Document and Entity Information
Document and Entity Information | 9 Months Ended |
Sep. 30, 2015shares | |
Document and Entity Information | |
Entity Registrant Name | CITIGROUP INC |
Entity Central Index Key | 831,001 |
Document Type | 10-Q |
Document Period End Date | Sep. 30, 2015 |
Amendment Flag | false |
Current Fiscal Year End Date | --12-31 |
Entity Filer Category | Large Accelerated Filer |
Entity Common Stock, Shares Outstanding | 2,978,990,460 |
Document Fiscal Year Focus | 2,015 |
Document Fiscal Period Focus | Q3 |
CONSOLIDATED STATEMENT OF INCOM
CONSOLIDATED STATEMENT OF INCOME (Unaudited) - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | ||
Revenues | |||||
Interest revenue | [1] | $ 14,714 | $ 15,512 | $ 44,187 | $ 46,423 |
Interest expense | [1] | 2,941 | 3,325 | 9,020 | 10,531 |
Net interest revenue | [1] | 11,773 | 12,187 | 35,167 | 35,892 |
Commissions and fees | [1] | 2,732 | 3,280 | 9,096 | 9,905 |
Principal transactions | [1] | 1,327 | 1,549 | 5,471 | 6,280 |
Administration and other fiduciary fees | [1] | 870 | 1,029 | 2,827 | 3,067 |
Realized gains on sales of investments, net | [1] | 151 | 136 | 641 | 348 |
Other-than-temporary impairment losses on investments | |||||
Gross impairment losses | [1] | (80) | (99) | (195) | (337) |
Less: Impairments recognized in AOCI | [1] | 0 | 8 | 0 | 8 |
Net impairment (losses) recognized in earnings | [1] | (80) | (91) | (195) | (329) |
Insurance premiums | [1] | 464 | 530 | 1,443 | 1,613 |
Other revenue | [1] | 1,455 | 1,069 | 3,448 | 2,544 |
Total non-interest revenues | [1] | 6,919 | 7,502 | 22,731 | 23,428 |
Total revenues, net of interest expense | [1] | 18,692 | 19,689 | 57,898 | 59,320 |
Provisions for credit losses and for benefits and claims | |||||
Provision for loan losses | 1,582 | 1,575 | 4,852 | 4,947 | |
Policyholder benefits and claims | 189 | 205 | 567 | 595 | |
Provision (release) for unfunded lending commitments | 65 | (30) | (20) | (88) | |
Total provisions for credit losses and for benefits and claims | 1,836 | 1,750 | 5,399 | 5,454 | |
Operating expenses | |||||
Compensation and benefits | [1] | 5,321 | 6,114 | 16,324 | 18,152 |
Premises and equipment | [1] | 722 | 804 | 2,168 | 2,428 |
Technology/communication | [1] | 1,628 | 1,630 | 4,884 | 4,779 |
Advertising and marketing | [1] | 391 | 442 | 1,176 | 1,360 |
Other operating | [1] | 2,607 | 3,965 | 7,929 | 13,906 |
Total operating expenses | [1] | 10,669 | 12,955 | 32,481 | 40,625 |
Income from continuing operations before income taxes | 6,187 | 4,984 | 20,018 | 13,241 | |
Provision for income taxes | 1,881 | 2,068 | 6,037 | 6,120 | |
Income from continuing operations | 4,306 | 2,916 | 13,981 | 7,121 | |
Discontinued operations | |||||
Income (loss) from discontinued operations | (15) | (25) | (14) | 12 | |
Provision (benefit) for income taxes | (5) | (9) | (5) | 13 | |
Income (loss) from discontinued operations, net of taxes | (10) | (16) | (9) | (1) | |
Net income before attribution of noncontrolling interests | 4,296 | 2,900 | 13,972 | 7,120 | |
Noncontrolling interests | 5 | 59 | 65 | 154 | |
Citigroup’s net income | $ 4,291 | $ 2,841 | $ 13,907 | $ 6,966 | |
Basic earnings per share | |||||
Income from continuing operations (in dollars per share) | [2] | $ 1.36 | $ 0.89 | $ 4.39 | $ 2.14 |
Income (loss) from discontinued operations, net of taxes (in dollars per share) | [2] | 0 | (0.01) | 0 | 0 |
Net income (in dollars per share) | [2] | $ 1.36 | $ 0.88 | $ 4.38 | $ 2.14 |
Weighted average common shares outstanding (in shares) | 2,993.3 | 3,029.5 | 3,015.8 | 3,033.5 | |
Diluted earnings per share | |||||
Income from continuing operations (in dollars per share) | [2] | $ 1.36 | $ 0.88 | $ 4.38 | $ 2.14 |
Income (loss) from discontinued operations, net of taxes (in dollars per share) | [2] | 0 | (0.01) | 0 | 0 |
Net income (in dollars per share) | [2] | $ 1.35 | $ 0.88 | $ 4.38 | $ 2.14 |
Adjusted weighted average common shares outstanding (in shares) | 2,996.9 | 3,034.8 | 3,020.4 | 3,038.8 | |
[1] | Certain prior-period revenue and expense lines and totals were reclassified to conform to the current period’s presentation. See Note 3 to the Consolidated Financial Statements. | ||||
[2] | Due to rounding, earnings per share on continuing operations and discontinued operations may not sum to earnings per share on net income. |
CONSOLIDATED STATEMENT OF COMPR
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (Unaudited) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | ||
Statement of Comprehensive Income [Abstract] | |||||
Net income before attribution of noncontrolling interests | $ 4,296 | $ 2,900 | $ 13,972 | $ 7,120 | |
Add: Citigroup’s other comprehensive income (loss) | |||||
Net change in unrealized gains and losses on investment securities, net of taxes | 511 | (207) | 167 | 1,227 | |
Net change in cash flow hedges, net of taxes | 189 | 28 | 367 | 266 | |
Benefit plans liability adjustment, net of taxes | [1] | (360) | 71 | 128 | (106) |
Net change in foreign currency translation adjustment, net of taxes and hedges | (2,493) | (1,721) | (4,703) | (2,230) | |
Citigroup’s total other comprehensive income (loss) | (2,153) | (1,829) | (4,041) | (843) | |
Total comprehensive income before attribution of noncontrolling interests | 2,143 | 1,071 | 9,931 | 6,277 | |
Less: Net income attributable to noncontrolling interests | 5 | 59 | 65 | 154 | |
Citigroup’s comprehensive income | $ 2,138 | $ 1,012 | $ 9,866 | $ 6,123 | |
[1] | Reflects adjustments based on the actuarial valuations of the Company’s significant pension and postretirement plans, including changes in the mortality assumptions at September 30, 2015, and amortization of amounts previously recognized in Accumulated other comprehensive income (loss). See Note 8 to the Consolidated Financial Statements. |
CONSOLIDATED BALANCE SHEET
CONSOLIDATED BALANCE SHEET - USD ($) $ in Millions | Sep. 30, 2015 | Dec. 31, 2014 |
Assets | ||
Cash and due from banks | $ 21,726 | $ 32,108 |
Deposits with banks | 137,935 | 128,089 |
Federal funds sold and securities borrowed or purchased under agreements to resell (including $143,474 and $144,191 as of September 30, 2015 and December 31, 2014, respectively, at fair value) | 231,695 | 242,570 |
Brokerage receivables | 37,875 | 28,419 |
Trading account assets (including $101,401 and $106,217 pledged to creditors at September 30, 2015 and December 31, 2014, respectively) | 266,946 | 296,786 |
Investments: | ||
Available for sale (including $14,085 and $13,808 pledged to creditors as of September 30, 2015 and December 31, 2014, respectively) | 300,716 | 300,143 |
Held to maturity (including $3,180 and $2,974 pledged to creditors as of September 30, 2015 and December 31, 2014, respectively) | 33,940 | 23,921 |
Non-marketable equity securities (including $2,262 and $2,758 at fair value as of September 30, 2015 and December 31, 2014, respectively) | 7,783 | 9,379 |
Investments | 342,439 | 333,443 |
Loans: | ||
Loans, net of unearned income | 622,444 | 644,635 |
Allowance for loan losses | (13,626) | (15,994) |
Total loans, net | 608,818 | 628,641 |
Goodwill | 22,444 | 23,592 |
Intangible assets (other than MSRs) | 3,880 | 4,566 |
Mortgage servicing rights (MSRs) | 1,766 | 1,845 |
Other assets (including $8,101 and $7,762 as of September 30, 2015 and December 31, 2014, respectively, at fair value) | 132,832 | 122,122 |
Total assets | 1,808,356 | 1,842,181 |
Liabilities | ||
Non-interest-bearing deposits in U.S. offices | 141,425 | 128,958 |
Interest-bearing deposits in U.S. offices (including $954 and $994 as of September 30, 2015 and December 31, 2014, respectively, at fair value) | 267,057 | 284,978 |
Non-interest-bearing deposits in offices outside the U.S. | 73,188 | 70,925 |
Interest-bearing deposits in offices outside the U.S. (including $766 and $690 as of September 30, 2015 and December 31, 2014, respectively, at fair value) | 422,573 | 414,471 |
Total deposits | 904,243 | 899,332 |
Federal funds purchased and securities loaned or sold under agreements to repurchase (including $39,443 and $36,725 as of September 30, 2015 and December 31, 2014, respectively, at fair value) | 168,604 | 173,438 |
Brokerage payables | 59,557 | 52,180 |
Trading account liabilities | 125,981 | 139,036 |
Short-term borrowings (including $777 and $1,496 as of September 30, 2015 and December 31, 2014, respectively, at fair value) | 22,579 | 58,335 |
Long-term debt (including $26,238 and $26,180 as of September 30, 2015 and December 31, 2014, respectively, at fair value) | 213,533 | 223,080 |
Other liabilities (including $1,882 and $1,776 as of September 30, 2015 and December 31, 2014, respectively, at fair value) | 91,722 | 85,084 |
Total liabilities | 1,586,219 | 1,630,485 |
Stockholders’ equity | ||
Preferred stock ($1.00 par value; authorized shares: 30 million), issued shares: 608,720 as of September 30, 2015 and 418,720 as of December 31, 2014, at aggregate liquidation value | 15,218 | 10,468 |
Common stock ($0.01 par value; authorized shares: 6 billion), issued shares: 3,099,478,079 as of September 30, 2015 and 3,082,037,568 as of December 31, 2014 | 31 | 31 |
Additional paid-in capital | 108,261 | 107,979 |
Retained earnings | 130,921 | 117,852 |
Treasury stock, at cost: September 30, 2015—120,487,619 shares and December 31, 2014—58,119,993 shares | (6,326) | (2,929) |
Accumulated other comprehensive income (loss) | (27,257) | (23,216) |
Total Citigroup stockholders’ equity | 220,848 | 210,185 |
Noncontrolling interest | 1,289 | 1,511 |
Total equity | 222,137 | 211,696 |
Total liabilities and equity | 1,808,356 | 1,842,181 |
Consumer | ||
Loans: | ||
Loans, net of unearned income | 333,373 | 369,970 |
Corporate | ||
Loans: | ||
Loans, net of unearned income | 289,071 | 274,665 |
Consolidated VIEs | ||
Assets | ||
Cash and due from banks | 229 | 300 |
Trading account assets (including $101,401 and $106,217 pledged to creditors at September 30, 2015 and December 31, 2014, respectively) | 608 | 671 |
Investments: | ||
Investments | 5,584 | 8,014 |
Loans: | ||
Loans, net of unearned income | 82,974 | 95,979 |
Allowance for loan losses | (2,255) | (2,793) |
Total loans, net | 80,719 | 93,186 |
Other assets (including $8,101 and $7,762 as of September 30, 2015 and December 31, 2014, respectively, at fair value) | 8,616 | 619 |
Total assets | 95,756 | 102,790 |
Liabilities | ||
Short-term borrowings (including $777 and $1,496 as of September 30, 2015 and December 31, 2014, respectively, at fair value) | 11,563 | 20,254 |
Long-term debt (including $26,238 and $26,180 as of September 30, 2015 and December 31, 2014, respectively, at fair value) | 32,442 | 40,078 |
Other liabilities (including $1,882 and $1,776 as of September 30, 2015 and December 31, 2014, respectively, at fair value) | 6,523 | 901 |
Total liabilities | 50,528 | 61,233 |
Consolidated VIEs | Consumer | ||
Loans: | ||
Loans, net of unearned income | 58,161 | 66,383 |
Consolidated VIEs | Corporate | ||
Loans: | ||
Loans, net of unearned income | $ 24,813 | $ 29,596 |
CONSOLIDATED BALANCE SHEET (Par
CONSOLIDATED BALANCE SHEET (Parenthetical) - USD ($) $ in Millions | Sep. 30, 2015 | Dec. 31, 2014 |
Federal funds sold and securities borrowed or purchased under agreements to resell, at fair value | $ 231,695 | $ 242,570 |
Trading account assets, pledged to creditors | 101,401 | 106,217 |
Available-for-sale securities, pledged to creditors | 14,085 | 13,808 |
Held-to-maturity securities, pledged to creditors | 3,180 | 2,974 |
Loans, net of unearned income | 622,444 | 644,635 |
Other assets | 132,832 | 122,122 |
Interest-bearing deposits in U.S. offices | 267,057 | 284,978 |
Interest-bearing deposits in offices outside the U.S. | 422,573 | 414,471 |
Federal funds purchased and securities loaned or sold under agreements to repurchase | 168,604 | 173,438 |
Short-term borrowings | 22,579 | 58,335 |
Long-term debt | 213,533 | 223,080 |
Other liabilities | $ 91,722 | $ 85,084 |
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) | 608,720 | 418,720 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, authorized shares (in shares) | 6,000,000,000 | 6,000,000,000 |
Common stock, issued shares (in shares) | 3,099,478,079 | 3,082,037,568 |
Treasury stock (in shares) | 120,487,619 | 58,119,993 |
Consumer | ||
Loans, net of unearned income | $ 333,373 | $ 369,970 |
Corporate | ||
Loans, net of unearned income | 289,071 | 274,665 |
Fair value | ||
Federal funds sold and securities borrowed or purchased under agreements to resell, at fair value | 143,474 | 144,191 |
Non-marketable equity securities, pledged to creditors | 2,262 | 2,758 |
Other assets | 8,101 | 7,762 |
Interest-bearing deposits in U.S. offices | 954 | 994 |
Interest-bearing deposits in offices outside the U.S. | 766 | 690 |
Federal funds purchased and securities loaned or sold under agreements to repurchase | 39,443 | 36,725 |
Short-term borrowings | 777 | 1,496 |
Long-term debt | 26,238 | 26,180 |
Other liabilities | 1,882 | 1,776 |
Fair value | Consumer | ||
Loans, net of unearned income | 37 | 43 |
Fair value | Corporate | ||
Loans, net of unearned income | $ 5,476 | $ 5,858 |
CONSOLIDATED STATEMENT OF CHANG
CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY (Unaudited) - USD ($) $ in Millions | Total | Citigroup stockholders' equity | Preferred stock at aggregate liquidation value | 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 | ||
Balance, beginning of year at Dec. 31, 2013 | $ 6,738 | $ 107,224 | $ 111,168 | $ (1,658) | $ (19,133) | $ 1,794 | |||||
Adjustment to opening balance, net of taxes at Dec. 31, 2013 | [1] | (347) | |||||||||
Adjusted balance, beginning of year at Dec. 31, 2013 | 110,821 | ||||||||||
Increase (Decrease) in Stockholders' Equity | |||||||||||
Issuance of new preferred stock | 2,230 | ||||||||||
Employee benefit plans | 656 | (121) | [2] | ||||||||
Preferred stock issuance expense | (24) | ||||||||||
Common dividends | [3] | (91) | |||||||||
Preferred dividends | $ (352) | (352) | |||||||||
Tax benefit | 353 | ||||||||||
Treasury stock acquired | [4] | (852) | |||||||||
Transactions between Citigroup and the noncontrolling-interest shareholders | (80) | ||||||||||
Net income | 7,120 | 6,966 | 154 | ||||||||
Dividends paid to noncontrolling-interest shareholders | (91) | ||||||||||
Other comprehensive income (loss) | (843) | (57) | |||||||||
Other | 14 | (101) | |||||||||
Net change in noncontrolling interests | (175) | ||||||||||
Balance, end of year at Sep. 30, 2014 | 213,547 | $ 211,928 | 8,968 | $ 202,960 | 107,870 | 117,697 | (2,631) | (19,976) | 1,619 | ||
Balance, beginning of year at Dec. 31, 2014 | 211,696 | 10,468 | 108,010 | 117,852 | (2,929) | (23,216) | 1,511 | ||||
Adjustment to opening balance, net of taxes at Dec. 31, 2014 | [1] | 0 | |||||||||
Adjusted balance, beginning of year at Dec. 31, 2014 | 117,852 | ||||||||||
Increase (Decrease) in Stockholders' Equity | |||||||||||
Issuance of new preferred stock | 4,750 | ||||||||||
Employee benefit plans | 325 | 405 | [2] | ||||||||
Preferred stock issuance expense | (19) | ||||||||||
Common dividends | [3] | (334) | |||||||||
Preferred dividends | (504) | (504) | |||||||||
Tax benefit | 0 | ||||||||||
Treasury stock acquired | [4] | (3,802) | |||||||||
Transactions between Citigroup and the noncontrolling-interest shareholders | (144) | ||||||||||
Net income | 13,972 | 13,907 | 65 | ||||||||
Dividends paid to noncontrolling-interest shareholders | (78) | ||||||||||
Other comprehensive income (loss) | (4,041) | (67) | |||||||||
Other | (24) | 2 | |||||||||
Net change in noncontrolling interests | (222) | ||||||||||
Balance, end of year at Sep. 30, 2015 | $ 222,137 | $ 220,848 | $ 15,218 | $ 205,630 | $ 108,292 | $ 130,921 | $ (6,326) | $ (27,257) | $ 1,289 | ||
[1] | Citi adopted ASU 2014-01 Investments-Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Affordable Housing, in the first quarter of 2015 on a retrospective basis. This adjustment to opening Retained earnings represents the impact to periods prior to January 1, 2014 and is shown as an adjustment to the opening balance since the third quarter of 2014 is the earliest period disclosed in this Form 10-Q. See Note 1 to the Consolidated Financial Statements for additional information. | ||||||||||
[2] | Includes treasury stock related to (i) certain activity on employee stock option program exercises where the employee delivers existing shares to cover the option exercise, or (ii) under Citi’s employee restricted or deferred stock programs where shares are withheld to satisfy tax requirements. | ||||||||||
[3] | Common dividends declared were $0.01 per share in the first quarter and $0.05 both in the second and third quarters of 2015 and $0.01 per share in the first, second, and third quarters of 2014 . | ||||||||||
[4] | For the nine months ended September 30, 2015 and 2014, primarily consists of open market purchases under Citi’s Board of Directors-approved common stock repurchase program. |
CONSOLIDATED STATEMENT OF CHAN7
CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY (Unaudited) (Parenthetical) - $ / shares | 3 Months Ended | |||||
Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | |
Statement of Stockholders' Equity [Abstract] | ||||||
Common dividends declared (in dollars per share) | $ 0.05 | $ 0.05 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 |
CONSOLIDATED STATEMENT OF CASH
CONSOLIDATED STATEMENT OF CASH FLOWS (Unaudited) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Cash flows from operating activities of continuing operations | ||
Net income before attribution of noncontrolling interests | $ 13,972 | $ 7,120 |
Net income attributable to noncontrolling interests | 65 | 154 |
Citigroup’s net income | 13,907 | 6,966 |
Loss from discontinued operations, net of taxes | (9) | (1) |
Income from continuing operations—excluding noncontrolling interests | 13,916 | 6,967 |
Adjustments to reconcile net income to net cash provided by operating activities of continuing operations | ||
Depreciation and amortization | 2,632 | 2,673 |
Provision for loan losses | 4,852 | 4,947 |
Realized gains from sales of investments | (641) | (348) |
Net impairment losses recognized in earnings | 231 | 331 |
Change in trading account assets | 29,840 | (4,894) |
Change in trading account liabilities | (13,055) | 28,510 |
Change in brokerage receivables net of brokerage payables | (2,079) | (7,903) |
Change in loans held-for-sale (HFS) | (814) | (1,989) |
Change in other assets | 1,037 | 19 |
Change in other liabilities | 1,999 | 5,256 |
Other, net | 3,446 | 2,459 |
Total adjustments | 27,448 | 29,061 |
Net cash provided by operating activities of continuing operations | 41,364 | 36,028 |
Cash flows from investing activities of continuing operations | ||
Change in deposits with banks | (10,250) | 25,937 |
Change in federal funds sold and securities borrowed or purchased under agreements to resell | 10,875 | 11,575 |
Change in loans | (7,158) | (2,365) |
Proceeds from sales and securitizations of loans | 8,127 | 3,481 |
Purchases of investments | (195,421) | (196,943) |
Proceeds from sales of investments | 113,953 | 105,449 |
Proceeds from maturities of investments | 64,850 | 66,759 |
Capital expenditures on premises and equipment and capitalized software | (2,472) | (2,474) |
Proceeds from sales of premises and equipment, subsidiaries and affiliates, and repossessed assets | 471 | 460 |
Net cash provided by (used in) investing activities of continuing operations | (17,025) | 11,879 |
Cash flows from financing activities of continuing operations | ||
Dividends paid | (838) | (443) |
Issuance of preferred stock | 4,731 | 2,206 |
Treasury stock acquired | (3,800) | (852) |
Stock tendered for payment of withholding taxes | (425) | (505) |
Change in federal funds purchased and securities loaned or sold under agreements to repurchase | (4,834) | (27,780) |
Issuance of long-term debt | 35,678 | 48,046 |
Payments and redemptions of long-term debt | (33,637) | (40,943) |
Change in deposits | 4,911 | (25,618) |
Change in short-term borrowings | (35,756) | 5,404 |
Net cash used in financing activities of continuing operations | (33,970) | (40,485) |
Effect of exchange rate changes on cash and cash equivalents | (751) | (1,331) |
Change in cash and due from banks | (10,382) | 6,091 |
Cash and due from banks at beginning of period | 32,108 | 29,885 |
Cash and due from banks at end of period | 21,726 | 35,976 |
Supplemental disclosure of cash flow information for continuing operations | ||
Cash paid during the year for income taxes | 4,043 | 3,687 |
Cash paid during the year for interest | 8,441 | 9,771 |
Non-cash investing activities | ||
Decrease in net loans associated with significant disposals reclassified to HFS | (9,063) | 0 |
Decrease in investments associated with significant disposals reclassified to HFS | (1,402) | 0 |
Decrease in goodwill and intangible assets associated with significant disposals reclassified to HFS | (216) | 0 |
Decrease in deposits with banks with significant disposals reclassified to HFS | (404) | 0 |
Transfers to loans HFS from loans | 17,600 | 10,700 |
Transfers to OREO and other repossessed assets | 225 | 220 |
Non-cash financing activities | ||
Decrease in long-term debt associated with significant disposals reclassified to HFS | $ (6,179) | $ 0 |
BASIS OF PRESENTATION AND ACCOU
BASIS OF PRESENTATION AND ACCOUNTING CHANGES | 9 Months Ended |
Sep. 30, 2015 | |
Accounting Policies [Abstract] | |
BASIS OF PRESENTATION AND ACCOUNTING CHANGES | BASIS OF PRESENTATION AND ACCOUNTING CHANGES Basis of Presentation The accompanying unaudited Consolidated Financial Statements as of September 30, 2015 and for the three- and nine-month periods ended September 30, 2015 and 2014 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 Citigroup’s Annual Report on Form 10-K for the year ended December 31, 2014 filed with the U.S. Securities and Exchange Commission (SEC) on February 25, 2015, including the historical audited consolidated financial statements of Citigroup reflecting the adoption of an accounting change (see “Accounting Changes” below), and certain realignments and reclassifications set forth in Citigroup’s Current Report on Form 8-K filed with the SEC on May 27, 2015 (2014 Annual Report on Form 10-K), and Citigroup’s Quarterly Reports on Form 10-Q for the quarters ended March 31, 2015 and June 30, 2015 filed with the SEC on May 11, 2015 (First Quarter of 2015 Form 10-Q) and August 3, 2015 (Second Quarter of 2015 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 other 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. ACCOUNTING CHANGES Debt Issuance Costs In April 2015, the FASB issued Accounting Standards Update (ASU) 2015-03, Interest— Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs , to conform the presentation of debt issuance costs to that of debt discounts and premiums. Thus, the ASU requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability. The guidance is effective beginning on January 1, 2016; however, Citi elected to early adopt the ASU on July 1, 2015 which resulted in an approximately $150 million reclassification from Other assets to Long-term debt . The retrospective application was deemed immaterial and as such prior periods were not restated. Accounting for Investments in Tax Credit Partnerships In January 2014, the FASB issued ASU No. 2014-01, Investments-Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Qualified Affordable Housing Projects . Any transition adjustment is reflected as an adjustment to retained earnings in the earliest period presented (retrospective application). The ASU is 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 qualifies to elect the proportional amortization method under the ASU for its entire LIHTC portfolio. These investments were previously accounted for under the equity method, which resulted 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 . Citi adopted ASU 2014-01 in the first quarter of 2015. The adoption of this ASU was applied retrospectively and cumulatively reduced Retained earnings by approximately $349 million , Other assets by approximately $178 million , and deferred tax assets by approximately $171 million . 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 borrowing 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 (see Note 21 to the Consolidated Financial Statements) and about the types of collateral pledged in repurchase agreements and similar transactions accounted for as secured borrowings (see Note 10 to the Consolidated Financial Statements). The ASU’s provisions became effective for Citi in the first quarter of 2015, with the exception of the collateral disclosures which became effective in the second quarter of 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. Adoption of the ASU did not have a material effect on the Company’s financial statements. Disclosures for Investments in Certain Entities That Calculate Net Asset Value (NAV) per Share In May 2015, the FASB issued ASU No. 2015-07, Fair Value Measurement (Topic 820): Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent), which is intended to reduce diversity in practice related to the categorization of investments measured at NAV within the fair value hierarchy. The ASU removes the current requirement to categorize investments for which fair value is measured using the NAV per share practical expedient within the fair value hierarchy. Citi elected to early adopt the ASU in the second quarter of 2015. The adoption of the ASU was applied retrospectively and reduced Level 3 assets by $1.0 billion and $1.1 billion as of June 30, 2015 and December 31, 2014, respectively. FUTURE APPLICATION OF ACCOUNTING STANDARDS Consolidation In February 2015, the FASB issued ASU No. 2015-02, Consolidation (Topic 810): Amendments to the Consolidation Analysis , which is intended to improve certain areas of consolidation guidance for legal entities such as limited partnerships, limited liability companies, and securitization structures. The ASU will reduce the number of consolidation models. The ASU will be effective on January 1, 2016. The Company does not expect ASU 2015-02 to have a material impact on its Consolidated Financial Statements. Revenue Recognition In May 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 on January 1, 2018. Early application is permitted for annual periods beginning after December 15, 2016. 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 financial statements. 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 financial institutions and other 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 an “expected credit loss” measurement objective for the recognition of credit losses for loans, held-to-maturity securities and other receivables at the time the financial asset is originated or acquired and adjusted each period for changes in expected credit losses. For available-for-sale securities where fair value is less than cost, credit-related impairment would be recognized in an allowance for credit losses and adjusted each period for changes in credit risk. This would replace 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. |
DISCONTINUED OPERATIONS AND SIG
DISCONTINUED OPERATIONS AND SIGNIFICANT DISPOSALS | 9 Months Ended |
Sep. 30, 2015 | |
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 Citi sold its non-Citibank-branded cards and consumer finance business in Brazil (Credicard) in 2013 and reported it as Discontinued operations . Residual costs and resolution of certain contingencies from the disposal resulted in losses from Discontinued operations , net of taxes, of $0 million and $3 million for the three months ended September 30, 2015 and 2014 , respectively, and income from Discontinued operations, net of taxes, of $6 million and $53 million , for the nine months ended September 30, 2015 and 2014 , respectively. Sale of Certain Citi Capital Advisors Business Citi sold its liquid strategies business within Citi Capital Advisors (CCA) pursuant to two separate transactions in 2013 and reported them as Discontinued operations . Citigroup retained a 24.9% passive equity interest in the management company (which is held in Citi’s Institutional Clients Group segment). Residual costs from the disposals resulted in losses and income from Discontinued operations , net of taxes, of $0 million and $3 million for the three months ended September 30, 2015 and 2014 , respectively, and income and losses from Discontinued operations, net of taxes, of $1 million and $5 million , for the nine months ended September 30, 2015 and 2014 , respectively. Sale of Egg Banking plc Credit Card Business Citi completed the sale of the Egg Banking plc (Egg) credit card business in 2011 and reported it as Discontinued operations . Residual costs from the disposal resulted in losses from Discontinued operations , net of taxes, of $10 million for both the three months ended September 30, 2015 and 2014 , respectively, and losses from Discontinued operations, net of taxes, of $16 million and $29 million for the nine months ended September 30, 2015 and 2014 , respectively. Audit of Citi German Consumer Tax Group Citi completed the sale of its German retail banking operations in 2008 and reported them as Discontinued operations . During 2014, residual costs from the disposal 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 September 30, Nine Months Ended September 30, In millions of dollars 2015 2014 2015 2014 Total revenues, net of interest expense $ — $ 2 $ — $ 75 Income (loss) from discontinued operations $ (15 ) $ (25 ) $ (14 ) $ 12 Provision (benefit) for income taxes (5 ) (9 ) (5 ) 13 Income (loss) from discontinued operations, net of taxes $ (10 ) $ (16 ) $ (9 ) $ (1 ) Cash flows for the Discontinued operations were not material for all periods presented. Significant Disposals The following sales were identified as significant disposals, 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. Agreement to Sell OneMain Financial Business On March 3, 2015, Citi entered into an agreement to sell its OneMain Financial business that is part of Citi Holdings. The sale, which is subject to regulatory approvals and other customary closing conditions, is expected to occur during the fourth quarter of 2015. Income before taxes is as follows: Three Months Ended September 30, Nine Months Ended September 30, In millions of dollars 2015 2014 2015 2014 Income before taxes $ 216 $ 223 $ 570 $ 710 The following assets and liabilities of the OneMain Financial business were identified and reclassified to HFS within Other assets and Other liabilities on the Consolidated Balance Sheet at September 30, 2015 : In millions of dollars September 30, 2015 Assets Cash and deposits with banks $ 523 Investments 1,403 Loans (net of allowance of $666 million) 7,731 Intangible assets 155 Other assets 417 Total assets $ 10,229 Liabilities Long-term debt $ 6,179 Short-term borrowings 1,136 Other liabilities, due to/from subs 292 Other liabilities 1,106 Total liabilities $ 8,713 Agreement to Sell Japan Cards Business On March 31, 2015, Citi entered into an agreement to sell its Japan cards business that is part of Citi Holdings effective January 1, 2015. The sale, which is subject to regulatory approvals and other customary closing conditions, is expected to occur during the fourth quarter of 2015. Income before taxes is as follows: Three Months Ended September 30, Nine Months Ended September 30, In millions of dollars 2015 2014 2015 2014 Income before taxes $ 4 $ 1 $ 13 $ — The following assets and liabilities of the Japan cards business were identified and reclassified to HFS within Other assets and Other liabilities on the Consolidated Balance Sheet at September 30, 2015 : In millions of dollars September 30, 2015 Assets Cash and deposits with banks $ 16 Loans (net of allowance of $23 million) 1,332 Goodwill 61 Other assets 77 Total assets $ 1,486 Liabilities Other liabilities $ 463 Total liabilities $ 463 Agreement to Sell Japan Retail Banking Business On December 25, 2014, Citi entered into an agreement to sell its Japan retail banking business that is part of Citi Holdings effective January 1, 2015. The sale, which is subject to regulatory approvals and other customary closing conditions, is expected to occur during the fourth quarter of 2015. Income before taxes is as follows: Three Months Ended September 30, Nine Months Ended September 30, In millions of dollars 2015 2014 2015 2014 Income (loss) before taxes $ (22 ) $ 5 $ (2 ) $ 5 The following assets and liabilities of the Japan retail banking business were identified and reclassified to HFS within Other assets and Other liabilities on the Consolidated Balance Sheet at September 30, 2015 and December 31, 2014 : September 30, December 31, In millions of dollars 2015 2014 Assets Cash and deposits with banks $ 126 $ 151 Loans (net of allowance of $1 million and $2 million at September 30, 2015 and December 31, 2014, respectively) 564 544 Goodwill 51 51 Other assets, advances to/from subs 19,036 19,854 Other assets 48 66 Total assets $ 19,825 $ 20,666 Liabilities Deposits $ 19,779 $ 20,605 Other liabilities 46 61 Total liabilities $ 19,825 $ 20,666 Combined Significant Disposals—HFS Balance Sheet Reclassifications The following assets and liabilities of the Japan retail banking, Japan cards business and OneMain Financial business were identified and reclassified to HFS within Other assets and Other liabilities on the Consolidated Balance Sheet at September 30, 2015 (OneMain, Japan cards and Japan retail) and December 31, 2014 (Japan retail): In millions of dollars September 30, 2015 December 31, 2014 Assets Cash and deposits with banks $ 665 $ 151 Investments 1,403 — Loans (net of allowance of $690 million and $2 million at September 30, 2015 and December 31, 2014) 9,627 544 Goodwill 112 51 Intangible assets 155 — Other assets, advances to/from subs 19,036 19,854 Other assets 542 66 Total assets $ 31,540 $ 20,666 Liabilities Deposits $ 19,779 $ 20,605 Long-term debt 6,179 — Short-term borrowings 1,136 — Other liabilities, due to/from subs 292 — Other liabilities 1,615 61 Total liabilities $ 29,001 $ 20,666 Sale of Spain Consumer Operations On September 22, 2014, Citi sold its consumer operations in Spain, which were part of Citi Holdings, including $1.7 billion of consumer loans (net of allowance), $3.4 billion of assets under management, $2.2 billion of customer deposits, 45 branches, 48 ATMs and 938 employees, with the buyer assuming the related current pension commitments at closing. The transaction generated a pretax gain on sale of $243 million ( $131 million after-tax). Income before taxes is as follows: Three Months Ended September 30, Nine Months Ended September 30, In millions of dollars 2015 2014 2015 2014 Income before taxes $ — $ 340 $ — $ 373 Sale of Greece Consumer Operations On September 30, 2014, Citi sold its consumer operations in Greece, which were part of Citi Holdings, including $353 million of consumer loans (net of allowance), $1.1 billion of assets under management, $1.2 billion of customer deposits, 20 branches, 85 ATMs and 719 employees, with the buyer assuming certain limited pension obligations related to Diners’ Club’s employees at closing. The transaction generated a pretax gain on sale of $209 million ( $91 million after-tax). Income before taxes is as follows: Three Months Ended September 30, Nine Months Ended September 30, In millions of dollars 2015 2014 2015 2014 Income before taxes $ — $ 173 $ — $ 133 |
BUSINESS SEGMENTS
BUSINESS SEGMENTS | 9 Months Ended |
Sep. 30, 2015 | |
Segment Reporting [Abstract] | |
BUSINESS SEGMENTS | BUSINESS SEGMENTS Citigroup’s activities are conducted through the Global Consumer Banking (GCB), Institutional Clients Group (ICG), Corporate/Other and Citi Holdings business segments. GCB 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 GCB businesses: North America, EMEA, Latin America and Asia . ICG 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 certain unallocated costs of global functions, other corporate expenses and net treasury results, unallocated corporate expenses, offsets to certain line-item reclassifications and eliminations, the results of discontinued operations and unallocated taxes. Citi Holdings 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 2014 Annual Report on Form 10-K.The prior-period balances reflect reclassifications to conform the presentation for all periods to the current period’s presentation. Effective January 1, 2015, financial data was reclassified from Citicorp to Citi Holdings for the consumer businesses in 11 markets and the consumer finance business in Korea in Global Consumer Banking (GCB) and certain businesses in Institutional Clients Group that Citi planned to exit, changes in Citi’s charge out of certain assets and non-interest revenues from the Corporate/Other segment to Citi’s businesses, changes in charge outs of certain administrative, operations and technology costs among Citi’s businesses and certain other immaterial reclassifications. Citi’s consolidated results remain unchanged for all periods presented as a result of the changes discussed above. In addition, as discussed in Note 1 to the Consolidated Financial Statements, Citi adopted ASU 2014-01 in the first quarter of 2015. The ASU is applicable to Citi’s portfolio of low income housing tax credit partnership interests. Citi’s disclosures reflect the retrospective application of the ASU and impacts Citi’s consolidated assets, revenues, provision for income taxes and net income for all periods presented. The following table presents certain information regarding the Company’s continuing operations by segment: Revenues, net of interest expense (1) Provision (benefits) for income taxes Income (loss) from continuing operations (2) Identifiable assets Three Months Ended September 30, In millions of dollars, except identifiable assets in billions 2015 2014 2015 2014 2015 2014 September 30, 2015 December 31, 2014 Global Consumer Banking $ 8,460 $ 9,201 $ 919 $ 995 $ 1,682 $ 1,894 $ 388 $ 406 Institutional Clients Group 8,597 8,336 1,186 1,102 2,410 2,343 1,258 1,257 Corporate/Other 218 82 (314 ) (103 ) 183 (1,537 ) 52 50 Total Citicorp $ 17,275 $ 17,619 $ 1,791 $ 1,994 $ 4,275 $ 2,700 $ 1,698 $ 1,713 Citi Holdings 1,417 2,070 90 74 31 216 110 129 Total $ 18,692 $ 19,689 $ 1,881 $ 2,068 $ 4,306 $ 2,916 $ 1,808 $ 1,842 Revenues, net of interest expense (1) Provision (benefits) for income taxes Income (loss) from continuing operations (2) Nine Months Ended September 30, In millions of dollars 2015 2014 2015 2014 2015 2014 Global Consumer Banking $ 25,671 $ 26,989 $ 2,644 $ 2,539 $ 5,037 $ 5,131 Institutional Clients Group 26,503 25,892 3,861 3,628 8,209 7,857 Corporate/Other 800 394 (871 ) (57 ) 394 (2,309 ) Total Citicorp $ 52,974 $ 53,275 $ 5,634 $ 6,110 $ 13,640 $ 10,679 Citi Holdings 4,924 6,045 403 10 341 (3,558 ) Total $ 57,898 $ 59,320 $ 6,037 $ 6,120 $ 13,981 $ 7,121 (1) Includes Citicorp (excluding Corporate/Other ) total revenues, net of interest expense, in North America of $8.1 billion and $8.2 billion ; in EMEA of $2.7 billion and $2.5 billion ; in Latin America of $3.0 billion and $3.2 billion ; and in Asia of $3.3 billion and $3.6 billion for the three months ended September 30, 2015 and 2014, respectively. Regional numbers exclude Citi Holdings and Corporate/Other , which largely operate within the U.S. Includes Citicorp (excluding Corporate/Other ) total revenues, net of interest expense, in North America of $24.4 billion and $24.4 billion ; in EMEA of $8.5 billion and $8.4 billion ; in Latin America of $8.9 billion and $9.7 billion ; and in Asia of $10.4 billion and $10.4 billion for the nine months ended September 30, 2015 and 2014, respectively. (2) Includes pretax provisions (credits) for credit losses and for benefits and claims in the GCB results of $1.4 billion and $1.3 billion ; in the ICG results of $309 million and $(21) million ; and in Citi Holdings results of $0.2 billion and $0.4 billion for the three months ended September 30, 2015 and 2014, respectively. Includes pretax provisions (credits) for credit losses and for benefits and claims in the GCB results of $4.3 billion and $4.4 billion ; in the ICG results of $288 million and $(106) million ; and in Citi Holdings results of $0.8 billion and $1.2 billion for the nine months ended September 30, 2015 and 2014, respectively. |
INTEREST REVENUE AND EXPENSE
INTEREST REVENUE AND EXPENSE | 9 Months Ended |
Sep. 30, 2015 | |
Interest Revenue (Expense), Net [Abstract] | |
INTEREST REVENUE AND EXPENSE | INTEREST REVENUE AND EXPENSE For the three and nine months ended September 30, 2015 and 2014, Interest revenue and Interest expense consisted of the following: Three Months Ended Nine Months Ended September 30, In millions of dollars 2015 2014 2015 2014 Interest revenue Loan interest, including fees $ 9,985 $ 11,187 $ 30,544 $ 33,729 Deposits with banks 187 235 538 737 Federal funds sold and securities borrowed or purchased under agreements to resell 656 567 1,962 1,753 Investments, including dividends 1,727 1,824 5,194 5,388 Trading account assets (1) 1,498 1,484 4,517 4,424 Other interest 661 215 1,432 392 Total interest revenue $ 14,714 $ 15,512 $ 44,187 $ 46,423 Interest expense Deposits (2) $ 1,215 $ 1,417 $ 3,828 $ 4,335 Federal funds purchased and securities loaned or sold under agreements to repurchase 379 411 1,198 1,473 Trading account liabilities (1) 57 38 158 127 Short-term borrowings 159 141 436 440 Long-term debt 1,131 1,318 3,400 4,156 Total interest expense $ 2,941 $ 3,325 $ 9,020 $ 10,531 Net interest revenue $ 11,773 $ 12,187 $ 35,167 $ 35,892 Provision for loan losses 1,582 1,575 4,852 4,947 Net interest revenue after provision for loan losses $ 10,191 $ 10,612 $ 30,315 $ 30,945 (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 $264 million and $234 million for the three months ended September 30, 2015 and 2014, respectively, and $849 million and $766 million for the nine months ended September 30, 2015 and 2014, respectively. |
COMMISSIONS AND FEES
COMMISSIONS AND FEES | 9 Months Ended |
Sep. 30, 2015 | |
Fees and Commissions [Abstract] | |
COMMISSIONS AND FEES | COMMISSIONS AND FEES The primary components of Commissions and fees revenue are investment banking fees, trading-related fees, credit card and bank card fees and fees related to trade 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 . 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). 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; annual card fees 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. The following table presents Commissions and fees revenue for the three and nine months ended September 30 : Three Months Ended September 30, Nine Months Ended September 30, In millions of dollars 2015 2014 2015 2014 Investment banking $ 692 $ 931 $ 2,590 $ 2,848 Trading-related 566 664 1,816 2,010 Credit cards and bank cards 415 570 1,413 1,698 Trade and securities services 428 469 1,311 1,396 Other consumer (1) 160 237 522 679 Corporate finance (2) 113 113 384 389 Checking-related 128 138 374 408 Loan servicing 103 93 317 279 Other 127 65 369 198 Total commissions and fees $ 2,732 $ 3,280 $ 9,096 $ 9,905 (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 | 9 Months Ended |
Sep. 30, 2015 | |
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), FVA (funding valuation adjustments) on over-the-counter derivatives and DVA (debt valuation adjustments on issued liabilities for which the fair value option has been elected), which adjustments are discussed further in Note 22 to the Consolidated Financial Statements. The following table presents principal transactions revenue for the three and nine months ended September 30 : Three Months Ended September 30, Nine Months Ended September 30, In millions of dollars 2015 2014 2015 2014 Global Consumer Banking $ 161 $ 199 $ 491 $ 541 Institutional Clients Group 1,209 1,396 5,205 5,577 Corporate/Other (26 ) (223 ) (266 ) (203 ) Subtotal Citicorp $ 1,344 $ 1,372 $ 5,430 $ 5,915 Citi Holdings (17 ) 177 41 365 Total Citigroup $ 1,327 $ 1,549 $ 5,471 $ 6,280 Interest rate contracts (1) $ 907 $ 911 $ 3,497 $ 3,240 Foreign exchange contracts (2) 432 464 1,236 1,637 Equity contracts (3) (183 ) (9 ) (254 ) 37 Commodity and other contracts (4) 180 164 614 486 Credit products and derivatives (5) (9 ) 19 378 880 Total $ 1,327 $ 1,549 $ 5,471 $ 6,280 (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 | 9 Months Ended |
Sep. 30, 2015 | |
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 2014 Annual Report on Form 10-K. |
RETIREMENT BENEFITS
RETIREMENT BENEFITS | 9 Months Ended |
Sep. 30, 2015 | |
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 2014 Annual Report on Form 10-K. Pension and Postretirement Plans The Company has several non-contributory 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 non-contributory, 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. The plan obligations, plan assets and periodic plan expense for the Company’s most significant pension and postretirement benefit plans (Significant Plans) are remeasured and disclosed quarterly, instead of annually. The Significant Plans captured approximately 90% of the Company’s global pension and postretirement plan obligations as of September 30, 2015. All other plans (All Other Plans) are remeasured annually with a December 31 measurement date. 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 and postretirement plans and plans outside the United States, for Significant Plans and All Other Plans, for the periods indicated. Three Months Ended September 30, Pension plans Postretirement benefit plans U.S. plans Non-U.S. plans U.S. plans Non-U.S. plans In millions of dollars 2015 2014 2015 2014 2015 2014 2015 2014 Qualified plans Benefits earned during the period $ 1 $ 1 $ 42 $ 43 $ — $ — $ 3 $ 4 Interest cost on benefit obligation 143 132 77 93 8 8 25 30 Expected return on plan assets (223 ) (220 ) (81 ) (98 ) — — (25 ) (31 ) Amortization of unrecognized Prior service (benefit) cost — (1 ) — — — — (3 ) (3 ) Net actuarial loss 31 29 17 20 — — 10 10 Curtailment loss (1) 2 11 — (5 ) — — — — Settlement loss (gain) (1) — — — 26 — — — — Special termination benefits (1) — — — 8 — — — — Net qualified plans (benefit) expense $ (46 ) $ (48 ) $ 55 $ 87 $ 8 $ 8 $ 10 $ 10 Nonqualified plans expense 11 10 — — — — — — Total net (benefit) expense $ (35 ) $ (38 ) $ 55 $ 87 $ 8 $ 8 $ 10 $ 10 (1) Losses (gains) due to curtailment and settlement relate to repositioning actions in the U.S. and certain countries outside the U.S. Nine Months Ended September 30, Pension plans Postretirement benefit plans U.S. plans Non-U.S. plans U.S. plans Non-U.S. plans In millions of dollars 2015 2014 2015 2014 2015 2014 2015 2014 Qualified plans Benefits earned during the period $ 3 $ 4 $ 129 $ 136 $ — $ — $ 10 $ 11 Interest cost on benefit obligation 411 410 237 287 24 25 82 90 Expected return on plan assets (668 ) (656 ) (248 ) (291 ) — (1 ) (81 ) (92 ) Amortization of unrecognized Prior service (benefit) cost (2 ) (3 ) — 2 — — (9 ) (9 ) Net actuarial loss 106 78 56 60 — — 33 30 Curtailment loss (1) 12 11 — 12 — — — — Settlement loss (gain) (1) — — — 39 — — — (2 ) Special termination benefits (1) — 8 — — Net qualified plans (benefit) expense $ (138 ) $ (156 ) $ 174 $ 253 $ 24 $ 24 $ 35 $ 28 Nonqualified plans expense 33 34 — — — — — — Total net (benefit) expense $ (105 ) $ (122 ) $ 174 $ 253 $ 24 $ 24 $ 35 $ 28 (1) Losses (gains) due to curtailment, settlement and special termination benefits relate to repositioning actions in the U.S. and certain countries outside the U.S. 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 Nine Months Ended September 30, 2015 Pension plans Postretirement benefit plans In millions of dollars U.S. plans Non-U.S. plans U.S. plans Non-U.S. plans Change in projected benefit obligation Projected benefit obligation at beginning of year $ 14,839 $ 7,252 $ 917 $ 1,527 Plans measured annually — (2,070 ) — (348 ) Projected benefit obligation at beginning of year — Significant Plans $ 14,839 $ 5,182 $ 917 $ 1,179 First quarter activity 201 (47 ) 3 (25 ) Second quarter activity (1,057 ) — (76 ) (74 ) Projected benefit obligation at June 30, 2015 — Significant Plans $ 13,983 $ 5,135 $ 844 $ 1,080 Benefits earned during the period 1 23 — 2 Interest cost on benefit obligation 151 63 8 21 Actuarial loss/(gain) 135 (105 ) 2 (6 ) Benefits paid, net of participants’ contributions (205 ) (63 ) (12 ) (12 ) Curtailment loss (1) 2 — — — Foreign exchange impact and other — (325 ) — (77 ) Projected benefit obligation at period end—Significant Plans $ 14,067 $ 4,728 $ 842 $ 1,008 (1) Losses due to curtailment relate to repositioning actions in the U.S. Nine Months Ended September 30, 2015 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 $ 13,071 $ 7,057 $ 10 $ 1,384 Plans measured annually — (1,406 ) — (9 ) Plan assets at fair value at beginning of year — Significant Plans $ 13,071 $ 5,651 $ 10 $ 1,375 First quarter activity 129 (154 ) $ (4 ) (54 ) Second quarter activity (256 ) (23 ) $ (3 ) (43 ) Plan assets at fair value at June 30, 2015 — Significant Plans $ 12,944 $ 5,474 $ 3 $ 1,278 Actual return on plan assets (356 ) 15 — (22 ) Company contributions 13 11 184 — Plan participants’ contributions — 1 — — Benefits paid (205 ) (64 ) (13 ) (12 ) Foreign exchange impact and other — (346 ) — (92 ) Plan assets at fair value at period end—Significant Plans $ 12,396 $ 5,091 $ 174 $ 1,152 Funded status of the plans Qualified plans $ (948 ) $ 363 $ (668 ) $ 144 Nonqualified plans (723 ) — — — Funded status of the plans at period end—Significant Plans $ (1,671 ) $ 363 $ (668 ) $ 144 Net amount recognized Benefit asset $ — $ 363 $ — $ 144 Benefit liability (1,671 ) — (668 ) — Net amount recognized on the balance sheet—Significant Plans $ (1,671 ) $ 363 $ (668 ) $ 144 Amounts recognized in Accumulated other comprehensive income (loss) Prior service benefit (cost) $ — $ 12 $ — $ 116 Net actuarial gain (loss) (6,189 ) (1,048 ) (6 ) (485 ) Net amount recognized in equity (pretax) - Significant Plans $ (6,189 ) $ (1,036 ) $ (6 ) $ (369 ) Accumulated benefit obligation at period end - Significant Plans $ 14,057 $ 4,420 $ 842 $ 1,008 The following table shows the change in Accumulated other comprehensive income (loss) related to Citi’s pension and postretirement benefit plans (for Significant Plans and All Other Plans) for the periods indicated. Three Months Ended Nine Months Ended In millions of dollars September 30, 2015 September 30, 2015 Beginning of period balance, net of tax (1) (2) $ (4,671 ) $ (5,159 ) Actuarial assumptions changes and plan experience (26 ) 851 Net asset gain (loss) due to difference between actual and expected returns (681 ) (1,051 ) Net amortizations 54 179 Prior service credit — (6 ) Foreign exchange impact and other 108 171 Change in deferred taxes, net 185 (16 ) Change, net of tax $ (360 ) $ 128 End of period balance, net of tax (1) (2) $ (5,031 ) $ (5,031 ) (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 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 obligations, 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 during the period in determining the pension and postretirement net (benefit) expense for the Significant Plans are shown in the following table: Net benefit (expense) assumed discount rates during the period (1) Three Months Ended Sept. 30, 2015 Jun. 30, 2015 Sept. 30, 2014 U.S. plans Qualified pension 4.45% 3.85% 4.25% Nonqualified pension 4.30 3.70 4.75 Postretirement 4.20 3.65 3.95 Non-U.S. plans Pension 1.00-12.00 0.70 - 12.25 4.30 - 8.00 Weighted average 5.41 5.14 5.95 Postretirement 8.50 8.00 8.40 (1) The Company uses a quarterly remeasurement approach for its Significant Plans. The rates for the three months ended September 30, 2015 and June 30, 2015 shown above were utilized to calculate the 2015 third and second quarter expense, respectively. The rates for the three months ended September 30, 2014 shown above were utilized to calculate the 2014 third quarter expense. The discount rates used at period end in determining the pension and postretirement benefit obligations for the Significant Plans are shown in the following table: Plan obligations assumed discount rates at period ended (1) Sept. 30, 2015 June 30, Mar. 31, 2015 U.S. plans Qualified pension 4.35% 4.45% 3.85% Nonqualified pension 4.25 4.30 3.70 Postretirement 4.10 4.20 3.65 Non-U.S. plans Pension 0.75 - 13.30 1.00 - 12.00 0.70 - 12.25 Weighted average 5.30 5.41 5.14 Postretirement 8.55 8.50 8.00 (1) For the Significant Plans, the September 30, 2015 rates shown above are utilized to calculate the September 30, 2015 benefit obligation and will be utilized to calculate the 2015 fourth quarter expense. The June 30, 2015 rates were utilized to calculate the third quarter 2015 expense. The March 31, 2015 rates were utilized to calculate the second quarter 2015 expense. Sensitivities of Certain Key Assumptions The following table summarizes the estimated effect on the Company’s Significant Plans quarterly expense of a one-percentage-point change in the discount rate: Three Months Ended September 30, 2015 In millions of dollars One-percentage-point increase One-percentage-point decrease Pension U.S. plans $5 $(10) Non-U.S. plans (5) 9 Postretirement U.S. plans $1 $(1) Non-U.S. plans (2) 2 Since the U.S. plans were 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, expense for the U.S. plans is driven more by interest costs than service costs and an increase in the discount rate would increase expense, while a decrease in the discount rate would decrease 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 third quarter of 2015. The company made a discretionary contribution of $174 million to the U.S. postretirement plan during the third quarter of 2015. This contribution will be used to pay future retiree medical claims. The following table summarizes the actual Company contributions for the nine months ended September 30, 2015 and 2014, as well as estimated expected Company contributions for the remainder of 2015 and the contributions made in the fourth quarter of 2014. 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 plans U.S. plans (1) Non-U.S. plans U.S. plans Non-U.S. plans In millions of dollars 2015 2014 2015 2014 2015 2014 2015 2014 Company contributions (2) for the nine months ended September 30 $ 33 $ 139 $ 85 $ 164 $ 217 $ 34 $ 7 $ 2 Company contributions expected for the remainder of the year $ 12 $ 12 $ 47 $ 43 $ 15 $ 17 $ 3 $ 10 (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 2015 and 2014, 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 expense associated with this plan amounted to approximately $94 million and $93 million for the three months ended September 30, 2015 and 2014, respectively, and $295 million and $298 million for the nine months ended September 30, 2015 and 2014, 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 September 30, Nine Months Ended September 30, In millions of dollars 2015 2014 2015 2014 Service-related expense Benefits earned during the period $ — $ — $ — $ — Interest cost on benefit obligation 1 2 3 4 Amortization of unrecognized Prior service benefit (8 ) (8 ) (23 ) (23 ) Net actuarial loss 3 3 9 10 Total service-related benefit $ (4 ) $ (3 ) $ (11 ) $ (9 ) Non-service-related (benefit) expense $ 9 $ 4 $ 15 $ 21 Total net expense $ 5 $ 1 $ 4 $ 12 |
EARNINGS PER SHARE
EARNINGS PER SHARE | 9 Months Ended |
Sep. 30, 2015 | |
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 nine months ended September 30 : Three Months Ended Nine Months Ended September 30, In millions, except per-share amounts 2015 2014 2015 2014 Income from continuing operations before attribution of noncontrolling interests $ 4,306 $ 2,916 $ 13,981 $ 7,121 Less: Noncontrolling interests from continuing operations 5 59 65 154 Net income from continuing operations (for EPS purposes) $ 4,301 $ 2,857 $ 13,916 $ 6,967 Income (loss) from discontinued operations, net of taxes (10 ) (16 ) (9 ) (1 ) Citigroup's net income $ 4,291 $ 2,841 $ 13,907 $ 6,966 Less: Preferred dividends (1) 174 128 504 352 Net income available to common shareholders $ 4,117 $ 2,713 $ 13,403 $ 6,614 Less: Dividends and undistributed earnings allocated to employee restricted and deferred shares with nonforfeitable rights to dividends, applicable to basic EPS 56 44 182 108 Net income allocated to common shareholders for basic and diluted EPS $ 4,061 $ 2,669 $ 13,221 $ 6,506 Weighted-average common shares outstanding applicable to basic EPS 2,993.3 3,029.5 3,015.8 3,033.5 Effect of dilutive securities Options (2) 3.4 5.1 4.4 5.0 Other employee plans 0.2 0.2 0.2 0.3 Convertible securities (3) — — — — Adjusted weighted-average common shares outstanding applicable to diluted EPS 2,996.9 3,034.8 3,020.4 3,038.8 Basic earnings per share (4) Income from continuing operations $ 1.36 $ 0.89 $ 4.39 $ 2.14 Discontinued operations — (0.01 ) — — Net income $ 1.36 $ 0.88 $ 4.38 $ 2.14 Diluted earnings per share (4) Income from continuing operations $ 1.36 $ 0.88 $ 4.38 $ 2.14 Discontinued operations — (0.01 ) — — Net income $ 1.35 $ 0.88 $ 4.38 $ 2.14 (1) See Note 19 to the Consolidated Financial Statements for the potential future impact of preferred stock dividends. (2) During the third quarters of 2015 and 2014, weighted-average options to purchase 0.9 million and 1.9 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 $201.01 and $157.90 per share, 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 exercise prices of $178.50 and $106.10 per share for approximately 21.0 million and 25.5 million shares of Citigroup common stock, respectively. Both warrants were not included in the computation of earnings per share in the three and nine months ended September 30, 2015 and 2014 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 | 9 Months Ended |
Sep. 30, 2015 | |
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 September 30 , 2015 and December 31, 2014 : In millions of dollars September 30, December 31, 2014 Securities purchased under agreements to resell $ 130,129 $ 123,979 Deposits paid for securities borrowed 101,566 118,591 Total $ 231,695 $ 242,570 Federal funds purchased and securities loaned or sold under agreements to repurchase , at their respective carrying values, consisted of the following at September 30 , 2015 and December 31, 2014 : In millions of dollars September 30, December 31, 2014 Federal funds purchased $ 133 $ 334 Securities sold under agreements to repurchase 148,547 147,204 Deposits received for securities loaned 19,924 25,900 Total $ 168,604 $ 173,438 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. To maintain reliable funding under a wide range of market conditions, including under periods of stress, Citi manages these activities by taking into consideration the quality of the underlying collateral, and stipulating financing tenor. Citi manages the risks in its collateralized financing transactions by conducting daily stress tests to account for changes in capacity, tenors, haircut, collateral profile and client actions. Additionally, Citi maintains counterparty diversification by establishing concentration triggers and assessing counterparty reliability and stability under stress. It is the Company’s policy to take possession of the underlying collateral, monitor its market value relative to the amounts due under the agreements and, when necessary, require prompt transfer of additional collateral in order to maintain contractual margin protection. For resale and repurchase agreements, when necessary, the Company posts additional collateral in order to maintain contractual margin protection. Collateral typically consists of government and government-agency securities, corporate and municipal bonds, equities, 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 default 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, where the collateral is maintained by a custodian and operational limitations may restrict its use of the securities. A substantial portion of the resale and repurchase agreements is recorded at fair value, as described in Notes 22 and 23 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 default 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 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. 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 September 30, 2015 and December 31, 2014 . The tables also include amounts related to financial instruments that are not permitted to be offset under ASC 210-20-45 but would be eligible for offsetting to the extent that an event of default occurred and a legal opinion supporting enforceability of the offsetting rights has been obtained. Remaining exposures continue to be secured by financial collateral, but the Company may not have sought or been able to obtain a legal opinion evidencing enforceability of the offsetting right. As of September 30, 2015 In millions of dollars Gross amounts Gross amounts (1) Net amounts of (2) Amounts (3) Net (4) Securities purchased under agreements to resell $ 176,900 $ 46,771 $ 130,129 $ 97,314 $ 32,815 Deposits paid for securities borrowed 101,566 — 101,566 16,919 84,647 Total $ 278,466 $ 46,771 $ 231,695 $ 114,233 $ 117,462 In millions of dollars Gross amounts Gross amounts (1) Net amounts of (2) Amounts (3) Net (4) Securities sold under agreements to repurchase $ 195,318 $ 46,771 $ 148,547 $ 69,502 $ 79,045 Deposits received for securities loaned 19,924 — 19,924 4,725 15,199 Total $ 215,242 $ 46,771 $ 168,471 $ 74,227 $ 94,244 As of December 31, 2014 In millions of dollars Gross amounts Gross amounts (1) Net amounts of (2) Amounts (3) Net (4) Securities purchased under agreements to resell $ 180,318 $ 56,339 $ 123,979 $ 94,353 $ 29,626 Deposits paid for securities borrowed 118,591 — 118,591 15,139 103,452 Total $ 298,909 $ 56,339 $ 242,570 $ 109,492 $ 133,078 In millions of dollars Gross amounts Gross amounts (1) Net amounts of (2) Amounts (3) Net (4) Securities sold under agreements to repurchase $ 203,543 $ 56,339 $ 147,204 $ 72,928 $ 74,276 Deposits received for securities loaned 25,900 — 25,900 5,190 20,710 Total $ 229,443 $ 56,339 $ 173,104 $ 78,118 $ 94,986 (1) Includes financial instruments subject to enforceable master netting agreements that are permitted to be offset under ASC 210-20-45. (2) The total of this column for each period excludes Federal funds sold/purchased. See tables above. (3) Includes financial instruments subject to enforceable master netting agreements that are not permitted to be offset under ASC 210-20-45 but would be eligible for offsetting to the extent that an event of default has occurred and a legal opinion supporting enforceability of the offsetting right has been obtained. (4) Remaining exposures continue to be secured by financial collateral, but the Company may not have sought or been able to obtain a legal opinion evidencing enforceability of the offsetting right. The following table presents the gross amount of liabilities associated with repurchase agreements and securities lending agreements, by remaining contractual maturity as of September 30, 2015 : In millions of dollars Open and Overnight Up to 30 Days 31-90 Days Greater than 90 days Total Securities sold under agreements to repurchase $ 105,497 $ 48,454 $ 17,420 $ 23,947 $ 195,318 Deposits received for securities loaned 13,572 2,482 2,019 1,851 19,924 Total $ 119,069 $ 50,936 $ 19,439 $ 25,798 $ 215,242 The following table presents the gross amount of liabilities associated with repurchase agreements and securities lending agreements, by class of underlying collateral as of September 30, 2015 : In millions of dollars Repurchase Agreements Securities Lending Agreements Total U.S Treasury and federal agency $ 75,722 $ 21 $ 75,743 State and municipal 629 — 629 Foreign government 59,532 619 60,151 Corporate bonds 15,859 1,155 17,014 Equity securities 10,762 18,060 28,822 Mortgage-backed securities 23,217 — 23,217 Asset-backed securities 4,498 — 4,498 Other 5,099 69 5,168 Total $ 195,318 $ 19,924 $ 215,242 |
BROKERAGE RECEIVABLES AND BROKE
BROKERAGE RECEIVABLES AND BROKERAGE PAYABLES | 9 Months Ended |
Sep. 30, 2015 | |
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 may 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 September 30 , 2015 and December 31, 2014 : In millions of dollars September 30, 2015 December 31, 2014 Receivables from customers $ 11,513 $ 10,380 Receivables from brokers, dealers, and clearing organizations 26,362 18,039 Total brokerage receivables (1) $ 37,875 $ 28,419 Payables to customers $ 36,139 $ 33,984 Payables to brokers, dealers, and clearing organizations 23,418 18,196 Total brokerage payables (1) $ 59,557 $ 52,180 (1) Brokerage receivables and payables are accounted for in accordance with ASC 940-320. |
TRADING ACCOUNT ASSETS AND LIAB
TRADING ACCOUNT ASSETS AND LIABILITIES | 9 Months Ended |
Sep. 30, 2015 | |
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 September 30, 2015 and December 31, 2014 : In millions of dollars September 30, December 31, 2014 Trading account assets Mortgage-backed securities (1) U.S. government-sponsored agency guaranteed $ 26,753 $ 27,053 Prime 1,316 1,271 Alt-A 580 709 Subprime 840 1,382 Non-U.S. residential 663 1,476 Commercial 2,787 4,343 Total mortgage-backed securities $ 32,939 $ 36,234 U.S. Treasury and federal agency securities U.S. Treasury $ 26,417 $ 18,906 Agency obligations 1,346 1,568 Total U.S. Treasury and federal agency securities $ 27,763 $ 20,474 State and municipal securities $ 3,824 $ 3,402 Foreign government securities 57,676 64,937 Corporate 18,012 27,797 Derivatives (2) 60,871 67,957 Equity securities 48,181 57,846 Asset-backed securities (1) 5,017 4,546 Other trading assets (3) 12,663 13,593 Total trading account assets $ 266,946 $ 296,786 Trading account liabilities Securities sold, not yet purchased $ 63,733 $ 70,944 Derivatives (2) 62,248 68,092 Total trading account liabilities $ 125,981 $ 139,036 (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 | 9 Months Ended |
Sep. 30, 2015 | |
Investments [Abstract] | |
INVESTMENTS | INVESTMENTS Overview September 30, December 31, 2014 In millions of dollars Securities available-for-sale (AFS) $ 300,716 $ 300,143 Debt securities held-to-maturity (HTM) (1) 33,940 23,921 Non-marketable equity securities carried at fair value (2) 2,262 2,758 Non-marketable equity securities carried at cost (3) 5,521 6,621 Total investments $ 342,439 $ 333,443 (1) Carried at adjusted amortized cost basis, net of any credit-related impairment. (2) Unrealized gains and losses for non-marketable equity securities carried at fair value are recognized in earnings. (3) Primarily consists of shares issued by the Federal Reserve Bank, Federal Home Loan Banks, foreign central banks and various clearing houses of which Citigroup is a member. The following table presents interest and dividend income on investments for the three and nine months ended September 30, 2015 and 2014 : Three Months Ended September 30, Nine Months Ended September 30, In millions of dollars 2015 2014 2015 2014 Taxable interest $ 1,596 $ 1,627 $ 4,773 $ 4,638 Interest exempt from U.S. federal income tax 44 96 116 407 Dividend income 87 101 305 343 Total interest and dividend income $ 1,727 $ 1,824 $ 5,194 $ 5,388 The following table presents realized gains and losses on the sale of investments for the three and nine months ended September 30, 2015 and 2014 . The gross realized investment losses exclude losses from other-than-temporary impairment (OTTI): Three Months Ended September 30, Nine Months Ended September 30, In millions of dollars 2015 2014 2015 2014 Gross realized investment gains $ 213 $ 229 $ 926 $ 689 Gross realized investment losses (62 ) (93 ) (285 ) (341 ) Net realized gains on sale of investments $ 151 $ 136 $ 641 $ 348 The Company has sold certain debt securities that were classified as HTM. These sales were in response to significant deterioration in the creditworthiness of the issuers or securities or because the Company has collected a substantial portion (at least 85% ) of the principal outstanding at acquisition of the security. In addition, certain other securities were reclassified to AFS investments in response to significant credit deterioration. Because the Company generally intends to sell these reclassified securities, Citi recorded OTTI on the securities. The following table sets forth, for the periods indicated, the carrying value of HTM securities sold and reclassified to AFS, as well as the related gain (loss) or the OTTI losses recorded on these securities. Three Months Ended September 30, Nine Months Ended September 30, In millions of dollars 2015 2014 2015 2014 Carrying value of HTM securities sold $ 314 $ — $ 363 $ 5 Net realized gain on sale of HTM securities 6 — 11 — Carrying value of securities reclassified to AFS 144 700 238 766 OTTI losses on securities reclassified to AFS (9 ) (2 ) (14 ) (11 ) Securities Available-for-Sale The amortized cost and fair value of AFS securities at September 30, 2015 and December 31, 2014 were as follows: September 30, 2015 December 31, 2014 In millions of dollars Amortized cost Gross unrealized gains (1) Gross unrealized losses (1) Fair value Amortized cost Gross unrealized gains Gross unrealized losses Fair value Debt securities AFS Mortgage-backed securities (2) U.S. government-sponsored agency guaranteed $ 35,772 $ 521 $ 99 $ 36,194 $ 35,647 $ 603 $ 159 $ 36,091 Prime 2 — — 2 12 — — 12 Alt-A 120 11 — 131 43 1 — 44 Non-U.S. residential 7,066 42 14 7,094 8,247 67 7 8,307 Commercial 522 7 1 528 551 6 3 554 Total mortgage-backed securities $ 43,482 $ 581 $ 114 $ 43,949 $ 44,500 $ 677 $ 169 $ 45,008 U.S. Treasury and federal agency securities U.S. Treasury $ 111,263 $ 1,116 $ 117 $ 112,262 $ 110,492 $ 353 $ 127 $ 110,718 Agency obligations 10,024 92 6 10,110 12,925 60 13 12,972 Total U.S. Treasury and federal agency securities $ 121,287 $ 1,208 $ 123 $ 122,372 $ 123,417 $ 413 $ 140 $ 123,690 State and municipal (3) $ 12,176 $ 117 $ 897 $ 11,396 $ 13,526 $ 150 $ 977 $ 12,699 Foreign government 95,601 498 494 95,605 90,249 734 286 90,697 Corporate 15,969 164 109 16,024 12,033 215 91 12,157 Asset-backed securities (2) 9,939 9 78 9,870 12,534 30 58 12,506 Other debt securities 671 — — 671 661 — — 661 Total debt securities AFS $ 299,125 $ 2,577 $ 1,815 $ 299,887 $ 296,920 $ 2,219 $ 1,721 $ 297,418 Marketable equity securities AFS $ 846 $ 17 $ 34 $ 829 $ 2,461 $ 308 $ 44 $ 2,725 Total securities AFS $ 299,971 $ 2,594 $ 1,849 $ 300,716 $ 299,381 $ 2,527 $ 1,765 $ 300,143 (1) Gross unrealized gains and losses, as presented, as of September 30, 2015 do not include the impact of unrealized gains and losses of AFS securities of OneMain Financial ( North America consumer finance business), which were reclassified as HFS as of September 30, 2015 . These amounts totaled unrealized gains of $63 million and unrealized losses of $16 million as of September 30, 2015 . (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 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 is recorded in earnings as OTTI. Non-credit-related impairment is recognized in AOCI if the Company does not plan to sell and is not likely to be required to sell. 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 September 30, 2015 and December 31, 2014 : Less than 12 months 12 months or longer Total In millions of dollars Fair value Gross unrealized losses Fair value Gross unrealized losses Fair value Gross unrealized losses September 30, 2015 Securities AFS Mortgage-backed securities U.S. government-sponsored agency guaranteed $ 6,254 $ 26 $ 2,034 $ 73 $ 8,288 $ 99 Prime 1 — 1 — 2 — Non-U.S. residential 2,951 11 379 3 3,330 14 Commercial 91 — 54 1 145 1 Total mortgage-backed securities $ 9,297 $ 37 $ 2,468 $ 77 $ 11,765 $ 114 U.S. Treasury and federal agency securities U.S. Treasury $ 7,330 $ 116 $ 339 $ 1 $ 7,669 $ 117 Agency obligations 281 5 49 1 330 6 Total U.S. Treasury and federal agency securities $ 7,611 $ 121 $ 388 $ 2 $ 7,999 $ 123 State and municipal $ 118 $ 8 $ 4,905 $ 889 $ 5,023 $ 897 Foreign government 29,157 351 3,806 143 32,963 494 Corporate 3,869 75 1,776 34 5,645 109 Asset-backed securities 5,351 50 2,470 28 7,821 78 Marketable equity securities AFS 104 4 227 30 331 34 Total securities AFS $ 55,507 $ 646 $ 16,040 $ 1,203 $ 71,547 $ 1,849 December 31, 2014 Securities AFS Mortgage-backed securities U.S. government-sponsored agency guaranteed $ 4,198 $ 30 $ 5,547 $ 129 $ 9,745 $ 159 Prime 5 — 2 — 7 — Non-U.S. residential 1,276 3 199 4 1,475 7 Commercial 124 1 136 2 260 3 Total mortgage-backed securities $ 5,603 $ 34 $ 5,884 $ 135 $ 11,487 $ 169 U.S. Treasury and federal agency securities U.S. Treasury $ 36,581 $ 119 $ 1,013 $ 8 $ 37,594 $ 127 Agency obligations 5,698 9 754 4 6,452 13 Total U.S. Treasury and federal agency securities $ 42,279 $ 128 $ 1,767 $ 12 $ 44,046 $ 140 State and municipal $ 386 $ 15 $ 5,802 $ 962 $ 6,188 $ 977 Foreign government 18,495 147 5,984 139 24,479 286 Corporate 3,511 63 1,350 28 4,861 91 Asset-backed securities 3,701 13 3,816 45 7,517 58 Marketable equity securities AFS 51 4 218 40 269 44 Total securities AFS $ 74,026 $ 404 $ 24,821 $ 1,361 $ 98,847 $ 1,765 The following table presents the amortized cost and fair value of AFS debt securities by contractual maturity dates as of September 30, 2015 and December 31, 2014 : September 30, 2015 December 31, 2014 In millions of dollars Amortized cost Fair value Amortized cost Fair value Mortgage-backed securities (1) Due within 1 year $ 107 $ 107 $ 44 $ 44 After 1 but within 5 years 1,544 1,558 931 935 After 5 but within 10 years 1,106 1,124 1,362 1,387 After 10 years (2) 40,725 41,160 42,163 42,642 Total $ 43,482 $ 43,949 $ 44,500 $ 45,008 U.S. Treasury and federal agency securities Due within 1 year $ 3,567 $ 3,569 $ 13,070 $ 13,084 After 1 but within 5 years 110,883 112,025 104,982 105,131 After 5 but within 10 years 5,639 5,645 2,286 2,325 After 10 years (2) 1,198 1,133 3,079 3,150 Total $ 121,287 $ 122,372 $ 123,417 $ 123,690 State and municipal Due within 1 year $ 2,831 $ 2,827 $ 652 $ 651 After 1 but within 5 years 1,986 1,991 4,387 4,381 After 5 but within 10 years 517 531 524 537 After 10 years (2) 6,842 6,047 7,963 7,130 Total $ 12,176 $ 11,396 $ 13,526 $ 12,699 Foreign government Due within 1 year $ 29,610 $ 29,609 $ 31,355 $ 31,382 After 1 but within 5 years 46,168 46,151 41,913 42,467 After 5 but within 10 years 17,634 17,602 16,008 15,779 After 10 years (2) 2,189 2,243 973 1,069 Total $ 95,601 $ 95,605 $ 90,249 $ 90,697 All other (3) Due within 1 year $ 2,154 $ 2,154 $ 1,248 $ 1,251 After 1 but within 5 years 12,781 12,856 10,442 10,535 After 5 but within 10 years 7,870 7,839 7,282 7,318 After 10 years (2) 3,774 3,716 6,256 6,220 Total $ 26,579 $ 26,565 $ 25,228 $ 25,324 Total debt securities AFS $ 299,125 $ 299,887 $ 296,920 $ 297,418 (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 The carrying value and fair value of debt securities HTM at September 30, 2015 and December 31, 2014 were as follows: In millions of dollars Amortized cost basis (1) Net unrealized gains (losses) recognized in AOCI Carrying value (2) Gross unrealized gains Gross unrealized (losses) Fair value September 30, 2015 Debt securities held-to-maturity Mortgage-backed securities (3) U.S. government agency guaranteed $ 17,573 $ 142 $ 17,715 $ 183 $ (7 ) $ 17,891 Prime 55 (11 ) 44 3 (1 ) 46 Alt-A 526 (75 ) 451 344 (162 ) 633 Subprime 5 — 5 14 — 19 Non-U.S. residential 506 (68 ) 438 44 — 482 Commercial — — — — — — Total mortgage-backed securities $ 18,665 $ (12 ) $ 18,653 $ 588 $ (170 ) $ 19,071 State and municipal (4) $ 8,713 $ (450 ) $ 8,263 $ 175 $ (99 ) $ 8,339 Foreign government 4,274 — 4,274 35 — 4,309 Asset-backed securities (3) 2,765 (15 ) 2,750 42 (12 ) 2,780 Total debt securities held-to-maturity $ 34,417 $ (477 ) $ 33,940 $ 840 $ (281 ) $ 34,499 December 31, 2014 Debt securities held-to-maturity Mortgage-backed securities (3) U.S. government agency guaranteed $ 8,795 $ 95 $ 8,890 $ 106 $ (6 ) $ 8,990 Prime 60 (12 ) 48 6 (1 ) 53 Alt-A 1,125 (213 ) 912 537 (287 ) 1,162 Subprime 6 (1 ) 5 15 — 20 Non-U.S. residential 983 (137 ) 846 92 — 938 Commercial 8 — 8 1 — 9 Total mortgage-backed securities $ 10,977 $ (268 ) $ 10,709 $ 757 $ (294 ) $ 11,172 State and municipal $ 8,443 $ (494 ) $ 7,949 $ 227 $ (57 ) $ 8,119 Foreign government 4,725 — 4,725 77 — 4,802 Asset-backed securities (3) 556 (18 ) 538 50 (10 ) 578 Total debt securities held-to-maturity (5) $ 24,701 $ (780 ) $ 23,921 $ 1,111 $ (361 ) $ 24,671 (1) For securities transferred to HTM from Trading account assets , amortized cost basis is defined as the fair value of the securities at the date of transfer plus any accretion income and less any impairments recognized in earnings subsequent to transfer. For securities transferred to HTM from AFS, amortized cost is defined as the original purchase cost, adjusted for the cumulative accretion or amortization of any purchase discount or premium, plus or minus any cumulative fair value hedge adjustments, net of accretion or amortization, and less any other-than-temporary impairment recognized in earnings. (2) HTM securities are carried on the Consolidated Balance Sheet at amortized cost basis, plus or minus any unamortized unrealized gains and losses and fair value hedge adjustments recognized in AOCI prior to reclassifying the securities from AFS to HTM. Changes in the values of these securities are not reported in the financial statements, except for the amortization of any difference between the carrying value at the transfer date and par value of the securities, and the recognition of any non-credit fair value adjustments in AOCI in connection with the recognition of any credit impairment in earnings related to securities the Company continues to intend to hold until maturity. (3) The Company invests in mortgage-backed and asset-backed securities. These securitizations are generally considered VIEs. The Company’s maximum exposure to loss from these VIEs is equal to the carrying amount of the securities, which is reflected in the table above. For mortgage-backed and asset-backed securitizations in which the Company has other involvement, see Note 20 to the Consolidated Financial Statements. (4) The net unrealized losses recognized in AOCI on state and municipal debt securities are primarily attributable to the effects of fair value hedge accounting applied when these debt securities were classified as AFS. Specifically, Citi hedged the LIBOR-benchmark interest rate component of certain fixed-rate tax-exempt state and municipal debt securities utilizing LIBOR-based interest rate swaps. During the hedge period, losses incurred on the LIBOR-hedging swaps recorded in earnings were substantially offset by gains on the state and municipal debt securities attributable to changes in the LIBOR swap rate being hedged. However, because the LIBOR swap rate decreased significantly during the hedge period while the overall fair value of the municipal debt securities was relatively unchanged, the effect of reclassifying fair value gains on these securities from AOCI to earnings attributable solely to changes in the LIBOR swap rate resulted in net unrealized losses remaining in AOCI that relate to the unhedged components of these securities. Upon transfer of these debt securities to HTM, all hedges have been de-designated and hedge accounting has ceased. (5) During the second quarter of 2015, securities with a total fair value of approximately $7.1 billion were transferred from AFS to HTM, comprised of $7.0 billion of U.S. government agency mortgage-backed securities and $0.1 billion of obligations of U.S. states and municipalities. The transfer reflects the Company’s intent to hold these securities to maturity or to issuer call in order to reduce the impact of price volatility on AOCI and certain capital measures under Basel III. While these securities were transferred to HTM at fair value as of the transfer date, no subsequent changes in value may be recorded, other than in connection with the recognition of any subsequent other-than-temporary impairment and the amortization of differences between the carrying values at the transfer date and the par values of each security as an adjustment of yield over the remaining contractual life of each security. Any net unrealized holding losses within AOCI related to the respective securities at the date of transfer, inclusive of any cumulative fair value hedge adjustments, will be amortized over the remaining contractual life of each security as an adjustment of yield in a manner consistent with the amortization of any premium or discount. 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 HTM that have been in an unrecognized loss position as of September 30, 2015 and December 31, 2014 for less than 12 months and for 12 months or longer: Less than 12 months 12 months or longer Total In millions of dollars Fair Gross Fair Gross Fair Gross September 30, 2015 Debt securities held-to-maturity Mortgage-backed securities $ — $ — $ 2,828 $ 170 $ 2,828 $ 170 State and municipal 1,747 38 1,741 61 3,488 99 Foreign government 177 — — — 177 — Asset-backed securities 140 3 1,895 9 2,035 12 Total debt securities held-to-maturity $ 2,064 $ 41 $ 6,464 $ 240 $ 8,528 $ 281 December 31, 2014 Debt securities held-to-maturity Mortgage-backed securities $ 4 $ — $ 1,134 $ 294 $ 1,138 $ 294 State and municipal 2,528 34 314 23 2,842 57 Foreign government — — — — — — Asset-backed securities 9 1 174 9 183 10 Total debt securities held-to-maturity $ 2,541 $ 35 $ 1,622 $ 326 $ 4,163 $ 361 Excluded from the gross unrecognized losses presented in the above table are $(477) million and $(780) million of net unrealized losses recorded in AOCI as of September 30, 2015 and December 31, 2014 , respectively, primarily related to the difference between the amortized cost and carrying value of HTM securities that were reclassified from AFS. Substantially all of these net unrecognized losses relate to securities that have been in a loss position for 12 months or longer at September 30, 2015 and December 31, 2014 . The following table presents the carrying value and fair value of HTM debt securities by contractual maturity dates as of September 30, 2015 and December 31, 2014 : September 30, 2015 December 31, 2014 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 119 120 — — After 5 but within 10 years 720 735 863 869 After 10 years (1) 17,814 18,216 9,846 10,303 Total $ 18,653 $ 19,071 $ 10,709 $ 11,172 State and municipal Due within 1 year $ 506 $ 504 $ 205 $ 205 After 1 but within 5 years 373 368 243 243 After 5 but within 10 years 184 192 140 144 After 10 years (1) 7,200 7,275 7,361 7,527 Total $ 8,263 $ 8,339 $ 7,949 $ 8,119 Foreign government Due within 1 year $ — $ — $ — $ — After 1 but within 5 years 4,274 4,309 4,725 4,802 After 5 but within 10 years — — — — After 10 years (1) — — — — Total $ 4,274 $ 4,309 $ 4,725 $ 4,802 All other (2) Due within 1 year $ — $ — $ — $ — After 1 but within 5 years — — — — After 5 but within 10 years — — — — After 10 years (1) 2,750 2,780 538 578 Total $ 2,750 $ 2,780 $ 538 $ 578 Total debt securities held-to-maturity $ 33,940 $ 34,499 $ 23,921 $ 24,671 (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 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 adjusted amortized cost basis. However, for HTM securities with credit-related losses, the credit loss is recognized in earnings as OTTI and any difference 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 impaired investments; • 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; • consideration 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 basis 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 will more-likely-than-not 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 to be 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 and is not likely to be required to sell prior to recovery of value, 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 for security types that have the most significant unrealized losses as of September 30, 2015 . Akbank As of December 31, 2014, Citi’s remaining 9.9% stake in Akbank T.A.S., an equity investment in Turkey (Akbank), is recorded within marketable equity securities available-for-sale. The revaluation of the Turkish lira was hedged, so the change in the value of the currency related to the Akbank investment did not have a significant impact on earnings during the year. During the first quarter of 2015, Citi sold its remaining investment in Akbank. 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 payments. For state and municipal bonds with unrealized losses that Citigroup plans to sell (for AFS only), would be more likely than not 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 and 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 nine months ended September 30, 2015 : OTTI on Investments and Other Assets Three Months Ended Nine Months Ended In millions of dollars AFS (1) HTM Other Assets Total AFS (1) HTM Other Assets Total Impairment losses related to securities that the Company does not intend to sell nor will likely be required to sell: Total OTTI losses recognized during the period $ 1 $ — $ — $ 1 $ 1 $ — $ — $ 1 Less: portion of impairment loss recognized in AOCI (before taxes) — — — — — — — — Net impairment losses recognized in earnings for securities that the Company does not intend to sell nor will likely be required to sell $ 1 $ — $ — $ 1 $ 1 $ — $ — $ 1 Impairment losses recognized in earnings for securities that the Company intends to sell, would be more likely than not required to sell or will be subject to an issuer call deemed probable of exercise 64 14 1 79 152 36 6 194 Total impairment losses recognized in earnings $ 65 $ 14 $ 1 $ 80 $ 153 $ 36 $ 6 $ 195 (1) Includes OTTI on non-marketable equity securities. The following table presents the total OTTI recognized in earnings for the three and nine months ended September 30, 2014 : OTTI on Investments and Other Assets Three Months Ended Nine Months Ended In millions of dollars AFS (1) HTM Other Total AFS (1) HTM Other Total Impairment losses related to securities that the Company does not intend to sell nor will likely be required to sell: Total OTTI losses recognized during the period $ 11 $ — $ — $ 11 $ 13 $ — $ — $ 13 Less: portion of impairment loss recognized in AOCI (before taxes) 8 — — 8 8 — — 8 Net impairment losses recognized in earnings for securities that the Company does not intend to sell nor will likely be required to sell $ 3 $ — $ — $ 3 $ 5 $ — $ — $ 5 Impairment losses recognized in earnings for securities that the Company intends to sell, would be more likely than not required to sell or will be subject to an issuer call deemed probable of exercise 88 — — 88 324 — — 324 Total impairment losses recognized in earnings $ 91 $ — $ — $ 91 $ 329 $ — $ — $ 329 (1) Includes OTTI on non-marketable equity securities. The following is a three-month roll-forward of the credit-related impairments recognized in earnings for AFS and HTM debt securities h |
LOANS
LOANS | 9 Months Ended |
Sep. 30, 2015 | |
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 September 30, December 31, 2014 In U.S. offices Mortgage and real estate (1) $ 89,155 $ 96,533 Installment, revolving credit, and other 4,999 14,450 Cards 107,244 112,982 Commercial and industrial 6,437 5,895 $ 207,835 $ 229,860 In offices outside the U.S. Mortgage and real estate (1) $ 47,295 $ 54,462 Installment, revolving credit, and other 29,702 31,128 Cards 26,865 32,032 Commercial and industrial 21,929 22,561 Lease financing 438 609 $ 126,229 $ 140,792 Total Consumer loans $ 334,064 $ 370,652 Net unearned income (691 ) (682 ) Consumer loans, net of unearned income $ 333,373 $ 369,970 (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 nine months ended September 30, 2015 and 2014 , the Company sold and/or reclassified to held-for-sale $1.5 billion and $16.0 billion , and $1.8 billion and $5.6 billion , respectively, of consumer loans. The Company did not have significant purchases of consumer loans during the three and nine months ended September 30, 2015 and 2014 . Delinquency Status Delinquency status is monitored and considered a key indicator of credit quality of consumer loans. Principally 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 a 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 Federal Housing Administration (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, 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 September 30, 2015 and December 31, 2014 : Consumer Loan Delinquency and Non-Accrual Details at September 30, 2015 In millions of dollars Total current (1)(2) 30-89 days past due (3) ≥ 90 days past due (3) Past due government guaranteed (4) Total loans (2) Total non-accrual 90 days past due and accruing In North America offices Residential first mortgages $ 59,012 $ 998 $ 950 $ 2,582 $ 63,542 $ 2,307 $ 2,180 Home equity loans (5) 24,258 322 463 — 25,043 1,125 — Credit cards 105,489 1,262 1,112 — 107,863 — 1,112 Installment and other 4,248 74 37 — 4,359 — 4 Commercial market loans 8,294 34 42 — 8,370 188 13 Total $ 201,301 $ 2,690 $ 2,604 $ 2,582 $ 209,177 $ 3,620 $ 3,309 In offices outside North America Residential first mortgages $ 40,296 $ 291 $ 88 $ — $ 40,675 $ 381 $ — Home equity loans (5) — — — — — — — Credit cards 25,286 499 431 — 26,216 267 275 Installment and other 28,513 321 307 — 29,141 229 — Commercial market loans 27,810 54 86 — 27,950 321 — Total $ 121,905 $ 1,165 $ 912 $ — $ 123,982 $ 1,198 $ 275 Total GCB and Citi Holdings Consumer $ 323,206 $ 3,855 $ 3,516 $ 2,582 $ 333,159 $ 4,818 $ 3,584 Other (6) 198 8 8 — 214 31 — Total Citigroup $ 323,404 $ 3,863 $ 3,524 $ 2,582 $ 333,373 $ 4,849 $ 3,584 (1) Loans less than 30 days past due are presented as current. (2) Includes $37 million of residential first mortgages recorded at fair value. (3) Excludes loans guaranteed by U.S. government-sponsored entities. (4) Consists of residential first mortgages that are guaranteed by U.S. government-sponsored entities that are 30–89 days past due of $0.4 billion and 90 days past due of $2.2 billion . (5) Fixed-rate home equity loans and loans extended under home equity lines of credit, which are typically in junior lien positions. (6) Represents loans classified as Consumer loans on the Consolidated Balance Sheet that are not included in the Citi Holdings consumer credit metrics. Consumer Loan Delinquency and Non-Accrual Details at December 31, 2014 In millions of dollars Total current (1)(2) 30-89 days past due (3) ≥ 90 days past due (3) Past due government guaranteed (4) Total loans (2) Total non-accrual 90 days past due and accruing In North America offices Residential first mortgages $ 61,730 $ 1,280 $ 1,371 $ 3,443 $ 67,824 $ 2,746 $ 2,759 Home equity loans (5) 27,262 335 520 — 28,117 1,271 — Credit cards 111,441 1,316 1,271 — 114,028 — 1,273 Installment and other 12,361 229 284 — 12,874 254 3 Commercial market loans 8,630 31 13 — 8,674 135 15 Total $ 221,424 $ 3,191 $ 3,459 $ 3,443 $ 231,517 $ 4,406 $ 4,050 In offices outside North America Residential first mortgages $ 44,782 $ 312 $ 223 $ — $ 45,317 $ 454 $ — Home equity loans (5) — — — — — — — Credit cards 30,327 602 553 — 31,482 413 322 Installment and other 29,297 328 149 — 29,774 216 — Commercial market loans 31,280 86 255 — 31,621 405 — Total $ 135,686 $ 1,328 $ 1,180 $ — $ 138,194 $ 1,488 $ 322 Total GCB and Citi Holdings $ 357,110 $ 4,519 $ 4,639 $ 3,443 $ 369,711 $ 5,894 $ 4,372 Other 238 10 11 — 259 30 — Total Citigroup $ 357,348 $ 4,529 $ 4,650 $ 3,443 $ 369,970 $ 5,924 $ 4,372 (1) Loans less than 30 days past due are presented as current. (2) Includes $43 million of residential first mortgages recorded at fair value. (3) Excludes loans guaranteed by U.S. government-sponsored entities. (4) Consists of residential first mortgages that are guaranteed by U.S. government-sponsored entities that are 30–89 days past due of $0.6 billion and 90 days past due of $2.8 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 Isaac 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 tables provide details on the FICO scores attributable to Citi’s U.S. consumer loan portfolio as of September 30, 2015 and December 31, 2014 (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, for the remaining portfolio. FICO score distribution in U.S. portfolio (1)(2) September 30, 2015 In millions of dollars Less than 620 ≥ 620 but less than 660 Equal to or greater than 660 Residential first mortgages $ 6,686 $ 4,472 $ 46,462 Home equity loans 2,730 2,196 18,924 Credit cards 7,087 9,709 88,159 Installment and other 345 278 2,620 Total $ 16,848 $ 16,655 $ 156,165 (1) Excludes loans guaranteed by U.S. government entities, loans subject to long-term standby commitments (LTSCs) with U.S. government-sponsored entities and loans recorded at fair value. (2) Excludes balances where FICO was not available. Such amounts are not material. FICO score distribution in U.S. portfolio (1)(2) December 31, 2014 In millions of dollars Less than 620 ≥ 620 but less than 660 Equal to or greater than 660 Residential first mortgages $ 8,911 $ 5,463 $ 45,783 Home equity loans 3,257 2,456 20,957 Credit cards 7,647 10,296 92,877 Installment and other 4,015 2,520 5,150 Total $ 23,830 $ 20,735 $ 164,767 (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 September 30, 2015 and December 31, 2014 . LTV ratios are updated monthly using the most recent Core Logic Home Price Index data available for substantially all of the portfolio applied at the Metropolitan Statistical Area level, if available, or the state level if not. The remainder of the portfolio is updated in a similar manner using the Federal Housing Finance Agency indices. LTV distribution in U.S. portfolio (1)(2) September 30, 2015 In millions of dollars Less than or equal to 80% > 80% but less than or equal to 100% Greater than 100% Residential first mortgages $ 50,484 $ 6,001 $ 1,285 Home equity loans 14,846 5,979 2,913 Total $ 65,330 $ 11,980 $ 4,198 (1) Excludes loans guaranteed by U.S. government entities, loans subject to LTSCs with U.S. government-sponsored entities and loans recorded at fair value. (2) Excludes balances where LTV was not available. Such amounts are not material. LTV distribution in U.S. portfolio (1)(2) December 31, 2014 In millions of dollars Less than or equal to 80% > 80% but less than or equal to 100% Greater than 100% Residential first mortgages $ 48,163 $ 9,480 $ 2,670 Home equity loans 14,638 7,267 4,641 Total $ 62,801 $ 16,747 $ 7,311 (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 where 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. The following tables present information about total impaired consumer loans at and for the periods ended September 30, 2015 and December 31, 2014 , respectively, and for the three and nine months ended September 30, 2015 and 2014 for interest income recognized on impaired consumer loans: Three Months Ended September 30, Nine months ended September 30, Balance at September 30, 2015 2015 2014 2015 2014 In millions of dollars Recorded investment (1)(2) Unpaid principal balance Related specific allowance (3) Average carrying value (4) Interest income recognized (5) Interest income recognized (5) Interest income recognized (5) Interest income recognized (5) Mortgage and real estate Residential first mortgages $ 8,996 $ 10,013 $ 1,300 $ 10,811 $ 107 $ 167 $ 359 $ 532 Home equity loans 1,841 2,470 567 1,936 16 18 50 56 Credit cards 1,998 2,034 353 2,193 47 47 135 148 Installment and other Individual installment and other 446 476 490 570 8 31 47 94 Commercial market loans 366 566 100 390 4 3 10 18 Total $ 13,647 $ 15,559 $ 2,810 $ 15,900 $ 182 $ 266 $ 601 $ 848 (1) Recorded investment in a loan includes net deferred loan fees and costs, unamortized premium or discount and direct write-downs and includes accrued interest only on credit card loans. (2) $1,426 million of residential first mortgages, $490 million of home equity loans and $136 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. Balance at December 31, 2014 In millions of dollars Recorded investment (1)(2) Unpaid principal balance Related specific allowance (3) Average carrying value (4) Mortgage and real estate Residential first mortgages $ 13,551 $ 14,387 $ 1,909 $ 15,389 Home equity loans 2,029 2,674 599 2,075 Credit cards 2,407 2,447 849 2,732 Installment and other Individual installment and other 948 963 450 975 Commercial market loans 423 599 110 381 Total $ 19,358 $ 21,070 $ 3,917 $ 21,552 (1) Recorded investment in a loan includes net deferred loan fees and costs, unamortized premium or discount and direct write-downs and includes accrued interest only on credit card loans. (2) $1,896 million of residential first mortgages, $554 million of home equity loans and $158 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 the related specific allowance. Consumer Troubled Debt Restructurings The following tables present consumer TDRs occurring during the three and nine months ended September 30, 2015 and 2014 : At and for the three months ended September 30, 2015 In millions of dollars except number of loans modified Number of loans modified Post- modification recorded investment (1)(2) Deferred principal (3) Contingent principal forgiveness (4) Principal forgiveness (5) Average interest rate reduction North America Residential first mortgages 2,282 $ 305 $ 2 $ 1 $ 7 1 % Home equity loans 1,021 36 — — — 2 Credit cards 44,972 186 — — — 16 Installment and other revolving 1,035 9 — — — 13 Commercial markets (6) 89 10 — — — — Total (7) 49,399 $ 546 $ 2 $ 1 $ 7 International Residential first mortgages 1,309 $ 28 $ — $ — $ — — % Home equity loans 13 2 — — — — Credit cards 32,774 87 — — 2 13 Installment and other revolving 19,283 76 — — 1 5 Commercial markets (6) 42 14 — — — — Total (7) 53,421 $ 207 $ — $ — $ 3 At and for the three months ended September 30, 2014 In millions of dollars except number of loans modified Number of loans modified Post- modification recorded investment (1)(8) Deferred principal (3) Contingent principal forgiveness (4) Principal forgiveness (5) Average interest rate reduction North America Residential first mortgages 4,933 $ 626 $ 15 $ 11 $ 1 1 % Home equity loans 1,900 76 1 — 2 3 Credit cards 48,775 211 — — — 16 Installment and other revolving 11,420 87 — — — 6 Commercial markets (6) 46 5 — — 1 — Total (7) 67,074 $ 1,005 $ 16 $ 11 $ 4 International Residential first mortgages 841 $ 30 $ — $ — $ — — % Home equity loans 15 3 — — — — Credit cards 40,468 122 — — 2 12 Installment and other revolving 15,077 73 — — 2 8 Commercial markets (6) 51 22 — — — — Total (7) 56,452 $ 250 $ — $ — $ 4 (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 $ 17 million of home equity loans to borrowers who have gone through Chapter 7 bankruptcy in the three months ended September 30, 2015 . These amounts include $ 34 million of residential first mortgages and $ 14 million of home equity loans that were newly classified as TDRs in the three months ended September 30, 2015 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) The above tables reflect activity for loans outstanding as of the end of the reporting period that were considered TDRs. (8) Post-modification balances in North America include $ 74 million of residential first mortgages and $ 22 million of home equity loans to borrowers who have gone through Chapter 7 bankruptcy in the three months ended September 30, 2014 . These amounts include $ 45 million of residential first mortgages and $ 19 million of home equity loans that were newly classified as TDRs in the three months ended September 30, 2014 as a result of OCC guidance, as described above. At and for the nine months ended September 30, 2015 In millions of dollars except number of loans modified Number of loans modified Post- modification recorded investment (1)(2) Deferred principal (3) Contingent principal forgiveness (4) Principal forgiveness (5) Average interest rate reduction North America Residential first mortgages 8,084 $ 1,078 $ 7 $ 3 $ 23 1 % Home equity loans 3,571 126 1 — 3 2 Credit cards 140,130 582 — — — 16 Installment and other revolving 3,111 27 — — — 13 Commercial markets (6) 245 39 — — — — Total (8) 155,141 $ 1,852 $ 8 $ 3 $ 26 International Residential first mortgages 2,920 $ 73 $ — $ — $ — — % Home equity loans 43 7 — — — — Credit cards 110,792 288 — — 5 13 Installment and other revolving 48,397 207 — — 5 5 Commercial markets (6) 178 65 — — — 1 Total (8) 162,330 $ 640 $ — $ — $ 10 At and for the nine months ended September 30, 2014 In millions of dollars except number of loans modified Number of loans modified Post- modification recorded investment (1)(7) Deferred principal (3) Contingent principal forgiveness (4) Principal forgiveness (5) Average interest rate reduction North America Residential first mortgages 15,435 $ 1,866 $ 43 $ 30 $ 7 1 % Home equity loans 6,102 228 3 — 13 2 Credit cards 136,501 601 — — — 15 Installment and other revolving 36,086 269 — — — 6 Commercial markets (6) 137 27 — — 1 — Total (8) 194,261 $ 2,991 $ 46 $ 30 $ 21 International Residential first mortgages 2,133 $ 79 $ — $ — $ 1 1 % Home equity loans 53 9 — — — — Credit cards 109,337 356 — — 7 13 Installment and other revolving 44,158 219 — — 5 9 Commercial markets (6) 271 156 — — — — Total (8) 155,952 $ 819 $ — $ — $ 13 (1) Post-modification balances include past due amounts that are capitalized at modification date. (2) Post-modification balances in North America include $ 181 million of residential first mortgages and $ 46 million of home equity loans to borrowers who have gone through Chapter 7 bankruptcy in the nine months ended September 30, 2015 . These amounts include $ 107 million of residential first mortgages and $ 39 million of home equity loans that are newly classified as TDRs as a result of OCC guidance received in the nine months ended September 30, 2015 , 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 $ 240 million of residential first mortgages and $ 65 million of home equity loans to borrowers who have gone through Chapter 7 bankruptcy in the nine months ended September 30, 2014 . These amounts include $ 144 million of residential first mortgages and $ 56 million of home equity loans that are newly classified as TDRs as a result of OCC guidance received in the nine months ended September 30, 2014 , 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 and nine months ended September 30, 2015 and 2014 , respectively, 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 September 30, Nine Months Ended September 30, In millions of dollars 2015 2014 2015 2014 North America Residential first mortgages $ 101 $ 149 $ 329 $ 562 Home equity loans 9 16 30 55 Credit cards 47 47 139 146 Installment and other revolving 2 26 6 68 Commercial markets 1 1 5 8 Total $ 160 $ 239 $ 509 $ 839 International Residential first mortgages $ 5 $ 6 $ 17 $ 16 Home equity loans — — — — Credit cards 34 52 106 175 Installment and other revolving 20 25 66 81 Commercial markets 7 2 18 102 Total $ 66 $ 85 $ 207 $ 374 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 September 30, 2015 and December 31, 2014 : In millions of dollars September 30, December 31, In U.S. offices Commercial and industrial $ 40,435 $ 35,055 Financial institutions 38,034 36,272 Mortgage and real estate (1) 37,019 32,537 Installment, revolving credit and other 32,129 29,207 Lease financing 1,718 1,758 $ 149,335 $ 134,829 In offices outside the U.S. Commercial and industrial $ 81,540 $ 79,239 Financial institutions 28,090 33,269 Mortgage and real estate (1) 6,602 6,031 Installment, revolving credit and other 19,352 19,259 Lease financing 259 356 Governments and official institutions 4,503 2,236 $ 140,346 $ 140,390 Total Corporate loans $ 289,681 $ 275,219 Net unearned income (610 ) (554 ) Corporate loans, net of unearned income $ 289,071 $ 274,665 (1) Loans secured primarily by real estate. The Company sold and/or reclassified (to held-for-sale) $0.5 billion and $1.6 billion of corporate loans during the three and nine months ended September 30, 2015 , respectively, and $1.7 billion and $4.2 billion during the three and nine months ended September 30, 2014, respectively. The Company did not have significant purchases of corporate loans classified as held-for-investment for the three and nine months ended September 30, 2015 or 2014. 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 September 30, 2015 and December 31, 2014 . Corporate Loan Delinquency and Non-Accrual Details at September 30, 2015 In millions of dollars 30-89 days past due and accruing (1) ≥ 90 days past due and accruing (1) Total past due and accruing Total non-accrual (2) Total current (3) Total loans (4) Commercial and industrial $ 75 $ — $ 75 $ 1,042 $ 116,958 $ 118,075 Financial institutions 20 — 20 165 64,647 64,832 Mortgage and real estate 190 — 190 236 43,121 43,547 Leases 1 — 1 75 1,900 1,976 Other 46 7 53 40 55,063 55,156 Loans at fair value 5,476 Purchased distressed loans 9 Total $ 332 $ 7 $ 339 $ 1,558 $ 281,689 $ 289,071 (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, 2014 In millions of dollars 30-89 days past due and accruing (1) ≥ 90 days past due and accruing (1) Total past due and accruing Total non-accrual (2) Total current (3) Total loans (4) Commercial and industrial $ 50 $ — $ 50 $ 575 $ 109,764 $ 110,389 Financial institutions 2 — 2 250 67,580 67,832 Mortgage and real estate 86 — 86 252 38,135 38,473 Leases — — — 51 2,062 2,113 Other 49 1 50 55 49,844 49,949 Loans at fair value 5,858 Purchased Distressed Loans 51 Total $ 187 $ 1 $ 188 $ 1,183 $ 267,385 $ 274,665 (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 September 30, 2015 and December 31, 2014 Recorded investment in loans (1) In millions of dollars September 30, 2015 December 31, Investment grade (2) Commercial and industrial $ 84,088 $ 80,812 Financial institutions 55,722 56,154 Mortgage and real estate 19,735 16,068 Leases 1,627 1,669 Other 49,525 46,284 Total investment grade $ 210,697 $ 200,987 Non-investment grade (2) Accrual Commercial and industrial $ 32,946 $ 29,003 Financial institutions 8,945 11,429 Mortgage and real estate 3,540 3,587 Leases 274 393 Other 5,591 3,609 Non-accrual Commercial and industrial 1,042 575 Financial institutions 165 250 Mortgage and real estate 236 252 Leases 75 51 Other 40 55 Total non-investment grade $ 52,854 $ 49,204 Private bank loans managed on a delinquency basis (2) $ 20,044 $ 18,616 Loans at fair value 5,476 5,858 Corporate loans, net of unearned income $ 289,071 $ 274,665 (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 September 30, 2015 and December 31, 2014 and interest income recognized on non-accrual Corporate loans for the nine months ended September 30, 2015 . Non-Accrual Corporate Loans Three Months Ended Nine Months Ended September 30, 2015 In millions of dollars Recorded investment (1) Unpaid principal balance Related specific allowance Average carrying value (2) Interest income recognized (3) Interest income recognized (3) Non-accrual corporate loans Commercial and industrial $ 1,042 $ 1,346 $ 162 $ 709 $ 1 $ 5 Financial institutions 165 173 1 214 — — Mortgage and real estate 236 322 1 |
ALLOWANCE FOR CREDIT LOSSES
ALLOWANCE FOR CREDIT LOSSES | 9 Months Ended |
Sep. 30, 2015 | |
Loans and Leases Receivable, Allowance [Abstract] | |
ALLOWANCE FOR CREDIT LOSSES | ALLOWANCE FOR CREDIT LOSSES Three Months Ended September 30, Nine Months Ended In millions of dollars 2015 2014 2015 2014 Allowance for loan losses at beginning of period $ 14,075 $ 17,890 $ 15,994 $ 19,648 Gross credit losses (2,068 ) (2,586 ) (6,861 ) (8,381 ) Gross recoveries (1) 405 489 1,321 1,656 Net credit losses (NCLs) (2) $ (1,663 ) $ (2,097 ) $ (5,540 ) $ (6,725 ) NCLs $ 1,663 $ 2,097 $ 5,540 $ 6,725 Net reserve builds (releases) 43 (492 ) (247 ) (1,573 ) Net specific reserve builds (releases) (124 ) (30 ) (441 ) (205 ) Total provision for credit losses $ 1,582 $ 1,575 $ 4,852 $ 4,947 Other, net (3) (368 ) (453 ) (1,680 ) (955 ) Allowance for loan losses at end of period $ 13,626 $ 16,915 $ 13,626 $ 16,915 Allowance for credit losses on unfunded lending commitments at beginning of period $ 973 $ 1,176 $ 1,063 $ 1,229 Provision (release) for unfunded lending commitments 65 (30 ) (20 ) (88 ) Other, net (2 ) (6 ) (7 ) (1 ) Allowance for credit losses on unfunded lending commitments at end of period (4) $ 1,036 $ 1,140 $ 1,036 $ 1,140 Total allowance for loans, leases, and unfunded lending commitments $ 14,662 $ 18,055 $ 14,662 $ 18,055 (1) Recoveries have been reduced by certain collection costs that are incurred only if collection efforts are successful. (2) As a result of the entry into an agreement in March 2015 to sell OneMain Financial (OneMain), OneMain was classified as held-for-sale (HFS) at the end of the first quarter of 2015. As a result of HFS accounting treatment, approximately $160 million and $116 million of net credit losses were recorded as a reduction in revenue (Other revenue) during the second and third quarters of 2015, respectively. (3) The third quarter of 2015 includes a reduction of approximately $110 million related to the sale or transfers to HFS of various loan portfolios, including a reduction of $14 million related to a transfer of a real estate loan portfolio to HFS. Additionally, the third quarter includes a reduction of approximately $255 million related to FX translation. The second quarter of 2015 includes a reduction of approximately $88 million related to the sale or transfers to HFS of various loan portfolios, including a reduction of $34 million related to a transfer of a real estate loan portfolio to HFS. Additionally, the second quarter of 2015 includes a reduction of approximately $39 million related to FX translation. The first quarter of 2015 includes a reduction of approximately $1.0 billion related to the sale or transfers to HFS of various loan portfolios, including a reduction of $281 million related to a transfer of a real estate loan portfolio to HFS. Additionally, the first quarter of 2015 includes a reduction of approximately $145 million related to FX translation. The third quarter of 2014 includes a reduction of approximately $259 million related to the sale or transfers to HFS of various loan portfolios, including a reduction of $151 million related to a transfer of a real estate loan portfolio to HFS and a reduction of approximately $108 million related to the transfer of various EMEA loan portfolios to HFS. Additionally, the third quarter includes a reduction of approximately $181 million related to FX translation. The second quarter of 2014 includes a reduction of approximately $480 million related to the sale or transfers to HFS of various loan portfolios, including a reduction of approximately $204 million and $177 million related to the transfer of 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 FX 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. (4) 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 September 30, 2015 September 30, 2014 In millions of dollars Corporate Consumer Total Corporate Consumer Total Allowance for loan losses at beginning of period $ 2,326 $ 11,749 $ 14,075 $ 2,370 $ 15,520 $ 17,890 Charge-offs (73 ) (1,995 ) (2,068 ) (43 ) (2,543 ) (2,586 ) Recoveries 27 378 405 61 428 489 Replenishment of net charge-offs 46 1,617 1,663 (18 ) 2,115 2,097 Net reserve builds (releases) 115 (72 ) 43 (99 ) (393 ) (492 ) Net specific reserve builds (releases) 78 (202 ) (124 ) 87 (117 ) (30 ) Other (3 ) (365 ) (368 ) (18 ) (435 ) (453 ) Ending balance $ 2,516 $ 11,110 $ 13,626 $ 2,340 $ 14,575 $ 16,915 Nine Months Ended September 30, 2015 September 30, 2014 In millions of dollars Corporate Consumer Total Corporate Consumer Total Allowance for loan losses at beginning of period $ 2,389 $ 13,605 $ 15,994 $ 2,584 $ 17,064 $ 19,648 Charge-offs (219 ) (6,642 ) (6,861 ) (264 ) (8,117 ) (8,381 ) Recoveries 76 1,245 1,321 126 1,530 1,656 Replenishment of net charge-offs 143 5,397 5,540 138 6,587 6,725 Net reserve builds (releases) 174 (421 ) (247 ) (226 ) (1,347 ) (1,573 ) Net specific reserve builds (releases) (38 ) (403 ) (441 ) 2 (207 ) (205 ) Other (9 ) (1,671 ) (1,680 ) (20 ) (935 ) (955 ) Ending balance $ 2,516 $ 11,110 $ 13,626 $ 2,340 $ 14,575 $ 16,915 September 30, 2015 December 31, 2014 In millions of dollars Corporate Consumer Total Corporate Consumer Total Allowance for loan losses Determined in accordance with ASC 450 $ 2,271 $ 8,282 $ 10,553 $ 2,110 $ 9,673 $ 11,783 Determined in accordance with ASC 310-10-35 242 2,810 3,052 235 3,917 4,152 Determined in accordance with ASC 310-30 3 18 21 44 15 59 Total allowance for loan losses $ 2,516 $ 11,110 $ 13,626 $ 2,389 $ 13,605 $ 15,994 Loans, net of unearned income Loans collectively evaluated for impairment in accordance with ASC 450 $ 281,785 $ 319,378 $ 601,163 $ 267,271 $ 350,199 $ 617,470 Loans individually evaluated for impairment in accordance with ASC 310-10-35 1,801 13,647 15,448 1,485 19,358 20,843 Loans acquired with deteriorated credit quality in accordance with ASC 310-30 9 311 320 51 370 421 Loans held at fair value 5,476 37 5,513 5,858 43 5,901 Total loans, net of unearned income $ 289,071 $ 333,373 $ 622,444 $ 274,665 $ 369,970 $ 644,635 |
GOODWILL AND INTANGIBLE ASSETS
GOODWILL AND INTANGIBLE ASSETS | 9 Months Ended |
Sep. 30, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
GOODWILL AND INTANGIBLE ASSETS | GOODWILL AND INTANGIBLE ASSETS Goodwill The changes in Goodwill during the nine months ended September 30, 2015 were as follows: In millions of dollars Balance at December 31, 2014 $ 23,592 Foreign exchange translation and other (312 ) Impairment of goodwill (16 ) Divestitures, purchase accounting adjustments and other (114 ) Balance at March 31, 2015 $ 23,150 Foreign exchange translation and other (123 ) Divestitures, purchase accounting adjustments and other (15 ) Balance at June 30, 2015 $ 23,012 Foreign exchange translation and other $ (470 ) Impairment of goodwill (15 ) Divestitures, purchase accounting adjustments and other (83 ) Balance at September 30, 2015 $ 22,444 The goodwill impairment testing process, including the methodology and assumptions used to estimate the fair value of the reporting units, is disclosed in more detail in Note 1 of Citigroup’s 2014 Annual Report on Form 10-K. As previously discussed in Note 17 of Citigroup’s 2014 Annual Report on Form 10-K, effective January 1, 2015, certain consumer banking and institutional businesses were transferred to Citi Holdings and aggregated to form five new reporting units: Citi Holdings Consumer EMEA , Citi Holdings— Consumer Latin America , Citi Holdings— Consumer Japan , Citi Holdings— Consumer Finance South Korea , and Citi Holdings— ICG . Goodwill balances associated with the transfers were allocated to each of the component businesses based on their relative fair values to the legacy reporting units. As required by ASC 350, a goodwill impairment test was performed as of January 1, 2015 under the legacy and new reporting structures. The test resulted in full impairment of the new Citi Holdings— Consumer Finance South Korea reporting unit's $16 million of goodwill, which was recorded as an operating expense in the first quarter of 2015. There were no other impairments recorded during the first and second quarters of 2015. The Company performed its annual goodwill impairment test as of July 1, 2015. The fair values of the Company’s reporting units substantially exceeded their carrying values and did not indicate a risk of impairment based on current valuations, with the exception of Citi Holdings — Consumer Latin America reporting unit. During the third quarter of 2015, Citi signed definitive agreements to sell most of its businesses in Citi Holdings — Consumer Latin America reporting unit, with allocated goodwill to the sales of $55 million transferred to assets held-for-sale; the remaining $15 million of goodwill was tested for impairment. Due to the deficit of the remaining fair value to book value for this reporting unit, the goodwill of $15 million was taken as an impairment charge. Furthermore, the Company signed definitive agreements to sell all of its remaining businesses in Citi Holdings— Consumer EMEA reporting unit, with the entire goodwill balance of $13 million allocated to the sales and transferred to assets held-for-sale as of September 30, 2015. The following table shows reporting units with goodwill balances as of September 30, 2015 . In millions of dollars Reporting Unit (1)(2) Goodwill North America Global Consumer Banking $ 6,714 EMEA Global Consumer Banking 299 Asia Global Consumer Banking 4,504 Latin America Global Consumer Banking 1,343 Banking 3,104 Markets and Securities Services 6,480 Total $ 22,444 (1) Citi Holdings —Other, Citi Holdings— Consumer Finance South Korea and Citi Holdings— ICG are excluded from the table as there is no goodwill allocated to them. (2) Citi Holdings —Consumer EMEA, Citi Holdings —Consumer Japan and Citi Holdings —Consumer Latin America are excluded from the table as the remaining goodwill were either impaired or classified as held-for-sale. Intangible Assets The components of intangible assets as of September 30, 2015 and December 31, 2014 were as follows: September 30, 2015 December 31, 2014 In millions of dollars Gross carrying amount Accumulated amortization Net carrying amount Gross carrying amount Accumulated amortization Net carrying amount Purchased credit card relationships $ 7,595 $ 6,457 $ 1,138 $ 7,626 $ 6,294 $ 1,332 Core deposit intangibles 1,058 967 91 1,153 1,021 132 Other customer relationships 478 338 140 579 331 248 Present value of future profits 159 153 6 233 154 79 Indefinite-lived intangible assets 256 — 256 290 — 290 Other (1) 5,097 2,848 2,249 5,217 2,732 2,485 Intangible assets (excluding MSRs) $ 14,643 $ 10,763 $ 3,880 $ 15,098 $ 10,532 $ 4,566 Mortgage servicing rights (MSRs) (2) 1,766 — 1,766 1,845 — 1,845 Total intangible assets $ 16,409 $ 10,763 $ 5,646 $ 16,943 $ 10,532 $ 6,411 (1) Includes contract-related intangible assets. (2) For additional information on Citi’s MSRs, including the roll-forward for the nine months ended September 30, 2015, see Note 20 to the Consolidated Financial Statements. The changes in intangible assets during the nine months ended September 30, 2015 were as follows: Net carrying Net carrying amount at In millions of dollars December 31, 2014 Acquisitions/ divestitures Amortization Impairments FX and other (1) September 30, Purchased credit card relationships $ 1,332 $ — $ (199 ) $ — $ 5 $ 1,138 Core deposit intangibles 132 — (32 ) — (9 ) 91 Other customer relationships 248 (87 ) (18 ) — (3 ) 140 Present value of future profits 79 (68 ) (4 ) — (1 ) 6 Indefinite-lived intangible assets 290 — — — (34 ) 256 Other 2,485 (21 ) (226 ) (5 ) 16 2,249 Intangible assets (excluding MSRs) $ 4,566 $ (176 ) $ (479 ) $ (5 ) $ (26 ) $ 3,880 Mortgage servicing rights (MSRs) (2) 1,845 1,766 Total intangible assets $ 6,411 $ 5,646 (1) Includes foreign exchange translation, purchase accounting adjustments and other. (2) For additional information on Citi’s MSRs, including the roll-forward for the nine months ended September 30, 2015, see Note 20 to the Consolidated Financial Statements. |
DEBT
DEBT | 9 Months Ended |
Sep. 30, 2015 | |
Debt Disclosure [Abstract] | |
DEBT | DEBT Short-Term Borrowings In millions of dollars September 30, December 31, Commercial paper Significant Citibank entities (1) $ 9,416 $ 16,085 Parent (2) — 70 Total Commercial paper $ 9,416 $ 16,155 Other borrowings (3) $ 13,163 $ 42,180 Total $ 22,579 $ 58,335 (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) Includes borrowings from the Federal Home Loan Banks and other market participants. At September 30, 2015 and December 31, 2014 , collateralized short-term advances from the Federal Home Loan Banks were $1.9 million and $11.2 billion , respectively. 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 September 30, 2015 December 31, 2014 Citigroup Inc. (1) $ 152,599 $ 149,512 Bank (2) 56,748 65,146 Broker-dealer (3) 4,186 8,422 Total $ 213,533 $ 223,080 (1) Parent holding company, Citigroup Inc. (2) Represents the Significant Citibank entities as well as other Citibank and Banamex entities. At September 30, 2015 and December 31, 2014 , collateralized long-term advances from the Federal Home Loan Banks were $17.3 billion and $19.8 billion , respectively. (3) Represents broker-dealer subsidiaries that are consolidated into Citigroup Inc., the parent holding company. Long-term debt outstanding includes trust preferred securities with a balance sheet carrying value of $1.7 billion at both September 30, 2015 and December 31, 2014 (for the structure and terms of Citi’s trust preferred securities, see Note 20 to the Consolidated Financial Statements). The following table summarizes the Company’s outstanding trust preferred securities at September 30, 2015 : Junior subordinated debentures owned by trust Trust Issuance date Securities issued Liquidation value (1) Coupon rate (2) Common shares issued to parent Amount Maturity Redeemable by issuer beginning In millions of dollars, except share amounts Citigroup Capital III Dec. 1996 194,053 $ 194 7.625 % 6,003 $ 200 Dec. 1, 2036 Not redeemable Citigroup Capital XIII Sept. 2010 89,840,000 2,246 7.875 1,000 2,246 Oct. 30, 2040 Oct. 30, 2015 Citigroup Capital XVIII June 2007 99,901 151 6.829 50 151 June 28, 2067 June 28, 2017 Total obligated $ 2,591 $ 2,597 Note: 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. (1) Represents the notional value received by investors from the trusts at the time of issuance. (2) In each case, the coupon rate on the subordinated debentures is the same as that on the trust preferred securities. |
CHANGES IN ACCUMULATED OTHER CO
CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) | 9 Months Ended |
Sep. 30, 2015 | |
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 nine months ended September 30, 2015 and 2014 are as follows: Three Months Ended September 30, 2015 : In millions of dollars Net unrealized gains (losses) on investment securities Cash flow hedges (1) Benefit plans (2) Foreign currency translation adjustment, net of hedges (CTA) (3)(4) Accumulated other comprehensive income (loss) Balance, June 30, 2015 $ (287 ) $ (731 ) $ (4,671 ) $ (19,415 ) $ (25,104 ) Other comprehensive income (losses) before reclassifications $ 556 $ 149 $ (400 ) $ (2,493 ) $ (2,188 ) Increase (decrease) due to amounts reclassified from AOCI (45 ) 40 40 — 35 Change, net of taxes $ 511 $ 189 $ (360 ) $ (2,493 ) $ (2,153 ) Balance at September 30, 2015 $ 224 $ (542 ) $ (5,031 ) $ (21,908 ) $ (27,257 ) Nine months ended September 30, 2015 : Balance, December 31, 2014 $ 57 $ (909 ) $ (5,159 ) $ (17,205 ) $ (23,216 ) Other comprehensive income before reclassifications $ 453 $ 203 $ 7 $ (4,703 ) $ (4,040 ) Increase (decrease) due to amounts reclassified from AOCI (286 ) 164 121 — (1 ) Change, net of taxes $ 167 $ 367 $ 128 $ (4,703 ) $ (4,041 ) Balance at September 30, 2015 $ 224 $ (542 ) $ (5,031 ) $ (21,908 ) $ (27,257 ) Three Months Ended September 30, 2014 : Balance, June 30, 2014 $ (206 ) $ (1,007 ) $ (4,166 ) $ (12,768 ) $ (18,147 ) Other comprehensive income before reclassifications $ (173 ) $ (42 ) $ 17 $ (1,721 ) $ (1,919 ) Increase (decrease) due to amounts reclassified from AOCI (34 ) 70 54 — 90 Change, net of taxes $ (207 ) $ 28 $ 71 $ (1,721 ) $ (1,829 ) Balance at September 30, 2014 $ (413 ) $ (979 ) $ (4,095 ) $ (14,489 ) $ (19,976 ) Nine months ended September 30, 2014 : Balance, December 31, 2013 $ (1,640 ) $ (1,245 ) $ (3,989 ) $ (12,259 ) $ (19,133 ) Other comprehensive income before reclassifications $ 1,242 $ 62 $ (240 ) $ (2,230 ) $ (1,166 ) Increase (decrease) due to amounts reclassified from AOCI (15 ) 204 134 — 323 Change, net of taxes $ 1,227 $ 266 $ (106 ) $ (2,230 ) $ (843 ) Balance at September 30, 2014 $ (413 ) $ (979 ) $ (4,095 ) $ (14,489 ) $ (19,976 ) (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, annual actuarial valuations of all other plans, and amortization of amounts previously recognized in other comprehensive income. (3) Primarily reflects the movements in (by order of impact) the Mexican peso, Brazilian real, Korean won and British pound against the U.S. dollar, and changes in related tax effects and hedges for the quarter ended September 30, 2015 . Primarily reflects the movements in (by order of impact) the Mexican peso, British pound, Korean won and euro against the U.S. dollar, and changes in related tax effects and hedges for the quarter ended June 30, 2015 . Primarily reflects the movements in (by order of impact) the euro, Mexican peso, British pound, and Brazilian real against the U.S. dollar, and changes in related tax effects and hedges for the quarter ended March 30, 2015. Primarily reflects the movements in (by order of impact) the Mexican peso, euro, British pound and Australian dollar against the U.S. dollar, and changes in related tax effects and hedges for the quarter ended September 30, 2014 . 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 (by order of impact) 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. (4) During 2014, $137 million ( $84 million net of tax) was 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 nine months ended September 30, 2015 and 2014 are as follows: Three Months Ended September 30, 2015 : In millions of dollars Pretax Tax effect After-tax Balance, June 30, 2015 $ (33,148 ) $ 8,044 $ (25,104 ) Change in net unrealized gains (losses) on investment securities 821 (310 ) 511 Cash flow hedges 322 (133 ) 189 Benefit plans (545 ) 185 (360 ) Foreign currency translation adjustment (2,792 ) 299 (2,493 ) Change $ (2,194 ) $ 41 $ (2,153 ) Balance, September 30, 2015 $ (35,342 ) $ 8,085 $ (27,257 ) Nine months ended September 30, 2015 : In millions of dollars Pretax Tax effect After-tax Balance, December 31, 2014 $ (31,060 ) $ 7,844 $ (23,216 ) Change in net unrealized gains (losses) on investment securities 353 (186 ) 167 Cash flow hedges 596 (229 ) 367 Benefit plans 144 (16 ) 128 Foreign currency translation adjustment (5,375 ) 672 (4,703 ) Change $ (4,282 ) $ 241 $ (4,041 ) Balance, September 30, 2015 $ (35,342 ) $ 8,085 $ (27,257 ) Three Months Ended September 30, 2014 : In millions of dollars Pretax Tax effect After-tax Balance, June 30, 2014 $ (25,645 ) $ 7,498 $ (18,147 ) Change in net unrealized gains (losses) on investment securities (321 ) 114 (207 ) Cash flow hedges 45 (17 ) 28 Benefit plans 107 (36 ) 71 Foreign currency translation adjustment (2,094 ) 373 (1,721 ) Change $ (2,263 ) $ 434 $ (1,829 ) Balance, September 30, 2014 $ (27,908 ) $ 7,932 $ (19,976 ) Nine months ended September 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 1,967 (740 ) 1,227 Cash flow hedges 431 (165 ) 266 Benefit plans (187 ) 81 (106 ) Foreign currency translation adjustment (2,523 ) 293 (2,230 ) Change $ (312 ) $ (531 ) $ (843 ) Balance, September 30, 2014 $ (27,908 ) $ 7,932 $ (19,976 ) During the three and nine months ended September 30, 2015 , the Company recognized a pretax loss of $47 million ( $35 million net of tax) and pretax loss of $5 million ( $1 million gain net of tax), respectively, 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 September 30, Nine Months Ended September 30, 2015 2015 Realized (gains) losses on sales of investments $ (151 ) $ (641 ) OTTI gross impairment losses 80 195 Subtotal, pretax $ (71 ) $ (446 ) Tax effect 26 160 Net realized (gains) losses on investment securities, after-tax (1) $ (45 ) $ (286 ) Interest rate contracts $ 28 $ 148 Foreign exchange contracts 35 112 Subtotal, pretax $ 63 $ 260 Tax effect (23 ) (96 ) Amortization of cash flow hedges, after-tax (2) $ 40 $ 164 Amortization of unrecognized Prior service cost (benefit) $ (11 ) $ (32 ) Net actuarial loss 64 211 Curtailment/settlement impact (3) 2 12 Subtotal, pretax $ 55 $ 191 Tax effect (15 ) (70 ) Amortization of benefit plans, after-tax (3) $ 40 $ 121 Foreign currency translation adjustment $ — $ — Total amounts reclassified out of AOCI, pretax $ 47 $ 5 Total tax effect (12 ) (6 ) Total amounts reclassified out of AOCI, after-tax $ 35 $ (1 ) (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. During the three and nine months ended September 30, 2014 , the Company recognized a pretax loss of $ 154 million ($ 90 million net of tax) and pretax loss of $ 527 million ($ 323 million net of tax), respectively, 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 September 30, Nine Months Ended September 30, 2014 2014 Realized (gains) losses on sales of investments $ (136 ) $ (348 ) OTTI gross impairment losses 91 329 Subtotal, pretax $ (45 ) $ (19 ) Tax effect 11 4 Net realized (gains) losses on investment securities, after-tax (1) $ (34 ) $ (15 ) Interest rate contracts $ 84 $ 218 Foreign exchange contracts 30 114 Subtotal, pretax $ 114 $ 332 Tax effect (44 ) (128 ) Amortization of cash flow hedges, after-tax (2) $ 70 $ 204 Amortization of unrecognized Prior service cost (benefit) $ (11 ) $ (30 ) Net actuarial loss 63 183 Curtailment/settlement impact (3) 33 61 Subtotal, pretax $ 85 $ 214 Tax effect (31 ) (80 ) Amortization of benefit plans, after-tax (3) $ 54 $ 134 Foreign currency translation adjustment $ — $ — Total amounts reclassified out of AOCI, pretax $ 154 $ 527 Total tax effect (64 ) (204 ) Total amounts reclassified out of AOCI, after-tax $ 90 $ 323 (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. |
PREFERRED STOCK
PREFERRED STOCK | 9 Months Ended |
Sep. 30, 2015 | |
Stockholders' Equity Note [Abstract] | |
PREFERRED STOCK | PREFERRED STOCK The following table summarizes the Company’s preferred stock outstanding at September 30, 2015 and December 31, 2014 : Carrying value in millions of dollars Issuance date Redeemable by issuer beginning Dividend Redemption Number September 30, December 31, Series AA (1) January 25, 2008 February 15, 2018 8.125 % $ 25 3,870,330 $ 97 $ 97 Series E (2) April 28, 2008 April 30, 2018 8.400 % 1,000 121,254 121 121 Series A (3) October 29, 2012 January 30, 2023 5.950 % 1,000 1,500,000 1,500 1,500 Series B (4) December 13, 2012 February 15, 2023 5.900 % 1,000 750,000 750 750 Series C (5) March 26, 2013 April 22, 2018 5.800 % 25 23,000,000 575 575 Series D (6) April 30, 2013 May 15, 2023 5.350 % 1,000 1,250,000 1,250 1,250 Series J (7) September 19, 2013 September 30, 2023 7.125 % 25 38,000,000 950 950 Series K (8) October 31, 2013 November 15, 2023 6.875 % 25 59,800,000 1,495 1,495 Series L (9) February 12, 2014 February 12, 2019 6.875 % 25 19,200,000 480 480 Series M (10) April 30, 2014 May 15, 2024 6.300 % 1,000 1,750,000 1,750 1,750 Series N (11) October 29, 2014 November 15, 2019 5.800 % 1,000 1,500,000 1,500 1,500 Series O (12) March 20, 2015 March 27, 2020 5.875 % 1,000 1,500,000 1,500 — Series P (13) April 24, 2015 May 15, 2025 5.950 % 1,000 2,000,000 2,000 — Series Q (14) August 12, 2015 August 15, 2020 5.950 % 1,000 1,250,000 1,250 — $ 15,218 $ 10,468 (1) Issued as depositary shares, each representing a 1/1,000 th interest in a share of the corresponding series of non-cumulative perpetual preferred stock. Dividends are payable quarterly on February 15, May 15, August 15 and November 15 when, as and if declared by the Citi Board of Directors. (2) Issued as depositary shares, each representing a 1/25 th interest in a share of the corresponding series of non-cumulative perpetual preferred stock. Dividends are payable 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 1/25 th interest in a share of the corresponding series of non-cumulative perpetual preferred stock. Dividends are payable semi-annually on January 30 and July 30 at a fixed rate until January 30, 2023, thereafter payable quarterly on January 30, April 30, July 30 and October 30 at a floating rate, in each case when, as and if declared by the Citi Board of Directors. (4) Issued as depositary shares, each representing a 1/25 th interest in a share of the corresponding series of non-cumulative perpetual preferred stock. Dividends are payable semi-annually on February 15 and August 15 at a fixed rate until February 15, 2023, thereafter payable quarterly on February 15, May 15, August 15 and November 15 at a floating rate, in `each case when, as and if declared by the Citi Board of Directors. (5) Issued as depositary shares, each representing a 1/1,000 th interest in a share of the corresponding series of non-cumulative perpetual preferred stock. Dividends are payable quarterly on January 22, April 22, July 22 and October 22 when, as and if declared by the Citi Board of Directors. (6) Issued as depositary shares, each representing a 1/25 th interest in a share of the corresponding series of non-cumulative perpetual preferred stock. Dividends are payable semi-annually on May 15 and November 15 at a fixed rate until May 15, 2023, thereafter payable quarterly on February 15, May 15, August 15 and November 15 at a floating rate, in each case when, as and if declared by the Citi Board of Directors. (7) Issued as depositary shares, each representing a 1/1,000 th interest in a share of the corresponding series of non-cumulative perpetual preferred stock. Dividends are payable quarterly on March 30, June 30, September 30 and December 30 at a fixed rate until 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 1/1,000 th interest in a share of the corresponding series of non-cumulative perpetual preferred stock. Dividends are payable quarterly on February 15, May 15, August 15 and November 15 at a fixed rate until 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 1/1,000 th interest in a share of the corresponding series of non-cumulative perpetual preferred stock. Dividends are payable quarterly on February 12, May 12, August 12 and November 12 at a fixed rate, in each case when, as and if declared by the Citi Board of Directors. (10) Issued as depositary shares, each representing a 1/25 th interest in a share of the corresponding series of non-cumulative perpetual preferred stock. Dividends are payable semi-annually on May 15 and November 15 at a fixed rate until May 15, 2024, thereafter payable quarterly on February 15, May 15, August 15, and November 15 at a floating rate, in each case when, as and if declared by the Citi Board of Directors. (11) Issued as depositary shares, each representing a 1/25 th interest in a share of the corresponding series of non-cumulative perpetual preferred stock. Dividends are payable semi-annually on May 15 and November 15 at a fixed rate until, but excluding, November 15, 2019, and thereafter payable quarterly on February 15, May 15, August 15 and November 15 at a floating rate, in each case when, as and if declared by the Citi Board of Directors. (12) Issued as depositary shares, each representing a 1/25 th interest in a share of the corresponding series of non-cumulative perpetual preferred stock. Dividends are payable semi-annually on March 27 and September 27 at a fixed rate until, but excluding, March 27, 2020, and thereafter payable quarterly on March 27, June 27, September 27 and December 27 at a floating rate, in each case when, as and if declared by the Citi Board of Directors. (13) Issued as depositary shares, each representing a 1/25 th interest in a share of the corresponding series of non-cumulative perpetual preferred stock. Dividends are payable semi-annually on May 15 and November 15 at a fixed rate beginning November 15, 2015 until, but excluding, May 15, 2015, and thereafter payable quarterly on February 15, May 15, August 15, and November 15 at a floating rate, in each case when, as and if declared by the Citi Board of Directors. (14) Issued as depository shares, each representing 1/25th interest in a share of the corresponding series of non-cumulative perpetual preferred stock. Dividends are payable semi-annually on February 15 and August 15 at a fixed rated until, but excluding, August 15, 2020, and thereafter payable quarterly on February 15, May 15, August 15, and November 15 at a floating rate, in each case when, as and if declared by the Citi Board of Directors. Through the third quarter of 2015 , Citi distributed $504 million in dividends on its outstanding preferred stock. Based on its preferred stock outstanding as of September 30, 2015, Citi estimates it will distribute preferred dividends of approximately $265 million during the fourth quarter of 2015, in each case assuming such dividends are approved by the Citi Board of Directors. |
SECURITIZATIONS AND VARIABLE IN
SECURITIZATIONS AND VARIABLE INTEREST ENTITIES | 9 Months Ended |
Sep. 30, 2015 | |
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 by Citi are to obtain liquidity and favorable capital treatment by securitizing certain 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 or 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, but may also benefit from other credit enhancements, such as a collateral account, 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 typically obtain a more favorable credit rating 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 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 must then 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. See Note 1 to the Consolidated Financial Statements for a discussion of impending changes to targeted areas of consolidation guidance. 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 September 30, 2015 and December 31, 2014 , is presented below: As of September 30, 2015 Maximum exposure to loss in significant unconsolidated VIEs (1) Funded exposures (2) Unfunded exposures In millions of dollars Total involvement with SPE assets Consolidated VIE / SPE assets Significant unconsolidated VIE assets (3) Debt investments Equity investments Funding commitments Guarantees and derivatives Total Credit card securitizations $ 54,075 $ 53,924 $ 151 $ — $ — $ — $ — $ — Mortgage securitizations (4) U.S. agency-sponsored 238,077 — 238,077 3,840 — — 97 3,937 Non-agency-sponsored 16,061 1,728 14,333 458 — — 1 459 Citi-administered asset-backed commercial paper conduits (ABCP) 24,117 24,117 — — — — — — Collateralized debt obligations (CDOs) 3,515 — 3,515 165 — — 86 251 Collateralized loan obligations (CLOs) 16,567 — 16,567 2,484 — — — 2,484 Asset-based financing 71,046 1,335 69,711 24,183 267 3,266 399 28,115 Municipal securities tender option bond trusts (TOBs) 9,087 4,259 4,828 56 — 3,136 — 3,192 Municipal investments 22,512 54 22,458 2,272 2,208 2,651 — 7,131 Client intermediation 1,800 358 1,442 49 — — — 49 Investment funds (5) 27,801 918 26,883 13 350 104 — 467 Other 13,271 9,063 4,208 75 556 22 53 706 Total (6) $ 497,929 $ 95,756 $ 402,173 $ 33,595 $ 3,381 $ 9,179 $ 636 $ 46,791 As of December 31, 2014 Maximum exposure to loss in significant unconsolidated VIEs (1) Funded exposures (2) Unfunded exposures In millions of dollars Total involvement with SPE assets Consolidated VIE / SPE assets Significant unconsolidated VIE assets (3) Debt investments Equity investments Funding commitments Guarantees and derivatives Total Credit card securitizations $ 60,503 $ 60,271 $ 232 $ — $ — $ — $ — $ — Mortgage securitizations (4) U.S. agency-sponsored 264,848 — 264,848 5,213 — — 110 5,323 Non-agency-sponsored 17,888 1,304 16,584 577 — — 1 578 Citi-administered asset-backed commercial paper conduits (ABCP) 29,181 29,181 — — — — — — Collateralized debt obligations (CDOs) 5,617 — 5,617 219 — — 86 305 Collateralized loan obligations (CLOs) 14,119 — 14,119 1,746 — — — 1,746 Asset-based financing 63,900 1,151 62,749 22,928 66 2,271 333 25,598 Municipal securities tender option bond trusts (TOBs) 12,280 6,671 5,609 3 — 3,670 — 3,673 Municipal investments 23,706 70 23,636 2,014 2,197 2,225 — 6,436 Client intermediation 1,745 137 1,608 10 — — 10 20 Investment funds (5) 31,992 1,096 30,896 16 382 124 — 522 Other 8,298 2,909 5,389 183 1,451 23 73 1,730 Total (6) $ 534,077 $ 102,790 $ 431,287 $ 32,909 $ 4,096 $ 8,313 $ 613 $ 45,931 (1) The definition of maximum exposure to loss is included in the text that follows this table. (2) Included on Citigroup’s September 30, 2015 and December 31, 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) Citigroup mortgage securitizations also include agency and non-agency (private-label) re-securitization activities. These SPEs are not consolidated. See “Re-securitizations” below for further discussion. (5) 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. (6) Citi’s total involvement with Citicorp SPE assets was $451.7 billion and $481.3 billion as of September 30, 2015 and December 31, 2014 , respectively, with the remainder related to Citi Holdings. 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 $12 billion and $14 billion at September 30, 2015 and December 31, 2014 , respectively; • certain representations and warranties exposures in Citigroup residential mortgage securitizations, where the original mortgage loan balances are no longer outstanding; and • VIEs such as trust preferred securities trusts used in connection with the Company’s funding activities. The Company does not have a variable interest in these trusts. The asset balances for consolidated VIEs represent the carrying amounts of the assets consolidated by the Company. The carrying amount may represent the amortized cost or the current fair value of the assets depending on the 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 September 30, 2015 and December 31, 2014 : September 30, 2015 December 31, 2014 Liquidity Loan / equity Liquidity Loan / equity In millions of dollars facilities commitments facilities commitments Asset-based financing $ 5 $ 3,261 $ 5 $ 2,266 Municipal securities tender option bond trusts (TOBs) 3,136 — 3,670 — Municipal investments — 2,651 — 2,225 Investment funds — 104 — 124 Other — 22 — 23 Total funding commitments $ 3,141 $ 6,038 $ 3,675 $ 4,638 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 September 30, 2015 and December 31, 2014 : In billions of dollars September 30, 2015 December 31, 2014 Cash $ 0.2 $ 0.3 Trading account assets 0.6 0.7 Investments 5.6 8.0 Total loans, net of allowance 80.7 93.2 Other 8.7 0.6 Total assets $ 95.8 $ 102.8 Short-term borrowings $ 13.8 $ 22.7 Long-term debt 32.4 40.1 Other liabilities 6.5 0.9 Total liabilities (1) $ 52.7 $ 63.7 (1) The total liabilities of consolidated VIEs for which creditors or beneficial interest holders do not have recourse to the general credit of Citi were $50.5 billion and $61.2 billion as of September 30, 2015 and December 31, 2014 , respectively. Liabilities of consolidated VIEs for which creditors or beneficial interest holders have recourse to the general credit of Citi comprise two items included in the above table: 1) credit enhancements provided to consolidated Citi-administered commercial paper conduits in the form of letters of credit of $2.2 billion at September 30, 2015 and December 31, 2014 and; 2) credit guarantees provided by Citi to certain consolidated municipal tender option bond trusts of $83 million and $198 million at September 30, 2015 and December 31, 2014 , respectively. 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 September 30, 2015 and December 31, 2014 : In billions of dollars September 30, 2015 December 31, 2014 Cash $ 0.1 $ — Trading account assets 5.9 7.6 Investments 2.8 2.6 Total loans, net of allowance 26.4 25.0 Other 1.8 2.0 Total assets $ 37.0 $ 37.2 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 on 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 September 30, 2015 and December 31, 2014 : In billions of dollars September 30, 2015 December 31, 2014 Ownership interests in principal amount of trust credit card receivables Sold to investors via trust-issued securities $ 30.7 $ 37.0 Retained by Citigroup as trust-issued securities 8.6 10.1 Retained by Citigroup via non-certificated interests 15.5 14.2 Total $ 54.8 $ 61.3 Credit Card Securitizations The following tables summarize selected cash flow information related to Citigroup’s credit card securitizations for the three and nine months ended September 30, 2015 and 2014 : Three months ended In billions of dollars 2015 2014 Proceeds from new securitizations $ — $ 3.1 Pay down of maturing notes (0.7 ) (2.8 ) Nine months ended September 30, In billions of dollars 2015 2014 Proceeds from new securitizations $ — $ 9.9 Pay down of maturing notes (6.5 ) (4.1 ) 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, substantially all of which is also part of Citicorp. The liabilities of the trusts are included in the Consolidated Balance Sheet, excluding those retained by Citigroup. The 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 2.6 years as of September 30, 2015 and 2.8 years as of December 31, 2014 . Master Trust Liabilities (at par value) In billions of dollars September 30, 2015 Dec. 31, 2014 Term notes issued to third parties $ 29.4 $ 35.7 Term notes retained by Citigroup affiliates 6.7 8.2 Total Master Trust liabilities $ 36.1 $ 43.9 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 1.1 years as of September 30, 2015 and 1.9 years as of December 31, 2014 . Omni Trust Liabilities (at par value) In billions of dollars September 30, 2015 Dec. 31, 2014 Term notes issued to third parties $ 1.3 $ 1.3 Term notes retained by Citigroup affiliates 1.9 1.9 Total Omni Trust liabilities $ 3.2 $ 3.2 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 U.S. consumer mortgage 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. 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 entity’s 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; 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 The following tables summarize selected cash flow information related to Citigroup mortgage securitizations for the three and nine months ended September 30, 2015 and 2014 : Three months ended September 30, 2015 2014 In billions of dollars U.S. agency- Non-agency- U.S. agency- Non-agency- Proceeds from new securitizations $ 6.8 $ 3.1 $ 6.3 $ 1.7 Contractual servicing fees received 0.1 — 0.1 — Cash flows received on retained interests and other net cash flows — — — — Nine months ended September 30, 2015 2014 In billions of dollars U.S. agency- sponsored mortgages Non-agency- sponsored mortgages U.S. agency- Non-agency- Proceeds from new securitizations $ 19.8 $ 9.2 $ 19.6 $ 6.9 Contractual servicing fees received 0.4 — 0.3 — Cash flows received on retained interests and other net cash flows — — — — Gains recognized on the securitizations of U.S. agency-sponsored mortgages were $25 million and $115 million for the three and nine months ended September 30, 2015 , respectively. For the three and nine months ended September 30, 2015 , gains recognized on the securitization of non-agency sponsored mortgages were $7 million and $38 million , respectively. Gains recognized on the securitization of U.S. agency-sponsored mortgages were $26 million and $59 million for the three and nine months ended September 30, 2014 , respectively. For the three and nine months ended September 30, 2014 , gains recognized on the securitization of non-agency sponsored mortgages were $9 million and $38 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 nine months ended September 30, 2015 and 2014 were as follows: Three months ended September 30, 2015 Non-agency-sponsored mortgages (1) U.S. agency- sponsored mortgages Senior interests Subordinated interests Discount rate 3.0% to 10.7% 3.2 % — Weighted average discount rate 9.1 % 3.2 % — Constant prepayment rate 8.4% to 14.1% — — Weighted average constant prepayment rate 11.1 % — — Anticipated net credit losses (2) NM 40.0 % — Weighted average anticipated net credit losses NM 40.0 % — Weighted average life 6.5 to 9.3 years 9.8 years — Three months ended September 30, 2014 Non-agency-sponsored mortgages (1) U.S. agency- sponsored mortgages Senior interests Subordinated interests Discount rate 0.0% to 14.7% — 6.7% to 9.0% Weighted average discount rate 12.4 % — 8.7 % Constant prepayment rate 4.6% to 18.1% — 0.5% to 8.9% Weighted average constant prepayment rate 5.8 % — 1.7 % Anticipated net credit losses (2) NM — 8.9% to 40.0% Weighted average anticipated net credit losses NM — 35.6 % Weighted average life 5.2 to 8.9 years — 6.7 to 7.3 years Nine months ended September 30, 2015 Non-agency-sponsored mortgages (1) U.S. agency- Senior Subordinated Discount rate 0.0% to 10.7% 2.8% to 3.2% 0.0% to 12.1% Weighted average discount rate 7.7 % 2.9 % 5.5 % Constant prepayment rate 5.7% to 34.9% 0.0 % 0.0% to 8.0% Weighted average constant prepayment rate 12.7 % 0.0 % 3.3 % Anticipated net credit losses (2) NM 40.0 % 0.0% to 55.9% Weighted average anticipated net credit losses NM 40.0 % 40.2 % Weighted average life 3.5 to 10.1 years 9.7 to 9.8 years 0.0 to 12.9 years Nine months ended September 30, 2014 Non-agency-sponsored mortgages (1) U.S. agency- Senior Subordinated Discount rate 0.0% to 14.7% 1.4% to 4.6% 2.6% to 9.1% Weighted average discount rate 11.2 % 3.8 % 7.8 % Constant prepayment rate 0.0% to 18.1% 0.0 % 0.5% to 8.9% Weighted average constant prepayment rate 5.3 % 0.0 % 3.2 % Anticipated net credit losses (2) NM 40.0 % 8.9% to 58.5% Weighted average anticipated net credit losses NM 40.0 % 43.1 % Weighted average life 0.0 to 9.7 years 2.6 to 8.6 years 3.0 to 14.5 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 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 September 30, 2015 and December 31, 2014 , 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. September 30, 2015 Non-agency-sponsored mortgages (1) U.S. agency- sponsored mortgages Senior interests Subordinated interests (3) Discount rate 0.0% to 30.5% 1.1% to 38.6% 2.0% to 22.6% Weighted average discount rate 6.0 % 8.5 % 7.7 % Constant prepayment rate 6.8% to 28.6% 2.9% to 100.0% 0.5% to 22.1% Weighted average constant prepayment rate 14.4 % 15.9 % 7.3 % Anticipated net credit losses (2) NM 0.0% to 88.7% 4.4% to 89.4% Weighted average anticipated net credit losses NM 44.9 % 52.1 % Weighted average life 1.6 to 20.7 years 0.3 to 22.4 years 0.1 to 21.4 years December 31, 2014 Non-agency-sponsored mortgages (1) U.S. agency- sponsored mortgages Senior interests Subordinated interests (3) Discount rate 0.0% to 21.2% 1.1% to 47.1% 1.3% to 19.6% Weighted average discount rate 8.4 % 7.7 % 8.2 % Constant prepayment rate 6.0% to 41.4% 2.0% to 100.0% 0.5% to 16.2% Weighted average constant prepayment rate 15.3 % 10.9 % 7.2 % Anticipated net credit losses (2) NM 0.0% to 92.4% 13.7% to 83.8% Weighted average anticipated net credit losses NM 51.7 % 52.5 % Weighted average life 0.0 to 16.0 years 0.3 to 14.4 years 0.0 to 24.4 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. (3) Citi Holdings held no subordinated interests in mortgage securitizations as of September 30, 2015 and December 31, 2014 . NM Anticipated net credit losses are not meaningful due to U.S. agency guarantees. Non-agency-sponsored mortgages (1) In millions of dollars at September 30, 2015 U.S. agency- sponsored mortgages Senior interests Subordinated interests Carrying value of retained interests $ 2,584 $ 192 $ 514 Discount rates Adverse change of 10% $ (62 ) $ (8 ) $ (24 ) Adverse change of 20% (122 ) (15 ) (46 ) Constant prepayment rate Adverse change of 10% (105 ) (3 ) (6 ) Adverse change of 20% (202 ) (6 ) (14 ) Anticipated net credit losses Adverse change of 10% NM (6 ) (6 ) Adverse change of 20% NM (11 ) (12 ) Non-agency-sponsored mortgages (1) In millions of dollars at December 31, 2014 U.S. agency- sponsored mortgages Senior interests Subordinated interests Carrying value of retained interests $ 2,374 $ 310 $ 554 Discount rates Adverse change of 10% $ (69 ) $ (7 ) $ (30 ) Adverse change of 20% (134 ) (13 ) (57 ) Constant prepayment rate Adverse change of 10% (93 ) (3 ) (9 ) Adverse change of 20% (179 ) (5 ) (18 ) Anticipated net credit losses Adverse change of 10% NM (6 ) (9 ) Adverse change of 20% NM (10 ) (16 ) (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 September 30, 2015 and December 31, 2014 . NM 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 $1.8 billion and $2.1 billion at September 30, 2015 and 2014 , respectively. Of these amounts, approximately $1.7 billion and $1.9 billion , respectively, were specific to Citicorp, with the remainder to Citi Holdings as of September 30, 2015 and 2014 . The MSRs correspond to principal loan balances of $203 billion and $232 billion as of September 30, 2015 and 2014 , respectively. The following tables summarize the changes in capitalized MSRs for the three and nine months ended September 30, 2015 an |
DERIVATIVES ACTIVITIES
DERIVATIVES ACTIVITIES | 9 Months Ended |
Sep. 30, 2015 | |
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 indices or financial instruments, 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. Swaps and forwards and some option 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 contracts and other option contracts are 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: Citigroup trades derivatives as an active market maker. 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. Citigroup also manages its derivative risk positions through offsetting trade activities, controls focused on price verification, and daily reporting of positions to senior managers. • 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 net 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 of the probability of counterparty default. Liquidity risk is the potential exposure that arises when the size of a derivative position may not be able to be monetized in a reasonable period of time and at a reasonable cost in periods of high volatility and financial stress. Derivative transactions are customarily documented under industry standard master agreements that 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 the net amount due to be paid to, or by, the defaulting party. Events of default include: (i) failure to make a payment on a derivatives transaction that remains uncured following applicable notice and grace periods, (ii) breach of agreement that remains uncured after applicable notice and grace periods, (iii) breach of a representation, (iv) cross default, either to third-party debt or to other derivative transactions entered into between 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. Obligations under master netting agreements are often secured by collateral posted under an industry standard credit support annex to the master netting agreement. An event of default may also occur under a credit support annex if a party fails to make a collateral delivery that remains uncured following applicable notice and grace periods. The netting and collateral rights incorporated in the master netting agreements are considered to be legally enforceable if a supportive legal opinion has been obtained from counsel of recognized standing that provides the requisite level of certainty regarding enforceability 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 be sought for certain jurisdictions where local law is silent or unclear as to the enforceability of such 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 may not provide the requisite level of certainty. 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 affected by market volatility, which may impair the ability of counterparties 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. Specifically, 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, because such derivatives consume greater amounts of single counterparty credit limits than those executed under enforceable master netting agreements. Cash collateral and security collateral in the form of G10 government debt securities is often posted by a party to a master netting agreement to secure the net open exposure of the other party; 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/or 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 Citigroup’s derivative activity, based on notional amounts, as of September 30, 2015 and December 31, 2014 , is presented in the table below. Derivative notional amounts are reference amounts from which contractual payments are derived and do not represent a complete and accurate measure of Citi’s exposure to derivative transactions. Rather, as discussed above, Citi’s derivative exposure arises primarily from market fluctuations (i.e., market risk), counterparty failure (i.e., credit risk) and/or periods of high volatility or financial stress (i.e., liquidity risk), as well as any market valuation adjustments that may be required on the transactions. Moreover, notional amounts do not reflect the netting of offsetting trades (also as discussed above). For example, if Citi enters into an interest rate swap with $100 million notional, and offsets this risk with an identical but opposite position with a different counterparty, $200 million in derivative notionals is reported, although these offsetting positions may result in de minimus overall market risk. Aggregate derivative notional amounts can fluctuate from period to period in the normal course of business based on Citi’s market share, levels of client activity and other factors. Derivative Notionals Hedging instruments under ASC 815 (1)(2) Other derivative instruments Trading derivatives Management hedges (3) In millions of dollars September 30, December 31, September 30, December 31, September 30, December 31, Interest rate contracts Swaps $ 179,366 $ 163,348 $ 24,197,468 $ 31,906,549 $ 31,024 $ 31,945 Futures and forwards — — 8,385,914 7,044,990 38,226 42,305 Written options — — 2,979,791 3,311,751 3,141 3,913 Purchased options — — 2,901,225 3,171,056 4,495 4,910 Total interest rate contract notionals $ 179,366 $ 163,348 $ 38,464,398 $ 45,434,346 $ 76,886 $ 83,073 Foreign exchange contracts Swaps $ 26,212 $ 25,157 $ 4,622,283 $ 4,567,977 $ 23,754 $ 23,990 Futures, forwards and spot (4) 65,741 73,219 2,799,499 3,003,295 5,090 7,069 Written options 204 — 1,389,887 1,343,520 — 432 Purchased options 204 — 1,402,117 1,363,382 — 432 Total foreign exchange contract notionals $ 92,361 $ 98,376 $ 10,213,786 $ 10,278,174 $ 28,844 $ 31,923 Equity contracts Swaps $ — $ — $ 174,378 $ 131,344 $ — $ — Futures and forwards — — 34,718 30,510 — — Written options — — 406,820 305,627 — — Purchased options — — 402,736 275,216 — — Total equity contract notionals $ — $ — $ 1,018,652 $ 742,697 $ — $ — Commodity and other contracts Swaps $ — $ — $ 74,925 $ 90,817 $ — $ — Futures and forwards 959 1,089 106,114 106,021 — — Written options — — 99,148 104,581 — — Purchased options — — 88,192 95,567 — — Total commodity and other contract notionals $ 959 $ 1,089 $ 368,379 $ 396,986 $ — $ — Credit derivatives (5) Protection sold $ — $ — $ 1,175,657 $ 1,063,858 $ — $ — Protection purchased — — 1,200,249 1,100,369 22,298 16,018 Total credit derivatives $ — $ — $ 2,375,906 $ 2,164,227 $ 22,298 $ 16,018 Total derivative notionals $ 272,686 $ 262,813 $ 52,441,121 $ 59,016,430 $ 128,028 $ 131,014 (1) The notional amounts presented in this table do not include hedge accounting relationships under ASC 815 where Citigroup is hedging the foreign currency risk of a net investment in a foreign operation by issuing a foreign-currency-denominated debt instrument. The notional amount of such debt was $2,608 million and $3,752 million at September 30, 2015 and December 31, 2014 , 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 to mitigate certain economic risks, but for which hedge accounting is not applied. These derivatives are recorded in either Other assets/Other liabilities or Trading account assets/Trading account liabilities on the Consolidated Balance Sheet. (4) Foreign exchange notional contracts include spot contract notionals of $830 billion and $849 billion at September 30, 2015 and December 31, 2014, respectively. Previous presentations of foreign exchange derivative notional contracts did not include spot contracts. There was no impact to the Consolidated Financial Statements related to this updated presentation. (5) Credit derivatives are arrangements designed to allow one party (protection buyer) to transfer the credit risk of a “reference asset” to another party (protection seller). These arrangements allow a protection seller to assume the credit risk associated with the reference asset without directly purchasing that asset. The Company enters into credit derivative positions for purposes such as risk management, yield enhancement, reduction of credit concentrations and diversification of overall risk. The following tables present the gross and net fair values of the Company’s derivative transactions, and the related offsetting amounts permitted under ASC 210-20-45 and ASC 815-10-45, as of September 30, 2015 and December 31, 2014 . 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 a credit support annex are included in the offsetting amount if a legal opinion supporting enforceability of netting and collateral rights has been obtained. GAAP does not permit similar offsetting for security collateral. The tables also include amounts that are not permitted to be offset under ASC 210-20-45 and ASC 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 netting and collateral rights has been obtained. Derivative Mark-to-Market (MTM) Receivables/Payables In millions of dollars at September 30, 2015 Derivatives classified in Trading account assets / liabilities (1)(2)(3) Derivatives classified in Other assets / liabilities (2)(3) Derivatives instruments designated as ASC 815 hedges Assets Liabilities Assets Liabilities Over-the-counter $ 4,986 $ 265 $ 2,506 $ 363 Cleared 663 1,165 — — Interest rate contracts $ 5,649 $ 1,430 $ 2,506 $ 363 Over-the-counter $ 3,117 $ 1,004 $ 49 $ 710 Foreign exchange contracts $ 3,117 $ 1,004 $ 49 $ 710 Total derivative instruments designated as ASC 815 hedges $ 8,766 $ 2,434 $ 2,555 $ 1,073 Derivatives instruments not designated as ASC 815 hedges Over-the-counter $ 310,616 $ 294,324 $ 199 $ — Cleared 164,984 165,753 316 288 Exchange traded 61 48 — — Interest rate contracts $ 475,661 $ 460,125 $ 515 $ 288 Over-the-counter $ 145,276 $ 150,609 $ — $ 90 Cleared 157 190 — — Exchange traded 36 72 — — Foreign exchange contracts $ 145,469 $ 150,871 $ — $ 90 Over-the-counter $ 21,769 $ 26,394 $ — $ — Cleared 13 14 — — Exchange traded 5,426 5,361 — — Equity contracts $ 27,208 $ 31,769 $ — $ — Over-the-counter $ 15,404 $ 18,451 $ — $ — Exchange traded 2,201 3,844 — — Commodity and other contracts $ 17,605 $ 22,295 $ — $ — Over-the-counter $ 32,292 $ 31,510 $ 744 $ 232 Cleared 5,233 5,330 65 247 Credit derivatives (4) $ 37,525 $ 36,840 $ 809 $ 479 Total derivatives instruments not designated as ASC 815 hedges $ 703,468 $ 701,900 $ 1,324 $ 857 Total derivatives $ 712,234 $ 704,334 $ 3,879 $ 1,930 Cash collateral paid/received (5)(6) $ 8,515 $ 9,751 $ — $ 30 Less: Netting agreements (7) (609,402 ) (609,402 ) — — Less: Netting cash collateral received/paid (8) (50,476 ) (42,435 ) (1,737 ) (78 ) Net receivables/payables included on the consolidated balance sheet (9) $ 60,871 $ 62,248 $ 2,142 $ 1,882 Additional amounts subject to an enforceable master netting agreement but not offset on the Consolidated Balance Sheet Less: Cash collateral received/paid $ (774 ) $ (2 ) $ — $ — Less: Non-cash collateral received/paid (10,335 ) (5,795 ) (521 ) — Total net receivables/payables (9) $ 49,762 $ 56,451 $ 1,621 $ 1,882 (1) The trading derivatives fair values are presented in Note 12 to the Consolidated Financial Statements. (2) Derivative mark-to-market receivables/payables related to management hedges are recorded in either Other assets/Other liabilities or Trading account assets/Trading account liabilities . (3) Over-the-counter (OTC) derivatives are derivatives executed and settled bilaterally with counterparties without the use of an organized exchange or central clearing house. Cleared derivatives include derivatives executed bilaterally with a counterparty in the OTC market but then novated to a central clearing house, whereby the central clearing house becomes the counterparty to both of the original counterparties. Exchange traded derivatives include derivatives executed directly on an organized exchange that provides pre-trade price transparency. (4) The credit derivatives trading assets comprise $18,102 million related to protection purchased and $19,423 million related to protection sold as of September 30, 2015 . The credit derivatives trading liabilities comprise $19,476 million related to protection purchased and $17,364 million related to protection sold as of September 30, 2015 . (5) For the trading account assets/liabilities, reflects the net amount of the $50,950 million and $60,227 million of gross cash collateral paid and received, respectively. Of the gross cash collateral paid, $42,435 million was used to offset trading derivative liabilities and, of the gross cash collateral received, $50,476 million was used to offset trading derivative assets. (6) For cash collateral paid with respect to non-trading derivative liabilities, this is the net amount of $78 million of the gross cash collateral paid, of which $78 million is netted against non-trading derivative positions within Other liabilities . For cash collateral received with respect to non-trading derivative liabilities, reflects the net amount of $1,767 million the gross cash collateral received, of which $1,737 million is netted against OTC non-trading derivative positions within Other assets . (7) Represents the netting of derivative receivable and payable balances with the same counterparty under enforceable netting agreements. Approximately $440 billion , $164 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 and paid is netted against OTC derivative assets and liabilities, respectively. (9) The net receivables/payables include approximately $12 billion of derivative asset and $11 billion of derivative liability fair values not subject to enforceable master netting agreements, respectively. In millions of dollars at December 31, 2014 Derivatives classified in Trading account assets / liabilities (1)(2)(3) Derivatives classified in Other assets / liabilities (2)(3) Derivatives instruments designated as ASC 815 hedges Assets Liabilities Assets Liabilities Over-the-counter $ 1,508 $ 204 $ 3,117 $ 414 Cleared 4,300 868 — 25 Interest rate contracts $ 5,808 $ 1,072 $ 3,117 $ 439 Over-the-counter $ 3,885 $ 743 $ 678 $ 588 Foreign exchange contracts $ 3,885 $ 743 $ 678 $ 588 Total derivative instruments designated as ASC 815 hedges $ 9,693 $ 1,815 $ 3,795 $ 1,027 Derivatives instruments not designated as ASC 815 hedges Over-the-counter $ 376,778 $ 359,689 $ 106 $ — Cleared 255,847 261,499 6 21 Exchange traded 20 22 141 164 Interest rate contracts $ 632,645 $ 621,210 $ 253 $ 185 Over-the-counter $ 151,736 $ 157,650 $ — $ 17 Cleared 366 387 — — Exchange traded 7 46 — — Foreign exchange contracts $ 152,109 $ 158,083 $ — $ 17 Over-the-counter $ 20,425 $ 28,333 $ — $ — Cleared 16 35 — — Exchange traded 4,311 4,101 — — Equity contracts $ 24,752 $ 32,469 $ — $ — Over-the-counter $ 19,943 $ 23,103 $ — $ — Exchange traded 3,577 3,083 — — Commodity and other contracts $ 23,520 $ 26,186 $ — $ — Over-the-counter $ 39,412 $ 39,439 $ 265 $ 384 Cleared 4,106 3,991 13 171 Credit derivatives (4) $ 43,518 $ 43,430 $ 278 $ 555 Total derivatives instruments not designated as ASC 815 hedges $ 876,544 $ 881,378 $ 531 $ 757 Total derivatives $ 886,237 $ 883,193 $ 4,326 $ 1,784 Cash collateral paid/received (5)(6) $ 6,523 $ 9,846 $ 123 $ 7 Less: Netting agreements (7) (777,178 ) (777,178 ) — — Less: Netting cash collateral received/paid (8) (47,625 ) (47,769 ) (1,791 ) (15 ) Net receivables/payables included on the Consolidated Balance Sheet (9) $ 67,957 $ 68,092 $ 2,658 $ 1,776 Additional amounts subject to an enforceable master netting agreement but not offset on the Consolidated Balance Sheet Less: Cash collateral received/paid $ (867 ) $ (11 ) $ — $ — Less: Non-cash collateral received/paid (10,043 ) (6,264 ) (1,293 ) — Total net receivables/payables (9) $ 57,047 $ 61,817 $ 1,365 $ 1,776 (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 $18,430 million related to protection purchased and $25,088 million related to protection sold as of December 31, 2014 . The credit derivatives trading liabilities comprise $25,972 million related to protection purchased and $17,458 million related to protection sold as of December 31, 2014 . (5) For the trading account assets/liabilities, reflects the net amount of the $54,292 million and $57,471 million of gross cash collateral paid and received, respectively. Of the gross cash collateral paid, $47,769 million was used to offset derivative liabilities and, of the gross cash collateral received, $47,625 million was used to offset derivative assets. (6) For cash collateral paid with respect to non-trading derivative liabilities, reflects the net amount of $138 million of the gross cash collateral received, of which $15 million is netted against OTC non-trading derivative positions within Other liabilities . For cash collateral received with respect to non-trading derivative liabilities, reflects the net amount of $1,798 million of gross cash collateral received of which $1,791 million is netted against non-trading derivative positions within Other assets . (7) Represents the netting of derivative receivable and payable balances with the same counterparty under enforceable netting agreements. Approximately $510 billion , $264 billion and $3 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 $46 billion and $2 billion is netted against OTC and cleared derivative liabilities, respectively. (9) The net receivables/payables include approximately $11 billion of derivative asset and $10 billion of liability fair values not subject to enforceable master netting agreements. For the three and nine months ended September 30, 2015 and 2014 , the amounts recognized in Principal transactions in the Consolidated Statement of Income 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 nine months ended September 30, 2015 and 2014 related to derivatives not designated in a qualifying hedging relationship are shown below. The table below does not include any 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 September 30, Nine Months Ended September 30, In millions of dollars 2015 2014 2015 2014 Interest rate contracts $ 163 $ (4 ) $ 127 $ (201 ) Foreign exchange (19 ) (42 ) (65 ) 9 Credit derivatives 536 38 607 (196 ) Total Citigroup $ 680 $ (8 ) $ 669 $ (388 ) 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 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 net investment hedges. If certain hedging criteria specified in ASC 815 are met, including testing for hedge effectiveness, 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 highly 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 GAAP. However, by designating an interest rate swap 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 also reflected in earnings. Thus, any ineffectiveness resulting from the hedging relationship is captured in current earnings. Alternatively, for management hedges that do not meet the ASC 815 hedging criteria, the derivative is recorded at fair value on the balance sheet, with the associated changes in fair value recorded in earnings, while the debt continues to be carried at amortized cost. Therefore, current earnings are affected 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 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 is reported in earnings. The related interest rate swap, with changes in fair value, is also reflected in earnings, which 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. The key requirements to achieve 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 may exclude 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. These hedges are designated as fair value hedges of the benchmark interest rate risk associated with the currency of the hedged liability. The fixed cash flows of the hedged items 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 assess 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 due to changes in benchmark interest rates, 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 assess 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 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 (loss) —which serves to offset 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 nine months ended September 30, 2015 and 2014 : Gains (losses) on fair value hedges (1) Three Months Ended September 30, Nine Months Ended September 30, In millions of dollars 2015 2014 2015 2014 Gain (loss) on the derivatives in designated and qualifying fair value hedges Interest rate contracts $ 1,111 $ (330 ) $ 72 $ 278 Foreign exchange contracts (311 ) 780 1,093 1,110 Commodity contracts (110 ) 47 (69 ) (56 ) Total gain (loss) on the derivatives in designated and qualifying fair value hedges $ 690 $ 497 $ 1,096 $ 1,332 Gain (loss) on the hedged item in designated and qualifying fair value hedges Interest rate hedges $ (1,113 ) $ 371 $ (115 ) $ (28 |
FAIR VALUE MEASUREMENT
FAIR VALUE MEASUREMENT | 9 Months Ended |
Sep. 30, 2015 | |
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 and other positions as well as 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 are developed using market data and reflect market participant assumptions, while unobservable inputs reflect the Company’s market assumptions. These two types of inputs have created the following fair value hierarchy: • Level 1: Quoted prices for identical instruments in active markets. • Level 2: Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which all significant inputs and significant value drivers are observable in active markets. • Level 3: Valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable . As required under the fair value hierarchy, the Company considers relevant and observable market inputs in its valuations where possible. The 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 fair value using the procedures set out below, irrespective of whether the assets and liabilities are measured at fair value as a result of an election or whether they are required to be measured at fair value. When available, the Company 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. 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 observability of 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. 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 and option volatilities. 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. 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 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. Liquidity adjustments are applied to items in Level 2 or Level 3 of the fair-value hierarchy in an effort to ensure that the fair value reflects the price at which the net open risk position could be liquidated. The liquidity adjustment is based on the bid/offer spread for an instrument. When Citi has elected to measure certain portfolios of financial investments, such as derivatives, on the basis of the net open risk position, the liquidity adjustment may be adjusted to take into account the size of the position. Credit valuation adjustments (CVA) and, effective in the third quarter of 2014, funding valuation adjustments (FVA), are applied to over-the-counter (OTC) derivative instruments in which the base valuation generally discounts expected cash flows using the relevant base interest rate curve for the currency of the derivative (e.g., LIBOR for uncollateralized U.S.-dollar derivatives). As not all counterparties have the same credit risk as that implied by the relevant base curve, a CVA is necessary to incorporate the market view of both counterparty credit risk and Citi’s own credit risk in the valuation. FVA reflects a market funding risk premium inherent in the uncollateralized portion of derivative portfolios, and in collateralized derivatives where the terms of the agreement do not permit the reuse of the collateral received. Citi’s CVA methodology is composed of two steps. First, the credit exposure profile for each counterparty is determined using the terms of all individual derivative positions and a Monte Carlo simulation or other quantitative analysis to generate a series of expected cash flows at future points in time. The calculation of this exposure profile considers the effect of credit risk mitigants, including pledged cash or other collateral and any legal right of offset that exists with a counterparty through arrangements such as netting agreements. Individual derivative contracts that are subject to an enforceable master netting agreement with a counterparty are aggregated as a netting set for this purpose, since it is those aggregate net cash flows that are subject to nonperformance risk. This process identifies specific, point-in-time future cash flows that are subject to nonperformance risk, rather than using the current recognized net asset or liability as a basis to measure the CVA. Second, market-based views of default probabilities derived from observed credit spreads in the credit default swap (CDS) market are applied to the expected future cash flows determined in step one. Citi’s own-credit CVA is determined using Citi-specific CDS spreads for the relevant tenor. Generally, counterparty CVA is determined using CDS spread indices for each credit rating and tenor. For certain identified netting sets where individual analysis is practicable (e.g., exposures to counterparties with liquid CDSs), counterparty-specific CDS spreads are used. The CVA and FVA are designed to incorporate a market view of the credit and funding risk, respectively, inherent in the derivative portfolio. However, most unsecured derivative instruments are negotiated bilateral contracts and are not commonly transferred to third parties. Derivative instruments are normally settled contractually or, if terminated early, are terminated at a value negotiated bilaterally between the counterparties. Thus, the CVA and FVA may not be realized upon a settlement or termination in the normal course of business. In addition, all or a portion of these adjustments may be reversed or otherwise adjusted in future periods in the event of changes in the credit or funding risk associated with the derivative instruments. The table below summarizes the CVA and FVA applied to the fair value of derivative instruments for the periods indicated: Credit and funding valuation adjustments contra-liability (contra-asset) In millions of dollars September 30, December 31, Counterparty CVA $ (1,715 ) $ (1,853 ) Asset FVA (643 ) (518 ) Citigroup (own-credit) CVA 681 580 Liability FVA 108 19 Total CVA—derivative instruments (1) $ (1,569 ) $ (1,772 ) (1) FVA is included with CVA for presentation purposes. The table below summarizes pretax gains (losses) related to changes in CVA on derivative instruments, net of hedges, FVA on derivatives and debt valuation adjustments (DVA) on Citi’s own fair value option (FVO) liabilities for the periods indicated: Credit/funding/debt valuation adjustments gain (loss) Three Months Ended September 30, Nine Months Ended September 30, In millions of dollars 2015 2014 2015 2014 Counterparty CVA $ (32 ) $ (24 ) $ (191 ) $ 46 Asset FVA (177 ) (480 ) (125 ) (480 ) Own-credit CVA 97 15 81 (71 ) Liability FVA 44 6 89 6 Total CVA—derivative instruments $ (68 ) $ (483 ) $ (146 ) $ (499 ) DVA related to own FVO liabilities $ 264 $ 112 $ 582 $ 102 Total CVA and DVA (1) $ 196 $ (371 ) $ 436 $ (397 ) (1) FVA is included with CVA for presentation purposes. 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. 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, price verification procedures are performed that 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 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 an 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. 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 these 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. These 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 recorded 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 in active markets to determine the fair value of trading securities; such items are classified as Level 1 of the fair value hierarchy. Examples include 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 sources, including third-party 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. When 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, measured at fair value using quoted (i.e., exchange) prices in active markets, where available, are classified as Level 1 of the fair value hierarchy. Derivatives without a quoted price in an active market and derivatives executed over the counter are valued using internal valuation techniques. These derivative instruments are classified as either Level 2 or Level 3 depending upon the observability of the significant inputs to the model. 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 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 referenced above, during the third quarter of 2014 , Citi incorporated FVA into the fair value measurements due to what it believes to be an industry migration toward incorporating the market’s view of funding risk premium in OTC derivatives. The charge incurred in connection with the implementation of FVA was reflected in Principal transactions as a change in accounting estimate. Citi’s FVA methodology leverages the existing CVA methodology to estimate a funding exposure profile. The calculation of this exposure profile considers collateral agreements where the terms do not permit the firm to reuse the collateral received, including where counterparties post collateral to third-party custodians. 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. 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 values are generally determined by utilizing similar procedures described for trading securities above or, in some cases, using vendor pricing as the primary source. Also included in investments are nonpublic investments in private equity and real estate entities. Determining the fair value of nonpublic securities involves a significant degree of management judgment, as no quoted prices exist and such securities are generally 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. Private equity securities are generally classified as Level 3 of the fair value hierarchy. In addition, the Company holds investments in certain alternative investment funds that calculate NAV per share, including hedge funds, private equity funds and real estate funds. 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 see investment at a price other than the NAV. Consistent with the provisions of ASU No. 2015-07 these investments have not been categorized with the fair value hierarchy and included in the tables below. See Note 13 to the Consolidated Financial Statements for additional information. 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 when all significant inputs are readily observable. The Company determines the fair value of hybrid financial instruments, including structured liabilities, 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 September 30, 2015 and December 31, 2014 . 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 tables. Fair Value Levels In millions of dollars at September 30, 2015 Level 1 (1) Level 2 (1) Level 3 Gross Netting (2) Net Assets Federal funds sold and securities borrowed or purchased under agreements to resell $ — $ 173,674 $ 1,415 $ 175,089 $ (31,615 ) $ 143,474 Trading non-derivative assets Trading mortgage-backed securities U.S. government-sponsored agency guaranteed $ — $ 26,101 $ 652 $ 26,753 $ — $ 26,753 Residential — 1,374 2,025 3,399 — 3,399 Commercial — 2,565 222 2,787 — 2,787 Total trading mortgage-backed securities $ — $ 30,040 $ 2,899 $ 32,939 $ — $ 32,939 U.S. Treasury and federal agency securities $ 25,096 $ 2,664 $ 3 $ 27,763 $ — $ 27,763 State and municipal — 3,547 277 3,824 — 3,824 Foreign government 38,226 19,365 85 57,676 — 57,676 Corporate 47 17,574 391 18,012 — 18,012 Equity securities 41,705 3,192 3,284 48,181 — 48,181 Asset-backed securities — 1,640 3,377 5,017 — 5,017 Other trading assets 1 10,374 2,288 12,663 — 12,663 Total trading non-derivative assets $ 105,075 $ 88,396 $ 12,604 $ 206,075 $ — $ 206,075 Trading derivatives Interest rate contracts $ 8 $ 478,443 $ 2,859 $ 481,310 Foreign exchange contracts 2 147,457 1,127 148,586 Equity contracts 3,266 22,086 1,856 27,208 Commodity contracts 257 16,479 869 17,605 Credit derivatives — 34,454 3,071 37,525 Total trading derivatives $ 3,533 $ 698,919 $ 9,782 $ 712,234 Cash collateral paid (3) $ 8,515 Netting agreements $ (609,402 ) Netting of cash collateral received (50,476 ) Total trading derivatives $ 3,533 $ 698,919 $ 9,782 $ 720,749 $ (659,878 ) $ 60,871 Investments Mortgage-backed securities U.S. government-sponsored agency guaranteed $ — $ 36,080 $ 114 $ 36,194 $ — $ 36,194 Residential — 7,227 — 7,227 — 7,227 Commercial — 526 2 528 — 528 Total investment mortgage-backed securities $ — $ 43,833 $ 116 $ 43,949 $ — $ 43,949 U.S. Treasury and federal agency securities $ 111,139 $ 11,223 $ 10 $ 122,372 $ — $ 122,372 State and municipal $ — $ 9,231 $ 2,165 $ 11,396 $ — $ 11,396 Foreign government 45,463 49,899 243 95,605 — 95,605 Corporate 3,119 12,264 641 16,024 — 16,024 Equity securities 317 67 445 829 — 829 Asset-backed securities — 9,312 558 9,870 — 9,870 Other debt securities — 661 10 671 — 671 Non-marketable equity securities (4) — 53 1,242 1,295 — 1,295 Total investments $ 160,038 $ 136,543 $ 5,430 $ 302,011 $ — $ 302,011 In millions of dollars at September 30, 2015 Level 1 (1) Level 2 (1) Level 3 Gross Netting (2) Net Loans (5) $ — $ 2,858 $ 2,655 $ 5,513 $ — $ 5,513 Mortgage servicing rights — — 1,766 1,766 — 1,766 Non-trading derivatives and other financial assets measured on a recurring basis, gross $ 160 $ 9,486 $ 192 $ 9,838 Cash collateral paid (6) — Netting of cash collateral received $ (1,737 ) Non-trading derivatives and other financial assets measured on a recurring basis (7) $ 160 $ 9,486 $ 192 $ 9,838 $ (1,737 ) $ 8,101 Total assets $ 268,806 $ 1,109,876 $ 33,844 $ 1,421,041 $ (693,230 ) $ 727,811 Total as a percentage of gross assets (8) 19.0 % 78.6 % 2.4 % Liabilities Interest-bearing deposits $ — $ 1,262 $ 458 $ 1,720 $ — $ 1,720 Federal funds purchased and securities loaned or sold under agreements to repurchase — 69,799 1,259 71,058 (31,615 ) 39,443 Trading account liabilities Securities sold, not yet purchased 51,802 11,697 234 63,733 63,733 Trading derivatives Interest rate contracts 8 458,048 3,499 461,555 Foreign exchange contracts 3 151,412 460 151,875 Equity contracts 3,424 26,037 2,308 31,769 Commodity contracts 319 19,260 2,716 22,295 Credit derivatives — 33,858 2,982 36,840 Total trading derivatives $ 3,754 $ 688,615 $ 11,965 $ 704,334 Cash collateral received (9) $ 9,751 Netting agreements $ (609,402 ) Netting of cash collateral paid (42,435 ) Total trading derivatives $ 3,754 $ 688,615 $ 11,965 $ 714,085 $ (651,837 ) $ 62,248 Short-term borrowings $ — $ 675 $ 102 $ 777 $ — $ 777 Long-term debt — 18,043 8,195 26,238 — 26,238 Non-trading derivatives and other financial liabilities measured on a recurring basis, gross $ — $ 1,925 $ 5 $ 1,930 Cash collateral received (10) 30 Netting of cash collateral paid (78 ) Total non-trading derivatives and other financial liabilities measured on a recurring basis $ — $ 1,925 $ 5 $ 1,960 $ (78 ) $ 1,882 Total liabilities $ 55,556 $ 792,016 $ 22,218 $ 879,571 $ (683,530 ) $ 196,041 Total as a percentage of gross liabilities (8) 6.4 % 91.1 % 2.6 % (1) For the three and nine months ended September 30, 2015 , the Company transferred assets of approximately $0.2 billion and $1.4 billion from Level 1 to Level 2, respectively, primarily related to foreign government securities not traded in active markets. During the three and nine months ended September 30, 2015 , the Company transferred assets of approximately $1.0 billion and $4.1 billion from Level 2 to Level 1, respectively, primarily related to foreign government bonds and equity securities traded with sufficient frequency to constitute a liquid market. During the three and nine months ended September 30, 2015 , the Company transferred liabilities of approximately $0.3 billion and $0.6 billion from Level 2 to Level 1. During the three and nine months ended September 30, 2015 , there were no material transfers and transfers of approximately $0.1 billion of liabilities from Level 1 to Level 2. (2) Represents netting of: (i) the amounts due under securities purchased under agreements to resell and the amounts owed under securities sold under agreements to repurchase; and (ii) derivative exposures covered by a qualifying master netting agreement and cash collateral offsetting. (3) Reflects the net amount of $50,950 million of gross cash collateral paid, of which $42,435 million was used to offset trading derivative liabilities. (4) Amounts exclude $1.0 billion investments measured at Net Asset Value (NAV) in accordance with ASU No. 2015-07, Fair Value Measurement (Topic 820): Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent). See Note 1 to the Consolidated Financial Statements. (5) There is no allowance for loan losses recorded for loans reported at fair value. (6) Reflects $78 million of gross cash collateral paid, all of which was used to offset non-trading derivative liabilities. (7) Includes assets transferred as a result of the announced sale of OneMain Financial. For additional information see Note 2 to the Consolidated Financial Statements. (8) 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. (9) Reflects the net amount of $60,227 million of gross cash collateral received, of which $50,476 million was used to offset trading derivative assets. (10) Reflects the net amount of $1,767 million of gross cash collateral received, of which $1,737 million was used to offset non-trading derivative assets. Fair Value Levels In millions of dollars at December 31, 2014 Level 1 (1) Level 2 (1) Level 3 Gross Netting (2) Net Assets Federal funds sold and securities borrowed or purchased under agreements to resell $ — $ 187,922 $ 3,398 $ 191,320 $ (47,129 ) $ 144,191 Trading non-derivative assets Trading mortgage-backed securities U.S. government-sponsored agency guaranteed — 25,968 1,085 27,053 — 27,053 Residential — 2,158 2,680 4,838 — 4,838 Commercial — 3,903 440 4,343 — 4,343 Total trading mortgage-backed securities $ — $ 32,029 $ 4,205 $ 36,234 $ — $ 36,234 U.S. Treasury and federal agency s |
FAIR VALUE ELECTIONS
FAIR VALUE ELECTIONS | 9 Months Ended |
Sep. 30, 2015 | |
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 nine months ended September 30, 2015 and 2014 associated with those items for which the fair value option was elected: Changes in fair value gains (losses) for the Three Months Ended September 30, Nine Months Ended September 30, In millions of dollars 2015 2014 2015 2014 Assets Federal funds sold and securities borrowed or purchased under agreements to resell Selected portfolios of securities purchased under agreements to resell and securities borrowed $ (16 ) $ (137 ) $ (136 ) $ (68 ) Trading account assets (676 ) 3 (449 ) (235 ) Investments 3 (21 ) 52 29 Loans Certain corporate loans (1) (164 ) (39 ) (173 ) (26 ) Certain consumer loans (1) — 2 2 (44 ) Total loans $ (164 ) $ (37 ) $ (171 ) $ (70 ) Other assets MSRs (140 ) (11 ) $ 51 $ (186 ) Certain mortgage loans held for sale (2) 95 96 267 354 Total other assets $ (45 ) $ 85 $ 318 $ 168 Total assets $ (898 ) $ (107 ) $ (386 ) $ (176 ) Liabilities Interest-bearing deposits $ (107 ) $ 21 $ (74 ) $ (35 ) Federal funds purchased and securities loaned or sold under agreements to repurchase Selected portfolios of securities sold under agreements to repurchase and securities loaned (5 ) 2 (3 ) (4 ) Trading account liabilities (51 ) 4 (66 ) (9 ) Short-term borrowings 14 (22 ) (54 ) (96 ) Long-term debt 246 855 701 (134 ) Total liabilities $ 97 $ 860 $ 504 $ (278 ) (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 gain of $ 264 million and $ 112 million for the three months ended September 30, 2015 and 2014 , respectively, and a gain of $ 582 million and $ 102 million for the nine months ended September 30, 2015 and 2014 , respectively. Changes in fair value resulting from changes in instrument-specific credit risk were estimated by incorporating the Company’s current credit spreads observable in the bond market into the relevant valuation technique used to value each liability as described above. The Fair Value Option for Financial Assets and Financial Liabilities Selected portfolios of securities purchased under agreements to resell, securities borrowed, securities sold under agreements to repurchase, securities loaned and certain 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 September 30, 2015 and December 31, 2014 : September 30, 2015 December 31, 2014 In millions of dollars Trading assets Loans Trading assets Loans Carrying amount reported on the Consolidated Balance Sheet $ 9,304 $ 5,513 $ 10,290 $ 5,901 Aggregate unpaid principal balance in excess of (less than) fair value 845 3 234 125 Balance of non-accrual loans or loans more than 90 days past due 6 2 13 3 Aggregate unpaid principal balance in excess of fair value for non-accrual loans or loans more than 90 days past due 12 1 28 1 In addition to the amounts reported above, $ 2,280 million and $ 2,335 million of unfunded commitments related to certain credit products selected for fair value accounting were outstanding as of September 30, 2015 and December 31, 2014 , respectively. Changes in the 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 nine months ended September 30, 2015 and 2014 due to instrument-specific credit risk totaled to a loss of $ 203 million and $ 77 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 $ 0.9 billion and $ 1.2 billion at September 30, 2015 and December 31, 2014 , respectively. 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 September 30, 2015 , there were approximately $ 12.6 billion and $ 10.1 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. 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 September 30, 2015 and December 31, 2014 : In millions of dollars September 30, December 31, 2014 Carrying amount reported on the Consolidated Balance Sheet $ 889 $ 1,447 Aggregate fair value in excess of unpaid principal balance 35 67 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 the fair values of these mortgage loans are reported in Other revenue in the Company’s Consolidated Statement of Income. There was no net change in fair value during the nine months ended September 30, 2015 and 2014 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 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. 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 September 30, 2015 and December 31, 2014 : In billions of dollars September 30, 2015 December 31, 2014 Interest rate linked $ 10.4 $ 10.9 Foreign exchange linked 0.3 0.3 Equity linked 9.9 8.0 Commodity linked 1.5 1.4 Credit linked 1.9 2.5 Total $ 24.0 $ 23.1 The change in the fair value of these structured liabilities is reported in Principal transactions in the Company’s Consolidated Statement of Income. Changes in the fair value of 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. 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 the fair value of 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 at September 30, 2015 and December 31, 2014 : In millions of dollars September 30, 2015 December 31, 2014 Carrying amount reported on the Consolidated Balance Sheet $ 26,238 $ 26,180 Aggregate unpaid principal balance in excess of (less than) fair value 1,856 (151 ) The following table provides information about short-term borrowings carried at fair value at September 30, 2015 and December 31, 2014 : In millions of dollars September 30, 2015 December 31, 2014 Carrying amount reported on the Consolidated Balance Sheet $ 777 $ 1,496 Aggregate unpaid principal balance in excess of (less than) fair value 132 31 |
GUARANTEES AND COMMITMENTS
GUARANTEES AND COMMITMENTS | 9 Months Ended |
Sep. 30, 2015 | |
Pledged Assets, Collateral, 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 September 30, 2015 and December 31, 2014 : Maximum potential amount of future payments In billions of dollars at September 30, 2015 except carrying value in millions Expire within 1 year Expire after 1 year Total amount outstanding Carrying value (in millions of dollars) Financial standby letters of credit $ 25.8 $ 70.8 $ 96.6 $ 192 Performance guarantees 6.9 4.0 10.9 20 Derivative instruments considered to be guarantees 11.2 76.4 87.6 2,012 Loans sold with recourse — 0.2 0.2 14 Securities lending indemnifications (1) 83.4 — 83.4 — Credit card merchant processing (1) 85.8 — 85.8 — Custody indemnifications and other — 49.5 49.5 55 Total $ 213.1 $ 200.9 $ 414.0 $ 2,293 Maximum potential amount of future payments In billions of dollars at December 31, 2014 except carrying value in millions Expire within 1 year Expire after 1 year Total amount outstanding Carrying value ( in millions of dollars) Financial standby letters of credit $ 25.4 $ 73.0 $ 98.4 $ 242 Performance guarantees 7.1 4.8 11.9 29 Derivative instruments considered to be guarantees 12.5 79.2 91.7 2,806 Loans sold with recourse — 0.2 0.2 15 Securities lending indemnifications (1) 115.9 — 115.9 — Credit card merchant processing (1) 86.0 — 86.0 — Custody indemnifications and other — 48.9 48.9 54 Total $ 246.9 $ 206.1 $ 453.0 $ 3,146 (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 $157 million and $224 million at September 30, 2015 and December 31, 2014 , 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 September 30, 2015 and December 31, 2014 , this maximum potential exposure was estimated to be $86 billion . 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 September 30, 2015 and December 31, 2014 , 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 September 30, 2015 and December 31, 2014 , 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 September 30, 2015 or December 31, 2014 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 $6.3 billion at September 30, 2015 , compared to $6.2 billion at December 31, 2014 ) 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 September 30, 2015 and December 31, 2014 related to this indemnification. Citi continues to closely monitor its potential exposure under this indemnification obligation. 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 a 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 $3.9 billion and $3.2 billion as of September 30, 2015 and December 31, 2014 , 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. Carrying Value—Guarantees and Indemnifications At September 30, 2015 and December 31, 2014 , the total carrying amounts of the liabilities related to the guarantees and indemnifications included in the tables above amounted to approximately $2.3 billion and $3.1 billion , respectively. The carrying value of financial and performance guarantees is included in Other liabilities . For loans sold with recourse, the carrying value of the liability is included in Other liabilities . Collateral Cash collateral available to Citi to reimburse losses realized under these guarantees and indemnifications amounted to $56 billion and $63 billion at September 30, 2015 and December 31, 2014 , respectively. Securities and other marketable assets held as collateral amounted to $34 billion and $59 billion at September 30, 2015 and December 31, 2014 , 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 $4.0 billion at September 30, 2015 and December 31, 2014 , 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 September 30, 2015 and December 31, 2014 . 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 September 30, 2015 Investment grade Non-investment grade Not rated Total Financial standby letters of credit $ 70.1 $ 14.8 $ 11.7 $ 96.6 Performance guarantees 6.6 3.5 0.8 10.9 Derivative instruments deemed to be guarantees — — 87.6 87.6 Loans sold with recourse — — 0.2 0.2 Securities lending indemnifications — — 83.4 83.4 Credit card merchant processing — — 85.8 85.8 Custody indemnifications and other 49.4 0.1 — 49.5 Total $ 126.1 $ 18.4 $ 269.5 $ 414.0 Maximum potential amount of future payments In billions of dollars at December 31, 2014 Investment grade Non-investment grade Not rated Total Financial standby letters of credit $ 73.0 $ 15.9 $ 9.5 $ 98.4 Performance guarantees 7.3 3.9 0.7 11.9 Derivative instruments deemed to be guarantees — — 91.7 91.7 Loans sold with recourse — — 0.2 0.2 Securities lending indemnifications — — 115.9 115.9 Credit card merchant processing — — 86.0 86.0 Custody indemnifications and other 48.8 0.1 — 48.9 Total $ 129.1 $ 19.9 $ 304.0 $ 453.0 Credit Commitments and Lines of Credit The table below summarizes Citigroup’s credit commitments as of September 30, 2015 and December 31, 2014: In millions of dollars U.S. Outside of U.S. September 30, December 31, 2014 Commercial and similar letters of credit $ 1,207 $ 4,104 $ 5,311 $ 6,634 One- to four-family residential mortgages 1,375 2,014 3,389 5,674 Revolving open-end loans secured by one- to four-family residential properties 12,952 2,085 15,037 16,098 Commercial real estate, construction and land development 8,456 1,729 10,185 9,242 Credit card lines 479,415 109,949 589,364 612,049 Commercial and other consumer loan commitments 173,439 89,293 262,732 243,680 Other commitments and contingencies 4,661 5,504 10,165 10,663 Total $ 681,505 $ 214,678 $ 896,183 $ 904,040 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 $54 billion and $53 billion with an original maturity of less than one year at September 30, 2015 and December 31, 2014, respectively. 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 | 9 Months Ended |
Sep. 30, 2015 | |
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 2014 Annual Report on Form 10-K and Note 25 to the Consolidated Financial Statements of Citigroup’s Quarterly Reports on Form 10-Q for the quarterly periods ended March 31, 2015 and June 30, 2015. 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 September 30, 2015, Citigroup's estimate was materially unchanged from its estimate of approximately $4 billion at December 31, 2014, as more fully described in Note 28 to the Consolidated Financial Statements in the 2014 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 2014 Annual Report on Form 10-K. Commodities Financing Contracts At a hearing on July 3, 2015, the English High Court Judge awarded Citigroup’s counterparty permission to appeal against one aspect of the High Court’s judgment of May 22, 2015. At a further hearing on July 24, 2015, Citibank, N.A. and Citigroup Global Markets Limited (as well as their counterparty) sought permission from the English Court of Appeal to appeal against other aspects of the May judgment in respect of which the trial judge had not granted permission. Those applications remain outstanding. Additional information concerning this action is publicly available in court filings under the claim reference: MERCURIA ENERGY TRADING PTE LTD & ANOTHER V. CITIBANK, N.A. & ANOTHER (Claim No. 2014 Folio 709) . Credit Crisis-Related Litigation and Other Matters Mortgage-Related Litigation and Other Matters Mortgage-Backed Securities and CDO Investor Actions: On July 31, 2015, the court issued an order approving the stipulation and settlement previously filed by Citigroup Global Markets Inc. (CGMI) and its remaining co-defendants in NEW JERSEY CARPENTERS HEALTH FUND, ET AL. v. RESIDENTIAL CAPITAL, LLC, ET AL. The court also ordered the case dismissed pursuant to the settlement agreement. Additional information relating to this action is publicly available in court filings under the docket number 08 Civ. 8781 (S.D.N.Y.) (Failla, J.). On August 17, 2015, the Citigroup defendants and other parties filed a stipulation of discontinuance with prejudice, and the plaintiff dismissed its appeal, in COMMERZBANK AG LONDON BRANCH v. UBS AG, ET AL. Additional information concerning this action is publicly available in court filings under the docket number 654464/2013 (N.Y. Sup. Ct.) (Friedman, J.). As of September 30, 2015, the aggregate original purchase amount of the purchases at issue in the pending MBS and CDO investor suits is approximately $1.69 billion , and the aggregate original purchase amount of the purchases covered by tolling agreements with MBS and CDO investors threatening litigation is approximately $1.4 billion . Alternative Investment Fund-Related Litigation and Other Matters On August 17, 2015, the SEC entered an order accepting an offer of settlement from certain Citigroup affiliates concerning the SEC’s investigation into the Citigroup affiliates’ management and marketing of the ASTA/MAT and Falcon alternative investment funds. Pursuant to the terms of the settlement, the Citigroup affiliates will pay $179.6 million in disgorgement and interest, which the SEC will distribute to investors in the funds. On August 10, 2015, the parties in BEACH v. CITIGROUP ALTERNATIVE INVESTMENTS LLC entered into a settlement agreement. On August 19, 2015, the court entered an order preliminarily approving the settlement and approving notice. A final settlement hearing has been scheduled for December 17, 2015. Additional information concerning this action is publicly available in court filings under the docket number 12 Civ. 7717 (S.D.N.Y.) (Woods, J.). Credit Default Swaps Matters On September 30, 2015, the defendants, including Citigroup and Related Parties, entered settlement agreements with the plaintiffs to settle all claims of the putative class, and on October 29, 2015, the court granted plaintiffs’ motion for preliminary approval of the proposed settlements. Additional information relating to this action is publicly available in court filings under the docket number 13 MD 2476 (S.D.N.Y.) (Cote, J.). Treasury Auction Litigation Beginning in July 2015, CGMI, along with numerous other U.S. Treasury primary dealer banks, have been named as defendants in a number of substantially similar putative class actions involving allegations that they colluded to manipulate U.S. Treasury securities markets. The actions are based upon the defendants’ roles as registered primary dealers of U.S. Treasury securities and assert claims of alleged collusion under the antitrust laws and manipulation under the Commodity Exchange Act. These actions were filed in the United States District Court for the Southern District of New York, the Northern District of Illinois and the District of the Virgin Islands. On September 24, 2015, certain of the plaintiffs filed a motion with the Judicial Panel on Multidistrict Litigation to have all of the actions transferred to Judge Paul G. Gardephe in the Southern District of New York for coordinated or consolidated pretrial proceedings. Judge Gardephe is currently presiding over the first-filed action and is actively coordinating actions in the Southern District of New York. Most of the actions filed in the Southern District of New York have been consolidated under docket number 15 Civ. 5794 (S.D.N.Y.). Additional information relating to certain of the other actions is publicly available in court filings under the following docket numbers: 15 Civ. 7631 (S.D.N.Y.); 15 Civ. 8149 (S.D.N.Y.); 15 Civ. 0055 (D.V.I.); 15 Civ. 8417 (N.D. Ill.); 15 Civ. 8634 (N.D. Ill.); 15 Civ. 8859 (N.D. Ill.); 15 Civ. 8890 (N.D. Ill.); 15 Civ. 9173 (N.D. Ill.). Foreign Exchange Matters Antitrust and Other Litigation : On September 9, 2015, defendants filed a motion to transfer the action captioned NYPL v. JPMORGAN CHASE & CO. ET AL. from the United States District Court for the Northern District of California to the Southern District of New York for possible consolidation with IN RE FOREIGN EXCHANGE BENCHMARK RATES ANTITRUST LITIGATION. Additional information concerning this action is publicly available in court filings under the docket number 3:15-cv-02290 (N.D. Cal.) (Chhabria, J.). In September 2015, putative class actions captioned BÉLAND v. ROYAL BANK OF CANADA, ET AL. and STAINES v. ROYAL BANK OF CANADA, ET AL. were filed in the Quebec Superior Court of Justice and the Ontario Superior Court of Justice, respectively, against Citigroup and Related Parties, as well as numerous other foreign exchange (FX) dealers. Plaintiffs allege that defendants conspired to fix the prices and supply of currency purchased in the FX market, and that this manipulation caused investors to pay inflated rates for currency and/or to receive deflated rates for currency. Plaintiffs assert claims under the Canadian Competition Act and the Quebec Civil Code and/or for civil conspiracy, unjust enrichment and waiver of tort. Plaintiffs seek compensatory and punitive damages on behalf of putative classes of all persons in Quebec or in Canada who entered into an FX instrument or participated in a fund or investment vehicle that entered into an FX instrument between January 1, 2003 and December 31, 2013. Additional information concerning these actions is publicly available in court filings under the docket numbers 200-06-000189-152 (C.S.Q. Quebec) and CV-15-536174 (Ont. S.C.J.). On September 16, 2015, an action captioned NEGRETE v. CITIBANK, N.A. was filed in the United States District Court for the Southern District of New York. Plaintiffs allege that Citibank, N.A. engaged in conduct in connection with plaintiffs’ FX trading that caused them losses. Plaintiffs assert claims for fraud, breach of contract, and negligence, and seek compensatory and punitive damages. Additional information concerning this action is publicly available in court filings under the docket number 1:15-cv-7250 (S.D.N.Y.) (Sweet, J.). Interbank Offered Rates-Related Litigation and Other Matters Antitrust and Other Litigation : On August 4, 2015, the court in IN RE LIBOR-BASED FINANCIAL INSTRUMENTS ANTITRUST LITIGATION granted in part defendants’ motions to dismiss various individual actions that were previously stayed, dismissing plaintiffs’ antitrust claims for failure to state a claim, and holding that plaintiffs cannot pursue certain other claims based on lack of personal jurisdiction or the operation of the applicable statute of limitations. The court allowed certain of plaintiffs’ claims for common law fraud, breach of contract, unjust enrichment and tortious interference to proceed. On October 8, 2015, the City of Philadelphia and the Pennsylvania Intergovernmental Cooperation Authority amended their complaint in response to the court’s August 4, 2015 decision. Additional information concerning these actions is publicly available in court filings under the docket number 1:11-md-02262 (S.D.N.Y.) (Buchwald, J.). Interchange Fees Litigation Various objectors appealed from the final class settlement approval order with the United States Court of Appeals for the Second Circuit, which heard oral argument regarding the appeals on September 28, 2015. Additional information concerning these consolidated actions is publicly available in court filings under the docket number MDL 05-1720 (E.D.N.Y.) (Brodie, J.) and 12-4671 (2d Cir.). Money Laundering Inquiries Derivative Actions and Related Proceedings : On September 22, 2015, a derivative action captioned FIREMAN’S RETIREMENT SYSTEM OF ST. LOUIS, ET AL. v. CORBAT, ET AL. was filed in the United States District Court for the Southern District of New York on behalf of Citigroup (as nominal defendant) against certain of its directors and officers. The plaintiffs assert claims derivatively for violation of Section 14(a) of the Securities Exchange Act of 1934, breach of fiduciary duty, waste of corporate assets, and unjust enrichment in connection with allegations concerning the compliance of Banco Nacional de Mexico, or Banamex, and Banamex USA with the Bank Secrecy Act and anti-money laundering laws and regulations. Additional information concerning this action is publicly available in court filings under the docket number 15 Civ. 7501 (S.D.N.Y.) (Batts, J.). Parmalat Litigation and Related Matters After the acquittal of a Citibank, N.A. employee in the Milan criminal court in April 2011, Milan public prosecutors have been pursuing an administrative remedy against Citibank, N.A. under Italian Administrative Law 231. The prosecutors originally sought disgorgement of profits in the amount of €70 million and a fine of €900,000 . However, on February 5, 2014, the Milan Court of Appeal restricted the remedy to an administrative fine of €500,000 . Citibank, N.A. appealed, but on July 2, 2015, the Italian Supreme Court upheld the Court of Appeal’s decision, confirming the imposition of a €500,000 fine. Allied Irish Bank Litigation On August 24, 2015, the United States District Court for the Southern District of New York denied Citibank, N.A.’s motion for reconsideration of the court’s prior denial of its motion for summary judgment. On September 9, 2015, the court set the case for trial on January 25, 2016. Additional information concerning this action is publicly available in court filings under the docket number 03 Civ. 3748 (S.D.N.Y.) (Batts, J.). Settlement Payments Payments required in settlement agreements described above have been made or are covered by existing litigation accruals. [End of Consolidated Financial Statements and Notes to Consolidated Financial Statements] |
BASIS OF PRESENTATION AND ACC34
BASIS OF PRESENTATION AND ACCOUNTING CHANGES (Policies) | 9 Months Ended |
Sep. 30, 2015 | |
Accounting Policies [Abstract] | |
Accounting Changes | ACCOUNTING CHANGES Debt Issuance Costs In April 2015, the FASB issued Accounting Standards Update (ASU) 2015-03, Interest— Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs , to conform the presentation of debt issuance costs to that of debt discounts and premiums. Thus, the ASU requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability. The guidance is effective beginning on January 1, 2016; however, Citi elected to early adopt the ASU on July 1, 2015 which resulted in an approximately $150 million reclassification from Other assets to Long-term debt . The retrospective application was deemed immaterial and as such prior periods were not restated. Accounting for Investments in Tax Credit Partnerships In January 2014, the FASB issued ASU No. 2014-01, Investments-Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Qualified Affordable Housing Projects . Any transition adjustment is reflected as an adjustment to retained earnings in the earliest period presented (retrospective application). The ASU is 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 qualifies to elect the proportional amortization method under the ASU for its entire LIHTC portfolio. These investments were previously accounted for under the equity method, which resulted 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 . Citi adopted ASU 2014-01 in the first quarter of 2015. The adoption of this ASU was applied retrospectively and cumulatively reduced Retained earnings by approximately $349 million , Other assets by approximately $178 million , and deferred tax assets by approximately $171 million . 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 borrowing 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 (see Note 21 to the Consolidated Financial Statements) and about the types of collateral pledged in repurchase agreements and similar transactions accounted for as secured borrowings (see Note 10 to the Consolidated Financial Statements). The ASU’s provisions became effective for Citi in the first quarter of 2015, with the exception of the collateral disclosures which became effective in the second quarter of 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. Adoption of the ASU did not have a material effect on the Company’s financial statements. Disclosures for Investments in Certain Entities That Calculate Net Asset Value (NAV) per Share In May 2015, the FASB issued ASU No. 2015-07, Fair Value Measurement (Topic 820): Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent), which is intended to reduce diversity in practice related to the categorization of investments measured at NAV within the fair value hierarchy. The ASU removes the current requirement to categorize investments for which fair value is measured using the NAV per share practical expedient within the fair value hierarchy. Citi elected to early adopt the ASU in the second quarter of 2015. The adoption of the ASU was applied retrospectively and reduced Level 3 assets by $1.0 billion and $1.1 billion as of June 30, 2015 and December 31, 2014, respectively. FUTURE APPLICATION OF ACCOUNTING STANDARDS Consolidation In February 2015, the FASB issued ASU No. 2015-02, Consolidation (Topic 810): Amendments to the Consolidation Analysis , which is intended to improve certain areas of consolidation guidance for legal entities such as limited partnerships, limited liability companies, and securitization structures. The ASU will reduce the number of consolidation models. The ASU will be effective on January 1, 2016. The Company does not expect ASU 2015-02 to have a material impact on its Consolidated Financial Statements. Revenue Recognition In May 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 on January 1, 2018. Early application is permitted for annual periods beginning after December 15, 2016. 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 financial statements. 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 financial institutions and other 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 an “expected credit loss” measurement objective for the recognition of credit losses for loans, held-to-maturity securities and other receivables at the time the financial asset is originated or acquired and adjusted each period for changes in expected credit losses. For available-for-sale securities where fair value is less than cost, credit-related impairment would be recognized in an allowance for credit losses and adjusted each period for changes in credit risk. This would replace 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. |
DISCONTINUED OPERATIONS AND S35
DISCONTINUED OPERATIONS AND SIGNIFICANT DISPOSALS (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Discontinued operations | |
Summarized financial information disposal groups including 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 September 30, Nine Months Ended September 30, In millions of dollars 2015 2014 2015 2014 Total revenues, net of interest expense $ — $ 2 $ — $ 75 Income (loss) from discontinued operations $ (15 ) $ (25 ) $ (14 ) $ 12 Provision (benefit) for income taxes (5 ) (9 ) (5 ) 13 Income (loss) from discontinued operations, net of taxes $ (10 ) $ (16 ) $ (9 ) $ (1 ) The following assets and liabilities of the Japan retail banking, Japan cards business and OneMain Financial business were identified and reclassified to HFS within Other assets and Other liabilities on the Consolidated Balance Sheet at September 30, 2015 (OneMain, Japan cards and Japan retail) and December 31, 2014 (Japan retail): In millions of dollars September 30, 2015 December 31, 2014 Assets Cash and deposits with banks $ 665 $ 151 Investments 1,403 — Loans (net of allowance of $690 million and $2 million at September 30, 2015 and December 31, 2014) 9,627 544 Goodwill 112 51 Intangible assets 155 — Other assets, advances to/from subs 19,036 19,854 Other assets 542 66 Total assets $ 31,540 $ 20,666 Liabilities Deposits $ 19,779 $ 20,605 Long-term debt 6,179 — Short-term borrowings 1,136 — Other liabilities, due to/from subs 292 — Other liabilities 1,615 61 Total liabilities $ 29,001 $ 20,666 |
OneMain Financial Business | |
Discontinued operations | |
Summarized financial information disposal groups including discontinued operations | Income before taxes is as follows: Three Months Ended September 30, Nine Months Ended September 30, In millions of dollars 2015 2014 2015 2014 Income before taxes $ 216 $ 223 $ 570 $ 710 The following assets and liabilities of the OneMain Financial business were identified and reclassified to HFS within Other assets and Other liabilities on the Consolidated Balance Sheet at September 30, 2015 : In millions of dollars September 30, 2015 Assets Cash and deposits with banks $ 523 Investments 1,403 Loans (net of allowance of $666 million) 7,731 Intangible assets 155 Other assets 417 Total assets $ 10,229 Liabilities Long-term debt $ 6,179 Short-term borrowings 1,136 Other liabilities, due to/from subs 292 Other liabilities 1,106 Total liabilities $ 8,713 |
Japan Cards Business | |
Discontinued operations | |
Summarized financial information disposal groups including discontinued operations | Income before taxes is as follows: Three Months Ended September 30, Nine Months Ended September 30, In millions of dollars 2015 2014 2015 2014 Income before taxes $ 4 $ 1 $ 13 $ — The following assets and liabilities of the Japan cards business were identified and reclassified to HFS within Other assets and Other liabilities on the Consolidated Balance Sheet at September 30, 2015 : In millions of dollars September 30, 2015 Assets Cash and deposits with banks $ 16 Loans (net of allowance of $23 million) 1,332 Goodwill 61 Other assets 77 Total assets $ 1,486 Liabilities Other liabilities $ 463 Total liabilities $ 463 |
Japan Retail Business | |
Discontinued operations | |
Summarized financial information disposal groups including discontinued operations | Income before taxes is as follows: Three Months Ended September 30, Nine Months Ended September 30, In millions of dollars 2015 2014 2015 2014 Income (loss) before taxes $ (22 ) $ 5 $ (2 ) $ 5 The following assets and liabilities of the Japan retail banking business were identified and reclassified to HFS within Other assets and Other liabilities on the Consolidated Balance Sheet at September 30, 2015 and December 31, 2014 : September 30, December 31, In millions of dollars 2015 2014 Assets Cash and deposits with banks $ 126 $ 151 Loans (net of allowance of $1 million and $2 million at September 30, 2015 and December 31, 2014, respectively) 564 544 Goodwill 51 51 Other assets, advances to/from subs 19,036 19,854 Other assets 48 66 Total assets $ 19,825 $ 20,666 Liabilities Deposits $ 19,779 $ 20,605 Other liabilities 46 61 Total liabilities $ 19,825 $ 20,666 |
Spain Consumer Business | |
Discontinued operations | |
Summarized financial information disposal groups including discontinued operations | Income before taxes is as follows: Three Months Ended September 30, Nine Months Ended September 30, In millions of dollars 2015 2014 2015 2014 Income before taxes $ — $ 340 $ — $ 373 |
Greece Consumer Business | |
Discontinued operations | |
Summarized financial information disposal groups including discontinued operations | Income before taxes is as follows: Three Months Ended September 30, Nine Months Ended September 30, In millions of dollars 2015 2014 2015 2014 Income before taxes $ — $ 173 $ — $ 133 |
BUSINESS SEGMENTS (Tables)
BUSINESS SEGMENTS (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
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, net of interest expense (1) Provision (benefits) for income taxes Income (loss) from continuing operations (2) Identifiable assets Three Months Ended September 30, In millions of dollars, except identifiable assets in billions 2015 2014 2015 2014 2015 2014 September 30, 2015 December 31, 2014 Global Consumer Banking $ 8,460 $ 9,201 $ 919 $ 995 $ 1,682 $ 1,894 $ 388 $ 406 Institutional Clients Group 8,597 8,336 1,186 1,102 2,410 2,343 1,258 1,257 Corporate/Other 218 82 (314 ) (103 ) 183 (1,537 ) 52 50 Total Citicorp $ 17,275 $ 17,619 $ 1,791 $ 1,994 $ 4,275 $ 2,700 $ 1,698 $ 1,713 Citi Holdings 1,417 2,070 90 74 31 216 110 129 Total $ 18,692 $ 19,689 $ 1,881 $ 2,068 $ 4,306 $ 2,916 $ 1,808 $ 1,842 Revenues, net of interest expense (1) Provision (benefits) for income taxes Income (loss) from continuing operations (2) Nine Months Ended September 30, In millions of dollars 2015 2014 2015 2014 2015 2014 Global Consumer Banking $ 25,671 $ 26,989 $ 2,644 $ 2,539 $ 5,037 $ 5,131 Institutional Clients Group 26,503 25,892 3,861 3,628 8,209 7,857 Corporate/Other 800 394 (871 ) (57 ) 394 (2,309 ) Total Citicorp $ 52,974 $ 53,275 $ 5,634 $ 6,110 $ 13,640 $ 10,679 Citi Holdings 4,924 6,045 403 10 341 (3,558 ) Total $ 57,898 $ 59,320 $ 6,037 $ 6,120 $ 13,981 $ 7,121 (1) Includes Citicorp (excluding Corporate/Other ) total revenues, net of interest expense, in North America of $8.1 billion and $8.2 billion ; in EMEA of $2.7 billion and $2.5 billion ; in Latin America of $3.0 billion and $3.2 billion ; and in Asia of $3.3 billion and $3.6 billion for the three months ended September 30, 2015 and 2014, respectively. Regional numbers exclude Citi Holdings and Corporate/Other , which largely operate within the U.S. Includes Citicorp (excluding Corporate/Other ) total revenues, net of interest expense, in North America of $24.4 billion and $24.4 billion ; in EMEA of $8.5 billion and $8.4 billion ; in Latin America of $8.9 billion and $9.7 billion ; and in Asia of $10.4 billion and $10.4 billion for the nine months ended September 30, 2015 and 2014, respectively. (2) Includes pretax provisions (credits) for credit losses and for benefits and claims in the GCB results of $1.4 billion and $1.3 billion ; in the ICG results of $309 million and $(21) million ; and in Citi Holdings results of $0.2 billion and $0.4 billion for the three months ended September 30, 2015 and 2014, respectively. Includes pretax provisions (credits) for credit losses and for benefits and claims in the GCB results of $4.3 billion and $4.4 billion ; in the ICG results of $288 million and $(106) million ; and in Citi Holdings results of $0.8 billion and $1.2 billion for the nine months ended September 30, 2015 and 2014, respectively. |
INTEREST REVENUE AND EXPENSE (T
INTEREST REVENUE AND EXPENSE (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Interest Revenue (Expense), Net [Abstract] | |
Interest revenue and expense | For the three and nine months ended September 30, 2015 and 2014, Interest revenue and Interest expense consisted of the following: Three Months Ended Nine Months Ended September 30, In millions of dollars 2015 2014 2015 2014 Interest revenue Loan interest, including fees $ 9,985 $ 11,187 $ 30,544 $ 33,729 Deposits with banks 187 235 538 737 Federal funds sold and securities borrowed or purchased under agreements to resell 656 567 1,962 1,753 Investments, including dividends 1,727 1,824 5,194 5,388 Trading account assets (1) 1,498 1,484 4,517 4,424 Other interest 661 215 1,432 392 Total interest revenue $ 14,714 $ 15,512 $ 44,187 $ 46,423 Interest expense Deposits (2) $ 1,215 $ 1,417 $ 3,828 $ 4,335 Federal funds purchased and securities loaned or sold under agreements to repurchase 379 411 1,198 1,473 Trading account liabilities (1) 57 38 158 127 Short-term borrowings 159 141 436 440 Long-term debt 1,131 1,318 3,400 4,156 Total interest expense $ 2,941 $ 3,325 $ 9,020 $ 10,531 Net interest revenue $ 11,773 $ 12,187 $ 35,167 $ 35,892 Provision for loan losses 1,582 1,575 4,852 4,947 Net interest revenue after provision for loan losses $ 10,191 $ 10,612 $ 30,315 $ 30,945 (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 $264 million and $234 million for the three months ended September 30, 2015 and 2014, respectively, and $849 million and $766 million for the nine months ended September 30, 2015 and 2014, respectively. |
COMMISSIONS AND FEES (Tables)
COMMISSIONS AND FEES (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Fees and Commissions [Abstract] | |
Commissions and fees revenues | The following table presents Commissions and fees revenue for the three and nine months ended September 30 : Three Months Ended September 30, Nine Months Ended September 30, In millions of dollars 2015 2014 2015 2014 Investment banking $ 692 $ 931 $ 2,590 $ 2,848 Trading-related 566 664 1,816 2,010 Credit cards and bank cards 415 570 1,413 1,698 Trade and securities services 428 469 1,311 1,396 Other consumer (1) 160 237 522 679 Corporate finance (2) 113 113 384 389 Checking-related 128 138 374 408 Loan servicing 103 93 317 279 Other 127 65 369 198 Total commissions and fees $ 2,732 $ 3,280 $ 9,096 $ 9,905 (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) | 9 Months Ended |
Sep. 30, 2015 | |
Principal Transactions Revenue, Net [Abstract] | |
Principal transactions revenue | The following table presents principal transactions revenue for the three and nine months ended September 30 : Three Months Ended September 30, Nine Months Ended September 30, In millions of dollars 2015 2014 2015 2014 Global Consumer Banking $ 161 $ 199 $ 491 $ 541 Institutional Clients Group 1,209 1,396 5,205 5,577 Corporate/Other (26 ) (223 ) (266 ) (203 ) Subtotal Citicorp $ 1,344 $ 1,372 $ 5,430 $ 5,915 Citi Holdings (17 ) 177 41 365 Total Citigroup $ 1,327 $ 1,549 $ 5,471 $ 6,280 Interest rate contracts (1) $ 907 $ 911 $ 3,497 $ 3,240 Foreign exchange contracts (2) 432 464 1,236 1,637 Equity contracts (3) (183 ) (9 ) (254 ) 37 Commodity and other contracts (4) 180 164 614 486 Credit products and derivatives (5) (9 ) 19 378 880 Total $ 1,327 $ 1,549 $ 5,471 $ 6,280 (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) | 9 Months Ended |
Sep. 30, 2015 | |
Compensation and Retirement Disclosure [Abstract] | |
Components of net (benefit) expense | The following table summarizes the components of net (benefit) expense recognized in the Consolidated Statement of Income for the Company’s U.S. qualified and nonqualified pension plans and postretirement plans and plans outside the United States, for Significant Plans and All Other Plans, for the periods indicated. Three Months Ended September 30, Pension plans Postretirement benefit plans U.S. plans Non-U.S. plans U.S. plans Non-U.S. plans In millions of dollars 2015 2014 2015 2014 2015 2014 2015 2014 Qualified plans Benefits earned during the period $ 1 $ 1 $ 42 $ 43 $ — $ — $ 3 $ 4 Interest cost on benefit obligation 143 132 77 93 8 8 25 30 Expected return on plan assets (223 ) (220 ) (81 ) (98 ) — — (25 ) (31 ) Amortization of unrecognized Prior service (benefit) cost — (1 ) — — — — (3 ) (3 ) Net actuarial loss 31 29 17 20 — — 10 10 Curtailment loss (1) 2 11 — (5 ) — — — — Settlement loss (gain) (1) — — — 26 — — — — Special termination benefits (1) — — — 8 — — — — Net qualified plans (benefit) expense $ (46 ) $ (48 ) $ 55 $ 87 $ 8 $ 8 $ 10 $ 10 Nonqualified plans expense 11 10 — — — — — — Total net (benefit) expense $ (35 ) $ (38 ) $ 55 $ 87 $ 8 $ 8 $ 10 $ 10 (1) Losses (gains) due to curtailment and settlement relate to repositioning actions in the U.S. and certain countries outside the U.S. Nine Months Ended September 30, Pension plans Postretirement benefit plans U.S. plans Non-U.S. plans U.S. plans Non-U.S. plans In millions of dollars 2015 2014 2015 2014 2015 2014 2015 2014 Qualified plans Benefits earned during the period $ 3 $ 4 $ 129 $ 136 $ — $ — $ 10 $ 11 Interest cost on benefit obligation 411 410 237 287 24 25 82 90 Expected return on plan assets (668 ) (656 ) (248 ) (291 ) — (1 ) (81 ) (92 ) Amortization of unrecognized Prior service (benefit) cost (2 ) (3 ) — 2 — — (9 ) (9 ) Net actuarial loss 106 78 56 60 — — 33 30 Curtailment loss (1) 12 11 — 12 — — — — Settlement loss (gain) (1) — — — 39 — — — (2 ) Special termination benefits (1) — 8 — — Net qualified plans (benefit) expense $ (138 ) $ (156 ) $ 174 $ 253 $ 24 $ 24 $ 35 $ 28 Nonqualified plans expense 33 34 — — — — — — Total net (benefit) expense $ (105 ) $ (122 ) $ 174 $ 253 $ 24 $ 24 $ 35 $ 28 (1) Losses (gains) due to curtailment, settlement and special termination benefits relate to repositioning actions in the U.S. and certain countries outside the U.S. 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 September 30, Nine Months Ended September 30, In millions of dollars 2015 2014 2015 2014 Service-related expense Benefits earned during the period $ — $ — $ — $ — Interest cost on benefit obligation 1 2 3 4 Amortization of unrecognized Prior service benefit (8 ) (8 ) (23 ) (23 ) Net actuarial loss 3 3 9 10 Total service-related benefit $ (4 ) $ (3 ) $ (11 ) $ (9 ) Non-service-related (benefit) expense $ 9 $ 4 $ 15 $ 21 Total net expense $ 5 $ 1 $ 4 $ 12 |
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 Nine Months Ended September 30, 2015 Pension plans Postretirement benefit plans In millions of dollars U.S. plans Non-U.S. plans U.S. plans Non-U.S. plans Change in projected benefit obligation Projected benefit obligation at beginning of year $ 14,839 $ 7,252 $ 917 $ 1,527 Plans measured annually — (2,070 ) — (348 ) Projected benefit obligation at beginning of year — Significant Plans $ 14,839 $ 5,182 $ 917 $ 1,179 First quarter activity 201 (47 ) 3 (25 ) Second quarter activity (1,057 ) — (76 ) (74 ) Projected benefit obligation at June 30, 2015 — Significant Plans $ 13,983 $ 5,135 $ 844 $ 1,080 Benefits earned during the period 1 23 — 2 Interest cost on benefit obligation 151 63 8 21 Actuarial loss/(gain) 135 (105 ) 2 (6 ) Benefits paid, net of participants’ contributions (205 ) (63 ) (12 ) (12 ) Curtailment loss (1) 2 — — — Foreign exchange impact and other — (325 ) — (77 ) Projected benefit obligation at period end—Significant Plans $ 14,067 $ 4,728 $ 842 $ 1,008 (1) Losses due to curtailment relate to repositioning actions in the U.S. Nine Months Ended September 30, 2015 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 $ 13,071 $ 7,057 $ 10 $ 1,384 Plans measured annually — (1,406 ) — (9 ) Plan assets at fair value at beginning of year — Significant Plans $ 13,071 $ 5,651 $ 10 $ 1,375 First quarter activity 129 (154 ) $ (4 ) (54 ) Second quarter activity (256 ) (23 ) $ (3 ) (43 ) Plan assets at fair value at June 30, 2015 — Significant Plans $ 12,944 $ 5,474 $ 3 $ 1,278 Actual return on plan assets (356 ) 15 — (22 ) Company contributions 13 11 184 — Plan participants’ contributions — 1 — — Benefits paid (205 ) (64 ) (13 ) (12 ) Foreign exchange impact and other — (346 ) — (92 ) Plan assets at fair value at period end—Significant Plans $ 12,396 $ 5,091 $ 174 $ 1,152 Funded status of the plans Qualified plans $ (948 ) $ 363 $ (668 ) $ 144 Nonqualified plans (723 ) — — — Funded status of the plans at period end—Significant Plans $ (1,671 ) $ 363 $ (668 ) $ 144 Net amount recognized Benefit asset $ — $ 363 $ — $ 144 Benefit liability (1,671 ) — (668 ) — Net amount recognized on the balance sheet—Significant Plans $ (1,671 ) $ 363 $ (668 ) $ 144 Amounts recognized in Accumulated other comprehensive income (loss) Prior service benefit (cost) $ — $ 12 $ — $ 116 Net actuarial gain (loss) (6,189 ) (1,048 ) (6 ) (485 ) Net amount recognized in equity (pretax) - Significant Plans $ (6,189 ) $ (1,036 ) $ (6 ) $ (369 ) Accumulated benefit obligation at period end - Significant Plans $ 14,057 $ 4,420 $ 842 $ 1,008 |
Change in Accumulated other comprehensive income (loss) | The following table shows the change in Accumulated other comprehensive income (loss) related to Citi’s pension and postretirement benefit plans (for Significant Plans and All Other Plans) for the periods indicated. Three Months Ended Nine Months Ended In millions of dollars September 30, 2015 September 30, 2015 Beginning of period balance, net of tax (1) (2) $ (4,671 ) $ (5,159 ) Actuarial assumptions changes and plan experience (26 ) 851 Net asset gain (loss) due to difference between actual and expected returns (681 ) (1,051 ) Net amortizations 54 179 Prior service credit — (6 ) Foreign exchange impact and other 108 171 Change in deferred taxes, net 185 (16 ) Change, net of tax $ (360 ) $ 128 End of period balance, net of tax (1) (2) $ (5,031 ) $ (5,031 ) (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 U.S. |
Assumptions used in determining benefit obligations and net benefit expense | The discount rates used during the period in determining the pension and postretirement net (benefit) expense for the Significant Plans are shown in the following table: Net benefit (expense) assumed discount rates during the period (1) Three Months Ended Sept. 30, 2015 Jun. 30, 2015 Sept. 30, 2014 U.S. plans Qualified pension 4.45% 3.85% 4.25% Nonqualified pension 4.30 3.70 4.75 Postretirement 4.20 3.65 3.95 Non-U.S. plans Pension 1.00-12.00 0.70 - 12.25 4.30 - 8.00 Weighted average 5.41 5.14 5.95 Postretirement 8.50 8.00 8.40 (1) The Company uses a quarterly remeasurement approach for its Significant Plans. The rates for the three months ended September 30, 2015 and June 30, 2015 shown above were utilized to calculate the 2015 third and second quarter expense, respectively. The rates for the three months ended September 30, 2014 shown above were utilized to calculate the 2014 third quarter expense. The discount rates used at period end in determining the pension and postretirement benefit obligations for the Significant Plans are shown in the following table: Plan obligations assumed discount rates at period ended (1) Sept. 30, 2015 June 30, Mar. 31, 2015 U.S. plans Qualified pension 4.35% 4.45% 3.85% Nonqualified pension 4.25 4.30 3.70 Postretirement 4.10 4.20 3.65 Non-U.S. plans Pension 0.75 - 13.30 1.00 - 12.00 0.70 - 12.25 Weighted average 5.30 5.41 5.14 Postretirement 8.55 8.50 8.00 (1) For the Significant Plans, the September 30, 2015 rates shown above are utilized to calculate the September 30, 2015 benefit obligation and will be utilized to calculate the 2015 fourth quarter expense. The June 30, 2015 rates were utilized to calculate the third quarter 2015 expense. The March 31, 2015 rates were utilized to calculate the second quarter 2015 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 expense of a one-percentage-point change in the discount rate: Three Months Ended September 30, 2015 In millions of dollars One-percentage-point increase One-percentage-point decrease Pension U.S. plans $5 $(10) Non-U.S. plans (5) 9 Postretirement U.S. plans $1 $(1) Non-U.S. plans (2) 2 |
Summary of entity's contributions | The following table summarizes the actual Company contributions for the nine months ended September 30, 2015 and 2014, as well as estimated expected Company contributions for the remainder of 2015 and the contributions made in the fourth quarter of 2014. 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 plans U.S. plans (1) Non-U.S. plans U.S. plans Non-U.S. plans In millions of dollars 2015 2014 2015 2014 2015 2014 2015 2014 Company contributions (2) for the nine months ended September 30 $ 33 $ 139 $ 85 $ 164 $ 217 $ 34 $ 7 $ 2 Company contributions expected for the remainder of the year $ 12 $ 12 $ 47 $ 43 $ 15 $ 17 $ 3 $ 10 (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. |
EARNINGS PER SHARE (Tables)
EARNINGS PER SHARE (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
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 nine months ended September 30 : Three Months Ended Nine Months Ended September 30, In millions, except per-share amounts 2015 2014 2015 2014 Income from continuing operations before attribution of noncontrolling interests $ 4,306 $ 2,916 $ 13,981 $ 7,121 Less: Noncontrolling interests from continuing operations 5 59 65 154 Net income from continuing operations (for EPS purposes) $ 4,301 $ 2,857 $ 13,916 $ 6,967 Income (loss) from discontinued operations, net of taxes (10 ) (16 ) (9 ) (1 ) Citigroup's net income $ 4,291 $ 2,841 $ 13,907 $ 6,966 Less: Preferred dividends (1) 174 128 504 352 Net income available to common shareholders $ 4,117 $ 2,713 $ 13,403 $ 6,614 Less: Dividends and undistributed earnings allocated to employee restricted and deferred shares with nonforfeitable rights to dividends, applicable to basic EPS 56 44 182 108 Net income allocated to common shareholders for basic and diluted EPS $ 4,061 $ 2,669 $ 13,221 $ 6,506 Weighted-average common shares outstanding applicable to basic EPS 2,993.3 3,029.5 3,015.8 3,033.5 Effect of dilutive securities Options (2) 3.4 5.1 4.4 5.0 Other employee plans 0.2 0.2 0.2 0.3 Convertible securities (3) — — — — Adjusted weighted-average common shares outstanding applicable to diluted EPS 2,996.9 3,034.8 3,020.4 3,038.8 Basic earnings per share (4) Income from continuing operations $ 1.36 $ 0.89 $ 4.39 $ 2.14 Discontinued operations — (0.01 ) — — Net income $ 1.36 $ 0.88 $ 4.38 $ 2.14 Diluted earnings per share (4) Income from continuing operations $ 1.36 $ 0.88 $ 4.38 $ 2.14 Discontinued operations — (0.01 ) — — Net income $ 1.35 $ 0.88 $ 4.38 $ 2.14 (1) See Note 19 to the Consolidated Financial Statements for the potential future impact of preferred stock dividends. (2) During the third quarters of 2015 and 2014, weighted-average options to purchase 0.9 million and 1.9 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 $201.01 and $157.90 per share, 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 exercise prices of $178.50 and $106.10 per share for approximately 21.0 million and 25.5 million shares of Citigroup common stock, respectively. Both warrants were not included in the computation of earnings per share in the three and nine months ended September 30, 2015 and 2014 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 BOR42
FEDERAL FUNDS, SECURITIES BORROWED, LOANED AND SUBJECT TO REPURCHASE AGREEMENTS (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
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 September 30 , 2015 and December 31, 2014 : In millions of dollars September 30, December 31, 2014 Securities purchased under agreements to resell $ 130,129 $ 123,979 Deposits paid for securities borrowed 101,566 118,591 Total $ 231,695 $ 242,570 |
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 at September 30 , 2015 and December 31, 2014 : In millions of dollars September 30, December 31, 2014 Federal funds purchased $ 133 $ 334 Securities sold under agreements to repurchase 148,547 147,204 Deposits received for securities loaned 19,924 25,900 Total $ 168,604 $ 173,438 |
Schedule of gross and net resale agreements and securities borrowing agreements and the related offsetting amount permitted as well as not permitted under ASC 210-20-45 | The following tables present the gross and net resale and repurchase agreements and securities borrowing and lending agreements and the related offsetting amount permitted under ASC 210-20-45, as of September 30, 2015 and December 31, 2014 . The tables also include amounts related to financial instruments that are not permitted to be offset under ASC 210-20-45 but would be eligible for offsetting to the extent that an event of default occurred and a legal opinion supporting enforceability of the offsetting rights has been obtained. Remaining exposures continue to be secured by financial collateral, but the Company may not have sought or been able to obtain a legal opinion evidencing enforceability of the offsetting right. As of September 30, 2015 In millions of dollars Gross amounts Gross amounts (1) Net amounts of (2) Amounts (3) Net (4) Securities purchased under agreements to resell $ 176,900 $ 46,771 $ 130,129 $ 97,314 $ 32,815 Deposits paid for securities borrowed 101,566 — 101,566 16,919 84,647 Total $ 278,466 $ 46,771 $ 231,695 $ 114,233 $ 117,462 In millions of dollars Gross amounts Gross amounts (1) Net amounts of (2) Amounts (3) Net (4) Securities sold under agreements to repurchase $ 195,318 $ 46,771 $ 148,547 $ 69,502 $ 79,045 Deposits received for securities loaned 19,924 — 19,924 4,725 15,199 Total $ 215,242 $ 46,771 $ 168,471 $ 74,227 $ 94,244 As of December 31, 2014 In millions of dollars Gross amounts Gross amounts (1) Net amounts of (2) Amounts (3) Net (4) Securities purchased under agreements to resell $ 180,318 $ 56,339 $ 123,979 $ 94,353 $ 29,626 Deposits paid for securities borrowed 118,591 — 118,591 15,139 103,452 Total $ 298,909 $ 56,339 $ 242,570 $ 109,492 $ 133,078 In millions of dollars Gross amounts Gross amounts (1) Net amounts of (2) Amounts (3) Net (4) Securities sold under agreements to repurchase $ 203,543 $ 56,339 $ 147,204 $ 72,928 $ 74,276 Deposits received for securities loaned 25,900 — 25,900 5,190 20,710 Total $ 229,443 $ 56,339 $ 173,104 $ 78,118 $ 94,986 (1) Includes financial instruments subject to enforceable master netting agreements that are permitted to be offset under ASC 210-20-45. (2) The total of this column for each period excludes Federal funds sold/purchased. See tables above. (3) Includes financial instruments subject to enforceable master netting agreements that are not permitted to be offset under ASC 210-20-45 but would be eligible for offsetting to the extent that an event of default has occurred and a legal opinion supporting enforceability of the offsetting right has been obtained. (4) Remaining exposures continue to be secured by financial collateral, but the Company may not have sought or been able to obtain a legal opinion evidencing enforceability of the offsetting right. |
Schedule of gross and net repurchase agreements and securities lending agreements and the related offsetting amount permitted as well as not permitted under ASC 210-20-45 | The following tables present the gross and net resale and repurchase agreements and securities borrowing and lending agreements and the related offsetting amount permitted under ASC 210-20-45, as of September 30, 2015 and December 31, 2014 . The tables also include amounts related to financial instruments that are not permitted to be offset under ASC 210-20-45 but would be eligible for offsetting to the extent that an event of default occurred and a legal opinion supporting enforceability of the offsetting rights has been obtained. Remaining exposures continue to be secured by financial collateral, but the Company may not have sought or been able to obtain a legal opinion evidencing enforceability of the offsetting right. As of September 30, 2015 In millions of dollars Gross amounts Gross amounts (1) Net amounts of (2) Amounts (3) Net (4) Securities purchased under agreements to resell $ 176,900 $ 46,771 $ 130,129 $ 97,314 $ 32,815 Deposits paid for securities borrowed 101,566 — 101,566 16,919 84,647 Total $ 278,466 $ 46,771 $ 231,695 $ 114,233 $ 117,462 In millions of dollars Gross amounts Gross amounts (1) Net amounts of (2) Amounts (3) Net (4) Securities sold under agreements to repurchase $ 195,318 $ 46,771 $ 148,547 $ 69,502 $ 79,045 Deposits received for securities loaned 19,924 — 19,924 4,725 15,199 Total $ 215,242 $ 46,771 $ 168,471 $ 74,227 $ 94,244 As of December 31, 2014 In millions of dollars Gross amounts Gross amounts (1) Net amounts of (2) Amounts (3) Net (4) Securities purchased under agreements to resell $ 180,318 $ 56,339 $ 123,979 $ 94,353 $ 29,626 Deposits paid for securities borrowed 118,591 — 118,591 15,139 103,452 Total $ 298,909 $ 56,339 $ 242,570 $ 109,492 $ 133,078 In millions of dollars Gross amounts Gross amounts (1) Net amounts of (2) Amounts (3) Net (4) Securities sold under agreements to repurchase $ 203,543 $ 56,339 $ 147,204 $ 72,928 $ 74,276 Deposits received for securities loaned 25,900 — 25,900 5,190 20,710 Total $ 229,443 $ 56,339 $ 173,104 $ 78,118 $ 94,986 (1) Includes financial instruments subject to enforceable master netting agreements that are permitted to be offset under ASC 210-20-45. (2) The total of this column for each period excludes Federal funds sold/purchased. See tables above. (3) Includes financial instruments subject to enforceable master netting agreements that are not permitted to be offset under ASC 210-20-45 but would be eligible for offsetting to the extent that an event of default has occurred and a legal opinion supporting enforceability of the offsetting right has been obtained. (4) Remaining exposures continue to be secured by financial collateral, but the Company may not have sought or been able to obtain a legal opinion evidencing enforceability of the offsetting right. |
Gross amount of liabilities associated with repurchase agreements and securities lending agreements | The following table presents the gross amount of liabilities associated with repurchase agreements and securities lending agreements, by remaining contractual maturity as of September 30, 2015 : In millions of dollars Open and Overnight Up to 30 Days 31-90 Days Greater than 90 days Total Securities sold under agreements to repurchase $ 105,497 $ 48,454 $ 17,420 $ 23,947 $ 195,318 Deposits received for securities loaned 13,572 2,482 2,019 1,851 19,924 Total $ 119,069 $ 50,936 $ 19,439 $ 25,798 $ 215,242 The following table presents the gross amount of liabilities associated with repurchase agreements and securities lending agreements, by class of underlying collateral as of September 30, 2015 : In millions of dollars Repurchase Agreements Securities Lending Agreements Total U.S Treasury and federal agency $ 75,722 $ 21 $ 75,743 State and municipal 629 — 629 Foreign government 59,532 619 60,151 Corporate bonds 15,859 1,155 17,014 Equity securities 10,762 18,060 28,822 Mortgage-backed securities 23,217 — 23,217 Asset-backed securities 4,498 — 4,498 Other 5,099 69 5,168 Total $ 195,318 $ 19,924 $ 215,242 |
BROKERAGE RECEIVABLES AND BRO43
BROKERAGE RECEIVABLES AND BROKERAGE PAYABLES (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Brokers and Dealers [Abstract] | |
Brokerage receivables and Brokerage payables | Brokerage receivables and Brokerage payables consisted of the following at September 30 , 2015 and December 31, 2014 : In millions of dollars September 30, 2015 December 31, 2014 Receivables from customers $ 11,513 $ 10,380 Receivables from brokers, dealers, and clearing organizations 26,362 18,039 Total brokerage receivables (1) $ 37,875 $ 28,419 Payables to customers $ 36,139 $ 33,984 Payables to brokers, dealers, and clearing organizations 23,418 18,196 Total brokerage payables (1) $ 59,557 $ 52,180 (1) Brokerage receivables and payables are accounted for in accordance with ASC 940-320. |
TRADING ACCOUNT ASSETS AND LI44
TRADING ACCOUNT ASSETS AND LIABILITIES (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
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 September 30, 2015 and December 31, 2014 : In millions of dollars September 30, December 31, 2014 Trading account assets Mortgage-backed securities (1) U.S. government-sponsored agency guaranteed $ 26,753 $ 27,053 Prime 1,316 1,271 Alt-A 580 709 Subprime 840 1,382 Non-U.S. residential 663 1,476 Commercial 2,787 4,343 Total mortgage-backed securities $ 32,939 $ 36,234 U.S. Treasury and federal agency securities U.S. Treasury $ 26,417 $ 18,906 Agency obligations 1,346 1,568 Total U.S. Treasury and federal agency securities $ 27,763 $ 20,474 State and municipal securities $ 3,824 $ 3,402 Foreign government securities 57,676 64,937 Corporate 18,012 27,797 Derivatives (2) 60,871 67,957 Equity securities 48,181 57,846 Asset-backed securities (1) 5,017 4,546 Other trading assets (3) 12,663 13,593 Total trading account assets $ 266,946 $ 296,786 Trading account liabilities Securities sold, not yet purchased $ 63,733 $ 70,944 Derivatives (2) 62,248 68,092 Total trading account liabilities $ 125,981 $ 139,036 (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) | 9 Months Ended |
Sep. 30, 2015 | |
Schedule of Investments disclosures | |
Schedule of Investments | September 30, December 31, 2014 In millions of dollars Securities available-for-sale (AFS) $ 300,716 $ 300,143 Debt securities held-to-maturity (HTM) (1) 33,940 23,921 Non-marketable equity securities carried at fair value (2) 2,262 2,758 Non-marketable equity securities carried at cost (3) 5,521 6,621 Total investments $ 342,439 $ 333,443 (1) Carried at adjusted amortized cost basis, net of any credit-related impairment. (2) Unrealized gains and losses for non-marketable equity securities carried at fair value are recognized in earnings. (3) Primarily consists of shares issued by the Federal Reserve Bank, Federal Home Loan Banks, foreign central banks and various clearing houses of which Citigroup is a member. |
Interest and dividends on investments | The following table presents interest and dividend income on investments for the three and nine months ended September 30, 2015 and 2014 : Three Months Ended September 30, Nine Months Ended September 30, In millions of dollars 2015 2014 2015 2014 Taxable interest $ 1,596 $ 1,627 $ 4,773 $ 4,638 Interest exempt from U.S. federal income tax 44 96 116 407 Dividend income 87 101 305 343 Total interest and dividend income $ 1,727 $ 1,824 $ 5,194 $ 5,388 |
Realized gains and losses on investments | The following table presents realized gains and losses on the sale of investments for the three and nine months ended September 30, 2015 and 2014 . The gross realized investment losses exclude losses from other-than-temporary impairment (OTTI): Three Months Ended September 30, Nine Months Ended September 30, In millions of dollars 2015 2014 2015 2014 Gross realized investment gains $ 213 $ 229 $ 926 $ 689 Gross realized investment losses (62 ) (93 ) (285 ) (341 ) Net realized gains on sale of investments $ 151 $ 136 $ 641 $ 348 |
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, the carrying value of HTM securities sold and reclassified to AFS, as well as the related gain (loss) or the OTTI losses recorded on these securities. Three Months Ended September 30, Nine Months Ended September 30, In millions of dollars 2015 2014 2015 2014 Carrying value of HTM securities sold $ 314 $ — $ 363 $ 5 Net realized gain on sale of HTM securities 6 — 11 — Carrying value of securities reclassified to AFS 144 700 238 766 OTTI losses on securities reclassified to AFS (9 ) (2 ) (14 ) (11 ) |
Amortized cost and fair value of AFS | The amortized cost and fair value of AFS securities at September 30, 2015 and December 31, 2014 were as follows: September 30, 2015 December 31, 2014 In millions of dollars Amortized cost Gross unrealized gains (1) Gross unrealized losses (1) Fair value Amortized cost Gross unrealized gains Gross unrealized losses Fair value Debt securities AFS Mortgage-backed securities (2) U.S. government-sponsored agency guaranteed $ 35,772 $ 521 $ 99 $ 36,194 $ 35,647 $ 603 $ 159 $ 36,091 Prime 2 — — 2 12 — — 12 Alt-A 120 11 — 131 43 1 — 44 Non-U.S. residential 7,066 42 14 7,094 8,247 67 7 8,307 Commercial 522 7 1 528 551 6 3 554 Total mortgage-backed securities $ 43,482 $ 581 $ 114 $ 43,949 $ 44,500 $ 677 $ 169 $ 45,008 U.S. Treasury and federal agency securities U.S. Treasury $ 111,263 $ 1,116 $ 117 $ 112,262 $ 110,492 $ 353 $ 127 $ 110,718 Agency obligations 10,024 92 6 10,110 12,925 60 13 12,972 Total U.S. Treasury and federal agency securities $ 121,287 $ 1,208 $ 123 $ 122,372 $ 123,417 $ 413 $ 140 $ 123,690 State and municipal (3) $ 12,176 $ 117 $ 897 $ 11,396 $ 13,526 $ 150 $ 977 $ 12,699 Foreign government 95,601 498 494 95,605 90,249 734 286 90,697 Corporate 15,969 164 109 16,024 12,033 215 91 12,157 Asset-backed securities (2) 9,939 9 78 9,870 12,534 30 58 12,506 Other debt securities 671 — — 671 661 — — 661 Total debt securities AFS $ 299,125 $ 2,577 $ 1,815 $ 299,887 $ 296,920 $ 2,219 $ 1,721 $ 297,418 Marketable equity securities AFS $ 846 $ 17 $ 34 $ 829 $ 2,461 $ 308 $ 44 $ 2,725 Total securities AFS $ 299,971 $ 2,594 $ 1,849 $ 300,716 $ 299,381 $ 2,527 $ 1,765 $ 300,143 (1) Gross unrealized gains and losses, as presented, as of September 30, 2015 do not include the impact of unrealized gains and losses of AFS securities of OneMain Financial ( North America consumer finance business), which were reclassified as HFS as of September 30, 2015 . These amounts totaled unrealized gains of $63 million and unrealized losses of $16 million as of September 30, 2015 . (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 September 30, 2015 and December 31, 2014 were as follows: In millions of dollars Amortized cost basis (1) Net unrealized gains (losses) recognized in AOCI Carrying value (2) Gross unrealized gains Gross unrealized (losses) Fair value September 30, 2015 Debt securities held-to-maturity Mortgage-backed securities (3) U.S. government agency guaranteed $ 17,573 $ 142 $ 17,715 $ 183 $ (7 ) $ 17,891 Prime 55 (11 ) 44 3 (1 ) 46 Alt-A 526 (75 ) 451 344 (162 ) 633 Subprime 5 — 5 14 — 19 Non-U.S. residential 506 (68 ) 438 44 — 482 Commercial — — — — — — Total mortgage-backed securities $ 18,665 $ (12 ) $ 18,653 $ 588 $ (170 ) $ 19,071 State and municipal (4) $ 8,713 $ (450 ) $ 8,263 $ 175 $ (99 ) $ 8,339 Foreign government 4,274 — 4,274 35 — 4,309 Asset-backed securities (3) 2,765 (15 ) 2,750 42 (12 ) 2,780 Total debt securities held-to-maturity $ 34,417 $ (477 ) $ 33,940 $ 840 $ (281 ) $ 34,499 December 31, 2014 Debt securities held-to-maturity Mortgage-backed securities (3) U.S. government agency guaranteed $ 8,795 $ 95 $ 8,890 $ 106 $ (6 ) $ 8,990 Prime 60 (12 ) 48 6 (1 ) 53 Alt-A 1,125 (213 ) 912 537 (287 ) 1,162 Subprime 6 (1 ) 5 15 — 20 Non-U.S. residential 983 (137 ) 846 92 — 938 Commercial 8 — 8 1 — 9 Total mortgage-backed securities $ 10,977 $ (268 ) $ 10,709 $ 757 $ (294 ) $ 11,172 State and municipal $ 8,443 $ (494 ) $ 7,949 $ 227 $ (57 ) $ 8,119 Foreign government 4,725 — 4,725 77 — 4,802 Asset-backed securities (3) 556 (18 ) 538 50 (10 ) 578 Total debt securities held-to-maturity (5) $ 24,701 $ (780 ) $ 23,921 $ 1,111 $ (361 ) $ 24,671 (1) For securities transferred to HTM from Trading account assets , amortized cost basis is defined as the fair value of the securities at the date of transfer plus any accretion income and less any impairments recognized in earnings subsequent to transfer. For securities transferred to HTM from AFS, amortized cost is defined as the original purchase cost, adjusted for the cumulative accretion or amortization of any purchase discount or premium, plus or minus any cumulative fair value hedge adjustments, net of accretion or amortization, and less any other-than-temporary impairment recognized in earnings. (2) HTM securities are carried on the Consolidated Balance Sheet at amortized cost basis, plus or minus any unamortized unrealized gains and losses and fair value hedge adjustments recognized in AOCI prior to reclassifying the securities from AFS to HTM. Changes in the values of these securities are not reported in the financial statements, except for the amortization of any difference between the carrying value at the transfer date and par value of the securities, and the recognition of any non-credit fair value adjustments in AOCI in connection with the recognition of any credit impairment in earnings related to securities the Company continues to intend to hold until maturity. (3) The Company invests in mortgage-backed and asset-backed securities. These securitizations are generally considered VIEs. The Company’s maximum exposure to loss from these VIEs is equal to the carrying amount of the securities, which is reflected in the table above. For mortgage-backed and asset-backed securitizations in which the Company has other involvement, see Note 20 to the Consolidated Financial Statements. (4) The net unrealized losses recognized in AOCI on state and municipal debt securities are primarily attributable to the effects of fair value hedge accounting applied when these debt securities were classified as AFS. Specifically, Citi hedged the LIBOR-benchmark interest rate component of certain fixed-rate tax-exempt state and municipal debt securities utilizing LIBOR-based interest rate swaps. During the hedge period, losses incurred on the LIBOR-hedging swaps recorded in earnings were substantially offset by gains on the state and municipal debt securities attributable to changes in the LIBOR swap rate being hedged. However, because the LIBOR swap rate decreased significantly during the hedge period while the overall fair value of the municipal debt securities was relatively unchanged, the effect of reclassifying fair value gains on these securities from AOCI to earnings attributable solely to changes in the LIBOR swap rate resulted in net unrealized losses remaining in AOCI that relate to the unhedged components of these securities. Upon transfer of these debt securities to HTM, all hedges have been de-designated and hedge accounting has ceased. (5) During the second quarter of 2015, securities with a total fair value of approximately $7.1 billion were transferred from AFS to HTM, comprised of $7.0 billion of U.S. government agency mortgage-backed securities and $0.1 billion of obligations of U.S. states and municipalities. The transfer reflects the Company’s intent to hold these securities to maturity or to issuer call in order to reduce the impact of price volatility on AOCI and certain capital measures under Basel III. While these securities were transferred to HTM at fair value as of the transfer date, no subsequent changes in value may be recorded, other than in connection with the recognition of any subsequent other-than-temporary impairment and the amortization of differences between the carrying values at the transfer date and the par values of each security as an adjustment of yield over the remaining contractual life of each security. Any net unrealized holding losses within AOCI related to the respective securities at the date of transfer, inclusive of any cumulative fair value hedge adjustments, will be amortized over the remaining contractual life of each security as an adjustment of yield in a manner consistent with the amortization of any premium or discount. |
Total other-than-temporary impairments recognized | The following table presents the total OTTI recognized in earnings for the three and nine months ended September 30, 2015 : OTTI on Investments and Other Assets Three Months Ended Nine Months Ended In millions of dollars AFS (1) HTM Other Assets Total AFS (1) HTM Other Assets Total Impairment losses related to securities that the Company does not intend to sell nor will likely be required to sell: Total OTTI losses recognized during the period $ 1 $ — $ — $ 1 $ 1 $ — $ — $ 1 Less: portion of impairment loss recognized in AOCI (before taxes) — — — — — — — — Net impairment losses recognized in earnings for securities that the Company does not intend to sell nor will likely be required to sell $ 1 $ — $ — $ 1 $ 1 $ — $ — $ 1 Impairment losses recognized in earnings for securities that the Company intends to sell, would be more likely than not required to sell or will be subject to an issuer call deemed probable of exercise 64 14 1 79 152 36 6 194 Total impairment losses recognized in earnings $ 65 $ 14 $ 1 $ 80 $ 153 $ 36 $ 6 $ 195 (1) Includes OTTI on non-marketable equity securities. The following table presents the total OTTI recognized in earnings for the three and nine months ended September 30, 2014 : OTTI on Investments and Other Assets Three Months Ended Nine Months Ended In millions of dollars AFS (1) HTM Other Total AFS (1) HTM Other Total Impairment losses related to securities that the Company does not intend to sell nor will likely be required to sell: Total OTTI losses recognized during the period $ 11 $ — $ — $ 11 $ 13 $ — $ — $ 13 Less: portion of impairment loss recognized in AOCI (before taxes) 8 — — 8 8 — — 8 Net impairment losses recognized in earnings for securities that the Company does not intend to sell nor will likely be required to sell $ 3 $ — $ — $ 3 $ 5 $ — $ — $ 5 Impairment losses recognized in earnings for securities that the Company intends to sell, would be more likely than not required to sell or will be subject to an issuer call deemed probable of exercise 88 — — 88 324 — — 324 Total impairment losses recognized in earnings $ 91 $ — $ — $ 91 $ 329 $ — $ — $ 329 (1) Includes OTTI on non-marketable equity securities. |
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 September 30, 2015 that the Company does not intend to sell nor likely will be required to sell: Cumulative OTTI credit losses recognized in earnings on securities still held In millions of dollars Jun. 30, 2015 balance Credit Credit Reductions due to Sept. 30, 2015 balance AFS debt securities Mortgage-backed securities $ 295 $ — $ — $ — $ 295 Foreign government securities 170 — — — 170 Corporate 112 1 — — 113 All other debt securities 149 — — — 149 Total OTTI credit losses recognized for AFS debt securities $ 726 $ 1 $ — $ — $ 727 HTM debt securities Mortgage-backed securities (1) $ 668 $ — $ — $ — $ 668 Corporate — — — — — All other debt securities 133 — — (1 ) 132 Total OTTI credit losses recognized for HTM debt securities $ 801 $ — $ — $ (1 ) $ 800 (1) Primarily consists of Alt-A securities. 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 September 30, 2014 that the Company does not intend to sell nor likely will be required to sell: Cumulative OTTI credit losses recognized in earnings on securities still held In millions of dollars Jun. 30, 2014 balance Credit impairments recognized in earnings on securities not previously impaired Credit impairments recognized in earnings on securities that have been previously impaired Reductions due to credit-impaired securities sold, transferred or matured Sept. 30, 2014 balance AFS debt securities Mortgage-backed securities $ 295 $ — $ — $ — $ 295 Foreign government securities 171 — — — 171 Corporate 112 — — — 112 All other debt securities 146 3 — — 149 Total OTTI credit losses recognized for AFS debt securities $ 724 $ 3 $ — $ — $ 727 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 $ — $ — $ (56 ) $ 798 (1) Primarily consists of Alt-A securities. The following is a nine-month roll-forward of the credit-related impairments recognized in earnings for AFS and HTM debt securities held as of September 30, 2015 that the Company does not intend to sell nor likely will be required to sell: Cumulative OTTI credit losses recognized in earnings on securities still held In millions of dollars Dec. 31, 2014 balance Credit Credit Reductions due to Sept. 30, 2015 balance AFS debt securities Mortgage-backed securities $ 295 $ — $ — $ — $ 295 Foreign government securities 171 — — (1 ) 170 Corporate 118 1 — (6 ) 113 All other debt securities 149 — — — 149 Total OTTI credit losses recognized for AFS debt securities $ 733 $ 1 $ — $ (7 ) $ 727 HTM debt securities Mortgage-backed securities (1) $ 670 $ — $ — $ (2 ) $ 668 Corporate — — — — — All other debt securities 133 — — (1 ) 132 Total OTTI credit losses recognized for HTM debt securities $ 803 $ — $ — $ (3 ) $ 800 (1) Primarily consists of Alt-A securities. The following is a nine-month roll-forward of the credit-related impairments recognized in earnings for AFS and HTM debt securities held as of September 30, 2014 that the Company does not intend to sell nor likely will be required to sell: Cumulative OTTI credit losses recognized in earnings on securities still held In millions of dollars Dec. 31, 2013 balance Credit Credit Reductions due to Sept. 30, 2014 balance AFS debt securities Mortgage-backed securities $ 295 $ — $ — $ — $ 295 Foreign government securities 171 — — — 171 Corporate 113 — — (1 ) 112 All other debt securities 144 5 — — 149 Total OTTI credit losses recognized for AFS debt securities $ 723 $ 5 $ — $ (1 ) $ 727 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 $ — $ — $ (69 ) $ 798 (1) Primarily consists of Alt-A securities. |
Investments in Alternative Investment Funds | Fair value Unfunded Redemption frequency (if currently eligible) monthly, quarterly, annually Redemption notice period In millions of dollars September 30, 2015 December 31, 2014 September 30, 2015 December 31, 2014 Hedge funds $ 3 $ 8 $ — $ — Generally quarterly 10-95 days Private equity funds (1)(2) 827 891 188 205 — — Real estate funds (2)(3) 137 166 20 24 — — Total (4) $ 967 $ 1,065 $ 208 $ 229 — — (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 $1.0 billion and $0.8 billion of fund assets that are valued using NAVs provided by third-party asset managers as of September 30, 2015 and December 31, 2014 , 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 September 30, 2015 and December 31, 2014 : Less than 12 months 12 months or longer Total In millions of dollars Fair value Gross unrealized losses Fair value Gross unrealized losses Fair value Gross unrealized losses September 30, 2015 Securities AFS Mortgage-backed securities U.S. government-sponsored agency guaranteed $ 6,254 $ 26 $ 2,034 $ 73 $ 8,288 $ 99 Prime 1 — 1 — 2 — Non-U.S. residential 2,951 11 379 3 3,330 14 Commercial 91 — 54 1 145 1 Total mortgage-backed securities $ 9,297 $ 37 $ 2,468 $ 77 $ 11,765 $ 114 U.S. Treasury and federal agency securities U.S. Treasury $ 7,330 $ 116 $ 339 $ 1 $ 7,669 $ 117 Agency obligations 281 5 49 1 330 6 Total U.S. Treasury and federal agency securities $ 7,611 $ 121 $ 388 $ 2 $ 7,999 $ 123 State and municipal $ 118 $ 8 $ 4,905 $ 889 $ 5,023 $ 897 Foreign government 29,157 351 3,806 143 32,963 494 Corporate 3,869 75 1,776 34 5,645 109 Asset-backed securities 5,351 50 2,470 28 7,821 78 Marketable equity securities AFS 104 4 227 30 331 34 Total securities AFS $ 55,507 $ 646 $ 16,040 $ 1,203 $ 71,547 $ 1,849 December 31, 2014 Securities AFS Mortgage-backed securities U.S. government-sponsored agency guaranteed $ 4,198 $ 30 $ 5,547 $ 129 $ 9,745 $ 159 Prime 5 — 2 — 7 — Non-U.S. residential 1,276 3 199 4 1,475 7 Commercial 124 1 136 2 260 3 Total mortgage-backed securities $ 5,603 $ 34 $ 5,884 $ 135 $ 11,487 $ 169 U.S. Treasury and federal agency securities U.S. Treasury $ 36,581 $ 119 $ 1,013 $ 8 $ 37,594 $ 127 Agency obligations 5,698 9 754 4 6,452 13 Total U.S. Treasury and federal agency securities $ 42,279 $ 128 $ 1,767 $ 12 $ 44,046 $ 140 State and municipal $ 386 $ 15 $ 5,802 $ 962 $ 6,188 $ 977 Foreign government 18,495 147 5,984 139 24,479 286 Corporate 3,511 63 1,350 28 4,861 91 Asset-backed securities 3,701 13 3,816 45 7,517 58 Marketable equity securities AFS 51 4 218 40 269 44 Total securities AFS $ 74,026 $ 404 $ 24,821 $ 1,361 $ 98,847 $ 1,765 |
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 September 30, 2015 and December 31, 2014 : September 30, 2015 December 31, 2014 In millions of dollars Amortized cost Fair value Amortized cost Fair value Mortgage-backed securities (1) Due within 1 year $ 107 $ 107 $ 44 $ 44 After 1 but within 5 years 1,544 1,558 931 935 After 5 but within 10 years 1,106 1,124 1,362 1,387 After 10 years (2) 40,725 41,160 42,163 42,642 Total $ 43,482 $ 43,949 $ 44,500 $ 45,008 U.S. Treasury and federal agency securities Due within 1 year $ 3,567 $ 3,569 $ 13,070 $ 13,084 After 1 but within 5 years 110,883 112,025 104,982 105,131 After 5 but within 10 years 5,639 5,645 2,286 2,325 After 10 years (2) 1,198 1,133 3,079 3,150 Total $ 121,287 $ 122,372 $ 123,417 $ 123,690 State and municipal Due within 1 year $ 2,831 $ 2,827 $ 652 $ 651 After 1 but within 5 years 1,986 1,991 4,387 4,381 After 5 but within 10 years 517 531 524 537 After 10 years (2) 6,842 6,047 7,963 7,130 Total $ 12,176 $ 11,396 $ 13,526 $ 12,699 Foreign government Due within 1 year $ 29,610 $ 29,609 $ 31,355 $ 31,382 After 1 but within 5 years 46,168 46,151 41,913 42,467 After 5 but within 10 years 17,634 17,602 16,008 15,779 After 10 years (2) 2,189 2,243 973 1,069 Total $ 95,601 $ 95,605 $ 90,249 $ 90,697 All other (3) Due within 1 year $ 2,154 $ 2,154 $ 1,248 $ 1,251 After 1 but within 5 years 12,781 12,856 10,442 10,535 After 5 but within 10 years 7,870 7,839 7,282 7,318 After 10 years (2) 3,774 3,716 6,256 6,220 Total $ 26,579 $ 26,565 $ 25,228 $ 25,324 Total debt securities AFS $ 299,125 $ 299,887 $ 296,920 $ 297,418 (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 | |
Fair value of securities in unrealized loss position | The table below shows the fair value of debt securities HTM that have been in an unrecognized loss position as of September 30, 2015 and December 31, 2014 for less than 12 months and for 12 months or longer: Less than 12 months 12 months or longer Total In millions of dollars Fair Gross Fair Gross Fair Gross September 30, 2015 Debt securities held-to-maturity Mortgage-backed securities $ — $ — $ 2,828 $ 170 $ 2,828 $ 170 State and municipal 1,747 38 1,741 61 3,488 99 Foreign government 177 — — — 177 — Asset-backed securities 140 3 1,895 9 2,035 12 Total debt securities held-to-maturity $ 2,064 $ 41 $ 6,464 $ 240 $ 8,528 $ 281 December 31, 2014 Debt securities held-to-maturity Mortgage-backed securities $ 4 $ — $ 1,134 $ 294 $ 1,138 $ 294 State and municipal 2,528 34 314 23 2,842 57 Foreign government — — — — — — Asset-backed securities 9 1 174 9 183 10 Total debt securities held-to-maturity $ 2,541 $ 35 $ 1,622 $ 326 $ 4,163 $ 361 |
Amortized cost and fair value of debt securities by contractual maturity dates | The following table presents the carrying value and fair value of HTM debt securities by contractual maturity dates as of September 30, 2015 and December 31, 2014 : September 30, 2015 December 31, 2014 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 119 120 — — After 5 but within 10 years 720 735 863 869 After 10 years (1) 17,814 18,216 9,846 10,303 Total $ 18,653 $ 19,071 $ 10,709 $ 11,172 State and municipal Due within 1 year $ 506 $ 504 $ 205 $ 205 After 1 but within 5 years 373 368 243 243 After 5 but within 10 years 184 192 140 144 After 10 years (1) 7,200 7,275 7,361 7,527 Total $ 8,263 $ 8,339 $ 7,949 $ 8,119 Foreign government Due within 1 year $ — $ — $ — $ — After 1 but within 5 years 4,274 4,309 4,725 4,802 After 5 but within 10 years — — — — After 10 years (1) — — — — Total $ 4,274 $ 4,309 $ 4,725 $ 4,802 All other (2) Due within 1 year $ — $ — $ — $ — After 1 but within 5 years — — — — After 5 but within 10 years — — — — After 10 years (1) 2,750 2,780 538 578 Total $ 2,750 $ 2,780 $ 538 $ 578 Total debt securities held-to-maturity $ 33,940 $ 34,499 $ 23,921 $ 24,671 (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. |
LOANS (Tables)
LOANS (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Consumer | |
Loans receivable | |
Schedule of loans | The following table provides information by loan type for the periods indicated: In millions of dollars September 30, December 31, 2014 In U.S. offices Mortgage and real estate (1) $ 89,155 $ 96,533 Installment, revolving credit, and other 4,999 14,450 Cards 107,244 112,982 Commercial and industrial 6,437 5,895 $ 207,835 $ 229,860 In offices outside the U.S. Mortgage and real estate (1) $ 47,295 $ 54,462 Installment, revolving credit, and other 29,702 31,128 Cards 26,865 32,032 Commercial and industrial 21,929 22,561 Lease financing 438 609 $ 126,229 $ 140,792 Total Consumer loans $ 334,064 $ 370,652 Net unearned income (691 ) (682 ) Consumer loans, net of unearned income $ 333,373 $ 369,970 (1) Loans secured primarily by real estate. |
Schedule of loan delinquency and non-accrual details | Consumer Loan Delinquency and Non-Accrual Details at September 30, 2015 In millions of dollars Total current (1)(2) 30-89 days past due (3) ≥ 90 days past due (3) Past due government guaranteed (4) Total loans (2) Total non-accrual 90 days past due and accruing In North America offices Residential first mortgages $ 59,012 $ 998 $ 950 $ 2,582 $ 63,542 $ 2,307 $ 2,180 Home equity loans (5) 24,258 322 463 — 25,043 1,125 — Credit cards 105,489 1,262 1,112 — 107,863 — 1,112 Installment and other 4,248 74 37 — 4,359 — 4 Commercial market loans 8,294 34 42 — 8,370 188 13 Total $ 201,301 $ 2,690 $ 2,604 $ 2,582 $ 209,177 $ 3,620 $ 3,309 In offices outside North America Residential first mortgages $ 40,296 $ 291 $ 88 $ — $ 40,675 $ 381 $ — Home equity loans (5) — — — — — — — Credit cards 25,286 499 431 — 26,216 267 275 Installment and other 28,513 321 307 — 29,141 229 — Commercial market loans 27,810 54 86 — 27,950 321 — Total $ 121,905 $ 1,165 $ 912 $ — $ 123,982 $ 1,198 $ 275 Total GCB and Citi Holdings Consumer $ 323,206 $ 3,855 $ 3,516 $ 2,582 $ 333,159 $ 4,818 $ 3,584 Other (6) 198 8 8 — 214 31 — Total Citigroup $ 323,404 $ 3,863 $ 3,524 $ 2,582 $ 333,373 $ 4,849 $ 3,584 (1) Loans less than 30 days past due are presented as current. (2) Includes $37 million of residential first mortgages recorded at fair value. (3) Excludes loans guaranteed by U.S. government-sponsored entities. (4) Consists of residential first mortgages that are guaranteed by U.S. government-sponsored entities that are 30–89 days past due of $0.4 billion and 90 days past due of $2.2 billion . (5) Fixed-rate home equity loans and loans extended under home equity lines of credit, which are typically in junior lien positions. (6) Represents loans classified as Consumer loans on the Consolidated Balance Sheet that are not included in the Citi Holdings consumer credit metrics. Consumer Loan Delinquency and Non-Accrual Details at December 31, 2014 In millions of dollars Total current (1)(2) 30-89 days past due (3) ≥ 90 days past due (3) Past due government guaranteed (4) Total loans (2) Total non-accrual 90 days past due and accruing In North America offices Residential first mortgages $ 61,730 $ 1,280 $ 1,371 $ 3,443 $ 67,824 $ 2,746 $ 2,759 Home equity loans (5) 27,262 335 520 — 28,117 1,271 — Credit cards 111,441 1,316 1,271 — 114,028 — 1,273 Installment and other 12,361 229 284 — 12,874 254 3 Commercial market loans 8,630 31 13 — 8,674 135 15 Total $ 221,424 $ 3,191 $ 3,459 $ 3,443 $ 231,517 $ 4,406 $ 4,050 In offices outside North America Residential first mortgages $ 44,782 $ 312 $ 223 $ — $ 45,317 $ 454 $ — Home equity loans (5) — — — — — — — Credit cards 30,327 602 553 — 31,482 413 322 Installment and other 29,297 328 149 — 29,774 216 — Commercial market loans 31,280 86 255 — 31,621 405 — Total $ 135,686 $ 1,328 $ 1,180 $ — $ 138,194 $ 1,488 $ 322 Total GCB and Citi Holdings $ 357,110 $ 4,519 $ 4,639 $ 3,443 $ 369,711 $ 5,894 $ 4,372 Other 238 10 11 — 259 30 — Total Citigroup $ 357,348 $ 4,529 $ 4,650 $ 3,443 $ 369,970 $ 5,924 $ 4,372 (1) Loans less than 30 days past due are presented as current. (2) Includes $43 million of residential first mortgages recorded at fair value. (3) Excludes loans guaranteed by U.S. government-sponsored entities. (4) Consists of residential first mortgages that are guaranteed by U.S. government-sponsored entities that are 30–89 days past due of $0.6 billion and 90 days past due of $2.8 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 | The following tables provide details on the FICO scores attributable to Citi’s U.S. consumer loan portfolio as of September 30, 2015 and December 31, 2014 (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, for the remaining portfolio. FICO score distribution in U.S. portfolio (1)(2) September 30, 2015 In millions of dollars Less than 620 ≥ 620 but less than 660 Equal to or greater than 660 Residential first mortgages $ 6,686 $ 4,472 $ 46,462 Home equity loans 2,730 2,196 18,924 Credit cards 7,087 9,709 88,159 Installment and other 345 278 2,620 Total $ 16,848 $ 16,655 $ 156,165 (1) Excludes loans guaranteed by U.S. government entities, loans subject to long-term standby commitments (LTSCs) with U.S. government-sponsored entities and loans recorded at fair value. (2) Excludes balances where FICO was not available. Such amounts are not material. FICO score distribution in U.S. portfolio (1)(2) December 31, 2014 In millions of dollars Less than 620 ≥ 620 but less than 660 Equal to or greater than 660 Residential first mortgages $ 8,911 $ 5,463 $ 45,783 Home equity loans 3,257 2,456 20,957 Credit cards 7,647 10,296 92,877 Installment and other 4,015 2,520 5,150 Total $ 23,830 $ 20,735 $ 164,767 (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 September 30, 2015 and December 31, 2014 , respectively, and for the three and nine months ended September 30, 2015 and 2014 for interest income recognized on impaired consumer loans: Three Months Ended September 30, Nine months ended September 30, Balance at September 30, 2015 2015 2014 2015 2014 In millions of dollars Recorded investment (1)(2) Unpaid principal balance Related specific allowance (3) Average carrying value (4) Interest income recognized (5) Interest income recognized (5) Interest income recognized (5) Interest income recognized (5) Mortgage and real estate Residential first mortgages $ 8,996 $ 10,013 $ 1,300 $ 10,811 $ 107 $ 167 $ 359 $ 532 Home equity loans 1,841 2,470 567 1,936 16 18 50 56 Credit cards 1,998 2,034 353 2,193 47 47 135 148 Installment and other Individual installment and other 446 476 490 570 8 31 47 94 Commercial market loans 366 566 100 390 4 3 10 18 Total $ 13,647 $ 15,559 $ 2,810 $ 15,900 $ 182 $ 266 $ 601 $ 848 (1) Recorded investment in a loan includes net deferred loan fees and costs, unamortized premium or discount and direct write-downs and includes accrued interest only on credit card loans. (2) $1,426 million of residential first mortgages, $490 million of home equity loans and $136 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. Balance at December 31, 2014 In millions of dollars Recorded investment (1)(2) Unpaid principal balance Related specific allowance (3) Average carrying value (4) Mortgage and real estate Residential first mortgages $ 13,551 $ 14,387 $ 1,909 $ 15,389 Home equity loans 2,029 2,674 599 2,075 Credit cards 2,407 2,447 849 2,732 Installment and other Individual installment and other 948 963 450 975 Commercial market loans 423 599 110 381 Total $ 19,358 $ 21,070 $ 3,917 $ 21,552 (1) Recorded investment in a loan includes net deferred loan fees and costs, unamortized premium or discount and direct write-downs and includes accrued interest only on credit card loans. (2) $1,896 million of residential first mortgages, $554 million of home equity loans and $158 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 the related specific allowance. |
Schedule of troubled debt restructurings | The following tables present consumer TDRs occurring during the three and nine months ended September 30, 2015 and 2014 : At and for the three months ended September 30, 2015 In millions of dollars except number of loans modified Number of loans modified Post- modification recorded investment (1)(2) Deferred principal (3) Contingent principal forgiveness (4) Principal forgiveness (5) Average interest rate reduction North America Residential first mortgages 2,282 $ 305 $ 2 $ 1 $ 7 1 % Home equity loans 1,021 36 — — — 2 Credit cards 44,972 186 — — — 16 Installment and other revolving 1,035 9 — — — 13 Commercial markets (6) 89 10 — — — — Total (7) 49,399 $ 546 $ 2 $ 1 $ 7 International Residential first mortgages 1,309 $ 28 $ — $ — $ — — % Home equity loans 13 2 — — — — Credit cards 32,774 87 — — 2 13 Installment and other revolving 19,283 76 — — 1 5 Commercial markets (6) 42 14 — — — — Total (7) 53,421 $ 207 $ — $ — $ 3 At and for the three months ended September 30, 2014 In millions of dollars except number of loans modified Number of loans modified Post- modification recorded investment (1)(8) Deferred principal (3) Contingent principal forgiveness (4) Principal forgiveness (5) Average interest rate reduction North America Residential first mortgages 4,933 $ 626 $ 15 $ 11 $ 1 1 % Home equity loans 1,900 76 1 — 2 3 Credit cards 48,775 211 — — — 16 Installment and other revolving 11,420 87 — — — 6 Commercial markets (6) 46 5 — — 1 — Total (7) 67,074 $ 1,005 $ 16 $ 11 $ 4 International Residential first mortgages 841 $ 30 $ — $ — $ — — % Home equity loans 15 3 — — — — Credit cards 40,468 122 — — 2 12 Installment and other revolving 15,077 73 — — 2 8 Commercial markets (6) 51 22 — — — — Total (7) 56,452 $ 250 $ — $ — $ 4 (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 $ 17 million of home equity loans to borrowers who have gone through Chapter 7 bankruptcy in the three months ended September 30, 2015 . These amounts include $ 34 million of residential first mortgages and $ 14 million of home equity loans that were newly classified as TDRs in the three months ended September 30, 2015 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) The above tables reflect activity for loans outstanding as of the end of the reporting period that were considered TDRs. (8) Post-modification balances in North America include $ 74 million of residential first mortgages and $ 22 million of home equity loans to borrowers who have gone through Chapter 7 bankruptcy in the three months ended September 30, 2014 . These amounts include $ 45 million of residential first mortgages and $ 19 million of home equity loans that were newly classified as TDRs in the three months ended September 30, 2014 as a result of OCC guidance, as described above. At and for the nine months ended September 30, 2015 In millions of dollars except number of loans modified Number of loans modified Post- modification recorded investment (1)(2) Deferred principal (3) Contingent principal forgiveness (4) Principal forgiveness (5) Average interest rate reduction North America Residential first mortgages 8,084 $ 1,078 $ 7 $ 3 $ 23 1 % Home equity loans 3,571 126 1 — 3 2 Credit cards 140,130 582 — — — 16 Installment and other revolving 3,111 27 — — — 13 Commercial markets (6) 245 39 — — — — Total (8) 155,141 $ 1,852 $ 8 $ 3 $ 26 International Residential first mortgages 2,920 $ 73 $ — $ — $ — — % Home equity loans 43 7 — — — — Credit cards 110,792 288 — — 5 13 Installment and other revolving 48,397 207 — — 5 5 Commercial markets (6) 178 65 — — — 1 Total (8) 162,330 $ 640 $ — $ — $ 10 At and for the nine months ended September 30, 2014 In millions of dollars except number of loans modified Number of loans modified Post- modification recorded investment (1)(7) Deferred principal (3) Contingent principal forgiveness (4) Principal forgiveness (5) Average interest rate reduction North America Residential first mortgages 15,435 $ 1,866 $ 43 $ 30 $ 7 1 % Home equity loans 6,102 228 3 — 13 2 Credit cards 136,501 601 — — — 15 Installment and other revolving 36,086 269 — — — 6 Commercial markets (6) 137 27 — — 1 — Total (8) 194,261 $ 2,991 $ 46 $ 30 $ 21 International Residential first mortgages 2,133 $ 79 $ — $ — $ 1 1 % Home equity loans 53 9 — — — — Credit cards 109,337 356 — — 7 13 Installment and other revolving 44,158 219 — — 5 9 Commercial markets (6) 271 156 — — — — Total (8) 155,952 $ 819 $ — $ — $ 13 (1) Post-modification balances include past due amounts that are capitalized at modification date. (2) Post-modification balances in North America include $ 181 million of residential first mortgages and $ 46 million of home equity loans to borrowers who have gone through Chapter 7 bankruptcy in the nine months ended September 30, 2015 . These amounts include $ 107 million of residential first mortgages and $ 39 million of home equity loans that are newly classified as TDRs as a result of OCC guidance received in the nine months ended September 30, 2015 , 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 $ 240 million of residential first mortgages and $ 65 million of home equity loans to borrowers who have gone through Chapter 7 bankruptcy in the nine months ended September 30, 2014 . These amounts include $ 144 million of residential first mortgages and $ 56 million of home equity loans that are newly classified as TDRs as a result of OCC guidance received in the nine months ended September 30, 2014 , 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 and nine months ended September 30, 2015 and 2014 , respectively, 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 September 30, Nine Months Ended September 30, In millions of dollars 2015 2014 2015 2014 North America Residential first mortgages $ 101 $ 149 $ 329 $ 562 Home equity loans 9 16 30 55 Credit cards 47 47 139 146 Installment and other revolving 2 26 6 68 Commercial markets 1 1 5 8 Total $ 160 $ 239 $ 509 $ 839 International Residential first mortgages $ 5 $ 6 $ 17 $ 16 Home equity loans — — — — Credit cards 34 52 106 175 Installment and other revolving 20 25 66 81 Commercial markets 7 2 18 102 Total $ 66 $ 85 $ 207 $ 374 |
Mortgage and real estate | |
Loans receivable | |
Schedule of loans credit quality indicators | The following tables provide details on the LTV ratios attributable to Citi’s U.S. consumer mortgage portfolios as of September 30, 2015 and December 31, 2014 . LTV ratios are updated monthly using the most recent Core Logic Home Price Index data available for substantially all of the portfolio applied at the Metropolitan Statistical Area level, if available, or the state level if not. The remainder of the portfolio is updated in a similar manner using the Federal Housing Finance Agency indices. LTV distribution in U.S. portfolio (1)(2) September 30, 2015 In millions of dollars Less than or equal to 80% > 80% but less than or equal to 100% Greater than 100% Residential first mortgages $ 50,484 $ 6,001 $ 1,285 Home equity loans 14,846 5,979 2,913 Total $ 65,330 $ 11,980 $ 4,198 (1) Excludes loans guaranteed by U.S. government entities, loans subject to LTSCs with U.S. government-sponsored entities and loans recorded at fair value. (2) Excludes balances where LTV was not available. Such amounts are not material. LTV distribution in U.S. portfolio (1)(2) December 31, 2014 In millions of dollars Less than or equal to 80% > 80% but less than or equal to 100% Greater than 100% Residential first mortgages $ 48,163 $ 9,480 $ 2,670 Home equity loans 14,638 7,267 4,641 Total $ 62,801 $ 16,747 $ 7,311 (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. |
Corporate | |
Loans receivable | |
Schedule of loans | The following table presents information by corporate loan type as of September 30, 2015 and December 31, 2014 : In millions of dollars September 30, December 31, In U.S. offices Commercial and industrial $ 40,435 $ 35,055 Financial institutions 38,034 36,272 Mortgage and real estate (1) 37,019 32,537 Installment, revolving credit and other 32,129 29,207 Lease financing 1,718 1,758 $ 149,335 $ 134,829 In offices outside the U.S. Commercial and industrial $ 81,540 $ 79,239 Financial institutions 28,090 33,269 Mortgage and real estate (1) 6,602 6,031 Installment, revolving credit and other 19,352 19,259 Lease financing 259 356 Governments and official institutions 4,503 2,236 $ 140,346 $ 140,390 Total Corporate loans $ 289,681 $ 275,219 Net unearned income (610 ) (554 ) Corporate loans, net of unearned income $ 289,071 $ 274,665 (1) Loans secured primarily by real estate. |
Schedule of loan delinquency and non-accrual details | Corporate Loan Delinquency and Non-Accrual Details at September 30, 2015 In millions of dollars 30-89 days past due and accruing (1) ≥ 90 days past due and accruing (1) Total past due and accruing Total non-accrual (2) Total current (3) Total loans (4) Commercial and industrial $ 75 $ — $ 75 $ 1,042 $ 116,958 $ 118,075 Financial institutions 20 — 20 165 64,647 64,832 Mortgage and real estate 190 — 190 236 43,121 43,547 Leases 1 — 1 75 1,900 1,976 Other 46 7 53 40 55,063 55,156 Loans at fair value 5,476 Purchased distressed loans 9 Total $ 332 $ 7 $ 339 $ 1,558 $ 281,689 $ 289,071 (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, 2014 In millions of dollars 30-89 days past due and accruing (1) ≥ 90 days past due and accruing (1) Total past due and accruing Total non-accrual (2) Total current (3) Total loans (4) Commercial and industrial $ 50 $ — $ 50 $ 575 $ 109,764 $ 110,389 Financial institutions 2 — 2 250 67,580 67,832 Mortgage and real estate 86 — 86 252 38,135 38,473 Leases — — — 51 2,062 2,113 Other 49 1 50 55 49,844 49,949 Loans at fair value 5,858 Purchased Distressed Loans 51 Total $ 187 $ 1 $ 188 $ 1,183 $ 267,385 $ 274,665 (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 | Corporate Loans Credit Quality Indicators at September 30, 2015 and December 31, 2014 Recorded investment in loans (1) In millions of dollars September 30, 2015 December 31, Investment grade (2) Commercial and industrial $ 84,088 $ 80,812 Financial institutions 55,722 56,154 Mortgage and real estate 19,735 16,068 Leases 1,627 1,669 Other 49,525 46,284 Total investment grade $ 210,697 $ 200,987 Non-investment grade (2) Accrual Commercial and industrial $ 32,946 $ 29,003 Financial institutions 8,945 11,429 Mortgage and real estate 3,540 3,587 Leases 274 393 Other 5,591 3,609 Non-accrual Commercial and industrial 1,042 575 Financial institutions 165 250 Mortgage and real estate 236 252 Leases 75 51 Other 40 55 Total non-investment grade $ 52,854 $ 49,204 Private bank loans managed on a delinquency basis (2) $ 20,044 $ 18,616 Loans at fair value 5,476 5,858 Corporate loans, net of unearned income $ 289,071 $ 274,665 (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 | The following tables present non-accrual loan information by Corporate loan type at September 30, 2015 and December 31, 2014 and interest income recognized on non-accrual Corporate loans for the nine months ended September 30, 2015 . Non-Accrual Corporate Loans Three Months Ended Nine Months Ended September 30, 2015 In millions of dollars Recorded investment (1) Unpaid principal balance Related specific allowance Average carrying value (2) Interest income recognized (3) Interest income recognized (3) Non-accrual corporate loans Commercial and industrial $ 1,042 $ 1,346 $ 162 $ 709 $ 1 $ 5 Financial institutions 165 173 1 214 — — Mortgage and real estate 236 322 17 245 1 2 Lease financing 75 76 49 56 — — Other 40 90 13 42 — — Total non-accrual corporate loans $ 1,558 $ 2,007 $ 242 $ 1,266 $ 2 $ 7 At December 31, 2014 In millions of dollars Recorded investment (1) Unpaid principal balance Related specific allowance Average carrying value (2) Non-accrual corporate loans Commercial and industrial $ 575 $ 863 $ 155 $ 658 Financial institutions 250 262 7 278 Mortgage and real estate 252 287 24 263 Lease financing 51 53 29 85 Other 55 68 21 60 Total non-accrual corporate loans $ 1,183 $ 1,533 $ 236 $ 1,344 September 30, 2015 December 31, 2014 In millions of dollars Recorded investment (1) Related specific allowance Recorded investment (1) Related specific allowance Non-accrual corporate loans with valuation allowances Commercial and industrial $ 341 $ 162 $ 224 $ 155 Financial institutions 6 1 37 7 Mortgage and real estate 49 17 70 24 Lease financing 75 49 47 29 Other 36 13 55 21 Total non-accrual corporate loans with specific allowance $ 507 $ 242 $ 433 $ 236 Non-accrual corporate loans without specific allowance Commercial and industrial $ 701 $ 351 Financial institutions 159 213 Mortgage and real estate 187 182 Lease financing — 4 Other 4 — Total non-accrual corporate loans without specific allowance $ 1,051 N/A $ 750 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 nine-month periods ended September 30, 2014 was $14 million and $39 million , respectively. N/A Not Applicable |
Schedule of troubled debt restructurings | Corporate Troubled Debt Restructurings The following table presents corporate TDR activity at and for the three months ended September 30, 2015 . In millions of dollars Carrying Value TDRs involving changes in the amount and/or timing of principal payments (1) TDRs involving changes in the amount and/or timing of interest payments (2) TDRs involving changes in the amount and/or timing of both principal and interest payments Commercial and industrial $ 13 $ 12 $ — $ 1 Financial institutions — — — — Mortgage and real estate 35 1 — 34 Other — — — — Total $ 48 $ 13 $ — $ 35 (1) TDRs involving changes in the amount or timing of principal payments may involve principal forgiveness or deferral of periodic and/or final principal payments. Because forgiveness of principal is rare for commercial loans, modifications typically have little to no impact on the loans’ projected cash flows and thus little to no impact on the allowance established for the loan. Charge-offs for amounts deemed uncollectable may be recorded at the time of the restructuring or may have already been recorded in prior periods such that no charge-off is required at the time of the modification. (2) TDRs involving changes in the amount or timing of interest payments may involve a below-market interest rate. The following table presents corporate TDR activity at and for the three months ended September 30, 2014. In millions of dollars Carrying Value TDRs involving changes in the amount and/or timing of principal payments (1) TDRs involving changes in the amount and/or timing of interest payments (2) TDRs involving changes in the amount and/or timing of both principal and interest payments Commercial and industrial $ 1 $ — $ — $ 1 Financial institutions — — — — Mortgage and real estate 3 1 — 2 Other — — — — Total $ 4 $ 1 $ — $ 3 (1) TDRs involving changes in the amount or timing of principal payments may involve principal forgiveness or deferral of periodic and/or final principal payments. Because forgiveness of principal is rare for commercial loans, modifications typically have little to no impact on the loans’ projected cash flows and thus little to no impact on the allowance established for the loan. Charge-offs for amounts deemed uncollectable may be recorded at the time of the restructuring or may have already been recorded in prior periods such that no charge-off is required at the time of the modification. (2) TDRs involving changes in the amount or timing of interest payments may involve a below-market interest rate. The following table presents corporate TDR activity at and for the nine months ended September 30, 2015. In millions of dollars Carrying Value TDRs involving changes in the amount and/or timing of principal payments (1) TDRs involving changes in the amount and/or timing of interest payments (2) TDRs involving changes in the amount and/or timing of both principal and interest payments Commercial and industrial $ 79 $ 45 $ — $ 34 Financial institutions — — — — Mortgage and real estate 47 3 — 44 Other — — — — Total $ 126 $ 48 $ — $ 78 (1) TDRs involving changes in the amount or timing of principal payments may involve principal forgiveness or deferral of periodic and/or final principal payments. Because forgiveness of principal is rare for commercial loans, modifications typically have little to no impact on the loans’ projected cash flows and thus little to no impact on the allowance established for the loan. Charge-offs for amounts deemed uncollectable may be recorded at the time of the restructuring or may have already been recorded in prior periods such that no charge-off is required at the time of the modification. (2) TDRs involving changes in the amount or timing of interest payments may involve a below-market interest rate. The following table presents corporate TDR activity at and for the nine months ended September 30, 2014 . In millions of dollars Carrying Value TDRs involving changes in the amount and/or timing of principal payments (1) TDRs involving changes in the amount and/or timing of interest payments (2) TDRs involving changes in the amount and/or timing of both principal and interest payments Commercial and industrial $ 48 $ 30 $ 17 $ 1 Financial institutions — — — — Mortgage and real estate 8 5 1 2 Other — — — — Total $ 56 $ 35 $ 18 $ 3 (1) TDRs involving changes in the amount or timing of principal payments may involve principal forgiveness or deferral of periodic and/or final principal payments. Because forgiveness of principal is rare for commercial loans, modifications typically have little to no impact on the loans’ projected cash flows and thus little to no impact on the allowance established for the loan. Charge-offs for amounts deemed uncollectable may be recorded at the time of the restructuring or may have already been recorded in prior periods such that no charge-off is required at the time of the modification. (2) TDRs involving changes in the amount or timing of interest payments may involve a below-market interest rate. |
Schedule of troubled debt restructuring loans that defaulted | The following table presents total Corporate loans modified in a TDR at September 30, 2015 and 2014 , as well as those TDRs that defaulted during the three and nine months ended September 30, 2015 and 2014 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. In millions of dollars TDR balances at September 30, 2015 TDR loans in payment default during the three months ended TDR loans in payment default nine months ended September 30, 2015 TDR balances at September 30, 2014 TDR loans in payment default during the three months ended September 30, 2014 TDR loans in payment default nine months ended Commercial and industrial $ 126 $ — $ — $ 161 $ — $ — Loans to financial institutions 1 — 1 — — — Mortgage and real estate 144 — — 125 — — Other 316 — — 326 — — Total $ 587 $ — $ 1 $ 612 $ — $ — |
ALLOWANCE FOR CREDIT LOSSES (Ta
ALLOWANCE FOR CREDIT LOSSES (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Loans and Leases Receivable, Allowance [Abstract] | |
Allowance for credit losses | Three Months Ended September 30, Nine Months Ended In millions of dollars 2015 2014 2015 2014 Allowance for loan losses at beginning of period $ 14,075 $ 17,890 $ 15,994 $ 19,648 Gross credit losses (2,068 ) (2,586 ) (6,861 ) (8,381 ) Gross recoveries (1) 405 489 1,321 1,656 Net credit losses (NCLs) (2) $ (1,663 ) $ (2,097 ) $ (5,540 ) $ (6,725 ) NCLs $ 1,663 $ 2,097 $ 5,540 $ 6,725 Net reserve builds (releases) 43 (492 ) (247 ) (1,573 ) Net specific reserve builds (releases) (124 ) (30 ) (441 ) (205 ) Total provision for credit losses $ 1,582 $ 1,575 $ 4,852 $ 4,947 Other, net (3) (368 ) (453 ) (1,680 ) (955 ) Allowance for loan losses at end of period $ 13,626 $ 16,915 $ 13,626 $ 16,915 Allowance for credit losses on unfunded lending commitments at beginning of period $ 973 $ 1,176 $ 1,063 $ 1,229 Provision (release) for unfunded lending commitments 65 (30 ) (20 ) (88 ) Other, net (2 ) (6 ) (7 ) (1 ) Allowance for credit losses on unfunded lending commitments at end of period (4) $ 1,036 $ 1,140 $ 1,036 $ 1,140 Total allowance for loans, leases, and unfunded lending commitments $ 14,662 $ 18,055 $ 14,662 $ 18,055 (1) Recoveries have been reduced by certain collection costs that are incurred only if collection efforts are successful. (2) As a result of the entry into an agreement in March 2015 to sell OneMain Financial (OneMain), OneMain was classified as held-for-sale (HFS) at the end of the first quarter of 2015. As a result of HFS accounting treatment, approximately $160 million and $116 million of net credit losses were recorded as a reduction in revenue (Other revenue) during the second and third quarters of 2015, respectively. (3) The third quarter of 2015 includes a reduction of approximately $110 million related to the sale or transfers to HFS of various loan portfolios, including a reduction of $14 million related to a transfer of a real estate loan portfolio to HFS. Additionally, the third quarter includes a reduction of approximately $255 million related to FX translation. The second quarter of 2015 includes a reduction of approximately $88 million related to the sale or transfers to HFS of various loan portfolios, including a reduction of $34 million related to a transfer of a real estate loan portfolio to HFS. Additionally, the second quarter of 2015 includes a reduction of approximately $39 million related to FX translation. The first quarter of 2015 includes a reduction of approximately $1.0 billion related to the sale or transfers to HFS of various loan portfolios, including a reduction of $281 million related to a transfer of a real estate loan portfolio to HFS. Additionally, the first quarter of 2015 includes a reduction of approximately $145 million related to FX translation. The third quarter of 2014 includes a reduction of approximately $259 million related to the sale or transfers to HFS of various loan portfolios, including a reduction of $151 million related to a transfer of a real estate loan portfolio to HFS and a reduction of approximately $108 million related to the transfer of various EMEA loan portfolios to HFS. Additionally, the third quarter includes a reduction of approximately $181 million related to FX translation. The second quarter of 2014 includes a reduction of approximately $480 million related to the sale or transfers to HFS of various loan portfolios, including a reduction of approximately $204 million and $177 million related to the transfer of 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 FX 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. (4) 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 September 30, 2015 September 30, 2014 In millions of dollars Corporate Consumer Total Corporate Consumer Total Allowance for loan losses at beginning of period $ 2,326 $ 11,749 $ 14,075 $ 2,370 $ 15,520 $ 17,890 Charge-offs (73 ) (1,995 ) (2,068 ) (43 ) (2,543 ) (2,586 ) Recoveries 27 378 405 61 428 489 Replenishment of net charge-offs 46 1,617 1,663 (18 ) 2,115 2,097 Net reserve builds (releases) 115 (72 ) 43 (99 ) (393 ) (492 ) Net specific reserve builds (releases) 78 (202 ) (124 ) 87 (117 ) (30 ) Other (3 ) (365 ) (368 ) (18 ) (435 ) (453 ) Ending balance $ 2,516 $ 11,110 $ 13,626 $ 2,340 $ 14,575 $ 16,915 Nine Months Ended September 30, 2015 September 30, 2014 In millions of dollars Corporate Consumer Total Corporate Consumer Total Allowance for loan losses at beginning of period $ 2,389 $ 13,605 $ 15,994 $ 2,584 $ 17,064 $ 19,648 Charge-offs (219 ) (6,642 ) (6,861 ) (264 ) (8,117 ) (8,381 ) Recoveries 76 1,245 1,321 126 1,530 1,656 Replenishment of net charge-offs 143 5,397 5,540 138 6,587 6,725 Net reserve builds (releases) 174 (421 ) (247 ) (226 ) (1,347 ) (1,573 ) Net specific reserve builds (releases) (38 ) (403 ) (441 ) 2 (207 ) (205 ) Other (9 ) (1,671 ) (1,680 ) (20 ) (935 ) (955 ) Ending balance $ 2,516 $ 11,110 $ 13,626 $ 2,340 $ 14,575 $ 16,915 September 30, 2015 December 31, 2014 In millions of dollars Corporate Consumer Total Corporate Consumer Total Allowance for loan losses Determined in accordance with ASC 450 $ 2,271 $ 8,282 $ 10,553 $ 2,110 $ 9,673 $ 11,783 Determined in accordance with ASC 310-10-35 242 2,810 3,052 235 3,917 4,152 Determined in accordance with ASC 310-30 3 18 21 44 15 59 Total allowance for loan losses $ 2,516 $ 11,110 $ 13,626 $ 2,389 $ 13,605 $ 15,994 Loans, net of unearned income Loans collectively evaluated for impairment in accordance with ASC 450 $ 281,785 $ 319,378 $ 601,163 $ 267,271 $ 350,199 $ 617,470 Loans individually evaluated for impairment in accordance with ASC 310-10-35 1,801 13,647 15,448 1,485 19,358 20,843 Loans acquired with deteriorated credit quality in accordance with ASC 310-30 9 311 320 51 370 421 Loans held at fair value 5,476 37 5,513 5,858 43 5,901 Total loans, net of unearned income $ 289,071 $ 333,373 $ 622,444 $ 274,665 $ 369,970 $ 644,635 |
GOODWILL AND INTANGIBLE ASSETS
GOODWILL AND INTANGIBLE ASSETS (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill | The following table shows reporting units with goodwill balances as of September 30, 2015 . In millions of dollars Reporting Unit (1)(2) Goodwill North America Global Consumer Banking $ 6,714 EMEA Global Consumer Banking 299 Asia Global Consumer Banking 4,504 Latin America Global Consumer Banking 1,343 Banking 3,104 Markets and Securities Services 6,480 Total $ 22,444 (1) Citi Holdings —Other, Citi Holdings— Consumer Finance South Korea and Citi Holdings— ICG are excluded from the table as there is no goodwill allocated to them. (2) Citi Holdings —Consumer EMEA, Citi Holdings —Consumer Japan and Citi Holdings —Consumer Latin America are excluded from the table as the remaining goodwill were either impaired or classified as held-for-sale. The changes in Goodwill during the nine months ended September 30, 2015 were as follows: In millions of dollars Balance at December 31, 2014 $ 23,592 Foreign exchange translation and other (312 ) Impairment of goodwill (16 ) Divestitures, purchase accounting adjustments and other (114 ) Balance at March 31, 2015 $ 23,150 Foreign exchange translation and other (123 ) Divestitures, purchase accounting adjustments and other (15 ) Balance at June 30, 2015 $ 23,012 Foreign exchange translation and other $ (470 ) Impairment of goodwill (15 ) Divestitures, purchase accounting adjustments and other (83 ) Balance at September 30, 2015 $ 22,444 |
Components of intangible assets, finite-lived | The components of intangible assets as of September 30, 2015 and December 31, 2014 were as follows: September 30, 2015 December 31, 2014 In millions of dollars Gross carrying amount Accumulated amortization Net carrying amount Gross carrying amount Accumulated amortization Net carrying amount Purchased credit card relationships $ 7,595 $ 6,457 $ 1,138 $ 7,626 $ 6,294 $ 1,332 Core deposit intangibles 1,058 967 91 1,153 1,021 132 Other customer relationships 478 338 140 579 331 248 Present value of future profits 159 153 6 233 154 79 Indefinite-lived intangible assets 256 — 256 290 — 290 Other (1) 5,097 2,848 2,249 5,217 2,732 2,485 Intangible assets (excluding MSRs) $ 14,643 $ 10,763 $ 3,880 $ 15,098 $ 10,532 $ 4,566 Mortgage servicing rights (MSRs) (2) 1,766 — 1,766 1,845 — 1,845 Total intangible assets $ 16,409 $ 10,763 $ 5,646 $ 16,943 $ 10,532 $ 6,411 (1) Includes contract-related intangible assets. (2) For additional information on Citi’s MSRs, including the roll-forward for the nine months ended September 30, 2015, see Note 20 to the Consolidated Financial Statements. |
Components of intangible assets, indefinite-lived | The components of intangible assets as of September 30, 2015 and December 31, 2014 were as follows: September 30, 2015 December 31, 2014 In millions of dollars Gross carrying amount Accumulated amortization Net carrying amount Gross carrying amount Accumulated amortization Net carrying amount Purchased credit card relationships $ 7,595 $ 6,457 $ 1,138 $ 7,626 $ 6,294 $ 1,332 Core deposit intangibles 1,058 967 91 1,153 1,021 132 Other customer relationships 478 338 140 579 331 248 Present value of future profits 159 153 6 233 154 79 Indefinite-lived intangible assets 256 — 256 290 — 290 Other (1) 5,097 2,848 2,249 5,217 2,732 2,485 Intangible assets (excluding MSRs) $ 14,643 $ 10,763 $ 3,880 $ 15,098 $ 10,532 $ 4,566 Mortgage servicing rights (MSRs) (2) 1,766 — 1,766 1,845 — 1,845 Total intangible assets $ 16,409 $ 10,763 $ 5,646 $ 16,943 $ 10,532 $ 6,411 (1) Includes contract-related intangible assets. (2) For additional information on Citi’s MSRs, including the roll-forward for the nine months ended September 30, 2015, see Note 20 to the Consolidated Financial Statements. |
Changes in intangible assets | The changes in intangible assets during the nine months ended September 30, 2015 were as follows: Net carrying Net carrying amount at In millions of dollars December 31, 2014 Acquisitions/ divestitures Amortization Impairments FX and other (1) September 30, Purchased credit card relationships $ 1,332 $ — $ (199 ) $ — $ 5 $ 1,138 Core deposit intangibles 132 — (32 ) — (9 ) 91 Other customer relationships 248 (87 ) (18 ) — (3 ) 140 Present value of future profits 79 (68 ) (4 ) — (1 ) 6 Indefinite-lived intangible assets 290 — — — (34 ) 256 Other 2,485 (21 ) (226 ) (5 ) 16 2,249 Intangible assets (excluding MSRs) $ 4,566 $ (176 ) $ (479 ) $ (5 ) $ (26 ) $ 3,880 Mortgage servicing rights (MSRs) (2) 1,845 1,766 Total intangible assets $ 6,411 $ 5,646 (1) Includes foreign exchange translation, purchase accounting adjustments and other. (2) For additional information on Citi’s MSRs, including the roll-forward for the nine months ended September 30, 2015, see Note 20 to the Consolidated Financial Statements |
DEBT (Tables)
DEBT (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Debt Disclosure [Abstract] | |
Schedule of Short-Term Borrowings | Short-Term Borrowings In millions of dollars September 30, December 31, Commercial paper Significant Citibank entities (1) $ 9,416 $ 16,085 Parent (2) — 70 Total Commercial paper $ 9,416 $ 16,155 Other borrowings (3) $ 13,163 $ 42,180 Total $ 22,579 $ 58,335 (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) Includes borrowings from the Federal Home Loan Banks and other market participants. At September 30, 2015 and December 31, 2014 , collateralized short-term advances from the Federal Home Loan Banks were $1.9 million and $11.2 billion , respectively. |
Schedule of Long-Term Debt | Long-Term Debt In millions of dollars September 30, 2015 December 31, 2014 Citigroup Inc. (1) $ 152,599 $ 149,512 Bank (2) 56,748 65,146 Broker-dealer (3) 4,186 8,422 Total $ 213,533 $ 223,080 (1) Parent holding company, Citigroup Inc. (2) Represents the Significant Citibank entities as well as other Citibank and Banamex entities. At September 30, 2015 and December 31, 2014 , collateralized long-term advances from the Federal Home Loan Banks were $17.3 billion and $19.8 billion , respectively. (3) Represents broker-dealer subsidiaries that are consolidated into Citigroup Inc., the parent holding company. |
Summary of Outstanding Trust Preferred Securities | The following table summarizes the Company’s outstanding trust preferred securities at September 30, 2015 : Junior subordinated debentures owned by trust Trust Issuance date Securities issued Liquidation value (1) Coupon rate (2) Common shares issued to parent Amount Maturity Redeemable by issuer beginning In millions of dollars, except share amounts Citigroup Capital III Dec. 1996 194,053 $ 194 7.625 % 6,003 $ 200 Dec. 1, 2036 Not redeemable Citigroup Capital XIII Sept. 2010 89,840,000 2,246 7.875 1,000 2,246 Oct. 30, 2040 Oct. 30, 2015 Citigroup Capital XVIII June 2007 99,901 151 6.829 50 151 June 28, 2067 June 28, 2017 Total obligated $ 2,591 $ 2,597 Note: 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. (1) Represents the notional value received by investors from the trusts at the time of issuance. (2) In each case, the coupon rate on the subordinated debentures is the same as that on the trust preferred securities. |
CHANGES IN ACCUMULATED OTHER 50
CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
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 nine months ended September 30, 2015 and 2014 are as follows: Three Months Ended September 30, 2015 : In millions of dollars Net unrealized gains (losses) on investment securities Cash flow hedges (1) Benefit plans (2) Foreign currency translation adjustment, net of hedges (CTA) (3)(4) Accumulated other comprehensive income (loss) Balance, June 30, 2015 $ (287 ) $ (731 ) $ (4,671 ) $ (19,415 ) $ (25,104 ) Other comprehensive income (losses) before reclassifications $ 556 $ 149 $ (400 ) $ (2,493 ) $ (2,188 ) Increase (decrease) due to amounts reclassified from AOCI (45 ) 40 40 — 35 Change, net of taxes $ 511 $ 189 $ (360 ) $ (2,493 ) $ (2,153 ) Balance at September 30, 2015 $ 224 $ (542 ) $ (5,031 ) $ (21,908 ) $ (27,257 ) Nine months ended September 30, 2015 : Balance, December 31, 2014 $ 57 $ (909 ) $ (5,159 ) $ (17,205 ) $ (23,216 ) Other comprehensive income before reclassifications $ 453 $ 203 $ 7 $ (4,703 ) $ (4,040 ) Increase (decrease) due to amounts reclassified from AOCI (286 ) 164 121 — (1 ) Change, net of taxes $ 167 $ 367 $ 128 $ (4,703 ) $ (4,041 ) Balance at September 30, 2015 $ 224 $ (542 ) $ (5,031 ) $ (21,908 ) $ (27,257 ) Three Months Ended September 30, 2014 : Balance, June 30, 2014 $ (206 ) $ (1,007 ) $ (4,166 ) $ (12,768 ) $ (18,147 ) Other comprehensive income before reclassifications $ (173 ) $ (42 ) $ 17 $ (1,721 ) $ (1,919 ) Increase (decrease) due to amounts reclassified from AOCI (34 ) 70 54 — 90 Change, net of taxes $ (207 ) $ 28 $ 71 $ (1,721 ) $ (1,829 ) Balance at September 30, 2014 $ (413 ) $ (979 ) $ (4,095 ) $ (14,489 ) $ (19,976 ) Nine months ended September 30, 2014 : Balance, December 31, 2013 $ (1,640 ) $ (1,245 ) $ (3,989 ) $ (12,259 ) $ (19,133 ) Other comprehensive income before reclassifications $ 1,242 $ 62 $ (240 ) $ (2,230 ) $ (1,166 ) Increase (decrease) due to amounts reclassified from AOCI (15 ) 204 134 — 323 Change, net of taxes $ 1,227 $ 266 $ (106 ) $ (2,230 ) $ (843 ) Balance at September 30, 2014 $ (413 ) $ (979 ) $ (4,095 ) $ (14,489 ) $ (19,976 ) (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, annual actuarial valuations of all other plans, and amortization of amounts previously recognized in other comprehensive income. (3) Primarily reflects the movements in (by order of impact) the Mexican peso, Brazilian real, Korean won and British pound against the U.S. dollar, and changes in related tax effects and hedges for the quarter ended September 30, 2015 . Primarily reflects the movements in (by order of impact) the Mexican peso, British pound, Korean won and euro against the U.S. dollar, and changes in related tax effects and hedges for the quarter ended June 30, 2015 . Primarily reflects the movements in (by order of impact) the euro, Mexican peso, British pound, and Brazilian real against the U.S. dollar, and changes in related tax effects and hedges for the quarter ended March 30, 2015. Primarily reflects the movements in (by order of impact) the Mexican peso, euro, British pound and Australian dollar against the U.S. dollar, and changes in related tax effects and hedges for the quarter ended September 30, 2014 . 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 (by order of impact) 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. (4) During 2014, $137 million ( $84 million net of tax) was 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 nine months ended September 30, 2015 and 2014 are as follows: Three Months Ended September 30, 2015 : In millions of dollars Pretax Tax effect After-tax Balance, June 30, 2015 $ (33,148 ) $ 8,044 $ (25,104 ) Change in net unrealized gains (losses) on investment securities 821 (310 ) 511 Cash flow hedges 322 (133 ) 189 Benefit plans (545 ) 185 (360 ) Foreign currency translation adjustment (2,792 ) 299 (2,493 ) Change $ (2,194 ) $ 41 $ (2,153 ) Balance, September 30, 2015 $ (35,342 ) $ 8,085 $ (27,257 ) Nine months ended September 30, 2015 : In millions of dollars Pretax Tax effect After-tax Balance, December 31, 2014 $ (31,060 ) $ 7,844 $ (23,216 ) Change in net unrealized gains (losses) on investment securities 353 (186 ) 167 Cash flow hedges 596 (229 ) 367 Benefit plans 144 (16 ) 128 Foreign currency translation adjustment (5,375 ) 672 (4,703 ) Change $ (4,282 ) $ 241 $ (4,041 ) Balance, September 30, 2015 $ (35,342 ) $ 8,085 $ (27,257 ) Three Months Ended September 30, 2014 : In millions of dollars Pretax Tax effect After-tax Balance, June 30, 2014 $ (25,645 ) $ 7,498 $ (18,147 ) Change in net unrealized gains (losses) on investment securities (321 ) 114 (207 ) Cash flow hedges 45 (17 ) 28 Benefit plans 107 (36 ) 71 Foreign currency translation adjustment (2,094 ) 373 (1,721 ) Change $ (2,263 ) $ 434 $ (1,829 ) Balance, September 30, 2014 $ (27,908 ) $ 7,932 $ (19,976 ) Nine months ended September 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 1,967 (740 ) 1,227 Cash flow hedges 431 (165 ) 266 Benefit plans (187 ) 81 (106 ) Foreign currency translation adjustment (2,523 ) 293 (2,230 ) Change $ (312 ) $ (531 ) $ (843 ) Balance, September 30, 2014 $ (27,908 ) $ 7,932 $ (19,976 ) |
Summary of amounts reclassified out of Accumulated other comprehensive income (loss) into the Consolidated Statement of income | During the three and nine months ended September 30, 2015 , the Company recognized a pretax loss of $47 million ( $35 million net of tax) and pretax loss of $5 million ( $1 million gain net of tax), respectively, 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 September 30, Nine Months Ended September 30, 2015 2015 Realized (gains) losses on sales of investments $ (151 ) $ (641 ) OTTI gross impairment losses 80 195 Subtotal, pretax $ (71 ) $ (446 ) Tax effect 26 160 Net realized (gains) losses on investment securities, after-tax (1) $ (45 ) $ (286 ) Interest rate contracts $ 28 $ 148 Foreign exchange contracts 35 112 Subtotal, pretax $ 63 $ 260 Tax effect (23 ) (96 ) Amortization of cash flow hedges, after-tax (2) $ 40 $ 164 Amortization of unrecognized Prior service cost (benefit) $ (11 ) $ (32 ) Net actuarial loss 64 211 Curtailment/settlement impact (3) 2 12 Subtotal, pretax $ 55 $ 191 Tax effect (15 ) (70 ) Amortization of benefit plans, after-tax (3) $ 40 $ 121 Foreign currency translation adjustment $ — $ — Total amounts reclassified out of AOCI, pretax $ 47 $ 5 Total tax effect (12 ) (6 ) Total amounts reclassified out of AOCI, after-tax $ 35 $ (1 ) (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. During the three and nine months ended September 30, 2014 , the Company recognized a pretax loss of $ 154 million ($ 90 million net of tax) and pretax loss of $ 527 million ($ 323 million net of tax), respectively, 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 September 30, Nine Months Ended September 30, 2014 2014 Realized (gains) losses on sales of investments $ (136 ) $ (348 ) OTTI gross impairment losses 91 329 Subtotal, pretax $ (45 ) $ (19 ) Tax effect 11 4 Net realized (gains) losses on investment securities, after-tax (1) $ (34 ) $ (15 ) Interest rate contracts $ 84 $ 218 Foreign exchange contracts 30 114 Subtotal, pretax $ 114 $ 332 Tax effect (44 ) (128 ) Amortization of cash flow hedges, after-tax (2) $ 70 $ 204 Amortization of unrecognized Prior service cost (benefit) $ (11 ) $ (30 ) Net actuarial loss 63 183 Curtailment/settlement impact (3) 33 61 Subtotal, pretax $ 85 $ 214 Tax effect (31 ) (80 ) Amortization of benefit plans, after-tax (3) $ 54 $ 134 Foreign currency translation adjustment $ — $ — Total amounts reclassified out of AOCI, pretax $ 154 $ 527 Total tax effect (64 ) (204 ) Total amounts reclassified out of AOCI, after-tax $ 90 $ 323 (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. |
PREFERRED STOCK (Tables)
PREFERRED STOCK (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Stockholders' Equity Note [Abstract] | |
Summary of preferred stock outstanding | The following table summarizes the Company’s preferred stock outstanding at September 30, 2015 and December 31, 2014 : Carrying value in millions of dollars Issuance date Redeemable by issuer beginning Dividend Redemption Number September 30, December 31, Series AA (1) January 25, 2008 February 15, 2018 8.125 % $ 25 3,870,330 $ 97 $ 97 Series E (2) April 28, 2008 April 30, 2018 8.400 % 1,000 121,254 121 121 Series A (3) October 29, 2012 January 30, 2023 5.950 % 1,000 1,500,000 1,500 1,500 Series B (4) December 13, 2012 February 15, 2023 5.900 % 1,000 750,000 750 750 Series C (5) March 26, 2013 April 22, 2018 5.800 % 25 23,000,000 575 575 Series D (6) April 30, 2013 May 15, 2023 5.350 % 1,000 1,250,000 1,250 1,250 Series J (7) September 19, 2013 September 30, 2023 7.125 % 25 38,000,000 950 950 Series K (8) October 31, 2013 November 15, 2023 6.875 % 25 59,800,000 1,495 1,495 Series L (9) February 12, 2014 February 12, 2019 6.875 % 25 19,200,000 480 480 Series M (10) April 30, 2014 May 15, 2024 6.300 % 1,000 1,750,000 1,750 1,750 Series N (11) October 29, 2014 November 15, 2019 5.800 % 1,000 1,500,000 1,500 1,500 Series O (12) March 20, 2015 March 27, 2020 5.875 % 1,000 1,500,000 1,500 — Series P (13) April 24, 2015 May 15, 2025 5.950 % 1,000 2,000,000 2,000 — Series Q (14) August 12, 2015 August 15, 2020 5.950 % 1,000 1,250,000 1,250 — $ 15,218 $ 10,468 (1) Issued as depositary shares, each representing a 1/1,000 th interest in a share of the corresponding series of non-cumulative perpetual preferred stock. Dividends are payable quarterly on February 15, May 15, August 15 and November 15 when, as and if declared by the Citi Board of Directors. (2) Issued as depositary shares, each representing a 1/25 th interest in a share of the corresponding series of non-cumulative perpetual preferred stock. Dividends are payable 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 1/25 th interest in a share of the corresponding series of non-cumulative perpetual preferred stock. Dividends are payable semi-annually on January 30 and July 30 at a fixed rate until January 30, 2023, thereafter payable quarterly on January 30, April 30, July 30 and October 30 at a floating rate, in each case when, as and if declared by the Citi Board of Directors. (4) Issued as depositary shares, each representing a 1/25 th interest in a share of the corresponding series of non-cumulative perpetual preferred stock. Dividends are payable semi-annually on February 15 and August 15 at a fixed rate until February 15, 2023, thereafter payable quarterly on February 15, May 15, August 15 and November 15 at a floating rate, in `each case when, as and if declared by the Citi Board of Directors. (5) Issued as depositary shares, each representing a 1/1,000 th interest in a share of the corresponding series of non-cumulative perpetual preferred stock. Dividends are payable quarterly on January 22, April 22, July 22 and October 22 when, as and if declared by the Citi Board of Directors. (6) Issued as depositary shares, each representing a 1/25 th interest in a share of the corresponding series of non-cumulative perpetual preferred stock. Dividends are payable semi-annually on May 15 and November 15 at a fixed rate until May 15, 2023, thereafter payable quarterly on February 15, May 15, August 15 and November 15 at a floating rate, in each case when, as and if declared by the Citi Board of Directors. (7) Issued as depositary shares, each representing a 1/1,000 th interest in a share of the corresponding series of non-cumulative perpetual preferred stock. Dividends are payable quarterly on March 30, June 30, September 30 and December 30 at a fixed rate until 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 1/1,000 th interest in a share of the corresponding series of non-cumulative perpetual preferred stock. Dividends are payable quarterly on February 15, May 15, August 15 and November 15 at a fixed rate until 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 1/1,000 th interest in a share of the corresponding series of non-cumulative perpetual preferred stock. Dividends are payable quarterly on February 12, May 12, August 12 and November 12 at a fixed rate, in each case when, as and if declared by the Citi Board of Directors. (10) Issued as depositary shares, each representing a 1/25 th interest in a share of the corresponding series of non-cumulative perpetual preferred stock. Dividends are payable semi-annually on May 15 and November 15 at a fixed rate until May 15, 2024, thereafter payable quarterly on February 15, May 15, August 15, and November 15 at a floating rate, in each case when, as and if declared by the Citi Board of Directors. (11) Issued as depositary shares, each representing a 1/25 th interest in a share of the corresponding series of non-cumulative perpetual preferred stock. Dividends are payable semi-annually on May 15 and November 15 at a fixed rate until, but excluding, November 15, 2019, and thereafter payable quarterly on February 15, May 15, August 15 and November 15 at a floating rate, in each case when, as and if declared by the Citi Board of Directors. (12) Issued as depositary shares, each representing a 1/25 th interest in a share of the corresponding series of non-cumulative perpetual preferred stock. Dividends are payable semi-annually on March 27 and September 27 at a fixed rate until, but excluding, March 27, 2020, and thereafter payable quarterly on March 27, June 27, September 27 and December 27 at a floating rate, in each case when, as and if declared by the Citi Board of Directors. (13) Issued as depositary shares, each representing a 1/25 th interest in a share of the corresponding series of non-cumulative perpetual preferred stock. Dividends are payable semi-annually on May 15 and November 15 at a fixed rate beginning November 15, 2015 until, but excluding, May 15, 2015, and thereafter payable quarterly on February 15, May 15, August 15, and November 15 at a floating rate, in each case when, as and if declared by the Citi Board of Directors. (14) Issued as depository shares, each representing 1/25th interest in a share of the corresponding series of non-cumulative perpetual preferred stock. Dividends are payable semi-annually on February 15 and August 15 at a fixed rated until, but excluding, August 15, 2020, and thereafter payable quarterly on February 15, May 15, August 15, and November 15 at a floating rate, in each case when, as and if declared by the Citi Board of Directors. |
SECURITIZATIONS AND VARIABLE 52
SECURITIZATIONS AND VARIABLE INTEREST ENTITIES (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
SECURITIZATIONS AND VARIABLE INTEREST ENTITIES | |
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 September 30, 2015 and December 31, 2014 , is presented below: As of September 30, 2015 Maximum exposure to loss in significant unconsolidated VIEs (1) Funded exposures (2) Unfunded exposures In millions of dollars Total involvement with SPE assets Consolidated VIE / SPE assets Significant unconsolidated VIE assets (3) Debt investments Equity investments Funding commitments Guarantees and derivatives Total Credit card securitizations $ 54,075 $ 53,924 $ 151 $ — $ — $ — $ — $ — Mortgage securitizations (4) U.S. agency-sponsored 238,077 — 238,077 3,840 — — 97 3,937 Non-agency-sponsored 16,061 1,728 14,333 458 — — 1 459 Citi-administered asset-backed commercial paper conduits (ABCP) 24,117 24,117 — — — — — — Collateralized debt obligations (CDOs) 3,515 — 3,515 165 — — 86 251 Collateralized loan obligations (CLOs) 16,567 — 16,567 2,484 — — — 2,484 Asset-based financing 71,046 1,335 69,711 24,183 267 3,266 399 28,115 Municipal securities tender option bond trusts (TOBs) 9,087 4,259 4,828 56 — 3,136 — 3,192 Municipal investments 22,512 54 22,458 2,272 2,208 2,651 — 7,131 Client intermediation 1,800 358 1,442 49 — — — 49 Investment funds (5) 27,801 918 26,883 13 350 104 — 467 Other 13,271 9,063 4,208 75 556 22 53 706 Total (6) $ 497,929 $ 95,756 $ 402,173 $ 33,595 $ 3,381 $ 9,179 $ 636 $ 46,791 As of December 31, 2014 Maximum exposure to loss in significant unconsolidated VIEs (1) Funded exposures (2) Unfunded exposures In millions of dollars Total involvement with SPE assets Consolidated VIE / SPE assets Significant unconsolidated VIE assets (3) Debt investments Equity investments Funding commitments Guarantees and derivatives Total Credit card securitizations $ 60,503 $ 60,271 $ 232 $ — $ — $ — $ — $ — Mortgage securitizations (4) U.S. agency-sponsored 264,848 — 264,848 5,213 — — 110 5,323 Non-agency-sponsored 17,888 1,304 16,584 577 — — 1 578 Citi-administered asset-backed commercial paper conduits (ABCP) 29,181 29,181 — — — — — — Collateralized debt obligations (CDOs) 5,617 — 5,617 219 — — 86 305 Collateralized loan obligations (CLOs) 14,119 — 14,119 1,746 — — — 1,746 Asset-based financing 63,900 1,151 62,749 22,928 66 2,271 333 25,598 Municipal securities tender option bond trusts (TOBs) 12,280 6,671 5,609 3 — 3,670 — 3,673 Municipal investments 23,706 70 23,636 2,014 2,197 2,225 — 6,436 Client intermediation 1,745 137 1,608 10 — — 10 20 Investment funds (5) 31,992 1,096 30,896 16 382 124 — 522 Other 8,298 2,909 5,389 183 1,451 23 73 1,730 Total (6) $ 534,077 $ 102,790 $ 431,287 $ 32,909 $ 4,096 $ 8,313 $ 613 $ 45,931 (1) The definition of maximum exposure to loss is included in the text that follows this table. (2) Included on Citigroup’s September 30, 2015 and December 31, 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) Citigroup mortgage securitizations also include agency and non-agency (private-label) re-securitization activities. These SPEs are not consolidated. See “Re-securitizations” below for further discussion. (5) 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. (6) Citi’s total involvement with Citicorp SPE assets was $451.7 billion and $481.3 billion as of September 30, 2015 and December 31, 2014 , respectively, with the remainder related to Citi Holdings. |
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 September 30, 2015 and December 31, 2014 : September 30, 2015 December 31, 2014 Liquidity Loan / equity Liquidity Loan / equity In millions of dollars facilities commitments facilities commitments Asset-based financing $ 5 $ 3,261 $ 5 $ 2,266 Municipal securities tender option bond trusts (TOBs) 3,136 — 3,670 — Municipal investments — 2,651 — 2,225 Investment funds — 104 — 124 Other — 22 — 23 Total funding commitments $ 3,141 $ 6,038 $ 3,675 $ 4,638 |
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 September 30, 2015 and December 31, 2014 : In billions of dollars September 30, 2015 December 31, 2014 Cash $ 0.2 $ 0.3 Trading account assets 0.6 0.7 Investments 5.6 8.0 Total loans, net of allowance 80.7 93.2 Other 8.7 0.6 Total assets $ 95.8 $ 102.8 Short-term borrowings $ 13.8 $ 22.7 Long-term debt 32.4 40.1 Other liabilities 6.5 0.9 Total liabilities (1) $ 52.7 $ 63.7 (1) The total liabilities of consolidated VIEs for which creditors or beneficial interest holders do not have recourse to the general credit of Citi were $50.5 billion and $61.2 billion as of September 30, 2015 and December 31, 2014 , respectively. Liabilities of consolidated VIEs for which creditors or beneficial interest holders have recourse to the general credit of Citi comprise two items included in the above table: 1) credit enhancements provided to consolidated Citi-administered commercial paper conduits in the form of letters of credit of $2.2 billion at September 30, 2015 and December 31, 2014 and; 2) credit guarantees provided by Citi to certain consolidated municipal tender option bond trusts of $83 million and $198 million at September 30, 2015 and December 31, 2014 , respectively. |
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 September 30, 2015 and December 31, 2014 : In billions of dollars September 30, 2015 December 31, 2014 Cash $ 0.1 $ — Trading account assets 5.9 7.6 Investments 2.8 2.6 Total loans, net of allowance 26.4 25.0 Other 1.8 2.0 Total assets $ 37.0 $ 37.2 |
Schedule of securitized credit card receivables | The following table reflects amounts related to the Company’s securitized credit card receivables as of September 30, 2015 and December 31, 2014 : In billions of dollars September 30, 2015 December 31, 2014 Ownership interests in principal amount of trust credit card receivables Sold to investors via trust-issued securities $ 30.7 $ 37.0 Retained by Citigroup as trust-issued securities 8.6 10.1 Retained by Citigroup via non-certificated interests 15.5 14.2 Total $ 54.8 $ 61.3 The following tables summarize selected cash flow information related to Citigroup’s credit card securitizations for the three and nine months ended September 30, 2015 and 2014 : Three months ended In billions of dollars 2015 2014 Proceeds from new securitizations $ — $ 3.1 Pay down of maturing notes (0.7 ) (2.8 ) Nine months ended September 30, In billions of dollars 2015 2014 Proceeds from new securitizations $ — $ 9.9 Pay down of maturing notes (6.5 ) (4.1 ) |
Schedule of Master Trust liabilities (at par value) | Master Trust Liabilities (at par value) In billions of dollars September 30, 2015 Dec. 31, 2014 Term notes issued to third parties $ 29.4 $ 35.7 Term notes retained by Citigroup affiliates 6.7 8.2 Total Master Trust liabilities $ 36.1 $ 43.9 |
Schedule of Omni Trust liabilities (at par value) | Omni Trust Liabilities (at par value) In billions of dollars September 30, 2015 Dec. 31, 2014 Term notes issued to third parties $ 1.3 $ 1.3 Term notes retained by Citigroup affiliates 1.9 1.9 Total Omni Trust liabilities $ 3.2 $ 3.2 |
Schedule of cash flow information, mortgage securitizations | The following tables summarize selected cash flow information related to Citigroup mortgage securitizations for the three and nine months ended September 30, 2015 and 2014 : Three months ended September 30, 2015 2014 In billions of dollars U.S. agency- Non-agency- U.S. agency- Non-agency- Proceeds from new securitizations $ 6.8 $ 3.1 $ 6.3 $ 1.7 Contractual servicing fees received 0.1 — 0.1 — Cash flows received on retained interests and other net cash flows — — — — Nine months ended September 30, 2015 2014 In billions of dollars U.S. agency- sponsored mortgages Non-agency- sponsored mortgages U.S. agency- Non-agency- Proceeds from new securitizations $ 19.8 $ 9.2 $ 19.6 $ 6.9 Contractual servicing fees received 0.4 — 0.3 — Cash flows received on retained interests and other net cash flows — — — — |
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 nine months ended September 30, 2015 and 2014 were as follows: Three months ended September 30, 2015 Non-agency-sponsored mortgages (1) U.S. agency- sponsored mortgages Senior interests Subordinated interests Discount rate 3.0% to 10.7% 3.2 % — Weighted average discount rate 9.1 % 3.2 % — Constant prepayment rate 8.4% to 14.1% — — Weighted average constant prepayment rate 11.1 % — — Anticipated net credit losses (2) NM 40.0 % — Weighted average anticipated net credit losses NM 40.0 % — Weighted average life 6.5 to 9.3 years 9.8 years — Three months ended September 30, 2014 Non-agency-sponsored mortgages (1) U.S. agency- sponsored mortgages Senior interests Subordinated interests Discount rate 0.0% to 14.7% — 6.7% to 9.0% Weighted average discount rate 12.4 % — 8.7 % Constant prepayment rate 4.6% to 18.1% — 0.5% to 8.9% Weighted average constant prepayment rate 5.8 % — 1.7 % Anticipated net credit losses (2) NM — 8.9% to 40.0% Weighted average anticipated net credit losses NM — 35.6 % Weighted average life 5.2 to 8.9 years — 6.7 to 7.3 years Nine months ended September 30, 2015 Non-agency-sponsored mortgages (1) U.S. agency- Senior Subordinated Discount rate 0.0% to 10.7% 2.8% to 3.2% 0.0% to 12.1% Weighted average discount rate 7.7 % 2.9 % 5.5 % Constant prepayment rate 5.7% to 34.9% 0.0 % 0.0% to 8.0% Weighted average constant prepayment rate 12.7 % 0.0 % 3.3 % Anticipated net credit losses (2) NM 40.0 % 0.0% to 55.9% Weighted average anticipated net credit losses NM 40.0 % 40.2 % Weighted average life 3.5 to 10.1 years 9.7 to 9.8 years 0.0 to 12.9 years Nine months ended September 30, 2014 Non-agency-sponsored mortgages (1) U.S. agency- Senior Subordinated Discount rate 0.0% to 14.7% 1.4% to 4.6% 2.6% to 9.1% Weighted average discount rate 11.2 % 3.8 % 7.8 % Constant prepayment rate 0.0% to 18.1% 0.0 % 0.5% to 8.9% Weighted average constant prepayment rate 5.3 % 0.0 % 3.2 % Anticipated net credit losses (2) NM 40.0 % 8.9% to 58.5% Weighted average anticipated net credit losses NM 40.0 % 43.1 % Weighted average life 0.0 to 9.7 years 2.6 to 8.6 years 3.0 to 14.5 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 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 September 30, 2015 and December 31, 2014 , 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. September 30, 2015 Non-agency-sponsored mortgages (1) U.S. agency- sponsored mortgages Senior interests Subordinated interests (3) Discount rate 0.0% to 30.5% 1.1% to 38.6% 2.0% to 22.6% Weighted average discount rate 6.0 % 8.5 % 7.7 % Constant prepayment rate 6.8% to 28.6% 2.9% to 100.0% 0.5% to 22.1% Weighted average constant prepayment rate 14.4 % 15.9 % 7.3 % Anticipated net credit losses (2) NM 0.0% to 88.7% 4.4% to 89.4% Weighted average anticipated net credit losses NM 44.9 % 52.1 % Weighted average life 1.6 to 20.7 years 0.3 to 22.4 years 0.1 to 21.4 years December 31, 2014 Non-agency-sponsored mortgages (1) U.S. agency- sponsored mortgages Senior interests Subordinated interests (3) Discount rate 0.0% to 21.2% 1.1% to 47.1% 1.3% to 19.6% Weighted average discount rate 8.4 % 7.7 % 8.2 % Constant prepayment rate 6.0% to 41.4% 2.0% to 100.0% 0.5% to 16.2% Weighted average constant prepayment rate 15.3 % 10.9 % 7.2 % Anticipated net credit losses (2) NM 0.0% to 92.4% 13.7% to 83.8% Weighted average anticipated net credit losses NM 51.7 % 52.5 % Weighted average life 0.0 to 16.0 years 0.3 to 14.4 years 0.0 to 24.4 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. (3) Citi Holdings held no subordinated interests in mortgage securitizations as of September 30, 2015 and December 31, 2014 . NM Anticipated net credit losses are not meaningful due to U.S. agency guarantees. Non-agency-sponsored mortgages (1) In millions of dollars at September 30, 2015 U.S. agency- sponsored mortgages Senior interests Subordinated interests Carrying value of retained interests $ 2,584 $ 192 $ 514 Discount rates Adverse change of 10% $ (62 ) $ (8 ) $ (24 ) Adverse change of 20% (122 ) (15 ) (46 ) Constant prepayment rate Adverse change of 10% (105 ) (3 ) (6 ) Adverse change of 20% (202 ) (6 ) (14 ) Anticipated net credit losses Adverse change of 10% NM (6 ) (6 ) Adverse change of 20% NM (11 ) (12 ) Non-agency-sponsored mortgages (1) In millions of dollars at December 31, 2014 U.S. agency- sponsored mortgages Senior interests Subordinated interests Carrying value of retained interests $ 2,374 $ 310 $ 554 Discount rates Adverse change of 10% $ (69 ) $ (7 ) $ (30 ) Adverse change of 20% (134 ) (13 ) (57 ) Constant prepayment rate Adverse change of 10% (93 ) (3 ) (9 ) Adverse change of 20% (179 ) (5 ) (18 ) Anticipated net credit losses Adverse change of 10% NM (6 ) (9 ) Adverse change of 20% NM (10 ) (16 ) (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 September 30, 2015 and December 31, 2014 . NM Anticipated net credit losses are not meaningful due to U.S. agency guarantees. |
Schedule of changes in capitalized MSRs | The following tables summarize the changes in capitalized MSRs for the three and nine months ended September 30, 2015 and 2014 : Three months ended September 30, In millions of dollars 2015 2014 Balance, as of June 30 $ 1,924 $ 2,282 Originations 57 52 Changes in fair value of MSRs due to changes in inputs and assumptions (140 ) (11 ) Other changes (1) (79 ) (108 ) Sale of MSRs 4 (122 ) Balance, as of September 30 $ 1,766 $ 2,093 Nine months ended September 30, In millions of dollars 2015 2014 Balance, beginning of year $ 1,845 $ 2,718 Originations 168 151 Changes in fair value of MSRs due to changes in inputs and assumptions 51 (186 ) Other changes (1) (261 ) (333 ) Sale of MSRs (37 ) (257 ) Balance, as of September 30 $ 1,766 $ 2,093 (1) Represents changes due to customer payments and passage of time. |
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 nine months ended September 30, 2015 and 2014 were as follows: Three months ended September 30, Nine months ended September 30, In millions of dollars 2015 2014 2015 2014 Servicing fees $ 135 $ 159 $ 416 $ 491 Late fees 4 5 12 20 Ancillary fees 6 11 28 47 Total MSR fees $ 145 $ 175 $ 456 $ 558 |
Schedule of key assumptions for measuring fair value of retained interests at the date of sale or securitization of CDOs and CLOs | At September 30, 2015 and December 31, 2014 , the key assumptions used to value retained interests in CLOs and CDOs, and the sensitivity of the fair value to adverse changes of 10% and 20% are set forth in the tables below: September 30, 2015 CDOs CLOs Discount rate 45.0% to 49.5% 1.5% to 1.6% September 30, 2015 CDOs CLOs Discount rate 45.0% to 49.5% 1.5% to 1.6% December 31, 2014 CDOs CLOs Discount rate 44.7% to 49.2% 1.4% to 5.0% |
Schedule of sensitivity of adverse changes of 10% and 20% to discount rate, CDOs and CLOs | September 30, 2015 In millions of dollars CDOs CLOs Carrying value of retained interests $ 7 $ 911 Discount rates Adverse change of 10% $ — $ (5 ) Adverse change of 20% (1 ) (10 ) December 31, 2014 In millions of dollars CDOs CLOs Carrying value of retained interests $ 6 $ 1,549 Discount rates Adverse change of 10% $ (1 ) $ (9 ) Adverse change of 20% (2 ) (18 ) |
Schedule of asset-based financing | The primary types of Citigroup’s asset-based financings, total assets of the unconsolidated VIEs with significant involvement, and the Company’s maximum exposure to loss at September 30, 2015 and December 31, 2014 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. September 30, 2015 In millions of dollars Total unconsolidated VIE assets Maximum exposure to unconsolidated VIEs Type Commercial and other real estate $ 33,911 $ 11,203 Corporate loans 665 747 Hedge funds and equities 358 53 Airplanes, ships and other assets 34,777 16,112 Total $ 69,711 $ 28,115 December 31, 2014 In millions of dollars Total unconsolidated VIE assets Maximum exposure to unconsolidated VIEs Type Commercial and other real estate $ 26,146 $ 9,476 Corporate loans 460 473 Hedge funds and equities — — Airplanes, ships and other assets 36,143 15,649 Total $ 62,749 $ 25,598 |
Schedule of selected cash flow information related to asset-based financing | The following tables summarize selected cash flow information related to asset-based financings for the three and nine months ended September 30, 2015 and 2014 : Three months ended In billions of dollars 2015 2014 Proceeds from new securitizations $ 0.4 $ — Cash flows received on retained interests and other net cash flows — — Nine months ended September 30, In billions of dollars 2015 2014 Proceeds from new securitizations $ 0.4 $ 0.5 Cash flows received on retained interests and other net cash flows — 0.3 |
DERIVATIVES ACTIVITIES (Tables)
DERIVATIVES ACTIVITIES (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Notionals | Derivative Notionals Hedging instruments under ASC 815 (1)(2) Other derivative instruments Trading derivatives Management hedges (3) In millions of dollars September 30, December 31, September 30, December 31, September 30, December 31, Interest rate contracts Swaps $ 179,366 $ 163,348 $ 24,197,468 $ 31,906,549 $ 31,024 $ 31,945 Futures and forwards — — 8,385,914 7,044,990 38,226 42,305 Written options — — 2,979,791 3,311,751 3,141 3,913 Purchased options — — 2,901,225 3,171,056 4,495 4,910 Total interest rate contract notionals $ 179,366 $ 163,348 $ 38,464,398 $ 45,434,346 $ 76,886 $ 83,073 Foreign exchange contracts Swaps $ 26,212 $ 25,157 $ 4,622,283 $ 4,567,977 $ 23,754 $ 23,990 Futures, forwards and spot (4) 65,741 73,219 2,799,499 3,003,295 5,090 7,069 Written options 204 — 1,389,887 1,343,520 — 432 Purchased options 204 — 1,402,117 1,363,382 — 432 Total foreign exchange contract notionals $ 92,361 $ 98,376 $ 10,213,786 $ 10,278,174 $ 28,844 $ 31,923 Equity contracts Swaps $ — $ — $ 174,378 $ 131,344 $ — $ — Futures and forwards — — 34,718 30,510 — — Written options — — 406,820 305,627 — — Purchased options — — 402,736 275,216 — — Total equity contract notionals $ — $ — $ 1,018,652 $ 742,697 $ — $ — Commodity and other contracts Swaps $ — $ — $ 74,925 $ 90,817 $ — $ — Futures and forwards 959 1,089 106,114 106,021 — — Written options — — 99,148 104,581 — — Purchased options — — 88,192 95,567 — — Total commodity and other contract notionals $ 959 $ 1,089 $ 368,379 $ 396,986 $ — $ — Credit derivatives (5) Protection sold $ — $ — $ 1,175,657 $ 1,063,858 $ — $ — Protection purchased — — 1,200,249 1,100,369 22,298 16,018 Total credit derivatives $ — $ — $ 2,375,906 $ 2,164,227 $ 22,298 $ 16,018 Total derivative notionals $ 272,686 $ 262,813 $ 52,441,121 $ 59,016,430 $ 128,028 $ 131,014 (1) The notional amounts presented in this table do not include hedge accounting relationships under ASC 815 where Citigroup is hedging the foreign currency risk of a net investment in a foreign operation by issuing a foreign-currency-denominated debt instrument. The notional amount of such debt was $2,608 million and $3,752 million at September 30, 2015 and December 31, 2014 , 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 to mitigate certain economic risks, but for which hedge accounting is not applied. These derivatives are recorded in either Other assets/Other liabilities or Trading account assets/Trading account liabilities on the Consolidated Balance Sheet. (4) Foreign exchange notional contracts include spot contract notionals of $830 billion and $849 billion at September 30, 2015 and December 31, 2014, respectively. Previous presentations of foreign exchange derivative notional contracts did not include spot contracts. There was no impact to the Consolidated Financial Statements related to this updated presentation. (5) Credit derivatives are arrangements designed to allow one party (protection buyer) to transfer the credit risk of a “reference asset” to another party (protection seller). These arrangements allow a protection seller to assume the credit risk associated with the reference asset without directly purchasing that asset. The Company enters into credit derivative positions for purposes such as risk management, yield enhancement, reduction of credit concentrations and diversification of overall risk. |
Derivative Mark-to-Market (MTM) Receivables/Payables | Derivative Mark-to-Market (MTM) Receivables/Payables In millions of dollars at September 30, 2015 Derivatives classified in Trading account assets / liabilities (1)(2)(3) Derivatives classified in Other assets / liabilities (2)(3) Derivatives instruments designated as ASC 815 hedges Assets Liabilities Assets Liabilities Over-the-counter $ 4,986 $ 265 $ 2,506 $ 363 Cleared 663 1,165 — — Interest rate contracts $ 5,649 $ 1,430 $ 2,506 $ 363 Over-the-counter $ 3,117 $ 1,004 $ 49 $ 710 Foreign exchange contracts $ 3,117 $ 1,004 $ 49 $ 710 Total derivative instruments designated as ASC 815 hedges $ 8,766 $ 2,434 $ 2,555 $ 1,073 Derivatives instruments not designated as ASC 815 hedges Over-the-counter $ 310,616 $ 294,324 $ 199 $ — Cleared 164,984 165,753 316 288 Exchange traded 61 48 — — Interest rate contracts $ 475,661 $ 460,125 $ 515 $ 288 Over-the-counter $ 145,276 $ 150,609 $ — $ 90 Cleared 157 190 — — Exchange traded 36 72 — — Foreign exchange contracts $ 145,469 $ 150,871 $ — $ 90 Over-the-counter $ 21,769 $ 26,394 $ — $ — Cleared 13 14 — — Exchange traded 5,426 5,361 — — Equity contracts $ 27,208 $ 31,769 $ — $ — Over-the-counter $ 15,404 $ 18,451 $ — $ — Exchange traded 2,201 3,844 — — Commodity and other contracts $ 17,605 $ 22,295 $ — $ — Over-the-counter $ 32,292 $ 31,510 $ 744 $ 232 Cleared 5,233 5,330 65 247 Credit derivatives (4) $ 37,525 $ 36,840 $ 809 $ 479 Total derivatives instruments not designated as ASC 815 hedges $ 703,468 $ 701,900 $ 1,324 $ 857 Total derivatives $ 712,234 $ 704,334 $ 3,879 $ 1,930 Cash collateral paid/received (5)(6) $ 8,515 $ 9,751 $ — $ 30 Less: Netting agreements (7) (609,402 ) (609,402 ) — — Less: Netting cash collateral received/paid (8) (50,476 ) (42,435 ) (1,737 ) (78 ) Net receivables/payables included on the consolidated balance sheet (9) $ 60,871 $ 62,248 $ 2,142 $ 1,882 Additional amounts subject to an enforceable master netting agreement but not offset on the Consolidated Balance Sheet Less: Cash collateral received/paid $ (774 ) $ (2 ) $ — $ — Less: Non-cash collateral received/paid (10,335 ) (5,795 ) (521 ) — Total net receivables/payables (9) $ 49,762 $ 56,451 $ 1,621 $ 1,882 (1) The trading derivatives fair values are presented in Note 12 to the Consolidated Financial Statements. (2) Derivative mark-to-market receivables/payables related to management hedges are recorded in either Other assets/Other liabilities or Trading account assets/Trading account liabilities . (3) Over-the-counter (OTC) derivatives are derivatives executed and settled bilaterally with counterparties without the use of an organized exchange or central clearing house. Cleared derivatives include derivatives executed bilaterally with a counterparty in the OTC market but then novated to a central clearing house, whereby the central clearing house becomes the counterparty to both of the original counterparties. Exchange traded derivatives include derivatives executed directly on an organized exchange that provides pre-trade price transparency. (4) The credit derivatives trading assets comprise $18,102 million related to protection purchased and $19,423 million related to protection sold as of September 30, 2015 . The credit derivatives trading liabilities comprise $19,476 million related to protection purchased and $17,364 million related to protection sold as of September 30, 2015 . (5) For the trading account assets/liabilities, reflects the net amount of the $50,950 million and $60,227 million of gross cash collateral paid and received, respectively. Of the gross cash collateral paid, $42,435 million was used to offset trading derivative liabilities and, of the gross cash collateral received, $50,476 million was used to offset trading derivative assets. (6) For cash collateral paid with respect to non-trading derivative liabilities, this is the net amount of $78 million of the gross cash collateral paid, of which $78 million is netted against non-trading derivative positions within Other liabilities . For cash collateral received with respect to non-trading derivative liabilities, reflects the net amount of $1,767 million the gross cash collateral received, of which $1,737 million is netted against OTC non-trading derivative positions within Other assets . (7) Represents the netting of derivative receivable and payable balances with the same counterparty under enforceable netting agreements. Approximately $440 billion , $164 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 and paid is netted against OTC derivative assets and liabilities, respectively. (9) The net receivables/payables include approximately $12 billion of derivative asset and $11 billion of derivative liability fair values not subject to enforceable master netting agreements, respectively. In millions of dollars at December 31, 2014 Derivatives classified in Trading account assets / liabilities (1)(2)(3) Derivatives classified in Other assets / liabilities (2)(3) Derivatives instruments designated as ASC 815 hedges Assets Liabilities Assets Liabilities Over-the-counter $ 1,508 $ 204 $ 3,117 $ 414 Cleared 4,300 868 — 25 Interest rate contracts $ 5,808 $ 1,072 $ 3,117 $ 439 Over-the-counter $ 3,885 $ 743 $ 678 $ 588 Foreign exchange contracts $ 3,885 $ 743 $ 678 $ 588 Total derivative instruments designated as ASC 815 hedges $ 9,693 $ 1,815 $ 3,795 $ 1,027 Derivatives instruments not designated as ASC 815 hedges Over-the-counter $ 376,778 $ 359,689 $ 106 $ — Cleared 255,847 261,499 6 21 Exchange traded 20 22 141 164 Interest rate contracts $ 632,645 $ 621,210 $ 253 $ 185 Over-the-counter $ 151,736 $ 157,650 $ — $ 17 Cleared 366 387 — — Exchange traded 7 46 — — Foreign exchange contracts $ 152,109 $ 158,083 $ — $ 17 Over-the-counter $ 20,425 $ 28,333 $ — $ — Cleared 16 35 — — Exchange traded 4,311 4,101 — — Equity contracts $ 24,752 $ 32,469 $ — $ — Over-the-counter $ 19,943 $ 23,103 $ — $ — Exchange traded 3,577 3,083 — — Commodity and other contracts $ 23,520 $ 26,186 $ — $ — Over-the-counter $ 39,412 $ 39,439 $ 265 $ 384 Cleared 4,106 3,991 13 171 Credit derivatives (4) $ 43,518 $ 43,430 $ 278 $ 555 Total derivatives instruments not designated as ASC 815 hedges $ 876,544 $ 881,378 $ 531 $ 757 Total derivatives $ 886,237 $ 883,193 $ 4,326 $ 1,784 Cash collateral paid/received (5)(6) $ 6,523 $ 9,846 $ 123 $ 7 Less: Netting agreements (7) (777,178 ) (777,178 ) — — Less: Netting cash collateral received/paid (8) (47,625 ) (47,769 ) (1,791 ) (15 ) Net receivables/payables included on the Consolidated Balance Sheet (9) $ 67,957 $ 68,092 $ 2,658 $ 1,776 Additional amounts subject to an enforceable master netting agreement but not offset on the Consolidated Balance Sheet Less: Cash collateral received/paid $ (867 ) $ (11 ) $ — $ — Less: Non-cash collateral received/paid (10,043 ) (6,264 ) (1,293 ) — Total net receivables/payables (9) $ 57,047 $ 61,817 $ 1,365 $ 1,776 (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 $18,430 million related to protection purchased and $25,088 million related to protection sold as of December 31, 2014 . The credit derivatives trading liabilities comprise $25,972 million related to protection purchased and $17,458 million related to protection sold as of December 31, 2014 . (5) For the trading account assets/liabilities, reflects the net amount of the $54,292 million and $57,471 million of gross cash collateral paid and received, respectively. Of the gross cash collateral paid, $47,769 million was used to offset derivative liabilities and, of the gross cash collateral received, $47,625 million was used to offset derivative assets. (6) For cash collateral paid with respect to non-trading derivative liabilities, reflects the net amount of $138 million of the gross cash collateral received, of which $15 million is netted against OTC non-trading derivative positions within Other liabilities . For cash collateral received with respect to non-trading derivative liabilities, reflects the net amount of $1,798 million of gross cash collateral received of which $1,791 million is netted against non-trading derivative positions within Other assets . (7) Represents the netting of derivative receivable and payable balances with the same counterparty under enforceable netting agreements. Approximately $510 billion , $264 billion and $3 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 $46 billion and $2 billion is netted against OTC and cleared derivative liabilities, respectively. (9) The net receivables/payables include approximately $11 billion of derivative asset and $10 billion of liability fair values not subject to enforceable master netting agreements. |
Derivative gain (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 September 30, Nine Months Ended September 30, In millions of dollars 2015 2014 2015 2014 Effective portion of cash flow hedges included in AOCI Interest rate contracts $ 357 $ (70 ) $ 594 $ 153 Foreign exchange contracts (98 ) 1 (258 ) (56 ) Credit derivatives — — — 2 Total effective portion of cash flow hedges included in AOCI $ 259 $ (69 ) $ 336 $ 99 Effective portion of cash flow hedges reclassified from AOCI to earnings Interest rate contracts $ (28 ) $ (84 ) $ (148 ) $ (218 ) Foreign exchange contracts (35 ) (30 ) (112 ) (114 ) Total effective portion of cash flow hedges reclassified from AOCI to earnings (1) $ (63 ) $ (114 ) $ (260 ) $ (332 ) (1) Included primarily in Other revenue and Net interest revenue on the Consolidated Income Statement. |
Schedule of key characteristics of credit derivative portfolio | The following tables summarize the key characteristics of Citi’s credit derivatives portfolio by counterparty and derivative form as of September 30, 2015 and December 31, 2014 : Fair values Notionals In millions of dollars at September 30, 2015 Receivable (1) Payable (2) Protection Protection By industry/counterparty Banks $ 19,377 $ 17,499 $ 579,175 $ 574,608 Broker-dealers 6,382 6,690 174,590 171,430 Non-financial 125 155 4,311 2,213 Insurance and other financial institutions 12,450 12,975 464,471 427,406 Total by industry/counterparty $ 38,334 $ 37,319 $ 1,222,547 $ 1,175,657 By instrument Credit default swaps and options $ 37,842 $ 36,782 $ 1,203,305 $ 1,168,598 Total return swaps and other 492 537 19,242 7,059 Total by instrument $ 38,334 $ 37,319 $ 1,222,547 $ 1,175,657 By rating Investment grade $ 15,679 $ 15,297 $ 926,912 $ 888,780 Non-investment grade 22,655 22,022 295,635 286,877 Total by rating $ 38,334 $ 37,319 $ 1,222,547 $ 1,175,657 By maturity Within 1 year $ 2,688 $ 2,124 $ 246,395 $ 239,578 From 1 to 5 years 30,243 29,810 842,684 808,865 After 5 years 5,403 5,385 133,468 127,214 Total by maturity $ 38,334 $ 37,319 $ 1,222,547 $ 1,175,657 (1) The fair value amount receivable is composed of $ 18,911 million under protection purchased and $ 19,423 million under protection sold. (2) The fair value amount payable is composed of $ 19,955 million under protection purchased and $ 17,364 million under protection sold. Fair values Notionals In millions of dollars at December 31, 2014 Receivable (1) Payable (2) Protection Protection By industry/counterparty Banks $ 24,828 $ 23,189 $ 574,764 $ 604,700 Broker-dealers 8,093 9,309 204,542 199,693 Non-financial 91 113 3,697 1,595 Insurance and other financial institutions 10,784 11,374 333,384 257,870 Total by industry/counterparty $ 43,796 $ 43,985 $ 1,116,387 $ 1,063,858 By instrument Credit default swaps and options $ 42,930 $ 42,201 $ 1,094,199 $ 1,054,671 Total return swaps and other 866 1,784 22,188 9,187 Total by instrument $ 43,796 $ 43,985 $ 1,116,387 $ 1,063,858 By rating Investment grade $ 17,432 $ 17,182 $ 824,831 $ 786,848 Non-investment grade 26,364 26,803 291,556 277,010 Total by rating $ 43,796 $ 43,985 $ 1,116,387 $ 1,063,858 By maturity Within 1 year $ 4,356 $ 4,278 $ 250,489 $ 229,502 From 1 to 5 years 34,692 35,160 790,251 772,001 After 5 years 4,748 4,547 75,647 62,355 Total by maturity $ 43,796 $ 43,985 $ 1,116,387 $ 1,063,858 (1) The fair value amount receivable is composed of $ 18,708 million under protection purchased and $ 25,088 million under protection sold. (2) The fair value amount payable is composed of $ 26,527 million under protection purchased and $ 17,458 million under protection sold. |
Fair value hedges | |
Derivative gain (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 nine months ended September 30, 2015 and 2014 : Gains (losses) on fair value hedges (1) Three Months Ended September 30, Nine Months Ended September 30, In millions of dollars 2015 2014 2015 2014 Gain (loss) on the derivatives in designated and qualifying fair value hedges Interest rate contracts $ 1,111 $ (330 ) $ 72 $ 278 Foreign exchange contracts (311 ) 780 1,093 1,110 Commodity contracts (110 ) 47 (69 ) (56 ) Total gain (loss) on the derivatives in designated and qualifying fair value hedges $ 690 $ 497 $ 1,096 $ 1,332 Gain (loss) on the hedged item in designated and qualifying fair value hedges Interest rate hedges $ (1,113 ) $ 371 $ (115 ) $ (283 ) Foreign exchange hedges 304 (789 ) (1,081 ) (1,157 ) Commodity hedges 109 (20 ) 81 86 Total gain (loss) on the hedged item in designated and qualifying fair value hedges $ (700 ) $ (438 ) $ (1,115 ) $ (1,354 ) Hedge ineffectiveness recognized in earnings on designated and qualifying fair value hedges Interest rate hedges $ (1 ) $ 44 $ (42 ) $ (2 ) Foreign exchange hedges (24 ) (11 ) (41 ) (11 ) Total hedge ineffectiveness recognized in earnings on designated and qualifying fair value hedges $ (25 ) $ 33 $ (83 ) $ (13 ) Net gain (loss) excluded from assessment of the effectiveness of fair value hedges Interest rate contracts $ (1 ) $ (3 ) $ (1 ) $ (3 ) Foreign exchange contracts (2) 17 2 53 (36 ) Commodity hedges (2) (1 ) 27 12 30 Total net gain (loss) excluded from assessment of the effectiveness of fair value hedges $ 15 $ 26 $ 64 $ (9 ) (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. |
Derivatives not designated in a qualifying hedging relationship | |
Derivative gain (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 amounts recognized in Other revenue in the Consolidated Statement of Income for the three and nine months ended September 30, 2015 and 2014 related to derivatives not designated in a qualifying hedging relationship are shown below. The table below does not include any 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 September 30, Nine Months Ended September 30, In millions of dollars 2015 2014 2015 2014 Interest rate contracts $ 163 $ (4 ) $ 127 $ (201 ) Foreign exchange (19 ) (42 ) (65 ) 9 Credit derivatives 536 38 607 (196 ) Total Citigroup $ 680 $ (8 ) $ 669 $ (388 ) |
FAIR VALUE MEASUREMENT (Tables)
FAIR VALUE MEASUREMENT (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Fair Value Disclosures [Abstract] | |
Schedule of CVA and FVA applied to fair value of derivative instruments | The table below summarizes the CVA and FVA applied to the fair value of derivative instruments for the periods indicated: Credit and funding valuation adjustments contra-liability (contra-asset) In millions of dollars September 30, December 31, Counterparty CVA $ (1,715 ) $ (1,853 ) Asset FVA (643 ) (518 ) Citigroup (own-credit) CVA 681 580 Liability FVA 108 19 Total CVA—derivative instruments (1) $ (1,569 ) $ (1,772 ) (1) FVA is included with CVA for presentation purposes. |
Schedule of pretax gains (losses) related to changes in CVA, FVA and DVA | The table below summarizes pretax gains (losses) related to changes in CVA on derivative instruments, net of hedges, FVA on derivatives and debt valuation adjustments (DVA) on Citi’s own fair value option (FVO) liabilities for the periods indicated: Credit/funding/debt valuation adjustments gain (loss) Three Months Ended September 30, Nine Months Ended September 30, In millions of dollars 2015 2014 2015 2014 Counterparty CVA $ (32 ) $ (24 ) $ (191 ) $ 46 Asset FVA (177 ) (480 ) (125 ) (480 ) Own-credit CVA 97 15 81 (71 ) Liability FVA 44 6 89 6 Total CVA—derivative instruments $ (68 ) $ (483 ) $ (146 ) $ (499 ) DVA related to own FVO liabilities $ 264 $ 112 $ 582 $ 102 Total CVA and DVA (1) $ 196 $ (371 ) $ 436 $ (397 ) (1) FVA is included with CVA for presentation purposes. |
Items measured at fair value on a recurring basis | Fair Value Levels In millions of dollars at September 30, 2015 Level 1 (1) Level 2 (1) Level 3 Gross Netting (2) Net Assets Federal funds sold and securities borrowed or purchased under agreements to resell $ — $ 173,674 $ 1,415 $ 175,089 $ (31,615 ) $ 143,474 Trading non-derivative assets Trading mortgage-backed securities U.S. government-sponsored agency guaranteed $ — $ 26,101 $ 652 $ 26,753 $ — $ 26,753 Residential — 1,374 2,025 3,399 — 3,399 Commercial — 2,565 222 2,787 — 2,787 Total trading mortgage-backed securities $ — $ 30,040 $ 2,899 $ 32,939 $ — $ 32,939 U.S. Treasury and federal agency securities $ 25,096 $ 2,664 $ 3 $ 27,763 $ — $ 27,763 State and municipal — 3,547 277 3,824 — 3,824 Foreign government 38,226 19,365 85 57,676 — 57,676 Corporate 47 17,574 391 18,012 — 18,012 Equity securities 41,705 3,192 3,284 48,181 — 48,181 Asset-backed securities — 1,640 3,377 5,017 — 5,017 Other trading assets 1 10,374 2,288 12,663 — 12,663 Total trading non-derivative assets $ 105,075 $ 88,396 $ 12,604 $ 206,075 $ — $ 206,075 Trading derivatives Interest rate contracts $ 8 $ 478,443 $ 2,859 $ 481,310 Foreign exchange contracts 2 147,457 1,127 148,586 Equity contracts 3,266 22,086 1,856 27,208 Commodity contracts 257 16,479 869 17,605 Credit derivatives — 34,454 3,071 37,525 Total trading derivatives $ 3,533 $ 698,919 $ 9,782 $ 712,234 Cash collateral paid (3) $ 8,515 Netting agreements $ (609,402 ) Netting of cash collateral received (50,476 ) Total trading derivatives $ 3,533 $ 698,919 $ 9,782 $ 720,749 $ (659,878 ) $ 60,871 Investments Mortgage-backed securities U.S. government-sponsored agency guaranteed $ — $ 36,080 $ 114 $ 36,194 $ — $ 36,194 Residential — 7,227 — 7,227 — 7,227 Commercial — 526 2 528 — 528 Total investment mortgage-backed securities $ — $ 43,833 $ 116 $ 43,949 $ — $ 43,949 U.S. Treasury and federal agency securities $ 111,139 $ 11,223 $ 10 $ 122,372 $ — $ 122,372 State and municipal $ — $ 9,231 $ 2,165 $ 11,396 $ — $ 11,396 Foreign government 45,463 49,899 243 95,605 — 95,605 Corporate 3,119 12,264 641 16,024 — 16,024 Equity securities 317 67 445 829 — 829 Asset-backed securities — 9,312 558 9,870 — 9,870 Other debt securities — 661 10 671 — 671 Non-marketable equity securities (4) — 53 1,242 1,295 — 1,295 Total investments $ 160,038 $ 136,543 $ 5,430 $ 302,011 $ — $ 302,011 In millions of dollars at September 30, 2015 Level 1 (1) Level 2 (1) Level 3 Gross Netting (2) Net Loans (5) $ — $ 2,858 $ 2,655 $ 5,513 $ — $ 5,513 Mortgage servicing rights — — 1,766 1,766 — 1,766 Non-trading derivatives and other financial assets measured on a recurring basis, gross $ 160 $ 9,486 $ 192 $ 9,838 Cash collateral paid (6) — Netting of cash collateral received $ (1,737 ) Non-trading derivatives and other financial assets measured on a recurring basis (7) $ 160 $ 9,486 $ 192 $ 9,838 $ (1,737 ) $ 8,101 Total assets $ 268,806 $ 1,109,876 $ 33,844 $ 1,421,041 $ (693,230 ) $ 727,811 Total as a percentage of gross assets (8) 19.0 % 78.6 % 2.4 % Liabilities Interest-bearing deposits $ — $ 1,262 $ 458 $ 1,720 $ — $ 1,720 Federal funds purchased and securities loaned or sold under agreements to repurchase — 69,799 1,259 71,058 (31,615 ) 39,443 Trading account liabilities Securities sold, not yet purchased 51,802 11,697 234 63,733 63,733 Trading derivatives Interest rate contracts 8 458,048 3,499 461,555 Foreign exchange contracts 3 151,412 460 151,875 Equity contracts 3,424 26,037 2,308 31,769 Commodity contracts 319 19,260 2,716 22,295 Credit derivatives — 33,858 2,982 36,840 Total trading derivatives $ 3,754 $ 688,615 $ 11,965 $ 704,334 Cash collateral received (9) $ 9,751 Netting agreements $ (609,402 ) Netting of cash collateral paid (42,435 ) Total trading derivatives $ 3,754 $ 688,615 $ 11,965 $ 714,085 $ (651,837 ) $ 62,248 Short-term borrowings $ — $ 675 $ 102 $ 777 $ — $ 777 Long-term debt — 18,043 8,195 26,238 — 26,238 Non-trading derivatives and other financial liabilities measured on a recurring basis, gross $ — $ 1,925 $ 5 $ 1,930 Cash collateral received (10) 30 Netting of cash collateral paid (78 ) Total non-trading derivatives and other financial liabilities measured on a recurring basis $ — $ 1,925 $ 5 $ 1,960 $ (78 ) $ 1,882 Total liabilities $ 55,556 $ 792,016 $ 22,218 $ 879,571 $ (683,530 ) $ 196,041 Total as a percentage of gross liabilities (8) 6.4 % 91.1 % 2.6 % (1) For the three and nine months ended September 30, 2015 , the Company transferred assets of approximately $0.2 billion and $1.4 billion from Level 1 to Level 2, respectively, primarily related to foreign government securities not traded in active markets. During the three and nine months ended September 30, 2015 , the Company transferred assets of approximately $1.0 billion and $4.1 billion from Level 2 to Level 1, respectively, primarily related to foreign government bonds and equity securities traded with sufficient frequency to constitute a liquid market. During the three and nine months ended September 30, 2015 , the Company transferred liabilities of approximately $0.3 billion and $0.6 billion from Level 2 to Level 1. During the three and nine months ended September 30, 2015 , there were no material transfers and transfers of approximately $0.1 billion of liabilities from Level 1 to Level 2. (2) Represents netting of: (i) the amounts due under securities purchased under agreements to resell and the amounts owed under securities sold under agreements to repurchase; and (ii) derivative exposures covered by a qualifying master netting agreement and cash collateral offsetting. (3) Reflects the net amount of $50,950 million of gross cash collateral paid, of which $42,435 million was used to offset trading derivative liabilities. (4) Amounts exclude $1.0 billion investments measured at Net Asset Value (NAV) in accordance with ASU No. 2015-07, Fair Value Measurement (Topic 820): Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent). See Note 1 to the Consolidated Financial Statements. (5) There is no allowance for loan losses recorded for loans reported at fair value. (6) Reflects $78 million of gross cash collateral paid, all of which was used to offset non-trading derivative liabilities. (7) Includes assets transferred as a result of the announced sale of OneMain Financial. For additional information see Note 2 to the Consolidated Financial Statements. (8) 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. (9) Reflects the net amount of $60,227 million of gross cash collateral received, of which $50,476 million was used to offset trading derivative assets. (10) Reflects the net amount of $1,767 million of gross cash collateral received, of which $1,737 million was used to offset non-trading derivative assets. Fair Value Levels In millions of dollars at December 31, 2014 Level 1 (1) Level 2 (1) Level 3 Gross Netting (2) Net Assets Federal funds sold and securities borrowed or purchased under agreements to resell $ — $ 187,922 $ 3,398 $ 191,320 $ (47,129 ) $ 144,191 Trading non-derivative assets Trading mortgage-backed securities U.S. government-sponsored agency guaranteed — 25,968 1,085 27,053 — 27,053 Residential — 2,158 2,680 4,838 — 4,838 Commercial — 3,903 440 4,343 — 4,343 Total trading mortgage-backed securities $ — $ 32,029 $ 4,205 $ 36,234 $ — $ 36,234 U.S. Treasury and federal agency securities $ 15,991 $ 4,483 $ — $ 20,474 $ — $ 20,474 State and municipal — 3,161 241 3,402 — 3,402 Foreign government 37,995 26,736 206 64,937 — 64,937 Corporate 1,337 25,640 820 27,797 — 27,797 Equity securities 51,346 4,281 2,219 57,846 — 57,846 Asset-backed securities — 1,252 3,294 4,546 — 4,546 Other trading assets — 9,221 4,372 13,593 — 13,593 Total trading non-derivative assets $ 106,669 $ 106,803 $ 15,357 $ 228,829 $ — $ 228,829 Trading derivatives Interest rate contracts $ 74 $ 634,318 $ 4,061 $ 638,453 Foreign exchange contracts — 154,744 1,250 155,994 Equity contracts 2,748 19,969 2,035 24,752 Commodity contracts 647 21,850 1,023 23,520 Credit derivatives — 40,618 2,900 43,518 Total trading derivatives $ 3,469 $ 871,499 $ 11,269 $ 886,237 Cash collateral paid (3) $ 6,523 Netting agreements $ (777,178 ) Netting of cash collateral received (4) (47,625 ) Total trading derivatives $ 3,469 $ 871,499 $ 11,269 $ 892,760 $ (824,803 ) $ 67,957 Investments Mortgage-backed securities U.S. government-sponsored agency guaranteed $ — $ 36,053 $ 38 $ 36,091 $ — $ 36,091 Residential — 8,355 8 8,363 — 8,363 Commercial — 553 1 554 — 554 Total investment mortgage-backed securities $ — $ 44,961 $ 47 $ 45,008 $ — $ 45,008 U.S. Treasury and federal agency securities $ 110,710 $ 12,974 $ 6 $ 123,690 $ — $ 123,690 State and municipal $ — $ 10,519 $ 2,180 $ 12,699 $ — $ 12,699 Foreign government 37,280 52,739 678 90,697 — 90,697 Corporate 1,739 9,746 672 12,157 — 12,157 Equity securities 1,770 274 681 2,725 — 2,725 Asset-backed securities — 11,957 549 12,506 — 12,506 Other debt securities — 661 — 661 — 661 Non-marketable equity securities (5) — 233 1,460 1,693 — 1,693 Total investments $ 151,499 $ 144,064 $ 6,273 $ 301,836 $ — $ 301,836 In millions of dollars at December 31, 2014 Level 1 (1) Level 2 (1) Level 3 Gross Netting (2) Net Loans (6) $ — $ 2,793 $ 3,108 $ 5,901 $ — $ 5,901 Mortgage servicing rights — — 1,845 1,845 — 1,845 Non-trading derivatives and other financial assets measured on a recurring basis, gross $ — $ 9,352 $ 78 $ 9,430 Cash collateral paid (7) 123 Netting of cash collateral received (8) $ (1,791 ) Non-trading derivatives and other financial assets measured on a recurring basis $ — $ 9,352 $ 78 $ 9,553 $ (1,791 ) $ 7,762 Total assets $ 261,637 $ 1,322,433 $ 41,328 $ 1,632,044 $ (873,723 ) $ 758,321 Total as a percentage of gross assets (7) 16.1 % 81.4 % 2.5 % Liabilities Interest-bearing deposits $ — $ 1,198 $ 486 $ 1,684 $ — $ 1,684 Federal funds purchased and securities loaned or sold under agreements to repurchase — 82,811 1,043 83,854 (47,129 ) 36,725 Trading account liabilities Securities sold, not yet purchased 59,463 11,057 424 70,944 — 70,944 Trading account derivatives Interest rate contracts 77 617,933 4,272 622,282 Foreign exchange contracts — 158,354 472 158,826 Equity contracts 2,955 26,616 2,898 32,469 Commodity contracts 669 22,872 2,645 26,186 Credit derivatives — 39,787 3,643 43,430 Total trading derivatives $ 3,701 $ 865,562 $ 13,930 $ 883,193 Cash collateral received (8) $ 9,846 Netting agreements $ (777,178 ) Netting of cash collateral paid (3) (47,769 ) Total trading derivatives $ 3,701 $ 865,562 $ 13,930 $ 893,039 $ (824,947 ) $ 68,092 Short-term borrowings $ — $ 1,152 $ 344 $ 1,496 $ — $ 1,496 Long-term debt — 18,890 7,290 26,180 — 26,180 Non-trading derivatives and other financial liabilities measured on a recurring basis, gross $ — $ 1,777 $ 7 $ 1,784 Cash collateral received (9) $ 7 Netting of cash collateral paid (7) (15 ) Non-trading derivatives and other financial liabilities measured on a recurring basis — 1,777 7 1,791 (15 ) 1,776 Total liabilities $ 63,164 $ 982,447 $ 23,524 $ 1,078,988 $ (872,091 ) $ 206,897 Total as a percentage of gross liabilities (4) 5.9 % 91.9 % 2.2 % (1) For the year ended December 31, 2014 , the Company transferred assets of approximately $4.1 billion from Level 1 to Level 2, primarily related to foreign government securities not traded with sufficient frequency to constitute an active market and Citi refining its methodology for certain equity contracts to reflect the prevalence of off-exchange trading. During the year ended December 31, 2014 , the Company transferred assets of approximately $4.2 billion from Level 2 to Level 1, primarily related to foreign government bonds traded with sufficient frequency to constitute a liquid market. During the year ended December 31, 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. During the year ended December 31, 2014 , there were no material liability transfers from Level 2 to Level 1. (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 $54,292 million of gross cash collateral paid, of which $47,769 million was used to offset trading derivative liabilities. (4) Because the amount of the cash collateral paid/received has not been allocated to the Level 1, 2 and 3 subtotals, these percentages are calculated based on total assets and liabilities measured at fair value on a recurring basis, excluding the cash collateral paid/received on derivatives. (5) Amounts exclude $1.1 billion investments measured at Net Asset Value (NAV) in accordance with ASU No. 2015-07, Fair Value Measurement (Topic 820): Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent). See Note 1 to the Consolidated Financial Statements. (6) There is no allowance for loan losses recorded for loans reported at fair value. (7) Reflects the net amount of $138 million of gross cash collateral paid, of which $15 million was used to offset non-trading derivative liabilities. (8) Reflects the net amount of $57,471 million of gross cash collateral received, of which $47,625 million was used to offset trading derivative assets. (9) Reflects the net amount of $1,798 million of gross cash collateral received, of which $1,791 million was used to offset non-trading derivative assets. |
Changes in level 3 fair value category | Level 3 Fair Value Rollforward Net realized/unrealized Transfers Unrealized (3) In millions of dollars Jun. 30, 2015 Principal Other (1)(2) into out of Purchases Issuances Sales Settlements Sept. 30, 2015 Assets Federal funds sold and securities borrowed or purchased under agreements to resell $ 1,070 $ 66 $ — $ 279 $ — $ — $ — $ — $ — $ 1,415 $ 1 Trading non-derivative assets Trading mortgage-backed securities U.S. government-sponsored agency guaranteed $ 611 $ 1 $ — $ 208 $ (212 ) $ 166 $ — $ (131 ) $ 9 $ 652 $ 2 Residential 2,206 37 — 57 (119 ) 294 — (450 ) — 2,025 1 Commercial 368 3 — 20 (60 ) 30 — (139 ) — 222 1 Total trading mortgage-backed securities $ 3,185 $ 41 $ — $ 285 $ (391 ) $ 490 $ — $ (720 ) $ 9 $ 2,899 $ 4 U.S. Treasury and federal agency securities $ — $ — $ — $ 1 $ — $ 2 $ — $ — $ — $ 3 $ — State and municipal 249 9 — 8 (22 ) 39 — (6 ) — 277 — Foreign government 82 (1 ) — 25 — 19 — (40 ) — 85 (1 ) Corporate 708 (19 ) — 53 (177 ) 94 — (268 ) — 391 (6 ) Equity securities 2,741 75 — 148 (52 ) 438 — (66 ) — 3,284 16 Asset-backed securities 4,236 66 — 53 (109 ) 827 — (1,696 ) — 3,377 11 Other trading assets 3,098 (45 ) — 124 (816 ) 457 9 (520 ) (19 ) 2,288 27 Total trading non-derivative assets $ 14,299 $ 126 $ — $ 697 $ (1,567 ) $ 2,366 $ 9 $ (3,316 ) $ (10 ) $ 12,604 $ 51 Trading derivatives, net (4) Interest rate contracts (423 ) (205 ) — (1 ) 2 (5 ) — — (8 ) (640 ) (61 ) Foreign exchange contracts 391 206 — (4 ) 106 102 — (92 ) (42 ) 667 83 Equity contracts (355 ) 272 — (31 ) (108 ) 172 — (184 ) (218 ) (452 ) 187 Commodity contracts (1,727 ) (166 ) — 31 (21 ) — — — 36 (1,847 ) (196 ) Credit derivatives (574 ) 457 — 52 64 — — — 90 89 196 Total trading derivatives, net (4) $ (2,688 ) $ 564 $ — $ 47 $ 43 $ 269 $ — $ (276 ) $ (142 ) $ (2,183 ) $ 209 Net realized/unrealized Transfers Unrealized (3) In millions of dollars Jun. 30, 2015 Principal Other (1)(2) into out of Purchases Issuances Sales Settlements Sept. 30, 2015 Investments Mortgage-backed securities U.S. government-sponsored agency guaranteed $ 96 $ — $ (4 ) $ 29 $ (68 ) $ 62 $ — $ (1 ) $ — $ 114 $ (4 ) Residential 10 — — — — — — (10 ) — — — Commercial — — — 2 — — — — — 2 — Total investment mortgage-backed securities $ 106 $ — $ (4 ) $ 31 $ (68 ) $ 62 $ — $ (11 ) $ — $ 116 $ (4 ) U.S. Treasury and federal agency securities $ 5 $ — $ — $ — $ — $ 6 $ — $ (1 ) $ — $ 10 $ — State and municipal 2,153 — 11 305 (268 ) 253 — (189 ) (100 ) 2,165 (4 ) Foreign government 493 — (7 ) 3 (156 ) 74 — (164 ) — 243 — Corporate 698 — (38 ) 4 — 53 — (75 ) (1 ) 641 (35 ) Equity securities 483 — 31 5 — 7 — (81 ) — 445 10 Asset-backed securities 503 — (8 ) 45 — 18 — — — 558 (5 ) Other debt securities — — — — — 10 — — — 10 — Non-marketable equity securities 1,238 — 14 1 — 1 — — (12 ) 1,242 18 Total investments $ 5,679 $ — $ (1 ) $ 394 $ (492 ) $ 484 $ — $ (521 ) $ (113 ) $ 5,430 $ (20 ) Loans $ 3,840 $ — $ (125 ) $ — $ (720 ) $ 162 $ 69 $ (121 ) $ (450 ) $ 2,655 $ (7 ) Mortgage servicing rights 1,924 — (131 ) — — — 55 4 (86 ) 1,766 (129 ) Other financial assets measured on a recurring basis 139 — 78 7 (11 ) 1 67 (7 ) (82 ) 192 (12 ) Liabilities Interest-bearing deposits $ 347 $ — $ (108 ) $ — $ — $ — $ 12 $ — $ (9 ) $ 458 $ (204 ) Federal funds purchased and securities loaned or sold under agreements to repurchase 965 (1 ) — — — — — 292 1 1,259 (1 ) Trading account liabilities Securities sold, not yet purchased 257 63 — 66 (9 ) — — 103 (120 ) 234 (9 ) Short-term borrowings 133 (9 ) — 4 (3 ) — 10 — (51 ) 102 (12 ) Long-term debt 7,665 194 — 995 (736 ) — 679 — (214 ) 8,195 (180 ) Other financial liabilities measured on a recurring basis 4 — (1 ) 2 — (1 ) 1 2 (4 ) 5 1 Net realized/unrealized Transfers Unrealized (3) In millions of dollars Dec. 31, 2014 Principal Other (1)(2) into out of Purchases Issuances Sales Settlements Sept. 30, 2015 Assets Federal funds sold and securities borrowed or purchased under agreements to resell $ 3,398 $ (69 ) $ — $ 279 $ (2,856 ) $ 784 $ — $ — $ (121 ) $ 1,415 $ 1 Trading non-derivative assets Trading mortgage-backed securities U.S. government-sponsored agency guaranteed 1,085 30 — 690 (1,062 ) 505 — (619 ) 23 652 1 Residential 2,680 243 — 235 (401 ) 1,423 — (2,155 ) — 2,025 (97 ) Commercial 440 16 — 176 (138 ) 442 — (714 ) — 222 (9 ) Total trading mortgage-backed securities $ 4,205 $ 289 $ — $ 1,101 $ (1,601 ) $ 2,370 $ — $ (3,488 ) $ 23 $ 2,899 $ (105 ) U.S. Treasury and federal agency securities $ — $ — $ — $ 1 $ — $ 2 $ — $ — $ — $ 3 $ — State and municipal 241 (1 ) — 35 (29 ) 48 — (17 ) — 277 2 Foreign government 206 (4 ) — 52 (100 ) 124 — (139 ) (54 ) 85 2 Corporate 820 185 — 107 (262 ) 605 — (1,053 ) (11 ) 391 24 Equity securities 2,219 29 — 310 (240 ) 1,180 — (214 ) — 3,284 93 Asset-backed securities 3,294 299 — 623 (224 ) 3,586 — (4,201 ) — 3,377 74 Other trading assets 4,372 15 — 441 (2,744 ) 2,089 41 (1,887 ) (39 ) 2,288 34 Total trading non-derivative assets $ 15,357 $ 812 $ — $ 2,670 $ (5,200 ) $ 10,004 $ 41 $ (10,999 ) $ (81 ) $ 12,604 $ 124 Trading derivatives, net (4) Interest rate contracts $ (211 ) $ (633 ) $ — $ (137 ) $ (37 ) $ 13 $ — $ 166 $ 199 $ (640 ) $ 117 Foreign exchange contracts 778 (218 ) — (5 ) 25 276 — (270 ) 81 667 95 Equity contracts (863 ) 594 — (54 ) 8 322 — (324 ) (135 ) (452 ) 47 Commodity contracts (1,622 ) (556 ) — 214 (11 ) — — — 128 (1,847 ) (361 ) Credit derivatives (743 ) 335 — 83 72 — — (3 ) 345 89 219 Total trading derivatives, net (4) $ (2,661 ) $ (478 ) $ — $ 101 $ 57 $ 611 $ — $ (431 ) $ 618 $ (2,183 ) $ 117 Net realized/unrealized Transfers Unrealized (3) In millions of dollars Dec. 31, 2014 Principal Other (1)(2) into out of Purchases Issuances Sales Settlements Sept. 30, 2015 Investments Mortgage-backed securities U.S. government-sponsored agency guaranteed $ 38 $ — $ (4 ) $ 133 $ (113 ) $ 62 $ — $ (2 ) $ — $ 114 $ (4 ) Residential 8 — (1 ) — — 11 — (18 ) — — — Commercial 1 — — 4 (3 ) — — — — 2 — Total investment mortgage-backed securities $ 47 $ — $ (5 ) $ 137 $ (116 ) $ 73 $ — $ (20 ) $ — $ 116 $ (4 ) U.S. Treasury and federal agency securities $ 6 $ — $ — $ — $ — $ 6 $ — $ (2 ) $ — $ 10 $ — State and municipal 2,180 — 4 464 (506 ) 652 — (529 ) (100 ) 2,165 (35 ) Foreign government 678 — 41 (5 ) (261 ) 558 — (498 ) (270 ) 243 — Corporate 672 — 8 6 (44 ) 122 — (88 ) (35 ) 641 (38 ) Equity securities 681 — (55 ) 12 (10 ) 7 — (190 ) — 445 10 Asset-backed securities 549 — (28 ) 45 (58 ) 51 — (1 ) — 558 (6 ) Other debt securities — — — — — 10 — — — 10 — Non-marketable equity securities 1,460 — 4 76 6 5 — (53 ) (256 ) 1,242 74 Total investments $ 6,273 $ — $ (31 ) $ 735 $ (989 ) $ 1,484 $ — $ (1,381 ) $ (661 ) $ 5,430 $ 1 Loans $ 3,108 $ — $ (199 ) $ 689 $ (805 ) $ 736 $ 432 $ (496 ) $ (810 ) $ 2,655 $ 16 Mortgage servicing rights 1,845 — 62 — — — 165 (37 ) (269 ) 1,766 (390 ) Other financial assets measured on a recurring basis 78 — 94 87 (18 ) 4 165 (21 ) (197 ) 192 453 Liabilities Interest-bearing deposits $ 486 $ — $ (7 ) $ — $ — $ — $ 12 $ — $ (47 ) $ 458 $ (250 ) Federal funds purchased and securities loaned or sold under agreements to repurchase 1,043 (24 ) — — — — — 285 (93 ) 1,259 — Trading account liabilities Securities sold, not yet purchased 424 41 — 263 (196 ) — — 260 (476 ) 234 (22 ) Short-term borrowings 344 1 — 21 (18 ) — 59 — (303 ) 102 (15 ) Long-term debt 7,290 562 — 2,081 (2,774 ) — 3,080 — (920 ) 8,195 (230 ) Other financial liabilities measured on a recurring basis 7 — (8 ) 2 (4 ) (3 ) 3 2 (10 ) 5 — (1) Changes in fair value for available-for-sale investments are recorded in Accumulated other comprehensive income (loss) , unless related to other-than-temporary impairment, while gains and losses from sales are recorded in Realized gains (losses) from sales of investments on the Consolidated Statement of Income. (2) Unrealized gains (losses) on MSRs are recorded in Other revenue on the Consolidated Statement of Income. (3) Represents the amount of total gains or losses for the period, included in earnings (and 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 September 30, 2015 . (4) Total Level 3 derivative assets and liabilities have been netted in these tables for presentation purposes only. Net realized/unrealized Transfers Unrealized (3) In millions of dollars Jun. 30, 2014 Principal Other (1)(2) into out of Purchases Issuances Sales Settlements Sept. 30, 2014 Assets Federal funds sold and securities borrowed or purchased under agreements to resell $ 3,363 $ 116 $ — $ — $ — $ — $ — $ — $ — $ 3,479 $ 130 Trading non-derivative assets Trading mortgage-backed securities U.S. government-sponsored agency guaranteed $ 697 $ 22 $ — $ 217 $ (145 ) $ 97 $ 6 $ (89 ) $ (16 ) $ 789 $ 18 Residential 2,610 63 — 86 (77 ) 197 — (389 ) — 2,490 (4 ) Commercial 409 7 — 84 (58 ) 288 — (176 ) — 554 (4 ) Total trading mortgage-backed securities $ 3,716 $ 92 $ — $ 387 $ (280 ) $ 582 $ 6 $ (654 ) $ (16 ) $ 3,833 $ 10 U.S. Treasury and federal agency securities $ — $ — $ — $ — $ — $ 7 $ — $ — $ — $ 7 $ — State and municipal 242 7 — 4 (1 ) 15 — (16 ) — 251 6 Foreign government 465 (40 ) — 31 (64 ) 212 — (241 ) 22 385 (13 ) Corporate 1,262 83 — 141 (104 ) 471 — (685 ) 46 1,214 (42 ) Equity securities 1,863 (2 ) — 123 (35 ) 119 — (113 ) — 1,955 34 Asset-backed securities 3,376 394 — 37 (56 ) 1,219 — (1,619 ) — 3,351 33 Other trading assets 4,016 56 — 809 (607 ) 1,693 — (917 ) (311 ) 4,739 (34 ) Total trading non-derivative assets $ 14,940 $ 590 $ — $ 1,532 $ (1,147 ) $ 4,318 $ 6 $ (4,245 ) $ (259 ) $ 15,735 $ (6 ) Trading derivatives, net (4) Interest rate contracts 17 76 — (194 ) 7 52 — (52 ) 32 (62 ) 94 Foreign exchange contracts 847 8 — 7 (73 ) 3 — (1 ) (14 ) 777 43 Equity contracts (893 ) 8 — (171 ) 143 124 — (55 ) (215 ) (1,059 ) (235 ) Commodity contracts (1,229 ) (388 ) — — (27 ) — — — 97 (1,547 ) (228 ) Credit derivatives (199 ) (222 ) — (16 ) (89 ) — — — (7 ) (533 ) (264 ) Total trading derivatives, net (4) $ (1,457 ) $ (518 ) $ — $ (374 ) $ (39 ) $ 179 $ — $ (108 ) $ (107 ) $ (2,424 ) $ (590 ) Net realized/unrealized Transfers Unrealized (3) In millions of dollars Jun. 30, 2014 Principal Other (1)(2) into out of Purchases Issuances Sales Settlements Sep. 30, 2014 Investments Mortgage-backed securities U.S. government-sponsored agency guaranteed $ 163 $ — $ 2 $ 18 $ (83 ) $ — $ — $ (7 ) $ (1 ) $ 92 $ — Residential 17 — — 1 — — — (5 ) — 13 — Commercial 7 — — — (4 ) 7 — — — 10 2 Total investment mortgage-backed securities $ 187 $ — $ 2 $ 19 $ (87 ) $ 7 $ — $ (12 ) $ (1 ) $ 115 $ 2 U.S. Treasury and federal agency securities $ 7 $ — $ — $ — $ — $ — $ — $ (1 ) $ — $ 6 $ — State and municipal 2,102 — 37 67 (69 ) 540 — (393 ) — 2,284 6 Foreign government 615 — (8 ) — (63 ) 294 — (198 ) (20 ) 620 (9 ) Corporate 512 — (18 ) 4 (136 ) 23 — (147 ) 124 362 (4 ) Equity securities 826 — 18 6 (7 ) 2 — (84 ) — 761 (23 ) Asset-backed securities 1,739 — 4 — (2 ) — — — (1,157 ) 584 (39 ) Other debt securities 48 — — — — 66 — (49 ) — 65 — Non-marketable equity securities 2,495 — (1 ) — — 53 — (32 ) (430 ) 2,085 42 Total investments $ 8,531 $ — $ 34 $ 96 $ (364 ) $ 985 $ — $ (916 ) $ (1,484 ) $ 6,882 $ (25 ) Loans $ 3,310 $ — $ (31 ) $ 8 $ — $ 287 $ 19 $ (513 ) $ (132 ) $ 2,948 $ 2 Mortgage servicing rights 2,282 — (18 ) — — — 53 (125 ) (99 ) 2,093 (18 ) Other financial assets measured on a recurring basis 201 — 14 (83 ) — — 35 (1 ) (58 ) 108 (2 ) Liabilities Interest-bearing deposits $ 909 $ — $ 184 $ — $ (12 ) $ — $ 117 $ — $ (25 ) $ 805 $ 20 Federal funds purchased and securities loaned or sold under agreements to repurchase 1,032 13 — — — — — 117 (102 ) 1,034 5 Trading account liabilities Securities sold, not yet purchased 472 (1 ) — 19 (40 ) — — 149 (233 ) 368 (11 ) Short-term borrowings 129 — — 1 — — 23 — (52 ) 101 (8 ) Long-term debt 7,847 520 — 476 (760 ) — 1,419 — (904 ) 7,558 215 Other financial liabilities measured on a recurring basis 6 — (2 ) — — — — — (1 ) 7 (1 ) Net realized/unrealized Transfers Unrealized (3) In millions of dollars Dec. 31, 2013 Principal Other (1)(2) into out of Purchases Issuances Sales Settlements Sept. 30, 2014 Assets Federal funds sold and securities borrowed or purchased under agreements to resell $ 3,566 $ 37 $ — $ 67 $ (8 ) $ 75 $ — $ — $ (258 ) $ 3,479 $ 153 Trading non-derivative assets Trading mortgage-backed securities U.S. government-sponsored agency guaranteed 1,094 120 — 594 (743 ) 358 13 (606 ) (41 ) 789 27 Residential 2,854 380 — 239 (359 ) 1,877 — (2,501 ) — 2,490 108 Commercial 256 18 — 160 (120 ) 524 — (284 ) — 554 1 Total trading mortgage-backed securities $ 4,204 $ 518 $ — $ 993 $ (1,222 ) $ 2,759 $ 13 $ (3,391 ) $ (41 ) $ 3,833 $ 136 U.S. Treasury and federal agency securities $ — $ 3 $ — $ — $ — $ 7 $ — $ (3 ) $ — $ 7 $ — State and municipal 222 11 — 149 (105 ) 33 — (59 ) — 251 (17 ) Foreign government 416 (56 ) — 117 (166 ) 571 — (519 ) 22 385 18 Corporate 1,835 1 — 394 (444 ) 1,742 — (2,353 ) 39 1,214 19 Equity securities 1,057 (215 ) — 159 (95 ) 1,305 — (256 ) — 1,955 22 Asset-backed securities 4,342 1,002 — 120 (284 ) 2,921 — (4,750 ) — 3,351 246 Other trading assets 3,184 137 — 1,840 (1,786 ) 4,568 — (2,827 ) (377 ) 4,739 (14 ) Total trading non-derivative assets $ 15,260 $ 1,401 $ — $ 3,772 $ (4,102 ) $ 13,906 $ 13 $ (14,158 ) $ (357 ) $ 15,735 $ 410 Trading derivatives, net (4) Interest rate contracts $ 839 $ (508 ) $ — $ (42 ) $ (117 ) $ 94 $ — $ (150 ) $ (178 ) $ (62 ) $ (11 ) Foreign exchange contracts 695 105 — 28 (43 ) 4 — (2 ) (10 ) 777 67 Equity contracts (858 ) 250 — (762 ) 473 386 — (192 ) (356 ) (1,059 ) (402 ) Commodity contracts (1,393 ) (140 ) — 25 (35 ) — — — (4 ) (1,547 ) (9 ) Credit derivatives (274 ) (449 ) — (100 ) (134 ) 103 — (3 ) 324 (533 ) (196 ) Total trading derivatives, net (4) $ (991 ) $ (742 ) $ — $ (851 ) $ 144 $ 587 $ — $ (347 ) $ (224 ) $ (2,424 ) $ (551 ) Investments Mortgage-backed securities U.S. government-sponsored agency guaranteed $ 187 $ — $ 47 $ 53 $ (137 ) $ 17 $ — $ (73 ) $ (2 ) $ 92 $ (3 ) Residential 102 — 33 31 (1 ) 17 — (169 ) — 13 — Commercial — — — 4 (4 ) 10 — — — 10 2 Total investment mortgage-backed securities $ 289 $ — $ 80 $ 88 $ (142 ) $ 44 $ — $ (242 ) $ (2 ) $ 115 $ (1 ) U.S. Treasury and federal agency securities $ 8 $ — $ — $ — $ — $ — $ — $ (2 ) $ — $ 6 $ — State and municipal 1,643 — 102 784 (534 ) 1,038 — (749 ) — 2,284 72 Foreign government 344 — (13 ) 182 (105 ) 623 — (305 ) (106 ) 620 (2 ) Corporate 285 — (5 ) 22 (137 ) 289 — (196 ) 104 362 (8 ) Equity securities 815 — 30 18 (19 ) 8 — (91 ) — 761 (1 ) Asset-backed securities 1,960 — 15 — (44 ) 55 — (97 ) (1,305 ) 584 — Other debt securities 50 — (1 ) — — 116 — (50 ) (50 ) 65 — Non-marketable equity securities 2,508 — 127 67 — 416 — (291 ) (742 ) 2,085 120 Total investments $ 7,902 $ — $ 335 $ 1,161 $ (981 ) $ 2,589 $ — $ (2,023 ) $ (2,101 ) $ 6,882 $ 180 Net realized/unrealized Transfers Unrealized (3) In millions of dollars Dec. 31, 2013 Principal Other (1)(2) into out of Purchases Issuances Sales Settlements Sept. 30, 2014 Loans $ 4,143 $ — $ (183 ) $ 92 $ 6 $ 553 $ 84 $ (630 ) $ (1,117 ) $ 2,948 $ 17 Mortgage servicing rights 2,718 — (233 ) — — — 165 (260 ) (297 ) 2,093 (216 ) Other financial assets measured on a recurring basis 181 — 39 (83 ) — 1 122 (10 ) (142 ) 108 (20 ) Liabilities Interest-bearing deposits $ 890 $ — $ 94 $ — $ (12 ) $ — $ 117 $ — $ (96 ) $ 805 $ (31 ) Federal funds purchased and securities loaned or sold under agreements to repurchase 902 4 — 54 — 78 — 106 (102 ) 1,034 (18 ) Trading account liabilities Securities sold, not yet purchased 590 14 — 68 (91 ) — — 443 (628 ) 368 (19 ) Short-term borrowings 29 (31 ) — 81 — 8 24 — (72 ) 101 (15 ) Long-term debt 7,621 139 49 2,089 (2,998 ) — 3,365 — (2,331 ) 7,558 (205 ) Other financial liabilities measured on a recurring basis 10 — (3 ) 4 — (1 ) 1 (3 ) (7 ) 7 (1 ) (1) Changes in fair value of available-for-sale investments are recorded in Accumulated other comprehensive income (loss) , unless related to other-than-temporary impairment, while gains and losses from sales are recorded in Realized gains (losses) from sales of investments on the Consolidated Statement of Income. (2) Unrealized gains (losses) on MSRs are recorded in Other revenue on the Consolidated Statement of Income. (3) Represents the amount of total gains or losses for the period, included in earnings (and 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 September 30, 2014 . (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 September 30, 2015 Fair Value (1) (in millions) Methodology Input Low (2)(3) High (2)(3) Weighted Average (4) Assets Federal funds sold and securities borrowed or purchased under agreements to resell $ 1,330 Model-based Credit - IR correlation (24.00 )% (1.00 )% (9.71 )% Interest rate 1.65 % 5.00 % 4.55 % Mortgage-backed securities $ 1,915 Price-based Price $ 4.25 $ 108.10 $ 85.93 1,048 Yield analysis Yield 1.26 % 22.62 % 5.57 % State and municipal, foreign government, corporate and other debt securities $ 3,742 Price-based Price $ — $ 128.66 $ 77.31 1,639 Cash flow Credit spread 20 bps 600 bps 217 bps Equity securities (5) $ 3,227 Price-based Price (5) $ — $ 106.42 $ 99.82 433 Cash flow Yield 5.00 % 7.00 % 5.99 % WAL 0.60 years 4.57 years 2.59 years Asset-backed securities $ 3,481 Price-based Price $ 5.50 $ 100.18 $ 70.37 Non-marketable equity $ 693 Comparables analysis EBITDA multiples 4.80x 11.40x 9.78x 440 Price-based PE ratio 9.10x 9.10x 9.10x Discount to price — % 90.00 % 12.36 % Price-to-book ratio 1.0x 1.69x 1.56x Price $ — $ 3,433.00 $ 185.93 Derivatives—Gross (6) Interest rate contracts (gross) $ 6,247 Model-based IR lognormal volatility 35.04 % 60.28 % 38.19 % Mean reversion (9.29 )% 20.00 % 1.85 % IR-IR correlation (51.00 )% 90.00 % 74.92 % Foreign exchange contracts (gross) $ 1,272 Model-based Foreign exchange (FX) volatility 0.75 % 28.04 % 16.73 % 276 Cash flow Interest rate 0.88 % 7.00 % 6.90 % Forward price 39.60 % 219.40 % 103.81 % IR-IR correlation (51.00 )% 80.87 % 34.75 % Credit spread 10 bps 577 bps 297 bps IR-FX correlation (18.62 )% 60.00 % 49.01 % As of September 30, 2015 Fair Value (1) (in millions) Methodology Input Low (2)(3) High (2)(3) Weighted Average (4) Equity contracts (gross) (7) $ 3,646 Model-based Equity volatility 10.00 % 78.68 % 25.71 % 511 Price-based Equity forward 82.25 % 119.02 % 95.95 % Forward price 85.43 % 113.54 % 100.81 % Commodity contracts (gross) $ 3,579 Model-based Forward price 42.92 % 265.80 % 114.29 % Commodity volatility 3.00 % 53.36 % 20.51 % Commodity correlation (50.17 )% 91.26 % 33.54 % Credit derivatives (gross) $ 4,999 Model-based Recovery rate 24.24 % 75.00 % 37.96 % 1,044 Price-based Credit correlation 5.00 % 75.00 % 40.55 % Price $ — $ 110.00 $ 70.41 Credit spread 5 bps 1,575 bps 189 bps Nontrading derivatives and other financial assets and liabilities measured on a recurring basis (gross) (6) $ 129 Model-based Yield 1.48 % 9.66 % 5.18 % 56 Yield Analysis Recovery rate 25.00 % 40.00 % 39.00 % Credit spread 146 bps 1,434 bps 1,152 bps Redemption rate 13.00 % 99.50 % 71.61 % Interest rate 6.34 % 6.38 % 6.36 % Loans $ 900 Cash flow Yield 0.32 % 4.50 % 1.79 % 817 Model-based Price $ — $ 109.99 $ 41.00 617 Price-based Credit spread 36 bps 584 bps 109 bps 321 Yield analysis Mortgage servicing rights $ 1,673 Cash flow Yield 3.60 % 88.38 % 7.84 % WAL 3.33 years 7.83 years 5.37 years Liabilities Interest-bearing deposits $ 458 Model-based Equity-IR correlation 30.50 % 38.00 % 34.25 % Forward price 42.92 % 265.80 % 115.46 % Commodity correlation (50.17 )% 91.26 % 33.54 % Commodity volatility 3.00 % 53.36 % 20.51 % Federal funds purchased and securities loaned or sold under agreements to repurchase $ 1,259 Model-based Interest rate 0.90 % 1.92 % 1.79 % Trading account liabilities Securities sold, not yet purchased $ 190 Price-based Price $ 0.01 $ 120.05 $ 60.64 Short-term borrowings and long-term debt $ 8,279 Model-based Mean reversion (9.29 )% (1.03 )% (2.82 )% IR lognormal activity 35.04 % 60.28 % 38.19 % Equity volatility 10.00 % 80.00 % 19.04 % Equity forward 82.25 % 119.02 % 95.87 % As of December 31, 2014 Fair Value (1) (in millions) Methodology Input Low (2)(3) High (2)(3) Weighted Average (4) Assets Federal funds sold and securities borrowed or purchased under agreements to resell $ 3,156 Model-based Interest rate 1.27 % 1.97 % 1.80 % Mortgage-backed securities $ 2,874 Price-based Price $ — $ 127.87 $ 81.43 1,117 Yield analysis Yield 0.01 % 19.91 % 5.89 % State and municipal, foreign government, corporate and other debt securities $ 5,937 Price-based Price $ — $ 124.00 $ 90.62 1,860 Cash flow Credit spread 25 bps 600 bps 233 bps Equity securities (5) $ 2,163 Price-based Price (5) $ — $ 141.00 $ 91.00 679 Cash flow Yield 4.00 % 5.00 % 4.50 % WAL 0.01 years 3.14 years 1.07 years Asset-backed securities $ 3,607 Price-based Price $ — $ 105.50 $ 67.01 Non-marketable equity $ 1,224 Price-based Discount to price — % 90.00 % 4.04 % 1,055 Comparables analysis EBITDA multiples 2.90 x 13.10 x 9.77 x PE ratio 8.10 x 13.10 x 8.43 x Price-to-book ratio 0.99 x 1.56 x 1.15 x Derivatives—Gross (6) Interest rate contracts (gross) $ 8,309 Model-based Interest rate (IR) lognormal volatility 18.05 % 90.65 % 30.21 % Mean reversion 1.00 % 20.00 % 10.50 % Foreign exchange contracts (gross) $ 1,428 Model-based Foreign exchange (FX) volatility 0.37 % 58.40 % 8.57 % 294 Cash flow Interest rate 3.72 % 8.27 % 5.02 % IR-FX correlation 40.00 % 60.00 % 50.00 % Equity contracts (gross) (7) $ 4,431 Model-based Equity volatility 9.56 % 82.44 % 24.61 % 502 Price-based Equity forward 84.10 % 100.80 % 94.10 % Equity-FX correlation (88.20 )% 48.70 % (25.17 )% Equity-equity correlation (66.30 )% 94.80 % 36.87 % Price $ 0.01 $ 144.50 $ 93.05 Commodity contracts (gross) $ 3,606 Model-based Commodity volatility 5.00 % 83.00 % 24.00 % Commodity correlation (57.00 )% 91.00 % 30.00 % Forward price 35.34 % 268.77 % 101.74 % Credit derivatives (gross) $ 4,944 Model-based Recovery rate 13.97 % 75.00 % 37.62 % 1,584 Price-based Credit correlation — % 95.00 % 58.76 % Price $ 1.00 $ 144.50 $ 53.86 Credit spread 1 bps 3,380 bps 180 bps Upfront points 0.39 100.00 52.26 Nontrading derivatives and other financial assets and liabilities measured on a recurring basis (gross) (6) $ 74 Model-based Redemption rate 13.00 % 99.50 % 68.73 % Forward Price 107.00 % 107.10 % 107.05 % Loans $ 1,095 Cash flow Yield 1.60 % 4.50 % 2.23 % 832 Model-based Price $ 4.72 $ 106.55 $ 98.56 740 Price-based Credit spread 35 bps 500 bps 199 bps 441 Yield analysis Mortgage servicing rights $ 1,750 Cash flow Yield 5.19 % 21.40 % 10.25 % As of December 31, 2014 Fair Value (1) (in millions) Methodology Input Low (2)(3) High (2)(3) Weighted Average (4) WAL 3.31 years 7.89 years 5.17 years Liabilities Interest-bearing deposits $ 486 Model-based Equity-IR correlation 34.00 % 37.00 % 35.43 % Commodity correlation (57.00 )% 91.00 % 30.00 % Commodity volatility 5.00 % 83.00 % 24.00 % Forward price 35.34 % 268.77 % 101.74 % Federal funds purchased and securities loaned or sold under agreements to repurchase $ 1,043 Model-based Interest rate 0.74 % 2.26 % 1.90 % Trading account liabilities Securities sold, not yet purchased $ 251 Model-based Credit-IR correlation (70.49 )% 8.81 % 47.17 % $ 142 Price-based Price $ — $ 117.00 $ 70.33 Short-term borrowings and long-term debt $ 7,204 Model-based IR lognormal volatility 18.05 % 90.65 % 30.21 % Mean reversion 1.00 % 20.00 % 10.50 % Equity volatility 10.18 % 69.65 % 23.72 % Credit correlation 87.50 % 87.50 % 87.50 % Equity forward 89.50 % 100.80 % 95.80 % Forward price 35.34 % 268.77 % 101.80 % Commodity correlation (57.00 )% 91.00 % 30.00 % Commodity volatility 5.00 % 83.00 % 24.00 % (1) The fair value amounts presented in these tables represent the primary valuation technique or techniques for each class of assets or liabilities. (2) Some inputs are shown as zero due to rounding. (3) When the low and high inputs are the same, there is either a constant input applied to all positions, or the methodology involving the input applies to only one large position. (4) Weighted averages are calculated based on the fair values of the instruments. (5) For equity securities, the price and fund NAV inputs are expressed on an absolute basis, not as a percentage of the notional amount. (6) Both trading and nontrading account derivatives—assets and liabilities—are presented on a gross absolute value basis. (7) Includes hybrid products. |
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 September 30, 2015 and December 31, 2014 , for which a nonrecurring fair value measurement was recorded: In millions of dollars Fair value Level 2 Level 3 September 30, 2015 Loans held-for-sale $ 5,970 $ 713 $ 5,257 Other real estate owned 105 15 90 Loans (1) 1,234 789 445 Total assets at fair value on a nonrecurring basis $ 7,309 $ 1,517 $ 5,792 In millions of dollars Fair value Level 2 Level 3 December 31, 2014 Loans held-for-sale $ 4,152 $ 1,084 $ 3,068 Other real estate owned 102 21 81 Loans (1) 3,367 2,881 486 Total assets at fair value on a nonrecurring basis $ 7,621 $ 3,986 $ 3,635 (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 September 30, 2015 and December 31, 2014 : As of September 30, 2015 Fair Value (1) (in millions) Methodology Input Low High Weighted average (2) Loans held-for-sale $ 5,224 Price-based Price $ — $ 100.00 $ 92.01 Other real estate owned $ 75 Price-based Discount to price 34.00 % 34.00 % 34.00 % Appraised value $ — $ 8,518,229 $ 3,000,800 Price $ 1.00 $ 68.50 $ 53.64 Loans (3) $ 312 Price-based Discount to price 13.00 % 34.00 % 7.99 % $ 74 Recovery Analysis Appraisal value $ 3,434,818 $ 77,355,765 $ 64,227,129 Recovery rate 11.79 % 60.00 % 23.49 % (1) The fair value amounts presented in this table represent the primary valuation technique or techniques for each class of assets or liabilities. (2) Weighted averages are calculated based on the fair values of the instruments. (3) Represents loans held for investment whose carrying amounts are based on the fair value of the underlying collateral. (4) Includes estimated costs to sell. As of December 31, 2014 Fair Value (1) (in millions) Methodology Input Low High Weighted average (2) Loans held-for-sale $ 2,740 Price-based Price $ 92.00 $ 100.00 $ 99.54 Credit Spread 5 bps 358 bps 175 bps Other real estate owned $ 76 Price-based Appraised Value $11,000 $11,124,137 $4,730,129 Discount to price (4) 13.00 % 64.00 % 28.80 % Loans (3) $ 437 Price-based Discount to price (4) 13.00 % 34.00 % 28.92 % (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 based on the fair values of the instruments. (3) Represents loans held for investment whose carrying amounts are based on the fair value of the underlying collateral. (4) Includes estimated costs to sell. |
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 September 30, 2015 and September 30, 2014 : Three months ended September 30, In millions of dollars 2015 2014 Loans held-for-sale $ (7 ) $ (11 ) Other real estate owned (5 ) (7 ) Loans (1) (72 ) (158 ) Total nonrecurring fair value gains (losses) $ (84 ) $ (176 ) (1) Represents loans held for investment whose carrying amount is based on the fair value of the underlying collateral, including primarily real-estate loans. Nine months ended September 30, In millions of dollars 2015 2014 Loans held-for-sale $ (7 ) $ 58 Other real estate owned (12 ) (15 ) Loans (1) (220 ) (462 ) Total nonrecurring fair value gains (losses) $ (239 ) $ (419 ) (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 | 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. September 30, 2015 Estimated fair value Carrying value Estimated fair value In billions of dollars Level 1 Level 2 Level 3 Assets Investments $ 39.5 $ 40.7 $ 3.7 $ 34.3 $ 2.7 Federal funds sold and securities borrowed or purchased under agreements to resell 88.2 88.2 — 81.4 6.8 Loans (1)(2) 600.9 598.8 — 7.0 591.8 Other financial assets (2)(3) 222.5 222.5 7.8 151.9 62.8 Liabilities Deposits $ 902.5 $ 926.6 $ — $ 781.4 $ 145.2 Federal funds purchased and securities loaned or sold under agreements to repurchase 129.2 129.2 — 128.8 0.4 Long-term debt (4) 187.3 191.7 — 166.8 24.9 Other financial liabilities (5) 108.1 108.1 — 19.1 89.0 December 31, 2014 Estimated fair value Carrying value Estimated fair value In billions of dollars Level 1 Level 2 Level 3 Assets Investments $ 30.5 $ 32.2 $ 4.5 $ 25.2 $ 2.5 Federal funds sold and securities borrowed or purchased under agreements to resell 98.4 98.4 — 89.7 8.7 Loans (1)(2) 620.0 617.6 — 5.6 612.0 Other financial assets (2)(3) 213.8 213.8 8.3 151.9 53.6 Liabilities Deposits $ 897.6 $ 894.4 $ — $ 766.7 $ 127.7 Federal funds purchased and securities loaned or sold under agreements to repurchase 136.7 136.7 — 136.5 0.2 Long-term debt (4) 196.9 202.5 — 172.7 29.8 Other financial liabilities (5) 136.2 136.2 — 41.4 94.8 (1) The carrying value of loans is net of the Allowance for loan losses of $13.6 billion for September 30, 2015 and $16.0 billion for December 31, 2014 . In addition, the carrying values exclude $2.4 billion and $2.7 billion of lease finance receivables at September 30, 2015 and December 31, 2014 , 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) | 9 Months Ended |
Sep. 30, 2015 | |
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 nine months ended September 30, 2015 and 2014 associated with those items for which the fair value option was elected: Changes in fair value gains (losses) for the Three Months Ended September 30, Nine Months Ended September 30, In millions of dollars 2015 2014 2015 2014 Assets Federal funds sold and securities borrowed or purchased under agreements to resell Selected portfolios of securities purchased under agreements to resell and securities borrowed $ (16 ) $ (137 ) $ (136 ) $ (68 ) Trading account assets (676 ) 3 (449 ) (235 ) Investments 3 (21 ) 52 29 Loans Certain corporate loans (1) (164 ) (39 ) (173 ) (26 ) Certain consumer loans (1) — 2 2 (44 ) Total loans $ (164 ) $ (37 ) $ (171 ) $ (70 ) Other assets MSRs (140 ) (11 ) $ 51 $ (186 ) Certain mortgage loans held for sale (2) 95 96 267 354 Total other assets $ (45 ) $ 85 $ 318 $ 168 Total assets $ (898 ) $ (107 ) $ (386 ) $ (176 ) Liabilities Interest-bearing deposits $ (107 ) $ 21 $ (74 ) $ (35 ) Federal funds purchased and securities loaned or sold under agreements to repurchase Selected portfolios of securities sold under agreements to repurchase and securities loaned (5 ) 2 (3 ) (4 ) Trading account liabilities (51 ) 4 (66 ) (9 ) Short-term borrowings 14 (22 ) (54 ) (96 ) Long-term debt 246 855 701 (134 ) Total liabilities $ 97 $ 860 $ 504 $ (278 ) (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 September 30, 2015 and December 31, 2014 : September 30, 2015 December 31, 2014 In millions of dollars Trading assets Loans Trading assets Loans Carrying amount reported on the Consolidated Balance Sheet $ 9,304 $ 5,513 $ 10,290 $ 5,901 Aggregate unpaid principal balance in excess of (less than) fair value 845 3 234 125 Balance of non-accrual loans or loans more than 90 days past due 6 2 13 3 Aggregate unpaid principal balance in excess of fair value for non-accrual loans or loans more than 90 days past due 12 1 28 1 |
Schedule of fair value of loans and other disclosures for certain mortgage loans | The following table provides information about certain mortgage loans HFS carried at fair value at September 30, 2015 and December 31, 2014 : In millions of dollars September 30, December 31, 2014 Carrying amount reported on the Consolidated Balance Sheet $ 889 $ 1,447 Aggregate fair value in excess of unpaid principal balance 35 67 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 — — |
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 September 30, 2015 and December 31, 2014 : In billions of dollars September 30, 2015 December 31, 2014 Interest rate linked $ 10.4 $ 10.9 Foreign exchange linked 0.3 0.3 Equity linked 9.9 8.0 Commodity linked 1.5 1.4 Credit linked 1.9 2.5 Total $ 24.0 $ 23.1 |
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 at September 30, 2015 and December 31, 2014 : In millions of dollars September 30, 2015 December 31, 2014 Carrying amount reported on the Consolidated Balance Sheet $ 26,238 $ 26,180 Aggregate unpaid principal balance in excess of (less than) fair value 1,856 (151 ) |
Schedule of short-term borrowings carried at fair value | The following table provides information about short-term borrowings carried at fair value at September 30, 2015 and December 31, 2014 : In millions of dollars September 30, 2015 December 31, 2014 Carrying amount reported on the Consolidated Balance Sheet $ 777 $ 1,496 Aggregate unpaid principal balance in excess of (less than) fair value 132 31 |
GUARANTEES AND COMMITMENTS (Tab
GUARANTEES AND COMMITMENTS (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Pledged Assets, Collateral, Guarantees and Commitments [Abstract] | |
Schedule of guarantor obligations | The following tables present information about Citi’s guarantees at September 30, 2015 and December 31, 2014 : Maximum potential amount of future payments In billions of dollars at September 30, 2015 except carrying value in millions Expire within 1 year Expire after 1 year Total amount outstanding Carrying value (in millions of dollars) Financial standby letters of credit $ 25.8 $ 70.8 $ 96.6 $ 192 Performance guarantees 6.9 4.0 10.9 20 Derivative instruments considered to be guarantees 11.2 76.4 87.6 2,012 Loans sold with recourse — 0.2 0.2 14 Securities lending indemnifications (1) 83.4 — 83.4 — Credit card merchant processing (1) 85.8 — 85.8 — Custody indemnifications and other — 49.5 49.5 55 Total $ 213.1 $ 200.9 $ 414.0 $ 2,293 Maximum potential amount of future payments In billions of dollars at December 31, 2014 except carrying value in millions Expire within 1 year Expire after 1 year Total amount outstanding Carrying value ( in millions of dollars) Financial standby letters of credit $ 25.4 $ 73.0 $ 98.4 $ 242 Performance guarantees 7.1 4.8 11.9 29 Derivative instruments considered to be guarantees 12.5 79.2 91.7 2,806 Loans sold with recourse — 0.2 0.2 15 Securities lending indemnifications (1) 115.9 — 115.9 — Credit card merchant processing (1) 86.0 — 86.0 — Custody indemnifications and other — 48.9 48.9 54 Total $ 246.9 $ 206.1 $ 453.0 $ 3,146 (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 September 30, 2015 and December 31, 2014 . 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 September 30, 2015 Investment grade Non-investment grade Not rated Total Financial standby letters of credit $ 70.1 $ 14.8 $ 11.7 $ 96.6 Performance guarantees 6.6 3.5 0.8 10.9 Derivative instruments deemed to be guarantees — — 87.6 87.6 Loans sold with recourse — — 0.2 0.2 Securities lending indemnifications — — 83.4 83.4 Credit card merchant processing — — 85.8 85.8 Custody indemnifications and other 49.4 0.1 — 49.5 Total $ 126.1 $ 18.4 $ 269.5 $ 414.0 Maximum potential amount of future payments In billions of dollars at December 31, 2014 Investment grade Non-investment grade Not rated Total Financial standby letters of credit $ 73.0 $ 15.9 $ 9.5 $ 98.4 Performance guarantees 7.3 3.9 0.7 11.9 Derivative instruments deemed to be guarantees — — 91.7 91.7 Loans sold with recourse — — 0.2 0.2 Securities lending indemnifications — — 115.9 115.9 Credit card merchant processing — — 86.0 86.0 Custody indemnifications and other 48.8 0.1 — 48.9 Total $ 129.1 $ 19.9 $ 304.0 $ 453.0 |
Schedule of Credit Commitments | The table below summarizes Citigroup’s credit commitments as of September 30, 2015 and December 31, 2014: In millions of dollars U.S. Outside of U.S. September 30, December 31, 2014 Commercial and similar letters of credit $ 1,207 $ 4,104 $ 5,311 $ 6,634 One- to four-family residential mortgages 1,375 2,014 3,389 5,674 Revolving open-end loans secured by one- to four-family residential properties 12,952 2,085 15,037 16,098 Commercial real estate, construction and land development 8,456 1,729 10,185 9,242 Credit card lines 479,415 109,949 589,364 612,049 Commercial and other consumer loan commitments 173,439 89,293 262,732 243,680 Other commitments and contingencies 4,661 5,504 10,165 10,663 Total $ 681,505 $ 214,678 $ 896,183 $ 904,040 |
BASIS OF PRESENTATION AND ACC57
BASIS OF PRESENTATION AND ACCOUNTING CHANGES - Accounting Changes (Details) - USD ($) $ in Millions | Sep. 30, 2015 | Jul. 01, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 |
New Accounting Pronouncements or Change in Accounting Principle | |||||
Addition (reduction) in Retained earnings | $ 130,921 | $ 117,852 | |||
Other assets | $ 132,832 | 122,122 | |||
Accounting Standards Update 2014-01 | |||||
New Accounting Pronouncements or Change in Accounting Principle | |||||
Addition (reduction) in Retained earnings | $ (349) | ||||
Other assets | (178) | ||||
Addition (reduction) in deferred tax assets | $ (171) | ||||
New Accounting Pronouncement, Early Adoption, Effect | Accounting Standards Update 2015-03 | |||||
New Accounting Pronouncements or Change in Accounting Principle | |||||
Reclassification of debt issuance costs | $ 150 | ||||
New Accounting Pronouncement, Early Adoption, Effect | Accounting Standards Update 2015-07 | |||||
New Accounting Pronouncements or Change in Accounting Principle | |||||
Reduction in level 3 assets | $ (1,000) | $ (1,100) |
DISCONTINUED OPERATIONS AND S58
DISCONTINUED OPERATIONS AND SIGNIFICANT DISPOSALS - Discontinued Operations (Details) $ in Millions | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Sep. 30, 2015USD ($) | Sep. 30, 2014USD ($) | Sep. 30, 2015USD ($) | Sep. 30, 2014USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013transaction | |
Results of Discontinued Operations | ||||||
Total revenues, net of interest expense | $ 0 | $ 2 | $ 0 | $ 75 | ||
Income (loss) from discontinued operations | (15) | (25) | (14) | 12 | ||
Provision for income taxes | (5) | (9) | (5) | 13 | ||
Income (loss) from discontinued operations, net of taxes | (10) | (16) | (9) | (1) | ||
Brazil Creditcard | ||||||
Results of Discontinued Operations | ||||||
Income (loss) from discontinued operations, net of taxes | 0 | (3) | $ 6 | 53 | ||
Citi Capital Advisors Business | ||||||
Discontinued operations | ||||||
Number of transactions | transaction | 2 | |||||
Ownership interest (as a percent) | 24.90% | |||||
Results of Discontinued Operations | ||||||
Income (loss) from discontinued operations, net of taxes | 0 | (3) | $ 1 | (5) | ||
Egg Banking PLC | ||||||
Results of Discontinued Operations | ||||||
Income (loss) from discontinued operations, net of taxes | $ (10) | $ (10) | $ (16) | $ (29) | ||
German retail banking operations | ||||||
Discontinued operations | ||||||
Residual costs associated with banking operations tax effect | $ 20 |
DISCONTINUED OPERATIONS AND S59
DISCONTINUED OPERATIONS AND SIGNIFICANT DISPOSALS - Significant Disposals (Details) $ in Millions | Sep. 30, 2014USD ($)employeebranchatm | Sep. 22, 2014USD ($)employeebranchatm | Sep. 30, 2015USD ($) | Sep. 30, 2014USD ($)employeebranchatm | Sep. 30, 2015USD ($) | Sep. 30, 2014USD ($)employeebranchatm | Dec. 31, 2014USD ($) |
Disposal Group, Held-for-sale, Not Discontinued Operations | |||||||
Assets | |||||||
Cash and deposits with banks | $ 665 | $ 665 | $ 151 | ||||
Investments | 1,403 | 1,403 | 0 | ||||
Loans, net | 9,627 | 9,627 | 544 | ||||
Allowance | 690 | 690 | 2 | ||||
Goodwill | 112 | 112 | 51 | ||||
Intangible assets | 155 | 155 | 0 | ||||
Other assets, advances to/from subs | 19,036 | 19,036 | 19,854 | ||||
Other assets | 542 | 542 | 66 | ||||
Total assets | 31,540 | 31,540 | 20,666 | ||||
Liabilities | |||||||
Deposits | 19,779 | 19,779 | 20,605 | ||||
Long-term debt | 6,179 | 6,179 | 0 | ||||
Short-term borrowings | 1,136 | 1,136 | 0 | ||||
Other liabilities, due to/from subs | 292 | 292 | 0 | ||||
Other liabilities | 1,615 | 1,615 | 61 | ||||
Total liabilities | 29,001 | 29,001 | 20,666 | ||||
Disposal Group, Held-for-sale, Not Discontinued Operations | OneMain Financial Business | |||||||
Discontinued operations | |||||||
Income (loss) before taxes | 216 | $ 223 | 570 | $ 710 | |||
Assets | |||||||
Cash and deposits with banks | 523 | 523 | |||||
Investments | 1,403 | 1,403 | |||||
Loans, net | 7,731 | 7,731 | |||||
Allowance | 666 | 666 | |||||
Intangible assets | 155 | 155 | |||||
Other assets | 417 | 417 | |||||
Total assets | 10,229 | 10,229 | |||||
Liabilities | |||||||
Long-term debt | 6,179 | 6,179 | |||||
Short-term borrowings | 1,136 | 1,136 | |||||
Other liabilities, due to/from subs | 292 | 292 | |||||
Other liabilities | 1,106 | 1,106 | |||||
Total liabilities | 8,713 | 8,713 | |||||
Disposal Group, Held-for-sale, Not Discontinued Operations | Japan Cards Business | |||||||
Discontinued operations | |||||||
Income (loss) before taxes | 4 | 1 | 13 | 0 | |||
Assets | |||||||
Cash and deposits with banks | 16 | 16 | |||||
Loans, net | 1,332 | 1,332 | |||||
Allowance | 23 | 23 | |||||
Goodwill | 61 | 61 | |||||
Other assets | 77 | 77 | |||||
Total assets | 1,486 | 1,486 | |||||
Liabilities | |||||||
Other liabilities | 463 | 463 | |||||
Total liabilities | 463 | 463 | |||||
Disposal Group, Held-for-sale, Not Discontinued Operations | Japan Retail Business | |||||||
Discontinued operations | |||||||
Income (loss) before taxes | (22) | 5 | (2) | 5 | |||
Assets | |||||||
Cash and deposits with banks | 126 | 126 | 151 | ||||
Loans, net | 564 | 564 | 544 | ||||
Allowance | 1 | 1 | 2 | ||||
Goodwill | 51 | 51 | 51 | ||||
Other assets, advances to/from subs | 19,036 | 19,036 | 19,854 | ||||
Other assets | 48 | 48 | 66 | ||||
Total assets | 19,825 | 19,825 | 20,666 | ||||
Liabilities | |||||||
Deposits | 19,779 | 19,779 | 20,605 | ||||
Other liabilities | 46 | 46 | 61 | ||||
Total liabilities | 19,825 | 19,825 | $ 20,666 | ||||
Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | Spain Consumer Business | |||||||
Discontinued operations | |||||||
Income (loss) before taxes | 0 | 340 | 0 | 373 | |||
Assets | |||||||
Loans, net | $ 1,700 | ||||||
Liabilities | |||||||
Deposits | 2,200 | ||||||
Additional Disclosures | |||||||
Assets under management | $ 3,400 | ||||||
Number of branches | branch | 45 | ||||||
Number of ATMs | atm | 48 | ||||||
Number of employees | employee | 938 | ||||||
Pre-tax gain on sale | $ 243 | ||||||
After tax gain on sale of discontinued operations | $ 131 | ||||||
Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | Greece Consumer Business | |||||||
Discontinued operations | |||||||
Income (loss) before taxes | $ 0 | 173 | $ 0 | 133 | |||
Assets | |||||||
Loans, net | $ 353 | 353 | 353 | ||||
Liabilities | |||||||
Deposits | 1,200 | 1,200 | 1,200 | ||||
Additional Disclosures | |||||||
Assets under management | $ 1,100 | $ 1,100 | $ 1,100 | ||||
Number of branches | branch | 20 | 20 | 20 | ||||
Number of ATMs | atm | 85 | 85 | 85 | ||||
Number of employees | employee | 719 | 719 | 719 | ||||
Pre-tax gain on sale | $ 209 | ||||||
After tax gain on sale of discontinued operations | $ 91 |
BUSINESS SEGMENTS (Details)
BUSINESS SEGMENTS (Details) $ in Millions | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2015USD ($)businessmarketcountry | Sep. 30, 2014USD ($) | Sep. 30, 2015USD ($)businessmarketcountry | Sep. 30, 2014USD ($) | Dec. 31, 2014USD ($) | ||
Segment reporting information | ||||||
Number of markets | market | 11 | 11 | ||||
Revenues, net of interest expense | [1] | $ 18,692 | $ 19,689 | $ 57,898 | $ 59,320 | |
Provision for income taxes | 1,881 | 2,068 | 6,037 | 6,120 | ||
Income (loss) from continuing operations | 4,306 | 2,916 | 13,981 | 7,121 | ||
Identifiable assets | 1,808,356 | 1,808,356 | $ 1,842,181 | |||
Provisions for credit losses and for benefits and claims | 1,836 | 1,750 | 5,399 | 5,454 | ||
Operating Segments | Citicorp | ||||||
Segment reporting information | ||||||
Revenues, net of interest expense | 17,275 | 17,619 | 52,974 | 53,275 | ||
Provision for income taxes | 1,791 | 1,994 | 5,634 | 6,110 | ||
Income (loss) from continuing operations | 4,275 | 2,700 | 13,640 | 10,679 | ||
Identifiable assets | 1,698,000 | 1,698,000 | 1,713,000 | |||
Operating Segments | Global Consumer Banking and Institutional Clients Group | North America | ||||||
Segment reporting information | ||||||
Revenues, net of interest expense | 8,100 | 8,200 | 24,400 | 24,400 | ||
Operating Segments | Global Consumer Banking and Institutional Clients Group | EMEA | ||||||
Segment reporting information | ||||||
Revenues, net of interest expense | 2,700 | 2,500 | 8,500 | 8,400 | ||
Operating Segments | Global Consumer Banking and Institutional Clients Group | Latin America | ||||||
Segment reporting information | ||||||
Revenues, net of interest expense | 3,000 | 3,200 | 8,900 | 9,700 | ||
Operating Segments | Global Consumer Banking and Institutional Clients Group | Asia | ||||||
Segment reporting information | ||||||
Revenues, net of interest expense | $ 3,300 | 3,600 | $ 10,400 | 10,400 | ||
Operating Segments | Global Consumer Banking | ||||||
Segment reporting information | ||||||
Regional business | business | 4 | 4 | ||||
Revenues, net of interest expense | $ 8,460 | 9,201 | $ 25,671 | 26,989 | ||
Provision for income taxes | 919 | 995 | 2,644 | 2,539 | ||
Income (loss) from continuing operations | 1,682 | 1,894 | 5,037 | 5,131 | ||
Identifiable assets | 388,000 | 388,000 | 406,000 | |||
Provisions for credit losses and for benefits and claims | $ 1,400 | 1,300 | $ 4,300 | 4,400 | ||
Operating Segments | Institutional Clients Group | ||||||
Segment reporting information | ||||||
Number of countries where the entity provides a broad range of banking and financial products and services | country | 100 | 100 | ||||
Revenues, net of interest expense | $ 8,597 | 8,336 | $ 26,503 | 25,892 | ||
Provision for income taxes | 1,186 | 1,102 | 3,861 | 3,628 | ||
Income (loss) from continuing operations | 2,410 | 2,343 | 8,209 | 7,857 | ||
Identifiable assets | 1,258,000 | 1,258,000 | 1,257,000 | |||
Provisions for credit losses and for benefits and claims | 309 | (21) | 288 | (106) | ||
Operating Segments | Corporate/Other | ||||||
Segment reporting information | ||||||
Revenues, net of interest expense | 218 | 82 | 800 | 394 | ||
Provision for income taxes | (314) | (103) | (871) | (57) | ||
Income (loss) from continuing operations | 183 | (1,537) | 394 | (2,309) | ||
Identifiable assets | 52,000 | 52,000 | 50,000 | |||
Operating Segments | Citi Holdings | ||||||
Segment reporting information | ||||||
Revenues, net of interest expense | 1,417 | 2,070 | 4,924 | 6,045 | ||
Provision for income taxes | 90 | 74 | 403 | 10 | ||
Income (loss) from continuing operations | 31 | 216 | 341 | (3,558) | ||
Identifiable assets | 110,000 | 110,000 | $ 129,000 | |||
Provisions for credit losses and for benefits and claims | $ 200 | $ 400 | $ 800 | $ 1,200 | ||
[1] | Certain prior-period revenue and expense lines and totals were reclassified to conform to the current period’s presentation. See Note 3 to the Consolidated Financial Statements. |
INTEREST REVENUE AND EXPENSE (D
INTEREST REVENUE AND EXPENSE (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | ||
Interest revenue | |||||
Loan interest, including fees | $ 9,985 | $ 11,187 | $ 30,544 | $ 33,729 | |
Deposits with banks | 187 | 235 | 538 | 737 | |
Federal funds sold and securities borrowed or purchased under agreements to resell | 656 | 567 | 1,962 | 1,753 | |
Investments, including dividends | 1,727 | 1,824 | 5,194 | 5,388 | |
Trading account assets | 1,498 | 1,484 | 4,517 | 4,424 | |
Other interest | 661 | 215 | 1,432 | 392 | |
Total interest revenue | [1] | 14,714 | 15,512 | 44,187 | 46,423 |
Interest expense | |||||
Deposits | 1,215 | 1,417 | 3,828 | 4,335 | |
Federal funds purchased and securities loaned or sold under agreements to repurchase | 379 | 411 | 1,198 | 1,473 | |
Trading account liabilities | 57 | 38 | 158 | 127 | |
Short-term borrowings | 159 | 141 | 436 | 440 | |
Long-term debt | 1,131 | 1,318 | 3,400 | 4,156 | |
Total interest expense | [1] | 2,941 | 3,325 | 9,020 | 10,531 |
Net interest revenue | [1] | 11,773 | 12,187 | 35,167 | 35,892 |
Provision for loan losses | 1,582 | 1,575 | 4,852 | 4,947 | |
Net interest revenue after provision for loan losses | 10,191 | 10,612 | 30,315 | 30,945 | |
Insurance fees and charges | $ 264 | $ 234 | $ 849 | $ 766 | |
[1] | Certain prior-period revenue and expense lines and totals were reclassified to conform to the current period’s presentation. See Note 3 to the Consolidated Financial Statements. |
COMMISSIONS AND FEES (Details)
COMMISSIONS AND FEES (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | ||
Fees and Commissions [Abstract] | |||||
Card fees amortization period | 12 months | ||||
Commissions and fees | |||||
Total commissions and fees | [1] | $ 2,732 | $ 3,280 | $ 9,096 | $ 9,905 |
Investment banking | |||||
Commissions and fees | |||||
Total commissions and fees | 692 | 931 | 2,590 | 2,848 | |
Trading-related | |||||
Commissions and fees | |||||
Total commissions and fees | 566 | 664 | 1,816 | 2,010 | |
Credit cards and bank cards | |||||
Commissions and fees | |||||
Total commissions and fees | 415 | 570 | 1,413 | 1,698 | |
Trade and securities services | |||||
Commissions and fees | |||||
Total commissions and fees | 428 | 469 | 1,311 | 1,396 | |
Other consumer | |||||
Commissions and fees | |||||
Total commissions and fees | 160 | 237 | 522 | 679 | |
Corporate finance | |||||
Commissions and fees | |||||
Total commissions and fees | 113 | 113 | 384 | 389 | |
Checking-related | |||||
Commissions and fees | |||||
Total commissions and fees | 128 | 138 | 374 | 408 | |
Loan servicing | |||||
Commissions and fees | |||||
Total commissions and fees | 103 | 93 | 317 | 279 | |
Other | |||||
Commissions and fees | |||||
Total commissions and fees | $ 127 | $ 65 | $ 369 | $ 198 | |
[1] | Certain prior-period revenue and expense lines and totals were reclassified to conform to the current period’s presentation. See Note 3 to the Consolidated Financial Statements. |
PRINCIPAL TRANSACTIONS (Details
PRINCIPAL TRANSACTIONS (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | ||
Principal transactions revenue | |||||
Principal transactions revenue | [1] | $ 1,327 | $ 1,549 | $ 5,471 | $ 6,280 |
Interest rate contracts | |||||
Principal transactions revenue | |||||
Principal transactions revenue | 907 | 911 | 3,497 | 3,240 | |
Foreign exchange contracts | |||||
Principal transactions revenue | |||||
Principal transactions revenue | 432 | 464 | 1,236 | 1,637 | |
Equity contracts | |||||
Principal transactions revenue | |||||
Principal transactions revenue | (183) | (9) | (254) | 37 | |
Commodity and other contracts | |||||
Principal transactions revenue | |||||
Principal transactions revenue | 180 | 164 | 614 | 486 | |
Credit products and derivatives | |||||
Principal transactions revenue | |||||
Principal transactions revenue | (9) | 19 | 378 | 880 | |
Operating Segments | Citicorp | |||||
Principal transactions revenue | |||||
Principal transactions revenue | 1,344 | 1,372 | 5,430 | 5,915 | |
Operating Segments | Institutional Clients Group | |||||
Principal transactions revenue | |||||
Principal transactions revenue | 1,209 | 1,396 | 5,205 | 5,577 | |
Operating Segments | Global Consumer Banking | |||||
Principal transactions revenue | |||||
Principal transactions revenue | 161 | 199 | 491 | 541 | |
Operating Segments | Corporate/Other | |||||
Principal transactions revenue | |||||
Principal transactions revenue | (26) | (223) | (266) | (203) | |
Operating Segments | Citi Holdings | |||||
Principal transactions revenue | |||||
Principal transactions revenue | $ (17) | $ 177 | $ 41 | $ 365 | |
[1] | Certain prior-period revenue and expense lines and totals were reclassified to conform to the current period’s presentation. See Note 3 to the Consolidated Financial Statements. |
RETIREMENT BENEFITS - Net (Bene
RETIREMENT BENEFITS - Net (Benefit) Expense (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Defined Benefit Plan Disclosure | ||||
Percentage of the significant plans over global pension and postretirement liabilities, which utilize quarterly measurement policy | 90.00% | 90.00% | ||
U.S. Pension Plans | ||||
Amortization of unrecognized | ||||
Total net (benefit) expense | $ (35) | $ (38) | $ (105) | $ (122) |
U.S. Qualified Pension Plan | ||||
Defined Benefit Plan, Net Periodic Benefit Cost [Abstract] | ||||
Benefits earned during the period | 1 | 1 | 3 | 4 |
Interest cost on benefit obligation | 143 | 132 | 411 | 410 |
Expected return on plan assets | (223) | (220) | (668) | (656) |
Amortization of unrecognized | ||||
Prior service (benefit) cost | 0 | (1) | (2) | (3) |
Net actuarial loss | 31 | 29 | 106 | 78 |
Curtailment loss | 2 | 11 | 12 | 11 |
Settlement loss (gain) | 0 | 0 | 0 | 0 |
Special termination benefits | 0 | 0 | 0 | |
Total net (benefit) expense | (46) | (48) | (138) | (156) |
U.S. Nonqualified Pension Plan | ||||
Amortization of unrecognized | ||||
Total net (benefit) expense | 11 | 10 | 33 | 34 |
Non - U.S. Pension Plans | ||||
Defined Benefit Plan, Net Periodic Benefit Cost [Abstract] | ||||
Benefits earned during the period | 42 | 43 | 129 | 136 |
Interest cost on benefit obligation | 77 | 93 | 237 | 287 |
Expected return on plan assets | (81) | (98) | (248) | (291) |
Amortization of unrecognized | ||||
Prior service (benefit) cost | 0 | 0 | 0 | 2 |
Net actuarial loss | 17 | 20 | 56 | 60 |
Curtailment loss | 0 | (5) | 0 | 12 |
Settlement loss (gain) | 0 | 26 | 0 | 39 |
Special termination benefits | 0 | 8 | 8 | |
Total net (benefit) expense | 55 | 87 | 174 | 253 |
U.S. Postretirement Benefit Plans | ||||
Defined Benefit Plan, Net Periodic Benefit Cost [Abstract] | ||||
Benefits earned during the period | 0 | 0 | 0 | 0 |
Interest cost on benefit obligation | 8 | 8 | 24 | 25 |
Expected return on plan assets | 0 | 0 | 0 | (1) |
Amortization of unrecognized | ||||
Prior service (benefit) cost | 0 | 0 | 0 | 0 |
Net actuarial loss | 0 | 0 | 0 | 0 |
Curtailment loss | 0 | 0 | 0 | 0 |
Settlement loss (gain) | 0 | 0 | 0 | 0 |
Special termination benefits | 0 | 0 | 0 | |
Total net (benefit) expense | 8 | 8 | 24 | 24 |
Non-U.S. Postretirement Benefit Plans | ||||
Defined Benefit Plan, Net Periodic Benefit Cost [Abstract] | ||||
Benefits earned during the period | 3 | 4 | 10 | 11 |
Interest cost on benefit obligation | 25 | 30 | 82 | 90 |
Expected return on plan assets | (25) | (31) | (81) | (92) |
Amortization of unrecognized | ||||
Prior service (benefit) cost | (3) | (3) | (9) | (9) |
Net actuarial loss | 10 | 10 | 33 | 30 |
Curtailment loss | 0 | 0 | 0 | 0 |
Settlement loss (gain) | 0 | 0 | 0 | (2) |
Special termination benefits | 0 | 0 | 0 | |
Total net (benefit) expense | $ 10 | $ 10 | $ 35 | $ 28 |
RETIREMENT BENEFITS - Funded St
RETIREMENT BENEFITS - Funded Status and Accumulated Other Comprehensive Income (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
U.S. Pension Plans | ||||||
Change in plan assets | ||||||
Company contributions | $ 33 | $ 139 | ||||
U.S. Pension Plans | Significant Plans Measured Quarterly | ||||||
Change in projected benefit obligation | ||||||
Projected benefit obligation at period end | $ 14,067 | 14,067 | ||||
Change in plan assets | ||||||
Plan assets at fair value at period end—Significant Plans | 12,396 | 12,396 | ||||
Funded status of the plans | (1,671) | (1,671) | ||||
Net amount recognized | ||||||
Net amount recognized on the balance sheet—Significant Plans | (1,671) | (1,671) | ||||
Amounts recognized in Accumulated other comprehensive income (loss) | ||||||
Net amount recognized in equity-pretax | (6,189) | (6,189) | ||||
Accumulated benefit obligation at period end | 14,057 | 14,057 | ||||
U.S. Qualified Pension Plan | ||||||
Change in projected benefit obligation | ||||||
Projected benefit obligation at beginning of year | $ 14,839 | 14,839 | ||||
Benefits earned during the period | 1 | $ 1 | 3 | 4 | ||
Interest cost on benefit obligation | 143 | 132 | 411 | 410 | ||
Curtailment loss | 2 | |||||
Quarter activity | $ (1,057) | 201 | ||||
Change in plan assets | ||||||
Plan assets at fair value at beginning of year | 13,071 | 13,071 | ||||
First quarter activity | (256) | 129 | ||||
U.S. Qualified Pension Plan | Plans measured annually | ||||||
Change in projected benefit obligation | ||||||
Projected benefit obligation at beginning of year | 0 | 0 | ||||
Change in plan assets | ||||||
Plan assets at fair value at beginning of year | 0 | 0 | ||||
U.S. Qualified Pension Plan | Significant Plans Measured Quarterly | ||||||
Change in projected benefit obligation | ||||||
Projected benefit obligation at beginning of year | 13,983 | 14,839 | 14,839 | |||
Benefits earned during the period | 1 | |||||
Interest cost on benefit obligation | 151 | |||||
Actuarial (gain) loss | 135 | |||||
Benefits paid, net of participants’ contributions | (205) | |||||
Foreign exchange impact and other | 0 | |||||
Projected benefit obligation at period end | 13,983 | |||||
Change in plan assets | ||||||
Plan assets at fair value at beginning of year | 12,944 | 13,071 | 13,071 | |||
Actual return on plan assets | (356) | |||||
Company contributions | 13 | |||||
Plan participants’ contributions | 0 | |||||
Benefits paid | (205) | |||||
Foreign exchange impact and other | 0 | |||||
Plan assets at fair value at period end—Significant Plans | 12,944 | |||||
Funded status of the plans | (948) | (948) | ||||
Net amount recognized | ||||||
Benefit asset | 0 | 0 | ||||
Benefit liability | (1,671) | (1,671) | ||||
Amounts recognized in Accumulated other comprehensive income (loss) | ||||||
Prior service benefit (cost) | 0 | 0 | ||||
Net actuarial gain (loss) | (6,189) | (6,189) | ||||
U.S. Nonqualified Pension Plan | Significant Plans Measured Quarterly | ||||||
Change in plan assets | ||||||
Funded status of the plans | (723) | (723) | ||||
Non - U.S. Pension Plans | ||||||
Change in projected benefit obligation | ||||||
Projected benefit obligation at beginning of year | 7,252 | 7,252 | ||||
Benefits earned during the period | 42 | 43 | 129 | 136 | ||
Interest cost on benefit obligation | 77 | 93 | 237 | 287 | ||
Curtailment loss | 0 | |||||
Quarter activity | 0 | (47) | ||||
Change in plan assets | ||||||
Plan assets at fair value at beginning of year | 7,057 | 7,057 | ||||
Company contributions | 85 | 164 | ||||
First quarter activity | (23) | (154) | ||||
Non - U.S. Pension Plans | Plans measured annually | ||||||
Change in projected benefit obligation | ||||||
Projected benefit obligation at beginning of year | 2,070 | 2,070 | ||||
Change in plan assets | ||||||
Plan assets at fair value at beginning of year | 1,406 | 1,406 | ||||
Non - U.S. Pension Plans | Significant Plans Measured Quarterly | ||||||
Change in projected benefit obligation | ||||||
Projected benefit obligation at beginning of year | 5,135 | 5,182 | 5,182 | |||
Benefits earned during the period | 23 | |||||
Interest cost on benefit obligation | 63 | |||||
Actuarial (gain) loss | (105) | |||||
Benefits paid, net of participants’ contributions | (63) | |||||
Foreign exchange impact and other | (325) | |||||
Projected benefit obligation at period end | 4,728 | 5,135 | 4,728 | |||
Change in plan assets | ||||||
Plan assets at fair value at beginning of year | 5,474 | 5,651 | 5,651 | |||
Actual return on plan assets | 15 | |||||
Company contributions | 11 | |||||
Plan participants’ contributions | 1 | |||||
Benefits paid | (64) | |||||
Foreign exchange impact and other | (346) | |||||
Plan assets at fair value at period end—Significant Plans | 5,091 | 5,474 | 5,091 | |||
Funded status of the plans | 363 | 363 | ||||
Net amount recognized | ||||||
Benefit asset | 363 | 363 | ||||
Benefit liability | 0 | 0 | ||||
Net amount recognized on the balance sheet—Significant Plans | 363 | 363 | ||||
Amounts recognized in Accumulated other comprehensive income (loss) | ||||||
Prior service benefit (cost) | 12 | 12 | ||||
Net actuarial gain (loss) | (1,048) | (1,048) | ||||
Net amount recognized in equity-pretax | (1,036) | (1,036) | ||||
Accumulated benefit obligation at period end | 4,420 | 4,420 | ||||
U.S. Postretirement Benefit Plans | ||||||
Change in projected benefit obligation | ||||||
Projected benefit obligation at beginning of year | 917 | 917 | ||||
Benefits earned during the period | 0 | 0 | 0 | 0 | ||
Interest cost on benefit obligation | 8 | 8 | 24 | 25 | ||
Curtailment loss | 0 | |||||
Quarter activity | (76) | 3 | ||||
Change in plan assets | ||||||
Plan assets at fair value at beginning of year | 10 | 10 | ||||
Company contributions | 174 | 217 | 34 | |||
First quarter activity | (3) | (4) | ||||
U.S. Postretirement Benefit Plans | Plans measured annually | ||||||
Change in projected benefit obligation | ||||||
Projected benefit obligation at beginning of year | 0 | 0 | ||||
Change in plan assets | ||||||
Plan assets at fair value at beginning of year | 0 | 0 | ||||
U.S. Postretirement Benefit Plans | Significant Plans Measured Quarterly | ||||||
Change in projected benefit obligation | ||||||
Projected benefit obligation at beginning of year | 844 | 917 | 917 | |||
Benefits earned during the period | 0 | |||||
Interest cost on benefit obligation | 8 | |||||
Actuarial (gain) loss | 2 | |||||
Benefits paid, net of participants’ contributions | (12) | |||||
Foreign exchange impact and other | 0 | |||||
Projected benefit obligation at period end | 842 | 844 | 842 | |||
Change in plan assets | ||||||
Plan assets at fair value at beginning of year | 3 | 10 | 10 | |||
Actual return on plan assets | 0 | |||||
Company contributions | 184 | |||||
Plan participants’ contributions | 0 | |||||
Benefits paid | (13) | |||||
Foreign exchange impact and other | 0 | |||||
Plan assets at fair value at period end—Significant Plans | 174 | 3 | 174 | |||
Funded status of the plans | (668) | (668) | ||||
Net amount recognized | ||||||
Benefit asset | 0 | 0 | ||||
Benefit liability | (668) | (668) | ||||
Net amount recognized on the balance sheet—Significant Plans | (668) | (668) | ||||
Amounts recognized in Accumulated other comprehensive income (loss) | ||||||
Prior service benefit (cost) | 0 | 0 | ||||
Net actuarial gain (loss) | (6) | (6) | ||||
Net amount recognized in equity-pretax | (6) | (6) | ||||
Accumulated benefit obligation at period end | 842 | 842 | ||||
Non-U.S. Postretirement Benefit Plans | ||||||
Change in projected benefit obligation | ||||||
Projected benefit obligation at beginning of year | 1,527 | 1,527 | ||||
Benefits earned during the period | 3 | 4 | 10 | 11 | ||
Interest cost on benefit obligation | 25 | $ 30 | 82 | 90 | ||
Curtailment loss | 0 | |||||
Quarter activity | (74) | (25) | ||||
Change in plan assets | ||||||
Plan assets at fair value at beginning of year | 1,384 | 1,384 | ||||
Company contributions | 7 | $ 2 | ||||
First quarter activity | (43) | (54) | ||||
Non-U.S. Postretirement Benefit Plans | Plans measured annually | ||||||
Change in projected benefit obligation | ||||||
Projected benefit obligation at beginning of year | 348 | 348 | ||||
Change in plan assets | ||||||
Plan assets at fair value at beginning of year | 9 | 9 | ||||
Non-U.S. Postretirement Benefit Plans | Significant Plans Measured Quarterly | ||||||
Change in projected benefit obligation | ||||||
Projected benefit obligation at beginning of year | 1,080 | 1,179 | 1,179 | |||
Benefits earned during the period | 2 | |||||
Interest cost on benefit obligation | 21 | |||||
Actuarial (gain) loss | (6) | |||||
Benefits paid, net of participants’ contributions | (12) | |||||
Foreign exchange impact and other | (77) | |||||
Projected benefit obligation at period end | 1,008 | 1,080 | 1,008 | |||
Change in plan assets | ||||||
Plan assets at fair value at beginning of year | 1,278 | $ 1,375 | 1,375 | |||
Actual return on plan assets | (22) | |||||
Company contributions | 0 | |||||
Plan participants’ contributions | 0 | |||||
Benefits paid | (12) | |||||
Foreign exchange impact and other | (92) | |||||
Plan assets at fair value at period end—Significant Plans | 1,152 | $ 1,278 | 1,152 | |||
Funded status of the plans | 144 | 144 | ||||
Net amount recognized | ||||||
Benefit asset | 144 | 144 | ||||
Benefit liability | 0 | 0 | ||||
Net amount recognized on the balance sheet—Significant Plans | 144 | 144 | ||||
Amounts recognized in Accumulated other comprehensive income (loss) | ||||||
Prior service benefit (cost) | 116 | 116 | ||||
Net actuarial gain (loss) | (485) | (485) | ||||
Net amount recognized in equity-pretax | (369) | (369) | ||||
Accumulated benefit obligation at period end | $ 1,008 | $ 1,008 |
RETIREMENT BENEFITS - Accumulat
RETIREMENT BENEFITS - Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | ||
Change in accumulated other comprehensive income (loss) | |||||
Beginning-of-period balance, net of tax | $ (4,671) | $ (5,159) | |||
Actuarial assumptions changes and plan experience | (26) | 851 | |||
Net asset gain (loss) due to difference between actual and expected returns | (681) | (1,051) | |||
Net amortizations | 54 | 179 | |||
Prior service credit | 0 | (6) | |||
Foreign exchange impact and other | 108 | 171 | |||
Change in deferred taxes, net | 185 | $ (36) | (16) | $ 81 | |
Change, net of tax | [1] | (360) | $ 71 | 128 | $ (106) |
End-of-period balance, net of tax | $ (5,031) | $ (5,031) | |||
[1] | Reflects adjustments based on the actuarial valuations of the Company’s significant pension and postretirement plans, including changes in the mortality assumptions at September 30, 2015, and amortization of amounts previously recognized in Accumulated other comprehensive income (loss). See Note 8 to the Consolidated Financial Statements. |
RETIREMENT BENEFITS - Assumptio
RETIREMENT BENEFITS - Assumptions Used (Details) | 3 Months Ended | |||
Sep. 30, 2015 | Jun. 30, 2015 | Sep. 30, 2014 | Mar. 31, 2015 | |
U.S. Qualified Pension Plan | ||||
Plan Assumptions - During the year | ||||
Discount rate (as a percent) | 4.45% | 3.85% | 4.25% | |
Plan Assumptions - At year end | ||||
Discount rate (as a percent) | 4.35% | 4.45% | 3.85% | |
U.S. Nonqualified Pension Plan | ||||
Plan Assumptions - During the year | ||||
Discount rate (as a percent) | 4.30% | 3.70% | 4.75% | |
Plan Assumptions - At year end | ||||
Discount rate (as a percent) | 4.25% | 4.30% | 3.70% | |
U.S. Postretirement Benefit Plans | ||||
Plan Assumptions - During the year | ||||
Discount rate (as a percent) | 4.20% | 3.65% | 3.95% | |
Plan Assumptions - At year end | ||||
Discount rate (as a percent) | 4.10% | 4.20% | 3.65% | |
Non - U.S. Pension Plans | Minimum | ||||
Plan Assumptions - During the year | ||||
Discount rate (as a percent) | 1.00% | 0.70% | 4.30% | |
Plan Assumptions - At year end | ||||
Discount rate (as a percent) | 0.75% | 1.00% | 0.70% | |
Non - U.S. Pension Plans | Maximum | ||||
Plan Assumptions - During the year | ||||
Discount rate (as a percent) | 12.00% | 12.25% | 12.00% | |
Plan Assumptions - At year end | ||||
Discount rate (as a percent) | 13.30% | 12.00% | 12.25% | |
Non - U.S. Pension Plans | Weighted Average | ||||
Plan Assumptions - During the year | ||||
Discount rate (as a percent) | 5.41% | 5.14% | 5.95% | |
Plan Assumptions - At year end | ||||
Discount rate (as a percent) | 5.30% | 5.41% | 5.14% | |
Non-U.S. Postretirement Benefit Plans | ||||
Plan Assumptions - During the year | ||||
Discount rate (as a percent) | 8.50% | 8.00% | 8.40% | |
Plan Assumptions - At year end | ||||
Discount rate (as a percent) | 8.55% | 8.50% | 8.00% |
RETIREMENT BENEFITS - Sensitivi
RETIREMENT BENEFITS - Sensitivities of Certain Key Assumptions (Details) $ in Millions | 3 Months Ended |
Sep. 30, 2015USD ($) | |
U.S. Pension Plans | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Effect of one-percentage-point increase in discount rates | $ 5 |
Effect of one-percentage-point decrease in discount rates | (10) |
Non - U.S. Pension Plans | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Effect of one-percentage-point increase in discount rates | (5) |
Effect of one-percentage-point decrease in discount rates | 9 |
U.S. Postretirement Benefit Plans | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Effect of one-percentage-point increase on benefits earned and interest cost for U.S. postretirement plans | 1 |
Effect of one-percentage-point decrease on benefits earned and interest cost for U.S. postretirement plans | (1) |
Non-U.S. Postretirement Benefit Plans | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Effect of one-percentage-point increase on benefits earned and interest cost for U.S. postretirement plans | (2) |
Effect of one-percentage-point decrease on benefits earned and interest cost for U.S. postretirement plans | $ 2 |
RETIREMENT BENEFITS - Contribut
RETIREMENT BENEFITS - Contributions (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2015 | Sep. 30, 2014 | |
U.S. Pension Plans | |||
Defined Benefit Plan, Estimated Future Employer Contributions [Abstract] | |||
Total Company contributions | $ 33 | $ 139 | |
Estimated total company contributions | 12 | 12 | |
Non - U.S. Pension Plans | |||
Defined Benefit Plan, Estimated Future Employer Contributions [Abstract] | |||
Total Company contributions | 85 | 164 | |
Estimated total company contributions | 47 | 43 | |
U.S. Postretirement Benefit Plans | |||
Defined Benefit Plan, Estimated Future Employer Contributions [Abstract] | |||
Total Company contributions | $ 174 | 217 | 34 |
Estimated total company contributions | 15 | 17 | |
Non-U.S. Postretirement Benefit Plans | |||
Defined Benefit Plan, Estimated Future Employer Contributions [Abstract] | |||
Total Company contributions | 7 | 2 | |
Estimated total company contributions | $ 3 | $ 10 |
RETIREMENT BENEFITS - Post Empl
RETIREMENT BENEFITS - Post Employment and Defined Contribution Plans (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
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 | $ 94,000,000 | $ 93,000,000 | $ 295,000,000 | $ 298,000,000 |
Postemployment Plans | ||||
Defined Benefit Plan, Net Periodic Benefit Cost [Abstract] | ||||
Benefits earned during the period | 0 | 0 | 0 | 0 |
Interest cost on benefit obligation | 1,000,000 | 2,000,000 | 3,000,000 | 4,000,000 |
Amortization of unrecognized | ||||
Prior service benefit | (8,000,000) | (8,000,000) | (23,000,000) | (23,000,000) |
Net actuarial loss | 3,000,000 | 3,000,000 | 9,000,000 | 10,000,000 |
Total service-related benefit | (4,000,000) | (3,000,000) | (11,000,000) | (9,000,000) |
Non-service-related (benefit) expense | 9,000,000 | 4,000,000 | 15,000,000 | 21,000,000 |
Total net expense | $ 5,000,000 | $ 1,000,000 | $ 4,000,000 | $ 12,000,000 |
EARNINGS PER SHARE (Details)
EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | ||
Earnings Per Share [Abstract] | |||||
Income from continuing operations before attribution of noncontrolling interests | $ 4,306 | $ 2,916 | $ 13,981 | $ 7,121 | |
Less: Noncontrolling interests from continuing operations | 5 | 59 | 65 | 154 | |
Net income from continuing operations (for EPS purposes) | 4,301 | 2,857 | 13,916 | 6,967 | |
Income (loss) from discontinued operations, net of taxes | (10) | (16) | (9) | (1) | |
Citigroup’s net income | 4,291 | 2,841 | 13,907 | 6,966 | |
Less: Preferred dividends | 174 | 128 | 504 | 352 | |
Net income available to common shareholders | 4,117 | 2,713 | 13,403 | 6,614 | |
Less: Dividends and undistributed earnings allocated to employee restricted and deferred shares with nonforfeitable rights to dividends, applicable to basic EPS | 56 | 44 | 182 | 108 | |
Net income allocated to common shareholders for basic and diluted EPS | $ 4,061 | $ 2,669 | $ 13,221 | $ 6,506 | |
Weighted-average common shares outstanding applicable to basic EPS | 2,993.3 | 3,029.5 | 3,015.8 | 3,033.5 | |
Effect of dilutive securities | |||||
Options (in shares) | 3.4 | 5.1 | 4.4 | 5 | |
Other employee plans (in shares) | 0.2 | 0.2 | 0.2 | 0.3 | |
Convertible securities (in shares) | 0 | 0 | 0 | 0 | |
Adjusted weighted-average common shares outstanding applicable to diluted EPS (in shares) | 2,996.9 | 3,034.8 | 3,020.4 | 3,038.8 | |
Basic earnings per share | |||||
Income from continuing operations (in dollars per share) | [1] | $ 1.36 | $ 0.89 | $ 4.39 | $ 2.14 |
Discontinued operations (in dollars per share) | [1] | 0 | (0.01) | 0 | 0 |
Net income (in dollars per share) | [1] | 1.36 | 0.88 | 4.38 | 2.14 |
Diluted earnings per share | |||||
Income from continuing operations (in dollars per share) | [1] | 1.36 | 0.88 | 4.38 | 2.14 |
Discontinued operations (in dollars per share) | [1] | 0 | (0.01) | 0 | 0 |
Net income (in dollars per share) | [1] | $ 1.35 | $ 0.88 | 4.38 | 2.14 |
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) | 0.9 | 1.9 | |||
Antidilutive securities exercise price (in dollars per share) | $ 201.01 | $ 157.90 | $ 201.01 | $ 157.90 | |
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 | 21 | 21 | 21 | |
Antidilutive securities exercise price (in dollars per share) | $ 178.50 | $ 178.50 | $ 178.50 | $ 178.50 | |
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 | 25.5 | 25.5 | 25.5 | |
Antidilutive securities exercise price (in dollars per share) | $ 106.10 | $ 106.10 | $ 106.10 | $ 106.10 | |
[1] | 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 BOR72
FEDERAL FUNDS, SECURITIES BORROWED, LOANED AND SUBJECT TO REPURCHASE AGREEMENTS (Details) - USD ($) $ in Millions | Sep. 30, 2015 | Dec. 31, 2014 |
Federal Funds Purchased and Securities Sold under Agreements to Repurchase [Abstract] | ||
Securities purchased under agreements to resell | $ 130,129 | $ 123,979 |
Deposits paid for securities borrowed | 101,566 | 118,591 |
Total | 231,695 | 242,570 |
Federal funds purchased | 133 | 334 |
Securities sold under agreements to repurchase | 148,547 | 147,204 |
Deposits received for securities loaned | 19,924 | 25,900 |
Total | $ 168,604 | $ 173,438 |
FEDERAL FUNDS, SECURITIES BOR73
FEDERAL FUNDS, SECURITIES BORROWED, LOANED AND SUBJECT TO REPURCHASE AGREEMENTS - Offsetting (Details) - USD ($) $ in Millions | Sep. 30, 2015 | Dec. 31, 2014 |
Securities purchased under agreements to resell | ||
Gross amounts of recognized assets | $ 176,900 | $ 180,318 |
Gross amounts offset on the Consolidated Balance Sheet | 46,771 | 56,339 |
Net amounts of assets included on the Consolidated Balance Sheet | 130,129 | 123,979 |
Amounts not offset on the Consolidated Balance Sheet but eligible for offsetting upon counterparty default | 97,314 | 94,353 |
Net amounts | 32,815 | 29,626 |
Deposits paid for securities borrowed | ||
Gross amounts of recognized assets | 101,566 | 118,591 |
Net amounts of assets included on the Consolidated Balance Sheet | 101,566 | 118,591 |
Amounts not offset on the Consolidated Balance Sheet but eligible for offsetting upon counterparty default | 16,919 | 15,139 |
Net amounts | 84,647 | 103,452 |
Total | ||
Total | 278,466 | 298,909 |
Gross amounts offset on the Consolidated Balance Sheet | 46,771 | 56,339 |
Net amounts of assets included on the Consolidated Balance Sheet | 231,695 | 242,570 |
Amounts not offset on the Consolidated Balance Sheet but eligible for offsetting upon counterparty default | 114,233 | 109,492 |
Net amounts | 117,462 | 133,078 |
Securities sold under agreements to repurchase | ||
Gross amounts of recognized liabilities | 195,318 | 203,543 |
Gross amounts offset on the Consolidated Balance Sheet | 46,771 | 56,339 |
Net amounts of liabilities included on the Consolidated Balance Sheet | 148,547 | 147,204 |
Amounts not offset on the Consolidated Balance Sheet but eligible for offsetting upon counterparty default | 69,502 | 72,928 |
Net amounts | 79,045 | 74,276 |
Deposits received for securities loaned | ||
Gross amounts of recognized liabilities | 19,924 | 25,900 |
Net amounts of liabilities included on the Consolidated Balance Sheet | 19,924 | 25,900 |
Amounts not offset on the Consolidated Balance Sheet but eligible for offsetting upon counterparty default | 4,725 | 5,190 |
Net amounts | 15,199 | 20,710 |
Total | ||
Gross amounts of recognized liabilities | 215,242 | 229,443 |
Gross amounts offset on the Consolidated Balance Sheet | 46,771 | 56,339 |
Net amounts of liabilities included on the Consolidated Balance Sheet | 168,471 | 173,104 |
Amounts not offset on the Consolidated Balance Sheet but eligible for offsetting upon counterparty default | 74,227 | 78,118 |
Net amounts | $ 94,244 | $ 94,986 |
FEDERAL FUNDS, SECURITIES BOR74
FEDERAL FUNDS, SECURITIES BORROWED, LOANED AND SUBJECT TO REPURCHASE AGREEMENTS - Repurchase Agreements (Details) - USD ($) $ in Millions | Sep. 30, 2015 | Dec. 31, 2014 |
Assets Sold under Agreements to Repurchase [Line Items] | ||
Repurchase agreements | $ 195,318 | $ 203,543 |
Security lending agreements | 19,924 | 25,900 |
Gross amounts of recognized liabilities | 215,242 | $ 229,443 |
U.S. Treasury and federal agency securities | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Repurchase agreements | 75,722 | |
Security lending agreements | 21 | |
Gross amounts of recognized liabilities | 75,743 | |
State and municipal securities | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Repurchase agreements | 629 | |
Security lending agreements | 0 | |
Gross amounts of recognized liabilities | 629 | |
Foreign government | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Repurchase agreements | 59,532 | |
Security lending agreements | 619 | |
Gross amounts of recognized liabilities | 60,151 | |
Corporate | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Repurchase agreements | 15,859 | |
Security lending agreements | 1,155 | |
Gross amounts of recognized liabilities | 17,014 | |
Equity securities | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Repurchase agreements | 10,762 | |
Security lending agreements | 18,060 | |
Gross amounts of recognized liabilities | 28,822 | |
Mortgage-backed securities | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Repurchase agreements | 23,217 | |
Security lending agreements | 0 | |
Gross amounts of recognized liabilities | 23,217 | |
Asset-backed securities | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Repurchase agreements | 4,498 | |
Security lending agreements | 0 | |
Gross amounts of recognized liabilities | 4,498 | |
Other debt securities | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Repurchase agreements | 5,099 | |
Security lending agreements | 69 | |
Gross amounts of recognized liabilities | 5,168 | |
Open and Overnight | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Repurchase agreements | 105,497 | |
Security lending agreements | 13,572 | |
Gross amounts of recognized liabilities | 119,069 | |
Up to 30 Days | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Repurchase agreements | 48,454 | |
Security lending agreements | 2,482 | |
Gross amounts of recognized liabilities | 50,936 | |
31-90 Days | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Repurchase agreements | 17,420 | |
Security lending agreements | 2,019 | |
Gross amounts of recognized liabilities | 19,439 | |
Greater than 90 days | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Repurchase agreements | 23,947 | |
Security lending agreements | 1,851 | |
Gross amounts of recognized liabilities | $ 25,798 |
BROKERAGE RECEIVABLES AND BRO75
BROKERAGE RECEIVABLES AND BROKERAGE PAYABLES (Details) - USD ($) $ in Millions | Sep. 30, 2015 | Dec. 31, 2014 |
Brokers and Dealers [Abstract] | ||
Receivables from customers | $ 11,513 | $ 10,380 |
Receivables from brokers, dealers, and clearing organization | 26,362 | 18,039 |
Total brokerage receivable | 37,875 | 28,419 |
Payables to customers | 36,139 | 33,984 |
Payables to brokers, dealers, and clearing organization | 23,418 | 18,196 |
Total brokerage payable | $ 59,557 | $ 52,180 |
TRADING ACCOUNT ASSETS AND LI76
TRADING ACCOUNT ASSETS AND LIABILITIES (Details) - USD ($) $ in Millions | Sep. 30, 2015 | Dec. 31, 2014 |
Trading account assets and Trading account liabilities | ||
Trading account assets | $ 266,946 | $ 296,786 |
Trading account liabilities | 125,981 | 139,036 |
Securities sold, not yet purchased | ||
Trading account assets and Trading account liabilities | ||
Trading account liabilities | 63,733 | 70,944 |
Derivatives, liabilities | ||
Trading account assets and Trading account liabilities | ||
Trading account liabilities | 62,248 | 68,092 |
Derivatives, assets | ||
Trading account assets and Trading account liabilities | ||
Trading account assets | 60,871 | 67,957 |
Mortgage-backed securities - U.S. agency-sponsored | ||
Trading account assets and Trading account liabilities | ||
Trading account assets | 26,753 | 27,053 |
Mortgage-backed securities - Prime | ||
Trading account assets and Trading account liabilities | ||
Trading account assets | 1,316 | 1,271 |
Mortgage-backed securities - Alt-A | ||
Trading account assets and Trading account liabilities | ||
Trading account assets | 580 | 709 |
Mortgage-backed securities - Subprime | ||
Trading account assets and Trading account liabilities | ||
Trading account assets | 840 | 1,382 |
Mortgage-backed securities - Non-U.S. residential | ||
Trading account assets and Trading account liabilities | ||
Trading account assets | 663 | 1,476 |
Mortgage-backed securities - Commercial | ||
Trading account assets and Trading account liabilities | ||
Trading account assets | 2,787 | 4,343 |
Mortgage-backed securities | ||
Trading account assets and Trading account liabilities | ||
Trading account assets | 32,939 | 36,234 |
U.S. Treasury and federal agency securities | ||
Trading account assets and Trading account liabilities | ||
Trading account assets | 27,763 | 20,474 |
U.S. Treasury | ||
Trading account assets and Trading account liabilities | ||
Trading account assets | 26,417 | 18,906 |
Agency obligations | ||
Trading account assets and Trading account liabilities | ||
Trading account assets | 1,346 | 1,568 |
State and municipal securities | ||
Trading account assets and Trading account liabilities | ||
Trading account assets | 3,824 | 3,402 |
Foreign government securities | ||
Trading account assets and Trading account liabilities | ||
Trading account assets | 57,676 | 64,937 |
Corporate | ||
Trading account assets and Trading account liabilities | ||
Trading account assets | 18,012 | 27,797 |
Equity securities | ||
Trading account assets and Trading account liabilities | ||
Trading account assets | 48,181 | 57,846 |
Asset-backed securities | ||
Trading account assets and Trading account liabilities | ||
Trading account assets | 5,017 | 4,546 |
Other trading assets | ||
Trading account assets and Trading account liabilities | ||
Trading account assets | $ 12,663 | $ 13,593 |
INVESTMENTS - Overview (Details
INVESTMENTS - Overview (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | ||
Investment Holdings | ||||||
Investments | $ 342,439 | $ 342,439 | $ 333,443 | |||
Interest and dividends on investments | ||||||
Taxable interest | 1,596 | $ 1,627 | 4,773 | $ 4,638 | ||
Interest exempt from U.S. federal income tax | 44 | 96 | 116 | 407 | ||
Dividends | 87 | 101 | 305 | 343 | ||
Total interest and dividends | 1,727 | 1,824 | 5,194 | 5,388 | ||
Gross realized investments losses, excluding losses from other-than-temporary impairment | ||||||
Gross realized investment gains | 213 | 229 | 926 | 689 | ||
Gross realized investment losses | (62) | (93) | (285) | (341) | ||
Net realized gains (losses) | [1] | 151 | 136 | $ 641 | 348 | |
HTM securities sold, percent of principal collected, minimum | 85.00% | |||||
Available-for-sale Securities transferred from Held-to-maturity | ||||||
Carrying value of HTM securities sold | 314 | 0 | $ 363 | 5 | ||
Net realized gain on sale of HTM securities | 6 | 0 | 11 | 0 | ||
Carrying value of securities reclassified to available-for-sale | 144 | 700 | 238 | 766 | ||
OTTI losses on securities reclassified to available-for-sale | (9) | $ (2) | (14) | $ (11) | ||
Securities available-for-sale | ||||||
Amortized cost | 299,971 | 299,971 | 299,381 | |||
Gross unrealized gains | 2,594 | 2,594 | 2,527 | |||
Gross unrealized losses | 1,849 | 1,849 | 1,765 | |||
Fair value | 300,716 | 300,716 | 300,143 | |||
Unrealized gains from impact of securities reclassified to held-for-sale | 63 | 63 | ||||
Unrealized loss from impact of securities reclassified to held-for-sale | 16 | 16 | ||||
Mortgage-backed securities - U.S. agency-sponsored | ||||||
Securities available-for-sale | ||||||
Amortized cost | 35,772 | 35,772 | 35,647 | |||
Gross unrealized gains | 521 | 521 | 603 | |||
Gross unrealized losses | 99 | 99 | 159 | |||
Fair value | 36,194 | 36,194 | 36,091 | |||
Mortgage-backed securities - Prime | ||||||
Securities available-for-sale | ||||||
Amortized cost | 2 | 2 | 12 | |||
Gross unrealized gains | 0 | 0 | 0 | |||
Gross unrealized losses | 0 | 0 | 0 | |||
Fair value | 2 | 2 | 12 | |||
Mortgage-backed securities - Alt-A | ||||||
Securities available-for-sale | ||||||
Amortized cost | 120 | 120 | 43 | |||
Gross unrealized gains | 11 | 11 | 1 | |||
Gross unrealized losses | 0 | 0 | 0 | |||
Fair value | 131 | 131 | 44 | |||
Mortgage-backed securities - Non-U.S. residential | ||||||
Securities available-for-sale | ||||||
Amortized cost | 7,066 | 7,066 | 8,247 | |||
Gross unrealized gains | 42 | 42 | 67 | |||
Gross unrealized losses | 14 | 14 | 7 | |||
Fair value | 7,094 | 7,094 | 8,307 | |||
Mortgage-backed securities - Commercial | ||||||
Securities available-for-sale | ||||||
Amortized cost | 522 | 522 | 551 | |||
Gross unrealized gains | 7 | 7 | 6 | |||
Gross unrealized losses | 1 | 1 | 3 | |||
Fair value | 528 | 528 | 554 | |||
Mortgage-backed securities | ||||||
Securities available-for-sale | ||||||
Amortized cost | 43,482 | 43,482 | 44,500 | |||
Gross unrealized gains | 581 | 581 | 677 | |||
Gross unrealized losses | 114 | 114 | 169 | |||
Fair value | 43,949 | 43,949 | 45,008 | |||
U.S. Treasury | ||||||
Securities available-for-sale | ||||||
Amortized cost | 111,263 | 111,263 | 110,492 | |||
Gross unrealized gains | 1,116 | 1,116 | 353 | |||
Gross unrealized losses | 117 | 117 | 127 | |||
Fair value | 112,262 | 112,262 | 110,718 | |||
Agency obligations | ||||||
Securities available-for-sale | ||||||
Amortized cost | 10,024 | 10,024 | 12,925 | |||
Gross unrealized gains | 92 | 92 | 60 | |||
Gross unrealized losses | 6 | 6 | 13 | |||
Fair value | 10,110 | 10,110 | 12,972 | |||
U.S. Treasury and federal agency securities | ||||||
Securities available-for-sale | ||||||
Amortized cost | 121,287 | 121,287 | 123,417 | |||
Gross unrealized gains | 1,208 | 1,208 | 413 | |||
Gross unrealized losses | 123 | 123 | 140 | |||
Fair value | 122,372 | 122,372 | 123,690 | |||
State and municipal securities | ||||||
Securities available-for-sale | ||||||
Amortized cost | 12,176 | 12,176 | 13,526 | |||
Gross unrealized gains | 117 | 117 | 150 | |||
Gross unrealized losses | 897 | 897 | 977 | |||
Fair value | 11,396 | 11,396 | 12,699 | |||
Foreign government | ||||||
Securities available-for-sale | ||||||
Amortized cost | 95,601 | 95,601 | 90,249 | |||
Gross unrealized gains | 498 | 498 | 734 | |||
Gross unrealized losses | 494 | 494 | 286 | |||
Fair value | 95,605 | 95,605 | 90,697 | |||
Corporate | ||||||
Securities available-for-sale | ||||||
Amortized cost | 15,969 | 15,969 | 12,033 | |||
Gross unrealized gains | 164 | 164 | 215 | |||
Gross unrealized losses | 109 | 109 | 91 | |||
Fair value | 16,024 | 16,024 | 12,157 | |||
Asset-backed securities | ||||||
Securities available-for-sale | ||||||
Amortized cost | 9,939 | 9,939 | 12,534 | |||
Gross unrealized gains | 9 | 9 | 30 | |||
Gross unrealized losses | 78 | 78 | 58 | |||
Fair value | 9,870 | 9,870 | 12,506 | |||
Other debt securities | ||||||
Securities available-for-sale | ||||||
Amortized cost | 671 | 671 | 661 | |||
Gross unrealized gains | 0 | 0 | 0 | |||
Gross unrealized losses | 0 | 0 | 0 | |||
Fair value | 671 | 671 | 661 | |||
Debt securities | ||||||
Securities available-for-sale | ||||||
Amortized cost | 299,125 | 299,125 | 296,920 | |||
Gross unrealized gains | 2,577 | 2,577 | 2,219 | |||
Gross unrealized losses | 1,815 | 1,815 | 1,721 | |||
Fair value | 299,887 | 299,887 | 297,418 | |||
Equity securities | ||||||
Securities available-for-sale | ||||||
Amortized cost | 846 | 846 | 2,461 | |||
Gross unrealized gains | 17 | 17 | 308 | |||
Gross unrealized losses | 34 | 34 | 44 | |||
Fair value | 829 | 829 | 2,725 | |||
Securities available-for-sale (AFS) | ||||||
Investment Holdings | ||||||
Investments | 300,716 | 300,716 | 300,143 | |||
Held-to-maturity Securities | ||||||
Investment Holdings | ||||||
Investments | 33,940 | 33,940 | 23,921 | |||
Non-marketable equity securities | Fair value | ||||||
Investment Holdings | ||||||
Investments | 2,262 | 2,262 | 2,758 | |||
Non-marketable equity securities | Carried at cost | ||||||
Investment Holdings | ||||||
Investments | $ 5,521 | $ 5,521 | $ 6,621 | |||
[1] | Certain prior-period revenue and expense lines and totals were reclassified to conform to the current period’s presentation. See Note 3 to the Consolidated Financial Statements. |
INVESTMENTS - Fair Value of AFS
INVESTMENTS - Fair Value of AFS Securities (Details) - USD ($) $ in Millions | Sep. 30, 2015 | Dec. 31, 2014 |
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 | $ 55,507 | $ 74,026 |
Gross unrealized losses of available for sale securities that have been in an unrealized loss position for less than twelve months | 646 | 404 |
Fair value of available for sale securities that have been in an unrealized loss position for twelve months or longer | 16,040 | 24,821 |
Gross unrealized losses of available for sale securities that have been in an unrealized loss position for twelve months or longer | 1,203 | 1,361 |
Total fair value of available for sale securities that have been in an unrealized loss position | 71,547 | 98,847 |
Total gross unrealized losses of available for sale securities that have been in an unrealized loss position | 1,849 | 1,765 |
Mortgage-backed securities - U.S. agency-sponsored | ||
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 | 6,254 | 4,198 |
Gross unrealized losses of available for sale securities that have been in an unrealized loss position for less than twelve months | 26 | 30 |
Fair value of available for sale securities that have been in an unrealized loss position for twelve months or longer | 2,034 | 5,547 |
Gross unrealized losses of available for sale securities that have been in an unrealized loss position for twelve months or longer | 73 | 129 |
Total fair value of available for sale securities that have been in an unrealized loss position | 8,288 | 9,745 |
Total gross unrealized losses of available for sale securities that have been in an unrealized loss position | 99 | 159 |
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 | 1 | 5 |
Gross unrealized losses of available for sale securities that have been in an unrealized loss position for less than twelve months | 0 | 0 |
Fair value of available for sale securities that have been in an unrealized loss position for twelve months or longer | 1 | 2 |
Gross unrealized losses of available for sale securities that have been in an unrealized loss position for twelve months or longer | 0 | 0 |
Total fair value of available for sale securities that have been in an unrealized loss position | 2 | 7 |
Total gross unrealized losses of available for sale securities that have been in an unrealized loss position | 0 | 0 |
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 | 2,951 | 1,276 |
Gross unrealized losses of available for sale securities that have been in an unrealized loss position for less than twelve months | 11 | 3 |
Fair value of available for sale securities that have been in an unrealized loss position for twelve months or longer | 379 | 199 |
Gross unrealized losses of available for sale securities that have been in an unrealized loss position for twelve months or longer | 3 | 4 |
Total fair value of available for sale securities that have been in an unrealized loss position | 3,330 | 1,475 |
Total gross unrealized losses of available for sale securities that have been in an unrealized loss position | 14 | 7 |
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 | 91 | 124 |
Gross unrealized losses of available for sale securities that have been in an unrealized loss position for less than twelve months | 0 | 1 |
Fair value of available for sale securities that have been in an unrealized loss position for twelve months or longer | 54 | 136 |
Gross unrealized losses of available for sale securities that have been in an unrealized loss position for twelve months or longer | 1 | 2 |
Total fair value of available for sale securities that have been in an unrealized loss position | 145 | 260 |
Total gross unrealized losses of available for sale securities that have been in an unrealized loss position | 1 | 3 |
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 | 9,297 | 5,603 |
Gross unrealized losses of available for sale securities that have been in an unrealized loss position for less than twelve months | 37 | 34 |
Fair value of available for sale securities that have been in an unrealized loss position for twelve months or longer | 2,468 | 5,884 |
Gross unrealized losses of available for sale securities that have been in an unrealized loss position for twelve months or longer | 77 | 135 |
Total fair value of available for sale securities that have been in an unrealized loss position | 11,765 | 11,487 |
Total gross unrealized losses of available for sale securities that have been in an unrealized loss position | 114 | 169 |
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 | 7,330 | 36,581 |
Gross unrealized losses of available for sale securities that have been in an unrealized loss position for less than twelve months | 116 | 119 |
Fair value of available for sale securities that have been in an unrealized loss position for twelve months or longer | 339 | 1,013 |
Gross unrealized losses of available for sale securities that have been in an unrealized loss position for twelve months or longer | 1 | 8 |
Total fair value of available for sale securities that have been in an unrealized loss position | 7,669 | 37,594 |
Total gross unrealized losses of available for sale securities that have been in an unrealized loss position | 117 | 127 |
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 | 281 | 5,698 |
Gross unrealized losses of available for sale securities that have been in an unrealized loss position for less than twelve months | 5 | 9 |
Fair value of available for sale securities that have been in an unrealized loss position for twelve months or longer | 49 | 754 |
Gross unrealized losses of available for sale securities that have been in an unrealized loss position for twelve months or longer | 1 | 4 |
Total fair value of available for sale securities that have been in an unrealized loss position | 330 | 6,452 |
Total gross unrealized losses of available for sale securities that have been in an unrealized loss position | 6 | 13 |
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 | 7,611 | 42,279 |
Gross unrealized losses of available for sale securities that have been in an unrealized loss position for less than twelve months | 121 | 128 |
Fair value of available for sale securities that have been in an unrealized loss position for twelve months or longer | 388 | 1,767 |
Gross unrealized losses of available for sale securities that have been in an unrealized loss position for twelve months or longer | 2 | 12 |
Total fair value of available for sale securities that have been in an unrealized loss position | 7,999 | 44,046 |
Total gross unrealized losses of available for sale securities that have been in an unrealized loss position | 123 | 140 |
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 | 118 | 386 |
Gross unrealized losses of available for sale securities that have been in an unrealized loss position for less than twelve months | 8 | 15 |
Fair value of available for sale securities that have been in an unrealized loss position for twelve months or longer | 4,905 | 5,802 |
Gross unrealized losses of available for sale securities that have been in an unrealized loss position for twelve months or longer | 889 | 962 |
Total fair value of available for sale securities that have been in an unrealized loss position | 5,023 | 6,188 |
Total gross unrealized losses of available for sale securities that have been in an unrealized loss position | 897 | 977 |
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 | 29,157 | 18,495 |
Gross unrealized losses of available for sale securities that have been in an unrealized loss position for less than twelve months | 351 | 147 |
Fair value of available for sale securities that have been in an unrealized loss position for twelve months or longer | 3,806 | 5,984 |
Gross unrealized losses of available for sale securities that have been in an unrealized loss position for twelve months or longer | 143 | 139 |
Total fair value of available for sale securities that have been in an unrealized loss position | 32,963 | 24,479 |
Total gross unrealized losses of available for sale securities that have been in an unrealized loss position | 494 | 286 |
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 | 3,869 | 3,511 |
Gross unrealized losses of available for sale securities that have been in an unrealized loss position for less than twelve months | 75 | 63 |
Fair value of available for sale securities that have been in an unrealized loss position for twelve months or longer | 1,776 | 1,350 |
Gross unrealized losses of available for sale securities that have been in an unrealized loss position for twelve months or longer | 34 | 28 |
Total fair value of available for sale securities that have been in an unrealized loss position | 5,645 | 4,861 |
Total gross unrealized losses of available for sale securities that have been in an unrealized loss position | 109 | 91 |
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 | 5,351 | 3,701 |
Gross unrealized losses of available for sale securities that have been in an unrealized loss position for less than twelve months | 50 | 13 |
Fair value of available for sale securities that have been in an unrealized loss position for twelve months or longer | 2,470 | 3,816 |
Gross unrealized losses of available for sale securities that have been in an unrealized loss position for twelve months or longer | 28 | 45 |
Total fair value of available for sale securities that have been in an unrealized loss position | 7,821 | 7,517 |
Total gross unrealized losses of available for sale securities that have been in an unrealized loss position | 78 | 58 |
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 | 104 | 51 |
Gross unrealized losses of available for sale securities that have been in an unrealized loss position for less than twelve months | 4 | 4 |
Fair value of available for sale securities that have been in an unrealized loss position for twelve months or longer | 227 | 218 |
Gross unrealized losses of available for sale securities that have been in an unrealized loss position for twelve months or longer | 30 | 40 |
Total fair value of available for sale securities that have been in an unrealized loss position | 331 | 269 |
Total gross unrealized losses of available for sale securities that have been in an unrealized loss position | $ 34 | $ 44 |
INVESTMENTS - Fair Value of A79
INVESTMENTS - Fair Value of AFS Debt Securities by Contractual Maturity Date (Details) - USD ($) $ in Millions | Sep. 30, 2015 | Dec. 31, 2014 |
Available-for-sale Securities, Debt Maturities | ||
Total amortized cost | $ 299,125 | $ 296,920 |
Total fair value | 299,887 | 297,418 |
Mortgage-backed securities | ||
Available-for-sale Securities, Debt Maturities | ||
Due within 1 year, amortized cost | 107 | 44 |
After 1 but within 5 years, amortized cost | 1,544 | 931 |
After 5 but within 10 years, amortized cost | 1,106 | 1,362 |
After 10 years, amortized cost | 40,725 | 42,163 |
Total amortized cost | 43,482 | 44,500 |
Fair value, due within 1 year | 107 | 44 |
Fair value, after 1 but within 5 years | 1,558 | 935 |
Fair value, after 5 but within 10 years | 1,124 | 1,387 |
Fair value, after 10 years | 41,160 | 42,642 |
Total fair value | 43,949 | 45,008 |
U.S. Treasury and federal agency securities | ||
Available-for-sale Securities, Debt Maturities | ||
Due within 1 year, amortized cost | 3,567 | 13,070 |
After 1 but within 5 years, amortized cost | 110,883 | 104,982 |
After 5 but within 10 years, amortized cost | 5,639 | 2,286 |
After 10 years, amortized cost | 1,198 | 3,079 |
Total amortized cost | 121,287 | 123,417 |
Fair value, due within 1 year | 3,569 | 13,084 |
Fair value, after 1 but within 5 years | 112,025 | 105,131 |
Fair value, after 5 but within 10 years | 5,645 | 2,325 |
Fair value, after 10 years | 1,133 | 3,150 |
Total fair value | 122,372 | 123,690 |
State and municipal securities | ||
Available-for-sale Securities, Debt Maturities | ||
Due within 1 year, amortized cost | 2,831 | 652 |
After 1 but within 5 years, amortized cost | 1,986 | 4,387 |
After 5 but within 10 years, amortized cost | 517 | 524 |
After 10 years, amortized cost | 6,842 | 7,963 |
Total amortized cost | 12,176 | 13,526 |
Fair value, due within 1 year | 2,827 | 651 |
Fair value, after 1 but within 5 years | 1,991 | 4,381 |
Fair value, after 5 but within 10 years | 531 | 537 |
Fair value, after 10 years | 6,047 | 7,130 |
Total fair value | 11,396 | 12,699 |
Foreign government | ||
Available-for-sale Securities, Debt Maturities | ||
Due within 1 year, amortized cost | 29,610 | 31,355 |
After 1 but within 5 years, amortized cost | 46,168 | 41,913 |
After 5 but within 10 years, amortized cost | 17,634 | 16,008 |
After 10 years, amortized cost | 2,189 | 973 |
Total amortized cost | 95,601 | 90,249 |
Fair value, due within 1 year | 29,609 | 31,382 |
Fair value, after 1 but within 5 years | 46,151 | 42,467 |
Fair value, after 5 but within 10 years | 17,602 | 15,779 |
Fair value, after 10 years | 2,243 | 1,069 |
Total fair value | 95,605 | 90,697 |
All other | ||
Available-for-sale Securities, Debt Maturities | ||
Due within 1 year, amortized cost | 2,154 | 1,248 |
After 1 but within 5 years, amortized cost | 12,781 | 10,442 |
After 5 but within 10 years, amortized cost | 7,870 | 7,282 |
After 10 years, amortized cost | 3,774 | 6,256 |
Total amortized cost | 26,579 | 25,228 |
Fair value, due within 1 year | 2,154 | 1,251 |
Fair value, after 1 but within 5 years | 12,856 | 10,535 |
Fair value, after 5 but within 10 years | 7,839 | 7,318 |
Fair value, after 10 years | 3,716 | 6,220 |
Total fair value | $ 26,565 | $ 25,324 |
INVESTMENTS - Debt Securities H
INVESTMENTS - Debt Securities Held-to-Maturity (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Jun. 30, 2015 | Sep. 30, 2015 | Dec. 31, 2014 | |
Debt Securities Held-to-maturity | |||
Amortized cost | $ 34,417 | $ 24,701 | |
Net unrealized gains (losses) recognized in AOCI | (477) | (780) | |
Carrying value | 33,940 | 23,921 | |
Gross unrecognized gains | 840 | 1,111 | |
Gross unrecognized losses | (281) | (361) | |
Fair value | 34,499 | 24,671 | |
Fair value of securities transferred from AFS to HTM | $ 7,100 | ||
Mortgage-backed securities - U.S. agency-sponsored | |||
Debt Securities Held-to-maturity | |||
Amortized cost | 17,573 | 8,795 | |
Net unrealized gains (losses) recognized in AOCI | 142 | 95 | |
Carrying value | 17,715 | 8,890 | |
Gross unrecognized gains | 183 | 106 | |
Gross unrecognized losses | (7) | (6) | |
Fair value | 17,891 | 8,990 | |
Fair value of securities transferred from AFS to HTM | 7,000 | ||
Mortgage-backed securities - Prime | |||
Debt Securities Held-to-maturity | |||
Amortized cost | 55 | 60 | |
Net unrealized gains (losses) recognized in AOCI | (11) | (12) | |
Carrying value | 44 | 48 | |
Gross unrecognized gains | 3 | 6 | |
Gross unrecognized losses | (1) | (1) | |
Fair value | 46 | 53 | |
Mortgage-backed securities - Alt-A | |||
Debt Securities Held-to-maturity | |||
Amortized cost | 526 | 1,125 | |
Net unrealized gains (losses) recognized in AOCI | (75) | (213) | |
Carrying value | 451 | 912 | |
Gross unrecognized gains | 344 | 537 | |
Gross unrecognized losses | (162) | (287) | |
Fair value | 633 | 1,162 | |
Mortgage-backed securities - Subprime | |||
Debt Securities Held-to-maturity | |||
Amortized cost | 5 | 6 | |
Net unrealized gains (losses) recognized in AOCI | 0 | (1) | |
Carrying value | 5 | 5 | |
Gross unrecognized gains | 14 | 15 | |
Gross unrecognized losses | 0 | 0 | |
Fair value | 19 | 20 | |
Mortgage-backed securities - Non-U.S. residential | |||
Debt Securities Held-to-maturity | |||
Amortized cost | 506 | 983 | |
Net unrealized gains (losses) recognized in AOCI | (68) | (137) | |
Carrying value | 438 | 846 | |
Gross unrecognized gains | 44 | 92 | |
Gross unrecognized losses | 0 | 0 | |
Fair value | 482 | 938 | |
Mortgage-backed securities - Commercial | |||
Debt Securities Held-to-maturity | |||
Amortized cost | 0 | 8 | |
Net unrealized gains (losses) recognized in AOCI | 0 | 0 | |
Carrying value | 0 | 8 | |
Gross unrecognized gains | 0 | 1 | |
Gross unrecognized losses | 0 | 0 | |
Fair value | 0 | 9 | |
Mortgage-backed securities | |||
Debt Securities Held-to-maturity | |||
Amortized cost | 18,665 | 10,977 | |
Net unrealized gains (losses) recognized in AOCI | (12) | (268) | |
Carrying value | 18,653 | 10,709 | |
Gross unrecognized gains | 588 | 757 | |
Gross unrecognized losses | (170) | (294) | |
Fair value | 19,071 | 11,172 | |
State and municipal securities | |||
Debt Securities Held-to-maturity | |||
Amortized cost | 8,713 | 8,443 | |
Net unrealized gains (losses) recognized in AOCI | (450) | (494) | |
Carrying value | 8,263 | 7,949 | |
Gross unrecognized gains | 175 | 227 | |
Gross unrecognized losses | (99) | (57) | |
Fair value | 8,339 | 8,119 | |
Fair value of securities transferred from AFS to HTM | $ 100 | ||
Foreign government | |||
Debt Securities Held-to-maturity | |||
Amortized cost | 4,274 | 4,725 | |
Net unrealized gains (losses) recognized in AOCI | 0 | 0 | |
Carrying value | 4,274 | 4,725 | |
Gross unrecognized gains | 35 | 77 | |
Gross unrecognized losses | 0 | 0 | |
Fair value | 4,309 | 4,802 | |
Asset-backed securities | |||
Debt Securities Held-to-maturity | |||
Amortized cost | 2,765 | 556 | |
Net unrealized gains (losses) recognized in AOCI | (15) | (18) | |
Carrying value | 2,750 | 538 | |
Gross unrecognized gains | 42 | 50 | |
Gross unrecognized losses | (12) | (10) | |
Fair value | $ 2,780 | $ 578 |
INVESTMENTS - Debt Securities i
INVESTMENTS - Debt Securities in HTM in Unrecognized Loss Position (Details) - USD ($) $ in Millions | Sep. 30, 2015 | Dec. 31, 2014 |
Held-to-maturity Securities, Continuous Unrealized Loss Position | ||
Fair value less than 12 months | $ 2,064 | $ 2,541 |
Gross unrecognized losses less than 12 months | 41 | 35 |
Fair value 12 months or longer | 6,464 | 1,622 |
Gross unrecognized losses 12 months or longer | 240 | 326 |
Fair value, total | 8,528 | 4,163 |
Gross unrecognized losses, total | 281 | 361 |
Unrealized loss, other than temporary impairment, not credit loss, recorded in AOCI | (477) | (780) |
Mortgage-backed securities | ||
Held-to-maturity Securities, Continuous Unrealized Loss Position | ||
Fair value less than 12 months | 0 | 4 |
Gross unrecognized losses less than 12 months | 0 | 0 |
Fair value 12 months or longer | 2,828 | 1,134 |
Gross unrecognized losses 12 months or longer | 170 | 294 |
Fair value, total | 2,828 | 1,138 |
Gross unrecognized losses, total | 170 | 294 |
State and municipal securities | ||
Held-to-maturity Securities, Continuous Unrealized Loss Position | ||
Fair value less than 12 months | 1,747 | 2,528 |
Gross unrecognized losses less than 12 months | 38 | 34 |
Fair value 12 months or longer | 1,741 | 314 |
Gross unrecognized losses 12 months or longer | 61 | 23 |
Fair value, total | 3,488 | 2,842 |
Gross unrecognized losses, total | 99 | 57 |
Foreign government | ||
Held-to-maturity Securities, Continuous Unrealized Loss Position | ||
Fair value less than 12 months | 177 | 0 |
Gross unrecognized losses less than 12 months | 0 | 0 |
Fair value 12 months or longer | 0 | 0 |
Gross unrecognized losses 12 months or longer | 0 | 0 |
Fair value, total | 177 | 0 |
Gross unrecognized losses, total | 0 | 0 |
Asset-backed securities | ||
Held-to-maturity Securities, Continuous Unrealized Loss Position | ||
Fair value less than 12 months | 140 | 9 |
Gross unrecognized losses less than 12 months | 3 | 1 |
Fair value 12 months or longer | 1,895 | 174 |
Gross unrecognized losses 12 months or longer | 9 | 9 |
Fair value, total | 2,035 | 183 |
Gross unrecognized losses, total | $ 12 | $ 10 |
INVESTMENTS - Carrying Value an
INVESTMENTS - Carrying Value and Fair Value of HTM Debt Securities by Contractual Maturity Dates (Details) - USD ($) $ in Millions | Sep. 30, 2015 | Dec. 31, 2014 |
Held-to-maturity Securities, Debt Maturities, Net Carrying Amount; | ||
Carrying value | $ 33,940 | $ 23,921 |
Held-to-maturity Securities, Debt Maturities, Fair Value; | ||
Fair value | 34,499 | $ 24,671 |
Akbank | ||
Held-to-maturity Securities, Debt Maturities, Fair Value; | ||
Equity investment ownership percentage | 9.90% | |
Mortgage-backed securities | ||
Held-to-maturity Securities, Debt Maturities, Net Carrying Amount; | ||
Due within 1 year, carrying value | 0 | $ 0 |
After 1 but within 5 years, carrying value | 119 | 0 |
After 5 but within 10 years, carrying value | 720 | 863 |
After 10 years, carrying value | 17,814 | 9,846 |
Carrying value | 18,653 | 10,709 |
Held-to-maturity Securities, Debt Maturities, Fair Value; | ||
Due within 1 year, fair value | 0 | 0 |
After 1 but within 5 years, fair value | 120 | 0 |
After 5 but within 10 years, fair value | 735 | 869 |
After 10 years, fair value | 18,216 | 10,303 |
Fair value | 19,071 | 11,172 |
State and municipal securities | ||
Held-to-maturity Securities, Debt Maturities, Net Carrying Amount; | ||
Due within 1 year, carrying value | 506 | 205 |
After 1 but within 5 years, carrying value | 373 | 243 |
After 5 but within 10 years, carrying value | 184 | 140 |
After 10 years, carrying value | 7,200 | 7,361 |
Carrying value | 8,263 | 7,949 |
Held-to-maturity Securities, Debt Maturities, Fair Value; | ||
Due within 1 year, fair value | 504 | 205 |
After 1 but within 5 years, fair value | 368 | 243 |
After 5 but within 10 years, fair value | 192 | 144 |
After 10 years, fair value | 7,275 | 7,527 |
Fair value | 8,339 | 8,119 |
Foreign government | ||
Held-to-maturity Securities, Debt Maturities, Net Carrying Amount; | ||
Due within 1 year, carrying value | 0 | 0 |
After 1 but within 5 years, carrying value | 4,274 | 4,725 |
After 5 but within 10 years, carrying value | 0 | 0 |
After 10 years, carrying value | 0 | 0 |
Carrying value | 4,274 | 4,725 |
Held-to-maturity Securities, Debt Maturities, Fair Value; | ||
Due within 1 year, fair value | 0 | 0 |
After 1 but within 5 years, fair value | 4,309 | 4,802 |
After 5 but within 10 years, fair value | 0 | 0 |
After 10 years, fair value | 0 | 0 |
Fair value | 4,309 | 4,802 |
All other | ||
Held-to-maturity Securities, Debt Maturities, Net Carrying Amount; | ||
Due within 1 year, carrying value | 0 | 0 |
After 1 but within 5 years, carrying value | 0 | 0 |
After 5 but within 10 years, carrying value | 0 | 0 |
After 10 years, carrying value | 2,750 | 538 |
Carrying value | 2,750 | 538 |
Held-to-maturity Securities, Debt Maturities, Fair Value; | ||
Due within 1 year, fair value | 0 | 0 |
After 1 but within 5 years, fair value | 0 | 0 |
After 5 but within 10 years, fair value | 0 | 0 |
After 10 years, fair value | 2,780 | 578 |
Fair value | $ 2,780 | $ 578 |
INVESTMENTS - Mortgage-backed S
INVESTMENTS - Mortgage-backed Securities (Details) - Mortgage-backed securities | 9 Months Ended |
Sep. 30, 2015 | |
30-59 day delinquent 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% |
Current loans | |
Key assumptions for mortgage-backed securities | |
Default rate projection (as a percent) | 10.00% |
INVESTMENTS - Recognition and M
INVESTMENTS - Recognition and Measurement of OTTI (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | ||
OTTI on Investments disclosures | |||||
Total OTTI losses recognized during the period | $ 1 | $ 11 | $ 1 | $ 13 | |
Less: Impairments recognized in AOCI | [1] | 0 | 8 | 0 | 8 |
Net impairment losses recognized in earnings for securities that the Company does not intend to sell nor will likely be required to sell | 1 | 3 | 1 | 5 | |
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 | 79 | 88 | 194 | 324 | |
Net impairment losses recognized in earnings | [1] | 80 | 91 | 195 | 329 |
Securities available-for-sale (AFS) | |||||
OTTI on Investments disclosures | |||||
Total OTTI losses recognized during the period | 1 | 11 | 1 | 13 | |
Less: Impairments recognized in AOCI | 0 | 8 | 0 | 8 | |
Net impairment losses recognized in earnings for securities that the Company does not intend to sell nor will likely be required to sell | 1 | 3 | 1 | 5 | |
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 | 64 | 88 | 152 | 324 | |
Net impairment losses recognized in earnings | 65 | 91 | 153 | 329 | |
Held-to-maturity Securities | |||||
OTTI on Investments disclosures | |||||
Total OTTI losses recognized during the period | 0 | 0 | 0 | 0 | |
Less: Impairments recognized in AOCI | 0 | 0 | 0 | 0 | |
Net impairment losses recognized in earnings for securities that the Company does not intend to sell nor will likely be required to sell | 0 | 0 | 0 | 0 | |
Impairment losses recognized in earnings for securities that the Company intends to sell or more- likely-than-not will be required to sell before recovery | 14 | 0 | 36 | 0 | |
Net impairment losses recognized in earnings | 14 | 0 | 36 | 0 | |
Other assets | |||||
OTTI on Investments disclosures | |||||
Total OTTI losses recognized during the period | 0 | 0 | 0 | 0 | |
Less: Impairments recognized in AOCI | 0 | 0 | 0 | 0 | |
Net impairment losses recognized in earnings for securities that the Company does not intend to sell nor will likely be required to sell | 0 | 0 | 0 | 0 | |
Impairment losses recognized in earnings for securities that the Company intends to sell or more- likely-than-not will be required to sell before recovery | 1 | 0 | 6 | 0 | |
Net impairment losses recognized in earnings | $ 1 | $ 0 | $ 6 | $ 0 | |
[1] | Certain prior-period revenue and expense lines and totals were reclassified to conform to the current period’s presentation. See Note 3 to the Consolidated Financial Statements. |
INVESTMENTS - Cumulative OTTI C
INVESTMENTS - Cumulative OTTI Credit Losses (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
AFS debt securities | ||||
Schedule of other-than-temporary impairment, credit losses recognized in earnings, roll forward | ||||
Balance at beginning of period | $ 726 | $ 724 | $ 733 | $ 723 |
Credit impairments recognized in earnings on securities not previously impaired | 1 | 3 | 1 | 5 |
Credit impairments recognized in earnings on securities that have been previously impaired | 0 | 0 | 0 | 0 |
Reductions due to credit-impaired securities sold, transferred or matured | 0 | 0 | (7) | (1) |
Balance at end of period | 727 | 727 | 727 | 727 |
AFS debt securities | Mortgage-backed securities | ||||
Schedule of other-than-temporary impairment, credit losses recognized in earnings, roll forward | ||||
Balance at beginning of period | 295 | 295 | 295 | 295 |
Credit impairments recognized in earnings on securities not previously impaired | 0 | 0 | 0 | 0 |
Credit impairments recognized in earnings on securities that have been previously impaired | 0 | 0 | 0 | 0 |
Reductions due to credit-impaired securities sold, transferred or matured | 0 | 0 | 0 | 0 |
Balance at end of period | 295 | 295 | 295 | 295 |
AFS debt securities | Foreign government securities | ||||
Schedule of other-than-temporary impairment, credit losses recognized in earnings, roll forward | ||||
Balance at beginning of period | 170 | 171 | 171 | 171 |
Credit impairments recognized in earnings on securities not previously impaired | 0 | 0 | 0 | 0 |
Credit impairments recognized in earnings on securities that have been previously impaired | 0 | 0 | 0 | 0 |
Reductions due to credit-impaired securities sold, transferred or matured | 0 | 0 | (1) | 0 |
Balance at end of period | 170 | 171 | 170 | 171 |
AFS debt securities | Corporate | ||||
Schedule of other-than-temporary impairment, credit losses recognized in earnings, roll forward | ||||
Balance at beginning of period | 112 | 112 | 118 | 113 |
Credit impairments recognized in earnings on securities not previously impaired | 1 | 0 | 1 | 0 |
Credit impairments recognized in earnings on securities that have been previously impaired | 0 | 0 | 0 | 0 |
Reductions due to credit-impaired securities sold, transferred or matured | 0 | 0 | (6) | (1) |
Balance at end of period | 113 | 112 | 113 | 112 |
AFS debt securities | Other debt securities | ||||
Schedule of other-than-temporary impairment, credit losses recognized in earnings, roll forward | ||||
Balance at beginning of period | 149 | 146 | 149 | 144 |
Credit impairments recognized in earnings on securities not previously impaired | 0 | 3 | 0 | 5 |
Credit impairments recognized in earnings on securities that have been previously impaired | 0 | 0 | 0 | 0 |
Reductions due to credit-impaired securities sold, transferred or matured | 0 | 0 | 0 | 0 |
Balance at end of period | 149 | 149 | 149 | 149 |
HTM debt securities | ||||
Schedule of other-than-temporary impairment, credit losses recognized in earnings, roll forward | ||||
Balance at beginning of period | 801 | 854 | 803 | 867 |
Credit impairments recognized in earnings on securities not previously impaired | 0 | 0 | 0 | 0 |
Credit impairments recognized in earnings on securities that have been previously impaired | 0 | 0 | 0 | 0 |
Reductions due to credit-impaired securities sold, transferred or matured | (1) | (56) | (3) | (69) |
Balance at end of period | 800 | 798 | 800 | 798 |
HTM debt securities | Mortgage-backed securities | ||||
Schedule of other-than-temporary impairment, credit losses recognized in earnings, roll forward | ||||
Balance at beginning of period | 668 | 665 | 670 | 678 |
Credit impairments recognized in earnings on securities not previously impaired | 0 | 0 | 0 | 0 |
Credit impairments recognized in earnings on securities that have been previously impaired | 0 | 0 | 0 | 0 |
Reductions due to credit-impaired securities sold, transferred or matured | 0 | 0 | (2) | (13) |
Balance at end of period | 668 | 665 | 668 | 665 |
HTM debt securities | Corporate | ||||
Schedule of other-than-temporary impairment, credit losses recognized in earnings, roll forward | ||||
Balance at beginning of period | 0 | 56 | 0 | 56 |
Credit impairments recognized in earnings on securities not previously impaired | 0 | 0 | 0 | 0 |
Credit impairments recognized in earnings on securities that have been previously impaired | 0 | 0 | 0 | 0 |
Reductions due to credit-impaired securities sold, transferred or matured | 0 | (56) | 0 | (56) |
Balance at end of period | 0 | 0 | 0 | 0 |
HTM debt securities | Other debt securities | ||||
Schedule of other-than-temporary impairment, credit losses recognized in earnings, roll forward | ||||
Balance at beginning of period | 133 | 133 | 133 | 133 |
Credit impairments recognized in earnings on securities not previously impaired | 0 | 0 | 0 | 0 |
Credit impairments recognized in earnings on securities that have been previously impaired | 0 | 0 | 0 | 0 |
Reductions due to credit-impaired securities sold, transferred or matured | (1) | 0 | (1) | 0 |
Balance at end of period | $ 132 | $ 133 | $ 132 | $ 133 |
INVESTMENTS - Alternative Inves
INVESTMENTS - Alternative Investment Funds (Details) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2015 | Dec. 31, 2014 | |
Investments in Alternative Investment Funds | ||
Alternative investment funds, fair value | $ 967 | $ 1,065 |
Alternative investment funds, unfunded commitments | 208 | 229 |
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 | 1,000 | 800 |
Hedge funds | ||
Investments in Alternative Investment Funds | ||
Alternative investment funds, fair value | 3 | 8 |
Alternative investment funds, unfunded commitments | $ 0 | 0 |
Alternative investment funds, redemption frequency (if currently eligible) | Generally quarterly | |
Hedge funds | Minimum | ||
Investments in Alternative Investment Funds | ||
Alternative investment funds, redemption notice period | 10 days | |
Hedge funds | Maximum | ||
Investments in Alternative Investment Funds | ||
Alternative investment funds, redemption notice period | 95 days | |
Private equity funds | ||
Investments in Alternative Investment Funds | ||
Alternative investment funds, fair value | $ 827 | 891 |
Alternative investment funds, unfunded commitments | 188 | 205 |
Real estate funds | ||
Investments in Alternative Investment Funds | ||
Alternative investment funds, fair value | 137 | 166 |
Alternative investment funds, unfunded commitments | $ 20 | $ 24 |
LOANS - Consumer Loans (Details
LOANS - Consumer Loans (Details) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2015USD ($)category | Sep. 30, 2014USD ($) | Sep. 30, 2015USD ($)category | Sep. 30, 2014USD ($) | Dec. 31, 2014USD ($) | |
Loans | |||||
Number of loan categories | category | 2 | 2 | |||
Loans, net of unearned income | $ 622,444 | $ 622,444 | $ 644,635 | ||
Consumer | |||||
Loans | |||||
Total loans | 334,064 | 334,064 | 370,652 | ||
Net unearned income | (691) | (691) | (682) | ||
Loans, net of unearned income | 333,373 | 333,373 | 369,970 | ||
Loans sold and/or reclassified to held-for-sale | 1,500 | $ 1,800 | 16,000 | $ 5,600 | |
Consumer | In U.S. offices | |||||
Loans | |||||
Total loans | 207,835 | 207,835 | 229,860 | ||
Consumer | In U.S. offices | Mortgage and real estate | |||||
Loans | |||||
Total loans | 89,155 | 89,155 | 96,533 | ||
Consumer | In U.S. offices | Installment, revolving credit and other | |||||
Loans | |||||
Total loans | 4,999 | 4,999 | 14,450 | ||
Consumer | In U.S. offices | Cards | |||||
Loans | |||||
Total loans | 107,244 | 107,244 | 112,982 | ||
Consumer | In U.S. offices | Commercial and industrial | |||||
Loans | |||||
Total loans | 6,437 | 6,437 | 5,895 | ||
Consumer | In offices outside the U.S. | |||||
Loans | |||||
Total loans | 126,229 | 126,229 | 140,792 | ||
Consumer | In offices outside the U.S. | Mortgage and real estate | |||||
Loans | |||||
Total loans | 47,295 | 47,295 | 54,462 | ||
Consumer | In offices outside the U.S. | Installment, revolving credit and other | |||||
Loans | |||||
Total loans | 29,702 | 29,702 | 31,128 | ||
Consumer | In offices outside the U.S. | Cards | |||||
Loans | |||||
Total loans | 26,865 | 26,865 | 32,032 | ||
Consumer | In offices outside the U.S. | Commercial and industrial | |||||
Loans | |||||
Total loans | 21,929 | 21,929 | 22,561 | ||
Consumer | In offices outside the U.S. | Lease financing | |||||
Loans | |||||
Total loans | $ 438 | $ 438 | $ 609 |
LOANS - Consumer Loan Delinquen
LOANS - Consumer Loan Delinquency (Details) $ in Millions | 9 Months Ended | 12 Months Ended |
Sep. 30, 2015USD ($)paymentre-aging | Dec. 31, 2014USD ($) | |
Loans receivable | ||
Loans, net of unearned income | $ 622,444 | $ 644,635 |
Loans at fair value | $ 5,513 | 5,901 |
Open-ended consumer loans | ||
Loans receivable | ||
Minimum number of payments made consecutively for the loans to be re-aged | payment | 3 | |
Consumer | ||
Loans receivable | ||
Number of days past due, non-accrual status | 60 days | |
Loans, current | $ 323,404 | 357,348 |
Loans, net of unearned income | 333,373 | 369,970 |
Loans, total non-accrual | 4,849 | 5,924 |
Loans, 90 days past due and accruing | $ 3,584 | $ 4,372 |
Loans less than this number of days past due are considered current | 30 days | 30 days |
Consumer | Minimum | ||
Loans receivable | ||
Minimum number of payments made consecutively for the loans to be re-aged | payment | 1 | |
Consumer | Maximum | ||
Loans receivable | ||
Minimum number of payments made consecutively for the loans to be re-aged | payment | 3 | |
Consumer | Less than or equal to 80% | ||
Loans receivable | ||
Loans | $ 65,330 | $ 62,801 |
Consumer | 80% but less than or equal to 100% | ||
Loans receivable | ||
Loans | 11,980 | 16,747 |
Consumer | Greater than 100% | ||
Loans receivable | ||
Loans | 4,198 | 7,311 |
Consumer | Less than 620 | ||
Loans receivable | ||
Loans | 16,848 | 23,830 |
Consumer | ≥ 620 but less than 660 | ||
Loans receivable | ||
Loans | 16,655 | 20,735 |
Consumer | Equal to or greater than 660 | ||
Loans receivable | ||
Loans | 156,165 | 164,767 |
Consumer | Government-guaranteed | ||
Loans receivable | ||
Loans, past due | 2,582 | 3,443 |
Consumer | 30 to 89 Days Past Due | ||
Loans receivable | ||
Loans, past due | 3,863 | 4,529 |
Consumer | Equal to greater than 90 days past due | ||
Loans receivable | ||
Loans, past due | $ 3,524 | $ 4,650 |
Consumer | Residential first mortgages | ||
Loans receivable | ||
Number of days past due, non-accrual status | 90 days | 90 days |
Loans at fair value | $ 37 | $ 43 |
Consumer | Residential first mortgages | Less than or equal to 80% | ||
Loans receivable | ||
Loans | 50,484 | 48,163 |
Consumer | Residential first mortgages | 80% but less than or equal to 100% | ||
Loans receivable | ||
Loans | 6,001 | 9,480 |
Consumer | Residential first mortgages | Greater than 100% | ||
Loans receivable | ||
Loans | 1,285 | 2,670 |
Consumer | Residential first mortgages | Less than 620 | ||
Loans receivable | ||
Loans | 6,686 | 8,911 |
Consumer | Residential first mortgages | ≥ 620 but less than 660 | ||
Loans receivable | ||
Loans | 4,472 | 5,463 |
Consumer | Residential first mortgages | Equal to or greater than 660 | ||
Loans receivable | ||
Loans | $ 46,462 | 45,783 |
Consumer | Home equity loans | ||
Loans receivable | ||
Number of days past due, non-accrual status | 90 days | |
Consumer | Home equity loans | Less than or equal to 80% | ||
Loans receivable | ||
Loans | $ 14,846 | 14,638 |
Consumer | Home equity loans | 80% but less than or equal to 100% | ||
Loans receivable | ||
Loans | 5,979 | 7,267 |
Consumer | Home equity loans | Greater than 100% | ||
Loans receivable | ||
Loans | 2,913 | 4,641 |
Consumer | Home equity loans | Less than 620 | ||
Loans receivable | ||
Loans | 2,730 | 3,257 |
Consumer | Home equity loans | ≥ 620 but less than 660 | ||
Loans receivable | ||
Loans | 2,196 | 2,456 |
Consumer | Home equity loans | Equal to or greater than 660 | ||
Loans receivable | ||
Loans | $ 18,924 | 20,957 |
Consumer | Credit cards | ||
Loans receivable | ||
Number of days past due, non-accrual status | 180 days | |
Consumer | Credit cards | Less than 620 | ||
Loans receivable | ||
Loans | $ 7,087 | 7,647 |
Consumer | Credit cards | ≥ 620 but less than 660 | ||
Loans receivable | ||
Loans | 9,709 | 10,296 |
Consumer | Credit cards | Equal to or greater than 660 | ||
Loans receivable | ||
Loans | $ 88,159 | 92,877 |
Consumer | Installment and other | ||
Loans receivable | ||
Number of days past due, non-accrual status | 90 days | |
Consumer | Installment and other | Less than 620 | ||
Loans receivable | ||
Loans | $ 345 | 4,015 |
Consumer | Installment and other | ≥ 620 but less than 660 | ||
Loans receivable | ||
Loans | 278 | 2,520 |
Consumer | Installment and other | Equal to or greater than 660 | ||
Loans receivable | ||
Loans | $ 2,620 | 5,150 |
Consumer | Commercial market loans | ||
Loans receivable | ||
Number of days past due, non-accrual status | 90 days | |
Consumer | Total GCB and Citi Holdings Consumer | ||
Loans receivable | ||
Loans, current | $ 323,206 | 357,110 |
Loans, net of unearned income | 333,159 | 369,711 |
Loans, total non-accrual | 4,818 | 5,894 |
Loans, 90 days past due and accruing | 3,584 | 4,372 |
Consumer | Total GCB and Citi Holdings Consumer | Government-guaranteed | ||
Loans receivable | ||
Loans, past due | 2,582 | 3,443 |
Consumer | Total GCB and Citi Holdings Consumer | 30 to 89 Days Past Due | ||
Loans receivable | ||
Loans, past due | 3,855 | 4,519 |
Consumer | Total GCB and Citi Holdings Consumer | Equal to greater than 90 days past due | ||
Loans receivable | ||
Loans, past due | 3,516 | 4,639 |
Consumer | Other | ||
Loans receivable | ||
Loans, current | 198 | 238 |
Loans, net of unearned income | 214 | 259 |
Loans, total non-accrual | 31 | 30 |
Loans, 90 days past due and accruing | 0 | 0 |
Consumer | Other | Government-guaranteed | ||
Loans receivable | ||
Loans, past due | 0 | 0 |
Consumer | Other | 30 to 89 Days Past Due | ||
Loans receivable | ||
Loans, past due | 8 | 10 |
Consumer | Other | Equal to greater than 90 days past due | ||
Loans receivable | ||
Loans, past due | $ 8 | 11 |
Consumer | Open-ended consumer loans | ||
Loans receivable | ||
Number of re-age modification limitations in twelve months | re-aging | 1 | |
Number of re-age modification limitations in five years | re-aging | 2 | |
Consumer | Unsecured Revolving Loans | ||
Loans receivable | ||
Number of days past due, non-accrual status | 180 days | |
Consumer | In North America Offices | ||
Loans receivable | ||
Loans, current | $ 201,301 | 221,424 |
Loans, net of unearned income | 209,177 | 231,517 |
Loans, total non-accrual | 3,620 | 4,406 |
Loans, 90 days past due and accruing | 3,309 | 4,050 |
Consumer | In North America Offices | Government-guaranteed | ||
Loans receivable | ||
Loans, past due | 2,582 | 3,443 |
Consumer | In North America Offices | 30 to 89 Days Past Due | ||
Loans receivable | ||
Loans, past due | 2,690 | 3,191 |
Consumer | In North America Offices | Equal to greater than 90 days past due | ||
Loans receivable | ||
Loans, past due | 2,604 | 3,459 |
Consumer | In North America Offices | Residential first mortgages | ||
Loans receivable | ||
Loans, current | 59,012 | 61,730 |
Loans, net of unearned income | 63,542 | 67,824 |
Loans, total non-accrual | 2,307 | 2,746 |
Loans, 90 days past due and accruing | 2,180 | 2,759 |
Consumer | In North America Offices | Residential first mortgages | Government-guaranteed | ||
Loans receivable | ||
Loans, past due | 2,582 | 3,443 |
Consumer | In North America Offices | Residential first mortgages | 30 to 89 Days Past Due | ||
Loans receivable | ||
Loans, past due | 998 | 1,280 |
Consumer | In North America Offices | Residential first mortgages | 30 to 89 Days Past Due | Government-guaranteed | ||
Loans receivable | ||
Loans, past due | 400 | 600 |
Consumer | In North America Offices | Residential first mortgages | Equal to greater than 90 days past due | ||
Loans receivable | ||
Loans, past due | 950 | 1,371 |
Consumer | In North America Offices | Residential first mortgages | Equal to greater than 90 days past due | Government-guaranteed | ||
Loans receivable | ||
Loans, past due | 2,200 | 2,800 |
Consumer | In North America Offices | Home equity loans | ||
Loans receivable | ||
Loans, current | 24,258 | 27,262 |
Loans, net of unearned income | 25,043 | 28,117 |
Loans, total non-accrual | 1,125 | 1,271 |
Loans, 90 days past due and accruing | 0 | 0 |
Consumer | In North America Offices | Home equity loans | Government-guaranteed | ||
Loans receivable | ||
Loans, past due | 0 | 0 |
Consumer | In North America Offices | Home equity loans | 30 to 89 Days Past Due | ||
Loans receivable | ||
Loans, past due | 322 | 335 |
Consumer | In North America Offices | Home equity loans | Equal to greater than 90 days past due | ||
Loans receivable | ||
Loans, past due | 463 | 520 |
Consumer | In North America Offices | Credit cards | ||
Loans receivable | ||
Loans, current | 105,489 | 111,441 |
Loans, net of unearned income | 107,863 | 114,028 |
Loans, total non-accrual | 0 | 0 |
Loans, 90 days past due and accruing | 1,112 | 1,273 |
Consumer | In North America Offices | Credit cards | Government-guaranteed | ||
Loans receivable | ||
Loans, past due | 0 | 0 |
Consumer | In North America Offices | Credit cards | 30 to 89 Days Past Due | ||
Loans receivable | ||
Loans, past due | 1,262 | 1,316 |
Consumer | In North America Offices | Credit cards | Equal to greater than 90 days past due | ||
Loans receivable | ||
Loans, past due | 1,112 | 1,271 |
Consumer | In North America Offices | Installment and other | ||
Loans receivable | ||
Loans, current | 4,248 | 12,361 |
Loans, net of unearned income | 4,359 | 12,874 |
Loans, total non-accrual | 0 | 254 |
Loans, 90 days past due and accruing | 4 | 3 |
Consumer | In North America Offices | Installment and other | Government-guaranteed | ||
Loans receivable | ||
Loans, past due | 0 | 0 |
Consumer | In North America Offices | Installment and other | 30 to 89 Days Past Due | ||
Loans receivable | ||
Loans, past due | 74 | 229 |
Consumer | In North America Offices | Installment and other | Equal to greater than 90 days past due | ||
Loans receivable | ||
Loans, past due | 37 | 284 |
Consumer | In North America Offices | Commercial market loans | ||
Loans receivable | ||
Loans, current | 8,294 | 8,630 |
Loans, net of unearned income | 8,370 | 8,674 |
Loans, total non-accrual | 188 | 135 |
Loans, 90 days past due and accruing | 13 | 15 |
Consumer | In North America Offices | Commercial market loans | Government-guaranteed | ||
Loans receivable | ||
Loans, past due | 0 | 0 |
Consumer | In North America Offices | Commercial market loans | 30 to 89 Days Past Due | ||
Loans receivable | ||
Loans, past due | 34 | 31 |
Consumer | In North America Offices | Commercial market loans | Equal to greater than 90 days past due | ||
Loans receivable | ||
Loans, past due | 42 | 13 |
Consumer | In offices outside North America | ||
Loans receivable | ||
Loans, current | 121,905 | 135,686 |
Loans, net of unearned income | 123,982 | 138,194 |
Loans, total non-accrual | 1,198 | 1,488 |
Loans, 90 days past due and accruing | 275 | 322 |
Consumer | In offices outside North America | Government-guaranteed | ||
Loans receivable | ||
Loans, past due | 0 | 0 |
Consumer | In offices outside North America | 30 to 89 Days Past Due | ||
Loans receivable | ||
Loans, past due | 1,165 | 1,328 |
Consumer | In offices outside North America | Equal to greater than 90 days past due | ||
Loans receivable | ||
Loans, past due | 912 | 1,180 |
Consumer | In offices outside North America | Residential first mortgages | ||
Loans receivable | ||
Loans, current | 40,296 | 44,782 |
Loans, net of unearned income | 40,675 | 45,317 |
Loans, total non-accrual | 381 | 454 |
Loans, 90 days past due and accruing | 0 | 0 |
Consumer | In offices outside North America | Residential first mortgages | Government-guaranteed | ||
Loans receivable | ||
Loans, past due | 0 | 0 |
Consumer | In offices outside North America | Residential first mortgages | 30 to 89 Days Past Due | ||
Loans receivable | ||
Loans, past due | 291 | 312 |
Consumer | In offices outside North America | Residential first mortgages | Equal to greater than 90 days past due | ||
Loans receivable | ||
Loans, past due | 88 | 223 |
Consumer | In offices outside North America | Home equity loans | ||
Loans receivable | ||
Loans, current | 0 | 0 |
Loans, net of unearned income | 0 | 0 |
Loans, total non-accrual | 0 | 0 |
Loans, 90 days past due and accruing | 0 | 0 |
Consumer | In offices outside North America | Home equity loans | Government-guaranteed | ||
Loans receivable | ||
Loans, past due | 0 | 0 |
Consumer | In offices outside North America | Home equity loans | 30 to 89 Days Past Due | ||
Loans receivable | ||
Loans, past due | 0 | 0 |
Consumer | In offices outside North America | Home equity loans | Equal to greater than 90 days past due | ||
Loans receivable | ||
Loans, past due | 0 | 0 |
Consumer | In offices outside North America | Credit cards | ||
Loans receivable | ||
Loans, current | 25,286 | 30,327 |
Loans, net of unearned income | 26,216 | 31,482 |
Loans, total non-accrual | 267 | 413 |
Loans, 90 days past due and accruing | 275 | 322 |
Consumer | In offices outside North America | Credit cards | Government-guaranteed | ||
Loans receivable | ||
Loans, past due | 0 | 0 |
Consumer | In offices outside North America | Credit cards | 30 to 89 Days Past Due | ||
Loans receivable | ||
Loans, past due | 499 | 602 |
Consumer | In offices outside North America | Credit cards | Equal to greater than 90 days past due | ||
Loans receivable | ||
Loans, past due | 431 | 553 |
Consumer | In offices outside North America | Installment and other | ||
Loans receivable | ||
Loans, current | 28,513 | 29,297 |
Loans, net of unearned income | 29,141 | 29,774 |
Loans, total non-accrual | 229 | 216 |
Loans, 90 days past due and accruing | 0 | 0 |
Consumer | In offices outside North America | Installment and other | Government-guaranteed | ||
Loans receivable | ||
Loans, past due | 0 | 0 |
Consumer | In offices outside North America | Installment and other | 30 to 89 Days Past Due | ||
Loans receivable | ||
Loans, past due | 321 | 328 |
Consumer | In offices outside North America | Installment and other | Equal to greater than 90 days past due | ||
Loans receivable | ||
Loans, past due | 307 | 149 |
Consumer | In offices outside North America | Commercial market loans | ||
Loans receivable | ||
Loans, current | 27,810 | 31,280 |
Loans, net of unearned income | 27,950 | 31,621 |
Loans, total non-accrual | 321 | 405 |
Loans, 90 days past due and accruing | 0 | 0 |
Consumer | In offices outside North America | Commercial market loans | Government-guaranteed | ||
Loans receivable | ||
Loans, past due | 0 | 0 |
Consumer | In offices outside North America | Commercial market loans | 30 to 89 Days Past Due | ||
Loans receivable | ||
Loans, past due | 54 | 86 |
Consumer | In offices outside North America | Commercial market loans | Equal to greater than 90 days past due | ||
Loans receivable | ||
Loans, past due | $ 86 | $ 255 |
LOANS - Impaired Consumer Loans
LOANS - Impaired Consumer Loans (Details) - Consumer $ in Millions | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2015USD ($)Q | Sep. 30, 2014USD ($) | Sep. 30, 2015USD ($)Q | Sep. 30, 2014USD ($) | Dec. 31, 2014USD ($)Q | |
Financing receivable impaired | |||||
Recorded investment | $ 13,647 | $ 13,647 | $ 19,358 | ||
Unpaid principal balance | 15,559 | 15,559 | 21,070 | ||
Related specific allowance | 2,810 | 2,810 | 3,917 | ||
Average carrying value | 15,900 | $ 21,552 | |||
Interest income recognized | $ 182 | $ 266 | $ 601 | $ 848 | |
Number of quarters used to calculate the average recorded investment balance | Q | 4 | 4 | 4 | ||
Residential first mortgages | |||||
Financing receivable impaired | |||||
Recorded investment | $ 8,996 | $ 8,996 | $ 13,551 | ||
Unpaid principal balance | 10,013 | 10,013 | 14,387 | ||
Related specific allowance | 1,300 | 1,300 | 1,909 | ||
Average carrying value | 10,811 | 15,389 | |||
Interest income recognized | 107 | 167 | 359 | 532 | |
Impaired financing receivable without specific allowance | 1,426 | 1,426 | 1,896 | ||
Home equity loans | |||||
Financing receivable impaired | |||||
Recorded investment | 1,841 | 1,841 | 2,029 | ||
Unpaid principal balance | 2,470 | 2,470 | 2,674 | ||
Related specific allowance | 567 | 567 | 599 | ||
Average carrying value | 1,936 | 2,075 | |||
Interest income recognized | 16 | 18 | 50 | 56 | |
Impaired financing receivable without specific allowance | 490 | 490 | 554 | ||
Credit cards | |||||
Financing receivable impaired | |||||
Recorded investment | 1,998 | 1,998 | 2,407 | ||
Unpaid principal balance | 2,034 | 2,034 | 2,447 | ||
Related specific allowance | 353 | 353 | 849 | ||
Average carrying value | 2,193 | 2,732 | |||
Interest income recognized | 47 | 47 | 135 | 148 | |
Individual installment and other | |||||
Financing receivable impaired | |||||
Recorded investment | 446 | 446 | 948 | ||
Unpaid principal balance | 476 | 476 | 963 | ||
Related specific allowance | 490 | 490 | 450 | ||
Average carrying value | 570 | 975 | |||
Interest income recognized | 8 | 31 | 47 | 94 | |
Commercial market loans | |||||
Financing receivable impaired | |||||
Recorded investment | 366 | 366 | 423 | ||
Unpaid principal balance | 566 | 566 | 599 | ||
Related specific allowance | 100 | 100 | 110 | ||
Average carrying value | 390 | 381 | |||
Interest income recognized | 4 | $ 3 | 10 | $ 18 | |
Impaired financing receivable without specific allowance | $ 136 | $ 136 | $ 158 |
LOANS - Consumer Troubled Debt
LOANS - Consumer Troubled Debt Restructurings (Details) - Consumer $ in Millions | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2015USD ($)loan | Sep. 30, 2014USD ($)loan | Sep. 30, 2015USD ($)loan | Sep. 30, 2014USD ($)loan | Dec. 31, 2014 | |
Loans receivable | |||||
Period within which default occurred post-modification | 1 year | ||||
Number of days past due, non-accrual status | 60 days | ||||
Residential first mortgages | |||||
Loans receivable | |||||
Number of days past due, non-accrual status | 90 days | 90 days | |||
Home equity loans | |||||
Loans receivable | |||||
Number of days past due, non-accrual status | 90 days | ||||
Credit cards | |||||
Loans receivable | |||||
Number of days past due, non-accrual status | 180 days | ||||
Installment and other | |||||
Loans receivable | |||||
Number of days past due, non-accrual status | 90 days | ||||
Commercial market loans | |||||
Loans receivable | |||||
Number of days past due, non-accrual status | 90 days | ||||
In North America Offices | |||||
Loans receivable | |||||
Number of loans modified | loan | 49,399 | 67,074 | 155,141 | 194,261 | |
Post-modification recorded investment | $ 546 | $ 1,005 | $ 1,852 | $ 2,991 | |
Deferred principal | 2 | 16 | 8 | 46 | |
Contingent principal forgiveness | 1 | 11 | 3 | 30 | |
Principal forgiveness | 7 | 4 | 26 | 21 | |
Loans in default | $ 160 | $ 239 | $ 509 | $ 839 | |
In North America Offices | Residential first mortgages | |||||
Loans receivable | |||||
Number of loans modified | loan | 2,282 | 4,933 | 8,084 | 15,435 | |
Post-modification recorded investment | $ 305 | $ 626 | $ 1,078 | $ 1,866 | |
Deferred principal | 2 | 15 | 7 | 43 | |
Contingent principal forgiveness | 1 | 11 | 3 | 30 | |
Principal forgiveness | $ 7 | $ 1 | $ 23 | $ 7 | |
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 | $ 74 | $ 181 | $ 240 | |
Loans in default | 101 | 149 | 329 | 562 | |
In North America Offices | Residential first mortgages | New OCC guidance | |||||
Loans receivable | |||||
Post-modification recorded investment for borrowers that have gone through Chapter 7 bankruptcy | $ 34 | $ 45 | $ 107 | $ 144 | |
In North America Offices | Home equity loans | |||||
Loans receivable | |||||
Number of loans modified | loan | 1,021 | 1,900 | 3,571 | 6,102 | |
Post-modification recorded investment | $ 36 | $ 76 | $ 126 | $ 228 | |
Deferred principal | 0 | 1 | 1 | 3 | |
Contingent principal forgiveness | 0 | 0 | 0 | 0 | |
Principal forgiveness | $ 0 | $ 2 | $ 3 | $ 13 | |
Average interest rate reduction (as a percent) | 2.00% | 3.00% | 2.00% | 2.00% | |
Post-modification recorded investment for borrowers that have gone through Chapter 7 bankruptcy | $ 17 | $ 22 | $ 46 | $ 65 | |
Loans in default | 9 | 16 | 30 | 55 | |
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 | $ 14 | $ 19 | $ 39 | $ 56 | |
In North America Offices | Credit cards | |||||
Loans receivable | |||||
Number of loans modified | loan | 44,972 | 48,775 | 140,130 | 136,501 | |
Post-modification recorded investment | $ 186 | $ 211 | $ 582 | $ 601 | |
Deferred principal | 0 | 0 | 0 | 0 | |
Contingent principal forgiveness | 0 | 0 | 0 | 0 | |
Principal forgiveness | $ 0 | $ 0 | $ 0 | $ 0 | |
Average interest rate reduction (as a percent) | 16.00% | 16.00% | 16.00% | 15.00% | |
Loans in default | $ 47 | $ 47 | $ 139 | $ 146 | |
In North America Offices | Installment and other | |||||
Loans receivable | |||||
Number of loans modified | loan | 1,035 | 11,420 | 3,111 | 36,086 | |
Post-modification recorded investment | $ 9 | $ 87 | $ 27 | $ 269 | |
Deferred principal | 0 | 0 | 0 | 0 | |
Contingent principal forgiveness | 0 | 0 | 0 | 0 | |
Principal forgiveness | $ 0 | $ 0 | $ 0 | $ 0 | |
Average interest rate reduction (as a percent) | 13.00% | 6.00% | 13.00% | 6.00% | |
Loans in default | $ 2 | $ 26 | $ 6 | $ 68 | |
In North America Offices | Commercial market loans | |||||
Loans receivable | |||||
Number of loans modified | loan | 89 | 46 | 245 | 137 | |
Post-modification recorded investment | $ 10 | $ 5 | $ 39 | $ 27 | |
Deferred principal | 0 | 0 | 0 | 0 | |
Contingent principal forgiveness | 0 | 0 | 0 | 0 | |
Principal forgiveness | $ 0 | $ 1 | $ 0 | $ 1 | |
Average interest rate reduction (as a percent) | 0.00% | 0.00% | 0.00% | 0.00% | |
Loans in default | $ 1 | $ 1 | $ 5 | $ 8 | |
In offices outside the U.S. | |||||
Loans receivable | |||||
Number of loans modified | loan | 53,421 | 56,452 | 162,330 | 155,952 | |
Post-modification recorded investment | $ 207 | $ 250 | $ 640 | $ 819 | |
Deferred principal | 0 | 0 | 0 | 0 | |
Contingent principal forgiveness | 0 | 0 | 0 | 0 | |
Principal forgiveness | 3 | 4 | 10 | 13 | |
Loans in default | $ 66 | $ 85 | $ 207 | $ 374 | |
In offices outside the U.S. | Residential first mortgages | |||||
Loans receivable | |||||
Number of loans modified | loan | 1,309 | 841 | 2,920 | 2,133 | |
Post-modification recorded investment | $ 28 | $ 30 | $ 73 | $ 79 | |
Deferred principal | 0 | 0 | 0 | 0 | |
Contingent principal forgiveness | 0 | 0 | 0 | 0 | |
Principal forgiveness | $ 0 | $ 0 | $ 0 | $ 1 | |
Average interest rate reduction (as a percent) | 0.00% | 0.00% | 0.00% | 1.00% | |
Loans in default | $ 5 | $ 6 | $ 17 | $ 16 | |
In offices outside the U.S. | Home equity loans | |||||
Loans receivable | |||||
Number of loans modified | loan | 13 | 15 | 43 | 53 | |
Post-modification recorded investment | $ 2 | $ 3 | $ 7 | $ 9 | |
Deferred principal | 0 | 0 | 0 | 0 | |
Contingent principal forgiveness | 0 | 0 | 0 | 0 | |
Principal forgiveness | $ 0 | $ 0 | $ 0 | $ 0 | |
Average interest rate reduction (as a percent) | 0.00% | 0.00% | 0.00% | 0.00% | |
Loans in default | $ 0 | $ 0 | $ 0 | $ 0 | |
In offices outside the U.S. | Credit cards | |||||
Loans receivable | |||||
Number of loans modified | loan | 32,774 | 40,468 | 110,792 | 109,337 | |
Post-modification recorded investment | $ 87 | $ 122 | $ 288 | $ 356 | |
Deferred principal | 0 | 0 | 0 | 0 | |
Contingent principal forgiveness | 0 | 0 | 0 | 0 | |
Principal forgiveness | $ 2 | $ 2 | $ 5 | $ 7 | |
Average interest rate reduction (as a percent) | 13.00% | 12.00% | 13.00% | 13.00% | |
Loans in default | $ 34 | $ 52 | $ 106 | $ 175 | |
In offices outside the U.S. | Installment and other | |||||
Loans receivable | |||||
Number of loans modified | loan | 19,283 | 15,077 | 48,397 | 44,158 | |
Post-modification recorded investment | $ 76 | $ 73 | $ 207 | $ 219 | |
Deferred principal | 0 | 0 | 0 | 0 | |
Contingent principal forgiveness | 0 | 0 | 0 | 0 | |
Principal forgiveness | $ 1 | $ 2 | $ 5 | $ 5 | |
Average interest rate reduction (as a percent) | 5.00% | 8.00% | 5.00% | 9.00% | |
Loans in default | $ 20 | $ 25 | $ 66 | $ 81 | |
In offices outside the U.S. | Commercial market loans | |||||
Loans receivable | |||||
Number of loans modified | loan | 42 | 51 | 178 | 271 | |
Post-modification recorded investment | $ 14 | $ 22 | $ 65 | $ 156 | |
Deferred principal | 0 | 0 | 0 | 0 | |
Contingent principal forgiveness | 0 | 0 | 0 | 0 | |
Principal forgiveness | $ 0 | $ 0 | $ 0 | $ 0 | |
Average interest rate reduction (as a percent) | 0.00% | 0.00% | 1.00% | 0.00% | |
Loans in default | $ 7 | $ 2 | $ 18 | $ 102 |
LOANS - Corporate Loans (Detail
LOANS - Corporate Loans (Details) - USD ($) $ in Millions | Sep. 30, 2015 | Dec. 31, 2014 |
Loans | ||
Loans, net of unearned income | $ 622,444 | $ 644,635 |
Corporate | ||
Loans | ||
Total loans | 289,681 | 275,219 |
Net unearned income (loss) | (610) | (554) |
Loans, net of unearned income | 289,071 | 274,665 |
Corporate | Commercial and industrial | ||
Loans | ||
Loans, net of unearned income | 118,075 | 110,389 |
Corporate | Financial institutions | ||
Loans | ||
Loans, net of unearned income | 64,832 | 67,832 |
Corporate | Mortgage and real estate | ||
Loans | ||
Loans, net of unearned income | 43,547 | 38,473 |
Corporate | Lease financing | ||
Loans | ||
Loans, net of unearned income | 1,976 | 2,113 |
In U.S. offices | Corporate | ||
Loans | ||
Total loans | 149,335 | 134,829 |
In U.S. offices | Corporate | Commercial and industrial | ||
Loans | ||
Total loans | 40,435 | 35,055 |
In U.S. offices | Corporate | Financial institutions | ||
Loans | ||
Total loans | 38,034 | 36,272 |
In U.S. offices | Corporate | Mortgage and real estate | ||
Loans | ||
Total loans | 37,019 | 32,537 |
In U.S. offices | Corporate | Installment, revolving credit and other | ||
Loans | ||
Total loans | 32,129 | 29,207 |
In U.S. offices | Corporate | Lease financing | ||
Loans | ||
Total loans | 1,718 | 1,758 |
In offices outside the U.S. | Corporate | ||
Loans | ||
Total loans | 140,346 | 140,390 |
In offices outside the U.S. | Corporate | Commercial and industrial | ||
Loans | ||
Total loans | 81,540 | 79,239 |
In offices outside the U.S. | Corporate | Financial institutions | ||
Loans | ||
Total loans | 28,090 | 33,269 |
In offices outside the U.S. | Corporate | Mortgage and real estate | ||
Loans | ||
Total loans | 6,602 | 6,031 |
In offices outside the U.S. | Corporate | Installment, revolving credit and other | ||
Loans | ||
Total loans | 19,352 | 19,259 |
In offices outside the U.S. | Corporate | Lease financing | ||
Loans | ||
Total loans | 259 | 356 |
In offices outside the U.S. | Corporate | Government and official institutions | ||
Loans | ||
Total loans | $ 4,503 | $ 2,236 |
LOANS - Corporate Loan Delinque
LOANS - Corporate Loan Delinquency (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | |
Loans receivable | |||||
Loans, net of unearned income | $ 622,444 | $ 622,444 | $ 644,635 | ||
Loans at fair value | 5,513 | 5,513 | $ 5,901 | ||
Corporate | |||||
Loans receivable | |||||
Loans sold and/or reclassified to held-for-sale | 500 | $ 1,700 | $ 1,600 | $ 4,200 | |
Number of days past due, non-accrual status | 90 days | 90 days | |||
Number of days past due for reversal of accrued interest and charging to earnings | 90 days | ||||
Loans, equal to 30- 89 days past due and accruing | 332 | $ 332 | $ 187 | ||
Loans, greater than or equal to 90 days past due and accruing | 7 | 7 | 1 | ||
Loans, total Past due and accruing | 339 | 339 | 188 | ||
Loans, total non-accrual | 1,558 | 1,558 | 1,183 | ||
Loans, total current | 281,689 | 281,689 | 267,385 | ||
Loans, net of unearned income | 289,071 | 289,071 | 274,665 | ||
Loans at fair value | 5,476 | 5,476 | 5,858 | ||
Purchased distressed loans | 9 | $ 9 | $ 51 | ||
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 | 75 | $ 75 | $ 50 | ||
Loans, greater than or equal to 90 days past due and accruing | 0 | 0 | 0 | ||
Loans, total Past due and accruing | 75 | 75 | 50 | ||
Loans, total non-accrual | 1,042 | 1,042 | 575 | ||
Loans, total current | 116,958 | 116,958 | 109,764 | ||
Loans, net of unearned income | 118,075 | 118,075 | 110,389 | ||
Corporate | Financial institutions | |||||
Loans receivable | |||||
Loans, equal to 30- 89 days past due and accruing | 20 | 20 | 2 | ||
Loans, greater than or equal to 90 days past due and accruing | 0 | 0 | 0 | ||
Loans, total Past due and accruing | 20 | 20 | 2 | ||
Loans, total non-accrual | 165 | 165 | 250 | ||
Loans, total current | 64,647 | 64,647 | 67,580 | ||
Loans, net of unearned income | 64,832 | 64,832 | 67,832 | ||
Corporate | Mortgage and real estate | |||||
Loans receivable | |||||
Loans, equal to 30- 89 days past due and accruing | 190 | 190 | 86 | ||
Loans, greater than or equal to 90 days past due and accruing | 0 | 0 | 0 | ||
Loans, total Past due and accruing | 190 | 190 | 86 | ||
Loans, total non-accrual | 236 | 236 | 252 | ||
Loans, total current | 43,121 | 43,121 | 38,135 | ||
Loans, net of unearned income | 43,547 | 43,547 | 38,473 | ||
Corporate | Leases | |||||
Loans receivable | |||||
Loans, equal to 30- 89 days past due and accruing | 1 | 1 | 0 | ||
Loans, greater than or equal to 90 days past due and accruing | 0 | 0 | 0 | ||
Loans, total Past due and accruing | 1 | 1 | 0 | ||
Loans, total non-accrual | 75 | 75 | 51 | ||
Loans, total current | 1,900 | 1,900 | 2,062 | ||
Loans, net of unearned income | 1,976 | 1,976 | 2,113 | ||
Corporate | Other | |||||
Loans receivable | |||||
Loans, equal to 30- 89 days past due and accruing | 46 | 46 | 49 | ||
Loans, greater than or equal to 90 days past due and accruing | 7 | 7 | 1 | ||
Loans, total Past due and accruing | 53 | 53 | 50 | ||
Loans, total non-accrual | 40 | 40 | 55 | ||
Loans, total current | 55,063 | 55,063 | 49,844 | ||
Loans, net of unearned income | $ 55,156 | $ 55,156 | $ 49,949 |
LOANS - Corporate Loans Credit
LOANS - Corporate Loans Credit Quality Indicators (Details) - USD ($) $ in Millions | Sep. 30, 2015 | Dec. 31, 2014 |
Loans receivable | ||
Loans, net of unearned income | $ 622,444 | $ 644,635 |
Loans at fair value | 5,513 | 5,901 |
Corporate | ||
Loans receivable | ||
Loans, net of unearned income | 289,071 | 274,665 |
Loans, total non-accrual | 1,558 | 1,183 |
Loans at fair value | 5,476 | 5,858 |
Corporate | Commercial and industrial | ||
Loans receivable | ||
Loans, net of unearned income | 118,075 | 110,389 |
Loans, total non-accrual | 1,042 | 575 |
Corporate | Financial institutions | ||
Loans receivable | ||
Loans, net of unearned income | 64,832 | 67,832 |
Loans, total non-accrual | 165 | 250 |
Corporate | Mortgage and real estate | ||
Loans receivable | ||
Loans, net of unearned income | 43,547 | 38,473 |
Loans, total non-accrual | 236 | 252 |
Corporate | Lease financing | ||
Loans receivable | ||
Loans, net of unearned income | 1,976 | 2,113 |
Loans, total non-accrual | 75 | 51 |
Corporate | Other | ||
Loans receivable | ||
Loans, net of unearned income | 55,156 | 49,949 |
Loans, total non-accrual | 40 | 55 |
Corporate | Private Banking loans managed on a delinquency basis | ||
Loans receivable | ||
Loans, net of unearned income | 20,044 | 18,616 |
Corporate | Investment Grade | ||
Loans receivable | ||
Loans, net of unearned income | 210,697 | 200,987 |
Corporate | Investment Grade | Commercial and industrial | ||
Loans receivable | ||
Loans, net of unearned income | 84,088 | 80,812 |
Corporate | Investment Grade | Financial institutions | ||
Loans receivable | ||
Loans, net of unearned income | 55,722 | 56,154 |
Corporate | Investment Grade | Mortgage and real estate | ||
Loans receivable | ||
Loans, net of unearned income | 19,735 | 16,068 |
Corporate | Investment Grade | Lease financing | ||
Loans receivable | ||
Loans, net of unearned income | 1,627 | 1,669 |
Corporate | Investment Grade | Other | ||
Loans receivable | ||
Loans, net of unearned income | 49,525 | 46,284 |
Corporate | Non-Investment Grade | ||
Loans receivable | ||
Loans, net of unearned income | 52,854 | 49,204 |
Corporate | Non-Investment Grade | Commercial and industrial | ||
Loans receivable | ||
Loans, net of unearned income | 32,946 | 29,003 |
Loans, total non-accrual | 1,042 | 575 |
Corporate | Non-Investment Grade | Financial institutions | ||
Loans receivable | ||
Loans, net of unearned income | 8,945 | 11,429 |
Loans, total non-accrual | 165 | 250 |
Corporate | Non-Investment Grade | Mortgage and real estate | ||
Loans receivable | ||
Loans, net of unearned income | 3,540 | 3,587 |
Loans, total non-accrual | 236 | 252 |
Corporate | Non-Investment Grade | Lease financing | ||
Loans receivable | ||
Loans, net of unearned income | 274 | 393 |
Loans, total non-accrual | 75 | 51 |
Corporate | Non-Investment Grade | Other | ||
Loans receivable | ||
Loans, net of unearned income | 5,591 | 3,609 |
Loans, total non-accrual | $ 40 | $ 55 |
LOANS - Non-accrual Corporate L
LOANS - Non-accrual Corporate Loans (Details) - Corporate - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | |
Financing receivable impaired | |||||
Number of months in sustained period of repayment performance for cash-basis loans to return to an accrual status | 6 months | ||||
Recorded investment | $ 1,558 | $ 1,558 | $ 1,183 | ||
Unpaid principal balance | 2,007 | 2,007 | 1,533 | ||
Related specific allowance | 242 | 242 | 236 | ||
Average carrying value | 1,266 | 1,344 | |||
Interest income recognized | 2 | $ 14 | 7 | $ 39 | |
Impaired financing receivable with specific allowance | 507 | 507 | 433 | ||
Impaired financing receivable without specific allowance | 1,051 | 1,051 | 750 | ||
Commercial and industrial | |||||
Financing receivable impaired | |||||
Recorded investment | 1,042 | 1,042 | 575 | ||
Unpaid principal balance | 1,346 | 1,346 | 863 | ||
Related specific allowance | 162 | 162 | 155 | ||
Average carrying value | 709 | 658 | |||
Interest income recognized | 1 | 5 | |||
Impaired financing receivable with specific allowance | 341 | 341 | 224 | ||
Impaired financing receivable without specific allowance | 701 | 701 | 351 | ||
Financial institutions | |||||
Financing receivable impaired | |||||
Recorded investment | 165 | 165 | 250 | ||
Unpaid principal balance | 173 | 173 | 262 | ||
Related specific allowance | 1 | 1 | 7 | ||
Average carrying value | 214 | 278 | |||
Interest income recognized | 0 | 0 | |||
Impaired financing receivable with specific allowance | 6 | 6 | 37 | ||
Impaired financing receivable without specific allowance | 159 | 159 | 213 | ||
Mortgage and real estate | |||||
Financing receivable impaired | |||||
Recorded investment | 236 | 236 | 252 | ||
Unpaid principal balance | 322 | 322 | 287 | ||
Related specific allowance | 17 | 17 | 24 | ||
Average carrying value | 245 | 263 | |||
Interest income recognized | 1 | 2 | |||
Impaired financing receivable with specific allowance | 49 | 49 | 70 | ||
Impaired financing receivable without specific allowance | 187 | 187 | 182 | ||
Lease financing | |||||
Financing receivable impaired | |||||
Recorded investment | 75 | 75 | 51 | ||
Unpaid principal balance | 76 | 76 | 53 | ||
Related specific allowance | 49 | 49 | 29 | ||
Average carrying value | 56 | 85 | |||
Interest income recognized | 0 | 0 | |||
Impaired financing receivable with specific allowance | 75 | 75 | 47 | ||
Impaired financing receivable without specific allowance | 0 | 0 | 4 | ||
Other | |||||
Financing receivable impaired | |||||
Recorded investment | 40 | 40 | 55 | ||
Unpaid principal balance | 90 | 90 | 68 | ||
Related specific allowance | 13 | 13 | 21 | ||
Average carrying value | 42 | 60 | |||
Interest income recognized | 0 | 0 | |||
Impaired financing receivable with specific allowance | 36 | 36 | 55 | ||
Impaired financing receivable without specific allowance | $ 4 | $ 4 | $ 0 |
LOANS - Corporate Troubled Debt
LOANS - Corporate Troubled Debt Restructurings (Details) - Corporate - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Financing receivable impaired | ||||
Carrying Value | $ 48 | $ 4 | $ 126 | $ 56 |
TDRs involving changes in the amount and/or timing of principal payments | 13 | 1 | 48 | 35 |
TDRs involving changes in the amount and/or timing of interest payments | 0 | 0 | 0 | 18 |
TDRs involving changes in the amount and/or timing of both principal and interest payments | 35 | 3 | $ 78 | 3 |
Period within which default occurred post-modification | 1 year | |||
Number of days past due, default status | 60 days | |||
Carrying Value | 587 | 612 | $ 587 | 612 |
TDR in payment default | 0 | 0 | $ 1 | 0 |
Commercial market loans | ||||
Financing receivable impaired | ||||
Number of days past due, default status | 90 days | |||
Commercial and industrial | ||||
Financing receivable impaired | ||||
Carrying Value | 13 | 1 | $ 79 | 48 |
TDRs involving changes in the amount and/or timing of principal payments | 12 | 0 | 45 | 30 |
TDRs involving changes in the amount and/or timing of interest payments | 0 | 0 | 0 | 17 |
TDRs involving changes in the amount and/or timing of both principal and interest payments | 1 | 1 | 34 | 1 |
Carrying Value | 126 | 161 | 126 | 161 |
TDR in payment default | 0 | 0 | 0 | 0 |
Financial institutions | ||||
Financing receivable impaired | ||||
Carrying Value | 0 | 0 | 0 | 0 |
TDRs involving changes in the amount and/or timing of principal payments | 0 | 0 | 0 | 0 |
TDRs involving changes in the amount and/or timing of interest payments | 0 | 0 | 0 | 0 |
TDRs involving changes in the amount and/or timing of both principal and interest payments | 0 | 0 | 0 | 0 |
Carrying Value | 1 | 0 | 1 | 0 |
TDR in payment default | 0 | 0 | 1 | 0 |
Mortgage and real estate | ||||
Financing receivable impaired | ||||
Carrying Value | 35 | 3 | 47 | 8 |
TDRs involving changes in the amount and/or timing of principal payments | 1 | 1 | 3 | 5 |
TDRs involving changes in the amount and/or timing of interest payments | 0 | 0 | 0 | 1 |
TDRs involving changes in the amount and/or timing of both principal and interest payments | 34 | 2 | 44 | 2 |
Carrying Value | 144 | 125 | 144 | 125 |
TDR in payment default | 0 | 0 | 0 | 0 |
Other | ||||
Financing receivable impaired | ||||
Carrying Value | 0 | 0 | 0 | 0 |
TDRs involving changes in the amount and/or timing of principal payments | 0 | 0 | 0 | 0 |
TDRs involving changes in the amount and/or timing of interest payments | 0 | 0 | 0 | 0 |
TDRs involving changes in the amount and/or timing of both principal and interest payments | 0 | 0 | 0 | 0 |
Carrying Value | 316 | 326 | 316 | 326 |
TDR in payment default | $ 0 | $ 0 | $ 0 | $ 0 |
ALLOWANCE FOR CREDIT LOSSES - A
ALLOWANCE FOR CREDIT LOSSES - Allowance for Loan Losses Roll Forward (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Allowance for credit losses | ||||
Allowance for loan losses at beginning of period | $ 14,075 | $ 17,890 | $ 15,994 | $ 19,648 |
Gross credit losses | (2,068) | (2,586) | (6,861) | (8,381) |
Gross recoveries | 405 | 489 | 1,321 | 1,656 |
NCLs | 1,663 | 2,097 | 5,540 | 6,725 |
Net reserve builds (releases) | 43 | (492) | (247) | (1,573) |
Net specific reserve builds (releases) | (124) | (30) | (441) | (205) |
Total provision for credit losses | 1,582 | 1,575 | 4,852 | 4,947 |
Other, net | (368) | (453) | (1,680) | (955) |
Allowance for loan losses at the end of year | 13,626 | 16,915 | 13,626 | 16,915 |
Allowance for credit losses on unfunded lending commitments | ||||
Allowance for credit losses on unfunded lending commitments at beginning of year | 973 | 1,176 | 1,063 | 1,229 |
Provision (release) for unfunded lending commitments | 65 | (30) | (20) | (88) |
Other, net | (2) | (6) | (7) | (1) |
Allowance for credit losses on unfunded lending commitments at end of year | 1,036 | 1,140 | 1,036 | 1,140 |
Total allowance for loans, leases, and unfunded lending commitments at end of period | $ 14,662 | $ 18,055 | $ 14,662 | $ 18,055 |
ALLOWANCE FOR CREDIT LOSSES -97
ALLOWANCE FOR CREDIT LOSSES - Additional Information (Details) - USD ($) $ in Millions | 3 Months Ended | |||||
Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | |
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 | $ 110 | $ 88 | $ 1,000 | $ 259 | $ 480 | $ 79 |
Reduction of allowance for loan and leases losses due to transfer to real estate loan portfolio | 14 | 34 | 281 | 151 | 66 | |
Reduction of allowance related to foreign currency translation | 255 | 39 | $ 145 | 181 | ||
EMEA | ||||||
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 | $ 108 | |||||
Greece | ||||||
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 | 204 | |||||
Spain | ||||||
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 | 177 | |||||
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 | $ 29 | |||||
OneMain Financial Business | Disposal Group, Held-for-sale, Not Discontinued Operations | ||||||
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 | $ 116 | $ 160 |
ALLOWANCE FOR CREDIT LOSSES -98
ALLOWANCE FOR CREDIT LOSSES - Allowance for Loan Losses Roll Forward by Segment (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Dec. 31, 2014 | |
Allowance for credit losses | ||||||
Allowance for loan losses at beginning of period | $ 14,075 | $ 17,890 | $ 15,994 | $ 19,648 | ||
Charge-offs | (2,068) | (2,586) | (6,861) | (8,381) | ||
Recoveries | 405 | 489 | 1,321 | 1,656 | ||
Replenishment of net charge-offs | 1,663 | 2,097 | 5,540 | 6,725 | ||
Net reserve builds (releases) | 43 | (492) | (247) | (1,573) | ||
Net specific reserve releases | (124) | (30) | (441) | (205) | ||
Other | (368) | (453) | (1,680) | (955) | ||
Allowance for loan losses at the end of year | 13,626 | 16,915 | 13,626 | 16,915 | ||
Allowance for loan losses: | ||||||
Determined in accordance with ASC 450 | $ 10,553 | $ 11,783 | ||||
Determined in accordance with ASC 310-10-35 | 3,052 | 4,152 | ||||
Allowance for loan losses | 14,075 | 17,890 | 15,994 | 19,648 | 13,626 | 15,994 |
Loans, net of unearned income: | ||||||
Loans collectively evaluated for impairment in accordance with ASC 450-20 | 601,163 | 617,470 | ||||
Loans individually evaluated for impairment in accordance with ASC 310-10-35 | 15,448 | 20,843 | ||||
Loans held at fair value | 5,513 | 5,901 | ||||
Loans, net of unearned income | 622,444 | 644,635 | ||||
Receivables Acquired with Deteriorated Credit Quality | ||||||
Allowance for loan losses: | ||||||
Determined in accordance with ASC 310-30 | 21 | 59 | ||||
Loans, net of unearned income: | ||||||
Loans | 320 | 421 | ||||
Corporate | ||||||
Allowance for credit losses | ||||||
Allowance for loan losses at beginning of period | 2,326 | 2,370 | 2,389 | 2,584 | ||
Charge-offs | (73) | (43) | (219) | (264) | ||
Recoveries | 27 | 61 | 76 | 126 | ||
Replenishment of net charge-offs | 46 | (18) | 143 | 138 | ||
Net reserve builds (releases) | 115 | (99) | 174 | (226) | ||
Net specific reserve releases | 78 | 87 | (38) | 2 | ||
Other | (3) | (18) | (9) | (20) | ||
Allowance for loan losses at the end of year | 2,516 | 2,340 | 2,516 | 2,340 | ||
Allowance for loan losses: | ||||||
Determined in accordance with ASC 450 | 2,271 | 2,110 | ||||
Determined in accordance with ASC 310-10-35 | 242 | 235 | ||||
Allowance for loan losses | 2,326 | 2,370 | 2,389 | 2,584 | 2,516 | 2,389 |
Loans, net of unearned income: | ||||||
Loans collectively evaluated for impairment in accordance with ASC 450-20 | 281,785 | 267,271 | ||||
Loans individually evaluated for impairment in accordance with ASC 310-10-35 | 1,801 | 1,485 | ||||
Loans held at fair value | 5,476 | 5,858 | ||||
Loans, net of unearned income | 289,071 | 274,665 | ||||
Corporate | Receivables Acquired with Deteriorated Credit Quality | ||||||
Allowance for loan losses: | ||||||
Determined in accordance with ASC 310-30 | 3 | 44 | ||||
Loans, net of unearned income: | ||||||
Loans | 9 | 51 | ||||
Consumer | ||||||
Allowance for credit losses | ||||||
Allowance for loan losses at beginning of period | 11,749 | 15,520 | 13,605 | 17,064 | ||
Charge-offs | (1,995) | (2,543) | (6,642) | (8,117) | ||
Recoveries | 378 | 428 | 1,245 | 1,530 | ||
Replenishment of net charge-offs | 1,617 | 2,115 | 5,397 | 6,587 | ||
Net reserve builds (releases) | (72) | (393) | (421) | (1,347) | ||
Net specific reserve releases | (202) | (117) | (403) | (207) | ||
Other | (365) | (435) | (1,671) | (935) | ||
Allowance for loan losses at the end of year | 11,110 | 14,575 | 11,110 | 14,575 | ||
Allowance for loan losses: | ||||||
Determined in accordance with ASC 450 | 8,282 | 9,673 | ||||
Determined in accordance with ASC 310-10-35 | 2,810 | 3,917 | ||||
Allowance for loan losses | $ 11,749 | $ 15,520 | $ 13,605 | $ 17,064 | 11,110 | 13,605 |
Loans, net of unearned income: | ||||||
Loans collectively evaluated for impairment in accordance with ASC 450-20 | 319,378 | 350,199 | ||||
Loans individually evaluated for impairment in accordance with ASC 310-10-35 | 13,647 | 19,358 | ||||
Loans held at fair value | 37 | 43 | ||||
Loans, net of unearned income | 333,373 | 369,970 | ||||
Consumer | Receivables Acquired with Deteriorated Credit Quality | ||||||
Allowance for loan losses: | ||||||
Determined in accordance with ASC 310-30 | 18 | 15 | ||||
Loans, net of unearned income: | ||||||
Loans | $ 311 | $ 370 |
GOODWILL AND INTANGIBLE ASSET99
GOODWILL AND INTANGIBLE ASSETS - Changes in Goodwill (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | |
Goodwill | |||
Balance of goodwill at beginning of period | $ 23,012 | $ 23,150 | $ 23,592 |
Foreign exchange translation and other | (470) | (123) | (312) |
Impairment of goodwill | (15) | (16) | |
Divestitures, purchase accounting adjustments and other | (83) | (15) | (114) |
Balance of goodwill at end of period | $ 22,444 | $ 23,012 | $ 23,150 |
GOODWILL AND INTANGIBLE ASSE100
GOODWILL AND INTANGIBLE ASSETS - Goodwill by Reporting Units (Details) - USD ($) $ in Millions | 3 Months Ended | |||
Sep. 30, 2015 | Mar. 31, 2015 | Jun. 30, 2015 | Dec. 31, 2014 | |
Goodwill: | ||||
Impairments | $ 15 | $ 16 | ||
Goodwill | 22,444 | 23,150 | $ 23,012 | $ 23,592 |
Operating Segments | Global Consumer Banking | Reporting units | North America Global Consumer Banking | ||||
Goodwill: | ||||
Goodwill | 6,714 | |||
Operating Segments | Global Consumer Banking | Reporting units | EMEA Global Consumer Banking | ||||
Goodwill: | ||||
Goodwill | 299 | |||
Operating Segments | Global Consumer Banking | Reporting units | Asia Global Consumer Banking | ||||
Goodwill: | ||||
Goodwill | 4,504 | |||
Operating Segments | Global Consumer Banking | Reporting units | Latin America Global Consumer Banking | ||||
Goodwill: | ||||
Goodwill | 1,343 | |||
Operating Segments | Institutional Clients Group | Reporting units | Banking | ||||
Goodwill: | ||||
Goodwill | 3,104 | |||
Operating Segments | Institutional Clients Group | Reporting units | Markets and Securities Services | ||||
Goodwill: | ||||
Goodwill | 6,480 | |||
Operating Segments | Citi Holdings | Reporting units | Citi Holdings—Consumer Finance South Korea | ||||
Goodwill: | ||||
Impairments | $ 16 | |||
Operating Segments | Citi Holdings | Reporting units | Citi Holdings—Consumer Latin America | ||||
Goodwill: | ||||
Impairments | 15 | |||
Goodwill, reclassified to other assets held-for-sale | 55 | |||
Operating Segments | Citi Holdings | Reporting units | Citi Holdings—Consumer EMEA | ||||
Goodwill: | ||||
Goodwill, reclassified to other assets held-for-sale | $ 13 |
GOODWILL AND INTANGIBLE ASSE101
GOODWILL AND INTANGIBLE ASSETS - Components of Intangible Assets (Details) - USD ($) $ in Millions | Sep. 30, 2015 | Dec. 31, 2014 |
Finite and Indefinite-lived Intangible Assets [Line Items] | ||
Gross carrying amount of Intangible assets (excluding MSRs) | $ 14,643 | $ 15,098 |
Accumulated amortization of Intangible assets (excluding MSRs) | 10,763 | 10,532 |
Net carrying amount of Intangible assets (excluding MSRs) | 3,880 | 4,566 |
Gross carrying amount, Mortgage servicing rights (MSRs) | 1,766 | 1,845 |
Mortgage servicing rights (MSRs) | 1,766 | 1,845 |
Gross carrying amount of Intangible assets | 16,409 | 16,943 |
Accumulated amortization of Intangible assets | 10,763 | 10,532 |
Net carrying amount of Intangible assets, balance at end of period | 5,646 | 6,411 |
Indefinite-lived intangible assets | ||
Finite and Indefinite-lived Intangible Assets [Line Items] | ||
Gross carrying amount of Intangible assets (excluding MSRs) | 256 | 290 |
Accumulated amortization of Intangible assets (excluding MSRs) | 0 | 0 |
Net carrying amount of Intangible assets (excluding MSRs) | 256 | 290 |
Purchased credit card relationships | ||
Finite and Indefinite-lived Intangible Assets [Line Items] | ||
Gross carrying amount of Intangible assets (excluding MSRs) | 7,595 | 7,626 |
Accumulated amortization of Intangible assets (excluding MSRs) | 6,457 | 6,294 |
Net carrying amount of Intangible assets (excluding MSRs) | 1,138 | 1,332 |
Core deposit intangibles | ||
Finite and Indefinite-lived Intangible Assets [Line Items] | ||
Gross carrying amount of Intangible assets (excluding MSRs) | 1,058 | 1,153 |
Accumulated amortization of Intangible assets (excluding MSRs) | 967 | 1,021 |
Net carrying amount of Intangible assets (excluding MSRs) | 91 | 132 |
Other customer relationships | ||
Finite and Indefinite-lived Intangible Assets [Line Items] | ||
Gross carrying amount of Intangible assets (excluding MSRs) | 478 | 579 |
Accumulated amortization of Intangible assets (excluding MSRs) | 338 | 331 |
Net carrying amount of Intangible assets (excluding MSRs) | 140 | 248 |
Present value of future profits | ||
Finite and Indefinite-lived Intangible Assets [Line Items] | ||
Gross carrying amount of Intangible assets (excluding MSRs) | 159 | 233 |
Accumulated amortization of Intangible assets (excluding MSRs) | 153 | 154 |
Net carrying amount of Intangible assets (excluding MSRs) | 6 | 79 |
Other | ||
Finite and Indefinite-lived Intangible Assets [Line Items] | ||
Gross carrying amount of Intangible assets (excluding MSRs) | 5,097 | 5,217 |
Accumulated amortization of Intangible assets (excluding MSRs) | 2,848 | 2,732 |
Net carrying amount of Intangible assets (excluding MSRs) | $ 2,249 | $ 2,485 |
GOODWILL AND INTANGIBLE ASSE102
GOODWILL AND INTANGIBLE ASSETS - Changes in Intangible Assets (Details) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2015 | Dec. 31, 2014 | |
Finite and Indefinite-lived Intangible Assets [Roll Forward] | ||
Net carrying amount of Intangible assets (excluding MSRs), beginning balance | $ 4,566 | |
Acquisitions/ divestitures | (176) | |
Amortization | (479) | |
Impairments | (5) | |
FX and other | (26) | |
Net carrying amount of Intangible assets (excluding MSRs), ending balance | 3,880 | |
Mortgage servicing rights (MSRs) | 1,766 | $ 1,845 |
Net carrying amount of Intangible assets, balance at end of period | 5,646 | $ 6,411 |
Indefinite-lived intangible assets | ||
Finite and Indefinite-lived Intangible Assets [Roll Forward] | ||
Net carrying amount of Intangible assets (excluding MSRs), beginning balance | 290 | |
Acquisitions/ divestitures | 0 | |
Amortization | 0 | |
Impairments | 0 | |
FX and other | (34) | |
Net carrying amount of Intangible assets (excluding MSRs), ending balance | 256 | |
Purchased credit card relationships | ||
Finite and Indefinite-lived Intangible Assets [Roll Forward] | ||
Net carrying amount of Intangible assets (excluding MSRs), beginning balance | 1,332 | |
Acquisitions/ divestitures | 0 | |
Amortization | (199) | |
Impairments | 0 | |
FX and other | 5 | |
Net carrying amount of Intangible assets (excluding MSRs), ending balance | 1,138 | |
Core deposit intangibles | ||
Finite and Indefinite-lived Intangible Assets [Roll Forward] | ||
Net carrying amount of Intangible assets (excluding MSRs), beginning balance | 132 | |
Acquisitions/ divestitures | 0 | |
Amortization | (32) | |
Impairments | 0 | |
FX and other | (9) | |
Net carrying amount of Intangible assets (excluding MSRs), ending balance | 91 | |
Other customer relationships | ||
Finite and Indefinite-lived Intangible Assets [Roll Forward] | ||
Net carrying amount of Intangible assets (excluding MSRs), beginning balance | 248 | |
Acquisitions/ divestitures | (87) | |
Amortization | (18) | |
Impairments | 0 | |
FX and other | (3) | |
Net carrying amount of Intangible assets (excluding MSRs), ending balance | 140 | |
Present value of future profits | ||
Finite and Indefinite-lived Intangible Assets [Roll Forward] | ||
Net carrying amount of Intangible assets (excluding MSRs), beginning balance | 79 | |
Acquisitions/ divestitures | (68) | |
Amortization | (4) | |
Impairments | 0 | |
FX and other | (1) | |
Net carrying amount of Intangible assets (excluding MSRs), ending balance | 6 | |
Other | ||
Finite and Indefinite-lived Intangible Assets [Roll Forward] | ||
Net carrying amount of Intangible assets (excluding MSRs), beginning balance | 2,485 | |
Acquisitions/ divestitures | (21) | |
Amortization | (226) | |
Impairments | (5) | |
FX and other | 16 | |
Net carrying amount of Intangible assets (excluding MSRs), ending balance | $ 2,249 |
DEBT - Short-Term Borrowings (D
DEBT - Short-Term Borrowings (Details) - USD ($) $ in Millions | Sep. 30, 2015 | Dec. 31, 2014 |
Short-Term Borrowings: | ||
Commercial paper | $ 9,416 | $ 16,155 |
Other borrowings | 13,163 | 42,180 |
Total short-term borrowings | 22,579 | 58,335 |
Collateralized short-term advances from Federal Home Loan Bank | 1.9 | 11,200 |
Significant Citibank Entities | ||
Short-Term Borrowings: | ||
Commercial paper | 9,416 | 16,085 |
Citigroup Inc. | ||
Short-Term Borrowings: | ||
Commercial paper | $ 0 | $ 70 |
DEBT - Long-Term Debt (Details)
DEBT - Long-Term Debt (Details) - USD ($) $ in Millions | Sep. 30, 2015 | Dec. 31, 2014 |
Debt Instrument [Line Items] | ||
Long-term debt | $ 213,533 | $ 223,080 |
Carrying value of trust preferred securities | 1,700 | 1,700 |
Citigroup Inc. | ||
Debt Instrument [Line Items] | ||
Long-term debt | 152,599 | 149,512 |
Bank | ||
Debt Instrument [Line Items] | ||
Long-term debt | 56,748 | 65,146 |
Bank | Senior debt | ||
Debt Instrument [Line Items] | ||
Collateralized long-term advances from Federal Home Loan Bank | 17,300 | 19,800 |
Broker-dealer | ||
Debt Instrument [Line Items] | ||
Long-term debt | $ 4,186 | $ 8,422 |
DEBT - Trust Preferred Securiti
DEBT - Trust Preferred Securities (Details) $ in Millions | Sep. 30, 2015USD ($)shares |
Trust Preferred Securities | |
Liquidation value | $ 2,591 |
Junior subordinated debentures owned by the Trust, amount | $ 2,597 |
Citigroup Capital III | |
Trust Preferred Securities | |
Securities issued (in shares) | shares | 194,053 |
Liquidation value | $ 194 |
Coupon rate (as a percent) | 7.625% |
Common shares issued to parent (in shares) | shares | 6,003 |
Junior subordinated debentures owned by the Trust, amount | $ 200 |
Citigroup Capital XIII | |
Trust Preferred Securities | |
Securities issued (in shares) | shares | 89,840,000 |
Liquidation value | $ 2,246 |
Coupon rate (as a percent) | 7.875% |
Common shares issued to parent (in shares) | shares | 1,000 |
Junior subordinated debentures owned by the Trust, amount | $ 2,246 |
Citigroup Capital XVIII | |
Trust Preferred Securities | |
Securities issued (in shares) | shares | 99,901 |
Liquidation value | $ 151 |
Coupon rate (as a percent) | 6.829% |
Common shares issued to parent (in shares) | shares | 50 |
Junior subordinated debentures owned by the Trust, amount | $ 151 |
CHANGES IN ACCUMULATED OTHER106
CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) - Change in Each Compenant of AOCI (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | |
Change in accumulated other comprehensive income (loss) | |||||
Beginning-of-period balance, net of tax | $ (25,104) | $ (18,147) | $ (23,216) | $ (19,133) | $ (19,133) |
End-of-period balance, net of tax | (27,257) | (19,976) | (27,257) | (19,976) | (23,216) |
Net unrealized gains (losses) on investment securities | |||||
Change in accumulated other comprehensive income (loss) | |||||
Beginning-of-period balance, net of tax | (287) | (206) | 57 | (1,640) | (1,640) |
Other comprehensive income (losses) before reclassifications | 556 | (173) | 453 | 1,242 | |
Increase (decrease) due to amounts reclassified from AOCI | (45) | (34) | (286) | (15) | |
Change, net of taxes | 511 | (207) | 167 | 1,227 | |
End-of-period balance, net of tax | 224 | (413) | 224 | (413) | 57 |
Cash flow hedges | |||||
Change in accumulated other comprehensive income (loss) | |||||
Beginning-of-period balance, net of tax | (731) | (1,007) | (909) | (1,245) | (1,245) |
Other comprehensive income (losses) before reclassifications | 149 | (42) | 203 | 62 | |
Increase (decrease) due to amounts reclassified from AOCI | 40 | 70 | 164 | 204 | |
Change, net of taxes | 189 | 28 | 367 | 266 | |
End-of-period balance, net of tax | (542) | (979) | (542) | (979) | (909) |
Benefit plans | |||||
Change in accumulated other comprehensive income (loss) | |||||
Beginning-of-period balance, net of tax | (4,671) | (4,166) | (5,159) | (3,989) | (3,989) |
Other comprehensive income (losses) before reclassifications | (400) | 17 | 7 | (240) | |
Increase (decrease) due to amounts reclassified from AOCI | 40 | 54 | 121 | 134 | |
Change, net of taxes | (360) | 71 | 128 | (106) | |
End-of-period balance, net of tax | (5,031) | (4,095) | (5,031) | (4,095) | (5,159) |
Foreign currency translation adjustment, net of hedges | |||||
Change in accumulated other comprehensive income (loss) | |||||
Beginning-of-period balance, net of tax | (19,415) | (12,768) | (17,205) | (12,259) | (12,259) |
Other comprehensive income (losses) before reclassifications | (2,493) | (1,721) | (4,703) | (2,230) | |
Increase (decrease) due to amounts reclassified from AOCI | 0 | 0 | 0 | 0 | |
Change, net of taxes | (2,493) | (1,721) | (4,703) | (2,230) | |
End-of-period balance, net of tax | (21,908) | (14,489) | (21,908) | (14,489) | (17,205) |
Reclassification for allocation between net unrealized gains (losses) on investment securities to CTA, before tax | 137 | ||||
Reclassification for allocation between net unrealized gains (losses) on investment securities to CTA, net of tax | 84 | ||||
Accumulated other comprehensive income (loss) | |||||
Change in accumulated other comprehensive income (loss) | |||||
Beginning-of-period balance, net of tax | (25,104) | (18,147) | (23,216) | (19,133) | (19,133) |
Other comprehensive income (losses) before reclassifications | (2,188) | (1,919) | (4,040) | (1,166) | |
Increase (decrease) due to amounts reclassified from AOCI | 35 | 90 | (1) | 323 | |
Change, net of taxes | (2,153) | (1,829) | (4,041) | (843) | |
End-of-period balance, net of tax | $ (27,257) | $ (19,976) | $ (27,257) | $ (19,976) | $ (23,216) |
CHANGES IN ACCUMULATED OTHER107
CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) - Schedule of Pre-Tax and After-Tax (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | ||
Change in accumulated other comprehensive income (loss), pretax | |||||||
Balance at the beginning of the period, pretax | $ (33,148) | $ (25,645) | $ (31,060) | $ (27,596) | |||
Change in net unrealized gains (losses) on investment securities, pretax | 821 | (321) | 353 | 1,967 | |||
Cash flow hedges, pretax | 322 | 45 | 596 | 431 | |||
Benefit plans, pretax | (545) | 107 | 144 | (187) | |||
Foreign currency translation adjustment, pretax | (2,792) | (2,094) | (5,375) | (2,523) | |||
Change, pretax | (2,194) | (2,263) | (4,282) | (312) | |||
Balance at the end of the period, pretax | (35,342) | (27,908) | (35,342) | (27,908) | |||
Change in accumulated other comprehensive income (loss), tax effect | |||||||
Balance at the beginning of the period, tax effect | 8,044 | 7,498 | 7,844 | 8,463 | |||
Change in net unrealized gains (losses) on investment securities, tax effect | (310) | 114 | (186) | (740) | |||
Cash flow hedges, tax effect | (133) | (17) | (229) | (165) | |||
Benefit plans | 185 | (36) | (16) | 81 | |||
Foreign currency translation adjustment, tax effect | 299 | 373 | 672 | 293 | |||
Change, tax effect | 41 | 434 | 241 | (531) | |||
Balance at the end of the period, tax effect | 8,085 | 7,932 | 8,085 | 7,932 | |||
Change in accumulated other comprehensive income (loss), after-tax | |||||||
Beginning-of-period balance, net of tax | (25,104) | (18,147) | (23,216) | (19,133) | |||
Change in net unrealized gains (losses) on investment securities, after-tax | 511 | (207) | 167 | 1,227 | |||
Cash flow hedges, after-tax | 189 | 28 | 367 | 266 | |||
Change, net of tax | [1] | (360) | 71 | 128 | (106) | ||
Foreign currency translation adjustment, after-tax | (2,493) | (1,721) | (4,703) | (2,230) | |||
Citigroup’s total other comprehensive income (loss) | (2,153) | (1,829) | (4,041) | (843) | |||
End-of-period balance, net of tax | $ (25,104) | $ (18,147) | $ (23,216) | $ (19,133) | $ (27,257) | $ (19,976) | |
[1] | Reflects adjustments based on the actuarial valuations of the Company’s significant pension and postretirement plans, including changes in the mortality assumptions at September 30, 2015, and amortization of amounts previously recognized in Accumulated other comprehensive income (loss). See Note 8 to the Consolidated Financial Statements. |
CHANGES IN ACCUMULATED OTHER108
CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) - Reclassification out of AOCI (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | ||
Pretax and after-tax amounts reclassified out of accumulated other comprehensive income (loss) | |||||
Realized (gains) losses on sales of investments | [1] | $ (151) | $ (136) | $ (641) | $ (348) |
Income from continuing operations before income taxes | (6,187) | (4,984) | (20,018) | (13,241) | |
Tax effect | 1,881 | 2,068 | 6,037 | 6,120 | |
Income from continuing operations | (4,306) | (2,916) | (13,981) | (7,121) | |
(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 | 47 | 154 | 5 | 527 | |
Tax effect | (12) | (64) | (6) | (204) | |
Income from continuing operations | 35 | 90 | (1) | 323 | |
(Gain) loss reclassified from AOCI | Realized gains (losses) on investment securities | |||||
Pretax and after-tax amounts reclassified out of accumulated other comprehensive income (loss) | |||||
Realized (gains) losses on sales of investments | (151) | (136) | (641) | (348) | |
OTTI gross impairment losses | 80 | 91 | 195 | 329 | |
Income from continuing operations before income taxes | (71) | (45) | (446) | (19) | |
Tax effect | 26 | 11 | 160 | 4 | |
Income from continuing operations | (45) | (34) | (286) | (15) | |
(Gain) loss reclassified from AOCI | Cash flow hedges | |||||
Pretax and after-tax amounts reclassified out of accumulated other comprehensive income (loss) | |||||
Income from continuing operations before income taxes | 63 | 114 | 260 | 332 | |
Tax effect | (23) | (44) | (96) | (128) | |
Income from continuing operations | 40 | 70 | 164 | 204 | |
(Gain) loss reclassified from AOCI | Cash flow hedges | Interest rate | |||||
Pretax and after-tax amounts reclassified out of accumulated other comprehensive income (loss) | |||||
Income from continuing operations before income taxes | 28 | 84 | 148 | 218 | |
(Gain) loss reclassified from AOCI | Cash flow hedges | Foreign exchange contracts | |||||
Pretax and after-tax amounts reclassified out of accumulated other comprehensive income (loss) | |||||
Income from continuing operations before income taxes | 35 | 30 | 112 | 114 | |
(Gain) loss reclassified from AOCI | Pension liability adjustments | |||||
Pretax and after-tax amounts reclassified out of accumulated other comprehensive income (loss) | |||||
Amortization of unrecognized prior service cost (benefit) | (11) | (11) | (32) | (30) | |
Amortization of unrecognized Net actuarial loss | 64 | 63 | 211 | 183 | |
Curtailment/settlement impact | 2 | 33 | 12 | 61 | |
Income from continuing operations before income taxes | 55 | 85 | 191 | 214 | |
Tax effect | (15) | (31) | (70) | (80) | |
Income from continuing operations | 40 | 54 | 121 | 134 | |
(Gain) loss reclassified from AOCI | Foreign currency translation adjustment | |||||
Pretax and after-tax amounts reclassified out of accumulated other comprehensive income (loss) | |||||
Income from continuing operations | $ 0 | $ 0 | $ 0 | $ 0 | |
[1] | Certain prior-period revenue and expense lines and totals were reclassified to conform to the current period’s presentation. See Note 3 to the Consolidated Financial Statements. |
PREFERRED STOCK (Details)
PREFERRED STOCK (Details) $ / shares in Units, $ in Millions | Aug. 12, 2015 | Apr. 24, 2015 | Mar. 20, 2015 | Oct. 29, 2014 | Apr. 30, 2014 | Feb. 12, 2014 | Oct. 31, 2013 | Sep. 19, 2013 | Apr. 30, 2013 | Mar. 26, 2013 | Dec. 13, 2012 | Oct. 29, 2012 | Apr. 28, 2008 | Jan. 25, 2008 | Dec. 31, 2015USD ($) | Sep. 30, 2015USD ($)$ / sharesshares | Sep. 30, 2015USD ($)$ / sharesshares | Dec. 31, 2014USD ($)$ / sharesshares |
Preferred stock | ||||||||||||||||||
Carrying value | $ 15,218 | $ 15,218 | $ 10,468 | |||||||||||||||
Distribution of preferred dividends | $ 504 | |||||||||||||||||
Forecast | ||||||||||||||||||
Preferred stock | ||||||||||||||||||
Distribution of preferred dividends | $ 265 | |||||||||||||||||
Series AA | ||||||||||||||||||
Preferred stock | ||||||||||||||||||
Dividend rate (as a percent) | 8.125% | 8.125% | ||||||||||||||||
Redemption price per depositary share/ preference share (in dollars per share) | $ / shares | $ 25 | $ 25 | $ 25 | |||||||||||||||
Number of depositary shares (in shares) | shares | 3,870,330 | 3,870,330 | 3,870,330 | |||||||||||||||
Carrying value | $ 97 | $ 97 | $ 97 | |||||||||||||||
Depositary shares, interest in corresponding series of preferred stock | 0.001 | |||||||||||||||||
Series E | ||||||||||||||||||
Preferred stock | ||||||||||||||||||
Dividend rate (as a percent) | 8.40% | 8.40% | ||||||||||||||||
Redemption price per depositary share/ preference share (in dollars per share) | $ / shares | $ 1,000 | $ 1,000 | $ 1,000 | |||||||||||||||
Number of depositary shares (in shares) | shares | 121,254 | 121,254 | 121,254 | |||||||||||||||
Carrying value | $ 121 | $ 121 | $ 121 | |||||||||||||||
Depositary shares, interest in corresponding series of preferred stock | 0.04 | |||||||||||||||||
Series A | ||||||||||||||||||
Preferred stock | ||||||||||||||||||
Dividend rate (as a percent) | 5.95% | 5.95% | ||||||||||||||||
Redemption price per depositary share/ preference share (in dollars per share) | $ / shares | $ 1,000 | $ 1,000 | $ 1,000 | |||||||||||||||
Number of depositary shares (in shares) | shares | 1,500,000 | 1,500,000 | 1,500,000 | |||||||||||||||
Carrying value | $ 1,500 | $ 1,500 | $ 1,500 | |||||||||||||||
Depositary shares, interest in corresponding series of preferred stock | 0.04 | |||||||||||||||||
Series B | ||||||||||||||||||
Preferred stock | ||||||||||||||||||
Dividend rate (as a percent) | 5.90% | 5.90% | ||||||||||||||||
Redemption price per depositary share/ preference share (in dollars per share) | $ / shares | $ 1,000 | $ 1,000 | $ 1,000 | |||||||||||||||
Number of depositary shares (in shares) | shares | 750,000 | 750,000 | 750,000 | |||||||||||||||
Carrying value | $ 750 | $ 750 | $ 750 | |||||||||||||||
Depositary shares, interest in corresponding series of preferred stock | 0.04 | |||||||||||||||||
Series C | ||||||||||||||||||
Preferred stock | ||||||||||||||||||
Dividend rate (as a percent) | 5.80% | 5.80% | ||||||||||||||||
Redemption price per depositary share/ preference share (in dollars per share) | $ / shares | $ 25 | $ 25 | $ 25 | |||||||||||||||
Number of depositary shares (in shares) | shares | 23,000,000 | 23,000,000 | 23,000,000 | |||||||||||||||
Carrying value | $ 575 | $ 575 | $ 575 | |||||||||||||||
Depositary shares, interest in corresponding series of preferred stock | 0.001 | |||||||||||||||||
Series D | ||||||||||||||||||
Preferred stock | ||||||||||||||||||
Dividend rate (as a percent) | 5.35% | 5.35% | ||||||||||||||||
Redemption price per depositary share/ preference share (in dollars per share) | $ / shares | $ 1,000 | $ 1,000 | $ 1,000 | |||||||||||||||
Number of depositary shares (in shares) | shares | 1,250,000 | 1,250,000 | 1,250,000 | |||||||||||||||
Carrying value | $ 1,250 | $ 1,250 | $ 1,250 | |||||||||||||||
Depositary shares, interest in corresponding series of preferred stock | 0.04 | |||||||||||||||||
Series J | ||||||||||||||||||
Preferred stock | ||||||||||||||||||
Dividend rate (as a percent) | 7.125% | 7.125% | ||||||||||||||||
Redemption price per depositary share/ preference share (in dollars per share) | $ / shares | $ 25 | $ 25 | $ 25 | |||||||||||||||
Number of depositary shares (in shares) | shares | 38,000,000 | 38,000,000 | 38,000,000 | |||||||||||||||
Carrying value | $ 950 | $ 950 | $ 950 | |||||||||||||||
Depositary shares, interest in corresponding series of preferred stock | 0.001 | |||||||||||||||||
Series K | ||||||||||||||||||
Preferred stock | ||||||||||||||||||
Dividend rate (as a percent) | 6.875% | 6.875% | ||||||||||||||||
Redemption price per depositary share/ preference share (in dollars per share) | $ / shares | $ 25 | $ 25 | $ 25 | |||||||||||||||
Number of depositary shares (in shares) | shares | 59,800,000 | 59,800,000 | 59,800,000 | |||||||||||||||
Carrying value | $ 1,495 | $ 1,495 | $ 1,495 | |||||||||||||||
Depositary shares, interest in corresponding series of preferred stock | 0.001 | |||||||||||||||||
Series L | ||||||||||||||||||
Preferred stock | ||||||||||||||||||
Dividend rate (as a percent) | 6.875% | 6.875% | ||||||||||||||||
Redemption price per depositary share/ preference share (in dollars per share) | $ / shares | $ 25 | $ 25 | $ 25 | |||||||||||||||
Number of depositary shares (in shares) | shares | 19,200,000 | 19,200,000 | 19,200,000 | |||||||||||||||
Carrying value | $ 480 | $ 480 | $ 480 | |||||||||||||||
Depositary shares, interest in corresponding series of preferred stock | 0.001 | |||||||||||||||||
Series M | ||||||||||||||||||
Preferred stock | ||||||||||||||||||
Dividend rate (as a percent) | 6.30% | 6.30% | ||||||||||||||||
Redemption price per depositary share/ preference share (in dollars per share) | $ / shares | $ 1,000 | $ 1,000 | $ 1,000 | |||||||||||||||
Number of depositary shares (in shares) | shares | 1,750,000 | 1,750,000 | 1,750,000 | |||||||||||||||
Carrying value | $ 1,750 | $ 1,750 | $ 1,750 | |||||||||||||||
Depositary shares, interest in corresponding series of preferred stock | 0.04 | |||||||||||||||||
Series N | ||||||||||||||||||
Preferred stock | ||||||||||||||||||
Dividend rate (as a percent) | 5.80% | 5.80% | ||||||||||||||||
Redemption price per depositary share/ preference share (in dollars per share) | $ / shares | $ 1,000 | $ 1,000 | $ 1,000 | |||||||||||||||
Number of depositary shares (in shares) | shares | 1,500,000 | 1,500,000 | 1,500,000 | |||||||||||||||
Carrying value | $ 1,500 | $ 1,500 | $ 1,500 | |||||||||||||||
Depositary shares, interest in corresponding series of preferred stock | 0.04 | |||||||||||||||||
Series O | ||||||||||||||||||
Preferred stock | ||||||||||||||||||
Dividend rate (as a percent) | 5.875% | |||||||||||||||||
Redemption price per depositary share/ preference share (in dollars per share) | $ / shares | $ 1,000 | $ 1,000 | ||||||||||||||||
Number of depositary shares (in shares) | shares | 1,500,000 | 1,500,000 | ||||||||||||||||
Carrying value | $ 1,500 | $ 1,500 | 0 | |||||||||||||||
Depositary shares, interest in corresponding series of preferred stock | 0.04 | |||||||||||||||||
Series P | ||||||||||||||||||
Preferred stock | ||||||||||||||||||
Dividend rate (as a percent) | 5.95% | |||||||||||||||||
Redemption price per depositary share/ preference share (in dollars per share) | $ / shares | $ 1,000 | $ 1,000 | ||||||||||||||||
Number of depositary shares (in shares) | shares | 2,000,000 | 2,000,000 | ||||||||||||||||
Carrying value | $ 2,000 | $ 2,000 | 0 | |||||||||||||||
Depositary shares, interest in corresponding series of preferred stock | 0.04 | |||||||||||||||||
Series Q | ||||||||||||||||||
Preferred stock | ||||||||||||||||||
Dividend rate (as a percent) | 5.95% | |||||||||||||||||
Redemption price per depositary share/ preference share (in dollars per share) | $ / shares | $ 1,000 | $ 1,000 | ||||||||||||||||
Number of depositary shares (in shares) | shares | 1,250,000 | 1,250,000 | ||||||||||||||||
Carrying value | $ 1,250 | $ 1,250 | $ 0 | |||||||||||||||
Depositary shares, interest in corresponding series of preferred stock | 0.04 |
SECURITIZATIONS AND VARIABLE110
SECURITIZATIONS AND VARIABLE INTEREST ENTITIES - Schedule of Variable Interest Entities (Details) - USD ($) $ in Millions | Sep. 30, 2015 | Dec. 31, 2014 |
Variable Interest Entity | ||
Total involvement with SPE assets | $ 497,929 | $ 534,077 |
Consolidated VIE / SPE assets | 95,756 | 102,790 |
Significant unconsolidated VIE assets | 402,173 | 431,287 |
Funded Exposure | ||
Maximum exposure to loss in significant unconsolidated VIEs, debt investments | 33,595 | 32,909 |
Maximum exposure to loss in significant unconsolidated VIEs, equity investments | 3,381 | 4,096 |
Unfunded Exposure | ||
Maximum exposure to loss in significant unconsolidated VIEs, funding commitments | 9,179 | 8,313 |
Maximum exposure to loss in significant unconsolidated VIEs, guarantees and derivatives | 636 | 613 |
Funded and Unfunded Exposure | ||
Maximum exposure to loss in significant unconsolidated VIEs | 46,791 | 45,931 |
Credit card securitizations | ||
Variable Interest Entity | ||
Total involvement with SPE assets | 54,075 | 60,503 |
Consolidated VIE / SPE assets | 53,924 | 60,271 |
Significant unconsolidated VIE assets | 151 | 232 |
Funded Exposure | ||
Maximum exposure to loss in significant unconsolidated VIEs, debt investments | 0 | 0 |
Maximum exposure to loss in significant unconsolidated VIEs, equity investments | 0 | 0 |
Unfunded Exposure | ||
Maximum exposure to loss in significant unconsolidated VIEs, funding commitments | 0 | 0 |
Maximum exposure to loss in significant unconsolidated VIEs, guarantees and derivatives | 0 | 0 |
Funded and Unfunded Exposure | ||
Maximum exposure to loss in significant unconsolidated VIEs | 0 | 0 |
Mortgage-backed securities - U.S. agency-sponsored | ||
Variable Interest Entity | ||
Total involvement with SPE assets | 238,077 | 264,848 |
Consolidated VIE / SPE assets | 0 | 0 |
Significant unconsolidated VIE assets | 238,077 | 264,848 |
Funded Exposure | ||
Maximum exposure to loss in significant unconsolidated VIEs, debt investments | 3,840 | 5,213 |
Maximum exposure to loss in significant unconsolidated VIEs, equity investments | 0 | 0 |
Unfunded Exposure | ||
Maximum exposure to loss in significant unconsolidated VIEs, funding commitments | 0 | 0 |
Maximum exposure to loss in significant unconsolidated VIEs, guarantees and derivatives | 97 | 110 |
Funded and Unfunded Exposure | ||
Maximum exposure to loss in significant unconsolidated VIEs | 3,937 | 5,323 |
Mortgage securitizations - Non-agency-sponsored | ||
Variable Interest Entity | ||
Total involvement with SPE assets | 16,061 | 17,888 |
Consolidated VIE / SPE assets | 1,728 | 1,304 |
Significant unconsolidated VIE assets | 14,333 | 16,584 |
Funded Exposure | ||
Maximum exposure to loss in significant unconsolidated VIEs, debt investments | 458 | 577 |
Maximum exposure to loss in significant unconsolidated VIEs, equity investments | 0 | 0 |
Unfunded Exposure | ||
Maximum exposure to loss in significant unconsolidated VIEs, funding commitments | 0 | 0 |
Maximum exposure to loss in significant unconsolidated VIEs, guarantees and derivatives | 1 | 1 |
Funded and Unfunded Exposure | ||
Maximum exposure to loss in significant unconsolidated VIEs | 459 | 578 |
Citi-administered asset-backed commercial paper conduits (ABCP) | ||
Variable Interest Entity | ||
Total involvement with SPE assets | 24,117 | 29,181 |
Consolidated VIE / SPE assets | 24,117 | 29,181 |
Significant unconsolidated VIE assets | 0 | 0 |
Funded Exposure | ||
Maximum exposure to loss in significant unconsolidated VIEs, debt investments | 0 | 0 |
Maximum exposure to loss in significant unconsolidated VIEs, equity investments | 0 | 0 |
Unfunded Exposure | ||
Maximum exposure to loss in significant unconsolidated VIEs, funding commitments | 0 | 0 |
Maximum exposure to loss in significant unconsolidated VIEs, guarantees and derivatives | 0 | 0 |
Funded and Unfunded Exposure | ||
Maximum exposure to loss in significant unconsolidated VIEs | 0 | 0 |
Collateralized debt obligations (CDOs) | ||
Variable Interest Entity | ||
Total involvement with SPE assets | 3,515 | 5,617 |
Consolidated VIE / SPE assets | 0 | 0 |
Significant unconsolidated VIE assets | 3,515 | 5,617 |
Funded Exposure | ||
Maximum exposure to loss in significant unconsolidated VIEs, debt investments | 165 | 219 |
Maximum exposure to loss in significant unconsolidated VIEs, equity investments | 0 | 0 |
Unfunded Exposure | ||
Maximum exposure to loss in significant unconsolidated VIEs, funding commitments | 0 | 0 |
Maximum exposure to loss in significant unconsolidated VIEs, guarantees and derivatives | 86 | 86 |
Funded and Unfunded Exposure | ||
Maximum exposure to loss in significant unconsolidated VIEs | 251 | 305 |
Collateralized loan obligations (CLOs) | ||
Variable Interest Entity | ||
Total involvement with SPE assets | 16,567 | 14,119 |
Consolidated VIE / SPE assets | 0 | 0 |
Significant unconsolidated VIE assets | 16,567 | 14,119 |
Funded Exposure | ||
Maximum exposure to loss in significant unconsolidated VIEs, debt investments | 2,484 | 1,746 |
Maximum exposure to loss in significant unconsolidated VIEs, equity investments | 0 | 0 |
Unfunded Exposure | ||
Maximum exposure to loss in significant unconsolidated VIEs, funding commitments | 0 | 0 |
Maximum exposure to loss in significant unconsolidated VIEs, guarantees and derivatives | 0 | 0 |
Funded and Unfunded Exposure | ||
Maximum exposure to loss in significant unconsolidated VIEs | 2,484 | 1,746 |
Asset-based financing | ||
Variable Interest Entity | ||
Total involvement with SPE assets | 71,046 | 63,900 |
Consolidated VIE / SPE assets | 1,335 | 1,151 |
Significant unconsolidated VIE assets | 69,711 | 62,749 |
Funded Exposure | ||
Maximum exposure to loss in significant unconsolidated VIEs, debt investments | 24,183 | 22,928 |
Maximum exposure to loss in significant unconsolidated VIEs, equity investments | 267 | 66 |
Unfunded Exposure | ||
Maximum exposure to loss in significant unconsolidated VIEs, funding commitments | 3,266 | 2,271 |
Maximum exposure to loss in significant unconsolidated VIEs, guarantees and derivatives | 399 | 333 |
Funded and Unfunded Exposure | ||
Maximum exposure to loss in significant unconsolidated VIEs | 28,115 | 25,598 |
Municipal securities tender option bond trusts (TOBs) | ||
Variable Interest Entity | ||
Total involvement with SPE assets | 9,087 | 12,280 |
Consolidated VIE / SPE assets | 4,259 | 6,671 |
Significant unconsolidated VIE assets | 4,828 | 5,609 |
Funded Exposure | ||
Maximum exposure to loss in significant unconsolidated VIEs, debt investments | 56 | 3 |
Maximum exposure to loss in significant unconsolidated VIEs, equity investments | 0 | 0 |
Unfunded Exposure | ||
Maximum exposure to loss in significant unconsolidated VIEs, funding commitments | 3,136 | 3,670 |
Maximum exposure to loss in significant unconsolidated VIEs, guarantees and derivatives | 0 | 0 |
Funded and Unfunded Exposure | ||
Maximum exposure to loss in significant unconsolidated VIEs | 3,192 | 3,673 |
Municipal investments | ||
Variable Interest Entity | ||
Total involvement with SPE assets | 22,512 | 23,706 |
Consolidated VIE / SPE assets | 54 | 70 |
Significant unconsolidated VIE assets | 22,458 | 23,636 |
Funded Exposure | ||
Maximum exposure to loss in significant unconsolidated VIEs, debt investments | 2,272 | 2,014 |
Maximum exposure to loss in significant unconsolidated VIEs, equity investments | 2,208 | 2,197 |
Unfunded Exposure | ||
Maximum exposure to loss in significant unconsolidated VIEs, funding commitments | 2,651 | 2,225 |
Maximum exposure to loss in significant unconsolidated VIEs, guarantees and derivatives | 0 | 0 |
Funded and Unfunded Exposure | ||
Maximum exposure to loss in significant unconsolidated VIEs | 7,131 | 6,436 |
Client intermediation | ||
Variable Interest Entity | ||
Total involvement with SPE assets | 1,800 | 1,745 |
Consolidated VIE / SPE assets | 358 | 137 |
Significant unconsolidated VIE assets | 1,442 | 1,608 |
Funded Exposure | ||
Maximum exposure to loss in significant unconsolidated VIEs, debt investments | 49 | 10 |
Maximum exposure to loss in significant unconsolidated VIEs, equity investments | 0 | 0 |
Unfunded Exposure | ||
Maximum exposure to loss in significant unconsolidated VIEs, funding commitments | 0 | 0 |
Maximum exposure to loss in significant unconsolidated VIEs, guarantees and derivatives | 0 | 10 |
Funded and Unfunded Exposure | ||
Maximum exposure to loss in significant unconsolidated VIEs | 49 | 20 |
Investment funds | ||
Variable Interest Entity | ||
Total involvement with SPE assets | 27,801 | 31,992 |
Consolidated VIE / SPE assets | 918 | 1,096 |
Significant unconsolidated VIE assets | 26,883 | 30,896 |
Funded Exposure | ||
Maximum exposure to loss in significant unconsolidated VIEs, debt investments | 13 | 16 |
Maximum exposure to loss in significant unconsolidated VIEs, equity investments | 350 | 382 |
Unfunded Exposure | ||
Maximum exposure to loss in significant unconsolidated VIEs, funding commitments | 104 | 124 |
Maximum exposure to loss in significant unconsolidated VIEs, guarantees and derivatives | 0 | 0 |
Funded and Unfunded Exposure | ||
Maximum exposure to loss in significant unconsolidated VIEs | 467 | 522 |
Other | ||
Variable Interest Entity | ||
Total involvement with SPE assets | 13,271 | 8,298 |
Consolidated VIE / SPE assets | 9,063 | 2,909 |
Significant unconsolidated VIE assets | 4,208 | 5,389 |
Funded Exposure | ||
Maximum exposure to loss in significant unconsolidated VIEs, debt investments | 75 | 183 |
Maximum exposure to loss in significant unconsolidated VIEs, equity investments | 556 | 1,451 |
Unfunded Exposure | ||
Maximum exposure to loss in significant unconsolidated VIEs, funding commitments | 22 | 23 |
Maximum exposure to loss in significant unconsolidated VIEs, guarantees and derivatives | 53 | 73 |
Funded and Unfunded Exposure | ||
Maximum exposure to loss in significant unconsolidated VIEs | 706 | 1,730 |
Mortgage-backed securities | ||
Funded and Unfunded Exposure | ||
Private label mortgage-backed securities, outstanding | 12,000 | 14,000 |
Citicorp | ||
Variable Interest Entity | ||
Total involvement with SPE assets | $ 451,700 | $ 481,300 |
SECURITIZATIONS AND VARIABLE111
SECURITIZATIONS AND VARIABLE INTEREST ENTITIES - Funding Commitments (Details) - USD ($) $ in Millions | Sep. 30, 2015 | Dec. 31, 2014 |
Funding Commitments for Significant Unconsolidated VIEs | ||
Notional amount | $ 9,179 | $ 8,313 |
Liquidity facilities Citigroup | ||
Funding Commitments for Significant Unconsolidated VIEs | ||
Notional amount | 3,141 | 3,675 |
Liquidity facilities Citigroup | Asset-based financing | ||
Funding Commitments for Significant Unconsolidated VIEs | ||
Notional amount | 5 | 5 |
Liquidity facilities Citigroup | Municipal securities tender option bond trusts (TOBs) | ||
Funding Commitments for Significant Unconsolidated VIEs | ||
Notional amount | 3,136 | 3,670 |
Liquidity facilities Citigroup | Municipal investments | ||
Funding Commitments for Significant Unconsolidated VIEs | ||
Notional amount | 0 | 0 |
Liquidity facilities Citigroup | Investment funds | ||
Funding Commitments for Significant Unconsolidated VIEs | ||
Notional amount | 0 | 0 |
Liquidity facilities Citigroup | Other | ||
Funding Commitments for Significant Unconsolidated VIEs | ||
Notional amount | 0 | 0 |
Loan / equity commitments Citigroup | ||
Funding Commitments for Significant Unconsolidated VIEs | ||
Notional amount | 6,038 | 4,638 |
Loan / equity commitments Citigroup | Asset-based financing | ||
Funding Commitments for Significant Unconsolidated VIEs | ||
Notional amount | 3,261 | 2,266 |
Loan / equity commitments Citigroup | Municipal securities tender option bond trusts (TOBs) | ||
Funding Commitments for Significant Unconsolidated VIEs | ||
Notional amount | 0 | 0 |
Loan / equity commitments Citigroup | Municipal investments | ||
Funding Commitments for Significant Unconsolidated VIEs | ||
Notional amount | 2,651 | 2,225 |
Loan / equity commitments Citigroup | Investment funds | ||
Funding Commitments for Significant Unconsolidated VIEs | ||
Notional amount | 104 | 124 |
Loan / equity commitments Citigroup | Other | ||
Funding Commitments for Significant Unconsolidated VIEs | ||
Notional amount | $ 22 | $ 23 |
SECURITIZATIONS AND VARIABLE112
SECURITIZATIONS AND VARIABLE INTEREST ENTITIES - Carrying Amounts and Classifications of Consolidated Assets (Details) $ in Millions | Sep. 30, 2015USD ($)item | Dec. 31, 2014USD ($) | Sep. 30, 2014USD ($) | Dec. 31, 2013USD ($) |
Variable Interest Entity | ||||
Cash | $ 21,726 | $ 32,108 | $ 35,976 | $ 29,885 |
Trading account assets | 266,946 | 296,786 | ||
Investments | 342,439 | 333,443 | ||
Total loans, net | 608,818 | 628,641 | ||
Other assets | 132,832 | 122,122 | ||
Total assets | 1,808,356 | 1,842,181 | ||
Consolidated VIEs | ||||
Variable Interest Entity | ||||
Cash | 200 | 300 | ||
Trading account assets | 600 | 700 | ||
Investments | 5,600 | 8,000 | ||
Total loans, net | 80,700 | 93,200 | ||
Other assets | 8,700 | 600 | ||
Total assets | 95,800 | 102,800 | ||
Short-term borrowings | 13,800 | 22,700 | ||
Long-term debt | 32,400 | 40,100 | ||
Other liabilities | 6,500 | 900 | ||
Total Liabilities | 52,700 | 63,700 | ||
Non-recourse liabilities | $ 50,500 | 61,200 | ||
With recourse liabilities, number of items | item | 2 | |||
Consolidated VIEs | Letter of credit | ||||
Variable Interest Entity | ||||
Total Liabilities | $ 2,200 | 2,200 | ||
Consolidated VIEs | Credit guarantee | ||||
Variable Interest Entity | ||||
With recourse liabilities | 83 | 198 | ||
Significant unconsolidated VIE assets | ||||
Variable Interest Entity | ||||
Cash | 100 | 0 | ||
Trading account assets | 5,900 | 7,600 | ||
Investments | 2,800 | 2,600 | ||
Total loans, net | 26,400 | 25,000 | ||
Other assets | 1,800 | 2,000 | ||
Total assets | $ 37,000 | $ 37,200 |
SECURITIZATIONS AND VARIABLE113
SECURITIZATIONS AND VARIABLE INTEREST ENTITIES - Credit Card Securitizations (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | |
Ownership interests in principal amount of trust credit card receivables | |||||
Sold to investors via trust-issued securities | $ 30,700,000,000 | $ 30,700,000,000 | $ 37,000,000,000 | ||
Retained by Citigroup as trust-issued securities | 8,600,000,000 | 8,600,000,000 | 10,100,000,000 | ||
Retained by Citigroup via non-certificated interests | 15,500,000,000 | 15,500,000,000 | 14,200,000,000 | ||
Total ownership interests in principal amount of trust credit card receivables | 54,800,000,000 | 54,800,000,000 | $ 61,300,000,000 | ||
Credit card securitizations | |||||
Securitized credit card receivables | |||||
Gains (losses) recognized on the securitization | 0 | ||||
Cash Flows Between Transferor and Transferee | |||||
Proceeds from new securitizations | 0 | $ 3,100,000,000 | 0 | $ 9,900,000,000 | |
Pay down of maturing notes | $ (700,000,000) | $ (2,800,000,000) | $ (6,500,000,000) | $ (4,100,000,000) |
SECURITIZATIONS AND VARIABLE114
SECURITIZATIONS AND VARIABLE INTEREST ENTITIES - Funding, Liquidity Facilities and Subordinated Interests (Details) $ in Billions | 9 Months Ended | 12 Months Ended |
Sep. 30, 2015USD ($)trust | Dec. 31, 2014USD ($) | |
Funding, Liquidity Facilities and Subordinated Interests | ||
Number of trusts to hold securitized credit card receivables | trust | 2 | |
Citibank Credit Card Master Trust (Master Trust) | ||
Funding, Liquidity Facilities and Subordinated Interests | ||
Weighted average maturity of term notes | 2 years 6 months 25 days | 2 years 9 months |
Term notes issued to third parties | $ 29.4 | $ 35.7 |
Term notes retained by Citigroup affiliates | 6.7 | 8.2 |
Total Trust liabilities | $ 36.1 | $ 43.9 |
Citibank OMNI Master Trust (Omni Trust) | ||
Funding, Liquidity Facilities and Subordinated Interests | ||
Weighted average maturity of term notes | 1 year 1 month | 1 year 11 months |
Term notes issued to third parties | $ 1.3 | $ 1.3 |
Term notes retained by Citigroup affiliates | 1.9 | 1.9 |
Total Trust liabilities | $ 3.2 | $ 3.2 |
SECURITIZATIONS AND VARIABLE115
SECURITIZATIONS AND VARIABLE INTEREST ENTITIES - Mortgage Securitizations (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | |
U.S. government-sponsored agency guaranteed | |||||
Cash Flows Between Transferor and Transferee | |||||
Proceeds from new securitizations | $ 6,800 | $ 6,300 | $ 19,800 | $ 19,600 | |
Contractual servicing fees received | 100 | 100 | 400 | 300 | |
Cash flows received on retained interests and other net cash flows | 0 | 0 | 0 | 0 | |
Gains recognized on the securitization | 25 | $ 26 | 115 | $ 59 | |
Sensitivity analysis of fair value of interests continued to be held by transferor | |||||
Carrying value of retained interests | 2,584 | 2,584 | $ 2,374 | ||
Carrying value of retained interests, impact of 10% adverse change in discount rate | (62) | (62) | (69) | ||
Carrying value of retained interests, impact of 20% adverse change in discount rate | (122) | (122) | (134) | ||
Carrying value of retained interests, impact of 10% adverse change in constant prepayment rate | (105) | (105) | (93) | ||
Carrying value of retained interests, impact of 20% adverse change in constant prepayment rate | $ (202) | $ (202) | $ (179) | ||
U.S. government-sponsored agency guaranteed | 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 | 3.00% | 0.00% | 0.00% | 0.00% | |
Constant prepayment rate | 8.40% | 4.60% | 5.70% | 0.00% | |
Weighted average life | 6 years 6 months | 5 years 2 months | 3 years 6 months | 0 days | |
Key assumptions used in measuring fair value related to transferor's continuing involvement | |||||
Discount rate | 0.00% | 0.00% | |||
Constant prepayment rate | 6.80% | 6.00% | |||
Weighted average life | 1 year 7 months | 0 years | |||
U.S. government-sponsored agency guaranteed | 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 | 10.70% | 14.70% | 10.70% | 14.70% | |
Constant prepayment rate | 14.10% | 18.10% | 34.90% | 18.10% | |
Weighted average life | 9 years 4 months | 8 years 10 months 15 days | 10 years 1 month 6 days | 9 years 8 months 12 days | |
Key assumptions used in measuring fair value related to transferor's continuing involvement | |||||
Discount rate | 30.50% | 21.20% | |||
Constant prepayment rate | 28.60% | 41.40% | |||
Weighted average life | 20 years 8 months | 16 years | |||
U.S. government-sponsored agency guaranteed | Weighted Average | |||||
Key assumptions used in measuring fair value of retained interests at date of sale or securitization of mortgage receivables | |||||
Discount rate | 9.10% | 12.40% | 7.70% | 11.20% | |
Constant prepayment rate | 11.10% | 5.80% | 12.70% | 5.30% | |
Key assumptions used in measuring fair value related to transferor's continuing involvement | |||||
Discount rate | 6.00% | 8.40% | |||
Constant prepayment rate | 14.40% | 15.30% | |||
Mortgage securitizations - Non-agency-sponsored | |||||
Cash Flows Between Transferor and Transferee | |||||
Proceeds from new securitizations | $ 3,100 | $ 1,700 | $ 9,200 | $ 6,900 | |
Contractual servicing fees received | 0 | 0 | 0 | 0 | |
Cash flows received on retained interests and other net cash flows | 0 | 0 | 0 | 0 | |
Gains recognized on the securitization | $ 7 | $ 9 | $ 38 | $ 38 | |
Senior interests | |||||
Key assumptions used in measuring fair value of retained interests at date of sale or securitization of mortgage receivables | |||||
Discount rate | 3.20% | ||||
Constant prepayment rate | 0.00% | 0.00% | |||
Anticipated net credit losses | 40.00% | 40.00% | 40.00% | ||
Sensitivity analysis of fair value of interests continued to be held by transferor | |||||
Carrying value of retained interests | $ 192 | $ 192 | $ 310 | ||
Carrying value of retained interests, impact of 10% adverse change in discount rate | (8) | (8) | (7) | ||
Carrying value of retained interests, impact of 20% adverse change in discount rate | (15) | (15) | (13) | ||
Carrying value of retained interests, impact of 10% adverse change in constant prepayment rate | (3) | (3) | (3) | ||
Carrying value of retained interests, impact of 20% adverse change in constant prepayment rate | (6) | (6) | (5) | ||
Carrying value of retained interests, impact of 10% adverse change in anticipated net credit losses | (6) | (6) | (6) | ||
Carrying value of retained interests, impact of 20% adverse change in anticipated net credit losses | $ (11) | $ (11) | $ (10) | ||
Senior interests | 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 | 2.80% | 1.40% | |||
Weighted average life | 9 years 9 months | 9 years 8 months | 2 years 7 months 6 days | ||
Key assumptions used in measuring fair value related to transferor's continuing involvement | |||||
Discount rate | 1.10% | 1.10% | |||
Constant prepayment rate | 2.90% | 2.00% | |||
Anticipated net credit losses | 0.00% | 0.00% | |||
Weighted average life | 3 months 18 days | 3 months 18 days | |||
Senior interests | 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 | 3.20% | 4.60% | |||
Weighted average life | 9 years 9 months | 8 years 7 months 6 days | |||
Key assumptions used in measuring fair value related to transferor's continuing involvement | |||||
Discount rate | 38.60% | 47.10% | |||
Constant prepayment rate | 100.00% | 100.00% | |||
Anticipated net credit losses | 88.70% | 92.40% | |||
Weighted average life | 22 years 5 months | 14 years 4 months 24 days | |||
Senior interests | Weighted Average | |||||
Key assumptions used in measuring fair value of retained interests at date of sale or securitization of mortgage receivables | |||||
Discount rate | 3.20% | 2.90% | 3.80% | ||
Constant prepayment rate | 0.00% | 0.00% | |||
Anticipated net credit losses | 40.00% | 40.00% | 40.00% | ||
Key assumptions used in measuring fair value related to transferor's continuing involvement | |||||
Discount rate | 8.50% | 7.70% | |||
Constant prepayment rate | 15.90% | 10.90% | |||
Anticipated net credit losses | 44.90% | 51.70% | |||
Subordinated interests | |||||
Sensitivity analysis of fair value of interests continued to be held by transferor | |||||
Carrying value of retained interests | $ 514 | $ 514 | $ 554 | ||
Carrying value of retained interests, impact of 10% adverse change in discount rate | (24) | (24) | (30) | ||
Carrying value of retained interests, impact of 20% adverse change in discount rate | (46) | (46) | (57) | ||
Carrying value of retained interests, impact of 10% adverse change in constant prepayment rate | (6) | (6) | (9) | ||
Carrying value of retained interests, impact of 20% adverse change in constant prepayment rate | (14) | (14) | (18) | ||
Carrying value of retained interests, impact of 10% adverse change in anticipated net credit losses | (6) | (6) | (9) | ||
Carrying value of retained interests, impact of 20% adverse change in anticipated net credit losses | (12) | $ (12) | $ (16) | ||
Subordinated interests | 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 | 6.70% | 0.00% | 2.60% | ||
Constant prepayment rate | 0.50% | 0.00% | 0.50% | ||
Anticipated net credit losses | 8.90% | 0.00% | 8.90% | ||
Weighted average life | 6 years 8 months | 0 days | 3 years | ||
Key assumptions used in measuring fair value related to transferor's continuing involvement | |||||
Discount rate | 2.00% | 1.30% | |||
Constant prepayment rate | 0.50% | 0.50% | |||
Anticipated net credit losses | 4.40% | 13.70% | |||
Weighted average life | 1 month | 0 years | |||
Subordinated interests | 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 | 9.00% | 12.10% | 9.10% | ||
Constant prepayment rate | 8.90% | 8.00% | 8.90% | ||
Anticipated net credit losses | 40.00% | 55.90% | 58.50% | ||
Weighted average life | 7 years 3 months | 12 years 10 months 24 days | 14 years 6 months | ||
Key assumptions used in measuring fair value related to transferor's continuing involvement | |||||
Discount rate | 22.60% | 19.60% | |||
Constant prepayment rate | 22.10% | 16.20% | |||
Anticipated net credit losses | 89.40% | 83.80% | |||
Weighted average life | 21 years 5 months | 24 years 4 months 24 days | |||
Subordinated interests | Weighted Average | |||||
Key assumptions used in measuring fair value of retained interests at date of sale or securitization of mortgage receivables | |||||
Discount rate | 8.70% | 5.50% | 7.80% | ||
Constant prepayment rate | 1.70% | 3.30% | 3.20% | ||
Anticipated net credit losses | 35.60% | 40.20% | 43.10% | ||
Key assumptions used in measuring fair value related to transferor's continuing involvement | |||||
Discount rate | 7.70% | 8.20% | |||
Constant prepayment rate | 7.30% | 7.20% | |||
Anticipated net credit losses | 52.10% | 52.50% | |||
Asset-backed securities | |||||
Cash Flows Between Transferor and Transferee | |||||
Proceeds from new securitizations | 400 | $ 0 | $ 400 | $ 500 | |
Gains recognized on the securitization | $ 10 | $ 10 |
SECURITIZATIONS AND VARIABLE116
SECURITIZATIONS AND VARIABLE INTEREST ENTITIES - Mortgage Servicing Rights (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | |
Capitalized MSRs | |||||
Balance at beginning of period | $ 1,845 | ||||
Balance at end of period | $ 1,766 | 1,766 | |||
Mortgage servicing rights | |||||
Classification of Securitizations | |||||
Fair value of capitalized mortgage servicing rights | 1,800 | $ 2,100 | 1,800 | $ 2,100 | |
Principal amount of loans and other financial instruments | 203,000 | 232,000 | 203,000 | 232,000 | |
Capitalized MSRs | |||||
Balance at beginning of period | 1,924 | 2,282 | 1,845 | 2,718 | |
Originations | 57 | 52 | 168 | 151 | |
Changes in fair value of MSRs due to changes in inputs and assumptions | (140) | (11) | 51 | (186) | |
Other changes | (79) | (108) | (261) | (333) | |
Sale of MSRs | 4 | (122) | (37) | (257) | |
Balance at end of period | 1,766 | 2,093 | 1,766 | 2,093 | |
MSR fees | |||||
Servicing fees | 135 | 159 | 416 | 491 | |
Late fees | 4 | 5 | 12 | 20 | |
Ancillary fees | 6 | 11 | 28 | 47 | |
Total MSR fees | 145 | 175 | 456 | 558 | |
Mortgage securitizations - Non-agency-sponsored | |||||
Re-securitizations | |||||
Original par value of securities transferred to re-securitization entities | 141 | 81 | 790 | 470 | |
Fair value of re-securitizations deals in which the entity holds a retained interest | 436 | 436 | $ 545 | ||
Market value of retained interest related to re-securitization transaction | 97 | 97 | 194 | ||
Original par value of re-securitizations deals in which the entity holds a retained interest | 4,900 | 4,900 | 5,100 | ||
Senior interests | |||||
Re-securitizations | |||||
Fair value of re-securitizations deals in which the entity holds a retained interest | 30 | 30 | 133 | ||
Subordinated interests | |||||
Re-securitizations | |||||
Fair value of re-securitizations deals in which the entity holds a retained interest | 406 | 406 | 412 | ||
U.S. government-sponsored agency guaranteed | |||||
Re-securitizations | |||||
Fair value of re-securitizations deals in which the entity holds a retained interest | 2,100 | 2,100 | 1,800 | ||
Market value of retained interest related to re-securitization transaction | 1,800 | 1,800 | 1,500 | ||
Securities transferred to re-securitization entities | 3,500 | 5,400 | 12,400 | 16,700 | |
Original fair value of re-securitizations deals in which the entity holds a retained interest | 63,200 | 63,200 | $ 73,000 | ||
Citicorp | Mortgage servicing rights | |||||
Classification of Securitizations | |||||
Fair value of capitalized mortgage servicing rights | $ 1,700 | $ 1,900 | $ 1,700 | $ 1,900 |
SECURITIZATIONS AND VARIABLE117
SECURITIZATIONS AND VARIABLE INTEREST ENTITIES - Asset-Backed Commercial Paper Conduits (Details) - USD ($) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2015 | Dec. 31, 2014 | |
Classification of Other Securitization Details | ||
Commercial paper | $ 9,416,000,000 | $ 16,155,000,000 |
Citi-administered asset-backed commercial paper conduits (ABCP) | ||
Classification of Other Securitization Details | ||
Purchased assets outstanding under conduits | 24,100,000,000 | 29,200,000,000 |
Incremental funding commitments with clients | $ 12,200,000,000 | $ 13,500,000,000 |
Weighted average life of commercial paper issued by conduits | 72 days | 57 days |
Citi-administered asset-backed commercial paper conduits (ABCP) | Minimum | ||
Classification of Other Securitization Details | ||
Letters of credit as percentage of conduit assets | 8.00% | |
Floor price of conduit's assets | $ 200,000,000 | |
Citi-administered asset-backed commercial paper conduits (ABCP) | Maximum | ||
Classification of Other Securitization Details | ||
Letters of credit as percentage of conduit assets | 10.00% | |
Citi-administered asset-backed consolidated commercial paper conduits (ABCP) | ||
Classification of Other Securitization Details | ||
Letters of credit provided to conduits | $ 2,200,000,000 | $ 2,300,000,000 |
Commercial paper | $ 14,900,000,000 | $ 10,600,000,000 |
SECURITIZATIONS AND VARIABLE118
SECURITIZATIONS AND VARIABLE INTEREST ENTITIES - Collateralized Debt and Loan Obligations (Details) - USD ($) $ in Millions | 9 Months Ended | 12 Months Ended |
Sep. 30, 2015 | Dec. 31, 2014 | |
Collateralized debt obligations (CDOs) | ||
Variable Interest Entity | ||
Carrying value of retained interests | $ 7 | $ 6 |
Carrying value of retained interests, impact of 10% adverse change in discount rate | 0 | (1) |
Carrying value of retained interests, impact of 20% adverse change in discount rate | (1) | (2) |
Collateralized loan obligations (CLOs) | ||
Variable Interest Entity | ||
Carrying value of retained interests | 911 | 1,549 |
Carrying value of retained interests, impact of 10% adverse change in discount rate | (5) | (9) |
Carrying value of retained interests, impact of 20% adverse change in discount rate | $ (10) | $ (18) |
Minimum | Collateralized debt obligations (CDOs) | ||
Variable Interest Entity | ||
Discount rate | 45.00% | 44.70% |
Minimum | Collateralized loan obligations (CLOs) | ||
Variable Interest Entity | ||
Discount rate | 1.50% | 1.40% |
Maximum | Collateralized debt obligations (CDOs) | ||
Variable Interest Entity | ||
Discount rate | 49.50% | 49.20% |
Maximum | Collateralized loan obligations (CLOs) | ||
Variable Interest Entity | ||
Discount rate | 1.60% | 5.00% |
SECURITIZATIONS AND VARIABLE119
SECURITIZATIONS AND VARIABLE INTEREST ENTITIES - Asset Based Financing (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | |
Variable Interest Entity | |||||
Total unconsolidated VIE assets | $ 402,173 | $ 402,173 | $ 431,287 | ||
Maximum exposure to unconsolidated VIEs | 46,791 | 46,791 | 45,931 | ||
Asset-based financing | |||||
Variable Interest Entity | |||||
Total unconsolidated VIE assets | 69,711 | 69,711 | 62,749 | ||
Maximum exposure to unconsolidated VIEs | 28,115 | 28,115 | 25,598 | ||
Proceeds from new securitizations | 400 | $ 0 | 400 | $ 500 | |
Cash flows received on retained interest and other net cash flows | 0 | $ 0 | 0 | $ 300 | |
Gains recognized on the securitization | 10 | 10 | |||
Commercial and other real estate | Asset-based financing | |||||
Variable Interest Entity | |||||
Total unconsolidated VIE assets | 33,911 | 33,911 | 26,146 | ||
Maximum exposure to unconsolidated VIEs | 11,203 | 11,203 | 9,476 | ||
Corporate loans | Asset-based financing | |||||
Variable Interest Entity | |||||
Total unconsolidated VIE assets | 665 | 665 | 460 | ||
Maximum exposure to unconsolidated VIEs | 747 | 747 | 473 | ||
Hedge funds and equities | Asset-based financing | |||||
Variable Interest Entity | |||||
Total unconsolidated VIE assets | 358 | 358 | 0 | ||
Maximum exposure to unconsolidated VIEs | 53 | 53 | 0 | ||
Airplanes, ships and other assets | Asset-based financing | |||||
Variable Interest Entity | |||||
Total unconsolidated VIE assets | 34,777 | 34,777 | 36,143 | ||
Maximum exposure to unconsolidated VIEs | $ 16,112 | $ 16,112 | $ 15,649 |
SECURITIZATIONS AND VARIABLE120
SECURITIZATIONS AND VARIABLE INTEREST ENTITIES - Municipal Securities Tender Option Bond Trusts (Details) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2015USD ($)trust | Sep. 30, 2014USD ($) | Sep. 30, 2015USD ($)trust | Sep. 30, 2014USD ($) | Dec. 31, 2014USD ($) | |
Variable Interest Entity | |||||
Number of TOB trusts | trust | 2 | 2 | |||
Municipal securities tender option bond trusts (TOBs) | |||||
Variable Interest Entity | |||||
Floater inventory held by entity | $ 56 | $ 56 | $ 3 | ||
Municipal bonds owned by trusts, that have credit guarantee provided by the Company | 83 | 83 | 198 | ||
Liquidity agreements, customer TOB trust | 3,100 | 3,100 | 3,700 | ||
Notional amount of offsetting reimbursement agreements | 2,300 | 2,300 | 2,600 | ||
Liquidity agreements, other trusts | 8,100 | $ 8,100 | $ 7,400 | ||
Maximum | Municipal securities tender option bond trusts (TOBs) | |||||
Variable Interest Entity | |||||
The threshold ownership percentage on Residual value of customers TOBs for which the reimbursement agreement applied | 25.00% | ||||
Client intermediation | |||||
Variable Interest Entity | |||||
Proceeds from new securitizations | $ 400 | $ 500 | $ 1,200 | $ 1,700 |
DERIVATIVES ACTIVITIES - Deriva
DERIVATIVES ACTIVITIES - Derivative Notionals (Details) - USD ($) $ in Millions | Sep. 30, 2015 | Dec. 31, 2014 |
Net Investment Hedging | ||
Derivatives | ||
Derivative notionals | $ 2,608 | $ 3,752 |
Hedging instruments under ASC 815 (SFAS 133) | ||
Derivatives | ||
Derivative notionals | 272,686 | 262,813 |
Hedging instruments under ASC 815 (SFAS 133) | Interest rate contracts | ||
Derivatives | ||
Derivative notionals | 179,366 | 163,348 |
Hedging instruments under ASC 815 (SFAS 133) | Interest rate swaps | ||
Derivatives | ||
Derivative notionals | 179,366 | 163,348 |
Hedging instruments under ASC 815 (SFAS 133) | Interest rate futures and forwards | ||
Derivatives | ||
Derivative notionals | 0 | 0 |
Hedging instruments under ASC 815 (SFAS 133) | Interest rate contract options | Written or Sold | ||
Derivatives | ||
Derivative notionals | 0 | 0 |
Hedging instruments under ASC 815 (SFAS 133) | Interest rate contract options | Purchased | ||
Derivatives | ||
Derivative notionals | 0 | 0 |
Hedging instruments under ASC 815 (SFAS 133) | Foreign exchange contracts | ||
Derivatives | ||
Derivative notionals | 92,361 | 98,376 |
Hedging instruments under ASC 815 (SFAS 133) | Foreign exchange swaps | ||
Derivatives | ||
Derivative notionals | 26,212 | 25,157 |
Hedging instruments under ASC 815 (SFAS 133) | Foreign exchange futures, forwards and spot | ||
Derivatives | ||
Derivative notionals | 65,741 | 73,219 |
Hedging instruments under ASC 815 (SFAS 133) | Foreign exchange contracts, spot contracts | ||
Derivatives | ||
Derivative notionals | 830,000 | 849,000 |
Hedging instruments under ASC 815 (SFAS 133) | Foreign exchange contract options | Written or Sold | ||
Derivatives | ||
Derivative notionals | 204 | 0 |
Hedging instruments under ASC 815 (SFAS 133) | Foreign exchange contract options | Purchased | ||
Derivatives | ||
Derivative notionals | 204 | 0 |
Hedging instruments under ASC 815 (SFAS 133) | Equity contracts | ||
Derivatives | ||
Derivative notionals | 0 | 0 |
Hedging instruments under ASC 815 (SFAS 133) | Equity swaps | ||
Derivatives | ||
Derivative notionals | 0 | 0 |
Hedging instruments under ASC 815 (SFAS 133) | Equity futures and forwards | ||
Derivatives | ||
Derivative notionals | 0 | 0 |
Hedging instruments under ASC 815 (SFAS 133) | Equity contract options | Written or Sold | ||
Derivatives | ||
Derivative notionals | 0 | 0 |
Hedging instruments under ASC 815 (SFAS 133) | Equity contract options | Purchased | ||
Derivatives | ||
Derivative notionals | 0 | 0 |
Hedging instruments under ASC 815 (SFAS 133) | Commodity and other contracts | ||
Derivatives | ||
Derivative notionals | 959 | 1,089 |
Hedging instruments under ASC 815 (SFAS 133) | Commodity and other swaps | ||
Derivatives | ||
Derivative notionals | 0 | 0 |
Hedging instruments under ASC 815 (SFAS 133) | Commodity and other futures and forwards | ||
Derivatives | ||
Derivative notionals | 959 | 1,089 |
Hedging instruments under ASC 815 (SFAS 133) | Commodity and other contract options | Written or Sold | ||
Derivatives | ||
Derivative notionals | 0 | 0 |
Hedging instruments under ASC 815 (SFAS 133) | Commodity and other contract options | Purchased | ||
Derivatives | ||
Derivative notionals | 0 | 0 |
Hedging instruments under ASC 815 (SFAS 133) | Credit derivatives | ||
Derivatives | ||
Derivative notionals | 0 | 0 |
Hedging instruments under ASC 815 (SFAS 133) | Credit derivatives | Written or Sold | ||
Derivatives | ||
Derivative notionals | 0 | 0 |
Hedging instruments under ASC 815 (SFAS 133) | Credit derivatives | Purchased | ||
Derivatives | ||
Derivative notionals | 0 | 0 |
Other derivative instruments, Trading derivatives | ||
Derivatives | ||
Derivative notionals | 52,441,121 | 59,016,430 |
Other derivative instruments, Trading derivatives | Interest rate contracts | ||
Derivatives | ||
Derivative notionals | 38,464,398 | 45,434,346 |
Other derivative instruments, Trading derivatives | Interest rate swaps | ||
Derivatives | ||
Derivative notionals | 24,197,468 | 31,906,549 |
Other derivative instruments, Trading derivatives | Interest rate futures and forwards | ||
Derivatives | ||
Derivative notionals | 8,385,914 | 7,044,990 |
Other derivative instruments, Trading derivatives | Interest rate contract options | Written or Sold | ||
Derivatives | ||
Derivative notionals | 2,979,791 | 3,311,751 |
Other derivative instruments, Trading derivatives | Interest rate contract options | Purchased | ||
Derivatives | ||
Derivative notionals | 2,901,225 | 3,171,056 |
Other derivative instruments, Trading derivatives | Foreign exchange contracts | ||
Derivatives | ||
Derivative notionals | 10,213,786 | 10,278,174 |
Other derivative instruments, Trading derivatives | Foreign exchange swaps | ||
Derivatives | ||
Derivative notionals | 4,622,283 | 4,567,977 |
Other derivative instruments, Trading derivatives | Foreign exchange futures, forwards and spot | ||
Derivatives | ||
Derivative notionals | 2,799,499 | 3,003,295 |
Other derivative instruments, Trading derivatives | Foreign exchange contract options | Written or Sold | ||
Derivatives | ||
Derivative notionals | 1,389,887 | 1,343,520 |
Other derivative instruments, Trading derivatives | Foreign exchange contract options | Purchased | ||
Derivatives | ||
Derivative notionals | 1,402,117 | 1,363,382 |
Other derivative instruments, Trading derivatives | Equity contracts | ||
Derivatives | ||
Derivative notionals | 1,018,652 | 742,697 |
Other derivative instruments, Trading derivatives | Equity swaps | ||
Derivatives | ||
Derivative notionals | 174,378 | 131,344 |
Other derivative instruments, Trading derivatives | Equity futures and forwards | ||
Derivatives | ||
Derivative notionals | 34,718 | 30,510 |
Other derivative instruments, Trading derivatives | Equity contract options | Written or Sold | ||
Derivatives | ||
Derivative notionals | 406,820 | 305,627 |
Other derivative instruments, Trading derivatives | Equity contract options | Purchased | ||
Derivatives | ||
Derivative notionals | 402,736 | 275,216 |
Other derivative instruments, Trading derivatives | Commodity and other contracts | ||
Derivatives | ||
Derivative notionals | 368,379 | 396,986 |
Other derivative instruments, Trading derivatives | Commodity and other swaps | ||
Derivatives | ||
Derivative notionals | 74,925 | 90,817 |
Other derivative instruments, Trading derivatives | Commodity and other futures and forwards | ||
Derivatives | ||
Derivative notionals | 106,114 | 106,021 |
Other derivative instruments, Trading derivatives | Commodity and other contract options | Written or Sold | ||
Derivatives | ||
Derivative notionals | 99,148 | 104,581 |
Other derivative instruments, Trading derivatives | Commodity and other contract options | Purchased | ||
Derivatives | ||
Derivative notionals | 88,192 | 95,567 |
Other derivative instruments, Trading derivatives | Credit derivatives | ||
Derivatives | ||
Derivative notionals | 2,375,906 | 2,164,227 |
Other derivative instruments, Trading derivatives | Credit derivatives | Written or Sold | ||
Derivatives | ||
Derivative notionals | 1,175,657 | 1,063,858 |
Other derivative instruments, Trading derivatives | Credit derivatives | Purchased | ||
Derivatives | ||
Derivative notionals | 1,200,249 | 1,100,369 |
Other derivative instruments, Management hedges | ||
Derivatives | ||
Derivative notionals | 128,028 | 131,014 |
Other derivative instruments, Management hedges | Interest rate contracts | ||
Derivatives | ||
Derivative notionals | 76,886 | 83,073 |
Other derivative instruments, Management hedges | Interest rate swaps | ||
Derivatives | ||
Derivative notionals | 31,024 | 31,945 |
Other derivative instruments, Management hedges | Interest rate futures and forwards | ||
Derivatives | ||
Derivative notionals | 38,226 | 42,305 |
Other derivative instruments, Management hedges | Interest rate contract options | Written or Sold | ||
Derivatives | ||
Derivative notionals | 3,141 | 3,913 |
Other derivative instruments, Management hedges | Interest rate contract options | Purchased | ||
Derivatives | ||
Derivative notionals | 4,495 | 4,910 |
Other derivative instruments, Management hedges | Foreign exchange contracts | ||
Derivatives | ||
Derivative notionals | 28,844 | 31,923 |
Other derivative instruments, Management hedges | Foreign exchange swaps | ||
Derivatives | ||
Derivative notionals | 23,754 | 23,990 |
Other derivative instruments, Management hedges | Foreign exchange futures, forwards and spot | ||
Derivatives | ||
Derivative notionals | 5,090 | 7,069 |
Other derivative instruments, Management hedges | Foreign exchange contract options | Written or Sold | ||
Derivatives | ||
Derivative notionals | 0 | 432 |
Other derivative instruments, Management hedges | Foreign exchange contract options | Purchased | ||
Derivatives | ||
Derivative notionals | 0 | 432 |
Other derivative instruments, Management hedges | Equity contracts | ||
Derivatives | ||
Derivative notionals | 0 | 0 |
Other derivative instruments, Management hedges | Equity swaps | ||
Derivatives | ||
Derivative notionals | 0 | 0 |
Other derivative instruments, Management hedges | Equity futures and forwards | ||
Derivatives | ||
Derivative notionals | 0 | 0 |
Other derivative instruments, Management hedges | Equity contract options | Written or Sold | ||
Derivatives | ||
Derivative notionals | 0 | 0 |
Other derivative instruments, Management hedges | Equity contract options | Purchased | ||
Derivatives | ||
Derivative notionals | 0 | 0 |
Other derivative instruments, Management hedges | Commodity and other contracts | ||
Derivatives | ||
Derivative notionals | 0 | 0 |
Other derivative instruments, Management hedges | Commodity and other swaps | ||
Derivatives | ||
Derivative notionals | 0 | 0 |
Other derivative instruments, Management hedges | Commodity and other futures and forwards | ||
Derivatives | ||
Derivative notionals | 0 | 0 |
Other derivative instruments, Management hedges | Commodity and other contract options | Written or Sold | ||
Derivatives | ||
Derivative notionals | 0 | 0 |
Other derivative instruments, Management hedges | Commodity and other contract options | Purchased | ||
Derivatives | ||
Derivative notionals | 0 | 0 |
Other derivative instruments, Management hedges | Credit derivatives | ||
Derivatives | ||
Derivative notionals | 22,298 | 16,018 |
Other derivative instruments, Management hedges | Credit derivatives | Written or Sold | ||
Derivatives | ||
Derivative notionals | 0 | 0 |
Other derivative instruments, Management hedges | Credit derivatives | Purchased | ||
Derivatives | ||
Derivative notionals | $ 22,298 | $ 16,018 |
DERIVATIVES ACTIVITIES - Der122
DERIVATIVES ACTIVITIES - Derivative Mark-to-Market (MTM) Receivables/Payables (Details) - USD ($) $ in Millions | Sep. 30, 2015 | Dec. 31, 2014 |
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Netting of cash collateral received | $ (50,476) | $ (47,625) |
Netting of cash collateral paid | (42,435) | (47,769) |
Over-the-counter | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Cash collateral received, gross | 78 | 138 |
Trading accounts assets | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative receivables | 712,234 | 886,237 |
Cash collateral paid, net of amount used to offset derivative liabilities | 8,515 | 6,523 |
Less: Netting agreements to assets | (609,402) | (777,178) |
Netting of cash collateral received | (50,476) | (47,625) |
Total trading account derivatives, assets | 60,871 | 67,957 |
Cash collateral received | (774) | (867) |
Non-cash collateral received | (10,335) | (10,043) |
Total Net receivables | 49,762 | 57,047 |
Cash collateral paid, gross | 50,950 | 54,292 |
Does not meet applicable offsetting guidance, assets | 12,000 | 11,000 |
Trading accounts assets | Over-the-counter | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Less: Netting agreements to assets | (440,000) | (510,000) |
Less: Netting agreements to liabilities | (510,000) | |
Trading accounts assets | Cleared | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Less: Netting agreements to assets | (164,000) | (264,000) |
Less: Netting agreements to liabilities | (264,000) | |
Trading accounts assets | Exchange traded | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Less: Netting agreements to assets | (5,000) | (3,000) |
Less: Netting agreements to liabilities | (3,000) | |
Trading accounts liabilities | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative payables | 704,334 | 883,193 |
Cash collateral received, net of amount used to offset derivative assets | 9,751 | 9,846 |
Less: Netting agreements to liabilities | (609,402) | (777,178) |
Netting of cash collateral paid | (42,435) | (47,769) |
Total derivative liabilities | 62,248 | 68,092 |
Cash collateral paid | (2) | (11) |
Non-cash collateral paid | (5,795) | (6,264) |
Total Net payables | 56,451 | 61,817 |
Cash collateral received, gross | 60,227 | 57,471 |
Does not meet applicable offsetting guidance, liabilities | 11,000 | 10,000 |
Trading accounts liabilities | Over-the-counter | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Less: Netting agreements to liabilities | (440,000) | |
Netting of cash collateral paid | (46,000) | |
Trading accounts liabilities | Cleared | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Less: Netting agreements to liabilities | (164,000) | |
Netting of cash collateral paid | (2,000) | |
Trading accounts liabilities | Exchange traded | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Less: Netting agreements to liabilities | (5,000) | |
Other assets | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative receivables | 3,879 | 4,326 |
Cash collateral paid, net of amount used to offset derivative liabilities | 0 | 123 |
Less: Netting agreements to assets | 0 | 0 |
Netting of cash collateral received | (1,737) | (1,791) |
Total trading account derivatives, assets | 2,142 | 2,658 |
Cash collateral received | 0 | 0 |
Non-cash collateral received | (521) | (1,293) |
Total Net receivables | 1,621 | 1,365 |
Other liabilities | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative payables | 1,930 | 1,784 |
Cash collateral received, net of amount used to offset derivative assets | 30 | 7 |
Less: Netting agreements to liabilities | 0 | 0 |
Netting of cash collateral received | (78) | (15) |
Netting of cash collateral paid | (78) | (15) |
Total derivative liabilities | 1,882 | 1,776 |
Cash collateral paid | 0 | 0 |
Non-cash collateral paid | 0 | 0 |
Total Net payables | 1,882 | 1,776 |
Cash collateral received, gross | 1,767 | 1,798 |
Derivative instruments designated as ASC 815 (SFAS 133) hedges | Trading accounts assets | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative receivables | 8,766 | 9,693 |
Derivative instruments designated as ASC 815 (SFAS 133) hedges | Trading accounts liabilities | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative payables | 2,434 | 1,815 |
Derivative instruments designated as ASC 815 (SFAS 133) hedges | Other assets | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative receivables | 2,555 | 3,795 |
Derivative instruments designated as ASC 815 (SFAS 133) hedges | Other liabilities | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative payables | 1,073 | 1,027 |
Derivative instruments designated as ASC 815 (SFAS 133) hedges | Interest rate contracts | Trading accounts assets | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative receivables | 5,649 | 5,808 |
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 | 4,986 | 1,508 |
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 | 663 | 4,300 |
Derivative instruments designated as ASC 815 (SFAS 133) hedges | Interest rate contracts | Trading accounts liabilities | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative payables | 1,430 | 1,072 |
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 | 265 | 204 |
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 | 1,165 | 868 |
Derivative instruments designated as ASC 815 (SFAS 133) hedges | Interest rate contracts | Other assets | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative receivables | 2,506 | 3,117 |
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 | 2,506 | 3,117 |
Derivative instruments designated as ASC 815 (SFAS 133) hedges | Interest rate contracts | Other assets | Cleared | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative receivables | 0 | 0 |
Derivative instruments designated as ASC 815 (SFAS 133) hedges | Interest rate contracts | Other liabilities | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative payables | 363 | 439 |
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 | 363 | 414 |
Derivative instruments designated as ASC 815 (SFAS 133) hedges | Interest rate contracts | Other liabilities | Cleared | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative payables | 0 | 25 |
Derivative instruments designated as ASC 815 (SFAS 133) hedges | Foreign exchange contracts | Trading accounts assets | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative receivables | 3,117 | 3,885 |
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 | 3,117 | 3,885 |
Derivative instruments designated as ASC 815 (SFAS 133) hedges | Foreign exchange contracts | Trading accounts liabilities | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative payables | 1,004 | 743 |
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 | 1,004 | 743 |
Derivative instruments designated as ASC 815 (SFAS 133) hedges | Foreign exchange contracts | Other assets | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative receivables | 49 | 678 |
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 | 49 | 678 |
Derivative instruments designated as ASC 815 (SFAS 133) hedges | Foreign exchange contracts | Other liabilities | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative payables | 710 | 588 |
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 | 710 | 588 |
Derivatives not designated in a qualifying hedging relationship | Trading accounts assets | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative receivables | 703,468 | 876,544 |
Derivatives not designated in a qualifying hedging relationship | Trading accounts liabilities | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative payables | 701,900 | 881,378 |
Derivatives not designated in a qualifying hedging relationship | Other assets | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative receivables | 1,324 | 531 |
Derivatives not designated in a qualifying hedging relationship | Other liabilities | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative payables | 857 | 757 |
Derivatives not designated in a qualifying hedging relationship | Interest rate contracts | Trading accounts assets | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative receivables | 475,661 | 632,645 |
Derivatives not designated in a qualifying hedging relationship | Interest rate contracts | Trading accounts assets | Over-the-counter | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative receivables | 310,616 | 376,778 |
Derivatives not designated in a qualifying hedging relationship | Interest rate contracts | Trading accounts assets | Cleared | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative receivables | 164,984 | 255,847 |
Derivatives not designated in a qualifying hedging relationship | Interest rate contracts | Trading accounts assets | Exchange traded | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative receivables | 61 | 20 |
Derivatives not designated in a qualifying hedging relationship | Interest rate contracts | Trading accounts liabilities | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative payables | 460,125 | 621,210 |
Derivatives not designated in a qualifying hedging relationship | Interest rate contracts | Trading accounts liabilities | Over-the-counter | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative payables | 294,324 | 359,689 |
Derivatives not designated in a qualifying hedging relationship | Interest rate contracts | Trading accounts liabilities | Cleared | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative payables | 165,753 | 261,499 |
Derivatives not designated in a qualifying hedging relationship | Interest rate contracts | Trading accounts liabilities | Exchange traded | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative payables | 48 | 22 |
Derivatives not designated in a qualifying hedging relationship | Interest rate contracts | Other assets | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative receivables | 515 | 253 |
Derivatives not designated in a qualifying hedging relationship | Interest rate contracts | Other assets | Over-the-counter | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative receivables | 199 | 106 |
Derivatives not designated in a qualifying hedging relationship | Interest rate contracts | Other assets | Cleared | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative receivables | 316 | 6 |
Derivatives not designated in a qualifying hedging relationship | Interest rate contracts | Other assets | Exchange traded | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative receivables | 0 | 141 |
Derivatives not designated in a qualifying hedging relationship | Interest rate contracts | Other liabilities | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative payables | 288 | 185 |
Derivatives not designated in a qualifying hedging relationship | Interest rate contracts | Other liabilities | Over-the-counter | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative payables | 0 | 0 |
Derivatives not designated in a qualifying hedging relationship | Interest rate contracts | Other liabilities | Cleared | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative payables | 288 | 21 |
Derivatives not designated in a qualifying hedging relationship | Interest rate contracts | Other liabilities | Exchange traded | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative payables | 0 | 164 |
Derivatives not designated in a qualifying hedging relationship | Foreign exchange contracts | Trading accounts assets | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative receivables | 145,469 | 152,109 |
Derivatives not designated in a qualifying hedging relationship | Foreign exchange contracts | Trading accounts assets | Over-the-counter | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative receivables | 145,276 | 151,736 |
Derivatives not designated in a qualifying hedging relationship | Foreign exchange contracts | Trading accounts assets | Cleared | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative receivables | 157 | 366 |
Derivatives not designated in a qualifying hedging relationship | Foreign exchange contracts | Trading accounts assets | Exchange traded | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative receivables | 36 | 7 |
Derivatives not designated in a qualifying hedging relationship | Foreign exchange contracts | Trading accounts liabilities | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative payables | 150,871 | 158,083 |
Derivatives not designated in a qualifying hedging relationship | Foreign exchange contracts | Trading accounts liabilities | Over-the-counter | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative payables | 150,609 | 157,650 |
Derivatives not designated in a qualifying hedging relationship | Foreign exchange contracts | Trading accounts liabilities | Cleared | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative payables | 190 | 387 |
Derivatives not designated in a qualifying hedging relationship | Foreign exchange contracts | Trading accounts liabilities | Exchange traded | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative payables | 72 | 46 |
Derivatives not designated in a qualifying hedging relationship | Foreign exchange contracts | Other assets | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative receivables | 0 | 0 |
Derivatives not designated in a qualifying hedging relationship | Foreign exchange contracts | Other assets | Over-the-counter | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative receivables | 0 | 0 |
Derivatives not designated in a qualifying hedging relationship | Foreign exchange contracts | Other assets | Cleared | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative receivables | 0 | 0 |
Derivatives not designated in a qualifying hedging relationship | Foreign exchange contracts | Other assets | Exchange traded | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative receivables | 0 | 0 |
Derivatives not designated in a qualifying hedging relationship | Foreign exchange contracts | Other liabilities | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative payables | 90 | 17 |
Derivatives not designated in a qualifying hedging relationship | Foreign exchange contracts | Other liabilities | Over-the-counter | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative payables | 90 | 17 |
Derivatives not designated in a qualifying hedging relationship | Foreign exchange contracts | Other liabilities | Cleared | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative payables | 0 | 0 |
Derivatives not designated in a qualifying hedging relationship | Foreign exchange contracts | Other liabilities | Exchange traded | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative payables | 0 | 0 |
Derivatives not designated in a qualifying hedging relationship | Equity contracts | Trading accounts assets | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative receivables | 27,208 | 24,752 |
Derivatives not designated in a qualifying hedging relationship | Equity contracts | Trading accounts assets | Over-the-counter | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative receivables | 21,769 | 20,425 |
Derivatives not designated in a qualifying hedging relationship | Equity contracts | Trading accounts assets | Cleared | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative receivables | 13 | 16 |
Derivatives not designated in a qualifying hedging relationship | Equity contracts | Trading accounts assets | Exchange traded | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative receivables | 5,426 | 4,311 |
Derivatives not designated in a qualifying hedging relationship | Equity contracts | Trading accounts liabilities | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative payables | 31,769 | 32,469 |
Derivatives not designated in a qualifying hedging relationship | Equity contracts | Trading accounts liabilities | Over-the-counter | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative payables | 26,394 | 28,333 |
Derivatives not designated in a qualifying hedging relationship | Equity contracts | Trading accounts liabilities | Cleared | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative payables | 14 | 35 |
Derivatives not designated in a qualifying hedging relationship | Equity contracts | Trading accounts liabilities | Exchange traded | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative payables | 5,361 | 4,101 |
Derivatives not designated in a qualifying hedging relationship | Equity contracts | Other assets | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative receivables | 0 | 0 |
Derivatives not designated in a qualifying hedging relationship | Equity contracts | Other assets | Over-the-counter | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative receivables | 0 | 0 |
Derivatives not designated in a qualifying hedging relationship | Equity contracts | Other assets | Cleared | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative receivables | 0 | 0 |
Derivatives not designated in a qualifying hedging relationship | Equity contracts | Other assets | Exchange traded | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative receivables | 0 | 0 |
Derivatives not designated in a qualifying hedging relationship | Equity contracts | Other liabilities | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative payables | 0 | 0 |
Derivatives not designated in a qualifying hedging relationship | Equity contracts | Other liabilities | Over-the-counter | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative payables | 0 | 0 |
Derivatives not designated in a qualifying hedging relationship | Equity contracts | Other liabilities | Cleared | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative payables | 0 | 0 |
Derivatives not designated in a qualifying hedging relationship | Equity contracts | Other liabilities | Exchange traded | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative payables | 0 | 0 |
Derivatives not designated in a qualifying hedging relationship | Commodity and other contract options | Trading accounts assets | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative receivables | 17,605 | 23,520 |
Derivatives not designated in a qualifying hedging relationship | Commodity and other contract options | Trading accounts assets | Over-the-counter | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative receivables | 15,404 | 19,943 |
Derivatives not designated in a qualifying hedging relationship | Commodity and other contract options | Trading accounts assets | Exchange traded | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative receivables | 2,201 | 3,577 |
Derivatives not designated in a qualifying hedging relationship | Commodity and other contract options | Trading accounts liabilities | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative payables | 22,295 | 26,186 |
Derivatives not designated in a qualifying hedging relationship | Commodity and other contract options | Trading accounts liabilities | Over-the-counter | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative payables | 18,451 | 23,103 |
Derivatives not designated in a qualifying hedging relationship | Commodity and other contract options | Trading accounts liabilities | Exchange traded | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative payables | 3,844 | 3,083 |
Derivatives not designated in a qualifying hedging relationship | Commodity and other contract options | Other assets | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative receivables | 0 | 0 |
Derivatives not designated in a qualifying hedging relationship | Commodity and other contract options | Other assets | Over-the-counter | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative receivables | 0 | 0 |
Derivatives not designated in a qualifying hedging relationship | Commodity and other contract options | Other assets | Exchange traded | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative receivables | 0 | 0 |
Derivatives not designated in a qualifying hedging relationship | Commodity and other contract options | Other liabilities | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative payables | 0 | 0 |
Derivatives not designated in a qualifying hedging relationship | Commodity and other contract options | Other liabilities | Over-the-counter | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative payables | 0 | 0 |
Derivatives not designated in a qualifying hedging relationship | Commodity and other contract options | Other liabilities | Exchange traded | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative payables | 0 | 0 |
Derivatives not designated in a qualifying hedging relationship | Credit derivatives | Trading accounts assets | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative receivables | 37,525 | 43,518 |
Derivatives not designated in a qualifying hedging relationship | Credit derivatives | Trading accounts assets | Purchased | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative receivables | 18,102 | 18,430 |
Derivative payables | 25,972 | |
Derivatives not designated in a qualifying hedging relationship | Credit derivatives | Trading accounts assets | Sold | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative receivables | 19,423 | 25,088 |
Derivative payables | 17,458 | |
Derivatives not designated in a qualifying hedging relationship | Credit derivatives | Trading accounts assets | Over-the-counter | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative receivables | 32,292 | 39,412 |
Derivatives not designated in a qualifying hedging relationship | Credit derivatives | Trading accounts assets | Cleared | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative receivables | 5,233 | 4,106 |
Derivatives not designated in a qualifying hedging relationship | Credit derivatives | Trading accounts liabilities | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative payables | 36,840 | 43,430 |
Derivatives not designated in a qualifying hedging relationship | Credit derivatives | Trading accounts liabilities | Purchased | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative payables | 19,476 | |
Derivatives not designated in a qualifying hedging relationship | Credit derivatives | Trading accounts liabilities | Sold | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative payables | 17,364 | |
Derivatives not designated in a qualifying hedging relationship | Credit derivatives | Trading accounts liabilities | Over-the-counter | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative payables | 31,510 | 39,439 |
Derivatives not designated in a qualifying hedging relationship | Credit derivatives | Trading accounts liabilities | Cleared | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative payables | 5,330 | 3,991 |
Derivatives not designated in a qualifying hedging relationship | Credit derivatives | Other assets | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative receivables | 809 | 278 |
Derivatives not designated in a qualifying hedging relationship | Credit derivatives | Other assets | Over-the-counter | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative receivables | 744 | 265 |
Derivatives not designated in a qualifying hedging relationship | Credit derivatives | Other assets | Cleared | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative receivables | 65 | 13 |
Derivatives not designated in a qualifying hedging relationship | Credit derivatives | Other liabilities | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative payables | 479 | 555 |
Derivatives not designated in a qualifying hedging relationship | Credit derivatives | Other liabilities | Over-the-counter | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative payables | 232 | 384 |
Derivatives not designated in a qualifying hedging relationship | Credit derivatives | Other liabilities | Cleared | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative payables | $ 247 | $ 171 |
DERIVATIVES ACTIVITIES - Gains
DERIVATIVES ACTIVITIES - Gains (Losses) Included in Other Revenue (Details) - Other revenue - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Derivative gain (losses) | ||||
Gains (losses) recognized in Other revenue related to derivatives not designated in a qualifying hedging relationship | $ 680 | $ (8) | $ 669 | $ (388) |
Interest rate contracts | ||||
Derivative gain (losses) | ||||
Gains (losses) recognized in Other revenue related to derivatives not designated in a qualifying hedging relationship | 163 | (4) | 127 | (201) |
Foreign exchange contracts | ||||
Derivative gain (losses) | ||||
Gains (losses) recognized in Other revenue related to derivatives not designated in a qualifying hedging relationship | (19) | (42) | (65) | 9 |
Credit derivatives | ||||
Derivative gain (losses) | ||||
Gains (losses) recognized in Other revenue related to derivatives not designated in a qualifying hedging relationship | $ 536 | $ 38 | $ 607 | $ (196) |
DERIVATIVES ACTIVITIES - Fair V
DERIVATIVES ACTIVITIES - Fair Value Hedges (Details) - Other revenue - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Gain (loss) on fair value hedges | ||||
Gain (loss) on the derivatives in designated and qualifying fair value hedges | $ 690 | $ 497 | $ 1,096 | $ 1,332 |
Gain (loss) on the hedged item in designated and qualifying fair value hedges | (700) | (438) | (1,115) | (1,354) |
Hedge ineffectiveness recognized in earnings on designated and qualifying fair value hedges | (25) | 33 | (83) | (13) |
Net gain (loss) excluded from assessment of the effectiveness of fair value hedges | 15 | 26 | 64 | (9) |
Interest rate contracts | ||||
Gain (loss) on fair value hedges | ||||
Gain (loss) on the derivatives in designated and qualifying fair value hedges | 1,111 | (330) | 72 | 278 |
Gain (loss) on the hedged item in designated and qualifying fair value hedges | (1,113) | 371 | (115) | (283) |
Hedge ineffectiveness recognized in earnings on designated and qualifying fair value hedges | (1) | 44 | (42) | (2) |
Net gain (loss) excluded from assessment of the effectiveness of fair value hedges | (1) | (3) | (1) | (3) |
Foreign exchange contracts | ||||
Gain (loss) on fair value hedges | ||||
Gain (loss) on the derivatives in designated and qualifying fair value hedges | (311) | 780 | 1,093 | 1,110 |
Gain (loss) on the hedged item in designated and qualifying fair value hedges | 304 | (789) | (1,081) | (1,157) |
Hedge ineffectiveness recognized in earnings on designated and qualifying fair value hedges | (24) | (11) | (41) | (11) |
Net gain (loss) excluded from assessment of the effectiveness of fair value hedges | 17 | 2 | 53 | (36) |
Commodity and other contract options | ||||
Gain (loss) on fair value hedges | ||||
Gain (loss) on the derivatives in designated and qualifying fair value hedges | (110) | 47 | (69) | (56) |
Gain (loss) on the hedged item in designated and qualifying fair value hedges | 109 | (20) | 81 | 86 |
Net gain (loss) excluded from assessment of the effectiveness of fair value hedges | $ (1) | $ 27 | $ 12 | $ 30 |
DERIVATIVES ACTIVITIES - Cash F
DERIVATIVES ACTIVITIES - Cash Flow Hedges (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Pretax change in accumulated other comprehensive income (loss) | ||||
Cash flow hedges expected to be reclassified within 12 months | $ (300) | |||
Maximum length of time hedged in cash flow hedge | 10 years | |||
Cash Flow Hedging | ||||
Pretax change in accumulated other comprehensive income (loss) | ||||
Effective portion of cash flow hedges included in AOCI | $ 259 | $ (69) | $ 336 | $ 99 |
Effective portion of cash flow hedges reclassified from AOCI to earnings | (63) | (114) | (260) | (332) |
Interest rate contracts | Cash Flow Hedging | ||||
Pretax change in accumulated other comprehensive income (loss) | ||||
Effective portion of cash flow hedges included in AOCI | 357 | (70) | 594 | 153 |
Effective portion of cash flow hedges reclassified from AOCI to earnings | (28) | (84) | (148) | (218) |
Foreign exchange contracts | Cash Flow Hedging | ||||
Pretax change in accumulated other comprehensive income (loss) | ||||
Effective portion of cash flow hedges included in AOCI | (98) | 1 | (258) | (56) |
Effective portion of cash flow hedges reclassified from AOCI to earnings | (35) | (30) | (112) | (114) |
Credit derivatives | Cash Flow Hedging | ||||
Pretax change in accumulated other comprehensive income (loss) | ||||
Effective portion of cash flow hedges included in AOCI | $ 0 | $ 0 | $ 0 | $ 2 |
DERIVATIVES ACTIVITIES - Net In
DERIVATIVES ACTIVITIES - Net Investment Hedges (Details) - Net Investment Hedging - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Derivative gain (losses) | ||||
Net investment hedge ineffectiveness recorded in earnings | $ 0 | |||
Gain (loss) recognized in OCI, effective portion, net | $ 1,842,000,000 | $ 2,020,000,000 | $ 2,599,000,000 | $ 402,000,000 |
DERIVATIVES ACTIVITIES - Credit
DERIVATIVES ACTIVITIES - Credit Derivatives (Details) $ in Millions | 9 Months Ended | |
Sep. 30, 2015USD ($)counterpartyagency | Dec. 31, 2014USD ($) | |
Credit Derivative | ||
Percentage of receivables from counterparties with collateral agreements | 98.00% | 98.00% |
Number of top counterparties which are banks, financial institutions, and other dealers | counterparty | 15 | |
Fair value, Receivable | $ 38,334 | $ 43,796 |
Fair Value, Payable | 37,319 | 43,985 |
Notionals, Protection Purchased | 1,222,547 | 1,116,387 |
Notionals, Protection Sold | 1,175,657 | 1,063,858 |
Fair value of derivative in liability position | 25,000 | 30,000 |
Fair value of collateral already posted | $ 22,000 | 27,000 |
Number of rating agencies | agency | 3 | |
Additional collateral to be posted | $ 2,100 | |
Collateral to be segregated | 100 | |
Aggregate cash obligations and collateral requirements | 2,200 | |
Purchased | ||
Credit Derivative | ||
Fair value, Receivable | 18,911 | 18,708 |
Fair Value, Payable | 19,955 | 26,527 |
Sold | ||
Credit Derivative | ||
Fair value, Receivable | 19,423 | 25,088 |
Fair Value, Payable | 17,364 | 17,458 |
Within 1 year | ||
Credit Derivative | ||
Fair value, Receivable | 2,688 | 4,356 |
Fair Value, Payable | 2,124 | 4,278 |
Notionals, Protection Purchased | 246,395 | 250,489 |
Notionals, Protection Sold | 239,578 | 229,502 |
From 1 to 5 years | ||
Credit Derivative | ||
Fair value, Receivable | 30,243 | 34,692 |
Fair Value, Payable | 29,810 | 35,160 |
Notionals, Protection Purchased | 842,684 | 790,251 |
Notionals, Protection Sold | 808,865 | 772,001 |
After 5 years | ||
Credit Derivative | ||
Fair value, Receivable | 5,403 | 4,748 |
Fair Value, Payable | 5,385 | 4,547 |
Notionals, Protection Purchased | 133,468 | 75,647 |
Notionals, Protection Sold | 127,214 | 62,355 |
Investment Grade | ||
Credit Derivative | ||
Fair value, Receivable | 15,679 | 17,432 |
Fair Value, Payable | 15,297 | 17,182 |
Notionals, Protection Purchased | 926,912 | 824,831 |
Notionals, Protection Sold | 888,780 | 786,848 |
Non-Investment Grade | ||
Credit Derivative | ||
Fair value, Receivable | 22,655 | 26,364 |
Fair Value, Payable | 22,022 | 26,803 |
Notionals, Protection Purchased | 295,635 | 291,556 |
Notionals, Protection Sold | 286,877 | 277,010 |
Credit default swaps and options | ||
Credit Derivative | ||
Fair value, Receivable | 37,842 | 42,930 |
Fair Value, Payable | 36,782 | 42,201 |
Notionals, Protection Purchased | 1,203,305 | 1,094,199 |
Notionals, Protection Sold | 1,168,598 | 1,054,671 |
Total return swaps and other | ||
Credit Derivative | ||
Fair value, Receivable | 492 | 866 |
Fair Value, Payable | 537 | 1,784 |
Notionals, Protection Purchased | 19,242 | 22,188 |
Notionals, Protection Sold | 7,059 | 9,187 |
Bank | ||
Credit Derivative | ||
Fair value, Receivable | 19,377 | 24,828 |
Fair Value, Payable | 17,499 | 23,189 |
Notionals, Protection Purchased | 579,175 | 574,764 |
Notionals, Protection Sold | 574,608 | 604,700 |
Broker-dealer | ||
Credit Derivative | ||
Fair value, Receivable | 6,382 | 8,093 |
Fair Value, Payable | 6,690 | 9,309 |
Notionals, Protection Purchased | 174,590 | 204,542 |
Notionals, Protection Sold | 171,430 | 199,693 |
Non-financial | ||
Credit Derivative | ||
Fair value, Receivable | 125 | 91 |
Fair Value, Payable | 155 | 113 |
Notionals, Protection Purchased | 4,311 | 3,697 |
Notionals, Protection Sold | 2,213 | 1,595 |
Insurance and other financial institutions | ||
Credit Derivative | ||
Fair value, Receivable | 12,450 | 10,784 |
Fair Value, Payable | 12,975 | 11,374 |
Notionals, Protection Purchased | 464,471 | 333,384 |
Notionals, Protection Sold | 427,406 | $ 257,870 |
Interest rate swaps | ||
Credit Derivative | ||
Amount derecognized | 2,100 | |
Cash proceeds received for assets derecognized | 2,100 | |
Fair value of derecognized assets | 2,000 | |
Fair value gross derivative assets | 6 | |
Trading derivatives, liability | $ 94 |
FAIR VALUE MEASUREMENT - Market
FAIR VALUE MEASUREMENT - Market Valuation Adjustments (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | |
Credit and funding valuation adjustments contra-liability (contra-asset) | |||||
Counterparty CVA | $ (1,715) | $ (1,715) | $ (1,853) | ||
Asset FVA | (643) | (643) | (518) | ||
Citigroup (own-credit) CVA | 681 | 681 | 580 | ||
Liability FVA | 108 | 108 | 19 | ||
Total CVA—derivative instruments | (1,569) | (1,569) | $ (1,772) | ||
Credit, Funding and Debt Valuation Adjustments Gain (Loss) [Abstract] | |||||
Counterparty CVA | (32) | $ (24) | (191) | $ 46 | |
Asset FVA | (177) | (480) | (125) | (480) | |
Own-credit CVA | 97 | 15 | 81 | (71) | |
Liability FVA | 44 | 6 | 89 | 6 | |
Total CVA—derivative instruments | (68) | (483) | (146) | (499) | |
DVA related to own FVO liabilities | 264 | 112 | 582 | 102 | |
Total CVA and DVA | $ 196 | $ (371) | $ 436 | $ (397) | |
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% |
FAIR VALUE MEASUREMENT - Items
FAIR VALUE MEASUREMENT - Items Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | 12 Months Ended |
Sep. 30, 2015 | Sep. 30, 2015 | Dec. 31, 2014 | |
Assets, Fair Value Disclosure [Abstract] | |||
Federal funds sold and securities borrowed or purchased under agreements to resell, selected portfolios of securities purchased under agreements to resell, Netting | $ (46,771) | $ (46,771) | $ (56,339) |
Trading account assets | 266,946 | 266,946 | 296,786 |
Netting of cash collateral received | (50,476) | (50,476) | (47,625) |
Investments | 342,439 | 342,439 | 333,443 |
Loans | 5,513 | 5,513 | 5,901 |
Mortgage servicing rights (MSRs) | 1,766 | 1,766 | 1,845 |
Liabilities, Fair Value Disclosure [Abstract] | |||
Federal funds purchased and securities loaned or sold under agreements to repurchase, selected portfolios of securities sold under agreements to repurchase, Netting | (46,771) | (46,771) | (56,339) |
Netting of cash collateral paid | (42,435) | (42,435) | (47,769) |
Assets transferred from Level 1 to Level 2 | 200 | 1,400 | 4,100 |
Assets transferred from Level 2 to Level 1 | 1,000 | 4,100 | 4,200 |
Liabilities transferred from Level 2 to Level 1 | 300 | 600 | |
Liabilities transferred from Level 1 to Level 2 | 100 | 1,400 | |
Investments measured at net asset value excluded from Level 3 | 967 | 967 | 1,065 |
Accounting Standards Update 2015-07 | |||
Liabilities, Fair Value Disclosure [Abstract] | |||
Investments measured at net asset value excluded from Level 3 | 1,000 | 1,000 | 1,100 |
Mortgage-backed securities - U.S. agency-sponsored | |||
Assets, Fair Value Disclosure [Abstract] | |||
Trading account assets | 26,753 | 26,753 | 27,053 |
Mortgage-backed securities - Commercial | |||
Assets, Fair Value Disclosure [Abstract] | |||
Trading account assets | 2,787 | 2,787 | 4,343 |
Mortgage-backed securities | |||
Assets, Fair Value Disclosure [Abstract] | |||
Trading account assets | 32,939 | 32,939 | 36,234 |
U.S. Treasury and federal agency securities | |||
Assets, Fair Value Disclosure [Abstract] | |||
Trading account assets | 27,763 | 27,763 | 20,474 |
State and municipal securities | |||
Assets, Fair Value Disclosure [Abstract] | |||
Trading account assets | 3,824 | 3,824 | 3,402 |
Foreign government | |||
Assets, Fair Value Disclosure [Abstract] | |||
Trading account assets | 57,676 | 57,676 | 64,937 |
Corporate | |||
Assets, Fair Value Disclosure [Abstract] | |||
Trading account assets | 18,012 | 18,012 | 27,797 |
Equity securities | |||
Assets, Fair Value Disclosure [Abstract] | |||
Trading account assets | 48,181 | 48,181 | 57,846 |
Asset-backed securities | |||
Assets, Fair Value Disclosure [Abstract] | |||
Trading account assets | 5,017 | 5,017 | 4,546 |
Other debt securities | |||
Assets, Fair Value Disclosure [Abstract] | |||
Trading account assets | 12,663 | 12,663 | 13,593 |
Recurring | |||
Assets, Fair Value Disclosure [Abstract] | |||
Federal funds sold and securities borrowed or purchased under agreements to resell | 175,089 | 175,089 | 191,320 |
Federal funds sold and securities borrowed or purchased under agreements to resell, selected portfolios of securities purchased under agreements to resell, Netting | (31,615) | (31,615) | (47,129) |
Federal funds sold and securities borrowed or purchased under agreements to resell, selected portfolios of securities purchased under agreements to resell | 143,474 | 143,474 | 144,191 |
Investments | 302,011 | 302,011 | 301,836 |
Loans | 5,513 | 5,513 | 5,901 |
Mortgage servicing rights (MSRs) | 1,766 | 1,766 | 1,845 |
Assets before netting | 1,421,041 | 1,421,041 | 1,632,044 |
Total assets, Netting | (693,230) | (693,230) | (873,723) |
Total assets | 727,811 | 727,811 | 758,321 |
Liabilities, Fair Value Disclosure [Abstract] | |||
Interest-bearing deposits | 1,720 | 1,720 | 1,684 |
Federal funds purchased and securities loaned or sold under agreements to repurchase, selected portfolios of securities sold under agreements to repurchase, Gross | 71,058 | 71,058 | 83,854 |
Federal funds purchased and securities loaned or sold under agreements to repurchase, selected portfolios of securities sold under agreements to repurchase, Netting | (31,615) | (31,615) | (47,129) |
Federal funds purchased and securities loaned or sold under agreements to repurchase, selected portfolios of securities sold under agreements to repurchase | 39,443 | 39,443 | 36,725 |
Securities sold, not yet purchased | 63,733 | 63,733 | 70,944 |
Short-term borrowings | 777 | 777 | 1,496 |
Long-term debt, at fair value | 26,238 | 26,238 | 26,180 |
Total liabilities, Gross | 879,571 | 879,571 | 1,078,988 |
Total liabilities, Netting | (683,530) | (683,530) | (872,091) |
Total liabilities | 196,041 | 196,041 | 206,897 |
Recurring | Trading derivatives liabilities | |||
Liabilities, Fair Value Disclosure [Abstract] | |||
Trading derivatives, liability | 704,334 | 704,334 | 883,193 |
Cash collateral received | 9,751 | 9,751 | 9,846 |
Total trading derivatives and cash collateral, liability | 714,085 | 714,085 | 893,039 |
Netting agreements | (609,402) | (609,402) | (777,178) |
Netting of cash collateral paid | (42,435) | (42,435) | (47,769) |
Netting, Liabilities, total of netting agreements and cash collateral received | (651,837) | (651,837) | (824,947) |
Total derivative liabilities | 62,248 | 62,248 | 68,092 |
Cash collateral received, gross | 60,227 | 60,227 | 57,471 |
Recurring | Trading derivatives liabilities | Interest rate contracts | |||
Liabilities, Fair Value Disclosure [Abstract] | |||
Trading derivatives, liability | 461,555 | 461,555 | 622,282 |
Recurring | Trading derivatives liabilities | Foreign exchange contracts | |||
Liabilities, Fair Value Disclosure [Abstract] | |||
Trading derivatives, liability | 151,875 | 151,875 | 158,826 |
Recurring | Trading derivatives liabilities | Equity contracts | |||
Liabilities, Fair Value Disclosure [Abstract] | |||
Trading derivatives, liability | 31,769 | 31,769 | 32,469 |
Recurring | Trading derivatives liabilities | Commodity contracts | |||
Liabilities, Fair Value Disclosure [Abstract] | |||
Trading derivatives, liability | 22,295 | 22,295 | 26,186 |
Recurring | Trading derivatives liabilities | Credit derivatives | |||
Liabilities, Fair Value Disclosure [Abstract] | |||
Trading derivatives, liability | 36,840 | 36,840 | 43,430 |
Recurring | Non-trading derivatives and other financial liabilities | |||
Assets, Fair Value Disclosure [Abstract] | |||
Netting of cash collateral received | (1,791) | ||
Cash collateral paid, gross | 138 | ||
Liabilities, Fair Value Disclosure [Abstract] | |||
Cash collateral received | 30 | 30 | 7 |
Netting of cash collateral paid | (78) | (78) | (15) |
Netting, Liabilities, total of netting agreements and cash collateral received | (78) | (78) | |
Other liabilities, gross | 1,930 | 1,930 | 1,784 |
Non-trading derivatives and other financial liabilities measured on a recurring basis, gross | 1,960 | 1,960 | 1,791 |
Total other assets and cash collateral, gross | 1,882 | 1,882 | 1,776 |
Cash collateral received, gross | 1,767 | 1,767 | 1,798 |
Recurring | Mortgage-backed securities - U.S. agency-sponsored | |||
Assets, Fair Value Disclosure [Abstract] | |||
Trading account assets | 26,753 | 26,753 | 27,053 |
Investments | 36,194 | 36,194 | 36,091 |
Recurring | Mortgage-backed securities - Residential | |||
Assets, Fair Value Disclosure [Abstract] | |||
Trading account assets | 3,399 | 3,399 | 4,838 |
Investments | 7,227 | 7,227 | 8,363 |
Recurring | Mortgage-backed securities - Commercial | |||
Assets, Fair Value Disclosure [Abstract] | |||
Trading account assets | 2,787 | 2,787 | 4,343 |
Investments | 528 | 528 | 554 |
Recurring | Mortgage-backed securities | |||
Assets, Fair Value Disclosure [Abstract] | |||
Trading account assets | 32,939 | 32,939 | 36,234 |
Investments | 43,949 | 43,949 | 45,008 |
Recurring | U.S. Treasury and federal agency securities | |||
Assets, Fair Value Disclosure [Abstract] | |||
Trading account assets | 27,763 | 27,763 | 20,474 |
Investments | 122,372 | 122,372 | 123,690 |
Recurring | State and municipal securities | |||
Assets, Fair Value Disclosure [Abstract] | |||
Trading account assets | 3,824 | 3,824 | 3,402 |
Investments | 11,396 | 11,396 | 12,699 |
Recurring | Foreign government | |||
Assets, Fair Value Disclosure [Abstract] | |||
Trading account assets | 57,676 | 57,676 | 64,937 |
Investments | 95,605 | 95,605 | 90,697 |
Recurring | Corporate | |||
Assets, Fair Value Disclosure [Abstract] | |||
Trading account assets | 18,012 | 18,012 | 27,797 |
Investments | 16,024 | 16,024 | 12,157 |
Recurring | Equity securities | |||
Assets, Fair Value Disclosure [Abstract] | |||
Trading account assets | 48,181 | 48,181 | 57,846 |
Investments | 829 | 829 | 2,725 |
Recurring | Asset-backed securities | |||
Assets, Fair Value Disclosure [Abstract] | |||
Trading account assets | 5,017 | 5,017 | 4,546 |
Investments | 9,870 | 9,870 | 12,506 |
Recurring | Other debt securities | |||
Assets, Fair Value Disclosure [Abstract] | |||
Trading account assets | 12,663 | 12,663 | 13,593 |
Investments | 671 | 671 | 661 |
Recurring | Non-marketable equity securities | |||
Assets, Fair Value Disclosure [Abstract] | |||
Investments | 1,295 | 1,295 | 1,693 |
Recurring | Trading securities (excluding trading account derivatives) | |||
Assets, Fair Value Disclosure [Abstract] | |||
Trading account assets | 206,075 | 206,075 | 228,829 |
Recurring | Trading account assets | |||
Assets, Fair Value Disclosure [Abstract] | |||
Trading derivatives, asset, Gross | 712,234 | 712,234 | 886,237 |
Gross cash collateral paid | 8,515 | 8,515 | 6,523 |
Trading derivative, asset, gross net cash collateral paid | 720,749 | 720,749 | 892,760 |
Less: Netting agreements to assets | (609,402) | (609,402) | (777,178) |
Netting of cash collateral received | (50,476) | (50,476) | (47,625) |
Netting, Assets, total of netting agreements and cash collateral received | (659,878) | (659,878) | (824,803) |
Trading derivatives | 60,871 | 60,871 | 67,957 |
Cash collateral paid, gross | 50,950 | 50,950 | 54,292 |
Recurring | Trading account assets | Interest rate contracts | |||
Assets, Fair Value Disclosure [Abstract] | |||
Trading derivatives, asset, Gross | 481,310 | 481,310 | 638,453 |
Recurring | Trading account assets | Foreign exchange contracts | |||
Assets, Fair Value Disclosure [Abstract] | |||
Trading derivatives, asset, Gross | 148,586 | 148,586 | 155,994 |
Recurring | Trading account assets | Equity contracts | |||
Assets, Fair Value Disclosure [Abstract] | |||
Trading derivatives, asset, Gross | 27,208 | 27,208 | 24,752 |
Recurring | Trading account assets | Commodity contracts | |||
Assets, Fair Value Disclosure [Abstract] | |||
Trading derivatives, asset, Gross | 17,605 | 17,605 | 23,520 |
Recurring | Trading account assets | Credit derivatives | |||
Assets, Fair Value Disclosure [Abstract] | |||
Trading derivatives, asset, Gross | 37,525 | 37,525 | 43,518 |
Recurring | Non-trading derivatives and other financial assets | |||
Assets, Fair Value Disclosure [Abstract] | |||
Netting of cash collateral received | (1,737) | (1,737) | (1,791) |
Netting, Assets, total of netting agreements and cash collateral received | (1,737) | (1,737) | (1,791) |
Other assets, gross | 9,838 | 9,838 | 9,430 |
Cash collateral paid, gross | 0 | 0 | 123 |
Total other assets and cash collateral, gross | 9,838 | 9,838 | 9,553 |
Other assets | 8,101 | 8,101 | 7,762 |
Recurring | Level 1 | |||
Assets, Fair Value Disclosure [Abstract] | |||
Federal funds sold and securities borrowed or purchased under agreements to resell | 0 | 0 | 0 |
Investments | 160,038 | 160,038 | 151,499 |
Loans | 0 | 0 | 0 |
Mortgage servicing rights (MSRs) | 0 | 0 | 0 |
Assets before netting | $ 268,806 | $ 268,806 | $ 261,637 |
Total as a percentage of gross assets | 19.00% | 19.00% | 16.10% |
Liabilities, Fair Value Disclosure [Abstract] | |||
Interest-bearing deposits | $ 0 | $ 0 | $ 0 |
Federal funds purchased and securities loaned or sold under agreements to repurchase, selected portfolios of securities sold under agreements to repurchase, Gross | 0 | 0 | 0 |
Securities sold, not yet purchased | 51,802 | 51,802 | 59,463 |
Short-term borrowings | 0 | 0 | 0 |
Long-term debt, at fair value | 0 | 0 | 0 |
Total liabilities, Gross | $ 55,556 | $ 55,556 | $ 63,164 |
Total as a percentage of gross liabilities | 6.40% | 6.40% | 5.90% |
Recurring | Level 1 | Trading derivatives liabilities | |||
Liabilities, Fair Value Disclosure [Abstract] | |||
Trading derivatives, liability | $ 3,754 | $ 3,754 | $ 3,701 |
Recurring | Level 1 | Trading derivatives liabilities | Interest rate contracts | |||
Liabilities, Fair Value Disclosure [Abstract] | |||
Trading derivatives, liability | 8 | 8 | 77 |
Recurring | Level 1 | Trading derivatives liabilities | Foreign exchange contracts | |||
Liabilities, Fair Value Disclosure [Abstract] | |||
Trading derivatives, liability | 3 | 3 | 0 |
Recurring | Level 1 | Trading derivatives liabilities | Equity contracts | |||
Liabilities, Fair Value Disclosure [Abstract] | |||
Trading derivatives, liability | 3,424 | 3,424 | 2,955 |
Recurring | Level 1 | Trading derivatives liabilities | Commodity contracts | |||
Liabilities, Fair Value Disclosure [Abstract] | |||
Trading derivatives, liability | 319 | 319 | 669 |
Recurring | Level 1 | Trading derivatives liabilities | Credit derivatives | |||
Liabilities, Fair Value Disclosure [Abstract] | |||
Trading derivatives, liability | 0 | 0 | 0 |
Recurring | Level 1 | Non-trading derivatives and other financial liabilities | |||
Liabilities, Fair Value Disclosure [Abstract] | |||
Other liabilities, gross | 0 | 0 | 0 |
Recurring | Level 1 | Mortgage-backed securities - U.S. agency-sponsored | |||
Assets, Fair Value Disclosure [Abstract] | |||
Trading account assets | 0 | 0 | 0 |
Investments | 0 | 0 | 0 |
Recurring | Level 1 | Mortgage-backed securities - Residential | |||
Assets, Fair Value Disclosure [Abstract] | |||
Trading account assets | 0 | 0 | 0 |
Investments | 0 | 0 | 0 |
Recurring | Level 1 | Mortgage-backed securities - Commercial | |||
Assets, Fair Value Disclosure [Abstract] | |||
Trading account assets | 0 | 0 | 0 |
Investments | 0 | 0 | 0 |
Recurring | Level 1 | Mortgage-backed securities | |||
Assets, Fair Value Disclosure [Abstract] | |||
Trading account assets | 0 | 0 | 0 |
Investments | 0 | 0 | 0 |
Recurring | Level 1 | U.S. Treasury and federal agency securities | |||
Assets, Fair Value Disclosure [Abstract] | |||
Trading account assets | 25,096 | 25,096 | 15,991 |
Investments | 111,139 | 111,139 | 110,710 |
Recurring | Level 1 | State and municipal securities | |||
Assets, Fair Value Disclosure [Abstract] | |||
Trading account assets | 0 | 0 | 0 |
Investments | 0 | 0 | 0 |
Recurring | Level 1 | Foreign government | |||
Assets, Fair Value Disclosure [Abstract] | |||
Trading account assets | 38,226 | 38,226 | 37,995 |
Investments | 45,463 | 45,463 | 37,280 |
Recurring | Level 1 | Corporate | |||
Assets, Fair Value Disclosure [Abstract] | |||
Trading account assets | 47 | 47 | 1,337 |
Investments | 3,119 | 3,119 | 1,739 |
Recurring | Level 1 | Equity securities | |||
Assets, Fair Value Disclosure [Abstract] | |||
Trading account assets | 41,705 | 41,705 | 51,346 |
Investments | 317 | 317 | 1,770 |
Recurring | Level 1 | Asset-backed securities | |||
Assets, Fair Value Disclosure [Abstract] | |||
Trading account assets | 0 | 0 | 0 |
Investments | 0 | 0 | 0 |
Recurring | Level 1 | Other debt securities | |||
Assets, Fair Value Disclosure [Abstract] | |||
Trading account assets | 1 | 1 | 0 |
Investments | 0 | 0 | 0 |
Recurring | Level 1 | Non-marketable equity securities | |||
Assets, Fair Value Disclosure [Abstract] | |||
Investments | 0 | 0 | 0 |
Recurring | Level 1 | Trading securities (excluding trading account derivatives) | |||
Assets, Fair Value Disclosure [Abstract] | |||
Trading account assets | 105,075 | 105,075 | 106,669 |
Recurring | Level 1 | Trading account assets | |||
Assets, Fair Value Disclosure [Abstract] | |||
Trading derivatives, asset, Gross | 3,533 | 3,533 | 3,469 |
Recurring | Level 1 | Trading account assets | Interest rate contracts | |||
Assets, Fair Value Disclosure [Abstract] | |||
Trading derivatives, asset, Gross | 8 | 8 | 74 |
Recurring | Level 1 | Trading account assets | Foreign exchange contracts | |||
Assets, Fair Value Disclosure [Abstract] | |||
Trading derivatives, asset, Gross | 2 | 2 | 0 |
Recurring | Level 1 | Trading account assets | Equity contracts | |||
Assets, Fair Value Disclosure [Abstract] | |||
Trading derivatives, asset, Gross | 3,266 | 3,266 | 2,748 |
Recurring | Level 1 | Trading account assets | Commodity contracts | |||
Assets, Fair Value Disclosure [Abstract] | |||
Trading derivatives, asset, Gross | 257 | 257 | 647 |
Recurring | Level 1 | Trading account assets | Credit derivatives | |||
Assets, Fair Value Disclosure [Abstract] | |||
Trading derivatives, asset, Gross | 0 | 0 | 0 |
Recurring | Level 1 | Non-trading derivatives and other financial assets | |||
Assets, Fair Value Disclosure [Abstract] | |||
Other assets, gross | 160 | 160 | 0 |
Recurring | Level 2 | |||
Assets, Fair Value Disclosure [Abstract] | |||
Federal funds sold and securities borrowed or purchased under agreements to resell | 173,674 | 173,674 | 187,922 |
Investments | 136,543 | 136,543 | 144,064 |
Loans | 2,858 | 2,858 | 2,793 |
Mortgage servicing rights (MSRs) | 0 | 0 | 0 |
Assets before netting | $ 1,109,876 | $ 1,109,876 | $ 1,322,433 |
Total as a percentage of gross assets | 78.60% | 78.60% | 81.40% |
Liabilities, Fair Value Disclosure [Abstract] | |||
Interest-bearing deposits | $ 1,262 | $ 1,262 | $ 1,198 |
Federal funds purchased and securities loaned or sold under agreements to repurchase, selected portfolios of securities sold under agreements to repurchase, Gross | 69,799 | 69,799 | 82,811 |
Securities sold, not yet purchased | 11,697 | 11,697 | 11,057 |
Short-term borrowings | 675 | 675 | 1,152 |
Long-term debt, at fair value | 18,043 | 18,043 | 18,890 |
Total liabilities, Gross | $ 792,016 | $ 792,016 | $ 982,447 |
Total as a percentage of gross liabilities | 91.10% | 91.10% | 91.90% |
Recurring | Level 2 | Trading derivatives liabilities | |||
Liabilities, Fair Value Disclosure [Abstract] | |||
Trading derivatives, liability | $ 688,615 | $ 688,615 | $ 865,562 |
Recurring | Level 2 | Trading derivatives liabilities | Interest rate contracts | |||
Liabilities, Fair Value Disclosure [Abstract] | |||
Trading derivatives, liability | 458,048 | 458,048 | 617,933 |
Recurring | Level 2 | Trading derivatives liabilities | Foreign exchange contracts | |||
Liabilities, Fair Value Disclosure [Abstract] | |||
Trading derivatives, liability | 151,412 | 151,412 | 158,354 |
Recurring | Level 2 | Trading derivatives liabilities | Equity contracts | |||
Liabilities, Fair Value Disclosure [Abstract] | |||
Trading derivatives, liability | 26,037 | 26,037 | 26,616 |
Recurring | Level 2 | Trading derivatives liabilities | Commodity contracts | |||
Liabilities, Fair Value Disclosure [Abstract] | |||
Trading derivatives, liability | 19,260 | 19,260 | 22,872 |
Recurring | Level 2 | Trading derivatives liabilities | Credit derivatives | |||
Liabilities, Fair Value Disclosure [Abstract] | |||
Trading derivatives, liability | 33,858 | 33,858 | 39,787 |
Recurring | Level 2 | Non-trading derivatives and other financial liabilities | |||
Liabilities, Fair Value Disclosure [Abstract] | |||
Other liabilities, gross | 1,925 | 1,925 | 1,777 |
Recurring | Level 2 | Mortgage-backed securities - U.S. agency-sponsored | |||
Assets, Fair Value Disclosure [Abstract] | |||
Trading account assets | 26,101 | 26,101 | 25,968 |
Investments | 36,080 | 36,080 | 36,053 |
Recurring | Level 2 | Mortgage-backed securities - Residential | |||
Assets, Fair Value Disclosure [Abstract] | |||
Trading account assets | 1,374 | 1,374 | 2,158 |
Investments | 7,227 | 7,227 | 8,355 |
Recurring | Level 2 | Mortgage-backed securities - Commercial | |||
Assets, Fair Value Disclosure [Abstract] | |||
Trading account assets | 2,565 | 2,565 | 3,903 |
Investments | 526 | 526 | 553 |
Recurring | Level 2 | Mortgage-backed securities | |||
Assets, Fair Value Disclosure [Abstract] | |||
Trading account assets | 30,040 | 30,040 | 32,029 |
Investments | 43,833 | 43,833 | 44,961 |
Recurring | Level 2 | U.S. Treasury and federal agency securities | |||
Assets, Fair Value Disclosure [Abstract] | |||
Trading account assets | 2,664 | 2,664 | 4,483 |
Investments | 11,223 | 11,223 | 12,974 |
Recurring | Level 2 | State and municipal securities | |||
Assets, Fair Value Disclosure [Abstract] | |||
Trading account assets | 3,547 | 3,547 | 3,161 |
Investments | 9,231 | 9,231 | 10,519 |
Recurring | Level 2 | Foreign government | |||
Assets, Fair Value Disclosure [Abstract] | |||
Trading account assets | 19,365 | 19,365 | 26,736 |
Investments | 49,899 | 49,899 | 52,739 |
Recurring | Level 2 | Corporate | |||
Assets, Fair Value Disclosure [Abstract] | |||
Trading account assets | 17,574 | 17,574 | 25,640 |
Investments | 12,264 | 12,264 | 9,746 |
Recurring | Level 2 | Equity securities | |||
Assets, Fair Value Disclosure [Abstract] | |||
Trading account assets | 3,192 | 3,192 | 4,281 |
Investments | 67 | 67 | 274 |
Recurring | Level 2 | Asset-backed securities | |||
Assets, Fair Value Disclosure [Abstract] | |||
Trading account assets | 1,640 | 1,640 | 1,252 |
Investments | 9,312 | 9,312 | 11,957 |
Recurring | Level 2 | Other debt securities | |||
Assets, Fair Value Disclosure [Abstract] | |||
Trading account assets | 10,374 | 10,374 | 9,221 |
Investments | 661 | 661 | 661 |
Recurring | Level 2 | Non-marketable equity securities | |||
Assets, Fair Value Disclosure [Abstract] | |||
Investments | 53 | 53 | 233 |
Recurring | Level 2 | Trading securities (excluding trading account derivatives) | |||
Assets, Fair Value Disclosure [Abstract] | |||
Trading account assets | 88,396 | 88,396 | 106,803 |
Recurring | Level 2 | Trading account assets | |||
Assets, Fair Value Disclosure [Abstract] | |||
Trading derivatives, asset, Gross | 698,919 | 698,919 | 871,499 |
Recurring | Level 2 | Trading account assets | Interest rate contracts | |||
Assets, Fair Value Disclosure [Abstract] | |||
Trading derivatives, asset, Gross | 478,443 | 478,443 | 634,318 |
Recurring | Level 2 | Trading account assets | Foreign exchange contracts | |||
Assets, Fair Value Disclosure [Abstract] | |||
Trading derivatives, asset, Gross | 147,457 | 147,457 | 154,744 |
Recurring | Level 2 | Trading account assets | Equity contracts | |||
Assets, Fair Value Disclosure [Abstract] | |||
Trading derivatives, asset, Gross | 22,086 | 22,086 | 19,969 |
Recurring | Level 2 | Trading account assets | Commodity contracts | |||
Assets, Fair Value Disclosure [Abstract] | |||
Trading derivatives, asset, Gross | 16,479 | 16,479 | 21,850 |
Recurring | Level 2 | Trading account assets | Credit derivatives | |||
Assets, Fair Value Disclosure [Abstract] | |||
Trading derivatives, asset, Gross | 34,454 | 34,454 | 40,618 |
Recurring | Level 2 | Non-trading derivatives and other financial assets | |||
Assets, Fair Value Disclosure [Abstract] | |||
Other assets, gross | 9,486 | 9,486 | 9,352 |
Recurring | Level 3 | |||
Assets, Fair Value Disclosure [Abstract] | |||
Federal funds sold and securities borrowed or purchased under agreements to resell | 1,415 | 1,415 | 3,398 |
Investments | 5,430 | 5,430 | 6,273 |
Loans | 2,655 | 2,655 | 3,108 |
Mortgage servicing rights (MSRs) | 1,766 | 1,766 | 1,845 |
Assets before netting | $ 33,844 | $ 33,844 | $ 41,328 |
Total as a percentage of gross assets | 2.40% | 2.40% | 2.50% |
Liabilities, Fair Value Disclosure [Abstract] | |||
Interest-bearing deposits | $ 458 | $ 458 | $ 486 |
Federal funds purchased and securities loaned or sold under agreements to repurchase, selected portfolios of securities sold under agreements to repurchase, Gross | 1,259 | 1,259 | 1,043 |
Securities sold, not yet purchased | 234 | 234 | 424 |
Short-term borrowings | 102 | 102 | 344 |
Long-term debt, at fair value | 8,195 | 8,195 | 7,290 |
Total liabilities, Gross | $ 22,218 | $ 22,218 | $ 23,524 |
Total as a percentage of gross liabilities | 2.60% | 2.60% | 2.20% |
Recurring | Level 3 | Trading derivatives liabilities | |||
Liabilities, Fair Value Disclosure [Abstract] | |||
Trading derivatives, liability | $ 11,965 | $ 11,965 | $ 13,930 |
Recurring | Level 3 | Trading derivatives liabilities | Interest rate contracts | |||
Liabilities, Fair Value Disclosure [Abstract] | |||
Trading derivatives, liability | 3,499 | 3,499 | 4,272 |
Recurring | Level 3 | Trading derivatives liabilities | Foreign exchange contracts | |||
Liabilities, Fair Value Disclosure [Abstract] | |||
Trading derivatives, liability | 460 | 460 | 472 |
Recurring | Level 3 | Trading derivatives liabilities | Equity contracts | |||
Liabilities, Fair Value Disclosure [Abstract] | |||
Trading derivatives, liability | 2,308 | 2,308 | 2,898 |
Recurring | Level 3 | Trading derivatives liabilities | Commodity contracts | |||
Liabilities, Fair Value Disclosure [Abstract] | |||
Trading derivatives, liability | 2,716 | 2,716 | 2,645 |
Recurring | Level 3 | Trading derivatives liabilities | Credit derivatives | |||
Liabilities, Fair Value Disclosure [Abstract] | |||
Trading derivatives, liability | 2,982 | 2,982 | 3,643 |
Recurring | Level 3 | Non-trading derivatives and other financial liabilities | |||
Liabilities, Fair Value Disclosure [Abstract] | |||
Other liabilities, gross | 5 | 5 | 7 |
Recurring | Level 3 | Mortgage-backed securities - U.S. agency-sponsored | |||
Assets, Fair Value Disclosure [Abstract] | |||
Trading account assets | 652 | 652 | 1,085 |
Investments | 114 | 114 | 38 |
Recurring | Level 3 | Mortgage-backed securities - Residential | |||
Assets, Fair Value Disclosure [Abstract] | |||
Trading account assets | 2,025 | 2,025 | 2,680 |
Investments | 0 | 0 | 8 |
Recurring | Level 3 | Mortgage-backed securities - Commercial | |||
Assets, Fair Value Disclosure [Abstract] | |||
Trading account assets | 222 | 222 | 440 |
Investments | 2 | 2 | 1 |
Recurring | Level 3 | Mortgage-backed securities | |||
Assets, Fair Value Disclosure [Abstract] | |||
Trading account assets | 2,899 | 2,899 | 4,205 |
Investments | 116 | 116 | 47 |
Recurring | Level 3 | U.S. Treasury and federal agency securities | |||
Assets, Fair Value Disclosure [Abstract] | |||
Trading account assets | 3 | 3 | 0 |
Investments | 10 | 10 | 6 |
Recurring | Level 3 | State and municipal securities | |||
Assets, Fair Value Disclosure [Abstract] | |||
Trading account assets | 277 | 277 | 241 |
Investments | 2,165 | 2,165 | 2,180 |
Recurring | Level 3 | Foreign government | |||
Assets, Fair Value Disclosure [Abstract] | |||
Trading account assets | 85 | 85 | 206 |
Investments | 243 | 243 | 678 |
Recurring | Level 3 | Corporate | |||
Assets, Fair Value Disclosure [Abstract] | |||
Trading account assets | 391 | 391 | 820 |
Investments | 641 | 641 | 672 |
Recurring | Level 3 | Equity securities | |||
Assets, Fair Value Disclosure [Abstract] | |||
Trading account assets | 3,284 | 3,284 | 2,219 |
Investments | 445 | 445 | 681 |
Recurring | Level 3 | Asset-backed securities | |||
Assets, Fair Value Disclosure [Abstract] | |||
Trading account assets | 3,377 | 3,377 | 3,294 |
Investments | 558 | 558 | 549 |
Recurring | Level 3 | Other debt securities | |||
Assets, Fair Value Disclosure [Abstract] | |||
Trading account assets | 2,288 | 2,288 | 4,372 |
Investments | 10 | 10 | 0 |
Recurring | Level 3 | Non-marketable equity securities | |||
Assets, Fair Value Disclosure [Abstract] | |||
Investments | 1,242 | 1,242 | 1,460 |
Recurring | Level 3 | Trading securities (excluding trading account derivatives) | |||
Assets, Fair Value Disclosure [Abstract] | |||
Trading account assets | 12,604 | 12,604 | 15,357 |
Recurring | Level 3 | Trading account assets | |||
Assets, Fair Value Disclosure [Abstract] | |||
Trading derivatives, asset, Gross | 9,782 | 9,782 | 11,269 |
Recurring | Level 3 | Trading account assets | Interest rate contracts | |||
Assets, Fair Value Disclosure [Abstract] | |||
Trading derivatives, asset, Gross | 2,859 | 2,859 | 4,061 |
Recurring | Level 3 | Trading account assets | Foreign exchange contracts | |||
Assets, Fair Value Disclosure [Abstract] | |||
Trading derivatives, asset, Gross | 1,127 | 1,127 | 1,250 |
Recurring | Level 3 | Trading account assets | Equity contracts | |||
Assets, Fair Value Disclosure [Abstract] | |||
Trading derivatives, asset, Gross | 1,856 | 1,856 | 2,035 |
Recurring | Level 3 | Trading account assets | Commodity contracts | |||
Assets, Fair Value Disclosure [Abstract] | |||
Trading derivatives, asset, Gross | 869 | 869 | 1,023 |
Recurring | Level 3 | Trading account assets | Credit derivatives | |||
Assets, Fair Value Disclosure [Abstract] | |||
Trading derivatives, asset, Gross | 3,071 | 3,071 | 2,900 |
Recurring | Level 3 | Non-trading derivatives and other financial assets | |||
Assets, Fair Value Disclosure [Abstract] | |||
Other assets, gross | $ 192 | $ 192 | $ 78 |
FAIR VALUE MEASUREMENT - Level
FAIR VALUE MEASUREMENT - Level 3 Roll Forward (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Fair value, liabilities measured on recurring basis, level 3 fair-value category reconciliation | ||||
Threshold tenor of repo curves to classify certain reverse repos to Level 3 | 5 years | |||
Trading account assets and liabilities | ||||
Fair value, Derivative assets (liabilities) measured on recurring basis, level 3 fair-value category reconciliation | ||||
Balance at beginning of period, asset (liability), net | $ (2,688) | $ (1,457) | $ (2,661) | $ (991) |
Net realized/unrealized gains (losses) included in earnings | 564 | (518) | (478) | (742) |
Transfers into Level 3 | 47 | (374) | 101 | (851) |
Transfers out of Level 3 | 43 | (39) | 57 | 144 |
Purchases | 269 | 179 | 611 | 587 |
Sales | (276) | (108) | (431) | (347) |
Settlements | (142) | (107) | 618 | (224) |
Balance at end of period, asset (liability), net | (2,183) | (2,424) | (2,183) | (2,424) |
Unrealized gains (losses) still held | 209 | (590) | 117 | (551) |
Trading account assets and liabilities | Interest rate contracts | ||||
Fair value, Derivative assets (liabilities) measured on recurring basis, level 3 fair-value category reconciliation | ||||
Balance at beginning of period, asset (liability), net | (423) | 17 | (211) | 839 |
Net realized/unrealized gains (losses) included in earnings | (205) | 76 | (633) | (508) |
Transfers into Level 3 | (1) | (194) | (137) | (42) |
Transfers out of Level 3 | 2 | 7 | (37) | (117) |
Purchases | (5) | 52 | 13 | 94 |
Sales | 0 | (52) | 166 | (150) |
Settlements | (8) | 32 | 199 | (178) |
Balance at end of period, asset (liability), net | (640) | (62) | (640) | (62) |
Unrealized gains (losses) still held | (61) | 94 | 117 | (11) |
Trading account assets and liabilities | Foreign exchange contracts | ||||
Fair value, Derivative assets (liabilities) measured on recurring basis, level 3 fair-value category reconciliation | ||||
Balance at beginning of period, asset (liability), net | 391 | 847 | 778 | 695 |
Net realized/unrealized gains (losses) included in earnings | 206 | 8 | (218) | 105 |
Transfers into Level 3 | (4) | 7 | (5) | 28 |
Transfers out of Level 3 | 106 | (73) | 25 | (43) |
Purchases | 102 | 3 | 276 | 4 |
Sales | (92) | (1) | (270) | (2) |
Settlements | (42) | (14) | 81 | (10) |
Balance at end of period, asset (liability), net | 667 | 777 | 667 | 777 |
Unrealized gains (losses) still held | 83 | 43 | 95 | 67 |
Trading account assets and liabilities | Equity contracts | ||||
Fair value, Derivative assets (liabilities) measured on recurring basis, level 3 fair-value category reconciliation | ||||
Balance at beginning of period, asset (liability), net | (355) | (893) | (863) | (858) |
Net realized/unrealized gains (losses) included in earnings | 272 | 8 | 594 | 250 |
Transfers into Level 3 | (31) | (171) | (54) | (762) |
Transfers out of Level 3 | (108) | 143 | 8 | 473 |
Purchases | 172 | 124 | 322 | 386 |
Sales | (184) | (55) | (324) | (192) |
Settlements | (218) | (215) | (135) | (356) |
Balance at end of period, asset (liability), net | (452) | (1,059) | (452) | (1,059) |
Unrealized gains (losses) still held | 187 | (235) | 47 | (402) |
Trading account assets and liabilities | Commodity contracts | ||||
Fair value, Derivative assets (liabilities) measured on recurring basis, level 3 fair-value category reconciliation | ||||
Balance at beginning of period, asset (liability), net | (1,727) | (1,229) | (1,622) | (1,393) |
Net realized/unrealized gains (losses) included in earnings | (166) | (388) | (556) | (140) |
Transfers into Level 3 | 31 | 0 | 214 | 25 |
Transfers out of Level 3 | (21) | (27) | (11) | (35) |
Purchases | 0 | 0 | 0 | 0 |
Sales | 0 | 0 | 0 | 0 |
Settlements | 36 | 97 | 128 | (4) |
Balance at end of period, asset (liability), net | (1,847) | (1,547) | (1,847) | (1,547) |
Unrealized gains (losses) still held | (196) | (228) | (361) | (9) |
Trading account assets and liabilities | Credit derivatives | ||||
Fair value, Derivative assets (liabilities) measured on recurring basis, level 3 fair-value category reconciliation | ||||
Balance at beginning of period, asset (liability), net | (574) | (199) | (743) | (274) |
Net realized/unrealized gains (losses) included in earnings | 457 | (222) | 335 | (449) |
Transfers into Level 3 | 52 | (16) | 83 | (100) |
Transfers out of Level 3 | 64 | (89) | 72 | (134) |
Purchases | 0 | 0 | 0 | 103 |
Sales | 0 | 0 | (3) | (3) |
Settlements | 90 | (7) | 345 | 324 |
Balance at end of period, asset (liability), net | 89 | (533) | 89 | (533) |
Unrealized gains (losses) still held | 196 | (264) | 219 | (196) |
Interest-bearing deposits | ||||
Fair value, liabilities measured on recurring basis, level 3 fair-value category reconciliation | ||||
Balance at beginning of period, liability | 347 | 909 | 486 | 890 |
Net realized/unrealized gains (losses) included in earnings, liabilities | 0 | 0 | 0 | 0 |
Net realized/unrealized gains (losses) included in locations other than principal transactions, liabilities | (108) | 184 | (7) | 94 |
Transfers into Level 3, liabilities | 0 | 0 | 0 | 0 |
Transfers out of Level 3, liabilities | 0 | (12) | 0 | (12) |
Purchases, liability | 0 | 0 | 0 | 0 |
Issuance, liability | 12 | 117 | 12 | 117 |
Sales, liability | 0 | 0 | 0 | 0 |
Settlements, liability | (9) | (25) | (47) | (96) |
Balance at end of period, liability | 458 | 805 | 458 | 805 |
Unrealized gains (losses) still held, liabilities | (204) | 20 | (250) | (31) |
Federal funds purchased and securities loaned or sold under agreements to repurchase | ||||
Fair value, liabilities measured on recurring basis, level 3 fair-value category reconciliation | ||||
Balance at beginning of period, liability | 965 | 1,032 | 1,043 | 902 |
Net realized/unrealized gains (losses) included in earnings, liabilities | (1) | 13 | (24) | 4 |
Net realized/unrealized gains (losses) included in locations other than principal transactions, liabilities | 0 | 0 | 0 | 0 |
Transfers into Level 3, liabilities | 0 | 0 | 0 | 54 |
Transfers out of Level 3, liabilities | 0 | 0 | 0 | 0 |
Purchases, liability | 0 | 0 | 0 | 78 |
Issuance, liability | 0 | 0 | 0 | 0 |
Sales, liability | 292 | 117 | 285 | 106 |
Settlements, liability | 1 | (102) | (93) | (102) |
Balance at end of period, liability | 1,259 | 1,034 | 1,259 | 1,034 |
Unrealized gains (losses) still held, liabilities | (1) | 5 | 0 | (18) |
Trading account liabilities | Securities sold, not yet purchased | ||||
Fair value, liabilities measured on recurring basis, level 3 fair-value category reconciliation | ||||
Balance at beginning of period, liability | 257 | 472 | 424 | 590 |
Net realized/unrealized gains (losses) included in earnings, liabilities | 63 | (1) | 41 | 14 |
Net realized/unrealized gains (losses) included in locations other than principal transactions, liabilities | 0 | 0 | 0 | 0 |
Transfers into Level 3, liabilities | 66 | 19 | 263 | 68 |
Transfers out of Level 3, liabilities | (9) | (40) | (196) | (91) |
Purchases, liability | 0 | 0 | 0 | 0 |
Issuance, liability | 0 | 0 | 0 | 0 |
Sales, liability | 103 | 149 | 260 | 443 |
Settlements, liability | (120) | (233) | (476) | (628) |
Balance at end of period, liability | 234 | 368 | 234 | 368 |
Unrealized gains (losses) still held, liabilities | (9) | (11) | (22) | (19) |
Short-term borrowings | ||||
Fair value, liabilities measured on recurring basis, level 3 fair-value category reconciliation | ||||
Balance at beginning of period, liability | 133 | 129 | 344 | 29 |
Net realized/unrealized gains (losses) included in earnings, liabilities | (9) | 0 | 1 | (31) |
Net realized/unrealized gains (losses) included in locations other than principal transactions, liabilities | 0 | 0 | 0 | 0 |
Transfers into Level 3, liabilities | 4 | 1 | 21 | 81 |
Transfers out of Level 3, liabilities | (3) | 0 | (18) | 0 |
Purchases, liability | 0 | 0 | 0 | 8 |
Issuance, liability | 10 | 23 | 59 | 24 |
Sales, liability | 0 | 0 | 0 | 0 |
Settlements, liability | (51) | (52) | (303) | (72) |
Balance at end of period, liability | 102 | 101 | 102 | 101 |
Unrealized gains (losses) still held, liabilities | (12) | (8) | (15) | (15) |
Long-term debt | ||||
Fair value, liabilities measured on recurring basis, level 3 fair-value category reconciliation | ||||
Balance at beginning of period, liability | 7,665 | 7,847 | 7,290 | 7,621 |
Net realized/unrealized gains (losses) included in earnings, liabilities | 194 | 520 | 562 | 139 |
Net realized/unrealized gains (losses) included in locations other than principal transactions, liabilities | 0 | 0 | 0 | 49 |
Transfers into Level 3, liabilities | 995 | 476 | 2,081 | 2,089 |
Transfers out of Level 3, liabilities | (736) | (760) | (2,774) | (2,998) |
Purchases, liability | 0 | 0 | 0 | 0 |
Issuance, liability | 679 | 1,419 | 3,080 | 3,365 |
Sales, liability | 0 | 0 | 0 | 0 |
Settlements, liability | (214) | (904) | (920) | (2,331) |
Balance at end of period, liability | 8,195 | 7,558 | 8,195 | 7,558 |
Unrealized gains (losses) still held, liabilities | (180) | 215 | (230) | (205) |
Other financial liabilities | ||||
Fair value, liabilities measured on recurring basis, level 3 fair-value category reconciliation | ||||
Balance at beginning of period, liability | 4 | 6 | 7 | 10 |
Net realized/unrealized gains (losses) included in earnings, liabilities | 0 | 0 | 0 | 0 |
Net realized/unrealized gains (losses) included in locations other than principal transactions, liabilities | (1) | (2) | (8) | (3) |
Transfers into Level 3, liabilities | 2 | 0 | 2 | 4 |
Transfers out of Level 3, liabilities | 0 | 0 | (4) | 0 |
Purchases, liability | (1) | 0 | (3) | (1) |
Issuance, liability | 1 | 0 | 3 | 1 |
Sales, liability | 2 | 0 | 2 | (3) |
Settlements, liability | (4) | (1) | (10) | (7) |
Balance at end of period, liability | 5 | 7 | 5 | 7 |
Unrealized gains (losses) still held, liabilities | 1 | (1) | 0 | (1) |
Federal funds sold and securities borrowed or purchased under agreements to resell | ||||
Fair value, assets measured on recurring basis, level 3 fair-value category reconciliation | ||||
Balance at beginning of period, asset | 1,070 | 3,363 | 3,398 | 3,566 |
Net realized/unrealized gains (losses) included in principal transactions | 66 | 116 | (69) | 37 |
Net realized/unrealized gains (losses) included in locations other than principal transactions, assets | 0 | 0 | 0 | 0 |
Transfers into Level 3 | 279 | 0 | 279 | 67 |
Transfers out of Level 3, assets | 0 | 0 | (2,856) | (8) |
Purchases, assets | 0 | 0 | 784 | 75 |
Issuance, assets | 0 | 0 | 0 | 0 |
Sales, assets | 0 | 0 | 0 | 0 |
Settlements, assets | 0 | 0 | (121) | (258) |
Balance at end of period, asset | 1,415 | 3,479 | 1,415 | 3,479 |
Unrealized gains (losses) still held, assets | 1 | 130 | 1 | 153 |
Trading non-derivative assets | ||||
Fair value, assets measured on recurring basis, level 3 fair-value category reconciliation | ||||
Balance at beginning of period, asset | 14,299 | 14,940 | 15,357 | 15,260 |
Net realized/unrealized gains (losses) included in principal transactions | 126 | 590 | 812 | 1,401 |
Net realized/unrealized gains (losses) included in locations other than principal transactions, assets | 0 | 0 | 0 | 0 |
Transfers into Level 3 | 697 | 1,532 | 2,670 | 3,772 |
Transfers out of Level 3, assets | (1,567) | (1,147) | (5,200) | (4,102) |
Purchases, assets | 2,366 | 4,318 | 10,004 | 13,906 |
Issuance, assets | 9 | 6 | 41 | 13 |
Sales, assets | (3,316) | (4,245) | (10,999) | (14,158) |
Settlements, assets | (10) | (259) | (81) | (357) |
Balance at end of period, asset | 12,604 | 15,735 | 12,604 | 15,735 |
Unrealized gains (losses) still held, assets | 51 | (6) | 124 | 410 |
Trading non-derivative assets | U.S. government-sponsored agency guaranteed | ||||
Fair value, assets measured on recurring basis, level 3 fair-value category reconciliation | ||||
Balance at beginning of period, asset | 611 | 697 | 1,085 | 1,094 |
Net realized/unrealized gains (losses) included in principal transactions | 1 | 22 | 30 | 120 |
Net realized/unrealized gains (losses) included in locations other than principal transactions, assets | 0 | 0 | 0 | 0 |
Transfers into Level 3 | 208 | 217 | 690 | 594 |
Transfers out of Level 3, assets | (212) | (145) | (1,062) | (743) |
Purchases, assets | 166 | 97 | 505 | 358 |
Issuance, assets | 0 | 6 | 0 | 13 |
Sales, assets | (131) | (89) | (619) | (606) |
Settlements, assets | 9 | (16) | 23 | (41) |
Balance at end of period, asset | 652 | 789 | 652 | 789 |
Unrealized gains (losses) still held, assets | 2 | 18 | 1 | 27 |
Trading non-derivative assets | Mortgage-backed securities - Residential | ||||
Fair value, assets measured on recurring basis, level 3 fair-value category reconciliation | ||||
Balance at beginning of period, asset | 2,206 | 2,610 | 2,680 | 2,854 |
Net realized/unrealized gains (losses) included in principal transactions | 37 | 63 | 243 | 380 |
Net realized/unrealized gains (losses) included in locations other than principal transactions, assets | 0 | 0 | 0 | 0 |
Transfers into Level 3 | 57 | 86 | 235 | 239 |
Transfers out of Level 3, assets | (119) | (77) | (401) | (359) |
Purchases, assets | 294 | 197 | 1,423 | 1,877 |
Issuance, assets | 0 | 0 | 0 | 0 |
Sales, assets | (450) | (389) | (2,155) | (2,501) |
Settlements, assets | 0 | 0 | 0 | 0 |
Balance at end of period, asset | 2,025 | 2,490 | 2,025 | 2,490 |
Unrealized gains (losses) still held, assets | 1 | (4) | (97) | 108 |
Trading non-derivative assets | Mortgage-backed securities - Commercial | ||||
Fair value, assets measured on recurring basis, level 3 fair-value category reconciliation | ||||
Balance at beginning of period, asset | 368 | 409 | 440 | 256 |
Net realized/unrealized gains (losses) included in principal transactions | 3 | 7 | 16 | 18 |
Net realized/unrealized gains (losses) included in locations other than principal transactions, assets | 0 | 0 | 0 | 0 |
Transfers into Level 3 | 20 | 84 | 176 | 160 |
Transfers out of Level 3, assets | (60) | (58) | (138) | (120) |
Purchases, assets | 30 | 288 | 442 | 524 |
Issuance, assets | 0 | 0 | 0 | 0 |
Sales, assets | (139) | (176) | (714) | (284) |
Settlements, assets | 0 | 0 | 0 | 0 |
Balance at end of period, asset | 222 | 554 | 222 | 554 |
Unrealized gains (losses) still held, assets | 1 | (4) | (9) | 1 |
Trading non-derivative assets | Mortgage-backed securities | ||||
Fair value, assets measured on recurring basis, level 3 fair-value category reconciliation | ||||
Balance at beginning of period, asset | 3,185 | 3,716 | 4,205 | 4,204 |
Net realized/unrealized gains (losses) included in principal transactions | 41 | 92 | 289 | 518 |
Net realized/unrealized gains (losses) included in locations other than principal transactions, assets | 0 | 0 | 0 | 0 |
Transfers into Level 3 | 285 | 387 | 1,101 | 993 |
Transfers out of Level 3, assets | (391) | (280) | (1,601) | (1,222) |
Purchases, assets | 490 | 582 | 2,370 | 2,759 |
Issuance, assets | 0 | 6 | 0 | 13 |
Sales, assets | (720) | (654) | (3,488) | (3,391) |
Settlements, assets | 9 | (16) | 23 | (41) |
Balance at end of period, asset | 2,899 | 3,833 | 2,899 | 3,833 |
Unrealized gains (losses) still held, assets | 4 | 10 | (105) | 136 |
Trading non-derivative assets | U.S. Treasury and federal agency securities | ||||
Fair value, assets measured on recurring basis, level 3 fair-value category reconciliation | ||||
Balance at beginning of period, asset | 0 | 0 | 0 | 0 |
Net realized/unrealized gains (losses) included in principal transactions | 0 | 0 | 0 | 3 |
Net realized/unrealized gains (losses) included in locations other than principal transactions, assets | 0 | 0 | 0 | 0 |
Transfers into Level 3 | 1 | 0 | 1 | 0 |
Transfers out of Level 3, assets | 0 | 0 | 0 | 0 |
Purchases, assets | 2 | 7 | 2 | 7 |
Issuance, assets | 0 | 0 | 0 | 0 |
Sales, assets | 0 | 0 | 0 | (3) |
Settlements, assets | 0 | 0 | 0 | 0 |
Balance at end of period, asset | 3 | 7 | 3 | 7 |
Unrealized gains (losses) still held, assets | 0 | 0 | 0 | 0 |
Trading non-derivative assets | State and municipal securities | ||||
Fair value, assets measured on recurring basis, level 3 fair-value category reconciliation | ||||
Balance at beginning of period, asset | 249 | 242 | 241 | 222 |
Net realized/unrealized gains (losses) included in principal transactions | 9 | 7 | (1) | 11 |
Net realized/unrealized gains (losses) included in locations other than principal transactions, assets | 0 | 0 | 0 | 0 |
Transfers into Level 3 | 8 | 4 | 35 | 149 |
Transfers out of Level 3, assets | (22) | (1) | (29) | (105) |
Purchases, assets | 39 | 15 | 48 | 33 |
Issuance, assets | 0 | 0 | 0 | 0 |
Sales, assets | (6) | (16) | (17) | (59) |
Settlements, assets | 0 | 0 | 0 | 0 |
Balance at end of period, asset | 277 | 251 | 277 | 251 |
Unrealized gains (losses) still held, assets | 0 | 6 | 2 | (17) |
Trading non-derivative assets | Foreign government | ||||
Fair value, assets measured on recurring basis, level 3 fair-value category reconciliation | ||||
Balance at beginning of period, asset | 82 | 465 | 206 | 416 |
Net realized/unrealized gains (losses) included in principal transactions | (1) | (40) | (4) | (56) |
Net realized/unrealized gains (losses) included in locations other than principal transactions, assets | 0 | 0 | 0 | 0 |
Transfers into Level 3 | 25 | 31 | 52 | 117 |
Transfers out of Level 3, assets | 0 | (64) | (100) | (166) |
Purchases, assets | 19 | 212 | 124 | 571 |
Issuance, assets | 0 | 0 | 0 | 0 |
Sales, assets | (40) | (241) | (139) | (519) |
Settlements, assets | 0 | 22 | (54) | 22 |
Balance at end of period, asset | 85 | 385 | 85 | 385 |
Unrealized gains (losses) still held, assets | (1) | (13) | 2 | 18 |
Trading non-derivative assets | Corporate | ||||
Fair value, assets measured on recurring basis, level 3 fair-value category reconciliation | ||||
Balance at beginning of period, asset | 708 | 1,262 | 820 | 1,835 |
Net realized/unrealized gains (losses) included in principal transactions | (19) | 83 | 185 | 1 |
Net realized/unrealized gains (losses) included in locations other than principal transactions, assets | 0 | 0 | 0 | 0 |
Transfers into Level 3 | 53 | 141 | 107 | 394 |
Transfers out of Level 3, assets | (177) | (104) | (262) | (444) |
Purchases, assets | 94 | 471 | 605 | 1,742 |
Issuance, assets | 0 | 0 | 0 | 0 |
Sales, assets | (268) | (685) | (1,053) | (2,353) |
Settlements, assets | 0 | 46 | (11) | 39 |
Balance at end of period, asset | 391 | 1,214 | 391 | 1,214 |
Unrealized gains (losses) still held, assets | (6) | (42) | 24 | 19 |
Trading non-derivative assets | Equity securities | ||||
Fair value, assets measured on recurring basis, level 3 fair-value category reconciliation | ||||
Balance at beginning of period, asset | 2,741 | 1,863 | 2,219 | 1,057 |
Net realized/unrealized gains (losses) included in principal transactions | 75 | (2) | 29 | (215) |
Net realized/unrealized gains (losses) included in locations other than principal transactions, assets | 0 | 0 | 0 | 0 |
Transfers into Level 3 | 148 | 123 | 310 | 159 |
Transfers out of Level 3, assets | (52) | (35) | (240) | (95) |
Purchases, assets | 438 | 119 | 1,180 | 1,305 |
Issuance, assets | 0 | 0 | 0 | 0 |
Sales, assets | (66) | (113) | (214) | (256) |
Settlements, assets | 0 | 0 | 0 | 0 |
Balance at end of period, asset | 3,284 | 1,955 | 3,284 | 1,955 |
Unrealized gains (losses) still held, assets | 16 | 34 | 93 | 22 |
Trading non-derivative assets | Asset-backed securities | ||||
Fair value, assets measured on recurring basis, level 3 fair-value category reconciliation | ||||
Balance at beginning of period, asset | 4,236 | 3,376 | 3,294 | 4,342 |
Net realized/unrealized gains (losses) included in principal transactions | 66 | 394 | 299 | 1,002 |
Net realized/unrealized gains (losses) included in locations other than principal transactions, assets | 0 | 0 | 0 | 0 |
Transfers into Level 3 | 53 | 37 | 623 | 120 |
Transfers out of Level 3, assets | (109) | (56) | (224) | (284) |
Purchases, assets | 827 | 1,219 | 3,586 | 2,921 |
Issuance, assets | 0 | 0 | 0 | 0 |
Sales, assets | (1,696) | (1,619) | (4,201) | (4,750) |
Settlements, assets | 0 | 0 | 0 | 0 |
Balance at end of period, asset | 3,377 | 3,351 | 3,377 | 3,351 |
Unrealized gains (losses) still held, assets | 11 | 33 | 74 | 246 |
Trading non-derivative assets | Other debt securities | ||||
Fair value, assets measured on recurring basis, level 3 fair-value category reconciliation | ||||
Balance at beginning of period, asset | 3,098 | 4,016 | 4,372 | 3,184 |
Net realized/unrealized gains (losses) included in principal transactions | (45) | 56 | 15 | 137 |
Net realized/unrealized gains (losses) included in locations other than principal transactions, assets | 0 | 0 | 0 | 0 |
Transfers into Level 3 | 124 | 809 | 441 | 1,840 |
Transfers out of Level 3, assets | (816) | (607) | (2,744) | (1,786) |
Purchases, assets | 457 | 1,693 | 2,089 | 4,568 |
Issuance, assets | 9 | 0 | 41 | 0 |
Sales, assets | (520) | (917) | (1,887) | (2,827) |
Settlements, assets | (19) | (311) | (39) | (377) |
Balance at end of period, asset | 2,288 | 4,739 | 2,288 | 4,739 |
Unrealized gains (losses) still held, assets | 27 | (34) | 34 | (14) |
Investments | ||||
Fair value, assets measured on recurring basis, level 3 fair-value category reconciliation | ||||
Balance at beginning of period, asset | 5,679 | 8,531 | 6,273 | 7,902 |
Net realized/unrealized gains (losses) included in principal transactions | 0 | 0 | 0 | 0 |
Net realized/unrealized gains (losses) included in locations other than principal transactions, assets | (1) | 34 | (31) | 335 |
Transfers into Level 3 | 394 | 96 | 735 | 1,161 |
Transfers out of Level 3, assets | (492) | (364) | (989) | (981) |
Purchases, assets | 484 | 985 | 1,484 | 2,589 |
Issuance, assets | 0 | 0 | 0 | 0 |
Sales, assets | (521) | (916) | (1,381) | (2,023) |
Settlements, assets | (113) | (1,484) | (661) | (2,101) |
Balance at end of period, asset | 5,430 | 6,882 | 5,430 | 6,882 |
Unrealized gains (losses) still held, assets | (20) | (25) | 1 | 180 |
Investments | U.S. government-sponsored agency guaranteed | ||||
Fair value, assets measured on recurring basis, level 3 fair-value category reconciliation | ||||
Balance at beginning of period, asset | 96 | 163 | 38 | 187 |
Net realized/unrealized gains (losses) included in principal transactions | 0 | 0 | 0 | 0 |
Net realized/unrealized gains (losses) included in locations other than principal transactions, assets | (4) | 2 | (4) | 47 |
Transfers into Level 3 | 29 | 18 | 133 | 53 |
Transfers out of Level 3, assets | (68) | (83) | (113) | (137) |
Purchases, assets | 62 | 0 | 62 | 17 |
Issuance, assets | 0 | 0 | 0 | 0 |
Sales, assets | (1) | (7) | (2) | (73) |
Settlements, assets | 0 | (1) | 0 | (2) |
Balance at end of period, asset | 114 | 92 | 114 | 92 |
Unrealized gains (losses) still held, assets | (4) | 0 | (4) | (3) |
Investments | Mortgage-backed securities - Residential | ||||
Fair value, assets measured on recurring basis, level 3 fair-value category reconciliation | ||||
Balance at beginning of period, asset | 10 | 17 | 8 | 102 |
Net realized/unrealized gains (losses) included in principal transactions | 0 | 0 | 0 | 0 |
Net realized/unrealized gains (losses) included in locations other than principal transactions, assets | 0 | 0 | (1) | 33 |
Transfers into Level 3 | 0 | 1 | 0 | 31 |
Transfers out of Level 3, assets | 0 | 0 | 0 | (1) |
Purchases, assets | 0 | 0 | 11 | 17 |
Issuance, assets | 0 | 0 | 0 | 0 |
Sales, assets | (10) | (5) | (18) | (169) |
Settlements, assets | 0 | 0 | 0 | 0 |
Balance at end of period, asset | 0 | 13 | 0 | 13 |
Unrealized gains (losses) still held, assets | 0 | 0 | 0 | 0 |
Investments | Mortgage-backed securities - Commercial | ||||
Fair value, assets measured on recurring basis, level 3 fair-value category reconciliation | ||||
Balance at beginning of period, asset | 0 | 7 | 1 | 0 |
Net realized/unrealized gains (losses) included in principal transactions | 0 | 0 | 0 | 0 |
Net realized/unrealized gains (losses) included in locations other than principal transactions, assets | 0 | 0 | 0 | 0 |
Transfers into Level 3 | 2 | 0 | 4 | 4 |
Transfers out of Level 3, assets | 0 | (4) | (3) | (4) |
Purchases, assets | 0 | 7 | 0 | 10 |
Issuance, assets | 0 | 0 | 0 | 0 |
Sales, assets | 0 | 0 | 0 | 0 |
Settlements, assets | 0 | 0 | 0 | 0 |
Balance at end of period, asset | 2 | 10 | 2 | 10 |
Unrealized gains (losses) still held, assets | 0 | 2 | 0 | 2 |
Investments | Mortgage-backed securities | ||||
Fair value, assets measured on recurring basis, level 3 fair-value category reconciliation | ||||
Balance at beginning of period, asset | 106 | 187 | 47 | 289 |
Net realized/unrealized gains (losses) included in principal transactions | 0 | 0 | 0 | 0 |
Net realized/unrealized gains (losses) included in locations other than principal transactions, assets | (4) | 2 | (5) | 80 |
Transfers into Level 3 | 31 | 19 | 137 | 88 |
Transfers out of Level 3, assets | (68) | (87) | (116) | (142) |
Purchases, assets | 62 | 7 | 73 | 44 |
Issuance, assets | 0 | 0 | 0 | 0 |
Sales, assets | (11) | (12) | (20) | (242) |
Settlements, assets | 0 | (1) | 0 | (2) |
Balance at end of period, asset | 116 | 115 | 116 | 115 |
Unrealized gains (losses) still held, assets | (4) | 2 | (4) | (1) |
Investments | U.S. Treasury and federal agency securities | ||||
Fair value, assets measured on recurring basis, level 3 fair-value category reconciliation | ||||
Balance at beginning of period, asset | 5 | 7 | 6 | 8 |
Net realized/unrealized gains (losses) included in principal transactions | 0 | 0 | 0 | 0 |
Net realized/unrealized gains (losses) included in locations other than principal transactions, assets | 0 | 0 | 0 | 0 |
Transfers into Level 3 | 0 | 0 | 0 | 0 |
Transfers out of Level 3, assets | 0 | 0 | 0 | 0 |
Purchases, assets | 6 | 0 | 6 | 0 |
Issuance, assets | 0 | 0 | 0 | 0 |
Sales, assets | (1) | (1) | (2) | (2) |
Settlements, assets | 0 | 0 | 0 | 0 |
Balance at end of period, asset | 10 | 6 | 10 | 6 |
Unrealized gains (losses) still held, assets | 0 | 0 | 0 | 0 |
Investments | State and municipal securities | ||||
Fair value, assets measured on recurring basis, level 3 fair-value category reconciliation | ||||
Balance at beginning of period, asset | 2,153 | 2,102 | 2,180 | 1,643 |
Net realized/unrealized gains (losses) included in principal transactions | 0 | 0 | 0 | 0 |
Net realized/unrealized gains (losses) included in locations other than principal transactions, assets | 11 | 37 | 4 | 102 |
Transfers into Level 3 | 305 | 67 | 464 | 784 |
Transfers out of Level 3, assets | (268) | (69) | (506) | (534) |
Purchases, assets | 253 | 540 | 652 | 1,038 |
Issuance, assets | 0 | 0 | 0 | 0 |
Sales, assets | (189) | (393) | (529) | (749) |
Settlements, assets | (100) | 0 | (100) | 0 |
Balance at end of period, asset | 2,165 | 2,284 | 2,165 | 2,284 |
Unrealized gains (losses) still held, assets | (4) | 6 | (35) | 72 |
Investments | Foreign government | ||||
Fair value, assets measured on recurring basis, level 3 fair-value category reconciliation | ||||
Balance at beginning of period, asset | 493 | 615 | 678 | 344 |
Net realized/unrealized gains (losses) included in principal transactions | 0 | 0 | 0 | 0 |
Net realized/unrealized gains (losses) included in locations other than principal transactions, assets | (7) | (8) | 41 | (13) |
Transfers into Level 3 | 3 | 0 | (5) | 182 |
Transfers out of Level 3, assets | (156) | (63) | (261) | (105) |
Purchases, assets | 74 | 294 | 558 | 623 |
Issuance, assets | 0 | 0 | 0 | 0 |
Sales, assets | (164) | (198) | (498) | (305) |
Settlements, assets | 0 | (20) | (270) | (106) |
Balance at end of period, asset | 243 | 620 | 243 | 620 |
Unrealized gains (losses) still held, assets | 0 | (9) | 0 | (2) |
Investments | Corporate | ||||
Fair value, assets measured on recurring basis, level 3 fair-value category reconciliation | ||||
Balance at beginning of period, asset | 698 | 512 | 672 | 285 |
Net realized/unrealized gains (losses) included in principal transactions | 0 | 0 | 0 | 0 |
Net realized/unrealized gains (losses) included in locations other than principal transactions, assets | (38) | (18) | 8 | (5) |
Transfers into Level 3 | 4 | 4 | 6 | 22 |
Transfers out of Level 3, assets | 0 | (136) | (44) | (137) |
Purchases, assets | 53 | 23 | 122 | 289 |
Issuance, assets | 0 | 0 | 0 | 0 |
Sales, assets | (75) | (147) | (88) | (196) |
Settlements, assets | (1) | 124 | (35) | 104 |
Balance at end of period, asset | 641 | 362 | 641 | 362 |
Unrealized gains (losses) still held, assets | (35) | (4) | (38) | (8) |
Investments | Equity securities | ||||
Fair value, assets measured on recurring basis, level 3 fair-value category reconciliation | ||||
Balance at beginning of period, asset | 483 | 826 | 681 | 815 |
Net realized/unrealized gains (losses) included in principal transactions | 0 | 0 | 0 | 0 |
Net realized/unrealized gains (losses) included in locations other than principal transactions, assets | 31 | 18 | (55) | 30 |
Transfers into Level 3 | 5 | 6 | 12 | 18 |
Transfers out of Level 3, assets | 0 | (7) | (10) | (19) |
Purchases, assets | 7 | 2 | 7 | 8 |
Issuance, assets | 0 | 0 | 0 | 0 |
Sales, assets | (81) | (84) | (190) | (91) |
Settlements, assets | 0 | 0 | 0 | 0 |
Balance at end of period, asset | 445 | 761 | 445 | 761 |
Unrealized gains (losses) still held, assets | 10 | (23) | 10 | (1) |
Investments | Asset-backed securities | ||||
Fair value, assets measured on recurring basis, level 3 fair-value category reconciliation | ||||
Balance at beginning of period, asset | 503 | 1,739 | 549 | 1,960 |
Net realized/unrealized gains (losses) included in principal transactions | 0 | 0 | 0 | 0 |
Net realized/unrealized gains (losses) included in locations other than principal transactions, assets | (8) | 4 | (28) | 15 |
Transfers into Level 3 | 45 | 0 | 45 | 0 |
Transfers out of Level 3, assets | 0 | (2) | (58) | (44) |
Purchases, assets | 18 | 0 | 51 | 55 |
Issuance, assets | 0 | 0 | 0 | 0 |
Sales, assets | 0 | 0 | (1) | (97) |
Settlements, assets | 0 | (1,157) | 0 | (1,305) |
Balance at end of period, asset | 558 | 584 | 558 | 584 |
Unrealized gains (losses) still held, assets | (5) | (39) | (6) | 0 |
Investments | Other debt securities | ||||
Fair value, assets measured on recurring basis, level 3 fair-value category reconciliation | ||||
Balance at beginning of period, asset | 0 | 48 | 0 | 50 |
Net realized/unrealized gains (losses) included in principal transactions | 0 | 0 | 0 | 0 |
Net realized/unrealized gains (losses) included in locations other than principal transactions, assets | 0 | 0 | 0 | (1) |
Transfers into Level 3 | 0 | 0 | 0 | 0 |
Transfers out of Level 3, assets | 0 | 0 | 0 | 0 |
Purchases, assets | 10 | 66 | 10 | 116 |
Issuance, assets | 0 | 0 | 0 | 0 |
Sales, assets | 0 | (49) | 0 | (50) |
Settlements, assets | 0 | 0 | 0 | (50) |
Balance at end of period, asset | 10 | 65 | 10 | 65 |
Unrealized gains (losses) still held, assets | 0 | 0 | 0 | 0 |
Investments | Non-marketable equity securities | ||||
Fair value, assets measured on recurring basis, level 3 fair-value category reconciliation | ||||
Balance at beginning of period, asset | 1,238 | 2,495 | 1,460 | 2,508 |
Net realized/unrealized gains (losses) included in principal transactions | 0 | 0 | 0 | 0 |
Net realized/unrealized gains (losses) included in locations other than principal transactions, assets | 14 | (1) | 4 | 127 |
Transfers into Level 3 | 1 | 0 | 76 | 67 |
Transfers out of Level 3, assets | 0 | 0 | 6 | 0 |
Purchases, assets | 1 | 53 | 5 | 416 |
Issuance, assets | 0 | 0 | 0 | 0 |
Sales, assets | 0 | (32) | (53) | (291) |
Settlements, assets | (12) | (430) | (256) | (742) |
Balance at end of period, asset | 1,242 | 2,085 | 1,242 | 2,085 |
Unrealized gains (losses) still held, assets | 18 | 42 | 74 | 120 |
Loans | ||||
Fair value, assets measured on recurring basis, level 3 fair-value category reconciliation | ||||
Balance at beginning of period, asset | 3,840 | 3,310 | 3,108 | 4,143 |
Net realized/unrealized gains (losses) included in principal transactions | 0 | 0 | 0 | 0 |
Net realized/unrealized gains (losses) included in locations other than principal transactions, assets | (125) | (31) | (199) | (183) |
Transfers into Level 3 | 0 | 8 | 689 | 92 |
Transfers out of Level 3, assets | (720) | 0 | (805) | 6 |
Purchases, assets | 162 | 287 | 736 | 553 |
Issuance, assets | 69 | 19 | 432 | 84 |
Sales, assets | (121) | (513) | (496) | (630) |
Settlements, assets | (450) | (132) | (810) | (1,117) |
Balance at end of period, asset | 2,655 | 2,948 | 2,655 | 2,948 |
Unrealized gains (losses) still held, assets | (7) | 2 | 16 | 17 |
Mortgage servicing rights | ||||
Fair value, assets measured on recurring basis, level 3 fair-value category reconciliation | ||||
Balance at beginning of period, asset | 1,924 | 2,282 | 1,845 | 2,718 |
Net realized/unrealized gains (losses) included in principal transactions | 0 | 0 | 0 | 0 |
Net realized/unrealized gains (losses) included in locations other than principal transactions, assets | (131) | (18) | 62 | (233) |
Transfers into Level 3 | 0 | 0 | 0 | 0 |
Transfers out of Level 3, assets | 0 | 0 | 0 | 0 |
Purchases, assets | 0 | 0 | 0 | 0 |
Issuance, assets | 55 | 53 | 165 | 165 |
Sales, assets | 4 | (125) | (37) | (260) |
Settlements, assets | (86) | (99) | (269) | (297) |
Balance at end of period, asset | 1,766 | 2,093 | 1,766 | 2,093 |
Unrealized gains (losses) still held, assets | (129) | (18) | (390) | (216) |
Other financial assets measured on a recurring basis | ||||
Fair value, assets measured on recurring basis, level 3 fair-value category reconciliation | ||||
Balance at beginning of period, asset | 139 | 201 | 78 | 181 |
Net realized/unrealized gains (losses) included in principal transactions | 0 | 0 | 0 | 0 |
Net realized/unrealized gains (losses) included in locations other than principal transactions, assets | 78 | 14 | 94 | 39 |
Transfers into Level 3 | 7 | (83) | 87 | (83) |
Transfers out of Level 3, assets | (11) | 0 | (18) | 0 |
Purchases, assets | 1 | 0 | 4 | 1 |
Issuance, assets | 67 | 35 | 165 | 122 |
Sales, assets | (7) | (1) | (21) | (10) |
Settlements, assets | (82) | (58) | (197) | (142) |
Balance at end of period, asset | 192 | 108 | 192 | 108 |
Unrealized gains (losses) still held, assets | $ (12) | $ (2) | $ 453 | $ (20) |
FAIR VALUE MEASUREMENT - Valuat
FAIR VALUE MEASUREMENT - Valuation Techniques and Inputs for Level 3 Fair Value Measurements (Details) - Level 3 - USD ($) | Sep. 30, 2015 | Dec. 31, 2014 |
Interest-bearing deposits | Model-based | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Liabilities | $ 458,000,000 | $ 486,000,000 |
Interest-bearing deposits | Model-based | Minimum | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Forward price (as a percent) | 42.92% | 35.34% |
Commodity volatility (as a percent) | 3.00% | 5.00% |
Commodity correlation (as a percent) | (50.17%) | (57.00%) |
Equity-IR correlation (as a percent) | 30.50% | 34.00% |
Interest-bearing deposits | Model-based | Maximum | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Forward price (as a percent) | 265.80% | 268.77% |
Commodity volatility (as a percent) | 53.36% | 83.00% |
Commodity correlation (as a percent) | 91.26% | 91.00% |
Equity-IR correlation (as a percent) | 38.00% | 37.00% |
Interest-bearing deposits | Model-based | Weighted Average | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Forward price (as a percent) | 115.46% | 101.74% |
Commodity volatility (as a percent) | 20.51% | 24.00% |
Commodity correlation (as a percent) | 33.54% | 30.00% |
Equity-IR correlation (as a percent) | 34.25% | 35.43% |
Federal funds purchased and securities loaned or sold under agreements to repurchase | Model-based | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Liabilities | $ 1,259,000,000 | $ 1,043,000,000 |
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) | 0.90% | 0.74% |
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) | 1.92% | 2.26% |
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) | 1.79% | 1.90% |
Short-term borrowings and long-term debt | Model-based | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Liabilities | $ 8,279,000,000 | $ 7,204,000,000 |
Short-term borrowings and long-term debt | Model-based | Minimum | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
IR lognormal volatility (as a percent) | 18.05% | |
Mean reversion (as a percent) | (9.29%) | 1.00% |
Forward price (as a percent) | 35.34% | |
IR Lognormal Activity (as a percent) | 35.04% | |
Equity volatility (as a percent) | 10.00% | 10.18% |
Equity forward (as a percent) | 82.25% | 89.50% |
Commodity volatility (as a percent) | 5.00% | |
Commodity correlation (as a percent) | (57.00%) | |
Credit correlation (as a percent) | 87.50% | |
Short-term borrowings and long-term debt | Model-based | Maximum | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
IR lognormal volatility (as a percent) | 90.65% | |
Mean reversion (as a percent) | (1.03%) | 20.00% |
Forward price (as a percent) | 268.77% | |
IR Lognormal Activity (as a percent) | 60.28% | |
Equity volatility (as a percent) | 80.00% | 69.65% |
Equity forward (as a percent) | 119.02% | 100.80% |
Commodity volatility (as a percent) | 83.00% | |
Commodity correlation (as a percent) | 91.00% | |
Credit correlation (as a percent) | 87.50% | |
Short-term borrowings and long-term debt | Model-based | Weighted Average | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
IR lognormal volatility (as a percent) | 30.21% | |
Mean reversion (as a percent) | (2.82%) | 10.50% |
Forward price (as a percent) | 101.80% | |
IR Lognormal Activity (as a percent) | 38.19% | |
Equity volatility (as a percent) | 19.04% | 23.72% |
Equity forward (as a percent) | 95.87% | 95.80% |
Commodity volatility (as a percent) | 24.00% | |
Commodity correlation (as a percent) | 30.00% | |
Credit correlation (as a percent) | 87.50% | |
Trading account assets and liabilities | Interest rate contracts | Model-based | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Fair value (gross) | $ 6,247,000,000 | $ 8,309,000,000 |
Trading account assets and liabilities | Interest rate contracts | Model-based | Minimum | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
IR lognormal volatility (as a percent) | 35.04% | 18.05% |
Mean reversion (as a percent) | (9.29%) | 1.00% |
IR-IR Correlation | (51.00%) | |
Trading account assets and liabilities | Interest rate contracts | Model-based | Maximum | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
IR lognormal volatility (as a percent) | 60.28% | 90.65% |
Mean reversion (as a percent) | 20.00% | 20.00% |
IR-IR Correlation | 90.00% | |
Trading account assets and liabilities | Interest rate contracts | Model-based | Weighted Average | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
IR lognormal volatility (as a percent) | 38.19% | 30.21% |
Mean reversion (as a percent) | 1.85% | 10.50% |
IR-IR Correlation | 74.92% | |
Trading account assets and liabilities | Foreign exchange contracts | Model-based | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Fair value (gross) | $ 1,272,000,000 | $ 1,428,000,000 |
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) | 0.75% | 0.37% |
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) | 28.04% | 58.40% |
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) | 16.73% | 8.57% |
Trading account assets and liabilities | Foreign exchange contracts | Cash flow | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Fair value (gross) | $ 276,000,000 | $ 294,000,000 |
Trading account assets and liabilities | Foreign exchange contracts | Cash flow | Minimum | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Interest rate (as a percent) | 0.88% | 3.72% |
Credit spread (as a percent) | 0.10% | |
IR-IR Correlation | (51.00%) | |
Forward price (as a percent) | 39.60% | |
IR-FX correlation (as a percent) | (18.62%) | 40.00% |
Trading account assets and liabilities | Foreign exchange contracts | Cash flow | Maximum | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Interest rate (as a percent) | 7.00% | 8.27% |
Credit spread (as a percent) | 5.77% | |
IR-IR Correlation | 80.87% | |
Forward price (as a percent) | 219.40% | |
IR-FX correlation (as a percent) | 60.00% | 60.00% |
Trading account assets and liabilities | Foreign exchange contracts | Cash flow | Weighted Average | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Interest rate (as a percent) | 6.90% | 5.02% |
Credit spread (as a percent) | 2.97% | |
IR-IR Correlation | 34.75% | |
Forward price (as a percent) | 103.81% | |
IR-FX correlation (as a percent) | 49.01% | 50.00% |
Trading account assets and liabilities | Equity contracts | Model-based | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Fair value (gross) | $ 3,646,000,000 | $ 4,431,000,000 |
Trading account assets and liabilities | Equity contracts | Model-based | Minimum | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Equity volatility (as a percent) | 10.00% | 9.56% |
Trading account assets and liabilities | Equity contracts | Model-based | Maximum | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Equity volatility (as a percent) | 78.68% | 82.44% |
Trading account assets and liabilities | Equity contracts | Model-based | Weighted Average | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Equity volatility (as a percent) | 25.71% | 24.61% |
Trading account assets and liabilities | Equity contracts | Price-based | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Fair value (gross) | $ 511,000,000 | $ 502,000,000 |
Trading account assets and liabilities | Equity contracts | Price-based | Minimum | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Price | $ 0.01 | |
Forward price (as a percent) | 85.43% | |
Equity forward (as a percent) | 82.25% | 84.10% |
Equity-FX correlation (as a percent) | (88.20%) | |
Equity-Equity correlation (as a percent) | (66.30%) | |
Trading account assets and liabilities | Equity contracts | Price-based | Maximum | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Price | $ 144.50 | |
Forward price (as a percent) | 113.54% | |
Equity forward (as a percent) | 119.02% | 100.80% |
Equity-FX correlation (as a percent) | 48.70% | |
Equity-Equity correlation (as a percent) | 94.80% | |
Trading account assets and liabilities | Equity contracts | Price-based | Weighted Average | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Price | $ 93.05 | |
Forward price (as a percent) | 100.81% | |
Equity forward (as a percent) | 95.95% | 94.10% |
Equity-FX correlation (as a percent) | (25.17%) | |
Equity-Equity correlation (as a percent) | 36.87% | |
Trading account assets and liabilities | Commodity contracts | Model-based | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Fair value (gross) | $ 3,579,000,000 | $ 3,606,000,000 |
Trading account assets and liabilities | Commodity contracts | Model-based | Minimum | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Forward price (as a percent) | 42.92% | 35.34% |
Commodity volatility (as a percent) | 3.00% | 5.00% |
Commodity correlation (as a percent) | (50.17%) | (57.00%) |
Trading account assets and liabilities | Commodity contracts | Model-based | Maximum | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Forward price (as a percent) | 265.80% | 268.77% |
Commodity volatility (as a percent) | 53.36% | 83.00% |
Commodity correlation (as a percent) | 91.26% | 91.00% |
Trading account assets and liabilities | Commodity contracts | Model-based | Weighted Average | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Forward price (as a percent) | 114.29% | 101.74% |
Commodity volatility (as a percent) | 20.51% | 24.00% |
Commodity correlation (as a percent) | 33.54% | 30.00% |
Trading account assets and liabilities | Credit derivatives | Model-based | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Fair value (gross) | $ 4,999,000,000 | $ 4,944,000,000 |
Trading account assets and liabilities | Credit derivatives | Model-based | Minimum | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Recovery rate (as a percent) | 24.24% | 13.97% |
Trading account assets and liabilities | Credit derivatives | Model-based | Maximum | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Recovery rate (as a percent) | 75.00% | 75.00% |
Trading account assets and liabilities | Credit derivatives | Model-based | Weighted Average | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Recovery rate (as a percent) | 37.96% | 37.62% |
Trading account assets and liabilities | Credit derivatives | Price-based | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Fair value (gross) | $ 1,044,000,000 | $ 1,584,000,000 |
Trading account assets and liabilities | Credit derivatives | Price-based | Minimum | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Price | $ 0 | $ 1 |
Credit spread (as a percent) | 0.05% | 0.01% |
Credit correlation (as a percent) | 5.00% | 0.00% |
Upfront points | 0.39 | |
Trading account assets and liabilities | Credit derivatives | Price-based | Maximum | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Price | $ 110 | $ 144.50 |
Credit spread (as a percent) | 15.75% | 33.80% |
Credit correlation (as a percent) | 75.00% | 95.00% |
Upfront points | 100 | |
Trading account assets and liabilities | Credit derivatives | Price-based | Weighted Average | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Price | $ 70.41 | $ 53.86 |
Credit spread (as a percent) | 1.89% | 1.80% |
Credit correlation (as a percent) | 40.55% | 58.76% |
Upfront points | 52.26 | |
Nontrading derivatives and other financial assets and liabilities | Model-based | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Fair value (gross) | $ 129,000,000 | $ 74,000,000 |
Nontrading derivatives and other financial assets and liabilities | Model-based | Minimum | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Yield (as a percent) | 1.48% | |
Forward price (as a percent) | 107.00% | |
Redemption rate (as a percent) | 13.00% | |
Nontrading derivatives and other financial assets and liabilities | Model-based | Maximum | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Yield (as a percent) | 9.66% | |
Forward price (as a percent) | 107.10% | |
Redemption rate (as a percent) | 99.50% | |
Nontrading derivatives and other financial assets and liabilities | Model-based | Weighted Average | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Yield (as a percent) | 5.18% | |
Forward price (as a percent) | 107.05% | |
Redemption rate (as a percent) | 68.73% | |
Nontrading derivatives and other financial assets and liabilities | Yield analysis | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Fair value (gross) | $ 56,000,000 | |
Nontrading derivatives and other financial assets and liabilities | Yield analysis | Minimum | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Interest rate (as a percent) | 6.34% | |
Credit spread (as a percent) | 1.46% | |
Recovery rate (as a percent) | 25.00% | |
Redemption rate (as a percent) | 13.00% | |
Nontrading derivatives and other financial assets and liabilities | Yield analysis | Maximum | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Interest rate (as a percent) | 6.38% | |
Credit spread (as a percent) | 14.34% | |
Recovery rate (as a percent) | 40.00% | |
Redemption rate (as a percent) | 99.50% | |
Nontrading derivatives and other financial assets and liabilities | Yield analysis | Weighted Average | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Interest rate (as a percent) | 6.36% | |
Credit spread (as a percent) | 11.52% | |
Recovery rate (as a percent) | 39.00% | |
Redemption rate (as a percent) | 71.61% | |
Securities sold, not yet purchased | Trading account liabilities | Model-based | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Liabilities | $ 251,000,000 | |
Securities sold, not yet purchased | Trading account liabilities | Model-based | Minimum | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Credit-IR correlation (as a percent) | (70.49%) | |
Securities sold, not yet purchased | Trading account liabilities | Model-based | Maximum | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Credit-IR correlation (as a percent) | 8.81% | |
Securities sold, not yet purchased | Trading account liabilities | Model-based | Weighted Average | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Credit-IR correlation (as a percent) | 47.17% | |
Securities sold, not yet purchased | Trading account liabilities | Price-based | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Liabilities | $ 190,000,000 | $ 142,000,000 |
Securities sold, not yet purchased | Trading account liabilities | Price-based | Minimum | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Price | 0.01 | 0 |
Securities sold, not yet purchased | Trading account liabilities | Price-based | Maximum | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Price | 120.05 | 117 |
Securities sold, not yet purchased | Trading account liabilities | Price-based | Weighted Average | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Price | 60.64 | 70.33 |
Fixed income securities | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Price for instrument valued at par | 100 | |
Mortgage-backed securities | Price-based | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Total assets | 1,915,000,000 | 2,874,000,000 |
Mortgage-backed securities | Price-based | Minimum | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Price | 4.25 | 0 |
Mortgage-backed securities | Price-based | Maximum | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Price | 108.10 | 127.87 |
Mortgage-backed securities | Price-based | Weighted Average | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Price | 85.93 | 81.43 |
Mortgage-backed securities | Yield analysis | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Total assets | $ 1,048,000,000 | $ 1,117,000,000 |
Mortgage-backed securities | Yield analysis | Minimum | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Yield (as a percent) | 1.26% | 0.01% |
Mortgage-backed securities | Yield analysis | Maximum | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Yield (as a percent) | 22.62% | 19.91% |
Mortgage-backed securities | Yield analysis | Weighted Average | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Yield (as a percent) | 5.57% | 5.89% |
State and municipal, foreign government, corporate, and other debt securities | Cash flow | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Total assets | $ 1,639,000,000 | $ 1,860,000,000 |
State and municipal, foreign government, corporate, and other debt securities | Cash flow | Minimum | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Credit spread (as a percent) | 0.20% | 0.25% |
State and municipal, foreign government, corporate, and other debt securities | Cash flow | Maximum | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Credit spread (as a percent) | 6.00% | 6.00% |
State and municipal, foreign government, corporate, and other debt securities | Cash flow | Weighted Average | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Credit spread (as a percent) | 2.17% | 2.33% |
State and municipal, foreign government, corporate, and other debt securities | Price-based | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Total assets | $ 3,742,000,000 | $ 5,937,000,000 |
State and municipal, foreign government, corporate, and other debt securities | Price-based | Minimum | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Price | 0 | 0 |
State and municipal, foreign government, corporate, and other debt securities | Price-based | Maximum | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Price | 128.66 | 124 |
State and municipal, foreign government, corporate, and other debt securities | Price-based | Weighted Average | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Price | 77.31 | 90.62 |
Equity securities | Cash flow | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Total assets | $ 433,000,000 | $ 679,000,000 |
Equity securities | Cash flow | Minimum | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Yield (as a percent) | 5.00% | 4.00% |
WAL (in years) | 7 months 6 days | 4 days |
Equity securities | Cash flow | Maximum | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Yield (as a percent) | 7.00% | 5.00% |
WAL (in years) | 4 years 6 months 25 days | 3 years 1 month 22 days |
Equity securities | Cash flow | Weighted Average | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Yield (as a percent) | 5.99% | 4.50% |
WAL (in years) | 2 years 7 months 2 days | 1 year 26 days |
Equity securities | Price-based | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Total assets | $ 3,227,000,000 | $ 2,163,000,000 |
Equity securities | Price-based | Minimum | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Price | 0 | 0 |
Equity securities | Price-based | Maximum | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Price | 106.42 | 141 |
Equity securities | Price-based | Weighted Average | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Price | 99.82 | 91 |
Asset-backed securities | Price-based | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Total assets | 3,481,000,000 | 3,607,000,000 |
Asset-backed securities | Price-based | Minimum | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Price | 5.50 | 0 |
Asset-backed securities | Price-based | Maximum | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Price | 100.18 | 105.50 |
Asset-backed securities | Price-based | Weighted Average | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Price | 70.37 | 67.01 |
Non-marketable equity securities | Price-based | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Total assets | 440,000,000 | $ 1,224,000,000 |
Non-marketable equity securities | Price-based | Minimum | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Price | $ 0 | |
Price-earnings ratio | 9.10 | |
Discount to price (as a percent) | 0.00% | 0.00% |
Price-to-book ratio | 1 | |
Non-marketable equity securities | Price-based | Maximum | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Price | $ 3,433 | |
Price-earnings ratio | 9.10 | |
Discount to price (as a percent) | 90.00% | 90.00% |
Price-to-book ratio | 1.69 | |
Non-marketable equity securities | Price-based | Weighted Average | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Price | $ 185.93 | |
Price-earnings ratio | 9.10 | |
Discount to price (as a percent) | 12.36% | 4.04% |
Price-to-book ratio | 1.56 | |
Non-marketable equity securities | Comparables Analysis | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Total assets | $ 693,000,000 | $ 1,055,000,000 |
Non-marketable equity securities | Comparables Analysis | Minimum | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
EBITDA multiples | 4.80 | 2.90 |
Price-earnings ratio | 8.10 | |
Price-to-book ratio | 0.99 | |
Non-marketable equity securities | Comparables Analysis | Maximum | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
EBITDA multiples | 11.40 | 13.10 |
Price-earnings ratio | 13.10 | |
Price-to-book ratio | 1.56 | |
Non-marketable equity securities | Comparables Analysis | Weighted Average | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
EBITDA multiples | 9.78 | 9.77 |
Price-earnings ratio | 8.43 | |
Price-to-book ratio | 1.15 | |
Federal funds sold and securities borrowed or purchased under agreements to resell | Model-based | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Total assets | $ 1,330,000,000 | $ 3,156,000,000 |
Federal funds sold and securities borrowed or purchased under agreements to resell | Model-based | Minimum | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Credit-IR correlation (as a percent) | (24.00%) | |
Interest rate (as a percent) | 1.65% | 1.27% |
Federal funds sold and securities borrowed or purchased under agreements to resell | Model-based | Maximum | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Credit-IR correlation (as a percent) | (1.00%) | |
Interest rate (as a percent) | 5.00% | 1.97% |
Federal funds sold and securities borrowed or purchased under agreements to resell | Model-based | Weighted Average | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Credit-IR correlation (as a percent) | (9.71%) | |
Interest rate (as a percent) | 4.55% | 1.80% |
Loans | Model-based | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Total assets | $ 817,000,000 | $ 832,000,000 |
Loans | Model-based | Minimum | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Price | 0 | 4.72 |
Loans | Model-based | Maximum | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Price | 109.99 | 106.55 |
Loans | Model-based | Weighted Average | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Price | 41 | 98.56 |
Loans | Cash flow | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Total assets | $ 900,000,000 | $ 1,095,000,000 |
Loans | Cash flow | Minimum | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Yield (as a percent) | 0.32% | 1.60% |
Loans | Cash flow | Maximum | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Yield (as a percent) | 4.50% | 4.50% |
Loans | Cash flow | Weighted Average | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Yield (as a percent) | 1.79% | 2.23% |
Loans | Price-based | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Total assets | $ 617,000,000 | $ 740,000,000 |
Loans | Price-based | Minimum | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Credit spread (as a percent) | 0.36% | 0.35% |
Loans | Price-based | Maximum | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Credit spread (as a percent) | 5.84% | 5.00% |
Loans | Price-based | Weighted Average | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Credit spread (as a percent) | 1.09% | 1.99% |
Loans | Yield analysis | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Total assets | $ 321,000,000 | $ 441,000,000 |
Mortgage servicing rights | Cash flow | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Total assets | $ 1,673,000,000 | $ 1,750,000,000 |
Mortgage servicing rights | Cash flow | Minimum | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Yield (as a percent) | 3.60% | 5.19% |
WAL (in years) | 3 years 3 months 29 days | 3 years 3 months 22 days |
Mortgage servicing rights | Cash flow | Maximum | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Yield (as a percent) | 88.38% | 21.40% |
WAL (in years) | 7 years 9 months 29 days | 7 years 10 months 21 days |
Mortgage servicing rights | Cash flow | Weighted Average | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Yield (as a percent) | 7.84% | 10.25% |
WAL (in years) | 5 years 4 months 13 days | 5 years 2 months 2 days |
FAIR VALUE MEASUREMENT - Ite132
FAIR VALUE MEASUREMENT - Items Measured at Fair Value on a Nonrecurring Basis (Details) - Nonrecurring - USD ($) $ in Millions | Sep. 30, 2015 | Dec. 31, 2014 |
Level 2 | ||
Items Measured at Fair Value on a Nonrecurring Basis | ||
Loans held-for-sale | $ 713 | $ 1,084 |
Other real estate owned | 15 | 21 |
Loans | 789 | 2,881 |
Total assets | 1,517 | 3,986 |
Level 3 | ||
Items Measured at Fair Value on a Nonrecurring Basis | ||
Loans held-for-sale | 5,257 | 3,068 |
Other real estate owned | 90 | 81 |
Loans | 445 | 486 |
Total assets | 5,792 | 3,635 |
Fair value | ||
Items Measured at Fair Value on a Nonrecurring Basis | ||
Loans held-for-sale | 5,970 | 4,152 |
Other real estate owned | 105 | 102 |
Loans | 1,234 | 3,367 |
Total assets | $ 7,309 | $ 7,621 |
FAIR VALUE MEASUREMENT - Val133
FAIR VALUE MEASUREMENT - Valuation Techniques and Inputs for Level 3 Nonrecurring Fair Value Measurements (Details) - USD ($) | Sep. 30, 2015 | Dec. 31, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 |
Nonrecurring fair value changes included in earnings | ||||||
Nonrecurring fair value measurements included in earnings | $ (84,000,000) | $ (176,000,000) | $ (239,000,000) | $ (419,000,000) | ||
Loans held-for-sale | ||||||
Nonrecurring fair value changes included in earnings | ||||||
Nonrecurring fair value measurements included in earnings | (7,000,000) | (11,000,000) | (7,000,000) | 58,000,000 | ||
Other real estate owned | ||||||
Nonrecurring fair value changes included in earnings | ||||||
Nonrecurring fair value measurements included in earnings | (5,000,000) | (7,000,000) | (12,000,000) | (15,000,000) | ||
Loans | ||||||
Nonrecurring fair value changes included in earnings | ||||||
Nonrecurring fair value measurements included in earnings | (72,000,000) | $ (158,000,000) | (220,000,000) | $ (462,000,000) | ||
Nonrecurring | Level 3 | ||||||
Valuation techniques and inputs | ||||||
Total assets | $ 5,792,000,000 | $ 3,635,000,000 | 5,792,000,000 | 5,792,000,000 | ||
Nonrecurring | Level 3 | Loans held-for-sale | Price-based | ||||||
Valuation techniques and inputs | ||||||
Total assets | 5,224,000,000 | 2,740,000,000 | 5,224,000,000 | 5,224,000,000 | ||
Nonrecurring | Level 3 | Loans held-for-sale | Price-based | Minimum | ||||||
Valuation techniques and inputs | ||||||
Price | 0 | $ 92 | ||||
Credit spread (as a percent) | 0.05% | |||||
Nonrecurring | Level 3 | Loans held-for-sale | Price-based | Maximum | ||||||
Valuation techniques and inputs | ||||||
Price | 100 | $ 100 | ||||
Credit spread (as a percent) | 3.58% | |||||
Nonrecurring | Level 3 | Loans held-for-sale | Price-based | Weighted Average | ||||||
Valuation techniques and inputs | ||||||
Price | 92.01 | $ 99.54 | ||||
Credit spread (as a percent) | 1.75% | |||||
Nonrecurring | Level 3 | Other real estate owned | Price-based | ||||||
Valuation techniques and inputs | ||||||
Total assets | 75,000,000 | $ 76,000,000 | 75,000,000 | 75,000,000 | ||
Nonrecurring | Level 3 | Other real estate owned | Price-based | Minimum | ||||||
Valuation techniques and inputs | ||||||
Price | $ 1 | |||||
Discount to price (as a percent) | 34.00% | 13.00% | ||||
Appraised value | $ 0 | $ 11,000 | ||||
Nonrecurring | Level 3 | Other real estate owned | Price-based | Maximum | ||||||
Valuation techniques and inputs | ||||||
Price | $ 68.50 | |||||
Discount to price (as a percent) | 34.00% | 64.00% | ||||
Appraised value | $ 8,518,229 | $ 11,124,137 | ||||
Nonrecurring | Level 3 | Other real estate owned | Price-based | Weighted Average | ||||||
Valuation techniques and inputs | ||||||
Price | $ 53.64 | |||||
Discount to price (as a percent) | 34.00% | 28.80% | ||||
Appraised value | $ 3,000,800 | $ 4,730,129 | ||||
Nonrecurring | Level 3 | Loans | Price-based | ||||||
Valuation techniques and inputs | ||||||
Total assets | $ 312,000,000 | $ 437,000,000 | 312,000,000 | 312,000,000 | ||
Nonrecurring | Level 3 | Loans | Price-based | Minimum | ||||||
Valuation techniques and inputs | ||||||
Discount to price (as a percent) | 13.00% | 13.00% | ||||
Nonrecurring | Level 3 | Loans | Price-based | Maximum | ||||||
Valuation techniques and inputs | ||||||
Discount to price (as a percent) | 34.00% | 34.00% | ||||
Nonrecurring | Level 3 | Loans | Price-based | Weighted Average | ||||||
Valuation techniques and inputs | ||||||
Discount to price (as a percent) | 7.99% | 28.92% | ||||
Nonrecurring | Level 3 | Loans | Recovery Analysis | ||||||
Valuation techniques and inputs | ||||||
Total assets | $ 74,000,000 | $ 74,000,000 | $ 74,000,000 | |||
Nonrecurring | Level 3 | Loans | Recovery Analysis | Minimum | ||||||
Valuation techniques and inputs | ||||||
Appraised value | $ 3,434,818 | |||||
Recovery rate (as a percent) | 11.79% | |||||
Nonrecurring | Level 3 | Loans | Recovery Analysis | Maximum | ||||||
Valuation techniques and inputs | ||||||
Appraised value | $ 77,355,765 | |||||
Recovery rate (as a percent) | 60.00% | |||||
Nonrecurring | Level 3 | Loans | Recovery Analysis | Weighted Average | ||||||
Valuation techniques and inputs | ||||||
Appraised value | $ 64,227,129 | |||||
Recovery rate (as a percent) | 23.49% |
FAIR VALUE MEASUREMENT - Estima
FAIR VALUE MEASUREMENT - Estimate Fair Value of Financial Instruments Not Carried at Fair Value (Details) - USD ($) $ in Millions | Sep. 30, 2015 | Jun. 30, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 |
Assets | ||||||
Loans | $ 5,513 | $ 5,901 | ||||
Liabilities | ||||||
Deposits | 904,243 | 899,332 | ||||
Allowance for loan losses | 13,626 | $ 14,075 | 15,994 | $ 16,915 | $ 17,890 | $ 19,648 |
Lease finance receivables | 2,400 | 2,700 | ||||
Corporate | ||||||
Assets | ||||||
Loans | 5,476 | 5,858 | ||||
Carrying value | ||||||
Assets | ||||||
Investments | 39,500 | 30,500 | ||||
Federal funds sold and securities borrowed or purchased under agreements to resell | 88,200 | 98,400 | ||||
Loans | 600,900 | 620,000 | ||||
Other financial assets | 222,500 | 213,800 | ||||
Liabilities | ||||||
Deposits | 902,500 | 897,600 | ||||
Federal funds purchased and securities loaned or sold under agreements to repurchase, selected portfolios of securities sold under agreements to repurchase and securities loaned | 129,200 | 136,700 | ||||
Long-term debt | 187,300 | 196,900 | ||||
Other financial liabilities | 108,100 | 136,200 | ||||
Fair value | ||||||
Assets | ||||||
Investments | 40,700 | 32,200 | ||||
Federal funds sold and securities borrowed or purchased under agreements to resell | 88,200 | 98,400 | ||||
Loans | 598,800 | 617,600 | ||||
Other financial assets | 222,500 | 213,800 | ||||
Liabilities | ||||||
Deposits | 926,600 | 894,400 | ||||
Federal funds purchased and securities loaned or sold under agreements to repurchase, selected portfolios of securities sold under agreements to repurchase and securities loaned | 129,200 | 136,700 | ||||
Long-term debt | 191,700 | 202,500 | ||||
Other financial liabilities | 108,100 | 136,200 | ||||
Fair value | Level 1 | ||||||
Assets | ||||||
Investments | 3,700 | 4,500 | ||||
Federal funds sold and securities borrowed or purchased under agreements to resell | 0 | 0 | ||||
Loans | 0 | 0 | ||||
Other financial assets | 7,800 | 8,300 | ||||
Liabilities | ||||||
Deposits | 0 | 0 | ||||
Federal funds purchased and securities loaned or sold under agreements to repurchase, selected portfolios of securities sold under agreements to repurchase and securities loaned | 0 | 0 | ||||
Long-term debt | 0 | 0 | ||||
Other financial liabilities | 0 | 0 | ||||
Fair value | Level 2 | ||||||
Assets | ||||||
Investments | 34,300 | 25,200 | ||||
Federal funds sold and securities borrowed or purchased under agreements to resell | 81,400 | 89,700 | ||||
Loans | 7,000 | 5,600 | ||||
Other financial assets | 151,900 | 151,900 | ||||
Liabilities | ||||||
Deposits | 781,400 | 766,700 | ||||
Federal funds purchased and securities loaned or sold under agreements to repurchase, selected portfolios of securities sold under agreements to repurchase and securities loaned | 128,800 | 136,500 | ||||
Long-term debt | 166,800 | 172,700 | ||||
Other financial liabilities | 19,100 | 41,400 | ||||
Fair value | Level 3 | ||||||
Assets | ||||||
Investments | 2,700 | 2,500 | ||||
Federal funds sold and securities borrowed or purchased under agreements to resell | 6,800 | 8,700 | ||||
Loans | 591,800 | 612,000 | ||||
Other financial assets | 62,800 | 53,600 | ||||
Liabilities | ||||||
Deposits | 145,200 | 127,700 | ||||
Federal funds purchased and securities loaned or sold under agreements to repurchase, selected portfolios of securities sold under agreements to repurchase and securities loaned | 400 | 200 | ||||
Long-term debt | 24,900 | 29,800 | ||||
Other financial liabilities | 89,000 | 94,800 | ||||
Fair value | Level 3 | Corporate | ||||||
Fair value measurements additional disclosures | ||||||
Unfunded lending commitments | $ 4,700 | $ 5,500 |
FAIR VALUE ELECTIONS - Changes
FAIR VALUE ELECTIONS - Changes in Fair Value Gains (Losses) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Federal funds sold and securities borrowed or purchased under agreements to resell Selected portfolios of securities purchased under agreements to resell and securities borrowed | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions. | ||||
Fair value elections, changes in fair value gains (losses) | $ (16) | $ (137) | $ (136) | $ (68) |
Trading account assets | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions. | ||||
Fair value elections, changes in fair value gains (losses) | (676) | 3 | (449) | (235) |
Investments | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions. | ||||
Fair value elections, changes in fair value gains (losses) | 3 | (21) | 52 | 29 |
Corporate | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions. | ||||
Fair value elections, changes in fair value gains (losses) | (164) | (39) | (173) | (26) |
Consumer loans | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions. | ||||
Fair value elections, changes in fair value gains (losses) | 0 | 2 | 2 | (44) |
Loans | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions. | ||||
Fair value elections, changes in fair value gains (losses) | (164) | (37) | (171) | (70) |
Mortgage servicing rights | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions. | ||||
Fair value elections, changes in fair value gains (losses) | (140) | (11) | 51 | (186) |
Certain mortgage loans (HFS) | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions. | ||||
Fair value elections, changes in fair value gains (losses) | 95 | 96 | 267 | 354 |
Other assets | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions. | ||||
Fair value elections, changes in fair value gains (losses) | (45) | 85 | 318 | 168 |
Total assets | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions. | ||||
Fair value elections, changes in fair value gains (losses) | (898) | (107) | (386) | (176) |
Interest-bearing deposits | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions. | ||||
Fair value elections, changes in fair value gains (losses) | (107) | 21 | (74) | (35) |
Federal funds purchased and securities loaned or sold under agreements to repurchase Selected portfolios of securities sold under agreements to repurchase and securities loaned | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions. | ||||
Fair value elections, changes in fair value gains (losses) | (5) | 2 | (3) | (4) |
Trading account liabilities | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions. | ||||
Fair value elections, changes in fair value gains (losses) | (51) | 4 | (66) | (9) |
Short-term borrowings | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions. | ||||
Fair value elections, changes in fair value gains (losses) | 14 | (22) | (54) | (96) |
Long-term debt | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions. | ||||
Fair value elections, changes in fair value gains (losses) | 246 | 855 | 701 | (134) |
Total liabilities | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions. | ||||
Fair value elections, changes in fair value gains (losses) | $ 97 | $ 860 | $ 504 | $ (278) |
FAIR VALUE ELECTIONS - Valuatio
FAIR VALUE ELECTIONS - Valuation Adjustments, Fair Value Option for Financial Assets and Financial Liabilities (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | |
Fair Value Option Quantitative Disclosures | |||||
Gain on change in estimated fair value of debt liabilities due to change in company's own credit risk | $ 264 | $ 112 | $ 582 | $ 102 | |
Balance of non-accrual loans or loans more than 90 days past due | 0 | 0 | $ 0 | ||
Aggregate unpaid principal balance in excess of fair value for non-accrual loans or loans more than 90 days past due | 0 | 0 | 0 | ||
Certain loans and other credit product | |||||
Fair Value Option Quantitative Disclosures | |||||
Changes in fair value due to instrument-specific credit risk gain (loss) | (203) | $ (77) | |||
Certain loans and other credit product | Trading assets | |||||
Fair Value Option Quantitative Disclosures | |||||
Aggregate unpaid principal balance in excess of (less than) fair value | 845 | 845 | 234 | ||
Balance of non-accrual loans or loans more than 90 days past due | 6 | 6 | 13 | ||
Aggregate unpaid principal balance in excess of fair value for non-accrual loans or loans more than 90 days past due | 12 | 12 | 28 | ||
Certain loans and other credit product | Loans | |||||
Fair Value Option Quantitative Disclosures | |||||
Aggregate unpaid principal balance in excess of (less than) fair value | 3 | 3 | 125 | ||
Balance of non-accrual loans or loans more than 90 days past due | 2 | 2 | 3 | ||
Aggregate unpaid principal balance in excess of fair value for non-accrual loans or loans more than 90 days past due | 1 | 1 | 1 | ||
Certain debt host contracts across unallocated precious metals accounts | |||||
Fair Value Option Quantitative Disclosures | |||||
Carrying amount reported on the Consolidated Balance Sheet | 900 | 900 | 1,200 | ||
Certain Investments in Unallocated Precious Metals | Forward derivative contract | Purchased | |||||
Fair Value Option Quantitative Disclosures | |||||
Derivative notionals | 12,600 | 12,600 | |||
Certain Investments in Unallocated Precious Metals | Forward derivative contract | Sold | |||||
Fair Value Option Quantitative Disclosures | |||||
Derivative notionals | 10,100 | 10,100 | |||
Mortgage loans | |||||
Fair Value Option Quantitative Disclosures | |||||
Aggregate unpaid principal balance in excess of (less than) fair value | 35 | 35 | 67 | ||
Carrying amount | Certain loans and other credit product | Trading assets | |||||
Fair Value Option Quantitative Disclosures | |||||
Carrying amount reported on the Consolidated Balance Sheet | 9,304 | 9,304 | 10,290 | ||
Carrying amount | Certain loans and other credit product | Loans | |||||
Fair Value Option Quantitative Disclosures | |||||
Carrying amount reported on the Consolidated Balance Sheet | 5,513 | 5,513 | 5,901 | ||
Carrying amount | Certain mortgage loans (HFS) | |||||
Fair Value Option Quantitative Disclosures | |||||
Carrying amount reported on the Consolidated Balance Sheet | 889 | 889 | 1,447 | ||
Fair value | Certain loans and other credit product | |||||
Fair Value Option Quantitative Disclosures | |||||
Unfunded lending commitments | $ 2,280 | $ 2,280 | $ 2,335 |
FAIR VALUE ELECTIONS - Certain
FAIR VALUE ELECTIONS - Certain Structured and Non-Structed Liabilities (Details) - USD ($) $ in Millions | Sep. 30, 2015 | Dec. 31, 2014 |
Carrying value of structured notes, disaggregated by type of embedded derivative instrument | ||
Carrying value of structured notes | $ 24,000 | $ 23,100 |
Long-term debt | ||
Certain non-structured liabilities | ||
Aggregate unpaid principal balance in excess of (less than) fair value, long-term | 1,856 | (151) |
Long-term debt | Carrying amount | ||
Certain non-structured liabilities | ||
Carrying amount reported on the Consolidated Balance Sheet | 26,238 | 26,180 |
Short-term borrowings | ||
Certain non-structured liabilities | ||
Aggregate unpaid principal balance in excess of (less than) fair value, short-term | 132 | 31 |
Short-term borrowings | Carrying amount | ||
Certain non-structured liabilities | ||
Carrying amount reported on the Consolidated Balance Sheet | 777 | 1,496 |
Interest Rate Linked | ||
Carrying value of structured notes, disaggregated by type of embedded derivative instrument | ||
Carrying value of structured notes | 10,400 | 10,900 |
Foreign Exchange Linked | ||
Carrying value of structured notes, disaggregated by type of embedded derivative instrument | ||
Carrying value of structured notes | 300 | 300 |
Equity Linked | ||
Carrying value of structured notes, disaggregated by type of embedded derivative instrument | ||
Carrying value of structured notes | 9,900 | 8,000 |
Commodity Linked | ||
Carrying value of structured notes, disaggregated by type of embedded derivative instrument | ||
Carrying value of structured notes | 1,500 | 1,400 |
Credit Linked | ||
Carrying value of structured notes, disaggregated by type of embedded derivative instrument | ||
Carrying value of structured notes | $ 1,900 | $ 2,500 |
GUARANTEES AND COMMITMENTS - Gu
GUARANTEES AND COMMITMENTS - Gurantees (Details) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2015USD ($)trustmargin | Dec. 31, 2014USD ($)trust | |
Maximum potential amount of future payments | ||
Expire Within One Year | $ 213,100,000,000 | $ 246,900,000,000 |
Expire After One Year | 200,900,000,000 | 206,100,000,000 |
Total amount outstanding | 414,000,000,000 | 453,000,000,000 |
Carrying value | 2,293,000,000 | 3,146,000,000 |
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 | trust | 2 | 2 |
Fair value of securities in trusts funded by reinsurer relating to indemnification | $ 6,300,000,000 | $ 6,200,000,000 |
Liability related to long-term care insurance indemnification | 0 | 0 |
Cash collateral available to reimburse losses realized under guarantees and indemnifications | 56,000,000,000 | 63,000,000,000 |
Securities and other marketable assets held as collateral, the majority of which collateral is held to reimburse losses realized under securities lending indemnifications | 34,000,000,000 | 59,000,000,000 |
Letters of credit in favor of the Company held as collateral | 4,500,000,000 | 4,000,000,000 |
Investment Grade | ||
Maximum potential amount of future payments | ||
Total amount outstanding | 126,100,000,000 | 129,100,000,000 |
Non-Investment Grade | ||
Maximum potential amount of future payments | ||
Total amount outstanding | 18,400,000,000 | 19,900,000,000 |
Not rated | ||
Maximum potential amount of future payments | ||
Total amount outstanding | 269,500,000,000 | 304,000,000,000 |
Financial standby letters of credit | ||
Maximum potential amount of future payments | ||
Expire Within One Year | 25,800,000,000 | 25,400,000,000 |
Expire After One Year | 70,800,000,000 | 73,000,000,000 |
Total amount outstanding | 96,600,000,000 | 98,400,000,000 |
Carrying value | 192,000,000 | 242,000,000 |
Financial standby letters of credit | Investment Grade | ||
Maximum potential amount of future payments | ||
Total amount outstanding | 70,100,000,000 | 73,000,000,000 |
Financial standby letters of credit | Non-Investment Grade | ||
Maximum potential amount of future payments | ||
Total amount outstanding | 14,800,000,000 | 15,900,000,000 |
Financial standby letters of credit | Not rated | ||
Maximum potential amount of future payments | ||
Total amount outstanding | 11,700,000,000 | 9,500,000,000 |
Performance guarantees | ||
Maximum potential amount of future payments | ||
Expire Within One Year | 6,900,000,000 | 7,100,000,000 |
Expire After One Year | 4,000,000,000 | 4,800,000,000 |
Total amount outstanding | 10,900,000,000 | 11,900,000,000 |
Carrying value | 20,000,000 | 29,000,000 |
Performance guarantees | Investment Grade | ||
Maximum potential amount of future payments | ||
Total amount outstanding | 6,600,000,000 | 7,300,000,000 |
Performance guarantees | Non-Investment Grade | ||
Maximum potential amount of future payments | ||
Total amount outstanding | 3,500,000,000 | 3,900,000,000 |
Performance guarantees | Not rated | ||
Maximum potential amount of future payments | ||
Total amount outstanding | 800,000,000 | 700,000,000 |
Derivative instruments considered to be guarantees | ||
Maximum potential amount of future payments | ||
Expire Within One Year | 11,200,000,000 | 12,500,000,000 |
Expire After One Year | 76,400,000,000 | 79,200,000,000 |
Total amount outstanding | 87,600,000,000 | 91,700,000,000 |
Carrying value | 2,012,000,000 | 2,806,000,000 |
Derivative instruments considered to be guarantees | Investment Grade | ||
Maximum potential amount of future payments | ||
Total amount outstanding | 0 | 0 |
Derivative instruments considered to be guarantees | Non-Investment Grade | ||
Maximum potential amount of future payments | ||
Total amount outstanding | 0 | 0 |
Derivative instruments considered to be guarantees | Not rated | ||
Maximum potential amount of future payments | ||
Total amount outstanding | 87,600,000,000 | 91,700,000,000 |
Loans sold with recourse | ||
Maximum potential amount of future payments | ||
Expire Within One Year | 0 | 0 |
Expire After One Year | 200,000,000 | 200,000,000 |
Total amount outstanding | 200,000,000 | 200,000,000 |
Carrying value | 14,000,000 | 15,000,000 |
Repurchase reserve for Consumer mortgages representations and warranties | 157,000,000 | 224,000,000 |
Loans sold with recourse | Investment Grade | ||
Maximum potential amount of future payments | ||
Total amount outstanding | 0 | 0 |
Loans sold with recourse | Non-Investment Grade | ||
Maximum potential amount of future payments | ||
Total amount outstanding | 0 | 0 |
Loans sold with recourse | Not rated | ||
Maximum potential amount of future payments | ||
Total amount outstanding | 200,000,000 | 200,000,000 |
Securities lending indemnifications | ||
Maximum potential amount of future payments | ||
Expire Within One Year | 83,400,000,000 | 115,900,000,000 |
Expire After One Year | 0 | 0 |
Total amount outstanding | 83,400,000,000 | 115,900,000,000 |
Carrying value | 0 | 0 |
Securities lending indemnifications | Investment Grade | ||
Maximum potential amount of future payments | ||
Total amount outstanding | 0 | 0 |
Securities lending indemnifications | Non-Investment Grade | ||
Maximum potential amount of future payments | ||
Total amount outstanding | 0 | 0 |
Securities lending indemnifications | Not rated | ||
Maximum potential amount of future payments | ||
Total amount outstanding | 83,400,000,000 | 115,900,000,000 |
Credit card merchant processing | ||
Maximum potential amount of future payments | ||
Expire Within One Year | 85,800,000,000 | 86,000,000,000 |
Expire After One Year | 0 | 0 |
Total amount outstanding | 85,800,000,000 | 86,000,000,000 |
Carrying value | 0 | 0 |
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 | Investment Grade | ||
Maximum potential amount of future payments | ||
Total amount outstanding | 0 | 0 |
Credit card merchant processing | Non-Investment Grade | ||
Maximum potential amount of future payments | ||
Total amount outstanding | 0 | 0 |
Credit card merchant processing | Not rated | ||
Maximum potential amount of future payments | ||
Total amount outstanding | 85,800,000,000 | 86,000,000,000 |
Custody indemnifications and other | ||
Maximum potential amount of future payments | ||
Expire Within One Year | 0 | 0 |
Expire After One Year | 49,500,000,000 | 48,900,000,000 |
Total amount outstanding | 49,500,000,000 | 48,900,000,000 |
Carrying value | 55,000,000 | 54,000,000 |
Custody indemnifications and other | Investment Grade | ||
Maximum potential amount of future payments | ||
Total amount outstanding | 49,400,000,000 | 48,800,000,000 |
Custody indemnifications and other | Non-Investment Grade | ||
Maximum potential amount of future payments | ||
Total amount outstanding | 100,000,000 | 100,000,000 |
Custody indemnifications and other | Not rated | ||
Maximum potential amount of future payments | ||
Total amount outstanding | $ 0 | 0 |
Futures and over-the-counter derivatives clearing | ||
Maximum potential amount of future payments | ||
Number of types of margin | margin | 2 | |
Amount of cash initial margin collected and remitted | $ 3,900,000,000 | $ 3,200,000,000 |
GUARANTEES AND COMMITMENTS - Cr
GUARANTEES AND COMMITMENTS - Credit Commitments and Lines of Credit (Details) - USD ($) $ in Millions | Sep. 30, 2015 | Dec. 31, 2014 |
Credit Commitments | ||
Credit commitments | $ 896,183 | $ 904,040 |
Commercial and similar letters of credit | ||
Credit Commitments | ||
Credit commitments | 5,311 | 6,634 |
One-to four-family residential mortgages | ||
Credit Commitments | ||
Credit commitments | 3,389 | 5,674 |
Revolving open-end loans secured by one-to four-family residential properties | ||
Credit Commitments | ||
Credit commitments | 15,037 | 16,098 |
Commercial real estate, construction and land development | ||
Credit Commitments | ||
Credit commitments | 10,185 | 9,242 |
Credit card lines | ||
Credit Commitments | ||
Credit commitments | 589,364 | 612,049 |
Commercial and other consumer loan commitments | ||
Credit Commitments | ||
Credit commitments | 262,732 | 243,680 |
Commercial and other consumer loan commitments original maturity of less than 1 year | 54,000 | 53,000 |
Other commitments and contingencies | ||
Credit Commitments | ||
Credit commitments | 10,165 | $ 10,663 |
U.S. | ||
Credit Commitments | ||
Credit commitments | 681,505 | |
U.S. | Commercial and similar letters of credit | ||
Credit Commitments | ||
Credit commitments | 1,207 | |
U.S. | One-to four-family residential mortgages | ||
Credit Commitments | ||
Credit commitments | 1,375 | |
U.S. | Revolving open-end loans secured by one-to four-family residential properties | ||
Credit Commitments | ||
Credit commitments | 12,952 | |
U.S. | Commercial real estate, construction and land development | ||
Credit Commitments | ||
Credit commitments | 8,456 | |
U.S. | Credit card lines | ||
Credit Commitments | ||
Credit commitments | 479,415 | |
U.S. | Commercial and other consumer loan commitments | ||
Credit Commitments | ||
Credit commitments | 173,439 | |
U.S. | Other commitments and contingencies | ||
Credit Commitments | ||
Credit commitments | 4,661 | |
Outside U.S. | ||
Credit Commitments | ||
Credit commitments | 214,678 | |
Outside U.S. | Commercial and similar letters of credit | ||
Credit Commitments | ||
Credit commitments | 4,104 | |
Outside U.S. | One-to four-family residential mortgages | ||
Credit Commitments | ||
Credit commitments | 2,014 | |
Outside U.S. | Revolving open-end loans secured by one-to four-family residential properties | ||
Credit Commitments | ||
Credit commitments | 2,085 | |
Outside U.S. | Commercial real estate, construction and land development | ||
Credit Commitments | ||
Credit commitments | 1,729 | |
Outside U.S. | Credit card lines | ||
Credit Commitments | ||
Credit commitments | 109,949 | |
Outside U.S. | Commercial and other consumer loan commitments | ||
Credit Commitments | ||
Credit commitments | 89,293 | |
Outside U.S. | Other commitments and contingencies | ||
Credit Commitments | ||
Credit commitments | $ 5,504 |
CONTINGENCIES (Details)
CONTINGENCIES (Details) € in Thousands, $ in Millions | Aug. 17, 2015USD ($) | Jul. 02, 2015EUR (€) | Feb. 05, 2014EUR (€) | Apr. 30, 2011EUR (€) | Sep. 30, 2015USD ($) | Dec. 31, 2014USD ($) |
Contingencies | ||||||
Possible loss, high end of the range | $ | $ 4,000 | |||||
Citigroup, Inc. Securities Litigation | Mortgage-Backed Securities Trustee Actions [Member] | ||||||
Contingencies | ||||||
Aggregate original purchase amount | $ | $ 1,690 | |||||
Aggregate original purchase amount of the purchases covered by tolling agreements | $ | $ 1,400 | |||||
Alternative Investment Fund Related Litigation and Other Matters | Citigroup Affiliates [Member] | ||||||
Contingencies | ||||||
Settlement amount | $ | $ 179.6 | |||||
Parmalat Litigation | Citibank, N.A. | ||||||
Contingencies | ||||||
Disgorgement | € 70,000 | |||||
Amount of fine | € 900 | |||||
Parmalat Litigation | Citibank, N.A. | Milan Court of Appeal | ||||||
Contingencies | ||||||
Settlement amount | € 500 | |||||
Parmalat Litigation | Citibank, N.A. | Italian Supreme Court | ||||||
Contingencies | ||||||
Settlement amount | € 500 |