,000,000 | ' | ||
Loans | Cash flow | Minimum | ' | ' | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ' | ' | ||
Yield (as a percent) | 1.60% | ' | ||
Loans | Cash flow | Maximum | ' | ' | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ' | ' | ||
Yield (as a percent) | 4.50% | ' | ||
Loans | Cash flow | Weighted Average | ' | ' | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ' | ' | ||
Yield (as a percent) | 2.23% | ' | ||
Loans | Price-based | ' | ' | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ' | ' | ||
Total assets | 1,203,000,000 | [1] | 2,153,000,000 | [1] |
Loans | Price-based | Minimum | ' | ' | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ' | ' | ||
Price | 5 | [2],[3] | ' | |
Loans | Price-based | Maximum | ' | ' | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ' | ' | ||
Price | 106.51 | [2],[3] | 103.75 | [2],[3] |
Loans | Price-based | Weighted Average | ' | ' | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ' | ' | ||
Price | 99.26 | [4] | 91.19 | [4] |
Loans | Yield analysis | ' | ' | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ' | ' | ||
Total assets | 448,000,000 | [1] | 549,000,000 | [1] |
Loans | Yield analysis | Minimum | ' | ' | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ' | ' | ||
Fair Value Inputs Credit Spread | ' | 0.49% | ||
Loans | Yield analysis | Maximum | ' | ' | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ' | ' | ||
Fair Value Inputs Credit Spread | ' | 16.00% | ||
Loans | Yield analysis | Weighted Average | ' | ' | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ' | ' | ||
Fair Value Inputs Credit Spread | ' | 3.02% | [6] | |
Loans | Model-based | ' | ' | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ' | ' | ||
Total assets | 491,000,000 | [1] | 1,422,000,000 | [1] |
Loans | Model-based | Minimum | ' | ' | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ' | ' | ||
Yield (as a percent) | ' | 1.60% | [2],[3] | |
Loans | Model-based | Maximum | ' | ' | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ' | ' | ||
Yield (as a percent) | ' | 4.50% | [2],[3] | |
Loans | Model-based | Weighted Average | ' | ' | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ' | ' | ||
Yield (as a percent) | ' | 2.10% | [4] | |
Mortgage servicing rights | Cash flow | ' | ' | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ' | ' | ||
Total assets | 2,185,000,000 | [1] | 2,625,000,000 | [1] |
Mortgage servicing rights | Cash flow | Minimum | ' | ' | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ' | ' | ||
Yield (as a percent) | 0.00% | [2],[3] | 3.64% | [2],[3] |
WAL | '3 years 6 months | [2],[3] | '2 years 3 months 7 days | [2],[3] |
Mortgage servicing rights | Cash flow | Maximum | ' | ' | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ' | ' | ||
Yield (as a percent) | 51.05% | [2],[3] | 12.00% | [2],[3] |
WAL | '10 years 11 months 23 days | [2],[3] | '9 years 5 months 8 days | [2],[3] |
Mortgage servicing rights | Cash flow | Weighted Average | ' | ' | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ' | ' | ||
Yield (as a percent) | 7.66% | [4] | 7.19% | [4] |
WAL | '5 years 9 months 22 days | [4] | '6 years 1 month 13 days | [4] |
[1] | The fair value amounts presented in this table represent the primary valuation technique or techniques for each class of assets or liabilities. | |||
[2] | 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 one large position only. | |||
[3] | Some inputs are shown as zero due to rounding. | |||
[4] | Weighted averages are calculated based on the fair value of the instrument. | |||
[5] | Represents loans held for investment whose carrying amounts are based on the fair value of the underlying collateral. | |||
[6] | Includes estimated costs to sell. | |||
[7] | For equity securities, the price input is expressed on an absolute basis, not as a percentage of the notional amount. | |||
[8] | Both trading and nontrading account derivatives—assets and liabilities—are presented on a gross absolute value basis. | |||
[9] | Includes hybrid products. |
FAIR_VALUE_MEASUREMENT_Details3
FAIR VALUE MEASUREMENT (Details 4) (Nonrecurring, USD $) | Jun. 30, 2014 | Dec. 31, 2013 | ||
In Millions, unless otherwise specified | ||||
Fair value | ' | ' | ||
Items Measured at Fair Value on a Nonrecurring Basis | ' | ' | ||
Loans held-for-sale | $5,200 | $3,483 | ||
Other real estate owned | 121 | 138 | ||
Loans | 3,278 | [1] | 4,713 | [1] |
Total assets | 8,599 | 8,334 | ||
Level 2 | ' | ' | ||
Items Measured at Fair Value on a Nonrecurring Basis | ' | ' | ||
Loans held-for-sale | 1,992 | 2,165 | ||
Other real estate owned | 19 | 15 | ||
Loans | 2,882 | [1] | 3,947 | [1] |
Total assets | 4,893 | 6,127 | ||
Level 3 | ' | ' | ||
Items Measured at Fair Value on a Nonrecurring Basis | ' | ' | ||
Loans held-for-sale | 3,208 | 1,318 | ||
Other real estate owned | 102 | 123 | ||
Loans | 396 | [1] | 766 | [1] |
Total assets | $3,706 | $2,207 | ||
[1] | Represents impaired loans held for investment whose carrying amount is based on the fair value of the underlying collateral, including primarily real-estate secured loans. |
FAIR_VALUE_MEASUREMENT_Details4
FAIR VALUE MEASUREMENT (Details 5) (USD $) | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | ||||||||||||||||||||||||||
Loans held-for-sale | Loans held-for-sale | Loans held-for-sale | Loans held-for-sale | Other real estate owned | Other real estate owned | Other real estate owned | Other real estate owned | Loans | Loans | Loans | Loans | Nonrecurring | Nonrecurring | Nonrecurring | Nonrecurring | Nonrecurring | Nonrecurring | Nonrecurring | Nonrecurring | Nonrecurring | Nonrecurring | Nonrecurring | Nonrecurring | Nonrecurring | Nonrecurring | Nonrecurring | Nonrecurring | Nonrecurring | Nonrecurring | Nonrecurring | Nonrecurring | Nonrecurring | Nonrecurring | Nonrecurring | Nonrecurring | Nonrecurring | Nonrecurring | Nonrecurring | Nonrecurring | Nonrecurring | Nonrecurring | Nonrecurring | Nonrecurring | Nonrecurring | Nonrecurring | Nonrecurring | Nonrecurring | Nonrecurring | Nonrecurring | Nonrecurring | Nonrecurring | Nonrecurring | ||||||||||||||||||||||||||||||
Level 3 | Level 3 | Level 3 | Level 3 | Level 3 | Level 3 | Level 3 | Level 3 | Level 3 | Level 3 | Level 3 | Level 3 | Level 3 | Level 3 | Level 3 | Level 3 | Level 3 | Level 3 | Level 3 | Level 3 | Level 3 | Level 3 | Level 3 | Level 3 | Level 3 | Level 3 | Level 3 | Level 3 | Level 3 | Level 3 | Level 3 | Level 3 | Level 3 | Level 3 | Level 3 | Level 3 | Level 3 | Level 3 | Level 3 | Level 3 | Level 3 | ||||||||||||||||||||||||||||||||||||||||||
Loans held-for-sale | Loans held-for-sale | Loans held-for-sale | Loans held-for-sale | Loans held-for-sale | Loans held-for-sale | Loans held-for-sale | Loans held-for-sale | Loans held-for-sale | Loans held-for-sale | Loans held-for-sale | Loans held-for-sale | Other real estate owned | Other real estate owned | Other real estate owned | Other real estate owned | Other real estate owned | Other real estate owned | Other real estate owned | Other real estate owned | Other real estate owned | Other real estate owned | Other real estate owned | Other real estate owned | Other real estate owned | Other real estate owned | Other real estate owned | Loans | Loans | Loans | Loans | Loans | Loans | Loans | Loans | Loans | Loans | Loans | Loans | ||||||||||||||||||||||||||||||||||||||||||||
Price-based | Price-based | Price-based | Price-based | Price-based | Price-based | Price-based | Price-based | Cash flow | Cash flow | Cash flow | External model | Price-based | Price-based | Price-based | Price-based | Price-based | Price-based | Price-based | Price-based | Cash flow | Cash flow | Cash flow | Cash flow | Cash flow | Cash flow | Cash flow | Price-based | Price-based | Price-based | Price-based | Price-based | Price-based | Price-based | Price-based | Internal model | Internal model | Internal model | Internal model | ||||||||||||||||||||||||||||||||||||||||||||
Minimum | Minimum | Maximum | Maximum | Weighted Average | Weighted Average | Minimum | Maximum | Weighted Average | Minimum | Minimum | Maximum | Maximum | Weighted Average | Weighted Average | Minimum | Minimum | Maximum | Maximum | Weighted Average | Weighted Average | Minimum | Minimum | Maximum | Maximum | Weighted Average | Weighted Average | Minimum | Maximum | Weighted Average | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Valuation techniques and inputs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||||||||||||||
Total assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $3,706,000,000 | $2,207,000,000 | $2,924,000,000 | [1] | $912,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | $393,000,000 | $95,000,000 | [1] | $98,000,000 | ' | ' | ' | ' | ' | ' | $17,000,000 | ' | ' | ' | ' | ' | ' | $345,000,000 | [1],[2] | $581,000,000 | ' | ' | ' | ' | ' | ' | $109,000,000 | [3],[4] | ' | ' | ' | |||||||||||||||||||||
Price | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 66.9 | 60 | 100 | 100 | 93.49 | [5] | 98.77 | [6] | ' | ' | ' | ' | ' | ' | ' | 60.46 | ' | 100 | ' | 96.67 | [6] | ' | ' | ' | ' | ' | ' | ' | ' | ' | 36.63 | ' | 100 | ' | 44.91 | ' | ' | 52.4 | [3],[4] | 68 | [3],[4] | 65.32 | [6],[7] | |||||||||||||||||||
Fair Value Inputs Credit Spread | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.45% | 0.80% | 0.64% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||||||||||||||
Discount to price (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 34.00% | [7] | 34.00% | 60.00% | [7] | 59.00% | 42.00% | [5],[7] | 39.00% | [6] | ' | ' | ' | ' | ' | ' | ' | ' | ' | 34.00% | [2],[7] | 34.00% | [7] | 39.00% | [2],[7] | 39.00% | [7] | 35.00% | [2],[5],[7] | 35.00% | [6],[7] | ' | ' | ' | ' | |||||||||||||||
Appraised value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 636,249 | 8,518,229 | 15,897,503 | 3,531,396 | [5] | 11,392,478 | [6] | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6,500,000 | [7] | 86,000,000 | [7] | 43,532,719 | [6],[7] | ||||||||||||||||||||
Nonrecurring fair value changes included in earnings | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||||||||||||||
Nonrecurring fair value measurements included in earnings | ($149,000,000) | ($246,000,000) | ($301,000,000) | ($416,000,000) | ($3,000,000) | ($63,000,000) | $71,000,000 | ($63,000,000) | $1,000,000 | ($6,000,000) | ($5,000,000) | ($10,000,000) | ($147,000,000) | [1] | ($177,000,000) | [1] | ($367,000,000) | [1] | ($343,000,000) | [1] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||||||||||
[1] | Represents loans held for investment whose carrying amount is based on the fair value of the underlying collateral, including primarily real-estate loans. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[2] | Represents loans held for investment whose carrying amounts are based on the fair value of the underlying collateral. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[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] | Includes items measured at fair value on a nonrecurring basis. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[5] | Weighted averages are calculated based on the fair value of the instrument. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[6] | Prices are based on appraised values. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[7] | Includes estimated costs to sell. |
FAIR_VALUE_MEASUREMENT_Details5
FAIR VALUE MEASUREMENT (Details 6) (USD $) | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | ||
Assets | ' | ' | ' | ' | ' | ' | ||
Loans | $4,804,000,000 | ' | $5,029,000,000 | ' | ' | ' | ||
Liabilities | ' | ' | ' | ' | ' | ' | ||
Deposits | 965,725,000,000 | ' | 968,273,000,000 | ' | ' | ' | ||
Allowance for loan losses | 17,890,000,000 | 18,923,000,000 | 19,648,000,000 | 21,580,000,000 | 23,727,000,000 | 25,455,000,000 | ||
Lease finance receivables | 2,800,000,000 | ' | 2,900,000,000 | ' | ' | ' | ||
Corporate | ' | ' | ' | ' | ' | ' | ||
Assets | ' | ' | ' | ' | ' | ' | ||
Loans | 4,758,000,000 | [1] | ' | 4,072,000,000 | [1] | ' | ' | ' |
Fair value | ' | ' | ' | ' | ' | ' | ||
Assets | ' | ' | ' | ' | ' | ' | ||
Investments | 30,700,000,000 | ' | 19,300,000,000 | ' | ' | ' | ||
Federal funds sold and securities borrowed or purchased under agreements to resell | 97,200,000,000 | ' | 115,600,000,000 | ' | ' | ' | ||
Loans | 642,500,000,000 | [2],[3] | ' | 635,100,000,000 | [2],[3] | ' | ' | ' |
Other financial assets | 263,800,000,000 | [3] | ' | 254,200,000,000 | [3],[4] | ' | ' | ' |
Liabilities | ' | ' | ' | ' | ' | ' | ||
Deposits | 962,400,000,000 | ' | 965,600,000,000 | ' | ' | ' | ||
Federal funds purchased and securities loaned or sold under agreements to repurchase, selected portfolios of securities sold under agreements to repurchase and securities loaned | 131,400,000,000 | ' | 152,000,000,000 | ' | ' | ' | ||
Long-term debt | 206,800,000,000 | [5] | ' | 201,300,000,000 | [5] | ' | ' | ' |
Other financial liabilities | 151,500,000,000 | [6] | ' | 136,200,000,000 | [6] | ' | ' | ' |
Fair value | Level 1 | ' | ' | ' | ' | ' | ' | ||
Assets | ' | ' | ' | ' | ' | ' | ||
Investments | 5,400,000,000 | [7] | ' | 5,300,000,000 | ' | ' | ' | |
Other financial assets | 10,700,000,000 | [7] | ' | 9,400,000,000 | [3],[4] | ' | ' | ' |
Fair value | Level 2 | ' | ' | ' | ' | ' | ' | ||
Assets | ' | ' | ' | ' | ' | ' | ||
Investments | 22,700,000,000 | ' | 11,900,000,000 | ' | ' | ' | ||
Federal funds sold and securities borrowed or purchased under agreements to resell | 88,300,000,000 | ' | 107,200,000,000 | ' | ' | ' | ||
Loans | 5,000,000,000 | [2],[3] | ' | 5,600,000,000 | [2],[3] | ' | ' | ' |
Other financial assets | 180,400,000,000 | [3] | ' | 191,700,000,000 | [3],[4] | ' | ' | ' |
Liabilities | ' | ' | ' | ' | ' | ' | ||
Deposits | 773,000,000,000 | ' | 776,400,000,000 | ' | ' | ' | ||
Federal funds purchased and securities loaned or sold under agreements to repurchase, selected portfolios of securities sold under agreements to repurchase and securities loaned | 131,200,000,000 | ' | 151,800,000,000 | ' | ' | ' | ||
Long-term debt | 178,300,000,000 | [5] | ' | 175,600,000,000 | [5] | ' | ' | ' |
Other financial liabilities | 41,300,000,000 | [6] | ' | 41,200,000,000 | [6] | ' | ' | ' |
Fair value | Level 3 | ' | ' | ' | ' | ' | ' | ||
Assets | ' | ' | ' | ' | ' | ' | ||
Investments | 2,600,000,000 | ' | 2,100,000,000 | ' | ' | ' | ||
Federal funds sold and securities borrowed or purchased under agreements to resell | 8,900,000,000 | ' | 8,400,000,000 | ' | ' | ' | ||
Loans | 637,500,000,000 | [2],[3] | ' | 629,500,000,000 | [2],[3] | ' | ' | ' |
Other financial assets | 72,700,000,000 | [3] | ' | 53,100,000,000 | [3],[4] | ' | ' | ' |
Liabilities | ' | ' | ' | ' | ' | ' | ||
Deposits | 189,400,000,000 | ' | 189,200,000,000 | ' | ' | ' | ||
Federal funds purchased and securities loaned or sold under agreements to repurchase, selected portfolios of securities sold under agreements to repurchase and securities loaned | 200,000,000 | ' | 200,000,000 | ' | ' | ' | ||
Long-term debt | 28,500,000,000 | [5] | ' | 25,700,000,000 | [5] | ' | ' | ' |
Other financial liabilities | 110,200,000,000 | [6] | ' | 95,000,000,000 | [6] | ' | ' | ' |
Fair value | Level 3 | Corporate | ' | ' | ' | ' | ' | ' | ||
Fair value measurements additional disclosures | ' | ' | ' | ' | ' | ' | ||
Unfunded lending commitments | 5,100,000,000 | ' | 5,200,000,000 | ' | ' | ' | ||
Carrying value | ' | ' | ' | ' | ' | ' | ||
Assets | ' | ' | ' | ' | ' | ' | ||
Investments | 29,100,000,000 | ' | 17,800,000,000 | ' | ' | ' | ||
Federal funds sold and securities borrowed or purchased under agreements to resell | 97,200,000,000 | ' | 115,600,000,000 | ' | ' | ' | ||
Loans | 642,000,000,000 | [8],[9] | ' | 637,900,000,000 | [2],[3] | ' | ' | ' |
Other financial assets | 263,800,000,000 | [3] | ' | 254,200,000,000 | [3],[4] | ' | ' | ' |
Liabilities | ' | ' | ' | ' | ' | ' | ||
Deposits | 963,800,000,000 | ' | 966,600,000,000 | ' | ' | ' | ||
Federal funds purchased and securities loaned or sold under agreements to repurchase, selected portfolios of securities sold under agreements to repurchase and securities loaned | 131,400,000,000 | ' | 152,000,000,000 | ' | ' | ' | ||
Long-term debt | 199,600,000,000 | [5] | ' | 194,200,000,000 | [5] | ' | ' | ' |
Other financial liabilities | $151,500,000,000 | [6] | ' | $136,200,000,000 | [6] | ' | ' | ' |
[1] | Total loans include loans at fair value, which are not included in the various delinquency columns. | |||||||
[2] | The carrying value of loans is net of the Allowance for loan losses of $17.9 billion for June 30, 2014 and $19.6 billion for December 31, 2013. In addition, the carrying values exclude $2.8 billion and $2.9 billion of lease finance receivables at June 30, 2014 and December 31, 2013, respectively. | |||||||
[3] | Includes items measured at fair value on a nonrecurring basis. | |||||||
[4] | Includes cash and due from banks, deposits with banks, brokerage receivables, reinsurance 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. | |||||||
[5] | The carrying value includes long-term debt balances under qualifying fair value hedges. | |||||||
[6] | Includes brokerage payables, separate and variable accounts, short-term borrowings (carried at cost) and other financial instruments included in Other liabilities on the Consolidated Balance Sheet, for all of which the carrying value is a reasonable estimate of fair value. | |||||||
[7] | Includes estimated costs to sell. | |||||||
[8] | Represents loans held for investment whose carrying amounts are based on the fair value of the underlying collateral. | |||||||
[9] | Prices are based on appraised values. |
FAIR_VALUE_ELECTIONS_Details
FAIR VALUE ELECTIONS (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||||||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | ||||
Federal funds sold and securities borrowed or purchased under agreements to resell | ' | ' | ' | ' | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions. | ' | ' | ' | ' | ||||
Fair value elections, changes in fair value gains (losses) | ($53) | ($299) | $973 | ($468) | ||||
Trading account assets | ' | ' | ' | ' | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions. | ' | ' | ' | ' | ||||
Fair value elections, changes in fair value gains (losses) | -428 | -179 | -238 | -170 | ||||
Investments | ' | ' | ' | ' | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions. | ' | ' | ' | ' | ||||
Fair value elections, changes in fair value gains (losses) | 20 | -15 | 52 | -57 | ||||
Corporate | ' | ' | ' | ' | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions. | ' | ' | ' | ' | ||||
Fair value elections, changes in fair value gains (losses) | -1 | [1] | 264 | [1] | 13 | [1] | 287 | [1] |
Consumer loans | ' | ' | ' | ' | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions. | ' | ' | ' | ' | ||||
Fair value elections, changes in fair value gains (losses) | -22 | [1] | -33 | [1] | -46 | [1] | -67 | [1] |
Loans | ' | ' | ' | ' | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions. | ' | ' | ' | ' | ||||
Fair value elections, changes in fair value gains (losses) | -23 | 231 | -33 | 220 | ||||
Mortgage servicing rights | ' | ' | ' | ' | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions. | ' | ' | ' | ' | ||||
Fair value elections, changes in fair value gains (losses) | -91 | 226 | -175 | 416 | ||||
Certain mortgage loans (HFS) | ' | ' | ' | ' | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions. | ' | ' | ' | ' | ||||
Fair value elections, changes in fair value gains (losses) | 138 | [2] | -29 | [2] | 258 | [2] | 514 | [2] |
Certain equity method investments | ' | ' | ' | ' | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions. | ' | ' | ' | ' | ||||
Fair value elections, changes in fair value gains (losses) | 1 | -2 | -2 | -1 | ||||
Other assets | ' | ' | ' | ' | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions. | ' | ' | ' | ' | ||||
Fair value elections, changes in fair value gains (losses) | 48 | 195 | 81 | 929 | ||||
Total assets | ' | ' | ' | ' | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions. | ' | ' | ' | ' | ||||
Fair value elections, changes in fair value gains (losses) | -436 | -67 | 835 | 454 | ||||
Interest-bearing deposits | ' | ' | ' | ' | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions. | ' | ' | ' | ' | ||||
Fair value elections, changes in fair value gains (losses) | -12 | 100 | -17 | 119 | ||||
Federal funds purchased and securities loaned or sold under agreements to repurchase | ' | ' | ' | ' | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions. | ' | ' | ' | ' | ||||
Fair value elections, changes in fair value gains (losses) | 0 | 50 | -6 | 73 | ||||
Trading account liabilities | ' | ' | ' | ' | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions. | ' | ' | ' | ' | ||||
Fair value elections, changes in fair value gains (losses) | -2 | 66 | 4 | 38 | ||||
Short-term borrowings | ' | ' | ' | ' | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions. | ' | ' | ' | ' | ||||
Fair value elections, changes in fair value gains (losses) | -14 | 61 | -10 | 88 | ||||
Long-term debt | ' | ' | ' | ' | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions. | ' | ' | ' | ' | ||||
Fair value elections, changes in fair value gains (losses) | -558 | 507 | -728 | 394 | ||||
Total liabilities | ' | ' | ' | ' | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions. | ' | ' | ' | ' | ||||
Fair value elections, changes in fair value gains (losses) | ($586) | $784 | ($757) | $712 | ||||
[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. |
FAIR_VALUE_ELECTIONS_Details_2
FAIR VALUE ELECTIONS (Details 2) (USD $) | 3 Months Ended | 6 Months Ended | 6 Months Ended | 6 Months Ended | ||||||||||||||||||||||||||||||||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 |
Consolidated VIEs | Consolidated VIEs | Certain loans and other credit product | Certain loans and other credit product | Certain loans and other credit product | Certain loans and other credit product | Certain loans and other credit product | Certain loans and other credit product | Certain Investments in Unallocated Precious Metals | Certain Investments in Unallocated Precious Metals | Certain debt host contracts across unallocated precious metals accounts | Certain debt host contracts across unallocated precious metals accounts | Mortgage loans | Mortgage loans | Mortgage loans | Mortgage loans | Corporate loans | Corporate loans | Consumer loans | Consumer loans | Fair value | Fair value | Carrying amount | Carrying amount | Carrying amount | Carrying amount | Carrying amount | Carrying amount | Carrying amount | Carrying amount | Carrying amount | Carrying amount | |||||
Trading assets | Trading assets | Loans | Loans | Forward derivative contract | Forward derivative contract | Consolidated VIEs | Consolidated VIEs | Consolidated VIEs | Consolidated VIEs | Consolidated VIEs | Consolidated VIEs | Certain loans and other credit product | Certain loans and other credit product | Certain loans and other credit product | Certain loans and other credit product | Certain loans and other credit product | Certain loans and other credit product | Certain mortgage loans (HFS) | Certain mortgage loans (HFS) | Corporate loans | Corporate loans | Consumer loans | Consumer loans | |||||||||||||
Purchased | Sold | Trading assets | Trading assets | Loans | Loans | Consolidated VIEs | Consolidated VIEs | Consolidated VIEs | Consolidated VIEs | |||||||||||||||||||||||||||
Fair Value Option Quantitative Disclosures | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gain (loss) on change in estimated fair value of debt liabilities due to change in company's own credit risk | ($44) | $202 | ($10) | ($8) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,400 | 1,300 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10,287 | 9,262 | 4,753 | 4,058 | 1,501 | 2,089 | 5 | 14 | 0 | 910 |
Aggregate unpaid principal balance in excess of (less than) fair value | ' | ' | ' | ' | ' | ' | ' | ' | 55 | 4 | -74 | -94 | ' | ' | ' | ' | 74 | 48 | ' | ' | 9 | 7 | 0 | 212 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Balance of non-accrual loans or loans more than 90 days past due | ' | ' | ' | ' | ' | ' | ' | ' | 68 | 97 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 81 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate unpaid principal balance in excess of fair value for non-accrual loans or loans more than 90 days past due | ' | ' | ' | ' | ' | ' | ' | ' | 84 | 41 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 106 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unfunded lending commitments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,601 | 2,308 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Changes in fair value due to instrument-specific credit risk gain (loss) | ' | ' | ' | ' | ' | ' | 29 | 17 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -48 | -69 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative notionals | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 13,300 | 6,600 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate unpaid principal balance in excess of (less than) fair value | ' | ' | ' | ' | $9 | $223 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
FAIR_VALUE_ELECTIONS_Details_3
FAIR VALUE ELECTIONS (Details 3) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
Carrying value of structured notes, disaggregated by type of embedded derivative instrument | ' | ' |
Carrying value of structured notes | $23,400,000,000 | $22,600,000,000 |
Consolidated VIEs | ' | ' |
Carrying value of structured notes, disaggregated by type of embedded derivative instrument | ' | ' |
Aggregate unpaid principal balance in excess of (less than) fair value | -1,322,000,000 | -866,000,000 |
Long-term debt | Carrying amount | Consolidated VIEs | ' | ' |
Carrying value of structured notes, disaggregated by type of embedded derivative instrument | ' | ' |
Carrying amount reported on the Consolidated Balance Sheet | 27,409,000,000 | 25,968,000,000 |
Short-term borrowings | ' | ' |
Carrying value of structured notes, disaggregated by type of embedded derivative instrument | ' | ' |
Aggregate unpaid principal balance in excess of (less than) fair value | -33,000,000 | -38,000,000 |
Short-term borrowings | Carrying amount | ' | ' |
Carrying value of structured notes, disaggregated by type of embedded derivative instrument | ' | ' |
Carrying amount reported on the Consolidated Balance Sheet | 1,236,000,000 | 3,692,000,000 |
Interest Rate Linked | ' | ' |
Carrying value of structured notes, disaggregated by type of embedded derivative instrument | ' | ' |
Carrying value of structured notes | 10,600,000,000 | 9,800,000,000 |
Foreign Exchange Linked | ' | ' |
Carrying value of structured notes, disaggregated by type of embedded derivative instrument | ' | ' |
Carrying value of structured notes | 400,000,000 | 500,000,000 |
Equity Linked | ' | ' |
Carrying value of structured notes, disaggregated by type of embedded derivative instrument | ' | ' |
Carrying value of structured notes | 6,900,000,000 | 7,000,000,000 |
Commodity Linked | ' | ' |
Carrying value of structured notes, disaggregated by type of embedded derivative instrument | ' | ' |
Carrying value of structured notes | 2,100,000,000 | 1,800,000,000 |
Credit Linked | ' | ' |
Carrying value of structured notes, disaggregated by type of embedded derivative instrument | ' | ' |
Carrying value of structured notes | $3,400,000,000 | $3,500,000,000 |
GUARANTEES_AND_COMMITMENTS_Det
GUARANTEES AND COMMITMENTS (Details) (USD $) | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2014 | Dec. 31, 2013 | |||
trust | trust | |||
Maximum potential amount of future payments | ' | ' | ||
Expire Within One Year | $244,200,000,000 | $207,500,000,000 | ||
Expire After One Year | 194,100,000,000 | 174,500,000,000 | ||
Total amount outstanding | 438,300,000,000 | 382,000,000,000 | ||
Carrying value | 1,642,000,000 | 1,343,000,000 | ||
Compensation for standard representations and warranties | 0 | ' | ||
Stated or notional amounts included in the indemnification clauses | 0 | ' | ||
Liability related to VTNs | 0 | 0 | ||
Number of trusts funded by the reinsurer | 2 | 2 | ||
Fair value of securities in trusts funded by reinsurer relating to indemnification | 5,900,000,000 | 5,400,000,000 | ||
Liability related to long-term care insurance indemnification | 0 | 0 | ||
Cash collateral available to reimburse losses realized under guarantees and indemnifications | 69,000,000,000 | 52,000,000,000 | ||
Securities and other marketable assets held as collateral, the majority of which collateral is held to reimburse losses realized under securities lending indemnifications | 52,000,000,000 | 39,000,000,000 | ||
Letters of credit in favor of the Company held as collateral | 4,500,000,000 | 5,300,000,000 | ||
Investment Grade | ' | ' | ||
Maximum potential amount of future payments | ' | ' | ||
Total amount outstanding | 123,300,000,000 | 119,800,000,000 | ||
Non-Investment Grade | ' | ' | ||
Maximum potential amount of future payments | ' | ' | ||
Total amount outstanding | 20,000,000,000 | 18,500,000,000 | ||
Not rated | ' | ' | ||
Maximum potential amount of future payments | ' | ' | ||
Total amount outstanding | 295,000,000,000 | 243,700,000,000 | ||
Financial standby letters of credit | ' | ' | ||
Maximum potential amount of future payments | ' | ' | ||
Expire Within One Year | 25,000,000,000 | 28,800,000,000 | ||
Expire After One Year | 75,500,000,000 | 71,400,000,000 | ||
Total amount outstanding | 100,500,000,000 | 100,200,000,000 | ||
Carrying value | 320,000,000 | 429,000,000 | ||
Financial standby letters of credit | Investment Grade | ' | ' | ||
Maximum potential amount of future payments | ' | ' | ||
Total amount outstanding | 75,100,000,000 | 76,200,000,000 | ||
Financial standby letters of credit | Non-Investment Grade | ' | ' | ||
Maximum potential amount of future payments | ' | ' | ||
Total amount outstanding | 15,600,000,000 | 14,800,000,000 | ||
Financial standby letters of credit | Not rated | ' | ' | ||
Maximum potential amount of future payments | ' | ' | ||
Total amount outstanding | 9,800,000,000 | 9,200,000,000 | ||
Performance guarantees | ' | ' | ||
Maximum potential amount of future payments | ' | ' | ||
Expire Within One Year | 7,600,000,000 | 7,600,000,000 | ||
Expire After One Year | 4,700,000,000 | 4,900,000,000 | ||
Total amount outstanding | 12,300,000,000 | 12,500,000,000 | ||
Carrying value | 37,000,000 | 42,000,000 | ||
Performance guarantees | Investment Grade | ' | ' | ||
Maximum potential amount of future payments | ' | ' | ||
Total amount outstanding | 7,300,000,000 | 7,400,000,000 | ||
Performance guarantees | Non-Investment Grade | ' | ' | ||
Maximum potential amount of future payments | ' | ' | ||
Total amount outstanding | 4,100,000,000 | 3,600,000,000 | ||
Performance guarantees | Not rated | ' | ' | ||
Maximum potential amount of future payments | ' | ' | ||
Total amount outstanding | 900,000,000 | 1,500,000,000 | ||
Derivative instruments considered to be guarantees | ' | ' | ||
Maximum potential amount of future payments | ' | ' | ||
Expire Within One Year | 15,900,000,000 | 6,000,000,000 | ||
Expire After One Year | 72,500,000,000 | 61,600,000,000 | ||
Total amount outstanding | 88,400,000,000 | 67,600,000,000 | ||
Carrying value | 1,213,000,000 | 797,000,000 | ||
Derivative instruments considered to be guarantees | Not rated | ' | ' | ||
Maximum potential amount of future payments | ' | ' | ||
Total amount outstanding | 88,400,000,000 | 67,600,000,000 | ||
Loans sold with recourse | ' | ' | ||
Maximum potential amount of future payments | ' | ' | ||
Expire After One Year | 200,000,000 | 300,000,000 | ||
Total amount outstanding | 200,000,000 | 300,000,000 | ||
Carrying value | 18,000,000 | 22,000,000 | ||
Repurchase reserve for Consumer mortgages representations and warranties | 281,000,000 | 341,000,000 | ||
Loans sold with recourse | Not rated | ' | ' | ||
Maximum potential amount of future payments | ' | ' | ||
Total amount outstanding | 200,000,000 | 300,000,000 | ||
Securities lending indemnifications | ' | ' | ||
Maximum potential amount of future payments | ' | ' | ||
Expire Within One Year | 109,400,000,000 | [1] | 79,200,000,000 | [1] |
Total amount outstanding | 109,400,000,000 | [1] | 79,200,000,000 | [1] |
Securities lending indemnifications | Not rated | ' | ' | ||
Maximum potential amount of future payments | ' | ' | ||
Total amount outstanding | 109,400,000,000 | 79,200,000,000 | ||
Credit card merchant processing | ' | ' | ||
Maximum potential amount of future payments | ' | ' | ||
Expire Within One Year | 86,300,000,000 | [1] | 85,900,000,000 | [1] |
Total amount outstanding | 86,300,000,000 | [1] | 85,900,000,000 | [1] |
Maximum potential contingent liability related to bankcard and private-label merchant processing services | 86,000,000,000 | 86,000,000,000 | ||
Credit card merchant processing | Not rated | ' | ' | ||
Maximum potential amount of future payments | ' | ' | ||
Total amount outstanding | 86,300,000,000 | 85,900,000,000 | ||
Custody indemnifications and other | ' | ' | ||
Maximum potential amount of future payments | ' | ' | ||
Expire Within One Year | 0 | ' | ||
Expire After One Year | 41,200,000,000 | 36,300,000,000 | ||
Total amount outstanding | 41,200,000,000 | 36,300,000,000 | ||
Carrying value | 54,000,000 | 53,000,000 | ||
Custody indemnifications and other | Investment Grade | ' | ' | ||
Maximum potential amount of future payments | ' | ' | ||
Total amount outstanding | 40,900,000,000 | 36,200,000,000 | ||
Custody indemnifications and other | Non-Investment Grade | ' | ' | ||
Maximum potential amount of future payments | ' | ' | ||
Total amount outstanding | 300,000,000 | 100,000,000 | ||
Futures and over-the-counter derivatives clearing | ' | ' | ||
Maximum potential amount of future payments | ' | ' | ||
Number of types of margin | 2 | ' | ||
Amount of cash initial margin collected and remitted | $2,900,000,000 | $1,400,000,000 | ||
[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. |
GUARANTEES_AND_COMMITMENTS_Det1
GUARANTEES AND COMMITMENTS (Details 2) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
Credit Commitments | ' | ' |
Credit commitments | $929,463,000,000 | $911,838,000,000 |
Commercial and similar letters of credit | ' | ' |
Credit Commitments | ' | ' |
Credit commitments | 7,443,000,000 | 7,341,000,000 |
One-to four-family residential mortgages | ' | ' |
Credit Commitments | ' | ' |
Credit commitments | 5,490,000,000 | 4,946,000,000 |
Revolving open-end loans secured by one-to four-family residential properties | ' | ' |
Credit Commitments | ' | ' |
Credit commitments | 16,498,000,000 | 16,781,000,000 |
Commercial real estate, construction and land development | ' | ' |
Credit Commitments | ' | ' |
Credit commitments | 2,726,000,000 | 2,725,000,000 |
Credit card lines | ' | ' |
Credit Commitments | ' | ' |
Credit commitments | 638,921,000,000 | 641,111,000,000 |
Commercial and other consumer loan commitments | ' | ' |
Credit Commitments | ' | ' |
Credit commitments | 247,692,000,000 | 231,071,000,000 |
Commercial and other consumer loan commitments original maturity of less than 1 year | 51,000,000,000 | 58,000,000,000 |
Other commitments and contingencies | ' | ' |
Credit Commitments | ' | ' |
Credit commitments | 10,693,000,000 | 7,863,000,000 |
U.S. | ' | ' |
Credit Commitments | ' | ' |
Credit commitments | 683,375,000,000 | ' |
U.S. | Commercial and similar letters of credit | ' | ' |
Credit Commitments | ' | ' |
Credit commitments | 1,551,000,000 | ' |
U.S. | One-to four-family residential mortgages | ' | ' |
Credit Commitments | ' | ' |
Credit commitments | 2,782,000,000 | ' |
U.S. | Revolving open-end loans secured by one-to four-family residential properties | ' | ' |
Credit Commitments | ' | ' |
Credit commitments | 13,641,000,000 | ' |
U.S. | Commercial real estate, construction and land development | ' | ' |
Credit Commitments | ' | ' |
Credit commitments | 1,619,000,000 | ' |
U.S. | Credit card lines | ' | ' |
Credit Commitments | ' | ' |
Credit commitments | 504,462,000,000 | ' |
U.S. | Commercial and other consumer loan commitments | ' | ' |
Credit Commitments | ' | ' |
Credit commitments | 156,841,000,000 | ' |
U.S. | Other commitments and contingencies | ' | ' |
Credit Commitments | ' | ' |
Credit commitments | 2,479,000,000 | ' |
Outside U.S. | ' | ' |
Credit Commitments | ' | ' |
Credit commitments | 246,088,000,000 | ' |
Outside U.S. | Commercial and similar letters of credit | ' | ' |
Credit Commitments | ' | ' |
Credit commitments | 5,892,000,000 | ' |
Outside U.S. | One-to four-family residential mortgages | ' | ' |
Credit Commitments | ' | ' |
Credit commitments | 2,708,000,000 | ' |
Outside U.S. | Revolving open-end loans secured by one-to four-family residential properties | ' | ' |
Credit Commitments | ' | ' |
Credit commitments | 2,857,000,000 | ' |
Outside U.S. | Commercial real estate, construction and land development | ' | ' |
Credit Commitments | ' | ' |
Credit commitments | 1,107,000,000 | ' |
Outside U.S. | Credit card lines | ' | ' |
Credit Commitments | ' | ' |
Credit commitments | 134,459,000,000 | ' |
Outside U.S. | Commercial and other consumer loan commitments | ' | ' |
Credit Commitments | ' | ' |
Credit commitments | 90,851,000,000 | ' |
Outside U.S. | Other commitments and contingencies | ' | ' |
Credit Commitments | ' | ' |
Credit commitments | $8,214,000,000 | ' |
CONTINGENCIES_Details
CONTINGENCIES (Details) (USD $) | Jun. 30, 2014 | Jun. 18, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jul. 14, 2014 | Jul. 14, 2014 | Jul. 14, 2014 | Jul. 22, 2014 | Jul. 21, 2014 | Jul. 18, 2014 |
Blackrock Allocation Target Shares, Series S Portfolio | Residential Mortgage-Backed Securities Investor Actions and Repurchase Claims | KIKOs | Subsequent event | Subsequent event | Subsequent event | Subsequent event | Subsequent event | Subsequent event | ||
trust | In Re Citigroup Inc. Securities Litigation | CKI | Department of Justice | State Attorneys General and FDIC | Consumer relief | Fraud litigation | Lehman Brothers Bankruptcy | Opt-out merchants | ||
decision | Financing of Storage at Quingdao and Penglai Ports | lawsuit | ||||||||
lawsuit | ||||||||||
Contingencies | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Possible loss, high end of the range | $5,000,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Damages sought | ' | ' | ' | ' | ' | ' | ' | 285,000,000 | 70,000,000 | ' |
Litigation settlement amount | ' | ' | ' | ' | 4,000,000,000 | 500,000,000 | 2,500,000,000 | ' | ' | ' |
Aggregate original purchase amount | ' | ' | 7,100,000,000 | ' | ' | ' | ' | ' | ' | ' |
Aggregate original purchase amount of the purchases covered by tolling agreements | ' | ' | 1,400,000,000 | ' | ' | ' | ' | ' | ' | ' |
Number of MBS Trusts | ' | 48 | ' | ' | ' | ' | ' | ' | ' | ' |
Number civil lawsuits filed by small and medium-sized enterprises | ' | ' | ' | 103 | ' | ' | ' | ' | ' | ' |
Number of decision rendered at district court level | ' | ' | ' | 96 | ' | ' | ' | ' | ' | ' |
Decisions favorable to entity | ' | ' | ' | 76 | ' | ' | ' | ' | ' | ' |
Number of decisions awarded to plaintiff for portion of damages sought | ' | ' | ' | 20 | ' | ' | ' | ' | ' | ' |
Contingent loss as claimed against the company | ' | ' | ' | 38,700,000 | ' | ' | ' | ' | ' | ' |
Number of adverse decision against which appeal is made | ' | ' | ' | 20 | ' | ' | ' | ' | ' | ' |
Number of decisions appealed at the Supreme court | ' | ' | ' | 65 | ' | ' | ' | ' | ' | ' |
Number of cases decided at the high court | ' | ' | ' | 62 | ' | ' | ' | ' | ' | ' |
Number of decisions favorable to the entity in the high court | ' | ' | ' | 45 | ' | ' | ' | ' | ' | ' |
Number of decisions awarded by the high court to the plaintiff for a portion of damages sought | ' | ' | ' | 17 | ' | ' | ' | ' | ' | ' |
Decrease in damages awarded | ' | ' | ' | 10,500,000 | ' | ' | ' | ' | ' | ' |
Number of decisions rendered at the Supreme Court | ' | ' | ' | 24 | ' | ' | ' | ' | ' | ' |
Number of decisions rendered in favor of plaintiff at the Supreme Court | ' | ' | ' | 21 | ' | ' | ' | ' | ' | ' |
Decrease in damages awarded by Supreme Court | ' | ' | ' | 300,000 | ' | ' | ' | ' | ' | ' |
Damages awarded | ' | ' | ' | $27,900,000 | ' | ' | ' | ' | ' | ' |
Number of lawsuits filed | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2 |